應用材料 (AMAT) 2014 Q2 法說會逐字稿

Welcome to the Applied Materials earnings conference call.

歡迎來到應用材料公司財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder this conference is being recorded.

作為提醒，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, Jennifer.

謝謝你，詹妮弗。

Today we'll discuss the results for our second quarter which ended on April 27.

今天我們將討論截至 4 月 27 日的第二季度的業績。

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

與我一起參加電話會議的是總裁兼首席執行官 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, share 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、股票頭寸、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 these risk factors is contained in our most recent Form 10-Q, Form 8-K and other SEC filings.

有關這些風險因素的信息包含在我們最近的 10-Q 表、8-K 表和其他 SEC 文件中。

Forward-looking statements speak as of May 15, 2014, and we assume no obligation to update them.

前瞻性陳述截至 2014 年 5 月 15 日，我們不承擔更新這些陳述的義務。

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應用材料網站的投資者頁面上找到。

Before we begin I'd like to make a calendar announcement.

在我們開始之前，我想發布一個日曆公告。

On the afternoon of Monday, July 7, Applied will hold its 2014 Analyst Briefing in San Francisco with a live webcast for anyone whose not traveling to SEMICON West this year.

7 月 7 日星期一下午，Applied 將在舊金山舉行其 2014 年分析師簡報會，並為今年沒有前往 SEMICON West 的任何人進行網絡直播。

We'll provide you with more details as we get closer to the event.

隨著活動的臨近，我們將為您提供更多詳細信息。

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

現在我想把電話轉給 Gary Dickerson。

Thanks, Mike.

謝謝，邁克。

And good afternoon.

下午好。

In our second fiscal quarter of 2014, Applied Materials delivered earnings near the high end of our guidance.

在我們 2014 年第二財季，應用材料公司的收益接近我們指引的高端。

And we expanded our operating margins for the sixth quarter in a row.

我們連續第六個季度擴大了營業利潤率。

These results reflect healthy investment by our semiconductor and display customers, strong execution against our strategic plans, and significant improvements in our financial performance.

這些結果反映了我們的半導體和顯示器客戶的健康投資、對我們戰略計劃的強有力執行以及我們財務業績的顯著改善。

Across the Company we are focused on accelerating our momentum for profitable growth.

在整個公司範圍內，我們專注於加快實現盈利增長的勢頭。

We are strengthening our field technical engagements with customers, our R&D capabilities and our ability to ramp new products faster with lower cost and better quality.

我們正在加強與客戶的現場技術合作、我們的研發能力以及我們以更低的成本和更好的質量更快地推出新產品的能力。

At the same time, we are making great progress getting the organization ready for our merger with Tokyo Electron.

與此同時，我們正在為我們與東京電子的合併做好準備，並取得了很大進展。

We continue to believe that we will receive regulatory approval for the merger in the second half of this year.

我們仍然相信，我們將在今年下半年獲得監管部門對合併的批准。

Our S-4 securities registration statement has become effective.

我們的 S-4 證券登記聲明已經生效。

And our shareholder meeting to approve the combination with Tokyo electron is scheduled for June 23.

我們批准與東京電子合併的股東大會定於 6 月 23 日舉行。

The detailed plans to integrate our two companies are taking shape.

整合我們兩家公司的詳細計劃正在形成。

The level of engagement and strong working relationships within the integration teams are tremendous.

集成團隊內的參與程度和牢固的工作關係是巨大的。

This gives us high confidence that we can rapidly bring together the critical areas that will enable the new Company to achieve its strategic and financial goals.

這使我們對我們能夠迅速將關鍵領域整合在一起，使新公司能夠實現其戰略和財務目標充滿信心。

We have also been developing the mission, vision and values that will be the foundation of the combined companies culture.

我們還一直在發展將成為合併後公司文化基礎的使命、願景和價值觀。

And we will share more information about our progress at SEMICON in July.

我們將在 7 月分享更多關於我們在 SEMICON 上取得進展的信息。

As we work through the integration planning process, we are even more confident that we can accelerate materials innovation for the industry and increase the value we deliver to our customers and shareholders.

隨著我們完成整合規劃流程，我們更有信心加速行業的材料創新並增加我們為客戶和股東提供的價值。

Turning to our market outlook, evolving trends in mobility and connectivity are driving industry growth and accelerating innovation in mobile chips, solid state storage, and interactive displays.

談到我們的市場前景，移動性和連接性的不斷發展趨勢正在推動行業增長，並加速移動芯片、固態存儲和交互式顯示器的創新。

The advanced processors, sensors, and memory needed to enable high-end smartphones have driven significant growth in the silicon content of these devises.

支持高端智能手機所需的先進處理器、傳感器和內存推動了這些設備的矽含量顯著增長。

Consequently, the foundries continue to make substantial investments as they ramp 20-nanometer capacity and accelerate their pilot lines for 16- and 14-nanometer finFET technology.

因此，代工廠繼續進行大量投資，以提高 20 納米產能並加快 16 和 14 納米 finFET 技術的試驗線。

We expect foundry spending to increase 10% to 20% in 2014, and be distributed over a broader customer base compared to recent years.

我們預計 2014 年代工支出將增長 10% 至 20%，並且與近幾年相比分佈在更廣泛的客戶群中。

Mobility and cloud computing are also driving demand for NAND memory, and we expect bit growth to be about 40% this year.

移動性和雲計算也在推動對 NAND 內存的需求，我們預計今年的位增長率將達到 40% 左右。

As a result of strong investment in advanced planar NAND, we believe total NAND spending could reach $7 billion for this year.

由於對先進平面 NAND 的大力投資，我們相信今年 NAND 的總支出可能達到 70 億美元。

Adoption of 3D NAND is progressing at a slower pace than previously anticipated.

3D NAND 的採用速度比之前預期的要慢。

But we still see increasing investments as customers work to solve technical challenges in the transition from planar to 3D devices.

但是，隨著客戶努力解決從平面設備到 3D 設備的過渡過程中的技術挑戰，我們仍然看到不斷增加的投資。

DRAM customers are also investing more as they upgrade capacity at their advanced nodes to meet demand for mobile DRAM.

DRAM 客戶也在升級其先進節點的容量以滿足對移動 DRAM 的需求時進行更多投資。

We expect 2014 DRAM spending to be 10% to 15% higher than last year.

我們預計 2014 年 DRAM 支出將比去年高出 10% 至 15%。

Overall, while there have been some adjustments in customers' investment plans in recent months, we maintain our view that 2014 wafer fab equipment could be up 10% to 20% relative to last year.

總體而言，儘管近幾個月客戶的投資計劃有所調整，但我們仍認為 2014 年晶圓廠設備可能較去年增長 10% 至 20%。

In the display market, there are two primary factors driving growth.

在顯示器市場，推動增長的主要因素有兩個。

The first is TV, where average screen sizes are increasing at 1.5 to 2 inches annually, which is significantly higher than historic rates.

首先是電視，平均屏幕尺寸以每年 1.5 到 2 英寸的速度增長，遠高於歷史水平。

Three new Gen 8.5 factories are being built in China as our customers race to meet this growing TV area demand.

隨著我們的客戶競相滿足這一不斷增長的電視領域需求，中國正在建設三個新的 8.5 代工廠。

The second is mobile where displays are an important area of differentiation for smartphones and tablets.

第二個是移動設備，其中顯示器是智能手機和平板電腦的重要差異化領域。

Higher definition screens are driving demand for low temperature polysilicon backplanes.

更高分辨率的屏幕正在推動對低溫多晶矽背板的需求。

And we expect multiple new Gen 6 factories to be built in the next two years to meet the market's needs.

我們預計未來兩年內將建造多個新的第 6 代工廠，以滿足市場需求。

These strong market drivers in display have enabled us to book $340 million of new orders in our second fiscal quarter.

這些強大的顯示器市場驅動因素使我們在第二財季獲得了 3.4 億美元的新訂單。

And while we expect our revenue patterns to be uneven due to shipment timing, our outlook for the display business remains positive.

雖然我們預計我們的收入模式由於出貨時間而參差不齊，但我們對顯示器業務的前景仍然樂觀。

In semiconductor and display, new materials innovations are enabling key inflections by providing our customers with solutions that improve device performance, yield, and cost.

在半導體和顯示器領域，新材料創新通過為我們的客戶提供提高設備性能、良率和成本的解決方案，實現了關鍵的轉變。

We see tremendous customer pull for Applied's differentiated technology in precision film deposition, materials modification, materials removal, and interface engineering, which are at the heart of key transistor inflections.

我們看到應用材料公司在精密薄膜沉積、材料改性、材料去除和界面工程方面的差異化技術具有巨大的客戶吸引力，這些是關鍵晶體管變化的核心。

We are also working with our customers to drive significant materials innovation in interconnect.

我們還與客戶合作，推動互連領域的重大材料創新。

Earlier this week, we launched our Volta CVD Cobalt system.

本週早些時候，我們推出了 Volta CVD Cobalt 系統。

This precision film deposition technology can be used to form CVD-based cobalt liners and selective cobalt capping films that allow customers to overcome critical yield-limiting issues as they scale copper interconnects at advanced nodes.

這種精密薄膜沉積技術可用於形成基於 CVD 的鈷襯墊和選擇性鈷覆蓋薄膜，使客戶能夠在先進節點擴展銅互連時克服關鍵的產量限制問題。

This breakthrough strengthens our leadership position in interconnect, while growing the available market for Applied's CVD products.

這一突破鞏固了我們在互連領域的領先地位，同時擴大了 Applied CVD 產品的可用市場。

Over the past 18 months we have taken actions to support our growth strategy by shifting spending to our best opportunities, strengthening our processes, and adding talent in critical areas of the organization.

在過去的 18 個月裡，我們採取了行動來支持我們的增長戰略，將支出轉移到我們最好的機會上，加強我們的流程，並在組織的關鍵領域增加人才。

We have increased our technical capabilities in the field to better support new applications development for our customers.

我們提高了我們在該領域的技術能力，以更好地支持我們客戶的新應用程序開發。

We strengthened our product development engine to accelerate new precision materials engineering innovations.

強化產品開發引擎，加快新型精密材料工程創新。

And we aligned our product portfolio to increase our focus on those programs that make the biggest impact for our customers and for Applied.

我們調整了我們的產品組合，以增加我們對那些對我們的客戶和應用材料產生最大影響的計劃的關注。

We are starting to convert these actions and investments into market share momentum.

我們開始將這些行動和投資轉化為市場份額動力。

In calendar 2013, we gained 1.4 points of wafer fab equipment market share, ending the year at our highest level since 2006.

在 2013 年日曆中，我們的晶圓廠設備市場份額增加了 1.4 個百分點，達到了自 2006 年以來的最高水平。

We delivered positional share gains across the majority of our leadership businesses.

我們在大多數領導力業務中實現了位置份額增長。

Our PVD business gained 7 points of share in the year.

我們的 PVD 業務在這一年獲得了 7 個百分點的份額。

Epitaxy gained 5 points.

外延獲得5分。

While our implant, thermal and CMP businesses all delivered strong gains.

雖然我們的植入、熱和 CMP 業務都取得了強勁的收益。

We also built positive momentum in areas that are large growth opportunities for us.

我們還在對我們來說具有巨大增長機會的領域建立了積極的勢頭。

We won 6 points of share in overall edge, driven by gains in conductor etch.

在導體蝕刻收益的推動下，我們在整體優勢方面贏得了 6 分的份額。

We continue to build momentum and expect to gain additional conductor etch share in 2014.

我們將繼續發展勢頭，並期望在 2014 年獲得額外的導體蝕刻份額。

Equally, our process diagnostics and control group is demonstrating its growth potential.

同樣，我們的過程診斷和控制組正在展示其增長潛力。

We gained 5 points of share in wafer inspection and 3 points in lithometrology in 2013.

