科林研發 (LRCX) 2014 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Lam Research Corporation September 2013 quarterly results conference call.

歡迎參加 Lam Research Corporation 2013 年 9 月季度業績電話會議。

(Operator Instructions)

（操作員說明）

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

在這個時候，我想把會議交給我們的主持人，投資者關係高級總監 Shanye Hudson。

Please go ahead.

請繼續。

Great.

偉大的。

Thank you, Douglas.

謝謝你，道格拉斯。

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 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, we'll share our outlook on the business environment and review our financial results for the September 2013 quarter and our outlook for the December 2013 quarter.

在今天的電話會議中，我們將分享我們對商業環境的展望，並回顧我們 2013 年 9 月季度的財務業績和 2013 年 12 月季度的展望。

Following today's Q&A, Martin will share a few concluding remarks prior to closing the call.

在今天的問答之後，馬丁將在結束電話會議之前分享一些結束語。

The press release detailing our financial results was distributed over the wire services shortly after 1.00 PM this afternoon, and can also be found on the Investor Relations section of the Company's web site, along with the presentation slides accompanying today's call.

詳細介紹我們財務業績的新聞稿於今天下午 1:00 後不久通過有線服務分發，也可以在公司網站的投資者關係部分找到，以及今天電話會議隨附的演示幻燈片。

Today's presentation and Q&A will include statements about our expectations and beliefs regarding certain future outcomes including our guidance.

今天的演示和問答將包括關於我們對某些未來結果的期望和信念的陳述，包括我們的指導。

A more thorough list of forward-looking topics that we expect to cover is shown on the slide deck accompanying my remarks.

我們希望涵蓋的更全面的前瞻性主題列表顯示在我的評論隨附的幻燈片上。

All statements made that are not historical facts are forward-looking statements based on current information and are subject to risks and uncertainties that may cause actual results to differ materially.

所有非歷史事實的陳述都是基於當前信息的前瞻性陳述，並受到可能導致實際結果產生重大差異的風險和不確定性的影響。

We encourage you to review the risk factor disclosure in our public filings including our 10-K and our 10-Qs.

我們鼓勵您查看我們的公開文件中披露的風險因素，包括我們的 10-K 和 10-Q。

The Company undertakes no obligation to update these forward-looking statements.

本公司不承擔更新這些前瞻性陳述的義務。

Today's discussion of our financial results will be presented on a non-GAAP financial basis, unless otherwise specified.

除非另有說明，今天對我們財務業績的討論將在非公認會計原則財務基礎上進行。

Detailed reconciliation between GAAP and non-GAAP results can be found in today's earnings press release.

可以在今天的收益新聞稿中找到 GAAP 和非 GAAP 結果之間的詳細調節。

The call is scheduled to last until 3.00 PM Pacific time.

電話會議計劃持續到太平洋時間下午 3 點。

(Caller Instructions)

（來電說明）

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

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。

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

有了這個，我會把電話轉給你，馬丁。

Thank you, Shanye.

謝謝你，山野。

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

大家下午好，感謝您加入今天的電話會議。

As you may have read in our press release today, September 2013 marked the highest revenue quarter in the Company's history, surpassing the $1 billion mark for the first time.

正如您今天在我們的新聞稿中所讀到的，2013 年 9 月是公司歷史上收入最高的季度，首次超過 10 億美元大關。

We grew operating margins by nearly 200 basis points sequentially, demonstrating strong execution throughout the Company.

我們的營業利潤率連續增長近 200 個基點，表明整個公司的執行力很強。

Additionally, we made progress towards our strategic growth objectives, winning key production tool decisions across various technology inflections and shipping new products, including our next generation clean system and latest 3D NAND etch capability into leading-edge customer engagements.

此外，我們在實現戰略增長目標方面取得了進展，在各種技術變化中贏得了關鍵生產工具決策，並交付了新產品，包括我們的下一代清潔系統和最新的 3D NAND 蝕刻能力，以吸引領先的客戶參與。

Overall the quarter was more than satisfactory and reinforced the substance of our vision objectives, our strategies, and capabilities to execute.

總體而言，本季度非常令人滿意，並強化了我們的願景目標、戰略和執行能力的實質。

The September quarter marked the close of an important transition period for the Company as we successfully concluded our major integration activities.

九月季度標誌著公司重要過渡期的結束，因為我們成功地完成了我們的主要整合活動。

Singularly focused, we now present one face to our customers for all products and services, and we enjoy the full complements of a well-aligned employee population, aligned not just to our business objectives and plans, but to our stated culture and values.

現在，我們專注於為所有產品和服務向客戶展示一張面孔，並且我們享受著一個協調一致的員工群體的全面補充，不僅與我們的業務目標和計劃相一致，而且與我們既定的文化和價值觀相一致。

Related, I would like to take this opportunity to thank each and every employee for their contribution to these outstanding accomplishments, which would not have been possible without their hard work and dedication.

相關，我想藉此機會感謝每一位員工為取得這些傑出成就所做的貢獻，沒有他們的辛勤工作和奉獻精神，這是不可能實現的。

As stated previously, I regard acquisition integration capabilities at Lam as a competitive differentiator within our industry.

如前所述，我認為 Lam 的收購整合能力是我們行業內的競爭優勢。

The aspiration to be the most collaborative semiconductor equipment company grows in our consciousness as we look forward to planning our actions in calendar 2014.

當我們期待在 2014 年計劃我們的行動時，成為最具協作性的半導體設備公司的願望在我們的意識中不斷增強。

Turning now to the industry environments, as we enter the final months of the calendar year, we are able to narrow our 2013 wafer fabrication equipment spend forecast to $29 billion, plus or minus $1 billion.

現在轉向行業環境，隨著我們進入日曆年的最後幾個月，我們能夠將 2013 年晶圓製造設備支出預測縮小至 290 億美元，上下浮動 10 億美元。

This outlook is largely consistent with our views throughout 2013, though there are some well-publicized moving pieces that I'll highlight for you now.

這一展望與我們整個 2013 年的觀點基本一致，儘管我現在將為您重點介紹一些廣為人知的動人作品。

Starting with the logic segments, we now project WFE spends closer to $6 billion for the year, slightly lower than our prior view as certain customers have been able to reuse more of their existing equipment to support their leading-edge production needs.

從邏輯部分開始，我們現在預計 WFE 今年的支出接近 60 億美元，略低於我們之前的預期，因為某些客戶能夠重複使用更多現有設備來支持其領先的生產需求。

In foundry, at least one customer has started to ramp 20-nanometer capacity, and the pace of those investments has accelerated in the second half of this year.

在代工方面，至少有一個客戶已經開始增加 20 納米產能，而且這些投資的步伐在今年下半年有所加快。

We still expect overall foundry spending around $12 billion, albeit with slightly less trailing edge investments than previously expected.

我們仍預計整體代工支出約為 120 億美元，儘管後緣投資略低於此前預期。

We see healthy demand and a positive profits-and-spending trajectory from memory customers and maintain our WFE forecast of approximately $11 billion for that segment for the calendar year.

我們看到內存客戶的健康需求和積極的利潤和支出軌跡，並維持我們對這一日曆年該細分市場的 WFE 預測約為 110 億美元。

NANDs manufacturers are making the transition to the 20-nanometer technology nodes and below for planar devices, and consistent with our expectations, tool shipments for the first phase of 3D NANDs production are beginning as we speak and extend into the first half of 2014.

NAND 製造商正在向平面設備的 20 納米及以下技術節點過渡，與我們的預期一致，第一階段 3D NAND 生產的工具出貨量正在我們所說的開始並延續到 2014 年上半年。

Depending on qualification and time to yield, this capacity we assume would likely begin contributing to NANDs bit supply in the mid-2014 time frame.

根據資質和生產時間，我們假設這種容量可能會在 2014 年中期開始為 NAND 位供應做出貢獻。

Overall, we project bit growth in the mid-40% range for 2013, with relatively stable supply and demand balance headed into 2014.

總體而言，我們預計 2013 年的比特增長率將在 40% 左右，2014 年供需平衡相對穩定。

In DRAM, contract ASPs have surged by 10% to 20% over the past month driven by tight supply conditions.

在 DRAM 方面，受供應緊張的推動，過去一個月的合約平均售價飆升 10% 至 20%。

Due to the well-known short-term supply chain disruption, we've lowered our estimates for 2013 bit supply growth by a couple of points to the mid-20% range and expect the balance between supply and demands to remain extremely tight and disciplined through 2014.

由於眾所周知的短期供應鏈中斷，我們將 2013 年比特供應增長的預測下調了幾個點至 20% 的中間區間，並預計供需之間的平衡將保持極度緊張和自律到 2014 年。

Over the past couple of years, WFE spend has been driven primarily by mobile electronics.

在過去幾年中，WFE 支出主要由移動電子產品推動。

Media tablets have grown at a compound annual rate of greater than 130% since 2010, and we expect smartphones will represent about half of total cell phone units this year versus around 20% in 2010.

自 2010 年以來，平板電腦的複合年增長率超過 130%，我們預計今年智能手機將佔手機總銷量的一半左右，而 2010 年這一比例約為 20%。

While annual units growth rates for tablets and smartphones are intuitively starting to decelerate off the much lighter base, continued demands and density expansion for mobile products supports our preliminary view for 2014 wafer fabrication equipment spending to be in the range of $32 billion, plus or minus $2 billion, assuming a flattish GDP.

雖然平板電腦和智能手機的年單位增長率從較輕的基礎上直觀地開始減速，但移動產品的持續需求和密度擴張支持我們初步認為 2014 年晶圓製造設備支出在 320 億美元左右的範圍內20 億美元，假設 GDP 持平。

Actual spending levels are likely to vary, of course, around customers' investments supporting technology inflections, and in the coming months, we expect customers will continue fine-tuning their plans and outlook.

當然，實際支出水平可能會因客戶支持技術變化的投資而異，在未來幾個月，我們預計客戶將繼續微調他們的計劃和前景。

We will share more information as it becomes available.

我們將在可用時分享更多信息。

It has been nearly one year since we introduced our growth strategy for the broadened and newly formed Lam Research.

自從我們為擴大和新成立的 Lam Research 引入我們的增長戰略以來，已經將近一年了。

This strategy is founded on market expansion and share gain opportunities derived in large part from technology inflections, such as multiple patenting, 3D device transitions, and advanced packaging.

