科林研發 (LRCX) 2019 Q4 法說會逐字稿

Good day, and welcome to the June 2019 quarter financial call for Lam Research.

美好的一天，歡迎來到 Lam Research 的 2019 年 6 月季度財務電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

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

此時，我想將會議轉交給投資者關係公司副總裁 Tina Correia 女士。

Please go ahead, ma'am.

請繼續，女士。

Great.

偉大的。

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 June 2019 quarter and our outlook for the September 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 2019 年 6 月季度的財務業績和 2019 年 9 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。

Thanks, Tina, and good afternoon to everyone on the call.

謝謝蒂娜，大家下午好。

In the June quarter, Lam delivered strong results.

在六月季度，Lam 取得了強勁的業績。

Revenues, gross margin and operating margin exceeded the midpoint of the guidance we've provided on our last earnings call, while EPS exceeded the high end of the guidance.

收入、毛利率和營業利潤率超過了我們在上次財報電話會議上提供的指導的中點，而每股收益則超過了指導的高端。

Our ability to deliver these results was made possible by the support of our customers, our employees and our partners, and I would like to thank them for their ongoing commitment to Lam's success.

客戶、員工和合作夥伴的支持使我們能夠取得這些成果，我要感謝他們對 Lam 成功的持續承諾。

I would like to start by offering some perspective on Lam given the uncertainties surrounding trade and other influences on the market environment.

鑑於圍繞貿易的不確定性和對市場環境的其他影響，我想首先提供一些關於林的觀點。

Through the first half of calendar 2019, we have executed at a high level by focusing on what is in our control.

在 2019 年上半年，我們通過專注於我們可以控制的事情來實現高水平的執行。

And despite a difficult memory market, we have delivered on or exceeded our commitments.

儘管內存市場困難重重，但我們已經兌現或超過了我們的承諾。

As you will hear from Doug later, we generated another $880 million in cash from operations in the most recent quarter.

正如您稍後將聽到的 Doug 所說，我們在最近一個季度從運營中又產生了 8.8 億美元的現金。

At the same time, we have continued to prioritize investment in innovation and product differentiation, shifting a higher percentage of our total OpEx to R&D than in any prior quarter in our history.

與此同時，我們繼續優先考慮對創新和產品差異化的投資，將我們總運營支出中用於研發的比例高於我們歷史上任何一個季度。

We remain committed to our long-term growth vectors, observed available market expansion, market share gains and increased revenue from our installed base.

我們仍然致力於我們的長期增長載體、觀察到的可用市場擴張、市場份額增加和來自我們安裝基礎的收入增加。

Specific proof points are emerging that validate our progress in each of these areas, and I will touch on them later in my remarks.

正在出現的具體證據點可以驗證我們在這些領域中的每一個方面的進展，我將在稍後的評論中談到它們。

But first, let me update our industry outlook.

但首先，讓我更新一下我們的行業前景。

Our view on total WFE remains directionally unchanged, with calendar year 2019 down mid- to high teens percent from 2018.

我們對 WFE 總量的看法保持不變，2019 日曆年比 2018 年下降了中高百分比。

However, since our last earnings call, Memory spending is incrementally lower, while Foundry spending is tracking higher, we believe, due in part, to acceleration in 5G development, leading to strong demand for 7-nanometer and 5-nanometer products.

然而，自我們上次召開財報電話會議以來，內存支出逐漸降低，而代工支出卻在走高，我們認為部分原因是 5G 發展加速，導致對 7 納米和 5 納米產品的強勁需求。

We now view Foundry, Logic WFE to be second half-weighted versus our prior baseline of first half-weighted for calendar 2019.

我們現在將 Foundry、Logic WFE 視為下半年加權，而我們之前的 2019 日曆上半年加權基準。

Within Memory, customers have continued to take meaningful actions to restore supply and demand balance, reducing investment and lowering utilization levels for both NAND and DRAM as we progressed through the June quarter.

在內存方面，隨著我們在 6 月季度的進展，客戶繼續採取有意義的行動來恢復供需平衡，減少投資並降低 NAND 和 DRAM 的利用率水平。

As a result, we see year-over-year bit supply growth for both NAND and DRAM continuing to decline with bit supply growth rates exiting the year well below the long-term demand trend lines.

因此，我們看到 NAND 和 DRAM 的比特供應量同比增長繼續下降，今年的比特供應增長率遠低於長期需求趨勢線。

On the demand side, we are encouraged by early signs that NAND price declines are leading to an acceleration of content growth in devices.

在需求方面，我們對 NAND 價格下跌導致設備內容增長加速的早期跡象感到鼓舞。

For example, SSD penetration in PCs is expected to reach nearly 60% by the end of 2019.

例如，到 2019 年底，SSD 在 PC 中的滲透率預計將達到近 60%。

But more importantly, the average density per drive is also growing.

但更重要的是，每個驅動器的平均密度也在增長。

The predominant SSD configurations in the PC market are now 256 gigabyte and 512 gigabyte versus 128 and 256 a year ago.

PC 市場上主要的 SSD 配置現在是 256 GB 和 512 GB，而一年前是 128 和 256。

The demand impact is amplified as both units and content per unit grow together.

隨著單位和單位內容的共同增長，需求影響被放大。

Similarly, we have seen acceleration in bit content growth for NAND and mobile devices.

同樣，我們看到 NAND 和移動設備的比特內容增長加速。

This is evident not only in the premium phone segment, but also in the mid-tier and lower-end phones, where 128 gigabytes offerings are seeing the fastest growth versus 64 gigabyte models a year ago.

這不僅在高端手機領域很明顯，在中低端手機中也很明顯，與一年前的 64 GB 機型相比，128 GB 的產品增長最快。

We believe the combination of factors influencing supply and demand creates a favorable setup for Memory as we enter 2020.

我們認為，隨著我們進入 2020 年，影響供需的因素的結合為內存創造了有利的環境。

Our actions are focused on ensuring Lam is in the best possible position to benefit from the anticipated recovery in Memory spending.

我們的行動重點是確保 Lam 處於最佳位置，以從內存支出的預期復蘇中受益。

This focus is contributing to gains in both served market and market share, as evidenced by wins this quarter across various applications as well as in road maps for emerging 3D architectures.

這一重點有助於提高服務市場和市場份額，本季度在各種應用程序以及新興 3D 架構路線圖中的勝利證明了這一點。

In NAND, we are working closely with customers to develop differentiated solutions for potential limiters to 3D scaling.

在 NAND 方面，我們正與客戶密切合作，為 3D 縮放的潛在限制因素開發差異化解決方案。

An excellent example is the wafer processing challenge created by stress-induced wafer bow as the number of 3D NAND layer scales to 100 and beyond.

一個很好的例子是由於 3D NAND 層的數量擴展到 100 層甚至更多，應力引起的晶圓彎曲所帶來的晶圓加工挑戰。

Given Lam's leadership position in critical 3D NAND etch and deposition applications, we are best positioned to address this problem.

鑑於 Lam 在關鍵 3D NAND 蝕刻和沈積應用中的領導地位，我們最有能力解決這個問題。

The new Lam tool, which deposits a counter-stress film on the backside of the 3D NAND wafer, using an innovative single-step process, has been introduced to leading-edge customers with multiple repeat orders received.

新的 Lam 工具使用創新的單步工藝在 3D NAND 晶圓的背面沉積抗應力膜，已向領先的客戶推出，並收到了多個重複訂單。

Importantly, the learning we gain through our investments to scale 3D NAND will be broadly applicable as new 3D architectures emerge in other segments.

重要的是，隨著新的 3D 架構出現在其他領域，我們通過投資擴展 3D NAND 獲得的學習將廣泛適用。

For example, we believe Lam's leadership in enabling 3D scaling will become increasingly valuable as logic devices migrate to a 3D gate all around structure in 3-nanometer, as new Memory such as PC RAM scale vertically through a cost and bit density improvement and as 3D heterogeneous integration is adopted as a preferred packaging option for high-performance system solutions.

例如，我們相信 Lam 在實現 3D 縮放方面的領導地位將變得越來越有價值，因為邏輯器件遷移到 3 納米結構的 3D 門，因為新的內存（例如 PC RAM）通過成本和位密度的提高垂直擴展，以及 3D異構集成被用作高性能係統解決方案的首選封裝選項。

For 3D heterogeneous integration, several leading companies across Foundry and Logic have announced architectures to connect different IP blocks using high-density interconnects with through-silicon vias.

對於 3D 異構集成，Foundry 和 Logic 的幾家領先公司已經宣布了使用高密度互連和矽通孔連接不同 IP 塊的架構。

Lam's SABRE 3D electroplating and Syndion etch tools offer best-in-class technology, backed by years of high-volume production leadership in the TSV market.

Lam 的 SABER 3D 電鍍和 Syndion 蝕刻工具提供一流的技術，並以 TSV 市場多年的大批量生產領先地位為後盾。

During the quarter, we secured an important win at a leading logic customer for our SABRE 3D electroplating system for 3D chip stacking applications.

在本季度，我們為 3D 芯片堆疊應用的 SABRE 3D 電鍍系統贏得了領先邏輯客戶的重要勝利。

This is a significant validation of Lam's ability to leverage its industry-leading position in 3D scaling to new and emerging manufacturing inflections.

這是對 Lam 能夠利用其在 3D 縮放方面的行業領先地位來應對新興製造業拐點的能力的重要驗證。

We are also seeing successes from our customer-focused investments in DRAM.

我們還從以客戶為中心的 DRAM 投資中看到了成功。

We are collaborating with customers on critical new technologies required to scale to the 1Z and 1A nodes.

我們正在與客戶合作開發擴展到 1Z 和 1A 節點所需的關鍵新技術。

For instance, as DRAM shrinks, devices shrink to 1Z and beyond, the performance impact of resistance capacity delays becomes a challenge that must be addressed.

例如，隨著 DRAM 縮小，設備縮小到 1Z 甚至更高，電阻容量延遲對性能的影響成為必須解決的挑戰。

This quarter, we won critical spacer applications at multiple leading DRAM manufacturers for the 1Z node due to our ability to deposit highly conformal low-k films that help reduce RC delay.

本季度，由於我們能夠沉積有助於減少 RC 延遲的高度共形低 k 薄膜，我們贏得了多家領先 DRAM 製造商的 1Z 節點關鍵墊片應用。

In addition to our progress on critical applications, you might recall that I have spoken previously about the NAND semi-critical process space and is an area of increased focus for Lam as we drive to gain market share.

