科林研發 (LRCX) 2013 Q1 法說會逐字稿

Good day, ladies and gentlemen.

女士們，先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

Welcome to the Lam Research Corporation September 2012 quarterly results conference call.

歡迎參加林研究公司 2012 年 9 月季度業績電話會議。

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

在今天的演示中，所有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)

（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, Brittany.

謝謝你，布列塔尼。

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

大家下午好，歡迎參加 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 和高級副總裁兼首席財務官 Ernie Maddock。

Shortly, Ernie will discuss financial results for the September 2012 quarter, and Martin will then share Lam's business outlook for the December 2012 quarter before we open the call for Q&A.

不久，Ernie 將討論 2012 年 9 月季度的財務業績，然後 Martin 將在我們開始問答之前分享 Lam 對 2012 年 12 月季度的業務前景。

The press release detailing our financial results was distributed over wire services shortly after 1.00 PM this afternoon and is also available on our website at lamresearch.com.

詳細介紹我們財務業績的新聞稿在今天下午 1 點後不久通過有線服務分發，也可以在我們的網站 lamresearch.com 上找到。

Today's call contains certain forward-looking statements including those related to our expectations for the global macroeconomic environment, market size, wafer fabrication equipment spending, the revenue expectations of shipments to our Japanese customers, technology trends and transitions that may affect our business, 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 expectations of the benefits resulting from our Novellus acquisition, our intentions for research and development activities, our contemplated tax rate and our forecast of market share, shipments, revenues, expenses, margins, operating profits, share repurchase activities, earnings per share, and cash generation, both on a GAAP and on a 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、市場規模、晶圓製造設備支出、向日本客戶出貨的收入預期、可能影響我們的業務、市場份額的技術趨勢和轉型的預期相關的陳述變化、消費者需求、客戶支出和行為，以及將影響這些預期的因素，以及我們的支出預測、我們的投資計劃、我們的業務戰略、我們對收購 Novellus 產生的收益的預期、我們的研發意圖活動、我們的預期稅率和我們對市場份額、出貨量、收入、費用、利潤率、營業利潤、股票回購活動、每股收益和現金產生的預測，無論是在公認會計原則還是在非公認會計原則基礎上，以及作為公司期望、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, as well as on our most recently filed Form 10-K 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以及我們最近提交的表格 10 中找到-K 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，公司不承擔更新任何前瞻性陳述的義務。

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.

本次電話會議計劃持續到下午 3 點，我們要求您將問題限制在每家公司一個，並進行簡短的跟進。

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

有了這個，我會把電話轉給你，厄尼。

Thank you, Shanye, and good afternoon, everyone.

謝謝山野，大家下午好。

I'm pleased to report good results for the quarter ended September 23.

我很高興報告截至 9 月 23 日的季度業績良好。

All metrics mentioned on today's call are for the combined Company, and as a reminder, the September quarter results include a full quarter of merger-related activity while any June quarter comparisons reflect only 20 days worth.

今天電話會議中提到的所有指標均適用於合併後的公司，提醒一下，9 月份的季度業績包括與合併相關的整個季度的活動，而 6 月份的任何季度比較僅反映 20 天的價值。

Total shipments were $935 million for the September quarter, up 15% from the June quarter and within our previously guided range.

9 月季度的總出貨量為 9.35 億美元，比 6 月季度增長 15%，在我們之前的指導範圍內。

As expected, we did see a slight broadening of customers across multiple segments, and to that point, for the September quarter, approximately 20% of our system shipments were for technology nodes greater than 4x while the remainder of approximately 80% were for applications at the sub-4x technology node.

正如預期的那樣，我們確實看到多個細分市場的客戶略有擴大，到那時，在 9 月季度，我們的系統出貨量中大約 20% 用於大於 4 倍的技術節點，而其餘的大約 80% 用於應用低於 4x 的技術節點。

Segment data is as follows.

段數據如下。

Foundry shipments accounted for 48% of total system shipments while the memory segment accounted for 42% of total system shipments which includes NAND at 22%, DRAM at 19%, and other memory at 1%.

代工出貨量佔系統總出貨量的 48%，而內存部分佔系統總出貨量的 42%，其中 NAND 佔 22%，DRAM 佔 19%，其他內存佔 1%。

Constituting the balance, Logic and other were 10% of total system shipments.

構成餘額的邏輯和其他佔系統總出貨量的 10%。

Revenue in the September quarter was $907 million, up 22% sequentially and in line with our expectations for the quarter.

9 月季度的收入為 9.07 億美元，環比增長 22%，符合我們對該季度的預期。

Non-GAAP gross margin was 44.4%, up 2.3 percentage points from the prior quarter and exceeding the high-end of our guidance range primarily due to solid operational execution and a more favorable product and customer mix.

非美國通用會計準則毛利率為 44.4%，比上一季度增長 2.3 個百分點，超過了我們指導範圍的高端，這主要是由於穩健的運營執行以及更有利的產品和客戶組合。

Non-GAAP operating expenses for the quarter were approximately $284 million, up sequentially from $215 million in June.

本季度非美國通用會計準則運營費用約為 2.84 億美元，高於 6 月份的 2.15 億美元。

A more instructional comparison would be the performance of the two companies on a standalone basis during the March quarter where combined expenses totaled $293 million.

更具指導意義的比較是兩家公司在 3 月季度的獨立業績，合併費用總計 2.93 億美元。

Between $5 million and $6 million of the reduction relates to the achievement of OpEx-related synergies while the remainder relates to lower stock compensation expense associated with merger-related acceleration of equity awards.

減少的 500 萬至 600 萬美元與實現與運營支出相關的協同效應有關，而其餘的減少與與合併相關的股權獎勵加速相關的較低的股票補償費用有關。

The combination of higher gross margins and lower operating expenses resulted in non-GAAP operating income of $118 million, and non-GAAP operating margin of 13%, exceeding the high-end of our guidance range.

較高的毛利率和較低的運營費用相結合，導致非美國通用會計準則營業收入為 1.18 億美元，非美國通用會計準則營業利潤率為 13%，超過了我們指導範圍的高端。

Relative to our expectations for the quarter, non-GAAP other expenses of $2.2 million was favorably impacted by foreign currency adjustments and interest income.

相對於我們對本季度的預期，220 萬美元的非 GAAP 其他費用受到外匯調整和利息收入的有利影響。

Our non-GAAP tax rate for the quarter was 16.3% compared to 16.9% in the June quarter, and presently, we are still expecting a fiscal year, non-GAAP tax rate in the mid-teens.

我們本季度的非 GAAP 稅率為 16.3%，而 6 月季度為 16.9%，目前，我們仍預計本財年的非 GAAP 稅率在十幾歲左右。

Should the federal R&D tax credit be extended prior to our fiscal year-end, this rate would be reduced to the lower teens.

如果聯邦研發稅收抵免在我們的財政年度結束之前延長，這個稅率將降低到較低的青少年。

Based on a share count of approximately 182 million shares, September quarter non-GAAP earnings per share were $0.53 exceeding the high-end of this quarter's guidance by $0.06.

根據大約 1.82 億股的股票數量，9 月季度非公認會計原則每股收益為 0.53 美元，比本季度指引的高端高 0.06 美元。

Moving now to the balance sheet, we ended the quarter with cash and short-term investments, including restricted cash and investments of $2.9 billion versus $3 billion in the prior quarter with our cash generation for the quarter being offset by our ongoing share repurchase program.

現在轉到資產負債表，我們以現金和短期投資結束了本季度，包括限制性現金和 29 億美元的投資，而上一季度為 30 億美元，我們本季度的現金產生被我們正在進行的股票回購計劃所抵消。

Day sales outstanding for the September quarter were 64, and inventory turns were 4.0.

9 月季度的日銷售額為 64，庫存周轉率為 4.0。

As you know, we did not report these metrics for the June quarter as the 20-day step period related to the Novellus transaction caused these metrics to be unhelpful.

如您所知，我們沒有報告 6 月季度的這些指標，因為與 Novellus 交易相關的 20 天步驟期導致這些指標沒有幫助。

During the September quarter, these metrics for the combined Company are aligned with normalized levels, and for comparison, DSO for the March quarter for Lam standalone were 65 days, and inventory turns were 4.2.

在 9 月季度，合併後公司的這些指標與標準化水平一致，相比之下，Lam 獨立公司 3 月季度的 DSO 為 65 天，庫存周轉率為 4.2。

We ended the quarter with deferred revenue of $364 million, excluding approximately $21 million in the shipments to Japanese customers that will revenue in future quarters.

我們在本季度末的遞延收入為 3.64 億美元，其中不包括將在未來幾個季度獲得收入的向日本客戶發貨的約 2100 萬美元。

Cash from operations was $249 million, or 27% of revenue in the September quarter, and we currently expect that as a percentage of revenue, CY '13 cash from operations will approximate CY '13 non-GAAP operating income.

運營現金為 2.49 億美元，佔 9 月季度收入的 27%，我們目前預計 CY '13 運營現金佔收入的百分比將接近 CY '13 非公認會計準則營業收入。

Combined Company non-cash expense includes, among other items, $24 million for equity compensation, $45 million for amortization, and $30 million for depreciation.

合併後的公司非現金支出包括 2400 萬美元的股權補償、4500 萬美元的攤銷和 3000 萬美元的折舊。

Capital expenditures were $44 million, and we exited the quarter with approximately 6,600 regular full-time employees.