這一戰略建立在市場擴張和份額獲取機會的基礎上，這在很大程度上來自技術變化，例如多項專利、3D 設備轉換和先進封裝。

Having completed our merger integration slightly ahead of schedule, we are now singularly focused on executing against those strategic growth objectives.

在稍微提前完成合併整合後，我們現在特別專注於執行這些戰略增長目標。

We shared with you previously our view of success relative to the transition from planar to 3D NANDs.

我們之前與您分享了我們對從平面 NAND 過渡到 3D NAND 的成功的看法。

While we continue to work hard strengthening competitive differentiation and protecting positions established, we can report today that we are pleased by the initial production tool decisions.

雖然我們繼續努力加強競爭差異化並保護已建立的地位，但我們今天可以報告說，我們對最初的生產工具決定感到高興。

In etch, we sustained strong and above our overall average market share, securing critical dielectric high aspect ratio applications.

在蝕刻方面，我們保持強勁並高於我們的整體平均市場份額，確保了關鍵的電介質高縱橫比應用。

We expect our new capacity addition served available market, or SAM, to expand by 30% to 40% over the planar baseline.

我們預計我們新增的服務於可用市場或 SAM 的產能將在平面基線的基礎上擴大 30% 至 40%。

In the deposition segments in which we compete, we believe our new capacity addition SAM grows by 60% or 70% compared to the planar baseline.

在我們競爭的沉積領域，我們相信我們的新增產能 SAM 與平面基線相比增長了 60% 或 70%。

Further, we believe we've made sizable share gains, winning critical applications in both PECVD and tungsten CVD.

此外，我們相信我們已經取得了可觀的份額收益，贏得了 PECVD 和鎢 CVD 的關鍵應用。

Our focus over the next 12 to 24 months is on achieving a similar outcome with each of the remaining NAND manufacturers as and when they transition to 3D device structures in high-volume manufacturing.

在接下來的 12 到 24 個月，我們的重點是在其餘 NAND 製造商過渡到大批量製造中的 3D 設備結構時與他們取得類似的結果。

Overall, we estimate it will cost more to add new 3D NAND capacity versus the same amount spent on equivalent wafer starts in the final planar generation.

總體而言，我們估計增加新的 3D NAND 容量的成本將高於在最終平面一代中用於同等晶圓啟動的相同數量。

Based on our market size and market share expectations for high-volume manufacturing when 3D NANDs becomes mainstream, we believe that Lam stands to realize more than one third of the transition opportunity, representing incremental revenues in etch and deposition combined of approximately $25 million per 10,000 wafer starts of capacity added, or more than 60% market share on the incremental SAM.

當 3D NAND 成為主流時，根據我們對大批量製造的市場規模和市場份額預期，我們認為 Lam 將實現超過三分之一的過渡機會，這意味著蝕刻和沈積的增量收入總計約為每 10,000 美元 2500 萬美元晶圓開始增加產能，或在增量 SAM 上超過 60% 的市場份額。

Equally important are the production tool decisions for the foundry 16-, 14-nanometer technology node.

同樣重要的是代工廠 16、14 納米技術節點的生產工具決策。

Compared with the 20-nanometer node, this initial finFET transition represents a SAM growth opportunity of 5% to 10% for Lam's markets, and conductor etch is a key beneficiary of this transition.

與 20 納米節點相比，這種最初的 finFET 過渡代表了 Lam 市場 5% 到 10% 的 SAM 增長機會，而導體蝕刻是這一過渡的主要受益者。

The complexity of the transistor increases exponentially with finFET structures, and the need for precise control of etch processes has grown accordingly.

晶體管的複雜性隨著 finFET 結構呈指數增長，對蝕刻工藝的精確控制的需求也相應增加。

This plays well into Lam's strengths as a leader in conductor etch with the ability to control CD uniformity to within a few atoms.

這充分體現了 Lam 作為導體蝕刻領域領導者的優勢，能夠將 CD 均勻性控制在幾個原子以內。

We believe that we are well positioned here to maintain our critical share positions and benefit from market expansion.

我們相信，我們在這方面處於有利地位，可以保持我們的關鍵份額地位並從市場擴張中受益。

This finFET transition also creates opportunities for our deposition markets over the next couple of technology nodes.

這種 finFET 過渡也為我們的沉積市場在接下來的幾個技術節點上創造了機會。

Process steps requiring highly conforming dielectric films are growing.

需要高度一致的介電薄膜的工藝步驟正在增加。

These processes have historically been very slow in nature, requiring a single layer to be deposited at a time.

這些過程在歷史上一直非常緩慢，需要一次沉積單層。

We are partnering with customers to develop high-productivity solutions targeting these applications.

我們正在與客戶合作開發針對這些應用的高生產力解決方案。

With the need for thinner barriers and low resistivity film stacks, we are leveraging our production experience and technology leadership in tungsten deposition to further penetrate metal applications.

由於需要更薄的阻擋層和低電阻率薄膜疊層，我們正在利用我們在鎢沉積方面的生產經驗和技術領先地位來進一步滲透金屬應用。

We have strong engagements with the leading foundry and logic customers in each of these areas and are encouraged by our progress.

我們與這些領域的領先代工和邏輯客戶建立了密切的合作關係，並為我們的進步感到鼓舞。

In terms of shipped market share, based on our current outlook for 2013 WFE spends and the associated customer mix, we stand to gain a couple of points in etch this year.

在出貨市場份額方面，根據我們對 2013 年 WFE 支出和相關客戶組合的當前展望，我們今年在 etch 中將獲得幾個點。

We successfully won application decisions in logic and DRAM and expect to benefit from additional patenting steps in both foundry and DRAM.

我們成功贏得了邏輯和 DRAM 的應用決策，並期望從代工廠和 DRAM 的額外專利步驟中受益。

We've also defended above average in the initial 3D NANDs transition.

我們還在最初的 3D NAND 過渡中捍衛高於平均水平。

In deposition, higher than expected equipment reuse has been a headwind for shipped market share this year; however, we still expect to gain a point or so supported by application wins in 3D NANDs and through silicon via copper fill.

總的來說，高於預期的設備重複使用率一直是今年出貨市場份額的不利因素。然而，我們仍然希望通過 3D NAND 的應用勝利和通過銅填充的矽獲得一分左右的支持。

Looking ahead, we anticipate that our application wins combined with the message around SAM expansion is a great story for Lam deposition.

展望未來，我們預計我們的應用程序獲勝結合有關 SAM 擴展的信息對於 Lam 沉積來說是一個很好的故事。

In single wafer clean, we anticipate shift market share in the upper teens this year.

在單晶圓清潔領域，我們預計今年市場份額將在十幾歲以上轉移。

We've successfully defended most all our positions in the back end of line this year and continue to focus on growth opportunities in front-end applications.

今年我們已經成功捍衛了我們在後端的大部分職位，並繼續關注前端應用程序的增長機會。

We have started to ship our next generation clean tool for evaluation with leading customer and are focused on making these customer engagements successful.

我們已經開始發布下一代清潔工具，用於與領先客戶進行評估，並專注於使這些客戶參與取得成功。

As we've shared in the past, we would expect to have a better understanding of the tool's performance in the first half of 2014 with the potential for early revenue towards the end of next calendar year.

正如我們過去所分享的，我們希望能夠更好地了解該工具在 2014 年上半年的表現，並有可能在下一個日曆年末獲得早期收入。

While it is still too soon to specifically quantify share growth projections for 2014, I'm encouraged by the solid progress we're making across each of our product segments and the level of customer engagements across a broader set of applications.

雖然具體量化 2014 年的份額增長預測還為時過早，但我對我們在每個產品領域取得的穩固進展以及在更廣泛的應用程序中的客戶參與水平感到鼓舞。

We remain fully committed to our stated long-term share goals, our resolve against competitive threats never stronger.

我們仍然完全致力於我們既定的長期共享目標，我們對抗競爭威脅的決心從未如此強大。

As we have said on a number of occasions, this is a period of significant change for our customers and significant challenge within the wafer fabrication equipment industry.

正如我們多次說過的那樣，對於我們的客戶來說，這是一個重大變化的時期，也是晶圓製造設備行業面臨的重大挑戰。

That fact is further illustrated by the recently announced plans to merge our two largest competitors.

最近宣布的合併我們兩個最大競爭對手的計劃進一步說明了這一事實。

We believe that consolidation can be an opportunity to create value for our customers to the extent that it allows for the sustainable competition necessary to fuel innovation throughout the industry.

我們相信，整合可以成為為我們的客戶創造價值的機會，只要它允許推動整個行業創新所必需的可持續競爭。

As an example, our acquisitions of SEZ and the Novellus Systems allowed us to leverage process adjacencies but to stay committed to our mantra that the customer deserves the best-in-class technology and productivity solutions.

例如，我們對 SEZ 和 Novellus Systems 的收購使我們能夠利用流程相鄰性，但仍堅持我們的口號，即客戶應該得到一流的技術和生產力解決方案。

That's the basis of competition today.

這就是今天競爭的基礎。

We do have the opinion that it is possible for consolidation to reach a size and scope that goes beyond those value-creating fundamentals, and that conversation is active with our customers real time.

我們確實認為，整合有可能達到超出那些創造價值的基礎的規模和範圍，並且與我們的客戶進行實時對話。

We continue to believe customers remain invested in Lam's success, and we will only strengthen our collaboration with them.

我們仍然相信客戶會繼續投資於 Lam 的成功，我們只會加強與他們的合作。

It is very clear that our vision of being number one in customer trust has never been more important or valued than in this environment.

很明顯，在這種環境下，我們成為客戶信任第一的願景從未像現在這樣重要或有價值。

Prior to turning the call over to Doug for a review of the September quarter's financials, I'd like to share with you a celebratory event that occurred earlier this month.

在將電話轉給 Doug 以審查 9 月季度的財務狀況之前，我想與您分享本月早些時候發生的一個慶祝活動。

We renamed our Fremont campus the James W. Bagley campus in honor of Jim's many contributions to Lam Research across his 16-year tenure with the Company.

我們將弗里蒙特校區更名為 James W. Bagley 校區，以紀念 Jim 在公司 16 年任職期間對 Lam Research 的諸多貢獻。

Among his many accomplishments, Jim established Lam's mission, vision, and core values, which reshaped our culture and continue to serve as the guiding principles for how all of our employees engage in business today.