2013 年，我們在晶圓檢測領域獲得了 5 分的份額，在光度測量領域獲得了 3 分。

And this past quarter the group delivered its second highest revenue on record.

在上個季度，該集團實現了有史以來第二高的收入。

We continue to see strong customer pull for our inspection technology, particularly in defect review.

我們繼續看到強大的客戶對我們的檢測技術的吸引力，特別是在缺陷審查方面。

We are extending our leadership in this market with the strong adoption of our new G6 e-beam review tool.

隨著我們新的 G6 電子束審查工具的大力採用，我們正在擴大我們在這個市場的領導地位。

This market is also one of the fastest growing segments, with customers using the G6 more extensively to solve defect problems as they ramp new foundry and memory device technologies.

這個市場也是增長最快的細分市場之一，客戶在推出新的代工和存儲設備技術時更廣泛地使用 G6 來解決缺陷問題。

Across the organization we are focused on creating a strong pipeline of new highly differentiated products to enable future inflections in logic, memory and display.

在整個組織中，我們專注於創建強大的新高度差異化產品管道，以實現邏輯、內存和顯示的未來變化。

While we are making the required investments to grow, we are also driving superior financial performance.

在我們進行必要的投資以實現增長的同時，我們也在推動卓越的財務業績。

And, as Bob will explain in a few minutes, we are making good progress towards our 2013 Analyst Day models.

而且，正如 Bob 將在幾分鐘內解釋的那樣，我們在 2013 年分析師日模型方面取得了良好進展。

We have reduced the impact of our solar business on our overall performance, and expect our EES group will achieve breakeven or better performance for the year.

我們已經降低了太陽能業務對我們整體業績的影響，並預計我們的 EES 集團將在今年實現盈虧平衡或更好的業績。

We continue to strengthen the organization in many critical areas, attracting top talent in engineering and the field.

我們繼續在許多關鍵領域加強組織，吸引工程和該領域的頂尖人才。

We're increasing our focus on high value services for our large install base of tools.

我們正在為我們龐大的工具安裝基礎增加對高價值服務的關注。

Our customers are planning to ramp challenging new devices in existing fabs.

我們的客戶正計劃在現有晶圓廠增加具有挑戰性的新設備。

We see an opportunity to work with them to accelerate yield, improve performance, and drive lower cost for these new device technologies.

我們看到了與他們合作的機會，以提高這些新設備技術的產量、提高性能並降低成本。

And we are driving improvement in performance, time, cost, and quality across the Company so that we can execute better, and be ready to effectively scale, after we combine with Tokyo Electron.

在與 Tokyo Electron 合併後，我們正在推動整個公司的績效、時間、成本和質量的改進，以便我們能夠更好地執行並做好有效擴展的準備。

In summary, as we approach the mid point of the year, 2014 is playing out largely as expected, with global trends in mobility, connectivity and display, providing a strong foundation for customer investments in capacity and technology.

總而言之，隨著我們接近年中，2014 年的發展與預期大致相符，全球移動、連接和顯示趨勢為客戶在容量和技術方面的投資提供了堅實的基礎。

We remain focused on applying our unique capabilities in precision materials engineering to enable major technology inflections for our customers.

我們仍然專注於應用我們在精密材料工程方面的獨特能力，為我們的客戶實現重大技術轉折。

We are driving profitable growth, gaining market share, and making progress towards our long-term financial model.

我們正在推動盈利增長，獲得市場份額，並在我們的長期財務模式方面取得進展。

Our preparations to combine with Tokyo Electron are accelerating.

我們與東京電子合併的準備工作正在加速。

And we are incredibly excited by the opportunities this merger will bring for our customers, shareholders, and employees.

我們對此次合併將為我們的客戶、股東和員工帶來的機遇感到無比興奮。

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

現在，我將把電話轉給 Bob，他將提供有關我們業績和前景的更多詳細信息。

Thanks, Gary.

謝謝，加里。

We've been highly focused on investing to drive profitable growth over the short, medium, and long term.

我們一直高度關注投資以推動短期、中期和長期的盈利增長。

We have also very tightly managed our spending to increase our product development and field technical support, while simultaneously driving for higher levels of profitability.

我們還非常嚴格地管理我們的支出，以增加我們的產品開發和現場技術支持，同時推動更高水平的盈利能力。

As Gary discussed, we gained market share in 2013.

正如 Gary 所說，我們在 2013 年獲得了市場份額。

This progress was made with limited leverage from the new and disruptive products that have been funded and are making their way through the development pipeline to our customers.

這一進展是在有限的槓桿作用下取得的，這些新產品和顛覆性產品已經獲得資助，並且正在通過開發渠道向我們的客戶提供。

In fiscal 2014, we are on track for profitable growth.

2014 財年，我們有望實現盈利增長。

Compared to the same period in 2013, second quarter orders were up 16%, with SSG backlog at the highest level in the past six years.

與 2013 年同期相比，第二季度訂單增長 16%，SSG 積壓訂單處於過去六年來的最高水平。

Revenue was up 19%.

收入增長了 19%。

On a non-GAAP basis, gross margin was at the highest level in six years.

按非公認會計原則計算，毛利率處於六年來的最高水平。

Operating profit exceeded 20% for the first time in nearly three years.

營業利潤近三年來首次超過20%。

And earnings per share increased 75%, significantly outpacing revenue growth.

每股收益增長了 75%，大大超過了收入增長。

We continue to focus on margin improvement, even as we invest for growth.

我們繼續專注於提高利潤率，即使我們投資於增長。

Our non-GAAP gross margin in the second quarter was 44.2%, up 1.7 points sequentially, including 0.5 point of one-time benefits.

我們第二季度的非美國通用會計準則毛利率為 44.2%，環比增長 1.7 個百分點，其中一次性收益為 0.5 個百分點。

And we now expect to increase it by approximately 1.5 points in 2014 versus the prior year.

我們現在預計 2014 年將比上一年增加約 1.5 個百分點。

R&D as a percentage of net sales has been running several points higher than in recent years.

研發占淨銷售額的百分比比近年來高出幾個百分點。

This is a head wind to our operating margins, which will become a tail wind, as we introduce new and disruptive products in the future.

這對我們的營業利潤率不利，隨著我們未來推出新的顛覆性產品，這將成為順風。

Even with this higher level of investment, we are making progress towards our target operating model.

即使有了更高水平的投資，我們也在朝著我們的目標運營模式取得進展。

All of our business segments delivered sequential operating margin improvement this quarter and the best performances in some time.

我們所有的業務部門在本季度都實現了連續的營業利潤率改善，並在一段時間內取得了最好的表現。

On a non-GAAP basis, SSG operating margins were the highest in seven quarters.

在非公認會計原則的基礎上，SSG 營業利潤率是七個季度以來的最高水平。

AGSs were the highest in seven years.

AGS 是七年來最高的。

Display had its second highest result in 10 quarters.

Display 在 10 個季度中取得了第二高的成績。

And EES was profitable for the first time in 2.5 years.

EES 2.5 年來首次實現盈利。

By focusing our margin improvement, even as we invest for growth, we believe we can deliver approximately 5 points of non-GAAP operating profit expansion for the year.

通過專注於提高利潤率，即使我們投資於增長，我們相信我們可以在今年實現大約 5 個非公認會計原則的營業利潤增長點。

Next I'll provide more color on some of the changes in our Q2 results versus the prior quarter.

接下來，我將提供更多關於我們第二季度業績與上一季度相比的一些變化。

Orders of $2.6 billion were up 15% as growth in display and SSG orders were partially offset by a decline in AGS orders, which reflected the seasonal timing of service contract renewals.

26 億美元的訂單增長了 15%，因為展示和 SSG 訂單的增長被 AGS 訂單的下降部分抵消，這反映了服務合同續籤的季節性時間。

Net sales of $2.4 billion were in line with our guidance.

24 億美元的淨銷售額符合我們的預期。

Non-GAAP gross margin of 44.2% grew 1.7 points, including 0.5 points of benefit from the partial recovery of a custom's assessment charge we recorded in Q4 of 2013.

Non-GAAP 毛利率為 44.2%，增長 1.7 個百分點，其中 0.5 個百分點受益於我們在 2013 年第四季度記錄的海關評估費用的部分恢復。

Non-GAAP operating expenses of $559 million were within our guidance, and higher sequentially, due to the absence of Q1 shutdown savings and the addition of merit increases.

5.59 億美元的非 GAAP 運營費用在我們的指導範圍內，並且由於沒有第一季度的停產節省和額外的優點增加，環比更高。

We expect quarterly OpEx to be about $555 million, plus or minus $10 million, for the remainder of the year.

我們預計今年剩餘時間的季度運營支出約為 5.55 億美元，上下浮動 1000 萬美元。

Our non-GAAP effective tax rate was 24.7%, which was up from 22.5% in Q1.

我們的非公認會計原則有效稅率為 24.7%，高於第一季度的 22.5%。

Both the quarterly rate and the expected annual rate have been impacted by a change in our forecasted regional revenue mix for the year.

季度利率和預期年利率都受到我們今年預測的區域收入組合變化的影響。

As a result we expect the full year rate to be approximately 24%.

因此，我們預計全年利率約為 24%。

Non-GAAP EPS of $0.28 was in the high end of our guidance.

0.28 美元的非公認會計原則每股收益處於我們指導的高端。

Cash from operations of $437 million, or 19% of revenue, grew 17%, reflecting higher profitability.

來自運營的現金為 4.37 億美元，佔收入的 19%，增長了 17%，反映出更高的盈利能力。

We paid $122 million in dividends and ended the quarter with cash and investments up $313 million to $3.4 billion.

我們支付了 1.22 億美元的股息，並在本季度末現金和投資增加了 3.13 億美元，達到 34 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 $1.7 billion were up 6%, with increases in DRAM and logic more than offsetting declines in foundry and NAND.

17 億美元的 SSG 訂單增長 6%，其中 DRAM 和邏輯的增長抵消了代工和 NAND 的下降。

SSG net sales of $1.6 billion were up 7%, in line with our expectations as increases in DRAM and foundry offset decreases in NAND and logic.

SSG 的淨銷售額為 16 億美元，增長 7%，符合我們的預期，因為 DRAM 和代工廠的增長抵消了 NAND 和邏輯的下降。

SSG non-GAAP operating margin increased 3 points to 27.3% on higher volume.

由於銷量增加，SSG 非公認會計準則營業利潤率增加 3 個百分點至 27.3%。

AGS orders of $537 million were down 10% due mainly to the seasonal timing of service contract renewals.

AGS 訂單 5.37 億美元下降 10%，主要是由於服務合同續籤的季節性時間。

AGS net sales of $534 million were up 5%, in line with our expectations.

AGS 淨銷售額為 5.34 億美元，增長 5%，符合我們的預期。

AGS non-GAAP operating margin increased over 3 points to 28.1%, driven by higher revenue, favorable mix and the recovery of customs assessment charges.

AGS 非美國通用會計準則營業利潤率增長超過 3 個百分點至 28.1%，這得益於收入增加、有利的組合以及海關評估費用的恢復。

In display, orders grew substantially to $340 million, reflecting large orders related to new TV facilities in China.

在顯示方面，訂單大幅增長至 3.4 億美元，反映出與中國新電視設施相關的大量訂單。

These orders should result in revenue growth later in the year.

這些訂單應該會在今年晚些時候帶來收入增長。

Display net sales of $147 million were down 8%, in line with our expectations.

顯示器淨銷售額為 1.47 億美元，下降 8%，符合我們的預期。

Display non-GAAP operating margin increased by 1 point to approximately 18%, reflecting operational improvements.

顯示非 GAAP 營業利潤率增加 1 個百分點至約 18%，反映了運營改善。

EES orders were $88 million and net sales more than doubled to $88 million, in line with expectations.

EES 訂單為 8800 萬美元，淨銷售額翻了一番多，達到 8800 萬美元，符合預期。

EES non-GAAP operating income was $7 million.

