應用材料 (AMAT) 2021 Q3 法說會逐字稿

Welcome to the Applied Materials Earnings Conference Call.

歡迎參加應用程式材料公司收益電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想將會議轉交給公司副總裁 Michael Sullivan。

Please go ahead, sir.

請繼續，先生。

Good afternoon, everyone, and thank you for joining Applied's Third Quarter of Fiscal 2021 Earnings Call.

大家下午好，感謝您參加應用材料公司 2021 財年第三季財報電話會議。

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

與我一起的還有我們的總裁兼執行長 Gary Dickerson；和我們的財務長 Dan Durn。

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.

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。

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

有關風險和不確定性的資訊包含在應用程式材料公司最近向 SEC 提交的 10-Q 表格和 8-K 表格文件中。

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

今天的電話會議還包括非公認會計準則財務指標。

Reconciliations to GAAP measures are 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.

GAAP 衡量標準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，這些資料可在我們網站 Appliedmaterials.com 的 IR 頁面上找到。

Before we begin, I have some calendar announcements.

在我們開始之前，我有一些日曆公告。

On the 8th of September at 9 a.m.

9月8日上午9點

Pacific Time, we plan to host the third event in our masterclass series, this time focusing on the ICAPS markets and also on heterogeneous design and advanced packaging.

太平洋時間，我們計劃舉辦大師班系列的第三次活動，這次的重點是 ICAPS 市場以及異質設計和先進封裝。

Then, on the 18th of October, also at 9 a.m.

然後，10 月 18 日，也是上午 9 點。

Pacific Time, we plan to hold our fourth masterclass.

太平洋時間，我們計劃舉辦第四次大師班。

We'll focus on process control and process optimization, including AIx platform technologies like e-beam and AI.

我們將重點關注製程控制和製程優化，包括電子束和人工智慧等 AIx 平台技術。

We hope you'll join us.

我們希望您能加入我們。

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

現在我想把電話轉給加里·迪克森。

Thank you, Mike.

謝謝你，麥克。

In our third quarter of 2021, Applied Materials again delivered record performance capitalizing on strong, broad-based demand for our semiconductor products and services while navigating a challenging supply environment.

2021 年第三季度，應用材料公司憑藉對我們半導體產品和服務的強勁、廣泛的需求，同時應對充滿挑戰的供應環境，再次創造了創紀錄的業績。

Over the past 18 months, the pandemic has accelerated the digital transformation of the economy and adoption of advanced technology creating a permanent, structural shift for the industry.

在過去 18 個月中，疫情加速了經濟的數位轉型和先進技術的採用，為產業帶來了永久性的結構性轉變。

At the same time, COVID-19 has disrupted global supply chains and logistics, a transitory challenge we'll continue navigating over the coming quarters.

同時，COVID-19 擾亂了全球供應鏈和物流，這是我們將在未來幾季繼續應對的暫時挑戰。

Across the company, I want to thank our teams for doing an incredible job to successfully overcome these near-term disruptions, provide outstanding support to customers and keep our R&D road map on track.

在整個公司，我要感謝我們的團隊所做的出色工作，成功克服了這些近期的干擾，為客戶提供了出色的支持，並使我們的研發路線圖保持在正軌上。

In today's call, I'll focus on 3 main topics: first, I'll provide our perspective on the market, starting with our near-term outlook and then recapping our longer-term thesis; second, I'll summarize the 3 pillars of Applied's growth strategy; and third, I'll explain how Applied is outperforming our markets today and is well positioned to play an even bigger, broader and more valuable role in the future.

在今天的電話會議中，我將重點討論 3 個主要主題：首先，我將提供我們對市場的看法，從我們的近期前景開始，然後回顧我們的長期論點；其次，我將總結應用材料公司成長策略的三大支柱；第三，我將解釋應用材料公司如何超越當今市場，並在未來發揮更大、更廣泛和更有價值的作用。

I'll begin with our near-term outlook.

我將從我們的近期展望開始。

Overall, there is no significant changes to our view of the market.

整體而言，我們對市場的看法並沒有重大變化。

Demand is strong and sustainable, with customers making strategic investments to address long-term secular trends.

需求強勁且可持續，客戶進行策略性投資以因應長期趨勢。

In 2021, foundry/logic is the fastest-growing wafer fab equipment market, and we believe it will represent more than 55% of total customer investment for the year.

2021年，代工/邏輯是成長最快的晶圓廠設備市場，我們相信它將佔當年客戶總投資的55%以上。

This spending is split relatively evenly between leading edge, the 3 most advanced nodes in foundry and logic, and technologies for IoT, communications, automotive, power electronics and sensor applications or what we call ICAPS.

這筆支出在前沿、代工和邏輯領域最先進的 3 個節點以及物聯網、通訊、汽車、電力電子和感測器應用或我們所說的 ICAPS 技術之間相對平均地分配。

We expect DRAM spending to be the second fastest-growing WFE market this year, and we see a positive setup for sustained investment in capacity and new technology.

我們預計 DRAM 支出將成為今年成長第二快的 WFE 市場，並且我們看到了產能和新技術持續投資的積極基礎。

Supply-side inventories remain below normal levels and long-term demand drivers are strong, fueled by memory-intensive AI computing.

供應方庫存仍低於正常水平，在記憶體密集型人工智慧運算的推動下，長期需求驅動力強勁。

On an absolute basis, we expect NAND investments to be similar to DRAM for the year.

從絕對值來看，我們預計今年 NAND 投資將與 DRAM 類似。

We believe NAND inventories are at normal levels, both on the supply-side and demand-side.

我們認為 NAND 庫存處於正常水平，無論是供應方還是需求方。

Looking further ahead, I strongly believe there has never been a more exciting time for semiconductor companies.

展望未來，我堅信對半導體公司來說，這是前所未有的令人興奮的時刻。

We are only at the beginning of decade-long trends that will underpin secular industry growth.

我們正處於長達十年的趨勢的開始，這一趨勢將支撐行業的長期成長。

As I've said before, digital transformation is built on silicon and broadens the drivers for semiconductor innovation.

正如我之前所說，數位轉型建立在矽的基礎上，並擴大了半導體創新的驅動力。

Demand for semiconductors is no longer about 1 or 2 killer applications, but rather an expansive structural shift in the economy towards digitization and automation.

對半導體的需求不再是一兩個殺手級應用，而是經濟向數位化和自動化的廣泛結構轉變。

Smart and connected devices at the edge not only consume more silicon, they are driving exponential growth in machine-generated data.

邊緣的智慧互聯設備不僅消耗更多的矽，而且正在推動機器產生的資料呈指數級增長。

To make sense and create value from the vast volumes of data available, new AI computing approaches are needed, fueling further demand for current and next-generation semiconductors.

為了理解大量可用數據並創造價值，需要新的人工智慧運算方法，進一步推動對當前和下一代半導體的需求。

While global consumption of silicon is accelerating, adoption rates of new technology vary considerably by region.

雖然全球矽的消耗量正在加速，但新技術的採用率因地區而異。

As we showed at our investor meeting, we estimate that by 2025, China will have only reached the same levels of silicon spend per capita the U.S. saw in 2015.

正如我們在投資者會議上所展示的那樣，我們估計到 2025 年，中國的人均矽支出將僅達到美國 2015 年的水平。

And India trails China by another 8 to 10 years.

印度又落後中國8到10年。

Since the impact of digital transformation is so wide-reaching, national governments are increasingly recognizing the strategic importance of semiconductors.

由於數位轉型的影響如此廣泛，各國政府越來越認識到半導體的戰略重要性。

As government incentives become available in the U.S., Asia and Europe, they can provide multiyear support as the industry moves from lean and just-in-time supply chains to more resilient, flexible and secure approaches, including regionally distributed capacity.

隨著美國、亞洲和歐洲政府推出激勵措施，隨著產業從精益和準時供應鏈轉向更具彈性、靈活和安全的方法（包括區域分佈的產能），它們可以提供多年的支援。

However, putting the right manufacturing infrastructure in place is only one piece of the puzzle.

然而，建立正確的製造基礎設施只是難題的一小部分。

Investment in innovation infrastructure to lead in the development and commercialization of next-generation technologies is even more critical to winning the future.

投資創新基礎設施以引領下一代技術的開發和商業化對於贏得未來更為關鍵。

Early access to superior semiconductor technologies, or what I refer to as winning the PPACt race, will determine the countries and companies that thrive and those that won't.

儘早獲得卓越的半導體技術，或者我所說的贏得 PPACt 競賽，將決定哪些國家和公司能夠蓬勃發展，哪些不會蓬勃發展。

At Applied, we have a strong point of view that the industry's future will not be like the past, and we've aligned our strategy and investments accordingly.

在應用材料公司，我們堅信該行業的未來不會像過去那樣，因此我們相應地調整了我們的策略和投資。

Our strategy has 3 pillars.

我們的策略有 3 個支柱。

First and foremost, we are focused on being the PPACt enablement company to provide the foundation for customers' power, performance, area, cost and time-to-market road maps.

首先，我們致力於成為 PPACt 支援公司，為客戶的功率、效能、面積、成本和上市時間路線圖提供基礎。

We have the broadest and most enabling portfolio of process technologies that we can co-optimize and combine in unique and highly enabling ways.

我們擁有最廣泛、最有利的工藝技術組合，我們可以以獨特且高度有利的方式共同優化和組合這些技術。

Second, we're shifting more of our business to subscriptions as we believe this model provides significant benefits to customers and for us.

其次，我們正在將更多業務轉向訂閱，因為我們相信這種模式可以為客戶和我們帶來顯著的好處。

We have already converted a meaningful portion of our installed base business to recurring revenues, and we are starting to monetize new products and services using subscription approaches.

我們已經將我們的安裝基礎業務的很大一部分轉化為經常性收入，並且我們開始使用訂閱方法將新產品和服務貨幣化。

And third, we continue to optimize our portfolio of businesses that serve adjacent markets, including display, to drive profitable growth and higher free cash flows.

