科林研發 (LRCX) 2023 Q1 法說會逐字稿

Good day, and welcome to the Lam Research September 2022 Quarter Earnings Conference Call. At this time, I would like to turn the conference over to Ms. Tina Correia. Please go ahead, ma'am.

大家好，歡迎參加 Lam Research 2022 年 9 月季度財報電話會議。現在，我將會議交給 Tina Correia 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. During today's call, we will share our overview on the business environment, and we'll review our financial results for the September 2022 quarter and our outlook for the December 2022 quarter.

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 先生，以及執行副總裁兼財務長 Doug Bettinger 先生。在今天的電話會議中，我們將分享我們對當前商業環境的概述，並回顧 2022 年 9 月季度的財務業績以及對 2022 年 12 月季度的展望。

A 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.

今天下午太平洋時間1點剛過，我們發布了詳細介紹財務表現的新聞稿。您也可以在公司網站的投資者關係頁面找到新聞稿，以及今天電話會議的簡報。

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.

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。請參閱簡報中的相關投影片以取得更多資訊。

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

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業績的詳細調整表可在簡報的隨附幻燈片中找到。本次電話會議預計持續到太平洋時間下午3:00。電話會議的錄音將於今天下午晚些時候在我們的網站上提供。接下來，我會把電話交給提姆。

Thank you, Tina, and thank you to everyone joining the call today. Our September quarter results reflect continued strong execution by Lam, with revenues topping $5 billion for the first time in the company's history. Gross margins came in at the higher end of guidance and operating margin and earnings per share both exceeded the guidance range.

謝謝蒂娜，也謝謝今天所有參加電話會議的各位。我們九月季度的業績反映了林氏集團持續強勁的執行力，公司營收首次突破50億美元大關。毛利率達到預期上限，營業利益率和每股盈餘均超出預期範圍。

As you can see from our press release today, we also expect solid performance in the December quarter despite the challenging environment. Recently, the United States government announced new export regulations for U.S. semiconductor technology sold in China, including wafer fabrication equipment and related parts and services.

正如您從我們今天的新聞稿中看到的，儘管面臨充滿挑戰的環境，我們預計12月季度業績仍將保持穩健。近期，美國政府宣布了針對銷往中國的美國半導體技術（包括晶圓製造設備及相關零件和服務）的新出口管制條例。

We have taken the necessary steps to ensure full compliance with the rules and have ceased shipments and support as required. Our financial guidance issued today for the December quarter includes the impact of these changes. For calendar year 2023, we estimate the total revenue impact from these restrictions to be in the range of $2 billion to $2.5 billion.

我們已採取必要措施確保完全遵守相關規定，並已按要求停止發貨和提供支援。我們今天發布的12月季度財務預期已包含這些變化的影響。我們預計，這些限制措施對2023日曆年的總收入影響將在20億至25億美元之間。

Turning to the broader demand picture. We see wafer fabrication equipment spending in calendar year 2022 in the low $90 billion range. This outlook includes the impact of new China-related restrictions and lower demand partially offset by improving supply chain conditions. As some of our customers have indicated recently, there has been a rapid deterioration in demand fundamentals, particularly within the Memory segments.

展望更廣泛的需求情勢。我們預計2022年晶圓製造設備支出將在900億美元左右。這項預測包含了中國相關新限制措施和需求下降的影響，但供應鏈狀況的改善將部分抵消這些影響。正如我們一些客戶近期所指出的，需求基本面已迅速惡化，尤其是在記憶體領域。

Customers are adjusting investment plans into next year to bring channel inventories down to more normalized levels. As a result, we see memory bit shipments tracking below end demand for the next few quarters. In our normal cadence, we would provide our first view of 2023 WFE on our January earnings call.

客戶正在調整明年的投資計劃，以使渠道庫存降至更正常的水平。因此，我們預計未來幾季記憶體位出貨量將低於終端需求。按照慣例，我們會在1月的財報電話會議上首次發布對2023年WFE（最終產品）的展望。

However, given the current environment, today, we are providing our preliminary estimate for calendar year 2023. Inclusive of the China restrictions, we expect next year's WFE to be down more than 20% with Memory investments accounting for a large portion of that decline. We will provide more detailed color on our outlook in our next earnings call. But for now, we believe that customer actions to reduce memory bit supply growth will create a favorable setup for memory mix to increase as a percent of overall WFE beyond 2023.

然而，鑑於當前形勢，我們今天提供2023日曆年的初步預測。考慮到中國的限制，我們預計明年的WFE（晶片設備支出）將下降超過20%，其中記憶體投資的下降將佔很大一部分。我們將在下次財報電話會議上提供更詳細的展望。但就目前而言，我們認為客戶採取措施降低記憶體位供應成長將為記憶體在2023年後佔整體WFE的比例上升創造有利條件。

As these cyclical adjustments play out, the structural factors supporting a long-term WFE growth remain unchanged. These include expanding semiconductor content in end devices, rising device complexity and larger die sizes. These factors create tremendous opportunity for Lam as they require greater etch and deposition intensity to enable higher performance and more scalable device architectures, including the transition to 3D structures.

隨著這些週期性調整的進行，支撐WFE長期成長的結構性因素保持不變。這些因素包括終端裝置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加。這些因素為Lam公司創造了巨大的機遇，因為它們需要更高的蝕刻和沈積強度才能實現更高性能和更具可擴展性的裝置架構，包括向3D結構的過渡。

To ensure we are best positioned to win long term, we are focused on 3 key strategies: first, continue to demonstrate our commitment to customer success by ensuring that the rapidly growing installed base of Lam tools at our customers is operating at maximum efficiency; second, be a trusted R&D partner for our customers by sustaining our investment in the technology development that is most critical to their long-term device scaling road maps; and third, accelerate innovation and deepen our customer and supply chain partnerships by fully leveraging Lam's recently expanded global R&D and manufacturing infrastructure.

為了確保我們能夠長期保持最佳的競爭優勢，我們專注於三大關鍵策略：首先，繼續展現我們對客戶成功的承諾，確保客戶處快速增長的 Lam 工具安裝量以最高效率運行；其次，透過持續投資於對客戶長期設備擴展路線圖至關重要的技術開發，成為客戶值得信賴的研發基礎

Our installed base is now approaching 80,000 chambers in the field. This is over 30% higher than in the 2019 memory-related pullback in WFE. Lam's growing installed base continues to drive strong performance in our CSBG business, which hit another record in the September quarter with approximately $1.9 billion in revenue.

我們目前已在現場安裝近 8 萬台電腔。這比 2019 年 WFE 因記憶體相關問題而下滑時的資料高出 30% 以上。 Lam 不斷成長的安裝基礎持續推動我們 CSBG 業務的強勁表現，該業務在 9 月的季度中再創佳績，營收約 19 億美元。

While we won't hit new records every quarter, our installed base has become ever more important to our business model, particularly in WFE spending downturns. During such times, customers can continue to advance their technology while optimizing capital efficiency through upgrades to their existing tools.

雖然我們無法每季都創下新紀錄，但我們的現有用戶群對我們的商業模式變得越來越重要，尤其是在WFE（工作場所設備）支出低迷時期。在這樣的時期，客戶可以透過升級現有工具來優化資本效率，同時繼續推動其技術發展。

We are also engaging with customers to find other efficiencies, including yield enhancement. An example of the opportunity this creates can be seen in our Coronus product line. Lam's Coronus double etch process is employed by customers to help prevent process-related defects, which can impair cost per bit scaling. As a result, we have seen a steady increase in the number of bevel edge passes used at each successive NAND technology node.

我們也與客戶合作，尋求其他提高效率的方法，包括提升良率。 Coronus產品線就是一個很好的例子。客戶採用Lam的Coronus雙蝕刻工藝，有助於防止製程缺陷，進而降低每位元成本。因此，我們看到，在每個後續的NAND技術節點中，斜邊加工次數都在穩定增加。

Another opportunity to help drive efficiency can be found in the enormous volume of equipment and process data being generated from our large and growing installed base. Together with customers, we are using key learnings to deliver services and upgrades that positively impact our customers' operations. For example, we recently deployed Equipment Intelligence Services to support new equipment installation at a large memory manufacturer.

我們龐大且不斷成長的已安裝設備群產生了大量的設備和流程數據，這為我們提升效率提供了另一個契機。我們與客戶攜手合作，利用關鍵經驗提供服務和升級方案，進而對客戶的營運產生正面影響。例如，我們最近部署了設備智慧服務，以支援大型記憶體製造商的新設備安裝。

Using these capabilities, we were able to shorten the time to release tools to production by more than 20%. While the near-term demand dynamics warrant an increased focus on operational efficiencies, the strong pull for technology advancement from our customers and the growth opportunity it creates for Lam continues.

利用這些能力，我們將工具投入生產的時間縮短了 20% 以上。雖然短期需求動態要求我們更加重視營運效率，但客戶對技術進步的強烈需求以及由此為 Lam 帶來的成長機會依然存在。

We made solid progress in the September quarter with key technology wins across multiple customers. For example, our ability to deposit critical films to lower device capacitance and improved lithography overlay performance led to wins for these layers at a leading DRAM customer.

我們在九月的季度中取得了穩步進展，在多個客戶的關鍵技術合作中取得了成功。例如，我們能夠沉積關鍵薄膜以降低裝置電容並提高光刻套刻精度，這促成了我們與一家領先的DRAM客戶就這些薄膜的合作。

For both applications, we leverage learning from our 3D NAND leadership position as well as ecosystem partnerships to bring innovative and cost-effective solutions to our DRAM customers. In foundry logic, we secured multiple new ALD application wins at a key customer by delivering purpose modifications and film characteristics required for building and integrating gate-all-around structures.

