科林研發 (LRCX) 2012 Q4 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 June 2012 quarterly results conference call.

歡迎參加 Lam Research Corporation 2012 年 6 月季度業績電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

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

演講結束後，會議將開放提問。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Shanye Hudson, Director of Investor Relations.

我現在想將會議轉交給投資者關係總監 Shanye Hudson。

Please go ahead.

請繼續。

Thank you, Douglas.

謝謝你，道格拉斯。

Good afternoon, everyone, and welcome to Lam Research Corporation's quarterly conference call.

大家下午好，歡迎來到 Lam Research Corporation 的季度電話會議。

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

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

Shortly, Ernie will discuss financial results for the June 2012 quarter and outline some of the impacts associated with our Novellus acquisition.

很快，Ernie 將討論 2012 年 6 月季度的財務業績，並概述與我們收購 Novellus 相關的一些影響。

Martin will then share Lam's business outlook for the September 2012 quarter and Combined Company guidance before opening up the call for Q&A.

隨後，Martin 將分享 Lam 對 2012 年 9 月季度的業務展望和合併後公司的指導意見，然後再開啟問答環節。

The press release, detailing our financial results, was distributed over the wire services shortly after 1.00 PM this afternoon and is 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，可在我們的網站 lamresearch.com 上查閱。

Today's call contains certain forward-looking statements, including those related to our expectations for the global macroeconomic environment of market size, wafer fab equipment spending, markets share changes, consumer demand, customer spending and behavior, and the factors that will influence those expectations.

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影響這些預期的因素的預期相關的陳述。

As well as our spending projections, our investment plans, our business strategies, our aspirations of the benefits of our 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 a non-GAAP basis as well as other statements of the Company's expectations, beliefs, and plans.

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，基於 GAAP 和非 GAAP 的費用、利潤率、營業利潤、股票回購活動、每股收益和現金產生，以及公司預期、信念和計劃的其他陳述。

There are 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.

有一些重要因素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，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 3.00 PM, and we ask that you please limit questions to one per firm, with a 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，並進行簡短的跟進。

With that I will turn the call over to you, Ernie.

有了這個，我會把電話轉給你，厄尼。

Thank you, Shayne, and good afternoon, everyone.

謝謝你，Shayne，大家下午好。

The June quarter marks an important milestone in the history of Lam Research.

六月季度標誌著 Lam Research 歷史上的一個重要里程碑。

As you know, on June 4, we successfully completed the acquisition of Novellus Systems.

如您所知，6 月 4 日，我們成功完成了對 Novellus Systems 的收購。

Our combined financial results, which are reflected in the press release issued earlier today, include only 20 days of Novellus activity.

我們今天早些時候發布的新聞稿中反映的綜合財務業績僅包括 20 天的 Novellus 活動。

With that in mind, I would like to begin my remarks today by reviewing Lam's standalone performance for the June quarter, as it relates to the guidance we provided on our April call.

考慮到這一點，我想在今天開始我的發言，回顧 Lam 在 6 月季度的獨立表現，因為它與我們在 4 月電話會議上提供的指導有關。

We ended our fiscal year with solid performance and exceeded the midpoint of our guidance range for all metrics provided.

我們以穩健的業績結束了本財年，並超出了我們提供的所有指標的指導範圍的中點。

Specifically, shipments were approximately $727 million for the quarter, up 2% from the March quarter, supported by capacity additions for leading-edge foundry customers and DRAM capacity conversions for the 2x and 3x technology nodes.

具體而言，本季度出貨量約為 7.27 億美元，較 3 月季度增長 2%，這得益於領先代工客戶的產能增加以及 2x 和 3x 技術節點的 DRAM 容量轉換。

Although moderating, leading-edge NAND capacity additions continue to be a meaningful part of the Company shipment profile.

儘管放緩，但領先的 NAND 產能增加仍然是公司出貨量的重要組成部分。

Turning to the breakdown by application and market segment for Lam's standalone shipments, applications for sub-4x technology nodes represented 96% of overall system shipments.

至於 Lam 獨立出貨量的應用和細分市場細分，sub-4x 技術節點的應用佔整個系統出貨量的 96%。

Foundry shipments accounted for 48% of total system shipments, while the Memory segment accounted for 46% of total shipments, divided between NAND at 18% and DRAM at 28%.

代工出貨量佔系統總出貨量的 48%，而內存部分佔總出貨量的 46%，NAND 佔 18%，DRAM 佔 28%。

Lastly, Logic and Other constituted the balance of 6%.

最後，邏輯和其他構成了 6% 的餘額。

Revenue in the June quarter was $716 million, up 9% sequentially.

6 月當季收入為 7.16 億美元，環比增長 9%。

Non-GAAP gross margin was 41.9%, up 1 percentage point from the prior quarter, primarily due to a more favorable customer and product mix and improved factory and field utilization.

非美國通用會計準則毛利率為 41.9%，比上一季度上升 1 個百分點，這主要是由於更有利的客戶和產品組合以及工廠和現場利用率的提高。

Non-GAAP operating expenses for the quarter were approximately $195 million, versus $197 million in the March quarter.

本季度的非美國通用會計準則運營費用約為 1.95 億美元，而 3 月份季度為 1.97 億美元。

The operating expense level reflects our continued investment in strategic products and projects, offset by favorability related to deferred compensation plan obligations resulting from stock market decline.

營業費用水平反映了我們對戰略產品和項目的持續投資，被股市下跌導致的遞延補償計劃義務相關的優惠所抵消。

Lam attempts to mitigate overall plan exposure relative to market fluctuations, and the decreased operating expenses were substantively offset in other income and expense.

Lam 試圖降低與市場波動相關的整體計劃風險，減少的運營費用在其他收入和費用中被大幅抵消。

Non-GAAP operating income was $106 million, versus $73 million in the prior quarter.

非美國通用會計準則營業收入為 1.06 億美元，而上一季度為 7300 萬美元。

And, resulted in a non-GAAP operating margin of 14.7%, exceeding the high-end of our guidance range and a positive progression from the 11.1% in the March 2012 quarter.

並且，導致非 GAAP 營業利潤率為 14.7%，超過了我們指導範圍的高端，並且比 2012 年 3 月季度的 11.1% 有了積極進展。

Our non-GAAP tax rate for the June quarter was aligned with our expectations at 16.5%, compared to the 20.4% in the March quarter.

我們 6 月季度的非 GAAP 稅率與我們的預期一致，為 16.5%，而 3 月季度為 20.4%。

Based on a share count of approximately 117 million shares, June quarter non-GAAP earnings per share were $0.75, exceeding the high-end of our guidance range for the quarter by $0.03.

根據約 1.17 億股的股票數量，6 月季度非 GAAP 每股收益為 0.75 美元，超出我們本季度指導範圍的上限 0.03 美元。

I will note once again, that all of the data I have just provided is for Lam's standalone, and is intended to be compared to our previously provided June quarter guidance.

我會再次指出，我剛剛提供的所有數據都是針對 Lam 的獨立數據，旨在與我們之前提供的 6 月季度指導進行比較。

Prior to presenting the balance sheet for the Combined Company, I would like to address a few housekeeping items.

在介紹合併後公司的資產負債表之前，我想先談談一些內務管理事項。

First, as we think about fiscal year 2013 as the new Lam, we currently contemplate a tax rate in the mid-teens.

首先，當我們將 2013 財年視為新的 Lam 時，我們目前考慮的稅率是十幾歲左右。

This estimate is subject to further revision as we more thoroughly complete tax planning activities for the Combined Company and would be favorably impacted should the Federal R&D Tax Credit be extended.

隨著我們更徹底地完成合併後公司的稅收籌劃活動，這一估計可能會進一步修訂，如果聯邦研發稅收抵免擴大，將會受到有利影響。

Relative to Novellus on a standalone basis, shipments for the June quarter were approximately $309 million, while the Combined Company recorded $816 million in shipments for the same period, which includes $89 million of Novellus shipments made after June 4.

相對於獨立的 Novellus，6 月季度的出貨量約為 3.09 億美元，而合併後公司同期的出貨量為 8.16 億美元，其中包括 6 月 4 日之後的 8900 萬美元 Novellus 出貨量。

Turning now to the balance sheet, the results that follow represent the Combined Company.

現在轉向資產負債表，以下結果代表合併後的公司。

We ended the quarter with cash and short-term investments, including restricted cash and investments, of $3 billion versus $2.6 billion for Lam's standalone in the prior quarter.

本季度結束時，我們的現金和短期投資（包括受限現金和投資）為 30 億美元，而上一季度 Lam 的獨立投資為 26 億美元。

This includes approximately $1.1 billion acquired as a result of the Novellus transaction, offset by the impact our June quarter share repurchase activity, which I will discuss further in a moment.

這包括因 Novellus 交易而獲得的約 11 億美元，被我們 6 月季度股票回購活動的影響所抵消，我將在稍後進一步討論。

Relative to DSO and inventory turns, while there has been no significant change to the underlying operational performance of either company, June quarter financial results are significantly impacted by the 20 day sub period for Novellus and are not helpful for understanding the Company's overall performance.

相對於 DSO 和庫存周轉率，雖然兩家公司的基本經營業績沒有重大變化，但 6 月季度財務業績受到 Novellus 20 天子期的重大影響，無助於了解公司的整體業績。

We foresee a return to more normal external metrics in the September quarter, and we will discuss them at that time.

我們預計在 9 月季度將恢復到更正常的外部指標，屆時我們將對其進行討論。

We ended the June quarter with deferred revenue of $335 million, excluding approximately $23 million in shipments to Japanese customers that will revenue in future quarters.

我們在 6 月季度結束時的遞延收入為 3.35 億美元，不包括將在未來幾個季度產生收入的向日本客戶發貨的約 2300 萬美元。

Approximately $87 million of the deferred revenue balance relates to Novellus products.

大約 8700 萬美元的遞延收入餘額與 Novellus 產品有關。

Combined Company non-cash expenses include, among other items, $29 million for equity compensation and $35 million for depreciation and amortization.

