應用材料 (AMAT) 2023 Q3 法說會逐字稿

Welcome to the Applied Materials Earnings Conference Call. (Operator Instructions)

歡迎參加應用材料公司收益電話會議。 （操作員說明）

I would now like to turn the conference over to Michael Sullivan, Corporate Vice President. Please go ahead, sir.

我現在想將會議轉交給公司副總裁邁克爾·沙利文 (Michael Sullivan)。請繼續，先生。

Good afternoon, everyone, and thank you for joining Applied's Third Quarter of Fiscal 2023 Earnings Call. Joining me are Gary Dickerson, our President and CEO; and Brice Hill, our Chief Financial Officer.

大家下午好，感謝您參加應用材料公司 2023 財年第三季度財報電話會議。與我一起的還有我們的總裁兼首席執行官加里·迪克森 (Gary Dickerson)；以及我們的首席財務官布萊斯·希爾 (Brice Hill)。

Before we begin, I'd like to remind you that today's call contains forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ. Information concerning the risks and uncertainties is contained in Applied's most recent Form 10-Q filing with the SEC.

在開始之前，我想提醒您，今天的電話會議包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致我們的實際結果有所不同。有關風險和不確定性的信息包含在應用材料公司最近向 SEC 提交的 10-Q 表中。

Today's call also includes non-GAAP financial measures. Reconciliations to GAAP measures are found in today's earnings press release and in our quarterly earnings materials, which are available on the IR page of our website at appliedmaterials.com.

今天的電話會議還包括非公認會計準則財務指標。 GAAP 衡量標準的調節可在今天的收益新聞稿和我們的季度收益材料中找到，這些材料可在我們網站 Appliedmaterials.com 的 IR 頁面上找到。

And with that introduction, I'd like to turn the call over to Gary Dickerson.

介紹完畢後，我想將電話轉給加里·迪克森。

Thank you, Mike. In our third fiscal quarter, Applied Materials delivered results at the high end of our guidance range. Across the business, our teams are executing well. We are making incremental improvements in our operations as we productively scale the company, and we're driving our technology road map introducing enabling new products and solutions for our customers.

謝謝你，邁克。在我們的第三財季，應用材料公司的業績處於我們指導範圍的高端。在整個業務中，我們的團隊執行良好。隨著我們有效地擴大公司規模，我們正在逐步改進我們的運營，並且我們正在推動我們的技術路線圖，為我們的客戶引入新的產品和解決方案。

In my prepared remarks today, I will start with our big picture view of the IoT AI era and how this is driving growth and innovation across the industry. I'll then summarize Applied's strategy and how this is enabling us to outgrow the industry this year, while also positioning us for sustained outperformance over the longer term. And finally, I'll cover our near-term performance and outlook, including some recent business highlights.

在今天準備好的發言中，我將首先介紹我們對物聯網人工智能時代的總體看法，以及它如何推動整個行業的增長和創新。然後，我將總結應用材料公司的戰略，以及這如何使我們今年能夠超越整個行業，同時也使我們能夠在較長時期內保持持續領先的表現。最後，我將介紹我們的近期業績和前景，包括最近的一些業務亮點。

In the summer of 2018, at our AI Design Forum, Applied laid out a thesis explaining how we expected IoT and AI to drive a new wave of semiconductor growth and innovation, 5 years later, IoT and AI inflections are having a profound impact across many sectors of the economy as well as within the semiconductor industry. We view IoT and AI computing as 2 sides of the same coin.

2018 年夏天，在我們的人工智能設計論壇上，應用材料公司發表了一篇論文，解釋了我們期望物聯網和人工智能如何推動新一波的半導體增長和創新，5 年後，物聯網和人工智能的變化對許多領域產生了深遠的影響。經濟部門以及半導體行業。我們將物聯網和人工智能計算視為同一枚硬幣的兩個面。

At the edge, consumer devices, vehicles, buildings, factories, and infrastructure are all getting smarter and more capable. Our customers that serve these IoT communications, auto, power and sensors markets or ICAPS are growing and represent the largest portion of wafer fab equipment sales in 2023. Increasingly intelligent edge devices are fueling an explosion of data generation that can then be transmitted and combined to create very large data sets for training AI models. High-performance AI computing is primarily enabled by hardware innovations.

在邊緣，消費設備、車輛、建築、工廠和基礎設施都變得更加智能和強大。我們為這些物聯網通信、汽車、電源和傳感器市場或ICAPS 提供服務的客戶正在不斷增長，並在2023 年佔據晶圓廠設備銷售的最大部分。日益智能的邊緣設備正在推動數據生成的爆炸式增長，這些數據可以傳輸並組合到創建非常大的數據集來訓練人工智能模型。高性能人工智能計算主要靠硬件創新來實現。

As a result, AI is becoming the key driver of the leading-edge logic and DRAM road maps as well as heterogeneous integration which creates exciting new innovation opportunities for device designers.

因此，人工智能正在成為前沿邏輯和 DRAM 路線圖以及異構集成的關鍵驅動力，為設備設計人員創造了令人興奮的新創新機會。

In summary, the first part of our thesis is that the combination of IoT and AI drives demand for significantly more chips as well as next-generation silicon technologies. The second part of our thesis relates to how those chips and new technology innovations will be supplied.

總之，我們論文的第一部分是物聯網和人工智能的結合推動了對更多芯片以及下一代矽技術的需求。我們論文的第二部分涉及如何提供這些芯片和新技術創新。

In terms of technology, as the benefits of traditional Moore's Law 2D scaling slowed down. The industry is moving to a new playbook to drive improvements in power, performance, area cost and time to market. The PPACt playbook has 5 elements: new system and device architectures, new 3D structures, new materials, new ways to shrink, and heterogeneous integration.

在技​​術方面，隨著傳統摩爾定律二維縮放的好處減慢。該行業正在轉向新的策略，以推動功耗、性能、面積成本和上市時間的改進。 PPACt 劇本有 5 個要素：新的系統和設備架構、新的 3D 結構、新材料、新的縮小方法以及異構集成。

The transition to the new playbook is positive for Applied in 2 key ways. First, as the road map evolves it is increasingly enabled by advances in materials engineering where Applied has differentiated capabilities. Key examples of this include the move to gate-all-around transistors and backside power distribution in advanced logic. Second, the PPACt playbook is inherently more complex, and we can help customers manage this complexity by providing more comprehensive solutions, which include integrated products and advanced services to accelerate R&D, technology transfer ramp as well as yield and cost and volume production.

應用材料公司向新策略的過渡在兩個關鍵方面具有積極意義。首先，隨著路線圖的發展，材料工程的進步越來越多地推動了應用材料公司在材料工程方面的差異化能力。這方面的關鍵例子包括轉向全柵晶體管和先進邏輯中的背面配電。其次，PPACt 劇本本質上更加複雜，我們可以通過提供更全面的解決方案來幫助客戶管理這種複雜性，其中包括集成產品和先進服務，以加速研發、技術轉讓、產量和成本以及批量生產。

In parallel to the new PPACt playbook being implemented, we're also seeing regionalization of semiconductor supply chains as countries seek to build resilient local capacity to support industry verticals that are essential to their economies. As a result, hundreds of billions of dollars of government incentives will be deployed globally over the next 5 years.

在實施新的 PPACt 手冊的同時，我們還看到半導體供應鏈的區域化，因為各國尋求建立有彈性的本地能力來支持對其經濟至關重要的垂直行業。因此，未來五年將在全球範圍內部署數千億美元的政府激勵措施。

At Applied, we recognized these trends early and made important changes to our strategy, organization and investment profile. In the past 5 years, we created a dedicated organization to focus on the ICAPS market and released more than 20 new products for ICAPS applications. We also formed a team focused on co-optimized and integrated products to accelerate solutions for leading-edge logic and memory. This has resulted in much deeper strategic relationships with our customers, new highly differentiated products and increasing market share.

在應用材料公司，我們很早就認識到了這些趨勢，並對我們的戰略、組織和投資概況做出了重大改變。在過去的5年裡，我們創建了專門的組織來專注於ICAPS市場，並發布了20多個針對ICAPS應用的新產品。我們還組建了一個專注於協同優化和集成產品的團隊，以加速領先邏輯和存儲器的解決方案。這使得我們與客戶建立了更深入的戰略關係，推出了高度差異化的新產品並增加了市場份額。

We developed a very strong portfolio of products to enable multiple generations of DRAM technology that is fueling share gains in this market segment and contributing to our outperformance. And we established a clear leadership position in heterogeneous integration and advanced packaging. In fact, we just announced 5 new heterogeneous integration products at SEMICON West in July.

我們開發了非常強大的產品組合，以實現多代 DRAM 技術，從而推動了該細分市場的份額增長，並為我們的優異表現做出了貢獻。我們在異構集成和先進封裝方面建立了明顯的領導地位。事實上，我們剛剛在 7 月份的 SEMICON West 上發布了 5 種新的異構集成產品。

This strategy and increased focus on IoT and AI-driven inflections has enabled us to deliver more value to customers and strong performance in 2023 even during a period of very low investment by memory makers. It also positions us for ongoing outperformance in 2024 and beyond.

這一戰略以及對物聯網和人工智能驅動的變化的日益關注，使我們能夠為客戶提供更多價值，並在 2023 年實現強勁業績，即使是在內存製造商投資非常低的時期。這也使我們能夠在 2024 年及以後繼續保持優異的業績。

Let me highlight a few key areas. In DRAM, our revenues in the first half of 2023 were higher than our 2 closest process equipment peers combined. Our strength in DRAM is underpinned by multiple factors. We have gained significant share in DRAM patterning both for EUV-based and multi-patterning. We have developed unique co-optimized hardmask solutions, which are a key enabler for capacitor scaling, we have successfully ported key technologies developed for logic to DRAM, where they are used in the peripheral circuitry to significantly increase IO speed. And we are the largest supplier of advanced packaging solutions with leadership positions in microbump and through silicon via that enable multiple generations of high-bandwidth memory.