在上述兩個應用領域，我們都充分利用了我們在3D NAND領域的領先地位以及生態系統合作夥伴關係，為DRAM客戶提供創新且經濟高效的解決方案。在代工邏輯領域，我們透過提供建造和整合環柵結構所需的特定用途改進和薄膜特性，成功為一家重要客戶贏得了多個新的ALD應用專案。

Whether it's our focus on operational efficiency or our collaboration on advanced technology, we believe our long-term success will be rooted in an R&D and manufacturing infrastructure close to our customers, close to our ecosystem partners and with access to world-class talent. Consequently, over the past 2 years, we have made strategic investments to expand our global footprint, including the addition of a manufacturing facility in Malaysia, an R&D lab in Korea and just last month, the opening of Lam's India Center for Engineering in Bengaluru.

無論是我們專注於提升營運效率，還是在先進技術領域開展合作，我們都堅信，長期的成功將源於我們擁有貼近客戶、貼近生態系統合作夥伴、並能接觸到世界一流人才的研發和製造基礎設施。因此，在過去兩年中，我們進行了多項策略性投資，以擴大我們的全球佈局，包括在馬來西亞增設製造工廠，在韓國設立研發實驗室，以及就在上個月，在班加羅爾開設了林氏印度工程中心。

This center is a valuable addition to our global Lam network, specializing in the design and testing of hardware and software used across our product lines. So overall, I am pleased with how we are continuing to strengthen our foundation in technology, manufacturing and service. This foundation puts us in a very good position to both navigate the current cyclical dynamics and emerge stronger as we look to capture the exciting opportunities we see over time in the semiconductor industry.

該中心是我們全球Lam網路的重要補充，專門負責我們產品線所用硬體和軟體的設計和測試。總而言之，我對我們不斷加強在技術、製造和服務方面的基礎感到非常滿意。這項基礎使我們能夠更好地應對當前的周期性波動，並在展望半導體產業未來發展機會時變得更加強大。

Thank you again for joining today. And I'll now turn the call over to Doug.

再次感謝各位今天的參與。現在我將把電話交給道格。

Excellent. Thanks, Tim. Good afternoon, everyone, and thank you for joining our call today. Lam delivered solid results in the September quarter with record levels of performance across multiple metrics, including revenue, operating income and earnings per share.

太好了。謝謝，蒂姆。大家下午好，感謝各位參加今天的電話會議。 Lam在9月的季度業績表現穩健，多項指標均創歷史新高，包括營收、營業收入和每股盈餘。

The September financials reflect our focus on operational excellence and our ability to deliver and meet the needs of our customers in a dynamic industry environment. Revenue in the September quarter crossed the $5 billion mark for the first time in our history, coming in at approximately $5.1 billion.

9月的財務表現反映了我們對卓越營運的重視，以及在瞬息萬變的產業環境中滿足客戶需求的能力。 9月季度營收首度突破50億美元大關，達到約51億美元。

We continue to ramp output levels, delivering nearly 10% revenue growth over the prior quarter. Supply chain issues have begun to ease somewhat. They have not gone away completely, however. We continue to deal with certain inflationary pressures as well as output constraints.

我們持續提升產量，營收較上一季成長近10%。供應鏈問題已緩解，但尚未完全消除。我們仍面臨一定的通膨壓力和產量限制。

Deferred revenue was $2.8 billion and grew in the September quarter by approximately $550 million. This growth was primarily due to customer cash and advanced deposits followed by the timing of shipments on outstanding orders. With macro conditions weakening and wafer fab equipment spending declining, I expect deferred revenue and backlog levels will come down as we exit the December quarter.

遞延營收為28億美元，較9月季成長約5.5億美元。這一增長主要得益於客戶現金和預付款，以及未結訂單的發貨時間。隨著宏觀經濟環境走弱和晶圓製造設備支出下降，我預計在12月份季度末，遞延收入和積壓訂單水準將會下降。

I'll provide more information regarding our December guidance and focus for calendar year 2023 later in my scripted remarks. Let me now turn to the segment details for the September quarter. Memory represented 52% of systems revenue, which was slightly down from the prior quarter level of 54%.

關於我們12月份的業績指引以及2023年全年的重點工作，我將在稍後的演講稿中提供更多資訊。現在，讓我來看看9月季度的各業務板塊詳情。記憶體業務佔系統總收入的52%，略低於上一季的54%。

Included in Memory, the NAND segment represented 39% of systems revenue compared to 40% in the prior quarter. We see capacity adds and conversions occurring by NAND customers mainly for 192-layer class devices. The DRAM segment concentration was consistent with the prior quarter coming in at 13% of system revenues compared to 14% in the June quarter.

在記憶體業務中，NAND快閃記憶體業務佔系統總收入的39%，低於上一季的40%。我們觀察到，NAND快閃記憶體客戶主要針對192層級裝置進行產能擴張與轉換。 DRAM業務的佔比與上一季持平，佔系統總收入的13%，而上一季為14%。

The DRAM investments were primarily for 1Z and 1-alpha node conversions. Foundry reinvestments were respectable in the September quarter, comprising 34% of our system revenues, reaching a record level from a dollar standpoint. The increase in the quarter from the June quarter concentration of 26% as a result of the continued strength in investments for both the leading and mature node devices across a myriad of customers.

DRAM投資主要用於1Z和1-alpha節點轉換。 9月季度，代工再投資表現可觀，佔系統營收的34%，創下美元價值的新高。與6月季度26%的增幅相比，主要得益於我們持續加大對眾多客戶領先節點和成熟節點元件的投資。

These investments are supporting areas such as AI, IoT, cloud, automotive and 5G. The Logic and Other segment contributed 14% of systems revenue in the September quarter compared with 20% in the prior quarter. I'll remind you that we had record results in this segment in the June quarter, and we continue to have positive momentum in the Logic segment. Our customer base here is investing in microprocessors, image sensors as well as advanced packaging solutions.

這些投資正助力人工智慧、物聯網、雲端運算、汽車和5G等領域的發展。邏輯及其他業務部門在9月季度貢獻了系統總收入的14%，低於上一季的20%。值得一提的是，我們在6月份季度該板塊取得了創紀錄的業績，並且邏輯業務板塊目前仍保持著良好的增長勢頭。我們的客戶群正在投資微處理器、影像感測器以及先進的封裝解決方案。

I'll now turn to the regional composition of our total revenue. The China region came in at 30% of the total, relatively flat with the prior quarter level of 31%. The China September revenue was more concentrated towards the domestic Chinese customer base. And as Tim discussed, we now have additional restrictions for certain domestic Chinese customers and expect the revenue in this region will be significantly lower as we go into next year.

接下來我將介紹我們總收入的區域組成。中國地區佔總營收的30%，與上一季的31%基本持平。中國9月的收入主要集中在中國國內客戶群。正如Tim所提到的，我們目前對部分中國國內客戶實施了額外的限制，預計明年該地區的收入將大幅下降。

The Taiwan region increased to a concentration of 22% in September versus 19% in the June quarter. Korea decreased to 17% of our total revenue from 24% in prior quarter. I expect these 2 regions to continue to be strong for us based on the plans of our customers in those regions. The customer support business group results were strong in the September quarter. Revenue here reached a record of nearly $1.9 billion, which was up 16% from the June quarter and 37% higher than the September quarter in calendar 2021.

台灣地區的業務佔比從6月的19%上升至9月的22%。韓國地區的業務佔比則從上一季的24%下降至17%。基於這些地區客戶的計劃，我預計這兩個地區將繼續保持強勁的成長勢頭。客戶支援業務部門在9月的季度業績表現強勁。該部門的營收達到近19億美元，創歷史新高，較6月份成長16%，較2021年同期成長37%。

All parts of the CSBG business delivered good performance in the quarter. Notably, the Reliant and spares product line revenues were at record levels. Reliant was the biggest contributor to the sequential growth in September. As we've noted in the past, CSBG revenues will fluctuate on a quarterly basis. While the macro setup creates the likelihood of a decline in trailing edge demand, the strength of our installed base and value-added services provide a platform to offset potentially softer specialty WFE spending. We do believe, nonetheless, that the specialty segment will weather next year relatively better than WFE in total.

本季CSBG業務各部分均表現良好。值得注意的是，Reliant及零件產品線的營收創歷史新高。 Reliant是9月季增的最大貢獻者。正如我們先前所指出的，CSBG的收入會隨季度波動。儘管宏觀經濟情勢可能導致後緣需求下降，但我們強大的裝置基礎和加值服務能夠抵消專業WFE支出可能出現的疲軟。儘管如此，我們仍然相信，明年專業領域的情況將比WFE整體好得多。

Moving to gross margin. The September quarter came in at 46% at the high end of our guided range and an increase from June's gross margin of 45.2%. We benefited from higher output levels as well as favorable customer and product mix. We do continue to have cost pressures in freight and logistics as well as in certain raw material areas like semiconductors.

接下來談談毛利率。 9 月季度的毛利率為 46%，處於我們預期範圍的高端，較 6 月的 45.2% 有所增長。我們受益於產量提升以及有利的客戶和產品組合。但我們仍面臨貨運和物流成本壓力，以及某些原料領域（例如半導體）的成本壓力。

I see headwinds coming in our December quarter related to customer mix, which I'll talk to when I address our guidance. Operating expenses for the September quarter were $647 million, up from the prior quarter amount of $635 million. The increase in spending was in R&D, which comprised nearly 68% of our spending, which was a high water concentration level for the company.

