科林研發 (LRCX) 2023 Q2 法說會逐字稿

Good day, and welcome to the Lam Research December 2022 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Tina Correia, Corporate VP of Investor Relations and Corporate Finance. Please go ahead.

美好的一天，歡迎來到 Lam Research 2022 年 12 月收益電話會議。今天的會議正在錄製中。此時，我想將會議轉交給負責投資者關係和公司財務的公司副總裁 Tina Correia。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to the Lam Research Quarterly Earnings Conference Call. With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer. During today's call, we will share our overview on the business environment and we'll review our financial results for the December 2022 quarter and our outlook for the March 2023 quarter.

謝謝接線員，大家下午好。歡迎參加 Lam Research 季度收益電話會議。今天和我在一起的是總裁兼首席執行官蒂姆·阿徹 (Tim Archer)；執行副總裁兼首席財務官 Doug Bettinger。在今天的電話會議中，我們將分享我們對商業環境的概述，我們將回顧我們 2022 年 12 月季度的財務業績和我們對 2023 年 3 月季度的展望。

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.

詳細介紹我們財務業績的新聞稿是在下午 1:00 之後分發的。太平洋時間今天下午。該新聞稿還可以在公司網站的投資者關係部分以及今天的電話會議隨附的演示幻燈片上找到。

Today's presentation and Q&A include forward-looking statements that are subject to risks and uncertainties reflected in the risk factors disclosed in our SEC public filings. Please see accompanying slides in the presentation for additional information.

今天的演示和問答包括前瞻性陳述，這些陳述受制於我們在 SEC 公開文件中披露的風險因素中反映的風險和不確定性。請參閱演示文稿中隨附的幻燈片以獲取更多信息。

Today's discussion of our financial results will be presented on a non-GAAP financial basis unless otherwise specified. 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.

除非另有說明，否則今天對我們財務業績的討論將在非 GAAP 財務基礎上進行介紹。可以在演示文稿的隨附幻燈片中找到 GAAP 和非 GAAP 結果之間的詳細對賬。此通話計劃持續到下午 3:00。太平洋時間。今天下午晚些時候我們的網站上將提供此次通話的重播。

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

有了這個，我會把電話交給蒂姆。

Thank you, Tina, and Happy New Year to all that are joining us today. Lam ended 2022 on a strong note. We posted record revenues and earnings per share for both the December quarter and the calendar year. Systems revenue growth in our Foundry Logic segment exceeded foundry logic wafer fabrication equipment growth, demonstrating our continued progress launching new tools and winning applications in that space. In our installed base business, our CSBG revenues expanded faster than the growth in installed base units. We also generated more than $3.5 billion in cash from operations and returned over 100% of free cash flow to stockholders in the form of dividends and share buybacks.

謝謝你，蒂娜，祝今天加入我們的所有人新年快樂。 Lam 以強勁的勢頭結束了 2022 年。我們公佈了 12 月季度和日曆年的創紀錄收入和每股收益。我們 Foundry Logic 部門的系統收入增長超過了 Foundry Logic 晶圓製造設備的增長，表明我們在該領域推出新工具和贏得應用程序的持續進展。在我們的安裝基礎業務中，我們的 CSBG 收入增長速度快於安裝基礎單位的增長。我們還從運營中產生了超過 35 億美元的現金，並以股息和股票回購的形式將超過 100% 的自由現金流返還給股東。

Overall, Lam executed well in 2022. We delivered solid results in an environment of acute supply chain constraints and strong inflationary pressures. Still, there are elements of our performance where we recognize the opportunity for additional focus, and with the pressures of the COVID pandemic and the global chip shortage of abating, our attention this year is on the actions needed to hit our long-term growth and profitability objectives we laid out in March 2020.

總體而言，Lam 在 2022 年表現良好。我們在嚴重的供應鏈限制和強大的通脹壓力的環境中取得了可觀的成績。儘管如此，我們的業績中仍有一些因素讓我們認識到有機會進一步關注，並且隨著 COVID 大流行的壓力和全球芯片短缺的緩解，我們今年的注意力集中在實現長期增長所需的行動上，我們在 2020 年 3 月制定的盈利目標。

Beginning early in the COVID pandemic, Lam and others throughout the supply chain quickly ramped investments in infrastructure and resources to meet unprecedented demand driven by remote work trends and the accelerated digitization of the global economy. As seen in our results today, these investments have enabled Lam to achieve revenues of greater than $5 billion per quarter, approximately 70% higher than what we saw in the last up cycle.

從 COVID 大流行初期開始，Lam 和整個供應鏈中的其他人迅速加大了對基礎設施和資源的投資，以滿足遠程工作趨勢和全球經濟數字化加速推動的前所未有的需求。正如我們今天的業績所示，這些投資使 Lam 每季度的收入超過 50 億美元，比我們在上一個上升週期中看到的收入高出約 70%。

As we look forward into 2023, however, we see a substantially weaker demand environment and the corresponding need to make prudent changes to our near-term operations and priorities. Customers across all segments are exercising caution, especially those in the memory markets. Inventory levels in both NAND and DRAM remain very high, and customers are not only reducing new capacity additions, but also lowering fab utilization levels to bring excess inventory into balance as quickly as possible.

然而，展望 2023 年，我們看到需求環境大幅疲軟，因此需要對我們的近期運營和優先事項進行審慎調整。所有細分市場的客戶都保持謹慎，尤其是內存市場的客戶。 NAND 和 DRAM 的庫存水平仍然很高，客戶不僅在減少新增產能，還在降低晶圓廠利用率水平，以盡快平衡過剩庫存。

In addition, the U.S. government's new restrictions on sales of equipment, parts and services for specific technologies and customers in China are further impacting equipment demand in a declining market. In 2022, WFE spending ended the year in the mid $90 billion range, slightly higher than our prior view due to easing supply chain constraints. As we indicated in our last earnings call, we expect calendar year 2023 WFE to be in the mid-$70 billion range.

此外，美國政府針對特定技術和客戶在中國銷售設備、零件和服務的新限制進一步影響了市場下滑的設備需求。 2022 年，WFE 支出年末在 900 億美元左右，由於供應鏈限制放寬，略高於我們之前的預期。正如我們在上次財報電話會議中指出的那樣，我們預計 2023 日曆年的 WFE 將在 700 億美元左右。

Given the decreased business levels expected this year, we have made the difficult decision to reduce our overall workforce by approximately 1,300 employees by the end of the March quarter, about 7% of our global employee base. While the reductions are broad-based across the company, we have taken special care to preserve, and in some cases, increase our investments in the critical R&D efforts, which I believe are key to Lam's long-term growth and competitiveness. Despite reductions in overall company spending, we expect R&D as a percentage of operating expenses in 2023 to increase compared to 2022.

鑑於今年預期的業務水平下降，我們做出了艱難的決定，到 3 月季度末將我們的員工總數減少約 1,300 人，約占我們全球員工總數的 7%。雖然裁員在整個公司範圍內廣泛存在，但我們特別注意保持，並在某些情況下增加對關鍵研發工作的投資，我認為這是 Lam 長期增長和競爭力的關鍵。儘管公司總體支出有所減少，但我們預計 2023 年研發費用佔運營費用的百分比將比 2022 年有所增加。

We will also be taking specific actions to transform our business processes and enterprise systems to ensure that with stronger WFE spending returns, the company is well positioned to scale quickly and efficiently across our global infrastructure. These actions will contribute 100 basis points of improvement to our gross margin from March quarter levels as we exit calendar year 2023, and we expect the operating margin benefit to be slightly higher than that.

我們還將採取具體行動來轉變我們的業務流程和企業系統，以確保憑藉更強勁的 WFE 支出回報，公司能夠在我們的全球基礎設施中快速有效地擴展規模。在我們退出 2023 日曆年時，這些行動將使我們的毛利率較 3 月季度水平提高 100 個基點，我們預計營業利潤率收益將略高於此水平。

Over the past few years, we have been executing on a set of strategies that we believe strengthen our ability to capitalize on the robust secular demand trends we see ahead in our business. In just the past 2 years, we have opened a state-of-the-art engineering center in India, brought online a new technology development center in Korea and ramped our new manufacturing operation in Malaysia. These strategic investments place critical Lam capabilities closer to customers and ecosystem partners, a benefit for stronger collaborations, greater scalability and increased resilience, all of which would be of greater importance as we see more than 50 new fabs being built over the next few years globally. They also provide wider access to talent critical to supporting Lam's growth longer term.

在過去的幾年裡，我們一直在執行一系列戰略，我們認為這些戰略加強了我們利用我們在業務中看到的強勁長期需求趨勢的能力。在過去的 2 年裡，我們在印度開設了一個最先進的工程中心，在韓國啟用了一個新技術開發中心，並在馬來西亞建立了新的製造業務。這些戰略投資使 Lam 的關鍵能力更接近客戶和生態系統合作夥伴，這有利於加強合作、提高可擴展性和彈性，所有這些都將變得更加重要，因為我們看到未來幾年全球將建造 50 多個新晶圓廠.他們還提供了更廣泛的人才渠道，這些人才對於支持 Lam 的長期發展至關重要。

We have also been drawing on learnings from our rapidly growing installed base to support our customers' manufacturing road maps. Our installed base of approximately 84,000 chambers is more than 30% larger than in the prior down cycle. A solid installed base business not only provides a platform for stable revenue growth long term, but also delivers data and learnings that are key to an efficient product innovation process.

我們還一直在從我們快速增長的安裝基礎中吸取經驗教訓，以支持我們客戶的製造路線圖。我們約有 84,000 個腔室的安裝基數比之前的下降週期大 30% 以上。穩固的安裝基礎業務不僅為長期穩定的收入增長提供了平台，而且還提供了對高效產品創新過程至關重要的數據和學習。

At this scale, there is a tremendous opportunity to extract value for our customers and for Lam. The data we generate from our installed base helps drive fab productivity improvements and the capabilities of our equipment intelligence products are helping us migrate from standard service offerings, like engineer on-site labor, to more comprehensive results-based contracts and predictive smart solutions.