資本支出為 4400 萬美元，我們在本季度結束時擁有約 6,600 名正式全職員工。

Lastly, I'd like to provide an update on our ongoing share repurchase activity.

最後，我想提供有關我們正在進行的股票回購活動的最新信息。

During the September quarter, we spent approximately $344 million repurchasing shares and took delivery of about 12 million shares of common stock, which includes just over 2 million shares received in conjunction with our June quarter expenditures under structured repurchase programs.

在 9 月季度，我們花費了大約 3.44 億美元回購股票並接收了約 1200 萬股普通股，其中包括在結構性回購計劃下與我們 6 月季度支出一起收到的略高於 200 萬股的股票。

As indicated previously, our activity during the quarter was more systematic in nature, and we now expect to complete a significant majority of our $1.6 billion share repurchase during 2012.

如前所述，我們在本季度的活動在本質上更加系統化，我們現在預計將在 2012 年完成 16 億美元股票回購中的大部分。

With that, I'll turn it over to Martin.

有了這個，我會把它交給馬丁。

Thank you, Ernie, and good afternoon, everyone.

謝謝你，厄尼，大家下午好。

Despite well-publicized adverse market conditions recently and the associated ongoing cyclical pressures, Lam delivered on all key customer and financial commitments for the September quarter.

儘管最近廣為人知的不利市場狀況和相關的持續週期性壓力，林在 9 月季度兌現了所有主要客戶和財務承諾。

These achievements reflect incredible levels of commitment from our employees worldwide, continued focus on operational execution, and the unwavering focus on our customers and our strategic growth objectives.

這些成就反映了我們全球員工令人難以置信的承諾水平、對運營執行的持續關注以及對客戶和戰略增長目標的堅定不移的關注。

We're very pleased with our progress.

我們對我們的進步感到非常滿意。

First, today, I'll briefly update our views on the industry.

首先，今天，我將簡要更新我們對行業的看法。

Since our last call, a number of customers lowered their investment plans for the balance of this calendar year.

自我們上次電話會議以來，許多客戶降低了本日曆年餘額的投資計劃。

Accordingly, we have further lowered our 2012 wafer fabrication equipment spending outlook to a $28 billion to $29 billion range.

因此，我們進一步將 2012 年晶圓製造設備支出預期下調至 280 億美元至 290 億美元之間。

Having essentially met September guidance, this adjustment impacts the December 2012 quarter significantly, particularly in the area of shipments.

在基本達到 9 月份的指導後，這一調整對 2012 年 12 月的季度產生了重大影響，尤其是在出貨方面。

Again, the NAND segments accounted for the vast majority of this latest series of spend reductions, as manufacturers continue to react to the pricing environments and their view of supply and demand.

同樣，隨著製造商繼續對定價環境和他們的供需觀點做出反應，NAND 部門在最新的一系列支出削減中佔了絕大多數。

Given the decrease in new capacity additions planned for the balance of calendar '12, we think it is likely they exit this year with very tight NAND device supply which bodes well for a resurgence of spending in calendar '13, probably in the first half.

鑑於計劃在 '12 日曆餘額中增加的新產能減少，我們認為他們今年可能會因 NAND 設備供應非常緊張而退出，這預示著 '13 日曆可能會在上半年重新開始支出。

Clearly, there is some evidence we are already seeing the impact of this supply situation in NAND ASPs, which have started to increase over this past quarter.

顯然，有一些證據表明我們已經看到了這種供應情況對 NAND ASP 的影響，在過去的這個季度，這種供應情況已經開始增加。

This is an important reference point for confidence in future capacity expansion.

這是對未來產能擴張信心的重要參考點。

While it is still too early too accurately forecast 2013 WFE spend to any significant detail, our initial analysis still supports the prospect for spending once again to be within a range of $30 billion.

雖然現在預測 2013 年 WFE 支出的任何重要細節還為時過早，但我們的初步分析仍然支持支出再次在 300 億美元範圍內的前景。

Smartphones, tablets, and SSDs support the need for new NAND capacity and additional leading-edge Foundry and Logic investments.

智能手機、平板電腦和 SSD 支持對新 NAND 容量和額外領先的 Foundry 和 Logic 投資的需求。

These drivers are also positive for mobile DRAM demand.

這些驅動因素也對移動 DRAM 需求有利。

However, projections for PC unit growth and DRAM content growth continue to be modest, resulting in another year of limited DRAM equipment spending, most likely.

然而，對 PC 單位增長和 DRAM 內容增長的預測仍然是溫和的，這很可能導致又一年有限的 DRAM 設備支出。

Considering the fundamentals of WFE capacity and our understanding of demand for electronics products, we would characterize the 2013 WFE spend to have more potential for upside than risk.

考慮到 WFE 產能的基本面以及我們對電子產品需求的理解，我們認為 2013 年 WFE 支出的上行潛力大於風險。

Needless to say, the often unrelated macro influences independent of the semiconductor cycle are significance to the risk and upside, both.

不用說，與半導體週期無關的通常不相關的宏觀影響對風險和上行都具有重要意義。

As you might expect in this environment, Lam is even more focused on executing well, managing short-term volatility, but staying the course on the primary elements of our longer term market share growth objectives.

正如您在這種環境下所期望的那樣，Lam 更加專注於執行良好、管理短期波動，但仍堅持我們長期市場份額增長目標的主要要素。

We'll spend more time in our upcoming Analyst Meeting in November focused on communicating progress to date on these long-term items, characterizing their magnitude, and the probability of our excess -- our success exploiting market opportunities and technology inflections.

我們將在 11 月即將召開的分析師會議上花費更多時間，重點關注這些長期項目迄今為止的進展情況，描述它們的規模以及我們過度使用的可能性——我們利用市場機會和技術變化取得的成功。

In calendar year 2013, we expect customers to begin ramping capacity additions for the N-plus one technology node, which includes the transition to 14-nanometer for Logic and 20-nanometer for Foundry.

在 2013 日曆年，我們預計客戶將開始為 N+one 技術節點增加產能，其中包括向 Logic 的 14 納米和 Foundry 的 20 納米過渡。

Potential 3D NAND's pilot line investments could also begin late in the year, but primarily, we are assuming a planar-based memory WFE for now.

潛在的 3D NAND 試驗線投資也可能在今年晚些時候開始，但主要是，我們目前假設是基於平面的內存 WFE。

For Lam, these transitions represent key opportunities and support achieving our stated market share growth objectives.

對 Lam 而言，這些轉變代表了關鍵機遇，並支持我們實現既定的市場份額增長目標。

We are pleased with our progress.

我們對我們的進步感到高興。

It goes without saying that successfully defending existing positions is the most critical foundation of market share sustainability.

不言而喻，成功捍衛現有職位是市場份額可持續性的最關鍵基礎。

Building off that foundation with targeted application penetrations to gain share is our proven growth model.

通過有針對性的應用程序滲透來建立這一基礎以獲得份額是我們經過驗證的增長模式。

In etch, clean, and deposition, we continue to defend positions well.

在蝕刻、清潔和沈積方面，我們繼續很好地捍衛陣地。

We believe that approximately 70% of the critical N-plus one technology node tool selection decisions have been made at this time, and on that basis, we would estimate our application-based market share for etch, clean and deposition in the low 50s, low to mid-20s, and mid-20s percentage range, respectively.

我們認為，此時大約 70% 的關鍵 N 加一技術節點工具選擇決策已經做出，在此基礎上，我們將估計我們在 50 年代末基於應用的蝕刻、清潔和沈積市場份額，分別在 20 年代中期和 20 年代中期的百分比範圍內。

Especially in etch and deposition, recent selection decisions by our customers have demonstrated good progress towards our goals.

尤其是在蝕刻和沈積方面，我們客戶最近的選擇決定表明我們朝著我們的目標取得了良好的進展。

In clean, we are now more focused on N-plus two transitions with the planned release of our next generation product next year.

在清潔方面，我們現在更專注於 N+ 兩個過渡，併計劃在明年發布我們的下一代產品。

In the remaining 30% of N-plus one decisions available and N-plus two decisions that will be made in earnest throughout next year, we are targeting additional growth hinged around key technology inflections consistent with achieving our three- to five-year targeted market share growth objectives of 3- to 5-plus percentage points for etch, 5 to 10 percentage points for clean, and 4 to 8 percentage points for deposition.

在剩下的 30% 的 N+1 決策和 N+2 決策中，將在明年認真做出，我們的目標是實現額外增長，這取決於與實現我們的三到五年目標市場相一致的關鍵技術變化蝕刻增長 3 到 5 個百分點，清潔增長 5 到 10 個百分點，沉積增長 4 到 8 個百分點。

In etch, as market share leader for the conductor segments and particularly for critical patenting processes, Lam stands to benefit from the growing number of patenting steps in next-generation Foundry and memory devices.

在蝕刻領域，作為導體領域，特別是關鍵專利工藝的市場份額領導者，Lam 將受益於下一代鑄造和存儲設備中越來越多的專利步驟。

In single wafer clean, we have a position of leadership in back-end of line applications and are now focused on delivering enhanced productivity and differentiated process results to better compete for a broader range of applications including the front-end cleans.

