科林研發 (LRCX) 2013 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen.

下午好，女士們，先生們。

Thank you for standing by.

謝謝你的支持。

Welcome to the Lam Research Corporation December 2012 quarterly result conference call.

歡迎參加 Lam Research Corporation 2012 年 12 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 opened 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 Ms. 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 女士。

Please go ahead, ma'am.

請繼續，女士。

Lorenzo, thank you.

洛倫佐，謝謝。

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 December 2012 quarter.

不久，厄尼將討論 2012 年 12 月季度的財務業績。

Martin will then share Lam's business outlook for the March 2013 quarter before opening the call up for Q&A.

馬丁隨後將分享 Lam 對 2013 年 3 月季度的業務展望，然後開始進行問答。

The press release detailing our financial results was distributed over the wire services shortly after 1.00 p.m.

詳細說明我們財務業績的新聞稿在下午 1 點後不久通過有線服務分發。

this afternoon, and is also available on our website at lamresearch.com.

今天下午，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, of market size, wafer fab 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 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.

今天的電話會議包含某些前瞻性陳述，包括與我們對全球宏觀經濟環境的預期、市場規模、晶圓廠設備支出、向日本客戶出貨的收入預期、可能影響我們業務的技術趨勢和轉型的預期相關的陳述，市場份額變化、消費者需求、客戶支出和行為，以及將影響這些預期的因素，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 所帶來的好處的預期、我們的意圖研究和開發活動、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（以公認會計原則和非公認會計原則為基礎），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, and on our most recent Form 10-Q 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-Q 表格中找到與證券交易委員會。

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

所有前瞻性陳述均基於當前信息，公司不承擔更新任何前瞻性陳述的義務。

This call is scheduled to last until 3.00 p.m., 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。

And so with that, I will turn the call over to you, Ernie.

因此，我將把電話轉給你，厄尼。

Thank you, Shayne, and good afternoon, everyone.

謝謝你，Shayne，大家下午好。

Before I begin my prepared remarks, I would like to add a few words to the press release announcing my planned departure from the Company in April.

在我開始準備發言之前，我想在宣布我計劃於 4 月離開公司的新聞稿中補充幾句。

First, I would like to convey how much I have enjoyed working with each of you since my appointment in the CFO role in September 2008, and that I look forward to continuing to do so in the next couple of months.

首先，我想表達自 2008 年 9 月被任命為首席財務官以來與你們每個人一起工作的樂趣，我期待在接下來的幾個月內繼續這樣做。

I also appreciate the experience of being part of a value space management team that put customers first, and I am committed to ensure a smooth and orderly transition to my successor.

我也很欣賞成為將客戶放在首位的價值空間管理團隊的一員的經歷，我致力於確保順利有序地過渡到我的繼任者。

Now, on to business.

現在，談正事。

The December quarter results reflect a solid finish to our calendar year, as we met or exceeded the midpoint of our guidance in all areas.

12 月季度的業績反映了我們日曆年的堅實完成，因為我們在所有領域都達到或超過了我們指導的中點。

Total shipments were $803 million, down 14% sequentially.

總出貨量為 8.03 億美元，環比下降 14%。

Approximately 78% of our systems shipments were for applications at the sub-4X technology node, and by segment breakdown as follows.

我們大約 78% 的系統出貨量用於低於 4X 技術節點的應用，按細分市場細分如下。

Foundry shipments accounted for 51% of total system shipments, the memory segment accounted for 20% of total system shipments, which includes NAND at 11%, and DRAM at 9%.

代工出貨量佔系統總出貨量的 51%，內存部分佔系統總出貨量的 20%，其中 NAND 佔 11%，DRAM 佔 9%。

Comprising the remainder were logic and other at 29%.

其餘部分是邏輯和其他，佔 29%。

Revenue in the December quarter was $861 million, down 5% from the prior quarter.

12 月季度的收入為 8.61 億美元，比上一季度下降 5%。

Non-GAAP gross margin was 44.2%, down just 20 basis points from the prior quarter reflecting favorability in our product mix, complemented by our continued focus on operational execution.

非美國通用會計準則毛利率為 44.2%，僅比上一季度下降 20 個基點，反映了我們產品組合的優勢，以及我們對運營執行的持續關注。

Non-GAAP operating expenses for the quarter were approximately $281 million, down $3 million from September and aligned with our expectations of synergy achievement.

本季度非 GAAP 運營費用約為 2.81 億美元，比 9 月份減少 300 萬美元，符合我們對協同效應的預期。

We will remain focused on our integration efforts, and are making strong headway towards achieving our costs-related synergy targets of $100 million.

我們將繼續專注於我們的整合工作，並在實現我們與成本相關的 1 億美元協同目標方面取得巨大進展。

Two key elements of this achievement are the transition to a single ERP system, and the completion of activities related to supply chain rationalization.

這一成就的兩個關鍵要素是向單一 ERP 系統的過渡，以及與供應鏈合理化相關的活動的完成。

And in the December quarter, we made significant progress in both areas.

在 12 月季度，我們在這兩個領域都取得了重大進展。

This progress will pave the way for the remaining $60 million of annualized run rate operating expense and cost of goods sold synergies which we have committed by the end of calendar year '13.

這一進展將為我們在 '13 日曆年末承諾的剩餘 6000 萬美元的年化運營費用和銷售成本協同效應鋪平道路。

Although Martin will be providing March quarter guidance in a few minutes, it's worth noting that the March quarter of 2013 will see both an extra week of operating expenses together with our normal seasonal increase in employer taxes which represent approximately $10 million.

儘管 Martin 將在幾分鐘內提供 3 月季度的指導，但值得注意的是，2013 年 3 月季度的運營費用將增加一周，同時我們的雇主稅的正常季節性增加約為 1000 萬美元。

Back to December, non-GAAP operating income was $99 million, and non GAAP operating margin was 11.5%, slightly above the midpoint of our guidance range.

回到 12 月，非 GAAP 營業收入為 9900 萬美元，非 GAAP 營業利潤率為 11.5%，略高於我們指導範圍的中點。

Our non-GAAP tax rate for the quarter was 17.3%, compared to16.3% in the prior quarter.

我們本季度的非公認會計原則稅率為 17.3%，而上一季度為 16.3%。

With the extension of the Federal R&D tax credit earlier this month, we would now expect our tax rate for the fiscal year to be in the low double digits.

隨著本月早些時候聯邦研發稅收抵免的延長，我們現在預計本財年的稅率將處於兩位數的低位。

Under this scenario, we expect a March quarter non-GAAP tax rate near 0%, and a June quarter non-GAAP tax rate in the low single-digit range.

在這種情況下，我們預計 3 月季度非 GAAP 稅率接近 0%，6 月季度非 GAAP 稅率在低個位數範圍內。

Based on our share count of approximately 173 million shares, non-GAAP earnings per share for the December quarter were $0.45.

根據我們大約 1.73 億股的股票數量，12 月季度的非公認會計原則每股收益為 0.45 美元。

Moving to the balance sheet, we ended the quarter with cash and short-term investments including restricted cash of $2.7 billion in total, versus $2.9 billion for the September quarter with our cash generation again being exceeded by our ongoing share repurchase program.

轉向資產負債表，我們在本季度末的現金和短期投資包括總計 27 億美元的受限現金，而 9 月季度為 29 億美元，我們正在進行的股票回購計劃再次超過了我們的現金產生。

Approximately 40% of the December ending cash balance was onshore.

12 月末現金餘額中約有 40% 在境內。

DSO and inventory turns for the December quarter were both slightly improved at 62 days, and 4.1 turns, respectively.

12 月季度的 DSO 和庫存周轉量均略有改善，分別為 62 天和 4.1 天。

We ended the quarter with deferred revenue of $282 million, excluding approximately $46 million in shipments to Japanese customers that will revenue in future quarters.

我們在本季度末的遞延收入為 2.82 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的約 4600 萬美元的出貨量。

Cash from operations was $193 million, or 22% of revenue in the December quarter.

運營現金為 1.93 億美元，佔 12 月季度收入的 22%。

And combined Company non-cash expense include, among other items $24 million for equity compensation, $44 million for amortization and $34 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、4400 萬美元的攤銷和 3400 萬美元的折舊。

Capital expenditures were $39 million, and we exited the quarter with approximately 6,600 regular full-time employees.

資本支出為 3900 萬美元，我們在本季度結束時擁有約 6,600 名正式全職員工。

In closing, I want to provide an update on our share repurchase activity during the December quarter.

最後，我想提供有關我們在 12 月季度的股票回購活動的最新信息。

We bought back around 10 million shares of common stock for approximately $354 million, at an average price of $34.74 per share.

我們以約 3.54 億美元的價格回購了約 1000 萬股普通股，平均價格為每股 34.74 美元。

For the full calendar year 2012 we have repurchased nearly $1.4 billion, at an average price of $35.74.

2012 年全年，我們以 35.74 美元的平均價格回購了近 14 億美元。

We have continued to execute our share repurchase program subsequent to the close of the December quarter, and as of today have approximately $100 million of the authorization remaining.

在 12 月季度結束後，我們繼續執行我們的股票回購計劃，截至今天，剩餘授權約 1 億美元。

Consistent with our comments on our Analyst meeting, we will provide a further update on our capital deployment strategy, once we have completed the current authorization.

根據我們對分析師會議的評論，一旦我們完成當前授權，我們將提供有關我們資本部署策略的進一步更新。

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

有了這個，我現在把它交給馬丁。

Thank you, Ernie, and good afternoon, everyone.

