科林研發 (LRCX) 2014 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen.

下午好，女士們，先生們。

Thank you for standing by.

謝謝你的支持。

Welcome to the Lam Research Corporation March 2014 quarterly results conference call.

歡迎參加林研究公司 2014 年 3 月季度業績電話會議。

(Operator Instructions)

（操作員說明）

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

在這個時候，我想把會議交給投資者關係高級總監 Shanye Hudson。

Please go ahead, ma'am.

請繼續，女士。

Thank you, Vince.

謝謝你，文斯。

Good afternoon, everyone, 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 March 2014 quarter and our outlook for the June 2014 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 2014 年 3 月季度的財務業績和 2014 年 6 月季度的展望。

The press release detailing our financial results was distributed over the wire services a little after 1 PM this afternoon.

今天下午 1 點過後，我們通過有線服務發布了詳細說明我們財務業績的新聞稿。

It can also be found on the Investor Relations section of the Company's website, along with the presentation slides that accompany today's call.

它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 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 expect to cover is shown on the slide deck accompanying my remarks.

我的評論隨附的幻燈片上顯示了更詳盡的前瞻性主題列表。

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

所有並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-Q.

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 forward-looking statements.

本公司不承擔更新前瞻性陳述的義務。

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，否則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。

A 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 結果之間的詳細核對。

This call is scheduled to last until 3 PM Pacific Time and, as always, we ask that you limit questions to one per firm with a very brief follow-up such that we can accommodate as many questions as possible.

本次電話會議計劃持續到太平洋時間下午 3 點，並且與往常一樣，我們要求您將問題限制為每家公司一個，並進行非常簡短的跟進，以便我們可以容納盡可能多的問題。

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。

Finally, I'd like to announce plans to host our investor and analyst event on Tuesday, July 8. This event will be held in San Francisco in conjunction with the Semicon West Industry Conference.

最後，我想宣布計劃在 7 月 8 日星期二舉辦我們的投資者和分析師活動。該活動將與 Semicon West Industry Conference 一起在舊金山舉行。

You can expect to see further details in the coming weeks on our investor relations website.

未來幾週，您可以在我們的投資者關係網站上看到更多詳細信息。

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, Shayne, and good afternoon, everyone.

謝謝你，Shayne，大家下午好。

I'll start today's call by sharing highlights from the quarter and then update you with a short commentary on the industry environments before concluding with our perspective on Lam's opportunities and progress against our growth objectives.

我將通過分享本季度的亮點來開始今天的電話會議，然後通過對行業環境的簡短評論來更新您，然後以我們對 Lam 的機會和實現我們的增長目標的進展的看法結束。

Then Doug will summarize our financial results and provide guidance for the June quarter.

然後 Doug 將總結我們的財務業績並為 6 月季度提供指導。

Lam Research is off to a really great start in 2014 and we are pleased to report another quarter of strong execution across key areas of the business.

Lam Research 在 2014 年有了一個非常好的開端，我們很高興地報告該業務關鍵領域的另一個季度的強勁執行。

We delivered great financial performance in the March quarter, with results topping the mid-points of our guided ranges across all metrics, and meeting or exceeding our long-term models in absolute terms as well as in timing.

我們在 3 月季度實現了出色的財務業績，所有指標的結果都超過了我們指導範圍的中點，並且在絕對值和時間上都達到或超過了我們的長期模型。

Our business models are focused on driving profitable growth.

我們的商業模式專注於推動盈利增長。

Consistent with expectations, we grew revenue by 10% sequentially and grew operating income nearly twice that pace, with excellent cash from operations performance at 24% of revenues.

與預期一致，我們的收入環比增長了 10%，營業收入增長了近兩倍，來自運營業績的出色現金佔收入的 24%。

We're very busy with new technology and product release activities, taking advantage of industry transitions and increasing support from our key customers.

我們正忙於新技術和產品發布活動，利用行業轉型和增加主要客戶的支持。

We continue to solidify -- to solidly gain traction across each of our targeted market segments, and enjoy increasing market share in etch and deposition both, a claim recently endorsed by independent industry research.

我們繼續鞏固——在我們的每個目標細分市場中穩固地獲得牽引力，並在蝕刻和沈積方面享有越來越高的市場份額，這一主張最近得到了獨立行業研究的認可。

In 3-D NAND, production qualifications are underway for our high productivity dielectric deposition platform, our latest generation dielectric etcher and our tungsten extreme fill tool.

在 3-D NAND 方面，我們的高生產率介電沉積平台、最新一代介電蝕刻機和鎢極填充工具的生產資格認證正在進行中。

These transistors are defined by uniformly depositing alternating films using our PECVD system.

這些晶體管是通過使用我們的 PECVD 系統均勻沉積交替薄膜來定義的。

Next, these transistors are connected by precisely etching a very high aspect ratio down through the entire film stack, using our dielectric etch tool.

接下來，使用我們的電介質蝕刻工具，通過在整個薄膜堆棧上精確蝕刻非常高的縱橫比來連接這些晶體管。

Finally, that hole is filled with tungsten using our CVD system, which electrically connects the transistors in the device.

最後，使用我們的 CVD 系統在該孔中填充鎢，該系統電連接設備中的晶體管。

Essentially, from selections made by our customers, every critical step in the all-important transistor formation in 3-D NANDs is addressed by Lam equipment.

從本質上講，根據我們客戶的選擇，3-D NAND 中最重要的晶體管形成中的每一個關鍵步驟都由 Lam 設備解決。

In DRAM, complementing our strong etch positions in the area of multi-patterning, we secured production application wins with our dielectric AOD tool for 20 nm technology node.

在 DRAM 方面，為了補充我們在多圖案化領域的強大蝕刻地位，我們利用用於 20 納米技術節點的電介質 AOD 工具確保了生產應用的成功。

Importantly, we have demonstrated the ability to achieve our customers' stringent uniformity requirements without compromising productivity.

重要的是，我們已經展示了在不影響生產力的情況下滿足客戶嚴格的均勻性要求的能力。

In the area of advanced packaging, we were successful with two new systems -- two new customers for our 3-D copper electroplating tool, thus extending our lead in copper film.

在先進封裝領域，我們通過兩個新系統取得了成功——我們的 3-D 銅電鍍工具的兩個新客戶，從而擴大了我們在銅膜方面的領先地位。

And in our clean business, we have leading-edge joint development activity now with three leading device manufacturers to evaluate our next generation clean system, and we're pleased to report that one of these systems has being released for production for multiple front end of line applications.

在我們的清潔業務中，我們現在與三個領先的設備製造商開展了領先的聯合開發活動，以評估我們的下一代清潔系統，我們很高興地報告，其中一個系統已發布用於多個前端的生產線應用。

While we're still in the early stages of assessing this tool's production capabilities, we're of course encouraged by our early progress and remain optimistic about the opportunity ahead.

雖然我們仍處於評估該工俱生產能力的早期階段，但我們當然對我們的早期進展感到鼓舞，並對未來的機會保持樂觀。

We continue to focus on delivering technology and productivity solutions that enhance the value we offer to our customers.

我們將繼續專注於提供技術和生產力解決方案，以提高我們為客戶提供的價值。

The ability to do so correlates directly to our long-standing focus on unit process excellence, customer trust and industry collaboration leadership, which we believe are differentiators of substance for our Company.

這樣做的能力與我們長期以來對卓越單元流程、客戶信任和行業協作領導力的關注直接相關，我們認為這是我們公司的實質差異化因素。

This differentiation is more important and more valuable than ever in an environment which is being impacted by the scale of customer and equipment industry consolidation, at the same time that customers are demanding the very best supports to their most complex and pressing technical challenges.

在受到客戶和設備行業整合規模影響的環境中，這種差異化比以往任何時候都更加重要和有價值，同時客戶要求為他們最複雜和緊迫的技術挑戰提供最好的支持。

We believe the results we report today further illustrate how customers are demonstrating their commitment to Lam as a technology and productivity solutions partner for their most critical challenges and inflections.

我們相信，我們今天報告的結果進一步說明了客戶如何展示他們對 Lam 作為技術和生產力解決方案合作夥伴的承諾，以應對他們最關鍵的挑戰和變化。

Turning now to our industry outlook, we continue to forecast wafer fabrication equipment spending at approximately $32 billion in calendar 2014.

現在轉向我們的行業展望，我們繼續預測 2014 年晶圓製造設備的支出約為 320 億美元。

The headline here is we've seen some strengthening in DRAM, largely with multi-patterning and technology conversion, some slight delays in 3-D NANDs to our earlier expectations, and a sustained commitment in logic and foundry to 20 nm and FinFET adoptions and multi-patterning integration schemes.

這裡的標題是，我們看到 DRAM 有所增強，主要是多模式和技術轉換，3-D NAND 與我們之前的預期略有延遲，邏輯和代工對 20 納米和 FinFET 採用的持續承諾和多模式集成方案。

Starting with the NAND segments, we saw very strong investments in the March quarter both for Planar and 3-D NAND devices.

從 NAND 領域開始，我們在 3 月季度看到了對平面和 3-D NAND 設備的非常強勁的投資。

We continue to expect WFE spend for Planar devices will represent the majority of spending this year, and remain relatively steady as customers transition to the sub-20 nm technology node.

我們繼續預計，Planar 設備的 WFE 支出將佔今年支出的大部分，並且隨著客戶過渡到 20 納米以下技術節點，將保持相對穩定。

Specific to 3-D NAND, the timing of second-generation device ramp appears now more likely to extend into early 2015 for some.

具體到 3-D NAND，對於某些人來說，第二代器件的上市時間現在似乎更有可能延長到 2015 年初。

As a result, we now estimate that the cumulative amount of 3-D NAND ship capacity exiting 2014 to be at the bottom end of our prior range of 80,000 to 120,000 wafer starts per month.

因此，我們現在估計，2014 年 3-D NAND 出貨量的累計量將處於我們之前每月開工 80,000 至 120,000 片晶圓的範圍的底端。

This shift has not impacted our outlook for 2014 NAND supply bit growth, which remains essentially in the lower 40% range.

