應用材料 (AMAT) 2024 Q4 法說會逐字稿

Welcome to the Applied Materials fourth-quarter fiscal 2024 earnings conference call. (Operator Instructions)

歡迎參加應用材料公司 2024 財年第四季財報電話會議。 （操作員說明）

I would now like to turn the call over to Liz Morali, Vice President of Investor Relations. Liz, you may begin.

我現在想將電話轉給投資者關係副總裁 Liz Morali。 LZ，你可以開始了。

Thank you. Good afternoon, and thank you for joining us for today's call. With me today are Gary Dickerson, President and CEO; and Brice Hill, CFO.

謝謝。下午好，感謝您參加我們今天的電話會議。今天與我在一起的有總裁兼執行長 Gary Dickerson；和財務長布萊斯希爾 (Brice Hill)。

Before we continue, let me remind you that today's discussion contains forward-looking statements within the meaning of the federal securities laws, including predictions, estimates, projections, or other statements about future events. Actual results may differ materially from those mentioned in these forward-looking statements as a result of risks and uncertainties. Information concerning these risks and uncertainties is discussed in our most recent Form 10-Q and 8-K filings with the SEC. We do not intend to update any forward-looking statements.

在繼續之前，讓我提醒您，今天的討論包含聯邦證券法含義內的前瞻性陳述，包括預測、估計、預測或有關未來事件的其他陳述。由於風險和不確定性，實際結果可能與這些前瞻性陳述中提到的結果有重大差異。我們最近向 SEC 提交的 10-Q 表格和 8-K 表格中討論了有關這些風險和不確定性的信息。我們不打算更新任何前瞻性陳述。

During today's call, we will also reference non-GAAP financial measures. Reconciliations of GAAP to non-GAAP results can be found in today's earnings press release and in our quarterly earnings materials, which are available on our Investor Relations website at ir.appliedmaterials.com.

在今天的電話會議中，我們也將參考非公認會計準則財務指標。 GAAP 與非 GAAP 業績的調整可在今天的收益新聞稿和我們的季度收益資料中找到，這些資料可在我們的投資者關係網站 ir.appliedmaterials.com 上找到。

I'll now turn the call over to Gary.

我現在將電話轉給加里。

Thanks, Liz. With record revenue and earnings in our fourth quarter, Applied Materials delivered a strong finish to fiscal 2024 and our fifth consecutive year of growth. I would like to recognize the hard work and commitment of our global team for delivering these outstanding results.

謝謝，莉茲。應用材料公司第四季的營收和利潤創下歷史新高，為 2024 財年帶來了強勁的業績，也是我們連續第五年實現成長。我要對我們的全球團隊為取得這些傑出成果所做的辛勤工作和承諾表示認可。

As this is our year-end call, I'll begin by highlighting our key accomplishments over the past 12 months. A year ago, in our November 2023 call, I said the company's priorities for 2024, we're driving R&D programs to further differentiate our unique and connected portfolio to extend our leadership at key inflections that enable future industry growth, making operational and supply chain improvements to better serve customers and drive productivity across the enterprise and ensuring that we scale the company in ways that are sustainable and environmentally responsible.

由於這是我們的年終電話會議，我將首先強調我們在過去 12 個月中取得的主要成就。一年前，在我們2023 年11 月的電話會議中，我說過公司2024 年的優先事項，我們正在推動研發計劃，以進一步差異化我們獨特且互聯的產品組合，以擴大我們在關鍵拐點上的領導地位，從而實現未來行業的成長，使營運和供應鏈改進以更好地服務客戶並提高整個企業的生產力，並確保我們以可持續和對環境負責的方式擴大公司規模。

Over the past year, we've made significant progress in all these areas. We strengthened our position at major inflections in logic DRAM and advanced packaging. We delivered double-digit growth in our parts and services business. We made improvements to our operations and supply chain that supported strong cash flow and margin performance, and our key strategic initiatives are on track, including the build-out of our EPIC collaborative R&D platform and the deployment of our net-zero playbook.

過去一年，我們在所有這些領域都取得了重大進展。我們在邏輯 DRAM 和先進封裝領域的重大轉折中鞏固了自己的地位。我們的零件和服務業務實現了兩位數的成長。我們對營運和供應鏈進行了改進，以支持強勁的現金流和利潤率表現，並且我們的關鍵戰略舉措正在步入正軌，包括構建我們的 EPIC 協作研發平台和部署我們的淨零劇本。

In my prepared remarks today, I'll talk about three key topics. First, how large-scale secular trends are driving growth and innovation in semiconductors and why energy-efficient computing is emerging as a unifying driving force for the industry. Second, how the major device architecture inflections that make up the semiconductor industry's road map are increasingly enabled by innovations in material science and materials engineering where Applied has clear leadership. And third, as the industry road map becomes increasingly complex, how we are creating incremental growth opportunities for the company to offer new solutions with our unique and connected portfolio, our high-velocity collaborative R&D platform, and our advanced service products.

在今天準備好的發言中，我將討論三個關鍵主題。首先，大規模的長期趨勢如何推動半導體的成長和創新，以及為什麼節能運算正在成為該產業的統一驅動力。其次，構成半導體產業路線圖的主要裝置架構的變化如何越來越多地透過材料科學和材料工程領域的創新來實現，而應用材料公司在這些領域具有明確的領導地位。第三，隨著產業路線圖變得越來越複雜，我們如何為公司創造增量成長機會，透過我們獨特的連網產品組合、高速協作研發平台和先進的服務產品提供新的解決方案。

In the coming years, we are going to experience the biggest technology changes of our lifetimes with major advances in automation and robotics, electric and autonomous transportation, clean energy, and artificial intelligence. All of these tectonic shifts are made possible by semiconductors, and this provides a catalyst for the semiconductor industry to create and capture more value than ever before.

未來幾年，隨著自動化和機器人技術、電動和自動交通、清潔能源和人工智慧的重大進步，我們將經歷一生中最大的技術變革。所有這些結構性轉變都是由半導體實現的，這為半導體產業創造和獲取比以往更多的價值提供了催化劑。

The biggest tectonic shift is AI, which has virtually endless applications and therefore, the potential to transform almost every area of the economy. Deploying AI at large scale will require AI computing to be significantly more energy efficient than it is today. To realize the full potential of AI, the leading AI companies are talking about the need to drive a 10,000 times improvement in computing performance per watt over the next 15 years.

最大的結構性轉變是人工智慧，它幾乎具有無窮無盡的應用，因此有可能改變幾乎所有經濟領域。大規模部署人工智慧將要求人工智慧運算比現在的能源效率顯著提高。為了充分發揮人工智慧的潛力，領先的人工智慧公司正在討論需要在未來 15 年內將每瓦運算效能提高 10,000 倍。

To deliver energy efficiency improvements of this magnitude, evolutionary innovation will be insufficient. Instead, we see a new technology road map emerging made up of multiple device architecture inflections in logic, memory, and advanced packaging.

要實現如此大規模的能源效率提升，進化式創新是不夠的。相反，我們看到了由邏輯、記憶體和先進封裝方面的多種設備架構變化組成的新技術路線圖。

This creates three significant opportunities for Applied to deliver more value to customers and extend our differentiation in the market.

這為應用材料公司創造了三個重要機會，為客戶提供更多價值並擴大我們在市場上的差異化。

First, we have built a broad, unique, and connected portfolio of highly enabling technologies that we can supply to customers as co-optimized and integrated solutions. By combining adjacent process steps such as material deposition, etch, and material modification into an integrated system, we are providing chipmakers innovative and comprehensive solutions to enable their energy-efficient architecture inflections. Integrated solutions account for around 30% of our semiconductor systems revenue, and we expect them to become an even larger part of our portfolio in the future.

首先，我們建立了廣泛、獨特且互聯的高度支援技術組合，我們可以將這些技術作為協同優化和整合解決方案提供給客戶。透過將材料沉積、蝕刻和材料改性等相鄰製程步驟結合到一個整合系統中，我們為晶片製造商提供創新和全面的解決方案，以實現其節能架構的轉變。整合解決方案約占我們半導體系統收入的 30%，我們預計它們未來將成為我們產品組合的更大組成部分。

Second, we are driving earlier and broader collaborations with our customers and partners to bring next-generation technology to market faster. Our global EPIC platform that we will build out over the next several years is specifically designed to accelerate cycles of learning, increase mutual success rates, and improve investment efficiencies.

其次，我們正在推動與客戶和合作夥伴更早、更廣泛的合作，以更快地將下一代技術推向市場。我們將在未來幾年內建立的全球 EPIC 平台專門用於加速學習週期、提高共同成功率並提高投資效率。

In the US, construction of the EPIC Center in Silicon Valley is well underway and on track to come online in 2026. And we will share more details about our EPIC advanced packaging strategy at a technical summit we are hosting for R&D leaders next week in Singapore.

在美國，矽谷 EPIC 中心的建設工作正在順利進行，預計將於 2026 年上線。

And our third key opportunity is in services, where we are focused on helping customers manage increasing complexity in their business as the industry scales. We are deploying our advanced service products to help them accelerate their R&D, speed up transfer of new chip technologies from lab to fab, and then optimize device performance, yield, output, and cost in high-volume manufacturing.