在這種規模下，存在為我們的客戶和 Lam 提取價值的巨大機會。我們從安裝基礎生成的數據有助於推動晶圓廠生產力的提高，我們的設備智能產品的功能正在幫助我們從標準服務產品（如工程師現場人工）遷移到更全面的基於結果的合同和預測性智能解決方案。

The number of chambers in 2022.

2022 年的商會數量。

(technical difficulty)

（技術難度）

with another strong growth year expected in 2023. We have been strategically focused on technology inflections, notably in foundry logic devices, with the goal of broadening Lam's positioning in a market segment where we have been under-indexed.

預計 2023 年將迎來又一個強勁增長年。我們一直在戰略上專注於技術變化，特別是在代工邏輯設備方面，目標是擴大 Lam 在我們指數不足的細分市場中的定位。

In 2022, we continued to make progress. We have doubled our conductor etch share node to node and leading foundry logic customer through the success of our Kiyo product, which uses equipment intelligence to deliver best-in-class uniformity and improved yield. In the selective Etch business, our recently released Argos, Prevos and Selis tools, are gaining increasing traction. Our Argos product is in roughly 20 applications and a leading foundry logic customer, and in adjacent selective applications at another customer our Prevos and Selis tools, our production tool of record for gate all-around applications.

2022年，我們繼續取得進展。通過我們的 Kiyo 產品的成功，我們的導體蝕刻共享節點到節點和領先的代工邏輯客戶翻了一番，該產品使用設備智能來提供一流的均勻性和更高的產量。在選擇性蝕刻業務中，我們最近發布的 Argos、Prevos 和 Selis 工具越來越受歡迎。我們的 Argos 產品大約有 20 個應用程序和一個領先的代工邏輯客戶，並且在我們的 Prevos 和 Selis 工具的另一個客戶的相鄰選擇性應用程序中，我們的記錄生產工具用於柵極全方位應用程序。

Continued scaling of foundry logic devices from existing nodes is expected to increase Etch and deposition intensity around 25% to 30%, thus creating tremendous opportunity for us to gain share through new innovations for future devices.

從現有節點繼續擴大代工邏輯設備規模預計將使蝕刻和沈積強度增加 25% 至 30% 左右，從而為我們創造巨大機會，通過未來設備的新創新獲得市場份額。

Lastly, we have continued to make both organic and inorganic investments to expand our market. Lam's innovative drive-assist fabrication technology has on development tool of record positions at multiple customers for key steps in the patterning process, and we are actively engaged with customers across both the Memory and foundry logic segments. We expect to announce more on this in 2023.

最後，我們繼續進行有機和無機投資以擴大我們的市場。 Lam 的創新驅動輔助製造技術的開發工具在圖案化過程的關鍵步驟中為多個客戶提供了創紀錄的位置，我們正在積極與內存和代工邏輯領域的客戶合作。我們預計將在 2023 年就此發布更多信息。

In advanced packaging, our recent acquisition of SEMSYSCO, we have expanded our capabilities within the leading-edge logic and chiplet segments. We are rapidly integrating SEMSYSCO technology with Lam's market-leading capabilities in fleeting and wet processing, and we have already achieved a key win in this area. Customers view advanced packaging solutions in both wafer and substrate formats as critical to enabling future high-performance computing and AI applications, and Lam is well positioned to benefit from this trend.

在先進封裝方面，我們最近收購了 SEMSYSCO，擴大了我們在前沿邏輯和小芯片領域的能力。我們正在快速將 SEMSYSCO 技術與 Lam 在快速和濕法加工方面市場領先的能力相結合，我們已經在這一領域取得了關鍵的勝利。客戶將晶圓和基板格式的先進封裝解決方案視為實現未來高性能計算和人工智能應用的關鍵，Lam 已做好充分準備，從這一趨勢中受益。

So to wrap up, 2022 presented many challenges. With our team's focus and strong execution, we were able to meet our customers' needs, deliver record revenues and expand our product and technology portfolio. This coming year represents a reset in the market and in our business, but it's also an opportunity for us to make the changes needed to accelerate our strategic priorities. I am confident that by taking the difficult actions we have announced today, we are putting Lam in a stronger position to capitalize when industry spending growth returns.

總而言之，2022 年帶來了許多挑戰。憑藉我們團隊的專注和強大的執行力，我們能夠滿足客戶的需求，實現創紀錄的收入並擴展我們的產品和技術組合。來年代表著市場和我們業務的重置，但這也是我們進行必要變革以加快戰略重點的機會。我相信，通過採取我們今天宣布的艱難行動，我們將讓 Lam 處於更有利的地位，以便在行業支出增長恢復時加以利用。

With that, I'll pass it on to Doug.

有了這個，我會把它傳遞給道格。

Great. Thank you, Tim. Good afternoon, everyone, and thank you for joining our call today during what I know is a busy earnings season. We had a record financial year in calendar 2022. And revenue came in at $19 billion, and we delivered an all-time high for earnings per share of $37.31, which was a 15% growth in earnings per share over calendar year '21.

偉大的。謝謝你，蒂姆。大家下午好，感謝您今天在我所知道的忙碌的財報季期間加入我們的電話會議。 2022 年是創紀錄的財政年度。收入達到 190 億美元，每股收益創歷史新高 37.31 美元，比 21 年每股收益增長 15%。

Overall, I'm pleased with the operational performance we achieved this past year delivered while navigating a challenging business environment with global supply chain constraints, significant inflationary headwinds and fluid regulatory restrictions. Lam also achieved record levels of performance in the December quarter across multiple metrics, including revenue, operating income dollars and earnings per share.

總的來說，我對我們在過去一年取得的經營業績感到滿意，同時在充滿挑戰的商業環境中應對全球供應鏈限制、嚴重的通脹逆風和流動的監管限制。 Lam 還在 12 月季度的多個指標上取得了創紀錄的業績水平，包括收入、營業收入美元和每股收益。

Revenue for the December quarter was $5.28 billion, an increase of just over 4% from the prior quarter. We delivered higher levels of system sales in deposition and etch, offset somewhat by a decrease in CSBG revenue. Deferred revenue at the end of the quarter was $2 billion, a decline of $770 million from the September quarter.

12 月季度的收入為 52.8 億美元，比上一季度增長略高於 4%。我們在沉積和蝕刻方面實現了更高水平的系統銷售，這在一定程度上被 CSBG 收入的減少所抵消。本季度末遞延收入為 20 億美元，較 9 月季度減少 7.7 億美元。

Supply chain constraints have improved, and we were able to fill shipments of many critical parts that's required for revenue recognition. Our expectations are that the deferred revenue balance will continue to decrease in the March quarter as we fully complete shipments related to outstanding backordered systems. The deferred revenue balance decrease I just spoke about was partially offset by some increases in deferred due to customer cash and advanced deposits, which I also noted last quarter.

供應鏈限制得到改善，我們能夠滿足收入確認所需的許多關鍵部件的裝運。我們的預期是，隨著我們完全完成與未完成的延期交貨系統相關的發貨，遞延收入餘額將在 3 月季度繼續減少。我剛才談到的遞延收入餘額減少部分被由於客戶現金和預存款而導致的遞延收入增加部分抵消，我在上個季度也注意到了這一點。

As we sit here today, I expect to have some level of these type of deposits in the deferred balance throughout calendar 2023, keeping deferred revenue at somewhat higher levels than we've historically seen. I anticipate that the deferred revenue from backorders will be at a normalized level as we exit the March quarter.

當我們今天坐在這裡時，我預計在整個 2023 日曆年的遞延餘額中會有一定程度的此類存款，使遞延收入保持在比我們歷史上看到的更高的水平。我預計，隨著我們退出 3 月季度，延期交貨的遞延收入將處於正常水平。

Let's turn to the revenue segment details for the December quarter. Memory represented 50% of systems revenue, which is slightly down from the prior quarter level of 52%. Included in memory, the NAND segment represented 39% of our systems revenue, flat with the September quarter. The spending was primarily focused on 192-layer-and-above class devices. The DRAM segment concentration decreased sequentially from the prior quarter, coming in at 11% of systems revenue compared to 13% in the September quarter. The DRAM investments were mainly targeted towards 1Z and 1-alpha nodes. I expect that we will see both NAND and DRAM revenue decline meaningfully in the March quarter. For calendar 2023, I expect NAND spending to decline more than DRAM.

讓我們來看看 12 月季度的收入部分詳細信息。內存佔系統收入的 50%，略低於上一季度的 52%。包括在內存中，NAND 部分占我們系統收入的 39%，與 9 月季度持平。支出主要集中在192層及以上級別的設備上。 DRAM 細分市場的集中度比上一季度連續下降，佔系統收入的 11%，而 9 月季度為 13%。 DRAM 投資主要針對 1Z 和 1-alpha 節點。我預計我們將看到 NAND 和 DRAM 收入在 3 月這個季度顯著下降。對於 2023 年日曆，我預計 NAND 支出的下降幅度超過 DRAM。

We continue to see strength in the foundry segment with the December quarter concentration comprising 31% of our systems revenues. While this percentage is a little bit lower than September quarter level of 34%, the dollar amount was flat with a mix of investments in both leading and mature node devices.

我們繼續看到代工部門的實力，12 月季度的集中度占我們系統收入的 31%。雖然這一百分比略低於 9 月季度 34% 的水平，但由於對領先和成熟節點設備的投資組合，美元金額持平。

The Logic and Other segment revenue came in at a high watermark for the company, contributed 19% of systems revenue in the December quarter compared with 14% in the prior quarter. Investments were focused on microprocessor, image sensor and advanced packaging technologies. Lam had strong momentum in Logic and Other throughout calendar 2022. I expect we'll continue to perform well in this segment. I'd mention that this was a record revenue level for us in microprocessor related revenue. We've been talking about momentum here for a while, and it's clearly showing up.

邏輯和其他部門的收入為公司帶來了高水位線，在 12 月季度貢獻了系統收入的 19%，而上一季度為 14%。投資集中在微處理器、圖像傳感器和先進封裝技術上。整個 2022 年，Lam 在邏輯和其他領域的發展勢頭強勁。我預計我們將繼續在這一領域表現良好。我要提到的是，這是我們在微處理器相關收入方面的創紀錄收入水平。我們在這裡談論勢頭已經有一段時間了，而且它正在明顯地顯現出來。

With respect to the regional composition of our total revenue, the China region was 24% of the total, down from the prior quarter level of 30%. This reduction was due to the U.S. government sales restrictions for certain domestic customers, which were put in place in early October of 2022. Rounding up the top region of revenue locations, Korea comprised 20% of total revenue, up from 17% in the prior quarter, and Taiwan decreased to a concentration of 19% compared to 22% in the September quarter.