謝謝你，厄尼，大家下午好。

As Ernie just reported, we had a solid finish to 2012, including a transformative year for Lam Research.

正如 Ernie 剛剛報導的那樣，我們在 2012 年取得了圓滿成功，其中包括 Lam Research 變革性的一年。

The year began following our announced merger with Novellus Systems, and we aggressively executed plans to integrate both companies.

在我們宣布與 Novellus Systems 合併之後的一年開始，我們積極執行了整合兩家公司的計劃。

On the strategic front, we presented a single face to our customer starting day one, which is a function of our rigorous planning efforts, and we executed to the commitments made as two stand-alone companies.

在戰略方面，我們從第一天開始就向客戶展示了一張面孔，這是我們嚴格規劃工作的一項功能，我們履行了作為兩家獨立公司所做的承諾。

We enhanced our focus on core businesses, and made the decision to divest the Peter Wolters business, and transition PVD to a sustaining mode with existing customers.

我們加強了對核心業務的關注，並決定剝離 Peter Wolters 業務，並將 PVD 轉變為與現有客戶的持續模式。

We have successfully combined organizations and made progress in streamlining our infrastructure.

我們成功地合併了組織，並在精簡我們的基礎設施方面取得了進展。

We have established an ambitious plan for integrating business systems, and remain on track to complete the majority of that work by the middle of this year.

我們已經制定了一個雄心勃勃的業務系統整合計劃，並有望在今年年中完成大部分工作。

We are well down the path toward achieving our target of $100 million in cost synergies related to capital structure.

我們正在朝著實現與資本結構相關的 1 億美元成本協同效應的目標邁進。

We repurchased approximately 39 million shares of stock returning nearly $1.4 billion to our shareholders through 2012.

到 2012 年，我們回購了大約 3900 萬股股票，為我們的股東帶來了近 14 億美元的回報。

This financing strategy monetized overall industry and economic conditions, lowering the effective purchase price of Novellas by approximately $200 million.

這一融資策略將整個行業和經濟狀況貨幣化，將 Novellas 的有效購買價格降低了約 2 億美元。

Within our Etch business, we have our customary opportunities and threats, successes and failures, but after more than a decade of absence for Lam, we are pleased to report today that we have now been successful in achieving a production tool of record selection by a leading logic company.

在我們的 Etch 業務中，我們有我們慣常的機會和威脅，成功和失敗，但在 Lam 缺席十多年後，我們今天很高興地報告，我們現在已經成功地實現了由領先的邏輯公司。

We have received our first production tool order, and expect business to continue to materialize in calendar year 2013.

我們收到了第一筆生產工具訂單，預計業務將在 2013 日曆年繼續實現。

We are very pleased with these accomplishments, and many more not called out today.

我們對這些成就感到非常滿意，還有更多今天沒有被提及。

They are a testament to the dedication and hard work of our employees, and the commitment to our values and vision by our leadership team.

它們證明了我們員工的奉獻精神和辛勤工作，以及我們的領導團隊對我們的價值觀和願景的承諾。

A big thank you is due to all.

非常感謝你們。

Relative to market share, we believe we are number one, or strong number two in each of the product segments we now serve.

相對於市場份額，我們相信我們在我們現在服務的每個產品領域中都是第一或第二強。

We view this as crucial, given the increasing focus by our customers and strategic partners to work with a select few leading equipment suppliers.

我們認為這是至關重要的，因為我們的客戶和戰略合作夥伴越來越重視與少數幾家領先的設備供應商合作。

Worthy of note for calendar 2012, in deposition and strip we were successful in gaining critical back end of line applications in PECVD at a couple of key logic manufacturers for both leading-edge production and next-generation device nodes.

值得一提的是 2012 年，在沉積和剝離方面，我們成功地在一些關鍵邏輯製造商的 PECVD 中獲得了關鍵的生產線後端應用，用於領先的生產和下一代設備節點。

We acquired Axcelis dry strip intellectual property, further strengthening our product roadmap, particularly for non-oxidizing strip applications for advanced memories and logic.

我們收購了 Axcelis 幹帶材知識產權，進一步加強了我們的產品路線圖，特別是用於高級存儲器和邏輯的非氧化帶材應用。

Overall, we are on a positive trajectory broadly, achieving shipped share across our targeted deposition markets in the mid-30% range, and are realizing initial plans beyond traditional WFE growth to advanced packaging.

總的來說，我們總體上處於積極的軌道上，在我們的目標沉積市場中實現了 30% 左右的出貨份額，並且正在實現從傳統 WFE 增長到先進封裝的初步計劃。

In etch, we had forecast and we delivered in 2012, a relatively neutral year in terms of shipped share.

在 etch，我們曾預測並在 2012 年交付，就出貨份額而言，這是一個相對中性的年份。

More specifically, we successfully defended over 90% of the N and N plus1 P2OR decisions that were made in 2012, and we positioned penetrations to gain a percentage point or so in the remaining selection decisions in 2013.

更具體地說，我們成功地捍衛了 2012 年做出的 90% 以上的 N 和 N plus1 P2OR 決策，並且我們在 2013 年的其餘選擇決策中定位滲透率提高了一個百分點左右。

We introduced next-generation uniformity control hardware for our conductor products.

我們為我們的導體產品引入了下一代均勻性控制硬件。

This capability is targeted for advanced logic and memory applications at the sub-20 nanometer technology node, and is gaining traction with customers already.

此功能針對低於 20 納米技術節點的高級邏輯和內存應用，並且已經受到客戶的青睞。

And as stated earlier, we achieved our goal penetrating a leading logic company after a long period of absence.

如前所述，我們在長期缺席後實現了滲透領先邏輯公司的目標。

Turning to the single wafer clean market, we have spoken about at a few trends that have developed over the last couple of years.

談到單晶片清潔市場，我們談到了過去幾年發展起來的一些趨勢。

First is the transition from batch to single wafer processing for front-end applications, and second is the introduction of high productivity platforms.

首先是前端應用從批處理向單晶圓處理的過渡，其次是引入高生產力平台。

Lam is focused on developing the a next-generation clean product which will enable us to more effectively compete for a broader range of applications inclusive of these areas.

Lam 專注於開發下一代清潔產品，這將使我們能夠更有效地競爭包括這些領域在內的更廣泛的應用。

We were successful in defending essentially 100% of the positions we held with our existing products in 2012.

我們在 2012 年成功地捍衛了我們現有產品所持有的基本 100% 的職位。

However, until the new product is released, our opportunity for share expansion are limited, and our shipped share will likely remain in the 20% range, plus or minus a couple of points until that time.

然而，在新產品發布之前，我們擴大份額的機會是有限的，我們的出貨份額可能會保持在 20% 的範圍內，直到那個時候，上下浮動幾個點。

2013 is a critical year for us in clean.

2013 年對我們來說是關鍵的一年。

We are actively testing and characterizing the new products, and are on track to begin shipping beta units for key customer evaluations around the middle of this year.

我們正在積極測試和表徵新產品，並有望在今年年中左右開始為主要客戶評估提供測試版產品。

Overall, we remain committed to deliver against our long-term share gain targets of 3% to 5% in etch, 4% to 8% in deposition, and 5 to 10 percentage points in single wafer clean.

總體而言，我們仍然致力於實現我們的長期份額增長目標，即蝕刻 3% 至 5%、沉積 4% 至 8% 以及單晶片清潔 5% 至 10 個百分點。

We have confidence in our ability to develop best-in-class products, and leverage our recently expanded adjacencies to deliver a differentiated solutions to capture a disproportionate number of the opportunities created by technology inflections.

我們對我們開發一流產品的能力充滿信心，並利用我們最近擴展的鄰接關係來提供差異化的解決方案，以抓住由技術變化創造的大量機會。

As discussed extensively before, the inflections include patterning, finFET, 3D NAND, and TSV are all creating growth opportunities.

正如之前廣泛討論的，包括圖案化、finFET、3D NAND 和 TSV 在內的變化都在創造增長機會。

Sometimes those are measured in terms of market share expansion, and sometimes in terms of market size expansion.

有時這些是根據市場份額擴張來衡量的，有時是根據市場規模擴張來衡量的。

Our continued execution and decision-making to reinforce customer trust, are fundamental to achieving our goals.

我們持續執行和決策以加強客戶信任，是實現我們目標的基礎。

Touching briefly on the industry environment, we have outlined a scenario for WFE spending to be within a range of $30 billion in 2013 last November.

簡單介紹一下行業環境，我們在去年 11 月概述了 2013 年 WFE 支出在 300 億美元範圍內的情景。

From our perspective, at the second level, NAND investments remains the primary concern influence over 2013 spending.

從我們的角度來看，在第二個層面上，NAND 投資仍然是影響 2013 年支出的主要關注點。

Obviously, the macro remains a major consideration also.

顯然，宏觀仍然是一個主要考慮因素。

Based on our analysis since November, a couple of additional inputs have been made available.

根據我們自 11 月以來的分析，已經提供了一些額外的輸入。

Slight uptick in outlooks for WFE in 2013 from two of the top three semiconductor companies, and a slight reduction in NAND spending due to likely higher proportion of conversion than originally planned.

三大半導體公司中的兩家略微上調了 2013 年 WFE 的前景，並且由於轉換比例可能高於原計劃，NAND 支出略有減少。

Taken as a whole, the $30 billion WFE level, plus or minus $2 billion, remains our planning assumption.

