Lam Analysis (LRCX) This autumn 2024 Earnings Name Transcript

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Please see accompanying slides within the presentation for extra info. Right this moment’s dialogue of our monetary outcomes will probably be introduced on a non-GAAP monetary foundation except in any other case specified. An in depth reconciliation between GAAP and non-GAAP outcomes may be discovered within the accompanying slides within the presentation. This name is scheduled to final till 3:00 p.m.

Pacific Time. A replay of this name will probably be made accessible later this afternoon on our web site. And with that, I am going to hand the decision over to Tim.

Timothy M. Archer — President, Chief Govt Officer, and Director

Thanks, Ram, and thanks all for becoming a member of the decision at present. Lam closed out 2024 with one other stable efficiency. December quarter income, gross margin, working margin, and EPS had been all above our steering midpoints, reflecting robust and constant operational execution. Wafer fabrication gear spending for 2024 completed consistent with the mid-$90 billion vary we guided earlier within the 12 months.

Total, 2024 was 12 months for Lam, at the same time as NAND spending remained at muted ranges. System revenues in each DRAM and foundry logic grew to file highs, and the scale of our put in base elevated to roughly 96,000 chambers. Our outcomes present that we’re making good progress on our technique of broadening Lam’s publicity throughout end-market gadget segments. It additionally demonstrates the rising energy of our product portfolio as semiconductors transfer into the AI period.

For instance, gate-all-around and superior packaging applied sciences are essential enablers for AI gadget manufacturing, together with GPUs and high-bandwidth reminiscence. They’re additionally extremely deposition and etch-intensive. And because of this, we noticed Lam’s shipments for knowledge throughout nodes and superior packaging every develop to exceed $1 billion in 2024. In calendar 2025, we see WFE spending rising barely to roughly $100 billion.

Once more, we count on expertise inflections to result in quicker development for Lam as AI functions demand better gadget and package-level efficiency. In 2025, Lam shipments to gate-all-around nodes and superior packaging mixed ought to be nicely over $3 billion. Buyer migration towards bottom energy distribution and dry resist processing applied sciences will add additional alternative within the coming 12 months. As we glance ahead, we do the rising significance of deposition and etch expertise as a differentiator for Lam and a possibility to outperform.

With this in thoughts, we have now made strategic investments over the previous few years to increase our R&D infrastructure, scale our group, and rework our innovation course of for better pace. We are actually seeing these investments yield vital product advances. Our just lately launched Cryo 3.0 expertise is profitable at the vanguard, delivering best-in-class outcomes for high-aspect-ratio dielectric etch functions on our newest Vantex CX+ product and likewise serving to prolong the capabilities of our massive Flex put in base via Cryo upgrades. Our breakthrough dry resist functionality for EUV is enabling patterning of extraordinarily advantageous gadgets — gadget options with better precision, lowered defectivity, greater productiveness, and lowered environmental affect.

You could have seen that earlier at present, we introduced that our Aether dry resist resolution has achieved a serious milestone having simply been chosen because the manufacturing software of file for prime bandwidth DRAM at a number one reminiscence buyer. Expertise inflections in DRAM and foundry logic, mixed with an upgrade-focused NAND setting, create what we imagine is a novel setup for Lam to outgrow WFE spending and strengthen our backside line in calendar 2025. In NAND, the business is trying to transition the present put in capability to greater layer counts to realize higher gadget efficiency at decrease bit price. Right here, a number of developments play to our favor.

One is the transition to molybdenum or moly. Lam’s patented multi-station sequential deposition expertise permits us to make use of a differentiated liner and fill course of sequence that’s proving to be a winner with clients. The momentum for our new moly product is robust. A second development is the adoption of carbon hole fill to allow greater bit density and decrease price via multi-tier stacking.

Our modern TCBD-based pure carbon hole fill course of supplies high-edge selectivity, superior mechanical properties, and simplified dry course of removability. Whereas we’re within the early innings of those transitions, and early within the business improve cycle general, we count on adoption of moly and carbon hole fill to drive a number of hundred million {dollars} in NAND shipments for Lam in calendar 2025. Lam’s alternative will develop in additional in future years as extra of the 1 million-plus wafer begins per 30 days put in capability converts to greater layer counts. The differentiation we’re delivering for patrons runs deeper than the method expertise itself.

Our Semiverse Options capabilities apply superior modeling, simulation, knowledge science, analytics, machine studying, and synthetic intelligence to additional improve our gear efficiency and cut back the timing for course of optimization. That is strengthening our competitiveness, and most just lately, we used our Semiverse Options capabilities to efficiently defend the important thing dielectric etch utility at a serious reminiscence producer. Moreover, we’re leveraging these capabilities to assist tackle the semiconductor business’s international workforce scarcity. Via collaborations with universities in the USA, India, and Korea, Semiverse Options software program is already getting used to teach the subsequent technology of semiconductor business innovators.

And our objective is to supply entry to Lam’s semiconductor simulation expertise to tens of 1000’s of aspiring engineering college students via the remainder of the last decade. In CSBG, our gear intelligence and in-fab service automation options are seeing important traction with clients. Final month, we introduced the business’s first collaborative upkeep robotic. Since then, we have now shipped our Dextro cobot to a 3rd main reminiscence producer and it’s being put in of their fab as a part of a multiyear providers settlement.

Over the subsequent decade, the semiconductor business is predicted to witness a powerful growth of fab capability globally and our cobot expertise presents an vital and cost-effective resolution to allow exact and repeatable upkeep past what human employees alone can obtain. Lastly, our strategic investments in scaling our operations are paying off. Our Asia operations proceed to ramp very effectively, and in 2024, helped drive significant enchancment in each our responsiveness to rising buyer demand and our gross margin. Doug will present some further element in his ready remarks.

However as a headline, I’m happy we delivered in calendar 2024, roughly 160 foundation factors of working margin growth at the same time as we invested closely in new merchandise and infrastructure to gas future development. So, to wrap up, Lam is in a powerful place as we enter the brand new 12 months. Deposition and etch have gotten more and more very important to semiconductor manufacturing, and we have now made key investments to strengthen Lam’s product portfolio. I look ahead to sharing extra on this at our upcoming Investor Day.