這一轉變並未影響我們對 2014 年 NAND 供應位增長的展望，其基本保持在 40% 的較低範圍內。

In DRAM, we saw an acceleration of investment plans in the March quarter to convert capacity to the mid-2X and 20 nm nodes.

在 DRAM 方面，我們看到 3 月季度的投資計劃加速，將產能轉換為中 2X 和 20 nm 節點。

We expect similar DRAM investments to continue through the balance of calendar 2014 -- for Lam, more than offsetting the delays I just mentioned in 3-D NANDs.

我們預計類似的 DRAM 投資將持續到 2014 年的餘下時間——對 Lam 而言，這不僅抵消了我剛才提到的 3-D NAND 的延遲。

As a result, we've maintained our projections from memory WFE spend in a range of $12 billion to $13 billion in 2014.

因此，我們將 2014 年內存 WFE 支出的預測維持在 120 億美元至 130 億美元之間。

Finally, in both the foundry and broader logic segments, our outlook remains pretty consistent with what we outlined in our January call.

最後，在代工和更廣泛的邏輯領域，我們的前景與我們在 1 月份的電話會議中概述的非常一致。

Although it seems there is a perpetual debate around pulls and pushes, the ramp plans for 20 nm foundry and 14 nm logic appear, from our perspective, to be progressing largely as expected through the first half of this year, and we started to see initial pilot capacity installation for foundry FinFET.

儘管圍繞拉和推似乎一直存在爭論，但從我們的角度來看，20 納米晶圓代工和 14 納米邏輯的斜坡計劃似乎在今年上半年基本按預期進展，我們開始看到初步代工 FinFET 的試點產能安裝。

Overall, we estimate that approximately 25% of total WFE investments this year will be directly associated with inflection technologies, including 3-D NAND, FinFET devices for the foundries, multi-patterning and advanced packaging.

總體而言，我們估計今年大約 25% 的 WFE 總投資將與變形技術直接相關，包括 3-D NAND、代工廠的 FinFET 設備、多圖案化和先進封裝。

Our customers are motivated to transition to these next generation devices because they can offer a competitive advantage in their markets in cost and/or performance.

我們的客戶有動力過渡到這些下一代設備，因為它們可以在成本和/或性能方面在其市場中提供競爭優勢。

Again, based on the importance of these technology inflections and the current pace of pilot and production ramps, we're still projecting overall WFE spending within a $32 billion range.

同樣，基於這些技術變化的重要性以及當前的試點和生產速度，我們仍預計 WFE 的總體支出在 320 億美元範圍內。

We assume spending is relatively balanced between halves, with memory investment slightly stronger in the first half and logic foundry slightly stronger in the second half of this calendar year.

我們假設兩半之間的支出相對平衡，今年上半年內存投資略強，下半年邏輯代工略強。

For Lam, we believe we are well-positioned with these inflections, and have the opportunity to outpace the industry growth once again in calendar 2014 as our customers begin to transition to these devices.

對於 Lam，我們相信我們在這些變化方面處於有利地位，並有機會在 2014 日曆年再次超過行業增長，因為我們的客戶開始過渡到這些設備。

More, if we execute to our plan, this outperformance should accelerate as a greater proportion of total spending relates to inflections in the next 2 to 3 years.

此外，如果我們執行我們的計劃，隨著總支出的更大比例與未來 2 到 3 年的拐點有關，這種優異表現應該會加速。

Further adoption of multi-patterning schemes is a sizable cornerstone of sustainable growth for the Company.

進一步採用多模式方案是公司可持續增長的重要基石。

We're continuing to benefit from the ongoing investments in leading-edge foundry capacity.

我們將繼續受益於對領先代工產能的持續投資。

However, this trend's maybe most pronounced currently in the DRAM segments.

然而，這種趨勢目前在 DRAM 領域可能最為明顯。

With the transition to the 20 nm node, the number of multi-patterning passes increases from four or so steps at the 25 nm node to 15 or 20 steps at 20 nm.

隨著向 20 nm 節點的過渡，多圖案通過的數量從 25 nm 節點的大約 4 個步驟增加到 20 nm 節點的 15 或 20 個步驟。

These critical applications play to our leadership position in conductor etch and have supported equipment buys.

這些關鍵應用發揮了我們在導體蝕刻領域的領先地位，並支持了設備購買。

We're already benefiting from the initial 3-D NANDs production buys and have further strengthened our development share positions, which bodes well for the Company as other NAND manufacturers commence technology transition to 3-D devices in volume next year and beyond.

我們已經從最初的 3-D NAND 生產購買中受益，並進一步加強了我們的開發份額地位，這對公司來說是個好兆頭，因為其他 NAND 製造商在明年及以後開始批量技術過渡到 3-D 設備。

In addition, Lam's exposure to each of the industry segments is more balanced today than ever in the Company's history.

此外，Lam 在各行業領域的投資如今比公司歷史上任何時候都更加平衡。

In the last 18 months, we strengthened memory positions for deposition products, particularly NAND positions, and AOD technology broadly.

在過去的 18 個月中，我們加強了沉積產品的內存位置，特別是 NAND 位置和廣泛的 AOD 技術。

We've also fortified positions for etch in microprocessor and foundry both.

我們還鞏固了微處理器和鑄造廠的蝕刻陣地。

Noteworthy, across the some of our product portfolio in calendar 2014, we believe our global market share in foundry is expected to be within 5 percentage points of our market share in memory.

值得注意的是，在我們 2014 日曆年的一些產品組合中，我們相信我們在代工領域的全球市場份額預計將在我們在內存市場份額的 5 個百分點內。

In addition, year-over-year 2014 versus 2013, our logic shipments market share, including microprocessor, general-purpose logic and packaging, is likely to increase by 10 percentage points, approximately two-thirds coming from deposition and one-third from etch.

此外，與 2013 年相比，2014 年與 2013 年相比，我們的邏輯出貨量市場份額，包括微處理器、通用邏輯和封裝，可能會增加 10 個百分點，大約三分之二來自沉積，三分之一來自蝕刻.

At the end of the day, we believe Lam exited 2013 having gained 2 to 3 points of shipped market share in etch and a point or so in deposition, with essentially no change to our positions in clean.

歸根結底，我們認為 Lam 在 2013 年退出時已經獲得了 2 到 3 個百分點的蝕刻出貨市場份額和 1 個百分點左右的沉積，而我們在清潔方面的地位基本沒有變化。

In a world that at times offers confusing or conflicting industry claims on growth and market share, perhaps there is no more fundamental measure than relative revenue growth.

在一個有時提供令人困惑或相互矛盾的行業增長和市場份額聲明的世界中，也許沒有比相對收入增長更基本的衡量標準了。

In that regard, we established an industry benchmarking calendar 2013 with year-on-year revenue growth that outpaced the industry and all of our primary direct competitors by a significant margin.

在這方面，我們制定了 2013 年行業基準日曆，其收入同比增長顯著超過了行業和我們所有主要直接競爭對手。

We are increasingly confident in our product positioning and particularly the support we are receiving from customers at this time.

我們對自己的產品定位越來越有信心，尤其是此時我們從客戶那裡得到的支持。

In addition, to the beneficial deposition and etch market expansion opportunities available for the long term, particularly with multi-patterning and 3-D transitions, we are poised to gain another 1 to 2 percentage points of ship share in both etch and deposition this year.

此外，除了長期有利的沉積和蝕刻市場擴張機會，特別是多圖案和 3-D 轉換，我們準備在今年的蝕刻和沈積中再獲得 1 到 2 個百分點的出貨份額.

Our strong performance within the quarter and outlook underscore Lam's unique value and growth opportunity, we believe.

我們相信，我們在本季度的強勁表現和展望突顯了林的獨特價值和增長機會。

We are executing at a high level and believe our customers are very invested in Lam addressing their most critical challenges long-term.

我們正在高水平執行，並相信我們的客戶對 Lam 非常投入，以解決他們長期面臨的最關鍵挑戰。

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

有了這個，我會把電話轉給道格。

Thank you, Martin.

謝謝你，馬丁。

Good afternoon, everyone, and thank you for joining us today on what I know is a busy earnings day for all you.

大家下午好，感謝你們今天加入我們，我知道對你們所有人來說都是忙碌的收入日。

I'll just reiterate a little bit about what Martin said.

我只是重申一下馬丁所說的話。

We're starting 2014 with some very positive momentum.

我們以一些非常積極的勢頭開始了 2014 年。

We continue to execute on our growth plans and to deliver solid performance very much in line with our financial model.

我們繼續執行我們的增長計劃，並提供非常符合我們財務模型的穩健業績。

Shipments for the March quarter again hit an all-time high.

3 月季度的出貨量再次創下歷史新高。

We achieved record revenues for the fourth consecutive quarter.

我們連續第四個季度實現創紀錄的收入。

Operating income continue to outpace revenue growth this quarter by almost double the rate.

本季度營業收入繼續以幾乎兩倍的速度超過收入增長。

Gross margin came in toward the upper end of our expectations.

毛利率接近我們預期的上限。

Earnings per share exceeded the high end of our guidance range, and we truly demonstrated the cash generation ability of our business model by more than doubling our operational cash flow on a sequential basis.

每股收益超過了我們指導範圍的高端，我們通過連續將運營現金流量增加一倍以上，真正展示了我們商業模式的現金產生能力。

Shipments in the March quarter were $1.264 billion, which is up more than 10% compared to the December quarter and, again, above the midpoint of our guidance range.

3 月季度的出貨量為 12.64 億美元，與 12 月季度相比增長了 10% 以上，再次高於我們指導範圍的中點。

Memory shipments continued at a healthy pace.

內存出貨量繼續保持健康。

Relative to our expectations at the beginning of the quarter, DRAM upside compensated for slightly softer NAND spending.

相對於我們在本季度初的預期，DRAM 的上行空間彌補了 NAND 支出略微疲軟的影響。

The combined memory segment represented 66% of total system shipments, about flat in percentage terms with the December quarter.

