科林研發 (LRCX) 2016 Q4 法說會逐字稿

Good day, and welcome to the Lam Research Corporation June 2016 conference call. At this time, I would like to turn the conference over to Satya Kumar, Vice President of Investor Relations. Please, go ahead.

大家好，歡迎參加Lam Research Corporation 2016年6月電話會議。現在，我將會議交給投資人關係副總裁Satya Kumar先生。請他發言。

Good afternoon, everyone, and welcome to the Lam Research quarterly conference call. With me today are Martin Anstice, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer. During today's call we'll share our outlook on the business environment, review our financial results for the June 2016 quarter, our outlook for the September quarter, and provide an update on our planned business combination with KLA-Tencor.

各位下午好，歡迎參加 Lam Research 的季度電話會議。今天與我一同出席的有總裁兼執行長 Martin Anstice 和執行副總裁兼財務長 Doug Bettinger。在今天的電話會議上，我們將分享我們對商業環境的展望，回顧 2016 年 6 月季度的財務業績，展望 9 月季度，並介紹我們與 KLA-Tencor 的業務合併計劃的最新進展。

The Press Release detailing our financial results was distributed a little after 1 PM Pacific Time this afternoon. 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.

詳細介紹我們財務表現的新聞稿已於今天下午太平洋時間1點剛過發布。您也可以在公司網站的投資者關係版塊找到該新聞稿，以及今天電話會議的簡報。

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

今天的演講和問答環節將包括我們對未來某些事件的預期和看法。

All statements made that are not historical facts are forward-looking statements, based on current information and are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements include: the timing for the closure of the proposed business combination with KLA-Tencor, the beliefs to be realized from that transaction, the anticipated structure of future combined operations, and our guidance on revenues, shipments, costs, margins, share count, and earnings.

所有非歷史事實的陳述均為前瞻性陳述，這些陳述基於當前訊息，並受風險和不確定性因素的影響，實際結果可能與預期有重大差異。這些前瞻性陳述包括：與KLA-Tencor擬議業務合併的完成時間、該交易預期實現的目標、未來合併營運的預期結構，以及我們對收入、出貨量、成本、利潤率、股份數量和盈利的預測。

Other forward-looking topics that we expect to cover are included in the slide deck accompanying our remarks. We encourage you to review the risk factor disclosures in our public filings with the SEC, including our 10-Ks and 10-Qs. The Company undertakes no obligation to update forward-looking statements.

我們預計在發言稿中涵蓋的其他前瞻性議題。我們建議您查閱我們向美國證券交易委員會提交的公開文件中所揭露的風險因素，包括我們的10-K和10-Q表格。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. A detailed reconciliation between GAAP and non-GAAP results can be found in today's earnings press release.

除非另有說明，我們今天對財務表現的討論將以非公認會計準則（非GAAP）為基礎。有關GAAP和非GAAP業績的詳細調節表，請參閱今天的盈利新聞稿。

This call is scheduled to last until 3 PM Pacific Time. And as always, we ask that you limit your questions to one per phone with a very brief follow-up, so that we can accommodate as many questions as possible. As a reminder, the replay of this call will be available later this afternoon on our website. And with that, let me turn the call over to Martin.

本次電話會議預計將於太平洋時間下午3點結束。像往常一樣，我們懇請您每部電話只提一個問題，並儘量簡短地進行後續提問，以便我們能夠盡可能多地回答您的問題。提醒一下，本次電話會議的錄音將於今天下午晚些時候在我們的網站上提供。接下來，我會把電話交給馬丁。

Thank you, Satya, and thank you all for joining us today for our quarterly earnings conference call. The headline is that we delivered strong results that continue to reinforce our increasingly strong presence in the industry as the enabling technology inflections continue to intensify around etch and deposition processes. In addition, the quality of our earnings rises as a higher proportion of our market share occurs in critical applications, which are characterized by extreme technical complexity and multi-year cycles of learning for the Company. Lastly, our expectations for performance in the second half of calendar 2016 are stronger than previously articulated. We believe that with sustained focus on execution in partnership with our customers, multiyear outperformance opportunity is set to continue.

謝謝Satya，也謝謝各位今天參加我們的季度財報電話會議。最重要的是，我們取得了強勁的業績，隨著蝕刻和沈積製程相關技術的不斷革新，我們在產業中的地位日益穩固。此外，隨著我們在關鍵應用領域市場份額的提升，我們的獲利品質也隨之提高。這些應用領域技術難度極高，公司需要多年才能掌握。最後，我們對2016年下半年的業績預期比之前更為樂觀。我們相信，只要我們繼續專注於與客戶合作，高效執行，未來幾年的業績成長潛力將持續存在。

Lam's shipments, revenue and non-GAAP gross margins were above the midpoints. And non-GAAP earnings above the high end of our guided ranges for the recent quarter. I would like to take a moment to acknowledge the support of our customers and the contributions of all Lam employees, without whom, our performance would not be possible. I would also like to recognize the support we have received from our suppliers. You have helped us to ramp our capacity, increase responsiveness to customers, increase localization and support our rapid product development cycles. Thank you, all.

Lam的出貨量、營收和非GAAP毛利率均高於預期中位數，非GAAP獲利也高於我們先前對本季業績預期的上限。在此，我要感謝客戶的支持和所有Lam員工的貢獻，沒有他們的付出，我們不可能有如此佳績。同時，我也要感謝供應商的支持。你們的幫助使我們提升了產能，提高了對客戶的回應速度，增強了在地化能力，並支援了我們快速的產品開發週期。謝謝大家！

At the core of Lam's outperformance is our culture and values, our close partnership with our customers, and our ability to deliver innovative products, service, and capabilities at scale, which directly address key semiconductor manufacturing technology and market inflections, such as 3D NAND, multi patterning FinFETs, and advanced packaging. Our predominant focus is always on increasing the probability of success for our customers. Contributing to their stated business objectives.

Lam卓越績效的核心在於我們的企業文化和價值觀、與客戶的緊密合作，以及我們大規模交付創新產品、服務和能力的實力，這些都直接應對了關鍵的半導體製造技術和市場變革，例如3D NAND、多重曝光FinFET和先進封裝。我們始終專注於提升客戶的成功機率，協助其實現既定的業務目標。

In that context, the importance of these technology inflections and their enabling of new industry growth factors has never been stronger. Our leading customers are moving to capitalize on the acceleration and innovation centered on the next wave of industry application drivers such as virtual reality, artificial intelligence, and connected devices and automobiles. They articulate aspirations to change the world.

在此背景下，這些技術變革及其對新產業成長因素的推動作用顯得格外重要。我們的領先客戶正積極掌握以虛擬實境、人工智慧、連網設備和汽車等下一代產業應用驅動因素為核心的加速發展和創新機會。他們渴望改變世界。

Realizing the potential of these application drivers will demand unprecedented scaling of performance, power, and cost for compute, storage, and networking, significantly beyond what is possible with traditional scaling and shrink, and Moore's Law. In essence, this re-energizing of our industry demands a more holistic approach to systems architecture through the entire semiconductor ecosystem.

要充分發揮這些應用驅動因素的潛力，就需要運算、儲存和網路在效能、功耗和成本方面實現前所未有的擴展，遠遠超出傳統擴展和尺寸縮小以及摩爾定律所能達到的極限。本質上，重振我們產業的動力需要在整個半導體生態系統中採用更全面的系統架構方法。

In cloud server, storage and networking devices, this revolution is driving significant semiconductor demand for DRAM NAND, new memory technologies, and over time, additional logic chip demand for advanced computation necessary for converting data into actionable information. Growth in semiconductor content for DRAM NAND and leading and trailing edge logic is a strong theme also in clients' devices like smart phones, IoT, and connected automobiles, to deliver the power of the new industry application drivers and enrich the end consumer experience.

在雲端伺服器、儲存和網路設備領域，這場變革正推動對DRAM NAND快閃記憶體、新型儲存技術以及邏輯晶片的半導體需求顯著增長，這些需求是用於高階運算，以將資料轉化為可執行的資訊。 DRAM NAND快閃記憶體以及前沿和後沿邏輯晶片的半導體含量成長，也是智慧型手機、物聯網設備和連網汽車等客戶設備的重要趨勢，旨在充分發揮新型產業應用驅動因素的強大功能，並提升終端用戶的體驗。

We believe that Lam is in an outstanding position to help drive needed innovation and capitalize on the opportunities presented by current and future inflections. The foundation of the last several years, great employees, strong ecosystem trust, and the increase in quality of product and technology roadmaps delivers an execution track record, proven financial outperformance, and leads to our recognized market leadership position.

我們相信，Lam 擁有得天獨厚的優勢，能夠推動必要的創新，並掌握當前及未來變革帶來的機會。過去幾年累積的堅實基礎，包括優秀的員工隊伍、強大的生態系統信任，以及不斷提升的產品和技術路線圖質量，造就了我們卓越的執行力、經證實的優異財務業績，並鞏固了我們公認的市場領導地位。

Lam's etch and deposition products, and their on wafer performance are vital to our customer success, no doubt. In partnership, we are enabling multi patterning driven scaling in logic and DRAM. We are facilitating cost reduction and density scaling for 3D NAND and new memory technologies, and supporting increased compute performance and memory bandwidth, with FinFET and advanced packaging technology inflections.

毫無疑問，Lam 的蝕刻和沈積產品及其晶圓性能對我們的客戶成功至關重要。透過合作，我們正在推動邏輯和 DRAM 的多重曝光驅動型微縮。我們協助 3D NAND 和新型儲存技術降低成本、提升密度，並藉助 FinFET 和先進封裝技術的革新，支援運算效能和儲存頻寬的提升。

One characterization of our strategic relevance is in our expanding market opportunity. As a result of our strategic and operational execution through the last several years, Lam's addressable market as a share of WFE has increased from 26.5% in 2013 to over 30% last year, and is on track once again to exceed the performance of overall WFE in 2016. The 3D NAND inflection in particular has accelerated and is driving a greater than 30% growth in 2016 NAND WFE year over year.

我們戰略價值的一個顯著特徵在於不斷擴大的市場機會。由於過去幾年策略和營運的有效執行，Lam在晶圓廠設備（WFE）市場中的份額已從2013年的26.5%增長至去年的30%以上，並有望在2016年再次超越WFE整體市場的表現。尤其值得一提的是，3D NAND快閃記憶體的快速成長推動了2016年NAND WFE市場年增超過30%。

As our customers target probably the single largest growth opportunity in all of SEMIs over the next few years. NAND is still in the early stages of penetration, with its share of total bits addressable at under 20% of the overall flash and spinning media storage market combined. Underpinning the strong product cycle for NAND in storage is the visibility provided by the technology roadmap of our customers, which extends well into the next decade.

