科林研發 (LRCX) 2017 Q1 法說會逐字稿

Welcome to the Lam Research Corporation September 2016 conference call. At this time, I would like to turn the conference over to Satya Kumar. Please go ahead.

歡迎參加林氏研究公司2016年9月電話會議。現在，我將會議交給薩蒂亞·庫馬爾先生，請他發言。

Thank you and good afternoon, everyone, and welcome to the Lam Research quarterly earnings conference call. With me today are Martin Anstice, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer.

謝謝大家，下午好，歡迎參加 Lam Research 的季度財報電話會議。今天與我一同出席的有總裁兼執行長 Martin Anstice，以及執行副總裁兼財務長 Doug Bettinger。

During today's call, we will share our outlook on the business environment; review our financial results for the September 2016 quarter; our outlook for the December 2016 quarter. 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.

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9月季度的財務表現；並展望2016年12月季度的業績。詳細介紹我們財務業績的新聞稿已於今天下午太平洋時間1點後不久發布。您也可以在公司網站的投資者關係頁面找到該新聞稿以及本次電話會議的簡報。

Today's presentation and Q&A includes forward-looking statements that are subject to risks and uncertainties reflected in the risk factors disclosures of our SEC public filings. Please see accompanying slide in the presentation for additional information.

今天的演示和問答環節包含前瞻性陳述，這些陳述受風險和不確定性因素的影響，這些風險和不確定性因素已反映在我們向美國證券交易委員會提交的公開文件中。請參閱簡報中的相關投影片以取得更多資訊。

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 firm with a brief follow-up, so 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 hand 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，我們懇請您每家公司只提一個問題，並附上簡短的後續提問，以便我們盡可能回答更多問題。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。

Good afternoon and thank you all for joining our regularly scheduled earnings conference call. Anticipating our upcoming Investor and Analyst Meeting planned for New York on November 18, I will keep my prepared comments shorter than usual. The focus today will include financial, operational, and market highlights for the September quarter and calendar-year 2016, and update on recent changes in the industry environment and initial perspectives we have on calendar 2017. Doug will then provide details of our financials, and summarize guidance for the December quarter, before we open the call for questions.

下午好，感謝各位參加我們例行的財報電話會議。鑑於我們即將於11月18日在紐約舉行投資人和分析師會議，我將盡量縮短發言時間。今天的重點將放在2016年9月季度和全年的財務、營運和市場亮點，以及近期行業環境的變化和我們對2017年的初步展望。之後，Doug將詳細介紹我們的財務狀況，並概述12月季度的業績指引，隨後我們將開放問答環節。

Demonstrating the constancy of our focus, quality of alignment in the Company, and commitment to invest in the future of the Company for these last several years, Lam delivered another outstanding quarter, reporting record shipments, including a record high foundry shipments, record total Company revenues and non-GAAP net income. As is always the case, how you do something is at least as important as what you do, more so in the context of our multi-year growth and value aspirations. Accordingly, we have a permanent focus on customer-oriented core values and culture, and an extraordinary commitment to operational execution and Company scaling.

過去幾年，我們始終專注於公司發展，保持高度的協同一致，並致力於投資公司的未來，這充分體現了我們的堅定信念。 Lam 再次取得了卓越的季度業績，出貨量創歷史新高，其中包括晶圓代工出貨量、公司總收入和非GAAP淨利潤均創歷史新高。正如我們一貫秉持的理念，做事的方式與做事的內容同樣重要，尤其是在我們追求多年成長和價值實現的背景下。因此，我們始終堅持以客戶為中心的核心價值和企業文化，並致力於高效營運和公司規模化發展。

Our supply chain, our factories, our field service organizations once again delivered terrific performance. We achieved a new record for shipments in the quarter. We are on track to deliver our customers a combination of schedule flexibility and on-time performance for the year that is a significant enhancement of capabilities. And as shown by our guidance today, we are gearing up for additional growth in December. Our differentiated product pipeline momentum continues at pace, most recently with metal ALD in 3D NAND and atomic level etch in dielectric foundry applications. In addition, our business teams are achieving more than 90% success in critical defenses and new market application penetrations combined, which is extremely rewarding.

我們的供應鏈、工廠和現場服務團隊再次展現了卓越的績效。本季出貨量創下新紀錄。我們正按計畫推進，力爭在全年為客戶提供兼具靈活排期和準時交付能力的交付方案，這將顯著提升我們的能力。正如我們今天發布的業績指引所示，我們正積極準備，迎接12月份的進一步成長。我們差異化產品線的推進動能依然強勁，近期推出的產品包括用於3D NAND的金屬原子層沉積（ALD）技術和用於介電材料代工的原子級蝕刻技術。此外，我們的業務團隊在關鍵國防領域和新市場應用拓展方面取得了超過90%的成功率，這令人倍感欣慰。

This is an exciting time to be part of the semiconductor ecosystem, no doubt.

毫無疑問，現在是參與半導體生態系統的絕佳時機。

In the world of Foundry/Logic, the demonstrated performance benefits of 10-nanometer technology, and commitments of our customers and, reportedly, more than 20 of their customers, to the near-term 7-nanometer roadmap are strong endorsements of the diversity of cloud, mobility, and high-performance computing-enabled consumer and enterprise applications. What is clear in this segment also is the importance of 3D architecture at both the chip and systems integration level. Innovation in our technology and product roadmap for the transistor, interconnect, and also advanced packaging applications is a critical priority for systematically strengthening our strategic relevance. We believe Lam is one of very few companies gaining share through this round of Foundry/Logic technology node transitions. Our segment exposure continues to be more balanced, an objective and result we are particularly pleased with.

在晶圓代工/邏輯領域，10奈米技術展現出的性能優勢，以及我們客戶（據報道還有超過20家客戶的客戶）對近期7奈米路線圖的承諾，都強有力地證明了雲端運算、行動應用和高效能運算賦能的消費及企業應用的多元化潛力。此外，該領域3D架構在晶片和系統整合層面的重要性也顯而易見。我們致力於在電晶體、互連以及先進封裝應用領域進行技術和產品路線圖創新，這對於系統性地提升我們的策略地位至關重要。我們相信，Lam是極少數能夠在本輪晶圓代工/邏輯技術節點轉型中實現市場份額成長的公司之一。我們業務部門的配置更為均衡，這目標和成果令我們特別滿意。

Worthy of note, in a world where we estimate Foundry wafer fabrication equipment spending grows 25% year over year, 2016 compared to 2015, we are communicating to you today, with our presented results and December guidance, a view that our Foundry shipments for the year increase by approximately 40%.

值得注意的是，在世界範圍內，我們估計晶圓代工製造設備支出在 2016 年比 2015 年同比增長 25%，而我們今天透過公佈的業績和 12 月份的業績指引，向您傳達了我們今年晶圓代工出貨量將增長約 40% 的觀點。

Illustratively, 48 layer 3D NAND is enabling the 256 gigabyte high-density storage that is required to power high-resolution image capture in dual cameras in smartphone devices. Similarly in the data center, 3D NAND-based SSDs allow for hundreds of terabytes of high-speed storage to be located within the server itself, enabling cost-efficient scale from cloud-based services.

例如，48層3D NAND快閃記憶體能夠實現智慧型手機雙鏡頭高解析度影像拍攝所需的256GB高密度儲存。同樣，在資料中心，基於3D NAND快閃記憶體的固態硬碟（SSD）允許在伺服器內部儲存數百TB的高速儲存空間，從而實現基於雲端服務的經濟高效的擴展。

Looking ahead, the roadmap is well defined and looks very promising for 3D NAND. At the recent Flash Memory Summit in Santa Clara, our customers highlighted the numerous design and integration options not previously available with planar technology such as scaling layer counts, and the ability to transition from three-level cells to quad-level cells, and leveraging pitch and density scaling to target different storage end markets.

展望未來，3D NAND 的發展路線圖清晰明確，前景十分光明。在近期於聖克拉拉舉行的快閃記憶體峰會上，我們的客戶重點介紹了 3D NAND 的眾多設計和整合選項，這些選項是平面技術所無法實現的，例如可以擴展層數，從三層單元過渡到四層單元，以及利用間距和密度擴展來瞄準不同的儲存終端市場。

Lam was privileged to be the only major semiconductor equipment maker invited to present at the conference, independent recognition of our critical role in the 3D NAND inflection, and the commentary both on the opportunity and responsibility for Lam that is shared with our customers.

Lam 很榮幸成為唯一受邀在會議上發言的主要半導體設備製造商，這獨立地認可了我們在 3D NAND 轉折點中的關鍵作用，也體現了 Lam 與客戶共同面臨的機會和責任。

Long-term WFE growth is only made possible with end market demand catalysts and process technology inflections. Combined with these two drivers, our roadmap and multi-year execution make possible the fifth consecutive year in 2016 where our SAM has outperformed WFE. Looking forward, we have targets and strategies that we will specifically discuss in November to enable and participate in these outperformance trends for many years to come.

WFE的長期成長只有在終端市場需求催化劑和製程技術變革的推動下才能實現。正是在這兩大驅動因素的推動下，我們的路線圖和多年執行計劃使得我們的SAM在2016年連續第五年超越了WFE的表現。展望未來，我們將在11月詳細討論相關目標和策略，以期在未來多年繼續維持並參與此優異的業績成長趨勢。

Our ability to capitalize on this extraordinary opportunity is all about leadership, execution, and is measured ultimately by customer trust and competitive differentiation.

我們能否抓住這項非凡機遇，關鍵在於領導力、執行力，最終取決於客戶的信任和競爭優勢。

As illustrations, in Conductor Etch, our Kiyo family with its Hydra multi-zone temperature control technology, provides the most technically advanced production-proven etching performance, critical for logic and DRAM multi-patterning, in the industry. Lam has the broadest and strongest conductor etch position, especially in 3D NAND, where Kiyo has now been qualified for production at all NAND customers for a majority of applications, which we believe achieved position in more than two-thirds of the available market.

