科林研發 (LRCX) 2013 Q4 法說會逐字稿

Good day ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

Welcome to the Lam Research Corporation June 2013 Quarterly Results Conference Call.

歡迎參加 Lam Research Corporation 2013 年 6 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 Shanye Hudson, Senior Director of Investor Relations.

我現在想將會議轉交給投資者關係高級總監 Shanye Hudson。

Please go ahead ma'am.

請繼續，女士。

Thanks Sherelle.

謝謝雪兒。

Good afternoon everyone, and welcome to our quarterly conference call.

大家下午好，歡迎參加我們的季度電話會議。

With me are Martin Anstice, President and Chief Executive Officer, and Doug Bettinger, Executive Vice President and Chief Financial Officer.

與我同行的還有總裁兼首席執行官 Martin Anstice 和執行副總裁兼首席財務官 Doug Bettinger。

During today's call, we will discuss our financial results for the June 2013 quarter, and share our business outlook for the September 2013 quarter before opening up the call for your questions.

在今天的電話會議中，我們將討論我們 2013 年 6 月季度的財務業績，並分享我們對 2013 年 9 月季度的業務展望，然後再向您提問。

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 can also be found in the Investor Relations section of the Company's website, along with the presentation slides accompanying today's call.

今天下午，也可以在公司網站的投資者關係部分以及今天電話會議隨附的演示幻燈片中找到。

Today's presentation and Q&A includes statements addressing our plans, strategies, expectations, beliefs, forecasts and projections about Company and industry performance, growth, and opportunities, and the factors affecting them.

今天的演講和問答包括陳述我們關於公司和行業業績、增長和機會以及影響它們的因素的計劃、戰略、期望、信念、預測和預測。

In addition, we're providing guidance.

此外，我們正在提供指導。

These are forward-looking statements based on current information, and are subject to risks and uncertainties, including those stated today and those described in our 10-K and 10-Q filings with the SEC that may cause actual results to differ materially.

這些是基於當前信息的前瞻性陳述，並受到風險和不確定性的影響，包括今天所述的以及我們向 SEC 提交的 10-K 和 10-Q 文件中描述的可能導致實際結果出現重大差異的那些。

We encourage to you review the Risk Factor Disclosure in our public filing, and the Company undertakes no obligation to update forward-looking statements.

我們鼓勵您在我們的公開文件中查看風險因素披露，公司不承擔更新前瞻性陳述的義務。

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

本次電話會議計劃持續到下午 3 點。

Pacific time, and as always we ask that you limit questions to one per firm with a brief follow-up, such that we can accommodate as many questions as possible.

太平洋時間，和往常一樣，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，以便我們可以容納盡可能多的問題。

And with that, I'll turn the call the over to Doug.

有了這個，我會把電話轉給 Doug。

Okay, thank you Shanye.

好的，謝謝山爺。

Just before I get started, as a reminder, the results I will be discussing today are primarily our non-GAAP results.

在我開始之前，提醒一下，我今天要討論的結果主要是我們的非公認會計準則結果。

A reconciliation of our GAAP to non-GAAP results can be found in today's Earnings Press Release, and it's also available on the Lam Research website.

我們的 GAAP 與非 GAAP 結果的對賬可以在今天的收益新聞稿中找到，也可以在 Lam Research 網站上找到。

The June quarter marked the successful completion of our first full year as a combined Company with Novellus.

六月季度標誌著我們作為與 Novellus 合併的公司的第一個全年的圓滿結束。

We delivered strong performance, with fiscal year shipments of $3.7 billion, and revenue of $3.6 billion.

我們實現了強勁的業績，本財年的出貨量為 37 億美元，收入為 36 億美元。

Shipments, revenue, and operating profit were all up between 30% and 40% for the fiscal year.

本財年的出貨量、收入和營業利潤均增長了 30% 至 40%。

We are truly operating as a single Company today, thanks to a substantial effort from our dedicated work force.

由於我們敬業的員工的巨大努力，我們今天真正作為一家公司運營。

For the June quarter, total shipments were up 21% sequentially to $1.1 billion, a record high for Lam Research.

6 月季度，總出貨量環比增長 21%，達到 11 億美元，創下 Lam Research 的歷史新高。

This result was driven by strength in the memory segment, and particularly in DRAM where our system shipments more than doubled quarter over quarter.

這一結果是由內存領域的實力推動的，尤其是在 DRAM 領域，我們的系統出貨量比上一季度增長了一倍以上。

For our system shipments, the entire memory segment made up 46%, which was up from 31% in March.

對於我們的系統出貨量，整個內存部分佔 46%，高於 3 月份的 31%。

Of that 46%, DRAM was 28%, and NAND constituted the remaining 18%.

在這 46% 中，DRAM 佔 28%，NAND 佔剩下的 18%。

Foundry shipments accounted for 43% of total system shipments, which is down from 56% last quarter, but it's actually relatively flat on an absolute dollar basis as customers continued adding 28-nanometer capacity.

代工出貨量佔系統總出貨量的 43%，低於上一季度的 56%，但隨著客戶繼續增加 28 納米產能，按絕對美元計算實際上相對持平。

The remaining 11% was comprised of logic and other shipments.

剩下的 11% 由邏輯和其他出貨量組成。

So now let me turn to revenue, which was also a record high.

所以現在讓我談談收入，這也是創紀錄的高點。

Revenue was $986 million in the quarter, up 17% from the March quarter.

本季度收入為 9.86 億美元，比 3 月季度增長 17%。

Gross margin was 44.5%, a little bit better than we expected, due to a richer mix, mainly from our installed base businesses.

毛利率為 44.5%，略好於我們的預期，因為組合更加豐富，主要來自我們的已安裝基礎業務。

Gross margin was up from the prior quarter, which was 43.9%.

毛利率高於上一季度的 43.9%。

The financial model that we presented during our Investor Event earlier this month, I think provides a good medium to long term view of our targeted gross margin performance over time.

我們在本月早些時候的投資者活動中展示的財務模型，我認為提供了一個很好的中長期視圖，以了解我們隨著時間的推移的目標毛利率表現。

But I think it's important to point out and to remember that we will see quarterly variations around that model.

但我認為重要的是要指出並記住，我們將看到圍繞該模型的季度變化。

Operating expenses for the quarter came in $297 million, this was up $1 million sequentially, but it was lower than we expected due to a variety of factors, including the timing of certain R&D programs, as well as targeted and purposeful savings in the administrative areas.

本季度的運營費用為 2.97 億美元，環比增長 100 萬美元，但由於多種因素，包括某些研發計劃的時間安排以及行政領域的有針對性和有目的的節省，低於我們的預期.

I would like to point out that we continue to grow our R&D spending, while doing our best to contain SG&A.

我想指出，我們繼續增加研發支出，同時盡最大努力控制 SG&A。

And just a related note, I know you guys have heard us speak about the ERP system integration project that we've been working on for a while now.

只是一個相關的說明，我知道你們已經聽到我們談論我們已經開展了一段時間的 ERP 系統集成項目。

As we sit here today, we're about a week away from the completion of that event.

當我們今天坐在這裡時，距離該活動的完成還有大約一周的時間。

I'd personally like to take this opportunity to thank the people that have been focused on insuring that this project be successful.

我個人想藉此機會感謝一直致力於確保該項目成功的人們。

Operating income was $142 million, and operating margin was 14.4%.

營業收入為 1.42 億美元，營業利潤率為 14.4%。

These results show a continued progression to the model that we presented during our Investor Event.

這些結果顯示了我們在投資者活動中提出的模型的持續發展。

Our tax rate for the quarter was approximately 1%, slightly lower than we expected.

我們本季度的稅率約為 1%，略低於我們的預期。

Contributing to this lower effective tax rate was the jurisdictional mix of income, and the closure of certain worldwide tax audits.

導致這種較低的有效稅率是收入的管轄組合，以及某些全球稅務審計的結束。

This tax result is compared with a negative 5.6% in the prior quarter.

這一稅收結果與上一季度的負 5.6% 相比。

For the full fiscal year 2013, the tax rate was approximately 8%.

2013 財年全年的稅率約為 8%。

And as we look forward to fiscal year 2014, our current expectation is for a tax rate in the mid-teens.

當我們展望 2014 財年時，我們目前的預期是稅率在十幾歲左右。

Based on a share count of 170 million shares, earnings per share for the June quarter was $0.80.

根據 1.7 億股的股票數量，6 月季度的每股收益為 0.80 美元。

This is up from $0.44 in the March quarter, and it exceeded our guided range.

這高於 3 月季度的 0.44 美元，超出了我們的指導範圍。

I'd like to point out that the share count includes the dilutive impact of approximately 4.5 million shares related to our 2041 convertible notes.

我想指出，股票數量包括與我們 2041 年可轉換票據相關的大約 450 萬股股票的稀釋影響。

And just to remind you, we've posted a Convertible Note Dilution Schedule on our Investor Relations website for your reference, as well as to help you in your modeling.

為了提醒您，我們在我們的投資者關係網站上發布了可轉換票據稀釋時間表供您參考，並幫助您進行建模。

There were no share repurchases last quarter against our $250 million authorization, due to the timing of approvals, and program implementation.

由於批准時間和計劃實施，上個季度沒有根據我們 2.5 億美元的授權進行股票回購。

We are planning to begin executing on the program during the September quarter, and we continue to have plans to complete the authorization by the end of 2014.

我們計劃在 9 月季度開始執行該計劃，並繼續計劃在 2014 年底之前完成授權。

So now let me turn 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, which includes our restricted cash of $2.7 billion.

我們以總現金和短期投資結束了本季度，其中包括我們的 27 億美元的受限現金。

This is up from $2.5 billion in the March quarter.

這高於 3 月季度的 25 億美元。

Approximately 25% of the June quarter end balance was on shore.

