科林研發 (LRCX) 2023 Q3 法說會逐字稿

Good day, and welcome to the Lam Research March 2023 Quarter Financial Conference Call. Today's conference is being recorded.

各位好，歡迎參加 Lam Research 2023 年 3 月季度財務電話會議。本次會議正在錄音。

At this time, I'd like to turn the conference over to Tina Correia. Please go ahead.

現在，我想把會議交給蒂娜·科雷亞。請開始吧。

Thank you, operator, and good afternoon, everyone. Welcome to the Lam Research quarterly earnings conference call. With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer.

謝謝接線員，大家下午好。歡迎參加 Lam Research 季度財報電話會議。今天與我一同出席的有總裁兼執行長 Tim Archer，以及執行副總裁兼財務長 Doug Bettinger。

During today's call, we'll share our overview on the business environment, and we'll review our financial results for the March 2023 quarter and our outlook for the June 2023 quarter.

在今天的電話會議上，我們將分享我們對商業環境的概述，並回顧我們 2023 年 3 月季度的財務業績以及我們對 2023 年 6 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.

詳細介紹我們財務表現的新聞稿已於今天下午太平洋時間1點剛過發布。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.

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。

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.

本次電話會議預計將於太平洋時間下午3點結束。會議錄音將於今天下午晚些時候在我們的網站上提供。

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

那麼，我就把電話交給提姆了。

Thank you, Tina, and welcome, everyone. Lam's March quarter results reflect strong execution, with revenues, operating margins and EPS all exceeding the midpoint of our guidance. Foundry-related system revenues achieved record levels, demonstrating our solid progress in both leading edge and specialty technology segments. We continue to prioritize investments in long-term technology road maps, customer support and operational transformation while prudently managing near-term spending and profitability.

謝謝Tina，也歡迎各位。 Lam公司三月的季度業績反映了強勁的執行力，營收、營業利潤率和每股收益都超過了我們先前預期的中位數。晶圓代工相關係統營收創下歷史新高，展現了我們在尖端技術和專業技術領域的穩健進展。我們將繼續優先投資長期技術路線圖、客戶支援和營運轉型，同時審慎管理近期支出和獲利能力。

As our June quarter guidance indicates, the near-term demand environment remains challenging. We expect 2023 WFE spending to be in the low to mid-$70 billion range with additional weakness primarily from memory customers, partially offset by domestic China-related demand.

正如我們6月季度的業績指引所示，短期需求環境仍充滿挑戰。我們預計2023年WFE支出將在700億美元左右，主要疲軟來自記憶體客戶，部分被中國國內相關需求抵銷。

On the China front, we see incremental strength in mature node logic and memory segments. Recently, the U.S. government notified us of a clarification to the rule issued last October governing exports to China. This notification allows us to ship certain products that we had originally excluded from our expectations. We expect to ship these tools in the second half of 2023.

在中國市場，我們看到成熟節點邏輯和記憶體領域呈現穩定成長的態勢。近期，美國政府通知我們，對去年10月發布的有關對華出口的規定進行了澄清。這項通知允許我們向中國出口一些先前未列入預期範圍的產品。我們預計將於2023年下半年交付這些產品。

Overall, memory customers continue to lower fab utilizations, slow technology conversions and reduce investments in capacity additions to limit bit output, to drive inventory down to normalized levels. We expect memory spending for the year to decline approximately 50% from 2022 led by NAND.

總體而言，記憶體客戶持續降低晶圓廠利用率、放緩技術轉換速度並減少產能擴張投資，以限制位元產量，從而將庫存降至正常水平。我們預計，受NAND快閃記憶體的影響，今年的記憶體支出將比2022年下降約50%。

Memory spending in 2023 is at a historic low as a percentage of total WFE. We believe this level of investment is unsustainable to support long-term growth in bit demand, especially considering the data-intensive applications, such as AI, are still in the early stages of adoption and can have approximately 8x the DRAM and 3x the storage content of a regular server. In addition, advances in memory architectures, such as DDR5, are driving process technology evolution and larger die sizes.

2023 年，記憶體支出佔 WFE 總支出的比例將處於歷史低點。我們認為，這種投資水準不足以支撐比特需求的長期成長，尤其考慮到人工智慧等資料密集型應用仍處於早期階段，其 DRAM 容量約為普通伺服器的 8 倍，儲存容量約為普通伺服器的 3 倍。此外，DDR5 等記憶體架構的進步正在推動製程技術的演進和晶片尺寸的增加。

As these trends accelerate, Lam's established leadership in memory positions us to outperform and as we benefit not only from investments in new tools for capacity but also from the technology upgrades to our large installed base of tools. Our installed base for memory has increased close to 40% compared to the last down cycle. It is a valuable platform for growth when memory customers begin to ramp utilization back to normal levels and convert existing lines to next-generation nodes.

隨著這些趨勢加速發展，Lam 在記憶體領域的領先地位使我們能夠脫穎而出，這得益於我們不僅對產能新工具的投資，也得益於我們龐大現有工具庫的技術升級。與上一個經濟低迷期相比，我們的記憶體裝置量增加了近 40%。當記憶體客戶的產能利用率開始恢復正常水準並將現有生產線升級到下一代節點時，這將是一個極具價值的成長平台。

While Lam clearly stands to benefit when memory conditions improve, this is the one aspect of our growth opportunity. Rising manufacturing complexity tied to key technology inflections is positive for both overall capital intensity and, more importantly, Lam's areas of product strength. For example, EUV patterning and gate-all-around devices are 2 important inflections where Lam has made significant investments in new products for processing at the atomic scale. We are gaining traction with these new products, yet they are in the early stages of the ramp, with the majority of growth still in front of us.

儘管記憶體狀況的改善無疑將使Lam受益，但這只是我們成長機會的一個面向。與關鍵技術變革相關的製造複雜性不斷提高，這不僅有利於整體資本密集度，更重要的是，有利於Lam的產品優勢領域。例如，EUV光刻和環柵元件是兩個重要的技術變革領域，Lam已在用於原子級加工的新產品方面進行了大量投資。這些新產品正在取得進展，但它們仍處於早期階段，大部分成長空間尚未到來。

If we look at patterning, it is already a multibillion-dollar opportunity for Lam. We have a leading share position in this segment, and we are broadening our footprint as EUV adoption scales. Lam's etch solutions have been developed to enhance productivity of EUV by creating well-defined smooth patterns with minimal EUV photon exposure. Our pulse plasma capabilities help reduce line width roughness, which is a particularly challenging problem as EUV resist become thinner at future nodes. Lam's etch portfolio is on track to win close to 75% share of these EUV patterning applications.

如果我們著眼於圖形化領域，它對Lam而言已是一個價值數十億美元的商機。我們在該領域佔據領先地位，隨著EUV技術的普及，我們正在不斷擴大市場份額。 Lam的蝕刻解決方案旨在透過以最小的EUV光子曝光量創建清晰平滑的圖形，從而提高EUV的生產效率。我們的脈衝等離子體技術有助於降低線寬粗糙度，這在未來節點EUV光阻厚度越來越薄的情況下，將成為一個特別棘手的問題。 Lam的蝕刻產品組合可望贏得近75%的EUV圖形化應用市場份額。

Also, as the pattern is etched into the film stack, the hardness and stress in the films has a strong influence on pattern fidelity. Precise control of film properties is a hallmark of our deposited hardmask films. We are already the process tool of record for critical applications in the foundry/logic segment for EUV patterning, with continued growth expected as EUV adoption expands.

此外，由於圖案是在薄膜堆疊層中蝕刻而成的，因此薄膜的硬度和應力對圖案的保真度有顯著的影響。精確控制薄膜特性是我們沉積硬掩模薄膜的標誌性特徵。我們已成為代工/邏輯領域關鍵應用的EUV光刻製程首選工具，隨著EUV微影技術的普及，我們預計未來將繼續保持成長動能。

Addressing EUV scalability challenges is also the central goal behind our dry resist technologies. Last year, we saw the first adoption of our dry development and underlayer processes for EUV applications by a major memory customer. Our progress extended to include a second large memory player in the March quarter.

解決EUV微影技術的可擴展性挑戰也是我們乾法光阻技術的核心目標。去年，我們迎來了首個大型記憶體客戶採用我們的乾式顯影和底層製程進行EUV微影應用。今年三月，我們又成功將業務拓展至另一家大型記憶體廠商。

Today, I'm pleased to provide another update. A key foundry/logic customer is set to adopt our dry resist deposition, dry development and underlayer solution for their EUV applications. And we will start recognizing revenues for these products in calendar 2023.

今天，我很高興地向大家帶來另一個最新消息。重要的晶圓代工廠/邏輯裝置客戶即將採用我們的乾式微膠沉積、乾式顯影和底層解決方案，用於其極紫外光微影（EUV）應用。我們將於2023年開始確認這些產品的收入。

Looking ahead, the challenges of EUV patterning will continue to grow at every technology node and, in particular, when high-NA EUV adoption dictates the need for even thinner EUV resists. With our differentiated pattern etch, hardmask and dry resist solutions, we see our product portfolio becoming increasingly vital to the industry's scaling road map.

展望未來，EUV光刻技術在每個技術節點都面臨日益嚴峻的挑戰，尤其是在高數值孔徑（NA）EUV光刻技術普及後，對更薄EUV光阻的需求將更加迫切。憑藉我們差異化的圖案蝕刻、硬掩模和乾式光阻解決方案，我們相信我們的產品組合對於產業規模化發展路線圖的重要性將與日俱增。

Moving to gate-all-around. This inflection introduces what we consider to be the first true 3D logic device from a processing perspective. It requires new etch and deposition capability to address the geometric complexity, of forming the all-around characteristics of the transistor. Processing for gate-all-around, just as the name implies, must take place on top of, underneath and inside the device where reactants need to reach spaces that are perpendicular to the usual reaction direction. The 3D nature of gate-all-around architecture is well suited to atomic layer deposition and atomic layer etching solutions, making a key inflection that plays to our strengths.