合併後的公司非現金支出包括 2900 萬美元的股權補償和 3500 萬美元的折舊和攤銷等項目。

Capital expenditures were $37 million, and we exited the quarter with approximately 6,600 regular full-time employees, including approximately 2,750 Novellus employees.

資本支出為 3700 萬美元，本季度末我們擁有約 6,600 名正式全職員工，其中包括約 2,750 名 Novellus 員工。

During the June quarter, we spent approximately $676 million for share repurchases and took delivery of approximately 16 million shares of common stock.

在 6 月季度，我們花費了大約 6.76 億美元用於股票回購，並交付了大約 1600 萬股普通股。

In the September quarter, we expect to receive an additional 2 million to 3 million shares, associated with our June quarter expenditures, resulting in an effective purchase price between $36 and $38 per share.

在 9 月季度，我們預計將收到額外的 200 萬至 300 萬股股票，與我們 6 月季度的支出相關，導致每股有效購買價格在 36 美元至 38 美元之間。

These deliveries will be in addition to any new September quarter repurchases made under the Company's ongoing repurchase program.

這些交付將不包括在公司正在進行的回購計劃下進行的任何新的 9 月季度回購。

Before turning over the call to Martin, I would like to discuss the impact of purchase price accounting rules related to the Novellus transaction.

在將電話轉給 Martin 之前，我想討論一下與 Novellus 交易相關的採購價格會計規則的影響。

In particular, I would like to call your attention to three areas where you will see the largest impact to our results.

我想特別提請您注意三個對我們的結果影響最大的領域。

I will explain more about the June quarter impacts in a few minutes; which in turn, provide the base line for the September-quarter guidance that Martin will be discussing in a few minutes.

我將在幾分鐘內詳細解釋 6 月季度的影響；這反過來又為 Martin 將在幾分鐘後討論的 9 月季度指導提供了基線。

First, the transaction required that all acquired assets and assumed liabilities be recorded at current fair value, including the inventory acquired from Novellus.

首先，該交易要求所有收購的資產和承擔的負債均按當前公允價值記錄，包括從 Novellus 收購的存貨。

This includes finished goods, work in process, and raw materials; and for the next two to three quarters, we will have revenue recognized with cost of goods sold values that are higher than the Novellus historical cost.

這包括製成品、在製品和原材料；在接下來的兩到三個季度，我們將以高於 Novellus 歷史成本的銷貨成本價值確認收入。

These differences will be noted as a non-GAAP adjustment.

這些差異將被記錄為非 GAAP 調整。

The second area that was impacted by the transaction was revenue.

受交易影響的第二個領域是收入。

Because Novellus and Lam have differing recognition policies, there will be a delay in recognizing revenue for some Novellus systems as we transition to Lam's customer acceptance based model.

由於 Novellus 和 Lam 的確認政策不同，因此在我們過渡到 Lam 的基於客戶接受度的模型時，某些 Novellus 系統的收入確認會有所延遲。

Additionally, due to purchase price accounting rules, we will not be able to recognize the majority of Novellus' deferred revenue that was recorded on its balance sheet as of the day of the transaction closed, since the tools had already been physically delivered to customers.

此外，由於購買價格會計規則，我們將無法確認 Novellus 截至交易結束之日記錄在其資產負債表上的大部分遞延收入，因為這些工具已經實際交付給客戶。

This Novellus deferred revenue totaled approximately $37 million.

Novellus 的遞延收入總計約為 3700 萬美元。

We expect that these timing differences will be fully normalized within a two- to three-quarter period; and until then, we will provide an estimate of their impacts.

我們預計這些時間差異將在兩到三個季度內完全正常化；在此之前，我們將提供對它們影響的估計。

These circumstances in no way impact the timing or collectibility of any customer receivables.

這些情況絕不會影響任何客戶應收賬款的時間或可收回性。

Finally, our non-GAAP results well now also exclude the amortization of intangible assets we acquired and valued as of the date of the acquisition.

最後，我們的非 GAAP 結果現在也排除了我們在收購之日收購和估值的無形資產的攤銷。

I'd also like to call your attention to the fact that our GAAP a non-GAAP other income and expense will now include the expense associated with the coupon interest of the convertible debt we acquired as part of the transaction, currently estimated at approximately $4.5 million per quarter.

我還想提請您注意，我們的 GAAP 非 GAAP 其他收入和費用現在將包括與我們作為交易的一部分獲得的可轉換債務的息票利息相關的費用，目前估計約為 4.5 美元每季度百萬。

As has been the case, our non-GAAP results will continue to exclude acquisition and integration related costs, the amortization of discounts for both companies' convertible notes, and other certain nonrecurring items.

與以往一樣，我們的非 GAAP 業績將繼續排除與收購和整合相關的成本、兩家公司可轉換票據的折扣攤銷以及其他某些非經常性項目。

Please refer to the non-GAAP reconciliations in today's press release for a complete review of the exclusions.

請參閱今天新聞稿中的非 GAAP 對賬，以全面了解排除項。

With that, I will now turn it over to Martin for his comments.

有了這個，我現在將它轉交給馬丁徵求他的意見。

Thank you, Ernie, and good afternoon, everyone.

謝謝你，厄尼，大家下午好。

Lam's June quarter was very successful, and I continue to be encouraged by the Company's achievements.

Lam 的 6 月季度非常成功，我繼續為公司的成就感到鼓舞。

In addition to delivering targeted financial performance, we closed our acquisition of Novellus and immediately began executing on the objectives we established for the Combined Company, while at the same time ensuring continued focused on the commitments made to our customers as two previously standalone companies.

除了提供有針對性的財務業績外，我們還完成了對 Novellus 的收購，並立即開始執行我們為合併後的公司製定的目標，同時確保繼續專注於作為兩家以前獨立的公司對客戶做出的承諾。

Before I expand on our progress internally, I would first like to share our views on the current business environment.

在我展開內部進展之前，我想先分享一下我們對當前商業環境的看法。

Since our April call, optimism around macroeconomic strength has waned somewhat, and while views for 2012 GDP remain in the 2.5% to 2.7% range, estimates for 2013 growth appeared to have weakened to below 3%, a level that now is more consistent with a stable growth outlook year over year with potential, we believe, for electronics growth in 2013 in excess of 2012.

自我們 4 月份的電話會議以來，對宏觀經濟實力的樂觀情緒有所減弱，雖然對 2012 年 GDP 的預期仍保持在 2.5% 至 2.7% 的範圍內，但對 2013 年增長的估計似乎已減弱至 3% 以下，這一水平現在與我們相信，2013 年電子產品的增長有望超過 2012 年，同比增長前景穩定。

It is premature to start predicting 2013 wafer fabrication equipment with any certainty clearly.

現在開始明確預測 2013 年的晶圓製造設備還為時過早。

But, our initial modeling of IC unit supply and demand would cause us to anticipate that spend would remain around the $30 billion level for a fourth straight year.

但是，我們對 IC 單元供需的初步建模將使我們預計支出將連續第四年保持在 300 億美元左右的水平。

Continued concerns over the Europe debt crisis, unemployment in the US, and questions about the level of China's growth outlook all have the potential to constrain, or negatively impact, consumer electronics demand.

對歐洲債務危機的持續擔憂、美國的失業率以及對中國增長前景水平的質疑都可能限製或負面影響消費電子產品的需求。

We expect our customers to continue to focus on aligning their capacity additions with their own view of that demand outlook.

我們希望我們的客戶繼續專注於使他們的產能增加與他們對需求前景的看法保持一致。

One reasonable conclusion is that our near-term future is quite unsettled due to these macro factors.

一個合理的結論是，由於這些宏觀因素，我們近期的未來相當不穩定。

As such, we would now expect 2012 wafer fabrication equipment spending to be at the low-end of our previously communicated $30 billion to $32 billion range.

因此，我們現在預計 2012 年晶圓製造設備支出將處於我們之前公佈的 300 億至 320 億美元範圍的低端。

Turning first to the Foundry segment, we continue to expect foundry WFE spending within a range of $12 billion to $13 billion, driven primarily by demand for leading-edge capacity.

首先轉向晶圓代工部分，我們繼續預計代工 WFE 支出在 120 億美元至 130 億美元之間，主要受對前沿產能需求的推動。

Specifically, we are still projecting approximately 90,000 wafer starts per month of new 32/28 nanometer capacity will be added throughout 2012, which supports our prior view for exiting the year with between 220,000 to 240,000 wafer starts per month of 32/28 capacity.

具體而言，我們仍預計整個 2012 年新的 32/28 納米產能每月將增加約 90,000 片晶圓，這支持了我們之前的觀點，即 32/28 產能每月將增加 220,000 至 240,000 片晶圓。

Given what appears to be a healthy demand for devices manufactured at this technology node, we continue to expect more than 300,000 wafer starts of total capacity to be ultimately installed; a figure that would surpass all prior foundry nodes.

鑑於對該技術節點製造的設備的健康需求，我們繼續預計最終將安裝總產能超過 300,000 片晶圓；一個將超過所有先前代工節點的數字。

Investment timing will depend on several factors, including economic uncertainty, competitive dynamics, and production performance of our customers.

投資時機將取決於多種因素，包括經濟不確定性、競爭動態和我們客戶的生產績效。

However, our view suggests plenty of runway remains for 28 nanometer foundry spending.

然而，我們的觀點表明 28 納米代工支出仍有大量跑道。

Relative to the logic markets, the leading-edge 22 nanometer production ramp continues.

相對於邏輯市場，領先的 22 納米生產仍在繼續。

Our outlook for WFE spend is this segment has marginally declined as opportunities for reuse of existing equipment appear to have increased and the proportion of total CapEx for shelf space is now greater than previously expected.

我們對 WFE 支出的展望是，由於重複使用現有設備的機會似乎有所增加，而且貨架空間在總資本支出中的比例現在高於之前的預期，因此這一細分市場略有下降。

Likely, this bodes well for equipment spending in 2013.