在單晶圓清潔方面，我們在生產線後端應用中處於領先地位，現在專注於提供更高的生產力和差異化的工藝結果，以更好地競爭包括前端清潔在內的更廣泛的應用。

Since the last earnings call, our design solutions have generated considerable interest from leading device manufacturers with the promise for delivering a flexible architecture and on way for performance capabilities aligned with their roadmaps.

自上次財報電話會議以來，我們的設計解決方案引起了領先設備製造商的極大興趣，並承諾提供靈活的架構，並在實現與他們的路線圖一致的性能能力方面取得進展。

Decisions for clean process steps often come later in the selection process as we talked about previously, and we believe there are still opportunities to capture new applications at the N-plus one technology node.

正如我們之前談到的，清潔工藝步驟的決定通常在選擇過程的後期進行，我們相信仍然有機會在 N+one 技術節點上捕獲新的應用程序。

In deposition, Lam holds the leading position for critical back-end of line interconnect processes, including diffusion barriers, ultra low-k film curing, and copper fill.

在沉積方面，Lam 在關鍵的後端互連工藝（包括擴散阻擋層、超低 k 薄膜固化和銅填充）方面處於領先地位。

The complexity in some cases -- the number of innerconnect layers is increasing, which requires more deposition systems to process the same number of wafers.

某些情況下的複雜性——內部連接層的數量正在增加，這需要更多的沉積系統來處理相同數量的晶圓。

As a newly formed combined Company, we -- Lam and Novellus are more competitive together, and the timing of our transaction fits well with industry transitions.

作為一家新成立的合併公司，我們 -- Lam 和 Novellus 一起更具競爭力，我們的交易時機非常適合行業轉型。

Illustratively, the 3D NAND devices roadmap represents a significant growth opportunity for both etch and depositions.

舉例來說，3D NAND 設備路線圖代表了蝕刻和沈積的重要增長機會。

Sometimes together through adjacent process leverage.

有時通過相鄰的流程槓桿作用一起。

Repeatable and precise process capabilities are critical to 3D NAND device performance.

可重複和精確的工藝能力對於 3D NAND 設備的性能至關重要。

Our ability to etch high aspect ratio structures and deposit atomically smooth film stacks, both uniformly and repeatedly, position us well for opportunities in dielectric etch and PECVD both.

我們能夠均勻地和重複地蝕刻高縱橫比結構和沈積原子級光滑的薄膜疊層，這使我們在電介質蝕刻和 PECVD 方面都有很好的機會。

Overall, we're delighted by the interaction and excitement shared among our combined engineering and field organizations.

總的來說，我們對我們聯合的工程和現場組織之間的互動和興奮感到高興。

More by the results already evidence to identify and develop strategies for accelerating Lam's growth.

更多的結果已經證明可以確定和製定加速 Lam 增長的策略。

Worthy of note, we are already targeting incremental revenues in calendar '13 in excess of our stated synergy cost reductions.

值得注意的是，我們的目標是在 13 年日曆中增加收入，超過我們聲明的協同成本削減。

We continue to execute plans to combine our key business processes, management systems and infrastructure.

我們將繼續執行計劃，以結合我們的關鍵業務流程、管理系統和基礎設施。

The magnitude of these project is sizable and includes among other areas, the integration of both Companies' IT infrastructures, HR platforms, and the integration of our ERP systems and processes.

這些項目的規模相當大，其中包括兩家公司的 IT 基礎設施、人力資源平台的整合，以及我們的 ERP 系統和流程的整合。

We completed a thorough assessment of these projects early on and have developed plans which address potential risks.

我們很早就完成了對這些項目的全面評估，並製定了應對潛在風險的計劃。

I'm pleased with the pace and progress of our efforts so far, which we are largely targeting to complete by mid-2013, when a number of step function cost synergy actions become possible.

到目前為止，我對我們工作的速度和進展感到滿意，我們的主要目標是在 2013 年年中完成，屆時許多階梯函數成本協同行動成為可能。

Since closing the Novellus transaction in early June, we've made significant progress against our cost synergy targets.

自 6 月初完成 Novellus 交易以來，我們在實現成本協同目標方面取得了重大進展。

We are rationalizing our infrastructure at the executive level and across our regional management team and support organizations.

我們正在執行層以及我們的區域管理團隊和支持組織中合理化我們的基礎設施。

We are nearly complete in our efforts to consolidate field offices and spares depots worldwide.

我們在全球範圍內整合外地辦事處和備件庫的工作已接近完成。

We have started to eliminate duplicate corporate fees relating to outside services, and we have successfully concluded initial cost savings negotiations with a number of key material suppliers.

我們已經開始消除與外部服務相關的重複公司費用，並且我們已經成功地完成了與一些主要材料供應商的初步成本節約談判。

To date, these actions have resulted in annualized cost savings of approximately $25 million.

迄今為止，這些行動每年節省了大約 2500 萬美元的成本。

Our strategy is to run the Company at a lower combined cost than the two standalone Companies would have done separately, remaining committed to long-term growth and where necessary, sustained long-term investments.

我們的戰略是以低於兩家獨立公司單獨運作的綜合成本運營公司，繼續致力於長期增長，並在必要時進行持續的長期投資。

Subsequent to our prior earnings call, we'd received a number of questions about CY '13 operating expenses.

在我們之前的財報電話會議之後，我們收到了一些關於 CY '13 運營費用的問題。

We plan to deliver a comprehensive commentary on this at our November Analyst Meeting, but for now, want to convey some important headlines.

我們計劃在 11 月的分析師會議上對此發表全面的評論，但現在，我們想傳達一些重要的頭條新聞。

The combined Company cost baseline for the first half of calendar 2012 was approximately $295 million per quarter in OpEx.

2012 年上半年的合併公司成本基準為每季度大約 2.95 億美元的運營支出。

Standalone Lam had essentially capped operating expenses for calendar '12 to $200 million per quarter, and Novellus, $100 million.

獨立的 Lam 基本上將 12 日曆的運營費用限制為每季度 2 億美元，Novellus 為 1 億美元。

The combined Company targeted cost synergies are $100 million annualized effective at the end of calendar '13.

合併後的公司目標成本協同效應為 1 億美元，自 13 年日曆年末生效。

Approximately 50% of those synergies are planned in operating expenses.

這些協同效應中約有 50% 計劃用於運營費用。

The new quarterly operating expense cap is less than $305 million for -- per quarter for the combined Company in calendar '13, which would apply to the $1 billion quarterly revenue level.

在 13 年日曆中，合併後的公司每季度的新季度運營費用上限低於 3.05 億美元，這將適用於 10 億美元的季度收入水平。

This amount would include our anticipated cost synergies.

該金額將包括我們預期的成本協同效應。

It would fund above-market growth and would accommodate ramping 450-millimeter equipment development.

它將為高於市場的增長提供資金，並將適應不斷擴大的 450 毫米設備開發。

Initial modeling should assume a graduated progression through the year.

初始建模應假定全年逐步發展。

Customary quarterly guidance will, of course, be available, ongoing.

當然，常規的季度指導將持續可用。

We anticipate, at least currently, only modest OpEx expansion in subsequent years.

我們預計，至少目前，隨後幾年的運營支出只會適度擴張。

This balanced approach to managing costs while continuing to invest for future growth is crucial in today's rapidly changing business climates and with high risk and reward industry inflections.

這種平衡的成本管理方法，同時繼續投資於未來的增長，在當今瞬息萬變的商業環境以及高風險和高回報的行業變化中至關重要。

We feel that this target optimizes short- and long-term performance appropriately.

我們認為這個目標適當地優化了短期和長期績效。

Turning now to our outlook for the December 2012 quarter, our non-GAAP guidance is as follows.

現在轉向我們對 2012 年 12 月季度的展望，我們的非公認會計準則指導如下。

Shipments of $800 million, plus or minus $30 million.

出貨量 8 億美元，上下浮動 3000 萬美元。

Revenues of $850 million, plus or minus $30 million.

收入為 8.5 億美元，上下浮動 3000 萬美元。

Gross margin at 44%, plus or minus 1%.

毛利率為 44%，上下浮動 1%。

Operating profit at 11%, plus or minus 1.5%.

營業利潤為 11%，正負 1.5%。

And, earnings per share of $0.45, plus or minus $0.07, based on a share count of approximately 172 million shares.

並且，根據大約 1.72 億股的股票數量，每股收益為 0.45 美元，上下浮動 0.07 美元。

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

有了這個，厄尼和我很樂意回答你的問題。

(Operator Instructions)

（操作員說明）

Patrick Ho, Stifel Nicholas.

帕特里克·何，Stifel Nicholas。

Nice quarter by you guys.

你們的好季度。

First, in terms of the outlook for the December quarter, can you just give a little color in terms of percentages what you're expecting in terms of the different customer groups?

首先，就 12 月季度的前景而言，您能否就不同客戶群體的預期百分比給出一點顏色？

Yes.

是的。

For sure.

當然。

As you might expect, relative to the shipments breakdown, there's a fair amount of intensity around Foundry and Logic/Other.

如您所料，相對於出貨量細分，Foundry 和 Logic/Other 的強度相當大。

I would assume that about a 50% profile for foundries, 25% level for logic/other, and about 25% with memory.

我假設代工廠佔 50%，邏輯/其他佔 25%，內存佔 25%。

And, within that memory set, a pretty heavy weighting towards DRAM upgrades is the profile that we see right now.

而且，在該內存集中，我們現在看到的配置文件對 DRAM 升級的影響很大。

Great.

