科林研發 (LRCX) 2019 Q3 法說會逐字稿

Good day, and welcome to the Lam Research Corporation's March Quarter Financial Conference Call. At this time, I would like to turn the conference over to Tina Correia, CVP of Investor Relations. Please go ahead, ma'am.

大家好，歡迎參加 Lam Research Corporation 三月份季度財務電話會議。此時，我謹將會議交給投資者關係副總裁蒂娜·科雷亞 (Tina Correia) 主持。請便，女士。

Thank you, and good afternoon, everyone. Welcome to the Lam Research Quarterly Earnings Conference Call. With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer.

謝謝大家，大家下午好。歡迎參加 Lam Research 季度財報電話會議。今天陪同我出席的有總裁兼執行長提姆·阿徹，以及執行副總裁兼財務長道格·貝廷格。

During today's call, we will share our overview on the business environment and review our financial results for the March 2019 quarter and our outlook for the June 2019 quarter. The press release detailing our financial results was distributed a little after 1:00 p.m. Pacific Time this afternoon. 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.

在今天的電話會議上，我們將分享我們對商業環境的概述，並回顧我們 2019 年 3 月季度的財務業績以及我們對 2019 年 6 月季度的展望。詳細介紹我們財務表現的新聞稿於下午1點剛過不久發布。太平洋時間今天下午。新聞稿也可在公司網站的投資者關係部分找到，同時還可以找到今天電話會議的簡報。

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 slides in the presentation for additional information.

今天的演示和問答環節包含前瞻性陳述，這些陳述受到風險和不確定性的影響，這些風險和不確定性已反映在我們向美國證券交易委員會提交的公開文件中的「風險因素」披露部分。更多資訊請參閱簡報中的配套幻燈片。

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GAAP財務報表為基礎。今天的盈利新聞稿中提供了 GAAP 和非 GAAP 結果之間的詳細調整表。

This call is scheduled to last until 3:00 p.m. Pacific Time. A replay of this call will be available later this afternoon on our website.

本次通話預計持續到下午3點。太平洋時間。今天下午晚些時候，您可以在我們的網站上收聽本次電話會議的錄音。

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

那麼，我把電話交給蒂姆吧。

Thanks, Tina, and hello, everyone. After Doug and I go through our prepared comments, we look forward to your questions.

謝謝蒂娜，大家好。道格和我發言完畢後，期待大家提問。

Lam delivered a solid March quarter and continued to demonstrate strong execution in a challenging near-term industry environment. Key metrics, including revenue, gross margin and operating income margin, all came in above the midpoint of guidance that we gave on our last earnings call. EPS of $3.70 exceeded the high end of our range, helped by a favorable tax rate and the benefit of ongoing share repurchases. This performance and continued execution in the business is attributable to the support of our customers and partners and, as always, the exceptional efforts of Lam employees around the world.

Lam 3 月的業績表現穩健，並在充滿挑戰的短期產業環境中持續展現出強大的執行力。包括營收、毛利率和營業利潤率在內的關鍵指標均高於我們在上次財報電話會議上給出的預期中位數。每股盈餘 3.70 美元超過了我們預期範圍的上限，這得益於有利的稅率和持續的股票回購的好處。這項業績和持續的業務執行歸功於我們的客戶和合作夥伴的支持，以及一如既往地歸功於全球 Lam 員工的卓越努力。

Turning now to our perspective on the current industry environment and outlook. Industry conditions are directionally unchanged from our January call. We continue to expect customer WFE spending for calendar year 2019 to be in the low $40 billions. Though since our last call, we now see a marginal downtick in Memory spending, offset by slightly better expectations in Foundry and Logic.

現在讓我們談談我們對當前行業環境和前景的看法。產業狀況與我們1月的預測相比，整體方向沒有變化。我們仍預期 2019 年客戶 WFE 支出將在 400 億美元左右。雖然自上次通話以來，我們現在看到記憶體支出略有下降，但晶圓製造和邏輯電路的預期略有好轉，抵消了這種影響。

Also consistent with our prior commentary, we expect Memory supply growth as we exit 2019 to be below the long-term demand trend line for both NAND and DRAM. In DRAM, we continue to believe the spending correction will extend through this calendar year as customers continue to rationalize long-term profitability with near-term focus on reducing channel inventories and bringing supply and demand dynamics into balance for our business. In NAND, recent industry data indicates that bit shipments were better than normal seasonal trends for the February month, and we continue to believe that market conditions are setting up well for a future recovery as demand and supply balance improves through the year.

與我們先前的評論一致，我們預計 2019 年末的記憶體供應成長將低於 NAND 和 DRAM 的長期需求趨勢線。在DRAM領域，我們仍然認為支出調整將持續到今年年底，因為客戶將繼續合理化長期獲利能力，同時專注於減少通路庫存，並使業務的供需動態達到平衡。在 NAND 領域，最近的行業數據顯示，2 月份的比特出貨量優於正常的季節性趨勢，我們仍然認為，隨著全年供需平衡的改善，市場狀況將有利於未來的復甦。

On the Foundry and Logic side, 2019 WFE spending is slightly higher than our prior baseline as customers appear to be ramping leading-edge nodes faster than we previously forecast, which we believe is partly due to increased semiconductor content in smartphones related to 5G.

在晶圓代工和邏輯晶片方面，2019 年 WFE 支出略高於我們之前的基準，因為客戶似乎正在以比我們之前預測更快的速度提高領先節點的產能，我們認為這部分是由於與 5G 相關的智慧型手機中半導體含量的增加。

While predicting the exact timing of cyclical change is always difficult, our confidence in the long-term demand drivers for Lam's business is unchanged. We are positioning Lam to capitalize on long-term demand through execution on our 3 growth vectors of served available market expansion, share gains and revenue generation from our installed base.

儘管預測週期性變化的確切時間總是很困難，但我們對林氏業務長期需求驅動因素的信心依然不變。我們正在透過執行我們的三個成長方向——服務現有市場擴張、市場份額提升和現有客戶群的收入成長——來定位 Lam，從而充分利用長期需求。

Semiconductor demand drivers, such as Industry 4.0, artificial intelligence, 5G and IoT, are creating compelling served available market expansion opportunities for Lam, all require innovations in the transmission, processing and storage of data using a minimum number of compute cycles and lower power and lower cost. This is leading to changes in compute system architecture and driving growth in new on-chip and off-cheap memory design. Key trends include the use of high-bandwidth memory interfaces for leading accelerator designs, heterogenous integration for system-on-chip solution and the move to MRAM for embedded memories.

半導體需求驅動因素，例如工業 4.0、人工智慧、5G 和物聯網，正在為 Lam 創造引人注目的市場擴張機會，所有這些都需要以最少的運算週期、更低的功耗和更低的成本在資料傳輸、處理和儲存方面進行創新。這導致運算系統架構發生變化，並推動了新型片上和非廉價記憶體設計的發展。主要趨勢包括：在領先的加速器設計中使用高頻寬記憶體接口，在系統單晶片解決方案中使用異質集成，以及在嵌入式記憶體中使用 MRAM。

I would like to provide a few specific examples of how Lam is set to benefit from these trends. First, new memory devices, like GDDR6, improved bandwidth by adding, among other things, more bit lines, which increases etching deposition intensity.

我想舉幾個具體的例子來說明林將如何從這些趨勢中受益。首先，像 GDDR6 這樣的新型記憶體元件透過增加更多位元線等方式提高了頻寬，從而提高了蝕刻沉積強度。

Second, high-bandwidth memory and heterogenous packaging integration are driving an increased need for through-silicon via and other novel wafer level packaging technologies. Lam SABRE 3D electroplating and Syndion etch tools are recognized technology and market leaders in the TSV market and provides a stable etch depth and fill via capability required for high-volume production. For wafer level packaging, the market-leading SABRE 3D system delivers technology-enabling coplanarity on a production-proven platform.

其次，高頻寬記憶體和異質封裝整合推動了對矽通孔和其他新型晶圓級封裝技術的需求不斷增長。Lam SABRE 3D 電鍍和 Syndion 蝕刻工具是 TSV 市場公認的技術和市場領導者，可提供大批量生產所需的穩定蝕刻深度和填充通孔能力。對於晶圓級封裝，市場領先的 SABRE 3D 系統在經過生產驗證的平台上實現了技術上可行的共面性。

And third, the emerging memory devices, such as MRAM, are employing novel materials, which require the introduction of new ion-beam etch technology. Lam's ion-beam etch technology is differentiated by its control over both ion energy and angle to deliver superior device profiles and, ultimately, increased yield and bit density for our customers.

第三，新興的儲存設備，如 MRAM，正在採用新型材料，這需要引進新的離子束蝕刻技術。Lam 的離子束蝕刻技術以其對離子能量和角度的控製而脫穎而出，從而提供卓越的裝置輪廓，並最終為我們的客戶提高良率和位元密度。

Broadly, we believe the product and services portfolio of Lam Research is unmatched and is fit to these emerging technology inflections, and our focus is to deliver disruptive, customer-enabling technologies to expand our served available market.

總的來說，我們認為 Lam Research 的產品和服務組合是無與倫比的，並且適合這些新興的技術變革，我們的重點是提供顛覆性的、賦能客戶的技術，以擴大我們所服務的可用市場。

From a market share perspective, we continue to perform well on penetration and defense activities. In the first calendar quarter, we successfully defended all key positions in addition to winning multiple new opportunities, and we remain committed to our goal of growing market share in both etch and deposition. Our confidence in our share gain opportunity is rooted in fundamental product architecture and technology differentiation.