我們的第三個關鍵機會是在服務領域，我們專注於幫助客戶管理隨著行業規模擴大而日益複雜的業務。我們正在部署我們的先進服務產品，幫助他們加速研發，並加快新晶片技術從實驗室到晶圓廠的轉移，然後優化大量製造中的裝置性能、良率、產出和成本。

This is supporting double-digit growth in our parts and service business with a high percentage of these revenues coming from subscriptions in the form of long-term agreements. These subscriptions have a high renewal rate and the average tenure of the agreements is growing. This year, we signed our first five-year service agreements with multiple customers. Overall, AGS delivered a record quarter, a record year in their 21st consecutive quarter of year-on-year growth.

這支持我們的零件和服務業務實現兩位數成長，其中很大一部分收入來自長期協議形式的訂閱。這些訂閱的續訂率很高，協議的平均期限正在成長。今年，我們與多位客戶簽署了第一份五年服務協議。總體而言，AGS 實現了創紀錄的季度業績，這是其連續 21 個季度實現同比增長的創紀錄年份。

Across the business, we are translating opportunities into results as major device architecture inflections grow our available market, and we gain share through the technology transitions.

在整個業務中，隨著主要設備架構的變化擴大了我們的可用市場，我們正在將機會轉化為成果，並且我們透過技術轉型獲得了份額。

In 2024, the leading-edge logic companies started moving the first gate-all-around nodes from their R&D pilot lines into high-volume production. We generated more than $2.5 billion of revenue from these advanced nodes in the fiscal year and expect those revenues to approximately double in 2025.

2024 年，領先的邏輯公司開始將第一批環柵節點從研發試驗線轉移到大量生產。我們在本財年從這些先進節點創造了超過 25 億美元的收入，預計這些收入到 2025 年將增加一倍左右。

Overall, the transition from a FinFET-based node to node with gate-all-around transistors and backside power distribution, grows Applied's available market from around $12 billion to approximately $14 billion for every 100,000 wafer starts per month of capacity. We also expect to capture more than 50% of the process equipment spending for the gate-all-around nodes up from the mid- to high-40% range for FinFET generation fabs.

總體而言，從基於FinFET 的節點到採用全柵電晶體和背面配電的節點的轉變，使應用材料公司的可用市場從每月每100,000 片晶圓產能的約120 億美元增長到約140 億美元。我們也預計，FinFET 代工廠的環柵節點製程設備支出將從中端到高階的 40% 增加到 50% 以上。

In DRAM, our revenues also grew significantly in fiscal 2024, up more than 60% year on year. Compute memory is a critical technology for AI data centers, and DRAM makers are accelerating their capacity plans, especially in high-bandwidth memory, where high-performance DRAM dies are stacked and connected to a logic die with advanced packaging. The dies used in high-bandwidth memory are much larger than standard DRAM, which means that more than three times the wafer capacity is needed to produce the same volume of chips.

在DRAM方面，我們的營收在2024財年也大幅成長，年增超過60%。計算記憶體是人工智慧資料中心的關鍵技術，DRAM 製造商正在加快其容量計劃，尤其是在高頻寬記憶體方面，其中高性能 DRAM 晶片堆疊並連接到採用先進封裝的邏輯晶片。高頻寬記憶體中使用的晶片比標準 DRAM 大得多，這意味著生產相同體積的晶片需要三倍以上的晶圓容量。

On top of this, the packaging steps needed for die stacking further increased our available market. In fiscal 2024, our HBM packaging revenues grew to more than $700 million.

除此之外，晶片堆疊所需的封裝步驟進一步增加了我們的可用市場。 2024 財年，我們的 HBM 封裝營收成長至超過 7 億美元。

DRAM is a great example of how our inflection-focused innovation strategy is succeeding. By focusing on the most enabling steps for next-generation technologies, Applied has increased our share of the DRAM market by around 10 points over the past decade. Future DRAM inflections will further expand our available market as next-generation 4F squared and 3D DRAM architectures are even more materials engineering intensive.

DRAM 是我們以變形為中心的創新策略如何取得成功的一個很好的例子。透過專注於下一代技術的最有利步驟，應用材料公司在過去十年中將 DRAM 市場份額提高了約 10 個百分點。未來 DRAM 的變化將進一步擴大我們的可用市場，因為下一代 4F 平方和 3D DRAM 架構的材料工程更加密集。

Advanced packaging is another major device architecture inflection that provides significant improvements in the performance, energy consumption, and cost of next-generation chips. We have been investing in new technology to enable advanced packaging for more than a decade, establishing strong leadership positions in micro bump and through silicon via.

先進封裝是裝置架構的另一個主要變化，它可以顯著改善下一代晶片的性能、能耗和成本。十多年來，我們一直在投資新技術以實現先進封裝，在微凸塊和矽通孔領域建立了強大的領導地位。

In fiscal 2024, our overall advanced packaging product portfolio generated close to $1.7 billion of revenue, up 3 times in the last four years. We believe this business will double in size in coming years as heterogeneous integration is more widely adopted and we introduce new solutions that grow our addressable market.

2024 財年，我們的整體先進封裝產品組合創造了近 17 億美元的收入，在過去四年中成長了 3 倍。我們相信，隨著異質整合的更廣泛採用，以及我們推出新的解決方案來擴大我們的目標市場，這項業務的規模將在未來幾年翻倍。

Gate-all-around transistors backside power distribution, 4F squared and 3D DRAM, advanced packaging, and next-generation power semiconductors are all examples of device architecture inflections that are enabled by materials engineering. As a result, materials engineering, which spans all the technologies needed to deposit materials, remove or shape materials and modify the property of materials at an atomic level, is growing as a percentage of overall equipment spending at advanced nodes.

環柵電晶體背面配電、4F 平方和 3D DRAM、先進封裝和下一代功率半導體都是材料工程實現的裝置架構變化的例子。因此，材料工程涵蓋了沉積材料、去除或成形材料以及在原子層面上改變材料性能所需的所有技術，在先進節點的整體設備支出中所佔的百分比正在不斷增長。

Before I hand over to Brice, let me summarize. In fiscal 2024, Applied grew revenue and earnings for the fifth consecutive year. We strengthened our position at the key technology inflections that customers will ramp in volume production over the next several years. We delivered double-digit growth in parts and services, and we drove operational performance improvements across Applied and our supply chain.

在我把任務交給布萊斯之前，讓我先總結一下。 2024 財年，應用材料公司營收和利潤連續第五年成長。我們加強了在關鍵技術變化方面的地位，客戶將在未來幾年內提​​高大量生產。我們在零件和服務方面實現了兩位數的成長，並推動了應用材料公司和供應鏈的營運績效改進。

As we look ahead to 2025 and beyond, we see AI and energy-efficient computing remaining the key driver of innovation in the semiconductor industry. And the industry's road map becoming increasingly dependent on materials engineering, which grows Applied's addressable market and provides a tailwind for us to outperform through the investment cycle.

展望 2025 年及以後，我們認為人工智慧和節能運算仍然是半導體產業創新的關鍵驅動力。該行業的路線圖越來越依賴材料工程，這擴大了應用材料公司的潛在市場，並為我們在整個投資週期中跑贏大盤提供了動力。

I strongly believe that Applied Materials has the right capabilities, strategy, and partnerships at the right time, and this puts us in a great position for the future. We are delivering differentiated solutions to our customers to help them win the key device architecture inflection races. We are strengthening R&D collaboration with customers and partners to drive innovation and commercialization velocity and optimize mutual success rates. And we are growing our service business by helping customers manage increasing complexity as the industry scales.

我堅信，應用材料公司在正確的時間擁有正確的能力、策略和合作夥伴關係，這使我們在未來處於有利地位。我們正在為客戶提供差異化的解決方案，幫助他們贏得關鍵設備架構的變革競賽。我們正在加強與客戶和合作夥伴的研發合作，以推動創新和商業化速度並優化共同的成功率。隨著行業規模的擴大，我們透過幫助客戶管理日益增加的複雜性來發展我們的服務業務。

Now, I'll hand over to Brice.

現在，我將把任務交給布萊斯。

Thanks, Gary, and thanks to everyone joining today's call. We had a strong fiscal 2024, delivering record revenue and earnings per share, generating healthy operating cash flow, and distributing over $5 billion to shareholders via dividends and share repurchases. I would like to thank the entire Applied Materials team for their hard work and execution which enabled us to achieve these excellent results.

謝謝加里，也謝謝參加今天電話會議的所有人。我們的 2024 財年業績強勁，營收和每股盈餘創歷史新高，產生健康的營運現金流，並透過股利和股票回購向股東分配超過 50 億美元。我要感謝整個應用材料團隊的辛勤工作和執行力，使我們能夠取得這些優異的成果。

For the full fiscal year, net sales were $27.2 billion, up 2.5% on a year-over-year basis, with growth in all three business segments. Non-GAAP gross margin was 47.6%, up 80 basis points year over year and our highest annual gross margin rate since fiscal 2000 as we optimized our operations and made progress on value-based pricing.

整個財年，淨銷售額為 272 億美元，年增 2.5%，三個業務部門均成長。隨著我們優化營運並在基於價值的定價方面取得進展，非 GAAP 毛利率為 47.6%，年增 80 個基點，是 2000 財年以來最高的年度毛利率。

On a year-over-year basis, non-GAAP operating profit grew 2.7% and non-GAAP operating margin was up 10 basis points. Non-GAAP earnings per share grew 7.5% year-over-year to $8.65. For fiscal Q4, net sales were $7.05 billion, up nearly 5% on a year-over-year basis, driven by solid growth in semiconductor systems and services. China declined to 30% of revenue, in line with our previously communicated expectation and our historical average. Non-GAAP gross margin was 47.5%, up slightly on both a year-over-year and quarter-over-quarter basis, driven by a favorable mix and operational improvements, offsetting headwinds related to the lower China revenue.

