科林研發 (LRCX) 2013 Q3 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 March 2013 quarterly results.

歡迎閱讀 Lam Research Corporation 2013 年 3 月的季度業績。

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

在今天的演示中，所有參與者都將處於只聽模式。

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）

At this time, I would like to turn the conference over to Shanye Hudson, Senior Director of Investor Relations.

在這個時候，我想把會議交給投資者關係高級總監 Shanye Hudson。

Please go ahead, ma'am.

請繼續，女士。

Thank you, Vince.

謝謝你，文斯。

Good afternoon, everyone.

大家下午好。

Welcome to Lam Research Corporation's quarterly conference call.

歡迎參加 Lam Research Corporation 的季度電話會議。

With me here today are Martin Anstice, President and Chief Executive Officer, and Doug Bettinger, Executive 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 和執行副總裁兼首席財務官 Doug Bettinger。

During today's call Doug will discuss our financial results for the March 2013 quarter.

在今天的電話會議中，Doug 將討論我們 2013 年 3 月季度的財務業績。

Martin will then share Lam's business outlook for the June 2013 quarter before we open the call for Q&A.

在我們開啟問答環節之前，Martin 將分享 Lam 對 2013 年 6 月季度的業務展望。

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

詳細說明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 of market size, the timing and quantity of 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 behaviors, and the factors that will influence those expectations.

今天的電話會議包含某些前瞻性陳述，包括與我們對市場規模的預期、晶圓廠設備支出的時間和數量、向日本客戶出貨的收入預期、可能影響我們的業務、市場的技術趨勢和轉型的前瞻性陳述。分享變化、消費者需求、客戶支出和行為，以及影響這些預期的因素。

Our spending projections, investment plans, and business focus and strategies.

我們的支出預測、投資計劃、業務重點和戰略。

The positioning of Lam's products and services, the completion dates of various projects such as our ERP integration, share repurchase activity, and shipment of beta units for new products.

Lam 的產品和服務的定位，我們的 ERP 集成等各種項目的完成日期，股票回購活動，以及新產品的 beta 單元的出貨。

Our expectations of the benefits resulting from our Novellus acquisition, our intentions for research and development activities, our contemplated tax rate, and our forecasts of cost savings, market share, shipments, revenues, expenses, margins, operating profit, earnings per share, and cash generation, both on a GAAP and non-GAAP basis.

我們對收購 Novellus 所帶來的收益的預期、我們對研發活動的意圖、我們的預期稅率以及我們對成本節約、市場份額、出貨量、收入、費用、利潤率、營業利潤、每股收益和在公認會計原則和非公認會計原則基礎上產生現金。

As well as other statements of the Company's expectations, beliefs and plans.

以及公司的期望、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.

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大不相同。

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.

這些因素的列表可以在本次電話會議隨附的幻燈片包中以及我們最近提交給證券交易委員會的 10-Q 表格中找到。

All forward-looking statements are based on current information.

所有前瞻性陳述均基於當前信息。

The Company assumes no obligation to update any of them.

本公司不承擔更新其中任何內容的義務。

This call scheduled to last until 3.00 pm and we ask that you please limit questions to one per firm with a very 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，並進行非常簡短的跟進。

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

有了這個，我會把電話轉給你，道格。

Thank you, Shayne.

謝謝你，謝恩。

Let me add my welcome to everyone on the call.

讓我向所有參加電話會議的人表示歡迎。

During the short time I have been here, I have been coming up to speed on our business by having extensive one on ones and by attending our Management meetings.

在我在這裡的短暫時間裡，我通過廣泛的一對一和參加我們的管理會議來加快我們的業務。

I have had the opportunity to get to know something about Lam's people, processes and products.

我有機會了解 Lam 的人員、流程和產品。

I would just thought I would let you know that I have been very impressed with the caliber of this Management team and equally impressed with the way we run the Company.

我只是想讓你知道，我對這個管理團隊的才能印象深刻，對我們經營公司的方式也印象深刻。

For today's presentation, I will start by reviewing our March quarter results, which will include an update on our merger-related cost synergies.

對於今天的演講，我將首先回顧我們 3 月份的季度業績，其中將包括我們與合併相關的成本協同效應的更新。

I will finish up with a few comments regarding capital deployment.

最後，我將就資本部署發表一些評論。

Before I jump into it, I should point out that the numbers I reference today will primarily be our non-GAAP numbers.

在我開始討論之前，我應該指出，我今天引用的數字主要是我們的非 GAAP 數字。

Our March quarter results provided a solid start to the calendar year as evidenced by performance that was above the midpoint of our expectations are most of our guided metrics.

我們的 3 月季度業績為日曆年提供了一個堅實的開端，高於我們預期中點的業績證明了這一點，這是我們的大部分指導指標。

Overall, total shipments were up 12% quarter over quarter to $896 million.

總體而言，總出貨量環比增長 12%，達到 8.96 億美元。

This was driven by continued strength in the foundry segment at the 28-nanometer node.

這是由 28 納米節點代工領域的持續實力推動的。

During the quarter approximately 87% of our system shipments were for applications at the sub 4-x technology node.

在本季度，我們大約 87% 的系統出貨量用於低於 4-x 技術節點的應用程序。

This compares with 78% in the December quarter.

相比之下，12 月季度為 78%。

At a segment level, foundry shipments accounted for 56% of the total system shipments.

在細分市場層面，代工出貨量佔系統總出貨量的 56%。

This is up from 51% last quarter.

這比上一季度的 51% 有所上升。

The memory segment made up 31%, up from the low of 20% in December.

內存部分佔 31%，高於 12 月的低點 20%。

Of that 31%, NAND flash constituted 15% and DRAM was 16%.

在這 31% 中，NAND 閃存佔 15%，DRAM 佔 16%。

The remaining 13% was made up by Logic and other shipments.

剩下的 13% 由 Logic 和其他出貨量組成。

Revenue came in at $845 million, which was $15 million better than the midpoint of our guided range, and down 2% sequentially.

收入為 8.45 億美元，比我們指導範圍的中點高出 1500 萬美元，環比下降 2%。

Revenue was a little stronger than we expected driven by multiple customers in our deposition business.

在我們沉積業務的多個客戶的推動下，收入比我們預期的要強一些。

Gross margin was 43.9%, a little bit better than expectations, and down slightly from the December quarter, which was 44.2%.

毛利率為 43.9%，略好於預期，略低於 12 月當季的 44.2%。

From a cost of goods sold synergy standpoint, a number of new supplier agreements took effect this quarter, and we have started to see some of those cost savings.

從商品銷售成本協同效應的角度來看，一些新的供應商協議在本季度生效，我們已經開始看到其中的一些成本節省。

We expect those savings to accelerate in the back half of the calendar year.

我們預計這些節省將在日曆年的後半段加速。

As we planned, operating expenses for the quarter were $296 million, which was up from $281 million the prior quarter.

正如我們計劃的那樣，本季度的運營費用為 2.96 億美元，高於上一季度的 2.81 億美元。

During the quarter, we made progress toward our OpEx related cost savings.

在本季度，我們在與運營支出相關的成本節約方面取得了進展。

We expect the completion of our ERP systems integration project to contribute toward achieving the remaining portion of the OpEx synergies.

我們預計 ERP 系統集成項目的完成將有助於實現運營支出協同效應的剩餘部分。

And I'll just let you know, system testing is well underway and our team has done a solid job keeping the project on track to our original schedule.

我只想讓你知道，系統測試正在進行中，我們的團隊已經完成了一項紮實的工作，使項目按原計劃進行。

We expect the implementation of the newly combined system following the close of our fiscal year.

我們預計在我們的財政年度結束後實施新的合併系統。

To date, we have achieved approximately half of the overall targeted cost synergies.

迄今為止，我們已經實現了大約一半的總體目標成本協同效應。

Let me provide you a short commentary on 450-millimeter.

讓我為您提供關於 450 毫米的簡短評論。

Consistent with the timing of our customers' stated plans, we see our investments in 450 programs ramping in 2013.

與我們客戶聲明的計劃的時間一致，我們看到我們在 2013 年對 450 個項目的投資增加了。

This is an area where we expect to deliver significant synergy benefits to the customer as well as the Company.

這是我們期望為客戶和公司帶來顯著協同效益的領域。

We have successfully merged our engineering team activities and are executing plans to drive commonality across many aspects of our etch, deposition and strip platforms.

我們已成功合併我們的工程團隊活動，並正在執行計劃以推動我們的蝕刻、沉積和剝離平台的許多方面的通用性。

We are closely managing our investments to meet both our customers' requirements for 450, while strengthening our competitive differentiation for the remaining 300-millimeter production nodes, which are critical to the success of our customers over the next five years.

我們正在密切管理我們的投資，以滿足客戶對 450 的需求，同時加強我們對剩餘 300 毫米生產節點的競爭差異化，這對我們客戶在未來五年內的成功至關重要。

I will close out my spending discussion with the comment that we remain focused and committed to not exceeding the spending levels that we discussed during our recent analyst day of 305 millimeters per quarter at the $1 billion revenue run rate.

我將結束我的支出討論，並評論說我們仍然專注並致力於不超過我們在最近的分析師日以 10 億美元的收入運行率討論的每季度 305 毫米的支出水平。

Operating income was $75 million and operating margin was 8.8%.

營業收入為 7500 萬美元，營業利潤率為 8.8%。

Our tax rate for the quarter was a negative 5.6%, which was lower than we expected and down from 17.3% in the prior quarter.

我們本季度的稅率為負 5.6%，低於我們的預期，低於上一季度的 17.3%。

Our favorable tax rate this quarter is primarily attributed to the jurisdictional mix of income as well as the extension of the Federal R&D Tax Credit.

我們本季度的優惠稅率主要歸功於收入的管轄組合以及聯邦研發稅收抵免的擴展。

Taxes had an positive impact on our EPS this quarter of approximately $0.02.

稅收對我們本季度的每股收益產生了約 0.02 美元的積極影響。

We would expect a rate -- a tax rate for the fiscal year in the high single digits.

我們預計會有一個稅率——本財年的稅率為高個位數。

Based on a share count of 169 million shares, earnings per share for the March quarter was $0.44.

根據 1.69 億股的股票數量，3 月季度的每股收益為 0.44 美元。

The share count includes the dilutive impact of approximately 2.7 million shares related to our 2041 convertible notes.

