應用材料 (AMAT) 2015 Q1 法說會逐字稿

Welcome to the Applied Materials earnings conference call.

歡迎來到應用材料公司財報電話會議。

(Operator Instructions)

（操作員說明）

As 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 will discuss the results for our first quarter which ended on January 25.

今天將討論我們在 1 月 25 日結束的第一季度的業績。

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

加入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 statements about Applied's performance, products, strategies, opportunities, announced business combination with Tokyo Electron and business and industry 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，包括關於 Applied 的業績、產品、戰略、機會、宣布與東京電子的業務合併以及業務和行業前景的陳述。

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 it 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，因此應據此進行解釋。

Information concerning these risk factors is contained in our most recent Form 10-K and 8-K 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 10-K 和 8-K 表格中。

Forward-looking statements speak as of February 11, 2015, and we assume no obligation to update them.

前瞻性陳述截至 2015 年 2 月 11 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.

謝謝，邁克。

Good afternoon.

下午好。

Let me start by providing an assessment of our overall progress.

讓我首先對我們的整體進展進行評估。

First, our long-term strategy.

首先，我們的長期戰略。

We are driving profitable growth by enabling major technology inflections, using our precision materials engineering leadership to gain share and grow faster than the markets we serve.

我們通過實現重大技術轉折來推動盈利增長，利用我們在精密材料工程方面的領先地位來獲得份額並以比我們所服務的市場更快的速度增長。

Major transitions in semiconductor and display technology create great opportunities for Applied.

半導體和顯示技術的重大轉變為應用材料公司創造了巨大的機會。

We are making meaningful progress towards our long-term strategic goals, and this will be accelerated by our upcoming merger.

我們正在朝著我們的長期戰略目標取得有意義的進展，而我們即將進行的合併將加速這一進程。

In the midterm, we have been focused on those opportunities that move the needle for customers and for Applied.

在中期，我們一直專注於那些為客戶和 Applied 帶來影響的機會。

We have strengthened our R&D and field teams while increasing investment in product development.

我們加強了我們的研發和現場團隊，同時增加了對產品開發的投資。

We have also created a pipeline of new, differentiated products that accelerate Applied's growth when customers move new technology into high-volume production.

當客戶將新技術投入大批量生產時，我們還創建了一系列新的、差異化的產品來加速應用材料公司的增長。

We are managing the effect on margins as we ramp these new projects.

隨著我們增加這些新項目，我們正在管理對利潤率的影響。

In the short term, the forecasted levels of investment by our customers provide a solid foundation for the year ahead.

在短期內，我們客戶的預測投資水平為來年奠定了堅實的基礎。

While there are challenges inherent in our spending mix and some uncertainties about timing, we remain firmly on our trajectory of profitable growth.

儘管我們的支出組合存在固有的挑戰，而且時間安排存在一些不確定性，但我們仍堅定地走在盈利增長的軌道上。

At the same time, we are completing our preparations to merge with Tokyo Electron.

同時，我們正在完成與東京電子合併的準備工作。

The Applied and Tokyo Electron teams are very excited about the strategic opportunity this merger creates and share a strong commitment to work together to achieve our performance goals for the new company.

Applied 和 Tokyo Electron 團隊對此次合併創造的戰略機遇感到非常興奮，並共同致力於共同實現我們對新公司的績效目標。

We believe we are making progress with regulators around the world on a coordinated proposal that would allow us to move forward with our business combination.

我們相信，我們正在與世界各地的監管機構就一項協調提案取得進展，這將使我們能夠推進我們的業務合併。

We are working to secure the remaining approvals and complete the merger as soon as possible.

我們正在努力爭取剩餘的批准，並儘快完成合併。

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

在此階段，我們被建議不要提供詳細信息或回答有關正在進行的討論的問題。

Turning to our market outlook, industry growth is fueled by evolving trends in mobility, connectivity, video, and wearable devices.

談到我們的市場前景，移動、連接、視頻和可穿戴設備不斷發展的趨勢推動了行業增長。

This is accelerating innovations in mobile processors, solid-state storage and interactive displays.

這正在加速移動處理器、固態存儲和交互式顯示器的創新。

Our customers are focused on winning share in these inflections, and this is resulting in a period of sustained investment by semiconductor customers.

我們的客戶專注於在這些變化中贏得份額，這導致了半導體客戶持續投資的時期。

We believe wafer fab equipment spending for calendar 2014 was approximately 15% higher than the previous year.

我們認為 2014 年的晶圓廠設備支出比上一年高出約 15%。

As we look ahead, we maintain our view that the market could grow another 5% or more in 2015.

展望未來，我們仍然認為 2015 年市場可能再增長 5% 或更多。

In foundry, we expected investment to be maintained at the same healthy levels seen in 2014, with the potential to be slightly higher than last year.

在鑄造方面，我們預計投資將維持在 2014 年的健康水平，並有可能略高於去年。

Our current view is that spending for advanced nodes will be heavily biased toward the second half of the year.

我們目前的觀點是，高級節點的支出將嚴重偏向下半年。

While we see some timing uncertainty with the ramp of this complex technology, the FinFET inflection is highly beneficial for Applied, expanding the opportunity for our leadership products in Epi, metal deposition, implants, anneals, and CMP.

雖然我們看到這種複雜技術的發展存在一些時間不確定性，但 FinFET 的轉折對 Applied 非常有利，擴大了我們在 Epi、金屬沉積、注入、退火和 CMP 領域的領先產品的機會。

In memory, supply remains tight with a healthy pricing environment and robust investment.

在記憶中，供應仍然緊張，定價環境健康，投資強勁。

In the past quarter, we booked our highest orders from memory customers in over seven years.

在過去的一個季度，我們從內存客戶那裡獲得了七年多以來的最高訂單。

This includes our highest quarterly DRAM orders since 2010.

這包括我們自 2010 年以來最高的季度 DRAM 訂單。

DRAM bit growth for 2015 is expected to be around 30%, with mobile DRAM standing out as the most significant driver.

預計 2015 年 DRAM 位增長將在 30% 左右，其中移動 DRAM 是最重要的驅動力。

While technology conversions are currently providing a large portion of the needed supply, increasing device complexity and additional process steps work required at the smaller nodes are reducing effective factory outputs.

雖然技術轉換目前提供了大部分所需供應，但設備複雜性的增加和較小節點所需的額外工藝步驟工作正在減少有效的工廠產出。

In addition, mobile DRAM devices are typically larger than PC DRAM, and the combination of these factors is leading to new capacity additions this year.

此外，移動 DRAM 設備通常比 PC DRAM 更大，這些因素的結合導致今年新增產能。

The market for NAND memory is also expanding.

NAND存儲器的市場也在擴大。

Leading smartphone makers have doubled the average bits per box over the past 12 months.

在過去的 12 個月裡，領先的智能手機製造商每盒的平均比特數翻了一番。

This, added to growth in solid-state drives, is supporting NAND bit growth in the range of 40%.

再加上固態驅動器的增長，支持 NAND 位增長在 40% 的範圍內。

Although we believe the majority of NAND investments will still be focused on advanced planer capacity, we see 3D NAND spending for the year at approximately twice the 2014 level with more customers starting to move to this technology.

儘管我們相信大部分 NAND 投資仍將集中在先進刨床產能上，但我們預計今年 3D NAND 的支出約為 2014 年水平的兩倍，更多客戶開始轉向這項技術。

The industry's transition to 3D NAND has been slower than forecast.

該行業向 3D NAND 的過渡比預期的要慢。

However, it remains a positive inflection for Applied, expanding our served available market by 35% to 50%.

然而，這對 Applied 來說仍然是一個積極的轉折點，將我們服務的可用市場擴大了 35% 到 50%。

The outlook for display also remains very healthy.

展示前景也非常健康。

Average TV sizes are growing faster than historic rates, and we are seeing a surge in unit sales, fueled by consumer spending on new 4K and OLED models.

平均電視尺寸的增長速度快於歷史速度，我們看到單位銷量激增，這得益於消費者在新的 4K 和 OLED 型號上的支出。

Demand for bigger, higher resolution, low-power screens for mobile applications is also a key factor behind display growth.

移動應用對更大、更高分辨率、低功耗屏幕的需求也是顯示器增長的關鍵因素。

In TV and mobile supply is tight and our customers are investing in new capacity and advance technology.

電視和移動設備供應緊張，我們的客戶正在投資新產能和先進技術。

This quarter our display business delivered its highest revenue in the past three years.

本季度，我們的顯示業務實現了過去三年來的最高收入。

As we have said before, major inflections like FinFET, 3D NAND and the new displays represent unprecedented technology advances that are enabled by materials innovation.

正如我們之前所說，FinFET、3D NAND 和新顯示器等主要變化代表了材料創新帶來的前所未有的技術進步。

We are still in the early stages of these inflections.

我們仍處於這些拐點的早期階段。

As they play out over the next several years, they create great long-term growth opportunities for Applied.

隨著它們在接下來的幾年中發揮作用，它們為 Applied 創造了巨大的長期增長機會。

To fully capitalize on these transitions, we have aligned our structure and talent around key areas of value creation.

為了充分利用這些轉變，我們圍繞價值創造的關鍵領域調整了我們的結構和人才。

We will continue to aggressively manage our product portfolio so we can quickly shift resources to areas that are truly enabling for customers and generate the best returns for us.

我們將繼續積極管理我們的產品組合，以便我們能夠迅速將資源轉移到真正為客戶提供支持並為我們帶來最佳回報的領域。

We are starting to see the impact of these changes.

