科林研發 (LRCX) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the June 2022 Quarter Earnings Conference Call. At this time, I'd like to turn the conference over to Tina Correia. Please go ahead.

女士們，先生們，美好的一天，歡迎參加 2022 年 6 月的季度收益電話會議。此時，我想將會議交給 Tina Correia。請繼續。

Thank you, operator, 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.

謝謝接線員，大家下午好。歡迎參加 Lam Research 季度收益電話會議。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 we'll review our financial results for the June 2022 quarter and our outlook for the September 2022 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.

在今天的電話會議中，我們將分享我們對商業環境的概述，並將審查我們 2022 年 6 月季度的財務業績和 2022 年 9 月季度的展望。詳細說明我們財務業績的新聞稿在下午 1:00 後發布。太平洋時間今天下午。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 include forward-looking statements that are subject to risks and uncertainties reflected in the risk factors disclosed in our SEC public filings. Please see accompanying slides in the presentation for additional information. 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 the accompanying slides in the presentation. This call is scheduled to last until 3:00 p.m. Pacific Time. A replay of this call will be made available later this afternoon on our website.

今天的演講和問答包括前瞻性陳述，這些陳述受到我們在美國證券交易委員會公開文件中披露的風險因素中反映的風險和不確定性的影響。請參閱演示文稿中的隨附幻燈片以獲取更多信息。除非另有說明，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。可以在演示文稿的隨附幻燈片中找到 GAAP 和非 GAAP 結果之間的詳細核對。本次電話會議計劃持續到下午 3:00。太平洋時間。本次電話會議的重播將於今天下午晚些時候在我們的網站上提供。

And with that, I'll hand the call over to Tim.

有了這個，我會把電話交給蒂姆。

Thanks, Tina. Good afternoon, everyone. We appreciate you joining us today. Lam's June quarter results were much stronger than we originally anticipated. Revenue and non-GAAP earnings per share achieved new quarterly records, and we're well ahead of our guidance for the quarter. Industry-wide shortages continue to impact output and the efficiency of our operations. However, specific actions we have taken in our supply chain in recent quarters are allowing us to execute more effectively in the supply-constrained environment.

謝謝，蒂娜。大家下午好。感謝您今天加入我們。 Lam 的 6 月季度業績遠強於我們最初的預期。收入和非公認會計原則每股收益創下新的季度記錄，我們遠遠超過了本季度的指導。整個行業的短缺繼續影響產量和我們的運營效率。然而，我們最近幾個季度在供應鏈中採取的具體行動使我們能夠在供應受限的環境中更有效地執行。

I want to thank our global Lam teams, including our supply chain, operations and engineering groups as well as our suppliers and customers for demonstrating incredible dedication, agility and partnership in the face of significant challenges. In the June quarter, we continued to see good momentum with our product and installed base initiatives with foundry-logic systems and CSBG revenues, both reaching new highs.

我要感謝我們的全球 Lam 團隊，包括我們的供應鏈、運營和工程團隊以及我們的供應商和客戶，在面對重大挑戰時表現出令人難以置信的奉獻精神、敏捷性和合作夥伴關係。在 6 月季度，我們的產品和安裝基礎計劃繼續保持良好勢頭，代工邏輯系統和 CSBG 收入均達到新高。

Our performance this quarter adds to my confidence that Lam will emerge from this period of industry disruption, stronger, more resilient and even better positioned in our markets. As suggested by our guidance today, we expect to see incremental improvement in supply chain conditions in the September quarter, but our view is that industry-wide output will continue to be constrained through the rest of this year. Consequently, we are lowering our outlook for calendar year 2022 wafer fab equipment spending to be in the low to mid-$90 billion range.

我們本季度的表現增加了我的信心，即 Lam 將擺脫這一行業混亂時期，變得更強大、更有彈性，甚至在我們的市場中處於更好的位置。正如我們今天的指導所建議的那樣，我們預計 9 月季度的供應鏈狀況將逐步改善，但我們認為整個行業的產出將在今年剩餘時間內繼續受到限制。因此，我們將 2022 日曆年晶圓廠設備支出的預期下調至 900 億美元的中低水平。

Overall semiconductor demand remains robust, but with some macro-driven pockets of weakness, particularly in consumer-focused markets. We see strong foundry-logic spending outgrowing both NAND and DRAM investments. In the longer term, we expect industry growth to be driven by the increasingly vital role semiconductors play in the global economy. This, along with expanding semiconductor content in end devices, rising device complexity and larger die sizes will help sustain strong WFE levels.

整體半導體需求依然強勁，但存在一些宏觀驅動的疲軟，尤其是在以消費者為中心的市場。我們看到強勁的代工邏輯支出超過了 NAND 和 DRAM 投資。從長遠來看，我們預計半導體在全球經濟中發揮越來越重要的作用將推動行業增長。再加上終端設備中半導體含量的增加、設備複雜性的提高和更大的芯片尺寸，將有助於維持強勁的 WFE 水平。

Most importantly, for Lam, technology inflections will continue to drive greater etch and deposition intensity. Across our company, we have been prioritizing investments to benefit from these trends and prepare for the growth ahead. Over the last 2 years, Lam has devoted significant attention to the disruptions that have impacted semiconductor ecosystem. But at the same time, we have used this period to accelerate a strategic transformation of our operations and product focus.

最重要的是，對於 Lam 來說，技術變化將繼續推動更大的蝕刻和沈積強度。在整個公司中，我們一直在優先考慮投資，以從這些趨勢中受益並為未來的增長做好準備。在過去的 2 年裡，Lam 非常關注影響半導體生態系統的中斷。但與此同時，我們利用這段時間來加速我們的運營和產品重點的戰略轉型。

We have significantly expanded Lam's capabilities and resources closer to our customers and ecosystem partners, both in the U.S. and globally to deepen collaboration, accelerate the introduction of new products and drive greater operational flexibility. Compared to pre-pandemic times, Lam now has a more globally diverse manufacturing and supply chain infrastructure, designed to leverage unique regional capabilities while servicing worldwide demand. A notable example is Lam's new Malaysia facility, which takes our manufacturing, supply chain and logistics operations to the next level in terms of scale, automation and efficiency. Over the last 2 years, we have also increased our technology infrastructure investments across the U.S., Asia and Europe, which has included a new development center in Korea and a soon to open engineering lab in India.

我們在美國和全球範圍內顯著擴展了 Lam 的能力和資源，使其更貼近我們的客戶和生態系統合作夥伴，以深化合作、加快新產品的推出並提高運營靈活性。與大流行前相比，Lam 現在擁有更加全球化的製造和供應鏈基礎設施，旨在利用獨特的區域能力，同時滿足全球需求。一個顯著的例子是 Lam 在馬來西亞的新工廠，它將我們的製造、供應鍊和物流業務在規模、自動化和效率方面提升到一個新的水平。在過去的兩年裡，我們還增加了在美國、亞洲和歐洲的技術基礎設施投資，其中包括在韓國的一個新開發中心和一個即將在印度開設的工程實驗室。

Our vision is to be the premier technology collaboration partner in the ecosystem, leveraging Lam innovation to bring customers, suppliers, peer companies and consortia, together to create disruptive solutions for the industry's grand challenges. Productivity and extendability of EUV patterning has been one such area of focus. And in the June quarter, we announced that SK Hynix has selected Lam's innovative dry resist fabrication technology as a development tool of record for 2 key steps in the patterning process for advanced DRAM chips. We also announced the expansion of partnerships within the EUV ecosystem.

我們的願景是成為生態系統中首屈一指的技術合作夥伴，利用 Lam 的創新將客戶、供應商、同行公司和財團聚集在一起，為行業的重大挑戰創造顛覆性的解決方案。 EUV 圖案化的生產力和可擴展性一直是此類關注領域之一。在 6 月季度，我們宣布 SK 海力士已選擇 Lam 的創新乾式抗蝕劑製造技術作為先進 DRAM 芯片圖案化工藝中兩個關鍵步驟的記錄開發工具。我們還宣布擴大 EUV 生態系統內的合作夥伴關係。

In collaboration with Entegris and Gelest, we look to provide our customers with reliable access to precursor chemicals for Lam's dry photoresist technology. Together, we will also be working to accelerate the development of dry resist solutions for high numerical aperture EUV patterning.

通過與 Entegris 和 Gelest 合作，我們希望為客戶提供可靠的前體化學品，用於 Lam 的干式光刻膠技術。我們還將共同努力，加快開髮用於高數值孔徑 EUV 圖案化的干式抗蝕劑解決方案。

With customers, we are using data-driven equipment intelligence solutions to deepen our engagements. An enormous amount of equipment and process data is being generated from our installed base and together with customers, we are using key learnings to drive fab productivity. Lam's Sense.i platform was launched in early 2020 with the goal of combining Lam's innovative equipment intelligence solutions with our market-leading etch technology. The Vantex dielectric etch system built on the Sense.i platform has seen tremendous momentum since launch and has become the fastest ramping etch tool in Lam history. We expect the installed base for this product to approximately triple this year alone.

對於客戶，我們正在使用數據驅動的設備智能解決方案來加深我們的合作。我們的安裝基礎正在生成大量設備和過程數據，我們正在與客戶一起使用關鍵知識來提高工廠生產力。 Lam 的 Sense.i 平台於 2020 年初推出，目標是將 Lam 的創新設備智能解決方案與我們市場領先的蝕刻技術相結合。基於 Sense.i 平台構建的 Vantex 電介質蝕刻系統自推出以來勢頭強勁，已成為 Lam 歷史上最快的斜坡蝕刻工具。我們預計，僅今年一年，該產品的安裝基數就會增加近兩倍。

Furthermore, we are seeing increased demand for Lam solutions in new advanced packaging architectures. Our Kiyo plasma etch products with Hydro have a proven record of delivering the productivity and uniformity requirements needed for cost-effective front-end device scaling. Leveraging this expertise in high-volume manufacturing, we have now achieved multiple new etch tool of record positions for advanced packaging at a leading foundry-logic customer. As customers further develop these architectures in support of greater system performance, we see a growing opportunity for Lam's etch and deposition solutions.

此外，我們看到在新的先進封裝架構中對 Lam 解決方案的需求不斷增加。我們採用 Hydro 的 Kiyo 等離子蝕刻產品在滿足具有成本效益的前端設備擴展所需的生產力和均勻性要求方面有著良好的記錄。利用在大批量製造方面的專業知識，我們現在已經為一家領先的代工邏輯客戶實現了先進封裝的多個新蝕刻工具的記錄位置。隨著客戶進一步開發這些架構以支持更高的系統性能，我們看到 Lam 的蝕刻和沈積解決方案的機會越來越大。

And the final element in our transformation over the past several years relates to our emerging leadership in sustainability. In late June, we released our 2021 ESG report where we outlined how we integrate ESG throughout our operations. We are proud that we were one of the first in the semiconductor industry to set a net 0 emissions goal. I encourage you to review the report to see the great progress we are making across several important areas, including environmental sustainability and our commitment to diversity and inclusion in our workforce.