轉向環柵結構。從加工角度來看，這一轉變引入了我們認為的首個真正的3D邏輯裝置。它需要全新的蝕刻和沈積技術來應對形成電晶體環柵特性的幾何複雜性。顧名思義，環柵結構的加工必須在裝置的頂部、底部和內部進行，反應物需要到達垂直於常規反應方向的空間。環柵結構的3D特性非常適合原子層沉積和原子層蝕刻技術，這使得這項關鍵轉變充分發揮了我們的優勢。

For Lam, the transition to the gate all-around node is close to $1 billion incremental opportunity per 100,000 wafer start per month capacity. Our expectation is for our share in this market to be at least as good as our overall goals for the company.

對Lam公司而言，全環柵極製程節點的過渡，意味著每月每新增10萬片晶圓產能，就能帶來近10億美元的額外商機。我們預期，我們在該市場中的份額至少能達到公司整體目標。

To address the manufacturing challenges of gate-all-around devices, Lam has launched several new products, including our Selis, Prevos and Argos suite of selective etch tools, with more to come in the future. These tools can etch and treat all surfaces of the device with ALE-like precision.

為了因應環柵裝置製造的挑戰，Lam推出了多款新產品，包括Selis、Prevos和Argos系列選擇性蝕刻工具，未來也將推出更多產品。這些工具能夠以媲美ALE的精度蝕刻和處理器零件的所有表面。

Our selective etch tools have achieved process of record positions at multiple customers for gate-all-around applications, and we saw continued momentum in the March quarter with additional shipments to key customers.

我們的選擇性蝕刻工具已在多個客戶的全方位澆口應用中取得了製程記錄，並且在三月份的季度中，隨著向主要客戶出貨量的增加，我們看到了持續的成長勢頭。

Atomic-level control is also increasingly critical in depositing films in the complex geometries very close to the transistor. Our differentiated approach uses a radical-based plasma ALD reactor to deliver high-performance films with high-volume manufacturing-ready productivity. Multiple customers have now adopted Lam's ALD low-k spacer and nitride films, and we see this demand growing in future nodes.

在電晶體附近複雜幾何形狀的薄膜沉積中，原子級控制的重要性日益凸顯。我們採用的差異化方法利用基於自由基的等離子體原子層沉積（ALD）反應器，能夠高效製備高性能薄膜，並滿足大規模量產的需求。目前，多家客戶已採用Lam公司的ALD低介電常數間隔層和氮化物薄膜，我們預期未來節點對此需求將持續成長。

In summary, we are working through a lower WFE year in 2023 by managing near-term expenses, strengthening our operational capabilities and prioritizing R&D investments tied to critical manufacturing inflections. Our focus remains on ensuring that when WFE growth resumes, the criticality of our products to our customers' plans and the value of our installed base, which has grown nearly 40% since the last downturn, put us in a strong position to outperform.

總而言之，我們正努力應對2023年較低的WFE（工廠設備出口）年，具體措施包括控制近期支出、增強營運能力以及優先投資與關鍵製造環節相關的研發項目。我們的重點仍然是確保WFE恢復成長時，憑藉我們產品對客戶計劃的關鍵性以及自上次經濟低迷以來增長近40%的現有客戶群的價值，我們能夠佔據有利地位，實現優異業績。

Thank you. And now I'll turn it over to Doug.

謝謝。現在我把麥克風交給道格。

Great. Thank you, Tim. Good afternoon, everyone, and thank you for joining our call today. Our March 2023 quarter financial results came in at or over the midpoint of our guidance ranges for all financial metrics. We generated over $1.6 billion of free cash flow during the quarter, which was a record level for the company. Overall, we not only delivered financial performance in line with our guidance for the quarter, but we also made great progress on our business transformation and cost-saving initiatives.

太好了。謝謝你，提姆。大家下午好，感謝各位參加今天的電話會議。我們2023年3月季度的財務表現達到或超過了所有財務指標預期範圍的中位數。本季我們創造了超過16億美元的自由現金流，創下公司歷史新高。總而言之，我們不僅實現了符合預期的季度財務業績，而且在業務轉型和成本節約方面也取得了顯著進展。

Let me now move to our revenue and profitability results. Revenue for the March quarter was $3.87 billion, down 27% from the prior quarter. Systems revenue was the main driver of the decrease given the decline in WFE investments, most notably in memory. As expected, with the improvement in supply chain constraints, we are exiting the March quarter, having completed shipments for nearly all of our outstanding back order systems. Back orders are now at what I would characterize as normalized levels.

現在讓我來談談我們的營收和獲利情況。 3月季度的營收為38.7億美元，較上一季下降27%。系統營收下降是導致營收下滑的主要原因，這主要是由於WFE投資減少，尤其是記憶體的投資減少。如預期，隨著供應鏈限制的改善，我們在3月份季度末已完成幾乎所有未出貨系統的交付。目前，未發貨系統已恢復到我認為的正常水平。

However, our deferred revenue balance is higher than historic levels, remaining flat with the prior quarter with a balance of $2 billion. This deferred revenue balance reflects the impact of increased customer cash and advanced deposits tied to orders from newer customers, which is offset by the decline related to the completed back orders. The advanced payments will remain in deferred revenue until we ship the related tools. And I would just mention that we do expect the majority of these deposits to convert the revenue during calendar year 2023.

然而，我們的遞延收入餘額高於歷史水平，與上一季持平，餘額為20億美元。這項遞延收入餘額反映了新客戶訂單帶來的客戶現金增加和預付款的影響，但被已完成的積壓訂單的減少所抵消。這些預付款將保留在遞延收入中，直到我們交付相關工具。另外，我們預計這些預付款中的大部分將在2023年轉化為收入。

Looking at the revenue segment details for the March quarter. The percentage of systems revenue in memory was 32%, which is a decline from the prior quarter level of 50%. I would mention this is the lowest level of memory concentration for us in a decade. Within memory, the NAND segment represented 23% of our systems revenue, down from the December quarter level of 39%. And DRAM decreased sequentially, coming in at only 9% of systems revenue compared with 11% in the December quarter. With the current weakness in memory investments, we anticipate a further decline in both NAND and DRAM revenue in the June quarter.

從三月季度的營收細分來看，記憶體業務佔系統總營收的32%，低於上一季的50%。值得一提的是，這是我們十年來記憶體業務佔比最低的水平。在記憶體業務中，NAND快閃記憶體業務佔系統總收入的23%，低於去年十二月季度的39%。 DRAM業務也較上季下降，僅佔系統總營收的9%，去年十二月季為11%。鑑於目前記憶體投資疲軟，我們預計六月季度NAND快閃記憶體和DRAM業務的營收將進一步下降。

In foundry, conversely, we had a record dollar level of revenue in the March quarter, representing 46% of our systems revenue, higher than the percentage contribution in the December quarter, which was 31%. We had positive momentum in both leading and mature node devices. And I'm pleased with the progress we've made in this segment of the market. We are seeing particular concentration in the mature node investments this year.

相反，在晶圓代工領域，我們3月季度的營收創下歷史新高，佔系統總營收的46%，高於12月季的31%。我們在領先節點和成熟節點裝置方面都保持了良好的發展勢頭。我對我們在該細分市場的進展感到滿意。今年，我們看到對成熟節點的投資特別集中。

The Logic/Other segment had continued strength with a contribution of 22% of systems revenue in the March quarter compared with 19% in the prior quarter. Investments were from a broad array of logic IDMs in multiple regions.

邏輯/其他業務板塊延續了強勁勢頭，在3月份季度貢獻了系統收入的22%，高於上一季的19%。投資主要來自多個地區的各類邏輯整合開發模組（IDM）。

Let me now shift and discuss the regional contribution of our total revenue. Korea and China were at the top of the list, with each coming in at 22% of the total. The Korea region had a slightly higher concentration in the March quarter, up from 20% in the December quarter. China was down from 24% in the prior quarter, and the reduction was largely attributed to the U.S. government sales restrictions for certain Chinese domestic customers which were put in place in early October of 2022. Notably, in the United States, we had a record revenue from a dollar perspective in the March quarter, which represented 16% of our total revenues, an increase from the prior quarter level of 10%. And finally, Taiwan decreased to a concentration of 18% as compared with 19% in the December quarter.

現在，我想轉而討論一下各地區對我們總收入的貢獻。韓國和中國位居榜首，各佔總收入的22%。韓國地區在3月季度的佔比略有上升，高於12月份季度的20%。中國地區的佔比則從上一季的24%有所下降，這主要是由於美國政府在2022年10月初對部分中國國內客戶實施了銷售限制。值得注意的是，以美元計價，我們在美國3月季度的營收創下歷史新高，佔總營收的16%，高於上一季的10%。最後，台灣地區的比例從12月季度的19%下降至18%。

Our Customer Support Business Group generated revenue in the March quarter, totaling approximately $1.6 billion, which was a decrease of 7% from the December quarter but 14% higher than the March quarter in calendar 2022. CSBG continues to be a resilient part of our business model, representing over 40% of our March quarter revenue.

我們的客戶支援業務集團在三月季度創造了約 16 億美元的收入，比去年十二月季度下降了 7%，但比 2022 年三月季度增長了 14%。 CSBG 仍然是我們業務模式中具有韌性的部分，占我們三月季度營收的 40% 以上。

We saw utilization levels decline at the memory customers, which negatively impacted both spares and service businesses, but Reliant Systems and upgrade revenues increased in the March quarter given the demand strength we're seeing in mature node devices.