我們開始看到這些變化的影響。

In 2013, we won 1.4 points of share in wafer fab equipment while delivering innovative and enabling new products to customers.

2013年，我們在晶圓廠設備中獲得1.4分的份額，同時為客戶提供創新和賦能的新產品。

In 2014, we consolidated our new product positions and strengthened our product pipeline.

2014年，我們鞏固了新產品陣地，加強了產品線。

We believe we gained share or held share in almost all our businesses.

我們相信我們在幾乎所有業務中都獲得或持有股份。

Based on our current view of customer spending, we expect to grow our overall wafer fab equipment share again in 2015.

根據我們目前對客戶支出的看法，我們預計 2015 年我們的整體晶圓廠設備份額將再次增長。

We are making our largest gains in areas where the market is growing rapidly, including CVD and etch.

我們在市場快速增長的領域取得了最大的收益，包括 CVD 和蝕刻。

This past calendar year, we estimate that we won at least 3 points of share in CVD and 5 points of share in conductor etch.

在過去的一年中，我們估計我們在 CVD 領域贏得了至少 3 分的份額，在導體蝕刻領域贏得了 5 分的份額。

Etch is a business where we continue to build momentum.

Etch 是我們繼續發展勢頭的一項業務。

We have been focusing on key technology inflections in market segments where we believe we have sustainable technology differentiation.

我們一直專注於我們認為我們具有可持續技術差異化的細分市場中的關鍵技術變化。

New wins in memory combined with our traction in foundry helped us deliver our highest etch quarterly revenues and orders since 2007.

內存方面的新勝利與我們在代工方面的牽引力相結合，幫助我們實現了自 2007 年以來最高的季度蝕刻收入和訂單。

Our latest generation etch system has one of the fastest adoption rates of any new Applied product in recent years.

我們最新一代的蝕刻系統是近年來應用的所有新產品中採用率最快的系統之一。

We shipped three times as many chambers in the first quarter than we did in the prior quarter.

我們在第一季度的出貨量是上一季度的三倍。

We expect to double shipment volumes again in Q2.

我們預計第二季度的出貨量將再次翻番。

We also see great opportunities to grow our service business.

我們還看到了發展服務業務的絕佳機會。

We are bringing together capabilities from across the Company to develop expanded service offerings that help customers ramp complex new device technologies faster and at lower costs.

我們正在匯集整個公司的能力，以開發擴展的服務產品，幫助客戶以更低的成本更快地推廣複雜的新設備技術。

At both leading and trailing nodes, wafer starts and fab utilization, are at very high levels.

在領先和落後節點，晶圓開工率和晶圓廠利用率都處於非常高的水平。

We are winning new service contracts from a broad base of customers and growing faster than the market.

我們正在從廣泛的客戶群中贏得新的服務合同，並且增長速度快於市場。

Over the past two quarters, our service business booked its highest orders for any six-month period in our history.

在過去兩個季度中，我們的服務業務創下了歷史上任何六個月的最高訂單。

In summary, while there are risks related to the timing of customer investments, our current view is it that 2015 will be a year of solid growth market growth driven by robust memory spending in the first half and foundries ramping FinFET production in the second half.

總而言之，雖然存在與客戶投資時機相關的風險，但我們目前的觀點是，2015 年將是市場穩健增長的一年，這將受到上半年強勁內存支出和下半年 FinFET 產量增加的推動。

Applied Materials has a strong platform to gain share, driven by tremendous customer pull for our enabling precision materials engineering products and services.

應用材料公司擁有一個強大的平台來獲得份額，這得益於我們對精密材料工程產品和服務的巨大客戶拉動。

Across the organization, we remain highly focused on improving execution.

在整個組織中，我們仍然高度關注提高執行力。

We are driving alignment, speed, and scale as we prepare to merge with Tokyo Electron and hit the ground running as we become one company.

當我們準備與 Tokyo Electron 合併時，我們正在推動一致性、速度和規模，並在我們成為一家公司時開始起步。

Let me now hand the call over to Bob, who will provide further details on our performance and outlook.

現在讓我將電話轉給 Bob，他將提供有關我們業績和前景的更多細節。

Thanks, Gary.

謝謝，加里。

Gary gave us an update on the market environment and the status of technology inflections.

Gary 向我們介紹了市場環境和技術變化狀況的最新情況。

I'll begin by translating how we expect those patterns to play out in our business during the current fiscal year.

我將首先解釋我們期望這些模式在本財政年度在我們的業務中如何發揮作用。

First, you'll notice that memory spending is particularly strong in the first half of our year.

首先，您會注意到今年上半年內存支出特別強勁。

In Q1 our memory orders topped foundry and logic orders for the first time in five years.

在第一季度，我們的內存訂單五年來首次超過代工和邏輯訂單。

We could see a similar mix in Q2.

我們可以在第二季度看到類似的組合。

Next you will notice that while our foundry customers are intensely focused on ramping FinFETs, the order pattern is shipping up to be back-half loaded, also for the first time in years.

接下來，您會注意到，雖然我們的代工客戶非常關注增加 FinFET，但訂單模式正在以半載的方式發貨，這也是多年來的第一次。

We expect this mix to put more revenue and margin in our fiscal second half.

我們預計這種組合將在我們的下半財年增加收入和利潤。

Gary indicated that calendar 2015, WFE could be up by 5% or more.

Gary 表示，在 2015 年日曆上，WFE 可能會上漲 5% 或更多。

The greatest swing factor in our model is how much of the expected foundry spending is captured by the end of our fiscal year in October.

我們模型中最大的搖擺因素是到 10 月財年結束時，有多少預期的代工支出被捕獲。

From where we sit today, we expect a very strong fiscal second half.

從我們今天所處的位置來看，我們預計下半年財政將非常強勁。

The higher mix of memory and etch resulted in gross margins being below our expectations for the quarter.

內存和蝕刻的更高組合導致毛利率低於我們對該季度的預期。

Specifically, etch grew 90% sequentially, higher than our previous goal of 60%.

具體來說，蝕刻連續增長 90%，高於我們之前 60% 的目標。

Gary spoke about our focus on portfolio management.

Gary 談到了我們對投資組合管理的關注。

Let me discuss some of the results we're seeing in our efforts to generate profitable growth across our businesses.

讓我來討論一下我們在為我們的業務創造盈利增長的努力中看到的一些結果。

In AGS, we've strengthened the linkages to SSG and operations, invested in higher value offerings and focused on delivering long-term service contracts that can help customers with uptime, yields, and cost.

在 AGS，我們加強了與 SSG 和運營的聯繫，投資於更高價值的產品，並專注於提供可以幫助客戶提高正常運行時間、產量和成本的長期服務合同。

After two years of declining sales, AGS posted 9% growth in FY14.

經過兩年的銷售額下滑，AGS 在 2014 財年實現了 9% 的增長。

AGS delivered near record orders n Q1 and is on track for continued revenue growth and margin expansion.

AGS 在第一季度交付了接近創紀錄的訂單，並有望實現持續的收入增長和利潤率擴張。

Our display business was the first one to fully deploy our product development engine best practices and received internal funding to capture share in CVD, PVD, and new products based on large area precision materials engineering.

我們的顯示業務是第一個全面部署我們的產品開發引擎最佳實踐的業務，並獲得了內部資金，以在 CVD、PVD 和基於大面積精密材料工程的新產品中佔據份額。

In Q1, the display group posted a second sequential quarter with operating margins above 25%.

第一季度，顯示器集團連續第二個季度公佈營業利潤率超過 25%。

Display also had strong momentum with new Gen-6 PVD products for advanced mobile displays and new CVD encapsulation systems for OLEDs.

Display 也有強勁的勢頭，用於先進移動顯示器的新 Gen-6 PVD 產品和用於 OLED 的新 CVD 封裝系統。

In SSG, the increased investments we made beginning in the second half of 2012 are starting to pay off by giving us memory share gains during a period of renewed memory investment.

在 SSG，我們從 2012 年下半年開始增加的投資開始獲得回報，在內存投資更新期間，我們獲得了內存份額收益。

In calendar 2014, memory spending drove the growth of the etch and CVD markets at a higher rate than overall WFE.

在 2014 日曆年，內存支出推動了蝕刻和 CVD 市場的增長，其增長速度高於整體 WFE。

We believe Applied's etch and CVD businesses grew more than 50% combined in calendar 2014, which is 1.5 times the rate of the etch and CVD markets and over 2 times the rate of our largest competitor in these areas.

我們相信應用材料公司的蝕刻和 CVD 業務在 2014 年的總和增長了 50% 以上，是蝕刻和 CVD 市場增長率的 1.5 倍，是我們在這些領域最大競爭對手增長率的 2 倍以上。

Our latest etch platform is generating traction in foundry as well as memory.

我們最新的蝕刻平台在代工和內存領域產生了吸引力。

We're the task force in place to drive our etch gross margins to higher levels as we mature our new chamber technology and increase our scale.

隨著我們新的腔室技術的成熟和規模的擴大，我們的任務組將我們的蝕刻毛利率提高到更高的水平。

In foundry, our investment in advanced deposition techniques is enabling strong adoption of CVD cobalt for interconnects and new Epi steps in emerging nodes.

在代工方面，我們對先進沉積技術的投資使 CVD 鈷在新興節點的互連和新的外延步驟中得到大力採用。

In logic, we have nearly doubled the number of D2R wins in the past two years, which is a good leading indicator of share gains in next-generation transistors.

