科林研發 (LRCX) 2020 Q1 法說會逐字稿

Good day, and welcome to the September 2019 quarter financial call for Lam Research.

美好的一天，歡迎參加 Lam Research 2019 年 9 月季度的財務電話會議。

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

現在，我想將會議交給投資人關係公司副總裁 Tina Correia 女士。

Please go ahead, ma'am.

請繼續，女士。

Thank you, operator.

謝謝你，接線生。

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 September 2019 quarter and our outlook for the December 2019 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 2019 年 9 月季度的財務表現和 2019 年 12 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 disclosures of 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 公開文件中風險因素揭露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 available later this afternoon on our website.

今天下午晚些時候，我們的網站上將提供此次電話會議的重播。

With that, let me hand the call over to Tim.

現在，讓我把電話轉給提姆。

Thanks, Tina, and welcome, everyone.

謝謝蒂娜，歡迎大家。

In the September quarter, Lam delivered solid results.

在九月季度，林先生取得了可觀的業績。

Our continued execution to commitments, combined with our guidance for the December quarter increases our conviction that Lam is in a strong position to outperform as wafer fabrication equipment spending inflects higher.

我們繼續履行承諾，加上我們對 12 月季度的指導，使我們更加相信，隨著晶圓製造設備支出的上升，林氏集團將有能力跑贏大盤。

Doug will cover the financial results in more detail shortly, but I'm especially pleased with the demonstrated earnings power of the company.

道格很快就會更詳細地介紹財務業績，但我對公司所表現出的獲利能力感到特別滿意。

At the midpoint of our December guide, calendar year 2019 diluted earnings per share will be the second highest in our history, despite the current industry cycle.

在我們 12 月指南的中點，儘管當前存在行業週期，但 2019 年攤薄每股收益將是我們歷史上第二高的。

I would like to take this opportunity to thank our customers and partners for their continued support of Lam and our employees throughout the world for their contributions to these results.

我想藉此機會感謝我們的客戶和合作夥伴對 Lam 的持續支持，以及我們在世界各地的員工為這些成果所做的貢獻。

From an industry perspective, we have revised upward our view on 2019 WFE to the mid $40 billion range versus our prior estimate of down mid- to high-teens percentage year-on-year, which implied a low $40 billion level of spending.

從產業角度來看，我們將 2019 年 WFE 的預期上調至 400 億美元左右，而我們先前的估計是同比下降了中高百分比，這意味著支出水準較低，為 400 億美元。

We are beginning to see improvement in the memory market, led first by NAND.

我們開始看到記憶體市場的改善，首先是 NAND 的帶動。

NAND demand dynamics are improving and oversupply conditions should continue to abate as we move through the December quarter.

隨著 12 月季度的到來，NAND 需求動態正在改善，供應過剩狀況應該會繼續緩解。

We expect to exit 2019 with a bit supply growth rate for NAND of approximately 30%, which is well below our view on long-term demand.

我們預計 2019 年 NAND 位供應成長率約為 30%，遠低於我們對長期需求的預期。

And as a result, NAND inventories are expected to decline to normalize levels in the first half of calendar 2020.

因此，NAND 庫存預計將在 2020 年上半年下降至正常水準。

While the timing of the memory equipment spending recovery is always hard to predict, we are encouraged that customers continue to manage supply growth even as we're starting to see favorable end market demand indicators.

雖然記憶體設備支出復甦的時間總是很難預測，但我們感到鼓舞的是，即使我們開始看到有利的終端市場需求指標，客戶仍能繼續管理供應成長。

This is a sign of a healthy industry and a good setup for increased NAND spending in 2020.

這是產業健康發展的標誌，也是 2020 年 NAND 支出增加的良好基礎。

On the DRAM front, inventories have remained elevated and we do not expect them to reach normalize levels until the second half of 2020.

在 DRAM 方面，庫存仍然很高，我們預計要到 2020 年下半年才會達到正常水準。

However, we see positive demand catalyst ahead in both the server and smartphone markets.

然而，我們看到伺服器和智慧型手機市場的積極需求催化劑。

Our server CPU upgrade cycle is expected to begin next year with increased adoption of new generation platforms from leading manufacturers.

隨著領先製造商新世代平台的採用增加，我們的伺服器 CPU 升級週期預計將於明年開始。

For smartphones, major vendors are planning to launch additional 5G models, which are expected to drive content growth for the overall smartphone market in 2020.

對於智慧型手機，主要廠商正計劃推出更多 5G 型號，預計將推動 2020 年整個智慧型手機市場的內容成長。

Turning to Foundry and Logic.

轉向鑄造和邏輯。

Spending in this segment has been strong throughout 2019 and based on recent customer commentary looks to remain so heading into next year.

整個 2019 年該細分市場的支出一直強勁，根據最近的客戶評論，預計明年仍將如此。

Diverse end market applications are driving higher levels of Foundry and Logic spending.

多樣化的終端市場應用正在推動代工和邏輯支出的更高水準。

Moreover, challenges in scaling functional block such as SRAM and logic devices are leading to increases in die sizes and these in turn are accelerating changes in device architectures and chip manufacturing technologies.

此外，SRAM 和邏輯裝置等功能塊縮放方面的挑戰導致晶片尺寸增加，而這反過來又加速了裝置架構和晶片製造技術的變化。

Lam's growing position with key Foundry and Logic customers has positioned us to incrementally benefit from these secular trends.

Lam 在主要代工和邏輯客戶中的地位不斷提高，使我們能夠從這些長期趨勢中逐步受益。

Competitively, we are executing at a high level.

在競爭方面，我們的執行水準很高。

Based on the midpoint of our December guidance, Lam's 2019 Foundry and Logic revenues are set to significantly outgrow announced customer CapEx plans.

根據我們 12 月指引的中位數，Lam 2019 年的代工和邏輯收入成長將大幅超過已宣布的客戶資本支出計畫。

The share gains we are now seeing in the Foundry and Logic segment are the result of close customer collaboration and strong product execution over many years and multiple technology transitions.

我們現在在代工和邏輯領域看到的份額增長是多年來密切的客戶合作和強大的產品執行以及多次技術轉型的結果。

They're evidence of the benefit of sustained investment in R&D throughout industry cycles.

它們證明了在整個產業週期中持續投資研發的好處。

Looking at the market as a whole, including Memory, Foundry and Logic, we are on track in 2019 to deliver our best ever penetration and defense performance, as measured by net forward-looking 3-year revenue opportunity for application decisions made in this calendar year.

縱觀整個市場，包括記憶體、代工和邏輯，我們預計在2019 年提供有史以來最好的滲透和防禦性能，這是透過本日曆中做出的應用決策的前瞻性3 年淨收入機會來衡量的年。

A key contributor to our strong penetration and defense performance has been continued focus on technologies that enable 3D device architectures, which are becoming increasingly important to performance and cost scaling across all market segments.

我們強大的滲透和防禦性能的關鍵因素是持續專注於支援 3D 設備架構的技術，這些技術對於所有細分市場的效能和成本擴展變得越來越重要。

We invested early in 2D to 3D inflections.

我們很早就投資了 2D 到 3D 的變形。

And as these transitions are occurring, we are seeing expansion in both our SAM and market share.

隨著這些轉變的發生，我們看到 SAM 和市場份額都在擴大。

Etch and deposition processes are critical enablers for 3D scaling, and we're investing aggressively to deliver the technology and productivity innovation required to satisfy customer road maps.

蝕刻和沈積製程是 3D 縮放的關鍵推動因素，我們正在積極投資，以提供滿足客戶路線圖所需的技術和生產力創新。

As evidenced by our penetration and defense wins this year, we believe we are extending Lam's leadership in this space.

正如我們今年在滲透和防禦方面所取得的勝利所證明的那樣，我們相信我們正在擴大林在這一領域的領導地位。

In 3D NAND, we have successfully defended 100% of our memory whole dielectric etch positions and continue to be the supplier for this application at all 3D NAND manufacturers.

在 3D NAND 領域，我們已成功捍衛了 100% 的記憶體全電介質蝕刻陣地，並繼續成為所有 3D NAND 製造商該應用的供應商。

We're also winning 3D NAND applications where productivity is the primary point of differentiation.

我們也贏得了以生產力為主要差異點的 3D NAND 應用。

Notably, Lam has been the first to deliver production proven edge-yield solutions for etch.

值得注意的是，Lam 是第一個提供經過生產驗證的邊緣良率蝕刻解決方案的公司。

In this quarter, we used our Corvus tunable edge hardware on our flex dielectric etch system to improve profile tilt uniformity and win an important productivity sensitive slit etch application.

在本季度，我們在柔性電介質蝕刻系統上使用了 Corvus 可調諧邊緣硬件，以提高輪廓傾斜均勻性並贏得對生產力敏感的重要狹縫蝕刻應用。

On the conductor etch front, we won a 3D NAND application for a new vertical architecture that reduces die size and is a technical solution for lowering bit cost.

在導體蝕刻方面，我們贏得了新垂直架構的 3D NAND 應用，該架構可縮小晶片尺寸，並且是降低位元成本的技術解決方案。

In deposition, we recorded an important 3D NAND win for the VECTOR DT, which deposits backside films to control stress as layer counts increase.

