應用材料 (AMAT) 2014 Q1 法說會逐字稿

Welcome to the Applied Materials' earnings conference call.

歡迎來到應用材料公司的收益電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to Michael Sullivan, Vice President of Investor Relations.

我現在想將會議轉交給投資者關係副總裁 Michael Sullivan。

Please go ahead, sir.

請繼續，先生。

Thank you, Brent.

謝謝你，布倫特。

Today we will discuss the results for our first quarter, which ended on January 26.

今天我們將討論 1 月 26 日結束的第一季度的業績。

Joining me are Gary Dickerson, our President and CEO; and Bob Halliday, our Chief Financial Officer.

加入我的還有我們的總裁兼首席執行官 Gary Dickerson；和我們的首席財務官 Bob Halliday。

Before we begin, let me remind you that today's call contains forward-looking statements, including our current view of the Company's industries, our performance, products, chair positions, profitability, announced business combination with Tokyo Electron, and business outlook.

在開始之前，讓我提醒您，今天的電話會議包含前瞻性陳述，包括我們對公司行業的當前看法、我們的業績、產品、主席職位、盈利能力、宣布與東京電子的業務合併以及業務前景。

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied, and they should be interpreted in that light.

這些陳述受到已知和未知風險和不確定性的影響，可能導致實際結果與明示或暗示的結果存在重大差異，因此應據此解釋。

Information concerning risk factors is contained in our most recent form 10-K and other SEC filings.

有關風險因素的信息包含在我們最近的 10-K 表格和其他 SEC 文件中。

Forward-looking statements speak as of February 12, 2014, and we assume no obligation to update them.

前瞻性陳述截至 2014 年 2 月 12 日，我們不承擔更新它們的義務。

Today's call also includes non-GAAP adjusted financial measures.

今天的電話會議還包括非公認會計原則調整後的財務指標。

Reconciliations to GAAP measures are contained in today's earnings press release and in our reconciliation slides, which are available on the Investor page of our website, at appliedmaterials.com.

對 GAAP 措施的對賬包含在今天的收益新聞稿和我們的對賬幻燈片中，這些幻燈片可在我們網站的投資者頁面上找到，網址為 Appliedmaterials.com。

Now I'd like to turn the call over to Gary Dickerson.

現在我想把電話轉給 Gary Dickerson。

Gary?

加里？

Thanks Mike, and good afternoon.

謝謝邁克，下午好。

In our first fiscal quarter of 2014, Applied Materials delivered earnings near the high end of our guidance range, while demonstrating momentum in revenue, orders, and market share.

在 2014 年第一財季，應用材料公司的收益接近我們指導範圍的高端，同時在收入、訂單和市場份額方面表現出強勁勢頭。

This performance reflects healthy investment by our semiconductor and display customers, and major technology trends that are playing to our strengths in our precision materials engineering.

這一業績反映了我們的半導體和顯示器客戶的健康投資，以及正在發揮我們在精密材料工程方面的優勢的主要技術趨勢。

For Applied, 2013 was a transformative year.

對於 Applied 而言，2013 年是變革的一年。

We changed our spending profile and shifted more investment to product development.

我們改變了支出結構，並將更多投資轉移到產品開發上。

We strengthened our organization and business processes in key areas.

我們加強了重點領域的組織和業務流程。

And we started to prove the growth potential of our etch, inspection, and display businesses.

我們開始證明我們的蝕刻、檢測和顯示業務的增長潛力。

In 2014, every employee across the organization is focused on building our momentum for profitable growth.

2014 年，整個組織的每一位員工都專注於建立我們的盈利增長動力。

We are driving performance improvements in our financial model, improving product time to market and cost, driving higher quality, and getting the organization ready for our merger with Tokyo Electron.

我們正在推動財務模型的績效改進，縮短產品上市時間和成本，提高質量，並讓組織為我們與東京電子的合併做好準備。

In recent months, we have taken significant steps forward with our preparations for the merger.

最近幾個月，我們在合併準備工作中邁出了重要的一步。

A joint Applied/Tokyo Electron integration team is developing the detailed plans to bring the two companies together.

Applied/Tokyo Electron 聯合整合團隊正在製定詳細計劃，以將兩家公司合併。

We are delighted with the level of engagement, enthusiasm, and the strong working relationships that are already forming.

我們對已經形成的參與度、熱情和牢固的工作關係感到高興。

The progress this team is making gives us increased confidence that we will be ready to execute as soon as the merger closes.

這個團隊正在取得的進展讓我們更有信心，一旦合併完成，我們將準備好執行。

Each company is meeting regularly with customers to ensure that we are aligned with their priorities.

每家公司都定期與客戶會面，以確保我們與他們的優先事項保持一致。

Our discussions have centered on the value inherent in our combined ability to accelerate solutions for the industry's major materials innovation challenges.

我們的討論集中在我們加速解決行業主要材料創新挑戰的綜合能力的內在價值上。

The new company will be able to deliver more innovative products faster and at lower cost.

新公司將能夠以更低的成本更快地交付更多創新產品。

We will have broader and deeper R&D capabilities to address customer roadmaps more effectively and with greater speed.

我們將擁有更廣泛、更深入的研發能力，以更有效、更快地解決客戶路線圖。

By combining our field of technical capabilities and best practices, we can collaborate more closely with our customers to support the rapid development of new device performance and yield solutions.

通過結合我們領域的技術能力和最佳實踐，我們可以與客戶更緊密地合作，以支持新器件性能和良率解決方案的快速開發。

And, through operating synergies in many areas, we can focus our R&D investments to deliver the cost of ownership and materials engineering innovations that really move the industry forward.

而且，通過在許多領域的運營協同效應，我們可以集中研發投資來提供真正推動行業向前發展的擁有成本和材料工程創新。

We remain confident that we will receive approval for the merger in the mid- to second half of this year.

我們仍然有信心在今年中下半年獲得合併批准。

And we expect to submit our S-4 securities registration statement after we filed Applied's form 10-Q for this past quarter.

我們希望在上個季度提交 Applied 的 10-Q 表格後提交我們的 S-4 證券登記聲明。

Turning to our market outlook, we believe 2013 wafer fab equipment spending ended the year towards the midpoint of our range of $27 billion to $30 billion.

談到我們的市場前景，我們認為 2013 年晶圓廠設備支出接近我們 270 億美元至 300 億美元範圍的中點。

We expect investment levels to be stronger in 2014, up 10% to 20%, driven by higher spending in foundry and memory.

我們預計 2014 年的投資水平將更加強勁，增長 10% 至 20%，這主要受代工和內存支出增加的推動。

The foundries remain the biggest component of wafer fab equipment, as they ramp new factories to fulfill demand for advanced mobile chips and race to introduce new technology to enable devices with higher performance and longer battery life.

代工廠仍然是晶圓廠設備的最大組成部分，因為它們增加了新工廠以滿足對先進移動芯片的需求，並競相引入新技術以使設備具有更高的性能和更長的電池壽命。

We expect foundry investment to grow 10% to 20% this year, which is very positive for Applied, as we have our strongest share positions at these customers, and continue to make gains.

我們預計今年代工投資將增長 10% 至 20%，這對應用材料公司非常有利，因為我們在這些客戶中擁有最強大的份額，並繼續獲利。

Approximately half of total foundry spending this year will be focused on ramping 20-nanometer technology.

今年大約一半的代工總支出將集中在提升 20 納米技術上。

The build-out of this node creates tremendous pull for our products that enable transistor performance, and in our first quarter we generated record orders in Taiwan.

該節點的擴建為我們實現晶體管性能的產品創造了巨大的吸引力，並且在我們的第一季度，我們在台灣創造了創紀錄的訂單。

In addition, we recorded our highest ever quarterly net sales in epi, second highest shipments of medium-current implant tools, and our highest quarterly PVD orders in a decade.

此外，我們記錄了有史以來最高的 Epi 季度淨銷售額、第二高的中等電流植入工具出貨量以及十年來最高的季度 PVD 訂單。

Leading customers are also making significant investments in their pilot lines for FinFET.

領先的客戶也在對他們的 FinFET 試驗線進行大量投資。

This technology is enabled by materials innovation, and Applied has a broad and unique portfolio of products to enable this inflection.

這項技術是通過材料創新實現的，應用材料公司擁有廣泛而獨特的產品組合來實現這種轉變。

We are collaborating early and deeply with our customers to ensure that they can quickly transition FinFET into volume production with the right performance, yield, and cost.

我們正在與我們的客戶進行早期和深入的合作，以確保他們能夠以合適的性能、良率和成本快速將 FinFET 轉變為量產。

We also expect a stronger year of spending by NAND customers as mobility supports bit growth demand in the 40% to 50% range, and 3D technology is introduced.

我們還預計 NAND 客戶在今年的支出將更加強勁，因為移動性支持 40% 至 50% 範圍內的位增長需求，並且引入了 3D 技術。

We anticipate that total NAND investment will be around $7 billion, with incremental spending in advanced planar NAND and initial investments in 3D NAND.

我們預計 NAND 總投資將約為 70 億美元，其中高級平面 NAND 的支出增加，3D NAND 的初始投資也將增加。

The transition from planar to 3D NAND is enabled by materials innovation in thermal, deposition, and etch processes.

從平面到 3D NAND 的過渡是通過熱、沉積和蝕刻工藝中的材料創新實現的。

This plays directly to Applied's strengths in precision materials engineering and expands our total available market by about 25% for first-generation devices.

這直接發揮了 Applied 在精密材料工程方面的優勢，並將我們的第一代設備的總可用市場擴大了約 25%。

Overall, we are making significant gains in planer and 3D NAND.

總體而言，我們在平面和 3D NAND 方面取得了顯著進展。

In our first quarter, we generated our highest NAND net sales in the past 7 years.

在第一季度，我們創造了過去 7 年來最高的 NAND 淨銷售額。

Consumption of mobile DRAM is also growing, providing a good foundation for increased investments in 2014.

移動DRAM的消費也在增長，為2014年加大投資提供了良好的基礎。

We expect DRAM customers to focus their spending on upgrading capacity to advanced nodes.

我們預計 DRAM 客戶將把支出集中在將容量升級到高級節點上。

In logic, we anticipate investment levels to be flat to down relative to 2013, with a high level of focus on advanced technology.

從邏輯上講，我們預計投資水平將與 2013 年持平或下降，高度關注先進技術。

Moving to the display market, we expect the TV unit growth rate to be low single digits for the year ahead.

轉向顯示器市場，我們預計未來一年的電視單位增長率將處於低個位數。

However, average TV sizes are growing at 1 1/2 to 2 inches annually, which is significantly higher than historic norms.

然而，平均電視尺寸以每年 1 1/2 到 2 英寸的速度增長，這大大高於歷史標準。

This is driving area growth in the 15% range, which we believe is sufficient to support investment in three new gen 8.5 factories.

這推動了 15% 的面積增長，我們認為這足以支持對三個新一代 8.5 工廠的投資。

In mobile, screen resolution is becoming an important differentiator, and we see significant growth in higher definition screens that require low temperature polysilicon backplanes.

在移動領域，屏幕分辨率正成為一個重要的差異化因素，我們看到需要低溫多晶矽背板的更高分辨率屏幕顯著增長。

Consequently, we expect multiple gen 6 LTPS factories to be built in the next 12 to 18 months to support this demand.

因此，我們預計在未來 12 到 18 個月內將建造多個第 6 代 LTPS 工廠，以支持這一需求。

Overall, we believe we have the potential to book $500 million of display orders over the next two quarters, although revenue patterns for the year may be uneven as this equipment is delivered.

總體而言，我們相信我們有潛力在接下來的兩個季度預訂 5 億美元的顯示器訂單，儘管隨著該設備的交付，今年的收入模式可能不均衡。

In both semiconductor and display, materials innovation is the key to enabling performance gains and lower costs for customers.