在他的眾多成就中，Jim 確立了 Lam 的使命、願景和核心價值觀，這些都重塑了我們的文化，並繼續作為我們所有員工今天從事業務的指導原則。

He also provided the inspiration and leadership to our decade-long etch segment leadership journey.

他還為我們長達十年的蝕刻部門領導之旅提供了靈感和領導力。

I had the pleasure of working under Jim's leadership for many years and strongly believe the principals he established are the genesis of Lam's value-based culture and innovation spirit, which both differentiate the Company competitively, I believe, and enable a rich and ongoing tradition of customer trust and collaboration going forward.

我有幸在 Jim 的領導下工作了多年，並堅信他建立的校長是 Lam 以價值為基礎的文化和創新精神的起源，我相信這既使公司在競爭中脫穎而出，又使公司擁有豐富而持續的傳統客戶信任和協作向前發展。

With that, I would like to hand the call over to Doug for his prepared remarks.

有了這個，我想把電話交給道格，讓他準備好講話。

Thanks, Martin.

謝謝，馬丁。

Good afternoon, everyone.

大家下午好。

Thanks for joining our call today.

感謝您今天加入我們的電話會議。

In the September quarter, as Martin has already told you, we delivered record revenue for the second consecutive quarter, topping the $1 billion mark, which was a first for Lam Research.

正如 Martin 已經告訴您的那樣，在 9 月季度，我們連續第二個季度實現了創紀錄的收入，超過了 10 億美元，這是 Lam Research 的第一次。

We achieved gross margin performance at the high end of our guidance range, with both operating margins and earnings per share exceeding our expectations.

我們在指導範圍的高端實現了毛利率表現，營業利潤率和每股收益都超出了我們的預期。

These results demonstrate what I believe are solid execution against our cost synergy objectives as well as our discipline in managing expenses.

這些結果證明了我認為我們的成本協同目標以及我們在管理費用方面的紀律的可靠執行。

Shipments for the September quarter came in at $987 million, slightly below the midpoint of our guidance range, and down a little bit sequentially.

9 月季度的出貨量為 9.87 億美元，略低於我們指導範圍的中點，並且環比略有下降。

Our results were impacted somewhat by delays in shipments to certain memory customers, as well as a slight decline in spares levels driven by lower overall utilization in the industry.

我們的業績在一定程度上受到了對某些內存客戶的發貨延遲以及行業整體利用率降低導致備件水平略有下降的影響。

Partially offsetting these declines were stronger than expected shipment to foundry customers.

向代工客戶的出貨量強於預期，部分抵消了這些下降。

Specific to our systems business, excluding spares and services, the combined memory segment accounted for 48% of our system shipments versus 46% in June.

具體到我們的系統業務，不包括備件和服務，合併內存部分占我們系統出貨量的 48%，而 6 月份為 46%。

NAND represented 28% of system shipments compared with 18% in June.

NAND 佔系統出貨量的 28%，而 6 月份為 18%。

DRAM was 19% of system shipments, with approximately 1% attributed to other memory shipments.

DRAM 佔系統出貨量的 19%，其中約 1% 來自其他內存出貨量。

On an absolute basis, memory shipments were slightly down for the June quarter.

在絕對基礎上，6 月季度的內存出貨量略有下降。

Foundry represented 36% of total system shipments, and that compares with 43% in June.

代工佔系統總出貨量的 36%，而 6 月份這一比例為 43%。

And the remaining 16% was comprised of logic and other shipments.

剩下的 16% 由邏輯和其他出貨量組成。

And as I noted earlier, we recorded more than $1 billion in revenue, which was in line with our expectations and was up 3% sequentially.

正如我之前提到的，我們錄得超過 10 億美元的收入，這符合我們的預期，環比增長 3%。

September gross margin was 45% and at the high end of our guidance range.

9 月份的毛利率為 45%，處於我們指導範圍的高端。

This represents a 50 basis point improvement from the June quarter, as we delivered margin performance in line with our published models a bit earlier than expected, reflecting a richer mix as well as an acceleration of our factory and manufacturing efficiency plans.

這比 6 月季度提高了 50 個基點，因為我們的利潤率表現與我們發布的模型比預期的要早一些，這反映了更豐富的組合以及我們工廠和製造效率計劃的加速。

We were obviously pleased to see the benefits from the supply chain cost synergies that I've spoken about before.

我們顯然很高興看到我之前談到的供應鏈成本協同效應帶來的好處。

And as we've shared in the past, our margin performance is a function of business volumes as well as overall mix, and we would expect to see fluctuations from quarter to quarter depending on those factors.

正如我們過去所分享的，我們的利潤率表現是業務量和整體組合的函數，我們預計會根據這些因素看到每個季度的波動。

Operating expenses declined to $292 million, or approximately 29% of revenues, and this compares with $297 million in the June quarter.

運營費用降至 2.92 億美元，約佔收入的 29%，而 6 月季度為 2.97 億美元。

The decline reflects the timing of certain R&D program activities which can be lumpy at times.

下降反映了某些研發計劃活動的時間安排，這些活動有時可能是不穩定的。

Importantly I think, the activities necessary to complete our targeted annualized cost savings of $100 million are now largely complete, and we expect to realize the remaining savings as we exit the December quarter.

重要的是，我認為，完成我們 1 億美元的目標年度成本節約所需的活動現已基本完成，我們希望在結束 12 月季度時實現剩餘的節約。

Looking ahead, we will continue to seek operating efficiencies while investing in new technologies and capabilities that are necessary to fuel our future growth.

展望未來，我們將繼續尋求運營效率，同時投資於推動我們未來增長所必需的新技術和能力。

Let me now turn to operating income.

現在讓我談談營業收入。

The combination of higher gross margin and lower operating expenses resulted in operating income of $165 million and operating margin of 16.2%, exceeding the high end of our guidance range.

較高的毛利率和較低的運營費用相結合，帶來了 1.65 億美元的營業收入和 16.2% 的營業利潤率，超過了我們指導範圍的高端。

Taxes for the quarter were approximately 12%, a little bit lower than we expected.

本季度的稅收約為 12%，略低於我們的預期。

For the fiscal year 2014, I'm now expecting a tax rate in the low teens for the year.

對於 2014 財年，我現在預計該年度的稅率將處於低水平。

Our expectation for the December quarter was for a tax rate in the high single to low double digits.

我們對 12 月季度的預期是高個位數到低兩位數的稅率。

And I'd just point out to you, if the federal R&D tax credit were extended prior to our fiscal year end, which is in June, the annual rate would be reduced by a couple of percentage points.

我只想向你指出，如果聯邦研發稅收抵免在我們的財政年度結束之前延長，也就是 6 月份，年稅率將降低幾個百分點。

Based on a share count of approximately 171 million shares, earnings per share for the September quarter totaled $0.81.

根據大約 1.71 億股的股票數量，9 月份季度的每股收益總計 0.81 美元。

And that was up $0.01 from the June quarter and it exceeded our guided range.

這比 6 月季度增加了 0.01 美元，超出了我們的指導範圍。

And I'd just point out to you, the dilutive impact from our 2041 convertible notes was 5.6 million shares based on an average quarterly share price of $48.83.

我只想向您指出，我們 2041 年可轉換票據的攤薄影響是 560 萬股，基於平均季度股價 48.83 美元。

And as planned, we began executing against our $250 million share repurchase authorization during the September quarter.

按照計劃，我們在 9 月季度開始執行 2.5 億美元的股票回購授權。

We spent $96 million and took delivery of approximately 1.9 million shares of common stock.

我們花費了 9600 萬美元並接收了大約 190 萬股普通股。

We plan to complete this authorization by the end of calendar year 2014.

我們計劃在 2014 年年底前完成這項授權。

We ended the quarter with gross cash, short-term investments including our restricted cash, of $2.6 billion, and that compares with $2.7 billion in the June quarter.

我們在本季度末的總現金、短期投資（包括我們的受限現金）為 26 億美元，而 6 月季度為 27 億美元。

Of this cash, roughly 25% was onshore, and the remaining 75% was offshore.

在這些現金中，大約 25% 在境內，其餘 75% 在境外。

We had deferred revenue of $334 million, and this excludes approximately $84 million in shipments to Japanese customers that will revenue in future quarters.

我們的遞延收入為 3.34 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 8400 萬美元的出貨量。

Those Japanese shipments remained as inventory on our balance sheet.

這些日本貨物仍作為我們資產負債表上的庫存。

DSO increased to 64 days, as shipments for the quarter were more back-end loaded than last quarter, something we expect to see recur in the December quarter.

DSO 增加到 64 天，因為本季度的發貨量比上一季度更多，我們預計 12 月季度會再次出現這種情況。

And I'd point out to you that many receivables are paid on the last day of the calendar month, which last quarter was one day after our September 29 fiscal quarter end.

我要向您指出，許多應收賬款是在日曆月的最後一天支付的，上一季度是我們 9 月 29 日財政季度結束後的一天。

Had those end-of-month payments been received in the quarter, our DSO performance would have improved by several days.

如果在本季度收到這些月末付款，我們的 DSO 績效將提高幾天。

Inventory turns were 3.8, and that's down from 4.1 in the June quarter as we increased on-hand inventory to support our growing December quarter outlook.

庫存周轉率為 3.8，低於 6 月季度的 4.1，因為我們增加了現有庫存以支持我們不斷增長的 12 月季度前景。

Cash from operations was $52 million, and that's down from $175 million in the June quarter.

運營現金為 5200 萬美元，低於 6 月季度的 1.75 億美元。

Operational cash was depressed this quarter, primarily due to the receivable growth and inventory build activities that I just mentioned.

本季度運營現金低迷，主要是由於我剛才提到的應收賬款增長和庫存建設活動。

Calendar year to date, cumulative cash flows from operations are comparable to operating income as a percentage of revenue, and this would be a valid planning assumption for the December quarter as well.

迄今為止的日曆年，來自運營的累計現金流量與營業收入佔收入的百分比相當，這也是 12 月季度的有效計劃假設。

Company non-cash expenses include, among other items, $23 million for equity comp, $42 million for amortization, and $32 million for depreciation.

公司的非現金支出包括權益補償 2300 萬美元、攤銷 4200 萬美元和折舊 3200 萬美元。

We incurred $24 million for capital expenditures in the quarter, and finally, we exited the quarter with approximately 6500 regular full-time employees.

我們在本季度發生了 2400 萬美元的資本支出，最後，我們以大約 6500 名正式全職員工退出了本季度。

So let me now turn to our guidance for the December 2013 quarter.

