應用材料 (AMAT) 2014 Q4 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。

During the presentation, all participants will be in a listen-only mode.

在演示過程中，所有參與者都將處於只聽模式。

Afterwards, you will be invited to participate in a question-and-answer session.

之後，您將被邀請參加問答環節。

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, Dustin.

謝謝你，達斯汀。

Today we'll discuss the results for our fourth quarter and our FY14, which ended on October 26.

今天我們將討論我們第四季度和 10 月 26 日結束的 2014 財年的業績。

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、機會、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 risks 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 November 13, 2014, and we assume no obligation to update them.

前瞻性陳述截至 2014 年 11 月 13 日，我們不承擔更新它們的義務。

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

今天的電話會議還包括非公認會計原則調整後的財務指標。

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

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

Now, I would 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 fourth quarter, Applied Materials delivered revenue and earnings at the midpoint of our target range.

在我們的第四季度，應用材料公司的收入和收益處於我們目標範圍的中點。

This rounds out a strong year for Applied, where we grew sales in our semiconductor business by 25%, and expanded our overall operating margins by 6 points.

這對應用材料公司來說是一個強勁的一年，我們在半導體業務中的銷售額增長了 25%，並將我們的整體營業利潤率提高了 6 個百分點。

These results reflect ongoing technology and capacity investments by our semiconductor and display customers, sustainable market share gains in growing markets, and significant improvements in our operating performance, that we've achieved while increasing investment in new product development.

這些結果反映了我們的半導體和顯示器客戶正在進行的技術和產能投資、不斷增長的市場中可持續的市場份額增長以及我們在增加對新產品開發的投資的同時取得的經營業績的顯著改善。

Our progress towards our strategic and financial goals is made possible by outstanding contributions from our employees around the world.

全球員工的傑出貢獻使我們朝著戰略和財務目標邁進。

This is a team with tremendous passion to create value for customers and investors.

這是一個充滿激情為客戶和投資者創造價值的團隊。

Over the past two years, we have placed Applied on a trajectory of long-term profitable growth and improving financial performance.

在過去兩年中，我們將應用材料公司置於長期盈利增長和改善財務業績的軌道上。

In 2013, we aligned the business around our precision materials engineering strategy, and took steps to shape a more competitive Company.

2013年，我們圍繞精密材料工程戰略調整業務，並採取措施打造更具競爭力的公司。

We increased our focus on areas that have the biggest impact for customers and generate the best returns for Applied.

我們更加關注對客戶產生最大影響並為 Applied 帶來最佳回報的領域。

We shifted spending from low growth businesses and corporate functions to field resources and product development.

我們將支出從低增長業務和公司職能轉移到現場資源和產品開發上。

We built a stronger organization, bringing in top industry talent, strengthening our business processes for repeatable success, and changing our structure to improve alignment and speed.

我們建立了一個更強大的組織，引進了頂尖的行業人才，加強了我們的業務流程以獲得可重複的成功，並改變了我們的結構以提高一致性和速度。

We increased our market share, with 1.4 points of overall gains in calendar 2013, and we invested in a pipeline of new products to enable our customers' road maps and drive long-term growth for Applied.

我們增加了我們的市場份額，在 2013 日曆年整體增長了 1.4 個百分點，我們投資了一系列新產品，以實現我們客戶的路線圖並推動 Applied 的長期增長。

In 2014, we accelerated this strategy, and made strong progress towards our financial model.

2014 年，我們加快了這一戰略，在財務模式上取得了長足的進步。

Our semiconductor business posted the highest revenue since FY07.

我們的半導體業務錄得自 FY07 以來的最高收入。

And for the calendar year, we expect to gain share or hold share in almost all of our businesses.

在這一日曆年，我們預計將在我們幾乎所有的業務中獲得或持有股份。

We anticipate our largest gains in areas of the market that are growing the fastest.

我們預計在增長最快的市場領域中我們將獲得最大收益。

In CVD, we believe we will win at least 3 points of share this year.

在 CVD 方面，我們相信今年我們將贏得至少 3 分的份額。

And in etch, we are on track to deliver almost 2.5 times the sales achieved in 2012.

在蝕刻方面，我們有望實現 2012 年銷售額的近 2.5 倍。

These results demonstrate that we have the right strategy and the right team, that we are improving our execution and carrying strong momentum into 2015.

這些結果表明，我們擁有正確的戰略和正確的團隊，我們正在提高執行力，並在 2015 年保持強勁勢頭。

Our merger with Tokyo Electron will enable us to further accelerate this strategy.

我們與東京電子的合併將使我們能夠進一步加快這一戰略。

The detailed plans to bring the two companies together are now very well advanced.

將兩家公司合併的詳細計劃現在進展順利。

Our joint integration team is working closely together to make the merger a success, and the progress they have made has far exceeded our expectations.

我們的聯合整合團隊正在密切合作，以使合併取得成功，他們取得的進展遠遠超出了我們的預期。

In terms of the regulatory process, we have been advised to not provide details or answer questions about ongoing discussions.

在監管過程方面，我們被建議不要提供細節或回答有關正在進行的討論的問題。

However, I'm pleased to report that the German competition authority notified us today that we have received its unconditional approval for the proposed business combination.

然而，我很高興地報告，德國競爭主管機構今天通知我們，我們已收到其對擬議業務合併的無條件批准。

We are working hard to obtain the remaining approvals as soon as we can.

我們正在努力盡快獲得剩餘的批准。

However, we acknowledge that the closing could move into the first quarter of next year.

但是，我們承認收盤可能會推遲到明年第一季度。

Turning to our market outlook, consumer demand for new and better mobile devices, with more features and longer battery life, remains the primary driver for the semiconductor industry.

談到我們的市場前景，消費者對具有更多功能和更長電池壽命的新型和更好的移動設備的需求仍然是半導體行業的主要驅動力。

This is fueling strong foundry investment in leading edge technology.

這推動了對領先技術的強大代工投資。

Overall foundry spending in 2014 is on track for 20% to 25% growth year over year, and these high spending levels are expected to be sustained in 2015.

2014 年的整體代工支出有望實現 20% 至 25% 的同比增長，預計 2015 年將維持這些高支出水平。

This year, almost half of the foundry spending was focused on 20 nanometer, and the build-out of this node is nearly complete at the leading customers.

今年，幾乎一半的代工支出都集中在 20 納米上，而該節點的構建在主要客戶中幾乎完成。

2015 is shaping up to be the year of a finFET leadership battle, and we anticipate strong investment from our customers, as they focus on winning this critical transition.

2015 年將成為 finFET 領導力爭奪戰的一年，我們預計客戶將大力投資，因為他們專注於贏得這一關鍵轉變。

Memory spending has also been robust in 2014, and we expect higher investment levels next year.

內存支出在 2014 年也很強勁，我們預計明年的投資水平會更高。

NAND bit growth is around 40% this year, driven by increasing bits per box for new mobile devices, and strong demand for solid state storage.

今年 NAND 位增長約為 40%，這主要得益於新移動設備的每盒位數增加，以及對固態存儲的強勁需求。

The bulk of incremental supply has been provided by advanced planar technology.

大部分增量供應由先進的平面技術提供。

In 2015, spending on 3D NAND is expected to be broader and larger, although still not to surpass planar investment until 2016.

2015 年，3D NAND 的支出預計會越來越大，儘管到 2016 年仍不會超過平面投資。

DRAM investment was stronger than expected at the start of the year, driven by mobile and an enterprise-led PC replacement cycle.

在移動和企業主導的 PC 更換週期的推動下，DRAM 投資在年初強於預期。

DRAM bit growth is around 30%, and with this demand, being primarily met by technology conversions.

DRAM 位增長率約為 30%，而這種需求主要通過技術轉換來滿足。

In 2015, we expect supply to remain tight, with strong potential for new capacity additions.

2015 年，我們預計供應將保持緊張，新增產能潛力巨大。

Looking at wafer fab equipment as a whole, we maintain that 2014 spending will be up 10% to 20% over 2013.

縱觀整個晶圓廠設備，我們認為 2014 年的支出將比 2013 年增長 10% 至 20%。

Our current view is that 2015 wafer fab equipment will be higher, driven by the foundry finFET battle, more customers investing in 3D NAND, and increasing DRAM spending.

我們目前的看法是，2015 年晶圓廠設備將更高，受晶圓代工 finFET 之戰、更多客戶投資於 3D NAND 以及增加 DRAM 支出的推動。

In addition, over the last 12 months, wafer starts and fab utilization have increased, a trend that we expect to continue in 2015.

此外，在過去 12 個月中，晶圓開工率和晶圓廠利用率都有所增加，我們預計這一趨勢將在 2015 年繼續。

As the customers aggressively push factory output, we see expanded opportunities for our AGS business.

隨著客戶積極推動工廠產量，我們看到 AGS 業務的機會擴大。

The outlook for the display equipment market also remains very healthy.

顯示設備市場的前景也非常健康。

Attractive price points for 4K TVs are driving a TV refresh cycle, while average screen sizes are growing around twice as fast as historic rates.

4K 電視具有吸引力的價格點正在推動電視更新周期，而平均屏幕尺寸的增長速度是歷史增長率的兩倍左右。

Demand for higher resolution, lower powered screens for mobile devices is also a key factor in display, and we are seeing strong LTPS orders for this market.

移動設備對更高分辨率、更低功耗屏幕的需求也是顯示的關鍵因素，我們看到該市場的 LTPS 訂單強勁。

Our quarterly display revenues are at a three-year high, and we believe we're on track to gain share in our served available market this year.

我們的季度顯示收入處於三年來的最高水平，我們相信我們今年有望在我們服務的可用市場中獲得份額。

In both semiconductor and display, major changes in device technology provide a catalyst for our growth.

在半導體和顯示器領域，設備技術的重大變化為我們的增長提供了催化劑。

As we've said before, finFET and 3D NAND represent the biggest technology transitions in decades.

正如我們之前所說，finFET 和 3D NAND 代表了幾十年來最大的技術轉變。

These complex inflections are enabled by a materials innovation, and that plays directly to Applied's strengths.