我們看到記憶體客戶的使用率下降，這對備件和服務業務都產生了負面影響，但鑑於我們在成熟節點設備中看到的強勁需求，Reliant Systems 和升級收入在 3 月季度有所增長。

The specialty technology market is performing better than overall WFE, and I expect this part of the business to continue to perform well during calendar year 2023.

專業技術市場表現優於整體WFE市場，我預計該業務部分在2023年將持續表現良好。

Let me now pivot to our gross margin performance. The March quarter came in at 44%, right at the midpoint of our guided range and down from 45.1% in the December quarter. The quarter-on-quarter decrease was tied to lower business volumes as well as customer and product mix. The company is focused on improvements in cost and efficiency to enhance profitability, which is aligned with our plan to expand gross margin by at least 1 percentage point exiting calendar year 2023.

現在我想談談我們的毛利率表現。 3月季度的毛利率為44%，正好處於我們預期範圍的中點，低於12月份季度的45.1%。環比下降主要與業務量減少以及客戶和產品組合的變化有關。公司正致力於降低成本、提高效率以提升獲利能力，這與我們在2023年底毛利率至少提高1個百分點的目標相符。

Operating expenses were $608 million in the March quarter, down 11% from the prior quarter amount of $686 million. We executed on cost savings actions and have managed spending across the company while prioritizing investments in support of our customers' road maps. R&D expenses comprised nearly 70% of our operating expenses, which is a high point for the company.

3月季度的營運支出為6.08億美元，較上一季的6.86億美元下降11%。我們落實了成本節約措施，並有效控制了公司各部門的支出，同時優先投資於支援客戶發展路線圖的專案。研發支出佔營運支出的近70%，創下公司歷史新高。

The March quarter operating margin was 28.3% and above the midpoint of guidance, mainly because of the cost-saving actions and expense management that we undertook.

3 月季度的營業利潤率為 28.3%，高於預期中位數，這主要是因為我們採取了節省成本和費用管理措施。

Our non-GAAP tax rate for the quarter was 13.1%, in line with our expectations. Looking into calendar 2023, we believe the tax rate will be in the low to mid-teens, with fluctuations expected quarter-to-quarter.

本季我們的非GAAP稅率為13.1%，符合預期。展望2023年，我們預期稅率將在10%至15%之間波動，並可能出現季度性波動。

Other income and expense came in for the quarter at $8 million in expense, lower by approximately $30 million from the prior quarter. The decrease in expense reflects increased interest income due to the higher cash balances as well as rising interest rates. OI&E will continue to be subject to market-related fluctuations that will cause some level of volatility each quarter.

本季其他收入和支出為800萬美元，較上一季減少約3000萬美元。支出減少主要反映了現金餘額增加以及利率上升帶來的利息收入成長。其他收入和支出將繼續受到市場波動的影響，每季都會出現一定程度的波動。

On the capital return side of things in the March quarter, we allocated approximately $483 million to open market share repurchases. Additionally, we paid $234 million in dividends in the quarter. We continue to track towards our long-term capital return plans of returning 75% to 100% of our free cash flow.

在3月份的季度中，我們在資本回報方面投入了約4.83億美元用於公開市場股票回購。此外，我們在該季度支付了2.34億美元的股息。我們正繼續朝著長期資本回報計畫穩步邁進，該計畫的目標是將75%至100%的自由現金流用於資本回報。

March quarter diluted earnings per share was $6.99, at the higher end of our guided range. Diluted share count was down to 135 million shares, on track with our expectations and, obviously, lower a little bit than the December quarter.

3月份季度稀釋後每股收益為6.99美元，處於我們預期範圍的高端。稀釋後股份數量降至1.35億股，符合我們的預期，顯然略低於12月份季度。

For the balance sheet, cash and short-term investments, including restricted cash, at the end of the March quarter totaled $5.6 billion up from $4.8 billion at the end of the December 2022 quarter. The increase was largely due to collections, offset by cash allocated to share buyback, dividends and capital expenditures.

截至3月底，資產負債表顯示，現金及短期投資（包括受限現金）總額為56億美元，高於2022年12月底的48億美元。成長主要歸因於應收帳款的收回，但部分被分配用於股票回購、股利和資本支出的現金所抵銷。

Day sales outstanding were 77 days in the March quarter, an increase from 70 days in the December quarter. Inventory turns declined from the prior quarter to 1.9x, and we ended the March quarter with a slightly higher inventory dollar balance. We will continue to manage inventory balances during the calendar year.

3月季度應收帳款週轉天數為77天，高於12月份季度的70天。存貨週轉率較上一季下降至1.9倍，3月份季度末存貨餘額略為上升。我們將繼續在整個年度內管理存貨餘額。

Noncash expenses for the March quarter included approximately $74 million in equity compensation, $78 million in depreciation and $14 million for amortization.

3 月季度的非現金支出包括約 7,400 萬美元的股權激勵、7,800 萬美元的折舊和 1,400 萬美元的攤提。

Capital expenditures for the March quarter were $119 million, down from the December quarter level by approximately $44 million. March quarter investments were mainly for our Malaysia factory, the Korea Technology Center and other product development activities.

3月季度的資本支出為1.19億美元，較12月份季度減少約4,400萬美元。 3月季度的投資主要用於馬來西亞工廠、韓國技術中心和其他產品開發活動。

As we discussed in the January earnings call, we had a workforce reduction within the March quarter of approximately 1,400 people. Additionally, we reduced 700 temporary workers. We incurred a charge for the workforce actions in the March quarter of approximately $99 million, primarily reflecting severance-related payments. This charge was somewhat higher than our original estimate due to more impacted people with a somewhat higher seniority level.

正如我們在1月的財報電話會議上所討論的，我們在3月份的季度中裁減了約1400名員工。此外，我們還裁減了700名臨時工。我們在3月份的季度為這些裁員措施提列了約9,900萬美元的費用，主要反映了與遣散相關的支出。由於受影響的員工中，資歷較深的員工較多，因此該費用略高於我們最初的預期。

We also incurred other onetime charges in the quarter for product rationalization decisions as we prioritize technology investments within the company and for transformation costs related to projects to improve our systems and operations. We anticipate we'll incur onetime costs in the range of $250 million within calendar year 2023, which is inclusive of the $144 million that we expensed in the March quarter.

本季度，我們也因產品合理化決策以及與系統和營運改善專案相關的轉型成本，產生了其他一次性費用。我們預計，到2023年全年，我們將產生約2.5億美元的一次性費用，其中包括3月份季度計入的1.44億美元。

We ended the March quarter with approximately 18,700 regular full-time employees, which is a slight decrease in the prior quarter. Due to the timing of our quarter end and our restructuring actions, a significant amount of the head count reduction we undertook won't be reflected in the head count number until the June quarter.

截至三月底，我們約有18,700名全職正式員工，較上一季略有下降。由於季度末時間以及我們採取的重組措施，我們實施的裁員措施中很大一部分要到六月的季度才能反映在員工總數中。

Now let's turn to the non-GAAP guidance for the June 2023 quarter. We are expecting revenue of $3.1 billion, plus or minus $300 million. The sequential decline reflects a soft memory environment and the normalization of back order systems that occurred in the March quarter; gross margin of 44%, plus or minus 1 percentage point; operating margins of 25.5%, plus or minus 1 percentage point; and finally, earnings per share of $5, plus or minus $0.75 based on a share count of approximately 134 million shares.

現在我們來看看2023年6月季度的非GAAP業績指引。我們預計營收為31億美元，上下浮動3億美元。環比下降反映了疲軟的記憶體市場環境以及3月份季度積壓訂單系統的正常化；毛利率為44%，上下浮動1個百分點；營業利潤率為25.5%，上下浮動1個百分點；最後，基於約1.34億股的股數，每股收益為5美元，上下浮動0.75美元。

So then let me summarize. 2023 is proving to be a challenging environment for our memory shipments, but I'm pleased with the progress we're accomplishing against this challenging backdrop. We continue to make progress on growing our technology leadership and focusing on our operational efficiencies. We will emerge from this memory-led downturn a stronger, better positioned, more efficient company.

那麼，讓我總結一下。 2023年對我們的記憶體出貨量來說是一個充滿挑戰的年份，但我對我們在這種挑戰性環境下取得的進展感到滿意。我們將持續鞏固技術領先地位，並專注於提升營運效率。我們將從這場由記憶體業務引發的低迷中脫穎而出，成為一家更強大、更有優勢、更有效率的公司。

In closing, I'll just mention one more thing, that as we look at the profile of WFE spending this year, it now appears to be a little bit second half weighted.

最後，我只想再提一點，當我們審視今年 WFE 的支出情況時，現在看來，它的支出似乎更集中在下半年。

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

接線員，我們的發言到此結束。現在，我和提姆想開始接受提問。

(Operator Instructions) The first question will come from C.J. News with Evercore.

（操作員說明）第一個問題將來自 Evercore 的 C.J. 新聞​​。

I guess the first question would be on deferred revenues. Exiting last quarter, I think you talked about trying to get to $1.5 billion, and then we'd normalize there. Whereas on this call, you said you expected to revenue the majority of these deposits in calendar '23. So can you help us understand the moving parts there? And what kind of contribution in the June quarter guide will come from a deferred revenue line?

我想第一個問題是關於遞延收入的。上個季度末，您提到目標是達到15億美元，然後我們會將目標設定在這個水平。而這次電話會議上，您又說預計大部分存款收入將在2023年實現。您能否幫我們解釋一下其中的變數？遞延收入在6月季度業績指引中將佔多大比重？

Yes, C.J., I got a little bit wrong last quarter is what I would tell you. The cash and advanced deposits from some of our newer customers ended up being a little bit more than we expected. Offsetting that, to a certain extent, was the decline in back orders. So we got that part exactly right. But what I didn't give when I told you $1.5 billion would be the normalized level was this cash and advanced deposits. I think that is going to be around for a little while. And like I said, I think the majority of that will revenue during calendar year '23, clearly in the second half. I don't think a whole lot of it shows up in the June quarter, if any of it.

