應用材料 (AMAT) 2020 Q3 法說會逐字稿

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

歡迎參加應用材料公司財報電話會議。 （操作說明）

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

現在我將會議交給公司副總裁麥可‧沙利文先生。請您開始吧，先生。

Good afternoon, and thank you for joining Applied's Third Quarter of Fiscal 2020 Earnings Call. Joining me today are Gary Dickerson, our President and CEO; and Dan Durn, our Chief Financial Officer.

下午好，感謝各位參加應用材料公司2020財年第三季財報電話會議。今天與我一同出席的有我們的總裁兼執行長加里·迪克森，以及我們的財務長丹·杜恩。

Before we begin, I'd like to remind you that today's call contains forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ. Information concerning the risks and uncertainties is contained in Applied's most recent Form 10-Q and 8-K filings with the SEC.

在開始之前，我想提醒各位，今天的電話會議包含前瞻性陳述，這些陳述受風險和不確定性因素的影響，可能導致我們的實際結果與預期有差異。有關這些風險和不確定性的信息，請參閱Applied公司最近向美國證券交易委員會提交的10-Q表和8-K表文件。

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

今天的電話會議也包含非GAAP財務指標。與GAAP指標的調節表可在今天的盈利新聞稿和我們的季度盈利演示材料中找到，所有這些材料都可以在我們網站appliedmaterials.com的投資者關係頁面上找到。

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

現在我想把電話交給加里·迪克森。

Thanks, Mike.

謝謝你，麥克。

This time last quarter, I started the call by outlining the steps we were taking inside Applied Materials to navigate the COVID-19 pandemic. Our actions have been guided by 2 key principles. First, maintaining the trust of our employees, customers, suppliers and partners; and second, focusing on strategic initiatives that will allow us to emerge stronger over the longer term.

上個季度這個時候，我在電話會議上首先概述了應用材料公司為應對新冠疫情所採取的措施。我們的行動遵循兩大關鍵原則。第一，維護員工、客戶、供應商和合作夥伴的信任；第二，專注於能讓我們在長期發展中變得更加強大的策略性舉措。

Today, I'm pleased to report that both our manufacturing operations and R&D labs are running smoothly at pre-COVID levels of productivity. I'd like to acknowledge the exceptional contributions, resilience and creativity of our employees and suppliers who have rapidly adapted to new ways of working to deliver this quarter's outstanding results.

今天，我很高興地報告，我們的生產運作和研發實驗室都已恢復到疫情前的生產力水平，運作順暢。我要感謝我們員工和供應商的卓越貢獻、頑強韌性和創造力，他們迅速適應了新的工作方式，才取得了本季優異的業績。

A few weeks ago at SEMICON West, I outlined Applied's vision for the next decade. I talked about the critical role semiconductors will play in shaping a better future for everyone, the advances in technology needed to unlock the potential of artificial intelligence and how materials engineering will enable the industry's new PPACt playbook -- to advance power, performance, area, cost and time to market.

幾週前在SEMICON West展會上，我概述了應用材料公司未來十年的願景。我談到了半導體在塑造更美好未來中將發揮的關鍵作用，釋放人工智慧潛力所需的技術進步，以及材料工程將如何助力產業實現新的PPACt策略——即在功耗、性能、面積、成本和上市時間方面取得進步。

I also announced Applied's new 10-year goals and road map for environmental sustainability, which is part of our commitment to grow our business responsibly and make possible a better future. Having covered our long-term perspective in detail at that event, today, I'm going to focus my comments on current market dynamics and provide additional insights into our product portfolio and business momentum.

我還宣布了應用材料公司新的十年目標和環境永續發展路線圖，這是我們致力於以負責任的方式發展業務並創造更美好未來的一部分。在上次活動中，我已經詳細闡述了我們的長期願景，今天，我將重點放在當前的市場動態，並進一步介紹我們的產品組合和業務發展勢頭。

Starting with the market environment, we remain mindful of global economic concerns and that consumer spending is a potential headwind for many sectors, including the electronics industry. With that said, demand for semiconductors has strengthened over recent months. As the world adapts to the challenges created by the pandemic, several major technology inflections are being accelerated. Work from home, home schooling and online retail are driving investments in cloud data centers and communications infrastructure. Many organizations are building stronger business continuity plans and increasing the use of automation and IoT technologies. And because AI has the potential to transform entire industries, its adoption remains nondiscretionary for many companies.

首先，從市場環境來看，我們始終關注全球經濟情勢，並意識到消費者支出可能對包括電子產業在內的許多產業構成潛在阻力。儘管如此，近幾個月來半導體需求有所增強。隨著世界適應疫情帶來的挑戰，幾項重大技術變革正加速前進。居家辦公、家庭教育和線上零售正在推動對雲端資料中心和通訊基礎設施的投資。許多企業正在製定更完善的業務連續性計劃，並增加自動化和物聯網技術的應用。由於人工智慧具有變革整個產業的潛力，因此對許多公司而言，採用人工智慧已成為必然之選。

In wafer fab equipment, we expect overall foundry/logic spending to grow this year even with soft demand in specialty nodes that serve automotive and industrial markets. At the leading edge, we see a strong commitment from customers to build out their fabs and aggressively drive their R&D road maps. This gives us confidence these levels of spending are sustainable in 2021 and beyond.

在晶圓製造設備方面，我們預計今年整體代工/邏輯裝置支出將持續成長，即使面向汽車和工業市場的特種節點需求疲軟。在尖端技術方面，我們看到客戶堅定致力於擴建晶圓廠並積極推動研發路線圖。這使我們有信心，這些支出水準在2021年及以後能夠持續。

As I've described before, with the slowing of traditional 2D Moore's Law scaling, there will be a transition from general purpose computing to customized solutions tailored for specific applications or workloads. Recent announcements by leading systems companies illustrate this inflection very well. Custom design silicon and diversification of architectures play to the strengths of the foundries and underpin their ongoing investments. In memory, we see investments for the year growing slightly faster than in foundry/logic as customers push forward with their technology road maps. We also see the growth rate in DRAM being very similar to NAND.

正如我之前所述，隨著傳統二維摩爾定律擴展速度的放緩，通用計算將向針對特定應用或工作負載量身定制的解決方案轉變。領先系統公司近期發布的公告很好地印證了這項轉變。客製化晶片設計和架構多樣化充分發揮了代工廠的優勢，並為其持續投資奠定了基礎。在記憶體領域，我們預計今年的投資成長速度將略高於代工廠/邏輯晶片領域，因為客戶正在推進其技術路線圖。此外，DRAM 的成長速度與 NAND 快閃記憶體非常接近。

Against this backdrop of a strengthening demand, our Semiconductor Systems revenues are up 18% on a trailing 12-month basis, and at the midpoint of our fourth quarter guidance will be up 25% for our fiscal year.

在需求不斷增強的背景下，我們的半導體系統營收在過去 12 個月內成長了 18%，根據我們第四季業績指引的中點，本財年將成長 25%。

Next, I'll explain what's driving our outperformance today and how, by focusing on our customers' highest value problems, we are positioned to grow faster than our markets over the next several years.

接下來，我將解釋是什麼因素推動了我們今天的優異表現，以及透過專注於客戶最有價值的問題，我們如何在未來幾年內實現比市場更快的成長。

The process complexity required to produce leading-edge transistors and interconnects continues to grow and new innovations in materials and structures are fundamental to driving higher performance and lower power consumption. This plays directly to the strengths of Applied's traditional leadership areas, namely creating and modifying materials and structures. For example, our deposition businesses, CVD, PVD and epi, generated more than $5.2 billion of revenue in calendar 2019 and according to VLSI's data gained 8 points of market share.

