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，大家好，歡迎參加2022年6月季度財報電話會議。現在，我將會議交給蒂娜·科雷亞女士，請她發言。

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 季度財報電話會議。今天與我一同出席的有總裁兼執行長 Tim Archer，以及執行副總裁兼財務長 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.

在今天的電話會議上，我們將分享對當前商業環境的概述，並回顧2022年6月季度的財務業績以及對2022年9月季度的展望。詳細介紹我們財務業績的新聞稿已於今天下午太平洋時間1點後不久發布。您也可以在公司網站的投資者關係頁面找到該新聞稿以及本次電話會議的簡報。

Today's presentation and Q&A 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.

今天的演示和問答環節包含前瞻性陳述，這些陳述受風險和不確定性因素的影響，這些風險和不確定性因素已在提交給美國證券交易委員會（SEC）的公開文件中披露。請參閱簡報中的投影片以取得更多資訊。除非另有說明，我們今天對財務表現的討論將以非公認會計準則（非GAAP）為基礎。 GAAP和非GAAP業績之間的詳細調整表可在簡報中的幻燈片中找到。本次電話會議預計將於太平洋時間下午3:00結束。本次電話會議的錄音回放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.

那麼，我就把電話交給提姆了。

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。感謝各位今天蒞臨。 Lam公司6月季的業績遠超預期。營收和非GAAP每股盈餘均創下季度新高，遠超我們先前的季度預期。產業範圍內的供應短缺持續影響著我們的產量和營運效率。然而，近幾季我們在供應鏈中採取的具體措施，使我們能夠在供應受限的環境下更有效地開展業務。

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.

我要感謝我們全球的Lam團隊，包括我們的供應鏈、營運和工程團隊，以及我們的供應商和客戶，感謝他們在面對重大挑戰時展現出的卓越奉獻精神、敏捷性和合作精神。在6月的季度中，我們的產品和裝機量成長計畫繼續保持良好勢頭，代工邏輯系統和CSBG收入均創下新高。

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.

本季業績進一步增強了我對林氏半導體能夠從產業動盪中復甦的信心，我們將變得更加強大、更具韌性，並在市場中佔據更有利的地位。正如我們今天發布的業績指引所示，我們預計9月份季度供應鏈狀況將逐步改善，但我們認為今年剩餘時間內整個產業的產量仍將受到限制。因此，我們將2022年全年晶圓廠設備支出預期下調至900億美元左右。

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，但部分受宏觀因素影響略顯疲軟，尤其是在以消費為中心的市場。我們預計，晶圓代工邏輯晶片的支出成長將超過NAND快閃記憶體和DRAM晶片的投資成長速度。長期來看，我們預期半導體在全球經濟中日益重要的地位將推動產業成長。此外，終端設備中半導體含量的增加、裝置複雜性的提高以及晶片尺寸的增大，都將有助於維持強勁的晶圓代工需求水準。

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.

對Lam而言，最重要的是，技術變革將持續推動蝕刻和沈積強度的提升。公司上下已將投資重點放在利用這些趨勢並為未來的成長做好準備。過去兩年，Lam高度關注半導體生態系所受到的衝擊。同時，我們也利用這段時間加速了營運和產品方向的策略轉型。

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.

我們已大幅擴展了Lam在美國及全球範圍內與客戶和生態系統合作夥伴的聯繫，並優化了資源配置，以深化合作、加速新產品上市並提升營運彈性。與疫情前相比，Lam如今擁有更全球化的製造和供應鏈基礎設施，旨在充分利用各區域的獨特優勢，同時滿足全球需求。一個顯著的例子是Lam位於馬來西亞的新工廠，該工廠在規模、自動化和效率方面將我們的製造、供應鏈和物流運營提升到了新的高度。過去兩年，我們也增加了在美國、亞洲和歐洲的技術基礎設施投資，包括在韓國新建了一個研發中心，以及即將於印度開設一個工程實驗室。

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 的創新技術，將客戶、供應商、同行公司和聯盟聚集在一起，共同打造顛覆性解決方案，應對產業面臨的重大挑戰。 EUV 微影技術的生產力和可擴展性一直是我們的重點領域之一。在今年 6 月的季度中，我們宣布 SK 海力士已選擇 Lam 的創新乾式光阻製造技術作為其先進 DRAM 晶片光刻製程中兩個關鍵步驟的開發工具。此外，我們也宣布擴大在 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.

我們與Entegris和Gelest合作，致力於為客戶提供可靠的Lam乾式光阻技術前驅化學物質。此外，我們還將共同努力，加速開發高數值孔徑EUV微影的乾式光阻解決方案。

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.

我們正與客戶攜手，利用數據驅動的設備智慧解決方案深化合作。我們已安裝的設備會產生大量的設備和製程數據，我們正與客戶共同利用這些關鍵經驗來提升晶圓廠的生產效率。 Lam 的 Sense.i 平台於 2020 年初推出，旨在將 Lam 的創新設備智慧解決方案與我們市場領先的蝕刻技術相結合。基於 Sense.i 平台的 Vantex 介質蝕刻系統自推出以來發展勢頭迅猛，已成為 Lam 史上產能爬坡速度最快的蝕刻設備。我們預計該產品的裝機量僅今年就將成長近三倍。

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，在新型先進封裝架構中，對Lam解決方案的需求日益增長。我們與Hydro合作開發的Kiyo等離子蝕刻產品，在滿足經濟高效的前端元件微縮所需的生產效率和均勻性方面，擁有卓越的性能記錄。憑藉著在大批量生產方面的專業技術，我們已在一家領先的晶圓代工客戶處，為先進封裝領域創造了多項新的蝕刻工具記錄。隨著客戶進一步開發這些架構以支援更高的系統性能，我們看到了Lam蝕刻和沈積解決方案的巨大發展機會。