讓我強調幾個關鍵領域。在 DRAM 領域，我們 2023 年上半年的收入高於兩個最接近的工藝設備同行的總和。我們在 DRAM 領域的優勢受到多種因素的支撐。我們在基於 EUV 的 DRAM 圖案化和多重圖案化方面獲得了顯著的份額。我們開發了獨特的協同優化硬掩模解決方案，這是電容器縮放的關鍵推動因素，我們已成功地將為邏輯開發的關鍵技術移植到 DRAM，在外圍電路中使用它們以顯著提高 IO 速度。我們是先進封裝解決方案的最大供應商，在微凸塊和矽通孔領域處於領先地位，可實現多代高帶寬存儲器。

As DRAM investments increase, we feel very positive about our opportunities, especially in high-performance DRAM for the data center. High-bandwidth memory is less than 5% of DRAM capacity today, but it is expected to grow at a 30% compound annual growth rate over the coming years. If you look at an HBM to die compared to DDR5, it's about 25% larger because of additional IO routing in the area needed for the TSVs. On top of this, the extra processing steps needed for die stacking further increase our total available market by approximately 5%.

隨著 DRAM 投資的增加，我們對我們的機會非常樂觀，尤其是在數據中心的高性能 DRAM 方面。目前，高帶寬內存不足 DRAM 容量的 5%，但預計未來幾年將以 30% 的複合年增長率增長。如果您觀察一下 HBM 芯片與 DDR5 相比，它大約大 25%，因為 TSV 所需區域中存在額外的 IO 佈線。除此之外，芯片堆疊所需的額外處理步驟進一步使我們的總可用市場增加了約 5%。

Another key growth driver is our ICAPS business, we see ICAPS demand as sustainable as these customers are delivering enabling technology for large global inflections that will play out over the next decade. These include industrial automation, electric vehicles and vehicles with advanced driver assistance systems, solar and wind energy, where each megawatt generated requires $3,000 to $4,000 of power chips and the smart grid, which could drive $50 billion of annual silicon demand by the end of the decade.

另一個關鍵的增長動力是我們的 ICAPS 業務，我們認為 ICAPS 的需求是可持續的，因為這些客戶正在為未來十年將出現的全球重大變化提供支持技術。其中包括工業自動化、電動汽車和配備先進駕駛輔助系統的車輛、太陽能和風能，其中每兆瓦發電需要3,000 至4,000 美元的功率芯片和智能電網，到2020 年底，這可能會帶動每年500 億美元的矽需求。十年。

ICAPS investments are also expected to be underpinned by government support around the world and we expect these markets to be a significant beneficiary of regional incentives. The increasing complexity needed to enable the PPACt playbook, combined with the broadening of the industry's geographic footprint are both key growth drivers for our service business.

ICAPS 投資預計還將得到世界各地政府支持的支撐，我們預計這些市場將成為區域激勵措施的重要受益者。實現 PPACt 手冊所需的複雜性不斷增加，加上行業地理覆蓋範圍的擴大，都是我們服務業務的關鍵增長動力。

AGS delivered record revenue this quarter and is on track to grow in 2023, even with this year's low fab utilization rates and after absorbing the impact of new U.S. trade rules. This year, more than 60% of our service revenue is generated from subscriptions in the form of long-term agreements. These agreements are growing at a faster rate than the installed base and have a high renewal rate of more than 90%.

儘管今年晶圓廠利用率較低且吸收了美國新貿易規則的影響，AGS 本季度的收入仍創歷史新高，並有望在 2023 年實現增長。今年，我們超過 60% 的服務收入來自長期協議形式的訂閱。這些協議的增長速度快於安裝數量，並且續訂率高達 90% 以上。

With strong customer pull for our services and a robust pipeline of new capabilities, we believe we're on track to achieve low double-digit AGS growth in the coming years. While I'm excited about the opportunities ahead, it's important to recognize that to deliver this future the industry must also overcome significant challenges relating to complexity, cost and our combined carbon footprint.

憑藉我們服務的強大客戶吸引力和強大的新功能渠道，我們相信我們有望在未來幾年實現 AGS 的低兩位數增長。雖然我對未來的機遇感到興奮，但重要的是要認識到，為了實現這個未來，行業還必須克服與復雜性、成本和綜合碳足跡相關的重大挑戰。

At Applied, we believe the way to do this is through closer collaboration and higher velocity innovation and commercialization of next-generation technology for energy-efficient computing.

在應用材料公司，我們相信實現這一目標的方法是通過更緊密的合作以及更高速度的創新和下一代節能計算技術的商業化。

In the past quarter, we announced 2 major initiatives: our EPIC platform in the United States and a collaborative engineering center in India. These investments will support even faster and better relationships with customers, universities, suppliers and government partners to accelerate time to innovation and time to commercialization while increasing our combined R&D productivity. In addition, we're also driving a collaborative approach to reduce carbon emissions as the industry grows.

在上個季度，我們宣布了兩項重大舉措：我們在美國的 EPIC 平台和在印度的協作工程中心。這些投資將支持與客戶、大學、供應商和政府合作夥伴建立更快、更好的關係，以加快創新和商業化速度，同時提高我們的綜合研發生產力。此外，隨著行業的發展，我們還推動採用協作方法來減少碳排放。

In July, we rolled out our collaborative Net Zero Playbook, and we announced 2 major new products that help customers with carbon reductions. Our Vistara platform, which lowers platform energy consumption by up to 35% and increases throughput density by as much as 30%. And EcoTwin, that enables customers to monitor, model and optimize chemical and energy consumption by tool and by recipe.

7 月，我們推出了合作《淨零行動手冊》，並宣布了 2 款可幫助客戶減少碳排放的主要新產品。我們的 Vistara 平台可將平台能耗降低多達 35%，並將吞吐量密度提高多達 30%。 EcoTwin 使客戶能夠通過工具和配方監控、建模和優化化學品和能源消耗。

Before I hand over to Brice, I'll quickly summarize. Advanced chips are at the foundation of major global inflections and as the IoT AI era take shape is driving a new wave of growth and innovation for the semiconductor industry.

在交給 Brice 之前，我將快速總結一下。先進芯片是全球重大變化的基礎，隨著物聯網人工智能時代的形成，正在推動半導體行業新一輪的增長和創新浪潮。

At Applied, we have focused our strategy and investments to deliver high-value technologies that enable key IoT and AI-driven inflections. We have strong leadership positions in ICAPS, leading-edge foundry logic, DRAM and heterogeneous integration using advanced packaging. This strategy is enabling us to consistently deliver strong results in 2023 despite lower overall wafer fab equipment spending and positions us for sustainable outperformance over the coming years.

在應用材料公司，我們的戰略和投資重點是提供高價值技術，以實現關鍵的物聯網和人工智能驅動的變化。我們在 ICAPS、領先的代工邏輯、DRAM 和使用先進封裝的異構集成方面擁有強大的領導地位。儘管整體晶圓廠設備支出較低，這一戰略使我們能夠在 2023 年持續取得強勁業績，並使我們在未來幾年能夠實現可持續的優異表現。

Now Brice, it's over to you.

現在布萊斯，就交給你了。

Thank you, Gary. On today's call, I'll discuss the business environment, summarize our Q3 results, provide our guidance for Q4 and frame the investments we're making in our R&D infrastructure.

謝謝你，加里。在今天的電話會議上，我將討論商業環境，總結我們第三季度的業績，提供第四季度的指導，並框架我們在研發基礎設施方面的投資。

Before covering the near term, I'll remind you of our longer-term thesis. First, we believe the semiconductor industry is on track to grow faster than the overall economy over time and reach $1 trillion in sales by 2030. Second, Applied's leadership in materials engineering is increasingly critical to our customers' roadmaps. Third, Applied's broad portfolio of differentiated products, balanced market exposure and growing services business, make us less volatile today than in the past and more likely to grow faster than our markets. And fourth, our efficient business model generates strong profitability and free cash flow, which enables us to both invest in profitable growth and deliver attractive shareholder returns.

在介紹近期內容之前，我會提醒您我們的長期主題。首先，我們相信隨著時間的推移，半導體行業的增長速度將快於整體經濟的增長，到2030 年銷售額將達到1 萬億美元。其次，應用材料公司在材料工程領域的領導地位對於我們客戶的路線圖越來越重要。第三，應用材料公司廣泛的差異化產品組合、平衡的市場敞口和不斷增長的服務業務，使我們今天的波動性比過去小，並且更有可能比我們的市場增長得更快。第四，我們高效的商業模式產生了強勁的盈利能力和自由現金流，這使我們能夠投資於盈利增長並提供有吸引力的股東回報。

Moving now to the Q3 business environment. We continue to see strength in ICAPS, which largely offset weakness in leading-edge foundry logic and NAND. ICAPS demand was broad-based, generating record revenue in 200-millimeter systems and record revenue in Europe. In fact, the United States, Japan and Europe are the fastest-growing ICAPS regions this year. Around the world, customers and governments are making long-term investments to ensure future supply of a wide range of semiconductors needed to support growing demand in key industries such as automotive, medical equipment and renewable energy to name a few.

