科林研發 (LRCX) 2012 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen.

女士們先生們，下午好。

Thank you for standing by.

謝謝你的支持。

Welcome to the LAM Research Corporation, December quarter 2011 earnings conference call.

歡迎來到 LAM Research Corporation 2011 年 12 月季度收益電話會議。

During today's presentation, all parties will be in a listen-only mode.

在今天的演講中，各方都將處於只聽模式。

Following the presentation, the conference will be open for questions.

演講結束後，會議將開放提問。

(Operator Instructions) I would now like to turn the conference over to Shayne Hudson, Director of Investor Relations.

（操作員說明）我現在想將會議轉交給投資者關係總監 Shayne Hudson。

Please go ahead.

請繼續。

Thank you, Joe.

謝謝你，喬。

Good afternoon, everyone.

大家下午好。

Welcome to LAM Research Corporation's quarterly conference call.

歡迎來到 LAM Research Corporation 的季度電話會議。

Here with me today are Martin Anstice, President and Chief Executive Officer; and Ernie Maddock, Senior Vice President and Chief Financial Officer.

今天和我在一起的是總裁兼首席執行官 Martin Anstice；高級副總裁兼首席財務官 Ernie Maddock。

Shortly, Ernie will discuss financial results for the December 2011 quarter.

很快，Ernie 將討論 2011 年 12 月季度的財務結果。

Martin will then share LAM's business outlook for the March 2012 quarter before we open the call up for Q&A.

在我們開始問答之前，Martin 將分享 LAM 2012 年 3 月季度的業務展望。

The Press Release detailing our financial results was distributed over the wire services shortly after 1 PM this afternoon, and it's also available on our website at LamResearch.com.

詳細介紹我們財務業績的新聞稿已於今天下午 1 點後通過電訊服務發布，也可在我們的網站 LamResearch.com 上獲取。

Today's call contains certain forward-looking statements, including those related to our expectations for the global macro economic environment, of market size, wafer fab equipment spending, market share changes, consumer demand, customer spending and behavior, and the factors that will influence those expectations as well as our spending projections, our investment plans, our business strategies, our aspirations of the benefits of our planned merger with Novellus, our intentions for Research and Development activities, our contemplated tax rate and our forecast of market share, shipments, revenues, expenses, margins, operating profit, share repurchase activities, earnings per share, and cash generation on both a GAAP and non-GAAP basis, as well as other statements of the Company's expectations, beliefs, and plans.

今天的電話會議包含某些前瞻性陳述，包括與我們對全球宏觀經濟環境的預期、市場規模、晶圓廠設備支出、市場份額變化、消費者需求、客戶支出和行為以及將影響這些的因素相關的那些預期以及我們的支出預測、我們的投資計劃、我們的業務戰略、我們對計劃與 Novellus 合併的好處的期望、我們對研發活動的意圖、我們預期的稅率以及我們對市場份額、出貨量、收入的預測、費用、利潤率、營業利潤、股票回購活動、每股收益和現金產生（基於公認會計原則和非公認會計原則），以及公司預期、信念和計劃的其他陳述。

They're important factors that could cause actual results to differ materially from those described in these forward-looking statements, and a list of these factors can be found in the slide package accompanying this conference call and on our most recent Form 10-K filed with the Securities and Exchange Commission.

它們是可能導致實際結果與這些前瞻性陳述中描述的結果存在重大差異的重要因素，這些因素的列表可以在本次電話會議隨附的幻燈片包和我們最近提交的 10-K 表格中找到與證券交易委員會。

All forward-looking statements are based on current information and the Company assumes no obligation to update any of them.

所有前瞻性陳述均基於當前信息，公司不承擔更新其中任何內容的義務。

This call is scheduled to last until 3 PM, and we ask that you please limit questions to one per firm with a very brief follow-up.

此電話會議計劃持續到下午 3 點，我們要求您將每個公司的問題限制為一個，並進行非常簡短的跟進。

With that, I'll turn the call over to Ernie.

有了這個，我會把電話轉給厄尼。

Thanks, Shayne, and thanks, everyone, for joining us today.

謝謝，Shayne，也謝謝大家今天加入我們。

We ended the calendar year with a solid performance meeting or exceeding the midpoint of our guidance ranges for the December quarter on all financial metrics.

我們以穩健的業績會議結束了日曆年，或者在所有財務指標上超過了我們 12 月季度指導範圍的中點。

In calendar year 2011, LAM delivered $2.8 billion of revenue, generated $696 million in cash from operations, representing 25% of revenues, and returned approximately $233 million to our shareholders through stock repurchases.

在 2011 日曆年，LAM 實現了 28 億美元的收入，從運營中產生了 6.96 億美元的現金，佔收入的 25%，並通過股票回購向我們的股東返還了大約 2.33 億美元。

Moving now to the specifics for the quarter ended December 25, shipments were $563 million, higher than the midpoint of our guidance range and down 3% from the September quarter.

現在來看截至 12 月 25 日的季度的具體情況，出貨量為 5.63 億美元，高於我們指導範圍的中點，比 9 月季度下降 3%。

Application and Market segment break down for the quarter were as follows.

本季度的應用和市場細分如下。

Applications at 45-nanometer and below represented 90% of overall system shipments, and we further estimate that about 87% of our quarterly shipments were targeted for applications below the 4X technology node.

45 納米及以下的應用佔整個系統出貨量的 90%，我們進一步估計，我們季度出貨量中約 87% 是針對 4X 技術節點以下的應用。

System shipments for the Memory segment were 42% of the overall total and included NAND at 28% and DRAM at 14% of total system shipments.

內存部分的系統出貨量佔總出貨量的 42%，其中 NAND 佔系統總出貨量的 28%，DRAM 佔總出貨量的 14%。

Foundry shipments were 46% of total system shipments, while Logic and Other constituted the balance at 12%.

代工出貨量佔系統總出貨量的 46%，而邏輯和其他佔 12%。

I'd like to note that beginning in the December quarter, we made a change to our market segment reporting methodology for shipments.

我想指出，從 12 月季度開始，我們對出貨量的細分市場報告方法進行了更改。

Previously, our Foundry numbers included only pure-play Foundries.

以前，我們的 Foundry 數字僅包括純粹的 Foundries。

Starting with this quarter and going forward, we have modified the Foundry category to include manufacturers that have a majority of their logic capacity available for the Foundry business.

從本季度開始，我們修改了代工類別，將大部分邏輯產能用於代工業務的製造商都包括在內。

These shipments were previously reported in the Logic and Other category.

這些出貨量以前在邏輯和其他類別中報告。

December quarter revenues were approximately $584 million, representing a sequential decrease of 14% and coming in better than the midpoint of our expected range.

12 月季度收入約為 5.84 億美元，環比下降 14%，好於我們預期範圍的中點。

Non-GAAP gross margin was 40.1%, down from 41.7% in the September quarter and in line with the midpoint of our guidance.

非 GAAP 毛利率為 40.1%，低於 9 月份季度的 41.7%，符合我們指引的中點。

In addition to product mix, our gross margin performance for the quarter was primarily affected by reduced factory and field utilization rates correlated to the lower revenue levels.

除了產品組合之外，我們本季度的毛利率表現主要受到與較低收入水平相關的工廠和現場利用率降低的影響。

December quarter, non-GAAP operating expenses were approximately $180 million, down about $2 million sequentially.

十二月季度，非美國通用會計準則運營費用約為 1.8 億美元，環比下降約 200 萬美元。

Versus the September quarter, we had lower levels of variable compensation reflecting lower overall business levels.

與 9 月季度相比，我們的可變薪酬水平較低，反映出整體業務水平較低。

As we highlighted last quarter, our exiting December month run rate was on an upward trajectory, which we expect to continue in a manner consistent with prior commentary relative to the need for increased levels of headquarters and customer-facing research and development.

正如我們在上個季度強調的那樣，我們 12 月份的月運行率處於上升軌道，我們預計這將以與之前關於需要提高總部水平和麵向客戶的研發水平的評論一致的方式繼續下去。

Non-GAAP operating income was $54 million versus $101 million in the September quarter and resulted in a non-GAAP operating margin of 9.2% above the high end of our guidance range.

非 GAAP 營業收入為 5,400 萬美元，而 9 月季度為 1.01 億美元，非 GAAP 營業利潤率為 9.2%，高於我們指導範圍的上限。

Our non-GAAP tax rate for the December quarter was 21.8%, higher than we anticipated due to geographic income mix.

由於地域收入組合，我們 12 月季度的非美國通用會計準則稅率為 21.8%，高於我們的預期。

As we've previously outlined, our tax rate is highly dependent on our US versus non-US income mix.

正如我們之前概述的那樣，我們的稅率在很大程度上取決於我們的美國與非美國收入組合。

For fiscal, tax-year planning purposes, we make certain assumptions on geographic income mix and overall profitability levels; and actual results may vary from those assumptions.

出於財政、稅收年度規劃的目的，我們對地域收入組合和整體盈利水平做出了某些假設；實際結果可能與這些假設有所不同。

Going forward, we would expect an overall fiscal year 2012 non-GAAP tax rate in the high teens to low 20% range.

展望未來，我們預計 2012 財年整體非 GAAP 稅率將處於十幾歲至 20% 的低水平範圍內。

This fiscal year rate includes only a two-quarter benefit from the R&D tax credit, which expired in December 2011.

該財年稅率僅包括來自於 2011 年 12 月到期的研發稅收抵免的兩個季度收益。

Based on a share count of approximately 121 million shares, December quarter, non-GAAP earnings per share were $0.34 at the high end of our guidance range for the quarter.