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，我們轉型過程中的最後一個重要組成部分是我們在永續發展領域嶄露頭角，成為產業領導者。 6月下旬，我們發布了2021年ESG報告，詳細闡述了我們如何將ESG融入日常營運的各個環節。我們很自豪能夠成為半導體產業首批設定淨零排放目標的企業之一。我鼓勵您閱讀這份報告，以了解我們在多個重要領域的巨大進展，包括環境永續性以及我們對員工隊伍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，我對公司六月季度的穩健業績非常滿意。我們的業績表明，我們擁有強大的業務基礎，這得益於我們龐大且不斷增長的客戶群、差異化的產品組合以及對整個生態系統合作與成功的承諾。隨著長期發展趨勢推動半導體產業不斷邁向新高度，我們處於有利地位，必將從中受益匪淺。

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

謝謝，現在我把麥克風交給道格。

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.

太好了。謝謝你，提姆。大家下午好，感謝各位在今天這個財報季繁忙之際參加我們的電話會議。我很高興今天與大家分享我們六月的季度業績。我們連續第二個財年實現了創紀錄的營收和攤薄後每股收益。本財年營收年增超過17%，攤薄後每股收益成長超過21%。我們在2022年6月季度取得了穩健的業績。由於我們執行力的提升以及市場對我們設備的持續強勁需求，我們所有財務指標的業績均達到或超過了預期範圍的上限。

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月季度營收創下歷史新高，達到46.4億美元，較上一季成長超過14%，並超出先前預期範圍的上限。儘管我們在解決先前提到的供應鏈挑戰方面取得了進展，但這些問題仍需更多時間才能徹底解決。儘管供應鏈有所改善，工廠產量也有所提高，但截至6月季末，我們仍有22億美元的遞延收入，季增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.

從業務部門來看，記憶體業務在6月季度佔系統總收入的54%，低於上一季的66%。 NAND快閃記憶體業務佔系統總營收的40%，與上一季基本持平。我們的NAND快閃記憶體客戶正在投資開發17層及以上快閃記憶體元件的工具。

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.

DRAM業務方面，營收佔系統營收的14%，較上一季的27%下降。 DRAM投資主要集中在1z和1-alpha節點的新增和轉換。晶圓代工業務方面，6月季營收季增，佔系統營收的26%，高於3月季的21%。這一成長與客戶投資時機有關，客戶在主流節點和特殊節點裝置方面均有廣泛的支出。

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.

邏輯及其他業務部門在6月季度業績創下歷史新高，佔系統總收入的20%，高於3月季度的13%。這項業績不僅反映了市場對微處理器、類比元件、影像感測器和先進封裝解決方案的需求，也反映了我們在提姆之前提到的尖端代工邏輯技術轉型方面的進展。

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.

現在讓我來談談我們總收入的區域組成。中國地區佔總營收的31%，與3月季度持平。 6月季度，中國國內客戶貢獻了中國地區收入的大部分。此外，我們的客戶在韓國和台灣地區的投資也相當集中，分別佔6月季度總收入的24%和19%。客戶支援業務集團的營收也創下歷史新高，約16億美元，較上一季成長16%，較2021年6月季成長18%。客戶支援業務集團的各個業務板塊均表現強勁，尤其是在備件業務方面，這得益於客戶晶圓廠的高產能利用率；同時，我們的Reliant業務也表現突出，客戶在射頻和功率器件等專業市場領域進行了投資。

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.

儘管 CSBG 的季度環比成長率會因客戶的投資模式而有所不同，但我相信 CSBG 已做好充分準備，在 2022 年再次實現年度成長。

Let me now pivot to our gross margin performance.

現在讓我把話題轉向我們的毛利率表現。

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月季度的利潤率為45.2%，高於預期區間的中位數。隨著產量的提高，我們的固定成本吸收能力有所改善。然而，我們在貨運和物流、半導體以及其他關鍵零件領域仍面臨成本挑戰。我們將繼續努力提高營運效率。但我們預計，下半年通膨壓力仍將是持續的不利因素。

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.

我們在9月份的季度業績指引中體現了我們對這些因素的看法。 6月份的營運支出為6.35億美元，略高於3月份的季度。成長主要來自我們所有業務部門的研發投入，因為我們正在投資開發相關技術，以支援客戶的長期發展規劃，並緩解我們面臨的一些供應鏈挑戰。由於營收表現強於預期，6月的季度營業利潤率為31.5%，高於預期範圍。

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.

本季我們的非GAAP稅率為11%，基本上符合預期。我們預計2022日曆年的稅率將在10%左右。此預估並未反映任何潛在的美國稅收政策變化的影響，我們顯然會持續密切關注這些變化，並會在適當的時候及時更新資訊。再次提醒您，正如我們之前討論過的，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 8,700 萬美元，與我們上季度電話會議中所述以及 6 月份季度業績指引中的數據一致。本季支出增加與我們近期上市的一項創投的市場下跌有關。損益表中的其他收入和支出項目受市場波動的影響，例如匯率波動以及股票市場的影響，都會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.

在6月份的季度中，我們繼續執行資本回報目標，將8.68億美元用於股票回購。我們支付了2.08億美元的股利。我們的股票回購活動包括公開市場回購和加速股票回購計畫。此加速股票回購計畫將在9月份的季度中繼續執行。

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，自2012年我們將Lam和Novellus合併以來，我們已將約115%的自由現金流（超過200億美元）返還給了股東。我們既定的計劃是透過股票回購和分紅相結合的方式，返還75%至100%的自由現金流。 6月份季度稀釋後每股收益為8.83美元。稀釋後股份總數為1.38億股，低於3月份季度及我們對6月份季度的預期，原因是股票回購活動增加。

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.

