KLA（KLAC）— 2026-10-28 FY27Q1（2026 年 9 月季）法說會逐字稿（英文原文＋中譯）
日期：2026-10-28（美國時間盤後） 逐字稿為 KLA earnings call 音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release／10-Q 為準。公司口述「全年」皆指曆年。
校正紀錄
本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。Memo 區塊與 Transcript 區塊同步修正。 - CFO Bren Higgins 的財務與財測段落（00:13:26–00:20:18，自「Bren Higgins: Thank you, Rick」起至準備稿結束）原標籤誤為 Rick Wallace，已改為 Bren Higgins - KLA, CFO；Q&A 中 Rick／Bren 輪流作答處原稿標籤全為 Rick Wallace，未逐段拆分（內文有「Bren? No, I think you covered it well, Rick」等線索），個別答覆講者以內文為準 - 00:41:43、00:43:50 兩段原標籤 CJ Muse（Cantor）→ Stacy Rasgon（Bernstein Research，操作員已點名）；00:57:00 原標籤 CJ Muse → Chris Caso（Wolfe Research）；00:34:56 該問題原缺講者標籤，補 Timothy Arcuri（UBS） - 「Chris, let me clarify」→ Krish（Krish Sankar）；「Thank you, Brian」→ Rick（Harlan Sur 致謝對象）；「Thank you, Beth」→ Melissa（Melissa Weathers 之致謝）；「TerraFlat」→ TeraFab（同日 Teradyne 法說亦出現，指 TeraFab 投資案） - 財務數字四項交叉驗算：①毛利率 62.7% × 營收 41.4 億 ≈ 毛利 25.96 億，減營業費用 6.88 億（R&D 3.95 + SG&A 2.93）≈ 營業利益 19.08 億，÷ 41.4 億 = 46.1% ✓；②淨利 16.0 億 ÷ 稀釋股數 13.11 億 = EPS 1.22 ✓（GAAP 15.5 ÷ 13.11 = 1.18 ✓）；③自由現金流 13.4 億 = 營運現金流 15.3 億 − 資本支出約 1.9 億（高資本支出因印度園區購地）；④12 月季財測 EPS 1.44 美元 × 13.06 億股 ≈ 18.8 億美元淨利，對應營收 47 億美元 × 營業利益率約 46–47% 扣其他費用 2,500 萬與稅率 14.5% ✓ - 營收季增：2026 年 9 月季 41.4 億（QoQ +13%）→ 6 月季約 36.6 億†（回推）；2026 年下半年對上半年成長約 25% 為公司口述 - Q&A 中 Rick 稱「Looking ahead to 2027, we expect overall memory to represent about 60% of the business」與同一份準備稿 12 月季財測（Foundry & Logic 約 60%、記憶體約 40%）相反，疑為占比講反或口誤 [數字存疑]，保留原話，memo 不採用 - 「Daily backlog continues to grow」疑為「Our backlog continues to grow daily」之轉寫，語意不變，保留原文 - 刪除站方募款宣傳行
警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。
Memo 亮點 • KLA 2026 年 9 月季度營收達到創紀錄的 41.4 億美元，超過指引中點，較上一季度增長 13%，較去年同期增長 29%（根據音頻日期推斷）。營業利潤率首次超過 46%，毛利率為 62.7%。自由現金流總計 13.4 億美元。公司預測 2026 年 12 月季度營收約為 47 億美元，顯示 2026 年下半年成長加速。 [CEO - 00:08:24] [CEO - 00:13:18] • KLA 首次實現超過 46% 的營業利潤率，非 GAAP 稀釋每股盈餘為 1.22 美元，GAAP 稀釋每股盈餘為 1.18 美元，均高於指引中點。淨利潤為 16 億美元（GAAP：15.5 億美元）。 [CEO - 00:13:03] • 先進封裝製程控制系統營收預計 2026 年全年約達 11 億美元，較去年同期增長超過 70%，幾乎是先進封裝市場成長速度的兩倍。 [CEO - 00:10:11] • KLA 本季度服務營收為 8.5 億美元，較去年同期增長 14%，受益於安裝基數擴大及系統高利用率。 [CEO - 00:10:44] • KLA 本季度末持有現金、現金等價物及可供出售有價證券總計 47 億美元，負債為 59.5 億美元。公司維持三大評級機構的投資級評級。 [CEO - 00:14:27] • KLA 調升對晶圓設備市場（含先進封裝）的預期，預計 2026 年全年市場規模約達 1500 多億美元中段，並預期 2027 年市場規模將超過 2000 億美元。 [CEO - 00:15:01] 總體經濟 • 半導體在全球產業中扮演越來越重要的角色，成長動力來自於人工智慧基礎設施投資及更廣泛應用與終端市場的需求擴大。 [CEO - 00:11:37] 產業循環週期 • 產業展望持續強化，隨著客戶增加長期投資計畫，能見度提升。KLA 預期 2027 年晶圓設備市場將顯著成長，規模將超過 2000 億美元。 [CEO - 00:14:46] • KLA 預期未來數季將持續季增，顯示下半年較強，但成長趨勢較為線性，非 2026 年明顯的上下半年跳升。 [CEO - 00:23:55] 產業供需 • 強勁的客戶互動提供對 2026 及 2027 年晶圓設備投資更有利的展望。訂單積壓增長速度是加速動能的關鍵指標，並增強對 2027 年能見度的信心。 [CEO - 00:09:20] • 需求依然強勁，尤其是領先技術及先進封裝。KLA 供應仍有落後，但趨勢正向，公司對指引充滿信心。 [CEO - 00:21:57] 產業狀況 • 2026 年全年人工智慧需求環境持續強化，反映在 KLA 的表現上。先進封裝對 AI 基礎設施擴展越來越關鍵，路線圖包含更複雜的晶圓前段製程。 [CEO - 00:09:11] 獲利 • KLA 於 2026 年 9 月季度首次實現超過 46% 的營業利潤率，毛利率為 62.7%。淨利潤為 16 億美元（GAAP：15.5 億美元）。 [CEO - 00:13:03] • 非 GAAP 稀釋每股盈餘為 1.22 美元，GAAP 稀釋每股盈餘為 1.18 美元，均高於各自指引區間中點。 [CEO - 00:13:26] 公司展望、未來成長動能 • KLA 預期業務動能將持續至 12 月季度，為 2027 年全年顯著成長奠定基礎。公司持續專注於支持客戶路線圖、投資創新及擴大全球能力，以因應 2027 年及以後預期的需求成長。 [CEO - 00:09:36] • KLA 12 月季度指引預計營收為 47 億美元，正負 2 億美元。公司預期 2027 年將持續季增。 [CEO - 00:16:31] • KLA 正投資於旗下所有工廠，資本支出預計未來數年將增至每年 6 億至 8 億美元，重點在擴充產能及支持長期成長。 [CEO - 00:45:49] 市場競爭策略 • KLA 認為其差異化產品組合獨特地符合日益嚴苛的製程控制強度需求，同時持續的 AI 資料中心投資及先進封裝架構的廣泛採用，持續擴大公司可服務市場。 [CEO - 00:12:10] • KLA 預期 2027 年將超越市場成長，特別是在先進封裝領域，並對於維持及擴大其重要性充滿信心，正如投資者日所述。 [CEO - 00:33:42] 營收 • 2026 年 9 月季度營收為 41.4 億美元，超過指引中點，較上一季度成長 13%，較去年同期成長 29%。12 月季度營收指引約為 47 億美元。 [CEO - 00:08:29] [CEO - 00:13:18] 訂單 • 訂單積壓增長速度是加速動能的關鍵指標，並增強對 2027 年能見度的信心。每日訂單積壓持續增加，銷售管線能見度前所未有，受惠於廣泛客戶的新晶圓廠投資。 [CEO - 00:11:21] 產品組合 • 12 月季度，半導體客戶中晶圓代工及邏輯營收預計約佔 60%，記憶體約佔 40%。在記憶體中，DRAM 預計約佔 84%，NAND 佔 16%。 [CEO - 00:16:37] 營收地區 • 中國營收在 2026 年 9 月略有增加，但預計第四季將下降。中國營收佔比預計第四季為 27% 至 29% 的高區間，2027 年則降至 20% 初段。中國市場成長遠低於整體業務。 [CEO - 00:55:20] 上游廠商 • 過去一年，KLA 積極與策略供應鏈夥伴合作，提升其產能以滿足需求。公司投資於所有運營工廠，並與關鍵供應商（尤其是光學領域）密切合作，投資支持長交期項目。 [CEO - 00:09:46] 下游客戶 • 強勁的客戶互動提供對 2026 及 2027 年晶圓設備投資更有利的展望。客戶主要關注與新專案計畫相符的交付緊迫性。 [CEO - 00:09:20] 同業 • KLA 在其供應鏈最重要的光學元件上，並不與主要競爭對手競爭。KLA 內部有時會為這些元件競爭，但一旦能見度建立，供應通常可靠。 [CEO - 00:48:56] 稼動率 • KLA 系統運作利用率極高，公司將在未來 12 個月內於製造及服務部門增加人力，特別是在量產導向業務，以及應用與工程部門。 [CEO - 00:32:00] 存貨庫存 • 在強勁成長環境下，所有人都面臨處理避險及緩衝庫存，以及過剩庫存的挑戰。當需求高漲時，依賴供應商所能提供的即時供貨會帶來挑戰。 [CEO - 00:48:33] 出貨週期與交期 • 交貨期因產品而異，平均約 12 個月，且邊際上持續延長。某些產品如第四代及第五代產品線，交貨期甚至更長。 [CEO - 00:31:34] • 部分客戶要求交貨，但自身廠房也面臨延遲，因此問題不僅在設備，也在晶圓廠的準備度。支持產業需要所有設備供應商及廠房皆準備就緒。 [CEO - 00:50:32] 新產品／新技術 • KLA 正投資於次世代產品開發，並擴大業務執行及公司基礎設施，以支持未來數年預期的營收成長。公司利用先進平台的研發成果，並以符合先進封裝高端需求的成熟產品處於有利位置。 [CEO - 00:17:51] • 在先進封裝領域，製程趨向更接近前段，混合鍵合及邏輯裝置增加，推動對更高靈敏度的需求。靈敏度從微米級提升至約 100 奈米，需更先進系統。 [CEO - 00:57:53] 產品價格 • KLA 積極優化系統中的記憶體效率，並推動其他產品成本降低措施。這些努力結合與客戶的價值共享，預期將隨時間抵銷成本壓力。 [CEO - 00:17:21] • 持續推動價格策略，隨著新功能推出及與客戶共享價值，預期將逐步反映。記憶體環境仍具挑戰，但預期將逐步改善。 [CEO - 00:25:53] 合約價、現貨價 • 既有業務及訂單中已有合約，價格調整困難。新合約談判時，預期價格將改善，特別是隨著製程控制在 2027 年下半年回升至 60% 中段的利潤率水平。 [CEO - 00:29:22] 成本毛利 • 12 月季度毛利率預計為 62.5%，正負 1 個百分點。系統影像處理所需的持續高記憶體成本，將由持續的產品成本降低措施抵銷。 [CEO - 00:17:12] • 2026 年 9 月季度營運費用總計 6.88 億美元，其中研發費用 3.95 億美元，銷售及管理費用 2.93 億美元。12 月季度營運費用預計約 7.1 億美元。 [CEO - 00:13:42] 原物料／關鍵零組件 • KLA 面臨市場記憶體價格風險。公司目前較不擔心供應，但記憶體價格仍是成本結構的因素。 [CEO - 01:02:50] 銷售／管理／研發費用 • 2026 年 9 月季度營運費用總計 6.88 億美元，其中研發費用 3.95 億美元，銷售及管理費用 2.93 億美元。12 月季度營運費用預計約 7.1 億美元。 [CEO - 00:13:42] 擴廠規劃 • KLA 在印度購置重要土地建設新園區，以支持長期成長。公司在各地點持續投資，資本支出預計未來數年將增至每年 6 億至 8 億美元。 [CEO - 00:45:49] 營業利益 • 2026 年 9 月季度營業利潤率較上一季度提升 240 個基點，達 46.1%。 [CEO - 00:13:51] 業外損益 • 其他模型假設包括 12 月季度約 2500 萬美元的淨其他收入及費用支出，預計將維持此季度水平。 [CEO - 00:18:23] 稅率 • 12 月季度預計稅率為 14.5%。稅率將因利潤地理分佈及各種離散項目而季度間波動。 [CEO - 00:18:34] 股本、增資、可轉換債券、庫藏股 • 公司 2026 年 9 月季度稀釋加權平均流通股數為 13.11 億股。12 月季度每股盈餘指引基於約 13.06 億股完全稀釋股數。 [CEO - 00:14:09] 現金、現金流 • 2026 年 9 月季度營運現金流為 15.3 億美元，自由現金流為 13.4 億美元。KLA 本季度末持有現金、現金等價物及可供出售有價證券總計 47 億美元。 [CEO - 00:14:03] 避險 • 在強勁成長環境下，所有人都面臨處理避險及緩衝庫存，以及過剩庫存的挑戰。 [CEO - 00:48:33] 長短期借款 • KLA 本季度末負債為 59.5 億美元，維持靈活且具吸引力的債券到期結構，並獲得三大評級機構的投資級評級支持。 [CEO - 00:14:27] Transcript Presentation Stephanie - Conference Operator
(00:00:00)Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press star zero, and a member of our team will be happy to help you.