與去年同期相比，非 GAAP 營業利潤成長 2.7%，非 GAAP 營業利潤率上升 10 個基點。非 GAAP 每股盈餘年增 7.5% 至 8.65 美元。第四財季，在半導體系統和服務穩健成長的推動下，淨銷售額為 70.5 億美元，較去年同期成長近 5%。中國佔收入的比例下降至 30%，符合我們先前傳達的預期和歷史平均值。在有利的組合和營運改善的推動下，非公認會計準則毛利率為 47.5%，同比和環比略有上升，抵消了與中國收入下降相關的不利因素。

Non-GAAP operating expenses were $1.28 billion or 18.2% of revenue and roughly in line with our expectations as we prioritized funding long-term strategic programs. Non-GAAP earnings per share was a record $2.32, up 9% year over year and benefiting from higher gross margin, higher interest income, a lower effective tax rate, and share repurchases.

非 GAAP 營運費用為 12.8 億美元，佔營收的 18.2%，大致符合我們的預期，因為我們優先考慮為長期策略計畫提供資金。非公認會計原則每股收益達到創紀錄的 2.32 美元，年增 9%，受益於更高的毛利率、更高的利息收入、更低的有效稅率和股票回購。

Turning to the segments. Semiconductor system sales were $5.18 billion for Q4, up 6% year-over-year, driven by leading-edge foundry-logic demand. Non-GAAP operating margin was 35.4%, down 50 basis points year-over-year, given the normalizing China mix. DRAM sales declined 10% year over year, given the elevated purchases from China in Q4 of fiscal 2023. NAND sales were flat year over year.

轉向細分市場。在領先的代工邏輯需求的推動下，第四季半導體系統銷售額為 51.8 億美元，年增 6%。鑑於中國經濟結構正常化，非 GAAP 營業利潤率為 35.4%，年減 50 個基點。由於 2023 財年第四季來自中國的採購量增加，DRAM 銷售額較去年同期下降 10%。

Foundry-logic sales increased 12% year over year, fueled by robust growth at the leading edge, including increasing investments for gate-all-around nodes as customers invested to enable critical technology inflections. Sales for the ICAPS nodes, which serve customers across the IoT, communications, auto, power, and sensor markets, were down year over year, given high demand in the year-ago period.

代工邏輯銷售額年增 12%，這得益於領先優勢的強勁成長，包括隨著客戶投資實現關鍵技術轉變而增加對全柵節點的投資。鑑於去年同期的高需求，為物聯網、通訊、汽車、電力和感測器市場客戶提供服務的 ICAPS 節點的銷售額年減。

Moving to applied global services, AGS delivered record revenue of $1.64 billion in Q4, up 11% on a year-over-year basis and driven by robust growth in services, partially offset by a decline in 200-millimeter equipment sales. Non-GAAP operating margin of 30%, was up 2.7 percentage points year over year, and non-GAAP operating income was a record $492 million.

轉向應用全球服務，AGS 在第四季度實現了創紀錄的收入 16.4 億美元，年增 11%，這主要得益於服務的強勁增長，但部分被 200 毫米設備銷售額的下降所抵消。非 GAAP 營業利潤率為 30%，年成長 2.7 個百分點，非 GAAP 營業收入達到創紀錄的 4.92 億美元。

Year over year, we saw increases across many operational metrics, including a 7% increase in the installed base and a 10% increase in tools under service agreements. Our average contract length increased to 2.9 years, and we maintained a renewal rate of greater than 90%.

與去年同期相比，我們看到許多營運指標都有所成長，包括安裝基數增加了 7%，服務協議下的工具增加了 10%。我們的平均合約期限增加到2.9年，續約率維持在90%以上。

Lastly, our display business generated revenue of $211 million, in line with our expectations as the industry experienced lower investment levels amidst ongoing weakness in end market demand. Over time, we expect there to be an increase in capital investments to support the adoption of OLED technology and IT devices like notebooks, PCs, and tablets. We are well-positioned to enable customers for the coming OLED IT inflection with our technology.

最後，我們的顯示器業務產生了 2.11 億美元的收入，符合我們的預期，因為在終端市場需求持續疲軟的情況下，產業投資水準較低。隨著時間的推移，我們預計資本投資將會增加，以支援 OLED 技術和筆記型電腦、個人電腦和平板電腦等 IT 設備的採用。我們已做好準備，利用我們的技術幫助客戶應對即將到來的 OLED IT 變革。

Moving to the balance sheet and cash flows. We ended the quarter with cash and cash equivalents of $8 billion and debt of $6.3 billion. Cash from operations in the quarter was $2.6 billion, capital expenditures were $407 million, and free cash flow was $2.2 billion. In total, we generated $8.7 billion in operating cash flow and $7.5 billion in free cash flow in fiscal 2024.

轉向資產負債表和現金流量。本季結束時，我們的現金和現金等價物為 80 億美元，債務為 63 億美元。本季營運現金為 26 億美元，資本支出為 4.07 億美元，自由現金流為 22 億美元。 2024 財年，我們總共產生了 87 億美元的營運現金流和 75 億美元的自由現金流。

We distributed $1.8 billion to shareholders in the quarter, including $329 million in dividends and $1.4 billion in share repurchases. For the full year, we distributed $5 billion to shareholders, of which $3.8 billion was through share repurchases, up 75% from $2.2 billion in fiscal 2023. As of the end of the quarter, approximately $8.9 billion remains available under our share repurchase authorization. As we contemplate fiscal Q1, we are seeing strong demand in leading-edge logic and the ICAPS nodes and sequential growth in memory.

本季我們向股東分配了 18 億美元，其中包括 3.29 億美元的股息和 14 億美元的股票回購。全年，我們向股東分配了50 億美元，其中38 億美元透過股票回購，比2023 財年的22 億美元成長75%。可用。當我們考慮第一財季時，我們看到對前沿邏輯和 ICAPS 節點的強勁需求以及記憶體的連續成長。

With that in mind, let me share our outlook for fiscal Q1. We expect total revenue of $7.15 billion, plus or minus $400 million and non-GAAP EPS of $2.29, plus or minus $0.18, both representing an increase of approximately 7% on a year-over-year basis.

考慮到這一點，讓我分享我們對第一財季的展望。我們預計總收入為 71.5 億美元，上下浮動 4 億美元，非 GAAP 每股收益為 2.29 美元，上下浮動 0.18 美元，兩者同比增長約 7%。

We expect semiconductor systems revenue of approximately $5.3 billion, which is up 8% year-over-year; AGS revenue of approximately $1.65 billion, which is up 12% year-over-year; and display revenue of approximately $175 million. We expect non-GAAP gross margin of approximately 48.4%, driven by a favorable mix and cost and pricing improvements, and non-GAAP operating expenses of approximately $1.33 billion. We are modeling a tax rate of approximately 14%, and our outlook is consistent with trade rules currently in effect.

我們預計半導體系統營收約 53 億美元，年增 8%； AGS營收約16.5億美元，較去年成長12%；顯示器收入約1.75億美元。我們預計，在有利的組合、成本和定價改善以及非 GAAP 營運費用約 13.3 億美元的推動下，非 GAAP 毛利率約為 48.4%。我們正在對大約 14% 的稅率進行建模，我們的前景與當前有效的貿易規則一致。

In closing, we had a strong fiscal 2024 with momentum across the majority of our markets, fueling record revenue and earnings per share. Our portfolio positions us to uniquely capitalize on the secular megatrends shaping the technology landscape from data center and AI to edge computing, the Internet of Things, and display. Underpinning this is our strong investment-grade balance sheet, solid cash generation, and healthy shareholder distributions.

最後，我們的 2024 財年表現強勁，大部分市場都呈現強勁勢頭，營收和每股盈餘創下歷史新高。我們的產品組合使我們能夠以獨特的方式利用長期大趨勢，塑造從資料中心和人工智慧到邊緣運算、物聯網和顯示的技術格局。支撐這一點的是我們強大的投資等級資產負債表、穩健的現金產生和健康的股東分配。

Operator, we are now ready to begin the Q&A session, please.

接線員，我們現在準備開始問答環節。

(Operator Instructions) Stacy Rasgon, Bernstein Research.

（操作員說明）Stacy Rasgon，伯恩斯坦研究中心。

Hi, guys. Thanks for taking my questions. The first one I wanted to ask what you're seeing or expecting for China mix as we go through next year? And I guess, there was a little surprise you suggested you saw ICAPS strength going into Q1. Do you think -- I guess, maybe you can talk to us about how that ICAPS strength in the near term splits out between China and rest of the world and how you see China mix either sustaining at 30% or moving off that number as we go through next year?

嗨，大家好。感謝您回答我的問題。我想問的第一個問題是，您對明年的中國組合有何看法或期待？我想，您提到您在第一季看到了 ICAPS 的實力，這有點令人驚訝。你認為——我想，也許你可以和我們談談近期中國和世界其他地區的ICAPS 實力如何劃分，以及你如何看待中國的混合比例，要么維持在30%，要么隨著我們的發展而逐漸擺脫這個數字。

Great. Thanks for the question, Stacy, and hello. Yeah, the China mix, a couple of signals there. So 30% in Q4 as we reported, and that's normalized and come down after we serve that China DRAM demand that we had in earlier quarters. Our outlook in Q1 is -- also contains approximately 30% for the China mix.