Thanks, and I am going to now move it on to Doug.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Nice. Thanks, Tim. Good afternoon, everybody, and thanks for becoming a member of our name at present throughout what I do know is a really busy earnings season. We delivered robust monetary ends in calendar 12 months 2024, with income of $16.2 billion and diluted earnings per share of $3.36.

We’re clearly happy with the corporate’s continued robust execution. For calendar 12 months 2024, CSBG income elevated 11% to $6.6 billion, exceeding our expectations. Gross margin got here in at 48.2%, which was the best annual consequence since Lam merged with Novellus in 2013. Let us take a look at the small print of our December quarter monetary outcomes.

Our income, gross margin, working margin, and earnings per share had been all above the midpoint of our guided vary. Income for the December quarter was $4.38 billion, which was a rise of 5% from the prior quarter. Our deferred income steadiness at quarter-end was $2 billion, basically flat with the September quarter. I do imagine our deferred income steadiness will development decrease into calendar 12 months 2025 however will seemingly fluctuate from quarter to quarter.

From a market section perspective, December quarter techniques income in Reminiscence was 50%, up from 35% within the prior quarter. Inside Reminiscence, nonvolatile reminiscence elevated coming in at 24% of our techniques income, up from 11% within the prior quarter. This market section has reached the excessive level because the finish of 2022, pushed by NAND spending on tech conversions from 1xx-layer class gadgets to 256-layer. We count on these conversions to proceed in calendar 12 months 2025.

DRAM represented 26% of techniques income in contrast with 24% within the September quarter. DRAM spending was targeted on tech upgrades to the 1-alpha, 1-beta, and a few preliminary ramp of 1-gamma nodes to allow DDR5 and high-bandwidth reminiscence. HBM investments in our instruments enabling via silicon by way of functionality continues to be robust. Foundry represented 35% of our techniques income, a lower from the proportion focus within the September quarter of 41%.

Progress for gate-all-around node spending partially offset the decline in mature node spending. The Logic and Different Markets section was 15% of our techniques income within the December quarter, down from the prior-quarter stage of 24%. The lower was pushed by lowered spending in each modern in addition to specialty expertise nodes. Now, I am going to focus on the regional composition of our complete income.

The China area accounted for 31%, which was down from 37% within the prior quarter. Most of our China income continued to come back from home Chinese language clients. The subsequent largest geographic focus was Korea at 25% of income within the December quarter, a rise in contrast with our September quarter stage of 18%. And at last, Taiwan and the USA rounded out the rest of the highest 4 areas.

The Buyer Help Enterprise Group generated nearly $1.8 billion in income for the December quarter, according to the September quarter and 20% greater than the identical interval in 2023. Sequentially, development in improve income largely offset the decline that we noticed in Reliance Programs. Whereas spares within the Reliant product line proceed to be the 2 largest elements of CSBG income technology, we achieved file improve income, demonstrating the energy of that rising put in base. Turning to gross margin efficiency.

The December quarter got here in at 47.5%, which was above the midpoint of our guided vary, however was down from the September quarter stage of 48.2%. This was primarily a results of unfavorable buyer combine, which we foreshadowed within the lastearnings name We have improved components of our price construction through the previous two years and expanded the gross margin contribution from our Asia operation methods by a little bit greater than 100 foundation factors as we exited calendar 12 months 2024. We count on incremental profit to gross margins as we proceed to scale manufacturing on a go-forward foundation from this technique.

Working bills for December had been consistent with our expectations at $735 million, up from the prior quarter quantity of $722 million. The rise was primarily resulting from greater incentive compensation tied to the corporate’s elevated profitability. R&D accounted for 67% of complete working bills. Working margin within the present quarter was 30.7%, a little bit bit beneath the September quarter stage of 30.9% and close to the excessive finish of our steering vary, primarily due to that greater income and the stronger gross margin efficiency.

And I’d simply reiterate what Tim talked about that we delivered 160-basis-point enchancment in working margin for calendar 12 months 2024. Our non-GAAP tax charge for the quarter was 13.2%, inside vary of our expectations. Our estimate for the March 2025 quarter is for the tax charge to be within the low to mid-teens vary. Different earnings and expense for the December quarter got here in at $11 million in earnings in contrast with $13 million in earnings within the September quarter.

The slight fluctuation in OI&E was resulting from decrease curiosity earnings, which was considerably offset by decrease international trade losses and a little bit little bit of acquire in fairness investments. OI&E will proceed to be topic to associated fluctuations that can trigger some stage of volatility quarter to quarter. And as we sit right here at present, I do imagine OI&E can have a slight adverse bias within the March quarter. On the capital return facet of issues, we allotted roughly $650 million to open market share repurchases, and we paid $298 million in dividends within the December quarter.

For the 2024 calendar 12 months, we returned 98% of free money circulate, totaling $4 billion, which was on the excessive finish of our long-term capital return plans of 75% to 100% of free money circulate. For the December quarter, diluted earnings per share got here in at $0.91. The diluted share depend was roughly 1.29 billion shares, which was a discount from the September quarter. Throughout 2024, we repurchased almost 34 million shares via our share buyback program, and we have now $9.2 billion remaining on our board-authorized share repurchase plan.

Let me pivot to the steadiness sheet. Our money and short-term investments totaled $5.7 billion on the finish of the December quarter, down from $6.1 billion on the finish of the September quarter. The primary driver of the money lower was clearly our capital return exercise. This gross sales excellent was 69 days within the December quarter, a rise from 64 days within the September quarter.

Stock on the December quarter-end totaled $4.4 billion, a slight improve from the September quarter as we put together for greater revenues within the March 2025 quarter. Stock turns had been 2.1x, flat from the prior quarter stage. We are going to proceed to handle stock ranges to the most effective of our capability to align with buyer demand. We’re happy to announce that we upsized our revolving credit score facility from $1.5 billion to $2 billion.