合併後的內存部分佔系統總出貨量的 66%，與 12 月季度的百分比大致持平。

Of that, NAND shipments contributed 36%.

其中，NAND出貨量貢獻了36%。

The build-out of initial 3-D NAND production capacity made up a large portion of NAND shipments in the March quarter.

初始 3-D NAND 產能的擴建佔 3 月季度 NAND 出貨量的很大一部分。

I would point out, however, that we still expect Planar NAND node conversion spending to represent the majority of NAND investments for the full year.

然而，我要指出的是，我們仍然預計 Planar NAND 節點轉換支出將佔全年 NAND 投資的大部分。

DRAM shipments were 30% of system shipments.

DRAM 出貨量佔系統出貨量的 30%。

These shipments were targeted at 25 nm conversions and initial 20 nm pilot production.

這些出貨的目標是 25 nm 轉換和最初的 20 nm 試生產。

We are benefiting disproportionately in this area, due to our strong market position and multiple patterning applications.

由於我們強大的市場地位和多種圖案化應用，我們在這一領域受益匪淺。

Foundry shipments were 28% of total system shipments, flat on a percentage basis compared to last quarter; however, in total dollar terms, up sequentially by nearly 15%.

代工出貨量佔系統總出貨量的 28%，百分比與上一季度持平；然而，以美元計，環比增長近 15%。

In addition to ongoing capacity expansion for the 20 nm node, we're starting to see shipments for FinFET pilot production.

除了 20 nm 節點的持續產能擴張外，我們開始看到 FinFET 試生產的出貨量。

And finally, logic and other shipments comprised 6% of total system shipments, which was down from 8% in the prior quarter.

最後，邏輯和其他出貨量佔系統總出貨量的 6%，低於上一季度的 8%。

Revenue for the March quarter was $1.227 billion, representing a 10% increase from the December quarter.

3 月季度的收入為 12.27 億美元，比 12 月季度增長 10%。

We saw a revenue growth significantly above 10% sequentially in both etch and deposition, driven by share expansion in the memory space.

在存儲空間份額擴張的推動下，我們看到蝕刻和沈積的收入環比增長顯著高於 10%。

March quarter gross margin came in a little better than expected at 45.5% and, again, was in line with our financial model.

3 月季度毛利率為 45.5%，略好於預期，再次符合我們的財務模型。

I'll just remind you that we expect to see quarterly variability our gross margin performance based on multiple factors, such as product mix, customer mix, and business volumes.

我只想提醒您，我們希望看到基於多種因素（例如產品組合、客戶組合和業務量）的毛利率表現的季度變化。

We continue to manage our operating expenses, which were within expectations for the March quarter at $311 million.

我們繼續管理我們的運營費用，這在 3 月份季度的 3.11 億美元的預期之內。

This spending was 25% of revenue, compared to 27% of revenue in the December quarter.

該支出佔收入的 25%，而 12 月季度的收入為 27%。

We remain focused on driving efficiencies in SG&A in order to enhance funding for strategic R&D investments.

我們仍然專注於提高 SG&A 的效率，以增加對戰略研發投資的資金。

R&D grew to 60% of total operating expenses in the March quarter, while we slightly lowered SG&A expenses.

研發在 3 月季度佔總運營費用的 60%，而我們略微降低了 SG&A 費用。

The incremental R&D spending supported areas like the 3-D copper electroplating, AOD, and tungsten CVD that Martin mentioned earlier.

增加的研發支出支持了 Martin 之前提到的 3-D 銅電鍍、AOD 和鎢 CVD 等領域。

We delivered solid operating income in the March quarter at $248 million, which was up 19% from the $209 million in the December quarter.

我們在 3 月季度實現了穩健的營業收入，達到 2.48 億美元，比 12 月季度的 2.09 億美元增長了 19%。

Our operating margin came in at 20.2%, near the high end of our guidance range, again reflecting leverage in our model.

我們的營業利潤率為 20.2%，接近我們指導範圍的高端，再次反映了我們模型中的槓桿作用。

The tax rate for the March quarter was approximately 12%.

3 月季度的稅率約為 12%。

I expect the rate to hold steady in the low- to mid-teens for the balance of the fiscal year.

我預計本財年餘下時間該利率將保持在中低水平。

The resulting earnings per share for the quarter came in at $1.26, exceeding our expectations.

本季度的每股收益為 1.26 美元，超出了我們的預期。

The majority of the upside is attributable to our operating performance and, to a lesser extent, a more favorable tax rate.

大部分的上漲歸因於我們的經營業績，以及在較小程度上更優惠的稅率。

The earnings per share were based on a share count of roughly 172 million shares.

每股收益基於大約 1.72 億股的股票數量。

The share count includes the dilutive effect of 6.8 million shares from the 2041 convertible note.

股份數量包括 2041 年可轉換票據的 680 萬股的攤薄效應。

Let me just remind you that the dilution schedule for this note is posted on our investor relations website to assist you with your modeling.

讓我提醒您，本說明的稀釋時間表已發佈在我們的投資者關係網站上，以幫助您進行建模。

We generated very strong cash from operations in the March quarter at $290 million, which was about 24% of revenue.

我們在 3 月季度從運營中產生了非常強勁的現金 2.9 億美元，約佔收入的 24%。

Our operational cash generation more than doubled from the $129 million in the December quarter, due to a very strong focus on [collections] (technical difficulty) approximately 930,000 shares of common stock.

由於非常關注 [集合]（技術難度）約 930,000 股普通股，我們的運營現金產生量比 12 月季度的 1.29 億美元增加了一倍多。

At quarter-end, we had completed about $186 million, or approximately 75% of our current $203 million authorization at an average cumulative share price of [$15.19].

在季度末，我們以平均累計股價 [15.19 美元] 完成了約 1.86 億美元，約占我們當前 2.03 億美元授權的 75%。

We are anticipating (technical difficulty) share purchases under the authorization in the near term.

我們預計在短期內根據授權購買（技術難度）股票。

You should expect us to update you on our evolving plans in this area as we complete this authorization.

當我們完成此授權時，您應該期望我們向您更新我們在該領域不斷發展的計劃。

We remain committed to a prudent return of available cash to our shareholders.

我們仍然致力於將可用現金謹慎地返還給我們的股東。

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, including our restricted cash, of $2.9 billion.

我們在本季度末的總現金和短期投資（包括我們的受限現金）為 29 億美元。

This compares with $2.7 billion in the December quarter.

相比之下，12 月季度為 27 億美元。

We had deferred revenue of $432 million, which does not include $57 million of shipments to Japanese customers, which will convert to revenue in future quarters.

我們的遞延收入為 4.32 億美元，其中不包括向日本客戶發貨的 5700 萬美元，這將在未來幾個季度轉化為收入。

Let me now turn to our non-GAAP guidance for the June quarter.

現在讓我談談我們對 6 月季度的非 GAAP 指導。

We expect shipments of $1.150 billion, plus or minus $50 million.

我們預計出貨量為 11.5 億美元，上下浮動 5000 萬美元。

We expect revenue of $1.240 billion, plus or minus $50 million.

我們預計收入為 12.4 億美元，上下浮動 5000 萬美元。

Our expectation for gross margin is 46%, plus or minus 1 percentage point.

我們對毛利率的預期為 46%，上下浮動 1 個百分點。

We're forecasting operating margins of 20%, plus or minus 1 percentage point.

我們預測營業利潤率為 20%，上下浮動 1 個百分點。

And finally, we forecast earnings per share of $1.21, plus or minus $0.07, based on a flattish share count of approximately 172,000,000 shares.

最後，基於大約 172,000,000 股持平的股票數量，我們預測每股收益為 1.21 美元，上下浮動 0.07 美元。

Based on our current outlook, we expect our shipment profile to be relatively balanced between the first and second halves, perhaps with a slight bias towards a little bit stronger first half.

根據我們目前的展望，我們預計上半年和下半年的出貨量將相對平衡，可能略微偏向上半年強勁一些。

We are seeing a slight pause in shipments during the middle part of this year.

今年年中，我們看到出貨量略有暫停。

Consistent with our prior remarks, we would expect variability quarter to quarter given our consolidated customer base and the ongoing uncertainties about the scope and timing of investments for next generation devices.

與我們之前的評論一致，鑑於我們合併的客戶群以及對下一代設備投資範圍和時間的持續不確定性，我們預計會出現季度變化。

Operator, that concludes my prepared remarks.

接線員，我準備好的發言到此結束。

Martin and I would be pleased to take your questions now.

馬丁和我現在很樂意回答你的問題。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自瑞士信貸的 John Pitzer。

Thanks for taking my question.

感謝您提出我的問題。

This is Farhan asking the question on behalf of John.

這是 Farhan 代表 John 提出的問題。

I was just wondering, you talked about your multi-patenting (inaudible) and it seems like there is a huge growth for you going from 25 nanometer to 20 nanometer.

我只是想知道，您談到了您的多項專利（聽不清），您似乎從 25 納米到 20 納米有了巨大的增長。

I wanted to know, relative to the previous guidance that you have provided at the analysts day, how do you see your SAM growth in terms of percentage on a [per-payer] basis when you go from 25 nanometer to 20 nanometer data?

我想知道，相對於您在分析師日提供的先前指導，當您從 25 納米到 20 納米數據時，您如何看待您的 SAM 增長（以 [每個付款人] 為基礎的百分比）？

We don't actually get to precisely answer that question.

我們實際上並不能準確地回答這個問題。

The context for first-time expansion in the company obviously includes the DRAM transition, but there's kind of much more to SAM expansion than that.

該公司首次擴張的背景顯然包括 DRAM 轉型，但 SAM 擴張的意義遠不止於此。

I guess at a very high level, if you look at the inflection in DRAM from the mid-2X mode to 20 nanometer, we would expect SAM expansion in the 30% to 40% range and a big part of that, obviously, relates to patenting.

