科林研發 (LRCX) 2015 Q4 法說會逐字稿

Good day and welcome to the Lam Research Corporation June 2015 conference call.

美好的一天，歡迎參加 Lam Research Corporation 2015 年 6 月的電話會議。

At this time, I would like to turn the conference over to Audrey Charles.

在這個時候，我想把會議交給奧黛麗查爾斯。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線員。

Good afternoon and welcome to the Lam Research quarterly conference call.

下午好，歡迎參加 Lam Research 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 will share our outlook on the business environment and review our financial results for the June 2015 quarter and our outlook for the September 2015 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 2015 年 6 月季度的財務業績和 2015 年 9 月季度的展望。

The press release detailing financial results was distributed a little after 1 PM this afternoon.

今天下午 1 點之後發布了詳細說明財務業績的新聞稿。

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 outlook.

今天的演講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，包括我們的展望。

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

我們期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 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 factors disclosures in our public filing, including our 10-K and 10-Q.

我們鼓勵您查看我們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 so 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。

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

有了這個，我會把電話交給馬丁。

Thank you, Audrey.

謝謝你，奧黛麗。

Good afternoon, everyone.

大家下午好。

We would like to thank those of you who attended or listened to our recent investor and analyst event on July 14 in San Francisco.

我們要感謝那些參加或聆聽我們最近於 7 月 14 日在舊金山舉行的投資者和分析師活動的人。

During that meeting, we described the drivers of ours sustainable out performance, reviewed our perspective on the industry and updated our long-term financial model.

在那次會議上，我們描述了我們可持續發展業績的驅動因素，回顧了我們對行業的看法，並更新了我們的長期財務模型。

As that update was just two weeks ago, we will keep our prepared comments today brief, starting first with a review of our June quarter and FY15 results, followed by a brief recap of key messages we shared with you during our analyst event, then providing an update on our near-term industry outlook, concluding with a reinforcement of the unique SAM expansion story for Lam.

由於該更新僅在兩週前發布，我們將在今天保持我們準備好的評論簡短，首先回顧我們的 6 月季度和 2015 財年業績，然後簡要回顧我們在分析師活動期間與您分享的關鍵信息，然後提供更新我們近期的行業前景，最後強化了 Lam 獨特的 SAM 擴張故事。

The June quarter reported results were in line with our expectations at or above mid point for all guided metrics and for the second straight quarter, we set records for revenues, shipments, and operating income.

6 月季度報告的結果符合我們對所有指導指標中點或以上的預期，並且連續第二個季度，我們創造了收入、出貨量和營業收入的記錄。

The June quarter marks the end of our FY15, a year where we surpassed the $5 billion level for shipments and revenues and generated more than $1 billion in operating income.

六月季度標誌著我們 FY15 的結束，這一年我們的出貨量和收入超過了 50 億美元，並創造了超過 10 億美元的營業收入。

We demonstrated our commitment to long-term profitable growth and returned value to shareholders with a 16% growth in net income fiscal year over year and $630 million, or three times increase year over year, of returned value to shareholders through buybacks and dividends.

我們展示了我們對長期盈利增長和股東回報的承諾，淨利潤同比增長 16%，通過回購和股息為股東帶來的回報價值達到 6.3 億美元，同比增長三倍。

It's important to note that the substance of the outperformance trend that we are demonstrating is based on technology and productivity leadership, strength in execution across the entire organization, the values and culture of our Company, and the support we have earned from our customers through our focus on customer trust and collaborations aimed at helping them solve their most difficult challenges.

重要的是要注意，我們所展示的卓越績效趨勢的實質是基於技術和生產力的領先地位、整個組織的執行力、我們公司的價值觀和文化，以及我們通過我們從客戶那裡獲得的支持。專注於客戶信任和合作，旨在幫助他們解決最困難的挑戰。

As stated before, our opportunity to continue the outperformance trend is driven by a broad-based market participation in the now well-understand deposition and etch intensive inflections of multi-patterning, 3D device architecture and advanced packaging.

如前所述，我們繼續保持優異表現趨勢的機會是由廣泛的市場參與推動的，該市場參與現在眾所周知的多圖案、3D 設備架構和先進封裝的沉積和蝕刻密集型變化。

Focusing on one element of that headline today, at our recent investor event we discussed how the patterning market for Lam likely grows through the 5-nanometer technology node with our without EUV.

今天專注於該標題的一個元素，在我們最近的投資者活動中，我們討論了 Lam 的圖案化市場如何在沒有 EUV 的情況下通過 5 納米技術節點增長。

An important dynamic within the segment is the increasing relevance of spacer-based patterning.

該細分市場中的一個重要動態是基於間隔的圖案的相關性日益增加。

Spacer-based quadruple patterning, as we illustrated in our analyst meeting, can increase the number of deposition, etch and clean passes up to five times, driving the need for process variability control and cost reductions.

正如我們在分析師會議上所說明的，基於間隔的四重圖案化可以將沉積、蝕刻和清潔通道的數量增加多達五倍，從而推動了對工藝可變性控制和降低成本的需求。

To address these challenges in logic and memory segments both, we are focused on delivering technically enabling capabilities at high levels of productivity such as the vector ALD oxide and Kiyo with Hydra technology products.

為了應對邏輯和存儲器領域的這些挑戰，我們專注於以高生產力提供技術支持能力，例如矢量 ALD 氧化物和採用 Hydra 技術產品的 Kiyo。

With these offerings, we have been able to establish a very strong and, we believe, sustainable number-one position in etch for multi-patterning and grow our ALD share dramatically in just a couple of years.

憑藉這些產品，我們已經能夠在多圖案蝕刻領域建立非常強大且可持續的第一地位，並在短短幾年內大幅增加我們的 ALD 份額。

With our assumption that approximately 60% of all foundry logic patterning steps are spacer-based at 7-nanometer, our leadership in this segment is illustrative of the value we have already been able to deliver to the customer and, more importantly, the opportunity that lies ahead.

我們假設大約 60% 的代工邏輯圖案化步驟是基於 7 納米間隔的，我們在這一領域的領先地位說明了我們已經能夠為客戶提供的價值，更重要的是，我們有機會擺在面前。

Now turning to the near-term industry update.

現在轉向近期的行業更新。

With the second quarter of calendar 2015 concluded in line with our expectations, we continue to see discipline in the industry with recent puts and takes being directionally consistent with movements last quarter, i.e., strengthening in 3D NAND investments, foundry and logic both slightly down.

隨著 2015 年第二季度的結束與我們的預期一致，我們繼續看到該行業的紀律，最近的看跌期權與上個季度的走勢方向一致，即加強 3D NAND 投資、代工和邏輯均略有下降。

Investment by our customers is supporting a very strong September for the Company, as evidenced by our guidance today.

正如我們今天的指導所證明的那樣，我們客戶的投資為公司帶來了非常強勁的 9 月份。

Although it is way too early to guide 2015 December quarter shipments, a September outlook that is materially higher than most expectations, ours and yours, our comments at the recent analyst event, combined with the last couple of weeks of general industry tone, suggests we will likely see a December quarter with shipment levels lower than our 2015 March quarter.

儘管現在指導 2015 年 12 月季度出貨量還為時過早，但 9 月的前景遠高於我們和你們的大多數預期，我們在最近的分析師活動中的評論，再加上過去幾週的總體行業基調，表明我們12 月季度的出貨量可能會低於我們 2015 年 3 月的季度。

In many respects, this is illustrative of the variability of business we described as the new challenge of the consolidated industry as the plans and investment decisions of any one customer or segments presents a more immediate and significant short-term effect than ever before.

在許多方面，這說明了業務的可變性，我們將其描述為合併行業的新挑戰，因為任何一個客戶或細分市場的計劃和投資決策都比以往任何時候都具有更直接和更顯著的短期影響。

With strong mid- and long-term fundamentals for the Company and building deferred revenue balances in the first half of this year, we now expect slightly stronger revenues for the Company in the second half of 2015 compared with the first half of 2015.

鑑於公司中長期基本面強勁，以及今年上半年遞延收入餘額的建立，我們現在預計公司 2015 年下半年的收入將比 2015 年上半年略強。

Overall, we maintain our view for calendar 2015 WFE investments of $34 billion plus or minus $2 billion, and as is customary, we would add that our view is predicated on a healthy macro environment.

總體而言，我們維持對 2015 年 WFE 投資 340 億美元上下 20 億美元的看法，並且按照慣例，我們要補充說，我們的看法是基於健康的宏觀環境。

We are encouraged by the opportunity we see for Lam in the industry.

我們為 Lam 在行業中看到的機會感到鼓舞。

Investments appear rational across segments and are largely consistent with our understanding of capacity needs and reasonable assumptions on rising capital intensity.

各個領域的投資似乎是合理的，並且在很大程度上符合我們對產能需求的理解以及對資本密集度上升的合理假設。

From our perspective, there are positive and broad-based emerging indicators for demand at the leading edge with increased device designs, tape outs and new product penetrations plans to take advantage of targeted performance and cost benefits available from latest device architecture and process flows.

從我們的角度來看，隨著設備設計、流片和新產品滲透計劃的增加，前沿需求出現了積極且基礎廣泛的新興指標，以利用最新設備架構和工藝流程提供的目標性能和成本優勢。

In the DRAM segment, market demand continues to be driven by mobile and enterprise DRAM growth.

在 DRAM 領域，市場需求繼續受到移動和企業 DRAM 增長的推動。

DRAM investments, which as we have said are biased for the first half of calendar 2015, are very efficient and focused primarily on technology conversions to 20-nanometer.

正如我們所說，DRAM 投資偏向於 2015 年上半年，效率非常高，主要集中在向 20 納米的技術轉換上。

Investments appear to essentially keep the installed base wafer starts level flat year-over-year with strong segment participation for Lam Research.

投資似乎基本上使已安裝的基礎晶圓開工率與去年同期持平，Lam Research 的細分市場參與度很高。

For NAND, 3D NAND momentum has continued to increase through the June quarter.

