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So you’re running $2 billion now. It sounds like you think normalized deferred might be $1 billion.
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2023 Q2
29 Jan 23
Revenue somewhat first half weighted because we’re drawing down that deferred revenue balance.
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2023 Q2
29 Jan 23
we think WFE is fairly balanced first half, second half
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2023 Q2
29 Jan 23
some of it’s getting somewhat better.
And some of it, I think will get better, but we are not seeing it yet.
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2023 Q2
29 Jan 23
How should we think about those dynamics as we progress through ‘23, any progress?
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2023 Q2
29 Jan 23
freight and component costs
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2023 Q2
29 Jan 23
Yes, no change.
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2023 Q2
29 Jan 23
Are those numbers still your expectation for calendar ‘23? Any change there?
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2023 Q2
29 Jan 23
you guys sized the potential impact from China export restrictions to your business in calendar ‘23 at $2 billion to $2.5 billion
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2023 Q2
29 Jan 23
We’re expecting revenue of $3.8 billion, plus or minus $300 million. I’ll also just mention that we currently think revenue will be somewhat first half weighted this year as we consume the reduction in deferred revenue in the March quarter. Gross margin of 44%, plus or minus 1 percentage point. The decrease in this is the result of lower business volumes. Operating margin of 27.5%, plus or minus 1 percentage point; and finally, earnings per share of $6.50 plus or minus $0.75 based on a share count of approximately 135 million shares.
We will be taking a charge of approximately $80 million in the March quarter from headcount reduction. Including this impact, and the other near-term actions that Tim spoke about, we are anticipating a total of $150 million to $250 million in charges to be incurred over the next 12 months.
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2023 Q2
29 Jan 23
For the 2022 calendar year, we returned 119% of our free cash flow, totaling $3.5 billion which was somewhat higher than our long-term capital return plans of 75% to 100%.
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2023 Q2
29 Jan 23
the China region was 24% of the total, down from the prior quarter level of 30%. This reduction was due to the U.S. government sales restrictions for certain domestic customers which were put in place in early October of 2022.
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2023 Q2
29 Jan 23
I expect that we will see both NAND and DRAM revenue decline meaningfully in the March quarter.
For calendar 2023, I expect NAND spending to decline more than DRAM.
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2023 Q2
29 Jan 23
DRAM segment concentration decreased sequentially from the prior quarter, coming in at 11% of systems revenue
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2023 Q2
29 Jan 23
the NAND segment represented 39% of our systems revenue
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2023 Q2
29 Jan 23
Memory represented 50% of systems revenue
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2023 Q2
29 Jan 23
Our expectations are that the deferred revenue balance will continue to decrease in the March quarter as we fully complete shipments related to outstanding backordered systems.
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2023 Q2
29 Jan 23
Deferred revenue at the end of the quarter was $2 billion, a decline of $770 million from the September quarter. Supply chain constraints have improved and we were able to fill shipments of many critical parts that’s required for revenue recognition.
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2023 Q2
29 Jan 23
Deferred revenue at the end of the quarter was $2 billion, a decline of $770 million from the September quarter. Supply chain constraints have improved and we were able to fill shipments of many critical parts that’s required for revenue recognition.
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2023 Q2
29 Jan 23
We will also be taking specific actions to transform our business processes and enterprise systems to ensure that with stronger WFE spending returns, the company is well-positioned to scale quickly and efficiently across our global infrastructure. These actions will contribute 100 basis points of improvement to our gross margin from March quarter levels as we exit calendar year 2023 and we expect the operating margin benefit to be slightly higher than that.
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2023 Q2
29 Jan 23