在邏輯上，我們在過去兩年中 D2R 獲勝的數量幾乎翻了一番，這是下一代晶體管份額增長的良好領先指標。

Finally, over the last two years, we have tripled our corporate technology group's finding of disruptive new products and markets for our longer-term growth.

最後，在過去的兩年裡，我們的企業技術團隊為我們的長期增長而發現的顛覆性新產品和市場增加了兩倍。

In short, we are seeing strong early returns from our growth initiatives within SSG, display, and AGS that will allow us to grow revenues and profitability, particularly as our customers ramp new nodes into higher volumes.

簡而言之，我們從 SSG、顯示器和 AGS 的增長計劃中看到了強勁的早期回報，這將使我們能夠增加收入和盈利能力，特別是在我們的客戶將新節點投入更高數量的情況下。

Next I'll summarize our first-quarter results as compared to the prior quarter.

接下來，我將總結與上一季度相比的第一季度業績。

Orders of $2.3 billion were up 1% sequentially with increases in SSG and EES offsetting decreases in AGS and display.

23 億美元的訂單環比增長 1%，SSG 和 EES 的增長抵消了 AGS 和顯示的下降。

Although AGS orders were down from our Q4 record, they were the second highest ever and up 16% from Q1 of 2014.

儘管 AGS 訂單低於我們第四季度的記錄，但它們是有史以來第二高的訂單，比 2014 年第一季度增長了 16%。

Net sales of $2.4 billion were near the high end of our expectations.

24 億美元的淨銷售額接近我們預期的高端。

Non-GAAP gross margin was 42.3%.

非美國通用會計準則毛利率為 42.3%。

Non-GAAP operating expenses of $552 million were near the low end of guidance.

非 GAAP 運營費用為 5.52 億美元，接近指引的低端。

As reminder, many of our groups had a holiday shutdown during the quarter.

提醒一下，我們的許多團隊在本季度都有假期關閉。

Non-GAAP EPS of $0.27 was at the midpoint of our guidance.

0.27 美元的非公認會計原則每股收益處於我們指導的中點。

Operating cash flow of $60 million, reflecting high revenue from display tools that were previously secured with cash in advance.

運營現金流為 6000 萬美元，反映了顯示工具的高收入，而這些顯示工具之前以預付現金作為擔保。

In Q1, we also had annual incentive compensation and withholding tax payments.

在第一季度，我們還進行了年度激勵補償和預扣稅款。

Absent the timing of these items, operating cash flow remains strong.

如果沒有這些項目的時間安排，經營現金流仍然強勁。

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

現在，與上一季度相比，我將評論我們的細分市場結果。

SSG orders of $1.4 billion were up 7% with increases in memory, offsetting decreases in foundry and logic.

SSG 的 14 億美元訂單增長了 7%，其中內存增加，抵消了代工和邏輯的減少。

SSG net sales of $1.4 billion were slightly above the midpoint of our expectations.

SSG 14 億美元的淨銷售額略高於我們預期的中點。

SSG non-GAAP operating margin decreased slightly to 24.2%.

SSG 非公認會計準則營業利潤率小幅下降至 24.2%。

AGS orders of $690 million were down 8% and remained at near record levels.

AGS 的 6.9 億美元訂單下降了 8%，並保持在接近創紀錄的水平。

AGS net sales of $583 million were in line with our expectations, and AGS a non-GAAP operating margin increased by 1.7 points to 26.4%, reflecting favorable product mix.

AGS 5.83 億美元的淨銷售額符合我們的預期，AGS 的非公認會計準則營業利潤率增長 1.7 個百分點至 26.4%，反映出有利的產品組合。

Display orders declined to $107 million, and we expect the booking pattern to remain lumpy.

展示訂單下降至 1.07 億美元，我們預計預訂模式將保持波動。

Display net sales of $275 million were up 45% as customers began to ramp the new TV capacity booked over the last 6 to 9 months.

由於客戶在過去 6 到 9 個月內開始增加預訂的新電視容量，顯示器的淨銷售額為 2.75 億美元，增長了 45%。

Display non-GAAP operating margin was 26.5%.

顯示非公認會計準則營業利潤率為 26.5%。

EES orders grew slightly to $50 million and net sales of $55 million were below our expectations.

EES 訂單小幅增長至 5000 萬美元，淨銷售額為 5500 萬美元，低於我們的預期。

EES both posted a small non-GAAP operating loss, and we continue to monitor the solar market closely.

EES 都公佈了非公認會計原則的小額運營虧損，我們將繼續密切關注太陽能市場。

Now I will provide our second-quarter business outlook.

現在我將提供我們第二季度的業務展望。

We expect our overall net sales to be flat to up a couple of points sequentially.

我們預計我們的整體淨銷售額將持平，環比增長幾個百分點。

Within this outlook, we expect SSG net sales to be up by about 4% to 8%.

在此展望中，我們預計 SSG 淨銷售額將增長約 4% 至 8%。

AGS net sales should be up by about 5% to 10%.

AGS 的淨銷售額應增長約 5% 至 10%。

We expect display net sales to be approximately $160 million, and EES net sales should be approximately $75 million.

我們預計顯示器淨銷售額約為 1.6 億美元，EES 淨銷售額應約為 7500 萬美元。

Non-GAAP gross margin should be approximately flat.

非美國通用會計準則毛利率應大致持平。

Non-GAAP operating expenses should be in the range of $570 million plus or minus $10 million.

非公認會計原則的運營費用應在 5.7 億美元上下 1000 萬美元之間。

We expected non-GAAP earnings per share to be in the range of $0.26 to $0.30.

我們預計非公認會計準則每股收益將在 0.26 美元至 0.30 美元之間。

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

現在讓我把電話轉給邁克提問。

Thank you, Bob.

謝謝你，鮑勃。

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

為了幫助我們盡可能多地接觸到你們，請只問一個問題，不要超過一個簡短的跟進。

Dustin, let's please begin.

達斯汀，讓我們開始吧。

(Operator Instructions)

（操作員說明）

Tim Arcuri, Cowen and Company.

Tim Arcuri, Cowen and Company。

Thank you.

謝謝你。

Bob, can you give us the specific SSG order breakout by memory, foundry?

Bob，你能給我們按內存劃分的具體 SSG 訂單突破嗎，代工廠？

Then maybe within memory, can you give us the demand?

那麼也許在記憶中，你能給我們需求嗎？

Sure.

當然。

Let me dig it out.

讓我挖出來。

In Q1, foundry was a little under 500, memory total was about 700, a little over, and logic and other was about 200.

Q1 Foundry 略低於 500，內存總量約 700，略高於，Logic 和其他約 200。

Okay.

好的。

Great.

偉大的。

Then, Bob, I just wanted to ask about margins.

然後，鮑勃，我只是想問一下利潤率。

You talked about the second half being stronger.

你談到下半場更強。

It sounds like fiscal second-half revenue is going to be up versus fiscal first half, but the margins in the fiscal first half have been a little bit under pressure.

聽起來下半年財政收入將比上半年增加，但上半年財政的利潤率有點承壓。

Can you speak to why that's been the case?

你能談談為什麼會這樣嗎？

Will the margin pressure lift during the fiscal back half of the year?

後半財年利潤率壓力是否會解除？

Of course, this is on a standalone basis ex the merger obviously, but will that margin pressure lift during the fiscal back half of the year?

當然，這顯然是在合併前的獨立基礎上，但在今年下半年的財政年度，利潤率壓力會解除嗎？

Thanks.

謝謝。

Yes, it should.

是的，它應該。

The biggest thing that's going on is mix for us, within SSG.

在 SSG 中，對我們來說最重要的事情是混合。

SSG, we're doing very well in gaining share in etch, particularly in memory.

SSG，我們在獲得蝕刻份額方面做得很好，特別是在內存方面。

If you look at memory, I think over 50%, 52% of orders in the first couple of quarters our memory related, which is a high point for us.

如果你看內存，我認為前幾個季度超過 50%、52% 的訂單與我們的內存相關，這對我們來說是一個高點。

A lot of that drive is etch and CVD.

很多驅動因素是蝕刻和 CVD。

Etch, we're shipping new tools.

蝕刻，我們正在運送新工具。

Our C3 chamber is doing really well, so that's dragging margin a little bit.

我們的 C3 室做得非常好，所以這有點拖累了邊際。

What we usually see is we see foundry picking up around -- a little stronger a little sooner.

我們通常看到的是我們看到鑄造廠開始復蘇——越快越強。

The mix of tools there is a little better for us on the margins, so the mix is hurting is a little bit.

那裡的工具組合對我們來說稍微好一點，所以組合有點傷害。

We had some of this in the first early part of last year, but foundry picked up a little earlier last year.

去年年初我們有一些這樣的情況，但鑄造廠在去年早些時候有所回升。

It should go better in the second half, but that's was going on.

下半場應該會更好，但情況一直在發生。

Tim, one other thing I would say is that, I think the good news is that we're getting great traction with some of our new products, including products in a etch and CVD, and some of the fastest ramp rates that we ever seen for new products.

蒂姆，我要說的另一件事是，我認為好消息是我們的一些新產品獲得了很大的吸引力，包括蝕刻和 CVD 產品，以及我們見過的一些最快的斜坡率對於新產品。

But the start-up cost there are also higher.

但那裡的啟動成本也較高。

Then, over time, we can work those back down.

然後，隨著時間的流逝，我們可以將它們恢復原狀。

Thanks Tim.

謝謝蒂姆。

Thank you.

謝謝你。

Krish Sankar, Bank of America Merrill Lynch.

美銀美林的 Krish Sankar。

Two of them.

