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的 2021 財年第三季度財報電話會議。

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

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

Before we begin, 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.

在我們開始之前，我想提醒您，今天的電話會議包含前瞻性陳述，這些陳述受到可能導致我們實際結果不同的風險和不確定性的影響。

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信息包含在 Applied 最近提交給 SEC 的 10-Q 和 8-K 表格中。

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.

在今天的收益新聞稿和我們的季度收益材料中可以找到與 GAAP 措施的對賬，這些材料可在我們網站的 IR 頁面上找到，網址為 Appliedmaterials.com。

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，我們計劃舉辦我們大師班系列的第三場活動，這一次的重點是 ICAPS 市場以及異構設計和先進封裝。

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

然後，在 10 月 18 日，也是上午 9 點。

Pacific Time, we plan to hold our fourth masterclass.

太平洋時間，我們計劃舉辦第四屆大師班。

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

我們將專注於流程控制和流程優化，包括電子束和人工智能等 AIx 平台技術。

We hope you'll join us.

我們希望你能加入我們。

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

現在我想把電話轉給 Gary Dickerson。

Thank you, Mike.

謝謝你，邁克。

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.

在我們的 2021 年第三季度，應用材料公司利用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.

在過去的 18 個月中，大流行加速了經濟的數字化轉型和先進技術的採用，為行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.

與此同時，COVID-19 擾亂了全球供應鍊和物流，這是我們將在未來幾個季度繼續應對的暫時性挑戰。

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出色地完成了工作，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步入正軌。

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，我將重點關註三個主題：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發展戰略的三大支柱；第三，我將解釋應用材料公司如何在今天超越我們的市場，以及如何在未來發揮更大、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.

總體而言，我們對市場的看法沒有重大變化。

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

需求強勁且可持續，客戶進行戰略投資以應對長期的長期趨勢。

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/邏輯是增長最快的晶圓廠設備市場，我們相信它將佔全年客戶總投資的 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、代工和邏輯中最先進的 3 個節點以及物聯網、通信、汽車、電力電子和傳感器應用技術或我們稱之為 ICAPS 的技術之間相對平均分配。

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 支出將成為今年增長第二快的 WFE 市場，並且我們看到了對產能和新技術的持續投資的積極設置。

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

在內存密集型人工智能計算的推動下，供應方庫存仍低於正常水平，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.

在絕對基礎上，我們預計今年 NAND 投資將與 DRAM 相似。

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

我們認為 NAND 庫存在供應端和需求端都處於正常水平。

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

展望未來，我堅信對於半導體公司來說，從未有過更激動人心的時刻。

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

我們只是處於支撐長期行業增長的十年趨勢的開端。

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，數字化轉型建立在矽之上，並拓寬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，而是經濟向數字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.

邊緣的智能和連接設備不僅消耗更多的矽，而且還在推動機器生成的數據呈指數級增長。

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.

為了從大量可用數據中理解並創造價值，需要新的人工智能計算方法，從而推動對當前和下一代半導體的進一步需求。

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

雖然全球矽消費正在加速，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展示的那樣，我們估計到 2025 年，中國的人均矽支出將僅達到 2015 年美國的水平。

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.

由於數字化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、亞洲和歐洲政府提供激勵措施，隨著行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，它們可以提供多年支持。

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其中的一部分。

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.

及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會蓬勃發展，哪些不會。

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 Applied，我們堅信該行業的未來不會像過去那樣，我們已經相應地調整了我們的戰略和投資。

Our strategy has 3 pillars.

我們的戰略有 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，我們專注於成為 PPACt 支持公司，為客戶的功率、性能、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.

我們擁有最廣泛和最有能力的工藝技術組合，我們可以以獨特和高度支持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，我們將更多業務轉向訂閱，因為我們相信這種模式為客戶和我們提供了顯著的好處。

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.

我們已經將相當一部分已安裝的基礎業務轉化為經常性收入，並且我們開始使用訂閱方式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，我們繼續優化服務於包括顯示器在內的鄰近市場的業務組合，以推動盈利增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.