總體而言，300 億美元的 WFE 水平，加上或減去 20 億美元，仍然是我們的計劃假設。

As we discussed during our recent Analyst events, our view is based on the following primary functions.

正如我們在最近的分析師活動中所討論的，我們的觀點基於以下主要功能。

For a third straight year, we are forecasting essentially no new capacity additions for DRAM.

連續第三年，我們預測 DRAM 基本上不會增加新的產能。

With bit growth demand in the range of 30%, investments are limited to upgrades and conversions.

隨著比特增長需求在 30% 的範圍內，投資僅限於升級和轉換。

In NAND, we are forecasting demand growth in a range of 50%, which would require capacity investments to resume towards the middle of this year.

在 NAND 方面，我們預測需求增長在 50% 的範圍內，這將需要產能投資在今年年中恢復。

Absent any new capacity additions, we believe supply will be limited to around 40% bit growth through conversions.

在沒有任何新產能增加的情況下，我們認為供應將通過轉換限制在 40% 左右的比特增長。

3D NAND investments are seen to be late in the year, and we currently forecast approximately 20,000 wafer starts of 3D NAND capacity to ship by the end 2013.

3D NAND 投資預計將在今年晚些時候進行，我們目前預測到 2013 年底將有大約 20,000 片 3D NAND 產能的晶圓開始出貨。

We project foundries to strongly continue making 28-nanometer investments, and forecast 28, 32-nanometer capacity in the range of 330,000 wafer starts, plus or minus per month, exiting 2013.

我們預計代工廠將繼續大力投資 28 納米，並預測 28、32 納米的產能將在 2013 年結束時每月開工 330,000 片晶圓（正負）。

Additionally 20-nanometer will begin to ramp in the second half, and we currently expect total capacity to reach approximately 40,000 wafer starts at that node by the end of the year.

此外，20 納米將在下半年開始增長，我們目前預計到今年年底該節點的總產能將達到約 40,000 片晶圓。

Finally, our forecast reflects a slight decline year-over-year in other logic spending, with the potential for upside given recently announced spending plans.

最後，我們的預測反映了其他邏輯支出同比略有下降，鑑於最近宣布的支出計劃，可能會出現上行空間。

Using the $30 billion as our baseline, our resulting expectation is for spending to increase through the year, with approximately 55% of total spending occurring in the second half.

以 300 億美元為基準，我們由此得出的預期是全年支出將增加，大約 55% 的總支出發生在下半年。

In this environment, given the consolidation of our customer base and overall competitive dynamics, we continue to fund long-term strategic investments, and execute the strategies that we articulated during our recent Analyst events.

在這種環境下，鑑於我們的客戶群和整體競爭動態的鞏固，我們將繼續為長期戰略投資提供資金，並執行我們在最近的分析師活動中闡明的戰略。

To name a few areas of focus, we are engaging with customers on conformal film applications by leveraging our ability to deposit metals and dielectrics in high aspect ratio structures with the atomic layer precision required for finFET devices.

僅舉幾個重點領域，我們利用我們在具有 finFET 器件所需的原子層精度的高縱橫比結構中沉積金屬和電介質的能力，與客戶就保形薄膜應用進行合作。

We are engineering tungsten films with the lowest resistivity for filling these structures, which ultimately benefits the electrical performance of the device.

我們正在設計具有最低電阻率的鎢薄膜來填充這些結構，這最終有利於器件的電氣性能。

We have introduced proprietary hardware on our conductor etch tool, which enables selectivity at the atomic level required by high aspect ratio features.

我們在導體蝕刻工具上引入了專有硬件，可實現高縱橫比特徵所需的原子級選擇性。

We have designed that same proprietary hardware for our dielectric tool, which widens the process window enabling customers to achieve their stringent requirements associated with high aspect ratio processes also in 3D NAND.

我們為我們的電介質工具設計了相同的專有硬件，這擴大了工藝窗口，使客戶能夠在 3D NAND 中實現與高縱橫比工藝相關的嚴格要求。

In addition in 3D NANDs, we are combining our strengths in defectivity control and process repeatability, both important in logic applications with the productivity advanced offered by our multi station sequential deposition architecture to strengthen our DTO oppositions in PECVD.

此外，在 3D NAND 中，我們將缺陷控制和工藝可重複性方面的優勢與我們的多站順序沉積架構提供的先進生產力相結合，這兩者在邏輯應用中都很重要，以加強我們在 PECVD 中的 DTO 對立。

In through-silicon via, we are leveraging our knowledge as market leader in electrofill, and advanced pretreatments to grow our market share.

在矽通孔方面，我們正在利用我們作為電填充市場領導者的知識和先進的預處理來擴大我們的市場份額。

We are also working towards capturing all available benefits of the merger with Novellus.

我們還在努力獲取與 Novellus 合併的所有可用好處。

Ernie outlined our progress to achieving our stated cost synergy targets.

Ernie 概述了我們在實現既定成本協同目標方面取得的進展。

Beyond that, our focus is on executing plans to achieve accelerated growth and deliver on the value proposition this union brings to our customers and shareholders.

除此之外，我們的重點是執行計劃以實現加速增長並實現這個聯盟為我們的客戶和股東帶來的價值主張。

Finally, we remain focused on prudently managing spending which includes our commitment to contain quarterly operating expenses to a level no greater than $305 million per quarter, at $1 billion revenue level through 2013.

最後，我們仍然專注於謹慎管理支出，其中包括我們承諾將季度運營費用控制在不超過每季度 3.05 億美元的水平，到 2013 年的收入水平為 10 億美元。

Turning now to our outlook for the March 2013 quarter, our non-GAAP guidance is as follows.

現在轉向我們對 2013 年 3 月季度的展望，我們的非公認會計準則指導如下。

Shipments of $880 million, plus or minus $30 million.

出貨量 8.8 億美元，上下浮動 3000 萬美元。

Revenues of $830 million, plus or minus $30 million.

收入為 8.3 億美元，上下浮動 3000 萬美元。

Gross margin at 43.5%, plus or minus 1%.

毛利率為 43.5%，上下浮動 1%。

Operating profit at 8%, plus or minus 1.5%, and earnings per share of $0.35, plus or minus $0.07, based on a share count of approximately 170 million shares.

營業利潤為 8%，正負 1.5%，每股收益為 0.35 美元，正負 0.07 美元，基於約 1.7 億股的股票數量。

Prior to taking the questions, I would like to take a moment on behalf of the Board of Directors, the management team, and the employee population to recognize Ernie for his dedication and service to Lam for the past 15 years, and especially for his service as CFO.

在回答問題之前，我謹代表董事會、管理團隊和全體員工感謝 Ernie 在過去 15 年中對林的奉獻和服務，特別是他的服務作為首席財務官。

Ernie has made a big impact on the Company throughout his tenure.

Ernie 在其任職期間對公司產生了重大影響。

He has a work ethic that is truly remarkable.

他有一種真正了不起的職業道德。

He sets a standard for performance that challenges those around him to achieve more than they thought possible, and he has a versatility level that has accommodated the significant breadth of responsibilities held during his time at Lam.

他為表現設定了一個標準，挑戰他周圍的人取得超出他們想像的成就，而且他的多才多藝水平已經適應了他在林期間所承擔的廣泛責任。

As noted in our press release today, Ernie's planned departure will be handled smoothly, and without disruption to our customers, our shareholders or our employees.

正如我們今天的新聞稿所述，厄尼的離職計劃將得到順利處理，不會對我們的客戶、股東或員工造成乾擾。

We have an active search ongoing, and Ernie will remain until a new person is in place, and plans to assist in the transition.

我們正在進行積極的搜索，厄尼將一直留任，直到有新人到位，併計劃協助過渡。

I would like to extend my sincere thanks to Ernie for his service, for his accomplishments, and his commitment to the Company, our shareholders and our employees throughout his career, and wish him every success in his future.

我衷心感謝 Ernie 的服務和成就，以及他在整個職業生涯中對公司、股東和員工的承諾，並祝愿他未來一切順利。

We will now conduct open the call for Q&A.

我們現在將進行開放式問答。

Thank you, sir.

謝謝你，先生。

We will begin the question and answer session.

我們將開始問答環節。

(Operator Instructions).

（操作員說明）。

Jim Covello, Goldman Sachs.

吉姆·科維羅，高盛。

Great, thank you so much.

太好了，非常感謝。

Ernie, let me offer my congratulations up front.

厄尼，讓我提前表示祝賀。

You have done a great job, and it's a -- you are a real glutton for punishment, as you kind of stuck with everything to the tough part of the cycle.

你做得很好，這是一個——你是一個真正的懲罰者，因為你在循環的艱難部分堅持一切。

And as things start to look up, you are moving on.

隨著事情開始好轉，你正在繼續前進。

So congratulations on that.

恭喜你。

Thanks, Jim.

謝謝，吉姆。

I guess, Martin if I could just to start off.

我想，馬丁，如果我可以開始的話。

Certainly, it's a unique time in the cycle, because we have obviously of couple of the big customers talking about record CapEx, and some of the other big customers talking about things coming down a little bit.

當然，這是周期中的一個獨特時期，因為我們顯然有幾個大客戶在談論創紀錄的資本支出，而其他一些大客戶則在談論事情會有所下降。

And then you mentioned the comment about better expectations in the back half.