他們兩個人。

First, Gary or Bob, if I look at foundry spending over the last few years, it has always been front-half loaded, which makes sense given end-consumer product release in the second half.

首先，加里或鮑勃，如果我看看過去幾年的代工支出，它總是前半部分負載，考慮到下半年終端消費者產品的發布，這是有道理的。

What is different this time around that foundry is actually back-half loaded?

這次鑄造廠實際上是後半負荷有什麼不同？

That's a question we talk about a lot, too.

這也是我們經常談論的一個問題。

I will tell you my opinion.

我會告訴你我的看法。

Typically, it first half loaded and last year it was even a little earlier than previous years, in my opinion, because a leading foundry had the Apple business and they wanted to ramp very effectively, so things like our Epi tools that they took a little earlier even to make sure they were working well and they had a good ramp.

通常情況下，它上半年加載，去年甚至比前幾年早一點，在我看來，因為一家領先的代工廠擁有蘋果業務，他們希望非常有效地提升，所以像我們的 Epi 工具這樣的東西他們花了一點時間甚至更早地確保他們工作良好並且他們有一個良好的坡道。

This year it's not clear how many -- when the cut over to FinFET devices are, so all the customers are saying they're going to ramp FinFET, spend a lot of money, but it looks like the ramp of that is a little later.

今年還不清楚有多少——什麼時候切換到 FinFET 器件，所以所有客戶都說他們要升級 FinFET，花很多錢，但看起來這個升級要晚一點.

Part of that is also impacted by what is the relative rate of reuse of tools, too.

其中一部分也受到工具的相對重用率的影響。

It was probably a little bit earlier last and it seems a little bit later than the average this year.

去年可能早一點，似乎比今年的平均水平晚一點。

Got it.

知道了。

All right.

好的。

Then, as a follow up, on the conductor etch side, you guys mentioned significant wins last year.

然後，作為後續，在導體蝕刻方面，你們提到了去年的重大勝利。

I'm curious, when you quantify wins, is it by revenue share or is it by unit share?

我很好奇，當你量化勝利時，是按收入份額還是按單位份額？

Also, which specific segments, was it more on the DRAM NAND side or was it more on the foundry side?

此外，哪些特定的細分市場更多是在 DRAM NAND 方面，還是更多在代工方面？

Thank you.

謝謝你。

It was revenue dollars as measured by Dataquest.

這是由 Dataquest 衡量的收入美元。

It will be in memory, we did pretty well in DRAM and NAND, and we're pretty optimistic we'll do well again in calendar 2015.

它將在內存中，我們在 DRAM 和 NAND 方面做得很好，我們非常樂觀，我們將在 2015 年再次取得好成績。

We also have traction in foundry, but as Bob said, the majority of the share gains right now are in memory.

我們在代工方面也有牽引力，但正如鮑勃所說，目前大部分的份額收益都在記憶中。

If you look at over the last couple of years, in etch and conductor etch, we talked about 5 points of conductor etch share gain this year.

如果你回顧過去幾年，在蝕刻和導體蝕刻方面，我們談到今年導體蝕刻份額增加了 5 點。

We had 6 points of share gain last year, in 2013, so we have really significant momentum.

去年，2013 年，我們的份額增長了 6 個百分點，因此我們的勢頭非常強勁。

Certainly, memory is where we see the largest revenue now, but we also have traction outside of memory that provides an opportunity for growth going forward.

當然，內存是我們現在看到最大收入的地方，但我們在內存之外也有牽引力，為未來的增長提供了機會。

The other thing is we talked about the etch and CVD revenues combined increased greater than 50% in 2014, so if you look at the growth rates of those markets in both of those areas we're significantly outgrowing the market.

另一件事是我們談到了 2014 年蝕刻和 CVD 收入的總和增長了 50% 以上，所以如果你看看這兩個領域的市場增長率，我們的增長速度明顯超過了市場。

Romit Shah, Nomura.

Romit Shah，野村。

Thank you, and I appreciate your comments on the transaction.

謝謝，感謝您對交易的評論。

Having said that, a lot of people are stumped as to why the transaction is taking so long, and I realize that you guys are limited in what you can say, but hopeful that you can provide us with some additional color?

話雖如此，很多人對為什麼交易需要這麼長時間感到困惑，我知道你們說的話是有限的，但希望你們能給我們提供一些額外的顏色？

I guess just what gives you confidence that this process isn't going to continue to drag on beyond the first half of the year?

我想是什麼讓你相信這個過程不會繼續拖到今年上半年之後？

That's my first question.

這是我的第一個問題。

I think the reason it's complicated is because we have a very complicated business, if you look at between us and Tokyo Electron, many, many different segments, many different products and so I think that's a higher degree of complexity than you normally see in this type of situation.

我認為它複雜的原因是因為我們有一個非常複雜的業務，如果你看看我們和東京電子之間，很多很多不同的細分市場，很多不同的產品，所以我認為這比你通常看到的複雜程度更高類型的情況。

What we said earlier was that we are making progress with regulators and we are going to close the merger as soon as we can.

我們之前說的是，我們正在與監管機構取得進展，我們將盡快完成合併。

We really can't talk, say anything more at this point beyond that.

我們真的不能說話，在這一點上說更多的話。

Okay.

好的。

Thanks for that, Gary.

謝謝你，加里。

My other comment is just on mix.

我的另一條評論只是關於混合。

You mentioned that memory is really strong here in the first half.

你提到上半場的記憶力真的很強。

Are you guys -- how should we think about memory in the second half?

你們是——我們應該如何考慮下半場的記憶？

Is there concern that we may see a sharp fall off and maybe offset some of the growth that you are expecting in foundry?

是否擔心我們可能會看到急劇下降並可能抵消您對代工的預期增長？

Thank you.

謝謝你。

We all have our opinions and I think you have to look at the fiscal halves and the calendar halves.

我們都有自己的意見，我認為你必須看看財政上的一半和日曆的一半。

As you know our fiscal half is -- we end the fiscal year on October 31.

如您所知，我們的半財年是——我們在 10 月 31 日結束本財年。

My belief is that the second-half foundry is stronger than typical, as I said before.

正如我之前所說，我的信念是下半年的代工比典型的要強。

We think memory is stronger in the first half, although I think there's a little upside to the memory outlook, frankly.

我們認為上半年的記憶力更強，儘管坦率地說，我認為記憶力前景有一點上升空間。

I don't think memory is going to fall off, if you look at pricing.

如果您查看定價，我認為內存不會下降。

I'll give you another data point.

我再給你一個數據點。

Utilization across all the fabs is running pretty darn high right now.

目前所有晶圓廠的利用率都非常高。

I think that the forecast is pretty good, just timing and mix issues really.

我認為預測非常好，只是時間和混合問題。

Thanks, Romit.

謝謝，羅密特。

Farhan Ahmad, Credit Suisse.

法爾漢·艾哈邁德，瑞士信貸。

Thanks for taking my question.

感謝您提出我的問題。

My first question is regarding the foundry investment this year.

我的第一個問題是關於今年的代工投資。

I just wanted to make sure I understand the linearity of it a little bit better.

我只是想確保我更好地理解它的線性度。

You mentioned it stronger in the second half.

你在下半場提到它更強。

Just giving the timing of the end-consumer devices and the ramp associated with it, is it fair to think that the strength would be more stronger in the July quarter than the October quarter?

僅給出最終消費設備的時間安排和與之相關的坡道，是否認為 7 月季度的實力會比 10 月季度更強？

I'll try and take that one.

我會試著拿那個。

Right now, we think that the July and October quarters are pretty strong.

目前，我們認為 7 月和 10 月季度表現強勁。

We think, right now, that they're pretty close actually.

我們認為，現在，它們實際上非常接近。

I'm looking at the data.

我在看數據。

July might be a little stronger than October, but they're pretty close.

七月可能比十月強一點，但它們非常接近。

Got it.

知道了。

One other thing I would say on the foundry business is that this is a huge competitive battle for our customers.

關於代工業務，我要說的另一件事是，這對我們的客戶來說是一場巨大的競爭。

I would expect there's going to be more technology buys also than we would normally see.

我預計會有比我們通常看到的更多的技術購買。

There's certainly the race to the first-generation FinFET, but there's also, in parallel, a tremendous pull from customers as of they drive to second-generation FinFET from a technology perspective.

第一代 FinFET 肯定存在競爭，但與此同時，從技術角度來看，當客戶轉向第二代 FinFET 時，也有巨大的吸引力。

That's another thing that we see, a very strong pull from customers that could play out.

這是我們看到的另一件事，可以發揮客戶的強大吸引力。

And we're talking about second half of our fiscal year, so it could play out a little bit more in the second half of our fiscal year.

而且我們正在談論我們財政年度的下半年，因此它可能會在我們財政年度的下半年發揮更多作用。

Got it.

知道了。

Then, one question on the market share.

然後，關於市場份額的一個問題。

You mentioned that AMAT gained in share and WFE, actually, this year, but when I look at your revenues they're up 12% year on year just for the calendar year.

您提到 AMAT 實際上在今年的份額和 WFE 有所增加，但是當我查看您的收入時，僅在日曆年它們就同比增長了 12%。

I'm using the Jan ending of revenues for the last 12 months.

我正在使用過去 12 個月的 1 月收入結束。

They're up 12% year on year and you mentioned that WFE was up 50%, so I just wanted to understand if WFE is up 50% and your revenues are up 12%, then how are you gaining share?

他們同比增長 12%，你提到 WFE 增長了 50%，所以我只想了解如果 WFE 增長 50%，你的收入增長 12%，那麼你是如何獲得份額的？

Let me see if I can help that one.