就我們總收入的地區構成而言，中國地區佔總收入的 24%，低於上一季度 30% 的水平。這一減少是由於美國政府於 2022 年 10 月初對某些國內客戶實施了銷售限制。在收入最高的地區中，韓國占總收入的 20%，高於之前的 17%季度，台灣的集中度從 9 月季度的 22% 下降到 19%。

The Customer Support Business Group results in the quarter were approximately $1.7 billion, which was down 9% from the September quarter, though it was 16% higher than the December quarter of calendar 2021. As I've noted in the past, CSBG revenues will fluctuate on a quarterly basis. And in the December quarter, we experienced declines in the CSBG product lines with reductions in utilization and system spending.

客戶支持業務集團本季度的業績約為 17 億美元，比 9 月份的季度下降 9%，但比 2021 年的 12 月季度高出 16%。正如我過去指出的那樣，CSBG 的收入將每季度波動。在 12 月季度，隨著利用率和系統支出的減少，我們經歷了 CSBG 產品線的下滑。

Going into calendar 2023, we have the impact of China regulatory work restrictions in addition to memory spending at well below historic levels and elevated customer device inventory. These factors are resulting in customers having underutilized factories and taking actions to manage their supply levels in 2023, negatively impacting our spares and services business. While we continue to believe the mature node segment will perform better than overall WFE spending, we are in an unprecedented business environment and expect the CSBG business could be down somewhat in calendar year 2023.

進入 2023 年，除了內存支出遠低於歷史水平和客戶設備庫存增加外，我們還受到中國監管工作限制的影響。這些因素導致客戶的工廠未得到充分利用，並在 2023 年採取行動來管理他們的供應水平，這對我們的備件和服務業務產生了負面影響。雖然我們仍然相信成熟節點部分的表現將優於整體 WFE 支出，但我們處於前所未有的商業環境中，預計 CSBG 業務在 2023 年可能會有所下降。

Let me now pivot to our gross margin performance. The September quarter came in at 45.1% over the midpoint of the guided range, but down from September quarter's gross margin of 46%. The decrease from the September quarter was tied to customer and product mix. With the decline in business volumes in March 2023 quarter, we expect lower factory and field utilizations to unfavorably impact our gross margin on a sequential basis.

現在讓我談談我們的毛利率表現。 9 月季度的毛利率高於指導範圍的中點 45.1%，但低於 9 月季度 46% 的毛利率。與 9 月季度相比的下降與客戶和產品組合有關。隨著 2023 年 3 月季度業務量的下降，我們預計較低的工廠和現場利用率將連續對我們的毛利率產生不利影響。

Operating expenses were $686 million in the December quarter, up 6% from the prior quarter amount of $647 million. Higher spending was mainly in R&D projects, which comprised nearly 67% of our total spending. Supporting our customers' road map continues to be a top priority for us while we focus on managing other areas of discretionary spending within the company.

12 月季度的運營費用為 6.86 億美元，比上一季度的 6.47 億美元增長 6%。較高的支出主要用於研發項目，占我們總支出的近 67%。支持客戶的路線圖仍然是我們的首要任務，同時我們專注於管理公司內部可自由支配支出的其他領域。

December quarter operating margin was 32.1%, over the midpoint of guidance due to the higher level of revenue and gross margin. Our non-GAAP tax rate was 11.9%, in line with expectations. Looking into calendar 2023, we believe the tax rate will be in the low to mid-teens with some fluctuations quarter-by-quarter. This rate estimate does not include any impacts from potential U.S. or global tax policy changes.

由於較高的收入和毛利率水平，12 月季度營業利潤率為 32.1%，高於指導的中點。我們的非美國通用會計準則稅率為 11.9%，符合預期。展望 2023 年日曆，我們認為稅率將處於低至十幾歲之間，並且每個季度都會有一些波動。該比率估計不包括潛在的美國或全球稅收政策變化的任何影響。

Other income and expense came in for the quarter at $38 million of expense, approximately $9 million higher from the prior quarter, mainly due to negative foreign exchange fluctuations, which was somewhat offset by higher interest income because of increasing returns on our cash and investments. OI&E will continue to be subject to market-related fluctuations that will cause some level of volatility quarter-by-quarter.

本季度的其他收入和支出為 3800 萬美元，比上一季度增加約 900 萬美元，這主要是由於外匯負波動，這在一定程度上被現金和投資回報增加帶來的更高利息收入所抵消。 OI&E 將繼續受到與市場相關的波動的影響，這將導致每季度出現一定程度的波動。

On the capital return side in the December quarter, we allocated approximately $483 million to open market share repurchases. Additionally, we paid $236 million in dividends in the quarter.

在 12 月季度的資本回報方面，我們分配了大約 4.83 億美元用於公開市場股票回購。此外，我們在本季度支付了 2.36 億美元的股息。

For the 2022 calendar year, we returned 119% of our free cash flow, totaling $3.5 billion, which was somewhat higher than our long-term capital return plans of 75% to 100%. December quarter diluted earnings per share was $10.71, which was at the high end of our guidance range. Diluted share count was 136 million shares, which was lower than the September quarter and in line with our December quarter expectations. During 2022, we lowered share count by nearly 6 million shares through our share buyback program.

在 2022 日曆年，我們返還了 119% 的自由現金流，總計 35 億美元，略高於我們 75% 至 100% 的長期資本回報計劃。 12 月季度每股攤薄收益為 10.71 美元，處於我們指導範圍的高端。稀釋股數為 1.36 億股，低於 9 月季度，符合我們對 12 月季度的預期。 2022 年期間，我們通過股票回購計劃將股票數量減少了近 600 萬股。

Now moving to the balance sheet. Our cash and short-term investments, including restricted cash, were up to $4.8 billion versus the prior quarter level of $4.6 billion. Operating cash flow of $1.1 billion in the December quarter was offset by cash allocated to share repurchases, dividend payments and capital expenditures. Inventory turns were 2.4x. Days sales outstanding were 70 days, a decrease from maybe 2 days in the September quarter due to strong collections and improved linearity within the quarter.

現在轉到資產負債表。我們的現金和短期投資（包括受限現金）高達 48 億美元，而上一季度為 46 億美元。 12 月季度的運營現金流為 11 億美元，被分配給股票回購、股息支付和資本支出的現金所抵消。庫存周轉率為 2.4 倍。銷售未完成天數為 70 天，比 9 月季度的 2 天有所減少，原因是該季度內的強勁收款和線性改善。

I would point out that we expect 2023 to be a strong cash-generating year as working capital comes down with lower business levels. Our noncash expenses for the December quarter included approximately $73 million for equity compensation, $73 million in depreciation and $12 million in amortization.

我要指出的是，我們預計 2023 年將是現金產生強勁的一年，因為營運資本隨著業務水平的降低而下降。我們在 12 月季度的非現金支出包括大約 7300 萬美元的股權補償、7300 萬美元的折舊和 1200 萬美元的攤銷。

Capital expenditures for the December quarter were $163 million, a slight increase over the September quarter spending of approximately $140 million. The expenditures were in R&D and manufacturing, including our Korea Technology Center and our Malaysia factory.

12 月季度的資本支出為 1.63 億美元，比 9 月季度的約 1.4 億美元支出略有增加。支出用於研發和製造，包括我們的韓國技術中心和我們的馬來西亞工廠。

We ended the quarter with approximately 19,200 regular full-time employees, which was an increase of approximately 500 people from the prior quarter. Our growth was in the factory and field to support the manufacturing as well as installation of tools at our customers' fabs. Also included in this headcount growth were 150 employees from the SEMSYSCO acquisition that was completed in the December quarter.

本季度結束時，我們擁有約 19,200 名正式全職員工，比上一季度增加了約 500 人。我們的成長是在工廠和現場支持客戶晶圓廠的製造和工具安裝。這一員工人數增長還包括 150 名員工，這些員工來自 SEMSYSCO 收購，該收購於 12 月季度完成。

As you heard from Tim and saw in our earnings release, we will be reducing our regular full-time headcount by approximately 1,300 employees. We expect these reductions to be largely reflected in our June quarter ending headcount. In addition to the full time reductions, we expect to be lowering our temporary workforce by approximately 700 people in the March quarter. We've already adjusted our temporary workforce down by 700 people in the December quarter.

正如您從蒂姆那裡聽到的以及在我們的收益發布中看到的那樣，我們將減少大約 1,300 名常規全職員工。我們預計這些裁員將在很大程度上反映在我們 6 月季度結束的員工人數中。除了全職裁員外，我們預計在 3 月季度將裁員約 700 人。我們已經在 12 月季度將臨時員工減少了 700 人。

Let me now turn to our non-GAAP guidance for the March 2023 quarter. We're expecting revenue of $3.8 billion, plus or minus $300 million. I'll also just mention that we currently think revenue will be somewhat first half weighted this year as we consume the reduction in deferred revenue in the March quarter.

現在讓我談談我們對 2023 年 3 月季度的非 GAAP 指南。我們預計收入為 38 億美元，上下浮動 3 億美元。我還只是提到，我們目前認為今年上半年的收入將有所加權，因為我們將消耗 3 月季度遞延收入的減少。

Gross margin of 44%, plus or minus 1 percentage point. The decrease in this is the result of lower business volumes. Operating margin of 27.5%, plus or minus 1 percentage point. And finally, earnings per share of $6.50 plus or minus $0.75 based on a share count of approximately 135 million shares.

毛利率44%，正負1個百分點。減少的原因是業務量減少。營業利潤率為27.5%，上下浮動1個百分點。最後，基於約 1.35 億股的每股收益為 6.50 美元上下浮動 0.75 美元。

We will be taking a charge of approximately $80 million in the March quarter from headcount reduction. Including this impact, and the other near-term actions that Tim spoke about, we are anticipating a total of $150 million to $250 million in charges to be incurred over the next 12 months.