股票數量包括與我們的 2041 年可轉換票據相關的約 270 萬股的攤薄影響。

Just a reminder about these.

只是對這些的提醒。

Whenever our average quarterly stock prices is above the $35.11 conversion price, these notes have a dilutive impact.

每當我們的平均季度股票價格高於 35.11 美元的轉換價格時，這些票據就會產生稀釋影響。

In the March quarter our average stock price was $40.71.

在 3 月季度，我們的平均股價為 40.71 美元。

To help you understand the dynamic from these notes better, we've posted a dilution schedule on our investor relations website.

為了幫助您更好地了解這些筆記的動態，我們在我們的投資者關係網站上發布了稀釋時間表。

Now, let me move to the balance sheet.

現在，讓我談談資產負債表。

We ended the quarter with gross cash and short-term investments including our restricted cash of $2.5 billion.

我們以總現金和短期投資結束本季度，包括我們的 25 億美元的受限現金。

Approximately 30% of this was on shore.

其中大約 30% 在岸上。

This compares with gross cash of $2.7 billion at the end of the December quarter.

相比之下，截至 12 月季度末的總現金為 27 億美元。

Cash was down a bit from the prior quarter as we continued executing share repurchases and we paid our annual bonuses.

由於我們繼續執行股票回購併支付了年度獎金，現金比上一季度有所下降。

I would just point out cash net of debt and the restricted amounts was $1.1 billion.

我只想指出扣除債務後的現金，限制金額為 11 億美元。

DSO came in at 63 days and inventory turns were 3.7.

DSO 進入 63 天，庫存周轉率為 3.7。

We ended the quarter with deferred revenue of $327 million, which excludes approximately $50 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 3.27 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 5000 萬美元的出貨量。

Cash from operations was $102 million with approximately 20% of this generated on shore.

運營現金為 1.02 億美元，其中約 20% 在岸上產生。

Our cash generation this quarter was negatively impacted by those annual bonus payments I mentioned, as well as the growth in inventory to support our growing shipment plans.

我們本季度的現金產生受到我提到的那些年度獎金支付以及支持我們不斷增長的出貨計劃的庫存增長的負面影響。

Company non-cash expenses include, among other items, $26 million for equity comp, $45 million for amortization, and $30 million for depreciation.

公司的非現金支出包括 2600 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 $35 million, and we ended the quarter with approximately 6,500 regular full-time employees.

資本支出為 3500 萬美元，截至本季度末，我們擁有約 6,500 名正式全職員工。

Finally, I wanted to provide an update on our share repurchase activity during the March quarter.

最後，我想提供有關我們在 3 月季度的股票回購活動的最新信息。

We spent $214 million and took delivery of approximately 5 million shares of common stock.

我們花費了 2.14 億美元並接收了大約 500 萬股普通股。

This substantially completes our previous $1.6 billion share repurchase authorization.

這大大完成了我們之前 16 億美元的股票回購授權。

Additionally, as I am sure you saw today, we announced a new share repurchase authorization of $250 million which we expect to be completed in 2014.

此外，正如我相信您今天看到的那樣，我們宣布了一項新的 2.5 億美元的股票回購授權，我們預計將在 2014 年完成。

I just thought I would let you know, I've spent a decent amount of time working with the team looking at capital structure since I joined the Company in early March.

我只是想讓你知道，自從我 3 月初加入公司以來，我已經花了很多時間與團隊一起研究資本結構。

Given the largely offshore distribution of our cash as well as cash generation, as well as the current uncertainty with regard to corporate tax reform, we believe ongoing share repurchases to be the best use of cash at this time.

鑑於我們的現金和現金產生在很大程度上是離岸分配，以及當前企業稅改革的不確定性，我們認為正在進行的股票回購是目前現金的最佳使用方式。

I would like to tell you that we're committed to an ongoing return of excess cash to shareholders, and we will continue to evaluate the best ways to do that.

我想告訴你，我們致力於持續向股東返還多餘的現金，我們將繼續評估實現這一目標的最佳方式。

With that, I will turn the call over to Martin for further color on the quarter.

有了這個，我將把電話轉給馬丁，以獲得本季度的進一步色彩。

Good afternoon everyone, and thank you for joining our call today.

大家下午好，感謝您今天加入我們的電話會議。

Before I begin, I would like to officially welcome Doug to Lam Research.

在開始之前，我想正式歡迎 Doug 加入 Lam Research。

As expected, Doug brings a solid financial track record and extensive leadership experience to the Company.

正如預期的那樣，Doug 為公司帶來了堅實的財務業績記錄和豐富的領導經驗。

He is quickly assimilating to Lam's culture and we're very pleased to have them as a member of the leadership team as a true business partner.

他很快就融入了 Lam 的文化，我們很高興讓他們成為領導團隊的一員，成為真正的商業夥伴。

Many of you will have an opportunity to meet with him in the coming weeks and months as we plan investor relations activities.

在我們計劃投資者關係活動的未來幾周和幾個月內，你們中的許多人將有機會與他會面。

I am sure you will quickly come to appreciate his strengths.

我相信你很快就會體會到他的長處。

In the meantime, we have had a nice start to calendar 2013.

與此同時，我們在 2013 年有了一個良好的開端。

As Doug just articulated, we delivered solid financial performance for the March quarter meeting our expectations.

正如 Doug 剛才所說，我們在 3 月季度實現了穩健的財務業績，符合我們的預期。

We continue to position Lam products and services for market share growth.

我們繼續將 Lam 產品和服務定位為市場份額增長。

We realized incremental cost savings and remain on track for achieving our run rate synergy targets by the calendar year end.

我們實現了增量成本節約，並有望在日曆年底前實現我們的運行率協同目標。

And we concluded our $1.6 billion share repurchase authorization, retiring approximately 44 million shares faster than originally targeted at an average price of approximately $36.

我們完成了 16 億美元的股票回購授權，以大約 36 美元的平均價格提前約 4400 萬股股票回購。

Previously, we shared an expectation for the merger to be accretive to earnings in the June quarter of this year.

此前，我們預計合併將在今年 6 月季度增加收益。

Worthy of note, we have delivered earlier against this objective also.

值得注意的是，我們早些時候也針對這一目標進行了交付。

March 2013 was the second straight quarter of accretion with and without the benefit of the incremental share repurchase activity.

2013 年 3 月是連續第二個季度增長，無論是否受益於增量股票回購活動。

Two such data points do not guarantee all our integration objectives will be realized.

兩個這樣的數據點並不能保證我們所有的集成目標都能實現。

But the Company is truly operating as one Company at the customer interface.

但該公司在客戶界面上真正作為一家公司運營。

Our ability to pursue opportunities and manage risks is undoubtedly stronger together than was true one year ago as two standalone companies.

我們尋求機會和管理風險的能力無疑比一年前作為兩家獨立公司更強大。

The ongoing and integration related accomplishments of Lam, we believe, are significant.

我們相信，Lam 正在進行的與整合相關的成就意義重大。

They reflect the substance of our vision and the talents and dedication of our employee population globally.

它們反映了我們願景的實質以及我們全球員工的才能和奉獻精神。

I would like to take this opportunity to thank them all and to thank our customers and our suppliers for their continued support and partnership.

我想藉此機會感謝他們所有人，並感謝我們的客戶和供應商一直以來的支持和合作。

I will now take a few minutes to share our perspective on the industry.

我現在將花幾分鐘時間分享我們對這個行業的看法。

In many respects, things are generally playing out as expected.

在許多方面，事情通常按預期進行。

The trajectory of our performance is positive, supported by our shipments guidance for the June 2013 quarter given today, which well represents an activity level 34% higher than only six months ago.

在我們今天給出的 2013 年 6 月季度出貨量指導的支持下，我們的業績軌跡是積極的，這很好地代表了比六個月前高出 34% 的活動水平。

Most of that appears to be acceleration and timing of planned investments, hence our decision to retain our outlook for 2013 WFE spending at the $30 billion level approximately.

其中大部分似乎是計劃投資的加速和時間安排，因此我們決定將 2013 年 WFE 支出的前景保持在大約 300 億美元的水平。

We expect the current strengthening, which is predominantly in the memory space, to ultimately lead to a more balanced first half versus second half weighting of high 40s, low 50s, respectively, for calendar 2013.

我們預計，目前主要在內存領域的走強最終會導致 2013 年上半年與下半年的權重分別為高 40 歲和低 50 歲，從而更加平衡。

Starting with the DRAM segment, the pricing conditions of clearly improved over the past couple of quarters, supported by healthy demand for mobile and server products.

從 DRAM 部分開始，在移動和服務器產品的健康需求的支持下，過去幾個季度的定價條件明顯改善。

These non-PC DRAM segments account for more than 60% of overall DRAM bit consumption today.

這些非 PC DRAM 部分佔當今整體 DRAM 位消耗的 60% 以上。

As a result of these conditions, DRAM manufacturers generally appear to be increasing the pace of their conversion plans to transition existing capacity to the 3-x and 2-x technology nodes.

由於這些情況，DRAM 製造商通常似乎正在加快其轉換計劃的步伐，以將現有產能轉移到 3-x 和 2-x 技術節點。

Although original equipment purchases for capacity are clearly rare.

儘管為容量而購買的原始設備顯然很少見。

We believe that DRAM capacity is reasonably fungible meaning manufacturers can convert relatively quickly mobile and PC DRAM outputs.

我們認為 DRAM 容量是相當可替代的，這意味著製造商可以相對快速地轉換移動和 PC DRAM 輸出。

We still project minimal new capacity additions this calendar year, and between 450,000 and 500,000 wafer starts of capacity conversion.

我們仍預計本日曆年新增產能最少，產能轉換將在 450,000 至 500,000 片之間開始。

This activity supports overall DRAM bit growth in a range of 25% to 50% and our analysis suggests pricing should remain healthy with very tight supply for the foreseeable future.

這一活動支持 25% 至 50% 的整體 DRAM 位增長，我們的分析表明，在可預見的未來，由於供應非常緊張，價格應該保持健康。

Still today, the NAND segment represents the most difficult to predict, and larger swing factor of spending.

時至今日，NAND 部分仍是最難預測的，也是最大的支出波動因素。

But this is largely a debate about the final quarter of this year and the first quarter of next, we believe.