未來幾年，我們的客戶將目光投向了SEMI產業中可能最大的成長機會。 NAND快閃記憶體目前仍處於早期滲透階段，其可尋址位元數佔快閃記憶體和機械儲存市場總份額的不到20%。支撐NAND閃存在儲存領域強勁發展動能的關鍵在於我們客戶的技術路線圖，涵蓋了未來十年。

Etch and deposition are the key process technology enablers of 3D NAND, a fact that is perhaps best illustrated by the greater than 2X growth in our nonvolatile memory markets over the last two years and exciting multi-year growth outlook going forward. In addition to demanding requirements for high aspect ratio etch and cost and technology enabling, mold stack scaling in 3D, atomic level processing is growing increasingly important as storage layer counts scale from 40-plus today to over 60 next year, and eventually to more than 100 layers in the next few years.

蝕刻和沈積是3D NAND的關鍵製程技術，過去兩年非揮發性記憶體市場超過兩倍的成長以及未來幾年令人振奮的成長前景，或許最能說明這一點。除了對高縱橫比蝕刻、成本控制和技術實現的高要求外，隨著儲存層數從目前的40多層增加到明年的60多層，並最終在未來幾年內達到100層以上，原子級加工的重要性也日益凸顯。

Lam has prepared its product portfolio for this trend. Our latest ALTUS system with low-fluorine tungsten atomic layer deposition, or ALD capability, is being qualified at all customers. This system enables the next generation 3D NAND and DRAM by delivering an innovative ALD solution with lower fluorine impurities, differentiated stress control, and void-free fill properties. Our VECTOR Strata PECVD deposition product is seeing very strong momentum with its industry-leading productivity and film property control for mold stack deposition, and is now process tool of record at the significant majority of global 3D NAND customers.

Lam已針對此趨勢調整了其產品組合。我們最新的ALTUS系統具備低氟鎢原子層沉積（ALD）功能，目前正在所有客戶處進行驗證。該系統透過提供創新的ALD解決方案，實現了更低的氟雜質含量、差異化的應力控制和無空隙填充特性，從而幫助下一代3D NAND和DRAM的研發。我們的VECTOR Strata PECVD沉積產品憑藉其業界領先的生產效率和薄膜性能控制，在模疊層沉積領域展現出強勁的發展勢頭，目前已成為全球絕大多數3D NAND客戶的首選工藝工具。

Our dielectric etch installed base for high aspect ratio applications in 3D NAND and DRAM has more than doubled over the last year. This strong performance of the portfolio of our VECTOR Strata and ALTUS deposition, and Flex and Kiyo etch products have allowed us to remain on track with our objective for shared with US SEMICON West a year ago, up 7 to 10 percentage points of share gain from the 2-D to 3D NAND transition.

過去一年，我們用於高深寬比3D NAND和DRAM應用的介質蝕刻設備裝置量增加了一倍以上。 VECTOR Strata和ALTUS沉積、Flex和Kiyo蝕刻產品組合的強勁表現，使我們能夠繼續朝著一年前在美國西部半導體展上設定的目標穩步前進，即在2D NAND向3D NAND過渡的過程中，市場份額增長7%至10個百分點。

Another important element of the value we bring to our customers and enabling the growth of our systems market share is our Customer Support Business Group, which is leading value creation across the entirety of our 40,000 process modules in the installed base. This organization inside of our Company is providing world-class support for our new systems during integrated circuit production ramp and addressing our customers' ongoing and critical operational needs for spares and services over lifetime. But increasingly, this organization is also contributing highly innovative, differentiated technology, productivity and lifecycle solutions, resulting in substantial served market growth and an increasing revenue stream annuity that supports our investments in our future.

我們為客戶創造價值並推動系統市場佔有率成長的另一個重要因素是我們的客戶支援業務集團。該集團在已安裝的4萬個工藝模組中引領價值創造。作為公司內部的這個組織，我們為積體電路生產爬坡階段的新系統提供世界一流的支持，並在整個生命週期中滿足客戶對備件和服務的持續關鍵營運需求。此外，該組織還不斷貢獻高度創新、差異化的技術、生產力和生命週期解決方案，從而顯著提升了服務市場，並帶來了持續成長的收入流，為我們未來的投資提供了支持。

Now, turning to a Lam and KLA-Tencor merger update. To re-emphasize a point made many times before, the outperformance potential of Lam is set to continue for multiple years, we believe. This period of strength we've chosen to harness strategically through the planned business combination of two great companies. We continue to make progress with antitrust agency reviews, we are pleased with the overall tone of support from our customers for this investment, and without compromising the focus and execution in two standalone companies, the integration planning is in better shape today than was true for Lam and Novellus at this same point in the process.

現在，我們來談談Lam和KLA-Tencor合併的最新進展。我們再次強調先前多次提到的觀點：我們相信，Lam的超額收益潛力將持續多年。我們選擇透過計劃中的兩家優秀公司業務合併，來策略性地利用這段強勁時期。我們持續推動反壟斷機構的審查工作，客戶對這項投資的整體支持也令我們感到滿意。在不影響兩家獨立公司專注度和執行力的前提下，目前的整合計畫比Lam和Novellus在同一階段的情況好得多。

Excitements and substance internally and with our customers is building. We continue to work diligently to receive the necessary approvals, and now target completion of our merger in the coming few months. We have no doubt this is a value-creating transaction for our customers and Company, for our employees and suppliers, worldwide. The opportunity remains. We are 100% committed to innovate beyond what is possible for the two standalone companies separately, to the benefit of the overall semi-ecosystem and add to the potential of Lam as currently defined.

公司內部以及與客戶之間的互動都充滿了活力和動力。我們正努力爭取必要的批准，並計劃在未來幾個月內完成合併。我們堅信，此次交易將為我們的客戶、公司、員工以及全球供應商創造價值。機會依然存在。我們將全力以赴，突破兩家獨立公司各自的限制，不斷創新，造福整個生態系統，並進一步提升Lam公司目前的潛力。

Now, turning to an overview of capital equipment spending patterns in 2016. Expectations for global economic growth have remained generally stable since our last report. Although there has been some increased uncertainty with the possible effects of Brexit. End market demand expectations for PCs has been relatively stable, and there's evidence of solid growth in low-end smartphones and slightly slower units, but stronger content expectations today in high-end smartphones.

現在，我們來概覽一下2016年的資本設備支出模式。自上次報告以來，全球經濟成長預期整體保持穩定。儘管英國脫歐可能帶來的影響增加了一些不確定性。個人電腦的終端市場需求預期相對穩定，低階智慧型手機市場成長穩健，而高階智慧型手機市場成長略有放緩，但目前市場對高階智慧型手機的預期更為強勁。

We continue to expect solid and long-term demand for leading edge silicon in the enterprise markets driven by the move to the cloud. WFE for 2016 continues to track to $33 billion, plus or minus $1 billion. Our bottoms-up analytics imply at or slightly above the midpoints is most likely. By segments, memory WFE tracks to approximately $15 billion, with spending more biased in NAND than DRAM this year, and for sure, since our last update. We now expect NAND CapEx to be up over 30%, offset by DRAM CapEx, which we now expect to be down approximately 40%.

我們仍然預期，受雲端運算趨勢的推動，企業市場對尖端晶片的需求將保持穩健且長期的水平。 2016 年 WFE（晶圓廠設備）支出預計仍為 330 億美元，上下浮動 10 億美元。我們的自下而上分析表明，最終支出最有可能達到或略高於中位數。分細分市場來看，記憶體 WFE 預計約為 150 億美元，今年 NAND 快閃記憶體的支出將高於 DRAM，這一點與我們上次更新的數據相比已有所變化。我們現在預計 NAND 快閃記憶體的資本支出將成長超過 30%，而 DRAM 的資本支出預計將下降約 40%，從而抵消 NAND 快閃記憶體資本支出的成長。

Logic and foundry CapEx is tracking slightly better than our prior expectations. Spending in these segments is weighted primarily to an addition of 10 nanometer and some pilot 7 nanometer capacity, as well as additions at the mature 28 nm and 40 nm technology nodes, with China featuring prominently, driven by strength in low and mid-end smartphones and IoT devices.

邏輯晶片和晶圓代工的資本支出略好於我們先前的預期。這些領域的支出主要集中在新增10奈米和部分7奈米試點產能，以及成熟的28奈米和40奈米製程節點的產能擴張上，其中中國市場表現突出，這主要得益於中低階智慧型手機和物聯網設備的強勁需求。

Despite a flattish WFE year, with some segment mix headwinds for our Company, including a substantial decline in DRAM CapEx this year, Lam once again is poised to outperform WFE in calendar 2016. We are confident that calendar year-over-year revenues, and second-half 2016 versus first-half 2016 trends are very positive. Currently, we anticipate second-half shipments will be up mid to high-single digits, sequentially.

儘管今年WFE業務表現平淡，且公司面臨一些業務部門組合方面的不利因素，包括DRAM資本支出大幅下降，但Lam仍有望在2016年再次超越WFE業務的整體表現。我們對2016年全年營收年比以及下半年與上半年相比的成長趨勢充滿信心。目前，我們預計下半年出貨量將較上季成長5%至10%。

Momentum continues to build in 3D NAND with total 3D NAND shipped capacity at the end of calendar 2016 now tracking to the higher end of the 350,000 to 450,000 wafer starts per month outlook that we provided earlier.

3D NAND 的發展勢頭持續增強，截至 2016 年底，3D NAND 的總出貨產能正朝著我們先前預測的每月 35 萬至 45 萬片晶圓的上限邁進。

In DRAM, spending remains focused on the 2Z nanometer and the 1X nanometer conversions, with about 50% of industry capacity converted to 20 nanometer, and mid-single digits converted to 1X, we believe, by the end of this calendar year. We remain optimistic on content demand drivers for DRAM in clients and servers. Which combined with our customers' prudent responses to managing supply in response to the PC demand weakness earlier in the year, are already pointing to early signs of improving supply and demand balance. This sentiment biases us positively for a recovery in DRAM CapEx, as we look into the next calendar year.

在DRAM領域，支出仍集中在2Z奈米和1X奈米製程的轉換。我們預計，到今年年底，約50%的產業產能將轉換為20奈米工藝，而1X奈米製程的產能將達到個位數中段。我們對客戶端和伺服器對DRAM的內容需求驅動因素保持樂觀。此外，由於客戶在今年稍早應對PC需求疲軟時採取了審慎的供應管理措施，這些因素已顯示出供需平衡改善的早期跡象。基於此，我們對DRAM資本支出在下一年的復甦持樂觀態度。

As we enter the second half of 2016, we are excited by the inflection driven long-term outperformance opportunities for Lam. Also, our strong installed base market share positions across all geographies, and when combined with KT, further increased strategic relevance to our customers by providing them more valuable innovation, trusted productivity, and fast solutions. With that, let me hand the call over to Doug.