偉大的。

The Foundries moved to both the 28- and the 20-nanometer nodes.

Foundries 遷移到 28 和 20 納米節點。

You're seeing the increased talk about going to FinFET technology for the foundries.

您會看到越來越多的關於為代工廠採用 FinFET 技術的討論。

Can you give a little bit of color of where Lam is well positioned in terms of that process technology?

您能否介紹一下 Lam 在該工藝技術方面的優勢？

And, where you think you can gain share?

而且，你認為你可以在哪裡獲得份額？

Yes.

是的。

I guess the first -- I'll break that into two components -- 28 to 20.

我猜是第一個——我會把它分成兩個部分——28 到 20。

As I think we've articulated previously, that's a pretty expensive transition for the foundries.

正如我認為我們之前已經闡明的那樣，對於代工廠而言，這是一個相當昂貴的過渡。

I think the estimates were between 1.3 and 1.4 times in terms of cost.

我認為就成本而言，估計值在 1.3 到 1.4 倍之間。

And, our best estimates in terms of impact on the etch SAM are between a 25% and a 35% increase in spending.

而且，我們對蝕刻 SAM 的影響的最佳估計是支出增加 25% 到 35% 之間。

Naturally, the types of challenges around metal hard mask transitions in that node are definitely appealing to the natural strengths of the Company in terms of conductor etch.

自然地，該節點中圍繞金屬硬掩模過渡的挑戰類型肯定會吸引公司在導體蝕刻方面的天然優勢。

And certainly, that's a very positive headline for the Company.

當然，這對公司來說是一個非常積極的標題。

As you move towards the FinFET transition, obviously there's some announcements around adoption of the 16-nanometer or sometimes referred to 18-nanometer node.

隨著您向 FinFET 過渡，顯然有一些關於採用 16 納米或有時稱為 18 納米節點的公告。

And again, the types of profile challenges that exist with a vertical structure naturally exploits the strengths of the Company conductor etch in the Logic space but also demonstrated performance in high aspect ratio features in some of the memory applications as well.

同樣，垂直結構中存在的輪廓挑戰類型自然利用了公司導體蝕刻在邏輯空間中的優勢，但也在某些存儲器應用中展示了高縱橫比特徵的性能。

So, we're feeling pretty good about the impact on our SAM in those transitions, which we think is kind of pretty close to the average WFE transitions for the industry for the 28 to 20, maybe a little less in the case of etch as I just spoke to.

因此，我們對這些過渡對 SAM 的影響感覺非常好，我們認為這與 28 到 20 年行業的平均 WFE 過渡非常接近，在蝕刻的情況下可能會少一點我剛剛和我談過。

And, the FinFET transition for us is probably a 15% increase in SAM.

而且，對我們來說，FinFET 過渡可能是 SAM 增加了 15%。

So, good position and good impact in terms of SAM opportunity.

因此，就 SAM 機會而言，良好的位置和良好的影響。

Great.

偉大的。

Thank you.

謝謝你。

Vishal Shah, Deutsche Bank.

德意志銀行的維沙爾·沙阿。

Martin, I just wanted to follow up on your comment on the 2013 CapEx outlook.

馬丁，我只是想跟進您對 2013 年資本支出前景的評論。

Can you talk about your assumptions for both memory and logic foundry spending in that $30 million number?

您能否談談您對 3000 萬美元的內存和邏輯代工廠支出的假設？

And then, I have a follow-up.

然後，我有一個跟進。

Thank you.

謝謝你。

I guess the first thing to say is we assume both memory and logic and foundry spend money next year.

我想首先要說的是我們假設明年內存和邏輯和代工廠都會花錢。

As I think we've articulated probably in equal measure through the year, the breakdown that we're assuming for 2012 WFE is about $8 billion of memory, $5 billion of microprocessor, $12 billion of foundry, and $3 billion logic/other.

正如我認為我們在這一年中可能以同等程度闡明的那樣，我們假設 2012 年 WFE 的細分約為 80 億美元的內存、50 億美元的微處理器、120 億美元的代工和 30 億美元的邏輯/其他。

The principal change we believe that exists in terms of segments, if you buy into the $30 billion that we've just described, is that memory is a little stronger.

如果您購買我們剛剛描述的 300 億美元，我們認為存在於細分市場方面的主要變化是記憶力更強一些。

It goes from the $8 billion level to the $10 billion level.

它從 80 億美元的水平上升到 100 億美元的水平。

That's the placeholder we're assuming.

這就是我們假設的佔位符。

And, there are a couple of reasons for that.

而且，有幾個原因。

One of them is that with the assumptions we're making on DRAM bit growth, and I think they're consistent with consensus -- is slightly stronger bit growth next year -- the high 30s.

其中之一是我們對 DRAM 位增長做出的假設，我認為它們與共識一致——明年位增長略強——30 年代的高位。

And, I'm seeing some memory companies perhaps even speak to a little bit better in some instances.

而且，我看到一些內存公司在某些情況下甚至可能會說得更好一些。

So, we're assuming high 30s on the back of a 30% 2012 year.

因此，我們假設在 2012 年 30% 的背景下達到 30 多歲。

And, despite the current environment that we're in with NAND, when we look at the construct of today's install base and think through the 50% bit growth assumption for 2013, we would estimate that there will be about 150,000 wafer starts of capacity addition next year and about 450,000 wafer starts of capacity conversion.

而且，儘管我們目前處於 NAND 的環境中，但當我們查看當今安裝基礎的結構並考慮 2013 年 50% 的位增長假設時，我們估計將有大約 150,000 片晶圓開始增加產能明年約45萬片晶圓開始產能轉換。

And, that is a slightly richer ratio bias to the additions than existed in calendar '12.

而且，這比 '12 日曆中存在的添加比例偏差稍微豐富一些。

Calendar '12 was the most efficient year in NAND history, certainly in the last three years relative to the mix of addition and conversion.

'12 年日曆是 NAND 歷史上效率最高的一年，當然在過去三年中，相對於添加和轉換的組合而言。

And, the 150,000 wafer start number that I just said is our assumption for next year NAND additions -- it's still meaningfully less than the additions that were made in 2011 and 2010.

而且，我剛才所說的 150,000 晶圓開始數量是我們對明年 NAND 增加量的假設——它仍然明顯低於 2011 年和 2010 年的增加量。

That's very helpful, thank you.

這很有幫助，謝謝。

Just one other follow-up, if let's say industry -- WFE is up 10% next year.

只是另一個後續行動，如果讓我們說行業 - WFE 明年上漲 10%。

In that scenario, how do you think about Lam's revenue growth given the rising etch intensity at 20-nanometer?

在這種情況下，鑑於 20 納米的蝕刻強度不斷提高，您如何看待 Lam 的收入增長？

Thank you.

謝謝你。

I think I framed the first part of the answer to the question for you in terms of the SAM expansion so you're going to have to build the construct from that because we're not about to launch into giving guidance for the calendar year revenues.

我想我在 SAM 擴展方面為您構建了問題答案的第一部分，因此您將不得不從中構建結構，因為我們不會開始為日曆年收入提供指導.

But, I think the message in terms of SAM expansion through the 28 and the 20 transition for foundry and the opportunity through the memory roadmap is positive.

但是，我認為 SAM 通過 28 年和 20 年過渡對代工廠的擴展以及通過內存路線圖帶來的機會方面的信息是積極的。

And, the N plus one market share numbers that I presented to you in my prepared comments were all positive to the current baseline.

而且，我在準備好的評論中向您展示的 N 加 1 市場份額數字都對當前基準是積極的。

So, you know what we are targeting to achieve.

所以，你知道我們的目標是實現什麼。

And, certainly in the second half of next year, N plus one will begin to feature in spending of WFE.

而且，肯定在明年下半年，N+1 將開始在 WFE 的支出中出現。

Thank you so much.

太感謝了。

Chris Blansett, JPMorgan.

摩根大通的克里斯·布蘭塞特。

Couple quick ones.

幾個快速的。

Martin, you seem to be more positive on near-term Etch and Deposition share gain than you do on Clean.

馬丁，你似乎對近期的蝕刻和沈積份額收益比對清潔更積極。

What types of customers or what types of applications do you think you will gain share at in those products over the next year or two?

您認為未來一兩年內您將在這些產品中獲得哪些類型的客戶或哪些類型的應用程序？

Well, the good news is I seem to be more positive because I am a little bit more positive, at least in the near-term.

好吧，好消息是我似乎更積極，因為我更積極一點，至少在短期內是這樣。

As I described before, I feel really good about the competitive strength for the Company in Clean in the back-end of line.

正如我之前所描述的，我對公司在後端清潔領域的競爭實力感到非常滿意。

But, until we have our next-generation product, we're not going to have the competitive differentiation that I think will deliver the traction in market share gain in Clean.

但是，在我們擁有下一代產品之前，我們不會擁有競爭差異化，我認為這種差異化會帶來清潔市場份額增長的牽引力。

And, that's something that will be with us, targeted in the middle of next year.

而且，這將是我們的目標，目標是明年年中。

For Etch, well positioned in terms of 28 to 20 transitions.

對於 Etch，在 28 到 20 次轉換方面定位良好。

As I said, 70% of the decisions, the N plus one decisions for critical applications, we believe, are pretty complete at this point in time.