生產尖端電晶體和互連裝置所需的製程複雜性不斷增加，材料和結構方面的創新對於提升性能和降低功耗至關重要。這恰好契合了應用材料公司傳統優勢領域的核心競爭力，即材料與結構的研發與改良。例如，我們的沉積業務（包括化學氣相沉積 (CVD)、物理氣相沉積 (PVD) 和外延 (Epi)）在 2019 年創造了超過 52 億美元的收入，根據 VLSI 的數據，市場份額增加了 8 個百分點。

In our growth businesses that focus on shaping and analyzing materials and structures, we have strong momentum. We are the fastest-growing company in etch, even though we don't currently serve the dielectric market segment. At the midpoint of our guidance, our etch revenues will be up nearly 30% this fiscal year. Since we introduced our Sym3 system in 2015, we have shipped more than 5,000 chambers and we recently introduced Sym3 Y, which is the most advanced etch system we've ever built. This system provides extremely high materials selectivity as well as precise depth and profile control needed to form the densely packed, high-aspect-ratio structures in next-generation 3D, NAND, DRAM and logic devices.

在專注於材料和結構成型與分析的成長型業務領域，我們發展勢頭強勁。儘管目前我們尚未涉足介電材料市場，但我們仍然是蝕刻領域成長最快的公司。根據我們先前的預期，本財年蝕刻業務收入將成長近30%。自2015年推出Sym3系統以來，我們已交付超過5000個蝕刻腔。近期，我們又推出了Sym3 Y，這是我們迄今為止最先進的蝕刻系統。該系統能夠提供極高的材料選擇性，以及精確的深度和輪廓控制，從而滿足下一代3D、NAND、DRAM和邏輯裝置中高密度、高縱橫比結構的形成需求。

We're also the fastest-growing company in the metrology and inspection market. At the midpoint of our guidance, revenue for our Process Diagnostics and Control business will be up more than 40% in fiscal 2020. We're winning share in optical wafer inspection and e-beam with new products that are in the early stages of adoption and have significant traction with leading customers.

我們也是計量和檢測市場成長最快的公司。根據我們先前的預測，2020財年製程診斷與控制業務的收入將成長超過40%。我們在光學晶圓檢測和電子束檢測領域憑藉處於早期應用階段且已獲得領先客戶認可的新產品，正在不斷贏得市場份額。

Applied has by far the broadest product portfolio in the industry, spanning materials creation, modification, shaping, analysis and packaging. This allows us to see inflections early and develop more complete solutions for customers, from co-optimizing deposition and removal processes, all the way to our integrated materials solutions that combine multiple process and metrology technologies within a single system to address our customers' most complex challenges.

應用材料公司擁有業界最廣泛的產品組合，涵蓋材料的製備、改質、成型、分析和包裝。這使我們能夠及早洞察行業趨勢，並為客戶開發更完善的解決方案，從協同優化沉積和去除工藝，到將多種工藝和計量技術整合於單一系統中的整合材料解決方案，我們都能應對客戶最複雜的挑戰。

In addition, our business is very well balanced across device segments. In foundry, where we are traditionally very strong, we are seeing our available market grow node-over-node and we are positioned to outperform the market as these new technologies ramp in high-volume manufacturing.

此外，我們的業務在各個元件領域都實現了非常均衡的佈局。在晶圓代工領域，我們歷來實力雄厚，隨著晶片技術的不斷迭代更新，我們的市場份額也持續成長。隨著這些新技術在大規模生產中的應用，我們已做好充分準備，力爭超越市場平均。

In DRAM, our share is even higher than in foundry/logic. Over the past 5 years, we've gained 25 points of DRAM patterning share and still have significant potential to grow. We've recently won multiple process tool of record positions for future node transitions, including multi-patterning, hard-mask and hard-mask open applications. In addition, the industry's upcoming transition to high-speed DDR5 is enabled by advanced logic-like features, including high-k metal gate. This grows the available market in areas where Applied has clear technology leadership.

在DRAM領域，我們的市佔率甚至高於晶圓代工/邏輯領域。過去五年，我們在DRAM圖形化領域的市佔率成長了25個百分點，並且仍有巨大的成長潛力。我們近期贏得了多個未來節點過渡製程工具的記錄地位，包括多重圖形化、硬掩模和硬掩模開放式應用。此外，業界即將向高速DDR5過渡，而先進的邏輯類特性（例如高k金屬閘極）正是推動這項過渡的關鍵。這擴大了應用材料在技術上具有明顯優勢的領域的市場規模。

Another area where we're delivering more value to customers and have strong growth momentum is our aftermarket businesses. If we look at Applied Global Services plus 300-millimeter upgrades, revenues are up 21% compared to the same period in 2019. Within AGS, 60% of our service and spare parts business comes from predictable recurring revenue streams in the form of long-term service agreements. This year, the renewal rate for these long-term agreements is in excess of 90%, which is clear validation of the value customers see in our advanced service products.

我們在售後市場業務領域也為客戶創造了更多價值，並保持著強勁的成長動能。以Applied Global Services (AGS) 和300毫米升級業務為例，其營收較2019年同期成長了21%。在AGS內部，我們60%的服務和備件業務收入來自長期服務協議等可預測的經常性收入來源。今年，這些長期協議的續約率超過90%，這充分證明了客戶對我們先進服務產品的價值認可。

In Display, our revenue outlook for fiscal 2020 is unchanged at $1.6 billion and we expect 2021 to be similar. However, we're seeing some encouraging signs in the high-end of the market, specifically, robust demand for 8K screens and the adoption of OLED in TVs. We remain optimistic about the long-term opportunities for Applied in the display market as we focus on addressing future technology inflections and expanding our available market.

在顯示業務方面，我們對2020財年的營收預期維持在16億美元不變，並預計2021年將與此相近。然而，我們在高階市場看到了一些令人鼓舞的跡象，特別是8K螢幕的強勁需求以及OLED在電視領域的應用。我們仍然對應用材料在顯示市場的長期發展機會保持樂觀，我們將專注於應對未來的技術變革並拓展現有市場。

Finally, I'll highlight how we're working differently inside the company as well as with our customers and suppliers. COVID-19 restrictions has stimulated many changes in the way companies in the industry are operating. For example, since March, we've provided thousands of digital support sessions using AR and video, held more than 900 training sessions with field support engineers using VR and live distance learning, and fully restored R&D lab productivity while bringing only a fraction of our engineering staff on-site.

最後，我想重點介紹我們公司內部以及與客戶和供應商合作方式的改變。新冠疫情的限制措施促使業界各公司營運方式發生了許多變化。例如，自三月以來，我們利用擴增實境（AR）和視訊技術提供了數千次數位化支援服務，利用虛擬實境（VR）和遠端直播學習為現場支援工程師舉辦了900多場培訓，並在僅安排部分工程人員到崗的情況下，全面恢復了研發實驗室的生產力。

I strongly believe that 'innovate anywhere' provides substantial long-term benefits by eliminating waste, saving time and money and reducing the industry's carbon footprint. Over the past several years, Applied has been making significant investments in state-of-the-art digital infrastructure, sensors and metrology, data science, machine learning and simulation. The combination of these technologies enables us to accelerate product development cycles, speed up transfer of new technologies from lab to fab and optimize cost, output and yield for our customers in high-volume production.

我堅信，「隨時隨地創新」能夠消除浪費、節省時間和成本，並減少產業的碳足跡，從而帶來顯著的長期效益。過去幾年，應用材料公司在尖端數位基礎設施、感測器和計量、數據科學、機器學習和模擬領域進行了大量投資。這些技術的結合使我們能夠加快產品開發週期，加速新技術從實驗室到工廠的轉化，並為客戶的大量生產優化成本、產量和良率。

Before I hand the call over to Dan, I will quickly summarize. First, thanks to the extraordinary hard work of our employees and suppliers, we are operating the company at pre-COVID levels of productivity while maintaining stringent protocols to keep our workplaces safe and healthy.