隨著我們進入2016年下半年，我們對Lam公司在轉折點驅動下的長期超額收益機會感到振奮。此外，我們在所有地區都擁有強大的市場份額，加之與KT的合作，透過為客戶提供更有價值的創新、值得信賴的生產力和快速的解決方案，進一步提升了我們對客戶的戰略價值。接下來，我將把電話交給Doug。

Great. Thank you, Martin. Good afternoon, everyone. Thank you for joining us on the call today, during what I know is a busy earnings time.

太好了。謝謝你，馬丁。大家下午好。感謝各位今天在財報季繁忙之際參加我們的電話會議。

The June quarter results represented a solid conclusion to FY16. In the quarter, we performed above the midpoint of guidance for all metrics, with operating margin and earnings per share above the high end of the range. For the fiscal year, shipments, revenues, operating income dollars and earnings per share were all at record high levels. We delivered double-digit revenue growth fiscal year over fiscal year, and operating income dollars and earnings per share that grew at twice the rate of revenue growth.

2016財年第二季業績為2016財年畫上了圓滿的句號。本季度，我們各項指標均超出預期中位數，其中營業利潤率和每股盈餘均高於預期區間上限。整個財年，出貨量、營收、營業利潤和每股盈餘均創歷史新高。營收年增兩位數，營業利潤和每股盈餘的成長率更是營收成長速度的兩倍。

Moving now to the specifics for the June quarter. Shipments were $1.587 billion, up approximately 10% compared to the March quarter. And just slightly below the record high level that we saw in the June 2015 quarter. The combined memory segment made up 66% of system shipments, and that was down from 70% in the prior quarter. Nonvolatile memory shipments contributed 51% of the system shipments, and this was up from 43% in the March quarter. The nonvolatile shipment dollars represent record levels for Lam Research.

接下來我們來看六月季度的具體數據。出貨量為15.87億美元，較三月季度成長約10%，略低於2015年六月季度創下的歷史最高紀錄。記憶體產品佔系統出貨量的66%，低於上一季的70%。非揮發性記憶體出貨量佔系統出貨量的51%，高於三月季的43%。非揮發性記憶體的出貨量創下了Lam Research的歷史新高。

As we progress through the first half of the year, 3D NAND investments have accelerated, with multiple customers moving forward in their 3D NAND ramp plans. We are continuing to see the expansion of our SAM, and this, combined with our success in winning critical applications in the 3D NAND process flows of our customers, is driving the financial performance we're delivering. 3D NAND will represent over 95% of NAND shipments for 2016.

隨著上半年的推進，3D NAND投資加速成長，多家客戶正積極推動其3D NAND產能爬坡計畫。我們的SAM業務持續擴張，加之我們在客戶3D NAND流程中成功贏得關鍵應用，共同推動了我們目前的財務表現。預計2016年3D NAND將佔NAND總出貨量的95%以上。

As we expected, DRAM shipments decreased to 15% from 27% in the prior quarter. Investment is pacing at a rational reduced level in response to market conditions. DRAM spending was predominantly focused on 20 nanometer conversions, with a continued objective of lowering cost per bit. PC DRAM pricing seems to have bottomed, as the market shifts to server and mobile DRAM. Server and mobile represents roughly 2/3 of the market bit growth this year.

正如我們預期，DRAM 出貨量佔比從上一季的 27% 下降至 15%。為因應市場狀況，投資成長已放緩至合理水準。 DRAM 支出主要集中在 20 奈米製程轉換上，其目標仍是降低每位元成本。隨著市場轉向伺服器和行動 DRAM，PC DRAM 的價格似乎已經觸底。伺服器和行動 DRAM 約佔今年市場比特成長的三分之二。

System shipments into the foundry segment increased to 27%, which is up from 23% in the March quarter. As Martin mentioned, foundry spending continues to be broad-based with an increase in contribution from 10 nanometer capacity additions, augmented by the ongoing investment at 28 nanometer and above nodes, primarily in China. The logic and other segment held steady at 7% of system shipments, which was a level similar to that we saw in the March quarter. From a geographic standpoint, China continued to be strong, representing 17% of total shipments and 22% of total revenue.

系統出貨量在晶圓代工領域的比例增加至 27%，高於 3 月季度的 23%。正如 Martin 所提到的，晶圓代工支出依然廣泛，10 奈米製程產能的增加貢獻顯著，同時，主要來自中國的 28 奈米及以上製程節點的持續投資也推動了這一成長。邏輯和其他晶片的出貨量佔比保持穩定，為 7%，與 3 月季度的水平相近。從地理來看，中國市場依然表現強勁，佔總出貨量的 17% 和總營收的 22%。

June quarter revenues came in at $1.546 billion, a sequential increase of 18% and above the midpoint of our guidance. Gross margin was strong in the period at 46.6%, which was a 150 basis-point improvement from the 45.1% that we saw in the March quarter. The strength in gross margin was a result of higher business volumes, as well as favorable product mix. As we've described previously, you should expect to see variability quarter to quarter in our gross margins. And I'd just like to remind you that our financial model is the best reference to help you think about margins over time.

6月季營收為15.46億美元，季增18%，高於我們先前預期的中位數。本季毛利率表現強勁，達46.6%，較3月季的45.1%提升了150個基點。毛利率的提升得益於業務量的成長以及有利的產品組合。正如我們之前所述，毛利率會存在季度波動。此外，我想提醒各位，我們的財務模型是幫助您了解毛利率長期變化的最佳參考。

Our operating expenses for the quarter were within our expectations at $361 million, which was an increase on an absolute basis from the $350 million in the March quarter. But decreasing to 23% of revenue in the June quarter versus 27% in March.

本季營運支出符合預期，為3.61億美元，雖然絕對值較3月份季度的3.5億美元有所增加，但佔收入的比例從3月份的27%下降至6月份季度的23%。

In the June quarter, our spending allocated to R&D was 63% of total spending. During the quarter, we completed construction on our new R&D lab in Fremont, California. This lab will put us at the state of the art, in terms of capability and flexibility to continue to develop leading-edge process capability and productivity solutions.

在六月的季度中，我們用於研發的支出佔總支出的63%。本季度，我們位於加州弗里蒙特的新研發實驗室完工。該實驗室將使我們在能力和靈活性方面達到世界一流水平，從而能夠繼續開發領先的製程能力和生產力解決方案。

Operating income for the quarter was very strong at $359 million, which was an increase of 48% compared to the $242 million in the March quarter. Operating margin increased from 18.4% to 23.2% above the high end of guiding range, due to both the higher revenue as well as the stronger gross margin. This operating margin percentage is the second-highest level since our acquisition of Novellus in 2012.

本季營業收入表現強勁，達到3.59億美元，較3月份的2.42億美元成長48%。由於營收成長和毛利率提升，營業利潤率從18.4%提高至23.2%，高於預期範圍的上限。這一營業利潤率是自2012年收購Novellus以來的第二高水準。

Our tax rate came in at 10%, which was lower than the 14% rate last quarter, primarily due to more income due from lower tax jurisdictions. A rate in the low teens for the remainder of 2016 could be a reasonable number for you to use in your modeling.

我們的稅率為10%，低於上季的14%，這主要是由於來自低稅率地區的收入增加。 2016年剩餘時間的稅率維持在十幾個百分點左右，這或許是您在建模時可以考慮的合理數值。

Earnings per share for the June quarter were $1.80, based on a share count of approximately 175 million shares. The share count includes dilution from both the 2018 and 2041 convertible notes, and the outstanding 2016 warrants with a total dilutive impact of about 13 million shares on a non-GAAP basis. In the June quarter, our $450 million 2016 convertible note matured and was settled for both cash and stock. The stock issuance was offset by the corresponding bond hedge that we had in place. Dilution schedules for the remaining convertible notes are available on our Investor Relations website, for your reference.

6 月季度的每股收益為 1.80 美元，基於約 1.75 億股的股份數量。該股份數量包含了 2018 年和 2041 年可轉換債券以及未償還的 2016 年認股權證的稀釋，按非 GAAP 準則計算，這些稀釋影響總計約為 1300 萬股。在 6 月季度，我們 4.5 億美元的 2016 年可轉換債券到期，並以現金和股票結算。此次股票發行已透過我們已實施的相應債券對沖進行抵銷。剩餘可轉換債券的稀釋狀況表可在我們投資者關係網站上查閱，供您參考。

We returned $0.30 per share for a total of $47 million in dividend distributions to our shareholders in the quarter. There were no real share repurchases in the quarter, in line with our previously announced plans around the business combination with KLA-Tencor.

本季度，我們向股東派發了每股0.30美元的股息，總計4,700萬美元。本季沒有進行任何實際的股票回購，這符合我們先前宣布的與KLA-Tencor的業務合併計劃。

Let me now turn to the balance sheet. We have a very solid cash position of $7.1 billion on the balance sheet, reflecting both the strong performance of the business, as well as steps we've taken to increase the cash position of the company during the quarter. We generated a strong cash from operations of $424 million, which was an increase of 132% sequentially in the quarter. Cash from operations for the fiscal year came in at $1.350 billion, a record high level.

現在讓我來看看資產負債表。我們的資產負債表顯示現金儲備非常穩健，高達71億美元，這不僅反映了公司強勁的業務表現，也反映了我們在本季為增加公司現金儲備而採取的各項措施。本季我們產生了強勁的經營活動現金流，達到4.24億美元，季增132%。本財年經營活動現金流達13.5億美元，創歷史新高。

As expected, days sales outstanding for the period improved to 74 days from 86 days, with the shipment profile more linear than in the March quarter. Inventory turns improved to 3.5 times.

如預期，該期間的應收帳款週轉天數從86天改善至74天，出貨曲線也比3月季度更加平緩。庫存週轉率提高至3.5次。

We completed the issuance of $2.4 billion in principal value of investment-grade senior notes in May. This issuance, together with $1.5 billion in term loans, completes the required financing for the KLA-Tencor transaction. The net interest expense associated with the $2.4 billion financing is $4 million and is excluded from our non-GAAP results in this quarter. On a full-quarter basis, the net interest expense from this new debt will be approximately $18 million.

我們在5月完成了24億美元投資級優先票據的發行。此次發行連同15億美元的定期貸款，完成了KLA-Tencor交易所需的融資。與這24億美元融資相關的淨利息支出為400萬美元，已從本季的非GAAP財務報表中剔除。以本季整體計算，這筆新增債務的淨利息支出約為1,800萬美元。

The deferred revenue balance at the end of the June quarter stood at $566 million, an 11% increase quarter over quarter. That number excludes approximately $132 million from shipments to customers in Japan, which will convert to revenue in future quarters. And recall that those Japan shipments remain as inventory carried at cost on the balance sheet. I expect that deferred revenue will again grow in the September quarter.

