應用材料 (AMAT) 2014 Q3 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.

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, Mike.

謝謝你，邁克。

Today we will discuss the results for our third quarter, which ended on July 27.

今天我們將討論 7 月 27 日結束的第三季度的業績。

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 and our performance, products, strategies, opportunities, 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和我們的業績、產品、戰略、機遇、宣布的與東京電子的業務合併以及業務前景的當前看法。

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的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 8-K and 10-Q filings with the SEC.

有關這些風險因素的信息包含在我們最近提交給 SEC 的 8-K 和 10-Q 表格中。

Forward-looking statements speak as of August 14, 2014, and we assume no obligation to update them.

前瞻性陳述截至 2014 年 8 月 14 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 AppliedMaterials.com 的投資者頁面上找到。

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, and good afternoon.

謝謝邁克，下午好。

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

在我們的第三財季，應用材料公司的收益接近我們指引的高端。

We are demonstrating substantial progress towards our long-term financial model, having now improved operating margins for seven quarters in a row.

我們正在向我們的長期財務模型展示實質性進展，現在已經連續七個季度提高了營業利潤率。

During this same period, we have stepped up our investments in research and development to create a pipeline of new products that will enable our customers' future success and drive long-term growth for Applied.

在同一時期，我們加大了對研發的投資，以創造一系列新產品，使我們的客戶在未來取得成功，並推動應用材料公司的長期增長。

We are in the middle of the biggest changes in semiconductor and display technologies in decades, and these major technology transitions are enabled by materials innovation.

我們正處於幾十年來半導體和顯示技術的最大變革之中，而這些重大的技術轉變是由材料創新促成的。

This plays directly to Applied's unique capability in precision materials engineering.

這直接體現了 Applied 在精密材料工程方面的獨特能力。

Our strong operating and financial performance is supported by sustained investment in capacity, and new technology by our customers.

我們強勁的運營和財務業績得到了客戶對產能的持續投資和新技術的支持。

Across the Company, we are building momentum for profitable growth.

在整個公司範圍內，我們正在為盈利增長創造動力。

We have focused our strategy and investment in areas that have the largest impact for customers, and generate the best returns for Applied.

我們將戰略和投資重點放在對客戶影響最大的領域，並為 Applied 帶來最佳回報。

We are driving execution of our strategic plan by focusing on alignment and speed, and we are placing a significant emphasis on getting the Organization ready to scale, by ensuring that we have the right talent in the right areas.

我們通過關註一致性和速度來推動我們的戰略計劃的執行，並且我們非常重視通過確保我們在正確的領域擁有合適的人才，讓本組織做好擴大規模的準備。

The actions we are taking benefit us today, and pave the way for rapid integration with Tokyo Electron.

我們今天採取的行動使我們受益，並為與東京電子的快速整合鋪平了道路。

The merger with TEL accelerates our existing strategy, by bringing together both companies' complementary strengths to create an expanded set of capabilities.

與 TEL 的合併加速了我們現有的戰略，將兩家公司的互補優勢結合在一起，創造出一套擴展的能力。

This will enable us to be a higher-value partner for customers, by delivering more innovative products faster, and at lower costs.

這將使我們能夠以更快的速度和更低的成本提供更多創新產品，從而成為客戶更高價值的合作夥伴。

We are engaged in dialogues with regulators around the world consistent with our goal of closing the merger before the end of the calendar year.

我們正在與世界各地的監管機構進行對話，以符合我們在日曆年年底前完成合併的目標。

During this phase, we have been advised not to provide details, or answer questions about ongoing discussion.

在此階段，我們被建議不要提供詳細信息，也不要回答有關正在進行的討論的問題。

Turning to our market outlook, mobility and connectivity trends continue to drive significant growth, and accelerate technology innovation in both semiconductor and display.

談到我們的市場前景，移動性和連接性趨勢繼續推動顯著增長，並加速半導體和顯示領域的技術創新。

In foundry, the broadening of spending this year and the build-out of the 28 and 20 nanometer nodes is fueling record performance for our transistor businesses.

在代工方面，今年支出的擴大以及 28 和 20 納米節點的擴建正在推動我們晶體管業務的創紀錄業績。

The next major focus for foundries is finFET, and we believe this will provide a catalyst for a new wave of investment in 2015 as customers start to ramp this technology.

代工廠的下一個主要關注點是 finFET，我們相信這將成為 2015 年新一輪投資的催化劑，因為客戶開始使用這項技術。

In memory, overall investment levels remain strong.

在記憶中，整體投資水平依然強勁。

NAND bit growth is expected to be around 40% this year.

今年 NAND 位的增長預計將達到 40% 左右。

While the bulk of this incremental demand will be met by investments in advanced planar technology, customers are now publicly discussing their roadmap for 3D NAND to achieve cost parity with planar NAND.

雖然這種增量需求的大部分將通過對先進平面技術的投資來滿足，但客戶現在正在公開討論他們的 3D NAND 路線圖，以實現與平面 NAND 的成本平價。

Based on what customers are telling us about their future investment, we believe the bit scaling advantages of 3D NAND, combined with performance improvement, will fuel 3D NAND spending in 2015 and beyond, as more manufacturers move to this new technology.

根據客戶告訴我們他們未來投資的情況，我們相信隨著越來越多的製造商轉向這項新技術，3D NAND 的位擴展優勢以及性能改進將推動 2015 年及以後的 3D NAND 支出。

As we have said before, this transition to 3D materials-enabled devices is very positive for Applied, expanding our available market by 35% to 50%.

正如我們之前所說，這種向支持 3D 材料的設備的過渡對 Applied 非常有利，將我們的可用市場擴大了 35% 到 50%。

In DRAM, we see supply tightening.

在 DRAM 方面，我們看到供應趨緊。

Lower power mobile DRAM shipments are expected to grow about 60% this year, and in parallel, there are indications that an enterprise-driven PC refresh cycle is underway.

預計今年低功耗移動 DRAM 出貨量將增長約 60%，同時有跡象表明企業驅動的 PC 更新周期正在進行中。

As a result, DRAM investment is increasing.

因此，DRAM投資正在增加。

We expect technology conversions to provide the 30% bit growth needed this year, while seeing strong potential for new capacity additions in 2015.

我們預計技術轉換將提供今年所需的 30% 的比特增長，同時看到 2015 年新增容量的巨大潛力。

We anticipate overall memory spending being up approximately 30% in calendar 2014, and in addition, we believe we will grow our share with memory customers by more than 2 points this year.

我們預計 2014 日曆年的整體內存支出將增長約 30%，此外，我們相信今年我們與內存客戶的份額將增長 2 個百分點以上。

Looking at the market as a whole, we maintain our view that 2014 wafer fab equipment spending could be up 10% to 20% this year.

縱觀整個市場，我們維持 2014 年晶圓廠設備支出今年可能增長 10% 至 20% 的觀點。

We also believe that 2015 will be stronger than 2014, as the foundries ramp finFET, more customers invest in 3D NAND, and DRAM spending increases.

我們也相信 2015 年將比 2014 年更強勁，因為代工廠增加 finFET，更多客戶投資於 3D NAND，以及 DRAM 支出增加。

In display, 2014 is shaping up largely as expected, with strong investment in capacity and new technology.

在顯示方面，2014 年的發展與預期基本一致，產能和新技術投資強勁。

This is being driven by mobility, where higher resolution displays are becoming a major battleground for smartphones and tablets, and TV, where average screen sizes are growing significantly faster than historic norms.

這是由移動性推動的，更高分辨率的顯示器正在成為智能手機和平板電腦以及電視的主要戰場，平均屏幕尺寸的增長速度明顯快於歷史標準。

In the past two quarters, we booked over $600 million of display orders, which is over $100 million higher than we expected at the start of Q2.

在過去兩個季度，我們預訂了超過 6 億美元的顯示器訂單，比我們在第二季度開始時的預期高出 1 億多美元。

In semiconductor and display, the major device technology changes that are taking place are enabled by materials innovation, and this provides a great opportunity for us.

在半導體和顯示領域，正在發生的重大器件技術變革是由材料創新促成的，這為我們提供了一個很好的機會。

Over the past 18 months, we have aligned the Company around our precision materials engineering strategy, to drive growth at Applied Materials.

在過去的 18 個月中，我們圍繞精密材料工程戰略調整了公司，以推動應用材料公司的增長。

Central to this strategy is the rapid development of enabling products, and we are very pleased with how our current portfolio and future pipeline are taking shape.

這一戰略的核心是支持產品的快速發展，我們對我們當前的產品組合和未來管道的形成方式感到非常滿意。

This quarter, our metal deposition product business delivered its highest revenue in 14 years.

本季度，我們的金屬沉積產品業務實現了 14 年來的最高收入。

Epi, one of Applied's first products, posted its highest sales for any 12-month period in our history.

Epi 是 Applied 的首批產品之一，創下了我們歷史上任何 12 個月期間的最高銷售額。

Epi remains a key enabler for next-generation transistors, and we believe the applications for epi technology will grow significantly in the future.