除了我們在關鍵應用方面的進展之外，您可能還記得我之前曾談到過 NAND 半關鍵工藝空間，這是 Lam 在我們努力爭取市場份額時更加關注的領域。

In the most recent quarter, we began to deliver on this opportunity with significant conductor etch wins at multiple NAND customers for mask open applications.

在最近一個季度，我們開始利用這個機會，在多個 NAND 客戶中為掩模開放應用贏得了顯著的導體蝕刻勝利。

Specifically, Lam's ability to create a highly productive single-step etch process to replace our competitor's multiple step approach allowed us to differentiate on system throughput, a key decision factor in the semi-critical space.

具體來說，Lam 能夠創建高效的單步蝕刻工藝來取代我們競爭對手的多步方法，這使我們能夠在系統吞吐量上脫穎而出，這是半關鍵領域的關鍵決策因素。

Another example is seen in dielectric etch, where we recorded a key win for a semi-critical metal contact application at a leading memory maker.

另一個例子是電介質蝕刻，我們在一家領先的存儲器製造商處記錄了半臨界金屬接觸應用的關鍵勝利。

As 3D NAND scales, the peripheral context becomes deeper, and aspect ratios increase.

隨著 3D NAND 的擴展，外圍環境變得更深，縱橫比也增加。

Our dielectric etch system demonstrated faster etch rates and superior profile control, leading to greater capital productivity and less frequent maintenance.

我們的電介質蝕刻系統展示了更快的蝕刻速率和卓越的輪廓控制，從而提高了資本生產力並減少了維護頻率。

For our Customer Support Business Group, we continue to see 2019 as another year of solid revenue growth despite lower WFE spending.

對於我們的客戶支持業務部門，儘管 WFE 支出減少，我們仍將 2019 年視為收入增長的又一年。

In the June quarter, we achieved a second consecutive quarterly record for revenue from our Reliant Systems business as customers invest to address robust nonleading edge demand from end markets such as IoT, automotive and powered devices.

在 6 月季度，我們的 Reliant Systems 業務收入連續第二個季度創下紀錄，因為客戶投資於解決物聯網、汽車和動力設備等終端市場強勁的非前沿需求。

The combination of our focus on leading edge technologies and installed base performance is being recognized by our customers.

我們對領先技術的關注和安裝基礎性能的結合得到了客戶的認可。

In the most recent quarter, a top customer completed their annual supplier evaluation process, ranking us as their #1 supplier, as measured by a broad set of installed base performance, cost reduction and R&D engagement metrics.

在最近一個季度，一位頂級客戶完成了他們的年度供應商評估流程，通過一系列廣泛的安裝基礎性能、成本降低和研發參與度指標來衡量，我們將我們列為他們的第一供應商。

With this newest rating, we are now in the #1 position in more than half of our top customers.

憑藉這一最新評級，我們現在在超過一半的頂級客戶中排名第一。

To wrap up, the near-term environment remains challenging.

總而言之，近期環境仍然充滿挑戰。

But the long-term growth opportunity for both our industry and for Lam is compelling.

但對於我們的行業和 Lam 來說，長期增長的機會是令人信服的。

We are focused on executing to our commitments and extending the differentiation of our product and services portfolio.

我們專注於履行我們的承諾並擴大我們產品和服務組合的差異化。

I believe that our continued prioritization of customer-focused investment would yield lasting benefits.

我相信，我們繼續優先考慮以客戶為中心的投資將產生持久的利益。

And as Memory spending returns to normalized levels and non-Memory technologies increasingly rely on 3D scaling for performance and cost improvement, Lam will be in an excellent position to outperform.

隨著內存支出恢復到正常水平，並且非內存技術越來越依賴 3D 縮放來提高性能和成本，Lam 將處於領先地位。

Now I'd like to turn the call over to Doug.

現在我想把電話轉給 Doug。

Excellent.

出色的。

Thank you, Tim.

謝謝你，蒂姆。

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

大家下午好，感謝您今天加入我們，在我所知道的繁忙的財報季。

Lam executed well in the June quarter with our results exceeding the midpoint of guidance for all financial metrics.

Lam 在 6 月季度表現良好，我們的業績超過了所有財務指標的指導中點。

Earnings per share exceeded the high end of the guidance range we provided due to stronger gross margin as well as proactive management of operating expenses.

由於更高的毛利率以及對運營費用的積極管理，每股收益超過了我們提供的指導範圍的高端。

Our EPS performance is, I believe, are testament to our continual focus on delivering on our ongoing commitments.

我相信，我們的每股收益表現證明了我們持續專注於兌現我們的持續承諾。

As Tim noted, our expectation is that 2019 WFE will be down from calendar year 2018 in the mid-to high teens percentage level.

正如蒂姆所指出的，我們預計 2019 年的 WFE 將比 2018 年的中高青少年百分比水平下降。

Since our last call, we're seeing some upside strength in Foundry, which was partially offset by a reduction in Memory spending.

自上次電話會議以來，我們看到 Foundry 有一些上行力量，這部分被內存支出的減少所抵消。

From a segment perspective, our systems revenue for the combined Memory segment increased slightly to 64% of total system revenue from 61% in the March quarter.

從細分市場的角度來看，我們的合併內存細分市場的系統收入從 3 月季度的 61% 略微增加到系統總收入的 64%。

We had an increase from the March quarter in the nonvolatile memory segment from 40% to 46%, while DRAM decreased to 18% from 21%.

我們在非易失性內存領域從 3 月季度的 40% 增長到 46%，而 DRAM 從 21% 下降到 18%。

Memory revenue continues to be mainly targeted towards conversion-related investments.

內存收入繼續主要針對與轉換相關的投資。

In DRAM spending, it's targeted towards 1Y, and some initial 1Z investment.

在 DRAM 支出方面，它的目標是 1Y 和一些初始 1Z 投資。

In NAND, it's primarily convergence to 9x layer devices.

在 NAND 中，它主要融合到 9x 層設備。

Additionally, we are seeing initial investment on 128-layer structures.

此外，我們看到對 128 層結構的初始投資。

We're continuing to see healthy spending in the Foundry segment which came in at 23% of our system revenue for the [June quarter] (added by company after the call).

我們繼續看到 Foundry 部門的健康支出，占我們 [6 月季度] 系統收入的 23%（在電話會議後由公司添加）。

And as Tim mentioned, this is heavily focused on the 5- and 7-nanometer nodes.

正如蒂姆所提到的，這主要集中在 5 納米和 7 納米節點上。

This was slightly down from 27% last quarter, although still quite strong.

這比上一季度的 27% 略有下降，但仍然相當強勁。

The Logic and Other segment was flat with the prior quarter level, contributing 13% of system revenue.

邏輯和其他部門與上一季度持平，貢獻了 13% 的系統收入。

We expect to see continued strength in the Foundry and Logic space throughout the remainder of the calendar year.

我們預計在本日曆年剩餘時間內，Foundry 和 Logic 領域將繼續保持強勁勢頭。

It's worth noting that from a geographic perspective, 33% of our revenue was generated in the China region.

值得注意的是，從地理角度來看，我們 33% 的收入來自中國地區。

The majority of this came from indigenous Chinese customers.

其中大部分來自中國本土客戶。

We expect to see higher than our average concentration level of revenue in the China region for the September quarter as well.

我們預計 9 月季度中國地區的收入集中度也將高於我們的平均水平。

We executed well on income statement performance for the June quarter.

我們在 6 月季度的損益表表現上表現良好。

Revenues came in at $2.361 billion, which was above the midpoint of the June guidance.

收入為 23.61 億美元，高於 6 月指引的中點。

Gross margin for the quarter was 45.9%, which was better than expected, primarily due to customer mix and improved field resource utilization.

本季度毛利率為 45.9%，好於預期，主要是由於客戶組合和現場資源利用率的提高。

Also, as we've stated in previous quarters, our actual gross margins are a function of several factors such as our raw business volumes, product mix and customer concentration, and you should expect to see some variability quarter-to-quarter.

此外，正如我們在前幾個季度所述，我們的實際毛利率是幾個因素的函數，例如我們的原始業務量、產品組合和客戶集中度，您應該期望看到季度間的一些變化。

Operating expenses in the June quarter declined to $450 million from the prior quarter.

六月季度的運營費用較上一季度下降至 4.5 億美元。

We are proactively managing expenses with our lower revenue levels.

我們在收入水平較低的情況下積極管理費用。

We continue to invest in our strategic R&D programs, however, and remain focused on our commitment to technology and productivity leadership.

然而，我們繼續投資於我們的戰略研發計劃，並繼續專注於我們對技術和生產力領先地位的承諾。

The percentage of R&D spend increased to approximately 66% in the June quarter, which was a high watermark.

研發支出的百分比在 6 月季度增加到約 66%，這是一個高水位線。

Operating income in the June quarter was $635 million and operating margin was 26.9%, at the high-end of our guidance range.

六月季度的營業收入為 6.35 億美元，營業利潤率為 26.9%，處於我們指導範圍的高端。

The non-GAAP tax rate for the June quarter was approximately 11%, which is slightly lower than our long-term rate.

六月季度的非公認會計原則稅率約為 11%，略低於我們的長期稅率。

For the remainder of the 2019 calendar year, we expect a tax rate in the low to mid-teens.

對於 2019 日曆年的剩餘時間，我們預計稅率將在 10 至 10 歲左右。

And I'll just remind you, you should expect to see fluctuations in the rate from quarter-to-quarter.

我只是提醒你，你應該期望看到每個季度的利率波動。

For June, other income and expense was a total of approximately $6 million of expense.

6 月份，其他收入和支出總計約為 600 萬美元。

This total includes interest expense for a full quarter related to the issuance of a $2.5 billion senior notes that we completed in the March quarter.

這一總額包括與我們在 3 月季度完成的 25 億美元優先票據發行相關的整個季度的利息支出。

The quarterly interest expense is partially offset by the interest income earned on higher cash balances for the company.

季度利息支出被公司較高現金餘額所賺取的利息收入部分抵消。

I'll just remind you that total interest expense on all tranches of our debt is approximately $45 million per quarter.

我只想提醒您，我們所有債務的總利息支出約為每季度 4500 萬美元。

We continued to execute on our capital return program during the June quarter.