從市場佔有率的角度來看，我們在市場滲透和防禦方面繼續表現出色。在第一季度，我們成功捍衛了所有關鍵地位，並贏得了多個新的機會，我們將繼續致力於在蝕刻和沈積領域擴大市場份額的目標。我們對提升市場佔有率的機會充滿信心，而這種信心源自於我們根本的產品架構和技術差異化。

Lam's unique quad-station module, or QSM, is rapidly becoming the process chamber architecture of choice for 3D NAND. The QSM serves as the core high-productivity platform on which Lam's process teams build differentiated 3D NAND technology solutions. Examples where the QSM is delivering a capability advantage for our customers include our market-leading films for the ONON stack, wafer bow management using backside deposition, new ALD films for high-aspect ratio gapfill and low-resistivity tungsten fill for word line. Our ability to deliver compelling technology and productivity, including fab space saving, using the QSM architecture is unparalleled. We hit a milestone this quarter with our 7,000 modules shipped, a metric that signifies the growing importance of this platform for 3D NAND and other markets.

Lam 獨特的四工位模組（QSM）正迅速成為 3D NAND 製程腔室架構的首選。QSM 是 Lam 製程團隊建構差異化 3D NAND 技術解決方案的核心高生產力平台。QSM 為我們的客戶帶來能力優勢的例子包括：我們市場領先的 ONON 堆疊薄膜、使用背面沉積的晶圓彎曲管理、用於高縱橫比間隙填充的新型 ALD 薄膜以及用於字線的低電阻鎢填充。我們利用 QSM 架構提供卓越技術和生產力（包括節省晶圓廠空間）的能力是無與倫比的。本季我們實現了模組出貨量達到 7,000 個的里程碑，這項指標顯示該平台對 3D NAND 和其他市場的重要性日益增長。

In Logic and Foundry, gate contacts and interconnect layers require new materials for better device performance, reliability and scaling beyond 10 nanometer. In recent engagements, we have shown our ability to leverage Lam's long-held leadership position in copper electroplating to win applications for new materials, such as cobalt and leading-edge nodes.

在邏輯和代工領域，閘極觸點和互連層需要新材料，以提高元件性能、可靠性和實現 10 奈米以上的尺寸縮放。在最近的合作中，我們展現了利用 Lam 在銅電鍍領域長期領先地位的能力，贏得了鈷等新材料和尖端節點等應用。

And in Memory, we continue to penetrate key semi-critical etch positions through our focus on productivity innovation. An example of this focus is the separate press release we issued today stating that in partnership with a leading semiconductor manufacturer, we have successfully demonstrated 1 full year of uninterrupted production on the Kiyo etch system equipped with a unique productivity-focused hardware set. We believe the Kiyo etch system utilizing our Corvus R technology ushers in a new era of self-maintaining equipment. Today's announcement is also a demonstration of Lam's commitment to leverage Industry 4.0 technologies, advanced computing and Big Data to bring innovative products and services to our customers.

在記憶體領域，我們透過專注於生產力創新，不斷滲透到關鍵的半關鍵蝕刻位置。我們今天發布的單獨新聞稿就是一個例證，該新聞稿稱，我們與一家領先的半導體製造商合作，已成功展示了配備獨特、以提高生產力為重點的硬體套件的 Kiyo 蝕刻系統連續生產 1 年。我們相信，採用我們Corvus R技術的Kiyo蝕刻系統開啟了自維護設備的新時代。今天的公告也反映了林氏致力於利用工業4.0技術、先進運算和大數據為客戶帶來創新產品和服務的決心。

And finally, in our Customer Support Business Group, we saw continued sequential growth in revenues we drive from our installed base. Our Reliant Systems business grew strongly in the March quarter, reaching its highest quarterly revenue level in our history. This was driven primarily by investments in nonleading-edge nodes and foundries as well as spending on more than Moore and IoT initiatives. Overall, our installed base business is on track to deliver another record year, growing again at a rate faster than the installed base.

最後，在我們的客戶支援業務集團，我們看到現有客戶群的收入持續成長。我們的 Reliant Systems 業務在 3 月季度實現了強勁成長，達到了公司歷史上最高的季度營收水準。這主要是由於對非前沿節點和代工廠的投資，以及在摩爾定律和物聯網計劃之外的其他項目上的支出所致。整體而言，我們的裝機量業務可望再創佳績，成長速度再次超過裝置量成長速度。

In summary, Lam is well positioned to capitalize on the long-term demand drivers in the semiconductor industry. We are performing well in a challenging near-term industry environment. And by continuing to focus on execution and investing to meet our growth objectives, we believe we will emerge stronger as WFE spending recovers.

總而言之，Lam 已做好充分準備，可以利用半導體產業的長期需求驅動因素。我們在充滿挑戰的短期產業環境下表現良好。我們相信，透過繼續專注於執行和投資以實現我們的成長目標，隨著 WFE 支出的復甦，我們將變得更加強大。

With that, let me turn the call over to Doug for his prepared remarks.

那麼，現在讓我把電話交給道格，讓他發表事先準備好的演講。

Great. Thanks, Tim. Good afternoon, everyone, and thank you for joining us today on what I know is a busy earnings season.

偉大的。謝謝你，提姆。各位下午好，感謝大家今天在這個繁忙的財報季收看我們的節目。

Lam executed well on the market quarter with our results exceeding the midpoint of guidance for all financial metrics. Earnings per share exceeded the high end of the guidance range that we provided, mainly due to a lower tax rate that we realized in the quarter. We had a more favorable tax benefit from our annual employee stock grant vesting due to the increase on our stock price during the March quarter. I'd also like to highlight that during the March quarter, our cash from operations came in at $933 million, which, on a quarterly basis, is the second-highest cash generation in the history of Lam Research.

Lam 在本季市場表現良好，所有財務指標的業績均超過了預期中位數。每股收益超過了我們先前給出的預期範圍的上限，這主要是由於本季度我們實現了較低的稅率。由於三月季度股價上漲，我們從年度員工股票授予中獲得了更有利的稅收優惠。我還想強調，在 3 月的季度中，我們的營運活動現金流為 9.33 億美元，按季度計算，這是 Lam Research 歷史上第二高的現金流。

As we discussed during our last quarter earnings call, we believe WFE spending for the first half of 2019 would reflect lower Memory spending levels and spending would be driven more by Foundry and Logic investments. Our view today is largely unchanged. Full year 2019 Foundry and Logic WFE might be a little bit stronger than we expected a quarter ago, and DRAM might be a little bit weaker. We continue to expect WFE will be down in the mid- to high-teens percent year-over-year from 2018. WFE spending as a percentage of semi-industry profit dollars has been running at a fairly consistent level over the last several years.

正如我們在上一季度財報電話會議上所討論的那樣，我們認為 2019 年上半年的 WFE 支出將反映出記憶體支出水準的下降，而支出將更多地受到晶圓代工和邏輯電路投資的驅動。我們今天的觀點基本上沒有改變。2019 年全年晶圓代工和邏輯 WFE 業務可能比我們一個季度前預期的要強一些，而 DRAM 業務可能比我們預期的要弱一些。我們仍然預計 WFE 將比 2018 年下降 15% 到 10% 左右。過去幾年，WFE 支出佔半工業利潤的百分比一直保持相當穩定的水平。

We continue to track a double-digit number of new fab projects this year spending leading-edge Foundry, Memory and IoT-driven legacy nodes. Overall, Lam's system revenue for the combined Memory segment decreased to 61% of total system's revenue from the 79% we saw in the December quarter. The composition of the Memory segment was mostly driven by conversions and included nonvolatile Memory spending at 40% and DRAM spending at 21%. NAND spending continues to be focused on both 6x and 9x layer wafers, and DRAM spending is focused on the 1x and 1y nodes. The Foundry segment more than doubled quarter-over-quarter, accounting for 27% of system revenue, which is the highest level in Foundry we've seen since March of 2017. Foundry spending in 2019 is focused on 7 and 5 nanometer. As a comparison, the profile in 2017 was target at 10- and 7-nanometer nodes. And finally, the Logic and Other segment was also up, contributing 12% of systems revenue.

今年我們持續追蹤兩位數的新晶圓廠項目，這些項目在領先的晶圓代工、記憶體和物聯網驅動的傳統節點上投入大量資金。總體而言，Lam 的合併記憶體部門的系統收入佔總系統收入的比例從 12 月季度的 79% 下降到 61%。記憶體部分的組成主要受轉換驅動，其中非揮發性記憶體支出佔 40%，DRAM 支出佔 21%。NAND 的支出仍集中在 6 層和 9 層晶圓上，而 DRAM 的支出則集中在 1 層和 1y 節點上。Foundry 業務部門較上季成長超過一倍，佔系統營收的 27%，這是自 2017 年 3 月以來 Foundry 業務板塊的最高水準。2019 年晶圓代工支出主要集中在 7 奈米和 5 奈米製程製程。相較之下，2017 年的目標節點是 10 奈米和 7 奈米。最後，邏輯和其他業務板塊也有所成長，貢獻了系統收入的 12%。

Let's turn to P&L performance for the March quarter. We delivered revenues of $2.439 billion, which was down slightly from the December quarter and above the midpoint of the March guidance we provided.

讓我們來看看三月季度的損益表現。我們實現了 24.39 億美元的收入，略低於 12 月季度，但高於我們 3 月給出的預期中位數。

Gross margin for the quarter came in at 45.1%. We came in slightly better-than-expected, primarily due to product mix and spending control. And as I always do, I'll remind you that our actual gross margins are a function of several factors, such as business volumes, product mix and customer concentration, and you should expect to see variability quarter-on-quarter.

本季毛利率為 45.1%。我們取得的成績略優於預期，主要歸功於產品組合和支出控制。和以往一樣，我要提醒各位，我們的實際毛利率會受多種因素影響，例如業務量、產品組合和客戶集中度，因此你們應該預料到季度之間會有波動。

Operating expenses in the March quarter were $488 million, which increased by approximately 11% from the prior quarter. Spending in the March quarter was negatively impacted by the appreciation of the stock market during the quarter and the resulting impact on the cost of our deferred compensation plan. We do hedge this to mitigate the exposure. However, the offset to this expense shows up in other income and expense. It's neutral to earnings per share at the end of the day. R&D investments continue to be a focus for us, with R&D comprising nearly 2/3 of our spending in the March quarter. In June, total operating expenses are expected to be lower on a sequential basis compared to the March quarter.