然後你提到了關於後半部分更好期望的評論。

How do you balance out the very likely prospect, as you highlighted, of NAND getting a lot better in the second half of the year versus TSMC's comments that two-thirds of their CapEx was kind of front-half loaded?

正如您所強調的那樣，您如何平衡 NAND 在今年下半年變得更好的可能性與台積電關於其三分之二的資本支出是前半部分負載的評論之間的平衡？

Do you think that NAND can pick up enough to offset the expected declines at TSM?

你認為 NAND 的回升足以抵消 TSM 的預期下滑嗎？

Well, I think, to your point, they are obviously very unconnected variables.

好吧，我認為，就你的觀點而言，它們顯然是非常不相關的變量。

I guess, if there is a connection it would be a macro.

我想，如果有連接，那將是一個宏。

But that aside, our view is that if you believe in the $30 billion baseline that we have talked about, we would expect a 45/55 split in the calendar year.

但除此之外，我們的觀點是，如果你相信我們已經討論過的 300 億美元的基線，我們預計日曆年會出現 45/55 的比例。

So, I think in the foundry space, the commentary from TSMC in the public domain is exactly as you articulated.

所以，我認為在代工領域，台積電在公共領域的評論和你所說的完全一樣。

My expectation is that a broader foundry participation exists in the second half of the year.

我的預期是下半年會有更廣泛的代工參與。

But first half, second half, overall, we're assuming 45/55.

但上半年，下半年，總體而言，我們假設 45/55。

And by segment, I would assume DRAM is about 50/50.

按細分市場，我假設 DRAM 約為 50/50。

The foundry world, all-in is probably 50/50 with every participant.

在鑄造界，每個參與者的全押可能是 50/50。

And the world of flash looks more like a 30/ 70 kind of split.

Flash 的世界看起來更像是一個 30/ 70 的分裂。

So, it's a very kind of diverse segment-based progression in the year, and we are kind of focused on execution, and depend on that, frankly.

因此，這是一年中非常多樣化的基於細分市場的進展，坦率地說，我們有點專注於執行，並依賴於此。

That's very helpful.

這很有幫助。

If I could just ask for my follow-up.

如果我能要求我的後續行動。

On the big opportunity in logic that you penetrated, first of all, congratulations on that.

關於你所滲透的邏輯大機遇，首先，祝賀你。

Second of all, what -- how big do you think that opportunity could be?

其次，你認為這個機會有多大？

In other words, of the process to a record that you could eventually have there, what percentage do you think you're currently shipping?

換句話說，在您最終可能擁有的記錄的過程中，您認為您目前正在發貨的百分比是多少？

Our aspirations extend beyond our penetration, that's a fair statement.

我們的願望超越了我們的滲透，這是一個公平的聲明。

(Laughter).

（笑聲）。

We owe respect to a lot of our customers.

我們應該尊重我們的很多客戶。

And as you might expect, answering a very specific question like that is kind of one of them.

正如您所料，回答這樣一個非常具體的問題就是其中之一。

So we are focused on building upon the momentum we have clearly established.

因此，我們專注於建立我們已經明確建立的勢頭。

We are excited about the opportunities.

我們對這些機會感到興奮。

At the end of the day, we have tough competition and we have to execute well.

歸根結底，我們面臨著激烈的競爭，我們必須出色地執行。

But I think calendar '13 is a very instrumental year, relative to the position that we have established.

但我認為 '13 日曆是非常重要的一年，相對於我們已經確立的地位。

Great.

偉大的。

And thank you very much.

非常感謝你。

And Ernie, again, congratulations.

厄尼再次恭喜。

Thanks.

謝謝。

Next question please.

請下一個問題。

Edwin Mok, Needham & Company.

Edwin Mok，Needham & Company。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

My first question is on the 3D NAND.

我的第一個問題是關於 3D NAND。

I think in your prepared remarks, you said you expect somewhere between 20,000 wafer starts for this year to be coming in the second half?

我認為在您準備好的講話中，您說您預計今年下半年將有 20,000 片晶圓開工？

I was curious what technology you expect to come in?

我很好奇您希望採用什麼技術？

Understanding on some of the 3D NAND technology, there is not much change in two [set] from existing NAND technology?

對一些3D NAND技術的理解，與現有的NAND技術相比，兩套[set]沒有太大的變化？

Can you make some comments around that as well?

您也可以對此發表一些評論嗎？

Yes, we are not assuming, frankly, an immense proportion of investment directed to 3D NAND production.

是的，坦率地說，我們並沒有假設大量投資用於 3D NAND 生產。

We clearly are expecting some in the second half, and that is important in terms of the size of the opportunity and the share growth that we believe we are targeting.

我們顯然預計下半年會出現一些情況，這對於機會的規模和我們認為目標的份額增長而言很重要。

But the inflection points, even for the most ambitious customers in the transition will only kind of show evidence of tractional spending towards the end of the calendar year.

但拐點，即使對於轉型中最雄心勃勃的客戶來說，也只會在日曆年末顯示出吸引性支出的證據。

So -- and I think, just giving you may be a little bit more data beyond the comment I made to Jim's question, we do see some evidence that there is a little bit more of a bias to conversions today in the calendar year than we previously anticipated.

所以 - 我認為，除了我對 Jim 的問題所做的評論之外，只要給你更多的數據，我們確實看到了一些證據表明，在日曆年中，今天的轉化率比我們更偏向於我們之前預計的。

And our assumption remains that there is about 115,000 wafer starts of new capacity added in NAND this year, and about 500,000 wafer starts of conversion.

我們的假設仍然是，今年 NAND 新增產能約 115,000 片，轉換約 500,000 片。

And that kind of it delves into the original plan of record that we had -- it's probably about $0.5 billion.

並且它深入研究了我們最初的記錄計劃——大概是 5 億美元。

I am not sure it is that material in the scheme of things.

我不確定它是否是事物計劃中的材料。

But that's the kind of the estimates of our outlook today.

但這就是我們今天對前景的估計。

Great.

偉大的。

That was very helpful.

這很有幫助。

And then just kind of going back to your win at a logic customer.

然後只是回到你在邏輯客戶那裡的勝利。

Just curious, is there a way that you could kind of describe what type of advantage you have on that, too?

只是好奇，有沒有一種方法可以描述你在這方面也有什麼樣的優勢？

I know you probably don't want to put in too much, in terms of your contacts and your opportunity there.

我知道你可能不想投入太多，就你的聯繫人和在那裡的機會而言。

But maybe just talk about, is it only in conductor?

但也許只是說說而已，難道只是在指揮家？

Is it branching beyond conductor?

它是否超越了導體？

Or do you see yourself branching beyond conductor in the current technology node that customer is ramping?

或者您是否認為自己在客戶正在加速發展的當前技術節點中超越了導體？

I am going to substitute the word probably, for definitely.

我打算用“可能”這個詞來代替“肯定”。

It's a big deal to make any change, and one of this scale and scope, where the customer is very significant.

做出任何改變都是一件大事，而且在這種規模和範圍中，客戶非常重要。

I did speak to the fact that this was a conductor penetration.

我確實說過這是導體穿透的事實。

The reason I believe the penetration was successful is because a lot of people worked very hard over a long period of time.

我認為滲透成功的原因是很多人在很長一段時間內都非常努力地工作。

I believe we have technical differentiation that is valued and recognized by the customer.

我相信我們擁有得到客戶重視和認可的技術差異化。

And in a very important phase of delivering that, we executed very well, and our challenge and our opportunity is to continue to execute very well.

在實現這一目標的一個非常重要的階段，我們執行得非常好，我們的挑戰和機會是繼續很好地執行。

And I believe that if we do that, we will hopefully have opportunities ahead of us.

我相信，如果我們這樣做，我們將有希望在我們面前有機會。

All right, thanks.

好的，謝謝。

C.J. Muse, Barclays.

C.J.繆斯，巴克萊銀行。

Hi, this is Olga Levinzon calling in for C.J. Thank you for taking my question, and congratulations on a solid quarter.

嗨，我是 Olga Levinzon 打電話給 C.J。謝謝你回答我的問題，並祝賀你取得了穩定的季度。

Just wanted to follow up on the logic win.

只是想跟進邏輯勝利。

If we take your -- the wins that you have been able to get there, coupled with the comments that we heard from the customer last week, and I guess some of the incremental 3D NAND and 20-nanometer etch opportunities that you highlighted for this year, what sort of etch share gains could we count on for it either on the shipment or revenue basis for 2013?

如果我們接受您的勝利，再加上我們上週從客戶那裡聽到的評論，我猜您為此強調了一些增量 3D NAND 和 20 納米蝕刻機會在 2013 年的出貨量或收入基礎上，我們可以指望什麼樣的 etch 份額增長？

Yes.

是的。

That's a really interesting question, and thank you for your comments at the beginning there.

這是一個非常有趣的問題，感謝您在開始時的評論。

There are clearly opportunities in front of us still in the 20-nanometer transition, but frankly speaking -- and I think it was kind of true for everybody, because the next transition in foundry to the finFET structure is such a significant one, if the customer can find any way possible to retain their 28-nanometer selections, they're biased to do that.

顯然，在 20 納米的過渡中仍有機會擺在我們面前，但坦率地說——我認為這對每個人來說都是正確的，因為晶圓代工向 finFET 結構的下一個過渡是如此重要，如果客戶可以找到任何可能的方式來保留他們的 28 納米選擇，他們傾向於這樣做。

And that is something that affects us all as equipment companies.