過去幾年我們轉型的最後一個因素與我們在可持續發展方面的新興領導地位有關。 6 月下旬，我們發布了 2021 年 ESG 報告，其中概述了我們如何在整個運營中整合 ESG。我們很自豪我們是半導體行業中率先設定淨零排放目標的公司之一。我鼓勵您查看該報告，以了解我們在幾個重要領域取得的巨大進展，包括環境可持續性以及我們對員工多元化和包容性的承諾。

So in summary, I am very pleased with the solid results posted by the company for the June quarter. Our results are an indication of our strong business foundation built on a large and growing installed base, a differentiated product portfolio and a commitment to ecosystem-wide collaboration and success. We are in a great spot to benefit as secular drivers push the semiconductor industry to new heights over time.

總而言之，我對公司公佈的 6 月季度的穩健業績感到非常滿意。我們的業績表明我們強大的業務基礎建立在龐大且不斷增長的安裝基礎、差異化的產品組合以及對生態系統範圍內的協作和成功的承諾。隨著長期驅動力將半導體行業推向新的高度，我們處於有利的位置。

Thank you, and I will now turn it over to Doug.

謝謝，我現在把它交給道格。

Great. Thank you, Tim. Good afternoon, everyone, and thank you for joining our call today during what I know is a very busy earnings season. I'm pleased to share our June quarter result with you today. We had our second consecutive fiscal year of record levels of revenue and diluted earnings per share. Revenues increased year-over-year for the fiscal year by over 17%, and diluted earnings per share rose by more than 21%. We delivered solid performance in the June 2022 quarter. Our results across all financial metrics came in at the high end or above our guidance ranges due to our improved execution and the continued strong demand for our equipment.

偉大的。謝謝你，蒂姆。大家下午好，感謝你們今天在我所知道的一個非常繁忙的收益季節加入我們的電話會議。我很高興今天與您分享我們 6 月份的季度業績。我們連續第二個財年創紀錄的收入和每股攤薄收益。本財年收入同比增長超過 17%，每股攤薄收益增長超過 21%。我們在 2022 年 6 月的季度實現了穩健的表現。由於我們改進了執行力以及對我們設備的持續強勁需求，我們所有財務指標的結果都處於高端或高於我們的指導範圍。

June quarter revenue was a record at $4.64 billion, which was an increase of more than 14% over the prior quarter and over the high end of the guidance range. Over making progress on our -- on addressing the supply chain challenges we've previously talked about, it will take more time for them to be fully resolved. Despite the supply chain improvements and higher factory output levels, we still exited the June quarter with $2.2 billion in deferred revenue, which was an increase of $129 million sequentially.

6 月季度收入達到創紀錄的 46.4 億美元，比上一季度增長 14% 以上，超過了指導範圍的高端。在解決我們之前談到的供應鏈挑戰方面取得進展，需要更多時間才能完全解決。儘管供應鏈有所改善，工廠產量水平有所提高，但我們仍然以 22 億美元的遞延收入退出了 6 月季度，比上一季度增加了 1.29 億美元。

From a segment perspective, memory represented 54% of systems revenue in the June quarter, which was down from the prior quarter level of 66%. The NAND segment came in at 40% of our systems revenue, which was roughly consistent with the prior quarter. Our NAND customers are investing in tools for 17x layer and beyond devices.

從細分市場的角度來看，內存佔 6 月季度系統收入的 54%，低於上一季度 66% 的水平。 NAND 部分占我們系統收入的 40%，與上一季度大致一致。我們的 NAND 客戶正在投資用於 17 層及以上設備的工具。

On the DRAM side, revenues were 14% of systems revenue, which is a decline from the prior quarter level of 27%. DRAM investments are focused on the 1z and 1-alpha node addition and conversions. In the Foundry segment, June quarter revenues increased quarter-over-quarter and represented 26% of our systems revenue compared with 21% in the March quarter. The increase is related to the timing of customer investments with broad-based spending across both leading as well as specialty node devices.

在 DRAM 方面，收入佔系統收入的 14%，比上一季度的 27% 有所下降。 DRAM 投資主要集中在 1z 和 1-alpha 節點的添加和轉換上。在代工部門，6 月季度收入環比增長，占我們系統收入的 26%，而 3 月季度為 21%。這一增長與客戶投資的時機有關，包括領先和專業節點設備的廣泛支出。

The Logic and other segment had record performance in the June quarter coming in at 20% of systems revenue higher than the March quarter amount of 13%. Our performance here not only reflects the demand in the market for microprocessors, analog components, image sensors and advanced packaging solutions but it also demonstrates the progress we're making in the leading-edge foundry logic inflections that Tim talked about earlier.

Logic 和其他部門在 6 月季度創下了創紀錄的業績，佔系統收入的 20%，高於 3 月季度的 13%。我們在這裡的表現不僅反映了市場對微處理器、模擬組件、圖像傳感器和先進封裝解決方案的需求，而且還展示了我們在 Tim 之前談到的前沿代工邏輯變化方面取得的進展。

Let me now turn to the regional composition of our total revenue. The China region came in at 31% of total revenue, which was flat with the March quarter percentage. China domestic customers were the majority of the China regional revenue in the June quarter. There was also a strong concentration of investments by our customers in the Korea and Taiwan regions which comprised 24% and 19% of our total revenues respectively in the June quarter. The customer support business group revenue was also a record at approximately $1.6 billion, which was up 16% from the prior quarter level and 18% higher than the June quarter in calendar 2021. There was strength across all parts of CSBG but notably in spares with our customers' fabs running at high utilization levels as well as in our Reliant business with customers investing in specialty market areas such as RF and power devices.

現在讓我談談我們總收入的區域構成。中國地區佔總收入的 31%，與 3 月份季度的百分比持平。中國國內客戶是六月季度中國地區收入的大部分。我們的客戶也高度集中在韓國和台灣地區的投資，分別占我們六月季度總收入的 24% 和 19%。客戶支持業務集團的收入也達到創紀錄的約 16 億美元，比上一季度增長 16%，比 2021 日曆年的 6 月季度增長 18%。我們客戶的晶圓廠以高利用率運行，以及我們的 Reliant 業務，客戶投資於射頻和功率設備等專業市場領域。

While quarter-on-quarter growth rates in CSBG can vary based on customer investment patterns, I believe CSBG is well positioned to again deliver annual growth in 2022.

雖然 CSBG 的環比增長率可能因客戶投資模式而異，但我相信 CSBG 有能力在 2022 年再次實現年度增長。

Let me now pivot to our gross margin performance.

現在讓我談談我們的毛利率表現。

The June quarter came in at 45.2%, above the midpoint of the guided range. Our fixed cost absorption improved somewhat with the higher output levels. However, we continue to have cost challenges in the areas of freight and logistics, semiconductors as well as in other critical components. We will continue to drive progress on improving our operational efficiencies. However, we expect inflationary pressures to be a persistent headwind in the second half of the year.

6 月季度為 45.2%，高於指導範圍的中點。隨著產出水平的提高，我們的固定成本吸收有所改善。然而，我們在貨運和物流、半導體以及其他關鍵部件領域繼續面臨成本挑戰。我們將繼續在提高運營效率方面取得進展。然而，我們預計通脹壓力將在下半年成為持續的逆風。

Our September quarter guidance embeds our views on these factors. Operating expenses for June were $635 million, up slightly from the March quarter. The increase was mainly in R&D across all of our business units as we're investing in development of technologies to support our customers' long-term roadmaps as well as to mitigate some of the supply chain challenges we're having. The June quarter operating margin was 31.5% coming in over the guidance range as a result of the stronger-than-expected revenue performance.

我們的 9 月季度指引包含了我們對這些因素的看法。 6 月份的運營費用為 6.35 億美元，略高於 3 月份季度。這一增長主要來自我們所有業務部門的研發，因為我們正在投資開發技術以支持客戶的長期路線圖，並緩解我們面臨的一些供應鏈挑戰。由於強於預期的收入表現，6 月季度的營業利潤率為 31.5%，超過了指導範圍。

Our non-GAAP tax rate for the quarter was 11%, generally in line with our expectations. We estimate the tax rate for calendar year '22 to be in the low-teens level. This estimate doesn't reflect any impact of any potential U.S. tax policy changes, and this is obviously something we continue to monitor closely, and we'll update you as appropriate. And just to remind you, as we have discussed in the past, you should expect the tax rate to fluctuate on a quarterly basis.

我們本季度的非 GAAP 稅率為 11%，總體上符合我們的預期。我們估計 '22 日曆年的稅率將處於低青少年水平。這一估計並未反映任何潛在的美國稅收政策變化的任何影響，這顯然是我們繼續密切關注的事情，我們會酌情為您提供最新信息。提醒您，正如我們過去所討論的，您應該預計稅率會按季度波動。

Other income and expense for the June quarter was approximately $87 million in expense consistent with what we noted on our call last quarter as well as what was included in the June quarter guidance. We had an increase in expense this quarter related to market declines in one our venture investments that recently went public. The OI&E P&L line item is subject to market-related fluctuations that will cause some level of volatility due to items such as foreign exchange as well as impacts in the equity markets.

6 月季度的其他收入和支出約為 8700 萬美元，與我們在上個季度的電話會議中註意到的以及 6 月季度指導中包含的內容一致。本季度我們的支出增加了，這與我們最近上市的一項風險投資的市場下滑有關。 OI&E P&L 項目受市場相關波動的影響，這將由於外匯等項目以及股票市場的影響而導致一定程度的波動。

We continue to execute on our capital return objectives during the June quarter allocating $868 million towards share repurchases. We paid $208 million in dividends. Our share repurchase activity was a combination of open market repurchases as well as an accelerated share repurchase program. This ASR will continue to execute during the September quarter.

我們在 6 月季度繼續執行我們的資本回報目標，撥出 8.68 億美元用於股票回購。我們支付了 2.08 億美元的股息。我們的股票回購活動結合了公開市場回購和加速股票回購計劃。該 ASR 將在 9 月季度繼續執行。

I'd also like to highlight that since calendar year 2012, when we brought Lam and Novellus together, we've returned approximately 115% or more than $20 billion of our free cash flow to equity holders. Our stated plan is to return 75% to 100% of free cash flow through a combination of buyback and dividends. June quarter diluted earnings per share was $8.83. Diluted share count was 138 million shares, which was lower than the March quarter and lower than our June quarter expectation due to the increase in share repurchase activity.

