應用材料 (AMAT) 2021 Q1 法說會逐字稿

Welcome to the Applied Materials earnings conference call.

歡迎來到應用材料公司財報電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想將會議轉交給公司副總裁 Michael Sullivan。

Please go ahead, sir.

請繼續，先生。

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

大家下午好，感謝您參加應用材料公司 2021 財年第一季度財報電話會議。

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的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 a calendar announcement.

在我們開始之前，我有一個日曆公告。

On April 6, Applied plans to host a virtual investor meeting to discuss our markets, strategies and financial targets.

4 月 6 日，Applied 計劃舉辦一次虛擬投資者會議，討論我們的市場、戰略和財務目標。

We hope you'll save the date.

我們希望您能保存日期。

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

現在我想把電話轉給 Gary Dickerson。

Thanks, Mike.

謝謝，邁克。

I'm very pleased to report another quarter of record performance for Applied Materials.

我很高興地報告應用材料公司又一個季度創紀錄的業績。

Since the beginning of our fiscal year, we've seen a continued acceleration of demand in our semiconductor business as major macro and industry trends fuel increasing consumption of silicon across a wide range of markets and applications.

自本財年開始以來，我們看到我們的半導體業務需求持續加速增長，因為主要的宏觀和行業趨勢推動了廣泛市場和應用中矽消費量的增加。

2020 was an excellent year for Applied as we outperformed our markets while growing our earnings nearly twice as fast as revenue.

2020 年對 Applied 來說是出色的一年，因為我們的表現超越了市場，同時我們的收入增長速度幾乎是收入的兩倍。

We carry this strong momentum into 2021.

我們將這種強勁勢頭延續到 2021 年。

Our broad portfolio and exposure to technology inflections, combined with the traction of our new products, put us in a great position to substantially outgrow our markets again this year and into the future.

我們廣泛的產品組合和對技術變化的影響，加上我們新產品的吸引力，使我們處於有利位置，在今年和未來再次大幅超越我們的市場。

I want to thank our employees and suppliers for everything they are doing to deliver for our customers and shareholders.

我要感謝我們的員工和供應商為我們的客戶和股東所做的一切。

Our operations and field teams are doing an incredible job as we run the company at record levels and successfully overcome significant logistics and other challenges created by the pandemic.

當我們以創紀錄的水平經營公司並成功克服了大流行帶來的重大物流和其他挑戰時，我們的運營和現場團隊正在做著令人難以置信的工作。

In R&D, our teams are working in new ways to accelerate the time to market of critical innovations for our customers, and we're doing all of this while maintaining a relentless focus on keeping our colleagues and families safe.

在研發方面，我們的團隊正在以新的方式工作，為我們的客戶加快關鍵創新產品的上市時間，我們在做這一切的同時，堅持不懈地專注於確保我們的同事和家人的安全。

As Mike outlined, we plan to hold an investor meeting in early April.

正如邁克所概述的，我們計劃在 4 月初舉行一次投資者會議。

At that event, we will provide our in-depth analysis of the major growth drivers and inflections that will shape our markets over the next 5 to 10 years and describe our strategy to deliver innovative new technologies to enable our customers' power, performance and cost road maps, accelerate their time to market and drive Applied's long-term profitable growth.

屆時，我們將深入分析未來 5 到 10 年將塑造我們市場的主要增長動力和變化，並描述我們提供創新新技術以增強客戶能力、性能和成本的戰略路線圖，加快產品上市時間並推動應用材料公司的長期盈利增長。

In today's call, I will focus my comments on the near term, first, covering the dynamics we currently see in the market and then highlighting some of our recent accomplishments that illustrate the momentum we have across the business.

在今天的電話會議中，我將把我的評論集中在近期，首先，涵蓋我們目前在市場上看到的動態，然後強調我們最近取得的一些成就，這些成就說明了我們整個業務的發展勢頭。

Starting with a high-level view of our markets.

從對我們市場的高層次觀點開始。

We are seeing a diverse combination of macro and technology factors fueling very strong and sustainable demand for semiconductors.

我們看到宏觀和技術因素的多樣化組合推動了對半導體的強勁和可持續需求。

As the world continues to navigate the current challenges and prepares for a post-pandemic era, the digital transformation of the economy is being accelerated.

隨著世界繼續應對當前的挑戰並為後大流行時代做準備，經濟的數字化轉型正在加速。

Companies are rethinking and reengineering the way they operate, and there's an immense pull for advanced technology.

公司正在重新思考和重新設計他們的運營方式，並且對先進技術有著巨大的吸引力。

In addition, consumers are making different choices about the way they spend their time and the products and services they buy.

此外，消費者正在對他們花費時間的方式以及他們購買的產品和服務做出不同的選擇。

I strongly believe many of the changes we're seeing today are irreversible since new ways of working offer compelling advantages in terms of time and productivity.

我堅信我們今天看到的許多變化是不可逆轉的，因為新的工作方式在時間和生產力方面提供了引人注目的優勢。

Within the electronics ecosystem itself, key technology inflections are driving increasing silicon consumption.

在電子生態系統本身內，關鍵技術的變化正在推動矽消耗量的增加。

I'll highlight 3 examples.

我將重點介紹 3 個示例。

Cloud service providers are forecasting data center CapEx growth of more than 15% this year on top of record spending in 2020.

雲服務提供商預測，在 2020 年創紀錄支出的基礎上，今年數據中心資本支出將增長 15% 以上。

With the broader adoption of 5G handsets, silicon content in smartphones is growing at double-digit rates.

隨著 5G 手機的廣泛採用，智能手機中的矽含量正以兩位數的速度增長。

And in automotive, where there are known supply shortfalls, total semi consumption is expected to expand more than 15% this year, translating these factors to industry investments.

而在已知供應短缺的汽車領域，預計今年半成品總消費量將增長 15% 以上，將這些因素轉化為行業投資。

In foundry/logic, leading-edge investments are very strong and have been well articulated by our customers.

在代工/邏輯領域，領先的投資非常強大，並且得到了我們的客戶的充分肯定。

On top of that, our ICAPs business that serves the IoT, communications, auto, power and sensor markets is expected to grow even faster and is on track to exceed $3 billion of revenue for the fiscal year.

最重要的是，我們服務於物聯網、通信、汽車、電力和傳感器市場的 ICAP 業務預計將增長更快，並有望在本財年實現超過 30 億美元的收入。

And then 2020 was a strong recovery year with spending up more than 30%.

然後 2020 年是強勁復甦的一年，支出增長了 30% 以上。

And in 2021, we expect customers to invest at modestly higher levels.

在 2021 年，我們預計客戶的投資水平會略高一些。

In DRAM, supply-demand fundamentals look more favorable than NAND.

在 DRAM 方面，供需基本面看起來比 NAND 更有利。

And as a result, we still expect DRAM investments to outgrow NAND this year.

因此，我們仍然預計今年 DRAM 投資的增長將超過 NAND。

All of this adds up to a very strong demand environment for wafer fab equipment, and we believe this strength is sustainable well beyond 2021.

所有這些共同構成了對晶圓廠設備的非常強勁的需求環境，我們相信這種優勢在 2021 年之後是可持續的。

Digital transformation touches every sector of the economy and is nondiscretionary for many industries.

數字化轉型涉及經濟的各個領域，並且對許多行業來說都是不可自由裁量的。

In addition, industry investments appear disciplined.

此外，行業投資似乎有條不紊。

When you look at wafer fab equipment intensities, that's wafer fab equipment revenues as a percentage of semiconductor industry revenues, they are well below recent peaks in all 3 of the device segments: foundry/logic, NAND and DRAM.

當您查看晶圓廠設備強度時，即晶圓廠設備收入佔半導體行業收入的百分比，它們遠低於所有 3 個設備領域的近期峰值：代工/邏輯、NAND 和 DRAM。

Turning to Applied's business performance.

轉向應用的業務表現。

Our Semiconductor Systems revenues for the first fiscal quarter were up 26% compared to the same period last year.

我們第一財季的半導體系統收入與去年同期相比增長了 26%。

At the midpoint of our Q2 guidance, Semi Systems will be up around 50% year-on-year.

在我們第二季度指導的中點，Semi Systems 將同比增長約 50%。

And based on our current outlook, we expect to again grow faster than the market for the year as a whole.

根據我們目前的展望，我們預計全年的增長速度將再次超過市場。

There are a number of factors contributing to this outstanding performance.

有許多因素促成了這種出色的表現。

First, our business is very well balanced across devices and customers.

首先，我們的業務在設備和客戶之間非常平衡。

Second, we have the broadest portfolio of products and capabilities, spanning materials creation, modification, removal and analysis.

其次，我們擁有最廣泛的產品組合和功能，涵蓋材料創建、修改、移除和分析。

These technologies, combined with our ability to connect them in unique ways, are fundamental to enabling our customers' power, performance and cost road maps.

這些技術與我們以獨特方式連接它們的能力相結合，是實現我們客戶的功率、性能和成本路線圖的基礎。

And third, we have an incredible pipeline of new products and integrated solutions that are winning applications, expanding our served opportunities and reducing the time it takes our customers to bring important new innovations to market.

第三，我們擁有令人難以置信的新產品和集成解決方案管道，這些新產品和集成解決方案正在贏得應用，擴大我們服務的機會並減少客戶將重要的新創新推向市場所需的時間。

Node-over-node opportunity growth in both foundry/logic and memory favors Applied's leadership businesses, including epi, thermal processing, CMP and PVD.

代工/邏輯和內存的節點上節點機會增長有利於應用材料公司的領先業務，包括外延、熱處理、CMP 和 PVD。

In fact, we believe our PVD business can grow more than 40% this year and generate more than $3 billion of revenue.

事實上，我們相信我們的 PVD 業務今年可以增長 40% 以上，並產生超過 30 億美元的收入。

Our latest-generation products have strong momentum, and more than 25% of our 2021 revenues will come from critical applications that we've targeted and won since 2018.

我們最新一代的產品勢頭強勁，2021 年超過 25% 的收入將來自我們自 2018 年以來瞄準並贏得的關鍵應用。

Some highlights include CVD, where we grew revenues 30% in 2020 and have strong customer pull for new, differentiated material solutions that are highly enabling for advanced patterning; conductor etch, where we're winning new applications in DRAM and foundry/logic that contributed to our 32% revenue growth in this market last year; process diagnostics and control, where we believe we can grow more than 25% this fiscal year on top of the 45% growth we delivered in 2020, thanks to new optical wafer inspection and e-beam products that are still in the early stages of adoption; in packaging, where we expect revenues to be up 50% year-on-year on top of strong growth in 2020.

