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，美好的一天，歡迎參加 2022 年 3 月季度財報電話會議。此時，我想將會議交給 Tina Correia。請繼續。

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，大家下午好。歡迎參加 Lam Research 季度收益電話會議。今天和我在一起的是總裁兼首席執行官 Tim Archer；以及執行副總裁兼首席財務官 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.

在今天的電話會議中，我們將分享我們對商業環境的概述，並將回顧我們 2022 年 3 月季度的財務業績和 2022 年 6 月季度的展望。詳細說明我們財務業績的新聞稿在下午 1:00 後發布。太平洋時間今天下午。該新聞稿還可以在公司網站的投資者關係部分以及今天電話會議隨附的演示幻燈片中找到。

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

今天的演講和問答包括前瞻性陳述，這些陳述受到我們在美國證券交易委員會公開文件中披露的風險因素中反映的風險和不確定性的影響。請參閱演示文稿中的隨附幻燈片以獲取更多信息。除非另有說明，否則今天對我們財務業績的討論將在非公認會計原則財務基礎上進行。可以在演示文稿的隨附幻燈片中找到 GAAP 和非 GAAP 結果之間的詳細核對。本次電話會議計劃持續到下午 3:00。太平洋時間。本次電話會議的重播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.

有了這個，我會把電話交給蒂姆。

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.

謝謝你，蒂娜。在供應嚴重受限的環境下，Lam 報告收入為 40.6 億美元，每股收益為 7.40 美元。雖然我們能夠在我們的指導範圍內交付成果，但令我失望的是，在對我們的設備和服務的需求非常強勁的環境中，我們沒有表現得更好。持續的零部件短缺，以及出現的新挑戰，包括與 COVID 相關的封鎖，以及 - 加劇了本已緊張的供應鏈狀況。由於問題範圍更大，我們最初對產出恢復時間的預期被證明是樂觀的。

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.

作為回應，我們加強了對林的關注。我們正在投入所需的財務資源和勞動力，以滿足客戶在短期內對工具的優先需求，並提高我們全球供應網絡的長期彈性。我們的恢復工作包括將 Lam 專家嵌入主要供應商以協作解決短缺問題，以及增加現場資源以加快工具一旦發運後的安裝。客戶正在與我們合作以驗證其他組件供應商的資格，我們已分配更多工程資源來設計和採購替代零件，以提高供應鏈的靈活性。儘管我們仍然面臨問題，但我感謝 Lam 員工、我們的供應商和我們的客戶在這個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.

雖然供應鏈恢復的近期步伐難以評估，但我們相信我們的行動將在未來基礎上逐步改善我們的業績。由於我們向客戶運送系統以加速工具安裝，我們在 3 月季度的遞延收入餘額超過 20 億美元，但由於缺乏某些關鍵組件，無法在本季度內確認這一收入。道格將在他準備好的講話中詳細說明遞延收入。

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.

在需求方面，環境仍然非常強勁。儘管與供應相關的持續延遲可能會限制 2022 年可以執行多少晶圓製造設備投資，但我們目前的 WFE 觀點仍處於 1000 億美元的範圍內。我們預計 2022 年不受限制的需求將超過 1000 億美元，任何未滿足的需求都應流入明年。我們的信心植根於這樣一個事實，即 WFE 支出的強大長期驅動因素並未改變。更大的半導體含量、不斷提高的設備複雜性和更大的裸片尺寸都有助於實現可持續強大的 WFE 水平的健康設置。這方面的一個例子可以在智能手機領域看到，由於通脹驅動的消費市場疲軟，單位增長可能同比持平，但平均 NAND 和 DRAM 含量同比增長約 20% ，帶動對WFE的需求。在服務器方面，我們看到單位和內容的整體增長，每個 CPU 的服務器 DRAM 內容比上一年增長了 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.

除此之外，Lam 特定增長的驅動因素也沒有改變。蝕刻和沈積是將半導體製造轉變為內存、鑄造/邏輯和先進封裝中更高性能和更可擴展的 3D 設備架構所需的關鍵技術。 Lam 在 3D 設備的關鍵支持技術方面的領導地位，我們在全球領先晶圓廠的安裝基礎證明了這一點，為長期的卓越表現奠定了堅實的基礎。隨著我們對新產品和服務的卓越管道的持續投資，我們越來越有能力在 3D 變化中獲勝。

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，我們在蝕刻和沈積以及所有設備領域贏得了新的應用。我們通過提供差異化的解決方案來鞏固我們的整體市場地位，這些解決方案能夠實現更高的縱橫比結構、增強的設備性能和提高的製造生產力。在過去的 2 個日曆年中，Lam 的總收入增長超過了我們的大型同行。這部分是由於我們在代工/邏輯市場的收益，我們在歷史上被低估了。這也是我們成功擴大 CSBG 安裝基礎機會的結果。通過像 Lam 的設備智能解決方案這樣的創新，我們通過利用大量工具數據來幫助解決客戶的產能限制，從而提高系統性能並實現更快的工具安裝。

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 3 月季度，我們擴大了我們在一家大型代工廠/邏輯客戶處獲得的選擇性蝕刻勝利。同時，我們在導體蝕刻業務中又添新的勝利。在一個示例中，我們將在關鍵代工廠/邏輯客戶過渡到下一個節點時將我們的導體蝕刻份額翻倍。在另一家領先的代工廠/邏輯客戶中，我們通過幫助客戶加速遷移到新節點，成功地在關鍵步驟替換了競爭對手的工具。我們取得這些勝利的關鍵是我們能夠通過設備智能解決方案增強我們的產品供應，以提供最佳的蝕刻均勻性並提高產量，從而在客戶執行其擴展路線圖時滿足客戶的成本和性能要求。

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.