在沉積過程中，我們記錄了 VECTOR DT 在 3D NAND 方面取得的重要勝利，它沉積背面薄膜以控制隨著層數增加而產生的應力。

Another significant deposition win was for our Striker ALD tool, used to deposit high-quality liners and gapfill as aspect ratios get higher.

另一個重大的沉積勝利是我們的 Striker ALD 工具，該工具用於沉積高品質的襯墊並在長寬比變高時填充間隙。

We also continue to extend our 3D expertise and position outside of the 3D NAND space, including in rapidly growing markets such as advanced packaging and heterogeneous integration.

我們也繼續在 3D NAND 領域之外擴展我們的 3D 專業知識和地位，包括先進封裝和異質整合等快速成長的市場。

Over the last 3 years, the installed base for our SABRE 3D electroplating system has grown by more than 70% and we are the leading electroplating supplier for TSV, for DRAM, CMOS image sensor and logic devices.

在過去 3 年中，我們的 SABRE 3D 電鍍系統的安裝量增加了 70% 以上，我們是 TSV、DRAM、CMOS 影像感測器和邏輯裝置的領先電鍍供應商。

Our SABRE 3D electroplating solutions embed best-in-class technology backed by years of high-volume production experience.

我們的 SABRE 3D 電鍍解決方案嵌入了一流的技術，並以多年的大量生產經驗為後盾。

With each success of win across our served markets, the installed base of Lam equipment continues to grow, resulting in an expanding long-term revenue opportunity for our Customer Support business.

隨著我們所服務的市場的每一次成功，林氏設備的安裝基礎不斷增長，從而為我們的客戶支援業務帶來了不斷擴大的長期收入機會。

To create value for customers over the entire life cycle of tool ownership, we are actively developing upgrades and advanced services, targeted extending technical capability and increasing productivity from existing installed base assets.

為了在工具所有權的整個生命週期中為客戶創造價值，我們正在積極開發升級和高級服務，有針對性地擴展技術能力並提高現有已安裝基礎資產的生產力。

These offerings help our customers reduce their total costs, and as a result, we continue to see growing demand.

這些產品幫助我們的客戶降低總成本，因此我們的需求不斷增長。

Revenues from our Customer Support Business grew in the September quarter on a sequential basis, and our Reliant business achieved record quarterly revenue for the third quarter in a row.

我們的客戶支援業務收入在 9 月季度環比增長，我們的 Reliant 業務連續第三季度實現創紀錄的季度收入。

We expect 2019 overall will be another growth year for our Customer Support business.

我們預計 2019 年總體上將是我們客戶支援業務的另一個增長年。

Looking at our year-to-date performance, we have made tremendous progress against our objectives of expanding our SAM, increasing our market share and building our installed base business.

看看我們今年迄今為止的表現，我們在擴展 SAM、增加市場份額和建立客戶基礎業務的目標方面取得了巨大進展。

Importantly, 2019 has been a year where Lam has strengthened its position in the Foundry and Logic segment.

重要的是，2019 年 Lam 鞏固了其在代工和邏輯領域的地位。

Also, with early indications of improving NAND demand and positive catalyst on the horizon for DRAM, we are increasingly optimistic that calendar year 2020 is setting up to be a year of outperformance for Lam as spending mix moves back in our favor.

此外，隨著 NAND 需求改善的初步跡像以及 DRAM 即將出現的積極催化劑，我們越來越樂觀地認為 2020 年將成為 Lam 表現出色的一年，因為支出組合重新對我們有利。

Thanks, again, for joining today.

再次感謝您今天的加入。

And now here's Doug.

現在是道格。

Okay.

好的。

Great.

偉大的。

Thank you, Tim, and good afternoon, everyone, and thank you for joining us today on what I know is a busy earnings season.

謝謝提姆，大家下午好，謝謝您今天加入我們，我知道這是一個繁忙的財報季節。

We're pleased with Lam's performance in the September quarter.

我們對 Lam 在九月季度的表現感到滿意。

Our results, once again, exceeded the midpoint of guidance for all financial metrics.

我們的結果再次超過了所有財務指標指導的中點。

Operating income and diluted earnings per share came in at the high end of our guidance range as we remain prudent in managing our spending throughout the quarter.

由於我們在整個季度的支出管理上保持謹慎，營業收入和稀釋每股收益處於我們指導範圍的高端。

Let me begin, as I always do, by talking about our revenue segmentation in the September quarter.

讓我像往常一樣，首先談談我們在九月季度的收入細分。

The combined memory segment was flat with the June quarter at 64% of total system's revenue.

合併後的記憶體部門與 6 月季度持平，佔系統總收入的 64%。

We had a decrease in the September quarter in the nonvolatile memory segment moving from 46% to 38%, while DRAM increased to 26% from 18% of system's revenue.

9 月季度，非揮發性記憶體領域的份額從 46% 下降到 38%，而 DRAM 則從佔系統收入的 18% 上升到 26%。

Spending on the NAND segment was focused on multiple nodes and we're beginning to see the first ramp of 128 layer structures.

NAND 領域的支出主要集中在多個節點上，我們開始看到 128 層結構的第一個斜坡。

On the DRAM side, apart from the 1x and 1y nodes, we are seeing initial investments at 1z.

在 DRAM 方面，除了 1x 和 1y 節點外，我們還看到 1z 節點的初始投資。

As I noted on our last quarter earnings call, Foundry and Logic spending was strong and we expect strength from this segment to continue through the remainder of the calendar year.

正如我在上一季的財報電話會議上指出的那樣，代工和邏輯支出強勁，我們預計該領域的強勁勢頭將持續到今年剩餘時間。

The Foundry segment represented 25% of our systems revenue in the quarter.

代工部門佔本季系統收入的 25%。

Strength in this segment is related to spending on the 7 and 5-nanometer nodes.

該領域的優勢與 7 奈米和 5 奈米節點的支出有關。

Logic and other segment was down slightly from the prior quarter level coming in at 11% of system revenue.

邏輯和其他部門比上一季的水平略有下降，佔系統收入的 11%。

We've continued to demonstrate strong progress in the Foundry and Logic segments enabling us to maintain solid profitability levels during a period of depressed memory spending.

我們在代工和邏輯領域繼續展現出強勁的進展，使我們能夠在記憶體支出低迷的時期保持穩定的獲利水準。

I believe Foundry and Logic spending will be even stronger in December.

我相信 12 月 Foundry 和 Logic 支出將會更加強勁。

Revenues for the quarter came in at $2.166 billion, which was, again, above the midpoint of guidance.

該季度營收為 21.66 億美元，再次高於指導中位數。

Our revenue had a slightly broader geographic mix in the September quarter compared to the June quarter.

與六月季度相比，我們九月季度的營收地域分佈稍寬一些。

Our top regions continue to be China, Korea and Taiwan.

我們的主要地區仍然是中國、韓國和台灣。

The China region quarter performance remained high -- remains higher than our historic average concentration of revenue.

中國地區的季度業績仍然很高——仍然高於我們歷史平均收入集中。

And similar to what I talked about last quarter, the majority of this came from indigenous Chinese customers across multiple segments.

與我上季度談到的類似，其中大部分來自多個細分市場的本土中國客戶。

Gross margin came in at 45.4%, which was 40 basis points above the midpoint, mainly due to customer mix.

毛利率為 45.4%，比中位數高出 40 個基點，主要是由於客戶組合所致。

And as we've stated in prior quarters, you should expect gross margins to be a function of several factors such as business volumes, product mix and customer concentration and we expect to see variability quarter-to-quarter.

正如我們在前幾個季度所述，您應該預期毛利率將取決於業務量、產品組合和客戶集中度等多種因素，並且我們預計會出現季度與季度的變化。

We continue to manage our spending levels in the company as operating expenses in the September quarter declined to $431 million, which was down from $450 million in the previous quarter.

我們繼續管理公司的支出水平，因為 9 月季度的營運支出下降至 4.31 億美元，低於上一季的 4.5 億美元。

We remained laser focused on investing in research and development programs as we saw the percentages of spending in R&D increased quarter-over-quarter to 67% of operating expenses.

我們仍然高度關注研發項目的投資，因為我們看到研發支出佔營運支出的比例較上季上升至 67%。

In the December quarter the guidance reflects a total spending increasing back to the June level, primarily due to an increase in variable compensation expense.

12 月份季度的指導反映總支出恢復至 6 月份的水平，這主要是由於可變薪酬費用的增加。

Our variable compensation fluctuates based on the level of quarterly profitability.

我們的可變薪酬根據季度獲利水準而波動。

I would also remind you that as we look ahead to the 2020 calendar year, you will see the normal seasonal spending increases related to the March quarter, comes from things like payroll taxes.

我還想提醒您，當我們展望 2020 日曆年時，您會看到與 3 月份季度相關的正常季節性支出增加，來自工資稅等因素。

Operating income in the September quarter was $552 million and operating margin was 25.5% at the top of our guidance range.

9 月季度的營業收入為 5.52 億美元，營業利潤率為 25.5%，位於我們指引範圍的頂部。

Our September quarter non-GAAP tax rate was approximately 11%, which was slightly lower than our long-term rate.