我還想強調的是，自 2012 日曆年以來，當我們將 Lam 和 Novellus 合併時，我們已經向股東返還了大約 115% 或超過 200 億美元的自由現金流。我們既定的計劃是通過回購和分紅的組合來返還 75% 到 100% 的自由現金流。 6 月季度攤薄後每股收益為 8.83 美元。由於股票回購活動的增加，稀釋後的股票數量為 1.38 億股，低於 3 月季度，也低於我們 6 月季度的預期。

Let me turn to the balance sheet. Cash and short-term investments, including restricted cash, totaled $3.9 billion, which was down from $4.6 billion at the end of the March quarter. The decrease in the cash position was attributed to our capital return activity as well as our usage of cash for growth in working capital as well as continuing capital investments. We increased the level of inventory we're carrying to support our growing business volumes. Inventory turns were flat with the prior quarter level coming in at 2.6x. The sales outstanding come in at 85 days, which was essentially flat with the March quarter. It again was a somewhat back-end weighted shipment quarter.

讓我談談資產負債表。包括受限現金在內的現金和短期投資總額為 39 億美元，低於第三季度末的 46 億美元。現金頭寸的減少歸因於我們的資本回報活動以及我們使用現金來增加營運資金以及持續的資本投資。我們提高了庫存水平以支持我們不斷增長的業務量。庫存周轉率與上一季度持平，為 2.6 倍。未結銷售額在 85 天出現，與 3 月季度基本持平。這又是一個後端加權出貨季度。

Noncash expenses for the June quarter included approximately $70 million for equity compensation, $69 million in depreciation and $19 million for amortization. Capital expenditures for the June quarter came in at $126 million, down by roughly $20 million from the March quarter level. Capital expenditures are supporting the company growth in manufacturing in multiple geographies, including the United States and Malaysia as well as research and development infrastructure investment in California, Oregon, as well as our new technology center in Korea.

六月季度的非現金支出包括大約 7000 萬美元的股權補償、6900 萬美元的折舊和 1900 萬美元的攤銷。 6 月季度的資本支出為 1.26 億美元，比 3 月季度的水平減少了約 2000 萬美元。資本支出正在支持公司在多個地區的製造業增長，包括美國和馬來西亞，以及在加利福尼亞州、俄勒岡州的研發基礎設施投資，以及我們在韓國的新技術中心。

We ended the June quarter with approximately 17,700 regular full-time employees, which was an increase of approximately 800 people from the prior quarter. We had headcount growth primarily in the factory and field organizations to address the higher output levels, to manage supply chain constraints as well as to support increasing customer delivery and installation.

我們在 6 月季度結束時約有 17,700 名正式全職員工，比上一季度增加了約 800 人。我們主要在工廠和現場組織中增加了員工人數，以解決更高的產出水平、管理供應鏈限制以及支持增加客戶交付和安裝。

Looking ahead, I'd like to provide our non-GAAP guidance for the September 2022 quarter. We're expecting revenue of $4.9 billion, plus or minus $300 million. Gross margin of 45%, plus or minus 1 percentage point. This gross margin outlook reflects ongoing inflationary challenges that we're seeing in the supply chain. Operating margins of 31.5%, plus or minus 1 percentage point; and finally, earnings per share of $9.50 plus or minus $0.75 based on a share count of approximately 137 million shares.

展望未來，我想提供我們對 2022 年 9 月季度的非 GAAP 指導。我們預計收入為 49 億美元，上下浮動 3 億美元。毛利率為45%，上下浮動1個百分點。這一毛利率前景反映了我們在供應鏈中看到的持續通脹挑戰。營業利潤率31.5%，上下浮動1個百分點；最後，根據大約 1.37 億股的股票數量，每股收益為 9.50 美元正負 0.75 美元。

So then in summary, Lam demonstrated an improved operational execution in the June quarter and delivered record financial performance, both quarterly as well as on a fiscal year basis. While the semiconductor industry is not immune from softening macro factors that we see, Lam's technology leadership, along with our robust installed base is a solid foundation for continued long-term growth for the company.

因此，總而言之，Lam 在 6 月季度展示了改進的運營執行，並在季度和財政年度的基礎上實現了創紀錄的財務業績。雖然半導體行業不能倖免於我們看到的疲軟的宏觀因素，但 Lam 的技術領導地位以及我們強大的安裝基礎是公司持續長期增長的堅實基礎。

And with that, operator, I'll conclude my prepared remarks. Tim and I would now like to open up the call and take questions.

然後，接線員，我將結束我準備好的評論。蒂姆和我現在想打開電話並回答問題。

(Operator Instructions) We'll take our first question from Harlan Sur with JPMorgan.

（操作員說明）我們將向摩根大通的 Harlan Sur 提出第一個問題。

Great job on the strong operational execution. As you mentioned in your prepared remarks, we've seen weakness materialize in the consumer-focused segments of the market, so PC, smartphones, gaming. For your memory customers, that accounts for about 55% of their total revenue. So they're being disciplined here in the second half and into next year. They're focused on supply side discipline, a lower profile of CapEx spending. And then on the flip side, Foundry and Logic and IBM customers are seeing, I think, a bit more diversified set of drivers where demand is still relatively healthy.

在強大的運營執行力方面做得很好。正如你在準備好的評論中提到的那樣，我們已經看到以消費者為中心的市場領域出現疲軟，例如個人電腦、智能手機和遊戲。對於您的內存客戶而言，這約佔他們總收入的 55%。所以他們在下半年和明年都會受到紀律處分。他們專注於供應方紀律，即較低的資本支出支出。另一方面，我認為 Foundry 和 Logic 以及 IBM 的客戶正在看到更多樣化的驅動因素，而這些驅動因素的需求仍然相對健康。

So given that your lead times are stretching into next year, if your customer base is becoming more cautious on the macro demand environment, I assume that they're modulating their orders down for shipments next year. Have you started to see this in your profile of your recent orders? And then maybe more near to midterm, have you guys seen any major changes in cancellations or pushouts on scheduled deliveries for this year?

因此，鑑於您的交貨時間將延長到明年，如果您的客戶群對宏觀需求環境變得更加謹慎，我假設他們正在調整明年的出貨量訂單。您是否開始在最近訂單的個人資料中看到這一點？然後可能更接近中期，你們是否看到今年預定交付的取消或推出有任何重大變化？

Okay. I'll take that question, Harlan. It's -- I think, as you said, we clearly are seeing some weaknesses in certain parts of the market, and we have customers in the memory space and others have been publicly sounding the tone on being a little bit more cautious about their CapEx and spending going forward. I believe that we've also been saying, though, for several quarters now that we believe the memory customers have generally been quite disciplined in their spending and how they look at the market. I think it's one of the things that has made that particular segment of the industry quite healthy in recent years, and that is that they respond fairly quickly to changes that they see in pricing and in demand. So that's something I think we've become accustomed to dealing with.

好的。我會回答這個問題，哈倫。這是 - 我認為，正如你所說，我們清楚地看到市場的某些部分存在一些弱點，我們在內存領域有客戶，而其他人一直公開表示對他們的資本支出和未來的支出。不過，我相信我們幾個季度以來也一直在說，我們相信內存客戶在支出和對市場的看法方面通常非常自律。我認為這是近年來使該行業的特定部分相當健康的原因之一，那就是他們對定價和需求方面的變化做出了相當快的反應。所以這是我認為我們已經習慣處理的事情。

Frankly, what I'd say though on the demand side is that we really haven't seen any significant change in the demand signals from our customers. And some of that could be, as you pointed out, that lead times remain stretched and I think people want to take some time to look at how this market is evolving from different drivers. But we certainly acknowledge that '23, there's a fair bit of uncertainty and there are different scenarios that could play out. But I think that Lam is well prepared to execute through whichever those scenarios actually transpire.

坦率地說，儘管在需求方面，我想說的是，我們確實沒有看到客戶的需求信號有任何重大變化。正如您所指出的，其中一些可能是交貨時間仍然很長，我認為人們希望花一些時間來看看這個市場是如何從不同的驅動因素演變而來的。但我們當然承認，在 23 年，存在相當多的不確定性，並且可能會出現不同的情況。但我認為林已做好充分準備，可以通過實際發生的任何情況來執行。

Yes. The only thing I might add, Harlan, is we know how to run the company whatever the environment is. We've been doing it for a really long time. And we know what the playbook needs to be, when it's up, down or sideways, we'll respond accordingly. And then when I think about the things Tim talked about, our positions are much stronger. We feel really good about the business we're winning, the growing installed base, the company is executing really well. That's the stuff we feel great about. At the end of the day, the market will be what the market will be, and we'll manage the company in the right way depending on whatever that looks like.

是的。哈蘭，我唯一要補充的是，無論環境如何，我們都知道如何經營公司。我們已經做了很長時間了。我們知道劇本需要是什麼，當它向上、向下或橫向時，我們會做出相應的反應。然後當我想到蒂姆所說的事情時，我們的立場要強大得多。我們對我們正在贏得的業務、不斷增長的安裝基礎以及公司執行得非常好感覺非常好。這就是我們感覺很棒的東西。最終，市場將成為市場，我們將根據情況以正確的方式管理公司。

Yes. Great insights. And then supply chain-wise, I mean, the team did a great job of unlocking more component availability and subsystems availability given the strong upside in June. So given more availability, do you anticipate deferred revenues coming down in the September quarter as a part of your strong revenue guidance? And where are you seeing the biggest supply improvement? Is it component availability? Is it subsystems availability, freight and logistics or maybe all of the above?

是的。偉大的見解。然後在供應鏈方面，我的意思是，鑑於 6 月份的強勁上漲，該團隊在釋放更多組件可用性和子系統可用性方面做得很好。因此，鑑於更多的可用性，您是否預計 9 月季度的遞延收入會下降，作為您強有力的收入指導的一部分？您認為最大的供應改善在哪裡？是組件可用性嗎？是子系統的可用性、貨運和物流還是以上所有？

Yes, I'll take the first part and let Doug speak specifically the deferred revenue. I think that -- we talked in the last couple of calls about having somewhere in the order of about 40 task forces deployed out to our critical customers. So we said the constraints were pretty broad-based. I mean clearly, things like IC component shortages have gotten a lot of attention. But instead it was broader than that.

是的，我將採取第一部分，讓 Doug 具體談談遞延收入。我認為 - 我們在最近幾次電話會議中談到了將大約 40 個工作組部署到我們的關鍵客戶的某個地方。所以我們說這些限制是非常廣泛的。我的意思很清楚，像 IC 元件短缺這樣的事情已經引起了很多關注。但它比這更廣泛。

We've seen improvements across a number of those constrained commodities. But we still have constraints. And that's -- you see it in how we're still spending, managing our supply chain in the numbers Doug talked about and also in the fact that deferred revenue actually continue to grow a little bit in the June quarter. So we're nowhere near to where I would say that the supply chain overall is executing like it had in the past.

我們已經看到許多受限制的商品有所改善。但我們仍然有限制。這就是——你可以從道格談到的數字中我們仍然如何支出、管理我們的供應鏈以及遞延收入實際上在 6 月季度繼續增長一點這一事實中看到這一點。因此，我們離我所說的整個供應鏈的執行情況還差得很遠。

But we've seen kind of a broad improvements as a result, we think of specific actions Lam has taken. And I'll let Doug talk about the September deferred revenue.