(00:00:00)感謝您持續的耐心等待。您的會議將很快開始。如果您在任何時候需要協助，請按星號零，團隊成員將樂意協助您。
Speaker01
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(00:00:43)¶¶....感謝您持續的耐心等待。... ...¶¶¶¶¶¶¶¶¶¶
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Stephanie - Conference Operator
(00:06:18)Please stand by. Your meeting is about to begin. Good afternoon. My name is Stephanie, and I will be your conference operator today. At this time, I would like to welcome everyone to the KLA Corporation September Quarter 2026 Earnings Conference Call and Webcast. All participant lines have been placed in listen-only mode to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question at that time, please press star 1 on your telephone keypad.
(00:06:18)請稍候。您的會議即將開始。下午好。我叫 Stephanie，今天將擔任您的會議操作員。此時，我想歡迎大家參加 KLA 公司 2026 年 9 月季度財報電話會議及網路直播。所有參與者的通話線路已設置為僅聽模式，以防止任何背景噪音。在發言者的發言後，將進行問答環節。如果您想在那時提出問題，請按電話鍵盤上的星號 1。
Stephanie - Conference Operator
(00:06:48)If you wish to remove yourself from the queue, please press star two. Please limit yourself to one question and one follow-up. Lastly, should you need operator assistance, please press star zero. Thank you. I will now turn the call over to Kevin Kessel, Vice President of Investor Relations and Market Analytics. Please go ahead.
(00:06:48)如果您希望退出隊列，請按星號 2。請限制自己提出一個問題和一個後續問題。最後，如果您需要操作員協助，請按星號零。謝謝。現在我將通話轉交給 KLA 的投資者關係及市場分析副總裁 Kevin Kessel。請開始。
Kevin Kessel - KLA, Investor Relation
(00:07:09)Welcome to the September 2026 quarterly earnings call. Joining me are our CEO, Rick Wallace, and our CFO, Bren Higgins. We will discuss today's results as well as our outlook, which we released after the market closed; it is available on our website along with supplemental materials. We are presenting today's discussion and metrics on a non-GAAP financial basis unless otherwise specified. All full-year references we make always refer to calendar years. The earnings material contains a detailed reconciliation of GAAP to non-GAAP results.
(00:07:09)歡迎參加 2026 年 9 月季度財報電話會議。與我一起的是我們的首席執行官 Rick Wallace 和首席財務官 Bren Higgins。我們將討論今天的結果以及我們的展望，這些在市場關閉後發布；可在我們的網站上找到，並附有補充材料。除非另有說明，否則我們今天的討論和指標將以非公認會計原則（non-GAAP）財務基礎呈現。我們所提及的所有全年參考均指日曆年。財報材料包含 GAAP 與非 GAAP 結果的詳細調整。
Kevin Kessel - KLA, Investor Relation
(00:07:39)Our comments today are subject to risks and uncertainties reflected in the disclosure of risk factors in our SEC filings. Any forward-looking statements, including those we make on the call today, are also subject to those risks, and KLA cannot guarantee that these forward-looking statements will materialize. Our actual results may differ significantly from those projected in our forward-looking statements. For any subsequent updates, please refer to KLA's Investor Relations website, which also contains investor events, presentations, and corporate governance information, as well as links to our SEC filings.
(00:07:39)我們今天的評論受到風險和不確定性的影響，這些風險因素在我們的 SEC 文件中有披露。任何前瞻性聲明，包括我們今天在通話中所做的聲明，也受到這些風險的影響，KLA 無法保證這些前瞻性聲明會實現。我們的實際結果可能與我們在前瞻性聲明中預測的結果有顯著差異。有關任何後續更新，請參閱 KLA 的投資者關係網站，該網站還包含投資者活動、簡報和公司治理信息，以及我們的 SEC 文件的鏈接。
Kevin Kessel - KLA, Investor Relation
(00:08:11)We will begin the call with Rick providing commentary on the quarter and our overall business environment, followed by Bren with financial highlights and our outlook. I'll pass the call now to Rick. Rick?
(00:08:11)我們將以 Rick 對季度和整體商業環境的評論開始通話，接著由 Bren 提供財務亮點和我們的展望。現在我將通話轉交給 Rick。Rick？
Rick Wallace - KLA, CEO
(00:08:23)Thanks, Kevin. KLA's September quarter beat the midpoint of our guidance ranges across all key metrics. Revenue was another record at $4.14 billion. This, coupled with our December quarter revenue guidance of approximately $4.7 billion, demonstrates the growth acceleration we planned for the second half of 2026. KLA's performance in the quarter was supported by continued strength in leading-edge foundry logic related to AI infrastructure investments and increasing process control intensity across leading-edge devices and advanced packaging.
(00:08:23)謝謝，Kevin。KLA 的 9 月季度在所有關鍵指標上均超過了我們指導範圍的中點。收入再次創下新高，達到 41.4 億美元。這與我們 12 月季度的收入指導約 47 億美元相結合，顯示出我們對 2026 年下半年的增長加速的計劃。KLA 在本季度的表現得益於在與 AI 基礎設施投資相關的先進製造邏輯的持續強勁，以及在先進設備和高級封裝中的過程控制強度的增加。
Rick Wallace - KLA, CEO
(00:08:59)Other highlights for the quarter include KLA achieving operating margins above 46% for the first time ever. Gross margin was 62.7%, and free cash flow totaled $1.34 billion. Throughout calendar 2026, the AI demand environment has continued to strengthen, as reflected in our performance. Additionally, strong customer engagement has provided visibility into a more favorable outlook for wafer equipment investment in calendar years 2026 and 2027. We see this reflected in our growing backlog and sales funnel forecast.
(00:08:59)本季度的其他亮點包括 KLA 首次實現超過 46% 的營業利潤率。毛利率為 62.7%，自由現金流總額為 13.4 億美元。在 2026 年的整個日曆年中，人工智慧需求環境持續增強，這在我們的表現中得到了體現。此外，強勁的客戶參與度為 2026 年和 2027 年的晶圓設備投資提供了更有利的前景。我們在不斷增長的訂單積壓和銷售漏斗預測中看到了這一點。
Rick Wallace - KLA, CEO
(00:09:36)We expect momentum across our business to continue into the December quarter, positioning us to deliver significant growth in calendar 2027. We have been proactively collaborating with our strategic supply chain partners over the past year to increase their capacity to meet our demand. Advanced packaging remains increasingly critical to AI infrastructure expansion, with roadmaps incorporating more sophisticated wafer front-end processes that drive additional process control requirements.
(00:09:36)我們預計業務的動能將持續到 12 月季度，使我們能夠在 2027 年實現顯著增長。在過去的一年中，我們一直在積極與戰略供應鏈合作夥伴合作，提高他們的產能以滿足我們的需求。先進封裝對於人工智慧基礎設施擴展變得越來越重要，路線圖中納入了更複雜的晶圓前端工藝，這推動了額外的工藝控制需求。
Rick Wallace - KLA, CEO
(00:10:11)KLA's leading process control portfolio enables us to address these requirements across a growing range of applications. For calendar 2026, advanced packaging process control systems revenue is on track to reach approximately $1.1 billion, representing more than 70% year-over-year growth—nearly twice the growth rate of the advanced packaging market. The growing complexity of KLA's installed base and lengthening tool life cycles continue to increase demand for services. KLA's services revenue was $850 million in the quarter,
(00:10:11)KLA 的領先工藝控制產品組合使我們能夠滿足這些需求，涵蓋越來越多的應用。對於 2026 年，先進封裝工藝控制系統的收入預計將達到約 11 億美元，年增長率超過 70%——幾乎是先進封裝市場增長率的兩倍。KLA 安裝基數的日益複雜性和工具壽命的延長持續增加對服務的需求。KLA 本季度的服務收入為 8.5 億美元，
Rick Wallace - KLA, CEO
(00:10:48)up 14% year-over-year, supported by a growing installed base and customers' continued focus on tool performance, productivity, and availability in this tight system utilization environment. Finally, KLA's process, PCB, and component inspection businesses are benefiting from technology transitions and the rigorous performance requirements of high-performance computing. In summary, KLA is experiencing strengthening momentum driven by growth across the semiconductor ecosystem. The pace of our backlog growth is a key indicator of accelerating momentum and provides confidence in our visibility into calendar 2027.
(00:10:48)年增長 14%，得益於不斷增長的安裝基數和客戶對工具性能、生產力和可用性的持續關注，尤其是在這種緊張的系統利用環境中。最後，KLA 的工藝、PCB 和元件檢測業務受益於技術轉型和高性能計算的嚴格性能要求。總結來說，KLA 正在經歷增強的動能，這是由半導體生態系統的增長驅動的。我們的訂單積壓增長速度是一個加速動能的關鍵指標，並為我們對 2027 年的預測提供了信心。
Rick Wallace - KLA, CEO
(00:11:30)Our September quarter results demonstrate the strength of KLA's market position and operational execution. Semiconductors continue to play an increasingly important role across global industries, with growth driven by investment in AI infrastructure and expanding demand across a broader range of applications and end markets. Together, these trends support stronger, more durable, and more diversified long-term growth for the industry. Additionally, the growing complexity of AI-enabled semiconductors is increasing process control intensity throughout the manufacturing flow, reinforcing KLA's long-term growth opportunities.
(00:11:30)我們的 9 月季度業績展示了 KLA 的市場地位和運營執行的強勁。半導體在全球各行各業中扮演著越來越重要的角色，增長是由對人工智慧基礎設施的投資和對更廣泛的應用及終端市場的需求擴大所驅動的。這些趨勢共同支持了行業更強勁、更持久和更多元化的長期增長。此外，人工智慧啟用的半導體日益複雜化，增加了整個製造流程中的工藝控制強度，強化了 KLA 的長期增長機會。
Rick Wallace - KLA, CEO
(00:12:10)KLA's differentiated portfolio is uniquely positioned to address these requirements, while sustained AI data center investment and broader adoption of advanced packaging architectures continue to expand the company's addressable market. Looking ahead, we remain focused on supporting customer roadmaps, investing in innovation, and scaling our global capabilities to meet expected demand growth through calendar 2027. As we progress toward our 2030 target model, we remain committed to disciplined execution, technology leadership, and our proven capital allocation strategy, which will enable us to create durable shareholder value.
(00:12:10)KLA 的差異化產品組合獨特地定位於滿足這些需求，而持續的人工智慧數據中心投資和更廣泛的先進封裝架構採用則繼續擴大公司的可服務市場。展望未來，我們將繼續專注於支持客戶的路線圖，投資於創新，並擴大我們的全球能力，以滿足預期的需求增長，直至 2027 年。隨著我們朝著 2030 年目標模型的推進，我們仍然致力於嚴謹的執行、技術領導和我們經過驗證的資本配置策略，這將使我們能夠創造持久的股東價值。
Rick Wallace - KLA, CEO
(00:12:53)With that, I'll turn the call over to Bren to discuss the quarter's financial highlights. Bren Higgins: Thank you, Rick. KLA delivered strong sequential and year-over-year growth in the September quarter. For the first time in our company history, KLA achieved operating margins over 46%. These results reflect our market leadership and disciplined execution, supported by our global team's dedication and focus on customer success. Revenue of $4.14 billion exceeded the midpoint of guidance, rising 13% sequentially and 29% year over year.