我們將在 3 月季度因裁員而承擔約 8000 萬美元的費用。包括這一影響以及 Tim 談到的其他近期行動，我們預計在未來 12 個月內將產生總計 1.5 億至 2.5 億美元的費用。

In addition to headcount, we anticipate potential charges from facilities restructuring, business realignment and transformation and product rationalization. On top of the cost savings activities, we are driving a greater focus from our senior leadership team through inclusion of additional profitability metrics in our annual incentive compensation structure. Currently, we're at low volumes given the business environment. These initiatives will structurally improve our profitability.

除員工人數外，我們還預計設施重組、業務調整和轉型以及產品合理化的潛在費用。除了成本節約活動之外，我們還通過在我們的年度激勵薪酬結構中加入額外的盈利指標來推動我們的高級領導團隊更加關注。目前，鑑於商業環境，我們的銷量很低。這些舉措將從結構上提高我們的盈利能力。

As Tim already laid out, we expect gross margin to be higher by roughly 1 percentage point and to expand operating margins by a little more than that as we exit the calendar year and complete these activities.

正如蒂姆已經提出的那樣，我們預計毛利率將提高約 1 個百分點，並且隨著我們退出日曆年並完成這些活動，營業利潤率將比這高出一點。

Over many years in cycles, Lam has established a proven track record of successfully managing this business. With the actions we plan to execute throughout the year, we expect to strengthen our operations and technology leadership and further enhance our profitability profile with the company's returning growth. When business improves, and we know it will, Lam will be a stronger, better positioned, more efficient company.

在多年的周期中，Lam 已經建立了成功管理該業務的良好記錄。通過我們計劃全年執行的行動，我們希望加強我們的運營和技術領先地位，並隨著公司的恢復增長進一步提高我們的盈利能力。當業務改善時，我們知道 Lam 將成為一家更強大、定位更好、效率更高的公司。

Operator, that concludes our prepared remarks. We would now like to open up the call for questions.

接線員，我們準備好的發言到此結束。我們現在想公開提問。

(Operator Instructions)

（操作員說明）

And we will take our first question from Harlan Sur with JPMorgan.

我們將從摩根大通的 Harlan Sur 那裡提出我們的第一個問題。

Given the 20% pullback in WFE spend this year, significant memory spending pulled back within that, does the team still believe that the memory mix and spending expansion in memory will accelerate exiting this year? What's your view? And then what's your view on the supply-demand environment in memory and normalization of excess inventories in the industry?

鑑於今年 WFE 支出回落 20%，其中顯著的內存支出回落，團隊是否仍然相信內存組合和內存支出擴張將在今年加速退出？你怎麼看？那麼您如何看待內存中的供需環境和行業過剩庫存的正常化？

Yes. Harlan, I'll start on that one. I think that the memory market and our market in general is difficult to predict from a timing perspective. So when you try to put a ending the year kind of time on it, it's hard. But as Doug laid out, there's a couple of points. I mean, one, we've seen extraordinary measures within the memory market in terms of reductions, not only in spending, but also cuts and fab utilization, and in some cases, even delays of technology investments. I think these are somewhat unprecedented in terms of trying to bring this market into balance. We also see memory as a percent of the total WFE mix that's at levels that we haven't seen in 25 years. And so I guess what we walk away with is a lot of confidence that memory spending will accelerate, but we're not at this point ready to put an exact time frame on that.

是的。哈倫，我將從那個開始。我認為存儲器市場和我們整個市場很難從時間的角度進行預測。因此，當您嘗試在年末結束時，這很難。但正如道格所說，有幾點。我的意思是，第一，我們已經看到內存市場在削減方面採取了非常措施，不僅是在支出方面，還有削減和工廠利用率，在某些情況下，甚至是技術投資的延遲。我認為，就試圖使這個市場達到平衡而言，這些在某種程度上是前所未有的。我們還看到內存佔 WFE 總組合的百分比，這是我們 25 年來從未見過的水平。所以我想我們走開的是對內存支出將加速的信心，但我們目前還沒有準備好為此設定一個確切的時間框架。

A lot of the actions that we talked about that we're taking in the company are to ensure that in the next up cycle, will actually be far more nimble to respond to changes in demand than we were when we were impacted by the ramp that came around the COVID pandemic. So that's really where we're spending a lot of our time thinking about, less on timing, but more about how is the company going to be prepared to respond to that ramp in memory spending, when it inevitably comes, and how do we ensure we can do that in the most efficient and profitable way positive.

我們談到我們在公司採取的許多行動是為了確保在下一個上升週期中，實際上將比我們受到斜坡影響時更靈活地響應需求變化圍繞著 COVID 大流行而來。所以這確實是我們花費大量時間思考的地方，而不是時間，而是更多關於公司將如何準備應對內存支出的增長，當它不可避免地到來時，以及我們如何確保我們可以以最有效和最有利可圖的方式積極地做到這一點。

Perfect. And then on the impact from China regulatory and export controls, YMTC was formally put on the entities list in mid-December. Did this move change your prior view of a $2 billion, $2.5 billion impact to revenues this calendar year due to the China restrictions?

完美的。再加上受到中國監管和出口管制的影響，長江存儲在12月中旬被正式列入實體清單。由於中國的限制，此舉是否改變了您之前對本日曆年收入影響 20 億美元、25 億美元的看法？

No. When we put out the $2 billion, $2.5 billion fundamentally comprehended an inability to ship to the customers that at that point were operating at the technologies that were restricted by China, so it didn't change it. I would say today, our view is still in that $2 billion to $2.5 billion range impact.

不。當我們拿出 20 億美元時，25 億美元從根本上理解了無法向當時使用受中國限制的技術運營的客戶發貨，所以它沒有改變。我今天要說的是，我們的觀點仍然在 20 億至 25 億美元的範圍內。

No change at all, Harlan.

完全沒有變化，哈倫。

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

我們將與摩根士丹利一起接受 Joe Moore 的下一個問題。

I guess I wanted to ask about the deferred. And if you draw it down to sort of normal levels in March, it implies shipments that are kind of well below the revenue level. I guess with CSBG running at close to $1.7 billion, it doesn't seem like the June quarter could fall that much. But can you just kind of give us a little bit more clarity on what it means that you're drawing down that much deferred in March?

我想我想問一下延期。如果你在 3 月份將其降低到某種正常水平，則意味著出貨量遠低於收入水平。我猜 CSBG 運行接近 17 億美元，看起來 6 月季度不會下降那麼多。但是你能不能讓我們更清楚地了解你在 3 月份提取那麼多延期資金意味著什麼？

It just means there's no more left at the end of the March quarter, Joe. I don't really have any more than that to tell you. And yes, shipments are lower than that revenue number as we get the deferred kind of back to, what I would describe as, normalized level from a back order standpoint.

喬，這只是意味著在三月季度末沒有更多的東西了。我真的沒有更多要告訴你的了。是的，出貨量低於該收入數字，因為我們將延期返回到我所說的從延期交貨的角度來看的標準化水平。

Okay. And I think you've described normal in the past as being around $700 million, and you said it would be a little higher than that? Is that the right math?

好的。我想你過去曾將正常值描述為 7 億美元左右，你說它會比這高一點？那是正確的數學嗎？

Yes, that's right, Joe. What I see happening right now is we've got, I call them customer cash and advanced deposits, which we haven't yet shipped the tools. And I think as we go through '23, it's going to stay at a slightly higher level from that category than it's been in the past. So I think it's a little bit higher, somewhat higher than that number that you just mentioned.

是的，沒錯，喬。我現在看到的是我們有，我稱之為客戶現金和預付存款，我們還沒有運送這些工具。而且我認為當我們經歷 23 年時，它會保持在該類別中比過去略高的水平。所以我認為它有點高，比你剛才提到的那個數字高一些。

We will take our next question from Timothy Arcuri with UBS Securities.

我們將接受瑞銀證券的蒂莫西·阿庫裡 (Timothy Arcuri) 的下一個問題。

Doug, I had 2 questions. First of all, is sort of on Joe's question that you just asked. And it sort of is the profile, not in your revenue, but more in your system shipments through the rest of the year. You said slightly first half loaded from a revenue perspective, but I would assume that your system shipments are going to be -- like March is probably the bottom and it sort of like flattens off from there. Is that fair?

道格，我有兩個問題。首先，關於您剛才提出的 Joe 的問題。這有點像個人資料，不是在您的收入中，而是在今年餘下時間的系統出貨量中。你說從收入的角度來看，上半年略有加載，但我認為你的系統出貨量將會 - 就像 3 月可能是底部，它有點像從那裡趨於平緩。這公平嗎？

Yes, that's fair, Tim. I think maybe I'll answer a slightly different question. When I think about WFE in the mid-70s that Tim described, I think it's fairly balanced through the year. Revenue is somewhat first half weighted, because we're drawing down that deferred revenue balance. So I just wanted to point that out, which is why I scripted it that way.

是的，這很公平，蒂姆。我想也許我會回答一個稍微不同的問題。當我想到 Tim 描述的 70 年代中期的 WFE 時，我認為它在這一年中相當平衡。收入在某種程度上是上半年加權的，因為我們正在減少遞延收入餘額。所以我只想指出這一點，這就是為什麼我這樣編寫腳本的原因。

Perfect, Doug. And then just on that point, you guys are usually 13%, 14% of WFE and your system shipments in March would imply that WFE is sort of 16% to 17% in March. So that's more like mid-60s versus the mid-70s number for the year. So is the answer that litho was making up the difference because, obviously, all of us heard SML today and systems are up 20% plus this year. So is the story this year really that you're going to get to mid-70s predominantly because you're adding an extra xxx billion is of litho year-over-year. Is that the math?

完美，道格。然後就這一點而言，你們通常佔 WFE 的 13%、14%，你們 3 月份的系統出貨量意味著 3 月份 WFE 大約為 16% 到 17%。所以這更像是 60 年代中期與 70 年代中期的年度數字。光刻技術彌補差異的答案也是如此，因為很明顯，我們今天都聽到了 SML，而係統今年增長了 20% 以上。所以今年的故事真的是你將進入 70 年代中期，主要是因為你增加了額外的 xxx 十億是光刻年復一年。那是數學嗎？

Yes, Tim, I think that's part of it. When I look at WFE down more than 20% this year, Memory is down a good deal more than that. Foundry logic, a lot less. Litho is a heavier percent of the foundry logic spend. And I want to specifically point out the biggest decrease from a segment standpoint is in NAND, which, as you guys all know on this call, is our strongest segment and that is in deposition at Lam. So that's kind of important to understand, I think, and why I specifically pointed to that as I went through the commentary.