截至6月底，遞延收入餘額為5.66億美元，季增11%。該數字不包括約1.32億美元的日本客戶出貨款項，這些款項將在未來幾季轉化為收入。需要注意的是，這些日本出貨款項仍作為庫存量以成本計入資產負債表。我預計遞延收入將在9月季度繼續成長。

Company non-cash expenses during the quarter included the following -- $39 million for equity comp, $39 million for amortization, and $36 million for depreciation. Capital expenditures were $52 million, which is up from $46 million in the March quarter. CapEx projects included investment in infrastructure expansion from an additional engineering lab space to support the growth of the Company.

本季公司非現金支出包括：股權補償3,900萬美元、攤提3,900萬美元及折舊3,600萬美元。資本支出為5,200萬美元，高於3月季度的4,600萬美元。資本支出項目包括投資擴大基礎設施，例如增建工程實驗室，以支持公司發展。

During the quarter, we sold our San Jose campus for net proceeds of approximately $80 million and a gain of $15 million. This gain is excluded from our non-GAAP results. This transaction is part of our R&D consolidation into the Fremont site.

本季度，我們出售了位於聖荷西的園區，淨收益約 8,000 萬美元，獲利 1,500 萬美元。該收益未計入我們的非 GAAP 財務業績。此次交易是我們研發部門整合至弗里蒙特園區計畫的一部分。

We exited the quarter with approximately 7,500 regular full-time employees. The growth in headcount was primarily related to growth in factory resources to support the growing business level. Additionally, we added some R&D heads.

本季末，我們約有7500名正式全職員工。員工人數的成長主要與工廠資源增加有關，以支持業務成長。此外，我們也新增了一些研發負責人。

So now, looking ahead, I'd like to provide our non-GAAP guidance for the September quarter. We're expecting shipments of $1.700 billion, plus or minus $75 million. This midpoint would represent a record level of shipments for Lam Research. We expect revenue of $1.625 billion, again, plus or minus $75 million. This midpoint would also represent a record level of revenue.

現在，展望未來，我想提供我們9月季度的非GAAP業績指引。我們預計出貨量為17億美元，上下浮動7,500萬美元。這一中間值將創下Lam Research的出貨量新紀錄。我們預計營收為16.25億美元，同樣上下浮動7,500萬美元。這一中間值也將創下營收新紀錄。

Expect gross margin of 45.5%, plus or minus one percentage point. Gross margin is down sequentially, due to higher customer concentration in September. We forecast operating margins of 22.5%, plus or minus one percentage point. And finally, we forecast earnings per share of $1.77, plus or minus $0.10 based on a share count of approximately 176 million shares. This earnings-per-share number excludes the $18 million associated with the $2.4 billion KLA-Tencor financing. The net interest expense will be excluded from our non-GAAP results until such time as the deal closes.

預計毛利率為 45.5%，上下浮動一個百分點。由於 9 月客戶集中度較高，毛利率較上月下降。我們預測營業利益率為 22.5%，上下浮動一個百分點。最後，我們預測每股收益為 1.77 美元，上下浮動 0.10 美元，基於約 1.76 億股的股份數量。該每股盈餘數據不包括與 24 億美元的 KLA-Tencor 融資相關的 1,800 萬美元。在交易完成之前，淨利息支出將從我們的非 GAAP 業績中剔除。

We expect both shipments and revenue to be stronger in the second half than the first half, with mid to high-single-digit growth in shipments in the second half of the calendar year, compared to the first half. We expect revenue growth in the second half to outpace shipment growth, half over half. We expect to deplete some of the deferred revenue balance by the end of the calendar year.

我們預計下半年的出貨量和收入都將強於上半年，其中下半年出貨量將達到中高個位數成長（與上半年相比）。我們預計下半年營收成長將超過出貨量成長，兩者佔比均為一半。我們預計到年底將消耗掉部分遞延收入餘額。

And that concludes my prepared remarks. Operator, Martin and I would now like to open up the call for questions.

我的發言到此結束。現在，我和接線員馬丁將開始接受提問。

(Operator Instructions)

（操作說明）

Tim Arcuri, Cowen.

提姆·阿庫裡，考恩。

Thank you very much. I have two questions, I guess. First, Doug, I'm not sure if I heard the guidance right, but it sounds like the second half shipment guidance is sort of up Mid to high singles, so that would imply that the fourth quarter shipments are down a smidge, they're down maybe $150 million.

非常感謝。我有兩個問題。首先，Doug，我不確定我是否聽對了，但聽起來下半年的出貨量預期是略高於中高個位數，這意味著第四季度的出貨量略有下降，可能下降了1.5億美元。

My question on that is -- we've all heard about some recent big 3D NAND projects that may have pulled into this year. Is that more of a Q3 phenomenon than a Q4 phenomenon? Thanks.

我的問題是——我們都聽說過一些近期的大型3D NAND項目，這些項目可能已經在今年完成。這種情況更像是第三季的現象，還是第四季的現象？謝謝。

Tim, you know, we're giving you a firm number on calendar Q3, and then calendar Q4, it's more directional, that's why it's mid to high-single digits, because I don't want to get specifically pinned down to exactly what is December, and that's why we put a range around it. But when we describe it, it represents our expectation for everything that is going on, not just in 3D NAND but foundry logic as well.

提姆，你知道，我們第三季會給出一個確切的數字，而第四季度則更偏向於方向性預測，所以我們給出的是一個中高個位數，因為我不想具體到12月，所以我們給出了一個範圍。但我們所說的這個範圍，代表了我們對所有相關工作的預期，不僅包括3D NAND，也包括晶圓代工邏輯晶片。

Just to add to that, Tim, I would say the message that we would very deliberately emphasize is the outperformance opportunity, long-term for the Company in the inflection space, and whether it is multi patterning with logic or 3D NAND scaling, the ebbs and flows in any one quarter or ebbs and flows from one customer to another, I guess they are interesting at some level. But I think one of the headlines from the industry in the last two or three months is a very strong strategic commitment to some inflections that fall directly into the wheelhouse of this company because of the intensity of etch and deposition related process. There is always an ebb and a flow, but the headline I hope you help us with, which is long-term commitments for customers to inflection that are extremely relevant to the future of this company.

提姆，我想補充一點，我們想要著重強調的是，公司在關鍵領域擁有長期超越市場的機會。無論是邏輯多重曝光或3D NAND微縮，每季或不同客戶之間的波動固然值得關注。但我認為，過去兩三個月來，業界最引人注目的一點是，一些關鍵領域正處於公司的核心競爭力範圍內，這得益於蝕刻和沈積相關製程的密集性。市場總會有起伏，但我希望你能幫我們強調，客戶對關鍵領域的長期承諾對公司的未來至關重要。

Good point.

說得對。

Totally. Totally, Martin. Great.

完全同意。完全同意，馬丁。太好了。

And then the follow-up question is on China. Of course, overnight, two of the bigger projects in China the Chinois plan and XMC they merged to form a new venture, obviously, they still need IP, but it seems like there's a little more confidence that this project could sort of get off the ground.

接下來的問題是關於中國。當然，一夕之間，中國兩大計畫——Chinois Plan和XMC——合併成立了一家新公司。顯然，他們仍然需要知識產權，但似乎人們對這個計畫能夠啟動更有信心了。

I know, Doug, you guys have been a little more, I think, not cautious, but a little more realistic, I'd say, on China, that it's sort of like an even sum gain. So, sort of in light of that recent development, can you talk a little bit about China and whether you are seeing any increase signs that maybe you could see some business from these indigenous projects on the memory side next year? Thanks.

我知道，道格，我覺得你們對中國市場的態度更務實一些，與其說是謹慎，不如說是更現實一些，認為收益大致持平。鑑於最近的這種變化，你能談談中國市場嗎？你們是否看到任何成長跡象，例如明年在記憶晶片領域，你們能否從這些本土項目中獲得一些業務成長？謝謝。

I'll let Martin handle this one.

這件事就交給馬丁處理吧。

I think -- I don't really think there's a kind of deliberate kind of tone differentiation for Lam relative to a China agenda. We all see exactly the same thing, more or less at exactly the same time. What we said, I think fairly consistently, is that the conviction to an IC 2020 and 2025 agenda appears very solid and robust.

我認為──我並不認為林鄭月娥在對待中國問題上刻意採取了不同的語氣。我們幾乎在同一時間都看到了完全相同的事情。我認為我們一致認為，對2020年和2025年中國國際議程的信念非常堅定有力。

There are very strategic actions, sometimes involving global companies, sometimes the domestic community. We're tracking at least 20 different fab level kind of ambition statements. And there is a full spectrum of probability associated with each one of those.

這些行動極具戰略意義，有時涉及全球性公司，有時則涉及國內社區。我們正在追蹤至少20項不同的晶圓廠層面的雄心壯志聲明。而每一項聲明都對應著不同程度的可能性。

There clearly is over a multiple-year timeframe more than a million wafer starts per month out there, as a reference point for installed base capacity in China, relative to it being incremental. For me, that's all about performance and cost of devices. And if the performance and cost of devices out of China can be a catalyst and trigger for incremental demand, it's kind of positive for a global kind of industry, including Lam.

顯然，在過去數年的時間跨度內，中國每月晶圓開工量超過百萬片，這可以作為中國現有產能的參考點，而且增長速度也相當迅猛。對我而言，一切都取決於裝置的性能和成本。如果中國裝置的性能和成本能夠成為推動需求成長的催化劑和觸發因素，那麼對於包括Lam在內的全球性產業來說，這無疑是件好事。

Time will tell. But, clearly, the commitment appears to be there, and as Doug said in his prepared comments, China is not an insignificant part of the revenue for the industry and the Company.

時間會證明一切。但很顯然，這種承諾是存在的，正如道格在事先準備好的演講稿中所說，中國市場對整個產業和公司而言都是一筆不小的收入來源。

Tim, just to remind you, whatever happens in China, we're going to be involved substantially. Our share position, our presence there is very strong, so whatever is going on, be it a global, multinational, or an indigenous Chinese customer, we are extremely well-positioned.

提姆，提醒你一下，無論中國發生什麼，我們都會深度參與。我們在中國擁有非常強大的市場份額和影響力，所以無論面對的是全球性跨國公司還是中國本土客戶，我們都處於極為有利的地位。

Of course. Okay. Thank you so much.

當然可以。好的。非常感謝。

Thanks, Tim.