我們 9 月季度的非 GAAP 稅率約為 11%，略低於我們的長期稅率。

There will be fluctuations in the rate from quarter-to-quarter and we now expect our long-term rate to be in the low-teens level.

每個季度的利率都會有所波動，我們現在預計我們的長期利率將處於十幾歲以下的水平。

Other income and expense was a total of approximately $11 million in expense in the September quarter.

9 月季度的其他收入和支出總計約為 1,100 萬美元。

The main components of other income and expense are interest income from the cash and investment balances we hold, offset by expense related to our outstanding debt.

其他收入和支出的主要組成部分是我們持有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支出所抵銷。

The total interest expense on all tranches of our debt is right now about $41 million per quarter.

目前，我們所有債務的總利息支出約為每季 4,100 萬美元。

You should expect that other income and expense will fluctuate quarter-to-quarter based on several market-related items such as our deferred compensation assets, venture capital investments and foreign exchange.

您應該預期其他收入和支出將根據幾個與市場相關的項目（例如我們的遞延薪酬資產、風險投資和外匯）而按季度波動。

We continue to execute on our capital return program during the September quarter.

我們在九月季度繼續執行資本回報計劃。

We allocated $234 million to capital return in the quarter with $75 million related to open market share repurchases and $159 million in dividends.

本季我們分配了 2.34 億美元用於資本回報，其中 7,500 萬美元用於公開市場股票回購，1.59 億美元用於股息。

I would like to remind you that we continue to have an ongoing structured repurchase program that is expected to mature in the December quarter.

我想提醒您，我們繼續進行持續的結構化回購計劃，預計將在 12 月季度成熟。

This will continue to reduce our share count.

這將繼續減少我們的股份數量。

We remain on track with our committed capital return.

我們仍以承諾的資本回報走上正軌。

We currently have approximately $3 billion remaining in our Board authorized share repurchase program.

目前，我們的董事會授權股票回購計畫還剩約 30 億美元。

Diluted earnings per share came in at $3.18, which was at the high end of the guidance range that we provided for September.

稀釋後每股收益為 3.18 美元，處於我們為 9 月提供的指導範圍的高端。

We ended the September quarter with diluted shares for earnings per share at approximately 151 million shares, which is the seventh consecutive quarter where our diluted share count has declined.

截至 9 月季末，我們的稀釋後每股盈餘約為 1.51 億股，這是我們稀釋後股票數量連續第七個季度下降。

The share count includes a dilutive impact of approximately 5 million shares from the 2041 convertible notes.

股份數量包括 2041 年可轉換票據約 500 萬股的稀釋影響。

And I'll remind you the 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 switch to the balance sheet.

現在讓我轉向資產負債表。

Our cash and short-term investments, including restricted cash increased slightly in the September quarter to $5.8 billion from $5.7 billion in the June quarter.

我們的現金和短期投資（包括限制性現金）在 9 月季度略有增加，從 6 月季度的 57 億美元增加到 58 億美元。

Cash flows from operations were $464 million, which was offset by share repurchase and dividends.

營運現金流為 4.64 億美元，被股票回購和股利所抵銷。

Year-to-date in calendar year 2019, we have had strong cash from operations performance and we're on track to end this year with the second highest level of free cash flows in the company's history.

2019 日曆年迄今，我們從營運業績中獲得了強勁的現金，並且預計在今年年底實現公司歷史上第二高的自由現金流水平。

DSO increased to 69 days versus 56 in the prior quarter.

DSO 增加至 69 天，而上一季為 56 天。

The DSO increase is related to the timing of customer payments occurring at the end of the September calendar month, which falls within our December fiscal quarter.

DSO 的成長與 9 月月底的客戶付款時間有關，該月屬於我們 12 月的財政季度。

Our inventory balance declined sequentially by $57 million, which is the fifth consecutive quarter where inventory balance declined.

我們的庫存餘額環比下降了 5700 萬美元，這是庫存餘額連續第五個季度下降。

Inventory turns were 3.2 turns, which was just a little bit less then 3.3 turns that we saw in the June quarter.

庫存週轉率為 3.2 週轉，僅略低於我們在 6 月季度看到的 3.3 週轉。

Noncash expenses included approximately $43 million for equity compensation, $49 million for depreciation and $16 million for amortization.

非現金費用包括約 4,300 萬美元的股權補償、4,900 萬美元的折舊和 1,600 萬美元的攤銷。

September quarter capital expenditures came in at $39 million, which was a decrease from $66 million in the June quarter.

9 月季度的資本支出為 3,900 萬美元，比 6 月季度的 6,600 萬美元有所減少。

Our September quarter end head count was flat with the prior quarter at approximately 10,700 regular full-time employees.

我們 9 月季度末的正式全職員工人數與上一季持平，約 10,700 名。

So now looking ahead, I'd like to provide our non-GAAP guidance for the December 2019 quarter.

因此，現在展望未來，我想提供 2019 年 12 月季度的非 GAAP 指引。

We are expecting revenue of $2.500 billion plus or minus $150 million.

我們預計營收為 25 億美元上下 1.5 億美元。

Gross margin of 45% plus or minus 1 percentage point.

毛利率45%正負1個百分點。

Operating margins of 27% plus or minus 1 percentage.

營業利益率為 27%，上下浮動 1 個百分點。

And finally, earnings per share of $3.80 plus or minus $0.20 based on the share count of approximately 150 million shares.

最後，根據約 1.5 億股的股數計算，每股收益為 3.80 美元加減 0.20 美元。

I'm pleased to share with you the results we've delivered throughout calendar 2019 in what has been a challenging industry environment.

我很高興與您分享我們在 2019 年全年在充滿挑戰的產業環境中所取得的成果。

As Tim noted, the supply-demand environment is improving for the memory segments and we've made good progress in our Foundry and Logic positioning.

正如蒂姆所指出的那樣，記憶體領域的供需環境正在改善，我們在代工和邏輯定位方面取得了良好進展。

Our installed base business continues to be on track to deliver a growth year in 2019.

我們的安裝基礎業務繼續預計在 2019 年實現成長。

We're well positioned heading into 2020 and are optimistic about our future performance going forward.

進入 2020 年，我們處於有利位置，並對未來的表現感到樂觀。

Finally, I'd like to announce our plans to host an Investor Day on March 3, 2020, in New York City.

最後，我想宣布我們計劃於 2020 年 3 月 3 日在紐約舉辦投資者日。

Details on the venue and precise time will be forthcoming.

有關地點和準確時間的詳細資訊即將公佈。

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.

提姆和我現在想開始提問。

(Operator Instructions) And we'll take our first question from Atif Malik with Citi.

（操作員說明）我們將回答花旗銀行 Atif Malik 提出的第一個問題。

Good job on the execution.

執行工作做得很好。

A question on the WFE.

關於 WFE 的問題。

Tim, you mentioned WFE going from low $40 billion to mid-$40 billion.

提姆，您提到 WFE 從 400 億美元的低端增長到 400 億美元的中端。

I wanted to understand if the majority of the increase has come from the Foundry, Logic segment in terms of the revised outlook?

我想了解，就修訂後的前景而言，大部分成長是否來自代工、邏輯部門？

Maybe a few modifications.

也許需要一些修改。

I mean, clearly as we've said, we've continued to see strengthening in Foundry and Logic, so that is a portion of it.

我的意思是，正如我們所說的那樣，我們繼續看到 Foundry 和 Logic 的增強，所以這是其中的一部分。

The -- some very early indications of NAND spending increase as we now have guided for December quarter.

正如我們現在對 12 月季度的指導，一些非常早期的跡象表明 NAND 支出將會增加。

And finally, continuing strengthening in the China WFE as we've kind of seen increased strength throughout the year.

最後，中國 WFE 繼續加強，因為我們看到全年的實力有所增強。

So a combination of all those things led to our upward revision in WFE.

因此，所有這些因素的結合導致了我們對 WFE 的向上修正。

Okay.

好的。

And just a follow-up, in your prepared remarks you mentioned Foundry, Logic share gains above Foundry, Logic CapEx this year.

後續，在您準備好的發言中，您提到今年 Foundry、Logic 的份額收益高於 Foundry、Logic 的資本支出。

How should we think about the outperformance of your Foundry, Logic business into next year and out given there's some of the elements like reuse and growing EUV steps?

考慮到重複使用和不斷增長的 EUV 步驟等一些因素，我們應該如何看待您的代工、邏輯業務在明年和未來的優異表現？

Well, that's a great question.

嗯，這是一個很好的問題。

Basically, as we've said on a number of occasions, the intensity of etch and deposition we see continuing to increase at every technology node.

基本上，正如我們在許多場合所說的那樣，我們看到每個技術節點的蝕刻和沈積強度都在持續增加。

Our SAM gross whether it'd be 10 to 7 to 5 to 3 on into the future.

我們的 SAM 很擔心未來是否會是 10 比 7 到 5 比 3。

SAM increases even in the face of EUV increased usage.

即使 EUV 使用量增加，SAM 也會增加。

And there's a number of reasons for that.

原因有很多。

The patterning complexity continues to increase regardless of the introduction of EUV.

無論 EUV 的引入如何，圖案化的複雜性都會持續增加。

And so there are additional steps for deposition and etch.