但是我們已經看到了一種廣泛的改進，我們想到了 Lam 採取的具體行動。我會讓 Doug 談談 9 月份的遞延收入。

Yes, Harlan, it's hard enough to forecast a revenue number, let alone the deferred. But if I was going to give you some color on it, I kind of think it's flattish, plus or minus a little bit. And again, it will depend on how well we progress with the supply chain, honestly.

是的，哈倫，很難預測收入數字，更不用說延期了。但如果我要給你一些顏色，我覺得它有點平淡，加減一點。而且，老實說，這將取決於我們在供應鏈方面的進展情況。

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。

So I had a question just on overall WFE. So Tim and Doug, you beat on June, you're guiding better in September, and you're getting a little bit -- a bit of improvement in terms of some of these constraints, yet the full year WFE is coming down a bit. So can you sort of square that a little bit. Is some of that maybe some demand driven that's bringing the year down? Or is even that mid-90s still a supply-constrained number?

所以我有一個關於整體 WFE 的問題。所以蒂姆和道格，你們在 6 月擊敗了，你們在 9 月指導得更好，而且你們得到了一點——在一些限制方面有所改善，但全年 WFE 有所下降.所以你能不能稍微平方一下。其中一些可能是一些需求驅動導致今年下降嗎？或者即使是 90 年代中期仍然是一個供應受限的數字？

Yes, Tim, it's -- in our view, it's primarily an adjustment we've made based on supply constraints and challenges. Since we gave our last guidance, which we had put at $100 billion of WFE, not only have we seen kind of how we're performing, but we've also heard from others in the industry. And so we have to -- in trying to give a WFE number look to how the entire industry is executing and not just how Lam is performing. And so we felt it prudent to lower that WFE outlook based on what look to be still a lot of industry-wide constraints.

是的，蒂姆，在我們看來，這主要是我們根據供應限制和挑戰做出的調整。自從我們給出了上一次指導，我們將 WFE 投入了 1000 億美元，我們不僅看到了我們的表現，而且還聽取了業內其他人的意見。因此，我們必須 - 試圖讓 WFE 數字了解整個行業的執行情況，而不僅僅是 Lam 的表現。因此，我們認為基於行業範圍內仍然存在很多限制的情況來降低 WFE 前景是謹慎的做法。

And so from a demand perspective, as I just said in the last answer, I really haven't seen any meaningful change that's really embedded in that lowering of WFE. There's always some tools and projects that move around. But right now, as you see with our deferred revenue and the fact that we're not meeting all demand, if anybody slides out a little bit, somebody else is sliding right into that slot. So we're fully utilized at this point at the numbers we just gave.

因此，從需求的角度來看，正如我在上一個答案中所說的那樣，我真的沒有看到任何真正嵌入在 WFE 降低中的有意義的變化。總會有一些工具和項目在移動。但是現在，正如您看到的我們的遞延收入以及我們沒有滿足所有需求的事實，如果有人滑出一點點，其他人就會滑入那個位置。所以我們在這一點上已經完全利用了我們剛剛給出的數字。

Got it. Got it. Awesome. And then, Doug, I'd be remiss if I didn't ask about gross margin, someone's going to ask about it. So I guess it'd be me. So can you just -- sorry, Doug. Can you just -- can you walk us through sort of maybe quantify the headwinds? And would we be at 48%, 48.5% if sort of absent some of these headwinds, can you sort of like normalize all that for us?

知道了。知道了。驚人的。然後，道格，如果我不問毛利率，我就會失職，有人會問這個問題。所以我想應該是我。那麼你能不能——對不起，道格。你能不能——你能引導我們通過某種方式量化逆風嗎？如果沒有一些不利因素，我們會達到 48% 或 48.5%，你能為我們將這一切正常化嗎？

Yes, Tim, the way I've been describing it actually for a while now is the long-term profitability model of the company is unchanged. My expectation of where we're going to perform isn't any different than it was pre-pandemic, pre-inflation coming through. The inflationary stuff that's permanent. We got to work on getting fairly paid for and the stuff that's temporary, maybe we get paid for a little bit, but then we got to go on the cost back.

是的，蒂姆，我實際上已經描述了一段時間的方式是，公司的長期盈利模式沒有改變。我對我們將在哪裡表現的期望與大流行前、通脹前的預期沒有什麼不同。通貨膨脹的東西是永久性的。我們必須努力獲得公平的報酬和暫時的東西，也許我們得到一點報酬，但隨後我們必須繼續收回成本。

And so what was embedded in a financial model that we gave, I guess, over 2.5 years ago or something was kind of 200 basis points above where we are guiding right now, and that's still the way you should think about the long-term profitability of where we're going to drive the business.

所以我猜，我們在 2.5 年前給出的財務模型中嵌入了什麼，或者比我們現在指導的高出 200 個基點，這仍然是你應該考慮長期盈利能力的方式我們將在哪裡推動業務。

And Tim, the only thing I would add on that point is there's a -- there are a lot of questions obviously coming about is the industry slowing or there are some pockets that are going to ease up, think if that's the case, some of the things that are headwinds to us in gross margin right now. I mean, a lot of the expedites and premiums that we're paying on things like ICs, you would expect those to begin to moderate if some of the outlooks are that some of this demand either gets caught up or maybe -- or slows down a bit going forward. So I think there's room for gross margin improvement, as Doug said, over the longer run.

蒂姆，我在這一點上唯一要補充的是——顯然有很多問題是行業放緩，或者有一些口袋會放鬆，想想如果是這樣的話，一些目前在毛利率方面對我們不利的事情。我的意思是，我們在 IC 之類的東西上支付的很多加速和溢價，如果一些前景是這種需求中的一些被趕上或可能 - 或放緩，你會期望這些開始緩和有點前進。因此，正如道格所說，從長遠來看，我認為毛利率仍有提高的空間。

Definitely, yes. It's a natural hedge.

肯定的，是的。這是一個天然的樹籬。

We'll take our next question from C.J. Muse with Evercore.

我們將從 C.J. Muse 和 Evercore 提出我們的下一個問題。

A follow-up question on gross margins. Your favorite subject, Doug. Would love to isolate just on your factory ramp in Malaysia. Can you speak to how that's going, whether that's a headwind or beginning to be a tailwind for you? And how we should think about that escalating into a real tailwind for you guys? Is that a first half '23, second half, '23 or later type of story?

關於毛利率的後續問題。你最喜歡的科目，道格。很想在馬來西亞的工廠坡道上隔離。你能談談這是怎麼回事嗎，無論是逆風還是開始成為你的順風？以及我們應該如何考慮升級為你們真正的順風？這是 23 年上半年、下半年、23 年或以後的故事類型嗎？

Maybe I'll let Tim talk about how the ramp is going and I'll describe the numbers a little bit, C.J.

也許我會讓蒂姆談談斜坡的進展情況，我會稍微描述一下數字，C.J.

Okay. Yes, sure. So C.J. is actually just out there not too long ago. I'd say from an execution perspective and a lot of the improvement we're looking at, I'd say the Malaysia ramp is going extremely well. We're still in a ramping phase there, still in the mode of building out and developing the supply chain. Some of that, especially the supply chain development might be a little bit behind where we would have wanted to be at the volumes. And that's simply because supply chain globally is struggling to ramp. And whether that's raw materials or component shortages or labor.

好的。是的，當然。所以 C.J. 實際上就在不久前。我想說從執行的角度和我們正在考慮的許多改進，我會說馬來西亞的坡道進展非常順利。我們仍處於加速階段，仍處於建立和發展供應鏈的模式。其中一些，尤其是供應鏈發展可能有點落後於我們希望達到的數量。這僅僅是因為全球供應鏈正在努力增加。無論是原材料、零部件短缺還是勞動力。

But I think it's coming up very nicely. And I think what Doug gives you the answer about how it contributes, I mean, what we have to remember is that Malaysia is ramping at the same time as we're ramping all of our global facilities. And so perhaps in the short run, you're not seeing an easily isolatable impact of Malaysia because we're ramping all other global factors at the same time. But from a ramp perspective, I couldn't be happier that right now with the scale of output and the efficiency I see starting to come out of that facility.

但我認為它的發展非常好。而且我認為道格給你的答案是它如何做出貢獻，我的意思是，我們必須記住的是，馬來西亞在增加我們所有全球設施的同時也在增加。因此，也許在短期內，您不會看到馬來西亞容易孤立的影響，因為我們正在同時增加所有其他全球因素。但從斜坡的角度來看，我現在對產量規模和我看到該設施開始出現的效率感到非常高興。

Yes. And then C.J., just how to think about the numbers. I think maybe a year ago, I was talking about it being somewhat of a headwind to gross margin. It really isn't any longer. We're kind of at the point where it's neutral-ish. And as Tim just told you, we're ramping everywhere as eventually that will be the biggest factor in the network. And as it gets to be a bigger percentage of the total, it will become a benefit to gross margin, not just from cost of labor, but the fact that our freight lines will be shorter and the supply chain will move along with us. So I'll keep you updated as we progress.

是的。然後是 C.J.，只是如何考慮數字。我想也許一年前，我說這對毛利率有點不利。真的沒有了。我們有點中立。正如蒂姆剛剛告訴你的那樣，我們正在無處不在，因為最終這將成為網絡中最大的因素。隨著它在總量中所佔的比例越來越大，它將成為毛利率的好處，不僅來自勞動力成本，而且我們的貨運線路將更短，供應鏈將與我們一起移動。因此，隨著我們的進展，我會及時通知您。

Yes. I think actually just -- I want to emphasize that 1 point Doug just made because in my prepared remarks, I made this comment about part of our strategic transformation over the last couple of years was to put capabilities closer to where they ultimately need to be. And that's -- in the case of development, closer to customers. And in the case of the factories closer to supply chains and also customers. And in a period when we're seeing high freight and logistics costs, I mean, I think that ultimately having a large factory close to our customers in Asia is going to be a big benefit for us. So that was a very conscious decision. And I think it's going to pay off as -- we don't know when freight and logistics costs normalize, but that's a hedge against those remaining high for a while.

是的。我認為實際上只是 - 我想強調道格剛剛提出的 1 點，因為在我準備好的評論中，我對過去幾年我們戰略轉型的一部分發表了這樣的評論，即讓能力更接近最終需要的地方.這就是 - 在開發的情況下，更接近客戶。在工廠更靠近供應鍊和客戶的情況下。在我們看到高昂的貨運和物流成本的時期，我的意思是，我認為最終在亞洲客戶附近擁有一家大型工廠將給我們帶來很大的好處。所以這是一個非常有意識的決定。而且我認為它會得到回報，因為我們不知道運費和物流成本何時正常化，但這是對暫時保持高位的對沖。

Very helpful. As my follow-up, I guess I was hoping you could speak a bit to Reliant. And you clarified, do you include Reliant when you break out the percentage of exposure logic, foundry memory? And then, I guess, bigger picture there, the trends you're seeing, particularly as it relates to 200-millimeter 40-nanometer and above and domestic China. Can you kind of walk through the trends you're seeing there?