這些複雜的變化是通過材料創新實現的，這直接發揮了 Applied 的優勢。

They create new precision materials engineering steps, expand our available market, and fuel strong demand for our enabling leadership products in transistor and interconnect.

他們創造了新的精密材料工程步驟，擴大了我們的可用市場，並推動了對我們在晶體管和互連領域的領先產品的強勁需求。

For example, our epi business posted record sales for the fiscal year.

例如，我們的 Epi 業務在本財年創下了創紀錄的銷售額。

Our metal deposition group delivered its highest annual revenues and operating margins since 2000.

我們的金屬沉積集團實現了自 2000 年以來最高的年收入和營業利潤率。

And we believe our implant group is on track to reach its highest ever market share.

我們相信我們的種植體集團有望達到有史以來最高的市場份額。

In logic and memory, the acceleration of materials enabled scaling is a major driver for etch and deposition.

在邏輯和內存中，材料的加速實現了縮放是蝕刻和沈積的主要驅動力。

These are large growth opportunities for Applied, where we are building strong momentum and gaining share.

對於 Applied 來說，這些都是巨大的增長機會，我們正在建立強勁的勢頭並獲得份額。

We now expect our combined revenues in etch and CVD to grow by almost 50% in calendar 2014.

我們現在預計 2014 年我們在蝕刻和 CVD 方面的總收入將增長近 50%。

We see strong customer pull for our next-generation technologies.

我們看到我們的下一代技術具有強大的客戶吸引力。

At SEMICON West, we announced five new products that are rapidly gaining traction, and we have now shipped more than 300 of these chambers.

在 SEMICON West，我們宣布了五種迅速獲得關注的新產品，我們現在已經出貨了 300 多個這樣的腔室。

We have also been making improvements to our service and spares business to better support customers, as they quickly ramp these new device technologies at the right yield and cost.

我們還一直在改進我們的服務和備件業務，以更好地支持客戶，因為他們以合適的產量和成本迅速推廣這些新設備技術。

Our service organization is building momentum, and in FY14, delivered the highest orders and the highest operating margins since 2007.

我們的服務組織正在建立勢頭，並在 2014 財年交付了自 2007 年以來的最高訂單和最高營業利潤率。

In summary, for Applied Materials, FY14 was a year when we grew faster than our markets, and made significant progress towards our strategic and financial goals.

總而言之，對於應用材料而言，2014 財年是我們增長速度超過市場的一年，並且在實現我們的戰略和財務目標方面取得了重大進展。

We accelerated our product momentum, and strengthened the organization in key areas.

加快產品發展步伐，加強重點領域組織建設。

Looking forward to 2015, we expect a year of industry growth, where we are uniquely positioned to apply our capabilities and precision materials engineering and outgrow the industry.

展望 2015 年，我們預計行業將迎來增長的一年，我們在應用我們的能力和精密材料工程並超越行業發展方面處於獨特的地位。

In order to take full advantage of the great opportunities ahead, we remain highly focused on improving execution.

為了充分利用未來的巨大機遇，我們仍然高度關注提高執行力。

Let me now hand the call over to Bob, who will provide additional details about our performance, and explain the steps we are taking to drive alignment, speed and scale across the organization.

現在讓我將電話轉給 Bob，他將提供有關我們績效的更多詳細信息，並解釋我們為推動整個組織的一致性、速度和規模而採取的步驟。

Bob?

鮑勃？

Thanks, Gary.

謝謝，加里。

In the fourth quarter, we delivered strong year-over-year improvements across many areas of our business, and achieved our guidance for revenue and EPS.

在第四季度，我們在業務的許多領域實現了強勁的同比增長，並實現了我們對收入和每股收益的指導。

Since this is the end of our fiscal year, let me begin by framing 2014 in the context of where we have been and where we are going.

由於這是我們財政年度的結束，讓我首先根據我們的過去和未來的背景來規劃 2014 年。

We continue to believe that the market environment looks good, particularly for Applied Materials.

我們仍然認為市場環境看起來不錯，尤其是應用材料公司。

It remains good for some time.

它在一段時間內仍然很好。

This environment gives us great opportunity to make money and efficiently return it to investors.

這種環境為我們提供了賺錢並有效地將其回報給投資者的絕佳機會。

There are three levers to making more money in our industry.

在我們的行業中賺更多錢有三個槓桿。

First, understand customers' high-value problems, and develop disruptive new products, as Gary described.

首先，了解客戶的高價值問題，開發顛覆性的新產品，正如 Gary 所描述的那樣。

Second, achieve scale around our opportunities.

其次，圍繞我們的機會實現規模化。

We are doing this by focusing on our biggest opportunities in SSG and display, winning share, and merging with Tokyo Electron.

我們正在通過專注於我們在 SSG 和展示方面的最大機會、贏得份額以及與 Tokyo Electron 合併來做到這一點。

And third, relentlessly grind away on efficiency, execution and cost.

第三，對效率、執行力和成本的不懈追求。

In 2013, we shifted money to our biggest growth opportunities, primarily in SSG and display.

2013 年，我們將資金轉移到我們最大的增長機會上，主要是在 SSG 和展示方面。

We also gained share in the overall WFE market, primarily by focusing on key battlegrounds, customer support and rapid product iteration.

我們還在整個 WFE 市場中獲得了份額，主要是通過專注於關鍵戰場、客戶支持和快速產品迭代。

Our new and disruptive products were still early in the development stage.

我們的新產品和顛覆性產品仍處於早期開發階段。

In 2014, we further accelerated our funding of products that give us the greatest opportunities for growth.

2014 年，我們進一步加快了對能夠為我們提供最大增長機會的產品的融資。

For example, we increased the combined funding of our conductor etch and CVD opportunities at three times the rate of our overall investment.

例如，我們以三倍於我們總投資的速度增加了對導體蝕刻和 CVD 機會的綜合資金。

This past year, we began to see strong momentum from these products, as our combined revenue in conductor etch and CVD grew by 60% in FY14.

去年，我們開始看到這些產品的強勁勢頭，因為我們在 2014 財年導體蝕刻和 CVD 的總收入增長了 60%。

Thanks to our employees' efforts, we also kept grinding away on efficiency, execution and cost.

由於我們員工的努力，我們在效率、執行力和成本方面也一直在努力。

For example, in 2014, we shifted an additional $200 million from our corporate functions and lower return programs to fund our strongest opportunities in 300 millimeter and emergent technologies.

例如，2014 年，我們從公司職能和低迴報計劃中額外轉移了 2 億美元，以資助我們在 300 毫米和新興技術方面的最強機會。

We also achieved our 2% of materials costs savings for the year.

我們還實現了今年 2% 的材料成本節約。

As a result, we began to see signs of progress towards that target financial model we introduced in 2013.

因此，我們開始看到我們在 2013 年引入的目標財務模型取得進展的跡象。

In FY14, the Company reported revenue of $9.1 billion.

2014 財年，公司報告收入為 91 億美元。

Excluding solar, this was the highest Company revenue in seven years, which demonstrated our strong momentum in SSG display and AGS.

不包括太陽能，這是公司七年來最高的收入，這表明我們在 SSG 顯示和 AGS 方面的強勁勢頭。

On a non-GAAP basis, we increased gross margin to 44.1%, which was a seven-year high.

在非公認會計原則基礎上，我們將毛利率提高到 44.1%，這是七年來的最高水平。

This gross margin for the year did benefit from 0.5 point of non-run rate items.

這一年的毛利率確實受益於 0.5 個點的非運行率項目。

We increased operating margin by six points, even as we maintain elevated R&D investments in our new product pipeline.

即使我們在新產品管道中保持較高的研發投資，我們的營業利潤率也提高了 6 個百分點。

We also achieved a three-year high in both operating margin and net income.

我們的營業利潤率和淨利潤也都達到了三年來的新高。

Our tax rate of 22.7% declined by 1.8 points, as we implemented our more efficient structure.

由於我們實施了更有效的結構，我們的 22.7% 稅率下降了 1.8 個百分點。

And we boosted our earnings by over 80%, to $1.07 per share.

我們將收益提高了 80% 以上，達到每股 1.07 美元。

Now let's take a look at some of our 2014 segment results.

現在讓我們來看看我們 2014 年的一些細分市場結果。

SSG revenue grew by 25%, to the highest level in seven years.

SSG 收入增長 25%，達到七年來的最高水平。

NAND orders were also at a seven-year high.

NAND 訂單也處於七年高位。

In AGS, orders were at a seven-year high, which reflects customer pull for advanced service offerings, enabled by our tighter collaboration between SSG and AGS.

在 AGS，訂單處於七年來的最高水平，這反映了客戶對高級服務產品的拉動，這得益於我們 SSG 和 AGS 之間更緊密的合作。

AGS operating margin was the highest since 2007.

AGS 營業利潤率為 2007 年以來最高。

In display, orders achieved a six-year high, as the group took advantage of technology inflections and panel size increases in the TV and mobile display markets.

在顯示方面，由於該集團利用電視和移動顯示市場的技術變化和麵板尺寸增加，訂單達到六年來的新高。

The display group gained share, and increased its operating margin to its highest level since 2011.

顯示集團獲得了份額，並將其營業利潤率提高到自 2011 年以來的最高水平。

EES generated a modest profit for the first time since the solar downturn.

自太陽能衰退以來，EES 首次產生了適度的利潤。

Now what do we see entering 2015?

現在我們看到進入 2015 年的情況是什麼？

Our industry outlook is positive.

我們的行業前景是積極的。

And while it is too early to know the effects of timing and mix, we expect continued year-over-year growth and progress toward our target model.

雖然現在了解時機和組合的影響還為時過早，但我們預計將繼續實現同比增長並朝著我們的目標模型邁進。

In 2015, we plan to introduce some of the new and disruptive products from our product pipeline investments.

2015 年，我們計劃從我們的產品管道投資中引入一些新的和顛覆性的產品。

These products will drive share gains in 2015 and over time, but have lower margins initially.

這些產品將在 2015 年及隨著時間的推移推動份額增長，但最初的利潤率較低。

In 2015, we are working to further improve our gross margin, even with aggressive new product ramps.