在沉積方面，我們繼續看到我們用於前沿鑄造/邏輯節點的 ALD 金屬和介電解決方案的顯著發展勢頭。在 DRAM 中，最高性能的設備正在採用更先進的 CMOS 技術，如高 k 金屬柵極晶體管，我們利用我們的代工/邏輯成功贏得了 DRAM 1b 節點的新應用。隨著客戶在這些節點上增加產能，我們在這一領域的蝕刻份額將擴大。在沉積方面，我們的關鍵間隔件應用可實現更低的電容、更薄的薄膜，以支持進一步的器件尺寸和功率擴展。在 3 月季度，我們為一家大型 DRAM 客戶的領先節點贏得了 2 次關鍵墊片的勝利。在 NAND 領域，我們還為一個關鍵客戶贏得了一項極具爭議的決定，我們展示了一種卓越的 ALD 解決方案，可以為他們的字線應用關鍵過渡到下一代低電阻使能薄膜。

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 月季度的業績略有下降，主要是由於全球供應限制影響了我們的 Reliant 和升級業務。雖然 CSBG 會受到季度波動的影響，但我們相信我們在較長時期內不斷擴大的安裝基礎為收入增長提供了穩定的平台。在 3 月季度，我們與全球 2 家最大的 IDM 簽訂了備件合同，累計合同金額超過 10 億美元。我們認為 2022 日曆年將是我們 CSBG 業務的又一個強勁增長年。

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.

最後，我們相信我們在應對非凡的行業供應挑戰方面取得了進展，但克服已經出現的廣泛問題所花費的時間比我們最初預期的要長。我們專注於滿足客戶的關鍵需求，並投入了盡快恢復所需的財務資源和勞動力。隨著設備需求環境的持續強勁和我們供應鏈的逐步改善，我們確實預計 Lam 將迎來又一個穩健的收入和每股收益增長的一年。

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

有了這個，我會把它交給道格。

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.

優秀的。謝謝你，蒂姆。大家下午好，感謝您在我所知道的繁忙的收益季節加入我們今天的電話會議。在 2022 年 3 月的季度，我們在所有財務指標的指導範圍內交付了結果。但是，我們錯過了所有數字的中點。正如蒂姆所討論的，我們遇到了不斷擴大的供應鏈問題，這些問題對我們的收入和盈利能力產生了負面影響。

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.

延遲確保我們的工具運輸所需的關鍵部件阻礙了我們實現收入目標的能力，並導致支出增加，因為我們專注於減輕這些限制的舉措。遞延收入增長超過 6 億美元。增長的幅度反映了我們正在經歷的零件短缺程度的加劇，這影響了我們確認我們實際發貨的工具收入的能力。我們的庫存餘額也增加了，因為我們正在採購我們可以建造的零件，以滿足我們看到的不斷增長的未滿足需求。

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.

在利潤方面，我們在增加資源以應對供應鏈挑戰以及為我們在下半年看到的更高產量做好準備方面遇到了不利因素。此外，我們持續面臨與供應相關的通脹壓力。我們能夠通過本季度的運營費用管理部分抵消毛利率的不利影響。因此，3 月份的營業收入和每股收益接近我們指引的中點。我們看到持續的成本和供應限制挑戰繼續影響我們對 6 月季度的指導。

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.

現在讓我談談我們三月份季度的收入細節。收入為 40.6 億美元，比 12 月季度有所下降。內存部門在 3 月份季度表現強勁，佔系統收入的 66%。這高於上一季度的 58%。本季度內存的強勁增長是由 DRAM 部門引領的，我們在該部門為公司創造了創紀錄的收入水平，並且百分比集中在系統收入的 27%。相比之下，我們在 12 月季度看到的這一比例為 23%。 DRAM 投資主要用於 1z 和 1-alpha 節點添加以及轉換。 NAND 部門占我們系統收入的 39%，高於上一季度的 35%。我們的 NAND 客戶正在投資用於 128 層到 192 層設備的工具。

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.

在代工方面，3 月份季度的收入占我們系統收入的 21%，而 12 月份這一比例為 31%。環比下降與客戶投資的時機有關。在這一領域繼續進行穩健的投資，以解決人工智能、物聯網、雲、高性能計算和 5G 等終端需求驅動因素。隨著我們在與領先和成熟節點設備投資相關的一年中取得進展，我預計這部分會有所增加。

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.

我們看到邏輯和其他領域的持續進步，在 3 月季度貢獻了 13% 的系統收入，並且在收入美元方面創下歷史新高。我們在這裡看到了良好的牽引力，尤其是在蝕刻方面，因為我們預計隨著我們的客戶投資以滿足市場對微處理器、圖像傳感器和先進封裝解決方案的需求要求，該領域在 2022 日曆年將繼續增長。

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.

我現在將轉向我們總收入的區域構成。中國地區佔總收入的 31%。在中國擁有晶圓廠的國內和跨國客戶在中國的收入分配相當平衡。我們的客戶也高度集中在韓國和台灣地區的投資，分別占我們第三季度總收入的 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.

