科林研發 (LRCX) 2016 Q1 法說會逐字稿

Good day, and welcome to the Lam Research Corporation September 2015 conference call. At this time, I would like to turn the conference over to Audrey Charles, Vice President of Investor Relations. Please go ahead.

您好，歡迎您參加 Lam Research Corporation 2015 年 9 月電話會議。現在，我想將會議交給投資者關係副總裁奧黛麗查爾斯 (Audrey Charles)。請繼續。

Thank you, operator. Thank you, and good morning, everyone. With me today are Martin Anstice, President and Chief Executive Officer of Lam Research; Rick Wallace, President and Chief Executive Officer of KLA-Tencor; Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research; and Bren Higgins, Executive Vice President and Chief Financial Officer of KLA-Tencor.

謝謝您，接線生。謝謝大家，早安。今天與我一起的還有 Lam Research 總裁兼執行長 Martin Anstice； KLA-Tencor 總裁兼執行長 Rick Wallace； Lam Research執行副總裁兼財務長Doug Bettinger；以及 KLA-Tencor 執行副總裁兼財務長 Bren Higgins。

Prior to turning the call over to Lam and KLA management to share their perspective on this exciting business combination, I will read a few preliminary legal notices of the proposed transaction. The proposed transaction will be submitted to the stockholders of each of Lam and KLA for their consideration. Lam intends to file with the SEC a registration statement on Form S-4, that will include a joint proxy statement prospectus of Lam Research and KLA-Tencor.

在將電話轉給 Lam 和 KLA 管理層，讓他們分享對這一激動人心的業務合併的看法之前，我將宣讀一些關於擬議交易的初步法律聲明。擬議交易將提交給 Lam 和 KLA 各自的股東審議。Lam 打算向美國證券交易委員會提交 S-4 表格註冊聲明，其中將包括 Lam Research 和 KLA-Tencor 的聯合代理聲明招股說明書。

Investors and security holders of Lam and KLA are urged to read the joint proxy statement prospectus, and any other relevant documents that will be filed with the SEC carefully, and in their entirety when they become available, because they will contain important information about the proposed transaction. The materials to be filed by Lam and KLA with the SEC may be obtained free of charge at the SEC's website at www.SEC.gov. In addition, security holders will be able to obtain free copies of the joint proxy statement prospectus from Lam or KLA by contacting Lam or KLA investor relations through the Investor Relations contact page on each Company's website, investor. LamResearch.com, or IR. KLA-Tencor.com

強烈建議 Lam 和 KLA 的投資者和證券持有人仔細閱讀聯合代理聲明招股說明書以及將向美國證券交易委員會提交的任何其他相關文件（如有），並完整閱讀，因為它們將包含有關擬議交易的重要資訊。Lam 和 KLA 向美國證券交易委員會提交的資料可在美國證券交易委員會網站 www.SEC.gov 上免費取得。此外，證券持有人可以透過各公司網站上的投資者關係聯絡頁面聯絡 Lam 或 KLA 投資者關係部，免費獲得 Lam 或 KLA 的聯合代理聲明招股說明書副本。LamResearch.com 或 IR。KLA-Tencor.com

This call may include forward-looking statements that involve risks and uncertainties. These include statements regarding future outcomes and events, including the time and the parties' ability to close the transaction, the anticipated benefits, the technological advances and synergies to be realized as part of the proposed transaction, and the anticipated structures of future combined operations. Actual events or results may differ materially from those described in this call, due to a number of risks and uncertainties detailed in documents filed by Lam Research and KLA-Tencor with the SEC, including Form 10-K filings, Form 8-K filings, filings under Rule 425 and the joint proxy and registration statements the parties expect to file. With that, I'll turn our call over to Martin Anstice.

本次電話會議可能包含涉及風險和不確定性的前瞻性陳述。其中包括有關未來結果和事件的聲明，包括雙方完成交易的時間和能力、預期收益、作為擬議交易的一部分將實現的技術進步和協同效應，以及未來聯合運營的預期結構。由於 Lam Research 和 KLA-Tencor 向美國證券交易委員會提交的文件中詳細列出了許多風險和不確定性，包括表格 10-K 文件、表格 8-K 文件、根據規則 425 提交的文件以及雙方預計提交的聯合代理和註冊聲明，實際事件或結果可能與本次電話會議中描述的情況存在重大差異。說完這些，我將把電話轉給馬丁安斯蒂斯 (Martin Anstice)。

Thank you, Audrey. I would like to start this morning by thanking you for joining us at short notice. Today, we announced that Lam Research and KLA-Tencor will be combining.

謝謝你，奧黛麗。首先，我要感謝您今天早上在短時間內加入我們。今天，我們宣布 Lam Research 和 KLA-Tencor 將合併。

We believe that this transaction will allow us to deliver compelling value to a transforming semiconductor industry, by combining industry leaders in wafer processing and process control, to help our customers address their most difficult challenges. Together, we will deliver unmatched capability, creating a new paradigm for process and process control, delivering optimized results in partnership with our customers by reducing variability and accelerating yields, helping our customers extend Moore's Law and performance scaling generally.

我們相信，透過此交易，透過整合晶圓加工和製程控制領域的產業領導者，我們將能夠為轉型中的半導體產業提供引人注目的價值，幫助我們的客戶應對最困難的挑戰。我們將共同提供無與倫比的能力，為製程和製程控制創造新的範式，與我們的客戶合作，透過減少變異性和提高產量來提供最佳化的結果，幫助我們的客戶擴展摩爾定律和性能擴展。

The new Company will have increased breadth and scale, both valuable components for sustaining long-term growth. The technical competency and capability of the combined Company, which is illustrated by our respective product leadership positions, will benefit our employees, customers and stockholders alike. We are confident that together, we will deliver higher levels of innovation and collaboration than would be possible as independent companies.

新公司的廣度和規模將進一步擴大，這兩者都是維持長期成長的重要組成部分。合併後公司的技術能力和實力（體現在我們各自的產品領導地位）將使我們的員工、客戶和股東受益。我們相信，透過共同努力，我們將實現比獨立公司更高水準的創新和協作。

We are certain that, just as we identified the need for a closer alignments of deposition and etch, which resulted in our successful merger with Novellus, the opportunity for closer alignments between process and process control creates an exciting opportunity, as the drive to reduce variability at the atomic level becomes central to our customers' high-volume manufacturing success. The transaction offers compelling financial opportunities, including the expansion of our served market and substantial synergies. We expect to realize $250 million of cost synergies within 18 to 24 months of transaction close, and $600 million of revenue synergies by 2020. The transaction will be accretive to our non-GAAP earnings and free cash flow per share during the first 12 months of the transaction.

我們確信，正如我們發現需要更緊密地協調沉積和蝕刻（這導致了我們與Novellus的成功合併）一樣，更緊密地協調製程和製程控制的機會創造了一個令人興奮的機會，因為減少原子級變異性的動力已成為我們客戶大批量製造成功的關鍵。此次交易提供了極具吸引力的財務機會，包括擴大我們的服務市場和產生巨大的綜效。我們預計在交易完成後的 18 到 24 個月內實現 2.5 億美元的成本協同效應，到 2020 年實現 6 億美元的收入綜效。這筆交易將在交易後的前 12 個月增加我們的非 GAAP 收益和每股自由現金流。

If I could direct you to slide 5 of our PowerPoint deck today, here are a few of the highlights of the transaction: KLA-Tencor stockholders will receive $32 in cash and 0.5 shares of Lam Research per KLA-Tencor share, effectively valuing the company at $67.02 per share, or $10.6 billion, using Lam's stock price as of October 20. On a pro-forma basis, KLA shareholders will own approximately 32% of the combined company. Both Boards have unanimously approved the transaction, and pending customary regulatory and shareholder approvals, we expect to close in mid 2016. The combined Company will be called Lam Research.

如果我今天可以引導您看我們 PowerPoint 簡報的第 5 頁，以下是此交易的一些亮點：KLA-Tencor 股東將獲得每股 KLA-Tencor 股票 32 美元的現金和 0.5 股 Lam Research 股票，按照 10 月 20 日 Lam 的股價計算，這實際上對該公司的估值為每股 67.002 美元，即 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元公司的估值為每股 102 億美元，即每股 102 億美元，即每股 102 億美元，即每股 102 億美元。根據預測，KLA 股東將擁有合併後公司約 32% 的股份。雙方董事會均一致批准了此項交易，待獲得監管部門和股東批准後，我們預計將於 2016 年中期完成交易。合併後的公司將稱為 Lam Research。

We strongly believe this is the right combination for our industry, at the right time. The powerful drivers of clouds, mobility and IoT are firmly established and growing. The demands of these segments, higher performance, lower power and smaller form factors, increase the economic and technical challenges faced by our customers, providing a catalyst for broad industry transformation. Our customers and their customers both demand new levels of innovation and collaborative engagements as they continue to scale with new materials, the transitions of 3D device architectures, multi-patterning imaging, advanced packaging integration schemes, and next-generation memory solutions.

我們堅信，對於我們的行業來說，這是在正確的時機下實現的正確組合。雲端、行動性和物聯網的強大驅動力已經牢固確立且不斷成長。這些領域的需求，即更高的性能、更低的功率和更小的外形尺寸，增加了我們的客戶面臨的經濟和技術挑戰，為廣泛的產業轉型提供了催化劑。隨著新材料、3D 設備架構的轉變、多重模式成像、先進的封裝整合方案和下一代記憶體解決方案不斷擴展，我們的客戶及其客戶都要求新的創新和協作水平。

The ability to differentiate in these technology inflections increasingly lies at the intersection of process and process control. Together, we will be much better positioned to meet these challenges by combining best-in-class process performance with industry-leading metrology, inspection and analytical capability. We seek to create unmatched and complementary compatibility to enable atomic-level processing.

在這些技術變化中實現區分的能力越來越多地取決於製程和製程控制的交叉點。透過將一流的工藝性能與業界領先的計量、檢測和分析能力相結合，我們將能夠更好地應對這些挑戰。我們尋求創造無與倫比、互補的兼容性，以實現原子級處理。

I am looking forward to formally welcoming the KLA-Tencor employees to our new Company. These are two companies with similar cultures and values, geographic proximity, with a passion to contribute and win, and who take pride in doing things the right way, in the interests of our customer. I look forward to listening, learning, and building a strong team together with them, as we create a more exciting future.

我期待正式歡迎 KLA-Tencor 員工加入我們的新公司。這兩家公司有著相似的文化和價值觀，地理位置接近，都熱衷於貢獻和獲勝，並以正確的方式做事、維護客戶的利益而自豪。我期待與他們共同傾聽、學習、建立強大的團隊，創造更美好的未來。

And before handing the call to Rick, I want to thank him personally, and also his team, for their leadership and vision in creating a great Company, and working with us, putting together what we believe is an extremely compelling transaction. Rick, over to you.

在把電話交給里克之前，我想親自感謝他以及他的團隊，感謝他們的領導力和遠見，創建了一家偉大的公司，並與我們合作，完成了我們認為極具吸引力的交易。里克，交給你了。

Thank you, Martin. This is truly a transformational day in the industry, and for both companies. I've spent 28 years at KLA-Tencor, and I've seen several industry transformations. But in my opinion, this combination has the potential to be the most transformative, both from a capability and from a timing perspective.