作為設備公司，這是影響我們所有人的事情。

And I believe that will continue to play out as a fairly dominant reality.

我相信這將繼續作為一個相當占主導地位的現實發揮作用。

There are opportunities to displace other people to grow.

有機會取代其他人成長。

There are also risks.

也有風險。

And from my perspective, it will all be defined around execution, and it will be defined around kind of productivity.

從我的角度來看，這一切都將圍繞執行來定義，並且將圍繞生產力來定義。

I think the focus of the customer, when they have the full spectrum of challenges in front of them with a finFET adoption, is going to clearly buy us more stability and share in 28 to 20 in significant swing.

我認為客戶的關注點是，當他們面臨採用 finFET 的各種挑戰時，顯然會為我們帶來更多的穩定性，並在 28 到 20 年的顯著波動中分享。

We are really focused for the reasons we talked about in our analyst call on the significant inflections, including the finFET.

我們非常專注於我們在分析師電話會議中談到的重大變化，包括 finFET。

And that is one of the things in the mix of the 3% to 5% share gain in etch that we talked about as a long-term objective.

這是我們作為長期目標談到的 3% 到 5% 的蝕刻份額增長組合中的一件事。

And although perhaps a little discounted to the average because of the dominance of lithography investments in logic, the investment in patterning as a market is something that affords the Company opportunity as well.

儘管由於光刻投資在邏輯上的主導地位可能比平均水平略有折扣，但作為市場的圖案投資也為公司提供了機會。

Okay.

好的。

So I guess could you see I guess a decent move in that 3% to 5% edge share gains for this year?

所以我想你能看到我猜今年 3% 到 5% 的邊緣份額增長是一個不錯的舉動嗎？

Or will the 20-nanometer more meaningful ramp in 2014 be kind of the key driver to getting that 3% to 5% goal?

或者 2014 年更有意義的 20 納米增長會成為實現 3% 到 5% 目標的關鍵驅動力嗎？

I think directly to your question, I just said, no.

我認為直接針對您的問題，我只是說，不。

And then on the kind of maintaining the WFE outlook, and talking about NAND being much more second half weighted, have you seen any -- I know you don't disclose orders -- but any sort of order activity from any of the NAND customers, to sort of support your view on both the demand growth and the capacity that would be necessary -- for the second half of the year?

然後關於維持 WFE 前景，並談到 NAND 在下半年的權重更大，你有沒有看到任何——我知道你沒有披露訂單——但是來自任何 NAND 客戶的任何類型的訂單活動，以支持您對下半年需求增長和必要產能的看法？

Very slight, but I don't think that's particularly relevant, with due respect.

非常輕微，但我認為這不是特別相關，有應有的尊重。

Because the cycle time, the lead time now between a purchase order and the additional capacity is so short.

因為周期時間，現在從採購訂單到新增產能之間的提前期是如此之短。

A second half ramp will be kind of bookings towards the end of the first half of this year.

下半年的坡道將在今年上半年結束時進行預訂。

So that will be the reality.

所以這將是現實。

That is the reality for all of us.

這就是我們所有人的現實。

And I think the best I can offer you is the commentary around the demand, which in the areas of the smartphone, the mobile space generally, the SSD roadmap, the kind of server and cloud space.

我認為我能給你的最好的就是圍繞需求的評論，在智能手機、移動空間、SSD 路線圖、服務器類型和雲空間等領域。

There are some decent catalysts of demand in NAND flash, and the supply is really tight.

NAND閃存有一些不錯的需求催化劑，供應確實很緊張。

We ended calendar '12 with about the tightest balance of supply and demand that we believe has existed in several years.

我們以我們認為幾年來存在的最緊張的供需平衡結束了 12 年日曆。

And I think that should give folks confidence that unless there is a very significant input in terms of technical challenges or macros, the investment will kind of play out.

我認為這應該讓人們相信，除非在技術挑戰或宏觀方面有非常重要的投入，否則投資將會發揮作用。

Or frankly, the bit growth that is necessary to support some of this roadmap, we believe won't be available.

或者坦率地說，支持某些路線圖所需的比特增長，我們相信將不可用。

Thank you very much.

非常感謝。

Terence Whalen, Citigroup.

花旗集團的特倫斯·惠倫。

Hi, I wanted to echo my congratulations, and best of luck to Ernie.

嗨，我想表達我的祝賀，並祝厄尼好運。

Thank you.

謝謝你。

The first question -- thanks, Ernie.

第一個問題——謝謝，厄尼。

The first question that I have is regarding a comment you made on 20-nanometer capacity being 40,000 wafers per month by the end of calendar '13.

我的第一個問題是關於您對 20 納米產能的評論，即到 13 年日曆結束時每月可生產 40,000 片晶圓。

When you made that comment, were you referring to only one customer's foundry capacity?

當您發表該評論時，您指的是僅一個客戶的代工產能嗎？

Or does that assume multiple foundries having 20-nanometer available?

或者這是否假設多個代工廠有 20 納米可用？

Not one.

不是一個。

Correct.

正確的。

Okay, terrific.

好的，棒極了。

And then as my follow-up, I just wanted to actually, one that relates to the OpEx side of things.

然後作為我的後續行動，我實際上只是想與運營支出方面相關。

In terms of cost synergy, you made the comment that you remain on track with an additional $60 million of cost synergy by end of calendar '13.

在成本協同效應方面，您發表評論說，到 13 年日曆結束時，您將保持額外 6000 萬美元的成本協同效應。

Can you just remind us, for the remainder of the cost synergy, what the split is between OpEx and COGS?

您能否提醒我們，對於成本協同效應的其餘部分，OpEx 和 COGS 之間的分配是多少？

Terence, this is Ernie.

特倫斯，這是厄尼。

You are probably going to see something like 80%, 75% to 80% COGS, and 20% to 25% OpEx over that remainder of work that you have to be completed over the course of this calendar year.

在本日曆年必須完成的剩餘工作中，您可能會看到 80%、75% 到 80% 的 COGS 和 20% 到 25% 的 OpEx。

Okay, great.

好，太棒了。

And then just one last one, is again coming back to the 20-nanometer comment.

然後只有最後一個，再次回到 20 納米的評論。

As we look into the beginning of 2014, and see sort of a morphing between 20, 16 and 14 tri-gate, do you expect that will be led by one customer?

當我們展望 2014 年初，看到 20、16 和 14 三門之間的某種變化，您認為這將由一位客戶主導嗎？

Do you expect two customers to be spending on tri-gate foundry in the beginning of '14?

您是否預計 14 年初會有兩個客戶在三柵極代工上花錢？

Thanks.

謝謝。

That's getting awfully specific about the plans of the second of the foundries.

關於第二家代工廠的計劃，這變得非常具體。

I would say you should assume there is a lot of credence in kind of two public inputs.

我想說你應該假設兩種公共輸入有很多可信度。

One of them is the input from TSMC around the speed of ramping that they expect in 20-nanometer.

其中之一是台積電的輸入，他們期望在 20 納米的斜升速度附近。

And the public commentary from the fabless community which tends to speak to an interest in having multiple supply alternatives.

來自無晶圓廠社區的公眾評論傾向於表達對擁有多種供應選擇的興趣。

So, I guess that is the best I can give you, in terms of response there.

所以，我想這是我能給你的最好的，就那裡的回應而言。

Crystal clear.

晶瑩剔透。

And again, best of luck.

再一次，祝你好運。

Thanks.

謝謝。

Thank you.

謝謝你。

Krish Sankar, Bank of America Merrill Lynch.

美銀美林的 Krish Sankar。

Yes, hi.

是的，你好。

Thanks for taking my question.

感謝您提出我的問題。

And congrats again, Ernie, for a terrific career.

再次祝賀厄尼，你的職業生涯非常棒。

And I am pretty sure all the investors, besides your employees are going to be missing you.

我很確定，除了你的員工之外，所有的投資者都會想念你。

Thank you.

謝謝你。

So I am going to have -- I have a couple of questions.

所以我要-- 我有幾個問題。

Number one, Martin, is there any way to quantify -- we are hearing TSMC going to 20-nanometer planar at the end of the year.

第一，馬丁，有什麼方法可以量化——我們聽說台積電將在今年年底推出 20 納米平面。

And there is recent chatter about Samsung looking at 16- or 14-nanometer or whatever you call that.

最近有傳言稱三星正在研究 16 或 14 納米或任何你所說的。

And it appears it might be a finFET approach.

看來這可能是一種 finFET 方法。

So when a foundry moves from a 20-nanometer planar to a 16- or 14-nanometer finFET, what are the incremental opportunities for Lam, just going from planar to finFET at the node?

因此，當代工廠從 20 納米平面轉向 16 或 14 納米 finFET 時，Lam 的增量機會是什麼，只是在節點處從平面轉向 finFET？

I am probably -- I will give you a general answer, which is I think a lot of the specifics are going to deal with the patterning consequences in that transition.

我可能——我會給你一個一般性的答案，我認為很多細節都將處理該過渡中的模式化後果。

I mean, clearly, the importance of etch in the formation of the transistor is going up, which would tend to suggest that the complexity is increasing and process times, if anything, will get longer, so that will kind of feed into answering your question.

我的意思是，很明顯，蝕刻在晶體管形成中的重要性正在上升，這往往表明復雜性正在增加，並且處理時間（如果有的話）將會變得更長，因此這將有助於回答您的問題.

And I do believe there is incremental growth for the Company in the finFET transition.