Epi 仍然是下一代晶體管的關鍵推動者，我們相信 Epi 技術的應用將在未來顯著增長。

We are gaining share in both etch and CVD, and expect our combined revenue in these markets to grow by approximately 40% in calendar 2014.

我們在蝕刻和 CVD 領域的份額正在增加，預計我們在這些市場的總收入將在 2014 年增長約 40%。

We are also building traction with our selective material removal technology, and now have tools at five large customers.

我們還利用我們的選擇性材料去除技術建立牽引力，現在為五個大客戶提供工具。

Across the Company, we are driving actions that allow us to move faster and scale the organization.

在整個公司，我們正在推動行動，使我們能夠更快地行動並擴大組織規模。

We are strengthening our teams and processes in the field, product development, and operations.

我們正在加強我們在現場、產品開發和運營方面的團隊和流程。

This is enabling us to see inflections first, and deliver solutions to our customers faster.

這使我們能夠首先看到變化，並更快地為我們的客戶提供解決方案。

We are in the process of making changes to our structure to better align the field, R&D, service, and operations, while getting ready for our combination with Tokyo Electron.

我們正在改變我們的結構，以更好地協調領域、研發、服務和運營，同時為與東京電子的合併做好準備。

To drive repeatable success, we have trained over 3,500 engineers and technologists across the Company, while investing in the development of our general managers and marketing capabilities.

為了推動可重複的成功，我們在整個公司培訓了 3,500 多名工程師和技術人員，同時投資於發展我們的總經理和營銷能力。

As technology transitions get harder for our customers, we are seeing strong pull for our service business.

隨著技術轉型對我們的客戶來說變得越來越困難，我們看到了對我們服務業務的強大吸引力。

We have made significant changes in our service organization to deliver better device performance and yield, as well as more competitive costs for our customers, as they ramp complex new device technologies.

我們對我們的服務組織進行了重大改變，以提供更好的設備性能和產量，以及為我們的客戶提供更具競爭力的成本，因為他們推出了複雜的新設備技術。

By building our capabilities in areas that help customers ramp new technologies faster, and at lower cost, we anticipate AGS will deliver high single-digit revenue growth this year.

通過在幫助客戶以更低的成本更快地推廣新技術的領域建立我們的能力，我們預計 AGS 將在今年實現高個位數的收入增長。

As Bob will explain in a few minutes, we are converting our focus on alignment, speed, and scaling, into superior financial performance.

正如 Bob 將在幾分鐘內解釋的那樣，我們正在將我們對一致性、速度和擴展性的關注轉變為卓越的財務業績。

The progress we are making towards our 2016 financial model is driven by strong demand for our most enabling product, in transistor and interconnect, improving performance in our businesses that are growing the most, including etch, CVD, and display, and actions we have taken to limit our exposure to the downturn in the solar market.

我們在 2016 年財務模型方面取得的進展是由對我們最有能力的產品（晶體管和互連）的強勁需求推動的，提高了我們增長最快的業務的性能，包括蝕刻、CVD 和顯示器，以及我們採取的行動以限制我們對太陽能市場低迷的影響。

To summarize, Applied has great opportunities, as we are uniquely positioned to apply our differentiated capabilities in precision materials engineering, to enable major technology transitions.

總而言之，應用材料公司擁有巨大的機會，因為我們具有獨特的優勢，可以將我們在精密材料工程方面的差異化能力應用於實現重大技術轉型。

We are only at the beginning of these inflections.

我們只是在這些變化的開始。

The ramps in finFET, 3D NAND, and new display technology will be the next of multiple waves of investment by our customers.

finFET、3D NAND 和新顯示技術的發展將是我們客戶多次投資的下一波。

We remain highly focused on execution, to ensure that we can take full advantage of these opportunities, and can rapidly scale the organization, when we merge with Tokyo Electron.

當我們與 Tokyo Electron 合併時，我們仍然高度關注執行，以確保我們能夠充分利用這些機會並迅速擴大組織規模。

Our teams around the Company have already accomplished a great deal.

我們公司周圍的團隊已經取得了很大的成就。

The progress we are making towards our strategic and financial goals would not be possible without the hard work and passion of our global employees.

如果沒有我們全球員工的辛勤工作和熱情，我們在實現戰略和財務目標方面所取得的進展是不可能的。

Now, Bob will provide additional details on our performance and outlook.

現在，Bob 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。

As Gary discussed, we have aligned the Company around a growth strategy that is creating a pipeline of differentiated products to enable our customers' success, as they make unprecedented technology transitions.

正如 Gary 所討論的，我們圍繞著一個增長戰略調整了公司，該戰略正在創建一系列差異化產品，以幫助我們的客戶在進行前所未有的技術轉型時取得成功。

Before I get into the detail of our third-quarter results, I'll spend a few minutes talking about our focus on execution, how this is translating and will continue to translate into stronger financial performance.

在詳細介紹我們第三季度的業績之前，我將花幾分鐘時間談談我們對執行的關注，這將如何轉化並將繼續轉化為更強勁的財務業績。

Let me provide some details about how we are executing better and faster in key business, how we are making sustainable improvements in our operating model, and how these improvements are translating to stronger financial results.

讓我詳細介紹一下我們如何在關鍵業務中更好更快地執行，我們如何在運營模式中進行可持續改進，以及這些改進如何轉化為更強勁的財務業績。

Here are a few examples of better, faster execution across the Company:

以下是整個公司更好、更快執行的幾個例子：

In SSG, market share gains are being helped by a significant reduction in our product development cycle.

在 SSG，我們的產品開發週期顯著縮短有助於提高市場份額。

In AGS, we are driving profitability improvement with the introduction, of new device performance and field service products, and tighter alignment with SSG.

在 AGS，我們正在通過引入新的設備性能和現場服務產品以及與 SSG 更緊密地保持一致來推動盈利能力的提高。

In display, we reduced our factory overhead costs and inflation cycle time.

在展示方面，我們降低了工廠管理費用和充氣週期時間。

In EES, we expect to be above breakeven, and cash flow positive this year.

在 EES，我們預計今年將高於盈虧平衡，現金流為正。

And for the Company as a whole, we have been reducing our tax rate with the implementation of a more efficient tax structure.

對於整個公司，我們一直在通過實施更有效的稅收結構來降低稅率。

Now let me give you some examples of the sustainable improvements we are making in our operating model.

現在讓我舉一些例子來說明我們在運營模式中所做的可持續改進。

We have increased resource allocation for SSG and display, areas where we have superior opportunities to grow revenues and margin.

我們增加了對 SSG 和展示的資源分配，在這些領域我們有更好的機會來增加收入和利潤。

Within SSG, we have increased our focus on the products that are most enabling our customers, and where we have great opportunity to grow.

在 SSG 內部，我們更加關注最能幫助我們客戶的產品，以及我們有很大發展機會的產品。

These areas include epi, CVD, etch, inspection and PVD, and we are relentlessly focused on reducing materials and overhead costs.

這些領域包括外延、CVD、蝕刻、檢查和 PVD，我們一直致力於降低材料和間接成本。

For the year, we are on target to achieve a 2% reduction in material costs.

今年，我們的目標是實現材料成本降低 2%。

Our strong execution is translating into improved financial performance.

我們強大的執行力正在轉化為改善的財務業績。

On a non-GAAP basis, Q3 gross margin was at a six-year high, and our full-year gross margin could be up 2 points, approaching 44%.

按非美國通用會計準則計算，第三季度毛利率處於六年來的最高水平，我們的全年毛利率可能上升 2 個百分點，接近 44%。

Q3 operating margin was at a three-year high.

第三季度營業利潤率創三年新高。

The full-year results could be up by 6 points.

全年業績可能上升 6 個百分點。

The fiscal year tax rate could be down by 1 point or more, and is making progress towards our 22% target.

財政年度稅率可能下降 1 個百分點或更多，並且正在朝著我們 22% 的目標邁進。

And operating cash flow was at a two-year high.

經營現金流處於兩年來的最高水平。

Our focus on execution, alignment, and speed is translating into stronger financial results today, enabling us to make solid progress toward our long-term model, and getting the organization ready for our combination with Tokyo Electron.

我們對執行、一致性和速度的關注正在轉化為今天更強勁的財務業績，使我們能夠朝著我們的長期模式取得堅實的進展，並使組織為我們與東京電子的合併做好準備。

Now, I will provide more color on our third-quarter results, as compared to the prior quarter.

現在，與上一季度相比，我將為我們的第三季度業績提供更多色彩。

Orders of $2.5 billion were down 6% sequentially, driven by SSG orders which tend to be seasonally lower this time of year.

受 SSG 訂單的推動，25 億美元的訂單環比下降 6%，而 SSG 訂單往往會在一年中的這個時候出現季節性下降。

Compared to the third quarter of last year, orders were up 24%, and our book-to-bill ratio was greater than 1 for the seventh consecutive quarter.