根據大約 1.21 億股的股票數量，12 月季度，非 GAAP 每股收益為 0.34 美元，處於我們本季度指導範圍的高端。

The higher tax rate negatively affected our EPS by about $0.02 in the quarter as did the fact that we suspended share repurchases in conjunction with the contemplation of the Novellus transaction.

較高的稅率對我們本季度的每股收益產生了約 0.02 美元的負面影響，我們暫停股票回購以及考慮 Novellus 交易也是如此。

Moving to the balance sheet, our cash and short-term investments, including restricted cash and investments, totaled $2.4 billion versus $2.2 billion last quarter.

轉向資產負債表，我們的現金和短期投資，包括受限制的現金和投資，總計 24 億美元，而上一季度為 22 億美元。

In the December quarter, we generated $169 million in cash from operations, up $82 million sequentially.

在 12 月季度，我們從運營中產生了 1.69 億美元的現金，比上一季度增加了 8200 萬美元。

DSO for the quarter were 72 days, up from 70 days in the September quarter, primarily reflecting collection timing differences due to the year-end cutoff.

本季度的 DSO 為 72 天，高於 9 月季度的 70 天，這主要反映了由於年底截止而導致的收集時間差異。

Inventory turns were 3.7, down from the September quarter end performance of 4.0, largely due to declines in September quarter output levels.

庫存周轉率為 3.7，低於 9 月季度末的 4.0，這主要是由於 9 月季度產出水平下降。

We exited the December quarter with deferred revenues of $192 million, up from $181 million in the September quarter.

我們以 1.92 億美元的遞延收入結束了 12 月季度，高於 9 月季度的 1.81 億美元。

And as usual, this excludes shipments to Japanese customers that will revenue in future quarters.

和往常一樣，這不包括將在未來幾個季度產生收入的對日本客戶的發貨。

In December, the revenue value for these shipments totaled approximately $16 million.

12 月，這些貨物的收入價值總計約為 1600 萬美元。

Non-cash expenses include, among other items, $18 million for equity compensation and $22 million for depreciation and amortization.

非現金支出包括 1800 萬美元的股權補償和 2200 萬美元的折舊和攤銷等項目。

Capital expenditures were $27 million, and we exited the quarter with approximately 3,850 regular, full-time employees.

資本支出為 2700 萬美元，本季度結束時我們擁有大約 3,850 名正式全職員工。

As a reminder, in December we announced our new share repurchase authorization of $1.6 billion, which replaced our prior authorization and which is expected to be completed within one year of the closing of our merger with Novellus.

提醒一下，我們在 12 月宣布了 16 億美元的新股票回購授權，這取代了我們之前的授權，預計將在我們與 Novellus 的合併結束後一年內完成。

During the December quarter, due to deal-related restrictions, our trading activity was very limited.

在 12 月季度，由於交易相關的限制，我們的交易活動非常有限。

We repurchased approximately $10.6 million of our common stock at an average price of $39 per share; and in addition we settled a $100 million, structured repurchase program and received 2.6 million shares.

我們以每股 39 美元的平均價格回購了大約 1060 萬美元的普通股；此外，我們完成了 1 億美元的結構性回購計劃，並收到了 260 萬股股票。

This structured repurchase program was previously discussed on our September quarter conference call.

這個結構化的回購計劃之前在我們的 9 月季度電話會議上討論過。

Due to the Novellus transaction, we will have only a short open trading window within the March quarter; and we intend to execute repurchases during that open window.

由於 Novellus 交易，我們在 3 月季度只有一個短暫的開放交易窗口；我們打算在那個打開的窗口期間執行回購。

I'll now turn it over to Martin for his comments.

我現在將其轉交給 Martin，徵求他的意見。

Thank you, Ernie.

謝謝你，厄尼。

Before getting started, I would like to acknowledge that this is my first earnings call following the transition of CEO duties at the end of 2011.

在開始之前，我想承認這是我在 2011 年底 CEO 職責交接後的第一次財報電話會議。

Although I've spoken with many of you in the past and most recently, subsequent to the Novellus acquisition announcement, it is a pleasure to re-engage with the investment community.

儘管我在過去和最近在 Novellus 收購公告之後與你們中的許多人進行過交談，但很高興與投資界重新接觸。

And together with the rest of the LAM team, I look forward to working with you prospectively.

與 LAM 團隊的其他成員一起，我期待著與您前瞻性地合作。

The wafer fab equipment industry has never been known for its predictability, and 2011 was no exception.

晶圓廠設備行業向來以可預見性著稱，2011年也不例外。

The macro economic environments remained volatile, highlighted by the European debt crisis, slowing growth in Asia, and of course sluggish performance here in the US.

宏觀經濟環境依然動盪，歐洲債務危機、亞洲增長放緩，當然還有美國的低迷表現凸顯了這一點。

In addition, catastrophe's in Japan and Thailand created significant disruptions in the consumer electronics and PC supply chains.

此外，日本和泰國的災難對消費電子產品和 PC 供應鏈造成了嚴重破壞。

Combined, this environment caused our customers to be incrementally more cautious despite relatively robust demand for smartphones, tablets, and other devices in the year.

儘管今年對智能手機、平板電腦和其他設備的需求相對強勁，但這種環境綜合起來使我們的客戶變得更加謹慎。

For the equipment market, spending for the second half of 2011 was lower than the first half by a double-digit percentage and was focused almost entirely on leading edge migrations, which include 32/28-nanometer expansion for the Foundries, 3X and 2X conversion for DRAM, and 2X and 2Y node capacity additions for NAND.

對於設備市場，2011 年下半年的支出比上半年低兩位數百分比，並且幾乎完全集中在前沿遷移上，其中包括 Foundries 的 32/28 納米擴展、3X 和 2X 轉換DRAM，以及 NAND 的 2X 和 2Y 節點容量增加。

We believe that wafer fabrication equipment spending for the year was a healthy $31 billion to $32 billion, up about 9% from 2010.

我們認為，今年的晶圓製造設備支出在 310 億美元至 320 億美元之間，比 2010 年增長了約 9%。

As previously communicated, for LAM specifically, the combination of customer mix and spending patterns resulted in LAM's served markets declining on a year-over-year basis.

如前所述，特別是對於 LAM，客戶組合和消費模式的結合導致 LAM 服務的市場同比下降。

Notably, microprocessor investments represented nearly 20% of overall spend in 2011, compared with approximately 11% in 2010.

值得注意的是，微處理器投資佔 2011 年總支出的近 20%，而 2010 年這一比例約為 11%。

Additionally, the profile of equipment purchases for leading edge, Foundry and Logic capacity resulted in Etch spending towards the low end of its historical range at roughly 12% to 12.5% of overall wafer fabrication equipment spending compared with a high 13% range in 2010.

此外，前沿、代工和邏輯產能的設備採購概況導致蝕刻支出接近其歷史範圍的低端，大約佔晶圓製造設備總支出的 12% 至 12.5%，而 2010 年這一比例高達 13%。

With this context, we believe our shipped market share performance for 2011 to be in the upper 40's percentage range for Etch and the lower 20's percentage range for single-wafer clean, the headline being a relatively neutral year for the Company on this metric.

在此背景下，我們認為我們 2011 年的出貨市場份額表現在蝕刻的 40% 百分比範圍內和單晶圓清潔的 20% 百分比範圍內，標題是公司在該指標上相對中性的一年。

On an application share basis, which is indicative of forward-looking market share momentum, we anticipate positive gains in Etch through [N plus 1] with 13 new application wins in 2011, primarily in critical front end of line memory and Foundry, more successes than not defending positions, and the benefit of a transition to Conductor Etch associated with various patenting and metal, hardmask processing schemes.

在應用份額的基礎上，這表明前瞻性的市場份額勢頭，我們預計 Etch 通過 [N 加 1] 在 2011 年獲得 13 個新應用的積極收益，主要是在關鍵的前端線內存和 Foundry，更多的成功而不是捍衛地位，以及向與各種專利和金屬、硬掩模加工方案相關的導體蝕刻過渡的好處。

This performance extends to 11 years, our track record as the global market share leader in Etch.

這一業績延續了 11 年，我們作為全球蝕刻市場份額領導者的記錄。

In single-wafer clean, we believe we gained 10 new applications and successfully defended our existing positions.

在單晶圓清洗方面，我們相信我們獲得了 10 個新應用並成功捍衛了我們現有的地位。

Both the new and defended applications are in areas where we currently hold strong positions and have demonstrated differentiated results.

新的和受保護的申請都在我們目前佔據強勢地位的領域，並展示了差異化的結果。

These include back-end-of-line applications and those targeted to the back side of the wafer.

這些包括後端應用程序和針對晶圓背面的應用程序。

We also continue to gain traction in the area of high aspect ratio cleans where our drying technology has a demonstrated advantage.

我們還在高縱橫比清潔領域繼續獲得牽引力，我們的干燥技術在該領域具有明顯的優勢。

As we talked about in recent quarters, this is a time of significant critical technology and productivity challenges for our customers; and LAM remains strongly committed to making the necessary R&D investments to address those needs.

正如我們在最近幾個季度談到的那樣，這是我們的客戶面臨重大關鍵技術和生產力挑戰的時期； LAM 仍然堅定地致力於進行必要的研發投資，以滿足這些需求。

We believe that this commitment will be recognized with the opportunity to gain share on an ongoing basis and continue to target a 3 to 5 percentage share gain in Etch, and 5 to 10 percentage share gain in single-wafer clean over the next three to five years.