我想在一個非常高的水平上，如果你看一下 DRAM 從 mid-2X 模式到 20 納米的變化，我們預計 SAM 會在 30% 到 40% 的範圍內擴展，其中很大一部分顯然與申請專利。

As best we can tell, and I think today's results are a decent amount of evidence of that, the share momentum from the Company is positive.

就我們所知，我認為今天的結果充分證明了這一點，公司的股票勢頭是積極的。

The headline I would ask that you keep in mind is that, that's inflection sits in the context of four or five and the total SAM expansion opportunity for the Company is in the billion dollar range.

我想請你記住的標題是，這是在四五個背景下發生的變化，公司的總 SAM 擴張機會在十億美元的範圍內。

Got it.

知道了。

Thank you.

謝謝你。

Then talking about the shipment mix in terms of your (technical difficulty) quarter, how do you see different mix by different segments?

然後根據您的（技術難度）季度談論出貨組合，您如何看待不同細分市場的不同組合？

Obviously, we're guiding -- this is Doug, by the way -- we're guiding shipments down a little bit.

顯然，我們正在指導 - 順便說一下，這是道格 - 我們正在指導出貨量下降一點。

Within that, memory is down a little bit.

在那之內，記憶力下降了一點。

NAND probably down, and DRAM is flat to slightly up.

NAND 可能下降，而 DRAM 則持平至小幅上升。

Logic is up a little bit and foundry is flattish; maybe flattish to slightly down.

邏輯有點上升，代工很平淡；可能持平至略微下降。

Thank you.

謝謝你。

That's all have.

就這些了。

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

我們的下一個問題來自高盛集團的 Jim Covello。

Good afternoon.

下午好。

Thanks so much for taking the question.

非常感謝您提出這個問題。

Can you talk a little bit about the breath of the DRAM activity?

能不能稍微談談DRAM活動的氣息？

Is it just one or two guys, or is it more than one person who's driving the changes there?

只是一兩個人，還是不止一個人在推動變革？

Well, there aren't so many customers left in our world (laughter)

好吧，我們的世界已經沒有那麼多顧客了（笑聲）

Is it just one, or is it two or three?

是只有一個，還是兩個或三個？

It's more than one.

它不止一個。

There's a decent amount of conversion activity happening today and, my expectation, Jim, is that there's probably in the range of 500,000 wafer starts of DRAM conversion going to take place in the calendar year, kind of all in.

今天發生了大量的轉換活動，我的預期是，吉姆，在日曆年中可能會有大約 500,000 個晶圓開始進行 DRAM 轉換，有點全部。

That will mean that we -- if it plays out that way they'll still be in the range of 400,000 wafer starts of capacity at kind of 3X or greater in terms of technology notes.

這將意味著我們——如果以這種方式發展，就技術說明而言，它們仍將處於 400,000 片晶圓開始產能的範圍內，產能是 3 倍或更高。

So, a decent amount of conversion but at the end of the year, even with that assumption, there's still a fair amount of capacity still at 3X or above.

因此，轉換量相當可觀，但在年底，即使有這樣的假設，仍有相當數量的容量仍保持在 3 倍或以上。

That ultimately could still be converted next year, right?

那最終仍然可以在明年轉換，對吧？

Exactly.

確切地。

On the 3-D NAND, is your view there that the reason that the changes you are seeing in that market, is that because of yield on those products or is it because maybe we already have what we need for NAND right now before we add any more?

關於 3-D NAND，您是否認為您在該市場看到的變化的原因是因為這些產品的良率，或者是因為在我們添加之前，我們現在可能已經擁有了我們需要的 NAND還有嗎？

What's the color on what the changes are being driven by?

推動這些變化的顏色是什麼？

It's obviously a question that, at the end of the day, the customer is the only one that can really answer it.

很明顯，歸根結底，只有客戶才能真正回答這個問題。

I'm sure everything that has been written is probably relevant in some way to this.

我確信所寫的所有內容都可能在某種程度上與此相關。

There continues to be evidence of really good discipline in terms of supply and demand balance in memory period and that's true in NAND as much as it is in DRAM.

繼續有證據表明，在內存期間的供需平衡方面確實有很好的紀律性，NAND 和 DRAM 都是如此。

As we've talked about a number of times, the transition from planar to 3-D technology in flash memory is extremely challenging.

正如我們多次談到的，閃存中從平面技術到 3D 技術的轉變極具挑戰性。

And, clearly, this is the year where the four customers are making, in varying levels of commitments, investments in that evaluation.

而且，很明顯，今年四家客戶在不同程度的承諾中對該評估進行了投資。

And obviously, there's one kind of big guy that's a step ahead in terms of their commitments but, frankly, as best we can tell, everybody's in investing at some level beginning to evaluate the technology and the commentary from customers today is very similar to the commentary a year or so ago.

顯然，有一種大人物在他們的承諾方面領先一步，但坦率地說，正如我們所知，每個人都在某種程度上投資，開始評估技術，今天客戶的評論與大約一年前的評論。

There's up to kind of a 2 to 3 year timeline associated with transitions to 3-D device, depending on the customer.

根據客戶的不同，過渡到 3-D 設備的時間線最長為 2 到 3 年。

I am sure the complexity of building a device, yielding a device, delivering performance in a device and the committed discipline of customers to only add capacity when it is matched by demand are all relevant in answering your question.

我確信構建設備、生產設備、在設備中提供性能的複雜性以及客戶承諾僅在需求匹配時才增加容量的承諾都與回答您的問題相關。

Really helpful.

真的很有幫助。

Thanks so much.

非常感謝。

Good luck.

祝你好運。

Krish Sankar with Bank of America.

美國銀行的 Krish Sankar。

Thank you for taking my questions.

謝謝你接受我的問題。

I had two quick ones.

我有兩個快速的。

One, Martin, I notice that in your [X market] you talk about -- you mostly focus on dielectric etch.

第一，馬丁，我注意到在你所說的 [X 市場] 中——你主要關注介電蝕刻。

(Inaudible) is the incremental opportunity mostly dielectric etch, because it kind of maxed out really of a high seven connector etch, or is it something else going on?

（聽不清）主要是電介質蝕刻的增量機會，因為它實際上是在高 7 連接器蝕刻中達到極限，還是發生了其他事情？

By virtue of the market share in dielectric etch being lower than conductor etch, I would always say that the opportunity to gain is greater.

由於電介質蝕刻的市場份額低於導體蝕刻，我總是說獲得的機會更大。

I would not agree that we are maxed out in conductor etch.

我不同意我們在導體蝕刻方面已經達到極限。

We have a set of business objectives to grow all segments of our business.

我們有一套業務目標來發展我們業務的所有部門。

That's clearly more difficult when you have a very strong leadership position, but it's not impossible.

當您擁有非常強大的領導職位時，這顯然會更加困難，但這並非不可能。

Frankly, we're making investments to grow both areas of etch but we have been approximately a 35% market-share company for some time in dielectric, and as I've talked about a number of times, particularly the evidence by market share momentum in memory already and we're seeing some really nice signs of pickup and support from customers in logic emerging as well.

坦率地說，我們正在投資以發展這兩個領域我們已經在內存中看到了一些非常好的跡象，即客戶在邏輯方面的接受和支持也出現了。

I believe we have a product at this point that is very competitive, and for the first time in a long time, I think we're optimistic, very optimistic, about the growth potential in dielectric.

我相信我們在這一點上有一個非常有競爭力的產品，而且很長一段時間以來，我認為我們第一次對電介質的增長潛力感到樂觀，非常樂觀。

That's very helpful.

這很有幫助。

And then a quick follow-up just in terms of the capital, which in obviously you have (inaudible), and it looks like you guys got actually a great start recently.

然後在資本方面進行快速跟進，顯然你們擁有（聽不清），看起來你們最近實際上有一個很好的開始。

I'm kind of curious what your appetite for debt, taking on debt as of this point, during the deal a delicate value between debt and (inaudible).

我有點好奇你對債務的胃口，在這一點上承擔債務，在交易期間債務和（聽不清）之間的微妙價值。

Krish, we're working our way through the current buyback authorization and that's what we're going to do until that's completed, at which point we'll develop a new plan and communicate to you what we're going to do.

Krish，我們正在努力通過當前的回購授權，這就是我們將要做的，直到完成為止，屆時我們將製定一個新計劃並與您溝通我們將要做什麼。

I wouldn't tell you that raising debt is completely off the table, but I think will be able to develop a pretty good plan and have a pretty good cash return opportunity without doing that.

我不會告訴你舉債是完全不可能的，但我認為不這樣做就可以製定一個很好的計劃並有一個很好的現金回報機會。

But having said that, we still have an ability to put a little debt on if we choose to do so.

但是話雖如此，如果我們選擇這樣做，我們仍然有能力承擔一點債務。

Haven't made the decision yet.

還沒有做決定。

Got it.

知道了。

Terrific.

了不起。

Thanks a lot, guys.

非常感謝，伙計們。

Harlan Sur with JPMorgan Chase.

摩根大通的 Harlan Sur。

Thank you for taking my question and solid job on the quarterly execution.

感謝您就季度執行提出我的問題和紮實的工作。

As a follow up to Jim's question, the equipment spenders have been fairly limited here in the first half but with your balance kind of first half/second half outlook, do you see a pipeline of more customer than program spending in the second half versus the first half?

作為吉姆問題的後續，上半年的設備支出相當有限，但考慮到上半年/下半年的平衡前景，您是否看到下半年的客戶渠道比計劃支出更多？上半場？

On the NAND side, as you mentioned, you've got the transition to 15 nanometer Planar by the one of two of your customers.

正如您所提到的，在 NAND 方面，您的兩個客戶之一已經過渡到 15 納米平面。

You've got 20 nanometer DRAM transitions and the initial ramp of 16 nanometer FinFET by foundry customers.

您已經獲得了 20 納米 DRAM 轉換和代工客戶的 16 納米 FinFET 初始斜坡。

Does the spender base continue to broaden into the second half?

消費群體是否會在下半年繼續擴大？

Absolutely, yes.

絕對沒錯。

I think in every segment that's a true statement.

