科林研發 (LRCX) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the March quarter 2022 earnings conference call. At this time, I'd like to turn the conference over to Tina Correia. Please go ahead.

女士們、先生們，大家好，歡迎參加2022年3月季度財報電話會議。現在，我將會議交給蒂娜·科雷亞女士，請她發言。

Thank you, 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.

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

During today's call, we will share our overview on the business environment, and we'll review our financial results for the March 2022 quarter and our outlook for the June 2022 quarter. The press release detailing our financial results was distributed a little after 1:00 p.m. Pacific Time this afternoon. The release can also be found on the Investor Relations section of the company's website, along with the presentation slides that accompany today's call.

在今天的電話會議上，我們將分享我們對當前商業環境的概述，並回顧2022年3月季度的財務業績以及對2022年6月季度的展望。詳細介紹我們財務業績的新聞稿已於今天下午太平洋時間1點後不久發布。您也可以在公司網站的投資者關係頁面找到該新聞稿以及本次電話會議的簡報。

Today's presentation and Q&A include forward-looking statements that are subject to risks and uncertainties reflected in the risk factors disclosed in our SEC public filings. Please see accompanying slides in the presentation for additional information. Today's discussion of our financial results will be presented on a non-GAAP financial basis unless otherwise specified. A detailed reconciliation between GAAP and non-GAAP results can be found in the accompanying slides in the presentation. This call is scheduled to last until 3:00 p.m. Pacific Time. A replay of this call will be made available later this afternoon on our website.

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

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

那麼，我就把電話交給提姆了。

Thank you, Tina. Lam reported revenues of $4.06 billion and earnings per share of $7.40 in a severely supply-constrained environment. While we were able to deliver results within our guided ranges, I am disappointed that we're not performing better in a very strong demand environment for our equipment and services. Continued component shortages, along with new challenges that emerged, including COVID-related lockdowns, along with -- exacerbated an already stressed supply chain situation. As a result of the larger range of issues, our original expectation for the timing of output recovery proved to be optimistic.

謝謝蒂娜。在供應嚴重受限的環境下，Lam公司公佈的營收為40.6億美元，每股收益為7.40美元。雖然我們實現了預期目標範圍內的業績，但在設備和服務需求如此強勁的情況下，我們未能取得更好的業績，我對此感到失望。持續的零件短缺，以及包括新冠疫情相關的封鎖措施在內的新挑戰，加劇了本已緊張的供應鏈情勢。由於諸多問題的疊加，我們最初對產量恢復時間的預期過於樂觀。

In response, we have intensified the focus across Lam. We are committing the financial resources and workforce required to both meet our customers' priority tool needs in the short term as well as increase the long-term resiliency of our global supply network. Our recovery efforts span from embedding Lam experts at key suppliers to collaborate on shortages to increasing field resources to accelerate installation of tools once shipped. Customers are partnering with us to qualify additional component suppliers, and we have assigned more engineering resources to work on design and sourcing for alternative parts to improve supply chain flexibility. Despite the issues we still face, I am thankful for the tremendous efforts from Lam employees, our suppliers and our customers through this challenging period.

為此，我們已在Lam公司內部加強了應對力道。我們投入了必要的財力和人力，既滿足客戶短期內對工具的優先需求，也增強了全球供應鏈的長期韌性。我們的復原措施涵蓋了多個方面，包括派遣Lam專家進駐關鍵供應商，協助解決短缺問題；以及增加現場資源，加快工具出貨後的安裝速度。客戶正與我們合作，篩選更多零件供應商；我們也已調配更多工程資源，用於替代零件的設計和採購，以提高供應鏈的靈活性。儘管我們仍面臨諸多挑戰，但我衷心感謝Lam員工、供應商和客戶在這段充滿挑戰的時期所付出的巨大努力。

While the near-term pace of supply chain recovery is difficult to assess, we are confident that our actions will result in progressive improvement in our performance on a go-forward basis. Our deferred revenue balance exiting the March quarter was over $2 billion as we shipped systems to customers to accelerate tool installation but could not recognize this revenue within the quarter due to the lack of certain critical components. Doug will elaborate more on the deferred revenues in his prepared remarks.

儘管供應鏈復甦的短期速度難以評估，但我們相信，我們的各項措施將逐步改善我們未來的表現。截至三月季度末，我們的遞延收入餘額超過20億美元，因為我們已向客戶發貨以加快工具安裝，但由於缺少某些關鍵零件，無法在該季度確認這部分收入。 Doug 將在事先準備好的發言稿中詳細闡述遞延收入的相關情況。

On the demand side, the environment remains very strong. While continued supply-related delays could potentially limit how much wafer fabrication equipment investment can be executed in 2022, our current WFE view is still in the $100 billion range. We see unconstrained demand exceeding $100 billion in 2022, and any unmet demand should flow into next year. Our confidence is rooted in the fact that the powerful secular drivers of WFE spending are unchanged. Greater semiconductor content, rising device complexity, and larger die sizes all contribute to a healthy setup for sustainably strong WFE levels. An example of this can be seen in the smartphone segment, where unit growth may be flattening year-over-year due to inflationary-driven softness in consumer markets, but the average NAND and DRAM content is increasing around 20% year-over-year, driving demand for WFE. In servers, we see overall growth in both units and content, with server DRAM content per CPU growing in the 20% range from the prior year.

需求方面，市場環境依然強勁。儘管持續的供應延遲可能會限制2022年晶圓製造設備（WFE）的投資規模，但我們目前的預期仍維持在1,000億美元左右。我們預計2022年不受限制的需求將超過1,000億美元，任何未滿足的需求都將延續到明年。我們的信心源自於WFE支出強勁的長期驅動因素維持不變。半導體含量的提高、裝置複雜性的增加以及晶片尺寸的增大，都為WFE的可持續強勁成長奠定了良好的基礎。智慧型手機領域就是一個例證，儘管受通膨導致的消費市場疲軟影響，其出貨量年增速可能放緩，但NAND和DRAM的平均含量同比增長約20%，從而推動了對WFE的需求。在伺服器領域，我們預計出貨量和含量均實現整體成長，伺服器CPU的DRAM含量較前一年成長約20%。

On top of this, the drivers of Lam-specific growth are also unchanged. Etch and deposition are critical technologies required to transition semiconductor manufacturing to higher performance and more scalable 3D device architectures in memory, foundry/logic and advanced packaging. Lam's leadership position in key enabling technologies for 3D devices, evidenced by our installed base in leading-edge fabs worldwide, is a solid foundation for long-term outperformance. And with our continuing investment in an exceptional pipeline of new products and services, we are increasingly well positioned to win at the 3D inflections.

此外，Lam 的特定成長驅動因素也保持不變。蝕刻和沈積是半導體製造向更高性能、更具可擴展性的 3D 裝置架構轉型所必需的關鍵技術，這些裝置涵蓋記憶體、代工/邏輯裝置和先進封裝領域。 Lam 在 3D 裝置關鍵使能技術領域的領先地位，體現在我們遍布全球領先晶圓廠的龐大裝置上，這為我們長期保持卓越表現奠定了堅實的基礎。憑藉我們對一系列卓越的新產品和服務的持續投入，我們已做好充分準備，在 3D 裝置發展的關鍵轉折點上贏得先機。

On the technology front, we are winning new applications across etch and deposition and across all device segments. We are strengthening our overall market position by delivering differentiated solutions that enable higher aspect ratio structures, enhanced device performance and increased manufacturing productivity. Over the past 2 calendar years, Lam's total revenue growth has exceeded that of our large peers. This is in part due to our gains in the foundry/logic market, where we were historically under-indexed. And it is also a result of our success in expanding our CSBG installed base opportunities. Through innovations like Lam's Equipment Intelligence solutions, we are helping address our customers' capacity constraints by utilizing vast quantities of tool data to improve system performance and enable faster tool installations.

在技​​術方面，我們在蝕刻和沈積過程以及所有裝置領域都贏得了新的應用。我們透過提供差異化的解決方案來鞏固整體市場地位，這些解決方案能夠實現更高縱橫比的結構、更優異的裝置性能和更高的生產效率。過去兩年，Lam 的總收入成長超過了我們的大型同行。這部分歸功於我們在代工/邏輯市場取得的進展，而我們在該市場先前的份額一直被低估。此外，這也得益於我們成功拓展了 CSBG 的裝機量。透過 Lam 的設備智慧解決方案等創新，我們利用大量的工具資料來提升系統效能並加快工具安裝速度，進而幫助客戶解決產能瓶頸問題。

In the March quarter, we expanded on our selective etch wins at a large foundry/logic customer. At the same time, we have added new wins in our conductor etch business. In one example, we are set to double our conductor etch share at a key foundry/logic customer as they transition to their next node. At another leading foundry/logic customer, we have successfully replaced a competitor's tool at a critical step by helping the customer accelerate their move to the newer node. Key to our traction in these wins is our ability to enhance our product offerings with Equipment Intelligence solutions to deliver the best etch uniformity and improve yield, thereby addressing customers' cost and performance requirements as they execute their scaling road maps.

在三月的季度中，我們擴大了在一家大型晶圓代工/邏輯晶片客戶處的選擇性蝕刻業務。同時，我們在導體蝕刻業務方面也取得了新的突破。例如，隨著一家重要的晶圓代工/邏輯晶片客戶向下一代製程節點過渡，我們預計將在該客戶的導體蝕刻市場份額翻倍。在另一家領先的晶圓代工/邏輯晶片客戶處，我們成功地在關鍵步驟中替換了競爭對手的設備，幫助客戶加速向新製程節點的過渡。我們取得這些成功的關鍵在於，我們能夠利用設備智慧解決方案來增強我們的產品，從而提供最佳的蝕刻均勻性並提高良率，進而滿足客戶在執行其擴展路線圖時的成本和性能需求。

In deposition, we continue to see significant momentum for both our ALD metals and dielectric solutions for leading-edge foundry/logic nodes. In DRAM, where the highest performance devices are adopting more advanced CMOS technology like high-k metal gate transistors, we have leveraged our foundry/logic success to win new applications in the DRAM 1b nodes. As customers ramp capacity on these nodes, our etch share in this segment is set to expand. In deposition, our critical spacer applications enable lower capacitance, thinner films to support further device size and power scaling. In the March quarter, we secured 2 wins for critical spacers at a large DRAM customer for their leading node. In the NAND segment, we also won a highly contested decision at a key customer where we demonstrated a superior ALD solution for a critical transition to a next-generation low-resistance enabling film for their wordline applications.