正如我所說，我們認為 70% 的決策，即針對關鍵應用程序的 N 加一決策，目前已經相當完整。

So, we have reasonably good data on the etch position in foundry and the patterning layers and hardmask steps in that transition are very beneficial to us given the natural strength for the Company in conductor etch.

因此，鑑於公司在導體蝕刻方面的自然實力，我們在鑄造廠的蝕刻位置方面擁有相當好的數據，並且該過渡中的圖案化層和硬掩模步驟對我們非常有利。

Deposition, as I mentioned, it's really all about back-end of line process diffusion barrier, copper fill.

正如我所提到的，沉積實際上是關於生產線工藝擴散屏障的後端，銅填充。

Very strong market share positions for the Company as a baseline.

公司非常強大的市場份額地位作為基準。

The ECD position of the Company is about a 70% market share so we're coming from a position of strength, and that's obviously a very, very important foundation.

公司的 ECD 地位約為 70% 的市場份額，因此我們處於強勢地位，這顯然是一個非常非常重要的基礎。

Last question was tied to residual Novellus revenue prior to the acquisition.

最後一個問題與收購前的剩餘 Novellus 收入有關。

I wanted to know how that plays into your guidance for the fourth quarter, if it does play at all into that?

我想知道這對您對第四季度的指導有何影響，如果它確實起到了作用？

Chris, this is Ernie.

克里斯，這是厄尼。

As we mentioned, by the December quarter, there is virtually no quarterly impact resulting from that change in rev rec policy because there will be as much flowing into the revenue stream in the December quarter as there will be deferred.

正如我們所提到的，到 12 月季度，rev rec 政策的變化幾乎不會對季度產生影響，因為 12 月季度的收入流將與延期的收入流一樣多。

So, that impact is largely behind us.

因此，這種影響在很大程度上已經過去了。

All right.

好的。

Thanks.

謝謝。

Stephen Chin, UBS.

瑞銀的斯蒂芬·欽。

Just a question as you plan ahead into early 2013, how are you initially planning the CWFE spend trending in the March quarter?

只是在您計劃到 2013 年初的時候提出一個問題，您最初是如何計劃 CWFE 在 3 月季度的支出趨勢的？

It sounds like NAND is a first-half opportunity, and the full-year should be strong.

聽起來NAND是上半年的機會，全年應該是強勁的。

Are you planning for the December quarter to likely be this near-term trough quarter?

您是否計劃將 12 月季度作為近期的低谷季度？

So, I'll give you a couple of data points.

所以，我會給你幾個數據點。

Obviously, to really put a stake in the ground on the proportion of WFE first half and second half next year is pretty difficult.

顯然，要真正在明年上半年和下半年的WFE佔比上落地是相當困難的。

But, we would probably assume a slightly weaker first half than second half.

但是，我們可能會假設上半年略弱於下半年。

Whether it's 14 out of 16, or something slightly different, that's the baseline I would assume for now.

無論是 16 個中的 14 個，還是稍有不同，這都是我現在假設的基線。

In terms of answering the question specifically about where the NAND investment plays out, today -- and our customer has done an incredible job basically locking down qualified capacity.

今天，在回答有關 NAND 投資在哪裡發揮作用的問題時，我們的客戶做了一項令人難以置信的工作，基本上鎖定了合格的容量。

And, the amount of capacity that's unqualified exiting this year, I think is at an all-time low.

而且，我認為今年不合格的產能數量處於歷史最低水平。

So, if there's any demand, it's going to, by its very nature, require capacity additions.

因此，如果有任何需求，就其本質而言，它將需要增加容量。

So, I think the switch is going to be really immediate when demand exists.

所以，我認為當需求存在時，轉換將是非常直接的。

And, when you look at some of the signals of demand, we are not lost without demand signals.

而且，當您查看一些需求信號時，我們不會在沒有需求信號的情況下迷失方向。

Although we don't disclose bookings, perhaps to be a little helpful, if when we look at our forecast -- our booking forecast in December is slightly greater than our shippings guidance -- shipments guidance today.

儘管我們不披露預訂情況，但如果我們查看我們的預測——我們 12 月份的預訂預測略高於我們的運輸指導——今天的運輸指導，也許會有所幫助。

So, the trajectory that appears to exist would tend to support March being better in terms of business activities than December, but as we all learned in this quarter -- things can change very quickly.

因此，似乎存在的軌跡傾向於支持 3 月在商業活動方面比 12 月更好，但正如我們在本季度所了解到的那樣——情況可能會很快發生變化。

Great.

偉大的。

Thanks for the color, Martin.

謝謝你的顏色，馬丁。

Satya Kumar, Credit Suisse.

Satya Kumar，瑞士信貸。

A couple of questions -- just a clarification on this December bookings comment.

幾個問題——只是對這個 12 月預訂評論的澄清。

Is December bookings up from September directionally?

12 月的預訂量是否會從 9 月開始上升？

I'm not going to comment because I had a feeling if I said something about bookings, someone's going to ask a follow-up.

我不打算發表評論，因為我有一種感覺，如果我說一些關於預訂的事情，有人會要求跟進。

So, I'm going to tell you exactly what I told you.

所以，我要告訴你我告訴你的確切內容。

We've got some bookings to shipment ratio that's positive in our outlook in December, but that's the color you get on bookings, unfortunately.

在我們 12 月的展望中，我們的一些預訂出貨比是積極的，但不幸的是，這就是您在預訂時看到的顏色。

Okay.

好的。

I thought I would try.

我以為我會嘗試。

A question on your logic shipments.

關於您的邏輯發貨的問題。

The embedded guidance that you're talking about for logic shipments in your December -- if I just do the math, logic is up almost two times in your September numbers.

你所說的 12 月份邏輯出貨量的嵌入式指導——如果我只是算一下，邏輯在你 9 月份的數字中幾乎翻了兩倍。

I don't know if I get that right or not.

我不知道我是否正確。

That seems to be in contrast with what we're hearing as weakness in the PC space and generally unless there are concerns of equipment reuse.

這似乎與我們所聽到的個人電腦領域的弱點形成對比，通常除非存在設備重複使用的擔憂。

Is this share gain on your part?

這是你的份額收益嗎？

Or, less than a perfect understanding, but perhaps [invest us] on what the equipment needs are for the logic segment longer term?

或者，不是一個完美的理解，但也許 [投資我們] 設備對邏輯部分的長期需求是什麼？

At some level, it may be a -- it's already assumed that it's in the category of smaller numbers on an absolute basis.

在某種程度上，它可能是一個 - 它已經假設它在絕對基礎上屬於較小數字的類別。

So, the percentages tend to kind of swing around a little bit.

因此，百分比往往會有點波動。

I don't think we've got a fundamental market share message we're communicating to you.

我認為我們沒有向您傳達基本的市場份額信息。

I think it's a fairly distributed set of people spending money.

我認為這是一群相當分散的人花錢。

You're absolutely right to make the point around reuse, at least in the microprocessor space as being relevant to the purchasing activities today and maybe even in the December quarter as well.

你提出關於重用的觀點是絕對正確的，至少在微處理器領域與今天的採購活動相關，甚至可能在 12 月季度也是如此。

So, we don't really have a kind of fundamental share gain message to be communicating, but the math that you did is certainly in line with the assumptions that we're making today.

所以，我們並沒有真正要傳達一種基本的股票收益信息，但你所做的數學計算肯定符合我們今天所做的假設。

Got it.

知道了。

Thanks.

謝謝。

Jim Covello, Goldman Sachs.

吉姆·科維羅，高盛。

Thank you so much for taking the question.

非常感謝您提出這個問題。

Martin, on the opportunity that you articulated about improvement in NAND CapEx for next year, what's the risk that the first thing that happens is that we move some of the excess DRAM capacity over to NAND before we see new NAND capacity expansion?

Martin，在您談到明年 NAND 資本支出改善的機會時，發生的第一件事是在我們看到新的 NAND 產能擴張之前將一些多餘的 DRAM 產能轉移到 NAND 的風險是什麼？

Recognizing that I think your logic on NAND -- price is improving on the heels of the lower CapEx this year makes perfect sense.

認識到我認為您對 NAND 的邏輯——在今年較低的資本支出之後價格正在提高是完全合理的。

But, might we have to eat through some excess DRAM capacity that gets transitioned over before we see new NAND orders?

但是，在我們看到新的 NAND 訂單之前，我們是否必須吃掉一些多餘的 DRAM 容量？

Yes.

是的。

I think if you kind of back up three to four years, that was a much more prevalent reality than it has been for some time.

我認為，如果您回溯三到四年，那將是一個比一段時間以來更為普遍的現實。

In the last 12 months, we've seen a couple of customers talk about it, and/or do it.

在過去的 12 個月中，我們看到一些客戶談論它，和/或這樣做。

And, in fact, the transitions have [gantially] gone the direction to the one that you're hypothesizing.

而且，事實上，過渡已經 [gantially] 朝著你假設的方向發展。

At least in Korea, I think that's the reality.

至少在韓國，我認為這是現實。

It's not an easy thing to do.

這不是一件容易的事。

It can be a little costly and complicated and challenging so we're not actually sitting here today with a very mis-balanced supply and demand in DRAM.

它可能有點昂貴、複雜和具有挑戰性，所以我們今天實際上並沒有坐在這裡，DRAM 的供需非常不平衡。

Clearly, the guys that sell DRAM devices can make the choices that you are describing, and potentially the economics of DRAM unless you're in the mobile DRAM space are going to motivate people to at least consider it, but it's not easy.