我認為在每個部分都是真實的陳述。

As I mentioned in the question from Jim, concentration is inevitably high today, but the first quarter of our year is the most concentrated.

正如我在吉姆的問題中提到的，今天的集中度不可避免地很高，但我們今年的第一季度是最集中的。

And we're above 70% of our output to three guys.

我們的產量超過了三個人的 70%。

That three-guy reference point probably drops to the 60% level -- 50%,60% level for the rest of the year.

這個三人參考點可能會下降到 60% 的水平——今年剩餘時間的 50%、60% 的水平。

At a macro level, definitely more diversity; at a specific level, NAND transition more participants second half to first half, for sure.

在宏觀層面上，肯定會更加多樣化；在特定層面上，NAND 將更多的參與者從下半年轉移到上半年，這是肯定的。

DRAM pretty stable.

DRAM相當穩定。

More of the foundry is definitely opening up in the second half of the year and I think that's very consistent with kind of the comments from TSMC around their concentration of spending in the first half.

更多的代工廠肯定會在下半年開放，我認為這與台積電關於上半年支出集中的評論非常一致。

The microprocessor world obviously is overwhelmed in investment terms, at least by one customer and their [reese] strategy, which kind of played out last year in a big way is still very relevant to them, but original equipment buyers, an emergent theme as we step through the year for them.

微處理器世界顯然在投資方面不堪重負，至少被一個客戶和他們的 [reese] 戰略所淹沒，去年在很大程度上發揮了這種作用對他們來說仍然非常重要，但是原始設備買家，一個新興的主題，因為我們為他們走過一年。

Great.

偉大的。

And then, solid job on the operating margin expansion in the March quarter and holding it here in the June quarter.

然後，在 3 月季度的營業利潤率擴張方面做得很好，並在 6 月季度保持不變。

Obviously the team has a lot of new development initiatives ongoing.

顯然，該團隊正在進行許多新的開發計劃。

If WFE's spending growth plays out as you would expect, how should we think about the OpEx profile as the year unfolds off of the June quarter base?

如果 WFE 的支出增長如您所料，隨著 6 月季度基數的到來，我們應該如何看待 OpEx 概況？

I think the most important guiding principle is, we're not going to compromise the long-term success of the Company for kind of a short-term event.

我認為最重要的指導原則是，我們不會為了短期事件而損害公司的長期成功。

Having said that, we're not sitting here today with a belief that we have kind of fundamental disconnects between investments levels and opportunities.

話雖如此，我們今天坐在這裡並沒有相信我們在投資水平和機會之間存在某種根本性的脫節。

Always, there's an appetite to do more and spend more and I wouldn't expect us to look very different, frankly, from the rest of the capital equipment community in terms of increasing investments in the year ahead.

總是有做更多和花費更多的慾望，坦率地說，在未來一年增加投資方面，我不希望我們看起來與其他資本設備社區有很大不同。

I think more or less we track together today.

我想我們今天或多或少是一起追踪的。

None of us are really kind of shocking in terms of disproportionate increases or decreases in investment.

就投資的不成比例的增加或減少而言，我們中沒有人真正令人震驚。

Harlan, if you do the math on the guidance for the June quarter, you'll note spending is ticking up a bit.

哈蘭，如果你對 6 月季度的指導進行數學計算，你會注意到支出有所增加。

It's the timing of our annual merit cycle as well as new equity grants.

這是我們年度績效週期以及新的股權授予的時間安排。

I wouldn't -- you shouldn't expect that to occur again for the remainder of this year.

我不會——你不應該期望在今年剩下的時間裡再次發生這種情況。

That's an annual type thing.

那是一年一度的事情。

That's the reason for the step up right now and I wouldn't expect that to continue.

這就是現在升級的原因，我不希望這種情況繼續下去。

Okay.

好的。

Thank you very much.

非常感謝。

- qualitative expansion that is a little more biased for foundries in H2 this year.

- 定性擴張，今年下半年更偏向於代工廠。

Qualitatively, do you see spending on 20-nanometer or do you see on the next generation of 16-and 14-nanometer in H2?

定性地說，您是否看到 20 納米的支出，或者您看到 H2 的下一代 16 和 14 納米？

-- That's a really perceptive question [inaudible].

-- 這是一個非常有洞察力的問題[聽不清]。

But I'll try and triangulate for you a little bit.

但我會嘗試為您進行三角測量。

I do believe for the year that the 20-nanometer and FinFET investments will represent probably 80% or so of spending.

我確實相信今年 20 納米和 FinFET 的投資可能佔支出的 80% 左右。

-- and I do believe that for the year, the relationship of 20 nanometer investments to FinFET investments probably kind of 60/40 or something in that range.

- 我確實相信，在這一年裡，20 納米投資與 FinFET 投資的關係可能是 60/40 或在這個範圍內。

So you're going to have to work with that, because I don't think I have specificity at a half level to take you beyond that at this time.

所以你將不得不處理這個問題，因為我認為我目前還沒有半個層次的特異性來讓你超越那個。

No, that's fair enough.

不，這很公平。

You mentioned that you got some new clean products out in the marketplace.

您提到您在市場上推出了一些新的清潔產品。

You're trying to get some traction back in that area.

你正試圖在那個領域重新獲得一些牽引力。

Should we look at 2014 as kind of the seeding year and 2015 as the year where you expect to generate some more revenues and market share gains in that business segment?

我們是否應該將 2014 年視為種子年，將 2015 年視為您期望在該業務領域產生更多收入和市場份額增長的一年？

I think it's fair to say that.

我認為這樣說是公平的。

Of all the plans of the Company, it's the one in long-term that's the more hockey sticks that is a byproduct of being disadvantaged in a couple ways for the last three or four years.

在公司的所有計劃中，從長遠來看，曲棍球棒的數量更多，這是過去三四年以多種方式處於不利地位的副產品。

We were not competitive in terms of productivity.

我們在生產力方面沒有競爭力。

We believe we now are.

我們相信我們現在是。

We have a 16-chamber configuration, which has mechanical throughput capabilities that I think are very competitive, and the process and chamber offerings we've designed to allow us to participate in the front end of the blind clean segments in ways that we were not able to historically.

我們有一個 16 腔配置，它具有我認為非常有競爭力的機械吞吐量能力，我們設計的工藝和腔室產品允許我們以我們沒有的方式參與盲清潔段的前端歷史上能夠。

But as I will always state, getting penetrations in a segment of the industry which is not feature creating, it's all about yield, obviously, is a very tough proposition, and we respect our competition enormously.

但正如我將始終指出的那樣，在不創造特徵的行業中獲得滲透，顯然，這是一個非常艱難的提議，我們非常尊重我們的競爭。

This is a very important year for us, no question, and we exit the year with one of two paths -- either a lot of confidence around the plans of the Company and spending a level consistent with that or a redefinition of the outlook for the business.

毫無疑問，這對我們來說是非常重要的一年，我們以兩條路徑之一結束了這一年——要么對公司的計劃充滿信心，並花費與此一致的水平，要么重新定義公司的前景商業。

We're certainly, as we sit here today, the customer engagement is very positive.

當然，當我們今天坐在這裡時，客戶參與度非常積極。

In fact, we are getting more poles than we are actually satisfying today.

事實上，我們獲得的桿數比我們今天實際滿足的要多。

A couple of customers are interested in the product and we're kind of holding back a little until we validated some of the offering in the existing engagements.

一些客戶對該產品感興趣，在我們驗證現有業務中的一些產品之前，我們會有所保留。

Great.

偉大的。

Thank you.

謝謝你。

Timothy Arcuri with Cowen and Company.

Timothy Arcuri 與 Cowen and Company。

A couple things, guys.

幾件事，伙計們。

First of all, Martin, I wanted to fit what you said about a pause in midyear.

首先，馬丁，我想符合你所說的關於年中暫停的說法。

You said that there was going to be a pause midyear, but then you also talked about shipments being only a little bit front-half loaded this year.

你說年中會暫停，但你也談到今年的出貨量只有一點點前半部分。

So I guess you probably don't want to give guidance for calendar Q3, but that would sort of imply that the September shipments are not going to come down much if they come down at all.

所以我猜你可能不想為第三季度的日曆提供指導，但這有點暗示 9 月份的出貨量即使下降也不會下降太多。

That's the first question, then I had a follow-up.

這是第一個問題，然後我有一個跟進。

Well your assumption is right.

那麼你的假設是正確的。

I'm not going to give guidance for September.

我不會為 9 月提供指導。

Good try, though, Tim.

不過，很好的嘗試，蒂姆。

The answer, obviously, for September is a byproduct not just of June but also December.

顯然，九月的答案不僅是六月的副產品，也是十二月的副產品。

So really it's kind of crazy early for me to be calling a quarter at this point.

所以，在這一點上打電話給四分之一對我來說真的有點瘋狂。

I would not expect September to be up.

我不認為九月會到。

I think it will be about flattish or down a little, but I might be wrong.

我認為這將是平淡或下降一點，但我可能是錯的。

There's a lot of weeks between now and then and the real kind of decision point, I think, relates to a September and December uncertainty.

從現在到那時，我認為真正的決策點與 9 月和 12 月的不確定性有關。

At revenue level, again, it's an imperfect science for us to be articulating a view for the calendar year.

在收入水平上，再次闡明對日曆年的看法對我們來說是一門不完美的科學。

But I would say that our expectation is that the second half quarters -- if we're going to track to this $32 billion WFE number that we believe is the case -- the second half quarters will have a revenue level that's kind of plus or minus $100 million of the average of the first two quarters of this year.

但我想說的是，我們的預期是下半年——如果我們要追踪我們認為的這個 320 億美元的 WFE 數字——下半年的收入水平將是正數或減去今年前兩個季度平均水平的 1 億美元。

So that's our kind of reference point for the second half as we see it today in revenues.

這就是我們今天在收入中看到的下半年的參考點。

And obviously, some part of that is answering your question, because revenues are a byproduct of shipments.

顯然，其中一部分回答了你的問題，因為收入是出貨量的副產品。

Perfect.

完美的。

Awesome.