謝謝你，馬丁。對兩家公司來說，這確實是產業轉型的一天。我在 KLA-Tencor 工作了 28 年，見證了幾次產業變革。但在我看來，無論從能力或時機的角度來看，這種組合都具有最具變革性的潛力。

Our customers are on the cusp of ramping some incredibly complex technologies, with road maps for advanced development over the next decade already in place. And KLA and Lam's combined capability to partner with our customers on improving the manufacturability and the yield of these technologies will be a powerful value creator in this space, to a degree that neither of us could achieve as standalone companies.

我們的客戶正處於一些極其複雜技術的前沿，並且已經制定了未來十年先進發展的路線圖。KLA 和 Lam 的綜合能力將與我們的客戶合作，提高這些技術的可製造性和產量，從而為這一領域創造強大的價值，這是我們作為獨立公司無法達到的程度。

The SAM expansion that's been experienced by Lam, driven by the inflections of 3D device architecture and multi-patterning will complement KLA-Tencor's strong presence in foundry and logic, and create both SAM and market share expansion opportunities for both companies. We are proud of what we've built at KLA, and the value that we've delivered. The scale achieved by combining with Lam substantially enhances our future value creation potential, making this transaction a win both for today and for tomorrow.

在 3D 設備架構和多重圖案化趨勢的推動下，Lam 經歷了 SAM 的擴張，這將補充 KLA-Tencor 在晶圓代工和邏輯領域的強大影響力，為兩家公司創造 SAM 和市場份額的擴大機會。我們為 KLA 所取得的成就和創造的價值感到自豪。與科林集團合併後所達到的規模大大增強了我們未來的價值創造潛力，使得這筆交易對於現在和未來都是雙贏的。

KLA's strong results and guidance today, and the confidence we have in continuing our growth in 2016 are a direct result of our efforts with our customers in the last decade, to enable industry transitions and scaling. I want to recognize our employees, whose dedication to excellence across all aspects of the organization have made this performance possible. Through the discussions we have had to date with Lam, it's been reinforcing to me, that the capability and the culture of our companies are very similar, and that will be a key component to the success of this combination. And I also want to thank Martin for his leadership, and I am very confident in the success of this Company under his leadership, as we go forward. And with that, let me hand it back to Martin.

KLA 今天的強勁業績和指引以及我們對 2016 年持續成長的信心，直接得益於我們過去十年與客戶共同努力，實現產業轉型和擴張。我要表揚我們的員工，正是他們在組織的各個方面致力於卓越，才使得這樣的成績成為可能。透過迄今為止與 Lam 的討論，我確信我們兩家公司的能力和文化非常相似，而這將是合併成功的關鍵因素。我還要感謝馬丁的領導，我對公司在他的領導下所取得的未來成功充滿信心。說完這些，讓我把話題還給馬丁。

Thanks, Rick. As we have said many times, our guiding principle for effective consolidation in our industry is first focused on the legitimacy of innovation strategies, and the opportunity for sustainable value creation from the perspective of our customers. With this threshold validated here, we are excited to deliver compelling value to all stakeholders by combining the established leaders in deposition, etch, clean, inspection and metrology.

謝謝，里克。正如我們多次所說的，我們產業有效整合的指導原則首先是注重創新策略的合法性，以及從客戶角度創造永續價值的機會。透過在此驗證此閾值，我們很高興透過結合沉積、蝕刻、清潔、檢測和計量領域的既定領導者，為所有利害關係人提供引人注目的價值。

However, the rationality of this transaction lies in our belief that the combination is substantially stronger than the sum of the parts. By joining the critical device manufacturing areas of process and process control, our two companies combined will become a more knowledgeable, more capable, and closer partner to our customers, better positioning us to innovate the solutions required to meet the industry's needs together. For example, in logic and DRAM multi-patterning, as we highlighted in our Analyst Day in July of this year, the key challenges faced in high-volume manufacturing from multi-patterning schemes are variability and costs.

然而，此次交易的合理性在於，我們相信組合的效果遠大於各部分總和。透過加入製程和製程控制等關鍵設備製造領域，我們兩家公司合併後將成為客戶更有知識、更有能力、更緊密的合作夥伴，使我們能夠更好地共同創新滿足行業需求的解決方案。例如，在邏輯和 DRAM 多重圖案化方面，正如我們在今年 7 月的分析師日所強調的那樣，多重圖案化方案在大批量生產中面臨的關鍵挑戰是可變性和成本。

By more effectively linking the process control expertise of KLA and Lam's strength in process around critical technology inflections, we can improve efficiency and utility of metrology information for optimization of the unit process at a much greater depth. This represents the potential for faster and better solutions for our customers, and opportunities for differentiation and profitable growth for us. It is already clear that the level of integrated controls we will be able to deliver becomes even more critical at 7 nanometer and beyond, where substantially high levels of control of patterning processes will be required in support of our customers' road maps.

透過更有效地將 KLA 的製程控制專業知識與 Lam 在關鍵技術變化方面的製程優勢結合起來，我們可以提高計量資訊的效率和實用性，從而更深入地優化單元製程。這代表著我們可以為客戶提供更快、更好的解決方案，同時也為我們實現差異化和獲利成長的機會。已經清楚的是，我們能夠提供的整合控制水平在 7 奈米及以下節點變得更加關鍵，因為需要對圖案化過程進行相當高水平的控制以支援我們客戶的發展路線圖。

In the 3D-NAND space, high aspect ratio structures and long process times increase cost and complexity. We plan to utilize our combined leadership capability in deposition etch and metrology to innovate and develop process control capability for 3D-NAND structures to help enable cost effective vertical scaling. Our increased scale and breadth will enable multiple value creation drivers.

在 3D-NAND 領域，高深寬比結構和長處理時間會增加成本和複雜性。我們計劃利用我們在沉積蝕刻和計量方面的綜合領導能力來創新和開發 3D-NAND 結構的製程控制能力，以幫助實現具有成本效益的垂直擴展。我們不斷擴大的規模和廣度將實現多種價值創造驅動力。

From the market perspective, when we combine Lam's inflection-driven SAM expansion, which we believe extends throughout this decade, with KLA's strong presence and new product momentum in wafer and mask inspection and optical and overlay metrology, we expect to compete for more than 45% of WFE by 2018. Worthy of note, the complementary nature of our presence in the WFE market is striking. Lam has historic strength in memory applications, and has made meaningful progress in the logic segments of WFE over the last several years. Lam also has technology inflection growth drivers in logic and memory both, with multi-patterning process flows and 3D device architecture.

從市場角度來看，當我們將Lam由變革驅動的SAM擴張（我們認為這種擴張將延續到本十年）與KLA在晶圓和掩模檢測以及光學和套刻測量領域的強大影響力和新產品發展勢頭結合起來時，我們預計到2018年將爭奪45%以上的WFE。值得注意的是，我們在 WFE 市場的存在具有驚人的互補性。Lam 在記憶體應用領域具有悠久的歷史，並且在過去幾年中在 WFE 的邏輯領域取得了有意義的進展。此外，泛林集團在邏輯和記憶體領域也擁有技術拐點成長動力，包括多重模式化製程和 3D 設備架構。

KLA has a relatively stronger presence and opportunity in the logic segments, with exciting new product introductions. The wafer fabrication equipment segments complement is a powerful commentary on the combined Companies' opportunity to sustain growth through the specific investment cycles of our increasingly large and consolidated customers. We also see meaningful cost and revenues synergies available, including $250 million of annualized cost synergies realizable within 18 to 24 months of closing, as well as a strong revenue synergy opportunity of approximately $600 million by 2020, made possible by strengthening unit process performance and value of our core product offerings.

KLA 在邏輯領域擁有相對較強的地位和機會，並推出了令人興奮的新產品。晶圓製造設備部門的補充有力地表明了合併後的公司有機會透過我們日益龐大和整合的客戶的特定投資週期來維持成長。我們也看到了有意義的成本和收入綜效，包括交易完成後18到24個月內可實現的2.5億美元年度成本協同效應，以及到2020年約6億美元的強勁收入協同效應機會，這透過加強單元製程性能和核心產品的價值而成為可能。

Finally, our shared and well-established operating excellence, combined with our deal-specific commitments to prioritize deleveraging our balance sheet supports our commitments to profitable growth. All of these value creation drivers will reside in a business with increased diversity of people, product portfolio, market segments, and customer exposure. More opportunity, no question. With that, let me turn the call over to Doug, who will cover the financial details of our transaction, as well as offer a brief review of our September-quarter performance and December 2015 outlook.

最後，我們共享且完善的卓越運營，加上我們針對特定交易的優先去槓桿化資產負債表的承諾，支持了我們對獲利成長的承諾。所有這些價值創造驅動力都將存在於人員、產品組合、細分市場和客戶曝光度日益多樣化的企業中。毫無疑問，我們會獲得更多的機會。說完這些，我將把電話轉給 Doug，他將介紹我們交易的財務細節，並簡要回顧我們 9 月份的業績和 2015 年 12 月的展望。

Thank you, Martin. I'm going to start with the transaction summary, which you can see on slide 12. Lam Research will acquire all of the outstanding KLA-Tencor shares in a cash and stock transaction that values KLA at $10.6 billion in equity value, or approximately $67.02 per share. The deal provides that KLA-Tencor stockholders may elect to receive, in exchange for their shares, the economic equivalent of $32 in cash and 0.5 of a share of Lam Research common stock in all cash, stock, or mixed consideration, subject to proration, as more fully described in the merger agreement.

謝謝你，馬丁。我將從交易摘要開始，您可以在幻燈片 12 上看到。Lam Research 將以現金和股票交易的方式收購 KLA-Tencor 全部流通股，對 KLA 的估值為 106 億美元，約合每股 67.02 美元。該交易規定，KLA-Tencor 股東可以選擇用其股份換取相當於 32 美元現金和 0.5 股 Lam Research 普通股的經濟等價物，可以是現金、股票或混合對價，但須按比例分配，合併協議中對此有更詳細的說明。

To finance the purchase, Lam will issue approximately 80 million new shares, and approximately $3.9 billion of new debt. We are committed to maintaining an investment grade rating. The combined Company will have a healthy cash position of approximately $5.3 billion, and a very strong cash flow generation profile. We expect to begin deleveraging soon after closing, with an objective to get below 2.5 times gross debt to EBITDA as soon as possible.

為了籌集此次收購資金，Lam 將發行約 8,000 萬股新股，以及約 39 億美元的新債務。我們致力於維持投資等級。合併後的公司將擁有約 53 億美元的健康現金狀況和非常強勁的現金流產生能力。我們預計在交易結束後不久就開始去槓桿，目標是盡快將總債務與 EBITDA 比率降至 2.5 倍以下。

As Martin mentioned, we expect to realize $250 million of annualized cost synergies within the first 18 to 24 months of close, as well as approximately $600 million in annualized revenue synergies by 2020. We expect the transaction to be accretive on an earnings and free cash flow per share basis during the 12 months after closing.

