應用材料 (AMAT) 2019 Q1 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • 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)

  • I would now like to turn the conference over to Michael Sullivan, Corporate Vice President.

    我現在想將會議轉交給公司副總裁 Michael Sullivan。

  • Please go ahead, sir.

    請繼續,先生。

  • Michael Sullivan - VP of IR

    Michael Sullivan - VP of IR

  • Good afternoon.

    下午好。

  • We appreciate you joining us for our first quarter of fiscal 2019 earnings call, which is being recorded.

    感謝您加入我們的 2019 財年第一季度財報電話會議,該電話會議正在記錄中。

  • Joining me are Gary Dickerson, our President and CEO; and Dan Durn, our Chief Financial Officer.

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

  • Before we begin, let me remind you that today's call contains forward-looking statements, including Applied's current view of its industries, performance, products, share positions 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,包括應用材料公司對其行業、業績、產品、股票頭寸和業務前景的當前看法。

  • These statements are subject to risks and uncertainties that could cause actual results to differ materially and are not guarantees of future performance.

    這些陳述受到風險和不確定性的影響,可能導致實際結果出現重大差異,並且不能保證未來的業績。

  • Information concerning these risks and uncertainties is contained in Applied's most recent Form 10-K and 8-K filings with the SEC.

    有關這些風險和不確定性的信息包含在 Applied 最近提交給 SEC 的 10-K 和 8-K 表格中。

  • All forward-looking statements are based on management's estimates, projections and assumptions as of February 14, 2019, and Applied assumes no obligation to update them.

    所有前瞻性陳述均基於管理層截至 2019 年 2 月 14 日的估計、預測和假設,Applied 不承擔更新它們的義務。

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

    今天的電話會議還包括非公認會計準則財務指標。

  • Reconciliations to GAAP measures are contained in today's earnings press release and in our reconciliation slides, which are available on the Investor Relations 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關係頁面上找到。

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

    現在,我想把電話轉給 Gary Dickerson。

  • Gary E. Dickerson - President, CEO & Executive Director

    Gary E. Dickerson - President, CEO & Executive Director

  • Thanks, Mike.

    謝謝,邁克。

  • In our first fiscal quarter of 2019, Applied Materials delivered solid results in a challenging business environment.

    在 2019 年第一財季,應用材料公司在充滿挑戰的商業環境中取得了可觀的業績。

  • Over the past 2 months, we have become increasingly cautious about near-term macroeconomic risks and have seen further pullback in customers' investments.

    過去兩個月,我們對近期宏觀經濟風險越來越謹慎,客戶投資進一步回落。

  • At the same time, we remain highly optimistic about the long term.

    同時,我們對長期保持高度樂觀。

  • Powerful new growth drivers for the semiconductor and display industries are emerging, and we see tremendous opportunities for the company ahead.

    半導體和顯示行業強大的新增長動力正在出現,我們看到了公司未來的巨大機遇。

  • While we're taking appropriate actions to navigate current market dynamics, we are not losing focus on the bigger picture.

    雖然我們正在採取適當的行動來駕馭當前的市場動態,但我們並沒有失去對大局的關注。

  • We're making strategic investments in new technology, products and capabilities that will position Applied to play a bigger and brighter role in the future.

    我們正在對新技術、產品和能力進行戰略投資,這將使應用材料公司在未來發揮更大、更光明的作用。

  • In today's call, I'll start by providing more details about our outlook for the year ahead, then I'll talk about the future growth drivers that are reshaping our industry, and I'll finish by describing Applied's strategy and highlight some recent accomplishments and milestones.

    在今天的電話會議中,我將首先提供有關我們未來一年展望的更多細節,然後我將討論正在重塑我們行業的未來增長動力,最後我將描述應用材料公司的戰略並重點介紹最近的一些成就和里程碑。

  • Let me begin with the near-term environment and our current perspective on 2019.

    讓我從近期環境和我們目前對 2019 年的看法開始。

  • In the past quarter, there's been more negative than positive news with the whole industry facing challenges, which include: macro conditions in emerging markets that have weakened; smartphone demand falling short of expectations, particularly for high-end models which have more semiconductor content; and DRAM prices, which have declined as inventory levels build.

    在過去的一個季度,整個行業面臨的挑戰是利多於利,其中包括:新興市場的宏觀環境減弱;智能手機需求不及預期,尤其是半導體含量較高的高端機型; DRAM 價格隨著庫存水平的增加而下降。

  • On the positive side, we've also observed that NAND inventories are coming down from very high levels seen in the fall, although they remain above normal levels.

    從積極的方面來看,我們還觀察到 NAND 庫存正在從秋季的非常高的水平下降,儘管它們仍高於正常水平。

  • Fundamental dynamics in the memory market are healthy with very disciplined investment in new capacity and a strong commitment to advance the technology roadmap.

    內存市場的基本動態是健康的,對新容量的投資非常嚴格,並且堅定地致力於推進技術路線圖。

  • And looking more broadly at semiconductor capital investment, it's important to note that we're in a period of market transition and diversification.

    從更廣泛的半導體資本投資來看,重要的是要注意我們正處於市場轉型和多元化的時期。

  • For the past several years, smartphones drove the majority of wafer fab equipment spending.

    在過去幾年中,智能手機推動了晶圓廠設備支出的大部分。

  • This year, more than half of customers' investments will be driven by other categories as new growth drivers, including cloud data centers, IoT devices, 5G and automotive applications, gain momentum.

    今年,隨著雲數據中心、物聯網設備、5G和汽車應用等新增長動力的增長,超過一半的客戶投資將來自其他類別。

  • When we take all these factors into account, we see the following implications for Applied's served markets.

    當我們將所有這些因素都考慮在內時,我們看到了應用材料所服務市場的以下影響。

  • Based on recent public comments by our customers, NAND bit demand is expected to grow in the mid-30% range this year, and DRAM bit demand in the mid- to high teens.

    根據我們客戶最近的公開評論,預計今年 NAND 位需求將增長 30% 左右,而 DRAM 位需求將在中高水平。

  • As a result, we believe that investment by memory customers will be down substantially in 2019.

    因此,我們認為內存客戶的投資將在 2019 年大幅下降。

  • However, we also expect channel inventory levels to normalize as the year progresses, creating a more favorable setup for 2020.

    然而,我們也預計渠道庫存水平將隨著時間的推移而正常化,為 2020 年創造更有利的設置。

  • In foundry logic, we see investment being flat to slightly up year-on-year, but we expect a higher portion of the spending to be directed towards long lead-time equipment, specifically EUV lithography.

    在代工邏輯方面,我們認為投資同比持平或略有上升,但我們預計將有更高部分的支出用於長交貨期設備,特別是 EUV 光刻。

  • While this represents a market share headwind for Applied in both 2018 and 2019, it's also a positive indicator of customers' future investment in leading-edge process tools.

    雖然這代表了應用材料公司在 2018 年和 2019 年的市場份額逆風,但它也是客戶未來對前沿工藝工具投資的積極指標。

  • Overall, we believe that wafer fab equipment spending in 2019 will be down mid- to high teens on a percentage basis versus last year.

    總體而言,我們認為 2019 年晶圓廠設備支出將比去年下降中高點。

  • In display, weakness in emerging markets is also impacting the timing of customers' investment plans.

    新興市場的疲軟也影響了客戶投資計劃的時機。

  • We see some TV factory projects pushing out of the year and into 2020.

    我們看到一些電視工廠項目推遲到 2020 年。

  • As a result, we now believe our display equipment revenue in 2019 will decline by about 1/3 from 2018's record levels.

    因此,我們現在認為我們在 2019 年的顯示設備收入將比 2018 年的創紀錄水平下降約 1/3。

  • We also expect revenue in the second fiscal quarter to be significantly lower than our average run rate for the year.

    我們還預計第二財季的收入將大大低於我們今年的平均運行率。

  • Over the longer term, we believe the display market remains attractive as the industry is going through several large technology transitions, as larger substrates are introduced in TV manufacturing, rigid OLED adoption increases in smartphones and expands to other applications, and initial flexible OLED products get closer to release.

    從長遠來看,我們認為顯示器市場仍然具有吸引力,因為該行業正在經歷幾次重大的技術轉型,因為電視製造中引入了更大的基板,智能手機中剛性 OLED 的採用率增加並擴展到其他應用,以及最初的柔性 OLED 產品獲得更接近釋放。

  • These inflections create important growth opportunities for Applied over the next several years.

    這些變化為 Applied 在未來幾年創造了重要的增長機會。

  • While we're paying close attention to current headwinds and driving efficiencies across the company, we remain focused on our long-term opportunities.

    雖然我們密切關注當前的逆風和提高整個公司的效率,但我們仍然專注於我們的長期機會。

  • I strongly believe that in the future, technology will play a larger part in many areas of our lives.

    我堅信,在未來,技術將在我們生活的許多領域發揮更大的作用。

  • Entire industries will be transformed by artificial intelligence, big data and Industry 4.0, and at the foundation of those transformations are semiconductors.

    整個行業將被人工智能、大數據和工業 4.0 改造,而這些改造的基礎是半導體。

  • We're moving beyond a world of general-purpose computing to specialized solutions that address new types of applications and workloads in the cloud and at the edge.

    我們正在超越通用計算的世界,轉向專門解決雲和邊緣中新型應用程序和工作負載的解決方案。

  • And while the need for semiconductor innovation has never been greater, classic Moore's law scaling is challenged.

    儘管對半導體創新的需求從未如此強烈,但經典的摩爾定律縮放比例受到了挑戰。

  • Simply shrinking transistors no longer delivers simultaneous improvements in the power, performance and cost of chips.

    簡單地縮小晶體管不再能夠同時提高芯片的功率、性能和成本。

  • As I've said before, to unlock the full potential of AI and big data, we need a new playbook for semiconductor design and manufacturing, which will include new architectures, new 3D techniques, novel materials, new ways to shrink transistors and advanced packaging techniques.

    正如我之前所說,為了釋放人工智能和大數據的全部潛力,我們需要一本新的半導體設計和製造手冊,其中包括新架構、新 3D 技術、新材料、縮小晶體管和先進封裝的新方法技巧。

  • All 5 of these areas require major advances in materials engineering and create tremendous opportunities for Applied Materials.

    所有這 5 個領域都需要在材料工程方面取得重大進展,並為應用材料公司創造了巨大的機會。

  • To enable this playbook and accelerate innovation for our customers, we are making investments in new capabilities, creating entirely new types of products and expanding our engagements across the ecosystem.