在沉積領域，我們面向尖端代工/邏輯節點的ALD金屬和介電解決方案持續保持強勁成長動能。在DRAM領域，高效能元件正採用更先進的CMOS技術，例如高k金屬閘極電晶體，我們憑藉在代工/邏輯領域的成功經驗，贏得了DRAM 1b節點的新應用。隨著客戶在這些節點上提升產能，我們在該領域的蝕刻市場佔有率可望擴大。在沉積領域，我們的關鍵間隔層應用能夠實現更低的電容和更薄的薄膜，從而支援裝置尺寸和功耗的進一步降低。在3月份的季度中，我們為大型DRAM客戶的領先節點贏得了兩個關鍵間隔層訂單。在NAND領域，我們也贏得了重要客戶的激烈競爭，我們為其字線應用向下一代低電阻使能薄膜的關鍵過渡展示了卓越的ALD解決方案。

Shifting to our CSBG business, results were down modestly in the March quarter, predominantly due to the global supply constraints that impacted our Reliant and upgrades businesses. While CSBG is subject to quarterly fluctuations, we believe our expanding installed base over a longer period offers a stable platform for revenue growth. During the March quarter, we secured spares contracts at 2 of the world's largest IDMs with the cumulative contract amount exceeding $1 billion. We see calendar year 2022 to be another strong growth year for our CSBG business.

轉向我們的CSBG業務，3月季度業績略有下滑，主要原因是全球供應緊張影響了我們的Reliant和升級業務。儘管CSBG業務的業績會受到季度波動的影響，但我們相信，長期來看，不斷擴大的裝機量將為營收成長提供穩定的平台。在3月份季度，我們與兩家全球最大的IDM（整合設備製造商）簽訂了備件合同，合約總額超過10億美元。我們預計2022年將是CSBG業務的另一個強勁成長年。

So to wrap up, we believe we are making progress on the extraordinary industry supply challenges, but overcoming the breadth of issues that have emerged is taking longer than we initially expected. We are focused on meeting the critical needs of our customers and have committed both the financial resources and workforce required to recover as quickly as possible. With continued strength in the equipment demand environment and progressive improvement in our supply chain, we do expect Lam to post another solid year of revenue and EPS growth.

綜上所述，我們相信在應對產業供應面臨的巨大挑戰方面正在取得進展，但克服由此產生的許多問題所需時間比我們最初預期的要長。我們正專注於滿足客戶的關鍵需求，並已投入必要的財力和人力，以盡快恢復營運。鑑於設備需求環境持續強勁，以及供應鏈的逐步改善，我們預期Lam公司今年的營收和每股盈餘將再創新高。

With that, I'll turn it over to Doug.

接下來，我將把麥克風交給道格。

Excellent. Thank you, Tim. Good afternoon, everyone, and thank you for joining us on our call today during what I know is a busy earnings season. In the March 2022 quarter, we delivered results within the guidance ranges for all our financial metrics. However, we missed the midpoint for all numbers. As Tim discussed, we experienced broadening supply chain issues that negatively impacted our revenue as well as our profitability.

太好了。謝謝蒂姆。大家下午好，感謝各位在今天這個繁忙的財報季參加我們的電話會議。在2022年3月季度，我們所有財務指標的業績均在預期範圍內。但是，所有指標均未達到中位數。正如蒂姆所說，我們遇到了不斷擴大的供應鏈問題，這對我們的收入和獲利能力都產生了負面影響。

Delays in securing critical parts needed for shipments of our tools hindered our ability to meet our revenue objective and led to increased spending as we focused on initiatives to mitigate these constraints. Deferred revenue grew by over $600 million. The magnitude of the increase reflects the heightened degree of part shortages that we're experiencing, which impacts our ability to recognize revenue on tools that we've actually shipped. Our inventory balance also increased as we're procuring the parts that we can in building to meet the growing unmet demand that we see.

由於關鍵零件的供應延遲，我們無法按時交付工具，這影響了我們實現營收目標的能力，並導致支出增加，因為我們需要集中精力採取措施來緩解這些限制。遞延收入增加了超過 6 億美元。這項增幅反映了我們目前面臨的零件短缺問題日益嚴重，這影響了我們對已實際出貨工具確認收入的能力。同時，由於我們正在盡力採購零件以滿足不斷增長的未滿足需求，我們的庫存餘額也有所增加。

On the margin side, we have headwinds from adding resources to address the supply chain challenges as well as to be prepared for the higher volumes we see in the second half. Additionally, we have ongoing supply-related inflationary pressures. We were able to partially offset the gross margin headwinds through operating expense management during the quarter. As a result, March operating income and earnings per share came in closer to the midpoint of our guidance. We see ongoing cost and supply constraint challenges continuing to impact our guidance for the June quarter.

在利潤率方面，我們面臨著因增加資源以應對供應鏈挑戰以及為下半年預計更高的銷售做好準備而帶來的不利影響。此外，我們還面臨持續的與供應相關的通膨壓力。本季度，我們透過營運費用控制部分抵銷了毛利率方面的不利影響。因此，3月份的營業收入和每股盈餘更接近我們預期的中位數。我們預計持續的成本和供應限制挑戰將繼續影響我們對6月份季度的業績預期。

Let me now turn to the details of our revenue for the March quarter. Revenue came in at $4.06 billion, a decrease from the December quarter. The memory segment was sequentially stronger in the March quarter with concentration of 66% of systems revenues. This was up from the prior quarter level of 58%. The strength in memory during the quarter was led by the DRAM segment, where we had a record level of revenue for the company and a percent concentration at 27% of systems revenues. This compares with 23% that we saw in the December quarter. The DRAM investments were primarily for 1z and 1-alpha node additions as well as conversions. The NAND segment was 39% of our systems revenue, higher than the 35% in the prior quarter. Our NAND customers are investing in tools for 128-layer to 192-layer devices.

現在讓我來詳細介紹一下我們三月季度的營收。營收為40.6億美元，較去年12月季度下降。三月季度，記憶體業務較上季成長強勁，佔系統營收的66%，高於上一季的58%。本季記憶體業務的強勁成長主要得益於DRAM業務，該業務營收創下公司歷史新高，佔系統營收的27%，高於去年12月份季度的23%。 DRAM業務的投資主要用於1z和1-alpha節點的新增生產以及轉換。 NAND業務佔系統營收的39%，高於上一季的35%。我們的NAND客戶正在投資128層至192層裝置的生產設備。

In foundry, March quarter revenue comprised 21% of our systems revenue versus 31% that we saw in December. The decrease quarter-to-quarter is related to the timing of customer investments. There continues to be solid investments in this segment to address end demand drivers such as AI, IoT, cloud, high-performance computing and 5G. I would expect to see increases in this segment as we progress through the year related to both leading as well as mature node device investments.

在晶圓代工業務方面，3月季度的收入占我們系統總收入的21%，而12月份這一比例為31%。環比下降與客戶投資的時間安排有關。我們持續在該領域進行穩健的投資，以滿足人工智慧、物聯網、雲端運算、高效能運算和5G等終端需求驅動因素。我預計，隨著我們對前沿節點和成熟節點裝置的投資不斷增加，該業務板塊的收入將會成長。

We see continued progress in the logic and other segment, which contributed 13% of systems revenue in the March quarter and is a record in terms of revenue dollars. We're seeing good traction here, notably in etch, as we expect continued growth in this segment during calendar year 2022 as our customers invest to meet the demand requirements in the market for microprocessors, image sensors and advanced packaging solutions.

邏輯及其他業務部門持續取得進展，該板塊在3月份季度貢獻了系統總收入的13%，創下收入新高。該板塊發展勢頭良好，尤其是在蝕刻領域。我們預計，隨著客戶加大投資以滿足市場對微處理器、影像感測器和先進封裝解決方案的需求，該板塊在2022年將持續成長。

I'll now turn to the regional composition of our total revenue. The China region came in at 31% of total revenue. The split of the China revenues was fairly balanced between the domestic and multinational customers that have fab locations in China. There was also a strong concentration of investments by our customers in the Korea and Taiwan regions, which comprised 24% and 16% of our total revenues, respectively, in the March quarter.

接下來我將介紹我們總收入的區域組成。中國地區佔總收入的31%。中國地區的所得組成較為均衡，既包括在中國設有晶圓廠的國內客戶，也包括跨國客戶。此外，我們的客戶在韓國和台灣地區的投資也較為集中，分別佔3月季度總營收的24%和16%。

The Customer Support Business Group revenue was approximately $1.4 billion, which was down 5% from the prior quarter. CSBG was 8% higher than the March quarter of calendar 2021. Our Reliant and upgrade product line revenues were negatively impacted in the March quarter by the ongoing supply chain constraints. Nonetheless, there continues to be healthy demand in the specialty market across numerous customers as well as investments by our customers for upgrades across their installed fleet of tools. Our spares business remains strong, given the high utilization levels in the industry, and we're also seeing solid customer pull for services for the same reason. As we've noted in the past, CSBG can fluctuate on a quarterly basis, but our expectations continue to be that this business will grow annually.

客戶支援業務集團 (CSBG) 的營收約為 14 億美元，較上一季下降 5%。 CSBG 的營收較 2021 年 3 月季度成長 8%。受持續的供應鏈限制影響，我們的 Reliant 和升級產品線的營收在 3 月季度受到負面影響。儘管如此，眾多客戶對專業市場的需求依然強勁，同時客戶也對其已安裝工具的升級進行了投資。鑑於業界較高的設備利用率，我們的備件業務依然保持強勁，出於同樣的原因，我們也看到客戶對服務的需求依然強勁。正如我們之前提到的，CSBG 的收入可能會出現季度波動，但我們仍然預期該業務將實現年度成長。

Let me now shift to our gross margin performance. The March quarter came in at 44.7%. We are experiencing a multitude of cost pressures with increases in freight and logistics rates, raw materials costs driven by commodities such as nickel and aluminum as well as increased integrated circuit costs. Our June quarter guidance reflects our expectations for a sustained level of cost headwinds as we manage through and adapt to this inflationary environment.