2015 年，我們正在努力進一步提高我們的毛利率，即使是在積極推出新產品的情況下。

In the first quarter, we expect gross margins to be lowered sequentially, primarily due to share gains in our conductor etch business.

在第一季度，我們預計毛利率將連續下降，主要是由於我們的導體蝕刻業務的份額增長。

Specifically, we expect our etch revenue to grow by almost 60% sequentially in Q1.

具體來說，我們預計我們的蝕刻收入將在第一季度環比增長近 60%。

We expect to increase our gross margins from Q1 through the balance of 2015.

我們預計從第一季度到 2015 年的餘額將增加我們的毛利率。

Overall, 2015 provides us with a further opportunity to systematically gain share in the fastest growing markets, drive scale in semiconductor display and services, both standalone and in combination with Tokyo Electron, and grind away at execution efficiency and cost to improve the profitability of the Company.

總體而言，2015 年為我們提供了進一步的機會，可以系統地在增長最快的市場中獲得份額，擴大半導體顯示和服務的規模，無論是獨立還是與東京電子相結合，並努力提高執行效率和成本以提高盈利能力公司。

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

現在，與上一季度相比，我將為我們的第四季度業績提供更多色彩。

Orders of $2.3 billion were down 9% sequentially, with decreases primarily in SSG and display, partially offset by an increase in AGS.

23 億美元的訂單環比下降 9%，主要是 SSG 和展示的下降，部分被 AGS 的增長所抵消。

Net sales of $2.3 billion were in line with our guidance.

23 億美元的淨銷售額符合我們的預期。

Non-GAAP gross margin decreased to 44.2%, which included 0.5 point of nonrecurring benefits.

Non-GAAP 毛利率下降至 44.2%，其中包括 0.5 個點的非經常性福利。

Non-GAAP EPS at $0.27 was in line with our guidance.

0.27 美元的非公認會計原則每股收益符合我們的指導。

Our operating cash flow was $407 million, or 18% of revenue.

我們的經營現金流為 4.07 億美元，佔收入的 18%。

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 $1.3 billion were down 15%, with decreases in memory and foundry more than offsetting increases in logic and other.

13 億美元的 SSG 訂單下降了 15%，其中內存和代工的減少抵消了邏輯和其他方面的增加。

SSG net sales of $1.4 billion were down 3%, in line with expectations.

SSG 淨銷售額為 14 億美元，下降 3%，符合預期。

AGS orders of $747 million were up 35%, led by service contracts, and were the highest since 2007.

在服務合同的帶動下，AGS 的 7.47 億美元訂單增長了 35%，是 2007 年以來的最高水平。

AGS net sales of $592 million were better than expected.

AGS 的淨銷售額為 5.92 億美元，好於預期。

Display orders declined to $130 million, and we expect the pattern to remain lumpy.

顯示器訂單下降至 1.3 億美元，我們預計這種模式將保持起伏。

Display net sales of $190 million were up 60%, as we begin to ship the large orders received in the last six to nine months.

隨著我們開始運送過去六到九個月收到的大訂單，顯示器淨銷售額為 1.9 億美元，增長了 60%。

This quarterly revenue performance is also a three-year high.

這一季度的收入表現也是三年來的新高。

EES orders were $44 million, and net sales were $48 million.

EES 訂單為 4400 萬美元，淨銷售額為 4800 萬美元。

Now I will provide our first-quarter business outlook.

現在我將提供我們第一季度的業務展望。

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

我們預計我們的整體淨銷售額將持平至環比增長 5%。

Our normal seasonal pattern would be for revenue to increase in our second quarter.

我們正常的季節性模式是第二季度的收入增加。

Within this outlook, we expect SSG net sales to be approximately flat.

在此展望中，我們預計 SSG 淨銷售額將大致持平。

AGS net sales should be down by a couple of points.

AGS 淨銷售額應該下降幾個百分點。

We expect display net sales to be up by about 40%, and EES net sales should be up by about $20 million.

我們預計顯示器淨銷售額將增長約 40%，EES 淨銷售額應增長約 2000 萬美元。

Non-GAAP gross margin should be approximately 43%.

非美國通用會計準則毛利率應約為 43%。

Non-GAAP operating expenses should be in the range of $560 million, plus or minus $10 million, which includes one month of annual merit adjustments and the holiday shutdown.

非 GAAP 運營費用應在 5.6 億美元上下 1000 萬美元之間，其中包括一個月的年度績效調整和假期停工。

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, 2014 was a year of growth and improved profitability across all of Applied, including 25% revenue growth in SSG, and 6 points of non-GAAP operating margin improvement for the whole Company.

總而言之，2014 年是整個應用材料公司實現增長並提高盈利能力的一年，其中 SSG 的收入增長了 25%，整個公司的非公認會計準則營業利潤率提高了 6 個百分點。

In 2015, we believe we can increase revenue across all of our segments, gain share in SSG, and further improve operating margin.

2015 年，我們相信我們可以增加所有部門的收入，獲得 SSG 的份額，並進一步提高營業利潤率。

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。

And to help us reach as many of you as we can, please just ask 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。

Dustin, let's please begin.

達斯汀，讓我們開始吧。

(Operator Instructions)

（操作員說明）

C.J. Muse, Evercore ISI.

C.J. Muse，Evercore ISI。

Good afternoon, thank you for taking my question.

下午好，謝謝你接受我的問題。

First question on gross margin side.

毛利率方面的第一個問題。

In terms of the down-tick into the January quarter, and then your positive outlook through the rest the year.

就一月份季度的下跌而言，然後是您對今年剩餘時間的積極展望。

Specific to January, is that particular to new products on the conductor etch side?

具體到 1 月份，是否特別適用於導體蝕刻方面的新產品？

Or is that also reflecting a mix to only a handful of customers?

或者這是否也反映了少數客戶的混合情況？

And then, as you look beyond that, what gives you the confidence that you'll see that gross margin up-look through the end of the year?

然後，當你超越這一點時，是什麼讓你有信心在年底看到毛利率上升？

Sure, I'll take that one.

當然，我會拿那個。

Most of it is due to the heavy etch shipments.

其中大部分是由於大量的蝕刻出貨量。

We're shipping some new tools, frankly.

坦率地說，我們正在運送一些新工具。

So typically, the installation warranty costs, material costs, are higher.

因此，通常情況下，安裝保修成本、材料成本較高。

As you look at the mix through the year, etch is strong throughout the year.

當您查看全年的組合時，蝕刻全年都很強勁。

But as a percentage of SSG sales, it goes down later on in the year, and we start to get better on the cost side of the equation, also.

但作為 SSG 銷售額的百分比，它會在今年晚些時候下降，而且我們在等式的成本方面也開始變得更好。

Okay, that's helpful.

好的，這很有幫助。

And then as my follow-up, and I understand you can't talk too much on the regulatory front.

然後作為我的後續行動，我知道你不能在監管方面談論太多。

But are there any lateral implications that should be taken from Germany's sign-off, particularly around --talk around them working with the DOJ, as well as the fact that it was an unconditional approval?

但是，是否應該從德國的簽署中獲得任何橫向影響，特別是圍繞他們與司法部合作的談話，以及這是無條件批准的事實？

Yes, we were please to get sign-off in Germany.

是的，我們很高興在德國簽收。

Each country does an independent process, and we are working constructively on the whole process.

每個國家都有一個獨立的過程，我們正在對整個過程進行建設性的工作。

And today was a good event for us.

今天對我們來說是一件好事。

The rest of them were in process, frankly.

坦率地說，其餘的都在處理中。

Great, thank you.

太好了謝謝。

Thank you.

謝謝你。

Jim Covello, Goldman Sachs.

吉姆·科維羅，高盛。

Great.

偉大的。

Thanks so much for the question -- taking the question.

非常感謝這個問題——接受這個問題。

I appreciate it.

我很感激。

Your target model for 2016, I think, is on $33.5 billion WFE, doing about $1.70 in EPS on just under $11 billion in revenue, if I'm not mistaken.

我認為，你 2016 年的目標模型是 335 億美元的 WFE，如果我沒記錯的話，每股收益約為 1.70 美元，收入略低於 110 億美元。

How -- understanding you're ramping new products which are a little bit lower margin, and there's some share gain in some lower margin areas.

如何 - 了解您正在增加利潤率稍低的新產品，並且在一些利潤率較低的領域有一些份額增長。

And also that that's a 2016 model, not a 2015 model.

而且那是 2016 年的模型，而不是 2015 年的模型。

It does look like we'll be at least $33.5 billion in WFE in 2015 now.

現在看來，我們在 2015 年的 WFE 至少會達到 335 億美元。

So how much lower than that 2016 model do you think we'd be in 2015, if we do get to the $33.5 billion, given the pushes and pulls on the target model?

那麼，考慮到目標模型的推動和拉動，如果我們確實達到 335 億美元，您認為我們在 2015 年會比 2016 年模型低多少？

Yes, that's a good question, Jim.

是的，這是個好問題，吉姆。

Let me walk through it a little bit.

讓我稍微介紹一下。

If you go look at the revenue line, we're actually making pretty good progress on the SSG share.

如果你看一下收入線，我們實際上在 SSG 份額方面取得了相當不錯的進展。

We were probably, a year ago, a little behind on the AGS business, but we're picking up now.

一年前，我們可能在 AGS 業務上落後了一點，但現在我們正在回升。

We had one of our strongest orders quarters ever.

我們有有史以來最強勁的訂單季度之一。

I think we're making real headway.

我認為我們正在取得真正的進展。

So as you look through 2015, 2016, I can see reasonable revenue growth there.

因此，當您回顧 2015 年、2016 年時，我可以看到那裡的收入增長合理。

So we're getting -- get closer to the model, and feel better there.

所以我們越來越接近模型，感覺更好。

The display business is doing great, so that it feels good.

顯示業務做得很好，所以感覺很好。

We've got market share opportunities there, we're gaining, we have new products, so there's a lot of momentum there.

我們在那裡有市場份額機會，我們正在獲得，我們有新產品，所以那裡有很大的動力。

And solar is even picking up a little bit.

太陽能甚至有所回升。

So I think the revenue line versus 2016 is in the ballpark.