驚人的。

As always, thanks for that.

一如既往，謝謝你。

Just a question more for Doug.

對道格來說還有一個問題。

Clearly you guys are taking a lot of WFE share this year.

顯然，你們今年獲得了很多 WFE 份額。

If I go back to the slide you put up at Semicon West and you have your long-term financial model, you're basically at $5 billion revenue run rate right now and gross margin is 46%, operating margin is 22%.

如果我回到你在 Semicon West 放的幻燈片，你有你的長期財務模型，你現在的收入運行率基本上是 50 億美元，毛利率是 46%，營業利潤率是 22%。

So you're pretty much already at your 2015, 2016 model.

因此，您幾乎已經處於 2015 年、2016 年的模型中。

Is this just sort of some one-time mix issues that helped you in December and March, or should we think that there's headroom to that model, particularly given the huge second generation 3-D NAND opportunity you have?

這只是在 12 月和 3 月幫助您的一些一次性混合問題，還是我們應該認為該模型還有空間，特別是考慮到您擁有巨大的第二代 3-D NAND 機會？

Thanks.

謝謝。

Tim, I'm not changing that model as we sit here today.

蒂姆，當我們今天坐在這裡時，我不會改變那個模型。

We're not quite at the $5 billion run rate.

我們還沒有達到 50 億美元的運行速度。

It's kind of high $4s billion.

這是40億美元的高價。

Part of the margin improvement from where we are today -- were a little bit shy of that 22% approaching the revenue level.

與我們今天相比，部分利潤率提高了——略低於接近收入水平的 22%。

Part of it is time, in terms of maturing products and getting everything ramped and manufacturing.

一部分是時間，就成熟的產品和讓一切加速和製造而言。

Could there be headroom?

能有淨空嗎？

Maybe, but it's too early to call it right now.

也許吧，但現在說它還為時過早。

Semicon and our analyst event isn't too far away.

Semicon 和我們的分析師活動離我們不遠了。

We may be updating some things for you then, but why don't you sit tight for now.

那時我們可能會為您更新一些內容，但您現在為什麼不坐好呢。

To supplement that, I would say a couple of things.

作為補充，我想說幾句話。

It isn't kind of a mix thing and it just looks good for the quarter.

這不是一種混合的東西，它在本季度看起來不錯。

There are very fundamental SAM expansion opportunities that are relevant to our Company.

有與我們公司相關的非常基本的 SAM 擴展機會。

As I've said a number of times, I don't think there's a better positions company in the equipment space, by virtue of what we have in the product portfolio and what we don't have in the product portfolio, to exploit the four or five inflections.

正如我多次說過的，憑藉我們在產品組合中擁有的以及我們在產品組合中沒有的東西，我認為在設備領域沒有比這更好的公司來利用四五個曲折。

I think we're in the right place at the right time with the right products.

我認為我們在正確的時間和正確的地點使用正確的產品。

The patenting expansion is very real and, as I mentioned in the last call, we were positively surprised by the scale and scope of that in DRAM and we're only just at the beginning of it in the kind of logic rollouts and all of the commentary, that I read at least, says that, that opportunity is an increasing opportunity of substance for us through at least the 10 nanometer technology note.

專利擴張是非常真實的，正如我在上次電話會議中提到的那樣，我們對 DRAM 的規模和範圍感到非常驚訝，而且在邏輯推出和所有我至少讀過的評論說，至少通過 10 納米技術說明，這個機會對我們來說是一個越來越多的實質性機會。

And the longer that install base gets positions, the more challenging the intercept points are for EUV relative to kind of Greenfield trade-offs.

安裝基地獲得位置的時間越長，EUV 的攔截點相對於 Greenfield 權衡的挑戰就越大。

That's a very real opportunity.

這是一個非常真實的機會。

I think one thing to keep in mind in terms of calling it too early or calling it too late, in terms of whether we revise models, is let's not forget the intensity of the conversation from the customer on cost.

我認為要記住的一件事是過早或過晚，就我們是否修改模型而言，我們不要忘記客戶在成本方面的對話強度。

One of the most important complexities that we have to walk through as an industry and as a company in the next number of years, all of these inflections are getting more expensive.

作為一個行業和一家公司，我們在未來幾年內必須經歷的最重要的複雜性之一是，所有這些變化都變得越來越昂貴。

Capital intensity almost in every transition is either not going down as much as it used to our, quite the reverse, it's going up.

幾乎在每一次轉型中，資本密集度都沒有像過去那樣下降，恰恰相反，它正在上升。

And so we have tremendous SAM expansion opportunity.

因此，我們擁有巨大的 SAM 擴展機會。

We are at least flat or positive in market share in these transitions, but the industry -- and we're part of the industry -- is going to see increasing pressure, I'm sure, over the next several years as this goes from kind of pilot and technology evaluation in the case of 3-D NAND into, ultimately, HVM manufacturing.

在這些轉變中，我們的市場份額至少持平或積極，但我敢肯定，這個行業——而且我們是這個行業的一部分——將會面臨越來越大的壓力，我敢肯定，在接下來的幾年裡，隨著這種情況從在 3-D NAND 的情況下進行試點和技術評估，最終進入 HVM 製造。

But just to kind of finish off the thoughts, let's go back to first principles.

但為了結束這些想法，讓我們回到第一原則。

In our last analyst meeting, we articulated deposition (technical difficulty).

在我們上次的分析師會議上，我們闡述了證詞（技術難度）。

And so the proportion of spending that leads to these inflections are increasing and higher than the numbers I just gave you.

因此，導致這些拐點的支出比例正在增加，並且比我剛剛給你的數字還要高。

As a baseline four our market share, we're about a 40% market share company in the segments that we compete.

作為我們市場份額的基準四，我們在我們競爭的細分市場中佔據了大約 40% 的市場份額。

About a 50% share company in etch, mid-30%s in deposition and high teens, low 20%s in clean.

蝕刻公司約 50% 的股份，沉積業務佔 30% 左右，青少年佔 30%，清潔業務佔 20%。

And through the decisions that customers have made to date, we believe that our market share around the inflections exceeds the 50% level.

通過客戶迄今為止所做的決定，我們相信我們在拐點附近的市場份額超過了 50% 的水平。

So that's a kind of 10-point increase in market share before and after inflections.

因此，在拐點前後，市場份額增加了 10 個百分點。

And so, one of the most important headlines for everybody to process for the Company is, if we continue to execute, and that isn't easy; the challenge from competitors and the expectations of customers are incredibly demanding.

因此，每個人都需要為公司處理的最重要的頭條新聞之一是，如果我們繼續執行，這並不容易；來自競爭對手的挑戰和客戶的期望非常苛刻。

But if we execute to the plans of the Company, the result is that the outperformance you are seeing today is only going to accelerate as a greater proportion of spending of customers is associated with these inflections.

但是，如果我們執行公司的計劃，結果是您今天看到的出色表現只會加速，因為更大比例的客戶支出與這些變化有關。

That's not a guidance segment; that's a statement of understanding and belief.

那不是指導部分。這是理解和信念的聲明。

We've got lots of work to do to pull that off, but that's what this Company's focused on executing.

為了實現這一目標，我們還有很多工作要做，但這正是這家公司專注於執行的工作。

Wonderful, Martin.

太棒了，馬丁。

Thank you.

謝謝你。

Sorry for the long answer, but I felt it was time for me to make that statement.

很抱歉回答太長了，但我覺得是時候發表這個聲明了。

Weston Twigg with Pacific Crest Securities.

Weston Twigg 與 Pacific Crest Securities。

Thanks for taking my question.

感謝您提出我的問題。

Just real quickly wanted to ask a little bit more about second half expectations.

Just real 很快就想問更多關於下半年的期望。

It sound like you do have some level of conviction in a rebound in the second half, largely weighted toward foundry, but I'm just wondering on -- related to FinFET, from the conversations that you are having with customers, does it feel to you that they're really moving full steam ahead or does there seem to be some risk or hesitation perhaps to a second-half spend?

聽起來你確實對下半年的反彈有一定程度的信心，主要是代工，但我只是想知道 - 與 FinFET 相關，從你與客戶的對話來看，感覺您認為他們真的在全速前進，還是對下半年的支出似乎存在一些風險或猶豫？

Just kind of gauging your level of conviction of on that spend.

只是衡量你對這筆支出的信念程度。

I sense conviction.

我感覺到了信念。

It seems a very important transition for the (inaudible) community.

對於（聽不清）社區來說，這似乎是一個非常重要的過渡。

I think a lot of the data around cost and performance for the 20 nanometer node tends to suggest that there's significant opportunities for performance improvements on both of those definitions in a FinFET device and architecture.

我認為關於 20 納米節點的成本和性能的許多數據往往表明，在 FinFET 器件和架構中的這兩個定義上都有很大的性能改進機會。

And, not surprisingly, it's a very competitive space for the foundry.

而且，毫不奇怪，這對代工廠來說是一個非常有競爭力的空間。

At least as far as the interactions that I have, there's a lot of conviction to be successful through this inflection.

至少就我所擁有的互動而言，有很多信念可以通過這種轉折取得成功。

Okay.

好的。

Good.

好的。

And then a similar question on 3-D NAND.

然後是關於 3-D NAND 的類似問題。

Now you're indicating that maybe 80,000 wafer starts might be installed by the end of the year.

現在您表示到今年年底可能會安裝 80,000 個晶圓。

I'm wondering if you think there may be more downside risk or upside potential to that number at this point?

我想知道您是否認為此時該數字可能存在更多下行風險或上行潛力？

Really hard to tell.

真的很難說。

I don't know that there's a lot of either, frankly.

坦率地說，我不知道有很多。

I don't think there's a tremendous amount of downside because the 80,000 wafer start level, that is a pretty minimalist investment in the industry to evaluate the technology.

我不認為有很大的不利因素，因為 80,000 晶圓的起始水平，這是行業評估技術的極簡投資。

And it's a critical period for evaluating (inaudible) technology.