3 月季度的營運支出為 4.88 億美元，比上一季成長了約 11%。3 月季度的支出受到該季度股市上漲的負面影響，並因此對我們的遞延薪酬計畫成本產生了影響。我們會進行避險以降低風險。但是，這筆支出的抵銷部分會反映在其他收入和支出中。最終，這對每股收益沒有影響。研發投入仍然是我們的重點，在三月的季度中，研發支出占我們總支出的近三分之二。預計6月份的總營運支出將比3月份當季下降。

I'd also just point out one spending item that you'll see in the GAAP to non-GAAP reconciliation table of our press release. We incurred a charge of approximately $11 million related to severance payments for a workforce action we took during the March quarter.

我還要指出一項支出項目，您可以在我們新聞稿的 GAAP 與非 GAAP 調整表中看到它。我們在三月季度採取的一項員工行動中，產生了約 1,100 萬美元的遣散費。

Operating income in the March quarter was $611 million, and operating margin was 25.1%, pretty much in line with the midpoint of the guidance range.

3 月季度的營業收入為 6.11 億美元，營業利益率為 25.1%，與預期範圍的中點基本一致。

The non-GAAP tax rate for the March quarter was approximately 8%, which is lower than our long-term rate due to the tax benefits related to the employee stock vesting that I described earlier. For the June quarter and 2019 calendar year, we continue to expect the tax rate in the low to mid-teens, and there will be fluctuations in this rate quarter-by-quarter.

3 月季度的非 GAAP 稅率約為 8%，低於我們的長期稅率，這是由於我之前提到的與員工股票歸屬相關的稅收優惠。對於 6 月季度和 2019 年全年，我們繼續預計稅率將維持在十幾到五成的水平，並且該稅率將逐季度波動。

In March, we completed the issuance of $2.5 billion in principal value of senior notes as we decided to take advantage of a favorable interest rate and credit environment. The note proceeds are for general corporate purposes, including, among other things, to fund our stock repurchase program and to pay dividends.

3月份，我們發行了本金價值25億美元的優先票據，因為我們決定利用有利的利率和信貸環境。本債券發行所得款項將用於一般公司用途，其中包括為我們的股票回購計畫提供資金以及支付股利。

For other income and expense, our newly issued debt added approximately $8 million in interest expense for the March quarter. However, as I pointed out, this was offset in OI&E by gains and assets related to obligations under our deferred compensation plan. Going forward, we expect to have approximately $26 million of quarterly interest expense related to our new debt. In total, interest expense on a quarterly basis is now around $45 million.

在其他收入和支出方面，我們新發行的債務在 3 月季度增加了約 800 萬美元的利息支出。然而，正如我所指出的，這在營業收入和支出中被與遞延薪酬計劃項下義務相關的收益和資產所抵消。展望未來，我們預計與新債務相關的季度利息支出約為 2,600 萬美元。目前，每季利息支出總額約為 4,500 萬美元。

We continue to demonstrate our commitment to capital return during the quarter, funding more than $1 billion in dividends and share repurchases. For the March quarter, we paid out $171 million in dividends, and we completed $862 million in share buybacks through a combination of open market and structured repurchases. These repurchases were made under the new $5 billion authorization that we announced at our earnings call in January. And I'd just point out to you that in the last year, we have lowered quarterly dividend share count by approximately 20 million shares. That's over an 11% reduction.

本季度，我們持續展現對資本回報的承諾，投入超過 10 億美元用於股利和股票回購。在三月的季度中，我們支付了 1.71 億美元的股息，並透過公開市場和結構化回購相結合的方式完成了 8.62 億美元的股票回購。這些回購是根據我們在 1 月的財報電話會議上宣布的新的 50 億美元授權進行的。我還要指出，在過去一年裡，我們減少了約 2,000 萬股季度分紅股份。這相當於減少了11%以上。

Earnings per share came in at $3.70, which was over our guidance range for the March quarter, mainly driven by that favorable tax rate.

每股收益為 3.70 美元，高於我們對 3 月季度的預期範圍，這主要是由於有利的稅率。

Diluted shares per EPS were 158 million shares, which reflects a decrease from the September quarter related to the share buyback program. The share count includes a diluted impact of approximately 5 million shares from the remaining 2041 convertible notes in the March quarter, and I'll remind you that dilution schedules for the remaining 2041 convertible notes is available on our Investor Relations website for your reference.

每股攤薄股份數為 1.58 億股，較 9 月季度有所減少，這與股票回購計畫有關。股份數量包括 3 月份季度剩餘 2041 年可轉換債券約 500 萬股的稀釋影響，我在此提醒各位，剩餘 2041 年可轉換債券的稀釋時間表可在我們投資者關係網站上查閱。

Let me now turn to the balance sheet. Our cash and short-term investments, including restricted cash, increased notably in the March quarter to $6.4 billion from $3.9 billion in the prior quarter. This was driven by the $2.5 billion debt issuance that I mentioned and the over $900 million operational cash flow.

現在讓我來看資產負債表。我們的現金和短期投資（包括受限現金）在 3 月季度顯著增加，從上一季的 39 億美元增加到 64 億美元。這主要歸功於我提到的 25 億美元債務發行和超過 9 億美元的營運現金流。

DSO improved by 6 days to 61 days. Our inventory levels decreased, and consequently, inventory turns increased to 3.4x compared to 3.2x in the prior quarter.

DSO 改善了 6 天，達到 61 天。我們的庫存水準下降，因此，庫存週轉率從上一季的 3.2 倍提高到 3.4 倍。

Company noncash expenses included approximately $53 million for equity compensation, $46 million for depreciation and $36 million for amortization.

公司非現金支出包括約 5,300 萬美元的股權激勵、4,600 萬美元的折舊和 3,600 萬美元的攤銷。

Capital expenditures were $76 million in the March quarter, which was a decrease from $106 million in the December quarter. Due the timing of certain projects, December quarter CapEx was somewhat on the high side, and the decrease in the March quarter was in line with our expectations. The majority of the CapEx in March was directed towards investments supporting our installed base business.

3 月季度的資本支出為 7,600 萬美元，比 12 月季度的 1.06 億美元有所減少。由於某些項目的時間安排，12 月季度的資本支出略高，而 3 月季度的下降符合我們的預期。3 月份的大部分資本支出都用於支持我們現有客戶群業務的投資。

We exited the March quarter with approximately 10,800 regular full-time employees, which is down slightly from the prior quarter due to the workforce action that I previously mentioned. For the long term, we continue to prioritize headcount that is supporting Lam SAM expansion, market share gains and installed base business growth.

截至 3 月季度末，我們約有 10,800 名正式全職員工，由於我之前提到的勞動力行動，這一數字比上一季略有下降。從長遠來看，我們將繼續優先考慮支援 Lam SAM 擴張、市場份額成長和已安裝基礎業務成長的人員配置。

Looking ahead, I'd now like to provide our non-GAAP guidance for the June 2019 quarter. We're expecting revenues of $2.350 billion, plus or minus $150 million; gross margin of 45.5%, plus or minus 1 percentage point; operating margins of 26%, plus or minus 1 percentage point; and finally, earnings per share of $3.40, plus or minus $0.20 based on a share count of approximately 155 million shares.

展望未來，我現在想提供我們 2019 年 6 月季度的非 GAAP 業績指引。我們預計營收為 23.5 億美元，上下浮動 1.5 億美元；毛利率為 45.5%，上下浮動 1 個百分點；營業利潤率為 26%，上下浮動 1 個百分點；最後，每股收益為 3.40 美元，上下浮動 0.20 美元（基於約 1.55 億股的股份數量）。

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

操作員，我的發言到此結束。提姆和我現在想開始接受提問。

(Operator Instructions) Our first question will come from John Pitzer with Crédit Suisse.

（操作說明）我們的第一個問題將來自瑞士信貸的約翰‧皮策。

This is Ada calling in for John. I was wondering if you could maybe talk through what your OpEx trajectory is looking like for the remainder of the year given the lumpiness that we saw in March?

這裡是艾達打給約翰的電話。鑑於三月出現的波動情況，我想請您談談今年剩餘時間的營運支出走勢如何？

Yes. I mean we only really guide just 1 quarter at a time. The best, I guess, way I would give you to think about it is it's going to be plus or minus where we're at in the June quarter. But again, we only formally guide numerically 1 quarter at a time.

是的。我的意思是，我們每次實際上只指導一個季度。我想，最好的理解方式就是，最終結果將取決於我們六月的季度業績，可能會略有增減。但是，我們正式的指導方針每次只針對一個季度進行數值估算。

And then if you could maybe provide us with an updated view of the domestic China opportunity, where you think that looks like this year in terms of WFE. And any puts and takes around that given the macro situation?

然後，如果您能為我們提供您對中國國內市場機會的最新看法，您認為今年 WFE 的前景如何，那就太好了。鑑於當前的宏觀情勢，對此有哪些看漲或看跌的觀點？

Sure. I can do that. We said on our last call actually that we had expected China domestic WFE this year to be a little bit greater than $5 billion. We haven't changed our view on that. And our position in China, we've also said, is a bit stronger or at least as strong as elsewhere in the world, so we gave guidance on the last call that our business in domestic China would be up as well. There really has been also no change in the regulatory environment that is impacting our results. And while we're monitoring it closely, we don't really expect any effect on our business at this point.

當然。我可以做到。實際上，我們在上次電話會議上說過，我們預計今年中國國內WFE（工作場所支出）將略高於50億美元。我們對此的看法並沒有改變。我們也說過，我們在中國的地位比在世界其他地方要強一些，或者至少和世界其他地方一樣強，所以我們在上次電話會議上給出的指導意見是，我們在中國國內的業務也會增長。監管環境方面也沒有任何變化對我們的業績產生影響。雖然我們正在密切關注事態發展，但目前我們預計不會對我們的業務產生任何影響。

We'll now take a question from C.J. Muse with Evercore.