而且我確實相信公司在 finFET 過渡中會出現增量增長。

I don't believe that increment is quite as great as the increments we saw from 40 to 28 with high-k/metal gate, or 28 to 20, but we will see.

我不相信增量與我們看到的從 40 到 28 的高 k/金屬柵極或 28 到 20 的增量一樣大，但我們會看到的。

I mean, I think there is still a lot of unanswered questions there.

我的意思是，我認為那裡還有很多未解決的問題。

Got you.

得到你。

And then just as a follow-up.

然後只是作為後續行動。

Congrats on your win with the logic customer on the conductor etch side.

恭喜您在導體蝕刻方面贏得了邏輯客戶的青睞。

My question was, what was your conductor etch market share you think exiting 2012, and do what you think it will be, baking in this logic win?

我的問題是，你認為在 2012 年之後你的導體蝕刻市場份額是多少，按照你的想法去做，在這個邏輯上獲勝？

So, I believe our shipped market share exiting 2012 was in the kind of high 40s range.

所以，我相信我們在 2012 年的出貨市場份額處於 40 年代的高位。

And you have heard us talk about kind of 3 to 5 percentage points as a long-term growth objective.

您聽說我們將 3 到 5 個百分點作為長期增長目標。

And while specifically, the position that you just referred to is not a prerequisite to execute that, it certainly helps us manage risk, and it certainly helps this kind of get to the high end of the range in the plans that we have.

雖然具體而言，您剛才提到的職位並不是執行該職位的先決條件，但它肯定有助於我們管理風險，並且肯定有助於這種達到我們計劃範圍的高端。

And what was the -- just conductor specifically market share in 2012?

2012 年的市場份額是多少？

I think mid-40s is probably --

我認為 40 多歲可能是——

Yes, I -- everyone is the room looking at me, going what are you saying?

是的，我——房間裡的每個人都在看著我，你在說什麼？

And now I know why.

現在我知道為什麼了。

So, yes, we are typically in the 75% range, 80% range as a baseline for conductor etch.

所以，是的，我們通常在 75% 範圍內，80% 範圍內作為導體蝕刻的基線。

So 70% to 80% is probably a decent range to be thinking of.

所以 70% 到 80% 可能是一個值得考慮的範圍。

Thank you, and congrats, Ernie.

謝謝你，恭喜你，厄尼。

Thanks.

謝謝。

Thanks.

謝謝。

Mark Heller, CLSA.

馬克·海勒，里昂證券。

Thanks for taking my questions.

感謝您提出我的問題。

Ernie, I am going to put you on the spot here.

厄尼，我要把你放在這兒。

So you maintained the $30 billion wafer fab equipment number.

所以你維持了 300 億美元的晶圓廠設備數量。

I think on the Analyst Day, you said revenues for the year would be about $4.1 billion on a $30 billion WFE, so I am just wondering if that still stands?

我想在分析師日，你說在 300 億美元的 WFE 上，今年的收入約為 41 億美元，所以我想知道這是否仍然有效？

Yes, it does.

是的，它確實。

However, I would hasten to point out that we were really clear on our Analyst Day presentation that, that was not a 2013 forecast.

但是，我要趕緊指出，我們在分析師日的演講中非常清楚，這不是 2013 年的預測。

And that presumed, for example, the disposition of the Peter Wolters business, as well as some incremental share gains.

例如，假設彼得沃爾特斯業務的處置，以及一些增量份額收益。

So as it turns out, all the great news that Martin has shared may actually allow all that to come true in 2013, which would be a little earlier than we thought.

事實證明，馬丁分享的所有好消息實際上可能會讓這一切在 2013 年成為現實，這比我們想像的要早一點。

But in general, and we have taken a look at our progress vis-a-vis our model, and we are pretty happy with where we stand in light of what we shared with you back in November.

但總的來說，我們已經查看了與我們的模型相比的進展，鑑於我們在 11 月與您分享的內容，我們對我們所處的位置非常滿意。

Okay, great.

好，太棒了。

Just a question on the quarter.

只是關於本季度的一個問題。

So looks like the logic part of the shipments were up pretty significantly in the quarter.

因此，看起來出貨量的邏輯部分在本季度大幅增長。

I am just wondering what drove that, as it sounds like the logic customer isn't ramping until another couple quarters or quarter or so?

我只是想知道是什麼推動了這一點，因為聽起來邏輯客戶要等到另外幾個季度或季度左右才會增加？

Yes.

是的。

I mean, one, I think you need to think about the overall shipment number in total, and we are dealing with a percentage.

我的意思是，一個，我認為您需要考慮總出貨量，我們正在處理一個百分比。

And so, given the incremental lack of representation from the memory segment, that also will have the effect of making the foundry segment appear a little bit larger than it had.

因此，鑑於內存段越來越缺乏表示，這也會使代工廠段看起來比原來大一點。

And we had a pretty strong representation from the other logic segment.

我們從其他邏輯部分獲得了相當強的代表性。

And so, at the end of the day, it was a combination of those three things.

因此，歸根結底，它是這三件事的結合。

So at an application level, the comment that I would add is, image sensors, kind of server, as well as kind of general microprocessor, there was -- that is the composition of that segment.

因此，在應用程序級別，我要添加的評論是，圖像傳感器、某種服務器以及某種通用微處理器，這就是該部分的組成。

So, the image sensor space was definitely kind of a decent -- a decent component.

所以，圖像傳感器空間絕對是一個不錯的——一個不錯的組件。

Okay, got it.

好，知道了。

And the next for Q -- calendar Q1, any thoughts there?

Q 的下一個——日曆 Q1，有什麼想法嗎？

For calendar Q1 we would expect to see probably a little bit stronger representation from the memory segments, continued strong showing in the foundry world.

對於日曆 Q1，我們預計內存領域的表現可能會更強一些，代工領域的表現將繼續強勁。

And then the logic and other segment perhaps dropping back to more normalized levels.

然後邏輯和其他部分可能會回落到更規範的水平。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Vishal Shah, Deutsche Bank.

德意志銀行的維沙爾·沙阿。

Yes, hi, thanks for taking my question.

是的，您好，感謝您提出我的問題。

Just wanted to understand your trajectory for the year.

只是想了解你這一年的軌跡。

You mentioned 55% in the second half for WFE.

你提到了 WFE 下半年的 55%。

How should I think about your revenue profile, with assuming the 4.1 plays out this year?

假設今年推出 4.1，我應該如何看待您的收入狀況？

I mean are we talking about 40/60, first half, second-half, given the share gain prospects in the second-half?

我的意思是，考慮到下半年的份額增長前景，我們是在談論 40/60、上半年、下半年嗎？

Well, I am not going to directly answer.

好吧，我不打算直接回答。

But you should -- I think you are smart enough to kind of -- you understand the timing differences between shipments and revenues, and the shipment is the best correlation to the timing of WFE.

但是你應該——我認為你足夠聰明——你了解出貨量和收入之間的時間差異，出貨量是與 WFE 時間最好的相關性。

So certainly, it's going to be kind of closer to that than the 45/ 55 baseline.

所以當然，它會比 45/ 55 基線更接近。

But it's frankly highly dependent on the timing of shipments within a quarter.

但坦率地說，這在很大程度上取決於一個季度內的發貨時間。

The difference between a first month [based] shipments quarter, and a last month's shipment quarter is significant, in terms of answering the question you are asking.

就回答您提出的問題而言，第一個月 [基於] 的出貨季度與上個月的出貨季度之間的差異很大。

But making an assumption that there is a one quarter delay on average between a shipment event and a revenue event is not an unreasonable baseline.

但是，假設發貨事件和收入事件之間平均有四分之一的延遲並不是一個不合理的基準。

Great, thank you.

太好了謝謝。

And just wanted to understand your -- now that you are getting close to the buybacks, buyback that you had announced, what are your thoughts around cash, and use of cash as you think about the next couple of years?

並且只是想了解您的 - 現在您已經接近回購，您宣布的回購，您對現金的看法以及您對未來幾年的現金使用有何看法？

Thank you.

謝謝你。

I think the consistency is hopefully, loud and clear.

我認為一致性是有希望的，響亮而清晰。

Our primary investment bias in the profitable growth of this Company.

我們的主要投資偏向於本公司的盈利增長。

And to the extent that we have cash that is excess to that need, then we review all options available to us in terms of distribution.

如果我們擁有超出該需求的現金，那麼我們會審查我們在分配方面可用的所有選項。

But beyond that, frankly nothing to say until we're done with the authorization in place.

但除此之外，坦率地說，在我們完成授權之前無話可說。

Patrick Ho, Stifel Nicolaus.

帕特里克·何，Stifel Nicolaus。

Thank you very much.

非常感謝。

And Ernie, also like to extend my congratulations, and best of luck on your future endeavors.

Ernie，也想向您表示祝賀，並祝您未來的努力好運。

Thanks.

謝謝。

Martin, on your Analyst Day you talked about TSV as being one of your growth opportunities, and one of the inflection points for Lam on a going forward basis.

Martin，在您的分析師日，您談到 TSV 是您的增長機會之一，也是 Lam 未來的轉折點之一。

I guess, what do you see at this point, in terms of the traction, the adoption.

我想，就牽引力和採用而言，您在這一點上看到了什麼。

And what you believe right now is maybe inhibiting I guess the increasing use of TSV?

你現在認為可能會抑制我猜 TSV 的使用增加？

My assumption is a little bit economic still, but presumably kind of at the end of the day, the form factor requirements of the device, or kind of [pile of] answering your question as well.