是的，C.J.，我得承認，上個季度我的預測有點偏差。一些新客戶的現金和預付款比我們預期的要多一些。積壓訂單的減少在一定程度上抵消了這一影響。所以，這部分我們預測得完全正確。但我之前說15億美元是正常水準時，並沒有提到這部分現金和預付款。我認為這種情況還會持續一段時間。就像我之前說的，我認為大部分會在2023年下半年反映在收入上。我覺得即使有，也不會在6月的季度體現出來。

Okay. Very helpful. And then I guess to follow up on your last comment around WFE being a little bit more second half weighted, that seems like a seismic shift. I guess, is that just the magnitude of the cuts that you've seen kind of in the first half? Or has anything else changed? And I guess, as you think about that, if you do have the benefit of deferred revenues in the second half and WFE higher, it certainly would suggest that second half total revenues should be nicely higher than the first half.

好的，很有幫助。關於您上次提到的WFE（勞動力支出）更集中在下半年，這似乎是一個很大的變化。我想，這只是因為您在上半年看到的削減幅度比較大嗎？還是還有其他因素改變了？我想，如果您確實受益於下半年的遞延收入，而WFE更高，那麼下半年的總收入肯定會比上半年高得多。

Yes. C.J., I mean I think the commentary on second half being a little bit higher, I think, has something to do also with the effect that we talked about incremental weakness. Clearly, our June quarter has been weaker than what we probably thought as we came into the year, and so some of that shows up in the back half. I think it is simply a case of customers continuing to make pretty aggressive adjustments, both in utilization of tools as well as overall spending. That's what we're seeing here in the first half. We also talked about the fact that with some clarification on the China restrictions, there would be additional shipments that occur through China in the second half that weren't originally anticipated. So that does help us with WFE in the second half as well.

是的，C.J.，我的意思是，我認為下半年業績略高，也與我們之前討論的業績疲軟有關。顯然，我們6月份的季度業績比年初預期要差，這在一定程度上影響了下半年的業績。我認為這只是因為客戶在工具使用和整體支出方面持續做出相當大的調整。我們在上半年也看到了這種情況。我們也討論過，隨著中國相關限制的逐步解除，下半年將會出現一些原本未預料到的、經由中國的額外出貨量。因此，這也有助於我們下半年的WFE（倉儲物流效率）成長。

And the next question will come from Timothy Arcuri with UBS.

下一個問題將來自瑞銀集團的提摩西·阿庫裡。

Tim, if I take your comments and I combine them with Applied and ASML's earlier today, obviously, there's this huge explosion in demand coming from China lagging-edge. How sustainable do you think this is? It sort of feels kind of like, given the restrictions, they're just taking what they can get, which is now they're pouring all their money into lagging-edge. So does that worry you that maybe that's not sustainable? Or is there something going on there where there's real demand backing that?

提姆，如果我把你的評論和今天早些時候應用材料公司和阿斯麥公司的說法結合起來，很明顯，來自中國的後發晶片需求出現了巨大的爆發式增長。你認為這種成長能持續多久？感覺就像，在各種限制下，他們只能見縫插針地獲取資源，現在他們把所有的錢都投入了後發晶片領域。你擔心這種成長可能無法持續嗎？或者說，這背後確實存在著真正的市場需求？

Well, I believe that there is real demand. I mean every region, I think, is trying to build up a regional capability to manufacture all types of semiconductors. And as you just said, I mean, in China, this is one area that they have the ability to create that capability and also they have the demand to consume it as well. And so I think from that standpoint, it's good demand for us and for others in the industry. But I think in a bigger sense, this regional, call it, self-sufficiency, regional resilience that's being built, I think, is going to have a long-term impact on spending in the industry.

我相信市場確實存在需求。我的意思是，我認為每個地區都在努力建立區域半導體製造能力。正如您剛才所說，中國在這方面既有能力建立這種能力，也有相應的消費需求。因此，我認為從這個角度來看，這對我們以及業內其他企業來說都是有利的。但從更宏觀的角度來看，我認為這種正在建構的區域性自給自足能力和區域韌性，將會對整個產業的支出產生長期影響。

And so we're not trying to sort of play the game of is it or is it not sustainable. We're talking to our customers. And in some cases, these are new projects that are coming up. We do our own assessment of whether or not they will be able to invest if they have the technology. And I think that with not only U.S. chipset but recent news on the European chipset, I think that this is something that is going to have a positive impact on spending to the industry across both leading-edge and these trailing-edge specialty technology segments for quite some time.

因此，我們並不試圖去討論它是否可持續。我們正在與客戶溝通。在某些情況下，這些都是即將啟動的新項目。我們會評估他們是否具備投資能力，以及是否擁有相關技術。我認為，不僅是美國晶片組，還有最近歐洲晶片組方面的消息，這將在相當長的一段時間內對整個行業的支出產生積極影響，無論是在前沿技術領域還是在後發專業技術領域。

And then I guess, Doug or Tim, can you just provide more color? You said that there's been some clarification of the export rules. Can you give an example of what can ship now that was assumed to not be able to ship in the past?

那麼，Doug 或 Tim，你們能不能再詳細說明一下？你們提到出口規則有所澄清。能否舉例說明一下，哪些以前被認為不能出口的東西現在可以出口了？

It's exactly the same as what was issued in the October 7 rules in terms of technology limits. We want to be very clear, Lam's staying compliant with the restrictions. And so at the time we had given the guidance for the year, we said $2 billion to $2.5 billion of impact. We knew we were looking for clarification on how to determine whether some shipments that were in there could be made. That's why there was a range. And so now with that clarification on how you determine what can and can't ship, we've added those tools back into our forecast for this year. But if you look at the rules that are there, it's exactly what was printed on October 7.

就技術限製而言，這與10月7日發布的規則完全相同。我們想明確指出，Lam始終遵守這些限制。因此，在我們發布年度業績指引時，我們曾表示影響金額在20億至25億美元之間。我們知道，我們需要進一步明確如何確定某些貨物的運輸是否可以進行。這就是為什麼我們給了一個範圍。現在，隨著如何確定哪些貨物可以運輸、哪些貨物不能運輸的明確說明，我們已將這些工具重新納入今年的預測中。但如果您查看現行規則，您會發現它與10月7日發布的規則完全一致。

Yes, Tim, just to put some numbers around it, it's a few hundred million dollars, I think, as we look at revenue for the year for Lam.

是的，提姆，為了更直觀地說明，我認為，根據我們對 Lam 公司今年收入的估算，應該是幾億美元。

And our next question will come from Krish Sankar with TD Cowen.

接下來，我們將向 TD Cowen 的 Krish Sankar 提問。

The first one is just a follow-up on the China question. Doug, just like tying, like putting all the comments together, with back half-loaded WFE, some of the relaxation of China constraints and strong demand from lagging in China, is it fair to assume June quarter is a trough quarter for you from a revenue standpoint and, heading in the back half, your gross margin should improve as you start shipping more China? And then I have a follow-up.

第一個問題只是對中國問題的後續。 Doug，就像我之前說的，把所有評論都匯總起來，考慮到下半年WFE訂單量增加、中國市場限制有所放鬆以及中國市場滯後導致的強勁需求，從營收角度來看，是否可以合理地假設6月份的季度是你們的低谷期？隨著下半年開始向中國發貨更多，你們的毛利率應該會有所改善。然後我還有一個後續問題。

Yes. I mean, Krish, what I said is it's a slightly second half-weighted WFE year. And by the way, I'd just clarify if there's any confusion about the deferred cash and advanced deposits that are sitting there, that's in the WFE number. So that's part of the second half weighting as well, just so everybody's clear about that. .

是的。我的意思是，克里什，我剛才說的是，今年的WFE數據下半年權重略高。順便說一下，如果大家對那些遞延現金和預付款有任何疑問，我想澄清一下，這些都包含在WFE數據裡了。所以，這些也計入了下半年的權重，這樣大家都能明白了。

And then, Krish, yes, when I look at what we're doing with the cost structure and how we're sort of pivoting where we do what we do, I've been talking, I think, this second quarter about a view that we should exit the year at least a percentage point gross margin higher than where we are. I still believe that is the trajectory that we're on.

克里什，是的，當我審視我們在成本結構方面所做的調整以及我們業務模式的轉變時，我認為，我在第二季度一直在強調，我們今年的毛利率應該比現在至少高出一個百分點。我仍然相信我們正朝著這個方向發展。

Got it. Super helpful. And then just a technology question for Tim. You had the slide on gate-all-around and you spoke about the opportunity in ALD and ALE. I'm kind of curious because ASM International is a leader in ALD, why would customers shift to someone else versus the incumbent just because of gate-all-around? Are there any gate-all-around specific technology issues that your ALD is addressing that the incumbent is not?

明白了，非常有用。還有一個技術問題想問Tim。你之前講過環繞式門控系統，也談到了ALD和ALE的機會。我有點好奇，因為ASM International是ALD領域的領導者，為什麼客戶會因為環繞式門控系統而放棄現有供應商而選擇其他公司？你們的ALD系統是否解決了現有供應商尚未解決的環繞式門控系統特有的技術問題？

Thanks. It's a good question because, I guess, the point is we have a very strong position in ALD across a number of different types of films. And what I tried to speak to is there are specifically new types of challenges to introduce. And in the end, customers select tools based on the film performance, the deposition capabilities, the tool productivity, reliability and manufacturing, lots of different factors. And I think these are areas that, just over the years, Lam has excelled, and I think we can excel in ALD as well.