接下來，我們將回答來自 Evercore 的 C.J. Muse 提出的問題。

I guess first question here given the backdrop of weak pricing across both segments in Memory, it's a great job on your part in terms of getting, what I imagine, roughly $1-plus billion for the quarter in total shipments just on technology buys alone. And so I guess the question is, as you look into the back half of the year and you think about the transition 96 layer and if we take into account what we've heard from ASML in terms of the second half ramp at (inaudible), how should we think about that trajectory? Are there green shoots there into the back half of the year? Or is that something that would shine in the first half of 2019 -- 2020, sorry?

我想，鑑於記憶體領域兩大細分市場定價疲軟的背景，你們僅憑技術採購就實現了本季超過 10 億美元的總出貨量，這確實是一項了不起的成就。所以我想問題是，當我們展望下半年，考慮過渡到 96 層，並且考慮到我們從 ASML 聽到的關於下半年增長速度（聽不清楚）的消息時，我們應該如何看待這一軌跡？下半年是否會出現復甦跡象？或者說，這會在 2019 年上半年——抱歉，是 2020 年上半年——大放異彩？

Yes. Tim and I (inaudible) a little bit, I think. C.J., our outlook hasn't really changed at all from what we communicated at earnings and quarter ago. We don't see a recovery in Memory this year. We do think it sets up well for what likely happens in 2020. We expect the exit rate of supply in both NAND and DRAM to be under where demand is, meaning it's consuming some of the inventory, which I think sets us up well. But we really don't see a meaningful recovery or recovery at all this year. Tim, you want to add anything?

是的。提姆和我（聽不清楚）有點兒，我想。C.J.，我們的展望與我們上個季度財報發佈時所傳達的並沒有任何變化。我們預計今年記憶功能不會復甦。我們認為這為 2020 年可能發生的事情奠定了良好的基礎。我們預計 NAND 和 DRAM 的供應退出速度將低於需求，這意味著它將消耗一些庫存，我認為這對我們有利。但我們今年真的看不到任何實質的復甦，甚至根本看不到任何復甦的跡象。提姆，你還有什麼要補充的嗎？

Yes. No, I think that's -- it's a very clear statement of our position. We've been saying that we really don't see the recovery this year. You mentioned a couple of items though like the 96 layer conversion, and I guess from the standpoint of the job we're doing, Lam is squarely focused in the middle of technology conversions. And technology conversions are a great way for customers to reduce their cost, increase their capability through cycles like this. And so Lam is just focused on helping our customers execute those technology conversions. And when they come and there's capacity additions, that'll be, as you say, an additional green shoot. But right now, we've said we don't see that right now through this year.

是的。不，我認為這——這非常清楚地表明了我們的立場。我們一直說，我們真的看不到今年經濟復甦的跡象。您提到了一些項目，例如 96 層轉換，我想從我們正在做的工作的角度來看，Lam 正專注於技術轉換。技術轉型是客戶降低成本、透過這樣的週期提高自身能力的絕佳途徑。因此，Lam 專注於幫助我們的客戶完成這些技術轉換。當他們到來並增加產能時，正如你所說，那將是另一個成長點。但就目前而言，我們已經說過，我們認為今年內不會出現這種情況。

And C.J., just maybe one more comment from me as I sit here. Yes, and think -- I do know it recovers at some point. Whether it's later in this year or early next year, to me, it's somewhat interesting from a timing standpoint. But obviously, it will recover at some point. The industry is working through inventory in the channel and what not. That will take some time. And at some point, investment will be more than it is right now.

C.J.，我坐在這裡，可能還要再說一句。是的，而且我認為——我知道它總有一天會恢復的。無論是今年稍後還是明年年初，從時間安排的角度來看，這對我來說都有些意思。但很顯然，它總有一天會恢復的。該行業正在努力清理渠道庫存等等。那需要一些時間。總有一天，投資金額會比現在更高。

Okay. Very helpful. And as a follow-up, considering the magnitude of the debt offering in the quarter, can you kind of walk through what net cash or gross cash value you need to run the business? And are you contemplating perhaps a more aggressive buyback with the funds?

好的。很有幫助。作為後續問題，考慮到本季債務發行的規模，您能否簡要說明營運公司需要多少淨現金或總現金價值？您是否考慮利用這些資金進行更積極的股票回購？

Yes, C.J., nothing new to communicate relative to the buyback. We just announced the $5 billion a quarter ago. We executed $862 million last quarter. We view this as a favorable debt market, as I described in my prepared remarks, relative to rates and credit demand and whatnot. We decided to take advantage of that. It really doesn't impact too much on thinking about the timing of the buyback, the quantum of the buyback. Obviously, I think we've been pretty judicious with returning cash to shareholders in the past, and we'll continue to do so in the future. But I don't really have anything new to tell you, except that debt issuance helps fund what we plan to do.

是的，C.J.，關於回購事宜沒有什麼新的消息要告知。我們上個季度剛剛宣布了這項50億美元的投資計畫。我們上季執行了8.62億美元的交易。正如我在準備好的演講稿中所述，我們認為這是一個有利的債務市場，就利率、信貸需求等因素而言都是如此。我們決定利用這一點。這其實對考慮回購時機和回購規模並沒有太大影響。顯然，我認為我們過去在向股東返還現金方面一直相當謹慎，將來也會繼續這樣做。但我其實沒有什麼新的消息要告訴你們，發行債券有助於為我們計劃要做的事情提供資金。

We'll now take your question from Atif Malik with Citi.

現在我們來回答花旗銀行的阿提夫馬利克提出的問題。

Good job in a tough environment. Tim, I have a question on your market share. We all understand WFE share is a complicated mix of end market, your customer mix. The Gartner data came out today, and it shows your WFE share declined modestly last year. I just wanted to understand, moving forward as EUV becomes a little bit bigger push in off-the-logic spending, what are the things that you can do with your products that can offset kind of the natural headwind from EUV? And then looking beyond 1 to 2 years, when I was at SPIE conference, there was a lot of discussion on horizontal nanotubes or nanosheets being used for 3-nanometer logic devices, similar to what we have seen from 2D to 3D NAND migrations. So just your thoughts in terms of when your logic share can start to improve because of architectural changes.

在如此艱難的環境下表現出色。提姆，我有個關於你市場佔有率的問題。我們都明白，WFE 份額是終端市場和客戶組合等多種因素複雜綜合的結果。Gartner 的數據今天公佈，數據顯示您的 WFE 份額去年略有下降。我想了解的是，隨著 EUV 技術在非邏輯支出中佔據越來越大的地位，你們的產品可以做些什麼來抵銷 EUV 技術帶來的自然不利影響？展望未來一兩年，當我參加 SPIE 會議時，有很多關於使用水平奈米管或奈米片製造 3 奈米邏輯裝置的討論，這類似於我們從 2D 到 3D NAND 的遷移。所以，您認為透過架構變更，邏輯份額何時才能開始改善？

Okay. Sure. What great questions in there. So I'll do my best. I mean, first, maybe just taking kind of the share question head-on. Obviously, we looked at the Gartner report. We will be the first to acknowledge we don't win everything we compete for. But I want to point out, we feel -- when we think about market share, we feel very good about what we've accomplished the last few years relative to our positions in critical applications. Critical applications are the hardest to win. But once you have them, they're also the stickiest, I mean the applications that our customers are least likely to change. And so we really did, we focused on those. And we made sure that in key, fast-growing segments in WFE, like 3D NAND, we made sure that we secured those critical applications because that's really the foundation on which we then can go build everything else, and those are the applications that get you closely collaborating with customers.

好的。當然。這裡面的問題都很好。所以我會盡我所能。我的意思是，首先，或許應該正面回答一下股份問題。顯然，我們參考了 Gartner 的報告。我們會先承認，我們不可能贏得所有參賽項目。但我想指出的是，當我們考慮市場佔有率時，我們對過去幾年在關鍵應用領域所取得的成就感到非常滿意。關鍵應用項目最難拿下。但一旦你擁有了它們，它們也是最容易被用戶接受的，我的意思是，我們的客戶最不可能改變這些應用程式。所以，我們確實把重點放在了這些方面。我們確保在 WFE 的關鍵、快速成長的領域，例如 3D NAND，我們確保了這些關鍵應用的安全，因為這才是我們建立其他一切的基礎，而這些應用能夠讓你與客戶緊密合作。

I think when you think about share, I've said -- I said it last time, I'll say it again, I want us to do better in the semi-critical applications. But again, you have to have the critical application foundation first, then you build semi-critical on top of that. What can we do in that area? A lot of that is you just saw in this press release. We're focused on productivity innovation. And as our customer scale up, and you see it this year with the focus on the pricing environment and spending environment in Memory, productivity innovation is welcomed by our customers. So semi-critical is usually a battlefield about productivity. The press release about the Kiyo etch with Corvus R, I think Lam will continue to try to set benchmarks for productivity in this space, and that will drive share for us. Those are all things that are within our control.

我認為，說到市場份額，我已經說過——我上次說過，我再說一遍，我希望我們在半關鍵應用領域做得更好。但是，你必須先打好關鍵應用的基礎架構，然後再在此基礎上建立半關鍵應用。我們可以在那個領域做些什麼？很多內容你剛才在新聞稿裡都看到了。我們專注於生產力創新。隨著客戶規模的擴大，正如您今年在記憶體領域的定價環境和支出環境中所看到的，我們的客戶對生產力創新表示歡迎。所以，半批判通常是一個關乎生產力的戰場。關於Kiyo蝕刻與Corvus R的新聞稿，我認為Lam將繼續努力在這個領域樹立生產力標桿，這將推動我們獲得市場份額。這些都是我們可以控制的事情。

Things that are not so much within our control, device mix. And so just to point out, as you look at some element of spending last year, what took place was that '17 to '18 saw a significant increase in DRAM WFE and not such a large increase in -- in fact, almost no increase in NAND WFE by our calculation. So again, based on choices we've made and strategic positioning, we have positioned Lam to be extremely strong in 3D NAND, and I think you all know that. And so some years, it'll go. Some years, it doesn't work out quite as well. Now -- but we feel really good. And quite honestly, I wouldn't trade our position we have right now for anybody else's.