與去年第三季度相比，訂單增長了 24%，我們的訂單出貨比連續第七個季度大於 1。

Backlog was almost $3 billion, with SSG backlog at a new six-year high, and display backlog at a five-year high.

積壓近 30 億美元，SSG 積壓達到六年新高，顯示積壓達到五年新高。

Net sales of $2.3 billion were near the midpoint of our guidance.

23 億美元的淨銷售額接近我們預期的中點。

Non-GAAP gross margin increased to 45.5% in Q3, which included 0.8 points in nonrecurring benefits.

第三季度非美國通用會計準則毛利率增至 45.5%，其中包括 0.8 個點的非經常性福利。

Even excluding these benefits, gross margin improved by [1 point].

即使不包括這些好處，毛利率也提高了 [1 分]。

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

非公認會計原則每股收益為 0.28 美元，接近我們指引的高端。

Our operating cash flow was $584 million, or 26% of revenue.

我們的經營現金流為 5.84 億美元，佔收入的 26%。

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

接下來，與上一季度相比，我將評論我們的細分市場結果。

SSG orders of $1.6 billion were down 6%, with decreases in DRAM and foundry more than offsetting small increases in (technical difficulty).

16 億美元的 SSG 訂單下降 6%，其中 DRAM 和代工的減少抵消了（技術難度）的小幅增長。

SSG net sales of $1.5 billion were down 7%, and slightly below our expectations, due to some changes in the timing of customer fabs.

SSG 淨銷售額為 15 億美元，下降 7%，略低於我們的預期，原因是客戶晶圓廠的時間發生了一些變化。

SSG's non-GAAP operating margin increased 1.4 points to 28.7%, reflecting favorable mix.

SSG 的非美國通用會計準則營業利潤率增長 1.4 個百分點至 28.7%，反映了有利的組合。

SSG's operating margin performance was at the highest level in almost three years.

SSG 的營業利潤率表現處於近三年來的最高水平。

AGS orders of $552 million were up 3% sequentially, and up 7% year over year.

AGS 訂單 5.52 億美元，環比增長 3%，同比增長 7%。

AGS net sales of $567 million were slightly higher than expected, an increase of 14% year over year.

AGS 的淨銷售額為 5.67 億美元，略高於預期，同比增長 14%。

AGS non-GAAP operating margin decreased slightly to 27.2%, and remained near the highest level in seven years.

AGS non-GAAP 營業利潤率小幅下降至 27.2%，仍接近七年來的最高水平。

Display orders of $296 million were the second highest in the past six years.

顯示訂單為 2.96 億美元，是過去六年來第二高的訂單。

Display net sales of $119 million declined, in line with our expectations, while backlog grew at very high levels in anticipation of this.

顯示器淨銷售額下降了 1.19 億美元，符合我們的預期，而積壓訂單在預期中以非常高的水平增長。

Display non-GAAP operating margins increased by over 4 points to 22%, including a benefit from the sale of some previously reserved inventory.

顯示非 GAAP 營業利潤率增加了 4 個百分點以上，達到 22%，其中包括出售一些以前保留的庫存帶來的好處。

Display's operating margin was the highest in the past three years.

Display的營業利潤率是過去三年來最高的。

EES orders were $66 million, while net sales increased to $103 million.

EES 訂單為 6600 萬美元，而淨銷售額增加到 1.03 億美元。

EES non-GAAP operating income was $25 million, including the benefit of a favorable litigation outcome.

EES 非 GAAP 營業收入為 2500 萬美元，其中包括有利的訴訟結果。

Now I will provide our fourth-quarter business outlook.

現在我將提供我們第四季度的業務展望。

We expect our overall net sales to be flat, plus or minus 3%.

我們預計我們的整體淨銷售額將持平，正負 3%。

Within this outlook, we expect SSG net sales to be down 1% to 7%, AGS net sales flat to up 4%.

在此展望中，我們預計 SSG 淨銷售額將下降 1% 至 7%，AGS 淨銷售額持平至 4%。

We expect display net sales to be up over 60%, and EES net sales should be down approximately 35%.

我們預計顯示器淨銷售額將增長 60% 以上，EES 淨銷售額應下降約 35%。

Non-GAAP gross margins should be approximately 44%, which would be up almost 2 points year over year.

非美國通用會計準則毛利率應約為 44%，同比增長近 2 個百分點。

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

我們預計我們的非公認會計原則運營費用將在 5.5 億美元的範圍內，上下浮動 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, our strong financial performance, and the progress we are making towards our long-term model, is being supported by sustained investment by our semiconductor and display customers, our precision materials engineering strategy, which is focused on enabling major technology transitions for our company, and our focus on improving execution, alignment, and speed.

總而言之，我們強勁的財務業績以及我們在實現長期模式方面取得的進展，得到了我們的半導體和顯示器客戶的持續投資以及我們的精密材料工程戰略的支持，該戰略專注於為我們的重大技術轉型提供支持。公司，我們專注於提高執行力、一致性和速度。

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

有了這個，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，請只提出一個問題，並且不要超過一個簡短的跟進。

Mike, let's please begin.

邁克，讓我們開始吧。

Jim Covello, Goldman Sachs.

吉姆·科維羅，高盛。

Good afternoon, and maybe in the case of Gary, maybe, good morning.

下午好，也許在加里的情況下，也許，早上好。

Thanks for letting me take a question.

謝謝你讓我提問。

A couple of them.

其中幾個。

There's a couple of new DRAM fabs that are being built out, and then of course there's a much-discussed build-out from one of the other foundries, who's trying to play a little bit of catch-up on finFET.

有幾家新的 DRAM 晶圓廠正在建設中，當然還有其他一家代工廠進行了很多討論，他們正試圖在 finFET 上進行一些追趕。

Could you give us a little bit of perspective on the timing for new orders for those projects?

你能給我們一些關於這些項目新訂單時間的看法嗎？

I know in particular on the foundry project, different equipment suppliers have seen those orders at different times.

我特別知道在代工項目上，不同的設備供應商在不同的時間看到了這些訂單。

So I'm wondering how much of that is still on the converse, as how much of that you might have already seen, and then same thing on the DRAM side?

所以我想知道其中還有多少是相反的，有多少你可能已經看到了，然後在 DRAM 方面也是如此？

Thanks.

謝謝。

Sure.

當然。

The big drivers of technology, as I said quite early is that finFET VNAND, so if you look at finFET, still very positive, we think it's a little more heavily weighted to early 2015 than late.

正如我很早就說過的，技術的主要驅動力是 finFET VNAND，所以如果你看一下 finFET，仍然非常積極，我們認為它在 2015 年初的權重比後期要大一些。

If you look at the NAND some of that (technical issues) DRAM was a pickup (technical issues) question.

如果您查看 NAND，其中一些（技術問題）DRAM 是一個拾取（技術問題）問題。

That is helpful.

這很有幫助。

Thank you, and then if I could follow up, you guys done a terrific job on the gross margins.

謝謝，如果我能跟進，你們在毛利率方面做得非常好。

I think that you had commented at SEMICON that it was the highest gross margin -- quarterly gross margin in six years and then you did another nice bump up this quarter.

我認為你在 SEMICON 評論說這是最高的毛利率——六年來的季度毛利率，然後你在本季度又做了一次不錯的提升。

What are the biggest incremental drivers of gross margin from here?

毛利率的最大增量驅動因素是什麼？

Is it just volume?

只是音量嗎？

Mix?

混合？

Or lower component costs?

還是降低組件成本？

Or how would you categorize the bridge between where you are today and wherever you might be able to go, so it's been very impressive so far.

或者你會如何對你今天所在的地方和你可能去的地方之間的橋樑進行分類，所以到目前為止它給人留下了非常深刻的印象。

Yes.

是的。

There's two sets of opportunities, Jim.

有兩種機會，吉姆。

The one that is most disruptive and sexy and attractive is the new disruptive products that are really invaluable to the customers.

最具顛覆性、性感和吸引力的是對客戶來說真正無價的新顛覆性產品。

And those frankly are starting to come, especially next year, we'll see more of that.

坦率地說，這些已經開始出現，尤其是明年，我們會看到更多。

The progress we made to date is just managing things tightly.

我們迄今為止取得的進展只是把事情管得嚴嚴實實。

If you look at our gross margins across virtually every segment, AGS, solar, display, and semi too, so it's blocking and tackling.

如果你看看我們幾乎每個細分市場的毛利率，AGS、太陽能、顯示器和半導體，所以它是阻塞和解決的。

Traditional operating costs, traditional [drill] costs, better mix, driving better mix into revenue sales, and better mix between segments.

傳統的運營成本，傳統的[鑽探]成本，更好的組合，推動更好的收入銷售組合，以及更好的細分市場組合。

I think these systemic things just grinding away at mix, cost issues, positioning, and heading on the right products is going to help us, quarter in and quarter out, for the next several years.