因此，現在讓我談談我們對 2013 年 12 月季度的指導。

On a non-GAAP basis, we expect shipments to be $1.125 billion, plus or minus $30 million.

在非公認會計原則的基礎上，我們預計出貨量為 11.25 億美元，上下浮動 3000 萬美元。

Revenue of $1.1 billion, plus or minus $30 million.

收入為 11 億美元，上下浮動 3000 萬美元。

Gross margin at 46%, plus or minus 1 percentage point.

毛利率為 46%，上下浮動 1 個百分點。

Operating margin of 18.5%, plus or minus 1 percentage point.

營業利潤率為18.5%，上下浮動1個百分點。

And earnings per share of $1.02, plus or minus $0.05, based on a share count of approximately 174 million shares.

根據大約 1.74 億股的股票數量，每股收益為 1.02 美元，上下浮動 0.05 美元。

So let me just briefly summarize.

所以讓我簡單地總結一下。

Overall we were very pleased with our solid execution in the September quarter.

總體而言，我們對 9 月季度的穩健執行感到非常滿意。

Our September performance, as well as our December quarter outlook, reflect what I believe reflect achievement against our near-term financial models and demonstrate our focus on delivering against our long-term business objectives.

我們 9 月份的業績以及 12 月份的季度展望反映了我認為反映了我們近期財務模型的成就，並表明我們專注於實現我們的長期業務目標。

As we've shared many times, there are always puts and takes within any given quarter.

正如我們多次分享的那樣，在任何給定的季度內總會有看跌期權。

Looking into 2014, we remain focused on achieving our published models, and still view them as the best proxy for modeling our financial performance.

展望 2014 年，我們仍然專注於實現我們已發布的模型，並將它們視為模擬我們財務業績的最佳代理。

That concludes my prepared remarks.

我準備好的發言到此結束。

Operator, please open up the call for questions.

接線員，請打開電話提問。

(Operator Instructions)

（操作員說明）

Our first question is from the line of Krish Sankar with Bank of America Merrill Lynch.

我們的第一個問題來自美銀美林的 Krish Sankar。

I had a quick one.

我有一個快速的。

Martin, have you seen any impact in the December quarter from the recent (inaudible), and if so, how much of that is added to your shipment forecast for December?

馬丁，您是否看到最近（聽不清）對 12 月季度的任何影響，如果有，您對 12 月的出貨量預測增加了多少？

Krish, I think that it's fair to say that, as a Company, to the extent there's an impact it's reflected in our guidance, and indeed there are some systems that are included in our shipments forecast, but we're not going to specifically disclose that number with due respect to our customer.

Krish，我認為公平地說，作為一家公司，它在一定程度上反映在我們的指導中，確實有一些系統包含在我們的出貨量預測中，但我們不會具體披露這個數字是對我們的客戶應有的尊重。

All right.

好的。

I just have a quick follow-up.

我只是有一個快速跟進。

Martin, you highlighted how 3D NAND is going to be much more expensive.

Martin，您強調了 3D NAND 將如何變得更加昂貴。

Is there any way you can quantify from an industry standpoint going from planar to 3D how much more it would cost for 10,000 wafers for the industry?

有沒有什麼方法可以從行業的角度量化從平面到 3D 的行業 10,000 片晶圓的成本是多少？

If the planer was around $400 million or something, how much it would be for 3D NAND?

如果刨床大概4億美元左右，3D NAND要多少錢？

I've come to appreciate, and maybe I'm getting old, maybe I'm getting wise, that the best person to answer that question is the customer.

我開始意識到，也許我變老了，也許我變聰明了，回答這個問題的最佳人選就是客戶。

Inevitably, Krish, we've got a very comprehensive understanding of the segments that we participate in, which is why the disclosure in my prepared comments biased etch and deposition segments.

不可避免地，Krish，我們對我們參與的領域有了非常全面的了解，這就是為什麼我準備好的評論中披露的內容偏向於蝕刻和沈積領域。

Whatever happens in clean is the by-products of the yield experience through pilot lines and early phase production.

清潔中發生的任何事情都是通過試生產線和早期生產的產量經驗的副產品。

We consider the opportunity in etch and deposition to be significant.

我們認為蝕刻和沈積的機會非常重要。

We've ranged that historically in the 30% to 50% range incremental compared to planer baseline, and we've provided more commentary here today.

與刨床基線相比，我們在歷史上將其範圍在 30% 到 50% 的增量範圍內，我們今天在這裡提供了更多評論。

I think the $25 million reference point per 10,000 wafer starts we believe is a significant components of the cost increase.

我認為，我們認為每 10,000 片晶圓啟動 2500 萬美元的參考點是成本增加的重要組成部分。

And I think I read in the ASML transcript that they stated litho intensity in 3D equivalent to planer, So I think you can probably connect some dots and figure that one out yourself.

而且我想我在 ASML 成績單中讀到，他們在 3D 中表示光刻強度相當於刨床，所以我認為您可能可以連接一些點並自己弄清楚。

Got it.

知道了。

Thanks, Martin.

謝謝，馬丁。

Thanks, Krish.

謝謝，克里什。

Your next question is from the line of Mahesh Sanganeria with RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Mahesh Sanganeria。

Please go ahead.

請繼續。

Yes, thank you very much.

是的謝謝你。

Martin, the question have there, you touched upon the consolidation happening in the industry, and you talked about that it can reach a point where it's not really productive.

馬丁，問題在那裡，你談到了行業中正在發生的整合，你談到它可能會達到一個沒有真正生產力的地步。

If you can elaborate on that, and also if you can include if you have seen a reaction from your customers on how they're viewing the consolidation in the industry, and will that change your view in going after the next acquisitions?

如果您可以詳細說明這一點，並且如果您可以包括您是否看到客戶對他們如何看待行業整合的反應，這是否會改變您對下一次收購的看法？

I think the, just to kind of state the obvious, there is inevitably a review process associated with every deal and so there is a limit to the disclosure that I can make, and certainly I don't intend to encroach on the disclosure that our customers might make, but the headline that I conveyed in my prepared comments I think is an important one.

我認為，為了明確一點，每筆交易都不可避免地有一個審查過程，因此我可以進行的披露是有限度的，當然我不打算侵犯我們的披露客戶可能會提出，但我認為我在準備好的評論中傳達的標題很重要。

We do believe that size and scope can risk value creation, and frankly our voice in this process is a very small one, and it's not the important one.

我們確實相信規模和範圍可能會影響價值創造，坦率地說，我們在這個過程中的發言權非常小，並不是最重要的。

The voice that's the important one is the voice from the customer and the voice from the regulator.

最重要的聲音是來自客戶的聲音和來自監管機構的聲音。

Relative to our approach to acquisitions and collaboration, I would say nothing has changed.

相對於我們的收購和合作方式，我想說什麼都沒有改變。

We believe that we have a very clear vision today to be a leader in the etch and deposition and clean markets, and to the extent that we execute any deals or collaborations or partnerships or licenses, according to the definition of today's strategy, they're framed around accelerating our growth in those markets against stated plans.

我們相信，我們今天有一個非常明確的願景，即成為蝕刻和沈積以及清潔市場的領導者，並且在我們執行任何交易或合作或合作夥伴關係或許可的範圍內，根據當今戰略的定義，它們是根據既定計劃加速我們在這些市場的增長。

And the primary definition of success that I always hold us accountable to is the value creation for the customer, and if you can articulate that, not just as a company but as an industry.

我一直要求我們負責的成功的主要定義是為客戶創造價值，如果你能清楚地表達這一點，不僅僅是作為一家公司，而是作為一個行業。

And I think the values of our Company calls us to do that really well, because we all think and process and make decisions, or [into] to customer, company, and then individual, then I think you make the right decision in the end, So I think you have to talk directly with customers at this point to get a sense of what their opinion is.

我認為我們公司的價值觀要求我們做得很好，因為我們都會思考、處理和做出決定，或者[進入]客戶、公司，然後是個人，那麼我認為你最終會做出正確的決定, 所以我認為此時您必須直接與客戶交談，以了解他們的意見。

Thanks, Martin.

謝謝，馬丁。

Just a quick question on operating margin, Doug.

道格，只是一個關於營業利潤率的快速問題。

Can you describe, you have a significant upside in gross margin and operating margin for the September, as well as December quarter.

您能否描述一下，您在 9 月和 12 月季度的毛利率和營業利潤率都有顯著上升。

Are these permanent impact, or do you have some moving parts, lumpiness, which goes away in the March quarter?

這些是永久性的影響，還是您有一些移動部件，塊狀，在 3 月季度消失？

So just if you can separate the permanent effect and some timing-related item on the gross margin, operating margin, that will be helpful.

因此，只要你能將毛利率、營業利潤率的永久性影響和一些與時間相關的項目分開，那將是有幫助的。

Sure, Mahesh.

當然，馬赫什。

Happy to do it.

很高興這樣做。

I think, and I tried to actually stick in my prepared remarks a couple of different times that those financial models that we put out are still the best planning or working assumptions in terms of managing our, and modeling our financial performance.

我認為，並且我多次嘗試堅持我準備好的評論，即我們提出的那些財務模型仍然是管理我們的最佳計劃或工作假設，並為我們的財務業績建模。

So we're thinking about those things when we make decisions here, and you should think about those models when you put your numbers together.

所以我們在這裡做決定時會考慮這些事情，當你把你的數字放在一起時，你應該考慮這些模型。

So that's my first guidance.

所以這是我的第一個指導。

Within gross margin, there's always puts and takes, ups and downs, mix of different tool types, matters.

在毛利率中，總是存在投入和產出、起起落落、不同工具類型的混合等問題。

How hard we're running the factory matters, the types of things going on in the factory can impact utilization and things like that.

我們經營工廠的努力程度很重要，工廠中發生的事情類型會影響利用率等等。

So that's important to understand.

所以理解這一點很重要。

There's puts and takes always.

總有投入和投入。

As I explained with our spending in this quarter, oftentimes you can get spending profiles that can be lumpy.

正如我在本季度的支出中所解釋的那樣，您通常會獲得可能不完整的支出概況。

There can be big programs that happen in one quarter or push from one quarter to the next.

可能會有大項目在一個季度發生，或者從一個季度推到下一個季度。

The total spending across multiple quarters probably doesn't change, but within any given quarter there can be ups and downs, and you saw that a little bit sequentially in September.