我們相信，這一承諾將得到認可，並有機會持續獲得份額，並在未來三到五年內繼續將蝕刻的份額增長 3 至 5%，單晶圓清潔的份額增長 5 至 10%年。

Specific 2012 focus areas for the Company include the expansion of Double Patterning steps at the 14-nanometer Logic node, Quadruple Patterning for 2Y DRAM devices, 14-nanometer FinFET architectures and 3D NAND structures.

公司 2012 年的具體重點領域包括擴展 14 納米邏輯節點的雙圖案化步驟、2Y DRAM 設備的四重圖案化、14 納米 FinFET 架構和 3D NAND 結構。

We are heavily engaged with key customers in each of these areas, some of which could begin production as early as 2013.

我們與上述每個領域的主要客戶密切合作，其中一些最早可能在 2013 年開始生產。

In Etch, our ability to tightly control critical dimensions positions us well for these applications, while in single-wafer clean, we continue to leverage our technology differentiation while driving activities to enhance our product capabilities to address a broader range of front-end-of-line applications.

在蝕刻中，我們嚴格控制關鍵尺寸的能力使我們能夠很好地適應這些應用，而在單晶圓清潔中，我們繼續利用我們的技術差異化，同時推動活動以增強我們的產品能力，以解決更廣泛的前端問題線應用。

All said, our strategy has been and remains focused on developing products and services that strengthen our competitive offerings in established markets and on expanding our business through adjacent market growth both organically, through increased collaboration, and through acquisitive measures where appropriate.

總而言之，我們的戰略一直並將繼續專注於開發產品和服務，以加強我們在成熟市場中的競爭力，並通過有機地、通過加強合作以及適當的收購措施，通過相鄰市場的增長來擴展我們的業務。

While we are limited by what we can share with you today, our recently-announced transaction with Novellus is a clear example of executing that strategy.

雖然我們今天可以與您分享的內容有限，但我們最近宣布的與 Novellus 的交易是執行該戰略的一個明顯例子。

Their position as a market leader in thin film deposition and wafer surface preparation technologies complements LAM's core competencies and market leadership.

他們作為薄膜沉積和晶圓表面製備技術的市場領導者的地位補充了 LAM 的核心競爭力和市場領導地位。

It directly supports our stated adjacent market growth strategy.

它直接支持我們規定的鄰近市場增長戰略。

With Novellus, we are not only adding critical process steps that are directly adjacent to our Etch and clean solutions, we are also creating a combined Company that is well situated to accelerate and optimize collective developments of next generation 300-millimeter and, when appropriate, 450-millimeter products and services.

通過 Novellus，我們不僅增加了與我們的蝕刻和清潔解決方案直接相鄰的關鍵工藝步驟，而且我們還創建了一家合併後的公司，該公司有能力加速和優化下一代 300 毫米的集體開發，並在適當的時候， 450 毫米產品和服務。

We plan to share further information regarding our integration plans and expectations for the combined Company's performance following the release of our proxy statements in the coming weeks.

我們計劃在未來幾週發布代理聲明後，分享有關我們的整合計劃和對合併後公司業績預期的更多信息。

I'd like to now take a look at our early views on 2012.

現在我想看看我們對 2012 年的早期看法。

We believe that the macro economic environments will be the single-largest influence on 2012 WFE spending variability.

我們認為，宏觀經濟環境將是影響 2012 年 WFE 支出可變性的最大因素。

Consensus anticipates a slowing of GDP growth globally with risk in the Euro zone and Asia, particularly China, and the potential for slight improvements in the US.

市場普遍預期全球 GDP 增長放緩，歐元區和亞洲（尤其是中國）存在風險，美國可能略有改善。

Consumer electronics demand remains healthy, and semi revenue should grow as a result, albeit at a modest pace.

消費電子產品需求保持健康，半成品收入應該會因此增長，儘管速度適中。

We anticipate the PC unit growth will be in the low-single digits as the industry recovers from the impact of hard disk drive shortages.

我們預計，隨著行業從硬盤驅動器短缺的影響中復蘇，PC 出貨量增長將保持在較低的個位數。

The emergence of the ultrabook, a generally-accepted highlight from CES recently, should lend support to electronics demands, but we don't expect penetration rates to grow markedly until more competitive price points are reached later in the year.

超極本的出現是最近 CES 上普遍接受的亮點，應該會支持電子產品需求，但我們預計在今年晚些時候達到更具競爭力的價格點之前，滲透率不會顯著增長。

In addition, we expect both tablets and smartphone unit growth of approximately 40% to play a big role supporting customer investments.

此外，我們預計平板電腦和智能手機的出貨量都將增長約 40%，這將在支持客戶投資方面發揮重要作用。

Given this demand's profile and following recent capital spending announcements from a few key device manufacturers, we now forecast 2012 WFE spend levels to be in the range of $30 billion, flat to slightly down from 2011.

鑑於這種需求狀況以及幾家主要設備製造商最近公佈的資本支出公告，我們現在預測 2012 年 WFE 支出水平將在 300 億美元左右，與 2011 年持平或略有下降。

This is an improvement in our outlook.

這是我們前景的改善。

As generally acknowledged, DRAM customers are focusing on conversion of existing capacity to the 3X node and below to address their profitability objectives.

眾所周知，DRAM 客戶正專注於將現有容量轉換為 3X 節點及以下節點，以實現他們的盈利目標。

Although it's important to note the contract pricing has stabilized in recent weeks, overall we anticipate a continued environment of limited new capacity adds with bit growth in the range of 35% to 40% resulting in flat WFE spending year-over-year in this segment.

儘管最近幾週合同定價已經穩定，但總體而言，我們預計新產能增加的環境將持續有限，位增長在 35% 至 40% 之間，導致該領域的 WFE 支出同比持平.

For NAND, contents-rich products such as smartphones and tablets are showing strong demands, driving another year of relatively healthy NAND spends with bit growth assumed in the 65% range.

對於 NAND，智能手機和平板電腦等內容豐富的產品表現出強勁的需求，推動了又一年相對健康的 NAND 支出，預計位增長在 65% 範圍內。

A faster ramp for ultrabooks represents an upside for those figures as does a broader and faster SSDS option, which we are assuming to have approximately a 10% penetration in the mobile PC market currently.

超極本更快的增長代表了這些數字的上升空間，更廣泛和更快的 SSDS 選項也是如此，我們假設目前它在移動 PC 市場的滲透率約為 10%。

In the Foundry space, we see continued capacity adds at the leading-edge technology nodes driven by wireless customer demand that appears sustainable.

在 Foundry 領域，我們看到在看似可持續的無線客戶需求驅動下，前沿技術節點的容量持續增加。

As implied by earlier comments, we are cautiously more optimistic in our 2012 outlook than we were three months ago, the big uncertainty being the macro environment.

正如之前的評論所暗示的那樣，我們對 2012 年的前景比三個月前更加謹慎樂觀，最大的不確定性是宏觀環境。

We believe our performance will be consistent with our previously-published financial models and commentary by the Company today and since Semicon West 2011.

我們相信我們的業績將與我們之前發布的財務模型和公司今天以及自 2011 年 Semicon West 以來的評論一致。

Specifically, we plan to continue making the strategic investments necessary to successfully position the Company for sustainable growth, but are planning to do so with a quarterly spend profile of no more than $200 million operating expenses this year based on our current understanding of opportunities and customer demand.

具體而言，我們計劃繼續進行必要的戰略投資，以成功定位公司以實現可持續增長，但根據我們目前對機遇和客戶的了解，我們計劃今年的季度運營支出不超過 2 億美元要求。

As Ernie pointed out, our near-term tax rate has increased by approximately 20%, being negatively impacted by geographic revenue mix and timing uncertainty relative to the extension of the R&D tax credits, which expired at the end of calendar 2011.

正如 Ernie 指出的那樣，我們的近期稅率增加了大約 20%，受到地理收入組合和與延長研發稅收抵免相關的時間不確定性的負面影響，該稅收抵免於 2011 日曆年底到期。

From a market-share perspective, this is an important year for the Company with meaningful selections anticipated by customers around the many significant transitions and technology inflection points.

從市場份額的角度來看，今年對公司來說是重要的一年，客戶期望圍繞許多重大轉型和技術拐點做出有意義的選擇。

Aside from investing for the long-term growth with a focus on strengthening positions in dielectric etch and front-end-of-line single-wafer clean, we are targeting successful defenses across our product lines and new applications market share penetrations for the 20-nanometer Logic, 2X DRAM and 2Y 1X NAND nodes.

除了專注於加強電介質蝕刻和前端單晶圓清洗領域的長期增長投資外，我們的目標是成功防禦我們的產品線和 20-20 年的新應用市場份額滲透納米邏輯、2X DRAM 和 2Y 1X NAND 節點。

Considering the timing of implementing key customer selections in 2012, and the customer spending profile in 2012 similar to 2011, from a shipment's market-share perspective, we would expect modest progress to our previously-stated three to five year growth objectives.

考慮到 2012 年實施關鍵客戶選擇的時機，以及 2012 年與 2011 年相似的客戶支出概況，從出貨市場份額的角度來看，我們預計我們之前設定的三到五年增長目標將取得適度進展。

In summary, 2012 is a critical year for LAM to continue executing against the Company's long-term adjacent market growth strategy.

綜上所述，2012 年是 LAM 繼續執行公司長期鄰近市場增長戰略的關鍵一年。

In addition to closing the Novellus transaction and executing on our integration plans to deliver targeted results, as previously outlined, a number of important milestones in our strategic customer programs that we will be focused on as they develop the architectures, processes, and devices necessary to meet their cost and performance demand.