Moreover, I simply talked about that we have now $500 million of unsecured notes maturing in March this 12 months, which we intend to easily repay utilizing money on the steadiness sheet. We could select to refinance this notional quantity sooner or later as we proceed to watch the rate of interest setting. By bolstering our liquidity with the credit score facility, we have created some optionality and adaptability right here. Noncash bills for the December quarter included roughly $82 million of fairness compensation, $83 million in depreciation, and $13 million in amortization.

Capital expenditures within the December quarter had been $188 million, up $78 million from the September quarter. Spending was primarily centered on lab-related investments in the USA and Asia and manufacturing services supporting our international technique to be near clients’ growth and manufacturing places. We ended the December quarter with roughly 18,300 common full-time workers, which is a rise of roughly 600 individuals from the prior quarter. Progress was predominantly in discipline and manufacturing unit roles to assist elevated software set up in addition to rising manufacturing actions.

Now, let’s flip to our non-GAAP steering for the March 2025 quarter. We’re anticipating income of $4.65 billion, plus or minus $300 million. Gross margin, up 48%, plus or minus one share level. We anticipate roughly constant ranges of buyer focus.

Working margin of 32%, plus or minus one share level. This steering accounts for the traditional seasonal improve in working bills that we all the time see at first of calendar 12 months. And at last, earnings per share of $1 plus or minus $0.10, based mostly on a share depend of roughly 1.29 billion shares. I might point out that as we glance into 2025, we plan to proceed to ship incremental leverage to the underside line.

On the identical time, we will probably be rising R&D and persevering with to develop funding in a digital transformation challenge that we initially launched in 2023. Every of those investments is predicted to allow future monetary advantages to the P&L that we plan to indicate you in February. So, let me wrap up. We executed nicely in calendar 12 months 2024.

We delivered 11% development in CSBG and a 160-basis-point enchancment in working margin each of which exceeded our expectations from the start of final 12 months. We have made key investments in our product portfolio to drive served accessible market and share alternative, and we have grown the worldwide infrastructure to collaborate and ship modern options for our clients. We additionally grew spending in that digital transformation program. We look ahead to sharing extra particulars on the energy of our product portfolio in addition to an up to date long-term monetary mannequin at our Investor Day in New York Metropolis on February 19.

We hope to see you there. Operator, that concludes our ready remarks. Tim and I might now wish to open up the decision for questions.

Questions & Solutions:

Operator

We are going to now start the question-and-answer session. [Operator instructions] Our first query at present is from Tim Arcuri with UBS. Please go forward.

Timothy Arcuri — Analyst

Thanks so much. Doug, are you able to communicate concerning the gross margin? The steering is fairly good. And also you talked about Malaysia now’s turning to a tailwind. And I do know that the China combine is mainly reset.

So, how to consider the places and takes for gross margin as you progress March and thru the remainder of the 12 months?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah. Tim, I believe we will be in a reasonably tight vary, sort of the place we have been within the final quarter, plus or minus a little bit bit. And the places and takes, as you understand, as a result of we have talked about this prior to now, you are going to proceed to see some headwinds from buyer focus. I believe there’s extra headwind as we undergo the 12 months, most certainly offset to a sure extent by that Asia operation technique.

So, these are the issues to consider. I would not run away from the place we’re proper now, although, in reality, possibly trim a little bit just a bit tiny bit as we undergo the 12 months.

Timothy Arcuri — Analyst

Received it. After which are you able to give any coloration? I do know you are saying that WFE goes to be up possibly $3 million $4 million, $5 million 12 months over 12 months. However are you able to present any coloration by finish market? I do know — and I’ve requested you this earlier than, however one in all your friends is speaking about NAND mainly doubling this 12 months. So, are you able to give any coloration there? And do you suppose that it’s attainable that it doubles this 12 months? Thanks.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah, Tim, possibly I am going to unpack it just a bit little bit of coloration. We’re not going to provide particular particulars. However NAND will probably be up this 12 months. I do not know if it will double essentially.

Perceive additionally although that NAND spending, there will probably be a little bit little bit of NAND spending that can happen in China with a buyer we won’t promote to. So, which may be a little bit totally different from the interval you are asking about. I believe modern foundry goes to be fairly robust this 12 months. I believe that is fairly nicely understood.

And DRAM will probably be, plus or minus, coming off a really robust 12 months final 12 months. I believe it is going to proceed to be fairly robust this 12 months.

Timothy Arcuri — Analyst

Thanks, Doug.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Thanks, Tim.

Operator

The subsequent query is from Krish Sankar with Cowen and Firm. Please go forward.

Krish Sankar — Analyst

Yeah. Hello. Thanks for taking my query. First one, Doug, I had for you was sort of, a, on China.

What’s sort of your visibility by way of lead instances? And in addition, are you able to assist us quantify the affect of those current China export controls for Lam in calendar ’25? After which I’ve a follow-up.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah. Krish, our lead instances actually have not modified an excessive amount of. And I do not know should you’re asking particular to China, however China is not any totally different than the remainder of the world. Geographically, lead instances are just about the identical.

And sure, clearly, in early December, there have been some new laws that got here out proscribing a handful of consumers that actually impacted us. The forecast we had from that group of consumers was in all probability, I do not know, $700 million or in order that clearly we cannot be capable of ship to these clients. And that income footprint once we had been wanting on the forecast initially would have been a little bit bit second-half-weighted in 2025. So, that is the best way to consider it.

I do not know that that is all that totally different than what you have heard from our friends, Krish.

Krish Sankar — Analyst

Received it. That is very useful for quantifying that, Doug. After which only a fast follow-up. You spoke about your WFE rising possibly 4% or 5% this 12 months on a year-over-year foundation.

How do you concentrate on the cut up between techniques and CSBG in March and the way that evolves via the remainder of the 12 months?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

I am not going to get into the element of sort of how a lot is CSBG and the way a lot is techniques. I might let you know that there is some headwinds in CSBG associated to the Reliant grouping, proper? I believe that is fairly nicely understood. There’s not an enormous quantity of spending in mature node exterior of China. After which inside China, we have a handful of consumers that, like I stated, are actually restricted.