    為了實現這一劇本並為我們的客戶加速創新,我們正在對新功能進行投資,創造全新類型的產品並擴大我們在整個生態系統中的參與。

  • For example, we recently announced that we're expanding our long-standing technology partnership with IBM as a member of their new AI hardware center.

    例如,我們最近宣布,我們正在擴大與 IBM 的長期技術合作夥伴關係,成為他們新的 AI 硬件中心的成員。

  • We're also making good progress with our new Materials Engineering Technology Accelerator, which is on track to open later this year.

    我們的新材料工程技術加速器也取得了良好進展,該加速器有望在今年晚些時候開放。

  • The META Center will support deeper collaborations with system architects, chip designers and the manufacturing community.

    META 中心將支持與系統架構師、芯片設計師和製造社區的更深入合作。

  • In addition to broadening our participation in the AI/big data inflection, we are also building a more resilient company with diversified revenue streams.

    除了擴大我們對人工智能/大數據轉折的參與,我們還在建立一家更具彈性的公司,擁有多元化的收入來源。

  • The portion of our revenue generated from sources other than new 300-millimeter semiconductor equipment sales is increasing.

    我們從新的 300 毫米半導體設備銷售以外的來源產生的收入部分正在增加。

  • Combined, we expect our services, spares, upgrades, consulting, software and display and flexible technology businesses to represent about 45% of total sales this year.

    加起來,我們預計我們的服務、備件、升級、諮詢、軟件和顯示以及靈活的技術業務將佔今年總銷售額的 45% 左右。

  • In Applied Global Services, our progress is fueled by our growing installed base and new advanced service products that help customers shorten ramp times, improve device performance and yields and optimize operating costs.

    在 Applied Global Services 中,我們不斷增長的安裝基礎和新的高級服務產品推動了我們的進步,這些產品可幫助客戶縮短斜坡時間、提高設備性能和產量並優化運營成本。

  • We grew AGS revenue more than 20% in fiscal 2018, and we anticipate high single-digit growth this year, even with wafer fab equipment spending expected to be down significantly.

    我們在 2018 財年將 AGS 收入增長了 20% 以上,我們預計今年將實現高個位數增長,即使晶圓廠設備支出預計將大幅下降。

  • One reason for this is that more than half our service and spares business now comes from subscription-type revenues in the form of long-term service agreements.

    原因之一是,我們一半以上的服務和備件業務現在來自長期服務協議形式的訂閱型收入。

  • Before I turn the call over to Dan, I'll quickly summarize.

    在我將電話轉給 Dan 之前,我將快速總結一下。

  • Given the elevated macro risks and the challenging environments in both the memory and display markets, our near-term outlook is one of caution.

    鑑於內存和顯示器市場的宏觀風險和充滿挑戰的環境,我們的近期前景是謹慎的之一。

  • Despite these headwinds in 2019, we remain highly optimistic about the future.

    儘管在 2019 年遇到了這些不利因素,但我們對未來仍然高度樂觀。

  • While we're taking steps to ensure our spending is aligned with short-term market conditions, we're focusing our investments on long-term opportunities.

    雖然我們正在採取措施確保我們的支出與短期市場條件保持一致,但我們將投資重點放在長期機會上。

  • We're driving innovative new product development and building new capabilities that position Applied to play a bigger and broader role in the industry over the coming years.

    我們正在推動創新的新產品開發並建立新的能力,使 Applied 在未來幾年在行業中發揮更大和更廣泛的作用。

  • Now Dan will provide his perspective on our performance and outlook.

    現在,丹將就我們的表現和前景發表他的看法。

  • Daniel J. Durn - Senior VP & CFO

    Daniel J. Durn - Senior VP & CFO

  • Thanks, Gary.

    謝謝,加里。

  • Today, I'll outline our financial strategy in the current environment, then summarize our Q1 financial results, provide our Q2 business outlook and give you an update on our new META Center in New York.

    今天,我將概述我們在當前環境下的財務戰略,然後總結我們的第一季度財務業績,提供我們的第二季度業務展望,並為您提供我們在紐約新的 META 中心的最新信息。

  • As Gary outlined, the end markets that our customers serve weakened during the quarter.

    正如加里所概述的那樣,我們的客戶所服務的終端市場在本季度有所減弱。

  • As a result, our semi equipment customers are taking proactive steps to carefully manage capacity additions and reduce inventories.

    因此,我們的半設備客戶正在採取積極措施,謹慎管理產能增加和減少庫存。

  • This sets the industry up well for 2020 and beyond.

    這為 2020 年及以後的行業奠定了良好的基礎。

  • We continue to expect the recovery to be shallow and gradual, and we're still not ready to call the bottom of the current cycle.

    我們繼續預計復甦將是淺層和漸進的,我們仍未準備好稱當前週期的底部。

  • At the same time, it's important to put this year's spending into context.

    與此同時,將今年的支出納入背景也很重要。

  • Our WFE forecast for 2019 is still billions of dollars higher than the peaks of all the prior cycles.

    我們對 2019 年的 WFE 預測仍比之前所有周期的峰值高出數十億美元。

  • Today, our backlog remains healthy, our profitability is solid, we're generating strong free cash flow and we're returning cash to shareholders.

    今天,我們的積壓工作仍然健康,我們的盈利能力穩健,我們正在產生強勁的自由現金流,我們正在向股東返還現金。

  • Most importantly, we see significant opportunities ahead, and we have the resources to make disciplined investments to secure technology leadership and growth.

    最重要的是,我們看到了未來的重大機遇,我們有資源進行有紀律的投資,以確保技術領先地位和增長。

  • Our strategy is to navigate the current environment by carefully managing our overall expenses, fully funding our new product pipeline and maximizing our recurring revenue.

    我們的戰略是通過謹慎管理我們的整體開支、為我們的新產品管道提供充分資金並最大限度地提高我們的經常性收入來駕馭當前的環境。

  • Here are some specific examples.

    下面是一些具體的例子。

  • First, expense control.

    一是費用控制。

  • Our Q1 non-GAAP OpEx was $750 million, including savings from our holiday shutdown and only 1 month of our annual merit increase.

    我們的第一季度非 GAAP 運營支出為 7.5 億美元,其中包括我們假期停工所節省的資金以及僅 1 個月的年度績效增長。

  • In Q2, absent these same benefits, we're guiding our overall OpEx to be approximately flat sequentially.

    在第二季度,如果沒有這些相同的好處,我們將指導我們的整體運營支出按順序大致持平。

  • Next, R&D funding.

    其次,研發資金。

  • Even in the current environment, we're investing more in R&D to strengthen and grow our new technology and product pipeline.

    即使在當前環境下,我們也在加大對研發的投資,以加強和發展我們的新技術和產品線。

  • Gary described how the industry needs new architectures and materials to enable better chips for AI.

    Gary 描述了該行業如何需要新的架構和材料來為 AI 提供更好的芯片。

  • Later this year, we plan to introduce materials engineering solutions designed to accelerate the adoption of the next generation of memory chips, which will be highly enabling to cloud computing and the Internet of Things.

    今年晚些時候,我們計劃推出旨在加速採用下一代存儲芯片的材料工程解決方案,這將高度支持雲計算和物聯網。

  • Third, recurring revenue.

    第三,經常性收入。

  • Gary described how our services revenue should be higher in 2019, even as WFE declines.

    Gary 描述了我們的服務收入如何在 2019 年提高,即使 WFE 下降。

  • We expect the transactional portion of our AGS revenue to grow more slowly this year as our customers work down excess inventories.

    隨著我們的客戶減少多餘的庫存,我們預計今年我們 AGS 收入的交易部分將增長更慢。

  • But the subscription-like part of AGS should be higher year-over-year.

    但 AGS 的訂閱式部分應該會比去年同期更高。

  • In fact, in 2018, we grew the number of tools under comprehensive service agreements at 3x the rate of new system shipments.

    事實上,在 2018 年,我們根據綜合服務協議的工具數量以新系統出貨量的 3 倍速度增長。

  • So we're doing a good job of delivering ongoing value to our customers across a larger portion of our installed base, which is the largest in the industry.

    因此,我們在為我們的大部分已安裝基礎的客戶提供持續價值方面做得很好,這是業內最大的。

  • Next, I'll summarize our quarterly results.

    接下來,我將總結我們的季度業績。

  • As a reminder, Applied adopted the ASC 606 standard for revenue recognition this quarter, using the full retrospective approach.

    提醒一下,Applied 本季度採用 ASC 606 標准進行收入確認,並採用完全追溯法。

  • Bear in mind, the differences between revenue recognized under ASC 606 and the old standard will fluctuate from quarter-to-quarter.

    請記住,根據 ASC 606 確認的收入與舊標準之間的差異將隨季度波動。

  • But over time, they will offset each other and the cumulative difference will be minimal.

    但隨著時間的推移,它們會相互抵消,累積的差異會很小。

  • As we expected, the adoption of ASC 606 had a minimal cumulative impact on the company, increasing our retained earnings by about $6 million.

    正如我們預期的那樣,採用 ASC 606 對公司的累積影響微乎其微,使我們的留存收益增加了約 600 萬美元。

  • Now to the results.

    現在來看看結果。

  • In Q1, we delivered revenue that was slightly above the midpoint of guidance.

    在第一季度,我們實現了略高於指導中點的收入。

  • Our non-GAAP gross margin and operating expenses were at the midpoint of guidance.

    我們的非公認會計原則毛利率和運營費用處於指導的中點。

  • We generated non-GAAP earnings of $0.81, which was $0.02 above the midpoint, including the impact of a slightly higher tax rate.

    我們產生了 0.81 美元的非公認會計原則收益,比中點高 0.02 美元,包括略高稅率的影響。

  • Turning to the segments.

    轉向細分市場。

  • Semiconductor Systems revenue was $2.27 billion and about 1 percentage point above the midpoint of our outlook.

    半導體系統的收入為 22.7 億美元,比我們展望的中點高出約 1 個百分點。

  • SSG's non-GAAP operating margin was 28.3%.

    SSG 的非公認會計原則營業利潤率為 28.3%。

  • Global Services revenue was $962 million and 2 points above the midpoint of our guidance.

    全球服務收入為 9.62 億美元,比我們的指導中點高 2 個百分點。

  • AGS non-GAAP operating margin was 29.6%.

    AGS 非公認會計準則營業利潤率為 29.6%。

  • Display revenue was $507 million and 1 point above the midpoint of our guidance.

    顯示收入為 5.07 億美元,比我們指導的中點高 1 個百分點。

  • The group's non-GAAP operating margin was 23.3%.

    該集團的非公認會計原則營業利潤率為 23.3%。

  • Turning to the balance sheet.

    轉向資產負債表。

  • We generated operating cash flow of $834 million, or 22% of sales.