第三，我們繼續優化服務鄰近市場（包括顯示器）的業務組合，以推動獲利成長和更高的自由現金流。

This strategy is yielding results and 2021 is shaping up to be a strong year of outperformance for Applied.

這項策略正在取得成果，2021 年將成為應用材料公司表現出色的強勁一年。

Starting with our unit process tools, we are seeing very strong demand for our leadership products.

從我們的單元處理工具開始，我們發現對我們的領先產品的需求非常強勁。

For example, taking the midpoint of our fourth quarter guidance, both our epi and thermal businesses are on track to grow more than 70% this fiscal year, while CMP will grow more than 60% and implant more than 50%.

例如，以我們第四季指引的中點為例，我們的外延業務和熱業務都有望在本財年成長超過 70%，而 CMP 將成長超過 60%，植入業務將成長超過 50%。

We're also seeing outperformance in our growth areas, especially process diagnostics and control, where we expect to grow more than 60% in calendar 2021.

我們也看到我們的成長領域表現出色，尤其是製程診斷和控制，我們預計 2021 年該領域的成長將超過 60%。

On top of this, we have strong momentum with our co-optimized and integrated solutions.

除此之外，我們的協同優化和整合解決方案擁有強勁的發展勢頭。

By revenue, about 70% of the semiconductor products we sell today have already been co-optimized at some level.

以收入計算，我們今天銷售的半導體產品中約有 70% 已經在某種程度上進行了協同優化。

Co-optimization allows us to see and solve higher-value problems for customers, speed up technology transition to high-volume manufacturing and make our solutions stickier.

協同優化使我們能夠為客戶發現並解決更高價值的問題，加快技術向大批量製造的過渡，並使我們的解決方案更具黏性。

Beyond co-optimization, our integrated material solutions, called IMS, combine multiple processes with customized metrology and sensors in a single system typically under vacuum.

除了協同優化之外，我們的整合材料解決方案（稱為 IMS）將多個製程與客製化計量和感測器結合在一個通常在真空下的單一系統中。

Our latest IMS product, that lowers interconnect resistance by 50% in advanced foundry/logic, directly addresses a multibillion-dollar opportunity over the next 5 years.

我們最新的 IMS 產品可將先進代工/邏輯中的互連電阻降低 50%，直接解決了未來 5 年內價值數十億美元的機會。

With IMS, we can target the most complex and valuable challenges in the new PPACt playbook, and we have an exciting pipeline of new solutions for both foundry/logic and memory.

借助 IMS，我們可以針對新 PPACt 手冊中最複雜和最有價值的挑戰，並且我們擁有一系列令人興奮的針對代工/邏輯和記憶體的新解決方案。

Another area where we're seeing strong and sustainable growth is our ICAPS business that serves a broad spectrum of customers and applications in IoT, communications, automotive, power and sensors.

我們看到強勁且可持續成長的另一個領域是我們的 ICAPS 業務，該業務為物聯網、通訊、汽車、電力和感測器領域的廣泛客戶和應用提供服務。

Within ICAPS, demand for 28-nanometer and larger nodes is especially robust.

在 ICAPS 中，對 28 奈米及更大節點的需求尤其強勁。

Revenue from products serving these applications is expected to double this year.

服務於這些應用的產品的收入預計今年將翻倍。

By acting early and forming a dedicated ICAPS team in 2019, we've been able to increase our focus on these customers and accelerate our share of this market.

透過儘早採取行動並在 2019 年組建專門的 ICAPS 團隊，我們能夠更加關注這些客戶並加快我們在該市場的份額。

We're developing new products specifically designed for ICAPS markets, including integrated and co-optimized solutions.

我們正在開發專為 ICAPS 市場設計的新產品，包括整合和協同優化的解決方案。

As a result, we're deepening our partnership and collaborations with these customers.

因此，我們正在深化與這些客戶的夥伴關係和協作。

For example, we recently signed a 5-year contract with a leading ICAPS customer designed to provide more assured supply for them and more predictable revenues for Applied.

例如，我們最近與一家領先的 ICAPS 客戶簽署了一份為期 5 年的合同，旨在為他們提供更有保障的供應，並為應用材料公司提供更可預測的收入。

Today, we are demonstrating strong momentum in our leadership and growth businesses, IMS and ICAPS, and as I look ahead, I'm confident our opportunities are even better.

今天，我們在領導力和成長業務、IMS 和 ICAPS 方面展現出強勁的勢頭，展望未來，我相信我們的機會會更好。

It's clear that advances in materials engineering are foundational to the industry's PPACt road map.

顯然，材料工程的進步是該行業 PPACt 路線圖的基礎。

The PPACt playbook has 5 key elements: new architectures, including workload-specific ASICs and new memories; 3D structures, including gate-all-around transistors, buried power rail and 3D DRAM; new materials for gate, contact and interconnects; new geometric shrink and advanced packaging.

PPACt 手冊有 5 個關鍵要素：新架構，包括特定於工作負載的 ASIC 和新記憶體； 3D結構，包括環柵電晶體、埋入式電源軌和3D DRAM；用於閘極、接觸和互連的新材料；新的幾何收縮和先進的包裝。

We believe that the relative contribution of these 5 elements to PPACt at future nodes is evolving in ways that create opportunities for Applied to play an even larger and more valuable role.

我們相信，這 5 個要素在未來節點對 PPACt 的相對貢獻正在不斷演變，為應用材料公司發揮更大、更有價值的作用創造了機會。

Let's take advanced packaging as an example.

我們以先進封裝為例。

We identified this inflection early and began investing in differentiated technology years ago.

我們很早就發現了這種變化，並在幾年前開始投資差異化技術。

Today, we enjoy a clear leadership position in the advanced packaging equipment with more than 60% share of our served market.

如今，我們在先進包裝設備領域享有明顯的領導地位，所服務的市佔率超過 60%。

We will generate more than $800 million of revenue from our equipment business this year.

今年我們的設備業務收入將超過 8 億美元。

And through a combination of organic R&D and strategic partnerships, we're also developing highly enabling future technologies.

透過有機研發和策略合作夥伴關係的結合，我們也正在開發高度支持的未來技術。

We are very excited about our opportunities and pipeline, and we'll share more details with you at our upcoming packaging masterclass.

我們對我們的機會和管道感到非常興奮，我們將在即將舉行的包裝大師班上與您分享更多細節。

Finally, when we talk to customers about PPACt, they consistently highlight the importance of t, time-to-market.

最後，當我們與客戶談論 PPACt 時，他們始終強調上市時間的重要性。

Time-to-market acceleration is a critical component of our PPACt enablement strategy.

加速上市時間是我們 PPACt 支援策略的關鍵組成部分。

We've developed a proprietary suite of solutions to accelerate every stage of the product life cycle, from R&D, to technology transfer and high-volume manufacturing.

我們開發了一套專有的解決方案來加速產品生命週期的每個階段，從研發到技術轉移和大量製造。

Our Actionable Insight Accelerator or AIx platform that we officially launched in May brings together process tools, sensors, metrology, data analytics and machine learning.

我們於 5 月正式推出的 Actionable Insight Accelerator 或 AIx 平台匯集了流程工具、感測器、計量、數據分析和機器學習。

We have strong momentum and are adding new installations at multiple leading customers.

我們勢頭強勁，正在為多個領先客戶增加新的安裝。

For example, AppliedPRO is our process recipe optimizer within AIx and used to accelerate R&D qualification of individual chambers and tools as well as enable larger process windows and higher chip yields.

例如，AppliedPRO 是我們在 AIx 中的製程配方優化器，用於加速各個腔室和工具的研發鑑定，並實現更大的製程窗口和更高的晶片產量。

Over the next 12 months, we expect to double the number of AppliedPRO customer engagements from around 25 this year to more than 50.

在接下來的 12 個月內，我們預計 AppliedPRO 客戶參與數量將增加一倍，從今年的 25 家左右增加到 50 家以上。

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

在將電話轉交給丹之前，我將快速總結一下。

We see strong and sustainable demand for our semiconductor business underpinned by a wide range of positive macro and technology drivers.

我們看到，在廣泛的積極宏觀和技術驅動因素的支撐下，我們的半導體業務需求強勁且可持續。

While COVID-related supply chain disruptions persist, our teams are doing a great job working through these challenges.

儘管與新冠肺炎相關的供應鏈中斷持續存在，但我們的團隊在應對這些挑戰方面做得非常出色。

We believe Applied Materials will outperform our markets again this year thanks to our strong portfolio of differentiated unit process tools for both leading edge and ICAPS markets, combined with accelerating adoption of our IMS and advanced packaging products.

我們相信，應用材料公司今年將再次超越我們的市場，這要歸功於我們針對領先市場和 ICAPS 市場提供的強大的差異化單元製程工具組合，再加上我們的 IMS 和先進封裝產品的加速採用。

As we look ahead, we're confident that the strength of longer-term secular trends will drive semiconductor and wafer fab equipment markets structurally higher, and we believe Applied is in the best position to accelerate our customers' PPACt road maps and grow significantly faster than our markets.

展望未來，我們相信，長期長期趨勢的力量將推動半導體和晶圓廠設備市場結構性走高，我們相信應用材料公司處於最佳位置，可以加速客戶的 PPACt 路線圖並顯著加快增長比我們的市場。

Dan, over to you.

丹，交給你了。

Thanks, Gary.

謝謝，加里。

Today, I'll begin by summarizing Applied's overall performance in Q3.

今天，我先總結一下應用材料公司第三季的整體表現。

Then I'll discuss our Semi Systems results, including new details about our foundry/logic business.

然後我將討論我們的半系統結果，包括有關我們的代工/邏輯業務的新細節。

I'll also give you a number of metrics surrounding the large recurring revenue portion of Applied's Global Services segment.

我還將向您提供一些有關應用材料公司全球服務部門的大量經常性收入部分的指標。

Then I'll add my perspective on the demand trends in our markets and provide our guidance for Q4.