大約 25% 的 6 月季度末餘額在岸上。

DSO was 56 days, and inventory turns were 4.1.

DSO 為 56 天，庫存周轉率為 4.1。

We ended the quarter with deferred revenue of $389 million, which excludes approximately $70 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 3.89 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 7000 萬美元的出貨量。

Cash from operations was $175 million.

運營現金為 1.75 億美元。

Company non-cash expenses include, among other items, $25 million for equity comp, $43 million for amortization, and $33 million for depreciation.

公司的非現金支出包括權益補償 2500 萬美元、攤銷 4300 萬美元和折舊 3300 萬美元。

Capital expenditures were $43 million in the quarter, and it was spent primarily on lab equipment, facility improvements, and tool evaluation equipment for our customers.

本季度的資本支出為 4300 萬美元，主要用於為我們的客戶提供實驗室設備、設施改進和工具評估設備。

We exited the quarter with approximately 6,600 regular full-time employees, the slight head count growth is consistent with our increasing R&D investments on the technology inflections.

我們在本季度結束時擁有大約 6,600 名正式全職員工，員工人數的小幅增長與我們在技術變化方面不斷增加的研發投資一致。

With that, I'll conclude my remarks and turn the call over to Martin.

至此，我將結束我的發言並將電話轉給 Martin。

Thanks Doug, and good afternoon everyone.

謝謝道格，大家下午好。

We appreciate all of you joining today's earnings call.

我們感謝大家參加今天的財報電話會議。

As the initial headline, we're really pleased with our performance for the June quarter, and the solid financial and operational results we delivered for the fiscal year.

作為最初的標題，我們對我們在六月季度的表現以及我們在本財年交付的穩健財務和運營業績感到非常滿意。

This quarter, we reported 48% non-GAAP operating income flow-through on incremental revenue growth sequentially, and 18% cash from operations.

本季度，我們報告了 48% 的非 GAAP 營業收入流經收入連續增長，以及 18% 的運營現金。

Achievements both that form substance and value in our vision.

在我們的願景中形成實質和價值的成就。

Reflecting back on these past 12 months, I'm inspired by this organization's execution to our integration plans, and the progress we've made towards delivering on our growth strategies.

回顧過去 12 個月，我受到該組織對我們整合計劃的執行以及我們在實現增長戰略方面取得的進展的啟發。

Stated simply, our recent performance is generally consistent with our expectations, our stated market share ambitions, and the financial model reiterated earlier this month.

簡而言之，我們最近的表現與我們的預期、我們聲明的市場份額目標以及本月早些時候重申的財務模型基本一致。

During our Investor Analyst Meeting a few weeks ago, I remarked that Lam has transitioned from a mode of integrating two companies to competing successfully as one.

在幾週前的投資者分析師會議上，我曾表示，Lam 已從整合兩家公司的模式轉變為成功競爭的模式。

As we embark on this next fiscal year, defense of past successes remains our foundation, but we are optimistic of our growth prospects and competitive strength long term.

在我們開始下一個財政年度時，捍衛過去的成功仍然是我們的基礎，但我們對我們的增長前景和長期競爭實力持樂觀態度。

There is no doubt in my mind we are stronger together than we were separately.

毫無疑問，在我看來，我們在一起比分開時更強大。

Our ability to mitigate risks and exploit opportunities is greater today than our pre-merger operating states.

今天，我們降低風險和利用機會的能力比我們合併前的運營狀態要強。

Now let me offer a few perspectives on the industry relative to our forecasted wafer fab equipment spending range of $30 billion plus or minus $2 billion for calendar year 2013.

現在讓我提供一些與我們預測的 2013 日曆年晶圓廠設備支出範圍 300 億美元上下 20 億美元相關的行業觀點。

Proportionately, we still expect more than 50% of WFE spending to occur in the second half of this year.

相應地，我們仍然預計超過 50% 的 WFE 支出將發生在今年下半年。

As is more customary than not, we've seen slight changes in the composition of those investments over the past several weeks, as customers adjust their individual investment plans to align more closely with their demand profiles.

按照慣例，過去幾週我們看到這些投資的構成略有變化，因為客戶調整他們的個人投資計劃以更接近他們的需求概況。

But the basic headline of $30 billion plus or minus $2 billion range still seems a reasonable outlook for calendar year 2013.

但 300 億美元上下 20 億美元的基本標題似乎仍然是 2013 日曆年的合理前景。

And although it is way too early to quantify 2014, we do consider our market opportunity increasing next year.

雖然現在量化 2014 年還為時過早，但我們確實認為明年我們的市場機會會增加。

Changes have been most prevalent in the foundry space where certain leading edge capacity investments, predominantly for the 20-nanometer node, are now expected in 2014 rather than second half of 2013, as originally expected.

代工領域的變化最為普遍，目前預計在 2014 年而不是最初預期的 2013 年下半年進行某些前沿產能投資，主要用於 20 納米節點。

We still anticipate at least one foundry customer to add 20-nanometer capacity this year, and shipments starting to ramp this quarter.

我們仍然預計今年至少有一家代工廠客戶將增加 20 納米產能，並且本季度出貨量開始增加。

However, accounting for these adjustments, we now forecast foundry WFE spend at slightly over $12 billion, approximately 5% to 10% lower than our view last quarter.

然而，考慮到這些調整，我們現在預測代工 WFE 支出略高於 120 億美元，比我們上一季度的預期低約 5% 至 10%。

We anticipate these changes will be partially offset by increased investments in the memory space, where supply conditions have remained very tight amidst strong demand for mobile products and connectivity generally.

我們預計這些變化將被內存領域投資的增加部分抵消，在移動產品和連接性需求強勁的情況下，供應條件仍然非常緊張。

We currently estimate memory's WFE in 2013 at the $11 billion level.

我們目前估計 2013 年內存的 WFE 為 110 億美元。

As was apparent from our June quarter results, DRAM shipments increased sharply as manufacturers accelerated the pace of their capacity conversions to support strong demand for mobile DRAM.

從我們 6 月份的季度業績可以明顯看出，隨著製造商加快產能轉換步伐以支持對移動 DRAM 的強勁需求，DRAM 出貨量急劇增加。

Based on our understanding of customer's plans today, we expect additional investments to occur later in the year.

根據我們今天對客戶計劃的了解，我們預計今年晚些時候會出現額外的投資。

However, given the timing of these tools to come online, our projection for supply bit growth is still approximately 30%.

然而，考慮到這些工具上線的時間，我們對供應位增長的預測仍然約為 30%。

For NAND, our customer spending forecast has not substantially changed, with estimates for supply bit growth in the mid-40% range.

對於 NAND，我們的客戶支出預測沒有實質性變化，預計供應位增長在 40% 左右。

We still project spending weighted to the second half of calendar 2013 with a split of roughly 40% and 60% first half versus second half.

我們仍然預計 2013 年下半年的支出加權，上半年與下半年的比例分別為 40% 和 60%。

Although Planar Investments represent the majority of NAND spend in 2013, initial shipments for 3-D device capacity is still expected to begin in the December quarter, with Phase I equipment selections at varying stages of conclusion at this time.

儘管 Planar Investments 佔 2013 年 NAND 支出的大部分，但預計 3-D 設備容量的初始出貨仍將在 12 月季度開始，I 期設備選擇目前處於不同的結束階段。

We have consistently forecasted a decline in microprocessor logic spend this year compared to 2012, which we believe aligns reasonably well with our customers' capital plans, and expectations for investments to pick up in the second half of this year, predominantly for 14-nanometer capacity expansion.

與 2012 年相比，我們一直預測今年微處理器邏輯支出將下降，我們認為這與我們客戶的資本計劃以及今年下半年投資回升的預期相當吻合，主要是 14 納米產能擴張。

Given the influences over the second half noted here today, we would expect the December 2013 quarter to have stronger shipments than September.

鑑於今天這裡提到的下半年的影響，我們預計 2013 年 12 月季度的出貨量將比 9 月強。

Against this reasonably stable and positive industry back drop, all of our efforts are focused on continuing to execute on our strategic growth objectives, which collectively are designed to enable us to outperform the industry over the next several years.

在這種相當穩定和積極的行業背景下，我們所有的努力都集中在繼續執行我們的戰略增長目標，這些目標共同旨在使我們能夠在未來幾年內超越行業。

First, we are driving growth across our product portfolio by capitalizing on market expansion and technical inflexion opportunities, and innovating of the leading edge to deliver market share gains.

首先，我們通過利用市場擴張和技術拐點機會以及創新領先優勢來實現市場份額增長，從而推動我們產品組合的增長。

For multiple years now, Lam has been steadfast in its commitment to sustain our levels of investments in new technology capabilities, and to partner closely with our customer's development teams to address next generation device requirements.

多年來，Lam 一直堅定地致力於維持我們對新技術能力的投資水平，並與客戶的開發團隊密切合作，以滿足下一代設備的需求。

Earlier this year, we began shipping our fifth generation Kiyo conductor X system, which further extends our leadership in CD and depth uniformity.

今年早些時候，我們開始出貨我們的第五代 Kiyoconductor X 系統，這進一步擴展了我們在 CD 和深度均勻性方面的領先地位。

Lam is the industry benchmark in this area, which has enabled us to maintain critical transistor level applications, and extends multiple [pathiling] process steps, including 20-nanometer PTOR positions.

Lam 是該領域的行業標杆，它使我們能夠維持關鍵的晶體管級應用，並擴展多個 [pathiling] 工藝步驟，包括 20 納米 PTOR 位置。

For several quarters now, we've talked about gaining momentum in dielectric edge high aspect ratio process steps for DRAM devices.

幾個季度以來，我們一直在談論在 DRAM 設備的電介質邊緣高縱橫比工藝步驟中獲得動力。

Last year, we introduced the capability enabling differentiated profile control of these [beat] structures, which enabled us to win PTOR selections for the majority of two XD RAM device floats.