現在讓我談談我們的毛利率表現。 3月季度的毛利率為44.7%。我們面臨多重成本壓力，包括貨運和物流費用上漲、鎳和鋁等大宗商品價格上漲導致原物料成本上升，以及積體電路成本增加。我們對6月份季度的業績預期反映了我們預計成本壓力將持續存在，我們將努力應對並適應當前的通膨環境。

Operating expenses for March were $621 million, down from the prior quarter level of $627 million. We managed our overall spending levels during the quarter while continuing our focus on supporting our emerging customers' technology road maps. We are also deploying incremental R&D resources towards qualifying new supply sources to help improve our supply chain challenges. Incentive compensation expenses that, as you know, are tied to the company's profitability were also lower in the quarter. The March quarter operating margin was 29.4%.

3月份的營運支出為6.21億美元，低於上一季的6.27億美元。本季我們有效控制了整體支出水平，同時繼續專注於支援新興客戶的技術路線圖。此外，我們也投入更多研發資源，致力於尋找新的供應商，以應對供應鏈挑戰。如您所知，與公司獲利能力掛鉤的激勵性薪資支出在本季也有所下降。 3月份的營運利潤率為29.4%。

Our non-GAAP tax rate for the quarter was approximately 10%. And as I've shared with you in the past, the tax rate will have some fluctuations from quarter to quarter. Looking into calendar year 2022, we expect the ongoing tax rate to be in the low teens level. And I just mentioned that we continue to monitor potential tax changes in the United States that are under discussion, but given the uncertainty there, we've not yet reflected the impact of any changes in our modeling.

本季我們的非GAAP稅率約為10%。正如我之前與大家分享的，稅率會隨季度波動。展望2022年，我們預期持續稅率將維持在10%左右。我剛才提到，我們會持續關注美國正在討論的潛在稅收政策變化，但鑑於其中的不確定性，我們尚未在模型中反映任何變化的影響。

Other income and expense came in for the quarter at approximately $44 million in expense. And I'll just remind you, in the December quarter, we had income for this line item due to a gain in one of our venture investments that had raised capital in a public offering. We also had favorable results from our venture investments since the time we set guidance that contributed positively in the March quarter by approximately $0.11 in earnings per share. OI&E is subject to market-related fluctuations that will cause some level of volatility in this P&L line item. We're forecasting a more negative OI&E impact in June's guidance based on what we currently see in the equity markets.

本季其他收入和支出約為4400萬美元。需要提醒的是，在去年12月的季度中，由於我們的一項風險投資透過公開募股籌集了資金，因此該項目產生了收入。此外，自從我們發布業績指引以來，我們的創投也取得了令人滿意的成果，在3月的季度中，每股盈餘貢獻了約0.11美元。其他收入和支出會受到市場波動的影響，因此此損益表項目會出現一定程度的波動。根據我們目前對股票市場的觀察，我們預期6月的業績指引中，其他收入和支出將受到更負面的影響。

We were active in our buybacks during the March quarter, allocating over $1.2 billion towards share repurchases. The cash was deployed in a combination of open market repurchases as well as an accelerated share repurchase program. The ASR will continue to execute during the June quarter. We paid $211 million in dividends during the March quarter as well. March quarter diluted earnings per share was $7.40. Diluted share count was 140 million shares, which was lower than the December quarter and less than our March quarter expectation due to the increased share repurchase activity.

我們在三月季度積極進行股票回購活動，投入超過12億美元用於股票回購。這些資金透過公開市場回購和加速股票回購計畫相結合的方式進行。加速股票回購計畫將在六月季度繼續執行。此外，我們在三月季度還支付了2.11億美元的股息。三月季度稀釋後每股收益為7.40美元。稀釋後股份總數為1.4億股，低於十二月份季度，也低於我們對三月季度的預期，主要是由於股票回購活動的增加。

Let me shift to the balance sheet. Cash and short-term investments, including restricted cash, ended at $4.6 billion, which was down from the prior quarter level of $5.6 billion. The decrease was primarily driven by the capital return activities that I just spoke about. Additionally, operating cash was at a somewhat lower level this quarter due in part to the investments we're making in inventory to help mitigate some of the supply challenges. Inventory turns were down from the prior quarter level, coming in at 2.6x. Also, due to the timing of customer shipments occurring later in the quarter, our days sales outstanding came in at 83 days, which was an increase from 73 days that we saw in the December quarter.

接下來我來看資產負債表。現金及短期投資（包括受限現金）餘額為46億美元，低於上一季的56億美元。下降的主要原因是我剛才提到的資本回報活動。此外，本季經營現金流略有減少，部分原因是我們為緩解供應挑戰而對庫存進行了投資。庫存週轉率較上一季下降，為2.6倍。另外，由於客戶出貨時間較上一季延後，我們的應收帳款週轉天數為83天，高於12月份的73天。

Noncash expenses for the March quarter included approximately $69 million in equity compensation, $64 million in depreciation and $20 million for amortization. Capital expenditures in the March quarter were approximately $145 million, which was fairly flat with the December level. Capital expenditures were mainly focused for growth activities such as our silicon spare parts facility in Ohio, the Malaysia factory expansion, and the new Korea Technology Center. We had approximately 16,900 regular full-time employees as of the end of the March quarter, which is an increase of approximately 600 people from the prior quarter. We had head count growth primarily in the factory and field organizations to address supply chain constraints while supporting customer deliveries and installations.

3月份季度的非現金支出包括約6,900萬美元的股權激勵費用、6,400萬美元的折舊費用和2,000萬美元的攤提費用。 3月份季度的資本支出約為1.45億美元，與12月份的水平基本持平。資本支出主要用於增長性活動，例如我們在俄亥俄州的矽片備件工廠、馬來西亞工廠的擴建以及新的韓國技術中心。截至3月季末，我們擁有約16,900名正式全職員工，比上一季增加了約600人。人員成長主要集中在工廠和現場部門，以應對供應鏈瓶頸，同時支援客戶的交付和安裝工作。

Let me now shift and look at our non-GAAP guidance for the June 2022 quarter. We're expecting revenue of $4.2 billion, plus or minus $300 million. While customer demand continues to be strong, we see ongoing supply chain constraints; gross margin of 44.5%, plus or minus 1 percentage point. Our guidance reflects expectations of an inflationary cost environment and the continuing need to very tactically manage the execution in the supply chain; operating margins of 29.5%, plus or minus 1 percentage point; and finally, earnings per share of $7.25, plus or minus $0.75, based on the share count of approximately 139 million shares.

現在讓我們來看看我們對2022年6月季度的非GAAP業績指引。我們預計營收為42億美元，上下浮動3億美元。儘管客戶需求依然強勁，但我們預期供應鏈仍存在一些限制因素；毛利率為44.5%，上下浮動1個百分點。我們的指引反映了對通膨成本環境的預期，以及持續需要對供應鏈執行進行精細化管理；營業利潤率為29.5%，上下浮動1個百分點；最後，基於約1.39億股的股數，我們預計每股收益為7.25美元，上下浮動0.75美元。

So then let me wrap things up. Our execution in the March quarter came in a little short of our expectations. While we work through incremental challenges with our supply chain that is continuing to limit our output, demand remains robust. Exiting the March quarter, we had our sixth consecutive quarter of growing backlog. Visibility to end demand is high. We have a solid foundation in our share position, with strong traction to date and new opportunities going forward in all market segments.

那麼，讓我總結一下。我們在三月季度的業績略低於預期。儘管供應鏈方面仍存在一些挑戰，持續限制我們的產量，但市場需求仍然強勁。截至三月季末，我們的積壓訂單已連續第六個季度成長。最終需求的可見度很高。我們在市場份額方面擁有穩固的基礎，迄今為止發展勢頭良好，並且在所有細分市場都擁有新的發展機會。

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

（操作員說明）我們首先來回答摩根大通的哈蘭‧蘇爾提出的問題。

We tend to think about the supply chain challenges as slowing the growth of new capacity or new technology migrations. But as the supply chain challenges have continued to broaden out, is it now to a point where it's starting to potentially impact your customers' installed manufacturing operations to your CSBG business, either capping shipments of spares, targets? I know CSBG was down about 5% sequentially in a period where your customers continued to run pretty much full out of manufacturing utilizations. And I know that you said CSBG was mostly impacted by Reliant and upgrades but -- so is it fair to assume that the services segment, that part of it which supports your customers' installed manufacturing operations, is not being impacted by supply chain challenges?

我們通常認為供應鏈挑戰會減緩新增產能或新技術遷移的成長。但隨著供應鏈挑戰不斷擴大，它是否已經開始對貴公司客戶的現有生產營運（包括CSBG業務）產生潛在影響，例如限制備件出貨量或目標達成？我知道在貴公司客戶幾乎滿載運轉的這段時間裡，CSBG業務較上季下降了約5%。我知道您曾表示CSBG業務主要受到Reliant專案和升級改造的影響，那麼，我們是否可以合理地假設，為客戶現有生產營運提供支援的服務部門並未受到供應鏈挑戰的影響？

Yes. Harlan, that's a -- it's a good question, and I guess I'd just remind everybody that the CSBG business is made up of 4 different product lines, as we just mentioned, spares, services, upgrades and then the Reliant, which is the more mature node systems. And each of those is kind of impacted differently. If you look at what is the top priority for customers and the top priority for Lam, it's to keep all of the installed base, which now numbers something over 75,000 systems running every single day inside of those fabs. And so we're not going to compromise nor will our customers on spare parts, for instance. And so as we think about priorities here, you put the -- you ensure the spares and installed base runs.