因此，我認為與 2016 年相比的收入線是大致的。

Some of the new growth-y stuff we have got to manage, but that's lower margin stuff, too.

我們必須管理一些新的增長的東西，但這也是利潤率較低的東西。

So the revenue line is okay.

所以收入線沒問題。

Gross margin, we were ahead of plan last year a little bit.

毛利率，我們去年比計劃提前了一點。

So, if you look at the $33.5 billion, I think we are supposed to be like $44 billion, or $45 billion, I think, gross margin.

所以，如果你看看 335 億美元，我認為我們應該是 440 億美元，或者我認為是 450 億美元，毛利率。

We did about $44.1 billion one on the year last year, up from about $40.9 billion back in 2012, the base year.

去年我們做了大約 441 億美元，高於基準年 2012 年的大約 409 億美元。

So I think we'll hit the gross margin model, maybe do a little better, if we're lucky.

所以我認為我們會達到毛利率模型，如果幸運的話，可能會做得更好。

So we'll do better, I think.

所以我們會做得更好，我想。

And then on expenses, we're a little bit about the expense line right now.

然後在費用方面，我們現在有點關於費用線。

I think we've got to work to manage that.

我認為我們必須努力解決這個問題。

We're investing real heavily in products, which drive the revenue line.

我們在產品上投入了大量資金，這些產品推動了收入線。

So if you look at where we're spending money, it's all in investment areas, not so much in overhead or cost areas.

因此，如果您看看我們在哪里花錢，那都是在投資領域，而不是在間接費用或成本領域。

So overall, I'd say we're in the ballpark.

所以總的來說，我會說我們在球場上。

The tax rate, we're making good progress.

稅率，我們正在取得良好進展。

We said we would hit 22%.

我們說我們會達到 22%。

We're probably -- might be a little bit of opportunity there.

我們可能 - 可能會有一點機會。

So net/net, we're in the ballpark.

所以淨/淨，我們在球場上。

And we've got a bunch of cash that we haven't done buybacks with.

而且我們有一大筆現金還沒有進行回購。

So the share count will come down, too.

所以股票數量也會下降。

That's really helpful perspective, I appreciate that.

這是非常有用的觀點，我很感激。

For the follow-up, relative to the AGS orders, they were up a lot in the October quarter.

對於後續，相對於 AGS 訂單，它們在 10 月季度增長了很多。

And I think you said revenue would be down a little bit in that segment in the January quarter.

而且我認為您說一月份季度該部分的收入會有所下降。

Is that just a seasonal uptick in orders in AGS?

這只是 AGS 訂單的季節性增長嗎？

Or is there more of a structural component to that, as well, in terms of the big uptick in orders?

或者，就訂單的大幅增長而言，是否還有更多的結構性成分？

I think, really, two areas of focus for us within AGS.

我認為，實際上，我們在 AGS 中關注的兩個領域。

One is the value that we provide for our customers, and there's been huge improvement in helping our customers get -- providing value for our customers as they ramp these new device technologies.

一是我們為客戶提供的價值，在幫助我們的客戶獲得價值方面取得了巨大的進步——在我們的客戶推廣這些新設備技術時為他們提供價值。

You look at the finFET or 3D NAND, these are really tough transitions.

你看看 finFET 或 3D NAND，這些都是非常艱難的過渡。

And getting the tools to the defect level they need to be, uniformity, stability, to the entitlement that the tools are capable of achieving, is really huge value to our customers.

讓工具達到他們需要的缺陷水平、一致性、穩定性以及工具能夠實現的權利，對我們的客戶來說確實是巨大的價值。

So we've actually seen an uptick in our contract revenue, where combining labor and parts, and that's more sustainable, from a service perspective.

因此，從服務的角度來看，我們實際上已經看到我們的合同收入有所上升，將勞動力和零件結合起來，這更具可持續性。

And there has been a huge focus on the value, and helping our customers move through those transitions.

並且一直非常關注價值，並幫助我們的客戶完成這些過渡。

The other thing is, we're really driving cost.

另一件事是，我們真的在推動成本。

We're driving cost from a parts perspective, a labor delivery perspective.

我們從零件的角度，勞動力交付的角度來推動成本。

So that combination, we think the value, as our customers are moving through these tough transitions, and are driving and lowering cost, we think creates a great combination for sustainable growth in the service business that, frankly, we didn't achieve in the past.

因此，我們認為這種組合的價值，因為我們的客戶正在經歷這些艱難的轉變，並且正在推動和降低成本，我們認為為服務業務的可持續增長創造了一個很好的組合，坦率地說，我們在過去的。

But we're pretty optimistic that we can keep driving that, going forward.

但我們非常樂觀地認為，我們可以繼續推動這一點，繼續前進。

Thank you so much.

太感謝了。

Thank you.

謝謝你。

Krish Sankar, Bank of America.

美國銀行的 Krish Sankar。

My first one is, Gary, you said that you expect WFE to grow 10% to 15% this year.

我的第一個是，加里，你說你預計 WFE 今年將增長 10% 到 15%。

When I look at the SSG revenue, it is probably growing somewhere in the low teens.

當我查看 SSG 的收入時，它可能在十幾歲以下的某個地方增長。

I'm curious, if you're gaining share, where is the disconnect?

我很好奇，如果您獲得份額，那麼斷開連接在哪裡？

Is it because rev rack is going to take a while?

是因為 rev rack 需要一段時間嗎？

Or is there something else happening?

還是有其他事情發生？

And then I had a follow-up.

然後我進行了跟進。

Yes, if you look at overall wafer fab equipment share, last year we gained 1.4%.

是的，如果你看一下整體晶圓廠設備份額，去年我們增長了 1.4%。

What we said is, SSG revenue is up 25% from fiscal year to fiscal year.

我們所說的是，SSG 收入從一個財年到另一個財年增長了 25%。

We haven't given any color, certainly, in terms of the calendar year.

當然，就日曆年而言，我們沒有給出任何顏色。

But I also had said earlier that we were pretty optimistic about wafer fab equipment increasing next year, and that we would outgrow the industry.

但我之前也說過，我們對明年晶圓廠設備的增長非常樂觀，而且我們的發展速度將超過該行業。

So if you look at the data points, what's driving market share, these major technology transitions with finFET and the memory transitions are really good for us, relative to the TAM growth.

因此，如果你看一下數據點，是什麼推動了市場份額，相對於 TAM 的增長，這些主要的 finFET 技術轉型和內存轉型對我們來說真的很好。

We have TAM growth in those areas.

我們在這些領域有 TAM 增長。

Very strong products.

非常強大的產品。

You see this in the foundry business with the record epi sales, the metal deposition, the implant share.

您可以在鑄造業務中看到這一點，其外延銷售額、金屬沉積、植入物份額創紀錄。

A number of those areas are extremely strong.

其中一些領域非常強大。

And really -- so if you look at that, as customers are transitioning to these new transistors, these new finFET devices, that's good for us.

真的 - 所以如果你看到這一點，隨著客戶正在過渡到這些新的晶體管，這些新的 finFET 設備，這對我們有好處。

And also in memory, we are also very well positioned.

而且在記憶中，我們也處於非常有利的位置。

The etch and CVD share gains this year are going to create momentum for us, going forward.

今年蝕刻和 CVD 份額的增長將為我們創造前進的動力。

As I talked about earlier, we have about 50% revenue growth in etch and CVD that we anticipate this year.

正如我之前所說，我們預計今年蝕刻和 CVD 的收入增長約為 50%。

And that provides, really, a great opportunity for us.

這確實為我們提供了一個很好的機會。

So as these technology transitions happen going forward, we think we can build on the momentum that we have right now.

因此，隨著這些技術轉型的發展，我們認為我們可以在現有勢頭的基礎上再接再厲。

Got it.

知道了。

That's very helpful.

這很有幫助。

And then a question for Bob.

然後是鮑勃的一個問題。

I know you can't answer questions on the merger.

我知道你不能回答關於合併的問題。

But just curious, there were some rules on [inertia] passed.

但只是好奇，有一些關於 [慣性] 的規則通過了。

Post-merger, can you do buybacks without repatriating income back to the US?

合併後，您可以在不將收入匯回美國的情況下進行回購嗎？

And how much of your cash is onshore versus offshore?

您的現金有多少是在岸還是離岸？

Thank you.

謝謝你。

I'll do the second one first.

我先做第二個。

We're about half offshore, half onshore.

我們大約一半在海上，一半在岸上。

And a little -- and some of the offshore stuff has already been provided through the tax provision.

還有一點——一些離岸的東西已經通過稅收條款提供了。

So it's -- the P&L impact is a little less than that.

所以它是——損益表的影響比這要小一些。

The second thing is, in terms of repatriation, we think we have a plan with our structure that we'll be able to efficiently return cash to investors, and not have substantive problem that you're talking about.

第二件事是，在遣返方面，我們認為我們的結構有一個計劃，我們將能夠有效地將現金返還給投資者，並且沒有你所說的實質性問題。

Got it, thanks.

知道了謝謝。

Thank you.

謝謝你。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

Yes, good afternoon.

是的，下午好。

Tthanks for letting me ask the question.

謝謝你讓我問這個問題。

Gary, I was hoping you could maybe help quantify your comments around calendar year 2015 WSE?

加里，我希望你能幫助量化你對 2015 日曆年 WSE 的評論？

Is there a range of up that you expect to see?

是否有您期望看到的上漲幅度？

What's the puts and takes around that range?

在這個範圍內的看跌期權是多少？

And importantly, a lot of your peers have been talking about a pretty good start to the first half of calendar year 2015.

重要的是，您的許多同行都在談論 2015 年上半年的良好開端。

I would love to get your perspective on what half-on-half growth might look like from the second half of this year into the first half of next year, at an industry level?

我很想听聽你對從今年下半年到明年上半年的行業層面的半對半增長的看法？

Okay, yes.

好的，是的。

Overall, what we see for 2015 is still continued strong foundry investment, and really heavily weighted to the finFET transition for customers.

總體而言，我們在 2015 年看到的仍然是持續強勁的代工投資，並且非常重視客戶的 finFET 過渡。

That's a really big battle for all of the different companies.