客戶支持業務集團的收入約為 14 億美元，比上一季度下降 5%。 CSBG 比 2021 年第三季度高出 8%。我們的依賴和升級產品線收入在第三季度受到持續供應鏈限制的負面影響。儘管如此，眾多客戶對專業市場的需求仍然保持健康，我們的客戶也在投資升級其已安裝的工具組。鑑於該行業的高利用率水平，我們的備件業務依然強勁，並且出於同樣的原因，我們也看到了客戶對服務的強勁拉動。正如我們過去所指出的，CSBG 可能會按季度波動，但我們的預期仍然是該業務將每年增長。

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 月季度為 44.7%。隨著運費和物流費率的上漲、鎳和鋁等大宗商品推動的原材料成本以及集成電路成本的增加，我們正面臨著諸多成本壓力。我們的 6 月季度指導反映了我們對持續的成本逆風水平的預期，因為我們管理並適應了這種通脹環境。

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 月份的運營費用為 6.21 億美元，低於上一季度的 6.27 億美元。我們在本季度管理了整體支出水平，同時繼續專注於支持新興客戶的技術路線圖。我們還正在部署增量研發資源，以驗證新的供應來源，以幫助改善我們的供應鏈挑戰。如您所知，與公司盈利能力相關的激勵性薪酬支出在本季度也有所下降。 3 月季度營業利潤率為 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.

我們本季度的非公認會計原則稅率約為 10%。正如我過去與您分享的那樣，稅率會隨著季度的變化而有所波動。展望 2022 日曆年，我們預計現行稅率將處於低水平。我剛剛提到，我們將繼續監控正在討論的美國潛在的稅收變化，但鑑於那裡的不確定性，我們尚未反映我們模型中任何變化的影響。

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.

本季度的其他收入和支出約為 4400 萬美元。我只想提醒你，在 12 月季度，由於我們在公開募股中籌集資金的風險投資中的一項收益，我們獲得了該項目的收入。自從我們制定指導意見以來，我們的風險投資也取得了有利的結果，該指導意見在 3 月季度為每股收益帶來了約 0.11 美元的積極貢獻。 OI&E 受市場相關波動的影響，這將導致該損益項目出現一定程度的波動。根據我們目前在股市中看到的情況，我們在 6 月的指引中預測 OI&E 的負面影響更大。

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 3 月季度積極進行回購，分配了超過 12 億美元用於股票回購。現金被用於公開市場回購和加速股票回購計劃。 ASR 將在六月季度繼續執行。我們在第三季度也支付了 2.11 億美元的股息。 3 月份季度攤薄後每股收益為 7.40 美元。由於股票回購活動增加，稀釋後的股票數量為 1.4 億股，低於 12 月季度，也低於我們 3 月季度的預期。

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.

讓我轉向資產負債表。現金和短期投資（包括受限現金）為 46 億美元，低於上一季度的 56 億美元。下降的主要原因是我剛才談到的資本回報活動。此外，本季度的營業現金處於較低水平，部分原因是我們在庫存方面進行了投資，以幫助緩解一些供應挑戰。庫存周轉率低於上一季度的水平，為 2.6 倍。此外，由於客戶發貨的時間發生在本季度晚些時候，我們的未結銷售天數為 83 天，比我們在 12 月季度看到的 73 天有所增加。

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大約 6900 萬美元的股權補償、6400 萬美元的折舊和 2000 萬美元的攤銷。 3 月季度的資本支出約為 1.45 億美元，與 12 月的水平相當。資本支出主要用於增長活動，例如我們在俄亥俄州的矽備件工廠、馬來西亞工廠擴建和新的韓國技術中心。截至 3 月季度末，我們擁有約 16,900 名正式全職員工，比上一季度增加了約 600 人。我們主要在工廠和現場組織中實現人數增長，以解決供應鏈限制，同時支持客戶交付和安裝。

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.

現在讓我來看看我們對 2022 年 6 月季度的非 GAAP 指導。我們預計收入為 42 億美元，上下浮動 3 億美元。儘管客戶需求持續強勁，但我們看到供應鏈持續受限；毛利率為44.5%，上下浮動1個百分點。我們的指導反映了對通脹成本環境的預期，以及對非常戰術性地管理供應鏈執行的持續需求；營業利潤率為 29.5%，上下浮動 1 個百分點；最後，根據大約 1.39 億股的股票數量，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.

那麼讓我把事情總結一下。我們在 3 月季度的執行情況略低於我們的預期。雖然我們通過不斷限制我們產量的供應鏈來應對不斷增加的挑戰，但需求仍然強勁。退出 3 月季度後，我們的積壓訂單連續第六個季度增長。終端需求的可見性很高。我們在份額地位方面擁有堅實的基礎，迄今為止具有強大的牽引力，並且在所有細分市場中都有新的機遇。

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

接線員，我們準備好的評論到此結束。蒂姆和我現在想打開提問的電話。

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

（操作員說明）我們將向摩根大通的 Harlan Sur 提出第一個問題。

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?

我們傾向於將供應鏈挑戰視為減緩新產能或新技術遷移的增長。但是，隨著供應鏈挑戰的不斷擴大，現在是否已經開始潛在地影響您的客戶安裝的製造業務對您的 CSBG 業務的影響，或者限製備件的出貨量，目標？我知道 CSBG 在您的客戶繼續幾乎完全耗盡製造利用率的時期內環比下降了約 5%。而且我知道您說 CSBG 主要受到 Reliant 和升級的影響，但是 - 假設服務部門，即支持客戶安裝的製造業務的那部分，沒有受到供應鏈挑戰的影響，這是否公平？

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。 Harlan，這是一個很好的問題，我想我想提醒大家，CSBG 業務由 4 個不同的產品線組成，正如我們剛才提到的，備件、服務、升級，然後是 Reliant，即更成熟的節點系統。每一個都受到不同的影響。如果你看看客戶的首要任務和 Lam 的首要任務是什麼，那就是保持所有已安裝的基礎，現在這些晶圓廠內每天運行的系統數量超過 75,000 個。因此，例如，我們不會在備件上妥協，我們的客戶也不會妥協。因此，當我們在這裡考慮優先級時，您將確保備件和已安裝的基礎運行。

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.