Offset, although, it will be a powerful 12 months for upgrades, and we have been speaking about that, proper? We imagine NAND spending goes to be largely upgrade-related, and that is going to learn the improve product line inside CSBG.

Krish Sankar — Analyst

Received it. Thanks so much, Doug.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah. Thanks, Krish.

Operator

The subsequent query is from C.J. Muse with Cantor Fitzgerald. Please go forward.

C.J. Muse — Analyst

Yeah. Thanks for taking the query. I assume to possibly piggyback on that query, might you communicate to — should you needed to rank order by product or improve or whatnot, how we ought to be fascinated about what are the largest sort of incremental drivers for you? I believe you talked about gate-all-around and superior packaging rising an incremental $1 billion in calendar ’25. Might you sort of add to that by way of NAND upgrades, moly? Anything that’s related that we ought to be fascinated about in ’25?

Timothy M. Archer — President, Chief Govt Officer, and Director

Yeah, C.J. Let me begin with that one. I believe that from the angle of sort of probably the most impactful change 12 months on 12 months, I believe for us, it is NAND. It is the — it is NAND beginning to come again.

And once more, the very robust place we have now inside each greenback spent on a NAND improve. And that is sort of throughout the board, the etch instruments and such that must be upgraded. However on the identical time, on the final name, I discussed this level that about two-thirds of the bids are nonetheless being manufactured on nodes beneath 200 layers. And what occurs as you progress above 200 layers will not be solely do it’s important to improve the present instruments, however it’s important to begin including further instruments to take care of the complexity of that transition.

And so, that is why we discuss like the brand new carbon gap-fill software, which is essential to multi-tier stacking, which you begin to see within the 200-, 300-layer generations. And as you get to 300 layers and past, you begin seeing new instruments get added like moly, that transition. So, it is determined by which buyer and precisely which transitions they’re switching to however NAND from each an improve and new software cargo might be our largest year-on-year distinction. However there is no doubt that our robust place in superior packaging and the energy that Doug alluded to inside modern foundry and what meaning for superior packaging continues to indicate development there.

And so, I really feel like, as I stated, there is a good setup right here the place most of the areas we have been investing in actually are beginning to come collectively this 12 months.

C.J. Muse — Analyst

That is very useful. I assume, as a follow-up, and Doug, I am unsure you are going to wish to reply this. But when I had been to annualize implied shipments for March, that may recommend fairly significant top-line development 12 months on 12 months relative to the WFE development that you simply outlined. So, ought to we be fascinated about revenues decrease within the second half? Or are you actually highlighting large outperformance in 2025?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah. I do not know, C.J. I am not going to reply that query. So, you sort of answered your individual query.

I am not going to get into providing you with a quarter-by-quarter steering. Pay attention, WFE goes to develop a little bit bit. We will outperform WFE. We’re assured about making these statements.

We have been making it for a little bit little bit of time now. The remainder of it is going to rely upon profile of spending and so forth. I do not know should you simply annualize March, if that is the best means to have a look at it. Like I stated, we will information one quarter at a time.

I do not know. You bought to do some of your individual pencil work. Do not lose sight on what I did say, although, concerning the second-half-weighting of a few of that China clients that impulsively, we won’t ship to any longer, that may have been a little bit bit second-half-weighted. So, comprehend that as you construct your mannequin for the 12 months.

C.J. Muse — Analyst

Nice. Thanks.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Thanks, C.J.

Operator

The subsequent query is from Harlan Sur with JPMorgan. Please go forward.

Harlan Sur — Analyst

Good afternoon. Thanks for taking my query. On superior packaging and excessive bandwidth reminiscence, I do know you guys began final 12 months with a view that your superior packaging enterprise would do about $700 million, $800 million in revenues on the Aprilearnings name You upped that to $1 billion, after which that quantity was additional as much as over $1 billion.

Are you able to guys simply true us up, what was the precise income you drove in calendar 2024 on superior packaging? After which with this demand development for HBM focused to develop 50%, 70% per 12 months over the subsequent couple of years. The transfer from 8-high to 12-high, you have received the transfer in superior packaging from 2.5D to 3D SOIC, like how ought to we take into consideration your superior packaging/HBM development profile for this 12 months? And typically, over the subsequent few years, form of how can we take into consideration the mid- to longer-term development profile.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah, Harlan, possibly I am going to chime in after which let Tim add on. Yeah, I imply, I am not going to provide you a exact quantity, however in 2024, we completed above $1 billion. I do not suppose that surprises you. And I am not going to provide you a exact quantity for this 12 months, however it’s actually going to develop once more in 2025, and it is being pushed by all these stuff you talked about, proper, HBM3 going to 3D to doubtlessly going to 4 on the finish of the 12 months, eight going to 12, going to 16 die.

We do all that, TSV. So, we’re set as much as do rather well. We’re fairly enthusiastic about it. I do not know, Tim, if you wish to —

Timothy M. Archer — President, Chief Govt Officer, and Director

Yeah. No. I believe, Harlan, the one factor I might add is that we have been saying for some time that, and I believe you have been listening to it within the market, superior packaging and getting the yield and productiveness proper on these processes is not straightforward. And so, that is the place Lam has a essential course of provider with experience in issues like copper plating and etching.

We’re delivering worth there. So, we really feel excellent about our positions. And we will proceed to develop with that market and do very nicely. So, I can not put an actual quantity on it, however once more, we did point out we’ll develop once more this 12 months.

And I believe that is about all we will say.

Harlan Sur — Analyst

That is useful. After which for Doug, that is the third, fourth consecutive quarter the place your gross margins are coming in higher than anticipated, continued energy on the steering for the March quarter, proper? The general sustainability and development of our gross margins has been very, very stable. I’ve really been stunned at how quickly you have ramped your Malaysia manufacturing facility, low-cost geography, you have received strategically aligned provider base on this area. On the identical time, you guys have additionally, I believe, consolidated a major a part of the higher-cost manufacturing base.

So, is it honest to imagine that on incremental income development going ahead, most of — that is flowing via Malaysia and so higher incremental gross margin circulate via? And possibly any means to assist us sort of quantify that?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah. I am not going to quantify it. I imply, I simply gave you a quantity, proper, that we have delivered over 100 foundation factors from the technique already. There’s a little bit bit extra to go for certain.