這可能預示著 2013 年的設備支出。

Our view of the DRAM segment has not substantively changed.

我們對 DRAM 領域的看法沒有實質性改變。

We continue to see muted investment level supporting big growth in the low 30% range this year.

我們繼續看到低迷的投資水平支持今年 30% 的低增長率。

With virtually no new planned capacity additions in 2012, there remains the potential for supply constraints exiting 2012.

由於 2012 年幾乎沒有新的計劃產能增加，供應限制在 2012 年結束後仍有可能。

Additionally, the sustained economic pressures caused by the proximity of DRAM selling prices to manufacturing costs motivate customers to convert capacity to the most competitive leading-edge capability.

此外，由於 DRAM 銷售價格接近製造成本而造成的持續經濟壓力促使客戶將產能轉換為最具競爭力的前沿能力。

While this scenario could result in higher levels of the DRAM spending in 2013, spending levels will largely be a function of the demand environment.

雖然這種情況可能導致 2013 年 DRAM 支出水平更高，但支出水平將主要取決於需求環境。

Again, the macros are likely to dominate.

同樣，宏指令可能會佔據主導地位。

Finally, looking at the NAND segment, we have lowered our second-half WFE spend forecast as a couple of customers appear to have delayed their investment plan slightly from the second-half 2012 into early 2013.

最後，在 NAND 部分，我們下調了下半年 WFE 支出預測，因為一些客戶似乎已將他們的投資計劃從 2012 年下半年略微推遲到 2013 年初。

We had projected NAND's WFE spend to decline by approximately $1 billion year on year, and today that figure is likely closer to $2 billion.

我們曾預計 NAND 的 WFE 支出將同比下降約 10 億美元，而今天這個數字可能接近 20 億美元。

While our 2012 forecast for NAND's demand drivers such as smart phones and tablet devices have remained healthy, the amount of NAND capacity in place today, we believe, can meet the consensus bit growth estimates of approximately 65% this year.

雖然我們對智能手機和平板設備等 NAND 需求驅動因素的 2012 年預測保持健康，但我們相信，目前的 NAND 產能數量可以滿足今年約 65% 的共識位增長預期。

The pricing environment can certainly influence investment decisions.

定價環境肯定會影響投資決策。

NAND's pricing progressively worsened throughout the quarter, although we started to see pricing stabilize, the implications of that are not yet completely clear.

NAND 的定價在整個季度逐漸惡化，儘管我們開始看到價格趨於穩定，但其影響尚不完全清楚。

To summarize, despite today's muted macroeconomic environment, our 2012 WFE spend forecast in the $30 billion range is close to historic peak levels.

總而言之，儘管當今宏觀經濟環境低迷，但我們對 2012 年 WFE 支出的預測為 300 億美元，接近歷史最高水平。

The outlook for sustains 28-nanometer foundry investment looks good through 2013.

2013 年維持 28 納米代工投資的前景看起來不錯。

The drivers for NAND capacity additions look good in the long term; but as stated, we are seeing some timing adjustments recently slowing investments.

從長遠來看，增加 NAND 容量的驅動因素看起來不錯；但如前所述，我們看到最近一些時間調整減緩了投資。

The DRAM and microprocessor world both share PC as a primary underlying demand driver.

DRAM 和微處理器世界都將 PC 作為主要的潛在需求驅動因素。

And, we consider it more likely than not there is positive unit momentum here in 2013.

而且，我們認為 2013 年這裡更有可能出現積極的單位勢頭。

Taken together, we remain cautiously optimistic about IC units demands next year but acknowledge the uncertainty of our global economy and share the common interest to see these macro questions get answered in the coming month.

總而言之，我們對明年 IC 單元的需求保持謹慎樂觀，但承認我們全球經濟的不確定性，並有共同的興趣，希望這些宏觀問題在下個月得到解答。

Turning now to Lam's business performance.

現在談談 Lam 的業務表現。

While relatively few new application decisions were made by our customers in the first half of this year, we have made positive progress towards the number of targeted growth applications, while successfully defending critical positions in etch, single-wafer clean, and now deposition.

雖然我們的客戶在今年上半年做出的新應用決策相對較少，但我們在目標應用數量方面取得了積極進展，同時成功捍衛了蝕刻、單晶圓清潔和現在的沉積等關鍵位置。

To capture a few headlines, in PECVD we gained a few critical backend logic applications by demonstrating minimal low-k film damage, combined with repeatable process results at high productivity.

為了抓住一些頭條新聞，在 PECVD 中，我們通過展示最小的低 k 薄膜損壞，結合高生產率的可重複工藝結果，獲得了一些關鍵的後端邏輯應用。

Combined with our strong position in conductor etch patterning steps, we are well-positioned for the foundry transition to 20 nanometer.

結合我們在導體蝕刻圖案化步驟中的強勢地位，我們在代工廠向 20 納米過渡方面處於有利地位。

Our engagements with leading NAND manufacturers position us well for opportunities resulting from the 3D devices broadly.

我們與領先的 NAND 製造商的合作使我們能夠很好地把握 3D 設備帶來的廣泛機遇。

In dielectric etch, we gained momentum for high aspect ratio etches, considered one of the most challenging etch processes.

在電介質蝕刻中，我們獲得了高深寬比蝕刻的動力，這被認為是最具挑戰性的蝕刻工藝之一。

We have demonstrated the ability to provide tight CD and profile performance, without compromising productivity.

我們已經展示了在不影響生產力的情況下提供緊密 CD 和配置文件性能的能力。

As a result of these capabilities, we are able to strengthen our position in memory applications and are well-positioned for next-generation DRAM decisions and 3D NAND applications.

由於這些能力，我們能夠加強我們在內存應用中的地位，並為下一代 DRAM 決策和 3D NAND 應用做好準備。

In Deposition, the need to fill these very high aspect ratio features without voids has become increasingly critical to device performance.

在沉積中，無空隙地填充這些非常高縱橫比特徵的需求對於器件性能變得越來越重要。

We believe we are well-positioned to extend our leadership in tungsten CVD with our differentiated ExtremeFill technology, which delivers a seem-free fill, using low resistivity tungsten.

我們相信我們有能力通過我們差異化的 ExtremeFill 技術擴大我們在鎢 CVD 領域的領導地位，該技術使用低電阻率鎢提供無縫填充。

Similarly, in PECVD our ability to deposit multiple layers of ultra-smooth film stacks at high productivity has resulted in multiple customer engagements for 3D NAND device developments.

同樣，在 PECVD 中，我們能夠以高生產率沉積多層超光滑薄膜堆棧，這導致了 3D NAND 設備開發的多個客戶參與。

Finally, in single-wafer clean we continue our next-generation product development efforts which are well underway.

最後，在單晶圓清洗方面，我們繼續正在進行的下一代產品開發工作。

These systems combine our differentiated drying and chemical reclaim technologies with targeted, newly developed technical and productivity capabilities that will position us to better compete across a more comprehensive set of single-wafer clean applications.

這些系統將我們差異化的干燥和化學品回收技術與有針對性的、新開發的技術和生產力能力相結合，使我們能夠更好地在更全面的單晶圓清潔應用領域展開競爭。

As stated before, given the current wafer fab environments, the mix and timing of customer equipment selections, and spending, we expect shift market share will be relatively neutral for etch, deposition and single-wafer clean this year.

如前所述，鑑於當前的晶圓廠環境、客戶設備選擇的組合和時機以及支出，我們預計今年蝕刻、沉積和單晶圓清洗的轉移市場份額將相對中性。

The headlines I've just described reflect our continued focus on our longer-term growth objectives for gaining 3 to 5 percentage points in etch, 5 to 10 percentage points in single-wafer clean, and now 4 to 8 percentage points in deposition over the next 3 to 5 years.

我剛才描述的標題反映了我們繼續關注我們的長期增長目標，即蝕刻增長 3 到 5 個百分點，單晶圓清潔增長 5 到 10 個百分點，現在沉積增長 4 到 8 個百分點未來 3 到 5 年。

Overall, we are pleased to report again that reflecting back on the first half of the year, Lam and Novellus continue to execute to each company's established business plans of record, also engaging fully in integration planning and activities associated with closing the transaction.

總的來說，我們很高興再次報告，回顧上半年，Lam 和 Novellus 繼續執行每家公司既定的記錄業務計劃，還充分參與整合計劃和與完成交易相關的活動。

We achieved our objective to transition on day one, without disruption to our customers, suppliers, or employees, which we considered our highest priority.

我們在第一天就實現了過渡目標，不影響我們的客戶、供應商或員工，我們認為這是我們的首要任務。

With the merger now complete, we are focused on competing as one company on a successful integration and executing the comprehensive plans targeted to achieve accelerated growth and profitability.

隨著合併現已完成，我們專注於作為一家公司在成功整合和執行旨在實現加速增長和盈利的綜合計劃方面進行競爭。

Our priorities must always include building customer trust, partnership, and collaboration, without which our plans are less probable and targeted results we believe less sustainable.

我們的優先事項必須始終包括建立客戶信任、夥伴關係和協作，否則我們的計劃就不太可能實現，我們認為目標結果也不太可持續。

We began implementing plans to realize cost synergies immediately, starting with areas where we have identified duplicative resources and services.

我們開始實施立即實現成本協同效應的計劃，從我們發現重複資源和服務的領域開始。

Although not the primary definition of success for this transaction, we are already spending less money together than we would have done separately.

雖然這不是此次交易成功的主要定義，但我們一起花的錢已經比單獨花的少了。

We are on plan and are pleased with the pace of our progress thus far.

我們正在按計劃進行，並對迄今為止的進展速度感到滿意。

In the coming quarters, we will share more specifics relative to our performance against target savings of $100 million, on an annualized basis, exiting 2013.

在接下來的幾個季度，我們將分享更多關於我們在 2013 年結束時每年節省 1 億美元的目標的具體情況。

Our cost reduction synergies are anticipated to deliver benefits each and every quarter, this year and next.