但這在很大程度上是關於今年最後一個季度和明年第一季度的辯論，我們相信。

Similar to DRAM, we are seeing a couple of NAND manufacturers pull in the timing of their next generation investments.

與 DRAM 類似，我們看到有幾家 NAND 製造商在爭取下一代投資的時機。

We continue to believe that the demand for flash memory is an attractive growth opportunity in the industry for our customers and for Lam.

我們仍然相信，對我們的客戶和 Lam 而言，對閃存的需求是行業中一個有吸引力的增長機會。

We have essentially maintained our full-year calendar '13 view of NAND's WFE spending at this time as we still expect manufacturers will be receiving a similar level of capacity as anticipated in our last call.

目前，我們基本上維持了我們對 NAND WFE 支出的 13 年全年日曆的看法，因為我們仍然預計製造商將獲得與我們上次電話會議中預期的類似水平的產能。

The dominant capacity additions are planar but relative to 3D NANDs we continue to project initial capacity shipments occurring towards the end of this year.

主要的產能增加是平面的，但相對於 3D NAND，我們繼續預計將在今年年底出現初始產能出貨量。

Our outlook for both foundry and Logic segments has not substantially changed either.

我們對代工和邏輯領域的前景也沒有實質性改變。

Investments for 28-nanometer capacity have been strong and we expect that to continue over the next one or two quarters prior to decelerating and broadening the number of customers in the second half of the year.

對 28 納米產能的投資一直很強勁，我們預計在下半年減速和擴大客戶數量之前，這種情況將持續到未來一兩個季度。

The 20-nanometer investment should commence in earnest around that same time with an estimated 30,000 to 50,000 wafer starts of capacity shipped to our customers by the end of 2013 across the industry.

20 納米的投資應在同一時間開始，預計到 2013 年底，整個行業將向我們的客戶交付 30,000 至 50,000 片初始產能。

In the Logic space, the second half story appears to represent a strengthening of original equipment additions, at least in our served markets compared to the first half of the year.

在邏輯領域，與上半年相比，至少在我們服務的市場中，下半年的故事似乎代表了原始設備增加的加強。

In this environment, Lam is executing our multi-year growth strategies in etch, deposition, clean, and our installed base business.

在這種環境下，Lam 正在執行我們在蝕刻、沉積、清潔和安裝基礎業務方面的多年增長戰略。

Consistent with what we shared during our recent analyst events, we are focused on aggressively defending our existing positions to realize growth potential in areas where our served markets are expanding, particularly around the so-called inflections -- consistently driving incremental market share gains with our existing product portfolio, establishing opportunities to win together with our customers as productivity of an installed base becomes ever more important and strengthening the competitive differentiation of Lam in existing served markets and leveraging into broader semiconductor capital equipment applications such as packaging as opportunities exist.

與我們在最近的分析師活動中分享的內容一致，我們專注於積極捍衛我們現有的職位，以在我們服務的市場正在擴張的領域實現增長潛力，特別是在所謂的拐點周圍——通過我們的持續推動增量市場份額增長現有產品組合，隨著安裝基礎的生產力變得越來越重要，建立與我們的客戶共贏的機會，並加強 Lam 在現有服務市場的競爭差異化，並在機會存在時利用更廣泛的半導體資本設備應用，例如包裝。

In 2013, we believe we gain a point or two of market share in etch supported by the expansion of double patterning applications in the foundry space and our investments to increase differentiation around the inflections generally.

2013 年，我們相信我們在蝕刻領域獲得了一兩個點的市場份額，這得益於代工領域雙圖案應用的擴展以及我們為提高圍繞拐點的差異化而進行的投資。

We are positioned to gain a couple of points in deposition with the initial production buys for 3D NAND capacity occurring at the same time we enjoy a significantly expanding deposition served market.

在我們享受顯著擴大的沉積服務市場的同時，我們將在沉積方面獲得幾個點，因為 3D NAND 容量的初始生產購買發生。

This is being supplemented by some important wins in the packaging space and also Logic for deposition.

這得到了封裝領域的一些重要勝利以及沉積邏輯的補充。

In addition, we are focused on defending our existing single wafer clean positions to hold share relatively flat, while successfully introducing our next-generation clean product enabling more comprehensive growth opportunity for the Company in the coming years.

此外，我們專注於捍衛我們現有的單晶圓清潔頭寸以保持相對平穩的份額，同時成功推出我們的下一代清潔產品，為公司未來幾年提供更全面的增長機會。

Starting with etch, Lam has historically focused on delivering differentiated technical solutions at the leading edge.

從 etch 開始，Lam 歷來專注於提供領先的差異化技術解決方案。

We believe this capability offers our customers a sustainable technology advantage while strengthening our ability to maintain our existing positions and grow.

我們相信，這種能力為我們的客戶提供了可持續的技術優勢，同時增強了我們維持現有地位和發展的能力。

One example is in the area of multi-patterning.

一個例子是在多模式領域。

Multi-patterning applications have been in production on memory devices for a couple of generations.

多模式應用程序已經在存儲設備上生產了幾代。

Lam is the conductor etch market leader for the critical patterning steps.

Lam 是關鍵圖案化步驟的導體蝕刻市場領導者。

These critical processes require very precise and uniform control across the entire wafer to define the features.

這些關鍵過程需要對整個晶圓進行非常精確和統一的控制，以定義特徵。

Lam's ability to precisely control critical dimensions uniformly across the wafer, has enabled our leadership position.

Lam 能夠精確控制晶圓上的關鍵尺寸均勻一致，使我們處於領先地位。

As foundry Logic manufacturers transition to the 20-nanometer node, we estimate between 5 and 15 multi-patterning steps will be required.

隨著代工廠邏輯製造商過渡到 20 納米節點，我們估計將需要 5 到 15 個多重圖案步驟。

These steps represent between $20 million and $30 million of incremental opportunity for the Company, per 10,000 wafer starts of capacity added.

這些步驟代表公司每增加 10,000 片晶圓的產能，將增加 2000 萬至 3000 萬美元的機會。

We believe that we are well-positioned for these opportunities once production buys begin later this year, and anticipate that our market share in etch multi-patterning will be at least as high as our average market share position overall.

我們相信，一旦今年晚些時候開始生產採購，我們就可以很好地把握這些機會，並預計我們在蝕刻多圖案化方面的市場份額將至少與我們整體的平均市場份額一樣高。

Similarly, we have established strong positions in critical dielectric etch with NAND manufacturers to support development of their 3D NAND devices.

同樣，我們與 NAND 製造商在關鍵介電蝕刻方面建立了穩固的地位，以支持他們的 3D NAND 設備的開發。

These vertical NAND structures are built up from 24 or more layers of alternating films which create significant challenges for etch suppliers to deliver uniform process results at high productivity.

這些垂直 NAND 結構由 24 層或更多層交替薄膜構成，這對蝕刻供應商以高生產率提供統一的工藝結果提出了重大挑戰。

Lam has demonstrated the ability to address these challenges, which supports our confidence in expanding our dielectric etch share.

Lam 展示了應對這些挑戰的能力，這支持了我們擴大電介質蝕刻份額的信心。

Now, turning to the 2 to 2.4 billion depositions served markets where we currently enjoy number one or two market share leadership in each segment of the business.

現在，轉向 2 到 24 億次存款服務的市場，我們目前在各個業務領域享有第一或第二的市場份額領導地位。

With the transition from planar to 3D NAND devices, we estimate our served market could grow by more than 50% in that area.

隨著從平面到 3D NAND 設備的過渡，我們估計我們所服務的市場在該領域可能增長 50% 以上。

This is an important headline relative to future growth.

這是與未來增長相關的重要標題。

Pausing for a moment, creating the complex film stacks in the 3D structure I just described requires uniform defect free deposition, also at very high productivity.

暫停片刻，在我剛剛描述的 3D 結構中創建複雜的薄膜堆疊需要均勻的無缺陷沉積，而且生產率也非常高。

The combination of Lam's multi-station sequential processing and small footprints of our PECVD tool provide a throughput density advantage for our customers as they continue to require reductions in the overall cost of ownership.

Lam 的多站順序處理和我們的 PECVD 工具的小尺寸相結合，為我們的客戶提供了吞吐量密度優勢，因為他們繼續要求降低總體擁有成本。

Optimized device power and speed, the contacts and control lines require low resistivity tungsten fill which is free of voids.

優化的設備功率和速度，觸點和控制線需要低電阻率的鎢填充，沒有空隙。

Lam is very well suited to deliver these capabilities for the challenging high aspect ratio contacts and [reinterim] profiles with our extreme fill technology and film offerings.

Lam 非常適合通過我們的極端填充技術和薄膜產品為具有挑戰性的高縱橫比觸點和 [reinterim] 輪廓提供這些功能。

In critical etch and deposition combined, Lam is well-positioned for the transition to 3D NANDs having won key development tool of record decisions.

在關鍵蝕刻和沈積相結合的情況下，Lam 在向 3D NAND 過渡方面處於有利地位，贏得了記錄決策的關鍵開發工具。

Our position in 3D NAND is improved over the planar device structure in market size by between 35% and 55% and planned market share gains in the low to mid single digits.

我們在 3D NAND 中的地位在市場規模上比平面器件結構提高了 35% 到 55%，並且計劃的市場份額增長在中低個位數。

We've strengthened our presence in the advanced packaging space also, having won multiple developments and production decisions for through silicon via copper electrofill and other advanced wafer level packaging applications.

我們還加強了我們在先進封裝領域的影響力，贏得了多項開發和生產決策，用於通過銅電填充和其他先進晶圓級封裝應用的矽通孔。

While the market is still emerging, these wins position us well for future growth in deposition.

雖然市場仍在興起，但這些勝利使我們為未來的沉積增長奠定了良好的基礎。

This month, we shipped our 500th SABRE System, that tool is widely recognized as the industry workhorse for copper electrofill and is used by 90% of the production facilities running copper damascene processes today.

本月，我們發運了第 500 台 SABRE 系統，該工具被廣泛認為是銅電鍍行業的主力軍，如今被 90% 的運行銅鑲嵌工藝的生產設施使用。

Last but not least, in single wafer clean, we continue to focus on supporting existing customers with the current product line and developing our next-generation products.