我認為這些系統性的東西只是在混合、成本問題、定位和正確的產品上逐漸消失，這將在接下來的幾年裡對我們有所幫助。

I think the disruptive new products coming out more next year, so we do have two opportunities there.

我認為明年會出現更多的顛覆性新產品，所以我們確實有兩個機會。

One is very systemic and one is coming out.

一個是非常系統的，一個是出來的。

Yes.

是的。

What I would say also Jim is that the -- as we've talked about, these transitions are really in the sweet spot for us, with all of the precision materials, engineering technologies, and products that we have.

我還要吉姆說的是——正如我們已經談到的那樣，這些轉變對我們來說確實是最有利的，我們擁有所有的精密材料、工程技術和產品。

And really the customer pull is stronger than we've ever seen.

確實，客戶的吸引力比我們所見過的要強大。

Our percent of the TAM increases as some of these materials-enabled devices start to ramp, so as Bob said, that's the key strategic issue for our customers.

隨著這些支持材料的設備中的一些開始增加，我們的 TAM 百分比增加，正如 Bob 所說，這是我們客戶的關鍵戰略問題。

And that's really what gives us a great opportunity to grow our business over the next few quarters and over the next few years.

這確實為我們提供了在未來幾個季度和未來幾年發展業務的絕佳機會。

Very helpful.

非常有幫助。

Thanks so much.

非常感謝。

Good luck.

祝你好運。

CJ Muse, ISI Group.

CJ Muse，ISI 集團。

I think first question was, hoping to get an update on integration efforts with TEL.

我認為第一個問題是，希望獲得有關與 TEL 集成工作的最新信息。

You provided some great info at SEMICON and prior to that.

您在 SEMICON 和之前提供了一些很棒的信息。

We would love to get an update there.

我們很想在那裡得到更新。

Yes.

是的。

Thanks for the question CJ.

謝謝CJ的提問。

On the merger, we are absolutely convinced that this is the right strategy to bring more value for our customers, drive innovation with better products, faster and lower cost.

關於合併，我們堅信這是為我們的客戶帶來更多價值、以更好的產品、更快和更低的成本推動創新的正確戰略。

I think, as we continue to work together, we're more and more convinced of that, and that really is accelerating our existing strategy in materials innovation, and really focused on the key challenges, the key strategic challenges, that our customers have, so that's been going very well.

我認為，隨著我們繼續合作，我們越來越相信這一點，這確實正在加速我們現有的材料創新戰略，並真正專注於我們客戶面臨的關鍵挑戰，關鍵戰略挑戰，所以進展非常順利。

The integration planning has really been tremendous.

整合計劃確實是巨大的。

We talked as you said, last month a lot about that.

正如你所說，上個月我們談了很多。

Relative to the organizational structure.

相對於組織結構。

We are aligned on the culture and the mission, vision, and values, the operating rhythm.

我們在文化和使命、願景和價值觀以及運營節奏上保持一致。

And what I've seen is just continual building of those relationships and excitement of all the key people on both sides, so really just tremendous progress ahead of where we thought we would be at this point.

我所看到的只是雙方所有關鍵人物的關係和興奮的持續建立，所以真的只是在我們認為我們會在這一點上取得巨大進步。

I agree with Gary.

我同意加里。

I think on the mechanics integration, which seemed to be a question, it's going actually really well, better than I would have expected.

我認為在機械集成方面，這似乎是一個問題，實際上進展非常順利，比我預期的要好。

And engagement by the teams has been really good.

團隊的參與度非常好。

Working relationships have been strong.

工作關係一直很牢固。

The rhythm of it, in terms of operating organization, how we will be do business together.

它的節奏，就運營組織而言，我們將如何共同開展業務。

It's been pretty darn positive.

這是非常積極的。

I think we see line of sight to the synergies.

我認為我們看到了協同效應。

Pretty damn good, I'd say.

相當不錯，我會說。

That's great and if I could ask a follow-up, it looks like revenues came into the low end of the range, and the culprit was silicon.

太好了，如果我可以要求跟進，看起來收入進入了該範圍的低端，罪魁禍首是矽。

At the same time your backlog actually grew there, I think 4%.

與此同時，你的積壓實際上在那裡增長，我認為是 4%。

So I'm curious, how should we think about the timeframe of recognizing revenues there, and does that suggest a strong January quarter, and/or does that kind of bleed into the first half of 2015?

所以我很好奇，我們應該如何考慮在那裡確認收入的時間框架，這是否表明一月份的季度表現強勁，和/或這種情況是否會延續到 2015 年上半年？

Yes.

是的。

We do have really strong backlog actually, and (technical issues) we've been talking about the display backlog in orders for a couple of quarters.

實際上，我們確實有非常強大的積壓，並且（技術問題）我們已經討論了幾個季度的顯示積壓訂單。

We're going to start to give some significant benefit from the display backlog in terms of the revenue line next quarter.

就下個季度的收入線而言，我們將開始從顯示積壓中獲得一些顯著的好處。

SSG backlog will help us next quarter, but I think some of that benefit will also go into fiscal (technical issues).

SSG 積壓工作將在下個季度幫助我們，但我認為其中一些好處也將體現在財政（技術問題）上。

Great.

偉大的。

Thank you.

謝謝你。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

This is Farhan asking a question on behalf of John.

這是 Farhan 代表 John 提出的問題。

My first question is regarding the breakout of orders within SSD, did you provide a breakout between NAND, DRAM, foundry and logic?

我的第一個問題是關於 SSD 內部訂單的突破，您是否提供了 NAND、DRAM、代工和邏輯之間的突破？

I may have missed it on your commentary.

我可能錯過了你的評論。

We didn't provide --

我們沒有提供——

Yes.

是的。

It's in the press release, Farhan.

它在新聞稿中，法爾漢。

So we can definitely pointed out to you later.

所以我們絕對可以稍後向您指出。

Okay.

好的。

That's fine.

沒關係。

Okay.

好的。

And then in regards to 2015 expectations you talked about significant ramp in 3D and also on DRAM side.

然後關於 2015 年的預期，您談到了 3D 和 DRAM 方面的顯著增長。

Your persisting that there could be a pick-up as capacity additions may possibly resume.

您堅持認為可能會出現回升，因為容量增加可能會恢復。

From in terms of your outlook for 2015, what segments do you expect to grow more, if you could just give us a sense of, is their strength more in foundry or is it more in memory?

從您對 2015 年的展望來看，您認為哪些細分市場會增長更多，如果您可以給我們一個感覺，他們的實力更多是在代工方面還是在內存方面更多？

Well, so first of all, 2015, we think will be an up year, as we talked about before.

嗯，首先，我們認為 2015 年將是上升的一年，正如我們之前談到的那樣。

The major changes that are happening in 2015, we see that the investment in finFET technologies are going to pick up a fair amount.

2015 年發生的重大變化，我們看到對 finFET 技術的投資將會增加。

It should be, our current forecast is something like 50% of the foundry business will be investing for those technologies in 2015, and we see foundry investment maybe up slightly in 2015.

應該是的，我們目前的預測是 50% 的代工業務將在 2015 年投資於這些技術，我們預計 2015 年代工投資可能會略有上升。

The memory business for both NAND flash and DRAM, we see both of those being up, and also, as we talked about before, we see 3D NAND investment in 2015 increasing significantly from where we're at in 2014.

NAND 閃存和 DRAM 的內存業務，我們看到兩者都在增長，而且，正如我們之前談到的，我們看到 2015 年的 3D NAND 投資比 2014 年顯著增加。

So those are the major drivers.

所以這些是主要的驅動力。

Thank you.

謝謝你。

That's all I had.

這就是我所擁有的。

Timothy Arcuri, Cowen and Co.

Timothy Arcuri, Cowen and Co.

A couple things.

幾件事。

Bob, I wanted to ask about the performance of the Company this calendar year versus what your financial model is, and I understand that the financial model is a 2016 model, so maybe the answer is just time, but this year you're going to do -- if like WFE is sort of in the low 30s, maybe it's 32 billion, I think is what you are now saying.

鮑勃，我想問一下公司本日曆年的業績與你的財務模型是什麼，我知道財務模型是 2016 年的模型，所以答案可能只是時間，但今年你會做——如果 WFE 處於 30 多歲的低點，也許是 320 億，我想這就是你現在所說的。

You're going to do somewhere in that $1.10 range if you assume that the January quarter is not like heroically up or down, and your financial model has you doing $1.50 at 30 billion WFE, so my question is what is going to happen or sort of what has to happen to get from where you are this year to where the financial model says you'll be, because there still seems to be a big gap?

如果您假設 1 月季度沒有像英雄般的上漲或下跌，那麼您將在 1.10 美元的範圍內做某事，並且您的財務模型讓您以 300 億美元的 WFE 做 1.50 美元，所以我的問題是會發生什麼或排序從你今年的位置到財務模型所說的你將要達到的位置，因為似乎仍然存在很大差距，必鬚髮生什麼？

So, I've got to check the math.