是的，蒂姆，我認為這是其中的一部分。當我看到 WFE 今年下跌超過 20% 時，內存的跌幅遠不止於此。鑄造邏輯，少了很多。 Litho 在代工邏輯支出中所佔比例較大。我想特別指出，從細分市場的角度來看，NAND 的跌幅最大，正如你們在這次電話會議上都知道的那樣，這是我們最強勁的細分市場，並且在 Lam 沉積。所以我認為理解這一點很重要，為什麼我在閱讀評論時特別指出了這一點。

We will take our next question from C.J. Muse with Evercore ISI.

我們將接受來自 Evercore ISI 的 C.J. Muse 的下一個問題。

I guess first question, I was hoping you could provide perhaps a little more granularity on the restructuring. You talked 100 bps gross margin and a little bit more than that. Is there any way to kind of give a sense of how we should see that play out throughout calendar '23? And what kind of leverage should we see specifically on the OpEx side?

我想第一個問題，我希望你能提供更詳細的重組信息。你談到了 100 個基點的毛利率，甚至比這高一點。有什麼方法可以讓我們了解我們應該如何在整個 23 年日曆中看到這一點？我們應該在 OpEx 方面具體看到什麼樣的槓桿作用？

Yes. There's some in OpEx, Tim. Obviously, we're taking reductions in every spending category. So you'll see everywhere. That's why Tim and I said operating margin would be more than the improvement in gross margin.

是的。 OpEx 中有一些，Tim。顯然，我們正在削減每個支出類別。所以你會到處看到。這就是為什麼蒂姆和我說營業利潤率將超過毛利率的提高。

Is there any way to quantify what that might look like?

有什麼方法可以量化它的外觀嗎？

That's all we're going to give you right now, C.J. I mean the other thing you can back into, obviously, is the implied spending guide in the March quarter comprehend some of this headcount activity that we're describing. So that's -- you're seeing some of it in the March quarter, I think, if you go -- decompose the guidance.

這就是我們現在要給你的一切，C.J. 我的意思是你可以回到的另一件事，顯然，是 3 月份季度的隱含支出指南，其中包含我們正在描述的一些員工人數活動。所以這就是 - 你會在 3 月季度看到其中的一些，我想，如果你去的話 - 分解指導。

Okay. Great. I guess a follow-up question. As you think about the moving parts for CSBG, obviously, you've got a year-over-year China headwind, you talked about Reliant. I guess, how do you see the rest of that core business? Does that core business grow? And is there a way to maybe perhaps rank order what's doing well and then what's doing worse?

好的。偉大的。我想是一個後續問題。當你考慮 CSBG 的移動部件時，很明顯，你在中國遇到了一年比一年的逆風，你談到了 Reliant。我想，您如何看待該核心業務的其餘部分？該核心業務是否增長？有沒有一種方法可以對什麼做得好然後什麼做得更差進行排序？

Yes, C.J., let me take that. Just to remind people, 4 segments in CSBG: spare, service, upgrades and reliance. And so I think kind of in terms of your impact really, if you think China impacted both spares and service. It made it impossible for us to provide spares and service to customers that previously had a pretty sizable chunk of tools in their installed base. So impact on both of those product lines from China. Those same 2 product lines impacted by memory customers cuts in utilization.

是的，C.J.，讓我接受。只是提醒人們，CSBG 中有 4 個部分：備件、服務、升級和依賴。因此，如果您認為中國對備件和服務都產生了影響，那麼我認為就您的影響而言確實如此。這使得我們無法向客戶提供備件和服務，而這些客戶以前在他們的安裝基礎上擁有相當大的工具。因此，對來自中國的這兩條產品線都會產生影響。受內存客戶影響的這兩條產品線的利用率降低了。

So you've seen and heard from our customers talking about the number of tools they've taken offline in their DRAM and main fabs. Obviously, if you're not running the tools, you don't need spares and you don't need service. So again, those same 2 product lines impacted by those changes.

因此，您已經從我們的客戶那裡看到和聽到他們談論他們在 DRAM 和主要晶圓廠中離線使用的工具數量。顯然，如果您不使用這些工具，就不需要備件，也不需要服務。同樣，這兩條產品線也受到了這些變化的影響。

The Reliant business, obviously, just in that trailing edge foundry logic, I would say, we're pretty comfortable with that business that we see continued strength there, maybe not enough obviously to offset the other 2 impacts still and that's why Doug said. We're in a little bit of extraordinary times and that we would have previously thought that, that business couldn't go down, but the combination of both China plus utilization hit those 2 product lines harder.

Reliant 業務，顯然，就落後的代工邏輯而言，我想說，我們對我們看到那裡持續強勁的業務感到非常滿意，可能還不足以抵消其他 2 個影響，這就是 Doug 說的原因。我們正處於一個非常時期，我們以前認為，該業務不會下降，但中國和利用率的結合對這兩條產品線的打擊更大。

Now we know that as customers begin to spend again, the first thing to do is to bring the tools that they already have in their installed base back online. And so we would expect that the spares and service business that was impacted by utilization cuts to recover quickly and we could immediately service that as soon as the business starts to improve.

現在我們知道，隨著客戶再次開始消費，要做的第一件事就是讓他們已經安裝的工具重新上線。因此，我們希望受到利用率下降影響的備件和服務業務能夠迅速恢復，一旦業務開始改善，我們就可以立即提供服務。

We will take our next question from Krish Sankar with Cowen and Company.

我們將與 Cowen and Company 一起接受 Krish Sankar 的下一個問題。

I've 2 of them. First one, either for Tim or Doug, and thanks for the color on calendar '23 WFE. And I understand it's too early to talk about '24, but if you look at some of your memory customers, they've publicly spoken about taking the utilization rates down. So could there be a scenario where next year, they could improve the utilization rates, improve wafer and bit output without necessarily adding WFE? Or do you think on a quarterly basis, WFE bottom sometime this year, and next year, hopefully, is a better year? And I have a follow-up.

我有 2 個。第一個，給 Tim 或 Doug，感謝日曆 '23 WFE 上的顏色。我知道現在談論 24 還為時過早，但如果你看看你的一些內存客戶，他們已經公開談論要降低利用率。那麼明年是否會出現這樣一種情況，他們可以提高利用率，提高晶圓和比特產量，而不必增加 WFE？或者你認為按季度計算，WFE 今年某個時候觸底，希望明年是更好的一年？我有一個後續行動。

Yes. Okay. I'll start and let Doug add. I think that, obviously, there have been utilization cuts. I mean I think right now, if you look -- at least by our estimate and listening to what our customers say, we're at very low levels of supply growth this year as a result of the lack of additions and utilization cuts -- so I don't think you could quite get to the scenario you're talking about where you just bring utilization -- unutilized tools back online. There's a second factor though, which is, remember, I mean, customers make investments also to move their technology forward. And that's a pretty substantial portion of why WFE gets spent, not often just about capacity addition.

是的。好的。我將開始並讓 Doug 添加。我認為，顯然，利用率有所下降。我的意思是，我認為現在，如果你看——至少根據我們的估計和聽取客戶的意見，由於缺乏增加和削減利用率，我們今年的供應增長水平非常低——所以我不認為你能完全理解你正在談論的場景，你只是把利用率——未使用的工具重新聯機。不過還有第二個因素，記住，我的意思是，客戶進行投資也是為了推動他們的技術向前發展。這是 WFE 花費的很大一部分原因，而不僅僅是增加容量。

And so I think that customers are going to only go so long before you have to invest in the technology to move to that next node and gain the efficiencies that you do there. So I think that, of course, we'll work with our customers to bring tools back online and get utilization work on productivity, but I think there'll be -- I think spending will return at some point.

因此，我認為在您必須投資技術以轉移到下一個節點並獲得您在那裡的效率之前，客戶只會走很長時間。所以我認為，當然，我們將與我們的客戶合作，讓工具重新上線，並在生產力方面進行利用工作，但我認為會有——我認為支出會在某個時候恢復。

Got it. Got it. And then a quick follow-up for Doug. I just -- thanks for the color on the back half revenue as first half. How do you think about gross margin, given the fact that the top line is decelerating? You're also ramping up Malaysia. China seems to be a mixed bag. So I'm just kind of wondering how to think about gross margins or how to think about where they could potentially draw?

知道了。知道了。然後是道格的快速跟進。我只是 - 感謝上半年收入的顏色。鑑於頂線正在減速，您如何看待毛利率？你也在提升馬來西亞。中國似乎好壞參半。所以我只是想知道如何考慮毛利率或如何考慮他們可能吸引的地方？

Yes, Chris, I hope we're kind of bouncing along the bottom right now. I can't guarantee that, but specifically, what we try to describe both Tim and I, is that with these actions we're taking, we believe there's upward momentum to gross margin as we exit the year. We're trying to get kind of capacity right, staffing of the capacity rights, so that as we exit the year, we think there's a point of gross margin upside, plus or minus where we're at.

是的，克里斯，我希望我們現在能在谷底反彈。我不能保證，但具體來說，我們試圖向蒂姆和我描述的是，通過我們正在採取的這些行動，我們相信隨著我們退出今年，毛利率將出現上升勢頭。我們正在努力獲得某種能力，能力權利的人員配備，以便在我們退出今年時，我們認為毛利率有上升點，加上或減去我們所處的位置。

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

我們將從 Bernstein Research 的 Stacy Rasgon 那裡回答下一個問題。

My first one, I just wanted to touch on the deferred again. I just want to make sure I have it right. So you're running $2 billion now. It sounds like you think normalized deferred might be $1 billion. So you got $1 billion that's potentially coming out in March. Is that the right way to sort of think about the underlying demand, like where it is just like $1 billion like short of where we are or short of where the guide is and then going forward...?