這一戰略正在取得成果，2021 年將成為 Applied 表現強勁的一年。

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

從我們的單元流程工具開始，我們看到對我們領先產品的強勁需求。

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，以我們第四季度指引的中點為例，我們的外延和熱敏業務都有望在本財年增長 70% 以上，而 CMP 將增長超過 60% 和植入超過 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.

我們還看到我們的增長領域表現出色，特別是過程診斷和控制，我們預計在 2021 日曆年將增長超過 60%。

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

最重要的是，我們的共同優化和集成解決方案勢頭強勁。

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

按收入計算，我們今天銷售的大約 70% 的半導體產品已經在一定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看到並為客戶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粘性。

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，我們的集成材料解決方案（稱為 IMS）將多個工藝與定制的計量和傳感器結合在一個通常在真空下的系統中。

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%，直接解決未來 5 年數十億美元的機會。

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，我們可以解決新 PPACt 手冊中最複雜和最有價值的挑戰，並且我們擁有令人興奮的新解決方案管道，適用於代工/邏輯和內存。

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.

我們看到強勁和可持續增長的另一個領域是我們的 ICAPS 業務，該業務為物聯網、通信、汽車、電源和傳感器領域的廣泛客戶和應用程序提供服務。

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

在 ICAPS 中，對 28 納米和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收入預計今年將翻一番。

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.

通過及早行動並在 2019 年組建專門的 ICAPS 團隊，我們能夠增加對這些客戶的關注並加快我們在這個市場的份額。

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，包括集成和共同優化的解決方案。

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伙伴關係和合作。

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 Applied 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，我們在領導力和增長業務 IMS 和 ICAPS 方面表現出強勁的勢頭，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.

很明顯，材料工程的進步是行業 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 playbook 有 5 個關鍵要素： 新架構，包括特定於工作負載的 ASIC 和新存儲器； 3D結構，包括環柵晶體管、埋入式電源軌和3D DRAM；用於柵極、接觸和互連的新材料；新的幾何收縮和先進的封裝。

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 個元素在未來節點對 PPACt 的相對貢獻正在不斷發展，從而為 Applied 發揮更大和更有價值的作用創造機會。

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轉折點，並在幾年前開始投資於差異化技術。

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

今天，我們在先進的包裝設備領域享有明顯的領導地位，在我們所服務的市場中佔有超過 60% 的份額。

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

今年，我們將從我們的設備業務中獲得超過 8 億美元的收入。

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

通過有機研發和戰略合作夥伴關係的結合，我們還在開發高度賦能的未來技術。

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，我們將在即將到來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.

加快上市時間是我們 PPACt 支持戰略的關鍵組成部分。

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，從研發到技術轉讓和大批量製造。

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、傳感器、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，並正在為多個領先客戶增加新裝置。

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 中的工藝配方優化器，用於加速單個腔室和工具的研發認證，以及實現更大的工藝窗口和更高的芯片產量。

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 個月中，我們預計 AppliedPRO 客戶參與的數量將翻一番，從今年的 25 個左右增加到 50 個以上。

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

在我把電話交給丹之前，我會快速總結一下。

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

在廣泛的積極宏觀和技術驅動因素的支持下，我們看到對我們半導體業務的強勁且可持續的需求。

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

儘管與 COVID 相關的供應鏈中斷仍然存在，但我們的團隊在應對這些挑戰方面做得很好。

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，這要歸功於我們為領先市場和 ICAPS 市場提供的強大的差異化單元工藝工具組合，以及加速採用我們的 IMS 和先進封裝產品。

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，我們相信長期趨勢的力量將推動半導體和晶圓廠設備市場在結構上走高，我們相信應用材料公司處於加速客戶 PPACt 路線圖並顯著增長的最佳位置比我們的市場。

Dan, over to you.

丹，交給你。

Thanks, Gary.

謝謝，加里。

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

今天，我將首先總結應用材料公司在第三季度的整體表現。

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 Semi Systems 結果，包括關於我們的代工/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.