現在轉向第三季度的業務環境。我們繼續看到 ICAPS 的強勢，這在很大程度上抵消了領先代工邏輯和 NAND 的疲軟。 ICAPS 需求基礎廣泛，在 200 毫米系統中創造了創紀錄的收入，在歐洲創造了創紀錄的收入。事實上，美國、日本和歐洲是今年ICAPS增長最快的地區。在世界各地，客戶和政府正在進行長期投資，以確保未來供應各種半導體，以滿足汽車、醫療設備和可再生能源等關鍵行業不斷增長的需求。

Turning to our operational performance in Q3. Our teams delivered strong results. We exceeded our revenue guidance across semiconductor systems, services and display. We improved our delivery performance in systems and services and made further progress reducing inventory. Cash from operations and free cash flow were both the second highest in our history.

轉向我們第三季度的運營業績。我們的團隊取得了優異的成績。我們超出了半導體系統、服務和顯示器的收入指引。我們提高了系統和服務的交付績效，並在減少庫存方面取得了進一步進展。運營現金和自由現金流均創歷史第二高。

Now I'll summarize our Q3 financial results. Company revenue was nearly $6.43 billion, down 1% year-over-year and in the upper end of the guidance range. Non-GAAP gross margin was slightly above our guidance, and operating expenses were slightly below. Non-GAAP EPS was $1.90, down 2% year-over-year and near the high end of guidance.

現在我將總結我們第三季度的財務業績。公司收入近 64.3 億美元，同比下降 1%，處於指導區間的上限。非公認會計準則毛利率略高於我們的指導，運營費用略低於我們的指導。非 GAAP 每股收益為 1.90 美元，同比下降 2%，接近指導上限。

Turning to the segments. Semi Systems revenue of $4.68 billion was down 1% year-over-year. Segment non-GAAP operating margin was 34.8%. Applied Global Services generated record revenue of over $1.46 billion and non-GAAP operating margin of 29.3%. This was AGS' 16th consecutive quarter of year-over-year revenue growth. While 200-millimeter system sales contributed to the growth, the team also made strong progress driving the leading indicators of our subscription business. For example, tools under service agreement are up 5% year-over-year to over 16,000 systems and tools under comprehensive service agreement, which have the highest revenue per tool are up 7% year-over-year, reaching 12,000 systems.

轉向細分市場。 Semi Systems 營收為 46.8 億美元，同比下降 1%。部門非 GAAP 運營利潤率為 34.8%。 Applied Global Services 創造了超過 14.6 億美元的創紀錄收入，非 GAAP 營業利潤率為 29.3%。這是 AGS 連續第 16 個季度實現收入同比增長。在 200 毫米系統銷售推動增長的同時，該團隊也取得了強勁進展，推動了我們訂閱業務的領先指標。例如，服務協議下的工具同比增長5%，達到超過16,000個系統，而單項收入最高的綜合服務協議下的工具同比增長7%，達到12,000個系統。

In Display, revenue grew sequentially to $235 million, and segment non-GAAP operating margin was 15.7%. Turning to cash flows. We generated $2.58 billion in operating cash flow during the quarter, which is 40% of revenue. We produced over $2.3 billion in free cash flow, which is 36% of revenue. We distributed $707 million to shareholders through quarterly dividends and share buybacks. We paid $268 million in dividends, and the dividend per share was $0.32, reflecting the 23% increase announced in March. We used $439 million to repurchase nearly 3.4 million shares at an average price below $130.

顯示器業務收入環比增長至 2.35 億美元，非 GAAP 營業利潤率為 15.7%。轉向現金流。本季度我們產生了 25.8 億美元的運營現金流，佔收入的 40%。我們產生了超過 23 億美元的自由現金流，佔收入的 36%。我們通過季度股息和股票回購向股東分配了 7.07 億美元。我們支付了 2.68 億美元股息，每股股息為 0.32 美元，較 3 月份宣布的增長 23%。我們用 4.39 億美元以低於 130 美元的平均價格回購了近 340 萬股股票。

Now I'll share our guidance for Q4. We expect Q4 company revenue to be $6.51 billion, plus or minus $400 million. We expect non-GAAP EPS of $2 plus or minus $0.18. Within the guidance, we expect semi systems revenue to be around $4.75 billion. We expect DRAM revenue to be up by around $500 million quarter-over-quarter, primarily driven by trailing edge shipments. We expect AGS revenue to be about $1.42 billion and display revenue should be around $290 million. We expect Applied's non-GAAP gross margin to be about 47%, and we expect non-GAAP operating expenses to be around $1.17 billion. We continue to model a tax rate of 12.3%.

現在我將分享我們對第四季度的指導。我們預計第四季度公司營收為 65.1 億美元，上下浮動 4 億美元。我們預計非 GAAP 每股收益為 2 美元上下 0.18 美元。在該指引下，我們預計半導體系統收入約為 47.5 億美元。我們預計 DRAM 收入將環比增長約 5 億美元，這主要是由後緣出貨量推動的。我們預計 AGS 收入約為 14.2 億美元，顯示器收入約為 2.9 億美元。我們預計應用材料公司的非 GAAP 毛利率約為 47%，我們預計非 GAAP 運營費用約為 11.7 億美元。我們繼續對 12.3% 的稅率進行建模。

Finally, as we said last quarter, we plan to make a multibillion-dollar investment in new R&D infrastructure over the next several years to significantly expand our capacity to collaborate more closely and productively with our customers. As we develop next-generation materials, process technologies and equipment. The scale of the investment will depend on our ability to secure government support. The EPIC Center is expected to come online in fiscal 2026. And while we expect our capital expenditures to be higher over the next several years, there is no change to our strong commitment to shareholder returns.

最後，正如我們上季度所說，我們計劃在未來幾年內對新的研發基礎設施進行數十億美元的投資，以顯著擴大我們與客戶更緊密、更高效地合作的能力。隨著我們開發下一代材料、工藝技術和設備。投資規模將取決於我們獲得政府支持的能力。 EPIC 中心預計將於 2026 財年上線。雖然我們預計未來幾年的資本支出將會更高，但我們對股東回報的堅定承諾不會改變。

In summary, Applied Materials continues to execute well. We are making good progress against our internal goals and outperforming our markets. While wafer fab equipment spending is lower in calendar '23, our semi systems revenue in the first 3 calendar quarters is trending slightly up year-over-year, and our services business remains on track for year-over-year growth. We've aligned our business with the fastest-growing end markets and are winning key decisions across leading-edge foundry, logic, DRAM, ICAPS and advanced packaging.

總而言之，應用材料公司繼續表現良好。我們在實現內部目標方面取得了良好進展，並超越了市場。雖然 23 年晶圓廠設備支出較低，但我們前 3 個日曆季度的半導體系統收入呈同比小幅增長的趨勢，而且我們的服務業務仍有望實現同比增長。我們已將業務與增長最快的終端市場結合起來，並在領先的代工、邏輯、DRAM、ICAPS 和先進封裝方面贏得了關鍵決策。

We are in a great position to invest for technology leadership and growth generate strong free cash flow and increase shareholder returns.

我們處於有利位置，可以投資於技術領先地位和增長，從而產生強勁的自由現金流並增加股東回報。

Now Mike, let's begin the Q&A.

現在，邁克，讓我們開始問答。

Thanks, Brice. (Operator Instructions) Operator, let's please begin.

謝謝，布萊斯。 （操作員指示）操作員，我們開始吧。

(Operator Instructions) Our first question comes from the line of Stacy Rasgon of Bernstein.

（操作員說明）我們的第一個問題來自 Bernstein 的 Stacy Rasgon。

I wanted to ask about the DRAM in the quarter in the guide. So DRAM in the quarter was strong and you've got a lot of growth in the next quarter. You said it was mostly from trailing edge. Am I right in reading that is primarily the Chinese customer driving that? And maybe you could sort of talk a little bit about your strength in China that is from DRAM versus foundry. It almost sounds like the DRAM piece is stronger than the ICAPS space in China right now.

我想問一下指南中季度DRAM的情況。因此，本季度 DRAM 表現強勁，下個季度將出現大幅增長。你說的大部分是來自後緣。我的理解正確嗎？這主要是由中國客戶推動的？也許您可以談談您在中國的優勢，即 DRAM 與代工方面的優勢。聽起來似乎 DRAM 領域目前比中國的 ICAPS 領域更強。

Thanks, Stacy. Thanks for your question. This is Brice. Yes, so we highlighted in Q4 that we'll see sequential growth in DRAM. It is related to confirming technologies that we can ship to customers in China. We've gotten lots of customers about that or questions about that during the quarter. So we wanted to make sure that people got that answer. So you'll see that growth in Q4, it probably won't be the only quarter where we'll have shipments along those lines, but we wanted to make that clear on the trend quarter-over-quarter.

謝謝，史黛西。謝謝你的提問。這是布萊斯。是的，所以我們在第四季度強調，我們將看到 DRAM 的連續增長。這與確認我們可以向中國客戶提供的技術有關。本季度我們收到了很多客戶對此的疑問或疑問。所以我們想確保人們得到這個答案。因此，您會看到第四季度的增長，這可能不會是我們出貨量出現這種情況的唯一季度，但我們希望明確季度環比的趨勢。

And one more thing that I'd add, we think that's something that's not well understood by the investors that while the memory market has been weak for our customers, the DRAM market actually has been fairly strong this year from an equipment perspective, and this is just a continuation of that profile for us. So we've got a good position in DRAM, and that is manifesting in Q4.

我還想補充一點，我們認為投資者並沒有很好地理解這一點，即雖然內存市場對我們的客戶來說一直疲軟，但從設備角度來看，今年 DRAM 市場實際上相當強勁，而且這一點對我們來說只是該簡介的延續。因此，我們在 DRAM 領域處於有利地位，這在第四季度就得到了體現。

Is that all for (inaudible). Go ahead, I'm sorry.