然後我將添加我對市場需求趨勢的看法，並提供我們對第四季的指導。

Beginning with our Q3 performance, Applied generated the strongest revenue in company history with each of the segments exceeding guidance.

從第三季的業績開始，應用材料公司創造了公司歷史上最強勁的收入，每個細分市場都超出了預期。

We increased gross margin to 48%, which is the highest in 14 years despite the ongoing cost headwinds related to COVID.

儘管與新冠疫情相關的成本持續面臨阻力，但我們仍將毛利率提高至 48%，這是 14 年來的最高水準。

We also delivered the company's highest-ever operating profit, operating margin and earnings per share.

我們也實現了公司有史以來最高的營業利潤、營業利潤率和每股盈餘。

Our results included record operating cash flow and record free cash flow of $1.5 billion.

我們的業績包括創紀錄的營運現金流和創紀錄的 15 億美元自由現金流。

In fact, we've generated nearly $5 billion in cumulative free cash flow over the past 4 quarters.

事實上，過去 4 個季度我們累計產生了近 50 億美元的自由現金流。

At the investor meeting in April, we made a long-term commitment to return 80% to 100% of free cash flow to shareholders.

在4月的投資者會議上，我們做出了長期承諾，將80%至100%的自由現金流回饋給股東。

And in Q3, the buyback window was available to us for the full quarter.

在第三季度，我們可以在整個季度使用回購窗口。

We repurchased $1.5 billion of Applied's stock during the quarter and returned 111% of free cash flow to shareholders including dividends.

我們在本季回購了價值 15 億美元的應用材料公司股票，並向股東返還了 111% 的自由現金流（包括股息）。

We ended the quarter with around $6.5 billion remaining in our share buyback authorization.

本季結束時，我們的股票回購授權還剩約 65 億美元。

Given the secular growth trends in our end markets and our view of the intrinsic value of the company, we expect to continue to be active in the market for our shares.

鑑於我們終端市場的長期成長趨勢以及我們對公司內在價值的看法，我們預計將繼續活躍於我們的股票市場。

Finally, last quarter, I mentioned that Moody's upgraded Applied's credit rating to A2.

最後，上個季度，我提到穆迪將應用材料公司的信用評級提升至 A2。

I'm pleased that earlier this month, Standard & Poor's also upgraded our rating from A- to A.

我很高興本月早些時候，標準普爾也將我們的評級從 A- 升級為 A。

Now I'll provide some insights into the strong performance of our Semi Systems business, which generated its highest-ever revenue in Q3.

現在，我將提供一些關於我們的半導體系統業務強勁表現的見解，該業務在第三季創造了有史以來最高的收入。

Our demand is broad-based across foundry/logic and memory, and within foundry/logic, across a wide variety of nodes.

我們的需求廣泛，涵蓋代工廠/邏輯和記憶體，以及代工廠/邏輯內部的各種節點。

We're increasing our technology leadership in many areas, and that's being reflected in our operating margin, which crossed 40% for the first time.

我們正在許多領域提高我們的技術領先地位，這反映在我們的營業利潤率上，營業利潤率首次突破 40%。

About half of our foundry/logic revenue is being generated by our ICAPS business, which focuses on all but the 3 most leading nodes.

我們大約一半的代工/邏輯收入來自我們的 ICAPS 業務，該業務專注於除 3 個最領先的節點之外的所有節點。

Our ICAPS business has a large global presence and serves a very large number of customers throughout North America, Europe and Asia.

我們的 ICAPS 業務在全球擁有廣泛的影響力，為北美、歐洲和亞洲的大量客戶提供服務。

Many of the ICAPS applications have long product cycles, which generates lasting opportunities for us, both in equipment and services.

許多 ICAPS 應用具有較長的產品週期，這為我們在設備和服務方面創造了持久的機會。

We have high share and the margins are accretive to the company.

我們擁有很高的份額，利潤率可以為公司帶來增值。

We look forward to giving you more insights into the ICAPS markets and our strategies at the masterclass next month.

我們期待在下個月的大師班上為您提供有關 ICAPS 市場和我們策略的更多見解。

Turning to Applied Global Services.

轉向應用全球服務。

We're building a solutions-based recurring revenue business that delivers predictable free cash flow across market cycles.

我們正在建立一個基於解決方案的經常性收入業務，在整個市場週期中提供可預測的自由現金流。

Our segment reporting gives you good insights into the business.

我們的分部報告可以讓您深入了解業務。

And I'll continue to help you with key performance indicators that demonstrate the unique qualities of Applied's services business and the progress of our strategies.

我將繼續幫助您制定關鍵績效指標，展示應用材料公司服務業務的獨特品質和我們策略的進展。

From our segment reporting, you know that AGS delivered record revenue of $1.29 billion in Q3, up 24% year-over-year.

從我們的分部報告中可以看出，AGS 在第三季實現了創紀錄的 12.9 億美元收入，年增 24%。

87% of AGS revenue was recurring services, parts and software.

AGS 收入的 87% 來自經常性服務、零件和軟體。

The remaining amount was primarily legacy 200-millimeter equipment, so Applied generated $1.1 billion in recurring revenue this quarter.

剩餘的金額主要是傳統的 200 毫米設備，因此應用材料公司本季的經常性收入為 11 億美元。

This is by far the highest among our process peers and demonstrates our progress in generating lifetime value from the industry's largest installed base.

這是迄今為止我們的流程同行中最高的，表明我們在從行業最大的安裝基礎中創造生命週期價值方面取得了進展。

Today, our semi installed base is just over 40,000 systems, and we have over 160,000 chambers in the field.

如今，我們的半安裝基地已超過 40,000 個系統，現場有超過 160,000 個暗室。

At the investor meeting, we shared our goal to increase revenue per system by 20% between 2020 and 2024.

在投資者會議上，我們分享了 2020 年至 2024 年間每個系統收入增加 20% 的目標。

As of Q3, we're already halfway to achieving our goal.

截至第三季度，我們已經實現了目標的一半。

Now I'll put some metrics to our strategies for adding customer value to further grow our recurring revenue.

現在，我將為我們的策略制定一些指標，以增加客戶價值，以進一步增加我們的經常性收入。

Connecting the installed base to our AIx servers enables us to perform data-enabled services for our customers.

將安裝基礎連接到我們的 AIx 伺服器使我們能夠為客戶提供資料支援的服務。

Today, we have just over 4,300 connected tools, which is up over 30% from our 2020 baseline.

如今，我們擁有超過 4,300 個互聯工具，比 2020 年基準成長了 30% 以上。

We're also growing the number of secure remote connections, which allows us to connect our best experts to the installed base to perform remote analytics, diagnostics and optimization from anywhere in the world.

我們還增加了安全遠端連線的數量，這使我們能夠將最好的專家連接到安裝基礎，以便從世界任何地方執行遠端分析、診斷和最佳化。

The number of remote connected tools now exceeds 3,200, which is up over 36% from our 2020 baseline.

遠端連線工具的數量現已超過 3,200 個，比 2020 年基準增加了 36% 以上。

Another key focus is transitioning our recurring revenue to subscriptions in the form of long-term service agreements.

另一個重點是將我們的經常性收入轉變為長期服務協議形式的訂閱。

Today, we're generating 60% of our recurring revenue from subscriptions, and our goal is to reach around 70% by 2024.

如今，我們 60% 的經常性收入來自訂閱，我們的目標是到 2024 年達到 70% 左右。

We also have a subscription renewal rate of around 90%.

我們的訂閱續訂率也達到了 90% 左右。

Another sign of customer value is the tenure of the agreements.

客戶價值的另一個標誌是協議的期限。

Across the entire base of subscription agreements, we've increased the tenure from 1.9 years at the end of 2020 to 2.2 years today.

在整個訂閱協議基礎上，我們將期限從 2020 年底的 1.9 年增加到今天的 2.2 年。

In fact, of our subscriptions booked in Q3, 77% were multiyear agreements.

事實上，在我們第三季預訂的訂閱中，77% 是多年協議。

We track all of these KPIs very closely.

我們非常密切地追蹤所有這些 KPI。

I hope they give you a good sense of the size and growth of our recurring revenue and the strong customer pull we're generating by focusing on customer time-to-market as well as cost, output and yield.

我希望它們能讓您更了解我們經常性收入的規模和成長，以及我們透過專注於客戶上市時間以及成本、產出和產量而產生的強大客戶吸引力。

Finally, another key metric we disclose is AGS segment operating margin, which provides a good indicator of the value our services bring to customers.

最後，我們揭露的另一個關鍵指標是 AGS 部門的營業利潤率，它很好地反映了我們的服務為客戶帶來的價值。

In Q3, it crossed 30% for the first time in 15 years.

第三季度，該比例 15 年來首次突破 30%。

Next, I'll add my perspective on the demand environment.

接下來，我將補充我對需求環境的看法。

While Q3 was a record quarter, we see further growth ahead.

雖然第三季度是創紀錄的季度，但我們預計未來將進一步成長。

In fact, our overall backlog is close to $10 billion, with record levels in both Semi Systems and AGS, and strength across all of our geographies.

事實上，我們的總體積壓訂單接近 100 億美元，Semi Systems 和 AGS 都達到創紀錄的水平，並且在我們所有地區都具有實力。

I still expect equipment spending to be higher in the second half of calendar 2021 for both foundry/logic and DRAM.

我仍然預計 2021 年下半年代工/邏輯和 DRAM 的設備支出將會更高。

I expect WFE to be up in 2022, and I expect all of our reporting segments to be higher.

我預計 WFE 將在 2022 年上升，我預計我們所有的報告部門都會更高。

Now I'll share our Q4 business outlook.

現在我將分享我們第四季的業務展望。

We expect to increase company revenue to approximately $6.325 billion, plus or minus $250 million or up around 35% year-on-year.

