科林研發 (LRCX) 2019 Q2 法說會逐字稿

Good day, and welcome to the December Quarter Financial Conference Call.

美好的一天，歡迎參加 12 月季度財務電話會議。

At this time, I'd like to turn the conference over to Tina Correia, Corporate Vice President of Investor Relations and Corporate Communications.

在這個時候，我想把會議交給投資者關係和企業傳播的公司副總裁 Tina Correia。

Please go ahead, ma'am.

請繼續，女士。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to the Lam Research Quarterly Earnings Conference Call.

歡迎參加 Lam Research 季度收益電話會議。

With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer.

今天和我在一起的是總裁兼首席執行官 Tim Archer；以及執行副總裁兼首席財務官 Doug Bettinger。

During today's call, we will share our overview on the business environment and review our financial results for the December 2018 quarter and our outlook for the March 2019 quarter.

在今天的電話會議中，我們將分享我們對商業環境的概述，並回顧我們 2018 年 12 月季度的財務業績和 2019 年 3 月季度的展望。

The press release detailing our financial results was distributed a little after 1:00 p.m.

詳細說明我們財務業績的新聞稿在下午 1:00 後發布。

Pacific Time this afternoon.

太平洋時間今天下午。

The release can also be found on the Investor Relations section of the company's website along with the presentation slides that accompany today's call.

該新聞稿還可以在公司網站的投資者關係部分以及今天電話會議隨附的演示幻燈片中找到。

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

今天的演示和問答包括前瞻性陳述，這些陳述受到我們 SEC 公開文件的風險因素披露中反映的風險和不確定性的影響。

Please see accompanying slides in the presentation for additional information.

請參閱演示文稿中的隨附幻燈片以獲取更多信息。

Today's discussion of our financial results will be presented on a non-GAAP financial basis unless otherwise specified.

除非另有說明，否則今天對我們財務業績的討論將在非公認會計原則財務基礎上進行。

A detailed reconciliation between GAAP and non-GAAP results can be found in today's earnings press release.

可以在今天的收益新聞稿中找到 GAAP 和非 GAAP 結果之間的詳細核對。

This call is scheduled to last until 3:00 p.m.

本次電話會議計劃持續到下午 3:00。

Pacific Time.

太平洋時間。

A replay of this call will be available later this afternoon on our website.

今天下午晚些時候將在我們的網站上重播這次電話會議。

With that, let me hand the call over to Tim.

有了這個，讓我把電話交給蒂姆。

Thank you all for joining us today.

感謝大家今天加入我們。

It's good to be here with you on my first earnings call as Lam's CEO.

很高興在我作為 Lam 的首席執行官的第一次財報電話會議上與您在一起。

I have met many of you before in Lam events, but I recognize there are some on the call that may not know me quite well.

我之前在 Lam 活動中見過你們中的許多人，但我知道在電話會議上有些人可能不太了解我。

So I'd like to start by briefly recapping how my experience at Lam and Novellus over the last 24 years has shaped my perspective on what it takes to compete and win in this business over the long term.

因此，我想首先簡要回顧一下我在過去 24 年在 Lam 和 Novellus 的經歷如何塑造了我對如何在這個業務中長期競爭和取勝的看法。

I have been fortunate to have opportunities that expanded the company's operations from being embedded as a process engineer inside the development fab of one of our leading customers, to heading our technology organization in Japan, to leading product groups through periods of key technology inflections, to managing our worldwide sales organization.

我很幸運有機會擴展公司的運營，從作為一名工藝工程師嵌入到我們的一個主要客戶的開發工廠中，到領導我們在日本的技術組織，在關鍵技術拐點期間領導產品組，到管理我們的全球銷售組織。

Most recently, I have been charged with driving company-wide business results as the CEO of Lam since the time of the merger with Novellus.

最近，自從與 Novellus 合併以來，作為 Lam 的首席執行官，我一直負責推動公司範圍內的業務成果。

During this period, from calendar 2013 to 2018, we grew revenue by 2.7x and increased earnings per share 2x faster than the increase in revenue.

在此期間，從 2013 年到 2018 年，我們的收入增長了 2.7 倍，每股收益的增長速度比收入增長快 2 倍。

From my experiences, I believe in the critical importance of building deep and lasting customer collaborations founded on mutual trust.

根據我的經驗，我相信在相互信任的基礎上建立深入和持久的客戶合作至關重要。

I am committed to continuously investing in a pipeline of differentiated products that help our customers address their most difficult technology and productivity challenges.

我致力於不斷投資於差異化產品的管道，幫助我們的客戶解決他們最困難的技術和生產力挑戰。

And as we see in the current environment, I value having a flexible operating model that enables us to respond rapidly to market changes to ensure we deliver on our commitments to our customers as well as our shareholders.

正如我們在當前環境中看到的那樣，我重視擁有靈活的運營模式，使我們能夠快速響應市場變化，以確保我們兌現對客戶和股東的承諾。

I believe we are still in the early stages of a long-term secular growth story for the industry and particularly for Lam.

我相信我們仍處於行業長期長期增長故事的早期階段，特別是對於 Lam。

What you can expect to see from my leadership as CEO is increased focus on leveraging our core strengths to deliver technology and productivity solutions to the fastest-growing segments of the semiconductor equipment market, which, in the long term, we believe are those tied to the enablement of the emerging data economy.

作為首席執行官，您可以從我的領導層中看到更多的關注，即更加專注於利用我們的核心優勢，為半導體設備市場中增長最快的部分提供技術和生產力解決方案，從長遠來看，我們認為這些部分與新興數據經濟的賦能。

I am very proud of what our company has accomplished in recent years and I'm honored to have the opportunity to lead Lam to an even greater future.

我為我們公司近年來所取得的成就感到非常自豪，我很榮幸有機會帶領 Lam 走向更美好的未來。

Before I continue, I want to provide an update on the investigation we announced in connection with Martin's departure.

在我繼續之前，我想介紹一下我們宣布的與馬丁離職有關的調查的最新情況。

As you know from our December press release, our board formed an independent special committee to lead a thorough investigation into allegations of misconduct and conduct inconsistent with our core values.

正如您從我們 12 月的新聞稿中了解到的那樣，我們的董事會成立了一個獨立的特別委員會，負責對與我們的核心價值觀不符的不當行為和行為的指控進行徹底調查。

That investigation is now substantially complete and there have been no other personnel actions and none have been recommended by the special committee.

該調查現已基本完成，沒有其他人事行動，特別委員會也沒有建議。

Core values have always been a foundation of Lam's success and I am committed to a culture of trust, respect and open communication built around an environment in which our employees feel free to speak up on workplace issues.

核心價值觀一直是 Lam 成功的基礎，我致力於營造一種信任、尊重和開放溝通的文化，這種文化圍繞我們的員工可以自由就工作場所問題發表意見的環境而建立。

To reinforce this culture, the special committee has recommended that we review our policies, practices and training related to workplace conduct and increase our communications on these topics.

為了加強這種文化，特別委員會建議我們審查我們與工作場所行為相關的政策、實踐和培訓，並增加我們在這些主題上的溝通。

To reiterate what we said in December, the alleged misconduct did not call into question the integrity of the company's financial systems or controls and the special committee's investigation has confirmed this.

重申我們在 12 月所說的話，所謂的不當行為並未質疑公司財務系統或控制的完整性，特別委員會的調查證實了這一點。

Now turning to our view on the business.

現在轉向我們對業務的看法。

In line with our prior guidance, we delivered a solid December quarter despite a more challenging environment.

根據我們之前的指導，儘管環境更具挑戰性，但我們在 12 月的季度表現穩健。

We also completed the strongest calendar year in the history of the company with $10,871,000,000 in revenues, a 14% year-on-year increase.

我們還以 10,871,000,000 美元的收入完成了公司歷史上最強勁的日曆年，同比增長 14%。

At the same time, we delivered growth in EPS of 27% and an increase in operating cash flows of more than 50% from the prior calendar year.

與此同時，我們的每股收益增長了 27%，經營現金流量比上一日曆年增長了 50% 以上。

I would like to thank our customers, our employees and our partners for their support and contribution to these results.

我要感謝我們的客戶、員工和合作夥伴對這些結果的支持和貢獻。

From Lam's perspective, industry performance for calendar 2018 came in largely as we have communicated in our prior earnings call.

從 Lam 的角度來看，2018 年的行業表現在很大程度上與我們在之前的財報電話會議中所傳達的一樣。

Overall, WFE was in line with our expectations of single-digit growth at approximately $50 billion with an increase in memory and a year-on-year decline in non-memory spending.

總體而言，WFE 符合我們對約 500 億美元的個位數增長的預期，其中內存增長和非內存支出同比下降。

Entering 2019, industry fundamentals have weakened, particularly within Memory segments, as customers continue to rein in both NAND and DRAM spending.

進入 2019 年，行業基本面已經減弱，尤其是在內存領域，因為客戶繼續控制 NAND 和 DRAM 支出。

At this point, 2019, WFE is looking to be down in the mid- to high teens range.

在這一點上，即 2019 年，WFE 有望在中高青少年範圍內下降。

For NAND, 2019 offers what we believe is a solid long-term setup for the industry and the supply bit growth rate is expected to decline throughout the year.

對於 NAND，我們認為 2019 年為該行業提供了穩固的長期設置，預計供應位增長率將全年下降。

NAND demand should continue to benefit from content increase in consumer and enterprise applications and we began to see initial signs of demand elasticity in the client SSD markets as we exited 2018.