這就是全部（聽不清）嗎？繼續吧，對不起。

Yes. Maybe just let me add some color and then you can ask the follow-on question. So DRAM, we've added about 10 points of overall DRAM wafer fab equipment share in the last 10 years. So if you look at the big inflections in DRAM, the periphery moving to high-speed IO for high-bandwidth memory, we're taking logic technologies into DRAM. That's a really big driver for our share gains. Capacitor scaling is an area where we have strength, patterning share gains advanced packaging, especially high-bandwidth memory. So all of those areas are really big drivers for Applied and have contributed to this 10% overall WFE share gain in DRAM over the last 10 years.

是的。也許讓我添加一些顏色，然後你可以問後續問題。因此，在 DRAM 領域，我們在過去 10 年中增加了 DRAM 晶圓廠設備總體份額約 10 個百分點。因此，如果您觀察 DRAM 的重大變化，即外圍設備轉向高帶寬內存的高速 IO，我們正在將邏輯技術引入 DRAM。這是我們股價上漲的一個巨大推動力。電容器縮放是我們的優勢領域，圖案化份額獲得了先進封裝，尤其是高帶寬存儲器。因此，所有這些領域都是應用材料公司真正的巨大推動力，並為過去 10 年 DRAM 中 WFE 份額整體增長 10% 做出了貢獻。

And then you have another question, Stacy?.

然後你還有另一個問題，史黛西？

I think I got it. Stacy.

我想我明白了。史黛西。

Yes, I just wanted to follow up on for the quarter, DRAM was pretty strong in Q3. It was the same drivers?

是的，我只是想跟進本季度的情況，DRAM 在第三季度表現相當強勁。是同一個司機嗎？

In Q3, there was a small amount of shipments to Chinese customers. So relatively small, Q4 would be larger.

第三季度，有少量向中國客戶發貨。所以相對較小，Q4 會更大。

Our next question comes from the line of C.J. Muse of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 C.J. Muse。

I wanted to focus, I guess, on sustainability. You're talking about significant outperformance versus WFE here in calendar '23. And so a two-part question. So if you look out to the January quarter representing calendar year, are you suggesting that you guys should be kind of flat to down 4% kind of year. And then as you look to calendar '24, can you speak to, I guess, what kind of pent-up demand in terms of deferred revenues is helping this year that won't be replicated next year versus gains where you see leverage to the right end markets and/or new technologies that can drive relative outperformance?

我想我想關注可持續性。您正在談論 23 年日曆中與 WFE 相比的顯著優於 WFE 的表現。這是一個由兩部分組成的問題。因此，如果您關注代表日曆年的 1 月份季度，您是否建議你們今年應該持平甚至下降 4%。然後，當您展望24 年日曆時，您能談談，我猜，在遞延收入方面，哪種被壓抑的需求對今年有所幫助，而明年不會復制，而不是您看到槓桿作用的收益。正確的終端市場和/或新技術可以推動相對優異的表現？

Okay. Thanks, C.J. Maybe I'll start with the 2024 because I think you were embedding a question there on in '23, how much did we benefit from unserved orders in '22. We think that's about $0.5 billion to $1 billion. All of that was served in the first half of the year. So what you're seeing from us in '23, besides that $0.5 billion to $1 billion is largely tracking with the business that we see, the WFE business that we see during the year.

好的。謝謝，C.J。也許我會從 2024 年開始，因為我認為您在 23 年中嵌入了一個問題，我們從 22 年未送達的訂單中受益了多少。我們認為這大約是 5 億到 10 億美元。所有這些都是在今年上半年完成的。所以你在 23 年從我們身上看到的，除了 5 億到 10 億美元之外，很大程度上與我們看到的業務、我們今年看到的 WFE 業務保持一致。

So there shouldn't be an overhang. There shouldn't be a benefit from any previously booked business that we see now or going forward. And as far as sustainability, that's one question we get regularly. The second question that we get regularly is just about ICAPS and the sustainability from China. And while that's the most -- the largest country in ICAPS for China, it's not the fastest growing. That's sort of a -- that's a global trend and a global demand function. We see that as very sustainable. We think gate-all-around will start shipping in earnest in '24. We think our services business will grow in '24. We think that the display business will be a little bit better in '24, so those are kind of the bits that we've given for '24. Otherwise, we're not going to give a specific forecast yet for '24 or for the January quarter.

所以不應該有懸垂。我們現在或將來看到的任何先前預訂的業務都不應該有任何好處。就可持續性而言，這是我們經常收到的一個問題。我們經常收到的第二個問題是關於 ICAPS 和中國的可持續性。雖然中國是 ICAPS 中最大的國家，但它並不是增長最快的。這是一種全球趨勢和全球需求函數。我們認為這是非常可持續的。我們認為，gate-all-around 將在 24 年正式開始發貨。我們認為我們的服務業務將在 24 年增長。我們認為顯示器業務在 24 年會好一點，所以這些就是我們為 24 年給出的內容。否則，我們不會給出 24 年或一月份季度的具體預測。

C.J., this is Gary. Maybe I'll add a little bit more color. On the leading-edge foundry logic, what we see is more of that spending moving to materials-enabled technologies, which is the sweet spot for Applied. So if you look at, again, the nodal spending more is shifting to materials engineering, gate-all-around, we've talked about that's a $1 billion opportunity for us. Backside power when that comes in, that really leverages all of our strength in interconnect. And that's probably the same ZIP code in terms of size of opportunity for Applied.

C.J.，這是加里。也許我會添加一點顏色。在領先的代工邏輯上，我們看到更多的支出轉向材料支持的技術，這是應用材料公司的最佳選擇。因此，如果你再看一下，更多的節點支出正在轉向材料工程、全方位，我們已經討論過這對我們來說是一個 10 億美元的機會。當背面電源出現時，它真正利用了我們在互連方面的所有優勢。就應用材料公司的機會規模而言，這可能與郵政編碼相同。

ICAPS, we've talked a lot about formed the organization 4 years ago. We've introduced 20 major new products since we formed the organization. And we still have room to grow in ICAPS share. DRAM, I talked about I think people really maybe don't understand the strength we have there. I talked about those big inflections and gaining 10 points of overall DRAM WFE share over the last 10 years.

ICAPS，我們在 4 年前就成立該組織進行了很多討論。自該組織成立以來，我們已推出 20 種主要新產品。我們的 ICAPS 份額仍有增長空間。 DRAM，我談到過，我認為人們真的可能不了解我們在那裡擁有的實力。我談到了過去 10 年中的那些重大變化以及 DRAM WFE 整體份額增加了 10 個百分點。

Packaging, that's a $1 billion business for us now, and we see an opportunity to double that over the next few years. And as Brice said, services, we're going to be up in services in a relatively weak memory market in terms of utilization, and we're still on track for low double-digit growth. So again, those are some of the things that really will help us outperform over the longer term.

包裝現在對我們來說是一個價值 10 億美元的業務，我們看到了在未來幾年內將這一數字翻倍的機會。正如布萊斯所說，在服務方面，我們將在利用率相對疲軟的內存市場中提高服務水平，並且我們仍有望實現兩位數的低增長。再說一次，這些是真正有助於我們長期表現出色的一些事情。

Our next question comes from the line of Vivek Arya of Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Vivek Arya。

I wanted to understand what measures do you have in place to ensure that there isn't a pull forward of your mature technology shipments because of geopolitical reasons or because of take-or-pay arrangements? Do you have ways to measure the utilization of what you are shipping? And if I kind of just ask that same thing in a different way, do you think Applied will grow in line above or below whatever WFE does in 2024?

我想了解你們採取了哪些措施來確保成熟技術的出貨量不會因為地緣政治原因或照付不議的安排而推遲？您有辦法衡量所運輸貨物的利用率嗎？如果我只是以不同的方式問同樣的事情，你認為應用材料公司在 2024 年的增長會高於還是低於 WFE 的增長？

Vivek, thanks for the question. I'll answer the second part first. So we do think Applied will grow faster than whatever the WFE is for the market. And that's a good way to think of it because we think of -- we think of plan for long-term secular growth, and we think we'll grow faster.

維韋克，謝謝你的提問。我先回答第二部分。因此，我們確實認為應用材料公司的增長速度將比 WFE 的市場增長速度更快。這是一個很好的思考方式，因為我們想到了長期長期增長的計劃，並且我們認為我們會增長得更快。

On the question of pull forward and specific to China, we've got many ways to test that equation. One of the things that we do is we look at the amount of local capacity relative to local consumption. We think that there's strategic direction in the country and strategic incentives in the country to make the investments that will at least equal local consumption. And we think those things are tracking together and can rationalize what they've put in place from that perspective.

關於向前推進和針對中國的具體問題，我們有很多方法來檢驗這個方程式。我們所做的事情之一是查看當地產能相對於當地消費的數量。我們認為該國有戰略方向和戰略激勵措施，以進行至少等於當地消費的投資。我們認為這些事情正在一起進行，並且可以從這個角度合理化他們所採取的措施。

We also triangulate the overall capacity being purchased relative to semiconductor market itself, as you know, we test that with intensity, and we make sure that equation makes sense to us.

我們還對相對於半導體市場本身購買的總體產能進行了三角測量，如您所知，我們進行了強度測試，並確保該方程對我們有意義。

And then from a micro perspective, we also look at the installation of our equipment. So we make sure when it lands in China, we understand that it's installed and then we track the utilization also at a macro level in the market. And we know that all that equipment is being installed and operated. And so we don't see signs of unneeded or unwanted or unused equipment pulling up from that perspective, and we think the buys are rational at this point.