這是評估（聽不清）技術的關鍵時期。

I think every customer -- every NAND customer is talking about evaluating the technology and they have their own timelines and own road maps in terms of HVM adoption, but I don't think any one of the NAND-flash memory customers can afford to be on the outside looking in at the technology transition.

我認為每個客戶——每個 NAND 客戶都在談論評估技術，他們在 HVM 採用方面有自己的時間表和路線圖，但我認為任何一個 NAND 閃存客戶都買不起從外部看技術轉型。

They'll make their own choices about what the right point of intercept is, how many layers in a device makes sense in terms of cost comparisons, but I sense there's very minimal downside to the number that we've shared today.

他們會自行選擇正確的截取點是什麼，設備中有多少層在成本比較方面有意義，但我覺得我們今天分享的數量的負面影響很小。

Okay, good.

好的。

Very helpful.

非常有幫助。

Thank you.

謝謝你。

Mahesh Sanganeria with RBC Capital Markets.

Mahesh Sanganeria 與 RBC 資本市場。

Martin, I just want to follow up on your SAM expansion with multiple patterning comment.

馬丁，我只想用多重圖案評論跟進你的 SAM 擴展。

The conventional wisdom has it that with multiple patterning [litography expands the most].

傳統觀點認為，多重圖案化[光刻擴展最多]。

But looking at your results and comparing, it looks like you're benefiting a lot more than some of your competitors as some of your first segments.

但是看看你的結果和比較，看起來你比你的一些競爭對手在你的第一部分中受益更多。

Is there something we're missing here?

我們在這裡缺少什麼嗎？

Is there something in the technology that is helping you more than others in terms of SAM expansion in multiple [patenting]?

就多個 [專利] 中的 SAM 擴展而言，該技術是否比其他技術更能幫助您？

Well I think -- I don't know that there's anything you're missing.

好吧，我想——我不知道你缺少什麼。

You just described the substance, the opportunity, the strength of the Company's position in etch and deposition both.

您剛剛描述了公司在蝕刻和沈積方面的地位的實質、機會和實力。

The specific integration scheme in DRAM is very beneficial to us.

DRAM中的具體集成方案對我們非常有利。

Certainly with the predominance of investments in DRAM, except for a kind of patenting probably being upgrade related, you're going to see a bias in the waiting to the action deposition space, I think, by the very nature of that scheme.

當然，在 DRAM 投資占主導地位的情況下，除了可能與升級相關的一種專利申請外，我認為，由於該計劃的本質，你會看到等待行動沉積空間的偏見。

The second follow-up on your clean tool -- is there opportunity or the venue you are getting, is it specific to -- is it more towards foundry/logic, or it's memory?

清潔工具的第二次跟進——你是否有機會或獲得的場所，它是否特定於——它更傾向於代工/邏輯，還是內存？

Can you give us a little bit more color on where you are and what kind of results you are getting by device?

你能否給我們更多關於你在哪里以及你通過設備獲得什麼樣的結果的顏色？

It's -- the engagement is memory and logic both.

它是——參與是記憶和邏輯。

The win is memory.

勝利是記憶。

And the win is front-end of line, which is an important kind of test for us, because that's the area of the single-wafer clean segment that we have been lease competitive in the last 3 to 4 years.

勝利是生產線的前端，這對我們來說是一種重要的考驗，因為這是我們在過去 3 到 4 年一直具有租賃競爭力的單晶圓清潔領域。

So I feel that it is an important statement from a customer, but it's one.

所以我覺得這是來自客戶的重要聲明，但它是一個。

And that is not the definition of success.

這不是成功的定義。

The definition of access is establishing market share leadership in all of the products of our company and we're not there yet by a long way.

准入的定義是在我們公司的所有產品中建立市場份額領先地位，而我們還遠遠沒有做到這一點。

All right, that's very helpful.

好的，這很有幫助。

Thank you so much.

太感謝了。

Ben Pang with Northland Capital Markets.

北國資本市場的 Ben Pang。

Thanks for taking my question.

感謝您提出我的問題。

On your $32 billion WFE, if I understand you correctly, the only thing that's changed on your forecast from the beginning of the year til now is that 3-D NAND and DRAM is higher but foundry is pretty much the same?

關於您 320 億美元的 WFE，如果我理解正確的話，您從年初到現在的預測唯一改變的是 3-D NAND 和 DRAM 更高，但代工幾乎相同？

Is that right?

那正確嗎？

More or less.

或多或少。

Plus or minus $100 million here or there, but that's the headline.

在這里或那裡加減 1 億美元，但這就是標題。

What's the lead time for your products right now for [depon] etch?

[depon] etch 現在你們產品的交貨時間是多少？

The expectation from the customers typically is, they place an order today and get the product tomorrow.

客戶的期望通常是，他們今天下訂單，明天得到產品。

Just occasionally, we get somewhat close to that.

只是偶爾，我們有點接近那個。

The typical lead times for the products in our segments are going to be inside of a quarter.

我們細分市場中產品的典型交貨時間將在四分之一以內。

And sometimes they'll be less than eight weeks and sometimes more than eight weeks.

有時他們會不到八週，有時會超過八週。

One of the important transitions for us in clean, one of the reasons why going to next-generation clean is so important to us, is the lead times on the clean systems are the longest in our Company today with the old generation, the new generation, they will be very competitive with the deposition and next portfolios.

對我們來說，在清潔方面的重要轉變之一，也是進入下一代清潔對我們如此重要的原因之一，是清潔系統的交貨時間在我們公司今天是最長的，老一代，新一代，他們將與沈積和下一個投資組合非常有競爭力。

A much shorter lead time play than Lithography, if that's your question.

如果這是您的問題，則交貨時間比光刻短得多。

Is it fair to characterize a majority of your business in the quarter as a turns business, then?

那麼，將本季度的大部分業務描述為輪流業務是否公平？

We turn a decent amount of our business, absolutely, in the quarter.

我們絕對在本季度完成了相當數量的業務。

That's true from order placement to shipments and shipment to revenue.

從下訂單到發貨，從發貨到收入，都是如此。

We can run shipment to revenue turns of 60%.

我們可以將出貨量提高到 60%。

Perfect.

完美的。

Thank you very much.

非常感謝。

Good quarter.

好季度。

Thank you very much.

非常感謝。

Mehdi Hosseini with Susquehanna International Group.

Mehdi Hosseini 與 Susquehanna 國際集團。

Thanks for taking my question.

感謝您提出我的問題。

Martin, during the January conference call you were talking about the 20 nanometer foundry to be more of a first half and then 60/40 FinFET kicking in the second half.

Martin，在 1 月份的電話會議中，您談到 20 納米晶圓代工廠更多的是上半年，然後是 60/40 FinFET 在下半年踢。

But today's commentary suggested maybe there's a little bit of a 20 nanometer foundry push-out into the second half since you described 20 nanometer as 60% of the foundry spend.

但是今天的評論表明，由於您將 20 納米描述為 60% 的代工支出，下半年可能會有一點 20 納米的代工推出。

Could you clarify or reconcile the general commentary with today's commentary?

你能否澄清或協調一般性評論與今天的評論？

And I have a follow-up.

我有一個後續行動。

No, I didn't say 20 nanometer was 60% of foundry spending.

不，我沒有說 20 納米佔代工支出的 60%。

I said in the relationship between 20 nanometer and FinFET investment, there would be a 60/40 split.

我說過，在 20 納米和 FinFET 投資之間的關係中，會有 60/40 的比例。

There is still an investment in foundry at the 28 nanometer node and even a little at 40.

在 28 納米節點甚至 40 納米節點仍然有代工投資。

There's some upgrade and technical node transition as well as equipment buy.

有一些升級和技術節點轉換以及設備購買。

I actually don't think there's much to reconcile here.

實際上，我認為這裡沒有什麼可以調和的。

I think, evidenced by the commentary from TSMC about their first half concentration, the 20 nanometer and the plans that the industry has for second-half pilot light adoption, at least the math that I do today would kind of refresh and repeat what we said in January.

我認為，從台積電關於他們上半年集中度、20 納米以及業界對下半年採用指示燈的計劃的評論中可以看出，至少我今天所做的數學運算會刷新並重複我們所說的在一月。

I think we just provided more color today, but basically the same headline and certainly no message to the investment community about delay.

我想我們今天只是提供了更多的色彩，但基本上是相同的標題，當然也沒有向投資界傳達關於延遲的信息。

Got it.

知道了。

Going back to the share gain, how should we -- should we assume that the share gain is coming against the larger competitors that are consolidating, or is that against a smaller one?

回到份額收益，我們應該如何 - 我們應該假設份額收益是針對正在整合的較大競爭對手，還是針對較小的競爭對手？

Especially, the way I'm looking at the competitive landscape, maybe customers would prefer you gaining share because the larger two competitors may be becoming too big?

特別是，我看待競爭格局的方式，也許客戶更喜歡你獲得份額，因為較大的兩個競爭對手可能變得太大了？

This is something that keeps coming up in the conference call, but your results show -- (technical difficulty)

這是電話會議中不斷出現的問題，但您的結果顯示——（技術難度）

(Technical difficulty) I actually think any industry, any customer that sees a significant scaling through consolidation (technical difficulty).

（技術難度）實際上，我認為任何行業、任何客戶都可以通過整合實現顯著擴展（技術難度）。

Absolutely.

絕對地。

Do I see that as opportunity for Lam Research?

我認為這是 Lam Research 的機會嗎？

Yes.

是的。

I see that short-term and a new long-term opportunity (technical difficulty) to work very hard partnering with customers to make sure that we explore the opportunities as they exist.

我看到短期和新的長期機會（技術難度）與客戶合作非常努力，以確保我們探索存在的機會。

Now, it doesn't kind of detract from the headline that I shared before, which is we take our competition very seriously.

現在，這並沒有減損我之前分享的標題，那就是我們非常重視我們的競爭。

Big company, small companies, the companies that survive today are generally very capable and very competent.

大公司，小公司，今天生存下來的公司一般都非常有能力，非常有能力。

And so we're going to have to kind of keep working as hard as we are and partner with customers and I have every confidence that the partnership of Lam Research in the customer is always going to sustain the economics and story we've characterized today.