是的，哈蘭，這是一個很好的問題。我想提醒大家，正如我們剛才提到的，CSBG業務由四條不同的產品線組成：備件、服務、升級以及更成熟的節點系統Reliant。每條產品線受到的影響都不盡相同。對於客戶和Lam來說，最重要的是確保所有已安裝的系統都能正常運行，目前晶圓廠內每天運行的系統數量超過75,000套。因此，我們不會在備件方面做出妥協，我們的客戶也不會。所以，當我們考慮優先事項時，首先要確保備件和已安裝的系統都能正常運作。

Services, I talked a little bit about Equipment Intelligence. We're looking for ways where you can work around some of the constraints. I mean equipment Intelligence, using data to determine when do I really have to replace parts? How do I -- how frequently do I really have to do preventative maintenance to keep the performance of the tool where I need it to be? And so I would say services actually, there's probably a little bit of an uptick in demand for us to do more services on the tool. But what does get impacted, Reliant Systems, those are tools. They are affected by the same constraints as our leading-edge systems. They need all of those components. They have communications. They need chips. They need other things. So those are impacted just the same way as leading edge.

關於服務，我剛才簡單提到了設備智能。我們正在尋找一些方法來克服一些限制。我的意思是設備智能，就是利用數據來確定何時真正需要更換零件？如何確定預防性維護的頻率，才能確保工具的性能始終達到我的要求？因此，我認為服務方面，我們可能需要為工具提供更多服務，這方面的需求可能會略有上升。但哪些方面會受到影響呢？ Reliant Systems 的產品也是工具。它們和我們的尖端系統一樣，都受到相同的限制。它們需要所有這些組件，需要通訊功能，需要晶片，還需要其他東西。所以，它們受到的影響與尖端系統完全相同。

And then upgrades, similarly, most of the upgrades we're doing are actually components that would also go into new systems. So we work with customers to see which is the right priority call. Is it to put the new system on the floor? Or is it to upgrade? And in this particular quarter, you can see that we're talking about some impact to the upgrades business. So hopefully, that helps explain how kind of those different segments get affected. But as I said, over the longer period, the installed base will continue to grow. It grows every single quarter, and we expect the CSBG business to expand in line with that.

同樣，升級方面，我們所做的大部分升級實際上都是將現有組件整合到新系統中。因此，我們會與客戶合作，確定哪個方案才是最適合的。是部署新系統？還是進行升級？在本季度，您可以看到升級業務受到了一定的影響。希望這能幫助您理解不同業務板塊的影響。但正如我所說，從長遠來看，裝機量將持續成長。它每季都在成長，我們預計CSBG業務也將隨之擴張。

And Harlan, maybe the only other thing I would add is spares, I think, is in a better situation because our customers hold some inventory. We hold inventory. There's always been a historic level of inventory. And so I think that's part of the reason why we don't believe we're impacting the installed base. Everybody's got a little bit of inventory sitting there.

哈蘭，我可能唯一要補充的是，備件方面的情況比較好，因為我們的客戶持有一定數量的庫存。我們自己也持有庫存。庫存水準一直都保持在歷史高點。所以我認為，這正是我們不認​​為會對現有用戶群造成影響的原因之一。每個人都有一些庫存。

Great. That's very helpful. And Doug, I know the situation is still pretty fluid, but given yours and your suppliers' purchase commitments on components, you're boosting support and logistical resources and then you've got the ramp of Malaysia, which I'm assuming has continued to go as planned, and then you also have your forecasted shipments for the second half, you put all of that together, like how should we think about gross margins through the second half of this year?

太好了，這很有幫助。道格，我知道情況仍然瞬息萬變，但考慮到你和你的供應商對零部件的採購承諾，你們正在增加支持和物流資源，而且馬來西亞的產能提升計劃也按計劃進行，再加上你們對下半年出貨量的預測，把所有這些因素綜合起來，我們應該如何看待今年下半年的毛利率呢？

Yes. Harlan, as I sit here today, I do believe that gross margin will improve as we progress through the year. I'll remind you that I said that same thing last quarter and then we ticked down a little bit and missed our number a little bit in March, so I'll acknowledge we don't always get it right. But as we sit here today, I expect it will improve as we progress through the year and as we improve the supply chain output capability, Harlan.

是的，哈蘭，就我目前的情況來看，我相信隨著今年的推進，毛利率會有所提高。我提醒你，上個季度我也說過同樣的話，但之後我們的毛利率略有下降，三月的業績也略低於預期，所以我承認我們並非總是能準確預測。但就目前而言，我預計隨著今年的進展以及供應鏈產能的提升，毛利率將會提高，哈蘭。

We'll take our next question from John Pitzer with Credit Suisse.

接下來，我們將回答來自瑞士信貸的約翰·皮策提出的問題。

My first one, Doug, is just implied in your June quarter guide, do you expect deferred revenue to go up, flat or down? And then I guess as you think about maintaining the $100 billion WFE for the full calendar year, does that sort of imply that the $1 billion buildup you've seen in deferred revenue in December and March comes down by $1 billion in the back half of the year? Just help me understand how that dynamic works.

我的第一個問題，Doug，其實在你六月的季度業績指引裡已經有所暗示了，你預計遞延收入會上升、持平還是下降？另外，考慮到你打算全年維持1000億美元的預期營業收入目標，這是否意味著你在12月和3月看到的10億美元遞延收入增長會在下半年減少10億美元？請幫我理解這其中的邏輯。

Yes. John, I mean if I was guessing right now, I think deferred probably grows a little bit again in June and then I hope begin to work our way through some of it as the supply chain gets caught up. I mean there's $2 billion sitting there at the end of the quarter that we just need to ship parts to things we've already shipped. The base tool, too, in revenue will benefit from that.

是的。約翰，我的意思是，如果讓我現在猜測的話，我認為六月的延期付款可能會略有增長，然後我希望隨著供應鏈的恢復，我們能開始逐步消化一部分。我的意思是，到本季末，我們還有20億美元的資金需要用於向已經出貨的產品交付零件。基礎工具的收入也會因此受益。

That's helpful. And then my follow-up for Tim. Tim, I'm struck a little bit by, in the PowerPoint, you talked about maintaining the $100 billion for this year but you talked about unconstrained WFE being above that. I guess what's the risk that oftentimes constraints create its own demand and customers, because they can't get what they want, they're just placing significantly larger orders into your backlog than they would be otherwise? And I guess is there a significant financial consequence if a customer comes back and reschedules delivery and timing later on?

這很有幫助。接下來我想問蒂姆一個問題。提姆，我在PPT裡看到，你提到今年要維持1000億美元的目標，但你又說不受限制的WFE（工廠前端設備）會超過這個數字。我想問的是，很多時候，限制反而會創造新的需求，客戶因為無法獲得想要的產品，就會把比正常情況下多得多的訂單放到你的積壓訂單裡，這會帶來什麼風險？如果客戶之後更改交貨時間和日期，會不會造成嚴重的財務損失？

Yes. It's a good question. And I think first of all, I mean we usually get a question around whether that order is placed with multiple suppliers, which is not very common in the equipment space. So to your point perhaps instead is the demand being overstated to try to drive a sense of urgency. I think that's kind of what you were pointing out. We have very close and frequent discussions with customers. And I think what we're pointing out is that even if there is a little bit of that, which I don't actually believe there is, but if there were, unconstrained demand is well over what can be supplied this year. And therefore, we felt comfortable saying that we're driving for that execution to the $100 billion WFE level.

是的，這是一個很好的問題。首先，我們通常會被問到訂單是否同時向多家供應商下達，這在設備領域並不常見。所以，正如您所說，或許是需求被誇大了，目的是為了營造一種緊迫感。我想這正是您所指出的。我們與客戶保持著非常密切且頻繁的溝通。我認為我們想強調的是，即使存在一些這樣的情況（我並不認為真的存在），但即便存在，不受限制的需求也遠遠超過了今年的供應能力。因此，我們有信心宣布，我們將努力實現1000億美元的WFE（全套設備設備）目標。

From a financial implications perspective, either to Lam or the customers, it depends on how close you are when the rescheduling occurs. If we're talking about tools that are -- and a forecast that's now through the remainder of this year and some of these forecasts are now pushing into second half of 2023, there's really no financial implication to Lam other than we're driving to ensure that our capacity and our supply chain would have capability to ramp up to those levels. And so that's -- it probably depends on very much the timing of the change, and that would affect kind of the implications.

從財務角度來看，無論是對Lam公司還是對客戶而言，都取決於重新安排生產計畫的時間點。如果我們討論的是那些——目前預測到今年剩餘時間，甚至有些預測已經延續到2023年下半年的工具——那麼除了我們正在努力確保產能和供應鏈能夠提升到相應水平之外，對Lam公司來說實際上並沒有什麼財務影響。因此，這可能很大程度上取決於變更的時間點，而這將影響最終的影響。

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

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

I'm trying to get an idea of what the second half calendar year ramp might look like. If you assume your share just holds steady with WFE at $95 billion to $100 billion, it's implying a tool ramp of like 25% to 40% half-on-half. And so I guess what are you capable of doing given the resources you have? And should we be thinking about a pickup in Q3 and then a larger one in Q4? And how should we think about the progression of gross margins as the recovery unfolds?

我正在嘗試了解下半年業務成長的大致情況。假設您的市佔率與WFE持平，維持在950億美元至1,000億美元之間，這表示產能成長幅度約為25%至40%之間（上下半年各佔一半）。那麼，鑑於您現有的資源，您能做到什麼程度？我們是否應該預期第三季業務會有所成長，第四季成長幅度更大？隨著經濟復甦的推進，我們又該如何看待毛利率的走勢？

Well, I'll take the ramp question. I mean clearly, we, as I mentioned, kind of feel like we're underperforming in the first half of this year to the capacity of Lam's facilities. We invested in expanding every factory we have around the world in 2021, and we talked about the fact that we can ramp those factories further. We're constrained by supply. We are qualifying additional suppliers. We're working and investing with our suppliers to ramp up their own capacity.

好的，我來回答產能提升的問題。我的意思是，正如我之前提到的，我們感覺今年上半年的產能沒有達到Lam公司現有工廠的產能水準。我們在2021年投資擴建了全球所有工廠，我們討論過這些工廠還有進一步提升產能的空間。我們現在面臨的是供應瓶頸。我們正在篩選新的供應商，並與現有供應商合作，投資幫助他們提升產能。

And maybe we need to distinguish a little bit too, and I'll let Doug confirm, but it's -- as we look at the deferred revenue piece versus the work that's actually being done. As Doug mentioned, we're actually shipping at a much higher rate than we're recognizing revenue in the first half of this year. So as we look to execute that $100 billion WFE for the entire year, the second half doesn't have to ramp up quite as much from a Lam factory perspective. We need to keep shipping, show progressive improvement in output and also clear the critical components that are needed to recognize revenue for that deferred balance.