例如，在導體蝕刻領域，我們採用 Hydra 多區溫控技術的 Kiyo 系列產品，可提供業內技術最先進、經生產驗證的蝕刻性能，這對於邏輯和 DRAM 多重曝光至關重要。 Lam 在導體蝕刻領域擁有最廣泛、最強大的市場地位，尤其是在 3D NAND 領域。 Kiyo 現在已獲得所有 NAND 客戶在大多數應用領域的生產認證，我們相信其已佔據超過三分之二的市場份額。

In dielectric etch, we continue to make several technology and productivity enhancements through our Flex family, including most recently the release of Atomic Level Etch capability. Our ALE innovation features a proprietary Advanced Mixed Mode Pulsing capability. It delivers a 2 times improvement in selectivity versus conventional etching, while providing atomic level control over variability, critical to address issues like RC delay for advanced Foundry and Logic process nodes. The Flex series products are seeing substantial momentum in 3D NAND and are now qualified as production tool of record for critical high-aspect ratio applications at all major customers.

在介質蝕刻領域，我們透過Flex系列產品不斷提昇技術和生產效率，包括最近推出的原子級蝕刻（ALE）功能。我們的ALE創新技術採用專有的先進混合模式脈衝技術，其選擇性比傳統蝕刻技術提高了2倍，同時實現了對製程偏差的原子級控制，這對於解決先進晶圓代工和邏輯製程節點的RC延遲等問題至關重要。 Flex系列產品在3D NAND領域發展勢頭強勁，目前已被所有主要客戶認證為關鍵高深寬比應用的首選生產工具。

In deposition, our ALTUS tungsten fill and VECTOR dielectric deposition systems are seeing very strong momentum that is set to continue into next year. 2017 will be the year of 64 layer 3D NAND, and Lam's product innovations and application share momentum position us well to improve our market share as we head into next year.

在沉積領域，我們的ALTUS鎢填充系統和VECTOR介質沉積系統發展勢頭強勁，預計明年將持續這一成長勢頭。 2017年將是64層3D NAND元年，Lam的產品創新和應用市場份額的成長勢頭使我們能夠更好地提昇明年的市場份額。

Complementing our leading edge and critical applications strength, the performance of more than 40,000 Lam process modules installed provides a strong platform for overall business momentum and is a key focus of our Customer Support Business Group. This business is on track for another record year. More important than reported growth in any one year, however, is the increased confidence of sustaining long-term profitable growth trajectory of the Company. In the last several years, we have fundamentally improved our capability to support our customers through local manufacturing and warehousing, innovative technology and productivity upgrade solutions, refurbished equipment sales and service, and product solutions to overall fab productivity improvements. These investments are paying dividends; again, more to follow at our Investor event.

憑藉我們領先的技術和關鍵應用優勢，已安裝的超過4萬個Lam製程模組的卓越性能為整體業務發展提供了強勁的平台，也是我們客戶支援業務集團的重點領域。該業務預計再創佳績。然而，比任何一年的業績成長更重要的是，公司對持續實現長期獲利成長的信心日益增強。過去幾年，我們透過在地化生產和倉儲、創新技術和生產力提升解決方案、翻新設備銷售和服務以及提升晶圓廠整體生產力的產品解決方案，從根本上提高了客戶支援能力。這些投資正在帶來豐厚回報；更多詳情，敬請期待我們在投資者活動中分享。

Now let me provide a short overview of customer equipment spending trends for calendar 2016 and our preliminary expectations for 2017.

現在，我將簡要概述 2016 年客戶設備支出趨勢以及我們對 2017 年的初步預期。

Outlook for global economic growth in unit shipments for PCs and smartphones have remained stable since our last report. Increasingly more important than unit demand for traditional consumer computing devices, however, is the significant growth in content for leading-edge memory and logic devices in smartphones and servers. This dynamic is being driven by the end market's demand inflections I spoke of earlier, and is powering our SAM growth outperformance opportunity.

自上一份報告以來，全球個人電腦和智慧型手機出貨量經濟成長前景保持穩定。然而，智慧型手機和伺服器中尖端記憶體和邏輯裝置的需求顯著增長，其重要性日益超過傳統消費性運算裝置的出貨量需求。這種動態是由我之前提到的終端市場需求拐點所驅動的，並為我們SAM的成長提供了超越預期的機會。

WFE spending for 2016 is now tracking slightly above the high end of our previously communicated range, driven by stronger Foundry and 3D NAND CapEx investments. Sequentially, for calendar 2016, NAND WFE is now on track to grow over 40%; Foundry, over 20%; and expectations for DRAM CapEx remain unchanged at down approximately 40% year over year. Momentum and commitment continues to build for 3D NAND, where we now expect total industry shipped capacity to reach approximately 425,000 wafer starts per month by the end of this calendar year. We are confident of sustainable, positive, long-term trends in this segment.

2016 年晶圓廠設備 (WFE) 支出目前略高於我們先前公佈的預期範圍上限，主要得益於晶圓代工和 3D NAND 資本支出的強勁增長。以環比來看，2016 年全年，NAND 晶圓廠設備支出預計將成長超過 40%；晶圓代工支出預計將成長超過 20%；DRAM 資本支出預期維持不變，年減約 40%。 3D NAND 的發展動能和投入持續增強，我們預計到今年年底，該領域全球總出貨量將達到每月約 42.5 萬片晶圓。我們對該領域的長期永續發展充滿信心。

At the same time, our strength in Foundry/Logic continues to build, where we are realizing the benefits of multi-year efforts through customer spending associated with additional qualifications and PTOR wins for 10- and 7-nanometer devices. Despite the challenges of DRAM and certain pockets of logic spending in 2016, despite also the memory versus logic segment headwinds for the Company relative to our peers this year, we are on track to grow total Company shipments meaningfully for the fifth straight calendar year at a CAGR of approximately 18% over that extended period.

同時，我們在晶圓代工/邏輯晶片領域的實力持續增強，我們正透過客戶支出，逐步實現多年來在10奈米和7奈米裝置認證和PTOR專案方面的努力成果。儘管2016年DRAM和部分邏輯晶片支出面臨挑戰，且公司今年在記憶體業務方面也面臨相對於同行的不利因素，但我們仍有望連續第五年實現公司總出貨量顯著增長，年複合增長率約為18%。

As we look into 2017, we are encouraged by the strong momentum in 3D NAND. For numerous reasons, we are also more convinced and convicted in our belief that DRAM supply and DRAM -- sorry, DRAM supply and demand conditions will continue to improve, as we previously indicated. As a result, we have an upward bias to spending expectations for DRAM and NAND in 2017. We expect flat to a modest pullback in Logic/Foundry spending as customers digest the 10-nanometer investments made in 2016 and commence initial 7-nanometer roadmaps.

展望2017年，3D NAND的強勁發展勢頭令我們倍感鼓舞。基於諸多原因，我們更加確信DRAM的供應和需求狀況將如前所述持續改善。因此，我們對2017年DRAM和NAND的支出預期持樂觀態度。我們預計，隨著客戶消化2016年在10奈米製程上的投資並開始實施初步的7奈米製程路線圖，邏輯/代工支出將保持平穩或略有回落。

Overall, we are modeling slightly higher total WFE spend in 2017, with memory versus logic segment tailwinds for the Company once more. Again, our objective will be to outgrow WFE in 2017.

整體而言，我們預計2017年WFE總支出將略有成長，記憶體業務相對於邏輯業務的成長動能將再次對公司有利。我們的目標是2017年WFE支出成長。

To summarize, fundamental to our strong performance has been our strategy to partner closely with our customers to help address their most tough and difficult challenges. Despite, as we conveyed a couple of weeks ago, the disappointment at not being able to deliver to our customers the potential of unmatched capability and innovation from Lam and KLA-Tencor combined, we are very excited by the demonstrated multi-year strength and inflection-driven outperformance future opportunity for Lam Research. With continued execution, a robust product pipeline, overall stronger installed base and market share positions, and increased strategic relevance to our customers, we believe the innovation to support long-term value creation for all stakeholders is a valid ambition for Lam Research.

總而言之，我們取得優異業績的關鍵在於與客戶緊密合作，幫助他們應對最棘手、最困難的挑戰。儘管如幾週前我們所述，未能將Lam和KLA-Tencor合併後無與倫比的能力和創新潛力完全交付給客戶，我們深感遺憾，但我們對Lam Research多年來展現出的強勁實力以及未來業績的顯著提升充滿信心。憑藉持續的執行力、強大的產品線、更強大的客戶基礎和市場份額，以及對客戶日益增強的策略意義，我們相信，透過創新為所有利害關係人創造長期價值，是Lam Research的實際目標。

Before turning the call over for additional details on our financial performance and outlook, I would like to extend my genuine thanks to our customers and employees who, together, make the exciting story of Lam Research possible. Their support and encouragement inspires us each day to achieve our full potential. Doug?

在將電話轉交給其他與會者，詳細闡述我們的財務表現和展望之前，我謹向我們的客戶和員工致以衷心的感謝，正是你們的共同努力，才成就了 Lam Research 的輝煌篇章。你們的支持和鼓勵激勵我們每天不斷發揮自身潛能。 Doug？

Thank you, Martin. Good afternoon, everyone, and thank you for joining us on the call today.

謝謝你，馬丁。大家下午好，感謝各位今天參加我們的電話會議。

The September quarter results reflect another quarter of solid execution and record results. In the quarter, shipments, revenue, net income, and cash from operations were at the highest level we delivered in the history of Lam Research. We're obviously very pleased with what we achieved this quarter.

9 月的季度業績反映了我們又一個穩健的執行力和創紀錄的業績。本季度，Lam Research 的出貨量、收入、淨利潤和營運活動現金流均達到了公司歷史最高水準。我們對本季所取得的成績感到非常滿意。

Shipments in the September quarter were $1.708 billion, up approximately 8% compared to the June quarter, and at a record level for the Company. The combined memory segment made up 56% of system shipments, and that was down from 66% in the prior quarter. Non-volatile memory shipments contributed 43% of the system shipments, and this was down from 51% in the June quarter. 3D NAND investments are continuing at a healthy level, with customers committed to their plans for scaling the technology to reduce cost, enhance performance, and increase output in response to strong customer demand. Our deposition and etch products are critical to enabling this scaling for our customers. We are extremely well positioned with the PTOR decision made by our customers in what may be the largest multi-year growth opportunity in semiconductors.