去年，我們推出了能夠對這些 [beat] 結構進行差異化配置文件控制的功能，這使我們能夠贏得大部分兩個 XD RAM 設備浮動的 PTOR 選擇。

These same capabilities have enabled us to capture a broad range of 3-D NAND development positions, and give us confidence in our ability to capture production tool decisions in the coming year.

這些相同的能力使我們能夠獲得廣泛的 3-D NAND 開發職位，並讓我們對我們在來年獲得生產工具決策的能力充滿信心。

Given our strong edge market share today in NAND, the market expansion in the 3-D transition creates accelerated growth opportunity, as we maintain our overall share position, while at the same time focusing on capturing upside.

鑑於我們今天在 NAND 領域的強大優勢市場份額，3-D 轉型中的市場擴張創造了加速增長的機會，因為我們保持了我們的整體份額地位，同時專注於捕捉上行空間。

Our latest vector strada PE CVD platform, enabled significantly higher wafer outward processing density than any other system on the market today.

我們最新的矢量 strada PE CVD 平台實現了比當今市場上任何其他系統顯著更高的晶圓外向加工密度。

Lam's complete portfolio of high productivity, 3-D NANDs multi layer film stacks, positions us well for the anticipated production tool selections.

Lam 完整的高生產率 3-D NAND 多層薄膜堆棧產品組合使我們能夠很好地選擇預期的生產工具。

For Lam, this represents one of the single largest application and product specific growth opportunities, defined by a very large market expansion, accompanied by our high confidence market share plans.

對 Lam 而言，這代表了最大的單一應用和產品特定增長機會之一，由非常大的市場擴張定義，伴隨著我們高度自信的市場份額計劃。

As market share leader for both of the metal deposition segments in which we compete, we focused on widening our competitive gap.

作為我們競爭的兩個金屬沉積領域的市場份額領導者，我們專注於擴大我們的競爭差距。

In Tungsten deposition, we are poised to benefit from the transition to 3-D devices.

在鎢沉積方面，我們準備從向 3-D 設備的過渡中受益。

Our Altus products provide low resist (inaudible) films, which offer performance advantages for logic devices, and our extreme felt capabilities support some of the complex reentrant profiles used in 3-D NAND devices.

我們的 Altus 產品提供低阻（聽不清）薄膜，為邏輯器件提供性能優勢，我們的超強毛氈功能支持 3-D NAND 器件中使用的一些複雜的可重入配置文件。

In copper electrofill, we are expanding into the advanced packaging space, having won a few applications already this year with our Saba 3-D products.

在電鍍銅方面，我們正在向高級封裝領域擴展，今年我們的 Saba 3-D 產品已經贏得了一些應用。

Lam's long held strategy has focused on the most technical and productivity critical applications, and the sample of successes I've just described are the result of addressing our customer's needs on time, not early or late, and in a manner they can trust for the long term.

Lam 的長期戰略專注於技術和生產力最關鍵的應用程序，我剛才描述的成功示例是按時滿足客戶需求的結果，而不是早晚，並且以他們可以信任的方式解決長期。

As stated many times, we don't win or defend everything all of the time.

正如多次聲明的那樣，我們不會一直贏得或捍衛一切。

But we have, and plan to continue, winning more than we do not.

但是我們已經並且計劃繼續贏得比我們沒有更多的勝利。

That history and belief in the substance of the competitiveness of our product road map today provides us the confidence in our ability to capture 1 to 2 points of shift market share gains in both etch and deposition this calendar year.

歷史和對我們今天產品路線圖競爭力實質的信念使我們對我們有能力在本日曆年的蝕刻和沈積中獲得 1 到 2 個轉移市場份額增長的能力充滿信心。

Also to achieve our long term growth targets.

也是為了實現我們的長期增長目標。

In single wafer clean, we remained the market share leader for back end processes, and now have commitments from two of the top three capital spenders to ship our next generation single wafer clean system.

在單晶圓清潔方面，我們仍然是後端工藝的市場份額領導者，現在，前三大資本支出方中的兩家承諾交付我們的下一代單晶圓清潔系統。

The first of which will ship in the coming weeks.

第一個將在未來幾週內發貨。

Minimally, these customer decisions are a recognition that we have eliminated our productivity disadvantage, and have the vision to optimize their running costs.

最低限度，這些客戶決定是對我們已經消除了生產力劣勢的認可，並有優化其運行成本的願景。

It is also our belief that they represent a critical building block to extend our successes in back end of line clean processing to front end of line applications.

我們還相信，它們代表了將我們在生產線後端清潔處理方面的成功擴展到生產線前端應用的關鍵組成部分。

These new applications are more technically challenging, where the value of Lam as a provider of etch, deposition, and clean solutions combined can present differentiated value to our customers.

這些新應用在技術上更具挑戰性，Lam 作為蝕刻、沉積和清潔解決方案提供商的價值可以為我們的客戶帶來差異化的價值。

As a compliment to growing our systems business, we are also strengthening our competitiveness through our customer support and service offerings.

作為對我們系統業務發展的補充，我們還通過我們的客戶支持和服務產品來增強我們的競爭力。

As previously stated, this component of our business can represent a quarter of our total revenues across the cycle, and provides a solid base for building competitive differentiation over the lifetime of our customer's investments, not just at the point of equipment selection.

如前所述，我們業務的這一部分可以占我們整個週期總收入的四分之一，並為在客戶投資的整個生命週期內建立競爭差異提供了堅實的基礎，而不僅僅是在設備選擇時。

In addition, it creates an income stream that is as close to an annuity as possible in this business, and with an increased level of focus and innovation at Lam, we believe it represents an exciting opportunity for growth.

此外，它在該業務中創造了盡可能接近年金的收入流，並且隨著 Lam 更加專注和創新，我們相信它代表了一個令人興奮的增長機會。

We are targeting to create value for our customers, and in turn deliver compound annual revenue growth in excess of 5% over the next five years in our installed base business.

我們的目標是為我們的客戶創造價值，從而在未來五年內為我們的已安裝業務提供超過 5% 的複合年收入增長。

Our customer services and installed base business have served to strengthen our competitive profile through technical differentiation, productivity, and capital efficiency solutions.

我們的客戶服務和安裝基礎業務通過技術差異化、生產力和資本效率解決方案加強了我們的競爭優勢。

As an example, we recently developed a proprietary parts cleaning process for some etch components that are critical and used in leading edge logic manufacturing.

例如，我們最近為一些在前沿邏輯製造中使用的關鍵蝕刻組件開發了專有的零件清潔工藝。

These efforts improved the meantime between chamber cleans by more than a factor of three, which translates to a significant improvement in availability for our customers.

這些努力將腔室清潔之間的時間間隔提高了三倍以上，這意味著我們客戶的可用性顯著提高。

Lam has an installed base business of more than 30,000 semiconductor equipment process modules globally.

Lam 在全球擁有超過 30,000 個半導體設備工藝模塊的安裝基礎業務。

Our supports and improvements of this installed base not only provides us with rapid cycles of learning, but also a source of revenue commensurate to the value of solutions provided to our customers.

我們對這個安裝基礎的支持和改進不僅為我們提供了快速的學習週期，而且還為我們提供了與提供給客戶的解決方案的價值相稱的收入來源。

Moreover, we offer an upgrade path for our family of etch, deposition, and clean products, which provides capital efficient means for our customers to extend the life of their installed base of Lam equipment, and capability never worked more to our future differentiation.

此外，我們為我們的蝕刻、沉積和清潔產品系列提供了升級途徑，這為我們的客戶提供了有效的資本手段，以延長他們已安裝的 Lam 設備基礎的使用壽命，並且這種能力對我們未來的差異化發揮了前所未有的作用。

Combined, we believe these actions can provide in excess of $1 billion of incremental revenue for Lam in the 2016 time frame, assuming a WFE spend environment of approximately $35 billion.

綜合起來，假設 WFE 支出環境約為 350 億美元，我們相信這些行動可以在 2016 年為 Lam 帶來超過 10 億美元的增量收入。

As we look ahead, we continue to invest in new technology and productivity capabilities, in order to keep pace with our customers evolving needs, and remain focused on achieving the growth potential associated with the Novellus merger.

展望未來，我們將繼續投資於新技術和生產力能力，以跟上客戶不斷變化的需求，並繼續專注於實現與 Novellus 合併相關的增長潛力。

We are already realizing synergies from some major projects, we've previously talked about our 450-millimeter development program, and the significant savings we have been able to recognize in terms of resources, development time, and driving commonality across products.

我們已經實現了一些重大項目的協同效應，我們之前談到了我們的 450 毫米開發計劃，以及我們在資源、開發時間和推動產品通用性方面能夠認識到的顯著節省。

We were also able to leverage design elements from our copper electroplating products, including the robotics to reduce development cycle time for our next generation clean products by an estimated 30%.

我們還能夠利用我們的電鍍銅產品中的設計元素，包括機器人技術，將我們下一代清潔產品的開發週期縮短約 30%。

Today, our etch products utilize pulsing technology for processes requiring very high selectivity to underlying materials.

今天，我們的蝕刻產品將脈衝技術用於需要對底層材料具有非常高選擇性的工藝。

We are benefiting from Novellus's knowledge and experience with atomic flare deposition to further enhance our etch capabilities, and extend our differentiation to meet future technology needs.

我們受益於 Novellus 在原子耀斑沉積方面的知識和經驗，以進一步增強我們的蝕刻能力，並擴大我們的差異化以滿足未來的技術需求。

I would like to take the opportunity to thank each of our employees for their dedication and tireless efforts over this past year to integrate both Companies.

我想藉此機會感謝我們的每一位員工在過去一年中為整合兩家公司所做的奉獻和不懈努力。

I would also like to thank our customers and suppliers for their continued partnership and trust through a significant period of change at Lam.