讓我看看我能不能幫助那個人。

I think on the calendar -- so we gained share in 2013, and that's in the Dataquest data.

我想在日曆上——所以我們在 2013 年獲得了份額，這在 Dataquest 數據中。

I think we were about 1.4 or whatever what it was, and on WFE.

我認為我們大約是 1.4 或其他任何版本，並且在 WFE 上。

I think we held share in calendar 2014 on WFE.

我認為我們在 2014 年日曆上持有 WFE 的份額。

I don't think we gained.

我不認為我們有所收穫。

I think we gained or held share in every single product group in which we competed, but some of our large share product groups didn't outgrow the WFE.

我認為我們在競爭的每個產品組中都獲得或持有份額，但我們的一些大份額產品組並沒有超過 WFE。

So in WFE, I think were flat.

所以在WFE中，我認為是平的。

Across all the product groups, we gained or held, except one we lost.

在所有產品組中，我們獲得或持有，除了我們失去的一個。

Atif Malik, Citi.

Atif Malik，花旗銀行。

Hi.

你好。

Thanks for taking my questions.

感謝您提出我的問題。

Yes, let me, just on the last question, one final put.

是的，讓我，就最後一個問題，最後一個。

We also had a strong November/December, so that will help you understand it, too.

我們也有一個強勁的 11 月/12 月，所以這也將幫助你理解它。

Bob, if I look at your outlook for SSG, up 4% to 8%, it's pretty much in line with your peers given your mix is a little bit more foundry centric, but for the non-semi markets are, like you said, a bit lumpy.

Bob，如果我看一下你對 SSG 的展望，增長 4% 到 8%，這與你的同行幾乎一致，因為你的組合更加以代工為中心，但對於非半成品市場，就像你說的，有點凹凸不平。

Can you provide a bit more color on what's happening in the display market near term?

您能否提供更多關於近期顯示器市場正在發生的情況的信息？

Is it seasonality?

是季節性的嗎？

Then on the EES, is that being impacted by oil prices being lower?

那麼在 EES 上，是否受到油價下跌的影響？

Then I have a follow up.

然後我有一個跟進。

So the first question was the foundry spending mix?

那麼第一個問題是代工支出組合？

Is that what you asked, Atif?

這是你問的嗎，阿提夫？

No.

不。

What's going on with the non-semi markets in display and EES?

顯示器和 EES 中的非半導體市場情況如何？

Oh, okay.

哦好的。

If you could provide a bit more color?

如果你能提供更多的顏色？

Sure, non-semi -- I'll do solar first.

當然，非半——我會先做太陽能。

On solar, we are managing that pretty darn well.

在太陽能方面，我們管理得非常好。

In the market, the end-use market for solar panels and solar cells is pretty good, but there still is in overhang of excess capacity out there that's being ate up.

在市場上，太陽能電池板和太陽能電池的最終用途市場相當不錯，但仍有大量過剩產能被吞噬。

It's sort of a neutral market.

這是一個中性的市場。

It's treading water, and so it's just quarter-to-quarter variations on small numbers.

它在踩水，所以它只是小數字的季度變化。

In the display market, our position's been very strong in display.

在顯示器市場，我們在顯示器方面的地位一直很強。

We've gained share.

我們獲得了份額。

We've come out with new products, execution's been very good.

我們推出了新產品，執行非常好。

That market is made up of two primary customer types, display equipment we sell for TVs and display equipment we sell for smaller-form factors like cell phones and pads, iPad type things.

該市場由兩種主要客戶類型組成，我們為電視銷售的顯示設備和我們為手機和平板電腦等小型設備銷售的顯示設備，iPad 類型的東西。

If you look at it, this year looks like bookings will be a little bit more swinging towards the smaller form factors.

如果你看一下，今年的預訂似乎會更傾向於更小的外形尺寸。

So what we're doing is the build out of the TVs, which are helping revenues.

所以我們正在做的是建立電視，這有助於增加收入。

And we got really good bookings last year, if you remember.

如果您還記得的話，我們去年的預訂量非常好。

That was shipping those.

那是運送那些。

This year we think the bookings on TVs will be a little less, but the smaller-form factors have been greater.

今年我們認為電視上的預訂量會少一些，但更小的尺寸因素會更大。

That's the transition that's going on there.

這就是那裡正在進行的過渡。

Okay.

好的。

Then you had $60 million in adjustments in your backlog on FX, can you talk about the headwinds from here on FX and your exposure?

然後你在 FX 上的積壓中有 6000 萬美元的調整，你能談談這裡在 FX 上的逆風和你的風險敞口嗎？

Yes.

是的。

That's a good question.

這是個好問題。

As you know, the yen is down significantly and the euro has softened up.

如您所知，日元大幅下跌，歐元走軟。

The yen is the bigger impact for us.

日元對我們的影響更大。

Now, as a practical matter, the way we sell, most of our costs are in dollar denominated and our revenues are fundamentally dollar denominated.

現在，作為一個實際問題，我們的銷售方式，我們的大部分成本都是以美元計價的，我們的收入基本上是以美元計價的。

Now, when we priced in Japan, we are somewhat competitive to Japanese competitors, but we largely price in dollars and translate that into yen, and largely hedge the impact so we can somewhat defer the impact.

現在，當我們在日本定價時，我們在某種程度上與日本競爭對手相比具有競爭力，但我們主要以美元定價並將其轉換為日元，並在很大程度上對沖影響，因此我們可以在一定程度上推遲影響。

I'd say that the yen, to Applied alone, is not a big impact.

我會說日元對Applied 來說影響不大。

It's a little bit more impactful to Tokyo Electron who bills in yen.

這對以日元計費的 Tokyo Electron 影響更大。

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。

I know you talked about a stronger second half driven by foundry and continued memory and within that a strong July quarter.

我知道你談到了由代工和持續記憶推動的下半年更強勁，並且在那個強勁的 7 月季度內。

So just to clarify, you guys are seeing foundry and memory being strong contributors in July?

所以澄清一下，你們在 7 月份看到代工和內存是重要的貢獻者嗎？

If foundry is indeed starting to become stronger in July, is it more than just one customer?

如果 Foundry 確實在 7 月開始變得更強大，那麼它不僅僅是一個客戶嗎？

Is a little bit more broad-based than that?

是不是比這更廣泛一些？

We see that foundry is picking up in the second half.

我們看到代工在下半年正在回升。

The mix of spending by half, foundry is more heavily weighted to the calendar second half and our fiscal second half, memory is more weighted to the calendar first half and to our fiscal first half.

支出減半的組合，代工對日曆下半年和我們的財政下半年的權重更大，內存對日曆上半年和我們的財政上半年的權重更大。

So that's the mix.

所以這就是混合。

If you ask me, I think there's a little bit of upside to what we think on memory the second half, particularly DRAM.

如果你問我，我認為下半年我們對內存的看法有一點好處，尤其是 DRAM。

In terms of absolute dollars, I think because the mix is heavier in memory, the first half the dollars are probably a little bigger in the first half.

就絕對美元而言，我認為因為混合在內存中更重，上半年的美元可能會在上半年稍微大一點。

Then the other wild card is 3D NAND could be an opportunity later in the year.

然後另一個百搭牌是 3D NAND，可能會在今年晚些時候成為一個機會。

Got it.

知道了。

Okay.

好的。

Thanks for that.

感謝那。

You typically have a step up in OpEx in Q2 as you just guided to.

正如您剛剛指導的那樣，您通常會在第二季度的運營支出中有所提升。

How should we expect that to trend in Q3 and Q4, especially as the team continues to invest heavily on growth opportunities?

我們應該如何預期第三季度和第四季度的趨勢，尤其是在團隊繼續大力投資於增長機會的情況下？

Last quarter I talked about our spending is up a little bit this year.

上個季度我談到我們今年的支出有所增加。

I thought we might even get up a closer to $570 million, $575 million.

我認為我們甚至可能會接近 5.7 億美元，5.75 億美元。

We are trying to manage that tightly.

我們正在努力管理這一點。

We have the benefit of a shutdown this quarter.

我們受益於本季度的關閉。

We guided to $570 million plus or minus $10 million in Q2.

我們在第二季度引導至 5.7 億美元上下 1000 萬美元。

Q3, I think, and Q4, we're in the same range up a few million, in the $570s million is my guess.

我認為第三季度和第四季度，我們在同一範圍內增加了幾百萬，我猜是 5.7 億美元。

Weston Twigg, Pacific Crest.

Weston Twigg，太平洋冠。

Hi.

你好。

I had a couple questions, and this is probably beating a dead horse.

我有幾個問題，這可能是在打死馬。

Just on the foundry demand, I'm really just trying to reconcile what I heard from TSMC, which is that they raised CapEx by around 24%, and Samsung, which said the foundry CapEx would be up year over year.

就代工需求而言，我真的只是想調和我從台積電那裡聽到的消息，即他們將資本支出提高了約 24%，而三星表示，代工資本支出將同比增長。

With your view that foundry spending should be flat or maybe up in 2015, and is there a way to reconcile that?

您認為 2015 年代工支出應該持平或可能上升，有沒有辦法調和這種情況？

Are you hearing -- I assume you have good visibility into this, but are you hearing maybe something a little bit different than maybe what the companies are indicating?

你聽到了嗎——我假設你對此有很好的了解，但你聽到的可能與公司所暗示的有點不同嗎？

Then I have a follow up.

然後我有一個跟進。

I think GlobalFoundries probably down year on year, is my guess.