EES 非 GAAP 營業收入為 700 萬美元。

Now I will provide our third-quarter business outlook.

現在我將提供我們第三季度的業務展望。

We expect our overall net sales to be flat to down 5% sequentially.

我們預計我們的整體淨銷售額將持平至環比下降 5%。

This range represents expected growth of 13% and 19% year over year.

該範圍代表預計同比增長 13% 和 19%。

Within this outlook, we expect SSG net sales to be down 2% to 6%.

在此展望中，我們預計 SSG 淨銷售額將下降 2% 至 6%。

This range represents expected growth of 17% to 22% year over year.

該範圍代表預計同比增長 17% 至 22%。

AGS net sales should be flat to up 5%.

AGS 淨銷售額應持平至 5%。

We expect display net sales to be down approximately 20%.

我們預計顯示器淨銷售額將下降約 20%。

And EES net sales should be up 5% to 10%.

EES 的淨銷售額應增長 5% 至 10%。

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 profitable growth and on track for year-over-year increases in revenue and profitability.

總之，我們正在投資以實現盈利增長，並有望實現收入和盈利能力的同比增長。

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 road maps, a larger install base of systems to service, substantial economies of scale, and a unique opportunity to return more value to our shareholders.

我們對計劃與 Tokyo Electron 的合併感到非常興奮，這將為我們提供更強大的產品和技術，以實現我們的客戶路線圖、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。

Applied and Tokyo Electron hope to see many of you in San Francisco on July 7. After the Applied Materials Analyst Briefing, we plan to hold a joint briefing to provide you with an update on our progress.

Applied 和 Tokyo Electron 希望在 7 月 7 日在舊金山見到你們中的許多人。在 Applied Materials 分析師簡報會之後，我們計劃舉行聯合簡報會，向您介紹我們的最新進展。

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

現在，讓我將電話轉回給 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。

Jennifer, let's please begin.

詹妮弗，讓我們開始吧。

(Operator Instructions)

（操作員說明）

Jim Covello with Goldman Sachs.

高盛的吉姆·科維羅。

There's been a lot of controversy in the market relative to how the year was going to play out, especially relative to people's expectations.

關於今年的表現，尤其是人們的預期，市場上存在很多爭議。

There's a couple of the bigger suppliers in the industry that have talked about weaker trends.

業內有幾家較大的供應商談到了疲軟的趨勢。

And then Lam and yourself have talked about things staying pretty much as they were.

然後 Lam 和你自己談到了保持現狀的事情。

Do you guys have any views as to what the differing views would be or why there's differing views from the major suppliers?

你們對不同的觀點有什麼看法，或者為什麼主要供應商有不同的觀點？

Thanks.

謝謝。

I'll take it shot at it, Jim.

我會接受它的，吉姆。

I'll give you some data points, number one.

我會給你一些數據點，第一。

We did have strong orders in the quarter for both SSG and display.

我們在本季度確實有強勁的 SSG 和展示訂單。

And we ended the quarter with our highest backlog in years.

我們以多年來最高的積壓工作結束了本季度。

So that feels pretty good about a little bit of wind at our back.

所以我們背後有一點風感覺很好。

Positionally we're doing very well as a Company on these transitions, whether they be VNAND or finFET.

就位置而言，我們作為一家公司在這些過渡方面做得很好，無論是 VNAND 還是 finFET。

There's been speculation on a couple concerns, I think.

我認為，人們對一些擔憂進行了猜測。

One is some of the VNAND things may have pushed out.

一是一些 VNAND 的東西可能已經推出。

I think there's a general consensus a little less spending in the short term on that, although we said it's a very powerful longer-term trend.

我認為人們普遍認為短期內會減少支出，儘管我們說這是一個非常強大的長期趨勢。

But, on the other hand, we do see a serious commitment by our customers to getting their own finFETs.

但是，另一方面，我們確實看到我們的客戶對獲得自己的 finFET 做出了認真的承諾。

So, there might be a little bit of optimism coming on that in the intermediate term.

因此，在中期可能會有一點樂觀。

And then I think specific to Applied, as I mentioned we have a strong backlog.

然後我認為具體到應用，正如我提到的，我們有大量的積壓工作。

We have a very strong display wind at our back, also, for both TVs and the smaller displays.

對於電視和較小的顯示器，我們的背後也有很強的顯示風。

And our solar business is doing okay for us.

我們的太陽能業務對我們來說還不錯。

So, overall, I'd say there's a little bit of pushes and shoves, maybe a little bit of softness people have talked about.

所以，總的來說，我會說有一點推搡，也許是人們談到的一點柔軟。

But overall we feel pretty good about our position.

但總的來說，我們對自己的位置感覺很好。

Yes, I would say also, if we look across the market with what we're hearing from customers, the foundry spending is expanding to additional customers above what they were in 2013.

是的，我還要說，如果我們從客戶那裡聽到的情況來看整個市場，代工支出正在擴大到更多的客戶，超過了 2013 年的水平。

So, based on what we're seeing from customers, and even some increase in demand short-term from some customers, we see that business being pretty good for 2014.

因此，根據我們從客戶那裡看到的情況，甚至一些客戶的短期需求有所增加，我們認為 2014 年的業務相當不錯。

NAND demand is pretty strong.

NAND需求相當強勁。

And, again, we see that up.

而且，我們再次看到了這一點。

DRAM, we also believe is up.

DRAM，我們也相信是漲的。

Logic we think may be flat or down.

我們認為的邏輯可能持平或下降。

But if you look at all of the different customers in the segment and you add it all up, based on what we're seeing, we're still in the range of 10% to 20%.

但是，如果您查看該細分市場中所有不同的客戶並將其全部加起來，根據我們所看到的情況，我們仍然在 10% 到 20% 的範圍內。

Maybe it's more towards the bottom end of that range but still in that range.

也許它更接近該範圍的底端，但仍在該範圍內。

That's helpful, thanks.

這很有幫助，謝謝。

And if I could just ask one quick follow-up.

如果我能問一個快速的跟進。

You guys had commented last quarter that you saw pretty healthy margin trends over the course of the year.

你們上個季度評論說，在這一年中，你們看到了相當健康的利潤率趨勢。

Obviously there's pushes and pulls based on what segments are spending and customers and timing, and things of that nature.

顯然，根據消費的細分市場、客戶和時間安排以及這種性質的事情，會有推和拉。

But how do you feel about the margin trajectory over the course of the year at this point?

但是，此時您對一年中的利潤率軌蹟有何看法？

I think we're making progress, Jim.

我認為我們正在取得進展，吉姆。

You have to segment it.

您必須對其進行細分。

Obviously you segmented by our segments, that's obvious.

很明顯，您按我們的細分進行了細分，這很明顯。

And if you look at it, solar is doing a lot better.

如果你看一下，太陽能的表現要好得多。

I think the costs have come down.

我認為成本已經下降。

We're into the black there.

我們在那裡陷入了困境。

Display is doing really well as a business.

顯示作為一項業務做得非常好。

If you also look at AGS, the margins were up.

如果你也看看 AGS，利潤率上升了。

Then you look within semi, and we're making sustainable progress on some of the underlying things, which are the costs are somewhat down, the positioning is good, the new products are starting to appear.

然後你看看半成品，我們在一些潛在的事情上取得了可持續的進展，成本有所下降，定位良好，新產品開始出現。

And then you have some mix issues that helped us a little bit on the quarter.

然後你有一些混合問題，在本季度對我們有所幫助。

And we had a little bit less etch, and we had that one-time Korean thing.

而且我們的蝕刻少了一點，而且我們曾經有過韓國的東西。

But I'd say underlying progress is pretty good.

但我想說，潛在的進步是相當不錯的。

We think we'll be pretty good next quarter and up on the year.

我們認為我們下個季度和今年會表現得非常好。

That's great.

那太棒了。

Thanks so much.

非常感謝。

Good luck.

祝你好運。

CJ Muse with ISI Group.

ISI Group 的 CJ Muse。

Good afternoon.

下午好。

Thank you for taking my question.

謝謝你接受我的問題。

I know you guys don't guide to orders, but curious if you could talk about your visibility there, expectations for volatility there, and then how you see spending linearity for WFE first half versus second half of the year?

我知道你們不指導訂單，但很好奇您是否可以談論您在那裡的知名度，那裡對波動的預期，然後您如何看待 WFE 上半年與下半年的支出線性關係？

We don't honestly, CJ, we don't give explicit guidance on orders.

老實說，CJ，我們沒有就訂單提供明確的指導。

We feel that the business environment is okay.

我們覺得營商環境還可以。

I think it's not as big a concern as people say.

我認為這並不像人們說的那麼大。

We see pretty good strength in the second half.

我們在下半場看到了相當不錯的實力。

We see the finFET stuff okay, as Gary said.

正如 Gary 所說，我們認為 finFET 的東西還可以。

The foundry spending is more spread out.

代工支出更加分散。

I think to get greater visibility into the mix you've got to look below the top three guys, you've got to look at all those other spenders, the next four or five.

我認為要更深入地了解組合，你必須看看排名前三的人，你必須看看所有其他的消費者，接下來的四五個人。

And that strength year on year is more powerful than sometimes people focus on with the top three.

而且這種年復一年的實力比人們有時關注的前三名更強大。

So, I think the second half is okay.

所以，我覺得後半段還可以。

Traditionally the last few years the fourth calendar quarter tends to be a little bit bigger than the third calendar quarter, but it's a little too early to say.

傳統上，過去幾年第四季度往往比第三季度大一點，但現在說還為時過早。

That's helpful.

這很有幫助。

And then as my follow-up, as you build on the market share gains in silicon in 2013, how do you see yourselves in 2014 relative to the market?

然後作為我的後續，隨著您在 2013 年矽市場份額增長的基礎上，您如何看待 2014 年相對於市場的情況？

Can you give some color on what kind of outperformance you think you can do in silicon?

您能否就您認為可以在矽片上取得什麼樣的優異表現給出一些看法？

Yes, sure.

是的，當然。

We've had a really good start to 2014 in a number of different businesses.

2014 年，我們在許多不同的業務中都有一個非常好的開始。

This last quarter was very good.

最後一個季度非常好。

And we look over the next two quarters -- it's hard to see beyond the next six months -- the next two quarters also look pretty good for us.

我們回顧接下來的兩個季度——在接下來的六個月之後很難看到——接下來的兩個季度對我們來說看起來也不錯。

A major driver for the next few years is the transition customers are making in foundry and memory to dramatically different device architectures with finFET and 3D NAND.

未來幾年的一個主要驅動力是客戶在晶圓代工和內存領域向具有 finFET 和 3D NAND 的截然不同的設備架構過渡。

These transitions are very good for us, really enabled by materials innovation.

這些轉變對我們非常有利，材料創新真正實現了這一點。

And we're optimistic that these transitions will grow our business and share as they happen.

我們樂觀地認為，這些轉變將發展我們的業務並在它們發生時分享。

And beyond those leadership businesses, we're also seeing momentum in etch and PDC.

除了這些領先的業務之外，我們還看到了蝕刻和 PDC 的發展勢頭。

So, you combine all those factors together, we believe we're in a good position to grow our market share in 2014 and beyond.

因此，將所有這些因素結合在一起，我們相信我們處於有利位置，可以在 2014 年及以後擴大我們的市場份額。

TImothy Arcuri with Cowen and Company.

TImothy Arcuri 與 Cowen and Company。

Can you give us the SSG order breakdown by customer bucket?

您能給我們按客戶桶劃分的 SSG 訂單細分嗎？

Tim, sorry, your phone was on mute for just a moment.

蒂姆，抱歉，你的手機靜音了一會兒。

Do you mind repeating the question so we can make sure we have it?

你介意重複這個問題，以便我們確保我們有它嗎？

Sure, Mike.

當然，邁克。

Can you provide the order breakdown by customer type for SSG?