然後從微觀的角度，我們也看我們設備的安裝。因此，我們確保當它登陸中國時，我們了解它已安裝，然後我們也在市場的宏觀層面上跟踪利用率。我們知道所有設備都正在安裝和運行。因此，從這個角度來看，我們沒有看到不需要或不需要或未使用的設備出現上漲的跡象，我們認為目前的購買是理性的。

Our next question comes from the line Krish Sankar of Cowen.

我們的下一個問題來自 Cowen 的 Krish Sankar。

I kind of have a 2-part technology question for Gary. We spoke about high bandwidth memory and how it's benefiting advanced packaging, which makes a kind of sense given the exposure to TSV, et cetera. But on the other side, it seems like hybrid bonding is slowing down and some of your hybrid bonding customers are looking at things like thermal compression bonders, can you give any color on that?

我有一個由兩部分組成的技術問題要問加里。我們討論了高帶寬內存以及它如何使先進封裝受益，考慮到 TSV 等的暴露，這是有道理的。但另一方面，混合鍵合似乎正在放緩，您的一些混合鍵合客戶正在考慮熱壓鍵合機之類的產品，您能對此給出任何說明嗎？

And along the same path, Gary, you've spoken about gate-all-around being like $1 billion for every 100,000 wafer starts per month incremental opportunity and 5-point share gains we applied. You're there in most of those core technologies like epi, vertical epi, ALD (inaudible), et cetera, are customers in gate-all-around making bundling decisions? Or are they still going with best-of-breed solution?

沿著同樣的道路，Gary，您談到了每月每 100,000 個晶圓啟動的柵極總成本約為 10 億美元，我們應用了增量機會和 5 點份額收益。您參與了大多數核心技術，例如外延、垂直外延、ALD（聽不清）等，客戶是否在全方面做出捆綁決策？或者他們仍然採用最佳解決方案？

Well, thank you. Those are 2 big questions. Let me start off with high bandwidth memory packaging. So that uses 2 critical packaging technologies through silicon via and micro bumping to enable stacked DRAM. And the great thing for Applied is that we have the broadest portfolio to enable all different types of packaging CMP, PVD, CVD, etch and plating. So this opportunity for us is meaningful. The TAM for HBM increases about the overall packaging by about 5%. We're the overall leader in packaging as we have talked about, it's a $1 billion business, and we're on track to double that over the next 3 to 5 years. So that's definitely a good opportunity.

嗯，謝謝。這是兩個大問題。讓我從高帶寬內存封裝開始。因此，它使用了兩種關鍵的封裝技術，通過矽通孔和微凸塊來實現堆疊 DRAM。對於應用材料公司來說，最重要的是我們擁有最廣泛的產品組合，可以實現所有不同類型的封裝 CMP、PVD、CVD、蝕刻和電鍍。所以這個機會對於我們來說是很有意義的。 HBM 的 TAM 使整體包裝增加了約 5%。正如我們所說，我們是包裝領域的整體領導者，這是一項價值 10 億美元的業務，我們有望在未來 3 到 5 年內將這一數字翻倍。所以這絕對是一個很好的機會。

On the hybrid bonding, what I would say is that we absolutely see hybrid bonding as a great opportunity over time. It's not something that is going to generate significant revenue in the short term, but chiplets are something that every single company is focused on, and I do believe all of the things that we've discussed relative to growth rates there, we still believe that's on track.

關於混合鍵合，我想說的是，隨著時間的推移，我們絕對認為混合鍵合是一個很好的機會。這不會在短期內產生可觀的收入，但小芯片是每個公司都關注的事情，我確實相信我們討論的所有與增長率相關的事情，我們仍然相信這是步入正軌。

And then gate-all-around the other question that you asked, we still see that as about $1 billion opportunity for 100,000 wafer starts per month. And in FinFET, we had close to 50% share of that overall FinFET opportunity. We've indicated with the full adoption of gate-all-around, we have an opportunity to increase our share 5%.

然後，圍繞您提出的另一個問題，我們仍然認為每月 100,000 片晶圓啟動的機會約為 10 億美元。在 FinFET 領域，我們佔據了整個 FinFET 機會的接近 50% 的份額。我們已經表示，隨著全面採用gate-all-around，我們的份額有機會增加5%。

And I think one of the things that helps us a lot is that we're deeply engaged with every company in gate-all-around, even with their integration teams because we have so many of those critical enabling technologies. So all the things we talked about back to our Master Class when we size that around $1 billion is basically still on track. And relative to ramping gate-all-around, we believe that is towards the end of 2024.

我認為對我們有很大幫助的一件事是，我們與每家公司進行全面深入的合作，甚至與他們的集成團隊合作，因為我們擁有很多關鍵的支持技術。因此，當我們確定 10 億美元左右的規模時，我們在大師班上討論的所有事情基本上仍在正軌上。相對於全面提升閘門而言，我們認為這要到 2024 年底。

And well, the other thing is on the unit processes in IMS. There are some areas of that market where we're combining different technologies together under vacuum, which is something that's completely unique for Applied Materials. that has a big impact on electrical performance. But the main message is we have very, very deep engagements with all of those integration teams and gate-all-around is pretty much on track to what we had talked about previously.

嗯，另一件事是 IMS 中的單元流程。在該市場的某些領域，我們在真空下將不同的技術結合在一起，這對於應用材料公司來說是完全獨特的。這對電氣性能有很大影響。但主要的信息是，我們與所有這些集成團隊進行了非常非常深入的接觸，而且總體控制幾乎正朝著我們之前討論的方向發展。

Our next question comes from the line of Toshiya Hari of Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

I had a follow-up on your ICAPS business, maybe for Brice. So how big was ICAPS as a percentage of your business in the July quarter. Where do you see that going in the second half of the calendar year? And maybe more importantly, yourself and Gary talked about sustainability in the business. I think the rationale for China makes a ton of sense. How are you thinking about the U.S., Europe and Japan, where your customers, yes, they're strategic, but they also care about near-term profitability and returns with some of the end markets slowing, is there a fear that the non-China business within ICAPS could slow going forward?

我對你的 ICAPS 業務進行了跟進，也許是為了 Brice。那麼 ICAPS 在 7 月所在季度的業務中所佔的比例有多大？您認為今年下半年會發生什麼情況？也許更重要的是，您和加里討論了業務的可持續性。我認為中國的理由很有道理。您如何看待美國、歐洲和日本，您的客戶，是的，他們是戰略性的，但他們也關心短期盈利能力和回報，而一些終端市場正在放緩，是否擔心非- ICAPS 內的中國業務可能會放緩？

Okay. Thanks, Toshiya. On the ICAPS, we haven't articulated exactly how big it is. What we've said is this year, it's our largest market. It grew very strongly last year. It's growing strongly again this year. And we've said, over the longer term, as you think about the business, it's probably 1/3 ICAPS, 1/3 leading logic and 1/3 memory and that's about as much. But you can get a feel for it. As we said all year, the ICAPS business growth has been strong enough to offset weakness in NAND and leading logic. So those -- that will let you probably get a ballpark.

好的。謝謝，俊也。在 ICAPS 上，我們還沒有明確說明它到底有多大。我們說過，今年是我們最大的市場。去年它增長非常強勁。今年它再次強勁增長。我們說過，從長遠來看，當你考慮業務時，它可能是 1/3 ICAPS、1/3 主導邏輯和 1/3 內存，差不多就這麼多了。但你可以感受一下。正如我們全年所說，ICAPS 業務增長強勁，足以抵消 NAND 和領先邏輯的疲軟。所以那些——這可能會讓你得到一個大概的結果。

On the regionalization, we do think that regionalization leads to a little bit more spending globally for ICAPS. But we also look and see whether that's a sustainable trend from our perspective. We look at the underlying businesses and the growth rates of all the device types that are being invested whether it's China or whether it's the different markets across the world. And we rationalize that, and we think all of the investment that's being made is consistent with the growth rates of those underlying devices and markets. So 6%, 7%, 8%, 9% CAGRs for the different device types that fall into that, like computer vision, analog, power chips, those sorts of markets. And then on the last piece...

關於區域化，我們確實認為區域化會導致全球 ICAPS 的支出增加一些。但我們也會從我們的角度審視這是否是一個可持續的趨勢。我們關注基礎業務以及正在投資的所有設備類型的增長率，無論是中國還是世界各地的不同市場。我們對此進行了合理化解釋，我們認為所有正在進行的投資都與這些基礎設備和市場的增長率是一致的。因此，屬於該類別的不同設備類型的複合年增長率為 6%、7%、8%、9%，例如計算機視覺、模擬、電源芯片等市場。然後在最後一塊...

Different geos and profitability.

不同的地理位置和盈利能力。

Yes. One thing I would say on the -- Toshiya, this is Gary. Relative to regionalization of the supply. One of the things that is extremely important is some of those ICAPS segments are tied to very large vertical markets in those different regions. So having a secure supply chain is something that is a big focus for every country, there are hundreds of billions of dollars of incentives there for supporting those different ICAPS markets. So that's another thing that certainly we're seeing.

是的。我要說的一件事是——Toshiya，這是加里。相對於供應的區域化。極其重要的事情之一是，其中一些 ICAPS 細分市場與這些不同地區的非常大的垂直市場相關。因此，擁有安全的供應鍊是每個國家的重點，有數千億美元的激勵措施來支持這些不同的 ICAPS 市場。這是我們肯定看到的另一件事。

And the last thing I'd say is relative to opportunities, the -- not only is it systems, but as companies are moving into new locations that's a really great opportunity for our service business because there is no service infrastructure set up for those companies moving into new regions. And that certainly will help us. We're on track for the low double-digit growth in our service business, but the opportunity is supported by this regionalization.