服務，我談了一點設備智能。我們正在尋找可以解決某些限制的方法。我的意思是設備智能，使用數據來確定我什麼時候真的需要更換零件？我如何——我真的需要多久進行一次預防性維護才能將工具的性能保持在我需要的地方？所以我會說服務實際上，對我們在該工具上提供更多服務的需求可能會有所上升。但是受到影響的是 Reliant Systems，這些都是工具。它們受到與我們領先系統相同的限制的影響。他們需要所有這些組件。他們有通訊。他們需要籌碼。他們需要其他東西。因此，這些影響與領先優勢相同。

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.

然後是升級，類似地，我們正在進行的大多數升級實際上是也將進入新系統的組件。因此，我們與客戶合作，看看哪個是正確的優先呼叫。是要把新系統放在地板上嗎？還是要升級？在這個特定的季度，您可以看到我們正在談論對升級業務的一些影響。因此，希望這有助於解釋這些不同的細分市場是如何受到影響的。但正如我所說，在較長時期內，安裝基數將繼續增長。它每個季度都在增長，我們預計 CSBG 業務將隨之擴展。

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，也許我唯一要補充的就是備件，我認為，情況更好，因為我們的客戶有一些庫存。我們持有庫存。庫存一直處於歷史水平。所以我認為這是我們不相信我們正在影響已安裝基礎的部分原因。每個人都有一點庫存。

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?

偉大的。這很有幫助。道格，我知道情況仍然很不穩定，但是鑑於您和您的供應商對組件的採購承諾，您正在增加支持和後勤資源，然後您就獲得了馬來西亞的坡道，我假設這仍在繼續按計劃進行，然後你還有下半年的預測出貨量，你把所有這些放在一起，比如我們應該如何考慮今年下半年的毛利率？

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，當我今天坐在這裡時，我相信隨著我們這一年的進展，毛利率會有所提高。我會提醒你，我在上個季度也說過同樣的話，然後我們在 3 月份稍微降低了一點，錯過了我們的數字，所以我承認我們並不總是做對。但是，當我們今天坐在這裡時，我預計隨著我們全年的進展以及我們提高供應鏈輸出能力，哈倫會有所改善。

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

我們將向瑞士信貸的 John Pitzer 提出我們的下一個問題。

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，道格，只是在你的 6 月季度指南中暗示，你預計遞延收入會上升、持平還是下降？然後我猜，當您考慮在整個日曆年維持 1000 億美元的 WFE 時，這是否意味著您在 12 月和 3 月的遞延收入中看到的 10 億美元的積累在下半年減少了 10 億美元那一年？只是幫助我了解這種動態是如何工作的。

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，如果我現在猜測的話，我認為延期可能會在 6 月份再次增長，然後我希望隨著供應鏈的趕上，開始努力解決其中的一些問題。我的意思是，在本季度末有 20 億美元，我們只需要將零件運送到我們已經運送的東西上。收入方面的基礎工具也將從中受益。

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。然後是我對蒂姆的跟進。蒂姆，我有點吃驚，在 PowerPoint 中，你談到今年保持 1000 億美元，但你談到不受約束的 WFE 超過了這一點。我猜想，約束往往會產生自己的需求和客戶的風險是什麼，因為他們無法得到他們想要的東西，他們只是在你的積壓訂單中下達了比其他情況大得多的訂單？而且我想如果客戶回來並稍後重新安排交貨和時間安排，是否會產生重大的財務後果？

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。這是個好問題。我認為首先，我的意思是我們通常會收到一個問題，即該訂單是否與多個供應商一起下達，這在設備領域並不常見。因此，就您的觀點而言，也許相反，人們誇大了需求，以試圖激發一種緊迫感。我想這就是你所指出的。我們與客戶進行了非常密切和頻繁的討論。而且我認為我們要指出的是，即使有一點點，我實際上並不相信有，但如果有的話，不受限制的需求遠遠超過今年的供應量。因此，我們很高興地說我們正在推動該執行達到 1000 億美元的 WFE 水平。

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.

從財務影響的角度來看，無論是對 Lam 還是對客戶來說，這取決於您在重新安排時間時離您有多近。如果我們談論的工具是 - 以及現在已經到今年剩餘時間的預測，其中一些預測現在正在推進到 2023 年下半年，那麼除了我們正在推動之外，對 Lam 真的沒有財務影響確保我們的產能和供應鏈有能力提升到這些水平。這就是——它可能在很大程度上取決於更改的時間，這會影響某種含義。

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

我們將從 C.J. Muse 和 Evercore 提出我們的下一個問題。

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?

我試圖了解下半年日曆年的斜坡可能會是什麼樣子。如果你假設你的份額在 WFE 中保持穩定在 950 億美元到 1000 億美元之間，這意味著一半的工具增加了 25% 到 40%。所以我猜你有能力做什麼？我們是否應該考慮在第三季度實現回升，然後在第四季度實現更大的回升？隨著復甦的展開，我們應該如何看待毛利率的進展？

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.