    我們產生了 8.34 億美元的運營現金流,佔銷售額的 22%。

  • We returned $942 million to shareholders, including $750 million in buybacks.

    我們向股東返還了 9.42 億美元,其中包括 7.5 億美元的回購。

  • We ended the quarter with $5.3 billion in cash and investments and $3.6 billion remaining in our buyback authorization.

    我們在本季度結束時有 53 億美元的現金和投資,還有 36 億美元的回購授權。

  • Next, I'll provide our Q2 guidance.

    接下來,我將提供我們的第二季度指導。

  • We expect company revenue to be approximately $3.48 billion, plus or minus $150 million.

    我們預計公司收入約為 34.8 億美元,上下浮動 1.5 億美元。

  • Within the outlook, we expect Silicon Systems revenue to be in the range of $2.15 billion, plus or minus $100 million.

    在展望中,我們預計 Silicon Systems 的收入將在 21.5 億美元左右,上下浮動 1 億美元。

  • Services revenue should be $970 million, plus or minus $25 million.

    服務收入應為 9.7 億美元,上下浮動 2500 萬美元。

  • Our Display revenue should be in the range of $340 million, plus or minus $25 million.

    我們的展示廣告收入應該在 3.4 億美元左右,上下浮動 2500 萬美元。

  • We expect non-GAAP gross margins of around 43.5% and non-GAAP OpEx of around $750 million, plus or minus $10 million.

    我們預計非美國通用會計準則毛利率約為 43.5%,非美國通用會計準則運營支出約為 7.5 億美元,上下浮動 1000 萬美元。

  • Non-GAAP earnings should be in the range of $0.62 to $0.70 per share, and our current non-GAAP tax rate expectation is approximately 14%.

    非 GAAP 收益應在每股 0.62 美元至 0.70 美元之間,我們目前的非 GAAP 稅率預期約為 14%。

  • This is about 2 percentage points higher than our initial expectation for 2019.

    這比我們對 2019 年的初步預期高出約 2 個百分點。

  • We've raised our rate expectation primarily to reflect the potential impact of new regulations proposed by the Treasury Department, along with our latest forecast for geographic revenue mix.

    我們上調利率預期主要是為了反映財政部提出的新法規的潛在影響,以及我們對地域收入組合的最新預測。

  • Now I'll close with an update on the R&D capabilities we're creating at our META Center in upstate New York.

    現在,我將介紹我們在紐約州北部的 META 中心創建的研發能力的最新情況。

  • Over the past quarter, we received approvals needed to begin receiving $250 million in public funding, which is being used to purchase and install Applied Materials systems and other equipment.

    在過去的一個季度,我們獲得了開始獲得 2.5 億美元公共資金所需的批准,這些資金用於購買和安裝應用材料公司的系統和其他設備。

  • We've now shipped our first systems to the META Center, which will be one of the most advanced R&D centers in the world.

    我們現在已經將我們的第一個系統運送到 META 中心,該中心將成為世界上最先進的研發中心之一。

  • We're already engaged with multiple customers to accelerate breakthroughs in semiconductor technology, along with new applications of our materials engineering capabilities, and we're on track to be running wafers in the second half of the year.

    我們已經與多家客戶合作,以加速半導體技術的突破,以及我們材料工程能力的新應用,我們有望在今年下半年運行晶圓。

  • Now, Mike, let's begin the Q&A.

    現在,邁克,讓我們開始問答吧。

  • Michael Sullivan - VP of IR

    Michael Sullivan - VP of IR

  • Thanks, Dan.

    謝謝,丹。

  • (Operator Instructions) Operator, let's, please, begin.

    (操作員說明)操作員,讓我們開始吧。

  • Operator

    Operator

  • (Operator Instructions) And our first question is from C.J. Muse from Evercore.

    (操作員說明)我們的第一個問題來自 Evercore 的 C.J. Muse。

  • Christopher James Muse - Senior MD, Head of Global Semiconductor Research & Senior Equity Research Analyst

    Christopher James Muse - Senior MD, Head of Global Semiconductor Research & Senior Equity Research Analyst

  • I guess, 2-part question.

    我猜,兩部分的問題。

  • In terms of your overall guide by segment, it looks like you're suggesting roughly $3.55 billion a quarter in revenues.

    就您按細分市場劃分的總體指南而言,您似乎建議每季度的收入約為 35.5 億美元。

  • And I guess, is that math kind of in the ballpark of what you're thinking?

    而且我想,這種數學是否在你所想的範圍內?

  • And then, more importantly, how are you thinking about gross margin trajectory as we go through the year on the changing mix?

    然後,更重要的是,隨著我們在不斷變化的組合中度過這一年,您如何看待毛利率軌跡?

  • Daniel J. Durn - Senior VP & CFO

    Daniel J. Durn - Senior VP & CFO

  • Thanks, C.J. Can I get you to repeat your first question?

    謝謝,C.J. 我可以讓你重複你的第一個問題嗎?

  • I didn't quite understand where you're going.

    我不太明白你要去哪裡。

  • The second part of the question is, as we look sequentially into Q2, you see the gross margin guide.

    問題的第二部分是,當我們按順序查看第二季度時,您會看到毛利率指南。

  • Off of those levels into the back half of our fiscal year, we would expect to see incremental improvement into Q3, and then step up again into Q4.

    在我們財政年度後半段的這些水平之外,我們預計第三季度會出現逐步改善,然後再進入第四季度。

  • But I apologize, I didn't catch the first part of your question.

    但我很抱歉,我沒有聽懂你問題的第一部分。

  • Christopher James Muse - Senior MD, Head of Global Semiconductor Research & Senior Equity Research Analyst

    Christopher James Muse - Senior MD, Head of Global Semiconductor Research & Senior Equity Research Analyst

  • It was just adding up the different segments guide.

    它只是添加了不同的細分指南。

  • And is it fair to say that roughly $3.55 billion is kind of what you're seeing, on average, on a quarterly basis, for revenues through the calendar year?

    公平地說,大約 35.5 億美元是你所看到的,平均每季度,整個日曆年的收入嗎?

  • Daniel J. Durn - Senior VP & CFO

    Daniel J. Durn - Senior VP & CFO

  • Yes.

    是的。

  • So I don't think, on this call, we'll be guiding for the full year.

    所以我不認為,在這次電話會議上,我們將指導全年。

  • But what we do see into Q2 is $3.48 billion for the overall company revenue, plus or minus $150 million.

    但我們確實看到第二季度公司總收入為 34.8 億美元,上下浮動 1.5 億美元。

  • Operator

    Operator

  • Our next question is from Atif Malik from Citi.

    我們的下一個問題來自花旗的 Atif Malik。

  • Atif Malik - VP and Semiconductor Capital Equipment & Specialty Semiconductor Analyst

    Atif Malik - VP and Semiconductor Capital Equipment & Specialty Semiconductor Analyst

  • A 2-part question for me as well.

    對我來說也是一個兩部分的問題。

  • First, Gary, can you talk about what should we expect display mix between LCD and OLED this year?

    首先,Gary,您能談談今年 LCD 和 OLED 之間的顯示組合應該如何?

  • And then, is there any change to your view on the capital intensity of OLED TVs into next year as some of the LCD makers are converting their LCD lines to quantum dot and other flavors of OLED?

    那麼,隨著一些 LCD 製造商正在將其 LCD 生產線轉換為量子點和其他類型的 OLED,您對明年 OLED 電視資本密集度的看法是否會發生變化?

  • And then I have a follow-up for that.

    然後我有一個後續行動。

  • Gary E. Dickerson - President, CEO & Executive Director

    Gary E. Dickerson - President, CEO & Executive Director

  • Okay.

    好的。

  • Thanks for the questions.

    感謝您的提問。

  • Let me give you some overall color on the display business, and hopefully, I'll cover the 2 questions that you have.

    讓我給你一些關於顯示業務的整體色彩,希望我能回答你的兩個問題。

  • In the 6 years through 2018, we were able to grow the display business at a compounded annual growth rate of around 25% to $2.5 billion last year.

    在截至 2018 年的 6 年中,我們能夠以 25% 左右的複合年增長率增長顯示業務,去年達到 25 億美元。

  • In '19, we signaled incremental weakness on the last call, and the market has continued to weaken since that call.

    在 19 年,我們在上一次電話會議上發出了逐漸疲軟的信號,自那次電話會議以來市場繼續走弱。

  • We now believe that the market is down around 1/3 from 2018's record levels, with second quarter -- our second quarter to be significantly lower than our projected average run rate for 2019 to 2020.

    我們現在認為,市場比 2018 年的創紀錄水平下降了約 1/3,第二季度——我們的第二季度將大大低於我們預計的 2019 年至 2020 年的平均運行率。

  • Relative to the mix on -- what we have as the biggest incremental change since the last call is weakness in TV, delays in TV investments.

    相對於組合 - 自上次電話會議以來,我們最大的增量變化是電視的疲軟,電視投資的延遲。

  • It's still compelling for customers to go to Gen 10.5 panels because you can produce 8 65-inch TVs versus 3 on Gen 8.5, so it's strategically important for them to go and make that transition, but the timing of the investments are being pushed out.

    對於客戶來說,使用 Gen 10.5 面板仍然很有吸引力,因為您可以生產 8 台 65 英寸電視,而 Gen 8.5 上只能生產 3 台,因此對他們來說進行這種過渡具有戰略意義,但投資的時機正在推遲。

  • And then going into 2020, we see small improvement in 2020, and we definitely like the longer-term technology trends and opportunities to grow the business.

    然後進入 2020 年,我們看到 2020 年的小幅改善,我們絕對喜歡長期的技術趨勢和業務發展機會。

  • So hopefully, that gives you some indication around mix.

    所以希望這能給你一些關於混合的指示。

  • The biggest difference from our last call is in the TV market.

    與我們上次通話的最大區別在於電視市場。

  • Operator

    Operator

  • Our next question is from Toshiya Hari from Goldman Sachs.

    我們的下一個問題來自高盛的 Toshiya Hari。

  • Toshiya Hari - MD

    Toshiya Hari - MD

  • Gary, you talked about you EUV headwinds and the impact it's had on your market share in 2018, and your expectations for 2019.

    Gary,您談到了 EUV 的不利因素及其對 2018 年市場份額的影響,以及您對 2019 年的預期。

  • Should we be concerned that it could remain a headwind into 2020 and beyond?

    我們是否應該擔心它可能會在 2020 年及以後繼續成為逆風?

  • Or is it sort of the initial ramp of EUV that's causing some of these issues for you?

    或者是 EUV 的初始增長給你帶來了這些問題?