或許我們還需要稍作區分，我請Doug確認一下，但關鍵在於──當我們檢視遞延收入和實際完成的工作。正如Doug所提到的，今年上半年我們的實際出貨速度遠高於收入確認速度。因此，在實現全年1000億美元的WFE目標時，從Lam工廠的角度來看，下半年的產能提升幅度無需那麼大。我們需要維持出貨量，逐步提高產量，並完成確認遞延收入所需的關鍵零件的交付。

Yes, exactly right. Nothing to add on that. And C.J., on the gross margin thing, I tried to answer it when Harlan asked. As I sit here today, I think it gets better in the second half. As we increase our output capability, our supply chain increases its output capability. We work to mitigate some of these constraints and absorb somewhat more of the fixed cost. I think it gets better. And then I'll remind you that I told you the same thing last quarter and I was a little bit wrong in March, but that's what I see right now, C.J.

是的，完全正確。沒什麼要補充的了。 C.J.，關於毛利率的問題，哈蘭問的時候我試著回答。就我目前的情況來看，我認為下半年會好轉。隨著我們產能的提升，我們的供應鏈產能也會提升。我們會努力緩解一些限制因素，並承擔更多的固定成本。我認為情況會好轉。還有，我得提醒你，上個季度我也說過同樣的話，三月的時候我有點判斷失誤，但這就是我現在的看法，C.J.。

Great. And I guess as my follow-up question, for CSBG, you talked about expectations for another strong growth year. Can we infer from that, that you expect a minimum of double-digit growth?

好的。我想接著問一個問題，關於CSBG，您提到預計今年將再次實現強勁成長。我們是否可以由此推斷，您預計至少會實現兩位數的成長？

Yes. I'm not going to quantify it for you. All the same dynamics are in place, right? Chamber counts grew nicely last year. It's going to grow nicely again this year given the strength in WFE. Utilization in the industry is very high. Investment across all aspects of that business are doing well. We're just a little bit behind on the supply chain stuff.

是的。我不會具體量化。所有因素都保持不變，對吧？去年商會會員人數成長良好。鑑於WFE的強勁勢頭，今年預計還會繼續保持良好成長。該行業的利用率非常高。各環節的投資都進展順利。我們只是在供應鏈方面稍微落後了一些。

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

接下來，我們將回答瑞銀集團的提摩西‧阿庫裡提出的問題。

Doug, I had 2. The first is a follow-up from this prior question. So if I just flow through the excess deferred revenue, which you have about $1.5 billion worth of just excess deferred revenue because you're always going to have some deferred. So if you assume that you get that all during the back half of the year, which maybe you don't but you should get most of it, I would think, then that would assume that systems revenue would grow at least 30% in like the back half of the year, half-on-half. So I know that you don't want to provide guidance for the year, but I'm just wondering if you can maybe hold our hand a little bit on sort of what the back half of the year revenue would be. Is it reasonable to say that, yes, systems revenue will grow at least 30%, something like that?

道格，我有兩個問題。第一個問題是之前那個問題的後續。假設我把超額遞延收入（你們大約有15億美元的超額遞延收入，因為總會有一些遞延收入）都算進去，假設這筆錢全部在下半年到賬（也許不會，但我認為大部分應該到賬），那麼系統收入在下半年至少會增長30%（環比增長）。我知道您不想給出全年的業績指引，但我只是想問您能否稍微透露一下下半年的收入狀況。系統營收至少成長30%左右是否合理？

Yes. Tim, you know I'm not going to give you a number. We always do this dance with the numbers, but how you're thinking about it is consistent with what I see, yes, that deferred revenue is up above that amount that you described. There is a run rate of it that's always there, probably in the range that you're suggesting. We need to get the supply chain caught up with it, right? We need to work our way through making it better, get caught up with the stuff that's sitting there, improve what we're shipping so that there's less of it, and that's very much what we're investing dollars and resources to do.

是的，提姆，你知道我不會給你一個具體的數字。我們總是繞著數字打轉，但你的想法和我觀察到的情況一致，沒錯，遞延收入確實高於你之前提到的金額。它一直存在，而且一直保持著一定的運行速度，可能就在你所說的範圍內。我們需要讓供應鏈跟上進度，對吧？我們需要逐步改進，處理積壓的貨物，提高出貨質量，減少積壓，而這正是我們投入資金和資源的主要目的。

And then I guess, Doug, just a question on gross margin. That's the lowest since 2015, and it's on triple the revenue versus then. And I'm wondering if maybe you can do 2 things: one, break down the headwinds. I know there's a lot of different things going on, but if you could break down the headwinds. And then also, I guess the question is, is it possible for you to pass some of these costs because you're going to have to now invest in your supply chain and whatnot? Can you pass some of this on to your customers? Or are you just going to have to eat that?

道格，我想問一個關於毛利率的問題。這是自2015年以來的最低水平，而營收卻是當時的3倍。我想問您能否做兩件事：第一，分析一下不利因素。我知道有很多不同的因素在起作用，但如果您能具體分析一下這些不利因素就太好了。第二，我想問的是，您是否有可能將部分成本轉嫁給客戶？因為您現在需要投資供應鏈等等。能否將部分成本轉嫁給客戶？還是您只能自己承擔？

Yes. Tim, your observation's right. The way I think about this is our long-term profitability objectives from a margin standpoint are unchanged to what we had in that model 2-plus years ago at this point, right? So don't change your thinking on that. Some of these upticks in inflation are permanent. And for that, we must get paid, right? We must get paid for the value we're creating and what it takes to create that value. We've done some of that, and we need to continue working at that. Some of these cost increases are transitory in nature. And for that, we've got to work our way through beating the cost back a little bit.

是的，提姆，你的觀察是對的。我的想法是，從利潤率的角度來看，我們的長期獲利目標與兩年多前我們在該模型中設定的目標相比，目前沒有改變，對吧？所以，你的想法不要改變。部分通膨上升是永久性的。因此，我們必須獲得相應的回報，對吧？我們必須為我們創造的價值以及創造這些價值所需的成本獲得回報。我們已經做到了一些，我們需要繼續努力。部分成本增長是暫時的。因此，我們必須努力控製成本，使其下降。

We have to be able to do both. So when you go in and talk to your customers, you explain, hey, we're doing our part and we need a little help on this other part. So it's very much how we're thinking about it. You're right. Margins are below where we want it to be. Part of it is absorbing fixed cost, and part of it is freight and logistics are expensive. Integrated circuits are expensive right now. We'll get paid where we need to get paid, and we'll work the cost down where we need to work the cost down. I don't know. Tim, anything you want to add?

我們必須兩方面都做到。所以當你去和客戶溝通時，你會解釋說，我們已經盡力了，但還需要他們在另一方面提供一些幫助。這就是我們目前的思路。你說得對，利潤率低於預期。一部分原因是固定成本，一部分原因是運費和物流成本高。積體電路現在價格昂貴。該收的錢我們都會收，該降的錢我們也會降。我不知道。提姆，你還有什麼要補充的嗎？

No. I think that pretty much captures it. I do believe we can get paid for value. We also look at ways in which we can develop -- in this era and period of rising costs, we can kind of find true win-wins with the customers. And so we are focused on solutions that drive productivity. Those are areas where you can try to take cost out, you can make the tool more productive for the customer and get paid a higher value for that as well. And again, back to mentioning Equipment Intelligence solutions, these are things where again, you're truly removing some of the cost of operating the system by using data. And that allows us to get paid for those services and also perhaps charge fair value for whether it's the spares or the service work that's being done. And the customer also gets productivity, and it feels like they came out on the good end of that as well.

不，我覺得這已經概括得很清楚了。我相信我們可以按價值付費。在這個成本不斷上漲的時代，我們也在探索如何與客戶實現真正的雙贏。因此，我們專注於能夠提高生產力的解決方案。在這些領域，我們可以嘗試降低成本，提高工具的生產力，進而為客戶帶來更高的價值。再次強調，設備智慧解決方案正是利用數據來降低系統營運成本。這使我們能夠為這些服務獲得報酬，或許還能對備件或維修工作收取合理的費用。客戶也能提高生產力，感覺他們也從中受益良多。

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

接下來，我們將回答來自高盛的 Toshiya Hari 提出的問題。

I guess I have 2 as well. The first one, I realize it's a supply-constrained year, Doug, but curious if you've seen any fluctuations in customer pull across different device types, if you can speak to DRAM, NAND, leading edge, logic/foundry, lagging edge. To the extent you've picked up any changes to the upside or the downside, I'd be curious to hear.

我想我也有兩個問題。第一個問題是，我知道今年供應緊張，Doug，但我很好奇你是否觀察到不同類型裝置的客戶需求有任何波動，例如DRAM、NAND、前沿晶片、邏輯/代工晶片以及落後晶片。如果你發現了任何上升或下降趨勢，我很想聽聽你的看法。

Yes, Toshiya, really no changes. Demand continues to be very strong across every segment of our business, memory, foundry/logic. We haven't really seen any change in that at all.

是的，Toshiya，確實沒有任何變化。我們業務的各個環節，包括記憶體、代工/邏輯電路，需求依然非常強勁。我們完全沒有看到任何改變。

Got it. And then as my follow-up, I wanted to ask about the logic IDM business. Really nice to see you guys make new highs here. I think you spoke to microprocessors and image sensors and I think advanced packaging in your prepared comments. I think a lot of us are focused and looking forward to continued traction in the MPU business. And I realize you don't want to talk about specific customers, but if you can kind of remind us where you are kind of in the progression there from a market share perspective particularly in etch, to the extent you can comment, that would be super helpful.