我們在六月季度繼續執行我們的資本回報計劃。

For the quarter, we allocated $1.3 billion to capital return with $1.1 billion coming in share repurchases and $165 million in dividend payments.

本季度，我們為資本回報分配了 13 億美元，其中 11 億美元用於股票回購和 1.65 億美元的股息支付。

Our share repurchase activities were from a combination of open market as well as structured repurchases.

我們的股票回購活動結合了公開市場和結構性回購。

The structured repurchase program that we entered into is intended to continue to execute throughout our December quarter.

我們進入的結構化回購計劃旨在在整個 12 月季度繼續執行。

We've completed approximately $2 billion of the $5 billion authorization that we announced in the March quarter.

我們已經完成了我們在第三季度宣布的 50 億美元授權中的大約 20 億美元。

Over the past 1.5 years, we've utilized approximately $6 billion in buybacks and lowered diluted share count by roughly 15%.

在過去的 1.5 年中，我們利用了大約 60 億美元的回購資金，並將稀釋後的股票數量減少了大約 15%。

I believe this demonstrates our continued commitment to return meaningful cash to our shareholders.

我相信這表明我們繼續致力於向股東返還可觀的現金。

Earnings per share was $3.62, which was over our guidance range for the June quarter.

每股收益為 3.62 美元，超出了我們對 6 月季度的指導範圍。

This upside was driven primarily by better gross margin and lower-than-expected operating expenses.

這種上漲主要是由於更好的毛利率和低於預期的運營費用。

Diluted shares per EPS were approximately 154 million shares, which reflects a 5% decrease in quarterly diluted share count since the beginning of the calendar year.

每股每股收益稀釋後的股票約為 1.54 億股，這反映了自日曆年初以來季度稀釋後的股票數量減少了 5%。

The share count includes a dilutive impact of approximately 5 million shares from the 2041 convertible notes.

股票數量包括來自 2041 年可轉換票據的約 500 萬股的攤薄影響。

The dilution schedules for the remaining 2041 converts is available on our Investor Relations website for your reference.

剩餘 2041 次轉換的稀釋時間表可在我們的投資者關係網站上獲取，供您參考。

Let me now move to the balance sheet.

現在讓我談談資產負債表。

Our cash and short-term investments, including restricted cash, decreased in the June quarter to $5.7 billion from $6.4 billion in the March quarter.

我們的現金和短期投資（包括受限現金）在 6 月季度從 3 月季度的 64 億美元減少至 57 億美元。

The decrease is mainly due to the capital return activities within the quarter, offset by strong cash generation from operations of $880 million.

減少的主要原因是本季度的資本回報活動，但被 8.8 億美元的運營現金產生的強勁所抵消。

This is the second consecutive quarter where we had cash from operations in the $900 million range.

這是我們連續第二個季度從運營中獲得 9 億美元的現金。

DSO decreased by 5 days to 56 days.

DSO 減少 5 天至 56 天。

Our inventory balance decreased by $82 million.

我們的庫存餘額減少了 8200 萬美元。

Inventory turns remained at industry-leading levels, coming in at 3.3x.

庫存周轉率保持在行業領先水平，達到 3.3 倍。

Company noncash expenses included approximately $45 million for equity comp, $47 million for depreciation and $18 million for amortization.

公司非現金支出包括大約 4500 萬美元的股權補償、4700 萬美元的折舊和 1800 萬美元的攤銷。

Amortization was down from last quarter by 50% as a portion of the intangibles from the Novellus acquisition have now fully amortized.

由於收購 Novellus 的部分無形資產現已完全攤銷，攤銷比上一季度下降了 50%。

Capital expenditures were $66 million in the quarter, which was a slight decrease from the $76 million that we saw in March.

本季度的資本支出為 6600 萬美元，與 3 月份的 7600 萬美元相比略有下降。

The June quarter ended with approximately 10,700 regular full-time employees, which is down somewhat from the prior quarter.

六月季度結束時約有 10,700 名正式全職員工，與上一季度相比有所下降。

Additionally, I'd like to remind you that we used temporary labor as part of our operating model.

此外，我想提醒您，我們使用臨時工作為我們運營模式的一部分。

We have reduced this temporary labor by almost 40%, or [700] (added by company after the call) head count in the last year.

去年，我們已將這種臨時勞動力減少了近 40%，即 [700]（由公司在電話會議後添加）人數。

This flexibility is a critical part of our operating model, enabling us to deliver sustainable operating profits during a time of reduced revenue levels.

這種靈活性是我們運營模式的關鍵部分，使我們能夠在收入水平下降的情況下實現可持續的運營利潤。

So now looking ahead, I'd like to provide our non-GAAP guidance for the September 2019 quarter.

所以現在展望未來，我想提供我們對 2019 年 9 月季度的非 GAAP 指導。

We are expecting revenue of $2.150 billion, plus or minus $150 million; gross margin of 45%, plus or minus 1 percentage point; operating margin of 24.5%, plus or minus 1 percentage point; and finally, earnings per share of $3, plus or minus $0.20, based on a share count of approximately 150 million shares.

我們預計收入為 21.5 億美元，上下浮動 1.5 億美元；毛利率45%，上下1個百分點；營業利潤率為 24.5%，上下浮動 1 個百分點；最後，每股收益為 3 美元，正負 0.20 美元，基於大約 1.5 億股的股票數量。

Before closing my scripted remarks, I'd like to reiterate some of the tone that Tim shared in his script.

在結束我的腳本評論之前，我想重申蒂姆在他的腳本中分享的一些語氣。

We continue to not see a recovery in Memory spending, which is our strongest market for 2019.

我們仍然看不到內存支出的複蘇，這是我們 2019 年最強勁的市場。

We do observe dynamics in those markets, however, that are positive signs.

然而，我們確實觀察到這些市場的動態，這是積極的跡象。

Some examples of these signs are demand elasticity, pricing trends and management of factory utilization to bring inventory down.

這些跡象的一些例子是需求彈性、定價趨勢和工廠利用率管理以降低庫存。

We are tracking a double-digit number of new fabs ready to receive equipment shipments during this year and we see plans for that to happen again next year.

我們正在跟踪今年準備接收設備出貨量的兩位數新晶圓廠，我們預計明年會再次發生這種情況。

We continue to believe, as a result, that 2020 sets up as a better year than 2019.

因此，我們仍然相信，2020 年將比 2019 年更好。

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) We'll take are our first question from Harlan Sur with JPMorgan.

（操作員說明）我們將回答來自摩根大通的 Harlan Sur 的第一個問題。

A quarter ago, the supply side situation in Memory was one of disciplined spending and sort of reining in supply.

一個季度前，內存供應方面的情況是有節制的支出和控制供應。

It was really the demand side that was still uncertain but just even over the past few weeks it seems that the demand side is starting to materialize here in the second half of this year, PC market looking seasonally stronger, cloud spending set to accelerate this quarter and you even have several big sort of AI in deep learning programs that are starting to fire.

確實是需求方仍然不確定，但即使在過去幾週內，需求方似乎在今年下半年開始在這裡實現，個人電腦市場看起來季節性更強，本季度雲支出將加速你甚至在深度學習程序中擁有幾種大型人工智能，它們已經開始火了起來。

Your customers are also talking about inventory starting to come down.

您的客戶也在談論庫存開始下降。

So is the Lam team feeling more confident, and more importantly, are your customers feeling more confident about the prospects for a healthier market environment exiting this year, relative to 3 months or 6 months ago?

那麼，相對於 3 個月或 6 個月前，Lam 團隊是否更有信心，更重要的是，您的客戶是否對今年退出的更健康市場環境的前景更有信心？

Sure.

當然。

Harlan, I'll take that and then Doug can add what he would like to.

Harlan，我會接受，然後 Doug 可以添加他想要添加的內容。

Clearly, I maybe -- I walk you back since you kind of sets us as a baseline 3 or 6 months ago.

顯然，我可能會 - 我會帶你回去，因為你在 3 或 6 個月前將我們設定為基線。

The very first call of this year, we laid out a view that Memory spending really wouldn't recover for this entire year.

在今年的第一次電話會議上，我們提出了一個觀點，即內存支出真的不會在這一年中恢復。

You just heard Doug kind of reiterate that again.

你剛剛聽到道格再次重申了這一點。

But that didn't mean that through the year, we wouldn't see progress.

但這並不意味著在這一年中，我們不會看到進展。

Progress in sentiment, progress in both the supply side and maybe the demand side.

情緒的進步，供應方面的進步，也許是需求方面的進步。

And so I guess what I would say is, incrementally, you are hearing commentary about the demand side.

所以我想我要說的是，逐漸地，你正在聽到關於需求方面的評論。

I talked about elasticity.

我談到了彈性。

You've heard that also from some others even closer to those markets than us.

您也從比我們更接近這些市場的其他人那裡聽說過。

So I think that you're starting to see some sentiment in NAND that is -- are positive signs.

所以我認為你開始在 NAND 中看到一些情緒，這是積極的跡象。

Back 6 months ago, we also said that given the timing in which NAND corrected versus DRAM, but NAND corrected earlier, and therefore would be likely the first market where we would see end demand increases as well as pricing and market improvements.

回到 6 個月前，我們還說過，鑑於 NAND 與 DRAM 相比修正的時機，但 NAND 更早修正，因此很可能是我們看到最終需求增加以及定價和市場改善的第一個市場。

What we've tried not to do, and it's just challenging given the uncertainty in the market is, pin down exactly when that happened.

我們試圖不做的事情，考慮到市場的不確定性，這只是具有挑戰性的是，確定發生這種情況的確切時間。

So we have put an end year supply growth rate number out there which was, we said on the last call and we reiterate now, in the range of about 30% supply growth for NAND as we exit the year.

因此，我們已經公佈了年底供應增長率數字，我們在上次電話會議上說過，我們現在重申，隨著我們今年退出，NAND 供應增長率約為 30%。

And that's about 10 points below what Lam sees as long-term demand growth.

這比 Lam 認為的長期需求增長低了約 10 個百分點。

And so, again, what we said is, at that point, it feels like the market will have tightened and investment could return.

所以，再一次，我們所說的是，到那時，感覺市場將會收緊，投資可能會回歸。

But obviously, pinning that exact timing is challenging.

但顯然，確定確切的時間是具有挑戰性的。

I feel like the year, in terms of supply improvement, demand improvement discipline is playing out very close to what we thought it would, with a whole lot of moving parts, but in general, and as I said directionally, very much likely we thought at the beginning of the year.