謝謝。這是一個很好的問題，因為我想，關鍵在於我們在原子層沉積（ALD）領域擁有非常強大的實力，能夠製備多種不同類型的薄膜。而我之前想說的是，我們也面臨一些新的挑戰。最終，客戶會根據薄膜性能、沉積能力、設備生產效率、可靠性和製造流程等許多因素來選擇設備。我認為，多年來，Lam 在這些領域一直表現出色，我相信我們在原子層沉積領域也能取得同樣的成就。

And the next question will come from Joe Moore with Morgan Stanley.

下一個問題將來自摩根士丹利的喬·摩爾。

I think you mentioned you saw some impact from utilization on the CSBG business in the March quarter. Can you talk about what that looks like for the next couple of quarters? Are you seeing impact from lower memory utilization within those numbers? And then as a follow-up, can you give us some sense of as Reliant keeps getting presumably bigger, how much of what's in CSBG is actually kind of more on the Reliant tool side?

我記得您提到過，在三月的季度裡，CSBG業務的記憶體利用率受到了一定影響。您能否談談未來幾季的情況？您是否在這些數據中看到了記憶體使用率下降的影響？另外，隨著Reliant規模的不斷擴大，您能否簡要說明一下，CSBG業務中有多少實際上是Reliant工具方面的業務？

Yes. Let me take a crack at the utilization. I mean, obviously, you've heard a lot within the memory industry about utilization cuts and even some throughout the different segments of the market. That clearly hits our spares and services business as customers look to save money in the near term, the idle tools, they also burn off some of the inventory they might have built up over the last couple of years. And so that's clearly showing up in CSBG. Eventually, that runs its course, and our expectation is that, especially on the memory side, you'll start to see CSBG revenues improve likely long before you start to see us talk about much higher WFE. And that's because customers will start to bring those tools back online, and you'll see CSBG revenues increasing.

是的。讓我來談談利用率。我的意思是，顯然，您在記憶體行業內部，甚至在市場的各個細分領域，都聽到了很多關於利用率下降的消息。這顯然會影響我們的備件和服務業務，因為客戶希望在短期內節省成本，閒置的設備也會被消耗掉一些過去幾年累積的庫存。因此，這在CSBG（客戶支援業務）中得到了明顯的體現。最終，這種情況會過去，我們預計，尤其是在記憶體方面，CSBG的收入會在我們開始談論WFE（終端設備效率）大幅提高之前很久就開始改善。這是因為客戶會開始重新啟用這些設備，屆時您將會看到CSBG的收入成長。

You'll then also see customers start to do some of the technology upgrades that they've been kind of holding off on doing in the installed base that will also show up in our CSBG revenue. And then finally, we will ultimately see increases in WFE for capacity additions. And so I think that's where we'll see continuous improvement in CSBG. We're not going to put a time frame on it, but it is causing us to be a bit low now. And I think we'll get back to that point when we say CSBG is a business, we think, grows kind of year-on-year, just not this year with utilization cuts.

屆時，您還會看到客戶開始對已安裝的設備進行一些他們之前一直擱置的技術升級，這些升級也會反映在我們的CSBG收入中。最後，隨著產能的增加，WFE（設備前端效率）也會跟著成長。因此，我認為CSBG將持續改善。我們不會設定具體的時間表，但這確實導致我們目前的CSBG略顯低迷。我認為，CSBG業務終將恢復到先前的水平，我們認為它是一項逐年成長的業務，只是由於今年的產能利用率下降，成長速度會稍有放緩。

Great. And then in terms of the Reliant release qualitatively, how much of the business is from Reliant now?

太好了。那麼就 Reliant 的產品發表而言，從品質來看，目前 Reliant 的業務佔比是多少？

Yes, Joe, I'll chime in on that one. I think I started saying last quarter that the 2 biggest components of CSBG are now spares and Reliant, and that continues to be true in the most recently reported quarter. Reliant is doing extremely well with the more mature specialty node investments that we've been talking about, so that's benefiting. And the utilization stuff that Tim talked about is a little bit of a headwind for spares. But they're still the 2 largest components of CSBG.

是的，喬，我也想補充一點。我記得上個季度我就開始說，CSBG最大的兩個組成部分現在是備件和Reliant，而最新公佈的季度報告也證實了這一點。 Reliant在我們之前討論過的那些較成熟的專業節點投資方面表現非常出色，因此受益匪淺。蒂姆提到的利用率問題對備件來說確實有點不利。但它們仍然是CSBG最大的兩個組成部分。

And the next question will come from Harlan Sur with JPMorgan.

下一個問題將來自摩根大通的哈蘭·蘇爾。

Your North American business again drove strong growth, right? Part of it is your share gains. You've got the 1 big U.S. customer that wasn't contributing to WFE intensity for 6 years because they were stuck on 1 node. But now they're back on track, right, trying to drive 5 node migrations in 4 years, so strongly contributing to foundry and logic, WFE intensity. How much of the growth is share gains versus just this customer back driving WFE intensity?

你們的北美業務再次實現了強勁成長，對吧？部分原因是市場佔有率的提升。你們有一位美國大客戶，過去六年因為一直停留在單節點架構，所以對WFE密集度沒有貢獻。但現在他們重回正軌，正努力在四年內完成五節點架構的遷移，對晶圓代工和邏輯電路的WFE密集度做出了巨大貢獻。那麼，這其中有多少成長來自於市場佔有率的提升，又有多少僅僅是這位客戶重新推動了WFE密集度的提升呢？

Yes. Harlan, we're obviously seeing a combination of both, I mean the share gains, and it's not isolated to any 1 customer. What I dedicated a lot of my prepared remarks to was the progress we're making expanding our SAM and our product portfolio, primarily focused on foundry/logic. We recognize and we've said that this is an area that we've been under-indexed, which means that it's an area of significant growth opportunity for the company. And you see just a number of new products we've introduced, whether it be through the EUV inflection or it's the gate-all-around inflection. And so it's SAM expansion driving our growth and it's also share gains within that expanded SAM. And it's across all foundry/logic customers that have some element of both.

是的，哈蘭，我們顯然看到了兩者的結合，我的意思是市場份額的成長，而且這並非局限於任何單一客戶。在我準備的演講稿中，篇幅很大一部分都集中在我們拓展軟體資產管理（SAM）和產品組合方面取得的進展，主要集中在晶圓代工/邏輯晶片領域。我們意識到，也曾說過，這是我們之前投入不足的領域，這意味著它對公司而言是一個巨大的成長機會。您可以看到，我們推出了一系列新產品，無論是透過極光刻（EUV）技術的革新，還是透過全方位閘極技術的應用。因此，推動我們成長的是軟體資產管理（SAM）的擴張，以及在擴大的軟體資產管理（SAM）範圍內市場份額的成長。而且，所有晶圓代工/邏輯晶片客戶都從中受益，無論他們是否同時擁有這兩種優勢。

I appreciate that. And then, Tim, you also mentioned in your prepared remarks -- I'm sorry I missed some of that -- but you announced some new wins with your dry photoresist process module system solution. Can you just talk more about that? And when do you expect customer adoption curve to start to drive some meaningful revenues for the team here?

非常感謝。提姆，您在準備好的演講稿中也提到了——很抱歉我錯過了部分內容——您宣布了乾式光阻製程模組系統解決方案取得的一些新成果。能詳細談談嗎？您預期客戶何時會開始接受並為我們團隊帶來可觀的收入？

Yes. Well, yes, what I announced -- sorry, if you missed it -- last year, we had announced 1 memory customer who adopted some elements of the dry resist technology solution. In March, a second memory customer did as well. And then more recently, a large foundry/logic customer has chosen to adopt the resist deposition dry development as well as the underlayer processes. And so that's a really nice expansion across both memory, which is obviously DRAM using EUV memory and foundry/logic. And I think it sets us up well for continued momentum.

是的。沒錯，我去年宣布過——如果您錯過了，請見諒——我們宣布了一家記憶體客戶採用了部分乾法光阻技術解決方案。今年三月，第二家記憶體客戶也採用了這項技術。最近，一家大型晶圓代工/邏輯晶片客戶也選擇了採用乾式光阻沉積顯影以及底層製程。因此，這在記憶體（顯然是指使用EUV微影技術的DRAM）和晶圓代工/邏輯晶片領域都是一個非常好的擴充。我認為這為我們未來的發展奠定了良好的基礎。

Look, everybody knows that EUV adoption is growing. And as I commented, it's becoming more challenging as people look for better productivity, they look for better technology capability within the resist. And I think that these are trends that are setting up well for us. I mentioned we'll be revenue-ing some tools starting this year, so that's a very nice milestone for us. And then I just would point you back, we had sized this at approximately $1.5 billion in revenue over a 5-year time frame. And I think as adoption continues to grow, the size of this opportunity can continue to grow for Lam.

大家都知道，EUV光刻技術的應用正在不斷成長。正如我之前提到的，隨著人們追求更高的生產效率和更強的光阻技術能力，這項技術的應用也變得越來越具有挑戰性。我認為這些趨勢對我們非常有利。我之前提到過，我們將從今年開始實現部分工具的獲利，這對我們來說是一個非常重要的里程碑。我還要補充一點，我們之前預計這項技術在未來五年內將帶來約15億美元的收入。我認為，隨著EUV光刻技術的持續應用，Lam公司將迎來更大的發展機會。

And the next question comes from Vivek Arya with Bank of America Securities.

下一個問題來自美國銀行證券的維韋克·阿亞。

The first one on just the memory market. Is second half better or worse than the first half for you in terms of your memory shipments? I'm just trying to gauge whether June is also kind of a bottom for memory. Or is there more to fall on, on the memory side? And I think related to it, one of your customers have said that, for them, their WFE and memory could be down even in the next fiscal year. And I know it's a fiscal and not a calendar year view, but do you think that's an industry-wide view just in terms of how customers are thinking about '24 WFE on the memory side? So just kind of a near-term memory questions.