謝謝你，提姆。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great. Thank you. I wonder if you guys have done any analysis in terms of the current level of DRAM shipments, if you know kind of where we are tracking for DRAM supply next year, given the rate of investment we've seen, if you have any thoughts on that.

太好了，謝謝。我想問你們有沒有分析過目前的DRAM出貨量，以及考慮到我們目前的投資速度，你們對明年DRAM供應的大致走向有什麼看法？

I think we've done analytics, but we're not going to get ahead of our customers, relative to quantitative disclosure. We feel really good about the ASP dynamic in the last several months and the inventory situation, generally. I think those kind of positive trends, the discipline appears to be in the system.

我認為我們已經做了分析，但在量化揭露方面，我們無法領先客戶。我們對過去幾個月的平均售價走勢和整體庫存狀況感到非常滿意。我認為這些積極的趨勢表明，系統內部的運作機制是有效的。

We end the year, we believe, with a smaller installed base than we began the year. There's plenty of opportunity left to improve the performance and lower the cost of DRAM chips from conversions. I said in my prepared comments no more than 50% converted of the 29 nm technology node by the end of year.

我們相信，到年底時，DRAM晶片的裝置量會比年初下降。透過製程轉換，仍有很大的提升性能​​和降低成本的空間。我在事先準備好的發言稿中提到，到年底，29奈米製程節點的轉換率不會超過50%。

We are biased to a positive spending year in DRAM next year. But we're going to hold off on dollars until a little later in the year.

我們預計明年DRAM支出將會增加。但我們會等到今年稍晚再考慮美元投資。

Okay. That's helpful. Thank you.

好的，這很有幫助，謝謝。

I guess just when you talk about that, that's more based on your extrapolating what the DRAM environment will look like next year? Or are you sort of hearing forecast from your customers that spending will pick up next year? In DRAM.

我想，當你談到這一點時，更多是基於你對明年DRAM市場環境的預測？還是你從客戶那裡了解到，明年DRAM方面的支出將會增加？

I guess the humorous response would be we don't just make it up. So, it's an educated judgement from the analytics of the Company and a lot of dialogue with our customers. We try to give you the best perspective we have, and I just did.

我想，比較幽默的回答應該是：我們可不是憑空捏造的。這是我們公司基於數據分析，並結合與客戶的大量溝通後做出的明智判斷。我們力求為您提供我們所掌握的最佳視角，而我剛才也做到了。

Very helpful. Thank you very much.

非常有幫助，非常感謝。

Thanks, Joe.

謝謝你，喬。

C.J. Muse, Evercore.

C.J. Muse，Evercore。

Good afternoon. Thank you for taking my question.

午安.謝謝您回答我的問題。

I guess first question, when you think about an environment with shipments done in Q4, curious how we should think about deferred revenues cascading in, given the record levels today and you suggested they would grow further in September. Curious how we should think about that coming through, and then what would the impact be to gross margins?

我想問的第一個問題是，考慮到第四季已經完成出貨，以及目前創紀錄的業績水準（您也提到9月份還會繼續成長），我們應該如何看待遞延收入的逐步到帳？這又會對毛利率產生什麼影響？

I described an expectation that next quarter deferred revenues will grow again. They grew this quarter. You normally see that when shipments are above revenue, which, obviously, we've had the last couple of quarters now.

我曾預測下一季遞延營收將再次成長。而本季遞延收入確實成長了。通常情況下，當出貨量高於收入時就會出現這種情況，而顯然，過去幾個季度我們都達到了這個水平。

I also described an expectation in the scripted remarks that I expect by the end of the year to deplete some of the deferred revenue. And obviously that will happen then in the June quarter if it is growing in September, so that's a way to think about it.

我在事先準備好的演講稿中也提到，我預計到年底將消耗掉部分遞延收入。顯然，如果9月業績成長，那麼6月的季度業績就會有所改善，所以可以這樣理解。

Gross margin, C.J., I'm only going to guide it one quarter at a time. There isn't anything magic about the deferred revenue in gross margin. It's more what the product mix is, the customer concentration, all of that.

C.J.，關於毛利率，我只能按季度來預測。毛利率中的遞延收入並沒有什麼神奇之處。它更取決於產品組合、客戶集中度等等因素。

Okay. Very helpful. And I guess as a quick follow-up, hoping to, I guess, dig a little bit into the KT transaction, can you update us on what needs to get done on a regulatory basis?

好的，很有幫助。我想再快速跟進一下，希望能更深入地了解一下KT交易，您能否告知我們監管方面需要完成哪些工作？

And then whether you can extend the bridge financing beyond October 20? I think I saw that as an important date in the filing. Thank you.

那麼，能否將過渡性融資的期限延長至10月20日之後？我記得在文件中看到10月20日是一個重要的日期。謝謝。

I will let Doug deal with financing part of that question. What needs to get done is we need to get consent from agencies that we haven't got consent from.

關於融資方面的問題，我會讓道格來處理。現在需要做的是，我們需要獲得那些我們尚未獲得同意的機構的同意。

We're working hard to do that. We've obviously communicated to you today a delay relative to our original September reference. We might be lucky and still be pleasantly surprised, but we don't expect to receive consent globally inside of the September quarter.

我們正在努力實現這一目標。今天我們已經明確告知各位，與原定的九月目標相比，進度有所延遲。我們或許會幸運地迎來驚喜，但我們預計無法在九月份的季度內獲得全球範圍內的同意。

We are targeting before mid-October. And, obviously, the disclosure of the Company will stay consistent with our learnings. We feel the deal is clearly a compelling value proposition to our customers and our Company.

我們的目標是在10月中旬之前完成。當然，公司的資訊揭露將始終與我們掌握的情況保持一致。我們認為，這項交易對我們的客戶和公司都極具吸引力。

We feel better about it today as a value proposition than ever. I think even as recently as SEMICON West, we had a couple of customer meetings with clear statements of interest in the joint development activity and the innovation that would be possible when Lam and KT come together. We are targeting closure as fast as practically possible, and obviously, looking forward to being part of one company.

如今，我們對這項合作的價值主張比以往任何時候都更加確信。我認為，就在不久前的SEMICON West展會上，我們還與幾位客戶舉行了會議，他們明確表達了對聯合開發活動以及Lam和KT合併後可能帶來的創新的濃厚興趣。我們的目標是盡快完成交易，當然，我們也期待成為同一家公司的一份子。

C.J., you're right, the term loans have an expiration that would be in the 20th of October. And were we to still be going back and forth and we extend the deal timing, then I would have to go extend those as well. It wouldn't be all that hard to do it.

C.J.，你說得對，定期貸款的到期日是10月20日。如果我們繼續來回協商，延長交易期限，那我也得把這些貸款的期限也延長。這並不難做到。

Okay. Thanks a lot.

好的，非常感謝。

Thank you.

謝謝。

Thank you. Harlan Sur, JPMorgan.

謝謝。哈蘭‧蘇爾，摩根大通。

Good afternoon, and congratulations on the solid quarterly execution. Last quarter, the team was somewhat optimistic on second-half shipments being up over first half. But a little bit tempered, just given the DRAM fundamental environment.

下午好，恭喜你們本季業績穩健。上個季度，團隊對下半年出貨量將超過上半年持樂觀態度，但考慮到DRAM的基本面環境，也略有保留。

Obviously, this call, you seem extremely confident, you even quantified the growth in second-half shipments. What segments or programs are driving the better second half for you relative to your outlook 90 days ago? Is it truly broad-based across memory foundry and logic, or is it skewed towards one segment or the other?

顯然，從這次電話會議來看，您顯得信心十足，甚至量化了下半年的出貨量成長。與您90天前的預期相比，哪些業務板塊或專案推動了下半年業績的改善？這種成長是真正遍及整個記憶體代工和邏輯電路領域，還是偏向某個特定板塊？

I would say relatively speaking to the commentary of the Company three months ago, it's memory and foundry both, and it's exactly where you'd expect it to be, a 3D NAND and demand related with broad industry commitment to that technology. And it's 10 nm and 7 nm focused with, as best I can tell, very good tapeout and customer engagement commentary from the customers that are making those investments. It's definitely not just a single segment or limited customer commentary.

就公司三個月前的評論而言，我認為其業務重心已轉向記憶體和晶圓代工，正如預期，重點是3D NAND閃存，以及業界對該技術的廣泛投入。公司目前專注於10奈米和7奈米工藝，據我所知，流片進度和客戶回饋都非常出色，這些客戶都在積極投資。這絕非僅限於單一領域或有限的客戶回饋。

Thanks for the insights there, Martin. Given the stabilization in DRAM pricing, as you mentioned, there is a focus on profitability. As you mentioned, 50% of the capacity may be transitioned to 20 nm exiting this year. But there also seems like there's a sense of acceleration on some of the leaders in this space to make the move to 18 nm and 16 nm nodes, so I'm wondering if you're seeing this reflected in your second-half shipment outlook and your thoughts on shift to 1X capacity as we exit this year for DRAM.

感謝祢的真知灼見，Martin。正如你所說，DRAM價格趨於穩定，獲利能力成為焦點。你也提到，今年底前，50%的產能可能會過渡到20奈米製程。但似乎一些產業領導者正在加速向18奈米和16奈米製程節點轉型，所以我想知道你是否在下半年的出貨量預測中看到了這一點，以及你對今年年底DRAM產能向1倍速轉換的看法。

Yes, I think the essence of fundamental value in these conversions is well understood, and I don't think debated. I think appropriately our customers are disciplined around supply and demand in their respective industry. They're conscious not just about in capacity, but making money on the chips they build.

是的，我認為這些轉換背後的根本價值已經得到了充分的理解，這一點也毋庸置疑。我認為我們的客戶在其各自行業中對供需關係有著高度的約束，這是理所當然的。他們不僅關注產能，也關注如何從他們生產的晶片中獲利。

And so, we're very confident that as the cycle of demand emerges and there's a decent amount of commentary on content expansion in some of our devices, as well as some positive signs in terms of unit demand on the low and mid-end, that this will naturally play itself out. I don't really think it's a big second-half concrete for us. Which is why we've articulated an expectation of calendar 2017, biased to the positive. And that's certainly when we would expect the supply and demand conversation to be more or less behind us.

因此，我們非常有信心，隨著需求週期的出現，以及我們部分設備內容擴展方面的一些積極跡象，再加上中低端產品銷量也出現了一些好轉跡象，這種情況自然會得到改善。我並不認為這會對我們下半年的業績造成太大影響。也因如此，我們對2017年的預期較為樂觀。屆時，我們預計供需關係的討論將基本結束。

And Harlan, there's a little bit of 1X conversion occurring. But that really is going to be more about what is happening next year.