除了完成 Novellus 交易並執行我們的整合計劃以提供目標結果（如前所述）之外，我們還將重點關注戰略客戶計劃中的一些重要里程碑，因為他們開發了必要的架構、流程和設備滿足他們的成本和性能需求。

We believe that we are well positioned for these opportunities, building a stronger model of collaboration with customers and that will be a large area of focus for us this year.

我們相信，我們已為這些機會做好準備，與客戶建立更強大的合作模式，這將是我們今年的重點關注領域。

Turning now to our outlook for the March 2012 quarter.

現在轉向我們對 2012 年 3 月季度的展望。

Our guidance is, shipments of $700 million, plus or minus $25 million.

我們的指導是，出貨量為 7 億美元，上下浮動 2500 萬美元。

Revenues of $640 million, plus or minus $20 million.

收入為 6.4 億美元，上下浮動 2000 萬美元。

Gross margin at 41%, plus or minus 1%.

毛利率為 41%，正負 1%。

Operating profit at 10.5%, plus or minus 1%.

營業利潤為 10.5%，上下浮動 1%。

And earnings per share of $0.44, plus or minus $0.05.

每股收益為 0.44 美元，上下浮動 0.05 美元。

With that, Ernie and I will be happy to take your questions.

有了這個，厄尼和我將很樂意回答你的問題。

(Operator Instructions) Satya Kumar, Credit Suisse.

（操作員說明）Satya Kumar，瑞士信貸。

First off, Martin, could you talk a little bit about the puts and takes in terms of gross margin drivers as you look into the March shipment.

首先，馬丁，你能否談談 3 月份發貨時毛利率驅動因素方面的看跌期權和收益。

Pretty big uptick in terms of shipments, obviously the incremental gross margins appear to be [go to the] 50%, so if you could talk about that?

在出貨量方面有相當大的增長，顯然增量毛利率似乎是 [go to] 50%，所以你能談談嗎？

Sure.

當然。

Yes, I think one of the things that's really important to make this statement on, and my sense is this is a generally-accepted and understood factor, is the level of concentration in spending, particularly in the March quarter, is very high on one or two significant customers.

是的，我認為做出這一聲明真正重要的事情之一，我的感覺是，這是一個普遍接受和理解的因素，是支出的集中度，特別是在三月季度，在一個方面非常高或兩個重要客戶。

And that concentration is a very big part of why the gross margin guidance is what it is.

這種集中度是毛利率指引之所以如此的重要原因。

I do expect, if the mix of customers is more balanced than through the rest of the year, and that's currently what we are modeling, that the gross margin percentage that shows up in the March guidance would trend upwards, independent of there being more absolute dollars of revenue.

我確實預計，如果客戶組合比今年餘下時間更加平衡，這就是我們目前正在建模的情況，那麼 3 月份指導中顯示的毛利率百分比將呈上升趨勢，而與絕對值無關美元的收入。

But a big part of the guidance we gave on profitability, specifically at the margin level, is associated with concentration on one or two key customers.

但我們給出的盈利能力指導的很大一部分，特別是在利潤率水平上，與專注於一兩個關鍵客戶有關。

I didn't get the second part of your question, Satya?

Satya，我沒聽懂你問題的第二部分？

No, that was the first question.

不，這是第一個問題。

The second was, could you talk a little bit about how the shipment pipeline might look like as you look into the June quarter?

第二個是，你能談談你對 6 月季度的看法嗎？

Thanks.

謝謝。

I'm obviously limited in terms of the visibility that we always have prospectively, but I think it's fair to say that the shipments guidance of the Company, which is a reasonably reliable leading indicator of outlook, is stronger than the revenue guidance for the quarter.

就我們一直以來的預期可見性而言，我顯然是有限的，但我認為可以公平地說，公司的出貨量指引是一個相當可靠的前景領先指標，它強於本季度的收入指引.

And so, certainly as we see it today, we would expect continued strengthening.

因此，正如我們今天所看到的那樣，我們預計會繼續加強。

But as we all know, customers can change their plans pretty quickly, but that's what we are seeing today.

但眾所周知，客戶可以很快改變他們的計劃，但這就是我們今天所看到的。

In terms of segmentation, there's a fairly strong segmentation to the Foundry community to the new definition that Ernie reported and disclosed a little earlier, so about 50% of the shipments in the March quarter are directed to that segment.

在細分方面，Foundry 社區對 Ernie 早些時候報告和披露的新定義有相當強烈的細分，因此 3 月季度大約 50% 的出貨量是針對該細分市場的。

Thank you.

謝謝。

Mark Heller, CLSA.

馬克海勒，里昂證券。

Martin, you gave a wafer fab equipment forecast of about $30 billion for 2012.

Martin，你對 2012 年晶圓廠設備的預測價值約為 300 億美元。

I'm just wondering how you think that shapes up first half versus second half?

我只是想知道你認為這對上半場和下半場有何影響？

Would you expect -- what type of visibility would you have for the second half of this year?

您是否期望 - 今年下半年您會有什麼樣的知名度？

And do you expect the first half maybe to be stronger than the second half?

你認為上半場會比下半場強嗎？

We're certainly, in terms of the planning processes in the Company, we're certainly anticipating a slightly stronger first half than second.

我們當然，就公司的規劃流程而言，我們當然預計上半年會比下半年略強。

But frankly, the level of visibility we have in the second half, and I think the level of uncertainty in the general macro economic climate is such that it's the point of data or the point in time, but lots may change.

但坦率地說，我們在下半年的能見度水平，我認為總體宏觀經濟氣候的不確定性水平是數據點或時間點，但很多可能會發生變化。

But at least for now, slightly stronger in the first half is the assumption we're making for planning purposes.

但至少就目前而言，我們為規劃目的所做的假設是上半年略強。

Okay, got it.

好，知道了。

Can I also ask, as we look at Logic and Foundry versus Memory, how is Etch-dollar content different for LAM versus the two different categories?

我還可以問一下，當我們比較 Logic 和 Foundry 與 Memory 時，LAM 與兩個不同類別的 Etch-dollar 內容有何不同？

Thank you.

謝謝。

I think from a market-share perspective generally in the Company, we've communicated now for the last several years that we have very good market share across the spenders in the industry.

我認為從公司的市場份額角度來看，過去幾年我們一直在溝通，我們在行業的消費者中擁有非常好的市場份額。

And there is one exception to that, and the one exception is a big, microprocessor company.

有一個例外，唯一的例外是一家大型微處理器公司。

And so, the share of the Company and the size of the SAM, with that exception, are reasonably balanced for us.

因此，除此之外，公司的份額和 SAM 的規模對我們來說是合理平衡的。

Obviously the absolute dollars of spending for 10,000 wafer starts in memory compared and contrasted with Foundry or Logic is quite different.

顯然，與 Foundry 或 Logic 相比，內存中 10,000 片晶圓啟動的絕對花費是有很大不同的。

But putting that aside, the basic opportunity for the Company to participate in a dollar of spending, with the one exception I referred to, is pretty balanced.

但撇開這一點不談，除了我提到的一個例外，公司參與一美元支出的基本機會是相當平衡的。

Thank you.

謝謝。

CJ Muse, Barclays Capital.

CJ Muse，巴克萊資本。

To follow on to the prior question on gross margins, I'm curious how we should think about that as the breadth of customer spending expands and we move to the $650 million, $750 million range.

繼續前面關於毛利率的問題，我很好奇我們應該如何考慮隨著客戶支出範圍的擴大以及我們轉向 6.5 億美元、7.5 億美元的範圍。

What kind of gross margin could we as soon in that type of environment?

在那種環境下，我們能盡快獲得什麼樣的毛利率？

CJ, this is Ernie.

CJ，這是厄尼。

I think as you see revenues expand into the $750 million range, I would refer you back to the model results, that would put us in a pretty consistent pace with a $3 billion revenue run rate for the year, so you're going to see mid-40%s performance at that level.

我想當你看到收入擴大到 7.5 億美元的範圍時，我會讓你回到模型結果，這將使我們的步伐與今年 30 億美元的收入運行率相當一致，所以你會看到在該級別的 40%s 中期表現。

That's helpful.

這很有幫助。

And then to follow on to your comments in terms of your market share goals and the work that you're doing in terms of R&D, I was hoping you could expand a bit on the comments around 14-nanometer, double patterning, and FinFET, and how we should think about the timing there and the magnitude of what that could mean for you guys.

然後繼續您對您的市場份額目標和您在研發方面所做的工作的評論，我希望您能擴展一下關於 14 納米、雙圖案化和 FinFET 的評論，以及我們應該如何考慮那裡的時間以及這對你們意味著什麼的程度。

Yes, obviously all of those are very significant inflection points for the industry, practically the first catalyst for any significant spending in that population in the Logic arena is the FinFET transition that the big microprocessor company has communicated, their intending of the 22-nanometer technology node, and that means more for the industry unfortunately than it does for LAM Research in terms of the near-term outlook.

是的，顯然所有這些都是該行業非常重要的轉折點，實際上，在邏輯領域這一人群中任何重大支出的第一個催化劑是大型微處理器公司已經傳達的 FinFET 過渡，他們打算採用 22 納米技術節點，不幸的是，就近期前景而言，這對行業而言比對 LAM Research 的意義更大。

But we are making a very concentrated and focused investment in positioning the products of the Company at those inflection points, and I think there's some critical decisions that will be made in calendar 2012.

但我們正在集中精力將公司產品定位在這些轉折點，我認為 2012 年將做出一些關鍵決定。

But to a very large extent, the revenue opportunities will extend into the '13 and '14 calendar year.

但在很大程度上，收入機會將延續到 13 和 14 日曆年。

So this is really a time to position, and we'll see the revenues when the investment profile occurs, obviously.