Do not lose sight of the actual fact, although, that we will have the headwind from buyer combine that we have been speaking about for some time. So, I am attempting to telegraph that to you as nicely. I assume, sure, pay attention, we’re fairly happy with our efficiency on gross margin. Frankly, this was all executed by us, proper? This was a proactive technique, issues turned down in early ’23.

We jumped on the horse and began writing down the path. And albeit, the fellows and gals in our international operations group have executed an outstanding job right here, proper? So tremendous pleased with what is going on on. We will preserve driving this however do not run away with it an excessive amount of proper now as a result of like I stated, we have that buyer focus headwind that we received to take care of right here.

Timothy M. Archer — President, Chief Govt Officer, and Director

And Harlan, the one factor I might add is that I believe that you need to take away from this that Lam is dedicated to make investments to see a sustainable step-up in efficiency. And that is what we did. Doug, for a lot of quarters, was speaking about how Malaysia was a headwind. That funding we’re making as we ramped it and it wasn’t but up and going.

And now, you are seeing a little bit little bit of the identical factor with the funding we preserve speaking about digital transformation. There’s going to be a interval right here the place we’re investing. However long run, we have now a view that this firm and the semiconductor business typically are going to be greater, and we wish to have basic enhancements in our operations and in our price construction. And so, I believe Malaysia is a superb signal of what we have executed.

And I believe the digital transformation is one thing that is nonetheless but to come back, and it simply exhibits that we have now a really long-term dedication to enhancing the financials of this firm.

Harlan Sur — Analyst

Yeah. Thanks, Tim. Thanks, Doug.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Thanks, Harlan.

Operator

The subsequent query is from Toshiya Hari with Goldman Sachs. Please go forward.

Toshiya Hari — Analyst

Hello. Good afternoon. Thanks a lot for taking the query. I had two as nicely.

The primary one, the outperformance relative to WFE you guys count on to ship this 12 months. Is that principally a operate of dep and etch rising as a share of the general WFE market? Or is it that plus you guys profitable share in — inside dep and etch. And if it is each on the latter, which functions do you guys have the best expectations from a market share acquire perspective?

Timothy M. Archer — President, Chief Govt Officer, and Director

Properly, it’s each. However as we have described prior to now that usually, the best way we take a look at market share features is the wins of latest functions, a few of which did not exist earlier than. And so, it isn’t all the time a head-to-head struggle that outcomes and one winner for an utility. I gave an instance of that with the carbon fuel fill, new utility that will get created merely due to the rising complexity of tier stacking in NAND.

Finally, that ends in share acquire as measured by our share of our SAM and likewise our share of the market itself. So, there are a selection of these. I believe there are pure market share wins. We talked about, clearly, our Aether announcement at present.

the place that win is created via SAM growth the place we transfer into markets the place we beforehand have not competed earlier than and do turn out to be the software of file based mostly on superior expertise and product efficiency. And so, it is laborious — it truly is a make-up of many various issues as to why we predict we outperform, nevertheless it’s actually pushed by what you stated at first. Etch and deposition have gotten extremely extra vital to the constructing of those advanced constructions, whether or not it is gate-all-around, it is the superior packaging, 3D constructions. It is the brand new architectures in DRAM.

It is the multi-tier stacking and NAND. All of these are achieved via new, very advanced etch and dep processes that Lam is main in.

Toshiya Hari — Analyst

Received it. That is nice. Thanks. After which for CSBG, possibly for Doug, I do know you are not going to information the complete 12 months.

The spares a part of the enterprise, improve a part of the enterprise. Traditionally, it has been clearly correlated together with your chamber account, which continues to develop. Is there a means to consider Reliance in ’25 on a year-over-year foundation?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Sure. Reliant might be going to be down 12 months over 12 months, Toshi, as I take into consideration places and takes, and that is — I do not suppose that is stunning, proper? Should you take a look at what is going on on in specialty node funding, mature node funding in areas like analog, microcontrollers, there’s not lots of spending occurring exterior of China. After which I believe China WFE goes to be softer 12 months over 12 months, ’24 to ’25, and we misplaced a handful of consumers as nicely. So, that can contribute to all of that there relative to Reliant.

Offsetting that, although, I believe it will be improve 12 months, proper? We have been speaking about that such That proper now, if I used to be providing you with a little bit little bit of coloration to consider CSBG, we’re in all probability flattish, once more, plus or minus. And we’ll preserve providing you with updates as we undergo the 12 months as issues change.

Timothy M. Archer — President, Chief Govt Officer, and Director

Yeah. And Toshi, the one factor I might add on CSBG is clearly, we acknowledge that every of the totally different elements of CSBG form of transfer round. So, possibly it is useful to consider the areas that finally are long-term future growers. And the one we have highlighted just lately that I talked about at present is how you employ gear intelligence and cobots and different issues to disrupt the best way wherein service is completed contained in the fab and due to this fact, seize a few of that worth whereas nonetheless delivering lots of productiveness to the shopper.

So, I believe that is an space that also is much less tapped, I might say, than our spares and upgrades and Reliant enterprise that we talked about a lot. And so, there’s nonetheless lots of alternative to come back there as we begin to roll out these new merchandise onto new platforms and into fabs.

Toshiya Hari — Analyst

Very useful. Thanks.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Thanks, Toshi.

Operator

The subsequent query is from Srini Pajjuri with Raymond James. Please go forward.

Srini Pajjuri — Analyst

Thanks. Doug, I simply wish to make clear the earlier reply you gave on CSBG. So, whenever you say flattish, are we speaking calendar ’24 being flattish? Or is that — I imply, sorry, calendar ’25 being flattish? Or is it fiscal or are you speaking sequentially for the subsequent few quarters, I assume?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Calendar ’25. I by no means discuss fiscal 12 months, so nearly by no means. It is 12 months over 12 months. You must consider CSBG in complete as flattish.