哈蘭那邊，確實有些1X的轉換率正在上升。但這真的要看明年會發生什麼事了。

Thanks for the insights.

感謝您的見解。

Romit Shah, Nomura.

Romit Shah，野村證券。

Thank you. I just wanted to ask about the deal, because there's been uncertainty as to whether or not it is going to go through. I think part of this stems from what happened last year.

謝謝。我只是想問這筆交易的情況，因為一直存在不確定性，不知道它最終能否完成。我覺得部分原因在於去年發生的事。

You aim at [tell], that was a deal that was consistently delayed until it ultimately got killed. And with KLA, this is, from what I understand, the second time that you guys have delayed the timing of the closure. I guess the question is, why should we be more confident that this transaction actually goes through?

你的目標是[tell]，那筆交易一再拖延，最後以失敗告終。而就我所知，這已經是你們第二次延後收購KLA的交易完成時間了。我想問的是，我們憑什麼更有信心這筆交易最終能夠完成？

I guess I don't really get a chance to comment about your confidence. I will tell you that we believe this transaction is fundamentally different than the conversation in the transaction that you just referred to. There is no overlap, whatsoever.

我想我沒機會對你的信心發表評論。但我可以告訴你，我們認為這筆交易與你剛才提到的那次交易中的對話有著本質上的差異。兩者之間沒有任何重疊之處。

We strongly believe in the merits of this transaction. We believe it is pro-competitive. We believe that Lam and KT together can innovate and deliver value to our customers beyond what we can do as independent companies.

我們堅信此交易的益處。我們認為這有利於市場競爭。我們相信，Lam和KT攜手合作，能為客戶創造超越我們各自獨立營運所能達到的創新價值和績效。

We are, as you know from prior disclosure, codifying the behavior that will be relevant to the Company with the consent decree conversation, and I think we're on record in prior earnings calls on that point. Part of that is obviously is describing our commitment to the entire semiconductor ecosystem relative to availability, supply and support kind of KT products. And that's just kind of part of this process.

正如您之前披露的信息，我們正在根據同意令的討論，制定與公司相關的行為準則，我認為我們在之前的財報電話會議上已經就此進行了說明。其中一部分顯然是闡述我們對整個半導體生態系統的承諾，包括KT產品的可用性、供應和支援。這只是整個流程的一部分。

And we are stepping through and working diligently and cooperatively with agencies. We respect their work products.

我們正在與各機構密切合作，認真負責。我們尊重他們的工作成果。

And as you likely anticipate, the crystal ball of Lam Research does not extend beyond the precision that we are currently articulating. We're doing the best we can to give you our best knowledge and will continue to make that commitment.

正如您可能預料到的，Lam Research 的預測能力僅限於我們目前所闡述的精確範圍。我們將竭盡所能為您提供最權威的訊息，並將繼續秉持這項承諾。

And Martin, is customer feedback really important, and do you feel like there is a difference here with what you guys are trying to do with KLA versus previous deals?

Martin，客戶回饋真的那麼重要嗎？你覺得你們現在和 KLA 合作的方式與之前的交易有什麼不同嗎？

Again, maybe I don't want to get trapped in a comparison here. I will tell you what I've tried to communicate from the beginning here. Obviously, we are doing this for the benefit of our customers.

再說一遍，我可能不想陷入比較的陷阱。我只想重申我從一開始就想表達的意思。很顯然，我們這樣做是為了客戶的利益。

We believe we can innovate more and contribute more value to our customers and support their technology and economic roadmaps with this transaction. We believe if we do that, there will be more opportunity for our Company, and henceforth, stakeholders' benefit. We believe passionately in that value proposition and we spend a decent amount of time working the conversation indirectly and sometimes directly with our customers to make sure the strategic choices were lined up with their expectations.

我們相信，透過此交易，我們可以進行更多創新，為客戶創造更多價值，並支持他們的技術和經濟發展路線圖。我們相信，這樣做將為公司帶來更多機遇，最終將惠及所有利害關係人。我們對此價值主張深信不疑，並投入大量時間與客戶間接或直接溝通，以確保策略選擇符合他們的預期。

There's always an ebb and a flow, and I'm sure every one customer has a slightly different characterization of this. But I feel, at least as best I can tell from my personal interactions with customers, there's much more support than not, and much more interest in exploring innovation potentials.

任何事物都有起伏，我相信每位客戶對此的感受都會略有不同。但至少從我與客戶的互動來看，我感覺到支持的聲音遠大於反對的聲音，他們對探索創新潛力也越來越感興趣。

Okay. Thank you.

好的，謝謝。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛集團。

Thank you for taking my question, and congrats on a great quarter. My first question was on 3D NAND. I appreciate 2017 is still a couple of quarters out, but was curious how you guys were thinking about 3D NAND spend into next year. Are there enough projects out there? And is the mix broad-based enough for you to predict another healthy year?

感謝您回答我的問題，也恭喜您本季業績優異。我的第一個問題是關於3D NAND的。我知道2017年還有幾個季度才到，但我很好奇您如何看待明年3D NAND領域的支出。目前是否有足夠的項目？這些項目是否足夠多元化，足以讓您預測明年市場依然強勁？

Well, I think if the -- I'm going to stay away from quantitative, again, if I may. But qualitatively, we think this is probably one of the most healthy spaces in the semiconductor industry, because there are some very compelling value propositions and growth opportunities for semiconductors with solid-state drive technology, particularly.

嗯，我想──如果可以的話，我還是盡量避免談量化分析。但從定性角度來看，我們認為這可能是半導體產業中最健康的領域之一，因為固態驅動技術尤其具有極具吸引力的價值主張和成長機會。

Again, in any one quarter there's an ebb and a flow. Precisely how it plays out, but broad industry commitment to this technology and very compelling growth opportunities as we characterized in our prepared comments today.

同樣，任何一個季度都會有起伏。具體情況如何尚待觀察，但正如我們今天在準備好的發言稿中所述，業界對這項技術的廣泛投入以及極具吸引力的成長機會都值得關注。

Okay. Thank you. And my follow-up is on EUV.

好的，謝謝。我的後續問題是關於極紫外光刻（EUV）的。

It seems like your customers are warming up to the idea of EUV insertion at the 7 nm node. Have you also sensed a slight change in tone as it relates to their approach to EUV?

看來您的客戶對在7奈米節點引入EUV光刻技術的想法越來越感興趣。您是否也感覺到他們在對待EUV光刻的態度上略有變化？

And it would also be helpful if you could help us understand how your opportunity in etch and dep would differ between a world with no EUV and perhaps some EUV? Thank you.

另外，如果您能幫助我們了解在沒有EUV光刻技術和可能使用EUV光刻技術的情況下，您在蝕刻和沈積領域的機會會有何不同，那就太好了。謝謝。

A gentleman by the name of Peter Winick is much more qualified to answer your question than I am. As we said a number of times, we are invested in extending immersion and enabling EUV to the best of our abilities as in etch and deposition and clean company. We believe that the inflection opportunities, multi patterning opportunities in DRAM and logic for us extend into an EUV implementation.

彼得·威尼克先生比我更適合回答您的問題。正如我們多次提到的，我們致力於拓展浸沒式微影技術，並盡我們所能地推進極紫外光刻技術的發展，就像我們在蝕刻、沉積和清洗領域所做的那樣。我們相信，DRAM 和邏輯元件領域的多重曝光機遇，也同樣適用於極紫外光刻技術的應用。

When that happens, which we hope it does in the best interest of the semiconductor industry and our customers, we are there to support, and we believe the multi patterning growth opportunity continues in that context. So, no major tone comment from me at the customer interface, because, obviously, we dialogue much more about our business than [AXML's].

當這種情況發生時（我們希望這符合半導體行業和我們客戶的最大利益），我們將提供支持，並且我們相信多重曝光技術的成長機會將在這種背景下繼續保持。因此，我不會在客戶介面發表任何重要的評論，因為很顯然，我們之間的對話更多地圍繞著我們自己的業務，而不是[AXML]的業務。

Great. Thank you very much.

太好了，非常感謝。

Welcome

歡迎

Farhan Ahmad, Credit Suisse

法爾漢·艾哈邁德，瑞士信貸

Thanks for taking the question. You obviously guided on NAND to be a little bit stronger this year. I just wanted to probe the lineality of NAND. Do you still see the NAND shipment as being primarily first-half [weighted].

感謝您回答這個問題。您顯然建議今年NAND快閃記憶體的表現會略好一些。我只是想了解NAND快閃記憶體的線性成長情況。您是否仍認為NAND快閃記憶體的出貨量主要集中在上半年？

It's a little stronger in the first half than the second half, Farhan, it continues, though, to be quite strong as we look into the second half.

法罕，上半場比下半場稍強一些，不過，即使到了下半場，它依然保持著相當強勁的勢頭。

Got it. Doug, can you talk about how much of the cash is onshore versus offshore?

明白了。道格，你能說說這些現金有多少在境內，有多少在境外嗎？

It hasn't -- well, it has materially changed. All of the $2.4 billion that we raised, obviously, is domestically available. Taking that out, the remaining balance sheet cash, it's still about 20% or 25% as it pertains to funding the transaction. We have all the domestic cash that we need to complete the KLA-Tencor transaction.

情況並沒有——好吧，其實已經發生了實質的變化。我們籌集的24億美元資金顯然全部都可以在國內使用。扣除這部分資金後，剩餘的資產負債表現金仍只佔交易所需資金的20%到25%左右。我們擁有完成KLA-Tencor交易所需的所有國內現金。

Thank you. That's all I have.

謝謝。我只有這些了。

Thanks, Farhan.

謝謝你，法爾漢。

Thank you. Stephen Chin, UBS.

謝謝。 Stephen Chin，瑞銀集團。

Thanks. Hi, Martin and Doug. Nice results.

謝謝。嗨，馬丁和道格。結果不錯。

Thank you.

謝謝。

Just a question on the customer concentration, it looks like Lam's shipments to southeast Asia were up a lot in the quarter. Was this region mostly one customer, and is Lam likely to see a different top-three customer list every quarter? And is it basically just up to you to manage this quarterly customer lumpiness?

關於客戶集中度，我有個問題。看起來Lam公司本季對東南亞的出貨量大幅成長。這個地區主要還是由單一客戶主導嗎？ Lam公司每季的前三大客戶名單是否都會有所不同？這種季度性的客戶波動是否完全由您管理？

Yes. There is primarily one big customer investing in southeast Asia that I'm sure you know who it is, Stephen. And yes, you're going to see variability quarter to quarter as these very large fab projects get undertaken.

是的。目前主要有一位大客戶在東南亞投資，我相信你一定知道是誰，史蒂芬。而且，隨著這些大型晶圓廠專案的開展，季度業績肯定會有波動。

They will come in and then they will need to ramp, and then another one will come in and they will need to ramp. So you're going to get variability due to that. That's just the nature of this business.