讓我來看一下資產負債表。現金及短期投資（包括受限現金）總額為39億美元，低於3月底季末的46億美元。現金減少的原因包括我們的資本回報活動、用於營運資本成長的現金以及持續的資本投資。我們增加了庫存水準以支援不斷增長的業務量。庫存週轉率與上一季持平，為2.6倍。應收帳款週轉天數為85天，與3月季度基本持平。本季出貨量再次略為偏向下半年。

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.

6月份季度的非現金支出包括約7,000萬美元的股權激勵費用、6,900萬美元的折舊費用和1,900萬美元的攤提費用。 6月季度的資本支出為1.26億美元，較3月季度減少約2,000萬美元。資本支出用於支持公司在多個地區的生產成長，包括美國和馬來西亞，以及在加州、俄勒岡州和韓國新建的技術中心的研發基礎設施投資。

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.

截至6月底，我們約有17,700名正式全職員工，較上一季增加約800人。員工人數成長主要集中在工廠和現場部門，以應對更高的產量、緩解供應鏈壓力以及支援不斷增長的客戶交付和安裝需求。

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2022年9月季度的非GAAP業績指引。我們預計營收為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。這項毛利率預期反映了我們在供應鏈中持續面臨的通膨挑戰。營業利益率為31.5%，上下浮動1個百分點；最後，基於約1.37億股的股數，每股收益為9.50美元，上下浮動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.

綜上所述，Lam在6月份的季度中展現了更有效率的營運執行力，並取得了創紀錄的財務業績，無論從季度還是財年來看都是如此。儘管半導體產業無法完全免受我們所看到的宏觀經濟疲軟因素的影響，但Lam的技術領先地位以及我們強大的用戶基礎，為公司持續的長期成長奠定了堅實的基礎。

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

好了，接線生，我的發言就到此結束。現在，我和提姆想開放通話，接受大家的提問。

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

（操作員說明）我們首先來回答摩根大通的哈蘭‧蘇爾提出的問題。

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.

你們在營運執行方面做得非常出色。正如您在準備好的演講稿中所提到的，我們看到面向消費者的市場區隔領域，例如個人電腦、智慧型手機和遊戲領域，出現了疲軟的跡象。對你們的記憶體客戶而言，這些領域約佔其總收入的55%。因此，他們在下半年以及明年都將採取更謹慎的策略。他們專注於供應鏈方面的控制，並降低資本支出。另一方面，晶圓代工、邏輯電路和IBM的客戶則面臨更多元化的驅動因素，這些領域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?

鑑於你們的交貨週期已經延長到明年，如果你們的客戶群對宏觀需求環境變得更加謹慎，我推測他們會減少明年的訂單量。你們最近的訂單狀況是否也出現了這種情況？另外，在接近年中的時候，你們是否發現今年的訂單取消或延期交付的情況有重大變化？

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，哈蘭，我來回答這個問題。正如你所說，我們顯然看到市場某些領域存在一些疲軟跡象，我們的一些記憶體領域的客戶以及其他一些客戶都公開表示，他們未來在資本支出方面會更加謹慎。不過，我相信我們過去幾季也一直在強調，我們認為記憶體領域的客戶在支出和市場考量方面總體上都相當自律。我認為，正是這一點使得近年來該行業這一細分領域發展良好，因為他們能夠對價格和需求的變化做出相當迅速的反應。所以，我認為我們已經習慣了應對這種情況。

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.

坦白說，就需求方面而言，我們目前還沒有看到客戶的需求訊號有任何顯著變化。正如您所指出的，部分原因可能是交貨週期仍然較長，我認為人們希望花些時間觀察市場在各種驅動因素​​的影響下如何發展。但我們當然也意識到，2023年存在相當大的不確定性，可能會出現不同的情況。但我認為，無論最終出現哪種情況，Lam 都已做好充分準備，能夠有效應對。

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，我唯一想補充的是，無論市場環境如何，我們都知道如何經營公司。我們已經這樣做了很長時間。我們知道在市場上漲、下跌或橫盤整理時應該採取什麼策略，我們會做出相應的反應。而且，當我想到蒂姆提到的那些事情時，我們的處境就更加穩固了。我們對正在贏得的業務、不斷增長的客戶群以及公司出色的執行力都感到非常滿意。這些都讓我們感到振奮。歸根究底，市場就是市場，我們會根據市場的具體情況採取正確的管理方式。

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，見解獨到。就供應鏈而言，鑑於六月強勁的成長勢頭，團隊在提高零件和子系統的供應方面做得非常出色。鑑於供應量的增加，您是否預計九月季度的遞延收入會像您強勁的營收預期那樣下降？您認為供應方面最大的改善體現在哪些方面？是零件供應？子系統供應？貨運和物流？還是以上所有面向？

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，我先說第一部分，關於遞延收入，就讓道格具體談談吧。我想－我們在最近幾次電話會議中討論過，我們大概派出了40個工作小組去服務我們的關鍵客戶。所以我們說，限制因素相當廣泛。我的意思是，像積體電路元件短缺這樣的問題顯然受到了很多關注。但實際上，限制因素的範圍比這更廣。

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.

我們看到一些受限商品的供應情況有所改善。但我們仍然面臨一些限制。這一點可以從我們目前的支出方式、供應鏈管理（正如Doug提到的數據）以及遞延收入在6月份季度持續小幅增長的事實中看出。因此，我認為我們目前的供應鏈整體執行力遠未達到以往的水準。

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.

但我們看到，由於林先生採取的具體措施，情況總體上有所改善。接下來，就讓道格談談九月的遞延收入吧。

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，哈蘭，預測營收數字就已經夠難了，更別提遞延營收了。但如果要我給你一些具體的建議，我覺得營收基本上持平，上下浮動一點點。而且說實話，最終結果還得取決於我們供應鏈的進展。

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

接下來，我們將回答瑞銀集團的提摩西‧阿庫裡提出的問題。

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?