我的假設仍然有點經濟，但大概在一天結束時，設備的外形要求，或者也回答了你的問題。

And for the Company, we are very pleased about the positioning of the Company in that application area.

對於公司而言，我們對公司在該應用領域的定位感到非常高興。

It is early days, in terms of the size of that marketplace.

就該市場的規模而言，現在還為時過早。

I don't know if the TSV-specific SAM is going to be much more about $100 million of WFE this year.

我不知道今年特定於 TSV 的 SAM 是否會超過 1 億美元的 WFE。

But that's a 70% expansion year over year, so it's an important component of growth opportunity.

但這是同比增長 70%，因此它是增長機會的重要組成部分。

It is a very important inflection, but in relative terms it's still early days.

這是一個非常重要的轉折點，但相對而言它還處於早期階段。

Okay, great.

好，太棒了。

And a question for you, Ernie.

還有一個問題，厄尼。

In terms of the cost savings, targets and the integration.

在成本節約、目標和整合方面。

You mentioned ERP and the supply chain rationalization.

您提到了 ERP 和供應鏈合理化。

Are they still the biggest drivers on a going forward basis?

在未來的基礎上，他們仍然是最大的驅動力嗎？

Is it (technical difficulty) or is there still one major project that you have to do internally to get to that remaining $60 million that is still out there?

是（技術難度）還是您必須在內部完成一個重大項目才能獲得剩餘的 6000 萬美元？

Patrick, as we talked about before, obviously the supply chain work is the most impactive to cost of goods sold.

帕特里克，正如我們之前談到的，顯然供應鏈工作對銷售成本的影響最大。

The ERP integration is going to enable the remainder of the operating expense synergies.

ERP 集成將實現其餘的運營費用協同效應。

So for sure, there are a number of other smaller projects with other milestones, but it's hard to think of any more that approach that scope and scale and impact.

因此，可以肯定的是，還有許多其他具有其他里程碑意義的小型項目，但很難想像有更多的項目能夠達到這樣的範圍、規模和影響。

Okay.

好的。

Thanks a lot again, and good luck, Ernie.

再次非常感謝，祝你好運，厄尼。

Thanks.

謝謝。

Weston Twigg, Pacific Crest.

Weston Twigg，太平洋冠。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

First, just wondering if you are seeing yet, any inflection in orders related to double patterning ramps this year?

首先，想知道您是否看到今年與雙圖案坡道相關的訂單有任何變化？

I would say always.

我會說總是。

I mean, the patterning environment generally is a perpetually expanding marketplace.

我的意思是，圖案製作環境通常是一個不斷擴大的市場。

And as we articulated, the spending concentration in the leading foundry space and logic space is significant.

正如我們所闡述的那樣，領先的代工空間和邏輯空間的支出集中度是顯著的。

So, yes, each and every day, we show up to work, the answer that question is yes.

所以，是的，我們每天都去上班，這個問題的答案是肯定的。

But I guess specifically, not just patterning, but double patterning orders starting to benefit your order book?

但我想具體來說，不僅僅是圖案，而且雙圖案訂單開始使您的訂單受益？

Yes.

是的。

Okay.

好的。

And then, also just on the Axcelis agreement collaboration on materials, just wondering if you can help us understand maybe the importance of implant etch interactions, and what you might be potentially working on with Axcelis?

然後，也只是關於材料方面的 Axcelis 協議合作，只是想知道您是否可以幫助我們了解植入物蝕刻相互作用的重要性，以及您可能與 Axcelis 合作的內容？

Yes, we are in the very early stages of kind of developing the plans and frankly, there is a very obvious competitive consequence to saying too much on this call.

是的，我們正處於製定計劃的早期階段，坦率地說，在這次電話會議上說太多會產生非常明顯的競爭後果。

But, I am optimistic that the types of things that are available to one of my competitors as a result of their acquisition is available to us in terms of joint development activities.

但是，我樂觀地認為，我的一個競爭對手通過收購他們可以獲得的東西類型在聯合開發活動方面可供我們使用。

So we are going to work hard to make that possible, and I think we are pretty excited about developing opportunities and plans in the weeks and months ahead.

因此，我們將努力實現這一目標，我認為我們對在未來幾周和幾個月內開發機會和計劃感到非常興奮。

Very helpful.

非常有幫助。

Thank you.

謝謝你。

Satya Kumar, Credit Suisse.

Satya Kumar，瑞士信貸。

Hi, thanks.

你好謝謝。

Just a clarification to start off, Martin.

馬丁，開始澄清一下。

What was your estimate of 2012 wafer side spending?

您對 2012 年晶圓方面的支出的估計是多少？

Ask the question again?

再問問題？

2012 what?

2012什麼？

(Multiple Speakers).

（多位發言者）。

$28 billion -- I think it's --

280億美元——我認為是——

WFE, is that your question?

WFE，這是你的問題嗎？

Yes.

是的。

28 -- $28 billion.

28 - 280 億美元。

28?

28？

Okay.

好的。

And related to your March guidance, there is a slight decline in your gross margin, 50 basis points, even though you are taking up your shipment guidance 10% or so.

與您 3 月份的指導相關，您的毛利率略有下降 50 個基點，儘管您的發貨指導佔了 10% 左右。

And customer mix shouldn't hurt you as much I guess.

而且客戶組合不應該像我猜的那樣傷害你。

It's more to Taiwan I would think.

我想更多的是台灣。

Could you still talk a little bit about pricing, any volume discount and the like affecting gross margin?

你還能談談影響毛利率的定價、任何數量折扣等嗎？

And then on OpEx, there is a fairly sizable step up in OpEx I guess, and better than your guidance.

然後在 OpEx 上，我猜 OpEx 有相當大的進步，而且比你的指導要好。

Again, it is below what you are saying your model is, but there is a sequential increase in OpEx of $14 million.

同樣，它低於您所說的模型，但 OpEx 連續增加了 1400 萬美元。

Is there any increase in OpEx that's being driven again due to competitive reasons?

由於競爭原因，OpEx 是否有任何增長？

Because [plate] materials is going through a management transition, or are these programmatic spending that is happening?

因為 [板塊] 材料正在經歷管理轉型，還是這些程序化支出正在發生？

So, Satya, this is Ernie.

所以，薩蒂亞，這是厄尼。

I tried to give you as much color on that as I could in my comments when I suggested that given that the Company had an extra week's worth of OpEx in the March quarter, so we literally have a 13 week quarter, or a 14 week quarter.

當我建議考慮到公司在 3 月季度有額外一周的運營支出時，我試圖在我的評論中給你盡可能多的顏色，所以我們實際上有一個 13 週的季度或 14 週的季度.

Plus you have the normal seasonality of payroll taxes.

另外，您還有正常的工資稅季節性。

That is a $10 million lump for a Company that is the size, scope and scale of the new Lam.

對於一家規模、範圍和規模與新 Lam 相當的公司來說，這相當於 1000 萬美元。

And I will -- and Martin will provide commentary on the customer agreements.

我會——Martin 會就客戶協議發表評論。

But if you look at the gross margin performance vis-a-vis the revenue decline, actually I think it does speak to the continued work we are doing on the synergy activities, as well as some amount of benefit gained from the factory.

但如果你看看毛利率表現與收入下降的關係，實際上我認為這確實說明了我們在協同活動方面所做的持續工作，以及從工廠獲得的一些收益。

So my view would be that the gross margin performance in the March quarter is pretty consistent with the ebb and flow of the business, and the customers, and the products.

所以我的觀點是，三月份季度的毛利率表現與業務、客戶和產品的起起落落非常一致。

And so we are actually pretty pleased with that.

所以我們實際上對此非常滿意。

Okay.

好的。

Thank you.

謝謝你。

Tom Diffely, D.A Davidson.

湯姆·迪菲利，D.A 戴維森。

Yes, good afternoon.

是的，下午好。

Maybe another question on NAND here.

也許這裡有另一個關於 NAND 的問題。

Do your comments includes NAND that was taken off-line last year, that is coming back online?

您的評論是否包括去年離線的 NAND，現在又重新上線了？

Or is it strictly -- is the NAND portion running full out right now, and they are going to convert from DRAM to NAND?

或者是嚴格意義上的——NAND 部分現在是否已經用完，他們將從 DRAM 轉換為 NAND？

Well, our comments include our best understanding of available capacity and current utilization, correct.

好吧，我們的評論包括我們對可用容量和當前利用率的最佳理解，正確的。

Okay.

好的。

I am just wondering if you think the conversion is going to pick up here, does your view of DRAM change at all this year?

我只是想知道您是否認為轉換會在這裡回升，您對 DRAM 的看法今年是否發生了變化？

I don't know if I would make a big connection between those two things.

我不知道我是否會在這兩件事之間建立很大的聯繫。

I think the kind of dominant answer to the DRAM investment is the PC.

我認為 DRAM 投資的主要答案是 PC。

We have gotten kind of maybe a little bit more conservative on the PC in the last two months, having been kind of -- maybe articulating a view of neutral to slightly up, to being kind of neutral to slightly down.

在過去的兩個月裡，我們在 PC 上可能變得有點保守，有點——也許表達了中性到略微上升的觀點，或者是中性到略微下降的觀點。

I think that is kind of the overwhelming driver.

我認為這是一種壓倒性的驅動程序。

I mean, there is some kind of nice headlines in terms of mobile-related DRAM growth and the non-PC proportion of DRAM is very important.