所以這真的是一個定位的時間，顯然，當投資概況出現時，我們會看到收入。

Very helpful, thank you.

非常有幫助，謝謝。

Edwin Mok, Needham & Company.

Edwin Mok, Needham & Company。

Martin, you talk about the Etch market and how you guys are positioned and when you translate to a lower share in 2011.

Martin，你談到了蝕刻市場以及你們的定位以及你們在 2011 年轉化為較低份額的時間。

I was wondering if you can go for that same Etch size on wet clean.

我想知道您是否可以在濕洗時使用相同的蝕刻尺寸。

Given that you've gained share, did you actually grow your record revenue in 2011?

鑑於您獲得了市場份額，您是否真的在 2011 年實現了創紀錄的收入增長？

And in sense of market exposure, did that hurt you guys?

就市場風險而言，這是否傷害了你們？

I'm going to decline to specifically answer your question about revenues at the product-line level, because we don't have segment disclosure, but the critical message for us in single-wafer clean is we had good success, actually very good success without exception, defending the positions that we were focused on.

我將拒絕具體回答你關於產品線收入的問題，因為我們沒有細分市場披露，但我們在單晶圓清洗方面的關鍵信息是我們取得了很好的成功，實際上非常成功無一例外地捍衛我們所關注的立場。

And to a very large extent, the penetrations we were pursuing, we were successful in.

在很大程度上，我們所追求的滲透，我們是成功的。

The big opportunity prospectively, that is something we're very focused on, is strengthening the competitive offering of the Company to address the front-end-of-line opportunities; and that's something that is embedded in the spending communication that we have made for the last several quarters.

前瞻性的大機會，這是我們非常關注的事情，正在加強公司的競爭性產品以應對前端機會；這就是我們在過去幾個季度所做的支出溝通中所包含的內容。

It's a big focus for the Company, and that will be pretty influential in terms of the market share story going forward.

這是公司的一個重點，這將對未來的市場份額故事產生相當大的影響。

My opinion is that I think we're very focused on investment and building that capability, and we'll see a fairly neutral 12 months in terms of impact on shipments' market share in clean business.

我的觀點是，我認為我們非常專注於投資和建立這種能力，我們將在 12 個月內看到對清潔業務中出貨市場份額的影響相當中性。

And then if we've done the right thing at the right time with customers, we'll be making progress in the following years.

然後，如果我們在正確的時間為客戶做了正確的事情，我們將在接下來的幾年中取得進步。

Great, very helpful.

太好了，很有幫助。

And then just quickly, there's some chatter about customer, DRAM customer, maybe consolidating.

然後很快，有一些關於客戶、DRAM 客戶的討論，也許是整合。

How do you see that impacting the industry and your Business?

您如何看待這對行業和您的業務的影響？

Consolidation obviously has a couple of consequences to it.

整合顯然會帶來一些後果。

One of them is that to the extent profitability in the semiconductor industry requires it, it's a positive for the equipment industry, because it serves no purpose to have semiconductor companies in a state of profitless prosperity, so to speak.

其中之一是，在半導體行業盈利能力需要的範圍內，這對設備行業來說是積極的，因為可以這麼說，讓半導體公司處於無利可圖的繁榮狀態是沒有意義的。

And so there's a positive associated with consolidation from that regard.

因此，從這方面來看，整合具有積極意義。

On the other side of that coin, scale in any relationship between a supplier and a customer is always a challenging reality.

另一方面，供應商和客戶之間的任何關係的規模始終是一個具有挑戰性的現實。

I would say relative to the specific chatter that you're describing, my opinion is, that's a positive for the industry, because maybe it creates a competitive dynamic in the semi space that allows the next leg of investment more proactively.

我想說的是，相對於你所描述的具體談話，我的觀點是，這對行業來說是積極的，因為它可能會在半空間創造一種競爭動態，讓下一段投資更積極主動。

Great.

偉大的。

Thank you.

謝謝。

Weston Twigg, Pacific Crest Securities.

Weston Twigg，Pacific Crest Securities。

I was just wondering if you could give us a little bit better of an idea of how your customers are responding to the Novellus acquisition.

我只是想知道您是否可以讓我們更好地了解您的客戶對 Novellus 收購的反應。

And then maybe just moving a step beyond that, whether it's related or not I don't know, but your collaborative relationship with customers and how it relates to some of the technology focus areas you mentioned in 2012.

然後也許只是超越了一步，我不知道它是否相關，但你與客戶的合作關係以及它與你在 2012 年提到的一些技術重點領域的關係。

Yes, so relative to the Novellus acquisition, I think in the last call we were communicating that obviously that was the beginning of a process to dialogue with customers in any substance; and we spent a lot of time with customers since that time.

是的，所以相對於 Novellus 的收購，我認為在上次通話中我們傳達的信息顯然是與客戶進行任何實質性對話的過程的開始；從那時起，我們花了很多時間與客戶打交道。

And I would say the feedback is very positive.

我會說反饋非常積極。

We are getting very good participation by key customers.

我們得到了主要客戶的積極參與。

We're encouraging them actively to communicate their expectations of the combined Company.

我們鼓勵他們積極表達他們對合併後公司的期望。

We're encouraging them to participate in sharing their thoughts and ideas in terms of organization and/or collaboration models.

我們鼓勵他們參與分享他們在組織和/或協作模型方面的想法和想法。

We're encouraging them to articulate their view of strengths and weaknesses of both Companies.

我們鼓勵他們闡明他們對兩家公司優勢和劣勢的看法。

And I'm very optimistic that as a result of that we will continue to build upon the customer trust momentum that we've established as independent Companies over many years.

而且我非常樂觀，因此我們將繼續建立我們多年來作為獨立公司建立的客戶信任勢頭。

So the basic headline in terms of customer reaction to the announced acquisition is positive.

因此，就客戶對已宣布的收購的反應而言，基本標題是積極的。

To the second part of your question, which was more directed to the model of collaboration, the most fundamental example of that really speaks to the level of engagements that we have as an equipment Company with our customers in their R&D environments.

對於你問題的第二部分，它更針對合作模式，最基本的例子確實說明了我們作為一家設備公司與客戶在研發環境中的合作程度。

And in the last year particularly, our engagements, our collaboration, with key customer R&D environments, two generations and beyond today's production node, is dramatically increased; and that's necessary for a couple reasons.

特別是在去年，我們與關鍵客戶研發環境的接觸和協作，兩代人以及今天的生產節點之後，都大大增加了；出於幾個原因，這是必要的。

Their challenges and issues are increasing, and the need for a collaboration model is in their interest as much as it is ours; and it's part of, obviously, the strategy we have to continue to grow the Company, and at least as importantly to create the type of dynamics around protecting what we gained going forward.

他們的挑戰和問題越來越多，對協作模型的需求符合他們的利益，也符合我們的利益；顯然，這是我們必須繼續發展公司的戰略的一部分，並且至少同樣重要的是要圍繞保護我們在未來取得的成果創造一種動力。

Very, very helpful.

非常非常有幫助。

Thank you.

謝謝。

Patrick Ho, Stifel Nicolaus.

帕特里克·何，Stifel Nicolaus。

Martin, maybe first can you give a little bit of color of what you perceived Etch as a percentage of total wafer spending in calendar 2012?

馬丁，也許首先你能給出一些你認為蝕刻佔 2012 日曆年晶圓總支出百分比的顏色嗎？

Obviously, '11 was more tilted toward lithography and process control.

顯然，'11 更傾向於光刻和過程控制。

How do you see Etch as a percentage this year?

你如何看待今年蝕刻的百分比？

We are modeling, we have 2011 in the 12% to 12.5% range, and we're assuming in the high-13% range for calendar '12.

我們正在建模，我們有 2011 年在 12% 到 12.5% 的範圍內，我們假設 12 年日曆在 13% 的高範圍內。

And is it fair to say that that's more the customer mix changing also?

可以說客戶組合也在發生變化嗎？

Yes, it's a combination of both the customer and the trade that you set up in your question relative to the lithography investment.

是的，它是您在問題中設置的與光刻投資相關的客戶和交易的組合。

Great.

偉大的。

And my follow-up question in terms of 3D devices, particularly for the Memory guys, how do you see that progressing in your discussions with customers?

還有我關於 3D 設備的後續問題，特別是對於內存人員，您如何看待與客戶的討論取得的進展？

And do you see the dollar content for Etch potentially increasing as the industry, specifically the memory industry, moving to that type of process technology?

隨著行業，特別是存儲器行業轉向這種類型的工藝技術，您是否認為蝕刻的美元含量可能會增加？

Thank you.

謝謝。

I think there's lots of unanswered questions, clearly.

顯然，我認為還有很多未解決的問題。

I think the one generally accepted example where the 3D structure maybe creates some relief in terms of lithography investment, which conversely creates a relative expansion of Etch share along with other segments of overall wafer fab, is in NAND flash where there's a generation or two of relaxing of litho rules with the current road map in terms of 3D NAND.

我認為一個普遍接受的例子是 NAND 閃存，其中 3D 結構可能會在光刻投資方面帶來一些緩解，這反過來會導致蝕刻份額與整個晶圓廠的其他部分相對擴大，其中有一兩代就 3D NAND 而言，當前的路線圖放寬了光刻規則。

But to my knowledge that's the only material rebalancing of spending that exists as a result of the 3D architecture ahead of us.

但據我所知，這是我們面前的 3D 架構帶來的唯一實質性支出再平衡。

Stephen Chin, UBS.

Stephen Chin，瑞銀。

Please go ahead.