正如馬丁所提到的，我們預計在交易完成後的 18 到 24 個月內實現 2.5 億美元的年度成本協同效應，到 2020 年將實現約 6 億美元的年度收入協同效應。我們預計，此次交易將在交易結束後的 12 個月內增加每股收益和自由現金流。

The combined Company will retain the Lam Research name. Martin Anstice will lead the company as CEO, and we anticipate a combined company leadership team, with strong representation from both companies across all functions. Lam's Chairman, Steve Newberry, will continue in that role, and two Board members from KLA will join the combined Company Board, effective as of the time of closing. As mentioned earlier, the Boards of both companies have unanimously approved the transaction. The transaction is subject to customary regulatory approvals, and the approval of both Lam and KLA shareholders.

合併後的公司將保留 Lam Research 的名稱。馬丁·安斯蒂斯 (Martin Anstice) 將擔任該公司的首席執行官，我們預計公司領導團隊將合併，並在所有職能部門中擁有來自兩家公司的強大代表。Lam 董事長 Steve Newberry 將繼續擔任該職務，而來自 KLA 的兩名董事會成員將加入合併後的公司董事會，該任命自交易完成之日起生效。如前所述，兩家公司董事會已一致批准此交易。該交易需獲得常規監管部門的批准，以及 Lam 和 KLA 股東的批准。

We've already begun integration planning, and our efforts will be helped significantly by our close geographical proximity, our long history of close collaboration, as well as our collective experience of successfully integrating companies. We currently estimate receiving all approvals on a timely basis, and that the transaction can be funded and closed in mid 2016.

我們已經開始整合規劃，我們的地理位置接近、長期密切合作的歷史以及成功整合公司的集體經驗將極大地幫助我們的努力。我們目前預計該交易將及時獲得所有批准，並可在 2016 年中期完成融資和完成。

Martin has already highlighted many of the financial benefits of the transaction. I would like to take that a step further and shed some light on how we view the combined companies' financial model. That starts with the sizable expansion of the revenue opportunity and increased diversity of our business.

馬丁已經強調了這筆交易的許多財務利益。我想更進一步闡明我們如何看待合併後公司的財務模式。首先是大幅擴大收入機會並增強業務多樣性。

Given the complementary market leadership positions that each Company enjoys, and no product overlap, the combined Company will be positioned to address approximately 45% of the WFE market by 2018. The combined Company will also derive approximately a quarter of its revenues from its larger installed base. We will have a more balanced exposure across all customers and market segments.

鑑於每家公司所享有的互補市場領導地位，且沒有產品重疊，合併後的公司到 2018 年將佔據 WFE 市場的約 45% 的份額。合併後的公司也將從其更大的安裝基礎中獲得約四分之一的收入。我們將在所有客戶和細分市場中享有更均衡的曝光。

In the 2017-2018 timeframe, assuming a $35 billion WFE, we expect a combined Company target model of approximately $10 billion in revenue, an industry-leading performance, highlighted by non-GAAP operating margins of approximately 27%. These profitability levels enable a continued strong and sustainable commitment to R&D, and to the uncompromised delivery of leading technology and productivity offerings, as we leverage the combined strengths of the two companies to deliver on customer commitments.

在2017年至2018年的時間範圍內，假設WFE為350億美元，我們預計合併後的公司目標收入約為100億美元，這將是一個行業領先的業績，非GAAP營業利潤率約為27%。這些獲利水準使我們能夠繼續堅定且可持續地致力於研發，並毫不妥協地提供領先的技術和生產力產品，因為我們利用兩家公司的綜合優勢來履行對客戶的承諾。

Martin mentioned in his comments the multiple value creation levers that we have as a combined Company. In addition to the expanded market, revenue synergies, and strong profitability levels, we will be augmenting returns through deleveraging the balance sheet, and continuing to pursue our capital return program, including a sustained quarterly cash dividend, in line with Lam's current practice, and a bias towards continuing share repurchases once we reach our leverage target. Speaking as Lam's CFO, this is an exciting transaction from a financial perspective, providing outstanding opportunities to invest in growth, and create additional value for our customers, employees, and shareholders.

馬丁在評論中提到，我們作為一家合併後的公司擁有多種價值創造槓桿。除了擴大市場、實現收入協同效應和實現強勁盈利水平之外，我們還將通過降低資產負債表中的槓桿率來增加回報，並繼續推行我們的資本回報計劃，包括持續的季度現金股息，這與 Lam 目前的做法一致，並且一旦我們達到槓桿率目標，傾向於繼續回購股票。作為 Lam 的財務官，我認為從財務角度來看這是一項令人興奮的交易，它為投資成長以及為我們的客戶、員工和股東創造額外價值提供了絕佳的機會。

Let me switch gears, and now spend a few minutes on our September-quarter results, guidance for September, and I'll also provide some color on our preliminary views of 2016. All numbers will be presented on a non-GAAP basis. The September quarter marked yet another period of out-performance for Lam, once again featuring record revenue and operating income. Results came in at or above the midpoint of our guided ranges across all metrics.

讓我換個話題，現在花幾分鐘來介紹一下我們九月季度的業績和九月份的指引，我也會對我們對 2016 年的初步看法提供一些看法。所有數字均以非公認會計準則 (GAAP) 為基礎呈現。9 月當季業績再次標誌著科林集團表現優異，收入和營業收入再創歷史新高。所有指標的結果都達到或超過了我們指導範圍的中點。

September-quarter revenues of $1.6 billion and shipments of $1.58 billion were both right at the midpoint of guidance. As expected, memory shipments were strong during the quarter. The combined memory segment made up 72% of total system shipments, compared to 16% in the prior quarter. NAND and other non-volatile memory accounted for 40% of the shipments. NAND investment in the quarter was primarily directed towards investments in 3D NAND.

9 月當季營收為 16 億美元，出貨量為 15.8 億美元，皆為預期中位數。如預期，本季記憶體出貨量強勁。綜合記憶體部分佔系統總出貨量的 72%，而上一季為 16%。NAND和其他非揮發性記憶體佔出貨量的40%。本季的 NAND 投資主要集中在 3D NAND 方面的投資。

DRAM shipments represented 32% of system shipments, which was down a little bit from 37% in the prior quarter. Shipments to our foundry customers were at 18% of system shipments and finally, the logic and other segment accounted for 10% of system shipments. Non-GAAP gross margins came in at 46.5%, which was at the high end of our guidance. The strength was driven by better mix and stronger manufacturing absorption. Operating expense came in at $364 million, which resulted in operating income of 23.8%. Non-GAAP earnings per share of $1.82 ended up above the high end of our guidance.

DRAM 出貨量佔系統出貨量的 32%，較上一季的 37% 略有下降。我們向代工客戶的出貨量佔系統出貨量的 18%，最後，邏輯和其他部分佔系統出貨量的 10%。非公認會計準則毛利率為 46.5%，處於我們預期的高點。其實力源自於更好的產品組合和更強的製造吸收能力。營業費用為 3.64 億美元，營業收入為 23.8%。非公認會計準則每股收益為 1.82 美元，高於我們預期的最高值。

Let me now turn to December. As we previously indicated, we expect shipments down sequentially, coming in at $1.275 billion plus or minus $75 million. We expect revenue of $1.41 billion, again, plus or minus $75 million. The forecast in gross margin of 45.5%, plus or minus a percentage point. Operating income of 20.5%, again plus or minus a percentage point. And finally earnings per share of $1.42, plus or minus $0.10.

現在讓我轉到十二月。正如我們之前所說，我們預計出貨量將環比下降，達到 12.75 億美元，上下浮動 7500 萬美元。我們預計收入為 14.1 億美元，上下浮動 7,500 萬美元。預測毛利率為45.5%，上下浮動一個百分點。營業收入為20.5%，同樣上下浮動一個百分點。最終每股收益為 1.42 美元，上下浮動 0.10 美元。

September's results, combined with the midpoint of December guidance, positions us for our third consecutive calendar year of 20% revenue growth, driven by our strong position in the technology inflections. As we look forward to 2016, while it is still a little bit too early to quantify from a numerical perspective, we continue to believe, based on market demand as well as [planning] conversations with our customers, there will be a healthy level of investment across a number of segments next year.

九月的業績，加上十二月中旬的指引，使我們連續第三年實現 20% 的收入成長，這得益於我們在科技領域的強勢地位。展望2016年，雖然從數位角度進行量化還為時過早，但我們仍然相信，基於市場需求以及與客戶的[計劃]對話，明年多個領域的投資將達到健康的水平。

In the NAND segment, we see positive momentum driven by continued deployment of 3D NAND to meet the requirements of the growing SSD market. With approximately 10% of the installed base 3D capable by the end of this year, we see the opportunity for continued strong investment in this segment. In DRAM, we view our customers as disciplined in matching supply with demand. We expect diligent investments in 20-nanometer conversions, given the high customer ROI, at this node. And we also expect initial shipments for 1x nanometer DRAM in late 2016.

在 NAND 領域，我們看到了積極的勢頭，這得益於 3D NAND 的持續部署，以滿足不斷增長的 SSD 市場的需求。到今年年底，大約有 10% 的已安裝基數將具備 3D 功能，我們看到了繼續大力投資該領域的機會。在 DRAM 領域，我們認為我們的客戶能夠嚴格匹配供應和需求。有鑑於此節點客戶的投資報酬率較高，我們預期 20 奈米轉換方面將進行認真的投資。我們也預計 1x 奈米 DRAM 將於 2016 年底首次出貨。

In the foundry segment, we continue to see that investments are focused on FinFET adoption at a number of customers. Development at the leading edge for the multi-patterning intensive technology transition from first to second generation FinFET is progressing, and we anticipate will lead to shipments in 2016 for 10-nanometer capability. As a result of these trends, our early view is that 2016 WFE spending could be flat, to maybe slightly down. However, we expect our SAM to increase year on year, as a greater share of WFE is directed to critical technology inflection-driven spending. As is customary, I'd just add that the outlook I just shared with you is predicated on a stable macroeconomic environment. With that, let me turn the call to Bren, who will cover KLA's results and guidance.

在代工領域，我們繼續看到投資集中在許多客戶的 FinFET 採用。從第一代到第二代 FinFET 的多重圖案密集型技術轉變的前沿開發正在進行中，我們預計 2016 年將實現 10 奈米製程的出貨。基於這些趨勢，我們早期認為 2016 年 WFE 支出可能持平，甚至略有下降。然而，我們預計我們的 SAM 將逐年增加，因為 WFE 的更大份額被用於關鍵技術拐點驅動的支出。按照慣例，我只想補充一點，我剛才與大家分享的觀點是以穩定的宏觀經濟環境為前提的。說完這些，讓我把電話轉給 Bren，他將介紹 KLA 的結果和指導。

Thank you Doug, and good morning, everyone. Before I get started, I just want to highlight that the reconciliation of US GAAP to non-GAAP results can be found on our website at KLA-Tencor.com.

謝謝你，道格，大家早安。在我開始之前，我只想強調一下，您可以在我們的網站 KLA-Tencor.com 上找到美國 GAAP 與非 GAAP 結果的對帳表。

Q1 was a good quarter for KLA-Tencor, with the company delivering results above the guided range for bookings and non-GAAP earnings per share, and with revenue finishing at the top end of the range of guidance, demonstrating KLA-Tencor's market leadership, the strength of our business model, and solid operational execution. My comments on the quarter will be focused on the non-GAAP results, which exclude the adjustments covered in the press release.