有些事情我們無法控制，例如設備組合。因此需要指出的是，在查看去年的一些支出項目時，2017 年到 2018 年期間，DRAM WFE 支出大幅增長，而 NAND WFE 支出並沒有大幅增長——事實上，根據我們的計算，NAND WFE 支出幾乎沒有增長。所以，基於我們所做的選擇和策略定位，我們已經讓 Lam 在 3D NAND 領域擁有非常強大的實力，我想你們都知道這一點。所以有些年，情況就是這樣。有些年份，結果卻不盡人意。現在——但我們感覺真的很好。說實話，我絕對不會用我們現在的地位去換取任何其他人的地位。

Now your point about logic, kind of just finish on that one, we intend to improve. We're always investing to improve our position across the entire spectrum of applications. I'm not -- I won't play -- I'm not an expert on your 3-nanometer horizontal nanosheet's application though, but we have our CTO office looking at every new inflection that comes. And those inflections, kind of we've proven our ability to use those inflections as share get opportunities for ourselves, and we'll continue to do so. So hopefully, that answers your question. Thanks.

關於你提到的邏輯問題，我們就簡單總結一下吧，我們會努力改進。我們一直在投資，以提升我們在所有應用領域的地位。我不是——我不會參與——我不是你們的 3 奈米水平奈米片應用的專家，但我們的首席技術官辦公室正在關注每一個新的轉折點。我們已經證明，我們有能力利用這些轉折點為自己創造市場份額的機會，我們將繼續這樣做。希望這能解答你的疑問。謝謝。

We'll go to a question from Patrick Ho with Stifel.

接下來我們來回答來自 Stifel 的 Patrick Ho 提出的問題。

Tim, maybe first off in terms of the 2019 outlook. You detailed about the Memory outlook remaining pretty much muted through the rest of this year. I guess what are some of the key variables investors should look out for, whether it be a NAND and DRAM? Is it just the pricing environment? Is it the inventory situation? What are some of the key variables that you guys are monitoring that will lead to a change or a turn in positive spending for the Memory market?

提姆，或許首先要展望一下 2019 年的前景。您詳細介紹了今年剩餘時間內存市場的前景將基本保持低迷。我想問，投資者應該關注哪些關鍵變量，無論是 NAND 快閃記憶體還是 DRAM 快閃記憶體？僅僅是價格環境的問題嗎？是庫存問題嗎？你們正在監測哪些關鍵變量，這些變量將導致記憶體市場支出出現積極變化或轉變？

Okay. Yes, I mean it's a great question, and it's one we're asking ourselves all the time every day. Our customers have a much better view on what their strategies are and what the trigger points are for them to begin investing. But what we're trying to say is that, at least from our view, what's happening right now is very rational. I mean the pricing environment -- you have seen some talk about taking small amounts of capacity off-line. These are all things that we believe will accelerate improvement in the supply and demand balance. So we just watch -- we're watching those. We're talking to customers continuously. And what we're making sure is that, regardless, as Doug said, we know it's going to come back. I talked about a lot of the demand drivers. There's no question for us about when will -- whether Memory comes back, and so we're just focused on staying close to customers and making sure that when they do want to place orders for tools, there's no limitation in our ability to ship to them on the dates they want the systems.

好的。是的，我的意思是，這是一個很好的問題，也是我們每天都在問自己的問題。我們的客戶對自己的投資策略以及開始投資的觸發點有了更清晰的認識。但我們想表達的是，至少在我們看來，現在發生的事情是非常理性的。我的意思是定價環境——你們已經看到一些關於將少量產能下線的討論。我們相信，這些因素都將加速供需平衡的改善。所以我們就看著──我們正在看著那些。我們一直在與客戶溝通。而我們正在確保的是，無論如何，正如道格所說，我們知道它一定會回來的。我談到了很多需求驅動因素。對我們來說，內存何時回歸——是否回歸——沒有任何疑問，所以我們現在只專注於與客戶保持密切聯繫，確保當他們想要訂購工具時，我們能夠按他們想要的日期發貨，沒有任何限制。

Patrick, this is Doug. How I think about it is that I think we all understand there's inventory in the channel. There's inventory with the hyperscale guys. There's inventory with our customers that needs to clear itself out, and we can all do our best to model that. You can do it as well as we can. Obviously, we model it. I know you do, too. To me, when I think about pricing, pricing is an indication of how supply and demand are clearing. And until all the inventory is worked out, a lot of what you're seeing in pricing will be determined by how that inventory is moving through the channel. So you got to pay attention to that because that tells you how things are clearing out. And as Tim said, at some point, it will clear up, and we're all waiting to see when that does.

派崔克，這是道格。我的想法是，我們都明白渠道中存在庫存。超大規模資料中心那邊有庫存。我們的客戶有一些庫存需要清理，我們可以盡最大努力來模擬這種情況。你們也能做到，和我們一樣好。顯然，我們會對其進行建模。我知道你也這麼想。在我看來，定價反映了供需平衡的情況。在所有庫存問題都解決之前，你看到的定價很大程度上取決於庫存如何透過管道流通。所以你得注意這一點，因為它能告訴你事情進展如何。正如蒂姆所說，總有一天事情會好轉，我們都在等待那一天到來。

Right. And as my follow-up question for you, Doug, I know you've talked about the installed base business as being kind of a hidden growth driver for the company, and we've seen it now over the last couple of years. Can you just qualitatively perhaps give a little bit of color of both where the leading-edge installed base continues to grow obviously with more shipments to 3D NAND in that front as well as some of the opportunities on trailing edge, where you're saying upgrades, productivity improvements? Can you just give a little bit of color of how much that installed base growth is driven from both leading edge versus trailing edge?

正確的。道格，我還有一個後續問題想問你。我知道你曾說過，現有客戶群業務是公司一個隱性的成長驅動力，而我們在過去幾年也看到了這一點。您能否定性地簡要介紹一下前沿技術的裝機量持續增長（顯然，隨著 3D NAND 出貨量的增加），以及後沿技術的一些機會（例如昇級和生產力提升）？能否簡要說明一下，這種用戶基數的成長在多大程度上是由前沿技術驅動的，在多大程度上是由後沿技術驅動的？

I mean a lot of it, Patrick, is leading-edge stuff, right? That tends to be the most technically complex chambers we have in the field, and as a result, it tends to consume more spare parts than stuff that's out in the field. But as we've talked about in the past, our tools will run for decades. That's a great part about this business, and this part of the business model is things need to be upgraded, things need to be maintained. They all need spare parts on a regular basis. At some point, one customer might be done with the tool. We'll buy it back, refurbish it and sell it to somebody else. So there's a very long tail to the profit generation from the stuff in the field. That's how I think about it. And we've described this in the past as being roughly a 1/4 of the company's business. Now in a year like this year when new equipment sales are down as much as it is, it'll be more than that obviously, likely this year, well north of 30%. And so that's a great part of the business. This year is -- this is actually growing this year, Patrick. So it just keeps going. Tim, would you add...

我的意思是，帕特里克，其中很多都是前沿技術，對吧？這往往是我們現場技術上最複雜的腔室，因此，它消耗的備件往往比現場的其他設備要多。但正如我們過去所討論過的，我們的工具可以運行幾十年。這是這個產業很棒的一點，也是商業模式的精髓所在：事物需要升級，事物需要維護。它們都需要定期更換備用零件。在某個時候，某個客戶可能就不再需要這個工具了。我們會把它買回來，翻新後再賣給別人。因此，田間產品的利潤產生還有很長的週期。我也是這麼想的。我們過去曾表示，這大約占公司業務的四分之一。而今年新設備銷量大幅下滑，降幅顯然會更大，今年很可能遠超 30%。所以，這是這項業務非常重要的一環。今年——今年它確實在增長，帕特里克。所以它就一直這樣持續下去。提姆，你能否補充一下…

Yes. No, I think the only thing I would add is -- maybe even to reinforce Doug's point about the performance in this business this year. This is the kind of business that -- quite often, when our customers are looking for opportunities to increase their capability without having to go through that next increment, which is to actually add capacity, which is definitely their mindset right now this year, they turn to us for productivity upgrades, capability upgrades, services that help them get more out of the existing installed base. And that's what this whole business is intended to do to. It's to help them leverage the tools that they've already put in place, and that's how it's kind of a win-win. But it means that in a year like this year, it's a very good business.

是的。不，我想我唯一要補充的是——或許可以進一步強調道格關於今年該行業表現的觀點。這種類型的業務——通常情況下，當我們的客戶尋求機會來提高自身能力，而又不想經歷下一個階段（即實際增加產能，這絕對是他們今年的想法）時，他們會向我們尋求生產力提升、能力提升以及幫助他們從現有安裝基礎中獲得更多收益的服務。而這正是整個商業運作的目的。這是為了幫助他們利用已經部署的工具，這樣就實現了雙贏。但這意味著，在像今年這樣的年份，這是一門非常好的生意。

(Operator Instructions) We'll take our next question from Timothy Arcuri with UBS.

（操作員說明）接下來，我們將回答瑞銀集團的 Timothy Arcuri 提出的問題。

So I had 2. I guess, Tim, first, I wanted to dovetail on an answer that you just had. And obviously, you guys are very levered to 3D NAND. But I still get a lot of questions sort of on capital intensity and what your share is on the wallet and the layer migration world versus kind of a planer to a 3D conversion world. So can you sort of help us baseline that sort of per 1,000 or per 10,000, how much you think the WFE spending is and what your capture is about wallet?