顯然，銷售 DRAM 設備的人可以做出您所描述的選擇，除非您在移動 DRAM 領域，否則 DRAM 的經濟性可能會激勵人們至少考慮它，但這並不容易。

So, we're not seeing a big supply/demand imbalance despite the fact that clearly the economics of DRAM -- unless you are at the 3x node or headed to 2x are very difficult, but it is at least a theoretical consideration.

因此，儘管 DRAM 的經濟性很明顯——除非你處於 3x 節點或達到 2x 非常困難，但我們並沒有看到嚴重的供需失衡，但這至少是理論上的考慮。

Okay.

好的。

I guess if I could just use as my follow-up -- so you're articulating a scenario of flat to up wafer fab equipment spending next year.

我想如果我可以將其用作我的後續行動 - 所以你正在闡明明年晶圓廠設備支出持平的情景。

Is it fair to say that if the biggest logic customer and/or the biggest memory/foundry customer is going to be down 30% that that's not baked into that $30 billion wafer fab equipment forecast?

公平地說，如果最大的邏輯客戶和/或最大的內存/代工客戶將下降 30%，這並沒有計入 300 億美元的晶圓廠設備預測中嗎？

In other words, in that $30 billion, you're not assuming any of the large customers decline significantly?

換句話說，在這 300 億美元中，您不會假設任何大客戶顯著下降嗎？

Is that right?

那正確嗎？

So, if that were to happen, that's incremental downside to your forecast?

那麼，如果發生這種情況，那對您的預測會造成不利影響嗎？

Yes.

是的。

It's pretty hard to argue a global WFE that is disconnected from the realities of spending by the top three guys.

很難說全球 WFE 與前三名的支出現實脫節。

They represent 60% to 70% of spending these days.

它們佔這些天支出的 60% 到 70%。

So, you're generally kind of right, I would say.

所以，我會說，你通常是對的。

Again, there's not a huge amount of science at this point to -- at least to precision here.

同樣，在這一點上沒有大量的科學——至少在這裡精確。

And, I do think we're biased to see a little bit more upside.

而且，我確實認為我們傾向於看到更多的上漲空間。

The only thing that we've assumed in terms of growth year-over-year from a segment point of view is in the NAND space for the reasons I've described.

從細分市場的角度來看，我們唯一假設的同比增長是在 NAND 領域，原因我已經描述過了。

At least our assumption on the PC, which is still pretty impactful in terms of spending -- we're only assuming a 3% PC unit growth and the range is like wild.

至少我們對 PC 的假設在支出方面仍然非常有影響力——我們只假設 PC 單位增長 3%，而且範圍很廣。

I see minus 1 or minus 2 percentage point estimates all the way up to 11, so we're in a fairly conservative range at the 3. So, I don't know if there is upside there or not.

我看到負1或負2個百分點的估計一直到11，所以我們在3的範圍內相當保守。所以，我不知道那裡是否有上漲空間。

We'll -- time will tell.

我們會——時間會證明一切。

And, there's the potential for some upside, I think, if the 3D NAND transition and/or the 20-nanometer Foundry roadmaps pop a little bit faster than people are expecting.

而且，我認為，如果 3D NAND 過渡和/或 20 納米 Foundry 路線圖的流行速度比人們預期的快一點，那麼就有可能帶來一些好處。

But, at least for us in the 30, we're pretty conservative on all of those.

但是，至少對於 30 歲的我們來說，我們在所有這些方面都相當保守。

Very helpful.

非常有幫助。

Thank you so much.

太感謝了。

Good luck.

祝你好運。

Edwin Mok, Needham & Company.

Edwin Mok，Needham & Company。

Thanks for actually providing the color on the operating expense.

感謝您實際提供運營費用的顏色。

That was very helpful.

這很有幫助。

I was wondering on the gross margin improvement in this past quarter, how much of that was contributing from these broadening customer?

我想知道上個季度的毛利率改善，其中有多少是來自這些不斷擴大的客戶？

And, as we move to the new year, if some of these bigger customers come back and spend are you worried that those kind of bigger contracts with those big customers might impact gross margin again?

而且，隨著我們進入新的一年，如果這些大客戶中的一些回來消費，您是否擔心與這些大客戶簽訂的那些更大的合同可能會再次影響毛利率？

Well, the customer concentration reality, I think for every equipment company is the more the big guys spend, the tougher it is to make money.

好吧，客戶集中的現實，我認為對於每個設備公司來說，大人物花費的越多，賺錢就越難。

So certainly, the evidence of the last 12 months has shown that to us, and frankly speaking, despite our best efforts, it's probably a legitimate part of our future.

所以當然，過去 12 個月的證據向我們表明，坦率地說，儘管我們盡了最大努力，但這可能是我們未來的合法部分。

Actually, in the September quarter, the mix that's in there relative to the top three is actually pretty reasonable.

實際上，在 9 月季度，相對於前三名的組合實際上是相當合理的。

It's not a kind of wildly concentrated profile, and it's not wildly distributed profile.

它不是一種瘋狂集中的輪廓，也不是一種廣泛分佈的輪廓。

The top three customers represent a fairly reasonable assumption for their share on an ongoing basis, so it's not a bad stake in the ground.

排名前三的客戶代表了一個相當合理的假設，他們持續的份額，所以這不是一個壞的賭注。

I see.

我懂了。

Great.

偉大的。

That was helpful.

那很有幫助。

And then, going back to NAND.

然後，回到 NAND。

You mentioned that you are well positioned through a 3D NAND transition which could potentially start -- some part in the back half.

您提到您在可能開始的 3D NAND 轉換中處於有利位置 - 後半部分的某個部分。

Do you see a scenario where some of these NAND customers want to delay the spending because they know that they're going to transition to this 3D NAND in back-half of next year, or maybe 2014?

您是否看到其中一些 NAND 客戶希望推遲支出，因為他們知道他們將在明年下半年或 2014 年過渡到這種 3D NAND？

And therefore, result in the lower levels NAND spending in the coming year?

因此，會導致來年 NAND 支出水平下降嗎？

As I said in my prepared comments, we're assuming that in the $30 billion, it's all about planar NAND.

正如我在準備好的評論中所說，我們假設在 300 億美元中，這一切都與平面 NAND 有關。

So, we've got next to nothing assumed for 3D.

所以，我們幾乎沒有假設 3D。

Relative to the timing of the transition, it's not an easy technical transition.

相對於過渡的時間，這不是一個簡單的技術過渡。

There's still a decent set of unanswered questions on device flow and structure.

關於設備流程和結構，還有很多未解決的問題。

Evidence of that is we are continuing to learn about our SAM opportunities so you will remember in prior quarters, I have said that if you look at Etch as a -- Etch and Deposition as baselines for our Company today.

這方面的證據是我們正在繼續了解我們的 SAM 機會，因此您會記得在之前的幾個季度中，我說過，如果您將蝕刻視為 - 蝕刻和沈積作為今天我們公司的基線。

And, you start to model what happens to our SAM, or what happens to the cost of 10,000 wafer starts in a planar to 3D transition in the FinFET space and the NAND space.

而且，您開始模擬我們的 SAM 會發生什麼，或者 10,000 個晶圓的成本在 FinFET 空間和 NAND 空間的平面到 3D 過渡中會發生什麼。

I had said, I believe, that our SAM goes up by about 15 percentage points by virtue of process time and process flow.

我曾說過，我相信，我們的 SAM 因流程時間和流程而提高了約 15 個百分點。

And, in the last six months, the customers made some pretty significant choices around NAND process flow, and I would say that that 15% that we have stated previously is probably underestimating the opportunity in Etch and Clean both by up to a two to three times factor.

而且，在過去的六個月裡，客戶圍繞 NAND 工藝流程做出了一些非常重要的選擇，我想說的是，我們之前所說的 15% 可能低估了蝕刻和清潔領域的機會多達兩到三倍倍因素。

So, the 15 percentage point number that we have said previously has the potential to be two or three time times greater than that in this transition.

因此，我們之前所說的 15 個百分點的數字有可能是這次過渡的兩到三倍。

So, it's a very big deal.

所以，這是一個非常大的問題。

And, that's a big deal in the context of overall WFE because unlike in the logic transition, the requirements for lithography actually get eased in the transition to a 3D structure in memory.

而且，這在整個 WFE 的背景下是一件大事，因為與邏輯轉換不同的是，在向內存中的 3D 結構轉換時，對光刻的要求實際上得到了緩解。

Not only is it a big deal in terms of the amount of money that gets spent in our segment in a 3D NAND environment, the proportion of WFE that gets assigned to the segments of our business is also increasing.

不僅就在 3D NAND 環境中我們的細分市場所花費的金額而言，這是一筆大交易，分配給我們業務細分市場的 WFE 比例也在增加。

That was very helpful.

這很有幫助。

Thank you.

謝謝你。

C.J. Muse, Barclays Capital.

C.J. Muse，巴克萊資本。

Question for you on gross margins.

關於毛利率的問題。

In terms of the 44% for Q4 guide, how should we think about the trajectory thereafter?

就第四季度指南的 44% 而言，我們應該如何看待之後的軌跡？

What I'm getting at is, is there a benefit there in terms of deferred revenue contribution?

我的意思是，在遞延收入貢獻方面有什麼好處嗎？

How should we think about the synergies rolling in?