第一季對於 KLA-Tencor 來說是一個不錯的季度，公司的訂單和非 GAAP 每股收益都超出預期，收入也達到了預期範圍的上限，證明了 KLA-Tencor 的市場領導地位、我們商業模式的實力以及穩健的營運執行力。我對本季的評論將集中在非 GAAP 業績上，其中不包括新聞稿中涉及的調整。

Revenue for the quarter was $643 million, and fully diluted non-GAAP earnings per share was $0.71, above the top end of the $0.46 to $0.66 guidance range. New orders in Q1 grew 8% sequentially to $725 million, and finished 32% above the midpoint of order guidance. We experienced good momentum in order activity in the quarter, and demand was strong across each of our end markets, highlighted by strong foundry demand for both leading edge and 28-nanometer requirements, as well as incremental upside in 10-nanometer mask inspection demand.

本季營收為 6.43 億美元，非 GAAP 每股攤薄收益為 0.71 美元，高於 0.46 美元至 0.66 美元的預期範圍上限。第一季新訂單季增 8%，達到 7.25 億美元，比訂單預期中位數高出 32%。本季我們的訂單活動勢頭良好，我們每個終端市場的需求都很強勁，其中突出的是代工廠對前沿和 28 奈米要求的強勁需求，以及 10 奈米掩模檢測需求的逐步上升。

We are particularly excited about the strong demand we are experiencing for leading-edge mask inspection tools to support 10-nanometer development, as we had our strongest quarter for this product family since December of 2011. With the deployment of multi-patterning and other advanced device architectures in leading edge logic and foundry, reticle design is becoming increasingly more complex. The upside in mask-inspection demand not only reflects KLA-Tencor's technology and market leadership in this key inspection market, it also indicates our customers are moving forward with their schedules for 10-nanometer development in calendar year 2016.

我們對支援 10 奈米開發的尖端掩模檢測工具的強勁需求感到特別興奮，因為自 2011 年 12 月以來，該產品系列在本季度表現最為強勁。隨著多重圖案化和其他先進設備架構在前沿邏輯和代工廠中的部署，光罩設計變得越來越複雜。掩模檢測需求的上升不僅反映了 KLA-Tencor 在這個關鍵檢測市場的技術和市場領導地位，也表明我們的客戶正在推進 2016 年 10 奈米開發的計畫。

As we look ahead to the December quarter and into next calendar year, we expect continued order momentum. We are on track to ship multiple units of Gen 5, our latest generation broadband plasma wafer inspection platform in the December quarter, and expect the combination of new product demand in optical wafer inspection, as well as the mask-inspection demand I just discussed, to set the stage for what we are planning to be a solid year in 2016.

展望 12 月季度以及下一日曆年，我們預計訂單動能將繼續保持。我們預計在 12 月季度出貨多台第五代 (Gen 5) 設備，這是我們最新一代寬頻等離子晶圓檢測平台，我們預計，光學晶圓檢測的新產品需求，以及我剛才討論過的掩模檢測需求，將為我們計劃在 2016 年實現穩健的業績奠定基礎。

Foundry was 44% of new system orders in September, and up strongly on a sequential basis, both in terms of percentage of total orders and absolute dollars, compared with the June quarter. Memory was 37% of new orders for Q1, with the majority of the demand focused on NAND activities. Logic was 19% of new system orders in September. Consistent with our original view of timing of initial shipments for 10-nanometer development for both logic and foundry customers, these orders are expected to ship in the middle of calendar year 2016.

9 月份，晶圓代工佔新系統訂單的 44%，與 6 月份季度相比，無論是按總訂單百分比還是按絕對金額計算，都環比大幅增長。記憶體佔第一季新訂單的 37%，大部分需求集中在 NAND 活動。9月份邏輯佔新系統訂單的19%。與我們最初對邏輯和代工客戶 10 奈米開發的初始出貨時間的預期一致，這些訂單預計將在 2016 年中期發貨。

Turning now to the distribution of orders by product group, wafer inspection was approximately 43% of new system orders. Patterning, which now includes reticle inspection, was approximately 30%. Service was 25%, and non-semi, was approximately 2%. Total shipments in the quarter were $635 million, and within the guided range of $610 million to $690 million.

現在來看看按產品組劃分的訂單分佈，晶圓檢測約佔新系統訂單的 43%。圖案化（現在包括光罩檢查）約佔 30%。服務業佔25%，非半服務業約佔2%。本季總出貨量為 6.35 億美元，介於 6.1 億至 6.9 億美元的指引範圍內。

In total, we ended the quarter with $1.3 billion of total backlog, comprised of $1.1 billion of shipment backlog for orders that had not yet shipped to customers and expect to ship over the next six to nine months, and $214 million of revenue backlog, or products that have shipped and invoiced, but have not yet been signed off by customers. Looking forward, we are modeling December quarter shipments in the range of $660 million to $740 million.

總體而言，本季結束時，我們的總積壓訂單總額為 13 億美元，其中包括尚未發貨給客戶、預計將在未來 6 到 9 個月內發貨的訂單的 11 億美元出貨積壓訂單，以及 2.14 億美元的收入積壓訂單（已發貨並開具發票，但尚未得到客戶簽發的產品）。展望未來，我們預計 12 月季度的出貨量將在 6.6 億至 7.4 億美元之間。

Turning now to the income statement, revenue was $643 million, finishing at the top end of the range of guidance for the quarter. Gross margin was 58.7%, slightly up compared with the June quarter on lower revenue, benefiting from a more favorable product mix, and lower parts expenses in our service business than we originally modeled in the quarter. We expect gross margin to be in the range of 57.5% to 58.5% in December.

現在來看看損益表，營收為 6.43 億美元，達到本季預期範圍的最高端。毛利率為58.7%，與6月份季度相比略有上升，原因是收入下降，受益於更有利的產品組合，以及我們服務業務的零件費用低於我們在本季度最初預測的水平。我們預計12月份毛利率在57.5%至58.5%之間。

Total operating expenses were $206 million, down $8 million compared with the June quarter, finishing below our guidance of $212 million, and approximately $34 million lower than the September quarter of 2014. The lower operating expense levels we are seeing today are the results of the cost actions we took earlier this year. We expect quarterly operating expense levels to remain in the range of $205 million to $210 million over the next several quarters. Our effective tax rate was 22.6% in the quarter, in line with our long-term planning rate of 22%. Finally, net income was $112 million, or $0.71 per fully diluted share, and we ended the quarter with 158 million fully diluted shares outstanding.

總營運費用為 2.06 億美元，比 6 月季度減少 800 萬美元，低於我們預期的 2.12 億美元，比 2014 年 9 月季度減少約 3,400 萬美元。我們今天看到的較低的營運費用水準是我們今年早些時候採取的成本行動的結果。我們預計未來幾季的季度營運費用水準將維持在 2.05 億美元至 2.1 億美元之間。本季我們的有效稅率為 22.6%，與我們的長期計畫稅率 22% 一致。最後，淨收入為 1.12 億美元，或每股完全攤薄收益 0.71 美元，本季結束時，我們擁有 1.58 億股完全攤薄流通股。

I'll now turn to some brief highlights from the balance sheet and our cash flow statement. Cash and investments ended the quarter at $2.3 billion. Cash from operations was $194 million in the quarter, and free cash flow was $186 million. In the quarter, we paid $82 million in regular dividends, and repurchased $143 million of shares in our common stock in the period. We also made a supplemental payment of $40 million towards our outstanding term loan.

現在我將簡要介紹資產負債表和現金流量表的一些要點。本季末，現金和投資達到 23 億美元。本季經營現金流為 1.94 億美元，自由現金流為 1.86 億美元。本季度，我們支付了 8,200 萬美元的定期股息，並回購了價值 1.43 億美元的普通股。我們還為未償還的定期貸款補充支付了 4000 萬美元。

In conclusion, although there is always some uncertainty as to the pace and magnitude of industry CapEx, in calendar year 2016, given our market leadership, new product revenue, and with the benefit of our leaner cost structure, KLA-Tencor is well positioned for strong relative performance in the coming year. Now, for guidance for the December quarter. Bookings are expected to be flat at the midpoint compared with Q1, and in the range of $625 million to $825 million. Revenue for the quarter is expected to be between $670 million and $730 million, with non-GAAP earnings in the range of $0.75 to $0.95 per share.

總而言之，儘管產業資本支出的速度和規模總是存在一些不確定性，但在 2016 日曆年，鑑於我們的市場領導地位、新產品收入以及精簡成本結構的優勢，KLA-Tencor 完全有能力在來年實現強勁的相對業績。現在，介紹一下 12 月季度的業績指引。預計預訂額與第一季相比持平，介於 6.25 億美元至 8.25 億美元之間。預計本季營收在 6.7 億美元至 7.3 億美元之間，非 GAAP 每股收益在 0.75 美元至 0.95 美元之間。

This concludes our remarks on the quarter. I'll now turn the call back over to Martin. Martin?

我們對本季的評論就到此結束。我現在將電話轉回給馬丁。馬丁？

Thank you Bren. As should be clear from our comments this morning, we see substantial value creation opportunities ahead for our organization, our customers, and our stockholders, by virtue of combining Lam Research and KLA-Tencor. We recognize both the opportunity and challenge in combining two large companies, and we understand that our demonstrated execution is a necessary component of sustaining and building trust with all stakeholders. As demonstrated with the integration of Novellus and subsequent out-performance, we are confident and completely invested in meeting that expectation, and sincerely appreciate your ongoing support.

謝謝你，布倫。從我們今天早上的評論中可以清楚看出，透過合併 Lam Research 和 KLA-Tencor，我們看到了為我們的組織、客戶和股東創造巨大價值的機會。我們認識到合併兩家大公司所帶來的機會和挑戰，我們也明白，我們所展示的執行力是維持和建立與所有利害關係人的信任的必要組成部分。正如 Novellus 的整合和隨後的優異表現所證明的那樣，我們有信心並全力投入以滿足這一期望，並真誠感謝您一直以來的支持。

As was just summarized by our two CFOs and stand alone Companys' press release today, the headlines of current- and short-term future performance are clear. Both companies reported and guided a strong first-half 2015, second-half 2015 revenue balance. Both exceeded earnings guidance in the September quarter, and exceeded earnings consensus for the December 2015 quarter.

正如我們兩位財務長和獨立公司今天的新聞稿中所總結的那樣，當前和短期未來表現的要點很明確。兩家公司均報告並預計2015年上半年和下半年收入平衡強勁。兩項數據均超出了 9 月季度的獲利預期，並超越了 2015 年 12 月季度的獲利共識。

Profitable growth is again reinforcement by demonstrated operational excellence, and leverage from flexible business models in both companies. New product introduction is a prevalent theme for the combined portfolio going into 2016, a year where we align to the consensus of flat to slightly down WFE, with a second-half 2016 slightly stronger than the first half of 2016. Significantly, at the combined Company level, we anticipated a growing SAM calendar 2016 over 2015.