您能否按客戶類型為 SSG 提供訂單明細？

Yes, let me look it up.

是的，讓我查一下。

I think what we said on the call was from quarter to quarter, foundry was -- I'm flipping pages here -- if you look at quarter to quarter, as we said on the call, we had pretty strong orders overall but we found foundry Q1 -- that's the wrong year.

我認為我們在電話會議上所說的是從一個季度到另一個季度，代工廠是 - 我在這裡翻頁 - 如果你看一個季度到一個季度，正如我們在電話會議上所說的那樣，我們總體上的訂單非常強勁，但我們發現鑄造廠第一季度——那是錯誤的年份。

If you want to hear about 2013, I'll tell you right now.

如果你想听聽 2013 年的事，我現在就告訴你。

Why don't we come back.

我們為什麼不回來。

Tim, do you have any other questions?

蒂姆，你還有其他問題嗎？

When we get the data we can come back.

當我們得到數據時，我們可以回來。

Okay, sure Gary.

好吧，當然加里。

Bob, then, the question, I'm trying to stick to the guidance.

鮑勃，那麼，這個問題，我試圖堅持指導。

It looks like you're guiding OpEx about flat.

看起來你正在指導 OpEx 關於扁平化。

So, to get to the middle of the EPS range it implies gross margin has to be up 100 basis points sequentially on down revenue.

因此，要達到每股收益範圍的中間，這意味著毛利率必須在收入下降的情況下連續上升 100 個基點。

Is that the right math?

這是正確的數學嗎？

For Q2 to Q3?

Q2 到 Q3？

Yes.

是的。

We had pretty strong gross margins in Q2 and we think in Q3 we're pretty strong too.

我們在第二季度的毛利率非常強勁，我們認為在第三季度我們也非常強勁。

I don't want to be specific but I think it's in the ballpark, slightly up a little bit.

我不想具體，但我認為它在球場上，稍微向上一點。

I don't know if it's 100 basis points.

不知道是不是100個基點。

The other thing you've got going, Tim, we said the tax rate in the quarter next quarter is probably a little lower because we guided for the year at 24.1%, and this quarter was 24.7%.

另一件事，蒂姆，我們說下個季度的稅率可能會低一些，因為我們今年的指導是 24.1%，而本季度是 24.7%。

So, if you figure some benefit probably on gross margin, some benefit on tax, the math starts to work.

所以，如果你計算出毛利率上的一些好處，稅收上的一些好處，那麼數學就開始起作用了。

Okay.

好的。

And if you guys get those SSG order breakout, that would be great.

如果你們得到那些 SSG 訂單突破，那就太好了。

Thanks.

謝謝。

I'll give some color.

我給點顏色吧。

So, Q1 to Q2, as we said on the call, foundry was pretty strong in Q2 but not as strong as in Q1 bookings -- our fiscal quarters, right?

因此，正如我們在電話會議上所說，第一季度到第二季度，代工在第二季度非常強勁，但不如第一季度的預訂那麼強勁——我們的財政季度，對吧？

We had -- DRAM was up a fair amount.

我們有 - DRAM 上漲了很多。

Flash was down slightly.

Flash略有下降。

And logic and other was up.

邏輯和其他都起來了。

Romit Shah with Nomura.

Romit Shah 與野村。

I wanted to ask about just the deal with Tokyo Electron.

我想問一下與東京電子的交易。

It seems like the market's maybe a little bit more skeptical about the deal closing versus how you guys are thinking about it, and particularly around just the regulatory approval process in some of these major countries.

似乎市場可能對交易完成與你們的想法持懷疑態度，尤其是圍繞這些主要國家的監管審批程序。

Gary, could you just share with us your thoughts on getting regulatory approval and then what milestones we should be focused on beyond?

加里，您能否與我們分享您對獲得監管批准的想法，以及我們應該關注哪些里程碑？

I know you mentioned the filing as well as the shareholder approval meeting later in June.

我知道你提到了該文件以及 6 月晚些時候的股東批准會議。

What else should we be focused on?

我們還應該關注什麼？

Thank you.

謝謝你。

Again, as we have more to announce we will.

同樣，隨著我們有更多要宣布的事情，我們會宣布的。

But relative to the process, we really continue to expect the merger to close within the second half of 2014.

但相對於過程，我們確實繼續預計合併將在 2014 年下半年完成。

The process is proceeding pretty much as we expected and we look forward to closing within the original timeline.

該過程的進展與我們預期的差不多，我們期待在最初的時間表內完成。

The other thing I would say is that the level of engagement and working relationships within the integration teams are really tremendous.

我要說的另一件事是，集成團隊內的參與度和工作關係非常好。

And as I also mentioned earlier, that we really have increasing confidence that we can rapidly bring together the critical areas and enable the new Company to achieve its strategic and financial goals.

正如我之前提到的，我們確實越來越有信心將關鍵領域迅速整合在一起，並使新公司能夠實現其戰略和財務目標。

So, again, from a timing standpoint pretty much similar to what we had originally communicated and no real change in expectations there.

因此，再次從時間的角度來看，與我們最初傳達的內容非常相似，並且那裡的期望沒有真正的變化。

And as you've spoken to some of your top customers about this deal, what's been the reception?

當您與您的一些頂級客戶談論這筆交易時，接待情況如何？

We aren't going to comment on all of those discussions.

我們不會對所有這些討論發表評論。

What we've said before is those discussions went pretty much as we expected.

我們之前說過，這些討論的進行與我們預期的差不多。

I've engaged with pretty much all of our top customers in the last month and there really have been no surprises in any of those discussions.

上個月，我與我們幾乎所有的頂級客戶進行了接觸，在這些討論中確實沒有任何意外。

Thank you.

謝謝你。

Krish Sankar with Bank of America Merrill Lynch.

美銀美林的 Krish Sankar。

I think in your prepared comments you mentioned that your gross margin year over year should be up about 1.4 points and op margin around 5 points.

我認為在您準備好的評論中，您提到您的毛利率同比應增長約 1.4 個百分點，營業利潤率約為 5 個百分點。

If that is the case, is it fair to assume that op margin level Q3 and Q4 would be flattish?

如果是這樣，假設第三季度和第四季度的營業利潤率水平將持平是否公平？

And would it imply sales will be flat compared to Q4, or am I reading too much into it?

這是否意味著與第四季度相比銷售額將持平，還是我讀得太多了？

Yes, this is the trap I get into when I give full year numbers.

是的，這是我在給出全年數字時陷入的陷阱。

I don't want to give Q4 guidance, Krish, but we want to give you some color.

我不想給第四季度的指導，Krish，但我們想給你一些顏色。

So, I think our gross margins, op margins in Q3 are in pretty good shape.

所以，我認為我們第三季度的毛利率和營業利潤率處於相當不錯的狀態。

I wouldn't see why they would go down in Q4 but I don't want to give specifics yet.

我不明白為什麼他們會在第四季度下跌，但我還不想提供細節。

Got it.

知道了。

Fair enough.

很公平。

And then a question for Gary.

然後是加里的一個問題。

Good job on the share gains last year.

去年的股票收益做得很好。

I'm curious, you guys definitely had some pretty good share gain momentum in etch and process control last year and overall net share gain last year.

我很好奇，你們去年在蝕刻和工藝控制方面肯定有相當不錯的份額增長勢頭以及去年的整體淨份額增長。

I'm curious, after the deal was announced, has that share gain momentum continued the first five months of this year or over the last six months?

我很好奇，在交易宣布後，這種增長勢頭是今年前五個月還是過去六個月持續？

Or do you think that share gain momentum has slowed down?

還是您認為股票增長勢頭已經放緩？

Let me talk about etch first.

讓我先談談蝕刻。

We're really happy about the progress we're making in conductor etch.

我們對導體蝕刻方面取得的進展感到非常高興。

We focused on investing in areas where we had the best opportunities to grow.

我們專注於投資於我們擁有最佳發展機會的領域。

And as we discussed, this is paying off, as we discussed earlier, with the 6 points of share gain last year.

正如我們所討論的，正如我們之前所討論的，這正在得到回報，去年的份額增長了 6 個百分點。

We've added great talent into the team.

我們為團隊增加了優秀的人才。

The level of excitement is tremendously high.

興奮程度非常高。

In the second quarter we had the highest conductor etch revenue in the last seven years.

在第二季度，我們獲得了過去七年來最高的導體蝕刻收入。

And based on the interactions with customers, we believe that we'll have further conductor etch share wins this year and continue to grow share in 2014 and beyond.

根據與客戶的互動，我們相信今年我們將進一步贏得導體蝕刻份額，並在 2014 年及以後繼續增長份額。

So very good momentum in conductor etch.

導體蝕刻的勢頭非常好。

Inspection, last quarter we also had the second highest revenue quarter for PDC.

檢查，上個季度我們也是 PDC 收入第二高的季度。

And we anticipate 2014 could be a record year for this business.

我們預計 2014 年可能是該業務創紀錄的一年。

So, very strong pull from customers in all segments, including inspection and defect review.

因此，所有領域的客戶都非常強大，包括檢查和缺陷審查。

I think one thing that people really maybe are not fully aware of is that we have leadership in e-beam review.

我認為人們真正可能沒有完全意識到的一件事是我們在電子束審查方面具有領導地位。

We introduced the G6 e-beam review tool this year.

我們今年推出了 G6 電子束審查工具。

Very strong pull from customers, extending our leadership.

來自客戶的強大拉力，擴大了我們的領導地位。

And this is also one of the segments that is the fastest growing, as customers are focusing on how to solve defect problems as they make these major transitions in foundry and memory.

這也是增長最快的細分市場之一，因為客戶在代工廠和內存領域進行這些重大轉變時，正在關注如何解決缺陷問題。

So very strong growth in the total available market in e-beam review.

電子束審查的整個可用市場的增長非常強勁。

And very strong share position.

並且非常強大的份額地位。

So, really, in both of those businesses in 2014, the perspective is very positive.

因此，實際上，在 2014 年的這兩項業務中，前景都是非常積極的。

Got it.

知道了。

Thank you very much, Gary.

非常感謝你，加里。

Weston Twigg with Pacific Securities.

Weston Twigg 與太平洋證券。

First, just on the foundry piece, I was wondering if you could give us an idea of roughly how much of the foundry spend this year you think will be on 28-nanometer and above, and how much might be on, say, 20-, 16- and 14-nanometer?

首先，就晶圓代工而言，我想知道您能否大致告訴我們，您認為今年晶圓代工廠將花費多少資金用於 28 納米及以上，以及可能花費多少，例如 20- 、16 納米和 14 納米？

I think we think the fin stuff is around 25%.

我認為我們認為鰭的東西大約是 25%。

Is the 20-nanometer grouped in there, or is that above that?

20納米是在那里分組的，還是在那之上？

That 25% is going to be 28-nanometers still.

那 25% 仍將是 28 納米。

I would say 25% or so around finFET technology this year.

今年我會說 25% 左右的 finFET 技術。

And, really, the bulk of the rest is 20-nanometer in 2014.

而且，實際上，其餘的大部分是 2014 年的 20 納米。

Got it.

知道了。

Okay, that's helpful.

好的，這很有幫助。

And then I was just wondering, on the cobalt cap announcement, it's really interesting.

然後我只是想知道，關於鈷帽的公告，真的很有趣。

Can you give us an idea of what you think the incremental revenue opportunity might be, and then what the rate of adoption is by customers, maybe just roughly by node, which nodes it might be introduced into?

你能告訴我們你認為增量收入機會可能是什麼，然後客戶採用率是多少，可能只是粗略地按節點，它可能被引入哪些節點？

Sure, absolutely.

當然，絕對。

Interconnect scaling is really a major challenge for customers.

互連擴展對於客戶來說確實是一個重大挑戰。

They need to fill smaller and higher aspect ratio structures with good device performance and high yield.

它們需要填充具有良好器件性能和高良率的更小和更高縱橫比的結構。

And this is getting really hard for future devices.