所以我有兩個問題。我想，提姆，首先，我想跟你剛才的回答銜接一下。顯然，你們非常依賴 3D NAND 技術。但我仍然經常被問到一些關於資本密集度的問題，以及你在錢包裡佔多大份額，還有圖層遷移領域與平面到 3D 轉換領域之間的區別。那麼，您能否幫我們估算一下，每 1000 人或每 10000 人，您認為 WFE 的支出是多少，以及您的錢包收益是多少？

Oh, boy. What I'd -- here's what I'd say, I mean it's a great question, and maybe I'll refer back to the few of the things we've said, and we can then see how close we can get to the level of detail you're looking for. Obviously, we participate -- as you're just talking specifically for layer conversions and 3D NAND, we participate quite significantly in the technologies required to make the stack taller, right, basically to increase the density. So we're talking about going from, say, 64 layer to 96 layer. I don't believe -- and Doug can correct me if we have, but I don't believe we've actually quantified exactly what we think our share of that spend is externally.

我的天哪。我會說——我的意思是，這是一個很好的問題，也許我會回顧一下我們之前討論過的一些內容，然後看看我們能多大程度上達到你想要的細節程度。顯然，我們參與其中——正如你專門談到的層轉換和 3D NAND，我們在使堆疊更高所需的技術方面發揮了相當大的作用，對吧，基本上是為了提高密度。所以我們討論的是從比如說 64 層增加到 96 層。我不認為——如果道格已經這樣做了，他可以糾正我——但我認為我們還沒有真正量化我們認為我們在外部支出中所佔的份額。

Yes, we haven't quantified it numerically.

是的，我們還沒有用數字來量化它。

Clearly, we've done it internally. We understand that all. What we did show at the Investor Day last year was that, obviously, for a greenfield investment, Lam's opportunity increases meaningfully at every layer transition, as you might expect. I mean you're building a taller stack, and it's the taller stacks, deeper etches, the new films that -- I mentioned one. To get to a taller stack, these new films required to control wafer bow are critical to being able to build those taller stacks on the wafer and still be able to process and yield the wafer. Those things do increase capital intensity for us when you're moving between layers.

顯然，我們已經在內部完成了這項工作。我們都明白這一點。我們在去年的投資者日上展示的是，顯然，對於綠地投資而言，正如你所預料的那樣，Lam 的機會在每一層過渡中都會顯著增加。我的意思是，你正在建造一個更高的堆疊，而正是更高的堆疊、更深的蝕刻、新的薄膜——我提到了其中之一。為了獲得更高的堆疊結構，控制晶圓彎曲所需的這些新薄膜對於在晶圓上建立更高的堆疊結構並且仍然能夠加工晶圓和提高晶圓良率至關重要。當你在不同層級之間轉換時，這些因素確實會增加我們的資本密集度。

I think the other piece though that we did mention at Investor Day and I guess we can reiterate is that from a conversion perspective, while the absolute dollars spent are less our share of wallet, I should say our share of WFE actually increases quite significantly because the primary tools that are required to inflect that layer transition are etch- and depth-heavy. And so in a year like this when most of the attention is turned toward conversion, it becomes a year in which maybe we would be achieving and obtaining a higher share of total spend in that area. But I know that doesn't quantify for you, but I don't believe we've done that externally. We're probably not prepared to do so today.

不過，我認為我們在投資者日上提到的另一點，我們也可以重申，從轉換的角度來看，雖然絕對花費的美元在我們錢包中所佔的份額有所減少，但我應該說，我們在WFE中的份額實際上大幅增加，因為實現這種層過渡所需的主要工具是蝕刻和深度密集型的。因此，在像今年這樣大部分注意力都集中在轉換率上的年份，我們或許能夠在這一領域獲得更高的總支出份額。但我知道這對你來說無法量化，但我認為我們還沒有在外部做到這一點。我們今天可能還沒準備好這樣做。

Tim, yes, that was -- I mean that was kind of what I was getting at, just the layer migration versus the 2D to 3D world. And then, Doug, just a quick follow-up. So on free cash flow payout, I think you paid a little more than all of your free cash flow this quarter. Is that still -- you just thought to sort of pay out all of your free cash flow going forward? And I guess the question really is on the repo and how opportunistic you were when the stock was lower versus now that the stocks are higher?

提姆，是的，那就是──我的意思是，我大概就是這個意思，就是圖層遷移與 2D 到 3D 世界之間的差別。然後，道格，還有一個簡短的後續問題。所以就自由現金流支出而言，我認為你本季支付的金額略高於你全部的自由現金流。你的計劃仍然是——把未來的所有自由現金流都用來支付股息嗎？我想真正的問題在於回購操作，以及當股價較低時你的操作有多機敏，而現在股價較高時你的操作又有多機敏？

Yes, Tim, I mean our formally committed metric that we are committed to return is, I think we did this at our Analyst Day last year, is at least 50% of the free cash flow. And your observation is exactly right. Last quarter, it was more than 100%. And the last several years, it's been close to 100%.

是的，提姆，我的意思是，我們正式承諾的指標，也就是我們承諾返還的金額，我認為我們在去年的分析師日上已經說過，至少是自由現金流的 50%。你的觀察完全正確。上個季度，這數字超過了100%。近幾年，這一比例接近 100%。

The way I think about it is we are opportunistic. We are sensitive to what we perceive fair value of our business to be and where things are trading. We announced at our last earnings call a new authorization, $5 billion. I didn't communicate a time frame for that, and we'll see as it goes. But obviously, the fact that in the June quarter, we're guiding share count down again. You know where we're going to be in the market again in June. And I've described it as -- I think about it as being opportunistic. I'm not going to exactly say what that means, but we do pay attention to the value of the stock as we're executing.

我認為我們是在投機取巧。我們非常關注我們認為自身業務的合理價值以及業務的交易市場狀況。我們在上次財報電話會議上宣布了一項新的授權，金額為 50 億美元。我沒有給出具體的時間表，我們走著瞧吧。但很顯然，在六月的季度中，我們預計股份數量將再次下調。你知道我們六月會在市場上的哪個位置。我將其描述為——我認為這是一種機會主義行為。我不會具體說明這意味著什麼，但我們在執行交易時確實會關注股票的價值。

We'll now take a question from Krish Sankar with Cowen & Company.

現在讓我們來回答來自 Cowen & Company 的 Krish Sankar 提出的問題。

I have 2 of them. First one, Tim, just to touch upon the market share. Last year, it looks like you guys did lose some share, especially on dielectric etch and NAND versus TEL. And my understanding was that tel has gotten 2 of the customers because of productivity. Just trying to figure out -- I mean maybe the press release you had was probably related to that. Is there a way that loss can be stemmed? Or do you think that your share gains in the more challenging channel hole etches will more than offset any weakness in the flip etch? And then I have a follow-up question for Doug.

我有兩個。首先，提姆，我們來談談市場佔有率。去年，你們似乎確實失去了一些市場份額，尤其是在介質蝕刻和 NAND 相對於 TEL 方面。據我了解，tel公司之所以能獲得2個客戶，是因為生產力較高。我只是想弄清楚——我的意思是，也許你收到的新聞稿與此有關。有什麼辦法可以阻止損失嗎？或者您認為，您在更具挑戰性的通道孔蝕刻中獲得的市場份額增長，將足以彌補您在翻轉蝕刻方面的任何不足？然後我還有一個後續問題要問道格。

Okay. Well, I am not going to talk about any specific applications. But in general, my comments about semi-critical applications, where both your technical capability to do the application as well as productivity are it's not equally important certainly like in the mix of the decision. That's an area where obviously it's more competitive, and what I'm basically messaging is our company is going to focus on delivering best-in-class products that are best-in-class both for technology and productivity. In many areas, we already do that. I talked about the QSM, the deposition tool for like the Strata ONON tool.

好的。嗯，我不會談任何具體的應用。但總的來說，我對半關鍵應用的看法是，你的技術能力和生產力在決策過程中並不同等重要。顯然，這個領域的競爭更加激烈，而我所要傳達的訊息是，我們公司將專注於提供一流的產品，這些產品在技術和生產力方面都是一流的。在很多領域，我們已經這麼做了。我談到了 QSM，它是類似 Strata ONON 工具的沉積工具。

In terms of productivity delivered to 3D NAND, on many dimensions, cost for wafer, fab space, per wafer out. These are all dimensions we're -- as we said, we believe are unparalleled in terms of productivity delivered.

就 3D NAND 的生產效率而言，從許多方面來看，晶圓成本、晶圓廠空間、每片晶圓的產量。正如我們所說，我們相信，在生產力方面，這些都是無與倫比的。

Some of the etch applications, we may have some room to go. And so when you say, can it be stemmed? It's an area of focus for us, and I think our track record of both equipment and process development and critical application demonstrates we have the capability to do it. We have the productivity know-how inside the company to do it as well. And I will say not overly concerned, but it is somewhat coming from our strategy. We needed to ensure we were securing critical applications that will continue to pay out for us for many years to come first, and I think now we can definitely take on some of the challenges we've had in semi-critical.

在某些蝕刻應用領域，我們可能還有進步空間。所以當你問，它能被抑制嗎？這是我們的重點領域，我認為我們在設備和製程開發以及關鍵應用方面的成功記錄表明我們有能力做到這一點。我們公司內部也具備提高生產力的技術訣竅，完全可以做到這一點。我倒不是很擔心，但這某種程度上是源自於我們的策略考量。我們首先需要確保關鍵應用程式的安全，這些應用程式將在未來很多年裡繼續為我們帶來收益，我認為現在我們肯定可以應對一些我們在半關鍵領域遇到的挑戰。

Got it. Got it. That's helpful, Tim. And then a follow-up for Doug. If I look at your OpEx and try to normalize it on a weekly basis given that March had an extra week in the quarter, it looks like the OpEx run rate really hasn't changed. It looks like it's about $35 million on a weekly basis. But you guys did take out 150 headcount. So I'm just wondering, was it more flexing on the COGS side? Or should we expect the -- maybe a downside to OpEx going forward?