NAND 需求應該會繼續受益於消費者和企業應用程序的內容增加，並且隨著我們退出 2018 年，我們開始看到客戶端 SSD 市場需求彈性的初步跡象。

In DRAM, while near-term dynamics remain challenging, customer behavior remains rational and industry profitability characteristics remain compelling.

在 DRAM 方面，雖然近期動態仍然充滿挑戰，但客戶行為仍然理性，行業盈利特徵仍然引人注目。

We believe customers are making prudent adjustments to capacity in response to the overall demand environment they are seeing.

我們相信客戶正在謹慎調整產能，以應對他們所看到的整體需求環境。

We expect DRAM, WFE spend correction to extend through 2019 where supply growth fall into the mid-teens as we exit the year.

我們預計 DRAM、WFE 支出修正將延續到 2019 年，隨著我們退出這一年，供應增長將降至十幾歲左右。

Non-memory segments are expected to grow in 2019.

非內存細分市場預計將在 2019 年增長。

And with the continued rise and the importance of 3D architectures, technology innovation for transistor, interconnect and advanced packaging applications remains a critical priority for us as we grow our strategic relevance with our customers in this segment.

隨著 3D 架構的持續崛起和重要性，晶體管、互連和先進封裝應用的技術創新仍然是我們的重中之重，因為我們與該領域的客戶建立了戰略關聯。

In aggregate, we feel confident that we're operating in a rational industry environment, one that is well-positioned to deliver attractive long-term growth and opportunity.

總的來說，我們有信心在一個理性的行業環境中運營，這個環境能夠很好地提供有吸引力的長期增長和機會。

With that as context, we are executing to the growth strategy that I described during our Investor Day earlier last year.

以此為背景，我們正在執行我在去年早些時候的投資者日期間描述的增長戰略。

Our strategy focuses along 3 primary vectors: Expanding the size of our served available markets, gaining market share in the segments in which we compete and increasing the recurring revenue stream we derive from our installed base.

我們的戰略側重於 3 個主要方面：擴大我們服務的可用市場的規模，在我們競爭的細分市場中獲得市場份額，並增加我們從安裝基礎中獲得的經常性收入流。

Etch and deposition processes are central to the success of our customers' technology road maps and we continue to make substantial, comprehensive yet disciplined investments in R&D to fund the innovation required to create differentiated solutions and long-term value.

蝕刻和沈積工藝是我們客戶技術路線圖成功的核心，我們將繼續在研發方面進行大量、全面而嚴格的投資，以資助創造差異化解決方案和長期價值所需的創新。

In the December quarter, we continued to build on our leadership position in both NAND and DRAM for critical applications with key penetrations for high aspect ratio etch and 3D NAND dielectric stack deposition applications.

在 12 月季度，我們繼續鞏固我們在關鍵應用的 NAND 和 DRAM 領域的領先地位，並在高縱橫比蝕刻和 3D NAND 電介質堆疊沉積應用方面取得了關鍵滲透。

Furthermore, we continue to extend our high aspect ratio etch leadership into non-memory segments with critical wins for metal interconnect and spacer applications at a leading Logic customer.

此外，我們繼續將我們的高縱橫比蝕刻領先地位擴展到非內存領域，並在領先的 Logic 客戶中為金屬互連和間隔件應用取得重大勝利。

The atomic layer deposition, film quality repeatability and productivity are fundamental elements of differentiation for Lam.

原子層沉積、薄膜質量可重複性和生產率是 Lam 差異化的基本要素。

During the quarter, we gained momentum in both DRAM and NAND with new application wins.

在本季度，我們在 DRAM 和 NAND 方面都獲得了新的應用勝利。

While we are pleased with these wins in critical applications, we are committed to strengthening the performance of our product portfolio across the board.

雖然我們對在關鍵應用中的這些勝利感到高興，但我們致力於全面加強我們產品組合的性能。

Our R&D investments are squarely focused on achieving our vision of best-in-class products everywhere we compete.

我們的研發投資完全專注於在我們競爭的任何地方實現我們對一流產品的願景。

Turning now to revenue derived from our expanding installed base.

現在轉向來自我們不斷擴大的安裝基礎的收入。

Our Customer Support Business Group delivered another record year.

我們的客戶支持業務組又創造了創紀錄的一年。

Installed base revenue growth exceeded installed base unit growth again in 2018 with installed base units in the field ending the year at roughly 56,000 chambers.

2018 年安裝基礎收入增長再次超過安裝基礎單元增長，截至年底，該領域的安裝基礎單元約為 56,000 個房間。

We closed out the year on a high note, signing with a key customer the single largest installed base deal in our history.

我們以高調結束了這一年，與一位關鍵客戶簽署了我們歷史上最大的單筆安裝基礎交易。

Our focus with CSBG is to provide innovative products and services which create value for customers over the entire life cycle of tool ownership.

我們與 CSBG 的合作重點是提供創新的產品和服務，在刀具所有權的整個生命週期內為客戶創造價值。

We partner closely with customers as we help them extract increased technical capability and higher productivity from existing assets.

我們與客戶密切合作，幫助他們從現有資產中獲得更高的技術能力和更高的生產力。

And in return, we are building a strong recurring revenue stream for Lam.

作為回報，我們正在為 Lam 建立強大的經常性收入來源。

2019 is shaping up to be another solid year for our Customer Support Business Group and our progress remains aligned with the long-term growth objectives communicated to the investment community early last year.

2019 年將成為我們客戶支持業務集團又一個穩健的一年，我們的進展與去年初傳達給投資界的長期增長目標保持一致。

In closing, the business environment is more challenging than just a few quarters ago, but we are committed to delivering on our multidimensional growth strategy and, at the same time, responding to near-term revenue trends through a strong focus on operational efficiency.

最後，商業環境比幾個季度前更具挑戰性，但我們致力於實現我們的多維增長戰略，同時通過高度關注運營效率來應對近期收入趨勢。

Lam has a proven track record of execution and we believe we are fundamentally well-positioned in the right segments of the market.

Lam 擁有良好的執行記錄，我們相信我們在正確的市場細分市場中處於有利地位。

The new $5 billion share buyback program we announced earlier today in our press release reflects our continued confidence in Lam's long-term opportunities.

我們今天早些時候在新聞稿中宣布的新的 50 億美元股票回購計劃反映了我們對林的長期機會的持續信心。

Doug will provide details on the program in his comments.

Doug 將在他的評論中提供有關該計劃的詳細信息。

Additionally, I'd like to mention that I'll be on the road in the coming weeks and look forward to meeting with many of you.

此外，我想提一下，我將在接下來的幾週內上路，並期待與你們中的許多人會面。

I will also be participating in the Goldman Sachs Technology Conference in San Francisco on February 13.

我還將參加 2 月 13 日在舊金山舉行的高盛技術會議。

Thanks.

謝謝。

And now, here's Doug.

現在，道格來了。

Thanks, Tim.

謝謝，蒂姆。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

Lam delivered solid performance in the December quarter with our results exceeding the midpoint of guidance for all financial metrics.

Lam 在 12 月季度的表現穩健，我們的業績超過了所有財務指標的指導中點。

Operating margin and earnings per share exceeded the high end of the guidance range provided, mainly due to our proactive management of our operating expenses.

營業利潤率和每股收益超過了提供的指導範圍的高端，主要是由於我們對運營費用的積極管理。

Overall Memory revenue increased slightly from the September quarter with the combined Memory segment making up 79% of total system revenue.

總體內存收入較 9 月季度略有增長，合併後的內存部分佔系統總收入的 79%。

Non-volatile memory revenue drove the increase in the Memory segment and it represented approximately 55% of system revenue.

非易失性內存收入推動了內存部門的增長，約佔系統收入的 55%。

NAND investments were driven primarily by conversions to higher layer cut wafers.

NAND 投資主要是由向更高層切割晶圓的轉換推動的。

DRAM represented 24% of system revenue in the December quarter, which was roughly flat with the prior quarter.

DRAM 在 12 月季度佔系統收入的 24%，與上一季度大致持平。

The majority of spending in all of Memory was targeted at conversions.

所有內存中的大部分支出都針對轉換。

The Foundry segment declined quarter-over-quarter, accounting for 13% of system revenue, mainly due to reduced China foundry investments.

代工業務環比下降，佔系統收入的 13%，主要是由於中國代工投資減少。

You may recall on the September call, I spoke about how strong that was and it declined somewhat in December.

您可能還記得在 9 月的電話會議上，我談到了這種情況有多強，並且在 12 月有所下降。

The Logic/Other segment was up slightly, contributing 8% of system revenue.

邏輯/其他部門小幅增長，貢獻了 8% 的系統收入。

From an industry perspective, Tim discussed our view of 2019 WFE.

從行業的角度來看，Tim 討論了我們對 2019 WFE 的看法。

Currently, we believe WFE spending is weighted to the first half of 2019, driven by foundry and logic investments.

目前，我們認為在代工和邏輯投資的推動下，WFE 的支出權重在 2019 年上半年。

We believe memory investments will be meaningfully lower in 2019 while the combined foundry and logic will be up.

我們認為 2019 年內存投資將顯著降低，而晶圓代工和邏輯的組合將上升。

Our assumption based on our customer interactions is that there is not a significant recovery in memory spending throughout 2019.

我們基於客戶互動的假設是，整個 2019 年內存支出沒有顯著恢復。

We expect the year in memory will be mainly driven by lower conversions to lower our customers' cost per bit.