因此還有額外的沉積和蝕刻步驟。

EUV itself introduces new requirements for hardmask, which gives Lam an opportunity to participate from a deposition perspective, and EUV also we've talked about in the past, introduces opportunities for new steps like -- and processes like atomic layer etching that can be used to help increase quality and productivity of the EUV pattern itself.

EUV 本身引入了對硬掩模的新要求，這給了 Lam 從沉積角度參與的機會，EUV 也是我們過去討論過的，引入了新步驟的機會，以及可以使用的原子層蝕刻等工藝幫助提高EUV圖案本身的品質和生產率。

So I think the way you should think about it is our SAM is expanding.

所以我認為你應該考慮的是我們的 SAM 正在擴展。

Competitively our -- we're gaining share at some of these new layers and we feel we're well setup in both the Foundry and Logic space going forward as technology transitions.

從競爭角度來看，我們正在這些新層中獲得份額，我們認為隨著技術轉型，我們在代工和邏輯領域都已經做好了準備。

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

現在我們將接受 Evercore 的 C.J. Muse 提出的下一個問題。

I guess, first question, if we look back through 2018, it looks like your share of wallet for WFE with NAND is roughly 30%.

我想，第一個問題，如果我們回顧 2018 年，看起來你的 NAND WFE 錢包份額大約是 30%。

So curious as you think about moving to a rising layer count and your leadership in the high aspect ratio etch and the just announced deposition wins on the call tonight, how should we think about your share of wallet as we go to 128 layer and above into 2020?

當您考慮轉向不斷上升的層數以及您在高深寬比蝕刻方面的領導地位以及剛剛宣布的沉積在今晚的電話會議中獲勝時，我們應該如何考慮您的錢包份額，因為我們進入128 層及以上層2020年？

Our SAM as a percentage of customer spend continues to increase with layer count.

我們的 SAM 佔客戶支出的百分比隨著層數的增加而不斷增加。

And that's for 2 reasons.

這有兩個原因。

One, I mean, obviously the simple fact of building and etching the higher stack, but also the fact that, as I mentioned, there are new steps and new opportunities that get created for dealing with issues such as in the VECTOR DT case, the stress associated with those taller layer counts.

一，我的意思是，顯然是構建和蝕刻更高堆疊的簡單事實，但事實上，正如我所提到的，為處理諸如 VECTOR DT 案例中的問題而創建了新步驟和新機會，與那些較高層數相關的應力。

So I think that our view is SAM grows as layer count increases.

所以我認為我們的觀點是 SAM 隨著層數的增加而成長。

And I guess, as a follow-up.

我想，作為後續行動。

Doug, I'm not sure if you spoke to the entirety of installed base revenues, but did they go sequentially in September?

道格，我不確定您是否談到了全部安裝基礎收入，但它們在 9 月是否按順序變化？

And how should we think about the trend or what should we kind of model it to into 2020?

我們應該如何思考這個趨勢，或者我們應該為 2020 年建立什麼樣的模式？

Yes.

是的。

C.J., I think Tim actually mentioned in his prepared remarks that they did grow sequentially and it was the third consecutive record quarter for the Reliant component of that business.

C.J.，我認為蒂姆實際上在他準備好的演講中提到，他們確實連續增長，並且這是該業務的 Reliant 部分連續第三個創紀錄的季度。

I'm not going to quantify next year yet, a little bit too soon.

我還不打算對明年進行量化，有點太早了。

But what we said in the past and I can continue to be very comfortable saying today is, I have a hard time envisioning a year of when the installed base business doesn't grow.

但我們過去說過的話（今天我仍然可以很輕鬆地說）是，我很難想像安裝基礎業務不會成長的一年。

It should grow every single year because chamber comm grows every year.

它應該每年都在成長，因為商會通訊每年都在成長。

It's going this year even in a depressed memory spending environment and we continue to bring new advanced service offerings to market that we hope enable us to achieve more and more the customers OpEx spend, so that's how you should be thinking about that, C.J.

即使在記憶體支出低迷的環境下，今年的情況也會如此，我們將繼續向市場推出新的先進服務產品，我們希望這些產品能夠幫助我們實現越來越多的客戶營運支出支出，所以這就是您應該如何考慮的，C.J.

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

現在我們將回答摩根大通哈蘭·蘇爾提出的下一個問題。

Great job on the quarterly execution.

季度執行情況出色。

This is the second quarter in a row of the heavier China domestic mix.

這是中國國內產品組合連續第二季大幅成長。

Do you guys anticipate this bias to continue into the December quarter and into next year?

你們預計這種偏見會持續到 12 月季度和明年嗎？

And similar to my question last time, is this, in your view, a focused effort by China to accelerate their semiconductor manufacturing capabilities, given the trade tensions with the U.S. or more your China customers just having more confidence to move forward with their early memory and foundry programs?

與我上次的問題類似，在您看來，考慮到與美國的貿易緊張局勢，或者您的中國客戶更有信心繼續推進他們的早期記憶，這是否是中國為加速其半導體製造能力而做出的集中努力和代工計劃？

Yes, Harlan.

是的，哈倫。

What I've tried to described in fact, I tried to foreshadow it last quarter in earnings that this is above normal run rate of local Chinese customers spend.

事實上，我試圖描述的是，我試圖在上個季度的收益中預示這將高於中國本地客戶支出的正常運作率。

But Tim did point out in his remarks that some of the strengthening in WFE came from local China.

但蒂姆在演講中確實指出，WFE 的一些實力增強來自於中國本土。

So probably now nominally somewhat about $6 billion in WFE.

因此，現在名義上的 WFE 可能約為 60 億美元。

And as we look into next year, we absolutely think it will grow again next year.

當我們展望明年時，我們絕對認為明年它會再次成長。

But it will ebb and flow, it'll -- these big projects can be lumpy at times and it'll go up and it'll go down depending on when equipment ships into any one fab project.

但它會潮起潮落，這些大型項目有時可能會起伏不定，它會上升或下降，這取決於設備何時運送到任何一個晶圓廠項目。

Tim, do you want to add anything?

提姆，你想補充什麼嗎？

Yes.

是的。

I think that, as I commented, we've seen strengthening in domestic China spend through the year anticipate that continuing.

我認為，正如我所評論的，我們已經看到今年中國國內支出的增強，預計這種情況將持續下去。

And maybe the most important part of that story for Lam is that, clearly a big portion of the new incremental spending in China is targeted towards the memory market.

對林來說，這個故事中最重要的部分可能是，顯然中國新增支出的很大一部分是針對記憶體市場的。

And obviously, our SAM and our share in the memory space is quite good.

顯然，我們的 SAM 和我們在記憶體空間中的份額相當不錯。

So from that perspective, we see China is an area of strength for us.

所以從這個角度來看，我們認為中國是我們的優勢領域。

Harlan, I forgot the one part of your question where you asked do we think anything pulled in?

哈倫，我忘了你問題的一部分，你問我們是否認為有什麼問題？

Actually really don't.

其實真的沒有。

I don't think it would make sense that they would be pulling things in sooner because if you're concerned about our inability to ship being the reason they pulled in, if they can't get spares and service from us they can't actually really utilize the tools very well.

我認為他們更快地把東西拉進來是沒有意義的，因為如果你擔心我們無法發貨是他們拉進來的原因，如果他們不能從我們這裡獲得備件和服務，他們就不能實際上真的很好地利用了這些工具。

So I don't believe that there was pull-ins related to anything like that.

所以我不相信有與此類事情相關的拉入。

Great.

偉大的。

The team continues its strong design win momentum on noncritical and/or legacy technology nodes.

該團隊在非關鍵和/或傳統技術節點上繼續保持強勁的設計獲勝勢頭。

Part of it, as you pointed out, is the Reliant Systems products continue to do well.

正如您所指出的，部分原因是 Reliant Systems 產品持續表現出色。

We continue to hear from your customers that they're laser focused on productivities, throughput, uptime, footprint all of the things that impact overall wafer cost.

我們不斷從您的客戶那裡聽到，他們非常關註生產力、吞吐量、正常運行時間、佔地面積以及影響整體晶圓成本的所有因素。

Are you guys now in a position to at least give us some sense on how fast the noncritical/refurbished business systems business is growing and roughly the size of this business relative to your total revenue base?

你們現在是否至少可以讓我們了解非關鍵/翻新業務系統業務的成長速度以及該業務相對於您的總收入基礎的大致規模？

Maybe you'll have to wait till Investor Day for that.

也許你必須等到投資者日才能看到這一點。

No, we do plan -- we have promised for some time now to provide you more detail in those areas and we're just -- we will do that.

不，我們確實有計劃——我們已經承諾了一段時間為您提供這些領域的更多細節，我們只是——我們會這樣做。

I think maybe a couple of points to your comment about customers being laser focused on productivity, I mean it's one of the reasons why we have been talking about it.

我認為您對客戶高度關註生產力的評論可能有幾點，我的意思是這是我們一直在談論它的原因之一。

It takes some time for those products -- for our efforts to really start to show up in new wins, but we're starting to see in this area that Doug talked about in advanced services where some of these intelligent database tools are really starting to help us reduce, for instance, troubleshooting time on the systems, reduce unscheduled downs on the systems.