  • Gary E. Dickerson - President, CEO & Executive Director

    Gary E. Dickerson - President, CEO & Executive Director

  • Yes, I think if you look at the overall market share, third-party data is going to come out in a little over a month.

    是的,我認為如果你看一下整體市場份額,第三方數據將在一個多月後出來。

  • We'll all see the numbers, including our share.

    我們都會看到數字,包括我們的份額。

  • One thing that we'll see is that in the 6 years going into 2017, we were the only major supplier to be up or flat for 6 consecutive years.

    我們將看到的一件事是,在進入 2017 年的 6 年中,我們是唯一連續 6 年上漲或持平的主要供應商。

  • And certainly, what we've said in '18 is that our share will be down.

    當然,我們在 18 年所說的是,我們的份額將會下降。

  • Demand softened in the back half of the year, we saw a pushout to NAND reuse in foundry.

    下半年需求疲軟,我們看到代工對 NAND 重用的推動。

  • And overall, spending mix shifted towards litho and areas we don't compete.

    總體而言,支出組合轉向光刻和我們不競爭的領域。

  • What you will see in about a month is gains in areas like implant, epi, etch, gaining momentum in packaging.

    大約一個月後,您將看到植入、外延、蝕刻等領域的進步,以及封裝方面的增長勢頭。

  • And also, in our process control business, I'm happy about the progress there, we had a record year.

    而且,在我們的過程控制業務中,我對那裡的進展感到高興,我們有創紀錄的一年。

  • Very strong growth in our e-beam technologies.

    我們的電子束技術增長非常強勁。

  • We may end up being #1 in e-beam for the first time ever, and very well positioned with the additional adoptions of new products in '19.

    我們可能會有史以來第一次成為電子束領域的第一名,並且在 19 年新產品的額外採用中處於非常有利的地位。

  • In '18 and '19, logic customers are buying EUV systems, and those systems have very long lead times.

    在 18 和 19 年,邏輯客戶正在購買 EUV 系統,而這些系統的交貨期很長。

  • They're buying the EUV tools years before they go into high-volume manufacturing.

    他們在進入大批量生產之前幾年就購買了 EUV 工具。

  • We look at that as a positive indicator in the adoption of future nodes.

    我們將其視為採用未來節點的積極指標。

  • But certainly, right now, in '18 in '19, it's definitely a headwind.

    但可以肯定的是,現在,在 19 年的 18 年,這絕對是一個逆風。

  • And as we go forward, as NAND spending resumes, that's more material spending versus litho spending, that's certainly good for us.

    隨著我們前進,隨著 NAND 支出的恢復,與光刻支出相比,材料支出更多,這對我們來說肯定是好事。

  • The trailing nodes are also not litho dependent, so that's also going to be good going forward.

    尾隨節點也不依賴於光刻,因此這也將是一件好事。

  • And then another factor in '19 that's more favorable setup for us, we have balanced share in foundry, logic and memory.

    然後是 19 年的另一個對我們更有利的設置,我們在代工、邏輯和內存方面取得了平衡的份額。

  • So in a year where DRAM and NAND are much weaker, the relative setup for us is better in 2019.

    所以在 DRAM 和 NAND 弱得多的一年,我們的相對設置在 2019 年會更好。

  • And then, what we've talked about is over the longer term, we see a very different picture emerging.

    然後,我們談論的是從長遠來看,我們看到了一個非常不同的畫面。

  • It's clear the industry needs a new playbook that goes beyond 2D scaling, and I deeply believe Applied is in the best position to enable the playbook.

    很明顯,該行業需要一個超越 2D 縮放的新劇本,我深信 Applied 處於啟用該劇本的最佳位置。

  • I meet all the time with customers, the leaders of R&D for our top customers on a monthly basis, and this is a big focus for all of those customers.

    我一直與客戶會面,每個月都是我們頂級客戶的研發負責人,這是所有這些客戶的重點。

  • We've talked about 5 drivers of power, performance, area and cost as 2D scaling slows, and all of those are dependent on breakthroughs in materials engineering.

    我們已經討論了隨著 2D 縮放速度減慢的功率、性能、面積和成本的 5 個驅動因素,所有這些都依賴於材料工程的突破。

  • So I would say, longer term, that creates a great opportunity for us.

    所以我想說,從長遠來看,這為我們創造了一個很好的機會。

  • Dan talked about in his prepared remarks, new memory technology for AI that's coming later this year.

    丹在他準備好的講話中談到了今年晚些時候推出的人工智能新內存技術。

  • I talked about 1,000x improvement in leakage current that improves power efficiency.

    我談到了 1,000 倍的漏電流改善,從而提高了電源效率。

  • Those are just early examples of the new playbook, extensive playbook that we've developed.

    這些只是我們開發的新劇本、廣泛劇本的早期示例。

  • And then, we've also talked about speeding up the new playbook by opening the META Center and figuring out how to integrate all this together so customers can move it into their fabs.

    然後,我們還討論了通過打開 META 中心來加快新劇本的速度,並弄清楚如何將所有這些整合在一起,以便客戶可以將其轉移到他們的晶圓廠中。

  • Now I definitely believe the right vision for the industry is materials to systems 10x faster, driving this new playbook.

    現在,我絕對相信該行業的正確願景是將系統材料的速度提高 10 倍,從而推動這一新劇本。

  • There's never been a time where it's more important, so that's the playbook on how we're going to move the needle for the industry and for Applied.

    從來沒有比這更重要的時候了,所以這就是我們將如何推動行業和應用的指針的劇本。

  • Operator

    Operator

  • Our next question is from John Pitzer from Crédit Suisse.

    我們的下一個問題來自瑞士信貸的 John Pitzer。

  • John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

    John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

  • Gary, as always, I appreciate all the details you give in your prepared comments.

    加里,一如既往,我感謝您在準備好的評論中提供的所有細節。

  • One of the things you mentioned is just the expectation that memory will be down significantly this year in calendar year '19, which really shouldn't be a surprise to anybody.

    你提到的一件事就是預計今年 '19 日曆年的內存將顯著下降,這對任何人來說都不足為奇。

  • But I was wondering if you can just help us understand how your views differ between NAND and DRAM CapEx for this year?

    但我想知道您是否可以幫助我們了解您對今年 NAND 和 DRAM 資本支出的看法有何不同?

  • And whether or not you see either recovering in the back half of the calendar year?

    你是否看到在日曆年的後半段恢復?

  • And I guess, importantly, can you talk a little bit about what happens to your SAM in NAND as the industry transitions from 64 to 96 layers?

    而且我想,重要的是,您能否談談隨著行業從 64 層過渡到 96 層,NAND 中的 SAM 會發生什麼?

  • Gary E. Dickerson - President, CEO & Executive Director

    Gary E. Dickerson - President, CEO & Executive Director

  • So thanks for the question.

    所以謝謝你的問題。

  • Let me take first the market opportunity for us.

    讓我先為我們把握市場機會。

  • There's no question, as customers increase the number of layers, it's all about materials intensity, and so that creates a tremendous opportunity for us.

    毫無疑問,隨著客戶增加層數,這完全取決於材料強度,這為我們創造了巨大的機會。

  • We grew market share in memory a significant amount over the last 5 years.

    在過去的 5 年中,我們在內存中的市場份額顯著增長。

  • A lot of the improvements around new materials, new technologies that drive that scaling are really great opportunities for Applied.

    圍繞新材料、推動這種擴展的新技術的許多改進對於 Applied 來說確實是很好的機會。

  • We are increasing our etch share also in memory.

    我們也在增加內存中的蝕刻份額。

  • So that's also a very good setup for us.

    所以這對我們來說也是一個非常好的設置。

  • So certainly, as the scalings goes forward, we expect that we're going to continue to grow our share, as we've done over the last several years.

    因此,當然,隨著規模的擴大,我們預計我們將繼續增加我們的份額,就像我們在過去幾年所做的那樣。

  • And then, maybe, Dan, you can answer the question about DRAM versus NAND?

    然後,也許,丹,您可以回答有關 DRAM 與 NAND 的問題嗎?

  • Daniel J. Durn - Senior VP & CFO

    Daniel J. Durn - Senior VP & CFO

  • Sure.

    當然。

  • Thanks, Gary.

    謝謝,加里。

  • And John, to get to how 2019 is profiling in the memory space, let me start with what we saw in 2018, and use that as a jumping-off point to make some comparative statements about how we see the market profiling in 2019.

    約翰,要了解 2019 年在內存領域的概況,讓我從我們在 2018 年看到的情況開始,並以此為起點,就我們如何看待 2019 年的市場概況做出一些比較陳述。

  • We're probably not going to be point-specific on how 2018 ended up because Gartner is going to come out in a month or 2 with those estimates, but we definitely saw 2018 up over '17, definitely has a 5 handle on it.

    我們可能不會具體說明 2018 年的結果,因為 Gartner 將在一兩個月內發布這些估計,但我們肯定看到 2018 年超過 17 年,肯定有 5 個處理。

  • And as you indicated, it was a strong memory growth year.

    正如你所指出的,這是記憶增長強勁的一年。

  • We think, as 2018 settled, 60% of the spend in the market was memory-related, 40% -- about 40% was foundry/logic-related.

    我們認為,隨著 2018 年的結束,市場上 60% 的支出與內存相關,40% - 約 40% 與代工/邏輯相關。

  • Within memory, we saw the NAND, DRAM spend very balanced.

    在內存方面,我們看到了NAND、DRAM的花費非常均衡。

  • As we look forward into 2019, in Gary's prepared comments, he said year-over-year, WFE in '19 will be down.

    當我們展望 2019 年時,在 Gary 準備好的評論中,他說與去年同期相比,19 年的 WFE 將會下降。

  • Memory will be down by a good amount, we expect foundry/logic to be flat to up a little bit.

    內存將大幅下降,我們預計代工廠/邏輯將持平到上升一點。

  • So as 2019 shakes out, we expect foundry/logic to be greater than memory.

    因此,隨著 2019 年的到來,我們預計代工/邏輯將大於內存。

  • Overall, the market will be down mid- to high-teens.

    總體而言,市場將處於中高水平。

  • And as we look at the market between NAND and DRAM, we see it profiling very similar to '18 and being balanced.

    當我們觀察 NAND 和 DRAM 之間的市場時,我們發現它與 18 年非常相似並且處於平衡狀態。

  • In terms of the second half, and I come back in the market, I think we want to set expectations for a slow, gradual recovery off of these levels.

    就下半年而言,我回到市場,我認為我們希望設定從這些水平緩慢、逐漸復甦的預期。

  • While we're having conversations with customers and we see positive lead indicators, we think it's prudent in this environment to set those expectations for a slow, gradual recovery.