我們預計內存的這一年將主要受到較低轉換率的推動，以降低我們客戶的每比特成本。

DRAM spending will be primarily on conversions to 1y and a little bit of 1z and NAND converting to 96-layer devices.

DRAM 支出將主要用於轉換為 1y 和一點點 1z 以及將 NAND 轉換為 96 層設備。

Let me now turn to our P&L performance.

現在讓我談談我們的損益表表現。

We delivered revenues of $2,523,000,000 in the December quarter.

我們在 12 月季度實現了 2,523,000,000 美元的收入。

This was up sequentially by 8% from September and was slightly above the midpoint of our guidance.

這比 9 月份環比增長了 8%，略高於我們指導的中點。

Gross margin for the quarter came in at 46.3%.

本季度毛利率為 46.3%。

As I always do, I'll remind you our actual gross margins are a function of several factors such as business volume, product mix and customer concentration and we expect to see variability quarter-to-quarter.

像往常一樣，我會提醒您，我們的實際毛利率是業務量、產品組合和客戶集中度等幾個因素的函數，我們預計每個季度都會出現變化。

Operating expenses in the quarter came in at $440 million, slightly down from the operating expense level in the September quarter.

本季度的運營費用為 4.4 億美元，略低於 9 月份季度的運營費用水平。

Worth noting, I think, we decreased our operating expenses for the first half of 2018 to the second half by approximately $100 million as we managed spending relative to the softer business environment.

值得注意的是，我認為，我們將 2018 年上半年至下半年的運營費用減少了約 1 億美元，因為我們管理了相對於較疲軟的商業環境的支出。

R&D comprised nearly 2/3 of our total spending, consistent with the composition of spending in the previous 2 quarters.

研發占我們總支出的近 2/3，與前兩個季度的支出構成一致。

We maintained a high percentage of our OpEx and R&D to support the long-term growth objectives for the company.

我們保持高比例的運營支出和研發，以支持公司的長期增長目標。

Operating income in the December quarter was $728 million.

12 月季度的營業收入為 7.28 億美元。

Operating margin came in over the guidance range at 28.8%, mainly as a result of the reduced spending within the quarter as well as gross margin that came in slightly above the midpoint of our guided range.

營業利潤率達到 28.8% 的指導範圍，主要是由於本季度支出減少以及毛利率略高於我們指導範圍的中點。

The non-GAAP tax rate for the December quarter came in at 10%, which was slightly lower than the long-term rate.

12 月季度的非 GAAP 稅率為 10%，略低於長期稅率。

This was due to discrete tax benefits realized relative to statute of limitations expirations within the quarter.

這是由於在本季度內實現了與訴訟時效到期相關的離散稅收優惠。

In the longer run, a tax rate in the low to middle teens is the right range for you to continue to include in your models and there will be fluctuations in the tax rate from quarter-to-quarter.

從長遠來看，中低年級的稅率是您繼續包含在您的模型中的正確範圍，並且每個季度的稅率都會出現波動。

Based on a share count of approximately 162 million shares, earnings per share for the December quarter came in at $3.87, which exceeded our guidance range.

根據大約 1.62 億股的股票數量，12 月季度的每股收益為 3.87 美元，超出了我們的指導範圍。

The share count includes dilution from the 2041 convertible notes, and the dilutive impact was approximately 6 million shares in the December quarter.

股票數量包括 2041 年可轉換票據的稀釋，12 月季度的稀釋影響約為 600 萬股。

I'll remind you that the dilution schedule for the 2041 convertible notes is available on our Investor Relations website for your reference.

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

I'd also point out that the 2018 warrants matured during the December quarter.

我還要指出，2018 年的認股權證在 12 月季度到期。

We continue to execute on our capital return program.

我們繼續執行我們的資本回報計劃。

For the December quarter, we paid out $168 million in dividends.

在 12 月季度，我們支付了 1.68 億美元的股息。

Related to the share buyback, in January of 2019, we completed our previous $4 billion share buyback authorization, repurchasing over 23 million shares in total.

與股票回購相關的是，2019 年 1 月，我們完成了之前 40 億美元的股票回購授權，總共回購了超過 2300 萬股。

Additionally, as Tim mentioned and that we noted in the press release we issued today, our board has approved a new authorization to repurchase up to $5 billion of our common stock.

此外，正如蒂姆所提到的以及我們在今天發布的新聞稿中指出的那樣，我們的董事會已經批准了一項新的授權，可以回購高達 50 億美元的普通股。

Today's capital return announcement is consistent with our current plan of returning at least 50% of free cash flow to shareholders.

今天的資本回報公告與我們目前將至少 50% 的自由現金流返還給股東的計劃是一致的。

In summary, for the calendar 2018 year, we returned $3 billion in share buybacks and over $500 million in dividends, which, along with the new authorization that was announced today, continues to demonstrate our commitment to shareholder return.

總之，在 2018 日曆年，我們返還了 30 億美元的股票回購和超過 5 億美元的股息，連同今天宣布的新授權，繼續證明我們對股東回報的承諾。

Our cash and short-term investments, including restricted cash, was flat with the September quarter at $3.9 billion.

我們的現金和短期投資（包括受限現金）與 9 月季度持平，為 39 億美元。

During the December quarter, our cash from operations came in at $642 million, which was offset by pay down on our commercial paper program of approximately $360 million as well as the dividends that I previously mentioned.

在 12 月季度，我們的運營現金為 6.42 億美元，這被我們約 3.6 億美元的商業票據計劃的支付以及我之前提到的股息所抵消。

From the 2018 calendar year, our cash from operations was over $3 billion.

從 2018 日曆年開始，我們的運營現金超過 30 億美元。

This was consistent with what I mentioned in the last earnings call.

這與我在上次財報電話會議中提到的一致。

DSO during the quarter decreased by 5 days to 67 days.

本季度 DSO 減少 5 天至 67 天。

Our inventory level decreased and, consistent with our expectations, inventory turns increased to 3.2x, which was an improvement from 2.7x in the prior quarter.

我們的庫存水平下降，與我們的預期一致，庫存周轉率增加到 3.2 倍，比上一季度的 2.7 倍有所改善。

Company noncash expenses included approximately $39 million for equity comp, $36 million for amortization and $46 million for depreciation.

公司非現金支出包括大約 3900 萬美元的股權補償、3600 萬美元的攤銷和 4600 萬美元的折舊。

Capital expenditures came in at $106 million in the December quarter, which was an increase of $56 million from September.

12 月季度的資本支出為 1.06 億美元，比 9 月增加了 5600 萬美元。

Due to the timing of certain projects, December quarter CapEx was a little bit on the high side of what we expected.

由於某些項目的時間安排，12 月季度的資本支出略高於我們的預期。

I expect that as we go into calendar 2019, CapEx will be somewhat lower than the 2018 level.

我預計隨著我們進入 2019 年日曆，資本支出將略低於 2018 年的水平。

As we noted in the last quarter, our CapEx investments are focused on manufacturing expansion for our installed base business as well as strategic R&D investments.

正如我們在上個季度所指出的，我們的資本支出投資主要集中在我們已安裝的基礎業務的製造擴張以及戰略研發投資上。

We exited the quarter with approximately 10,950 regular full-time employees, which was relatively flat with September quarter.

我們在本季度結束時約有 10,950 名正式全職員工，與 9 月季度相對持平。

I think it's worth noting that we maintained flexibility in managing our costs by adjusting our temporary workforce for short-term changes in business conditions.

我認為值得注意的是，我們通過調整臨時勞動力以適應業務狀況的短期變化，從而保持了管理成本的靈活性。

We reduced our temporary headcount by over 700 people since the peak levels we were carrying earlier this year.

自今年早些時候達到頂峰以來，我們將臨時員工人數減少了 700 多人。

So looking ahead, I'd like to provide our non-GAAP guidance for the March quarter.

因此，展望未來，我想提供我們對 3 月季度的非 GAAP 指導。

We're expecting revenue of $2,400,000,000, plus or minus $150 million.

我們預計收入為 2,400,000,000 美元，上下浮動 1.5 億美元。

We're forecasting gross margin of 44.5%, plus or minus 1 percentage point.

我們預測毛利率為 44.5%，上下浮動 1 個百分點。

Gross margin will decline sequentially due to customer concentration, product mix and lower factory volumes.

由於客戶集中度、產品組合和工廠產量下降，毛利率將依次下降。

And I just mentioned, as we sit here today, we expect the gross margin percentage will be at a low point in March relative to the rest of calendar year 2019.

我剛剛提到，當我們今天坐在這裡時，我們預計毛利率將在 3 月份相對於 2019 年剩餘時間處於低點。

We're forecasting operating margins of 25%, plus or minus 1 percentage point.

我們預測營業利潤率為 25%，上下浮動 1 個百分點。

And finally, earnings per share of $3.40, plus or minus $0.20, based on a share count of approximately 159 million shares.

最後，基於大約 1.59 億股的股票數量，每股收益為 3.40 美元，上下浮動 0.20 美元。

I'll just remind you that in the March quarter, we have an extra work week in the fiscal quarter, which happens approximately every 6 years due to the fiscal calendar cutoff.

我只想提醒您，在 3 月季度，我們在財政季度有一個額外的工作週，由於財政日曆的截止日期，這大約每 6 年發生一次。

March spending is expected to be higher in cost of goods sold as well as operating expenses as a result of the extra work week.

由於額外的工作週，預計 3 月份的商品銷售成本和運營費用將更高。

I'll also remind you that the March quarter has seasonal impacts due to payroll taxes that go up in the beginning of the year.