我還將為您提供一些圍繞 Applied 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，我將添加我對我們市場需求趨勢的看法，並為第四季度提供我們的指導。

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

從我們第三季度的表現開始，Applied 創造了公司歷史上最強勁的收入，每個部門都超過了預期。

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

儘管與 COVID 相關的成本逆風持續存在，但我們將毛利率提高到 48%，這是 14 年來的最高水平。

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

我們還實現了公司有史以來最高的營業利潤、營業利潤率和每股收益。

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經營現金流和創紀錄的 15 億美元的自由現金流。

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

事實上，我們在過去 4 個季度中累計產生了近 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 月份的投資者會議上，我們做出了長期承諾，將 80% 至 100% 的自由現金流返還給股東。

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

在第三季度，我們可以使用整個季度的回購窗口。

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

我們在本季度回購了 15 億美元的 Applied 股票，並將 111% 的自由現金流返還給了股東，包括股息。

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

我們在本季度末的股票回購授權中剩餘約 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增長趨勢以及我們對公司內在價值的看法，我們預計將繼續在我們的股票市場上保持活躍。

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上調至 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- 上調至 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，我將對我們的半導體系統業務的強勁表現提供一些見解，該業務在第三季度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.

我們的需求是廣泛的，跨越代工廠/邏輯和內存，以及代工廠/邏輯內部，跨越各種節點。

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.

我們正在提高我們在許多領域的技術領先地位，這反映在我們的營業利潤率上，首次超過 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 業務遍布全球，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 應用程序的產品週期很長，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.

我們的份額很高，利潤對公司來說是增值的。

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，在整個市場週期內提供可預測的自由現金流。

Our segment reporting gives you good insights into the business.

我們的細分報告為您提供了對業務的深入了解。

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.

我將繼續為您提供關鍵績效指標，這些指標展示了 Applied 服務業務的獨特品質以及我們戰略的進展。

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，您知道 AGS 在第三季度實現了創紀錄的 12.9 億美元的收入，同比增長 24%。

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

AGS 收入的 87% 是經常性服務、零件和軟件。

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

剩餘金額主要是傳統的 200 毫米設備，因此應用材料公司本季度產生了 11 億美元的經常性收入。

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工藝同行中最高的，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.

今天，我們的半安裝基礎剛剛超過 40,000 個系統，我們在現場擁有超過 160,000 個腔室。

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，我們分享了在 2020 年至 2024 年間將每個系統的收入增加 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，我將為我們增加客戶價值以進一步增加經常性收入的策略添加一些指標。

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 服務器使我們能夠為客戶執行數據支持服務。

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

今天，我們擁有超過 4,300 個連接工具，比我們 2020 年的基線增長了 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程連接的數量，這使我們能夠將我們最好的專家連接到已安裝的基礎上，以便從世界任何地方執行遠程分析、診斷和優化。

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

遠程連接工具的數量現在超過 3,200 個，比我們 2020 年的基線增長了 36% 以上。

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

另一個關鍵焦點是以長期服務協議的形式將我們的經常性收入轉變為訂閱。

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

今天，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約為 90%。

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，我們已將期限從 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，在我們在第三季度預訂的訂閱中，77% 是多年期協議。

We track all of these KPIs very closely.

我們非常密切地跟踪所有這些 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.

我希望他們能讓您很好地了解我們經常性收入的規模和增長，以及我們通過關注客戶的上市時間以及成本、產量和收益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，我們披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.

在第三季度，它 15 年來首次超過 30%。

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

接下來，我將添加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，但我們看到未來會進一步增長。

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，我們的總體積壓接近 100 億美元，在 Semi Systems 和 AGS 中均創下歷史新高，並且在我們所有的地區都有實力。

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 年下半年的代工/邏輯和 DRAM 的設備支出會更高。

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分都會更高。

Now I'll share our Q4 business outlook.

現在我將分享我們的第四季度業務展望。

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

我們預計公司收入將增加至約 63.25 億美元，上下浮動 2.5 億美元或同比增長約 35%。

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

由於我們供應鏈中的近期風險，我們擴大了本季度的收入範圍。

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 美元或同比增長約 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.

在此展望中，我們預計半導體系統收入約為 46 億美元，同比增長約 50%，AGS 收入約為 13 億美元，同比增長近 18%。

We expect Display revenue to be around $400 million.

我們預計顯示收入將在 4 億美元左右。

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

Applied 的非 GAAP 毛利率應持平於 48% 或同比增長約 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 運營支出增加到 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%.