    雖然我們正在與客戶進行對話,並且我們看到了積極的領先指標,但我們認為在這種環境下,將這些預期設定為緩慢、漸進的複蘇是明智的。

  • As we look into the back half of the year, inventory levels come down faster than we expect, utilizations come up and price stability, those would all create the environmentals for a more robust second half.

    展望下半年,庫存水平下降的速度比我們預期的要快,利用率上升和價格穩定,這些都將為下半年更強勁的環境創造條件。

  • And if that scenario materializes, then we would benefit significantly from that environment.

    如果這種情況成為現實,那麼我們將從這種環境中受益匪淺。

  • And then I wanted to come back to C.J.'s original question because, now, I think I understand a bit of what he was asking for.

    然後我想回到 C.J. 最初的問題,因為現在,我想我明白了他的要求。

  • And I apologize, C.J. Let me help shape the revenues this year to, I think, get at the question you were asking.

    我很抱歉,C.J. 讓我幫助塑造今年的收入,我想,我想,解決你提出的問題。

  • Off of the levels we guided in Q2, we see our semi systems group flattish on a quarterly basis into the back part of the year.

    在我們在第二季度指導的水平之外,我們看到我們的半系統組在今年下半年每季度持平。

  • The run rate of our display business in Q2 will be below the annual average, so we would see -- expect to see that growing into the back part of the year, and then AGS will have its normal seasonal profile and be higher into Q3 and Q4.

    我們的顯示業務在第二季度的運行率將低於年度平均水平,因此我們會看到 - 預計會看到增長到今年下半年,然後 AGS 將具有正常的季節性特徵並在第三季度更高,並且Q4。

  • So hopefully, that helps giving you a bit of the profile and color.

    因此,希望這有助於為您提供一些配置文件和顏色。

  • And then the gross margin part of your question, again, we expected that to incrementally step up in Q3, and again into Q4.

    然後是您問題的毛利率部分,我們預計這將在第三季度逐步增加,並再次進入第四季度。

  • Operator

    Operator

  • Our next question is from Harlan Sur from JPMorgan.

    我們的下一個問題來自摩根大通的 Harlan Sur。

  • Harlan Sur - Senior Analyst

    Harlan Sur - Senior Analyst

  • Can you just help us understand how you're thinking about the OpEx trajectory beyond Q2, if you do start to see gradual recovery, as you described it?

    如果您確實開始看到逐步恢復,正如您所描述的那樣,您能否幫助我們了解您如何看待第二季度之後的 OpEx 軌跡?

  • And then, on the other hand, if revenues were to take another step down, let's say, beyond Q2, how much could the team flex their OpEx?

    然後,另一方面,如果收入進一步下降,比如說,在第二季度之後,團隊可以調整他們的運營支出多少?

  • Daniel J. Durn - Senior VP & CFO

    Daniel J. Durn - Senior VP & CFO

  • So OpEx is definitely a controllable spend line.

    所以 OpEx 絕對是一條可控的支出線。

  • The philosophy we have at the company is we are going to be an inflection-focused growth company, we're going to grow organically and invest in products and capabilities that will help drive that growth going forward.

    我們在公司的理念是,我們將成為一家以變化為重點的成長型公司,我們將實現有機增長,並投資於有助於推動未來增長的產品和能力。

  • We do it in the context of the environment we operate in, we will be disciplined operators and instill spend discipline throughout the company.

    我們在我們經營的環境中這樣做,我們將成為紀律嚴明的經營者,並在整個公司內灌輸紀律。

  • As you take a look at the guide into Q2, what I would expect, if you take a step back and think about where we were a quarter or 2 ago, we had said we spent about $3 billion on OpEx in 2018, we would expect that to grow by about $200 million into '19.

    當您查看第二季度的指南時,我的預期是,如果您退後一步,想想我們在 2 季度或 2 季度前所處的位置,我們曾說過我們在 2018 年在 OpEx 上花費了大約 30 億美元,我們預計到 19 年將增長約 2 億美元。

  • We've adjusted those plans in light of the current environment we're in, and we'll probably bring that down by about $175 million over the course of 2019, off of the original expectations.

    我們已經根據我們所處的當前環境調整了這些計劃,我們可能會在 2019 年期間將其降低約 1.75 億美元,低於最初的預期。

  • So up 1%, maybe 1.5% off of the levels we were in 2018.

    所以比我們在 2018 年的水平上漲了 1%,也許是 1.5%。

  • And we think this strikes the right balance given everything we know between near-term discipline that reflects the environment we operate in, and strong pursuit of new technologies, new platforms, new winning products that will preserve shareholder value creation into the infections that we see materializing in the years ahead.

    我們認為,考慮到我們所知道的一切,這在反映我們經營環境的近期紀律與對新技術、新平台、新成功產品的強烈追求之間取得了適當的平衡,這些新技術、新平台、新的成功產品將保持股東價值創造進入我們看到的感染在未來幾年實現。

  • Operator

    Operator

  • Our next question is from Pierre Ferragu from New Street Research.

    我們的下一個問題來自 New Street Research 的 Pierre Ferragu。

  • Pierre C. Ferragu - Global Team Head of Technology Infrastructure

    Pierre C. Ferragu - Global Team Head of Technology Infrastructure

  • I just wanted to come back to the points you made, Gary, about EUV being like a share gainer against you this year, but a leading indicator for you going forward.

    我只是想回到你所說的觀點,加里,關於 EUV 就像今年對你的股票收益者一樣,但你前進的領先指標。

  • So how much visibility do you have at this point in time on when EUV gets introduced in mass manufacturing?

    那麼,您目前對 EUV 何時被引入大規模製造有多少了解?

  • How's the share, I would say, of AMAT's -- of spending for wafer is evolving?

    我想說,AMAT 的晶圓支出份額如何變化?

  • So that's one question.

    所以這是一個問題。

  • And then, the second question is how much of the benefit you see on the back of EUV is just more of what you do already?

    然後,第二個問題是你在 EUV 背面看到的好處有多少只是你已經做的更多?

  • And how much is actually new technology you're going to introduce as well, things like cobalt interconnect and others?

    實際上,您還將引入多少新技術,例如鈷互連等?

  • Gary E. Dickerson - President, CEO & Executive Director

    Gary E. Dickerson - President, CEO & Executive Director

  • So EUV, as I've talked about, you're seeing early adoption in 2018 and 2019.

    所以 EUV,正如我所談到的,你會在 2018 年和 2019 年看到早期採用。

  • And in '19, you're going to see the first chips being built, so you have pilot production.

    在 19 年,您將看到第一批芯片正在製造中,因此您可以進行試生產。

  • And when you're adopting a new technology like this, it happens years before you go into high-volume manufacturing.

    當你採用這樣的新技術時,它發生在你進入大批量製造之前的幾年。

  • So you see this initial adoption surge in advance of the high-volume manufacturing.

    因此,您會在大批量製造之前看到這種最初的採用率激增。

  • And so again, we do see that as a good leading indicator relative to N5, for instance, when that happens.

    同樣,我們確實將其視為相對於 N5 的良好領先指標,例如,當這種情況發生時。

  • Now one thing also to remember is that EUV will remove legacy etch and depth steps, I mean, that's why customers are adopting EUV because it replaces a number of different etch steps, but those aren't our steps.

    現在還需要記住的一件事是,EUV 將消除傳統的蝕刻和深度步驟,我的意思是,這就是客戶採用 EUV 的原因,因為它取代了許多不同的蝕刻步驟,但這些不是我們的步驟。

  • So at every node, the most important thing for the customers is they have to drive power, performance, area and cost.

    所以在每個節點上,對客戶來說最重要的是他們必須推動功率、性能、面積和成本。

  • And it's definitely with power and performance, 2D scaling helps, but even more important is innovation and materials.

    它肯定與功率和性能有關,2D 縮放有幫助,但更重要的是創新和材料。

  • So if you look at a node like N5, for instance, there are many materials inflections that are being adopted as customers drive improvements in power and performance.

    因此,例如,如果您查看像 N5 這樣的節點,隨著客戶推動功率和性能的改進,正在採用許多材料變形。

  • We have a number of different new steps there, advanced metal gate materials, epi steps.

    我們在那裡有許多不同的新步驟,先進的金屬柵極材料,外延步驟。

  • We have hot and cold implant, going from 500 degrees C to minus 140, new surface treatments.

    我們有冷熱植入,從 500 攝氏度到負 140 攝氏度,新的表面處理。

  • We're increasing our share in critical etch steps and have good momentum in new process control solutions.

    我們正在增加我們在關鍵蝕刻步驟中的份額,並在新的過程控制解決方案中擁有良好的勢頭。

  • So that is what will come for us, but what you see right now is this early adoption of EUV as customers prepare for those higher-volume ramps.

    這就是我們將要面對的,但你現在看到的是隨著客戶為那些更高容量的坡道做準備,EUV 的早期採用。

  • What I would also say, and I talked about this many times, is I do believe that the industry needs a new playbook.

    我還要說,並且我多次談到這一點,我確實相信這個行業需要一個新的劇本。

  • We have stronger and deeper engagements than we've ever had with customers.

    我們與客戶的互動比以往任何時候都更強大、更深入。

  • So that really positions us well.

    所以這真的很好地定位了我們。

  • Relative to N5, we're well positioned, we have deep engagements with customers to drive power and performance on N5 and also for future nodes.

    相對於 N5,我們處於有利地位,我們與客戶有深入的合作,以推動 N5 以及未來節點的功率和性能。

  • And just the last thing I would add, when we talk about EUV adoption, the majority of EUV is really in leading-edge technology in logic/foundry.

    我要補充的最後一件事是,當我們談論 EUV 的採用時,大部分 EUV 確實處於邏輯/代工領域的前沿技術中。

  • You have half the market that's memory, that's driven by materials.

    你有一半的市場是內存,這是由材料驅動的。

  • You've got about 25% of the market that's specialty nodes, power devices, image sensors, which also are great opportunities for us.

    您擁有大約 25% 的市場份額,即專業節點、功率器件、圖像傳感器,這對我們來說也是巨大的機會。

  • So we see about 75% of the market, really great opportunities.

    所以我們看到了大約 75% 的市場,這是非常好的機會。

  • And in the leading-edge foundry and logic, it's really about power and performance, in addition to 2D scaling, and we're in the best position to drive that with our customers going forward.

    在領先的代工和邏輯領域,除了 2D 縮放之外,這實際上與功率和性能有關,我們處於與客戶一起推動這一點的最佳位置。

  • Operator

    Operator

  • Our next question is from Krish Sankar from Cowen.