好吧，我會回答坡道問題。我的意思很清楚，正如我所提到的，我們感覺今年上半年我們的表現不及 Lam 的設施容量。 2021 年，我們投資擴大了我們在世界各地的每家工廠，我們談到了我們可以進一步擴大這些工廠的事實。我們受到供應的限制。我們正在對其他供應商進行認證。我們正在與我們的供應商合作和投資，以提高他們自己的產能。

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.

也許我們也需要區分一點，我會讓 Doug 確認，但這是 - 當我們查看遞延收入部分與實際完成的工作時。正如道格所說，我們實際上的出貨速度比我們今年上半年確認的收入要高得多。因此，當我們希望全年執行 1000 億美元的 WFE 時，從 Lam 工廠的角度來看，下半年不必增加太多。我們需要繼續發貨，顯示產出的逐步改善，並清除確認遞延餘額收入所需的關鍵組成部分。

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。沒有什麼可補充的。 C.J.，關於毛利率的問題，當哈倫問的時候，我試圖回答。當我今天坐在這裡時，我認為下半場會變得更好。隨著我們增加輸出能力，我們的供應鏈也增加了輸出能力。我們努力減輕其中一些限制並吸收更多的固定成本。我認為它會變得更好。然後我會提醒你，我在上個季度告訴過你同樣的事情，我在三月份有點錯，但這就是我現在看到的，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?

偉大的。我想作為我的後續問題，對於 CSBG，您談到了對另一個強勁增長年的預期。我們可以從中推斷出，您期望至少有兩位數的增長嗎？

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。我不會為你量化它。所有相同的動態都已到位，對嗎？房間數量去年增長良好。鑑於 WFE 的實力，今年它將再次增長良好。在行業中的利用率非常高。該業務各個方面的投資都表現良好。我們只是在供應鏈方面落後了一點。

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

我們將回答瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）的下一個問題。

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 2 個。第一個是前一個問題的後續問題。因此，如果我只是流過超額遞延收入，你有大約 15 億美元的超額遞延收入，因為你總是會有一些遞延收入。因此，如果您假設您在今年下半年獲得了所有這些，也許您沒有，但您應該獲得大部分，我認為，那麼這將假設系統收入將至少增長 30%後半年，半年半。所以我知道你不想為今年提供指導，但我只是想知道你是否可以在今年後半段的收入方面與我們保持聯繫。是否可以合理地說，是的，系統收入將至少增長 30% 之類的？

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。蒂姆，你知道我不會給你一個電話號碼的。我們總是與數字共舞，但您的想法與我所看到的一致，是的，遞延收入高於您描述的金額。它的運行率始終存在，可能在您建議的範圍內。我們需要讓供應鏈跟上它，對吧？我們需要努力讓它變得更好，趕上現有的東西，改進我們正在運送的東西，以便減少它，而這正是我們投入資金和資源要做的事情。

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?

然後我想，道格，只是一個關於毛利率的問題。這是自 2015 年以來的最低水平，收入是當時的三倍。我想知道你是否可以做兩件事：第一，打破逆風。我知道有很多不同的事情發生，但如果你能打破逆風。然後，我想問題是，您是否有可能轉嫁其中一些成本，因為您現在必須投資於您的供應鍊等等？您可以將其中的一些傳遞給您的客戶嗎？還是你只需要吃那個？

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。蒂姆，你的觀察是對的。我對此的看法是，從利潤率的角度來看，我們的長期盈利目標與 2 多年前我們在該模型中的目標沒有變化，對吧？所以不要改變你的想法。其中一些通脹上升是永久性的。為此，我們必須得到報酬，對吧？我們必須為我們正在創造的價值以及創造該價值所需要的東西而獲得報酬。我們已經做了一些，我們需要繼續努力。其中一些成本增加本質上是暫時的。為此，我們必須努力降低成本。

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?

我們必須能夠做到這兩點。所以當你進去和你的客戶交談時，你解釋說，嘿，我們正在盡我們的一份力，我們在另一部分需要一點幫助。所以這就是我們正在考慮的方式。你是對的。邊距低於我們想要的水平。一部分是吸收固定成本，一部分是運費和物流成本高。集成電路現在很貴。我們會在需要得到報酬的地方得到報酬，我們會在需要降低成本的地方降低成本。我不知道。蒂姆，你有什麼要補充的嗎？

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，我認為這幾乎可以捕捉到它。我相信我們可以得到回報。我們也在尋找我們可以發展的方式——在這個成本上升的時代和時期，我們可以找到與客戶真正的雙贏。因此，我們專注於提高生產力的解決方案。這些是您可以嘗試降低成本的領域，您可以使該工具對客戶更有效率，並因此獲得更高的價值。再一次，回到提到設備智能解決方案，這些都是你真正通過使用數據消除了一些操作系統成本的事情。這使我們能夠為這些服務獲得報酬，並且可能對正在完成的備件或服務工作收取公允價值。客戶也獲得了生產力，感覺他們也取得了好的結果。

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

我們將向高盛的 Toshiya Hari 提出下一個問題。

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2個。第一個，我意識到這是供應受限的一年，Doug，但很好奇你是否看到不同設備類型的客戶拉動有任何波動，如果你能與 DRAM、NAND、前沿、邏輯/代工、落後.如果您發現任何有利或不利的變化，我很想听聽。

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，俊哉，真的沒有變化。我們業務、內存、代工/邏輯的各個領域的需求仍然非常強勁。我們根本沒有看到任何變化。

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.