我覺得這一年，在供應改善方面，需求改善紀律的表現非常接近我們的預期，有很多活動部件，但總的來說，正如我定向所說，我們很可能認為在年初。

I don't know if Doug has anything to add.

我不知道道格是否有什麼要補充的。

No.

不。

Perfect, Tim.

完美，蒂姆。

I don't really have anything to add.

我真的沒有什麼要補充的。

You're starting to see, Harlan, you alluded to it, some of the early indications that the market is getting healthier, is turning.

你開始看到，Harlan，你提到它，市場變得更健康的一些早期跡象正在轉向。

And inevitably, I think we all know it's a question of when, not an if, that Memory spending will recover and that continues to be how we see it.

不可避免地，我認為我們都知道這是一個問題，即內存支出何時會恢復，而不是如果，這將繼續是我們的看法。

Great.

偉大的。

And then on the heavier China domestic mix, just given the continued trade tensions, U.S. and China, which is actually motivating a number of the China-based companies to bring in more chip design domestically, especially given some of the recent component bans and the delist additions.

然後是更重的中國國內組合，只是考慮到持續的貿易緊張局勢，美國和中國，這實際上激勵了一些中國公司在國內引進更多的芯片設計，特別是考慮到最近的一些組件禁令和刪除添加。

Have you guys seen an increase in dialogue or programs that suggest a step up on China domestic activities to accelerate their semiconductor manufacturing capabilities?

你們有沒有看到對話或計劃的增加，這些對話或計劃表明要加強中國國內的活動以加速其半導體製造能力？

Yes.

是的。

I think it's hard to say, to tie one directly to the other.

我認為很難說，將一個直接與另一個聯繫起來。

What we said as we came into this year is that China domestic spending would be stronger this year than last year.

我們進入今年時說的是，今年中國的國內支出將比去年更強勁。

And I would say that, at this point in the year, we feel maybe it's even somewhat stronger than that.

我想說的是，在今年的這個時候，我們覺得它可能比這更強大。

And so demand from domestic China or indigenous Chinese customers is strong, as Doug pointed out.

正如 Doug 指出的那樣，中國國內或中國本土客戶的需求強勁。

I think to this point of exactly what's driving that, I think there is obviously long-term demand and a long-term desire to build more domestic capability.

我認為到目前為止，究竟是什麼推動了這一點，我認為顯然存在長期需求和建立更多國內能力的長期願望。

When I think about China, it's -- the biggest challenge for us really is the uncertainty that a lot of the trade discussions, probably put not only the investment plans of indigenous Chinese customers, but also in the global players who are a little less certain about how those issues might play into the demand environment.

當我想到中國時，對我們來說最大的挑戰確實是不確定性，許多貿易討論可能不僅涉及中國本土客戶的投資計劃，還涉及不太確定的全球參與者關於這些問題如何影響需求環境。

So we're just trying -- we're managing through this.

所以我們只是在嘗試——我們正在通過這個進行管理。

We've said our position in China is strong from a market share perspective and I think as you start to see some of the indigenous Chinese customers move into Memory, I would assume that our market share position should get even stronger.

我們已經說過，從市場份額的角度來看，我們在中國的地位是強大的，我認為當你開始看到一些中國本土客戶進入內存時，我認為我們的市場份額地位應該會變得更加強大。

So it's an important region for us, but we track what's going on there closely and manage it as we see best.

所以這對我們來說是一個重要的地區，但我們會密切跟踪那裡發生的事情，並按照我們認為最好的方式進行管理。

We'll go next to Toshiya Hari with Goldman Sachs.

我們將與高盛一起前往 Toshiya Hari。

Tim, you talked a little bit about your focus on addressing semi-critical applications in your prepared remarks.

Tim，您在準備好的評論中談到了您對解決半關鍵應用程序的關注。

And I think you threw out an example in conductor etch where you managed to have some wins in the quarter.

而且我認為你在導體蝕刻中拋出了一個例子，你在本季度取得了一些勝利。

Just curious, to semi-critical applications in general, how meaningful is that part of the market as a percentage of etch and deposition?

只是好奇，對於一般的半臨界應用，這部分市場作為蝕刻和沈積的百分比有多大意義？

Where is your market share today?

你今天的市場份額在哪裡？

And how do you see that evolving over the next couple of years?

您如何看待未來幾年的發展？

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

That's a great question.

這是一個很好的問題。

In fact, we said last time that as we move through the year and perhaps our Investor Day when we hold it next, we might break out a little bit more detail on the size of semi-critical as a percentage of our total, so we're not prepared to do that today.

事實上，我們上次說過，隨著我們度過這一年，也許是我們下一次舉行的投資者日，我們可能會詳細說明半關鍵的規模占我們總數的百分比，所以我們'今天不准備這樣做。

But it is -- the semi-critical is a meaningful part of the etch market.

但它是——半臨界是蝕刻市場的一個有意義的部分。

In terms of -- but I think it's also important and I really want to make sure that the message doesn't get lost.

就-- 但我認為這也很重要，我真的想確保信息不會丟失。

Our core strength, our core business is the critical market, but if you have ambitions to grow and outperform the industry in the long-term, you have to also be competitive in semi-critical.

我們的核心優勢，我們的核心業務是關鍵市場，但如果你有長期成長和超越行業的雄心，你還必須在半關鍵市場上具有競爭力。

And so I think that we look at our performance in the last quarter, I didn't talk about it, but we successfully defended critical positions in all markets in the last quarter.

所以我認為我們看看我們在上個季度的表現，我沒有談論它，但我們在上個季度成功地捍衛了所有市場的關鍵位置。

And so that was a statement, and that's kind of how we go every quarter, thinking we have to get done, is defend our critical positions.

所以這是一個聲明，這就是我們每個季度的方式，認為我們必須完成，是捍衛我們的關鍵職位。

Where we have the opportunity to grow is by taking semi-critical positions away from the competition.

我們有機會成長的地方是從競爭中撤出半關鍵的職位。

There, the defining factor is much more about productivity.

在那裡，決定性因素更多地與生產力有關。

As I think I mentioned in the last call, or at least in one of our conferences, productivity is something that the company knows how to do by learning from what has been done for a long time on the deposition side, where I would say a larger fraction of the market exists within the semi-critical space.

正如我想我在上次電話會議中或者至少在我們的一次會議中提到的那樣，生產力是公司知道如何通過學習長期在沉積方面所做的事情來做的事情，我會說大部分市場存在於半臨界空間內。

And so what we tried to highlight in the prepared remarks today is refocusing some of our efforts to ensuring that our productivity, that we're delivering to customers is best-in-class, can yield wins for Lam in the semi-critical etch space.

因此，我們今天在準備好的評論中試圖強調的是，我們將重新集中精力，以確保我們為客戶提供的生產力是一流的，能夠在半臨界蝕刻領域為 Lam 帶來勝利.

We gave you examples both in the conductor etch space as well as the dielectric etch space.

我們為您提供了導體蝕刻空間和電介質蝕刻空間的示例。

And so obviously that's -- can be interpreted as against 2 different competitors.

很明顯，這 - 可以解釋為針對 2 個不同的競爭對手。

So I think we're making progress there.

所以我認為我們正在那裡取得進展。

I think just stay tuned and we'll continue to report how we're doing against those efforts.

我想請繼續關注，我們將繼續報告我們如何應對這些努力。

Got it.

知道了。

And then as a follow-up, I was hoping to get an update on how you guys view EUV.

然後作為後續行動，我希望能獲得關於你們如何看待 EUV 的最新信息。

How fast -- or how slow, rather, the technology is progressing on the Foundry and Logic side?

Foundry 和 Logic 方面的技術進步有多快——或者說有多慢？

How you see that impacting your business into 2020?

您如何看待這對您的業務到 2020 年的影響？

And then more specifically, I guess one of your customers recently sort of talked about potentially inserting EUV on the DRAM side of their business at the 1Z nanometer node.

然後更具體地說，我猜您的一位客戶最近談到了可能在 1Z 納米節點的業務的 DRAM 端插入 EUV。

How do you see that evolving over the next 12 to 18 months?

您如何看待未來 12 到 18 個月的發展？

And how that could impact your business?

這會如何影響您的業務？

Sure.

當然。

Okay.

好的。

Great.

偉大的。

It's funny, it's maybe I'll just come out with a very clear statement at the beginning because we get asked, when the EUV question gets asked, it's often, at least I interpret it as kind of like, is this going to have a negative impact on Lam's business.

很有趣，也許我會在一開始就提出一個非常明確的聲明，因為我們被問到，當 EUV 問題被問到時，通常，至少我將其解釋為，這是否會有一個對林的業務造成負面影響。

And so I guess what I'd like to start just by saying is, at this point, we view Lam -- EUV as being good for Lam.

所以我想我首先想說的是，在這一點上，我們認為 Lam - EUV 對 Lam 有好處。

And maybe I'll just run you through a couple of reasons for that.

也許我會告訴你幾個原因。

I mean, we're aligned with this idea which is I think is held be many of our customers, that EUV is part of the answer to cost-effective scaling.

我的意思是，我們與這個想法保持一致，我認為這是我們的許多客戶所持有的，即 EUV 是成本效益擴展的答案的一部分。

And cost-effective scaling is what's needed for new technology nodes.

具有成本效益的擴展是新技術節點所需要的。

New nodes are important to Lam, as you can guess.

正如您可以猜到的，新節點對 Lam 很重要。

I just said our critical application business is the core of our business.

我剛才說我們的關鍵應用業務是我們業務的核心。

Critical applications, kind of new ones get created when technology advances from node to node, and so that's part of our growth strategy, is to continue to win the next critical applications are being developed.

關鍵應用程序，當技術從一個節點到另一個節點時，會創建一種新的應用程序，因此這是我們增長戰略的一部分，是繼續贏得正在開發的下一個關鍵應用程序。

New nodes also create SAM expansion opportunities for Lam.

新節點也為 Lam 創造了 SAM 擴展機會。

When there's a new node, I mean there's new materials and new architectures where Lam can use etch and deposition more effectively.

當有一個新節點時，我的意思是有新材料和新架構，Lam 可以更有效地使用蝕刻和沈積。

We win new positions.

我們贏得了新的職位。

And in terms of a negative impact, I mean multiple patterning, we've said also very clearly, continues to grow with more EUV.