獲利性成長再次得益於兩家公司所展現的卓越營運能力以及靈活的商業模式。新產品的推出是 2016 年組合投資組合的一個主要主題，這一年我們一致認為 WFE 將持平或略有下降，2016 年下半年將略強於 2016 年上半年。值得注意的是，在合併後的公司層面，我們預計 2016 年的 SAM 日曆將比 2015 年有所成長。

For Lam in large part, this is the inflection story generating out-performance opportunity. For KLA in large part, this is a commentary on mix and new products, with slightly stronger allocation to logic spending than memory, when compared to 2015. Longer term, the strategic rationale and growth opportunities lie in our combined ability to create a new paradigm of process enablement, to support our customers as they address unprecedented, economic and scaling challenges in their industry.

對 Lam 來說，這在很大程度上是一個創造卓越表演機會的轉捩點故事。對於 KLA 而言，這在很大程度上是對產品組合和新產品的評論，與 2015 年相比，對邏輯支出的分配略高於對記憶體的分配。從長遠來看，策略原則和成長機會在於我們共同創造流程支援新範式的能力，以支持我們的客戶應對其行業中前所未有的經濟和擴展挑戰。

As a combined company, we will continue our focus on the technology leadership and investments critical to success in the inflections of today and tomorrow, enhancing our ability to deliver value to customers, while also expanding our SAM and strategic relevance. We also remain committed to operational excellence and profitable growth, with returns enhanced both by achieving the cost and revenue synergies available in this transaction, and by continuing our commitments of returning additional value to stockholders.

作為一家合併後的公司，我們將繼續專注於技術領導力和對當前和未來成功至關重要的投資，增強我們為客戶提供價值的能力，同時擴大我們的 SAM 和策略相關性。我們也將繼續致力於卓越營運和獲利成長，透過實現本次交易中的成本和收入協同效應以及繼續履行向股東返還更多價值的承諾來提高回報。

In closing, the combination of Lam Research and KLA-Tencor will allow us to move faster, innovate better, scale efficiencies, and ultimately provide more value to our customers, their customers and our stockholders. We are very excited to get started on this journey. And with that, we are happy to take some questions.

最後，Lam Research 和 KLA-Tencor 的合併將使我們能夠更快地行動、更好地創新、擴大效率，並最終為我們的客戶、他們的客戶以及我們的股東提供更多價值。我們非常興奮能夠開始這趟旅程。因此，我們很樂意回答一些問題。

(Operator Instructions)

（操作員指令）

Jim Covello, Goldman Sachs.

高盛的吉姆·科維羅。

Congratulations to both companies on the announcement. Martin, first question, when you talk about the revenue synergies, can you help us understand a little bit how you are thinking about the revenue synergies for in situ versus stand alone tools in the combined entity going forward?

我對兩家公司宣布這項消息表示祝賀。馬丁，第一個問題，當您談到收入協同效應時，您能否幫助我們了解一下，您如何看待合併後實體中現場工具與獨立工具的收入協同效應？

First of all, Jim, thanks for the sentiment. And the way we think about it is that in the world of the complexity that I described for our customers, there is tremendous uncertainty about lots of things, materials, process, device architectures and structures, and to some extent, there is uncertainty relative to how they solve some of these problems.

首先，吉姆，謝謝你的關心。我們的想法是，在我為客戶描述的複雜世界中，許多事物、材料、製程、設備架構和結構都存在著巨大的不確定性，而且在某種程度上，對於如何解決其中一些問題也存在不確定性。

So putting ourselves on the inside of this conversation is the space where we want to be, where whatever trajectory is valuable to our customers from an integrated perspective, stand alone perspective, real-time process controls perspective, we will have put together a portfolio of sensors, algorithms, analytics software, and process and metrology measurement systems where we can respond proactively, and I think, meet expectations.

因此，將我們自己置於這場對話之中是我們想要進入的空間，無論從綜合角度、獨立角度還是實時過程控制角度來看，什麼樣的軌跡對我們的客戶來說都是有價值的，我們都將整合一系列感測器、演算法、分析軟體、以及過程和計量測量系統，以便我們能夠主動響應，並且我認為，也能滿足預期。

So we are not planning to go to market with the answer to this question. We have lots of ideas, and we have lots of strategies in place already, but as you know, in this industry, responding to needs of customers and supporting their choices is an important foundation of success.

因此我們不打算將這個問題的答案推向市場。我們有很多想法，也已經制定了很多策略，但如你所知，在這個行業，回應客戶的需求並支持他們的選擇是成功的重要基礎。

That's incredibly helpful perspective. Thank you. As a follow-up, staying on the same topic, can you help us think a little bit about the general trend that you and others have discussed toward integrating process control with processing tools, whether it is in situ or stand alone, versus the historical customer thoughts or concerns around having their process control neutrality, if you will? In other words, having a neutral process control provider. Is it just the dynamic where the process control requirements and the processing requirements are getting so stringent that customers have to give up some of their desire to have neutrality with their process control provider?

這是一個極為有用的觀點。謝謝。作為後續問題，繼續討論同一主題，您能否幫助我們思考一下您和其他人討論過的總體趨勢，即將過程控制與處理工具（無論是現場還是獨立）集成在一起，而不是歷史上客戶對過程控制中立性的想法或擔憂，如果您願意的話？換句話說，擁有一個中立的過程控制提供者。是因為製程控制要求和處理要求變得越來越嚴格，以致客戶不得不放棄一些對其製程控制供應商保持中立的願望？

Yes, just to be clear, this is not about dominance. This is about creating more choices and more solutions for customers. There clearly is demonstrated momentum in the conversation of integrated and realtime process control, I think it's early days. Again, this combination creates a situation where we are going to be right at the center of enabling the choices of our customer. I think that's the right place for us to be.

是的，需要明確的是，這與統治地位無關。這是為了給客戶創造更多選擇和更多解決方案。在整合和即時過程控制的對話中顯然表現出了勢頭，但我認為現在還處於早期階段。再次，這種結合創造了一種局面，即我們將處於幫助客戶做出選擇的中心。我認為這就是我們應該去的地方。

Farhan Ahmad, Credit Suisse.

瑞士信貸的 Farhan Ahmad。

Congratulations on the great deal. First question, Martin, is really talking about your growth rates of the two companies. If I look at the CAGR over last five years, Lam and others have grown at 5% CAGR, and KLA has been growing at about half of that rate. When we look at the industry drivers, which you have clearly outlined in the analyst days over the last two or three years, Lam has been very well exposed to some of the inflections that are happening in the industry. So as you think about the growth rate of the combined Company, does it slow down once you acquire KLA? And can you just help us understand how are you thinking about the effect on your growth, as you were looking at the acquisition?

恭喜您達成這筆大買賣。第一個問題，馬丁，實際上是在談論兩家公司的成長率。如果我看一下過去五年的複合年增長率，Lam 和其他公司的複合年增長率為 5%，而 KLA 的增長率約為該增長率的一半。當我們觀察產業驅動因素時（您在過去兩三年的分析師演講中明確闡述了這些因素），林先生對產業正在發生的一些變化非常了解。那麼，當您考慮合併後公司的成長率時，收購 KLA 後成長率會減慢嗎？您能否幫助我們了解，當您考慮此次收購時，您如何看待它對您的成長的影響？

Yes, I think as we tried to articulate in the prepared comments, we are really excited about the opportunity. And stating the obvious, this is about absolute dollars of growth, not percentages. That's the fundamental measurement of the performance of companies, and we see a tremendous platform of foundation in both companies for growth. I think we articulated slightly different reasons why in the 2016 and 2015 comparisons, both companies out perform. The inflection story of Lam we have talked about for many years is still a great platform, a great story, and long may that continue, and we are supplementing that with a new product wave from KLA-Tencor, and we are supplementing that with more balance from a segment exposure point of view. And in the 2016 to 2015 transition, that is a very positive momentum for the KLA company, and in turn, combined company. So we are really pleased about the growth trajectory, the profitable growth trajectory of both companies.

是的，我想正如我們在準備好的評論中試圖表達的那樣，我們對這個機會感到非常興奮。顯而易見，這是關於絕對美元增長，而不是百分比增長。這是衡量公司業績的根本標準，我們看到兩家公司都擁有龐大的成長基礎。我認為我們對 2016 年和 2015 年兩家公司表現優異的原因闡述得略有不同。我們多年來一直在談論的Lam的轉折故事仍然是一個偉大的平台，一個偉大的故事，希望這種情況能持續下去，我們正在用KLA-Tencor的新產品浪潮來補充它，我們正在從細分市場曝光的角度來補充它的更多平衡。在 2016 年到 2015 年的過渡期間，這對 KLA 公司以及合併後的公司來說是一個非常積極的勢頭。因此，我們對兩家公司的成長軌跡、獲利成長軌跡感到非常滿意。

Thank you. And then as a follow-up, one question for Rick. If you can just talk about, your Gen 5 platform is about to be introduced. So why sell the Company at this point when you know you have a great product story coming up? Thanks.

謝謝。然後作為後續問題，我問 Rick 一個問題。請您簡單談談，你們的第五代平台即將推出。那麼，當你知道自己即將推出一個精彩的產品故事時，為什麼還要在此時出售公司呢？謝謝。

Well the Gen 5 is doing extremely well. We have had several customer engagements, as we have talked, and as we mentioned in the prepared remarks, we will be shipping those initial shippers by the end of the calendar year, so I'm very excited about that. I really look at this combination not as selling the Company but becoming a part of a big industry powerhouse, really, where we are going to be able to provide great solutions for our customers as they work toward their challenges that they are facing in Moore's Law. I think this enables the industry to move forward, and I'm very excited about it. So I view it as the right next step for KLA-Tencor and for Lam.

Gen 5 的表現非常出色。正如我們所談論的，我們已經與多個客戶進行了接觸，並且正如我們在準備好的發言中提到的那樣，我們將在今年年底之前發送這些初始托運人，因此我對此感到非常興奮。我認為這種合併並不是出售公司，而是真正成為大型產業巨頭的一部分，我們將能夠為客戶提供出色的解決方案，幫助他們應對摩爾定律所面臨的挑戰。我認為這推動了行業向前發展，我對此感到非常興奮。因此我認為這是 KLA-Tencor 和 Lam 的正確下一步。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

This is Bill Peterson for Harlan. Thanks for taking the question, and congratulations to both Lam and KLA teams on the deal. I wonder if Martin, or if Rick have had conversations with customers, and how are the customers viewing this transaction? Part of the question is because obviously last year, two industry leaders tried to combine, and it didn't happen, and there were some thoughts that some of the larger customers did not really, weren't keen on the transaction. So I wanted to get your perspective on how customers view this potential transaction?

我是哈蘭的 Bill Peterson。感謝您回答這個問題，並祝賀 Lam 和 KLA 團隊達成協議。我想知道馬丁或瑞克是否與客戶交談過，以及客戶如何看待這筆交易？部分原因在於，去年顯然兩家行業領導者試圖合併，但並未成功，有人認為，一些較大的客戶實際上並不熱衷於這筆交易。所以我想了解一下您對客戶如何看待這項潛在交易的看法？

Yes, I think I'll take this one. I mean, I have, and I think I've even spoken to this on prior calls. I spent a lot of time in the last four to five years dialoguing with customers on their strategic challenges and how we might contribute to creating value and choices and solutions, as part of that. And I think every customer in the world is going to articulate a value proposition around control and process, and that is a fundamental component of value.