我們預計公司營收將增至約 63.25 億美元，年比上下浮動 2.5 億美元，增幅約 35%。

We've widened the revenue range this quarter because of near-term risks within our supply chain.

由於供應鏈內的近期風險，我們擴大了本季的收入範圍。

We expect non-GAAP EPS to be around $1.94, plus or minus $0.07 or up around 55% year-on-year.

我們預計非 GAAP 每股收益約為 1.94 美元，上下浮動 0.07 美元，年增約 55%。

Within this outlook, we project Semiconductor Systems revenue of about $4.60 billion, up around 50% year-over-year and AGS revenue of about $1.30 billion, up nearly 18% year-over-year.

在此前景下，我們預期半導體系統營收約 46 億美元，年增約 50%，AGS 營收約 13 億美元，年增近 18%。

We expect Display revenue to be around $400 million.

我們預計顯示收入約為 4 億美元。

Applied's non-GAAP gross margin should be flat sequentially at 48% or up around 230 basis points year-over-year.

應用材料公司的非公認會計準則毛利率應與上一季持平，為 48%，或年增約 230 個基點。

We plan to increase non-GAAP OpEx to $960 million, which is around 15.2% of revenue and below our longer-term target of 16%.

我們計劃將非 GAAP 營運支出增加至 9.6 億美元，約佔收入的 15.2%，低於我們 16% 的長期目標。

Our guidance assumes a slightly higher non-GAAP tax rate of around 12.5%.

我們的指引假設非 GAAP 稅率略高，約 12.5%。

In summary, I'm pleased that Applied delivered another record quarter of financial performance in Q3, with strong margins and free cash flow.

總而言之，我很高興應用材料公司第三季的財務業績再次創紀錄，利潤率強勁，自由現金流強勁。

The demand environment continues to be strong, and I'd like to join Gary in thanking all of our teams and partners for their hard work in a robust but challenging environment.

需求環境持續強勁，我想與加里一起感謝我們所有的團隊和合作夥伴在強勁但充滿挑戰的環境中的辛勤工作。

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

現在，麥克，讓我們開始問答。

Thanks, Dan.

謝謝，丹。

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

（操作員指示）操作員，我們開始吧。

(Operator Instructions) Our first question comes from the line of C.J. Muse from Evercore.

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

I was hoping to dig a little bit deeper into your ICAPS business.

我希望更深入地了解你們的 ICAPS 業務。

You talked about foundry/logic being 55-plus percent of the mix this year and ICAPS perhaps half of that.

您談到今年代工/邏輯佔混合比例超過 55%，而 ICAPS 可能佔一半。

And so I guess, did I hear that correctly?

所以我想，我聽對了嗎？

And as you think about the spending there, can you walk a little bit in more detail around leadership versus growth penetration for you and how we should think about the sustainability of spending there into 2022 as well as the positive mix shift to gross margins?

當您考慮那裡的支出時，您能否更詳細地介紹一下領導力與成長滲透率，以及我們應該如何考慮 2022 年那裡支出的可持續性以及向毛利率的積極組合轉變？

And then finally, as part of that, is there a subscription angle that's a greater part of the story there given lagging edge or no?

最後，作為其中的一部分，是否有一個訂閱角度是故事的更重要部分，考慮到是否有滯後優勢？

This is Dan.

這是丹.

I'll start and Gary can jump in with some perspectives after I'm done.

我將開始，在我完成後加里可以加入一些觀點。

So as we think about the ICAPS market and the setup around foundry/logic, I think the contours you drew create the right perspective, greater than 55% of WFE this year is foundry/logic.

因此，當我們考慮 ICAPS 市場和圍繞代工/邏輯的設定時，我認為您繪製的輪廓創建了正確的視角，今年超過 55% 的 WFE 是代工/邏輯。

When we look into foundry/logic and look at leading edge versus ICAPS nodes, you're seeing balance in those 2 markets.

當我們研究代工/邏輯並比較前沿節點與 ICAPS 節點時，您會看到這兩個市場的平衡。

We had balance in those 2 markets in 2020.

2020 年我們在這兩個市場實現了平衡。

We've got balance again in 2021.

2021 年我們再次實現平衡。

So we're really encouraged by the strength we're seeing across the entire node profile and geometries within foundry/logic.

因此，我們對鑄造/邏輯中整個節點輪廓和幾何結構所看到的實力感到非常鼓舞。

We think we're incredibly well positioned on the leading edge to drive key enabling technologies as the new playbook rolls out.

我們認為，隨著新劇本的推出，我們在推動關鍵支援技術方面處於領先地位。

We're equally well suited in the ICAPS nodes to drive those road maps going forward.

我們同樣非常適合在 ICAPS 節點中推動這些路線圖向前發展。

Innovation is back across the entire node profile.

整個節點設定檔的創新又回來了。

As our customers pursue unique opportunities in IoT, communications, auto, power, sensors, there's very unique technologies and capabilities that need to be driven as intelligence finds its way to the edge.

當我們的客戶在物聯網、通訊、汽車、電力、感測器領域尋求獨特的機會時，隨著智慧走向邊緣，需要驅動非常獨特的技術和功能。

Those road maps are vibrant.

這些路線圖充滿活力。

We've got key enabling technologies that's driving really good market positions for us at attractive margins.

我們擁有關鍵的支援技術，這些技術能夠以有吸引力的利潤為我們帶來真正良好的市場地位。

So we think we're really well set up to perform extremely well as both of these sides of foundry/logic profile going forward in a very balanced way.

因此，我們認為我們已經做好了充分準備，可以在代工/邏輯方面以非常平衡的方式向前發展，從而表現得非常好。

So we like how well we're positioned.

所以我們喜歡我們的定位。

Yes.

是的。

C.J., this is Gary.

C.J.，這是加里。

Thanks for the question.

謝謝你的提問。

So I think ICAPS, maybe some people would think as trailing technology nodes.

所以我覺得ICAPS，可能有些人會認為是落後的技術節點。

But if you really think about the digitization of everything and this big inflection, people are talking about the future having 0.5 trillion or 1 trillion connected devices at the edge.

但如果你真正考慮一切的數位化和這一重大轉變，人們就會談論未來將有 0.5 兆或 1 兆個邊緣連接設備。

And certainly, as we talk to system companies that are deploying those eyes and ears and sensors in all of those different applications that are transforming every industry, there needs to be a tremendous amount of innovation in power, performance, cost in both the chips and the packages.

當然，當我們與在正在改變每個行業的所有不同應用中部署這些眼睛、耳朵和感測器的系統公司交談時，需要在晶片和晶片的功耗、性能、成本方面進行大量創新。

And we will cover this some more in the September 8 masterclass.

我們將在 9 月 8 日的大師班中對此進行更多介紹。

But I would think about edge innovation, certainly in the cloud you need high performance to extract the actionable insights.

但我會考慮邊緣創新，當然在雲端你需要高效能來提取可行的見解。

But that latency, power, cost, all of those things on the edge, that innovation is really important.

但延遲、功耗、成本，所有這些邊緣因素，創新都非常重要。

And I think relative to the sustainability, certainly, you can see the explosion of data, especially machine-generated data, this market is very, very strong.

我認為相對於永續性，當然，你可以看到數據的爆炸性成長，特別是機器產生的數據，這個市場非常非常強大。

And we think as you go to 0.5 trillion connected devices at the edge in the future, it's going to stay very strong.

我們認為，隨著未來邊緣連接設備數量達到 5 兆，它將保持非常強勁的勢頭。

And as Dan talked about, we made a strategic change in our organization in 2019, pulling together key parts of our company, 200-millimeter, 300-millimeter, unit process innovation.

正如 Dan 所說，我們在 2019 年對組織進行了策略變革，將公司的關鍵部分整合在一起，即 200 毫米、300 毫米、單元製程創新。

We have some dynamite technologists focused on these markets.

我們有一些專注於這些市場的技術專家。

And again, we'll share more of that at our September 8 masterclass.

我們將在 9 月 8 日的大師班上再次分享更多內容。

Our next question comes from the line of Stacy Rasgon from Bernstein Research.

我們的下一個問題來自伯恩斯坦研究中心的史黛西·拉斯貢（Stacy Rasgon）。

I had a question on memory, first on DRAM.

我有一個關於記憶體的問題，首先是關於 DRAM 的問題。

So obviously, it grew pretty nicely sequentially in the quarter.

顯然，該季度的環比增長非常好。

It sounds like you're still pretty positive, though, on the trajectory, and it's still below prior peak levels.

不過，聽起來你對這個軌跡仍然相當樂觀，而且仍然低於之前的峰值水平。

And given the strength of your positioning and everything you've talked about, is there any reason to believe that like whenever we hit DRAM peak, like whenever that is, is there any reason to believe that, that level, wherever it is, shouldn't be higher, potentially significantly higher than where we saw the prior peak, which was several years ago?

考慮到您的定位優勢以及您所談論的一切，是否有任何理由相信，就像每當我們達到 DRAM 峰值時，無論何時，是否有任何理由相信，無論在哪裡，該水平都應該不會更高，可能會顯著高於我們幾年前看到的上一個峰值？

And I think on the other piece of memory, NAND.

我想到了另一塊內存，NAND。

You talked about foundry/logic and DRAM.

您談到了代工/邏輯和 DRAM。

You didn't really mention NAND at all.

你根本沒有提到NAND。

I know last quarter, your views on NAND were a little more muted than the rest of it.

我知道上個季度，您對 NAND 的看法比其他方面要溫和一些。

Have your views on the trajectory of that market into the back half downticked at all versus where you were 3 months ago because one of your competitors downticked a little bit?

您對該市場後半段走勢的看法是否與 3 個月前相比有所下降，因為您的競爭對手之一稍微下降了一點？

Yes.

是的。

Thanks, Stacy.

謝謝，史黛西。

Let me take a track at those questions.

讓我來回答一下這些問題。

And if I leave anything out, please follow up to make sure I hit all of the points that you put on the table.