知道了。然後作為我的後續，我想問一下邏輯 IDM 業務。很高興看到你們在這裡創造新高。我想你談到了微處理器和圖像傳感器，我認為你準備好的評論中有先進的封裝。我認為我們中的很多人都專注於並期待 MPU 業務的持續發展。我知道你不想談論特定的客戶，但如果你能提醒我們從市場份額的角度，特別是在蝕刻方面，你在進展中的位置，在你可以評論的範圍內，那將是超級有幫助。

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，我們——正如你所說，我們不想談論任何一個特定的客戶，但我在代工/邏輯中給了你幾個證明點。我的意思是，我們知道，由於我們的產品組合和市場份額，我們在這個領域曝光不足。我們一直在努力推出新產品，以擴大我們的機會，同時也通過我們擁有的產品贏得更多。而且我認為這正是您所看到的，每次轉換 - 節點轉換發生時，我們服務的市場越來越大，我們正在獲得市場份額。這不僅適用於某些客戶。我們認為，就我們的投資組合所服務的所有客戶而言，尤其是我們的機會，這是真的。

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，在上次電話會議上，我談到了我們在選擇性蝕刻方面所做的工作以及那裡的新產品組合，例如，針對全方位柵極，我也談到了本季度的擴展。這些是我們正在做的事情，以確保我們的代工/邏輯未來比過去更好。

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

我們將向摩根士丹利的喬摩爾提出下一個問題。

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?

我想知道你是否可以談談供應限制是什麼。與您在 12 月看到的限制相同嗎？還是它是新東西？與非半導體產品相比，半導體產品佔多少？

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。我可以試一試。 - 我的意思是它的基礎非常廣泛。我的意思很清楚，我們已經討論過集成電路本身是短缺的重要組成部分，也許是其中一個很長的交貨時間部分 - 短缺。我們的系統非常複雜，它們在進入我們工具的子系統內部使用了大量半導體。所以這是其中很大一部分。但我們也談到了擴大。一些擴展是在其他類型的製造零件，進入我們工具的子系統，需要材料和熟練的勞動力，而這些材料和熟練的勞動力在整個季度都供不應求。

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，我們只是與這些供應商中的每一個合作，以提高他們的產能，或者與這些供應商和客戶合作，確定替代零件、替代組件以及必要時替代供應商的資格。因此，這讓我們相信，隨著時間的推移和這些資格的發生，客戶可以接受這些新供應商和那些新組件，我們供應鏈的靈活性和彈性會在今年剩餘時間裡得到提高。

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?

偉大的。然後作為我的後續行動，你幾分鐘前發表的評論，即遞延收入將在 6 月份略有上升，我想我對此有點驚訝，因為你的收入增加了 1.5 億美元。本季度，您有 6 億美元的未滿足需求。所以我會認為6月份的整體需求至少是持平的。因此，隨著收入增加 1.5 億美元，延期付款將再次增加不少。那裡有我想念的東西嗎？

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，我不會去指導資產負債表上的一大堆數字，因為很難得到我們剛剛錯過的數字，對吧？我確實認為它會有所上升，喬。這就是我所說的。我只是沒有給它一個數字。

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

我們將向美國銀行的 Vivek Arya 提出我們的下一個問題。

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.

對於第一個問題，我很好奇中國的封鎖是否在您所看到的限制中發揮了作用。我認為，蒂姆，你提到了一些限制是由於 IC 的交貨時間長。您對此有何看法？那方面有什麼改善嗎？因為我想我真正的問題是，當我們進入第三季度日曆時，我們是否應該假設逐漸改善？或者這更像是一種加權的——一種積壓加權的、大規模的追趕改進？因此，關於中國的封鎖是否正在發揮作用以及 IC 方面這些漫長的交貨時間告訴你什麼時候可以開始看到供應方面的任何復甦的任何觀點。

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。好吧，我們已經討論了漸進式改進。因此，我們確實相信整個供應鏈的情況會變得更好。我們將其分解。您關於中國 COVID 封鎖的問題，任何新問題，任何擾亂進出我們確實有供應商的重要地點的貨運和物流的問題，顯然，由於零件進出延遲，您會浪費時間那些位置。所以這確實在本季度產生了一些影響。

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組成部分、每個約束可能會以略有不同的速度恢復。我提到預測每個組件的確切速度將是困難的。但是，當我談到較長交貨時間的 IC 時，我的意思是，我認為 IC 的少數短缺，在我們真正覺得您訂購的任何東西都正常之前，這是一個多、多季度的情況與過去一樣的交貨時間。供應鏈的其他要素與封鎖或勞動力短缺或材料短缺更相關，我認為這些要素恢復得更快，這已納入我們對今年剩餘時間的展望中.

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?

對於我的後續行動，也許是道格，一個是毛利率，一個是兩部分。我很好奇。半導體行業的其他人已經能夠提高價格並轉嫁幾乎所有類型的成本膨脹，對吧？你看看所有半導體公司的毛利率。他們比以前做得更好。那麼，如果需求如此強勁和如此高，是什麼阻止了設備製造商轉嫁這些更高的成本呢？就像您將來可以靈活地提高價格，對，以收回這些成本？成本的某些方面是否更具結構性，可能會阻止 Lam 在這些收入水平上恢復 3 或 4 個點，我認為，你應該運營的毛利率增量？

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。不，維維克。沒有什麼可以限制我們調整定價或這樣做。我的意思是，您與客戶談論事物時有節奏，您的產出如何改善，我的通貨膨脹正在做 X、Y 和 Z，我們需要一起解決這個問題。但沒有什麼能限制我們這樣做。我們已經做了一些，對吧？這並不是說我們沒有做過一些。我們有。新事物出現了。我的意思是運費仍然是一個挑戰。那應該會好起來。

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.