在把電話交給丹之前，我先簡單總結一下。首先，感謝我們員工和供應商的辛勤付出，我們公司在維持嚴格防疫措施、確保工作場所安全健康的同時，也恢復到疫情前的生產力水準。

Second, while we're mindful of potential macroeconomic headwinds, semiconductor equipment demand is strengthening and the longer-term industry growth drivers remain firmly in place. Based on what we hear from our customers, we believe current spending levels will be sustained or even higher in 2021.

其次，儘管我們意識到宏觀經濟可能面臨不利因素，但半導體設備需求正在走強，長期產業成長動力仍然強勁。根據我們從客戶那裡了解到的情況，我們相信目前的支出水準在2021年將保持不變，甚至更高。

Third, our strategy to accelerate the PPACt playbook is yielding results for our customers and Applied. Today, we're outperforming the market overall and especially in key growth areas, including etch and inspection. Looking ahead, I am very excited about the innovative new products and integrated solutions we will bring to market this year and beyond.

第三，我們加速推進PPACt策略的措施正在為我們的客戶和應用材料公司帶來成效。如今，我們整體業績優於市場平均水平，尤其是在蝕刻和檢測等關鍵成長領域。展望未來，我對我們今年及以後將推向市場的創新產品和整合解決方案感到非常興奮。

Now I will turn the call over to Dan.

現在我將把通話交給丹。

Thanks, Gary. Today, I'll summarize our Q3 results, give you more insights into the performance trends Gary outlined and share our business outlook for Q4.

謝謝，加里。今天，我將總結我們第三季的業績，更深入地分析加里概述的業績趨勢，並分享我們對第四季度的業務展望。

I'm pleased that despite challenges related to COVID-19, our teams delivered double-digit year-over-year revenue growth across Semiconductor Systems, AGS and Display.

我很高興，儘管面臨與 COVID-19 相關的挑戰，我們的團隊在半導體系統、AGS 和顯示器業務方面實現了兩位數的同比增長收入。

Our installed base business, which includes AGS plus 300-millimeter upgrades, grew by 11% sequentially and 21% year-over-year and now represents about 1/3 of our company's total revenue. For the company as a whole, we grew revenue by 23% year-over-year and generated non-GAAP earnings of $1.06, up 43% year-on-year. We anticipate continued momentum in our fiscal Q4 and Q1.

我們的現有業務（包括AGS和300毫米升級）較上季成長11%，年增21%，目前約占公司總營收的三分之一。公司整體營收年增23%，非GAAP每股收益為1.06美元，較去年同期成長43%。我們預計第四財季和第一財季將延續這一成長動能。

During the third quarter, we shipped a significant proportion of the backlog that we couldn't satisfy in Q2 due to COVID-related supply chain disruptions. Our demand has remained strong, and our Q3 ending backlog was nearly unchanged from the prior quarter. The industry's supply chain performance continues to improve. And despite ongoing logistical challenges in Q3, we increased our non-GAAP gross margin by 40 basis points sequentially and 100 basis points year-on-year. We also delivered sequential operating margin gains in both Semiconductor Systems and AGS. Non-GAAP OpEx was in line with our targets, and we allocated 69% to research and development. We increased non-GAAP operating profit to $1.16 billion, up 41% year-over-year.

第三季度，我們交付了第二季度因新冠疫情導致的供應鏈中斷而未能滿足的大部分積壓訂單。市場需求依然強勁，第三季末的積壓訂單量與上一季基本持平。產業供應鏈狀況持續改善。儘管第三季物流方面仍面臨挑戰，但我們的非GAAP毛利率較上季成長40個基點，年增100個基點。半導體系統和AGS業務的營業利潤率也均實現了環比成長。非GAAP營運支出符合預期目標，其中69%用於研發。非GAAP營業利潤成長至11.6億美元，較去年同期成長41%。

In May, we successfully issued $1.5 billion of senior notes at historically low rates and later redeemed $1.35 billion of maturities that were due in October 2020 and June 2021. These transactions extended our weighted average maturities by about 5 years and reduced the average coupon of our notes outstanding.

5 月，我們成功發行了 15 億美元的高級票據，利率處於歷史低位，隨後贖回了 13.5 億美元的到期票據，這些票據分別於 2020 年 10 月和 2021 年 6 月到期。這些交易使我們的加權平均到期期限延長了約 5 年，並​​降低了我們未償票據的平均票息。

During the quarter, we returned $402 million to shareholders in dividends and buybacks. We remain strongly committed to our shareholder distribution program and to closing the Kokusai Electric transaction. We're having constructive discussions to close the final regulatory approval we need. We continue to expect the transaction to be immediately accretive to our non-GAAP financial results and we look forward to providing you with a new financial model soon after we close the proposed transaction.

本季度，我們透過派發股利和股票回購向股東返還了4.02億美元。我們將繼續堅定不移地執行股東分紅計劃，並致力於完成對國際電氣（Kokusai Electric）的交易。我們正在與相關部門進行建設性磋商，以期獲得所需的最終監管批准。我們仍然預期該交易將立即提升我們的非GAAP財務業績，並期待在交易完成後儘快向您提供新的財務模型。

Next, I'll expand on the performance trends Gary highlighted in his remarks. We've discussed our conviction in the attractiveness of our markets and the opportunity we have to generate strong returns by consistently investing for growth. The investments we've made in recent years are resulting in momentum that's already visible today and will accelerate as new nodes ramp over the next several years.

接下來，我將詳細說明 Gary 在演講中提到的績效趨勢。我們已經討論了我們對市場吸引力的信心，以及透過持續投資成長來獲得豐厚回報的機會。近年來我們所做的投資已經產生了顯而易見的成長勢頭，隨著未來幾年新節點的投產，這種勢頭也將加速發展。

Let's examine how Applied's revenue is profiling in the first half of the calendar year, which is our fiscal Q2 plus fiscal Q3. Compared to the same period last year, our Semiconductor Systems revenue is up 23%. This compares very favorably with our closest peers.

讓我們來看看應用材料公司上半年（即第二財季和第三財季）的營收。與去年同期相比，我們的半導體系統業務營收成長了23%。這一業績遠超過同行。

In foundry, we're significantly outperforming in the market. We're winning critical new applications in advanced patterning and we're working closely with customers to develop next-generation transistors and interconnects using innovative approaches like our Integrated Materials Solutions. This is strengthening our leadership in foundry/logic and also giving us new application wins in memory, where we're outperforming in the market as well. In fact, we believe we'll be the #1 company in DRAM conductor etch this year, winning greater than 50% of the available market. We look forward to demonstrating more growth as DRAM spending improves and demonstrate Applied's unique ability to perform well in a variety of spending environments.

在晶圓代工領域，我們的市場表現顯著優於競爭對手。我們在先進圖形化技術方面贏得了關鍵的新應用，並與客戶緊密合作，利用整合材料解決方案等創新方法開發下一代電晶體和互連裝置。這不僅鞏固了我們在晶圓代工/邏輯領域的領先地位，也為我們在記憶體領域贏得了新的應用訂單，而我們在記憶體領域同樣表現出色。事實上，我們相信今年我們將成為DRAM導體蝕刻領域的領頭羊，贏得超過50%的市佔率。隨著DRAM支出的增加，我們期待更大的成長，並展現應用材料在各種支出環境下都能維持優異表現的獨特能力。

Based on discussions with our customers, we expect momentum to continue throughout the calendar year. Specifically, we believe our revenue in both foundry/logic and memory will be second half weighted, leading to another year of growth and outperformance for Applied. This strength in our systems business is fuel for growth in our installed base business, which is also on track to be up in the second half and into the future. As new systems go off warranty, we have opportunities to win subscription-like, long-term service agreements, which are a significant growth multiplier for our parts and service revenue.