請繼續。

Martin, if you could elaborate a little bit more on your first half outlook in NAND flash.

Martin，如果你能詳細說明一下你對 NAND 閃存的上半年展望。

As you called out, shipments in NAND declined more than overall WFE in the second half of last year, so I was just wondering if you're preparing LAM for a NAND CapEx recovery soon or if there's higher NAND flash CapEx, more of a second half event in your opinion?

正如您所說，去年下半年 NAND 的出貨量下降幅度超過 WFE 的總體下降幅度，所以我只是想知道您是否正在為 LAM 盡快恢復 NAND 資本支出做準備，或者是否有更高的 NAND 閃存資本支出，更多的時間你認為半事件？

Thanks.

謝謝。

I think in terms of this first half/second half play, obviously we're seeing significant commitments in the NAND flash area to capacity adds, which is a very different story than DRAM.

我認為就上半場/下半場比賽而言，顯然我們看到 NAND 閃存領域對容量增加的重大承諾，這與 DRAM 截然不同。

DRAM is not quite exclusively, but almost about upgrades and not capacity addition.

DRAM 並不完全是排他性的，但幾乎與升級有關，而不是容量增加。

Certainly, the visibility we have today would suggest that actually, the flash environment is fairly first-half concentrate -- actually reasonably balanced and that's true also in DRAM.

當然，我們今天的可見性表明，實際上，閃存環境上半年相當集中——實際上相當平衡，在 DRAM 中也是如此。

I think the upside for the second half of the year is all about consumer confidence, it's all about SSD road maps.

我認為今年下半年的上行趨勢全在於消費者信心，全在於 SSD 路線圖。

It's all about what happens in ultrabooks.

這一切都與超極本中發生的事情有關。

And if the hard disk drive shortages get resolved sooner, then there's potential to see some PC growth above and beyond the assumptions that everybody is making today.

如果硬盤驅動器短缺問題盡快得到解決，那麼 PC 的增長可能會超出今天每個人所做的假設。

And I think in the context of comments that Dell made where they I think expressed the fact that only about 40% or so of corporate upgrades to Windows 7 were accomplished to date, there would appear to be a fairly positive opportunity should that issue get eliminated.

而且我認為，在戴爾發表的評論中，我認為他們表達了這樣一個事實，即迄今為止只有大約 40% 左右的企業升級到 Windows 7，如果這個問題得到解決，這似乎是一個相當積極的機會.

So at least for now, we're assuming reasonably equivalent first half, second half for both segments.

因此，至少就目前而言，我們假設兩個細分市場的上半年和下半年相當。

I think the second half for DRAM is probably a little stronger than first.

我認為 DRAM 的下半場可能比上半場強一些。

Thanks, Martin.

謝謝，馬丁。

Chris Blansett, JPMorgan.

摩根大通的克里斯·布蘭塞特。

Martin, I wanted to ask a quick question.

馬丁，我想問一個簡短的問題。

Your shipment guidance is up quite a bit, obviously more than your revenue guidance for the current quarter.

你們的出貨量指引提高了很多，顯然超過了本季度的收入指引。

Some thoughts there.

那裡有一些想法。

Are you shipping some new products that need to be signed off, new customers, how should we think about that delta?

您是否正在運送一些需要簽署的新產品，新客戶，我們應該如何考慮這個增量？

That's a really good question, and it's one that I asked a couple of hours ago, and the answer to the question is -- actually, if you look at the units of shipments that are leaving the factory, there's quite good linearity.

這是一個非常好的問題，我幾個小時前就問過這個問題，這個問題的答案是——實際上，如果你看一下離開工廠的出貨量單位，就會發現線性度非常好。

The number of systems are actually leaving in January and February and March, are quite flat, but the dollars associated with those things are quite different.

1 月、2 月和 3 月實際離開的系統數量相當持平，但與這些事情相關的美元卻大不相同。

And so it really is not a commentary about the time it takes to get acceptance on shipments.

因此，這真的不是關於接受發貨所需時間的評論。

It's more just a by-product of the specific timing of the shipments and the specific value of those shipments, so certainly no fundamental message relative to what's going on in the Company.

它更像是發貨的具體時間和這些發貨的具體價值的副產品，因此肯定沒有與公司正在發生的事情相關的基本信息。

And then last question, the second one is tied to, you gave a lot of puts and takes in your prepared commentary about the outlook.

然後是最後一個問題，第二個問題是，你給出了很多看跌期權，並接受了你準備好的關於前景的評論。

You were obviously cautious in that, but we are seeing a pretty good acceleration of demand here.

你顯然對此持謹慎態度，但我們看到這裡的需求正在加速增長。

So how do we contrast what you're seeing in your guidance and your more cautious commentary?

那麼我們如何對比您在指南中看到的內容和您更謹慎的評論呢？

Well, I think the cautious commentary is intended to reinforce what I think is a very important headline, the macro economic environment is very unstable.

好吧，我認為謹慎的評論是為了強化我認為非常重要的標題，宏觀經濟環境非常不穩定。

We're seeing news every day, the latest being IMF announcements about Euro zone concerns.

我們每天都能看到新聞，最新的是國際貨幣基金組織關於歐元區問題的公告。

We saw positive momentum in terms of employment levels in the US, but best I can tell we're still at 10.5% or more in the Euro zone.

我們在美國的就業水平方面看到了積極的勢頭，但我能說的最多的是我們在歐元區仍處於 10.5% 或更高的水平。

And there's lots of unanswered questions, so if that doesn't play out and there's a more positive profile of consumer confidence, then the upside is clearly there, and we're certainly managing the Company to prepare for either one of those environments.

而且還有很多懸而未決的問題，因此，如果這沒有解決，並且消費者信心狀況更加積極，那麼好處顯然就在那裡，我們當然會管理公司為其中任何一種環境做好準備。

Thank you.

謝謝。

Jim Covello, Goldman Sachs.

吉姆科維羅，高盛。

Martin, you made a comment in response to the question about margins about one of the big customers getting some pricing in exchange for the big orders.

馬丁，你在回答關於一個大客戶獲得一些定價以換取大訂單的利潤率的問題時發表了評論。

Can you talk a little bit more about that?

你能多談談嗎？

And then maybe that in relation to the idea of a lot of people talking about increasing capital intensity in the business.

然後也許這與很多人談論增加企業資本密集度的想法有關。

You guys have given us your metrics on that.

你們已經給了我們你們的指標。

How much does pricing concessions potentially offset that?

定價優惠可能抵消多少？

And the reason I'm asking is because it looks like semi revenues are going to be up a fair amount this year, and wafer fab equipment spending is going to be flat or down.

我問的原因是因為看起來今年的半收入將有相當大的增長，而晶圓廠設備支出將持平或下降。

So I just wonder how we can think about capital intensity being up when the most obvious metric of capital intensity would be down?

所以我只是想知道，當最明顯的資本密集度指標下降時，我們如何看待資本密集度上升？

Thank you.

謝謝。

My, that's a very big question.

我的，這是一個很大的問題。

So to the first part of your question, I didn't actually say we gave pricing for an order.

所以對於你問題的第一部分，我實際上並沒有說我們為訂單定價。

And in fact, one of the reasons we don't give guidance on orders today is because we want to take off the table that dynamic, because it serves the shareholder and the customer and the Company no value.

事實上，我們今天不就訂單提供指導的原因之一是因為我們想取消這種動態，因為它對股東、客戶和公司沒有任何價值。

So our objective is to take orders off the market as soon as they are there.

所以我們的目標是一旦有訂單就從市場上撤走。

The dynamic that I attempted to communicate is that when a big customer participates very significantly in a proportion of the business of the Company, as is particularly true in the March quarter of this year, this level of concentration is the highest in the last four quarters; and we don't see such equivalent concentration in the four quarters of calendar '12 today.

我試圖傳達的動態是，當一個大客戶非常重要地參與公司業務的一部分時，尤其是在今年的三月季度，這種集中度是過去四個季度中最高的;而且我們在今天的 12 年日曆的四個季度中看不到這樣的集中度。

The specific deals that surround that volume and those configurations in this case happen to drive profitability level in the way it does.

在這種情況下，圍繞該交易量的特定交易和這些配置恰好以它的方式推動盈利水平。

I think your question relative to efficiency, capital efficiency, is a legitimate one.

我認為你關於效率、資本效率的問題是合理的。

I don't think there's any particularly new message in calendar '12 over '11.

我不認為日曆 '12 over '11 中有任何特別新的消息。

We are assuming right now that semi revenue is in the $310 million to $315 million range, and we're assuming, as I've said already, the spending level, in terms of wafer fab, flat to slightly down.

我們現在假設半導體收入在 3.1 億美元至 3.15 億美元之間，並且正如我已經說過的那樣，我們假設晶圓廠的支出水平持平或略有下降。

I think the one really big headline that we've communicated for some time, and I think it features significantly going forward, is the cost associated with scaling, particularly in the Foundry space and some part of that is associated with scaling in and of itself.

我認為我們已經交流了一段時間的一個真正重要的標題是與擴展相關的成本，特別是在 Foundry 領域，其中一部分與擴展本身相關.

Some part of that is associated with the various patterning schemes but obviously are a component of answering one of the earlier questions today around the balance of spending Etch in wafer fab.

其中一部分與各種圖案化方案有關，但顯然是回答今天關於晶圓廠蝕刻支出平衡的早期問題之一的組成部分。

That's helpful.

這很有幫助。

If I'm allowed to ask a quick follow-up, when I think about the breadth of spending this year, we know Samsung is obviously up a tremendous amount.