第一個問題是關於記憶體市場的。就你們的記憶體出貨量而言，下半年是比上半年好還是差？我只是想判斷一下，6月記憶體市場是否已經觸底反彈，還是說記憶體市場還有進一步下跌的空間？另外，你們的一位客戶表示，他們的WFE（前端設備）和記憶體業務甚至可能在下一個財年下滑。我知道這是財年而非日曆年，但您認為這是否代表了整個產業對2024年WFE記憶體業務的普遍看法？所以，我問的都是一些關於記憶體市場短期走勢的問題。

Yes. Vivek, I don't want to get into which segment is doing what in the first or second half. I mean memory is at a pretty low level right now. And we did say in the prepared remarks June is even lower than March, and March was at a 10-year low in terms of our shipment and revenue anyway into that space. Hard to see a whole lot lower than what we're seeing right now. I don't want to get into parsing the little bit of growth in the second half, where it comes from, but memory is at a pretty low point right now, I would say.

是的，Vivek，我不想深入探討上半年或下半年各個業務部門的具體表現。我的意思是，目前記憶體業務的水平相當低。我們在事先準備好的演講稿中也提到，6月份的銷售量甚至低於3月份，而3月份的出貨量和收入都創下了10年來的新低。很難想情況會比現在更糟。我不想分析下半年那一點點成長的來源，但記憶體業務目前確實處於非常低的水平。

And on the '24 WFE? Again, not trying to get a '24 view specifically, but I think one of your customers has been public about reducing memory WFE even in their fiscal '24. Do you think that's a customer-specific view? Or is that an industry-wide view that memory WFE could stay under pressure next year? Or is it too early to make that assertion?

關於 2024 年的 WFE（功耗前端成本）？我並不是想專門了解 2024 年的情況，但我記得你們的一位客戶公開表示，即使在 2024 財年，他們也計劃降低內存 WFE。您認為這只是該客戶的個別觀點嗎？還是說這是整個行業的普遍看法，即內存 WFE 明年可能仍將面臨壓力？還是現在下結論還為時過早？

Yes. I guess I could say that in 2022, you might recall we gave you the 2023 outlook about a quarter early. I think 3 quarters early might be a little early for '24. So I don't think we're going to give WFE for '24. But what I'd point to is that, as Doug just said, we signaled in the September quarter call, that '23 would be down in WFE. I think we were the first to do so. That's because we saw this decline in memory. Already, our revenue from December '22 to the June guide we just gave, down 40%. So we're well into this cycle.

是的。我想說的是，您可能還記得，我們​​在2022年提前一個季度發布了2023年的展望。我認為提前三個季度發布2024年的展望可能有點早。所以我認為我們不會發布2024年的WFE（全額現金流預期）。但我想指出的是，正如Doug剛才所說，我們在9月的季度電話會議上已經暗示，2023年的WFE將會下降。我認為我們是第一個做出這個預測的公司。這是因為我們看到了記憶體市場的下滑。從2022年12月到我們剛發布的6月份的業績指引，我們的收入已經下降了40%。所以我們已經深陷這個週期之中。

And just as I laid out, I think we're going to see, as we move through the remainder of this year and into next year, utilizations eventually come back, technology conversions start to occur and then, finally, WFE starts to tick back up. And the great thing about the cost cuts that Doug talked about is we've put ourselves in a position that we don't feel we have to be able to call the exact quarter when that's going to happen. But we think we're well into it and operating the company well at these levels and with some upside to come.

正如我之前所說，我認為隨著今年剩餘時間和明年的推進，產能利用率最終會恢復，技術轉型也會開始，最終，WFE（設備利用率）也會開始回升。道格提到的成本削減措施的好處在於，我們已經讓自己處於一種無需準確預測具體季度就能實現這一目標的境地。但我們認為我們已經取得了不錯的進展，公司在目前的營運水準下運作良好，未來還有很大的成長空間。

And just a quick follow-up, Doug, maybe one for you. On the OpEx side, is this sort of reflecting all the OpEx actions? Or do you think that in September or December, OpEx could decline further? I mean the last time you guys were at this OpEx level, you were able to report revenues that were significantly higher. So kind of just 2 parts, is this kind of the bottom in OpEx and then should we see a lot more leverage, right, as the end markets start to grow.

Doug，還有一個後續問題，或許可以問你。關於營運支出（OpEx），這是否反映了所有營運支出方面的措施？還是你認為9月或12月營運支出可能會進一步下降？我的意思是，你們上次營運支出處於這個水準時，營收卻要高得多。所以我的問題主要有兩個：一是營運支出是否已經觸底；二是隨著終端市場開始成長，我們是否會看到更大的槓桿效應？

Yes, Vivek, I think the majority of the cost actions we've taken, certainly, I talked about $99 million of head count-related severance, that's largely complete. So I think a lot of it is already kind of in the run rate. Certainly, if you look at where we're at in June, it's down again quite a good amount.

是的，維韋克，我認為我們採取的大部分成本控制措施，例如我之前提到的與裁員相關的9,900萬美元遣散費，已經基本完成。所以我覺得其中很多已經融入日常營運了。當然，如果你看看我們六月的狀況，你會發現成本又大幅下降了。

So Vivek, I'd also just add to that. I spent a lot of time talking about the work we're doing to broaden our product portfolio and expand really Lam's strength beyond memory into some of the fast-growing inflections that are occurring elsewhere. I think this quarter it was nearly 70% of our OpEx spend in R&D. And so we're absolutely committed to supporting technology road maps to grow this company. And so we're watching that.

維韋克，我還要補充一點。我花了很多時間討論我們正在進行的工作，旨在拓展產品組合，真正將 Lam 的優勢從記憶體擴展到其他一些快速成長的領域。我認為本季我們有近 70% 的營運支出都投入了研發中。因此，我們絕對致力於支援技術路線圖，以推動公司發展。我們正在密切關注這一進展。

Obviously, if we see further deterioration, I think you can count on us to manage this business prudently. But at this point, we want to also be prepared for when the market does come back, and we know it will come back, that we are prepared to support our customers with the engineering capabilities and the new products and all the technologies that they're going to want to buy at that time. So we're really working that balance. And that's what you see in our spending levels right now.

顯然，如果情況進一步惡化，我相信我們會謹慎經營。但目前，我們也希望做好準備，迎接市場復甦——我們知道市場終將復甦——屆時我們將能夠以工程能力、新產品以及客戶所需的所有技術為他們提供支援。因此，我們正在努力尋求平衡。而這正是您目前從我們的支出水準中看到的。

And moving on to Stacy Rasgon with Bernstein Research.

接下來是來自伯恩斯坦研究公司的史黛西·拉斯貢。

For the first one, I want to go back to these new customers that are in the deferred balance. I guess, are they all Chinese? And can you give us a view of which end markets that, that additional deferred revenue is in? Like, is it all foundry and not memory? Because I know you got one of the big Chinese memory prices on the entity list. I'm assuming you're not able to sell anything to them. So just a little bit of color on, is it all Chinese or not? And what are the end markets that are actually driving it?

首先，我想回到這些遞延餘額中的新客戶。我想問的是，他們都是中國客戶嗎？您能否介紹一下這些額外的遞延收入主要來自哪些終端市場？例如，這些收入是否全部來自晶圓代工，而不是記憶體業務？因為我知道你們的實體清單裡有一家中國大型記憶體供應商。我猜你們現在無法向他們銷售任何產品。所以，請您詳細說明一下，這些收入是否全部來自中國客戶？以及哪些終端市場才是真正推動這些營收成長的因素？

Yes, Stacy, the end markets are primarily foundry and logic, the mature node foundry and logic. And I will acknowledge it's got a decent Chinese footprint to it.

是的，Stacy，終端市場主要集中在晶圓代工和邏輯電路領域，尤其是成熟的晶片晶圓代工和邏輯電路。而且我承認，它在中國市場佔有相當大的份額。

Got it. Got it. And so I guess it's $500 million, right, because I mean the deferred is like $2 billion, and you said the $500 million reduction that you expected to be there before is actually there, and this was offsetting, so I guess about $500 million. Is this coming back in the back half and this China revenue shipping? I'm trying to gauge, are they the same things? Is the incremental China revenue that you've got, because you can ship more, because of the sanctions, is that the same as the incremental balances in the deferred? And as that kind of adds to the back half, are those things -- I just want to make sure I'm not double-counting anything.

明白了，明白了。所以我想應該是5億美元，對吧？因為延期付款大概有20億美元，你之前說過預計會有5億美元的減少，現在確實減少了，這部分抵消了之前的減少，所以我猜大概是5億美元。這部分收入會在下半年到帳嗎？還有來自中國的收入？我想確認一下，它們是一回事嗎？因為制裁，你們可以出貨更多，所以增加了來自中國的收入，這部分收入和延期付款的增量餘額一樣嗎？隨著這些收入計入下半年，這些——我只是想確保我沒有重複計算。

Yes, Stacy, there's a very large overlap is what I would say. And I said the majority of that cash and advanced payments will revenue in the second half. I didn't say all, I said the majority. And then the other thing I said a moment ago is the incremental clarification we got from China was a few hundred million dollars. So you've got to take all that stuff.

是的，史泰西，我的看法是，這其中有很大一部分重疊。我說過，大部分現金和預付款將在下半年轉化為收入。我說的是大部分，而不是全部。另外，我剛才也提到，我們從中國方面獲得的額外資訊是幾億美元。所以，你必須把所有這些因素都考慮進去。

Got it. Okay. That's super helpful. Maybe if I could squeeze in just one more really quick. I know you said memory is down again sequentially, but there can't be very much memory in there at all, right? I mean your foundry plus logic in this quarter was almost 1.6%. And so you can't be guiding equipment revenues much different than that. I mean are we just literally talking memory kind of scraping the bottom of the barrel in June quarter at this point? I mean I know we don't know how long it stays there, but presumably, it can't get much lower than it's going to be in June.