一些亮點包括 CVD，我們在 2020 年的收入增長了 30%，並且對高度支持先進圖案化的新型差異化材料解決方案具有強大的客戶吸引力；導體蝕刻，我們正在贏得 DRAM 和代工/邏輯的新應用，這為我們去年在該市場的收入增長 32% 做出了貢獻；過程診斷和控制，我們相信在 2020 年實現 45% 的增長的基礎上，本財年我們可以增長 25% 以上，這要歸功於仍處於早期採用階段的新光學晶圓檢測和電子束產品;在包裝方面，我們預計收入將在 2020 年強勁增長的基礎上同比增長 50%。

Also, over the past few years, we've started introducing a new class of highly differentiated products that we call Integrated Materials Solutions, or IMS.

此外，在過去幾年中，我們開始推出一種新型的高度差異化產品，我們稱之為集成材料解決方案或 IMS。

Our IMS products can combine multiple process technologies with onboard metrology and sensors within a single system that are capable of enabling unique films, structures and devices.

我們的 IMS 產品可以將多種工藝技術與機載計量和傳感器結合在一個系統中，從而能夠實現獨特的薄膜、結構和設備。

We have numerous IMS engagements with our leading customers.

我們與主要客戶進行了大量的 IMS 合作。

And this year, we will generate meaningful revenues from our initial IMS products.

今年，我們將從最初的 IMS 產品中獲得可觀的收入。

Moving to service.

移動到服務。

AGS delivered another record quarter.

AGS 實現了另一個創紀錄的季度。

Over the past 5 years, we've grown our services business at a compound annual growth rate of 12%, which is twice as fast as our installed base growth.

在過去 5 年中，我們的服務業務以 12% 的複合年增長率增長，是我們安裝基數增長速度的兩倍。

In this period, we've increased the percentage of service and parts revenue generated by service agreements from around 40% to more than 60%.

在此期間，我們將服務協議產生的服務和零部件收入的百分比從 40% 左右提高到 60% 以上。

These long-term agreements enable us to deliver more value to customers with our advanced service products while providing us with stickier and more predictable recurring revenue streams.

這些長期協議使我們能夠通過我們的先進服務產品為客戶提供更多價值，同時為我們提供更具粘性和更可預測的經常性收入流。

Our renewal rates for these agreements are also very high at over 90%.

我們對這些協議的續訂率也非常高，超過 90%。

Finally, in display.

最後，在展示中。

Our outlook remains consistent with the view we shared in November.

我們的前景與我們在 11 月分享的觀點保持一致。

We expect 2021 revenues to be similar to 2020 as we continue to manage through the current market trough.

我們預計 2021 年的收入將與 2020 年相似，因為我們將繼續管理當前的市場低谷。

We do see encouraging leading indicators of future growth, including higher OLED adoption in the smartphone market with the vast majority of 5G handsets being equipped with OLED screens and increasing OLED consumption beyond phones in TVs and IT applications.

我們確實看到了令人鼓舞的未來增長領先指標，包括智能手機市場中更高的 OLED 採用率，絕大多數 5G 手機都配備了 OLED 屏幕，以及電視和 IT 應用中除了手機之外的 OLED 消費量也在增加。

We still believe OLED is a compelling technology, and this inflection is a great catalyst for the display market that will create expanded opportunities for Applied.

我們仍然相信 OLED 是一項引人注目的技術，這種轉變是顯示市場的巨大催化劑，將為應用材料公司創造更多機會。

Before I hand the call over to Dan, I want to again thank all our employees for their outstanding contributions to Applied's success.

在我將電話轉給 Dan 之前，我想再次感謝我們所有的員工為 Applied 的成功做出的傑出貢獻。

2021 is off to a great start with record results and outlook.

2021 年以創紀錄的業績和前景開局。

We see strong and sustainable demand in our semiconductor business, fueled by a combination of macro and technology drivers.

我們看到在宏觀和技術驅動因素的共同推動下，我們的半導體業務需求強勁且可持續。

We have great momentum, thanks to our broad market exposure and differentiated portfolio of new products.

得益於我們廣泛的市場敞口和差異化的新產品組合，我們的發展勢頭強勁。

And we believe we're in a great position to outperform our markets again this year.

我們相信，我們今年將再次跑贏市場。

Finally, we're looking forward to sharing our long-term vision for the industry and Applied Materials at our investor event in April.

最後，我們期待在 4 月的投資者活動中分享我們對行業和應用材料的長期願景。

Now Dan will give his perspective on the business environment and provide more color on our financial results and operational performance.

現在，Dan 將發表他對商業環境的看法，並為我們的財務業績和運營業績提供更多色彩。

Dan?

擔？

Thanks, Gary.

謝謝，加里。

Today, I'll begin by summarizing Applied's performance in Q1, and then I'll share some of the key drivers of our growth relative to the markets in calendar 2020, and I'll finish with our guidance for Q2.

今天，我將首先總結應用材料公司在第一季度的表現，然後我將分享我們相對於 2020 日曆年市場增長的一些關鍵驅動因素，最後我將介紹我們對第二季度的指導。

Beginning with our Q1 performance.

從我們第一季度的表現開始。

Applied delivered record revenue and non-GAAP earnings per share.

應用公司實現了創紀錄的收入和非公認會計準則每股收益。

We grew revenue by 24% year-over-year and exceeded the high end of our guidance.

我們的收入同比增長 24%，超過了我們指導的高端。

I'm pleased that we increased gross margin by around 100 basis points year-over-year, particularly since we are still experiencing COVID-related manufacturing protocols and logistics costs.

我很高興我們的毛利率同比增加了約 100 個基點，特別是因為我們仍在經歷與 COVID 相關的製造協議和物流成本。

We also generated record non-GAAP operating profit of nearly $1.5 billion, which was up 40% year-over-year.

我們還創造了近 15 億美元的創紀錄的非 GAAP 營業利潤，同比增長 40%。

We increased non-GAAP EPS by 42% year-over-year to $1.39.

我們將非公認會計原則每股收益同比增長 42% 至 1.39 美元。

Our teams operated with discipline, and this enabled Applied to deliver record free cash flow of $1.3 billion, which was up 47% year-over-year.

我們的團隊紀律嚴明，這使 Applied 實現了創紀錄的 13 億美元的自由現金流，同比增長 47%。

We increased cash and investments on the balance sheet by nearly $950 million to $8.22 billion as we await the regulatory decision for the Kokusai Electric transaction.

在等待國際電氣交易的監管決定期間，我們將資產負債表上的現金和投資增加了近 9.5 億美元，達到 82.2 億美元。

I look forward to updating you on our capital allocation plans when we get together for the investor meeting in April.

當我們在 4 月召開投資者會議時，我期待著向您介紹我們的資本分配計劃。

Turning to the segments.

轉向細分市場。

Our Semi Systems group increased revenue by 26% year-over-year, including new quarterly records in etch, metal deposition and CMP.

我們的半導體系統部門的收入同比增長 26%，包括蝕刻、金屬沉積和 CMP 的新季度記錄。

Operating margin grew by 320 basis points year-over-year.

營業利潤率同比增長 320 個基點。

Applied Global Services also delivered revenue above our expectations while reporting its highest operating margin over the past 2 years despite ongoing challenges related to COVID.

儘管與 COVID 相關的持續挑戰，Applied Global Services 的收入也超出了我們的預期，同時報告了過去 2 年的最高營業利潤率。

The display group exceeded its revenue target and increased operating margin by 590 basis points year-over-year.

該顯示集團超過了其收入目標，營業利潤率同比增長 590 個基點。

Looking ahead, our demand outlook calls for growth.

展望未來，我們的需求前景需要增長。

We currently expect all 3 of our segments to post higher revenue in the second half of our fiscal year.

我們目前預計我們所有 3 個部門將在本財年下半年實現更高的收入。

Next, I'll comment on our semiconductor equipment revenue performance in calendar 2020, which is equal to our Q2 of fiscal 2020 through Q1 of fiscal 2021.

接下來，我將評論我們在 2020 年日曆中的半導體設備收入表現，這相當於我們 2020 財年第二季度至 2021 財年第一季度的收入。

As I previewed on our November earnings call, 2020 was a memory growth year in which NAND equipment spending grew at nearly twice the rate of the overall market.

正如我在 11 月財報電話會議上預測的那樣，2020 年是內存增長的一年，NAND 設備支出的增長速度幾乎是整個市場的兩倍。

DRAM customer spending also grew faster than the market, and foundry/logic investments grew slower than the overall market but still accounted for over 55% of total spending.

DRAM 客戶支出增長也快於市場，代工/邏輯投資增長慢於整體市場，但仍佔總支出的 55% 以上。

Applied has balanced share, and our revenue profile resembled the overall mix with our highest growth in NAND at 34%.

Applied 的份額平衡，我們的收入狀況與整體組合相似，NAND 的最高增長率為 34%。

We grew by 27% in DRAM and 23% in foundry/logic, and we believe we significantly outperformed in both of these end markets.

我們的 DRAM 增長了 27%，代工/邏輯增長了 23%，我們相信我們在這兩個終端市場上的表現都明顯優於其他市場。

Within the semi systems group, our growth was strongest in areas where we've made significant investments to drive the new playbook to develop integrated material solutions for our customers and introduce new products where we have significant room to gain share.

在半導體系統集團中，我們的增長最為強勁，在我們進行了大量投資以推動新劇本為我們的客戶開發集成材料解決方案並推出我們有很大空間獲得份額的新產品的領域。

One of our fastest-growth areas was in advance packaging, where we have the industry's broadest portfolio and by far the highest share.

我們增長最快的領域之一是提前包裝，我們在該領域擁有業內最廣泛的產品組合和迄今為止最高的份額。

As Gary said, we expect this momentum to continue into 2021.

正如加里所說，我們預計這種勢頭將持續到 2021 年。

Our dollar growth was highest in CVD and etch, which reflects the success we've had co-optimizing new CVD films with our Sym3 etch system to create unique patterning solutions across 3D NAND, DRAM and foundry/logic.