多個季度的總支出可能不會改變，但在任何給定的季度內都可能有起有落，你在 9 月份看到了這種情況。

And when you go do the math on the December quarter, you see we get back to a spending level that is kind of more in line with the previous quarter.

當您在 12 月季度進行數學計算時，您會看到我們回到了與上一季度更加一致的支出水平。

So there's always ups and downs.

所以總是有起有落。

To run your models, please think about those financial models that we've put out in the past.

要運行您的模型，請考慮我們過去推出的那些財務模型。

Okay.

好的。

Thank you that's very helpful.

謝謝你，這很有幫助。

Thanks, Mahesh.

謝謝，馬赫什。

Next question is from the line of Timothy Arcuri with Cowen and Company.

下一個問題來自 Cowen and Company 的 Timothy Arcuri。

Please go ahead.

請繼續。

A couple of question.

幾個問題。

I guess first, Martin, just to follow up on the questions around the Applied/TEL deal, it sounds like at least one big customer is definitely not very happy about it, and I'm wondering if you've seen any near-term changes in the share dynamic, i.e., have you seen any share come your way as customers try to maybe plan around this if it actually happens?

我想首先，馬丁，只是為了跟進有關應用/電話交易的問題，聽起來至少有一個大客戶肯定對此不太滿意，我想知道你是否見過任何近期的共享動態的變化，即，您是否看到任何共享出現在您的身邊，因為客戶試圖在這種情況下進行計劃，如果它真的發生了？

The best way I can answer that question, Tim, is somewhat similar to my prepared comments.

蒂姆，我可以回答這個問題的最佳方式有點類似於我準備好的評論。

I believe that our customers are invested in our success, and I believe they understand and appreciate the value of the stated objectives for the Company.

我相信我們的客戶為我們的成功而投資，我相信他們理解並欣賞公司既定目標的價值。

Okay.

好的。

All right.

好的。

Maybe let me ask a question, then, on earnings guidance.

那麼，也許讓我問一個關於收益指導的問題。

And I think I asked you this same question last quarter, but you've beaten -- the last six quarters you've beaten by about an average of $0.10 on the earnings line.

我想我上個季度問過你同樣的問題，但你已經打敗了——過去六個季度你在收益線上平均打敗了大約 0.10 美元。

So I'm wondering, have you sort of changed the way you guide, or are you still guiding to what, at least the last six quarters has been a fairly conservative view?

所以我想知道，你有沒有改變你的指導方式，或者你還在指導什麼，至少過去六個季度是一個相當保守的觀點？

And I'm just sort of wondering how to handicap that because now you've pretty consistently begun to beat by $0.10 per quarter.

我只是想知道如何限制這一點，因為現在你已經開始相當穩定地開始每季度超過 0.10 美元。

Thank you for asking the question, Tim.

謝謝你問這個問題，蒂姆。

I'm glad you did, and I'll repeat somewhat the answer I gave you last time we talked about this.

我很高興你這樣做了，我會重複一下我們上次討論這個問題時給你的答案。

One of the things I hope everybody appreciates is the complexity associated with bringing two companies together.

我希望每個人都明白的一件事是將兩家公司合併在一起的複雜性。

I mean at a high level, there are integration challenges.

我的意思是在高層次上，存在整合挑戰。

There are product portfolio challenges.

存在產品組合挑戰。

There are business process integration, SAP systems, and there is getting to know the financial performance of the Company.

有業務流程集成、SAP 系統，還有了解公司的財務業績。

In every respect, we've gone through a tremendous learning curve in the last 12 to 18 months, and that includes relative to financial performance.

在過去的 12 到 18 個月裡，我們在各個方面都經歷了巨大的學習曲線，其中包括相對於財務業績的學習曲線。

Our guidance for the last 15, 18 months and our guidance today is defined in exactly the same way it has been in every year of the 13 years that I've been in Lam Research.

我們過去 15、18 個月的指導以及我們今天的指導的定義方式與我在 Lam Research 的 13 年中的每一年完全相同。

It's our best view of our performance, and the fact that we've beaten it is sometimes a byproduct of we're kind of getting to know the Company and learning how ebbs and flows influenced in the short term.

這是我們對業績的最佳看法，而我們擊敗它的事實有時是我們了解公司並了解短期內潮起潮落如何影響的副產品。

Some part of it is we've had changes of behavior from customers, and we've had positive surprises that we've been able to exploit competitively.

部分原因是我們已經改變了客戶的行為，並且我們已經能夠在競爭中利用這些積極的驚喜。

And the headline that Doug conveyed right at the end, I think, is a very important one.

我認為道格最後傳達的標題非常重要。

There is a reason why we have the long-term models of the Company.

我們擁有公司的長期模型是有原因的。

They're intended to be the best commentary we can give you on financial statements, and what I would not want to happen is for everybody to go, oh, every time they've beaten for the last six therefore we're going to add that $0.10 to every forward-looking guidance because that would be inconsistent with the message that we're trying to communicate.

它們旨在成為我們可以為您提供的關於財務報表的最佳評論，而我不希望每個人都去，哦，每次他們在過去六場比賽中都被擊敗，因此我們要添加每個前瞻性指導的 0.10 美元，因為這與我們試圖傳達的信息不一致。

We're doing our very best to communicate through the eyes of management.

我們正在盡最大努力通過管理層的眼睛進行溝通。

Sometimes we get positive surprises.

有時我們會得到積極的驚喜。

Sometimes we're more effective managing the Company than we originally anticipated, but the guidance and the framework of long-term models is the very best commentary we can give you.

有時，我們管理公司的效率比我們最初預期的要高，但長期模型的指導和框架是我們能給你的最好的評論。

Awesome, Martin.

太棒了，馬丁。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Thanks, Tim.

謝謝，蒂姆。

Our next question is from the line of Jim Covello with Goldman Sachs.

我們的下一個問題來自高盛的 Jim Covello。

Please go ahead.

請繼續。

Great, guys.

太好了，伙計們。

Thanks so much for taking the question.

非常感謝您提出這個問題。

Martin, if I can ask you to kind of characterize the dynamics around memory spending.

馬丁，如果我可以請你描述一下圍繞內存消耗的動態。

First, I guess there was the comment that some memory spending slipped out a little bit but then based on -- there's memory shipments slipped out a little bit, but based on the guidance I'm assuming that just slipped into the forty quarter.

首先，我猜有評論說一些內存支出下滑了一點，但基於 - 內存出貨量下滑了一點，但根據我假設剛剛滑入四十個季度的指導。

First if you could confirm that.

首先，如果你能證實這一點。

Secondly, is this a dynamic where they're adding capacity exactly as they need it?

其次，這是他們根據需要增加容量的動態嗎？

Is it a dynamic that they're adding capacity based on the technology transitions?

他們在技術轉型的基礎上增加容量是一種動態嗎？

Or is it a situation where one customer is kind of looking around and seeing another competitor of theirs is adding capacity in a tight environment, and then wants to add their own capacity so they don't lose share?

或者是這樣一種情況，一個客戶環顧四周，看到他們的另一個競爭對手在緊張的環境中增加產能，然後想要增加自己的產能，這樣他們就不會失去份額？

Thanks.

謝謝。

First question is easier than the last one.

第一個問題比最後一個問題容易。

I do think that in general it was a very slight push from September quarter to December quarter.

我確實認為，總的來說，從 9 月季度到 12 月季度的推動非常輕微。

So your hypothesis was correct there.

所以你的假設在那裡是正確的。

I think there are a couple of things that DRAM and NANDs have in common, and there are some things that are slightly different.

我認為 DRAM 和 NAND 有一些共同點，也有一些略有不同的地方。

So in common I think is the discipline of our customers relative to spending.

因此，我認為共同點是我們的客戶相對於支出的紀律。

I'm not seeing any evidence of extravagant spending behavior.

我沒有看到任何奢侈消費行為的證據。

Almost anytime a customer talks to me or asks about market share, they're incorporating the word profitable market share into the conversation.

幾乎每當客戶與我交談或詢問市場份額時，他們都會將盈利市場份額這個詞納入對話中。

I think the awareness and sensitivity to the value of discipline is now well established in the industry, and I have no expectation of that changing anytime soon.

我認為現在業界對紀律價值的意識和敏感性已經很好地確立了，我不期望這種情況很快就會改變。

The DRAM story, obviously there was some short-term disruption in supply chain that caused some pluses and minuses in the short term, and the principal spending outlook is oriented to upgrading capacity to the most leading edge device, and I think the pace of a customer's willingness to do that is defined around their profitability levels and their outlook for the industry.

DRAM 的故事，顯然供應鏈出現了一些短期中斷，造成了一些短期的利弊，主要支出前景是面向最前沿設備的產能升級，我認為客戶這樣做的意願取決於他們的盈利水平和行業前景。

And as you know, in 3D NAND it's a little bit more complex because you have a very fundamental device transition, and you have four customers that will talk about it, but their timelines of adoption by public disclosure today are significantly varied.

如您所知，在 3D NAND 中它有點複雜，因為您有一個非常基本的設備轉換，並且您有四個客戶會談論它，但他們今天公開披露採用的時間表有很大差異。

And I frankly don't know any better than you do whether the second, third, and fourth customers accelerate plans or keep plans as currently stated based on the performance of the guy that's going first.

坦率地說，我不知道第二個、第三個和第四個客戶是加速計劃還是根據先行者的表現保持目前所說的計劃。

So I think we are going to have a big learning experience in the first half of next year, not least for the customer that is going first.

所以我認為我們將在明年上半年有一個重要的學習經驗，尤其是對於先行的客戶。

They're going to learn and impact in the marketplace, they're going to learn yield in a production environment, and that will contribute to answering your question.

他們將在市場中學習和影響，他們將在生產環境中學習產量，這將有助於回答您的問題。

It's a really big question and one that is tough to answer right now.

這是一個非常大的問題，現在很難回答。

Thanks.

謝謝。

If I'm allowed one on top of that, it would just be the bear case on Wall Street around companies -- around the 3D NAND transition, people say 3D NAND doesn't work.

如果我被允許在此之上，那將是華爾街圍繞公司的熊市案例——圍繞 3D NAND 過渡，人們說 3D NAND 行不通。

It's not going to work.

這是行不通的。

We're not going to see all the memory spending that you, Jim, or some of the other companies think we're going to see.