最後但同樣重要的是，在單晶圓清潔方面，我們繼續專注於為現有客戶提供當前產品線的支持並開發我們的下一代產品。

We have made excellent progress to that end, demonstrating ultra low defectivity performance in our labs necessary to meet process requirements for the 10-nanometer node.

我們在這方面取得了出色的進展，在我們的實驗室中展示了滿足 10 納米節點工藝要求所必需的超低缺陷性能。

Our system is designed for lower cost of ownership by combining a high productivity platform with advanced reclaim capability to reduce chemical costs.

我們的系統旨在通過將高生產率平台與先進的回收能力相結合來降低化學成本，從而降低擁有成本。

We are encouraged by the customer pool initially for our product and remain on track to begin shipping beta units in the middle of this calendar year.

我們最初對我們產品的客戶群感到鼓舞，並繼續按計劃在本日曆年年中開始交付測試版產品。

Overall, our customer, Company, individual core value guides us each and every day as we architect the strategies to increase our value.

總體而言，我們的客戶、公司、個人核心價值每天都在指導我們制定戰略以增加我們的價值。

By developing next-generation technology capabilities and productivity solutions that provide our customers with their competitive differentiation.

通過開發下一代技術能力和生產力解決方案，為我們的客戶提供競爭優勢。

Related, we are pleased to have been recognized by three customers during the March quarter for our efforts in these areas and for the first time in well over a decade, Lam was recognized by Intel receiving their 2012 Achievement Award For Excellence In Technology.

與此相關的是，我們很高興在 3 月季度獲得了三位客戶對我們在這些領域的努力的認可，並且十多年來，Lam 首次獲得英特爾的認可，獲得了 2012 年卓越技術成就獎。

Our non-GAAP guidance for the June 2013 quarter which underpins the targeted performance communicated in our financial model at our latest analyst event is as follows.

我們對 2013 年 6 月季度的非 GAAP 指導支持我們在最新分析師活動中在我們的財務模型中傳達的目標績效，如下所示。

Shipments of $1.075 billion plus or minus $30 million.

出貨量為 10.75 億美元，正負 3000 萬美元。

Revenues of $975 million plus or minus $30 million.

收入為 9.75 億美元，正負 3000 萬美元。

Gross margin at 44% plus or minus 1%.

毛利率為 44% 正負 1%。

Operating profit at 13% plus or minus 1.5%.

營業利潤為 13% 正負 1.5%。

Earnings per share of $0.70 plus or minus $0.07, based on a share count of approximately 168 million shares.

根據大約 1.68 億股的股票數量，每股收益為 0.70 美元正負 0.07 美元。

This guidance represents a 40% operating income flow through on higher revenues sequentially at a time when we invest to support the trajectory of higher shipments and execute against our stated R&D plans of record to enable our long-term growth ambition.

當我們投資以支持更高出貨量的軌跡並執行我們既定的記錄研發計劃以實現我們的長期增長目標時，該指導代表了 40% 的營業收入流通過更高的收入。

Finally, I would like to communicate plans to host our 2013 investor and analyst event on July 9th in conjunction with the SEMICON West Show in San Francisco.

最後，我想就在 7 月 9 日與舊金山的 SEMICON West Show 一起舉辦我們的 2013 年投資者和分析師活動的計劃進行溝通。

Although it is only a short time since our past November event, we plan on reestablishing our customary midyear communication.

雖然距離我們去年 11 月的活動只有很短的時間，但我們計劃重新建立我們慣常的年中交流。

We expect to reiterate the stated vision objectives of the Company and provide further insights into the progress we have made against key strategies we previously described.

我們希望重申公司的既定願景目標，並就我們之前描述的關鍵戰略所取得的進展提供進一步的見解。

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

有了這個，Doug 和我現在很樂意回答你的問題。

Thank you, Sir.

謝謝你，先生。

(Operator Instructions)

（操作員說明）

Timothy Arcuri, Cowen and Company.

Timothy Arcuri，考恩公司。

Hi, guys.

嗨，大家好。

Thanks a lot.

非常感謝。

Two things.

兩件事情。

First of all, obviously, there was a pretty big memory pull in into June.

首先，很明顯，6 月份有相當大的內存拉動。

If I sort of back into what the overall WFE pull in was using your share, it's probably like $1 billion worth of WFE.

如果我有點回到整體 WFE 的拉動是使用你的份額，那可能是價值 10 億美元的 WFE。

It looks like it might've pulled into June.

看起來它可能已經進入六月了。

But yet you did not increase your full year number.

但是你沒有增加你的全年數字。

Is that just due to the Intel cut?

這僅僅是因為英特爾削減嗎？

How should I think about that?

我應該怎麼想？

And then I had a follow-up.

然後我進行了跟進。

Thanks.

謝謝。

I think in the context of memory, we for sure do not have all the answers to the question, Tim.

我認為在記憶的背景下，我們肯定沒有問題的所有答案，蒂姆。

But there seems to be a remaining consensus around 25% to 30% bit growth for DRAM and the kind of mid 40%s to high 40%s level for NAND flash.

但似乎還有一個共識，即 DRAM 的比特增長率約為 25% 至 30%，而 NAND 閃存的比特增長率為 40% 到 40% 左右。

That is kind of the governing condition for capital.

這就是資本的一種治理條件。

Lacking any data points around a demand curve, we felt like it was appropriate for us to keep the WFE number from memory, essentially where it was previously.

由於缺乏需求曲線周圍的任何數據點，我們覺得將 WFE 數字從內存中保留下來是合適的，基本上是它以前的位置。

Things change, and that gets stronger, then clearly we will revise that later.

事情發生了變化，並且變得更加強大，那麼顯然我們稍後會對其進行修改。

We did not have a basis to necessarily conclude life was going to be stronger than we previously anticipated.

我們沒有依據得出結論，生活會比我們之前預期的更強大。

Got it, Martin.

明白了，馬丁。

Thanks a lot.

非常感謝。

And then just a quick question on the timing on 3D.

然後只是一個關於 3D 時間的快速問題。

Some of the big producers of NAND have recently said that there's not going to be meaningful 3D production for another two to three years.

一些 NAND 的大生產商最近表示，再過兩到三年，將不會有有意義的 3D 生產。

Yet you are seeing some orders begin to happen and some production that may start to ramp the end of this year.

然而，您會看到一些訂單開始出現，一些生產可能會在今年年底開始增加。

Can you help bridge that gap?

你能幫助彌合這個差距嗎？

Is there just differences in timing among all of the producers?

所有製片人的時間安排是否存在差異？

Because it seems like a big difference, and it really sort of underpins some of the thoughts around just the NAND industry.

因為這似乎是一個很大的不同，它確實支持了圍繞 NAND 行業的一些想法。

Thanks.

謝謝。

Yes, we definitely expect -- and I think the industry expects to receive orders and ship product into at least one 3D NAND fab this year.

是的，我們當然期待——而且我認為該行業預計今年將收到訂單並將產品運送到至少一個 3D NAND 工廠。

I think you described the situation quite accurately.

我認為你描述的情況相當準確。

There is a reasonable divergence of timing as well as ultimately process flow decisions for our customers.

我們的客戶在時間和最終流程決策方面存在合理的分歧。

That doesn't help any of us in terms of answering some of these questions concisely.

就簡明扼要地回答其中一些問題而言，這對我們任何人都沒有幫助。

But uncertainty is there.

但不確定性是存在的。

It does appear there's a reasonable time line difference between first adopter and last adopter.

似乎第一個採用者和最後一個採用者之間存在合理的時間線差異。

Thanks, guys.

多謝你們。

Thanks, Tim.

謝謝，蒂姆。

Satya Kumar, Credit Suisse.

Satya Kumar，瑞士信貸。

Yes, hi.

是的，你好。

Thanks for taking my question.

感謝您提出我的問題。

Martin, I was wondering if you could add any color at all in terms of how the growth plan might look like as you get past June guidance, obviously implies that you're thinking about a flatter shipment level in September and December relative to June.

馬丁，我想知道您是否可以在超過 6 月指導後的增長計劃看起來如何添加任何顏色，這顯然意味著您正在考慮相對於 6 月而言，9 月和 12 月的出貨量水平更為平坦。

So I was wondering if we should expect some lumpiness and perhaps a decline in September and an increase in December as some of the foundry buying comes off and you get some other memory coming in later towards the end of the year?

所以我想知道我們是否應該期待一些塊狀，可能會在 9 月份下降，在 12 月份增加，因為一些代工購買的減少，你會在年底時獲得一些其他內存？

I think in terms of the specifics, obviously, we are not going to give guidance beyond the most recent quarter.

我認為就具體細節而言，顯然，我們不會在最近一個季度之後提供指導。

Certainly, relative to the September period, you have got a nice reference point around the trajectory because the shipments guidance we have articulated is meaningfully stronger than the revenue guidance.

當然，相對於 9 月期間，您在軌跡上有一個很好的參考點，因為我們闡明的出貨量指導明顯強於收入指導。

I do think the balance of spending in the year that you will remember from our last call was different than where it is today.

我確實認為你會記得我們上次電話會議的這一年的支出餘額與今天不同。

We have seen the strengthening in DRAM in the first half, and the strengthening in NAND in the first half relative to original expectations.

我們看到上半年DRAM的走強，以及NAND相對於最初預期的走強。

So our first half, second half view today, is high 40%s, low 50%s.

所以我們今天的上半年和下半年的看法是高 40%s，低 50%s。

I would expect the areas of the spending in the remaining 28, the broadening of the foundries in the memory space and in 20, we've got pretty decent positions.

我預計剩下的 28 個支出領域，內存領域代工廠的擴大和 20 個，我們有相當不錯的職位。

I think that bodes well for us and is a positive for the Company in the second half.

我認為這對我們來說是個好兆頭，對公司下半年來說是積極的。

But, time will tell.

但是，時間會證明一切。

And a quick follow up.

并快速跟進。

I guess you are not changing your view on wafer fab equipment spend.

我猜你並沒有改變你對晶圓廠設備支出的看法。

I was wondering if you could remind us as there is a fair bit of controversy on this.

我想知道你是否可以提醒我們，因為這方面存在相當多的爭議。

What is your expectation in terms of wafer capacity adds, specifically for flash, for planar, and for 3D in the back half of the year?