對於 NAND，3D NAND 的勢頭在整個六月季度持續增長。

As we recently stated, we now expect the shipped capacity for 3D NAND will be approximately 150,000 wafer starts by the end of calendar 2015 with perhaps slightly more than half this amount being qualified for HVM device output.

正如我們最近所說，我們現在預計到 2015 年年底，3D NAND 的出貨量將約為 150,000 片，其中一半以上的數量可能會符合 HVM 設備的輸出要求。

Overall, we anticipate 2015 memory WFE spending at approximately the $16 billion level.

總體而言，我們預計 2015 年內存 WFE 支出約為 160 億美元。

For the foundry segment, we continue to see that investments are focused on FinFET enablement at a number of customers.

對於代工部門，我們繼續看到投資集中在許多客戶的 FinFET 支持上。

The previously noted 28-nanometer capacity additions this year continue to be a meaningful part of the foundry segment investments with healthy end demand.

之前提到的今年增加的 28 納米產能仍然是具有健康終端需求的代工部門投資的重要組成部分。

We reiterate our view that foundry investment will be slightly lower than the spending levels we saw in 2014.

我們重申我們的觀點，即代工投資將略低於我們在 2014 年看到的支出水平。

We expect logic spending of between $6 billion and $7 billion, slightly down from 2014, reflecting a sustained commitment to technology conversions with optimized reuse of the installed base.

我們預計邏輯支出將在 60 億美元至 70 億美元之間，略低於 2014 年，這反映了對技術轉換的持續承諾以及對已安裝基礎的優化再利用。

As noted last quarter, strength in demand for image sensors driven by mobile communication and share gains for Lam has provided some upside in the logic segment for us.

正如上個季度所指出的，移動通信驅動的圖像傳感器需求強勁以及 Lam 的份額收益為我們在邏輯領域提供了一些上行空間。

Today, significant device technology migrations are fundamentally enabled by the most advanced deposition and etch intensive inflections of multi-patterning and 3D architecture, which we aim to extend and make more productive for our customers each and every day.

今天，重要的設備技術遷移從根本上由最先進的沉積和蝕刻密集型多圖案和 3D 架構實現，我們的目標是每天為我們的客戶擴展並提高生產力。

As we outlined at our recent investor and analyst event, these inflections, together with advanced packaging, are driving what we now see as a $3 billion-plus multi-year market expansion for Lam with multi-patterning and 3D NAND being the biggest opportunities, each representing approximately 40% of that total.

正如我們在最近的投資者和分析師活動中所概述的那樣，這些變化以及先進的封裝正在推動我們現在看到的 Lam 超過 30 億美元的多年市場擴張，其中多模式和 3D NAND 是最大的機會，每個約佔總數的 40%。

We believe that continued execution at Lam, combined with market leading deposition and edge positions in these segments, is an undeniable, relative and accelerating growth opportunity for the Company through 2018.

我們相信，在 Lam 的持續執行，加上在這些領域的市場領先地位和優勢地位，是公司到 2018 年不可否認的、相對和加速的增長機會。

As we enter the second half of 2015, we are excited about the long-term opportunities ahead and sufficiently confident in our ability to execute to recently update our growth targets and long-term Lam financial model indicating the potential for $8-plus annual earnings per share within the next three years.

隨著我們進入 2015 年下半年，我們對未來的長期機遇感到興奮，並對我們最近更新我們的增長目標和長期 Lam 財務模型的執行能力充滿信心，這表明每年每股收益可能超過 8 美元。在未來三年內分享。

It is an exciting time in the industry and from the perspective that we have, Lam is better positioned than most for growth through multiple segment inflections over a multi-year period.

這是該行業的一個激動人心的時刻，從我們的角度來看，Lam 比大多數人更能通過多年期間的多個細分市場拐點實現增長。

Of course, being in a good position is not enough.

當然，僅僅處於一個好的位置是不夠的。

Our focus on contributing to the long-term success of our customers must continue to be paramount.

我們必須繼續專注於為客戶的長期成功做出貢獻。

Our ability to execute our opportunity only possible with the commitment and hard work of more than 7,000 Lam employees worldwide who make this a special and rewarding place to work.

只有通過全球 7,000 多名 Lam 員工的承諾和辛勤工作，我們才能實現我們的機會，他們使這裡成為一個特別且回報豐厚的工作場所。

I would like to take this opportunity to thank them all for their commitment and continued focus on industry excellence.

我想藉此機會感謝他們所有人的承諾和對行業卓越的持續關注。

With that, I'll now hand the call to Doug.

有了這個，我現在把電話交給道格。

Thank you, Martin.

謝謝你，馬丁。

And thank you to everyone for joining us on the call today.

感謝大家今天加入我們的電話會議。

We have what I think are some strong results to share with you today from both the June quarter as well as for our just concluded FY15.

我認為今天與您分享了 6 月季度以及我們剛剛結束的 2015 財年的一些強勁結果。

So I'll go ahead and get started going through the numbers.

所以我將繼續並開始查看這些數字。

It's an exciting time for Lam Research.

對於 Lam Research 來說，這是一個激動人心的時刻。

We delivered record levels of shipments, revenues, and operating income for the quarter and for the fiscal year.

我們在本季度和本財年實現了創紀錄的出貨量、收入和營業收入。

Each of these metrics achieved double-digit growth in the June quarter compared with the June quarter of last year.

與去年六月季度相比，這些指標在六月季度均實現了兩位數的增長。

In the quarter, we performed at or above the midpoint of guidance for all of the metrics.

在本季度，我們的所有指標都達到或高於指導的中點。

And for the fiscal year, we hit some impressive milestones, crossing $5 billion in both revenue and shipments for the first time in our history and generating more than $1 billion in operating income, again for the first time.

在本財年，我們實現了一些令人印象深刻的里程碑，收入和出貨量在歷史上首次突破 50 億美元，營業收入再次首次超過 10 億美元。

We believe these strong results and milestones clearly demonstrate solid execution against our opportunities.

我們相信，這些強勁的成果和里程碑清楚地表明了我們對機遇的穩健執行。

Our upward trajectory of shipments continued in the June quarter, with shipments coming in at $1.616 billion, which was up 8% sequentially and above the midpoint of the guided range.

我們的出貨量在 6 月季度繼續上升，出貨量為 16.16 億美元，環比增長 8%，高於指導範圍的中點。

And as I just mentioned, shipments for the fiscal year topped the $5 billion mark.

正如我剛才提到的，本財年的出貨量超過了 50 億美元。

As we expected coming into the quarter, memory shipments were flattish in dollar terms and declined slightly in percentage terms during the quarter.

正如我們在本季度所預期的那樣，內存出貨量以美元計算持平，本季度百分比略有下降。

The combined memory segment made up 60% of total system shipments, and that compares with 67% in the prior quarter.

合併後的內存部分佔系統總出貨量的 60%，而上一季度為 67%。

DRAM shipments represented 37% of system shipments, which was down from 45% in the prior quarter.

DRAM 出貨量佔系統出貨量的 37%，低於上一季度的 45%。

DRAM shipments were largely being driven by 20-nanometer conversion spending.

DRAM 出貨量主要受到 20 納米轉換支出的推動。

NAND and other non-volatile memory accounted for 23% of shipments, which was flat with 22% in the March quarter.

NAND 和其他非易失性存儲器占出貨量的 23%，與 3 月季度的 22% 持平。

NAND investment in the quarter was primarily directed towards investments in 3D NAND.

本季度的 NAND 投資主要針對 3D NAND 的投資。

Shipments to our foundry customers were at 26% of system shipments in the June quarter, which was up a little bit from 24% in the prior quarter.

六月季度，我們代工客戶的出貨量佔系統出貨量的 26%，略高於上一季度的 24%。

Foundry spending in June was a mix of FinFET investment as well as 28-nanometer capacity spending.

6 月份的代工支出包括 FinFET 投資和 28 納米產能支出。

The logic and other segment had a nice uptick, accounting for 14% of system shipments compared with 9% last quarter.

邏輯和其他部分有一個不錯的增長，佔系統出貨量的 14%，而上一季度為 9%。

Strength here came from continuing investments in CMOS image sensors.

這裡的優勢來自對 CMOS 圖像傳感器的持續投資。

Record revenues for the quarter were at a level of $1.481 billion, which was an increase of 6% compared with the March quarter.

本季度創紀錄的收入為 14.81 億美元，與 3 月季度相比增長 6%。

For FY15, the revenues of the Company also exceeded the $5 billion mark for the first time.

2015 財年，公司收入也首次突破 50 億美元大關。

You have consistently been hearing us talk about our strong position around the technology inflections and our differentiation in the marketplace.

您一直在聽到我們談論我們在技術變化和市場差異化方面的強勢地位。

I think you can absolutely see that position reflected in our shipment and revenue outperformance.

我認為您絕對可以在我們的出貨量和收入表現中看到這一立場。

Gross margin came in right at the midpoint of guidance at 45.5%.

毛利率正好在指導的中點，為 45.5%。

As we have shared with you in the past, we expect to see variability in gross margins on a quarterly basis, as a function of a number of factors, such as business volumes, product mix, particularly our newer products, where we are still moving down the cost curve, as well as relative levels of customer concentration.

正如我們過去與您分享的那樣，我們預計每個季度的毛利率都會出現變化，這取決於許多因素，例如業務量、產品組合，尤其是我們仍在發展的新產品降低成本曲線，以及客戶集中度的相對水平。

Operating expenses in the June quarter grew a little bit to $355 million, but decreased as a percentage of revenue to 24%, which was down from 25% in the March quarter.

6 月季度的運營費用略有增長，達到 3.55 億美元，但佔收入的百分比下降至 24%，低於 3 月季度的 25%。

In the quarter, 63% of the OpEx spend went to R&D, which was about the same level as last quarter.