(00:12:53)接下來，我將把電話交給 Bren，讓他來討論本季度的財務亮點。Bren Higgins： 謝謝你，Rick。KLA 在 9 月季度實現了強勁的環比和同比增長。KLA 首次在公司歷史上實現了超過 46% 的營業利潤率。這些結果反映了我們的市場領導地位和嚴謹的執行，得益於我們全球團隊對客戶成功的奉獻和專注。41.4 億美元的收入超過了指導的中點，環比增長 13%，同比增長 29%。
Bren Higgins - KLA, CFO
(00:13:26)Non-GAAP diluted EPS was $1.22, and GAAP diluted EPS was $1.18, both above the midpoint of their respective guidance ranges. Gross margin was 62.7%, slightly above the midpoint of the guidance range. Operating expenses totaled $688 million, including $395 million in R&D and $293 million in SG&A. Operating margin increased 240 basis points sequentially to 46.1%. Net income was $1.60 billion. GAAP net income was $1.55 billion. Cash flow from operations was $1.53 billion. Free cash flow was $1.34 billion.
(00:13:26)非 GAAP 稀釋每股收益為 1.22 美元，GAAP 稀釋每股收益為 1.18 美元，均高於各自指導範圍的中點。毛利率為 62.7%，略高於指導範圍的中點。營業費用總額為 6.88 億美元，其中包括 3.95 億美元的研發費用和 2.93 億美元的銷售及管理費用。營業利潤率環比增長 240 個基點，達到 46.1%。淨收入為 16 億美元。GAAP 淨收入為 15.5 億美元。營運現金流為 15.3 億美元。自由現金流為 13.4 億美元。
Bren Higgins - KLA, CFO
(00:14:09)The company had 1.311 billion diluted weighted average shares outstanding for the quarter. The breakdown of revenue by reportable segments, markets, major products, and regions can be found within the shareholder letter and slides. Moving to the balance sheet, KLA ended the quarter with $4.7 billion in total cash, cash equivalents, and marketable securities, alongside $5.95 billion of debt. The company maintains a flexible and attractive bond maturity profile, supported by investment-grade ratings from all three major rating agencies.
(00:14:09)本季度公司有 13.11 億稀釋加權平均流通股。按可報告的細分市場、主要產品和地區的收入細分可在股東信和幻燈片中找到。轉到資產負債表，KLA 以 47 億美元的現金、現金等價物和可交易證券結束了本季度，並擁有 59.5 億美元的債務。公司保持靈活且具吸引力的債券到期結構，並獲得三大主要評級機構的投資級評級支持。
Bren Higgins - KLA, CFO
(00:14:46)The industry outlook continues to strengthen, with visibility improving as customers increase long-term investment plans. Despite these fast-paced limitations, customers have been very resourceful and are accelerating delivery expectations across all segments. We are therefore raising our expectation for the wafer equipment market, including advanced packaging, to approximately the mid-$150 billion range in calendar 2026. Daily backlog continues to grow, and our sales funnel visibility is unprecedented, supported by new FAB investments from a broad base of customers.
(00:14:46)行業前景持續增強，隨著客戶增加長期投資計劃，能見度也在改善。儘管面臨這些快速變化的限制，客戶非常有資源，並在所有細分市場加快交付預期。因此，我們提高了對晶圓設備市場的預期，包括先進封裝，預計在 2026 年將達到約 1500 億美元的中間範圍。每日訂單積壓持續增長，我們的銷售漏斗能見度前所未有，得益於來自廣泛客戶基礎的新 FAB 投資。
Bren Higgins - KLA, CFO
(00:15:21)We continue to plan for significant growth in calendar 2027. While we will provide more details about market and customer segment expectations for next year in our earnings call in late January, we currently expect the wafer equipment market to exceed $200 billion in calendar 2027. Customer engagement remains strong, with numerous new fab projects and greenfield facilities scheduled to come online in the upcoming quarters. Our customers are primarily focused on delivery urgency aligned with their new project plans.
(00:15:21)我們繼續計劃在 2027 年實現顯著增長。雖然我們將在 1 月底的財報電話會議中提供有關明年市場和客戶細分預期的更多細節，但我們目前預計晶圓設備市場在 2027 年將超過 2000 億美元。客戶參與度仍然強勁，許多新的晶圓廠項目和綠地設施預計將在即將到來的幾個季度上線。我們的客戶主要專注於與他們的新項目計劃相一致的交付緊迫性。
Bren Higgins - KLA, CFO
(00:15:53)Against this backdrop, KLA's business momentum and critical role in leading-edge process control position us to deliver accelerating growth through the remainder of calendar 2026 and into 2027. Our expectations for revenue growth acceleration in the second half of 2026 are materializing as more capacity comes online in our long lead-time supply chain areas. This is resulting in approximately 25% growth in the second half of calendar year 2026 compared to the first half. It also positions the company for continued sequential growth into calendar 2027.
(00:15:53)在這樣的背景下，KLA 的業務動能和在尖端製程控制中的關鍵角色使我們能夠在 2026 年日曆年剩餘時間及 2027 年實現加速增長。我們對 2026 年下半年收入增長加速的預期正在實現，因為我們的長期供應鏈領域有更多產能上線。這導致 2026 年日曆年下半年與上半年相比增長約 25%。這也為公司在 2027 年日曆年持續增長奠定了基礎。
Bren Higgins - KLA, CFO
(00:16:31)KLA's December quarter guidance forecasts revenue of $4.7 billion, plus or minus $200 million. Foundry and logic revenue for semiconductor customers is expected to be approximately 60%, with memory accounting for about 40% of semiconductor process control systems revenue to these customers. Within memory, DRAM is anticipated to represent approximately 84%, with NAND comprising the remaining 16%. As a reminder, these business mix approximations pertain solely to our semiconductor customers and do not fully reflect our total semiconductor process control systems revenue.
(00:16:31)KLA 的 12 月季度指引預測收入為 47 億美元，誤差範圍為正負 2 億美元。半導體客戶的晶圓和邏輯收入預計約為 60%，而記憶體則佔這些客戶半導體製程控制系統收入的約 40%。在記憶體中，DRAM 預計將佔約 84%，NAND 則佔剩餘的 16%。提醒一下，這些業務組合的近似值僅與我們的半導體客戶相關，並不完全反映我們的總半導體製程控制系統收入。
Bren Higgins - KLA, CFO
(00:17:09)Gross margin for the December quarter is forecasted at 62.5%, plus or minus one percentage point. While the company is demonstrating expected operating leverage across the business as it grows, this is being offset by persistently high memory costs for our system image processing requirements, as discussed in prior quarters. We are actively engaged across the portfolio to optimize memory efficiency in our systems, alongside other product cost reduction initiatives. These efforts, combined with driving our usual returns-based value sharing with customers, should offset this headwind over time.
(00:17:09)12 月季度的毛利率預測為 62.5%，誤差範圍為正負 1 個百分點。雖然公司在增長過程中展現出預期的經營槓桿，但這被我們系統影像處理需求的持續高記憶體成本所抵消，如前幾個季度所討論的。我們正在積極參與整個產品組合，以優化我們系統中的記憶體效率，並推動其他產品成本降低的舉措。這些努力，加上推動我們與客戶的基於回報的價值分享，應該能隨著時間的推移抵消這一逆風。
Bren Higgins - KLA, CFO
(00:17:46)Operating expenses are forecasted to be approximately $710 million in the December quarter. We will continue to prioritize next-generation product development, scaling our business execution and company infrastructure investments to support expected revenue growth over the next several years. We anticipate these expenses to grow sequentially through 2027, but at a much slower pace than revenue growth, consistent with our business model for operating margin leverage. As a reminder, our business model is designed to deliver 40 to 50% incremental operating margin leverage on revenue growth over the long term.
(00:17:46)預計 12 月季度的營運支出約為 7.1 億美元。我們將繼續優先考慮下一代產品開發，擴大我們的業務執行和公司基礎設施投資，以支持未來幾年的預期收入增長。我們預計這些支出將在 2027 年之前逐季增長，但增長速度將遠低於收入增長，這與我們的經營模式相一致，以實現營運利潤的槓桿。提醒一下，我們的業務模式旨在在長期內實現 40% 到 50% 的增量營運利潤槓桿。
Bren Higgins - KLA, CFO
(00:18:23)Other model assumptions include net other income and expense of approximately $25 million expense for the December quarter, which we expect to remain at this quarterly level. The planned tax rate is 14.5%. Our tax rate will vary quarter to quarter due to the geographic distribution of profit and various discrete items. In the December quarter, non-GAAP diluted EPS is expected to be $1.44, plus or minus 11 cents, and GAAP diluted EPS is expected to be $1.41, plus or minus 11 cents. EPS guidance is based on a fully diluted share count of approximately 1.306 billion shares.
(00:18:23)其他模型假設包括 12 月季度約 2500 萬美元的淨其他收入和支出，我們預計將保持在這一季度水平。計劃的稅率為 14.5%。我們的稅率將因利潤的地理分佈和各種離散項目而有所變化。在 12 月季度，非 GAAP 稀釋每股收益預計為 1.44 美元，誤差範圍為正負 11 美分，GAAP 稀釋每股收益預計為 1.41 美元，誤差範圍為正負 11 美分。每股收益指引是基於約 13.06 億股的完全稀釋股份數。
Bren Higgins - KLA, CFO
(00:19:04)In conclusion, process control, and KLA in particular, remain critical to the AI ecosystem build-out and benefit from numerous ongoing relevance inflections, including increases in leading-edge designs across Foundry and Logic, device size and value, rising complexity and performance requirements, and the growing importance of advanced packaging. KLA is experiencing strengthening momentum and a broader set of growth drivers across the semiconductor ecosystem. The rate and pace of our backlog growth is a key signal of our accelerating momentum and increased confidence in our visibility leading into calendar 2027.
(00:19:04)總結來說，製程控制，尤其是 KLA，對 AI 生態系統的建設至關重要，並受益於許多持續的相關變化，包括在晶圓廠和邏輯領域的尖端設計增加、設備大小和價值、日益增長的複雜性和性能要求，以及先進封裝日益重要性。KLA 正在經歷增強的動能和更廣泛的增長驅動因素，涵蓋半導體生態系統。我們的訂單增長速度和步伐是我們加速動能和對 2027 年日曆年可見性信心的關鍵信號。
Bren Higgins - KLA, CFO
(00:19:43)Our September quarter results demonstrate the strength of KLA's market position and operating model execution, supporting continued confidence in our performance moving forward. These recent results also illustrate the strength of KLA's market-leading portfolio, disciplined operating model execution, and ongoing confidence in improving our performance. Looking ahead, we remain focused on supporting customer roadmaps, investing in innovation, and scaling our global capabilities to meet expected demand growth throughout calendar 2027 and beyond.
(00:19:43)我們的 9 月季度結果展示了 KLA 的市場地位和營運模式執行的強勁，支持我們未來表現的持續信心。這些最近的結果也展示了 KLA 市場領先的產品組合、嚴謹的營運模式執行，以及對改善我們表現的持續信心。展望未來，我們將繼續專注於支持客戶的路線圖，投資於創新，並擴大我們的全球能力，以滿足 2027 年日曆年及以後預期的需求增長。
Bren Higgins - KLA, CFO
(00:20:18)As we progress towards our 2030 target model, we remain committed to disciplined execution, technology leadership, our proven capital allocation strategy, and creating durable shareholder value. That concludes my prepared remarks. Kevin, please begin the Q&A.
(00:20:18)隨著我們朝著 2030 年目標模型的進展，我們將繼續致力於嚴謹的執行、技術領導、我們經過驗證的資本配置策略，以及創造持久的股東價值。這就是我準備的發言結束。Kevin，請開始問答環節。
Stephanie - Conference Operator
(00:20:36)Thank you.
(00:20:36)謝謝。
Kevin Kessel - KLA, Investor Relation
(00:20:37)Operator, can you please provide the instructions? Sorry, could you please give the instructions so we can get started? Thank you.
(00:20:37)操作員，您能提供指示嗎？抱歉，您能給出指示以便我們開始嗎？謝謝。
Stephanie - Conference Operator
(00:20:43)Thank you, Kevin. At this time, if you'd like to ask a question, please press star 1 on your telephone keypad. If you wish to remove yourself from the queue, you may do so by pressing star 2. We remind you to please unmute your line when introduced and, if possible, pick up your handset for optimal sound quality. In the interest of time, we ask that you please limit yourself to one question and one follow-up. We'll now take our first question from Jim Schneider with Goldman Sachs. Please go ahead. Your line is open.