我們在 CVD 和蝕刻方面的美元增長最高，這反映了我們成功地利用 Sym3 蝕刻系統共同優化新的 CVD 薄膜，從而在 3D NAND、DRAM 和代工/邏輯領域創建獨特的圖案化解決方案。

Among new products, our latest optical wafer inspection system grew by 44% in 2020, achieving over $400 million in cumulative revenue.

在新產品中，我們最新的光學晶圓檢測系統在 2020 年增長了 44%，累計收入超過 4 億美元。

We'll officially introduce the new system in the near future to explain its unique architectural features, along with breakthrough AI capabilities that are generating strong customer pull.

我們將在不久的將來正式介紹新系統，以解釋其獨特的架構特性，以及產生強大客戶吸引力的突破性人工智能功能。

Turning to calendar 2021.

轉到2021年日曆。

We expect strong foundry/logic spending to continue.

我們預計強勁的代工/邏輯支出將繼續下去。

We also expect DRAM spending to grow at a faster pace than NAND.

我們還預計 DRAM 支出的增長速度將超過 NAND。

This 2021 mix expectation plays particularly well to Applied's technology innovations and strong product road map.

這種 2021 年的混合預期對應用材料公司的技術創新和強大的產品路線圖特別有利。

Now I'll share our Q2 business outlook.

現在我將分享我們的第二季度業務展望。

We expect company revenue to be approximately $5.39 billion, plus or minus $200 million.

我們預計公司收入約為 53.9 億美元，上下浮動 2 億美元。

The midpoint would be up about 36% year-over-year.

中點將同比增長約 36%。

We expect non-GAAP EPS to be about $1.50, plus or minus $0.06, or up about 70% year-over-year.

我們預計非公認會計原則每股收益約為 1.50 美元，上下浮動 0.06 美元，或同比增長約 70%。

Within this outlook, we project Semiconductor Systems revenue of $3.85 billion, up around 50% year-over-year; and AGS revenue of about $1.14 billion, up around 12% year-over-year.

在此展望中，我們預計半導體系統的收入為 38.5 億美元，同比增長約 50%； AGS 收入約為 11.4 億美元，同比增長約 12%。

These forecasts do not include any revenue from shipments that still require government licenses.

這些預測不包括仍需要政府許可的貨運收入。

We expect display revenue of around $370 million with growth resuming in the second half.

我們預計顯示收入約為 3.7 億美元，下半年將恢復增長。

We expect Applied's non-GAAP gross margin to be approximately 47% or up around 240 basis points year-over-year, and we expect non-GAAP OpEx to increase to $890 million.

我們預計 Applied 的非 GAAP 毛利率將同比增長約 47% 或約 240 個基點，我們預計非 GAAP 運營支出將增加到 8.9 億美元。

Our Q2 guidance assumes a non-GAAP tax rate of 12% to 13% and a weighted average share count of around 929 million.

我們的第二季度指引假設非 GAAP 稅率為 12% 至 13%，加權平均股數約為 9.29 億股。

In summary, I'm pleased that Applied delivered another quarter of record performance in Q1 with strong year-over-year growth in revenue and profitability.

總而言之，我很高興應用材料公司在第一季度實現了另一個季度的創紀錄業績，收入和盈利能力均實現了強勁的同比增長。

I'd like to join Gary in thanking our teams for supporting our customers under challenging circumstances and operating with discipline to generate higher margins and free cash flow.

我想和 Gary 一起感謝我們的團隊在充滿挑戰的情況下支持我們的客戶，並遵守紀律以產生更高的利潤和自由現金流。

Execution by our employees has been and continues to be nothing short of superb in what is still a challenging COVID environment.

在仍然充滿挑戰的 COVID 環境中，我們員工的執行力一直是並且將繼續是一流的。

We look forward to giving you more insights into our markets and our company's growth plans at the investor meeting in April.

我們期待在 4 月的投資者會議上讓您對我們的市場和我們公司的增長計劃有更多的了解。

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)

（操作員說明）

Operator, let's please begin.

接線員，讓我們開始吧。

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

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

I guess if you look back to 2020, it looks like you outperformed WFE by about 8 percentage points.

我想如果你回顧 2020 年，你的表現似乎比 WFE 高出大約 8 個百分點。

And obviously, you talked about favorable mix coming into 2021 led by foundry and DRAM as well as, I assume, your strong position on the legacy side.

顯然，您談到了以代工和 DRAM 為主導的 2021 年有利組合，以及我認為您在傳統方面的強勢地位。

So curious if you can kind of speak to what kind of outperformance we should be thinking about relative to WFE in 2021 and if you can point to the particular drivers that we should be focused on.

很好奇您是否可以談談我們應該在 2021 年考慮相對於 WFE 的哪種出色表現，以及您是否可以指出我們應該關注的特定驅動因素。

Yes.

是的。

Thanks, C.J. So in 2020, if we say the market's around $60 billion in 2020, I would say it's up a little more than 16% against that backdrop.

謝謝，C.J. 所以在 2020 年，如果我們說 2020 年的市場規模約為 600 億美元，我會說在這種背景下增長了 16% 以上。

If you look at our Semi Systems segment, we grew our Semi Systems segment revenue by 26.5%, so significant outperformance, as you've called out.

如果你看看我們的半系統部門，我們的半系統部門收入增長了 26.5%，正如你所說的那樣，表現非常出色。

As we look at the drivers in 2020, foundry/logic grew below the industry average.

當我們審視 2020 年的驅動因素時，代工/邏輯增長低於行業平均水平。

It was really a memory-driven growth year; NAND, about 2x; DRAM, a little more than the industry average.

這確實是記憶驅動增長的一年。 NAND，大約 2 倍； DRAM，略高於行業平均水平。

So the company performed really well in that environment.

所以公司在那種環境下表現得非常好。

As we go to 2021, we view the spend mix to be a more favorable environment for us as a company.

到 2021 年，我們認為支出組合對我們公司來說是一個更有利的環境。

Foundry/logic will continue to be strong in 2021.

代工/邏輯將在 2021 年繼續保持強勁勢頭。

We see DRAM outgrowing NAND.

我們看到 DRAM 的增長超過了 NAND。

And so against that more favorable spend mix, we would expect to significantly outperform the market again this year.

因此，相對於更有利的支出組合，我們預計今年將再次顯著跑贏市場。

So we feel really good about how we're positioned against the market opportunity.

因此，我們對自己如何應對市場機會感到非常滿意。

We've got robust end markets and strong product momentum within those end markets, so we feel good.

我們在這些終端市場擁有強大的終端市場和強大的產品動力，所以我們感覺很好。

And then as we look beyond 2021, we see from an overall market standpoint and a company-specific momentum standpoint, we see continued strong performance into 2022.

然後，當我們展望 2021 年以後，從整體市場的角度和公司特定的勢頭的角度來看，我們看到 2022 年的持續強勁表現。

So again, we like how well we're positioned.

再說一次，我們喜歡我們的定位。

2021 is a more favorable mix, and I would expect us to significantly outperform again.

2021 年是一個更有利的組合，我預計我們將再次顯著跑贏大盤。

Yes.

是的。

C.J., this is Gary.

C.J.，這是加里。

Thanks for the question.

謝謝你的問題。

I'll give a little bit more color relative to our specific opportunities.

相對於我們的具體機會，我會給出更多的顏色。

If you look at the industry overall, certainly, technology is transforming every aspect of our lives.

如果你從整個行業來看，當然，技術正在改變我們生活的方方面面。

That's driving the overall business sustainably higher.

這推動整體業務持續走高。

And at the same time, we've talked about 2D scaling coming to an end.

同時，我們談到 2D 縮放即將結束。

So really -- and you can even see in recent meetings with some of our largest customers where they're publicly talking about the road map going forward around new chip architectures, new structures, new materials, new ways to connect chips together, design technology co-optimization, again, around certain structures and materials.

真的如此——你甚至可以在最近與我們一些最大客戶的會議中看到，他們公開談論圍繞新芯片架構、新結構、新材料、將芯片連接在一起的新方法、設計技術的路線圖再次，圍繞某些結構和材料進行共同優化。

And so that's really where we're focused.

這就是我們真正關注的地方。

And when you think about what's going to enable the future, it really is about new structures, new materials.

當你考慮什麼將實現未來時，它真的是關於新結構、新材料。

We talked about packaging up 50%, new ways to connect chips together.

我們談到了將芯片連接在一起的 50% 的封裝新方法。

And we're just in a sweet spot relative to the technologies we have.

相對於我們擁有的技術，我們正處於最佳狀態。

When you think about creating those new structures and new materials, PVD is a big driver for us.

當您考慮創建這些新結構和新材料時，PVD 是我們的一大推動力。

Our epi business is going to be very strong this year.

今年我們的外延業務將非常強勁。

The thermal processing, CVD, all of those areas are very strong.

熱處理，CVD，所有這些領域都非常強大。

Etch, we're continuing to win.

蝕刻，我們將繼續獲勝。

And when you think about shaping those structures, our Selectra product is a leader in the industry, creating and shaping those structures and then the modification with CMP and implant.

當您考慮塑造這些結構時，我們的 Selectra 產品在行業中處於領先地位，可以創建和塑造這些結構，然後使用 CMP 和植入物進行修改。

And then in PDC, as I talked about in the prepared remarks, that business is growing for us.

然後在 PDC，正如我在準備好的評論中談到的那樣，我們的業務正在增長。

So I can certainly give more color later on the call on that.

所以我當然可以在稍後的電話會議上提供更多的顏色。

But again, we're just in a really great position.

但同樣，我們只是處於一個非常好的位置。

When you think about what's going to enable the future inflections and the power and performance for the infrastructure, going forward, we've never been in a better position.

當您考慮未來的變化以及基礎設施的功率和性能將如何實現時，我們會發現我們從未處於更好的位置。

And C.J., maybe one more point to add to what Gary is saying.

和 C.J.，也許加里所說的還要補充一點。

And as I went through the profile of spend, one data point I left out was the aggregate size of the market in 2021.

當我瀏覽支出概況時，我遺漏的一個數據點是 2021 年的市場總規模。

I think we'll have more to say in a point-specific way around overall WFE size in '21 and beyond at the investor meeting coming up here in about 6 weeks.