坦率地說，這又回到了我之前所說的。本質上更永久的成本，我們將得到報酬。暫時的東西，我們必須通過管理成本來按自己的方式工作。我們有責任同時做這兩件事，我們正在做這兩件事。從長遠來看，我不希望您認為我們的盈利目標與我們之前傳達的有任何不同，對吧？我們的目標是 300 個基點，250 到 300 個基點，我們將努力回到那個水平。

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

我們將向 Bernstein Research 的 Stacy Rasgon 提出下一個問題。

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?

我的第一個，看，我知道這是一個非常不穩定的環境，事情正在變得更糟，我明白了本季度發生的事情。但我想展望未來，鑑於整體環境更加艱難，當您實際提供指導時，您是否採取了更高水平的潛在謹慎？也許一個更好的方法是，你現在對 6 月份的指導感覺更好，而不是你對 12 月份給出 3 月份季度指導時的感覺更好嗎？鑑於更廣泛的環境惡化，您對 6 月季度的前景是否更有信心，而不是您對先前指導的看法？你是如何考慮到這一點的？

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，斯泰西。我會先嘗試一下，然後 Tim 可以添加。我們從未傳達過一些我們打算錯過的數字。讓我描述一下。盡我們所能，我們理解風險和機會。我看範圍。我看看可能發生的事情。坦率地說，3 月份發生的事情比我們預期的供應鏈更糟。有些事情，我們沒有預料到。只是他們變得更糟了，對吧？我覺得我剛剛給你的數字，42億美元，是一個好數字嗎？我所做的一切都是基於我所看到的一切、發貨的線性以及我們在供應鏈方面所做的事情以及我們擁有的所有工作組，與供應商一起解決問題。當我們坐在這裡時，我 - 我對這個數字很有信心，否則我們不會把它給你。所以事情可能會發生變化，這就是上個季度發生在我們身上的事情。我們正在努力確保這種情況不會在 6 月發生，我不希望它發生。我不知道。蒂姆，你有什麼要補充的嗎？

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。我想我只想重申，我的意思是，為確保我們正在恢復供應鏈、恢復我們的產出和支持我們的客戶而投入的精力、注意力、努力和投資的數量從未如此之高。所以我認為正如道格所說，我們有信心對我們的數字以及工具和零件以及構成這些數字所需的一切有很好的了解，這就是我們計劃執行的.

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?

對於我的後續行動，了解到您的出貨量顯然低於表觀需求並且需求明顯強勁，您有什麼方法可以量化現有的表觀需求與您提供該數據的能力之間的差距嗎？我的意思是這樣 - 需求是否比您現在能夠運送的地方高出 20%？是不是更多？是不是——除了遞延收入所在的位置之外，你可以給出任何類型的量化或顏色嗎？

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。史黛西，這就是我們為您提供年度 WFE 展望的原因，因為這實際上在某些方面代表了我們力所能及的整個行業的需求。這就是我們嘗試溝通的原因。正如蒂姆所說，這就是 1000 億美元，儘管如此，供應仍然有限。我們認為需求實際上比這要強大得多。但是 WFE 就是我們——當我們給你這個年度數字時，這就是我們試圖幫助你思考或看到我們所看到的，我想，這就是我要說的。

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

我們將向 Cowen and Company 的 Krish Sankar 提出下一個問題。

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.

我的第一個是給蒂姆或道格的。與大盤股同行相比，供應限制似乎對 Lam 的影響更大。這是因為您是一家深度蝕刻公司嗎？因此，由於真空特性，深度蝕刻產品具有更複雜的組件，您受到的影響更大嗎？如果是這樣，每當供應減少時，您是否認為對深度蝕刻設備相關的需求 - 例如工藝控製或 CMP 或外延，因為您的客戶似乎正在購買更多他們可以獲得的工具。所以我有點好奇，很想听聽你對此的看法。然後我進行了跟進。

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。所以這是一個很好的問題。我的意思很明顯，我無法詳細說明其他人的供應鏈，但我們的供應鏈相當複雜。就像你說的那樣。我們——如果您考慮蝕刻和沈積設備，它對非常複雜的氣體輸送系統、真空系統、發電和輸送系統有很多要求。正如我們所談到的，這些東西不僅需要大量的 IC 和控制能力，而且還需要大量的子系統製造、高純度氣體管線製造，以及很多複雜性。所以我不知道我們是否受到這種獨特的影響。但顯然，我們專注於支持我們看到影響的每個領域。正如我所提到的，重點是我們可以找到其他供應商的資格，這些供應商可以滿足我們對所需零件和質量的要求，然後我們對這些供應商進行資格認證，從而提高我們的能力。

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.

從長遠來看，它還為我們提供了靈活性。正如我所期待的那樣，我們今天為提高供應鏈的彈性而進行的這項投資將在長期內獲得回報，因為我們將擁有更多的供應商。我們將在靠近我們工廠所在地的地區提供供應商。我認為在未來，這也將使我們有能力以更具成本效益的方式響應需求。因此，就長期毛利率而言，我認為，從這個角度來看，我們今天所做的投資實際上是好的。

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?