這些產品需要一些時間——我們的努力才能真正開始在新的勝利中顯現出來，但我們開始看到道格在高級服務中談到的這一領域，其中一些智能數據庫工具真正開始發揮作用。 ，幫助我們減少系統故障排除時間，減少系統意外停機。

And those are things that the customers are pulling hard for because, again, it's productivity for tools that are already in place and relatively easy to implement.

這些都是客戶極力爭取的東西，因為這又是已經到位且相對容易實施的工具的生產力。

So we're prioritizing productivity because it's in the best interest of the customer and the industry as a whole.

因此，我們優先考慮生產力，因為這符合客戶和整個行業的最佳利益。

We'll now hear from John Pitzer with Crédit Suisse.

我們現在將聽取瑞士信貸銀行約翰‧皮策 (John Pitzer) 的發言。

Congratulations on the strong results.

祝賀取得了優異的成績。

Tim, I just want to go back to the market opportunity in Logic, Foundry for you.

Tim，我只想為您回顧 Logic、Foundry 的市場機會。

If you kind of look at the calendar year-to-date, that business combined for you is up somewhere between 30% to 40% year-over-year.

如果你看看今年迄今為止的日曆，你的業務總量同比增長了 30% 到 40%。

I guess, I'm just trying to get a sense of how we think about your market position maybe in North America as we see 14 go to 10 go to 7 and maybe in Taiwan, as we see 7 go to 5 go to 3. Can you talk a little bit about how much visibility you have on product tool of record on some of these critical etch and deposition steps?

我想，我只是想了解我們如何看待你們的市場地位，也許在北美，我們看到 14 到 10 到 7，也許在台灣，我們看到 7 到 5 到 3。的產品工具在某些關鍵蝕刻和沈積步驟中的可見度？

And how we might think about your share opportunity as we migrate down these nodes?

當我們向下遷移這些節點時，我們會如何考慮您的共享機會？

Sure.

當然。

I can do that without quite getting as specific as North America versus Taiwan on those nodes.

我可以做到這一點，而無需像北美與台灣在這些節點上那樣具體。

So maybe I'll point to just a couple of comments I made and then embellish those a little bit.

所以也許我會指出我所做的一些評論，然後稍微修飾一下。

As I said, it -- within the Logic and Foundry space, it takes many years to establish yourself as the -- first the development tool of record and then ultimately, see that rollout into volume buys as the production tool of record.

正如我所說，在邏輯和鑄造領域，需要很多年才能將自己確立為——首先是記錄的開發工具，然後最終將其推出到批量購買中，作為記錄的生產工具。

And so when we talk about, I gave -- we gave a little bit of a new look into this penetration and defense forward-looking 3-year revenue opportunity statement.

因此，當我們談論時，我對這份滲透和防禦前瞻性 3 年收入機會聲明進行了一些新的審視。

That is designed to give some indication as to how long it takes from the time we win one of those selection decisions.

這樣做的目的是為了說明從我們贏得其中一項選擇決定起需要多長時間。

And you'll see that revenue opportunity take place over those following 3 years, that's definitely true in the Foundry and Logic space.

您將看到在接下來的 3 年內出現收入機會，這在代工和邏輯領域絕對是正確的。

And so I think that when we talk about improving opportunity at 10 and then 7 and then 5, you can kind of look out and say if like a 5-nanometer decision is revenue opportunities that now will roll in over the course of the next several years.

因此，我認為，當我們談論改善 10、7、5 奈米的機會時，您可以留意並說，5 奈米決策是否是收入機會，現在將在接下來的幾個過程中出現。

So that may not be quite the level of specificity you wanted, but it basically says things that we're winning now will actually be our revenue for the next 3 years plus in that space.

因此，這可能不是您想要的具體程度，但它基本上表明我們現在贏得的東西實際上將是我們未來 3 年以上在該領域的收入。

That's helpful.

這很有幫助。

And then, Doug, you mentioned in your prepared comments, you still have about $3 billion left on the buyback.

然後，Doug，您在準備好的評論中提到，您還有大約 30 億美元的資金用於回購。

And I apologize for the capital allocation call, but this most recent quarter, the buybacks dipped down a little bit, which, I guess, is understandable just given the level of uncertainty.

我對資本配置呼籲表示歉意，但最近一個季度，回購略有下降，我認為考慮到不確定性程度，這是可以理解的。

Any color you can give us around the pace at which you might want to try to execute buybacks going forward and how should we think about kind of just remind us again the cash return policy you're trying to hit?

您可以告訴我們您未來可能想要嘗試執行回購的速度嗎？

Yes, John.

是的，約翰。

I mean, one thing I would point out to you, if you look over the last 2 years, you will have seen several quarters where the cash we actually deployed moved down somewhat.

我的意思是，我想向您指出一件事，如果您回顧過去兩年，您會發現我們實際部署的現金有幾季有所下降。

That was because in the quarter before that, we put one of these accelerated share repurchase programs in place.

這是因為在此之前的一個季度，我們實施了其中一個加速股票回購計畫。

You have the same phenomenon going on in this quarter.

本季也出現了同樣的現象。

So even though the cash that we deployed in terms of open market repurchases wasn't all that significant this quarter, that ASR was still executing buying stock back.

因此，儘管本季我們在公開市場回購方面部署的現金並不那麼重要，但 ASR 仍在執行股票回購。

And that ASR that's currently out there will complete in the December quarter, so we'll be thinking about what we're going to do incrementally as we go forward.

目前的 ASR 將在 12 月的季度完成，因此我們將考慮在前進過程中我們將逐步採取哪些措施。

So far, just reminding you what we talked about, it's been a while now the last Analyst Day that we're committed to at least 50% of free cash flow return to shareholders.

到目前為止，只是提醒您我們所討論的內容，距離我們承諾將至少 50% 的自由現金流回報給股東的最後一個分析師日已經有一段時間了。

And obviously if you look at our history, over the last 5 to 6 years we've done a whole lot more than that.

顯然，如果你看看我們的歷史，在過去的 5 到 6 年裡，我們所做的遠不止於此。

And I've been silent on the timing to complete the current authorization and I'm going to kind of remain that way.

我對完成目前授權的時間一直保持沉默，我將保持這種狀態。

I've said in the past, we'll be opportunistic and that's as much as I have for you right now.

我過去說過，我們會投機取巧，這就是我現在對你們的看法。

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

我們將回答瑞銀集團蒂莫西·阿庫裡 (Timothy Arcuri) 提出的下一個問題。

And I guess, my first question, Doug, is can you help us a little bit with the mix in December?

我想，Doug，我的第一個問題是，你能在 12 月的混音方面幫助我們一點嗎？

I'm curious if the uptick in revenue is going to be more in the NAND side or more in the foundry side.

我很好奇收入的成長是否會更多地出現在 NAND 方面，還是更多地出現在代工方面。

Yes.

是的。

What I said, Tim, in my remarks was, I expect December will continue to be pretty a strong Foundry and Logic quarter.

Tim，我在演講中所說的是，我預計 12 月將繼續是代工和邏輯季度的強勁表現。

So that's a key piece of what's going on.

所以這是正在發生的事情的關鍵部分。

Okay.

好的。

And then I just wanted to drill down a little bit into the China piece.

然後我只是想深入了解中國部分。

So China is about 25% of your revenues now on the trailing 12-month basis.

因此，按照過去 12 個月的計算，中國市場目前約佔您收入的 25%。

So I guess, I'm curious how much of this is going into indigenous projects versus the multinationals?

所以我想，我很好奇，與跨國公司相比，其中有多少投入本土專案？

Because I thought you said China was about $5 billion of 2018 WFE.

因為我以為你說中國在 2018 年 WFE 中約佔 50 億美元。

And I think at that time you were talking about $3 billion of that $5 billion being domestic China.

我認為當時您談論的是這 50 億美元中的 30 億美元是中國國內的。

And I think you just said that China is going to be over $6 billion this year.

我想你剛剛說過中國今年的銷售額將超過 60 億美元。

So can you sort of, like, level set us on how much of that $6 billion this year will be multi versus domestic and maybe how much domestic can even grow next year?

那麼，您能否告訴我們，今年這 60 億美元中有多少是多元的，而不是國內的，也許明年國內甚至可以成長多少？

Yes, let me walk it back for you a little bit, Tim, because some things have moved around a little bit.

是的，讓我為你回顧一下，提姆，因為有些事情已經發生了一些變化。

When I look at what happened last year, local China ended up being, I don't know, $4.5 billion of WFE roughly.

當我看看去年發生的事情時，我不知道中國本土的 WFE 大約達到了 45 億美元。

So it ended up being maybe a little bit more than that $4 billion that we have been talking about.

所以最終可能比我們一直在談論的 40 億美元多一點。

And the way we see it today, it's about $6 billion, it's somewhat about $6 billion.

以我們今天的方式來看，它大約是 60 億美元，大約是 60 億美元。

Don't know for sure what next year is going to look like, but as we look at our analytics in the fab projects that are coming in and whatnot, I do pretty strongly believe it'll grow next year.

不確定明年會是什麼樣子，但當我們查看即將到來的晶圓廠項目等的分析時，我非常堅信明年會增長。

I'm not ready to tell you how much yet, we'll give you more clarity on our WFE view for next year on the next earnings call.