本季度，63% 的 OpEx 支出用於研發，與上一季度大致相同。

A top priority of the Company is to continue to fund R&D programs and infrastructure to enable the future growth of the Company.

公司的首要任務是繼續為研發計劃和基礎設施提供資金，以實現公司未來的增長。

These ongoing investments are crucial to being ready for the current, as well as next, set of technology inflections.

這些正在進行的投資對於為當前以及下一個技術變化做好準備至關重要。

R&D is funding development of capabilities like our Flex G series dielectric etcher, our VECTOR ALD oxide systems, as well as our Kiyo conductor etch systems.

研發部門正在資助開發我們的 Flex G 系列電介質蝕刻機、我們的 VECTOR ALD 氧化物系統以及我們的 Kiyo 導體蝕刻系統等功能。

Operating income in the June quarter was also at a record level, coming in at $319 million, which was up over 15% from the prior quarter.

六月季度的營業收入也達到創紀錄水平，達到 3.19 億美元，比上一季度增長 15% 以上。

Another first in the history of the Company, as I mentioned, operating income generated in fiscal year topped $1 billion.

正如我所提到的，公司歷史上的另一個第一，本財年產生的營業收入超過了 10 億美元。

Operating margin in the quarter was 21.6%, which was up from 19.9% in March and again above the midpoint of the guided range.

本季度的營業利潤率為 21.6%，高於 3 月份的 19.9%，再次高於指導區間的中點。

Operating margin improved quarter over quarter with the growth in revenue along with the improvement in gross margin.

隨著收入的增長以及毛利率的提高，營業利潤率環比有所改善。

And similar to my comments about gross margin, we expect to see variability in operating income with variability in gross margin as well as overall business levels.

與我對毛利率的評論類似，我們預計營業收入會隨著毛利率和整體業務水平的變化而變化。

The tax rate for the quarter was approximately 16%, which was up compared to 11% in the March quarter.

本季度的稅率約為 16%，高於 3 月季度的 11%。

A tax rate in the middle teens would be reasonable for you to continue to include in your financial models.

中間十幾歲的稅率對於您繼續包含在您的財務模型中是合理的。

Based on a share count of about 174 million shares, earnings per share for the June quarter were $1.50, above the midpoint of the guidance, driven by the higher revenue and the higher operating margin.

基於約 1.74 億股的股票數量，在收入增加和營業利潤率增加的推動下，6 月季度的每股收益為 1.50 美元，高於指引的中點。

The share count at this point includes dilution from all three of our convertible notes, with the total dilutive impact of about 12 million shares on a non-GAAP basis.

此時的股份數量包括我們所有三張可轉換票據的稀釋，按非公認會計原則計算，總稀釋影響約為 1200 萬股。

I will remind you that dilution schedules for the 2016, 2018, and 2041 convertible notes are available on our Investor Relations website for your reference.

我會提醒您，我們的投資者關係網站上提供了 2016 年、2018 年和 2041 年可轉換票據的稀釋時間表供您參考。

We spent $59 million and took delivery of 754,000 shares at an average share price of $78.80 during the quarter.

我們在本季度花費了 5900 萬美元並以 78.80 美元的平均股價交割了 754,000 股股票。

At the end of the quarter, we had completed more than 60% of the current $850 million share repurchase authorization.

在本季度末，我們已完成當前 8.5 億美元股票回購授權的 60% 以上。

We also returned $29 million in dividend distributions to our shareholders and during the quarter announced a 67% increase in the dividend level, raising the dividend to $0.30 per share each quarter, starting with the payment made earlier in the September quarter.

我們還向股東返還了 2900 萬美元的股息分配，並在本季度宣布將股息水平提高 67%，從 9 月季度早些時候支付的股息開始，每季度將股息提高至每股 0.30 美元。

Let me now move to the balance sheet.

現在讓我談談資產負債表。

Cash from operations was strong at $292 million, which was up from $191 million in the March quarter.

運營現金強勁，為 2.92 億美元，高於 3 月季度的 1.91 億美元。

During the quarter, cash and short-term investments, including our restricted cash, increased to $4.2 billion, up from $4.1 billion in March.

本季度，現金和短期投資，包括我們的受限現金，從 3 月份的 41 億美元增加到 42 億美元。

The increase in the cash balance was primarily a result of the cash from operations, offset by those share repurchases and dividends, as well as capital expenditures.

現金餘額的增加主要是由於經營產生的現金被股票回購和股息以及資本支出所抵消。

Days sales outstanding decreased a little bit to 67 days versus 68 days in March.

與 3 月份的 68 天相比，未結銷售天數略有下降至 67 天。

As we mentioned in the investor event, we recorded in the June quarter an impairment of goodwill and intangibles on the balance sheet primarily related to our clean business.

正如我們在投資者事件中提到的，我們在 6 月季度記錄了資產負債表上主要與我們的清潔業務相關的商譽和無形資產減值。

The total impairment of $89 million are treated as one-time expenses and included in our non-GAAP adjustments for the June quarter.

8900 萬美元的總減值被視為一次性費用，並包含在我們 6 月季度的非公認會計原則調整中。

At the end of the quarter, deferred revenues were $518 million, which was up from $485 million in March.

本季度末，遞延收入為 5.18 億美元，高於 3 月份的 4.85 億美元。

This number excludes $164 million in shipments to customers in Japan, which will revenue in future quarters.

這個數字不包括向日本客戶發貨的 1.64 億美元，這將在未來幾個季度獲得收入。

I'll just remind you that these Japan shipments remain as inventory carried at cost on our balance sheet.

我只想提醒您，這些日本貨物在我們的資產負債表上仍以成本計價。

Company non-cash expenses during the quarter included the following: $40 million for equity comp, $39 million for amortization, and $31 million for depreciation.

本季度公司的非現金支出包括：4000 萬美元用於股權補償，3900 萬美元用於攤銷，3100 萬美元用於折舊。

Capital expenditures was up a little bit to $63 million, which was up from $32 million in the March quarter.

資本支出略增至 6300 萬美元，高於 3 月季度的 3200 萬美元。

Investments in the quarter were largely attributed to lab tool investments.

本季度的投資主要歸因於實驗室工具投資。

We exited the quarter with approximately 7,200 regular full-time employees.

本季度結束時，我們約有 7,200 名正式全職員工。

And I'd just take a moment to mention that the growth in headcount you have been seeing from us over the last few quarters will level out as we go forward.

我想提一下，你在過去幾個季度從我們那裡看到的員工人數增長將隨著我們的前進而趨於平穩。

So now looking ahead, I would like to provide our non-GAAP guidance for the September quarter.

所以現在展望未來，我想提供我們對 9 月季度的非 GAAP 指導。

We are expecting shipments of $1.580 billion, plus or minus $75 million.

我們預計出貨量為 15.8 億美元，上下浮動 7500 萬美元。

Shipments will continue to be strong, driven by 3D NAND.

在 3D NAND 的推動下，出貨量將繼續保持強勁。

We are forecasting revenue of $1.600 billion, plus or minus $75 million.

我們預計收入為 16 億美元，上下浮動 7500 萬美元。

We expect gross margin of 45.5% plus or minus 1 percentage point.

我們預計毛利率為 45.5%正負 1 個百分點。

We are forecasting operating margins of 22.5%, plus or minus 1 percentage point.

我們預測營業利潤率為 22.5%，上下浮動 1 個百分點。

And I'd just point out this operating margin includes some growth in spending that is of a discrete nature.

我只想指出，這種營業利潤率包括一些離散性質的支出增長。

I'd expect spending in the December quarter to come down somewhat from this level.

我預計 12 月季度的支出將從這個水平有所下降。

And then, finally, we are forecasting earnings per share of $1.70, plus or minus $0.10, based on a share count of approximately 174 million shares.

最後，基於大約 1.74 億股的股票數量，我們預測每股收益為 1.70 美元，上下浮動 0.10 美元。

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 open up the call for questions.

馬丁和我很樂意打開提問的電話。

(Operator Instructions)

（操作員說明）

We will take our first question from Jim Covello with Goldman Sachs.

我們將從高盛的 Jim Covello 那裡回答我們的第一個問題。

Good afternoon.

下午好。

Congratulations on the very strong results and guidance.

祝賀非常強大的結果和指導。

Martin, if I could ask a question.

馬丁，如果我可以問一個問題。

Since Intel cut the CapEx again on the last call and kind of made the comments about slowing down Moore's Law, slowing down some technology transitions, which a lot of people TSMC is kind of suggesting they will do as well.

由於英特爾在上次電話會議上再次削減了資本支出，並發表了關於減緩摩爾定律的評論，減緩了一些技術轉型，台積電很多人暗示他們也會這樣做。

Obviously that's not affecting you in the short term given the terrific results and guidance, but what do you think the long-term impact is on your business of that?

鑑於出色的結果和指導，顯然這不會在短期內影響您，但您認為這對您的業務有什麼長期影響？

Well, I mean, I think when we look at the totality of our industry, and while it is true we have a consolidated industry, and that means looking at 5 to 10 companies, everybody does have a slightly different story, and as an equipment company, our profile of business with any one customer is different from others.

好吧，我的意思是，我認為當我們審視整個行業時，雖然我們確實有一個整合的行業，這意味著看看 5 到 10 家公司，每個人的故事確實略有不同，並且作為一個設備公司，我們與任何一位客戶的業務概況都與其他客戶不同。

As many people have written, in fact the negative commentary from Intel, from a cadence perspective, obviously, doesn't impact us as much as it does possibly for others.

正如許多人所寫的那樣，事實上，從節奏的角度來看，英特爾的負面評論顯然不會像對其他人那樣影響我們。

But we look holistically at the full spectrum of technology inflections and still feel very positive around medium-term and long-term business opportunities.

但我們從整體上看待技術變化的各個方面，仍然對中期和長期商業機會感到非常樂觀。

Logic is in the mix and traditional shrink is in the mix.

邏輯是混合的，傳統的收縮是混合的。

But there are many other market inflection opportunities for the Company and that's kind of what we're investing for and that's what we're trying to describe in terms of outperformance opportunity for the Company.