我們的成本降低協同效應預計將在今年和明年的每個季度帶來收益。

They are not linear in their impact, however.

然而，它們的影響不是線性的。

And specifically, in the middle of next calendar year, they include a step function reduction of costs related to business process and system streamlining.

具體來說，在下一個日曆年的年中，它們包括與業務流程和系統精簡相關的成本的逐步降低。

We are executing plans to integrate key business processes, management systems, and infrastructure, which we target be largely completed within the next 12 months.

我們正在執行整合關鍵業務流程、管理系統和基礎設施的計劃，我們的目標是在未來 12 個月內基本完成。

Especially important is our focus on employees during a period of transition of this scale.

尤其重要的是，我們在這種規模的轉型時期對員工的關注。

Together, our focus has been rewarded by successes in our efforts to retain key employees as we move through the integration process.

在一起，我們的重點得到了回報，因為我們在整合過程中成功地留住了關鍵員工。

Lastly, subsequent to reaching the June 4, 2012 acquisition closing, we were finally able to begin our efforts in earnest to engage with customers on the broad set of opportunities uniquely created by this merging to accelerate their success and ours.

最後，在 2012 年 6 月 4 日完成收購後，我們終於能夠認真地開始努力，利用此次合併獨特創造的廣泛機會與客戶互動，以加速他們和我們的成功。

As we spend more time meeting jointly with our customers, our confidence in achieving our growth objectives for the Combined Company has grown higher.

隨著我們花更多時間與客戶共同會面，我們對實現合併後公司增長目標的信心也越來越高。

We look forward to sharing further details on our plans to achieve substantive revenue synergies over the coming years during our upcoming analyst event, which we have now scheduled for November 8.

我們期待在我們現在定於 11 月 8 日舉行的分析師活動中分享我們在未來幾年實現實質性收入協同效應的計劃的更多細節。

I will now share with you our Combined Company non-GAAP guidance for the September quarter and provide some context that we consider important.

我現在將與您分享我們對 9 月季度的合併公司非 GAAP 指南，並提供一些我們認為重要的背景信息。

Shipments of $950 million, plus or minus $30 million.

出貨量 9.5 億美元，上下浮動 3000 萬美元。

Revenues of $900 million, plus or minus $30 million.

收入 9 億美元，上下浮動 3000 萬美元。

Gross margin at 42.5%, plus or minus 1%.

毛利率為 42.5%，正負 1%。

Operating profit at 10%, plus or minus 1.5%.

營業利潤為 10%，上下浮動 1.5%。

And, earnings per share of $0.40, plus or minus $0.07, based on a share count of 183 million shares.

並且，基於 1.83 億股的每股收益為 0.40 美元，上下浮動 0.07 美元。

Worthy of note, the revenue recognition changes that Ernie discussed for Novellus products will also impact our financial statements in the September quarter.

值得注意的是，Ernie 討論的 Novellus 產品的收入確認變化也將影響我們 9 月季度的財務報表。

The September-quarter guidance I just provided would be improved by the following amounts, were it not for the revenue recognition changes.

如果不是因為收入確認的變化，我剛剛提供的 9 月季度指導將改進以下數額。

Approximately $100 million of revenue, approximately 1 percentage point of gross margin, and approximately $0.25 of earnings per share.

營收約1億美元，毛利率約1個百分點，每股收益約0.25美元。

I would like to reemphasize Lam's commitment on a standalone basis to maintain quarterly operating expenses at or below the $200 million level through the remainder of calendar year 2012.

我想再次強調 Lam 的獨立承諾，即在 2012 年剩餘時間內將季度運營費用維持在 2 億美元或以下的水平。

And, we would expect overall OpEx levels to remain fairly flat in the December quarter from the level implied by our September guidance today.

而且，我們預計 12 月季度的整體運營支出水平將與我們今天 9 月指導所暗示的水平持平。

In closing, I would like to extend my sincere thanks to the leadership and broad employee population of the Combined Company, who have worked tirelessly to support our stated goals and achievements.

最後，我要向合併後公司的領導層和廣大員工表示衷心的感謝，他們不懈努力支持我們既定的目標和成就。

And, thank all of our stakeholders for their continued patience and support to our Company through this period of significant transition.

並且，感謝我們所有的利益相關者在這段重要的過渡時期對我們公司的持續耐心和支持。

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。

Thank you, sir.

謝謝你，先生。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

CJ Muse, Barclays Capital.

CJ Muse，巴克萊資本。

First question, Martin, I was hoping to get an update from you now that you've had some time with the Combined Company?

第一個問題，馬丁，既然你已經在合併後的公司工作了一段時間，我希望能從你那裡得到最新消息？

And, get a vision from you as to how you see the product portfolio here, whether there is anything that you feel like you need to add?

並且，從您那裡了解您如何看待這裡的產品組合，是否有您覺得需要添加的內容？

Or, given competitive positioning, you could exit and get an idea of what you'll look like 12, 18 months from now?

或者，鑑於競爭定位，您可以退出並了解 12、18 個月後您會是什麼樣子？

That's a really simple question to ask, and a really difficult one to answer.

這是一個非常簡單的問題，也是一個非常難以回答的問題。

We clearly just begun the process of assimilating the two companies.

我們顯然剛剛開始吸收這兩家公司的過程。

And, certainly at this point in time, we remain absolutely committed to the full portfolio of products that define Lam Research and Novellus as two standalone companies.

而且，當然在這個時間點，我們仍然絕對致力於將 Lam Research 和 Novellus 定義為兩家獨立公司的完整產品組合。

As you might expect, we have a clearly stated ambition to be number one in market share in all segments that we compete in.

正如您所預料的那樣，我們明確表示要在我們競爭的所有細分市場中成為市場份額第一的雄心壯志。

And, it is true in at least one Lam business and one or two deposition businesses from Novellus that we are not the number one player.

而且，至少在 Lam 業務和 Novellus 的一兩個沉積業務中，我們確實不是頭號玩家。

So, we clearly, as a management team, have some work ahead of us to rationalize the path to being successful against the definition of success that I just described.

因此，作為一個管理團隊，我們顯然還有一些工作要做，以便根據我剛才描述的成功定義合理化成功之路。

The message today to our customers and to our investment community is we're absolutely committed to the portfolio of products that are active in both companies, and we've got some work ahead.

今天向我們的客戶和我們的投資界傳達的信息是，我們絕對致力於在兩家公司中活躍的產品組合，我們還有一些工作要做。

I would expect, potentially, that we will have some more helpful commentary in the November analyst meeting.

我預計，我們可能會在 11 月的分析師會議上發表一些更有幫助的評論。

But frankly, even in that timeline, that is a pretty small amount of time for what I consider to be fairly strategic decisions.

但坦率地說，即使在那個時間表中，對於我認為相當具有戰略意義的決策來說，這也只是很少的時間。

That's helpful.

這很有幫助。

As a quick follow-up, a two-part question.

作為快速跟進，一個分為兩部分的問題。

In terms of your net cash, roughly $2 billion, and so curious how should we think about share repurchase in the current quarter, particularly at current levels?

就您的淨現金而言，大約 20 億美元，我們應該如何考慮當前季度的股票回購，特別是在當前水平？

Also, in terms of the guide at 183 million shares, what are you embedding there in terms of additional repurchase on top of the 2 million to 3 million shares associated with the June-quarter program?

此外，就 1.83 億股的指導而言，除了與 6 月季度計劃相關的 200 萬至 300 萬股股票之外，您還打算在額外回購方面嵌入什麼？

CJ, this is Ernie.

CJ，這是厄尼。

We would expect that our September-quarter purchases will be more systematic as opposed to some of what we saw in the June quarter with respect to some more structured programs.

我們預計我們 9 月季度的採購將更加系統化，而不是我們在 6 月季度看到的一些更結構化的項目。

What was embedded is, I would say, relatively more modest than what you saw us do in the June quarter, but nonetheless, will represent another significant step in the overall program.

我想說的是，嵌入的內容比您在 6 月季度看到的內容相對溫和，但仍然代表了整個計劃中的又一個重要步驟。

And, we would be currently tracking at these levels during the calendar year, spending somewhere north of two-thirds or so of the overall authorization, with a little bit of wiggle room on either side.

而且，我們目前將在日曆年內跟踪這些水平，花費大約三分之二左右的總授權，兩邊都有一點迴旋餘地。

Very helpful, thank you.

非常有幫助，謝謝。

Terence Whalen, Citi.

特倫斯惠倫，花旗。

I believe, Martin, you alluded to some progress in terms of foundry at 20 nanometer in 2013.

我相信，馬丁，你提到了 2013 年在 20 納米代工方面的一些進展。

Very basic question, I was wondering for a fab of 45,000 wafer per month, what do you think the etch value is at a 20 nanometer foundry, versus at 28?

非常基本的問題，我想知道對於每月 45,000 片晶圓的晶圓廠，您認為 20 納米代工廠的蝕刻值與 28 納米代工廠的蝕刻值是多少？

Thank you.

謝謝。

I'm going to get you there in building blocks, as opposed to answer in one way.

我將以構建塊的形式將您帶到那裡，而不是以一種方式回答。

The assumption we are making for a 10,000 wafer starts capacity addition in foundries at 28 nanometers is about $1 billion, and we are estimating about $1.3 billion based on public commentary from customers at the 20 nanometer load.

我們假設在 28 納米晶圓代工廠中增加 10,000 片晶圓啟動產能約為 10 億美元，我們根據 20 納米負載客戶的公開評論估計約為 13 億美元。

And, maybe it's $1.3 billion, maybe it's $1.4 billion; it's certainly meaningfully more expensive.

而且，也許是 13 億美元，也許是 14 億美元；它當然要貴得多。

Frankly, I would use the traditional 13% of wafer fab estimate for etch as a vehicle for backing into the etch-specific answer to your question.

坦率地說，我會使用傳統的 13% 的晶圓廠蝕刻估計作為支持您問題的蝕刻特定答案的工具。

There clearly is, in the 28 to 20 nanometer foundry transition, some pretty meaningful process flow related changes for high-k metal gates, and also in the area of multiple patterning, that I think are net positive to the etch segment.