我還沒準備好告訴你多少，我們將在下一次財報電話會議上更清楚地告訴你我們對明年 WFE 的看法。

But I think local China will continue to grow next year.

但我認為明年中國本土將持續成長。

And Doug, just to clarify, those numbers are local China numbers, right?

道格，我想澄清一下，這些數字是中國當地的數字，對吧？

That's right, Tim.

沒錯，提姆。

Yes.

是的。

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

我們將回答高盛 Toshiya Hari 提出的下一個問題。

Congrats on the strong results.

祝賀取得強勁的成果。

Tim, you talked about early signs of a recovery in NAND in your prepared remarks.

提姆，您在準備好的發言中談到了 NAND 復甦的早期跡象。

And Doug, you just mentioned that most of the growth or at least implicitly, I think you commented that most of the growth in December quarter should be coming from Foundry and Logic.

Doug，您剛剛提到大部分增長，或者至少隱含地，我認為您評論說 12 月季度的大部分增長應該來自 Foundry 和 Logic。

So should we expect some of the NAND projects that we're all collectively hearing about should hit the March quarter from a revrec perspective?

那麼，從 revrec 的角度來看，我們是否應該期望我們共同聽說的一些 NAND 專案應該在 3 月季度推出？

Yes.

是的。

Maybe there's not such a big change here from what we've said.

也許這裡與我們所說的並沒有那麼大的改變。

We -- ever since the beginning of the year, we said that memory spending would likely remain relatively weak throughout the year.

自今年年初以來，我們就表示全年記憶體支出可能會保持相對疲軟。

And when I talked about early signs, it is the -- it's very early, it's in there -- we're now starting to see some of those projects transpire, as you just talked about, meaning a little bit of ordering occurring in the December quarter.

當我談到早期跡象時，它是——現在還很早，它就在那裡——我們現在開始看到其中一些項目發生，正如你剛才談到的，這意味著在十二月季度。

But we still maintain our view that we exit the year with this 30% bit supply growth rate and that customers are prudently managing the supply growth.

但我們仍然堅持我們的觀點，即我們將以 30% 的比特供應成長率結束今年，客戶正在謹慎管理供應成長。

But I do think those projects -- is kind of that early signs, it's a healthy industry and we're going to see growth in 2020.

但我確實認為這些項目是早期跡象，這是一個健康的行業，我們將在 2020 年看到成長。

So exact timing, we really don't want to give you that right now, but it looks to be coming.

所以確切的時間，我們現在真的不想給你，但看起來很快就會到來。

Got it.

知道了。

And then, as a follow-up, I just wanted to hit the Logic and Foundry opportunity dynamic into 2020.

然後，作為後續行動，我只想在 2020 年抓住 Logic 和 Foundry 的機會動態。

Obviously, you guys have done a great job over the past couple of years in gaining share on both buckets.

顯然，你們在過去幾年中在這兩方面都取得了出色的成績。

If we assume that spending in Logic and Foundry is largely flat in 2020 and if you assume the EUV adoption continues to grow, based on what you guys know from a design win or application win perspective, can you still grow Logic and Foundry revenues in that sort of environment backdrop?

如果我們假設 2020 年 Logic 和 Foundry 的支出基本上持平，並且假設 EUV 的採用繼續增長，那麼根據你們從設計獲勝或應用獲勝的角度了解的情況，您是否仍能在該方面增加 Logic 和 Foundry 的收入什麼樣的環境背景？

Yes.

是的。

It's a great question.

這是一個很好的問題。

And the answer is yes, we would expect to grow in that scenario based on the couple of things.

答案是肯定的，基於以下幾件事，我們預計會在這種情況下實現成長。

One, as you move forward, even on the same WFE, our SAM as a percent of that WFE should increase as transition still continue to occur to more advanced nodes.

第一，隨著您的前進，即使在相同的 WFE 上，我們的 SAM 佔該 WFE 的百分比也應該會增加，因為過渡仍然繼續發生到更高級的節點。

Etch and deposition opportunity increases at each successive technology node even in the face of EUV.

即使面對 EUV，每個連續技術節點的蝕刻和沈積機會也會增加。

So I think in the scenario you described, we would expect to have a larger opportunity and we do believe that we're winning share as well and therefore, we would grow.

因此，我認為在您描述的情況下，我們期望有更大的機會，我們確實相信我們也正在贏得份額，因此我們會成長。

We'll hear now from Krish Sankar with Cowen & Company.

我們現在將聽取科恩公司 (Cowen & Company) 的克里什桑卡 (Krish Sankar) 的演講。

I had 2 of them.

我有 2 個。

First one for either Tim or Doug, more industry-focused question.

對提姆或道格來說，第一個問題是更關注產業的問題。

You spoke about how NAND bit growth exiting this year is going to be 30%.

您談到今年 NAND 位的成長率將達到 30%。

Kind of curious, like, as your customers start ramping 128 layer NAND.

有點好奇，例如，當您的客戶開始增加 128 層 NAND 時。

If next year demand bit growth is below 30%, do you still expect the 128 layer spending to go through next year because it's more strategic low-cost in nature?

如果明年的需求位成長低於 30%，您是否仍預期 128 層支出會在明年進行，因為它本質上更具策略性低成本？

Or do you think it might get throttled back if demand bit growth is slower?

或者您認為如果需求成長放緩，它可能會受到抑制嗎？

Maybe I'll take.

也許我會接受。

And then, Tim, you can add on.

然後，提姆，你可以補充。

I mean, Krish, what -- one, I don't think that's what is going to happen.

我的意思是，克里什，什麼——一，我認為這不會發生。

But were that to be what happened, I think you would see a year that looked somewhat like this year in that most of the industry spending was allocated to node convergence as opposed to new capacity adds because that lowers cost per bit.

但如果真的發生了這種情況，我認為您會看到與今年有些相似的一年，因為大部分行業支出都分配給節點融合，而不是增加新容量，因為這會降低每比特的成本。

The economics are better and all of that.

經濟狀況更好了等等。

The other thing I would say and then I'll let Tim add on, when we look into early next year, I believe supply growth rate will continue to decline based on the investments that have occurred this year, right, because they have reduced this year.

我要說的另一件事，然後我會讓蒂姆補充一下，當我們展望明年初時，我相信供應增長率將根據今年發生的投資繼續下降，對吧，因為他們已經減少了這一點年。

And so you're moving into a declining rate of growth as we look into the first half of next year.

因此，當我們展望明年上半年時，成長率將會下降。

And Tim, anything?

提姆，有什麼事嗎？

Yes, I think just to reiterate Doug's point.

是的，我想只是重申道格的觀點。

I mean, technology transitions we think occur every year simply because of the benefit to bit cost.

我的意思是，我們認為每年都會發生技術轉型，這只是因為比特成本的好處。

And so, I guess, I would say that in a year, which is not our view of declining supply growth, we would still see the majority of the spend in technology transitions.

因此，我想，我想說的是，在一年內，這不是我們認為供應成長下降的觀點，我們仍然會看到大部分支出用於技術轉型。

And I guess, there's one other key point to think about and we've mentioned this a few times.

我想，還有另一個關鍵點要考慮，我們已經多次提到這一點。

In a technology transition from, say, 96 layers to 128 layers, the majority of that spend is for etch and deposition.

例如，在從 96 層到 128 層的技術過渡中，大部分支出用於蝕刻和沈積。

So there's definitely an outperformance statement there if spend continues to be based just on technology transitions.

因此，如果支出繼續僅基於技術轉型，那麼肯定會有一個出色的表現。

Got it, got it.

明白了，明白了。

That's very helpful.

這非常有幫助。

And then as a follow-up.

然後作為後續。

I think, Tim, in your prepared remarks you spoke about have you guys have successfully defended 100% of your dielectric etch market share.

Tim，我想，在您準備好的發言中，您談到您是否已成功捍衛了 100% 的電介質蝕刻市場份額。

I'm kind of curious on the NAND side, is that a fair enough statement if you look past 128 layer higher than 128 layer DT or tools or is it more up to 128 layers?

我對 NAND 方面有點好奇，如果你看看 128 層高於 128 層 DT 或工具，或者它是否更高達 128 層，那麼這是一個足夠公平的說法嗎？

Well, I mean, our statement is always as those decisions are made, so we always speak about accomplishments made.

嗯，我的意思是，我們的聲明總是在做出這些決定時進行，所以我們總是談論所取得的成就。

So I don't know if any decisions that have been made well beyond the 128 layer node.

所以我不知道是否已經做出了遠遠超出 128 層節點的任何決定。

So we, yes, it's obviously something that we compete for at every node.

所以我們，是的，這顯然是我們在每個節點上競爭的東西。

But I guess, what I'd point out is there is a very important piece of learning that has come from us running now millions of wafers through our dielectric etch tools.

但我想，我要指出的是，我們現在透過電介質蝕刻工具運行數百萬個晶圓，從中學到了非常重要的知識。

And there was a question earlier about productivity, reliability, stability, defect performance, those are all things that, again, we have millions and millions of wafers of experience.

早期有一個關於生產力、可靠性、穩定性、缺陷性能的問題，這些都是我們擁有數百萬晶圓的經驗。

And so they kind of come in with an edge, every node that you have to compete for as the incumbent.