非常有幫助。作為我的後續行動，我想我希望你能和 Reliant 談談。而且你澄清了，當你打破曝光邏輯，代工廠內存的百分比時，你包括Reliant嗎？然後，我想，更大的圖景是你所看到的趨勢，特別是與 200 毫米 40 納米及以上和中國國內有關的趨勢。你能大致了解一下你在那裡看到的趨勢嗎？

Yes, I'll take the beginning, and then I'll let Tim take the secondary part. Yes. C.J., when I talk about the percent of systems revenue in my scripted remarks, that includes Reliant as well as the more leading-edge equipment that we're selling. So it's all conclusive in terms of system revenue.

是的，我先做開始，然後讓蒂姆做次要部分。是的。 C.J.，當我在我的腳本評論中談到系統收入的百分比時，其中包括 Reliant 以及我們正在銷售的更先進的設備。因此，就係統收入而言，這一切都是決定性的。

Yes. I think just in terms of markets -- end markets and the demand, I mean, I think we can speak as a user of many of those chips where we still see severe constraints and also very high premiums for those chips in the marketplace. I think customers are investing to try to alleviate what today is clearly a mismatch in terms of supply and demand. And that's across all different types of applications.

是的。我認為僅就市場而言 - 終端市場和需求，我的意思是，我認為我們可以作為許多芯片的用戶發言，我們仍然看到這些芯片在市場上的嚴重限制和非常高的溢價。我認為客戶正在投資以試圖緩解當今供需明顯不匹配的情況。這適用於所有不同類型的應用程序。

I mean when I look at the list of ICs that we're looking for just as one user, it's a broad list from a very broad number of manufacturers. So it's hard for me to pin it down, but I feel like today, we're still in a pretty broadly expanding and growing market.

我的意思是，當我以一個用戶的身份查看我們正在尋找的 IC 列表時，它是來自眾多製造商的廣泛列表。所以我很難確定它，但我覺得今天，我們仍然處於一個相當廣泛擴張和增長的市場中。

We'll take our next question from Joe Moore with Morgan Stanley.

我們將向摩根士丹利的喬摩爾提出下一個問題。

I wonder if you could talk about any potential for export controls. There's been some press focus really on some incremental controls on exports to China for advanced logic and things like that. Do you guys get any kind of sense for what's coming on the pike there and how that might affect you?

我想知道你是否可以談談出口管制的任何可能性。有一些媒體關注的焦點是對中國出口的一些增量控制，以實現先進的邏輯和類似的事情。你們對那裡發生的事情以及這可能會如何影響你有任何了解嗎？

Yes, Joe. So to tell you, we were recently notified that there was like -- there was to be a broadening of the restrictions of technology shipments to China for fabs that are operating below 14-nanometer. And so that's the change I think that people have been thinking might be coming. And our -- we're prepared to fully comply. We're working with the U.S. government and any impact on Lam's business, it's contemplated in the September guidance that we just gave.

是的，喬。所以告訴你，我們最近接到通知說，對於在 14 納米以下運行的晶圓廠，將擴大對中國的技術出貨限制。這就是我認為人們一直在思考的變化可能即將到來。我們的 - 我們準備完全遵守。我們正在與美國政府合作，如果對 Lam 的業務產生任何影響，我們剛剛給出的 9 月份指導中已經考慮到了這一點。

September guidance as well as the full year WFE outlook, Joe.

九月指導以及全年 WFE 展望，喬。

Great. And that -- is a 14-nanometer logic that doesn't include DRAM?

偉大的。那——是不包括 DRAM 的 14 納米邏輯嗎？

Yes, to the best of our understanding, it's foundry focused, yes.

是的，據我們所知，它專注於代工，是的。

We'll take our next question from Stacy Rasgon with Bernstein Research.

我們將向 Bernstein Research 的 Stacy Rasgon 提出下一個問題。

I was wondering if you could give us a little more color on the drivers within the customer service business, particularly around strength in spare parts and 200-millimeter tools? I'm just trying to get some feeling for those pieces, especially just given the broader environment and some of the other news that we've heard around the macro and potential customer order cuts and things like that.

我想知道您是否可以為我們提供更多關於客戶服務業務驅動因素的信息，特別是在備件和 200 毫米工具方面的實力？我只是想對這些作品有一些感覺，尤其是考慮到更廣泛的環境以及我們聽到的關於宏觀和潛在客戶訂單削減等的一些其他消息。

Okay. I'll take the first shot at that. The -- maybe it's best to step back and just remind everybody, the CSBG business is comprised of 4 components: spares, services, upgrades and Reliant. One of the nice things about this business and what said we really like about it is those often kind of move in somewhat of a noncorrelated way. I mean, spares clearly just moves with our installed base. And as I look forward, people wondering what does 2023 look like, we're not going to give guidance, but one thing we always feel pretty comfortable about is we have a very strong equipment shipment year this year. There will be a lot more tools requiring spares and consumables next year. And so that part of the business, it grows.

好的。我會採取第一槍。 - 也許最好退後一步，提醒大家，CSBG 業務由 4 個組成部分組成：備件、服務、升級和 Reliant。這項業務的好處之一，也是我們真正喜歡它的地方，就是那些經常以某種不相關的方式進行的移動。我的意思是，備件顯然只是隨著我們的安裝基礎移動。正如我所期待的那樣，人們想知道 2023 年會是什麼樣子，我們不會提供指導，但我們總是感到很舒服的一件事是，我們今年的設備出貨量非常強勁。明年將會有更多的工具需要備件和消耗品。所以這部分業務，它增長了。

And in fact, what we've said is, as devices become more complex, and our applications become more critical, the fact that the need for spares and the importance of spares just continues to grow. So spares is just a robust and growing. The services business has been also strong. I talked about the shift in strategic transformation we're making towards more equipment intelligence type services. And as customers -- if you kind of look forward, if customers start focusing on productivity and costs and really not trying to squeeze the output from their fabs without having to spend additional CapEx, they turn to things like productivity services, results-based contracts, use of data off of the tools. So I think services has been doing well. And I think can continue to do well even in an environment where maybe you see a little bit of impact of macro or spending pulled back.

事實上，我們所說的是，隨著設備變得更加複雜，我們的應用變得更加關鍵，備件的需求和備件的重要性不斷增長。所以備件只是一個強大的和不斷增長的。服務業務也很強勁。我談到了我們正在轉向更多設備智能類型服務的戰略轉型。作為客戶——如果你有點期待，如果客戶開始關註生產力和成本，並且真的不想在不花費額外資本支出的情況下從他們的晶圓廠榨取產量，他們就會轉向生產力服務、基於結果的合同之類的東西，使用數據關閉的工具。所以我認為服務一直做得很好。而且我認為即使在您可能會看到宏觀影響或支出有所回落的環境中，也可以繼續表現良好。

Same for upgrades -- upgrades business. Actually, I've often said over the years that upgrades tend not to do so well when customers are busy adding lots of capacity because they're actually adding capacity, new tools really focused on that. If they pull back a little bit, the way they save CapEx and still manage their technology roadmaps as they turn to upgrades and tech conversions. And so the upgrades business gets a little bit stronger. And so that business, we think, can continue to do well and maybe even improve in next year's environment.

升級也是如此——升級業務。實際上，多年來我經常說，當客戶忙於增加大量容量時，升級往往效果不佳，因為他們實際上是在增加容量，新工具真正專注於這一點。如果他們後退一點，他們節省資本支出並在轉向升級和技術轉換時仍然管理他們的技術路線圖的方式。因此，升級業務變得更加強大。因此，我們認為，該業務可以繼續表現良好，甚至可能在明年的環境中有所改善。

And then Reliant, as we just said, a lot of catch-up to do I think there have been significant underinvestment for quite some time in that area as evidenced by the fact that many of us can't get the chips that we actually need to meet demand. And so there's some catch-up still there. Eventually, maybe that gets caught up. We don't really have a view on when that fully happens. It's a very diverse set of end markets and application drivers. So it's hard to predict. But clearly, at some point, it probably moderates in terms of growth, and it's back more towards the steady grower tied kind of to the overall application expansion in the economy that we've seen for in past years.

然後 Reliant，正如我們剛才所說，我認為在相當長的一段時間內，該領域的投資嚴重不足，我們中的許多人無法獲得我們真正需要的芯片這一事實證明了這一點。以滿足需求。所以仍然有一些追趕。最終，也許這會被趕上。我們真的不知道什麼時候會完全發生。這是一組非常多樣化的終端市場和應用驅動程序。所以很難預測。但很明顯，在某些時候，它可能會在增長方面放緩，並且更多地回歸到與我們在過去幾年中看到的經濟中的整體應用程序擴展相關的穩定增長者。

I guess maybe I should have asked more explicitly what drove the sequential strength in services? So which one of these pieces was the biggest?

我想也許我應該更明確地問一下是什麼推動了服務的連續強度？那麼這些作品中哪一件是最大的呢？

It was both spares as well as Reliant, that's why I called that out in my script, Stacy.

它既是備用的，也是 Reliant 的，這就是為什麼我在我的劇本 Stacy 中提到了這一點。

Got it. Got it. For my follow-up, I'm going to ask -- this is going to come across a little snarky, but I think I'm going to ask it anyways. I get the inflationary pressures on gross margins. But all of your customers seem at this point to be inflation proof in terms of their input costs going up and their ability to pass the long out. Why aren't you?

知道了。知道了。對於我的後續行動，我要問 - 這會有點刻薄，但我想我還是要問它。我得到了毛利率的通脹壓力。但是在這一點上，您的所有客戶似乎都可以抵禦通貨膨脹，因為他們的投入成本上升並且他們有能力度過漫長的時光。你為什麼不呢？

So Stacy, I think -- and I've been saying this, I think, for a quarter or 2. I don't want you to believe that we're not raising prices, because we are. I think maybe to our detriment, inflation has been bigger, stronger, more pronounced than we expected that it would be, honestly. And there's some latency to kind of renegotiating prices and whatnot, and that's very much what's going on. And it wasn't a snarky comment. I get the comment all the time. It's an appropriate comment. We're working on getting fairly compensated for what we need to and we will.

所以斯泰西，我想 - 我一直在說這個，我想，四分之一或兩個季度。我不想讓你相信我們沒有提高價格，因為我們是。老實說，我認為也許對我們不利的是，通貨膨脹比我們預期的更大、更強、更明顯。重新談判價格等等會有一些延遲，這就是正在發生的事情。這不是一個尖刻的評論。我一直收到評論。這是一個恰當的評論。我們正在努力為我們需要的東西獲得公平的補償，我們將會這樣做。

So how much of a driver do you think of I'm looking at like a year or 2 as that latency goes away? I mean, is it 100 bps? Is it more like how much can we be think? Or this that what helps you kind of get back to the model range?