但公司還有許多其他的市場拐點機會，這就是我們投資的目的，也是我們試圖用公司表現優異的機會來描述的。

So it takes all customers, all segments, all inflections, and it's a lot of opportunity from my perspective, to be innovative and creative, solving and contributing to the success of our customers long-term.

因此，需要所有客戶、所有細分市場、所有轉折點，從我的角度來看，這是很多機會來創新和創造，解決並為我們客戶的長期成功做出貢獻。

That's very helpful.

這很有幫助。

Thank you.

謝謝你。

And if I could just ask for a follow-up, similar kind of situation to last quarter where the market was very concerned about what your results and guidance would look like on the heels of an Intel cut and maybe some more cautious commentary from TSM.

如果我可以要求跟進，與上一季度類似的情況，市場非常擔心你的業績和指導在英特爾削減之後會是什麼樣子，並且可能來自 TSM 的一些更謹慎的評論。

Just like last quarter, you guys delivered a terrific quarter and gave guidance well above the Street.

就像上個季度一樣，你們提供了一個了不起的季度，並提供了遠高於華爾街的指導。

Do you think this is a function of that much less exposure to those customers, or do you think there is some dynamic here of you're gaining share, even if some of the customers that might be slowing down a little bit such that your commentary is much more constructive and your numbers are much better than your peers, even in the context of those customers slowing down?

你認為這是因為與這些客戶的接觸少得多，還是你認為這裡有一些動態的你正在獲得份額，即使一些客戶可能會放慢一點，以至於你的評論更具建設性，並且您的數據比您的同行好得多，即使在這些客戶放緩的情況下？

Let's not be confused.

讓我們不要感到困惑。

The outperformance commentary of the Company is not a commentary on being weak in places that are cutting investments.

公司表現優異的評論並不是對在削減投資的地方表現不佳的評論。

It is a fundamental commentary on deposition and etch and to some extent clean intensive technology inflections, which is creating a rather unique opportunity for our Company, in our industry, to grow and outperform.

這是對沉積和蝕刻以及在某種程度上清潔密集型技術變化的基本評論，這為我們公司在我們的行業中創造了一個相當獨特的機會，以實現增長和超越。

The commentary that we have articulated today is a little stronger than we did a couple weeks ago, relative to revenues because as you, I hope, all noticed we are now expecting revenues in the second half slightly stronger than the first half as opposed to roughly balanced.

相對於收入，我們今天發表的評論比幾週前要強一些，因為我希望你們都注意到我們現在預計下半年的收入略高於上半年，而不是大致均衡。

And if we execute to that plan, we will be delivering our third straight year of 20% revenue growth in the Company, which is a tremendous commentary on fundamental growth opportunities that we think have traction for several years yet.

如果我們執行該計劃，我們將在公司實現連續第三年 20% 的收入增長，這是對我們認為幾年來仍具有吸引力的基本增長機會的巨大評論。

Terrific.

了不起。

Thanks a lot for the color.

非常感謝顏色。

Congratulations again.

再次祝賀。

Thank you.

謝謝你。

Thanks, Jim.

謝謝，吉姆。

We will take our next question from Krish Sankar with Bank of America.

我們將向美國銀行的 Krish Sankar 提出我們的下一個問題。

Thanks for taking my question.

感謝您提出我的問題。

I have two of them.

我有兩個。

First one, Martin, even though December shipments are going to be down, looks like year over year shipments are still very impressive comparing where the WFE is going to be.

第一個，馬丁，儘管 12 月的出貨量將會下降，但與 WFE 相比，同比出貨量仍然非常令人印象深刻。

Based on that, my question is, if the growth, can you parse it out between how much of your growth is coming from SAM expansion and how much is market share?

基於此，我的問題是，如果增長，您能否在您的增長中有多少來自 SAM 擴張和市場份額有多少之間進行分析？

50-50?

50-50？

Two-thirds?

三分之二？

One-third.

三分之一。

Then I have a follow-up.

然後我有一個跟進。

I don't know that I can answer that specifically for the year, Krish, but we have characterized from the beginning of this inflection story roughly a two-third, one-third profile in favor of SAM expansion.

Krish，我不知道我能否具體回答這一年，但我們從這個拐點故事的一開始就描述了大約三分之二、三分之一的人支持 SAM 擴展。

The market share story is indeed a meaningful component but it is the smaller of the two and as a side note, we did recently increase our expectations of share growth in etch from the original 3% to 5% target to the 4% to 8% level.

市場份額故事確實是一個有意義的組成部分，但它是兩者中較小的一個，作為旁注，我們最近確實將我們對蝕刻份額增長的預期從最初的 3% 到 5% 目標提高到了 4% 到 8%等級。

Got it.

知道了。

Got it.

知道了。

And then as a follow up, if I look at your September guidance and try to analyze it, you're kind of at the run rate that you gave in your target model and revenue side as a $36 billion WFE run rate, which obviously is not the case in September, but it looks like you guys are running pretty well ahead of target thanks to your model.

然後作為後續行動，如果我查看您 9 月份的指導並嘗試對其進行分析，您在目標模型和收入方面給出的運行率是 360 億美元的 WFE 運行率，這顯然是9 月份的情況並非如此，但由於您的模型，你們看起來已經遠遠領先於目標。

The question here is most of the earnings power going forward going to be driven by the top line, or are there any specific levers to pull on the Op Ex side or customer mix that's going to drive the incremental EPS upside?

這裡的問題是，未來的大部分盈利能力將由營收驅動，或者是否有任何特定的槓桿可以拉動運營支出或客戶組合，從而推動每股收益的增長？

This is Doug.

這是道格。

A lot of it is going to come from revenue growth.

其中很大一部分將來自收入增長。

Having said that, though, we are not going to grow spending as quickly as we believe revenue growth will grow, which is how you get from kind of where we are today at, call it, 22% up to the 24% or so over the next several years.

話雖如此，但我們不會像我們認為的收入增長那樣快地增加支出，這就是你從我們今天所處的位置獲得的方式，稱之為 22% 到 24% 左右接下來的幾年。

There is leverage in the model.

模型中有槓桿作用。

A little bit in gross margin probably and in the spending line.

可能在毛利率和支出線上有一點點。

Just to supplement, we talked a lot about the focus on long-term in growth, today's inflections, tomorrow's inflections, and the team has done a really nice job getting the proportion of operating expenses that is focused on R&D above the 60% level and we have kind of repeated that again this quarter.

作為補充，我們談了很多關於長期增長的關注，今天的轉折點，明天的轉折點，團隊做得非常好，使專注於研發的運營費用比例超過 60% 水平，並且我們在本季度再次重複了這一點。

Again, to supplement Doug's point, the guidance today answers your question because today's guidance, September over June, is a 13% expansion of EPS, on an 8% expansion of revenues midpoint.

再次補充道格的觀點，今天的指導回答了你的問題，因為今天的指導，即 9 月比 6 月，每股收益增長 13%，收入中點增長 8%。

So we're really focused on leverage and profitable growth, not just market share and revenue growth.

因此，我們真正關注的是槓桿和盈利增長，而不僅僅是市場份額和收入增長。

So we know the game.

所以我們知道這個遊戲。

Yes, we have been doing it for three years running now.

是的，我們已經做了三年了。

Got it.

知道了。

Thanks, Martin.

謝謝，馬丁。

Thanks, Doug.

謝謝，道格。

Thanks, Krish.

謝謝，克里什。

We will take our next question from Patrick Ho with Stifel Nicolaus.

我們將回答 Patrick Ho 和 Stifel Nicolaus 的下一個問題。

Thank you very much and congrats on a really nice quarter and fiscal year.

非常感謝，並祝賀一個非常好的季度和財政年度。

Martin, you talked about some of the spending trends that you saw in the first half of the year when DRAM was highly biased.

Martin，您談到了您在上半年看到的一些支出趨勢，當時 DRAM 高度偏頗。

We're seeing the emergence of 3D NAND spending into the second half of the year.

我們看到 3D NAND 支出在今年下半年出現。

Are there any other segments that you are seeing the second half of the year that, quote, are picking up that's helping you deliver some of the outlooks, both for September as well as the December quarter?

您在下半年看到的任何其他細分市場（引述）正在幫助您實現 9 月和 12 月季度的一些前景嗎？

I think we have a pretty good presence through each of the inflections and the segments, as you know.

如您所知，我認為我們在每個轉折點和細分市場中都有很好的存在感。

And with the recent disclosure, despite comments on this call, with the recent disclosure and press release about progress with a North America logic company, we feel pretty good about participating broadly in the spending patterns of our customers.

隨著最近的披露，儘管對這次電話會議發表了評論，隨著最近披露和新聞稿關於北美邏輯公司的進展，我們對廣泛參與客戶的消費模式感到非常滿意。

To your point, the view of the world today is not so very different in many respects to the view we had at the beginning of the year.

在你看來，今天的世界觀在很多方面與我們年初的觀點並沒有太大的不同。

We expected DRAM to be first-half biased.

我們預計 DRAM 將在上半年出現偏差。

It still looks that way.

看起來還是那樣。

We expected NAND to be second-half biased.

我們預計 NAND 將偏向下半年。

It's picked up.

它撿起來了。

We expected foundry logic to be neutral to maybe slightly stronger in the first half as well.

我們預計代工邏輯在上半年也可能是中性的，甚至可能略強。

So running this Company in this industry, all of that is relevant and certainly notable, but we're much more invested in investing with a medium-term kind of longer-term horizon, for obvious reasons.

因此，在這個行業經營這家公司，所有這些都是相關的，當然值得注意，但出於顯而易見的原因，我們更多地投資於中期投資和長期投資。

A $3 billion SAM expansion opportunity is very important for us to stay focused on executing.

30 億美元的 SAM 擴展機會對於我們保持專注於執行非常重要。

Great.

偉大的。

And, Doug, maybe a question for you.