我要說的最後一件事是與機會相關的，不僅是系統，而且隨著公司搬到新地點，這對我們的服務業務來說是一個非常好的機會，因為沒有為這些公司建立服務基礎設施進入新地區。這肯定會對我們有所幫助。我們的服務業務有望實現兩位數的低增長，但這一機會得到了區域化的支持。

Good. And Toshiya, yes, I forgot the last piece of your question was on the business -- the health of the business today and whether customers are lowering starts or changing their plans and that certainly happens in the environment. We've seen it, but I would just remind you, the way people are doing equipment investments, it's a 2-, 3-, 4-year planning horizon. So they're really making investments for what the demand function they see that far out in time and that makes their purchasing a little bit more stable than whatever the current demand function is.

好的。 Toshiya，是的，我忘記了你的最後一個問題是關於業務的——當今業務的健康狀況，以及客戶是否降低起始價或改變他們的計劃，這肯定會在環境中發生。我們已經看到了，但我只想提醒您，人們進行設備投資的方式是 2 年、3 年、4 年的規劃期限。因此，他們實際上是根據他們所看到的遠期需求函數進行投資，這使得他們的購買比當前的需求函數更加穩定。

Our next question comes from the line of Harlan Sur of JPMorgan.

我們的下一個問題來自摩根大通的哈蘭·蘇爾。

Team has been doing very well in process control. It's about 10% to 12% of your systems business. I think it grew above 55%, 60% faster than your overall systems business last year. Gary, you talked about strong technology inflections and benefits across the wafer equipment portfolio, but I'm assuming this is also putting strong requirements for more and better process control.

團隊在流程控制方面做得非常好。它大約佔您系統業務的 10% 到 12%。我認為它的增長超過 55%，比去年整個系統業務快 60%。加里，您談到了整個晶圓設備組合的強大技術變化和優勢，但我認為這也對更多、更好的過程控制提出了強烈要求。

So with that, I mean, can you just give us an update on process control portfolio? And how is that segment performing relative to your overall systems business this year?

那麼，我的意思是，您能給我們介紹一下過程控制產品組合的最新情況嗎？今年該部門相對於您的整體系統業務的表現如何？

Harlan, thanks for the question. So PDC for us, there are really 2 major areas of focus. One is, as you've talked about, is growth within PDC but the other thing that is increasingly important is the synergy with PDC and our process equipment, both for unit equipment and integrated material solutions, accelerating R&D for some of these major inflections.

哈倫，謝謝你的提問。所以 PDC 對我們來說，確實有 2 個主要關注領域。正如您所談到的，一個是PDC 內部的增長，但另一件事越來越重要，那就是與PDC 和我們的工藝設備（無論是單元設備還是集成材料解決方案）的協同作用，加速其中一些重大變化的研發。

So on the PDC growth, the business grew about 2x between 2020 and 2022, eBeam is one of the fastest-growing segments there. And we've maintained our leadership with around 50% overall share in eBeam. We have new products coming to market. We've talked about in our Master Class, the cold field emission with the highest resolution and fastest imaging. So that's helping that business growth.

因此，在 PDC 增長方面，該業務在 2020 年至 2022 年間增長了約 2 倍，eBeam 是增長最快的細分市場之一。我們在 eBeam 領域保持了 50% 左右的總體份額，保持了領先地位。我們有新產品即將上市。我們在大師班中談到了具有最高分辨率和最快成像的冷場發射。這有助於業務增長。

And then on the synergy, we had discussed the capacitor formation in DRAM, where we're bringing new materials, new etching solutions together with eBeam technology, again, to accelerate those inflections, nano sheets and gate-all-around.

然後在協同作用方面，我們討論了 DRAM 中的電容器形成，我們將新材料、新蝕刻解決方案與電子束技術結合在一起，再次加速這些變形、納米片和全柵。

These technologies are incredibly complex and you can't fix what you can't see. And our eBeam imaging is world-class, ahead of anyone else. And so that synergy value is increasing. That will also help our growth in our market share overall, in our semiconductor product group, but in PDC. So again, we're really in a great position, strong pipeline of products coming in PDC and great synergies with overall Applied.

這些技術極其複雜，你無法修復看不到的東西。我們的電子束成像技術是世界一流的，領先於其他任何人。因此，協同價值正在增加。這也將有助於我們半導體產品組以及 PDC 整體市場份額的增長。再說一遍，我們確實處於有利地位，PDC 的產品線非常強大，並且與整個應用材料公司具有巨大的協同效應。

Our next question comes from the line of Timothy Arcuri of UBS Securities.

我們的下一個問題來自瑞銀證券的蒂莫西·阿庫裡。

I had a 2-part question. First of all, Brice, can you give us a sense of the $1.7 billion that's in July for China revenue, can you tell us how much of that is domestic, China chipmakers versus other multis that might have fabs in China, but they're not domestic Chinese chipmakers? And then part 2 of the question is, is how do you handicap the potential that this China DRAM is a pull-in? I mean we have Micron as the band in China. We have a China memory maker now taking $100 million more worth of your tools in October versus July, that's $2 billion to $2.5 billion worth of extra WFE that's just in that's just in that 1 quarter. So how do you handicap sort of how you run the production factory? Do you count on that being sustained? Do you think that it's possible that it could be a pull in, if you can just comment on that.

我有一個由兩部分組成的問題。首先，Brice，您能給我們介紹一下7 月份中國收入17 億美元嗎？您能否告訴我們其中有多少是國內的、中國芯片製造商與其他可能在中國擁有晶圓廠的跨國公司相比，但他們不是中國本土芯片製造商嗎？然後問題的第二部分是，你如何限制中國 DRAM 的拉動潛力？我的意思是我們在中國有美光樂隊。現在，一家中國內存製造商在 10 月份比 7 月份多使用了價值 1 億美元的工具，即在第 1 季度中額外增加了價值 20 億至 25 億美元的 WFE。那麼，如何限制生產工廠的運營呢？您指望這種情況能夠持續下去嗎？如果你能對此發表評論的話，你認為這有可能是一種吸引嗎？

Sure. Thanks for the questions, Tim. So on the $1.7 billion for China, about 27% of our revenue. It's almost all -- it's not 100%, but it's almost all domestic Chinese customers, very little on the multinational at this point. And then -- and just a reminder, it does include a portion of our services business. It does include a portion of our display business in that number also.

當然。謝謝你的提問，蒂姆。因此，中國市場的 17 億美元大約占我們收入的 27%。幾乎全部——不是100%，但幾乎都是中國國內客戶，目前跨國公司的客戶很少。然後——提醒一下，它確實包括我們服務業務的一部分。它確實也包括我們的顯示業務的一部分。

And then on the handicapping whether it's a pull-in for the traditional or legacy DRAM, I certainly don't get to pull-in. This is a technology that was viewed as not being part of the rules where technologies were restricted for China. So it's an existing technology. I think they'll put that equipment into operation as quickly as possible. And just in general, if we go up to 100,000 feet on this question, for equipment like that, that's being installed in China, our view is that it's not incremental if it weren't allowed to be shipped there that it would be shipped somewhere else in the world for production. So we just view it as mainly location, and we triangulate the amount of equipment we're selling against the overall demand function. So we view it as location not incremental.

然後，關於是否是傳統 DRAM 或傳統 DRAM 的拉入，我當然不會拉入。這項技術被認為不屬於中國限制技術的規則的一部分。所以這是一項現有技術。我認為他們會盡快將該設備投入運行。總的來說，如果我們在這個問題上上升到100,000 英尺，對於在中國安裝的此類設備，我們的觀點是，如果不允許將其運送到那裡，那麼它將被運送到其他地方，這並不是增量世界其他地方進行生產。因此，我們只是將其視為主要位置，然後根據整體需求函數對我們銷售的設備數量進行三角測量。所以我們將其視為位置而不是增量。

Our next question comes from the line of Joe Quatrochi of Wells Fargo.

我們的下一個問題來自富國銀行的 Joe Quatrochi。

Yes. When we look at your ICAPS portfolio, how do we think about your technology leadership over some of the emerging competitors? And specifically in China, just given some of the comments around their efforts to localize their supply chain. I guess what other certain markets where you have broader leadership or more competitive advantage? I guess how do we think about that competition?

是的。當我們審視您的 ICAPS 產品組合時，我們如何看待您相對於一些新興競爭對手的技術領先地位？特別是在中國，剛剛給出了一些關於他們的供應鏈本地化努力的評論。我想你們在哪些其他特定市場上擁有更廣泛的領導地位或更具競爭優勢？我想我們如何看待這場比賽？

Yes. Thanks for the question, Joe. So I would say we're always focused on competition, even in noncritical process steps, and the main focus for us at Applied is to keep innovating in all areas of our portfolio and create deeper strategic relationships with the leaders in all device segments.

是的。謝謝你的提問，喬。因此，我想說，我們始終關注競爭，即使是在非關鍵流程步驟中，而應用材料公司的主要重點是在我們產品組合的所有領域不斷創新，並與所有設備領域的領導者建立更深層次的戰略關係。

In ICAPS, as we've talked about 4 years ago, we formed that group, and this has paid off with share gains, helped us build deep strategic relationships with all the leading customers. And I'd say that those strategic relationships begin with the integration teams, whether it's in the leading edge or an ICAPS is super important because those technologies are always moving very quickly and learning faster than others is really important.

在 ICAPS，正如我們 4 年前談到的那樣，我們組建了這個團隊，這帶來了份額收益的回報，幫助我們與所有領先客戶建立了深厚的戰略關係。我想說，這些戰略關係始於集成團隊，無論是處於領先地位還是 ICAPS 都非常重要，因為這些技術總是發展得非常快，比其他技術學習得更快非常重要。

We've talked about in ICAPS since we formed this group we launched 20 major new ICAPS products. And I would tell you that we also have a strong pipeline of new innovations that will continue to strengthen our positions.