Srini Pajjuri — Analyst

Received it. Thanks for that. After which a query possibly for Tim is on moly B. I do know you stated a number of hundred million {dollars} of contribution.

I am simply attempting to reconcile what we’re listening to out of your clients, Tim. Clearly, demand will not be nice and the utilization ranges are decrease and a few clients are literally reducing their manufacturing unit loadings. So, possibly you possibly can assist us, how broad-based of a transition are you seeing? Is it like a handful of consumers? I do know there are solely a handful of consumers, however sure. Should you might give us some further coloration as to how do you are feeling concerning the sustainability of moly B as we undergo the 12 months, that will probably be useful.

Thanks.

Timothy M. Archer — President, Chief Govt Officer, and Director

Yeah. I believe it is the sustainability. I imply, we’re — we have talked about the truth that, like I discussed on the final name, the massive variety of the business bits. We stated two-thirds of the bits nonetheless being manufactured underneath 200 layers.

These are all nodes. These are all bits being manufactured with out moly. And so, over time, and we have stated this can be a multi, multiyear transition. As you begin to transfer this million-plus wafer begins per 30 days capability that exists towards greater layer counts.

Now, totally different clients have totally different intercept factors as to when moly is available in, whether or not it is precisely what layer depend. I can not go into that element buyer by buyer. However what it says is we will see moly coming in as every buyer reaches that transition level. Now, how can we reconcile the truth that clients are spending to go to greater layer counts and introduce new applied sciences like moly and carbon hole fill with their statements as nicely that they could be wanting to chop spending.

Properly, to start with, I imply, upgrades are a really environment friendly solution to transfer ahead the expertise. And so, that is a lowered WFE means by which to get bits to greater layer counts. And albeit, greater layer counts lead to decrease bid price for manufacturing and better efficiency. And for sure finish functions, you want greater efficiency to fulfill these necessities.

And so, I believe that this isn’t a really broad and enormous improve transfer nevertheless it’s the early indicators, and that is why we’re beginning to see enchancment in our numbers. However over the subsequent a number of years, you may proceed to see moly contribute increasingly more because the variety of wafers at these greater layer counts continues to extend.

Srini Pajjuri — Analyst

Received it. Thanks.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah. Thanks, Srini.

Operator

The subsequent query is from Vivek Arya with Financial institution of America Securities. Please go forward.

Vivek Arya — Analyst

Thanks for taking my query. Doug, only one or two clarifications. Why will CSBG be flat this 12 months? After which how ought to we take into consideration opex development in calendar ’25?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah, Vivek, it is what I described. We’re coming off a reasonably robust 12 months for the Reliant product line. That is in all probability going to be much less robust subsequent 12 months. Offsetting that, I imagine, would be the spending on upgrades sort of based mostly on what Tim simply informed you, proper? There’s an ageing set of kit in NAND.

There’s upgrades different locations, too. So, that is the up and the down, I assume, is the best way to consider it, Vivek. Did that make sense?

Vivek Arya — Analyst

Sure. And the opex development, Doug?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Pay attention, we will improve spending this 12 months, proper? I talked about we’re rising R&D. We’re investing in a digital transformation challenge that is going to ship future monetary profit. But additionally take heed to what I stated within the scripted remarks. We plan to delist some on the leverage this 12 months, too, proper? We will ship leverage to the P&L.

So, income ought to develop quicker than opex is the best way to consider it.

Vivek Arya — Analyst

So, final 12 months, Doug, simply so — opex was up mid-teens. Ought to we assume an analogous sort of opex development given the digital transformation initiatives? Or wouldn’t it be very totally different from that run charge?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah. Vivek, I will information you one quarter at a time. You may get a little bit little bit of leverage from us this 12 months. So, that is as a lot as I will offer you proper now.

Vivek Arya — Analyst

OK. Thanks.

Operator

The subsequent query is from Atif Malik with Citi. Please go forward.

Atif Malik — Analyst

Hello. Thanks for taking my query. First, a fast clarification. That $100 billion WFE quantity is unrestricted WFE, that means it consists of your expectations.

What are your indigenous rivals are going to earn in gross sales as nicely? That is the primary query.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Atif, it is all in. It is all the things, proper? There have been restricted clients in ’24. There have been restricted clients in ’25. We’re describing all of it in to the most effective of our capability.

Atif Malik — Analyst

OK. After which, Doug, you made a remark that you simply’re anticipating related buyer focus within the March quarter. And I used to be questioning should you’re anticipating related regional focus as nicely. I am simply attempting to see if China gross sales are going to come back down once more within the March quarter after the drop within the December quarter.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

You bought to take heed to my euphemisms after I describe stuff. Buyer focus really is fairly tied to geographic focus after I discuss it proper now. So, you need to count on that to be roughly constant December to March, roughly. I do imagine, once more, we stated this on the final name, once more, China focus for a 12 months will probably be down versus ’24 in ’25.

Atif Malik — Analyst

Received it. Is sensible. Yep. OK.

Thanks.

Operator

The subsequent query is from Stacy Rasgon with Bernstein Analysis. Please go forward.

Stacy Rasgon — Analyst

Hello, guys. Thanks for taking my questions. Doug, I do not imply to harp on it, however I wish to return to the CSBG outlook, flat. So, simply on a run charge foundation, you would be down like $100 million 1 / 4 versus the place you ran in December.

And I am simply confused given just like the NAND energy that is upgrade-driven, presumably, lots of that may be CSBG. So, I wasn’t conscious that — I imply, Reliant should be like falling like by an enormous quantity 12 months over 12 months for me to only match that outlook. I imply, I am simply attempting — what am I getting unsuitable? Or is there just a few conservatism in-built there? Or like why such a steep falloff?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

No, there’s not conservatism. Reliant goes to be down, proper? We simply misplaced a bunch of consumers in China that largely buy Reliant techniques. So, that is a part of what is going on on, too.

Stacy Rasgon — Analyst

OK. So, that was the — like did you could have $700 million in calendar ’24 in CSBG for Reliant in China that goes away in 2025? Was it that large?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Stacy, $700 million was our forecasted income for that set of consumers, what they might have spent in ’25. However now, they don’t seem to be spending. And lots of that may have been Reliant, Stacy.