我認為，在大約 6 週後的投資者會議上，我們將圍繞 21 年及以後的 WFE 整體規模以具體的方式發表更多意見。

But if the overall industry consensus today is, call it, high 60s, $70 billion, I'd say our view is a bit higher than that as we sit here today.

但是，如果今天的整體行業共識是，稱之為 60 年代高，700 億美元，我會說我們的觀點比我們今天坐在這裡的觀點要高一些。

Thanks, C.J.

謝謝，C.J.

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

我們的下一個問題來自瑞士信貸的 John Pitzer。

Congratulations on the solid results and guide.

祝賀您取得了可靠的結果和指導。

Dan, it's probably not all that surprising that half-on-half growth is expected, both in services and display.

丹，預計服務和展示方面的一半增長可能並不令人驚訝。

But in the Semi System businesses, that's a little bit different than kind of the tone that some of your peers have talked about with kind of a first half weighting of WFE.

但在半導體系統業務中，這與您的一些同行談論的關於 WFE 上半年權重的語氣有點不同。

And it might be explained by your last comment to C.J.'s question about having a little bit higher view on overall WFE.

您對 C.J. 的關於對整體 WFE 有更高看法的問題的最後評論可能會解釋這一點。

But I'm kind of curious, given that your fiscal year doesn't match up with the calendar year, do you think, on a calendar year basis, that we're going to have a stronger second half than first half?

但我有點好奇，鑑於您的財政年度與日曆年不匹配，您認為在日曆年的基礎上，我們的下半年會比上半年更強勁嗎？

And just relative to your fiscal year commentary, what gives you the bottoms-up confidence of half-on-half growth, specifically in the Semi Systems business?

就您的財政年度評論而言，是什麼讓您自下而上地對半數增長充滿信心，特別是在半導體系統業務方面？

Yes.

是的。

Sure, John.

當然，約翰。

Thanks for the question.

謝謝你的問題。

Let me try to unpack it a little bit so we can talk about sort of what we're seeing in our business versus maybe what others see in theirs.

讓我試著把它拆開一點，這樣我們就可以談論我們在我們的業務中看到的東西，以及其他人在他們的業務中看到的東西。

So I guess the first thing I'd point to is we've got very broad end-market exposure.

所以我想我要指出的第一件事是我們擁有非常廣泛的終端市場敞口。

We're very balanced across all 3 device types: foundry/logic, NAND, DRAM, really strong positions in each of those end markets.

我們在所有 3 種設備類型上都非常平衡：代工廠/邏輯、NAND、DRAM，在這些終端市場中的每一個都非常強大。

But within those markets, we've got product breadth and momentum around a number of our businesses.

但在這些市場中，我們的一些業務擁有產品廣度和發展勢頭。

So we've got more balanced end-market exposure than, say, some who are more narrowly focused.

因此，我們的終端市場風險敞口比一些關注範圍更窄的人更平衡。

Second thing I'd point to, and this ties into the answer I just gave to C.J.'s question, we've got a more favorable mix setup in 2021 with foundry/logic continuing to be strong, DRAM outgrowing NAND.

我要指出的第二件事，這與我剛剛對 C.J. 的問題給出的答案有關，我們在 2021 年有了更有利的混合設置，代工/邏輯繼續強大，DRAM 超過 NAND。

So I think that serves us well for continued and significant outperformance.

因此，我認為這對我們持續和顯著的出色表現很有幫助。

And then we talked about carrying the momentum, both from a market and product standpoint, into 2022.

然後我們談到從市場和產品的角度將這種勢頭延續到 2022 年。

So I feel good about how that transition looks.

所以我對這種轉變的樣子感覺很好。

And then lastly, as you rightfully pointed out, within the fiscal year, we see back-half momentum with each of our respective reporting segments.

最後，正如您正確指出的那樣，在本財政年度內，我們看到了我們各自報告部門的後半段勢頭。

So again, where we sit today, we think we're really well set up for strong performance throughout the year.

再說一次，我們今天坐在那裡，我們認為我們已經為全年的強勁表現做好了充分的準備。

Thank you, John.

謝謝你，約翰。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

For either Gary or Dan, there's a lot of talk of chip shortages these days.

對於 Gary 或 Dan 來說，這些天有很多關於芯片短缺的話題。

Do you think this $70 billion WFE for the industry is sufficient to address these shortages?

您認為該行業 700 億美元的 WFE 足以解決這些短缺問題嗎？

Or can the WFE number be higher?

或者 WFE 編號可以更高嗎？

Or do you think that this actually could push out some of the demand into next year as well before the shortages are fully met?

還是您認為這實際上可能會在完全滿足短缺之前將部分需求推到明年？

Yes.

是的。

So a couple of things on that, Vivek.

維韋克，有幾件事。

First of all, our number for the aggregate size in 2021, we weren't point-specific, but we're a little higher than where the -- a bit higher than where the industry consensus is.

首先，我們在 2021 年的總規模數字不是具體的，但我們比行業共識的水平高一點。

I do think there's good, strong positive momentum.

我確實認為有良好的、強勁的積極勢頭。

I think the capacity our customers put in place is around multiyear demand statements.

我認為我們的客戶實施的能力是圍繞多年的需求聲明。

To make these investments make sense over the long run, drive a return on those investments, there has to be a substantive, not a transitorial, demand statement that sits behind those investments our customers make.

為了使這些投資在長期內有意義，推動這些投資的回報，必須有一個實質性的，而不是暫時的需求聲明，支持我們客戶所做的這些投資。

And so we do think there's a bit of catch-up spend.

所以我們確實認為有一些追趕性支出。

When you think about shortages in the auto industry, we think that's going to be a good end market.

當您考慮汽車行業的短缺時，我們認為這將是一個很好的終端市場。

But I don't think that market, in and of itself, is sufficiently large to drive the types of demand that we're talking about in the current environment.

但我認為市場本身並不足以驅動我們在當前環境中談論的需求類型。

So then we look at greater than $70 billion in 2021, the demand statement that sits behind that, it's diverse.

那麼我們看看 2021 年將超過 700 億美元，其背後的需求聲明是多樣化的。

It's broad.

它很廣泛。

All the respective end markets, NAND, DRAM, foundry/logic, are strong.

所有各自的終端市場，NAND、DRAM、代工/邏輯，都很強大。

Some grow faster than others.

有些人比其他人成長得更快。

And it's on the back of these trends we've been talking about playing out over time.

正是在這些趨勢的背後，我們一直在談論隨著時間的推移而發揮作用。

We think we're in the very early innings.

我們認為我們處於早期階段。

This is going to be a decade-plus investment cycle.

這將是一個十多年的投資週期。

Semiconductors are going to be on the key path of enabling some pretty major trends that play out around the world.

半導體將走在促成一些在世界範圍內流行的主要趨勢的關鍵道路上。

And so our customers are going to be disciplined.

因此，我們的客戶將受到紀律處分。

They'll continue to add capacity where it makes sense, but it will be in support of what is a more substantive long-term demand statement in the market as opposed to any near-term dynamic that will be temporary in nature.

他們將繼續在有意義的情況下增加產能，但這將支持市場上更實質性的長期需求聲明，而不是任何暫時的短期動態。

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

我們的下一個問題來自高盛的 Toshiya Hari。

I wanted to ask about gross margins.

我想問一下毛利率。

Dan, you showed nice upside in the January quarter.

丹，你在一月份的季度表現出了不錯的上升空間。

I was curious what drove that.

我很好奇是什麼驅動了它。

And then for April, you're guiding up margins nicely, both sequentially and year-over-year.

然後在 4 月份，您可以很好地提高利潤率，無論是環比還是同比。

Where are the puts and takes there?

看跌期權在哪裡？

And I guess, going into the second half of the fiscal year, would it be fair to assume sort of a gradual progression higher given potentially faster growth in your leadership products and hopefully COVID inefficiencies going away?

而且我想，進入本財年的下半年，鑑於您的領導產品可能會更快地增長，並且希望 COVID 效率低下的情況會消失，假設這種漸進式增長是否公平？

Yes.

是的。

Thanks, Toshiya.

謝謝，東也。

When I think about gross margins, company is performing well.

當我考慮毛利率時，公司表現良好。

We're up 100 basis points year-over-year in the most recent quarter's results.

在最近一個季度的業績中，我們同比增長了 100 個基點。

On the guide, we're up about 240 basis points year-over-year, and that's against the backdrop of still some pretty sizable headwinds as it relates to the pandemic safety protocols in our factories, logistics costs to move material around the world.

在指南中，我們同比增長約 240 個基點，這是在與我們工廠的大流行安全協議、在世界各地運輸材料的物流成本有關的一些相當大的逆風的背景下。

And so I think the company is performing extremely well in the current environment.

因此，我認為該公司在當前環境下的表現非常好。

And when I think about what's driving that, there's a set of company-specific actions that drive discipline and efficiency into the core operations of the business.

當我想到是什麼推動了這一點時，有一系列公司特定的行動將紀律和效率提升到業務的核心運營中。

No matter where our gross margins are, I will never be satisfied.

無論我們的毛利率在哪裡，我都不會滿足。

We've had a number of actions inside of the company to drive that efficiency, to drive that discipline into the core of the operations, and we're beginning to see some of those really take hold in the current environment.

我們在公司內部採取了許多行動來提高效率，將紀律推進到運營的核心，我們開始看到其中一些在當前環境中真正站穩腳跟。

So we feel good about the work streams, a lot of hard work inside of the company, doing some really hard work and fundamental things to drive that efficiency.

所以我們對工作流程感覺很好，公司內部有很多艱苦的工作，做一些非常艱苦的工作和基本的事情來提高效率。

You'll always have an element of customer mix and what we happen to be selling in any 1 quarter that will influence things from quarter-to-quarter, but there's a whole host of substantive actions that we think are serving the company really well in the current environment.

您將始終擁有客戶組合的元素以及我們在任何一個季度碰巧銷售的東西，這將影響每個季度的情況，但是我們認為有很多實質性的行動可以很好地為公司服務當前環境。

As I look forward into the back half of the fiscal year, this is not a 1-quarter phenomenon.

當我展望本財年的後半段時，這不是一個季度的現象。

The top end of our long-term target model for gross margin was 47%.

我們的毛利率長期目標模型的上限是 47%。

And even in the COVID environment, we're operating at that level.