根據與客戶的溝通，我們預計全年成長動能將持續。具體而言，我們認為晶圓代工/邏輯電路和記憶體業務的收入將在下半年集中成長，這將推動Applied公司再創佳績。系統業務的強勁表現將帶動現有客戶群業務的成長，該業務也預計在下半年及未來持續成長。隨著新系統保固期的結束，我們有機會贏得類似訂閱的長期服務協議，這將顯著提升我們的零件和服務收入。

Now I'll share our fiscal Q4 business outlook. We expect company revenue to be approximately $4.6 billion, plus or minus $200 million. The midpoint of the range would be up by around 23% year-over-year. We expect non-GAAP EPS to be about $1.17, plus or minus $0.06.

現在我將分享我們第四財季的業務展望。我們預計公司營收約46億美元，上下浮動2億美元。該區間的中位數將比上年同期成長約23%。我們預計非GAAP每股收益約1.17美元，上下浮動0.06美元。

Within this outlook, we expect Semiconductor Systems revenue to be approximately $3.025 billion, which would be up about 31% year-over-year. Applied Global Services revenue should be about $1.07 billion or up about 10% year-over-year and Display revenue should be about $475 million. Non-GAAP gross margin should be about 45.7% or up nearly 2 points year-on-year and non-GAAP OpEx should be around $820 million.

在此展望中，我們預期半導體系統業務營收約30.25億美元，年增約31%。應用全球服務業務營收約10.7億美元，年增約10%。顯示器業務營收約4.75億美元。非GAAP毛利率約45.7%，較去年成長近2個百分點。非GAAP營運支出約8.2億美元。

In summary, Applied delivered double-digit revenue growth across all of our segments in Q3 with strong operating leverage. We're pleased to see how the investments we've made are translating to growth and relative outperformance, both in foundry/logic and also in memory, where we've made significant investments in recent years. The company is also positioned to weather cycles better than ever, with our installed base now driving 1/3 of our revenue and 60% of our parts and service business coming through subscriptions. I'm incredibly proud of our teams for driving our innovation, increasing our shipments and customer support, all while driving strong shareholder returns in a very challenging environment.

總而言之，Applied公司第三季所有業務部門均實現了兩位數的營收成長，並展現出強勁的營運槓桿效應。我們很高興看到，無論是在晶圓代工/邏輯晶片領域，還是在近年來我們投入巨資的記憶體領域，我們都取得了顯著的投資回報，實現了成長和相對優異的業績。公司目前也比以往任何時候都更有能力應對市場週期波動，現有客戶群貢獻了三分之一的營收，而60%的零件和服務業務則來自訂閱模式。我為我們的團隊感到無比自豪，他們在充滿挑戰的環境下，推動了創新，提升了出貨量和客戶支援水平，同時也為股東帶來了豐厚的回報。

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

麥克，現在開始問答環節。

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

謝謝，丹。 （操作員指令）操作員，請開始。

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

（操作說明）我們的第一個問題來自 C.J. Muse 與 Evercore 的對話。

I guess first question on the gross margins, really great performance year-on-year, both for the actual and the guide. And just curious, firstly, how should we think about any room for upside just based on lower expenses related to reduced costs associated with COVID, logistics, et cetera. And then as you think about the portfolio that you've kind of discussed that you see in the next year or 2, can we get back to that peak 36.6% we saw in 2018 for silicon?

我想先問一個關於毛利率的問題，無論是實際毛利率還是預期毛利率，年比表現都非常出色。另外，我想問的是，基於新冠疫情、物流等相關成本的降低，我們該如何看待毛利率的成長空間？還有，考慮到您之前提到的未來一兩年內的投資組合，矽業務能否重回2018年36.6%的高峰？

Yes. Thanks, C.J. On gross margin, the company has performed really well in the current environment. You talk about the year-over-year performance. If you take a look at our guide, we're going to be up almost 200 basis points into the fiscal Q4. So the company is performing really well. I would like to underscore the hard work that our operations and supply chain and logistics team are doing to mitigate the impact of the current pandemic environment we're in. They've done an absolutely superb job. And so the company is doing well on that front.

是的，謝謝C.J.。就毛利率而言，公司在當前環境下表現非常出色。您提到了同比業績。如果您看一下我們的業績指引，就會發現第四財季毛利率將成長近200個基點。所以公司業績確實非常出色。我想特別強調我們的營運、供應鏈和物流團隊為減輕當前疫情環境的影響所付出的辛勤努力。他們做得非常出色。因此，公司在這方面做得很好。

As we take a step back and think about the longer-term trajectory around gross margins, there's clearly a lot of activity going on inside of the company. This is something we spend a lot of time focused on. And we're hopeful that over time we've got an opportunity to raise those gross margins even off of these levels as we deliver the new innovation to market that Gary talked about in his prepared comments. Ultimately, I don't think we'll ever be satisfied no matter where the gross margins are. But clearly, the company is performing well in the current environment that we're in.

當我們回顧過去，展望毛利率的長期發展趨勢時，顯然公司內部正在進行許多工作。我們投入了大量精力關注這一領域。我們希望，隨著Gary在事先準備好的演講稿中提到的創新成果的推出，我們有機會在現有毛利率的基礎上進一步提升毛利率。最終，無論毛利率達到多少，我們都不會感到完全滿意。但顯然，在目前的市場環境下，公司的表現相當不錯。

Then when we take a step back and look at our Semiconductor Systems operating margin, again, the company is performing well. I think what you'll see into the coming quarter, while we don't guide operating margin by segment, I think you'll see some strength on that front as well. And so I do think that we've got an opportunity over time to get back to that prior benchmark for the segment. So again, a lot of hard work and I think the company is doing well in a difficult environment.

當我們退一步，審視半導體系統業務的營業利潤率時，公司表現依然良好。我認為，儘管我們不按業務板塊提供營業利潤率指引，但在接下來的季度中，您會看到這方面也會出現一些成長。因此，我認為我們有機會隨著時間的推移，使該業務板塊的營業利潤率恢復到先前的水平。總之，這離不開大家的辛勤付出，我認為公司在如此艱困的環境下依然表現出色。

Very helpful. And as a quick follow-up, it sounds like within your prepared remarks that your view on memory CapEx is actually better than perhaps where we were 3 months ago. And I think as we listen to Micron today and others in the storage arena, concern that perhaps things might be getting softer. So can you provide some color on how exactly you're seeing memory CapEx trends into the second half of the year and then through 2021?

非常有幫助。還有一個後續問題，從您準備好的發言來看，您對記憶體資本支出的看法似乎比三個月前要好。但考慮到今天美光和其他儲存領域公司的說法，我們可能會擔心市場行情會走弱。所以，您能否具體談談您對今年下半年以及2021年記憶體資本支出趨勢的看法？

Yes, sure, C.J. Let me paint a little bit of a bigger picture for you that puts what we're seeing in the memory market in context. And so if we look at WFE this year, our best estimate at this point, given everything we see from the market and our customers, we're going to be up about 10% to 15% year-over-year. That's off of a 2019 baseline. That's about $51.5 billion. We think it's a good number. It's a third party validated number by VLSI. And so we think we're up 10% to 15%.