我的第一個，我只是想再次觸及延遲。我只是想確保我做對了。所以你現在有 20 億美元。聽起來您認為標準化遞延可能是 10 億美元。所以你得到了 10 億美元，可能會在 3 月份發放。這是考慮潛在需求的正確方法嗎，比如它是 10 億美元的地方，比如我們所處的位置或指南所在的位置，然後繼續......？

Stacy, I think deferred is going to be higher than that $1 billion because of these cash in advance payments I was referencing. It's not going to go that well, I don't think. And I think it's going to stay. I think I've previously let everybody to believe deferred revenue would be in that high multiple hundred million dollar range. I think it's decently above $1 billion now because of this other category of stuff I see.

Stacy，我認為由於我提到的這些預付款現金，遞延金額將高於 10 億美元。它不會那麼順利，我不認為。而且我認為它會留下來。我想我之前讓每個人都相信遞延收入會在數億美元的範圍內。由於我看到的其他類別的東西，我認為它現在已經超過 10 億美元了。

It's like $1.5 billion? Or can you give us a little more color on that?

好像是 15 億美元？或者你能給我們更多的顏色嗎？

Yes. It's like $1.5 billion.

是的。大約是 15 億美元。

Okay. That's helpful. My follow-up, I just -- I do want to ask a little more philosophical question on the workforce reductions. And maybe as it relates to WFE, I mean, like we probably did, I don't know, $40 billion in Memory WP in '22 and it's going to be down a lot in '23. Like, even if it grows in '24, how long does it take to get back to that sort of '22 level, like if ever? And do the cost cuts that you're doing, are they in some sense, a function of how you might view like that long-term sort of steady state WFE for memory versus where we're coming off in '22?

好的。這很有幫助。我的後續行動，我只是 - 我確實想問一個關於裁員的更具哲學性的問題。也許因為它與 WFE 相關，我的意思是，就像我們可能所做的那樣，我不知道，22 年的內存 WP 為 400 億美元，而在 23 年它會下降很多。就像，即使它在 24 年增長，要回到那種 22 年的水平需要多長時間，如果有的話？你正在做的成本削減，在某種意義上，是你如何看待內存的長期穩態 WFE 與我們在 22 年的發展方向的函數？

Yes, Stacy, maybe it combines a little bit maybe the last question we had as well, which is, we're making these cuts and taking this action to make the company efficient and profitable at this level of business. And so therefore, we're not really looking and saying we need a big increase or rapid increase in business to justify what we keep afterwards. But I did mention the focus that we have on ensuring that as we make cuts and as we reposition, especially the global operations infrastructure, we think about how quickly we can ramp up because we know when memory comes back, it often comes back much faster than people expect. .

是的，Stacy，也許它結合了我們的最後一個問題，也就是我們正在進行這些削減並採取這一行動，以使公司在這一業務水平上高效和盈利。因此，我們並不是真的在尋找和說我們需要大幅增加或快速增加業務來證明我們之後保留的東西是合理的。但我確實提到了我們的重點是確保在我們進行削減和重新定位時，尤其是在全球運營基礎設施方面，我們會考慮我們能夠以多快的速度提升，因為我們知道當記憶恢復時，它通常會恢復得更快超出人們的預期。 .

And so I can't tell you when it gets back to these numbers. But what I want to make sure is that when it does return to stronger spending in the memory side, we're able to ramp that up and do it efficiently. So we don't have a lot of the profitability headwinds that we've been talking about for the last really 12 to 18 months. And so that's the way I think about it and get the company to the right size now for this level of business. But with the idea that we have, the infrastructure and the business systems available to us and the supply chain infrastructure to ramp more quickly, more efficiently should the market overshoot where our estimate is.

所以我不能告訴你什麼時候回到這些數字。但我想確保的是，當它確實恢復到內存方面更強勁的支出時，我們能夠提高它並有效地做到這一點。因此，在過去的 12 到 18 個月裡，我們一直在談論的盈利逆風並不多。所以這就是我考慮的方式，讓公司現在達到適合這一業務水平的規模。但有了我們的想法，我們可用的基礎設施和業務系統以及供應鏈基礎設施將更快、更有效地提升，如果市場超過我們的估計。

But why don't you need to cut more than because the cuts only take you back to where head count was like 6 months ago, right?

但為什麼你不需要削減更多，因為削減只會讓你回到 6 個月前的人數，對吧？

Stacy, I'm comfortable at the profitability levels of the business at these revenue levels. We're getting things structured in the right way, so that the P&L looks acceptable.

Stacy，我對這些收入水平下的業務盈利水平感到滿意。我們正在以正確的方式構建事物，以便損益表看起來可以接受。

I think, Stacy, not all those heads were added in the volume side of the business as well. And so I talked about -- and I think you'll see when you look at the P&L, where we are trying to preserve what is strategic spending on the R&D side and products that we think are important for the future growth of the company and competitiveness of our business. We're still committed, as I said at the beginning, through our model of gaining market share in both the Memory and the foundry logic side of the business and some of the spending is there as well. So these are the cuts we think that are appropriate for how we think the business seems to be run through this cycle.

我認為，Stacy，並非所有這些負責人都被添加到業務量方面。所以我談到了——我想當你看損益表時你會看到，我們正在努力保留研發方面的戰略支出以及我們認為對公司未來增長很重要的產品，以及我們業務的競爭力。正如我一開始所說，我們仍然致力於通過我們在內存和代工邏輯方面獲得市場份額的模式，以及一些支出。因此，這些是我們認為適合我們認為業務似乎在這個週期中運行的方式的削減。

We will go next to Toshiya Hari with Goldman Sachs.

我們將與 Goldman Sachs 一起去 Toshiya Hari。

I had one clarification and then a follow-up question. On the clarification, last quarter, I think you guys sized the potential impact from China export restrictions to your business in calendar '23 at $2 billion to $2.5 billion, I believe, 3 quarters on the system side, a quarter in services. Are those numbers still your expectation for calendar '23? Any change there?

我有一個澄清，然後是一個後續問題。關於澄清，上個季度，我認為你們將中國出口限制對日曆'23 中的業務的潛在影響估計為 20 億至 25 億美元，我相信，系統方面有 3 個季度，服務方面有一個季度。這些數字仍然是您對日曆 '23 的期望嗎？那裡有什麼變化嗎？

Yes, no change.

是的，沒有變化。

Got it. And then my question probably for Doug in terms of gross margin. Last year, you talked about freight and component costs being a headwind and you also talked about pricing as a potential lever to offset some of the headwinds. How should we think about those dynamics as we progress through '23? Any progress?

知道了。然後我的問題可能是關於毛利率的道格。去年，您談到運費和零部件成本是一個不利因素，您還談到定價是抵消一些不利因素的潛在槓桿。隨著我們在 23 世紀的進步，我們應該如何考慮這些動態？任何進展？

Yes, Toshi, I guess what I describe is in some of the inflationary buckets I've been talking about for over long and talking about it, some of it is getting somewhat better. And some of it, I think, will get better, but we're not seeing it yet. So that's in what we've been talking about. And then relative to pricing activity, we continue to work on that. There are some things that's already showing up in the P&L in the March quarter, but we continue to have ongoing conversations with customers about the right level of pricing, and that will continue as we go forward.

是的，Toshi，我想我所描述的是我一直在談論的一些通貨膨脹桶，並且正在談論它，其中一些正在變得更好。我認為其中一些會變得更好，但我們還沒有看到。這就是我們一直在談論的內容。然後相對於定價活動，我們繼續致力於此。有些事情已經在 3 月季度的損益表中顯示出來，但我們將繼續與客戶就正確的定價水平進行持續對話，並且隨著我們的前進，這種對話將繼續進行。

And when you talk about the 100 basis point improvement exiting the full year, is that an all-in number, embedding all those factors?

當你談到全年 100 個基點的改善時，這是一個包含所有這些因素的總和嗎？

Yes. To the best of our reception as we sit here right now, yes, that's all in of the pluses, the minuses, from business going down and the adjustments we're making in terms of the footprint of the company.

是的。就我們現在坐在這裡的最佳接待而言，是的，這就是業務下滑和我們在公司足跡方面所做的調整的所有優點和缺點。

We will take our next question from Vivek Arya with Bank of America Securities.

我們將接受來自美國銀行證券的 Vivek Arya 的下一個問題。

I'm trying to gauge what is kind of your trough quarter of this year conceptually, right? I understand that you don't give exact forecast. But if I go through this deferred revenue math, so let's say another $500 million comes out suggest that your March shipped revenue conceptually is about $3.3 billion. Does that reflect all the China and Memory CapEx cuts so that is sort of pure trough revenue quarter? Or do you think there is more to come? So the trough revenue quarter might be later this year, closer to $3 billion or some other number. I'm just trying to conceptually gauge what is the trough quarter for this year, so we can get a sense for what trough earnings power could be.

我正在嘗試從概念上衡量您今年的低谷季度是什麼樣的，對嗎？我知道你沒有給出準確的預測。但是，如果我通過這個遞延收入數學計算，那麼假設另外 5 億美元的結果表明您的 3 月份出貨收入在概念上約為 33 億美元。這是否反映了所有中國和內存資本支出的削減，所以這是一個純粹的低谷收入季度？或者你認為還有更多的事情要做？因此，收入最低的季度可能會在今年晚些時候，接近 30 億美元或其他數字。我只是想從概念上衡量今年的谷底季度是什麼，這樣我們就可以了解谷底的盈利能力是多少。

Toshi, I guess, sorry -- Vivek, the best I can do is just say what I've already said, revenue is somewhat first half weighted, largely because we're pulling the deferred down in March. In March, it's pulled down to where it's going to be. And so you got to kind of think about that plus the fact that I told you, we think WFE is fairly balanced first half, second half. And I think if you think that through, you'll get it pretty close to where it should be.

Toshi，我想，抱歉——Vivek，我能做的就是說我已經說過的話，收入在某種程度上是上半年加權的，主要是因為我們在 3 月份拉下了延期。三月，它被拉低到它要去的地方。所以你必須考慮一下，再加上我告訴過你的事實，我們認為 WFE 上半年和下半年相當平衡。而且我認為，如果你仔細考慮，你就會非常接近它應該在的位置。

Got it. And then second question that I have is, China sales were 24%, I believe, of total in December. But could you give us a sense for how much of that was China domestic? And then what do you expect China to be as a percentage of your sales in March? And if you have a number roughly for calendar '23?