因此，它們具有優勢，每個節點都必須作為現有節點進行競爭。

So that -- but specifically, I think you could bucket most of those in that 128 nanometer and below node since their decisions already made.

因此，但具體而言，我認為您可以將大部分節​​點歸入 128 奈米及以下節點，因為他們已經做出了決定。

We'll hear now from Patrick Ho with Stifel.

我們現在將聽取 Patrick Ho 和 Stifel 的演講。

Congrats on a really nice quarter.

恭喜您度過了一個非常美好的季度。

Maybe Tim first.

也許蒂姆先。

A lot of the market questions have been answered on my end.

很多市場問題我都得到了解答。

But as you look at next-generation memory technologies like MRAM, ReRAM, can you just give maybe a qualitative view of how Lam is positioning itself to capitalize on those next-generation opportunities?

但是，當您審視 MRAM、ReRAM 等下一代記憶體技術時，您能否定性地了解 Lam 如何定位自己以利用這些下一代機會？

Yes.

是的。

We've -- I guess, maybe the simplest statement that I make inside the company is we're not running from our leadership position in memory and that includes in these new emerging memory markets.

我想，也許我在公司內部所做的最簡單的聲明是，我們不會逃避我們在記憶體領域的領導地位，包括在這些新興的記憶體市場。

And so we're actively looking to develop new applications, new tools that meet the needs of those devices.

因此，我們正在積極尋求開發新的應用程式、新的工具來滿足這些設備的需求。

We've spoken about one of them, in particular, so far this year, which is the ion beam etch tool that's used for MRAM, and we have established a very strong position for that particular application.

今年到目前為止，我們特別談到了其中之一，即用於 MRAM 的離子束蝕刻工具，我們已經為該特定應用建立了非常強大的地位。

Phase-change memory, ReRAM, other devices we're actively engaged in development with the leading companies.

我們正在積極與領先公司一起開發相變記憶體、ReRAM 和其他設備。

So it is a target market for us.

所以這是我們的目標市場。

In fact, one might argue that we feel really we sort of -- we already sort of own that memory space, and I think it's a focus.

事實上，有人可能會說，我們真的感覺我們已經擁有了那個記憶空間，我認為這是一個焦點。

Patrick, I'd just to add on.

派崔克，我想補充一下。

If you really want more detail, you can go look at the transcript of the Flash Memory Summit where Tim and Rick Gottscho spent lots of time talking about how we view these emerging memory architectures.

如果您確實想了解更多詳細信息，可以查看閃存峰會的記錄，其中 Tim 和 Rick Gottscho 花了很多時間討論我們如何看待這些新興的內存架構。

Great.

偉大的。

And maybe as my follow-up question, you talked a little bit about your atomic layer deposition opportunity.

也許作為我的後續問題，您談到了原子層沉積機會。

I guess, from a big picture perspective, how do you see the total available market for you in that?

我想，從大局來看，您如何看待這方面的總可用市場？

And do you see it expanding from where -- it looks like you have a strong position on the memory side of thing, can this also expand onto the Foundry, Logic side of things?

您是否看到它從哪裡擴展 - 看起來您在內存方面擁有強大的地位，這也可以擴展到事物的鑄造、邏輯方面嗎？

Well, it already expanded.

嗯，它已經擴大了。

I mean, ALD is not memory specific, so we use these films also on the Logic and Foundry side.

我的意思是，ALD 不是特定於內存的，因此我們也在 Logic 和 Foundry 方面使用這些薄膜。

ALD, atomic layer etching -- atomic layer deposition and atomic layer etching, these are technologies that will continue to be increasingly used as devices become smaller and smaller and structures become more complex.

ALD，原子層蝕刻－原子層沉積和原子層蝕刻，隨著裝置變得越來越小、結構變得越來越複雜，這些技術將繼續得到越來越多的應用。

So I think it's an expanding market opportunity.

所以我認為這是一個不斷擴大的市場機會。

And in fact, I think, in coming years, you'll start to see inflections, for instance, from batch processing tools to single wafer ALD just, again, for the type of wafer uniformity and requirements of those processes going forward.

事實上，我認為，在未來幾年中，您將開始看到變化，例如，從批量處理工具到單晶圓 ALD，這又是為了晶圓均勻性的類型和未來這些製程的要求。

So it's an area where we're growing and we feel confident about our development activities in the tools themselves.

因此，這是我們正在發展的領域，我們對工具本身的開發活動充滿信心。

We will hear now from Craig Ellis with B. Riley FBR.

我們現在將聽取 Craig Ellis 和 B. Riley FBR 的演講。

I wanted to follow up on the comments that you made that calendar '20 to be a year of outperformance for Lam.

我想跟進你的評論，即你將 20 日曆年定為林的表現出色的一年。

Can you just help us understand how much of that comes from moving deeper into the sweet spot of the Foundry, Logic share gain that you've been talking about versus help that you would get from what appears to be a nice and very encouraging upturn that's starting to occur in NAND or maybe something else like SAM expansion?

您能否幫助我們了解其中有多少來自於更深入地進入 Foundry 的最佳點，您一直在談論的 Logic 份額收益與您從看似美好且非常令人鼓舞的好轉中獲得的幫助開始出現在NAND或其他類似SAM 擴充中？

Yes.

是的。

I think for us to give you more detail on the breakout on that you'll have to wait until we actually speak to our 2020 WFE outlook next quarter.

我認為，要讓我們向您提供有關突破的更多詳細信息，您必須等到我們下季度真正談論 2020 年 WFE 前景。

But you've kind of hit it.

但你已經擊中了它。

I mean, the way I think about outperformance in 2020, it's just what you said.

我的意思是，我對 2020 年表現出色的看法，正如你所說的那樣。

First and foremost, you -- everyone knows that we're highly leveraged to the memory market and we do believe that spending mix moves back in our favor next year.

首先也是最重要的是，大家都知道我們對記憶體市場的槓桿率很高，而且我們確實相信明年的支出組合將重新對我們有利。

And even in the face of stronger and continuing strength in Logic and Foundry, memory will improve to some extent.

而且即使面對Logic和Foundry更強大、持續的強勢，記憶體也會有一定程度的改善。

We've strengthened our Logic and Foundry, SAM opportunity as well as share position, and so that's a continued benefit as Logic and Foundry remain strong.

我們加強了 Logic 和 Foundry、SAM 機會以及份額地位，因此隨著 Logic 和 Foundry 保持強勁，這是一個持續的優勢。

And also as Doug mentioned, CSBG continues to grow as we expand our portfolio of advanced services in that space.

而且正如 Doug 所提到的，隨著我們在該領域擴展先進服務組合，CSBG 不斷發展。

And so can't break it out for you how much each of those contributes, but each of them is an important part of the story in 2020.

因此，無法為您詳細說明其中每一項的貢獻有多大，但每一項都是 2020 年故事的重要組成部分。

And then I'll do the follow-up to Doug.

然後我將對道格進行跟進。

Doug, impressive trough-to-trough operating margin improvement of about 300 basis points and within that there's dramatic improvement with operating expense as a percentage of sales.

Doug，營業利潤率從低谷到低谷的提升令人印象深刻，約為 300 個基點，其中營業費用佔銷售額的百分比有了顯著改善。

And as you noted, there's been significant makeshift R&D.

正如您所指出的，有大量的臨時研發。

The question is how much further benefit is there in the model for increased operating leverage?

問題是，增加營運槓桿的模型還能帶來多少進一步的好處？

And how much room do you have to further drive expense towards R&D from SG&A?

您還有多少空間可以進一步推動 SG&A 的研發支出？

It's something we've been working on for years.

這是我們多年來一直在努力的事情。

I mean, Tim was driving us years ago honestly and rest of the companies rallied behind it.

我的意思是，蒂姆幾年前就誠實地推動了我們，其他公司也團結起來支持它。

We're going to keep squeezing efficiency out of every SG&A dollar we spend.

我們將繼續從我們花費的每一筆銷售管理費用中榨取效率。

We want to be totally rigorous about that so that we can allocate more of those dollars to R&D.

我們希望對此非常嚴格，以便我們可以將更多的資金分配給研發。

I think that 67% last quarter might be an all-time high for the company.

我認為上季 67% 可能是該公司的歷史新高。

I haven't gone all the way back, but in my recent memory that was an all-time high.

我並沒有一路回到過去，但在我最近的記憶中，這是歷史最高點。

We're going to keep at that.

我們將堅持下去。

We're going to continue to try to get better.

我們將繼續努力變得更好。

We do this everywhere.

我們到處都這樣做。

It's part of the culture of the company to be focused on continuous improvement.

專注於持續改善是公司文化的一部分。

I don't know how high we can get it honestly, but we're going to keep working at it.

老實說，我不知道我們能達到多高，但我們會繼續努力。

We'll hear now from Vivek Arya with Bank of America.

我們現在將聽取美國銀行 Vivek Arya 的發言。

I joined a little late, so I apologize if this was asked.

我加入得有點晚，所以如果有人問我這個問題，我深感抱歉。

But DRAM was quite strong in the quarter and I'm wondering what caused that and how sustainable is that strength?