如果我遺漏了任何內容，請跟進以確保我滿足了您提出的所有要點。

So first, I think our view around WFE this year.

首先，我想談談我們對今年 WFE 的看法。

There's very little change.

變化很小。

We said it's now over $80 billion.

我們說現在已經超過 800 億美元。

We think it's a mid-30% grower plus/minus.

我們認為種植者的正負值在 30% 左右。

And embedded within that, we see strength across all device types, your fastest-growing foundry/logic, second half weighted; next fastest-growing DRAM, second half weighted, still see strong demand and pull from customers there, so we feel good about that.

其中，我們看到了所有設備類型的實力，成長最快的代工廠/邏輯，下半年加權；下一個成長最快的 DRAM（下半年加權）仍然看到強勁的需求和來自那裡客戶的拉動，因此我們對此感到滿意。

Last quarter, we put a question mark on the profile of NAND.

上個季度，我們對 NAND 的概況打了一個問號。

Is it flat?

是平的嗎？

Is it down a bit?

是不是有點下降了？

We needed a bit more time to tell.

我們需要更多時間來講述。

I think we're still in that category.

我認為我們仍然屬於這一類。

I think there's a question mark.

我覺得還有一個問號。

Is it flattish?

是扁的嗎？

Is it down a bit?

是不是有點下降了？

So very little has changed in terms of the shape of the profile throughout the year.

因此，全年輪廓形狀幾乎沒有變化。

Taking a step back and taking a look at our DRAM progress.

退後一步，看看我們的 DRAM 進展。

This is a business that we've had strong momentum in now for several years.

這是我們多年來一直保持強勁勢頭的業務。

And as we take a look at the road map, we talk about increasing our opportunity node over node, and that seems to be playing out in the market.

當我們查看路線圖時，我們談論增加我們的機會節點，這似乎正在市場上發揮作用。

Right now, you're adopting logic-like structures within the DRAM market, and this plays to a traditional source of strength for us.

目前，DRAM 市場正在採用類似邏輯的結構，這對我們來說是傳統的優勢來源。

And so we're playing a key enabling role for our customers, and you see that playing out in the most recent results, and we would expect that strength to continue through the back half of the year.

因此，我們正在為客戶發揮關鍵的支援作用，你會在最近的業績中看到這一點，我們預計這種優勢將持續到今年下半年。

As we look into 2022, we do see the overall WFE market up year-over-year.

展望 2022 年，我們確實看到整體 WFE 市場年增。

We see continued strength in all 3 device types: foundry/logic, DRAM, NAND.

我們看到所有 3 種設備類型持續強勁：代工/邏輯、DRAM、NAND。

And so we like how well we're positioned against that opportunity.

因此，我們很高興我們能夠很好地應對這一機會。

And the way we see it, right now, we're planning for all 3 of our reporting segments to be up year-over-year.

從我們的角度來看，目前我們計劃所有三個報告部門都將年增。

So the concept of peak is a really interesting one in this context.

因此，在這種情況下，峰值的概念非常有趣。

If we take a step back and look at the secular trends shaping this industry, we know industries are going through a digital transformation, increasingly going to drive adoption of semiconductors.

如果我們退後一步，看看塑造這個行業的長期趨勢，我們就會知道產業正在經歷數位轉型，越來越多地推動半導體的採用。

And I'd say the demand for semiconductors 5 years from now is going to be greater than it is today and certainly greater than it was 5 years ago.

我想說，從現在起 5 年後，對半導體的需求將比現在更大，當然也比 5 年前更大。

So all of that is playing out nicely.

所以這一切都進展順利。

What I would also say in the DRAM market, that your node over node shrinks are producing less bit growth than they have historically.

我還要說的是，在 DRAM 市場中，節點間的縮小所產生的位元成長比歷史上少。

So you're seeing capital intensity rise in that market.

所以你會看到該市場的資本密集度上升。

You're seeing capital intensity rise in all device types, frankly.

坦白說，您會看到所有設備類型的資本密集度都在上升。

But when I look at the investments our customers are making in this environment and I compare it on a historical basis as a percent of profitability to what we've seen historically, you go back about a decade and the customers are spending more from a WFE standpoint, but WFE as a percent of EBITDA is down 40% over the last decade.

但是，當我查看我們的客戶在這種環境下進行的投資，並將其以盈利百分比的形式與我們歷史上看到的歷史基礎進行比較時，您可以追溯到大約十年前，客戶從WFE中支出更多但在過去十年中，WFE 佔 EBITDA 的百分比下降了 40%。

So the monetization of these investments is greater today than it's ever been.

因此，今天這些投資的貨幣化程度比以往任何時候都高。

So we really like the long-term secular drivers around our industry.

所以我們真的很喜歡我們行業的長期長期驅動因素。

And while every year may not be a peak, the trend line is definitely up.

雖然每年可能不是高峰，但趨勢線肯定是向上的。

And we do think it leads to higher highs and higher lows as this industry continues to drive its road map and deliver the power, performance road map.

我們確實認為，隨著該行業繼續推動其路線圖並提供動力、性能路線圖，它會導致更高的高點和更高的低點。

We think we're incredibly well set up to perform really well as those trends play out.

我們認為，隨著這些趨勢的發展，我們已經做好了充分的準備，能夠表現出色。

Our next question comes from the line of John Pitzer from Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Gary, sort of notwithstanding the comments you made in your prepared comments about how world governments have finally figured out how strategically important semi production is and we're going through a period of regionalization of semi production.

加里，儘管您在準備好的評論中發表了關於世界各國政府如何最終弄清楚半成品生產的戰略重要性以及我們正在經歷半成品生產區域化時期的評論。

If you look over the last 2 quarters, you've grown revenue over $1 billion.

如果您回顧過去兩個季度，您的收入成長超過 10 億美元。

And the biggest chunk of that, by far, has been China.

到目前為止，其中最大的一塊是中國。

And so I'm wondering if you can help us just better understand the makeup of spend in China today.

因此，我想知道您是否可以幫助我們更好地了解當今中國的消費組成。

And to the extent that we're all expecting this regionalization of supply, when and how do you think that takes place?

就我們都期待這種供應區域化而言，您認為這會在何時以及如何發生？

Yes.

是的。

Thanks, John.

謝謝，約翰。

Let me take a crack at it.

讓我來嘗試一下。

So what we would say is, we take a look at the business we do in China.

所以我們想說的是，我們看看我們在中國所做的業務。

We've got 3 reporting segments.

我們有 3 個報告分部。

The numbers we report are both semi systems to domestic China market participants as well as the international market participants that are building facilities there, all of the services that go into supporting those facilities as well as the display equipment that we ship into the market.

我們報告的數字都是向中國國內市場參與者以及在那裡建造設施的國際市場參與者提供的半系統、支援這些設施的所有服務以及我們運送到市場的顯示設備。

So there's a lot of moving pieces that produce revenue in China in any given quarter.

因此，在任何一個特定季度，都有很多變化因素可以在中國產生收入。

As I take a step back and look at what's going on this year and we compare it to maybe the $10 billion of domestic China spend in WFE last year, what I would say is that you're seeing meaningful spend across all 3 device types: foundry/logic, DRAM, NAND.

當我退後一步，看看今年發生的情況，並將其與去年中國國內在WFE 上的支出可能為100 億美元進行比較時，我想說的是，您會看到所有3 種設備類型都有意義的支出：代工/邏輯、DRAM、NAND。

I would say the weighting this year is towards ICAPS market in China.

我想說今年的權重是中國的ICAPS市場。

And from a growth perspective, I would say it's probably growing a little bit above the overall industry average.

從成長的角度來看，我想說它的成長可能略高於整個產業的平均水準。

So we feel really good about how well we're set up against this opportunity with long-standing relationships, key enabling technology, but we've got a broad and diverse business that serves this market across 3 reporting segments.

因此，我們對透過長期合作關係和關鍵支援技術來應對這一機會感到非常滿意，而且我們擁有廣泛且多樣化的業務，可以跨 3 個報告細分市場服務於這個市場。

And so we feel good about how we're positioned and continue to drive strong performance as the market evolves.

因此，我們對自己的定位感到滿意，並隨著市場的發展繼續推動強勁的業績。

Yes.

是的。

John, on the other part of your question about when do those investments happen from a regional perspective, there's no question I'm involved in a number of different discussions.

約翰，關於你的問題的另一部分，即從區域角度來看這些投資何時發生，毫無疑問我參與了許多不同的討論。

There's tremendous pull across many different regions: U.S., Europe, Asia.

許多不同地區都具有巨大的吸引力：美國、歐洲、亞洲。

And what I would say is that, certainly, it's important from a supply chain continuity to have more regional capacity.

我想說的是，當然，從供應鏈的連續性來看，擁有更多的區域能力非常重要。

I think that's a big area of focus.

我認為這是一個重點關注領域。

But personally, I think, even more important is having not just physical infrastructure or manufacturing infrastructure but innovation infrastructure.

但我個人認為，更重要的是不僅擁有實體基礎設施或製造基礎設施，還擁有創新基礎設施。

And if you think about the infrastructure that's going to enable this multitrillion-dollar digital inflection, it really gets back to, as I talked about earlier, edge innovation, cloud innovation, everything in between for power, performance, cost ahead of others.

如果你考慮將實現這一價值數萬億美元的數位轉型的基礎設施，那麼它實際上可以追溯到我之前談到的邊緣創新、雲端創新，以及介於兩者之間的一切，在功率、性能和成本方面都領先其他創新。

So we certainly see an opportunity and that is moving forward relative to physical infrastructure and regionalizing capacity.

因此，我們當然看到了一個機會，而且這個機會正在實體基礎設施和區域化能力方面不斷向前發展。

Also, certainly for Applied, the United States and many governments, having those foundational technology puzzle pieces for innovation to win this PPACt race of the future is incredibly important.