是的，我想我會選擇這個。我的意思是，我已經談過這個問題，而且我認為我甚至在之前的電話中談過這個問題。在過去的四到五年裡，我花了很多時間與客戶對話，討論他們的策略挑戰，以及我們如何為創造價值、選擇和解決方案做出貢獻。我認為世界上的每個客戶都會圍繞著控制和流程表達價值主張，這是價值的基本組成部分。

There is obviously no product overlap here between these two companies. It is about adjacency and it's about complements. There is geographic proximity which makes the integration risk profile dramatically different, and the other transaction that you referred to.

顯然，這兩家公司之間沒有產品重疊。它與鄰接和補充有關。由於地理位置的接近，整合風險狀況截然不同，還有您提到的另一筆交易。

So my instinct is it from the conversations I have had with customers, there is going to be a lot of support for this. And I think in large part, that is a commentary on the motivations, and the motivations that we have stated, I hope, are really clear. This is about enabling the future of long-term success for our customers, and in turn, creating opportunity for us, and that bias to focus on the customer, to build customer trust, to give him choices, is everything about the value, the culture of KLA-Tencor and Lam Research and that will continue.

因此，從我與客戶的對話來看，我的直覺是，他們將會大力支持這一點。我認為，在很大程度上，這是對動機的評論，我希望，我們所陳述的動機確實非常清楚。這是為了幫助我們的客戶實現未來的長期成功，進而為我們自己創造機會，而這種關注客戶、建立客戶信任、給予客戶選擇的傾向就是 KLA-Tencor 和 Lam Research 的價值和文化，而這種文化將會持續下去。

Okay. Great. And then maybe switching more to the fundamental environment, you provided a view toward 2016, I believe Doug, on a recent call, at a different sell-side conference, talked about how the view 2016, the bias would be perhaps even up and now it is more flat to down. I'm wondering what's changed since then. What are the puts and takes, and what areas would you expect to drive it to more of a flat to down profile, versus maybe a prior view of perhaps being up?

好的。偉大的。然後可能更多地轉向基本環境，您提供了對 2016 年的看法，我相信 Doug 在最近的一次電話會議上，在另一個賣方會議上，談到了對 2016 年的看法，偏見甚至可能上升，而現在它更加持平或下降。我想知道從那時起發生了什麼變化。利弊是什麼？

Yes, I don't think we add anything to existing public disclosure on puts and takes. The headline today is we support the consensus opinion of flat to slightly down at WFE. There are a couple of elements to that. One of them is meaningfully less DRAM investment next year, meaningfully more NAND investment next year, and flattish micro processor and logic and foundry, to maybe slightly up.

是的，我認為我們不會在現有的關於賣出和賣出的公開披露內容上添加任何內容。今天的頭條新聞是，我們支持 WFE 持平或略有下降的普遍看法。其中有幾個因素。其中之一是明年 DRAM 投資將顯著減少，NAND 投資將顯著增加，而微處理器、邏輯和代工投資將持平或略有上升。

So that is a headline that I think is well established, as Doug said in his prepared comments, a very important headline to remember is in that context, KLA-Tencor and Lam Research both are projecting SAM expansion year over year, and both of us are projecting market share expansion as well. I didn't comment about market share, but our customary 1% to 2% market share target is the platform of growth for us there. So I hope that helps. I think we have to take the next question in the interest of time.

所以我認為這個標題是充分的，正如 Doug 在他準備好的評論中所說的那樣，要記住的一個非常重要的標題是，在這種背景下，KLA-Tencor 和 Lam Research 都預測 SAM 會逐年擴張，而且我們都預測市場份額也會擴大。我沒有對市場份額發表評論，但我們通常的 1% 到 2% 的市場份額目標是我們在那裡的成長平台。我希望這會有所幫助。我想為了節省時間，我們必須回答下一個問題。

Timothy Arcuri, Cowen and Company.

提摩西·阿庫裡，考恩公司。

Congratulations. Obviously, I love this deal. So I have two questions. Number one, Martin, can you talk about the dividend policy for the combined company?

恭喜。顯然，我很喜歡這筆交易。我有兩個問題。第一，馬丁，您能談談合併後公司的股利政策嗎？

Tim, I'll take it, it's Doug. As we look forward, we are going to continue essentially the dividend level that Lam has today. And as we've described before, we understand the expectation that dividends grow over time, and we will have a bias to continue to do that. I want to emphasize though, Tim, that the main priority, at least in the near term, first and foremost, is going to be the profitable investment in the business.

提姆，我接受，我是道格。展望未來，我們將繼續維持 Lam 目前的股息水準。正如我們之前所描述的，我們理解股息隨著時間的推移而增長的預期，並且我們將傾向於繼續這樣做。不過，提姆，我想強調的是，至少在短期內，首要任務是對業務進行有利可圖的投資。

Second is going to be deleverage the balance sheet, and third is going to be return to equity holders. So that is kind of how we are thinking about it, at least until we get to that leverage target I communicated of 2.5 times gross debt to EBITDA, we are going to prioritize paying the debt down.

第二是降低資產負債表中的槓桿率，第三是增加股東報酬。所以這就是我們的想法，至少在我們達到我所傳達的槓桿目標（即總債務與 EBITDA 比率的 2.5 倍）之前，我們將優先償還債務。

And relative to that 2.5 times ratio, we are targeting 12 to 18 months to get to that point.

相對於 2.5 倍的比例，我們的目標是 12 到 18 個月內達到這個目標。

Should happen in 2017, Tim.

應該會在 2017 年發生，提姆。

Got it. Okay. Thanks so much. So I guess just, second question is really on the timing of the deal. As I said, obviously I see that this deal makes tons of sense, but why, why now? Is it something on EUV, did something change in the marketplace the last couple of quarters? I'm just curious, why now? Thanks.

知道了。好的。非常感謝。所以我想第二個問題其實就是有關交易的時間。正如我所說，顯然我認為這筆交易非常有意義，但是為什麼，為什麼是現在？這是 EUV 的問題嗎？我只是好奇，為什麼是現在？謝謝。

I'm sorry to say it is not because you said you liked the deal. The why now answer is, it's pretty straightforward. This is a commentary on opportunity, it's a commentary on capability of combined companies, and it is a commentary on the needs from our customers and the industry. The foundation from two stand alone companies is strong, and architecting strategic change of this nature is better done from a position of strength.

很遺憾，這並不是因為你說你喜歡這筆交易。現在的答案是，這很簡單。這是對機會的評論，是對合併後公司能力的評論，也是對我們的客戶和行業需求的評論。兩家獨立公司的基礎十分牢固，從實力角度出發規劃這種策略變革會更有效。

And so we see a tremendous opportunity, we do believe, as I've said, there will be support, there is support for there type of combination, which respects and promotes the long-term interest of our customers. And we certainly believe, having executed not quite on the same scale, but executed a merger integration with Lam and Novellus, we have experience, we have a competency and capability to make sure we do not compromise on the commitments made to customers of stand alone companies, and we execute better and stronger together.

因此，我們看到了一個巨大的機遇，我們確實相信，正如我所說的，將會有支持，會有對這種組合的支持，這種組合尊重並促進我們客戶的長期利益。我們堅信，儘管執行規模不盡相同，但與Lam和Novellus進行了合併整合，我們擁有經驗，有實力和能力確保不損害對獨立公司客戶的承諾，並且我們一起執行得更好、更強。

C.J. Muse with Evercore.

C.J. Muse 與 Evercore。

Congrats to all of you on the deal. I guess first question Martin, I'm just taking a step back, the narrative for Lam over the last two years was best growth in the industry leveraged, although the right technology transitions. With this transaction, that narrative seems to be changing a bit. So curious, what do you see in the future, and/or what has occurred that changed a bit? Is it the fact that we are maturing? Are challenges to Moore's law, is it a vision that increased scale is really necessary to compete in that world? We'd love to hear your thoughts.

恭喜你們大家達成這筆交易。我想第一個問題是馬丁，我只是退一步來說，過去兩年來，Lam 的敘述是利用行業槓桿實現最佳成長，儘管進行了正確的技術轉型。隨著這筆交易，這種說法似乎有所改變。非常好奇，您對未來有什麼看法，或發生了什麼變化？這是我們正在成熟的事實嗎？這是否是摩爾定律的挑戰，是否認為擴大規模才是在世界範圍內競爭所必需的？我們很想聽聽您的想法。

Well actually, I would probably contend the premise in your question, I don't think this is a fundamental recharacterization of the message from our company. We are absolutely focused on outperformance, we are absolutely focused on operational excellence, we are absolutely focused on expanding profitability faster than we are revenues, and I think there is plenty of opportunity to do that, as a combined company. This is a very strategic transaction, it is a commentary on a long-term commitment to our customers, and for sure, scale and breadth of portfolio is better than not. For sure, as I said, we have more diversity, more competency, more capability, more learning. The quality of fundamental research and product and services development will be higher as a result of this transaction. But I think at a very fundamental level, the outperformance commentary of this combined company is still a great value proposition.

嗯，實際上，我可能會爭論你問題中的前提，我不認為這是對我們公司資訊的根本性重新描述。我們絕對專注於卓越業績，我們絕對專注於卓越運營，我們絕對專注於以比收入更快的速度擴大盈利能力，我認為，作為一家合併後的公司，有很多機會可以做到這一點。這是一項非常具有策略意義的交易，是對我們長期客戶承諾的體現，而且，毫無疑問，投資組合的規模和廣度總比沒有好。當然，正如我所說，我們擁有更多的多樣性、更多的能力、更多的能力、更多的學習。此次交易將提高基礎研究和產品和服務開發的品質。但我認為，從最根本的層面來看，這家合併後公司的優異表現評論仍然具有很大的價值主張。

Excellent. And just as a quick follow-up, Doug, can you share your early thoughts on what the long-term tax rate will be for the combined entity, given you're about what? 6, 7 points below KLA?

出色的。作為一個簡短的跟進問題，道格，考慮到您所考慮的問題，您能否分享一下您對合併後實體的長期稅率的初步想法？低於 KLA 6、7 分？

Yes C.J., if I was you I would model something part way between both companies. Obviously part of when we do integration, we'll be working on some tax planning. But for modeling purposes, I'd split the difference right now.

是的，C.J.，如果我是你，我會在兩家公司之間建立某種模型。顯然，當我們進行整合時，我們會進行一些稅務規劃。但出於建模目的，我現在會分割差額。

Atif Malik, Citigroup.

花旗集團的阿蒂夫馬利克 (Atif Malik)。

Congratulations to both teams on the merger. Martin, the first question, can you compare this deal to the Novellus deal? When I look at it on cost synergies level as well as product overlap, very similar there is no overlap. The revenue synergies are a little bit tough to understand given that you applied have not been successful in growing the process control with the process capability. So we'll have to get an understanding of what two or three applications are you looking at, in terms of revenue synergies? And then I have a follow-up.