就負面影響而言，我的意思是多重圖案化，我們也非常清楚地說過，隨著更多的 EUV 繼續增長。

We've said obviously, it doesn't grow, multiple pattern, it doesn't grow as fast as if EUV doesn't exist.

很明顯，我們已經說過，它不會增長，多重模式，它不會像 EUV 不存在一樣快速增長。

But again, our view is that's one of those hypothetical futures that it's hard to say exactly how many wafers will get produced in the future, if future nodes' without EV.

但同樣，我們的觀點是，如果未來的節點沒有 EV，那麼很難確切地說未來會生產多少晶圓，這是假設的未來之一。

So it's a long way of saying I think EUV, in total, is good for Lam.

所以說我認為 EUV 總體上對 Lam 有好處是很長的一段路要走。

Now I also said, I think on our last call, that EUV is a big technology transition and you kind of pointed out the speed with which it gets introduced has a lot to do with productivity.

現在我還說，我認為在我們上次的電話會議上，EUV 是一項重大的技術轉型，你有點指出它的引入速度與生產力有很大關係。

And we think that Lam has a significant role that we can play in helping improve by using etching deposition, we can improve the productivity over the patterning module as a whole.

而且我們認為 Lam 在通過使用蝕刻沉積幫助改進方面發揮了重要作用，我們可以提高整個圖案化模塊的生產力。

And if we can do that, then it creates new opportunities for etch and deposition and we're partnering with ASML on those opportunities and I think we -- it's a big area of focus for us.

如果我們能做到這一點，那麼它就會為蝕刻和沈積創造新的機會，我們正在與 ASML 合作開發這些機會，我認為我們 - 這是我們關注的一個重要領域。

Specifically to your question like or introduction in Logic and Foundry, I think our view is consistent with industry consensus.

具體到你在 Logic and Foundry 之類的問題或介紹，我認為我們的觀點與行業共識是一致的。

So I don't have a lot to say there.

所以我沒有太多要說的。

Around the question of 1Z insertion, again, I think you know probably what has been said.

關於 1Z 插入的問題，我想你大概知道已經說了些什麼。

It's clearly not the general consensus that DRAM and D1Z will commonly use EUV.

DRAM 和 D1Z 會普遍使用 EUV 顯然不是普遍共識。

I mean, it's a node where people are talk -- at least 1 customer, as you said, is talking about putting it in kind of as maybe the learning node.

我的意思是，這是一個人們談論的節點——正如你所說，至少有一位客戶正在談論把它作為學習節點。

But I think that I don't have anything else to add to it than that.

但我認為除此之外我沒有什麼可以補充的了。

We'll go next to John Pitzer with Crédit Suisse.

我們將與 Crédit Suisse 一起前往 John Pitzer。

Tim, at least by our math, if you kind of look at kind of your June shipments into the Memory market, they're down about 50% plus or minus from sort of peak, but they're still up if you look at -- you're almost 50% from sort of the 2014 to 2016 average, and there's been a lot that's going on with capital intensity, your SAM expansion, market share gains.

蒂姆，至少根據我們的數學，如果你看看你 6 月份進入內存市場的出貨量，它們比峰值下降了大約 50% 上下，但如果你看一下，它們仍然會上漲 - - 與 2014 年至 2016 年的平均水平相比，您幾乎是 50%，而且資本密集度、您的 SAM 擴張、市場份額增加等方面發生了很多變化。

You guys have been very clear about not calling a recovery in Memory, but I'm kind of curious, how do you think about the current level of spending relative to prior troughs in Memory spending when you adjust for capital intensity going up, SAM growth, market share, do you feel like we're bouncing along a bottom here in Memory?

你們一直很清楚不稱內存復甦，但我有點好奇，當您調整資本密集度上升、SAM 增長時，您如何看待當前的支出水平與之前的內存支出低谷相比，市場份額，你覺得我們在記憶中的底部反彈了嗎？

Or how should we think about that?

或者我們應該怎麼想？

I mean the one thing I would suggest, I would say, and we've been saying this all year is, when I look at the spending in Memory this year, it is almost entirely allocated to conversion-related investments, right?

我的意思是我要建議的一件事，我們一整年都在說，當我查看今年內存的支出時，它幾乎完全分配給與轉換相關的投資，對嗎？

Which is always a cost-effective thing for the customer base to do, it lowers cost per bit.

對於客戶群來說，這始終是具有成本效益的事情，它降低了每比特成本。

I don't know that I would say, it's a maintenance level or it's a bottom level, John.

我不知道我會說，這是維護級別還是底層級別，約翰。

But it's always something that economically is it makes sense for the customer to do it.

但從經濟角度來說，客戶這樣做總是有意義的。

And that's pretty much what we're seeing happening this year.

這幾乎就是我們今年看到的情況。

And your observation about SAM intensity, capital intensity going up and all of that is absolutely valid.

您對 SAM 強度、資本強度上升以及所有這些的觀察是絕對有效的。

It's gotten more expensive to put wafers in place because complexity of architectures have grown.

由於架構的複雜性增加，放置晶圓的成本變得更高。

Obviously, that's part of the calculus as well.

顯然，這也是微積分的一部分。

I don't know, anything to add, Tim?

我不知道，有什麼要補充的嗎，蒂姆？

Yes, no.

是的，沒有。

I think in terms of, especially etch and depth intensity has changed in a pretty dramatic way since, what's the time?

我認為，尤其是蝕刻和深度強度已經發生了相當戲劇性的變化，現在幾點了？

I agree with everything that Doug said.

我同意道格所說的一切。

Our comments are, have been, we're clearly at a point where we believe that supply growth spending is insufficient to meet long-term demand growth.

我們的評論是，一直以來，我們顯然處於我們認為供應增長支出不足以滿足長期需求增長的地步。

So however you want to call that, Doug, bottom or trough, as Doug said, we don't really want to do that but it's, this feels like the majority of investment is really around technology at this point.

所以，不管你怎麼稱呼它，道格，底部或低谷，正如道格所說，我們真的不想那樣做，但感覺目前大部分投資都圍繞著技術。

That's helpful.

這很有幫助。

And then as my follow-up, I was wondering if you can just give us update on kind of your view of the service business for this year, especially in lieu of sort of the some of the utilization cuts we've seen from your customers.

然後作為我的後續行動，我想知道您是否可以向我們提供您對今年服務業務的最新看法，尤其是代替我們從您的客戶那裡看到的一些利用率削減.

I know the installed base is growing, which will give a tailwind to service, but is that still expected to grow?

我知道安裝基數正在增長，這將為服務帶來順風，但預計還會增長嗎？

And as you answer the question, one of your customers, with the power outage this quarter, what kind of impact might that have had either on the services or quite frankly, in the shipment business?

當您回答這個問題時，您的一位客戶，由於本季度停電，這可能對服務產生什麼樣的影響，或者坦率地說，對運輸業務產生什麼樣的影響？

Yes, John, it's Doug again.

是的，約翰，又是道格。

Yes, I still expect our installed base business to grow this year.

是的，我仍然預計我們的安裝基礎業務今年會增長。

And again, your observation is absolutely right.

再說一次，你的觀察是絕對正確的。

This business will ebb and flow somewhat with industry overall utilization.

這項業務將隨著行業整體利用率而起起落落。

And I think it's pretty well understood that some of the Memory -- some of our Memory customers are reducing utilization to a certain extent, including from a power outage.

而且我認為，一些內存——我們的一些內存客戶在一定程度上降低了利用率，包括停電，這一點已經很清楚了。

And so as a result of that, things like spares consumption will decrease for a period of time, but this business will still grow this year.

因此，在一段時間內，諸如備件消費之類的東西會減少，但今年這個業務仍然會增長。

And it grows along with growth and chamber count.

它隨著增長和腔室數量而增長。

And as we've been saying, even though WFE is down so much, chamber count will still grow this year.

正如我們一直在說的那樣，即使 WFE 下降了這麼多，今年的會議室數量仍然會增長。

So the tailwind of the business over the next several years continues to be pretty good.

因此，未來幾年該業務的順風仍然非常好。

We'll take our next question from Timothy Arcuri with UBS.

我們將回答瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）的下一個問題。

Doug, I guess both of my questions are for you.

道格，我想我的兩個問題都是給你的。

The first one is, I'm wondering if you can update us on the comments you gave I think on second half versus first half loading?

第一個是，我想知道您是否可以向我們更新您在下半場與上半場加載時給出的評論？

Obviously, your full year WFE has not changed, but the mix has changed a little bit.

顯然，您的全年 WFE 沒有改變，但組合發生了一些變化。

It seems like maybe a little bit less in your favor.

看起來可能對你不利。

So can you update us on the second half versus first half of this year?

那麼你能更新一下今年下半年和上半年的情況嗎？

Yes.

是的。

Tim, you're right, the puts and takes.

蒂姆，你是對的，看跌期權。

We're still suggesting WFE this year is down mid- to high teens.

我們仍然建議今年的 WFE 處於中高水平。

And within that, there are puts and takes.

在這之中，有投入和投入。

Memory is somewhat softer than we were describing a quarter ago, and Foundry is a little bit stronger.

內存比我們四分之一前描述的要軟一些，而 Foundry 則要強一些。

Maybe a decent amount stronger.

可能要強一些。

And when I look at the profile of that investment, the spending in Memory is somewhat first half weighted.

當我查看該投資的概況時，內存方面的支出在一定程度上是上半年加權的。

The spending in Foundry and Logic is somewhat second half weighted.

Foundry 和 Logic 的支出在下半年有所加權。

And when you put it all together, I think WFE this year will be a little bit weighted to the second half.

當你把這一切放在一起時，我認為今年的 WFE 將有點偏重於下半年。

I guess Doug, I was more talking about your shipments but I think you had previously guided your shipments or your revenue second half versus first half, so I'm wondering if you can update that?

我猜道格，我更多的是在談論您的出貨量，但我認為您之前曾指導過您的出貨量或下半年與上半年的收入，所以我想知道您是否可以更新？

No.

不。

We've never guided revenue half on half.

我們從來沒有半對半指導收入。

We've always, and maybe I was misinterpreted talking about WFE.

我們一直，也許我在談論 WFE 時被誤解了。

Okay.

好的。

Awesome.

驚人的。

Okay.