我們的指導假設非 GAAP 稅率略高，約為 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在第三季度實現了又一個創紀錄的季度財務業績，利潤率和自由現金流強勁。

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.

需求環境繼續強勁，我想與 Gary 一起感謝我們所有的團隊和合作夥伴在穩健但充滿挑戰的環境中辛勤工作。

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

現在邁克，讓我們開始問答吧。

Thanks, Dan.

謝謝，丹。

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

（操作員說明）操作員，讓我們開始吧。

(Operator 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您的 ICAPS 業務。

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

你談到代工/邏輯是今年 55% 以上的組合，而 ICAPS 可能是其中的一半。

And so I guess, did I hear that correctly?

所以我猜，我沒聽錯嗎？

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您的領導力與增長滲透率，以及我們應該如何考慮到 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大部分，是否存在滯後優勢？

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，完成後 Gary 可以提出一些觀點。

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/邏輯的設置時，我認為您繪製的輪廓創造了正確的視角，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/邏輯並查看前沿與 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，我們在這兩個市場取得了平衡。

We've got balance again in 2021.

我們在 2021 年再次取得平衡。

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

因此，我們在鑄造/邏輯中的整個節點配置文件和幾何形狀中看到的實力確實讓我們感到鼓舞。

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，我們在推動關鍵支持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.

創新在整個節點配置文件中回歸。

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.

隨著我們的客戶在物聯網、通信、汽車、電力、傳感器領域尋求獨特的機會，隨著智能走向邊緣，需要驅動非常獨特的技術和能力。

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.

我們擁有關鍵的使能技術，這些技術以誘人的利潤率為我們帶來了非常好的市場地位。

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，我們認為我們的設置非常好，可以在代工/邏輯配置的這兩個方面以非常平衡的方式向前發展。

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.

謝謝你的問題。

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

所以我認為 ICAPS，也許有些人會認為是尾隨技術節點。

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.

但是，如果您真的考慮一切的數字化和這種大轉折，人們正在談論在邊緣擁有 0.5 萬億或 1 萬億個連接設備的未來。

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、耳朵和傳感器的系統公司交談時，需要在芯片和芯片的功率、性能、成本方面進行大量創新。包裹。

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，當然在雲中你需要高性能來提取可操作的見解。

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

但是延遲、功率、成本，所有這些都在邊緣，創新真的很重要。

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.

而且我認為相對於可持續性，你可以看到數據的爆炸式增長，尤其是機器生成的數據，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，當你在未來使用 0.5 萬億台聯網設備時，它會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 年對組織進行了戰略性變革，將公司的關鍵部分整合在一起，200 毫米、300 毫米、單元工藝創新。

We have some dynamite technologists focused on these markets.

我們有一些炸藥技術專家專注於這些市場。

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

再一次，我們將在 9 月 8 日的大師班上分享更多內容。

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

我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

I had a question on memory, first on DRAM.

我有一個關於內存的問題，首先是關於 DRAM。

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

很明顯，它在本季度的連續增長相當不錯。

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

不過，聽起來你仍然非常積極，但仍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?

考慮到你的定位實力和你所說的一切，有沒有理由相信，就像每當我們達到 DRAM 峰值時一樣，有什麼理由相信，無論它在哪裡，那個水平應該不會比我們看到的幾年前的峰值更高，可能顯著更高嗎？

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.

你根本沒有真正提到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，你對 NAND 的看法比其他人要低調一些。

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?

與 3 個月前的情況相比，您對該市場進入後半部分的軌蹟的看法是否完全下降，因為您的一個競爭對手略有下降？

Yes.

是的。

Thanks, Stacy.

謝謝，斯泰西。

Let me take a track at those questions.

讓我來看看這些問題。

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，請跟進以確保我達到了您提出的所有要點。

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

首先，我認為我們對今年 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.

我們認為這是一個中等 30% 的種植者正負值。

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.

嵌入其中，我們看到了所有設備類型的優勢，您增長最快的代工/邏輯，下半年加權；下一個增長最快的 DRAM，下半年加權，仍然看到強勁的需求和來自那裡的客戶的拉動，所以我們對此感覺良好。

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

上個季度，我們在 NAND 的概況上打了一個問號。

Is it flat?

是平的嗎？

Is it down a bit?