我們不會看到您、Jim 或其他一些公司認為我們會看到的所有內存支出。

What do you say when people say that to you?

當人們對你這麼說時，你會說什麼？

Not so many people say this to me.

沒那麼多人跟我說這個。

If they did say it to me, I would say our customers that are articulating transitions are pretty smart people.

如果他們確實對我這麼說，我會說我們正在表達過渡的客戶是非常聰明的人。

They're convicted, and when they have established plans previously and in other transitions in the industry, they've kind of executed in the way they said they would.

他們被定罪，當他們之前和行業的其他轉型製定計劃時，他們已經按照他們所說的方式執行了。

So as I said in the last call, until I have evidence to the contrary, I'm going to believe the statements from our customers.

因此，正如我在上次電話會議中所說，除非我有相反的證據，否則我將相信我們客戶的陳述。

Thanks very much.

非常感謝。

Thanks, Jim.

謝謝，吉姆。

Our next question is from the line of John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

Please go ahead.

請繼續。

Thanks for letting me ask the question.

謝謝你讓我問這個問題。

Congratulations on the strong results.

祝賀你取得了不錯的成績。

Martin, always appreciative of your willingness to give us some macro numbers.

馬丁，總是很感激你願意給我們一些宏觀數據。

I'm kind of curious.

我有點好奇。

When you look to the $32 billion in WFE next year, can you give us some broad ranges of how you think that plays out between memory, logic, and foundry?

當你展望明年 320 億美元的 WFE 時，你能否給我們一些關於你認為內存、邏輯和代工之間如何發揮作用的廣泛範圍？

Just a sense of how you're thinking about those three buckets relative to that $32 billion WFE number?

只是想知道相對於 320 億美元的 WFE 數字，您是如何看待這三個桶的？

Yes, I'm happy to do that, John.

是的，我很樂意這樣做，約翰。

I would kind of just ask that you allow me the flexibility of kind of slightly broader percentage ranges on these numbers, because it is really early to be having a segment-based conversation.

我想請你允許我在這些數字上稍微擴大百分比範圍的靈活性，因為現在進行基於細分的對話還為時過早。

But based on our understanding today, we would tend to presume that the single largest investment segment next year is foundry, and a $13 billion to $14 billion range is probably a reasonable place holder.

但根據我們今天的理解，我們傾向於假設明年最大的單一投資領域是代工，而 130 億至 140 億美元的範圍可能是一個合理的佔位符。

The next biggest is memory, and we would see memory in the $12 billion to $13 billion range.

其次是內存，我們會看到內存在 120 億到 130 億美元之間。

And I think DRAM and flash are probably as close to 50/50 as they've been for a while in terms of dollars of invested capital.

而且我認為 DRAM 和閃存在投資資本方面可能接近 50/50，因為它們已經有一段時間了。

And the balance is microprocessor logic and other for us.

平衡是微處理器邏輯和其他對我們來說。

So about $6 billion or so there.

所以大約有60億美元左右。

But there's a $4 billion range on the overall number I gave you.

但我給你的總數字有 40 億美元的範圍。

So please remember that as you think through the answer I've just given you.

所以請記住，當你仔細思考我剛剛給你的答案時。

That's very helpful.

這很有幫助。

And then I'm curious, just to drill down in the foundry section a little bit.

然後我很好奇，只是想深入了解一下鑄造部分。

I think you've talked a little bit this year about 20-nanometer and you've kind of given ranges between 30,000 and 50,000 wafer starts of investment, and I think last quarter you said the low end of that.

我認為你今年已經談到了 20 納米，並且你已經給出了 30,000 到 50,000 片晶圓開始投資的範圍，我認為上個季度你說的是低端。

One, has that changed?

一，變了嗎？

And as you think about foundry growth next year, how important is the 20-nanometer build-out, and does your number need finFET build-out next year to get hit?

當您考慮明年的晶圓代工增長時，20 納米的構建有多重要，您的數字是否需要明年構建 finFET 才能獲得成功？

I certainly think there's traction on the finFET 1416 node.

我當然認為 finFET 1416 節點具有吸引力。

I believe every customer is publicly articulating some plans, and I believe in the most recent PF&C earnings release there was a specific statement on their timing.

我相信每個客戶都在公開闡述一些計劃，並且我相信在最近的 PF&C 收益發布中，有關於他們的時間安排的具體聲明。

We have two-thirds and one-third is the relationship we're seaming right now in terms of 20-nanometer capacity expansion next year versus the 14, 16 kind of pilots and early phase production investments.

我們有三分之二，三分之一是我們目前正在建立的關係，即明年的 20 納米產能擴張與 14、16 種試點和早期生產投資。

And again, we got plenty of time to learn whether that's reasonable or not, and adjust it.

再一次，我們有足夠的時間來了解這是否合理，並進行調整。

I would say, as I said previously, for an equipment company, there's not a huge difference between the 20-nanometer spend and a 14, 16 spend.

我想說，正如我之前所說，對於一家設備公司來說，20 納米的花費和 14、16 納米的花費並沒有太大的區別。

In fact, I think I saw a communication from a customer in the last month that said they have about a 95% equipment overlap between the final planer and first finFET, and we've never been quite so precise in our quantification, but when the customer is articulating that, and when as I've said previously, when they visit with us, they almost don't distinguish between the 20-nanometer ramp and the 14, 16.

事實上，我想我在上個月看到一個客戶的來信，說他們在最終刨床和第一個 finFET 之間有大約 95% 的設備重疊，我們的量化從未如此精確，但是當客戶正在闡明這一點，正如我之前所說，當他們訪問我們時，他們幾乎不區分 20 納米坡道和 14、16 納米坡道。

Hopefully that is a helpful perspective as well.

希望這也是一個有用的觀點。

It is.

這是。

Thank you very much, guys.

非常感謝你們。

Thanks John.

謝謝約翰。

The next question is from the line of Stephen Chin with UBS.

下一個問題來自瑞銀的 Stephen Chin。

Please go ahead.

請繼續。

Hi, Mark and Doug.

嗨，馬克和道格。

Congrats on the quarterly results.

祝賀季度業績。

Just a follow-up on the WFE view in 2014, Martin.

只是 2014 年 WFE 觀點的後續，Martin。

Just wanted to see if you could share any early thoughts on how you're planning to manage the Company, and perhaps the first half of calendar 2014?

只是想看看您是否可以分享有關您計劃如何管理公司的任何早期想法，也許還有 2014 年上半年？

Are you kind of managing maybe for first half shipments to stay at similar levels that we saw here in the second half of calendar 2013, or maybe something different?

您是否正在管理上半年的出貨量以保持我們在 2013 年下半年看到的相似水平，或者可能是不同的東西？

Thanks.

謝謝。

I'm presuming you're not prepared to accept the answer, I plan to manage the Company well.

我猜你還沒準備好接受這個答案，我打算把公司管理好。

(Laughter), but I think relative to shipments, for example, our job and the philosophy of running this Company is, we're going to ship to customers when they need it.

（笑聲），但我認為相對於發貨，例如，我們的工作和經營這家公司的理念是，我們會在客戶需要時發貨。

We're going to take orders off the street when they're available to take off the street.

當他們可以離開街道時，我們將在街道上接受訂單。

So as I think about running the Company, there is a very clear commentary of discipline today, and I think that's probably an industry statement but it's for sure a Company statement.

所以當我考慮管理公司時，今天有一個非常明確的紀律評論，我認為這可能是一個行業聲明，但它肯定是一個公司聲明。

We take a lot of responsibility for the investment choices we're making.

我們對我們所做的投資選擇負有很大責任。

We are invested in the long-term success of the Company, but we recognize that being responsible, supplementing the investing profile of the Company is really critical.

我們投資於公司的長期成功，但我們認識到負責任、補充公司的投資概況非常重要。

And the best we can articulate at a high level is the financial model that Doug presented some time back for 2013, 2014 year, and 2015, 2016 period.

我們可以從高層次上闡述的最好的就是道格在 2013 年、2014 年和 2015 年、2016 年期間提出的財務模型。

So that's really the framework for answering the question.

這就是回答問題的框架。

We're not planning to go crazy spending more money next year.

我們不打算明年瘋狂地花更多的錢。

I suspect our customers are going to put lots of pressure on us relative to the price of what we sell, and I suspect the competitive dynamic will be as intense as ever.

我懷疑我們的客戶會在我們銷售的價格方面對我們施加很大壓力，而且我懷疑競爭動態將一如既往地激烈。

And I hope that the performance of the Company in the last 12 to 15 months gives you some level of confidence that we are able to manage that, and certainly that's the basis of our forecasts ongoing.

我希望公司在過去 12 到 15 個月的表現能給您一定程度的信心，相信我們能夠應對這一點，當然這也是我們正在進行的預測的基礎。

But I don't sit here and try to plan linearizing the calendar year.

但我不會坐在這裡嘗試將日曆年線性化。

I would like us to take orders when they're available, ship when customers need it, get it revenued and qualified as production capacity as fast as possible and collect cash.

我希望我們在有貨時接受訂單，在客戶需要時發貨，盡快獲得收入並達到生產能力並收取現金。

And then start all over.

然後重新開始。

Okay.

好的。

Thanks for that.

感謝那。

And maybe just a quick follow-up question on the December shipment guide.

也許只是關於 12 月裝運指南的一個快速跟進問題。

Could you share any color on how you think that will split across, I guess, memory, foundry, logic?

你能分享一下你認為這將如何分裂，我猜，內存，代工，邏輯？

Thank you.

謝謝你。

Yes.

是的。

I mean, Stephen, we talked about $1.125 billion.

我的意思是，斯蒂芬，我們談到了 11.25 億美元。

Within that, I think memory's probably up a little bit.

在那之內，我認為內存可能會增加一點。

I think we're seeing reuse in the logic space, so it's likely that that's down a bit.

我認為我們在邏輯空間中看到了重用，所以這可能會有所下降。

Foundry maybe a push to slightly up.

代工或許會推動小幅上漲。

I think you're going to see some spending in 20, and maybe some of the legacy stuff nodes behind that down slightly.

我認為您將在 20 年看到一些支出，並且可能在其背後的一些遺留物節點略有下降。

And then spares, we do ship spares, which we sometimes don't talk that much about.

然後是備件，我們會運送備件，有時我們不會談論太多。

That is driven by utilization at times, and I think you probably know utilization in the industry is down a little bit.