祝賀兩個團隊的合併。馬丁，第一個問題，你能將這筆交易與 Novellus 交易進行比較嗎？當我從成本協同效應水準以及產品重疊的角度來看，非常相似，沒有重疊。由於您在提高流程控制和流程能力方面所採用的方法未能成功，因此收入綜效有點難以理解。因此，從收入綜效的角度來看，我們必須了解您正在考慮哪兩三個應用？然後我有一個後續問題。

Well I mean I guess the obvious statement to make relative to the comparison is, this is bigger, which means our expectations are higher. And I think I agree with the essence of the comparison you just made. I think you know, what is the differentiation, what is the distinction in our strategy, versus any competitive strategy? Our focus is on process excellence.

嗯，我的意思是，我猜相對於比較來說，顯而易見的說法是，這個更大，這意味著我們的期望更高。我認為我同意你剛才所作比較的本質。我想你知道，我們的策略與任何競爭策略相比，差異化是什麼、差異是什麼？我們的重點是流程的卓越。

These are two companies that have well-established positions of leadership, and as we have talked about many times, you have to have positions of leadership. You have to give customers choices. You have to respect their ability to deliver competitive differentiation, as much as your own.

這兩家公司都擁有穩固的領導地位，正如我們多次談到的那樣，你必須擁有領導地位。你必須給顧客提供選擇。你必須像尊重自己一樣尊重他們實現競爭差異化的能力。

And I think with those biases, and with that philosophy, there are again, plenty of opportunities around 3D device architecture, and around the logic road maps for us to open up process windows, for us to deliver more predictable solutions to our customers, and for us to break through the historic challenges associated with streamlining, optimizing the process and process control arena. This is the first company that will have ever had the competency and capability that we will bring to our customers.

我認為，有了這些偏見和理念，3D 設備架構和邏輯路線圖方面又將出現大量機會，讓我們能夠打開流程窗口，為客戶提供更可預測的解決方案，並讓我們能夠突破與精簡、優化流程和流程控制領域相關的歷史性挑戰。這是第一家擁有我們能為客戶帶來的能力和實力的公司。

One other thought. As you know, the adoption of inspection and measurement in memory manufacturing is lower than it is in logic and foundry. It's my belief that one of the reasons for that is particularly in 3D NAND, is the fact that we are held off from the process. I think this combination allows the inspection of metrology much more to be part of the integration of those, and that becomes more important. It is not like our customers aren't struggling with yield on 3D, we know they are. This enables us to provide more capability, helps them get their yield, and at the same time provides market opportunity for the combined Company. I think that's really exciting.

還有一個想法。眾所周知，記憶體製造中偵測和測量的採用率低於邏輯和代工廠。我認為其中一個原因是我們未能參與 3D NAND 的進程，這一點尤其嚴重。我認為這種結合使得計量檢驗更多地成為這些整合的一部分，而這變得更加重要。這並不意味著我們的客戶沒有在 3D 產量方面遇到困難，我們知道他們確實在遇到困難。這使我們能夠提供更多的能力，幫助他們獲得收益，同時為合併後的公司提供市場機會。我認為這真的非常令人興奮。

Great and then as a follow-up, if you can comment on the NAND spending environment for next year. ASM on its call last week mentioned that the NAND spending on 3D especially could be lower than this year, given that it is one fab that is already fully ramped on the greenfield level but then there's brownfield trap. I would love to get your thoughts on how you are looking at NAND spending within that flat to down outlook.

很好，然後作為後續問題，您能對明年的 NAND 支出環境發表評論嗎？ASM 在上週的電話會議上提到，考慮到它是一家在綠地層面上已經完全投入運營的晶圓廠，但隨後又出現了棕地陷阱，因此今年在 3D 方面的 NAND 支出可能會低於今年。我很想聽聽您對在持平或下降前景下NAND支出的看法。

Yes, we don't align to the statements and the representations you just made at all. So our view of NAND spending in calendar 2016 is that it is higher than the calendar 2015 spend level. About 95% of the spending is invested and directed to the 3D device transition. We see universal commitments to that technology transition from our customers. And I think the commentary from almost every customer around the import of this transition is a very positive one.

是的，我們完全不同意你剛才的陳述和表達。因此，我們認為 2016 年 NAND 支出將高於 2015 年支出水準。約有 95% 的支出被投資並用於 3D 設備轉型。我們看到客戶普遍致力於這項技術轉型。我認為幾乎每位客戶對於這項轉變的評價都是非常正面的。

We believe that the 3D NAND chip capacity by the end of this year is around 160,000 wafer starts per month, and our best estimate is somewhere between 350,000 and 400,000 wafer starts by the end of next calendar year. We would expect somewhere similar to or maybe a tweak more capacity in qualification at the end of next year compared to this, and that is really just a statement on what is normal in a transition of this scale. The 3D NAND investments we think is a very prominent theme, and one that we are well-positioned for.

我們認為，今年年底的 3D NAND 晶片產能約為每月 16 萬片晶圓，而我們最好的估計是，明年年底的產能將在 35 萬至 40 萬片晶圓之間。我們預計明年年底的資格認證能力將會與此類似，甚至可能有所調整，而這只是對這種規模的過渡中正常的一種表述。我們認為 3D NAND 投資是一個非常突出的主題，而且我們已做好準備。

Krish Sankar, Bank of America Merrill Lynch.

美銀美林的 Krish Sankar。

I jumped in a little late. Congrats, both Martin and Rick on the deal. A couple of quick questions. One is clearly both Lam and KLA as a stand alone company have had a very product-focused approach. When I look at the Lam Novellus deal you got out of several products like PVDs, because there were ultimate synergies. I'm wondering to the extent you answer, are there any products that exist now that you have KLA under your belt to get revenue or cost synergies? And then I have a follow-up.

我跳得有點晚了。祝賀馬丁和里克達成協議。幾個簡單的問題。顯然，Lam 和 KLA 作為獨立公司都採取了非常注重產品的方法。當我看 Lam Novellus 交易時，你獲得了像 PVD ​​這樣的幾種產品，因為它們具有最終的協同效應。我想知道您回答的程度，現在您擁有 KLA 旗下是否有任何產品可以獲得收入或成本綜效？然後我有一個後續問題。

I don't know if I would really point to a PVD decision as a necessary or particularly material component delivering synergies, it was a pretty small investment level. But to your question, we have, I think -- both companies are run very well, both companies take strat planning and operational planning very seriously. Both companies have high bars for investment, investing in the future of our businesses. And more or less, I think the road maps of both companies are valid together, as much as they were separately.

我不知道我是否真的會將 PVD ​​決策視為實現協同效應的必要或特別重要的組成部分，這是一個相當小的投資水平。但對於您的問題，我認為——兩家公司都運作得很好，兩家公司都非常重視策略規劃和營運規劃。兩家公司都擁有很高的投資門檻，投資我們業務的未來。或多或少，當我認為兩家公司的發展路線圖結合起來時，就像它們各自單獨時一樣有效。

That said, we have a really strong set of executives as a result of this combination, and they will continue to take ownership for refinements as appropriate, from whatever learning and opportunities and feedback we have from customers. But I think the basic headline is, as is.

儘管如此，透過這種合併，我們擁有了一群非常強大的高階主管，他們將繼續根據我們從客戶那裡獲得的任何學習、機會和回饋，承擔起適當的改進責任。但我認為基本標題是這樣的。

Got it. As a follow-up, what is the break-up fee that is involved in the deal and were there other businesses that you looked at, that you thought would be more attractive? Or you think this was the way to go, given the size and scale required?

知道了。接下來的問題是，這筆交易涉及的分手費是多少？或者您認為考慮到所需的規模和範圍，這是可行的方法？

Krish, the break up fee is pretty customary, and you'll see it once we file the prospectus. It's approximately $300 million, little less than $300 million. Martin, you want to come in?

Krish，分手費是很常見的，我們提交招股說明書後你就會看到它。大約是3億美元，略少於3億美元。馬丁，你想進來嗎？

No.

不。

This is the right deal at the right time, Krish.

這是在正確的時間達成的正確交易，克里什。

Steven Chin, UBS.

瑞銀 (UBS) 的 Steven Chin。

Also my congratulations on the deal. I just have a follow-up question on the potential EPS value created from the merger, Martin. I think Doug may have said it, WFE is $35 billion, and you could hit an operating margin target. I'm getting to a combined EPS of around $8 or so, which just seems the higher share count and some more interest expense from the debt. That looks like it is higher by about 10% to 20% in the Lam EPS potential you shared at SEMICON West. My question is, I just wanted to make sure we were in the ballpark of where this potential EPS could be, and this is one of the reasons why this combined company is better than the stand alone?

我也對這筆交易表示祝賀。馬丁，我只是想問一下合併產生的潛在每股盈餘價值。我認為 Doug 可能已經說過，WFE 是 350 億美元，你可以達到營業利潤率目標。我得到的綜合每股收益約為 8 美元左右，這似乎是更高的股票數量和一些來自債務的利息支出。看起來，您在 SEMICON West 上分享的 Lam EPS 潛力要高出約 10% 至 20%。我的問題是，我只是想確保我們大致了解這個潛在每股收益，這也是合併後的公司比獨立公司更好的原因之一？

Yes Steven, I mean, I gave you a model that said $10 billion and 27%, I mean just things to think about. The interest rate on the debt is going to be kind of high 3 as a percentage. I've already given you how much debt needed to get raised, so you can solve for that. We told you that the deal will be accretive within the first 12 months, and will get more accretive as you go out in time. I'm not going to confirm the numbers that you just went through, but there is an accretive transaction. This is a transaction that is good for shareholders, it's good for the combined companies. We are really excited about where we are going with our numbers.

是的，史蒂文，我的意思是，我給了你一個模型，上面說 100 億美元和 27%，我的意思是只是一些需要考慮的事情。債務利率以百分比計算將會達到較高的 3。我已經告訴你需要籌集多少債務，所以你可以解決這個問題。我們告訴過你，這筆交易將在前 12 個月內產生增值，隨著時間的推移，增值將會增加。我不會確認你剛剛經歷的數字，但確實存在增值交易。這是一項對股東有利的交易，對合併後的公司也有利。我們對我們的數位未來發展感到非常興奮。

Thanks for that Doug. And then Martin, there is a general market perception out there, that KLA's market is in decline. I think you did a pretty good job explaining why you disagree with that. Could you share any color on what the customers may think of this deal? And did customers also encourage you to consider merging with KLA? Thanks.

謝謝你，道格。馬丁，市場普遍認為 KLA 的市場正在下滑。我認為你已經很好地解釋了你不同意這一點的原因。能否分享一下客戶對這筆交易的看法？客戶是否也鼓勵您考慮與 KLA 合併？謝謝。

I don't know that I would go quite as far as your last statement. But as I said in response to a similar question earlier, I spent a lot of time dialoguing with customers in the last few years around strategic opportunities for our Company, to gather their perspective and their requirements, and their motivations and to integrate that. Because I want, appropriately, customers invested in the success of our company, in whatever form that exists.