而且，道格，也許是你的問題。

Something you've talked about in the analyst days and over the last few calls of the services business and some of the revenue opportunities there.

您在分析師時代和服務業務的最後幾次電話會議以及那裡的一些收入機會中談到了一些事情。

That's always a business where you can always have margin improvements.

這始終是一項您始終可以提高利潤率的業務。

What are some of the actions you're taking there to, I guess, further streamline that opportunity to help drive better leverage to the bottom line?

我想，您在那裡採取了哪些行動來進一步簡化這一機會，以幫助推動更好地利用利潤？

Patrick, what we're really trying to do more than anything is to have that part of the business grow faster than just the growth rate of the installed base.

帕特里克，我們真正想做的最重要的事情是讓這部分業務增長得更快，而不僅僅是安裝基數的增長率。

As you know, the profitability of this part of the business is pretty good.

如您所知，這部分業務的盈利能力相當不錯。

It requires some direct investment.

它需要一些直接投資。

Not a lot.

不是很多。

But really what we're doing is innovating the business model, innovating on how we are delivering value to customers to grow the top line and the bottom line falls through as the top line grows.

但實際上我們正在做的是創新商業模式，創新我們如何為客戶提供價值以增加收入，而隨著收入的增長，底線就會下降。

To be very direct, Patrick, it's all about value you can provide to the customer.

坦率地說，帕特里克，這完全是關於您可以為客戶提供的價值。

If you can't provide much value to the customer, you are not going to make much money selling it.

如果您不能為客戶提供太多價值，那麼您將無法通過銷售它賺到很多錢。

It's about finding ways to understand their challenges and issues and support them as well as we can.

這是關於尋找方法來了解他們的挑戰和問題，並儘我們所能支持他們。

And we have a lot of people invested in that agenda.

我們有很多人投資於該議程。

Great.

偉大的。

Thank you very much.

非常感謝。

Thanks, Patrick.

謝謝，帕特里克。

Thanks, Patrick.

謝謝，帕特里克。

We will next go to Timothy Arcuri with Cowen & Company.

接下來我們將與 Cowen & Company 一起前往 Timothy Arcuri。

Thanks a lot.

非常感謝。

A couple things.

幾件事。

I guess, Doug, I am just looking at gross margin.

我想，道格，我只是在看毛利率。

If I compare gross margin and I look at the guidance and I compare it back to the beginning of -- sorry, the end of calendar 2013, revenues are up about $500 million a quarter or roughly $2 billion annualized.

如果我比較毛利率，並查看指導意見，然後將其與年初 - 抱歉，2013 日曆年底進行比較，收入每季度增加約 5 億美元，或年化約 20 億美元。

The models definitely played out.

模型肯定發揮了作用。

There's no question about that.

毫無疑問。

I guess the one thing would be that margins haven't really gone up despite all that additional revenue.

我想一件事是儘管有那麼多額外的收入，但利潤率並沒有真正上升。

And I guess are there any things you can do from a high level to sort of address that?

我想你能從高層次上做些什麼來解決這個問題嗎？

I know you have talked about doing some more one off projects for some customers which appears to be a sign you are bringing more value to them.

我知道你已經談到為一些客戶做更多的一次性項目，這似乎表明你正在為他們帶來更多價值。

I wonder if maybe there is some way you can -- something you can do to capture that value to cause margins to have some upside from here?

我想知道是否有一些方法可以——你可以採取一些措施來捕捉這個價值，從而使利潤率從這裡有一些上升空間？

I mean, Tim, when I look at operating margin at least, we've delivered nice up side.

我的意思是，蒂姆，至少當我查看營業利潤率時，我們已經取得了不錯的收益。

We have gone from high teens a year ago into low 20%s, right?

我們已經從一年前的高青少年變成了低 20%，對吧？

So that's there even though gross margins kind of have been leveled a little bit.

因此，即使毛利率已經趨於平穩，但還是存在的。

The reason gross margin have been level, as we talked about in the past, we have gotten more new tools coming out in the last 12 months than we ever had in the history of the Company and in the first couple of quarters, that new equipment is shipping, you don't have your cost as low as it's going to get.

正如我們過去所說，毛利率保持水平的原因是，在過去的 12 個月裡，我們推出的新工具比公司歷史上和前幾個季度中的任何時候都多，即新設備正在運輸，您的成本不會像預期的那樣低。

As you mature those tools and get them released into the high volume environment, costs come down and margin gets better.

隨著您使這些工具成熟並將它們發佈到大批量環境中，成本會下降並且利潤會變得更好。

That's really what is going on in the gross margin line.

這就是毛利率線上正在發生的事情。

And to add, and this is maybe an important point relative to the philosophy of the Company, our most important vision objective is to focus on customer trust, which means in all respects.

並且補充一點，這可能是與公司理念相關的重要一點，我們最重要的願景目標是關注客戶信任，這意味著在所有方面。

And we have to be cognizant of the distribution of profits through the supply chain.

我們必須認識到通過供應鏈分配利潤。

We have to target a profitability level that we think is going to support the sustainable growth ambition of the Company.

我們必須設定一個我們認為將支持公司可持續增長目標的盈利水平。

And so the model that we have articulated historically has been a baseline.

因此，我們在歷史上闡明的模型一直是基準。

And I think although we didn't report a gross margin percentage in our long-term the other day, Doug described the fact that more or less the headline for gross margins was the same today as it was a year or so ago.

而且我認為，儘管前幾天我們沒有報告長期的毛利率百分比，但道格描述了這樣一個事實，即今天的毛利率標題或多或少與一年左右前相同。

Thanks a lot for that, Martin.

非常感謝，馬丁。

And then I guess my second question is on shipments.

然後我想我的第二個問題是關於發貨的。

And you are not guiding December shipments, Martin, but it sounds like shipments are going to down maybe $200 million to $300 million versus what they were in September.

馬丁，你不是在指導 12 月的出貨量，但聽起來與 9 月份相比，出貨量可能會下降 2 億至 3 億美元。

I'm wondering, given all the issues in China and you look at semis, many of the semis, they are guiding way below seasonal for Q3 and there is some obvious signs that foundry is getting a bit softer.

我想知道，考慮到中國的所有問題，你看看半成品，許多半成品，它們在第三季度的季節性低於指導方針，並且有一些明顯的跡象表明代工變得有點疲軟。

So I am trying to assess how much, in the foundry segment in particular, how much is risk adjusted in that down $200 million to $300 million shipment number from September to December.

因此，我試圖評估在 9 月至 12 月出貨量下降 2 億至 3 億美元的情況下，特別是在鑄造領域，風險調整了多少。

Is that primarily 3-D NAND coming down or is there some risk adjustment also for the foundry segment, too?

主要是 3-D NAND 下降還是代工部門也有一些風險調整？

Thanks.

謝謝。

You kind of gave me the answer in your question when you said you are probably not going to give guidance.

當您說您可能不會提供指導時，您在問題中給了我答案。

And I am definitely not.

我絕對不是。

To help you kind of triangulate, some part of what will be our profile, and I have no idea if our profile is going to be the same or different than other equipment companies.

為了幫助您進行三角測量，我們的個人資料的某些部分，我不知道我們的個人資料是否與其他設備公司相同或不同。

It's all a byproduct of how you're participating and what your September is going to look like in the sequentials.

這都是你如何參與以及你的九月在序列中的樣子的副產品。

Some part of the December message we communicated is a byproduct of what I think will prove to be relative strength of our Company in the September quarter.

我們傳達的 12 月信息的某些部分是我認為將證明我們公司在 9 月季度的相對實力的副產品。

I think some part of the commentary is simply a statement of this new variability challenge we described in our analyst meeting.

我認為評論的某些部分只是對我們在分析師會議中描述的這種新的可變性挑戰的陳述。

In a consolidated semiconductor industry, just in context, the top five spenders are going to represent, let's say, 70% of wafer fabrication equipment spending.

在整合的半導體行業中，前五名的支出將佔晶圓製造設備支出的 70%。

If you are a $6 billion company, which is kind of what we are run rating to right now, that means in any one quarter, the average spending from one of those top five customers is $0.25 billion.

如果您是一家價值 60 億美元的公司，這與我們目前的評級相同，這意味著在任何一個季度，前五名客戶之一的平均支出為 2.5 億美元。

So all it takes is an adjustment from one guy and you spring into the types of numbers that you talked about.

所以只需要一個人做出調整，然後你就會進入你所說的數字類型。

Our focus is kind of obviously flexibility of business models to deal with those -- that variability as well as we can, but not to compromise the focus on long-term growth in the Company.

我們的重點是商業模式的明顯靈活性，以應對這些變化——我們可以做到的那種可變性，但不會影響對公司長期增長的關注。

So we've done our best to absorb the rumor and the substance of kind of industry tone in the last couple of weeks and obviously, we spend a lot of time directly with customers trying to learn as much as we can and that's reflected in the guidance that we have given you.

因此，在過去的幾周里，我們已盡最大努力吸收謠言和行業基調的實質內容，顯然，我們花了很多時間直接與客戶嘗試盡可能多地學習，這反映在我們給你的指導。

Awesome, Martin.

太棒了，馬丁。

Thank you so much.

太感謝了。

Thank you.

謝謝你。

Thanks, Tim.

謝謝，蒂姆。

Next we go to for Farhan Ahmad with Credit Suisse.

接下來我們去找瑞士信貸的法爾漢艾哈邁德。

Thanks for taking my question.

感謝您提出我的問題。

Congrats on the solid results.

恭喜您取得了可靠的結果。

Martin, I wanted to probe you on the fourth quarter expectations a little bit.

馬丁，我想稍微探討一下你對第四季度的預期。

You kind of quantified the upside on the shipments, like the maximum ceiling for shipments in the fourth quarter.

你有點量化了出貨量的上升空間，比如第四季度出貨量的最大上限。

I was hoping you can provide some color on what level of downside could there be?