我預計12月季將面臨與客戶結構相關的挑戰，我將在闡述業績指引時詳細說明。 9月季度的營運支出為6.47億美元，高於上一季的6.35億美元。支出增加主要集中在研發方面，研發支出佔總支出的近68%，這對公司而言是一個較高的研發投入比例。

We're focused on supporting our customers' manufacturing plans for both the short and long term and investing with those objectives in mind. We're committed to managing spending next year as we see a decline in calendar year 2023 wafer fab equipment spending, which will obviously negatively impact our revenue levels.

我們致力於支持客戶的短期和長期生產計劃，並以此為目標進行投資。鑑於2023年晶圓製造設備支出預計將會下降，這將對我們的收入水準產生負面影響，因此我們承諾明年將嚴格控制支出。

The September operating margin was 33.3% and was over the guidance range due to the higher levels of revenue and improved gross margin. Our non-GAAP tax rate for the quarter was 13.8%, slightly higher than expected due to the geographic mix of income, coupled with the impact of the required U.S. R&D capitalization rules. Our estimate for the December 2022 quarter and for 2023 is for the tax rate to be in the low to mid-teens level.

9月營業利益率為33.3%，高於預期範圍，主要得益於營收成長和毛利率提升。本季非GAAP稅率為13.8%，略高於預期，主要原因是所得地域分佈較為分散，以及美國研發資本化規則的影響。我們預計2022年12月季和2023年的稅率將維持在10%至15%的水準。

Please note, this estimate does not reflect the impact of any potential U.S. and global tax policy changes being considered. The minimum tax provisions of the Inflation Reduction Act are not effective for us until the second half of calendar year 2023, which is our 2024 fiscal year. We do not expect any meaningful impact to our tax rate related to this policy change, however.

請注意，此估算並未反映任何正在考慮中的美國及全球稅收政策變化的影響。 《通貨膨脹抑制法案》的最低稅率條款要到2023年下半年（即我們的2024財年）才會對我們生效。不過，我們預期這項政策變動不會對我們的稅率產生任何實質影響。

And also, as a reminder, as we've discussed in the past, you should expect the tax rate to fluctuate from quarter-to-quarter. Other income and expense came in for the quarter at $30 million in expense. This was an expected decrease compared with the $87 million of expense in the June quarter. I'll just remind you that we incurred a loss related to market declines in one of our venture investments last quarter. We have now liquidated that position.

另外，再次提醒各位，正如我們之前討論過的，稅率會隨季度波動。本季其他收入和支出為3000萬美元，較6月份季度的8700萬美元支出下降，符合預期。我還要提醒各位，上個季度我們的一項創投因市場下跌而蒙受損失，目前我們已清倉該投資。

Other expense in the September quarter was a little bit better than we expected, mainly because of higher interest rates on an increasing cash balance and slightly favorable foreign exchange impacts. The OI&E P&L line item is subject to market-related fluctuations that will cause some level of volatility to the items such as foreign exchange as well as impacts from the equity markets.

9 月季度的其他支出略好於預期，主要原因是現金餘額增加帶來的利率上升以及略微有利的匯率影響。損益表中的營業收入及支出項目受市場波動影響，例如匯率波動以及股票市場的影響，都會導致該項目出現一定程度的波動。

From a capital return perspective, we allocated approximately $105 million to share repurchases during the September quarter. The cash was deployed in open market repurchases. The ASR from the June quarter also continued to execute in the September quarter. We paid $206 million in dividends during the quarter. And just to remind you, we continue to target returning 75% to 100% of our free cash flow as our long-term capital return plan.

從資本回報的角度來看，我們在9月季度分配了約1.05億美元用於股票回購。這筆現金用於公開市場回購。 6月份季度的年度股票回購計畫（ASR）在9月份季度繼續執行。該季度我們支付了2.06億美元的股息。再次提醒各位，我們仍將長期資本回報計畫的目標設定為將75%至100%的自由現金流用於股票回購。

September quarter diluted earnings per share came in at $10.42, which was above our guided range because of the strong revenue and improved profitability performance that I spoke about. Diluted share count was 137 million shares, which was lower than the June quarter and was in line with September quarter expectations.

9 月季度稀釋後每股收益為 10.42 美元，高於我們先前的預期，這主要得益於我之前提到的強勁營收和獲利能力提升。稀釋後股份數為 1.37 億股，低於 6 月份季度，與 9 月份季度的預期相符。

Let me now pivot to the balance sheet. Cash and short-term investments, including restricted cash, totaled $4.6 billion, which was up from the prior quarter level of $3.9 billion. We generated solid cash from operations in the September quarter of $1.2 billion, which was partially offset by the share repurchases and dividend payments. Inventory turns were consistent with the prior quarter level, coming in at 2.5x.

現在讓我來看看資產負債表。現金及短期投資（包括受限現金）總額為46億美元，高於上一季的39億美元。我們在9月的季度中實現了穩健的營運活動現金流，達到12億美元，但部分被股票回購和股利支付所抵銷。存貨週轉率與上一季持平，為2.5倍。

Days sales outstanding was 82 days, which was a slight decrease from the 85 days in the June quarter. Noncash expenses for the September quarter included approximately $71 million for equity comp, $64 million for depreciation and $12 million for amortization. Capital expenditures for the September quarter were $140 million, a little bit higher than June, which was $126 million.

應收帳款週轉天數為82天，較6月份的85天略有下降。 9月份的非現金支出包括約7,100萬美元的股權補償、6,400萬美元的折舊和1,200萬美元的攤提。 9月的資本支出為1.4億美元，略高於6月的1.26億美元。

Capital expenditures are supporting growth in manufacturing facilities in the United States and Malaysia. Additionally, we're investing in research and development infrastructure in California and Oregon as well as our new technology centers in Korea and India. We ended the September quarter with approximately 18,700 regular full-time employees, which is an increase of approximately 1,000 people from the prior quarter.

資本支出正用於支持美國和馬來西亞製造工廠的成長。此外，我們也在加州和俄勒岡州投資研發基礎設施，並在韓國和印度新建技術中心。截至9月底，我們約有18,700名正式全職員工，較上一季增加約1,000人。

We had headcount growth primarily in the factory and field organizations and some in R&D to address higher output levels, to manage the supply chain constraints and to support customer deliveries and installations. We've decided to slow down hiring to only critical positions as we assess the business trajectory going into 2023. Overall, we're executing well in the short term while we plan to prudently manage the business for a down WFE year in calendar year 2023. I'll remind you that we know how to manage this business during a down cycle. Our operating model has been constructed and tested for many years in different business environments.

我們主要在工廠和現場部門增加了人員，研發部門也有少量人員增加，以應對更高的產量、緩解供應鏈壓力並支援客戶交付和安裝。鑑於2023年的業務發展趨勢，我們決定放緩招募速度，僅保留關鍵職位。整體而言，短期內我們的營運狀況良好，同時我們也計劃謹慎管理業務，以應對2023年預計的低迷期。我要提醒各位，我們深諳如何在經濟低迷時期管理業務。我們的營運模式已在不同的商業環境中經過多年驗證和實踐。

With that backdrop, I'll provide our non-GAAP guidance for the December 2022 quarter. We are expecting revenue of $5.1 billion, plus or minus $300 million. This includes our current estimate of the impact of new regulations on our ability to supply products and services to certain customers in China. This revenue guidance would have been decently higher if not for these new regulations.

基於以上背景，我將提供我們2022年12月季度的非GAAP業績指引。我們預計營收為51億美元，上下浮動3億美元。這其中包含了我們目前對新規可能對我們向中國部分客戶供應產品和服務能力造成的影響的預估。若不考慮這些新規，我們的營收指引本應更高。

Gross margin of 44.5%, plus or minus 1 percentage point. This is down from the September quarter, primarily due to customer mix. We have lost more profitable business from the China region. Operating margins of 31.5%, plus or minus 1 percentage point; and finally, earnings per share of $10 even, plus or minus $0.75 based on a share count of approximately 136 million shares.

毛利率為44.5%，上下浮動1個百分點。這較9月份的季度有所下降，主要原因是客戶結構的變化。我們失去了來自中國地區的高利潤業務。營業利益率為31.5%，上下浮動1個百分點；最後，基於約1.36億股的股數，每股收益為10美元，上下浮動0.75美元。

So let me just wrap it up. Throughout 2022, we've demonstrated the ability to deliver record financial performance and profitable growth. It's been a year of volatile supply chain constraints, inflationary pressures and regulatory changes. We're confident we're prepared for the challenges we see in the industry in calendar 2023, and we built a solid foundation for continued success, evidenced in our technology leadership and robust installed base.

那麼，讓我總結一下。在2022年，我們展現了創造歷史最佳財務表現和實現獲利成長的能力。這一年充滿了供應鏈波動、通膨壓力和監管變化。我們有信心應對2023年產業面臨的挑戰，並且我們已經為持續成功奠定了堅實的基礎，這體現在我們的技術領先地位和強大的用戶基礎上。

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

接線員，我的發言到此結束。現在，我和提姆想開始接受提問。

(Operator Instructions) We will take the first question on the queue from Timothy Arcuri.

（操作員指示）我們將接受 Timothy Arcuri 的第一個問題。

This is Jason on for Tim from UBS. I just have a couple of questions. So my first question is on your December guidance. You just guided the deferred revenue to come down. So I was just curious whether you can quantify for us how much of excess deferred revenue you're realizing and contemplating into your December guide. Then I have a follow-up.