此外，對於應用材料公司、美國和許多政府來說，擁有這些基礎技術拼圖以贏得未來的 PPACt 競賽非常重要。

And certainly, Applied is in a position where we're going to continue to invest on top of what we've already done in the United States with the Maydan Technology Center in Silicon Valley, the META Center in New York.

當然，應用材料公司將在美國矽谷 Maydan 技術中心和紐約 META 中心的基礎上繼續投資。

But this is the race of our lifetimes and this innovation infrastructure, I think, is another key aspect of what needs to happen to win the future.

但這是我們一生中最重要的競賽，我認為，這種創新基礎設施是贏得未來所需的另一個關鍵面向。

And then very quickly, John, just from a timing perspective on impact to the markets, we're not counting on anything from government spend in 2022.

約翰，很快，從對市場影響的時間角度來看，我們不指望 2022 年政府支出會產生任何影響。

Our view is, is you start to see it in '23 and '24.

我們的觀點是，你會在 23 年和 24 年開始看到這一點。

If it happens faster than that, then it's upside to the perspective we have from a market standpoint.

如果它發生的速度比這更快，那麼從市場的角度來看，這對我們的觀點來說是有利的。

But '23, '24 is what we're currently seeing as the right timing around that spend to regionalize capacity.

但我們目前認為‘23’、‘24’是區域化產能支出的正確時機。

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

我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

You mentioned that you expected or you expect WFE to grow next year.

您提到您預計或預計 WFE 明年會成長。

I'm curious how much additional capacity are you planning to bring online next year.

我很好奇你們計劃明年新增多少容量。

And as part of that, how does it impact your margin structure?

作為其中的一部分，它如何影響您的利潤結構？

Because when I look at your gross and EBITDA margins, they are pretty close or in some cases have even exceeded your fiscal '24 targets.

因為當我查看你們的毛利率和 EBITDA 利潤率時，它們非常接近，在某些情況下甚至超過了你們的 24 財年目標。

So if you could give us some insight into how much additional capacity you're planning to bring online and then where do margins go from here?

那麼，您能否讓我們了解您計劃增加多少線上容量以及利潤從何而來？

Yes.

是的。

Thanks, Vivek.

謝謝，維韋克。

So if you notice, we've been investing at a nice rate as a company now for multiple quarters.

因此，如果您注意到的話，作為一家公司，我們已經連續多個季度進行了不錯的投資。

You saw us begin to take that up, invest in our infrastructure.

你看到我們開始採取行動，投資我們的基礎設施。

We took a point of view on where we saw this industry was going, and we made sure that we had capacity in place to serve our customers and make them successful.

我們對這個行業的發展方向有自己的看法，並確保我們有能力為客戶提供服務並讓他們成功。

So we'll continue to do that along the way.

因此，我們將繼續這樣做。

We won't be point specific about how much capacity that we're bringing online, as you can imagine, for competitive reasons, but we'll invest ahead of that materializing and continue to do what we've been doing now for several years as this industry continues to go structurally larger and we put a capacity statement in place to support it.

正如您可以想像的那樣，出於競爭原因，我們不會具體說明我們將提供多少容量，但我們將在實現之前進行投資，並繼續做我們多年來一直在做的事情隨著這個行業的結構不斷擴大，我們制定了產能聲明來支持它。

From a margin standpoint what I would say is, the company is performing really well in this environment.

從利潤率的角度來看，我想說的是，該公司在這種環境下表現得非常好。

You see it in the current results.

您可以在當前結果中看到它。

We told you it wasn't a 1 quarter phenomenon.

我們告訴過你這不是一個季度的現象。

We see follow-through at these levels.

我們在這些層面上看到了後續行動。

And this is despite the near-term headwinds we see from a COVID environment.

儘管我們在新冠疫情環境中看到了近期的阻力，但情況還是如此。

And so as those headwinds begin to dissipate, I think you see an upward bias off of these levels on a like-for-like basis from a margin standpoint.

因此，隨著這些不利因素開始消散，我認為從利潤率的角度來看，您會看到這些水平的上行偏差。

And then I'd also say, the long-term model that we've put out at our Analyst Day talked about 48.5%.

然後我還要說，我們在分析師日推出的長期模型談到了 48.5%。

I think we're making good progress against that.

我認為我們在這方面正在取得良好進展。

It's a good way to think about the company.

這是思考公司的好方法。

But no matter what our gross margin is, I would say we'll never be satisfied with it.

但無論我們的毛利率是多少，我想說我們永遠不會滿意。

We'll be constantly looking for ways to increase the baseline level of productivity at the company and do even better than we're doing today.

我們將不斷尋找提高公司生產力基準水準的方法，甚至比今天做得更好。

So we feel good about how we're set up.

所以我們對我們的設置感覺良好。

We'll continue to make investments to support the business, and we'll continue to drive results.

我們將繼續進行投資來支持業務，並繼續推動業績成長。

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

我們的下一個問題來自高盛的 Toshiya Hari。

Gary, I wanted to ask about your leadership products.

加里，我想問一下你們的領導力產品。

You gave some growth rates in your prepared remarks.

您在準備好的發言中給了一些成長率。

I think for epi and thermal, you said above 70% growth this year, above 60% for CMP and above 50% for implant.

我認為對於外延和熱，你說今年成長超過 70%，CMP 成長超過 60%，注入成長超過 50%。

All 3 outperforming what I believe is your full year implied guide for semi systems.

這三個指標都優於我認為的半系統全年隱含指南。

I guess my first question is, what are some of the key drivers there?

我想我的第一個問題是，其中的一些關鍵驅動因素是什麼？

And my second part is, how should we think about sustainability into fiscal '22 based on what's in your backlog today and based on the conversations you're having with your customers and ask the question because it obviously has important implications for mix and gross margins.

我的第二部分是，我們應該如何根據您今天的積壓工作以及您與客戶的對話來考慮 22 財年的可持續性，並提出這個問題，因為它顯然對組合和毛利率具有重要影響。

Yes.

是的。

Toshiya, thanks for the question.

俊哉，謝謝你的提問。

So I've been in constant conversations with R&D leaders many hours actually in each of the last 2 weeks and also CEOs for our leading customers.

因此，在過去的兩周里，我實際上每天都與研發領導者以及我們主要客戶的執行長進行了長時間的持續對話。

And what I would say, when you think about the PPACt road map, power, performance and cost and time, getting there ahead of others, that's what determines who wins and loses in the industry.

我想說的是，當你考慮 PPACt 路線圖、功率、性能、成本和時間時，先於其他人實現目標，這就是決定行業勝負的因素。

And when you think about the relative, the key drivers for that.

當你想到相對的時候，你會發現關鍵的驅動因素。

We've talked about 5 drivers, new chip architectures, new materials, new structures, new ways to shrink and new ways to connect chips together.

我們討論了 5 個驅動因素、新晶片架構、新材料、新結構、縮小尺寸的新方法以及將晶片連接在一起的新方法。

So if you look at what our customers are saying, even, I think, earlier today, but in many different forms, people are talking about new materials in the periodic table of elements and packaging technologies and new structures like gate-all-around or design technology co-optimization with technologies like buried power rails or contact over active gate.

因此，如果你看看我們的客戶所說的話，我想，即使在今天早些時候，人們也在以許多不同的形式談論元素週期表中的新材料和封裝技術以及新結構，例如全柵極或設計技術與埋入電源軌或主動閘極接觸等技術的協同優化。

And in some of those cases, with no smaller pitch, you can drive significant area savings.

在某些情況下，無需更小的間距，您就可以顯著節省面積。

So when I look at the road map, and you see this today in our leadership businesses, and we also talked about in our investor meeting a new innovation where we can enable 50% reduction in wiring with integrated material solution where we're combining many technologies under vacuum, ALD, PVD, CVD, copper reflow, surface prep technologies to drive a 50% reduction in wiring across many different levels.

因此，當我查看路線圖時，您今天會在我們的領導業務中看到這一點，我們還在投資者會議上談到了一項新的創新，我們可以透過整合材料解決方案減少50% 的佈線，我們將許多真空技術、ALD、PVD、CVD、銅回流、表面處理技術可在許多不同層面上減少 50% 的佈線。

That is enormous when you think about power and performance.

當您考慮功率和性能時，這是巨大的。

And that one integrated system is worth billions of dollars.

這一整合系統價值數十億美元。

That's what we've communicated.

這就是我們所溝通的。

So Toshiya, I think that the opportunity for Applied has never been better.

Toshiya，我認為應用材料公司面臨前所未有的機會。

When you think about really, the relative contribution of power, performance and cost going forward, whether it's in the leading edge, where you're processing all of that data in the cloud, the edge innovation that I talked about earlier today, new memory technologies, it's really in the sweet spot for Applied for materials innovation, structure innovation.

當你真正考慮到未來功耗、性能和成本的相對貢獻時，無論是在前沿，還是在雲端處理所有數據，我今天早些時候談到的邊緣創新，新記憶體技術，它確實處於材料創新、結構創新應用領域的最佳位置。

We have a very strong position in advanced packaging.

我們在先進封裝領域擁有非常強大的地位。

We're driving innovations not only with our breadth in our unit processes, but also in combinations with partners with new integrated material solutions.

我們不僅透過我們的單元製程的廣度來推動創新，而且還透過與合作夥伴的結合來提供新的整合材料解決方案。

We're going to share more of that in our masterclass on September 8. So I think the strength that you're seeing, if I look out for the next few years and I look at the relative contribution to PPACt, I just think we've never been in a better position.

我們將在 9 月 8 日的大師班上分享更多內容。更好的位置。

And our leadership areas and the strategies and investments that we've been driving are paying off now, they'll pay off even a bigger way going forward.

我們的領導領域以及我們一直在推動的策略和投資現在正在取得回報，它們將在未來取得更大的成果。

Our next question comes from the line of Atif Malik from Citi.

我們的下一個問題來自花旗集團的 Atif Malik。

I have a question for Gary on the display industry.