我希望你能提供一些關於可能存在何種程度的不利因素的顏色？

And secondly, you have built deferred revenues of about $200 million over the last three-quarters.

其次，在過去的三個季度中，您已經建立了約 2 億美元的遞延收入。

How should we think about the revenues in the fourth quarter?

我們應該如何看待第四季度的收入？

Could we still get flattish revenues from September to December?

從 9 月到 12 月，我們還能獲得持平的收入嗎？

Well, I am going to respectfully contain my comments on December quarter shipments, which seem a long way away from our seat at this point in time to the answer I just gave Tim's question, but certainly relative to revenues.

好吧，我將恭敬地包含我對 12 月季度出貨量的評論，在這個時間點上，與我剛剛給出蒂姆問題的答案相比，這似乎與我們的立場相去甚遠，但肯定是相對於收入而言的。

The message from the Company is very clear, I hope.

我希望公司的信息非常明確。

We expect slightly stronger revenues in the second half of this year than the first half of this year, and if we execute to that plan, this will be our third consecutive year of 20% growth, which I think is a remarkable commentary on the substance of the technology inflection growth opportunities we have described to you now.

我們預計今年下半年的收入將略高於今年上半年，如果我們執行該計劃，這將是我們連續第三年實現 20% 的增長，我認為這是對實質內容的非凡評論我們現在向您描述的技術轉折增長機會。

Thank you.

謝謝你。

And just a quick question related to your comments on NAND shipments.

還有一個與您對 NAND 出貨量的評論相關的快速問題。

You mentioned that it was -- you mentioned the term NAND and other non-volatile memory and considering that there was a new memory architecture that was announced yesterday, I wanted to hear if you have started to see other orders or shipment in next generation memory?

你提到它是——你提到了 NAND 和其他非易失性內存這個術語，考慮到昨天宣布了一種新的內存架構，我想知道你是否已經開始看到下一代內存的其他訂單或發貨?

So far, and it's Doug, we spend a lot of time working with customers on all of their next generation technologies and aspirations.

到目前為止，是 Doug，我們花了很多時間與客戶合作，研究他們所有的下一代技術和願望。

I am not going to answer a question about any specific customer except to say we are very well integrated with everybody in the industry.

我不會回答有關任何特定客戶的問題，只是說我們與行業中的每個人都很好地融合在一起。

Thank you.

謝謝你。

Thanks.

謝謝。

We will next go to Weston Twigg with Pacific Crest Securities.

接下來，我們將與 Pacific Crest Securities 一起前往 Weston Twigg。

Hi.

你好。

Yes, thanks for taking my question.

是的，謝謝你提出我的問題。

First, just I know it's really early, but wondering if you would give us a little bit of your view on which segments might be up or down, in your opinion in 2016 - foundry, NAND, logic, DRAM, up or down?

首先，我知道現在還為時過早，但想知道您是否願意就您認為 2016 年哪些細分市場可能上漲或下跌 - 代工、NAND、邏輯、DRAM 上漲或下跌，給我們一些看法？

Just some early color?

只是一些早期的顏色？

You are very optimistic today with your questions.

你今天對你的問題非常樂觀。

Yes.

是的。

So I'll do my best here.

所以我會在這裡盡力而為。

And I think it's more qualitative than quantitative.

而且我認為它是定性的而不是定量的。

As we said in the analyst event, we are still biased to an expansion of wafer fabrication spending in calendar 2016 over 2015.

正如我們在分析師活動中所說，我們仍然傾向於在 2016 年的日曆中比 2015 年擴大晶圓製造支出。

Frankly, a big part of that is influenced by the SAM expansion conversation that we have most knowledge of.

坦率地說，其中很大一部分受到我們最了解的 SAM 擴展對話的影響。

So asking any equipment company to really opine with substance on WFE is a bit of a stretch because none of us sell product into every single segment of the industry.

因此，要求任何設備公司真正就 WFE 發表實質性意見有點牽強，因為我們沒有人將產品銷售到行業的每一個細分市場。

We are always imputing a WFE headline.

我們總是在輸入 WFE 標題。

I would say the demand message, holistically, looks pretty decent.

我想說，從整體上看，需求信息看起來相當不錯。

I would expect an IC unit number next year that's probably a little higher than this year.

我預計明年的 IC 單元數可能會比今年略高。

I think that to the extent there are kind of inventory -- I don't know if I would describe them as issues right now, because I think it's pretty modest, but there are certainly some evidence of minor industry corrections kind of playing out in the second half of the year.

我認為在某種程度上存在庫存——我不知道我現在是否會將它們描述為問題，因為我認為這相當溫和，但肯定有一些證據表明行業正在發生輕微的調整下半年。

I think we go into next year with really good supply-demand balance in all segments of the industry.

我認為我們進入明年，該行業所有領域的供需平衡都非常好。

Next year is a very important year relative to -- transitioning from first phase investments and for some maybe second, but primarily first phase investments in next generation technology.

明年是非常重要的一年——從第一階段投資過渡到第二階段，但主要是對下一代技術的第一階段投資。

So the technology inflections of 3D NAND and FinFET transistor, for example, are really just beginning to get traction as device relevant.

因此，例如 3D NAND 和 FinFET 晶體管的技術變化，實際上才剛剛開始獲得與設備相關的牽引力。

So I look at the demand statement and I feel reasonably good about all of it.

因此，我查看了需求聲明，我對所有這些都感覺相當不錯。

And then, obviously, I think there is maybe four fabs coming online in the first half of next year.

然後，很明顯，我認為明年上半年可能會有四家晶圓廠上線。

Three, I think, are foundry logic and one is memory.

我認為三個是代工邏輯，一個是內存。

It's very clear that the customer is committed to the medium- and long-term inflections and they are very disciplined around their execution.

很明顯，客戶致力於中期和長期的變化，並且他們在執行方面非常自律。

Even in a world like DRAM, for example, where perhaps as a byproduct of ASPs in the last three months, there is some level of anxiety, it's a super efficient conversion and it is a conversion that has business substance.

例如，即使在像 DRAM 這樣的世界中，可能作為過去三個月 ASP 的副產品，也存在某種程度的焦慮，這是一種超級有效的轉換，並且是一種具有商業實質的轉換。

It's a better performing DRAM at lower cost.

它是一種性能更好、成本更低的 DRAM。

So at the end of the day, it's all about a customer's ability to pay for that and if they can afford to do the upgrade, then I think you see it executed.

因此，歸根結底，這完全取決於客戶的支付能力，如果他們有能力進行升級，那麼我認為您會看到它已執行。

I don't know if I would call out any one segment right now.

我不知道我現在是否會喊出任何一個片段。

I feel like there are legs in all three of them as we described them.

正如我們描述的那樣，我覺得他們三個都有腿。

We will see how the next kind of six months plays out before we get quantitative.

在我們獲得量化數據之前，我們將看看接下來的六個月會如何發展。

That was a very good answer.

這是一個非常好的答案。

Very helpful, especially on what is a difficult question.

非常有幫助，尤其是在什麼是困難的問題上。

Just as a follow-up, can you help me understand the nature of the big increase in the future Japanese revenue?

只是作為後續，能不能幫我了解一下未來日本營收大幅增長的本質？

Was that more CMOS image sensor or was that perhaps some memory shipments?

是更多的 CMOS 圖像傳感器還是一些內存出貨量？

It was perhaps a little bit of a both of those things, Wes.

韋斯，這可能是這兩件事的一部分。

Perfect.

完美的。

Thanks again.

再次感謝。

Thank you.

謝謝你。

Thanks, Wes.

謝謝，韋斯。

We will next go to CJ Muse with Evercore ISI.

接下來我們將與 Evercore ISI 一起前往 CJ Muse。

Good afternoon.

下午好。

Thank you for taking my question.

謝謝你接受我的問題。

I guess first question, I was hoping to get, I guess, a discussion or your thoughts on 10-nanometer ramp on the foundry logic side and how you would compare and contrast it to what you saw at the 20,16, 14 both in terms of timing, magnitude both of equipment - first pilot and then high volume?

我想第一個問題，我想，我想就代工邏輯方面的 10 納米斜坡進行討論或您的想法，以及您將如何將其與您在 20、16、14 中看到的內容進行比較和對比設備的時間和規模 - 首先是試點，然後是大批量？

Thank you.

謝謝你。

I think in terms of timing, I refer you back to the slide that I presented in the analyst meeting.

我認為就時間安排而言，我建議您回到我在分析師會議上展示的幻燈片。

Not so much more to add there.

沒有太多要添加的內容。

But the substance of 10-nanometer we think emerges next year and continues through 2017 with 7-nanometer investment playing out in the 2018 timeframe.

但我們認為 10 納米的實質將在明年出現，並將持續到 2017 年，7 納米的投資將在 2018 年進行。

So that's -- there is more details in the analyst slide deck for you to take a look at.

這就是 - 分析師幻燈片中有更多細節供您查看。

In terms of how we would expect a 10-nanometer investment to compare and contrast, I don't know that anybody can really answer that question today.

就我們如何期望 10 納米投資進行比較和對比而言，我不知道今天有人能真正回答這個問題。

And I'm repetitively exposed to a broad, diverse set of opinions.

而且我反復接觸到廣泛而多樣的意見。

My personal opinion is that 16 and 14 is obviously an important node as a first FinFET, but I have the impression that the fabless community has expectations of performance and cost benefit in relative terms at 10 that will be greater than they realized in the 20 and 16, 14 space.

我個人的看法是，16 和 14 顯然是作為第一個 FinFET 的重要節點，但我的印像是，無晶圓廠社區對相對而言 10 的性能和成本效益的期望將高於他們在 20 和16、14 空間。

And when I read what I read from the foundries, that seems to be consistent with what they are describing as a business objective as well.

當我讀到我從代工廠讀到的東西時，這似乎也與他們所描述的商業目標一致。

So I would expect 10 to be a very robust technology node for the industry.