那麼，隨著延遲的消失，你認為我會看到多少年的司機呢？我的意思是，它是 100 bps 嗎？它更像是我們可以思考多少？或者這可以幫助您回到模型範圍？

Yes. It's what helps us get back to the model range. What I said earlier is the long-term profitability expectation for the company is unchanged, even though we're working our way through this inflationary environment, it's probably 200 basis points from where we are to where we need to be.

是的。這有助於我們回到模型範圍。我之前說過的是，公司的長期盈利預期沒有改變，即使我們正在努力度過這個通脹環境，從我們現在到需要的地方可能還有 200 個基點。

We'll take our next question from Krish Sankar with Cowen & Company.

我們將向 Cowen & Company 的 Krish Sankar 提出下一個問題。

I have 2 of them. The first one for Doug. Clearly, the last several quarters have been really strong. You've grown your headcount a lot. Hypothetically speaking, if next year was down in terms of revenue, say, 5% or 10%, how should we think about the earnings model and operating leverage? And then I had a follow-up for Tim.

我有 2 個。道格的第一個。顯然，過去幾個季度的表現非常強勁。你的員工人數增加了很多。假設性地說，如果明年的收入下降，比如 5% 或 10%，我們應該如何考慮盈利模式和運營槓桿？然後我對蒂姆進行了跟進。

Yes, Krish, I guess the best thing I would point you to is just look at the history of the company's performance over the last decade, right? We know how to run the company in an up environment, and in a down environment, we have a highly variable cost model here. We employ temporary resources, we outsource things. The best thing I would point to is just look at the last downturn and the same management team is running the company, we'll do the same things. It's a well-worn playbook that we know how to dust off and use when we need to.

是的，Krish，我想我要指出的最好的事情就是看看公司過去十年的業績歷史，對吧？我們知道如何在向上的環境中運營公司，在向下的環境中，我們有一個高度可變的成本模型。我們使用臨時資源，我們將事情外包。我要指出的最好的事情就是看看上次的低迷時期，同樣的管理團隊在經營公司，我們會做同樣的事情。這是一本破舊的劇本，我們知道如何在需要時除塵和使用。

Got it. Got it. Fair enough, Doug. And then a question for Tim. Maybe this is the first time. I'm noticing you'll talk about advanced packaging on the earnings slide deck. I'm kind of curious on your advanced packaging strategy. Some of your peers have partnered with backing companies that were looking into panels. How should we think your advanced packaging portfolio should evolve? Are you looking at organic development, M&A or partnership with a backing company?

知道了。知道了。夠公平的，道格。然後提一個問題。也許這是第一次。我注意到您將在收益幻燈片上談論高級包裝。我對你們先進的包裝策略有點好奇。您的一些同行與正在研究小組的支持公司合作。我們認為您的先進封裝產品組合應該如何發展？您是否正在尋求有機發展、併購或與支持公司的合作？

Well, I think that we're looking at -- look, advanced packaging is an important area for Lam to participate in and we have for quite some time. So I actually don't know if it's the first time we've talked about it because I have to believe we have talked about it in the past. But we've talked about it primarily from the standpoint that etch and deposition play an incredibly important role in these new architectures. And we have a strong position, especially in applications like -- well, both the etch as well as the copper electroplating. As form factors change, we look at that as still our market, and therefore, we'll evaluate and pursue whatever the best means is to win in those emerging segments, whether that's organic or inorganic.

好吧，我認為我們正在研究 - 看，先進封裝是 Lam 參與的一個重要領域，我們已經有相當長的一段時間了。所以我實際上不知道這是否是我們第一次談論它，因為我必須相信我們過去曾談論過它。但我們主要從蝕刻和沈積在這些新架構中發揮著極其重要的作用這一角度進行了討論。我們擁有強大的地位，特別是在蝕刻和電鍍銅等應用中。隨著形式因素的變化，我們仍將其視為我們的市場，因此，我們將評估和追求在這些新興細分市場中獲勝的最佳方式，無論是有機的還是無機的。

We'll take our next question from Toshiya Hari with Goldman Sachs.

我們將向高盛的 Toshiya Hari 提出下一個問題。

Great. It's really nice to see your attraction in logic and other show up in your numbers in the quarter. To level set, I was hoping you could sort of quantify where you are from a market share standpoint across those markets today vis-a-vis the corporate average in etch and dep? And where do you see that going in a couple of years, given the current application win funnel?

偉大的。很高興看到你在本季度的數據中表現出你在邏輯和其他方面的吸引力。為了保持水平，我希望你能從當今這些市場的市場份額的角度量化你在蝕刻和 dep 方面的企業平均水平？鑑於當前的應用程序獲勝渠道，您認為幾年後會發生什麼？

Yes. If you look at logic specifically, it's probably our lowest exposure across the markets that we described. However, I'll remind you, Toshiya, that we've been talking about a specific share gain customer that we continue to progress very nicely with, which is part of the strength you saw in the results from June.

是的。如果你特別看邏輯，這可能是我們在我們所描述的市場中的最低風險敞口。但是，我要提醒你，Toshiya，我們一直在談論一個特定的股票收益客戶，我們繼續很好地取得進展，這是你在 6 月份的結果中看到的優勢的一部分。

Yes. And Toshiya, I guess I'd just add, I mean, there's a couple of things to think about with respect to the foundry-logic space. And one is our exposure is lower from a SAM perspective and has been. But actually, some of the technology inflections that are currently underway, they're actually allowing us to participate with some of our more advanced equipment to displace some of the older technologies that have typically been used in foundry-logic. And so you're seeing a lot of traction for our selective etch. We didn't list all of the wins this quarter. We continue to see new selections for our selective etch tools. That's only going to be used at very advanced logic and it's kind of new markets, new opportunity for us, and we're doing well there.

是的。 Toshiya，我想我只是補充一下，我的意思是，關於代工邏輯空間，有幾件事需要考慮。一個是從 SAM 的角度來看，我們的曝光率較低，而且一直如此。但實際上，目前正在進行的一些技術變化，它們實際上允許我們使用一些更先進的設備參與進來，以取代一些通常用於代工邏輯的舊技術。因此，您會看到我們的選擇性蝕刻具有很大的吸引力。我們沒有列出本季度的所有勝利。我們繼續看到選擇性蝕刻工具的新選擇。這只會用於非常先進的邏輯，這對我們來說是一種新的市場、新的機會，我們在那裡做得很好。

ALD of both dialectrics and metallization used to deal with like the RC inflection, the back-end interconnect inflection. That's creating opportunities for us. And so I think that we're seeing a little bit of like share gain at certain customers, as Doug mentioned, but also an expansion of our opportunity, and that's driving a lot of our new product roadmap. We have an objective to improve our position in foundry-logic for more advanced notes.

辯證法和金屬化的 ALD 用於處理 RC 彎曲、後端互連彎曲等。這為我們創造了機會。所以我認為，正如 Doug 所說，我們看到某些客戶的份額有所增加，但也擴大了我們的機會，這推動了我們的許多新產品路線圖。我們的目標是提高我們在代工邏輯中的地位，以獲得更高級的筆記。

Yes, that's helpful. And then as my follow-up, probably one for you, Tim. Just on dry resist, it's great to see you guys have traction there as well. Obviously, SK Hynix, if it is public. I'm pretty sure you're working with other customers on this as well. But help us quantify how significant this business or this product could be in a couple of years? And as you partially sort of displace traditional track or coated developers. What percentage of the market do you think you can capture in a couple of years?

是的，這很有幫助。然後作為我的後續行動，可能是給你的，蒂姆。就乾抗而言，很高興看到你們在那裡也有牽引力。顯然，SK海力士，如果它是公開的。我很確定您也在與其他客戶合作。但是幫助我們量化這項業務或該產品在幾年內的重要性？當您部分取代傳統的軌道或塗層開發人員時。您認為您可以在幾年內佔領多少百分比的市場？

Okay. Well, I think I don't want to get out with sort of the new disclosure here, but I think we're -- we've quantified it in the past is roughly about a $1.5 billion opportunity over a 5-year period, and you're just starting to see us -- we talked about development tool of record wins. So obviously, we're not yet putting this into a production fab and developing revenue, so we'd be at the very first stage of that. But that should give you some kind of sense maybe in the next 5 years of kind of revenue impact you're talking about.

好的。好吧，我想我不想在這裡透露一些新的信息，但我認為我們 - 我們過去已經量化它在 5 年內大約有 15 億美元的機會，你才剛剛開始看到我們——我們談到了創紀錄的開發工具。很明顯，我們還沒有把它投入生產工廠並增加收入，所以我們還處於第一階段。但這應該會給你一些感覺，也許在你正在談論的未來 5 年的收入影響中。

But this is still a much longer play for us. And I talked about this idea of accelerating the development of the driver is for the high NA EUV. And so if you think EUV is going to be around for the next 10, 20 years as the primary patterning capability for advanced logic, then our opportunity just continues to grow throughout that period. So it starts off in the next 5 years with that $1 billion and then just continues to grow with layer count and application. And we think that as you get to high NA EUV, I think we have a good just to capture a lot of the market.

但這對我們來說仍然是一個更長的遊戲。我談到了加速驅動器開發的想法是針對高數值孔徑的 EUV。因此，如果您認為 EUV 將在未來 10 年、20 年作為高級邏輯的主要圖案化能力出現，那麼我們的機會在此期間只會繼續增長。因此，它在接下來的 5 年內以 10 億美元開始，然後隨著層數和應用程序繼續增長。我們認為，當你達到高 NA EUV 時，我認為我們有一個很好的方法來佔領很多市場。

And Tim, sorry, when you say 5 years, I know you guys initially talked about the, say, your 2022 Analyst Day, is it 5 years from then or 5 years from today?

蒂姆，對不起，當你說 5 年時，我知道你們最初談論的是，比如說，你們的 2022 年分析師日，是從那時起 5 年還是從今天起 5 年？

Well, I don't know -- I guess I'll just start the clock now because, as I said, we've only reported a development tool of record positions today, obviously, which we haven't yet started to generate revenue from. So it's -- yes, I think you could call it 5 years from today, it's a safer bet than 5 years from our Analyst Day.

好吧，我不知道——我想我現在就開始計時，因為正如我所說，我們今天只報告了一個創紀錄頭寸的開發工具，很明顯，我們還沒有開始產生收入從。所以它是 - 是的，我認為你可以從今天開始 5 年，這比從我們的分析師日開始的 5 年更安全。

We'll take our next question from Atif Malik with Citi.

我們將向花旗的 Atif Malik 提出下一個問題。

I have a question for both of you. It looks like Senate has passed the Chips Act. Tim, you along with Intel and Micron CEOs, you spoke to Congress in March about the importance of passing this legislation. So assuming it goes through Congress and the president signs off. Can you talk about what this bill means for the U.S. equipment maker? And Doug, if you can talk about what -- how will it impact Lam in terms of tax breaks or in terms of market share growth in logic foundry areas?