即使在 COVID 環境中，我們也在這個級別上運作。

I would expect us in the back half of the year to be -- continue to be in the 46.5% to 47% top end of our long-term model.

我預計我們在今年下半年將繼續處於我們長期模型的 46.5% 至 47% 的高端。

At our Analyst Day, we'll talk about what we see beyond the current horizon over the next several years and opportunities we see to work the gross margins up even higher off of these levels but definitely not a 1-quarter phenomenon.

在我們的分析師日，我們將討論我們在未來幾年看到的超出當前視野的情況，以及我們看到的將毛利率提高到更高水平的機會，但絕對不是一個季度的現象。

Company is performing well.

公司表現良好。

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

我們的下一個問題來自花旗的 Atif Malik。

Question is for Gary.

問題是給加里的。

Gary, we've heard European Union looking into building or redeveloping fabs in Europe.

加里，我們聽說歐盟正在考慮在歐洲建造或重建晶圓廠。

There is a great deal of buzz among investors that semiconductors have become strategic.

半導體已成為戰略性的投資者有很多議論。

Are you engaged with any kind of discussions with Washington, D.C. on this topic?

您是否與華盛頓特區就這個話題進行過任何形式的討論？

Yes.

是的。

Let me -- so I do think that everyone can see that, relative to economic growth and employment growth going forward, it's going to look different.

讓我——所以我認為每個人都可以看到，相對於未來的經濟增長和就業增長，情況會有所不同。

And the digital transformation of every industry is being accelerated in the current environment that we're in.

在我們所處的當前環境中，每個行業的數字化轉型都在加速。

So this is very strategic from -- again, from an economic and employment growth perspective.

因此，從經濟和就業增長的角度來看，這是非常具有戰略意義的。

From Applied's perspective, we have been engaged with customers and also government initiatives around investments in different locations.

從 Applied 的角度來看，我們一直在與客戶以及政府在不同地點的投資計劃進行接觸。

And what I would say from Applied's perspective, there are a couple of things to think about.

從應用的角度來看，我想說的是，有幾件事需要考慮。

One is, as these companies are moving into new locations, you have to look at the scale of the factories that they're building and -- at least what's been announced is smaller scale, somewhat less efficient.

一個是，隨著這些公司遷入新的地點，你必須看看他們正在建造的工廠的規模——至少宣布的是規模較小，效率較低。

Now supply-demand eventually works itself out, but that somewhat less efficient factory size is a positive for Applied.

現在供需最終會自行解決，但工廠規模效率稍低對應用材料公司來說是一個積極因素。

And the other thing, what we've seen in every case where a company is moving from one geographic location where they have tremendous amount of talent concentration and experience that, that creates an opportunity for our service business as they move into a new location.

另一件事是，我們在公司從一個人才集中和經驗豐富的地理位置遷出的每一個案例中都看到，這為我們的服務業務在遷入新地點時創造了機會。

So I think both of those things, the factory efficiency and the service business, our service agreements are much higher also in those cases.

所以我認為這兩個方面，工廠效率和服務業務，我們的服務協議在這些情況下也更高。

That creates an opportunity for us.

這為我們創造了機會。

This can play out over time.

這會隨著時間的推移而發揮作用。

But certainly, I think from a strategic perspective, we can all see that the pull there is very strong.

但可以肯定的是，我認為從戰略角度來看，我們都可以看到那裡的吸引力非常強。

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

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

Congrats on the strong results, especially the op margins in Jan quarter given, I think, it was a 14-week quarter.

祝賀強勁的業績，尤其是一月季度的營業利潤率，我認為這是一個為期 14 週的季度。

The question I had for Gary was you spoke about process control growing over 40% last year and possibly over 20% this year, which is very impressive, given you're outgrowing peers.

我向 Gary 提出的問題是，您談到流程控制去年增長超過 40%，今年可能超過 20%，這非常令人印象深刻，因為您的增長速度超過了同行。

Just kind of curious, is it all primarily coming from the new optical inspection tool?

有點好奇，這一切主要來自新的光學檢測工具嗎？

Or is e-beam, patterning adding some extra fuel to it?

或者是電子束，圖案化為它增加了一些額外的燃料？

Or can you give some puts and takes around the PDC growth this year?

或者你能給出一些關於今年 PDC 增長的看跌期權嗎？

Yes.

是的。

Thank you, Krish.

謝謝你，克里希。

So really, I would say there's 3 major drivers.

所以真的，我想說有3個主要驅動因素。

One is the new optical wafer inspection system where we've seen tremendous pull.

一種是新的光學晶圓檢測系統，我們已經看到了巨大的吸引力。

And especially in foundry -- leading foundry, we've seen a tremendous ramp of that new optical wafer inspection system.

尤其是在代工廠——領先的代工廠，我們已經看到了新的光學晶圓檢測系統的巨大增長。

And it really gives the customers tremendous performance at a much better cost of ownership so they can insert inspection points in more places in the line, and that has a big impact on the speed of the yield ramp.

它確實以更好的擁有成本為客戶提供了卓越的性能，因此他們可以在生產線的更多位置插入檢查點，這對產量上升的速度有很大的影響。

So that's really in the early phase of adoption, the new optical wafer inspection system.

所以這確實處於採用的早期階段，即新的光學晶圓檢測系統。

Our e-beam products are tremendously strong.

我們的電子束產品非常強大。

If you look at a 2021, our e-beam growth would exceed every prior year for PDC total systems business other than 2020.

如果您查看 2021 年，我們的電子束增長將超過除 2020 年以外的 PDC 總系統業務的每一年。

So that business is very strong.

所以這個業務非常強大。

We have leadership in electron optics.

我們在電子光學領域處於領先地位。

We've introduced a new source technology that gives us much higher resolution, much faster imaging in one segment of the EB market.

我們引入了一種新的源技術，它可以在 EB 市場的一個細分市場中為我們提供更高的分辨率、更快的成像。

We will take that core technology in electron optics across all of our different platforms, and it creates just a tremendous opportunity for us to continue to extend our leadership in the e-beam part of the market.

我們將在我們所有不同的平台上採用電子光學的核心技術，它為我們創造了一個巨大的機會，可以繼續擴大我們在電子束市場部分的領導地位。

So that's growing very fast.

所以它的增長速度非常快。

And the third thing I would say that's really important, when you think about power performance area and cost, what's really important to our customers is how fast they can drive all of those different key metrics.

我想說的第三件事非常重要，當您考慮功率性能面積和成本時，對我們的客戶真正重要的是他們能夠以多快的速度驅動所有這些不同的關鍵指標。

So accelerating, certainly for us and for them, we talk about PPACt, is enormously important.

所以加速，當然對我們和他們來說，我們談論 PPACt，是非常重要的。

And there are cases with the -- especially our e-beam products where you can generate orders of magnitude more data in a much faster period of time.

在某些情況下，尤其是我們的電子束產品，您可以在更快的時間內生成更多數量級的數據。

So when you're thinking about optimizing the new materials, the new structures with unique imaging and algorithms to accelerate both our internal R&D at Applied and also the PPAC road map for our customers, that synergy is increasing from an overall company perspective.

因此，當您考慮優化新材料、具有獨特成像和算法的新結構以加速我們在 Applied 的內部研發以及為我們的客戶制定 PPAC 路線圖時，從整個公司的角度來看，這種協同作用正在增加。

So again, I think the optical inspection, we're in the early phase of the adoption.

再說一次，我認為光學檢查，我們處於採用的早期階段。

E-beam, leadership in imaging.

電子束，成像領域的領導者。

We'll extend that leadership with new capabilities.

我們將通過新的能力擴大這種領導地位。

And the synergies with our overall business has never been better and never been more important for us and for our customers.

與我們整體業務的協同效應從未像現在這樣好，對我們和我們的客戶來說也從未像現在這樣重要。

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

我們的下一個問題來自摩根大通的 Harlan Sur。

Great job on the quarterly execution.

在季度執行方面做得很好。

The chip shortages in the industry are across leading-edge and lagging-edge technologies, probably more so on lagging edge, just to support analog, mixed signal, microcontroller products that feed into the auto and industrial markets.

該行業的芯片短缺涉及領先和落後的技術，可能更多的是落後的技術，只是為了支持進入汽車和工業市場的模擬、混合信號、微控制器產品。

And I think these customers are scrambling to add capacity.

而且我認為這些客戶正在爭先恐後地增加容量。

What's order activity been like for lagging-edge tools?

落後工具的訂單活動如何？

And it looks like lagging-edge and IoT contributed about 25% of your systems business last year.

看起來落後和物聯網去年貢獻了大約 25% 的系統業務。

Do you guys expect that mix to grow this year?

你們預計今年這種組合會增長嗎？

And how do operating margins for these tools compare to the overall systems segment?

這些工具的營業利潤率與整個系統部門相比如何？

Yes.

是的。

Thanks, Harlan, let me just pull up some statistics on the split.

謝謝，哈蘭，讓我拉出一些關於分裂的統計數據。

So trailing-node versus leading-edge this year, we kind of see -- if it was maybe -- yes, probably a follow-through on 70-30 again this year: 70% leading-edge, 30% trailing-node geometries.

所以今年的尾節點與領先節點，我們有點看到 - 如果可能的話 - 是的，可能是今年 70-30 的後續：70% 的前沿，30% 的尾節點幾何形狀.

As we go back in time, we've been talking about this a fair amount here over the last couple of years.

當我們回到過去時，在過去的幾年裡，我們一直在談論這個問題。

So strength on the trailing-node geometries is -- has not been new.

因此，尾節點幾何形狀的優勢並不新鮮。

In fact, if we go back 2010 to 2020, take that 10-year window, if the foundry business over that time, in aggregate, grew just about 90% a little bit less, the trailing-node geometries have been above the foundry segment average at about just over 110% growth.

事實上，如果我們回到 2010 年到 2020 年，採用 10 年的窗口，如果那段時間的代工業務總體增長僅 90% 左右，那麼尾隨節點的幾何形狀已經超過了代工部分平均增長率略高於 110%。

Leading-edge has grown at about just over 75%.

領先優勢的增長率約為 75% 以上。

So this trend has been playing out for quite some time.

因此，這種趨勢已經持續了相當長的一段時間。

We're well positioned in this segment.

我們在這一領域處於有利地位。

We're delivering key technologies, and the company is performing well.