您對今年下半年增加的晶圓產能有何期望，特別是閃存、平面和 3D 產能？

And just looking out beyond the second half of this year, do you see shelf space as a potential constraint in terms of expanding wafer capacity for NAND?

展望今年下半年，您是否認為貨架空間是擴大 NAND 晶圓產能的潛在限制因素？

Thanks.

謝謝。

I think the answer to the last that question is not really.

我認為最後一個問題的答案不是真的。

There is a decent amount of fab space, whether it is in the right location at the right time is obviously an important question.

有相當數量的晶圓廠空間，它是否在正確的時間位於正確的位置顯然是一個重要的問題。

But I do not expect there to be a clean room limitation per se.

但我不認為潔淨室本身會有限制。

We are assuming in the range of 100,000 wafer starts of capacity being added this year, some part of that is a very original investments, new capacity.

我們假設今年將增加 100,000 片晶圓的產能，其中一部分是非常原始的投資，即新產能。

And some part of it is a transition from the DRAM space to NAND flash.

其中一部分是從 DRAM 空間到 NAND 閃存的過渡。

If you look at the spending, we're assuming a little more than $6 billion of spending for WFE.

如果你看一下支出，我們假設 WFE 的支出超過 60 億美元。

The additions we would estimate around the $3 billion level.

我們估計的增加量約為 30 億美元。

The conversions we would estimate around the $3 billion level.

我們估計的轉換約為 30 億美元。

That is kind of the math of the data points we've shared previously.

這就是我們之前共享的數據點的數學運算。

I think the demand statement for NAND flash is a very positive one.

我認為對 NAND 閃存的需求聲明是非常積極的。

I would expect it to be more positive next year over this year when you look at the tablets, when you look at content, when you look at the smart phone, when you look at SSD's, and the intercept points, and the generally assumed penetration for those products.

我預計明年比今年更積極對於那些產品。

We're going to end the year really tight again.

我們將再次非常緊張地結束今年。

If these plans play out, there is not going to be a whole much of anything sitting there waiting to be utilized.

如果這些計劃得以實施，那麼就不會有很多東西坐在那裡等待使用。

I think inventory levels generally have kind of gotten to a normalized level.

我認為庫存水平通常已經達到了正常水平。

It would seem rational to conclude that spending in the NAND flash space is more likely than not and time will tell again.

得出這樣的結論似乎是合理的，即在 NAND 閃存空間上的支出比沒有的可能性更大，時間會再次證明這一點。

Thank you.

謝謝你。

Vishal Shah, Deutsche Bank.

德意志銀行的維沙爾·沙阿。

Yes, hi.

是的，你好。

Thanks for taking my question.

感謝您提出我的問題。

Martin, just wanted to clarify the comments that you made on NAND flash 3D.

Martin，只是想澄清一下您對 NAND 閃存 3D 的評論。

I think you had said previously that you expect 20,000 wafer starts of 3D capacity to be added in the back half of the year.

我想您之前曾說過，您預計今年下半年將增加 20,000 個晶圓的 3D 產能。

Do you still expect that sort of magnitude of capacity add in the back half?

您是否仍然期望在後半部分增加這種數量級的容量？

And then when you made your comments about OpEx for the year, do you assume P.O. numbers in that number, or does it exclude, and how should we think about that business?

然後，當您對本年度的 OpEx 發表評論時，您是否假設 P.O.該數字中的數字，還是不包括在內，我們應該如何看待該業務？

I think you were looking to dispose that off at some point this year.

我認為您希望在今年的某個時候將其處理掉。

Thank you.

謝謝你。

Yes, until it is not part of the Company, it's part of the guidance of the Company, it is not the most material components of the financial statements you might want to remember.

是的，除非它不是公司的一部分，它是公司指導的一部分，否則它不是您可能想要記住的財務報表中最重要的組成部分。

Relative to -- what was the first part of your question?

相對於——你的問題的第一部分是什麼？

The 3D NAND.

3D NAND。

The 3D NAND, yes, so I would say the 20,000 wafer starts, plus or minus, 5 is a reasonable assumption today.

3D NAND，是的，所以我想說 20,000 個晶圓開始，正負，5 在今天是一個合理的假設。

When we make those statements, we're talking about capacity we're shipping.

當我們發表這些聲明時，我們談論的是我們正在運送的容量。

So what form it eventually takes in terms of being available to service demand, there is a bunch of questions still remaining on that.

因此，就服務需求而言，它最終採用何種形式，仍然存在許多問題。

And that's about qualification processes is.

這就是資格認證流程。

It is about the specific decisions of the customer that we do not clearly influence.

這是關於我們沒有明確影響的客戶的具體決定。

Thank you.

謝謝你。

Weston Twigg, Pacific Crest Securities.

Weston Twigg，Pacific Crest 證券。

Sure, I was just wondering if you could help elaborate a little bit on the impact of double pattering expectations this year to your revenue assumption?

當然，我只是想知道您是否可以幫助詳細說明今年雙重模式預期對您的收入假設的影響？

Yes.

是的。

It is pretty important, to say the least.

至少可以說，這非常重要。

It's one of four significant inflections for the Company.

這是公司的四個重大轉折之一。

Just to kind of refresh on that.

只是為了刷新一下。

Our big focus in terms of positioning for growth in the Company was around patterning around the planar to FinFet transition, the planar to 3D NANDs transition, and through silicon via.

我們在公司增長定位方面的重點是圍繞平面到 FinFet 過渡、平面到 3D NAND 過渡以及矽通孔的圖案化。

We believe in the transition from 28 nanometers to 20 nanometers, that there was an incremental $20 million to $30 million of opportunity for the Company in etch per 10,000 wafer starts.

我們相信，在從 28 納米到 20 納米的過渡過程中，每啟動 10,000 片晶圓，公司的蝕刻機會將增加 2000 萬至 3000 萬美元。

And if you skip forward one generation, and obviously our ability to be concrete about it is kind of limited, but we would expect that to be another kind of 30% to 40% higher than the numbers I have just given you.

如果你向前跳過一代，顯然我們的具體能力是有限的，但我們希望這比我剛剛給你的數字高出另一種 30% 到 40%。

There is emerging clarity around when EUV can theoretically and practically intercept a bunch of customers.

EUV 何時可以在理論上和實際上攔截大量客戶，這一點正在逐漸明朗。

We've been out there with comments, I will not supplement that today.

我們一直在那裡發表評論，我今天不會補充。

But patterning is a very real opportunity to increase the SAM of our Company and certainly we would expect our share in those opportunities to be at least as good as the rest of our business.

但圖案化是增加我們公司 SAM 的一個非常真實的機會，當然我們希望我們在這些機會中的份額至少與我們的其他業務一樣好。

Okay.

好的。

And then do you benefit somewhat from the Logic transition as well as the foundry transition this year to double patterning?

然後你是否從今年的邏輯過渡以及代工廠過渡到雙重圖案中受益？

I would say probably not to the extent that you would like that to be true.

我想說的可能不是你希望這是真的。

Okay.

好的。

Perfect.

完美的。

Just one more question on the 450-millimeter impact to R&D.

再問一個關於 450 毫米對研發的影響的問題。

You maintained your OpEx cap for the year but talked about increasing investments in R&D, I was wondering if you can reconcile those two thoughts.

您維持了當年的 OpEx 上限，但談到增加對研發的投資，我想知道您是否可以調和這兩個想法。

Yes.

是的。

They were planned.

他們是計劃好的。

So when we made the statements about 305, we knew where the baseline was for 450 spending and it's generally the same today as it was six months ago.

因此，當我們發表關於 305 的聲明時，我們知道 450 支出的基線在哪裡，並且今天與六個月前大致相同。

That doesn't mean it won't change in either direction.

這並不意味著它不會向任何一個方向改變。

The important thing about 450 is the timing investment to the expectations of customers.

450的重要之處在於對客戶期望的時間投資。

We do not want to be early, we do not want to be late, we want to be on time.

我們不想早，我們不想遲到，我們想準時。

That is a very difficult decision for the Company and for anybody in the industry because practically speaking, 2018 is probably the earliest -- and maybe there is a 2017 statement out there for somebody.

對於公司和業內任何人來說，這都是一個非常艱難的決定，因為實際上，2018 年可能是最早的——也許有人會在 2017 年發表聲明。

But 2017, 2018 is about the earliest that HVM is going to be real.

但 2017 年、2018 年大約是 HVM 將成為現實的最早時間。

So every dollar we spend in the years prior to that increases the pressure for everybody in terms of return on investments.

因此，在此之前的幾年裡，我們花費的每一美元都增加了每個人在投資回報方面的壓力。

Same assumptions today in timing from customers; therefore, same plan in OpEx for the Company.

今天客戶對時間的相同假設；因此，公司的運營支出計劃相同。

Okay.

好的。

Very helpful.

非常有幫助。

Thank you.

謝謝你。

Patrick Ho, Stifel Nicolaus.

帕特里克·何，Stifel Nicolaus。

Thank you very much.

非常感謝。

Martin, maybe if you could comment a little bit about the foundry spend because we have heard now from TSM on their earnings about increasing their CapEx and talking about accelerating 20 nanometers.

馬丁，也許你能評論一下代工支出，因為我們現在從 TSM 那裡聽到了他們關於增加資本支出和加速 20 納米的收益。

How does that impact your shipment guide for both June?

這對您 6 月的發貨指南有何影響？

And just how we look at second half of the year from that perspective?

從這個角度來看，我們如何看待下半年？

Yes, maybe I should remind everybody every time I make a statement about WFE, I did say plus or minus $2 billion I made the statement of $30 billion.

是的，也許我每次發表關於 WFE 的聲明時都應該提醒大家，我確實說過正負 20 億美元，我發表了 300 億美元的聲明。

I think I repeated that in every prior call.

我想我在之前的每次通話中都重複了這一點。

It is tough to be super precise about these numbers, but I think $30 billion is a reasonable midpoint in all of this.

這些數字很難非常精確，但我認為 300 億美元是所有這一切的合理中點。

As you know, TSMC has strengthened their outlook.

如您所知，台積電已經加強了他們的前景。

We do not have segmentation per se in our guidance but in the June shipments number that we have given you, we would expect that the NAND and DRAM component combined represents about 50% of system shipments and foundry represents about 40% of shipment shipments.