好的，C.J.。讓我為您更全面地介紹一下記憶體市場的情況。就今年的WFE（片上設備）而言，根據我們從市場和客戶那裡了解到的所有信息，我們目前的最佳預測是同比增長約10%至15%。這是以2019年的基準值計算的，約為515億美元。我們認為這是一個比較準確的數字，而且這個數字也得到了VLSI等第三方機構的驗證。因此，我們認為今年的WFE將成長10%至15%。

And as you take a look at our prepared comments, we think that there's going to be strength in both memory and foundry/logic. We think both of those segments for us from a revenue standpoint are both going to be second half weighted throughout the year. And we think the proportion of spend within WFE is weighted towards foundry/logic. More than 55% of the spend is in foundry/logic. We think that strength continues into next year, both the overall market as well as our position against that opportunity. We see strength into 2021. And we feel like the proportion of spend in 2021 is going to be very similar to what we're seeing this year.

在您閱讀我們準備好的評論後，我們認為記憶體和晶圓代工/邏輯晶片領域都將保持強勁成長。從營收角度來看，我們認為這兩個領域的成長都將集中在下半年。我們認為晶圓代工/邏輯晶片領域的支出佔比也較高，超過55%。我們認為這種強勁勢頭將延續到明年，無論是整體市場還是我們自身在這一機會中的地位都將如此。我們預計2021年市場依然強勁，我們認為2021年的支出比例將與今年非常接近。

So as we look at the back half of calendar 2020, we're not expecting a spike in memory spending and we're not expecting a precipitous fall. The company is performing well in this environment. You see how well we've performed in the first half of the calendar year versus the first half of calendar '19. And we're just going to keep competing, delivering innovation for customers and driving our business. So we feel good about how we're doing.

展望2020年下半年，我們預期記憶體支出不會激增，也不會出現斷崖式下跌。公司在這種環境下表現良好。您可以比較一下我們今年上半年和2019年上半年的業績，就會發現我們進步顯著。我們將繼續保持競爭力，為客戶提供創新產品，並推動業務發展。因此，我們對目前的業績充滿信心。

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約翰‧皮策。

Dan, maybe just to follow up on that. It sounds like, in your answer to C.J.'s question, that foundry actually gets stronger half-on-half in the second half of the year. I'm just kind of curious given that the largest foundry guy spent more than half of his CapEx budget this year. Can you help me understand better sort of the business outside of that large guy? And especially coming from China, how much more growth do you see in kind of the -- I hate to call it second or third tier foundries, but let's just use that for lack of a better term and/or from China as you look into your fiscal fourth quarter guidance?

丹，我想就此追問一下。在你回答C.J.的問題時，你似乎提到代工廠在下半年比上半年表現更強勁。鑑於最大的代工廠今年已經用掉了超過一半的資本支出預算，我有點好奇。你能幫我更了解一下這家大公司以外的業務狀況嗎？特別是來自中國的代工廠——我不太想用「二、三線」這個詞，但為了方便起見，我們就暫且這麼稱呼吧——以及來自中國的代工廠，在你展望第四財季業績時，你認為它們還能有多少增長空間？

Yes. John, let me try to help you with what we're seeing in the market. So as we look at our foundry/logic business, a couple of things I would say. We've been saying for several quarters now that we are going to see strength in foundry/logic throughout the year. Nothing's changed on that front. We see a diversification of spend underway in the market. We see multiple customers ramping multiple nodes with the strong pull for the technology and innovation that we're bringing to market. We see our business significantly outperforming the overall foundry/logic market. And about a quarter ago, 3 months ago, about 3 months ago, we reported our fiscal Q2 revenues, which is the equivalent of calendar Q1 in 2020. And as I look at the profile of foundry/logic spend this year and our revenue against that opportunity, it looks like our fiscal Q2 is going to be the low point for calendar 2020 in terms of foundry/logic business. And then as I think about strength into the back half of the calendar year, which is our fiscal Q4, fiscal Q1, based on everything we see today, things look good. So it's just a fundamental underlying diversification of spend, multiple customers, multiple nodes and very consistent with what we've been saying now for several quarters.

是的，約翰，讓我來幫你分析我們目前在市場上的觀察。就我們的晶圓代工/邏輯晶片業務而言，我想說幾點。過去幾季我們一直強調，晶圓代工/邏輯晶片業務全年都將保持強勁成長。這一點沒有改變。我們看到市場支出正在多元化發展。許多客戶正在大力推動多個節點的生產，這得益於他們對我們推向市場的技術和創新的強烈需求。我們預計我們的業務表現將顯著優於整個晶圓代工/邏輯晶片市場。大約三個月前，也就是大約三個月前，我們公佈了2020財年第二季的營收，相當於2020年第一季。考慮到今年晶圓代工/邏輯晶片的支出情況以及我們自身的營收與市場機會的對比，我認為就晶圓代工/邏輯晶片業務而言，我們的第二財季將是2020年全年的低谷。然後，當我展望下半年的業績時，也就是我們的第四財季和第一財季，根據我們目前掌握的所有信息，情況看起來不錯。這主要得益於支出多元化、多客戶、多節點運營，這與我們過去幾季以來一直強調的觀點非常一致。

That's helpful, guys. And then maybe as my follow-up for Gary. Clearly, one of the things that COVID has shone a spotlight on is kind of the strategic importance of semiconductor manufacturing capacity. We've got the CHIPS Act moving its way through Washington. Prime Minister Abe in Japan has talked about building more fabs in Japan. And I think even the EU has set up a commission. I'm just kind of curious from your perspective, how do you see kind of this regionalization of capacity potentially playing out over the next several years? And what incremental opportunities that might afford Applied Materials?

很有幫助，各位。接下來我想問Gary一個問題。顯然，新冠疫情凸顯了半導體製造能力的戰略重要性。目前，《晶片法案》（CHIPS Act）正在華盛頓推進。日本首相安倍晉三也談到了在日本建造更多晶圓廠。我想歐盟也成立了一個委員會。我很好奇，從您的角度來看，您認為這種產能區域化在未來幾年可能會如何發展？這又會為應用材料公司帶來哪些新的機會？

Yes. Thanks, John, for the question. So first, I'd echo what Dan said. I was on a call with one of our major foundry/logic customers 2 nights ago and not only strength in 2020 but also into 2021. And I think if you take a step back and you look at what's driving this. It gets back to your question also about the strategic nature of semiconductors. And what we're seeing with COVID-19 is an acceleration of technology transforming every industry. Certainly, my 10-year-old twins are doing learning from home. You have remote working from different locations, e-commerce. All of those things that we've been talking about are accelerating and we're all living that right now. And you also see kind of from a multiyear, secular transition many leading companies developing custom, workload-specific silicon that's going to the foundry. So again, you see that happening, even some recent announcements.

是的。謝謝約翰的提問。首先，我想附和一下丹的說法。兩天前我和我們一家主要的晶圓代工/邏輯晶片客戶通了電話，他們不僅在2020年表現出色，而且在2021年也保持強勁勢頭。我認為，如果我們退一步，看看是什麼在推動這一切，就會發現這又回到了你關於半導體戰略性質的問題。我們從新冠疫情中看到的是，科技正在加速變革各個產業。當然，我的10歲雙胞胎孩子現在都在家上網課。人們在不同的地方遠距辦公，電子商務蓬勃發展。我們一直在討論的所有這些事情都在加速發展，我們現在都身處其中。此外，我們還可以看到，經過多年的發展，許多領先公司正在開發客製化的、針對特定工作負載的晶片，然後交付給晶圓代工。所以，你會看到這種情況正在發生，甚至最近的一些公告也印證了這一點。

And I think also, when you look at really what is the foundation for the trillion connected devices in the future, it's really all of the semiconductor chips. And you need to keep driving the PPAC, we talk about power, performance, area, cost road map, to get to the performance per watt that you need to have the right infrastructure for the data economy. So I think that driving power and performance, lower power, higher performance at the right cost is just fundamental to competitiveness going forward and way more important from an economic perspective.