對於所有不同的公司來說，這都是一場真正的大戰。

We're also seeing some really strong pull, even into 10-nanometer pilot.

我們也看到了一些非常強大的吸引力，甚至是 10 納米試點。

That's a small amount, but -- that really focused on these technology transitions is really, we believe, will sustain strong foundry investment in 2015.

這是一個小數目，但是——我們相信，真正專注於這些技術轉型的真正將在 2015 年維持強勁的代工投資。

We look at memory investment as being up next year.

我們認為內存投資明年會增加。

And so that, we believe, will be a positive.

因此，我們相信，這將是積極的。

And then logic, we think, is relatively flat versus 2014.

我們認為，與 2014 年相比，邏輯相對平坦。

On the question on first half/second half, we're not really given any guidance on first half/second half, unless Bob wants to do that.

關於上半場/下半場的問題，我們並沒有真正得到關於上半場/下半場的任何指導，除非 Bob 想要這樣做。

But what we do see is 2015 up.

但我們看到的是 2015 年。

Really, we think increased investment in memory, and really sustained strong investment in foundry, really focused on technology transitions.

真的，我們認為增加了對內存的投資，真正持續強勁的代工投資，真正專注於技術轉型。

Gary, that's helpful.

加里，這很有幫助。

Maybe as a follow-up for you, Gary.

也許作為你的後續行動，加里。

Some of your peers have talked about where they think we are in the 2014, 2016 nanometer build out.

您的一些同行談到了他們認為我們在 2014 年、2016 年納米結構中所處的位置。

I'd be curious from your perspective of what inning do you think the industry is in?

從您的角度來看，我很好奇您認為該行業處於哪一局？

And where you think that might be by the middle of next year?

你認為明年年中可能會在哪裡？

What we think is that 2015 is really going to be focused below 20-nanometer, in terms of the majority of the investment.

我們認為，就大部分投資而言，2015 年將真正集中在 20 納米以下。

The -- it really is huge focus.

- 這確實是一個巨大的焦點。

Every one of our customers, in terms of coming out with lower power, higher performance devices, but power is a big driver.

我們的每一位客戶都希望推出更低功耗、更高性能的設備，但功耗是一大推動力。

And so finFET is a huge focus for every one of our customers.

因此，finFET 是我們每一位客戶關注的焦點。

We -- there's always this war for mobility leadership.

我們——總是有這場爭奪流動性領導力的戰爭。

Every Christmas season, you see everyone competing for those slots in the new consumer devices, and finFET is really the big focus for customers.

每年聖誕節，您都會看到每個人都在爭奪新消費設備的這些位置，而 finFET 確實是客戶關注的焦點。

So we see, from a CapEx standpoint, in 2015, that really being the majority of the investment.

所以我們看到，從資本支出的角度來看，在 2015 年，這確實是大部分投資。

Perfect.

完美的。

Thanks.

謝謝。

Thank you.

謝謝你。

Tim Arcuri, Cowen & Company.

Tim Arcuri, Cowen & Company。

Thanks a lot.

非常感謝。

Couple things.

夫婦的事情。

First of all, Gary, there was some confusion recently around the amount of capacity for 2016 and 2014 that will be installed by the end of this year.

首先，Gary，最近關於 2016 年和 2014 年將在今年年底安裝的容量數量有些混亂。

There's different companies giving out different numbers.

不同的公司給出不同的數字。

So I'm wondering what your number is for the end of this year?

所以我想知道你今年年底的號碼是多少？

It seems like the consensus is maybe 120K to 140K wafers a month, something like that?

似乎共識可能是每月 120K 到 140K 晶圓，是這樣的嗎？

Yes, about 120,000 by the end of the year.

是的，到年底大約有 120,000 人。

120K.

120K。

Okay, thanks.

好的謝謝。

And then, Bob, I just want to go back to a prior question about the September 23 changes from Treasury.

然後，鮑勃，我只想回到之前關於財政部 9 月 23 日變動的問題。

They really went after hopscotch and decontrol.

他們真的追求跳房子和解除控制。

But -- so I just want to be very clear that that doesn't change your ability to get the tax synergies that you highlighted, or to buyback the $3 billion that you indicated post deal?

但是 - 所以我只想非常清楚，這不會改變您獲得您強調的稅收協同效應的能力，或者回購您在交易後表示的 30 億美元？

Pretty much.

差不多。

I think there might be a tiny bit of money on that margin that gets delayed a little bit, but fundamentally, yes, we're okay.

我認為該保證金可能會有一點點延遲，但從根本上說，是的，我們還好。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Atif Malik, Citigroup.

Atif Malik，花旗集團。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

The first question, for Gary.

第一個問題，給加里。

Gary, you talked about the joint integration team has progressed faster than the expectations.

Gary，你談到聯合整合團隊的進展比預期的要快。

If you can provide a bit more color on what were the expectations?

如果您可以提供更多關於期望的顏色？

And what metrics they've exceeded expectations?

他們有哪些超出預期的指標？

And relative to the $500 million OpEx synergies for the target model for 2017, for the combined companies, if we should be thinking of a higher synergy number?

相對於 2017 年目標模型的 5 億美元 OpEx 協同效應，對於合併後的公司，我們是否應該考慮更高的協同效應數字？

And then I have a follow-up.

然後我有一個跟進。

Yes, relative to the progress for the integration team, we really focused on the areas that need -- the things that need to happen to hit the ground running on day one.

是的，相對於集成團隊的進展，我們真正專注於需要的領域 - 需要在第一天開始運行的事情。

So we've aligned around the organization structure, especially focusing on areas of highest value creation within the new Company, and we're aligned there.

因此，我們圍繞組織結構進行了調整，特別是關注新公司內創造最高價值的領域，我們在這方面保持一致。

The culture, the mission, vision, values, that really guide the behavior for all of our employees, we've aligned around that, and also the operating rhythm.

真正指導我們所有員工行為的文化、使命、願景、價值觀，我們圍繞著這一點以及運營節奏保持一致。

How are we going to drive the business?

我們將如何推動業務發展？

All aspects of the business, our strategy, our execution, our decisions around portfolio planning: All of those kinds of things, all of those areas have -- are aligned and ready to go for day one for the new Company.

業務的所有方面、我們的戰略、我們的執行、我們圍繞投資組合規劃的決策：所有這些方面，所有這些領域都已經調整好，並準備好迎接新公司的第一天。

And what I would say is that, the more that we're together, the more excitement there is, and the more opportunities we see to provide better products faster and at lower cost to our customers.

我想說的是，我們在一起越多，就越興奮，我們看到的機會就越多，可以更快地以更低的成本為我們的客戶提供更好的產品。

And so again, on the organization, culture, operating rhythm, all of these areas, very, very strong alignment.

再說一次，在組織、文化、運營節奏，所有這些領域，非常非常強的一致性。

And strong alignment to create value for our customers and for our shareholders.

為我們的客戶和我們的股東創造價值的強強聯合。

There's a lot of excitement within the team.

團隊中有很多興奮。

Nice.

好的。

In terms of the $500 million, a couple of things.

就5億美元而言，有幾件事。

One, if you look independently at Tokyo Electron, they've had a really good year.

一，如果你單獨看一下東京電子，他們度過了非常好的一年。

They're doing well in their operating margins.

他們在營業利潤率方面做得很好。

Their share looks like it's in good shape.

他們的份額看起來狀況良好。

So you're got to give them a great deal of credit for really good execution and sales this year.

因此，您必須對他們今年真正出色的執行和銷售給予很大的讚譽。

In terms of the $500 million, I think that it's in the ballpark of the right numbers.

就 5 億美元而言，我認為它在正確數字的範圍內。

That was 2017 number.

那是2017年的數字。

I'd like to -- I think what we're going to plan to do is get the deal closed, then we'll have an investor meeting within a week after, is my guess, and update people on the model in more detail.

我想——我認為我們打算做的是完成交易，然後我們將在一周後召開投資者會議，這是我的猜測，並更詳細地向人們更新模型.

Thanks, Bob.

謝謝，鮑勃。

And as a follow-up, foundry orders had been tricky to call, in terms of timing, as your customers are waiting for their customers to decide on the next processor.

作為後續行動，就時間而言，代工訂單很難接到，因為您的客戶正在等待他們的客戶決定下一個處理器。

Is it fair to assume that the flat guidance for January and April outlook, that could be higher than January?

假設 1 月和 4 月展望的持平指引可能高於 1 月是否公平？

The swing factor is predominately on the foundry side?

擺動因素主要在代工方面？

Yes.

是的。

If you go look at it, I think it's a pretty strong DRAM period right now.

如果你去看看，我認為現在是一個非常強勁的 DRAM 時期。

I think that foundry has an opportunity to pick up.

我認為代工廠有機會回升。

So I think your read of the situation is in the ballpark.

所以我認為你對情況的解讀是大致的。

Thanks.

謝謝。

Thank you.

謝謝你。

Harlan Sur, JPMorgan.

摩根大通的哈蘭蘇爾。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

On your higher WFE spending outlook for next year, as you mentioned, it does appear that it is weighted towards inflection technology spending?

正如您所提到的，關於您明年更高的 WFE 支出前景，它似乎確實偏重於拐點技術支出？

Can you just give us your view on the percent of the total mix that will be for inflection technology since that 20 nanometer DRAM 3D NAND?

您能否就自 20 納米 DRAM 3D NAND 以來用於變形技術的總組合百分比給我們您的看法？

Is it going to be 30% of WFE spend, 40%, majority of the spend?

是否會佔 WFE 支出的 30%，佔大部分支出的 40%？

Any insights here would be appreciated.

這裡的任何見解將不勝感激。

Yes.

是的。

On the foundry investment, we think over 50% is going to be for sub-20 nanometer.

在代工投資方面，我們認為超過 50% 將用於 20 納米以下。

And as I said earlier, that is a huge battleground for all of our customers.

正如我之前所說，這對我們所有的客戶來說都是一個巨大的戰場。

And there's some spending even all the way down to 10-nanometer on the pilot that is being pulled in by some of our customers.