我們的指導中沒有細分本身，但在我們給您的 6 月出貨量中，我們預計 NAND 和 DRAM 組件合計約佔系統出貨量的 50%，代工廠約占出貨量的 40%。

TSMC was super strong in the first half of the year at the 28 node, as everybody knows, as they have talked about, and 20 becomes more important for them in the second half.

台積電上半年在28節點超級強，眾所周知，正如他們所說的那樣，下半年對他們來說20變得更加重要。

There is a broadening of other foundries in at 28, and some at 20 as well.

其他代工廠的數量在 28 家，有些也在 20 家。

I feel like the $30 billion number, I tried to anticipate where things were going to go, it wasn't exactly mirroring the public announcements at the time we set it, but it was our best estimate.

我覺得 300 億美元這個數字，我試圖預測事情的發展方向，它並沒有完全反映我們設定它時的公開公告，但這是我們最好的估計。

That continues to be true today.

今天仍然如此。

Great.

偉大的。

That is actually pretty helpful.

這實際上很有幫助。

Looking at the deposition market for you guys as a whole, you mentioned the opportunities both in, for 3D NAND and advanced packaging.

縱觀整個沉積市場，你們提到了 3D NAND 和先進封裝的機會。

Which opportunities do you see gaining traction on a high-volume manufacturing basis first, on the 3D side of things, or on the advanced packaging/TSV?

您認為哪些機會首先在大批量製造、3D 方面或先進封裝/TSV 方面獲得牽引力？

I think by virtue of market size, the 3D NAND is the biggest number, and frankly in any scale, it's the one that moves faster.

我認為就市場規模而言，3D NAND 是最大的數字，坦率地說，在任何規模下，它都是移動得更快的那個。

You should definitely process -- there are three or four catalysts for growth with our deposition products.

你絕對應該處理——我們的沉積產品有三四種促進增長的催化劑。

One of them is just basic increases of competitiveness in the products, some of which come from the standalone Company.

其中之一是產品競爭力的基本提升，其中一些來自獨立公司。

Some of which come as we integrate learning across the product portfolio of the Company post merger.

其中一些來自我們在合併後整合公司產品組合中的學習。

That is one part of the story.

這是故事的一部分。

The second part of the story is leveraging established customer relationships that existed for Lam that were not quite as strong for Novellus By the way, there were a couple of examples of that in the other direction.

故事的第二部分是利用對 Lam 存在的已建立的客戶關係，而對 Novellus 來說並不那麼強大。順便說一下，在另一個方向上有幾個例子。

It is true for the entire business.

整個企業都是如此。

The biggest SAM expansion is clearly in the 3D NAND space, it's a very significant change for the industry, and our positioning in terms of DTOR selection decisions is really quite positive.

SAM 最大的擴展顯然是在 3D NAND 領域，這對行業來說是一個非常重大的變化，我們在 DTOR 選擇決策方面的定位確實非常積極。

TSV is obviously growing very quickly and it is an important opportunity for us and the deposition products of the Company are the ones that are most successfully penetrated in that area.

TSV 顯然增長非常快，這對我們來說是一個重要的機會，而公司的沉積產品是該領域最成功滲透的產品。

Actually, one of the synergy kicks that we get is we are taking that position and trying to broaden it across the portfolio of the Company generally.

實際上，我們獲得的協同效應之一是我們正在採取這一立場並試圖在整個公司的投資組合中擴大它。

3D NAND, I guess is the simple answer to your question.

3D NAND，我想這是您問題的簡單答案。

Great.

偉大的。

Thank you.

謝謝你。

Stephen Chin, UBS.

瑞銀的斯蒂芬·欽。

Thanks for taking my question.

感謝您提出我的問題。

Martin, can you remind us what your updated thoughts are on the WFE spend per 10,000 wafer starts for 1Y NAND and maybe compare that to (NAND-Z) and 3D NAND?

Martin，您能否提醒我們您對 1Y NAND 的每 10,000 個晶圓啟動的 WFE 支出的最新想法，並將其與 (NAND-Z) 和 3D NAND 進行比較？

Thank you.

謝謝你。

I don't think we've ever gone to that level of detail and on the fly, I am inclined to decline to answer your question.

我認為我們從未達到那種詳細程度，並且在飛行中，我傾向於拒絕回答您的問題。

If you have another question I'm happy to take that.

如果您還有其他問題，我很樂意接受。

Okay, sorry.

好的，對不起。

Sure.

當然。

Maybe, let me try it this way.

也許，讓我試試這個方法。

Can you give us maybe your thoughts on what is the CapEx for 10,000 wafer starts of NAND in 2013?

您能否談談您對 2013 年 10,000 片 NAND 晶圓啟動的資本支出的看法？

We have got an assumption for capacity additions in the range of $350 million per 10,000 wafer starts.

我們假設每啟動 10,000 片晶圓會增加 3.5 億美元的產能。

That is our baseline for additions, and we assume that conversions are in the $60 million range.

這是我們添加的基線，我們假設轉化率在 6000 萬美元範圍內。

Now, you should kind of put a plus or minus 5 or 10 percentage points on those numbers.

現在，您應該在這些數字上加或減 5 或 10 個百分點。

But that is the baseline for the Company.

但這是公司的底線。

I believe I previously communicated that about 80% of the spending is in a planar device structure.

我相信我之前曾傳達過，大約 80% 的支出用於平面器件結構。

I think holistically, I believe that at least one semiconductor company spoke to this in the last week.

我認為，從整體上看，我相信至少有一家半導體公司在上週談到了這一點。

There are still some unanswered questions around equipment reuse in the planar to 3D transition.

在平面到 3D 的過渡中，關於設備重用仍有一些懸而未決的問題。

What is very clear to everybody is that the lithography road map gets relaxed meaningfully, and the deposition road map particularly significantly expands.

大家非常清楚的是，光刻路線圖明顯放鬆，沉積路線圖特別顯著擴展。

I would caution you to be very clear around the headlines for WFE and also the headline for the segments because the story just as it's true in Logic is quite different be segments, and it is very different in the NAND space, in 3D NAND.

我會提醒你要非常清楚 WFE 的標題以及細分市場的標題，因為在 Logic 中的真實情況與細分市場完全不同，在 NAND 空間和 3D NAND 中也非常不同。

Very helpful.

非常有幫助。

Then, just a follow up.

然後，只是跟進。

Question on the clean business, you have a big tool refresh coming in the second half, the front end.

關於清潔業務的問題，您將在下半年，前端進行一次大型工具更新。

Is that an upside, possible share gains that you view as upside to your second half estimate, or is that included in your guidance?

這是您認為高於下半年估計的上行空間，可能的股票收益，還是包含在您的指導中？

Thank you.

謝謝你。

It is included in the guidance to the extent it is there.

它包含在指南中，只要它在那裡。

But practically speaking, a release of a product in a year is not going to impact in any material way the financial statements of the Company.

但實際上，一年內發布一款產品不會對公司的財務報表產生任何重大影響。

It takes a long time to position a product, get it qualified, and get it into a high-volume manufacturing environment.

定位產品、使其合格並進入大批量製造環境需要很長時間。

It is clearly the only reason why we are able to describe a 5 to 10 percentage point market share objective for the clean business.

這顯然是我們能夠為清潔業務描述 5 到 10 個百分點的市場份額目標的唯一原因。

We have a very important year this year to demonstrate that capability to our customers in their FAPS, and we are on plan to do that.

今年我們有一個非常重要的一年來向我們的客戶在他們的 FAPS 中展示這種能力，我們正計劃這樣做。

Got it.

知道了。

Thank you.

謝謝你。

Jim Covello, Goldman Sachs.

吉姆·科維羅，高盛。

Hey guys, thanks so much for taking the question.

大家好，非常感謝您提出問題。

Martin, we have been around this issue but maybe not addressed it directly.

馬丁，我們一直在解決這個問題，但可能沒有直接解決它。

You guys and ASML have pretty much articulated the 100k plus NAND wafer starts in 2013.

你們和 ASML 已經非常清楚地說明了 2013 年開始的 100k plus NAND 晶圓。

People like Samsung and SanDisk and Hynix have all said they are not going to add any wafer starts.

三星、閃迪和海力士等人都表示他們不會增加任何晶圓啟動。

Is that just you think those guys not wanting to show their hand, which I know happens sometimes or is there another reason for the delta there?

這只是你認為那些人不想展示他們的手，我知道有時會發生這種情況，還是那裡的三角洲有其他原因？

I'm experienced enough to know that answering that question directly gets me into trouble.

我有足夠的經驗知道直接回答這個問題會給我帶來麻煩。

You have got to make it what you can.

你必須盡力而為。

We are doing the best we can to articulate the world as we see it.

我們正在盡我們所能來表達我們所看到的世界。

It does not mean it is perfect.

這並不意味著它是完美的。

But it is the best information that we have at hand.

但這是我們手頭最好的信息。

I have been very clear, and I think consistent again today that the NAND space is clearly the most difficult to predict for the reason that you've just described.

我一直很清楚，而且我今天再次一致認為，由於您剛才描述的原因，NAND 空間顯然是最難預測的。

We'll keep doing the same thing which is to give you the best view that we can.

我們將繼續做同樣的事情，即盡可能為您提供最佳視圖。

Unfortunately, the reason you get the bid bucks is you get to triangulate around our comments and the customer.

不幸的是，您獲得出價的原因是您可以圍繞我們的評論和客戶進行三角測量。

I wish.

我希望。

And may be one sort of logistical thing around that -- part of this is -- I know that it is going to be tough to answer another part.

這可能是一種後勤問題——其中一部分是——我知道要回答另一部分會很困難。

Your industry perspective could be helpful.

您的行業觀點可能會有所幫助。

Somebody like an ASML where the lead times are nine months did not really see a lot of NAND orders, saw very good DRAM orders, and maybe part of the answer is DRAM is making up the difference.

像 ASML 這樣的交貨時間為 9 個月的人並沒有真正看到很多 NAND 訂單，而是看到了非常好的 DRAM 訂單，也許部分答案是 DRAM 彌補了差異。

If we did not get a lot of lithography orders for NAND in the first half of the year, and the lead times are nine months, it is hard to understand how you could order the tools in July, get them installed by sometime in the second half, and then bring that stuff up online such that you then need to order etch equipment to support that litho equipment.