Stacy Rasgon — Analyst

OK. OK. All proper. I assume possibly alongside these traces, once more, to return to the China combine, I imply, you stated buyer combine, it sounds just like the buyer headwinds improve as we undergo the 12 months.

Did I get that proper? And if that is true, does that suggest that China share should be taking place as we go like into the second half?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

I stated the China income share ought to be down in ’25 versus ’24.

Stacy Rasgon — Analyst

I am speaking about versus the present run charge since you talked concerning the buyer headwinds form of rising. And it feels like the remainder of the enterprise will develop and also you’re lacking China income within the again half. So, does that share go down within the again half versus the place you are operating now? It feels like that is —

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah. Pay attention, I am not going to information a couple of quarter at a time as a result of stuff adjustments. Yr over 12 months, Stacy, although, it will go down.

Stacy Rasgon — Analyst

Received it. All proper, guys. Thanks.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

OK. Thanks.

Operator

The subsequent query is from Joe Moore with Morgan Stanley. Please go forward.

Joe Moore — Analyst

Nice. Thanks. When it comes to NAND being the strongest development enterprise, are you able to sort of characterize the place we’re from a NAND WFE foundation? And I assume, it is a little bit stunning as a result of we’re seeing these utilization cuts and issues like that. And I do know you had alluded to expertise transitions, however simply possibly a little bit bit extra coloration on why NAND is robust at a time when the financial demand appear to be softening?

Timothy M. Archer — President, Chief Govt Officer, and Director

Yeah. Properly, I believe that, one, we might characterize the NAND spending at present very a lot as expertise migration. And so, I believe that, as I stated, comes into play for various causes. One is it does assist cut back bit price and likewise enhance gadget efficiency.

And so, there are clients that need to make some adjustments there on sure traces they’ve. Now, once we speak concerning the development, we’ve not clearly given a quantity for what NAND WFE will probably be in 2025, nevertheless it’s coming off of, as you understand, a really low base. And if primarily all the spending this 12 months is on upgrades, once more, the energy in Lam, we spoke particularly about that being a powerful grower for Lam, our strongest rising section. Then we might say that due to our very excessive seize charge of WFE spent on upgrades.

And so, I can not communicate to each buyer and what they’ll be spending this 12 months. However all we will say is that there’s nonetheless a powerful want to maneuver sure traces ahead to greater ranges of expertise, and that is what we’re seeing.

Joe Moore — Analyst

That is very useful. Thanks.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Thanks, Joe.

Operator

The subsequent query is from Vijay Rakesh with Mizuho. Please go forward.

Vijay Rakesh — Analyst

Yeah. Hello. Only a fast query on the NAND facet. Sorry if I — someone requested this query already.

I joined late. Good rebound there. However as you take a look at the complete 12 months, given how a lot NAND has come down, any ideas on how a lot you see NAND rising this 12 months in ’25 — calendar ’25?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Sure, we’re not going to provide you a quantity, Vijay. It is going to be up, although.

Vijay Rakesh — Analyst

Yeah. Received it. OK. After which on the — are you able to speak to what you are seeing on the personal facet? I believe you guys have talked about a possibility with QLC NAND.

How do you see that for ’25, I assume?

Timothy M. Archer — President, Chief Govt Officer, and Director

Yeah. I discussed in my ready remarks, and we had a launch late final 12 months on what we name our Cryo 3.0 expertise, which actually is a breakthrough by way of efficiency for having the ability to etch very deep, very vertical holes for NAND flash reminiscence. And in addition, that very same expertise can be utilized for different gadgets like DRAM that additionally want a high-aspect-ratio dielectric etch. And so, we’re very pleased with the progress that is been made.

What makes it very engaging is that these Cryo — our Cryo expertise may not solely be bought on new instruments going ahead but additionally used to improve current techniques we have now within the set up base, which may be very engaging for our clients financially.

Vijay Rakesh — Analyst

All proper. Thanks.

Operator

The subsequent query comes from Joe Quatrochi with Wells Fargo. Please go forward.

Joe Quatrochi — Wells Fargo Securities — Analyst

Yeah, thanks for taking the questions. For the December quarter, the energy that you simply noticed in NAND income, I simply needed to make clear, was there something in there from the Chinese language buyer which you can now not ship to? I simply wish to sort of perceive the energy that you simply noticed is de facto the core NAND buyer upgrades.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

No, there’s nothing from a Chinese language NAND, indigenous Chinese language NAND buyer. Nothing.

Joe Quatrochi — Wells Fargo Securities — Analyst

OK, useful. And as a follow-up, as we simply take into consideration just like the two-thirds of NAND capability beneath 200 layers, I imply, how ought to we take into consideration like that trajectory exiting this calendar 12 months by way of that change of combine?

Timothy M. Archer — President, Chief Govt Officer, and Director

Properly, I believe that is the query that we have been listening to fairly plenty of instances on the decision, which is, can we predict the speed and tempo? I believe it’s important to look — the one factor we’re sure of is, over time, increasingly more of that put in base will proceed to be upgraded to greater ranges of expertise. I believe it’s important to take a look at the state of the NAND market, the necessities of every particular person finish utility, and with gadget necessities it holds. And that can inform us a little bit bit extra concerning the charge and tempo. However at this level, we won’t actually element that in any means for you proper now.

Joe Quatrochi — Wells Fargo Securities — Analyst

OK. Thanks.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yep. Thanks, Joe.

Operator

The subsequent query is from Tom O’Malley with Barclays. Please go forward.

Tom O’Malley — Analyst

Hey, thanks for taking the query, guys. Doug, I am going to check you with yet another NAND one. Forgive me. I do know you have gotten so much right here.

So, by way of the upgrades actually coming in robust, I believe it is really very spectacular that you simply’re in a position to information CSBG sort of flattish for the 12 months. Simply I used to be underneath the idea that Reliant was an even bigger portion of that blend of the bucket. So, to completely offset that’s stunning, and I assume, excellent. However after I look again at just like the final three years with the place NAND spend has been sort of just like the excessive single-digit billions, I believe individuals are give or take that.