我們的一些客戶正在為試點項目投入一些資金，甚至一直到 10 納米。

In NAND flash, the 3D NAND ramp has been slower than what we had anticipated.

在 NAND 閃存中，3D NAND 的發展速度比我們預期的要慢。

This year, the majority of the investment has been for planar NAND.

今年，大部分投資都用於平面 NAND。

And where we're looking at right now, we still think that in 2015, that the majority of spending will be in planar NAND technology, and that transition to 3D NAND, in terms of majority of the CapEx, we think is more in 2016.

而我們現在正在研究的地方，我們仍然認為，在 2015 年，大部分支出將用於平面 NAND 技術，並且就大部分資本支出而言，向 3D NAND 的過渡，我們認為更多的是在 2016 年.

What we do see from customers, and talking to multiple customers, is very good performance with 3D NAND technology.

我們從客戶那裡看到，並與多個客戶交談，3D NAND 技術的性能非常好。

And also, the potential for bid scaling in 3D NAND is pretty significant.

此外，3D NAND 投標規模的潛力非常大。

It is a tough technology transition, so it is happening slower than I think some of the customers had anticipated.

這是一個艱難的技術轉型，所以它發生的速度比我認為一些客戶預期的要慢。

But still, from a performance and cost standpoint, there are very good reasons to make that transition.

但是，從性能和成本的角度來看，仍然有充分的理由進行這種轉變。

But we think that one is more in the 2016 timeframe, where that becomes the majority of the CapEx spending.

但我們認為，在 2016 年的時間範圍內會更多，這將成為資本支出的大部分。

Great, thanks.

太謝謝了。

And then Bob, you delivered on your target to drive a 2% reduction in materials cost.

然後是 Bob，您實現了將材料成本降低 2% 的目標。

Can you just help us understand, is it more procurement-driven?

你能不能幫我們理解一下，是不是更多的採購驅動？

Or better platform design?

還是更好的平台設計？

Or a combination of both?

還是兩者兼而有之？

And as you drive towards your 2016 model, how much more efficiencies can you drive in your COGS?

隨著您向 2016 年車型邁進，您的 COGS 效率還能提高多少？

Yes, the way we measure that is off the released bills and material, pretty much.

是的，我們衡量這一點的方式幾乎與已發布的賬單和材料有關。

We get an incremental benefit through design.

我們通過設計獲得增量收益。

So most of that is engineering and purchasing working together.

因此，其中大部分是工程和採購協同工作。

And AGS, everybody works together on that.

AGS，每個人都在這方面共同努力。

But the way we measured cost down is off a base number, and how much we get off of that.

但是我們衡量降低成本的方式是偏離基數的，以及我們從中得到了多少。

Now what wew're trying to do with new products is try and introduce them more cost effectively, also, but we measure that separately.

現在我們嘗試用新產品做的是嘗試以更經濟有效的方式推出它們，但我們單獨衡量。

Thank you.

謝謝你。

Weston Twigg, Pacific Crest Securities.

Weston Twigg，Pacific Crest 證券。

One question.

一個問題。

You some very bullish regarding the foundry finFET ramp, but I'm wondering if you could give us your view on finFET yield progress at the foundries?

您非常看好代工廠的 finFET 斜坡，但我想知道您是否可以向我們提供您對代工廠的 finFET 良率進展的看法？

And whether you think that there is some risk that yield might impacted the ramp timing and overall 2015 demand outlook?

您是否認為收益率可能會影響爬坡時間和 2015 年整體需求前景？

Yes.

是的。

Based on what we're hearing right now, I would not anticipate that that's going to -- will impact the perspective on the foundry investment for next year.

根據我們現在聽到的情況，我預計這不會影響明年對代工投資的看法。

What we see today, and what we're hearing from customers, is continued strong investment in CapEx next year, and more heavily weighted towards those next-generation technology nodes.

我們今天看到的，以及我們從客戶那裡聽到的，是明年對資本支出的持續強勁投資，並且更加重視那些下一代技術節點。

Okay, good.

好的。

And then just as a follow-up, wondering if you can comment on demand in China?

然後作為後續行動，想知道您是否可以評論中國的需求？

And whether you're beginning to see visibility in the pipeline for new 300 millimeter fabs?

您是否開始看到新的 300 毫米晶圓廠正在籌備中？

And if you expect those -- that demand to pick up in 2015?

如果您預計這些需求會在 2015 年回升？

Hi Wes, it's Bob.

嗨，韋斯，我是鮑勃。

I think we see moderate amounts for that 300 millimeter local stuff.

我認為我們看到 300 毫米本地材料的數量適中。

I think it's in there, we see it growing, but it's not a big number for us.

我認為它在那裡，我們看到它在增長，但這對我們來說並不是一個大數字。

I think our overall position in China is very good, but as Bob said, that the -- it's not a large driver for us next year.

我認為我們在中國的整體地位非常好，但正如鮑勃所說，這對我們明年來說並不是一個很大的推動力。

All right.

好的。

That's helpful, thank you.

這很有幫助，謝謝。

Thank you.

謝謝你。

Patrick Ho, Stifel Nicholas.

帕特里克·何，Stifel Nicholas。

Thank you very much.

非常感謝。

First, on the CVD and etch share gains that you had mentioned to date.

首先，關於您迄今為止提到的 CVD 和 etch 份額收益。

Can you comment a little, in terms of the customer segments that you see the most gains?

您能否就您看到最大收益的客戶群發表一點評論？

And perhaps more importantly, going forward, (technical difficulty) additional incremental gains in both of those segments?

或許更重要的是，未來，（技術難度）這兩個領域的額外增量收益？

Hi, Patrick, thanks the question.

嗨，帕特里克，謝謝這個問題。

Relative to both of those different markets, the gains for us are weighted, I would say, a little bit more in terms of the memory than it is in the other market segments.

相對於這兩個不同的市場，我們的收益是加權的，我想說，就內存而言，比其他細分市場要多一點。

We have very strong growth, as I talked about earlier.

正如我之前所說，我們的增長非常強勁。

The etch revenue we're forecasting for 2014 is up 2.5 times where we were two years ago.

我們預測的 2014 年蝕刻收入是兩年前的 2.5 倍。

So very significant growth, in terms of etch.

就蝕刻而言，增長非常顯著。

And as I had mentioned earlier, also, the combined revenue growth for etch and CVD in calendar 2014 is around 50%.

正如我之前提到的，2014 年蝕刻和 CVD 的總收入增長約為 50%。

We believe those areas will grow.

我們相信這些領域將會增長。

And we made -- as Bob talked about earlier, we made a lot of investments in new products.

我們做了 - 正如鮑勃之前所說，我們在新產品上進行了大量投資。

And those new products are really helping drive the share gains in both of those different markets.

這些新產品確實有助於推動這兩個不同市場的份額增長。

We're very well-positioned, as our customers are transitioning to new technologies.

我們處於非常有利的位置，因為我們的客戶正在向新技術過渡。

Part of the gross margin pressure, also, that Bob talked about is a really significant ramp.

鮑勃談到的部分毛利率壓力也是一個非常重要的斜坡。

We talked about 300 chambers for new products that we announced at SEMICON West that we're shipping, and really significant growth in those new products right now, which is great from a share standpoint.

我們談到了我們在 SEMICON West 上宣布我們正在發貨的新產品的 300 個腔室，以及這些新產品現在的顯著增長，從份額的角度來看，這是非常好的。

Really positions us well around those technology transitions, providing some gross margin pressure, as we're introducing these products to new customers.

在我們將這些產品介紹給新客戶時，確實使我們能夠很好地圍繞這些技術轉型，提供一些毛利率壓力。

But overall, we're very optimistic about our outlook going forward in those markets.

但總的來說，我們對這些市場的前景非常樂觀。

Yes, let me give you some more color, if I could, Patrick.

是的，帕特里克，如果可以的話，讓我再給你一些顏色。

I was joking with the guys around here that sometimes we're off on timing, but let's be -- let's be on the -- we can be on the wrong side of timing once in a while, but let's be on the right side of inevitability.

我和周圍的人開玩笑說有時我們在時間上錯了，但是讓我們——讓我們繼續——我們可能偶爾會在錯誤的一邊，但讓我們站在正確的一邊必然性。

So if you look at the opportunity for us is really big on inflections.

所以如果你看看我們的機會在拐點上真的很大。

That's where you make penetration.

這就是你進行滲透的地方。

So if you look at inflections, we've talked about flash shorts around finFETS, VNAND, very positive for us.

因此，如果您看一下拐點，我們已經談到了 finFETS、VNAND 周圍的閃存短路，這對我們來說非常積極。

Because that's where we push through the windows with new tools.

因為那是我們用新工具推動窗戶的地方。

So if you look at etch and CVD, we're making a lot of good progress, gaining a lot in memory, in particular on inflections.

因此，如果您看一下蝕刻和 CVD，我們正在取得很大的進步，在內存方面取得了很大進展，特別是在拐點方面。

And in fact, if the VNAND had been a little more robust this year, we might have gained up to another 0.5 point of WFE this year.

事實上，如果今年 VNAND 更強勁一點，我們今年可能會再增加 0.5 個點的 WFE。

So that means it wasn't quite as robust this year.

所以這意味著它今年沒有那麼強勁。

But everybody says it's coming, right?

但是每個人都說它來了，對吧？

Is it 2015, 2016?

是2015年還是2016年？

But on the right side of the inflection, right?

但是在拐點的右側，對嗎？

So -- and then within the specific question you asked about etch and CVD, etch is making great progress.

所以 - 然後在您詢問的有關蝕刻和 CVD 的具體問題中，蝕刻正在取得很大進展。

Look at the numbers.

看看數字。

Up a lot, up in Q1.

上漲很多，在第一季度上漲。

And the other thing is, if you look at -- the memory is where the revenues are.

另一件事是，如果你看 - 內存就是收入所在。

But we're making good progress in qualification at more complicated places like foundries, too.

但是我們在鑄造廠等更複雜的地方也取得了良好的進展。

Absolutely.

絕對地。

So again, going back to timing and inevitability, if you get the penetrations, get the market share, get the products right, you can also get the gross margins right, over time.