而且我認為，當我們真正審視未來萬億互聯設備的基礎時，會發現它實際上就是所有的半導體晶片。我們需要不斷推進功耗、效能、面積和成本（PPAC）路線圖，以實現數據經濟所需的每瓦效能，從而建立合適的基礎設施。因此，我認為，在適當的成本下提升功耗和效能，以實現更高的效能，對於未來的競爭力至關重要，而且從經濟角度來看也更為重要。

And you absolutely see it, like you talked about with TSMC coming to United States. And I said before that we were certainly encouraging that to happen. I think it's a great thing for the United States. You talked about Abe in Japan and also what's going on in other geographic regions. I think that everyone recognizes the strategic importance of these technologies. I think it will become even more clear to everyone on power, performance, area, cost what's driving that future technology road map. And that's, again, where Applied is in a super good position. So absolutely, I see that playing out in the way that you've described it. It's certainly good for Applied. As customers move into different geographic regions, what we've seen is really a boost in our service business. And certainly, it strengthens the strategic relationships we have with a number of different customers.

沒錯，就像您剛才提到的台積電進軍美國市場一樣。我之前也說過，我們當然非常鼓勵這種趨勢發生。我認為這對美國來說是一件好事。您提到了日本的安倍晉三，以及其他地區的情況。我認為大家都體認到了這些技術的戰略重要性。我認為，在功率、性能、面積和成本方面，未來技術路線圖的驅動因素將會更加清晰。而這正是應用材料的優勢所在。所以，我完全同意您剛才的描述。這對應用材料來說無疑是件好事。隨著客戶拓展到不同的地區，我們看到服務業務確實得到了顯著提升。當然，這也加強了我們與眾多客戶的策略合作關係。

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。

Gary, I was hoping you could provide a little bit of an update on the Kokusai acquisition. You guys talked about it a little bit in your prepared remarks. But what are some of the last standing items? And if you can remind us on the industrial logic of the deal and help us a little bit with the accretion math, that would be helpful.

加里，我希望你能就國際收購案提供一些最新進展。你們在事先準備好的發言稿中略有提及，但還有哪些未完成的事項？如果你能再給我們解釋一下這筆交易的產業邏輯，並幫我們算算增值收益，那就太好了。

Yes. Toshiya, let me talk about the deal and then I'll pass it back to Gary to talk about the industrial logic that underpins that transaction. So we've made a lot of good progress on the regulatory front. We've closed out 5 of the 6 regulatory approvals that we need in this transaction, as you know. So we feel good about that progress. We're having constructive discussions to close the final regulatory approval that we have in the process. We hope to close soon, optimistic about our progress. So we feel good about progress to date. And then just as a reminder, we continue to expect transaction is going to be immediately accretive to non-GAAP financial results upon close. So we feel we're making good progress.

是的。 Toshiya，我先談談這筆交易，然後我會把麥克風交給Gary，讓他談談支撐這筆交易的產業邏輯。我們在監管方面取得了很大進展。如您所知，我們已經完成了這筆交易所需的六項監管審批中的五項。所以我們對目前的進展感到滿意。我們正在進行建設性的討論，以完成最後一項監管審批。我們希望盡快完成交易，並對目前的進展持樂觀態度。所以我們對迄今為止的進展感到滿意。最後再次提醒大家，我們仍預期交易完成後將立即提升非GAAP財務表現。所以我們覺得進展順利。

Yes. Toshiya, we've talked about the power, performance, area, cost road map really being fundamental to how all of our customers compete. And really, people also talk about the limitations with 2D scaling, Moore's Law slowing down, classic Moore's Law slowing down. And I just deeply believe, I'm on calls with the leading customer CEOs, R&D leaders on a regular basis and I just really strongly believe that new architectures you'll see emerge over the next 2 or 3 years are going to be a big driver of the PPAC road map, new structures, new materials, new ways to connect chips together. All of those things, I'm just incredibly optimistic that we're going to be able to drive power, performance and costs going forward, but it's not going to be what's been happening in the past.

是的。 Toshiya，我們之前討論過，功耗、效能、面積和成本路線圖對於我們所有客戶的競爭方式都至關重要。而且，人們也常談到二維微縮的局限性，摩爾定律正在放緩，經典的摩爾定律正在放緩。我深信，我定期與主要客戶的CEO和研發負責人通話，我堅信，未來兩三年內湧現的新架構將成為PPAC路線圖的重要驅動力，包括新的結構、新的材料以及新的晶片連接方式。所有這些，我都非常樂觀地認為，我們未來能夠在功耗、效能和成本方面取得突破，但這與過去的情況截然不同。

So then if you look at Kokusai, Kokusai certainly in memory is very strong. And when we look at what some of those future structures look like, what some of those future architectures or materials look like, Kokusai has some unique technologies where they can go to much higher temperatures. They can process many, many wafers simultaneously. And it gives you another technology that we can combine with all of the other technologies that we have to create, shape, modify, analyze and connect structures and devices. So we haven't really communicated a lot on the strategic value. We will be doing that as soon as the transaction closes, but there are really some tremendous opportunities in combining these different capabilities together. And certainly, we've made tremendous progress relative to our memory market share over the last few years and Kokusai will definitely be additive to that.

所以，如果你看看Kokusai，你會發現它在記憶體領域實力非常強勁。展望未來的結構、架構或材料，Kokusai擁有一些獨特的技術，可以達到更高的溫度，並能同時處理大量的晶圓。這為我們提供了一種新的技術，可以與我們現有的所有其他技術結合，用於創建、塑造、修改、分析和連接各種結構和設備。我們還沒有過多地討論其戰略價值。一旦交易完成，我們將立即進行闡述，但這些不同能力的結合確實蘊藏著巨大的機會。當然，在過去幾年裡，我們在記憶體市場份額方面取得了巨大的進步，而Kokusai的加入無疑將為此錦上添花。

And Gary, you talked about your level of outperformance relative to the market in fiscal year '20. I think you talked about your etch business at the midpoint of your guidance growing 30%. I think you talked about your process control business being up 40% in the year as well. Based on your customer conversations, based on some of the PTR wins that you're aware of when you think about 2021 and if you can then compare and contrast the potential level of outperformance into next year relative to what you're achieving this year, that would be super helpful.

加里，你談到了你們在2020財年相對於市場的超額收益。我記得你提到過蝕刻業務在預期中值成長了30%。你也提到過程控制業務在這一年成長了40%。基於你與客戶的溝通，以及你了解的一些PTR項目，如果你能將明年潛在的超額收益水平與今年的業績進行比較和對比，那就太好了。

Yes, Toshiya. So again, one of the things that's very interesting about the current environment that we're working in, I certainly miss having dinners with R&D leaders and some of our key customers, but I'm actually probably in more frequent connections with many of those different customers. And I'm just really optimistic if you look at what is driving the road map going forward as I talked about power, performance, area and cost. We have deep visibility. And the reason we have deep visibility into what's happening at 3-nanometer and 2-nanometer is because we're co-developing the next-generation transistor structures with customers. The wiring speed is also incredibly important for customers and driving the next nodes from a memory perspective. All of those areas, we have very, very, very deep engagements and deep insight into what those architectures will look like. And we've never been in a better position.