偉大的。謝謝你的提問，史黛西，你好。是的，中國的組合，有幾個訊號。正如我們所報導的那樣，第四季度增長了 30%，在我們滿足前幾季的中國 DRAM 需求後，這一數字已經正常化並下降。我們對第一季的展望是——也包含約 30% 的中國市場。

When we think about ICAPS across the world, it is still very healthy. So we said it's lower than our prior Q4. So Q4 of '24 was a little bit lower than Q4 of '23, but the ICAPS market is still very healthy, and it's healthy globally. It's healthy in China, and it's healthy across the world from a total level perspective.

當我們想到全世界的 ICAPS 時，它仍然非常健康。所以我們說它低於之前的第四季。因此，24 年第四季比 23 年第四季略低，但 ICAPS 市場仍然非常健康，而且在全球範圍內都很健康。中國是健康的，從整體水準來看，全世界也是健康的。

Having said that, we expect the ICAPS markets to grow over time. We've talked about mid- to high-single digits at the device level. We expect customers to continue to add capacity. There are signs to watch for. There are slower end markets in ICAPS. Automotive, industrial, analog, image sensors are all markets that have been slower. So we've kind of been looking to see if the investment we would go a little bit lower. But as far as our Q4 and our Q1, it remains strong.

話雖如此，我們預計 ICAPS 市場將隨著時間的推移而成長。我們已經討論了設備等級的中高個位數。我們預計客戶將繼續增加產能。有一些跡象需要注意。 ICAPS 的終端市場發展較慢。汽車、工業、類比、影像感測器都是成長緩慢的市場。因此，我們一直在考慮投資是否會降低一點。但就我們的第四季和第一季而言，它仍然強勁。

Got it, thanks. And for my follow-up then, if China mix isn't going up, gross margins are, so it doesn't sound like the gross margin increase is due to an increase in China mix. So can you talk about the drivers of that gross margin increase into Q1? And I guess, maybe talk to sustainability as we go through next year. Like do you think you get back closer to the target ranges for gross margins as we go through the end of the year?

明白了，謝謝。對於我的後續行動，如果中國組合沒有上升，毛利率就會上升，所以聽起來毛利率的成長並不是因為中國組合的增加。那麼您能談談第一季毛利率成長的驅動因素嗎？我想，也許我們明年會談論永續發展。就像您認為在年底時會更接近毛利率目標範圍嗎？

Yeah. Thanks for the question on that. So our gross margin, the way we want to shape that from your modeling perspective and where the business is, we think our underlying rate has improved to about 48.0% at this point. So it has improved, and that's -- we've made improvements top to bottom in the business, logistics, our inventory management, scrap management, cost overall and our implementation of value pricing. So a lot of elements working on the gross margin equation.

是的。感謝您提出這個問題。因此，我們的毛利率，我們希望從您的建模角度以及業務所在地來塑造毛利率的方式，我們認為目前我們的基本利率已提高至約 48.0%。所以它有所改善，那就是——我們在業務、物流、庫存管理、廢料管理、總體成本和價值定價的實施方面進行了自上而下的改進。因此，許多因素都在影響毛利率方程式。

In Q1, in particular, it's -- we're guiding 48.4%, so above that 48.0% sort of baseline, and that's based on really strong product mix that we have in Q1. So we think 48% is the right level for you to think about longer term, and we'll, of course, continue to work on improving that.

特別是在第一季度，我們的指導值為 48.4%，因此高於 48.0% 的基線，這是基於我們在第一季擁有的非常強大的產品組合。因此，我們認為 48% 是您考慮長期目標的正確水平，當然，我們會繼續努力改進這一水平。

Yeah. Stacy, this is Gary. One of the things also that we're very focused on is winning the inflections. There's a lot of really great inflections that provide a tailwind for Applied. And we're bringing enabling technology to our customers in a number of different markets.

是的。史黛西，這是加里。我們非常關注的事情之一就是贏得曲折。有許多非常好的變化為應用材料公司提供了順風車。我們正在為許多不同市場的客戶帶來支援技術。

So one thing that is also a tailwind for us is pricing improvement as we're shipping more valuable products. So that's part of what you're seeing in that increased gross margin. And I think that we have a great opportunity to continue to drive that going forward.

因此，對我們來說也是有利的一件事是價格的改善，因為我們正在運輸更有價值的產品。這就是你所看到的毛利率增加的一部分。我認為我們有很好的機會繼續推動這項進程。

Got it. Thank you, guys.

知道了。謝謝你們，夥計們。

C.J. Muse, Cantor.

C.J.繆斯，康托爾。

Yeah, good afternoon. Thank you for taking the question. I know you guys don't want to talk about WFE, but I was hoping you could speak to it directionally. How are you thinking about '24 -- '25, more importantly growth? And maybe perhaps more importantly, in terms of the change in the administration, how you're thinking about the potential risk in terms of added restrictions or perhaps going the other direction? Would love to hear your first thoughts there.

是的，下午好。感謝您提出問題。我知道你們不想談論WFE，但我希望你們能有針對性地談論它。您如何看待“24 - 25”，更重要的是成長？也許更重要的是，就政府的變化而言，您如何考慮增加限製或可能走向另一個方向的潛在風險？很想聽聽您的第一個想法。

Okay. Thanks for the question, Stacy -- sorry, CJ, and thanks for staying up for us. So on the WFE directionally for '24, so we just closed our fifth year of growth. So we'll see what the print is across the whole industry, but we would expect it to have shown growth.

好的。謝謝你的提問，史黛西——抱歉，CJ，謝謝你為我們熬夜。因此，在 24 年的 WFE 定向中，我們剛剛結束了第五年的成長。因此，我們將看看整個行業的印刷情況，但我們預計它將顯示出成長。

And then for '25, if you zoom out, we're talking about $1 trillion semiconductor industry by 2030. I think that's consistent across most of the industry having that view. And we certainly have that view given the added wafer starts and added capacity across the industry basically every single year.

然後，對於 25 年，如果縮小範圍，我們談論的半導體產業到 2030 年將達到 1 兆美元。考慮到整個產業的晶圓開工率和產能基本上每年都在增加，我們當然有這種觀點。

So it's hard to guarantee '25, but I'll just call out that our Q4 was growth year over year. Our Q1 is growth year over year, and we just completed those five years. And we're starting to see that leading-edge component of logic accelerate as the gate-all-around nodes are being invested in across the world.

所以很難保證 25 年，但我只想指出我們的第四季年增。我們的第一季逐年成長，我們剛完成了這五年。我們開始看到，隨著全球範圍內對全門節點的投資，邏輯的前沿組件正在加速發展。

Last, as far as the change in administration, it's early, we really can't speculate on what might change there. So we'll have to wait for more input on that one. Thank you.

最後，就政府更迭而言，現在還為時過早，我們確實無法推測那裡可能會發生什麼變化。因此，我們必須等待有關該問題的更多意見。謝謝。

Very helpful. As a follow-up on gross margins, the 48% now is a floor is a pretty good accomplishment. So would love to hear kind of how you got there? And I guess, how to think about growth beyond that over time?

非常有幫助。作為毛利率的後續，現在48%的下限已經是相當不錯的成績了。那麼想聽聽您是如何到達那裡的嗎？我想，隨著時間的推移，如何考慮超出這個範圍的成長？

Yeah. I don't think I can be as aggressive to call a floor, but I won't call it peak either. So 48.4% for Q1, that's mix positive for Q1, but we do expect to continue to make improvements on that 48.0% baseline. So we continue to have significant cost projects in our pipeline. And as we introduce new equipment and improve the value of the equipment that is existing, we'll improve our value pricing. So we expect to continue to make progress.

是的。我不認為我可以如此激進地宣布下限，但我也不會稱其為高峰。第一季為 48.4%，這對第一季來說是積極的，但我們確實希望在 48.0% 的基礎上繼續改進。因此，我們的管道中繼續有重大成本項​​目。隨著我們引進新設備並提高現有設備的價值，我們將提高我們的價值定價。因此，我們期望繼續取得進展。

Thank you.

謝謝。

Vivek Arya, Bank of America.

維韋克·阿里亞 (Vivek Arya)，美國銀行。

Thanks for taking my question. On the leading edge, the three big kind of foundries and the IDM among them, one of them is doing extremely well, the other two not as much. So when you say that leading edge is very strong, is it -- is the expectation that the one player that is doing very well continues to stay very strong and the others, even if they fall behind, are still sufficient to kind of give the overall industry strong growth outlook for next year? So I'm just -- I guess, the direct question is, how much have you handicapped this kind of dichotomy in the market where one player is doing extremely well and the other two are not doing as well?

感謝您提出我的問題。領先的是三大代工廠和其中的IDM，其中一家做得非常好，另外兩家則表現不佳。因此，當你說領先優勢非常強大時，是否期望表現出色的一名球員繼續保持強勁，而其他球員即使落後，仍然足以給予領先優勢？所以我只是——我想，直接的問題是，在市場上，你在多大程度上阻礙了這種二分法，即一名球員做得非常好，而其他兩名球員則表現不佳？

Thanks for the question, Vivek. Yeah, the way that we think about forecasting demand long term for the business really starts with the end markets. So our view, if you think about data center, PC, smartphones, all the things that artificial intelligence that drive the leading edge, we think the eventual footprint of capacity will need to match those end market requirements, and it will be sort of independent of which foundries are serving what amount of each -- of that demand.

謝謝你的提問，維維克。是的，我們考慮預測業務長期需求的方式實際上是從終端市場開始的。因此，我們認為，如果你考慮資料中心、個人電腦、智慧型手機以及人工智慧推動領先優勢的所有事物，我們認為容量的最終足跡將需要滿足這些終端市場的需求，並且它將是一種獨立的哪些代工廠正在滿足每種需求的數量。

And so at a high level, we haven't really changed our expectations from the amount of leading-edge capacity that needs to be installed. And so I would say as customers change their schedules and their micro factory forecasts, our forecast really hasn't changed.