明白了。好的。這很有幫助。我還能再快速問一個問題嗎？我知道您說過記憶體業務季比又下降，但記憶體業務的佔比應該不高吧？我的意思是，您本季的晶圓代工加邏輯電路業務佔比接近1.6%。所以您對設備收入的預期應該不會有太大差異。我的意思是，我們現在是不是在討論記憶體業務在六月季度已經跌到谷底的情況？我知道我們不知道這種情況會持續多久，但想必六月的水平應該不會再低了。

Yes, Stacy, I told you in March it was at a decade-long low point for us, and it's down again in June. Frankly, my personal opinion, it's hard to see it down much more than we're describing in June, frankly. It's at a very low level.

是的，史泰西，我三月就跟你說過，我們的業績跌到了十年來的最低點，六月又跌了。坦白說，我個人認為，六月的水準已經非常低了，很難再跌得更厲害了。

Stacy, I was just going to add that the fact that, in many cases, we see customers even delaying technology upgrades in order to, one, not necessarily make the investment but also not add further bits into the market, that's a pretty rare case. I mean technology investments usually proceed because that's the path to lower cost and better capabilities. So I would agree with Doug's comment, it feels like we're getting about as low as -- and I made the comment, below maintenance levels, I think, here. So that's our view on memory.

Stacy，我正想補充一點，很多情況下，我們看到客戶甚至會推遲技術升級，原因有二：一是他們未必會進行投資，二是他們也不想在市場上增加新的產品。這種情況其實非常罕見。我的意思是，技術投資通常會進行，因為這是降低成本、提升效能的途徑。所以我同意Doug的觀點，感覺我們現在的記憶體使用率已經低到——我之前也說過——低於維護成本了。這就是我們對記憶體使用率的看法。

And the next question comes from Toshiya Hari with Goldman Sachs.

下一個問題來自高盛的 Toshiya Hari。

As a follow-up to the last question, I'm curious how you're thinking about normalized levels of spending across the memory industry. When we look at your business, I think you did close to $7 billion in memory systems revenue in calendar '22 and, given how things are going now, I don't know, maybe roughly $3 billion this year, maybe a little bit below that. Assuming, hypothetically, if you're customers are done shipping out of inventory exiting this year and DRAM bits are growing kind of in the mid-teens and NAND bits are growing kind of in the mid-20s, how significant, how big would your memory business be in that sort of state? Is it kind of the midpoint, between $7 billion and $3 billion? Or is it higher? How should we think about that?

作為上一個問題的補充，我很好奇您如何看待整個記憶體行業的正常支出水平。回顧貴公司的業務，我認為您在2022年實現了近70億美元的記憶體系統收入，而根據目前的形勢，我估計今年可能在30億美元左右，甚至可能略低於這個數字。假設您的客戶今年已經完成了庫存清倉，DRAM的銷量以15%左右的速度增長，NAND的銷量以20%左右的速度增長，那麼在這種情況下，您的存儲器業務規模會有多大？是介於70億美元和30億美元之間的中間值嗎？還是更高？我們該如何看待這個問題？

Yes. I'll give it a quick response, Toshiya. It's hard for me to envision it being lower than it is this year. I mean it's down 50% memory in total, right? Tim, I think, had that in his scripted remarks. That's down a lot. I can't ever remember it being down that much on a year-over-year basis. You might say, "Hey, last year might have been a little too high or somewhat too high." Probably true. I'm not going to get into a precise number, but it's certainly higher than it is this year, maybe not as high as it was last year, though.

是的，我簡單回答一下，Toshiya。我很難想像今年的記憶體使用量會比現在更低。我的意思是，記憶體總量下降了50%，對吧？ Tim好像在他的發言稿裡也提到了這一點。這降幅相當大。我印像中，記憶體使用量比去年同期下降這麼多是從來沒有過的。你可能會說，「嘿，去年的數據可能有點高，或者說有點高。」 這話或許沒錯。我不打算給一個具體的數字，但肯定比今年高，不過可能沒有去年那麼高。

I appreciate that. As my follow-up, Doug, just on gross margins, I appreciate the calendar year-end target of 45%. Curious how you're thinking about gross margins beyond that. A couple of years ago, you guys were doing 47%; in some quarters, close to 48%. You're introducing pretty differentiated product between EUV patterning and dry resist. And I know those are pretty small businesses still, but you're putting out these products. You've got Malaysia, which hopefully, with the recovery, continues to ramp. Is there a path to, call it, 47-ish percent in calendar '24? Or are there headwinds that we should be aware of?

我很感激。 Doug，關於毛利率，我還有一個後續問題。我很欣賞你們設定的45%的年終目標。我很想知道你們是如何考慮更高的毛利率的。幾年前，你們的毛利率是47%，有些季度甚至接近48%。你們在EUV微影和乾式光阻領域推出了差異化產品。我知道這些業務目前規模還比較小，但你們確實在積極推出這些產品。你們在馬來西亞也有業務，希望隨著經濟復甦，馬來西亞的業務能夠持續成長。你們能否在2024年達到47%左右的毛利率目標？或者說，是否存在一些我們應該注意的不利因素？

Yes, let me take a shot and Doug can clean up, as needed. The question about gross margin, we're not backing off on those financial models that we put out in the past. And as you pointed out, we were getting pretty close to operating there while Malaysia was still a headwind. And so obviously, it will require a combination of some increased volumes. We've done a tremendous work to transfer a lot of our volume into lower-cost regions, really get a much more efficient supply chain. The COVID period was a real setback as you, again, sourced and grew in every possible location.

好的，我先說幾句，Doug 可以根據需要補充。關於毛利率的問題，我們不會放棄之前公佈的那些財務模型。正如您所指出的，在馬來西亞市場仍面臨挑戰的時候，我們已經非常接近在那裡開展業務了。所以很顯然，這需要提高銷售量。我們已經做了大量工作，將大部分銷售轉移到成本更低的地區，從而建立了一個更有效率的供應鏈。新冠疫情期間，我們再次在所有可能的地區採購和擴張，這確實是一個很大的挫折。

But I think over the next period of time, and I hate to put a time frame on it, again, to give a '24 outlook, but if we exit this year with the incremental improvement of 100 basis points, as Doug talked about, or more and we have further volume and contribution coming through our new Asia facilities, I think that we'll drive right back towards those goals that we've set back in 2020, which was in kind of that 47.5%, 48% gross margin range.

但我認為在接下來的這段時間裡——我不想再設定一個具體的時間框架來展望2024年——但如果我們今年能像道格所說的那樣，實現100個基點的增量改善，甚至更多，並且我們新的亞洲工廠能夠帶來更多的產量和貢獻，我認為我們將朝著我們在2020年設定的目標穩步前進，也就是毛利率在47%之間設定的目標。

And the next question will come from Atif Malik with Citi.

下一個問題將來自花旗銀行的阿提夫·馬利克。

Similar to the last question on gross margins, Doug, can you help us understand, by the end of the year, what percentage of your manufacturing will be in Malaysia? And what are the steps you're taking in terms of asset optimization?

與上一個關於毛利率的問題類似，Doug，您能否幫我們了解一下，到今年年底，貴公司在馬來西亞的生產佔比將是多少？以及，貴公司在資產優化方面採取了哪些措施？

I'm not going to put a number on it, Atif. The growth, when it resumes, whenever that is, and we know it will resume, likely will pivot a little bit to that factory. We've said in the past, it will ultimately be the largest factory in the network. That is still absolutely the case. So that's part of what Tim just described, getting back to the financial model, is we'll just have a more efficient manufacturing footprint.

阿提夫，我不會給出具體數字。成長一旦恢復——無論何時——我們知道它一定會恢復，屆時成長重心可能會稍微轉移到那家工廠。我們之前說過，它最終會成為整個網路中最大的工廠。這一點現在依然不變。所以，這部分內容也和提姆剛才所描述的財務模型有關，那就是我們將擁有更有效率的生產佈局。

Got it. And then, Tim, generative AI is a topic these days. Are there products in your portfolio on high-bandwidth memory or packaging side that you're seeing outsized growth? Or is it roughly in line with your logic exposure?

明白了。還有，提姆，生成式人工智慧是最近的熱門話題。你們的產品組合中，在高頻寬記憶體或封裝方面，是否有成長特別顯著的產品？還是說成長幅度與你們的邏輯電路業務大致持平？

Well, I would say we haven't seen outsized growth, I think, that I could attribute directly to generative AI at this point. But clearly, Lam has been a strong player in advanced packaging. And we continue to make investments in that area to expand our product portfolio not only on a wafer basis but also different formats as well to make sure we're prepared for whatever the future might be in advanced packaging.

嗯，我認為目前我們還沒有看到可以直接歸因於生成式人工智慧的顯著成長。但顯然，Lam 一直是先進封裝領域的佼佼者。我們將繼續增加對該領域的投資，拓展產品組合，不僅包括晶圓級產品，還包括其他不同規格的產品，以確保我們能夠應對先進封裝領域未來的各種發展趨勢。

And we have a question from Blayne Curtis with Barclays.

我們現在收到來自巴克萊銀行的布萊恩柯蒂斯的提問。

I want to ask on leading-edge foundry. Clearly, you're seeing strength in the trailing-edge. You've heard reports about maybe TSMC cutting. Definitely, utilizations are quite low at the leading-edge, so maybe just comments on what you're seeing from your leading-edge foundry customers.