我們應該如何看待產生的協同效應？

I guess given your construct of second half more heavily weighted than the first half, would kind of love to get a feel for how you see that trajectory through the calendar year?

我想考慮到你對下半年的看法比上半年更重要，你會喜歡感受一下你如何看待整個日曆年的軌跡嗎？

Hi, C.J. This is Ernie.

嗨，C.J. 這是厄尼。

At sort of even revenue volumes, I think you would see continued incremental progress on the gross margin line as the result of the synergies associated with that.

我認為，在收入量相當的情況下，由於與此相關的協同效應，您會看到毛利率持續增長。

Obviously, you're going to have an impact from customer and product mix as well.

顯然，您也會受到客戶和產品組合的影響。

So, I wouldn't say you would see any significant upward trajectory, but certainly the opportunity exists for there to be some incremental improvement.

所以，我不會說你會看到任何顯著的上升軌跡，但肯定存在一些漸進式改進的機會。

Okay.

好的。

That's helpful.

這很有幫助。

And then, I guess as my follow-up, and forgive me if you've discussed this.

然後，我想作為我的後續行動，如果你討論過這個問題，請原諒我。

But, curious what you could share in terms of share repurchase -- all the excess cash, and how you plan on using that going forward?

但是，好奇在股票回購方面你可以分享什麼——所有多餘的現金，以及你打算如何使用這些現金？

So certainly, we're going to be executing on the balance of the $1.6 billion share repurchase.

因此，當然，我們將執行 16 億美元的股票回購餘額。

As we talked about in our prepared comments, the vast majority of that will be complete in this calendar year.

正如我們在準備好的評論中談到的那樣，其中絕大多數將在本日曆年完成。

Beyond that time, we are engaged in discussions with the Board about an appropriate way to ensure an ongoing return of cash we generate to our shareholders, and we'll be providing further updates to that as it becomes more clear to us.

在那之後，我們正在與董事會討論一種適當的方式，以確保我們產生的現金持續返還給我們的股東，隨著我們變得更加清楚，我們將提供進一步的更新。

Great.

偉大的。

Thank you.

謝謝你。

Jagadish Iyer, Piper Jaffray.

賈加迪什·艾耶，派珀·杰弗瑞。

Two questions, Ernie.

兩個問題，厄尼。

First on the first one, you have talked about 3D NAND.

首先，您談到了 3D NAND。

I was wondering -- and you also talked about events in N plus one.

我想知道——你還談到了 N+1 中的事件。

I was wondering how well are you positioned with all the four major NAND producers in terms of 3D NAND?

我想知道您在 3D NAND 方面與所有四大 NAND 生產商的定位如何？

And then, I have a follow-up.

然後，我有一個跟進。

I'm not sure I got all of the question, but I certainly -- in terms of the N to N plus one transition for us in NAND -- certainly that is solid and there are penetrations assumed in the market share objectives that I've previously described in terms of planar device.

我不確定我是否得到了所有的問題，但我肯定——就我們在 NAND 中的 N 到 N 加一個過渡而言——這當然是可靠的，並且在我的市場份額目標中假設了滲透。前面已經在平面器件方面進行了描述。

From a positioning point of view in the 3D structure, I think across the full portfolio of products, we've got the right engagements at the right time with the right people.

從 3D 結構的定位角度來看，我認為在整個產品組合中，我們在正確的時間與正確的人進行了正確的互動。

As I mentioned, there's a lot of decisions still to be made.

正如我所提到的，還有很多決定要做。

A lot of uncertainty, not just in timing, but in terms of the ultimate construct of the flow.

很多不確定性，不僅在時間上，而且在流程的最終構造方面。

And so, it's a big part of the investment profile in the Company.

因此，它是公司投資概況的重要組成部分。

It's a big part of collaborating and engaging with R&D at the customers, and we are at every significant location we need to be.

這是與客戶的研發合作和參與的重要組成部分，我們在每個需要的重要地點。

Just on the -- as a follow-up on the Foundry space, people are talking about that ramp in 20-nanometers in the second half.

就在——作為 Foundry 領域的後續行動，人們正在談論下半年的 20 納米坡道。

I was just wondering how much amount of reuse is there on the 20-nanometer?

我只是想知道 20 納米上有多少重用？

Or, potentially do you think you could benefit from double patterning in that?

或者，您是否認為您可以從其中的雙重模式中受益？

Thanks.

謝謝。

Well, the answer, I guess, to the second part of your question there is really the 28 to 20 numbers that I already kind of disclosed to you.

好吧，我想，對於你問題的第二部分，我已經向你透露了 28 到 20 個數字。

I said I thought 25% to 35% was with SAM expansion potential for etch.

我說我認為 25% 到 35% 具有 SAM 蝕刻的擴展潛力。

Deposition, a little less than that, and clean is kind of to be determined.

沉積，比那個少一點，清潔有點待確定。

It's all about a yield play.

這一切都與收益遊戲有關。

So, we really don't know how to answer that question until we get there.

所以，在我們到達那里之前，我們真的不知道如何回答這個問題。

And, there is a reasonable potential in the range of 25,000 to 30,000 wafer starts of 20-nanometer capacity to be added next year.

並且，明年將增加 20 納米產能的 25,000 至 30,000 片晶圓的合理潛力。

That's our assumption right now.

這是我們現在的假設。

And so, it's predominantly a 28-nanometer year still.

因此，它仍然主要是 28 納米年。

We exit this year at maybe 240,000 wafer starts, and we believe that's the 28-nanometer technology nodes will exceed 300,000 wafer starts ultimately and maybe get to as high as 340,000 or 350,000.

我們今年可能會啟動 240,000 片晶圓，我們相信 28 納米技術節點最終將超過 300,000 片晶圓啟動，並可能達到 340,000 或 350,000 片。

We'll see.

走著瞧。

So, it's really a 28-year with initial 20.

所以，這真的是一個 28 年，最初是 20 年。

Answering a reuse question is pretty difficult at this point.

在這一點上回答重用問題是相當困難的。

I would tend to think reuse potential is very low.

我傾向於認為重用潛力非常低。

It's not an established model in the foundry.

這不是鑄造廠的既定模型。

Certainly in the 40 to 32 and 28 transitions, there was a little bit more than historically, but it's a tough place to do reuse on any significant scale.

當然，在 40 到 32 和 28 的轉換中，比歷史上的要多一點，但是在任何大規模上進行重用都是一個困難的地方。

Thank you.

謝謝你。

Terence Whalen, Citi.

花旗銀行的特倫斯·惠倫。

This question relates to the foundry business.

這個問題與代工業務有關。

If we look ahead into 2013, and if we were to see a significant shift regionally, toward a strengthening Taiwanese foundry away from weakening Korean foundry, how would that affect some of your near-term market share goals in Etch and Deposition and Clean?

如果我們展望 2013 年，並且如果我們看到區域性的重大轉變，從削弱韓國代工轉向加強台灣代工，這將如何影響您在蝕刻、沉積和清潔方面的一些近期市場份額目標？

Thank you.

謝謝你。

I don't think it affects the near-term goals in the slightest, personally.

我個人認為這不會對近期目標產生絲毫影響。

But ultimately, that's a byproduct of decisions that customers make, not us.

但歸根結底，這是客戶做出的決定的副產品，而不是我們。

I do think if you kind of peel the onion of market share for Lam Research in Etch -- using Etch as a proxy, we're reasonably agnostic to the choices and the transitions geographically across the base of foundries.

我確實認為，如果你在 Etch 中剝離 Lam Research 的市場份額——使用 Etch 作為代理，我們對跨代工廠基地的地理選擇和過渡是不可知的。

And, the obvious exception to that is a company like Intel to the extent that it is -- has plans to or chooses to pursue business in a foundry model, which gets talked about in the press all the time.

而且，一個明顯的例外是像英特爾這樣的公司——它計劃或選擇以代工模式開展業務，這一直在媒體上被談論。

And, I have no idea if that ever happens, but that's the only one exception.

而且，我不知道這是否會發生，但這是唯一的例外。

Everything else, we're reasonably agnostic to by virtue of where we have applications penetrated and the differences in the process flows between the foundries.

其他一切，由於我們已經滲透到應用程序的位置以及代工廠之間的工藝流程差異，我們是相當不可知的。

Terrific.

了不起。

And then, the follow-up question I have is regarding the change in OpEx from roughly $284 million to approach maybe $305 million by year end 2013.

然後，我的後續問題是關於運營支出從大約 2.84 億美元到 2013 年底接近 3.05 億美元的變化。

Just to understand, is that a fairly linear ramp?

只是為了理解，這是一個相當線性的斜坡嗎？

And also, how much of that would be in cash OpEx versus stock compensation?

而且，其中有多少是現金運營支出與股票補償？

Thank you.

謝謝你。

Terence, it's probably reasonable at this point, and I would stress that we haven't yet completed our 2013 annual operating plan where we would have that level of visibility.

特倫斯，在這一點上這可能是合理的，我要強調的是，我們還沒有完成我們的 2013 年度運營計劃，我們將擁有這樣的可見度。

But, it is reasonable to think about that on a linear basis.

但是，在線性的基礎上考慮這一點是合理的。

And, it's reasonable to think about at least half of that delta being in non-cash related expenses, be it stock compensation or depreciation.