因此，在高水準上，我們並沒有真正改變我們對需要安裝的領先產能數量的期望。所以我想說，當客戶改變他們的時間表和他們的微型工廠預測時，我們的預測實際上並沒有改變。

Yeah. Vivek, this is Gary. What I would add is that I've been spending a lot of time with all of these different companies. The really big focus for everybody is improvement in energy-efficient computing. AI is driving a significant amount of growth. Those die sizes are very large. And so when we look forward, not just in '25, but we look over longer term, we see significant growth in leading-edge foundry-logic.

是的。維韋克，這是加里。我要補充的是，我在所有這些不同的公司度過了很多時間。每個人真正關注的焦點是節能計算的改進。人工智慧正在推動顯著的成長。這些晶片尺寸非常大。因此，當我們展望未來時，不僅在 25 年，而且從更長遠的角度來看，我們看到前沿代工邏輯的顯著增長。

And the good thing for Applied is that those improvements in energy-efficient computing are really enabled through architecture changes like gate-all-around or backside power distribution, where in every one of these architecture inflections, you're improving the power efficiency, 20% to 30%.

對於應用材料公司來說，好處是，節能運算方面的改進實際上是透過環柵或背面功率分配等架構變化來實現的，在每一種架構變化中，您都可以提高電源效率，20 % 至30%。

So it's really, really important. One of the customers I was talking to said that every percent of energy efficiency improvement matters. And as we've talked about, we're really well-positioned to gain share as our customers are going through those inflections with new gate-all-around nodes and backside power. So that puts -- that gives us a really great tailwind going forward. And as Brice said, we really look at this from an overall market standpoint, and we're pretty optimistic relative to the growth in leading-edge foundry-logic.

所以這真的非常非常重要。與我交談的一位客戶表示，能源效率的每一個百分點的提高都很重要。正如我們所討論的，我們確實處於有利位置，可以贏得份額，因為我們的客戶正在透過新的全閘極節點和背面電源來經歷這些變化。所以這給我們帶來了巨大的前進動力。正如 Brice 所說，我們確實從整體市場的角度來看待這個問題，並且相對於領先的代工邏輯的成長，我們非常樂觀。

Thanks for that. We'll take the next question.

謝謝你。我們將回答下一個問題。

Atif Malik, Citigroup.

阿蒂夫‧馬利克，花旗集團。

Hi, thank you for taking my question. I have a question for Brice. Brice, I believe on the last earnings call, you talked about China being 20% offshore sales on a normalized basis next year. Is that still your view? And some of your peers have talked about a decline anywhere ranging from mid-teens to down 30% for their China sales. And I know you're not talking about WFE next year. But is that kind of the right decline for China sales for you guys as well between 15% and 30%?

你好，謝謝你回答我的問題。我有一個問題想問布萊斯。 Brice，我相信在上次財報電話會議上，您談到明年中國的海外銷售將正常化 20%。這仍然是你的觀點嗎？一些同行表示，他們在中國的銷售額下降了 10% 到 30% 不等。我知道你不會談論明年的 WFE。但對你們來說，中國銷量下降 15% 到 30% 合適嗎？

Hi, Atif. We have some shaking heads in the room here. We don't recognize -- if I heard you right, we don't recognize the 20%. But I think the last quarter was 32%. Our quarter -- this quarter reported Q4 is 30% for our China as a share of total revenue, and our outlook quarter Q1 is approximately 30% also. So we think that's a normalized rate. It was elevated for a few quarters even up into the mid-40s. And that was because we were shipping that DRAM demand to some specific China customers when it was allowed.

嗨，阿提夫。我們房間裡有些人搖頭。我們不承認──如果我沒聽錯的話，我們不承認那 20%。但我認為上個季度是 32%。我們的季度——本季報告稱，第四季度中國業務佔總收入的比例為 30%，我們對第一季的展望也約為 30%。所以我們認為這是一個標準化的比率。它曾持續幾個季度，甚至一直上升到 40 多歲。這是因為我們在允許的情況下將 DRAM 需求運送給一些特定的中國客戶。

Since then, it's come back down to the 30% range. And as we've highlighted in our outlook, that's consistent with our Q1, and we think that's a -- when we look over the past several years, we think 30% is approximately normal for the company. And that does include all of our businesses. That includes the semi systems, that includes our services business, and our display business, which has significant sales in China.

從那以後，它又回到了 30% 的範圍。正如我們在展望中所強調的那樣，這與我們第一季的情況一致，我們認為，當我們回顧過去幾年時，我們認為 30% 對公司來說大約是正常的。這確實包括我們所有的業務。這包括半系統，其中包括我們的服務業務和我們的顯示器業務，該業務在中國有很大的銷售額。

Thank you for the clarification.

謝謝您的澄清。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Hi, good afternoon. Thank you so much for taking the question. Gary and Brice, I think you both mentioned the concept of value-based pricing a couple of times in your script and how that's driving gross margin. I know this isn't necessarily a new initiatives at Applied, but if you can kind of expand on what you're doing exactly with your customers? Is it primarily tied to your IMS offering or is it broader than that? And which inning are you in as it pertains to you guys essentially trying to capture value? Thank you.

嗨，下午好。非常感謝您提出這個問題。加里和布萊斯，我想你們都在腳本中多次提到了基於價值的定價概念，以及它如何推動毛利率。我知道這不一定是應用材料公司的一項新舉措，但您是否可以擴展您正在為客戶所做的事情？它主要與您的 IMS 產品相關還是比這更廣泛？你們現在處於哪一局，因為這與你們本質上試圖獲取價值有關？謝謝。

Yeah. Thanks, Toshiya. I would say third inning. And the reason I say that is because -- we are -- since we had the COVID events, we had supply chain and we had changes in our cost, we also had to reconcile with that. We've always had value pricing in the company. We've always thought about the value of the tools, but that was a bit of a shock in terms of what the cost levels were coming through the supply chain.

是的。謝謝，俊也。我想說的是第三局。我這麼說的原因是因為——我們——自從我們發生了新冠病毒事件以來，我們有供應鏈，我們的成本也發生了變化，我們也必須與之協調。我們公司一直堅持價值定價。我們一直在考慮工具的價值，但就供應鏈的成本水平而言，這有點令人震驚。

So we really had to stimulate our evaluation of the value being provided for each application and especially those integrated applications that are unique to the company. And so, we're in the process of strengthening our training process and our analytical process and our communications with the customers. And it's -- since the tools that we're providing and the systems we're providing, we do think create more value for the customers. We're making progress in that.

因此，我們確實必須促進對每個應用程式所提供的價值的評估，尤其是那些公司獨有的整合應用程式。因此，我們正在加強我們的培訓過程、分析過程以及與客戶的溝通。由於我們提供的工具和系統，我們確實認為可以為客戶創造更多價值。我們正在這方面取得進展。

Yeah. Toshiya, if I look across all of the different businesses within Applied, I've never been more optimistic regarding the technology pipeline and product pipeline that we have. And our positions around these key inflections that are important for energy-efficient computing. So as you mentioned, the integrated platforms, that's about 30% of our revenue. And that's -- those are absolutely crucial for these technology inflections.

是的。 Toshiya，如果我縱觀應用材料公司內部的所有不同業務，我對我們擁有的技術管道和產品管道從未如此樂觀。我們圍繞著這些對於節能計算非常重要的關鍵變化的立場。正如您所提到的，整合平台約占我們收入的 30%。那就是——這些對於這些技術的轉變絕對至關重要。

But I would say that if I look at foundry-logic or DRAM, where we've gained 10 points of share over the last 10 years, or advanced packaging or even in ICAPS, we have new products in the pipeline that will expand our available market and are incredibly valuable for some of these segments. I think we have a really robust pipeline of capabilities, and that will help us from a value pricing standpoint. So as Brice said, I think we have a lot of room to continue to grow.

但我想說的是，如果我看看代工邏輯或DRAM，在過去10 年裡我們已經獲得了10 個百分點的份額，或者是先進封裝，甚至是ICAPS，我們正在開發新產品，這些產品將擴大我們的可用範圍市場，並且對於其中一些細分市場具有難以置信的價值。我認為我們擁有非常強大的能力管道，從價值定價的角度來看，這將有助於我們。正如布萊斯所說，我認為我們還有很大的空間可以繼續成長。

Great, thank you.

太好了，謝謝。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot. Brice, you gave a number just now. You said that advanced node revenue is going to double. You said it was $2.5 billion, I think, this year. And you said it's going to double next year. Not all of that's going to be incremental, though, because some is going to cannibalize, I would think N3, N4, N5. So do you have a sense of how much of that would be incremental? I mean, I'm sure that some of it is, but do you have a sense of how much of it would be?

多謝。布萊斯，你剛才給了一個號碼。你說先進節點的收入將會翻倍。我想，你說今年是 25 億美元。你說明年會翻倍。不過，並非所有這些都會是增量的，因為有些會被蠶食，我認為是 N3、N4、N5。那麼您知道其中會增加多少嗎？我的意思是，我確信其中有一些，但是你知道其中有多少嗎？

Thanks, Tim. So yeah, this approximate doubling has to do with our shipments to the gate-all-around nodes across the industry. And what we've said is in the fiscal '24, we shipped approximately $2.5 billion of equipment to gate-all-around nodes, and we expect that to approximately double next year. And if I think about it, we've also described the increment for gate-all-around for us is approximately $1 billion, raising what was a $6 billion investment for 100,000 wafer starts of capacity, wafer starts per month to $7 billion. So the increment would be about one-sixth if you're thinking about it from that perspective.