9 月季度出貨量為 17.08 億美元，較 6 月季度成長約 8%，創公司歷史新高。記憶體業務佔系統出貨量的 56%，低於上一季的 66%。非揮發性記憶體出貨量佔系統出貨量的 43%，低於 6 月季度的 51%。 3D NAND 投資持續保持良好勢頭，客戶致力於推動技術規模化發展，以降低成本、提升效能並提高產量，從而滿足強勁的客戶需求。我們的沉積和蝕刻產品對於幫助客戶實現這一規模化發展至關重要。客戶做出的 PTOR 決策使我們處於極其有利的地位，這或許是半導體產業未來幾年最大的成長機會。

Customer discipline remains intact in the DRAM segment, with shipments making up 13% of total system shipments compared to 15% in the prior quarter. There appears to be a stabilization of the supply/demand balance, and we are seeing positive momentum in the marketplace as a result. Demand is strengthening, led by content growth in both smartphones and servers. Spot pricing is showing improvement.

DRAM 市場客戶需求依然穩定，出貨量佔系統總出貨量的 13%，低於上一季的 15%。供需平衡似乎趨於穩定，市場也因此呈現正面動能。智慧型手機和伺服器內容需求的成長帶動了需求的增強。現貨價格也呈現改善趨勢。

System shipments into the Foundry segment was a bright spot, as Martin mentioned, and increased to 36%, which was up from 27% in the June quarter. The system shipment dollars in Foundry represented a record high level for Lam Research. Foundry spend was biased toward investments to execute 10-nanometer ramp and 7-nanometer pilot projects. We also saw continued spend, predominantly in the China region, at the 28-nanometer and above nodes.

正如Martin所提到的，晶圓代工領域的系統出貨量表現亮眼，佔比成長至36%，高於6月季度的27%。晶圓代工領域的系統出貨額創下了Lam Research的歷史新高。晶圓代工支出主要集中在10奈米製程的量產和7奈米製程的試點項目。此外，我們也看到，在28奈米及以上製程節點上，尤其是在中國地區，持續的支出也在增加。

And finally, the Logic and Other segment came in at 8% of system shipments, up from 7% in the June quarter. Logic spending was largely in support of conversions to the 10-nanometer node.

最後，邏輯和其他裝置部分佔系統出貨量的 8%，高於 6 月季度的 7%。邏輯元件支出主要用於支援向 10 奈米製程節點的轉換。

We set a new record for revenue in the September quarter. Revenue came in at $1.632 billion, which was a sequential increase of 6% and a little bit above the mid-point of our guidance. Gross margin was a little lower than the mid-point of guidance at 45.2%. As I've previously stated, we expect to see some quarter-to-quarter variability in our gross margin due to factors like business volumes and mix. And I'll remind you, the financial model is the best reference to help you analyze our ongoing financial performance. And I look forward to sharing an update to the financial model with you at our Investor Day in November.

我們在9月份的季度營收創下新紀錄。營收達16.32億美元，季增6%，略高於我們先前預期的中位數。毛利率為45.2%，略低於預期中位數。正如我之前所說，由於業務量和產品組合等因素的影響，我們預期毛利率會存在一定的季度波動。我還要提醒各位，財務模型是分析我們持續財務表現的最佳參考。我期待在11月的投資者日上與大家分享財務模型的最新進展。

Our operating expenses for the quarter were $372 million, which was an increase of 3% from the $361 million in the June quarter, and it held steady at about 23% of revenue. OpEx spending allocated to R&D was again at benchmark levels of 63% of total spending in the quarter.

本季營運支出為3.72億美元，較6月份的3.61億美元成長3%，佔營收的比例穩定在23%左右。用於研發的營運支出再次達到基準水平，佔本季總支出的63%。

Operating income for the quarter was again strong at $366 million, an increase of 2% compared to the $359 million in the June quarter. Operating margin decreased slightly to 22.4%, down from 23.2% in the prior quarter, primarily due to the lower gross margins.

本季營業收入依然強勁，達到3.66億美元，較6月份的3.59億美元成長2%。營業利益率略為下降至22.4%，低於上一季的23.2%，主要原因是毛利率下降。

The September quarter tax rate came in at approximately 12%, which was a little bit higher than the 10% rate last quarter, primarily due to changes in the level and mix of jurisdictional income. A rate in the low to mid-teens for the December quarter would be a reasonable number for you to use in your modeling.

9月份季度的稅率約為12%，略高於上一季的10%，主要原因是轄區收入水平和組成發生了變化。 12月份季度的稅率在10%到15%之間比較合理，您可以將其用於建模。

Earnings per share for the September quarter were $1.81 based on a share count of approximately 178 million shares. The share count includes dilution from both the 2018 and 2041 convertible notes, and the remaining 2016 convertible note warrants, with a total dilutive impact of about 15 million shares on a non-GAAP basis. As the stock price continues to rise, the convertible notes will continue to add to the diluted share count, albeit at a decreasing rate of increase. Dilution schedules for the convertible notes are available on our Investor Relations website to help you with your modeling.

9 月季度的每股收益為 1.81 美元，基於約 1.78 億股的股份數量。該股份數量包含了 2018 年和 2041 年可轉換債券以及剩餘的 2016 年可轉換債券認股權證帶來的稀釋，按非 GAAP 準則計算，總稀釋影響約為 1500 萬股。隨著股價持續上漲，可轉換債券將繼續增加稀釋後的股份數量，但成長率將逐漸放緩。可轉換債券的稀釋明細表可在我們投資者關係網站上查閱，以幫助您進行模型建立。

We returned $0.30 per share for a total of $48 million in dividend distributions to our shareholders in the quarter. There were no share repurchases during the quarter.

本季我們向股東派發了每股0.30美元的股息，總計4,800萬美元。本季沒有進行股票回購。

Let me now turn to the balance sheet. At the end of the September quarter, we had $7.470 billion in cash on the balance sheet. In line with the plans we stated during our call earlier this month, at this point we have redeemed the $600 million 2023 senior notes and the $1 billion 2026 senior notes under the special mandatory redemption provision of those notes. The $800 million 2021 senior notes will remain outstanding, and will be used for general corporate purposes and other purposes as can be found in the prospectus. If I pro forma for the cash we returned to bondholders in October, we would have finished the quarter with $5.830 billion on the balance sheet. Roughly 40% of this cash is currently domestically available. And I will remind you, we continue to generate between 20% and 25% of cash domestically on an ongoing basis.

現在讓我來看看資產負債表。截至9月底，我們的資產負債表上現金餘額為74.7億美元。根據我們本月初電話會議中所述的計劃，目前我們已根據相關票據的特別強制贖回條款贖回了6億美元的2023年到期高級票據和10億美元的2026年到期高級票據。 8億美元的2021年到期優先票據將繼續有效，並將用於一般公司用途以及招股說明書中列明的其他用途。如果我將10月份返還給債券持有人的現金計入，那麼截至該季度末，我們的資產負債表上現金餘額將為58.3億美元。目前，這筆現金中約有40%可在國內使用。我還要提醒各位，我們持續在國內產生20%至25%的現金。

Cash generation continues to be healthy at the Company. In the September quarter, we generated $473 million in cash from operations, which was an increase of 12% sequentially and an all-time quarterly high for the Company.

公司現金流狀況持續良好。在9月的季度中，我們透過經營活動產生了4.73億美元的現金流，較上季成長12%，創下公司歷史季度新高。

Days sales outstanding for the period improved to 72 days from 74 days, with the shipment profile slightly more linear than it was in June. Inventory turns improved from 3.5 to 3.9 times.

本期應收帳款週轉天數從74天改善至72天，出貨量曲線比6月份略微趨於線性。庫存週轉率從3.5次提高至3.9次。

At the end of the September quarter, the deferred revenue balance was $704 million, a 24% increase quarter over quarter. That number excludes approximately $65 million from shipments to customers in Japan that will convert to revenue in future quarters. And I'll remind you that those Japan shipments remain as inventory carried at cost on the balance sheet.

截至9月底，遞延收入餘額為7.04億美元，季增24%。該數字不包括約6500萬美元的日本客戶發貨款項，這些款項將在未來幾季轉化為收入。需要提醒的是，這些日本出貨款項仍作為庫存，並以成本計入資產負債表。

Company non-cash expenses during the quarter included the following: $39 million for equity compensation; $39 million for amortization; and $36 million for depreciation. Capital expenditures were $42 million, which was down from $52 million in the June quarter.

本季公司非現金支出包括：股權激勵費用3,900萬美元；攤銷費用3,900萬美元；及折舊費用3,600萬美元。資本支出為4,200萬美元，低於6月季度的5,200萬美元。

We exited the quarter with approximately 7,800 regular full-time employees. We added headcount during the quarter, primarily to meet customer needs for additional factory output and field support. Additionally, we added resources to continue our investment in product development.

本季末，我們約有7800名正式全職員工。本季我們增加了員工人數，主要是為了滿足客戶對工廠產能提升和現場支援的需求。此外，我們也增加了資源投入，以持續加大產品研發投入。

Let me now turn to our outlook for the December quarter. I'd like to provide the following non-GAAP guidance. We expect shipments of $1.850 billion, plus or minus $75 million. We expect revenue of $1.840 billion, again, plus or minus $75 million. We expect gross margin of 46%, plus or minus 1 percentage point. We are forecasting operating margins of 25%, plus or minus 1 percentage point. And finally, we forecast earnings per share of $2.18, plus or minus $0.10, based on a share count of approximately 179 million shares.

現在讓我談談我們對12月季度的展望。我謹提供以下非GAAP財務指引。我們預計出貨量為18.5億美元，上下浮動7,500萬美元。我們預計營收為18.4億美元，上下浮動7,500萬美元。我們預期毛利率為46%，上下浮動1個百分點。我們預測營業利益率為25%，上下浮動1個百分點。最後，基於約1.79億股的股數，我們預測每股收益為2.18美元，上下浮動0.10美元。

This earnings-per-share number excludes roughly $37 million associated with the interest expense, one-time fees, and accelerated costs associated with the retirement of the 2023 and 2026 notes, as well as the term loan commitments.

這筆每股盈餘數字不包括與 2023 年和 2026 年票據的償還相關的利息支出、一次性費用和加速成本，以及定期貸款承諾，約 3,700 萬美元。

With our year-to-date results and the strong guidance I just provided for the December quarter, we anticipate that calendar-year 2016 will be another record year of financial outperformance for the Company, a fifth consecutive year of growth, outpacing that of the industry as a whole.