所以，我必須檢查數學。

I think if you go $1.50 it's 30 billion, frankly.

坦率地說，我認為如果你花 1.50 美元，那就是 300 億美元。

This year, it's about a 31.6 billion to 31.9 billion WFE.

今年，WFE 約為 316 億至 319 億。

But if you look at -- we've got a gain of -- we said in the model we are going to get to 19.9% wafer fab equipment and SSD, we ended last year at 19.1% we haven't forecasted it this year, but the year before it was 17.7%, so we gained 1.4% through last year, in wafer fab equipment.

但是如果你看一下——我們已經獲得了——我們在模型中說我們將達到 19.9% 的晶圓廠設備和 SSD，去年年底我們沒有預測到 19.1% ，但前一年是 17.7%，所以我們在晶圓廠設備方面比去年增長了 1.4%。

We continue to be optimistic that we'll get to the 19.9% from the model.

我們繼續樂觀地認為我們將從模型中達到 19.9%。

The second thing is gross margins.

第二件事是毛利率。

I think at the 30 billion model we were at like 44 or 45 and the quarter just ended, and we did 45.5.

我認為在 300 億模型中，我們大約是 44 或 45，而本季度剛剛結束，我們做了 45.5。

This year will probably be around 44.

今年大概是44歲左右。

So it's a little higher volume -- 31.6 billion versus the 30 billion model, so we are actually getting there.

所以它的數量要高一些——316 億與 300 億的模型相比，所以我們實際上已經到了那裡。

OpEx I think in the 30 billion -- I'm doing this from memory, Tim.

OpEx 我認為是 300 億——我是憑記憶做的，蒂姆。

I think it was like a 2.2 or something like that.

我認為它就像一個 2.2 或類似的東西。

2.1.

2.1。

So right now, we are trending to be about 220 on about $100 million extra expense.

所以現在，我們的趨勢是大約 220 美元，額外費用約為 1 億美元。

Still over 450 span in our numbers, and we got some managed expenses and inflation a little bit, we're off about 100.

我們的人數仍然超過 450 個，而且我們得到了一些管理費用和一點點通貨膨脹，我們大約有 100 個。

Tax rate, we said would be 22% in that model, and right now we're running a full year, I think we're going end up around 23% or 24%.

稅率，我們說在那個模型中是 22%，現在我們運行了一整年，我認為我們最終會達到 23% 或 24% 左右。

So, and I feel pretty good about the 22% getting there.

所以，我對這 22% 的人感到非常滿意。

If you look at -- I think we're about 70% of effect.

如果你看一下——我認為我們大約有 70% 的效果。

We've got to get a little more share gain, a little more gross margin, manage that expense a little bit, taxes a little bit.

我們必須獲得更多的份額收益，更多的毛利率，稍微管理一下費用，稍微徵稅。

With respect to math, I guess we are a delta you're right, but those are the levers and I think we're about 65%, 70% there.

關於數學，我想我們是一個三角洲，你是對的，但這些是槓桿，我認為我們大約有 65%、70% 在那裡。

You're right.

你是對的。

It is delta.

是三角洲。

Awesome.

驚人的。

Okay.

好的。

Thanks, Bob.

謝謝，鮑勃。

And then just a follow-up on the fourth calendar quarter, if you look at the numbers that Semi puts out, the right rate for Q1, WFE was $34 billion -- $33 billion or $34 billion, and Q2 is like $30 billion.

然後只是第四季度的跟進，如果你看看 Semi 公佈的數字，第一季度的正確利率是 340 億美元——330 億美元或 340 億美元，第二季度大約是 300 億美元。

Then most companies, including you, are guiding Q3 down just a touch, so maybe you're in the $30 billion range.

然後，包括您在內的大多數公司都將第三季度的業績下滑了一點點，所以也許您的規模在 300 億美元左右。

If the full year is going to be $32 billion, than the fourth quarter has to be a pretty good quarter to get you to $32 billion for the year.

如果全年將達到 320 億美元，那麼第四季度必須是一個相當不錯的季度才能使全年達到 320 億美元。

Is that what you see right now, that the fourth quarter is going to be up pretty sizably in SSG?

這就是你現在所看到的，第四季度在 SSG 中會大幅上漲嗎？

Yes.

是的。

We haven't guided to Q1 yet, but we think Q1 is probably stronger, fiscal Q1 is probably stronger, which is a (technical issues) [number], it's been that way pretty often in the recent past.

我們還沒有指導第一季度，但我們認為第一季度可能更強勁，第一季度財政可能更強勁，這是一個（技術問題）[數字]，在最近的過去經常是這樣。

And, if you think about, as we talked about earlier, Tim, about technology transitions and VNAND and finFET -- there's still a little bit in the middle of this year, but they still look very committed to those.

而且，如果你想一想，正如我們之前談到的，蒂姆，關於技術轉型以及 VNAND 和 finFET——今年年中還有一點點，但他們看起來仍然非常致力於這些。

So my guess is that the fiscal Q1 for us or the calendar Q4 for the industry is probably positive.

所以我的猜測是，我們的第一財季或該行業的第四季度日曆可能是積極的。

Awesome.

驚人的。

Okay Bob.

好的鮑勃。

Thanks so much.

非常感謝。

Harlan Sur, JPMorgan.

摩根大通的哈蘭蘇爾。

Given the complexities, both process development and yield ramps associated with some of these next-generation technologies, it looks like your take rate and attach rates on services are growing nicely.

考慮到與其中一些下一代技術相關的工藝開發和良率提升的複雜性，您的服務獲取率和附加率似乎增長良好。

I think you guys said that you anticipate high single-digit percentage growth this year.

我想你們說過，你們預計今年會有很高的個位數百分比增長。

Given what appears to be a continuation of this complexity trend, would you expect similar type load of growth going forward?

鑑於這種複雜性趨勢似乎是一種延續，您是否預計未來會出現類似類型的增長負載？

And at this type of growth rates, are you driving OpEx leverage?

在這種增長率下，您是否在推動運營支出槓桿？

Yes.

是的。

We definitely see opportunities in the service business, as customers are going through dramatic technology transitions in foundry and memory.

我們肯定會在服務業務中看到機會，因為客戶正在經歷代工和內存方面的巨大技術轉型。

It really creates a great opportunity for us.

它確實為我們創造了一個很好的機會。

We've done a lot in terms of aligning our service strategy to those opportunities.

在使我們的服務戰略與這些機會保持一致方面，我們做了很多工作。

We have changed the organization structure, so there's tighter alignment between SSG and AGS.

我們改變了組織結構，因此 SSG 和 AGS 之間的一致性更加緊密。

So we're really focused on those device performance and yield and cost challenges, as customers are making those transitions.

因此，隨著客戶進行這些轉變，我們真正專注於那些設備性能、產量和成本挑戰。

We're seeing good response from customers, so strong pull for those types of capabilities.

我們看到客戶的良好反應，對這些類型的功能有如此強大的吸引力。

As customers are making these transitions, getting the particles to the level they need to be, to get good yield, edge die yield, uniformity, all of these things are harder and harder.

隨著客戶進行這些過渡，使顆粒達到他們需要的水平，以獲得良好的良率、邊緣芯片良率、均勻性，所有這些都變得越來越難。

And we're aligning our Company, and our strategy, and our structure, to really provide more value for our customers, and drive those opportunities.

我們正在調整我們的公司、我們的戰略和我們的結構，以便真正為我們的客戶提供更多價值，並推動這些機會。

So we see, as we said, the single-digit revenue growth this year.

因此，正如我們所說，我們看到了今年的個位數收入增長。

But we really see this, as you talked about, as a great opportunity for us to continue to drive the service business going forward, and we see a lot of leverage also, as that business grows.

但是，正如您所說，我們真的認為這是我們繼續推動服務業務向前發展的絕佳機會，而且隨著業務的增長，我們也看到了很多影響力。

Great.

偉大的。

And then on the selective removal platform, I think it SEMICON you pegged this as about $1 billion opportunity.

然後在選擇性移除平台上，我認為 SEMICON 你認為這是大約 10 億美元的機會。

You talked about tools are being placed with five large customers.

您談到工具正在與五個大客戶一起放置。

What technology nodes are your early customers looking to use this solution and high-volume manufacturing, and is it more targeted for front-end focused or back-end focused applications?

您的早期客戶希望使用該解決方案和大批量製造的哪些技術節點，它更針對前端應用還是後端應用？

Thank you.

謝謝你。

Yes.

是的。

Thanks, Harlan.

謝謝，哈蘭。

So we've already seen some cases were customers are putting the selective removal technology into production, but we really see this more, as you go forward to some of these future device technologies.

因此，我們已經看到一些案例是客戶將選擇性去除技術投入生產，但隨著您繼續使用其中一些未來的設備技術，我們確實看到了更多。

Especially, we've seen adoption of this in memory.

特別是，我們已經看到在內存中採用了這一點。

And there are a number of different -- potential opportunities in patterning.