我還要感謝我們的客戶和供應商在 Lam 的重大變革時期的持續合作和信任。

Our opportunity for growth is significant, and I believe more than ever that the substance of our vision, the quality and innovation of the Lam team, and the operational execution of our Company together will prevail competitively.

我們的增長機會是巨大的，我比以往任何時候都更相信我們的願景的實質、Lam 團隊的質量和創新，以及我們公司的運營執行將在競爭中佔上風。

Turning now to our outlook, non-GAAP guidance for the September 2013 quarter is as follows -- shipments and revenues both of $1 billion, plus or minus $30 million; gross margin at 44%, plus or minus 1%; operating profits at 14%, plus or minus 1.5%; and earnings per share of $0.68 plus or minus $0.07 based on a share count of approximately 170 million shares.

現在轉向我們的展望，2013 年 9 月季度的非 GAAP 指導如下——出貨量和收入均為 10 億美元，正負 3000 萬美元；毛利率為 44%，上下浮動 1%；營業利潤為 14%，正負 1.5%；每股收益為 0.68 美元，正負 0.07 美元，基於約 1.7 億股的股票數量。

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

有了這個，Doug 和我很樂意回答你的問題。

Thank you.

謝謝你。

Ladies and gentlemen, will now begin the questions-and-answer session.

女士們，先生們，現在開始問答環節。

(Operator Instructions)

（操作員說明）

Patrick Ho with Stifel Nicolaus.

Patrick Ho 與 Stifel Nicolaus。

Thank you very much, and congratulations to a really nice quarter and a nice fiscal year.

非常感謝，並祝賀一個非常好的季度和一個好的財政年度。

Martin, first in terms of the outlook you provided.

馬丁，首先是您提供的前景。

On the memory side, can you give us a little bit of color in terms of what you're going to see in the September quarter in terms of the mix between DRAM and NAND?

在內存方面，您能否就 DRAM 和 NAND 之間的混合在 9 月季度看到什麼給我們一點顏色？

Do you see any shifts there, or is it still going to be a little stronger towards the DRAM side for the September quarter?

您是否看到那裡有任何變化，還是在 9 月季度的 DRAM 方面仍然會更強一些？

I'll actually take it, it's Doug, Patrick.

我真的會接受它，是道格，帕特里克。

I'll actually take it.

我真的會接受它。

When you look at the back half of the year broadly, it's going to be strongly in NAND than the first half was.

當你從廣義上看下半年時，NAND 將比上半年強勁。

DRAM was actually, we think, a little bit stronger in the first half than the second half.

我們認為，DRAM 實際上在上半年比下半年強一點。

So when you go through the remainder of the calendar year, our expectation is memory is going to be stronger in the second half, but it's going to be a NAND story more than anything else.

因此，當您度過本日曆年的剩餘時間時，我們的預期是內存將在下半年變得更強大，但這將是一個 NAND 的故事，而不是其他任何事情。

Right, thanks for that color.

好的，謝謝你的顏色。

And maybe specifically for you on the terms of the operating model, you did a pretty good job in terms of the June quarter on the OpEx line.

就運營模式而言，也許專門為您服務，您在運營支出線上的 6 月季度做得非常好。

I guess, how do you balance the continuing investments in R&D, particularly with a lot of these process technology transitions that we're seeing today?

我想，您如何平衡對研發的持續投資，尤其是我們今天看到的許多工藝技術轉型？

And offsetting it on the SG&A line to keep that OpEx around that $300 million level mark you've talked about in the past?

並在 SG&A 線上抵消它，以使 OpEx 保持在您過去談到的 3 億美元左右？

Yes Patrick, it's a good question, and it's a delicate balancing act that the Management team of the Company really gets paid to execute to.

是的，帕特里克，這是一個很好的問題，這是一個微妙的平衡行為，公司的管理團隊真正得到報酬才能執行。

You've got to trade things off all the time.

你必須一直在權衡。

We do the best that we can to rationalize what we need to absolutely need to spend and not any more on the administrative side, such that we can spend a little bit more in R&D to invest in these technology inflections where we see market opportunity that have nice return.

我們盡我們所能來合理化我們絕對需要花費的東西，而不是在行政方面，這樣我們就可以在研發上花更多的錢來投資這些我們看到市場機會的技術轉折點不錯的回報。

But you kind of work your way through it each quarter, and you've got to make trade-offs, and that's what we're doing today.

但是你每個季度都會努力完成它，你必須做出權衡，這就是我們今天正在做的事情。

Great.

偉大的。

Thank you.

謝謝你。

Thanks Patrick.

謝謝帕特里克。

Jim Covello with Goldman Sachs.

高盛的吉姆·科維羅。

Great, thanks so much for taking the question.

太好了，非常感謝您提出這個問題。

I appreciate it.

我很感激。

Martin, I guess first question, just in terms of reconciling the bullishness that we heard from the whole industry at Semicon West, we fast forward a couple of weeks to earnings, and now a couple companies maybe give guidance that doesn't quite meet the street, September quarter numbers.

馬丁，我想第一個問題，就調和我們從 Semicon West 整個行業聽到的看漲情緒而言，我們將收益快進了幾週，現在有幾家公司可能會給出不太符合預期的指導街道，九月季度數字。

Is that just a function of the street being ahead of itself?

這僅僅是街道超前的功能嗎？

Is it a function of the timing?

它是時間的函數嗎？

Because you did refer to the fact that the December quarter would be better, has something changed?

因為您確實提到了 12 月季度會更好的事實，所以有什麼變化嗎？

Has there been some movement since Semicon West?

自從 Semicon West 以來，是否有一些動靜？

Just, and I think we're all struggling a little bit with the difference between what we all thought we heard then and what we're seeing in the numbers now.

只是，我認為我們都在為我們當時所聽到的與我們現在所看到的數字之間的差異而苦苦掙扎。

Yes.

是的。

I think as is pretty normal.

我認為這很正常。

The subtleties of one quarter to another are pretty complex for any of us to get precisely right.

一個季度到另一個季度的微妙之處對於我們任何人來說都非常複雜，要準確無誤。

But from our perspective, the tone that we're communicating today qualitatively and quantitatively we don't regard in any way, shape or form as different from the conversation that we had three to four weeks ago in our Analyst Meeting.

但從我們的角度來看，我們今天在定性和定量上交流的語氣與我們三到四周前在分析師會議上的談話沒有任何不同、形式或形式。

I do think, and I kind of made a qualitative statement in my prepared comments about the December outlook.

我確實認為，並且在我準備好的關於 12 月展望的評論中，我做了一個定性的陳述。

We don't specifically give guidance for December, and I don't really want to do that today.

我們沒有專門為 12 月提供指導，我今天也不想這樣做。

But if it helps put the September guidance in context, I would expect that the shipments of our Company to exceed $1.1 billion in the December quarter.

但如果它有助於將 9 月份的指導放在上下文中，我預計我們公司在 12 月份季度的出貨量將超過 11 億美元。

And in large part, that reflects the momentum in memory.

在很大程度上，這反映了記憶的勢頭。

And to Doug's point, the dollars of investment to memory are very biased to NAND flash.

在 Doug 看來，對內存的投資非常偏向 NAND 閃存。

But the strength that we're seeing that showed up in the June quarter first and foremost that also repeats at some level in the second half is DRAM being driven by the mobile requirements there.

但是，我們看到的力量首先出現在 6 月季度，而且在下半年也會在一定程度上重複出現，這是 DRAM 受到那裡移動需求的推動。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

And then, just in terms of pricing, particularly in etch.

然後，就定價而言，尤其是在蝕刻方面。

As always, when we go to see all the different companies, everybody in that says they're gaining share.

和往常一樣，當我們去看所有不同的公司時，每個人都說他們正在獲得份額。

And obviously, the proof is in the pudding, and you guys have demonstrated that in the numbers that you are actually gaining share.

顯然，證據就在布丁中，你們已經證明，在數字中，你們實際上正在獲得份額。

But in an environment where everybody is trying to gain share, are you seeing any more -- everybody is trying to gain share, is there any more pricing than normal in that area?

但是在每個人都在努力獲得份額的環境中，您是否看到更多——每個人都在努力獲得份額，在該領域是否有比正常情況更多的定價？

I don't know if I would say frankly that the biggest influence over pricing is a competitive dynamic.

我不知道我是否會坦率地說，對定價的最大影響是競爭動態。

I think the bigger influence over pricing frankly is the consolidation of a semiconductor industry, and the fact that 65% to 70% of wafer fabrication equipment spending is in the hands of three companies today.

坦率地說，我認為對定價的更大影響是半導體行業的整合，以及今天 65% 到 70% 的晶圓製造設備支出掌握在三家公司手中。

So on a case by case basis, I'm sure any one of us feels an ebb and a flow of pricing intensity.

因此，根據具體情況，我相信我們中的任何一個人都會感受到定價強度的起起落落。

But my fundamental impression today is that the competitive environment is exactly where it has been and where we'd expect it to be.

但我今天的基本印像是，競爭環境正是它曾經和我們期望的那樣。

And nothing fundamental to report in terms of pricing for that reason today.

由於這個原因，今天在定價方面沒有什麼基本的報告。

Thanks a lot.

非常感謝。

Good luck.

祝你好運。

Thank you.

謝謝你。

Thanks Jim.

謝謝吉姆。

Krish Sankar with Bank of America Merrill Lynch.

美銀美林的 Krish Sankar。

Yes, hello.

是的你好。

Thanks for taking my question.

感謝您提出我的問題。

I had two of them.

我有兩個。

If I look at your September quarter guidance, what is the reason for the gross margin or op margin being slightly below your June run rate?

如果我查看您的 9 月季度指導，毛利率或營業利潤率略低於您 6 月運行率的原因是什麼？

I think the simple answer is the -- it isn't that much different from the June run rate.