憑藉我們今年迄今為止的業績以及我剛剛對 12 月季度給出的強勁指引，我們預計 2016 年將是公司財務業績再次創紀錄的一年，連續第五年實現增長，超過整個行業的平均水平。

Before transitioning to the Q&A session, I wanted to pick up on Martin's earlier comment regarding our Investor Day, which is now on November 18. We have decided to host the event in New York to make the event more convenient for a larger group of investors and analysts that are following the Company. We look forward to seeing you in New York on the 18th.

在進入問答環節之前，我想先就馬丁之前提到的投資者日活動做個說明。投資者日活動現已改期至11月18日舉行。我們決定在紐約舉辦這項活動，以便更專注於本公司的投資人和分析師能夠更方便參與。期待18日在紐約與您相見。

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）

Krish Sankar with Bank of America.

Krish Sankar，美國銀行員工。

Thanks for taking my question. I have two of them. Martin, the first one is, if I look at the December guidance compared to your -- the model that you guys have given in the past it looks like the quarterly WFE is running at close to $37 billion, $38 billion. You guys are annualizing at well over $8 in EPS. Is it fair to assume that if next year is only going to be a modest growth to the extent you can characterize it, should we assume sequentially the next couple of quarters should decline from the December quarter? And I also had a follow-up.

感謝您回答我的問題。我有兩個問題。馬丁，第一個問題是，如果我比較一下你們12月份的業績指引和你們之前給出的模型，季度營業利潤預計在370億美元到380億美元之間。你們的年化每股盈餘預計超過8美元。如果明年你們所說的成長幅度有限，那麼我們是否可以合理地假設接下來的幾季業績會比12月份的季度有所下降？我還有一個後續問題。

Well, Krish, as is customary for us, we really don't comment specifically about quarter-to-quarter transitions and inflections. What we've tried to provide some perspective on today are some very significant and underpinning markets references for you and for us, as a Company, whether it's a favorable outlook relative to a universally adopted 3D NAND transition at this point, or perhaps more specifically to the Company, our share momentum in Logic and in Foundry.

克里什，按照慣例，我們不會對季度間的過渡和轉折點做出具體評論。今天我們想就一些對您和我們公司都非常重要且具有支撐意義的市場參考資料提供一些視角，無論是目前3D NAND全面普及的利好前景，還是更具體地說，我們公司在邏輯和晶圓代工領域的市場份額增長勢頭。

We feel like the objectives for the Company that are currently defined by the long-term financial model we are executing well within that, maybe a little ahead of that and certainly, the expectations we have at this point for calendar 2017, slightly stronger with a bias to memory compared to this year which bodes well for outperformance for Lam.

我們感覺公司目前由長期財務模型定義的目標，我們正在很好地執行該模型，甚至可能略微超前一些。當然，我們目前對 2017 年的預期，與今年相比略有增強，這預示著 Lam 的業績將優於預期。

Got it. Got it, Martin, as a follow-up, if I can ask one on 3D NAND. If you look at the NAND install base, it's about 1.4 million wafer starts and you guys said exiting this year, 3D NAND would be at 425,000 wafers. If 3D NAND is going to help replace hard disk drives eventually, is the potential installed base larger than the 1.4 million that we have or had for Planar or the fact that 3D has more density or bits in a given wafer that it actually offsets the actual install base growth over time. I'm just curious to hear your viewpoint on that.

明白了。馬丁，我還有一個後續問題，關於3D NAND。 NAND的晶圓開工量大約是140萬片，你們說今年年底3D NAND的晶圓開工量會達到42.5萬片。如果3D NAND最終要取代硬碟，那麼它的潛在裝置量會比平面NAND的140萬片更大嗎？還是說，3D NAND在單片晶圓上更高的密度或位元數，反而會抵銷其在長期內的實際裝機量成長？我很想聽聽你的看法。

I think our viewpoint is a bit of both. There's density on wafer for sure, but our view is even in the time horizon of calendar 2017, we end calendar 2017 with more wafer starts than we began the year and just in context, the 700 reference that I think most people have for next year now when they describe the shipped 3D NAND capacity by the end of calendar 2017, of that 700, probably qualified is 600.

我認為我們的觀點兼而有之。晶圓上的密度肯定是有的，但我們的觀點是，即使以2017年為時間跨度，2017年底的晶圓開工量也會比年初更多。而且，就目前而言，大多數人在描述2017年底3D NAND出貨產能時，都會提到700這個數字，而在這700中，合格的可能只有600。

That 600 is probably no more than 40% of the installed base, as 3D NAND capable. So we are in the very early stages of a multi-year transition, and we think that's a pretty compelling part of the Lam Research story.

這600台設備可能只佔已安裝設備的40%左右，而且這些設備都支援3D NAND快閃記憶體。因此，我們正處於多年轉型期的初期階段，我們認為這是Lam Research發展歷程中一個非常引人注目的部分。

Thanks, Martin.

謝謝你，馬丁。

Steven Chin with UBS.

Steven Chin，來自瑞銀集團。

Great. Thanks. Congrats on the execution, Martin and Doug.

太好了，謝謝。恭喜馬丁和道格順利完成任務。

Thank you.

謝謝。

Just a follow-up question on the shipments. So the second half of this year shipments looks like they will end up 17% higher than the first half. I remember when you first looked at the second half of this year, you thought it was going to be flat and it improved over the last few quarters. Can you share any color on how you see the first half of 2017 versus the second half of this year?

關於出貨量，我還有一個後續問題。今年下半年的出貨量預計會比上半年成長17%。我記得您最初預測今年下半年的出貨量會持平，但最近幾季有所改善。您能否談談您對2017年上半年和今年下半年的展望？

Well, On the basis that I think from the beginning of this year, I was -- the idiot of the industry that was talking about the stronger second half, I'm going to reserve judgment and claim that it's too early to have commentary on the first and second half next year. We've kind of put on the table for you a reference for higher WFE; I think it's kind of modest.

嗯，鑑於我認為從今年年初開始，我就成了業內那個傻瓜，一直在談論下半年業績會更強勁，所以我決定保留意見，認為現在對明年上半年和下半年的業績發表評論還為時過早。我們已經給了一個更高的WFE參考值；我認為這個參考值比較保守。

It's probably a single-digits increment year over year and there are a lot of moving parts that could potentially make it a very evenly distributed year; make it first half a little stronger; make it second half a little stronger. So more maybe in the Analyst Meeting; much more likely more commentary on first half/second half early next year.

年比增幅可能只有個位數，而且有很多變數，可能會使全年業績分佈非常均衡；上半年可能略強，下半年也可能略強。因此，分析師會議或許會對此進行更多討論；更有可能的是，明年年初會就上半年和下半年的業績發表更多評論。

Okay. Thanks. And then just a question on customer concentration. Can you share your early thoughts on the December quarter shipments? How it looks memory versus Foundry/Logic?

好的，謝謝。還有一個關於客戶集中度的問題。您能否分享一下您對12月季度出貨量的初步看法？記憶體和晶圓/邏輯晶片的出貨情況如何？

Yes, Steven, it's Doug. I think both are continuing to be relatively strong in the next quarter.

是的，史蒂文，我是道格。我認為他們倆在下一季都會保持相對強勁的勢頭。

Okay. Thanks, Doug.

好的，謝謝你，道格。

Amit Daryanani, RBC Capital Markets.

Amit Daryanani，加拿大皇家銀行資本市場部。

Thanks. Good afternoon, guys. Two questions for me as well. To start off with, if you think WFE is going to be up modestly, call it 2%, 3% next year, could you just maybe help us understand, what do you think your SAM or your revenue opportunity would look like in that scenario where WFE is up 2% to 4%?

謝謝。下午好，各位。我也有兩個問題。首先，如果您認為明年WFE會小幅成長，例如2%到3%，您能否幫我們分析一下，在這種情況下，您的SAM或收入機會會是什麼樣的？

Well, we've got a couple of ways to answer that. One of them is, if you take a look at the long-term financial model that will be updated in November for you, at least as far as giving you at least another year of visibility in terms of our expectations. Another reference for the Company is the stated ambition from a market share growth perspective.

我們有幾種方法來回答這個問題。其中一個方法是，您可以查看我們將在11月更新的長期財務模型，該模型至少能讓您對我們的預期有更清晰的了解，至少可以持續一年。公司也可以參考我們從市場佔有率成長角度提出的既定目標。

So we've got two references for you. We've got the long-term market share growth, the 3 to 5 percentage point references. We've talked about many times 1 to 2 percentage points through technology nodes. And there's also a commentary on SAM expansion and the headline for the Company, if you go back to 2012 reference point is we had a portfolio of products that was competing for about 25% or so of wafer fabrication equipment spending.

所以我們有兩個參考資料。一個是長期市佔率成長，預計成長3到5個百分點。我們也多次提到過，透過技術節點實現1到2個百分點的成長。此外，還有關於SAM（掃描自動微陣列）擴張的評論。如果回顧2012年，公司當時的概況是，我們的產品組合佔據了晶圓製造設備市場約25%的份額。

That's in the 33%, 34% percentage range probably this year and we expect in excess of 35% to be the competitive reference point for us, the proportion of WFE that we're competing for with our portfolio next year. Some part of that is a commentary on the product portfolio of the Company as we invest and make available more products to our customers and some part of it is the technology inflection in patterning and 3D NAND, which has a natural bias to the etch and deposition segments of WFE.

今年這一比例可能在33%到34%之間，我們預計明年WFE（晶圓級封裝）市佔率將超過35%，這將是我們競爭的基準線。這部分原因在於公司不斷投資並向客戶提供更多產品，從而優化了產品組合；部分原因則在於圖形化和3D NAND技術的變革，這些變革自然地推動了WFE領域蝕刻和沈積環節的發展。

Fair enough. That's helpful. If I can just follow-up, the December quarter guide, obviously, very strong on revenue and shipments, I'm curious. Do you think there's somewhat of a pull in that's going on, maybe in the memory side from your customers for their CapEx plans and that's why they are somewhat better or is this just a reflection of good end demand and doesn't mean March will be down more dramatically than normal?

好的，這很有幫助。如果可以的話，我想問一下，關於12月份的季度業績指引，顯然營收和出貨量都非常強勁，我很好奇。您認為這其中是否存在某種拉動效應，例如客戶為了配合資本支出計畫而增加了記憶體方面的訂單，所以業績才會這麼好？或者這只是反映了終端需求良好，並不代表3月的業績會比往年大幅下滑？

It's really hard to give an opinion on pull or push. The reality is the year is a little stronger than we expected, when we last talked to you in our earnings call. And it's a little stronger in 3D NAND and also in Foundry so if that's your definition of pull, then I guess the answer to your question is yes. But are we communicating to you an expectation that this is pull that is over-exuberance and it's at risk of creating a hole shortly thereafter? I think the answer to that question is no.