是不是有點低了？

We needed a bit more time to tell.

我們需要更多的時間來講述。

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.

我認為有一個問號。

Is it flattish?

是平的嗎？

Is it down a bit?

是不是有點低了？

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

因此，全年的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.

這是一項我們多年來發展勢頭強勁的業務。

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，我們談論在節點上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.

現在，您正在 DRAM 市場中採用類似邏輯的結構，這對我們來說是傳統的力量來源。

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，我們正在為我們的客戶發揮關鍵的支持作用，你會在最近的結果中看到這一點，我們預計這種力量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，我們確實看到整個 WFE 市場同比增長。

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

我們看到所有 3 種設備類型的持續優勢：代工廠/邏輯、DRAM、NAND。

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

因此，我們喜歡我們對這個機會的定位。

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

我們現在看到的方式是，我們計劃所有三個報告部分都同比增長。

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

因此，在這種情況下，峰值的概念是一個非常有趣的概念。

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，我們知道行業正在經歷數字化轉型，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.

我想說的是，5 年後對半導體的需求將比現在更大，而且肯定會比 5 年前更大。

So all of that is playing out nicely.

所以這一切都很好地發揮出來。

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

我還要在 DRAM 市場上說，你的節點比節點收縮產生的比特增長比歷史上要少。

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

因此，您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.

坦率地說，你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中所做的投資，並將其作為盈利百分比與我們歷史上看到的百分比進行比較時，您可以追溯到大約十年前，客戶從 WFE 中花費更多但過去十年中，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力。

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

雖然每年可能不是一個高峰，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功率、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，我們的表現非常出色。

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的 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，儘管你在準備好的評論中發表了評論，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，並且我們正在經歷半成品生產的區域化時期。

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

如果回顧過去兩個季度，您的收入增長超過 10 億美元。

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

到目前為止，其中最大的一部分是中國。

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

所以我想知道你能否幫助我們更好地了解當今中國的消費構成。

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

在我們都期待這種供應區域化的範圍內，您認為這種情況何時以及如何發生？

Yes.

是的。

Thanks, John.

謝謝，約翰。

Let me take a crack at it.

讓我試一試。

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

所以我們要說的是，我們看看我們在中國做的生意。

We've got 3 reporting segments.

我們有 3 個報告部分。

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.

我們報告的數字既是面向中國國內市場參與者的半系統，也包括在中國建造設施的國際市場參與者、支持這些設施的所有服務以及我們運往市場的顯示設備。

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

因此，在任何特定季度，在中國都會產生大量收入。

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，看看今年發生了什麼，我們將其與去年中國國內在 WFE 的 100 億美元支出進行比較時，我想說的是，您會看到所有 3 種設備類型的支出都很有意義：代工廠/邏輯、DRAM、NAND。

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

我想說今年的重點是中國的 ICAPS 市場。

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

從增長的角度來看，我想說它的增長可能略高於整個行業的平均水平。

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，我們對我們通過長期合作關係和關鍵支持技術把握這個機會感到非常滿意，但我們擁有廣泛而多樣化的業務，可以跨 3 個報告部門為這個市場服務。

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，從區域的角度來看，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.

我要說的是，從供應鏈的連續性來看，擁有更多的區域能力當然很重要。

I think that's a big area of focus.

我認為這是一個很大的重點領域。

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物理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.

而且，如果您考慮將實現這種數万億美元的數字化轉折的基礎設施，那麼正如我之前談到的那樣，它真的可以追溯到邊緣創新、雲創新，以及在功率、性能和成本方面領先於其他人的一切。

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

因此，我們當然看到了機會，並且相對於物理基礎設施和區域化能力正在向前發展。

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、美國和許多政府而言，擁有這些創新的基礎技術拼圖以贏得這場未來的 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，Applied 處於這樣一個位置，我們將在我們已經在美國矽谷的 Maydan 技術中心和紐約的 META 中心所做的基礎上繼續投資。

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.

但這是我們一生的競賽，我認為，這種創新基礎設施是贏得未來所需要做的另一個關鍵方面。

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.