我認為簡單的答案是 - 它與 6 月份的運行率沒有太大不同。

If we want to have a discussion about 0.4%, I guess we can.

如果我們想討論 0.4%，我想我們可以。

But the complexity of individual products really kind of has us approaching this in much the same way we did last quarter, and we've got a range on the guidance for that reason.

但是單個產品的複雜性確實讓我們以與上個季度大致相同的方式來解決這個問題，因此我們有一個範圍內的指導。

We've got 1 point or so around the 44%.

我們在 44% 左右得到 1 分左右。

And certainly the most important message, is a message of consistency to the model that Doug presented at our Analyst Meeting.

當然，最重要的信息是道格在我們的分析師會議上提出的模型的一致性信息。

And so we feel that at the $1 billion dollar level of shipments and revenues, the 44% in points is a very good place for us to be.

所以我們覺得在 10 億美元的出貨量和收入水平上，44% 的點對我們來說是一個非常好的地方。

Against the objective which really is kind of six months from now, this end of December run rate performance of 45% that's in our model.

與實際上是從現在起六個月後的目標相反，我們模型中的這個 12 月底的運行率表現為 45%。

So we actually feel pretty good about it frankly.

所以坦率地說，我們實際上對此感覺很好。

Yes Krish, this is Doug.

是的，克里什，這是道格。

I'd just add, in my view we're consistent with that model.

我想補充一下，在我看來，我們與那個模型是一致的。

You always have ebbs and flows as Martin was pointing out, different things have different profitability, and you sell more or less of one quarter-to-quarter.

正如馬丁所指出的那樣，你總是有起有落，不同的東西有不同的盈利能力，你每個季度或多或少地銷售一個季度。

It's hard to predict that sometimes, but within a range, we're pretty comfortable with where we are.

有時很難預測，但在一定範圍內，我們對自己所處的位置非常滿意。

Got it.

知道了。

All right.

好的。

And then just to follow up on that, it looks like you guys are still working on lowering the cogs working with suppliers to boost your gross margin.

然後只是跟進這一點，看起來你們仍在努力降低與供應商合作的齒輪以提高您的毛利率。

So if I just take your September, June revenue run rate, roughly $1 billion dollars, assuming the same mix of products between legacy Lam and Novellus.

因此，如果我只考慮您 9 月、6 月的收入運行率，大約 10 億美元，假設舊版 Lam 和 Novellus 之間的產品組合相同。

How will the gross margin look like let's say a year, year and a half from now?

假設一年、一年半之後，毛利率會如何？

That's a pretty hard question to answer Krish, because mix is never exactly the same.

這是一個很難回答 Krish 的問題，因為混合永遠不會完全相同。

The synergies that I showed you earlier this month are coming to fruition.

我本月早些時候向您展示的協同作用正在開花結果。

We're on track with the things that we expected.

我們正朝著我們預期的方向前進。

So if everything else was equal, every single tool, percentage was the same, and go on down the pricing stack, we would be a decent amount, call it maybe a percentage point higher in gross margin.

因此，如果其他一切都相同，每個工具，百分比都相同，並且繼續定價堆棧，我們將是一個可觀的數量，稱之為毛利率可能高一個百分點。

Again, consistent with that model.

同樣，與該模型一致。

But I'd caution you on that, the mix is never the same every single quarter.

但我會提醒你，每個季度的組合都不一樣。

Things ebb and flow every quarter, but that's where we're at.

事情每個季度都會起起落落，但這就是我們所處的位置。

Got it.

知道了。

Thank you.

謝謝你。

Thank you Krish.

謝謝你，克里什。

Tim Arcuri with Cowen and Company.

Tim Arcuri 與 Cowen and Company。

Hello guys, thanks.

大家好，謝謝。

I had two questions.

我有兩個問題。

First Martin, you've pretty consistently been talking all year about the year being 55%, 45% back half loaded.

馬丁先生，你一整年都在談論這一年是 55%，45% 後半負荷。

So if I just do that math, your shipments in Q4 should be even better than 1-1, they ought to be 1-2.

所以如果我算一下，你們第四季度的出貨量應該比 1-1 還要好，應該是 1-2。

So I'm wondering whether that 55%, 45% math still holds?

所以我想知道 55%、45% 的數學是否仍然成立？

And then I had a follow up.

然後我進行了跟進。

I think I have tended more often than not to say high 40%s, low 50%s, rather than the specific numbers you've described.

我想我經常傾向於說高 40%s，低 50%s，而不是你描述的具體數字。

So maybe there's 1 point in 10 where I've done exactly what you've just said.

因此，也許 10 分中有 1 分我已經完全按照您剛才所說的做了。

As I said, it is rather unusual for us to put a stake in the sand for December.

正如我所說，對我們來說，在 12 月投入沙子是相當不尋常的。

I've done it, because I think it's relevant to communicating the outlook of the Company, certainly in light of the questions that have already been raised today.

我已經這樣做了，因為我認為這與傳達公司的前景有關，當然鑑於今天已經提出的問題。

And certainly when we approach signaling our outlook for December, we're doing it with a level of risk, which is different than the outlook for September and our commentary is consistent with that.

當然，當我們接近發出 12 月展望的信號時，我們是在一定程度的風險下進行的，這與 9 月的展望不同，我們的評論與此一致。

So whether it is higher than 1.1 or not, time will tell, but at a minimum, we can see 1.1 on the horizon.

所以無論它是否高於 1.1，時間會證明一切，但至少，我們可以看到 1.1 即將到來。

Got it, okay.

明白了，好吧。

And then a follow up on NAND, specifically 3-D NAND.

然後跟進 NAND，特別是 3-D NAND。

Is there a way that you can determine what portion of the bookings as you look out into next year, what portion, whatever the NAND industry orders and whatever WFE is next year, what portion of NAND WFE will be 3-D versus planar?

有沒有一種方法可以讓您在展望明年時確定預訂的哪一部分，無論 NAND 行業的訂單是什麼，明年 WFE 是什麼，NAND WFE 的哪一部分將是 3-D 與平面？

It sounds like there's another customer, not just the big one, that is now pushing forward with some plans on 3-D, so I'm wondering if you can give us some mix commentary next year.

聽起來有另一個客戶，不僅僅是大客戶，現在正在推進一些 3-D 計劃，所以我想知道你是否可以在明年給我們一些混合評論。

Thanks.

謝謝。

Yes, that's a really tough one.

是的，這真的很難。

I'm not sure that there's sufficient public disclosure from our customers to really do that, Tim.

我不確定我們的客戶是否有足夠的公開披露來真正做到這一點，蒂姆。

Unquestionably, there's a learning experience for everybody here in front of us with the first set of investments in a very complex transition.

毫無疑問，對於我們面前的每個人來說，在一個非常複雜的過渡中進行第一輪投資，都會有一種學習經驗。

And as is true in every complex transition, it's all about yield, and it's all about the performance delivered from the devices.

就像在每個複雜的過渡中一樣，一切都與良率有關，而且一切都與設備提供的性能有關。

And there isn't obviously today production evidence of any of that.

而且今天顯然沒有任何生產證據。

And so presuming that all plays out, presuming there's demonstrative performance advantage from the device, presuming it is yielding in a manner consistent with delivering the economics, then I'd expect the proportion to go up.

因此，假設一切都結束了，假設該設備具有明顯的性能優勢，假設它以符合經濟效益的方式產生，那麼我預計比例會上升。

And whether it's more than half, or less than half, time will tell.

是超過一半還是不到一半，時間會證明一切。

But it is easy to visualize it in that area.

但在該區域很容易將其可視化。

But as you guys all know, the public commentary from customers around transition from planar to 3-D devices in NAND/memory tracks over a one to three year timeline.

但正如你們都知道的那樣，客戶關於從平面到 NAND/內存中的 3-D 設備過渡的公開評論跟踪了 1 到 3 年的時間線。

So there's a lot of questions still outstanding I think.

所以我認為還有很多問題懸而未決。

Got it Martin.

明白了馬丁。

Thanks a lot.

非常感謝。

Thanks Tim.

謝謝蒂姆。

John Pitzer with Credit Suisse.

瑞士信貸的約翰·皮策。

Hello this is Fahim Rahman asking the question on behalf of John.

您好，我是 Fahim Rahman 代表 John 提出問題。

I wanted to talk to you about the foundry shipments in second half.

我想和你談談下半年的代工出貨量。

As you look into the second half, how do you see the foundry shipments tracking in your September and December quarter?

展望下半年，您如何看待 9 月和 12 月季度的代工出貨量？

Well I think the biggest message is the one that has been talked about I think for the last three or four weeks.

嗯，我認為最大的信息是我認為在過去三四個星期裡一直在談論的信息。

The 28-nanometer spending is broadening, and the 20-nanometer transition is beginning.

28 納米的支出正在擴大，20 納米的過渡正在開始。

And we kind of expected more than one customer to be transitioning to 20-nanometer, and we now expect there to be essentially one.

我們預計會有不止一個客戶過渡到 20 納米，我們現在預計基本上會有一個。

And I did put a range out there originally of 30,000 to 50,000 wafer starts of investments at 20-nanometer.

而且我最初確實在 20 納米上投資了 30,000 到 50,000 個晶圓。

And I would say in light of what we've communicated today, we'd be at the low end of that range in terms of our expectation.

我想說，根據我們今天所傳達的信息，就我們的期望而言，我們將處於該範圍的低端。

And that's the basis of the guidance that's given for September, and the outlook that I shared for December.

這就是為 9 月提供的指導以及我在 12 月分享的展望的基礎。

Got it.

知道了。

Then in regards to your NAND shipments, should we just based on the commentary, is it fair to expect that shipments would be up in September and again in December as well?

那麼關於你們的 NAND 出貨量，我們是否應該僅根據評論，是否可以預期出貨量會在 9 月和 12 月再次增長？

Yes, they very likely will be up sequentially each quarter.