我是瑞銀的Jason，替Tim發言。我有幾個問題。第一個問題是關於您12月份的業績指引。您剛剛預測遞延收入將會下降。所以我想請您具體說明一下，您實際確認的超額遞延收入有多少，以及您計劃在12月份的業績指引中計入多少。之後我還有一個後續問題。

Yes, I'm not sure I completely heard you. I think you asked what we think deferred revenue in December is going to do. And all I'm going to tell you is I expect it to go down. I'm not going to quantify it for you.

是的，我不太確定我是否完全聽清了。我想您問的是我們認為12月的遞延收入會如何改變。我只能告訴您，我預計它會下降。我不會給出具體數字。

Got it. So my second question is on the gross margin for the same quarter. Could you please quantify how much of a headwind you're still facing in December for things like elevated freight costs and Malaysia facility? When can we expect the gross margin to normalize eventually?

明白了。我的第二個問題是關於同一季度的毛利率。能否請您量化一下，12月份您仍面臨哪些不利因素，例如運費上漲和馬來西亞工廠的營運？我們預計毛利率何時才能恢復正常？

Yes. No, I'm not going to quantify that for you either. It's still a headwind. Otherwise, I wouldn't have put it in the scripted remarks. As we go into next year, and I think supply gets caught up with demand in terms of some of the supply challenges we're having, I expect some of the inflationary headwinds there to mitigate. I expect the same thing in freight and whatnot. So I'm not going to put a number on it, but I do expect that, that will get better as we go into next year.

是的。不，我也不會給你量化這個問題。它仍然是一個不利因素。否則，我就不會把它寫進事先準備好的演講稿裡了。隨著我們進入明年，我認為供應會逐漸趕上需求，我們目前面臨的一些供應挑戰也會得到緩解，我預計一些通膨方面的不利因素會有所減輕。我對貨運等方面的情況也有同樣的預期。所以我不會給出具體的數字，但我確實預計，隨著我們進入明年，情況會有所改善。

We will take the next question from Harlan Sur from JPMorgan.

接下來，我們將回答來自摩根大通的哈蘭·蘇爾提出的問題。

Given your commentary on the $2 billion, $2.5 billion impact next year from the export controls in China, it looks like near term, you are offsetting some of that with your significant deferred revenue and order backlog with some of your non-China customers. But I guess my question is, could you quantify of the $2 billion, $2.5 billion impact, what percentage is systems and what percentage is services? And then I have a follow-up question.

鑑於您之前提到中國出口管制明年將造成20億至25億美元的損失，短期內，您似乎可以透過來自部分非中國客戶的大量遞延收入和訂單積壓來抵消部分損失。但我的問題是，您能否量化這20億至25億美元的影響，其中系統業務和相關服務分別佔多大比例？此外，我還有一個後續問題。

Yes, Harlan. I guess we wanted to give some sizing for that in 2023 since we knew there will be questions that we're not going to break out the difference right now. That's inclusive of both systems and spares and service for those customers in China that are impacted by the restrictions.

是的，哈蘭。我想我們想在2023年給出一些規模估算，因為我們知道肯定會有人問，所以我們現在不打算詳細說明差異。這包括系統、備件以及為受限制措施影響的中國客戶提供的服務。

I think that we talked a little bit about improving supply chain conditions. And so where possible, we talked about December, including some impact of, of course, China restrictions, offset partially by supply chain easing, offset as well by some decreases in other customers due to the demand elements that we talked about. So we're not prepared to break each of those items out, but we're doing the best we can to essentially meet customer demand requirements where we can as early as we can.

我想我們已經就改善供應鏈狀況進行了一些討論。因此，我們盡可能地談到了12月份的情況，當然也包括中國限制措施的影響，這些影響部分被供應鏈的緩和所抵消，同時也被我們之前提到的其他客戶需求下降所抵消。所以我們現在不打算逐一列出這些因素，但我們正在盡最大努力，儘早滿足客戶的需求。

I appreciate that. And then my follow-up, the team only just started recently breaking out services of your CSBG business. Obviously, it's becoming a more ratable base, multiyear service contract focused business, a lot richer in terms of value-added services and solutions.

我很感激。另外，團隊最近才開始拆分你們的CSBG業務的各項服務。顯然，它正逐漸發展成為一項更注重多年服務合約、且更易於計費的業務，在增值服務和解決方案方面也更加豐富。

I think you guys put in your presentation like chamber shipments are up significantly over the past 3 years. So in thinking about a weaker WFE environment next year, like if you look back over the last 3 or 4 WFE downturns, has Lam services business remained stable or grown through most of those downturns? And would you expect a similar profile in a weaker WFE environment next year?

我認為你們在報告中提到，在過去三年裡，機櫃出貨量顯著增加。那麼，考慮到明年WFE市場環境可能疲軟，回顧過去三、四次WFE市場低迷時期，Lam的服務業務在大多數低迷時期是否保持穩定或成長？你們預計明年WFE市場疲軟的情況下，Lam的服務業務也會呈現類似的成長態勢嗎？

Well, Harlan, in my comments, I specifically said it's a very important part of our business model, especially during WFE downturns. It's also been a very deliberate strategy of Lam. I think if you've attended the last couple of investor conferences, we've talked about an intention to increase revenue capture per chamber.

哈蘭，我在演講中明確指出，這是我們商業模式中非常重要的一部分，尤其是在WFE（世界經濟論壇）低迷時期。這也是林先生深思熟慮的策略。我想，如果你參加過最近幾屆投資者會議，你就會知道我們討論過提高每個商會收入的計畫。

And so I mentioned that just in the time from the last WFE downturn in 2019, so now we've managed to grow the installed base in chamber count by more than 30%. At the same time, we've also increased the breadth of our portfolio of the services that both in terms of the types of equipment intelligence services, the spares, the upgrades that has also meaningfully improved our opportunity for each of those chambers that's in the installed base.

正如我之前提到的，自 2019 年上次 WFE 市場低迷以來，我們已經成功地將密閉室的安裝基礎提高了 30% 以上。同時，我們也擴大了服務組合的範圍，包括設備情報服務、備件和升級等，這顯著提高了我們為每台已安裝密閉室提供服務的機會。

So each element of the spares of CSBG, whether it's spares, upgrade services, Reliant probably moves a little bit different through each of the kind of WFE up cycles or down cycles. But generally, spares, as we've said, holds up pretty well as most customers continue to run all of the tools that they've got installed. Upgrades sometimes can actually do a little bit better as customers have a little bit more time in a downturn to make the improvements that they want to make so that they come out of those downturns stronger with their installed base.

因此，CSBG備件的各個組成部分，無論是備件還是升級服務，在WFE（設備前端）市場週期波動中，Reliant的營運情況可能略有不同。但總的來說，正如我們所說，備件業務表現相當不錯，因為大多數客戶會繼續運行他們已安裝的所有設備。升級服務有時表現會更好一些，因為客戶在市場低迷時期有更多的時間進行他們想要進行的改進，從而使他們在市場低迷時期後，其現有設備基礎更加穩固。

And then services, especially with our expanding offerings around equipment intelligence sources, I talked about efficiency, productivity. Those are all things that they're important to customers at all times, but they're really important to customers as they're thinking about squeezing everything they can out of the installed base they have and being able to then maybe delay additional capital purchases or expenditures for just a bit longer. So I would say that we see CSBG as a very important part of stabilizing the company's performance through cycles.

然後是服務，特別是隨著我們不斷擴展的設備情報來源服務，我談到了效率和生產力。這些對客戶來說始終都很重要，但當客戶考慮如何最大限度地利用現有設備，並可能因此推遲額外的資本採購或支出時，這些就顯得尤為重要。因此，我認為CSBG在幫助公司應對週期性波動、穩定績效方面發揮著至關重要的作用。

Yes, Harlan, the only thing I would point out incrementally, yes, the only incremental thing I'd point out and incremental to what Tim said is I've been talking about how strong Reliant has been the last several quarters. And in fact, last quarter, it was the biggest sequential grower in CSBG. And as we look into 2023, we're not going to parse all the different components of WFE. But I know there's some people out there that think specialty segment of WFE will soften next year, and that would impact the Reliant along with that, offset by the things that Tim talked about.

是的，哈蘭，我唯一想補充的是，我之前一直在強調Reliant在過去幾季表現非常強勁。事實上，上個季度它是CSBG中環比成長最快的公司。展望2023年，我們不會逐一分析WFE的各個組成部分。但我知道有些人認為WFE的特種產品板塊明年會走弱，這將對Reliant產生一定影響，不過蒂姆提到的那些因素可以部分抵消這種影響。

We will take the next question from C.J. Muse from Evercore.

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

I guess first question relates to deferred revenues. So when you gave us your early view for 2023 WFE, how are you kind of reflecting deferred revenues for you as well as the rest of the industry in that more than down 20%? And as part of that, should we be thinking about your deferred revenues getting close to 0 exiting calendar '23?

我想第一個問題與遞延收入有關。您在給予2023年世界期貨展望時，是如何將您自身以及整個產業的遞延收入下降超過20%來反映出來的？此外，我們是否應該考慮到2023年底，您的遞延收入將接近零？

Yes. Let me take a start at that first, and then I'll let Doug add in. Obviously, our -- we've contemplated that. Always, when we're talking about the -- what we think the industry is able to do from a ship perspective and ultimately from a revenue perspective. But -- so that number next year, kind of think about it as a little bit of a like-for-like to this year.