我有一個問題要問你們兩個。看起來參議院已經通過了《芯片法》。蒂姆，你和英特爾和美光的 CEO，你在三月份向國會談到了通過這項立法的重要性。因此，假設它通過國會並且總統簽字。你能談談這個法案對美國設備製造商意味著什麼嗎？還有道格，如果你能談談 - 它在稅收減免或邏輯代工領域的市場份額增長方面將如何影響 Lam？

Okay. Well, obviously, it's a significant benefit for the U.S. semiconductor manufacturing industry overall. I think most directly, what I would say is that Lam's benefit from this will come in 2 ways. One is as our customers invest in capabilities in the U.S. and capacity, and obviously, we're hopeful that we will garner a large share of the equipment that's purchased for those fabs. And so that's 1 way in which money is from that flow through ultimately in the business for Lam.

好的。很明顯，這對整個美國半導體製造業來說是一個顯著的好處。我認為最直接的是，我要說的是，Lam 從中受益將來自兩個方面。一是我們的客戶在美國投資能力和產能，顯然，我們希望我們將獲得為這些晶圓廠購買的大部分設備。因此，這是資金最終流向 Lam 業務的一種方式。

Specifically, when I was in front of the Senate, one of the things that I talked about is, think of long term, if you think about long-term improvement for U.S. companies and U.S. semiconductor manufacturing, it has to do with some of the R&D money that's in that, I believe, in the Chips Act, which is going to fund longer-term capabilities that help semiconductor device makers, but also equipment makers develop those next-generation technologies that keep us incredibly competitive on the global stage and allow us to create those technologies without having to necessarily fund and take on all of that risk ourselves as individual companies, which is always hard to do for technologies that might be 7, 8, 10 years into the future.

具體來說，當我在參議院時，我談到的一件事是，考慮長期，如果你考慮美國公司和美國半導體製造業的長期改善，它與一些我相信，《芯片法案》中的研發資金將用於資助幫助半導體設備製造商的長期能力，同時也為設備製造商開發那些使我們在全球舞台上保持令人難以置信的競爭力並允許我們創造這些技術，而不必作為個體公司自己資助和承擔所有這些風險，這對於可能在未來 7 年、8 年、10 年的技術來說總是很難做到的。

So that's the other way I would say that companies, both device makers and equipment makers can benefit. We need to see all the details, but that's my financial take.

所以這就是我想說的另一種方式，設備製造商和設備製造商都可以從中受益。我們需要查看所有詳細信息，但這是我的財務考慮。

All right. Atif, any follow-up?

好的。阿提夫，有後續嗎？

No, I'm good, Doug.

不，我很好，道格。

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 questions. First one, is this $4.9 billion that you're guiding to for September, is this kind of the new quarterly baseline? So all else being equal, should we expect December sales and gross margins to potentially be flat or up? I appreciate you're not giving December outlook, but is there anything that could make you deviate from this new trend line that you have June stronger and then September even stronger than that?

我有 2 個問題。第一個問題，您為 9 月指導的 49 億美元是這種新的季度基準嗎？那麼在其他條件相同的情況下，我們應該預期 12 月的銷售額和毛利率可能持平還是上升？我很感激你沒有給出 12 月的展望，但有什麼可以讓你偏離這條新的趨勢線，即 6 月更強，然後 9 月甚至比這更強？

Yes, Vivek. I'm not going to guide the December quarter for you. Listen, I think we're pretty pleased with the progress from a supply chain standpoint we made in the June quarter. It continues to be reflected in the September quarter, barring something new coming up. I think our execution will continue. And that largely has been what has limited the revenue generation of the company. And you see -- you heard me mention the $2.2 billion in deferred revenue. So that's there for us to follow up on. But I'm not going to give you a number for December quite yet.

是的，維維克。我不會為你指導十二月季度。聽著，我認為從供應鏈的角度來看，我們在 6 月季度取得的進展非常滿意。它繼續反映在 9 月季度，除非有新的東西出現。我認為我們的執行將繼續。這在很大程度上限制了公司的創收。你看 - 你聽到我提到了 22 億美元的遞延收入。這就是我們要跟進的地方。但我還不打算給你 12 月份的數字。

Understood. And then the second one is just a clarification. What is your sub-40-nanometer exposure to China? I didn't think there was any or not that much. And do the restrictions apply to just China domestic? Or do you think they could apply to the multinationals with fabs in China?

明白了。然後第二個只是一個澄清。您對中國的 40 納米以下暴露程度如何？我不認為有或沒有那麼多。這些限制是否僅適用於中國國內？或者你認為他們可以申請在中國有晶圓廠的跨國公司嗎？

At this point, we would assume that it applies to all sub-14-nanometer activity in China. And we're not going to quantify what we might have or had in our plans for sub 14.

在這一點上，我們假設它適用於中國所有 14 納米以下的活動。而且我們不會量化我們在 sub 14 的計劃中可能擁有或擁有的內容。

But Tim, just to clarify, September, you said is de-risked, i.e., there is 0 sub-14-nanometer China business for you in your September outlook?

但是蒂姆，只是為了澄清一下，您所說的 9 月是去風險的，即您的 9 月展望中有 0 個亞 14 納米中國業務適合您？

The guidance fully reflects everything that we just described.

該指南充分反映了我們剛剛描述的所有內容。

Yes.

是的。

We'll take our next question from Mark Lipacis with Jefferies.

我們將向 Jefferies 的 Mark Lipacis 提出下一個問題。

I had a clarification and a question. The clarification, Tim, I think it was an earlier question about whether you were seeing pushouts or cancellations. It sounded like you said that you're not seeing any impact on your demand, but I just want to make sure I understood your response to that question.

我有一個澄清和一個問題。澄清一下，蒂姆，我認為這是一個較早的問題，即您是否看到了推送或取消。聽起來你說你的需求沒有受到任何影響，但我只是想確保我理解你對這個問題的回答。

And then my question is, can you help us understand the mechanics of your manufacturing operations or how you deal with the slots that you have before you allocate it to your different customers as the orders have come in. If somebody -- what kind of latitude do your customers have as they come in and say, "Well, I don't know if I want the tool now, I prefer it in 3 months". Do you guys flip flop slots in the queue? Or do you just send people back to the end of the line. If you could just kind of review the mechanics around how you treat the orders as they come in and what happens to customers who ask for the pushouts? That would be helpful.

然後我的問題是，您能否幫助我們了解您的製造運營機制，或者您如何處理您所擁有的插槽，然後再將其分配給不同的客戶，因為訂單已經到來。如果有人 - 什麼樣的自由度你的客戶有沒有在他們進來時說，“嗯，我不知道我現在是否想要這個工具，我更喜歡在 3 個月內”。你們隊列中的人字拖插槽嗎？或者你只是把人們送迴線路的末端。如果您可以回顧一下您在訂單進入時如何處理訂單的機制，以及要求推送的客戶會發生什麼？那會很有幫助。

Sure. I can try to address both of them. So yes, just to be clear, my comment was at this point, we've seen no push outs and -- changes in demand, no push outs, no cancellations that are all meaningful. However, I mean, I want to acknowledge, I mean, it's with long lead times and stretching through '23 and a cautious tone being struck by some of our customers quite publicly. I'm not saying that we might not ultimately see those changes come. So I'm just saying that we've seen none doesn't mean that, that might not happen. And so but at this point the commitments that we have today are being met, and that was what I was trying to signal.

當然。我可以嘗試解決這兩個問題。所以是的，為了清楚起見，我的評論是在這一點上，我們沒有看到任何推出，而且——需求的變化、沒有推出、沒有取消都是有意義的。但是，我的意思是，我想承認，我的意思是，它的交貨時間很長，並且一直持續到 23 年，而且我們的一些客戶公開表達了謹慎的態度。我並不是說我們最終可能不會看到這些變化的到來。所以我只是說我們沒有看到並不意味著那可能不會發生。因此，但在這一點上，我們今天的承諾正在兌現，這就是我試圖發出的信號。

I think with those long lead times, it moves into your second question, which is, so what if a customer does come and say they'd like to push a project by a few months or even longer. We treat it the same way we are doing right now when customers come and have asked us to pull in the slots. We work with all of our customers to see where people really are in their projects and their demand. And we have not ultimate flexibility in our manufacturing, but I talked about the fact that we're -- we've invested in the last 2 years to try to create greater operational flexibility. And part of it is so that we can respond in that way. I mean we're -- we treat our customers very much like partners and if we need to push for by a couple of months because maybe it's either demand or likely sometimes the facilities aren't quite ready or there's a change in their plans, we try to work with them and make those adjustments, if it's possible.

我認為，由於交貨時間長，它會進入您的第二個問題，即，如果客戶確實來並說他們希望將項目推進幾個月甚至更長的時間怎麼辦。當客戶來並要求我們加入時，我們會以同樣的方式對待它。我們與所有客戶合作，了解人們在項目和需求中的真正位置。我們在製造方面沒有最終的靈活性，但我談到了這樣一個事實，即我們在過去的兩年裡一直在投資，試圖創造更大的運營靈活性。部分原因是我們可以以這種方式做出回應。我的意思是我們 - 我們非常像對待合作夥伴一樣對待我們的客戶，如果我們需要推遲幾個月，因為也許是需求，或者有時設施還沒有完全準備好，或者他們的計劃發生了變化，如果可能的話，我們會嘗試與他們合作並進行調整。

We'll take our next question from Patrick Ho with Stifel.

我們將帶著 Stifel 回答 Patrick Ho 的下一個問題。

And congrats on the nice quarter. Doug, maybe for you in terms of the supply chain, obviously, you've seen some improvements in the past quarter that will carry incidents next quarter. Are some of the issues now just related to the quantity of shipments because it's still going to be a more second half weighted year for you guys. So even with some of the incremental improvements on the supply chain, it's now just trying to I guess, continue to keep pace with the high demand levels that you're seeing near term? And that's why the deferred revenues are staying at the same levels at least as you're forecasting to the September quarter?

並祝賀這個美好的季度。道格，也許對您而言，就供應鏈而言，顯然，您在上個季度已經看到了一些改進，這些改進將在下個季度發生。現在的一些問題是否僅與出貨量有關，因為對於你們來說，下半年仍將是更加重要的一年。因此，即使供應鏈有一些增量改進，我現在只是想繼續跟上您近期看到的高需求水平嗎？這就是為什麼遞延收入至少保持在您對 9 月季度的預測水平的原因？

Yes, Patrick. That's clearly part of it, right. We've got unmet demand. We've got partial shipments that shows up as deferred revenue. Each supplier has a unique situation that we're working through with them to the extent that they're not meeting what we need from them. But yes, we increased -- improved the output last quarter, and we see that continuing as we go into September.