    我們的下一個問題來自 Cowen 的 Krish Sankar。

  • Kinney Chin - Research Associate

    Kinney Chin - Research Associate

  • This is Steve calling on behalf of Krish.

    這是史蒂夫代表克里希打來的電話。

  • First one, if I could, Gary, on you semi systems business as it relates to China.

    第一個,如果可以的話,加里,關於你與中國有關的半系統業務。

  • Fully appreciate the ongoing U.S.-China trade tension, and also given that there's the one export control on one of your DRAM customers in China, I was wondering if you have seen any spillover effects from those trade tensions and that export control from some of your other customers, whether it's in terms of pushout in any ramp schedules or perhaps even any increased focus or sourcing of tools from local Chinese vendors by your Chinese customers as well?

    充分理解持續的美中貿易緊張局勢,並且考慮到您在中國的一位 DRAM 客戶受到單一出口管制,我想知道您是否看到這些貿易緊張局勢以及您的一些出口管制的任何溢出效應其他客戶,無論是在任何斜坡時間表中的推出,或者甚至可能是您的中國客戶對中國當地供應商的更多關注或採購工具?

  • Gary E. Dickerson - President, CEO & Executive Director

    Gary E. Dickerson - President, CEO & Executive Director

  • Thanks for the question.

    謝謝你的問題。

  • So relative to China, from what we see today, it seems like mostly business as usual with our customers in the region.

    因此,相對於中國,從我們今天所看到的情況來看,我們在該地區的客戶似乎大部分都照常營業。

  • We're very well positioned in China with domestic and multinational customers.

    我們在中國的定位非常好,擁有國內和跨國客戶。

  • We've been in China for 35 years, very deep relationships across semi and display.

    我們在中國已經 35 年了,在半導體和顯示領域的關係非常深厚。

  • Just a little bit of color on China.

    只是一點點對中國的色彩。

  • We expect China wafer fab equipment investment to be down year-over-year in '19 versus '18, and we see both domestic and multinational down in China.

    我們預計中國晶圓廠設備投資在 19 年與 18 年相比將同比下降,我們看到中國國內和跨國公司都出現下降。

  • In China domestic, we see higher spending on foundry/logic versus memory, with foundry/logic focused on trailing nodes for sensors, IoT, those types of devices.

    在中國國內,我們看到代工/邏輯的支出高於內存,代工/邏輯專注於傳感器、物聯網和這些類型設備的尾隨節點。

  • Within China domestic spending, we're in a great position, and we expect that we're going to gain share.

    在中國國內支出中,我們處於有利地位,我們預計我們將獲得份額。

  • And then, also, our display business in China will be down in line with our overall global display forecast.

    此外,我們在中國的顯示器業務將與我們對全球顯示器的整體預測一致。

  • So overall, we have a super strong position in China, semi, service, display, great teams, strong relationships, and feel good about how we're positioned going forward.

    所以總的來說,我們在中國擁有超強的地位,半決賽,服務,展示,優秀的團隊,牢固的關係,並且對我們未來的定位感覺良好。

  • Kinney Chin - Research Associate

    Kinney Chin - Research Associate

  • If I could ask a quick follow-up on 200-millimeter equipment demand.

    如果我能要求快速跟進 200 毫米設備的需求。

  • I think a number of foundries globally have talked about 8-inch wafer fab initiatives, focused specifically on IoT, automotive opportunities in the future.

    我認為全球許多代工廠都在討論 8 英寸晶圓廠計劃,特別關注未來的物聯網和汽車機會。

  • Is that something that will help demand -- equipment demand later this year?

    這會有助於今年晚些時候的設備需求嗎?

  • And should we expect to see these benefits on the systems side or the AGS side?

    我們是否應該期望在系統方面或 AGS 方面看到這些好處?

  • Daniel J. Durn - Senior VP & CFO

    Daniel J. Durn - Senior VP & CFO

  • Thanks for the questions, Steve.

    謝謝你的問題,史蒂夫。

  • The trailing node geometries, in general, have been profiling very strong for the last couple of years, and 200-millimeter equipment demand is also the same.

    在過去的幾年裡,一般來說,尾隨節點的幾何形狀一直非常強勁,200 毫米設備的需求也是如此。

  • We continue to expect a healthy outlook for those mature nodes going forward.

    我們繼續期待這些成熟節點未來的健康前景。

  • And the 200-millimeter equipment demand remains strong.

    而200毫米設備需求依然強勁。

  • Like you said, IoT sensors are proliferating and driving significant demand at those mature nodes.

    正如您所說,物聯網傳感器正在激增並推動這些成熟節點的巨大需求。

  • I'd also say that there are new AI chip architectures that are being designed at the 28-nanometer node, and they're going to deliver high-performance.

    我還想說,28 納米節點上正在設計新的 AI 芯片架構,它們將提供高性能。

  • But to get the same transistor count out into the market as the 7-nanometer node, you need 8x the wafers at 28 nanometers.

    但要讓與 7 納米節點相同的晶體管數量進入市場,您需要 8 倍 28 納米的晶圓。

  • And so the fact that we're getting new designs of highly-capable silicon at nodes like 28 nanometers, I think, bodes well for the trailing node market.

    因此,我們在 28 納米等節點上獲得高性能矽的新設計這一事實,我認為,這對於尾隨節點市場來說是個好兆頭。

  • 200 millimeter is experiencing the same type of dynamic and continues to be strong.

    200 毫米正在經歷相同類型的動態並繼續保持強勁。

  • From a financial reporting standpoint, we report our 200-millimeter equipment segment as part of our services AGS reporting segment.

    從財務報告的角度來看,我們將 200 毫米設備部分報告為我們的服務 AGS 報告部分的一部分。

  • Operator

    Operator

  • Our next question is from Timothy Arcuri from UBS.

    我們的下一個問題來自瑞銀的 Timothy Arcuri。

  • Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

    Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

  • I had 2 questions.

    我有 2 個問題。

  • Dan, I guess, the first one is, I'm looking at the gross margin guidance, 43.5%, it's about the same as you were doing on like $1 billion in lower revenue sort of in mid-2016.

    丹,我想,第一個是,我正在查看毛利率指導,43.5%,這與你在 2016 年年中的低收入 10 億美元的情況下所做的大致相同。

  • So my first question is, I'm just kind of wondering why gross margin gains are not really dropping through over that period?

    所以我的第一個問題是,我只是想知道為什麼在那段時期毛利率沒有真正下降?

  • Is that because a lot of the incremental revenues is coming on the services side?

    那是因為很多增量收入來自服務方面嗎?

  • And then, I had a follow-up.

    然後,我進行了跟進。

  • Daniel J. Durn - Senior VP & CFO

    Daniel J. Durn - Senior VP & CFO

  • Thanks, Tim.

    謝謝,蒂姆。

  • As you -- as we've talked about historically, gross margin is going to be a function of a number of factors.

    正如您 - 正如我們在歷史上所討論的那樣,毛利率將是許多因素的函數。

  • There's an aggregate revenue component, there's mix between our segments, and then product mix within segments as well as overall activity levels in the factory, and they will vary from quarter-to-quarter.

    有一個總收入組成部分,我們的細分市場之間存在組合,然後是細分市場內的產品組合以及工廠的整體活動水平,它們會因季度而異。

  • As we take a look at our guide into Q2 when we compare it to peak quarter about a year ago, we're profiling favorably relative to our peers in the industry.

    當我們將第二季度的指南與大約一年前的高峰季度進行比較時,我們會看到我們的第二季度指南,相對於業內同行而言,我們的概況是有利的。

  • And so the company, we think, is doing a good job in a difficult environment given the parameters we talked about that influence gross margin, and we're profiling, I think, favorably relative to peers in the industry, given that peak comparison.

    因此,我們認為,鑑於我們談到的影響毛利率的參數,該公司在困難的環境中做得很好,而且我認為,鑑於這種峰值比較,我們正在分析相對於業內同行而言是有利的。

  • And you had a follow-up question, Tim?

    你有一個後續問題,蒂姆?

  • Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

    Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

  • I did.

    我做到了。

  • Yes, I'm just trying to understand the change in the model.

    是的,我只是想了解模型的變化。

  • I think you said maybe 6-or-so months ago, before WFE fell off, I think the feeling was that you would do roughly $3.25 annualized at $40 billion WFE.

    我想你大概在 6 個月左右之前說過,在 WFE 下跌之前,我認為你的感覺是,如果 WFE 達到 400 億美元,年化收益約為 3.25 美元。

  • We're sort of even a little bit above that right now, we're probably at $41 billion or $42 billion.

    我們現在甚至略高於這個數字,我們可能達到 410 億美元或 420 億美元。

  • But even if you say we're at $40 billion, you're sort of, based on the guidance, you're roughly $2.65 a year annualized, so that's roughly 20% below where you thought.

    但即使你說我們的收入是 400 億美元,根據指導,你每年的年化收入大約是 2.65 美元,所以這比你想像的低了大約 20%。

  • So pretty big number.

    這麼大的數字。

  • I'm just wondering sort of what's changed.

    我只是想知道發生了什麼變化。

  • Daniel J. Durn - Senior VP & CFO

    Daniel J. Durn - Senior VP & CFO

  • Sure.

    當然。

  • So here's what I would share with you and what we see.

    因此,這就是我要與您分享的內容以及我們所看到的內容。

  • In the November quarter, we noted that 2019 was going to shape up a lot like 2017, and that would give us an earnings per share a bit above $3.25.

    在 11 月季度,我們注意到 2019 年將與 2017 年非常相似,這將使我們的每股收益略高於 3.25 美元。

  • And since then, we've seen pre-announcements by end customers.

    從那時起,我們看到了最終客戶的預先公告。

  • One company in the smartphone space, another one in the GPU, and cryptocurrency continues to be weak.

    智能手機領域的一家公司,GPU 領域的另一家公司和加密貨幣繼續疲軟。

  • So we've taken customer spending down in semi and display.

    所以我們已經降低了客戶在半成品和展示方面的支出。

  • And if you layer in what Gary said, down mid- to high teens on a year-over-year basis, clearly, WFE spend is now below the levels we saw in 2017.

    如果你按照加里所說的進行分層,同比下降中高青少年,顯然,WFE 支出現在低於我們在 2017 年看到的水平。

  • So my expectation is, is that earnings, not surprisingly, will be lower than they were in 2017.

    所以我的預期是,毫不奇怪,收益將低於 2017 年的水平。

  • But I do like the way the customers are taking proactive steps to get supply in balance with demand, work down inventories in both memory and the logic/foundry space, so I see the setup into 2020 as being quite good.