我想問一下關於前沿晶圓代工的問題。顯然，你們在後沿晶圓代工領域看到了強勁的成長動能。你們可能聽過台積電削減產能的通報。可以肯定的是，前沿晶圓代工領域的產能利用率相當低，所以能否請你們談談從前沿晶圓代工客戶那裡了解到的情況？

Yes, I don't think we're going to comment about any specific customers, but I did make the comment that we see incremental weakness, and I said primarily from memory. And then I said we saw incremental strength in mature nodes. So obviously, primarily from memory, it implies there's additional weakness elsewhere. So I think leading-edge foundry is a bit weaker. Obviously, our exposure and our insight into that market is a little bit less than it is in memory, but we are seeing some weakness there as well.

是的，我認為我們不會對任何特定客戶發表評論，但我確實提到我們看到了一些漸進式的疲軟，我主要指的是記憶體方面。然後我又說，我們在成熟節點方面看到了漸進式的增強。顯然，「主要指的是記憶體方面」意味著其他方面也存在疲軟。所以我認為前沿晶圓代工業務略顯疲軟。顯然，我們對這個市場的了解和洞察不如記憶體市場那麼深入，但我們也看到了一些疲軟的跡象。

Some of us saw it first time.

我們當中有些人是第一次看到它。

Got you. It's a perfect lead in. I guess I'm just trying to understand the second half comment. If memory players are kind of talking about second half spending being near 0, so I guess it could go lower. And I think a prior question said kind of down in '24, we'll see. But if foundry/logic is just starting the correction that memory just saw, I mean, I guess, could you still be up if it's just trailing-edge? I'm trying to understand those moving pieces.

明白了。這真是個完美的切入點。我只是想弄清楚你說的下半年的情況。如果記憶體玩家指的是下半年支出接近零，那我想它可能會更低。而且我記得之前有人問過2024年可能會下跌，我們拭目以待。但如果Foundry/Logic只是剛開始像記憶體那樣的調整，我的意思是，如果只是尾波階段，那你現在還能獲利嗎？我正在努力理解這些變化。

Well, obviously, this is where we get a little bit stuck around the challenge of trying to forecast WFE for the industry. Obviously, we don't have perfect insight into every element of WFE, including tool lead times and demand in different markets. So we try to give you our best view. But I think if you sort of translate this to what really matters to us in running the company, we've talked about the fact that we see, at some point, memory coming back in terms of utilization, starting to tick up at some point, but that's in the second half or '24, we'll see. Technology conversions in memory will be extremely good for Lam from the standpoint of how much we capture of every dollar of spending on technology conversions.

顯然，這就是我們在預測產業WFE（工件前端）時所遇到的挑戰所在。顯然，我們無法完全掌握WFE的每個要素，包括工具交付週期和不同市場的需求。因此，我們只能盡力提供最佳的預測。但我認為，如果將這些預測與我們公司營運的真正目標聯繫起來，我們之前也討論過，我們認為內存的利用率會在某個時候回升，開始緩慢增長，但這要等到2024年下半年，我們拭目以待。從技術轉換的角度來看，記憶體領域的技術轉換對Lam來說將非常有利，因為我們可以從每一美元的技術轉換支出中獲得收益。

We talked about strength in mature node logic/foundry where Doug talked about these advanced payments, and we also talked about some trailing-edge shipments to China that we can now make after clarification of the rules. So all those things kind of contribute to how we think about Lam in the second half. Then we try to translate that to an industry WFE. I don't think we can spend a lot of time trying to dissect all of that low to mid-$70 billion for you with great accuracy.

我們討論了成熟節點邏輯/代工方面的優勢，Doug 談到了這些預付款，我們也討論了一些在規則明確後可以向中國發貨的早期產品。所有這些因素都影響了我們對下半年 Lam 的展望。然後我們嘗試將其轉化為行業 WFE。我認為我們無法花費大量時間精確地為您分析這 700 億美元左右的規模。

And we have a question from Sidney Ho with Deutsche Bank.

我們現在收到來自德意志銀行的 Sidney Ho 的提問。

First question is, can you give us an update on your expectations of revenue performance for the CSBG group? I think you previously said it will be down somewhat, but there seems to be some moving parts here, with memory utilization lower but China revenue being less restricted. Some color would be great.

首先，能否請您更新一下對CSBG集團營收表現的預期？我記得您之前說過營收會略有下降，但現在看來情況似乎有些複雜，記憶體利用率雖然降低了，但中國市場的營收受到的限制相對較小。希望能得到更詳細的說明。

Yes, Sidney. I think what I said last quarter, and I'll reiterate the same thing, we expect CSBG will be down a little bit this year but, obviously, a lot more resilient than overall WFE. No new statement relative to that outlook.

是的，西德尼。我想我上個季度說過的話，我再重申一遍，我們預計今年CSBG會略有下降，但顯然比整體WFE堅挺得多。關於這項展望，我沒有新的聲明。

Okay. That's helpful. Maybe another question, just thinking about the recovery in memory spending, is the utilization level the first thing you guys monitor ahead of the CapEx recovery? And how much of a lag do you expect memory CapEx to recover once utilization starts to improve?

好的，這很有幫助。再問一個問題，關於記憶體支出復甦，你們在關注資本支出復甦之前，首先會關注記憶體利用率嗎？一旦記憶體利用率開始改善，你們預期記憶體資本支出會落後多久才能恢復？

Yes, maybe I'll come. And then Tim, feel free to add on. Normally, the way this works, Sidney, the first thing I'd say is I cannot remember utilization being as low as it is right now. Usually, the fabs keep running, right, and other stuff gets adjusted. But right now, utilization is obviously down. The first thing the industry would do to get output growing again will be to move that utilization back up. That will benefit our spares business and probably a little bit of the upgrades, maybe a little bit.

是的，也許我會來。提姆，你也補充一下。西德尼，通常情況下，事情是這樣的，首先我要說的是，我記不清上次產能利用率這麼低是什麼時候了。通常情況下，晶圓廠會繼續運轉，對吧，其他方面也會進行調整。但現在，產能利用率顯然下降了。產業要想讓產量再次成長，首先要做的就是提高產能利用率。這將有利於我們的備件業務，可能對升級改造也有一定幫助，也許只有一點點。

The next thing they will do is convert the installed base which, when that happens, the industry gets fairly cost-efficient output, and we get a disproportionate amount of that spending when it's in memory, obviously, because we tend to be the bottlenecked tools. We get that upgrade business first, and then WFE comes back. So you got to think of that progression showing up in that order. We will benefit first in CSBG before you'll see it in WFE.

接下來他們會做的就是升級現有系統。一旦完成升級，整個產業就能獲得相當高的成本效益。而我們（指廠商）在記憶體端會獲得不成比例的支出，這顯然是因為我們往往是瓶頸工具。我們會先獲得升級業務，然後WFE業務才會回歸。所以你要考慮到這個發展過程會照這個順序出現。我們會先從CSBG（客戶支援業務成長）中受益，然後才會從WFE中受益。

Yes. I think it's difficult to put a time frame between, I think, what you're asking, when it starts to when you start to see WFE investments. I think that depends on the shape of that recovery which, again, we are confident that we'll be probably the first and greatest beneficiary of recovery, and we'll see what the shape of the recovery looks like once we have better view in demand.

是的。我認為很難確定您所問的「何時開始出現WFE投資」的具體時間。我認為這取決於經濟復甦的形態，我們仍然相信我們很可能是復甦的首批也是最大的受益者，而一旦我們對需求有了更清晰的了解，就能更好地觀察復甦的形態。

We'll take the last question from Vijay Rakesh with Mizuho.

接下來，我們來回答瑞穗銀行的 Vijay Rakesh 提出的最後一個問題。

Just a quick question on the China side. I know you mentioned China revenues were 22%, but it looks like there are some U.S. restrictions. As you look out, do you expect that segment exposure to go down or stay flat, if you can give some color to the puts and takes as to how you're approaching that?

關於中國市場，我有個小問題。我知道您提到中國市場營收佔22%，但似乎美國市場有一些限制。展望未來，您預期該業務板塊的佔比會下降還是保持不變？能否詳細說明一下您的應對策略？

I think it's probably down a little bit in the June quarter from a percentage standpoint, although don't hold me to that. We don't always get that exactly right, but I think it's probably down a little bit in June.

我認為從百分比來看，六月的季度可能略有下降，不過這只是我的猜測，不能完全確定。我們有時無法準確預測，但我認為六月可能會略有下降。

Got it. And on the memory side, I know you mentioned spending is a 10-year low, probably comes in a little bit again in June. But in terms of where you see the bounce coming, do you think that's driven more by technology transition or capacity adds? How do you see that? Because I think broadly, memory OEMs are still hemorrhaging cash, I believe, but just wondering how you see that bounce.

明白了。關於內存方面，我知道您提到支出處於十年來的最低水平，可能會在六月略有回升。但就您認為反彈的驅動力而言，您認為更多的是技術轉型還是產能擴張？您是如何看待這個問題的？因為我認為，總體而言，內存OEM廠商仍在大量虧損，所以我想了解您對反彈的看法。

Yes. I think as we've described, clearly, technology conversions occur first since that's the most capital-efficient way for customers to not only add some additional bits but also to get better cost structure. So clearly, technology additions will come before capacity additions.

是的。正如我們之前所述，技術升級顯然會優先發生，因為這是客戶最經濟高效地增加設備功能並優化成本結構的方式。因此，技術升級顯然會先於產能提升。

So operator, I think that concludes our time here. We can wrap the call up.

接線員，我想我們今天的通話到此結束。我們可以結束通話了。

Thank you. That does conclude today's conference. We do thank you for your participation. Have an excellent day.

謝謝。今天的會議到此結束。感謝各位的參與。祝您有美好的一天。