在半導體和顯示器領域，材料創新是為客戶實現性能提升和降低成本的關鍵。

FinFET, 3D NAND, cost effective device scaling, and next-generation displays are all enabled by precision materials engineering.

FinFET、3D NAND、具有成本效益的設備縮放和下一代顯示器都是通過精密材料工程實現的。

Applied's differentiated technologies and precision film deposition, materials removal, materials modification, and interface engineering are enabling these key inflections.

應用材料公司的差異化技術和精密薄膜沉積、材料去除、材料改性和界面工程正在實現這些關鍵轉折點。

To support our customers' roadmaps, we accelerated R&D in FY13 by increasing our annual investment run rate in 300-millimeter semiconductor product development by $200 million, adding more than 500 R&D engineers.

為了支持客戶的路線圖，我們在 2013 財年加快了研發，將 300 毫米半導體產品開發的年度投資運行率提高了 2 億美元，增加了 500 多名研發工程師。

We are also investing over $150 million of capital in new lab capabilities.

我們還在新的實驗室能力上投資了超過 1.5 億美元的資金。

These investments have driven market share gains in our served market, as well as increased our overall wafer fab equipment share in calendar 2013.

這些投資推動了我們所服務市場的市場份額增長，並增加了我們在 2013 日曆年的整體晶圓廠設備份額。

We are showing momentum in our traditional leadership areas, and over the past year we have started to demonstrate excellent progress in markets that are large growth opportunities for us.

我們在傳統的領導領域顯示出勢頭，在過去的一年裡，我們開始在對我們來說是巨大增長機會的市場上取得顯著進步。

In conductor etch, we have focused our strategy in the areas where we can deliver differentiated technology to address our customers' most pressing challenges.

在導體蝕刻方面，我們將戰略重點放在可以提供差異化技術以解決客戶最緊迫挑戰的領域。

We believe we gained around five points of overall etch share in 2013, and continue to build momentum at leading memory and foundry customers.

我們相信我們在 2013 年獲得了大約 5 個百分點的整體蝕刻份額，並繼續在領先的內存和代工客戶中建立勢頭。

In wafer inspection and defect review, we believe we gained between 4 and 6 points of share last year.

在晶圓檢測和缺陷審查方面，我們相信去年我們獲得了 4 到 6 個百分點的份額。

We have made investments in R&D and field technical support, enabling us to increase our layer qualification in logic and foundry.

我們在研發和現場技術支持方面進行了投資，使我們能夠提高我們在邏輯和代工方面的層級資質。

Our UVision Brightfield inspection product line delivered record net/net sales for the calendar year, and our new UVision 6 tool has recently been qualified by a leading customer for their most advanced node.

我們的 UVision Brightfield 檢測產品線在該日曆年實現了創紀錄的淨銷售額，而我們的新 UVision 6 工具最近獲得了領先客戶的最先進節點認證。

In addition, we are strengthening our leadership in the e-beam review market.

此外，我們正在加強我們在電子束審查市場的領導地位。

In display, our Pivot PVD tool continues to gain traction, complementing our clear leadership position in CVD.

在展示中，我們的 Pivot PVD 工具繼續獲得關注，補充了我們在 CVD 領域的明確領導地位。

In the past quarter, we secured 100% of the PVD and CVD business at the industry's largest metal oxide factory.

上一季度，我們在業內最大的金屬氧化物工廠獲得了 100% 的 PVD 和 CVD 業務。

Through increased R&D investment and focused portfolio management, we are creating a strong pipeline of new, highly differentiated products to enable future inflections in logic, memory, and display.

通過增加研發投資和專注的產品組合管理，我們正在創建一個強大的新的、高度差異化的產品管道，以實現邏輯、內存和顯示的未來變化。

Over the past quarter, we have seen a number of customers accelerating their qualification of some of our most advanced products.

在過去的一個季度中，我們看到許多客戶加快了對我們一些最先進產品的認證。

This underlines the fundamental role of new materials engineering solutions in realizing next-generation devices.

這強調了新材料工程解決方案在實現下一代設備中的基本作用。

As we look to 2014 and beyond, we are incredibly excited about the future.

展望 2014 年及以後，我們對未來感到無比興奮。

We are uniquely positioned to apply our differentiated capabilities in precision materials engineering to enable major customer inflections and cost-effective device scaling.

我們具有獨特的優勢，可以將我們的差異化能力應用於精密材料工程，以實現主要客戶的變化和具有成本效益的設備擴展。

This provides us with a great platform to build momentum for profitable growth.

這為我們提供了一個很好的平台來建立盈利增長的動力。

We remain highly focused on execution to ensure we take full advantage of these opportunities and to demonstrate progress against our financial performance goals.

我們仍然高度關注執行，以確保我們充分利用這些機會並展示我們的財務績效目標取得的進展。

We are preparing the organization for our merger with Tokyo Electron, a combination that will enable us to accelerate our ability to address the major materials innovation challenges facing the industry and increase the value we provide customers and shareholders.

我們正在為組織與東京電子的合併做準備，這種合併將使我們能夠加快應對行業面臨的主要材料創新挑戰的能力，並增加我們為客戶和股東提供的價值。

I will now hand the call over to Bob, who will provide additional details about our performance and outlook.

我現在將電話轉交給 Bob，他將提供有關我們的業績和前景的更多詳細信息。

Thanks, Gary.

謝謝，加里。

Over the last year, we have discussed our commitment to accelerating momentum for profitable growth.

在過去的一年裡，我們討論了我們對加速盈利增長勢頭的承諾。

This entails a commitment to grow, grow profitably, and accelerate our growth momentum.

這需要承諾增長、實現盈利增長並加速我們的增長勢頭。

To grow, we are aggressively rebalancing our spending towards semi and display products and technical field resources, focused on disruptive high-value products.

為了實現增長，我們正在積極地重新平衡我們對半導體和顯示產品以及技術領域資源的支出，專注於顛覆性的高價值產品。

This quarter, we increased R&D to 64.3% of R&D plus SG&A, which was up from 57% a year ago.

本季度，我們將研發佔研發和 SG&A 的比例從一年前的 57% 提高到了 64.3%。

We also increased our technical field resources by almost 20% in the same period.

同期，我們的技術領域資源也增加了近 20%。

To grow profitably, while making these investments, we are also driving improvements to our operating margins to achieve the profitability targets we have set out for the Company.

為了實現盈利增長，在進行這些投資的同時，我們也在推動提高營業利潤率，以實現我們為公司設定的盈利目標。

We are driving for return on these investments in the short, intermediate, and long term.

我們正在推動這些投資在短期、中期和長期的回報。

In the short term, Gary indicated some investments that are already giving us momentum.

在短期內，加里表示一些已經給我們帶來動力的投資。

In inspection, we leveraged our investment in the technical applications organization to increase our layer qualifications and market share.

在檢查中，我們利用我們對技術應用組織的投資來增加我們的層資格和市場份額。

In etch, we rapidly iterated new products to win market share in both planar and 3D NAND.

在蝕刻方面，我們快速迭代新產品以贏得平面和 3D NAND 的市場份額。

In the intermediate term, we see returns on our investments, including more epi steps utilizing new materials, our new CVD tool, which improves critical film control, and a new CMP tool, which enables higher cross-wave for uniformity.

在中期，我們看到了我們的投資回報，包括使用新材料的更多外延步驟、我們新的 CVD 工具，它改善了關鍵薄膜控制，以及一個新的 CMP 工具，它可以實現更高的交叉波均勻性。

In the longer term, our investments are targeting highly differentiated products in disruptive applications, some of which, such as selective materials removal, are billion-dollar opportunities.

從長遠來看，我們的投資目標是顛覆性應用中的高度差異化產品，其中一些，例如選擇性材料去除，是數十億美元的機會。

Even while investing for future growth, we are striving to improve our operating margins, which increased in each of the past five quarters, benefiting both from revenue growth and our actions to improve the model.

即使在為未來增長進行投資的同時，我們也在努力提高我們的營業利潤率，過去五個季度的每一個季度都在增加，這得益於收入增長和我們改進模式的行動。

This level of operating margin included R&D investment that is approximately 4 points above our history at similar revenue levels.

這一水平的營業利潤率包括在類似收入水平下比我們歷史高出約 4 個百分點的研發投資。

We are driving improvements in gross margins by delivering a greater mix of high-value products in semiconductor and display, and achieving materials cost reductions.

我們通過在半導體和顯示器領域提供更多高價值產品組合併降低材料成本，從而推動毛利率的提高。

Our Q1 gross margins exceeded our original expectations, and based on current business projections, we now expect Q2 gross margins to be better than previously communicated.

我們第一季度的毛利率超出了我們最初的預期，根據當前的業務預測，我們現在預計第二季度的毛利率將好於之前的預期。

Our current projections are that Q3 and Q4 gross margins will further increase, resulting in over 100 basis points of improvement for the year.

我們目前的預測是，第三季度和第四季度的毛利率將進一步增加，從而使今年的改善超過 100 個基點。

To further improve our model, we also reduced EES spending to below $25 million in Q1, down 40% from the same quarter last year.

為了進一步改進我們的模型，我們還在第一季度將 EES 支出減少到 2500 萬美元以下，比去年同期下降了 40%。

Our goal is for EES to break even for the year.

我們的目標是讓 EES 在今年實現收支平衡。

To accelerate our growth momentum, we are revving up our product development engine.

為了加快我們的增長勢頭，我們正在加速我們的產品開發引擎。

As Gary mentioned, we are increasing our capital investment in R&D development tools by $150 million.

正如 Gary 所說，我們正在將研發開發工具的資本投資增加 1.5 億美元。

Moreover, we never stop critical development projects, including during holiday shutdowns.

此外，我們從不停止關鍵的開發項目，包括在假期停工期間。

We are also excited about our pilot manufacturing line, which has already reduced product development cycle times while improving our initial product costs.

我們也對我們的試點生產線感到興奮，該生產線已經縮短了產品開發週期，同時提高了我們的初始產品成本。

Next, I'll summarize some of the changes in our Q1 results versus the prior quarter.

接下來，我將總結我們第一季度業績與上一季度相比的一些變化。

Orders of $2.3 billion were up 9%, as growth in SSG and AGS was partially offset by a push-out of display orders.

23 億美元的訂單增長了 9%，因為 SSG 和 AGS 的增長被顯示器訂單的推出部分抵消。

Net sales of $2.2 billion were at the high end of our expectations.

22 億美元的淨銷售額處於我們預期的高端。

Non-GAAP gross margin of 42.5% was up by about half a point, due to our higher silicon mix.

由於我們更高的矽組合，非美國通用會計準則毛利率為 42.5%，增長了約半個百分點。

Non-GAAP operating expenses were $550 million.

非美國通用會計準則運營費用為 5.5 億美元。

Our non-GAAP effective tax rate was 23%.

我們的非公認會計原則有效稅率為 23%。

Non-GAAP EPS of $0.23 was in the upper end of our guidance range.

0.23 美元的非公認會計原則每股收益處於我們指導範圍的上限。

Cash from operations of $372 million was up substantially, reflecting good collections and higher net income.

3.72 億美元的運營現金大幅增加，反映了良好的收款和更高的淨收入。

We paid $120 million in dividends, and ended the quarter with cash and investments up $226 million to $3.1 billion,

我們支付了 1.2 億美元的股息，本季度末現金和投資增加了 2.26 億美元，達到 31 億美元，

Next, I'll comment on our segment results as compared to the prior quarter.

接下來，我將評論我們與上一季度相比的分部業績。

SSG orders of $1.6 billion were up 13%, with increases in foundry and NAND offset by a decline in logic and DRAM.

16 億美元的 SSG 訂單增長了 13%，其中代工和 NAND 的增長被邏輯和 DRAM 的下降所抵消。

SSG net sales of $1.5 billion were at the high end of our expectation, as increases in NAND and foundry offset decreases in logic and DRAM.