很難對「拉動」或「推擠」做出明確判斷。事實上，今年的業績比我們上次財報電話會議上預期的要好一些。 3D NAND 和晶圓代工業務的業績也略有成長，所以如果這就是您對「拉動」的定義，那麼我想答案是肯定的。但是，我們是否向您傳達了一種預期，即這種「拉動」過於樂觀，並有可能在不久後造成市場崩盤呢？我認為答案是否定的。

We see compelling value propositions in 3D NAND and compelling value propositions in the 10- and 7-nanometer Logic/Foundry investments. They are going to go up and down a little bit down quarter to quarter and pull in and push out but fundamentally, the long-term headline is the most relevant one as far as the value of our Company is concerned.

我們看到3D NAND和10奈米及7奈米邏輯/代工投資都具有極具吸引力的價值主張。這些投資的業績可能會出現季度小幅波動，但從根本上講，就公司價值而言，長期前景才是最重要的。

And that's why we suggested to you, we see next year a little bit stronger as well.

所以，我們才向您預測，明年情況會更強勁一些。

Fair enough. That's perfect. Thank you, guys.

好的，太好了。謝謝你們。

Thanks Amit.

謝謝你，阿米特。

CJ Muse with Evercore.

CJ Muse 與 Evercore 合作。

Good afternoon. Thank you for taking my question. I guess first question, trying to dig a little bit deeper into the 3D NAND side. And curious, when you think about greenfield versus conversions in calendar 2016 and your current outlook for calendar 2017, is that a headwind or tailwind for you, particularly when you think about next year being a year really for 64 layer count?

午安.感謝您回答我的問題。我想先問一個問題，想更深入地了解3D NAND技術。另外，您認為2016年新建案和現有工程的差異，以及您對2017年的展望，對您來說是利好還是不利？特別是考慮到明年很可能是64層NAND技術真正普及的一年？

I don't know, CJ, it's terrifically difficult to answer a question like that because there's so many moving parts. This year is a headwind, most significantly, because of memory and Logic/Foundry kind of spend mix for the Company.

我不知道，CJ，這類問題很難回答，因為牽涉到很多因素。今年對公司來說是個不利因素，最主要的是記憶體和邏輯/代工方面的支出組合。

At a 3D NAND level, the story is really positive for the Company in conversions and vertical scaling but it's also really positive compared to overall WFE and greenfield as well. So probably, it gets a little bit better as people step from greenfield to conversion but it's really hard to give you a simple answer to a very complex modeling question.

從3D NAND層面來看，公司在轉換和垂直擴展方面前景非常樂觀，而且與整體WFE和全新開發項目相比也同樣如此。因此，隨著人們從全新開發項目轉向轉換項目，情況可能會略有改善，但對於如此複雜的建模問題，很難給出簡單的答案。

Sure, okay. I guess I'll take a stab at the second one then. Deferred revenues have grown considerably over the last year and just curious, I guess as part of that, does that really speak to your new products and new wins and timing of revenue rec? And as part of that, when do you think you'll start to catch up and we will see that flow through to the revenue line?

好的，沒問題。那我來試著回答第二個問題。過去一年，遞延收入成長顯著，我很好奇，這是否與你們的新產品、新訂單以及收入確認的時間有關？另外，你們預計何時才能開始追趕上進度，並最終體現在實際收入中？

CJ, a little bit of it might be some aspect of new products but more importantly, it's the fact that we've been growing shipments fairly consistently and when you have a profile where shipments are on a growth trajectory, deferred revenue typically builds and revenue lags as a result. When shipments level off, you will see revenue then catch up with shipments and so that's the way you should expect it. The fact that shipments have been outpacing revenue is why deferred revenue is built.

CJ，一部分原因可能在於新產品，但更重要的是，我們的出貨量一直保持穩定成長。當出貨量持續成長時，通常會導致遞延收入增加，造成收入落後。當出貨量趨於穩定時，收入就會趕上出貨量，這是正常的。出貨量成長超過收入成長正是導致遞延收入增加的原因。

Very helpful. Thank you.

很有幫助，謝謝。

Thanks, CJ.

謝謝，CJ。

Timothy Arcuri with Cowen and Company.

Timothy Arcuri，Cowen and Company。

Thank you very much. I guess I had two questions. First for Doug, really, on cash it seems like there's maybe $1 billion worth of excess onshore cash today and if I look at your free cash flow, you're going to probably generate $1.5 billion roughly a year; and that would imply maybe another $350 million to $400 million of onshore coming per year and only half of that is being consumed by your dividend. So clearly, you have a lot of flexibility there on the cash. Can you talk about how you think about repurchases versus dividend?

非常感謝。我有兩個問題。首先是問Doug，就現金而言，目前看來你們在岸的現金盈餘可能達到10億美元左右。如果我看一下你們的自由現金流，你們每年大概能產生15億美元的自由現金流；這意味著每年可能還有3.5億到4億美元的在岸現金流入，而其中只有一半用於分紅。所以很明顯，你們的現金流非常靈活。您能談談您是如何考慮股票回購和分紅的嗎？

Yes, Tim, why don't you come see me on November 18. I'll give you some clarity at that point. I don't have anything to tell you until then.

好的，提姆，你為什麼不11月18號來見我呢？到時候我會給你解釋清楚。在那之前我沒什麼要告訴你的。

Okay. All right. Thanks. And then Martin, I'm going to try to come at this wafer fab equipment run rate question a little bit differently. This year, if the WFE is going to be $34 billion, which is now what you're saying, you're going to be about 18.5% share; that's flat despite a very difficult year in DRAM so that's great for you.

好的，謝謝。馬丁，我想換個角度談談晶圓製造設備年化率的問題。如果今年的晶圓製造設備年化率達到340億美元（正如你所說），那麼你們的市場份額大約為18.5%；儘管DRAM市場今年形勢嚴峻，但你們的市場份額仍然保持穩定，這對你們來說是個好消息。

But if I use the 18.5% number in your guidance in Q4, it implies that the industry's run rating WFE at roughly $40 billion in the fourth calendar quarter, which is a pretty heady number. So I guess my question is, do you argue with that math on where the WFE run rate is for Q4? I'm just trying to see how shipments can't come down here, even if next year is a good WFE year.

但如果我採用您第四季預測中的18.5%這個數字，那就意味著第四季度WFE（工廠設備出口）的行業運作率約為400億美元，這是一個相當驚人的數字。所以我想問的是，您是否對第四季度WFE的運行率計算結果有異議？我只是想弄清楚，即使明年WFE市場表現良好，出貨量為何不會下降。

I guess one of the advantages of the gray hair I have is I know how to answer that question now. So I don't even try to argue or defend or rationalize or justify because yes, we've said many times, Tim, we understand our SAM really well. We understand our share of SAM really well. We don't understand, frankly speaking, the SAM of the rest of the industry for products that we don't have and we just back into a WFE reference to the best of our abilities.

我想，我頭髮花白的好處之一就是現在我知道該怎麼回答這個問題了。所以我根本不會試圖爭辯、辯護、解釋或辯解，因為是的，蒂姆，我們已經說過很多次了，我們非常了解我們自己的SAM（銷售資產管理）市場。我們非常了解我們自己所佔的SAM份額。坦白說，對於我們沒有的產品，我們並不了解產業其他部分的SAM，我們只能盡我們所能地用WFE（終端設備）來估算。

So I don't really have an ability to defend, argue, answer a question about WFE because it's just kind of an extension of a very well thought-through SAM and quite exactly what the cycles of spending are for other parts and quite exactly what their pricing strategies are. I guess you've got to go ask everybody in the industry to pull it all together. Our view is the best one we've articulated.

所以，我其實沒能力去捍衛、辯論或回答關於WFE的問題，因為它只是一個經過深思熟慮的SAM的延伸，它非常精確地包含了其他部件的支出週期和定價策略。我想，你需要去問問業內所有人，才能把所有資訊整合起來。我們目前的觀點是我們闡述得最清楚的。

Okay, Martin. Thanks. You guys seem to be very good at WFE so that's why I asked. Thanks.

好的，馬丁。謝謝。你們似乎很擅長WFE，所以我才問的。謝謝。

No problem, Tim. Thanks.

沒問題，提姆。謝謝。

Farhan Ahmad with Credit Suisse.

Farhan Ahmad，就職於瑞士信貸。

Thanks for taking my question. I just had a question on NAND. In terms of your Planar NAND in terms of Planar NAND install base, it's about 70% of the overall capacity. What kind of productivity improvement or the bit growth are you seeing on that installed base? And is it fair to assume that the vast majority of that growth going forward needs to come from 3D NAND?

感謝您回答我的問題。我有一個關於NAND的問題。就你們的平面NAND而言，其裝置量約佔總產能的70%。在這個裝機量的基礎上，你們看到了怎樣的生產效率提升或位元成長？是否可以合理地假設，未來絕大部分的成長需要來自3D NAND？

I think yes is the answer to that question. I'm sure every customer in the world is working to make more productive their Planar capacity, particularly in the context that's, at the end of this year, is the majority of the installed base for NAND is still a Planar-capable investment. But certainly, I think kind of the growth of the industry and the chosen technology that is now kind of universally adopted has the focus on 3D NAND.

我認為答案是肯定的。我相信全球所有客戶都在努力提高其平面快閃產能的效率，尤其是在今年年底，NAND快閃記憶體的裝置量仍以平面快閃記憶體為主的情況下。但可以肯定的是，我認為產業發展和目前普遍採用的技術重點都集中在3D NAND。

On 3D -- for sure.

肯定是3D的。

Got it. And then just one question in terms of how the WFE is tracking for the last couple of years versus the semi revenue growth. I mean, last year US semi cap companies were all up close to double digits on a -- if you combine all the revenues and this year, also, it's very healthy growth and also next year, it's also very healthy growth.

明白了。還有一個問題，關於過去幾年WFE（世界半導體產業指數）與半導體產業營收成長的比較。我的意思是，去年美國半導體市值公司的總營收都接近兩位數成長，今年和明年的成長也非常強勁。

And we haven't been that much semi revenue growth. Have you thought about what's the main drivers which are giving you more of the growth relative to the semi industry?