然後很快，約翰，僅從對市場影響的時間角度來看，我們不會指望 2022 年政府支出的任何東西。

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

我們的觀點是，您是否會在 23 年和 24 年開始看到它。

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

如果它發生得比這更快，那麼從市場的角度來看，這對我們的看法是有利的。

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

但是，'23，'24 是我們目前認為圍繞該支出進行區域化產能的正確時機。

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明年 WFE 會增長。

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

我很好奇你計劃明年增加多少額外的容量。

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

作為其中的一部分，它如何影響您的保證金結構？

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.

因為當我查看您的毛利率和 EBITDA 利潤率時，它們非常接近，或者在某些情況下甚至超過了您的 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?

因此，如果您可以讓我們了解您計劃在線增加多少額外容量，那麼利潤從哪裡來？

Yes.

是的。

Thanks, Vivek.

謝謝，維維克。

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，作為一家公司，我們幾個季度以來一直在以不錯的速度進行投資。

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

你看到我們開始接受這個，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.

我們對我們看到的這個行業的發展方向提出了看法，我們確保我們有能力為我們的客戶服務並使他們取得成功。

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.

正如你所想像的那樣，出於競爭原因，我們不會具體說明我們將多少容量上線，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在結構上繼續擴大，我們制定了容量聲明來支持它。

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現象。

We see follow-through at these levels.

我們在這些層面看到了後續行動。

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

儘管我們從 COVID 環境中看到了近期的不利因素，但這仍然存在。

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，您會看到這些水平在同類基礎上的向上偏差。

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取得了很好的進展。

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

這是考慮公司的好方法。

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，我都會說我們永遠不會滿足於此。

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線水平的方法，並做得比我們今天做得更好。

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

所以我們對我們的設置感覺很好。

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

我們將繼續投資以支持業務，我們將繼續推動成果。

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，我想問一下你的領導產品。

You gave some growth rates in your prepared remarks.

你在準備好的評論中給出了一些增長率。

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，你說今年增長超過 70%，CMP 增長超過 60%，植入增長超過 50%。

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

所有 3 項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，那裡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並提出問題來考慮 22 財年的可持續性，因為它顯然對混合和毛利率有重要影響.

Yes.

是的。

Toshiya, thanks for the question.

Toshiya，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，在過去的兩周中，我實際上一直在與研發負責人進行數小時的持續對話，同時也與我們主要客戶的 CEO 進行對話。

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，當您考慮 PPACt 路線圖、功率、性能、成本和時間時，領先於其他人，這就是決定行業中誰贏誰輸的因素。

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

當你想到親戚時，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.

我們已經討論了 5 個驅動程序、新芯片架構、新材料、新結構、新的縮小方法以及將芯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，如果您看看我們的客戶在說什麼，我認為，即使是今天早些時候，但以許多不同的形式，人們正在談論元素週期表中的新材料和封裝技術以及新結構，如環柵或設計技術與埋入式電源軌或有源柵極接觸等技術進行協同優化。

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

在某些情況下，即使間距不小，您也可以顯著節省面積。

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，您今天在我們的領導力業務中看到了這一點，我們還在我們的投資者會議上談到了一項新的創新，我們可以通過集成材料解決方案實現 50% 的佈線減少，我們結合了許多真空下的技術、ALD、PVD、CVD、銅回流、表面準備技術，以推動在許多不同層次上減少 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.

而這個集成系統價值數十億美元。

That's what we've communicated.

這就是我們溝通過的。

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

所以 Toshiya，我認為 Applied 的機會從未如此美好。

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.

當您真正考慮時，功率、性能和成本的相對貢獻，無論是在前沿，在雲中處理所有數據，我今天早些時候談到的邊緣創新，新內存技術，它真的是在應用材料創新，結構創新的甜蜜點。

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.

我們不僅通過我們在單元工藝方面的廣度，而且還與合作夥伴一起通過新的集成材料解決方案來推動創新。

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。所以我認為你所看到的力量，如果我展望未來幾年，看看對 PPACt 的相對貢獻，我只是認為我們'從未處於更好的位置。

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戰略和投資現在正在獲得回報，它們將在更大的前進道路上獲得回報。

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

我們的下一個問題來自花旗的 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要問 Gary。

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?

我們將經歷多長時間的 LCD 到 OLED 轉換階段？

And when should the new capacity come on for display?