我們正在提供關鍵技術，公司表現良好。

This will be very value-accretive to us as this segment of the market continues to grow and outgrow WFE.

隨著這部分市場繼續增長並超過 WFE，這對我們來說將是非常增值的。

Yes.

是的。

Harlan, I can add just maybe a little bit to this.

哈蘭，我可以添加一點。

I think this opportunity in what people refer to as specialty semiconductor is significant.

我認為這個被人們稱為特種半導體的機會意義重大。

About 2 years ago, we formed an organization we call ICAPs focused on IOT, communication, auto, power, sensors, pulling together all of our capabilities across the company.

大約 2 年前，我們成立了一個稱為 ICAP 的組織，專注於物聯網、通信、汽車、電力、傳感器，將我們在整個公司的所有能力整合在一起。

And we now see this as one of the fastest-growing opportunities within Applied Materials.

我們現在認為這是應用材料公司增長最快的機會之一。

And when you think about what drives those markets, whether it's sensor technologies or power devices, RF, any of those types of businesses, it really plays to our leadership products: epi, PVD, CVD, implant, thermal, CMP, etch and PDC.

當您考慮驅動這些市場的因素時，無論是傳感器技術還是功率器件、RF 以及任何這些類型的業務，它確實對我們的領先產品發揮了作用：外延、PVD、CVD、植入、熱、CMP、蝕刻和 PDC .

So we really have a good position there.

所以我們在那裡確實有一個很好的位置。

We pulled together an incredibly strong group within Applied, and we've also -- we also have a focused device integration team just on those particular devices.

我們在 Applied 內部組建了一個非常強大的團隊，而且我們還擁有一個專注於這些特定設備的設備集成團隊。

So we talk about Integrated Material Solutions, and we have some really dynamite integration engineers beyond the unit processes so that our role -- our strategic role in enabling that market has been increasing as we've refocused the organization.

因此，我們討論了集成材料解決方案，並且我們在單元流程之外擁有一些非常出色的集成工程師，因此隨著我們重新調整組織重點，我們在實現該市場方面的戰略角色一直在增加。

So as Dan said, we're really optimistic, and we think some of these markets could be some of the fastest-growing markets over the next several years.

所以正如丹所說，我們真的很樂觀，我們認為其中一些市場可能是未來幾年增長最快的市場。

Thanks, Harlan.

謝謝，哈蘭。

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

我們的下一個問題來自摩根士丹利的喬摩爾。

My question's on the services business.

我的問題是關於服務業務的。

You had a lot of upside there relative to the commentary, the guidance on the quarter.

相對於評論和本季度的指導，你有很多好處。

Can you talk about what's driving that?

你能談談是什麼推動了這一點嗎？

Is that telling us that customer utilizations are better?

這是否告訴我們客戶利用率更好？

Or just what should we infer by the upside there and how sustainable those trends could be?

或者我們應該從那裡推斷出什麼以及這些趨勢的可持續性如何？

Yes.

是的。

So thanks, Joe.

所以，謝謝，喬。

So we talked about, in the prepared comments, growing this business at twice the rate of our overall installed base.

因此，我們在準備好的評論中談到，這項業務的增長速度是我們整體安裝基數的兩倍。

So this has been playing out over multiple years.

所以這已經持續了很多年。

Company has done a good job outgrowing the installed base.

公司在擴大安裝基礎方面做得很好。

We're outgrowing it 2:1 over an extended period of time.

我們在很長一段時間內以 2:1 的比例增長。

Embedded in that growth are a couple of things.

嵌入在這種增長中的是幾件事。

Service entitlement on the new technologies is greater than what we used to ship, say, a decade ago or more.

新技術的服務權利比我們過去（例如，十年前或更長時間）所提供的要多。

The technology is more complex.

技術比較複雜。

The customers' integration windows, process windows are tighter, so it requires continually tighter specs and the performance of our equipment and tighter windows.

客戶的集成窗口、工藝窗口更緊，因此需要不斷更嚴格的規格和我們設備的性能和更緊的窗口。

And so that creates a nice adder as well.

所以這也創造了一個很好的加法器。

And then when you think about the strategy, 5 years ago, we had around 40% of our revenue covered by long-term service agreements.

然後，當您考慮該戰略時，5 年前，我們大約 40% 的收入由長期服務協議覆蓋。

The vast majority of those service agreements had a tenor of about 1 year in duration.

絕大多數服務協議的期限約為 1 年。

Fast-forward to today, we've penetrated over 60% of the revenue covered by long-term service agreements.

快進到今天，我們已經滲透了長期服務協議所涵蓋的收入的 60% 以上。

1/3 of those long-term service agreements have now stretched out their tenor beyond 1 year, so we feel really good about the value that we're adding to customers.

這些長期服務協議中有 1/3 的期限現已超過 1 年，因此我們對我們為客戶增加的價值感到非常滿意。

And it's underpinning nice growth for the business.

它為業務的良好增長奠定了基礎。

So we feel good about the strategy.

所以我們對這個策略感覺很好。

We feel good about the execution of the opportunity, and it's a nice, stable source of profitability, cash flow and value creation for our shareholders.

我們對機會的執行感覺良好，它為我們的股東帶來了良好、穩定的盈利能力、現金流和價值創造來源。

So business is performing well.

所以生意很好。

I mean it seems like a really good business.

我的意思是這似乎是一項非常好的業務。

I'm just surprised that there's so much upside relative to 14 weeks ago.

我只是驚訝於與 14 週前相比有如此多的上升空間。

Specifically, what was -- I guess you guided to $1.07 billion and came in at $1.155 billion.

具體來說，是什麼 - 我猜你引導到 10.7 億美元並進入 11.55 億美元。

What is that upside being driven by?

這種上漲是由什麼驅動的？

So if it's a specific comment around the most recent quarter, everybody puts assumptions into their models about how you respond in a current environment where you're seeing some spikes with respect to the pandemic in different geographies and just making sure that we recovered from an execution standpoint on unknowable things as we extrapolate those data points to different populations around the globe.

因此，如果這是最近一個季度的具體評論，每個人都會在他們的模型中假設您在當前環境中如何應對，在當前環境中，您看到不同地區的流行病出現一些高峰，並確保我們從當我們將這些數據點外推到全球不同人群時，我們對未知事物的執行立場。

We went into that quarter a bit more conservative than we typically would as a result of those pandemic statistics we are seeing in the fall.

由於我們在秋季看到的那些大流行統計數據，我們進入那個季度比我們通常會更保守一些。

Thanks, Joe.

謝謝，喬。

Our next question comes from the line of Quinn Bolton with Needham & Company.

我們的下一個問題來自於 Needham & Company 的 Quinn Bolton。

I wanted to ask you a clarification and a question.

我想問你一個澄清和一個問題。

The clarification is just does your guidance incorporate any shutdown at the Austin manufacturing site due to the deep freeze going on in Texas?

澄清一下，您的指導是否包含由於德克薩斯州的深度凍結而導致奧斯汀製造基地的任何關閉？

And then my follow-on question is a follow-on to Atif's question about the U.S. and European Union, to the extent that they provide local support for local supply chains for advanced semiconductor manufacturing, would you see that, that WFE spending being additive?

然後我的後續問題是 Atif 關於美國和歐盟的問題的後續問題，在某種程度上它們為先進半導體製造的本地供應鏈提供本地支持，你會看到 WFE 支出是附加的嗎？

Or is that just sort of a reallocation of WFE spending from what otherwise would have taken place in Asia to either the U.S. and Europe?

或者這只是將 WFE 支出從亞洲原本會發生的情況重新分配到美國和歐洲？

Yes.

是的。

Thanks, Quinn.

謝謝，奎因。

So from an Austin manufacturing standpoint, I would say our business was subjected to the power fluctuations that most commercial enterprises -- manufacturing enterprises saw in Austin.

所以從奧斯汀製造的角度來看，我想說我們的業務受到了大多數商業企業——製造企業在奧斯汀看到的電力波動的影響。

What I would say is we don't see a material impact to the business.

我想說的是，我們沒有看到對業務產生重大影響。

We think the weather gets better here another day, power stabilizes.

我們認為這裡的天氣改天會好轉，電力穩定。

We've been in close contact, as you can imagine, with our team there.

正如您可以想像的那樣，我們一直與我們在那裡的團隊保持密切聯繫。

We've got risk-mitigation plans in place.

我們已經制定了風險緩解計劃。

We've got labor prepositioned.

我們已經預置了勞動力。

I think we're ready to respond quickly once the power stabilizes.

我認為一旦電力穩定，我們就可以迅速做出反應。

And the guidance we've put forward contemplates everything that's going on in that region and the way we are going to respond and drive output as quickly as possible once we get the stable power back, and so we feel good about where we sit today in support of the guide that we put out there.

我們提出的指導考慮了該地區正在發生的一切，以及一旦我們恢復穩定的電力，我們將如何盡快響應和推動輸出，因此我們對我們今天所處的位置感覺良好支持我們在那裡發布的指南。

As it relates to localization of supply chains disaggregation of manufacturing footprint, here's what I would say from a business impact standpoint and a market perspective.

由於它涉及到供應鏈的本地化和製造足蹟的分解，這就是我從業務影響的角度和市場的角度要說的話。

I would say global supply is going to meet global demand.

我想說全球供應將滿足全球需求。

And Gary mentioned that if you've got 2 50,000 wafer start a month factories, that's less a capital-efficient manufacturing footprint than 1 large 100,000 wafer start a month facility.

Gary 提到，如果您有 2 個每月開工 50,000 片晶圓的工廠，那麼與 1 個每月開工 100,000 片晶圓的大型工廠相比，這在資本效率上的製造足跡要少得多。

So while I don't think it's a step-function change from an overall wafer fab equipment standpoint, I would say that wafer fab equipment is probably positively biased to the upside as a result of those multiple smaller-scale facilities.

因此，雖然我認為從整體晶圓廠設備的角度來看，這不是一個階梯式的功能變化，但我會說晶圓廠設備可能由於多個小型設施而積極向上傾斜。

The other impact I would say from a business perspective as these supply chains localize is we've got a great global footprint of our service organization.

隨著這些供應鏈的本地化，從商業角度來看，我想說的另一個影響是我們的服務組織在全球範圍內擁有巨大的足跡。

They do great things for our customers around the globe.