我們的半導體業務營收成長並不算快。您有沒有想過，相對於半導體產業整體而言，是什麼主要驅動因素推動了您的成長？

Yes, I mean at a Company level, obviously there are two basic headlines. One of them is the proportion of WFE that we're competing for, which to my earlier answer, has kind of transitioned from the 25% level to the 35% level since 2012, so we're competing for $3 billion more business each year, if you just want to pick a $30 billion WFE reference. We're competing for $3.5 billion, if you want to pick a $35 billion reference.

是的，我的意思是，就公司層面而言，顯然有兩個主要面向。其一是我們所爭奪的WFE（女性前端設備）份額，正如我之前的回答，自2012年以來，這一份額已經從25%上升到35%，也就是說，如果我們以300億美元的WFE為例，那麼我們每年要爭奪30億美元的業務。如果以350億美元為例，那麼我們每年要爭取35億美元的業務。

And some part of that is a product portfolio message of the Company and some part of it is the technical -- the technology inflections that's happening and 3D NAND or 3D device architecture transitions for the industry. That's kind of message number one and message number two is share gain and we've had some pretty significant messages on share gain.

其中一部分是關於公司的產品組合訊息，一部分是關於技術——正在發生的技術變革以及3D NAND或3D裝置架構的產業轉型。這是第一個訊息，第二個訊息是市場佔有率的成長，我們在市場佔有率成長方面已經取得了一些非常顯著的成果。

We talked in our last earnings call, if my memory serves me right, about double-digit share gain in the Planar to 3-D NAND transition, and we talked today about a fairly unique story, we think, in the industry in the Logic and Foundry space. At least as best we can analyze, we are one of very few companies that has demonstrated share gain in the Logic/Foundry combined in recent technology node transitions and we're just beginning to see the evidence of that show up in our financial statements.

如果我沒記錯的話，我們在上次財報電話會議上談到了平面NAND向3D NAND過渡過程中兩位數的市場份額增長。今天，我們討論了邏輯和晶圓代工領域一個我們認為在業界相當獨特的案例。至少就我們目前分析來看，我們是極少數在近期技術節點轉換過程中，邏輯/晶圓代工領域市場份額均實現增長的公司之一，而我們才剛開始在財務報表中看到這些增長的跡象。

Thank you. That's all I had.

謝謝。我只有這些了。

Thanks Farhan.

謝謝法爾漢。

Jagadish Iyer with Summit Redstone.

Jagadish Iyer 與 Summit Redstone 合作。

Thanks for taking my question. Martin, if I take your NAND shipments this year, you will take year up almost about 75%. It's good growth for next year; it's similar to this year, and I layer in your commentary on spending. How should we think about your growth in NAND shipments as you look at 2017, given where your market share is and that the industry is transitioning for 64 layer? And will it be consistent with this year or could it be higher or lower?

感謝您回答我的問題。 Martin，如果我以您今年的NAND快閃記憶體出貨量為基準，您預計明年將成長近75%。這對明年來說是一個不錯的成長；與今年的情況類似，我還要考慮您對支出狀況的分析。鑑於您目前的市場份額以及行業正在向64層閃存轉型，我們應該如何看待您2017年的NAND快閃記憶體出貨量成長？成長幅度會與今年持平，還是會更高或更低？

Well, the overall kind of story for the Company in 3D NAND, we are targeting to be more positive proportionately next year than this year and that's a commentary on our best understanding of the conversion strategies of our customers and our targets and plans to systematically introduce more products to compete for more SAM and to make more competitive the products that we have to get a bigger share of it.

總的來說，就公司在 3D NAND 領域的發展而言，我們的目標是明年比今年實現更積極的增長，這反映了我們對客戶轉換策略的最佳理解，以及我們系統性地推出更多產品以爭奪更多 SAM 並使我們現有產品更具競爭力以獲得更大市場份額的目標和計劃。

Now there are no pendulum swings in this industry; it's pretty rare that you accomplish major swings in any one year. And so I think the performance of the Company will be a continuation, if we keep executing, of the last couple of years, and that continues to be our focus.

這個行業沒有鐘擺式的劇烈波動；一年內出現大幅波動的情況非常罕見。因此，我認為如果我們繼續保持過去幾年的良好勢頭，公司的業績將會延續下去，而這也將繼續是我們的工作重點。

Okay, I have a brief follow-up. You talked about foundries trying to digest some capacity for 2017; clearly, there's one leader there but how should we think about other foundries trying to catch up to this preeminent leader here, as they try to ramp to 10-nanometer or 7- nanometer? Thank you.

好的，我還有一個後續問題。您提到代工廠正在努力消化2017年的部分產能；顯然，目前有一家領先企業，但其他代工廠在努力追趕這家領頭羊的同時，也在努力提升10奈米或7奈米製程，我們該如何看待這種情況呢？謝謝。

Yes, I mean, obviously, you have to ask them not us but clearly, the opportunity that exists from demonstrated performance benefits at the 10- and 7-nanometer technology nodes make it a very strategic and legitimate target for every Foundry and certainly, from the seat we have, everybody's focused on doing their best to get their fair share.

是的，我的意思是，顯然，你應該去問他們而不是我們，但很明顯，10 奈米和 7 奈米技術節點所展現出的性能優勢，使其成為每個代工廠都非常具有戰略意義和合法的目標，而且就我們所處的位置而言，每個人都專注於盡最大努力獲得自己應得的份額。

However, they define that technology inflection and none of this is easy and so we support all of our customers in whatever ambition they have to the best of our abilities. I sense people are broadly focused on it and doing the best they can.

然而，他們定義了技術轉型，而這一切都不容易，因此我們會盡最大努力支持所有客戶實現他們的目標。我感覺大家都很注意這一點，而且都在盡力做到最好。

Jagadish, I would just point out that we're continuing to see nice investment profiles at 28-nanometer and above and obviously, that stuff is much broader based.

Jagadish，我只想指出，我們繼續看到 28 奈米以上製程的技術具有良好的投資前景，而且顯然，這類技術的應用範圍更廣。

Thank you.

謝謝。

Romit Shah with Nomura Securities.

Romit Shah，來自野村證券。

Thank you and congratulations on the strong results. Martin, I just wanted to ask, as it relates to China, we've been all looking for evidence that the local vendors there will start spending in both Foundry and memory and I just wanted to get your sense on that region and if it's something you're anticipating to at least hear about it as we get into next year.

謝謝，也祝賀你們取得如此優異的成績。馬丁，我想問一下，關於中國市場，我們一直在尋找當地廠商開始在晶圓代工和記憶體領域加大投入的證據，我想了解一下你對這個地區的看法，以及你是否預計明年至少會聽到一些相關消息。

Yes, I think for sure, there are ambitious plans stated and there are active discussions, I think between customers and potential new domestic customers in China with Lam and presumably with every other equipment company. Our position and presence in China is historically very strong in etch and deposition, both, so I think we have kind of good platform. And as best we can tell, there are up to 20 active projects, certainly that we are focused on tracking in China.

是的，我認為可以肯定的是，我們制定了雄心勃勃的計劃，並且正在積極進行洽談，我認為是與中國現有客戶和潛在的新客戶，以及所有其他設備公司都在進行洽談。我們在中國蝕刻和沈積領域一直擁有非常強大的地位和影響力，所以我認為我們擁有一個相當不錯的平台。據我們所知，目前有多達20個正在進行的項目，我們正專注於這些項目在中國的進展。

And I think the spending, or at least the significant spending, is more likely to be a calendar 2018 statement than calendars 2017 but I think there's a decent amount of statements that towards the end of 2017, we could start seeing something emerge. So that's about the best I can give you at this point.

我認為支出，或至少是重大支出，更有可能在2018年而非2017年出現，但也有不少跡象表明，到2017年底，我們可能會看到一些進展。目前我只能提供這些資訊。

That's helpful. Thank you.

這很有幫助，謝謝。

Thanks, Romit.

謝謝你，羅米特。

Edwin Mok with Needham & Company.

Edwin Mok，Needham & Company公司。

Thanks for taking my question. So I want to circle back on your Foundry/Logic share gain that you talked about and maybe dig a little deeper and can you give us some color on where you are driving the share gain? Is it on the -- you guys have been very strong on patterning. Is that one area that is driving share gain? Is it around other areas? I think historically you guys are very strong in tungsten. Maybe give us some color -- one step more detailed color around the share gain around Foundry/Logic?

感謝您回答我的問題。我想再回到您之前提到的晶圓代工/邏輯電路市場份額增長的問題，希望能更深入地探討一下，您能否詳細說明一下推動市場份額增長的因素？是你們在圖案化方面一直表現強勁嗎？圖案化是推動市佔率成長的唯一因素嗎？還是其他方面也有貢獻？我記得你們在鎢領域一直很強勢。能否更詳細地解釋晶圓代工/邏輯電路市場佔有率成長的具體情況？

I think you just did a pretty good job answering your own question, actually. Clearly, the single biggest SAM expansion in Foundry/Logic is patterning. We've got some pretty important headlines that are Company-unique, I think, relative to microprocessor share gain momentum. And our presence and share gains are both etch and deposition and they are on the front end and back end as far as interconnect as well as transistor level footprint. So pretty holistic, pretty comprehensive and patterning is obviously a key driver.

我覺得你其實已經很好地回答了自己的問題。顯然，晶圓代工/邏輯領域最大的SAM（軟體資產管理）擴張方向是圖形化。我們有一些非常重要的、公司獨有的亮點，我認為這些亮點與微處理器市場份額的成長勢頭密切相關。我們的業務拓展和市場份額成長涵蓋蝕刻和沈積兩個方面，涉及互連和電晶體級封裝的前端和後端。因此，我們的業務非常全面、非常整體，而圖形化顯然是關鍵驅動因素。

Okay, great and then just focus on the Foundry/Logic area as well. I think some of your peers are more upbeat about the coming year, I think in Foundry/Logic to grow a little bit more and you mentioned some digestion on 10-nanometer. Do you think that the trailing edge growth will not be big enough to offset any digestion on 10-nanometer, and some of the customers spent too much. Do you think they won't be a big spender in 2017?