如果上半年我們沒有收到很多 NAND 的光刻訂單，而且交貨時間是 9 個月，很難理解你怎麼能在 7 月份訂購工具，然後在第二年的某個時間安裝它們一半，然後把這些東西放到網上，這樣你就需要訂購蝕刻設備來支持那個光刻設備。

Is there something different about that dynamic or again, maybe part of the answer is that we should be thinking about memory as a whole and DRAM is a lot better.

這種動態或再次有什麼不同，也許部分答案是我們應該將內存作為一個整體來考慮，而DRAM要好得多。

I think having a conversation around NAND is just fine.

我認為圍繞 NAND 進行對話很好。

There is a decent component for the industry of conversions.

轉換行業有一個不錯的組成部分。

Right?

正確的？

There's about 0.5 million wafer starts to conversions likely in NAND flash this year.

今年 NAND 閃存中可能有大約 50 萬片晶圓開始轉換。

That is a lot of spending.

那是一筆不小的開支。

That is approximately $3 billion in spending.

這大約是 30 億美元的支出。

What is very clear to everybody is as I have just stated, the 3D opponents of NAND spending is going to be probably quite limited at the beginning for lithography generally.

每個人都非常清楚，正如我剛才所說，NAND 支出的 3D 反對者在光刻技術開始時可能會非常有限。

The entire scheme is more relaxed.

整個方案更加輕鬆。

So the reuse opportunity, I would imagine, is quite significant.

因此，我想，重用機會非常重要。

We are not the experts speaking to that.

我們不是這方面的專家。

We are experts speaking to etch, dep and clean.

我們是蝕刻、深度和清潔方面的專家。

Certainly I think there can be some situations where you will not see lithography spending in NAND where you do see other segments.

當然，我認為在某些情況下，您不會看到 NAND 中的光刻支出，而您確實會看到其他細分市場。

To be fair, I'll spin it in the other direction, in Logic, for example, you should expect to see some spending in the lithography space when you might not always see to the same extent spending in other segments.

公平地說，我將把它轉向另一個方向，例如在 Logic 中，您應該期望在光刻領域看到一些支出，而您可能並不總是在其他領域看到相同程度的支出。

The segment stories are really important this year.

今年的片段故事真的很重要。

The 3D NAND and NAND generally is beneficial to the etch and dep space nicely.

3D NAND 和 NAND 通常對 etch 和 dep 空間有利。

And we've got some really nice messages like patterning, like TSV in the Logic space as well, but it terms relative to lithography, it is tough to keep up with that success.

而且我們有一些非常好的信息，比如圖案化，比如邏輯空間中的 TSV，但它相對於光刻而言，很難跟上成功的步伐。

That is actually incredibly helpful.

這實際上非常有幫助。

Thank you, so much.

太感謝了。

Terence Whalen, Citi.

花旗銀行的特倫斯·惠倫。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to start by congratulating and welcoming Doug to Lam.

我想首先祝賀並歡迎 Doug 加入 Lam。

Very happy that you can make the transition, we look forward to working with you.

很高興您可以進行過渡，我們期待與您合作。

The first question that I have is I want to understand your perspective on progress and timing of foundry FinFet.

我的第一個問題是我想了解您對代工 FinFet 的進展和時機的看法。

Specifically, I wanted to understand how the depth of your engagement with foundry customers changes in a FinFet configuration versus a planar?

具體來說，我想了解您與代工客戶的互動深度在 FinFet 配置與平面配置中有何變化？

Thank you.

謝謝你。

I am not sure I necessarily understand everything in your question.

我不確定我是否一定了解您問題中的所有內容。

I mean in terms of depth of engagements, per se, we are as active in any device flow and structure as the customer.

我的意思是就參與的深度而言，就其本身而言，我們在任何設備流程和結構中都與客戶一樣活躍。

Is the opportunity for us in etch and dep ballooning in a planar to FinFet transition in Logic?

我們有機會在 Logic 的平面到 FinFet 過渡中進行蝕刻和沈積膨脹嗎？

The answer to that question is no.

這個問題的答案是否定的。

There are some applications where there is maybe some increased process flow, or process time.

有些應用程序可能會增加一些處理流程或處理時間。

But generally speaking, the etch and the deposition spaces are reasonably agnostic to a planar to FinFet transition.

但一般來說，蝕刻和沈積空間對於平面到 FinFet 的過渡是相當不可知的。

Obviously, some of the challenges get a lot harder, like conformality, and CD control, and profile, and high aspect ratio challenges, that is a very different game, and that ultimately will influence the amount of equipment that gets purchased because process time is everything.

顯然，一些挑戰變得更加困難，比如保形性、CD 控制、輪廓和高縱橫比挑戰，這是一個非常不同的遊戲，最終會影響購買的設備數量，因為處理時間是一切。

And it will ultimately influence how much we get to charge for a capability we deliver to the customer.

它最終將影響我們為交付給客戶的功能收取多少費用。

There is a decent set of unanswered questions in that area today.

今天在該領域有很多未解決的問題。

5% or 10% would be a baseline, I would give you, on our SAM expansion in a planar to FinFet.

我會給你 5% 或 10% 將是我們在平面到 FinFet 的 SAM 擴展的基線。

Okay, terrific.

好的，棒極了。

The second question that I had was a quick question on gross margin.

我的第二個問題是關於毛利率的快速問題。

We are seeing 20% shipment growth and 15% revenue growth.

我們看到出貨量增長 20%，收入增長 15%。

I would've expected the gross margin fall through to be slightly better, just wanted to understand some of the puts and takes there, and whether there are any special charges included in that gross margin?

我本來預計毛利率會稍微好一點，只是想了解其中的一些看跌期權，以及該毛利率中是否包含任何特殊費用？

Thank you.

謝謝你。

Terence, this is Doug.

特倫斯，這是道格。

No, there are no special charges included in anything here.

不，這裡的任何內容都不包含任何特殊費用。

You have a lot of moving pieces here in terms of different product gross margin levels.

就不同的產品毛利率水平而言，這裡有很多變動因素。

You have a lot of product mix things that go up and go down quarter-by-quarter.

你有很多產品組合，每個季度都會上升和下降。

That really is what you are seeing going on here.

這就是你在這裡看到的情況。

You are right.

你說的對。

You would've expected maybe a little better gross margin.

你會期望毛利率可能會好一點。

Everything else equal, but everything else isn't equal from a product mix standpoint.

其他一切都平等，但從產品組合的角度來看，其他一切都不平等。

Thank you.

謝謝你。

I guess one of the things we would also emphasize is the financial performance that we just guided is not so very far away from the financial model we shared from you in November of last year.

我想我們還要強調的一件事是，我們剛剛指導的財務業績與我們在去年 11 月與您分享的財務模型相差不遠。

Certainly, the commentary from the Company around mid 40s, and ultimately when we're through the synergy conversations and regulated the synergy conversations and anything we can figure out maybe we even got a shot at slightly better than that.

當然，公司在 40 年代中期左右發表的評論，最終當我們通過協同對話並規範協同對話時，我們能想到的任何事情都可能比這稍微好一點。

We are still very focused on that part of running our Company.

我們仍然非常專注於運營公司的那一部分。

We will do our very best.

我們會盡力而為。

Thanks and congrats on the results.

感謝並祝賀結果。

Thank you.

謝謝你。

Thanks, Terence.

謝謝，特倫斯。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Thank you for squeezing me.

謝謝你擠我。

I had a question.

我有一個問題。

Actually a follow-up to the previous one.

實際上是上一個的後續。

When are we going to see the tool selection for the FinFet or is it already in place -- or taking place?

我們什麼時候才能看到 FinFet 的工具選擇，或者它是否已經到位 - 或正在發生？

And I have a follow-up.

我有一個後續行動。

I think you know what the stated public timelines are from the foundries to the extent they are out there.

我想你知道從代工廠到他們在那裡的公開時間表是什麼。

At least one is -- you have got that data point available.

至少有一個是——你有可用的數據點。

I do expect ramping -- and I think this is in the public domain from our customers as well, their ramping expectations are faster, bigger as every node transitions.

我確實希望增長——我認為這也是我們客戶的公共領域，隨著每個節點的轉換，他們的增長期望會更快、更大。

So there is a decent amount of time between a high-volume manufacturing communication and a selection.

因此，在大批量製造溝通和選擇之間有相當長的時間。

Maybe 12 months is not a bad proxy.

也許 12 個月不是一個糟糕的代理。

Go take a look at the committed dates for HVM for customers and backup 12 months, and that is a reasonable stake in the ground.

去看看為客戶和備份 12 個月的 HVM 的承諾日期，這是一個合理的賭注。

So, the market share and who is going to claim what is essentially a 2014 PR campaign.

因此，市場份額和誰將聲稱本質上是 2014 年的公關活動。

Correct?

正確的？

Yes.

是的。

It is active now, quite clearly.

它現在很活躍，很明顯。

The data is not going to be available until the ramp takes place and that is more like a 2014 time frame?

在斜坡發生之前數據不會可用，這更像是 2014 年的時間框架？

We are not going to be sitting here communicating market share changes as a result of the FinFet transition in foundries anytime soon.

由於代工廠的 FinFet 過渡，我們不會坐在這裡交流市場份額的變化。

That is a correct statement.

這是一個正確的說法。

Okay.

好的。

And then with 3D, especially with the first question, there's a lot of confusion.

然後是 3D，尤其是第一個問題，有很多混亂。

Doesn't it make sense for your customers to have a private line 20k, and then it's going to take them some months to figure out the recipe?

你的客戶有一條私人線路 20k 是否有意義，然後他們需要幾個月的時間才能弄清楚配方？

Because there are different technologies, there is an IP issue.

因為有不同的技術，所以有一個IP問題。

At the end of the day, that line, may not be producing too many NAND chips for quite some time.

歸根結底，這條生產線可能在相當長的一段時間內都不會生產太多的 NAND 芯片。

Is not that a fair assessment?

這不是一個公平的評價嗎？

There is a limit to how specific I can get because there are only -- there's a very limited kind of customer presence in this space.

我能得到的具體程度是有限的，因為在這個領域只有非常有限的客戶存在。

It is a very complicated technology.