這對於未來的設備來說變得非常困難。

So, to address these issues, we developed the integrated cobalt liner and also a selectively deposited capping layer to enable customers to continue to use copper for future nodes.

因此，為了解決這些問題，我們開發了集成鈷襯墊以及選擇性沉積的覆蓋層，以使客戶能夠繼續將銅用於未來的節點。

The cobalt liner is integrated on the same platform with our PVD chambers, which is a really great opportunity to expand our market in interconnect.

鈷襯裡與我們的 PVD 腔室集成在同一平台上，這是擴大我們的互連市場的絕佳機會。

And the capping layer is really a unique selective film similar to epi where we have huge growing business in enabling new capabilities for customers.

封蓋層實際上是一種類似於 Epi 的獨特選擇性薄膜，我們在為客戶提供新功能方面擁有巨大的增長業務。

If you look at the size of the markets, you have these two steps that will go across five different layers, so it's about 10 steps.

如果你看市場的規模，你有這兩個步驟，將跨越五個不同的層，所以大約是 10 個步驟。

And it's about a couple million dollars for every 1K wafer starts, roughly, in terms of the size of the business.

就業務規模而言，每啟動 1K 晶圓大約需要幾百萬美元。

And this year in CVD, we anticipate this is going to be a strong year.

今年在 CVD 方面，我們預計這將是強勁的一年。

We anticipate gaining several points of share.

我們預計將獲得幾個份額。

And part of that is this new cobalt CVD film.

其中一部分是這種新的鈷 CVD 薄膜。

So we anticipate very strong adoption in logic and foundry for really all of the customers.

因此，我們預計所有客戶都會在邏輯和代工方面得到大力採用。

And that will add a fair amount of business in 2014.

這將在 2014 年增加相當數量的業務。

Very helpful, thank you.

很有幫助，謝謝。

Patrick Ho with Stifel Nicolaus.

Patrick Ho 與 Stifel Nicolaus。

Maybe first going to the DRAM market and seeing the pick up in CapEx spending.

也許首先進入 DRAM 市場並看到資本支出的回升。

As you look over the next couple of quarters and even into 2015, with some projected projects that are out there, can you discuss the type of capital intensity you may be seeing in future DRAM spending as it relates to your process segment versus some of the market share gains you may be able to expect a gain in that customer segment?

當您展望接下來的幾個季度甚至 2015 年，以及一些預計的項目時，您能否討論一下您在未來 DRAM 支出中可能會看到的資本密集型類型，因為它與您的工藝部門相關，而不是一些市場份額的增長 您可以期望在該客戶群中獲得收益嗎？

DRAM we think is up this year, Patrick.

帕特里克，我們認為今年的 DRAM 會上漲。

As we said, Q2 was up on Q1 for us in bookings.

正如我們所說，第二季度的預訂量高於第一季度。

Q3 and Q4 we feel are better than Q1 but maybe not quite as good as Q2 for us.

我們覺得 Q3 和 Q4 比 Q1 好，但對我們來說可能不如 Q2。

If you look at what's going on there, on the periphery stuff we're benefiting, particularly in medium-current and high-current implant as it gets more logic like.

如果你看看那裡發生了什麼，我們正在受益的外圍東西，特別是在中電流和高電流植入中，因為它變得更像邏輯。

There's also the gap-fill stuff going on that's helping us.

還有一些填補空白的東西正在幫助我們。

We're going to be introducing cobalt with our PVD tools.

我們將通過我們的 PVD 工具引入鈷。

Dialectric mesh looks good.

辯證網看起來不錯。

And etch we're making pretty good progress, too.

etch 我們也取得了不錯的進展。

So there's a bunch of transitions going on for us on the periphery, which is, gain, more logic like.

所以我們在外圍有很多轉變，也就是增益，更像是邏輯。

And also some of this capacitor stuff looks good too.

而且這些電容器的一些東西看起來也不錯。

Great, that's helpful.

太好了，這很有幫助。

And maybe my follow-up question on the NAND side of things, without getting customer-specific how do you see the challenges for most of the other players in terms of deciding to go to planar or NAND versus their time of adoption or their rate of adoption of next-generation 3D NAND?

也許我的後續問題是關於 NAND 方面的問題，但沒有具體了解客戶，您如何看待大多數其他玩家在決定採用平面或 NAND 時所面臨的挑戰，以及他們的採用時間或他們的速度採用下一代 3D NAND？

What we see, Patrick, is really all of the customers are focused on the transition from planar to 3D NAND because of the bit scaling opportunity they have.

我們看到，Patrick，實際上所有客戶都專注於從平面 NAND 到 3D NAND 的過渡，因為他們擁有位擴展機會。

Now, there are challenges in that transition.

現在，這種轉變存在挑戰。

And we actually have a very strong position in etch.

實際上，我們在蝕刻領域擁有非常強大的地位。

That is really our strongest market segment, the planar and 3D NAND.

這確實是我們最強大的細分市場，平面和 3D NAND。

And we have new applications that we're growing in that segment.

我們有新的應用程序，我們正在該領域發展。

We also have some unique technology that is focused on addressing the major challenges, yield challenges that customers have as they're making this transition from planar to 3D NAND, some new deposition technology.

我們還擁有一些獨特的技術，專注於解決客戶在從平面 NAND 過渡到 3D NAND 時面臨的主要挑戰和良率挑戰，以及一些新的沉積技術。

So, we really look at that as being a really great opportunity, as we've talked about before.

因此，正如我們之前談到的那樣，我們真的認為這是一個非常好的機會。

The switch from planar to 3D NAND is really focused on thermal deposition in etch products.

從平面 NAND 到 3D NAND 的轉變真正集中在蝕刻產品中的熱沉積上。

And we have made a lot of investments in those areas.

我們在這些領域進行了大量投資。

We see this as a great opportunity for us to grow share as these transitions happen.

隨著這些轉變的發生，我們認為這是我們增加份額的絕佳機會。

What we've said is that our available market growth is 25% or 30% in the first generation.

我們所說的是第一代我們的可用市場增長率為 25% 或 30%。

And then as you continue to scale the number of layers, as they drive bit scaling, that growth is even stronger for us.

然後，隨著您繼續擴展層數，隨著它們推動位擴展，這種增長對我們來說更加強勁。

So, we believe we're in a very good position as that transition happens.

因此，我們相信隨著這種轉變的發生，我們處於非常有利的位置。

Now, it is a tough transition.

現在，這是一個艱難的過渡。

But every single one of our customers are very focused really on technology buys to drive the development of that technology.

但是我們的每一位客戶都非常專注於購買技術以推動該技術的發展。

Certainly we see 2015 the spending ramping a fair amount above what we see in 2014.

當然，我們看到 2015 年的支出比我們在 2014 年看到的要大得多。

So, most of the customers are really planning to ramp in 2015 and 2016.

因此，大多數客戶確實計劃在 2015 年和 2016 年增加產量。

And this, as we said, is a very good opportunity for us.

正如我們所說，這對我們來說是一個很好的機會。

Great, thank you.

太好了謝謝。

John Pitzer with Credit Suisse.

瑞士信貸的約翰·皮策。

Gary, my first question, as it's becoming clearer that Moore's Law capital intensity is going up, you're starting to see your customers and your customers' customers evolve their strategy.

加里，我的第一個問題，隨著摩爾定律資本密集度正在上升變得越來越清晰，你開始看到你的客戶和你的客戶的客戶發展他們的戰略。

Last week SanDisk talked about a 3D CapEx spend that seems to be targeting flat dollars off their 2014 spend level intentionally, talking about a longer period to ramp 3D.

上週，SanDisk 談到了 3D 資本支出支出，該支出似乎有意將 2014 年支出水平固定在美元上，並談到了 3D 提升的更長時期。

You've got Samsung this week talking about fully depleted SLI.

本週三星正在談論完全耗盡的 SLI。

I'm just curious, as the economics start to become challenging, and customers do things to extend nodes or slow progress, how does that impact your view that you had at your Analyst Day in 2013 about a WFE number that could approach $37 billion?

我只是好奇，隨著經濟開始變得具有挑戰性，客戶會做一些事情來擴展節點或減緩進度，這會如何影響您在 2013 年分析師日對 WFE 數字可能接近 370 億美元的看法？

Patrick, as we talked about at the Analyst Day, we really size our business at $30 billion.

帕特里克，正如我們在分析師日所談到的，我們的業務規模確實達到了 300 億美元。

So, we are improving our profitability and our profile.

因此，我們正在提高我們的盈利能力和我們的形象。

We are really driving improvements in our business model at $30 billion.

我們確實在推動業務模式的改進，達到 300 億美元。

So, relative to the increasing CapEx spending, if you look at the planar to 3D NAND, more spending is in the areas that are where we participate, and really where we have enabling technologies.

因此，相對於不斷增長的資本支出支出，如果您查看平面到 3D NAND，更多的支出是在我們參與的領域，以及我們真正擁有支持技術的領域。

So you look at deposition etch and thermal processes, that CapEx is going up.

所以你看看沉積蝕刻和熱工藝，資本支出正在上升。

And litho as a percentage is going down.

光刻機的百分比正在下降。

So, that is a really very good opportunity for us.

所以，這對我們來說是一個非常好的機會。

The other thing I would say, just as I travel around and I visited pretty much all of the major customers in the last month or two, the drive -- this is a real war for mobility leadership that's happening.

我要說的另一件事，就像我在過去一兩個月里四處旅行並拜訪了幾乎所有的主要客戶一樣，驅動器——這是一場正在發生的移動領導力的真正戰爭。

So, if you look at the memory area, the transition from planar to 3D NAND, it is a big bet that these different customers are focused on.

因此，如果您查看內存區域，從平面 NAND 到 3D NAND 的過渡，這些不同的客戶將重點放在一個很大的賭注上。

And, so, they are all trying to get there first with the best technology.

因此，他們都試圖以最好的技術首先到達那裡。

And the foundry competition is even more fierce because people are focused on driving low power, higher performance, more features.

而代工競爭更加激烈，因為人們專注於驅動低功耗、更高性能、更多功能。

And, so, you look at this battle that's going on, we absolutely see stronger pull from those customers And, as you said, the CapEx does go up as they are moving to those new devices.

而且，因此，您看看正在進行的這場戰鬥，我們絕對看到這些客戶的吸引力更大而且，正如您所說，隨著他們轉向這些新設備，資本支出確實會上升。

Fortunately for us they are very heavily leveraged with our materials, precision materials, engineering technologies, so the transitions are good for us.

對我們來說幸運的是，它們在我們的材料、精密材料、工程技術方面得到了極大的利用，因此過渡對我們有好處。

But it is a big battle and a big bet for all of these different customers as they go through this transition.

但對於所有這些不同的客戶來說，這是一場大戰，也是一場巨大的賭注，因為他們正在經歷這種轉變。

Anyway, John, those are my thoughts.

無論如何，約翰，這是我的想法。

I don't know, Bob, do you have any?

我不知道，鮑勃，你有嗎？

I think that's accurate.

我認為這是準確的。

We do see increase in capital intensity.

我們確實看到資本密集度增加。

We do see them playing well in the areas where we compete.

我們確實看到他們在我們競爭的領域表現出色。

We do see that our customers are competing, and things line finFET VNAND are very powerful devices down the road.

我們確實看到我們的客戶正在競爭，而 finFET VNAND 產品線是未來非常強大的設備。

VNAND where they go to second generation probably becomes more cost effective than first generation.

他們轉到第二代的 VNAND 可能比第一代更具成本效益。

FinFET will have to play out a little bit.

FinFET 將不得不發揮一點作用。

One of the more intriguing things that's starting to pop-up on the finFET stuff, too, is the interconnect, which we talked about a little on the call.

開始出現在 finFET 材料上的更有趣的事情之一就是互連，我們在電話會議上談了一點。

So, how it all plays out commercially in a couple years I'm not sure.