什麼時候應該顯示新容量？

Yes.

是的。

Thanks, Atif.

謝謝，阿提夫。

Let me jump in on that one.

讓我跳上那個。

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.

所以我們現在已經談了幾個季度，關於加強整體顯示器市場的基本面，產能出來，加強面板價格，屏幕尺寸繼續增加。

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

您會看到 5G OLED 在手機中的滲透，然後是未來的路線圖，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 對大尺寸顯示器 IPTV 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，所有這些強化的市場基本面都讓我們很好地感覺到，在 2022 年，你可能會進入一個更具吸引力的投資週期點。

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.

我不認為從這些水平大幅提升，但你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.

在 22 年初，在 22 年的後半段，確切地說它何時到來還為時過早，但我們正處於進入那個更具吸引力的點的風口浪尖。

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，但我們肯定會關注客戶的路線圖，技術轉折的成功，然後將產能置於轉折背後。

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.

這將是這些大尺寸顯示器行業路線圖的長期技術轉變。

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

這些解決方案將比今天的 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.

從應用材料和顯示器業務的角度來看，一旦發生，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，我們距離實際衝擊市場和客戶投入資金的拐點還有一點距離。

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.

您的銷售額在過去幾個季度連續增長，但您的庫存美元大致持平在 40 億美元左右，無論是給予還是接受。

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和其他因素受到限制，您是否正在從樞紐庫存中撤出？

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

您是否擔心在某些時候您的供應商所面臨的挑戰可能會在某種程度上體現為削減您自己的收入潛力？

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網上反彈，供應鏈存在一些非線性和一些中斷。

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

當然，我們的行業在這方面也不例外。

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

我認為你所看到的是公司在充滿挑戰的環境中紀律嚴明、高效的運作。

We feel good about how we're operating.

我們對自己的運營方式感覺良好。

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.

鑑於我們對未來的展望，我對本季度的預期是，您會開始看到庫存增加，以預期我們即將看到的情況。

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.

但我們將一次完成四分之一，就如何與供應鏈互動做出明智的決定，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，對公司在環境中的運營方式以及以非常有紀律的方式發展公司的方式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.

祝賀取得了紮實的成果和執行。

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

去年，該團隊在價值 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，您今年將把這一細分市場增長 50%。

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

現在，該團隊表示本日曆年增長了 60% 以上，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，我們知道新工藝的調試和生產良率的提高非常重要，因為這些新工藝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增長或潛在的份額增長？

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

明年過程控制的增長前景如何？

Harlan, thanks for the question.

哈蘭，謝謝你的提問。

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

因此，當我想到我們的 PDC 業務時，實際上有兩個方面。

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

一個是，當然，我們在 PDC 中看到了巨大的增長。

And that's our certainly e-beam leadership.

這當然是我們在電子束方面的領導地位。

We're extending our e-beam leadership.

我們正在擴大我們的電子束領導地位。

I'll talk about that.

我會談談那個。

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.

但另一個真正重要的方面是與這些技術以及我們的部門和 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.

我在準備好的評論中談到了 AppliedPRO 工藝配方優化，將其從 25 個不同的項目擴展到明年的 50 多個。

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

所以基本上，我們正在做的是讓我們的電子束領導地位。

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，我們可以使用獨特的成像和算法生成海量數據，因此我們可以查看芯片上的指紋識別，例如圖案加載或晶圓上的指紋，並真正為我們的單元工藝和 IMS 創新撥入這些配方，無論是它是 DRAM 中的佈線或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，對我們的每一位客戶來說都價值不菲。

So that combination and the synergy is also very powerful.

所以這種組合和協同作用也很強大。

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

相對於 PDC 的收入增長，再次看到這真是太好了。

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，我們將在即將到來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的領導地位，當然也包括我們所有的產品和 EUV 類型的應用。

So that's very strong.

所以這是非常強大的。

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

光學部分也在增長，我們在更廣泛的客戶群中與一些領先的代工/邏輯客戶擁有真正的實力。

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

所以我非常樂觀，你關於可持續性的問題，對 PDC 收入增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.

我對研發加速和大工藝窗口的協同作用以及其他應用產品組合的更高產量感到更加興奮。

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.