謝謝，蒂姆。所以，是的，這種大約翻倍的情況與我們向整個產業的全柵節點的出貨量有關。我們已經說過，在 24 財年，我們向全環節點運送了約 25 億美元的設備，我們預計明年這一數字將增加一倍左右。如果我考慮一下，我們還描述了我們的環柵增量約為 10 億美元，將 100,000 片晶圓產能（每月晶圓產能）的 60 億美元投資提高到 70 億美元。因此，如果您從這個角度考慮，增量約為六分之一。

And then I think most of our shipments at this point are the -- in the leading-edge logic are towards gate-all-around nodes. So most of that is replacing revenue that was at prior nodes in the past.

然後我認為我們目前的大部分出貨量都是——在前沿邏輯中，都是面向環柵節點。因此，其中大部分正在取代過去先前節點的收入。

Very helpful. Thank you, Brice. And then, Gary, I know you talked about $1 trillion in semiconductor revenue that's this much value longer-term number. But my question is, how much WFE spending do you think has to be spent to support that much revenue? And really, it kind of gets to what the longer-term WFE intensity is, which used to be 13.5% before COVID and it got to like 17% in 2023, but it's been coming down since then as China has come down. So how do you think about like for $1 trillion worth of semiconductor revenue? How much WFE do you think the industry has to spend to support that? I don't know, Brice, if you want to answer that or Gary.

非常有幫助。謝謝你，布萊斯。然後，加里，我知道您談到了 1 兆美元的半導體收入，這是一個非常有價值的長期數字。但我的問題是，您認為需要花費多少 WFE 支出才能支撐這麼多收入？實際上，這有點接近長期 WFE 強度，在新冠疫情之前，該強度曾經是 13.5%，到 2023 年約為 17%，但從那時起，隨著中國經濟的下滑，該強度一直在下降。那麼您如何看待價值 1 兆美元的半導體收入？您認為該行業需要花費多少 WFE 來支持這一目標？我不知道，布萊斯，你想回答這個問題還是加里。

Yeah, I can jump in on that because we have seen elevated intensity this -- the WFE investment, the equipment investment over semiconductor revenues. So we've seen that intensity increase, largely on that significant ramp in China over the past couple of years as China ramped up capacity. So we do expect it to decrease a little bit over time as we look forward in the forecast. But we're comfortable at this point that it should stay in the mid-teens, somewhere in the mid-teens as a metric.

是的，我可以介入這一點，因為我們已經看到了這種強度的提高——WFE 投資、設備投資超過了半導體收入。因此，我們看到這種強度的增加，主要是由於過去幾年中國產能的大幅增加。因此，正如我們在預測中所期望的那樣，我們確實預計它會隨著時間的推移而略有下降。但我們目前認為它應該保持在十幾歲左右，作為一個指標，在十幾歲左右的某個地方。

Yeah. Tim, the other thing I would add is that we're very deeply engaged with all of our customers. I would say more so than ever, this concept of high-velocity co-innovation where we're co-innovating with our customers a decade out over multiple technology nodes has never been stronger with all of our innovative technologies, our device integration teams, really deep partnerships with customers. And what we see going forward besides overall capital intensity is increasing intensity in materials engineering and the technologies from Applied Materials. So I think, again, we have very, very deep visibility across all of these different market segments, and that will put us in a good position.

是的。提姆，我要補充的另一件事是，我們與所有客戶都非常深入地互動。我想說的是，這種高速聯合創新的概念比以往任何時候都更加強大，我們與客戶在多個技術節點上共同創新十年，我們所有的創新技術、我們的設備整合團隊、與客戶建立真正深厚的合作關係。除了整體資本密集度之外，我們看到未來材料工程和應用材料公司技術的強度也會不斷增加。因此，我再次認為，我們對所有這些不同的細分市場都有非常非常深入的了解，這將使我們處於有利的地位。

Thank you, both.

謝謝你們，兩位。

Krish Sankar, TD Cowen.

克里斯·桑卡，TD·考恩。

Yeah, hi. Thanks for taking my question. Gary or Brice, I just wanted to follow up again on the value-based pricing argument. Is part of it driven by some of these technologies like gate all around where it's really difficult to do some of the vertical steps and therefore, there's a lot more value added to it? The reason I'm asking is, once we get pass gate all around, go to backside power delivery or even 6F squared DRAM, does that intensity come down? In other words, gate all around so difficult to do, the next steps might not be as critical. I'm just kind of curious to think -- how to think about this value pricing and whether it was a gate all around specific thing?

是的，嗨。感謝您提出我的問題。加里或布里斯，我只是想再次跟進基於價值的定價論點。它的一部分是由一些技術驅動的，例如周圍的門，很難做一些垂直步驟，因此，它有更多的附加價值？我問的原因是，一旦我們全面通過門，進入背面供電甚至6F平方DRAM，強度會下降嗎？換句話說，周圍的門很難做到，接下來的步驟可能沒那麼關鍵。我只是有點好奇——如何思考這種價值定價以及它是否是圍繞特定事物的大門？

Hi, Krish. This is Gary. Thanks for the question. So I would say that the entire industry is focused on energy-efficient computing. And we've heard some of the system companies talking about 100x improvements in five years or 10,000 times improvements in 15 years. It's really hard to accomplish those types of improvements.

嗨，克里什。這是加里.謝謝你的提問。所以我想說，整個產業都在關注節能計算。我們聽到一些系統公司談論五年內改善 100 倍或 15 年內改善 10,000 倍。實現這些類型的改進確實很難。

And the value why do these companies go to the most advanced nodes, they go there, even though those wafers are more expensive because one CEO was telling me even 1% improvement in energy-efficient computing is worth a lot. So when you think about all of these different nodes, yes, gate all around is difficult. Backside power is difficult. 4F squared and 3D DRAM are difficult. All of these areas are very, very challenging. And we have unique capability with our integrated platforms.

為什麼這些公司會選擇最先進的節點，他們會去那裡，即使這些晶圓更貴，因為一位執行長告訴我，即使能源效率計算提高 1% 也很有價值。因此，當您考慮所有這些不同的節點時，是的，周圍的門都很困難。背面供電很難。 4F平方和3D DRAM很難。所有這些領域都非常非常具有挑戰性。我們的整合平台擁有獨特的能力。

We have one platform with multiple technologies that enables a 50% improvement in resistance. And obviously, that's really critical for energy-efficient computing. So I don't think this is a one-shot thing with the first generation of gate all around. All of these things, I think, are critical for customers, and Applied is extremely well-positioned.

我們擁有一個採用多種技術的平台，可將阻力提高 50%。顯然，這對於節能計算來說確實至關重要。所以我不認為這對第一代的gate來說是一次性的。我認為，所有這些對客戶來說都至關重要，而應用材料公司的定位非常有利。

Thanks, Gary. Very helpful.

謝謝，加里。非常有幫助。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon. Thanks for taking my question. On the team's services business, strong performance -- sorry, [21] consecutive quarters of year-over-year growth, and that trend clearly looks to sustain going into an improving semiconductor demand environment next year. Additionally, you guys have driven a much more annuity-like recurring and attractive revenue profile. However, operating margins are still about 100 basis points below the 31% level that you drove for five, six consecutive quarters in fiscal '21 and '22 timeframe and that was at a lower revenue base.

午安.感謝您提出我的問題。在團隊的服務業務方面，表現強勁——抱歉，[21]連續幾個季度同比增長，而且這種趨勢顯然會在明年半導體需求環境改善的情況下持續下去。此外，你們也推動了更像年金的經常性和有吸引力的收入狀況。然而，營業利潤率仍比 21 財年和 22 財年連續五個、六個季度的 31% 水準低 100 個基點左右，而且收入基礎較低。

And then maybe about 200, 300 basis points below your prior long-term targets for low-30s percent operating profitability and revenue targets that were also lower. So what's been responsible for the lower operating margin expansion? Is there still line of sight to getting into the low 30% range on continued AGS growth or is there something sort of structurally that has changed?

然後，可能比您之前的長期目標低約 200、300 個基點，營業利潤率和收入目標也較低，只有 30% 左右。那麼營業利益率擴張下降的原因是什麼呢？ AGS 持續成長是否仍有望進入 30% 的低水平，或者是否存在某種結構性變化？

Yeah. Harlan, thanks for the question. There is something structurally that's changed. We have begun allocating more of our corporate expenses and our central expenses that are supporting each of our segments during this year, and that was accountable for a portion of the reduction in operating profit there.

是的。哈倫，謝謝你的提問。結構上有些東西改變了。我們已經開始分配更多的公司費用和中央費用，這些費用是今年支持我們每個部門的費用，這也是部分營業利潤減少的原因。

So I think you see us improving our operating profit for that business over the last eight quarters generally. And I think the expectation is we'll continue to be able to make improvements even with those allocations -- that allocation increase that we made.

因此，我認為您會看到我們在過去八個季度中總體上提高了該業務的營業利潤。我認為我們的期望是，即使有了這些分配，我們也將繼續能夠做出改進——我們增加了分配。

Yeah, Harlan. You also -- there's tremendous pull as customers are going through these inflections in all of these different markets to accelerate time to market for those innovations. And then transferring technology, first time right, faster technology transfer and then ramp into high-volume manufacturing, those are big opportunities. We're also driving tremendous innovation in our services.