因此，我們將不得不像我們現在一樣努力工作並與客戶合作，我完全相信 Lam Research 在客戶中的合作夥伴關係將始終維持我們今天所描述的經濟和故事.

Got it.

知道了。

Thank you.

謝謝你。

CJ Muse with ISI Group.

ISI Group 的 CJ Muse。

Thanks for taking my question.

感謝您提出我的問題。

First question, I think you talked about second half being slightly down than first half and I was hoping to see if you can put some numbers around that.

第一個問題，我認為你談到下半場比上半場略有下降，我希望看看你能不能給出一些數字。

Is that around 55%, 45%?

大約是 55%、45% 嗎？

How should I think about that?

我應該怎麼想？

It's pretty well balanced, honestly, CJ.

老實說，CJ 非常平衡。

It's high 40%s, low 50%s.

高40%s，低50%s。

It's plus or minus our error of forecasting ability on this.

這是正負我們對此的預測能力的誤差。

I'd call it flattish, CJ.

我會稱之為平淡，CJ。

In terms of your relative of performance, at least how I'm modeling WFE versus your number, what do you think you're seeing in terms of rising capital intensity etch in deposition this year, as well as share gains that you've mentioned on the call, as well as the 14 nanometer logic that's coming in.

就您的相對錶現而言，至少我是如何對 WFE 與您的數字進行建模的，您認為您在今年沈積中資本強度的上升以及您提到的份額收益方面看到了什麼在通話中，以及即將到來的 14 納米邏輯。

What do you think those three things add for you that other guys are not seeing?

你認為這三件事為你增加了什麼其他人沒有看到的東西？

Well, honestly speaking, I don't spend a huge amount of time focused on capital intensity in the way that the industry measures it, because I think that it's really misleading.

好吧，老實說，我沒有花大量時間以行業衡量資本強度的方式關注資本密集度，因為我認為這確實具有誤導性。

I have no idea what the value of correlating investment levels to current year revenues is for the industry.

我不知道將投資水平與當年收入相關聯對行業有什麼價值。

It's just a bizarre data point from my perspective.

從我的角度來看，這只是一個奇怪的數據點。

But there is clearly SAM expansion for etch in deposition and clean and we've kind of sized that at about the $1 billion level and there's clearly market share expansion that we've kind of framed multiple times, including in our analyst meeting and again today.

但顯然 SAM 用於沉積和清潔蝕刻的擴張，我們將其規模估計在大約 10 億美元的水平，而且我們已經多次確定市場份額擴張，包括在我們的分析師會議和今天再次.

I believe that the SAM expansion opportunity is bigger than the market share, but the market share is pretty big as well.

我相信SAM的擴張機會大於市場份額，但市場份額也相當大。

If we can continue to execute from the positions that we've established, we've got a 5 to 10 percentage point gain in share here through these inflections, which is a really important headline for the Company.

如果我們能夠繼續從我們建立的職位上執行，我們將通過這些變化獲得 5 到 10 個百分點的份額，這對公司來說是一個非常重要的標題。

We don't kind of go out there with kind of guidance, but connecting the dots that we've describe today, we've talked about flattish revenues first half, second half and I've tried to frame for you the plus and the minus around the average in the second half.

我們並沒有提供那種指導，但是將我們今天描述的各個點聯繫起來，我們討論了上半年和下半年的平淡收入，我試圖為你制定加號和減去下半年的平均水平。

In calendar 2014, we are turning to outperform industry and I would expect, if there's a $32 billion way from fabrication equipment year, which is up maybe 10 to 12 percentage points or so, depending on your baseline, I would expect that our revenues grow year over year by approximately 20%.

在 2014 年日曆中，我們正在轉向跑贏行業，我預計，如果製造設備年有 320 億美元的增長，可能會上升 10 到 12 個百分點左右，這取決於您的基線，我預計我們的收入會增長同比增長約 20%。

And if you do the math on that, you're going to kind of answer a lot of your questions.

如果你對此進行數學計算，你會回答你的很多問題。

And if we execute at 20% year-over-year growth, that means that we're focused on targeting operating income growth twice as much as revenues and delivering cash from operations growth twice as much as operating income.

如果我們以 20% 的年增長率執行，這意味著我們專注於將營業收入增長作為收入的兩倍，並從運營增長中提供兩倍於營業收入的現金。

And if we do that, we're going to generate $1 billion of cash from operations this.

如果我們這樣做，我們將從運營中產生 10 億美元的現金。

So that's how it all kind of walks itself through the financial statements.

所以這就是它在財務報表中的運行方式。

If the $32 billion year prevails.

如果 320 億美元的年佔上風。

That's helpful.

這很有幫助。

Thank you, Martin.

謝謝你，馬丁。

I think we'll try to take two more quick questions if we can.

如果可以的話，我想我們會嘗試再回答兩個簡單的問題。

Edwin Mok with Needham & Company.

Edwin Mok 與 Needham & Company。

Hi.

你好。

Thanks for squeezing me in.

謝謝你擠我。

First question is on -- if I look at logic out of shipment bucket, I see that, that has been trending lower over the last few quarters.

第一個問題是——如果我看一下出貨桶的邏輯，我會發現，在過去幾個季度裡，它一直在走低。

How do you think about that business?

您如何看待這項業務？

Is it just the customer not spending there?

只是客戶沒有在那裡消費嗎？

Understand, I remember a few quarters where you guys talked about share gain in that area, right?

明白，我記得有幾個季度你們談到了該領域的份額增長，對吧？

How do you think about long term?

您如何看待長期？

Edwin, one thing, you're right.

埃德溫，有一件事，你是對的。

It's ticked down a little bit.

它被打勾了一點。

There's a lot of reuse going on in this space, especially in deposition.

在這個領域有很多重複使用，尤其是在沉積方面。

That's one of the things that is impacting our shipments.

這是影響我們發貨的因素之一。

It's not so much that anything has been moving around from an application standpoint, just being reused.

從應用程序的角度來看，並不是任何東西都在移動，只是被重用。

Obviously, you heard me talk about our expectation for June is that is ticking up a little bit and I would expect it probably does that again in December.

顯然，你聽到我談到我們對 6 月份的預期是有點上升，我預計它可能會在 12 月份再次出現這種情況。

I see.

我懂了。

That's helpful.

這很有幫助。

Talk a little about the ALD win you have on the DRAM.

談談你在 DRAM 上的 ALD 勝利。

Do you see opportunities for AOD in NAND?

您看到 NAND 中 AOD 的機會嗎？

That's the first part.

這是第一部分。

Second part, I understand the AOD process is different from the ones we have seen in the logic side to extend what you have done in logic, do you think you have options to grow in logic for AOD?

第二部分，我了解 AOD 流程與我們在邏輯方面看到的不同，以擴展您在邏輯方面所做的工作，您認為您可以選擇在 AOD 的邏輯方面發展嗎？

I think yes and yes.

我認為是的，是的。

We're going to see emerging opportunities for atomic-level control, period, through traditional scaling and 3-D architecture.

通過傳統的縮放和 3-D 架構，我們將看到原子級控制的新興機會。

The most prominent win that we communicated today, to your point, is AOD in DRAM but we have very active engagements, AOD, Logic, different dielectric, but a very active engagement and I would expect that, that continues to be true for us.

就您而言，我們今天傳達的最突出的勝利是 DRAM 中的 AOD，但我們有非常積極的參與，AOD、邏輯、不同的電介質，但非常積極的參與，我希望這對我們來說仍然是正確的。

A lot of focus and big guys, small guys, will try to take share from everybody.

很多焦點和大人物，小人物，會嘗試從每個人那里分享。

All right.

好的。

Tom Diffely with DA Davidson.

湯姆·迪弗利與 DA 戴維森。

Good afternoon.

下午好。

I was hoping that in your slide deck you talked about some wins in events packaging.

我希望在您的幻燈片中，您談到了活動包裝方面的一些勝利。

I'm curious how big events packaging is today and how do you expect the growth to ramp over the next couple years?

我很好奇今天的活動包裝有多大，你預計未來幾年的增長會如何？

It's the smallest SAM for the Company; $150 million, something like that.

是公司最小的SAM； 1.5億美元，差不多。

And it's the fastest-growing.

它是增長最快的。

It might be the most difficult to predict.

這可能是最難預測的。

I think the 2.5 and 3-D interposer road map is still subject to some debates.

我認為 2.5 和 3-D 中介層路線圖仍然存在一些爭論。

You know, it's something we've clearly prioritized in the Company as an important growth opportunity and being present with competitive action deposition clean products to pursue that is our objective.

您知道，這是我們在公司中明確優先考慮的重要增長機會，並提供具有競爭力的沉積清潔產品來追求這是我們的目標。

It's the smallest of the four by a long way and it's growing very quickly, but from a small base.

它是四個中最小的一個，而且增長非常快，但基礎很小。

Okay.

好的。

(Multiple speakers) Just wondering if you're seeing the leaders in that space for the drivers being more the memory or the logic side at this point?

（多位發言者）只是想知道您是否看到該領域的領導者在這一點上更多地是記憶或邏輯方面的驅動程序？

I think it's more a logic play than anything today.

我認為這更像是一場邏輯遊戲，而不是今天的任何事情。

Okay.

好的。

All right, thank you.

好噠。謝謝你們。

Thank you.

謝謝你。

Gentlemen, at this time I'll turn the conference back over to you for any closing remarks.

先生們，此時我將把會議轉回給你們，以供結束髮言。

Great, thank you.

太好了謝謝。

A webcast replay of this call will be available later this afternoon on our website, and then on behalf of the entire Management team, I'd like to thank you for joining us here today.

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直播重播，然後我代表整個管理團隊感謝您今天加入我們。

We do truly appreciate your interest in Lam Research.

我們非常感謝您對 Lam Research 的興趣。

Thank you, ma'am.

謝謝你，女士。

Ladies and gentlemen, that concludes the conference for today.

女士們，先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。