我還要提醒您，由於年初工資稅上漲，3 月季度會產生季節性影響。

Both of these things are included in our stated guidance.

這兩件事都包含在我們聲明的指導中。

For 2019, first half business view is lower than our prior outlook given the recent announcements of reductions that you've seen from commentary from others in the technology space.

鑑於您最近從技術領域其他人的評論中看到的削減公告，對於 2019 年上半年的業務前景低於我們之前的展望。

With this current environment, we continue to exercise discipline in our spending and we're focused on prioritizing investments that support Lam's SAM expansion, market share gains and installed base growth.

在目前的環境下，我們繼續在支出方面保持紀律，我們專注於優先投資支持 Lam 的 SAM 擴張、市場份額增加和安裝基數增長。

Operator, that concludes my prepared remarks.

接線員，我準備好的發言到此結束。

Tim and I would now like to open up the call for questions.

蒂姆和我現在想打開提問的電話。

(Operator Instructions) And we'll take our first question today from C.J. Muse with Evercore.

（操作員說明）今天我們將回答 C.J. Muse 和 Evercore 的第一個問題。

I guess, first question.

我猜，第一個問題。

As you think about WFE levels in the 4Q and 1Q time frame, can you share with us what you think the implied forward bit rate growth rate is for both DRAM and NAND?

當您考慮 4Q 和 1Q 時間框架中的 WFE 水平時，您能否與我們分享一下您認為 DRAM 和 NAND 的隱含正向比特率增長率是多少？

C.J., it's Doug.

C.J.，是道格。

I think, generally speaking, as Tim mentioned, we expect bit growth as we go through 2019 to decline as we go through the year as customers adjust their spending.

我認為，一般來說，正如蒂姆所提到的，隨著客戶調整支出，我們預計 2019 年的比特增長會下降。

Overall, I think 2018 ended from a NAND standpoint in the low 40s.

總的來說，我認為 2018 年從 NAND 的角度來看是在 40 年代低點結束的。

DRAM, I think, is low 20s.

我認為 DRAM 低 20 秒。

And we expect that to decline as we go through 2019, Tim, as customers adjust their spending levels.

蒂姆，我們預計隨著客戶調整他們的支出水平，隨著我們度過 2019 年，這種情況會下降。

Tim, would you add anything?

蒂姆，你會加點什麼嗎？

No, I think that's a -- the comment is we, at this point, see us ending the year below what Lam has said about the long-term sustainable demand growth rates.

不，我認為這是一個 - 評論是，在這一點上，我們看到我們在年底低於林所說的長期可持續需求增長率。

So I think that the -- it's why we're pretty optimistic about the setup exiting 2019.

所以我認為這就是為什麼我們對 2019 年退出的設置非常樂觀。

I guess, if I could clarify the question.

我想，如果我能澄清這個問題。

If you look at order run rates today, what is the implied bit growth that will come online, say, 3 or 4 quarters from now?

如果您查看今天的訂單運行率，那麼從現在開始的 3 或 4 個季度將會出現的隱含比特增長是多少？

I think you've done analysis on that where I think Q4 DRAM, we're tracking maybe up 10% if spending just stayed at that -- at those levels.

我認為您已經對我認為 Q4 DRAM 的情況進行了分析，如果支出保持在那個水平，我們可能會跟踪 10% 的增長。

Is there any analysis you can share there with us on both DRAM and NAND?

您可以與我們分享有關 DRAM 和 NAND 的任何分析嗎？

Yes, Tim.

是的，蒂姆。

I don't have specific numbers for you except what we described, which is as we go through the year, it's going to decline as customers adjust their spending level.

除了我們所描述的，我沒有具體的數字給你，隨著我們這一年的過去，隨著客戶調整他們的消費水平，它會下降。

Okay.

好的。

As a follow-up, I'm trying to do a little bit more work here and better understand your leverage to technology versus capacity buys, in particular as it relates on the 3D NAND side and high aspect ratio etch.

作為後續工作，我試圖在這裡做更多的工作，並更好地了解您對技術與容量購買的影響，特別是因為它與 3D NAND 側和高縱橫比蝕刻有關。

So can you walk through what percentage of overall etch spend r etch is in 3D, particularly as we scale up the layer counts?

那麼，您能否了解一下 3D 的整體蝕刻花費的百分比，尤其是當我們擴大層數時？

Yes, Tim.

是的，蒂姆。

We haven't given hard numbers on that because I think as customers invest in conversions, they spend less money, but they spend more as a percentage on etch and deposition.

我們沒有給出確切的數字，因為我認為隨著客戶在轉換上的投資，他們花費的錢更少，但他們在蝕刻和沈積上的花費更多。

We described that consistently in the past and that's very much what we see happening this year.

我們在過去一直如此描述，這就是我們今年看到的情況。

But I think if the question was the percentage of high aspect ratio applications where Lam's position is very strong, it's increasing node by node.

但我認為如果問題是林的位置非常強大的高縱橫比應用程序的百分比，它會逐個節點增加。

And that's just based on the fact that it takes longer in general to complete those etches.

這只是基於這樣一個事實，即完成這些蝕刻通常需要更長的時間。

And that's obviously our task to make those continuously faster, but it is increasing at each technology node.

這顯然是我們的任務，即不斷提高速度，但在每個技術節點上都在增加。

Next, we'll hear from Timothy Arcuri with UBS.

接下來，我們將聽取瑞銀的蒂莫西·阿庫裡 (Timothy Arcuri) 的來信。

Doug and Tim, I had a question just about the trajectory of the year.

道格和蒂姆，我有一個關於今年軌蹟的問題。

So if I take the WFE you guys are guiding to like 42 for this year, it looks like your product WFE share, you don't tell us what services are, but it looks like your product WFE share is somewhat in the low 15s the past couple of years.

因此，如果我將你們指導的今年 WFE 設為 42，看起來你的產品 WFE 份額，你沒有告訴我們服務是什麼，但看起來你的產品 WFE 份額有點低 15s過去幾年。

So if I just assume they stay flat, which I wonder that it will given that EUV's ramping, that implies that revenue kind of like is flat throughout the rest of the year from this level.

因此，如果我只是假設它們保持不變，我想知道它是否會考慮到 EUV 的增長，這意味著在今年剩下的時間裡，收入在這個水平上是持平的。

Is that the wrong way to think about it?

這是錯誤的思考方式嗎？

Tim, I think what we're trying to describe here -- sorry.

蒂姆，我想我們在這裡試圖描述的內容——抱歉。

Yes, Tim, I'm getting confused who I'm talking to.

是的，蒂姆，我很困惑我在和誰說話。

I think as the year sets up, we expect the first half of the year is going to be weighted towards foundry and logic.

我認為隨著時間的推移，我們預計今年上半年將重點關注代工和邏輯。

It will be stronger in the first half than the second half.

上半場會比下半場更強。

And memory is maybe a little bit stronger in the second half than the first half.

下半場的記憶力可能比上半場強一點。

We don't see a significant recovery occurring, not in memory, I would point that out.

我們沒有看到顯著的恢復發生，而不是在內存中，我會指出這一點。

But I think, as you know, we tend to be very, very strong in memory.

但我認為，如你所知，我們的記憶力往往非常非常強。

So with memory down year-on-year, our share likely trends along with that.

因此，隨著內存逐年下降，我們的份額可能會隨之出現趨勢。

That's not a statement around any application, win or loss.

這不是圍繞任何應用程序的聲明，無論輸贏。

It's just a statement of who's spending money.

這只是說明誰在花錢。

Tim, would you add anything?

蒂姆，你會加點什麼嗎？

Yes.

是的。

I think, internally in the company, your -- I don't think your thinking is too far off.

我認為，在公司內部，你的——我不認為你的想法離得太遠了。

And we look at the most important measures of success for us this year and it is how we're doing on the applications that we want to make sure that we own when the spending does pick up.

我們著眼於今年對我們來說最重要的成功衡量標準，這就是我們在支出增加時要確保我們擁有的應用程序的表現。

And as long as we're doing that, then the precise timing of when spending comes back in NAND is less important to us.

只要我們這樣做，那麼 NAND 支出的準確時間對我們來說就不那麼重要了。

So it's really our focus.

所以這真的是我們的重點。

Got it.

知道了。

And then, Doug, I had a question on deferred revenue.

然後，道格，我有一個關於遞延收入的問題。

It was down about $130 million again.

它再次下跌了約1.3億美元。

So it sounds like shipments were more like maybe $2.4 billion for the fourth quarter.

所以聽起來第四季度的出貨量更像是 24 億美元。

So the question is how much more can you draw down deferred revenue?

所以問題是你還能提取多少遞延收入？

Because obviously, it sounds like if you give a shipment in March, they'd be lower than $2.4 billion.

因為很明顯，聽起來如果你在 3 月份發貨，它們會低於 24 億美元。

But where does that number -- where does that $493 million -- where is the deferred revenue?

但是這個數字在哪裡——4.93億美元在哪裡——遞延收入在哪裡？

Where does that bottom out?

這在哪裡見底？

Yes.

是的。

I think I described it, Tim, in the past.

蒂姆，我想我過去曾描述過它。

It's going to run about $100 million quarter-on-quarter.

它將環比運行約 1 億美元。

I think some quarters, it will be down as you're seeing now.

我想有些季度，它會像你現在看到的那樣下降。

In some quarters, I think it will also be up.