我不知道我是否會像你最後說的那樣走得那麼遠。但正如我之前回答類似問題時所說，過去幾年我花了很多時間與客戶就我們公司的策略機會進行對話，收集他們的觀點、要求和動機，並將其整合在一起。因為我希望客戶能夠適當地投資我們公司的成功，無論以何種形式存在。

And I believe that there is a very compelling perspective from customers around value from opening up process windows, delivering more predictable results on wafer, and to Rick's point, technology enablement is the first contribution for us to make. Productivity is the second and there are as many economic challenges in the future of our industry and our customers, as there are technical. And we think this is a very fundamental paradigm, which the combination allows us to pursue.

我相信，客戶對於開放製程視窗、在晶圓上提供更可預測的結果的價值有著非常令人信服的看法，正如 Rick 所說，技術支援是我們所做的第一個貢獻。生產力是第二個因素，我們產業和客戶未來面臨的經濟挑戰與技術挑戰同樣多。我們認為這是一個非常基本的範例，這種結合使我們能夠追求它。

Weston Twigg, Pacific Crest.

韋斯頓‧特維格 (Weston Twigg)，太平洋屋脊。

Thanks for taking my question, and not to be a downer. I was wondering if you could maybe take a stab at giving us an idea of what your technical model might look like if demand is not $35 billion WFE, like what if it's $30 billion? Can you give us a ballpark view on what the target model might look like in that range?

感謝您回答我的問題，希望您不會讓我失望。我想知道您是否可以嘗試向我們介紹一下，如果需求不是 350 億美元的 WFE，而是 300 億美元的話，您的技術模型會是什麼樣子？您能否提供我們一個大概的關於該範圍內的目標模型是什麼樣的？

Yes, it will be lower, Wes.

是的，會更低，韋斯。

That's ballpark.

這是大概狀況。

I think if you really want to do scenario planning, you can look at the public commentary from both companies. We've both had financial models that have been out there. You can look at the way I'm putting the two together in the $35 billion scenario, Wes, and I think you can smooth between what you think the world looks like, just by doing that.

我認為，如果你真的想做情境規劃，你可以看看兩家公司的公開評論。我們都有現有的財務模型。韋斯，你可以看看我在 350 億美元的情景中將兩者結合起來的方式，我認為只要這樣做，你就可以平滑地呈現你所認為的世界。

Okay. Fair enough. And then just on the revenue synergies, the $600 million, I was wondering if maybe you could help us understand a little bit more specifically where the opportunities are. Is it primarily just the new value of the combined solutions, or do you see specific segments that you expect to grow a bit faster that you could comment on? A little more color on how you get to that $600 million.

好的。很公平。然後就 6 億美元的收入協同效應而言，我想知道您是否可以幫助我們更具體地了解機會在哪裡。這主要是組合解決方案的新價值嗎，還是您是否看到預計成長更快的特定領域，您可以對此發表評論嗎？稍微詳細地講講你是如何獲得這 6 億美元的。

Frankly speaking, there is a limit to how much of that conversation I would want to have. We've done a lot of work in preparation for this conversation to validate the $600 million, and obviously, there is a competitive components to messaging in the public domain. So slide 8 in our deck today, which describes how we plan to deliver differentiated technology solutions together, is the best way to answer the question. We do see there are very important opportunities to use metrology information to strengthen the fundamental value proposition of deposition, etch and clean solutions in the logic space, around FinFET, and next generation gates.

坦白說，我想要進行的這類對話是有限的。為了驗證這 6 億美元的有效性，我們為這次對話做了大量準備工作，顯然，在公共領域傳遞訊息存在競爭成分。因此，我們今天的投影片第 8 頁描述了我們計劃如何共同提供差異化的技術解決方案，這是回答這個問題的最佳方式。我們確實看到了利用計量資訊來加強邏輯領域、FinFET 和下一代閘周圍的沉積、蝕刻和清潔解決方案的基本價值主張的重要機會。

The multi-patterning process flow is not the cheapest process flow in the world as everybody has discussed, and so any opportunity we have to improve productivity, increase yields, open our process windows, is a tremendous value proposition that will be new products and services, I hope, over time. And more capable etch and deposition and clean systems. In 3D NAND, I think Rick already answered the question. There are opportunities in 3D NAND that's illustrative where one company gets earlier access to an inflection in the industry, and we have an opportunity here to normalize, to make sure every part of process, process control, combined company gets early access to technology inflections, and gets in the best position possible to make appropriate investments and deliver differentiated solutions.

正如大家所討論的，多重圖案化製程並不是世界上最便宜的製程，因此，我們提高生產率、增加產量、打開製程窗口的任何機會都是巨大的價值主張，我希望隨著時間的推移，它將成為新產品和服務。以及更強大的蝕刻、沉積和清潔系統。在 3D NAND 中，我認為 Rick 已經回答了這個問題。3D NAND 中存在著機會，這說明一家公司可以較早地獲得行業的變化，我們就有機會在此進行規範化，以確保流程的每個部分、流程控制、合併後的公司都能較早地獲得技術變化，並處於最佳位置以進行適當的投資並提供差異化解決方案。

So a broad cross section of plays, fundamental value, with strength in what we have. Second is supplement, and we will be taking a very measured approach through that. As all of you know, it takes a long time in this industry to deliver new capability, which is why the revenue projection is biased to the beyond this 2018 reference point.

因此，我們擁有廣泛的戲劇類型、根本價值和實力。第二是補充，我們將採取非常謹慎的態度。眾所周知，這個行業需要很長時間才能推出新功能，這就是為什麼收入預測偏向 2018 年參考點之後。

Patrick Ho, Stifel Nicholas.

派翠克·何（Patrick Ho），Stifel Nicholas。

Congrats and good luck to both teams there. Martin maybe for you, you have obviously displayed the growth, particularly for yourselves in the etch and deposition markets, and the SAM story you have detailed. Maybe going back to your talk about innovation, accelerating it and the revenue synergy potentials, do you believe some of your SAM expansion potential can pull process control and maybe get it out of the current rut that it is in? And maybe help grow that SAM as well?

祝賀兩支球隊並祝他們好運。馬丁，也許對您來說，您已經明顯展示了成長，特別是在蝕刻和沈積市場以及您詳述的 SAM 故事。也許回到您關於創新、加速創新和收入協同潛力的談話，您是否相信您的一些 SAM 擴展潛力可以拉動流程控制，並可能使其擺脫當前的困境？也許也有助於發展 SAM？

I'm not sure I exactly get your question. But I mean, do I see SAM expansion opportunities in the process space of the Company? I think the answer to that question is yes, and we are obviously not going to get so specific. So again, the headline here is increase the competitiveness, increase the competency and capability of the established portfolio in both companies, by virtue of more learning and more understanding, and great teams that are really excited about an opportunity to work together.

我不確定我是否完全明白你的問題。但我的意思是，我是否看到了公司流程領域中的 SAM 擴展機會？我認為這個問題的答案是肯定的，而且我們顯然不會說得那麼具體。因此，這裡的標題是提高競爭力，透過更多的學習和更多的理解以及對合作機會真正感到興奮的優秀團隊，提高兩家公司現有產品組合的能力和能力。

We, obviously, have had very limited interactions of technology teams, in preparation for this announcement. But some, and I would say the appetite and the enthusiasm in that community, to create value in ways that are not available to stand alone companies, is extraordinary. I mean, I am really excited about what we are going to see when really smart people get together and have an opportunity to do something they've not yet had an opportunity to do. SAM expansion, market share, new products, new services. A lot of work and we are going to be very focused on doing the right thing to support choices and value for our customer.

顯然，在準備發布這項聲明的過程中，我們與技術團隊的互動非常有限。但有些人，我想說，這個社區的渴望和熱情，以獨立公司無法實現的方式創造價值，是非凡的。我的意思是，當真正聰明的人聚在一起並有機會做一些他們還沒有機會做的事情時，我真的很高興看到我們將看到的一切。SAM 擴展、市場佔有率、新產品、新服務。我們還有很多工作要做，我們會非常專注於做正確的事情來支持客戶的選擇和價值。

All right that's helpful. Maybe for Doug specifically on the cost synergy targets. You have outlined over $250 million. These are obviously two very different companies in terms of process and process control. I guess what are some of maybe the high level cost synergies that we can look at today, in terms of that target that you are setting out there? Because there is not the immediate process of synergies that you can get, like you've seen in other deals. What are some of the steps you'll take to get to that target?

好的，這很有幫助。也許對 Doug 來說具體來說就是成本協同目標。您已概述了超過 2.5 億美元的金額。這顯然是兩家在流程和流程控制方面非常不同的公司。我想，就您設定的目標而言，我們今天可以考慮哪些高水準的成本綜效？因為您無法立即獲得協同效應，就像在其他交易中看到的那樣。您將採取哪些措施來實現該目標？

Yes Patrick, at this point, we have done a reasonable amount of homework. That was part of diligence process we went through. When I look at the cost synergies, I think about a third of it comes from the cost of goods sold line. There is some commonality there, although as you know, there is not a ton.

是的，派崔克，到目前為止，我們已經完成了相當多的作業。這是我們經歷的盡職調查過程的一部分。當我考慮成本綜效時，我認為其中約三分之一來自於銷售成本。儘管如你所知，它們之間還是存在一些共通性，但實際上並沒有太多共通點。

Two-thirds of it probably come from operating expenses, and that is going to have a heavy bias toward the SG&A functions, and probably not a whole lot in R&D. Half of this will be headcount, and half of it will be non-headcount related synergies, at least the way we are looking at it today. And we are going to be very light on R&D, right? The objective here isn't to do a whole lot on R&D, so we'll be very careful how we are looking at that area.

其中三分之二可能來自營運費用，而且這將嚴重偏向銷售、一般及行政開支，可能不會花太多錢在研發上。其中一半將是員工人數，另一半將是與員工人數無關的綜效，至少我們今天是這麼認為的。我們在研發上的投入會很少，對嗎？這裡的目標不是進行大量的研發，所以我們會非常謹慎地看待這個領域。

Just to repeat what I hope is a very clear headline. This is not about reducing costs. It is a necessary component of bringing two companies together, but this is all about creating a fundamental new value proposition in our industry to benefit our customers. Very strategic. So please help us not lose sight of that message.

我只是重複一下，希望是一個非常清晰的標題。這與降低成本無關。這是將兩家公司合併的必要組成部分，但這一切都是為了在我們的行業中創造一個全新的根本價值主張，從而使我們的客戶受益。非常具有戰略意義。所以請幫助我們不要忽視這個訊息。

Romit Shah, Nomura.

野村證券的羅米特·沙阿（Romit Shah）。

Romit, are you there?

羅米特，你在嗎？

(Operator Instructions)

（操作員指令）

Romit? Three, two, one. Audrey, please close.

羅米特？三、二、一。奧黛麗，請關閉。

Once again, we'd like to thank you all for joining us today. A replay of our call will be available on LamResearch.com. Thank you. Operator, that concludes our call.

我們再次感謝大家今天的參與。我們的電話會議重播將在 LamResearch.com 上提供。謝謝。接線員，我們的通話到此結束。

Thank you.

謝謝。

Once again, that does conclude today's conference call. Thank you for your participation.

再一次，今天的電話會議到此結束。感謝您的參與。