好的，太好了，那接下來也聚焦在晶圓代工/邏輯電路領域。我覺得你們的一些同行對明年的前景比較樂觀，認為晶圓代工/邏輯電路領域會進一步成長。你也提到了10奈米製程的一些市場消化問題。你認為後發製程的成長是否不足以抵銷10奈米製程的市場消化問題？而且有些客戶投入過多，你覺得他們在2017年不會繼續大手筆投入嗎？

Well, I say our view and it's still forming. We are a long way from being definitive on it. We said kind of flattish to maybe slightly down is the reference we have for Foundry. We do expect that 28-nanometer and above investments in 2017 will be greater than they were in 2016, but to your point that's a capacity addition that is much cheaper than a leading-edge capacity addition.

嗯，我只能說這是我們目前的看法，而且還在形成中。我們離最終定論還很遠。我們之前說過，晶圓代工業務的預期是基本持平，甚至可能略有下降。我們預計2017年28奈米及以上製程的投資將高於2016年，但如您所說，這種產能擴張的成本遠低於尖端技術的產能擴張。

Whether it turns out to be sufficient to make it neutral or grow kind of time will tell. As best I can tell from customer disclosure, there's kind of a common view that capital intensity in Foundry is assumed to be kind of flattish and certainly, we're not in a position to message any different from that. There's clearly a large amount of investment going in this year for 10.

最終結果如何，足以使其保持中性還是實現成長，時間會給出答案。就我從客戶揭露的資訊來看，普遍認為 Foundry 的資本密集度基本上持平，當然，我們目前也無法給出不同的說法。顯然，今年 10 版本將有大量投資。

And there's commitments and significant interest in what I think now is generally accepted to be a more valuable and probably more significant technology node at 7 and that looks like that's more of a second-half statement than first half at this point.

而且，各方都做出了承諾，並且對目前普遍認為更有價值、可能也更重要的技術節點 7 表現出了濃厚的興趣，而這看起來更像是下半年的計劃，而不是上半年的計劃。

Edwin, it's still kind of early for us to have a formulated view on 2017. As we get closer to 2017 itself and we would normally give you more color when we are a quarter further down the road. So check back with us in a quarter. We will give you an updated view.

艾德溫，現在對2017年做出明確的預測還為時過早。隨著2017年的臨近，我們通常會在季度末之後提供更詳細的資訊。所以，請一個季度後再來查看，我們會提供更新後的預測。

That's helpful color. Thank you.

這個顏色很有幫助。謝謝。

Joe Moore with Morgan Stanley.

喬摩爾，摩根士丹利員工。

Hi, thank you. I had a couple questions on smaller product areas. Can you talk about advanced packaging? It seems like we're starting to see some more consumer-oriented products coming out again at the end of this year. Could that be a decent driver for you guys next year?

您好，謝謝。我有一些關於小型產品領域的問題。能談談先進包裝嗎？似乎今年底我們又開始看到一些面向消費者的產品上市了。這會成為你們明年的重要發展動力嗎？

Well, certainly systems integration and packaging are very prominent parts of the strategies of our customers to overcome the limitations of physics in the front end and I think demonstrated performance and cost benefit is showing up there. It's one of four technology inflections that we identified three or four years ago now that are relevant to the future of our Company.

當然，系統整合和封裝是我們客戶克服前端實體限制策略中非常重要的組成部分，而且我認為，已展現出的效能和成本效益也印證了這一點。這是我們三、四年前確定的四大科技轉捩點之一，它們對公司的未來至關重要。

It was then and still is the smaller of the four but as time passes, the through silicon etch via position and the strength that we have becomes more valuable and obviously, the presence of the Company in interconnect, copper position is also very strong. So over time, I would expect the advanced packaging SAM to be more relevant and I think you know from prior disclosure where we're strong and where we're not.

它當時是、現在仍然是四家公司中規模最小的，但隨著時間的推移，矽通孔蝕刻技術的優勢和地位變得越來越重要，而且公司在互連和銅領域的實力也非常強勁。因此，我預計隨著時間的推移，先進封裝SAM業務將變得更加重要，我想您從先前的披露中已經了解了我們的優勢和劣勢所在。

Great. Thank you. And also on the image sensors side, have you seen any signs of life, signs of recovery in that segment? Thank you.

太好了，謝謝。另外，關於影像感測器方面，您是否看到任何復甦的跡象？謝謝。

I would say not as strong right now as it has been but reasonable evidence that strength is beginning to emerge. So whether that's the first half or second half kind of reality, we will see.

我認為目前它的力量不如以往強勁，但已有合理的跡象表明它的力量逐漸顯現。至於這究竟是上半場還是下半場的局面，我們拭目以待。

Great. Thanks so much.

太好了，非常感謝。

Weston Twigg with Pacific Crest.

韋斯頓·特威格與太平洋山脊公司合作。

Hi, thanks. Just wondering first on DRAM, you said you expected DRAM Wfe to be up a little bit next year. Wondering if you're seeing any signs of new DRAM capacity activity or just, really, node transitions at this point?

您好，謝謝。首先我想問一下關於DRAM的問題，您之前說過預計明年DRAM Wfe價格會略有上漲。我想知道您目前是否看到任何新增DRAM產能的跡象，或者只是製程節點的過渡？

I think it's more of a node transition statement. Arguably, there are kind of 50,000 wafer starts per month, contractions in one year and maybe additions in another year and if I were to place a bet, I would say we probably end next year at or about the same in terms of wafer starts that we began the year but as you know, this has been a year of significantly reduced spending. Our estimate is that DRAM investments is down 40% this year.

我認為這更像是一種節點過渡聲明。可以說，目前每月晶圓開工量約5萬片，可能一年有所下降，另一年又有所成長。如果讓我預測，我會說明年晶圓開工量可能與年初持平或基本上相同。但正如您所知，今年的支出大幅減少。我們估計，DRAM投資今年下降了40%。

By the end of this year, we believe that approximately 50% of the installed base is 20-nanometer capable. So there's a pretty significant opportunity for value creation for the customers in terms of cost reduction and performance from continued conversion and as is also true, the 1X world for DRAM is just beginning in calendar 2016.

到今年年底，我們預計約有 50% 的已安裝設備將具備 20 奈米製程能力。因此，持續的製程轉換將為客戶帶來顯著的價值創造機會，既能降低成本，又能提升效能。同時，DRAM 的 1X 時代也才剛在 2016 年拉開序幕。

And we think it will be the primary change to the installed base in calendar 2017 and if I were to guess, I would guess that at the end of next year, about half of the installed base in DRAM is a 20-nanometer maybe a quarter of the installed base is 1X and a quarter of the installed base is at 25 or above. I think that's approximate segmentation of the 1 million, or 1.1 million wafer starts, depending on how you calculate it is kind of what we're looking at right now.

我們認為這將是2017年DRAM裝機量的主要變化。如果讓我預測，我估計到明年年底，DRAM裝機量中大約一半是20奈米工藝，四分之一是1X工藝，還有四分之一是25奈米或更高工藝。我認為這大致反映了目前100萬或110萬片晶圓的開工量（具體數量取決於計算方法）。

Okay. Good. And then similarly in 3D NAND, you said WFE was biased up and you mentioned 700,000 installed wafer starts spending the next year but do you see that number biased higher as well, the way things are tracking?

好的。很好。同樣地，在3D NAND方面，您提到WFE（晶圓前端）被高估了，並且提到明年將有70萬片晶圓投入生產，但根據目前的趨勢來看，您認為這個數字也會被高估嗎？

I said just on the 700, I said that was kind of the shipped capacity statement that we were coming up with, and I'm seeing other people say the same thing, slightly above 700,000. That compares with the 425,000 that I referred to today in my prepared comments for the end of calendar 2016 and our estimate is that probably that's -- there's about 100,000, or slightly more than 100,000 wafer starts unqualified at the end of this year.

我剛才說的是70萬，我說這是我們大致估算的出貨產能，我也看到其他人也這麼說，略高於70萬。這與我今天在準備好的2016年底的發言稿中提到的42.5萬相比，我們估計到今年年底，大約會有10萬或略多於10萬片晶圓尚未完成認證。

Probably a similar number at the end of next year and obviously, that exists in the context of 1.4, 1.5 maybe million wafer starts per month of capacity by the end of next year. So a little bit more capacity and a lot more 3D NAND but in relative terms still 3D NAND installed base is the minority of the installed base by the end of next year.

明年年底的數字可能與此類似，而且顯然，這是在明年年底每月晶圓開工量可能達到140萬至150萬片的背景下實現的。因此，產能略有增加，3D NAND快閃記憶體的裝置量也大幅成長，但相對而言，到明年年底，3D NAND快閃記憶體的裝置量仍只佔總裝置量的一小部分。

All right. Very helpful. Thank you.

好的，很有幫助，謝謝。

Thanks, Wes.

謝謝你，韋斯。

Harlan Sur with JPMorgan.

哈蘭·蘇爾任職於摩根大通。

Good afternoon and I thought I'd jump on the quarterly execution and on the outlook. On the -- on your view on DRAM spending being higher next year, clearly the customer base here remains pretty disciplined, very focused on profitability. I appreciate the view from the prior question on the capacity mix 2X versus 1X. Can you guys just remind us your SAM growth going from 2X node to the 1X nanometer node and what application is that SAM growth coming from?

下午好，我想就季度業績和展望發表一下看法。關於您之前提到的DRAM支出明年會成長的觀點，顯然，這裡的客戶群依然非常注重獲利，消費觀念也比較保守。我理解您之前關於2X和1X產能組合的看法。能否請您簡單介紹一下從2X製程節點到1X奈米製程節點的SAM成長情況，以及這些成長主要來自哪些應用領域？

I'm not sure I have something to hands -- to answer that question, Harlan. I apologize. Obviously, at a macro level, when we last reported our $3 billion SAM reference, we framed SAM growth opportunity in DRAM at the 50% to 60% level through calendar 2018.

哈蘭，我手邊可能沒有合適的資料來回答這個問題，我很抱歉。顯然，從宏觀層面來看，我們上次公佈30億美元的SAM（軟體資產管理）目標時，將DRAM的SAM成長機會預計在2018年達到50%至60%。

And in the patterning area specifically which is the single biggest kind of market expansion in DRAM that's relevant to our Company we characterized 15 to 25 steps; that's 20 nanometer going to 25 to 30 steps at 1X. So that's about as helpful as I can be at this moment and we will take that question as long as -- as well as I think it was CJ's question earlier around the SAM for each of the 3D NAND implementation scenarios and we will try and get some more information for you at the Analyst Meeting.