在某些方面，我認為它也會上升。

I don't know that it meaningfully changes from the level where it's at right now, but it will vary, depend on the percentage of new tools we're shipping, how strong the business with certain customers is.

我不知道它是否會從現在的水平發生有意義的變化，但它會有所不同，取決於我們交付的新工具的百分比，與某些客戶的業務有多強大。

There's certain regions of the world it's a little bit different.

世界上某些地區有些不同。

I don't view it as going to 0 at any point, Tim, but it will bounce around plus or minus $100 million is how I'd be thinking about it.

我不認為它在任何時候都會變成 0，蒂姆，但它會在正負 1 億美元左右反彈，這是我的想法。

Okay.

好的。

Got it.

知道了。

So Doug, that means that shipments are about equal to revenue for March.

所以道格，這意味著出貨量大約等於三月份的收入。

Is that right?

那正確嗎？

I'm not guiding shipments anymore, Tim.

我不再指導貨物了，蒂姆。

What I said was it will be plus or minus $100 million quarter-by-quarter.

我說的是每個季度都會增加或減少 1 億美元。

Some quarters, it would be down.

有些季度，它會下降。

Some quarters would be up.

有些季度會上漲。

It's all just timing, quite honestly.

老實說，這一切都只是時機。

We'll now hear from John Pitzer with Credit Suisse.

我們現在將聽取瑞士信貸的約翰·皮策的來信。

Doug, maybe another way to ask Tim's question.

道格，也許是問蒂姆問題的另一種方式。

I was intrigued that you commented that March quarter should be the bottom in gross margin for the year.

我很感興趣，您評論說 3 月季度應該是今年毛利率的最低點。

I'm just kind of curious, is that because you expect March to be the low point in revenue or are there mix drivers that help gross margin going forward?

我只是有點好奇，是因為您預計 3 月將是收入的低點，還是有混合驅動因素有助於毛利率向前發展？

I always say, John, there's a variety of different things that impact gross margin.

我總是說，約翰，影響毛利率的因素有很多。

I even mentioned 3 things.

我什至提到了三件事。

Overall business volume is a component, but as I think you know, we have a highly variable cost structure.

整體業務量是一個組成部分，但我想你知道，我們有一個高度可變的成本結構。

This isn't a big fixed cost business.

這不是一個大的固定成本業務。

This isn't like our customers.

這不像我們的客戶。

We're highly variable on our cost.

我們的成本變化很大。

Tool mix is important.

工具組合很重要。

Not all of our tools have the same gross margin.

並非我們所有的工具都有相同的毛利率。

And sometimes, that mix will be beneficial sequentially.

有時，這種組合會依次產生有益的影響。

Sometimes, it will be negative.

有時，它會是負面的。

And then customer concentration, when you get the bigger customer spending more or it's a more concentrated customer, you might have a little bit of margin headwind.

然後是客戶集中度，當你讓更大的客戶花費更多或者它是一個更集中的客戶時，你可能會有一點利潤逆風。

All of those things are important to think about relative to the trend in gross margin and all of those are relevant to the comment I had about March being a low point.

相對於毛利率的趨勢，考慮所有這些事情都很重要，所有這些都與我對 3 月是低點的評論有關。

That's helpful.

這很有幫助。

And then maybe kind of a follow-up to C.J.'s question, just relative -- appreciate the fact that in this volatile environment, your willingness to give us a view on the full year on WFE being down mid- to high-teens.

然後可能是對 C.J. 問題的一種跟進，只是相對的——欣賞這樣一個事實，在這個動蕩的環境中，你願意讓我們對 WFE 處於中高水平的全年有一個看法。

I'm just kind of curious, when you look at your SAM and whether that be some incremental share gains on the logic front at 10 or some incremental SAM gains as we go from 64 to 96 and/or 1x to 1y to 1z, do you think your SAM outperforms, performs in line or underperforms the overall WFE this year, Tim?

我只是有點好奇，當您查看您的 SAM 時，無論是在 10 的邏輯前沿的一些增量份額增益還是隨著我們從 64 到 96 和/或 1x 到 1y 到 1z 的一些增量 SAM 增益，做您認為您的 SAM 今年的表現優於、表現一致或低於整體 WFE，Tim？

I think if we -- taking all those things into account you just said, I would think that we feel that our SAM actually underperforms WFE this year.

我認為，如果我們考慮到您剛才所說的所有這些事情，我認為我們認為我們的 SAM 今年的表現實際上不如 WFE。

And that's primarily because of the heavy concentration of our SAM in 3D NAND this year as you know.

如您所知，這主要是因為今年我們的 SAM 高度集中在 3D NAND 中。

And so I think that should be the expectation if the year plays out as we have described, which is no material increase in 3D NAND or NAND spending through the year.

因此，我認為如果這一年如我們所描述的那樣發展，這應該是預期，這並不是全年 3D NAND 或 NAND 支出的實質性增加。

Krish Sankar with Cowen has our next question.

與 Cowen 的 Krish Sankar 提出了我們的下一個問題。

I had 2 of them.

我有兩個。

First one, Doug and Tim, just trying to reconcile what you said in the front cap WFE here versus what ASML said.

第一個，Doug 和 Tim，只是想調和你在 WFE 前蓋中所說的與 ASML 所說的。

Is it fair to assume is it because the back half is mainly concentrated on EUV from the foundry side?

可以假設是因為後半部分主要集中在代工方面的 EUV 上嗎？

And then I have a follow-up, too.

然後我也有後續行動。

Well, I think there's a few things.

嗯，我認為有幾件事。

I'll let Doug jump in here with his comments as well.

我也會讓 Doug 在這裡發表他的評論。

But the -- when you look at ASML's comments and the best we understand them and talking about a recovery in DRAM in the second half of the year, that's not necessarily inconsistent with us exiting the year with a better setup for the first half.

但是，當您查看 ASML 的評論以及我們最了解他們的評論並談論下半年 DRAM 的複蘇時，這並不一定與我們以更好的設置退出今年上半年的情況不一致。

I think you have to think about the way the tools come into fabs and new projects.

我認為你必須考慮工具進入晶圓廠和新項目的方式。

Our experience is that litho and metrology tools usually lead etch and deposition tools sometimes by as much as a quarter or so.

我們的經驗是，光刻和計量工具通常比蝕刻和沈積工具高出四分之一左右。

So that made -- those things may be not inconsistent and that's kind of the way we're thinking about it.

所以這使得 - 這些事情可能並不矛盾，這就是我們正在考慮的方式。

I mean, I guess, our view, everybody in this environment have a slightly different view that spending could come back, but we're wanting to state at this point that our best view from conversations with customers is no material increase in memory spending throughout 2019.

我的意思是，我猜，我們的觀點，在這種環境中的每個人都有一個稍微不同的觀點，即支出可能會回來，但我們想在這一點上聲明，我們與客戶對話的最佳觀點是在整個過程中內存支出沒有實質性增加2019 年。

Yes.

是的。

I don't have anything to really add, Krish.

我沒有什麼要補充的，Krish。

I think as Tim said, litho usually leads our stuff.

我認為正如蒂姆所說，光刻通常引領我們的東西。

And we'll tell you what we're seeing right now.

我們會告訴你我們現在看到的。

We could have it wrong.

我們可能錯了。

But when we parsed what we heard from ASML, it didn't really feel inconsistent to us.

但是當我們解析從 ASML 聽到的內容時，我們並沒有真正感到不一致。

Got it.

知道了。

Got it.

知道了。

Actually, that's very helpful, Tim and Doug.

實際上，這很有幫助，蒂姆和道格。

As a follow-up question, when you talk to your memory customers, I'm kind of curious how did they look at CapEx?

作為一個後續問題，當您與您的內存客戶交談時，我有點好奇他們如何看待資本支出？

Are they waiting for your pricing/margins to bottom before they start getting comfortable about buying semi cap equipment or is it going to be in tandem or does one lead the other?

他們是在等待您的定價/利潤率觸底，然後才開始對購買半帽設備感到滿意，還是會串聯起來，或者一個領先另一個？

And as a subset to that, which do you think is going recover first from hereon, is it NAND or DRAM?

作為其中的一個子集，您認為從這裡開始首先恢復的是 NAND 還是 DRAM？

Well, it's a tough question.

嗯，這是一個棘手的問題。

I mean, I think there's -- actually, when they're going to spend is a question better asked to them, I mean, exactly what metrics they are looking at.

我的意思是，我認為有 - 實際上，當他們打算花錢是一個更好地問他們的問題，我的意思是，他們正在查看哪些指標。

I guess, if we look at which of the 2, NAND or DRAM, might recover earlier, I guess, if we look back, we saw NAND correction starting earlier in 2018 than DRAM did.

我想，如果我們看看 NAND 或 DRAM 中的哪一個可能恢復得更早，我想，如果我們回頭看，我們看到 NAND 的修正在 2018 年比 DRAM 更早開始。

And so we're -- I guess, at the end of the day, it's all about demand, but we see both of them tracking, as we get to the end of the year, well below what we think are the long-term demand growth bit rates.

所以我們 - 我想，歸根結底，一切都與需求有關，但我們看到它們都在追踪，隨著我們到年底，遠低於我們認為的長期需求增長比特率。

So either one could recover, neither one could recover.

所以任何一個都可以恢復，沒有一個可以恢復。

I mean, that's -- it's not a great view, but we think that, in both cases, the market sets up for investment in either one as we exit the year.

我的意思是，這不是一個很好的觀點，但我們認為，在這兩種情況下，當我們退出今年時，市場都會對其中任何一種進行投資。

Yes.