並且有許多不同的潛在機會。

You have things like pattern collapse.

你有模式崩潰之類的東西。

As you're going vertical to the -- through the taller 3D types of structures with the tighter design rules; that's where you start seeing the current technologies running out of gas, and an opportunity for us to implement the selective removal technology.

當你垂直於——通過更高的 3D 類型的結構和更嚴格的設計規則；這就是您開始看到當前技術耗盡氣體的地方，也是我們實施選擇性去除技術的機會。

So we do see some, already, layers going into production with this technology.

因此，我們確實看到一些已經使用這項技術投入生產的層。

Certainly we'll see it ramping next year, and then probably the year after that, even stronger adoption.

當然，我們會在明年看到它的增長，然後可能是在那之後的一年，甚至更強大的採用率。

Thank you.

謝謝你。

Romit Shah, Nomura.

Romit Shah，野村。

Very solid results.

非常可靠的結果。

The spending environment has been under a little bit of pressure recently, but we're seeing, what I think is at the higher level of stability in your revenues, compared to some of your peers.

支出環境最近受到了一些壓力，但我們看到，與一些同行相比，我認為你們的收入穩定性更高。

And I'd love your perspective on that.

我很喜歡你對此的看法。

Is that just seasonal, or do you see your business as inherently being less cyclical?

這只是季節性的，還是您認為您的業務本質上不那麼週期性？

Yes.

是的。

I think generally the semi industry is a little less cyclical, a little more seasonal, as you go to more and more consumer products per chip versus [the] (inaudible).

我認為總體而言，半導體行業的周期性要小一些，季節性要多一些，因為與 [the]（聽不清）相比，每個芯片的消費產品越來越多。

So I think that's true and I think a lot of people believe that.

所以我認為這是真的，而且我認為很多人都相信這一點。

The display business, half of it or 60% of it, is cyclical, big [TD] size, 4 TD capacity added.

顯示業務，其中一半或60%是周期性的，大[TD]規模，增加了4個TD容量。

I think you're a little bit more systemic growth on the smaller screen sizes.

我認為你在較小的屏幕尺寸上會有更多的系統性增長。

Phones, and iPads, things like that.

電話和 iPad 之類的東西。

So net-net, between semi and display I think we are trending more seasonal versus cyclical historically, and then the other thing that's going pretty well for us, the service business, looks like it's going to get some growth.

因此，在半成品和展示品之間，我認為從歷史上看，我們的趨勢是季節性的而不是周期性的，然後對我們來說進展順利的另一件事，服務業務，看起來會有所增長。

And also the solar business, the growth is moderate, but the profitability is going up.

還有太陽能業務，增長溫和，但盈利能力正在上升。

Helpful.

有幫助。

Thanks.

謝謝。

And SSG revenues were a little bit lighter, but margins were a lot better.

SSG 的收入稍微少一點，但利潤率要好得多。

Bob, you mentioned mix.

鮑勃，你提到了混合。

I was hoping you could provide a little bit more color on what was it within the mix that drove the better margins there?

我希望你能提供更多的色彩來說明混合中的哪些因素推動了那裡更好的利潤率？

Yes.

是的。

A couple things.

幾件事。

One, I think the revenue side I was actually, in hindsight, relatively pleased.

第一，我認為收入方面，事後看來，我實際上是比較滿意的。

We had strong bookings, revenues were a little under what we thought, but there were things that transpired in the quarter that happened there, that we managed it pretty well.

我們有強勁的預訂量，收入略低於我們的預期，但在本季度發生的一些事情發生在那兒，我們管理得很好。

And then if you look at our peers, our guide and our actuals -- our second quarter, our third quarter and even our third quarter, our fiscal fourth quarter we compared pretty well actually.

然後，如果你看看我們的同行、我們的指南和我們的實際情況——我們的第二季度、第三季度甚至第三季度，我們實際上比較了我們的第四財季。

For the revenues in SSG and the company are holding up okay.

對於 SSG 和公司的收入來說，情況還不錯。

If you look within SSG revenue, which you asked me on the margin, we're making some progress in most of the products in some margin, it's cost reduction, it's efficiency, it's selling more update products; it's all of the execution things you think about everyday, for those projects trend up a little bit.

如果您查看 SSG 收入，您在邊際上問我，我們在大多數產品上都取得了一些進步，這是降低成本、提高效率、銷售更多更新產品；這是您每天都在考慮的所有執行事項，因為這些項目有一點上升趨勢。

What we are very optimistic about is that the money we've invested last year is -- couple years really, in R&D and SSG.

我們非常樂觀的是，我們去年投入的資金是——實際上是幾年，用於研發和 SSG。

Because we put heavier weighting of that this year on 300 millimeter products versus 450 last year.

因為今年我們對 300 毫米產品的重視程度高於去年的 450 毫米產品。

We think those are going to give us some more lift on opportunities in the revenue and gross margin line.

我們認為這些將使我們在收入和毛利率線的機會方面獲得更多提升。

Thank you.

謝謝你。

Krish Sankar, Merrill Lynch.

Krish Sankar，美林證券。

Thanks for taking my question.

感謝您提出我的問題。

The first one I had is for Gary.

我的第一個是給加里的。

If you look at the three big technology inflections next year, 3D NAND, finFET, and multi-patterning DRAM.

如果你看看明年的三大技術拐點，3D NAND、finFET 和多模式 DRAM。

In your WFE assumption, which do you think, in terms of dollars, which do you think is going to the biggest?

在您的 WFE 假設中，您認為以美元計，您認為哪個是最大的？

Do you think 3D NAND or finFET?

你認為是 3D NAND 還是 finFET？

In terms of dollars, the finFET -- or the foundry spending is going to be higher than 3D NAND.

就美元而言，finFET 或代工支出將高於 3D NAND。

And what we see in both the finFET and 3D NAND is a real strong transition to both the finFET as a percentage of that spending, and also 3D NAND, as a percentage of the NAND flash spending.

我們在 finFET 和 3D NAND 中看到的是向 finFET（佔該支出的百分比）和 3D NAND（佔 NAND 閃存支出的百分比）的真正強勁轉變。

So, in both cases, we think that the spending for those new technologies are going to be around 50%.

因此，在這兩種情況下，我們認為這些新技術的支出將在 50% 左右。

And as we have said before, that's very positive for us, because we have great products and enabling new transistor technologies, and 3-D NAND is really materials-enabled versus litho-enabled, so it's very heavy in areas where we have a very strong position.

正如我們之前所說，這對我們非常有利，因為我們擁有出色的產品並支持新的晶體管技術，而且 3-D NAND 確實是材料支持而不是光刻支持，所以它在我們擁有非常重要的領域非常重要強勢地位。

So, in both cases, we see about half of the spending next year being those new technologies.

因此，在這兩種情況下，我們都看到明年大約一半的支出用於這些新技術。

Foundry is about 2X the total spending versus 3D NAND, so that would mean that the finFET is more heavily a percentage of our revenue versus 3D NAND.

與 3D NAND 相比，Foundry 的總支出約為 2 倍，因此這意味著 finFET 在我們的收入中所佔的比例要高於 3D NAND。

Got it Gary, that's very helpful.

明白了，加里，這很有幫助。

And just as a follow-up, you mentioned in your prepared comments about capacity additions in DRAM next year, despite technology changes this year.

作為後續行動，您在準備好的評論中提到了明年 DRAM 的產能增加，儘管今年技術發生了變化。

So next year, when you look at capacity additions, can you try to quantify or help us quantify, in terms of wafer starts or what do expect for DRAM capacity adds to be in calendar 2015?

那麼明年，當您查看產能增加時，您能否嘗試量化或幫助我們量化晶圓開工或 2015 年 DRAM 產能增加的預期？

Yes.

是的。

What we see in DRAM next year is up some, versus 2014, but if you look at 2013 to 2014, the WFE spending really is going up pretty dramatically.

與 2014 年相比，我們明年在 DRAM 中看到的情況有所增加，但如果你看看 2013 年至 2014 年，WFE 的支出確實會大幅增長。

We have it up in the 30% to 45% range in terms of total WFE spending in DRAM.

就 DRAM 中的 WFE 總支出而言，我們將其提升了 30% 到 45% 的範圍。

And we see it up slightly, maybe less than 5% next year, is our current view.

我們認為它會略有上升，明年可能不到 5%，這是我們目前的看法。

And on the capacity versus technology, we see it much heavier weighted in capacity buys, versus technology buys in 2015, but that's our current view.

在產能與技術方面，我們認為 2015 年產能購買與技術購買相比權重更大，但這是我們目前的觀點。

Got it.

知道了。

That's very helpful.

這很有幫助。

Thank you, Gary.

謝謝你，加里。

Steven Chin, UBS.

瑞銀的史蒂文·欽。

Just wanted to follow-up on the segment operating margin.

只是想跟進該部門的營業利潤率。

Maybe to start with, if Bob you can share some color on the rising unallocated corporate expenses?