知道了。知道了。那很有幫助，蒂姆。然後是給道格的後續問題。如果我查看您的營運支出，並嘗試按週進行標準化（考慮到三月份季度多出了一周），看起來營運支出運行率實際上並沒有改變。看起來每週的收入約為 3500 萬美元。但你們確實裁掉了150人。所以我想知道，這是否更體現了成本控制方面的優勢？或者我們應該預料到──這或許會成為未來營運成本上漲的一個不利因素？

Yes, I mean the best that I can give you perspective is that we just guided through June quarter. I don't know what it will be precisely. I'm not going to tell you September and December and beyond. What I said in response to an earlier question is the best guidance to give you is this plus or minus where we are in June.

是的，我能給你的最好建議就是，我們剛完成了六月的季度工作。我還不清楚具體會是什麼樣子。我不會告訴你九月、十二月以及更遠以後的事情。我之前回答一個問題時說，能給你的最好建議就是，根據我們六月的實際情況，大致情況會有所不同。

And I think, Krish, in the first half of the year, you have some unique things that happen the first. You're absolutely right, it was our 14-week quarter. That occurs every 6 years, something like 6 years. We had that elective deferred compensation program drives spending up. That was offset in OI&E. I don't anticipate that happens again, but if the market significantly moves, you'll see some permutation for things like that. In the first half of the year also, you get payroll taxes come in that go away later in the year. So that dynamic comes and goes. And then quite honestly, with our R&D spending, it's based on programs and projects and schedules. And it's not perfectly linear. It's not the same every single quarter. There will be some lumpiness to that, and that's why we'll guide you quarter-by-quarter as we go. We're conscious of the profitability of the company. Obviously, we're conscious of wanting to maintain that profitability. It's why we undertook the workforce action we did.

克里什，我認為，在今年上半年，會發生一些獨特的事情。你說得完全正確，那是我們為期 14 週的季度。這種情況大約每 6 年發生一次。我們先前所推行的自願延期補償計畫會推高支出。這在 OI&E 中被抵消了。我不認為這種情況會再次發生，但如果市場出現大幅波動，你會看到類似情況的一些變化。上半年還會收到一些薪資稅，這些稅款會在下半年消失。所以這種動態時有時無。坦白說，我們的研發支出是根據專案、計畫和進度安排來分配的。而且它並非完全線性。每個季度情況都不一樣。這其中可能會有些波折，所以我們會按季度逐步指導您。我們非常重視公司的獲利能力。顯然，我們希望保持獲利能力。這就是我們採取此次員工行動的原因。

And the last thing I'd say is part of that workforce action, Krish, was in cost of goods sold. It wasn't just in direct spending. So there's lots of things moving around.

最後我想說的是，克里什，那次勞工行動的一部分是降低銷售成本。不僅僅是直接支出。所以有很多事情都在變動。

We'll now take a question from Harlan Sur with JPMorgan.

接下來，我們將回答摩根大通的哈蘭‧蘇爾提出的問題。

Nice job on the quarterly execution. Great to see the focus on semi-critical layer applications. The market doesn't tend to focus here a whole lot, but there appears to be a lot of opportunity here, as you mentioned, where the team can win on attributes like productivity, reliability, tool footprint. And all of these obviously have a significant impact on overall wafer cost to your customers. So of the share gain targets that you guys have set for in your 2021 model, how much of this share capture is due to winning semi-critical applications?

季度業績執行得很好。很高興看到對半關鍵層應用程式的關注。市場似乎不太關注這一點，但正如您所提到的，這裡似乎有很多機會，團隊可以在生產力、可靠性、工具佔用空間等屬性方面取得成功。所有這些顯然都會對客戶的晶圓總成本產生重大影響。那麼，在你們2021年模型中設定的市佔率成長目標中，有多少市佔率的提升是因為贏得了半關鍵應用項目？

We haven't quantified it, Harlan, but a piece of it certainly is. A piece of it certainly is. And when I think about this and what I hear Tim say all the time is, honestly, productivity is a technology challenge, right? The most productive platform doesn't necessarily mean the cheapest. It doesn't, right? You innovate -- in productivity, you innovate with the architecture, as Tim talked about. You can win business at nice profitability, which is what we're aspiring to do.

哈蘭，我們還沒有量化它，但其中一部分肯定是可以量化的。其中一部分確實如此。當我想到這一點，以及我經常聽到蒂姆說的話時，說實話，生產力是一個技術挑戰，對吧？最高效的平台未必是最便宜的。不會吧？正如蒂姆所說，在生產力方面，你要透過架構創新來創新。你可以贏得利潤豐厚的業務，這正是我們所追求的。

Yes. No, it's a great question. Some element of it. I mean in many ways, you're improving performance even on critical when you're working on things like architectural differentiation for semi-critical. So this isn't where you need to drive completely different attributes. I think it's just a natural part, especially in the 3D NAND space actually of how the technology has also evolved and matured as well.

是的。不，這是一個很好的問題。其中的一些因素。我的意思是，在很多方面，當你致力於半關鍵架構的差異化等工作時，即使是關鍵架構的效能也會提升。所以這裡不需要驅動完全不同的屬性。我認為這只是自然而然的一部分，尤其是在 3D NAND 領域，隨著技術的演進和成熟，這種情況也越來越明顯。

I mean if you go back a couple of years ago, maybe there was a lot more focus on the technical enablement of 3D NAND, meant a lot more applications looked critical. And I think now as it matured, we figure out which ones we can push the boundaries of throughput and cost reduction in a way that we can make 3D NAND lower cost for our customers to produce and therefore maybe drive increased volume, I mean, basically through elasticity. So it's a focus of ours. And like I said, it's not something new. I mean the -- many of the deposition applications for a long time have competed in the semi-critical space, and that's why you see unique tool plan that bring back up the QSM architectural differentiation specifically for productivity. It's a winner. The Kiyo etch and Corvus R announcement. Doug's point about almost every cost problem requires a technology solution. Now that's a technology solution. I mean it may sound easy, but the idea of a tool that can replace its own hardware without human intervention, that's a technology solution to a cost and productivity problem. And I think it's just the first example of the types of things that we want to drive out of our technology organization focused on cost.

我的意思是，如果你回顧幾年前，也許人們更加關注 3D NAND 的技術實現，這意味著更多的應用看起來至關重要。我認為，隨著技術的成熟，我們能夠找到哪些技術可以突破吞吐量和成本降低的界限，從而降低客戶生產 3D NAND 的成本，進而推動產量成長，我的意思是，基本上是透過彈性來實現的。所以這是我們關注的重點。正如我所說，這並不是什麼新鮮事。我的意思是，許多沉積應用長期以來都在半關鍵領域展開競爭，因此你會看到獨特的工具方案，這些方案重新凸顯了 QSM 架構的差異化，專門用於提高生產效率。它肯定能成功。Kiyo蝕刻版和Corvus R發布會。道格的觀點是，幾乎所有成本問題都需要技術解決方案。這才是真正的技術解決方案。我的意思是，這聽起來可能很容易，但一種無需人工幹預即可更換自身硬體的工具，這是一種解決成本和生產力問題的技術方案。我認為這只是我們希望從以成本為中心的科技組織中剔除的眾多事物中的第一個例子。

Yes, and then as my follow-up, as your Memory customers continue to focus on profitability and free cash flow, they started off by cutting CapEx, now they're limiting supply into the market by building inventory and then more recently idling capacity or even cutting wafer starts. And I know that utilization in fab activity does drive a part of your installed base business, and so wondering if you can comment on whether or not you expect to see any potential impact of these customer actions on your services business on a go-forward basis.

是的，接下來我想補充一點，隨著您的記憶體客戶繼續專注於盈利能力和自由現金流，他們一開始削減了資本支出，現在通過增加庫存來限制市場供應，而最近又閒置了產能，甚至減少了晶圓開工量。我知道晶圓廠活動的利用率確實推動了您部分已安裝業務的成長，所以我想知道你們是否可以評論一下，您是否預計這些客戶行為會在未來對您們的服務業務產生任何潛在影響。

Yes, maybe a little bit, Harlan. Honestly, as I think you well know, our spares consumption often -- well, not often, is correlated with fab utilization. So if utilization comes down, the consumption of spare parts will reduce a bit. Independent of that, we still see a nice growth here for the installed base. We still are going to deliver record levels of revenue and profits in that part of the business. So yes, we're still feeling great about what's going on. Tim, anything?

是的，也許有一點點吧，哈蘭。說實話，我想您也很清楚，我們的備件消耗量通常——好吧，其實並不經常——與晶圓廠的利用率相關。因此，如果利用率下降，備件消耗量也會略微減少。即便如此，我們仍然看到用戶基數呈現良好的成長動能。我們仍將在該業務領域實現創紀錄的收入和利潤。所以，是的，我們對目前的情況仍然感到非常滿意。提姆，有什麼事嗎？

Yes. No, no, I think I'd just point you back to the comment I made. The utilization portion, that was what Doug has commented on, obviously some were dependent there on utilization to things like spares and consumables, et cetera. But I made the comment, which I think is also shouldn't be lost, it's in years like this that customers are looking to us to help them improve productivity of their installed tools through upgrades and services. And so you maybe getting a little bit of a balance between those 2 elements of our installed base business, and that's why, even in the face of this, we're telling you we're going to deliver a record year in installed base.

是的。不，不，我想我還是讓你看看我之前的評論吧。Doug 已經評論過利用率部分，顯然有些部分依賴利用率，例如備件和消耗品等等。但我確實說過這樣一番話，我認為也不應該被遺忘：正是在這樣的年份，客戶才希望我們透過升級和服務來幫助他們提高已安裝工具的生產力。因此，我們可能會在已安裝業務的這兩個要素之間取得一些平衡，正因如此，即使面對這種情況，我們也要告訴大家，我們將實現已安裝業務創紀錄的一年。

We'll now take your question from Weston Twigg with KeyBanc.