他們為我們在全球的客戶做了很多好事。

When our customers locate capacity in areas outside of their home geography, that's been a nice service adder.

當我們的客戶將容量定位在其家庭地理以外的區域時，這是一個很好的服務加法器。

We've seen a nice service adder and increased entitlement on that capacity historically, and I would expect that to continue.

從歷史上看，我們已經看到了一個很好的服務添加器和增加了對該容量的權利，我希望這種情況會繼續下去。

So we think that that's going to be a nice tailwind for our service business as that trend materializes going forward.

因此，我們認為這對我們的服務業務來說將是一個很好的順風，因為這種趨勢在未來會成為現實。

Thanks, Quinn.

謝謝，奎因。

Our next question comes from the line of Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Dan, I just want to ask you on OpEx, and I feel a little guilty asking given the op margin performance.

丹，我只是想問你關於 OpEx 的問題，考慮到運營利潤率的表現，我覺得有點內疚。

But considering OpEx in the quarter is up a decent amount.

但考慮到本季度的運營支出是相當可觀的。

So just maybe what's driving that, other than, I guess, higher commissions?

所以也許是什麼推動了這一點，除了，我猜，更高的佣金？

And then just any thoughts on the rest of the fiscal year?

然後對本財年剩下的時間有什麼想法嗎？

Yes.

是的。

So a couple of things, and thanks for the question, Blayne.

所以有幾件事，謝謝你的問題，Blayne。

Just a couple of things on the transition from Q1 to Q2.

從第一季度到第二季度的過渡只有幾件事。

What I would observe about Q1 is as we get a holiday shutdown in that period at the end of a calendar year, you also have partial impact of annual merit increases, 1-month impact.

關於第一季度，我觀察到的是，當我們在日曆年末的那段時間關閉假期時，你也會受到年度績效增長的部分影響，即 1 個月的影響。

As we move into Q2, you no longer have a shutdown, and you get a full quarter impact of merit increases.

隨著我們進入第二季度，您將不再有停工的情況，並且您將獲得整個季度的績效增長影響。

So there's an embedded cost escalator in that time frame.

所以在那個時間範圍內有一個嵌入式成本自動扶梯。

The other thing I would say, and Gary spent a lot of time talking about this, there is a very fundamental transition happening in our industry.

我想說的另一件事，加里花了很多時間談論這個，我們的行業正在發生一個非常根本的轉變。

Traditional Moore's Law is shrinking -- I mean traditional Moore's Law 2D shrinks are beginning to hit a wall.

傳統的摩爾定律正在縮小——我的意思是傳統的摩爾定律 2D 縮小開始碰壁。

The industry is pivoting to a new playbook, and we have a meaningful key enablement role to play in each element of that new playbook.

該行業正在轉向新的劇本，我們在新劇本的每個元素中都扮演著有意義的關鍵支持角色。

We are going to be disciplined, but we are going to invest to grow.

我們將受到紀律處分，但我們將投資以實現增長。

We're going to drive innovation.

我們將推動創新。

We're going to be a key enabler of our customers' road maps.

我們將成為客戶路線圖的關鍵推動者。

From a discipline standpoint, I think the company has got a good track record.

從紀律的角度來看，我認為該公司有良好的業績記錄。

From an OpEx perspective, close to 70% of what we spend is fuel for growth, R&D with pretty tight containment from a discretionary spend standpoint.

從運營支出的角度來看，我們支出的近 70% 是增長的燃料，從可自由支配支出的角度來看，研發受到了相當嚴格的控制。

So we're close to 70% of all OpEx goes to R&D.

因此，我們接近 70% 的 OpEx 用於研發。

And then from an OpEx leverage perspective, an observation I would make is -- and this goes to growing the company in a very disciplined manner, delivering innovation but doing it in an efficient manner.

然後從運營支出槓桿的角度來看，我會做的一個觀察是——這將以一種非常有紀律的方式發展公司，提供創新但以一種有效的方式進行。

Over the last 12 months, we've got 340 basis points of OpEx leverage that we've delivered.

在過去的 12 個月中，我們提供了 340 個基點的運營支出槓桿。

And if I take it out to 8 quarters, we've got to 460 basis points of OpEx leverage that we've delivered to the P&L.

如果我把它計算到 8 個季度，我們將得到 460 個基點的運營支出槓桿，我們已經交付給損益表。

So I think the company has demonstrated a great track record of delivering these innovations but doing it in an efficient way that drives significant value for shareholders.

因此，我認為該公司在提供這些創新方面表現出了良好的記錄，而且以一種有效的方式為股東帶來了巨大的價值。

So we feel good about it, Blayne.

所以我們對此感覺良好，Blayne。

Thanks, Blayne.

謝謝，布萊恩。

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

我們的下一個問題來自瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）。

Gary, I guess I had a longer-term question for you.

加里，我想我有一個更長期的問題要問你。

So we're going to see gate-all-around maybe late next year but definitely in 2023.

所以我們可能會在明年年底看到全面的大門，但肯定會在 2023 年。

And then we go to FinFETs maybe in '24 or definitely '25, which seems like a long way away, but it's not really that far out there.

然後我們可能會在 24 年或 25 年使用 FinFET，這似乎還有很長的路要走，但實際上並沒有那麼遠。

And there seems to kind of be a broad view that litho is going to be a big headwind for the films companies like you.

似乎有一種廣泛的觀點認為，平版印刷將成為像你們這樣的電影公司的一大阻力。

But it actually seems like the same thing could happen in logic that happened in NAND, where you start to stack transistors so that you could capture the incremental dollars versus litho if you look out, say, 3 to 5 years.

但實際上，在 NAND 中發生的邏輯似乎也可能發生同樣的事情，你開始堆疊晶體管，這樣如果你觀察 3 到 5 年，你就可以捕捉到與光刻相比增加的美元。

So can you just kind of talk about what's happening in logic?

所以你能談談邏輯中發生的事情嗎？

Thanks for the question, Tim.

謝謝你的問題，蒂姆。

So what I would say, I meet these CEOs and R&D leaders for leading foundry and logic on a very regular basis, actually more often now than I did before the pandemic because we're doing all of this virtual.

所以我想說的是，我會定期與這些領導晶圓代工和邏輯的首席執行官和研發負責人會面，實際上現在比我在大流行之前更頻繁，因為我們正在做所有這些虛擬工作。

I deeply believe -- and you can see even this week, there was one of our leading customers talking about how they're driving their technology road maps going forward.

我深信——你甚至可以在本週看到，我們的一位主要客戶正在談論他們如何推動他們的技術路線圖向前發展。

And it's really around the 5 elements that we've been talking about: the new structures; new chip architectures; everybody is designing their own application-specific chips; new materials; new ways to shrink.

它實際上圍繞著我們一直在談論的 5 個要素：新結構；新的芯片架構；每個人都在設計自己的專用芯片；新材料；縮小的新方法。

I've talked about packaging and the growth there, but I think we're just in a tremendous position.

我已經談到了包裝和那裡的增長，但我認為我們正處於一個巨大的位置。

And when you think about what's going to drive power performance and cost going forward, there's no question, it's about these new structures and these new materials.

當您考慮將推動功率性能和成本向前發展時，毫無疑問，這與這些新結構和這些新材料有關。

And when you look at really all of the different markets, you talked about the new transistor structures going forward, whether -- people call gate-all-around or nano sheets or also the wiring, the resistance in the wiring, there's tremendous focus in those areas because that is really what enables power and performance going forward.

當你真正看到所有不同的市場時，你談到了未來的新晶體管結構，無論是——人們稱之為環柵或納米片，還是佈線，佈線中的電阻，都非常關注這些領域，因為這確實是推動功率和性能向前發展的原因。

So we're just in a really tremendous position.

所以我們只是處於一個非常巨大的位置。

When you think about the materials that are needed to create those nano sheets or the wiring or 3D DRAM or any of those big inflections that are going forward in the future, we just have, by far, the best portfolio of materials that creates those structures.

當您考慮製造這些納米片或佈線或 3D DRAM 或任何未來將要發展的大變化所需的材料時，我們只是擁有創造這些結構的最佳材料組合.

Then you think about shaping the structures.

然後你考慮塑造結構。

We have strength in conductor etch.

我們在導體蝕刻方面有實力。

We're -- we've certainly had a strong position in memory.

我們——我們當然在記憶中佔有重要地位。

We're growing in foundry/logic.

我們在代工/邏輯方面不斷發展。

You'll see our share continue to grow there.

你會看到我們的份額在那裡繼續增長。

Shaping with the Selectra product is also really important for nano sheets and for other new structures, the modification of those different structures and also accelerating the time to market.

使用 Selectra 產品進行成型對於納米片和其他新結構、修改這些不同結構以及加快上市時間也非常重要。

I talked about the synergies with our PDC and especially our e-beam business.

我談到了與我們的 PDC 尤其是我們的電子束業務的協同作用。

When I'm building this new transistor, if I can see the materials -- residual materials inside that structure as I'm driving the R&D versus having to cross-section one particular transistor and look inside that, their learning rates go up by orders of magnitude.

當我在構建這個新晶體管時，如果我能看到材料——我推動研發時結構內部的殘留材料，而不是必須對一個特定的晶體管進行橫截面並查看其內部，它們的學習率會成倍增加量級。

So those unique imaging capabilities, combined with the unique capabilities in creating and shaping and modifying those structures, again, I just -- if you look at what's being presented by our leading customers, even this week, you'll see exactly aligns to this new playbook and enabling capabilities for Applied.

因此，這些獨特的成像能力，再加上創造、塑造和修改這些結構的獨特能力，我只是 - 如果你看看我們的主要客戶展示的內容，即使是在本週，你也會看到與此完全一致應用程序的新劇本和啟用功能。

So again, I've never been more excited about our opportunities to enable the road map.

因此，我再次對我們啟用路線圖的機會感到無比興奮。

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

我們的下一個問題來自富國銀行的 Joe Quatrochi。

Yes.

是的。

I was curious in your WFE outlook for this year, what's your assumption around domestic China?

我很好奇你今年的 WFE 展望，你對中國國內的假設是什麼？

And does your WFE outlook for this year include the assumption that we don't see any license from customers that are required by the government right now?

您對今年 WFE 的展望是否包括我們目前沒有看到政府要求的客戶許可的假設？

Yes.