SSG 的 15 億美元淨銷售額處於我們預期的高端，因為 NAND 和代工廠的增長抵消了邏輯和 DRAM 的下降。

SSG's non-GAAP operating margin increased 3 points to 24.1% on higher volume and favorable product mix.

SSG 的非美國通用會計準則營業利潤率增長 3 個百分點至 24.1%，原因是銷量增加和有利的產品組合。

AGS orders of $597 million were up 9%, due mainly to an increase of 200-millimeter equipment orders.

AGS 訂單 5.97 億美元，增長 9%，主要是由於 200 毫米設備訂單增加。

AGS net sales of $507 million were in line with expectations.

AGS 的淨銷售額為 5.07 億美元，符合預期。

AGS non-GAAP operating margin increased over 3 points to 24.9%, driven by favorable mix and the higher spares margins.

AGS 非 GAAP 營業利潤率增長超過 3 個百分點，達到 24.9%，這得益於有利的組合和較高的備件利潤率。

In display, orders of $79 million were below our expectation, reflecting a customer push-out.

在展示中，7900 萬美元的訂單低於我們的預期，反映了客戶的退出。

However, we expect a solid year for both TV and mobile investments.

然而，我們預計電視和移動投資將迎來穩健的一年。

Display net sales of $159 million were flat, which was above our expectations, due in part to growth in pivot PVD revenue, which achieved a new record driven by share gains.

顯示器淨銷售額為 1.59 億美元，高於我們的預期，部分原因是樞軸 PVD 收入增長，該收入在份額增長的推動下創下新紀錄。

Display non-GAAP operating margin increased by 5 points to 17%, reflecting operational improvements.

顯示器非 GAAP 營業利潤率增長 5 個百分點至 17%，反映了運營改善。

EES orders of $40 million were flat, and net sales of $40 million were down 9%.

4000 萬美元的 EES 訂單持平，4000 萬美元的淨銷售額下降了 9%。

The EES non-GAAP operating loss declined to $10 million.

EES 非 GAAP 運營虧損降至 1000 萬美元。

Now I will provide our Q2 business outlook.

現在我將提供我們的第二季度業務展望。

We expect our overall net sales to be up by 3% to 10% sequentially.

我們預計我們的整體淨銷售額將環比增長 3% 至 10%。

Within this outlook, we expect SSG net sales to be up by 6% to 10%.

在此展望中，我們預計 SSG 淨銷售額將增長 6% 至 10%。

AGS net sales should be approximately flat.

AGS 的淨銷售額應該大致持平。

We expect display net sales to be flat to down 15%, consistent with the uneven revenue patterns of this business, and EES net sales should more than double.

我們預計顯示器淨銷售額將持平至下降 15%，這與該業務不均衡的收入模式一致，而 EES 淨銷售額應該會增加一倍以上。

We expect our quarterly non-GAAP operating expenses to be in the range of $550 million, plus or minus $10 million.

我們預計我們的季度非 GAAP 運營費用將在 5.5 億美元左右，上下浮動 1000 萬美元。

We expect non-GAAP earnings per share to be in the range of $0.25 to $0.29.

我們預計非 GAAP 每股收益將在 0.25 美元至 0.29 美元之間。

In summary, we are investing for growth while improving our model and accelerating our new product pipeline.

總之，我們正在投資增長，同時改進我們的模式並加速我們的新產品線。

We are very excited about our planned merger with Tokyo Electron, which will provide us with more strong products and technologies to enable our customers' roadmap, a larger install base of systems to service, substantial economies of scale, and a unique opportunity to return more value to our shareholders.

我們對與 Tokyo Electron 的計劃合併感到非常興奮，這將為我們提供更強大的產品和技術，以實現我們客戶的路線圖、更大的系統安裝基礎、可觀的規模經濟以及獲得更多回報的獨特機會對我們股東的價值。

Now let me turn the call back over to Mike Sullivan for questions.

現在讓我把電話轉給 Mike Sullivan 提問。

Thanks, Bob.

謝謝，鮑勃。

To help us reach as many of you as we can, please ask just one question and no more than one brief follow-up.

為了幫助我們盡可能多地接觸到你們，請只問一個問題，不要超過一個簡短的跟進。

Brent, let's please begin.

布倫特，讓我們開始吧。

(Operator Instructions)

（操作員說明）

Harlan Sur, JPMorgan.

摩根大通的哈蘭蘇爾。

Good afternoon, and great job on the quarterly execution.

下午好，在季度執行方面做得很好。

As you look at your pipeline for the next few quarters beyond fiscal Q2, I know there's been some concern about the potential for a pause in your SSG business, just given the strong order trends especially within foundry and NAND.

當您查看第二財季之後接下來幾個季度的管道時，我知道有人擔心您的 SSG 業務可能會暫停，因為訂單趨勢強勁，尤其是在代工和 NAND 領域。

Obviously there will be some digestion qualification and ramps, but obviously you've not yet seen some of your DRAM customers transitioning to different nodes.

顯然會有一些消化資格和斜坡，但顯然你還沒有看到你的一些 DRAM 客戶過渡到不同的節點。

We haven't seen the tier 2 foundries, and your logic customer have been relatively muted.

我們還沒有看到二級代工廠，您的邏輯客戶相對沉默。

So I guess the question is, how are you thinking directionally about sort of the near-term trajectory within SSG?

所以我想問題是，您如何有方向地考慮 SSG 的近期軌跡？

Obviously we only guided to the next quarter.

顯然我們只引導到下一個季度。

We think the year is pretty good.

我們認為這一年非常好。

As we said, the year is up 10% to 20%, as we do have very large customers, sometimes there's bumps along the R&D in any given quarter, but right now we see the second half pretty good actually.

正如我們所說，今年增長了 10% 到 20%，因為我們確實有非常大的客戶，有時在任何特定季度的研發都會遇到顛簸，但現在我們看到下半年實際上相當不錯。

So we think the year's pretty good, and the balance between the year's pretty good.

所以我們認為今年還不錯，而且今年之間的平衡還不錯。

And we think our position within these inflections is really good.

我們認為我們在這些變化中的位置非常好。

Yes.

是的。

On the foundry customers, 20 nanometer ramp is going to be a major factor in terms of CapEx spending this year.

對於代工客戶而言，20 納米斜坡將成為今年資本支出支出的主要因素。

We also see all of the customers really focused on FinFET, the FinFET transition.

我們還看到所有客戶都真正關注 FinFET，即 FinFET 過渡。

That's a huge strategic battle for all of the different foundry customers.

對於所有不同的代工客戶來說，這是一場巨大的戰略戰。

So we sort more technology buys this year as all of those customers race to be the first to have a cost-effective FinFET device with high yield.

因此，我們對今年購買的更多技術進行了分類，因為所有這些客戶都爭先恐後地成為第一個擁有高良率且具有成本效益的 FinFET 器件的客戶。

So we see -- and we also see, as you mentioned, a broadening relative to the foundry investments that is positive for the year.

因此，我們看到 - 正如您所提到的，我們還看到了相對於代工投資的擴大，這對今年是有利的。

NAND is also up, both in planar and in 3D NAND.

NAND 也在上漲，無論是在平面 NAND 還是在 3D NAND 中。

3D NAND, really mostly focused on technology buys for those customers.

3D NAND，實際上主要專注於為這些客戶購買技術。

Great.

偉大的。

Thank you for that answer.

謝謝你的回答。

And then good job on the OpEx here on Q1 and on the guide for Q2?

然後在第一季度的運營支出和第二季度的指南上做得好嗎？

Bob, how should we think about your OpEx trajectory, either on an absolute basis or relative to your sales growth as we think about the second half?

Bob，我們應該如何看待您的 OpEx 軌跡，無論是絕對基礎還是相對於我們考慮下半年的銷售增長？

Yes, I think as we said, we're basically flat in the second quarter.

是的，我認為正如我們所說，我們在第二季度基本持平。

I think we had some R&D projects in Q1 which we continue to push those out.

我認為我們在第一季度有一些研發項目，我們會繼續推出這些項目。

We're always aggressively managing the balance between pushing products out faster, and so we had those battles we're always monitoring.

我們一直在積極地管理更快推出產品之間的平衡，因此我們一直在監控這些戰鬥。

My guess is next quarter is the high 50 number.

我的猜測是下個季度是最高的 50 個數字。

After that, it could be up a little bit, but not big time.

在那之後，它可能會上升一點，但不會很大。

Pretty close.

很接近了。

Great.

偉大的。

Thank you.

謝謝你。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

Good afternoon, guys.

下午好，伙計們。

Thank you for letting me as the question.

謝謝你讓我提問。

Congratulations on the good results.

祝賀取得好成績。

Gary, I was wondering if you could just give us some of your insights relative to your 10% to 20% year-over-year growth range for 2014?

加里，我想知道您能否就 2014 年 10% 到 20% 的年增長率範圍向我們提供一些見解？

What of the variables that, in your mind, that drive that the low end versus the high end of the range?

在您看來，驅動該範圍的低端與高端的變量是什麼？

Is it simply how in demand for 20 nanometer plays out as they ramp that capacity?

20納米的需求是如何隨著產能的增加而產生的？

Or are there other variable that you are thinking about within that range?

還是在該範圍內您正在考慮其他變量？

Again, any one customer shifting at the end of the year can change that number a fair amount.

同樣，任何一個在年底轉移的客戶都可以相當大地改變這個數字。

If a project pushes out one quarter, that makes a big difference in terms of the end result.

如果一個項目推出了四分之一，那麼最終結果就會有很大的不同。

But if you look overall, again, on the foundry customers, certainly 20 nanometer ramping is a big factor in foundry, and that one, it looks like that is pretty much on track.

但是，如果您再次從整體上看一下代工廠客戶，肯定 20 納米坡道是代工廠的一個重要因素，而且看起來這已經走上了正軌。

FinFET is a big, really strategic battle for our customers, and we see a lot of focus there from a technology development perspective, not so much significant capacity buying in 2014.

FinFET 對我們的客戶來說是一場真正具有戰略意義的重大戰役，從技術開發的角度來看，我們看到了很多重點，而不是 2014 年的重大產能購買。

But definitely that's a factor in the overall -- and then we do see incremental buying if you go below the first three customers and a broadening of CapEx spending in 2014.

但這絕對是整體的一個因素——如果你低於前三個客戶，我們確實會看到增量購買，並且 2014 年資本支出支出擴大。

NAND flash, we see certainly good demand in that market, and so planar NAND investment is definitely picking up.

NAND 閃存，我們看到該市場肯定有良好的需求，因此平面 NAND 的投資肯定會增加。

And on 3D NAND, I think it's well-known one customer is ramping capacity there.

在 3D NAND 上，我認為眾所周知，有一個客戶正在提高產能。

But this is really another important strategic battle in the NAND business, and we see incremental spending from a technology standpoint really across the board for all of those different customers.

但這確實是 NAND 業務中另一場重要的戰略戰，從技術角度來看，我們看到所有這些不同客戶的支出增加。

That transition from planar to 3D is a tough transition.

從平面到 3D 的過渡是一個艱難的過渡。

We've talked about that being really leveraging a lot of the technologies we have within Applied on the materials innovation.

我們已經談到真正利用我們在應用材料創新中擁有的許多技術。

But it is a tough technology transition.

但這是一個艱難的技術轉型。

So I would say one factor is really relating to how fast that yield ramps and the cost comes down, and also the adoption of those new devices with the end customers is another factor.

所以我想說一個因素實際上與產量增加和成本下降的速度有關，而最終客戶採用這些新設備是另一個因素。

And then Gary as my follow-up, just focusing on memory overall.