好的。

And then I guess my second question, Doug is, you're doing $12 annualized in a pretty nasty Memory cycle, systems for Memory are cut in half and total system shipments are down somewhere in the range of 40% from the peak.

然後我想我的第二個問題，Doug 是，在一個非常糟糕的內存週期中，你每年的收入是 12 美元，內存系統減少了一半，系統總出貨量比峰值下降了 40% 左右。

Obviously, it's much down than really anything in the past.

顯然，它比過去的任何事情都要低得多。

So I guess the question is, how do you think about how to optimize the capital structure in the balance sheet as you come out of this?

所以我想問題是，你如何看待如何優化資產負債表中的資本結構？

You have bought back a ton of stock, but I'm wondering how you think about the right balance sheet leverage targets as you look out over the next few years?

您已經回購了大量股票，但我想知道您如何看待未來幾年正確的資產負債表槓桿目標？

Yes, Tim, I mean, I haven't communicated a numeric target for leverage or total cash or anything like that.

是的，蒂姆，我的意思是，我沒有傳達槓桿或總現金或類似的數字目標。

But if you look at what we've done over the last several years, I think we've had an inclination to provide meaningful cash back to shareholders.

但如果你看看我們過去幾年所做的事情，我認為我們傾向於向股東提供有意義的現金返還。

The cash generation capability of the business continues to be amazingly strong, right?

業務的現金生成能力仍然非常強大，對吧？

We're coming off 2 quarters now of nearly 900 -- or approximately $900 million from operational cash flow, so our confidence in the ability to sustain cash generation is obviously much higher.

我們現在已經從近 900 個季度中減少了兩個季度——或大約 9 億美元的運營現金流，因此我們對維持現金產生能力的信心顯然要高得多。

And if you look at a metric like net cash, it's also why we've been comfortable bringing that down.

如果你看看像淨現金這樣的指標，這也是我們一直樂於降低它的原因。

And we've done that through raising a little bit of debt and consuming the cash, by both dividends and more towards share buyback.

我們已經通過籌集一點債務和消耗現金，通過股息和更多的股票回購來做到這一點。

At some point we'll probably have an investor event again and talk a little bit more about it, but I'm not ready to change what we've described in the past which has been, we're going to return at least 50% of free cash flow to shareholders.

在某個時候，我們可能會再次舉辦投資者活動並多談一點，但我還沒有準備好改變我們過去所描述的，我們將至少返回 50股東自由現金流的百分比。

And what you've seen us do is a whole lot more than that over the last several years.

你看到我們所做的比過去幾年要多得多。

We'll go next to CJ Muse with Evercore ISI.

我們將與 Evercore ISI 一起去 CJ Muse 旁邊。

I guess first question, can you speak to, on both Foundry, Logic side, your revenue intensity at the 16, 14, 10 nodes, and how we think about share gains and/or greater opportunities for you as we migrate down to 7 and 5?

我想第一個問題，您能否談談在 Foundry、Logic 方面，您在 16、14、10 節點上的收入強度，以及我們如何考慮共享收益和/或在我們遷移到 7 和5?

And if there's any way to kind of quantify what the incremental revenues per wafer start or any sort of math like that, that will be very helpful.

如果有任何方法可以量化每個晶圓的增量收入開始或任何類似的數學，那將非常有幫助。

CJ, I'm going to let Tim actually talk about the direction.

CJ，我要讓蒂姆真正談談方向。

We haven't quantified it.

我們沒有量化它。

And we're not ready to do that on the call, but Tim is pretty well versed in the trajectory.

我們還沒有準備好在電話會議上這樣做，但蒂姆非常精通這一軌跡。

So if you can cover that.

所以，如果你能覆蓋它。

Good, they took the numbers off the table for me, but I think, maybe the first thing we we've said and we feel quite confident is, in kind of the Logic, Foundry world, our share gains for a variety of reasons, both through wins but also new applications that we've gained our share gains, are gains between 10, 7 and 5. And so we feel quite confident that part of that is intensity in etching deposition, part of that is new applications that created, get created, it's new processes.

很好，他們為我取消了數字，但我認為，也許我們所說的第一件事，我們感到非常有信心的是，在邏輯，鑄造世界，我們的份額因各種原因而增加，無論是通過勝利還是我們獲得份額收益的新應用，收益在 10、7 和 5 之間。因此我們非常有信心，其中一部分是蝕刻沉積的強度，一部分是創造的新應用，被創造出來，它是新的過程。

And so while we haven't quantified it, I would say that, as I said in my EUV commentary, every technology transition is an opportunity for us to gain new applications and gain share.

因此，雖然我們沒有對其進行量化，但我想說，正如我在 EUV 評論中所說，每一次技術轉型都是我們獲得新應用和獲得份額的機會。

We feel really good about the progress we've made.

我們對我們取得的進展感覺非常好。

It sometimes get lost in the -- in this overlying story about memory and memory spending and how much impact it has on our business, but we're feeling quite good about our momentum in Logic and Foundry, both.

它有時會迷失在這個關於內存和內存支出以及它對我們業務有多大影響的重疊故事中，但我們對我們在 Logic 和 Foundry 的發展勢頭感到非常滿意。

That's helpful.

這很有幫助。

And as my follow-up, any update on your self-cleaning etch offering?

作為我的後續行動，你們的自清潔蝕刻產品有什麼更新嗎？

I'd love to hear about the Kiyo module coupled with Corvus.

我很想听聽 Kiyo 模塊與 Corvus 的結合。

Anything you can share with us would be great.

您可以與我們分享的任何內容都會很棒。

Okay.

好的。

Well, I'm not sure I can share with you other than it continues to progress in the marketplace.

好吧，除了它在市場上繼續進步之外，我不確定我是否可以與您分享。

It's, again, when I talked about semi-critical applications where customers are really focused on trying to optimize the productivity of existing fabs.

再次，當我談到半關鍵應用程序時，客戶真正專注於嘗試優化現有工廠的生產力。

And 1 element to productivity of fab is how often you have to actually have technicians or people going and doing maintenance on tools.

晶圓廠生產力的一個要素是您實際上必須多久讓技術人員或人員對工具進行維護和維護。

And the Kiyo product with the Corvus R, the self-maintaining tool, is part of that answer.

帶有自我維護工具 Corvus R 的 Kiyo 產品就是答案的一部分。

Now, obviously, there's not a lot of spending going on in some of those segments but we feel this is another example of where we've introduced the right product, that one spending recovers in the Memory market, they should be perfectly targeted to the types of tools that customers want to put in to all those new fabs they're building right now.

現在，顯然，在其中一些領域沒有太多支出，但我們認為這是我們推出正確產品的另一個例子，一個支出在內存市場恢復，它們應該完全針對客戶希望在他們現在正在建造的所有新工廠中使用的工具類型。

We'll go next to Krish Sankar with Cowen and Company.

我們將與 Cowen and Company 一起前往 Krish Sankar。

I have 2 of them.

我有 2 個。

First one for Tim, one of the things I've been hearing is that actually go to higher and higher layers in 3D NAND, the process time for etch keeps going up.

第一個是 Tim，我一直聽到的一件事是，實際上 3D NAND 的層數越來越高，蝕刻的工藝時間不斷增加。

Is there a way to quantify in either absolute minutes or relative to prior nodes, what kind of increase in process times are we talking about and what does it mean for Lam?

有沒有辦法以絕對分鐘或相對於先前節點進行量化，我們正在談論什麼樣的處理時間增加，這對 Lam 意味著什麼？

Okay.

好的。

Well, I don't think that we're going to quantify that because it's kind of a competitive piece of information that we wouldn't want to divulge here, but it does, I mean to your point, it takes a longer time to etch higher aspect ratio features and I think that it's relatively well known that, that increase is nonlinear with the number of layers, meaning the etch becomes longer nonlinearly with the number of layers that are being created.

嗯，我不認為我們會量化它，因為它是一種競爭性的信息，我們不想在這裡透露，但它確實，我的意思是你的意思，它需要更長的時間蝕刻更高縱橫比的特徵，我認為這是相對眾所周知的，這種增加與層數呈非線性關係，這意味著蝕刻變得更長，與正在創建的層數呈非線性關係。

And that's simply due to the etch process physics themselves, physics and chemistry.

這僅僅是由於蝕刻過程物理本身，物理和化學。

And so more layers has a positive impact on -- for Lam on the number of etch tools that are required to accomplish that etch.

因此，對於 Lam 來說，更多的層對完成蝕刻所需的蝕刻工具的數量產生了積極的影響。

Now what I would say is that there's a constant battle, I mean, to keep the cost of ownership reasonable for customers, we're continuously working on productivity of every etch we deliver to the customer, including critical etches like the whole -- the 3D whole etch.

現在我要說的是，我的意思是，為了保持對客戶合理的擁有成本，我們一直在努力提高我們交付給客戶的每一次蝕刻的生產力，包括像整體這樣的關鍵蝕刻—— 3D 整體蝕刻。

So not prepared to quantify today, but it is a positive grower for us.

所以今天不准備量化，但它對我們來說是一個積極的種植者。

Got it.

知道了。

Got it.

知道了。

Okay.

好的。

And then as a follow-up, Tim.

然後作為後續行動，蒂姆。

When you start gaining more share, refocus more on the semi-critical etch applications, how should we think about the margin structure, because it seems like productivity is key in this segment.

當您開始獲得更多份額時，重新關注半關鍵蝕刻應用，我們應該如何考慮利潤結構，因為生產力似乎是這一領域的關鍵。

Is productivity a euphemism for lower price?

生產力是低價的委婉說法嗎？

Or just trying to figure out how to think about margins and you get more share in semi-critical etch?

或者只是想弄清楚如何考慮邊距並在半臨界蝕刻中獲得更多份額？

No.

不。

Definitely in my mind, it's not a euphemism for lower price.

在我看來，這絕對不是低價的委婉說法。

Productivity is, in many ways, is much of a technology challenge as any other.

在許多方面，生產力與其他任何技術一樣都是一項技術挑戰。

And so we're attacking productivity, we are attacking it fundamentally from equipment and hardware and process design in a way that we deliver increased productivity with the cost structure of the tool that allows us to deliver corporate average gross margins for those applications.

因此，我們正在攻擊生產力，我們從根本上從設備、硬件和流程設計來攻擊它，我們通過工具的成本結構來提高生產力，使我們能夠為這些應用程序提供公司平均毛利率。

That's our expectation.