顯然，在 28 到 20 納米代工廠的過渡中，一些與高 k 金屬柵極工藝流程相關的非常有意義的變化，以及多重圖案化領域，我認為這對蝕刻部分是淨積極的。

And, we're positioned to exploit that opportunity when it presents itself.

而且，我們準備好在機會出現時利用它。

Okay, that's helpful.

好的，這很有幫助。

Then, follow-up is on NAND spending.

然後，後續是 NAND 支出。

It sounds like, initially, you had some expectation of order activity in the second half that's been pushed into the first half.

聽起來，最初，您對下半年的訂單活動有一些預期，但已被推遲到上半年。

Is a reasonable to assume that those orders will come in the first quarter '13, and is that what you are preparing for based on your schedule now?

假設這些訂單將在 13 年第一季度到來是否合理？根據您現在的日程安排，這是您正在準備的嗎？

Thanks.

謝謝。

A definition of reasonable in this industry is tough to get to.

這個行業的合理定義很難定義。

Certainly, early 2013 is the expectation.

當然，2013 年初是預期。

Frankly speaking, we have cycle times in the Company that allow us to respond pretty quickly to changes from customers, and I expect changes from customers as a natural course of business.

坦率地說，我們公司的周期時間使我們能夠對客戶的變化做出快速響應，我希望客戶的變化成為自然的業務過程。

The reduction appears to be there less in terms of demand, more in terms of cautiousness from a profitability level point of view, and pricing from our customers.

需求減少似乎較少，從盈利水平的角度來看，更多的是謹慎，以及我們客戶的定價。

I think we're still pretty positive around the long term on that as a segment of spending.

我認為從長遠來看，作為支出的一部分，我們仍然非常樂觀。

Thank you.

謝謝。

Satya Kumar, Credit Suisse.

Satya Kumar，瑞士信貸。

Can you solve, Martin and Ernie, just a quick math on the OpEx?

Martin 和 Ernie，您能解決 OpEx 的快速數學問題嗎？

I'm doing some (inaudible) it looks like your implied OpEx is about [$292 million], and I can get there by taking June OpEx and adding it to Novellus core OpEx (inaudible) quarter in March, which I think is pretty good considering I guess perhaps Novellus was under investing.

我正在做一些（聽不清）看起來你的隱含運營支出約為 [2.92 億美元]，我可以通過將 6 月的運營支出並將其添加到 3 月份的 Novellus 核心運營支出（聽不清）季度，我認為這非常好考慮到我猜 Novellus 可能正在投資。

Going forward you're talking about potentially cost synergies with the Novellus acquisition.

展望未來，您正在談論與 Novellus 收購的潛在成本協同效應。

I was just wondering how to think about the OpEx progression, beyond the September quarter, especially as it relates to how we should think about investments at Novellus?

我只是想知道如何考慮 9 月季度之後的 OpEx 進展，特別是因為它與我們應該如何考慮 Novellus 的投資有關？

Satya, this is Ernie.

薩蒂亞，這是厄尼。

Martin commented in his remarks that we would expect fairly consistent OpEx for the December quarter; and certainly, as we think about 2013, we're going to be doing that in the context of the environment that Martin described a little bit earlier.

馬丁在他的評論中評論說，我們預計 12 月季度的運營支出相當穩定；當然，當我們考慮 2013 年時，我們將在 Martin 之前描述的環境背景下這樣做。

So, it's a little too early for us to give a perspective on 2013 at this point, but I think you can expect relatively consistent performance to that implied number for the balance of 2012, certainly.

所以，我們現在就 2013 年給出一個觀點還為時過早，但我認為你可以期待 2012 年餘額的隱含數字相對一致的表現，當然。

Satya, the only thing I would add is, maybe this is for everybody's benefit, I think it's a little unfair to characterize that Novellus wasn't investing.

Satya，我唯一要補充的是，也許這是為了每個人的利益，我認為描述 Novellus 沒有投資有點不公平。

I think we would all say that in terms relative to the investment profile of Novellus, we were certainly outpacing in terms of some of the engagements we had with some customers in certain application areas.

我想我們都會說，就 Novellus 的投資概況而言，我們在某些應用領域與一些客戶的一些合作方面肯定是領先的。

But, the investment profile for the Novellus business has been meaningful, substantive, even, I would say even including the 450 millimeter wafer size transition preparedness as well.

但是，Novellus 業務的投資概況是有意義的、實質性的，甚至，我想說甚至包括 450 毫米晶圓尺寸的過渡準備。

I think it's fine to consider, in relative terms, there being a slightly different reality.

我認為，相對而言，考慮存在稍微不同的現實是可以的。

But, it is not quite as binary as was implied by your question.

但是，它並不像您的問題所暗示的那樣二進制。

Thanks for the clarification.

感謝您的澄清。

Quick couple of follow-ups on foundry and NAND.

關於代工和 NAND 的快速跟進。

You seem to think that there is a bit of a (inaudible) 28 nanometer, and it seems like the major change in your CapEx outlook is really on the NAND flash side for the year from what you thought three months ago to now.

你似乎認為有一點（聽不清）28 納米，而且你的資本支出前景的主要變化似乎真的是在 NAND 閃存方面，從你三個月前到現在的想法。

Just wondering if you could clarify if you saw any changes in demand for foundry shipments in the second half of the year versus your prior expectations, particularly, in the September quarter.

只是想知道您是否可以澄清您是否看到今年下半年代工出貨量的需求與您之前的預期相比有任何變化，尤其是在 9 月季度。

And, for NAND it's really a very simple question.

而且，對於 NAND，這真的是一個非常簡單的問題。

What to do you expect based on what you are saying right now for CapEx for NAND this year and your overall outlook for CapEx next year?

根據您現在所說的今年 NAND 的資本支出以及您對明年資本支出的總體展望，您有何期望？

(Inaudible) would be for NAND in 2013?

（聽不清）將在 2013 年用於 NAND？

Thanks.

謝謝。

I'm going to give you a little more data to kind of help you get frames thinking through answering that question.

我會給你更多的數據來幫助你通過回答這個問題來思考框架。

If you look at our guidance, embedded in the $950 million of shipments guidance, obviously the primary component of that relates to our systems, and the Foundry component approximately is in the high 40%s, maybe 47%, plus or minus a bit.

如果你看一下我們的指導，嵌入在 9.5 億美元的出貨指導中，顯然其中的主要組成部分與我們的系統有關，而 Foundry 部分大約在 40% 左右，可能是 47%，上下浮動。

The Memory component is about 43% of the shipments guidance, again plus or minus some points.

內存組件約占出貨指導的 43%，再次加減一些點。

And, Logic represents the remaining 10%.

並且，Logic 代表剩下的 10%。

And, within that memory 43%, the NAND shipments actually are a little stronger in absolute dollars than the DRAM shipments.

而且，在這 43% 的內存中，NAND 出貨量實際上比 DRAM 出貨量的絕對美元要強一些。

So, that's the context I guess for answering the specific question.

所以，這就是我猜想回答特定問題的背景。

Certainly, we have messaged exactly as you hypothesized in your question the primary change for us against our original assumptions is in NAND and not in foundry.

當然，我們已經完全按照您在問題中假設的方式傳達了信息，我們對我們最初假設的主要改變是在 NAND 而不是代工廠中。

There's a little bit of movement, but it not material enough for me to add to what we have previously stated.

有一點點動靜，但它不足以讓我添加到我們之前所說的內容中。

You are going to have to ask your question again on the NAND piece at the end; I missed it.

你將不得不在最後再問一次關於 NAND 的問題；我錯過了。

Where do you think is 2013 bit supply growth for NAND?

您認為2013年NAND的位供應增長在哪裡？

Thanks.

謝謝。

We are assuming today less bit growth in '13 than '12.

我們假設今天 13 年的位增長低於 12 年。

And, I would say the 50% to 55% range is a reasonable stake in the ground at this point.

而且，我想說 50% 到 55% 的範圍在這一點上是合理的。

Thank you.

謝謝。

Vishal Shah, Deutsche Bank.

Vishal Shah，德意志銀行。

Martin, I was wondering if you can provide some framework on how we should think about December quarter shipments in light of some of the comments you made about the NAND and DRAM customers?

Martin，我想知道你是否可以根據你對 NAND 和 DRAM 客戶的一些評論，提供一些框架來說明我們應該如何考慮 12 月季度的出貨量？

Should we expect, at least the Foundry segment, to be strong in the December quarter, or should that also be a little weak?

我們是否應該期望，至少代工部門在 12 月季度表現強勁，還是應該也有點疲軟？

We had said in our guidance last quarter, and in our commentary around the business last quarter, albeit as a standalone company, but frankly, I think the message is the same as the Combined Company as it was standalone.

我們在上個季度的指導和上個季度對業務的評論中說過，儘管是作為一家獨立的公司，但坦率地說，我認為信息與合併後的公司相同，因為它是獨立的。

We had anticipated the calendar 2012, from a shipments perspective, would be reasonably flat, plus or minus a little bit.

我們曾預計 2012 年日曆，從出貨量的角度來看，將相當平穩，上下浮動。

And clearly, in light of messaging today, that our wafer fabrication equipment spending outlook for the year is at the low-end of the range, we would now slightly modify the first half, second half commentary and say that the first half we believe is slightly stronger than the second half.

很明顯，根據今天的消息，我們今年的晶圓製造設備支出前景處於範圍的低端，我們現在會稍微修改上半年、下半年的評論，並說我們認為上半年是比下半場稍強。

And, I would put in percentages, I would put the first half in the low 50%s and the second half in high 40%s.

而且，我會輸入百分比，我會將上半部分放在低 50% 中，下半部分放在高 40% 中。

So, that's how you should think about first half and second half at this point in time.

所以，這就是你現在應該如何考慮上半場和下半場。

I would say that the ratio I just gave you, low 50%s and the high 40%s, first half, second half WFE is accentuated a little in the foundries.