然後加里作為我的後續行動，只關注整體記憶。

Clearly DRAM orders were down pretty healthily in the quarter for you, but if you look at both DRAM and NAND and you combine that for you and you look at where you are today versus some of the peak levels you saw in April of 2010 or even April 2007, you seem to be down further from peak then some of your peers.

顯然，DRAM 訂單在本季度的下降幅度相當健康，但如果您同時查看 DRAM 和 NAND，並將其結合起來，您會看到今天的情況與您在 2010 年 4 月或什至看到的一些峰值水平相比2007 年 4 月，您似乎比您的一些同行更遠離高峰。

And I guess I'm just trying to figure out what's driving that?

我想我只是想弄清楚是什麼驅動了它？

Is it really based upon the fact that a lot of your share gains come at 3D and you are seeing more strength at planar capacity?

是否真的基於這樣一個事實，即您的大部分份額收益來自 3D，並且您在平面容量方面看到了更多優勢？

Or can you help me understand why you seem to be lower off of your peak then some of your peers in memory overall?

或者你能幫我理解為什麼你的記憶力似乎低於你的一些同齡人嗎？

I think as we mentioned, NAND this last quarter for us was really the highest it's been in seven years.

我認為正如我們所提到的，上一季度的 NAND 對我們來說確實是七年來的最高水平。

So we have a lot of momentum there, both in planar and 3D.

所以我們在那裡有很多動力，無論是平面還是 3D。

And that one, we also think will be very strong for us going forward.

而那個，我們也認為這對我們未來的發展會非常強大。

A lot of tough technology inflections.

很多艱難的技術拐點。

We have a really great product around a lot of these critical processes.

我們圍繞許多這些關鍵流程提供了非常棒的產品。

We talked about some of that in the July 8 Investor Meeting, and that -- we're still very much on track with what we discussed.

我們在 7 月 8 日的投資者會議上討論了其中的一些內容，而且我們仍然非常關注我們討論的內容。

In the DRAM market, one of the changes that are happening there is really in the periphery, were that's becoming more logic-like.

在 DRAM 市場中，正在發生的變化之一確實發生在外圍，那就是變得越來越像邏輯。

That's another one that really truthfully hasn't been there in the past because the periphery's behind, of course, where logic is.

那是另一個在過去確實沒有出現過的問題，因為外圍在後面，當然，邏輯所在的地方。

But that is also helping us going forward in the DRAM business.

但這也有助於我們在 DRAM 業務上取得進展。

And we do have some momentum there in other products.

我們在其他產品中確實有一些動力。

But overall memory for us has been better than it's been in a long time, and we have good opportunities to grow going forward.

但是我們的整體記憶比很長一段時間都好，我們有很好的發展機會。

Okay.

好的。

Thanks, guys.

多謝你們。

Congratulations again.

再次祝賀。

Jim Covello, Goldman Sachs.

吉姆·科維羅，高盛。

Thanks, guys.

多謝你們。

Thanks so much for taking the question.

非常感謝您提出這個問題。

I appreciate it.

我很感激。

Guy, on 3D NAND your comments there, I appreciate it.

伙計，關於 3D NAND 你的評論，我很感激。

We've heard some companies say this week here at our conference that there could be two customers actually running 3D NAND wafer starts by the end of 2014, not just the one significant one.

我們聽到一些公司本週在我們的會議上表示，到 2014 年底，可能會有兩家客戶實際運行 3D NAND 晶圓，而不僅僅是一個重要的客戶。

Is that consistent with your view?

這和你的觀點一致嗎？

And if it is, we seem to have come a long way from six months ago when people doubted that 3D NAND was even going to work to some customers actually accelerating adoption.

如果是這樣的話，我們似乎已經從六個月前走了很長一段路，當時人們懷疑 3D NAND 甚至會對一些實際加速採用的客戶起作用。

Well, thanks for the question.

嗯，謝謝你的問題。

Just with the customer, another customer yesterday, and they are planning to convert one of their factories from planar to 3D NAND, but what I would also -- and all of the customers are very focused on this technology, the he opportunity for bit scaling, it's pretty compelling.

就在昨天，另一個客戶，他們正計劃將他們的一個工廠從平面轉換為 3D NAND，但我也會——所有客戶都非常關注這項技術，這是位擴展的機會, 相當有說服力。

But what I would also -- so that's absolutely correct.

但我也會——所以那是絕對正確的。

What I would also say is that this is a difficult transition.

我還要說的是，這是一個艱難的過渡。

Customers are making good progress in the transition, but I think it's somewhat too early to call in terms of actually how big this will be in 2014.

客戶在過渡方面取得了良好的進展，但我認為現在就 2014 年的實際規模做出判斷還為時過早。

Certainly 2015, there is a lot of customers that are ramping or planning to ramp 3D NAND technology.

當然在 2015 年，有很多客戶正在或計劃推出 3D NAND 技術。

We're in calendar 2014, and a lot of things have to line up, really, for significant capacity expansions in this calendar year.

我們正處於 2014 日曆年，很多事情必須排隊，真的，在這個日曆年進行顯著的產能擴張。

Again, it is very compelling, but you have also a tough technology transition, and then also adoption from an end-user perspective that still has to play out this year.

再一次，它非常引人注目，但你也有一個艱難的技術過渡，然後從最終用戶的角度來看，今年仍然必須進行採用。

That's helpful, thanks.

這很有幫助，謝謝。

For the follow-up, on the foundry side, again foundry is another topic that's gotten pretty contentious lately with some people very concerned about foundry spending for the year after TSMC guided to being down a little bit.

對於後續，在代工方面，代工是另一個最近引起很大爭議的話題，在台積電引導下降一點之後，一些人非常關注代工支出。

You are suggesting foundry CapEx is going to be up comfortably.

您是在暗示代工廠的資本支出將會輕鬆上升。

Do think that's more of a function of some of the other foundries beyond TSMC being more aggressive?

是否認為這更多是台積電以外的其他一些代工廠更具侵略性的一種功能？

And I know Global Foundry has made some high-profile announcements.

我知道 Global Foundry 已經發布了一些高調的聲明。

What do you think, there's some spending happening that might be slightly different from publicly stated budgets?

你怎麼看，發生的一些支出可能與公開預算略有不同？

Thanks a lot.

非常感謝。

Thanks, yes.

謝謝，是的。

I think we're not going to comment on anything our customers are saying.

我認為我們不會對客戶所說的任何內容髮表評論。

But we certainly see a broadening of the CapEx spending in 2014 in foundry.

但我們肯定會看到 2014 年鑄造行業的資本支出有所擴大。

And as I talked about earlier, certainly we see very healthy spending on 20 nanometer in 2014.

正如我之前談到的，我們當然看到 2014 年在 20 納米方面的支出非常健康。

Since that is a very critical strategic battle in the war for mobility leadership, all of our customers are very focused in that area, and technology buys [incents] that are also going to be a factor in 2014.

由於這是爭奪移動領導地位的一場非常關鍵的戰略戰役，我們所有的客戶都非常關注該領域，而技術購買 [激勵] 也將成為 2014 年的一個因素。

This is Bob.

這是鮑勃。

I don't know if you sign up, Jim, but going back to what you said, and John, every year you try and characterize and get a feel for the year.

我不知道你是否報名，吉姆，但回到你所說的，約翰，每年你都會嘗試描述和感受這一年。

My 2014 character is two things.

我 2014 年的角色是兩件事。

One is, there's a lot of technology inflections coming, whether it is V-NAND or it's FinFET, and tough challenging ones.

一是，無論是 V-NAND 還是 FinFET，都會出現很多技術轉折，以及具有挑戰性的技術轉折。

They are compelling ones when they provide great value, but there's a number of real challenging technology inflections this year, number one.

當它們提供巨大價值時，它們是引人注目的，但今年有許多真正具有挑戰性的技術變化，排名第一。

Number two, the spending is a little broader than it's been the last couple of years.

第二，支出比過去幾年要廣泛一些。

So some of the foundries you see spending money.

所以你看到的一些代工廠在花錢。

You hadn't seen as much in the past.

你過去沒見過那麼多。

So it's spreading out more.

所以傳播得更廣了。

What does that mean for Applied Materials?

這對應用材料公司意味著什麼？

I think the technology inflections are a great opportunity for us.

我認為技術變化對我們來說是一個很好的機會。

And where you see us gaining share particularly are on those inflections in the foundry and NAND.

你看到我們獲得份額的地方尤其是在代工和 NAND 的那些變化上。

As those inflections come to bear in DRAM, particularly in the periphery, we would do well in inflections.

隨著這些拐點在 DRAM 中出現，特別是在外圍，我們會在拐點方面做得很好。

So inflections are great opportunities for Applied, particularly as those inflections are going to more to materials innovation.

因此，拐點對應用來說是很好的機會，尤其是當這些拐點更多地用於材料創新時。

Terrific.

了不起。

Thanks a lot, guys.

非常感謝，伙計們。

I guess one more thing I would say on this one is, I really, really believe that a really key theme is around the materials inflections.

我想我還要說的一件事是，我真的，真的相信一個真正的關鍵主題是圍繞材料的變化。

If you look at what is happening in the foundry business, it is about transistor.

如果你看看代工行業正在發生什麼，那就是晶體管。

Interconnect is becoming more difficult, and that's all new materials enabling these changes in device performance.

互連變得越來越困難，而所有新材料都可以實現設備性能的這些變化。

The same thing is true certainly in NAND.

在 NAND 中當然也是如此。

And if you look at DRAM, to keep scaling those devices from a cost-effective standpoint, there are also going to be major changes in the future around materials and devices that are also playing into the sweet spot of Applied Materials.

如果你看看 DRAM，為了從成本效益的角度繼續擴展這些設備，未來也將圍繞材料和設備發生重大變化，這些變化也將成為應用材料公司的最佳選擇。

Thanks a lot.

非常感謝。

Timothy Arcuri, Cowen and Company.

Timothy Arcuri，考恩公司。

Thanks a lot.

非常感謝。

A couple of questions.

幾個問題。

First, Gary, how do you think about the trajectory of this year?

首先，Gary，您如何看待今年的發展軌跡？

You just put up $1 billion in foundry orders, and you put of $1 billion in orders out of Taiwan.

你剛剛下達了 10 億美元的代工訂單，而你在台灣之外下達了 10 億美元的訂單。

Phase 1 of a large 3D NAND project is basically done now, and we're sort of waiting on FinFET to ramp.

大型 3D NAND 項目的第一階段現在基本上已經完成，我們正在等待 FinFET 加速。

So do you at all worry that there's this pause sort of in the middle of the year?

所以你是否擔心在年中會有這種停頓？

Or do think that there's enough other stuff happening?

還是認為發生了足夠多的其他事情？

Tim, Gary just waved at me to take this one first.

蒂姆，加里只是向我揮手讓我先拿這個。

(Laughter) We have got to get one of those videoconferencing systems.

（笑聲） 我們必須得到一個視頻會議系統。

So here's what, I will see if I can help a little bit.

所以這就是什麼，我會看看我是否可以提供一點幫助。

If you look at the last couple of years, there's been a little bit of seasonality where the big foundry customers in particular buy more heavily -- give you more orders heavily in the front of the year.

如果你看看過去幾年，有一點季節性，特別是大型代工廠客戶購買得更多——在今年年初給你更多的訂單。

Get ready, so the -- used to be back-to-school, no it's more Christmas and Chinese New Year's.

準備好，所以——過去是返校，不，更多的是聖誕節和農曆新年。

So you probably are going to get a little bit of that waiting this year.

所以今年你可能會得到一點等待。

It does look like it's not going to be a big drop-off in the middle as people predict, because we have more spread of different customers.

看起來它不會像人們預測的那樣在中間有很大的下降，因為我們有更多不同客戶的分佈。

So it's more spread out, as I said earlier.

因此，正如我之前所說，它更加分散。

The second one is that we have these technology inflections.

第二個是我們有這些技術變化。

Now, those are the ones that you guys are poking at that are harder to read.