這是一項非常複雜的技術。

Pilot line is an important place to validate that.

試驗線是驗證這一點的重要場所。

I would say although there is clearly a lot of choices to be made in the industry on process, you can reasonably assume when we are this close to capacity hitting a fab, any customer where that is true, it is pretty clear what path they are on.

我想說的是，雖然行業中顯然有很多關於工藝的選擇，但你可以合理地假設，當我們接近產能達到晶圓廠時，任何客戶如果這是真的，很清楚他們是什麼路徑上。

I see.

我懂了。

It's just that the customers haven't shown their hands because there are a few of them.

只是顧客沒有舉手，因為有幾個。

well, they have shown their hands to us in terms of the engagements we have but I am not at liberty to describe them.

好吧，他們已經向我們展示了我們的約定，但我不能自由地描述它們。

Sure.

當然。

Okay.

好的。

Thank you.

謝謝你。

Edwin Mok, Needham & Company.

Edwin Mok，Needham & Company。

Thanks for squeezing me in.

謝謝你擠我。

One question on the foundry again.

又是一個關於代工的問題。

Maybe I should frame this differently.

也許我應該以不同的方式構架。

Based on the share gains and the potential increase of etch with double intensity, how do you think your revenue can increase from 28-nanometer to 20-nanometer?

基於份額收益和雙倍強度蝕刻的潛在增長，您認為您的收入如何從 28 納米增加到 20 納米？

and then as we get to 14-nanometer, which these foundries are talking about FinFet and their road map, how does that benefit you in terms of revenue opportunity?

然後當我們談到 14 納米時，這些代工廠正在談論 FinFet 及其路線圖，這對您的收入機會有何好處？

I think the best way to answer that question is to refer back to the 3-year to 5-year objectives we had because that is the time line that is relevant to the technology nodes you've just talked about, from a high volume manufacturing point of view.

我認為回答這個問題的最佳方法是回顧我們制定的 3 年到 5 年目標，因為這是與您剛剛談到的技術節點相關的時間線，從大批量製造開始觀點看法。

So, you can approximate a $4 billion SAM for etch, and you know that we are seeking a 3 to 5 percentage point share gain in that market.

因此，蝕刻 SAM 的價值約為 40 億美元，並且您知道我們正在該市場尋求 3 到 5 個百分點的份額增長。

You know that 2 to 2.5 is a reasonable SAM for the deposition market that we target and you know that we're -- our objective is 5 to 10 points, sorry, 4 to 8 points of share gain.

您知道 2 到 2.5 是我們針對的沉積市場的合理 SAM，並且您知道我們的目標是 5 到 10 點，抱歉，4 到 8 點的份額收益。

And the single wafer clean market is about $1.5 billion of SAM, and we are targeting 5 to 10 percentage points of share gain.

而單晶圓清潔市場約為 15 億美元的 SAM，我們的目標是實現 5 到 10 個百分點的份額增長。

But because that is generally a byproduct of a new product, it will tend to be biased to the back end of that time line, not the beginning.

但因為這通常是新產品的副產品，它往往會偏向於該時間線的後端，而不是開始。

If you take those data points, you're going to answer very specifically what the revenue growth opportunity is for the Company in systems, and then the unanswered question is what happens in the installed base.

如果您獲取這些數據點，您將非常具體地回答公司在系統中的收入增長機會是什麼，然後未回答的問題是安裝基礎中發生了什麼。

We have significant objectives in the installed base business of the Company in spares that will naturally come from broadening an installed base beyond the 35,000 modules that exist today for the Company, and the service offering and the productivity solutions offering of the Company is something we're very focused on building.

我們在公司的已安裝基礎業務中有重要的備件目標，這自然來自擴大安裝基礎，超出公司目前存在的 35,000 個模塊，公司的服務提供和生產力解決方案提供是我們的東西重新非常專注於建設。

And so there is a nice opportunity to supplement the system statement with customer service business as well.

因此，還有一個很好的機會來補充客戶服務業務的系統聲明。

And I believe we have time for two more questions.

我相信我們還有時間再提兩個問題。

Actually, can I take my follow-up quickly?

實際上，我可以快速跟進嗎？

On, when you talk about revenue synergy around [100 million] by the end of this year, from the Novellus acquisition, I was wondering if you can give us an update on that?

關於，當你談到今年年底從 Novellus 收購開始的收入協同效應約為 [1 億] 時，我想知道你是否可以給我們提供最新信息？

It is executing to the plan.

它正在執行計劃。

It is only the first quarter in a four quarter period.

這只是四個季度中的第一季度。

We have still got work ahead of us.

我們還有工作要做。

I felt pretty pleased that it is executing to the plan we have.

我很高興它正在執行我們的計劃。

Ben Pang, B. Riley & Company.

Ben Pang, B. Riley & Company。

Thanks for taking my questions.

感謝您提出我的問題。

Two quick ones.

兩個快的。

First on the DRAM shipments.

首先是DRAM出貨量。

Can you comment on what you expect for the pattern for DRAM shipments for the rest of year.

您能否評論一下您對今年剩餘時間 DRAM 出貨量的預期。

You kind of talked about the puts and takes on foundry as well as on NAND.

你談到了代工和 NAND 的投入和投入。

How about DRAM?

DRAM怎麼樣？

In our last earnings call, we thought DRAM WFE was going to be 50-50, first half, second half.

在我們上次的財報電話會議中，我們認為 DRAM WFE 在上半年和下半年將是 50-50。

We would now say that 65-35 is the better split.

我們現在會說 65-35 是更好的分割。

It is a stronger first half than a second half.

上半場比下半場強。

Okay.

好的。

And that is all in, obviously that's additions and conversions combined.

這就是全部，顯然這是加法和轉換的結合。

Sure.

當然。

My second question is back on NAND topic, can you guys tell from your systems -- is there a difference in the lead time if they are requesting an etch tool for 3D NAND versus planar?

我的第二個問題是關於 NAND 的話題，你們能否從您的系統中看出——如果他們要求 3D NAND 與平面的蝕刻工具，交貨時間是否有差異？

No.

不。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Mark Heller, CLSA.

馬克·海勒，里昂證券。

Thanks, last but not least.

謝謝，最後但並非最不重要。

Quick question on the Logic etch win that you guys were talking about last quarter.

關於你們上個季度談論的 Logic etch win 的快速問題。

I'm just wondering if you could give us an update of when that starts to ramp, and maybe if you could give us an idea of the benefit this year in terms of revenues.

我只是想知道您是否可以向我們提供有關何時開始增加的最新信息，也許您是否可以讓我們了解今年在收入方面的收益。

I think I described it as an active production buy, so it is kind of ramping this year consistent with the selection.

我想我將其描述為積極的生產購買，因此今年與選擇一致。

In terms of the size of the opportunity, we have respected the wishes of our customer not to describe that.

就機會的大小而言，我們尊重客戶的意願，不要描述這一點。

Okay.

好的。

Then, if I can follow up on the 450-millimeter spending, how should we think about that longer term?

那麼，如果我可以跟進 450 毫米的支出，我們應該如何看待這個更長遠的問題？

Will Lam maintain dual development platforms or 300-millimeter platforms and 450-millimeter platforms separately?

Lam 會維護雙開發平台還是分別維護 300 毫米平台和 450 毫米平台？

And I'm just wondering how we should think about the level of R&D spending going beyond this year and maybe the economics for the Company?

我只是想知道我們應該如何考慮今年以後的研發支出水平以及公司的經濟狀況？

In terms of the platform architecture, I think generally speaking, the industry is going to answer that in a pretty consistent way.

在平台架構方面，我認為一般來說，業界將以相當一致的方式回答這個問題。

The opportunities that exist -- the opportunity exists for productivity types of solutions in the 300 to 450 transition are quite differently than existed in the 200 to 300.

存在的機會——在 300 到 450 的過渡中存在的生產力類型解決方案的機會與在 200 到 300 的過渡中存在的機會完全不同。

There are commonalities being designed in in terms of fundamental technology, and in the case of Lam because we have a broader product portfolio today, we're able to bring common platform, common software solutions to the products of the Company.

在基礎技術方面有一些共同點，在 Lam 的情況下，因為我們今天擁有更廣泛的產品組合，我們能夠為公司的產品帶來通用平台、通用軟件解決方案。

I do not think you're going to see too many examples of bridge tolls between 300 and 450 in ways that you did in the 200 and 300 transition.

我認為您不會像在 200 和 300 過渡中那樣看到太多在 300 和 450 之間過橋收費的例子。

Which means to the extent there is misalignments in the plans of our customers, or even to the extent there are customers who do not transition to 450, there is a fair amount of complexity that rest on the shoulders of the equipment industry, because we are likely going to have to run for multiple generations in multiple years, parallel investment.

這意味著，如果我們客戶的計劃存在偏差，或者甚至存在未過渡到 450 的客戶，那麼設備行業就有相當多的複雜性，因為我們是可能需要在多年內運行多代，並行投資。

Now, whether the investments of next year is any higher from this year is a question frankly none of us can answer right now because the specifics of plans of customers are still likely to be in flux.

現在，明年的投資是否比今年更高是一個坦率的問題，我們現在無法回答，因為客戶計劃的細節仍然可能在不斷變化。

We have no interest in spending money earlier than we have to.

我們沒有興趣提前花錢。

We're going to be pretty attentive to that and watch this space.

我們將非常關注這一點並關注這個空間。

But frankly, we are probably going to be having this conversation for the next five years.

但坦率地說，我們可能會在未來五年內進行這種對話。

Thank you.

謝謝你。

Thank you.

謝謝你。

Gentlemen, that is our final question.

先生們，這是我們的最後一個問題。

I would like to turn the conference back over to you for any closing remarks.

我想把會議轉回給你做任何閉幕詞。

Thank you Vince.

謝謝文斯。

We want to thank you today for joining us.

我們今天要感謝您加入我們。

I'll remind you that an audio replay of the call will be available on our website later this afternoon.

我會提醒您，今天下午晚些時候將在我們的網站上提供通話的音頻重播。

On behalf of the entire Management team, we appreciate your interest in Lam Research, and have a good afternoon.

我們代表整個管理團隊感謝您對 Lam Research 的關注，祝您下午愉快。