尤其是在圖案化領域，也就是DRAM市場擴張中與我們公司最相關的領域，我們已經確定了15到25步的製程；也就是說，從20奈米製程發展到1X製程的25到30步製程。目前我能提供的幫助就這麼多，我們會一直回答這個問題——就像之前CJ問到的關於各種3D NAND實現方案的SAM（結構化材料）的問題一樣，我們會在分析師會議上嘗試為您獲取更多信息。

We will update that page for you, Harlan.

哈蘭，我們會為你更新那個頁面。

All right. Thanks for the insights there and then on the record shipment outlook, I'm wondering if you're starting to stretch your manufacturing capability. As I think about the potential for more growth for the team in 2017 I'm wondering if you can just give us a view on what is the upper limit from a shipment dollars perspective that you can accommodate from a manufacturing perspective on a quarterly basis?

好的。感謝您提供的見解。關於創紀錄的出貨量前景，我想知道你們的生產能力是否已經開始捉襟見肘了。考慮到團隊在2017年可能還有更大的成長空間，我想請你們談談，從出貨量（以美元計）的角度來看，你們的生產能力在每個季度能夠承受的上限是多少？

We actually have more flexibility than perhaps you realize. It takes a huge amount of effort so these are not kind of five-minute investments. We are constantly assessing, not just capacity in our own factories but our supply chain and in our field service organizations for the installation because if you can make something but can't install it, you have a problem.

實際上，我們的靈活性可能比您想像的要大。這需要投入大量精力，所以並非五分鐘就能完成的投資。我們一直在評估，不僅包括我們自身工廠的產能，還包括供應鏈和現場服務機構的安裝能力，因為如果能生產產品卻無法安裝，那就有問題。

If you can install it but not make it, if you have a problem; if you can make it but not buy it, you have a problem. A lot of effort focused on that. We have nor will we ever have disclosure that speaks to the maximum capacity of the Company but it is more flexible.

如果你能安裝卻無法生產，那就表示有問題；如果你能生產卻買不到，那也表示有問題。我們投入了大量精力來解決這個問題。我們過去沒有、將來也不會揭露公司的最大產能，但我們的產能更有彈性。

We are challenging and stretching the entire Company, to be honest, but we believe we are executing with appropriate discipline and we are making investments to make sure that we have capacity to meet the expectations of our customers and continue to position the Company for sustainable growth. So lots of moving parts, very complex, but we feel like we are doing a pretty good job, all things considered.

坦白說，我們正在對整個公司提出挑戰並施加壓力，但我們相信我們正在以適當的紀律執行，並且我們正在進行投資，以確保我們有能力滿足客戶的期望，並繼續為公司的可持續成長奠定基礎。所以，涉及的環節很多，非常複雜，但考慮到所有因素，我們覺得我們做得相當不錯。

Harlan, we have a phenomenal supply chain organization. These guys are just super good at what they do. So the execution of the Company has been really, really good from those guys.

哈蘭，我們擁有一支非常優秀的供應鏈團隊。他們工作能力超強。因此，公司在供應鏈管理方面一直做得非常出色。

Thanks for the insights.

感謝您的見解。

Thanks, Harlan.

謝謝你，哈蘭。

Toshiya Hari with Goldman Sachs.

Toshiya Hari 與高盛。

Great. Thank you for taking my question and congrats on a very strong quarter. I just had one on gross margins. I appreciate the quarter-to-quarter volatility here but I was hoping you could discuss a little bit more what drove the slight miss in Q3? And for the current quarter, you're guiding gross margins to improve marginally despite a pretty big revenue number. Is this as good as it gets from a gross margin perspective or is there leverage left in the model? Thank you.

太好了。感謝您回答我的問題，也恭喜您取得了非常出色的季度業績。我剛剛問了一個關於毛利率的問題。我知道季度間的波動是正常的，但我希望您能詳細解釋一下第三季略微低於預期的原因。對於本季度，儘管營收相當可觀，您仍然預計毛利率會略有提升。從毛利率的角度來看，這是否已經是最佳狀態了？或者說，這個模型還有進步的空間嗎？謝謝。

Toshiya, I'd just point you back to the existing disclosed financial model is the best way to be thinking about the Company and obviously, I'll give you an update on that when we get to the 18th of November. I'm not going to apologize for a 30 basis point, slight below midpoint on gross margin.

Toshiya，我只想提醒你，目前已公開的財務模式才是理解公司的最佳方式。當然，到了11月18日，我會給你最新的進展。至於毛利率略低於中位數30個基點，我不會為此道歉。

It's really hard with all the moving parts and different customer mix, things you have going on. There's always going to be variability and we've been pretty consistently in that 45% to mid-46% gross margin range and that's kind of where the business runs. It runs pretty effectively.

考慮到各種因素和不同的客戶群體，情況確實很難控制。總是會有波動，但我們的毛利率一直穩定在45%到46%左右，這基本上就是我們業務的正常運作水準。我們的業務運作得相當有效率。

I think in context, again, just to put some more substance around what Doug just said, in our long-term model for calendar 2015 and 2016 in a world of $35 billion WFE, which we think is greater than the world we are actually living. We said the -- we said we would aim for a $5.8 billion to $6.3 billion revenue range. The sum of our reported results and guidance are at $6.3 billion.

我認為，結合上下文，為了更詳細地闡述道格剛才所說的，在我們針對2015年和2016年日曆年度的長期模型中，假設全球經濟規模（WFE）為350億美元（我們認為這個數字高於我們實際所處的世界），我們曾表示，我們的目標營收範圍為58億美元至63億美元。而我們公佈的業績和預期營收總和為63億美元。

So at a revenue level as a commentary on SAM and share; we are performing higher than we indicated in our long-term financial model. In terms of targeted profitability levels, which includes gross margin and the investment in operating expenses, and as we said many times, our focus is more on OpInc than gross margin, our long-term model said we were targeting at 22 percentage points operating income and the sum of the results and guidance we've just given are 23%.

因此，就營收層面而言，結合SAM和市佔率來看，我們的表現高於長期財務模型中的預期。就目標獲利水準而言（包括毛利率和營運費用投入），正如我們多次強調的，我們更關注的是營運利潤率而非毛利率。我們的長期模型預測目標營運利潤率為22個百分點，而我們剛剛公佈的業績和預期總和為23%。

The long-term model also said there was a range of EPS targeted between $6 and $6.75, on by the way, a lower share count because when we put the model out, we weren't signaling to you that we would be in essentially a blackout period for 12 months because of the KLA transaction but against that $6 to $6.75 EPS reference, the sum of our results and guidance today are about $7.

長期模型還指出，每股收益目標範圍在 6 美元到 6.75 美元之間。順便說一句，當時的股票數量較少，因為我們發布該模型時，並沒有向你們暗示由於 KLA 交易，我們將進入長達 12 個月的靜默期。但以 6 美元到 6.75 美元的每股盈餘參考值來看，我們今天的業績和指引總和約為 7 美元。

So I would like you, in context, if I may ask for that. I think the Company's performance financially is really nicely balancing growth and profitability and the trick here is balance. It is super easy to drive profitability up and not grow. It is really hard to architect a vision and then perform consistent with delivering profitable growth; that's our vision. And that is what we believe we are executing and delivering and of course, if you're a member of Lam Research, long may that continue.

所以，如果可以的話，我想請您結合實際情況來談談我的看法。我認為公司目前的財務表現非常出色，在成長和獲利能力之間取得了很好的平衡，而關鍵就在於平衡。提高獲利能力卻不成長很容易，真正困難的是建立一個願景，並在此基礎上實現持續的獲利成長；而這正是我們的願景。我們相信我們正在朝著這個方向努力，並努力實現這一目標。當然，如果您是Lam Research的成員，我希望這種勢頭能夠一直保持下去。

Thanks, Toshiya.

謝謝，Toshiya。

I appreciate that. Thanks very much.

我很感激。非常感謝。

Patrick Ho with Stifel.

Patrick Ho 與 Stifel 合作。

Thank you very much. I've just got one question regarding some of the Foundry/Logic commentary you've highlighted today. Within the context of the 10-nanometer and 7-nanometer that appears to be, quote, one big node again, some of the share wins that you've talked about at 10-nanometers, are those simply going to transition to 7-nanometers or are there more potential application wins that you can get at the 7-nanometer node on its own?

非常感謝。我有一個關於您今天重點提到的 Foundry/Logic 評論的問題。在 10 奈米和 7 奈米製程似乎又是一個「大節點」的背景下，您提到的一些在 10 奈米製程下取得的市場份額，是否也會轉移到 7 奈米製程上，還是說 7 奈米製程本身就能帶來更多潛在的應用成長？

Well, As I know that you know Patrick, nothing is quite as simple as it just transfers but obviously, demonstrated performance at 10-nanometer for positions won is a very strong reference point for selection at 7-nanometers and we feel very confident about that. We are investing to achieve more than -- more market share at 7-nanometers than we have at 10-nanometers and I believe there are some pretty compelling reasons why we can deliver that. Again, consistent with our long-term aspirations of the 3 to 5 percentage points and the 4 to 8 percentage points that we have for each of the product lines for the Company.

派崔克，我知道你也了解，事情並非像表面看起來那麼簡單，不能簡單地照搬。但很顯然，我們在10奈米製程上所取得的成績，為我們在7奈米製程上的選擇提供了強而有力的參考依據，我們對此充滿信心。我們正在加大投入，力爭在7奈米製程上獲得比10奈米製程更高的市場份額，我相信我們有充分的理由實現這一目標。這與我們為公司各產品線設定的長期目標──分別提升3%到5個百分點和4%到8個百分點──是一致的。

Great. Thank you.

太好了，謝謝。

Thanks, Patrick.

謝謝你，派崔克。

I will now turn the program back over to our presenters for any additional or closing remarks.

現在我將把主持權交還給各位主持人，請他們作補充或總結發言。

Thank you for joining us for the conference call today. Just a quick reminder that our Analyst Day will be held in New York on November 18, and we look forward to meeting you all again. Thank you.

感謝各位今天參加電話會議。再次提醒大家，我們的分析師日將於11月18日在紐約舉行，期待與各位再次相聚。謝謝。

This does conclude today's program. Thank you for your participation. You may now disconnect.

今天的節目到此結束。感謝您的參與。您可以斷開連線了。