他們會陸續進廠，然後需要逐步提高產量，之後又會有另一批人進廠，他們也需要逐步提高產量。所以，產量會因此出現波動。這就是這個行業的本質。

To the manage reference, I don't think we get a chance to manage it. We are biased to give our customers what they need, when they need it, to the best of our abilities. And as Doug said many times, that creates an up and a down week to week, months to months, and quarter to quarter in every element of our financial statement. And it's tough for you, we realize, hopefully you realize it's tough for us as well.

至於管理方面，我認為我們沒有機會真正管理它。我們一心只想盡我們所能，在客戶需要的時候滿足他們的需求。正如道格多次提到的，這導致我們財務報表的每個項目都會出現週、月、季度之間的波動。我們理解這對你們來說很艱難，也希望你們能理解這對我們來說同樣艱難。

One last comment on this. I always refer back to the public financial model that we put out there is the best way to think about things over time when we put that together. We did our best to model some level of variability.

最後補充一點。我始終認為，我們發布的公開財務模型是思考長期發展趨勢的最佳方式。我們盡力模擬了一定程度的波動性。

It doesn't mean it's going to be exactly those numbers. But that is the right kind of medium to longer-term way to think about it.

這並不意味著最終結果一定會完全是這些數字。但這確實是一種從中長期角度思考問題的正確方式。

Thanks for sharing that color. My follow-up color is on shipments to logic customers. We saw Lam recently win a Preferred Quality Supplier Award from Intel last year. Congratulations on that.

感謝您分享這個顏色。我接下來要關注的是發往邏輯電路客戶的貨物顏色。我們看到 Lam 去年榮獲了英特爾頒發的「優選品質供應商獎」。祝賀他們！

But we still haven't seen a big inflection in Lam's shipments to logic customers. Just curious if you still see logic as a customer segment that you're confident you're taking market share from and maybe future upside? Thanks.

但我們仍然沒有看到 Lam 對邏輯客戶的出貨量大幅成長。我只是好奇您是否仍然認為邏輯客戶是一個您有信心從中奪取市場份額並可能在未來獲得成長的客戶群？謝謝。

Absolutely, yes.

當然，沒錯。

Yes. Definitively.

是的，絕對是。

Krish Sankar, Bank of America.

Krish Sankar，美國銀行。

Hi. Thanks for taking my question. I told them one, Doug, I know you don't want to comment on December. But I'm just curious, if December revenues are flat with September, would the gross margins be up in December?

您好。感謝您回答我的問題。我跟他們說了，道格，我知道您不想對12月的情況發表評論。但我只是好奇，如果12月份的收入與9月份持平，那麼12月份的毛利率會上升嗎？

Again, I'm only guiding gross margin one quarter at a time. Usually, everything else equal, if you have a higher level of revenue, margins will tend to be better.

再次強調，我每次只預測一個季度的毛利率。通常情況下，在其他條件相同的情況下，營收越高，毛利率往往也越高。

But you've got all the mix that I've always described. So you can necessarily just run to the conclusion.

但你已經具備了我一直以來所描述的所有要素。所以你完全可以直接下結論。

Got it. Got it. All right.

明白了，明白了，好的。

And then a follow-up for Martin. When you look at the 3D NAND, as you go into like 64, 96 layers and beyond, does the etching composition shift more towards dielectric etch for this conductor? Or do you think conductors still remains a major portion of the overall etch market and 3D NAND?

接下來我想問馬丁​​一個後續問題。當您觀察3D NAND時，當層數達到64層、96層甚至更多時，這種導體的蝕刻成分是否會更多地轉向介質蝕刻？或者您認為導體蝕刻仍然佔據整個蝕刻市場和3D NAND蝕刻市場的主要份額？

I don't think I have a segment message for you. More or less, because I think the productivity solution sets that will play out in high-volume manufacturing for the types of vertical scaling that you just described have still a lot of work from the entire supply chain and also from the customer. So, I would say watch this space, and if we see anything of value to communicate, we will.

我目前沒有特別想和您分享的資訊。主要是因為我認為，您剛才提到的那種垂直規模化生產模式，在大批量生產中真正能夠提升生產力的解決方案，還需要整個供應鏈以及客戶方面付出大量努力。所以，請您密切關注，如果我們有任何有價值的資訊想要分享，我們會及時通知您。

Again, to reemphasize what I said in my prepared comments, the 2D to 3D transition for us was very strong. With a 7 to 10 percentage point share gain for the Company. Another couple of data points that I would give you on 3D NAND for the Company from a market share perspective, in general, the developmental record decisions that translated to production tool of record decisions actually got stronger for us.

再次強調我在事先準備好的發言稿中提到的內容，我們公司從2D到3D的轉型非常成功，市佔率成長了7到10個百分點。關於公司3D NAND的市場份額，我還有幾點數據要補充：總體而言，我們公司在研發階段做出的決策，最終轉化為生產工具決策的機率實際上更高了。

And the other reference I would give you is that, obviously, our presence in critical applications, which is really a commentary on quality of earnings, is very, very strong. We are right at the center of enabling, and that puts pressure on us, but we feel really pleased about the position of the Company.

我還要補充一點，我們在關鍵應用領域的實力非常強勁，這實際上也體現了我們獲利的品質。我們處於賦能的核心地位，這給我們帶來了一定的壓力，但我們對公司目前的地位感到非常滿意。

Got it. Thank you.

明白了，謝謝。

Thanks, Krish.

謝謝你，克里什。

Patrick Ho, Stifel Nicolaus.

Patrick Ho，Stifel Nicolaus。

Thank you very much. Martin, first in terms of the growing adoption for applications for both atomic layer deposition and etch, what's the market opportunity as a whole that you see for those type of products?

非常感謝。馬丁，首先，就原子層沉積和蝕刻技術在應用領域的日益普及而言，您認為這類產品的整體市場機會如何？

You know, that's something that, if I may, I'd like to defer to our analyst meeting plans for November. Because to your point, atomic level processing, generally for us atomic level action, atomic level deposition is a very central part to the opportunity for growth in the Company and competitive differentiation and also quality of earnings. I would prefer to delay, if I may, until our November meeting on that point.

你知道，這個問題，如果可以的話，我想推遲到我們11月份的分析師會議再討論。因為正如你所說，原子級加工，或者更確切地說，對我們公司而言，原子級製程、原子級沉積，是公司成長機會、競爭優勢以及獲利品質的核心所在。如果可以的話，我希望把這個問題延後到11月的會議再討論。

Fair enough. And then maybe for Doug, now that you are approaching record shipments, and obviously you've done a really good job up to this point with a high level of shipments and probably a lot of pulls and pushes, can you just discuss or give a little bit of color on some of the tactics, either whether it is the supply chain, manufacturing and how you're managing these record levels, especially as they keep growing?

好吧。那麼，Doug，既然你們的出貨量即將創下紀錄，而且顯然你們到目前為止做得非常出色，出貨量很高，可能也採取了很多拉動和推動措施，你能否談談或詳細介紹一下你們的一些策略，無論是供應鏈、生產製造，還是你們如何管理這些創紀錄的出貨量，尤其是在出貨量持續增長的情況下？

As I talked about, we have added resources in the manufacturing organization. You've seen our inventory balances tick up a little bit in anticipation of very strong shipments. And I think, specifically, the reason Martin in his scripted remarks thanked our suppliers, is they've supported our ramps very, very well.

正如我剛才提到的，我們增加了生產部門的資源。你們也看到了，為了應對即將到來的強勁出貨量，我們的庫存略有增加。我認為，馬丁在事先準備好的致詞中感謝供應商的原因，正是因為他們為我們的產能提升提供了非常強有力的支持。

We've been talking to them well in advance of them needing to grow their volumes so that they are going to be ready for this. And I think we've executed extraordinarily well and will continue to manage the churn as it happens. We've got a great global operations group that is really good at what we do.

我們提前與他們溝通，確保他們在需要擴大業務量之前就能做好準備。我認為我們執行得非常出色，並將繼續妥善應對業務量波動。我們擁有一支優秀的全球營運團隊，他們非常擅長我們的工作。

Great. Thank you.

太好了，謝謝。

Thanks, Patrick.

謝謝你，派崔克。

Sidney Ho, Deutsche Bank.

西德尼·何，德意志銀行。

Thanks. And thanks for taking my questions. In terms of foundry spending, it looks like the 28 nm and 40 nm, and maybe 200 mm as well, seems to have a longer life cycle because of your low and mid-range films ended up things you've adjusted.

謝謝。也感謝您回答我的問題。就代工成本而言，28奈米和40奈米工藝，或許還有200毫米工藝，似乎擁有更長的生命週期，因為您調整了低端和中端薄膜的最終性能。

How do you think that changes your WFE forecast this year or next year? Or maybe it's just related to your service business? Any way you can quantify it?

您認為這會對您今年或明年的WFE預測產生什麼影響？或者這可能只與您的服務業務有關？您有什麼方法可以量化這種影響嗎？

I have some comments, I don't know if I will give you as much as you want. 28 nm looks to be a very long node. We are seeing even some 40 nm investments occurring.

我有一些想法，但我不知道能否滿足您的所有需求。 28奈米製程看起來是一個非常長的節點。我們甚至看到一些針對40奈米製程的投資項目。

I think it has somewhat to do with low and mid-end phones for sure. It's got equal amount to do with where IoT stuff is going, and that is how we monetize some of the installed base business as well. We're looking at that very differently in terms of that opportunity.

我認為這肯定與中低階手機市場有一定關係。它也與物聯網的發展方向密切相關，而這正是我們實現現有用戶群獲利的方式之一。我們對這機會的看法截然不同。

You're right, some of the stuff is even 200 mm equipment. We're very focused on it.

你說得對，有些設備甚至是200毫米口徑的。我們非常重視這方面。

I don't know if that was what you were looking for. 28 nm is going to be around for a while.

我不知道這是否是您想要的答案。 28奈米製程還會沿用一段時間。

Okay. My follow-up question is, curious about your thoughts on another deal in the space between litho company and the process control company. I guess from a KLA perspective, does that change in any way your thoughts on the combined companies [SAM] extension opportunity?

好的。我的後續問題是，我對光刻公司和製程控制公司之間另一筆交易很感興趣。我想從KLA的角度來看，這是否會以任何方式改變您對合併後公司[SAM]擴展機會的看法？

No, I don't think it changes our objectives or our strategy. I think in many respects, it probably validates the legitimacy of the vision to bring process and process control capability together at some level to innovate for the success of our customers. It's another data point.