是的。

What I would tell you, my own personal view, Krish, is it will recover at some point.

我要告訴你的是，我個人的看法，Krish，它會在某個時候恢復。

That I know for sure.

我肯定知道。

And the trend we see relative to spending in the year that we just described suggests to both Tim and I that they're going to need to invest relative to long-term bit demand.

我們看到的與剛剛描述的當年支出相關的趨勢向蒂姆和我表明，他們將需要相對於長期比特需求進行投資。

We just don't necessarily see it happening in 2019 quite yet, at least not in a meaningful way.

我們只是還不一定會在 2019 年看到它發生，至少不會以有意義的方式發生。

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Thanks for all the detail and outlook for 2019.

感謝您提供 2019 年的所有細節和展望。

But can you guys just true us up on your prior view first half '19 versus the second half of last year?

但是你們能不能讓我們對你之前的看法 19 年上半年與去年下半年的看法一致？

Relative to the weak spending environment, how are you seeing the first half of this year relative to last year second half?

相對於疲軟的消費環境，您如何看待今年上半年相對於去年下半年？

Yes.

是的。

Harlan, what I tried to described in my remarks is first half of '19 now looks weaker than it previously did.

哈蘭，我在評論中試圖描述的是 19 年上半年現在看起來比以前更弱。

And I'm not going to give quantification of it because then I'd essentially be guiding you for 2 quarters.

而且我不會對其進行量化，因為那時我基本上會指導你兩個季度。

We're going to get back to our normal practice of guiding one quarter at a time.

我們將回到一次指導四分之一的正常做法。

But given the well-understood weakness of smartphones and inventory adjustments in some of our customers as well as the cloud guys, it's somewhat weaker than it was when we described it last time.

但考慮到智能手機的弱點以及我們的一些客戶以及雲計算人員的庫存調整，它比我們上次描述時要弱一些。

Great.

偉大的。

Appreciate the insights there.

欣賞那裡的見解。

And then given the view on WFE being down kind of mid- to high-teens this year, at the same time, the team had a strong shipment growth last couple of years.

然後考慮到今年 WFE 處於中高水平，與此同時，該團隊在過去幾年的出貨量增長強勁。

You were driving -- I was looking at it first half of last year, you guys were driving like 25% year-over-year shipment growth.

你在開車——我去年上半年在看，你們的出貨量同比增長了 25%。

Many of these tools are coming off warranty and onto service contracts this year.

其中許多工具今年將不再保修並簽訂服務合同。

So this should be a tailwind for the team.

所以這對團隊來說應該是順風。

So how should we think about the installed base business trajectory relative to your WFE outlook?

那麼，我們應該如何考慮相對於您的 WFE 前景的已安裝基礎業務軌跡？

Well, I guess, I tried to cover some of that in my opening remarks.

好吧，我想，我試圖在我的開場白中涵蓋其中的一些內容。

But clearly, we feel very good about our installed base business on 2 dimensions.

但很明顯，我們對二維的安裝基礎業務感覺非常好。

One, the strength of Lam's business over the last several years has caused our overall installed base to grow.

第一，過去幾年 Lam 的業務實力使我們的整體安裝基礎有所增長。

So there's more tools for which we can sell things.

所以我們可以出售更多的工具。

And 2, we've been investing in that business to create new products and services.

2，我們一直在投資該業務以創造新產品和服務。

Some in the areas of -- this can be data economy, using data to make our tools more productive for customers.

一些領域——這可以是數據經濟，使用數據使我們的工具對客戶更有效率。

And those products and services are getting traction and this will be another strong year for CSBG for our installed base business.

這些產品和服務正在受到關注，對於 CSBG 來說，這將是我們已安裝基礎業務的又一個強勁的一年。

So that's a focus of mine and I think it provides a very important revenue stream for the company long-term.

所以這是我的一個重點，我認為它為公司提供了一個非常重要的長期收入來源。

Our next question comes from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

On that topic of installed base business, I wonder if you guys have considered providing sort of better disclosure around that?

關於已安裝基礎業務的主題，我想知道你們是否考慮過提供更好的披露？

It seems like that would go a long way towards understanding the sustainability of that business versus the other parts of the business.

似乎這對於理解該業務相對於業務其他部分的可持續性大有幫助。

Yes, I guess, we haven't really accomplished our objective very well, Joe.

是的，我想，我們還沒有真正很好地完成我們的目標，喬。

We've been talking a lot more about it more recently then we have.

我們最近一直在談論它。

We're providing you with tools kind of the installed base on a consistent basis and I will try to make it easy to understand everything we talked about in the past.

我們會始終如一地為您提供類似已安裝基礎的工具，我會盡量讓您更容易理解我們過去討論的所有內容。

Relative to segment reporting, we're not going to do that.

相對於分段報告，我們不會這樣做。

We don't need to because we're not tripping the role up there.

我們不需要這樣做，因為我們沒有在上面絆倒這個角色。

And from a competitive standpoint, we don't necessarily want to have an out quite as visible unless we have to, but it is a meaningful part of how we generate profit.

從競爭的角度來看，除非我們必須這樣做，否則我們不一定希望有一個非常明顯的出局，但它是我們如何產生利潤的一個有意義的部分。

It's a meaningful part of how we generate cash for sure.

這是我們確定如何產生現金的一個有意義的部分。

And we're trying to talk more about it so you understand it.

我們正在嘗試更多地談論它，以便您理解它。

I mean, Tim talked quite a bit about it.

我的意思是，蒂姆談了很多。

So we'll keep trying to do a better job, Joe.

所以我們會繼續努力做得更好，喬。

Great.

偉大的。

That's helpful.

這很有幫助。

And then, I guess, in terms of the buyback and the pace of the buyback and the 50% of free cash, what's your assessment of the right amount of cash to have on the balance sheet?

然後，我想，就回購和回購的速度以及 50% 的自由現金而言，您對資產負債表上適當的現金數量的評估是什麼？

And do you need to have any?

你需要嗎？

Can they be leveraged?

它們可以被利用嗎？

Just how do you think long term about what the balance sheet should look like?

從長遠來看，您如何看待資產負債表應該是什麼樣子？

Yes.

是的。

It's a good question, Joe.

這是個好問題，喬。

I haven't communicated specific numbers.

我沒有傳達具體的數字。

We need a certain amount of cash.

我們需要一定數量的現金。

We like to be able to fund a certain amount of R&D and CapEx and so forth.

我們希望能夠為一定數量的研發和資本支出等提供資金。

We're carrying more cash today than we need to, to run the company.

我們今天攜帶的現金超過了運營公司所需的現金。

What we decide to do relative to that, I think, will evolve over time, but I don't have a hard and fast number that I'm going to share with you necessarily.

我認為，我們決定做的事情會隨著時間的推移而發展，但我沒有一個確定的數字，我一定會與你分享。

We certainly could have more debt on the balance sheet though if we chose to do that.

如果我們選擇這樣做，我們當然可以在資產負債表上擁有更多的債務。

And the pace of the buyback, I think we're going to be opportunistic.

以及回購的步伐，我認為我們將是機會主義的。

I'm not going to communicate a time frame.

我不會透露時間框架。

And I'll let you know quarter-by-quarter on how we're thinking about it and what we're doing.

我會按季度讓你知道我們是如何考慮它的以及我們正在做什麼。

Patrick Ho with Stifel has our next question.

Stifel 的 Patrick Ho 提出了我們的下一個問題。

Maybe first question in terms of the installed base business.

也許是安裝基礎業務方面的第一個問題。

I think in your last Analyst Day, you talked about $1 billion incremental opportunity.

我認為在您的上一個分析師日中，您談到了 10 億美元的增量機會。

Over the next 3 to 5 years, how do you see the revenue growth rate?

未來 3 到 5 年，您如何看待收入增長率？

Is this a 10% type of growth business?

這是 10% 的增長型業務嗎？

Or do you see it higher to get to that incremental $1 billion you talked about?

或者你認為達到你所說的增加的 10 億美元是否會更高？

I guess, yes.

我猜是。

So you'll recall the $1 billion number.

所以你會想起 10 億美元這個數字。

I mean, as we mentioned, we're on -- we feel we are on track for that trajectory.

我的意思是，正如我們所提到的，我們正在——我們覺得我們正朝著這條軌跡前進。

At the Investor Day, we said that the installed base business was approximately 25% of our total revenue.

在投資者日，我們表示安裝基礎業務約占我們總收入的 25%。

And so, I guess, with that information, you kind of figure out the growth rate.

所以，我想，有了這些信息，你就可以算出增長率。

It's a business that is definitely growing.

這是一項絕對在增長的業務。

Our objective is to have the installed base business itself grow faster than the rate of growth of the installed base.

我們的目標是讓已安裝基礎業務本身的增長速度快於已安裝基礎的增長率。

And now, again, we provide information this year with the installed base growing from approximately 50,000 chambers to ending -- year ending 56,000 chambers at the end of last year.

現在，我們再次提供今年的信息，安裝基數從大約 50,000 個房間增長到去年年底的 56,000 個房間。

So maybe with those, you can triangulate the numbers.

所以也許有了這些，你可以對數字進行三角測量。

We can also maybe do it for you and get back to you.

我們也可以為您做這件事並回复您。

Yes.

是的。

Patrick, how I think about it and Tim described it the way I think about it, which is, at a normalized rate, it's been about 25% of the company's business.

帕特里克，我是怎麼想的，蒂姆是這樣描述的，按照正常的速度，它約占公司業務的 25%。

If you recall back at the Investor Day, Tim described 3 growth vectors, each about the same size.