我有一個關於整體WFE的問題。 Tim和Doug，你們6月的預測比預期好，9月的預測也更好，而且在一些限制因素方面也略有改善，但全年WFE卻略有下降。你們能解釋一下這是怎麼回事嗎？是不是部分原因是需求驅動導致全年下降？或者說，即使是90多磅的產量仍然是受供應限制的？

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，提姆，我們認為，這主要是基於供應限制和挑戰而做出的調整。自從我們上次給出1000億美元的WFE（工廠設備出口額）預期以來，我們不僅觀察了自身的業績表現，也聽取了業內其他公司的意見。因此，在給出WFE數據時，我們必須考慮整個產業的執行情況，而不僅僅是Lam公司的表現。鑑於目前產業範圍內仍存在諸多限制，我們認為下調WFE預期是審慎之舉。

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.

所以從需求角度來看，正如我剛才在上一個回答中所說，我並沒有看到WFE（勞動投入）的降低帶來任何實質的改變。當然，總是會有一些工具和項目可以調整。但就目前而言，正如您所看到的，由於我們的遞延收入以及我們無法滿足所有需求，如果有人稍微減少一些工作量，就會有其他人立即填補空缺。因此，就我們剛才提到的數字而言，我們目前的產能已經完全利用完畢。

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?

明白了，明白了，太棒了。然後，道格，如果我不問毛利率的事，那就太失職了，一定會有人問的。所以我想應該是我問。所以，你能──不好意思，道格。你能——你能幫我們量化一下這些不利因素嗎？如果我們沒有這些不利因素，毛利率會是48%還是48.5%？你能幫我們把這些數據標準化一下嗎？

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，提姆，我一直以來都是這樣描述的：公司的長期獲利模式並沒有改變。我對公司未來業績的預期與疫情前、通膨到來之前並無二致。通膨是永久性的，我們必須努力爭取合理的收益；至於暫時性的通膨，或許我們能暫時得到一些補償，但之後就得考慮成本回收的問題了。

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.

因此，我們大約在兩年半前提出的財務模型中隱含的目標比我們現在的預期高出 200 個基點，而這仍然是您思考我們未來業務發展方向的長期盈利能力的方式。

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.

提姆，關於這一點，我唯一想補充的是——顯然現在有很多問題，例如整個行業是否正在放緩，或者某些領域的需求是否會有所緩解。想想看，如果是這樣，目前影響我們毛利率的一些不利因素會如何改變。我的意思是，我們為諸如集成電路（IC）之類的產品支付的許多加急費和溢價，如果一些預測顯示部分需求得到滿足，或者未來略有放緩，那麼這些費用應該會開始減少。所以我認為，正如道格所說，從長遠來看，毛利率還有提升的空間。

Definitely, yes. It's a natural hedge.

當然，是的。這是一種天然屏障。

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

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

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。這是你最喜歡的話題，Doug。我想單獨談談你在馬來西亞的工廠產能爬坡的情況。能說說進展如何嗎？是遇到了阻力還是開始好轉？我們該如何看待這種情況最終會如何發展成為真正的利好？這種情況會在2023年上半年、下半年還是更晚出現？

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

也許我可以讓提姆談談斜坡的進展情況，我再簡單介紹一下數據，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。 C.J.不久前才去過那裡。從執行角度來看，以及我們正在努力改進的地方，我認為馬來西亞的產能提升非常順利。我們目前仍處於產能提升階段，仍在建構和發展供應鏈。其中一些方面，特別是供應鏈發展，可能比我們預期的產量略有滯後。這主要是因為全球供應鏈都在努力提升產能，無論是原料短缺、零件短缺還是勞動力短缺。

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.

但我認為進展非常順利。至於道格對馬來西亞工廠的貢獻的解釋，我認為我們需要記住的是，馬來西亞工廠的產能提升與我們全球所有工廠的產能提升是同步進行的。因此，短期內，你可能很難單獨看到馬來西亞工廠的影響，因為我們同時也在提升其他全球工廠的產能。但從產能提升的角度來看，我對目前該工廠的產量規模和效率提升感到非常滿意。

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。還有C.J.，關於如何看待這些數字。我想大概一年前，我曾說過這會對毛利率造成一定影響。但現在情況已經完全不同了。我們現在的情況基本上處於中性水平。正如Tim剛才跟你說的，我們正在全面提升產能，因為最終這將成為網路中最重要的因素。隨著它在總產能中所佔比例的增加，它不僅能降低勞動成本，還能提高毛利率，因為我們的貨運線路會縮短，供應鏈也會隨之優化。我會隨時向你報告進度。

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。我想強調道格剛才提到的那一點，因為在我準備的發言稿中，我提到過，過去幾年我們戰略轉型的一部分就是將各項能力更靠近最終需要它們的地方。就研發而言，就是更靠近客戶；就工廠而言，就是更靠近供應鏈和客戶。在目前貨運和物流成本高漲的時期，我認為在亞洲客戶附近設立大型工廠最終對我們來說將是一個巨大的優勢。所以這是一個經過深思熟慮的決定。我認為這個決定最終會帶來回報——我們不知道貨運和物流成本何時才能恢復正常，但這可以有效應對成本長期居高不下的情況。

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?