(00:20:43)謝謝你，Kevin。此時，如果您想提問，請在電話鍵盤上按星號 1。如果您希望退出隊列，可以按星號 2。我們提醒您在被介紹時請解除靜音，如果可能的話，拿起您的話筒以獲得最佳音質。為了節省時間，我們請您限制在一個問題和一個後續問題。我們現在將接聽來自高盛的 Jim Schneider 的第一個問題。請開始。您的線路已開通。
Q&A Jim Schneider - Goldman Sachs, Analyst
(00:21:12)Good afternoon, and thanks for taking my question. It's good to see the accelerated growth in the back half relative to calendar 2027. Regarding your view of $200 billion in WFE, you obviously have strong drivers such as advanced packaging growth. Could you please articulate how you see calendar 2027 shaping up and your confidence in your ability to outgrow that 30%? Rough market outlook for 2027. Thank you.
(00:21:12)下午好，感謝您回答我的問題。很高興看到 2027 年日曆年下半年的增長加速。關於您對 2000 億美元 WFE 的看法，顯然您有強勁的驅動因素，例如先進封裝的增長。您能否闡述一下您對 2027 年日曆年的看法，以及您對超越 30% 的增長能力的信心？2027 年的市場前景不佳。謝謝。
Rick Wallace - KLA, CEO
(00:21:45)Jim, thanks for the question. When we look at 2027, and we've been saying this for quite some time, we believe the setup for 2027 is quite favorable for us. The outlook for 2027 looks very promising. First, we feel very confident about our supply situation. We've been addressing this over the past 12 months. We indicated that we expect an acceleration in the second half. Certain components have very long lead times, so bringing them online was challenging in the first half, but we are now seeing progress, which informs our confidence in the December quarter and our outlook into 2027.
(00:21:45)吉姆，謝謝你的提問。當我們展望 2027 年時，我們已經說過這一點很長一段時間，我們相信 2027 年的形勢對我們來說相當有利。2027 年的前景看起來非常有希望。首先，我們對供應情況感到非常有信心。在過去的 12 個月中，我們一直在解決這個問題。我們表示預期下半年會加速增長。某些元件的交貨時間非常長，因此在上半年將它們投入生產是具有挑戰性的，但我們現在看到進展，這使我們對12 月季度的信心以及對 2027 年的展望有所增強。
Rick Wallace - KLA, CEO
(00:22:20)The setup for 2027 around the leading edge, both in terms of the breadth of investment and new node development, positions the company very well. There is significant greenfield investment in DRAM. The HBM dynamics are also impacting process control intensity. We are seeing uplifts in process control intensity in conventional memory as well. Advanced packaging continues to be a strong growth driver. I see no reason why this segment wouldn't continue to grow faster than the market next year. Overall, the setup is very focused on leading-edge technologies.
(00:22:20)2027 年的形勢在前沿技術方面，無論是投資的廣度還是新節點的開發，都使公司處於非常有利的位置。在 DRAM 方面有顯著的綠地投資。HBM 的動態也影響了過程控制的強度。我們在傳統記憶體中也看到過程控制強度的提升。先進封裝仍然是強勁的增長驅動力。我看不出這一領域明年不會繼續增長得比市場快的理由。總體而言，形勢非常專注於前沿技術。
Rick Wallace - KLA, CEO
(00:22:56)Packaging is augmenting growth, and we believe we are well-positioned with supply to meet demand. Demand remains strong. I would say that we are— still behind in supply, but the trajectory is positive, and we feel confident about the guidance we've provided.
(00:22:56)封裝正在促進增長，我們相信我們在供應方面的定位良好，可以滿足需求。需求仍然強勁。我想說我們—仍然在供應上落後，但趨勢是積極的，我們對提供的指導感到自信。
Stephanie - Conference Operator
(00:23:23)Thank you. We'll take our next question.
(00:23:23)謝謝。我們將進入下一個問題。
Jim Schneider - Goldman Sachs, Analyst
(00:23:29)Okay. Yes, sorry. And just one quick follow-up. As you consider how 2027 is shaping up, is there anything to highlight about the back half of 2026, which was much stronger than the first half? Do you expect 2027 to be more evenly distributed throughout the year? Or do you see it again being more back-half loaded? Thank you.
(00:23:29)好的。是的，抱歉。只是一個快速的跟進問題。當你考慮 2027 年的形勢時，有沒有什麼值得強調的 2026 年下半年的情況，這比上半年強得多？你預期 2027 年會在整年中更均勻分佈嗎？還是你認為它會再次偏向下半年？謝謝。
Rick Wallace - KLA, CEO
(00:23:55)Currently, for the next several quarters, given backlog growth and funnel visibility, we expect sequential growth. This suggests a stronger second half. However, I think it will be more linear. I don't anticipate the same significant half-to-half growth uptick as before. It appears more linear to us, but sequential growth is expected moving forward.
(00:23:55)目前，在接下來的幾個季度中，考慮到積壓增長和漏斗可見性，我們預期會有連續增長。這表明下半年會更強勁。不過，我認為這將會更線性。我不預期會有像以前那樣顯著的半年度增長上升。對我們來說，這似乎更線性，但預期未來會有連續增長。
Jim Schneider - Goldman Sachs, Analyst
(00:24:19)Thank you.
(00:24:19)謝謝。
Stephanie - Conference Operator
(00:24:22)Thank you. We'll take our next question from Harlan Sur with J.P. Morgan. Please go ahead. Your line is open.
(00:24:22)謝謝。我們將從 J.P. Morgan 的哈蘭·蘇爾那裡接下來的問題。請繼續。你的線路已開通。
Harlan Sur - J.P. Morgan, Analyst
(00:24:27)Good afternoon. Thanks for taking my question. On the gross margin front, I understand the team faced some cost headwinds this year. Memory pricing pressures and GPU/CPU pricing challenges may continue into next year. I know the team benefits from new platforms with higher pricing and increased volumes, along with other value pricing initiatives. Can we expect gross margins to return to the 63% plus range with a strong WFE outlook in 2027?
(00:24:27)下午好。謝謝你回答我的問題。在毛利方面，我瞭解到團隊今年面臨了一些成本挑戰。記憶體價格壓力和 GPU/CPU 價格挑戰可能會持續到明年。我知道團隊受益於新平台的高價格和增加的產量，以及其他價值定價舉措。我們可以期待毛利率在 2027 年回到 63% 以上的範圍嗎？
Rick Wallace - KLA, CEO
(00:25:04)Yes, Harlan Sur, that's a good question. As you mentioned, there are several moving parts involved. Our target range, outlined at March Investor Day, is 63% to 64%. Certainly, some cost inputs have been challenging. We are working extensively within the company to manage broader input costs, including those related to memory. I'll refer to memory optimization work in terms of our use of memory within our systems. There will be some mixed dynamics looking ahead. We are experiencing growth in advanced packaging.
(00:25:04)是的，哈蘭·蘇爾，這是一個好問題。正如你所提到的，涉及幾個變數。我們在 3 月的投資者日上概述的目標範圍是 63% 到 64%。當然，一些成本因素一直很具挑戰性。我們正在公司內部廣泛努力管理更廣泛的投入成本，包括與記憶體相關的成本。我將在我們系統內部的記憶體使用方面提到記憶體優化工作。展望未來，會有一些混合的動態。我們在先進封裝方面正在經歷增長。
Rick Wallace - KLA, CEO
(00:25:36)We also have growth in our non-semiconductor PC businesses. This tends to be somewhat of a headwind to overall margin, although it contributes to both revenue growth and gross margin expansion. Scale will offset some of these effects. We expect to see manufacturing scale benefits given the strong revenue growth environment. Regarding some of our pricing initiatives, similar to what we hear from peers, we believe these will play through as we introduce new capabilities and share the value of those capabilities with our customers.
(00:25:36)我們在非半導體的個人電腦業務中也有增長。這對整體利潤率來說往往是一種阻力，儘管它對收入增長和毛利擴張都有貢獻。收入增長和毛利擴張。規模將抵消一些這些影響。鑑於強勁的收入增長環境，我們預期會看到製造規模的好處。關於我們的一些定價舉措，與同行所聽到的類似，我們相信這些將隨著我們引入新能力並與客戶分享這些能力的價值而發揮作用。與客戶分享這些能力的價值。
Rick Wallace - KLA, CEO
(00:26:07)Looking ahead, the memory environment will remain challenging, but we anticipate improvement over time. I can't specify exactly when, but as we progress, in 2027, particularly moving into the middle to latter half of the year and into 2028, we expect to align with the operating model for gross margin outlined in March.
(00:26:07)展望未來，記憶體環境將保持挑戰性，但我們預期隨著時間的推移會有所改善。我無法確切說明何時，但隨著我們的進展，在 2027 年，特別是進入年中到下半年以及 2028 年，我們預期將與三月份概述的毛利運營模式保持一致。
Harlan Sur - J.P. Morgan, Analyst
(00:26:36)I appreciate that. Regarding the non-AI, more legacy node segments like automotive, industrial, and IoT, cyclical dynamics are strong, supply is tightening rapidly, and new capacity announcements are emerging. Is this contributing to the strong growth outlook for next year? Also, what percentage of your process control systems business is mature and specialty? Thank you.
(00:26:36)我很感謝這一點。關於非人工智慧的更傳統節點領域，如汽車、工業和物聯網，週期性動態強勁，供應迅速收緊，並且出現了新的產能公告。這是否有助於明年的強勁增長前景？此外，你們的過程控制系統業務中有多少百分比是成熟和專業的？謝謝。
Rick Wallace - KLA, CEO
(00:27:05)I would say power is certainly an area of focus in the industry. There was a period of overinvestment, but I am starting to see signs of recovery in that market segment. Obviously, the business is primarily driven by everything related to high-performance computing. However, when I look at customers serving more legacy-centric markets, I do see some improvement. So, year over year, there is some growth. I don't expect it to be at the level we anticipate from the leading edge. There will be activities in China that will grow, but likely at a slower rate.
(00:27:05)我會說，電力確實是行業中的一個重點領域。曾經有一段過度投資的時期，但我開始看到該市場領域的復甦跡象。顯然，這項業務主要由與高性能計算相關的一切驅動。然而，當我看到服務於更傳統市場的客戶時，我確實看到了一些改善。因此，與去年相比，確實有一些增長。我不期望它達到我們從前沿預期的水平。中國將會有增長活動，但可能增長速度較慢。
Rick Wallace - KLA, CEO
(00:27:50)Overall, we expect some growth in the legacy segment. However, the business is really driven by developments at the leading edge. That said, there are opportunities to augment growth from more business in the legacy market moving forward. Process control intensity tends to be lower in legacy nodes. If the node is established, it is fairly mature unless customers change designs, design rules, or have new reliability requirements that could increase intensity. But intensity levels in legacy nodes are lower than those at the leading edge.
(00:27:50)總體而言，我們預期在傳統領域會有一些增長。然而，這項業務實際上是由前沿的發展驅動的。也就是說，未來有機會通過在傳統市場中增加業務來促進增長。在傳統節點中，過程控制的強度往往較低。如果節點已建立，則相當成熟，除非客戶更改設計、設計規則或有新的可靠性要求，這可能會增加強度。但傳統節點的強度水平低於前沿的強度水平。
Harlan Sur - J.P. Morgan, Analyst
(00:28:24)Thank you, Rick.
(00:28:24)謝謝你，Rick。
Stephanie - Conference Operator
(00:28:29)Thank you. We will take our next question from CJ Muse with Cantor Fitzgerald. Please go ahead. Your line is open.
(00:28:29)謝謝。我們將接下來的問題交給 Cantor Fitzgerald 的 CJ Muse。請開始。你的線路已開通。
CJ Muse - Cantor Fitzgerald, Analyst
(00:28:35)Good afternoon, and thank you for taking the question. A follow-up for Bren on the gross margin side: if we isolate just process control, you were north of 65% in June 2025. Given the major headwinds from DRAM, as you mentioned, as those contracts roll off and you move to new contracts, should we expect better pricing as you pass that increment along? Is there a timeframe when you see process control returning to that mid-60s margin level? On a consistent mix basis, I can see a trend toward that in the second half of 2027.