知道了。然後我的第二個問題是，我相信 12 月份中國銷售額佔總銷售額的 24%。但你能告訴我們其中有多少是中國國內的嗎？那麼您預計 3 月份中國占您銷售額的百分比是多少？如果你有 23 年日曆的大致數字？

Yes. In December, trying to remember the number. More than half of it certainly was domestic China. I forget the exact number, Vivek, to be honest with you, but more of it was domestic China. As we go through -- China is going to be impacted to the $2 billion to $2.5 billion from the customers we can't ship to. I think when I think about China WFE, that means China WFE is going to be down somewhat in '23.

是的。十二月，試圖記住這個數字。其中一半以上肯定是中國國內。我忘記了確切的數字，Vivek，老實說，但更多的是中國國內。隨著我們的經歷——中國將受到我們無法運送到的客戶的 20 億至 25 億美元的影響。我認為當我想到中國 WFE 時，這意味著中國 WFE 在 23 年會有所下降。

Okay. So this $2 billion to $2.5 billion, is that kind of run rate reflected in your March outlook? That's what I wanted to just get a sense for.

好的。那麼這 20 億美元到 25 億美元，這種運行率是否反映在您的 3 月份展望中？這就是我想要了解的。

Yes. The things that we've kind of lost from that $2 billion to $2.5 billion, there's nothing in the March quarter. So that's part of the $2 billion to $2.5 billion. There isn't any more reduction from March as we go forward. I'm not sure I'm making it clear to understand it, but Vivek, there's always timing of different customers spending money. It's not that China is going to be up in -- China will be up and down as we go through the quarter, I expect. But the impact from the regulations is already fully in effect in the March quarter is what I'm trying to describe.

是的。從 20 億美元到 25 億美元，我們已經失去了一些東西，但在 3 月這個季度什麼都沒有。所以這是 20 億至 25 億美元的一部分。隨著我們的前進，從 3 月開始不再有任何減少。我不確定我是否說清楚了，但是 Vivek，不同客戶花錢的時間總是不同的。這並不是說中國會在 - 我預計中國會在我們經歷這個季度時上下起伏。但法規的影響已經在三月季度完全生效，這就是我想要描述的。

Got it. So basically, Doug, just to kind of nail it down. If I take the March ex deferred $3.3 billion, right, and kind of assume quarterly run rate is at level, that's sort of how the shape of calendar '23 revenue should be, right?

知道了。所以基本上，道格，只是為了確定一下。如果我將 3 月份的 ex 遞延 33 億美元計算在內，並且假設季度運行率處於水平，那麼日曆 '23 收入的形狀應該是這樣的，對吧？

Listen, we only guide revenue one quarter at a time. I'll guide June when we get to the next quarter earnings numbers.

聽著，我們一次只指導一個季度的收入。當我們獲得下一季度的收益數字時，我將指導 6 月。

We will take our next question from Atif Malik with Citi.

我們將接受來自花旗銀行的 Atif Malik 的下一個問題。

Doug, is the equipment demand now below the supply that you can receive from your suppliers?

Doug，現在的設備需求是否低於您可以從供應商處獲得的供應量？

Is it below -- sorry, is the question about supply chain constraints ?

下面是——抱歉，是關於供應鏈約束的問題嗎？

Right. I mean, are they fully removed now and the demand has fallen below the supply line?

正確的。我的意思是，它們現在是否已完全移除並且需求已低於供應線？

Yes. Well, as we said, we saw a significant improvement in the supply chain constraints in the December quarter, which is partly why we were able to deliver higher than the anticipated revenue. So I would say that supply chain constraints are easing. There's always -- and remain in some parts of the supply chain that are still not fully recovered. But I would say that if you went back and compare where we are today versus 12 months ago, dramatically improved. I think that we'll continue to work on that through probably the remainder of this year on those remaining issues.

是的。好吧，正如我們所說，我們看到 12 月季度的供應鏈限制有了顯著改善，這也是我們能夠實現高於預期收入的部分原因。所以我想說供應鏈限制正在放鬆。在供應鏈的某些部分，始終存在並仍未完全恢復。但我想說，如果你回過頭來比較我們今天和 12 個月前的情況，就會有顯著的改善。我認為我們可能會在今年餘下的時間裡繼續處理這些遺留問題。

Got it. And Tim, in your prepared remarks, you talked about conductor etch market share doubling node to node at one logic maker and gate all around, presumably is a big technology inflection that should help you guys. Can you talk about the timing of the production ramp for data all around? Is it second half, next year story? Or is it more like a 2025-year event?

知道了。蒂姆，在你準備好的發言中，你談到了導體蝕刻市場份額在一個邏輯製造商和門周圍的節點到節點翻倍，大概是一個重大的技術轉變，應該對你們有所幫助。你能談談各地數據生產坡道的時間安排嗎？是下半年、明年的話嗎？或者它更像是一場 2025 年的盛會？

Yes. I think that -- I mean you see customers starting to talk about and announce kind of limited production -- yes, obviously, there's a qualification cycle, probably better for them to talk about their own timing. But it's not a material issue for our 2023 numbers, let's just say. So it's a 2024-and-beyond event. But those are the types of things that, again, if we think about where we want to take this business. Part of this is about increasing our exposure into that market where there's tremendous need, and I talked about the increasing intensity for etch and deposition in that space and foundry logic. And most of those big technology inflections where our tools are most suitable, things like selective etch, things like high-aspect ratio critical etch. The use of those tools are just increasing in these new 3D architectures.

是的。我認為 - 我的意思是你看到客戶開始談論並宣布某種有限的生產 - 是的，顯然，有一個資格週期，可能更好地讓他們談論他們自己的時間。但這不是我們 2023 年數字的實質性問題，我們只是說。所以這是一個 2024 年及以後的事件。但是，如果我們考慮我們想把這項業務帶到哪裡，這些就是那些類型的事情。其中一部分是關於增加我們在那個有巨大需求的市場中的曝光度，我談到了該空間和代工邏輯中蝕刻和沈積強度的增加。大多數重大技術變化都適用於我們的工具，例如選擇性蝕刻、高縱橫比臨界蝕刻等。在這些新的 3D 架構中，這些工具的使用正在增加。

The increased use of advanced packaging in foundry logic and AI applications. Those are, again, areas where Lam can bring our etch technology to bear. So timing, again, hard to predict, but we are making great progress to development tool of record and early production tool of record stages. And I think that as we see those markets ramp, that's good for Lam.

在代工邏輯和 AI 應用中越來越多地使用先進封裝。同樣，Lam 可以將我們的蝕刻技術應用到這些領域。因此，時間再次難以預測，但我們在記錄開發工具和記錄階段的早期生產工具方面取得了很大進展。我認為，正如我們看到這些市場的增長，這對 Lam 來說是件好事。

We will go next to Sidney Ho with Deutsche Bank.

我們將與德意志銀行一起前往 Sidney Ho。

(inaudible) on for Sidney. And just on CSBG, I apologies if I might have missed this, but can you guides us on, how you see each of the buckets that play into CSBG? How these will contribute to the segment's overall performance in 2023? And I have a quick follow-up.

（聽不清）為西德尼。就 CSBG 而言，如果我可能錯過了這一點，我深表歉意，但您能否指導我們，您如何看待 CSBG 中的每個桶？這些將如何影響該部門 2023 年的整體業績？我有一個快速的跟進。

Sure. Yes. I kind of hit on that a little earlier, but it was basically the 4 segments, spare, service upgrades and reliant. And again, in a normal year, we would actually always see spares in particular, expanding with the growing installed base. I talked about the fact that our installed base is substantially larger than it was during the last down cycle. We just grow the installed base, spares grow along with that. And the impact this year to that business, though, is somewhat unique in that the China restrictions did pull spares business immediately out of our revenue plan given that we cannot sell spares to certain customers and technologies in China. So that's a unique reset to that business.

當然。是的。我有點早點想到了，但它基本上是 4 個部分，備用、服務升級和依賴。再一次，在正常的一年裡，我們實際上總是會看到特別是備件，隨著安裝基數的增加而擴大。我談到了一個事實，即我們的安裝基數比上一個下降週期要大得多。我們只是增加了安裝基礎，備件也隨之增長。不過，今年對該業務的影響有些獨特，因為中國的限制確實將備件業務立即從我們的收入計劃中撤出，因為我們無法向中國的某些客戶和技術銷售備件。所以這是對該業務的獨特重置。

And then the second thing that impacts spares is when customers cut utilization, those tools are idled, obviously, don't need spares. So I would say the spares business is impacted by those 2 impacts.

然後影響備件的第二件事是當客戶削減利用率時，這些工具被閒置，顯然不需要備件。所以我想說備件業務受到這兩種影響的影響。

Service, similarly, we can't service the tools in China that are restricted customers and technologies and also utilization, customers tend to look to save money by doing the service themselves during these times or when tools are offline, they don't need service. And so those 2 product lines are kind of the most impacted, I would say, by these changes.

服務，同樣，我們無法為中國的工具提供服務，這些工具在客戶和技術以及使用方面受到限制，客戶往往希望通過在這些時間或工具離線時自己進行服務來省錢，他們不需要服務.因此，我想說，這兩條產品線受到這些變化的影響最大。

Reliant, again, growing because trailing edge still grows and upgrades. While I said some people might be delaying again, just to -- from a CapEx sensitivity perspective, some upgrades I would say that there's less impact in that part of the business.

依賴，再次增長，因為後緣仍在增長和升級。雖然我說有些人可能會再次推遲，只是為了 - 從資本支出敏感性的角度來看，我會說一些升級對業務的那部分影響較小。

Got it. That's pretty helpful. And then one more of a long-term question for me. I guess one of your major customers noted like very elevated infrastructure cost, roughly 4 to 5x when they build out fab capacity outside of Asia. I guess what are the implications to equipment spend as customers try to obviously diversify capacity across regions?