我有一個關於顯示器行業的問題想問加里。

When should we expect an inflection on the display side?

我們什麼時候應該期待顯示方面的變化？

And how long we will go through this LCD to OLED conversion phase?

LCD 到 OLED 的轉換階段需要多久？

And when should the new capacity come on for display?

那麼新產能該什麼時候展示呢？

Yes.

是的。

Thanks, Atif.

謝謝，阿提夫。

Let me jump in on that one.

讓我來談談那個。

So we talked for several quarters now about strengthening fundamentals in the overall display market, capacity coming out, strengthening panel prices, screen sizes continue to increase.

因此，我們現在已經討論了幾個季度，以加強整個顯示器市場的基本面、產能的增加、面板價格的上漲、螢幕尺寸的持續增加。

You see 5G OLED penetration in the handset and then future road map, foldable displays in the handset.

您將看到 5G OLED 在手機中的滲透，以及未來的路線圖、手機中的可折疊顯示器。

You talked about OLED penetration of larger format displays, IPTV.

您談到了 OLED 在大尺寸顯示器、IPTV 中的滲透。

All of those strengthening market fundamentals, I think, give us a good sense that in 2022, you're probably going to enter a more attractive point of the investment cycle.

我認為，所有這些不斷增強的市場基本面讓我們清楚地意識到，到 2022 年，您可能會進入投資週期中更具吸引力的時刻。

I don't think it's going to be a dramatic step-up off these levels, but you'll certainly start to see better levels of investment.

我認為這不會是這些水平的顯著提升，但您肯定會開始看到更好的投資水平。

So I think we're on the cusp of that right now.

所以我認為我們現在正處於這一點的風口浪尖。

Too early to tell exactly when it hits, in the beginning of '22, in the back half of '22, but we're on the cusp of entering that more attractive point.

確切地說它何時到來還為時過早，在 22 年初，在 22 年後半段，但我們正處於進入那個更有吸引力的時刻的風口浪尖。

I think there's technical solutions that need to be solved in the OLED market to drive it into large-format displays and start to replace LCD.

我認為OLED市場需要解決一些技術解決方案，以推動其進入大尺寸顯示器並開始取代LCD。

So I think that's a little ways out, but we're certainly watching the customer's road map, the success with the technology inflection and then putting capacity behind that inflection.

所以我認為這有點出路，但我們肯定會專注於客戶的路線圖、技術轉折點的成功，然後在這種轉折點背後投入產能。

Once that happens, I think you've got an opportunity to take this market structurally larger.

一旦發生這種情況，我認為你就有機會在結構上擴大這個市場。

And it will be a long-term technical shift in the industry's road map on those large-format displays.

這將是大尺寸顯示器產業路線圖上的長期技術轉變。

Those solutions will be more capital-intensive than LCD technologies today.

這些解決方案將比當今的 LCD 技術更加資本密集。

And from an Applied Material and display business standpoint, it will be an attractive piece of business for us when it happens.

從應用材料和顯示業務的角度來看，當它發生時，這對我們來說將是一項有吸引力的業務。

But I still think we're a little ways away of that inflection actually hitting the market and customers putting capital behind it.

但我仍然認為，我們距離這種轉變真正進入市場並讓客戶投入資金還有一段距離。

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

我們的下一個問題來自 Cowen and Company 的 Krish Sankar。

Dan, I had a question on inventory.

丹，我有一個關於庫存的問題。

Your sales have grown in the last few quarters on a sequential basis, yet your inventory dollars have stayed roughly flat around the $4 billion, give or take.

過去幾個季度，您的銷售額連續成長，但您的庫存金額基本上持平在 40 億美元左右。

And with some of your component and subsystem suppliers being constrained in Malaysia and other factors, are you pulling from hub inventory?

由於您的一些組件和子系統供應商在馬來西亞受到限制以及其他因素，您是否會從集線器庫存中撤出？

And are you worried at some point your suppliers' challenge could kind of manifest into curtailing your own revenue potential down the road?

您是否擔心供應商的挑戰在某些時候可能會削弱您未來的收入潛力？

Yes.

是的。

Thanks, Krish.

謝謝，克里什。

So what I would say is, I think we all know that the supply chain as the global economy begins to fire back online, there's pockets of nonlinearity and some disruption.

所以我想說的是，我想我們都知道，隨著全球經濟開始在線恢復供應鏈，存在一些非線性和一些破壞。

And certainly, our industry is no different on that front.

當然，我們的行業在這方面沒有什麼不同。

I think what you see is a disciplined, efficient operation of the company in a challenging environment.

我認為你看到的是公司在充滿挑戰的環境中紀律嚴明、有效率地運作。

We feel good about how we're operating.

我們對自己的營運方式感覺良好。

My expectation in the current quarter, given what we see going forward is, is you would begin to see that inventory rise in anticipation of what we see on the horizon.

考慮到我們對未來的展望，我對本季的預期是，您將開始看到庫存上升，因為我們預期即將出現的情況。

But we'll take it one quarter at a time, make smart decisions about how we engage with our supply chain to make sure we're set up to successfully satisfy our customers' needs and make them successful.

但我們將一次一個季度地進行，就如何與供應鏈互動做出明智的決策，以確保我們能夠成功滿足客戶的需求並讓他們取得成功。

So as I look back on the last several quarters, really comfortable and pleased with the way the company is operating in the environment and growing the company in a very disciplined way.

因此，當我回顧過去幾個季度時，我對公司在當前環境中的運作方式以及以非常有紀律的方式發展公司感到非常滿意和滿意。

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

我們的下一個問題來自摩根大通的 Harlan Sur。

Congratulations on the solid results and execution.

祝賀取得的紮實成果和執行力。

The team did very well in the $6 billion process control segment last year.

該團隊去年在價值 60 億美元的過程控制領域表現出色。

I think your prior view was that you were going to grow this segment by 50% this year.

我認為您之前的觀點是今年該細分市場將成長 50%。

Now the team is saying up 60%-plus this calendar year, clearly sustaining the strong momentum from last year.

現在，該團隊表示今年的成長率超過 60%，顯然延續了去年的強勁勢頭。

Obviously, we know there's a strong focus on new process debug and production yield improvements as time to market for these new processes is so critical.

顯然，我們知道人們非常關注新製程調試和產量提高，因為這些新製程的上市時間非常關鍵。

What areas is the team going to see the strongest growth or potential share gains this year in process control?

團隊今年在過程控制方面將在哪些領域看到最強勁的成長或潛在的份額成長？

And how does the growth prospects look for process control into next year?

明年的流程控製成長前景如何？

Harlan, thanks for the question.

哈倫，謝謝你的提問。

So when I think about our PDC business, there are really 2 aspects.

所以當我思考我們的 PDC 業務時，實際上有兩個面向。

One is, certainly, we're seeing tremendous growth within PDC.

當然，其中之一是我們看到 PDC 內部出現了巨大的成長。

And that's our certainly e-beam leadership.

這就是我們在電子束領域的絕對領先地位。

We're extending our e-beam leadership.

我們正在擴大我們在電子束領域的領先地位。

I'll talk about that.

我會談談這個。

We have the new optical product, the Enlight.

我們有新的光學產品Enlight。

We're expanding traction of that product.

我們正在擴大該產品的吸引力。

But the other aspect that's really important is the synergy with those technologies and our unit and IMS innovations.

但真正重要的另一個面向是這些技術與我們的部門和 IMS 創新的協同作用。

I talked about in the prepared remarks the AppliedPRO process recipe optimization, extending that from 25 different engagements to more than 50 next year.

我在準備好的演講中談到了 AppliedPRO 工藝配方優化，明年將其從 25 個不同的項目擴展到 50 多個。

And so basically, what we're doing is taking our e-beam leadership.

基本上，我們正​​在做的就是取得電子束領域的領先地位。

We have the highest resolution, and we can generate massive data with unique imaging and algorithms so we can look at fingerprinting across a chip for things like pattern loading or across the wafer and really dialing those recipes in for our unit process and IMS innovations, whether it's wiring or gate-all-around or capacitor structures in DRAM or any of those kinds of things, that's worth billions of dollars to us, and it's worth a tremendous amount for every one of our customers.

我們擁有最高分辨率，並且可以透過獨特的成像和演算法產生大量數據，因此我們可以查看整個晶片上的指紋，以進行圖案加載或跨晶圓等操作，並真正將這些配方用於我們的單元工藝和IMS 創新，無論是它是 DRAM 中的佈線、環柵或電容器結構或任何類似的東西，對我們來說價值數十億美元，對我們的每位客戶來說都價值巨大。

So that combination and the synergy is also very powerful.

所以這種結合和協同作用也是非常強大的。

And relative to the revenue growth within PDC, again, that's been really great to see.

相對於 PDC 內部的收入成長，這真是太令人高興了。

Our e-beam portfolio of products is extremely strong.

我們的電子束產品組合非常強大。

We're also deploying new technology, and we'll talk more about that at the upcoming masterclass to extend our leadership from a resolution perspective certainly across all of our products, across EUV types of applications.

我們還在部署新技術，我們將在即將舉行的大師班上更多地討論這一點，以從分辨率的角度擴大我們在所有產品、EUV 類型應用中的領先地位。

So that's very strong.

所以這非常強大。

The optical part is also growing where we have real strength with some leading foundry/logic customers across a broader set of customers.

光學部分也在不斷增長，我們在更廣泛的客戶群中擁有一些領先的代工/邏輯客戶的真正實力。

So I'm very optimistic, your question about sustainability, very, very optimistic about the sustainability of revenue growth within PDC.

所以我對你關於永續性的問題非常樂觀，對 PDC 收入成長的可持續性非常非常樂觀。

And I'm even more excited about the synergy for R&D acceleration and big process windows and higher yield for the rest of the Applied portfolio.

我對研發加速、大製程窗口以及應用材料公司其他產品組合的更高產量的協同作用感到更加興奮。

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

我們的下一個問題來自瑞銀集團 (UBS) 的 Timothy Arcuri。

I just wanted to get both of your view on maybe some of the longer-term puts and takes on the systems business.