現在讓我們來回答來自 KeyBanc 的 Weston Twigg 提出的問題。

I actually wanted to follow up on the installed base business. I'm wondering that if you have a significant slow down in total shipments this year, does that impact your installed base revenue growth trajectory next year? And kind of more importantly, does it put that 2021 target model at risk?

我其實想跟進一下已安裝用戶群的業務。我想知道，如果今年的總出貨量大幅下降，這是否會影響明年的裝機量收入成長軌跡？更重要的是，這是否會危及 2021 年的目標模式？

No, Wes, we're still tracking to where we want to be relative to the growth drivers in this business. You're right, if the growth of chambers slows, there will be a lag affect to the growth of the installed base business. But we're still feeling really good about where we're headed here.

不，韋斯，我們仍然朝著我們想要的方向發展，與這個行業的成長動力相符。你說得對，如果商舖成長放緩，將會對已安裝基礎業務的成長產生滯後影響。但我們對未來的發展方向仍然感到非常樂觀。

Okay. Good. That's helpful. And as a follow-up, you talked about the self-maintenance chamber. That sounds really interesting. I'm wondering, who would be the typical customer? And is that something that could help you accelerate revenue growth next year as the Memory CapEx begins to recover?

好的。好的。那很有幫助。作為後續問題，您談到了自維護艙。聽起來真有意思。我想知道，典型的客戶群會是什麼樣的人？而這能否在明年隨著記憶體資本支出開始復甦時，幫助您加速營收成長？

Well, that's right. That's why we're doing it. Yes, obviously, it could apply to all applications. Its first application here was in a memory-focused etch application. And I think that we -- it's just -- again, it will be more sensitive to places where you're wanting to manage a very high-volume production with minimal human intervention. I mean what it really does is it allows us to not have to interrupt the tool by opening into replaced parts, and so I guess any high-volume application could be a target for it. If it's as successful as it's proving out right now, then sure, it represents a share gain opportunity for us and therefore a better position when spending recovers.

沒錯。這就是我們這麼做的原因。是的，顯然，這可以適用於所有應用程式。它在這裡的第一個應用是用於記憶體蝕刻應用。而且我認為，它——只是——再說一遍，它將更加適用於那些你想以最少的人工幹預來管理非常大批量生產的地方。我的意思是，它的實際作用是讓我們不必透過打開工具更換零件來中斷工具的運行，因此我認為任何大量應用都可以成為它的目標。如果它像現在這樣成功，那麼當然，它代表著我們獲得市場份額的機會，因此，當消費支出復甦時，我們將處於更有利的地位。

All right. That's helpful. But just to clarify, so you think that will be a product in the marketplace next year helping generate revenue growth?

好的。那很有幫助。但我想確認一下，您認為這款產品明年就會上市，並有助於實現營收成長嗎？

Yes.

是的。

It's in the product -- Wes, it's in the market right now.

韋斯，產品裡面就有，現在市場上就有。

Yes, its -- that was the announcement, was that it is in manufacturing right now, high-volume manufacturing.

是的，公告說它目前正在生產，大規模生產。

We'll take our next question from Mitch Steves with RBC.

接下來，我們將回答來自加拿大皇家銀行的米奇·史蒂夫斯提出的問題。

I have 2. Maybe I'll start off with the first one. During your prepared remarks, you guys stated that you saw a little bit more softening in DRAM. But I think that you didn't have a comment on NAND. So am I reading too much between the lines by thinking that maybe NAND is probably at the bottom of DRAM? Or is that a, I guess, a bad assumption to make?

我有兩個。也許我會先從第一個開始。在你們事先準備好的發言中，你們提到在DRAM方面看到了一些軟化現象。但我認為你沒有對NAND閃存發表評論。所以，我這樣想是不是想太多了，認為 NAND 可能是 DRAM 的底層？或者，我猜想，這是一個錯誤的假設？

Mitch, just read it to be our outlook for NAND is unchanged.

米奇，我剛才讀到的訊息是，我們對NAND的看法沒有改變。

Okay. Got it. And secondly, in terms of the -- hello?

好的。知道了。其次，關於──你好？

Yes, go ahead.

好的，請繼續。

In terms of the China demand right now, obviously, there's been a lot of [issues] in terms of what impact has been between the tariffs. So do you guys have any view of what to kind of quantify the impact of the tariff in the U.S.-China relation?

就目前中國的需求而言，顯然存在著許多問題，例如關稅的影響等等。那麼，你們對如何量化關稅對美中關係的影響有什麼看法呢？

Well, if you mean specifically the impact of the tariffs on Lam's results, what we have said is that we've been able to mitigate -- they're to the point that -- I mean they're included and reported in our financials, and they're part of our guidance. And I would that they have been a very minimal impact at this point.

嗯，如果您指的是關稅對林氏業績的具體影響，我們已經說過，我們已經能夠減輕這些影響——它們的影響已經達到這樣的程度——我的意思是，它們已經包含在我們的財務報表中並進行了報告，而且它們也是我們業績指引的一部分。我希望到目前為止，它們的影響微乎其微。

We'll figure out how to mitigate what might have occurred, Mitch. It's gotten immaterial impact on anything you're seeing from us right now.

我們會想辦法減輕可能發生的事情的影響，米奇。它對你們現在看到的我們的任何內容都沒有產生實質影響。

We'll now go to a question from Vivek Arya with Bank of America Merrill Lynch.

接下來，我們將回答來自美國銀行美林證券的維韋克·阿亞提出的問題。

Tim, I'm wondering, how is the visibility and outlook for the second half now versus what you thought quarter ago? We have heard from some of the Memory customers that they are expecting some optimism about the second half, but the inventory situation is not getting much better. So I'm just wondering how you are looking at the second half. What's on your dashboard as you look at visibility? And at what point do you think you will be under shipping demand? Has that view changed in the last quarter or so?

提姆，我想知道，與你上個季度的預期相比，現在對下半年的前景和可見性有何看法？我們從一些記憶體業務客戶那裡了解到，他們對下半年的前景持樂觀態度，但庫存情況並沒有好轉多少。所以我想知道你對下半場的看法。在查看可見性時，您的儀表板上顯示什麼？你認為什麼時候會出現運輸需求不足的狀況？在過去一個季度左右的時間裡，這種觀點是否有所改變？

Got it. Yes, so it's a great question. We have been -- I mean what do we look at? I mean we're, as I said, in constant contact with our customers. The message we delivered today and are delivering on this call is that the year is playing out pretty much as we stated on the last call, which is no meaningful recovery in Memory spending through this year, and we exit with supply growth meaningfully below the long-term demand both in DRAM and NAND. And so we've said 2019 is a year in which kind of the balance of supply and demand and the inventory issues get resolved in a way that we exit the year and are set up for a much stronger outlook in 2020. That's what we said in January. I guess I'd say we just are reiterating that we still see it playing out that way, and that's how we're looking at it.

知道了。是的，這是一個很好的問題。我們一直在——我的意思是，我們在看什麼？我的意思是，正如我所說，我們與客戶保持密切聯繫。我們今天傳達的訊息以及在本次電話會議上傳達的訊息是，今年的情況基本上與我們在上次電話會議上所說的一致，即今年內存支出不會出現實質性復甦，而且無論在DRAM還是NAND領域，供應增長都將遠低於長期需求。因此，我們說過，2019 年是供需平衡和庫存問題得到解決的一年，這樣我們才能在年底之際為 2020 年的強勁前景做好準備。我們一月的時候就是這麼說的。我想說的是，我們只是在重申，我們仍然認為事情會朝著那個方向發展，我們也是這麼看待這件事的。

So very quickly, you -- I don't whether you answered it before, but what's the sensitivity of the services business to what you're seeing on the tools business this year? The tools are down this year. Historically, does it mean services are down next year? Or do you think there's enough growth in the installed base and consumables to still have conceptually a positive year next year?

那麼，請您快速回答一下——我不知道您之前是否回答過這個問題，但是您認為今年工具行業的情況對服務業有多大影響？今年工具都壞了。從歷史經驗來看，這是否意味著明年的服務會減少？或者您認為安裝基數和耗材的成長足以讓明年在概念上正成長嗎？

Vivek, when we look at this, we see this as a growth year for the installed base business, and it will grow next year, too.

維韋克，我們來看，今年是安裝基礎業務成長的一年，明年也將持續成長。

We'll take a question from Mehdi Hosseini with SIG.

我們將回答來自 SIG 的 Mehdi Hosseini 提出的問題。

And all the good questions have been asked. I just have one quick follow-up. When you talk about Logic/Foundry and others, does that include advanced packaging and image sensor? And if not, what does that put in, which buckets?

所有好問題都已經被問過了。我還有一個後續問題。當您談到邏輯/代工和其他方面時，是否包括先進的封裝和影像感測器？如果不是這樣，那會放進哪些桶子裡？

Yes, Mehdi, for us, it's Logic and Other, as you rightly point out. So yes, that's where image sensors goes. That's where advanced packaging goes. It's Logic plus everything else.

是的，Mehdi，對我們來說，正如你所指出的，它是邏輯和其他。是的，影像感測器就安裝在那裡。這就是先進包裝的用武之地。它是邏輯加上其他一切。

When you talk about a slight upside to Logic and Foundry, would that include better-than-expected advanced packaging and image sensors?

如果您說邏輯和晶圓製造方面略有優勢，那是否包括比預期更好的先進封裝和影像感測器？

That's not what's driving the upside in spending that we're seeing, Mehdi. It's more leading-edge stuff.

邁赫迪，我們看到的消費成長並非由這個因素所驅動的。這是更前沿的技術。

That does conclude today's question-and-answer session. At this time, I will turn the conference back to Ms. Tina Correia for any additional or closing remarks.

今天的問答環節到此結束。此時，我將把會議交還給蒂娜·科雷亞女士，請她作補充或總結發言。

Thank you all for joining us today.

感謝各位今天蒞臨。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。