我認為 GlobalFoundries 可能會逐年下降，這是我的猜測。

UMC is up a little bit or flat.

UMC 小幅上漲或持平。

Then the other issue -- I think the other thing is the calendar fiscal, we're a little bit conservative because our fiscal year ends in October, so it could be slipping to November/December, too, which makes us a little worried.

然後是另一個問題——我認為另一個問題是日曆財政，我們有點保守，因為我們的財政年度在 10 月結束，所以它也可能滑到 11 月/12 月，這讓我們有點擔心。

Overall, we're seeing it's up a little bit, overall foundry.

總體而言，我們看到它的整體代工略有上升。

Okay.

好的。

Good.

好的。

Then just on the other side, back to the currency question.

然後在另一邊，回到貨幣問題。

It seems like you should get maybe a little bit of gross margin uplifted from some of your foreign production, but yet you are modeling gross margin flattish.

看起來你應該從你的一些外國生產中獲得一點毛利率，但你正在模擬毛利率持平。

I'm wondering why you're not getting a little bit of uplifted maybe from the foreign exchange or currency discrepancy?

我想知道為什麼你沒有從外匯或貨幣差異中得到一點提升？

Oh, in terms of our costs?

哦，就我們的成本而言？

You mean like -- ?

你的意思是——？

More in manufacturing and selling unit dollars.

更多的是製造和銷售單位美元。

We don't do heavy manufacturing overseas.

我們不在海外進行重型製造。

Most of what our product cost is, is materials.

我們的產品成本大部分是材料。

The vast majority of our material cost is dollar denominated, so we haven't got a lot of benefit there.

我們絕大多數的材料成本是以美元計價的，所以我們沒有從中獲得很多好處。

We're trying to get some more benefit, but the vast majority of our product cost is dollars.

我們正試圖獲得更多收益，但我們產品成本的絕大部分是美元。

Patrick Ho, Stifel Nicholas.

帕特里克·何，Stifel Nicholas。

Gary, maybe just first from an industry perspective, given some of the uncertainty and the timing of this foundry FinFET ramp, do you believe it's weighted more towards the uncertainty in terms of the customer allocation of the capacity to the foundries, or the yield challenges that the industry is facing right now?

Gary，也許只是從行業的角度來看，考慮到代工廠 FinFET 斜坡的一些不確定性和時機，你認為它更多地取決於客戶分配給代工廠的產能或產量挑戰方面的不確定性嗎？該行業現在面臨的問題是什麼？

Patrick, that's a very good question.

帕特里克，這是一個非常好的問題。

Certainly this is a major competitive battle for our customers, and everybody is focused on, as I said before, not just first-generation but also second-generation FinFET.

當然，這對我們的客戶來說是一場重大的競爭，正如我之前所說，每個人都專注於，不僅是第一代，而且是第二代 FinFET。

For us, when we -- I think one of the other callers, maybe it was Wes.

對我們來說，當我們——我認為其他來電者之一，也許是韋斯。

I talked about announcements from customers, TSMC and Samsung, being pretty bullish on CapEx.

我談到了來自客戶、台積電和三星的公告，他們非常看好資本支出。

I think for us the uncertainty, as you said, is around allocation.

正如你所說，我認為對我們來說，不確定性在於分配。

Where are those dollars going to go?

這些美元要去哪裡？

They're going to go to one of those different companies.

他們要去那些不同的公司之一。

There's still some uncertainty around that.

對此仍有一些不確定性。

I think that for all of these companies, this is a huge bet.

我認為對於所有這些公司來說，這是一個巨大的賭注。

This is the biggest change in terms of the transistor technology that we've seen in a very, very long time, so all of these companies are extremely focused.

這是我們在很長一段時間內看到的晶體管技術的最大變化，因此所有這些公司都非常專注。

They are investing a lot also in technology so they can shorten their cycle between first generation and second generation.

他們也在技術上進行了大量投資，因此他們可以縮短第一代和第二代之間的周期。

All of that it's very good to us because, as we've said before, our total available market increases a significant amount and we're very leveraged around the transistor, our businesses like Epi and PVD are extremely strong, implants, a number of different areas.

所有這一切對我們來說都非常好，因為正如我們之前所說，我們的可用市場總量顯著增加，而且我們在晶體管方面的槓桿率很高，我們的 Epi 和 PVD 等業務非常強大，植入物，許多不同的領域。

So for us, we are in a very good position no matter who that business goes to because that TAM for us is so much larger.

因此，對我們而言，無論業務交給誰，我們都處於非常有利的位置，因為對我們來說，TAM 大得多。

But when we talk about the uncertainty, it's really what I just discussed.

但是當我們談論不確定性時，這確實是我剛剛討論的。

Great.

偉大的。

That's helpful.

這很有幫助。

Maybe for Bob, just following up on some of the uncertainty with the foundry ramp.

也許對 Bob 來說，只是跟進代工廠坡道的一些不確定性。

How are you managing the supply chain as well as the inventory given the uncertainties out there?

鑑於存在不確定性，您如何管理供應鍊和庫存？

How are you going to, with the pulls and pushes on the levers on that front?

你打算怎麼做，在前面的槓桿上拉和推？

That's a good question, Patrick.

這是個好問題，帕特里克。

We actually think our demand on the supply chain's going to be pretty high for two reasons.

實際上，我們認為我們對供應鏈的需求會非常高，原因有兩個。

One, our sales of spare parts look pretty strong, as you can see, in our AGS business.

一，如您所見，在我們的 AGS 業務中，我們的備件銷售看起來相當強勁。

With fab utilization running pretty high, we think the spare parts, as we ship a lot of, will be pretty high, so we'll buy those from suppliers.

由於晶圓廠利用率非常高，我們認為備件，因為我們出貨很多，會非常高，所以我們會從供應商那裡購買。

The second thing is, if we get this steep ramp in the second half, we'll get a lot of pull.

第二件事是，如果我們在下半場得到這個陡峭的斜坡，我們將獲得很大的吸引力。

Our overall demand on suppliers is going to be pretty high.

我們對供應商的總體需求將非常高。

Some of those tools and inventory we have brought in now to mitigate the risk of the ramp, so you see our inventories up a little bit.

我們現在引入了一些工具和庫存來降低斜坡的風險，所以你會看到我們的庫存增加了一點。

Then the third thing we're going to take a look at is, we're spending a lot of time hand holding, working closely with suppliers to make sure that ramp goes okay.

然後我們要看的第三件事是，我們花費大量時間與供應商密切合作，以確保坡道順利進行。

Mahesh, Sanganeria, RBC Capital Markets.

Mahesh、Sanganeria、RBC 資本市場。

Hi.

你好。

This is Xiao Yaun on for Mahesh.

這是馬赫什的肖亞恩。

Thanks for taking my questions.

感謝您提出我的問題。

First, I think you mentioned WFE up 5% or more this year, this is relatively lower than some of the peers are commenting and it certainly lower that I think people are thinking about up 5% to 10% range, so are you guys seeing anything differently than your peers?

首先，我認為你提到今年 WFE 上漲 5% 或更多，這相對低於一些同行的評論，而且我認為人們正在考慮上漲 5% 到 10% 的範圍肯定更低，所以你們看到了嗎和你的同齡人有什麼不同嗎？

Then, do you think -- in the long-term model you guys are thinking about $37 billion being a WFE in 2017?

那麼，你認為 - 在長期模式中，你們認為 2017 年有 370 億美元成為 WFE？

Do think in this year or next we may see maybe one or two quarter WFE run rate and may reach that level?

是否認為在今年或明年我們可能會看到一兩個季度的 WFE 運行率並可能達到那個水平？

I think we're pretty close on the WFE, we're around the $34 billion number.

我認為我們非常接近 WFE，我們的數字約為 340 億美元。

I think everybody else is pretty close to that.

我認為其他人都非常接近這一點。

I think what we said was 5% or more.

我認為我們所說的是 5% 或更多。

I think Lam was 0% to 13%, if I remember correctly, and so were really in the same range.

如果我沒記錯的話，我認為 Lam 是 0% 到 13%，因此實際上處於同一範圍內。

Okay.

好的。

Then another comment you made in the prepared remark is that 3D NAND spending will be about twice of 2014 level.

然後你在準備好的評論中的另一個評論是 3D NAND 支出將是 2014 年水平的兩倍左右。

Some of your customers, in their earnings, indicate that they are planning to reuse some tools for 3D NAND development.

您的一些客戶在他們的收益中表示他們計劃重複使用一些工具進行 3D NAND 開發。

I'm just wondering can you talk about your assumptions on your 3D NAND spending for 2015?

我只是想知道您能否談談您對 2015 年 3D NAND 支出的假設？

Yes, that's a good question.

是的，這是個好問題。

3D NAND is really, for us, really major opportunity from a growth perspective.

從增長的角度來看，對我們來說，3D NAND 確實是一個重大機遇。

It is very focused on etch and deposition and not so much on litho, so the feature sizes are actually increasing as they go from planar to 3D NAND but there is a lot of spending on etch and deposition systems.

它非常專注於蝕刻和沈積，而不是光刻，因此特徵尺寸實際上隨著它們從平面 NAND 到 3D NAND 的增加而增加，但在蝕刻和沈積系統上花費了大量。

The process is very different than the planar NAND.

該工藝與平面 NAND 非常不同。

It is true that there is reuse, but for us in our business, there is a huge opportunity for TAM growth.

確實存在重用，但對於我們的業務而言，TAM 的增長存在巨大的機會。

Tom Diffely, D.A. Davidson.