是的，哈倫。當客戶在所有這些不同的市場中經歷這些變化時，也會產生巨大的吸引力，以加快這些創新的上市時間。然後轉移技術，第一次正確，更快的技術轉移，然後進入大批量製造，這些都是巨大的機會。我們也推動服務的巨大創新。

I've been meeting with a lot of the different customers here over the next quarter, there's real traction for many of these service innovations. So that will continue to drive the value we create for our customers and drive our margins higher in the future.

下個季度我在這裡會見了許多不同的客戶，其中許多服務創新都具有真正的吸引力。因此，這將繼續推動我們為客戶創造價值，並在未來提高我們的利潤率。

No, I appreciate that. And maybe just a quick follow-up. So as you guys focus on more value capture, especially with your integrated solutions. Gary, you spent a lot of time talking about sort of new technology enablement with these integrated systems. Do your customers also get the additional benefit in terms of better operational and manufacturability dynamics? I mean, I can imagine with an integrated system, you eliminate a lot of the wafer transport -- transfer activities, which ultimately increases process module throughput, increase in cycle time. You also potentially get smaller tool footprint, right? Is this an accurate assessment and any way to kind of quantify some of these operational benefits with your integrated systems?

不，我很欣賞這一點。也許只是快速跟進。因此，當你們專注於獲取更多價值時，尤其是整合解決方案。加里，您花了很多時間談論這些整合系統的新技術支援。您的客戶是否也能在更好的營運和可製造性方面獲得額外的好處？我的意思是，我可以想像，透過整合系統，您可以消除大量晶圓運輸-轉移活動，這最終會增加製程模組的吞吐量，增加週期時間。您還可能獲得更小的工具佔用空間，對嗎？這是一個準確的評估嗎？

Yeah. Thanks for the question. So we're always focused on improvements in energy-efficient computing and all of these different architectures, but there is also a huge focus in cost innovation. And cost innovation when we're combining these different technologies together is one aspect, but the other thing is really helping our customers optimize these new device architecture. So when we're in these technology discussions with a number of different companies, there are cases where we can simplify processes that really enable them to drive lower costs.

是的。謝謝你的提問。因此，我們始終專注於節能運算和所有這些不同架構的改進，但也非常關注成本創新。當我們將這些不同的技術結合在一起時，成本創新是一方面，但另一方面是真正幫助我們的客戶優化這些新設備架構。因此，當我們與許多不同的公司進行這些技術討論時，在某些情況下我們可以簡化流程，真正使他們能夠降低成本。

Another example is with our pattern shaping technology that we've talked about, where our customers can reduce the number of EUV steps. So there are a number of those kinds of opportunities. And then getting back to services, again, I was with one of our biggest customers here recently, and we were talking about service innovation that can drive their overall operating costs lower. So there are -- this is also a really big focus, and I think an opportunity both for our systems business and our service business.

另一個例子是我們已經討論過的圖案成形技術，我們的客戶可以減少 EUV 步驟的數量。因此，這樣的機會有很多。然後回到服務，我最近和我們最大的客戶之一在一起，我們談論的是可以降低他們整體營運成本的服務創新。所以，這也是一個非常重要的焦點，我認為這對我們的系統業務和服務業務來說都是一個機會。

Thank you, Gary.

謝謝你，加里。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Hey, thanks for taking the question. You mentioned in the prepared remarks that you were seeing DRAM customers accelerate capacity plans, especially for HBM. I think most people expect HBM to continue to be strong spending. But are you seeing customers look to add capacity for conventional DRAM? I just want to make sure I understand that comment right? And then how do we think about just the growth that you talked about sequentially from memory into the January quarter?

嘿，謝謝你提出問題。您在準備好的演講中提到，您看到 DRAM 客戶加快了產能計劃，尤其是 HBM。我認為大多數人預計 HBM 的支出將繼續強勁。但您是否看到客戶希望增加傳統 DRAM 的容量？我只是想確保我理解該評論對嗎？那麼我們如何看待您從記憶中連續談到的一月份季度的成長？

Hi, Joe. We do see customers adding capacity in DRAM in total, more wafer start capacity. I actually haven't calculated how much of that was driven by HBM. What we would say is about 10% of DRAM wafers right now are allocated towards HBM production, high-bandwidth memory. And the high-bandwidth memory demand is growing at about a 30% rate.

嗨，喬。我們確實看到客戶增加了 DRAM 的總產能，以及更多的晶圓啟動產能。我實際上還沒有計算出其中有多少是由 HBM 驅動的。我們想說的是，目前大約 10% 的 DRAM 晶圓被分配給 HBM 生產、高頻寬記憶體。高頻寬記憶體需求正以30%左右的速度成長。

So we do see more capacity allocated each quarter to high-bandwidth memory, and we do see the growth rate there very high. My sense is that doesn't equate to exactly what's being added in the overall capacity footprint. But anyway, we do see capacity increases in the DRAM customers. And we do see that market continue to be fairly strong.

因此，我們確實看到每個季度都有更多容量分配給高頻寬內存，而且我們確實看到那裡的增長率非常高。我的感覺是，這並不完全等於整體容量足跡中所添加的內容。但無論如何，我們確實看到 DRAM 客戶的產能有所增加。我們確實看到市場持續相當強勁。

Srini Pajjuri, Raymond James.

斯里尼·帕朱里，雷蒙德·詹姆斯。

Thank you. I have a follow-up to the previous question, Brice. If I look at your DRAM, obviously, very strong in fiscal '24. I think you said 60%-plus growth. And you kind of quantified the HBM at $700 million roughly. I think that's roughly about 20 points of growth. So as I look out to the next, I guess, fiscal year, I'm just trying to understand how to think about overall DRAM growth because HBM will obviously grow. And I believe there is some China in the last 12 months, that's probably declining or already declined. So all in, do you expect, I guess, DRAM to grow next year or do you think it's going to be a challenge? Thank you.

謝謝。我對上一個問題有一個後續，布萊斯。如果我看看你們的 DRAM，顯然在 24 財年非常強勁。我想你說的是 60% 以上的成長。您將 HBM 量化為大約 7 億美元。我認為這大約是 20 個百分點的增長。因此，當我展望下一個財年時，我想，我只是想了解如何考慮 DRAM 的整體成長，因為 HBM 顯然會成長。我相信在過去 12 個月裡，中國的某些方面可能正在下降或已經下降。總而言之，我猜您預計 DRAM 明年會成長還是您認為這將是一個挑戰？謝謝。

Yeah. So a couple of comments there. Long term, we've talked about the $1 trillion market. And our view that -- $1 trillion semiconductor market in our view that capacity will be continued to be added across the ecosystem on the wafer side to support that. I think we've articulated in the past that for WFE, we expect about two-thirds to be foundry-logic and one-third to be memory. We haven't gotten specific about what the share is for DRAM. But right now, today, in our Q4 and our Q1 guide, we're seeing a strong DRAM market, and that's a continuation. And we talked about the pull of high-bandwidth memory from the artificial intelligence usage models. So I think it's fair that we expect capacity to be added over time, and we're not making a call on '25, but those are the dynamics.

是的。所以有一些評論。從長遠來看，我們談到了1兆美元的市場。我們認為，1兆美元的半導體市場將繼續增加晶圓生態系統的產能以支持這個市場。我想我們過去已經明確表示，對於 WFE，我們預期大約三分之二是代工邏輯，三分之一是記憶體。我們還沒有具體了解 DRAM 的份額是多少。但現在，今天，在我們的第四季和第一季指南中，我們看到了強勁的 DRAM 市場，而且這是一個延續。我們討論了人工智慧使用模型對高頻寬記憶體的拉動。因此，我認為我們預計容量會隨著時間的推移而增加，而且我們不會在 25 年做出決定，但這些都是動態。

Got it. And then maybe another quick one on NAND. I know you guys have been fairly cautious on WFE spending when it comes to NAND. But there is definitely some optimism about tech transitions and in particular, in [Mali-B] transition. So just want to hear your thoughts about how you're thinking about NAND for next year in terms of tech transitions and the opportunity for you guys?

知道了。然後也許是另一篇有關 NAND 的快速文章。我知道你們在 NAND 方面對 WFE 支出相當謹慎。但對於技術轉型，特別是在[Mali-B]轉型中，肯定存在一些樂觀情緒。所以只是想聽聽你們對明年 NAND 在技術轉型和機會方面的看法？

Yeah. From a macro perspective, similar to the comments on DRAM, we do see a little bit of growth in NAND in our Q1 outlook. And the dynamic is slightly different at the macro level for NAND and DRAM. On the DRAM side, we do see added capacity, more wafer starts across the ecosystem.

是的。從宏觀角度來看，與對 DRAM 的評論類似，我們在第一季的展望中確實看到了 NAND 的一點成長。 NAND 和 DRAM 的動態在宏觀層面略有不同。在 DRAM 方面，我們確實看到了整個生態系產能的增加和更多晶圓的啟動。

On the NAND, we haven't seen that because I think the bit rate density, so the actual shrink rate of the NAND technologies has been so impressive and so high that it's actually delivered the amount of bits that are in the demand profile.

在NAND 上，我們還沒有看到這一點，因為我認為比特率密度，所以NAND 技術的實際收縮率是如此令人印象深刻，而且如此之高，以至於它實際上提供了需求曲線中的比特量。

And so there hasn't been new wafer starts needed on the NAND side. So most of that has been an upgrade market. So that dynamic is slightly different. But in any case, we see a little bit of an uptick in the NAND in our outlook for Q1.