這是我們的期望。

And so that sometimes takes time and will require us, in many cases, to think long and hard about how our tools are designed, but that is the expectation that I have for winning in that space.

因此，有時這需要時間，而且在許多情況下，我們需要對我們的工具是如何設計的進行長期而認真的思考，但這是我對在該領域獲勝的期望。

We'll take our next question from Weston Twigg with KeyBanc Capital markets.

我們將在 KeyBanc 資本市場上回答 Weston Twigg 的下一個問題。

First, I just wanted to probe a little bit about your comments on 2020.

首先，我只是想探討一下您對 2020 年的評論。

You said you think it's shaping up to be an up year, but I was wondering if you could just walk us a little bit through the puts and takes, maybe both in Memory and Foundry, what it would take be an up year?

你說你認為它正在形成一個上升的一年，但我想知道你是否可以讓我們稍微了解一下看跌期權，也許是在內存和鑄造廠，這需要什麼才能成為一個上升的一年？

And sort of what your expectations are regarding those?

你對這些的期望是什麼？

Yes, West.

是的，韋斯特。

Too soon for us to get into specifics on this.

我們現在談這方面的細節還為時過早。

Really the commentary around setting up for a better year next year, it's all about Memory recovering in terms of investment levels.

真的是關於為明年更好的一年做準備的評論，都是關於內存在投資水平方面的複蘇。

We'll give you more color on it when we get a little closer to next year, and I'm sure a lot's going to move around in there.

當我們接近明年時，我們會給你更多的顏色，我相信很多東西都會在那裡移動。

But as we sit here today and look at the level of investment occurring in Memory and the growth rates of bits exiting the year and whatnot, we believe the level of investment there needs to go up next year, and that's the nature of the comments.

但是，當我們今天坐在這裡，看看內存領域的投資水平以及今年比特幣的增長率等等，我們認為明年那裡的投資水平需要上升，這就是評論的本質。

That makes sense.

那講得通。

I guess related to, you talked about some new wins and focusing on market share gains and SAM expansion, some of the stuff you outlined today, can you help us maybe put some numbers around what -- how much that could expand the opportunity in 2020?

我想你談到了一些新的勝利，並專注於市場份額的增長和 SAM 的擴張，你今天概述的一些內容，你能幫我們提供一些數字嗎？這可以在 2020 年擴大多少機會?

The revenue opportunity deal for you?

您的收入機會交易？

Well I think maybe, kind of no, but you should come back to the -- but you, we're getting closer and closer to our market share targets that we put out for 2021.

好吧，我想也許，有點不，但你應該回到 - 但是你，我們越來越接近我們為 2021 年制定的市場份額目標。

So I guess you can think of these as we've come out and we have said that we would gain 4 to 8 points of share within etch and 4 to 8 points within deposition by 2021.

所以我想你可以想到這些，因為我們已經出來了，我們已經說過，到 2021 年，我們將在蝕刻中獲得 4 到 8 個份額，在沉積中獲得 4 到 8 個份額。

That was our last stated set of objectives.

這是我們最後陳述的一組目標。

And when you think about progress we already made in our share positioning critical, that's where you move to semi-critical and you say a fair bit of that share gain, 4 to 8 points is going to come from those types of wins.

當你考慮到我們在關鍵份額定位方面已經取得的進展時，這就是你進入半關鍵的地方，你說份額增長的相當一部分，4 到 8 分將來自這些類型的勝利。

That's why what we wanted to highlight today that we feel we're just at the start of making some of the progress towards that type of share gain.

這就是為什麼我們今天要強調的原因是，我們覺得我們才剛剛開始在這種類型的份額增長方面取得一些進展。

We'll go next to Joe Moore with Morgan Stanley.

我們將與摩根士丹利一起去喬摩爾旁邊。

I wonder if you could talk a little bit more about the strength in the indigenous China spending.

我想知道你是否可以多談談中國本土支出的實力。

How does that break down between Foundry, DRAM, NAND and just generally, your view on the sustainability of that spending into next year?

在 Foundry、DRAM、NAND 和一般情況下，您對明年這些支出的可持續性的看法是如何分解的？

Joe, we described in the past view that plus or minus, there's investment levels of $5 billion from indigenous China relative to WFE this year.

喬，我們在過去的觀點中描述過，今年相對於 WFE，中國本土的投資水平為 50 億美元。

As we look at it now, a little bit stronger than that, quite honestly.

當我們現在看它時，老實說，比這要強一點。

The strength is coming from Memory, primarily.

力量主要來自記憶。

And I think you know what's going on.

我想你知道發生了什麼。

There's several Foundry customers there, the big one is SMIC.

那裡有幾家 Foundry 客戶，最大的是中芯國際。

They continue to be a very important customer for us.

他們仍然是我們非常重要的客戶。

You got YMTC investing in NAND and then emerging DRAM investments.

你讓 YMTC 投資 NAND，然後投資新興 DRAM。

The uptick relative to prior communication, I think it's been primarily related to Memory, both a little bit of NAND, a little bit of DRAM.

相對於之前的通信，我認為這主要與內存有關，包括一點點 NAND，一點點 DRAM。

And the majority of the output that they're getting from that spending, I mean, is that something where you could see more kind of a larger capacity as we move forward?

他們從這筆支出中獲得的大部分產出，我的意思是，隨著我們的前進，你可以看到更多種類的更大容量嗎？

Or is it more pilots and kind of getting things figured out?

或者是更多的飛行員和某種讓事情弄清楚的？

Yes.

是的。

I mean, Joe, I think they're going to continue to keep innovating on the technology, they're going to keep getting better and better at what they do and it wouldn't surprise me if they can continue to invest at higher levels as we go forward.

我的意思是，喬，我認為他們將繼續在技術上不斷創新，他們將在所做的事情上變得越來越好，如果他們能夠繼續在更高水平上進行投資，我不會感到驚訝當我們前進時。

I'm not ready going to quantify it for you, but they're working very, very diligently on innovating the technology.

我還沒準備好為你量化它，但他們正在非常非常努力地創新技術。

We'll take our next question from Vivek Arya with Bank of America.

我們將向美國銀行的 Vivek Arya 提出我們的下一個問題。

I had 2 as well.

我也有2個。

I wanted to also ask about China.

我也想問一下中國。

So sales were up 20% in the last fiscal year, non-China was down about that number.

因此，上一財年的銷售額增長了 20%，而中國以外地區的銷售額則下降了大約這個數字。

How do you measure utilization at your customers?

您如何衡量客戶的利用率？

Because their purchasing has gone up right around the time when trade tensions have increased.

因為在貿易緊張局勢加劇的時候，他們的購買量就上升了。

So is there a risk that there have been pull-ins and this becomes an issue later on?

那麼是否存在拉入的風險，這在以後成為一個問題？

Yes, Vivek, when I look at it, I don't think there's significant pull-ins occurring in what we're seeing happening.

是的，Vivek，當我看到它時，我認為我們所看到的事情並沒有發生重大的影響。

And I say because we sort of knew our customers' plans as the year began.

我說是因為我們在年初就知道客戶的計劃。

And when I look at it for the most part, they're executing to those plans.

當我看到它的大部分內容時，他們正在執行這些計劃。

It's also important I think to understand that a lot of the investment in China is not indigenous Chinese customers, right?

我認為了解在中國的很多投資不是中國本土客戶也很重要，對吧？

You've got the Koreans building fabs, Taiwanese, U.S. companies.

你有韓國人建造晶圓廠，台灣人，美國公司。

So understand that a broad swathe of the spending in China isn't necessarily the indigenous Chinese customers.

所以要明白，中國的大部分消費不一定是中國本土客戶。

That's generally how I see that.

我一般是這麼看的。

Okay.

好的。

And then for my follow-up, Doug, on gross margins, you are guiding to 45%.

然後對於我的後續行動，道格，你的毛利率是 45%。

And I know you mentioned a few times that mix changes from quarter-to-quarter.

而且我知道您曾多次提到季度與季度的混合變化。

What in the mix is driving gross margins lower?

是什麼導致毛利率下降？

Because when I look at the revenue level, it's kind of back to where it was in March 2017.

因為當我查看收入水平時，它有點回到 2017 年 3 月的水平。

But at that time, gross margins were higher.

但當時，毛利率更高。

But I recall at that time, Foundry, Logic was a lower part of the mix.

但我記得當時，Foundry 和 Logic 是組合中的較低部分。

So is it Foundry, Logic that has an impact on gross margin?

那麼是 Foundry、Logic 對毛利率有影響嗎？

And I think you also alluded to the fact that you do expect to continue to grow in Foundry, Logic.

而且我認為您還提到了您確實希望在 Foundry 和 Logic 中繼續增長的事實。

So just how should we think about the trajectory of gross margins over the next several quarters?

那麼，我們應該如何看待未來幾個季度的毛利率軌跡呢？

Yes, Vivek, I wouldn't assume or you shouldn't assume there's differential gross margin by end of market necessarily, meaning Foundry to Logic to Memory.

是的，Vivek，我不會假設或者你不應該假設市場結束時毛利率必然存在差異，這意味著從 Foundry 到 Logic 到 Memory。

That's not the way it works.

這不是它的工作方式。

Generally, there are, it's what I always say, that the larger customers, because they're buying more, may tend to get a little bit better pricing, simply because they're buying more from us, relative to discounts, sometimes.

一般來說，我經常說，較大的客戶，因為他們購買的更多，可能會傾向於獲得更好的價格，這僅僅是因為他們從我們這裡購買的更多，有時相對於折扣。

Not always, but obviously, when you look at revenue down the way it is, that's probably one of the bigger contributors right now.

並非總是如此，但很明顯，當您以這種方式查看收入時，這可能是目前更大的貢獻者之一。

And Tim, would you want to...

還有蒂姆，你想...

Yes, no.

是的，沒有。

I think there's a -- you referenced back to a point in 2017.

我認為有一個——你提到了 2017 年的一個點。

We look at those all the time to think about what's different in our business.

我們一直在關注這些，以思考我們的業務有什麼不同。

And what you have to look at is that as we transition through '17, it was a massive growth cycle for us.

你必須看到的是，當我們過渡到 17 年時，這對我們來說是一個巨大的增長周期。

And while we have a very flexible operating model, some of the physical infrastructure that we have to put in place to meet a $3 billion quarterly revenue run rate, some of that physical capacity has not been taken offline and it does affect gross margin to some degree.