    但我確實喜歡客戶採取積極措施使供應與需求保持平衡的方式,減少內存和邏輯/代工空間的庫存,因此我認為 2020 年的設置非常好。

  • Operator

    Operator

  • Our next question is from Vivek Arya from Bank of America.

    我們的下一個問題來自美國銀行的 Vivek Arya。

  • Vivek Arya - Director

    Vivek Arya - Director

  • A clarification and a question.

    一個澄清和一個問題。

  • On the clarification, Dan, I was hoping you could give us some more color around the subscription versus transactional mix in AGS.

    關於澄清,丹,我希望你能給我們更多關於訂閱與 AGS 中的交易組合的顏色。

  • So let us predict how sensitive that business is to WFE versus your increasing base of deployed tools.

    因此,讓我們預測該業務對 WFE 的敏感程度與您不斷增加的已部署工具的基礎。

  • And then, the question is, if I look at WFE over a longer period of time, it was in the low to mid-30s for many years, and then, in '17 and '18, it jumped well above that trend to $50 billion-plus.

    然後,問題是,如果我在更長的時間內看 WFE,它多年來一直處於 30 年代中期到 30 年代中期,然後在 17 和 18 年,它遠高於這一趨勢,達到 50 美元十億以上。

  • And now, this year, they are in the low-$40s billion.

    而現在,今年,它們的價格只有 400 億美元。

  • What I'm trying to understand is, what is the right baseline level.

    我想了解的是,什麼是正確的基線水平。

  • That when we have, let's say, 2020 as a "normal year," do we grow off of the low-$40s billion that we are at right now, or do we grow off of the $50s billion.

    比如說,當我們將 2020 年作為“正常的一年”時,我們是從目前的 400 億美元中增長,還是從 500 億美元中增長。

  • How do you conceptually think about modeling WFE growth over the next 3 to 5 years?

    您如何從概念上考慮對未來 3 到 5 年的 WFE 增長建模?

  • Gary E. Dickerson - President, CEO & Executive Director

    Gary E. Dickerson - President, CEO & Executive Director

  • Thanks for the question.

    謝謝你的問題。

  • I'll start with the subscription question, and then turn it over to Dan.

    我將從訂閱問題開始,然後將其交給 Dan。

  • So overall, our service business has grown about 15% compounded annual growth rate over the last 4 years.

    總體而言,我們的服務業務在過去 4 年的複合年增長率約為 15%。

  • In 2018, we grew over 20%.

    2018 年,我們增長了 20% 以上。

  • What I said in the prepared remarks is we see high single-digit growth in 2019 in a soft market.

    我在準備好的講話中所說的是,我們看到 2019 年在疲軟的市場中實現了高個位數增長。

  • And part of what helps us is exactly what you talked about, is this subscription revenue.

    對我們有幫助的部分正是你所說的,就是訂閱收入。

  • We have a higher percentage, over half of our business is subscription revenue with long-term agreements.

    我們有更高的百分比,我們一半以上的業務是長期協議的訂閱收入。

  • And so when you're in a soft market, those long-term agreements versus just selling parts makes a very, very big difference.

    因此,當您處於疲軟的市場中時,這些長期協議與僅銷售零件相比,會產生非常非常大的不同。

  • That's been a conscious strategy on our part to create value for our customers, drive more of these comprehensive service agreements.

    這是我們有意識的戰略,旨在為我們的客戶創造價值,推動更多此類綜合服務協議。

  • If you look at 2018, the comprehensive service agreements grew 3x faster than the rate of new shipments.

    如果你看一下 2018 年,綜合服務協議的增長速度是新出貨量的 3 倍。

  • So we have -- we really changed that strategy around 5 years ago relative to driving more long-term agreements, subscription-type revenue.

    所以我們 - 大約在 5 年前,我們確實改變了這一策略,以推動更多的長期協議、訂閱類型的收入。

  • And even in 2018, it's still growing at a very high rate.

    即使在 2018 年,它仍然以非常高的速度增長。

  • It really comes back to creating value for customers, optimizing output, yield, cost.

    它真正回歸到為客戶創造價值、優化產量、產量和成本。

  • We've put a tremendous focus there.

    我們已經把重點放在了那裡。

  • And again, we're getting a lot of traction.

    再一次,我們得到了很大的吸引力。

  • So it's good for us, and also definitely good for our customers.

    所以這對我們有好處,對我們的客戶也絕對有好處。

  • And then, I'll have -- turn it over to Dan for the next question.

    然後,我將把它交給 Dan 來回答下一個問題。

  • Daniel J. Durn - Senior VP & CFO

    Daniel J. Durn - Senior VP & CFO

  • Yes.

    是的。

  • And Vivek, on the second part of your question.

    還有 Vivek,關於你問題的第二部分。

  • I think there's a couple of ways to look at it.

    我認為有幾種方法可以看待它。

  • If we take a longer-term perspective around WFE, and we look at it as a percentage of overall semiconductor revenue, and you go back a couple decades to 2000, WFE as a percentage of semiconductor revenues was about 17%.

    如果我們從長期來看 WFE,我們將其視為整個半導體收入的百分比,然後你可以追溯到幾十年前到 2000 年,WFE 佔半導體收入的百分比約為 17%。

  • This was a bit of a peak because our customers were investing in both 200- and 300-millimeter systems.

    這是一個高峰,因為我們的客戶同時投資於 200 毫米和 300 毫米系統。

  • And then, over the course of the next decade, as 300-millimeter cut in, all the factory automation systems and the way our customers consolidated and became more efficient in operating their footprint of capacity, you saw it come down to about 9% in 2013.

    然後,在接下來的十年中,隨著 300 毫米的切入,所有工廠自動化系統以及我們的客戶整合併提高運營產能足蹟的方式,你看到它下降到大約 9% 2013 年。

  • Now that all the efficiency gains from 300-millimeter have worked their way through the system, 450 millimeters is not on the roadmap, in the last few years since 2013, that WFE intensity has climbed to 11%, 12%.

    既然 300 毫米的所有效率提升都已通過系統發揮作用,450 毫米不在路線圖上,自 2013 年以來的最後幾年,WFE 強度已攀升至 11%、12%。

  • In an environment characterized like we're in now, where we see elevated inventory levels on both the foundry/logic side as well as the memory side, and our customers managing, in a very disciplined way, supply to meet end-market demand, we see those inventories come down.

    在我們現在所處的環境中,我們看到代工廠/邏輯方面以及內存方面的庫存水平都在上升,我們的客戶以非常有紀律的方式管理供應以滿足終端市場的需求,我們看到這些庫存下降。

  • And so I think it's a good setup for 2020.

    所以我認為這是 2020 年的一個很好的設置。

  • But I don't think what happens this year forms the baseline because we do think what's happening this year is shipping below true end-market demand as these inventories come down.

    但我不認為今年發生的事情構成基線,因為我們確實認為隨著這些庫存下降,今年發生的事情低於真正的終端市場需求。

  • Operator

    Operator

  • Our next question is from Joe Moore from Morgan Stanley.

    我們的下一個問題來自摩根士丹利的喬摩爾。

  • Joseph Lawrence Moore - Executive Director

    Joseph Lawrence Moore - Executive Director

  • I wanted to follow up on the comment that you made about China spending being down and being a little bit foundry-oriented.

    我想跟進你關於中國支出下降並且有點以代工為導向的評論。

  • There still seems to be quite a bit of desire to build a sovereign memory business, and we've seen a number of players talk about spending large amount of money.

    似乎仍然有相當多的願望要建立一個主權內存業務,我們已經看到許多玩家談論花費大量資金。

  • What do you think it has to -- it's going to take to sort of kickstart that effort?

    你認為它必須做些什麼——這需要什麼來啟動這種努力?

  • And is it a function of the technology being production ready?

    它是技術準備好生產的功能嗎?

  • Is it a function of the market environment, greenroom space?

    是市場環境、綠化空間的功能嗎?

  • Just what's the gating factor behind that business starting to grow?

    該業務開始增長的關鍵因素是什麼?

  • Gary E. Dickerson - President, CEO & Executive Director

    Gary E. Dickerson - President, CEO & Executive Director

  • Yes.

    是的。

  • Thanks for the question.

    謝謝你的問題。

  • Memory technology, I think you can see in terms of the 3D NAND ramp, is very difficult.

    內存技術,我認為你可以看到 3D NAND 斜坡,非常困難。

  • Companies that have decades of experience, tremendous technology, deep experienced talent, I mean, those customers had difficulty transitioning from 2D to 3D NAND.

    擁有數十年經驗、巨大技術、經驗豐富的人才的公司,我的意思是,這些客戶很難從 2D 過渡到 3D NAND。

  • And certainly, DRAM scaling is extremely difficult right now.

    當然,現在 DRAM 擴展非常困難。

  • So it just takes a lot of time to build that type of technology base.

    所以建立這種類型的技術基礎只需要很多時間。

  • And you also need experienced talent across many, many different types of skill sets.

    而且您還需要具備多種不同類型技能的經驗豐富的人才。

  • So what we've said before in terms of China is that China will definitely continue to incrementally spend, but it's going to be years before you see -- I mean, if you look at cost per bit, any type of competitiveness on the leading edge is going to take a lot of time to develop the technology, to develop the talent.

    因此,我們之前就中國所說的是,中國肯定會繼續增加支出,但這需要幾年時間才能看到——我的意思是,如果你看一下每比特成本,領先的任何類型的競爭力edge 將花費大量時間來開發技術、培養人才。

  • And in the meantime, again, in the foundry/logic area, there is a tremendous growth in sensors, IoT, trailing-edge technologies, and we see rational spending there, ramping in China.

    與此同時,在代工/邏輯領域,傳感器、物聯網、前沿技術也出現了巨大的增長,我們看到那裡的理性支出在中國不斷增加。

  • And again, that's more of the spending in 2019.

    再說一次,這更多的是 2019 年的支出。

  • So again, we see increases, but as we've said before, we don't see a hockey stick.

    因此,我們再次看到了增長,但正如我們之前所說,我們沒有看到曲棍球棒。

  • It's going to take many years to build the talent and technology.

    培養人才和技術需要很多年。

  • Michael Sullivan - VP of IR

    Michael Sullivan - VP of IR

  • Operator, I think we have time for 2 more questions.

    接線員,我想我們還有時間再回答 2 個問題。

  • Operator

    Operator

  • Our next question is from Patrick Ho from Stifel.

    我們的下一個問題來自 Stifel 的 Patrick Ho。

  • J. Ho - MD of Technology Sector

    J. Ho - MD of Technology Sector

  • Gary, maybe just following up some of the commentary you've made about EUV on this conference call, particularly for the leading-edge foundry and the increasing litho intensity in the near term.