知道了。知道了。蒂姆，你的後續行動顯然是，似乎每個人都在同一條船上，供應受限，需求比供應好得多。但是，您是否認為目前由於供應限制缺失而發生了任何市場份額變化？或者與過去 9 個月左右的供應受限環境相比，您的客戶是否需要更長的時間來做出這些共同決策？

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，我認為很明顯，很難說出客戶會做什麼，但很難 - 大多數關於工具的決定，工藝認證工作都遠遠提前於生產需求完成。所以我認為，從客戶到設備供應商，甚至是我們自己的供應商，每個人都在這種環境中感到如此壓力的部分原因是所有這些部件、選擇和工具選擇都是提前做出的，並且需要重新認證非常困難。這就是為什麼我們的產出恢復時間更長的原因——比我們預期的要長。獲得替代供應商資格需要一段時間。我認為客戶和半導體製造設備也是如此。因此，很長一段時間，我不相信由於這些產能限制，您會在短期內看到市場份額發生變化。

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

我們將向巴克萊銀行的 Blayne Curtis 提出下一個問題。

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 2 個。只有一個，也許我看錯了，但你稱 Reliant 和備件是錯過的主要來源。我猜與中點相比，你在 3 月和 6 月錯過了 200 個。它似乎下降了 80 的產品下降。所以也許我只是——也許我不明白為什麼 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。 Blayne，也許你誤解了我們。我們不打算傳達這一點。我沒有特別說我們因為一件事或另一件事而錯過了。坦率地說，我們錯過了因為全面設備的供應鏈限制。那是在新設備中。它也是 CSBG 的 Reliant 產品線以及 CSBG 的升級產品。所以這就是我們試圖做的——也許不是很好，但這就是我們試圖傳達的。

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?

得到你。然後只是一個更廣泛的問題。我想每個人都盡可能地詢問供應限制。我只是有點好奇，我不希望你是唯一的一個。你還沒到過這個季度，你先走了。我假設這對您的客戶來說將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將產能增加計劃推向了右側。我知道每個人都會像上一個問題一樣嘗試弄清楚每家公司如何排列，但我只是有點好奇事情是如何處理的。你認為他們會盡可能地拿走任何設備並嘗試將它們拼湊起來嗎？或者您是否會看到與他們無法獲得的設備相稱的產能增加？

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.

我想我們回答這個問題的最簡單方法是，我們看到需求沒有變化，或者我們從客戶那裡收到的按原計劃交付的壓力也沒有變化。這就是為什麼當我們審視我們為加速恢復我們的產出以滿足他們的需求而進行的投資時。那是因為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.

就您而言，他們會在不同的時間使用不同的工具嗎？我認為，如果我們不能在確切的日期為他們提供工具，我們正在與客戶一起做很多事情來滿足他們的能力限制他們要。我們談到了加速安裝。我談到了增加類似服務以從他們可能已經安裝到該工廠的工具中獲得更多輸出。我認為，在接下來的幾個季度中，如何克服這些限制需要大量的合作和創造力——這些限制已經存在了幾個季度，並且在我們通過下一個季度時可能會繼續存在。

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

我們將向 Jefferies 的 Mark Lipacis 提出下一個問題。

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。根據你們對晶圓廠設備的預期，你們對今年或明年的晶圓行業產能有何看法？顯然，鑑於當今晶圓廠設備的規模與 5 或 7 年前相比，有多少產能可以上線存在爭議。所以我想知道你是否對此有看法。如果您對行業沒有看法，我想知道您是否對最大客戶的一組或一部分有看法，如果您對今年和明年的晶圓產能增長有某種了解年。

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，我可能會談談今年。這些不是我們通常給出的數字。但我會告訴你，當我縱觀投資發生的總體情況時，我看到晶圓產能到處都在增長，幾乎在所有地方，在內存、代工廠、邏輯領域，甚至可能在代工廠的幾乎每個工藝節點上，對吧？我的意思是事情很緊張。我們試圖獲得的 IC 跨越每個不同的工藝節點，每個人都在投資以趕上需求。因此，雖然我們不分享這些數字，但我認為根據他們的投資計劃，一切都在有所上升或無論如何都在嘗試。

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

我們將回答 Atif Malik 與花旗的最後一個問題。

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，在一月份，我相信你們談論的是明年晶圓廠設備的增長。隨著全球 GDP 收縮和宏觀修正，甚至明年出現衰退，所有情景都在繼續，好奇你對明年 WFE 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。 Atif，你知道我們一次做的時間不超過 1 年。我的意思很清楚，由於各種不同的原因，經濟出現疲軟。而且我確實觀察到，當我們縱觀整個半成品行業時，半成品中更多以消費者為導向的消費可能正在軟化一點。智能手機單元可能沒有我們想像的那麼強大。 PC可能是同樣的事情。高性能計算還是很強大的。所以這就是我所看到的。不過，當蒂姆和銷售人員與我們的客戶交談時，每個人都在全力推進他們在設備方面的投資計劃。所以這就是我所看到的。我不會在 23 年完全告訴你，但事實上我們今年的客戶想要的東西發貨不足，我知道這些東西將在明年推出。所以坐穩了。隨著我們在這一年中走得更遠，我們將談論'23。

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，我得到了組件和子系統供應限制。您是否看到材料短缺（例如蝕刻和沈積工具中使用的氖氣和冷卻劑）對您的發貨造成影響？這些材料的可用性是否會影響您的發貨，或者您的客戶是否對這些材料有足夠的緩衝？

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.

到目前為止，我想說我們還沒有將這些確定為重大限制。但我們顯然正在關注出現的每一個新問題並評估其影響。但到目前為止，我們現在不會將這些確定為關鍵問題。

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

謝謝你，阿提夫。接線員，這就是我們的時間。感謝大家今天加入我們的電話會議。

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。我們感謝您的參與。您現在可以斷開連接。