我會說我剛剛給你的比率，低 50%s 和高 40%s，上半年，下半年 WFE 在代工廠中有點突出。

For December, clearly there's a lot of moving parts, and it would be premature for us to be specific about guidance today.

對於 12 月，顯然有很多變動因素，我們今天就具體指導還為時過早。

Directionally, I'm thinking that our shipments levels will be flat to slightly up over September.

從方向上講，我認為我們的出貨量水平將在 9 月份持平或略有上升。

But, there's a lot of time ahead of us for that to change.

但是，我們還有很多時間要改變這種情況。

But, that's the assumption set that we would have today.

但是，這就是我們今天的假設集。

Great, thank you.

太好了謝謝。

Just a follow-up, in the Logic segment, I know you guys have a lot of opportunity in your core etch business, have some of the decisions at 14 nanometer have already been made, or you think there's still an opportunity for you guys to gain some traction there?

只是跟進，在邏輯部分，我知道你們在核心蝕刻業務中有很多機會，已經做出了 14 納米的一些決定，或者您認為你們仍然有機會在那裡獲得一些牽引力？

Thank you.

謝謝。

I think a lot of decisions are made at this point; and clearly, there are still some remaining probably, I'm sure.

我認為此時做出了很多決定；很明顯，我敢肯定，可能還有一些剩餘。

We work hard each and every day, as does competition I'm sure.

我們每天都在努力工作，我敢肯定，競爭也是如此。

So, really no additional comment from what we have said previously there.

因此，對於我們之前所說的內容，真的沒有其他評論。

Jim Covello, Goldman Sachs.

吉姆科維羅，高盛。

Martin, question is really on the microprocessor segment.

馬丁，問題實際上是在微處理器領域。

It is going to be more important to, going forward both via global foundries, and of course through the Novellus acquisition with the exposure to Intel.

更重要的是，通過全球代工廠，當然還有通過收購 Novellus 並接觸英特爾。

And, if you look at the inventory at the microprocessor companies, it's at a record level now.

而且，如果你看看微處理器公司的庫存，它現在處於創紀錄的水平。

So, the big CapEx in the last couple of years has created significant inventory on the part of the microprocessor companies.

因此，過去幾年的巨額資本支出為微處理器公司創造了大量庫存。

So, I wonder relative to the commentary if you are feeling good about wafer fab equipment being at near-record levels again next year, if you perceive any risk in the microprocessor segment due to inventory?

因此，我想知道相對於評論，您是否對明年再次接近創紀錄水平的晶圓廠設備感覺良好，是否認為微處理器領域因庫存而存在任何風險？

Or, do you think the technology spending has to continue no matter how much excess inventory those customers have?

或者，您認為無論這些客戶有多少過剩庫存，技術支出都必須繼續嗎？

Thanks.

謝謝。

Yes, I think relative to the specifics on inventory, we are probably one of the least qualified companies to answer the question.

是的，我認為相對於庫存的細節，我們可能是最沒有資格回答這個問題的公司之一。

Hopefully our customers in that segment are more qualified.

希望我們在該領域的客戶更有資格。

We are not seeing a significant message there.

我們在那裡沒有看到重要的信息。

The commentary around 2013 was more a statement that when you look at a GDP outlook and what would naturally transpire in terms of electronics growth, there is presumably, we hope, not the same set of constraints imposed on the industry from a supply point of view.

2013 年左右的評論更像是一種聲明，當你審視 GDP 前景以及電子產品增長方面自然發生的情況時，我們希望，從供應的角度來看，可能不會對行業施加同樣的限制。 .

Like, for example, the hard disk drive constraints in the first part of this year in 2013 and clearly with lifecycle extensions in the PC and a consumer environment that hopefully is somewhat similar next year.

例如，2013 年上半年的硬盤驅動器限制，以及 PC 和消費環境中明顯的生命週期延長，希望明年會有所相似。

There are a number of PC messages that, frankly, can be quite positive.

坦率地說，有許多 PC 消息可能是非常積極的。

The 22 nanometer production is ramping and the 14 nanometer tool buys start by the end of the year, kind of ramping through next year.

22 納米的生產正在增加，而 14 納米的工具將於今年年底開始採購，明年可能會增加。

And, we see that, typically, as a transition that would drive WFE in the microprocessor space.

而且，我們通常將其視為將在微處理器領域推動 WFE 的過渡。

Great.

偉大的。

I guess for my follow-up, I would just ask a slightly more directed question toward the foundry, your biggest foundry customer commented about weakness in their Q4 and Q1 utilization rate.

我想對於我的後續行動，我只想問一個更直接的代工廠問題，你最大的代工廠客戶評論說他們第四季度和第一季度的利用率疲軟。

So, do you share any concerns in that segment due to your biggest customer's comments there?

那麼，由於您最大的客戶在那裡的評論，您是否對該細分市場有任何擔憂？

Thank you.

謝謝。

I think consistent with our comments previously, our customers do a really good job, and as time passes, an even better job managing the equipment purchasing decisions to minimize the risk that you just described.

我認為與我們之前的評論一致，我們的客戶做得非常好，並且隨著時間的推移，他們會更好地管理設備採購決策，以最大限度地降低您剛才描述的風險。

So, there is clearly always a risk profile, but I think as well as there being commentary from a foundry, there's also commentary for the fabless companies.

因此，顯然總是存在風險狀況，但我認為除了來自代工廠的評論外，還有針對無晶圓廠公司的評論。

And, the fabless companies, the Qualcomms and the [Linox] of this world for example, are commenting to no slowdown in 28 nanometer demand; 28 nanometer design is continuing, ramping for the 28 nanometer's expected demand has not slowed.

而且，無晶圓廠公司，例如高通公司和這個世界的 [Linox]，正在評論 28 納米需求沒有放緩； 28 納米設計仍在繼續，對 28 納米的預期需求的增長並未放緩。

Again, I guess it depends on your perspective.

同樣，我想這取決於你的觀點。

If you are all the short-term, it's probably a different kind of message.

如果你都是短期的，那可能是一種不同的信息。

But, in the long-term, there's always this macroeconomic thing that everybody is going to hang their hats on because none of us know the answer to that question.

但是，從長遠來看，每個人都會對宏觀經濟問題保持警惕，因為我們都不知道這個問題的答案。

But, the basics and the fundamentals, I think, are actually quite favorable.

但是，基本面和基本面，我認為，實際上是相當有利的。

Thanks so much.

非常感謝。

Chris Blansett, JPMorgan.

摩根大通的克里斯·布蘭塞特。

Ernie, I wanted to get an idea of the linearity of the delayed Novellus revenue we should expect over the next few quarters?

Ernie，我想了解一下我們在接下來的幾個季度中應該預期的延遲 Novellus 收入的線性度？

I would expect that most of the linearity issues that we highlighted today will be worked through by the time we provide our December-quarter guidance.

我希望我們今天強調的大部分線性問題將在我們提供 12 月季度指導時得到解決。

So, we really had a June issue; we had a September issue, which was quantified as we discussed.

所以，我們真的有 6 月刊；我們有一個九月的問題，在我們討論的時候被量化了。

Based on our current view, by December we will be back to a more normalized pace for the Combined Company.

根據我們目前的看法，到 12 月，我們將恢復到合併後公司更正常的步伐。

Okay.

好的。

Then, I also wanted to get your thoughts on additional costs that may not be captured in a non-GAAP basis associated with integration of the two companies, and what this might mean to your overall operating margin structure for the next six months.

然後，我還想了解您對與兩家公司整合相關的非 GAAP 基礎可能無法計算的額外成本的看法，以及這對您未來六個月的整體營業利潤率結構可能意味著什麼。

Clearly, the June quarter had embedded within it several things that I would consider more one-time than not.

很明顯，6 月這個季度包含了一些我認為比較一次性的事情。

Things like banker fees as well as some specific stock compensation issues related to the acquisition itself.

諸如銀行費用之類的事情以及與收購本身相關的一些特定股票補償問題。

I think on a more ongoing basis, you are likely to see somewhere in the range of $5 million to $10 million a quarter for specific integration-related costs, perhaps for the next couple of quarters and then diminishing from that point forward.

我認為，在更持續的基礎上，您可能會看到每季度 500 萬至 1000 萬美元的特定集成相關成本，也許是在接下來的幾個季度，然後從那時起逐漸減少。

All right, thanks guys, appreciate it.

好的，謝謝大家，感激不盡。

Edwin Mok, Needham & Company.

Edwin Mok, Needham & Company。

First, just a follow-up question on the foundry side.

首先，只是鑄造廠方面的後續問題。

Since you guys haven't changed your view there, have you seen any changes in terms of your customer mix on the foundry side?

既然你們在那裡沒有改變你的觀點，你是否看到代工廠方面的客戶組合有任何變化？

In other words, have you seen more broadening to smaller foundry customer, or is it still really concentrated?

換句話說，您是否看到更廣泛的小型代工客戶，還是仍然非常集中？

Well, there aren't that many foundries in the world, so it's hard to step away and start declaring broadening.

好吧，世界上沒有那麼多鑄造廠，所以很難離開並開始宣布擴大規模。

There's a little bit of movement, but I wouldn't speak to a particular message with any conviction.

有一點點動靜，但我不會以任何信念談論特定的信息。

So, there's a few guys participating, you know who they are, and they are all participating at some level.

所以，有幾個人參與，你知道他們是誰，他們都在某種程度上參與。

Okay, that's fair.

好吧，這很公平。

And, a question on your product.

並且，關於您的產品的問題。

I think on your prepared remarks, you talked and you guys have previously talked about single-wafer clean, and you're developing this next-generation product to expand opportunity there.

我認為在你準備好的發言中，你談過，你們之前也談過單晶圓清潔，你們正在開發這種下一代產品以擴大那裡的機會。

I was wondering any concern -- it takes time to develop a product and sometimes product timing with a certain customer no cycle, you might take a few years before you start to see growth there.