如果允許我快速跟進，當我想到今年的支出廣度時，我們知道三星顯然增長了很多。

Is there anybody -- I certainly wouldn't ask the customer, but do you expect any other customers to be up year-over-year in wafer fab equipment spending other than the biggest customer?

有沒有人——我當然不會問客戶，但除了最大的客戶之外，你是否期望任何其他客戶在晶圓廠設備支出方面同比增長？

Thank you.

謝謝。

I think it's frankly a little too early to answer that question at this time.

坦率地說，我認為現在回答這個問題還為時過早。

Frankly, as we all know, there are a few very big customers that have a very dominant influence over spending; and they have as much interest in not answering the question that you're asking as we do, so it is what it is in the month of January.

坦率地說，眾所周知，有一些非常大的客戶對支出有非常重要的影響；他們和我們一樣不想回答您提出的問題，所以 1 月份就是這樣。

Thank you so much.

太感謝了。

Good luck.

祝你好運。

Ben Pang, Caris & Company.

Ben Pang, Caris & Company。

You commented that the $30 billion that you expect this year is better than what your thinking was earlier.

你評論說你今年預期的 300 億美元比你之前的想法要好。

Can you provide what number you were thinking about earlier and also which sectors are better or which ones are worse?

您能否提供您之前考慮的數字以及哪些行業更好或哪些更差？

Yes, we had -- the one I said better than previously in our last earnings call, and this was a very preliminary view of 2012 at the time, we indicated an expectation of down 5 to down 20 year-over-year, which was at the time in line with the consensus.

是的，我們有——我在上次財報電話會議上說的比之前更好，這是當時對 2012 年的初步看法，我們表示預計同比下降 5 至 20，這是當時符合共識。

And so what's changed it since then?

那麼從那以後發生了什麼變化呢？

I think the most fundamental change has been the demand curve that we're seeing at the 28-nanometer node for the Foundry, and the positives that you have all been witness to in terms of communications on some MPU spending.

我認為最根本的變化是我們在 Foundry 的 28 納米節點上看到的需求曲線，以及你們在一些 MPU 支出的通信方面都看到的積極因素。

And memory, specifically NAND flash, has held up nicely with some positive demand curves for NAND-rich content.

內存，特別是 NAND 閃存，對富含 NAND 的內容的一些積極需求曲線表現良好。

Okay, and my follow-up is on the DRAM spending, you gave an outlook that for 35% bit growth, DRAM spending would be essentially flat.

好的，我的後續行動是關於 DRAM 支出，你給出了 35% 位增長的前景，DRAM 支出將基本持平。

What would the number -- what kind of DRAM growth would you have to see in order for DRAM spending to start to increase?

數字是多少——為了 DRAM 支出開始增加，您必須看到什麼樣的 DRAM 增長？

Thank you very much.

非常感謝。

One of the parts, to answer that question, obviously is at what nodes does the demand occur?

要回答這個問題，其中一個部分顯然是需求發生在哪些節點？

And one of the dynamics that existed in calendar '11 continues actually in an increased state in 2012.

日曆 '11 中存在的動態之一實際上在 2012 年繼續處於增加狀態。

So our current assumption is that a bit growth of around the 35% to 40% range drives a very small addition of capacity.

因此，我們目前的假設是，大約 35% 到 40% 範圍內的一點點增長會推動非常小的產能增加。

We're going to assume no more than about 20,000 wafer starts, and drives a conversion of about 550,000 wafer starts.

我們假設不超過約 20,000 個晶圓啟動，並推動約 550,000 個晶圓啟動的轉換。

And that conversion is necessary to a large extent to support the profitability needs of that community of customers.

這種轉換在很大程度上是必要的，以支持該客戶社區的盈利需求。

And so I think the headline you should extract is that if there is a bit growth that exceeds 40%, it has a good shot at being a catalyst for addition of capacity, because the assumption today is almost none.

所以我認為你應該提取的標題是，如果有一點增長超過 40%，它很有可能成為增加產能的催化劑，因為今天的假設幾乎沒有。

Thank you.

謝謝。

Terrence Whalen, Citigroup.

Terrence Whalen，花旗集團。

I think in the earlier comments, you alluded to gaining some market share growth at 14-nanometer and at the 2X node.

我認為在之前的評論中，您提到在 14 納米和 2X 節點上獲得了一些市場份額增長。

I was wondering whether you see better opportunities for share gains in Etch or in clean at 14 and 20?

我想知道在 14 歲和 20 歲時，您是否認為 Etch 或 clean 有更好的股票收益機會？

Thank you.

謝謝。

So I may have inadvertently confused on an earlier comment.

所以我可能無意中混淆了之前的評論。

A lot of the 14-nanometer decisions are ahead of us.

許多 14 納米的決定都在我們面前。

They have not been made yet and there's quite a few significant unanswered questions around architecture in our customer base to be made before the selections occur.

它們還沒有做出來，在選擇發生之前，我們的客戶群中有很多關於架構的重要未解問題需要解決。

Relative to the second part, where do I see the opportunity?

相對於第二部分，我在哪裡看到機會？

Clearly, in the context of the more, kind of, longer-term growth plans that we have communicated, and I've reinforced those again today, we are speaking to a target of between 3 and 5 percentage points a share gain in Etch, and 5 to 10 percentage points of share gain in single-wafer clean over a three to five year period.

很明顯，在我們已經傳達的更多、更長期的增長計劃的背景下，我今天再次強調了這些計劃，我們正在談論 Etch 的份額增長 3 到 5 個百分點的目標，在三到五年內，單晶圓清洗的份額增長 5 到 10 個百分點。

Obviously, in order to put that in the context of what that means for earnings, you should obviously reflect the fact that the size of the Etch market is meaningfully bigger than clean when you're calculating the dollar opportunity.

顯然，為了將其置於對收益意味著什麼的背景下，您顯然應該反映這樣一個事實，即在計算美元機會時，蝕刻市場的規模明顯大於清潔市場。

Okay, terrific.

好的，太棒了。

And then as my follow-up if I can do some top line to the bottom line or to the below-the-line expenses.

然後作為我的後續行動，如果我可以做一些頂線到底線或線下費用。

It seems like on OpEx when we look at the information you communicated to investors in July, it seems like OpEx has not gone the way, perhaps, as you'd expected in July.

當我們查看您在 7 月份向投資者傳達的信息時，似乎在 OpEx 上，OpEx 似乎並沒有像您在 7 月份所預期的那樣發展。

Can you comment a little bit about how you might improve the communication on OpEx going forward?

您能否評論一下未來如何改進 OpEx 的溝通？

And in addition, why you're confident that OpEx -- I think you're guiding out to $195 million.

此外，為什麼你對 OpEx 有信心——我認為你指導的是 1.95 億美元。

Why you're confident that that is a realistic ceiling for us to approach here to get better fall-through as we see cycle bills [NTS], thank you.

為什麼你相信這是我們接近這裡的現實上限，以便在我們看到週期賬單 [NTS] 時獲得更好的失敗，謝謝。

Okay, your line was breaking up.

好的，你的線路中斷了。

I heard the word OpEx and I heard some part of the question so you're going to have to re-ask if I don't get it all.

我聽到了 OpEx 這個詞，我也聽到了問題的一部分，所以如果我不明白，你將不得不重新提問。

So I heard a question about our confidence, and I would say the confidence level, given that we're ultimately in control of it, is pretty high.

所以我聽到一個關於我們的信心的問題，我想說的是，鑑於我們最終控制它，信心水平非常高。

So as Ernie and I communicated earlier today, we have just guided operating expense level consistent with what we messaged a couple of months ago; and we are in a position today where we believe the expansion can be contained to the $200 million level for the rest of the calendar year based on what we know today.

因此，正如我和 Ernie 今天早些時候溝通的那樣，我們剛剛指導的運營費用水平與我們幾個月前傳達的信息一致；我們今天所處的位置是，根據我們今天所知道的情況，我們相信在日曆年的剩餘時間裡，擴張可以控制在 2 億美元的水平。

Vishal Shah, Deutsche Bank.

Vishal Shah，德意志銀行。

Just wanted to follow-up on the gross margin question.

只想跟進毛利率問題。

If you look at some of the announcements so far in CapEx and everyone talking about the sums in CapEx being up more than 30%.

如果你看一下到目前為止資本支出的一些公告，每個人都在談論資本支出總額增長了 30% 以上。

If you take that, customer concentration this year would be much higher than, say, 2011.

如果這樣算，今年的客戶集中度將比 2011 年高得多。

So my question is, is this customer concentration problem just a one-quarter phenomenon or do you think that this is going to be multiple quarters?

所以我的問題是，這個客戶集中度問題只是四分之一的現像還是你認為這會是多個季度？

And I have a follow-up.

我有一個後續行動。

Vishal, this is Ernie.

維沙爾，這是厄尼。

I think as we indicated in our prepared comments, it is a March quarter circumstance.

我認為正如我們在準備好的評論中指出的那樣，這是一個 3 月季度的情況。

We would not expect to see this persist in subsequent quarters, so it's a one quarter phenomenon, as best we know at the present.

我們不希望看到這種情況在隨後的幾個季度持續存在，所以這是一個四分之一的現象，正如我們目前所知道的那樣。

Great, and then just another follow-up.

太好了，然後只是另一個後續行動。

You mentioned Foundries of 50% of your March quarter shipments.

您提到代工廠佔 3 月季度出貨量的 50%。

Is that just the Logic to Foundry conversion or is this [in a certain quarter of Foundry]?

這只是 Logic 到 Foundry 的轉換還是 [在 Foundry 的某個區域]？

It's the accumulation of investments which trends to the 28-nanometer technology node of that community of customers.