是的，它們很可能會在每個季度連續上升。

I'm not going to quantify it for you, but that's the direction we expect it to go.

我不會為你量化它，但這是我們期望它發展的方向。

Thank you.

謝謝你。

That's all I had.

這就是我所擁有的。

Yes, thank you.

是的，謝謝。

Vishal Shah with Deutsche Bank.

德意志銀行的 Vishal Shah。

Hello.

你好。

This is [Shen Yan] for Vishal.

這是Vishal的[Shen Yan]。

Could you just talk about what your expectations are for 15-nanometer?

您能談談您對 15 納米的期望嗎？

Are you seeing any pull into 2013 or is it going to be more of a 2014 phenomenon?

您是否看到 2013 年有任何拉動，還是更像是 2014 年的現象？

You're going to have to ask that again.

你將不得不再次問這個問題。

I didn't catch it.

我沒有抓住它。

What are your expectations for 15-nanometer?

您對 15 納米的期望是什麼？

Are you seeing any pull ins into 2013, or will it be just be a 2014 phenomenon?

您是否看到 2013 年有任何影響，還是只是 2014 年的現象？

You're talking transition in the foundries?

你說的是鑄造廠的轉型？

Is that the question?

是這個問題嗎？

Correct.

正確的。

Okay.

好的。

I think frankly, I guess they have to deliver those headlines.

坦率地說，我想他們必鬚髮布這些頭條新聞。

But certainly one of the things I'll share with you is that when a customer dialogues with us today, and I suspect this is probably quite true for every equipment company, the separation in the conversation between the final planar generation and first [finset] generation is very subtle.

但我要與你分享的其中一件事是，當客戶今天與我們對話時，我懷疑這可能對每個設備公司來說都是正確的，最終平面一代和第一代 [finset] 之間的對話分離一代很微妙。

And so we're almost indifferent to it.

所以我們幾乎對它漠不關心。

There are clearly some new application areas, there are clearly some process times that go up, and the stam of the Company increases in a planar to finset transition.

顯然有一些新的應用領域，顯然有一些處理時間增加，公司的 stam 在平面到鰭片的過渡中增加。

But it doesn't increase for any of us to the same extent that the 28-nanometer -- 20-nanometer conversion was.

但是對於我們任何人來說，它並沒有像 28 納米 - 20 納米轉換那樣增加。

So I would say that there is clearly a race in the family community to a finfest, but certainly the spending that's in front of us is a 20-nanometer planar biased spending.

所以我想說，在家庭社區中顯然存在一場比賽，但肯定擺在我們面前的支出是 20 納米平面偏差支出。

Got it.

知道了。

And it may be a little bit too early, but maybe you could talk about how you expect the spending mix to trend between foundry and logic versus memory when you're thinking about 2014 versus 2013?

現在可能有點太早了，但是當您考慮 2014 年和 2013 年時，也許您可以談談您對代工和邏輯與內存之間的支出組合的預期趨勢？

Yes.

是的。

I think that the first part of your question was right on.

我認為你問題的第一部分是正確的。

It's too early.

太早了。

But at risk of being held to this, certainly we see for a bunch of reasons the discipline of our customers through a process of adding capacity, particularly a memory, where clearly the pricing environment tells us all how imbalanced supply and demand is today.

但是，有可能會堅持這一點，當然，出於一系列原因，我們通過增加容量（尤其是內存）的過程看到了我們客戶的紀律，在這種情況下，定價環境清楚地告訴我們今天供需有多麼不平衡。

And also, a more positive outlook in terms of general consumer electronic demand and adoption of various technologies.

此外，就一般消費電子需求和各種技術的採用而言，前景更為樂觀。

But 2014 is a stronger WFE year than 2013.

但 2014 年是比 2013 年更強勁的 WFE 年。

Now, usually the math can change between now and then, but as a basic outlook in the middle of calendar 2013, that would be our commentary.

現在，通常數學會在現在和那時之間發生變化，但作為 2013 年中期的基本展望，這將是我們的評論。

And consistent with the first part of my answer, we would expect that the memory proportion of spending increases.

與我回答的第一部分一致，我們預計內存支出的比例會增加。

And certainly, for Lam Research, that's a net positive because the bias -- the strength of the Company historically has been more in memory than in logic.

當然，對於 Lam Research 來說，這是一個淨積極因素，因為偏見——公司的實力歷來更多的是記憶而不是邏輯。

Although, that is normalized a little bit through the integration of Lam and Novellus.

雖然，通過 Lam 和 Novellus 的整合，這有點標準化。

But still, we are more memory biased as a Company.

但是，作為一家公司，我們更偏向於記憶。

And so as the expectation for a higher memory content in WFE exists, that's positive for the Company.

因此，由於存在對 WFE 中更高內存內容的預期，這對公司來說是積極的。

If that assumption is wrong, then the positive I just described doesn't exist.

如果這個假設是錯誤的，那麼我剛才描述的積極因素就不存在了。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Mahesh Sanganeria with RBC Capital Markets.

Mahesh Sanganeria 與 RBC 資本市場。

Thank you very much.

非常感謝。

Martin, I have question on the comments you made on clean in your opening remarks.

馬丁，我對你在開場白中對 clean 的評論有疑問。

You said you have commitment from two customers to evaluate the new clean system for the front of the line.

您說您有兩個客戶承諾評估生產線前端的新清潔系統。

Did I hear that correctly?

我沒聽錯嗎？

And if you can provide some more color on that, that would be helpful.

如果你能提供更多的顏色，那會很有幫助。

Yes, I didn't actually articulate the specific application areas in my prepared comments, and nor will I just to preserve the competitive component of things.

是的，我實際上並沒有在我準備好的評論中闡明具體的應用領域，我也不會僅僅為了保留事物的競爭成分。

But certainly, it's a very big milestone for the Company being able to make the statement that I just did as you all understand.

但可以肯定的是，對於公司而言，能夠做出我剛才所做的聲明，正如你們所理解的那樣，這是一個非常重要的里程碑。

We're in a critical juncture relative to the economics of the clean business, and we have had a productivity disadvantage for the last five years, we've been essentially the only large clean Company limited to an 8 chamber platform.

相對於清潔業務的經濟性，我們正處於關鍵時刻，過去五年我們的生產力處於劣勢，我們基本上是唯一一家僅限於 8 室平台的大型清潔公司。

And we've been able to address that to a level of satisfaction, at least to accomplish the first result, which is getting a couple of very large customers committed to partner with us to evaluate and hopefully qualify that capability.

我們已經能夠以滿意的程度解決這個問題，至少實現了第一個結果，即讓幾個非常大的客戶承諾與我們合作，以評估並希望驗證該能力。

And the product has been designed with the objective in mind to open up the front end of line application space, which is a huge part of the clean market space.

並且該產品的設計目標是開闢一線應用空間的前端，這是清潔市場空間的重要組成部分。

Which has more generally not been available to us with the Da Vinci prime product.

達芬奇主要產品通常無法提供給我們。

And so, we will in an R&D environment be validating on a mix of back end of line, and front end of line application areas, I expect.

因此，我預計，我們將在研發環境中對後端和前端應用領域的混合進行驗證。

And certainly, the business objective is we're successful in both segments of single wafer clean.

當然，我們的業務目標是我們在單晶片清潔的兩個領域都取得了成功。

Okay.

好的。

Thank you.

謝謝你。

That's helpful.

這很有幫助。

And just wanted to follow up on your foundry commentary again.

只是想再次跟進您的鑄造評論。

I guess you mentioned that you had multiple -- you were expecting multiple customers to start ramping 20-nanometer, and now you're down to one.

我猜你提到你有多個——你期望多個客戶開始加速 20 納米，現在你只剩下一個了。

I'm just -- the question I have is, is it related to more your, the customers making the decision to skip 20-nanometer and go directly to 14-nanometer, or is it difficulty with the 20-nanometer ram?

我只是 - 我的問題是，它是否與您的客戶決定跳過 20 納米並直接使用 14 納米有關，還是 20 納米內存有困難？

Can you give us some --

你能給我們一些——

I think only to the economy can answer question, my impression is it's not a statement of jumping, but that's just an impression.

我認為只有經濟才能回答問題，我的印像是它不是跳樓的說法，而那隻是一個印象。

Okay.

好的。

All right.

好的。

Thank you.

謝謝你。

Thanks Mahesh.

謝謝馬赫什。

Stephen Chin with UBS.

瑞銀的斯蒂芬·欽。

Thanks, hello Martin and Doug.

謝謝，你好馬丁和道格。

Just a follow-up question on the operating expenses.

只是關於運營費用的後續問題。

So if Lam's December shipments could possibly hit this $1.1 billion level, do you think Lam could come close to the target model for OpEx, which is I think 28% in that December quarter since I think ERP's system will fully implemented and --?

因此，如果 Lam 的 12 月出貨量可能達到 11 億美元的水平，您認為 Lam 是否可以接近 OpEx 的目標模型，我認為在 12 月的那個季度是 28%，因為我認為 ERP 的系統將全面實施，並且--？

Yes, there's upward bias on the numbers certainly, and yes, I think we have a decent shot at getting to the target in the December quarter.

是的，這些數字肯定存在向上的偏見，是的，我認為我們有機會在 12 月季度達到目標。

We've got some work left to do, but I think we've got a shot at getting there.

我們還有一些工作要做，但我認為我們有機會到達那裡。

Okay, thanks Doug.

好的，謝謝道格。

And then a follow up question on the growing NAND shipments that you're suspecting in the second half of the year.

然後是關於您懷疑在今年下半年不斷增長的 NAND 出貨量的後續問題。

Could you share some color on the split that you think you'll see across technology upgrades, versus any capacity additions for NAND in the second half of this year?