非常有用。我的後續問題是，我希望您能談談 Reliant。您之前也解釋過，在分析邏輯晶片和代工廠記憶體的佔比時，您是否將 Reliant 也納入？另外，從更宏觀的角度來看，您觀察到的趨勢，特別是 200 毫米（40 奈米及以上）製程以及中國國內市場的發展趨勢，您能否詳細分析一下？

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，我先說開頭，然後讓提姆說出後面的部分。好的。 C.J.，我在事先準備好的發言稿中提到的系統收入百分比，既包括Reliant的產品，也包括我們正在銷售的那些更前沿的設備。所以，就係統收入而言，一切都是最終結論。

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。我認為就市場而言——終端市場和需求方面，作為許多晶片的用戶，我們可以說，我們仍然看到嚴重的供應限制，以及這些晶片在市場上極高的溢價。我認為客戶正在投資，試圖緩解目前明顯的供需不匹配問題。這種情況存在於所有不同類型的應用領域。

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，當我查看我們作為單一使用者所需的積體電路清單時，我發現它涵蓋了眾多廠商的產品。所以很難具體說明，但我感覺目前我們仍然身處在一個蓬勃發展的市場。

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

接下來，我們將回答摩根士丹利的喬·摩爾提出的問題。

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?

我想請您談談出口管制方面的可能性。最近媒體一直在關注對中國出口先進邏輯裝置等產品的逐步管制措施。您覺得這方面可能會有什麼變化，以及這些變化會對您產生什麼影響？

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。我們最近接獲通知，對中國14奈米以下製程的晶圓廠的技術出口限制可能會擴大。我想這就是大家一直在猜測的改變。我們已做好全面遵守的準備。我們正在與美國政府合作，任何對Lam公司業務的影響，我們都已在9月發布的業績指引中考慮。

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

Joe，請提供9月份的業績指引以及全年WFE展望。

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

太好了。而且，這是一款不含DRAM的14奈米邏輯晶片呢？

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

是的，據我們所知，它主要專注於鑄造業。

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

接下來，我們將回答來自伯恩斯坦研究公司的史黛西·拉斯貢提出的問題。

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.

我想請您詳細介紹一下客戶服務業務的驅動因素，特別是備件和200毫米工具的市場實力？我只是想了解這些方面的情況，尤其是在當前大環境以及我們聽到的一些關於宏觀經濟和潛在客戶訂單削減等方面的消息背景下。

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，我先來談談這個問題。或許最好先退一步，提醒大家一下，CSBG 的業務由四個部分組成：備用零件、服務、升級和 Reliant。這項業務的優勢之一，也是我們真正喜歡它的原因，在於這四個部分通常以相對獨立的方式波動。我的意思是，備件業務顯然只與我們的裝機量有關。展望未來，大家都在猜測 2023 年的前景，我們不會給出具體的預測，但我們始終很有信心的一點是，今年的設備出貨量非常強勁。明年將會有更多工具需要備用零件和耗材。因此，這部分業務將會成長。

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，正如我們之前所說，隨著設備變得越來越複雜，應用也變得越來越關鍵，備件的需求和重要性也持續成長。因此，備件業務一直保持強勁成長勢頭。服務業務也表現良好。我之前談到了我們正在進行的策略轉型，即轉向更多設備智慧型服務。展望未來，如果客戶開始專注於生產效率和成本，而不是試圖在不增加資本支出的情況下榨取晶圓廠的產量，他們就會轉向生產效率服務、基於結果的合約以及利用設備數據等方式。所以我認為服務業務一直表現良好，即使在宏觀經濟或支出縮減可能帶來一定影響的情況下，我認為服務業務也能繼續保持良好勢頭。

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.

升級業務也是如此。事實上，多年來我一直強調，當客戶忙於大幅擴容時，升級業務往往表現不佳，因為他們確實在擴容，新工具也主要針對擴容。如果他們稍微減少一些擴容投入，既能節省資本支出，又能兼顧技術路線圖，從而轉向升級和技術轉換，那麼升級業務就會更加強勁。我們認為，這項業務在明年的市場環境下能夠持續保持良好勢頭，甚至可能有所成長。

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.

至於Reliant，正如我們剛才所說，還有很多工作要做。我認為，長期以來，該領域的投資嚴重不足，這一點從我們許多人無法獲得滿足需求所需的晶片數量就可見一斑。因此，仍然存在一些追趕的空間。最終，或許能夠追上。我們目前無法預測何時才能完全實現。終端市場和應用驅動因素非常多樣化，因此很難預測。但顯然，在某個階段，其成長速度可能會放緩，並回歸到過去幾年我們所看到的與整體經濟應用擴張相關的穩定成長模式。

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?

我猜我應該更明確地問是什麼推動了服務業的持續走強？那麼，這些因素中哪一個影響最大呢？

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

既有備用零件，也有 Reliant 零件，所以我才在劇本裡特地提到了這一點，Stacy。

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?

明白了，明白了。接下來我想問一個問題——我知道這話可能有點諷刺，但我還是想問。我理解通膨對毛利率的壓力。但就目前來看，你們所有的客戶似乎都能抵禦通膨，因為他們的投入成本上漲，而且他們有能力把這些成本轉嫁出去。為什麼你們不行？

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，史泰西，我想——而且我大概已經說了一兩個季度了——我不想讓你覺得我們沒有提價，因為我們確實在提價。說實話，我認為對我們不利的是，通貨膨脹比我們預期的要嚴重得多，也更強勁。重新談判價格甚麼的需要一些時間，而這正是我們目前正在做的。我這麼說並不是諷刺。我常聽到這種說法。這確實是恰當的評論。我們正在努力爭取應有的合理補償，而且我們一定會做到。

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?

所以，你覺得延遲消除後，大概要花一、兩年才能實現？我的意思是，延遲是 100 bps 嗎？還是說我們能達到的水平更高？或者說，這能幫助你回到之前的型號範圍嗎？

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。這有助於我們恢復到正常車型系列。我之前說過，儘管我們正在努力應對當前的通膨環境，但公司的長期獲利預期保持不變，我們距離目標可能還有200個基點的差距。

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

接下來，我們將回答來自 Cowen & Company 的 Krish Sankar 提出的問題。

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.