因此，我預計 10 將成為該行業非常強大的技術節點。

In our models, as a point of reference, if you are trying to assess risk in our long-term models or opportunity in our long-term models, I think by the time we get to calendar 2018 in logic and foundry combined, we have assumed about 150,000 wafer starts of 10-nanometer capacity.

在我們的模型中，作為參考，如果您試圖評估我們長期模型中的風險或我們長期模型中的機會，我認為到 2018 年邏輯和代工相結合時，我們已經假設大約 150,000 個 10 納米產能的晶圓開始。

That's by calendar start 2018?

那是從 2018 年日曆開始？

That's by the time we get to the end of 2018.

那是我們到2018年底的時候。

I should have said foundry only.

我應該只說代工。

Sorry.

對不起。

Foundry only, about 150,000 wafers starts by the end of 2018.

僅代工廠，到 2018 年底將開始大約 150,000 片晶圓。

That's our assumption in our financial models.

這是我們在財務模型中的假設。

Great.

偉大的。

My follow-up for Doug.

我對道格的跟進。

Two parts here.

這裡有兩個部分。

One, can you share what ending backlog was?

一，你能分享一下結局積壓是什麼嗎？

And two, for OpEx trajectory and the discrete items in the September quarter, should we be getting back to the low-mid $350 million in December?

第二，對於 9 月季度的運營支出軌跡和離散項目，我們是否應該回到 12 月的 3.5 億美元中低端？

Yes, CJ, I am going to give you bookings.

是的，CJ，我會給你預訂。

I did that a quarter or so ago just as a one-off thing.

我在大約一個季度前就這樣做了，只是一次性的。

We just --

我們剛剛 -

No, you do report ending backlogs.

不，您確實報告了結束積壓。

I am curious if you could share that?

我很好奇你能不能分享一下？

We don't report that.

我們不報告。

Okay.

好的。

You're going to see that in the 10-K.

您將在 10-K 中看到這一點。

We report it one time a year and it's -- I actually haven't even looked at it, C.J.

我們每年報告一次，它是——實際上我什至沒有看過它，C.J.

Okay.

好的。

Sorry.

對不起。

Then your second question on spending?

那麼關於支出的第二個問題是什麼？

It will come down probably a little bit above the quarter that we just announced.

它可能會比我們剛剛宣布的季度略高一些。

But pretty close, I think.

但我認為非常接近。

Just to put the backlog statement in context, the reason Doug said what he said is the same reason that about seven or eight years ago, Lam Research said we are not reporting bookings any more.

只是將積壓聲明放在上下文中，Doug 所說的原因與大約七八年前的原因相同，Lam Research 表示我們不再報告預訂情況。

It gives a very misleading commentary on the ebbs and flows of the industry.

它對行業的潮起潮落給出了非常誤導性的評論。

When you take that input and then you take the very short-term nature and the cycle time compression that has existed in the industry, the backlog for any of our companies today is much less a commentary on the future of the industry than ever before.

當您接受這些輸入，然後您接受行業中存在的非常短期的性質和周期時間壓縮時，我們今天任何公司的積壓訂單都比以往任何時候都少了對該行業未來的評論。

That is why it is only an annual disclosure that shows up in a 10-K filing.

這就是為什麼它只是在 10-K 文件中顯示的年度披露。

It's not that meaningful for upcoming shipments.

這對於即將到來的貨物來說意義不大。

Thank you.

謝謝你。

Thanks, C.J.

謝謝，C.J.

We will take our next question from Harlan Sur with JPMorgan.

我們將向摩根大通的 Harlan Sur 提出下一個問題。

Good afternoon and congratulations on the solid quarterly execution.

下午好，祝賀季度執行的穩健。

On the roughly flattish shipment outlook for September, you pointed out strong 3-D NAND.

關於 9 月份大致持平的出貨前景，您指出了強勁的 3-D NAND。

Can you guys just give us the rough sense directionally for your DRAM foundry and logic shipments in September?

你們能否給我們大致了解一下你們 9 月份的 DRAM 代工廠和邏輯出貨量的方向？

I will give you a little color.

我會給你一點顏色。

It's going to be strong 3-D NAND.

這將是強大的 3-D NAND。

DRAM is probably down a little bit.

DRAM 可能會下降一點。

Everything else I think is pretty steady, plus or minus.

我認為其他一切都相當穩定，正負。

Great.

偉大的。

Thanks for that.

感謝那。

And I am not complaining about the gross margin performance here, but given your commentary around sort of record loadings in your manufacturing facilities back at Semivcon a couple of weeks ago, I'm also kind of somewhat surprised that the team is not driving some gross margin benefits from better overhead absorptions on higher revenues in the September quarter.

我並不是在抱怨這裡的毛利率表現，但考慮到你幾週前在 Semivcon 的製造設施中的創紀錄負載的評論，我也有點驚訝團隊沒有推動一些毛利率利潤率受益於 9 月季度更高收入的更好的間接費用吸收。

Is this mix related, as you mentioned, or are there some other cost related issues that are masking the potential absorption benefits?

正如您所提到的，這種混合是否相關，或者是否有其他一些與成本相關的問題掩蓋了潛在的吸收收益？

As you might expect, we are driving this conversation really hard.

正如您所料，我們正在努力推動這場對話。

But as you might also expect, our customers drive the very same conversation really hard relative to us contributing to their long-term success.

但正如您可能還期望的那樣，相對於我們為他們的長期成功做出貢獻，我們的客戶非常努力地推動相同的對話。

So, frankly speaking, the gross margin conversation does not exist in isolation, at least as we run our Company.

因此，坦率地說，毛利率對話並不是孤立存在的，至少在我們經營公司時是這樣。

We are very focused on trying to get the balance right.

我們非常專注於嘗試保持平衡。

We feel like we have got a tremendous growth opportunity that can be executed in the context of the models that we have presented.

我們覺得我們有一個巨大的增長機會，可以在我們展示的模型的背景下執行。

For us to execute that and have sustainability means we have to respond in respect to the long-term interests of our customers.

對我們而言，要實現這一目標並具有可持續性，就意味著我們必須對客戶的長期利益做出回應。

Other companies may choose different strategies and they may have different growth and profitable growth profiles as a result of that.

其他公司可能會選擇不同的戰略，因此他們可能會有不同的增長和盈利增長概況。

Ours, I hope, is very clear.

我希望，我們的很清楚。

Thank you.

謝謝你。

Thanks.

謝謝。

And we will next go to Romit Shah with Nomura.

接下來我們將和野村一起去 Romit Shah。

Hi.

你好。

Yes, thank you.

是的，謝謝。

Martin, as you mentioned, 20% growth the last couple of years as well as this year.

馬丁，正如你提到的，過去幾年和今年都有 20% 的增長。

When you think about sustainable growth, is 20% sort of the number that you have in your head looking forward?

當您考慮可持續增長時，您腦海中的 20% 是不是在向前看？

That's a good try, Romit.

這是一個很好的嘗試，羅米特。

I would say our objective is to grow faster than the industry.

我想說我們的目標是比行業增長得更快。

We have an outperformance objective.

我們有一個超越績效的目標。

We've talked about trying to grow twice as fast as the industry and we have demonstrated an ability to do that.

我們已經討論過嘗試以兩倍於行業的速度增長，並且我們已經證明了這樣做的能力。

I think that's the more definitive objective for the Company.

我認為這是公司更明確的目標。

And if WFE kind of goes up and it coincides with 20, that's great.

如果 WFE 有點上升並且與 20 重合，那就太好了。

We should grow faster than the market, than the industry, Romit, is the important point.

我們要比市場增長快，比行業要快，羅密特，才是重點。

Understood.

明白了。

Thanks.

謝謝。

And then the other point you guys have mentioned, at least as far as 2016 goes, is one reason why you are optimistic on DRAM is that 20-nanometer conversions are still low as a percent of the installed base.

然後你們提到的另一點，至少就 2016 年而言，是你們對 DRAM 持樂觀態度的一個原因，即 20 納米轉換在安裝基數中的百分比仍然很低。

Do you have an updated number for what you think that is or might be towards the end of the year?

你有一個更新的數字，你認為這是或可能是到年底？

Yes.

是的。

More or less the same number today, Romit, as before.

今天，羅密特，和以前差不多。

Our expectation is by the end of this year, we have got about a third of the conversion to 20 done.

我們的預期是到今年年底，我們已經完成了大約三分之一到 20 的轉換。

So if the industry continues at the pace of calendar 2015 from a conversion point of view, it's another 18 months to 2 years before you are done.

因此，如果從轉換的角度來看，該行業以 2015 年日曆的速度繼續下去，那麼您還需要 18 個月到 2 年的時間才能完成。

And that's without a 1X and a 1Y and a 1Z in the road map of our customers.

我們客戶的路線圖中沒有 1X、1Y 和 1Z。

As I said in the analyst meeting, we have two to three nodes after the 20-nanometer technology node in the road maps of customers as we understand them today.

正如我在分析師會議上所說，在我們今天了解的客戶路線圖中，我們在 20 納米技術節點之後有兩到三個節點。

So I think there is decent sustainability here.

所以我認為這裡有不錯的可持續性。

At the end of the day, as has been demonstrated many times in this industry, it's all about an ability to pay.

歸根結底，正如該行業多次證明的那樣，這一切都與支付能力有關。

And if the ASP environment puts too much pressure on profitability, then, obviously, it's tough for folks to spend money converting, even if there is business substance to that investment.

如果 ASP 環境對盈利能力造成太大壓力，那麼很明顯，人們很難花錢轉換，即使該投資有商業實質。

Okay.

好的。

Thank you.

謝謝你。

And congratulations.

並祝賀。

Thank you.

謝謝你。

Thanks, Romit.

謝謝，羅密特。

We will take our next question from Edwin Mok with Needham & Company.

我們將接受來自 Needham & Company 的 Edwin Mok 的下一個問題。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Congrats on a great quarter.

祝賀一個偉大的季度。

First question on the etch market share number.