是的。

Joe, thanks for your question.

喬，謝謝你的問題。

So from a domestic China standpoint, we think we ended the year 2020 around $10 billion.

因此，從中國國內的角度來看，我們認為我們在 2020 年結束時約為 100 億美元。

We think we're up a few billion off of that level.

我們認為我們比那個水平高了幾十億。

So we'll see this year what we've been seeing for several years now, which is slow, steady ecosystem development.

因此，今年我們將看到我們幾年來一直看到的情況，即緩慢而穩定的生態系統發展。

You're going to see some investment in technology road maps and still some pretty modest capacity additions that sit behind those technology road maps.

您將看到對技術路線圖的一些投資，並且在這些技術路線圖之後仍然會增加一些相當適度的容量。

And then from a licensing standpoint, just given where we sit in the process, we think it's prudent to forecast and guide revenue and market sizing, assuming the licenses do not come through.

然後從許可的角度來看，只要考慮到我們在這個過程中所處的位置，我們認為預測和指導收入和市場規模是謹慎的，假設許可沒有通過。

And when we receive the licenses, then we'll adjust the expectations.

當我們收到許可證時，我們會調整預期。

I would expect revenue to go up, and I would expect the market sizing to go up.

我預計收入會增加，我預計市場規模會增加。

But the current forecast expectations of greater than $70 billion this calendar year for the overall market size does not assume that those licenses come through.

但目前對本日曆年整體市場規模超過 700 億美元的預測並不假設這些許可證會通過。

That will be upside to the numbers we've talked about.

這將有利於我們討論過的數字。

Thanks, Joe.

謝謝，喬。

And operator, we have time for 2 more questions, please.

接線員，我們有時間再回答 2 個問題。

Our next question comes from the line of Mitch Steves with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Mitch Steves。

Obviously, a very great quarter and great guide.

顯然，這是一個很棒的季度和很棒的指南。

My only little nitpick here, just on the display business, I feel like every quarter, we kind of try to call a bottom here.

我在這裡唯一的小挑剔，只是在展示業務上，我覺得每個季度，我們都試圖在這裡稱之為底部。

But then you made comments about all of the segments kind of being up in the second half.

但隨後你對下半年的所有細分市場都做出了評論。

Can you maybe just help us understand what the magnitude is at for the display business?

您能否幫助我們了解顯示業務的規模？

And then secondly, if you've got any sort of like actual visibility into that and confidence around display being up in the second half of the year.

其次，如果您對此有任何類似的實際可見性，並且對下半年的展示有信心。

Yes.

是的。

So a couple of things on display.

所以展示了一些東西。

I think we've been very consistent in this business over time.

我認為隨著時間的推移，我們在這項業務中一直非常一致。

We know that from quarter-to-quarter, this is a business that will bounce around a little bit.

我們知道，從一個季度到另一個季度，這是一項會有所反彈的業務。

But we've been saying now for many quarters that the sizing in 2021 from an overall market spend perspective, as well as the proportion of spend in TV, in mobile, is going to look and feel a lot like 2020.

但我們現在已經說了很多個季度，從整體市場支出的角度來看，2021 年的規模以及電視和移動設備的支出比例將看起來和感覺很像 2020 年。

And that's exactly what we see playing out.

這正是我們看到的結果。

The implication for our business revenue, and we've been saying this for many quarters now, the revenue that we see in our display business in fiscal 2021 is going to be very similar to what we produced in fiscal 2020.

對我們業務收入的影響，我們已經說了很多個季度了，我們在 2021 財年在顯示業務中看到的收入將與我們在 2020 財年產生的收入非常相似。

And so I think that gives you the math.

所以我認為這給了你數學。

You know what we've done in fiscal Q1.

你知道我們在第一財季做了什麼。

You know what we just guided to in fiscal Q2.

您知道我們剛剛在第二財季指導的內容。

That gives you a sense of the step-up that we see in the back half of the year.

這讓您對我們在今年下半年看到的進步有所了解。

And then as we look forward into 2022, we are monitoring a number of green shoots.

然後，當我們展望 2022 年時，我們正在監測一些新芽。

We talked about on the last earnings call, our confidence interval around them continue to increase, and the confidence interval around 2022 being a robust investment point in the cycle continues to increase.

我們在上次財報電話會議上談到，我們圍繞它們的置信區間繼續增加，2022 年左右作為周期中穩健投資點的置信區間繼續增加。

So we feel good about where we stand, growing off of the guide we just gave in fiscal Q2.

因此，我們對自己的立場感到滿意，從我們剛剛在第二財季給出的指南中成長。

From an order standpoint -- we can see it from an order standpoint growth into the back half of the year, and we can also see it from a customer deposit perspective.

從訂單的角度來看——我們可以從訂單的角度來看下半年的增長，我們也可以從客戶存款的角度來看。

And so we feel good about how we're shaping expectations around this market, and I've got no anxiety given what we see and where we sit around the second half being stronger than the first half in that business.

因此，我們對我們如何圍繞這個市場塑造預期感覺很好，鑑於我們所看到的以及我們在下半年所處的位置比該業務的上半年更強勁，我並不感到焦慮。

Thanks, Mitch.

謝謝，米奇。

Our last question comes from the line of Patrick Ho with Stifel.

我們的最後一個問題來自 Patrick Ho 與 Stifel 的對話。

Congrats on a nice finish to the calendar year.

祝賀日曆年圓滿結束。

Gary, maybe just to follow up on some of the questions and given the strength that you had in the advance packaging business that looks like it's another growth opportunity for you, are you able to leverage the products from your "leadership and existing portfolio?" Or are you also developing new products given the changes that are going on in advance packaging, particularly as they become more front-end manufacturing-like?

加里，也許只是為了跟進一些問題，鑑於您在高級包裝業務中擁有的實力，這看起來對您來說是另一個增長機會，您是否能夠利用您的“領導力和現有產品組合”中的產品？或者您是否也在開發新產品，因為提前包裝正在發生變化，特別是當它們變得更像前端製造時？

Yes.

是的。

Thanks for the question, Patrick.

謝謝你的問題，帕特里克。

So I'd start off by saying we've talked about this as being 1 of the 5 key drivers for the PPAC road map going forward.

所以我首先要說的是，我們已經將其視為 PPAC 路線圖向前發展的 5 個關鍵驅動因素之一。

And if you look at what leading customers are talking about, packaging is incredibly important for power and performance and cost.

如果你看看主要客戶在談論什麼，封裝對於功率、性能和成本來說非常重要。

So for me, personally, I've engaged much more so with the R&D leaders in this particular industry than I ever was.

因此，就我個人而言，我與這個特定行業的研發領導者的接觸比以往任何時候都多。

Relative to your question about existing products versus new products, I would say it's both.

相對於您關於現有產品與新產品的問題，我想說兩者兼而有之。

If you look at wafer-level packaging, we're #1 in wafer-level packaging; advanced wafer-level packaging with PVD, CVD, CMP, plating.

如果您查看晶圓級封裝，我們在晶圓級封裝方面排名第一；採用 PVD、CVD、CMP、電鍍的先進晶圓級封裝。

We have a new Sym3 via etcher also, where we won one of the largest -- one of our largest customers in that business.

我們也有一個新的通過蝕刻機的 Sym3，我們贏得了最大的客戶之一——我們在該業務中最大的客戶之一。

So we have all of those combinations of products in packaging.

因此，我們在包裝中擁有所有這些產品組合。

And we also announced recently a new integrated hybrid bonding system working with another company that is really important.

我們最近還宣布了與另一家非常重要的公司合作的新集成混合粘合系統。

And we have very strong pull from every one of the -- our leading customers with that new technology.

我們從每一個擁有這項新技術的領先客戶中都獲得了強大的吸引力。

So again, it's a combination of both, where we're innovating with our existing products, also looking at accelerating the big inflections in packaging, and hybrid bonding is one example of that.

再說一次，它是兩者的結合，我們正在用我們現有的產品進行創新，同時也在考慮加速包裝中的重大變化，混合粘合就是其中的一個例子。

So I think it's just a tremendous opportunity for the company.

所以我認為這對公司來說是一個巨大的機會。

I think this is going to become more important as we go forward, and we're in a unique position with the combinations of capabilities that we have.

我認為隨著我們的前進，這將變得更加重要，並且我們擁有的能力組合處於獨特的位置。

Thank you, Patrick, for your question.

謝謝你，帕特里克，你的問題。

And Dan, would you like to help us wrap the call?

丹，你願意幫我們結束通話嗎？

Yes.

是的。

Sure, Mike.

當然，邁克。

Thanks.

謝謝。

So as I look at this quarter, a few things stand out for me: first, the growing strength of our end markets; second, really strong outperformance in calendar 2020; and I guess third, an even better setup for Applied as we look forward into 2021.

因此，當我回顧本季度時，有幾件事對我來說很突出：首先，我們終端市場的實力不斷增強；第二，在 2020 年的表現非常強勁；我猜第三個，在我們期待 2021 年的時候，為 Applied 提供了一個更好的設置。

I see strength throughout the year.

我一年四季都看到了力量。

And that includes fiscal second half growing across all 3 reporting segments: Semi Systems, AGS and display.

這包括下半年所有 3 個報告部門的增長：半導體系統、AGS 和顯示器。

I really like the gross margin improvement.

我真的很喜歡毛利率的提高。

It's been a lot of hard work, especially during COVID-19, and I really want to thank all of our teams one more time for this great progress.

這是一項艱鉅的工作，尤其是在 COVID-19 期間，我真的要再一次感謝我們所有的團隊，感謝他們取得瞭如此巨大的進步。

We all hope that the regulatory decision on Kokusai goes in our favor.

我們都希望對 Kokusai 的監管決定對我們有利。

And Gary and I, along with the rest of the management team, look forward to seeing you in about 6 weeks during the investor meeting.

加里和我，以及管理團隊的其他成員，期待在大約 6 週後的投資者會議上見到你。

Mike, let's close the call now.

邁克，讓我們現在結束通話。

Okay.

好的。

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 will be available on our website by 5:00 Pacific Time, and we'd like to thank you for your continued interest in Applied Materials.

電話重播將在太平洋時間 5:00 之前在我們的網站上播放，我們要感謝您對應用材料公司的持續關注。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。