如果你回想一下投資者日，蒂姆描述了 3 個增長向量，每個向量的大小都差不多。

So if you think about the installed base, it's 1/3 of the growth and normalized at 25% of the business.

因此，如果您考慮安裝基礎，它是增長的 1/3，正常化為業務的 25%。

So you can triangulate that, that way relative to the growth of it.

所以你可以對它進行三角測量，相對於它的增長。

It will grow faster than the installed base for sure.

它肯定會比安裝基數增長得更快。

Now, in the year like 2019, if it shapes up the way perhaps it's going to with WFE volume as much, it will be more than 25% obviously.

現在，在像 2019 年這樣的年份，如果它按照 WFE 數量的增長方式進行調整，顯然會超過 25%。

Again, I think one important point since we're talking about installed base business.

同樣，我認為有一點很重要，因為我們正在談論已安裝的基礎業務。

As I just mentioned, I think it can sometimes get lost in terms of how we are driving this business faster than the installed base itself is growing and it all comes down to investing in the creation of new products and services.

正如我剛才提到的，我認為有時會迷失在我們推動這項業務的速度超過安裝基礎本身的增長速度方面，而這一切都歸結為投資於新產品和服務的創造。

Things that help the customer relocate tools for new applications, extend the technology for those tool sets to new applications.

幫助客戶為新應用程序重新定位工具的事物，將這些工具集的技術擴展到新應用程序。

Higher productivity, higher throughput from those assets.

這些資產的生產力更高，吞吐量更高。

And as we've seen in many ways, the lagging node business gets stronger and more heavily utilized.

正如我們在很多方面看到的那樣，落後的節點業務變得更強大，利用率也更高。

We find a lot of installed base business for tools that had been around and out in the field for quite a number of years where there's a lot of interest in getting new products and services for that fleet.

我們發現許多已在該領域存在多年的工具已安裝基礎業務，人們對為該機隊獲取新產品和服務非常感興趣。

So it's a pretty attractive business.

所以這是一個非常有吸引力的業務。

Great.

偉大的。

That's very helpful.

這很有幫助。

Go ahead.

前進。

You can do one more if you got one, Patrick.

如果你有一個，你可以再做一個，帕特里克。

Yes.

是的。

Real quick on the DRAM, on the memory side of things.

在 DRAM 上非常快，在內存方面。

We know that capital intensity trends increase on the 3D NAND side of things with the layer count.

我們知道，隨著層數的增加，3D NAND 方面的資本密集度趨勢會增加。

How do you see the transition for etch and deposition as you go from 1x to 1y and eventually to 1z?

當您從 1x 到 1y 並最終到 1z 時，您如何看待蝕刻和沈積的轉變？

Our SAM continues to grow as we step through that.

隨著我們逐步完成，我們的 SAM 將繼續增長。

That's all about self-aligned patterning and that is very etch and deposition SAM, Patrick.

這都是關於自對準圖案化的，這是非常蝕刻和沈積的 SAM，Patrick。

Yes.

是的。

And actually, these technology nodes also create new opportunities for films.

事實上，這些技術節點也為電影創造了新的機會。

I mean, so I spoke a little bit about our effort in atomic layer deposition.

我的意思是，所以我談到了我們在原子層沉積方面的努力。

As you step from 1x to 1y to 1z, there are new applications being created for atomic layer deposition, for instance, that wouldn't have existed in prior nodes.

當您從 1x 到 1y 再到 1z 時，會為原子層沉積創建新的應用程序，例如，以前的節點中不存在這些應用程序。

And so we're looking at it both from growth in our existing applications as well as our ability to win new ones also.

因此，我們從現有應用程序的增長以及我們贏得新應用程序的能力兩方面來看待它。

We'll now hear from Atif Malik with Citi.

我們現在將聽取花旗的 Atif Malik 的來信。

First, quick clarification.

首先，快速澄清。

On the last earnings call, you guys expected DRAM up in first half this year versus second half last year and NAND down.

在上次的財報電話會議上，你們預計今年上半年 DRAM 會比去年下半年上漲，而 NAND 會下跌。

Is it fair to say that you're seeing both the DRAM and NAND down in first half of this year versus second half last year?

與去年下半年相比，今年上半年 DRAM 和 NAND 都在下降，這公平嗎？

Yes.

是的。

We're not going to provide segment level color on the quarterly guide except we gave a little color on how we see WFE setting up in that you can interpret it however you like, which is foundry logic is the first half-weighted.

我們不會在季度指南中提供細分級別的顏色，除了我們對 WFE 設置的看法提供了一點顏色，您可以隨意解釋它，這是代工邏輯是前半權重的。

Memory, probably a little bit stronger than the second half.

記憶力，大概比下半場強一點吧。

Got it.

知道了。

And then can you just talk about what you're seeing with respect to domestic spending in China?

然後你能談談你對中國國內支出的看法嗎？

If I recall correctly, you have talked about China domestic was $5 billion in spending last year.

如果我沒記錯的話，您曾談到中國去年的國內支出為 50 億美元。

What -- could it be in the $42 billion to $43 billion WFE this year?

什麼 - 今年可能在 420 億至 430 億美元的 WFE 中？

Yes.

是的。

Actually, we did say that we thought 2018 was going to come in at about a $5 billion range.

實際上，我們確實說過我們認為 2018 年的收入將達到 50 億美元左右。

I think when all is said and done, it may have come in a little bit lower than that, but pretty close.

我認為，當一切都說完了，它可能會比這低一點，但非常接近。

We actually see 2019 shaping up to be a bit stronger.

我們實際上看到 2019 年會變得更加強勁。

And if we look actually at the SAM and share position that we hold where the money would be spent this year, Lam's China domestic business should be up.

如果我們實際看一下 SAM 和我們持有的今年資金將用於何處的持倉，Lam 的中國國內業務應該會上升。

Tom Diffely with D. A. Davidson & Co.

Tom Diffely 與 D. A. Davidson & Co.

has our next question.

有我們的下一個問題。

Yes.

是的。

Maybe just a quick end market question.

也許只是一個快速的終端市場問題。

After 3 or 4 quarters of the price declines in the NAND market, are you seeing evidence of elasticity of demand that we've been talking about for a couple of years?

在 NAND 市場價格下跌 3 或 4 個季度之後，您是否看到了我們幾年來一直在談論的需求彈性的證據？

Yes.

是的。

I had a very small comment to my opening remarks about the fact that we believe we have seen some demand elasticity at the end of last year.

我對我的開場白有一個非常小的評論，即我們相信我們在去年底看到了一些需求彈性。

And it was primarily driven by an uptick that we've seen in the adoption rate of SSDs into the client.

這主要是由我們在客戶中看到 SSD 採用率的上升推動的。

And there was some data that showed that the percentage of laptops or client devices with SSD in the lower price ranges had a material uptick.

並且有一些數據表明，在較低價格範圍內配備 SSD 的筆記本電腦或客戶端設備的百分比出現了實質性上升。

And so it's just one data point, but we do think that as prices have come down, we're starting to see increased demand.

所以這只是一個數據點，但我們確實認為隨著價格下降，我們開始看到需求增加。

Okay.

好的。

And then given that when you look at kind of the long-term view, the next 3 to 5 years, do you still -- or do you view NAND market as the real big opportunity for you versus the DRAM market, knowing that both are strong?

然後考慮到當你從長遠的角度來看，未來 3 到 5 年，你是否仍然 - 或者你認為 NAND 市場是你與 DRAM 市場相比的真正巨大機遇，因為你知道兩者都是強的？

For us, without a doubt.

對我們來說，毫無疑問。

Our SAM position, if you think maybe just the world that we've gone through, the transition from 2D to 3D NAND, we had a very meaningful increase in the intensity of etch and deposition in that space.

我們的 SAM 立場，如果你認為可能只是我們所經歷的世界，從 2D 到 3D NAND 的過渡，我們在該空間的蝕刻和沈積強度有了非常有意義的增加。

And when you think about also end demand, we see NAND outpacing all other markets.

當你考慮終端需求時，我們看到 NAND 超過了所有其他市場。

And so that's why when I talk about our focus on applications that we want to hold continuously in that critical space in the NAND area.

這就是為什麼當我談到我們專注於我們希望在 NAND 領域的關鍵空間中持續持有的應用程序時。

Now, of course, we want to do well in all markets, but NAND is our biggest opportunity going forward and in the long term.

現在，當然，我們希望在所有市場都做得很好，但從長遠來看，NAND 是我們最大的機會。

Yes.

是的。

Just to add on for me, Tom, independent of where things are at in 2019, I'm extraordinarily optimistic on the opportunity for both NAND as well as DRAM going forward.

補充一點，湯姆，不管 2019 年的情況如何，我對 NAND 和 DRAM 未來的機會都非常樂觀。

Again, Tim alluded to the data economy.

蒂姆再一次提到了數據經濟。

We talked about that extensively at the Investor Day.

我們在投資者日廣泛討論了這一點。

All of that stuff is still completely intact.

所有這些東西仍然完好無損。

It doesn't mean it will happen every single year.

這並不意味著它每年都會發生。

It won't, but data is exploding in society.

它不會，但數據正在社會中爆炸式增長。

It is not useful unless you can store it and you need a low latency memory to do anything in compute architectures.

除非您可以存儲它並且需要低延遲內存來在計算架構中執行任何操作，否則它沒有用處。

Memory is critically enabling for all of that and none of that has changed.