我只是想了解你們對系統業務的一些長期投資和承擔的看法。

If we just look at the commentary here into the back half of this calendar year.

如果我們只看今年下半年的評論。

It seems like we're doing about $45 billion in WFE for the back half of the year, sort of run rating around $90 billion.

今年下半年，我們似乎在 WFE 上投入了約 450 億美元，運行評級約為 900 億美元。

And if you just take the cumulative Street consensus for semiconductor revenue, it's in the $290 billion to $295 billion range.

如果僅考慮華爾街對半導體收入的累積共識，則其收入範圍為 2,900 億美元至 2,950 億美元。

So WFE intensity seems a bit above 15% here in the back half of the year.

因此，今年下半年 WFE 強度似乎略高於 15%。

And I think you've sort of said that you think 14% is the right longer-term number.

我認為您曾說過您認為 14% 是正確的長期數字。

So I guess my question is sort of, how do you think about the puts and takes for where the systems business could go on the downside?

所以我想我的問題是，您如何看待系統業務可能出現下滑的情況？

Because as you say, Dan, we do have subsidy-driven WFE coming on beginning in 2023.

因為正如你所說，Dan，我們確實會從 2023 年開始實施補貼驅動的 WFE。

So I guess I'm just wondering how you think about the puts and takes around all of that.

所以我想我只是想知道你如何看待所有這些的看跌期權和看跌期權。

Yes.

是的。

Thanks, Tim.

謝謝，蒂姆。

So when you think about run rates and you think about market share and you think about quarterly run rates, first of all, you're going to see things move from quarter to quarter.

因此，當您考慮運行率、市場份額以及季度運行率時，首先，您會看到情況在每個季度發生變化。

So it's hard to extrapolate what happens in any given quarter with a broad trend.

因此，很難推斷出任何特定季度發生的大趨勢。

The second thing I'd say is, depending on what you assume from a market share standpoint, you can get some pretty big swings in the analysis.

我要說的第二件事是，根據您從市場份額的角度所做的假設，您可能會在分析中得到一些相當大的波動。

So from my perspective, we got a market that we think is over $80 billion this year, mid-30% grower.

因此，從我的角度來看，我們認為今年的市場規模將超過 800 億美元，成長幅度在 30% 左右。

Our systems business in the first 2 quarters of actual results, 1 quarter of guide, those 3 quarters, our Semi Systems segment is going to be up over 50% against that market opportunity.

我們的系統業務在前 2 個季度的實際業績、第 1 個季度的指導、這 3 個季度中，我們的半系統業務部門將比該市場機會增長 50% 以上。

We're seeing strength across all 3 device types and node over node momentum.

我們看到所有 3 種設備類型的實力以及節點之間的動力。

We see our opportunity increasing.

我們看到我們的機會在增加。

As we look into 2022, we see WFE up.

展望 2022 年，我們看到 WFE 有所上升。

Our confidence interval on that has gone up in the last 3 months.

過去三個月我們對此的置信區間有所上升。

And so we feel good about that perspective.

所以我們對這個觀點感覺很好。

Then you see regionalization of capacity.

然後你會看到容量的區域化。

And so hard to always call with precision the profile in any given year.

而且很難總是精確地調用任何給定年份的概況。

As I take a step back and think about the importance of semiconductors to digital transformation of virtually every segment of the economy, you think about rising capital intensity, I think there's an upward bias on capital intensity over time as a result of traditional 2D Moore's Law, traditional 2D shrinks hitting a wall, the new playbook that has multiple elements to it.

當我退後一步思考半導體對幾乎每個經濟領域的數位轉型的重要性時，你會想到不斷上升的資本密集度，我認為由於傳統的二維摩爾定律，隨著時間的推移，資本密集度會出現向上的偏差傳統2D縮小碰壁，新劇本包含多種元素。

We're certainly going to play a key enabling role to each element of that new playbook.

我們肯定會為新劇本的每個元素發揮關鍵的推動作用。

I see there being an upward bias of capital intensity over time.

我發現隨著時間的推移，資本密集度呈現上升趨勢。

And I don't think it tops out at 14%.

而且我認為這個比例不會達到 14%。

And then you think about regionalization of capacity to create a secure supply of semis, I think that provides an even further upward bias.

然後你會考慮產能的區域化以創造安全的半成品供應，我認為這提供了進一步的向上偏差。

And we've been on this observation for a while.

我們對此觀察已經有一段時間了。

If you go back a decade and look at 2-year rolling averages of WFE, every year won't be up, but each successive 2-year window has been up over the prior.

如果你回顧十年，看看 WFE 的 2 年滾動平均值，你會發現每年都不會上升，但每個連續的 2 年窗口都比前一個窗口有所上升。

And as we look forward over the next decade, we see those secular trends shaping our industry showing nice signs of strength.

當我們展望未來十年時，我們看到那些塑造我們行業的長期趨勢顯示出良好的實力跡象。

You will get a cyclical overlay on top of that trend line.

您將在該趨勢線之上得到週期性疊加。

It's going to lead to higher highs, higher lows, but it's hard to call with precision the timing of when those peaks and valleys hit.

它將導致更高的高點、更高的低點，但很難準確判斷這些高峰和低谷何時到來。

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

我們的下一個問題來自富國銀行的 Joe Quatrochi。

Congrats on the results as well.

也祝賀結果。

Just curious on the WFE outlook.

只是對 WFE 的前景感到好奇。

You talked about increasing confidence into 2022.

您談到要增強對 2022 年的信心。

Can you give us any sort of update on how we think about, I think last quarter you talked about over $160 billion for 2021 plus 2022.

您能給我們介紹一下我們的想法嗎？

I think we're a little bit higher now for 2021.

我認為 2021 年的價格會更高一些。

Yes.

是的。

Thanks, Joe.

謝謝，喬。

Here's what we see.

這是我們所看到的。

So we said over $160 billion for 2021 and 2022.

所以我們說 2021 年和 2022 年將超過 1600 億美元。

We see 2021 being over $80 billion and we see up year-over-year.

我們預計 2021 年將超過 800 億美元，並且逐年成長。

So we won't be point specific to update that over $160 billion.

因此，我們不會具體更新超過 1600 億美元的金額。

But clearly, we've got a lot of confidence that you're pushing higher to those levels, higher than that level if '21 is over $80 billion already and you're up into 2022.

但顯然，我們非常有信心，如果 21 年的收入已經超過 800 億美元並且進入 2022 年，您將推動更高的水平，甚至更高。

So we feel good about the setup.

所以我們對這個設置感覺很好。

And certainly, our opportunity given the momentum, we outperformed in '19, we're going to outperform again in 2021, we think we're set up to continue that as we look into 2022.

當然，鑑於勢頭，我們有機會，我們在 19 年表現出色，我們將在 2021 年再次表現出色，我們認為在展望 2022 年時我們將繼續保持這一勢頭。

And we're planning for each of our reporting segments as we look into 2022 to be up.

我們正在為 2022 年的每個報告部分進行規劃。

So we feel good about how the company is executing against that opportunity but probably won't update in a point-specific way the 2 years, but I think what I just shaped for you gives you a sense of what we see.

因此，我們對公司如何抓住這一機會感到滿意，但可能不會在兩年內以特定的方式進行更新，但我認為我剛剛為您塑造的內容可以讓您了解我們所看到的內容。

Okay.

好的。

Thanks, Joe, and thanks for your question.

謝謝喬，也謝謝你的問題。

Dan, would you like to help us close up today's call?

丹，你願意幫我們結束今天的通話嗎？

Yes.

是的。

Thanks, Mike.

謝謝，麥克。

Sure.

當然。

So as I look at the most recent quarter, one big takeaway I'd take away from the quarter is just how much the foundry/logic market has broadened.

因此，當我回顧最近一個季度時，我從該季度得出的一大收穫是代工/邏輯市場擴大了多少。

What used to be a leading node only spend in the past is now evenly balanced between leading edge and ICAPS markets today.

過去僅用於領先節點的支出現在在領先邊緣市場和 ICAPS 市場之間實現了均衡。

I think that speaks to the momentum we see of edge computing, IoT.

我認為這說明了我們看到的邊緣運算、物聯網的發展勢頭。

When you put intelligence at the edge, it sets up a virtuous cycle where the data generated at the edge is going to create more demand for advanced logic and memory in the cloud.

當您將智慧置於邊緣時，它會建立一個良性循環，其中邊緣產生的資料將為雲端中的高級邏輯和記憶體創造更多需求。

It's a nice virtuous cycle.

這是一個很好的良性循環。

Another observation, despite the supply chain headwinds the industry is seeing, our teams are working incredibly hard in driving gross margin initiatives, and they're delivering some of the best results the company has ever had.

另一項觀察結果是，儘管產業面臨供應鏈逆風，但我們的團隊正在非常努力地推動毛利率計劃，並且他們正在交付公司有史以來最好的成果。

I also like the strong free cash flow being generated, really sets us up well to deliver even more cash to shareholders over time.

我還喜歡所產生的強勁自由現金流，這確實使我們能夠隨著時間的推移向股東提供更多現金。

Hopefully, I'll see many of you at the Needham, Deutsche and Citi conferences in the coming weeks.

希望在接下來的幾週內，我能在 Needham、德意志銀行和花旗銀行的會議上見到你們中的許多人。

And so with that, Mike, let's go ahead and close the call.

麥克，我們就這樣結束通話吧。

Okay.

好的。

Great.

偉大的。

Thanks, Dan.

謝謝，丹。

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

我們要感謝大家今天加入我們。

A replay of the call is going to be available on our website by 5 p.m.

電話會議的重播將於下午 5 點在我們的網站上提供。

Pacific Time.

太平洋時間。

Thank you for your continued interest in Applied Materials.

感謝您對應用材料公司的持續關注。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。