所以，我不確定這一切在幾年內如何在商業上發揮作用。

The other thing I think I said during an earlier call, John, we're managing the Company to achieve significant levels of profitability at $30 billion wafer fab equipment, so that we're a very attractive Company in terms of growing market share and profitability at $30 billion to $37 billion.

我想我在早些時候的電話會議中說過的另一件事，約翰，我們正在管理公司以實現 300 億美元的晶圓廠設備的顯著盈利水平，因此在不斷增長的市場份額和盈利能力方面，我們是一家非常有吸引力的公司在 300 億至 370 億美元之間。

Helpful, guys.

有幫助，伙計們。

And then, Gary, for my follow-up, you guys have historically been well levered to the largest foundry in the world over in Taiwan.

然後，加里，在我的後續行動中，你們在歷史上一直很好地利用了台灣世界上最大的鑄造廠。

I'm just curious, how I should think about your relative share at some of the other foundries, like Samsung Global Foundrie?

我只是好奇，我應該如何看待你在其他一些代工廠的相對份額，比如三星 Global Foundrie？

As you talked about in your prepared comments, the foundry customer base broadens out in the back half of the year.

正如您在準備好的評論中所說，代工客戶群在今年下半年擴大。

How different is your share position with the number two and number three guys versus the number one guy?

你在排名第二和排名第三的人與排名第一的人的份額有多大不同？

John, really the foundry segment is our strongest segment across the board.

約翰，實際上，代工部門是我們最強大的部門。

So, the more foundry is growing, that's really great for us.

所以，越來越多的代工廠正在增長，這對我們來說真的很棒。

And we have a great opportunity.

我們有一個很好的機會。

As customers are introducing these new technologies, you have more epi steps, you have a number of other areas that we talked about -- the cobalt CVD.

隨著客戶引入這些新技術，您有更多的外延步驟，您還有許多我們討論過的其他領域——鈷 CVD。

A lot of these technologies we're seeing a broad adoption across all of these different customers.

我們看到許多這些技術被所有這些不同的客戶廣泛採用。

So, as this broadens out that is very good for us as that mix shifts towards stronger foundry spending.

因此，隨著這種情況的擴大，這對我們非常有利，因為這種組合轉向更強勁的代工支出。

Perfect, thanks, guys.

完美，謝謝，伙計們。

Steven Chin with UBS.

瑞銀的史蒂文·欽。

Thank you.

謝謝你。

Maybe if I could just follow-up on that last question of the sustainability of foundry orders coming from multiple customers.

也許如果我能跟進最後一個問題，即來自多個客戶的代工訂單的可持續性。

In your quarter we saw two of your foundry customers announce a major strategic collaboration.

在您的季度，我們看到您的兩個代工客戶宣布了一項重大戰略合作。

I was just wondering, historically have you seen these customer collaborations typically help improve order visibility in the near term, but maybe this becomes a head wind for orders later on if you build less fabs and do more sharing?

我只是想知道，從歷史上看，您是否看到這些客戶合作通常有助於在短期內提高訂單可見性，但如果您建立更少的晶圓廠並進行更多的共享，這可能會成為以後訂單的逆風？

Yes, we've had some of this in the past, Steven.

是的，史蒂文，我們過去也有過這樣的經歷。

You worry about all these things because it's a reasonably big deal.

你擔心所有這些事情，因為這是一件相當大的事情。

But in the end it hasn't had huge impact.

但最終它並沒有產生巨大的影響。

There's a few things going on that touch on what Gary just said.

有幾件事與 Gary 剛才所說的有關。

We do very well at places like foundry because we're an enabling technology.

我們在像鑄造廠這樣的地方做得很好，因為我們是一種使能技術。

If you look at PVD, it's a metal gauge.

如果你看 PVD，它是一個金屬量規。

Look at epi.

看看epi。

Our products really help them solve, again, as Gary says, high-value problems.

正如 Gary 所說，我們的產品確實幫助他們解決了高價值問題。

So, the benefit and value of our products is really high in foundries, and particularly at inflections around metal gates, finFETs, and also inflections in VNAND, frankly.

因此，坦率地說，我們產品的優勢和價值在代工廠中確實很高，尤其是在金屬柵極、finFET 周圍的拐點以及 VNAND 中的拐點。

The inflection we're pursuing in DRAM is a little bit more on the periphery.

我們在 DRAM 中追求的變化更多的是在外圍。

So, then if you go to customers consolidating, we have strong share at all of the foundries.

所以，如果你去整合客戶，我們在所有代工廠都有很強的份額。

And our enabling technology we have very high market share in those because we are enabling.

我們的使能技術在這些領域擁有非常高的市場份額，因為我們正在使能。

So I think it will work out.

所以我認為它會成功的。

Okay.

好的。

And then maybe for my follow-up question, just on the general silicon order trends, do you get the sense that your silicon customer overlap is now close enough with Tokyo Electron that you're seeing the same big picture industry trends for silicon orders?

然後也許對於我的後續問題，就一般矽訂單趨勢而言，您是否感覺到您的矽客戶重疊現在與 Tokyo Electron 足夠接近，以至於您看到了相同的矽訂單大圖行業趨勢？

The reason I ask this, Tokyo Electron talked about a short order pause in the June quarter with the recovery, and maybe July.

我問這個問題的原因是，東京電子談到了在 6 月季度的短暫訂單暫停，隨著復甦，也許是 7 月。

Just wondering if you think you're close enough to them that you see the same big picture trends.

只是想知道您是否認為自己與他們足夠接近，以至於您看到了相同的大圖趨勢。

Thanks.

謝謝。

We really don't -- we're not sharing any of that kind of information at this point, so I don't think we would have a perspective on that.

我們真的沒有 - 我們目前沒有分享任何此類信息，所以我認為我們不會對此有任何看法。

Mahesh Sanganeria with RBC Capital Markets.

Mahesh Sanganeria 與 RBC 資本市場。

On your backlog, it looks like you're getting better visibility in terms of orders on silicon SSG.

在您的積壓工作中，您似乎在矽 SSG 的訂單方面獲得了更好的可見性。

Your orders were up 6% and you're guiding revenue down 4%.

您的訂單增加了 6%，而您的指導收入下降了 4%。

Is it specific to a customer or some segment that you're getting better visibility on the orders?

您對訂單有更好的了解是特定於客戶還是某個細分市場？

I think we just have some good timing on backlog.

我認為我們只是在積壓方面有一些好的時機。

We have pretty good positions in share.

我們有很好的份額。

Typically, there are typical customers who give you more backlog and lead time, it tends to be logic and a little bit more foundry, a little less so memory.

通常，有典型的客戶會給你更多的積壓和交貨時間，這往往是邏輯和更多的代工廠，更少的內存。

But I wouldn't read too much into that.

但我不會對此進行過多解讀。

Okay.

好的。

And another question on DRAM.

還有一個關於 DRAM 的問題。

We have seen a pretty interesting trend in DRAM.

我們在 DRAM 中看到了一個非常有趣的趨勢。

Have seen lithography and process control guys have not seen the strength you and Tokyo Electron and Lam has seen.

見過光刻和工藝控制的傢伙沒有見過你和 Tokyo Electron 和 Lam 見過的實力。

Is there anything going on technologically in terms of the transition to 25- and 20-nanometer that is driving more of deposition in etch versus litho in process control?

在向 25 納米和 20 納米的過渡方面，是否有任何技術上正在推動更多的蝕刻沉積而不是工藝控制中的光刻？

Those are the areas that we see that are the strongest.

這些是我們認為最強的領域。

As Bob mentioned, the periphery is really changing to be more logic like.

正如鮑勃所提到的，外圍確實在變得更像邏輯。

It's lagging, certainly, the foundry and logic people by a couple nodes but we're seeing really strong pull for implant.

當然，代工廠和邏輯人員落後了幾個節點，但我們看到植入物的吸引力確實很大。

I was just in Asia with one of our customers, and really very strong pull as they're moving to next-generation DRAM devices.

我剛剛和我們的一位客戶在亞洲，當他們轉向下一代 DRAM 設備時，他們的吸引力非常大。

We talked about cobalt, some other films for the capacitors, etch, different etch steps.

我們討論了鈷、其他一些用於電容器的薄膜、蝕刻、不同的蝕刻步驟。

So, I would agree that those areas we're seeing pretty strong pull.

所以，我同意我們看到的那些領域非常強大。

Okay, thank you very much.

好的，非常感謝。

Chad Dillard with Deutsche Bank.

德意志銀行的查德·迪拉德。

Thanks for taking my question.

感謝您提出我的問題。

Can you compare your market share in 3D NAND today to where you are in planar NAND?

您能否將您今天在 3D NAND 中的市場份額與您在平面 NAND 中的市場份額進行比較？

And if you can't give numbers just some general sense.

如果你不能給出一些一般意義上的數字。

And then also, of that $7 billion in NAND spending for this year, how much does that break out to 3D?

此外，在今年 70 億美元的 NAND 支出中，有多少是用於 3D 的？

My memory is we're gaining share in both plainer and 3D NAND.

我的記憶是，我們在普通 NAND 和 3D NAND 方面都獲得了份額。

And I think our percentage of wafer fab equipment is slightly higher in 3D NAND because it's more deposition than etch.

而且我認為我們在 3D NAND 中晶圓廠設備的百分比略高，因為它的沉積比蝕刻更多。

So, our share of wafer fab equipment is up in both.

因此，我們在晶圓廠設備中的份額都在上升。

Our share is up in both but relative share is up more in 3D for two reasons -- we're winning positions and it's more deposition and etch intensive.

我們在這兩個領域的份額都在上升，但在 3D 領域的相對份額上升更多，原因有兩個——我們正在贏得位置，而且沉積和蝕刻更加密集。

In terms of the spending mix between the two, there's about 30%.

就兩者之間的支出組合而言，大約有 30%。

30% this year.

今年30%。

But, as we've talked about before, there's maybe 25%, 30% growth just in first generation.

但是，正如我們之前談到的，僅在第一代中就有可能有 25%、30% 的增長。

Some people will also quote what the growth is from planar to 3D NAND.

有些人還會引用從平面到 3D NAND 的增長情況。

But you really have to look at the number of layers in the stack.

但是您確實必須查看堆棧中的層數。

For us, it's 25%, 30% as you go to first-generation 3D NAND devices.

對我們來說，第一代 3D NAND 設備是 25%、30%。

And we did see an increase in market share in the first customers that were moving from planar to 3D NAND.

我們確實看到從平面 NAND 轉向 3D NAND 的第一批客戶的市場份額有所增加。

We didn't give an exact number in how much that share was going up, but there was a fair increase as we went through that transition.

我們沒有給出該份額上升多少的確切數字，但隨著我們經歷過渡，出現了公平的增長。

And then I just wanted to probe further into AGS margins, which were pretty strong this past quarter.

然後我只是想進一步探討 AGS 的利潤率，這在上個季度非常強勁。

Can you talk a little bit more about what's driving that margin out-performance?

你能多談談是什麼推動了利潤率的表現嗎？

Is it mix, is there something else going on?

它是混合的，還有其他事情發生嗎？

And is this how to think about the segment as a new normal?

這就是如何將細分市場視為新常態嗎？

The margins for AGS were strong.

AGS 的利潤率很高。

They were the beneficiary of that 0.5 point of gross margin improvement for the overall Company.

他們是整個公司毛利率提高 0.5 個百分點的受益者。

That was a recovery of a Korean customs audit that we did well on that we reserved in Q4 2013.

這是我們在 2013 年第四季度保留的一項韓國海關審計的恢復。

So there's a little bit of a one-time item in there.

所以里面有一點一次性物品。

Generally, our AGS margins are doing better.

一般來說，我們的 AGS 利潤率表現更好。

I don't know if the current quarter is exactly going to stay the same for the foreseeable future, probably because of that Korean customs audit.