但 DRAM 在本季相當強勁，我想知道是什麼原因造成的以及這種強勁的可持續性如何？

When I look at it, it's primarily conversion spending.

當我看到它時，主要是轉換支出。

That's really what we've seen for the entire year is focused on node conversions.

這確實是我們全年所看到的重點是節點轉換。

It'll ebb and flow.

它會潮起潮落。

The important thing when you think about DRAM is to understand when we look at similar to what we were describing NAND exiting the year below where we believe demand growth to be, you got a similar story in DRAM.

當您考慮 DRAM 時，重要的是要理解，當我們看到類似於我們所描述的 NAND 明年退出時我們認為需求增長的情況時，您在 DRAM 中也會遇到類似的情況。

As we look at the investments that are occurring in DRAM this year, exiting the year, supply growth is probably in the low teens and we believe the long-term demand growth is in high teens, maybe approaching 20%.

當我們觀察今年 DRAM 的投資時，今年結束時，供應成長可能在十幾歲以下，我們認為長期需求成長在十幾歲以下，可能接近 20%。

There's a ways to go, Vivek, to continue to burn inventory out of the channel.

Vivek，要繼續消耗通路中的庫存，還有很長的路要走。

I think that's going to take a little bit longer.

我認為這需要更長的時間。

But what I do know is at some point, the inventory will be burned off and the spending will grow more significantly.

但我所知道的是，在某個時候，庫存將會被消耗掉，支出將會更加顯著地成長。

And quarter-by-quarter it's just going to be dependent on what projects are underway at what customers.

每個季度的情況都取決於哪些客戶正在進行哪些專案。

Got it.

知道了。

Very helpful.

很有幫助。

And then as a follow-up, kind of looking at your cash flow generation.

然後作為後續行動，看看你的現金流生成。

So fiscal '19 from what I noticed, there was a lot of cash inflow from working capital, if I'm looking at the model right.

因此，從我注意到的情況來看，如果我看模型正確的話，19 財年有大量來自營運資金的現金流入。

How should we think about the plus and minus from working capital this year?

我們該如何看待今年營運資金的正負？

If you look at the first half of this year, Vivek, calendar year.

如果你看看今年上半年，Vivek，日曆年。

Again, I never really think too much in terms of fiscal calendar year.

再說一遍，我從來沒有對財政年度考慮太多。

I mean, cash was just super strong.

我的意思是，現金非常強勁。

I think we had 2 consecutive quarters around $900 million in operational cash flow.

我認為我們連續兩季的營運現金流約為 9 億美元。

And you're right, a lot of that came from working capital.

你是對的，其中很多來自營運資金。

Now what you normally see with the business when it's growing it will consume working capital, meaning it'll take cash to build inventory and receivables and so forth.

現在，您通常會看到，當業務成長時，它會消耗營運資金，這意味著需要現金來建立庫存和應收帳款等。

When it levels off or contracts, it will generate cash and that's really what went on in the first half of the year.

當它趨於平穩或收縮時，它將產生現金，這正是今年上半年發生的情況。

I mean, we managed cash quite proactively, but the practical reality of business ebb and flow is that's what happens.

我的意思是，我們非常主動地管理現金，但業務潮起潮落的實際情況就是這樣。

The right way to think about the free cash flow of the business is it's a couple of points below where operational cash flow should be on a sustainable basis, but it'll ebb and flow around wherever we're at in the business cycle.

考慮企業自由現金流的正確方法是，它比營運現金流應該處於可持續基礎上的幾個點低，但無論我們處於商業週期的哪個階段，它都會起伏不定。

We'll take the next question from Joe Quatrochi with Wells Fargo.

我們將回答富國銀行 Joe Quatrochi 提出的下一個問題。

You talked about improvements in inventory that you've seen across the NAND flash.

您談到了 NAND 快閃記憶體庫存的改善。

I was wondering if you could talk about, to the extent you can, factory utilization rates and your installed base.

我想知道您是否可以盡可能談談工廠利用率和您的安裝基礎。

It's hard for us actually to put our finger on exactly what utilizations are.

我們實際上很難確切地了解利用率是什麼。

I mean, we saw it pulled back a little bit in both NAND and DRAM this year.

我的意思是，今年我們看到 NAND 和 DRAM 的銷售都略有回落。

And I think that was pretty well telegraphed from our customers, but better -- it's a better question to put to them.

我認為我們的客戶很好地傳達了這一點，但更好的是，這是向他們提出的更好的問題。

We don't always know exactly what their utilizations are running at.

我們並不總是確切地知道它們的利用率正在運行。

Okay.

好的。

Fair enough.

很公平。

And then maybe a follow-up to that.

然後也許是後續行動。

You talked about exiting this year at 30% supply growth for NAND and maybe and potentially going lower than that next year on the first part of the year.

您談到今年 NAND 供應成長 30%，並且可能會低於明年上半年的供應成長。

I guess, the question is, how do we think about the level of capacity expansion needed to hit kind of the, I guess, expected demand growth for 2020?

我想，問題是，我們如何考慮達到 2020 年預期需求成長所需的產能擴張水準？

Tough question to answer, Joe, to be honest.

老實說，喬，這個問題很難回答。

What's occurred this year in NAND largely has been conversions maybe with a couple exceptions.

今年 NAND 領域發生的事情主要是轉換，也許有幾個例外。

But if you look at NAND, WFE through the year this year.

但如果你看看今年的 NAND、WFE。

But that's what was going on, and you saw a declining rate of supply growth such that as we exit the year, obviously, we said 30%, and I think long-term NAND growth is in the high 30s maybe 40%.

但這就是正在發生的事情，你看到供應成長率在下降，以至於當我們結束今年時，顯然，我們說的是 30%，我認為長期 NAND 成長在 30 多歲左右，可能是 40%。

To have 40% supply growth, you need to be adding a few wafers every single year.

要達到 40% 的供應成長，您需要每年增加一些晶圓​​。

And so it didn't happen quite so much this year and you've seen supply growth decline.

所以今年這種情況並沒有發生那麼多，而且你已經看到供應成長下降。

I don't know if that helps you, but that's how I think about it.

我不知道這是否對你有幫助，但這就是我的想法。

We'll take the next question from Mitch Steves with RBC Capital Markets.

我們將回答加拿大皇家銀行資本市場部的米奇史蒂夫斯 (Mitch Steves) 提出的下一個問題。

I really had 2, most of them have been answered.

我確實有2個，大部分都已經回答了。

But from a high-level, I mean, you guys talked about kind of a better market for memory in 2020.

但從高層來看，我的意思是，你們談到了 2020 年記憶體市場會更好。

So when do you think we'll see capacity upgrades or is this all going to be technology upgrades?

那麼您認為我們什麼時候會看到容量升級，或者這一切都將是技術升級？

And then secondly, you guys gave a lot of color on NAND, but not so much on DRAM.

其次，你們在 NAND 上給了很多顏色，但在 DRAM 上卻沒有那麼多。

So based on the commentary about the server demand and kind of an increase there in Q1, does that mean you guys think that that's going to be kind of the bottom or do you think that exiting the year we're going to start to see supply-demand balance for DRAM?

因此，根據有關伺服器需求的評論以及第一季的成長，這是否意味著你們認為這將是底部，或者你們認為今年結束後我們將開始看到供應- DRAM需求平衡？

Well, I think what we've said about DRAM maybe just was that we think through the first half of next year inventory remains elevated, and so it's really not -- I guess, our view at this point is DRAM may be more of a second half story for next year.

好吧，我認為我們關於 DRAM 所說的可能只是我們認為明年上半年庫存仍然很高，所以事實並非如此——我想，我們目前的觀點是 DRAM 可能更多的是明年的後半故事。

Obviously, we'll give far more color as we develop our full 2020 look.

顯然，在開發 2020 年完整外觀時，我們將提供更多色彩。

It's just that NAND is much more upon us right now, it's simply because the issues are being worked through more quickly as a result of the supply constraints that have been in place this year and maybe also the demand catalyst for NAND that are occurring right now.

只是 NAND 現在對我們來說更加重要，這只是因為由於今年出現的供應限制以及現在正在發生的 NAND 需求催化劑，問題正在更快的解決。

Got it.

知道了。

And is there capacity upgrades, at what time in 2020?

2020年什麼時候會有產能升級？

Is it, like, back half or do you think the capacity upgrades to begin earlier than that?

是後半段還是您認為容量升級會比這更早開始？

Mitch, too soon for us to talk in any detail about 2020.

米奇，我們現在談論 2020 年的細節還為時過早。

Hold off for 1 quarter, we'll give you a little bit better visibility on it.

推遲 1 個季度，我們將為您提供更好的了解。

It's still a little bit too far away for us to get into detail.

對我們來說，細節還有些遙遠。

And that does conclude today's question-and-answer session.

今天的問答環節到此結束。

I'd like to turn the conference back over Ms. Correia for any additional or closing remarks.

我想把會議轉回給科雷亞女士做補充或結束語。

Just wanted to thank you everyone for joining us today.

只是想感謝大家今天加入我們。

Appreciate it.

欣賞它。

Thank you.

謝謝。

And that does conclude today's conference.

今天的會議到此結束。

Thank you all for your participation.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。