我們在 ICAPS 中談到，自從我們成立這個小組以來，我們推出了 20 個主要的新 ICAPS 產品。我想告訴你們，我們還擁有強大的新創新渠道，將繼續鞏固我們的地位。

The last thing I'd say in ICAPS is there are still -- again, we have the strongest strategic position, broadest portfolio, we're working with those integration teams on their next-generation technologies. But we also have room to grow in certain segments like etch and PDC. We have momentum in those segments, and that certainly is going to help us continue to gain share in the coming years.

我在 ICAPS 中要說的最後一件事是，我們仍然擁有最強大的戰略地位、最廣泛的產品組合，我們正在與這些集成團隊合作開發他們的下一代技術。但我們在蝕刻和 PDC 等某些領域也有增長空間。我們在這些領域擁有動力，這肯定會幫助我們在未來幾年繼續獲得份額。

Our next question comes from the line of Joseph Moore of Morgan Stanley.

我們的下一個問題來自摩根士丹利的約瑟夫摩爾。

Great. I was surprised to see services at a record level given the utilization issues in memory. Can you talk about that? And I mean, are you still -- are you seeing headwinds from the memory side that are incremental and you're just offseting that with strength elsewhere? And kind of what does that tell us about where that business can go when utilizations come back up.

偉大的。鑑於內存利用率問題，我很驚訝地看到服務達到了創紀錄的水平。你能談談嗎？我的意思是，你是否仍然看到來自內存方面的逆風正在逐漸增加，而你只是用其他方面的力量來抵消這種逆風？這告訴我們當利用率恢復後該業務可以走向何方。

Okay. Thanks, Joe. This is Brice. So yes, the services business, 16 consecutive quarters of year-over-year growth. It was a record this quarter. And yes, the puts and takes there are that the transactional spares and the transactional activities that sort of are associated with utilization are significantly lower in the quarter. And then what we see that's higher in the quarter that drove that growth was really the 200-millimeter equipment. So we talk about ICAPS growth and the strength of those markets. And the 200-millimeter equipment is really what's driving the significant upside in the services business for the quarter.

好的。謝謝，喬。這是布萊斯。是的，服務業務連續 16 個季度同比增長。這是本季度的記錄。是的，與利用率相關的交易備件和交易活動在本季度顯著降低。然後我們看到，推動這一增長的季度的增長實際上是 200 毫米設備。因此，我們談論 ICAPS 的增長和這些市場的實力。 200 毫米設備確實推動了本季度服務業務的大幅增長。

And then on the second part of the question, incremental headwinds for memory. When we think about the memory market, there's been discussion of when will it be turning around and when will we see upside. The indicators that we follow, price, inventory and utilization, we still see trending in the negative direction or flat. So we haven't seen a turn at this point. But we wanted to be careful to point out that in the DRAM market, we have seen strength this year. And it's sort of a normal year from an equipment perspective on the DRAM side, even though the memory market itself has been weak.

然後是問題的第二部分，即內存的增量阻力。當我們思考內存市場時，人們一直在討論它何時會好轉以及我們何時會看到上漲。我們跟踪的指標，價格、庫存和利用率，我們仍然認為趨勢呈負向或持平。所以目前我們還沒有看到任何轉折。但我們想謹慎指出，今年 DRAM 市場表現強勁。從 DRAM 設備的角度來看，今年是正常的一年，儘管內存市場本身一直疲軟。

Yes, Joe, this is Gary. I think the other thing to add is that part of our business is based on service agreements and that also helps us have a higher level of stability. We're over 60% on the service agreements. And again, that's keeping that part of the business much more stable, even though the memory utilization is down. And the other thing I would say is that there is a significant amount of complexity. If you think about all the inflections, whether it's in memory with DRAM or ICAPS or leading-edge foundry logic, about 1/3 of our revenue are these integrated material solutions with multiple technologies combined in a single platform under vacuum, those are increasing, those steps are increasing and the service opportunity for us is also increasing.

是的，喬，這是加里。我認為另一件事要補充的是，我們的部分業務是基於服務協議的，這也有助於我們擁有更高水平的穩定性。我們的服務協議完成率超過 60%。同樣，即使內存利用率下降，這也使這部分業務更加穩定。我要說的另一件事是，存在很大的複雜性。如果你考慮一下所有的變化，無論是DRAM 或ICAPS 內存還是領先的代工邏輯，我們大約1/3 的收入來自這些集成材料解決方案，這些解決方案在真空下將多種技術組合在一個平台中，而且這些解決方案還在增加，這些步驟正在增加，我們的服務機會也在增加。

So we've talked about the low double-digit growth in service. Once you come back to more normal levels of utilization, and we have a high confidence we're going to be able to achieve that.

我們已經討論了服務業的低兩位數增長。一旦恢復到更正常的利用率水平，我們就有很高的信心能夠實現這一目標。

Next question comes from the line of Brian Chin of Stifel.

下一個問題來自 Stifel 的 Brian Chin。

Maybe firstly, it seems difficult to imagine AI not driving incremental foundry capital spending in the next up cycle. So have you thought about how much incremental WFE spend in future years could result from AI driven wafer start expansion?

也許首先，似乎很難想像人工智能不會在下一個上升週期推動代工資本支出的增量。那麼，您是否考慮過人工智能驅動的晶圓開工擴張會在未來幾年增加多少 WFE 支出？

Brian, thanks for the question. We certainly have, when we think about the WFE share of the different end markets, data center has approximately 20%, we think AI is about 5%, AI-related WFE is about 5% of our overall market. And you've heard different peers talking about a high growth rate bearing between 30% and 50% for that workload and the amount of capacity. So if you view 5% as a relatively small amount, we do think that it's growing rapidly and be an important workload going forward. So that's our sizing for now.

布萊恩，謝謝你的提問。我們當然有，當我們考慮不同終端市場的WFE份額時，數據中心大約有20%，我們認為人工智能大約是5%，與人工智能相關的WFE大約占我們整個市場的5%。您已經聽到不同的同行談論工作負載和容量的高增長率在 30% 到 50% 之間。因此，如果您認為 5% 是一個相對較小的金額，我們確實認為它正在快速增長，並且將成為未來的重要工作量。這就是我們現在的尺寸。

And as a comparison, we would hold that next to 10% to 15% of wafers that would be associated with IoT, and we think those things IoT wafer starts and WFE will also grow at an elevated rate.

作為比較，我們認為接下來 10% 到 15% 的晶圓將與物聯網相關，並且我們認為這些物聯網晶圓的啟動和 WFE 也將以較高的速度增長。

Got it. That's helpful. And heterogeneous integration is sort of supplemental to that as well, right?

知道了。這很有幫助。異構集成也是對此的補充，對吧？

That's right.

這是正確的。

And although it wouldn't be detectable from your results, did you see any pushouts from advanced foundry and logic customers? And also, when you think about the several domestic foundry shells that are either constructed or being constructed and ready to be filled now until, I guess, into next year. What's kind of your current expectations for the timing and significance for some of those expansions?

儘管從您的結果中無法檢測到這一點，但您是否看到了先進代工廠和邏輯客戶的任何退出？而且，當你想到幾個國內鑄造廠的外殼時，它們要么已經建成，要么正在建造並準備好填充，我猜，直到明年。您目前對其中一些擴展的時機和意義有何期望？

Yes. There's still a lot of movement underneath the macro number and our results, there's still a lot of movement underneath as you're suggesting with that question. So we have seen a delay in installation of some of the tools, and we have seen push outs with some of the leading foundry customers. So that's consistent with what we're seeing.

是的。宏觀數字和我們的結果下面仍然有很多變動，正如您對這個問題所建議的那樣，下面仍然有很多變動。因此，我們看到一些工具的安裝出現了延遲，並且我們看到一些領先的代工客戶被淘汰。這與我們所看到的一致。

And then I would just highlight again the strengths in ICAPS and the strength in DRAM, both Q3 and Q4, our outlook is really what's offsetting that.

然後我想再次強調 ICAPS 的優勢和 DRAM 的優勢，無論是第三季度還是第四季度，我們的前景確實抵消了這一點。

Our next question comes from the line of Timm Schulze-Melander of Redburn.

我們的下一個問題來自 Redburn 的 Timm Schulze-Melander。

I wanted to ask about longer-term R&D intensity. You mentioned about the higher CapEx for the EPIC R&D center and just thinking about the mix of the business, 1/3 of revenues from ICAPS probably intuitively a lower R&D intensity. The other 2/3 leading-edge logic and memory, as you say, more materials intensive and maybe higher R&D to sales intensity. Just wondering what we should expect the net of those 2 factors to be on a kind of multiyear view, please?

我想問一下長期研發強度。您提到 EPIC 研發中心的資本支出較高，僅考慮業務組合，ICAPS 1/3 的收入直觀上可能是較低的研發強度。正如你所說，另外 2/3 的前沿邏輯和內存，材料密集程度更高，研發到銷售的強度可能更高。只是想知道，從多年的角度來看，這兩個因素的淨值應該是多少？

Yes. Thanks, Timm. Well, our spending at this point is 18.1% of revenue, it's a little bit higher than our model, but we're very comfortable with our spending level. We put about 66% of our spending, 2/3 towards R&D. And we are fully focused on the road map. So when we think about the business, we think about the longer-term trajectory of the business, our perspective is we're investing in a secular positive trend. We think about semiconductors growing high mid-single digits, so 6%, 7%, 8%, 9%. We think there'll be -- it's becoming more complex to build those semiconductors, which drives more equipment, so that's an additive function.