是的。我先說幾句，然後讓道格補充。顯然，我們已經考慮過這個問題。我們一直在討論——我們認為這個行業從船舶角度以及最終從收入角度來看能夠做到什麼。但是——所以明年的數字，可以把它看作是與今年大致相當的。

But I believe that we will see ultimately the year play out in a way that deferred revenues do come down as supply chain continues to ease. And there is a normal level though. I'll let Doug speak to that, what that normal level of preferred is that we'd expect. So it won't come to 0, but we will see a meaningful portion of that deferred revenue that really represents the systems that we've been unable to satisfy this year as that plays out next year as we have ramped our capacity, supply chain capacity is caught up, and therefore, we get caught up on deliveries and revenue recognition.

但我相信，隨著供應鏈持續緩和，今年的遞延收入最終將會下降。當然，遞延收入會維持在一個正常水準。我會讓道格來解釋這個正常的預期水準是多少。所以遞延收入不會降到零，但我們會看到相當一部分遞延收入（這部分收入實際上反映了我們今年未能滿足的系統需求）在明年得到彌補，因為屆時我們的產能將得到提升，供應鏈產能也將恢復正常，從而我們能夠及時完成交付並確認收入。

So Doug, I don't know if you have something further.

道格，我不知道你是否還有其他問題。

Yes. I mean, C.J., you know that deferred revenue is never a 0 number because we always have these cash and advanced payments, volume purchase agreement credits, a whole bunch of different things, spares and service credits that are there.

是的。我的意思是，C.J.，你知道遞延收入永遠不會是零，因為我們總是有現金和預付款、批量採購協議抵免、各種各樣的東西、備件和服務抵免等等。

if you look pre the supply chain challenges we had, a normalized level of deferred revenue would be somewhere between $500 million and $1 billion. It bounces around. It's lumpy sometimes. But that is kind of the normalized level that I think about, and it's elevated right now because of the backordered stuff and the incomplete tools that we're shipping. It will come down in December, and then it will come down more as we go through 2023 is our outlook right now.

如果回顧我們之前遇到的供應鏈挑戰，正常的遞延收入水準應該在5億到10億美元之間。這個數字會波動，有時甚至會大幅波動。但我認為這大致是一個正常水平，而目前由於積壓訂單和我們正在交付的不完整工具，這個數字被拉高了。我們目前的預期是，到12月份這個數字會下降，然後隨著我們進入2023年，這個數字還會進一步下降。

Very helpful. And as my follow-up, you've grown your headcount by 30-plus percent over the last kind of 5 quarters. And I guess curious, as you contemplate the coming kind of correction, how are you thinking about headcount? How are you thinking about OpEx and operating leverage?

非常有幫助。另外，我想問一下，過去五個季度你們的員工人數增加了30%以上。我很好奇，在考慮即將到來的調整時，你們是如何看待員工人數、營運支出和營運槓桿的？

Well, I think that -- obviously, as Doug mentioned in his comments, it's not our first downturn. And the reality is we had -- really had no choice but to expand the company as we tried to meet what was really unprecedented demand over the last couple of quarters -- or a couple of years. And that -- no choice in doing that.

嗯，我認為——顯然，正如道格在他的評論中提到的，這並非我們第一次遭遇經濟低迷。事實上，在過去幾個季度，或者幾年裡，為了滿足前所未有的需求，我們別無選擇，只能擴張公司規模。我們別無選擇。

And as you see, not only did we add headcount, they also expanded our facilities. Obviously, as you move through cycles, you then look at the resources that are required to meet the business level in the year and going forward and beyond. But I made a couple of comments. One, we think it's incredibly important that we sustain technology development through any cycle.

如你所見，我們不僅增加了員工人數，還擴大了廠房。顯然，隨著經濟週期的推移，我們需要根據當年的業務水平以及未來更長遠的發展需求來評估所需的資源。但我還有幾點要補充。首先，我們認為在任何經濟週期中保持技術研發的持續性都至關重要。

Our customers expect for us to be continuing to advance the products and the technologies they're going to need on the other side of the demand cycle. Two, I talked about some very strategic investments that we've made to expand our global footprint to put us closer to where some of our key customers are to create capabilities closer to ecosystem partners and our supply chain. And we think those investments are incredibly important to the long-term business model of the company.

我們的客戶期望我們能夠持續推進產品和技術的研發，以滿足他們在需求週期另一端的需求。其次，我談到了我們為擴大全球佈局而進行的一些策略性投資，這些投資旨在讓我們更貼近一些關鍵客戶，並建立更貼近生態系統合作夥伴和供應鏈的能力。我們認為這些投資對公司的長期商業模式至關重要。

And so we'll be sure that in however we're thinking about the resources in the company that we sustain those types of investments as well because it's not only how you act through the downturn, it's how prepared you are for the next upturn and what performance you can deliver in that cycle as well. So those things are all under consideration now, and it's also why we gave you some look ahead to 2023 to give you a sense of how we're thinking about how this business is going to have to be run through the near term.

因此，無論我們如何考慮公司資源，我們都會確保持續進行這類投資，因為重要的不僅是如何在經濟低迷時期應對，還包括為下一次經濟復甦做好準備，以及在下一個週期中能夠取得怎樣的業績。這些都是我們目前正在考慮的因素，這也是為什麼我們展望了2023年，以便讓大家了解我們對公司近期營運方式的思考。

The next question from Stacy Rasgon from Bernstein Research.

下一個問題來自伯恩斯坦研究公司的史黛西·拉斯貢。

For my first question, you've -- obviously, you've got backlog and deferred carrying you through December, but you've got calendar '23, you're guiding WFE down, if I do the math, like somewhere in the ballpark of $70 billion. How do I think about the transition from where we're running right now to that environment? Like can you give us any color, even qualitatively just on like for March quarter? Does March quarter sort of -- are you sort of at that run rate of where you expect WFE to be next quarter? Like what does that transition look like?

我的第一個問題是，顯然，你們目前有積壓訂單和延期訂單可以撐到12月，但你們預計2023年全球融資規模（WFE）會下降，如果我沒算錯的話，大概在700億美元左右。我該如何看待從我們目前的營運狀況過渡到這種狀況？你們能否就3月份的季度狀況，哪怕只是定性地談談？ 3月份的季度業績是否達到了你們預期的下個季度全球融資規模？這種過渡會是什麼樣的呢？

Yes, Stacy, I mean we gave you color beyond what we would normally do at this point in the year, and I'm not going to do any more than we've already provided. That's the best we're going to be able to do for you right now.

是的，史泰西，我的意思是，我們已經為你提供了比往年這個時候通常更多的色彩，我不會再做任何超出我們已經提供的了。這就是我們現在能為你做的最好的了。

All right. I guess I'll take that. For my follow-up, if I look at the WFE guidance for next year, again, down 20% or more from the low 90s, puts at about $70 billion. You said it includes the China sanctions. Would it have been higher without those China sanctions? Are you assuming that some of that China capacity gets redeployed to other players? Like what is that -- what do those puts and takes look like?

好的，我接受這個答案。我的後續問題是，如果我看一下WFE對明年的業績指引，同樣比9000萬美元左右的預期下降了20%甚至更多，那麼預期值約為700億美元。您提到這個數字包含了對華制裁的影響。如果沒有這些制裁，預期值會更高嗎？您是否假設部分中國產能會被重新分配給其他廠商？具體情況如何？這些重新分配會帶來哪些影響？

No, that makes an assumption and the vast majority of that China WFE just comes out of WFE. And I don't -- if your question is, could somebody else spend what those customers were going to spend to put the same equipment or capacity in place. Our view right now, I mean, is that, that probably wouldn't take place in 2023.

不，那隻是個假設，而且中國WFE的絕大部分都來自WFE本身。至於你的問題是，其他人是否會像這些客戶一樣，投入同樣的資金來部署相同的設備或產能，我的回答是——我們目前的看法是，這種情況在2023年不太可能發生。

Yes. I guess what I'm asking is if it wasn't for the sanctions, would you be looking for WFE at like $80 billion or $75 million instead of the $70 million where it seems to be coming out?

是的。我想問的是，如果沒有製裁，您會認為WFE的估值在800億美元還是7500萬美元左右，而不是現在看來的7000萬美元？

Yes. It would have been a little bit higher, Stacy. Yes, it would have been a little bit higher.

是的，本來還會更高一點，史黛西。是的，本來還會更高一點。

We'll take the next question from Krish Sankar.

接下來我們來回答 Krish Sankar 提出的問題。

The first one, thanks for the color on CSBG. I'm just kind of curious, you shipped a lot of tools this year. Most of them are under 1-year warranty. So they won't necessarily contribute to CSBG revenues. And WFE is down 20% or higher, and the customer utilization rates come down. Is there a way to think about what utilization rate below which CSBG revenues don't grow?

首先，感謝您對CSBG的分析。我有點好奇，您今年出貨了很多工具，但大部分都在一年保固期內，所以它們可能不會直接貢獻CSBG的收入。而且WFE下降了20%甚至更多，客戶利用率也隨之下降。那麼，有沒有辦法計算CSBG收入低於哪個利用率水準就不會成長呢？

Well, I think it's a tough question because as I -- that's why I pointed out, there's really 4 components of CSBG and not all of them are completely utilization driven. But just to your comment about the number of tools we've shipped. I mean, over the last 2 years, as we mentioned, or since 2019, up 30%, a significant expansion in chamber count. So therefore, our opportunity has grown.