知道了。這很有幫助。然後對我來說又是一個長期問題。我猜你們的一個主要客戶注意到基礎設施成本非常高，當他們在亞洲以外建立晶圓廠產能時，大約是基礎設施成本的 4 到 5 倍。我想當客戶試圖明顯地跨地區分散容量時，對設備支出有何影響？

It's a good question. I mean, obviously, there's -- all customers are cost sensitive regardless of where they're building fabs. I mean we certainly know as people move into costlier regions, I think the story is the same. We compete and we win business based on building tools that deliver excellent technology with high productivity. And I think that if I thought about what probably that means from an equipment trend perspective, I talked a lot about equipment intelligence. You think about it, if you're moving into a region where already some of the base costs are higher, you're going to want tools that require less human interaction, less servicing tools that can do predictive work in order to try to keep them up and utilize more at a higher rate.

這是個好問題。我的意思是，很明顯，所有客戶都對成本敏感，無論他們在哪裡建造晶圓廠。我的意思是，我們當然知道，隨著人們遷移到更昂貴的地區，我認為情況是一樣的。我們競爭並贏得業務的基礎是構建能夠提供卓越技術和高生產力的工具。而且我認為，如果我從設備趨勢的角度思考這可能意味著什麼，我就談到了很多關於設備智能的問題。你想一想，如果你要搬到一個已經有一些基本成本更高的地區，你將需要需要更少人際互動的工具，更少可以進行預測工作的服務工具，以盡量保持他們起來並以更高的速度利用更多。

And so I think that you'll see those types of customers pull for some of our smart solutions where you can kind of pull some of that labor content down if you can keep tools up and running more often and therefore, extract more from the capital that you've invested.

因此，我認為您會看到這些類型的客戶會吸引我們的一些智能解決方案，如果您可以讓工具更頻繁地啟動和運行，那麼您可以減少一些勞動力內容，從而從資本中提取更多你已經投資了。

We will take our next question from Blayne Curtis with Barclays.

我們將接受來自巴克萊銀行的 Blayne Curtis 的下一個問題。

I had 2 questions. One, I just wanted to -- obviously, a lot has transpired over the last 12 months and clearly a huge correction in memory. You're saying foundry logic down something less than the group the overall is. I'm just kind of curious how you're thinking about that? I mean, obviously, memory had to work through low utilizations and now they're pulling back on the capacity adds and same end markets. So kind of just how are you thinking about foundry kind of progressing over this year or next?

我有兩個問題。第一，我只是想——顯然，在過去的 12 個月裡發生了很多事情，顯然是對記憶的巨大修正。你說的代工邏輯低於整體。我只是有點好奇你是怎麼想的？我的意思是，很明顯，內存必須通過低利用率來工作，現在他們正在縮減容量增加和相同的終端市場。那麼，您如何看待鑄造廠在今年或明年取得的進展？

Yes. I guess right now, obviously, we still see, as we said, memory -- our foundry logic being down substantially less than the memory this year. We've also made the comment that as a percent of total WFE memory is at levels that we haven't seen in 25 years. And so therefore, I guess, we look at it and it's either we see strong founder logic spending, but we actually think that with that foundry logic spending in the devices and applications that are created, that will be another one of the drivers that pulls through memory usage and causes and perhaps accelerates a memory recovery. And so I think that the 2 are intricately tied in terms of the end applications, but sometimes the timing of the capacity additions and such are (inaudible) I think that's what we see right now.

是的。我想現在，很明顯，正如我們所說，我們仍然看到內存 - 今年我們的代工邏輯下降幅度遠低於內存。我們還表示，總 WFE 內存的百分比處於我們 25 年未見的水平。因此，我想，我們看看它，要么我們看到強大的創始人邏輯支出，但我們實際上認為，隨著代工邏輯在所創建的設備和應用程序中的支出，這將成為拉動的另一個驅動因素通過內存使用並導致並可能加速內存恢復。因此，我認為 2 在最終應用程序方面錯綜複雜地聯繫在一起，但有時增加容量的時間等（聽不清）我認為這就是我們現在所看到的。

Blayne, I guess what I would describe is -- go ahead, ask your next question. .

Blayne，我想我要描述的是——繼續，問你的下一個問題。 .

I want to hear what you say, Doug. .

我想听聽你說什麼，道格。 .

I was just going to say at the end of the day, you need all of this in the system architecture. When you look at a hyperscale architecture, you don't just have logic devices and accelerators without memory, right? It's all got kind of all go on the same motherboard, if you will. What we've got going on, at least my perspective right now is we're sitting on excess inventory in the memory area to a significant extent, and it's just got to get consumed. We're at a different point in the classic cycle is what I was going to describe, Blayne.

我只是想在一天結束時說，你需要係統架構中的所有這些。當您查看超大規模架構時，您不會只有沒有內存的邏輯設備和加速器，對吧？如果你願意的話，它們都可以在同一個主板上運行。我們正在發生的事情，至少我現在的觀點是，我們在內存區域中的庫存在很大程度上是過剩的，而且它必須被消耗掉。我們正處於經典週期的不同點，這就是我要描述的，Blayne。

I guess -- I mean, it's a question -- I'm going to -- I want to follow on to my own question, but it's also one for yourself. I mean you look across the industry in semis, inventories are going up. I think you've seen this in memory, but also with semiconductor companies and your inventories as well, right? So it suggests capacity exceeds demand, right? So I guess -- one, I guess that's why question, why foundry logic can kind of continue, and I think memory might be leading the show there. But I guess as it relates to you, inventories are at a very high level. So I'm just kind of curious as another play on gross margin, where do you think your inventories need to go? And if you have to dial back your production? Is there any kind of headwinds to gross margin to think about?

我想——我的意思是，這是一個問題——我打算——我想繼續我自己的問題，但這也是你自己的問題。我的意思是你看看整個半成品行業，庫存正在上升。我想你已經在記憶中看到了這一點，但也與半導體公司和你的庫存有關，對吧？所以這表明產能超過需求，對嗎？所以我猜 - 第一，我想這就是為什麼問題，為什麼代工邏輯可以繼續下去，我認為內存可能會在那裡引領演出。但我想這與你有關，庫存處於非常高的水平。所以我只是有點好奇，作為毛利率的另一種表現，你認為你的庫存需要去哪裡？如果你必須撥回你的生產？毛利率有什麼不利因素需要考慮嗎？

Yes, Blayne, our inventory is going to go lower, I guess, is what I would describe, right? Business is coming down. We'll need less inventory to supply a lower level of business, it will come down. That I can tell you for sure.

是的，Blayne，我想我們的庫存會下降，我會這麼描述，對吧？業務正在下降。我們需要更少的庫存來供應較低水平的業務，它會下降。我可以肯定地告訴你。

And does that have any impact to gross margin?

這對毛利率有影響嗎？

Yes, a little bit. But when I describe an expectation, I mean I describe an expectation that as we exit the year, gross margin is a point higher, that contemplates the fact that factory absorption, utilization and so forth is going to be lower, and we'll be bringing inventory down.

是有點。但是當我描述一個預期時，我的意思是我描述了一個預期，即當我們結束這一年時，毛利率會更高一個點，考慮到工廠吸收、利用率等將會降低的事實，我們將降低庫存。

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

接線員，我們還有時間再問一個問題。

And we will take our last question from Joe Quatrochi with Wells Fargo.

我們將接受來自富國銀行的 Joe Quatrochi 的最後一個問題。

Last quarter, you had talked about the Reliant business or kind of one does with the decline in WFE and just kind of weakness in consumer electronics that, that business could also be negatively impacted. And it sounds like maybe this quarter, you're a little bit more constructive on that business. Is that, I guess, the right way to think about it? And then two, maybe what's driving that?

上個季度，您談到了 Reliant 業務或某種與 WFE 下降以及消費電子產品疲軟相關的業務，該業務也可能受到負面影響。聽起來也許這個季度，你對該業務更具建設性。我想，這是正確的思考方式嗎？然後兩個，也許是什麼驅動了它？

Yes. No, Joe, we didn't mean to describe it any differently. I think last quarter and this quarter, we said we expect that segment of foundry and logic to be somewhat better than overall WFE. I think we said that last time. I'm pretty sure we did, and we're saying that again.

是的。不，喬，我們並不是要用不同的方式來描述它。我認為上個季度和本季度，我們表示我們預計代工和邏輯部分會比整體 WFE 好一些。我想我們上次說過。我很確定我們做到了，而且我們再次強調了這一點。

I think the reason they may have come across, Joe, just a little bit -- maybe a little more constructive than the other product lines that were within CSBG, I think why -- I think there was a question about kind of ranking them or stacking those. It's the least impacted by the changes like time restriction and utilization. That was -- that was maybe why it came across that way. No intention to send a different message from last quarter, though.

我認為他們可能遇到的原因，喬，只是一點點——可能比 CSBG 內的其他產品線更具建設性，我想為什麼——我認為存在關於對它們進行排名的問題，或者堆疊那些。它受時間限制和利用率等變化的影響最小。那是——這也許就是它以這種方式出現的原因。不過，無意傳達與上一季度不同的信息。

Got it. That's helpful. And then just in terms of the total CSBG business, when we think about the impact from the China export restrictions, obviously, the utilization coming down just across the board is a negative impact. But would that business be, I guess, closer to flat, it's just kind of like-to-like without the China export restrictions?

知道了。這很有幫助。然後就整個 CSBG 業務而言，當我們考慮中國出口限制的影響時，顯然，利用率全面下降是一種負面影響。但我猜，如果沒有中國的出口限制，該業務是否會接近持平，只是有點相似？

It'd certainly be doing better, and we described it as likely down somewhat. And historically, I've always said, this is a business that should grow every single year. I wish I wouldn't have said that because I couldn't envision the environment we're in with utilization in China and so forth. So we're just giving you kind of the lay of the land right now, Joe.

它肯定會做得更好，我們將其描述為可能有所下降。從歷史上看，我一直說，這是一項每年都應該增長的業務。我希望我不會這麼說，因為我無法想像我們在中國等地的利用環境。所以我們現在只是給你一些情況，喬。

Thank you, operator. I think that concludes the call for us. We're wrapped up here.

謝謝你，運營商。我認為我們的呼籲到此結束。我們在這裡結束了。

Thank you all for joining.

謝謝大家的加入。

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

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。