這有時是由利用率驅動的，我想你可能知道該行業的利用率有所下降。

So we'll probably shipping fewer spares next quarter.

因此，我們可能會在下個季度運送更少的備件。

Thanks, Doug.

謝謝，道格。

Thank you, Stephen.

謝謝你，斯蒂芬。

Next question is from the line of Harlan Sur with JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

Please go ahead.

請繼續。

Hi, good afternoon, and good job on the quarterly execution.

嗨，下午好，季度執行工作做得很好。

On the last call you mentioned pushouts by some foundry suppliers to make the move to 20-nanometers.

在上次電話會議中，您提到了一些代工供應商推出的向 20 納米邁進的計劃。

What are you seeing in your pipeline from those customers?

您從這些客戶那裡看到了什麼？

Are they potentially pulling the trigger this quarter or are they stepping up the transition to 20-nanometers in maybe more like first half 2014?

他們是否可能在本季度扣動扳機，或者他們是否會在 2014 年上半年加快向 20 納米的過渡？

Do you have any more visibility into when these customers are going to transition?

您對這些客戶何時過渡有更多了解嗎？

Actually, Harlan, I don't think that the story is much different today than it was three months ago.

實際上，哈倫，我認為今天的故事與三個月前沒有太大不同。

I mean, at least qualitatively I described the fact last call that, having a recently anticipated two customers investing at 20 in a significant way, we were seeing evidence that it might be one, and in fact the quantified resets of WFE is made on that basis today with our narrowed range, And there's a big debate, and I don't know the answer to the debate at this point.

我的意思是，至少在定性上我描述了最後一個電話的事實，即最近預計有兩個客戶在 20 處以顯著方式投資，我們看到證據表明它可能是一個，實際上 WFE 的量化重置是基於那個今天以我們縮小的範圍為基礎，並且有一場大辯論，目前我不知道辯論的答案。

Again, it is not so impactful to us.

同樣，它對我們的影響並不大。

Is it a 20 or are they skipping to go to 16, 14?

是 20 歲還是他們跳到 16 歲、14 歲？

I will tell you that the finFET transition is a very tough one.

我會告訴你，finFET 過渡是一個非常艱難的過渡。

It has a lot of complexity to it in terms of technology transition, and has a lot of complexity in terms of yielding, and it isn't going to be easy.

它在技術轉型方面有很多複雜性，在產量方面也有很多複雜性，而且這並不容易。

But we are very capable customers around the world, and I believe that they believe there are performance benefits in the end device and cost benefits in terms of their business.

但我們是世界各地非常有能力的客戶，我相信他們相信終端設備的性能優勢和業務成本優勢。

And so my presumption is, if the fabless community is on the same page, everybody's going to want to get there as fast as possible.

所以我的假設是，如果無晶圓社區在同一頁面上，每個人都會希望盡快到達那裡。

For an equipment company, we may be last to know because it isn't so important.

對於一家設備公司，我們可能是最後知道的，因為它並不那麼重要。

Yep, makes a lot of sense.

是的，很有意義。

When we think about the complexities of next generation manufacturing technologies, we typically tend to think of things like higher selectivity, film thickness, [uniformity], et cetera.

當我們考慮下一代製造技術的複雜性時，我們通常傾向於考慮更高的選擇性、薄膜厚度、[均勻性]等等。

But we were just talking with a large memory supplier the other day and they were pretty frustrated about the significant increase in manufacturing and cycle times for some of these next generation technology migrations, especially NAND and DRAM.

但是前幾天我們剛剛與一家大型內存供應商交談，他們對其中一些下一代技術遷移（尤其是 NAND 和 DRAM）的製造和周期時間的顯著增加感到非常沮喪。

I think they were talking about something like a 40% increase in process steps and 30% increase on average cycle times to the fab.

我認為他們在談論諸如工藝步驟增加 40% 和工廠平均週期時間增加 30% 之類的事情。

So as Lam competes for PTOR on some of these new process modules, how much of the decision centers more around productivity, i.e.

因此，當 Lam 在其中一些新流程模塊上競爭 PTOR 時，有多少決策中心更多地圍繞生產力，即

cycle time?

週期？

and is this a major differentiator for you on some of your next generation tools in etch, step, and clean?

這是您在蝕刻、步進和清潔方面的一些下一代工具的主要區別嗎？

That is a really good question.

這是一個非常好的問題。

I would say as a general theme, and it is one of the reasons that the mission statement of the Company doesn't just say we want to be an innovator of technology.

我會說作為一個總體主題，這也是公司的使命宣言不僅僅是說我們想成為技術創新者的原因之一。

It says we want to be an innovator of technology and productivity solutions.

它說我們希望成為技術和生產力解決方案的創新者。

The economics for everybody are such that we got to deliver more to the customer around the productivity for many reasons, including the ones that you cited.

每個人的經濟情況都如此，我們必須為客戶提供更多的生產力，原因有很多，包括你提到的那些。

That would be my general answer.

這將是我的一般回答。

At a specific level, particularly when you get very significant changes in the definition of SAM, and the most obviously example is deposition in 3D NANDs, productivity is a huge play.

在特定的層面上，特別是當您對 SAM 的定義發生非常重大的變化時，最明顯的例子是 3D NAND 中的沉積，生產力是一個巨大的影響。

It isn't the only play, because there's a lot of complexity to the deposition process, high aspect ratio, reentering profiles.

這不是唯一的遊戲，因為沈積過程有很多複雜性，高縱橫比，重新進入輪廓。

I mean, a lot of complexity there in metals and in dielectric.

我的意思是，金屬和電介質中有很多複雜性。

But one of the themes of the deposition business of Lam Research is a multi-sequential station deposition architecture.

但是Lam Research的沉積業務的主題之一是多序列站沉積架構。

And so I believe we have the most competitive offering in terms of productivity throughput solution sets and also clean room density, which is hugely relevant to the costs and the issue that you're describing.

因此，我相信我們在生產力解決方案集和潔淨室密度方面擁有最具競爭力的產品，這與您所描述的成本和問題密切相關。

So I believe you're right, and I believe that the product and technology road map of Lam Research is structured to contribute the most value to the customer and to reinforce the legitimacy of the share gains we're pursuing.

所以我相信你是對的，我相信 Lam Research 的產品和技術路線圖的結構是為了為客戶貢獻最大的價值，並加強我們所追求的份額收益的合法性。

Great.

偉大的。

Thank you.

謝謝你。

Thanks, Harlan.

謝謝，哈蘭。

Next question is from the line of Patrick Ho with Stifel Nicolaus.

下一個問題來自 Patrick Ho 和 Stifel Nicolaus 的觀點。

Please go ahead.

請繼續。

Thank you very much, and also a nice quarter.

非常感謝，也是一個不錯的季度。

Martin, first, in terms of the discussions you had about 3D NAND and the increasing SAM related to both etch and deposition, specifically on the etch side, given your current positions in both silicon and dielectric, where do you see the biggest incremental opportunities as this industry transition is being made?

Martin，首先，就您對 3D NAND 的討論以及與蝕刻和沈積相關的 SAM 增加，特別是在蝕刻方面，鑑於您目前在矽和電介質方面的位置，您認為最大的增量機會在哪裡這種產業轉型正在發生嗎？

Where do I see the biggest opportunity in etch?

我在哪裡看到蝕刻的最大機會？

In etch, yes, between silicon and dielectric.

在蝕刻中，是的，在矽和電介質之間。

I would say the bigger opportunity is in dielectric.

我想說更大的機會在於電介質。

Okay.

好的。

Then maybe --

那麼也許——

I mean but they're both, obviously they're both very important, not just in terms of growth, but they're both very important in terms of defense.

我的意思是，但它們都是，顯然它們都非常重要，不僅在成長方面，而且在防守方面都非常重要。

So they're getting a lot of our attention, but the biggest opportunity gain is, I would say is in dielectric, and the success, frankly that I would describe, the planer NANDs share for the Company is significantly above our average kind of going into this transition.

所以他們得到了我們的很多關注，但最大的機會收益是，我想說的是在電介質領域，坦率地說，我要描述的是，公司的平面 NAND 份額大大高於我們的平均水平進入這個過渡。

So it's a really fabulous result for the Company if it's exactly the same, and if it's better, that takes very good to very, very good, I guess.

因此，如果它完全一樣，這對公司來說是一個非常棒的結果，如果它更好，那需要非常好到非常非常好，我猜。

Okay.

好的。

No, that is helpful.

不，這很有幫助。

Maybe for Doug on the OpEx side of things, you guys did a really good job this quarter.

也許對於運營支出方面的 Doug 來說，你們本季度做得非常好。

And you did mention there's some R&D timing issues related to when projects are.

你確實提到了一些與項目時間相關的研發時間問題。

Just on a going-forward basis, now that you've completed the integrations with Novellus, what are some of the other levels that you can play around with in terms of the OpEx line as you go forward?

只是在前進的基礎上，既然您已經完成了與 Novellus 的集成，那麼在您前進的過程中，您可以在 OpEx 線方面使用哪些其他級別？

Patrick, there's always tons of opportunities to do things more efficiently and better, and in the technology industry you have to do that every year, and we will be doing that as we get into the next calendar year.

帕特里克，總是有很多機會可以更有效、更好地做事，在科技行業，你每年都必須這樣做，我們將在進入下一個日曆年時這樣做。

In terms of thinking about it, Patrick, I'd encourage you to go back to those financial models that I've referred to.

考慮到這一點，帕特里克，我鼓勵你回到我提到的那些財務模型。

We've kind of got a certain level of spending baked into those models.

我們在這些模型中加入了一定程度的支出。

That really is how we're thinking about running and managing the Company is making sure we achieve and attain those models that we've commit to you guys.

這確實是我們正在考慮運營和管理公司的方式，以確保我們實現並實現我們承諾給你們的那些模式。

Great.

偉大的。

Thanks a lot, guys.

非常感謝，伙計們。

Thank you.

謝謝你。

Thanks Patrick.

謝謝帕特里克。

Your next question is from the line of Vishal Shah with Deutsche Bank.

您的下一個問題來自德意志銀行的 Vishal Shah。

Please go ahead.

請繼續。

Thanks for taking my question.

感謝您提出我的問題。

On the foundry segment, when you talk about 2014 expectations, do you see any kind of seasonality in foundry spending next year, or do you think next year's going to be different, given that only one customer's [adding] 20-nanometer and you're going to see some technology spending?