內存對所有這些都至關重要，而這一切都沒有改變。

Our next question comes from Quinn Bolton with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Quinn Bolton。

Just want to come back in the prepared comments.

只想在準備好的評論中回來。

You mentioned the share gains in high aspect ratio etch, 3D NAND deposition and ALD wins in both NAND and DRAM.

您提到了高縱橫比蝕刻、3D NAND 沉積和 ALD 在 NAND 和 DRAM 中的份額增長。

Can those share gains help offset some of the SAM underperformance you see in 2019?

這些股票收益能否幫助抵消您在 2019 年看到的一些 SAM 表現不佳的情況？

Or do you really think that we need to see the memory markets recovering before you see the full benefit of those share gains?

或者你真的認為我們需要看到內存市場在你看到這些股票收益的全部好處之前復甦嗎？

Well, the simple answer is no, they cannot offset the decline that we see this year.

嗯，簡單的答案是否定的，它們無法抵消我們今年看到的下降。

But the other aspect there is one of timing.

但另一方面是時機。

Typically, the types of applications and wins I was speaking to, we focus on critical application wins.

通常，我談到的應用程序類型和勝利，我們專注於關鍵應用勝利。

Usually, one to 2 nodes before that, node ever ends up ramping.

通常，在此之前的 1 到 2 個節點，節點最終會逐漸增加。

And so in a majority of those cases, those will be entering production sometime next year or the following year.

因此，在大多數情況下，它們將在明年或次年的某個時候投入生產。

And that's why the start of like -- those are the applications, once you win it, you kind of know that your business is pretty well locked in for the foreseeable future.

這就是為什麼開始 - 這些是應用程序，一旦你贏得它，你就會知道在可預見的未來你的業務已經很好地鎖定了。

And just a quick follow-up.

只是一個快速的跟進。

On the China domestic, is that fairly well-balanced between memory and foundry logic or does one segment lead the other in 2019?

在中國國內，內存和代工邏輯之間是否相當平衡，或者在 2019 年一個細分市場領先另一個細分市場？

It's fairly well-balanced, Quinn.

這是相當平衡的，奎因。

I mean, memory is probably somewhat stronger than foundry and logic, but there's a broad base set of customers that are spending.

我的意思是，內存可能比代工和邏輯要強一些，但是有廣泛的客戶群正在消費。

It's not just one or 2.

這不僅僅是一兩個。

Sidney Ho with Deutsche Bank has our next question.

德意志銀行的 Sidney Ho 提出了我們的下一個問題。

Starting off with a clarification.

從澄清開始。

You said revenue will be first half-weighted in 2019.

你說收入將在 2019 年上半年加權。

Is that an expectation for your revenue or is it for the industry?

這是對您的收入的期望還是對行業的期望？

No.

不。

It was a statement, Sidney, around WFE.

Sidney，這是圍繞 WFE 發表的聲明。

I didn't say anything relative to Lam's revenue.

關於林的收入，我沒有說任何話。

It was a statement on WFE.

這是關於 WFE 的聲明。

Okay.

好的。

Great.

偉大的。

And then my question is it looks like from 3 months ago to now, the change is primarily coming from the DRAM side, CapEx slowing down.

然後我的問題是，從 3 個月前到現在，變化主要來自 DRAM 方面，資本支出放緩。

Would you say the NAND side is also incrementally weaker?

你會說 NAND 方面也越來越弱嗎？

Or do you think this stability -- there's more stability there and then CapEx could start coming earlier?

或者你認為這種穩定性 - 那裡有更多的穩定性，然後資本支出可能會更早開始？

Well, we haven't so far, Sidney, in the past, given you any color on the full year of 2019.

好吧，Sidney，到目前為止，我們還沒有給你任何關於 2019 年全年的顏色。

It's the first time we're making statements on the full year.

這是我們第一次就全年發表聲明。

So I'm not sure I can even say anything about trajectory of what we thought before because we haven't done all the full analytic work that we've now done on 2019.

因此，我什至不確定我是否可以說出我們之前所想的軌跡，因為我們還沒有完成我們現在在 2019 年完成的所有完整分析工作。

All right.

好的。

Maybe just a housekeeping one.

也許只是一個家務。

Operating expenses, obviously much lower than what you guided for the December quarter.

運營費用，顯然遠低於您對 12 月季度的指導。

Understanding March is an extra week, should we think about June quarter to kind of go back to the December level or is it just -- it's something higher than that?

了解 3 月是額外的一周，我們是否應該考慮 6 月季度回到 12 月的水平，還是只是 - 它比那更高？

Yes.

是的。

I'm not going to guide it beyond the current quarter, Sidney.

西德尼，我不會在當前季度之後指導它。

Everything else equal, flattish to maybe slightly down if you just take the one week out, but we'll give you the hard guidance when we get to earnings in the quarter.

其他一切都相同，如果您只休息一周，可能會持平或略有下降，但是當我們獲得本季度的收益時，我們將為您提供嚴格的指導。

We'll now hear from Mitch Steves with RBC Capital Markets.

我們現在將聽取 RBC Capital Markets 的 Mitch Steves 的來信。

I just had one on kind of your commentary on the back half in memory dynamics.

我剛剛聽了你對記憶動力學後半部分的評論。

So, I guess, what is the reason why there wouldn't be a significant increase in investment when you move to 96 layer technology?

那麼，我想，當你轉向 96 層技術時，為什麼投資不會顯著增加的原因是什麼？

Is that because the majority of the WFE spend or the increase in memory spend is because of the planar NAND transition or 3D NAND transition?

這是因為大部分 WFE 支出或內存支出的增加是因為平面 NAND 過渡或 3D NAND 過渡嗎？

Or is it because there's something special about 96 that makes it a lower investment cycle?

還是因為 96 有什麼特別之處，讓它的投資週期變短了？

No.

不。

There's nothing special about 96.

96沒什麼特別的。

What we see happening, Mitch, primarily is node conversions in both DRAM as well as 3D NAND.

Mitch，我們看到的主要是 DRAM 和 3D NAND 中的節點轉換。

And so that's the way to be thinking about it.

所以這就是思考它的方式。

It's a heavy focus of spending on node conversions, which -- that's a very cost-effective way for our customers to invest because they just need to upgrade essentially etch and deposition equipment or add to the process flow.

將重點放在節點轉換上，這對我們的客戶來說是一種極具成本效益的投資方式，因為他們只需要升級基本的蝕刻和沈積設備或添加到工藝流程中。

I don't know, Tim.

我不知道，蒂姆。

Would you add anything?

你會加點什麼嗎？

No, I think that's fair.

不，我認為這是公平的。

Obviously, it's heavily driven by the ratio of node conversions to greenfield adds.

顯然，它在很大程度上受到節點轉換與新建添加的比率的驅動。

On a greenfield basis, last year, I showed a chart that described our increase in opportunity at 96-layer.

在綠地的基礎上，去年，我展示了一張圖表，描述了我們在 96 層增加的機會。

And fundamentally, on a greenfield basis, it's significantly higher as you go to 96.

從根本上說，在綠地的基礎上，當你達到 96 時，它會明顯更高。

So it's a dynamic of conversion versus greenfield adds that's Doug's speaking to.

所以這是道格所說的轉換與綠地添加的動態。

Our final question will come from Vijay Rakesh with Mizuho Bank.

我們的最後一個問題將來自瑞穗銀行的 Vijay Rakesh。

Yes.

是的。

Just on your 2019, just wondering, when you look at 96-layer 3D NAND, what do you -- how do you see capital intensity at 64 versus 96?

就在您的 2019 年，只是想知道，當您查看 96 層 3D NAND 時，您如何看待 64 與 96 的資本密集度？

If you do a greenfield to greenfield wafer, capital intensity goes up.

如果你對新建晶圓進行新建，資本密集度就會上升。

You've got a longer process flow.

你有一個更長的流程。

You have more tools in the process flow.

您在流程中擁有更多工具。

It goes up.

它上升。

I don't think we've quantified it.

我認為我們沒有量化它。

The good part for our business is when you do that conversion, all you're really adding is etch and deposition equipment.

對我們的業務來說，好的部分是當您進行轉換時，您真正添加的只是蝕刻和沈積設備。

You're making the stack bigger and the etch becomes a little bit more challenging to do and so it takes longer.

您正在使堆棧更大，並且蝕刻變得更具挑戰性，因此需要更長的時間。

Got it.

知道了。

And just as you talked about a little bit more softness in memory spending through the year, have you seen -- are you seeing any push out on either the 96-layer 3D NAND or the 1y transition in the DRAM side?

正如您談到全年內存支出略有下降一樣，您是否看到 - 您是否看到 96 層 3D NAND 或 DRAM 方面的 1y 過渡有任何推出？

From a timing standpoint, no.

從時間的角度來看，沒有。

I mean, we always had expected 2019 would be a 1y investment year in DRAM with the beginning of 1z, and that the investments in NAND would be on 96-layer devices.

我的意思是，我們一直預計 2019 年將是 DRAM 的 1y 投資年，從 1z 開始，而對 NAND 的投資將集中在 96 層設備上。

And that's totally what we're seeing.

這就是我們所看到的。

And again, it's primarily focused on conversions right now.

同樣，它現在主要關注轉化。

Okay.

好的。

So this concludes our conference call for this quarter.

因此，這結束了我們本季度的電話會議。

Thank you for joining us.

感謝您加入我們。

That will conclude today's conference call.

這將結束今天的電話會議。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。