現在，那些是你們正在戳的那些更難閱讀的。

How big is 20 nanometer, and how soon are FinFETs ready?

20 納米有多大，FinFET 多久可以準備好？

What we see is customers aggressively pursuing those, and frankly aggressively pursuing them with some of our tools and our solutions.

我們看到的是客戶積極地追求這些，坦率地說，他們使用我們的一些工具和解決方案積極地追求它們。

The cutover from one node to another, we're not exactly sure of the smoothness in that cutover.

從一個節點到另一個節點的切換，我們不能完全確定該切換的平滑度。

The two things that make us feel better are, one, is some more customers buying for different nodes right now.

讓我們感覺更好的兩件事是，一是現在有更多客戶購買不同的節點。

And, two, they are really aggressively pursuing these technologies because they're very compelling.

第二，他們非常積極地追求這些技術，因為它們非常引人注目。

And, three, they're aggressively pursuing them with us.

第三，他們正在積極地與我們一起追捕他們。

So is there a little bit of a bubble in here somewhere?

那麼這裡的某個地方有一點泡沫嗎？

Maybe, but it's hard to read because of the inflections.

也許吧，但由於曲折，很難閱讀。

Got it.

知道了。

Okay, thanks.

好的謝謝。

And then maybe just, Gary, relative to the proposed merger, and I don't know if you can even answer this question, but are you saying any customer blowback?

然後也許只是，加里，相對於擬議的合併，我不知道你是否能回答這個問題，但你是說任何客戶反擊嗎？

Not from their tone or anything like that, but from them it maybe trying to shift share to other vendors in an attempt to sort of prepare for when this merger closes?

不是從他們的語氣或類似的東西來看，而是從他們那裡，它可能試圖將份額轉移給其他供應商，以便為這次合併結束做準備？

Are you seeing any of that?

你看到了嗎？

Well, Tim, the key thing for our customers, they are all in really strategic inflections for their business.

嗯，蒂姆，對我們的客戶來說，關鍵是他們都在為他們的業務做出真正的戰略轉變。

If you look at the foundry customers, ramping 20 nanometer successfully is critically important.

如果你看看代工客戶，成功地提升 20 納米是至關重要的。

Transitioning to FinFET technology is critically important.

過渡到 FinFET 技術至關重要。

This transition from planar to 3D NAND, all of those things are involving, really in the sweet spot for Applied Materials.

從平面 NAND 到 3D NAND 的轉變，所有這些都涉及到，這對應用材料公司來說確實是最佳選擇。

And I traveling through Asia probably every other week now, meeting with a lot of customers.

我現在可能每隔一周就去亞洲旅行一次，會見很多客戶。

We still see tremendous pull from customers as these are the strategic issues, strategic inflections that are facing our customers.

我們仍然看到來自客戶的巨大吸引力，因為這些是我們客戶面臨的戰略問題和戰略轉折。

And we see very strong pull, and still confident in our ability to grow the Company.

我們看到了非常強大的吸引力，並且仍然對我們發展公司的能力充滿信心。

And certainly we also see a great opportunity in the combination with Tokyo Electron to accelerate our products, and the combination again we believe will help us address these key material innovation challenges for customers that are the key strategic issue for this industry.

當然，我們也看到了與 Tokyo Electron 合併的巨大機會，以加速我們的產品，我們相信這種合併將再次幫助我們為客戶解決這些關鍵的材料創新挑戰，這些挑戰是該行業的關鍵戰略問題。

Tim, maybe I can jump in on this one a little bit.

蒂姆，也許我可以稍微加入一下。

There is the theory put forth that customers might be concerned about that, but if you look at the track record Gary and I have been 10 years, and Gary for 18 years before that at KLA, we believe the win-win for customers and ourselves is to aggressively invest into new products which really help them get to the next device and help yield device performance.

有人提出客戶可能會擔心這一點的理論，但如果您查看 Gary 和我已經 10 年的業績記錄，而 Gary 在此之前在 KLA 工作了 18 年，我們相信客戶和我們自己的雙贏是積極投資新產品，真正幫助他們獲得下一個設備並幫助提高設備性能。

That is the win-win.

這就是雙贏。

So if you look at Varian where we went from 30% margin to 75%, it was because we got better solutions.

因此，如果您看看瓦里安，我們的利潤率從 30% 上升到 75%，那是因為我們得到了更好的解決方案。

If you look at Applied what we are doing are aggressively putting money into products and technical resources in the field, and that's to help the customer.

如果你看看 Applied 我們正在做的事情是積極地將資金投入到該領域的產品和技術資源中，這是為了幫助客戶。

So there's a long body of evidence that that's our track record, to help customers do a better job with their devices.

因此，有大量證據表明這是我們的記錄，可以幫助客戶更好地使用他們的設備。

Okay, guys.

好的，伙計們。

Thanks a lot.

非常感謝。

Patrick Ho, Stifel Nicholas.

帕特里克·何，Stifel Nicholas。

Thank you very much, and also congrats on the quarter and the outlook.

非常感謝，也祝賀本季度和前景。

Maybe a first question in terms of the [EEV] story out there.

也許是關於[EEV]故事的第一個問題。

With further delays that are likely to come on that front, have you revise your etch and deposition market outlooks, given that you are going to see increased double and multiple packeting techniques?

隨著這方面可能出現的進一步延遲，您是否修改了蝕刻和沈積市場前景，因為您將看到增加的雙重和多重包裝技術？

Well, I think definitely that that provides a growth opportunity, and as I talked about earlier, we are gaining share in etch, especially in foundry and the NAND business.

嗯，我認為這無疑提供了一個增長機會，正如我之前所說，我們在蝕刻方面的份額正在增加，尤其是在代工和 NAND 業務方面。

So we have really good momentum there.

所以我們在那裡有很好的勢頭。

We are seeing strong pull from customers also in the deposition area.

我們也看到了沉積領域客戶的強大拉動。

Hard mask is an area where we have a pretty strong position.

硬面罩是我們擁有相當強勢地位的領域。

And then we have new technologies, some that we talked about around selective material removal and some other areas that are coming out of the technology pipeline that also create opportunities for us.

然後我們有新技術，我們談到了一些圍繞選擇性材料去除和技術管道中出現的其他一些領域，這些領域也為我們創造了機會。

So absolutely we look at this as a good opportunity for Applied.

所以我們絕對認為這是應用的一個好機會。

Okay, great.

好，太棒了。

And maybe just a question on the memory side on the NAND side.

也許只是 NAND 方面的內存方面的一個問題。

Customers have to make that difficult choice between migrating on the planer side as (technical difficulties) transitioning to 3D NAND.

客戶必須在從平面遷移到（技術困難）遷移到 3D NAND 之間做出艱難的選擇。

How are you guys helping them along in that transition?

你們是如何幫助他們完成過渡的？

And what are customers doing in terms of making that challenging decision of extending their current technology versus going full tilt into 3D NAND?

客戶在做出擴展其當前技術而不是全心投入 3D NAND 的具有挑戰性的決定方面做了什麼？

Yes.

是的。

All of the customers are very focused on trying to make this transition from planar to 3D because it is compelling.

所有的客戶都非常專注於嘗試從平面到 3D 的過渡，因為它很有吸引力。

If you look at the big growth opportunity in the transition from planar to 3D NAND, that is a big focus for all of our customers.

如果您看到從平面 NAND 過渡到 3D NAND 的巨大增長機會，那將是我們所有客戶的重點。

And we talked about first generation.

我們談到了第一代。

So you have a certain number of layers that you are building up when you go to 3D NAND.

因此，當您使用 3D NAND 時，您需要構建一定數量的層。

That first generation for us, we see about 25% increase in our total available market.

對我們來說，第一代產品的總可用市場增長了約 25%。

And we are also gaining share in the initial customers that are transitioning into 3D NAND.

我們還在過渡到 3D NAND 的初始客戶中獲得份額。

One of the things we talked about at the July 8 Investor Meeting is where are the critical deposition steps as you are making this transition?

我們在 7 月 8 日的投資者會議上討論的其中一件事是，當您進行這一過渡時，關鍵的沉積步驟在哪裡？

And we talked about our position in that inflection, and that, we're still pretty much on track, Patrick, with what we talked about last summer.

我們談到了我們在那個轉折點上的立場，帕特里克，我們仍然在軌道上，我們去年夏天談到的。

Certainly the inflection is around thermal deposition and etch.

當然，拐點是圍繞熱沉積和蝕刻。

We have some very strong products.

我們有一些非常強大的產品。

That's where a lot of this investment is going for our customers, very strong pull.

這就是我們的客戶大量投資的地方，非常強大的拉動。

The first generation for us is going well, and we believe there are more opportunities going forward.

我們的第一代進展順利，我們相信未來會有更多機會。

Great.

偉大的。

Thank you.

謝謝你。

Terence Whalen, Citi.

花旗銀行的特倫斯·惠倫。

Great.

偉大的。

Good afternoon guys.

各位下午好。

This question relates to the timing of completion of the merger.

這個問題與合併完成的時間有關。

Can you update us on what your expectation is for that time?

你能告訴我們你對那段時間的期望嗎？

How that has changed, and what milestones we can look for in the coming couple of quarters?

情況發生了怎樣的變化，我們可以在接下來的幾個季度中尋找哪些里程碑？

Thanks.

謝謝。

Nothing has really changed relative to what we've talked about previously on the economics or the timing of the merger.

與我們之前談到的經濟或合併時機相比，沒有什麼真正改變。

We are moving through the regulatory process.

我們正在通過監管程序。

We mentioned that we'll be filing the S-4 after we file our 10-Q later this month.

我們提到我們將在本月晚些時候提交 10-Q 後提交 S-4。

So I would say we're still on track with what we had discussed before, mid- to late 2014, relative to the approval and the close.

所以我想說，我們在 2014 年中下旬之前討論過的內容，與批准和結束有關。

Okay, great.

好，太棒了。

And then switching gears a little bit.

然後稍微切換一下檔位。

I think you mentioned you had record revenue levels in epi medium-current implant and also PVD.

我想你提到你在外延中等電流注入和 PVD 方面的收入水平創歷史新高。

Maybe just focus on epi and PVD, now that you've seen sort of initial installations of 3D NAND and also of FinFET for foundry, what are your expectations for growth of the epi segment in 2014?

也許只關注外延和 PVD，既然您已經看到了 3D NAND 和 FinFET 用於代工的初始安裝，您對 2014 年外延細分市場的增長有何期望？

And perhaps of PVD as well.

也許還有 PVD。

Thank you.

謝謝你。

Yes.

是的。

I think if you look at where the industry is going, the performance gates are really being driven by new materials.

我認為如果你看看這個行業的發展方向，性能門檻真的是由新材料驅動的。

So if you look at the focus in foundry, it's how do I add more features, better performance, but I also have to have low power and battery life.

因此，如果您看一下代工廠的重點，就是我如何添加更多功能、更好的性能，但我還必須擁有低功耗和電池壽命。

So what we're seeing, and the same thing is true again as you make the change from planar to 3D NAND.

所以我們所看到的，當您從平面 NAND 更改為 3D NAND 時，同樣的事情再次發生。

As we talked about, it very focused on materials innovation.

正如我們所說，它非常注重材料創新。

If you look at future memory devices, like MRAM, very PVD-intensive type of a process, many new materials.

如果你看看未來的存儲設備，比如 MRAM，一種非常 PVD 密集型的工藝，許多新材料。

And I really think that these are major changes for the customers, major changes in device architecture, many new materials, and we really see that continuing.

我真的認為這些對客戶來說是重大變化，設備架構的重大變化，許多新材料，我們真的看到這種情況還在繼續。

If you look at where do people go beyond first-generation FinFET devices?

如果您看看人們在第一代 FinFET 器件之外還有哪些地方？

We really see more epi steps, more PVD, many new materials.