而且，有理由認為該增量中至少有一半是非現金相關費用，無論是股票補償還是折舊。

Thanks.

謝謝。

Very helpful, and congrats on the results.

非常有幫助，並祝賀結果。

Krish Sankar, Bank of America Merrill Lynch.

美銀美林的 Krish Sankar。

Martin, I had a question in terms of the front end of line clean, as you try to get into FEOL clean and your competition goes from front-end of line to back end of line clean, are you using the same product?

馬丁，我有一個關於前端清潔的問題，當您嘗試進入 FEOL 清潔並且您的競爭從生產線前端到後端清潔時，您使用的是相同的產品嗎？

Or, are you developing new products to attack this market?

或者，您是否正在開發新產品來攻打這個市場？

We are planning to do -- it's maybe the framework for answering the question because the products that we're targeting to release is a calendar '13 product release for us.

我們正計劃這樣做——這可能是回答這個問題的框架，因為我們要發布的產品是我們的 13 日曆產品發布。

Is building upon the established strengths of the Company which is to have a common architecture that we use to penetrate in many applications.

建立在公司的既定優勢之上，即擁有一個我們用來滲透到許多應用程序中的通用架構。

And then, to have kind of like an options flexibility that allows customization to specific back-end applications and front-end.

然後，有一種類似於選項的靈活性，允許對特定的後端應用程序和前端進行自定義。

It is a new product, yes.

這是一個新產品，是的。

It is much more productive than the platform that we're able to compete with today, and so it fundamentally changes the competitive position of the Company on productivity.

它比我們今天能夠與之競爭的平台更俱生產力，因此它從根本上改變了公司在生產力方面的競爭地位。

We are working really hard to establish technical differentiation in the area of specific challenges that are relevant to getting traction.

我們正在努力在與獲得牽引力相關的特定挑戰領域建立技術差異化。

There's a lot of work ahead of us, but certainly, the plans of the Company are defined that way.

我們面前還有很多工作要做，但可以肯定的是，公司的計劃就是這樣定義的。

Got it.

知道了。

That's helpful.

這很有幫助。

Just a quick follow-up.

只是快速跟進。

You spoke quite a lot about 3D memory.

你談了很多關於 3D 記憶的話題。

It seems interesting that it's finally coming to fruition at some point in the near future.

有趣的是，它終於在不久的將來的某個時候實現了。

What specific product lines of yours would be best impacted or best positioned when 3D NAND or even 3D DRAM happens?

當 3D NAND 甚至 3D DRAM 出現時，您的哪些特定產品線會受到最大的影響或最佳定位？

Thank you.

謝謝你。

It would appear like Deposition, 1, Etch, 2, and Clean, 3, in terms of the change from a percentage point of view in each of those segments.

從每個部分的百分比變化來看，它看起來像沉積，1，蝕刻，2和清潔，3。

Obviously, the Etch segment is the biggest segment so the absolute dollars of change in Etch may be quite similar to the absolute dollars available in terms of change in Dep.

顯然，Etch 部分是最大的部分，因此 Etch 變化的絕對美元可能與 Dep 變化的絕對美元非常相似。

But, on a percentage basis, if you looked at percentage Dep in a planar structure to a 3D structure, it is the biggest proportional increase.

但是，在百分比基礎上，如果您查看平面結構中的百分比 Dep 到 3D 結構，它是最大的比例增加。

And, I just said Clean on the lowest side, and the reason I said that is because until the customer attempts to yield, we're really not going to have the answer to where the value on yield-enhancing solutions is from a process flow.

而且，我只是在最低端說清潔，我之所以這麼說是因為在客戶嘗試產量之前，我們真的無法回答提高產量的解決方案的價值來自於工藝流程.

Thank you.

謝謝你。

Very helpful, Martin.

很有幫助，馬丁。

Thanks.

謝謝。

Mehdi Hosseini, Susquehanna International.

Mehdi Hosseini，Susquehanna International。

Martin, going back to your NAND commentary.

Martin，回到你的 NAND 評論。

I'm just curious what gives you the confidence that we're going to see a kind of cycle in NAND spending that has happened many times in the past.

我只是好奇是什麼讓你有信心看到過去已經發生過多次的 NAND 支出週期。

Prices go up, and your NAND customers start spending.

價格上漲，您的 NAND 客戶開始消費。

And, I'm looking to next year, more and more of your NAND manufacturers are reallocating capital to M&A.

而且，我期待明年，越來越多的 NAND 製造商將資金重新分配給併購。

And, they seem to also be changing their strategy, different focus.

而且，他們似乎也在改變他們的策略，不同的重點。

So again, what gives you confidence that this time is going to be similar to what has happened in the past?

再說一次，是什麼讓你有信心這次將與過去發生的事情相似？

And, why wouldn't be more different in the sense that more dollars of CapEx reallocated to M&A?

而且，在更多的資本支出重新分配給併購的意義上，為什麼不會有更大的不同呢？

It's a tough question.

這是一個棘手的問題。

I would say, first of all, I don't think anything happens anytime soon.

我想說，首先，我認為不會很快發生任何事情。

I think consistent with comments from other equipment companies, we're certainly in a lull in December and probably in a lull in March as well, and we'll see when we get to the June quarter.

我認為與其他設備公司的評論一致，我們在 12 月肯定處於平靜狀態，3 月也可能處於平靜狀態，我們將在 6 月季度看到。

But relative to confidence, I don't think we have an extravagant characterization of bit growth in calendar '13.

但相對於信心，我認為我們對 13 年日曆中的比特增長沒有過分的描述。

We're assuming 50.

我們假設50。

50 is the lowest percentage of bit growth in any of the last four years.

50 是過去四年中比特增長的最低百分比。

That's the kind of statement number one.

這是第一種說法。

Statement number two, at least to our analytics, there's only 20,000 wafer starts globally of unqualified unused capacity.

第二個陳述，至少在我們的分析中，全球只有 20,000 片未合格未使用產能的晶圓啟動。

Unbelievably low.

難以置信的低。

And so, any demand that comes in is going to be a catalyst for spending.

因此，任何進來的需求都將成為支出的催化劑。

Now, the spending can come in many forms, to your point.

現在，就您而言，支出可以有多種形式。

But, at least to date, we have not learned anything from customers that would cause us to model the outlook differently.

但是，至少到目前為止，我們還沒有從客戶那裡學到任何會導致我們對前景進行不同建模的東西。

Obviously, if we do and when we do, we'll share that perspective with you.

顯然，如果我們這樣做並且當我們這樣做時，我們將與您分享這種觀點。

And at the end of the day, the NAND investment like any segment, frankly, is all about demand and supply, but it's also about the availability to upgrade the existing installed base.

坦率地說，歸根結底，與任何細分市場一樣，NAND 投資都與需求和供應有關，但也與升級現有安裝基礎的可用性有關。

And, in calendar 2012, we probably have seen 70,000 wafer starts of new capacity added by the end of this year, in support of a 65% bit growth.

而且，在 2012 年日曆中，我們可能已經看到到今年年底增加了 70,000 片晶圓的新產能，以支持 65% 的比特增長。

And, we're assuming about 150,000 wafer starts of addition next year with about 100,000 wafer starts of less conversion in '13 than occurred in ' 12.

而且，我們假設明年將新增約 150,000 片晶圓，而 13 年約 100,000 片晶圓的轉化率低於 12 年。

So, that mix has the potential to change the answer to the question.

因此，這種組合有可能改變問題的答案。

We've done our best to tell you what we think the outlook is.

我們已盡力告訴您我們認為前景如何。

And, our best estimate is 150,000 wafer starts of addition next year and 450,000 wafer starts of conversion.

而且，我們的最佳估計是明年將開始添加 150,000 片晶圓，並開始轉換 450,000 片晶圓。

The additions will cost about $280 million, $285 million, $290 million per 10,000 wafer starts, and the conversions, we think, cost about $50 million to $60 million per 10,000 wafer starts next year.

新增的每 10,000 片晶圓將花費約 2.8 億美元、2.85 億美元、2.9 億美元，我們認為，明年每 10,000 片晶圓的轉換成本約為 5,000 萬至 6,000 萬美元。

Got it.

知道了。

And then, one quick follow-up on in terms of reporting, what would it take for you to provide some segment reporting?

然後，在報告方面快速跟進，您需要什麼來提供一些細分報告？

Either revenue or revenue and a profit margin profile?

收入或收入和利潤率概況？

Mehdi, providing segment data would be particularly challenging given that so much of that is available to our competitors.

Mehdi，提供細分數據將特別具有挑戰性，因為我們的競爭對手可以使用其中的大部分數據。

And, there's a general trend in the industry that that information is not provided, and we certainly don't want to be ground breakers there.

而且，行業的普遍趨勢是不提供該信息，我們當然不想成為那裡的開拓者。

So, I don't think you should anticipate a change any time soon.

所以，我認為你不應該很快預料到會有變化。

Got it.

知道了。

Thank you.

謝謝你。

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

我現在想將電話轉回給管理層以結束髮言。

Thank you, Brittany.

謝謝你，布列塔尼。

I'd like to thank everyone on behalf of the management team for joining us here today.

我要代表管理團隊感謝大家今天加入我們。

An 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通話的音頻重播。

And again, we appreciate your interest in Lam Research.

再次感謝您對 Lam Research 的關注。

Thank you.

謝謝你。

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

女士們先生們，今天的會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連接。