(00:28:35)下午好，謝謝你接受這個問題。對於 Bren 在毛利方面的後續問題：如果我們單獨考慮過程控制，你在 2025 年 6 月的毛利率超過 65%。鑑於你提到的 DRAM 的主要阻力，隨著這些合同的到期以及你轉向新合同，我們是否應該期待更好的定價，因為你會將這一增量轉嫁出去？你認為過程控制何時會回到中 60% 的毛利水平？在一致的組合基礎上，我可以看到在 2027 年下半年出現這一趨勢。
Rick Wallace - KLA, CEO
(00:29:16)We will begin deals around new products beyond our existing business. It is very difficult to increase prices when deals are in place for existing business and backlog. So moving forward, assuming mix remains consistent, I see no reason why we won't start to see improvement in the process control segment, apples to apples. Also, CJ, Bren mentioned earlier—though I’m not sure you heard—that there is ongoing work to reduce memory usage in systems engineering. This takes time, but when designing these systems, no one anticipated the increase in memory costs.
(00:29:16)我們將開始圍繞新產品的交易，超越我們現有的業務。當現有業務和積壓的交易已經確定時，提高價格是非常困難的。因此，展望未來，假設組合保持一致，我看不出為什麼我們不會開始在過程控制領域看到改善，按相同標準比較。此外，CJ，Bren 之前提到過——雖然我不確定你是否聽到了——正在進行的工作是減少系統工程中的記憶體使用。這需要時間，但在設計這些系統時，沒有人預料到記憶體成本的上升。
Rick Wallace - KLA, CEO
(00:30:09)A common response is to make systems more efficient in their memory use. This will gradually reduce the percentage content of memory over time. It takes time for these reductions to be implemented.
(00:30:09)一個常見的回應是使系統在記憶體使用上更高效。這將隨著時間的推移逐漸減少記憶體的百分比內容。實施這些減少需要時間。
CJ Muse - Cantor Fitzgerald, Analyst
(00:30:22)Very helpful. As a follow-up, can you discuss what you've observed over the last three to six months regarding lead times, how that informs your outlook into 2028, and your approach to hiring and supply chain preparations for this multi-year growth cycle? Thank you.
(00:30:22)非常有幫助。作為後續問題，你能否討論一下你在過去三到六個月中觀察到的交貨時間，這如何影響你對 2028 年的展望，以及你對這個多年的增長週期的招聘和供應鏈準備的看法？謝謝。
Rick Wallace - KLA, CEO
(00:30:49)CJ, recent conversations with customers have been consistent, with a strong request to prioritize their projects. They are outlining multi-year investment cycles, expecting our support through those ramps. Looking at the 2030 model we previously outlined, the assumptions in that model will be exceeded before 2030. Therefore, significant investment is required across the board—in talent, facilities, and supply chain. And so, Bryn can share some of his perspective on that. Regarding lead times, they vary by product, but we're averaging around 12 months, and on the margin, they are extending.
(00:30:49)CJ，最近與客戶的對話一直很一致，他們強烈要求優先考慮他們的項目。他們正在概述多年的投資週期，期待我們在這些增長階段中的支持。看看我們之前概述的 2030 模型，該模型中的假設將在 2030 年之前被超越。因此，整體上需要在人才、設施和供應鏈方面進行重大投資。所以，Bryn 可以分享他對此的看法。關於交貨時間，根據產品的不同而有所變化，但我們的平均交貨時間約為 12 個月，並且在邊際上，交貨時間正在延長。
Rick Wallace - KLA, CEO
(00:31:43)For certain products, lead times can be even longer than that. For example, Gen 4 and Gen 5 product lines have longer lead times. So, it does vary. But I think we're in a strong position, as Rick mentioned, to support it. We are making investments across the board. We'll add headcount in manufacturing and service in the volume-centric parts of the business, as well as in applications and engineering over the next 12 months. We're investing in every factory we operate.
(00:31:43)對於某些產品，交貨時間甚至可能更長。例如，第四代和第五代產品線的交貨時間較長。所以，這確實有所不同。但我認為我們的地位很強，如 Rick 所提到的，可以支持這一點。我們正在各方面進行投資。我們將在製造和服務的量產部分增加人力，並在應用和工程方面也會增加人力，這將持續 12 個月。我們正在投資於我們運營的每一個工廠。
Rick Wallace - KLA, CEO
(00:32:12)There are expansion plans addressing both near-term requirements and longer-term support for what we believe will be a multi-year investment cycle. We're encouraged by this, especially in supply chain areas related to long lead-time items, particularly in optics, where we are collaborating with our key suppliers to make investments. Our key suppliers are making investments as well. These investments take various forms, all aimed at supporting what we expect to be a very strong outlook over the coming years.
(00:32:12)有擴張計劃，旨在滿足近期需求並為我們認為將是一個多年的投資週期提供長期支持。我們對此感到鼓舞，特別是在與長交貨時間項目相關的供應鏈領域，尤其是在光學方面，我們正在與主要供應商合作進行投資。我們的主要供應商也在進行投資。這些投資形式多樣，旨在支持我們預期在未來幾年將會有非常強勁的前景。
Rick Wallace - KLA, CEO
(00:32:48)So, there is a lot of activity underway. Obviously, this activity flows through our numbers and supports future revenue streams. We have contemplated this in our model and guidance, with significant focus in these areas.
(00:32:48)所以，現在有很多活動正在進行中。顯然，這些活動會反映在我們的數字中，並支持未來的收入來源。我們在模型和指導中考慮了這一點，並在這些領域進行了重點關注。
CJ Muse - Cantor Fitzgerald, Analyst
(00:33:06)Thank you.
(00:33:06)謝謝。
Stephanie - Conference Operator
(00:33:08)Thank you. We'll now take our next question from Timothy Arcuri with UBS. Please go ahead. Your line is open.
(00:33:08)謝謝。現在我們將接下來的問題交給來自 UBS 的 Timothy Arcuri。請開始。您的線路已開通。
Timothy Arcuri - UBS, Analyst
(00:33:15)Thanks a lot. Bren, you did a great job this year, only losing about 20 basis points of WFE share despite a challenging mix. It sounds like you expect WFE to grow in the low to mid-30% range next year. With lead times over 12 months, you essentially know what you will ship next year. So, do you expect to grow more than that? Will you grow beyond the low to mid-30% range and gain share, particularly in advanced packaging?
(00:33:15)非常感謝。Bren，你今年做得很好，儘管面臨挑戰的組合，WFE 市場份額僅損失約 20 個基點。聽起來你預計明年的 WFE 增長在低至中 30% 的範圍內。由於交貨時間超過 12 個月，你基本上知道明年會發貨的內容。那麼，你預計會增長超過這個範圍嗎？你會在低至中 30% 的範圍內增長並獲得市場份額，特別是在先進封裝方面嗎？
Rick Wallace - KLA, CEO
(00:33:42)Yes, Tim, the momentum in the second half highlights this. This reflects the current business trend. The first half was weaker, not due to mix but rather our ability to supply. The backlog is quite significant. I've been cautious all year and remain so now. Looking into 2027, we feel confident. I discussed the setup, which I find encouraging. We feel confident in our ability to maintain and grow KLA's relevance, as outlined during Investor Day. The market segments that are inflecting are very favorable for process control.
(00:33:42)是的，Tim，下半年的勢頭突顯了這一點。這反映了當前的商業趨勢。上半年較弱，並不是因為組合，而是因為我們的供應能力。後台訂單相當可觀。我整年都保持謹慎，現在仍然如此。展望 2027 年，我們感到自信。我討論了這一設置，我覺得這很令人鼓舞。我們對於維持和增長 KLA 的相關性充滿信心，正如在投資者日上所概述的那樣。正在發生變化的市場細分對於過程控制非常有利。
Rick Wallace - KLA, CEO
(00:34:23)We believe these segments uniquely benefit process control. As we improve our supply capabilities to meet demand, we expect to maintain the growth trajectory we have outlined. This doesn't mean growth will occur every quarter or six-month period, but over time, similar to the past five years, the next five years look strong. We are comfortable with our market share growth outlook through 2030. So, we believe we can outgrow the market next year, Tim.
(00:34:23)我們相信這些細分市場對過程控制有獨特的好處。隨著我們改善供應能力以滿足需求，我們預計將保持我們所概述的增長軌跡。這並不意味著每個季度或六個月的增長都會發生，但隨著時間的推移，與過去五年類似，未來五年看起來強勁。我們對 2030 年前的市場份額增長前景感到滿意。所以，我們相信明年可以超越市場增長，Tim。
Timothy Arcuri - UBS, Analyst
(00:34:56)Got it. Rick, thank you for that. Thanks. Rick, I wanted to ask you about DRAM. It increased by about $450 million in December. That's a significant amount. Your DRAM share is about 6% of WFE share. That equates to roughly $10 billion of DRAM WFE. Is there something unique driving this? I understand some large new fabs are beginning to be equipped. Is it really as simple as that? Or is your inspection intensity increasing in DRAM? I mean, I don't think I've ever seen you grow DRAM systems that much before. Could you speak to that?
(00:34:56)明白了。Rick，謝謝你。謝謝。Rick，我想問你關於 DRAM 的問題。它在 12 月增加了約 4.5 億美元。這是一個相當可觀的數字。你的 DRAM 市場份額約為 WFE 市場份額的 6%。這大約相當於 100 億美元的 DRAM WFE。有什麼獨特的因素驅動這一現象嗎？我瞭解到一些大型新晶圓廠開始裝備。這真的那麼簡單嗎？還是你們在 DRAM 的檢查強度正在增加？我的意思是，我不認為我以前見過你們這麼大規模地增長 DRAM 系統。你能談談這個嗎？
Timothy Arcuri - UBS, Analyst
(00:35:29)Thanks.
(00:35:29)謝謝。
Rick Wallace - KLA, CEO
(00:35:32)Yes, intensity is definitely increasing. We've been seeing this trend for some time, and it took a while for our customers to fully understand and appreciate the challenges of manufacturing these advanced devices. Given their supply shortages, the incremental value of yield is significant. If you think back to how memory worked years ago, it's a very different world now—where any yield improvement is critical, and performance expectations are much higher as these devices are used primarily in commercial operations.
(00:35:32)是的，強度確實在增加。我們已經觀察到這一趨勢有一段時間了，客戶完全理解和認識到製造這些先進設備的挑戰花了一些時間。鑒於他們的供應短缺，產量的增值是顯著的。如果你回想起幾年前記憶體的運作方式，現在的世界是非常不同的——任何產量的改善都是關鍵，並且隨著這些設備主要用於商業運營，性能期望也高得多。
Rick Wallace - KLA, CEO
(00:36:06)So yes, intensity is improving, and we expect that trend to continue moving forward. I believe the greenfield opportunity is also driving fab retooling, and as Rick mentioned, our customers’ profitability levels are quite high. Yield improvements are essentially equivalent to printing money in some respects. So there is renewed focus on this area. The roadmaps are driving the need for increased investment. Performance requirements are more stringent, especially when you consider DRAM, for example, with less redundancy, higher IO counts, logic, and base die.
(00:36:06)所以是的，強度在改善，我們預期這一趨勢將繼續向前發展。我相信綠地機會也在推動晶圓廠的重新工具化，正如 Rick 提到的，我們客戶的獲利水平相當高。在某些方面，產量的改善基本上等同於印鈔票。因此，這一領域重新受到關注。路線圖推動了對增加投資的需求。性能要求更加嚴格，特別是當你考慮到 DRAM，例如，冗餘較少，IO 數量較高，邏輯和基底晶片。
Rick Wallace - KLA, CEO
(00:36:46)All these factors are driving opportunities in this segment of the market. In some products, we see intensity levels in DRAM that are comparable to leading-edge logic. So the market is definitely shifting in that direction. I think the new fabs are accelerating our growth outlook. Looking ahead to 2027, we expect overall memory to represent about 60% of the business, and in an environment where, as Rick noted, we feel confident in our ability to perform well relative to the overall market. So the business is definitely changing compared to historical perspectives, especially regarding the DRAM impact.
(00:36:46)所有這些因素都在推動這一市場細分的機會。在某些產品中，我們看到 DRAM 的強度水平與尖端邏輯相當。所以市場肯定在朝著那個方向轉變。我認為新的晶圓廠正在加速我們的增長展望。展望 2027 年，我們預期整體記憶體將佔業務的約 60%，在 Rick 提到的環境中，我們對相對於整體市場的表現能力感到自信。因此，與歷史觀點相比，業務肯定在改變，特別是在 DRAM 影響方面。
Timothy Arcuri - UBS, Analyst
(00:37:33)Okay, good. Thank you.
(00:37:33)好的，很好。謝謝。
Stephanie - Conference Operator
(00:37:36)Thank you. We'll take our next question from Krish Sankar with TD Cowen. Please go ahead. Your line is open.