    Gary,也許只是跟進你在本次電話會議上對 EUV 所做的一些評論,特別是對於領先的鑄造廠和近期內光刻強度的增加。

  • At the same time, as these leading-edge nodes shrink to 10, 7 and 5 nanometers, we're seeing new materials implementation, stuff like cobalt for interconnects and other new processes being brought on board.

    與此同時,隨著這些前沿節點縮小到 10、7 和 5 納米,我們看到了新材料的實施,比如用於互連的鈷和其他新工藝正在被引入。

  • Can you discuss a little more specifically Applied Materials' capital intensity for its process segments that even with EUV, you'll continue to see increases for your business segments on a going-forward basis for leading-edge logic and foundry?

    您能否更具體地討論一下應用材料在其工藝領域的資本密集度,即使使用 EUV,您將繼續看到您的業務領域在前沿邏輯和代工方面的增長?

  • Gary E. Dickerson - President, CEO & Executive Director

    Gary E. Dickerson - President, CEO & Executive Director

  • Thanks, Patrick.

    謝謝,帕特里克。

  • As I said earlier on N5, really, for all the customers, every node, they're driving power, performance, area and cost.

    正如我之前在 N5 上所說,實際上,對於所有客戶、每個節點,它們都在驅動功率、性能、面積和成本。

  • 2D scaling is one of the ways that they're driving those improvements.

    2D 縮放是他們推動這些改進的方式之一。

  • And certainly, shrinking is part of that.

    當然,縮小是其中的一部分。

  • Pattern placement, techniques to place patterns in the right location are also part of that, where we've said before, we expect our patterning revenue to grow.

    圖案放置,將圖案放置在正確位置的技術也是其中的一部分,我們之前說過,我們預計我們的圖案收入會增長。

  • We've grown significantly over the last several years.

    在過去的幾年裡,我們有了顯著的增長。

  • We do still see, if you look across the whole industry, our patterning share to continue to grow for Applied Materials.

    如果您縱觀整個行業,我們仍然可以看到,我們在應用材料公司的圖案化份額將繼續增長。

  • And then, for power and performance, some of the things I talked about earlier in N5, gate materials, epi, implant, surface treatment technologies.

    然後,對於功率和性能,我之前在 N5 中談到的一些內容,柵極材料,外延,注入,表面處理技術。

  • I'll tell you, the interfaces are getting very, very difficult.

    我會告訴你,界面變得非常非常困難。

  • And so when you look at how you improve power and performance, you're talking about a few items making a very big difference.

    因此,當您查看如何提高功率和性能時,您所談論的是一些產生很大差異的項目。

  • In some cases, you take wafers out of one process chamber, immediately, in a matter of seconds or minutes, you have moisture being absorbed into the films, oxidizing, that impacts device performance.

    在某些情況下,您將晶圓從一個處理室中取出,在幾秒鐘或幾分鐘內,您會立即將水分吸收到薄膜中,氧化,從而影響設備性能。

  • So more of these integrated material solutions will be the path in terms of how people drive scaling going forward.

    因此,更多這些集成材料解決方案將成為人們推動規模發展的途徑。

  • The 1,000x leakage-of-current example I've given is, I think, a prime example of a huge improvement in power and performance, and that requires a combination of technologies on a platform where Applied has a significant advantage.

    我給出的 1,000 倍電流洩漏示例是,我認為,這是功率和性能巨大改進的一個典型例子,這需要在應用材料具有顯著優勢的平台上結合技術。

  • So those are the areas we're focused on.

    所以這些是我們關注的領域。

  • We have many deep conversations with a number of different companies.

    我們與許多不同的公司進行了許多深入的對話。

  • I meet on a regular basis with all of the R&D leaders, and really, that's the focus for us and creates a big opportunity.

    我會定期與所有研發負責人會面,這確實是我們關注的重點,並創造了一個巨大的機會。

  • Operator

    Operator

  • Our last question is from Quinn Bolton from Needham & Company.

    我們的最後一個問題來自 Needham & Company 的 Quinn Bolton。

  • Quinn Bolton - Senior Analyst

    Quinn Bolton - Senior Analyst

  • Gary, I just wanted to follow up on the market share comments.

    加里,我只是想跟進市場份額的評論。

  • Obviously, the mix shift towards EUV hurt supply, but if you look at the segments in which you compete today, what are your expectations for share gains?

    顯然,向 EUV 的混合轉變損害了供應,但如果你看看你今天競爭的細分市場,你對份額收益的期望是什麼?

  • Are you flat to still gaining share in those segments?

    您是否仍然在這些細分市場中獲得份額?

  • And then a sort of second question is just, you talked about it in the script, you're not yet ready to call the bottom.

    然後第二個問題是,你在腳本中談到了它,你還沒有準備好打電話給底部。

  • Just curious, what signs are you looking for before you're ready to call the bottom on the semiconductor side?

    只是好奇,在你準備好稱半導體方面的底部之前,你在尋找什麼跡象?

  • Daniel J. Durn - Senior VP & CFO

    Daniel J. Durn - Senior VP & CFO

  • Yes.

    是的。

  • On the semiconductor cycle and calling the bottom, I think what we're looking to in the back part of the year -- we've got conversations, deep conversations ongoing with customers.

    在半導體週期和底部,我認為我們在今年下半年期待什麼 - 我們已經與客戶進行了對話,深入的對話。

  • And while we like some of the positive lead indicators we're seeing, we still see inventory at an elevated level but coming down.

    雖然我們喜歡我們看到的一些積極的領先指標,但我們仍然看到庫存處於較高水平但正在下降。

  • And if we were to see that come down faster than we're currently contemplating, utilizations rising, ASP stability, I think those would be all good lead indicators that would look into the back half of 2019 and change the trend lines that we see.

    如果我們看到它比我們目前預期的下降速度更快、利用率上升、平均售價穩定,我認為這些都是很好的領先指標,可以展望 2019 年下半年並改變我們看到的趨勢線。

  • And again, if that is the scenario that materializes, we will benefit greatly in that environment.

    再說一次,如果這種情況成為現實,我們將在那種環境中受益匪淺。

  • Gary E. Dickerson - President, CEO & Executive Director

    Gary E. Dickerson - President, CEO & Executive Director

  • I think, on the market share question, certainly, we're doing well in the areas we're competing, but we're driving to compete in more areas.

    我認為,在市場份額問題上,當然,我們在競爭的領域做得很好,但我們正在推動在更多領域的競爭。

  • There are certain areas where there are big TAM expansion opportunities, those are areas that we're very focused on.

    在某些領域存在巨大的 TAM 擴張機會,這些領域是我們非常關注的領域。

  • And we've talked many times about inflection-focused innovation.

    我們已經多次談到以變化為中心的創新。

  • There's no question, the playbook is changing going forward, it's not all about 2D scaling.

    毫無疑問,劇本正在發生變化,這不僅僅是關於 2D 縮放。

  • So whether it's in advanced logic, specialty nodes like power devices, CMOS, image sensors or scaling new memory technologies, all of those areas are areas that we're very focused on.

    因此,無論是高級邏輯、功率器件、CMOS、圖像傳感器等特殊節點還是擴展新的內存技術,所有這些領域都是我們非常關注的領域。

  • They're all dependent on materials innovation, and we're driving major investments in those new products and also new structures that enable that new playbook.

    它們都依賴於材料創新,我們正在推動對這些新產品以及支持新劇本的新結構的重大投資。

  • So that's a big focus for us, and we see it as a great opportunity.

    所以這對我們來說是一個很大的焦點,我們認為這是一個很好的機會。

  • Michael Sullivan - VP of IR

    Michael Sullivan - VP of IR

  • Okay.

    好的。

  • Thanks, Quinn.

    謝謝,奎因。

  • Any last thoughts, Dan, before we close it up?

    丹,在我們結束之前有什麼最後的想法嗎?

  • Daniel J. Durn - Senior VP & CFO

    Daniel J. Durn - Senior VP & CFO

  • Sure, Mike.

    當然,邁克。

  • Thanks.

    謝謝。

  • Just a couple of quick thoughts.

    只是幾個快速的想法。

  • First, I want you to know that while the environment is challenging, we feel very good about the structural WFE growth that we see in the years ahead.

    首先,我想讓您知道,儘管環境充滿挑戰,但我們對未來幾年看到的結構性 WFE 增長感到非常滿意。

  • So today, we're going to do the right things that increase the value of the company.

    所以今天,我們將做正確的事情來增加公司的價值。

  • We will drive spend discipline throughout the organization while we're still investing.

    在我們仍在投資的同時,我們將推動整個組織的支出紀律。

  • We're going to invest in new products and new capabilities.

    我們將投資於新產品和新功能。

  • This is about winning, winning in new inflections that we know are going to play out in the growth years we see coming.

    這是關於獲勝,在我們知道將在我們看到即將到來的增長年份中發揮作用的新變化中獲勝。

  • Second, even though we see some positive lead indicators based on conversations with our customers, we will resist the temptation to call the bottom.

    其次,即使我們根據與客戶的對話看到了一些積極的領先指標,我們也會抵制住底部的誘惑。

  • What we will do, though, we're going to stay close to our customers, we're going to continue to be transparent and we're going to continue to be available to you.

    但是,我們將做什麼,我們將與客戶保持密切聯繫,我們將繼續保持透明,我們將繼續為您提供服務。

  • On that point, we've got the Morgan Stanley conference coming up in a little less than 2 weeks.

    在這一點上,我們將在不到兩週的時間內召開摩根士丹利會議。

  • I look forward to seeing many of you there, and both Gary and I at many other events throughout the rest of the year.

    我期待在那裡見到你們中的許多人,以及加里和我在今年剩餘時間裡的許多其他活動。

  • Okay, Mike, let's go ahead and close the call.

    好的,邁克,讓我們繼續並結束通話。

  • Michael Sullivan - VP of IR

    Michael Sullivan - VP of IR

  • Okay.

    好的。

  • Great.

    偉大的。

  • Thanks, Dan.

    謝謝,丹。

  • And we'd like to thank everybody for joining us today.

    我們要感謝大家今天加入我們。

  • The replay of the call is going to be available on our website by 5:00 p.m.

    下午 5:00 之前,我們的網站上將提供通話重播。

  • Pacific Time.

    太平洋時間。

  • Thank you for your continued interest in Applied Materials.

    感謝您對應用材料公司的持續關注。

  • Operator

    Operator

  • Ladies and gentlemen, thank you for your participation in today's conference.

    女士們,先生們,感謝你們參加今天的會議。

  • This concludes the program.

    程序到此結束。

  • You may now disconnect.

    您現在可以斷開連接。