嗯，我覺得這個問題很難回答，因為正如我之前提到的，CSBG 實際上包含四個組成部分，而且並非所有部分都完全由利用率驅動。至於您提到的我們工具的出貨量，我的意思是，正如我們之前提到的，過去兩年，或者說自 2019 年以來，出貨量增長了 30%，腔室數量顯著增加。因此，我們的機會也隨之成長。

There are some components of CSBG and the spare space around consumables that actually start kind of on customer usage. And so that 1-year delay it doesn't quite exist for every part of CSBG spending. But I don't think we've done the calculation of where UT would have to come down -- utilization would have to come down in order for certain elements not to grow. I think we anticipate that, again, customers are going to be motivated to run the tools to a great extent for the tools that they already have installed.

CSBG 的某些組成部分以及耗材相關的備用空間，實際上都取決於客戶的使用情況。因此，並非所有 CSBG 支出都存在一年的延遲。但我認為我們還沒有計算出 UT（利用率）必須下降到什麼程度——也就是某些項目的利用率必須下降到什麼程度才能阻止其成長。我認為我們預計，客戶仍然會積極地使用他們已經安裝的工具。

And again, you'll see probably heightened interest in upgrades versus new capacity additions, which is also beneficial for not only our CSBG business, but Lam's capture rate per dollar of investment spend. So again, just CSBG being an important part of our business. Pointing out, Doug also commented some elements like Reliant are subject to kind of overall macro environment, and we just have to watch that as we move through next year.

再次強調，您可能會看到市場對升級改造的興趣遠高於新增產能，這不僅有利於我們的CSBG業務，也有利於Lam公司每美元投資的報酬率。所以，CSBG仍然是我們業務的重要組成部分。 Doug也指出，像Reliant這樣的計畫會受到整體宏觀環境的影響，我們需要密切注意明年的發展。

Got it. Got it. Tim, that's very helpful. And then as a follow-up, it seems like the first time your foundry revenues crossed $1 billion in a quarter. And you mentioned about some ALD wins for gate-all-around, et cetera. So I'm curious how much of the foundry strength is care gains versus just underlying cyclical strength from the foundry purchasing?

明白了，明白了。蒂姆，這很有幫助。另外，我想問一下，這似乎是你們晶圓代工業務首次單季營收突破10億美元大關。你也提到了一些ALD（原子層沉積）方面的訂單，例如全方位封裝等等。所以我很好奇，晶圓代工業務的強勁成長有多少是來自業務成長帶來的收益，又有多少只是晶圓代工採購帶來的週期性成長？

A little bit of both, Krish, frankly. Obviously, I think you understand, like I'm sure everybody on the call does, foundry investment is pretty strong this year. So that's a part of it. But there's incremental positions that we've won. Tim, every earnings call, talks about some of those. So -- and he talked about a couple of just now.

坦白說，克里什，兩者兼具。顯然，我想你明白，就像我相信電話會議上的每個人都明白一樣，今年的代工廠投資非常強勁。這是原因之一。但我們也獲得了一些新的投資機會。蒂姆每次財報電話會議都會談到其中的一些。所以——他剛才也談了幾個。

Yes, Krish, I'm usually trying to focus on how we're doing versus what are some of the longer-term inflections that we've highlighted. When you think about foundry logic where we've been focused, it's ALD, which clearly, we've made significant progress. It's areas like the EUV patterning module, which includes hard masks and the ability to etch very fine pitch features with incredibly uniformity across the wafer and wafer-to-wafer, tool-to-tool, chamber-to-chamber. And that's -- so I've been -- usually, I'm talking about a little bit further ahead, but that gives you some sense of the momentum of the company that's independent of the cycle. It's really -- those are positions we're winning and when the customers buy, those become big opportunities for the company.

是的，Krish，我通常更關注我們目前的進展，而不是我們之前強調的一些長期發展趨勢。說到我們一直在關注的晶圓代工邏輯，那就是原子層沉積（ALD）技術，顯然，我們在這方面取得了顯著進展。例如，極紫外光刻（EUV）圖形化模組，它包括硬掩模，以及在晶圓上、晶圓間、設備間、腔室間都能以極高的均勻性蝕刻極細間距特徵的能力。所以，我通常——我指的是稍微超前一點的進展——但這能讓你感受到公司不受週期影響的發展勢頭。這些領域我們正在贏得市場，而當客戶購買時，這些就為公司帶來了巨大的機會。

Next question is from Joe Moore from Morgan Stanley.

下一個問題來自摩根士丹利的喬·摩爾。

In terms of the business that's impacted by the export controls, you said $2 billion to $2.5 billion for next year. Can you talk about what that is kind of like on a run rate basis? Or just -- I'm trying to get a sense of, is that 2% to 2.5%, was that projecting some growth relative to where the numbers have been? I'm just trying to understand how much the negative impact is versus the trailing numbers.

關於受出口管制影響的業務，您提到明年將損失20億至25億美元。您能否談談這個數字以年率計算大概是多少？或者，我想了解一下，這個數字是2%到2.5%嗎？相對於之前的數字，這個預測是否包含一定的成長？我只是想了解負面影響與之前的數字相比究竟有多大。

Yes, that's a good question. I mean obviously, we're giving a '23 a little earlier that we probably have a great look at '23. But in that number, $2 billion to $2.5 billion, we did anticipate some growth in '23 over 2022. So we won't say how much, but it's incorporated some growth from the run rate we see today.

是的，問得好。我的意思是，很顯然，我們提前預測了2023年的情況，因為我們對2023年的發展前景可能比較樂觀。但在這個20億至25億美元的數字中，我們確實預期2023年會比2022年有所成長。所以我們不會透露具體數字，但這個數字包含了基於我們目前成長率的一些成長。

Okay. And then within the service, the spares in particular, part of that business, I assume you'll be impacted in your ability to ship spares going forward as well. Should we think about those customers being similar in size to their overall capital spending? Or have they been sort of purchasing spares ahead of this? And could they be outsized exposure within your services business because of that?

好的。那麼在服務方面，特別是備件業務，我估計你們未來的備件發貨能力也會受到影響。我們是否應該考慮這些客戶的規模與你們的整體資本支出規模相當？或者他們已經提前採購了一些備件？這是否會為你們的服務業務帶來過大的風險敞口？

Yes. Joe, there's not an enormous amount of it. There's been a little bit of inventory. I think the entire customer base built up with some of the supply chain constraints this year, including the local Chinese customers, but it's not like a crazy amount.

是的，喬，數量不多。庫存確實有一些。我認為今年由於供應鏈的限制，包括中國本地客戶在內，所有客戶的訂單都增加了一些，但數量並不多。

Next question from Toshiya Hari from Goldman Sachs.

下一個問題來自高盛的 Toshiya Hari。

I was hoping, Doug, you could help us think about your systems revenue into '23 vis-a-vis how you're thinking about WFE. Obviously, you're over-indexed to Memory where you guys expect the bulk of the decline to come in '23.

道格，我希望你能幫我們分析一下你們系統業務到 2023 年的收入狀況，以及你們對 WFE 的看法。顯然，你們的投資組合中記憶體業務佔比過高，而你們預期記憶體業務的大部分下滑將出現在 2023 年。

You've been really successful in China and chunk of that is coming out. On the positive side, you seem to have really strong momentum in both logic and foundry. So net-net, is it fair to assume you guys can kind of perform in line with WFE? Or do you think '23 is going to be a relatively challenging year just given your mix?

你們在中國市場取得了巨大的成功，其中很大一部分正在轉化為實際收益。積極的一面是，你們在邏輯電路和晶圓代工領域似乎都擁有非常強勁的發展勢頭。所以總的來說，你們的業績能否與WFE持平？或者考慮到你們的業務組合，你們認為2023年將會是相對具有挑戰性的一年？

Yes. I think in many ways, Toshiya, you answered your own question. Yes, we're a little bit over-indexed in Memory. We're very strong in terms of share there, and that's going to be down more than overall WFE next year, but that's also offset by the strength of our CSBG business, which I believe to be the highest quality installed base business in the industry.

是的。我覺得從很多方面來說，Toshiya，你已經回答了自己的問題。沒錯，我們在記憶體業務上的佔比確實有點過高。我們在記憶體業務的市佔率非常強，而且明年記憶體業務的降幅會大於整體WFE業務，但我們CSBG業務的強勁表現彌補了這一損失，我認為CSBG業務擁有業內最高品質的裝置量。

So that's going to benefit us. If you really want to kind of see what it might look like, go back and look at '19, where you had a similar profile where Memory was quite soft and foundry logic was pretty good. And we weathered that period pretty well.

所以這對我們有好處。如果你想了解一下大概情況，可以回顧一下 2019 年的情況，當時記憶體市場比較疲軟，而代工邏輯晶片市場則相當不錯。我們挺過了那段時期。

That's helpful. And then as my follow-up, a question on gross margin. So you're guiding December down 150 basis points. And Doug, you spoke to customer mix. One of your competitors, they've talked about inventory write-downs and costs associated with repurposing tools. Curious if anything like that is negatively impacting your December quarter guide. And I guess more importantly, how should we think about March and beyond with volume declining, do gross margins decline further from here? Or do you think there's enough offsets in pricing and hopefully freight and semiconductor pricing that could help you on the upside?