(00:37:36)謝謝。我們將從 TD Cowen 的 Krish Sankar 那裡接受下一個問題。請繼續。你的線路是開放的。
Krish Sankar - TD Cowen, Analyst
(00:37:42)Yes, hi. Thank you for taking my question. I recall I asked a question about DRAM earlier. You mentioned you expect to outperform WFE next year. The two main drivers this year were DRAM and leading-edge foundry. Will those be the same drivers next year? I understand. Is it mainly because greenfield and DRAM are coming in, and leading-edge foundry logic is moving to 2 nanometers? Are those the two key KLA-specific drivers for outperformance next year, besides advanced packaging? I also have a follow-up.
(00:37:42)是的，嗨。謝謝你接受我的問題。我記得我之前問過一個關於 DRAM 的問題。你提到你預期明年會超越 WFE。今年的兩個主要驅動因素是 DRAM 和尖端代工。明年的驅動因素會是相同的嗎？我明白了。主要是因為綠地和 DRAM 正在進入，而尖端代工邏輯正在轉向 2 納米嗎？這兩個是 KLA 特定的驅動因素嗎？除了先進封裝之外，明年還有其他驅動因素嗎？我還有一個後續問題。
Rick Wallace - KLA, CEO
(00:38:13)So, Krish, let me clarify. You're asking if the drivers are the same, why would the outcome be different? Is that your question?
(00:38:13)所以，Chris，讓我澄清一下。你在問如果驅動因素相同，為什麼結果會不同？這是你的問題嗎？
Krish Sankar - TD Cowen, Analyst
(00:38:20)Yes, I'm wondering if the shift from DRAM brownfield to greenfield and logic moving from 3 to 2 nanometers is the reason.
(00:38:20)是的，我想知道從 DRAM 棕地轉向綠地，以及邏輯從 3 納米轉向 2 納米是否是原因。
Rick Wallace - KLA, CEO
(00:38:27)Okay. I think those are drivers, but another factor is, we weren't set up in the first half to fully support this growth. Assumptions made 12 months ago did not anticipate the growth rate we experienced. In fact, we expected growth to occur in 2027, with 2026 being relatively flat. It took some time to ramp up in 2026, which is why you're now seeing accelerated growth. The demand has been strong. And the demand will continue as technology nodes advance. As we mentioned, packaging is growing and is expected to outpace the market next year.
(00:38:27)好的。我認為這些是驅動因素，但另一個因素是，我們在上半年並沒有完全支持這一增長。12 個月前做出的假設並未預見到我們經歷的增長率。事實上，我們預期增長會在 2027 年發生，而 2026 年則相對平穩。在 2026 年需要一些時間來提升，這就是為什麼你現在看到加速增長的原因。需求一直很強勁。隨著技術節點的進步，需求將會持續。正如我們提到的，封裝正在增長，預計明年將超過市場增長。
Rick Wallace - KLA, CEO
(00:39:08)So, I believe it was less a demand issue for us and more a supply issue in the first half of 2026. Bren? No, I think you covered it well, Rick. The new facilities will create opportunities for us, driving incremental growth as customers establish new sites in a market environment that is complex and where yield is critical.
(00:39:08)所以，我相信對我們來說，這不是需求問題，而是 2026 年上半年供應問題。Bren？不，我覺得你說得很好，Rick。新設施將為我們創造機會，推動增量增長，因為客戶在一個複雜且產量至關重要的市場環境中建立新站點。
Krish Sankar - TD Cowen, Analyst
(00:39:37)Understood. That’s very helpful. A quick follow-up: I understand lead times are extending, but besides ASML, KLA has traditionally had long lead times. Some in the industry believe $300 billion could be the peak WFE a few years from now. From your perspective, given your better visibility, how high do you think WFE can grow? Obviously, there are variables like TeraFab, but also your customers’ yield performance is a factor. I’m curious about your view on WFE’s potential.
(00:39:37)明白了。這非常有幫助。快速跟進：我知道交貨時間在延長，但除了 ASML，KLA 傳統上也有較長的交貨時間。行業內一些人認為，3000 億美元可能是幾年後的 WFE 峰值。從你的角度來看，考慮到你更好的可見性，你認為 WFE 能增長到多高？顯然，有像 TerraFlat 這樣的變數，但你客戶的產量表現也是一個因素。我對 WFE 的潛力很感興趣。
Rick Wallace - KLA, CEO
(00:40:21)I won’t provide a new 2030 number. At Investor Day, we discussed a $220 billion plus or minus $20 billion outlook, which many considered a middle-of-the-road estimate. Today, that seems conservative. We are more optimistic about higher industry investment levels, and we believe KLA’s participation thesis remains unchanged. As we consider these growth scenarios, given lead times on some products and components, we must prepare our supply chain accordingly. We are having in-depth discussions with key suppliers about our needs for 2029 and 2030.
(00:40:21)我不會提供新的 2030 年數字。在投資者日上，我們討論了 2200 億美元加減 200 億美元的展望，這被許多人視為中間預測。今天看來，這似乎是保守的。我們對更高的行業投資水平持更樂觀的態度，並且我們相信 KLA 的參與論仍然不變。在考慮這些增長情景時，考慮到某些產品和組件的交貨時間，我們必須相應地準備我們的供應鏈。我們正在與主要供應商進行深入討論，瞭解我們對 2029 年和 2030 年的需求。
Rick Wallace - KLA, CEO
(00:41:18)We are positioning the company to continue executing consistently and support the higher-end industry scenarios being discussed.
(00:41:18)我們正在為公司定位，以便持續穩定地執行並支持正在討論的高端行業情景。
Krish Sankar - TD Cowen, Analyst
(00:41:34)Thank you very much, Rick.
(00:41:34)非常感謝你，Rick。
Stephanie - Conference Operator
(00:41:37)Thank you. Our next question comes from Stacey Rasgon with Bernstein Research. Please go ahead.
(00:41:37)謝謝。我們的下一個問題來自 Bernstein Research 的 Stacey Rasgon。請繼續。
Stacy Rasgon - Bernstein Research, Analyst
(00:41:43)Your line is open. Hi, everyone. Thanks for taking my questions. First, regarding the 2030 model: you’re basically at that WFE level next year. You’re at or slightly above the high end of the operating margin target. What prevents you, in this WFE environment, from reaching the 2030 revenue target next year? At least on the equipment side. I understand services and other areas may take longer to ramp. But is it simply a supply constraint? Or is it a matter of demand mix? Why shouldn’t I expect the 2030 model to be achieved closer to 2027, given current trends?
(00:41:43)你的線路已開通。嗨，大家好。感謝你們回答我的問題。首先，關於 2030 年的模型：你基本上明年就達到那個 WFE 水平。你達到了或略高於操作利潤率目標的高端。在這個 WFE 環境中，什麼阻止你明年達到 2030 年的收入目標？至少在設備方面。我理解服務和其他領域可能需要更長的時間來提升。但這只是供應限制嗎？還是需求結構的問題？鑒於當前趨勢，我為什麼不應該期待 2030 年的模型在 2027 年更接近實現？
Rick Wallace - KLA, CEO
(00:42:20)There were assumptions underlying that model. For example, growth assumptions around services, which, as you noted, we won’t reach yet. That was based on aggregate install-base growth contributing to services. Also, the non-Semi-PC segment and its expected growth rate. Within Semi-PC, the model assumed share growth. Over the next few years, a few percentage points of share increase. Overall market share was expected to rise from about 7.5% in 2025 to closer to 9%. We have not reached that yet. But financially, I see no reason the model won’t perform as outlined.
(00:42:20)那個模型有一些假設。例如，關於服務的增長假設，正如你所提到的，我們尚未達到。那是基於整體安裝基數增長對服務的貢獻。此外，非半導體 PC 部門及其預期增長率。在半導體 PC 內，模型假設市場份額增長。在接下來的幾年中，市場份額將增加幾個百分點。整體市場份額預計將從 2025 年的約 7.5% 上升到接近 9%。我們尚未達到那個目標。但在財務上，我看不出模型不會如預期那樣表現的理由。
Rick Wallace - KLA, CEO
(00:43:14)That growth comes from existing customers demanding more of many of the same products. So, we feel confident about the financial model’s performance. Of course, factors like share count affect EPS, but top-line results should align with our projections. Some assumptions in the model will be achieved over the next few years but are not in place yet. Regarding the overall market, and current performance, I believe the model’s assumptions hold.
(00:43:14)這一增長來自現有客戶對許多相同產品的需求增加。所以，我們對財務模型的表現感到有信心。當然，像股份數量這樣的因素會影響每股收益，但營收結果應該與我們的預測一致。模型中的一些假設將在未來幾年內實現，但目前尚未到位。關於整體市場，以及當前表現，我相信模型的假設是成立的。
Stacy Rasgon - Bernstein Research, Analyst
(00:43:50)Understood. Thank you. A follow-up: I’d like to delve deeper into that financial model. So, you've mentioned a 40% to 50% incremental operating margin. I believe it's also referred to as such in the shareholder letter. However, you're already operating near the upper end of that range. Therefore, achieving operating leverage from this point implies— that the incremental operating margin must exceed the current levels. So, it would need to reach the high end of that range or even higher. Is there any reason I shouldn't consider the incremental operating margin range to be structurally higher given current performance?
(00:43:50)明白了。謝謝。跟進一下：我想更深入地探討那個財務模型。所以，您提到的增量營運利潤率為 40% 到 50%。我相信在股東信中也有這樣的提及。不過，您已經在該範圍的上限附近運營。因此，從這一點實現營運槓桿意味著——增量營運利潤率必須超過當前水平。因此，它需要達到該範圍的高端甚至更高。有什麼理由我不應該考慮增量營運利潤率範圍在當前表現下結構性地更高嗎？
Rick Wallace - KLA, CEO
(00:44:21)It largely depends on year-to-year growth rates. In a more normalized growth environment, we expect to perform around the midpoint of the range. Over the past year, with revenue growth at 25%, and considering our Q4 guidance, that places us slightly above the top end of the range. Looking toward 2030, given growth expectations, I anticipate we'll exceed that. This range serves as a marker to help shareholders and investors understand how we plan to scale the company and the leverage we expect to drive through the model.
(00:44:21)這在很大程度上取決於年對年的增長率。在更正常的增長環境中，我們預期將在範圍的中點附近表現。過去一年，隨著收入增長 25%，考慮到我們的第四季度指引，這使我們略高於範圍的上限。展望 2030 年，考慮到增長預期，我預計我們將超過該範圍。這個範圍作為一個標記，幫助股東和投資者理解我們計劃如何擴大公司以及我們預期通過模型推動的槓桿。
Rick Wallace - KLA, CEO
(00:44:50)This provides our shareholders and investors with a framework for how to think about scaling the company and the kind of leverage that will flow through the model. If the company's growth rates are closer to 20%, I would expect performance to align with or exceed the top end of the model. This is our long-term perspective on how we approach investment decisions and sizing. Should the industry perform stronger than expected, that would drive additional upside.
(00:44:50)這為我們的股東和投資者提供了一個框架，幫助他們思考如何擴大公司以及將通過模型流入的槓桿類型。如果公司的增長率接近 20%，我預期表現將與模型的上限一致或超過。這是我們對如何進行投資決策和規模的長期看法。如果行業表現超出預期，那將推動額外的上行潛力。
CJ Muse - Cantor Fitzgerald, Analyst
(00:45:20)Understood. That's helpful, thank you. Thank you.
(00:45:20)明白了。這很有幫助，謝謝。謝謝。
Stephanie - Conference Operator
(00:45:24)Thank you. We'll now take our next question from Joe Quatrochi with Wells Fargo. Please go ahead. Your line is open.
(00:45:24)謝謝。現在我們將接下來的問題交給來自富國銀行的 Joe Quatrochi。請繼續。您的線路已開通。
Joe Quatrochi - Wells Fargo, Analyst
(00:45:31)Thanks for taking my question. I noticed your CapEx this quarter was the highest I've seen. Could you provide some insight into what drove that increase? Was it related to supply chain dynamics or other factors?
(00:45:31)感謝您回答我的問題。我注意到您本季度的資本支出是我見過的最高的。您能否提供一些關於驅動該增長的見解？這是否與供應鏈動態或其他因素有關？
Rick Wallace - KLA, CEO
(00:45:49)During the quarter, we made a significant land purchase in India to build a new campus, supporting our long-term growth. That acquisition represented a large portion of the CapEx. Going forward, as I mentioned yesterday, I expect CapEx to be about 2% to 3% of revenue, with revenue continuing to grow. On an absolute basis, I anticipate CapEx will trend upward over the next few years, ranging between $600 million and $800 million annually. million per year. As I noted earlier, we are investing at every site, so CapEx is expected to increase.