是的，Toshiya。所以，我們目前所處的環境非常有趣的一點是，我當然很懷念和研發負責人以及一些重要客戶共進晚餐的時光，但實際上，我和很多客戶的聯繫反而更加頻繁了。正如我之前提到的，功耗、效能、面積和成本是我們未來發展路線圖的主要驅動力，我對這些方面都非常樂觀。我們對這些領域有著深刻的了解。之所以能夠深入了解3奈米和2奈米製程的進展，是因為我們正在與客戶共同開發下一代電晶體結構。佈線速度對客戶來說也至關重要，並且從記憶體的角度來看，它正在推動下一代過程的發展。在所有這些領域，我們都進行了非常深入的合作，並且對這些架構的未來發展方向有著深刻的洞見。我們從未像現在這樣處於如此有利的地位。

When we look at all of the N-plus nodes, I would say, and certainly in foundry and logic, we will continue to grow our etch business. We're in a great position with the Sym3 Y. We're delivering higher yield with that technology on the most critical steps for those customers. So we're in a great position to continue to outperform there. In inspection and measurement, we have 2 new platforms that we've launched that we're really in the early innings relative to that particular adoption. And then also we have the synergy with our inspection measurement not only in driving our PDC business but accelerating our technology inside Applied's labs and also with customers with new materials and new structures. But when you really look at those next nodes and the materials, the integrated processes that we're delivering with customers, we've just never been in a better position. And I'm very, very optimistic. We have high visibility in terms of what those architectures will look like and also very high visibility in terms of our position.

當我們審視所有N+節點時，我認為，尤其是在代工和邏輯電路領域，我們的蝕刻業務將繼續成長。我們在Sym3 Y工藝方面處於非常有利的地位。我們利用這項技術，在客戶最關鍵的工序上實現了更高的良率。因此，我們有能力繼續在該領域保持領先地位。在檢測和測量領域，我們推出了兩個新平台，但目前仍處於早期應用階段。此外，我們的檢測和測量業務也具有協同效應，不僅能夠推動我們的PDC業務發展，還能加速Applied實驗室內部以及與客戶合作開發新材料和新結構的技術。但當我們真正展望下一代節點、新材料以及我們為客戶提供的整合流程時，我們會發現，我們從未像現在這樣處於如此有利的地位。我對此非常樂觀。我們對這些架構的未來發展方向以及我們自身的市場地位都非常清晰。

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

我們的下一個問題來自哈蘭·蘇爾與摩根大通的聯繫。

Great job on the quarterly execution. As a follow-up to the last question, it's good to see the strong traction in process control, especially in optical and e-beam inspection. I think that's about a $1.6 billion to $1.8 billion market opportunity, and it's actually a pretty sticky part of the market. So what are the differentiators that are enabling the team to win here? And then on the metrology side, again, about another $1 billion market opportunity for discrete platforms. Any plans for the Applied team to try and intersect this market opportunity longer term as well?

季度業績執行得非常出色。接著上一個問題，很高興看到製程控制領域，特別是光學和電子束檢測方面，取得了強勁的進展。我認為這大約有16億到18億美元的市場機會，而且這部分市場相當穩定。那麼，是什麼差異化優勢讓團隊能夠在這裡取得成功呢？另外，在計量方面，離散平台也存在約10億美元的市場機會。應用材料團隊是否有計劃長期抓住這個市場機會？

Yes. Thanks for the question. So if you look at our PDC business, this year, this fiscal year will be significantly over $1 billion if you look at our systems and service business in PDC. And as I said in the prepared remarks, a greater than 40% growth rate. And there really are 2 things, I think, that are really important with PDC. One is the PDC growth, and I'll talk about that here in just a minute. But also our ability to accelerate the PPAC road map within Applied, on our technologies and also with customers.

是的，謝謝你的提問。如果你看我們的PDC業務，今年，也就是本財年，PDC系統和服務業務的收入將遠遠超過10億美元。正如我在準備好的演講稿中所提到的，成長率將超過40%。我認為PDC業務真正重要的有兩點。一是PDC業務本身的成長，我稍後會詳細闡述。二是我們能否在Applied公司內部，在技術方面，以及在與客戶的合作中，加速推進PPAC路線圖的實施。

So if you look at the PDC growth, there are really 2 major drivers this year. One is a new optical inspection system. And we've already generated several hundred million dollars of revenue with that new optical inspection system, and it's ramping at multiple leading customers. And we're certainly still in the very early innings with the adoption of that new system. And it's really targeted towards line monitoring, where you have multiple inspection points in a fab. And in some of the leading customers driving the PPAC road map, we have pretty extensive adoption already of that new optical inspection system.

因此，如果您觀察PDC的成長，今年的主要驅動力主要有兩個。一是全新的光學檢測系統。我們已經憑藉這套新的光學檢測系統創造了數億美元的收入，並且正在多個主要客戶中推廣應用。當然，我們目前仍處於這套新系統應用的早期階段。本系統主要針對生產線監控，適用於晶圓廠內多個偵測點。在一些推動PPAC路線圖的主要客戶中，我們已經實現了這套新光學檢測系統的廣泛應用。

And then the other technology that we've introduced this year is a new e-beam technology that has the highest resolution electron optics in the market today. It's about 60% higher resolution from an e-beam perspective and also has very fast imaging. So that particular technology, when you think about driving the PPAC road map with gate-all-around, or one customer I had dinner with in March was talking about nanosheets, and the ability to have a very, very high correlation with this higher resolution imaging capability in developing those future transistor technologies, and the same thing is true in the memory devices or new interconnects like selective tungsten, all of those areas, having this unique capability is really important relative to driving the technology road map going forward. And that particular technology, we have thousands of e-beam products and columns in the field today. But that higher resolution, you can almost think about it, EUV versus previous products with a wavelength reduction. It is an enabling foundation for our e-beam leadership for the next decade. So that will proliferate across all of our different platforms.

我們今年推出的另一項技術是全新的電子束技術，它擁有目前市場上最高解析度的電子光學元件。從電子束的角度來看，它的解析度提高了約 60%，成像速度也非常快。這項技術尤其重要，它能夠推動 PPAC 的發展路線圖，例如環繞閘極技術。今年三月，我與一位客戶共進晚餐，他談到了奈米片技術，以及這種高解析度成像能力在開發未來電晶體技術方面的高相關性。同樣的道理也適用於記憶體或新型互連技術（例如選擇性鎢互連）等所有這些領域。擁有這種獨特的能力對於推動未來的技術路線圖至關重要。目前，我們已有數千種電子束產品和設備投入使用。但這種更高解析度，您可以將其理解為極紫外光刻技術與以往產品相比，只是波長縮短了。它為我們在未來十年保持電子束領域的領先地位奠定了堅實的基礎。這項技術將推廣到我們所有的不同平台。

So really, those are the 2 things that are driving our business this year. But also the synergy with our process businesses has also never been better inside our labs and also with customers. So those are the 2 areas we're driving and I think really in the early innings of continuing to drive value in both of those different areas.

所以，實際上，這兩件事正是今年推動我們業務發展的兩大動力。同時，我們實驗室內部以及與客戶之間的流程業務綜效也達到了前所未有的高度。因此，這兩個領域是我們重點發展的領域，我認為在初期階段，我們將繼續在這兩個領域創造價值。

And of the $650 million of backlog that the team wasn't able to ship in the first half of this year. I think, Dan, based on your commentary, it looks like you were able to make much of that up in Q3. But how much more do you have to make up and would you true everything up exiting Q4 or would there still be some spillover into fiscal Q1?

團隊今年上半年積壓了價值 6.5 億美元的訂單，未能交付。丹，根據你的評論，我認為你們在第三季度彌補了大部分缺口。但你們還需要彌補多少？你們能否在第四季末完成所有工作，還是會有一些工作延續到第一季？

Yes. Harlan, so a little color on the $650 million. We talked about $650 million of unmet demand in our fiscal Q2. That was across all device types, spread out between foundry/logic, NAND, DRAM. And in the most recent quarter, our fiscal Q3, as you heard in one of the previous answers, our operations team, supply chain team, logistics team and our supply chain partners have just done an amazing job in a difficult environment, making much better progress than we originally thought 3 months ago. And so we've got a significant chunk of that $650 million that was satisfied in fiscal Q3.