不，我不認為這會改變我們的目標或策略。我認為在很多方面，這可能反而驗證了我們將流程和流程控制能力在一定程度上結合起來，從而為客戶成功進行創新願景的合理性。這只是又一個數據點而已。

There are others with other peer companies, and other competitors. Sometimes it's an inquisitive action, like the one you just referred to. Sometimes it's organic.

還有其他同行公司和競爭對手也存在這種情況。有時這是一種探究行為，就像你剛才提到的。有時則是自然而然發生的。

There are plenty of examples now in our industry where people are employing similar strategies. If your question maybe more relates to the competitive dynamic between e-beam and optical, our sense is that the industry consensus is very complementary technologies, we're not obviously in a position to speak to KLA's business. But from the seat that we have with limited knowledge of the details, the latest generation optical inspection capabilities that KLA has brought to the market appear very robust and getting pretty solid traction. No real change in how we think about it. Perhaps further validation of the vision, and to restate what I said before, we are targeting to close this thing and we're working diligently with agencies to get that done. We never have any guarantees, but we're working hard to do that a little later than the September timeframe, targeting right now mid-October.

現在業界有很多例子顯示大家都在採取類似的策略。如果您的問題更與電子束和光學檢測之間的競爭格局有關，我們認為業界普遍認為這兩種技術是互補的。我們顯然不方便就KLA的業務發表評論。但就我們目前有限的了解來看，KLA推向市場的最新一代光學檢測技術似乎非常強大，並且獲得了相當不錯的市場認可。我們對此的看法並沒有改變。這或許進一步驗證了我們的願景。重申我之前的觀點，我們的目標是完成這項交易，我們正在與相關機構密切合作，努力實現這一目標。我們無法做出任何保證，但我們正在努力爭取在9月份之後完成，目前的目標是10月中旬。

Okay. Thank you very much.

好的，非常感謝。

Thanks, Sidney.

謝謝你，西德尼。

Weston Twigg, Pacific Crest.

韋斯頓·特威格，太平洋山脊。

Hi. Yes, thanks. I had a similar question on the ASML HerMES deal, but from a different angle.

您好。是的，謝謝。我之前也對ASML HerMES的交易有過類似的疑問，不過角度不同。

I was looking at it as an opportunity for Lam potentially, given that you have a pretty tight relationship with ASML already, and they're talking about doing pre and post-etch measurements and creating a holistic litho loop that extends into the process arena. I was just wondering if you could maybe tell us how closely you are collaborating with ASML on this type of application, and if you think there's an opportunity to maybe gain market share if you can drive customers to use more Lam tools in a holistic litho loop?

考慮到您與ASML已經建立了非常緊密的合作關係，而且他們正在探討進行蝕刻前後的測量，並創建一個延伸到製程流程的整體光刻循環，我認為這對Lam來說可能是一個機會。我想請問您能否介紹一下您與ASML在這一應用領域的合作程度，以及如果您能夠引導客戶在整體光刻循環中使用更多Lam的設備，您是否認為有機會獲得市場份額？

I think -- it's kind of premature for me to start talking about collaboration when we haven't actually closed our deal yet. But obviously, to your point, the relationship between the companies is good and strong. We work diligently, both to support the long-term success of our customers and I see that trend continuing.

我覺得現在談合作還太早，畢竟我們還沒正式敲定交易。但正如您所說，兩家公司之間的關係良好且牢固。我們一直努力工作，致力於支持客戶的長期成功，我相信這種趨勢會持續下去。

We all have some version of the same vision, I think, to deliver more predictable process to our customers, to open up process windows, to deliver their roadmaps with higher-quality, lower-cost IC devices. Whether we call that holistic litho or holistic etch or holistic dep or holistic process, we've all got our own nomenclature, but I think that the strategy and the model of collaboration for our Company is set to continue, I hope, for many years.

我認為，我們都擁有某種程度上的共同願景，那就是為客戶提供更可預測的製程流程，拓寬製程窗口，並以更高品質、更低成本的積體電路元件助力他們實現產品路線圖。無論我們稱之為整體光刻、整體蝕刻、整體沉積還是整體工藝，我們都各有各的命名方式，但我認為，我們公司的這種戰略和合作模式將會持續下去，我希望它能在未來很多年裡繼續發揮作用。

Got it. And then, as a follow-up, looking at the model guidance implies that Opex should increase meaningfully next quarter. Just wondering if most of that falls into R&D and if you could give us an idea of what level of R&D increase you're looking at throughout the rest of the next fiscal year?

明白了。另外，根據模型預測，下個季度的營運支出應該會大幅成長。我想知道其中大部分是否都用於研發，以及您能否大致說明一下，在下一個財年剩餘的時間裡，您預計研發支出會成長到什麼水準？

Yes, a decent amount of it, Wes, is R&D. And, again, the right way to think about how we're going to spend money is pinned on that financial model. Obviously, as we grow, we need to invest more to continue to grow. And that's part of how we think about it. In the back half of the year, given a little bit stronger P&L, there's also a general increase in that variable compensation piece that varies with the P&L.

是的，韋斯，其中相當一部分用於研發。而且，我們思考如何花錢的正確方法，正是基於這個財務模型。顯然，隨著公司的發展，我們需要加大投入才能繼續成長。這也是我們考慮的重點之一。下半年，鑑於損益情況略有好轉，與損益情況相關的浮動薪酬部分也會普遍增加。

That's helpful.

那很有幫助。

Just extending that answer a little bit further. I don't think we've ever invested more in the future of this company than we are today. I feel really good about the distribution of operating expenses to R&D and SG&A.

我再補充一點。我認為我們對公司未來的投入從未像今天這樣多。我對研發和銷售、管理及行政費用的營運支出分配非常滿意。

I think we kind of set a tone, and whether we are the best in the industry or one of the best, I'm sure you guys can figure out, but the 63% references something we've worked hard for. If you look at the last several years, since 2013, we've increased our investments in R&D by more than 30%. And in that same timeframe, the increase in investments in SG&A is about 10%. Investing in the future of the Company to prepare us for the inflections that we're describing, today's inflections getting bigger, and the next generation inflections central to long-term success of the Company.

我認為我們已經定下了基調，至於我們是否是業界最佳或最佳之一，我相信你們都能判斷出來，但63%這個數字代表著我們為之努力的成果。回顧過去幾年，自2013年以來，我們在研發方面的投入成長了30%以上。同期，銷售、管理及行政費用（SG&A）的投入也增加了約10%。這些投資旨在為公司的未來發展做好準備，以應對我們所描述的各種變革——如今的變革影響日益顯著，而下一代變革對公司的長期成功至關重要。

Operator, we'll take one more question.

操作員，我們再回答一個問題。

Amit Daryanani, RBC Capital Markets.

Amit Daryanani，加拿大皇家銀行資本市場部。

Thanks. Glad I snuck in over there. I guess first off, on the KT transaction, could you just talk about what are the concerns you're hearing from regulators?

謝謝。很高興我能偷偷溜進來。我想先談談KT交易，您能否談談您從監管機構聽到的擔憂？

Because the deal seems fairly complementary in the [real overlaps] (inaudible), so what's the feedback you're getting? And is there anyone other than the DOJ that's giving you negative feedback or concerns on the deal?

因為這項交易在（實際重疊部分）方面似乎相當互補（聽不清楚），那麼你收到的回饋是什麼？除了司法部之外，還有其他人對這項交易提出負面回饋或擔憂嗎？

Yes. We are not really in a position to talk about the conversations we're having with regulators. I mean, the essence of this deal, as I said a couple of times, is no product overlaps.

是的。我們現在不方便透露與監管機構的對話內容。我的意思是，正如我之前多次提到的，這項交易的核心在於避免產品重疊。

We believe a compelling and pro-competitive value proposition for the benefit of our customers. We have made broad commitments to the ecosystem relative to supply and availability and support of process control equipment.

我們相信，這能為我們的客戶帶來極具吸引力且有利於市場競爭的價值主張。我們已就製程控制設備的供應、可用性和支援等方面，對整個生態系統做出了廣泛的承諾。

And the protocols around intellectual property protection are well established in this industry and the Company. I mean, those are the qualitative statements I can make around your questions. But the specifics of our dialect with agencies, unfortunately, we are not at liberty to dialogue about.

智慧財產權保護方面的規章制度在本行業和公司都已相當完善。關於您的問題，我只能做出這些定性陳述。但很遺憾，我們不方便透露我們與相關機構的具體溝通細節。

Understood. Just follow up. If I get your comments on the back-half shipments right, you're implying December could be down modestly. Is that essentially just a pause that you're seeing maybe on the 3D NAND side?

明白了。我再補充一點。如果我理解你對下半年出貨量的評論沒錯，你的意思是12月份的出貨量可能會略有下降。你認為這主要是指3D NAND快閃記憶體方面的暫時放緩嗎？

Or is something else driving that shipment down in December? It could be lumpy, but I'm curious, what's the driver this time around in December?

或者說，12月的貨運量下降還有其他原因嗎？貨運量可能會波動，但我很好奇，這次12月貨運量下降的原因是什麼？

Yes. I wouldn't describe it as a pause. Every customer has their own cycle of investments.

是的。我不會把它描述為暫停。每個客戶都有自己的投資週期。

And they can't continue to jam tons of capacity into their fat like forever, so they add and then they pause a little bit. But there's no generic kind of industry cycle type pause commentary that we can make.

他們不可能永遠像以前那樣瘋狂擴張產能，所以他們會擴張，然後稍作停頓。但我們無法對產業週期性的這種停頓做出通用的解釋。

And, frankly, I don't think we'll ever be able to make. I think the industry is very different today as a result of consolidation.

坦白說，我認為我們永遠無法做到。我認為由於產業整合，如今的產業格局已經大不相同了。

It's just timing of projects, Amit. It's nothing more than that.

阿米特，這只是專案時間安排的問題，僅此而已。

Perfect. Thank you.

太好了，謝謝。

Thank you.

謝謝。

And that does conclude our question-and-answer session. I will now have the program back over to Satya Kumar for any additional or closing remarks.

問答環節到此結束。現在我將把節目交還給薩蒂亞·庫馬爾，請他補充或作總結發言。

Yes. Thank you, everyone, for joining our conference call.

是的。謝謝各位參加我們的電話會議。

Our Analyst Day is scheduled for November 2016, do make a note of that, we'll issue a press release on that. Thanks, once again.

我們的分析師日定於2016年11月舉行，請記下這個時間，我們會發布相關新聞稿。再次感謝。

And that does conclude today's program. We'd like to thank you for your participation. Have a wonderful day, and you may disconnect at any time.

今天的節目到此結束。感謝您的參與。祝您有美好的一天，您可以隨時斷開連線。