(00:45:49)在本季度，我們在印度進行了一項重大土地購置，以建設一個新校區，支持我們的長期增長。該收購佔據了資本支出的很大一部分。展望未來，正如我昨天提到的，我預計資本支出將約佔收入的 2% 到 3%，隨著收入持續增長。在絕對數量上，我預計資本支出在未來幾年將呈上升趨勢，每年在 6 億到 8 億美元之間。每年。正如我之前提到的，我們在每個地點都在投資，因此預計資本支出將增加。
Rick Wallace - KLA, CEO
(00:46:29)The majority of this will be focused on expanding our capacity. There will also be investments in supply chain improvements, but the primary driver is within the KLA space.
(00:46:29)這其中大部分將集中在擴大我們的產能上。也會有對供應鏈改進的投資，但主要驅動因素是在 KLA 領域內。
Joe Quatrochi - Wells Fargo, Analyst
(00:46:39)Thanks, and then— Regarding the services business, you mentioned operating at the high end of your long-term growth algorithm this year. Is there any reason to believe that won't continue into 2027? How do you view growth prospects for services in 2027?
(00:46:39)謝謝，然後——關於服務業務，您提到今年在長期增長算法的高端運營。有什麼理由相信這不會持續到 2027 年嗎？您如何看待 2027 年服務的增長前景？
Rick Wallace - KLA, CEO
(00:46:55)There's no reason to expect otherwise. Given industry growth and additions to the install base, our systems are running at very high utilization. The value of yield in this environment— service, I believe, will likely operate toward the higher end of the target range moving forward.
(00:46:55)沒有理由預期會有其他情況。鑑於行業增長和安裝基數的增加，我們的系統運行在非常高的利用率上。在這種環境下，產量的價值——服務，我相信，將可能在未來朝著目標範圍的高端運行。
Kevin Kessel - KLA, Investor Relation
(00:47:18)Thanks.
(00:47:18)謝謝。
Stephanie - Conference Operator
(00:47:21)Thank you. We'll take our next question from Melissa Weathers with Deutsche Bank. Please go ahead.
(00:47:21)謝謝。我們將接下來的問題交給來自德意志銀行的 Melissa Weathers。請繼續。
Melissa Weathers - Deutsche Bank, Analyst
(00:47:26)Hi, thank you. I wanted to revisit the supply chain topic. You guys were— over a year ahead. Some of your competitors are only now beginning to experience more acute shortages. Could you describe what phase you believe we're in regarding your supply expansion? Do you see any risk of further tightening in the supply chain? Or do you think we're through the worst of it? Where do you think we are in that process?
(00:47:26)嗨，謝謝。我想重新討論供應鏈的話題。你們當時——提前一年。你們的一些競爭對手現在才開始經歷更嚴重的短缺。您能描述一下您認為我們在供應擴張方面處於什麼階段嗎？您是否看到供應鏈進一步緊縮的風險？或者你認為我們已經度過最糟的時期了？你認為我們在這個過程中處於什麼階段？
Rick Wallace - KLA, CEO
(00:47:59)We discussed this at Investor Day. When you look at our supply, given the nature of some of our components, what drives our ability to ship is typically the optical components, which have the longest lead times. We encounter various small issues, but once volumes are set by those components, those high-end components. Our supply chain team does an excellent job managing all those small issues as they arise between scheduling and shipping tools. In an environment of very strong growth, everyone faces challenges working through hedges and buffer stock, as well as excess inventory.
(00:47:59)我們在投資者日上討論過這個問題。當你看看我們的供應，考慮到一些元件的特性，驅動我們出貨能力的通常是光學元件，這些元件的交貨時間最長。我們會遇到各種小問題，但一旦這些元件的數量確定，這些高端元件。我們的供應鏈團隊在管理這些小問題方面做得非常出色，隨著排程和運輸工具的變化而出現。在一個增長非常強勁的環境中，每個人都面臨著通過對沖和緩衝庫存來克服挑戰，以及過剩的庫存。
Rick Wallace - KLA, CEO
(00:48:47)When you start living hand to mouth with what your suppliers can provide, and demand is high, that creates challenges. For KLA, we don't really compete for the components that matter most to us. We don't compete with any of our competitors. Sometimes we compete within KLA for those components, but once we have visibility, supply tends to be reliable, and we manage the smaller component issues along the way.
(00:48:47)當你開始依賴供應商能提供的東西，並且需求很高時，這會帶來挑戰。對於 KLA 來說，我們並不真正競爭那些對我們最重要的元件。我們不與任何競爭對手競爭。有時我們在 KLA 內部會為這些元件競爭，但一旦我們有了可見性，供應往往是可靠的，我們在過程中管理較小的元件問題。
Melissa Weathers - Deutsche Bank, Analyst
(00:49:23)Thank you. So, is your December quarter outlook assuming supply remains unchanged? Could that outlook have been higher if you had more supply? Not that I'm complaining. And regarding the over $200 billion WFE outlook, is that based on current supply, or how unconstrained is that number? How unconstrained is that figure?
(00:49:23)謝謝你。所以，你的十二月季度展望是基於供應保持不變的假設嗎？如果你有更多的供應，這個展望會更高嗎？不是說我在抱怨。關於超過 2000 億美元的 WFE 展望，這是基於當前的供應，還是這個數字有多不受限制？這個數字有多不受限制？
Rick Wallace - KLA, CEO
(00:49:48)Melissa, I tend to live in reality here. I don't get caught up in what-ifs. It's about what we can ship and how our supply chain is positioned, which informs our guidance. As I mentioned earlier, move rates on key components are increasing month by month, which informs not only our December expectations but also how we're thinking about 2027. Over the course of this year, I could have shipped more. Demand was ahead of supply, but moving forward, incremental supply is coming online, informing our visibility and guidance.
(00:49:48)梅莉莎，我傾向於在現實中生活。我不會被假設所困擾。這關乎我們能夠出貨的東西以及我們的供應鏈的定位，這會影響我們的指導。正如我之前提到的，關鍵元件的移動速度每月都在增加，這不僅影響我們的十二月預期，還影響我們對 2027 年的看法。在這一年中，我本可以出貨更多。需求超過供應，但展望未來，增量供應正在上線，這影響了我們的可見性和指導。
Rick Wallace - KLA, CEO
(00:50:32)Melissa, one thing to add, this is Rick. Some customers request deliveries but face delays themselves with their facilities. So it's not just the equipment; it's the readiness of the fabs. Looking ahead, yes, you could ship more, but that doesn't mean customers can utilize it immediately. That's why supporting the industry requires all equipment suppliers to be ready. You also need the facilities. You need to build infrastructure. So it's more than just whether equipment suppliers can ship. Currently, a few customers have requested deliveries but are on hold, waiting for their facilities.
(00:50:32)梅莉莎，我想補充一點，這是瑞克。一些客戶要求交貨，但他們的設施面臨延遲。所以不僅僅是設備；還有晶圓廠的準備情況。展望未來，是的，你可以出貨更多，但這並不意味著客戶可以立即利用它。這就是為什麼支持行業需要所有設備供應商做好準備。你還需要設施。你需要建立基礎設施。所以這不僅僅是設備供應商能否出貨的問題。目前，一些客戶已經要求交貨，但因為等待他們的設施而暫停。
Rick Wallace - KLA, CEO
(00:51:20)Does that make sense?
(00:51:20)這樣說有道理嗎？
Melissa Weathers - Deutsche Bank, Analyst
(00:51:23)Yes, it does. Thank you, Melissa.
(00:51:23)是的，這樣說有道理。謝謝你，貝絲。
Stephanie - Conference Operator
(00:51:27)Thank you. We'll take our next question from Chris Caso with Wolfe Research. Please go ahead.
(00:51:27)謝謝。我們將接下來的問題交給來自 Wolfe Research 的克里斯·卡索。請開始。
Chris Caso - Wolfe Research, Analyst
(00:51:32)Yes, thank you. Good evening. I want to follow up on the capacity question, maybe in two parts. Looking into the business, say for 28, do you think bottlenecks are more on the KLA side or in your supply chain? Also, for 28, most expect significant acceleration. Is there any impediment to continued growth in 28 as customers gain more clean room space, given the preparation time?
(00:51:32)是的，謝謝。晚上好。我想跟進一下關於產能的問題，可能分為兩部分。針對 28 的業務，你認為瓶頸主要是在 KLA 還是在你的供應鏈中？此外，對於 28，大多數人預期會有顯著加速。隨著客戶獲得更多的潔淨室空間，考慮到準備時間，是否存在持續增長的障礙？
Rick Wallace - KLA, CEO
(00:52:16)I think, historically, many build-outs face delays when constructing clean rooms. There can be delays in securing sufficient power for those clean rooms. Over the last several years, supply chain plans have often been delayed. Equipment can be part of the delay, but only part. Our customers are sending clear messages that they want to bring on additional fabs and proceed with build-outs. But We have to move in concert, which is why we are often part of a group participating in supplier days for these customers, where they discuss their expansion plans.
(00:52:16)我認為，歷史上，許多擴建在建設潔淨室時會面臨延遲。確保這些潔淨室有足夠的電力供應可能會有延遲。在過去幾年中，供應鏈計劃經常會延遲。設備可能是延遲的一部分，但僅僅是部分。我們的客戶發出了明確的訊息，他們希望增加更多的晶圓廠並繼續擴建。但是我們必須協同合作，這就是為什麼我們經常參加這些客戶的供應商日活動，討論他們的擴展計劃。
Rick Wallace - KLA, CEO
(00:53:02)So, right now, the size is theoretical. But as we get closer, we will see it build out. It's not as simple as being late because we work very closely with customers as they build. As I mentioned, one customer is currently desperate for more capacity but cannot take equipment because their clean room is delayed. This is because the bottleneck shifts around. The bottleneck could be construction. It could also be that they can't get certain raw materials or power. So, you have to look at it collectively; it's somewhat like the challenges associated with data centers.
(00:53:02)所以，目前的規模是理論上的。但隨著我們的接近，我們會看到它的擴展。這並不簡單，因為我們與客戶的合作非常緊密，他們在建設過程中。正如我提到的，一位客戶目前急需更多的產能，但因為他們的潔淨室延遲，無法接收設備。這是因為瓶頸會不斷變化。瓶頸可能是建設問題。也可能是他們無法獲得某些原材料或電力。所以，你必須從整體上看待這個問題；這有點像數據中心所面臨的挑戰。
Rick Wallace - KLA, CEO
(00:53:43)It's not just The data center itself, but also the power for the data center. They have it. That's why I believe this industry will continue to grow. In some ways, growth may be prolonged because it's harder to add as much capacity as some envision, for example, for 2028. But this likely means a longer growth cycle. Our motto is that we will not be the constraint. We've said we will not be the bottleneck. There may be periods where we are slightly behind. As Bren said, we'd like to ship. But we are doing everything possible, working with customers and suppliers, so that KLA is not the bottleneck.
(00:53:43)這不僅僅是數據中心本身，還有數據中心的電力。他們有這些。這就是為什麼我相信這個行業將持續增長。在某些方面，增長可能會延長，因為增加產能比一些人預想的要困難，例如，對於 2028 年。但這可能意味著更長的增長週期。我們的座右銘是我們不會成為瓶頸。我們已經說過我們不會成為瓶頸。可能會有一些時期我們稍微落後。正如 Bren 所說，我們希望能夠發貨。但我們正在竭盡所能，與客戶和供應商合作，以確保 KLA 不是瓶頸。
Rick Wallace - KLA, CEO
(00:54:21)That doesn't mean there won't be bottlenecks elsewhere. Our goal is simply not to be the bottleneck. Generally, we can manage anything inside the company within the time fence established by our long lead-time components. By that, I mean we can hire the people we need, drive facility utilization, and make capex decisions for new facilities, which is a long-term process. We also run extra shifts to ensure optimal utilization, so we are never the bottleneck. To Rick's earlier point, I feel very confident about how KLA is positioned.