雖然我們有一個非常靈活的運營模式，我們必須建立一些物理基礎設施來滿足 30 億美元的季度收入運行率，但其中一些物理容量還沒有下線，它確實影響了一些人的毛利率程度。

Yes, we are confident that, that kind of physical capacity is what's needed to be able to respond when customers do ramp as Memory spending recovers.

是的，我們有信心，隨著內存支出的恢復，當客戶確實增加時，需要這種物理容量才能做出響應。

So flexible operating model, Doug talked about temporary workforce, but in some cases, there were costs put in which are still with us.

如此靈活的運營模式，Doug 談到了臨時勞動力，但在某些情況下，我們仍然會投入一些成本。

Doug, I don't know if you have...

道格，我不知道你有沒有...

Yes.

是的。

No, perfect.

沒有十全十美的。

We'll go next to Patrick Ho with Stifel.

我們將和 Stifel 一起前往 Patrick Ho。

Tim, maybe to follow up on your prepared remarks you talked about some of the new emerging technologies such as gate-all-around and the industry transition in DRAM to 1Z and 1A.

蒂姆，也許是為了跟進你準備好的評論，你談到了一些新興技術，例如環門和 DRAM 到 1Z 和 1A 的行業過渡。

On the gate-all-around, given that it's a similar format to FinFET, are there any capital intensity increases for etch and deposition that would benefit you guys when the industry makes (inaudible) because you guys clearly benefit from the transition of FinFET?

考慮到它與 FinFET 的格式相似，在全柵極方面，蝕刻和沈積是否有任何資本密集度增加，當行業製造（聽不清）時會使你們受益，因為你們明顯受益於 FinFET 的過渡？

Yes.

是的。

I think that, I mean what I was trying to message is that, at almost every node, our customers, the industry has realized that 3D scaling is a key part of the answer, both to device performance as well as cost scaling.

我認為，我的意思是我試圖傳達的信息是，在幾乎每個節點，我們的客戶，業界已經意識到 3D 縮放是解決方案的關鍵部分，無論是設備性能還是成本縮放。

And for us, 3D scaling really means etching deposition intensity tends to increase.

對我們來說，3D 縮放確實意味著蝕刻沉積強度趨於增加。

Obviously, we're still a little ways away, I mean we're highly engaged with 3-nanometer, but final decisions ultimately get made relative to structures and architectures in the future.

顯然，我們還有一段路要走，我的意思是我們高度參與 3 納米，但最終決定最終會在未來做出與結構和架構相關的決定。

But it's really a message around etch and depth intensity to create 3D architectures.

但這確實是關於創建 3D 架構的蝕刻和深度強度的信息。

It's also why I pointed out, in case it was missed, the 3D architecture that's emerging in the heterogeneous integration, or advanced packaging space, which again, is 3D chip stacking and how Lam's etching deposition will play a role in that.

這也是為什麼我指出，萬一錯過了，異構集成或先進封裝空間中出現的 3D 架構，這又是 3D 芯片堆疊，以及 Lam 的蝕刻沉積將如何在其中發揮作用。

So what I was trying to just translate it, I believe that 3D and etching depth intensity kind of is, is fanning out across all device types in the future.

所以我試圖翻譯它，我相信 3D 和蝕刻深度強度在未來會在所有設備類型中展開。

Great.

偉大的。

And my follow-up question for Doug in terms of the installed base business, that's probably providing you a lot of support this year given the pressures on the systems business.

就安裝基礎業務而言，我對 Doug 提出了後續問題，鑑於系統業務面臨的壓力，這可能會在今年為您提供很多支持。

Can you give a little color if you're seeing a lot of upgrade business for, I guess the trailing edge, the fabs that are trying to upgrade, improve their productivity, is that a key driver to the installed base business?

如果您看到很多升級業務，您能否提供一點顏色，我猜是落後的，正在嘗試升級的晶圓廠，提高他們的生產力，這是安裝基礎業務的關鍵驅動力嗎？

And the strength that you're likely seeing this year?

你今年可能會看到的力量是什麼？

That's certainly a piece of it.

這當然是其中的一部分。

In fact, last quarter, record level for our Reliant business, which is our refurbished equipment.

事實上，上個季度，我們的 Reliant 業務創下了歷史新高，這是我們翻新的設備。

So the answer, Patrick, is yes.

所以，帕特里克，答案是肯定的。

We'll go next to Sidney Ho with Deutsche Bank.

我們將和德意志銀行一起去 Sidney Ho 旁邊。

I've got 2 questions on the Memory side.

我在內存方面有 2 個問題。

You talk about NAND to supply growth rate exiting this year at about 30%.

你談到今年 NAND 的供應增長率約為 30%。

Can you give us a sense how you think the CapEx or the equipment spend needed to support say, every 1 percentage point of this supply growth from the current "conversion-only" trough?

你能告訴我們你認為資本支出或設備支出需要如何支持，比如說，從當前的“僅轉換”低谷開始，這種供應增長的每 1 個百分點？

And can you do the same for DRAM?

你能對 DRAM 做同樣的事情嗎？

I guess we have -- you have given us the estimated cost for greenfield fabs before, but just trying to put those pieces of information together.

我想我們已經 - 您之前已經給了我們新建工廠的估計成本，但只是試圖將這些信息放在一起。

Yes, Sidney.

是的，西德尼。

No I don't think we've quantified this in the past.

不，我認為我們過去沒有對此進行量化。

And I don't think we're ready to on the call right now.

而且我認為我們現在還沒有準備好接聽電話。

So I'm going to decline to answer the question.

所以我拒絕回答這個問題。

Okay.

好的。

I'll move on the next one.

我會繼續下一個。

If I take your reported revenue by end market and compare to what we think the WFE dollars for the various segments, I can see that your share has been moving up steadily across all the different segments in recent years.

如果我將您報告的最終市場收入與我們認為的各個細分市場的 WFE 美元進行比較，我可以看到您的份額近年來在所有不同細分市場中一直在穩步上升。

But the one that stood out to me is NAND, which gets to be pretty high, just take your revenue number, that's probably including services, and divide it by WFE, you get to somewhere around 40% from call it 20%, 25% a few years ago.

但對我來說最突出的是 NAND，它變得相當高，只需將您的收入數字（可能包括服務）除以 WFE，您可以從 20%、25% 得到大約 40%幾年前。

Do you think that number could go higher as the market transitions to higher layer count?

您認為隨著市場向更高層數過渡，這個數字會更高嗎？

I guess this question is whether it's sustainable.

我想這個問題是它是否可持續。

Well I guess, as what we've said is that etch and deposition are really key to continued scaling in 3D NAND, and so etch and deposition intensity scales with number of layers.

好吧，我想，正如我們所說，蝕刻和沈積是 3D NAND 持續縮放的關鍵，因此蝕刻和沈積強度與層數成比例。

So from that perspective, measuring share of the customer's total spend on 3D NAND, it will, we do believe it can and will go higher.

因此，從這個角度來看，衡量客戶在 3D NAND 總支出中的份額，我們相信它可以而且會更高。

We'll take our final question from Mitch Steves with RBC Capital Markets.

我們將回答 RBC Capital Markets 的 Mitch Steves 提出的最後一個問題。

I just have 1 extra one on kind of focusing on the share gain potential here.

我只有一個額外的關注點在這裡的份額增益潛力。

So I don't expect you guys to know what exactly what happened to Japan and Korea, but if you look at the etch and deposition tools you guys sell, where do you guys think you have the most opportunity to gain share against Tokyo Electron?

所以我不指望你們知道日本和韓國到底發生了什麼，但是如果你們看看你們銷售的蝕刻和沈積工具，你們認為你們在哪裡最有機會在與東京電子的比賽中獲得份額？

I'm not going to get specific, but okay.

具體的我就不說了，不過沒關係。

Well, this is -- look, and this is also why I talk about the importance of performing really well in the semi-critical space.

嗯，這就是——看，這也是我談論在半關鍵領域表現出色的重要性的原因。

Critical applications, that's the reason we like them, is they're hard to win and it takes often a generation or 2 to sort of prove yourself out.

關鍵應用程序，這就是我們喜歡它們的原因，它們很難取勝，而且通常需要一兩代人來證明自己。

Those are less likely to switch due to some short-term event.

由於一些短期事件，這些不太可能轉換。

Semi-critical or less critical applications are much more driven by can you accomplish that task at a certain targeted productivity point?

半關鍵或不太關鍵的應用程序更受您能否在某個目標生產力點完成該任務的驅動？

So I think that there are a number of applications that we would be targeting, where we're highly capable of doing those.

所以我認為我們將瞄准許多應用程序，我們非常有能力做到這些。

And if the customer is motivated to give Lam a try, we're motivated to jump in there and show what we can do.

如果客戶有動力嘗試 Lam，我們就有動力跳進去展示我們的能力。

Got it.

知道了。

And just one real quick high level one.

只有一個真正快速的高水平。

I don't know the exact math off the top of my head, but roughly speaking, from the last downturn you guys have seen, do you guys see anything irregular in terms of buying patterns?

我不知道我腦海中的確切數學，但粗略地說，從你們看到的上次經濟低迷開始，你們在購買模式方面是否看到任何不規則的地方？

Suggest that people are buying ahead?

建議人們提前購買？

Or buying additional equipment than normal down cycle?

或者購買比正常下降週期更多的設備？

Or do you think this is essentially a normal semi cap cycle that you see in the past?

或者你認為這本質上是你過去看到的一個正常的半帽週期？

No.

不。

Nothing from my perspective that's out of the ordinary.

從我的角度來看，沒有什麼不尋常的。

In fact, that was why I kind of started my comments with.

事實上，這就是我開始評論的原因。

For the most part, given some different puts and takes, the year's playing out not that differently than we had originally thought, from the standpoint of moving through a downcycle in Memory.

在大多數情況下，考慮到一些不同的看跌期權，從內存下降週期的角度來看，這一年的表現與我們最初想像的沒有什麼不同。

So operator, I think that's the end of the call.

所以接線員，我認為這就是通話的結束。

If you want to sign us off.

如果你想簽我們。

Thank you, everyone, for joining.

謝謝大家的加入。

Yes, certainly.

是的，當然了。

Ladies and gentlemen, thank you very much for your participation.

女士們，先生們，非常感謝你們的參與。

You may now disconnect.

您現在可以斷開連接。