您能否分享一下您認為您會在技術升級中看到的分裂，以及今年下半年 NAND 的任何容量增加？

Thanks.

謝謝。

I think you're still going to see a lot of conversion spending, which has been what you've seen over the last, I don't know, several quarters, several years actually, probably.

我認為你仍然會看到很多轉換支出，這就是你在過去看到的情況，我不知道，可能是幾個季度，實際上是幾年。

There will be some capacity additions and some conversions, so it will be a blend.

將會有一些容量增加和一些轉換，所以它將是一個混合體。

Thanks Doug.

謝謝道格。

Thanks Stephen.

謝謝斯蒂芬。

Mehdi Hosseini with Susquehanna International Group.

Mehdi Hosseini 與 Susquehanna 國際集團。

Thank you.

謝謝你。

I have two questions.

我有兩個問題。

One for Doug, when you look at your internal capacity and given what you have in place, what kind of a maximum revenue can you generate before having to add more head count?

給 Doug 一個問題，當您查看您的內部能力並考慮到您現有的情況時，在不得不增加更多員工人數之前，您可以產生什麼樣的最大收入？

More head count?

更多人頭？

More head count or more overhead.

更多的人頭或更多的開銷。

Well, volume does -- or head count does scale to a certain extent with head count.

好吧，數量確實 - 或者人數確實在一定程度上隨著人數的增加而增加。

Now from a facility standpoint, we can add a lot of volume before we need to add any facilities.

現在從設施的角度來看，我們可以在需要添加任何設施之前增加很多體積。

But that's one statement.

但這是一種說法。

And then second, you need to understand that lot of manufacturing is outsourced, so it varies with volume.

其次，您需要了解大量製造是外包的，因此它會隨數量而變化。

I would estimate that probably one-third of the head count of the Company is flex, it's evolving.

我估計公司的員工人數中可能有三分之一是靈活的，它正在不斷發展。

Okay.

好的。

So in terms of total expense, it is just the R&D and investment that maybe you're adding this rest of the overhead and head count is pretty much flexible.

因此，就總費用而言，可能只是研發和投資，您可能會添加其餘的間接費用，而員工人數非常靈活。

And you have plenty of head room in terms of how much revenue you can generate.

而且你有足夠的空間來創造多少收入。

Is that the right way of thinking about it?

這是正確的思考方式嗎？

Yes, that's true.

是的，這是真的。

Martin's comment is right about the manufacturing volume.

馬丁關於製造量的評論是正確的。

We are investing more in R&D resources, because we see opportunities for profitable growth.

我們正在加大對研發資源的投資，因為我們看到了盈利增長的機會。

And then we do our best to squeeze the administrative functions, or let revenue grow without adding anything in that area.

然後我們盡最大努力壓縮行政職能，或者讓收入增長而不在該領域增加任何東西。

That's kind of how we think about it.

這就是我們的想法。

So obviously one of the things we have the benefit of is a lot more information about Lam Research than you to.

所以很明顯，我們受益的一件事是關於 Lam Research 的信息比你多得多。

And so we ask the same question that you do and try to share our best perspective with you using the financial model.

因此，我們會問與您相同的問題，並嘗試使用財務模型與您分享我們的最佳觀點。

So all of the questions that are relevant to the future economics of the Company are incorporated to the best of our abilities in the financial model.

因此，所有與公司未來經濟相關的問題都已盡我們所能納入財務模型中。

So I would encourage you and others to keep referring back to that model presented by Doug in the Analyst Meeting.

因此，我鼓勵您和其他人繼續參考 Doug 在分析師會議上提出的模型。

Got it.

知道了。

And then, one other question in terms of the big picture.

然後，關於大局的另一個問題。

As you commented in the prepared remarks, or early on, you said that yes there was one or two foundry order or customer that were going to do 20-nanometers.

正如您在準備好的評論中所評論的那樣，或者在早期，您說是的，有一兩個代工訂單或客戶將要做 20 納米。

But now things have changed over the past couple of weeks since Semicon West, and now that has been pushed out to next year.

但現在情況在 Semicon West 之後的過去幾週發生了變化，現在已經推遲到明年。

And how quickly things change, especially since your customers have consolidated.

以及事情變化的速度，尤其是在您的客戶已經鞏固之後。

If I were to take that and apply it to a 3-D NAND, which a subjective debate is coming out over the past month, there are two groups.

如果我把它應用到 3-D NAND 上，在過去的一個月裡，這是一場主觀辯論，有兩個群體。

One group, Koreans, they keep talking about adding power line on 3-D, and then the others outside of Korea they think the 1Z should be doable for the next couple of years.

一組是韓國人，他們一直在談論在 3-D 上添加電源線，然後是韓國以外的其他人，他們認為 1Z 在未來幾年應該是可行的。

So to that extent, what gives confidence that all of this hype around 3-D is nothing but hype, and we're going to have working samples out by Q1 or Q2 of next year?

所以在這個程度上，是什麼讓我們相信所有這些圍繞 3-D 的炒作只不過是炒作，我們將在明年第一季度或第二季度推出工作樣本？

Well I think the only thing that we can ever do, and whether it's a transition commentary or not, whether it's memory or logic, is dialogue with our customers and trust that their communication to us is authentic.

好吧，我認為我們唯一能做的事情，無論是否是過渡評論，無論是記憶還是邏輯，都是與我們的客戶對話，並相信他們與我們的溝通是真實的。

And what we're communicating to you today is our interpretation of messages from the customer.

我們今天要與您交流的是我們對客戶信息的解讀。

So I think there's legitimacy, I think even the most committed customer in the world would say it's a complex transition, and there's a lot to learn in a pilot line.

所以我認為這是合法的，我認為即使是世界上最忠誠的客戶也會說這是一個複雜的過渡，並且在試運行中有很多東西要學習。

And based on the learning, in production and in the marketplace relative to performance benefit, this will either speed up, it will either slow down, or it will either hold the projections that are commonly anticipated.

並且基於學習、生產和市場相對於性能收益的情況，這將要么加快，要么減慢，要么保持通常預期的預測。

But right now, our belief is that we're shipping products into a 3-D environment this calendar year.

但現在，我們的信念是，我們將在本日曆年將產品運送到 3-D 環境中。

And do we know for sure that these equipments are going to be used for 3-D and not just planar?

我們是否確定這些設備將用於 3-D 而不僅僅是平面？

Well again, I can only believe what I'm told by my customer.

再說一次，我只能相信我的客戶告訴我的話。

Okay.

好的。

Thank you.

謝謝你。

Thanks Mehdi.

謝謝邁赫迪。

Edwin Mok of Needham and Company.

Needham and Company 的 Edwin Mok。

Hello, thanks for taking my question.

您好，感謝您提出我的問題。

So a question on the foundry side, and I think you talked about this year shaping up to be a little bit less than what you have previously forecast.

所以是代工方面的一個問題，我認為你談到今年的情況會比你之前預測的要少一些。

Should we read that as some of these 20-nanometer projects that you were expecting got pushed out in 2014, and potentially even in the first half of 2014 or are these just on hold until there are some challenges there?

我們是否應該讀到您所期待的這些 20 納米項目中的一些在 2014 年推出，甚至可能在 2014 年上半年推出，或者這些項目只是暫時擱置，直到出現一些挑戰？

How do you think about that?

你怎麼看？

My impression is push.

我的印像是推。

Great, okay.

太好了，好吧。

Okay, great.

好，太棒了。

That's helpful getting a straightforward answer there.

在那裡得到一個直截了當的答案很有幫助。

I guess second question I have on the [wet] clean side, I think you talked about new products there.

我想我在[濕]乾淨方面的第二個問題，我想你在那裡談到了新產品。

That you guys positioning in the marketplace.

你們在市場上的定位。

With this new product, do you believe that you've closed a gap and maybe a different way of asking that is if this new product takes more time to get adopted by the customer, is there any risk that your customer will qualify a competitor product even in the back end of the line, which you -- like you said, historically you guys are stronger?

有了這個新產品，您是否認為您已經縮小了差距？也許可以換一種方式來詢問，如果這個新產品需要更多時間才能被客戶採用，您的客戶是否有可能獲得競爭對手產品的資格？即使在後排，你——就像你說的，從歷史上看，你們更強大？

Well, there's always a risk, but there's always an opportunity.

好吧，風險總是存在的，但機會總是存在的。

At the fundamental level, I believe the decisions by our customers are about as influential as anything I could share with you around the fundamental capability of the Company and differentiation that's available in some productivity, and then results on wafer.

在基本層面上，我相信我們客戶的決定與我可以與您分享的任何事情一樣有影響力，圍繞公司的基本能力和在某些生產力中可用的差異化，然後在晶圓上產生結果。

And if results on wafer is defined around particle removal efficiency.

如果晶圓上的結果是圍繞顆粒去除效率定義的。

It's defined around collapse free drying.

它是圍繞無塌陷乾燥定義的。

And a lot of the market transitions and technical inflections that we've talked about today and in our Analyst Meeting create very significant challenges in the cleaning segment.

我們今天和分析師會議上討論的許多市場轉型和技術變化都在清潔領域帶來了非常重大的挑戰。

And so I think, again, consistent what we've said previously, the clean business unit in the portfolio of our three, we have etch, we have depth, we have clean, simply stated.

所以我認為，再次與我們之前所說的一致，我們三個投資組合中的清潔業務部門，我們有蝕刻，我們有深度，我們有清潔，簡單地說。

The clean market share progressions, the long term progressions are likely to be more hockey stick than the other two, which are likely to be more linear in their expansion.

清潔市場份額的增長，長期的增長可能比其他兩個更加曲棍球棒，它們的擴張可能更加線性。

So that's about the best I guess I could share at this point.

所以這是我想我現在可以分享的最好的東西。

Okay.

好的。

Actually, that's helpful.