我只是想了解您對系統業務的一些長期看跌期權的看法。

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

如果我們只看一下本日曆年下半年的評論。

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.

看起來我們在今年下半年在 WFE 上做了大約 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.

如果你只看半導體收入的累積街道共識，它在 2900 億美元到 2950 億美元之間。

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

因此，今年下半年的 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.

而且我認為您已經說過您認為 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，你如何看待系統業務可能會出現下行趨勢的看跌期權？

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

因為正如你所說，丹，我們確實從 2023 年開始推出由補貼驅動的 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看跌期權和所有這些。

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，當您考慮運行率並考慮市場份額並考慮季度運行率時，首先，您將看到事情從一個季度到另一個季度發生變化。

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

因此，很難以廣泛的趨勢推斷任何給定季度發生的情況。

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，根據你從市場份額的角度假設，你可以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.

所以從我的角度來看，我們有一個我們認為今年超過 800 億美元的市場，增長 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 個季度的實際結果、第 1 個季度的指導、這 3 個季度中，我們的半導體系統部門將在該市場機會的情況下增長 50% 以上。

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

我們看到所有 3 種設備類型和節點超過節點勢頭的實力。

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 上升。

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

在過去 3 個月中，我們對此的置信區間有所增加。

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.

在任何給定的年份都很難始終準確地調用個人資料。

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字化轉型的重要性時，你會想到資本密集度的上升，我認為由於傳統的二維摩爾定律，隨著時間的推移，資本密集度會出現上升趨勢，傳統的 2D 縮小撞牆，具有多種元素的新劇本。

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

我們肯定會在新劇本的每個元素中發揮關鍵的推動作用。

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

我看到隨著時間的推移，資本密集度存在向上的偏差。

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

而且我認為它不會達到 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.

然後你考慮能力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.

我們已經對此進行了一段時間的觀察。

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.

如果你回溯十年並查看 WFE 的 2 年滾動平均值，每年都不會上升，但每個連續的 2 年窗口都比前一個上升。

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.

您將在該趨勢線上方獲得周期性疊加。

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.

它會導致更高的高點、更高的低點，但很難準確判斷這些高峰和低谷何時出現的時間。

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.

你談到要增強信心到 2022 年。

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.

您能否就我們的想法提供任何最新信息，我認為上個季度您談到了 2021 年和 2022 年超過 1600 億美元。

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

我認為我們現在對 2021 年的要求更高一些。

Yes.

是的。

Thanks, Joe.

謝謝，喬。

Here's what we see.

這就是我們所看到的。

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，並且同比增長。

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。

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.

但很明顯，我們有很大的信心，你正在推動更高的水平，如果 21 年已經超過 800 億美元並且你已經進入 2022 年，那麼這個水平就會更高。

So we feel good about the setup.

所以我們對設置感覺很好。

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，我們的機會在 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，我們將繼續保持這種勢頭。

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

隨著我們展望 2022 年的發展，我們正在計劃我們的每個報告部分。

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.

所以我們對公司如何利用這個機會執行的感覺很好，但可能不會在兩年內以特定的方式更新，但我認為我剛剛為你塑造的東西讓你對我們所看到的有所了解。

Okay.

好的。

Thanks, Joe, and thanks for your question.

謝謝，喬，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，邁克。

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，當我查看最近一個季度時，我從該季度中得出的一個重要結論是代工/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.

過去僅作為領先節點的支出現在在領先市場和 ICAPS 市場之間取得平衡。

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計算物聯網的勢頭。

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.

當您將智能置於邊緣時，它會建立一個良性循環，在該循環中，邊緣生成的數據將為雲中的高級邏輯和內存創造更多需求。

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.

另一個觀察結果是，儘管行業面臨供應鏈逆風，但我們的團隊在推動毛利率計劃方面付出了難以置信的努力，並且他們正在提供公司有史以來最好的一些成果。

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

我也喜歡產生的強勁自由現金流，這確實使我們能夠很好地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、Deutsche 和 Citi 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.

因此，邁克，讓我們繼續並結束通話。

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.

下午 5 點之前將在我們的網站上重播電話會議。

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.

謝謝你。

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.

您現在可以斷開連接。