我不知道當前季度在可預見的未來是否會完全保持不變，可能是因為韓國海關審計。

One thing I'd say -- a couple things -- on AGS, if you think of what is happening with our customers in foundry and memory and in logic, they are making major transitions in device technology.

我想說的一件事——幾件事——關於 AGS，如果你想想我們的客戶在代工、內存和邏輯方面發生的事情，他們正在設備技術方面進行重大轉變。

So, as they're moving to finFET, they're moving from planar to 3D NAND, as they're shrinking these devices, defects become a bigger issue, uniformity becomes a bigger issue, edge dye yield, tool stability.

因此，隨著他們轉向 finFET，他們正在從平面 NAND 轉向 3D NAND，隨著他們縮小這些設備，缺陷成為一個更大的問題，均勻性成為一個更大的問題，邊緣染料良率，工具穩定性。

So, for our customers to extend our large install base of tools as they're making these transitions, they are really pulling on us more and more, and that really gives us an opportunity in AGS.

因此，對於我們的客戶來說，在他們進行這些過渡時擴展我們龐大的工具安裝基礎，他們確實越來越吸引我們，這確實為我們提供了 AGS 的機會。

The other thing is we really are making major changes in our organization to drive lower cost, and also improve our ability in the parts business to grow that parts business, lower cost for customers, and also providing parts that do give lower defects, better uniformity, these types of capabilities.

另一件事是，我們確實正在對我們的組織進行重大變革，以降低成本，同時提高我們在零部件業務中發展零部件業務的能力，為客戶降低成本，同時提供缺陷更少、一致性更好的零部件, 這些類型的能力。

So, we're making -- really it's a big drive for us and we see this as an opportunity for us to grow that business.

所以，我們正在做——這對我們來說真的是一個很大的推動力，我們認為這是我們發展業務的機會。

Great, that's all for me.

太好了，這就是我的全部。

Thanks guys.

多謝你們。

Edwin Mok with Needham & Company.

Edwin Mok 與 Needham & Company。

Just wondering, your book-to-bill or booking versus revenue for SSG, it's been 1 point for three quarters.

只是想知道，您的訂單到賬單或預訂與 SSG 的收入相比，三個季度以來一直是 1 點。

But you guys guided down for that.

但是你們指導了這一點。

I was just wondering, is it just based on timing of shipment?

我只是想知道，它只是基於發貨時間嗎？

And then maybe some color on the linearity of shipment in the June quarter.

然後可能會對 6 月季度的出貨線性度有所影響。

The book-to-bill has been north of 1, as you said, Edwin.

正如你所說，Edwin 的帳單到帳單一直在 1 以北。

We're guiding down on revs because even though we don't think there's any big time pause, typically the last few years the Q3 in terms of order trend isn't quite as high as other quarters.

我們正在下調轉速，因為即使我們認為沒有任何大的時間停頓，通常在過去幾年中，第三季度的訂單趨勢並不像其他季度那麼高。

So I don't think it's a big time pause.

所以我不認為這是一個很大的時間停頓。

I think we're being helped by second-tier buying.

我認為我們得到了二級採購的幫助。

But it's probably off a little bit on orders.

但它可能有點偏離訂單。

Actually, that's very helpful.

實際上，這非常有幫助。

And then just talk a little bit about the action inspection share gain.

然後簡單談談行動檢查的份額收益。

Obviously very impressive.

顯然非常令人印象深刻。

Just curious, is there any way you can quantify where is it coming from, any particular area like foundry, memory, or logic that you are seeing stronger pull on your customer side for those products?

只是好奇，有什麼方法可以量化它來自哪裡，任何特定領域，如代工廠、內存或邏輯，您認為這些產品對客戶的吸引力更大？

And as you integrate with TEL, do you see those two areas being further rooms for gain share and areas with the most opportunities, or do you see other areas that you might have a lot of opportunity to gain share?

當您與 TEL 整合時，您是否認為這兩個領域是進一步獲得份額和機會最多的領域，或者您是否看到其他領域您可能有很多機會獲得份額？

I think the big picture for us is that these major technology transitions that are happening within in-foundry, logic, memory, huge changes in the transistor from planar to 3D NAND, that's the big picture.

我認為對我們來說大局是，在代工廠、邏輯、內存中發生的這些主要技術轉變，晶體管從平面到 3D NAND 的巨大變化，這就是大局。

And we talked about significant growth in PVD and epi and a number of different areas.

我們談到了 PVD 和 Epi 以及許多不同領域的顯著增長。

And we really see that continuing.

我們真的看到這種情況還在繼續。

There really are more steps that are being added as the customers are trying to drive device scaling.

隨著客戶試圖推動設備擴展，確實有更多的步驟被添加。

And it is very hard for them to make these transitions.

他們很難進行這些轉變。

And, really, more and more focus on materials innovation.

而且，實際上，越來越關注材料創新。

So, I would say that is the major theme for us.

所以，我會說這是我們的主要主題。

And that provides a very good environment over the next few years as the customers ramp those new devices.

隨著客戶推出這些新設備，這為未來幾年提供了一個非常好的環境。

Now, within etch, we were fortunate last year that we had the 6 points of share gain in overall etch, and really based on our gains in conductor etch.

現在，在蝕刻領域，去年我們很幸運，我們在整體蝕刻中獲得了 6 分的份額增長，這實際上是基於我們在導體蝕刻方面的收益。

And as I said earlier, we had last quarter the highest conductor etch revenue in seven years.

正如我之前所說，我們上個季度的導體蝕刻收入是七年來最高的。

And we really have very strong pull from customers.

我們確實從客戶那裡得到了非常強大的吸引力。

Certainly in NAND flash, we see that market being very strong.

當然，在 NAND 閃存中，我們看到市場非常強勁。

We also anticipate that we'll grow our business in foundry this year.

我們還預計今年我們將在代工方面發展業務。

And then the other area that is an inflection is around selective material removal where we have very strong products.

然後另一個拐點是圍繞選擇性材料去除，我們有非常強大的產品。

And we see that technology continuing adoption as the customers are implementing these new device structures.

隨著客戶實施這些新的設備結構，我們看到該技術繼續採用。

So we really see a really great opportunity in etch for us to continue to grow in conductor etch.

因此，我們確實看到了蝕刻領域的絕佳機會，我們可以繼續在導體蝕刻領域發展。

One of the things I talked about also is that we're not trying to boil the ocean.

我還談到的一件事是，我們並沒有試圖讓海洋沸騰。

We focused on the areas where we thought that we had the best opportunities.

我們專注於我們認為我們擁有最佳機會的領域。

And certainly we saw that conductor etch was a great opportunity.

當然，我們看到導體蝕刻是一個很好的機會。

We had very strong pull from customers in conductor etch.

在導體蝕刻方面，我們從客戶那裡獲得了非常強大的吸引力。

And we've increased our investment, shifted money into that segment.

我們增加了投資，將資金轉移到該領域。

And that's where we see continued growth in 2014 and beyond.

這就是我們在 2014 年及以後看到持續增長的地方。

Thanks.

謝謝。

That's all I have, thank you.

我只有這些了，謝謝。

Mark Heller with CLSA.

里昂證券的馬克·海勒。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

I have a question on the foundry orders, the mix within that, and also when you noted broader foundry spending in the second half.

我有一個關於代工訂單的問題，其中的組合，以及當你注意到下半年更廣泛的代工支出時。

Is this mostly on finFET spending or is it 20-nanometer or 28-nanometer?

這主要是在 finFET 支出上還是 20 納米或 28 納米？

What you're seeing in the second half, you're starting to get a little bit bigger pull recently for finFET stuff.

您在下半年看到的情況是，您最近開始對 finFET 產品產生更大的吸引力。

So, we said on the year it was about 25% finFET stuff across foundries and about 75% planar.

因此，我們在當年說過，代工廠中大約有 25% 的 finFET 材料和大約 75% 的平面材料。

The planar stuff was more weighted to the beginning of the year and the finFET stuff is more weighted to the end of the year.

平面材料在年初的權重更大，而 finFET 的權重到年底。

Recently -- it's been in the public domain a lot, the last month or so -- people have become a little bit more worried about VNAND timing this year versus next year.

最近——它在公共領域出現了很多，上個月左右——人們對今年和明年的 VNAND 時序變得有點擔心。

I think there's a little bit more pull recently for finFET.

我認為最近對 finFET 的吸引力更大。

But are you seeing any increase in more lagging-edge demand, like 28-nanometer?

但是您是否看到更多滯後需求（例如 28 納米）有所增加？

A little bit.

一點點。

And another question, any thoughts on the recent Samsung ST announcement with Silicon-on-Insulator?

還有一個問題，對最近三星 ST 宣布的絕緣體矽片有什麼想法嗎？

What is your view on that technology and the potential implications for equipment spending?

您對該技術及其對設備支出的潛在影響有何看法？

We've know about Silicon-on-Insulator technology for awhile now.

我們已經了解絕緣體上矽技術已有一段時間了。

It's been around for awhile.

它已經存在了一段時間。

It's hard for us to see a big inflection here but we haven't spent a lot of time on it either.

我們很難在這裡看到一個大的拐點，但我們也沒有花很多時間在這上面。

Thank you.

謝謝你。

Ben Pang with Northland Capital.

北國資本的 Ben Pang。

Thank you for taking my question.

謝謝你接受我的問題。

On the outlook for spending, I think you mentioned in answer to a previous question that you were looking at the low end now rather than the high end of the range.

關於支出前景，我認為您在回答之前的問題時提到您現在關注的是低端而不是范圍的高端。

What's the change -- what segment has changed the most year to date?

有什麼變化 - 迄今為止，哪個細分市場變化最大？

I don't think we changed a lot.

我不認為我們改變了很多。

We didn't change our range.

我們沒有改變我們的範圍。

We're probably a little bit lower in the range.

我們可能在這個範圍內有點低。

I think it's just stuff people have talked a little bit.

我認為這只是人們談論過的東西。

The total NAND is a little bit off, probably.

總的 NAND 可能有點偏。

Not big time.

時間不大。

We're still around the $7 billion number.

我們仍然在 70 億美元左右。

But a little bit and I think it's mostly timing between years also.

但有一點，我認為這主要是幾年之間的時間。

Okay.

好的。

So, it's primarily NAND spending is where you see, just to be clear, that's where you guys also -- this is not based on -- I guess this is based on your own view from your customers, correct?

所以，主要是NAND支出是你看到的地方，只是為了清楚，這也是你們——這不是基於——我想這是基於你自己的客戶觀點，對嗎？

Yes, absolutely.

是的，一點沒錯。

And, again, I think that, as Bob talked about, timing really can make a difference, as you get to an end of the calendar year and someone pushes out any of these technologies by one quarter.

而且，我再次認為，正如鮑勃所說，時機確實可以產生影響，因為當你到日曆年結束時，有人將這些技術中的任何一項推出四分之一。

But we basically are in constant communication with our customers.

但我們基本上與客戶保持著不斷的溝通。

And the forecast that we have right now is pretty much aligned with what we hear from them.

我們現在的預測與我們從他們那裡聽到的幾乎一致。

And then on the flip side, what gets you to 20%?

另一方面，是什麼讓你達到 20%？

If you pull in and get more aggressive on finFET or pick up NAND back to where they were.

如果您加入並在 finFET 上變得更加積極，或者將 NAND 重新拾回原來的位置。

Okay.

好的。

And then one quick follow-up.

然後快速跟進。

On the capital intensity, you commented on lithography having lower capital intensity.

關於資本密集度，您評論了具有較低資本密集度的光刻技術。

Is that because the number of critical layers is slowing down as you go to finFET?

那是因為當你使用 finFET 時關鍵層的數量正在減慢？

No, we talked about really on 3D NAND versus planar.

不，我們真正談到了 3D NAND 與平面。

And the feature sizes are increasing, as that's the reason why they're going -- again, they're going to the 3D scaling versus 2D scaling.