因此 NAND 方面不需要新的晶圓生產。所以大部分是升級市場。所以這種動態略有不同。但無論如何，我們在第一季的展望中看到 NAND 略有上升。

Thank you.

謝謝。

Brian Chin, Stifel.

布萊恩·欽，斯蒂菲爾。

Hi there, appreciate the time this afternoon. It sounds like you still view 30% as a normalized level of China sales. But of course, it did go higher than normalized into the 40s in recent quarters. So I was curious, is it reasonable that China could go below 30% in '25 if areas like leading-edge foundry or DRAM improve and ICAPS remains more stable plus or minus?

你好，感謝今天下午的時間。聽起來您仍然認為 30% 是中國銷售額的正常水平。但當然，最近幾季它確實高於正常水平，達到了 40 多歲。所以我很好奇，如果尖端代工或 DRAM 等領域有所改善並且 ICAPS 保持更穩定的正負值，那麼中國在 25 年的增長率可能會低於 30%，這是否合理？

Thanks for the question, Brian. I think that most of the variability for us will be based on the health of the ICAPS in China. That's the vast majority of our business right now. We have served most of the DRAM and NAND business that we can serve, and we can't serve leading edge in China. So most of the -- the vast majority of the business is ICAPS, and it will just depend on how that ICAPS market evolves.

謝謝你的提問，布萊恩。我認為我們的大部分變化將取決於中國 ICAPS 的健康狀況。這是我們目前的絕大多數業務。我們已經服務了大部分能服務的DRAM和NAND業務，無法服務中國的領先優勢。因此，絕大多數業務都是 ICAPS，這將取決於 ICAPS 市場如何發展。

Earlier, I shared that there's a couple of signals that say the rate of investment might be slower. Those are higher inventory positions and slow end markets that are automotive, industrial image sensors, and analog are markets that are slower. But having said that, our Q4 and Q1 outlook is still strong for ICAPS across the world. And so we'll just have to see how that matures. We do expect customers to continue to add capacity over the medium term.

早些時候，我曾分享過一些訊號表明投資速度可能會放緩。這些是較高的庫存狀況和緩慢的終端市場，即汽車、工業影像感測器和模擬市場，這些市場的發展速度較慢。但話雖如此，我們對全球 ICAPS 的第四季和第一季前景仍然強勁。所以我們只需要看看它如何成熟。我們確實希望客戶在中期內繼續增加產能。

All right, thank you. Maybe if I could just ask a little bit of a longer-term question here. ASML earlier today was upbeat on its outlook for AI-driven DRAM spending overall. They also talked about lithography intensity increasing for DRAM toward decade end. This seems to differ, I guess, a little bit from your prior messaging around the potential timing and introduction of technologies like vertical transistor DRAM and even 3D DRAM. Can you maybe compare and contrast where the differences here might arise?

好的，謝謝。也許我可以在這裡問一些更長期的問題。今天早些時候，ASML 對 AI 驅動的 DRAM 整體支出前景持樂觀態度。他們還談到了 DRAM 的光刻強度在接近十年末時會增加。我想，這似乎與您之前關於垂直晶體管 DRAM 甚至 3D DRAM 等技術的潛在時機和引入的消息略有不同。您能否比較和對比這裡可能出現差異的地方？

I'll say one thing, and then Gary will help here. I think my view is it's complementary, very complementary. So as there's more business and more demand on the litho side of the equation that, of course, requires more equipment to do the actual materials. So Gary has a comment.

我會說一件事，然後加里會幫忙。我認為我的觀點是它是互補的，非常互補。因此，隨著光刻方面的業務越來越多，需求也越來越多，當然需要更多的設備來製作實際材料。加里有一個評論。

Yeah. We're deeply engaged with all of the memory companies on their DRAM road maps. So relative to the vertical channel transistor, also known as 4F squared, I think that's where everybody is focused in the near term. We believe that inflection will be more materials engineering intensive. And again, we're really deeply engaged on the key technologies that will enable that architecture inflection. And I would say that everyone is also focused on 3D DRAM, and that one is further out in time, and that is significantly more materials engineering intensive.

是的。我們與所有記憶體公司就其 DRAM 路線圖進行了深入接觸。因此，相對於垂直通道電晶體（也稱為 4F 平方），我認為這是每個人近期關注的焦點。我們相信，材料工程的變化將更加密集。再說一遍，我們確實深入研究了能夠實現架構轉變的關鍵技術。我想說的是，每個人都在關注 3D DRAM，而且時間上更遙遠，而且材料工程密集程度明顯更高。

So again, I can't really comment on what other people are seeing, but I would say that we're deeply engaged with all of those different companies. On those architectures, we're working with their integration teams, their device teams, and we have high confidence that materials engineering intensity will increase with those inflections.

再說一次，我無法真正評論其他人所看到的內容，但我想說我們與所有這些不同的公司都有深入的合作。在這些架構上，我們正​​在與他們的整合團隊、設備團隊合作，我們非常有信心材料工程強度將隨著這些變化而增加。

All right, thank you.

好的，謝謝。

Joseph Moore, Morgan Stanley.

約瑟夫‧摩爾，摩根士丹利。

Great, thank you. I wanted to follow up the strength in ICAPS. You sort of said there's weakness in automotive, industrial, analog, and image sensors. That's a lot of the trailing edge category. So I'm wondering what does that leave that's doing well? And does that sort of imply that it's geopolitically-related spending? Is there just what aspect of it is that's still strong?

太好了，謝謝。我想跟進ICAPS的實力。您曾說過汽車、工業、類比和影像感測器存在弱點。這是很多後緣類別。所以我想知道這還剩下什麼表現良好？這是否意味著它是與地緣政治相關的支出？它到底有哪些面向仍然強大？

Yeah. Thanks, Joe. I think power -- some of the power-related components and I think some of the microcontrollers are stronger than those markets. Those are two that I recall from the discussions. So I think what we see across ICAPS is, it's continued to be fairly strong. It wasn't quite as high in our Q4 '24 as in our Q4 '23, but still a very strong market. So we'll just have to watch how this evolves.

是的。謝謝，喬。我認為電源供應器——一些與電源相關的組件和一些微控制器比這些市場更強大。這是我在討論中記得的兩個。所以我認為我們在 ICAPS 中看到的是，它仍然相當強勁。我們 24 年第 4 季的銷售額沒有 23 年第 4 季那麼高，但仍然是一個非常強勁的市場。所以我們只需要觀察事態的發展。

Our perspective is that customers will continue to add capacity as the underlying market continues to grow towards this $1 trillion 2030 semiconductor market. But utilizations right now are a little bit lower than the ideal utilization level. So we do think there could be some slowing of investment as we go through this year.

我們的觀點是，隨著基礎市場繼續向 2030 年價值 1 兆美元的半導體市場發展，客戶將繼續增加產能。但目前的利用率略低於理想的利用率水準。因此，我們確實認為今年投資可能會放緩。

Thanks, Joe. We have time for one last question.

謝謝，喬。我們還有時間回答最後一個問題。

Vijay Rakesh, Mizuho.

維傑·拉克什，瑞穗。

Yeah, hi. Just a quick question on the China side. Gary and Brice, when you look at the China revenues, do you expect it to kind of hold at these levels going through calendar '25?

是的，嗨。我想簡單問一下中方的問題。 Gary 和 Brice，當您查看中國的收入時，您是否預計在 25 年期間會保持在這些水平？

Thanks, Vijay. We -- in our Q1 guide, we are highlighting that it is also approximately 30%. So looking historically, that's been the number that we're -- that we've seen historically. And I'll just say that the market for us, I highlighted a few minutes ago, we're not serving much DRAM or NAND and no leading edge at this point. It's mostly the ICAPS business. And so, the fact that it's been restricted to the ICAPS business at this point, it will really change over time with the strength of that particular end market. We do expect that to grow over time. We'll have to see how '25 shakes out as the market matures.

謝謝，維傑。我們在第一季指南中強調，這一比例也約為 30%。所以從歷史上看，這就是我們歷史上看到的數字。我只想說，對於我們的市場，我幾分鐘前強調過，我們沒有提供太多 DRAM 或 NAND，目前也沒有領先優勢。主要是 ICAPS 業務。因此，事實上，目前它僅限於 ICAPS 業務，隨著時間的推移，隨著特定終端市場的實力，它確實會發生變化。我們確實預計這一數字會隨著時間的推移而增長。隨著市場的成熟，我們將不得不看看 25 年將如何發展。

Thanks for the question.

謝謝你的提問。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Brice for any further remarks.

今天節目的問答環節到此結束。我想將程式交還給布萊斯以供進一步評論。

Thank you, operator. I'm pleased with the strong performance we delivered in Q4 and for our fiscal year. We're in a strong position with an industry-leading portfolio of products and services and poised to uniquely benefit from the secular megatrends driving technology demand.

謝謝你，接線生。我對我們在第四季和本財年取得的強勁業績感到滿意。我們擁有業界領先的產品和服務組合，處於有利地位，並準備好從推動技術需求的長期大趨勢中受益。

Thank you for joining today's call. And Liz, please close the call.

感謝您參加今天的電話會議。麗茲，請結束通話。

Thank you, Brice, and thanks to everyone for joining the call today. A replay of today's call will be available on the Investor Relations website by 5:00 PM Pacific Time today. Thank you for your continued interest in Applied Materials.

謝謝你，布萊斯，也謝謝大家今天加入電話會議。今天的電話會議重播將於太平洋時間今天下午 5:00 之前在投資者關係網站上提供。感謝您對應用材料公司的持續關注。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。