明白了。接下來，我想問一下邏輯IDM業務的狀況。很高興看到你們在這裡取得了新的突破。我想你們在準備好的發言稿中提到了微處理器、影像感測器和先進封裝。我們很多人都非常關注MPU業務，並期待它能持續保持成長動能。我知道你們不想談論具體的客戶，但如果你們能從市場份額的角度，特別是蝕刻方面，簡要地介紹一下你們目前的進展情況，那就太好了。如果您能就此發表一些看法，那就更有幫助了。

So Toshi, we -- as you said, we don't want to talk about any one specific customer, but I gave you several proof points within foundry/logic. I mean it's an area we know that we've been underexposed because of our product portfolio and perhaps market share. We've been working hard to introduce new products to expand our opportunity but also to win more with the products we have. And I think that's exactly what you're seeing that every time a transition -- a node transition occurs, our served market is getting bigger and we're gaining market share. And that's not just true for certain customers. It's true, we think, for all the customers in terms of -- especially the opportunities of our -- that our portfolio is serving.

所以 Toshi，正如你所說，我們不想談論任何特定的客戶，但我給你舉了幾個關於晶圓代工/邏輯晶片的例子。我的意思是，我們知道由於我們的產品組合和市場份額，我們在這個領域的曝光度一直不夠。我們一直在努力推出新產品，以拓展我們的機遇，同時也希望透過現有產品贏得更多客戶。我認為，這正是你所看到的：每次技術轉型——節點轉型——發生時，我們服務的市場都在擴大，我們的市場份額也在成長。而且，這不僅適用於某些客戶。我們認為，就我們產品組合所服務的客戶而言，尤其是那些有機會拓展業務的客戶，情況都是如此。

Yes, I talked about, on the last call, the work we've been doing in selective etch and the new portfolio of products there, targeting gate-all-around, for instance, and I talked about that expanding this quarter as well. Those are the things that we're doing to try to make sure that our foundry/logic future is better than the past.

是的，我在上次電話會議上談到了我們在選擇性蝕刻方面所做的工作以及針對該領域的新產品組合，例如，針對環柵封裝的產品，我還提到本季度該領域的業務也將進一步拓展。我們正在採取這些措施，以確保我們的代工/邏輯電路未來比過去更好。

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

接下來，我們將回答摩根士丹利的喬·摩爾提出的問題。

I wonder if you could talk about what the supply constraints are. Is it the same constraints that you saw in December? Or is it new stuff? And how much of it is semiconductors versus non-semiconductor products?

我想請您談談供應限制的具體情況。是和12月份遇到的限制一樣嗎？還是出現了新的限制？其中半導體產品和非半導體產品各佔多少比例？

Yes. I can take a shot at it. The -- I mean it's pretty broad-based. I mean clearly, we've talked about the fact that ICs themselves are a big component of the shortages and maybe one of the very long lead time parts of that -- of the shortages. Our systems are incredibly complex, and they use a lot of semiconductors inside of subsystems that go into our tools. So that is a big part of it. But we also talked about the broadening. Some of the broadening was in other types of fabricated parts, subsystems that go into our tools, that require materials and skilled labor that found itself in short supply in -- throughout the quarter.

是的，我可以試著解釋一下。我的意思是，這個問題牽涉面很廣。很明顯，我們已經討論過積體電路本身是造成短缺的主要原因之一，而且可能是交貨週期最長的環節之一。我們的系統極為複雜，在工具的子系統中大量使用半導體。所以這是造成短缺的一個重要原因。但我們也討論了短缺範圍的擴大。部分短缺體現在其他類型的製造零件上，例如我們工具的子系統，這些零件和熟練工人在整個季度都處於短缺狀態。

And so we're just working with each of those suppliers to either shore up their capacity or working with those suppliers and customers to qualify alternative parts, alternative components and, where necessary, alternative suppliers. And so that's what gives us confidence that as time moves on and those qualifications take place and customers can accept those new suppliers and those new components, that the flexibility and resiliency of our supply chain improves throughout the rest of the year.

因此，我們正與每家供應商合作，幫助他們提升產能，或與供應商和客戶合作，對替代零件、替代組件以及必要時的替代供應商進行資格認證。正是這些舉措讓我們有信心，隨著時間的推移，這些資質認證逐步完成，客戶能夠接受新的供應商和新的組件，從而在今年餘下的時間裡，我們供應鏈的靈活性和韌性將得到提升。

Great. And then as my follow-up, the comment that you made a few minutes ago, that deferred revenue would be up kind of slightly in June, I guess I'm a little surprised by that given that your revenues are up $150 million. And this quarter, you had $600 million of kind of unfulfilled demand. So I would have thought that the overall demand in June is at least flat. And so with revenues up $150 million, that the deferred would again be up quite a bit. Is there something I'm missing there?

好的。然後，我想補充一點，您幾分鐘前提到，6月份的遞延收入會略有增長，考慮到你們的收入增長了1.5億美元，我對此感到有些意外。而且，本季你們還有6億美元的未滿足需求。所以我原本以為6月的整體需求至少會持平。既然營收成長了1.5億美元，遞延收入應該也會大幅成長才對。是不是我理解有誤？

Like I said, I'm not going to get into guiding a whole bunch of numbers on the balance sheet because it's hard enough to get the numbers that we just missed a little bit, right? I do think it will be up somewhat, Joe. That's what I said. I just didn't put a number to it.

就像我說的，我不會去具體預測資產負債表上的那些數字，因為光是算出我們剛才差一點兒的數字就已經夠難的了，對吧？我的確認為它會略有上升，喬。我就是這麼說的，只是沒給具體數字。

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

接下來，我們將回答來自美國銀行的維韋克·阿亞提出的問題。

For the first one, I'm curious if the lockdowns in China are playing a role in the constraints that you're seeing. And I think, Tim, you mentioned that some of the constraints are due to long lead time ICs. What is your line of sight into that? Any improvement on that side? Because I guess my real question is, should we be assuming a gradual improvement as we get into calendar Q3? Or is this more of a weighted -- kind of a backlog-weighted, large catch-up improvement? So just any views on whether China's lockdowns are playing a role and what these long lead times on the IC side tell you about when you can start to see any recovery on the supply side.

首先，我很好奇中國的封鎖措施是否對您目前遇到的供應限制產生了影響。提姆，您之前提到過，部分供應限制是由於積體電路交貨週期過長造成的。您對此有何看法？這方面是否有改善？因為我真正想問的是，我們是否應該預期隨著第三季的到來，供應情況會逐步改善？或者說，這更像是一個加權平均的、由積壓訂單加權的、大規模的追趕式改善？所以，我想了解一下，中國的封鎖措施是否產生了影響，以及積體電路交貨週期過長預示著供應方面何時才能開始復甦。

Yes. Well, we've talked about progressive improvement. So we do believe that things get better in the supply chain as a whole. We break it down. Your question about the COVID lockdowns in China, anything that was a new issue, anything that disrupts freight and logistics in and out of an important location where we do have suppliers, obviously, you lose time either due to delays in getting parts in or out of those locations. So that did have some impact in the quarter.

是的。我們之前討論過逐步改進。所以我們相信整個供應鏈的情況會變好。我們會進行細分。你問到中國的新冠疫情封鎖，任何新出現的問題，任何擾亂我們供應商所在重要地點的貨運和物流的因素，顯然都會造成時間損失，無論是零部件進出這些地點的延誤。所以這確實對本季業績產生了一定影響。

But more broadly, I think each component, each constraint within the supply chain will likely recover at a slightly different pace. I mentioned that predicting the exact pace for every component will be difficult. But from a -- when I talk about the long lead time ICs, really, what I was meaning was that I think that the few shortages in ICs, it's a multi, multi-quarter situation before we really feel that anything you order has normal lead times as it used to in the past. Other elements of the supply chain that were more related to either lockdowns or maybe labor shortages or some shortage in materials, I think those recover more quickly and that's built into our outlook for the year where we see this progressive improvement through the rest of the year.

但更廣泛地說，我認為供應鏈中的每個環節、每個限制因素的恢復速度可能會略有不同。我之前提到過，預測每個環節的具體恢復速度很困難。但就我而言——當我談到交貨週期長的積體電路時，我的意思是，我認為目前少數積體電路的短缺，需要幾個季度甚至更長時間才能恢復到以往正常的交貨週期。而供應鏈中其他一些與封鎖、勞動力短缺或原材料短缺相關的環節，我認為恢復速度會更快，這一點也體現在我們對今年的展望中，我們預計今年剩餘時間裡情況將逐步好轉。

And for my follow-up, maybe Doug, one on gross margins, kind of 2 parts to it. I'm very curious. Others in the semiconductor industry have been able to raise prices and pass along almost every kind of cost inflation, right? You look at the gross margins for all the semiconductor companies. They are doing better than before. So what has prevented the equipment makers to pass along these higher costs if demand is so strong and so high? Like do you have flexibility to raise prices in the future, right, to recover these costs? And are there certain aspects of costs that are more structural in nature that could prevent Lam from recovering the 3 or 4 points, I think, the delta in gross margins that you should be operating at, at these revenue levels?

道格，我的後續問題是關於毛利率的，這個問題可以分成兩個部分。我很好奇。半導體行業的其他公司已經能夠提高價格，並將幾乎所有成本上漲轉嫁給消費者，對吧？看看所有半導體公司的毛利率，它們的表現都比以前好。那麼，如果需求如此強勁，是什麼阻止了設備製造商將這些更高的成本轉嫁給消費者？例如，未來是否有漲價的彈性來彌補這些成本？是否存在一些更具結構性的成本因素，可能會阻礙Lam公司在目前的營收水準下實現3到4個百分點的毛利率提升？

Yes. No, Vivek. Nothing, like, restricts us from adjusting pricing or doing that. I mean there's a cadence with which you talk to customers about things, how your output's improving, my inflation is doing X, Y and Z, we need to work through this together. But nothing restricts us from doing that. And we have done some, right? It's not as if we haven't done some of that. We have. New things have emerged. I mean freight rates continue to be a challenge. That should get better.