它是投資的積累，趨向於該客戶社區的 28 納米技術節點。

And again I want to make the point that I made already and Ernie made it at the beginning, that definition now includes beyond pure-play Foundry.

我想再次強調我已經提出的觀點，而 Ernie 在一開始就提出了這一點，該定義現在包括超越純粹的 Foundry。

So to the extent there's a Logic guy out there that makes available a significant proportion of its capacity for Foundry, it's included in that percentage.

因此，就某種程度上來說，有一個 Logic 人可以將其很大一部分容量用於 Foundry，它包含在該百分比中。

Great.

偉大的。

Thank you.

謝謝。

Krish Sankar, Bank of America.

美國銀行的 Krish Sankar。

Martin, if you look at the Etch market last year, the split between dielectric and conductor Etch was obviously 50/50, but it seems like conductor as a percentage will probably continue growing relative to dielectric.

Martin，如果你看看去年的蝕刻市場，電介質和導體蝕刻之間的比例顯然是 50/50，但導體相對於電介質的百分比似乎可能會繼續增長。

And in terms of your prepared comments of a 3% to 5% Etch share gain, what is the implicit growth for the conductor Etch market versus the actual share gain or displacing [any income] when you get to your 3% to 5% share?

就您準備好的 3% 至 5% 的蝕刻份額收益評論而言，當您達到 3% 至 5% 的份額時，導體蝕刻市場的隱性增長與實際份額收益或取代 [any income] 是多少？

You've asked a very precise question, and I'm not going to give you a very precise answer.

你問了一個非常精確的問題，我不會給你一個非常精確的答案。

Everything is kind of in the mix.

一切都在混合。

There is no question that the transition that you just described and the transition from a dielectric-biased weighting to a more balanced or even conductor-heavy at certain points in time is a benefit to us.

毫無疑問，您剛才描述的轉變以及在某些時間點從偏電介質加權到更平衡甚至偏重導體的轉變對我們是有益的。

And that's part of, that's incorporated in, the decisions we make in terms of where we're focused, where we're investing, where we're pursuing penetrations, et cetera.

這是我們在關注重點、投資領域、尋求滲透等方面做出的決定的一部分。

But clearly, we are aggressively pursuing conductor and dielectric market share gain and displacing competition where we believe we can do that.

但很明顯，我們正在積極追求導體和電介質市場份額的增長，並在我們認為可以做到的領域取代競爭。

And in addition to the extent there are new applications and new [process-close of] hearing, making sure that we're the guy that's positioned to get that business.

除了有新的應用程序和新的 [process-close of] 聽證會之外，確保我們是能夠獲得該業務的人。

So both real displacements and market share gain effectively defending the positions and the successes of the Company in the past, along with taking advantage of this benefit that happens to play at the strength of the Company historically, is all part of that 3% to 5% target that I described.

因此，實際排量和市場份額都有效地捍衛了公司過去的地位和成功，以及利用歷史上恰好發揮公司實力的這種優勢，都是 3% 到 5 的一部分我描述的 % 目標。

If I could just ask a follow-up.

如果我能問一個後續問題。

On the single-wafer clean side, it looks like some of your competitors have been coming out at the super high, throughput system for single-wafer clean.

在單晶圓清潔方面，您的一些競爭對手似乎已經推出了用於單晶圓清潔的超高吞吐量系統。

Arguably most of them are on the front-end-of-line.

可以說，他們中的大多數都在前端。

But nevertheless, are you worried that clean market would actually remain static or even shrink given that the throughputs are getting really, really high?

但是，儘管如此，您是否擔心清潔市場實際上會保持靜止甚至萎縮，因為吞吐量變得非常非常高？

Thank you.

謝謝。

I think it's a good question.

我認為這是一個很好的問題。

It's certainly not something that we are particularly concerned about today; and I made that statement in the context of two things.

這當然不是我們今天特別關心的事情；我在兩件事的背景下發表了這一聲明。

One of them being the point you just made.

其中之一就是你剛才提出的觀點。

As systems become higher throughput systems, the challenge for any equipment company is to preserve the value of that offering and ultimately get paid for it.

隨著系統成為更高吞吐量的系統，任何設備公司都面臨的挑戰是保持該產品的價值並最終獲得報酬。

I think the other side of that coin, which is particularly important in answering the question in clean is, if you go chat with any semiconductor company in the world, they will, with rare exceptions, talk about the emerging criticality, the increasing criticality, of clean as a process step.

我認為這枚硬幣的另一面，這對於乾淨地回答這個問題特別重要，如果你去和世界上任何一家半導體公司聊天，除了極少數例外，他們都會談論新興的關鍵性，日益增加的關鍵性，清潔作為一個過程步驟。

And so productivity is part of the value proposition, but the technology enabling around, for example, things like high aspect ratio drying is a big part of what ultimately the customer frames with their equipment selection and ultimately a big part of the positioning by our Company for value.

因此，生產力是價值主張的一部分，但圍繞諸如高縱橫比干燥之類的技術實現的技術是客戶最終選擇設備的重要組成部分，最終也是我們公司定位的重要組成部分為了價值。

Thanks, Martin.

謝謝，馬丁。

Thank you.

謝謝。

We have time for one more question, operator.

我們還有時間再問一個問題，接線員。

Mehdi Hosseini, Susquehanna.

邁赫迪·侯賽尼，薩斯奎哈娜。

I have two follow-ups.

我有兩個後續行動。

Martin, given the new classification of shipment, the revenue mix, to what extent do you expect the dollars of shipment opportunity were to exceed the prior peak of -- I believe September of 2010, you had $234 million from Korea.

馬丁，考慮到新的出貨分類和收入組合，您預計出貨機會美元會在多大程度上超過之前的峰值——我相信 2010 年 9 月，您從韓國獲得了 2.34 億美元。

And I'm asking -- let me rephrase the question.

我在問——讓我重新表述一下這個問題。

To what extent do you think the revenues from Korea are going to exceed $234 million given the reclassification of your customers?

考慮到客戶的重新分類，您認為韓國的收入將在多大程度上超過 2.34 億美元？

I'm not sure I understand that question.

我不確定我是否理解這個問題。

Can you -- (multiple speakers)

你能——（多人發言）

You're reclassifying the Foundry mix to include non-pure play, and to that extent, I'm just trying to better understand dollars of opportunity out of Korea, since there is a non-pure Foundry play there.

您正在將 Foundry 組合重新分類以包括非純遊戲，在這種程度上，我只是想更好地了解韓國以外的機會美元，因為那裡有非純 Foundry 遊戲。

So, Mehdi, right.

所以，邁赫迪，對。

We're crossing a segment with a region; and obviously, if we are precise in answering that question, we're revealing something that is not appropriate for us to reveal.

我們正在跨越一個地區的細分市場；顯然，如果我們準確地回答這個問題，我們就會揭示一些不適合我們揭示的東西。

So we need to -- I think that history will tell going forward what the improvement in the Foundry segment is, and we'll have to wait and let that play out over the course of the year, because we're not going to reveal customer-specific information.

所以我們需要 - 我認為歷史會告訴未來 Foundry 部分的改進是什麼，我們將不得不等待並讓它在一年中發揮作用，因為我們不會透露客戶特定信息。

Sure, and then in terms of sticking with the revenue mix and given the Novellus acquisition, to what extent are you planning to provide revenue mix by different product groups?

當然，然後就堅持收入組合和考慮到收購 Novellus 而言，您計劃在多大程度上提供不同產品組的收入組合？

Mehdi, we're in the process of reviewing that as we think about the acquisition.

Mehdi，我們在考慮收購時正在審查這一點。

We wouldn't expect that LAM's revenue segmentation would change as a result of that; and we're currently in the process of reviewing the practices of Novellus.

我們預計 LAM 的收入細分不會因此而改變；我們目前正在審查 Novellus 的做法。

And as things become further along in the integration and the work, we'll make some determination.

隨著整合和工作的進展，我們會做出一些決定。

Sure, fair, but don't you think it will be prudent given how there's a different growth opportunities between clean and Etch, it could help us better with estimating opportunities by having a better understanding of the mix?

當然，公平，但考慮到 clean 和 Etch 之間存在不同的增長機會，你不認為這是謹慎的嗎，它可以通過更好地了解組合來幫助我們更好地估計機會？

We do actually share with you what the overall market size is for clean and for Etch, and we share with you market share, and those two things together can really essentially provide the information that you're seeking.

實際上，我們確實與您分享了清潔和蝕刻的整體市場規模，我們與您分享了市場份額，這兩件事加在一起實際上可以提供您正在尋找的信息。

So I don't know that there's any need to segment differently than we do right now, but we are looking at that.

所以我不知道是否需要與我們現在不同的方式進行細分，但我們正在考慮這一點。

We continue to look at it, and if we feel it's important to change, then we'll provide better information than we currently provide, then we'll certainly make that change.

我們會繼續關注它，如果我們覺得改變很重要，那麼我們將提供比目前提供的更好的信息，然後我們一定會做出改變。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

I'd like to turn the call back to Management for any closing remarks.

我想將電話轉回管理層以獲取任何結束語。

I'd like to thank you all for joining us today.

我要感謝大家今天加入我們。

As a reminder the audio replay of today's call will be available on our website later this afternoon; and with that, that concludes or call.

提醒一下，今天下午晚些時候我們的網站上將提供今天電話會議的音頻重播；就此結束或呼籲。

Ladies and gentlemen, this concludes the LAM Research Corporation December quarter 2011 earnings conference call.

女士們，先生們，LAM Research Corporation 2011 年 12 月季度收益電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。