我們確實看到了更多的外延步驟、更多的 PVD、許多新材料。

When I am talking to the customers, this is the key challenge for them.

當我與客戶交談時，這是他們面臨的主要挑戰。

How do they keep driving Moore's Law and make that cost effective?

他們如何繼續推動摩爾定律並使其具有成本效益？

And materials, if you look at what has happened with the planar to 3D NAND change, it's less litho-intensive and really focused on materials.

和材料，如果你看看平面到 3D NAND 的變化發生了什麼，它的光刻密集度較低，並且真正專注於材料。

We see that trend continuing going forward.

我們看到這種趨勢繼續向前發展。

Thanks.

謝謝。

Best of luck.

祝你好運。

Stephen Chin, UBS.

瑞銀的斯蒂芬·欽。

Great, thanks.

太謝謝了。

Hi Gary and Bob.

嗨，加里和鮑勃。

Nice results also.

結果也不錯。

My first question was just a follow-up on the reported foundry orders in the quarter.

我的第一個問題只是對本季度報告的代工訂單的跟進。

It looks like Applied's orders from foundries was significantly stronger than Tokyo Electron's reported foundry orders.

看起來 Applied 的代工訂單明顯強於 Tokyo Electron 報告的代工訂單。

And I was just wondering is that because Applied has this extra month of January in it, and the month of January was a very strong foundry order month?

我只是想知道是因為應用公司有額外的一月份，而一月份是一個非常強勁的代工訂單月？

Or is there something more complex to that?

還是有更複雜的東西？

Thanks.

謝謝。

Yes.

是的。

We think we're doing very well as a Company with foundries, particularly in Taiwan, because if you look at what they're doing, Stephen, it's 20 nanometer devices, big spending early part of the year, and then later in the year it's FinFET.

我們認為我們作為一家擁有代工廠的公司做得很好，尤其是在台灣，因為如果你看看他們在做什麼，斯蒂芬，這是 20 納米設備，今年年初支出很大，然後在今年晚些時候它是 FinFET。

20 nanometer devices use PVD tools big time for things like metal gates.

20 納米設備大量使用 PVD 工具來處理金屬柵極等問題。

They use epi tools big time.

他們大量使用 Epi 工具。

So the inflection that is going on at the foundry play very well to our strengths.

因此，代工廠正在發生的變化很好地發揮了我們的優勢。

If you look at PVD, very strong share there, very high share in epi.

如果你看 PVD，那裡的份額非常大，在 Epi 中的份額非常高。

It's a growing market.

這是一個不斷增長的市場。

The question we just got asked about epi, everything we see empirically about the epi market is good and the directional element of the epi market feels very good.

我們剛剛被問到關於 Epi 的問題，我們從經驗上看到的關於 Epi 市場的一切都很好，並且 Epi 市場的方向性元素感覺非常好。

So I think the products we offer and services for foundries are very compelling at this point.

所以我認為我們為代工廠提供的產品和服務在這一點上非常引人注目。

And I think that helps Applied Materials more than other companies.

我認為這對應用材料公司的幫助大於其他公司。

And maybe as my follow-up question on 3D NAND, maybe you could share some more color on Amex's share of etch versus deposition in this 3D versus planar transition.

也許作為我關於 3D NAND 的後續問題，也許你可以分享更多關於美國運通在 3D 與平面過渡中蝕刻與沈積的份額的顏色。

It sounds like Applied is doing quite well in etch and 3D NAND.

聽起來 Applied 在蝕刻和 3D NAND 方面做得很好。

But just curious how Applied's deposition momentum is in 3D NAND.

但只是好奇 Applied 在 3D NAND 的沉積勢頭如何。

Is it just as many incremental wins as etch?

它是否與 etch 一樣多的增量勝利？

I just couldn't tell from the color, Bob.

我只是看不出顏色，鮑勃。

Thanks.

謝謝。

Yes.

是的。

On the 3D NAND, I think one thing if you go back and look at what we discussed at the July 8 Meeting, basically what we did on the deposition side was lay out many of the critical steps across the largest customers, and we talked about winning 75% of those steps.

在 3D NAND 方面，我認為如果你回過頭來看看我們在 7 月 8 日會議上討論的內容，基本上我們在沉積方面所做的是為最大的客戶制定了許多關鍵步驟，我們談到了贏得這些步驟的 75%。

We feel very much on track with what we talked about July 8.

我們對 7 月 8 日所討論的內容感到非常滿意。

We have some very, very good products that provide customers with better device performance and yield, and certainly that is a critical element for them as they make this transition.

我們有一些非常非常好的產品，可以為客戶提供更好的設備性能和良率，當然這對他們來說是實現這一轉變的關鍵因素。

But we also have very good cost of ownership relative to other choices that they could make there.

但相對於他們可以在那裡做出的其他選擇，我們也有非常好的擁有成本。

So deposition, we look -- this year will be very strong for us.

所以沉積，我們看 - 今年對我們來說將非常強大。

CVD we believe that ZNAND will be strong.

CVD我們相信ZNAND會很強大。

Additional share gains for us in foundry.

我們在代工方面的額外份額收益。

So 2014 for the CVD business also will also be very strong for us.

所以 2014 年的 CVD 業務對我們來說也將非常強勁。

Thanks, guy.

謝了，兄弟們。

Tom Diffely, DA Davidson.

湯姆·迪菲利，DA 戴維森。

Maybe not a question on that topic.

也許不是關於那個話題的問題。

You talked about some nice share gains last year.

你談到了去年的一些不錯的股票收益。

I'm curious, did any of that come at the expense of Tokyo Electron?

我很好奇，這是否是以東京電子為代價的？

There's really very little overlap if you look at the products that we have.

如果您查看我們擁有的產品，實際上幾乎沒有重疊。

TEL is track, batch furnaces, web clean.

電話是軌道、批量爐、網清潔。

There's really, really very little product overlap between the two companies.

兩家公司之間的產品重疊非常非常少。

Yes, I can't think of any.

是的，我什麼都想不出來。

Because the only place we normally have similar products is etch.

因為我們通常擁有類似產品的唯一地方是蝕刻。

We are focused on conductor etch, they're in dialectric etch.

我們專注於導體蝕刻，他們在辯證蝕刻。

Okay.

好的。

And I was wondering if you could give some broad strokes on how you think the TEL market share went last year?

我想知道您能否大致介紹一下您認為去年電話市場份額的情況？

We are two separate companies.

我們是兩家獨立的公司。

We don't have enough insight into them to comment for the them.

我們沒有足夠的洞察力來為他們發表評論。

Okay.

好的。

And finally, you gave us the kicker.

最後，你給了我們踢球的機會。

You've got the 25% increase you got going to 3D NAND.

3D NAND 增加了 25%。

Do you have a similar number for going to FinFET, 14 nanometer FinFET?

你有類似的數字去 FinFET，14 納米 FinFET 嗎？

Yes.

是的。

It's a similar number.

這是一個相似的數字。

It's in the same range.

它在同一範圍內。

Okay.

好的。

If you look at the transition from 28 to the FinFET device node, it's a similar number.

如果您查看從 28 到 FinFET 器件節點的過渡，這是一個相似的數字。

And as Bob said, as you go beyond even first-generation FinFET, we are seeing some really strong pull for more materials innovation, more stuff like epi increasing as you go beyond first-generation FinFET.

正如 Bob 所說，當你超越第一代 FinFET 時，我們看到了對更多材料創新的強大拉動，隨著超越第一代 FinFET，更多的東西（如外延）在增加。

All right.

好的。

Thanks.

謝謝。

Krish Sankar, Bank of America Merrill Lynch.

美銀美林的 Krish Sankar。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Congratulations on the good execution, guys.

祝賀你們的出色執行，伙計們。

And two quick questions.

還有兩個簡單的問題。

First, Gary, you mentioned about a $7 billion in NAND (inaudible) and the overall (inaudible) $31billion to $34 billion.

首先，Gary，你提到了大約 70 億美元的 NAND（聽不清）和整體（聽不清）310 億到 340 億美元。

I'm kind of curious, of the $7 billion how much do you think is 3D NAND, or of the $31 billion to $34 billion, what percent of your spending is 3D NAND and FinFET where you're seeing this technology inflection?

我有點好奇，在 70 億美元中，你認為 3D NAND 有多少，或者在 310 億到 340 億美元中，你的支出中有多少是 3D NAND 和 FinFET，你看到了這項技術的轉折點？

What I would say on both of those, if you look at the FinFET investment, a lot of technology buys there.

如果你看一下 FinFET 的投資，我會說這兩個方面，很多技術都在那裡購買。

And then you have, certainly technology buys across the board in the 3D NAND transition from planar.

然後，您當然可以在從平面 3D NAND 過渡中全面購買技術。

So it's probably 25%, 30% if you look at both of those technology transitions.

所以如果你看看這兩種技術轉型，它可能是 25%、30%。

It could be higher, depending on the adoption, the rate of adoption.

它可能會更高，具體取決於採用率和採用率。

But it's in that range somewhere.

但它在某個範圍內。

Got it.

知道了。

That's very helpful.

這很有幫助。

And then as a follow-up, I had a question on the clarification on the numbers you guys gave in September post the merger.

然後作為後續行動，我對你們在 9 月合併後給出的數字的澄清提出了一個問題。

The 17% tax rate post the merger, were you incorporating in Netherlands?

合併後的 17% 稅率，你是在荷蘭註冊的嗎？

Is that just as simple as reincorporating in Netherlands, or do you need to ship a certain amount of revenue out of Netherlands or have some employee, a certain number of employees there?

這就像在荷蘭重新成立公司一樣簡單，還是您需要將一定數量的收入運出荷蘭或在那裡有一些員工，一定數量的員工？

Mostly incorporating in Netherlands.

主要在荷蘭註冊。

So just reincorporating is good enough?

所以只是重新合併就足夠了嗎？

You don't need any revenue out of Netherlands?

您不需要荷蘭以外的任何收入嗎？

Our substantial operations are not in the Netherlands.

我們的大量業務不在荷蘭。

Got it.

知道了。

Thanks.

謝謝。

Mahesh Sanganeria, RBC Capital Markets.

Mahesh Sanganeria，加拿大皇家銀行資本市場。

Thank you very much.

非常感謝。

Again, going back to the foundry, definitely you reported a pretty good numbers, much better than your peers.

再一次，回到鑄造廠，你肯定報告了一個相當不錯的數字，比你的同行要好得多。

I'm just trying to understand the linearity of 20 nanometer and 40 nanometer.

我只是想了解 20 納米和 40 納米的線性度。

Since 20 nanometer is going to be a smaller node, is it fair to say that the capacity addition for 20 nanometer is almost complete, and the next round of foundry orders will be more along the line of FinFET?

既然 20 納米將是一個更小的節點，是否可以說 20 納米的產能增加已基本完成，下一輪的代工訂單將更多地沿著 FinFET 路線？

We still see 20 nanometer being a significant amount of 2014 CapEx.

我們仍然認為 20 納米在 2014 年資本支出中佔很大比例。

The other thing is that a lot of the tools are similar for 20 nanometer and FinFET, and clearly a lot of the back-in-the-line stuff.

另一件事是，很多工具對於 20 納米和 FinFET 是相似的，而且顯然有很多後線的東西。

Yes.

是的。

And do you see multiple customers doing 20 nanometer, or most customers will focus on 16, 14, or FinFET technology, and there's going to be just one customer on 20 nanometer?

您是否看到有多個客戶使用 20 納米，或者大多數客戶將專注於 16、14 或 FinFET 技術，而 20 納米將只有一個客戶？

Yes.

是的。

As Bob said, typically what happens is the customers buy the tools for multiple technology nodes.

正如 Bob 所說，通常發生的情況是客戶為多個技術節點購買工具。

So when they're buying for 20 nanometer, some of those tools are also going to be used as they go forward in FinFET, some will stay as a previous technology node.