並且特徵尺寸正在增加，這就是它們發展的原因——再次，它們將走向 3D 縮放與 2D 縮放。

So, it's not shrinking the dimensions as the transition from planar to 3D NAND.

因此，從平面到 3D NAND 的過渡並沒有縮小尺寸。

So, again, what we see from our large customers, etch, deposition, thermal processes are going up.

因此，我們再次從大客戶那裡看到，蝕刻、沉積、熱處理工藝正在上升。

And litho, because you're scaling vertically, not horizontally, the feature sizes are not as demanding, and that is reducing the percentage of litho CapEx in 3D NAND.

而光刻，因為你是在垂直而不是水平縮放，所以特徵尺寸的要求不高，這降低了 3D NAND 中光刻資本支出的百分比。

It was more of a NAND discussion, Ben.

這更像是一場 NAND 討論，Ben。

So, you might look at it for the total WFE space, you guys' NAND, 3D NAND outlook is like 5% of total?

那麼，你可能會看一下整個 WFE 空間，你們的 NAND、3D NAND 前景大概佔總數的 5%？

Like $2 billion or 7% or something of the total.

比如 20 億美元或總額的 7% 或其他東西。

So the overall WFE weighting, do you really expect a big change in your developable market because litho goes down for this year?

所以總體 WFE 權重，你真的期望你的可開發市場會因為今年光刻下降而發生重大變化嗎？

Ben, you're saying you think NAND spending is only 5% of where fab equipment is this year?

Ben，您是說您認為 NAND 支出僅是今年晶圓廠設備支出的 5%？

Ben, again, what we're seeing --.

本，再次，我們所看到的——。

You guys have 7% and then 30% of that, right?

你們有 7%，然後是 30%，對吧？

Yes, so what we're saying is basically when that transition happens, we're not talking specifically about the mix.

是的，所以我們所說的基本上是當這種轉變發生時，我們並不是專門談論混合。

We did give those numbers on 2014, but as the 3D NAND ramps our total available market goes up.

我們確實在 2014 年給出了這些數字，但隨著 3D NAND 的增加，我們的可用市場總量上升。

Then it's just a function of how much of that spending is happening in 2014 versus 2015 and 2016.

然後，它只是 2014 年相對於 2015 年和 2016 年發生了多少支出的函數。

But definitely as that device ramps, that's good for us.

但絕對隨著該設備的增加，這對我們有好處。

Tom Diffely with DA Davidson & Company.

DA Davidson & Company 的 Tom Diffely。

In your outlook for the next year, how many new greenfield fabs do you see versus just upgrades to existing facilities?

在您對明年的展望中，您看到了多少新的新建工廠，而不是對現有設施的升級？

I don't know off hand.

我不知道手頭。

Typically, again, when you say -- what ends up happening is the customers now will divide these investments into multiple phases.

通常，再次，當您說 - 最終發生的是客戶現在將這些投資分為多個階段。

Yes, they are counting differently.

是的，他們的計數方式不同。

Let me give you some color.

讓我給你一些顏色。

They're going to these mega fabs for a bunch of reasons.

他們要去這些大型晶圓廠有很多原因。

If you look at the [Geon] fab, the total Geon fab is, I think, 220,000 wafer starts, but it could be multiple phases.

如果你看一下 [Geon] 晶圓廠，我認為 Geon 晶圓廠的總啟動量為 220,000 個晶圓，但它可能是多個階段。

The total fab 14 buildout eventually is over 200,000 wafer starts, I think.

我認為，14 號晶圓廠的總擴建最終將超過 200,000 片晶圓。

So, these mega fabs make it a little bit harder to count a greenfield fab because they do them in phases now.

因此，這些大型晶圓廠使計算新建晶圓廠變得更加困難，因為它們現在是分階段進行的。

If you look at wafer starts we probably have that data.

如果你看一下晶圓開始，我們可能有這些數據。

That's a fair amount.

這是一個公平的數額。

Do you have the wafer starts?

你有晶圓開始嗎？

So, if you look at -- we think 3D is up to about 80,000 by the end of the year.

所以，如果你看一下——我們認為到今年年底 3D 將達到大約 80,000 個。

That's including about 30,000 from last year in 3D NAND.

這包括去年大約 30,000 個 3D NAND。

So, wafer starts are up a fair amount.

因此，晶圓啟動數量相當可觀。

Do you have foundry there?

你們那裡有鑄造廠嗎？

Foundry is up quite a bit too.

Foundry 也漲了不少。

But it's more about wafer starts than greenfield fabs, I think.

但我認為，這更多的是關於晶圓的開工而不是新建的晶圓廠。

Okay, thank you.

好的謝謝你。

Mehdi Hosseini with SIG.

Mehdi Hosseini 與 SIG。

Yes, thanks for taking my question.

是的，謝謝你提出我的問題。

Most of the good questions have already been asked.

大多數好的問題已經被問到了。

I just have a couple of follow-ups.

我只是有幾個後續行動。

The first one has to do, to break then of the backlog, Bob, I'm looking at your display backlog is up 65% Q over Q, and up almost 30% year over year.

第一個必須做的是打破積壓，Bob，我看到你的顯示積壓比 Q 增加了 65% Q，同比增加了近 30%。

And then on SSG, backlog is down 7% year over year.

然後在 SSG 上，積壓訂單同比下降 7%。

How should we think about the margin profile, especially as some of these display equipments are shipped in the latter part of the year?

我們應該如何考慮利潤率概況，尤其是在這些顯示設備中的一些在今年下半年發貨的情況下？

And I'm asking this because I'm under the assumption that display margins are much lower than SSG.

我問這個是因為我假設顯示邊距遠低於 SSG。

So, if nothing happens, or nothing dramatic happens to the SSG backlog, how does the larger mix of display going to impact your overall margin.

因此，如果沒有發生任何事情，或者 SSG 積壓工作沒有發生任何戲劇性的事情，那麼更大的顯示組合將如何影響您的整體利潤。

And then I have a follow-up.

然後我有一個跟進。

There's a couple things.

有幾件事。

Display backlog is up significantly.

顯示積壓顯著增加。

But year on year I think the SSG backlog is also up.

但我認為 SSG 的積壓量也逐年增加。

So, we're in pretty good shape on both.

所以，我們在這兩個方面都處於非常好的狀態。

In terms of the mix, gross margins are higher, as you know, in SSG versus display.

就組合而言，如您所知，SSG 與顯示相比，毛利率更高。

But display operating margins have been trending up reasonably well, so the gap isn't as big as it used to be.

但顯示器的營業利潤率一直呈相當不錯的上升趨勢，因此差距並不像以前那麼大。

Third, the lead times for display equipment are much longer.

第三，顯示設備的交貨期要長得多。

So, I don't think we're going to have a big bump in our operating margins in any given quarter because of unusual display disparities, either in operating margins or in huge volume of business.

因此，我認為我們在任何一個季度的營業利潤率都不會因為不尋常的顯示差異而大幅提升，無論是營業利潤率還是巨大的業務量。

I think it will be manageable.

我認為這將是可控的。

Got it.

知道了。

And then one follow-up to your commentary about managing the business for WFE of $30 billion.

然後是你關於管理 WFE 300 億美元業務的評論的後續行動。

Should I assume that your SSG operating margin would go back towards low 30%?

我是否應該假設您的 SSG 營業利潤率會回到 30% 的低位？

I'm looking at July of 2012.

我看的是2012年7月。

For the same revenue as you did in April of this year, operating margin was about 400 basis points higher.

對於與今年 4 月相同的收入，營業利潤率高出約 400 個基點。

So should we think about cost cutting to the point that you would be able to squeeze that much margin expansion?

那麼我們是否應該考慮將成本削減到能夠擠壓那麼多利潤擴張的程度？

If you go look at the model we showed you last Analyst Day, July 7 or 8 last year, we trended up to 25% operating margins at a $37 billion number.

如果你看看我們在去年 7 月 7 日或 8 日的分析師日向你展示的模型，我們的營業利潤率趨勢高達 25%，達到 370 億美元。

And now some people, including John earlier on the call, was worried that it wouldn't be a $37 billion environment.

現在有些人，包括早些時候在電話會議上的約翰，擔心這不會是一個 370 億美元的環境。

Our model we showed also on that day was in a $30 billion environment we were going to do about 22.5%.

我們在那天展示的模型也是在一個 300 億美元的環境中，我們將做大約 22.5%。

And, so, to make that model work between the $30 billion and a $37 billion, you'd need to have an improvement in SSG operating margins.

因此，要使該模型在 300 億美元和 370 億美元之間發揮作用，您需要提高 SSG 的營業利潤率。

And as we said today earlier, across the whole Company, if you look at our spending in an $8 billion revenue environment, which is 2004-2008, and 2012-2013, we're spending about 4 points higher as a Company on R&D as a percentage of sales.

正如我們今天早些時候所說，在整個公司，如果你看看我們在 2004-2008 年和 2012-2013 年收入 80 億美元的環境中的支出，作為一家公司，我們在研發上的支出大約高出 4 個百分點。銷售額的百分比。

And most of that is in SSG.

其中大部分都在 SSG 中。

So we expect not only that our spending as a percentage of sales will be more favorable but we'll start to get growth in, sales especially in SSG, as these new products hit the market.

因此，我們預計不僅我們的支出佔銷售額的百分比會更有利，而且隨著這些新產品投放市場，我們將開始獲得增長，尤其是在 SSG 的銷售額。

So, the short answer to your question is yes.

所以，你的問題的簡短回答是肯定的。

Mehdi, the other thing I would say is that we've talked before about shifting over $200 million, maybe as much as $300 million of OpEx spending.

Mehdi，我要說的另一件事是，我們之前已經討論過轉移超過 2 億美元，可能高達 3 億美元的運營支出支出。

EES is now getting back into the black.

EES 現在正在恢復盈利。

We shifted a lot of money out of that.

我們從中轉移了很多錢。

We've shifted a lot of money out of headquarters' functions into semiconductor R&D.

我們已經將總部職能部門的大量資金轉移到了半導體研發上。

So the operating margins, as you pointed out correctly, are lower.

因此，正如您正確指出的那樣，營業利潤率較低。

But we really believe that those investments that we're making in SSG are important for our customers as they move to these new device technologies, finFET, first generation, future generation, the interconnect technologies, new memory technologies.

但我們真的相信，我們在 SSG 上的投資對我們的客戶很重要，因為他們轉向這些新設備技術、finFET、第一代、下一代、互連技術、新內存技術。

We really think those investments are important for our customers, for the industry.

我們真的認為這些投資對我們的客戶和行業都很重要。

And we believe we'll get a good return on those investments.

我們相信我們會從這些投資中獲得豐厚的回報。

So, there's not going to be any reduction in that R&D spending in the near term.

因此，短期內研發支出不會減少。

I think the operating -- to resonate what both of you said -- I believe we can get to the type of numbers you're seeing in a moderate spending environment.

我認為運營——為了引起你們倆所說的共鳴——我相信我們可以得到你在適度支出環境中看到的數字類型。

And I believe the way we'll do it will largely be we'll start to kick in some revenue growth that we're investing in for now.

而且我相信我們將採取的方式主要是我們將開始實現我們目前正在投資的一些收入增長。

Mehdi, thanks for your question.

邁赫迪，謝謝你的提問。

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 by 5 PM Pacific Time today.

今天太平洋時間下午 5 點將在我們的網站上重播這次電話會議。

And we would really hope to see many of you in San Francisco for the SEMICON West briefing on July 7, the afternoon of July 7. So, thank you for your continued interest in Applied Materials.

我們真的希望在 7 月 7 日，也就是 7 月 7 日下午在舊金山看到你們中的許多人參加 SEMICON West 簡報會。因此，感謝你們對應用材料公司的持續關注。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This does conclude today's conference call.

這確實結束了今天的電話會議。

You may now disconnect.

您現在可以斷開連接。