這很有幫助。接下來，我想問一個關於毛利率的問題。你們將12月份的業績預期下調了150個基點。 Doug，你提到了客戶結構的變化。你們的一家競爭對手提到了與庫存減損和設備改造相關的成本。我想知道這些因素是否會對你們12月份的業績預期產生負面影響。更重要的是，考慮到銷量下滑，我們該如何看待3月及以後的業績？毛利率會進一步下降嗎？或者你們認為價格因素，以及運費和半導體價格的上漲，是否足以抵銷毛利率的下降？

Yes. Let me unpack a little bit, Toshi. No, I don't really think we're going to have a meaningful inventory exposure. So no, there isn't anything from that. We believe we're going to be able to meaningfully rework any inventory we had that might have been targeted for those specific customers we can no longer ship to. And I don't think, as I sit here today, that's a material number.

是的。讓我詳細解釋一下，Toshi。不，我真的不認為我們會面臨嚴重的庫存風險。所以，這方面沒什麼問題。我們相信能夠有效地調整那些原本可能針對我們無法再向其發貨的特定客戶的庫存。而且，就我目前的情況來看，我認為這不會造成實質的影響。

So the softness, sequential softness in December gross margin is because we lost some very profitable customers in the China region, and that's going to persist, obviously. So that was kind of the first question. Unpacking next year. I mean, the way I think about it, first, I think you know, as everybody on the call does, this isn't really a fixed cost business. It's highly variable.

所以，12月毛利率較上月下滑，是因為我們在中國地區失去了一些利潤非常高的客戶，而這種情況顯然還會持續下去。所以，這算是第一個問題。展望明年。我的意思是，首先，我想大家也都知道，就像電話會議上的其他人一樣，這並不是一個固定成本的行業。它的成本波動很大。

And so as volumes vary, a lot of cost of goods sold varies. You've seen that from us over the years. So that hasn't changed. The model here hasn't changed. As we go into next year, the benefit, I think we'll see in gross margin is, I believe we'll see mitigation on some of these inflationary pressures. I think supply gets back caught up with demand in terms of our supply base in areas like semiconductor. I believe freight gets better next year. To what magnitude, I'm not positive, but I think that gets better.

因此，銷售波動會導致銷售成本大幅波動。多年來，您也看到了這一點。所以，這一點並沒有改變。我們的模式也沒有改變。展望明年，我認為毛利率將會受益，因為我相信一些通膨壓力會得到緩解。我認為，在半導體等領域，我們的供應基礎將重新與需求接軌。我相信明年的運費也會有所改善。至於改善的幅度，我目前還不能確定，但我認為情況會有所改善。

And then we ramp supply chain in Malaysia. So we're flying things shorter distances and whatnot. And so we're going to see the benefit of that offset then by we've just lost some very profitable customers. And yes, volume will be down. There is a little bit of fixed cost in the factory and field that we're going to have to deal with. So I'm not going to quantify it for you, but those are the puts and takes.

然後我們會加強在馬來西亞的供應鏈。例如縮短空運距離等等。這樣一來，我們就能抵銷一些損失，但也因此失去了一些利潤豐厚的客戶。沒錯，銷量一定會下降。工廠和現場還有一些固定成本需要我們負擔。所以我就不具體量化了，但這就是其中的利弊。

And the only thing I would add is that a lot of our actions -- again, I spoke to some of the repositioning. I mean, effectively, your question is about next year, but we're really thinking about, again, long-term trajectory for profitability of the company, which both Doug and I have said over time, we want to drive it meaningfully higher.

我唯一要補充的是，我們採取的許多行動——我剛才也提到了一些重新定位的措施。我的意思是，實際上，你的問題是關於明年的，但我們真正考慮的是公司盈利能力的長期發展軌跡，我和道格都曾說過，我們希望顯著提​​高盈利能力。

And so Doug mentioned and I mentioned the investment in Malaysia. We talked about the engineering activities in India, talked about the technology lab in Korea. All of these things are designed to make us faster and more efficient in our operations over the long term. And so how much of that shows up next year and kind of how -- what the effect is, we're going to see how next year plays out. We're going to be focused on it.

所以，道格提到了，我也提到了在馬來西亞的投資。我們談到了在印度的工程項目，也談到了在韓國的技術實驗室。所有這些舉措都是為了讓我們在長期營運中更快、更有效率。至於這些舉措明年能發揮多大作用，以及最終效果如何，我們明年拭目以待。我們會重點關注這一點。

As Doug said, if we go back and look at 2019, we did pretty well in these periods. But really, what we're trying to message is that the investments we've made over the last couple of years, taking advantage of this very strong growth period in the company really sets us up for the remainder of this decade to really drive the strategy of the company towards, again, speed [of mission] and efficiency and delivery of our products and services.

正如道格所說，如果我們回顧2019年，我們在這些時期表現相當不錯。但實際上，我們想傳達的訊息是，過去幾年我們利用公司強勁增長期進行的投資，真正為我們未來十年奠定了基礎，使我們能夠繼續推動公司策略朝著更快的速度、更高的效率以及更快的產品和服務交付方向發展。

Next question from Vivek Arya, Bank of America.

下一個問題來自美國銀行的維韋克·阿亞。

For the first one, I'm curious, Tim, when do you see your ex China memory customers getting to some level of supply-demand equilibrium? Is it sometime in Q1, Q2, Q3? Just what's your sense of how much inventory do they have? And how much time would it take for them to clear it out so that your orders can resume?

提姆，我很好奇，你覺得你以前的中國記憶體客戶什麼時候才能達到供需平衡？是第一季、第二季還是第三季？你覺得他們現在有多少庫存？他們需要多久才能清空庫存，你的訂單才能恢復？

Yes. Well, now we're starting to talk a lot more about 2023. And so again, we incorporated our view there into the 2023 guidance. I think we'd like to wait until we get a little bit closer to the year to be able to speak to that. It's customers are taking action. And I think that you're hearing from customers about some pretty aggressive action to try to bring those inventories and the supply demand better into balance.

是的。現在我們開始更多地討論2023年。因此，我們也把這方面的觀點納入了2023年的業績指引。我想我們最好等到接近2023年的時候再詳細討論這個問題。客戶們正在採取行動。而且我認為，你們也聽到了客戶們採取的一些相當積極的措施，他們試圖更好地平衡庫存和供需關係。

I don't really want to speak for them, but I think that as I commented, I think as we exit 2023, we're going to be set up in a pretty good place for memory spending as a percent of total WFE to actually rise from that point. How it plays out through 2023, I'll let you know our view as we get a little bit closer.

我不太想代表他們發言，但正如我之前提到的，我認為到2023年底，記憶體支出佔WFE（硬體設備總支出）的比例將會穩定上升。至於2023年的具體情況，我會接近時再和大家分享我們的看法。

And Vivek, maybe just an observation from me. I mean, these cycles have similar time frames associated with them, almost just walk back in history and look at it. With the caveat, though, I think as we came through all the supply chain challenges this time, maybe a little more entry got built up when I look at things in the industry, so it might be a little bit longer than typical. But these things are pretty consistent on a historical basis. So you just go look at history, you'll have to answer your question.

維韋克，我個人覺得，這些週期通常都有相似的時間跨度，回顧歷史就能看出端倪。不過，要注意的是，這次我們經歷了供應鏈的種種挑戰，而產業內的新進入者可能更多了，所以週期可能會比平常稍長一些。但從歷史角度來看，這些現像其實相當普遍。所以，你只要去查閱歷史，就能找到答案。

Right. And for my follow-up, I'm just trying to reconcile the more optimistic comments about growth made by your lithography peer this morning who is expecting to grow next year with your comments that WFE could decline over 20%.

好的。我的後續問題是，我只是想調和一下你今天早上那位光刻領域同行對增長的樂觀預測（他預計明年會增長）和你關於WFE可能會下降20%以上的說法之間的矛盾。

So if the little part of the wallet is going to grow, does it mean that the part that applies to you declines a lot more than 20%? I'm just trying to reconcile such a big difference in how 2 important players are thinking about next year.

所以，如果錢包裡那一小部分錢要成長，是不是代表你那部分錢的降幅會遠超20%？我只是想弄清楚，為什麼兩位重要球員對明年的計畫會有如此巨大的分歧。

Yes, hard for me to tell you what another company is saying, especially because it was just this morning, and I haven't really been able -- Tim and I haven't really been able to look at what they said. But I think you understand, you don't just buy one tool just for the fun of it. If you can't buy all the process tools to complete the manufacturing line, it makes no sense, right?

是的，我很難告訴你另一家公司說了什麼，尤其因為事情發生在今天早上，我和提姆還來不及仔細查看他們的說法。但我想你應該明白，買工具不是一時興起。如果你買不起所有必要的工藝工具來完善生產線，那就毫無意義，對吧？

And so if you bought a litho tool, you eventually etch step and everything else to complete the wafer. So I can't help you reconcile what they said because I haven't actually been able to go study it, but I think you understand what I just commented on.

所以，如果你買了光刻機，最終你還是要完成蝕刻步驟以及其他所有工序來製作晶圓。因此，我無法幫你理解他們所說的，因為我還沒有機會去研究，但我相信你明白我剛才的意思。

Next question from Blayne Curtis, Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

I just want to ask you on the restrictions. I mean I guess, just optically looking at it, it seems like you're taking out the domestic memory vendors, and I know there's very little leading-edge logic. I'm just kind of curious, there was at least some debate as to whether the multinationals, whether you could still ship to their Chinese facilities.

我只是想問一下關於限制的問題。我的意思是，從表面上看，你們似乎在排除國內的內存廠商，我知道這方面沒什麼前沿技術可言。我只是有點好奇，之前至少有過一些關於跨國公司是否還能向其中國工廠出貨的討論。

I know there was some licenses maybe for services. But just kind of curious if you could just quantify your understanding of the restrictions and what you're taking out and whether it includes multinationals and if you can still ship to facilities that may make leading-edge foundry processes even if the equipment is not being used for.