我想知道是否有任何顧慮——開發產品需要時間，有時某個客戶的產品時間沒有周期，你可能需要幾年時間才能開始看到那裡的增長。

Any kind of concern that the timing of the development might be a little bit late for 20 nanometer cycle?

是否擔心 20 納米週期的開發時間可能有點晚？

And, you might run the risk of not gaining the share that you're targeting?

而且，您可能會冒著無法獲得目標份額的風險？

I think it's a very good question.

我認為這是一個很好的問題。

And clearly, we are paying a lot of attention to doing everything we can to synchronize timing of product releases to the decisions of our customers.

顯然，我們非常關注盡我們所能使產品發佈時間與客戶的決策同步。

We have a huge amount of energy invested in that particular issue.

我們在那個特定問題上投入了大量精力。

I would say -- if there's ever a segment of our business, of our Company where the risk profile is lowest it is in clean.

我會說——如果我們公司的業務中有一部分風險最低，那麼它就是乾淨的。

And, the reason that is true is because clean is a yield-enhancing investment by the customer.

而且，這是真的，因為清潔是客戶提高收益的投資。

It's not a feature-creating investment by the customer.

這不是客戶為創建功能而進行的投資。

Even in a scenario where you didn't synchronize necessarily a new product to a ETOR, or a first phase PTOR decision, clean is one of those segments where, if you can demonstrate a value to the customer in terms of yield solutions in excess of a previously selected equipment set, then you have a much better chance of establishing co-PTOR positions and ultimately displacing a competition in a buy.

即使在您不一定將新產品同步到 ETOR 或第一階段 PTOR 決策的情況下，清潔也是其中一個細分市場，如果您可以在超過的產量解決方案方面向客戶展示價值之前選擇的一套裝備，那麼你就有更好的機會建立共同 PTOR 的位置，並最終在購買中取代競爭對手。

If there's ever a place in the business where you feel better around the risk you have just spoken to, clean is definitely the segment.

如果在業務中有一個地方讓您對剛剛談到的風險感覺更好，那麼清潔絕對是該部分。

Great, that was helpful.

太好了，很有幫助。

Thank you.

謝謝。

Patrick Ho, Stifel Nicolaus.

帕特里克·何，Stifel Nicolaus。

Martin, in terms of the foundries and the transition from 28 to 20 nanometers, do you see this continued build out that you mentioned about 28 potentially pushing out the adoption and the ramp of 20 nanometers?

Martin，就代工廠和從 28 納米到 20 納米的過渡而言，您是否看到您提到的關於 28 的持續構建可能會推動 20 納米的採用和提升？

Really hard to tell.

真的很難說。

I don't think -- frankly, what is the biggest influence of that?

我不認為 - 坦率地說，最大的影響是什麼？

The biggest influence is the design decision of the customers of the foundries.

影響最大的是代工廠客戶的設計決策。

Everything that we have been able to analyze would cause us to conclude what we are concluding, relative to the 300,000 wafer start message for 28 nanometer.

相對於 28 納米的 300,000 片晶圓啟動消息，我們能夠分析的所有內容都會使我們得出我們正在得出的結論。

I think at least one other equipment company has messaged something very similar recently.

我認為至少有一家其他設備公司最近發出了非常類似的信息。

I think the foundry public announcements have tended to talk about 28 nanometer spending in '13 and 20 nanometer beginning to production ramp in '13 but primarily in '14.

我認為鑄造廠的公告傾向於談論 13 年的 28 納米支出和 13 年開始生產的 20 納米，但主要是 14 年。

It hangs together as best we can tell.

據我們所知，它掛在一起。

That all being said, clearly every semiconductor company in the world is motivated to achieve lowest cost unit output and if a 20 nanometer solution achieves that, that may be their motivation.

話雖如此，顯然世界上每家半導體公司都有動力實現最低成本的單位產出，如果 20 納米解決方案實現了這一點，那可能就是他們的動力。

But again, I put that in context of the WFE message that I shared in an earlier question.

但是，我再次將其置於我在之前的問題中分享的 WFE 消息的上下文中。

The cost consequence of 10,000 wafer start addition of 20 nanometers is in the range of 30% to 40% more expensive than 28 nanometer.

10,000 個晶圓開始增加 20 納米的成本後果比 28 納米貴 30% 到 40%。

So, it is not an easy trade off.

因此，這不是一個容易的權衡。

It's definitely stressing what has been a fairly kind of simple set of decisions historically.

這絕對是在強調歷史上相當簡單的一組決策。

Great, that is helpful.

太好了，這很有幫助。

Maybe moving to some of the announcements recently by your peers as well as Intel, in terms of the 450 in EUV investments with ASML.

也許轉向您的同行以及英特爾最近發布的一些公告，涉及 ASML 的 450 項 EUV 投資。

How does that announcement potentially change your outlook for (inaudible) investments you need to make in that program?

該公告如何可能改變您需要在該計劃中進行的（聽不清）投資的前景？

There is a joke that I could respond with, but I'm going to control myself.

有一個我可以回應的笑話，但我要控制自己。

Just tell the joke.

只是講個笑話。

I would say the fundamentals of thinking through preparing our Company to participate in 450 are exactly the same today they were previously.

我想說的是，通過準備我們公司參與 450 的基本思想與今天和以前完全相同。

I think high-volume manufacturing is still assumed to be in the 2017, '18 timeframe.

我認為大批量製造仍被假定為在 2017 年、'18 的時間範圍內。

There potentially is a higher probability today of a more broader equipment profile being available in a pilot line environment earlier.

今天，更廣泛的設備概況在更早的試驗線環境中可用的可能性更高。

But frankly, that doesn't impact the plans of our Company in a very meaningful way.

但坦率地說，這不會以非常有意義的方式影響我們公司的計劃。

We were invested in preparing to support customers in pilot line transitions that begin potentially with the G450 transition, and then other pilot lines that have followed in industry, and that is our focus.

我們投資於準備支持客戶進行可能從 G450 過渡開始的試驗線過渡，然後是行業中隨後出現的其他試驗線，這是我們的重點。

I don't know that it really changes anything fundamentally to the existing plans of record we had in our Company.

我不知道它是否真的從根本上改變了我們公司現有的記錄計劃。

Great, thank you.

太好了謝謝。

Stephen Chin, UBS.

Stephen Chin，瑞銀。

Follow-up question on the September shipment guidance.

關於 9 月裝運指南的後續問題。

Can you share any color on Lam's standalone or Novellus' standalone shipment guidance, are both segments seeing similar shipment declines in the near-term?

您能否分享 Lam 的獨立或 Novellus 的獨立出貨指導的任何顏色，這兩個細分市場在短期內是否出現類似的出貨量下降？

Stephen, this is Ernie.

斯蒂芬，這是厄尼。

I would say that's a reasonable conclusion to draw.

我會說這是一個合理的結論。

Perhaps the Novellus product down -- actually is pretty equivalent, so I would say they're both impacted similarly.

也許 Novellus 產品的下降——實際上是相當的，所以我想說它們受到的影響是相似的。

Okay.

好的。

Then a follow-up question, Ernie.

然後是後續問題，厄尼。

Can you elaborate by what you meant by a step function decrease in OpEx in the middle of next year?

您能否詳細說明明年年中 OpEx 階躍函數下降的含義？

Is that related to possible product rationalization, or is it something else?

這與可能的產品合理化有關，還是其他原因？

I think the comments were specifically related to the realization of our synergy targets.

我認為這些意見與實現我們的協同目標特別相關。

I think, as we have talked about now, we have a very large systems integration project that is currently scheduled to be concluded about the middle of 2013, and certainly relative to realizing synergies in the IT world, synergies in certain support functions like finance where having a common general ledger, a common ERP system, makes things much more simple.

我認為，正如我們現在所討論的，我們有一個非常大的系統集成項目，目前計劃在 2013 年年中左右完成，當然與實現 IT 領域的協同作用有關，在某些支持功能（如財務）中的協同作用擁有一個通用的總賬，一個通用的 ERP 系統，會讓事情變得簡單得多。

And, as a result of that, enables us to drive a very significant step function reduction relative to those synergy targets.

並且，因此，使我們能夠推動相對於這些協同目標的非常顯著的階躍函數減少。

So, it is important to keep in mind that the statements relate to the achievement of that synergy run rate.

因此，重要的是要記住，這些陳述與協同運行率的實現有關。

A nice, simple example going from to two SAP systems to one.

一個很好的簡單示例，從兩個 SAP 系統變成一個。

Okay.

好的。

Thanks Martin, Ernie.

謝謝馬丁，厄尼。

Krish Sankar, Bank of America Merrill Lynch.

美銀美林的克里什·桑卡爾 (Krish Sankar)。

I don't know if the question is for Martin or Ernie.

我不知道這個問題是針對 Martin 還是針對 Ernie 的。

The $100 million synergy that you mentioned stood between COGS and OpEx, what is the baseline COGS number, and what is the baseline OpEx you are using?

您提到的 1 億美元的協同作用位於 COGS 和 OpEx 之間，基準 COGS 數量是多少，您使用的基準 OpEx 是多少？

Those targets, Krish, were prepared in the context of the information presented in the proxy.

Krish，這些目標是根據代理中提供的信息準備的。

So, that would be a baseline, so it's a 2013 view, which actually includes that 2013 view of wafer fab and associated revenues.

所以，這將是一個基線，所以它是 2013 年的視圖，實際上包括 2013 年晶圓廠和相關收入的視圖。

I think I've mentioned before that there is a relatively modest OpEx increase for Lam forecasted in there, a bit more significant OpEx increase for Novellus.

我想我之前已經提到過，在那裡預測 Lam 的 OpEx 增長相對適度，而 Novellus 的 OpEx 增長更為顯著。

But, I think it's important at this point to understand that those estimates are now many, many months old.

但是，我認為在這一點上重要的是要了解這些估計現在已經很多很多個月了。

And, what will become relevant, which we will be sharing here in the November timeframe, will be our view for 2013 that's going to be derived in a timeframe that is much more relevant to the actuality of '13 than existed at the time we put the proxy together.