是的。謝謝，蒂姆。嗯，我們目前的支出佔收入的 18.1%，比我們的模型高一點，但我們對自己的支出水平感到非常滿意。我們將大約 66% 的支出（其中 2/3）用於研發。我們完全專注於路線圖。因此，當我們考慮業務時，我們會考慮業務的長期軌跡，我們的觀點是我們正在投資於長期的積極趨勢。我們認為半導體將增長中個位數，即 6%、7%、8%、9%。我們認為，製造這些驅動更多設備的半導體將變得更加複雜，所以這是一個附加功能。

We also think that Applied, looking forward, designing for the inflections with our customers will gain share on top of that. So we think there's an additive function between the market growth of semis, the more -- the higher complexity of the equipment and then the increased intensity from materials engineering and Applied's participation. So all those things add up to a significant growth rate. And so what I would expect is the spending level you see today will focus on maintaining approximately that spending level as we identify the best R&D projects to work on as we go forward.

我們還認為，展望未來，應用材料公司與客戶一起針對變化進行設計將在此基礎上獲得份額。因此，我們認為半導體市場的增長、設備的複雜性越高，以及材料工程和應用材料公司參與的強度增加之間存在累加函數。因此，所有這些因素加起來就帶來了顯著的增長率。因此，我預計您今天看到的支出水平將集中於維持大約該支出水平，因為我們會在未來確定最佳的研發項目。

And then I would also highlight that just for investors who are working on their models, we've held our spending flat for pretty much 3 quarters and we said we've been very conscientious and very focused on strategic hires only. As we move to Q1, so the first quarter of our fiscal next year, we'll see our normal pay rate cycle, and we'll see our normal raise of spending in that cycle. So I just wanted to highlight to people that that's what they'll see if they're modeling that function.

然後我還要強調，對於正在研究模型的投資者來說，我們的支出已經有近三個季度持平，我們說我們一直非常認真，並且只專注於戰略招聘。當我們進入第一季度，即明年財政的第一季度時，我們將看到正常的工資率週期，並且我們將看到該週期中支出的正常增長。所以我只是想向人們強調，如果他們對該函數進行建模，他們將會看到這一點。

Our next question comes from the line of Charles Shi of Needham & Company.

我們的下一個問題來自李約瑟公司的查爾斯·史（Charles Shi）。

I want to ask your largest customer in Taiwan talked about CapEx leveling on a dollar basis. Wonder what's the impact that you might be seeing in terms of your revenue coming from that particular customer in 2024 and beyond. And any preliminary thoughts on the relative outperformance of WFE maybe in '24 by segment, meaning leading-edge, foundry logic, ICAPS, DRAM and NAND?

我想問你們在台灣最大的客戶談到了以美元為基礎的資本支出平衡。想知道 2024 年及以後您可能會看到來自該特定客戶的收入有何影響。關於 WFE 相對優異表現的任何初步想法可能會在 24 年按細分市場（即前沿、代工邏輯、ICAPS、DRAM 和 NAND）進行？

Okay. Thanks, Charles. All I can say about any particular customer, but especially leading-edge customer is that we're current on their forecast. So we understand at an account level what they're forecasting in the future. They've all started as we went through the supply chain crisis, we're getting better visibility into the road maps top to bottom. So we have that, we have a good perspective on that.

好的。謝謝，查爾斯。對於任何特定客戶，尤其是領先客戶，我只能說我們是最新的他們的預測。因此，我們從賬戶層面了解他們對未來的預測。當我們經歷供應鏈危機時，它們都開始了，我們對路線圖有了更好的了解。所以我們有這個，我們對此有很好的看法。

In general, we haven't called a number for WFE in '24 -- for our business in '24. I just highlighted in the prior question that our view of the long-term growth of the market, sort of what guides our investments, et cetera. What we have said for next year is that we expect the ICAPS business to be stable. So that growth is durable, if you will. It's grown at a high level for the last 2 years, and we expect that business not to fall off, but be stable. We expect our display business to grow modestly, we expect our services business to grow at the low double digits as we've described. And I think that's the color that we've given so far for the market. That leads out memory and leading logic and we just have to wait until we get closer to give a forecast.

總的來說，我們還沒有為 24 年的 WFE 撥打電話——為我們 24 年的業務撥打電話。我剛剛在上一個問題中強調了我們對市場長期增長的看法，以及指導我們投資的因素等等。我們對明年所說的是，我們預計 ICAPS 業務將保持穩定。如果你願意的話，這種增長是持久的。過去兩年它一直處於高水平增長，我們預計業務不會下滑，而是會保持穩定。我們預計我們的顯示業務將溫和增長，我們預計我們的服務業務將以低兩位數增長，正如我們所描述的那樣。我認為這就是我們迄今為止為市場提供的顏色。這會引出記憶和主導邏輯，我們只需等到更接近的時候才能給出預測。

Yes, Charles, this is Gary. Relative to longer term, as I mentioned earlier, we're in a great position. If you look at this incremental spending for the future technology nodes, a higher percentage of that incremental spending is going to materials-enabled technologies. And as I said, that's a sweet spot for Applied, gate-all-around, backside power, where you get power and performance benefits, but also you're going to get area savings with that inflection. So we have been growing our position from -- for each technology node. I think that gets even better going forward.

是的，查爾斯，這是加里。相對於長期而言，正如我之前提到的，我們處於有利地位。如果你看看未來技術節點的增量支出，就會發現增量支出中更高比例的支出將用於材料支持的技術。正如我所說，這對於應用材料公司的全柵極背面電源來說是一個最佳點，您可以在其中獲得功率和性能優勢，而且還可以通過這種變化節省面積。因此，對於每個技術節點，我們一直在擴大我們的地位。我認為未來會變得更好。

Yes. Thanks, Charles. And operator, we have time for one more question, please?

是的。謝謝，查爾斯。接線員，我們還有時間再問一個問題嗎？

Our final question, comes from the line of Sidney Ho of Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Sidney Ho。

This is (inaudible) on for Sidney. And I want to ask about gate-all-around, Gary, you've been very clear about how big this opportunity could be, both in terms of revenue and market share. And so maybe can you speak to the revenue contribution from this inflection in '24?

這是（聽不清）針對西德尼的。我想問一下關於全網的問題，加里，你非常清楚這個機會有多大，無論是在收入還是市場份額方面。那麼，也許您可​​以談談 24 年這種變化對收入的貢獻嗎？

Yes. Thanks for the question. I think that we're not going to give a specific dollar amount. But what I would say is that, that inflection is just starting to ramp in the latter part of '24. So it's not going to be a significant driver in '24, but certainly going forward, our opportunity there is significant.

是的。謝謝你的提問。我認為我們不會給出具體的金額。但我想說的是，這種變化在 24 世紀下半年才開始加劇。因此，它不會成為 24 年的重要推動因素，但可以肯定的是，展望未來，我們在那裡的機會是巨大的。

Great. Okay. Thanks for your question. And I'd like to just see if Brice, would you like to give us any closing comments before we close the call?

偉大的。好的。謝謝你的提問。我想看看 Brice，您願意在我們結束通話之前給我們任何結束語嗎？

Sure. Thanks, Mike. Just one content note that I wanted to add. So we get a lot of questions about modeling gross margin, and I just want to highlight for the people that are doing their models. Our 47% guide for Q4, that's a little bit higher than what we would have expected with a rich mix in Q4. We're probably running underneath that at a normal mix around 46.6%, 46.7%, somewhere around that. So as people think about modeling their next year, we think we'll continue to make progress from 46.6% or 46.7% to on our way to 48% to 48.5% in '25. So if that helps from a modeling perspective, I just wanted to highlight that.

當然。謝謝，邁克。我只想添加一項內容註釋。因此，我們收到了很多關於毛利率建模的問題，我只想向正在做模型的人強調一下。我們對第四季度的預期為 47%，略高於我們對第四季度豐富組合的預期。我們的正常混合率可能低於該值，約為 46.6%、46.7%，大約在該值附近。因此，當人們考慮明年建模時，我們認為我們將繼續取得進展，從 46.6% 或 46.7% 到 25 年達到 48% 到 48.5%。因此，如果這從建模角度有所幫助，我只是想強調這一點。

From a closing comments perspective, we're executing well. We're outperforming our markets. The Semi Systems year-to-date revenue is trending up year-over-year. Our services business is on track for year-over-year growth. We're aligned -- we've aligned our businesses with the fastest growing end markets, and we're winning in leading-edge foundry logic, DRAM, ICAPS and heterogeneous integration. We're investing for technology leadership and growth. We're generating strong free cash flow and increasing shareholder returns.

從最終評論的角度來看，我們執行得很好。我們的表現優於市場。半系統公司今年迄今的收入呈逐年上升趨勢。我們的服務業務有望實現逐年增長。我們保持一致——我們將我們的業務與增長最快的終端市場保持一致，並且我們在領先的代工邏輯、DRAM、ICAPS 和異構集成方面取得了勝利。我們正在為技術領先地位和增長進行投資。我們正在產生強勁的自由現金流並增加股東回報。

I hope to see many of you at the Jefferies Conference in Chicago, and Gary will be keynoting at the Goldman Sachs Conference in San Francisco.

我希望在芝加哥的傑富瑞會議上見到你們中的許多人，加里將在舊金山的高盛會議上發表主題演講。

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

現在，邁克，讓我們繼續結束通話。

Okay. Great. Thanks Brice. And we'd like to thank everybody for joining us today. A replay of the call is going to be available on the IR page of our website by 5:00 Pacific Time today, and we'd like to thank you for your continued interest in Applied Materials.

好的。偉大的。謝謝布萊斯。我們要感謝大家今天加入我們。太平洋時間今天 5:00 之前，我們網站的 IR 頁面將提供電話會議的重播，我們衷心感謝您對應用材料公司的持續關注。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。