我有兩個問題。第一個是給道格的。顯然，過去幾季的業績非常強勁，你們的員工人數也大幅成長。假設明年營收下降5%或10%，我們該如何看待獲利模式和營運槓桿？之後，我還有一個問題想問提姆。

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，克里什，我想最好的方法就是看看公司過去十年的業績，對吧？我們知道如何在市場行情好的時候經營公司，而在市場行情不好的時候，我們採用的是高度變動的成本模式。我們會聘用臨時工，也會外包一些業務。最好的方法就是看看上次經濟衰退的時候，還是同樣的管理團隊在經營公司，我們會採取同樣的做法。這是一套我們早已熟稔的策略，需要的時候隨時可以拿出來用。

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?

明白了，明白了。好吧，道格。接下來我想問蒂姆一個問題。也許這是第一次。我注意到你會在財報幻燈片裡提到先進包裝。我對你的先進包裝策略有點好奇。你的一些同行已經和一些投資公司合作，這些公司當時正在研究面板技術。我們認為你的先進包裝產品組合該如何發展？你是打算自主研發、併購，還是和投資公司合作？

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.

嗯，我認為我們正在關注——你看，先進封裝是Lam公司一直以來都非常重視的領域。所以，我其實不確定這是否是我們第一次討論這個主題，因為我相信我們以前肯定討論過。但我們討論這個主題主要是從蝕刻和沈積在這些新型架構中扮演著極其重要角色的角度出發的。我們在蝕刻和銅電鍍等應用領域擁有強大的優勢。隨著封裝尺寸的變化，我們仍然認為這仍然是我們的市場，因此，我們將評估並尋求一切能夠贏得這些新興領域的最佳途徑，無論是有機的還是無機的。

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

接下來，我們將回答來自高盛的 Toshiya Hari 提出的問題。

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?

太好了。很高興看到您在邏輯和其他領域的出色表現體現在本季的業績數據中。為了更好地理解，我想請您量化一下，目前您在這些市場中的市佔率與蝕刻和沈積領域的公司平均值相比如何？鑑於目前的申請轉換率，您預計幾年後會如何發展？

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。如果具體從邏輯角度來看，這可能是我們之前提到的所有市場中風險敞口最低的。不過，我要提醒您，Toshiya，我們一直在討論一個特定的市場份額成長客戶，我們與該客戶的合作進展非常順利，這也是您在六月業績報告中看到的優勢之一。

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。還有，Toshiya，我想補充一點，關於代工邏輯領域，有幾點要考慮。首先，從SAM的角度來看，我們的業務規模較小，而且一直都是如此。但實際上，目前正在進行的一些技術變革，使我們能夠利用一些更先進的設備來取代代工邏輯領域中一些常用的舊技術。因此，您可以看到我們的選擇性蝕刻技術獲得了巨大的發展動力。我們沒有列出本季所有的成功案例。我們不斷看到新的客戶選擇我們的選擇性蝕刻設備。這項技術只會用於非常先進的邏輯電路，這對我們來說是一個全新的市場，一個新的機遇，而且我們在這方面做得很好。

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.

ALD技術在介電和金屬化方面都發揮著重要作用，例如可以解決RC拐點和後端互連拐點等問題。這為我們創造了機會。正如Doug所提到的，我們在某些​​客戶群中獲得了一定的市場份額成長，同時也拓展了我們的市場機遇，這極大地推動了我們新產品路線圖的發展。我們的目標是提升我們在代工邏輯領域的地位，以應用於更高級的晶片。

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。接下來我想問你一個問題，Tim。關於乾式光阻，很高興看到你們在這方面也取得了進展。當然，如果SK海力士是上市公司的話。我相信你們也在與其他客戶合作。但是，能否幫我們量化一下這項業務或這款產品在未來幾年能發展到什麼程度？隨著你們的產品在某種程度上取代傳統的顯影劑或塗佈顯影劑，你們預計幾年後能佔據多大的市場份額？

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。嗯，我不想在這裡透露太多新的信息，但我認為我們——我們過去已經量化過，這大約是一個五年內價值15億美元的機會，而你們現在才剛開始看到——我們之前提到過，我們開發的工具取得了創紀錄的成功。顯然，我們還沒有將其投入生產製造並開始獲利，所以我們還處於非常早期的階段。但這應該能讓你們對未來五年內你們所說的收入影響有一個大致的了解。

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遠的策略。我之前提到過，加速開發高數值孔徑EUV驅動技術的想法。如果你認為EUV將在未來10到20年內繼續作為先進邏輯裝置的主要圖形化技術，那麼我們的機會將在這段時間內持續成長。最初，未來5年市場規模將達到10億美元，然後隨著層數和應用範圍的擴大而持續成長。我們認為，隨著高數值孔徑EUV技術的出現，我們將有很大的機會佔據大部分市場。

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?

提姆，不好意思，你說5年，我知道你們最初指的是比如說你們的2022年分析師日，是指從那時算起5年，還是從今天算起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.

嗯，我不知道——我想我現在就開始計時吧，因為正如我所說，我們今天隻公佈了一個創紀錄的開發工具，顯然，我們還沒有開始從中產生收入。所以——是的，我認為你可以說從今天起算五年，這比從我們的分析師日起五年要穩健得多。

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

接下來，我們將回答花旗銀行的 Atif Malik 提出的問題。

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?