(00:54:21)這並不意味著其他地方不會有瓶頸。我們的目標只是不要成為瓶頸。一般來說，我們可以在我們的長交期元件所設立的時間範圍內管理公司內部的任何事情。我的意思是，我們可以招聘所需的人員，推動設施利用率，並為新設施做資本支出決策，這是一個長期過程。我們還會增加額外的班次以確保最佳利用率，因此我們從來不會成為瓶頸。對於 Rick 之前提到的觀點，我對 KLA 的定位感到非常有信心。
Rick Wallace - KLA, CEO
(00:55:05)We can handle anything internally within the time fence set by our long lead-time components.
(00:55:05)我們可以在我們的長交期元件所設立的時間範圍內處理任何內部事務。
Chris Caso - Wolfe Research, Analyst
(00:55:14)Got it. That's a helpful clarification. Thank you. As a follow-up, I'll ask about China. It appeared to be up significantly this quarter. I understand revenue tends to be lumpy. Can you discuss your expectations for China, what is embedded in the Q4 guidance, and your outlook for the China business next year?
(00:55:14)明白了。這是一個有幫助的澄清。謝謝。作為後續問題，我想問一下中國的情況。本季度似乎大幅上升。我理解收入往往是波動的。你能談談你對中國的預期嗎？Q4 指導中包含了什麼，以及你對明年中國業務的展望？
Rick Wallace - KLA, CEO
(00:55:36)Yes, it will decline in Q4. As I have said since March, I expect China as a percentage of total to be in the high 20s percentile. Let's say between 27% and 29%. I still believe Q4 will be in that range, given the previous three quarters. It did increase slightly in September. But China is growing much slower than the overall business. So its percentage is declining. I expect this trend to continue into 2027. China will likely grow a bit but not at the same rate as wafer equipment growth outside China. So, in 2027, we expect China to operate in the low 20s percentile.
(00:55:36)是的，Q4 會下降。正如我自三月以來所說，我預計中國在總收入中的比例將在 20% 高的範圍內。假設在 27% 到 29% 之間。鑒於之前三個季度，我仍然相信 Q4 會在這個範圍內。九月的數字確實略有上升。但中國的增長速度遠低於整體業務。所以它的比例正在下降。我預計這一趨勢將持續到 2027 年。中國可能會略有增長，但不會以與中國以外的晶圓設備增長相同的速度。所以，在 2027 年，我們預計中國的比例將在 20% 低的範圍內。
Rick Wallace - KLA, CEO
(00:56:30)Within our numbers, non-semiconductor PCB business also operates in China. There is more PCB-type investment and component inspection in China. This skews the numbers slightly upward, but it is a small percentage overall. I believe the numbers I provided give sufficient directional clarity about the current business and its trajectory.
(00:56:30)在我們的數字中，非半導體 PCB 業務也在中國運營。中國在 PCB 類型的投資和元件檢測方面更多。這使得數字略微上升，但整體上仍然是小比例。我相信我提供的數字對當前業務及其發展方向提供了足夠的指導性清晰度。
Chris Caso - Wolfe Research, Analyst
(00:57:00)Okay, thank you.
(00:57:00)好的，謝謝。
Kevin Kessel - KLA, Investor Relation
(00:57:16)Can you take the next question, please?
(00:57:16)請問可以接下來的問題嗎？
Stephanie - Conference Operator
(00:57:25)Yes, my apologies. We will go next to Shane Brett from Morgan Stanley. Your line is open.
(00:57:25)是的，我很抱歉。我們接下來請摩根士丹利的 Shane Brett 提問。您的線路已開通。
Shane Brett - Morgan Stanley, Analyst
(00:57:32)The first question is on advanced packaging. At your investor day, you mentioned that Kronos is the workhorse of packaging. We already have the next three systems ready. Are your customers requiring higher sensitivity tools? If so, can you discuss the competitive environment at these higher sensitivity levels? Thank you.
(00:57:32)第一個問題是關於先進封裝的。在您的投資者日上，您提到 Kronos 是封裝的主力。我們已經準備好接下來的三個系統。您的客戶是否需要更高靈敏度的工具？如果是這樣，您能談談在這些更高靈敏度水平下的競爭環境嗎？謝謝。
Rick Wallace - KLA, CEO
(00:57:53)In advanced packaging, there has been a shift due to the move toward more front-end-like processes. Most of it, as you pointed out, has been in the macro products. We believe the roadmap for those products is well positioned. You are seeing more hybrid bonding and logic devices, which drive the need for greater sensitivity. We also discussed this yesterday. Sensitivity is moving from the micron level down to around 100 nanometers. This drives the need for more advanced systems. Overall, our packaging exposure is trending toward higher-end systems.
(00:57:53)在先進封裝中，由於向更前端類似的流程轉變，已經發生了變化。正如您所指出的，大部分變化發生在宏觀產品中。我們相信這些產品的路線圖定位良好。您會看到更多的混合鍵合和邏輯設備，這驅動了對更高靈敏度的需求。我們昨天也討論過這個問題。靈敏度正在從微米級別下降到約 100 納米。這驅動了對更先進系統的需求。總體而言，我們的封裝曝光趨向於高端系統。
Rick Wallace - KLA, CEO
(00:58:33)The macro products remain the workhorse, but we are seeing more laser scanning and some Gen 4 system deployments. For packaging requirements, we believe this market segment continues to offer opportunities for KLA. We have leveraged much of our R&D from advanced platforms and are well positioned with proven products that meet higher-end requirements. Our customers recognize this capability, so we feel well positioned for growth in this market.
(00:58:33)宏觀產品仍然是主力，但我們看到更多的激光掃描和一些第四代系統的部署。對於封裝需求，我們相信這個市場細分繼續為 KLA 提供機會。我們已經利用了許多來自先進平台的研發，並且在滿足高端需求的經過驗證的產品上定位良好。我們的客戶認識到這一能力，因此我們感到在這個市場上有良好的增長潛力。
Shane Brett - Morgan Stanley, Analyst
(00:59:15)Got it. Thank you. My follow-up is on logic. I understand you assess node-to-node share gains after certain wafer start volumes are installed. Internally, is there a preliminary expectation on your share gains from 2 nanometer to 1.4 nanometer? Are there parts of your product portfolio where the financial market might be surprised by the magnitude of share gains? Thank you.
(00:59:15)明白了。謝謝。我的後續問題是關於邏輯的。我瞭解您在某些晶圓啟動量安裝後評估節點之間的市場份額增長。在內部，您對從 2 納米到 1.4 納米的市場份額增長有初步預期嗎？您的產品組閤中是否有部分可能會讓金融市場對市場份額增長的幅度感到驚訝？謝謝。
Rick Wallace - KLA, CEO
(00:59:38)We believe the trend is moving in the right direction. Next-generation nodes are being tuned for high-performance compute requirements. These require more advanced capabilities and additional sampling steps due to the die's value. High-performance compute involves large die sizes. These dies are very valuable. Defect density remains a challenge. There is also a very rich design environment. All these factors contribute positively. I don't have a specific point to give regarding the directional trend, but we feel confident about continuing to grow our market share from node to node.
(00:59:38)我們相信趨勢正在朝著正確的方向發展。下一代節點正在調整以滿足高性能計算的需求。由於晶片的價值，這些需要更先進的能力和額外的取樣步驟。高性能計算涉及大型晶片尺寸。這些晶片非常有價值。缺陷密度仍然是一個挑戰。此外，還有一個非常豐富的設計環境。所有這些因素都積極貢獻。我沒有具體的觀點來說明方向趨勢，但我們對於從節點到節點持續增長市場份額感到自信。
Rick Wallace - KLA, CEO
(01:00:18)Our relevance with e-beam inspection and its linkage to optical inspection is becoming more pronounced. It's less about share and more about adoption; these investments will become more evident as designs shrink. Got it. Thank you very much.
(01:00:18)我們在電子束檢測方面的相關性及其與光學檢測的聯繫變得越來越明顯。這不僅僅是市場份額的問題，更是採用的問題；隨著設計縮小，這些投資將變得更加明顯。明白了。非常感謝。
Stephanie - Conference Operator
(01:00:44)We will take our final question from Timm Schulze-Melander with Rothschild & Co Redburn. Please go ahead.
(01:00:44)我們將從 Rothschild & Co Redburn 的 Timm Schulze-Melander 那裡接受最後一個問題。請繼續。
Timm Schulze-Melander - Rothschild & Co Redburn, Analyst
(01:00:51)Hi there. Thanks for taking my questions. One question for Rick and one for Bren. First, comparing 2027 to 2026, when you look at capex spent on established nodes this year as a percentage of the total market, how do you expect that ratio to change by 2027? I also have a follow-up.
(01:00:51)您好。感謝您回答我的問題。一個問題給 Rick，一個問題給 Bren。首先，將 2027 年與 2026 年相比，當您查看今年在已建立節點上花費的資本支出佔總市場的百分比時，您預計到 2027 年這一比例會如何變化？我還有一個後續問題。
Rick Wallace - KLA, CEO
(01:01:19)We see more investment in 2 nanometer. I believe 2 nanometer and 3 nanometer investments will be the focus in logic. You will see more investment there. You'll also see some investment in the next-generation nodes, specifically 1.4. So, it's different. Previously, you didn't have any of that more advanced investment; it was more focused on three nanometer in 26. So, I think it sets us up well, constructively, in terms of more two nanometer and leading-edge investment at 1.4. Very clear.
(01:01:19)我們看到對 2 納米的投資增加。我相信 2 納米和 3 納米的投資將成為邏輯領域的重點。您將看到那裡有更多的投資。您還會看到對下一代節點的投資，特別是 1.4。所以，這是不同的。之前，您沒有任何更先進的投資；它更專注於 26 納米的三納米。所以，我認為這為我們的未來做好了準備，在 1.4 的兩納米和尖端投資方面，建設性地。非常清楚。
Timm Schulze-Melander - Rothschild & Co Redburn, Analyst
(01:02:00)And maybe just, thank you. Then maybe one on memory in 2027: you've discussed your engineering strategy about how you're going to address that memory issue. Kind of impact your bill of materials. Can you please talk about your purchasing strategy for memory in 2027? Thank you.
(01:02:00)也許只是，謝謝。那麼，也許談談 2027 年的記憶體：您已經討論了您的工程策略，關於如何解決那個記憶體問題。這會影響您的材料清單。您能否談談 2027 年記憶體的採購策略？謝謝。
Rick Wallace - KLA, CEO
(01:02:26)Well, certainly, our focus early on and through this year has been mostly around securing supply. When things started to ramp in early 26, we felt confident about ensuring supply, which was no easy feat given the constraints in the overall industry. As demand has strengthened, we've had to purchase more at higher prices. We're less concerned about supply now, but we are certainly exposed to pricing in the market. That is informing the commentary we've provided. From a supply perspective, we feel good about the supply we've secured to meet our future requirements.
(01:02:26)好吧，當然，我們早期和今年的重點主要是確保供應。當事情在 26 年初開始上升時，我們對確保供應感到自信，這在整個行業的限制下並不容易。隨著需求增強，我們不得不以更高的價格購買更多。我們現在對供應的擔憂較少，但我們確實面臨市場價格的影響。這影響了我們提供的評論。從供應的角度來看，我們對已確保的供應感到良好，以滿足我們未來的需求。
Timm Schulze-Melander - Rothschild & Co Redburn, Analyst
(01:03:10)That's very helpful. Thank you.
(01:03:10)這非常有幫助。謝謝。
Stephanie - Conference Operator
(01:03:13)This concludes our question and answer session. I'd like to turn the program back over to Kevin Kessel for any closing remarks.
(01:03:13)這結束了我們的問答環節。我想把節目交回給 Kevin Kessel，讓他做一些結語。
Kevin Kessel - KLA, Investor Relation
(01:03:21)Yeah, thank you. Thank you, everyone, again, for your interest in KLA. We know it's a very busy earnings day and week, so we appreciate your time. If you have further questions, hopefully we can connect after the call during our callbacks. With that, I'll turn it back to the operator to formally close the call.
(01:03:21)是的，謝謝。再次感謝大家對 KLA 的關注。我們知道今天和這周是非常繁忙的財報日，因此我們感謝您的時間。如果您有進一步的問題，希望我們能在通話後的回撥中聯繫。有鑑於此，我將把它交回給操作員正式結束通話。
Stephanie - Conference Operator
(01:03:42)Thank you. This concludes the KLA Corporation September quarter 2026 earnings call and webcast. Please disconnect your line at this time and have a wonderful day.
(01:03:42)謝謝。這結束了 KLA 公司 2026 年 9 月季度的財報電話會議和網絡直播。請在此時斷開您的連線，祝您有美好的一天。