是的，帕特里克。這顯然是其中的一部分，對吧。我們有未滿足的需求。我們的部分發貨顯示為遞延收入。每個供應商都有一個獨特的情況，我們正在與他們合作，以至於他們無法滿足我們對他們的需求。但是，是的，我們增加了——上個季度提高了產量，我們看到這種情況在進入 9 月份時會繼續。

Great. And as a quick follow-up, maybe for Tim. Obviously, you've been working with a leading MPU customer for some time now, and we're starting to see the share gains and the higher quantity of volume as they start ramping new products. But you've been working with them for some time. As you work with them and given their more accelerated roadmaps in terms of technology nodes, can you maybe not quantify, but qualitatively say that you've seen some incremental new market opportunities, and that's what gives you confidence with that customer on a going-forward basis?

偉大的。作為快速跟進，也許是為了蒂姆。顯然，您已經與領先的 MPU 客戶合作了一段時間，隨著他們開始推出新產品，我們開始看到份額增加和銷量增加。但你已經和他們一起工作了一段時間。當您與他們合作並在技術節點方面考慮到他們更快的路線圖時，您是否可以不量化，但定性地說您已經看到了一些增量的新市場機會，這就是讓您對客戶充滿信心的原因 -前瞻基礎？

I guess I brought it to all customers. I mean you cannot speak to the one, but I think what we've always said is that Lam's greatest opportunities get created as those technology changes -- those technology transitions occur. And I spoke to a couple of -- just as an example, you think about somebody implementing gate all around in, say, their next technology node or future technology node. It does create new opportunities for us, and we have designed equipment kind of ahead of where the roadmaps are. And so the faster those technology changes come, the sooner we get the opportunity to insert those new applications into their production lines in a bigger way.

我想我把它帶給了所有的顧客。我的意思是你不能和那個人說話，但我認為我們一直說的是，隨著這些技術的變化——那些技術轉變的發生，Lam 的最大機會被創造出來。我和幾個人談過——舉個例子，你想想有人在他們的下一個技術節點或未來的技術節點周圍實施門。它確實為我們創造了新的機會，而且我們設計的設備有點早於路線圖。因此，這些技術變革來得越快，我們就越有機會以更大的方式將這些新應用程序插入到他們的生產線中。

And so we've talked about some of those selective etch, some of our new ALD tools. Of course, it's some of our etch systems that are designed for -- to really support the fine pitch patterning associated with EUV. So EUV like at each technology node, you use more and more layers of EUV that grows for us. And so every customer, the faster they transition technology, the greater it stands -- Lams sort of marketing and the greater our share opportunity is increasing.

所以我們討論了一些選擇性蝕刻，一些我們新的 ALD 工具。當然，我們的一些蝕刻系統旨在真正支持與 EUV 相關的細間距圖案化。所以 EUV 就像在每個技術節點上一樣，你會使用越來越多的 EUV 層，這些層會為我們生長。所以每個客戶，他們轉換技術的速度越快，它的地位就越大——Lams 的營銷方式，我們的分享機會就越大。

We'll take our next question from Blayne Curtis with Barclays.

我們將向巴克萊銀行的 Blayne Curtis 提出下一個問題。

I just want to follow up on the demand outlook. I mean I hear you said you haven't seen much. I mean I'm just looking at the areas that you mentioned being strong. And I think we've seen a lot of those same areas see weakness image sensors and MCUs, APs, I mean, Qualcomm that they're caught up on supply. So I know that's not your forecast. You get them from the customers. But I'm just kind of curious, you've been through this before. When you look downstream, you definitely see weakness. I'm just kind of curious if you -- what you've actually seen yet, obviously, memory same story, you're hearing about the CapEx cuts just trying to fit all this into the picture versus I know you're still catching up. So I don't know what the right starting point is, but clearly, you're seeing downstream weakness.

我只想跟進需求前景。我的意思是我聽到你說你沒見過多少。我的意思是我只是在看你提到的強大的領域。而且我認為我們已經看到很多相同的領域看到弱點圖像傳感器和 MCU、AP，我的意思是，高通公司已經趕上了供應。所以我知道這不是你的預測。你從客戶那裡得到它們。但我只是有點好奇，你以前也經歷過。當您向下游看時，您肯定會看到弱點。我只是有點好奇，如果你——你實際看到的，顯然，記憶同樣的故事，你聽說的資本支出削減只是試圖把所有這些都融入圖片中，而我知道你還在追趕向上。所以我不知道正確的起點是什麼，但很明顯，你看到下游疲軟。

Blayne, obviously, as we acknowledge, we're clearly hearing customers strike a more cautious tone. We see what's going on around -- within the macro. And so we haven't given a 2023 outlook, to be clear. And I think what we're saying is that if demand changes and as demand changes, Lam is set up to operate effectively within whatever that environment is. And clearly, we have different scenarios. But the key is, as we look forward, things like our larger installed base business will be helpful for us, regardless of what the environment looks like.

Blayne 顯然，正如我們承認的那樣，我們清楚地聽到客戶的語氣更加謹慎。我們看到周圍發生了什麼——在宏內部。因此，需要明確的是，我們還沒有給出 2023 年的展望。而且我認為我們所說的是，如果需求發生變化並且隨著需求的變化，Lam 可以在任何環境中有效運作。顯然，我們有不同的場景。但關鍵是，正如我們所期待的那樣，無論環境如何，我們更大的安裝基礎業務之類的事情都會對我們有所幫助。

The improvements we've made, say, in our foundry exposure with new share gains and SAM expansion, that will be a positive regardless of what the end demand looks like. Higher etch and dep intensity due to the technology inflections, it's true regardless of what the end demand is. And the fact that we have a more diverse and more efficient and more effective global manufacturing infrastructure, that will also be helpful regardless of what the demand is.

例如，我們通過新的股票收益和 SAM 擴張在代工業務方面所做的改進，無論最終需求如何，這都是積極的。由於技術的變化，更高的蝕刻和沈積強度，無論最終需求是什麼，都是如此。事實上，我們擁有更多樣化、更高效和更有效的全球製造基礎設施，無論需求如何，這也將有所幫助。

So I think what we're trying to highlight is we're not going to be the best at forecasting probably no better than anybody else and really know exactly what 2023 is going to be looking like. So we do believe we have a pretty good view of how Lam can execute very well within whatever that environment is.

所以我認為我們想要強調的是，我們不會成為最好的預測，可能不會比其他任何人都好，並且真正知道 2023 年會是什麼樣子。因此，我們確實相信我們對 Lam 如何在任何環境下都能很好地執行有很好的了解。

And then you might have answered this before, but just on the deferred revenue balance. I was just curious, you are seeing people start to catch up. I know you mentioned that it could be flat in September, but just trying to understand the challenges, are you still having certain subsystems that you can't get? Or is it more like you're just getting higher orders in the door and the balance keeps going up? Just trying to understand why that hasn't started to work its way down?

然後你可能已經回答過這個問題，但只是在遞延收入餘額上。我只是好奇，你看到人們開始追趕。我知道您提到 9 月份可能會持平，但只是想了解挑戰，您是否還有某些子系統無法獲得？還是更像是您只是在門口接到更高的訂單並且餘額不斷增加？只是想了解為什麼這還沒有開始起作用？

Well, it's just -- one, it's a higher volume of output we're trying to achieve. And quite frankly, it's just all components. I mean, I would say everything is sort of improving. But in general, there is quite still a number of quantities that aren't able to meet down that new higher level that we want for the output. And so it just continues to increase. So I couldn't point to one specific thing, but I would say that in general, I'm happy with the improvements we're seeing across a broad array of our suppliers. And so I said I thank them for their efforts because I do see that incremental improvement and expect further improvement as we move to September.

嗯，這只是 - 一個，這是我們試圖實現的更高產量。坦率地說，這只是所有組件。我的意思是，我會說一切都在改善。但總的來說，仍有相當多的數量無法達到我們希望輸出的新更高水平。所以它只會繼續增加。所以我不能指出一件具體的事情，但我想說的是，總的來說，我對我們在眾多供應商中看到的改進感到滿意。所以我說我感謝他們的努力，因為我確實看到了漸進式的改進，並期待在我們進入 9 月份時會有進一步的改進。

Operator, we have time for one more question, please?

接線員，我們有時間再問一個問題，好嗎？

Okay. We'll take our final question from Joe Quatrochi with Wells Fargo.

好的。我們將向富國銀行的 Joe Quatrochi 提出最後一個問題。

Yes. Another question on the Reliant business. It's pretty well known that the third-party reseller market for tools has been pretty limited on supply. How do we think about that market competing against the Reliant business? And then how should we think about that if that supply of tools -- used tools maybe increasing if demand does start to slow from the end market semiconductor perspective?

是的。關於 Reliant 業務的另一個問題。眾所周知，工具的第三方經銷商市場供應非常有限。我們如何看待與 Reliant 業務競爭的市場？那麼，如果從終端市場半導體的角度來看，如果需求確實開始放緩，那麼我們應該如何考慮工具的供應——使用過的工具可能會增加？

Joe, I guess the first thing I would point out to you is, yes, historically, that's been a segment of a market service by a lot of used equipment today, there isn't any used equipment or very little. And as a result of that, we're selling older model, new equipment into the Reliant product line, right? Demand is -- there isn't anything coming to be refurbished today. So I don't know, Tim do you want...

喬，我想我要向您指出的第一件事是，是的，從歷史上看，這一直是當今許多二手設備市場服務的一部分，沒有任何二手設備或很少。因此，我們將舊型號、新設備銷售到 Reliant 產品線，對嗎？需求是——今天沒有任何東西需要翻新。所以我不知道，蒂姆你想要...

Yes. No. I think that's clearly the case. Most of that, if not all of that equipment at this point is being fully utilized.

是的。不，我認為情況顯然如此。其中大部分，如果不是所有的設備在這一點上都得到了充分利用。

But I guess do you see that changing if demand were to slow from an end semiconductor perspective -- do you see the amount of tools coming in to be refurbished somewhat changing? Or do you think customers maybe continue to kind of hold that capacity?

但我想如果從終端半導體的角度來看需求放緩，您是否看到這種變化——您是否看到進入翻新的工具數量有所變化？還是您認為客戶可能會繼續保持這種能力？

I don't see that changing in a very significant way. I mean, these assets once they're into these fabs, I mean, we tend to see our tools used for 20 to 30 years producing tips of some different technology nodes. So I think as far as it's been to get equipment, anything many of these customers will definitely keep hold of those systems.

我沒有看到這種變化有很大的意義。我的意思是，這些資產一旦進入這些晶圓廠，我的意思是，我們傾向於看到我們的工具使用了 20 到 30 年，生產出一些不同技術節點的尖端。所以我認為就獲得設備而言，這些客戶中的任何東西肯定會保留這些系統。

This concludes today's question-and-answer session. I would like to turn the conference back to your presenters for any additional or closing remarks.

今天的問答環節到此結束。我想將會議轉回給您的演講者，以獲取任何補充或結束語。

Thank you, operator. We appreciate everyone joining our call today, and thank you all for your support.

謝謝你，接線員。感謝大家今天加入我們的電話會議，並感謝大家的支持。

Ladies and gentlemen, this concludes today's conference. We appreciate your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束。我們感謝您的參與。您現在可以斷開連接。