因此，當他們購買 20 納米時，其中一些工具也將在 FinFET 中繼續使用，一些將保留為以前的技術節點。

We don't really see significant production buys only for FinFET technologies in 2014.

2014 年我們並沒有真正看到僅針對 FinFET 技術的大量生產採購。

Okay.

好的。

Thank you very much.

非常感謝。

Edwin Mok, Needham & Company.

Edwin Mok，Needham & Company。

(Technical difficulties) 10% to 20%, I felt that (technical difficulties) obviously we're early in the year, but Bob Gary, what you think will drive the upside, downside?

（技術困難）10% 到 20%，我覺得（技術困難）顯然我們在年初，但是 Bob Gary，你認為什麼會推動上漲，下跌？

Is it just (inaudible) customer, or is it specific, a few big project that might not happen or happen this year?

它只是（聽不清）客戶，還是特定的一些今年可能不會發生或發生的大項目？

How do you kind of think about potential upside, downside to that range?

您如何看待該範圍的潛在上行和下行？

Upside, downside on the (multiple speakers) a little bit.

上行，下行（多個揚聲器）一點點。

I think, I'll give you the characteristics, then the potential upsides, downsides.

我想，我會給你特點，然後是潛在的優勢和劣勢。

The characteristics, Edwin, as I said earlier.

正如我之前所說，埃德溫的特徵。

Spending a little bit more diverse.

消費更多樣化。

You've got more, foundry customer spending money, some more memory customer spending money.

你有更多，代工客戶花錢，一些內存客戶花錢。

That is a good thing.

這是一件好事。

And some of those people are not all at the same technology inflections.

其中一些人並非都處於相同的技術拐點。

So that diversity gives you a little bit incremental confidence.

所以這種多樣性會給你一點點增量的信心。

Second thing is, the other big thing going on this year is the technology inflections between planer NAND and V-NAND and between 20 nanometer and FinFET.

第二件事是，今年發生的另一件大事是planer NAND和V-NAND之間以及20納米和FinFET之間的技術拐點。

That is what everyone is debating.

這是每個人都在爭論的問題。

We see a lot of push for those.

我們看到了很多推動力。

What would make the year bigger?

什麼會使這一年變得更大？

I don't know.

我不知道。

If it was a bigger production buys of 20 nanometer or earlier production-worthy FinFETs.

如果是更大的生產，則購買 20 納米或更早的具有生產價值的 FinFET。

That would be the foundry issue.

那將是代工廠的問題。

Now, I do think the spread out to multiple foundry customers gives you a little bit of push-in on the volatility.

現在，我確實認為分散到多個代工廠客戶可以讓您對波動性有所推動。

The second one on V-NAND, I think it's going to be a pretty good NAND year.

V-NAND 上的第二個，我認為這將是一個非常好的 NAND 年。

We see it in planar and 3D, the rate of transition from one to the other, it's a little hard to predict.

我們在平面和 3D 中看到它，從一個到另一個的轉換率，有點難以預測。

What I will say is common to both FinFET and V-NAND, if you look at the device benefits of V-NAND long term, very -- 3D V-NAND, very compelling, FinFET, very compelling.

我要說的是 FinFET 和 V-NAND 的共同點，如果你從長遠來看 V-NAND 的設備優勢，非常 - 3D V-NAND，非常引人注目，FinFET，非常引人注目。

But there was a lot of incentive for customers to aggressively push to those for the absolute device benefits and the competitive benefits.

但是，客戶有很多動機積極推動那些絕對設備優勢和競爭優勢的產品。

Those things would make you feel a little bit more optimistic that spending will be good.

這些事情會讓你對支出會好一點感到更加樂觀。

Great.

偉大的。

Actually that was really good color.

其實那個顏色真的很好。

And then I guess one question I had on the Tokyo Electron merger.

然後我想我對東京電子合併有一個問題。

I think you guys talk about the benefit, including some synergies, especially on the revenue side synergy.

我認為你們談論的好處，包括一些協同效應，特別是在收入方面的協同效應。

I was wondering, how do you -- how do we think about that?

我想知道，你是怎麼想的？

Is this something that you believe -- we should kind of think about all the technical synergy you can get, and therefore those who start ) to drive incremental revenue that we should expect after the merger is done immediately in 2015?

您是否相信這一點——我們應該考慮一下您可以獲得的所有技術協同作用，以及那些開始的人）以推動我們在 2015 年立即完成合併後應該預期的增量收入？

Or is this something that the techno-synergy will eventually lead to newer product or better product, that might, as we know in semi space it takes one or two years just to get the product into a customer hand and get qualifying ramp.

或者這是技術協同最終會導致更新產品或更好產品的東西，正如我們所知，在半空間中，將產品交付給客戶並獲得合格的坡道可能需要一兩年的時間。

How we kind of think about the timing of those revenue synergy income?

我們如何看待這些收入協同收入的時間安排？

Yes, that is a good question.

是的，這是個好問題。

There is a limited amount that we can do right now relative to really understanding a lot of details around the technology synergies between the two companies.

相對於真正了解兩家公司之間技術協同作用的許多細節，我們現在可以做的事情是有限的。

But what I would say is that the big challenge facing the industry, as I talked about before, is materials innovation.

但我想說的是，正如我之前談到的，該行業面臨的巨大挑戰是材料創新。

Materials innovation is really driving performance gains in logic and memory.

材料創新真正推動了邏輯和內存的性能提升。

And we really think that will increase in importance going forward.

我們真的認為這將在未來變得越來越重要。

So to -- I really -- innovation is also connecting dots.

所以——我真的——創新也是連接點。

And to the extent that TEL has some very good complementary technologies, that we can work together in providing new solutions, we do think there is a real opportunity there.

在某種程度上，TEL 擁有一些非常好的互補技術，我們可以合作提供新的解決方案，我們確實認為那裡存在真正的機會。

And this is the strategic issue facing the industry, is how fast do we make these technology transitions into these new devices?

這是行業面臨的戰略問題，我們如何以多快的速度將這些技術轉變為這些新設備？

You see it today with FinFET and 3D NAND being really difficult challenges.

您今天看到 FinFET 和 3D NAND 是非常艱鉅的挑戰。

So we're pretty excited, as I talked about earlier, the interaction we've had with the TEL people so far has been very positive, very enthusiastic.

所以我們非常興奮，正如我之前談到的，到目前為止，我們與 TEL 人員的互動非常積極、非常熱情。

We would love to get working on those technology synergies.

我們很想開始研究這些技術協同效應。

And so we're looking forward to the close when we can start getting into more detail.

因此，我們期待著結束時可以開始了解更多細節。

Great.

偉大的。

Thanks very much.

非常感謝。

Vishal Shah, Deutsche Bank.

德意志銀行的維沙爾·沙阿。

Hi.

你好。

This is Chad Dillon on the line for Vishal.

這是乍得狄龍在維沙爾的線上。

Thanks for taking my question.

感謝您提出我的問題。

You've been very focused on getting share in the inspection market over the past year.

在過去的一年裡，您一直非常專注於在檢測市場上獲得份額。

So I was hoping you could discuss where you think your share is at 20 nanometer, and how it compares to 28 at this stage of new node ramp?

所以我希望你能討論一下你認為你的份額在 20 納米的位置，以及在新節點斜坡的這個階段它與 28 相比如何？

Yes.

是的。

We have very, very strong pull from customers.

我們從客戶那裡得到了非常非常強大的吸引力。

As we talked about earlier, we are making investments in both in terms of product development and also in terms of applications support.

正如我們之前談到的，我們在產品開發和應用支持方面都進行了投資。

We've had a lot of momentum in foundry and logic, as we talked about.

正如我們所談到的，我們在代工和邏輯方面有很大的發展勢頭。

We had record inspection sales in the last calendar year, and we have a very strong position in e-beam review.

我們在上一個日曆年的檢驗銷售額創歷史新高，我們在電子束審查方面擁有非常強大的地位。

And that business is pretty sizable, and we are really extending our leadership in e-beam review pretty much across the board at all of the different customers.

而且這項業務相當可觀，我們確實在所有不同客戶中全面擴展了我們在電子束審查方面的領導地位。

In the foundry business, the momentum there has been very good.

在代工業務方面，勢頭一直很好。

That is part is of what is contributing to our record in the foundry in the last quarter.

這是我們上一季度鑄造廠記錄的一部分。

The layer penetration for us is increasing over the last year, really across the board.

我們的層滲透率在過去一年中正在增加，真的是全面的。

We also talked about in logic having a customer adopting the UVision 6 for their most advanced technology nodes.

我們還在邏輯上談到讓客戶採用 UVision 6 作為他們最先進的技術節點。

So we are pretty optimistic.

所以我們相當樂觀。

Great.

偉大的。

And then as you progress through 2014, what's your expectations for the first half/ second half mix of WFE spending if you break it down between memory versus foundry/logic?

然後，隨著您在 2014 年的進展，如果您在內存與代工廠/邏輯之間進行分解，您對 WFE 支出的上半年/下半年組合的期望是什麼？

So you've got two questions buried in there.

所以你有兩個問題埋在那裡。

Wafer fab equipment spending first half/second half, and the second is the break down between them.

晶圓廠設備上半年/下半年的支出，其次是它們之間的細分。

So if you look at -- I think the halves in total are pretty equal.

因此，如果您看一下-我認為總的一半是相當的。

In terms of the mix, pretty equal too.

就組合而言，也相當平等。

You have inflections going on.

你正在發生變化。

That makes it a little harder to predict.

這使得預測變得有點困難。

We think that the foundry could be pretty strong in the back end too if we get either 20 nanometer to have some legs or FinFET to come in.

我們認為，如果我們得到 20 納米的一些腿或 FinFET 進來，那麼後端的代工廠也可能非常強大。

So we are looking at both to be pretty even through the year.

因此，我們希望兩者在這一年中都很漂亮。

Maybe 3d NAND's a little bit heavier on the front end.

也許 3d NAND 在前端有點重。

Thank you.

謝謝你。

You're welcome.

別客氣。

Mehdi Hosseini, Susquehanna.

邁赫迪·侯賽尼，薩斯奎哈納。

Yes.

是的。

I have two questions.

我有兩個問題。

One for Bob.

一個給鮑勃。

Going back to the slide that you had post-announcement for the Tokyo Electron merger, the $2.40 earnings based on $37 billion WFE.

回到您在宣布東京電子合併後發布的幻燈片上，基於 370 億美元 WFE 的 2.40 美元收益。

How should I think about [sensitivity] of the model, or different scenarios in case, or worst case scenario, we don't hit the $37 billion of WFE?

我應該如何考慮模型的[敏感性]，或者不同的情況，或者最壞的情況，我們沒有達到 370 億美元的 WFE？

That is a good question, Mehdi.

這是一個很好的問題，梅赫迪。

If you go back to the Analyst Day we had July 8, we put a couple different models up for 2016 for Applied Materials.

如果你回到 7 月 8 日的分析師日，我們為應用材料公司在 2016 年推出了幾個不同的模型。

We had a $37 billion model, which was a 25%, 26% operating margins, and a $30 billion model, which I think was about 22%, 23%, I don't know.

我們有一個 370 億美元的模型，即 25%、26% 的營業利潤率，還有一個 300 億美元的模型，我認為大約是 22%、23%，我不知道。

It was in the low 20%s, a little less, a couple of points less.

它處於 20% 的低位，少一點，少了幾個點。

And the models were not as important to me as what the message was.

模型對我來說並不像信息那麼重要。

The message was, we are not running the Company to a $37 billion wafer fab equipment number.

傳達的信息是，我們沒有讓公司擁有 370 億美元的晶圓廠設備數量。

We are managing Applied and we're going to manage the combined company to a reasonable sort of mid-cycle number of around $28 billion, $30 Billion.