湯姆·迪菲利，D.A.戴維森。

Thank you.

謝謝你。

Just a longer-term question here.

這裡只是一個長期的問題。

Curious what you think the current spending patterns are in China and if you expect them to go up materially over the next couple years?

想知道您認為中國目前的消費模式是什麼，以及您是否預計它們在未來幾年內會大幅上升？

Then, what you're percentage of that market is on a relative basis?

那麼，相對而言，您在該市場中所佔的百分比是多少？

Thanks for the question.

謝謝你的問題。

We don't really see a significant change in the CapEx spending in China.

我們並沒有真正看到中國資本支出的顯著變化。

Actually, our position there is very, very strong.

實際上，我們在那裡的地位非常非常強大。

The leading foundry in China, we have a great relationship.

中國領先的代工廠，我們有很好的關係。

Our share there is very high.

我們在那裡的份額非常高。

In general, foundry is an area where we have high share of all customers, but in China, we have a very, very good position, very good relationship.

總的來說，代工是我們在所有客戶中佔有很高份額的領域，但在中國，我們的地位非常非常好，關係非常好。

If that spending would ramp, that would be a good thing for us, but we really don't see a big change their in the next year or two.

如果支出增加，那對我們來說將是一件好事，但我們真的看不到他們在未來一兩年內會有大的變化。

Okay.

好的。

Then maybe switching gears to the display business, if the manufacturers were to switch to OLED TVs, does that materially impact the equipment market size?

那麼也許轉向顯示業務，如果製造商轉向OLED電視，這是否會對設備市場規模產生重大影響？

OLED is -- basically, if you look at the number of deposition steps and the number of steps that we participate in, if you compare amorphous silicon to OLED, it is about 2x the total available market opportunity for us.

OLED - 基本上，如果你看一下沉積步驟的數量和我們參與的步驟數量，如果你將非晶矽與 OLED 進行比較，它大約是我們可用市場機會的 2 倍。

Certainly, OLED ramping would be very good for our display business.

當然，OLED 的升級對我們的顯示業務非常有利。

Overall, there was a question earlier on display.

總體而言，之前展示了一個問題。

That group has really done an incredible job.

這個小組確實做了一件了不起的工作。

They are gaining share in the market.

他們正在獲得市場份額。

When we look at our model for the Company, display really is pretty much on model versus what we had discussed a couple of years ago.

當我們查看我們為公司設計的模型時，與我們幾年前討論的模型相比，展示真的非常接近模型。

Growing share, really focused on how we help customers make these technology transitions from amorphous silicon to LTPS, metal oxide.

不斷增長的份額，真正專注於我們如何幫助客戶將這些技術從非晶矽過渡到 LTPS（金屬氧化物）。

OLED, really is the best opportunity for us when of that technology ramps.

OLED 對我們來說確實是該技術發展的最佳機會。

Edwin Mok, Needham.

埃德溫·莫，李約瑟。

Hi, thanks for taking my questions.

您好，感謝您提出我的問題。

Just quickly follow up on the gross margin?

只是快速跟進毛利率？

I think you guys guided for flattish this quarter.

我認為你們指導本季度持平。

And I noticed you have three strong DRAM order.

我注意到你有三個強勁的 DRAM 訂單。

DRAM is a very concentrated space now.

DRAM現在是一個非常集中的空間。

Does those big orders have affect on gross margin for this quarter?

這些大訂單對本季度的毛利率有影響嗎？

Also does the timing of the Chinese new year maybe have affect on timing of shipment, which impact gross margin?

春節的時間是否會影響出貨時間，從而影響毛利率？

Sure.

當然。

The biggest single swing for us within the SSG business is what tool types we ship.

在 SSG 業務中，對我們來說最大的單一變化是我們交付的工具類型。

Etch is -- we're gaining share in etch, particularly in memory.

蝕刻是——我們在蝕刻中獲得了份額，特別是在內存方面。

We're getting more D2R positions, making progress in foundry and places like that.

我們正在獲得更多的 D2R 職位，在鑄造和類似的地方取得進展。

We get a lot of sales in etch, high-aspect ratio etch and also all types of etch steps and deposition steps in NAND and DRAM.

我們在蝕刻、高縱橫比蝕刻以及 NAND 和 DRAM 中的所有類型的蝕刻步驟和沈積步驟方面獲得了大量銷售。

It's that tool that's different for us in memory versus foundry.

在內存和代工廠中，我們使用的工具是不同的。

Foundry, we tend to be very high share, strong positions in tools like Epi, PVD, implant, things like that.

Foundry，我們往往在 Epi、PVD、植入物等工具中佔有很高的份額和強勢地位。

It's a tool mix between the two that is the biggest driver.

這是兩者之間的工具組合，是最大的驅動力。

Okay.

好的。

That's helpful.

這很有幫助。

Then on your commentary about etch plus CVD growing by 50% this last year.

然後關於您對去年蝕刻加 CVD 增長 50% 的評論。

I think someone asked you about what happened to the other business, and you mentioned that you held share but some of the market may have shrink a little bit.

我想有人問你其他業務發生了什麼，你提到你持有股份，但一些市場可能已經縮小了一點。

I'm trying to dive a little in to that.

我正在嘗試深入研究一下。

Is it just because of type of spending that caused that?

僅僅是因為導致這種情況的支出類型嗎？

Some of those other product market has shrunk or is it something else going on or is it just customer investing in other areas?

其他一些產品市場已經萎縮，還是發生了其他事情，或者只是客戶在其他領域投資？

Can you give us any color on that?

你能給我們一些顏色嗎？

We held overall WFE share.

我們持有 WFE 的整體份額。

We gained etch CVD.

我們獲得了蝕刻 CVD。

We lost some in wafer defect and inspection, frankly.

坦率地說，我們在晶圓缺陷和檢查方面損失了一些。

That will come out in a month or two, so we'll share that with you.

這將在一兩個月內發布，因此我們將與您分享。

Then, some of the others, we held share or gained share, but the TAMs did not grow as fast as etch and CVD, so we're gaining share in etch CVD, holding very high share in some other strong markets.

然後，其他一些，我們持有或獲得了份額，但 TAM 的增長速度沒有蝕刻和 CVD 快，因此我們在蝕刻 CVD 中獲得了份額，在其他一些強勁的市場中佔有非常高的份額。

A couple of the other markets -- did not grow quite as facts as some other strong markets, so it's a mix within the businesses as much as anything.

其他幾個市場 - 並沒有像其他一些強大的市場那樣增長，所以它是業務內部的混合體。

One of the things relative to the overall market.

與整體市場相關的事情之一。

The overall wafer inspection business actually grew less than we had thought it would in 2014 and slower than the overall market growth, so that was a negative.

2014 年，整體晶圓檢測業務的增長實際上低於我們的預期，並且低於整體市場增長，因此這是一個負數。

Optical wafer inspection, as Bob said, we lost some share due to the customer mix in 2014.

正如 Bob 所說，由於 2014 年的客戶組合，我們失去了一些份額。

E-beam, where we have technology leadership, we actually gained share in e-beam review, about 15 points of share, we think, in e-beam review.

E-beam，在我們擁有技術領先地位的地方，我們實際上在 e-beam 審查中獲得了份額，我們認為在 e-beam 審查中的份額約為 15 個百分點。

We gained share in CD metrology, and we think that e-beam inspection is also an opportunity for us.

我們在 CD 計量方面獲得了份額，我們認為電子束檢測對我們來說也是一個機會。

So in 2015, what we think is that the mix will be more favorable for us.

所以在 2015 年，我們認為這種組合對我們更有利。

Really the area that is growing the fastest in e-beam technology, we have very, very strong position with some new products and we look at that as a growth opportunity for us in 2015.

確實是電子束技術增長最快的領域，我們在一些新產品方面擁有非常非常強大的地位，我們將其視為 2015 年的增長機會。

Sidney Ho, Deutsche Bank.

德意志銀行的 Sidney Ho。

Thanks for taking my question.

感謝您提出我的問題。

You and your competitors in the past have talked about, I guess, over the next few years FinFET and 3D NAND are the bigger incremental opportunities than more like than DRAM and advanced packaging, yet most of the upside in recent quarters has been coming from DRAM.

你和你的競爭對手過去曾說過，我猜，在接下來的幾年裡，FinFET 和 3D NAND 是比 DRAM 和先進封裝更大的增量機會，但最近幾個季度的大部分上漲都來自 DRAM .

Do you think this is just a timing issue because FinFET and 3D NAND is being pushed out, or do you think the capital intensity for DRAM is higher than you previously thought?

你認為這只是一個時間問題，因為 FinFET 和 3D NAND 正在被推出，還是你認為 DRAM 的資本密集度比你之前想像的要高？

I think DRAM is certainly up, and we talked about what the drivers are for the DRAM business.

我認為 DRAM 肯定會上漲，我們討論了 DRAM 業務的驅動因素。

But the timing for 3D NAND is later than what some people had expected.

但 3D NAND 的時機比一些人預期的要晚。

I think everyone is seeing very strong pull for 3D NAND.

我認為每個人都看到 3D NAND 的強大吸引力。

There is compelling pull from customers around the performance of 3D NAND technology.

客戶對 3D NAND 技術的性能有著強烈的吸引力。

When you look bit scaling over the longer term, that is the direction for every single one of our customers.

從長遠來看，這就是我們每一位客戶的方向。

This a huge focus there.

這是一個巨大的焦點。

Although it's later than what we had expected, we see the second half of this year the switch over to 3D NAND being more significant.