在晶圓代工領域，當您談到 2014 年的預期時，您是否看到明年晶圓代工支出的任何季節性變化，或者您認為明年會有所不同，因為只有一個客戶 [添加] 20 納米，而您會看到一些技術支出嗎？

I have a follow up.

我有一個跟進。

I think I gave my best shot at answering that already.

我想我已經盡力回答了這個問題。

Clearly there is one customer that at least today is leading the investments and the public commentary from them supports that, and clearly there are a number of companies invested in creating an opportunity for competitive advantage with the finFET transition.

顯然，至少今天有一個客戶在領導投資，他們的公眾評論支持這一點，而且顯然有許多公司投資於通過 finFET 過渡創造競爭優勢的機會。

So maybe that's a slightly different story, but all things being equal, we would say at this point that the 20-nanometer is reasonably concentrated but broadening a little, and the 14 and the 16 finFET node is very early, obviously, and I think the foundry community wants to be -- every one of them wants to be there first for fairly intuitive reasons.

所以也許這是一個稍微不同的故事，但在所有條件相同的情況下，我們現在會說 20 納米相當集中但稍微擴大了一點，而 14 和 16 finFET 節點顯然很早，我認為鑄造社區想要成為——出於相當直觀的原因，他們每個人都想首先到達那裡。

Okay.

好的。

That's helpful.

這很有幫助。

And just on the foundry shipment, what percentage of your shipments would be to the 28, or, excluding the 20-nanometers, what percent of your shipments would be to some of the other customers?

就代工出貨量而言，你的出貨量佔 28 納米的百分比，或者，不包括 20 納米，你的出貨量佔其他客戶的百分比是多少？

For next year?

明年呢？

For the fourth quarter.

對於第四季度。

I'm not sure.

我不確定。

I don't have that on hand, unfortunately.

不幸的是，我手頭沒有那個。

I can't give you that right now.

我現在不能給你那個。

We don't break it up, that level of detail.

我們不會分解它，那個級別的細節。

Vishal.

維沙爾。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Operator, we have time for two more questions, I think.

接線員，我想我們還有時間再問兩個問題。

Our next question is from the line of Edwin Mok with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Edwin Mok。

Please go ahead.

請繼續。

Hi.

你好。

Thanks for squeezing me in.

謝謝你擠我。

First question on foundry shipment, did you guys see any pull-in on -- you mentioned that shipment was a little higher in the September quarter.

關於代工出貨的第一個問題，你們有沒有看到任何拉動——你提到九月季度的出貨量略高。

It sounds like (inaudible) really strong.

聽起來（聽不清）非常強烈。

Any risk that business is being pulled in from the first half of 2014 into the second half of this year?

從 2014 年上半年到今年下半年，業務被拉入的風險是否存在？

I guess the only honest answer to that question is there's always risk, but we don't see it today.

我想這個問題唯一誠實的答案是風險總是存在的，但我們今天看不到。

I see.

我懂了。

Okay, that's fair.

好吧，這很公平。

And then maybe on 3D NAND.

然後可能在 3D NAND 上。

You mentioned beyond the one large customer there's obviously if you are a NAND customer who's working towards that and you're targeting customer [optioning] those customer.

您提到除了一個大客戶之外，顯然您是一個正在努力實現這一目標的 NAND 客戶，並且您的目標客戶是 [optioning] 這些客戶。

But when we listen to those customers, they talk about 3D NAND, frankly, some of them talk about three years out, right?

但是當我們聽那些客戶的時候，他們談論的是 3D NAND，坦率地說，他們中的一些人談論的是三年後，對吧？

Yep.

是的。

How realistic are those opportunity being 2014 opportunity, or a lot of that still quite far out?

這些機會是 2014 年的機會，或者其中很多還很遙遠嗎？

And in terms of position and customer position, are they getting close to making position, because typically they have to make position ahead of time, right?

就倉位和客戶倉位而言，他們是否正在接近建立倉位，因為通常他們必須提前做好倉位，對嗎？

Are they close to position for increment choice, or are they still pretty far along?

它們是否接近增量選擇的位置，或者它們仍然很遠？

I think it varies enormously by customer, and it's kind of one of those things we talked about in the analyst meeting and again in the last call.

我認為它因客戶而異，這是我們在分析師會議和上次電話會議中談到的事情之一。

There are timelines of DTOR decisions, and they range by probably a year from first customer to last customer.

DTOR 決策有時間表，從第一個客戶到最後一個客戶的時間範圍可能是一年。

And there are PTOR decisions for customers that range, I think, two years probably.

我認為可能需要兩年時間才能為客戶做出 PTOR 決定。

And so whether it's resting on our laurels or not, we've got to manage the risk that, when we think we've won, that we can protect that win all the way through the adoption.

因此，無論它是否固步自封，我們都必須管理風險，當我們認為我們已經贏了時，我們可以通過採用來保護這種勝利。

And when we haven't won, that we can turn it around for a production bite.

當我們還沒有獲勝時，我們可以扭轉局面以進行生產。

So I would say generally the 3D NAND environment is still significantly in flux, certainly when it comes to high volume manufacturing, and that will probably be true for a reasonable period of time in calendar 2014.

所以我會說一般來說 3D NAND 環境仍然在顯著變化，尤其是在大批量製造方面，這可能會在 2014 年的一段合理時間內保持不變。

Great.

偉大的。

Thanks Edwin.

謝謝埃德溫。

Our final question is from the line of Terrance Wayland with Citi.

我們的最後一個問題來自花旗的 Terrance Wayland。

Please go ahead.

請繼續。

Thanks for fitting me in.

謝謝你讓我適應。

Just a very quick single question.

只是一個非常快速的單個問題。

Obviously asked and commented on EUV push-outs.

顯然對 EUV 推出提出了詢問和評論。

I want to understand your perspective of what's going on there and whether you're seeing any feedback from customers specifically with regard to road maps of use of EUV versus traditional multi-fabricing.

我想了解您對那裡正在發生的事情的看法，以及您是否從客戶那裡看到任何反饋，特別是關於 EUV 與傳統複合材料的使用路線圖。

Thanks.

謝謝。

It's a question I always the customer, and I have a sense that the answer that they give me is very similar to the answer that they probably give you.

這是一個我一直是客戶的問題，我感覺他們給我的答案與他們可能給你的答案非常相似。

So I don't know that I have too much to add.

所以我不知道我有太多要補充的。

Obviously it shows up for us in a tangible way around patenting opportunities.

顯然，它以有形的方式向我們展示了專利機會。

And I would say today the recent disclosures we would only see as a positive relative to an opportunity for Lam Research principally in etch, but also to some extent in deposition.

我今天要說的是，我們只會將最近的披露視為對 Lam Research 主要在蝕刻方面的機會而言是積極的，但在一定程度上在沉積方面也是如此。

And I don't see downsides to the SAM as know it today or the increased patent steps that we've shared with you in our recent two analysts meetings.

而且我沒有看到今天已知的 SAM 的缺點，或者我們在最近的兩次分析師會議上與您分享的增加的專利步驟。

So for me, our job is to support the needs of the customer, and when they don't have an EUV alternative to patenting, they're going to look to us.

所以對我來說，我們的工作是支持客戶的需求，當他們沒有專利的 EUV 替代方案時，他們會向我們尋求幫助。

And our job is to do that as economically as we can.

我們的工作就是盡可能經濟地做到這一點。

Martin, you said you don't see downside to multi-patterning.

Martin，你說你沒有看到多模式的缺點。

Do you see an upside, though, based on recent developments?

不過，根據最近的事態發展，您認為有好處嗎？

Thanks.

謝謝。

I guess it's -- I can always be hopeful of that, and the reason I'm -- perhaps I'm hesitant is because if I do, there are upsides that would show up a couple of years from now, right?

我想是——我總是對此抱有希望，而我之所以——也許我猶豫不決是因為如果我這樣做了，幾年後就會出現好處，對吧？

When you've kind of gone beyond double and you're into quadruple, and I even saw a presentation with octuple the other day.

當你已經超越雙倍並且進入四倍時，前幾天我什至看到了一個八倍的演示文稿。

Now, whether that ever plays out, that's a number of years away and a lot can change on an EUV road map or a customer's device architecture between now and then.

現在，無論這是否會發生，都需要數年的時間，從現在到那時，EUV 路線圖或客戶的設備架構可能會發生很多變化。

We'll cross that bridge when we get there.

當我們到達那裡時，我們將穿過那座橋。

Thanks, best of luck.

謝謝，祝你好運。

Thanks, Terrance.

謝謝，特倫斯。

That is all the time that we have for Q&A.

這就是我們用於問答的所有時間。

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

我想將電話轉回給管理層以結束髮言。

I'd like to say that you think all again for your continued interest in the Company.

我想說的是，您再次考慮了您對公司的持續興趣。

As you likely can extract from our discussion today, we're very pleased at the continued progress against our mission and vision objectives.

正如您可能從我們今天的討論中得出的那樣，我們對我們的使命和願景目標的持續進展感到非常高興。

We remain excited about our future opportunities and customer partnerships.

我們對未來的機會和客戶合作夥伴關係仍然感到興奮。

Based on our current understanding, we expect an expanding WFE market through 2014, and believe that Lam is nicely positioned in the areas of technology transition.

根據我們目前的了解，我們預計到 2014 年 WFE 市場將擴大，並相信 Lam 在技術轉型領域處於有利地位。

The legacy strengths of the Company bodes well for the generally anticipated memory investments expansion.

公司的傳統優勢預示著普遍預期的內存投資擴張。

The new products across each of our businesses continue to strengthen our competitiveness, and the culture and values of our new Company are firmly established.

我們每項業務的新產品不斷增強我們的競爭力，我們新公司的文化和價值觀已經牢固確立。

We believe that actions speak louder than words, and hope the demonstration of financial performance reported today, that is consistent with our model, is recognized generally as validating our vision, our strategies, and execution capability broadly.

我們相信行動勝於雄辯，並希望今天報告的與我們的模型一致的財務業績證明被普遍認為是對我們的願景、戰略和執行能力的廣泛驗證。

Thank you again.

再次感謝你。

We look forward to meeting with key shareholders in the coming quarter to discuss these themes more.

我們期待在下一季度與主要股東會面，進一步討論這些主題。

Thank you.

謝謝你。

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

女士們先生們，今天的會議到此結束。

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

我們要感謝您的參與，您現在可以斷開連接。