是的，維韋克。沒有任何東西限制我們調整價格或採取其他措施。我的意思是，你需要和客戶保持溝通的節奏，例如你的產量如何提高，我的通貨膨脹情況如何，我們需要共同應對。但沒有任何規定限制我們這樣做。而且我們已經採取了一些措施，對吧？並不是說我們什麼都沒做。我們確實做了。也出現了一些新的情況。我的意思是，運費仍然是個挑戰。這種情況應該會好轉。

I mean frankly, it's back to what I said earlier. The costs that are more permanent in nature, we're going to get paid for. The stuff that is transitory, we got to kind of work our way through managing the cost. We have responsibility to do both and we are doing both. I wouldn't want you, in the long term, to think of our profitability objectives any different than we've communicated them before, right? We're 300 basis points where we want to be, 250 to 300, and we're going to go work our way back to that level.

坦白說，這又回到了我之前說的。那些更持久的成本，我們會得到相應的補償。而那些暫時性的成本，我們需要想辦法控制。我們有責任兼顧這兩方面，而且我們也正在努力做到。從長遠來看，我希望你們對我們的獲利目標的看法與我們先前溝通的目標保持一致，對吧？我們距離目標還有300個基點，也就是250到300個基點，我們會努力回到那個水準。

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

接下來，我們將回答來自伯恩斯坦研究公司的史黛西·拉斯貢提出的問題。

My first one, look, I understand it's a very fluid environment and things are getting worse, and I get what happened in the quarter. But I guess looking forward, given the overall environment is tougher, are you taking that higher level of potential caution in line when you're actually giving your guidance? Maybe a better way to ask it is, do you feel better about your June guidance now at this point versus how you felt about your -- when you gave your March quarter guidance in December? Like do you have more confidence in that June quarter outlook versus how you felt about the prior guidance just given the deterioration in the broader environment? And how are you taking that into account?

首先，我知道現在的環境瞬息萬變，情況還在惡化，我也理解上一季發生的情況。但我想，展望未來，鑑於整體環境更加嚴峻，您在給予業績指引時是否會更加謹慎？或許更恰當的問法是，您現在對六月的業績指引是否比去年12月給出三月份季度指引時更有信心？也就是說，考慮到整體環境的惡化，您對六月季度的展望是否比之前的指引更有信心？您又是如何將這些因素納入考量呢？

Yes, Stacy. I'll try it first and then Tim can then add. We never communicated some numbers we intend to miss. Let me describe that. To the best of our ability, we comprehend risk, opportunity. I look at ranges. I look at things that could happen. Frankly, what happened in March is things got worse than we expected in the supply chain. Some things, we didn't anticipate. Just they got somewhat worse, right? And do I feel like the number I just gave you, the $4.2 billion, is a good number? I do based on everything I see and the linearity of shipments and what we're doing with supply chain and all the task force we have, working through things with suppliers. As we sit here, I'm -- I have confidence in that number or we wouldn't have given it to you. So things can change though, and that's what happened to us last quarter. We're working real hard to ensure that, that doesn't happen in June, and I don't expect it to. I don't know. Tim, anything you want to add on?

是的，史泰西。我先試試，然後提姆可以補充。我們從未透露過一些我們預期無法達成的數字。讓我解釋一下。我們盡最大努力去理解風險和機會。我會考慮各種可能性範圍，也會考慮可能發生的情況。坦白說，三月的情況比我們預期的還要糟糕。有些事情是我們始料未及的。情況確實惡化了一些，對吧？我剛剛告訴你的42億美元這個數字，我覺得可靠嗎？我覺得可靠，基於我所看到的一切，包括出貨量的線性成長，以及我們在供應鏈方面所做的工作，還有我們所有與供應商合作的專案工作小組。就目前而言，我對這個數字很有信心，否則我們不會告訴你。當然，情況可能會發生變化，就像上個季度我們遇到的情況一樣。我們正在努力確保六月不會再發生這種情況，而且我預計也不會。我也不知道。提姆，你還有什麼要補充的嗎？

No. I think I would just reiterate, I mean, the amount of focus and attention and effort and investment to ensure that we're recovering the supply chain and recovering our output and supporting our customers has never been higher. And so I think that as Doug said, we have confidence that we have a good line of sight to the numbers that we -- and the tools and the parts and everything that's needed to make that up, and that's what we plan to go execute.

不。我想再次強調，為了確保供應鏈恢復、產能恢復並為客戶提供支持，我們投入的精力、關注、努力和投資都達到了前所未有的高度。所以，正如道格所說，我們有信心能夠清楚地了解我們需要哪些數據，以及我們需要哪些工具、零件以及一切資源來實現這些目標，而這正是我們計劃執行的。

For my follow-up, understanding you're obviously shipping below apparent demand and demand is obviously strong, do you have any way to quantify the gap between the apparent demand that is out there and your ability to supply that data? I mean like is it -- is demand 20% above where you're able to ship right now? Is it more? Is it -- any kind of quantification or color you can give on that above and beyond just where the deferred revenue is sitting?

我的後續問題是，我知道你們目前的出貨量顯然低於市場需求，而市場需求顯然很強。那麼，你們有什麼方法可以量化市場需求與你們實際供貨能力之間的差距嗎？我的意思是，實際需求是否比你們目前的出貨量高出20%？或更高？除了遞延收入之外，你們能否提供一些量化數據或更詳細的說明？

Yes. Stacy, that's why we give you an annual WFE outlook because that actually is a proxy in some ways for what demand on the entire industry looks like to the best of our ability. That's why we try to communicate it. And that's the $100 billion, still somewhat supply-limited, though, as Tim said. We think demand is actually so much stronger than that. But the WFE is what we're -- when we give you that annual number, that's what we're trying to help you think or see what we're seeing, I guess, is what I would say.

是的，Stacy，所以我們每年都會發布WFE（木材加工設備）展望報告，因為在某種程度上，它能反映出我們所能掌握的整個產業的需求。這就是我們努力傳達訊息的原因。正如Tim所說，這個1000億美元的規模仍然受到供應的限制。我們認為實際需求遠比這強勁得多。但WFE報告——當我們發布這個年度數據時，我們想幫助你們理解或看到我們所看到的情況，我想，這就是我想說的。

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

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

My first one is for Tim or Doug. It seems like Lam has been more impacted by the supply constraints versus your large-cap peers. And is this because you're a dep-etch company? So due to the vacuum nature, more complex components that dep-etch products have, you're more impacted? And if so, whenever the supply eases, do you think there's a pent-up demand for dep-etch equipment relative -- like process control or CMP or epi since it seems like your customers are buying more tools they can get their hands on. So I'm kind of curious, would love to hear your thoughts on that. And then I had a follow-up.

我的第一個問題是問Tim或Doug的。看起來Lam公司受供應限制的影響比你們的大型同業更大。這是因為你們是深蝕刻公司嗎？由於深蝕刻產品需要真空環境，而且組件更複雜，所以你們受到的影響更大？如果是這樣，當供應緩解時，你們認為市場對深蝕刻設備（例如製程控制、CMP或外延設備）的需求是否會像其他設備一樣出現積壓？因為看起來你們的客戶都在盡可能地購買他們能買到的設備。我很好奇，很想聽聽你們的看法。之後我還有一個後續問題。

Okay. So it's a good question. I mean obviously, I can't speak in great detail to other people's supply chains but ours is quite complex. And it's just as you said. We -- if you think about etch and deposition equipment, it has a lot of requirements for very complicated gas delivery systems, vacuum systems, power generation and delivery systems. And those things not only require, as we talked about, a lot of ICs and control capabilities but also just a tremendous amount of subsystem fabrication, high-purity gas line fabrication, a lot of complexity there. And so I don't know if we are or are not uniquely impacted in that way. But clearly, we are focused on shoring up each of those areas where we see impact. And as I mentioned, the main point is where we can find qualification of additional suppliers who can meet our requirements for the parts and quality that's needed, then we're qualifying those and that increases our capacity.

好的。這是一個很好的問題。我的意思是，顯然我無法詳細談論其他人的供應鏈，但我們的供應鏈相當複雜。正如您所說，蝕刻和沈積設備對氣體輸送系統、真空系統、發電和輸送系統都有很高的要求。正如我們之前提到的，這些不僅需要大量的積體電路和控制功能，還需要大量的子系統製造、高純度氣體管路製造等等，其中涉及的複雜性非常高。因此，我不知道我們是否受到了這方面的獨特影響。但很顯然，我們正在專注於加強我們認為受到影響的各個領域。正如我所提到的，關鍵在於找到能夠滿足我們所需零件和品質要求的供應商，然後對他們進行認證，這樣就能提高我們的產能。

Over the long run, what it also does is it gives us flexibility. As I look forward, this investment we're making today to increase the resilience of our supply chain will pay off in the long term because we'll have more suppliers. We'll have suppliers in the regions closer to where our factories are. And I think in the future, that's going to give us some ability to respond to demand in a much more cost-effective way as well. And so to the long-term gross margin, as I think about that, the investments we're making today are actually good from that perspective.

長遠來看，它還能賦予我們更大的靈活性。展望未來，我們今天為增強供應鏈韌性所做的投資，從長遠來看必將獲得回報，因為我們將擁有更多供應商。這些供應商將位於距離我們工廠更近的地區。我認為，未來這將使我們能夠以更具成本效益的方式回應市場需求。因此，就長期毛利率而言，我認為我們今天的投資從這個角度來看實際上是有益的。

Got it. Got it. And then a follow-up for you, Tim, is clearly, it seems like everyone is in the same boat, constraint of supply, demand is much better than supply. But do you think there are like any market share shifts happening currently due to supply constraint misses? Or do your customers take a much longer time to make these shared decisions compared to the last 9 months or so, supply-constrained environment we've been living with?

明白了，明白了。提姆，我還有一個後續問題：顯然，大家的情況都一樣，供應受限，需求遠大於供應。但你認為目前是否有因供應不足而導致的市佔率變化？或者說，與過去九個月左右的供應受限環境相比，你的客戶現在做出這些共同決策所需的時間是否更長？

Well, I think obviously, it's hard to speak for what the customers would do, but it is very difficult to -- most of these decisions on tooling, the process qualification work is all done far in advance of the production needs. And so I think part of the reason why everybody is feeling so stressed in this environment, from customers to equipment suppliers, maybe even to our own suppliers, is all of those parts, choices and tooling choices are made very far in advance and to requalify is incredibly difficult. And that's even why our output recovery timing is longer -- is taking longer than we might have anticipated. It takes a while to qualify an alternative supplier. I think the same thing would be true for customers and semiconductor manufacturing equipment. So a long way of saying I don't believe you're seeing market share shifts in this near term due to these capacity constraints.