我們正在管理應用材料公司，我們將把合併後的公司管理到一個合理的周期中期數字，大約 280 億美元，300 億美元。

Our cost structures will be built up around that, our investments will be built around that, our flexibility will be built around that.

我們的成本結構將圍繞它建立，我們的投資將圍繞它建立，我們的靈活性將圍繞它建立。

That's how we will manage the company.

這就是我們管理公司的方式。

We have had good alignment with Tokyo Electron, that they agree that that's a good way to manage a company in this industry.

我們與 Tokyo Electron 達成了良好的合作，他們同意這是管理該行業公司的好方法。

And if we can do that and achieve low 20%s in a $30 billion wafer fab equipment, I think you'll have great confidence that a $37 billion happens, we will be in our model.

如果我們能夠做到這一點，並在 300 億美元的晶圓廠設備中實現 20% 的低產率，我認為您將非常有信心會發生 370 億美元，我們將採用我們的模式。

Okay.

好的。

And then one clarification question for Gary.

然後是對 Gary 的一個澄清問題。

During your last conference call, you told us that in the top in the area of 3D NAND, opportunities per wafer start would increase by 30%.

在您上次電話會議中，您告訴我們，在 3D NAND 領域的頂級領域，每個晶圓啟動的機會將增加 30%。

And I'm assuming the (inaudible) opportunity.

我假設（聽不清）機會。

And today you're talking about 25% increase.

今天你說的是25%的增長。

What am I missing here?

我在這裡想念什麼？

Well, so there's really a range in terms of how much the CapEx increases for us.

好吧，所以資本支出為我們增加了多少確實有一個範圍。

There's first-generation versus second-generation 3D NAND.

有第一代和第二代 3D NAND。

It's in the range on the first generation, 25%, 30%.

它在第一代的範圍內，25%、30%。

These are -- it's difficult to call that closely in terms of what that exact number is on the first generation, but it's pretty significant.

這些是 - 很難根據第一代的確切數字來準確稱呼它，但它非常重要。

If you look at some areas, some areas are out more than 50%.

如果您查看某些區域，則某些區域超出了 50% 以上。

Some specific markets for us are up a significant amount.

對我們來說，一些特定市場的漲幅很大。

But the first generation is in that range, and of course as you know, they're going to keep going vertical to drive bit scaling beyond the first generation.

但是第一代就在這個範圍內，當然，正如你所知，它們將繼續垂直化，以推動超越第一代的位擴展。

So the increase there is more.

所以那裡的增加更多。

So it's really the starting point, and sometimes people will talk about 3D NAND overall.

所以這真的是一個起點，有時人們會整體談論 3D NAND。

We're trying to be specific around first generation, what that number will look like.

我們正在嘗試具體說明第一代，這個數字會是什麼樣子。

Can I ask you a follow-up?

我可以問你一個後續嗎？

Sure.

當然。

Go ahead.

前進。

I'm a little bit confused because I understand the number of stacks goes up, the number of the steps goes up, obviously capital intensity's going up.

我有點困惑，因為我知道堆棧數上升，步數上升，顯然資本密集度在上升。

But we were Phoenix this past Friday, and one of the memory manufacture with the goal of having a 3D pilot line sometimes in the next 24 months is also talked about very prudent CapEx, capital intensity actually going down in FY15.

但上週五我們是鳳凰城，目標是有時在未來 24 個月內建立 3D 試產線的內存製造商之一也被談論非常謹慎的資本支出，資本密集度實際上在 2015 財年下降。

So help me reconcile the two different messages from your customers and from your equipment suppliers.

因此，請幫助我協調來自您的客戶和設備供應商的兩種不同信息。

What am I missing here?

我在這裡想念什麼？

They're talking about capital intensity on the management going down after 2014, but equipment industry is saying something different.

他們談論的是 2014 年後管理層的資本密集度下降，但設備行業的說法不同。

Let me take a shot at it, then Gary will give you a better answer than I can.

讓我試一試，然後加里會給你一個比我更好的答案。

I get asked this question a reasonable amount.

我被問到這個問題的數量是合理的。

I get asked the question of, well Gee-Whiz Equipment Company was talking about overall capital intensity going up, number one, and number two, they do in their overall terms.

我被問到一個問題，Gee-Whiz Equipment Company 正在談論整體資本密集度上升，排名第一，排名第二，他們在整體方面確實如此。

The first question I typically get asked is overall.

我通常被問到的第一個問題是總體問題。

Well, then you have got to look at the mix.

那麼，你必須看看混合。

If you go look within foundry, within NAND, within DRAM, and logic, then let's pick foundry where we talk a lot about their biggest (inaudible) share.

如果你去看看代工廠、NAND、DRAM 和邏輯，那麼讓我們選擇代工廠，我們經常談論他們最大（聽不清）的份額。

I don't think anyone doubts capital intensity is going up.

我認為沒有人懷疑資本密集度正在上升。

If you go look at how much it cost to build a 50,000 wafer fab equipment, the cost has gone up.

如果你去看看建造一個 50,000 晶圓廠設備的成本是多少，成本已經上升了。

So within that statement, it's gone up.

所以在那個聲明中，它上升了。

If you look at logic, it's gotten more expensive.

如果你看邏輯，它變得更加昂貴。

And what you have to parse out on that one, for instance, is Greenfeld versus reuse, and reuse is a bigger issue in logic.

例如，你必須解析的是 Greenfeld 與重用，重用是邏輯中的一個更大問題。

If you look at V-NAND, it's going up for first generation in total, but it's very much going up where we play, which is deposition, etch, and thermal.

如果你看一下 V-NAND，它在第一代總體上正在上升，但在我們所使用的領域，即沉積、蝕刻和熱方面，它正在大幅上升。

If you look at lithography, which has been really driving the cost bus for NAND the last number of years, it's going down.

如果你看一下光刻技術，它在過去幾年裡確實推動了 NAND 的成本總線，它正在下降。

The next generation of V-NAND is probably 50 nanometer lithography versus 10 nanometer.

下一代 V-NAND 可能是 50 納米光刻與 10 納米。

So it's reuse of the existing lithography.

所以它是對現有光刻的重用。

So they can be very prudent in NAND and make total CapEx because the big cost of lithography has been eased.

因此，他們在 NAND 方面可以非常謹慎，並產生總資本支出，因為光刻的巨額成本已經得到緩解。

What they're doing is much more cost effective for them to use things like etch, deposition, and thermal.

他們正在做的事情對他們來說使用蝕刻、沉積和熱等技術更具成本效益。

I think then when you go to DRAM, which is the final market, the cost has been moderate, but the cost has been somewhat obscured because you haven't had a lot of new Greenfield fabs.

我認為當你去 DRAM 時，這是最終市場，成本一直是適中的，但成本有點模糊，因為你沒有很多新的綠地晶圓廠。

So measuring is a little bit harder.

所以測量有點困難。

As you look at next generation, though, the capital intensity of a new (inaudible) fab is going up some, particularly because the periphery is becoming more logical.

然而，當你看到下一代時，新（聽不清）晶圓廠的資本密集度正在上升一些，特別是因為外圍變得更加合乎邏輯。

I can [have] all the same capital intensity as foundry and logic have.

我可以[擁有]與代工和邏輯相同的資本密集度。

So I think you've got to look in the mix between customer type, the mix between Greenfield and reuse, and then you look at the mix within equipment type.

因此，我認為您必須查看客戶類型之間的組合、新建和重用之間的組合，然後查看設備類型之間的組合。

And I think those things are consistent with what we've said, particularly the NAND question you asked.

我認為這些事情與我們所說的一致，尤其是你提出的 NAND 問題。

Okay, thanks, Mehdi.

好的，謝謝，邁赫迪。

And Brent, I know we're running a little bit over, but if we have one more on the line we will go ahead and please try to help.

還有布倫特，我知道我們有點忙不過來，但如果我們還有一個在線上，我們會繼續前進，請嘗試提供幫助。

Ben Pang, Northland Capital.

Ben Pang，北國資本。

Thank you for squeezing me in.

謝謝你擠我。

First on the etch share gain, you commented on 5% share gain on the concentration on conductor etch.

首先關於蝕刻份額增益，您評論了導體蝕刻集中 5% 的份額增益。

Does that imply your conductor share gain is like 10%?

這是否意味著您的指揮份額收益約為 10%？

Yes.

是的。

I think if you do the math, that's pretty close.

我想如果你做數學，那是非常接近的。

Okay.

好的。

And then in terms of your wafer fab equipment outlook, a lot of technology transition, et cetera, and kind of broadening of the base.

然後就你的晶圓廠設備前景而言，大量的技術轉型等等，以及基礎的擴大。

Does that imply that the spend is going to be, I guess, less tied to the utilization rates and kind of the end demand for semiconductor this year?

我猜，這是否意味著支出與今年半導體的利用率和最終需求的聯繫會減少？

I'm sorry, Ben, I lost you on that one.

對不起，本，我在那個問題上弄丟了你。

Your voice faded on me for a second.

你的聲音在我身上消失了一秒鐘。

Could you just quickly repeat it?

你能快速重複一遍嗎？

I guess if there is, I guess, a base case for semiconductor growth in the high single digit type situation, and your utilization rates are kind of not great right now.

我想如果有，我猜，在高個位數類型的情況下半導體增長的基本情況，你的利用率現在不是很好。

Do you see a big impact to the pattern of wafer fab equipment spending this year on those type of dynamics?

您認為今年晶圓廠設備支出模式對此類動態有重大影響嗎？

Since it's mostly technology transitions, I would assume that it doesn't matter whether the utilization rates move up and down a little bit, or the semiconductor demand gets caught a little bit.

由於這主要是技術轉型，我認為利用率是否會上下波動，或者半導體需求是否受到一點影響並不重要。

That might not actually impact the spending on these technology transitions.

這實際上可能不會影響這些技術轉型的支出。

Is that the right way you guys are -- that I should try to think about this?

你們這樣做是不是正確的——我應該試著考慮一下這個問題？

Well, the truth's probably somewhere in the middle.

好吧，真相可能在中間的某個地方。

I think there's a lot of majority in there to what you say.

我認為你所說的有很多多數。

Because in the foundry, big technology inflections spreading out to multiple customers, I think there's going to be substantive spending driven by capacity, but also technology.

因為在代工廠中，大型技術轉折向多個客戶蔓延，我認為將有大量的支出由產能和技術驅動。

I think DRAM, where you see DRAM prices pretty good, that would imply that you might have a little upside because utilizations probably run pretty tight.

我認為 DRAM，你看到 DRAM 價格相當不錯，這意味著你可能有一點上漲空間，因為利用率可能非常緊張。

As you remember, they had that fire in China last year at Hynix, too.

你還記得，去年他們在中國的海力士也發生了火災。

So DRAM might play (inaudible), actually.

所以實際上 DRAM 可能會播放（聽不清）。

We're actually going to sort through how much capacity is added between planer and V-NAND, and how much more that it might increase their sales, because if it's got better endurance and reliability they may increase their addressable market for flash devices.

實際上，我們將梳理刨床和 V-NAND 之間增加了多少容量，以及這可能會增加多少銷量，因為如果它具有更好的耐用性和可靠性，他們可能會增加閃存設備的潛在市場。

So the short answer to your question is, I think you're probably right, and I think the trends are okay on that.

所以對你的問題的簡短回答是，我認為你可能是對的，我認為趨勢是好的。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you, Ben, for your question.

謝謝你，本，你的問題。

And we would like to thank everyone for joining us this afternoon.

我們要感謝大家今天下午加入我們。

A replay of this call will be available on our website beginning at 5 PM Pacific time today.

從今天太平洋時間下午 5 點開始，我們的網站將重播本次電話會議。

Thank you for your continued interest in Applied Materials.

感謝您對應用材料公司的持續關注。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。