關於蝕刻市場份額的第一個問題。

I understand, obviously, you guys gave that target on the analyst event.

我明白，顯然，你們在分析師活動中給出了這個目標。

But kind of think about how you can achieve those numbers.

但是想想你如何才能達到這些數字。

How much of that is already designs that you believe you have already won in existing 3-D NAND or FinFET or kind of newer inflections related opportunity versus do you -- is any of that, or what portion of that is relying on customer converting to, let's say, thicker 3-D NAND, 72-layer 3-D NAND or customer moving to 10nm process and you win that business.

其中有多少是您認為您已經在現有的 3-D NAND 或 FinFET 中贏得的設計，或者是與您相比的新的變形相關機會 - 是其中的任何一個，或者其中的哪一部分依賴於客戶轉換為，比方說，更厚的 3-D NAND、72 層 3-D NAND 或客戶轉向 10nm 工藝，您就贏得了這項業務。

Is that a way you can kind of think about?

這是你可以考慮的一種方式嗎？

Well, in timeframe of right now, the selection decisions that are being made by the industry in logic, for example, are ten-nanometer selection decisions.

好吧，在現在的時間範圍內，行業正在邏輯上做出的選擇決策，例如，是十納米的選擇決策。

Some a little bit left of that and some maybe even a little bit right of that from a kind of early phase selection perspective.

從早期階段選擇的角度來看，有些偏左，有些甚至可能偏右。

But it would be irresponsible for me to say it's all in the bank, because in this industry, we should constantly have respect for the competency and capability of our competition.

但我說這一切都在銀行里是不負責任的，因為在這個行業，我們應該不斷地尊重我們競爭的能力和能力。

Everybody that has survived this long is good.

活了這麼久的每個人都是好人。

And we should recognize that we have to work hard every single day, continue to -- continue to realize the opportunity that we have described.

我們應該認識到，我們必須每天努力工作，繼續 - 繼續實現我們所描述的機會。

But I do feel like if we continue to execute in the Company and meet the commitments that we have made to customers, then in large part, the inflection story absolutely is as much in our control, if not more in our control, than anybody else.

但我確實覺得，如果我們繼續在公司執行並履行我們對客戶做出的承諾，那麼在很大程度上，拐點故事絕對在我們的控制範圍內，如果不是在我們的控制範圍內，比其他任何人都多.

So in the bank too strong a word, but I think we have got good track records.

所以在銀行這個詞太強了，但我認為我們有很好的記錄。

We have employed the right strategy and you have heard me talk a lot in this call about supporting the needs of customers.

我們採用了正確的策略，您在本次電話會議中聽到我談論了很多關於支持客戶需求的內容。

I think the instinct and the philosophy that we employ in the business on a day-to-day basis makes this story sustainable.

我認為我們在日常業務中採用的本能和哲學使這個故事具有可持續性。

Okay.

好的。

Great.

偉大的。

That's fair.

這還算公平。

And then Doug, can I ask you about capital structure?

然後道格，我能問你關於資本結構的問題嗎？

Any thoughts -- I know you guys have a buyback and you have put up dividend and raised it recently.

任何想法——我知道你們有回購，而且你們最近已經派發股息並提高了股息。

Any thoughts about putting more leverage on the balance sheet?

關於在資產負債表上增加槓桿的任何想法？

Maybe putting more -- adding more debt to the balance sheet?

也許投入更多——在資產負債表上增加更多的債務？

Can you remind us how much of your cash is on-shore versus offshore?

你能提醒我們你的現金有多少是在岸上還是離岸？

Yes, Edwin.

是的，埃德溫。

I mean, right now I am pretty comfortable with the balance sheet as it is set.

我的意思是，現在我對資產負債表的設定非常滿意。

We just, a quarter ago, raised $1 billion in debt.

我們剛剛在一個季度前籌集了 10 億美元的債務。

I feel very good about the cash we have in terms of funding what we need.

在為我們需要的資金提供資金方面，我對我們擁有的現金感到非常滿意。

So I don't see doing anything in the near term beyond what's there because we have got what we need.

因此，我認為在短期內不會做任何事情，因為我們已經得到了我們需要的東西。

In terms of on-shore/offshore cash, a little less than half of cash on the balance sheet is on shore.

就在岸/離岸現金而言，資產負債表上不到一半的現金在岸上。

Obviously, a little more than half is offshore.

顯然，一半多一點是離岸的。

Okay.

好的。

Great.

偉大的。

That's all I have.

那是我的全部了。

Thank you.

謝謝你。

Thanks, Edwin.

謝謝，埃德溫。

Our next question comes from Mahesh Sanganeria with RBC Capital Markets.

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

I will combine both my questions in one.

我將把我的兩個問題合二為一。

Martin, a question on the memory DRAM versus NAND, industry strength and specific to your Company, you talked about logic and foundry down slightly.

Martin，關於內存 DRAM 與 NAND、行業實力和貴公司特有的問題，您談到邏輯和代工略有下降。

Of course, memory is up.

當然，內存是向上的。

Can you talk a little bit about relative growth in DRAM and NAND for industry-specific and also for your shipments, because if I look at your shipment last year, your DRAM shipment were probably 40%, 50% more than NAND.

您能否談談特定行業以及您的出貨量的 DRAM 和 NAND 的相對增長，因為如果我查看您去年的出貨量，您的 DRAM 出貨量可能是 40%，比 NAND 多 50%。

This year I get to almost even NAND and DRAM.

今年我幾乎達到了 NAND 和 DRAM。

So NAND has to be a huge growth.

所以NAND必須是一個巨大的增長。

So if you can describe that a little bit qualitatively, that will be helpful.

因此，如果您可以定性地描述一下，那將很有幫助。

Yes.

是的。

From an industry perspective, the wafer fabrication equipment spending, calendar 2014 compared to 2015, under the assumptions we described in this meeting, DRAM and NAND both increased year over year.

從行業角度來看，2014 年晶圓製造設備支出與 2015 年相比，在我們在本次會議中描述的假設下，DRAM 和 NAND 均同比增長。

And the increase is slightly greater, I would say, in DRAM than the NAND flash, actually.

實際上，DRAM 中的增幅略大於 NAND 閃存。

I'm sorry.

對不起。

I said that back to front.

我從頭到尾這麼說。

Other way around.

反過來。

So for the Company, we obviously have communicated to you a really important message in terms of SAM expansion for 3-D NAND.

因此，對於公司而言，我們顯然已經向您傳達了一個非常重要的信息，即關於 3-D NAND 的 SAM 擴展。

And that means in relative terms, the story for the Company is going to be positive around the 3-D NAND transition, which is heavily deposition and to some extent also etch intensive.

這意味著相對而言，公司的故事將是圍繞 3-D NAND 過渡的積極因素，這是大量沉積，在某種程度上也是蝕刻密集型的。

So you're going to see a stronger story for the Company in NAND because of that.

因此，您將因此看到公司在 NAND 領域的更強大的故事。

But our outlook is, both segments spent more money this year than last year, and we see, obviously, a very meaningful inflection expansion for NAND next year and we believe consistent with the answer to the last question, that there's sustainability it to the DRAM investment as well.

但我們的展望是，這兩個領域今年的支出都比去年多，我們顯然看到明年 NAND 將出現非常有意義的拐點擴張，我們相信與最後一個問題的答案一致，即 DRAM 具有可持續性投資也是如此。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Thanks, Mahesh.

謝謝，馬赫什。

That does conclude our question-and-answer session for today.

今天的問答環節到此結束。

At time we will go ahead -- we do have one more question.

到時候我們會繼續討論——我們確實還有一個問題。

Yes.

是的。

We will take one more.

我們再拿一個。

We will take one more, operator.

接線員，我們再接一個。

We will take that question from Jagadish Iyer, with Redstone Technology and Research.

我們將從 Jagadish Iyer 和 Redstone Technology and Research 那裡回答這個問題。

One quick question, Martin.

一個快速的問題，馬丁。

One of your competitors have highlighted that next year potentially there could be a slight slow down in DRAM spending and one of your customers has also indicated that the bit growth for next year for DRAM could be lower.

您的一位競爭對手強調，明年 DRAM 支出可能會略有放緩，您的一位客戶也表示明年 DRAM 的位增長可能會更低。

In such a scenario, how should we be thinking about the patterning opportunity for you for next year vis-a-vis this year?

在這種情況下，我們應該如何考慮明年相對於今年的模式機會？

Thank you.

謝謝你。

Well, I mean, it's appropriate that you should make the connection between the multi-patterning growth opportunities for the Company in DRAM, because multi-patterning shows up in DRAM as well as logic.

嗯，我的意思是，你應該把公司在 DRAM 中的多模式增長機會聯繫起來，因為多模式出現在 DRAM 和邏輯中。

I think the relationship in our assumptions next year is probably two-thirds logic, one-third DRAM in terms of multi-patterning SAM.

我認為我們明年假設中的關係可能是三分之二的邏輯，三分之一的多模式 SAM DRAM。

So there is definitely a consequence if there was a scenario where DRAM spending did not play out.

因此，如果出現 DRAM 支出沒有發揮作用的情況，肯定會產生後果。

There is some level of consequence in some of the multi-patterning opportunity.

在某些多模式機會中存在一定程度的後果。

But the majority in two-thirds, I think, if my memory serves me correct, is logic-based anyway.

但我認為，如果我沒記錯的話，三分之二的大多數都是基於邏輯的。

That's helpful.

這很有幫助。

Thanks so much.

非常感謝。

All right.

好的。

Thanks, Jagadish.

謝謝，賈加迪什。

Thank you.

謝謝你。

Thank you, operator.

謝謝你，接線員。

That's all we have time for today.

這就是我們今天的全部時間。

Thank you for your participation and we look forward it to updating you again next quarter.

感謝您的參與，我們期待下個季度再次更新您。

Thank you.

謝謝你。

Thank you for your participation.

感謝您的參與。

That does conclude today's call.

這確實結束了今天的電話會議。