However you have seen the market wrestle, and you actually have not seen this take off by way of spend. What’s driving this above 200-layer improve this 12 months? I assume I am asking the query a bit in another way. Like why the urgency simply because the numbers you are describing for this subsequent 12 months must be fairly strong? Simply wish to perceive why that is taking place so shortly. It is clearly a extremely good factor for you.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah, Tom, I assume it is actually what Tim described. The expertise that is on the market, two-thirds of it’s sub-200-layer. It must get upgraded. Pay attention, it isn’t like we’re again to the races at peak NAND spending, it is nowhere near that.

However you bought enterprise SSDs evolving to want QLC, which wants the potential and constructions which can be past 200-layer, proper? You bought to get the circuit underneath the array. That you must have wafer bonding functionality, and these applied sciences which can be sub-200-layer do not allow that. That is what is going on on. Along with what Tim talked about earlier, proper, whenever you improve, you get a decrease price per bit.

And so, there’s nonetheless economics that make sense there to a sure extent. And that is largely what we see happening this 12 months. I do not know, Tim, should you’d add something.

Timothy M. Archer — President, Chief Govt Officer, and Director

No, no, I believe that is proper.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

That is sensible, Tom?

Tom O’Malley — Analyst

It does.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

OK. You might have a follow-up Tom?

Tom O’Malley — Analyst

Yeah. I assume I am going to pivot over to the foundry logic facet. Clearly, a smaller share of the enterprise. We’ve not actually targeted on it a lot this name.

You are sort of pointing to the NAND enterprise being a frontrunner in your development outlook for this coming 12 months. However simply given the capex information that we noticed from TSMC, any view of the change in market share dynamics and the way which will affect you subsequent 12 months? Clearly, the view is that a few of the different leaders are dropping out to TSMC. How does that affect you? You have been requested this query beforehand, however I needed to get your replace after the print there.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah. I am going to let Tim discuss modern foundry.

Timothy M. Archer — President, Chief Govt Officer, and Director

Yeah, yeah. Positive. No, in reality, we might hate for individuals to stroll away considering we’re again to targeted solely on NAND. It is simply — it has been a few years we have been ready for the NAND restoration to begin.

And so, we’re in a position to discuss the truth that via these upgrades, that is sort of begun and is exhibiting up in our numbers. However the actuality is I discussed the technique we needed to pivot extra of our R&D and our new product growth into DRAM and foundry logic, that’s paying off. We gave a primary gate-all-around nodes. We’ve plenty of instruments that play very nicely into that inflection.

Plus our energy in superior packaging exhibits up very prominently in modern foundry logic. Since almost all modern foundry logic proper now’s driving and being pushed by the superior packaging capabilities. And so, we’re taking part in that means. So, as you see modern foundry logic clients spending, I might say that’s — these are share acquire alternatives for Lam at this level.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Yeah. Thanks, Tom. Operator, we will take yet another name.

Operator

And that query is from Brian Chin with Stifel. Please go forward.

Brian Chin — Analyst

Hello there. Good afternoon. Thanks for letting us ask a couple of questions. For attempting to withstand deposition in growth, are you able to remind us of the SAM or possibly income potential per 10,000 wafer begin per 30 days? After which tied to that, what’s the timing and magnitude of your income alternative and this win? And the place are you with different DRAM gamers?

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Pay attention, we’re in good place. We have talked about beforehand a DQR place. We have {hardware} in everyone’s R&D facility. Everyone is this, that is utilizing, I assume, is what I let you know.

We had been tremendous enthusiastic about this one as a result of it is a manufacturing software of file resolution, proper? It is going to ramp. It is not going to be large {dollars} this 12 months, Brian, however it will actually be producing income, nevertheless it was an actual vital milestone for us.

Brian Chin — Analyst

OK. That is nice. Perhaps for a fast follow-up. What issue does the introduction of wafer bonding on NAND street maps, I assume, have in your seize charge of NAND spending?

Timothy M. Archer — President, Chief Govt Officer, and Director

In an improve, I imply, primarily, we do lots of issues principally associated to the stack is what we have been speaking about. There are different components of our, say, sure instruments that may go into and play within the wafer bonding house, however we do not do a wafer bonding itself. However I might say it is a minimal affect. I imply, our seize charge of an improve cycle has nonetheless been very excessive.

And that is primarily — as you stack to — we talked about carbon hole fill, we talked about the necessity to improve different instruments to do greater side ratio etches, and so on. We’ve not even talked about the truth that for a few years, we have been promoting instruments that additionally assist offset stress of upper layer counts. And so, actually, the complexity of those gadgets, now including wafer bonding as nicely, it opens up lots of alternatives for a essential course of provider like Lam to take part.

Brian Chin — Analyst

Nice. Thanks.

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Superior. Thanks, Brian. With that, operator, we will wrap the decision up. Pay attention, Tim and I and the remainder of the administration staff are tremendous excited to see you guys on February 19 in New York at our Investor Day.

I hope you might be all going to have the ability to make it. We’ll have some fascinating new merchandise to speak about. And like I stated, we will replace the monetary mannequin. So, operator, with that, let’s shut off the decision.

Operator

[Operator signoff]

Length: 0 minutes

Name members:

Ram Ganesh — Head of Investor Relations

Timothy M. Archer — President, Chief Govt Officer, and Director

Douglas R. Bettinger — Govt Vice President, Chief Monetary Officer

Timothy Arcuri — Analyst

Doug Bettinger — Govt Vice President, Chief Monetary Officer

Tim Arcuri — Analyst

Krish Sankar — Analyst

C.J. Muse — Analyst

Tim Archer — President, Chief Govt Officer, and Director

Harlan Sur — Analyst

Toshiya Hari — Analyst

Srini Pajjuri — Analyst

Vivek Arya — Analyst

Atif Malik — Analyst

Stacy Rasgon — Analyst

Joe Moore — Analyst

Vijay Rakesh — Analyst

Joe Quatrochi — Wells Fargo Securities — Analyst

Tom O’Malley — Analyst

Brian Chin — Analyst

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