我的意思是，就移動相關的 DRAM 增長而言，有一些不錯的頭條新聞，而且 DRAM 的非 PC 比例非常重要。

But I think the catalyst for investment in terms of capacity addition is going to be tied to the PC story.

但我認為，在產能增加方面的投資催化劑將與 PC 故事相關聯。

Okay.

好的。

You don't see a big difference in your tool set between mobile DRAM and PC DRAM?

您沒有看到移動 DRAM 和 PC DRAM 之間的工具集有很大差異嗎？

That's kind of hard for me to speak to that.

這對我來說有點難說。

I don't think so.

我不這麼認為。

Okay, thank you.

好的謝謝你。

Ben Pang, B. Riley Caris

Ben Pang, B. Riley Caris

Thanks for taking my question.

感謝您提出我的問題。

You commented on 2012, you defended 90% of your positions in etch.

你在 2012 年發表了評論，你捍衛了 90% 的 etch 職位。

How is that historical over the last three years?

過去三年的歷史情況如何？

Is that about the number that you have or is that better?

這與您擁有的數字有關還是更好？

We are usually in the kind of I would say -- maybe 85 % to 95% range is probably like our history.

我們通常是我會說的那種——也許 85% 到 95% 的範圍可能就像我們的歷史一樣。

I wasn't really kind of trying to focus too much on the number, more focused on the quality, the commentary.

我並沒有真正試圖過多地關注數字，而是更關注質量和評論。

The strength of the differentiation is there, evidenced by an overwhelmingly successful kind of defect stance.

差異化的力量就在那裡，以一種壓倒性成功的缺陷立場證明了這一點。

To one of the question that was asked a little earlier around spending profile in the Company, our focus is on our offense.

對於早些時候圍繞公司支出概況提出的一個問題，我們的重點是我們的進攻。

We clearly have to defend effectively -- we don't defend everything, never do.

我們顯然必須有效地防守——我們不防守一切，從不防守。

But on average, if we defend more than we don't, and win more of our penetrations than others, then the share of the Company goes up.

但平均而言，如果我們防守比不防守的多，並且比其他人贏得更多的滲透，那麼公司的份額就會上升。

And that is the plan, and that's why we stand committed to our 3% to 5% long-term goal.

這就是計劃，這就是為什麼我們致力於實現 3% 到 5% 的長期目標。

Okay.

好的。

And is there any pattern around that the 10% or 15% you don't get?

在你沒有得到的 10% 或 15% 周圍有什麼規律嗎？

Is it just pretty random, or is there some specific application that is more difficult to defend?

它只是非常隨機，還是有一些更難防禦的特定應用程序？

I was going to be really cute and say, the consistent theme is we weren't good enough or someone else was better.

我會很可愛地說，一致的主題是我們不夠好或其他人更好。

But I guess what I would tend to conclude as a summary here, is that a big part of the focus of the Company, a big part of the strength of the Company has been in and around the more critical applications in the fab.

但我想我想在這裡總結一下，公司的很大一部分重點，公司實力的很大一部分一直在晶圓廠中更關鍵的應用中和周圍。

And so when we do have a defense exposure, it is much more likely to be in a non-critical space.

因此，當我們確實有防禦暴露時，它更有可能處於非關鍵空間。

And there's a reason why the commercial dialogue becomes more relevant there.

商業對話在那裡變得更加相關是有原因的。

But in the long term, our belief is still the same today as it was five years ago or ten years ago, that if we focus on critical applications, our cycles of learning will be greater than anybody else's, and we will continue to be able to succeed to the ambition we are speaking to.

但從長遠來看，我們今天的信念仍然和五年前或十年前一樣，如果我們專注於關鍵應用，我們的學習週期將比任何人都長，我們將繼續能夠成功實現我們所說的雄心壯志。

Thank you very much.

非常感謝。

I am sorry, I was going to say we have time for two more questions.

對不起，我想說我們還有時間再問兩個問題。

Stephen Chin, UBS.

瑞銀的斯蒂芬·欽。

Thank you.

謝謝你。

Hi, Martin, and thank you, Ernie for your help these past few years also.

嗨，Martin，也感謝 Ernie 在過去幾年中的幫助。

Just a follow-up question on the win at the leading logic company.

只是關於領先邏輯公司獲勝的後續問題。

Congrats on that.

對此表示祝賀。

I was just wondering, Martin, if you could share any color on what kind of a ramp in shipments and sales we might think about at this new customer?

我只是想知道，馬丁，如果你能分享一下我們可能會為這個新客戶考慮什麼樣的發貨和銷售坡道？

Is it more of a sales ramp, two to three years from now?

從現在起兩到三年後，它更像是一個銷售增長嗎？

Is that kind of how we should consider modeling?

這就是我們應該考慮建模的方式嗎？

Well, I am kind of sorry I can't share too much with you.

嗯，很抱歉我不能和你分享太多。

It's a production tool, so that means it's part of an active production buy.

它是一種生產工具，因此這意味著它是積極生產購買的一部分。

Okay, fair enough.

好吧，夠公平的。

And as a follow-up question, just to follow-up on a possibility of paying the dividend.

作為一個後續問題，只是為了跟進支付股息的可能性。

Is there any decision to leave Lam, impact the timing of the Board's decision on the dividend?

是否有任何離開林的決定，影響董事會決定股息的時間？

Can Lam or does Lam need to find a permanent CFO first?

Lam 可以還是 Lam 需要先找到一個固定的 CFO？

Or can the dividend discussion and decision be made with the search ongoing?

或者是否可以在搜索過程中進行股息討論和決定？

Thanks.

謝謝。

Well as much as Ernie is a tremendously important component to our Company, there is no relationship to a decision on capital structure and whether he is here or someone else is here.

儘管 Ernie 是我們公司非常重要的組成部分，但與資本結構的決定以及他是否在這里或其他人在這裡都沒有關係。

We don't want to kind of dump the surprise on somebody, but we are not going to do that.

我們不想把驚喜轉嫁給某人，但我們不會那樣做。

So we will as a Company make the right decision, at the right time with support from our Board of Directors independent of individuals and individual transitions.

因此，作為一家公司，我們將在獨立於個人和個人過渡的董事會的支持下，在正確的時間做出正確的決定。

Okay, thanks, Martin.

好的，謝謝，馬丁。

Chris Blansett, JPMorgan.

摩根大通的克里斯·布蘭塞特。

Martin, I had a question about this win at your leading logic customer.

馬丁，我對你的領先邏輯客戶的這次勝利有疑問。

And it really comes down to -- although you just announced the win, you probably have been spending money on this for maybe over a year.

這真的歸結為——雖然你剛剛宣布獲勝，但你可能已經為此花錢了一年多。

So, I wanted to understand the leverage on the OpEx going forward, as revenue from that customer ramps.

因此，我想了解未來運營支出的影響力，因為來自該客戶的收入會增加。

And is the business big enough and is the leverage large enough that we'll actually see it in the financial model?

業務是否足夠大，槓桿是否足夠大，我們會在財務模型中實際看到它？

Well, the operating -- the answer to the question is yes.

好吧，操作——問題的答案是肯定的。

I think you will see it in the financial model.

我想你會在財務模型中看到它。

We certainly will see it, but we have more access to information I guess.

我們當然會看到它，但我猜我們可以更多地訪問信息。

But the commentary from Ernie at the analyst meeting, which we repeated again today, speaks to the leverage in the Company, the operating expense levels in the Company, the targeted profitability levels in the Company.

但我們今天再次重複的分析師會議上 Ernie 的評論談到了公司的槓桿率、公司的運營費用水平、公司的目標盈利水平。

So I -- you shouldn't be kind of like separating the two conversations.

所以我——你不應該把這兩個對話分開。

They are part of the same.

它們是相同的一部分。

Okay.

好的。

And then the second question I have is related to the CFO replacement.

然後我的第二個問題與首席財務官的更換有關。

Are you likely to look for someone internal inside Lam, or is this an external search?

您可能會在 Lam 內部尋找某個人，還是外部搜索？

We have an active search today.

我們今天有一個積極的搜索。

We have a really talented finance organization and a great team.

我們有一個非常有才華的財務組織和一支優秀的團隊。

And, we are blessed with that, but we have decided, given the scale and scope of the Company and our needs, and active search is an appropriate conclusion.

而且，我們很幸運，但鑑於公司的規模和範圍以及我們的需求，我們已經決定，積極搜索是一個適當的結論。

All right.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

At this time there our no further questions.

此時我們沒有進一步的問題。

I would like to pass the call back to Shayne Hudson for closing remarks.

我想將電話轉回給 Shayne Hudson 以結束髮言。

Thank you, Lorenzo.

謝謝你，洛倫佐。

I would like to thank everyone who has joined us here on the call today.

我要感謝今天在電話會議上加入我們的所有人。

An audio replay can be available and found on our website later this afternoon.

今天下午晚些時候可以在我們的網站上找到音頻重播。

And then on behalf of the entire management team, we appreciate your interest in Lam Research.

然後，我們代表整個管理團隊，感謝您對 Lam Research 的興趣。

Ladies and gentlemen, this concludes the Lam Research Corporation December 2012 quarterly results conference call.

女士們先生們，Lam Research Corporation 2012 年 12 月季度業績電話會議到此結束。

We would like to thank you for your participation.

我們要感謝您的參與。

You may now disconnect.

您現在可以斷開連接。