而且，我們將在 11 月的時間範圍內在這里分享的相關內容將是我們對 2013 年的看法，該觀點將在與 13 年的實際情況比我們提出的時間更相關的時間範圍內得出代理在一起。

As a follow-up, when you look at your 450 millimeter coming down the road, what order of magnitude should we think about giving to your multiple product line?

作為後續行動，當您看到即將推出的 450 毫米時，我們應該考慮為您的多個產品線提供什麼數量級？

And, does it really make sense to migrate all your products to 450?

而且，將所有產品遷移到 450 真的有意義嗎？

Or, would you mind dropping some of the lower market share ones like the PVD at Novellus?

或者，您是否介意放棄一些市場份額較低的產品，例如 Novellus 的 PVD？

Thank you.

謝謝。

I'm going to specifically decline to answer most of the question for reasons that I hope are obvious to everybody.

由於我希望每個人都明白的原因，我將特別拒絕回答大部分問題。

A big part of value proposition is competitive differentiation, which if you tell everybody what you're doing, you tend to lose.

價值主張的很大一部分是競爭差異化，如果你告訴每個人你在做什麼，你往往會失去。

We are clearly encumbered, as is every equipment company with a complex set of trade-offs.

我們顯然受到了阻礙，每家設備公司都面臨著一系列複雜的權衡取捨。

It is not obvious that walking away from 300 millimeter positions because you have imperfect market share is the right answer to questions.

由於市場份額不完善而放棄 300 毫米位置並不是問題的正確答案。

It is not obvious how any of us can parallel process multiple nodes 300 millimeter investments with 450.

我們中的任何人如何用 450 並行處理多個節點 300 毫米投資並不明顯。

And, one of the dynamics that exists for the entire industry in a 450 millimeter transition that's different than 300 is you don't have everybody talk about all at the same time.

而且，在與 300 毫米不同的 450 毫米過渡中，整個行業存在的動態之一是你不會讓每個人同時談論所有問題。

Rather than shoot from the hip, which is what we would be doing at this point in the process, we have an analyst meeting scheduled for November, and we will take an action to give as much color as we can on this particular point without compromising the competitive position of the Company.

我們不會倉促行事，而這正是我們在這個過程中的這一點所做的，我們計劃在 11 月召開一次分析師會議，我們將採取行動，在不妥協的情況下，在這個特定的點上提供盡可能多的顏色公司的競爭地位。

Operator, we have time for two more quick questions.

接線員，我們有時間再回答兩個快速問題。

Ben Pang.

本龐。

On your 2013 assumption for wafer fab equipment spending, is there a difference in the relative growth rate of the etch 2012 to 2013 versus the products that you picked up from Novellus?

根據您對晶圓廠設備支出的 2013 年假設，2012 年至 2013 年蝕刻的相對增長率與您從 Novellus 購買的產品相比是否存在差異？

In terms of the market size, I would say no.

就市場規模而言，我會說不。

I think the types of things that are positive to the etch business in terms of 3D transitions, materials transitions, High-K metal gate transitions and patterning are relevant in the Novellus products as much as they are in etch and clean for Lam.

我認為在 3D 過渡、材料過渡、高 K 金屬柵極過渡和圖案化方面對蝕刻業務有利的事物類型與 Novellus 產品相關，就像它們在 Lam 的蝕刻和清潔方面一樣。

The one thing that potentially is slightly different, in relative terms, the Lam position in the areas that are impacted is relatively stronger than the Novellus position.

有一點可能略有不同，相對而言，Lam 在受影響地區的立場比 Novellus 的立場相對強。

But obviously, that's something we are working hard to address.

但顯然，這是我們正在努力解決的問題。

Okay.

好的。

My follow-up is you talked a little bit about the market share not changing too much.

我的後續行動是你談到了市場份額沒有太大變化。

What is your expectation for your ending market share for the clean?

您對清潔產品的最終市場份額有何期望？

Ending as --?

結尾為——？

Ending this year.

今年結束。

Ending 2012.

2012 年結束。

I think we'll be -- we said we are in the mid-20s level, frankly, as an approximate area for market share, and it's a pretty neutral year for us.

我認為我們會 - 我們說過我們處於 20 年代中期的水平，坦率地說，作為市場份額的近似區域，這對我們來說是相當中性的一年。

I would expect, to the question that was raised a little earlier, the market share momentum in the Company against the 5 to 10 percentage points of share that we're targeting over 3 to 5 years to begin the kick in next year.

對於之前提出的問題，我預計公司的市場份額勢頭將超過 5 到 10 個百分點，我們的目標是在 3 到 5 年內從明年開始。

Thank you very much.

非常感謝。

Weston Twigg, Pacific Crest Securities.

Weston Twigg，Pacific Crest Securities。

I'm curious a little bit, given the large increase in double patterning steps that we expect at 20 nanometer at the foundries, why you're not more bullish on the opportunity for etch to out perform or grow faster than (inaudible) in general?

我有點好奇，考慮到我們預計代工廠在 20 納米處雙圖案化步驟會大幅增加，為什麼你不更看好蝕刻的機會來表現或比一般情況下（聽不清）更快地增長？

Can you explain that?

你能解釋一下嗎？

As is always true, there's a lot of complexity to answering simple questions.

一如既往，回答簡單的問題有很多複雜性。

One of the things that we are very convicted on is that when you look at these transitions, the process time consequences to etch and clean and deposition are quite significant.

我們非常確信的一件事是，當您查看這些過渡時，蝕刻、清潔和沈積的工藝時間後果非常重要。

We have talked about in the 3D transition, generally a 5% to 15% process time increase.

我們已經談到在 3D 過渡中，通常會增加 5% 到 15% 的處理時間。

In the 28 to 20 foundry transition, we have talked about a meaningful 15% to 25% process time increase for the etch segment.

在 28 代工廠到 20 代工廠的過渡中，我們已經談到蝕刻部分的工藝時間增加了 15% 到 25%。

The challenge is how are everybody else's process times changing?

挑戰在於其他人的流程時間如何變化？

While we have really good knowledge about our business, we don't have really good knowledge about everybody else's business, number one.

雖然我們對我們的業務非常了解，但我們對其他人的業務並沒有真正了解，第一。

Number two, the ultimate consequence of all of this is defined on an income statement.

第二，所有這一切的最終結果都在損益表中定義。

And, what shows up on an income statement isn't process time, what shows up on an income statement is the sum of the invoices that you get paid by customers for.

而且，損益表上顯示的不是處理時間，損益表上顯示的是客戶為您支付的發票總和。

So, relative pricing road maps of customers and how that ultimately plays out is important.

因此，客戶的相對定價路線圖以及最終如何發揮作用很重要。

So very, very simple message.

非常非常簡單的信息。

We are very convicted about delivering a message that there is some positives in segments that we will benefit from in these transitions.

我們非常有信心傳達這樣一個信息，即我們將從這些過渡中受益的細分市場中有一些積極因素。

And, it is our job to make sure that we position that value very well at the customer, and then we get paid for it fairly.

而且，我們的工作是確保我們將這種價值很好地定位於客戶，然後我們會因此得到公平的報酬。

What that turns out to be and how it plays out is a function about what we do, what our customers do, and those of our peer groups as well.

結果是什麼以及它如何發揮作用取決於我們所做的事情、我們的客戶所做的事情以及我們同行群體的事情。

Complicated answer.

複雜的答案。

Okay, good, very helpful.

不錯不錯，很有幫助

Then, just a quick follow-up.

然後，只是一個快速的跟進。

Clarification of the Novellus contribution that was not recognized in terms of revenue.

澄清未按收入確認的 Novellus 貢獻。

Was that $37 million in fiscal Q4 that was not recognized?

第四財季的 3700 萬美元是否未被確認？

No, the $37 million actually represents the totality of revenue that Novellus had previously recorded.

不，這 3700 萬美元實際上代表了 Novellus 之前記錄的總收入。

There are two impacts for the quarter.

對本季度有兩個影響。

The first is the part of that revenue that would have been recognized.

第一個是本應確認的收入部分。

The second relates to the revenue recognition policy change.

二是收入確認政策變更。

So, I would estimate the totality of that for the quarter to be more in the range of $60 million to $65 million from a top line perspective.

因此，從頂線的角度來看，我估計本季度的總額將在 6000 萬至 6500 萬美元之間。

Okay.

好的。

Then, $100 million next quarter and then winding down by December?

然後，下個季度 1 億美元，然後在 12 月之前減少？

That's correct.

這是正確的。

Did you say that there are associated costs with that that you will break out for us each quarter?

您是否說過每個季度您都會為我們分攤相關費用？

We're certainly going to reconcile between GAAP and non-GAAP results the differences in the inventory values.

我們當然會調和 GAAP 和非 GAAP 結果之間的庫存價值差異。

So, that is what allowed us to make commentary that, relative to the guidance that we provide earlier, were it not for this change, you would have an improvement in margins by about 1 percentage point and the result in EPS impact of about $0.25.

因此，這就是我們能夠發表評論的原因，相對於我們之前提供的指導，如果不是這一變化，您的利潤率將提高約 1 個百分點，從而對每股收益產生約 0.25 美元的影響。

Okay, very helpful.

好的，很有幫助。

Thanks a lot.

多謝。

Thank you.

謝謝。

I'd now like to turn the call back over to management for closing remarks.

我現在想把電話轉回給管理層以作結束語。

Wonderful.

精彩的。

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

我要感謝大家今天加入我們。

The audio replay of today's call will be available on our website later this afternoon.

今天下午晚些時候將在我們的網站上提供今天電話會議的音頻重播。

And again, thank you for your interest in Lam Research.

再次感謝您對 Lam Research 的關注。

Ladies and gentlemen, that does conclude our conference for today.

女士們，先生們，我們今天的會議到此結束。

We would like to thank you for your participation, and you may now disconnect.

我們要感謝您的參與，您現在可以斷開連接。