也許首先，如果鮑勃你可以分享一些關於未分配公司開支上升的顏色？

Is that mostly the merger with Tokyo Electron and does that go away after the merger is completed, so maybe there's room for additional operating margin improvement from that corporate line?

這主要是與東京電子的合併嗎？合併完成後這種情況會消失嗎，所以也許該公司線還有進一步提高營業利潤率的空間？

If you look at GAAP versus non-GAAP, we have a couple of points of spread in our GAAP and non-GAAP CVC tax income.

如果您看一下 GAAP 與非 GAAP，我們的 GAAP 和非 GAAP CVC 稅收收入有幾個點差。

Generally the spend is getting tighter but there's about -- most of that is the Tokyo Electron.

一般來說，支出越來越緊，但其中大部分是東京電子。

And then, we also have the corporate sometime bonus plans.

然後，我們也有公司有時的獎金計劃。

I think a lot of that you're looking at is the non-GAAP related (technical issues) costs.

我認為您正在查看的很多內容是非 GAAP 相關（技術問題）成本。

Okay.

好的。

Thanks.

謝謝。

And then maybe a follow-up question on the improving gross margins.

然後可能是關於提高毛利率的後續問題。

How much are gross margins benefiting from this diversification of spending by the customer base, especially in foundry?

客戶群支出的多樣化，尤其是在代工方面，能從多大程度上受益於毛利率？

The question is can gross margin possibly see another tailwind as customers, not named Intel or TSMC or Samsung Memory, become a bigger piece of your sales?

問題是，隨著客戶（不包括英特爾、台積電或三星內存）成為您銷售的更大一部分，毛利率是否可能會出現另一股順風？

Let me go back and give you an answer here before I give you more color, Steven.

在我給你更多顏色之前，讓我回去給你一個答案，史蒂文。

What we've done to date, is we've done a lot of good blocking and tackling.

迄今為止我們所做的是，我們已經做了很多很好的攔截和攔截。

In places like DES, where we have kept the costs down, run it back as a breaking business, but raise gross margin, that contributes to the confidence.

在像 DES 這樣的地方，我們降低了成本，將其作為一項破產業務運營，但提高了毛利率，這有助於增強信心。

If you look at display, it reduced their overhead cost, getting valuable products, the whole mix of things has been done well.

如果你看顯示器，它降低了他們的間接成本，得到了有價值的產品，整個組合都做得很好。

If you look at AGS, trended up a little bit with gross margins there too, so it's all of the blocking and tackling across the Company.

如果你看看 AGS，那裡的毛利率也有一點上升的趨勢，所以這就是整個公司的所有阻礙和應對。

So you can't take it as a heroic thing, you just look at just good blocking and tackling and execution and broad range of activities.

所以你不能把它當作一個英雄的事情，你只需要看看良好的攔截、搶斷和執行以及廣泛的活動。

Within SSG, specifically where you're talking about, there's things -- blocking and tackling has probably helped us some.

在 SSG 中，特別是在您所談論的地方，有些事情——攔截和鏟球可能對我們有所幫助。

The second thing that helps and hurts periodically in quarters is just mix of the individual products, so we're actually gaining share in etch, which we are talked about, and we are very pleased with.

第二個在季度中周期性地幫助和傷害的事情只是個別產品的混合，所以我們實際上在蝕刻中獲得了份額，我們正在談論這一點，我們對此感到非常滿意。

But the gross margin is a little bit lower in these early etch pools, and it's not pricing, it's just etch is always a little bit lower for us in the last 20 years.

但是這些早期蝕刻池的毛利率有點低，而且不是定價，只是在過去 20 年裡，蝕刻對我們來說總是有點低。

So the mix within quarters, once in a while, goes up and down but the systemic thing in SSG -- the blocking and tackling is getting better.

因此，四節內的混合偶爾會上下波動，但 SSG 中的系統性問題 - 阻擋和鏟球正在變得更好。

New products are coming which will help with SSG, you're timing mix quarter to quarter, which is plus or minus.

新產品即將推出，這將有助於 SSG，您正在按季度調整組合，這是正負。

Now, the question you're asking is mix between customers.

現在，您要問的問題是客戶之間的混合。

We don't typically talk about mix between customers.

我們通常不談論客戶之間的混合。

The configurations, the difference, the mix product feels different, but generally we think we are in line of selling more valuable set of products to all of them.

配置、差異、混合產品感覺不同，但通常我們認為我們正在向所有人銷售更有價值的產品。

Thanks, Steven.

謝謝，史蒂文。

Sundeep Bajikar, Jefferies.

Sundeep Bajikar，傑富瑞。

Would you please provide your perspective on Applied's display business in China?

請您談談您對應用材料在中國的顯示業務的看法？

What's your outlook for new investments in the display technology from China over the next year, and how would you categorize the competitive landscape over there for display equipment?

您對明年中國在顯示技術方面的新投資有何展望，您如何對中國顯示設備的競爭格局進行分類？

As part of that, perhaps also help us understand, is there any major synergies between Applied's display business and semiconductor business in China?

作為其中的一部分，或許也有助於我們理解，應用材料公司的顯示業務與中國半導體業務之間是否存在重大協同效應？

Thanks.

謝謝。

Thanks, Sundeep.

謝謝，桑迪普。

The business in China for display is definitely very strong.

中國的顯示器業務絕對是非常強大的。

And as we've talked about before, our customers are going through transitions in amorphous silicon, to LTPS, to metal oxide, and organic LED types of display technologies.

正如我們之前談到的，我們的客戶正在經歷非晶矽、LTPS、金屬氧化物和有機 LED 類型的顯示技術的轉變。

Our market share performance in display is really exceeding our expectations.

我們在顯示器方面的市場份額表現確實超出了我們的預期。

We have very strong products, as customers are ramping these new factories, and ramping these new technologies.

我們有非常強大的產品，因為客戶正在增加這些新工廠，並增加這些新技術。

So we're -- China is a big percentage of our business right now, I think we recently announced an order where we had 100% market share in one of the big factories there.

所以我們 - 中國現在是我們業務的很大一部分，我想我們最近宣布了一項訂單，我們在那裡的一家大工廠擁有 100% 的市場份額。

So overall we are very, very optimistic about display.

所以總的來說，我們對顯示器非常非常樂觀。

We talked also about the last two quarters having more than $600 million in orders.

我們還談到了過去兩個季度的訂單超過 6 億美元。

So the overall momentum there is very good, and as Bob talked about, the team is really outstanding.

所以那裡的整體勢頭非常好，正如鮑勃所說，這支球隊真的很出色。

There executing really well in terms of their new product introductions.

就他們的新產品推出而言，那裡執行得非常好。

They've cut their install cycle times down dramatically, a lot of different things they are doing there, not only from an innovation standpoint, but also from an execution standpoint.

他們已經大大縮短了安裝週期，他們在那裡做了很多不同的事情，不僅從創新的角度來看，而且從執行的角度來看。

Okay.

好的。

That's very helpful and just a follow-up -- how much exposure doesn't Applied have to flexible OLED display?

這很有幫助，只是一個後續行動——應用在柔性 OLED 顯示器上不需要多少曝光？

If you see a product and technology ramp in flexible display, say in the next 6 to 12 months, is there a chance we would see impact in Applied's fundamentals?

如果您看到柔性顯示器的產品和技術在未來 6 到 12 個月內出現增長，我們是否有機會看到應用材料公司的基本面受到影響？

We do have products, so OLED with the current displays -- the TAM opportunity for us goes up by about a factor of 2. And so that's a very good opportunity for us with existing technologies.

我們確實有產品，所以 OLED 和當前的顯示器——我們的 TAM 機會增加了大約 2 倍。所以這對我們現有技術來說是一個非常好的機會。

We also have some new technologies that we are seeing traction, with some of these flexible products, that are being -- the early ones, that are being adopted by customers.

我們還有一些我們看到了牽引力的新技術，其中一些靈活的產品正在被客戶採用。

And we have opportunities there with new business; we're seeing the early indications of that, but we definitely do have opportunities there also.

我們在那裡有新業務的機會；我們看到了這方面的早期跡象，但我們肯定也有機會。

I think Gary, on that one, it also grows our addressable market, with flexible.

我認為加里，在這一點上，它還可以靈活地擴大我們的潛在市場。

Absolutely.

絕對地。

Great.

偉大的。

Thank you very much.

非常感謝。

Patrick Ho, Stifel Nicolaus.

帕特里克·何，Stifel Nicolaus。

Maybe first question, in terms of the share gains you have generated over the past year or so, as we look at 2014 versus 2015, as finFET and 3D NAND ramp even higher next year, how much of the share gains will we see realized in 2015, given that Bob, I think you mentioned some of the new products that are out there?

也許是第一個問題，就您在過去一年左右產生的份額收益而言，當我們查看 2014 年與 2015 年時，隨著 finFET 和 3D NAND 明年的漲幅更高，我們將看到多少份額收益在2015 年，鑑於 Bob，我想你提到了一些新產品？

How much of more will we see that impact -- hit the Company's top and bottom line in 2015?