我知道可能有一些服務相關的許可證。但我只是有點好奇，您能否具體說明一下您對這些限制的理解，以及您排除了哪些限制，是否包括跨國公司，以及即使設備並非用於製造尖端鑄造工藝，您是否仍然可以向這些工廠發貨。

Bunch of questions there. First of all, maybe the simplest is, we've taken out the -- obviously, the shipments that were destined for applications or customers that are restricted, which primarily means right now, domestic Chinese customers that are manufacturing restricted technologies, which in NAND and DRAM have certain specifications and in foundry logic, others.

問題很多。首先，也許最簡單的是，我們已經剔除了——顯然，是那些發往受限應用或客戶的出貨量，這主要指的是目前中國國內那些生產受限技術的客戶，例如NAND和DRAM有特定規格，以及代工邏輯晶片等。

The multinationals, as you noted, were given an authorization to receive shipments and service. And so our business there effectively remains unchanged as a result of that. And so we are continuing to include that in our outlook for 2023.

正如您所指出的，跨國公司已獲準接收貨物和服務。因此，我們在那裡的業務實際上並未受到影響。所以我們將繼續把這部分納入我們2023年的展望中。

To your point about a facility, it's our understanding that a facility that would have mixed use would likely fall under the restricted category. And so therefore, if a customer were to want to manufacture and take shipments and receive support for restricted -- for unrestricted technology, you would have to be in a facility that was clearly not also doing restricted activities. And I think that that's something that's we work through by our customers.

關於您提到的設施問題，我們瞭解，混合用途的設施很可能屬於受限類別。因此，如果客戶想要生產、接收貨物並獲得對受限技術（而非非受限技術）的支持，則必須選擇明確不從事受限活動的設施。我認為這是我們需要與客戶共同解決的問題。

We've contemplated all of those as well as what we believe will happen in China in that $2 billion to $2.5 billion estimate. And so that's our view right now of the restrictions and how they affect customers in our business.

我們已經考慮了所有這些因素，以及我們認為在中國可能發生的20億至25億美元的損失。這就是我們目前對這些限制措施及其對我們業務客戶的影響的看法。

And then just on December, I was a little confused. The impact you laid out is $500-plus million per quarter that you can't ship to. Your sales are kind of flat. So I'm just kind of curious, are you making it up with other customers? Just kind of curious how fungible is equipment that you thought you're going to be shipping to Chinese memory whether it needs to -- can be repurposed in the quarter and you're doing that, and that's why you're not seeing the impact or whether you're expecting to ship to some higher level, and we just didn't know that, and that's why the sales are flat.

到了12月，我有點困惑。你們之前提到，每季有超過5億美元的訂單無法交付，而你們的銷售額卻基本上持平。所以我很好奇，你們是否透過其他客戶彌補了損失？我也很想知道，你們原本計劃交付給中國客戶的設備，其可替代性如何？是否需要重新利用，而你們也確實這麼做了，所以才沒有感受到實際的影響？或者，你們是否預期能夠交付更多，而我們對此並不知情，所以銷售額才持平？

Well, I think that as you heard Doug say, the December guide would have been decently higher if the China restrictions have not been put in place. So I think that answers the question. There was a comment about -- that we made about -- perhaps we made up a little bit because of easing supply chain conditions, but that would have happened independent. So in any case, December would have been higher had the Chinese restrictions not been put in place.

嗯，正如你聽到的道格所說，如果沒有中國的貿易限制，12月份的業績指引會更高一些。所以我覺得這回答了你的問題。我們之前提到過，供應鏈狀況的改善或許在某種程度上彌補了業績上的不足，但這並非因為供應鏈狀況的改善。總之，如果沒有中國的貿易限制，12月的業績指引一定會更高。

Next question is from Joe Quatrochi, Wells Fargo.

下一個問題來自富國銀行的喬·夸特羅奇。

I just wanted to go back on the expectation that deferred revenue declines in December quarter. Is there any part of that that's related to the export restrictions where customers that are now restricted had tools that were incomplete that are now, I don't know, more or less stranded?

我只是想再次確認一下關於遞延收入在12月季度下降的預期。這其中是否有任何部分與出口限制有關？例如，那些目前受到限制的客戶，他們的工具尚未完成，現在這些工具基本上處於停滯狀態嗎？

No, Joe, there's not -- we cannot ship anything to those restricted customers.

不，喬，沒有——我們不能向那些受限客戶運送任何東西。

But tools, I guess, that were previously shipped that are just incomplete like they were shipped last quarter or 2 quarters ago?

但是，我猜想，那些之前發貨但並不完整的工具，就像上個季度或兩個季度前發貨的工具一樣？

If that situation existed, and I'm not saying it did or didn't, we can't ship anything to them.

如果這種情況真的存在（我不是說它存在或不存在），我們就無法向他們發貨。

Got it. Okay. And then just trying to think about bit shipments in the cycle relative to prior cycles, how do you think about your customers' willingness to hold more inventory on their own balance sheets this cycle relative to prior cycles? Does that change the way you think about maybe like the snapback in terms of like bit supply growth?

明白了。好的。那麼，接下來，我想思考一下本週期相對於以往週期的比特出貨量，您認為您的客戶在本週期相對於以往週期，是否願意在資產負債表上持有更多庫存？這是否會改變您對比特供應成長等情況的預期？

Yes, it's a good question, definitely one that's better relative to their tolerance of holding that inventory. I think everybody's view of inventory probably changed a little bit as a result of shortages and the ability to respond to what over last 2 years, we've seen is relatively sharp changes in demand. But I really can't answer for them about their willingness to hold more inventory.

是的，這確實是個好問題，而且這個問題與他們對庫存的容忍度密切相關。我認為，由於供應短缺以及應對過去兩年來相對劇烈的需求變化，大家對庫存的看法可能都發生了一些變化。但我真的無法替他們回答是否願意持有更多庫存。

I think we're going back and as Doug said, looking at kind of historical behavior in these kinds of downturns, what we're experienced with, and that's how we kind of like project out what we think will likely happen.

我認為我們要回顧過去，就像道格說的那樣，看看這類經濟衰退時期的歷史表現，看看我們已經經歷過什麼，然後我們才能預測未來可能發生的事情。

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

接線員，我們還有時間再問一個問題。

We have the last one from Quinn Bolton, Needham & Co.

我們還有來自 Quinn Bolton、Needham & Co. 的最後一份。

Tim, there's some confusion or misinterpretation of the market, it seems like on the license requirements for U.S. citizens in China. I'm wondering if you can just clarify does the support license requirements affect just the same set of customers as the equipment license? Or is there a broader impact on U.S. citizens operating in China?

提姆，市場上似乎存在一些誤解或誤讀，尤其是在美國公民在中國的許可證要求方面。我想請你澄清一下，技術支援許可證的要求是否只影響與設備許可證相同的客戶群？還是說，它對在中國經營的美國公民的影響範圍更廣？

On U.S. citizens operating in China, I'm not -- I mean, there is a restriction on U.S. citizens as defined by the government via providing support for the development of restricted technologies.

關於在美國公民在中國開展業務的問題，我並不——我的意思是，美國政府透過支持開發受限技術來限制美國公民在中國開展業務。

Right. But is that just sort of the same set of customers that require export licenses on the equipment side? So the advanced NAND, the DRAM, 16-nanometer and below? Or is there a broader set of customers you cannot support under the export control?

沒錯。但是，這是否只是指那些需要在設備方面申請出口許可證的客戶群？例如先進的NAND快閃記憶體、DRAM、16奈米及以下製程？還是說，由於出口管制，你們無法服務的客戶群更為廣泛？

No. I believe it is the same step that spelled out. Fundamentally, customers that are either on a restricted list or producing restricted technologies are those that are affected.

不，我認為這和之前明確說明的步驟是一樣的。從根本上講，受影響的是那些被列入限制名單或生產受限技術的客戶。

Got it. And just quickly, you said you're going to manage OpEx next year. Kind of wondering if you might be able to provide any sort of qualitative color. Is that sort of -- you expect it to look similar to what happened back in 2018, 2019 in a downturn? Or would you look to be more aggressive and try to manage OpEx more in line with the decline you see in WFE in calendar '23?

明白了。還有，您剛才說明年要控制營運支出。我想問您能否提供一些定性分析。您預期情況會和2018、2019年經濟低迷時期類似嗎？還是會採取更積極的措施，根據您預測的2023年WFE（勞動成本）下降趨勢來控制營運支出？

We'll give you that guidance in the January earnings call. I think what we're just trying to signal is that we're well aware of what we believe is coming next year and therefore, we'll take the appropriate actions. As we see fit, as I mentioned, to manage the company through the downturn, but also be ready for what we believe is a robust future for the company and the industry.

我們將在1月的財報電話會議上給予相關指引。我想我們想表達的是，我們非常清楚明年可能面臨的情況，因此，我們將採取相應的措施。正如我之前提到的，我們將視情況而定，帶領公司渡過這段低迷時期，同時也為公司和產業蓬勃發展的未來做好準備。

Okay, operator, that will conclude our call. I'd like to thank everyone for joining us today. Have a good day.

好的，接線生，我們的通話到此結束。感謝各位今天參與我們的通話。祝您今天愉快。

That concludes today's event. Thank you for your participation. You may now disconnect.

今天的活動到此結束。感謝您的參與。您現在可以斷開連線了。