我有個問題想問你們兩位。參議院似乎已經通過了《晶片法案》。提姆，你和英特爾、美光的CEO們在三月向國會強調這項法案的重要性。假設它順利通過國會，並最終由總統簽署生效，你們能否談談這項法案對美國設備製造商意味著什麼？道格，如果你方便的話，能否談談它將如何影響Lam公司，例如稅收優惠方面，或者在邏輯晶片代工領域的市場份額增長方面？

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。顯然，這對美國半導體製造業整體而言是一項重大利好。我認為最直接的一點是，Lam將從中獲得兩方面的收益。一方面，隨著我們的客戶投資美國本土的產能和能力建設，我們希望能夠獲得這些晶圓廠所購買設備的大部分份額。因此，資金最終會以這種方式流入Lam的業務。

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，當我在參議院作證時，我談到的一點是，要著眼長遠，要實現美國公司和美國半導體製造業的長期發展，就必須考慮研發資金。我認為，《晶片法案》中包含的研發資金將用於資助更長期的能力建設，幫助半導體裝置製造商以及設備製造商開發下一代技術，使我們在全球舞台上保持強大的競爭力，並使我們能夠創造這些技術，而無需像單一公司那樣自行承擔所有風險和資金投入。對於那些可能需要7年、8年甚至10年才能出現的技術來說，這樣做總是很困難的。

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，我認為這是設備製造商和器材製造商都能從中受益的另一種方式。我們需要了解所有細節，但這是我從財務角度的看法。

All right. Atif, any follow-up?

好的。阿提夫，還有什麼後續嗎？

No, I'm good, Doug.

不，我沒事，道格。

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

接下來，我們將回答來自美國銀行的維韋克·阿亞提出的問題。

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?

我有兩個問題。首先，您預測的9月銷售額49億美元，是新的季度基準線嗎？也就是說，在其他條件不變的情況下，我們是否可以預期12月份的銷售量和毛利率會持平或成長？我知道您沒有給出12月份的業績展望，但是有什麼因素可能導致您偏離目前預測的趨勢線，即6月份業績強勁，9月份業績會更強勁？

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，維韋克。我不會提前告訴你12月份的業績。聽著，我認為我們對6月季度在供應鏈方面的進展相當滿意。除非出現新的情況，否則9月的季度業績也將持續保持良好勢頭。我認為我們的執行力會繼續維持下去。而這在很大程度上限制了公司的收入成長。你也聽到了我剛才提到的22億美元的遞延收入。這部分需要我們跟進。但我現在還不能給出12月份的具體數字。

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。第二個問題只是想確認一下。你們在40奈米以下製程領域與中國的連結有多密切？我之前以為沒有或聯絡不多。這些限制措施僅適用於中國國內市場嗎？還是說也可能適用於在中國設有晶圓廠的跨國公司？

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.

目前，我們假設這適用於中國所有14奈米以下過程的活動。至於我們之前在14奈米以下製程的計劃，我們暫不作量化。

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?

但是提姆，為了澄清一下，你說9月份風險已經降低，也就是說，在你9月份的展望中，你認為14奈米以下的中國業務是0嗎？

The guidance fully reflects everything that we just described.

該指南完全體現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.

接下來，我們將回答來自傑富瑞集團的馬克·利帕西斯提出的問題。

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.

我有一個疑問和一個需要澄清的地方。提姆，我想澄清的是，你之前問過我是否遇到訂單延期或取消的情況。你當時的回答似乎是說需求沒有受到影響，但我還是想確認我是否理解了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.

那麼我的問題是，您能否幫助我們了解一下貴公司的生產營運機制，或者說，在訂單提交給不同的客戶之前，你們是如何處理剩餘的生產批次的？如果有人——例如客戶提出「我不確定現在是否需要這個工具，我更希望三個月後再拿到」——你們的權限有多大？你們會調整訂單隊列中的生產批次嗎？還是直接把他們重新排到隊列最後？如果您能簡要介紹一下您如何處理訂單，以及如何處理那些要求延期交貨的客戶，那就太好了。

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.

當然可以。我可以嘗試回答這兩個問題。是的，為了澄清一下，我剛才說的是，目前為止，我們還沒有看到任何延期交貨或需求變化，也沒有出現任何實質性的取消訂單。但是，我想指出的是，交貨週期很長，甚至要到2023年，我們的一些客戶也公開表達了謹慎的態度。我並不是說我們最終不會看到這些改變。我只是想說，目前我們還沒有看到任何變化，但這並不意味著以後不會發生。所以，目前我們所做的承諾都得到了履行，這正是我想要表達的意思。

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，考慮到較長的交貨週期，這就引出了你的第二個問題，那就是：如果客戶提出希望將專案延期幾個月甚至更久，該怎麼辦？我們處理這種情況的方式與目前客戶要求我們減少工期時一樣。我們會與所有客戶合作，了解他們專案的實際進度和需求。雖然我們的生產製造並非完全靈活，但我之前提到過，過去兩年我們一直在投資，努力提升營運彈性。部分原因是為了能夠更好地應對客戶的需求變化。我的意思是，我們把客戶視為合作夥伴，如果需要將專案延期幾個月，可能是因為需求增加，也可能是因為工廠尚未完全準備就緒，或者客戶的計劃有所變更，我們會盡力與他們合作，並儘可能做出調整。

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

接下來，我們將回答來自 Stifel 的 Patrick Ho 提出的問題。

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?

恭喜你們上個季度業績不錯。 Doug，就你們的供應鏈而言，顯然上個季度你們看到了一些改善，但下個季度可能還會出現一些問題。現在的一些問題是否僅與出貨量有關？因為對你們來說，今年的業績仍主要集中在下半年。所以，即使供應鏈方面取得了一些進展，現在的問題似乎仍然是如何繼續跟上你們近期看到的高需求水準？這就是為什麼你們預計到九月的季度，遞延收入至少會維持在同一水平的原因嗎？

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，派崔克。這顯然是其中一部分原因，對吧。我們存在著未滿足的需求。部分貨物尚未交付，這導致收入延遲確認。每個供應商的情況都不盡相同，我們正在與他們協商解決，因為他們目前無法滿足我們的需求。不過，上個季度我們提高了產量，我們預計9月還會繼續保持這種成長勢頭。

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?