再說一次，回到時機和必然性，如果你獲得了滲透率，獲得了市場份額，獲得了正確的產品，隨著時間的推移，你也可以獲得正確的毛利率。

So you want to be on the right side of the trends, the inflections, the inevitability of these things.

因此，您希望站在趨勢、拐點和這些事物的必然性的右側。

And then grind out costs and profitability stuff.

然後研究成本和盈利能力。

And that's what we're doing.

這就是我們正在做的事情。

Great, that's really helpful.

太好了，這真的很有幫助。

And Bob, maybe specifically for you.

還有鮑勃，也許是專門為你準備的。

You've obviously had -- made improvements on the services business front, and particularly on the operating margin line.

您顯然已經在服務業務方面做出了改進，特別是在運營利潤率線上。

Can you give a little more color in some of those specific tactics and moves that you have done that have helped drive the higher operating margins in that business group?

您能否在您所做的一些具體策略和舉措中提供更多色彩，這些策略和舉措有助於推動該業務組更高的營業利潤率？

It's not me, it's SSG and AGS guys.

不是我，是 SSG 和 AGS 的傢伙。

AGS has worked really hard this year really, and really, we're seeing some real progress.

AGS 今年真的很努力，真的，我們看到了一些真正的進步。

And they've worked really collaboratively with SSG.

他們與 SSG 進行了真正的合作。

I think -- I'll go offline for a second.

我想——我會離線一會兒。

I think we historically thought like equipment guys, and we didn't think about the after-market.

我認為我們歷來都像設備專家一樣思考，我們沒有考慮售後市場。

So we got much tighter alignment between the two groups this year.

因此，今年我們在兩組之間建立了更緊密的聯繫。

They shared bonus plans, they co-located.

他們共享獎金計劃，他們在同一地點。

And you're starting to see real momentum with the teams.

你開始看到團隊的真正動力。

So I think getting people to work closely together, shared objectives, think about the service business has been a big plus.

所以我認為讓人們緊密合作、共同目標、思考服務業務是一大優勢。

And I think they're just starting to turn the corner on that.

我認為他們才剛剛開始扭轉局面。

You're starting to see it in the numbers.

你開始在數字中看到它。

We saw it in the behavior, the tight relationships.

我們在行為和緊密的關係中看到了這一點。

So what are they tactically doing?

那麼他們在戰術上在做什麼呢？

They're doing some lower cost sourcing.

他們正在做一些低成本的採購。

They're also doing some much more service contracts, so you get sticky service revenues.

他們還簽訂了更多的服務合同，因此您可以獲得粘性服務收入。

So I think the strategy and execution in AGS, and AGS working with SSG, has been a big improvement on multiple fronts.

所以我認為 AGS 的戰略和執行，以及 AGS 與 SSG 的合作，在多個方面都有很大的改進。

Yes, I would say, on the cost front, as Bob said, Patrick, we are really focused on trying to drive lower cost in our parts, and our -- and also the delivery of our service to our customers.

是的，我想說的是，在成本方面，正如鮑勃所說，帕特里克，我們真的專注於努力降低我們的零件成本，以及我們的 - 以及我們向客戶提供的服務。

So that is sustainable, and we really think we're in the early phases of what we can do there.

所以這是可持續的，我們真的認為我們正處於我們可以在那裡做的事情的早期階段。

As Bob said, we've reorganized the service groups so that there is a tighter connection between the SSG business units with our service teams, to really focus on, as we're ramping epi for finFET, or the CVD product for deposition on a VNAND type of device, or the VNAND stack, these are tough processes.

正如 Bob 所說，我們已經重組了服務組，以便在 SSG 業務部門與我們的服務團隊之間建立更緊密的聯繫，真正專注於，因為我們正在為 finFET 或 CVD 產品增加用於沉積在VNAND 類型的設備或 VNAND 堆棧，這些都是艱難的過程。

So to the extent that we can have service together with our business units in a tighter alignment, as customers are moving through these transitions, defects are harder, uniformity is harder, stability is harder, all of these different things.

因此，如果我們可以將服務與我們的業務部門緊密結合起來，隨著客戶正在經歷這些轉變，缺陷會更加困難，統一性更加困難，穩定性更加困難，所有這些不同的事情。

And certainly they are very focused on cost.

當然，他們非常關注成本。

So that focus on value is really changed, and the alignment between the groups is much better.

因此，對價值的關注確實發生了變化，團隊之間的一致性也更好了。

And we really believe that the growth that we're seeing there is sustainable into the future.

我們真的相信，我們看到的增長在未來是可持續的。

In terms of -- let me give you a little more color.

就--讓我給你多一點顏色。

I think we're making real good progress now.

我認為我們現在正在取得真正的良好進展。

I think I can see on the revenue and the margin line.

我想我可以看到收入和利潤線。

The margins did benefit a little bit in 2014 from some one-time stuff I talked about earlier.

2014 年的利潤率確實從我之前談到的一些一次性的東西中受益了一些。

But over time, we're systemically making more progress.

但隨著時間的推移，我們正在系統地取得更多進展。

Great, thank you very much.

太好了，非常感謝。

Thank you.

謝謝你。

Mark Heller, CLSA.

馬克·海勒，里昂證券。

Thanks for taking my question.

感謝您提出我的問題。

Gary and Bob, I was wondering if you -- there's been some more positive commentary lately on EUV.

Gary 和 Bob，我想知道你們是否——最近對 EUV 有一些更積極的評論。

I'm just wondering if you're seeing any changes to your customer road maps, in terms of potentially integrating EUV into the road map sooner?

我只是想知道您是否看到您的客戶路線圖有任何變化，可能更快地將 EUV 集成到路線圖中？

Yes, as of right now, we really don't see a major change, in terms of impact on our business until post-10-nanometer.

是的，就目前而言，在 10 納米之後對我們業務的影響方面，我們確實沒有看到重大變化。

So for us, I think, over the next few years, we don't see a major impact.

所以對我們來說，我認為，在接下來的幾年裡，我們不會看到重大影響。

Okay.

好的。

And Bob, a quick question on the OpEx, and maybe earnings leverage.

Bob，一個關於運營支出的快速問題，也許還有收益槓桿。

How should we expect OpEx to trend over the next few quarters?

我們應該如何預期未來幾個季度的運營支出趨勢？

And also, the EPS has been in this $0.25 to $0.29 range for the past few quarters.

而且，過去幾個季度的每股收益一直在 0.25 美元到 0.29 美元之間。

When can we expect better earnings leverage?

我們什麼時候可以期待更好的盈利槓桿？

Is it just from the buybacks?

僅僅是回購嗎？

Or should we expect other things to drive the EPS leverage, as we look forward?

或者我們是否應該期待其他因素來推動 EPS 槓桿，正如我們所期待的那樣？

Sure.

當然。

On the OpEx, I'll say what I said at the beginning -- almost exactly a year ago this time.

關於運營支出，我會說我一開始所說的——這一次幾乎是一年前。

We tend to have a little bit of OpEx pressure early in the year, because we give everybody a raise on the same date in early January.

我們在年初往往會有一點運營支出壓力，因為我們在 1 月初的同一天給每個人加薪。

So we've got about almost a month of that in this quarter, and then we have three months of it in the following quarter.

所以我們在本季度有將近一個月的時間，然後在下一個季度我們有三個月的時間。

And we do have the benefit of the shutdown in this quarter, and we're not planning on it in the second quarter.

而且我們確實從本季度的停工中受益，我們不打算在第二季度進行。

So there's a little bit of OpEx increased pressures, typically, for us in Q2.

因此，通常在第二季度對我們來說，OpEx 的壓力會有所增加。

So we have to manage that.

所以我們必須管理它。

But I feel like there's a little bit of upward pressure there, and we have to manage it to get within a tolerable range.

但我覺得那裡有一點上行壓力，我們必須控制它以使其在可承受的範圍內。

The other thing is, we have a lot of new products coming out.

另一件事是，我們有很多新產品要問世。

So that's driving top line growth.

因此，這推動了收入增長。

In fact, I'll give you more color on that.

事實上，我會給你更多的顏色。

We think there's an excellent chance that we're going to gain -- grow revenue in every one of our segments next year, in 2015.

我們認為我們將獲得極好的機會——明年，即 2015 年，我們每個細分市場的收入都將增長。

But what it is, a lot of new products coming out when you have the R&D pipe, and even in HS is some investments in revenue growth.

但它是什麼，當你有研發管道時，就會出現很多新產品，甚至在 HS 也是對收入增長的一些投資。

So what's the point?

那麼有什麼意義呢？

I think expenses have a little bit of upward pressure through the year.

我認為全年的費用都有一點上漲壓力。

Part of it is the raises, part of it is the number of new products coming out.

部分原因是加薪，部分原因是新產品推出的數量。

So we have to work on that.

所以我們必須為此努力。

In terms of the operating margins, the EPS, as you start to get these products, and if you're in a decent WFE environment, and we're making progress on the lines below that, including tax.

就營業利潤率而言，EPS，當您開始獲得這些產品時，如果您處於良好的 WFE 環境中，我們正在以下方面取得進展，包括稅收。

We're starting to knock on the door getting those higher numbers, in terms of EPS.

就每股收益而言，我們開始敲門獲得更高的數字。

Thank you.

謝謝你。

Mahesh Sanganeria, RBC Capital Markets.

Mahesh Sanganeria，加拿大皇家銀行資本市場。

Yes, thank you very much.

是的謝謝你。

A question on your order -- segment orders.

關於您的訂單的問題 - 分段訂單。

Your -- that looks a little different than what your peers have reported in general, foundry orders down significantly, and DRAM up pretty significantly.

您的 - 這看起來與您的同行報告的一般情況略有不同，代工訂單顯著下降，DRAM 顯著上升。

Is there something different about your order pattern?

你的訂單模式有什麼不同嗎？

Or is just a one-month offset that is causing that variation with the peers?

或者僅僅是一個月的抵消導致與同行之間的差異？

Yes, I would say that -- there's a couple of thoughts.

是的，我會這麼說——有幾個想法。

I think the one-month thing throws it a little bit.