實際上，這很有幫助。

Thank you.

謝謝你。

Mark Heller with CLSA.

里昂證券的馬克·海勒。

Thanks.

謝謝。

Good afternoon.

下午好。

Doug, I just had a quick question, you gave some guidance on the shipments for the fourth quarter -- the calendar fourth quarter.

道格，我剛問了一個簡單的問題，你對第四季度的出貨量給出了一些指導——日曆第四季度。

But looking back at the presentation from the Analyst Day, you were talking about maybe about $4.1 billion in revenue in context of a $30 billion WFE.

但回顧分析師日的演講，你說的是在 300 億美元 WFE 的背景下，收入可能約為 41 億美元。

Does that still hold, or would you come in below that model?

這仍然成立，還是您會低於該模型？

Yes, that's commentary Mark, and sorry if I wasn't clear about describing it.

是的，這是評論馬克，如果我不清楚描述它，對不起。

It was kind of a 2013, 2014 statement, in a $30 billion WFE we would expect to be around $4.1 billion for the year.

這有點像 2013 年和 2014 年的聲明，在 300 億美元的 WFE 中，我們預計今年將達到 41 億美元左右。

It's not necessarily a statement around the current year.

這不一定是當前年份的聲明。

So I'll supplement that comment, I think if you take the guidance and you take the December reference that I had provided on shipments, you're going to see mathematically a number that looks very similar to the one that Doug stated.

因此，我將補充該評論，我認為如果您接受指導並採用我在發貨時提供的 12 月參考，您將在數學上看到一個與 Doug 所說的非常相似的數字。

And the timing of revenue acceptance is all about specific shipment days and weeks in the quarter, and that's a little hard to predict at this point, and the timing of the acceptance cycles.

收入接受的時間與本季度特定的發貨天數和周數有關，在這一點上有點難以預測，以及接受週期的時間。

Frankly, we don't worry so much about that.

坦率地說，我們對此並不擔心。

We worry about taking orders from our customers as soon as they're available, and we worry about shipping products and meeting their demand, and getting the systems installed.

我們擔心一有客戶訂單就接受他們的訂單，我們擔心運輸產品和滿足他們的需求，以及安裝系統。

Acceptance cycles take care of themselves usually.

驗收週期通常會自行處理。

Got it.

知道了。

And did you disclose a backlog number?

您是否披露了積壓數量？

No.

不。

No, we didn't Mark.

不，我們沒有馬克。

Can I ask one more question then?

那我可以再問一個問題嗎？

You talked about previously a competitive limb in the logic side of the business.

您之前談到了業務邏輯方面的競爭優勢。

How should we expect the logic shipments to trends over the next quarter or two?

我們應該如何預期未來一兩個季度的邏輯出貨量趨勢？

Well I think it's a trend you should assume is highly correlated to the outlook of our customers.

嗯，我認為這是一個你應該假設的趨勢與我們客戶的前景高度相關。

The foundry components of logic is a reasonably evenly distributed first half/second half, not precisely today, but reasonably so, and the microprocessor environment increases.

邏輯的代工組件是合理均勻分佈的前半部分/後半部分，不是今天精確，而是合理地如此，並且微處理器環境增加。

And so you should expect to trend for Lam (technical difficulty).

所以你應該期待 Lam 的趨勢（技術難度）。

Obviously at a product level, the other side of the memory strength for the Company is a little less than normal profile in microprocessor logic.

顯然，在產品層面上，公司內存實力的另一面略低於微處理器邏輯的正常配置。

But I think you guys have -- are well practiced in modeling that at this point.

但我認為你們在這一點上已經在建模方面得到了很好的實踐。

Thank you.

謝謝你。

Thanks Mark.

謝謝馬克。

Terence Whalen with Citigroup.

花旗集團的特倫斯·惠倫。

Hello.

你好。

Thanks for fitting me in.

謝謝你讓我適應。

This question goes back to questions on the clean market.

這個問題可以追溯到關於清潔市場的問題。

I believe the product introduction for front end of line clean against DNS is slated for perhaps later this year.

我相信針對 DNS 的前端清理的產品可能會在今年晚些時候推出。

Also wanted to just understand the correct timing of that.

還想了解正確的時機。

And then also wanted to understand your perspective on D&S's introduction of its back end of line product as well, which I think is slated for end of year.

然後還想了解您對 D&S 推出其後端產品的看法，我認為這將在年底進行。

Thanks.

謝謝。

Well I think relative to our competition in any of our markets, we regard D&S with respect.

好吧，我認為相對於我們在任何市場的競爭，我們尊重 D&S。

They have a tremendous history in batch cleaning, and have successfully leveraged that strength into the front end of line cleaning space.

他們在批量清潔方面有著悠久的歷史，並已成功地將這種優勢運用到生產線清潔領域的前端。

Particularly, I think the installed base and the history of Lam Research is a tremendous value proposition in the back end of line space.

特別是，我認為 Lam Research 的安裝基礎和歷史是生產線後端的巨大價值主張。

And frankly, we're winning business today with the Da Vinci prime product.

坦率地說，我們今天憑藉達芬奇的優質產品贏得了業務。

And so, I think there's only upside to the Company in terms of the competitive strength with the next generation product there.

因此，我認為公司在下一代產品的競爭實力方面只有優勢。

But, we have to be sensitive to all competitive threats, wherever they come from.

但是，我們必須對所有競爭威脅保持敏感，無論它們來自何處。

Whether it's a D&S whether it's a [Tell], and certainly our really most important focus right now is on making a success given that our customers have voted and accepted our next generation system into their R&D environments, and to take advantage of that opportunity to demonstrate the substance of our vision.

無論是 D&S 還是 [Tell]，當然我們現在真正最重要的重點是取得成功，因為我們的客戶已經投票並接受了我們的下一代系統進入他們的研發環境，並利用這個機會展示我們願景的實質。

And we've got a lot of people invested in the success of this, and we'll do our very best to deliver on that promise.

我們有很多人為此投入了成功，我們將盡最大努力兌現這一承諾。

Thanks for that Martin.

謝謝那個馬丁。

And just the final aspect, I just wanted to understand timing of when we'd begin to see revenue progress from the newer product?

最後一個方面，我只是想了解我們何時開始看到新產品帶來的收入增長？

Thank you.

謝謝你。

Well we're shipping the first of a few in weeks, and quite when that translates itself from an R&D environment into a production buy it's frankly a little early for us to communicate right now.

好吧，我們將在幾週內發貨，當它從研發環境轉化為生產購買時，坦率地說，我們現在溝通還為時過早。

But ask the question again, if you still think it's important three months from now, and we'll see if we're any closer to answering it.

但是再問一次，如果你在三個月後仍然認為這很重要，我們會看看我們是否更接近回答這個問題。

Fair enough.

很公平。

Best of luck.

祝你好運。

Thanks.

謝謝。

Thanks Terence.

謝謝特倫斯。

Jagadish Iyer with Piper Jaffray.

Jagadish Iyer 與 Piper Jaffray。

Thanks for taking my question.

感謝您提出我的問題。

Two questions, Martin I just wanted to clarify, you heard some remarks about the PTOR positions in 3-D NAND.

兩個問題，Martin，我只是想澄清一下，你聽到了一些關於 3-D NAND 中 PTOR 位置的評論。

I just wanted to make sure, are all decisions for 3-D NAND finalized as of now?

我只是想確定一下，到目前為止，所有關於 3-D NAND 的決定都已經敲定了嗎？

No.

不。

And second question, is one of your peer group companies indicated that the memory shipments or memory orders could go back to some normalized levels probably in the Q4 time frame -- calendar Q4 time frame.

第二個問題，您的一家同行集團公司是否表示，內存出貨量或內存訂單可能會在第四季度時間框架（日曆第四季度時間框架）內回到一些正常水平。

I was just wondering, how sustainable is the memory spend going into the first half of 2014?

我只是想知道，進入 2014 年上半年的內存支出的可持續性如何？

Thank you.

謝謝你。

Yes, I'm already sure these days to make a references to normalized, but I do think we'd deliver a very consistent message in terms of strengthening of memory spending.

是的，這些天我已經確定要參考規範化，但我確實認為我們會在加強內存消耗方面傳遞非常一致的信息。

And, for all of the reasons that we've been communicating pain in the last 12 months, the discipline of our customers, we'd expect in that discipline to continue.

而且，由於我們在過去 12 個月中一直在傳達痛苦的所有原因，即我們客戶的紀律，我們希望這種紀律能夠繼續下去。

So I think sustainability in an environment to discipline is usually pretty good.

所以我認為在紀律環境中的可持續性通常非常好。

And certainly, the penetration road maps and the adoptions, and the replenishment cycles, and bit growth assumptions in and around mobile and connectivity related electronic products, I think kind of bodes reasonably well for our future, but we'll see.

當然，滲透路線圖和採用、補充週期以及移動和連接相關電子產品及其周圍的比特增長假設，我認為這對我們的未來來說是相當好的預兆，但我們會拭目以待。

Thank you.

謝謝你。

Thank you.

謝謝你。

Thank you.

謝謝你。

There are no further questions in the queue.

隊列中沒有其他問題。

I would like to hand the call over to Shanye Hudson for closing remarks.

我想把電話交給 Shanye Hudson 來做閉幕詞。

Great.

偉大的。

I'd like to thank everyone on the call for spending this last hour here with us today.

我要感謝所有來電的人今天在這里和我們一起度過了最後一個小時。

As a reminder, a webcast replay of this call will be available later this afternoon on our website.

提醒一下，今天下午晚些時候將在我們的網站上提供此次電話會議的網絡重播。

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

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 June quarterly results conference call.

女士們先生們，Lam Research Corporation 6 月季度業績電話會議到此結束。

We thank you for your participation, and at this time you may now disconnect.

我們感謝您的參與，此時您可以斷開連接。