儘管這比我們預期的要晚，但我們認為今年下半年轉向 3D NAND 更為重要。

FinFET is also a great opportunity.

FinFET 也是一個很好的機會。

It is at the number one competitive battleground for all of the foundry customers, and we certainly see that all the customers will move to that technology.

它是所有代工客戶的頭號競爭戰場，我們當然看到所有客戶都將轉向該技術。

We look at that being more heavily weighted to the second half of this year and into 2016.

我們認為這將在今年下半年和 2016 年更加重要。

Okay.

好的。

Then my follow-up question is, given the slower ramp of a FinFET, how would you characterize the industry investment and capacity of 28 nanometers and 20 nanometers relative to what you think let's say six months ago?

那麼我的後續問題是，鑑於 FinFET 的增長速度較慢，相對於您認為的 6 個月前的情況，您如何描述 28 納米和 20 納米的行業投資和產能？

We think this year's heavily weighted towards FinFET versus 28.

我們認為今年的重點是 FinFET 而不是 28。

In terms of 20, some of the tool sets are the same for 20 and FinFET, so it's a little hard to make a clear delineation of that, but we think it's mostly FinFET 16 and 14 nanometer ramping, but some of the tools you could use between 20 and 16 or 14.

就 20 而言，一些工具集對於 20 和 FinFET 是相同的，因此很難明確界定，但我們認為主要是 FinFET 16 和 14 納米斜坡，但有些工具你可以在 20 到 16 或 14 之間使用。

We think this year is heavily weighted towards FinFET.

我們認為今年重點關注 FinFET。

The issue is I think it's a little later in the year than last year.

問題是我認為今年比去年晚了一點。

Last year was a little earlier than normal.

去年比往年要早一點。

This year is a little later than normal, I'd say.

今年比往年晚了一點，我想說。

28 nanometer was the majority of the spending in 2014.

28 納米是 2014 年支出的主要部分。

If you look at 2015 spending, what we're projecting, it's by far very heavily weighted to 14 and 16 nanometer technology.

如果你看看 2015 年的支出，我們的預測是，到目前為止，它非常重視 14 和 16 納米技術。

Srini Sundar, Summit [Hambrent].

Srini Sundar，峰會 [漢布倫特]。

Hi.

你好。

My first question is what gives you any confidence that the merger will go through?

我的第一個問題是，是什麼讓您對合併會進行有信心？

And based on the prior approvals, what really main points that you had to win to get the approval?

根據先前的批准，您必須贏得哪些真正的要點才能獲得批准？

Assume that I've not got the memo that you're not talking the merger.

假設我沒有得到你不是在談論合併的備忘錄。

(laughter) Thanks for the question.

（笑聲）謝謝你的問題。

As we said before, we really can't give you any more color than what we had discussed before.

正如我們之前所說，我們真的不能給你比我們之前討論過的更多的顏色。

What we have said is that we are making progress with regulators.

我們所說的是，我們正在與監管機構取得進展。

We believe that this is the right strategy for our companies to come together.

我們相信這是我們公司走到一起的正確戰略。

We think it's a great strategic opportunity.

我們認為這是一個巨大的戰略機遇。

All of the people involved are very excited, but unfortunately we really can't say anything more than that.

所有參與的人都非常興奮，但不幸的是，我們真的不能說更多。

Sure.

當然。

No problem.

沒問題。

Second thing is on the -- what are the basic differences between the first-generation FinFET to second-generation FinFET and how would you guys be advantaged by going to the next generation of FinFET?

第二件事是 - 第一代 FinFET 與第二代 FinFET 之間的基本區別是什麼？你們將如何通過使用下一代 FinFET 獲得優勢？

The FinFET technology is really very heavily weighted.

FinFET 技術確實非常重要。

If you look at the Epi for instance, the number of Epi steps continue to grow, and that's just a tremendous opportunity for us.

以 Epi 為例，Epi 步驟的數量不斷增長，這對我們來說是一個巨大的機會。

NVP steps also are -- that's a great TAM for us in FinFET.

NVP 步驟也是 - 在 FinFET 中這對我們來說是一個很棒的 TAM。

We're also seeing, actually, a next generation FinFET technologies, more opportunities in areas like implant.

實際上，我們還看到了下一代 FinFET 技術，在植入等領域有更多機會。

The customers are very focused on trying to drive down the cost of multiple patterning, but the number of steps are certainly increasing.

客戶非常關注試圖降低多重圖案化的成本，但步驟數量肯定在增加。

We have some technologies we talked about, selective material removal, being an area that we see very high growth.

我們談到了一些技術，選擇性材料去除，這是一個我們看到非常高增長的領域。

That's another area that we believe is going to be big focus for our customers, certainly as they go to second-generation FinFET.

這是我們認為將成為客戶重點關注的另一個領域，尤其是當他們轉向第二代 FinFET 時。

Our strength is really around the transistor and that's what FinFET is all about and so that leverages many areas where we have technology leadership.

我們的優勢實際上在於晶體管，這就是 FinFET 的全部意義所在，因此可以利用我們擁有技術領先地位的許多領域。

Thanks, Srini.

謝謝，斯里尼。

Dustin, I think we have time for about one more question.

達斯汀，我想我們還有時間再問一個問題。

Mehdi Hosseini, HIG International.

HIG 國際的 Mehdi Hosseini。

Thanks for letting me ask a question.

謝謝你讓我問一個問題。

Gary, I want to better understand your assumption toward 3D NAND?

Gary，我想更好地理解您對 3D NAND 的假設？

When I talk to your customers, they all argue that when 3D NAND is scaled and commercialized, the CapEx per bid is actually going to go down because the density per wafer is going to go up dramatically.

當我與您的客戶交談時，他們都認為，當 3D NAND 規模化和商業化時，每次投標的資本支出實際上會下降，因為每個晶圓的密度會急劇上升。

How can I reconcile your growth expectation with what your customers are saying, especially when we think about CapEx per wafer compared to bits of NAND manufacturer per wafer?

我如何才能使您的增長預期與您的客戶所說的相協調，特別是當我們考慮每個晶圓的資本支出與每個晶圓的 NAND 製造商的位數時？

I have a follow up.

我有一個跟進。

Okay.

好的。

Thanks for the question.

謝謝你的問題。

As I said earlier, when you look at -- I think we've shown also in investor days and there's been at least two customers that have publicly talked about CapEx spending and the breakdown of CapEx spending for planar versus 3D NAND.

正如我之前所說，當您查看時 - 我認為我們在投資者日也展示了，並且至少有兩個客戶公開談論了資本支出支出以及平面與 3D NAND 的資本支出支出的細分。

The big change is that for the litho area, the CapEx spending is going to be lower.

最大的變化是，對於光刻領域，資本支出將會降低。

The etch deposition and even Epi, for us, we're seeing growth in 3D NAND.

對我們來說，蝕刻沉積甚至外延，我們看到了 3D NAND 的增長。

The shift in the CapEx spending is going to be very significant in planar to 3D NAND, but the areas I just talked about are areas where we have very good position as customers are ramping these new technologies.

從平面 NAND 到 3D NAND，CapEx 支出的轉變將非常顯著，但我剛才談到的領域是我們處於有利地位的領域，因為客戶正在推廣這些新技術。

We see a very strong pull as they go to the first- and second-generation FinFET technologies.

我們看到第一代和第二代 FinFET 技術的吸引力非常大。

I think related to that is its the tool mix.

我認為與此相關的是它的工具組合。

It's more etch and deposition versus litho.

與光刻相比，它更多的是蝕刻和沈積。

The second thing is because of that and you have a different tool set, the level of reuse is less.

第二件事是因為這個，你有不同的工具集，重用水平較低。

So if you look from a reuse model, which they've been pursuing pretty effectively to basically a pseudo-greenfield model with a different device type, the tool mix is more favorable for ourselves and other etch and deposition companies.

因此，如果您從他們一直非常有效地追求的重用模型到具有不同設備類型的基本偽綠地模型，則工具組合對我們自己和其他蝕刻和沈積公司更有利。

Got it.

知道了。

Then one to follow up, based on the funding information.

然後根據資金信息進行跟進。

It seems like the merger agreement is going to expire March 24, and given how FX is favoring Tokyo Electron, wouldn't they be more enticed to maybe change the details of that agreement because the exchange rate is going to their favor?

合併協議似乎將於 3 月 24 日到期，鑑於 FX 對東京電子的青睞，他們難道不會更願意改變協議的細節，因為匯率對他們有利嗎？

We really can't, unfortunately, as I've talked about before.

不幸的是，我們真的不能，正如我之前所說的那樣。

I think both companies strongly believe in the strategy.

我認為兩家公司都堅信這一戰略。

I think if anything, as we've worked together, we are more -- there's even a stronger belief that this combination will create value for customers and be just really a great opportunity.

我認為，如果有的話，因為我們一起工作，我們會更多——甚至更強烈地相信，這種組合將為客戶創造價值，並且真的是一個很好的機會。

The working relationships are tremendous.

工作關係是巨大的。

As I said before, we're making progress.

正如我之前所說，我們正在取得進展。

We can't, unfortunately, give any more color on the merger.

不幸的是，我們不能對合併給出更多的顏色。

Thanks, Mehdi, for your question.

謝謝，梅赫迪，你的問題。

We would like to thank, everyone, for joining us at this afternoon.

我們要感謝大家今天下午加入我們。

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

從今天太平洋時間下午 5 點開始，我們的網站將重播本次電話會議。

Thank you for your continued interest in Applied Materials.

感謝您對應用材料公司的持續關注。

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。