我認為一個月的事情會稍微影響一下。

The other thing is, some of our -- even within our products, some of them have a little bit different phased purchase.

另一件事是，我們的一些——甚至在我們的產品中，其中一些有一點不同的階段性購買。

For instance, our epi tools at foundries tend to be bought earlier in the cycle than later.

例如，我們在代工廠的外延工具往往是在周期的早期購買的。

So you've got to go through all the mix.

所以你必須經歷所有的混合。

I don't think there's any real fundamental difference in what we're seeing.

我不認為我們所看到的有任何真正的根本區別。

Okay.

好的。

And a question on AGS.

還有一個關於 AGS 的問題。

You had revenue -- if I look at the calendar year, or January quarter to January quarter revenue will be probably up close to10% on AGS, about [22.50].

你有收入——如果我看日曆年，或者 1 月季度到 1 月季度的收入可能會在 AGS 上接近 10%，大約 [22.50]。

Where do you see that run rate?

你在哪裡看到這個運行率？

How should we look at AGS run rate over the next couple of years?

我們應該如何看待未來幾年的 AGS 運行率？

Our goal is to grow that 6% to 8% type of numbers, which was in our strategic plan we give you a couple years ago.

我們的目標是增加 6% 到 8% 的數字，這在我們幾年前給您的戰略計劃中。

And we're starting to see that the services were strong in the past quarter or two.

我們開始看到服務在過去一兩個季度表現強勁。

We're putting a little bit more money into the OpEx line to invest in some, basically, product-type stuff in AGS.

我們將更多的資金投入到運營支出線中，以投資於 AGS 中的一些產品類型的東西。

So 6% to 8% is what our goal is.

所以6%到8%是我們的目標。

Okay, that's very helpful, thank you.

好的，非常有幫助，謝謝。

You're welcome.

別客氣。

Dustin, I just want to let you know, I think we have time for about two more questions.

達斯汀，我只是想讓你知道，我想我們還有時間再問兩個問題。

Tom Diffely, D.A. Davidson.

湯姆·迪菲利，D.A.戴維森。

Yes, good afternoon.

是的，下午好。

So first a clarification.

所以首先澄清一下。

Why is it that etch is growing so much faster than your other products in the first quarter?

為什麼第一季度 etch 的增長速度比你們的其他產品快得多？

Is it simply just share gains off of a smaller base?

它只是從較小的基數中分享收益嗎？

Or is there more to it?

或者還有更多？

We think a couple of things going on.

我們認為有幾件事正在發生。

If you look at it, we believe we gain share on the year in 2014.

如果你看一下，我們相信我們會在 2014 年獲得份額。

We gained share on the year in 2013.

我們在 2013 年獲得了份額。

And we're optimistic we'll gain share on the year in 2015.

我們很樂觀，我們將在 2015 年獲得份額。

Secondly, if you look at some of the timing of some of the places where we are gaining share, we talked about memory looking good for us.

其次，如果你看看我們獲得份額的一些地方的一些時間安排，我們談到記憶對我們來說很好。

And it's a pretty good early part of the year for memory.

對於記憶來說，這是一個非常好的年初。

Everybody's talking about places like DRAM and some NAND.

每個人都在談論像 DRAM 和一些 NAND 這樣的地方。

So I think it's a trend over years.

所以我認為這是多年來的趨勢。

And then in the quarter, it is strong also.

然後在本季度，它也很強勁。

But it's part of an ongoing trend.

但這是一個持續趨勢的一部分。

Okay.

好的。

Then maybe --

那麼也許——

Also, it's the -- I think in the etch case, as we talked about earlier, we have some new products that have very strong pull from customers.

另外，我認為在蝕刻案例中，正如我們之前談到的，我們有一些新產品對客戶有很強的吸引力。

So as those products are ramping, that also gives us a tailwind.

因此，隨著這些產品的興起，這也給我們帶來了順風。

Okay.

好的。

And then you talked about 2015 being another very strong year for the foundries.

然後你談到 2015 年對於鑄造廠來說又是一個非常強勁的一年。

Are you going to see a broadening of your customer base, the number of players participating in the foundries in 2015, do you believe, over 2014?

您是否會看到您的客戶群擴大，2015 年參與代工廠的玩家數量超過 2014 年？

And if so, what kind of impacts would that have on your overall share in the space?

如果是這樣，這會對您在該領域的整體份額產生什麼樣的影響？

Foundry is a really strong position for us.

Foundry 對我們來說是一個非常強大的職位。

We have many of the transistor and interconnect enabling technologies.

我們擁有許多晶體管和互連技術。

That's really driving our epi, our metals deposition, implant, some of the areas that we talked about earlier, that were externally strong.

這確實推動了我們的外延，我們的金屬沉積，植入，我們之前談到的一些領域，這些領域在外部都很強大。

So foundry spending is really very good for us.

所以代工支出對我們來說真的非常好。

We have very good share in really all of the different foundries.

我們在所有不同的代工廠中都有很好的份額。

So there's not a tremendous difference from one to the next.

所以從一個到另一個沒有太大的區別。

We do see some broadening, relative to the investment in 2015.

相對於 2015 年的投資，我們確實看到了一些擴大。

But the key thing for us, and as we have talked about before, especially in finFET.

但對我們來說是關鍵，正如我們之前談到的，尤其是在 finFET 中。

As finFET ramps, our total available market opportunity goes up 25% to 35%.

隨著 finFET 的增加，我們的總可用市場機會增加了 25% 至 35%。

And those are the areas where we have many leadership products.

這些是我們擁有許多領先產品的領域。

So that is very good for us, from a growth perspective.

因此，從增長的角度來看，這對我們非常有利。

Okay, that's helpful.

好的，這很有幫助。

Appreciate it.

欣賞它。

Thank you.

謝謝你。

Edwin Mok, Needham & Company.

Edwin Mok，Needham & Company。

Thanks for squeezing me in.

謝謝你擠我。

So first question on -- just a clarification on the commentary about higher memory spending in 2015?

那麼第一個問題 - 只是澄清關於 2015 年更高內存支出的評論？

Is it mostly driven by DRAM growth that you talked about?

它主要是由您所說的 DRAM 增長驅動的嗎？

And less so from NAND?

而NAND則更少？

And is that more to do just, call it, timing of the 3D NAND spending, more like in terms?

而這是否更多地稱為 3D NAND 支出的時間安排，更像是在條款上？

I'm just trying to understand if there is more DRAM, less NAND?

我只是想了解是否有更多的DRAM，更少的NAND？

Or is it pretty balanced for you in two buckets?

或者它在兩個桶中對你來說非常平衡？

I think, Edwin, it's pretty balanced, based on what we see today and what we're hearing from customers.

我認為，埃德溫，根據我們今天所看到的和我們從客戶那裡聽到的情況，它非常平衡。

In both cases, we see memory spending up, up next year.

在這兩種情況下，我們都看到內存支出增加，明年增加。

As I said earlier, the 3D NAND transition is happening slower than we anticipated.

正如我之前所說，3D NAND 過渡的速度比我們預期的要慢。

So we see incremental investment in planar NAND.

因此，我們看到了對平面 NAND 的增量投資。

3D NAND is broadening, and is increasing in 2015.

3D NAND 正在擴大，並在 2015 年增加。

But we see both the NAND and DRAM investment up in 2015.

但我們看到 2015 年 NAND 和 DRAM 的投資都在增加。

Okay, great.

好，太棒了。

Thanks for clarifying that.

感謝您澄清這一點。

And then going back to etch, I'm trying to understand how much of that is just a TAM expansion?

然後回到蝕刻，我試圖了解其中有多少只是 TAM 擴展？

It sounds like there's always more optionality there.

聽起來那裡總是有更多的選擇餘地。

And I think you mentioned that at least initially, you have stronger position in memory, which helped you in etch.

而且我認為您至少在最初提到過，您在記憶中的地位更高，這有助於您進行蝕刻。

Do you think your product has higher productivity than your competitor?

你認為你的產品比你的競爭對手有更高的生產力嗎？

And that is one differentiation?

這是一種差異化？

Is that a big driver for customers to adopt that?

這是客戶採用它的主要驅動力嗎？

And is that because -- I think historically, memory customers tend to be more cost sensitive.

那是因為 - 我認為從歷史上看，內存客戶往往對成本更加敏感。

Is that -- is productivity a big issue the customer is facing that you are able to win on that?

那是——生產力是客戶面臨的一個大問題，你能在這方面取勝嗎？

Yes, I think productivity, overall cost of ownership, is a big focus for everybody, with more patterning steps.

是的，我認為生產力和總體擁有成本是每個人都關注的重點，需要更多的圖案化步驟。

That's certainly a big focus.

這當然是一個很大的焦點。

We actually have, in the new products, some very strong technology.

實際上，在新產品中，我們擁有一些非常強大的技術。

If you look at areas like micro-loading, for instance, we have some very good capability there.

例如，如果您查看諸如微加載之類的領域，我們在這方面有一些非常好的能力。

CD uniformity is always a big issue for our customers.

對我們的客戶來說，CD 均勻性始終是一個大問題。

So we are seeing, not only on the cost of ownership side, but also on the technology side, some really good opportunities for us to grow the business.

因此，我們不僅在擁有成本方面，而且在技術方面，都看到了一些非常好的機會讓我們發展業務。

We've strengthened that team a tremendous amount.

我們已經大大加強了這支球隊。

It is really an outstanding group, tremendous passion in solving problems for customers -- high-value problems for customers.

真的是一個非常優秀的團隊，有極大的熱情為客戶解決問題——為客戶解決高價值的問題。

And as Bob talked about, we've increased investment there, both in R&D for the new products that are ramping now, and in the field technical support.

正如鮑勃所說，我們已經增加了在那裡的投資，無論是對現在正在加速發展的新產品的研發，還是在現場技術支持方面。

So we see very good pull, certainly in memory.

所以我們看到非常好的拉力，當然是在記憶中。

We are gaining in logic, and we see pull on cost, but also on the technology side.

我們在邏輯上取得了進步，我們看到了成本的拉動，而且在技術方面也是如此。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

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

謝謝大家的提問，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。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may all disconnect.

你們都可以斷開連接。