嗯，很顯然，很難說客戶會怎麼做，但大多數關於工裝和製程驗證的決策都是在生產需求之前很久就做出的。所以我認為，從客戶到設備供應商，甚至可能包括我們自己的供應商，大家在這種環境下感到壓力巨大的部分原因在於，所有這些零件的選擇和工裝的選擇都是提前很久就做出的，而重新驗證極其困難。這也是為什麼我們的產量恢復時間比預期更長的原因。驗證一個替代供應商需要一段時間。我認為客戶和半導體製造設備的情況也是如此。所以，總而言之，我認為短期內不會因為這些產能限製而出現市佔率的變化。

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

接下來，我們將回答來自巴克萊銀行的布萊恩柯蒂斯提出的問題。

I had 2. Just one, maybe I'm looking at this the wrong way, but you called out Reliant and spares as being the big source of the miss. I guess versus the midpoint, you missed by 200 in March and June. It seems to be it's down like 80 in products down. So maybe I just -- maybe I'm not understanding why Reliant is the biggest issue.

我有兩個。只有一個，也許我理解錯了，但你指出Reliant和備件是偏差的主要原因。我猜，與中點相比，3月和6月的偏差都達到了200。產品方面似乎下降了80左右。所以，也許我只是──也許我沒理解為什麼Reliant是最大的問題。

Yes. Blayne, maybe you misunderstood us. We didn't intend to communicate that. I didn't specifically say we missed because of one thing or another. Frankly, we missed because of supply chain constraints for equipment across the board. That's in new equipment. It's also in the Reliant product line in CSBG as well as upgrades in CSBG. So it's across all of that is what we tried to -- maybe not very well, but that's what we tried to communicate.

是的，布萊恩，也許你誤解了我們的意思。我們並非有意傳達那樣的訊息。我並沒有具體說我們是因為某個原因而錯過。坦白說，我們錯過是因為所有設備的供應鏈都受到了限制。這包括新設備，也包括CSBG的Reliant產品線以及CSBG的升級設備。所以，我們試圖傳達的訊息涵蓋了所有這些方面——也許表達得不太清楚，但這就是我們想要表達的意思。

Got you. And then just a broader question. I think everybody's asked everything they can on the supply constraints. I'm just kind of curious, I don't expect you to be the only one. You haven't been this quarter already and you went first. I'm assuming this is going to be a massive supply chain problem for your customers. And I'm just curious if you've seen any indications that they've pushed their capacity addition plans out to the right as well. I know everybody's going to try to figure out like the last question asked in terms of how each company lines up, but I'm just kind of curious how things are handled. Do you think they'll just take whatever equipment they can and try to piece it together? Or do you -- will you see capacity additions kind of push commensurate with the equipment they can't get?

明白了。然後還有一個更廣泛的問題。我覺得大家已經把關於供應限制的問題問得差不多了。我只是有點好奇，我相信你不是唯一一個有這種想法的人。你這個季度還沒來，卻第一個來問。我估計這對你的客戶來說會是一個巨大的供應鏈問題。我只是好奇你是否看到任何跡象表明他們也推遲了產能擴張計劃。我知道大家都會像上次問的那樣，試圖弄清楚每家公司的具體情況，但我只是好奇事情是如何處理的。你覺得他們會盡可能地利用現有設備拼湊起來嗎？還是說－你認為產能擴張會根據他們無法獲得的設備數量進行相應調整？

I guess the simplest way for us to answer it is that we've seen no change in demand or no change in the pressure we receive from customers to deliver to their original schedule. And so that's why when we look at the investments we're making to try to accelerate recovery of our output to meet their demands. That's because their demand has not changed at all.

我想最簡單的回答是，我們沒有看到需求變化，也沒有看到客戶要求我們按原計劃交付的壓力發生變化。所以，當我們審視我們為加快產量恢復以滿足客戶需求而進行的投資時，原因就在於他們的需求根本沒有改變。

To your point of, will they take different tools at different times, I think that there's a lot of things that we're working on with customers to try to meet their capacity constraints if we can't get them the tooling on the exact date they want. We talked about accelerated installs. I talked about increasing like services to get a little bit more output from tools they might have already installed into that fab. I think there's just a lot of partnership and creativity going into how to work through these constraints over the next -- that have existed for a couple of quarters and likely will continue to exist as we move through the next couple.

關於您提到的「他們會在不同時間使用不同的工具」這個問題，我認為我們正在與客戶合作，努力在無法按他們要求的確切日期交付工具的情況下，盡可能滿足他們的產能限制。我們討論過加快安裝速度。我還提到增加類似服務，以便從他們可能已經安裝在晶圓廠的工具中獲得更多產量。我認為，為了克服這些已經存在幾個季度，而且很可能在未來幾季繼續存在的限制，我們需要大量的合作和創新。

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

接下來，我們將回答來自傑富瑞集團的馬克·利帕西斯提出的問題。

I have just one. Do you guys have a view about what industry capacity in wafers is going to grow this year or next year based on the wafer fab equipment expectations you have? Obviously, there's a debate out there about how much capacity could come online given the magnitude today of wafer fab equipment versus 5 or 7 years ago. So I was wondering if you had a view on that. If you don't have a view for the industry, I'm wondering if you have a view for maybe a set or a subset of your largest customers, if you have some kind of sense about what wafer capacity is growing this year and next year.

我只有一個問題。根據你們對晶圓廠設備的預期，你們對今年或明年晶圓產業的產能成長有何看法？顯然，考慮到如今晶圓廠設備的規模與5到7年前相比，目前關於未來可能新增產能的爭論很多。所以我想了解你們的看法。如果你們沒有產業整體的預測，那麼能否談談你們部分或全部最大的客戶，看看你們對今年和明年晶圓產能的成長情況有何預判？

Mark, I'll talk maybe a little bit about this year. These aren't numbers we normally give out. But I would tell you when I look across the totality where investments are occurring, I see wafer capacity growing everywhere, almost everywhere, in memory, in foundry, in logic and probably across nearly every process node in foundry as well, right? I mean things are tight. The ICs we're trying to get are across every different process node, and everybody is investing to try to get caught up with demand. So while we don't share those numbers, I think everything is ticking up somewhat or trying to anyway based on the investment plans they have.

馬克，我大概會簡單談談今年的狀況。這些數字我們通常不會公佈。但我想說的是，縱觀所有投資領域，我發現晶圓產能幾乎在所有方面都在增長，包括記憶體、晶圓代工、邏輯電路，而且晶圓代工的幾乎所有製程節點都在成長，對吧？我的意思是，產能非常緊張。我們想要的積體電路涵蓋了所有不同的製程節點，每個人都在投資，試圖滿足市場需求。所以，雖然我們不公佈具體數字，但我認為根據他們的投資計畫來看，所有領域的產能都在逐步提升，或至少都在努力提升。

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

我們最後回答來自花旗銀行的阿提夫·馬利克提出的問題。

Doug, in January, I believe you guys were talking about growth in wafer fab equipment next year. With all the scenarios going on with global GDP contraction and macro corrections and even recession next year, curious what your thoughts are about WFE next year.

道格，我記得你們一月討論過明年晶圓製造設備市場的成長情況。考慮到明年全球GDP萎縮、宏觀經濟調整甚至衰退等各種可能的情況，我很想知道你對明年晶圓製造設備市場的看法。

Yes. Atif, you know we don't do more than 1 year at a time. I mean clearly, you've got a softening in the economy for a variety of different reasons. And I do observe when we look across all of the semi industry, the more consumer-oriented kind of consumption in semis is probably softening a little bit. Smartphone units aren't as strong perhaps as we thought. PC is probably the same thing. High-performance computing is still very strong. So it's kind of what I see happening. When Tim and the sales guys talk to our customers though, everybody is full steam ahead with their investment plans in terms of equipment. So that's what I see. I'm not going to quite tell you at '23 yet, but the fact that we're under-shipping what customers want this year, that stuff I know is going to roll into next year. So sit tight. We'll talk about '23 as we get a little further through the year.

是的。阿提夫，你知道我們通常只做一年的預測。我的意思是，很明顯，由於各種原因，經濟正在放緩。而且我觀察到，縱觀整個半導體產業，面向消費者的半導體消費可能略有放緩。智慧型手機的銷售量可能沒有我們預期的那麼強勁。個人電腦的情況可能也類似。高效能運算仍然非常強勁。這就是我觀察到的情況。不過，提姆和銷售人員與客戶溝通時發現，每個人都在全力推動設備投資計畫。這就是我看到的。我現在還不能透露2023年的具體情況，但我們今年的出貨量低於客戶的需求，我知道這種情況會延續到明年。所以請耐心等待。我們會在今年稍後再討論2023年的情況。

As a follow-up, I get the component and the subsystem supply constraints. Are you seeing impact to your shipments from material shortages, like neon and coolant used in etch and deposition tools? Are the -- is availability of those materials impacting your shipments or your customers have enough buffer on those materials?

作為後續跟進，我了解了組件和子系統的供應限制。您是否發現材料短缺（例如蝕刻和沈積設備中使用的氖氣和冷卻劑）對您的出貨造成了影響？這些材料的供應是否影響了您的出貨，或者您的客戶是否有足夠的庫存？

So far, it's -- I would say that we haven't identified those yet as significant constraints. But we're obviously watching every new issue that comes up and assessing its impact. But so far, we wouldn't identify those as key issues right now.

目前來看，我認為我們還沒有將這些視為重大限制因素。但我們顯然會密切注意每一個新出現的問題，並評估其影響。但就目前而言，我們不會將這些視為關鍵問題。

Thank you, Atif. Operator, that's about it for time for us. Appreciate everybody joining us on the call today.

謝謝阿提夫。接線員，我們今天的電話會議就到這裡了。感謝今天所有參加電話會議的各位。

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

女士們、先生們，今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。