好的。還有一個後續問題，或許可以問Tim。顯然，您已經與一家領先的MPU客戶合作了一段時間，隨著他們開始量產新產品，我們開始看到市場份額的成長和銷售的提升。您與他們合作已有一段時間了。鑑於他們在技術節點方面加快了發展步伐，您能否在合作過程中，或許無法量化，但定性地談談您是否看到了一些新的市場機會？這些機會是否讓您對未來與該客戶的合作充滿信心？

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.

我想我已經把這一點告訴了所有客戶。我的意思是，你不可能只跟一個客戶談，但我認為我們一直強調的是，隨著科技變革──也就是科技轉型──的發生，Lam最大的機會才會出現。我跟幾個客戶談過——舉個例子，想想看，如果有人在他們的下一個技術節點或未來的技術節點中全面採用門控系統，這確實會給我們帶來新的機遇，而我們設計的設備也確實領先於他們的技術路線圖。因此，技術變革來得越快，我們就能越早有機會將這些新應用更大規模地融入他們的生產線中。

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.

所以我們已經討論了一些選擇性蝕刻技術，以及我們一些新的原子層沉積（ALD）設備。當然，我們的一些蝕刻系統是專門為支援極紫外光刻（EUV）相關的精細間距圖案化而設計的。就像每個技術節點一樣，我們使用的EUV層數越來越多，對我們來說也是一筆不小的財富。因此，每個客戶的技術轉型速度越快，我們的市場地位就越穩固——就像Lams的行銷策略一樣，我們的市佔率成長機會就越大。

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

接下來，我們將回答來自巴克萊銀行的布萊恩柯蒂斯提出的問題。

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.

我想就需求前景做個後續跟進。我聽您說目前還沒有看到太多需求。我主要關注您提到的那些強勁領域。但我認為，我們看到很多同樣的領域，像是影像感測器、MCU、AP，都出現了疲軟。高通方面表示他們的供應已經跟上了。我知道這並非您的預測，而是您從客戶那裡了解到的。但我很好奇，您之前也經歷過這種情況。當您審視下游市場時，您肯定會看到疲軟的跡象。我只是好奇，目前實際上看到了什麼？顯然，情況和之前一樣，您也聽說了資本支出削減，試圖把所有這些因素都納入考量，而我知道您仍在努力追趕。所以我不知道哪個才是合適的起點，但很明顯，您看到了下游市場的疲軟。

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.

布萊恩，顯然，正如我們所承認的，我們明顯感受到客戶的態度更加謹慎。我們看到了宏觀經濟環境的變化。因此，需要明確的是，我們尚未給出2023年的展望。我認為我們想表達的是，如果需求發生變化，並且隨著需求的變化而變化，Lam已經做好充分準備，能夠在任何環境下高效運作。顯然，我們面臨著不同的情況。但關鍵在於，展望未來，無論環境如何，我們龐大的使用者基礎等優勢都將對我們有所幫助。

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，我們在晶圓代工領域的進步，包括市場份額的成長和SAM業務的拓展，無論最終需求如何，都將帶來正面影響。技術革新帶來的更高蝕刻和沈積強度，同樣不受最終需求的影響。此外，我們擁有更多元化、更有效率且有效的全球製造基礎設施，這也將有助於我們應對市場需求。

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，我想強調的是，我們預測未來的能力可能不會比其他人強，我們無法準確預測2023年的具體情況。但我們確實相信，我們對Lam如何在任何環境下都能出色地完成任務有相當清晰的認識。

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?

您可能之前已經回答過這個問題了，但我想問的是遞延收入餘額。我很好奇，您是否看到客戶開始跟上進度了？我知道您提到9月份可能會持平，但我只是想了解您遇到的挑戰，您是否仍然遇到一些無法完成的子系統問題？還是更像是訂單量增加導致餘額持續上升？我只是想弄清楚為什麼餘額還沒開始下降？

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，首先，我們正在努力提高產量。坦白說，這涉及到所有零件。我的意思是，可以說一切都在逐步改善。但總的來說，仍然有相當一部分產品的產量無法達到我們預期的更高水平。因此，這個數字還在持續成長中。所以我無法指出具體是哪一方面，但總的來說，我對我們眾多供應商所取得的進步感到滿意。所以我感謝他們的努力，因為我確實看到了這種漸進式的進步，並且期待著隨著九月份的到來，情況會進一步改善。

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

接線員，我們還有時間再問一個問題嗎？

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

好的。我們最後回答來自富國銀行的喬·夸特羅奇提出的問題。

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的業務，還有一個問題。眾所周知，第三方工具經銷商市場的供應一直非常有限。我們該如何看待這個市場與Reliant業務的競爭？如果終端半導體市場的需求開始放緩，二手工具的供應可能會增加，我們又該如何看待這個問題？

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，我想首先指出的是，是的，從歷史上看，這部分市場服務主要依靠二手設備，但如今二手設備很少，或者幾乎沒有。因此，我們只能把舊款新設備賣到 Reliant 產品線，對吧？需求是——現在根本沒有翻新設備。所以，提姆，你覺得…

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。我認為情況很明顯。目前大部分設備，甚至可以說是全部設備，都已充分利用。

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，如果終端半導體需求放緩，您認為這種情況會改變嗎？您認為需要翻新的設備數量會有所改變嗎？或者您認為客戶可能會繼續維持這種產能？

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.

我認為這種情況不會有太大變化。我的意思是，這些設備一旦投入晶圓廠使用，我們通常會看到它們使用20到30年，用於生產不同製程節點的晶片。所以我認為，就設備取得而言，許多客戶肯定會繼續使用這些系統。

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。現在我把會議交還給各位發言人，請他們補充發言或作總結陳詞。

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

謝謝接線生。感謝今天所有參與通話的各位，也感謝大家的支持。

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。感謝各位的參與。現在可以斷開連線了。