我們還會看到多少影響——在 2015 年達到公司的頂線和底線？

Yes.

是的。

We think a few things slated for us in 2015, Patrick.

帕特里克，我們認為 2015 年為我們安排了一些事情。

One, we think we could gain share.

一，我們認為我們可以獲得份額。

The addressable market for those products is growing fast, and we think we'll gain share.

這些產品的潛在市場正在快速增長，我們認為我們將獲得份額。

Those markets tend to be around CVD, etch we think will do well, some CMP steps are being added, believe it or not, we're in some of those structures.

這些市場往往圍繞著 CVD，我們認為蝕刻會做得很好，正在添加一些 CMP 步驟，不管你信不信，我們處於其中的一些結構中。

So it looks pretty good for us.

所以它對我們來說看起來很不錯。

The second thing is mix of customer spending should play a force for us, number one.

第二件事是客戶支出的組合應該對我們發揮作用，第一。

Number two some of our tools that we are offering in there will play for us, and then three, within the mix of that customer spending its more -- first point of mix was between customer, and second was in the type of products they're buying.

第二，我們在那裡提供的一些工具將為我們發揮作用，然後是第三，在該客戶花費更多的組合中——第一個組合點是在客戶之間，第二個是他們的產品類型重新購買。

3D and finFET are more heavily weighted, so that's where we're gaining share.

3D 和 finFET 的權重更大，所以這就是我們獲得份額的地方。

But I think all of those will play for us usefully on the architecture opportunities in 2014.

但我認為所有這些都將在 2014 年的架構機會中為我們發揮有益的作用。

Great.

偉大的。

And maybe a specific question for you Bob, looking at the last several quarters, you have done a really good job in terms of inventory, as well as DSOs and the supply chain.

也許對你來說一個具體的問題 Bob，看看過去幾個季度，你在庫存、DSO 和供應鏈方面做得非常好。

If you can give some of the examples of what you've done on those fronts, to improve the balance sheet metrics, as well as cash flow generation.

如果你能舉出一些例子來說明你在這些方面所做的事情，以改善資產負債表指標以及現金流的產生。

Yes.

是的。

You know some of the stuff isn't glamorous.

你知道有些東西並不迷人。

I think the whole company has been through this stuff.

我認為整個公司都經歷過這些事情。

If you think of some of the stuff we've told you today, whether it's the display tools, we structured the money on, the inventory pulled forward, some of the stuff is a customs audit and career.

如果你想到我們今天告訴你的一些東西，無論是展示工具，我們的資金結構，庫存提前，有些東西是海關審計和職業。

It's just a lot of good blocking and tackling going across a wide range of people in the company, and it feels like it's building momentum.

這只是在公司內廣泛的人員中進行的很多很好的阻止和處理，感覺就像它正在建立勢頭。

That's a good thing.

這是好事。

In terms of higher-level principles, we're taking more strategic deals with supply chain, I think, in terms of the ramp, IP, cost, and sourcing opportunities.

就更高層次的原則而言，我認為，在坡道、IP、成本和採購機會方面，我們正在與供應鏈進行更多的戰略交易。

I think we are starting to subsegment our supply base into people who have high IP versus low-cost opportunities.

我認為我們開始將我們的供應基礎細分為擁有高 IP 和低成本機會的人。

I think we are tackling a little differently.

我認為我們的處理方式有所不同。

I think if you look at our new products, as we're going to ship into new products, we're taking a deeper view of the IP opportunities in those new products.

我認為，如果您查看我們的新產品，當我們將推出新產品時，我們會更深入地了解這些新產品中的知識產權機會。

We have stable differentiation ourselves.

我們自己有穩定的差異化。

I think we are probably taking a more strategic view of it, and that's developing and looking better and better.

我認為我們可能正在對它採取更具戰略性的觀點，並且這種觀點正在發展並且看起來越來越好。

In terms of the balance sheet, it talks about inventory receivables, I think we are doing better.

在資產負債表方面，它談到了應收存貨，我認為我們做得更好。

It's a big opportunity to be honest with you, but I think inventory, how we manage our inventory, impacting end service (technical difficulty), we made some progress; I think we can continue to make progress.

老實說，這是一個很大的機會，但我認為庫存，我們如何管理庫存，影響最終服務（技術難度），我們取得了一些進展；我認為我們可以繼續取得進展。

Great.

偉大的。

Thank you.

謝謝你。

Mike, I just -- we are running a little low on time, I wonder if we could have one more question on the line.

邁克，我只是——我們的時間有點少，我想知道我們是否可以再問一個問題。

Mahesh Sanganeria, RBC Capital.

加拿大皇家銀行資本的 Mahesh Sanganeria。

I just wanted to follow-up on the flat-panel display, again.

我只是想再次跟進平板顯示器。

You had pretty high level of orders.

你的訂單水平很高。

I think you have to go back to 2008 to get to those levels, and historically, those have been very lumpy.

我認為你必須回到 2008 年才能達到這些水平，而從歷史上看，這些水平非常不穩定。

Can you give us a sense of what the yearly land rate are you thinking of right now?

你能告訴我們你現在想的年土地費是多少嗎？

This year and next year and 600 to 700 kind of range?

今年和明年還有600到700種不等？

Or some help on that would be good.

或者一些幫助會很好。

What we talked about in our financial model was to get to $1 billion run rate in the 2016 model, and we feel really good about the progress we're making.

我們在財務模型中談到的是在 2016 年模型中達到 10 億美元的運行率，我們對我們正在取得的進展感覺非常好。

We also talked about, as these new technologies are introduced, LTPS, metal oxide, organic LED, some of these flexible substrates; all of those are great for us, from a TAM growth perspective, and some cases as much as 2X larger TAM, versus where we're at today.

我們還談到了，隨著這些新技術的引入，LTPS、金屬氧化物、有機LED，其中一些柔性基板；從 TAM 增長的角度來看，所有這些對我們來說都很棒，有些情況下 TAM 比我們今天的情況大 2 倍。

So the market, we have really good pull, relative to the total available market.

所以市場，相對於總可用市場，我們有很好的拉動。

And also, our market share is growing pretty significantly, in the display business, so we are very optimistic.

而且，我們的市場份額正在顯著增長，在顯示業務中，所以我們非常樂觀。

From a model standpoint, we're still on track with what we talked about in the 2016 model, around $1 billion is that goal.

從模型的角度來看，我們仍在按照我們在 2016 年模型中談到的目標進行，大約 10 億美元是這個目標。

And then, one question on SSG.

然後，關於 SSG 的一個問題。

You talked a little bit about the memory growing 3% this year and maybe DRAM growing 5% this year.

你談到了今年內存增長 3% 和今年 DRAM 增長 5% 的問題。

So is it fair to say that this year's growth primarily coming from memory and next year growth maybe more driven by the foundry?

那麼可以公平地說，今年的增長主要來自內存，而明年的增長可能更多地來自代工廠嗎？

Well, so if you look at the wafer fab equipment spending in 2014, we still have the view that it's up 10% to 20% versus 2013.

那麼，如果你看看 2014 年的晶圓廠設備支出，我們仍然認為它比 2013 年增長了 10% 到 20%。

The areas that are growing are foundry, the NAND flash, and also DRAM.

正在增長的領域是代工、NAND 閃存和 DRAM。

All of those areas are up a fair amount.

所有這些領域都上漲了很多。

In the foundry case, it's more a broadening of the customers that are spending, but all of those are up a fair amount.

在代工廠的情況下，更多的是擴大消費客戶，但所有這些都是相當大的。

And our current view, based on what we're hearing from customers is that 2015 is going to be a stronger year than 2014, and we see still strong spending in the foundries in 2014, and incremental improvement in the memory business.

根據我們從客戶那裡聽到的信息，我們目前的觀點是，2015 年將比 2014 年更強勁，我們看到 2014 年代工廠的支出仍然強勁，內存業務也在逐步改善。

But within that, you also have, as we talked about, major technology transitions that are happening in the foundry and in NAND flash that are very positive for us.

但是，正如我們所談到的，在這之中，代工廠和 NAND 閃存中正在發生的重大技術轉型對我們來說是非常積極的。

Mahesh, we are still guessing at 2015, obviously, but if you asked my opinion, and Gary said they're all up, probably the biggest percentage growth of those three is probably NAND.

Mahesh，很明顯，我們仍然在猜測 2015 年，但如果你問我的意見，Gary 說它們都在上升，可能這三個中最大的百分比增長可能是 NAND。

Okay.

好的。

Thank you very much.

非常感謝。

That's very helpful.

這很有幫助。

Thank you.

謝謝你。

Mahesh, thanks for your question and we would like to thank everyone for joining us this afternoon.

Mahesh，感謝您的提問，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 5:00 PM Pacific time today.

從今天太平洋時間下午 5:00 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。

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。