是的，哈蘭，關於這6.5億美元，我再補充一些細節。我們在第二財季談到了6.5億美元的未滿足需求。這涵蓋了所有類型的裝置，包括晶圓代工/邏輯裝置、NAND快閃記憶體和DRAM。正如您在先前的回答中聽到的，在最近的第三財季，我們的營運團隊、供應鏈團隊、物流團隊以及供應鏈合作夥伴在如此艱難的環境下表現出色，取得了比三個月前預期好得多的進展。因此，我們在第三財季就已經滿足了這6.5億美元需求的相當大一部分。

We've got more to go. Our expectation is, is all of that will be in the rearview mirror exiting our fiscal Q4. And our fiscal Q1, which is calendar Q4, is going to be a first look-through of true end market demand across our markets. And what has me encouraged is, as I look at that true look-through of end market demand and seeing the strength we have across our businesses just gives me confidence that we're continuing to see a strong environment by our customers and strong demand and pull for the innovation we're bringing to market to enable their technology road maps.

我們還有更多工作要做。我們預計，所有這些問題都將在第四財季結束時解決。而我們的第一個財季（即日曆年第四季）將首次展現我們各個市場終端市場的真實需求。令我感到鼓舞的是，當我看到終端市場的真正需求，以及我們各項業務的強勁表現時，我更加確信，我們的客戶對我們推向市場的創新產品有著持續的強勁需求，這些創新產品能夠助力他們實現技術路線圖。

And I guess the last point I'd make on this is, we made comments on our call 3 months ago about the strong backlog that we are carrying into Q3. Not only did we satisfy a significant chunk Of that end market demand in our fiscal Q3, we're entering our fiscal Q4 with the company's backlog virtually unchanged. And so it's a strong endorsement of the strong environment we continue to find ourselves in.

最後我想補充一點，三個月前的電話會議上，我們曾提到第三季我們擁有強勁的訂單儲備。不僅在第三財季滿足了相當一部分終端市場需求，而且進入第四財季時，公司的訂單儲備幾乎沒有變化。這有力地證明了我們目前所處的商業環境依然強勁。

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

我們的下一個問題來自 Sankar 與 Cowen and Company 的合作系列。

You spoke about your strength in DRAM conductor etch and overall DRAM vertical. How much of that strength is coming from the fact that DRAM is more getting logic-like in terms of process? All I'm trying to figure out is, can this DRAM success be translated into NAND or is NAND a whole different beast?

您提到貴公司在DRAM導體蝕刻和整個DRAM垂直產業領域的優勢。這種優勢在多大程度上源自於DRAM製程越來越像邏輯晶片？我只是想弄清楚，DRAM的成功經驗能否複製到NAND快閃記憶體上，還是說NAND快閃記憶體完全是另一種情況？

Yes. This is Gary. So certainly, high-speed memory is a big focus for a number of different customers. So like we said on the high-k metal gate technologies, those are areas where we have significant leadership and that's helping to drive our DRAM business. And also in etch, we've grown our etch business a significant amount in DRAM. If you look at the conductor etch, we gained almost 30 points of conductor etch share in DRAM since 2016 with the Sym3 platform, so really good drivers there. And as these new high-speed memories are adopted and ramped up in the next technology node, it puts us in a really good position to continue to outperform from a DRAM perspective.

是的，我是 Gary。高速記憶體無疑是眾多顧客關注的重點。正如我們之前提到的，在高介電常數金屬閘極技術領域，我們擁有顯著的領先優勢，這也有助於推動我們的 DRAM 業務發展。此外，在蝕刻領域，我們在 DRAM 蝕刻業務方面也取得了顯著成長。以導體蝕刻為例，自 2016 年推出 Sym3 平台以來，我們在 DRAM 導體蝕刻市場佔有率成長了近 30 個百分點，這無疑是強勁的成長動力。隨著這些新型高速記憶體在下一代技術節點中得到應用並實現量產，這將使我們在 DRAM 領域繼續保持領先地位。

And in NAND, you have different drivers, but it really still is about scaling the number of layers going vertical. And we have a number of very innovative films, different compounds that are being adopted in the next-generation NAND devices. So the combination of those very, very high selectivity films with our etch products position us to perform well also in NAND.

在NAND快閃記憶體領域，驅動因素有所不同，但其本質仍是增加垂直方向的層數。我們擁有許多極具創新性的薄膜和不同的化合物，這些都將應用於下一代NAND裝置。因此，這些高選擇性薄膜與我們的蝕刻產品的結合，使我們在NAND領域也能取得優異的成績。

And the other thing I would say, really, the other thing I would say, and I talked about this a little bit earlier is, Kokusai will be definitely additive to Applied overall from a memory perspective. If you think back over the last several years, we've grown our memory business share of total spend for both NAND and DRAM from the mid-teens to 20% or more in those different segments. We believe we're very well positioned in both NAND and DRAM going forward. And certainly, Kokusai will add to that overall performance.

還有一點我想說，其實我之前也稍微提到過，從記憶體的角度來看，Kokusai 的加入無疑會提升 Applied 的整體表現。回顧過去幾年，我們在 NAND 和 DRAM 這兩個細分市場的總支出份額都從 15% 左右增長到了 20% 甚至更高。我們相信，未來我們在 NAND 和 DRAM 領域都佔據著非常有利的地位。而 Kokusai 的加入無疑會進一步提升我們的整體績效。

Yes. That makes sense, Gary. And then as a follow-up, your semiconductor business is getting less cyclical these days, but display is still very deeply cyclical. So I'm kind of curious, how important is display to the long-term strategic rationale of the company?

是的，加里，你說得有道理。另外，我想問的是，你們的半導體業務如今週期性波動較小，但顯示器業務的周期性仍然非常強。所以我很好奇，顯示器業務對公司的長期策略規劃到底有多重要？

Yes. Thanks a lot for the question. As we think about the display business, Krish, we see display as a great opportunity to take a core technology into adjacent markets, drive enhanced revenue and cash flow for the company. And as we sit here today, we know we're at a cyclical bottom. The market continues to bounce along the bottom. We do think there's opportunities going forward for this market to go structurally larger off the levels that we're at now. What we're seeing in the current environment is a strengthening post the initial stages of COVID that give us some confidence as we look into 2021. And then as we take a look at the technology inflections on the horizon, OLED coming to TV, foldable flexible displays coming to the handset, both of those technology inflections being more capital-intensive than the current generation of technologies, we think there's some growth on the horizon in this market. So it's a great way to take core technology and monetize it in an adjacent market to drive enhanced revenue and cash flow for the company.

是的，非常感謝您的提問。克里什，就顯示器業務而言，我們認為顯示器是一個絕佳的機會，可以將核心技術拓展到相鄰市場，從而提升公司的收入和現金流。目前，我們正處於週期性底部，市場仍在底部附近波動。我們認為，未來這個市場有機會從目前的水平向上實現結構性成長。在當前環境下，我們看到的是新冠疫情初期階段後的市場走強，這讓我們對2021年充滿信心。此外，展望未來，我們看到一些技術變革即將到來，例如OLED電視的普及和可折疊柔性顯示器在手機領域的應用。這兩項技術變革都比現有技術需要更多的資本投入，因此我們認為這個市場未來將迎來成長。所以，這是一個將核心技術拓展到鄰近市場並實現獲利的絕佳途徑，從而提升公司的收入和現金流。

Thanks, Krish. And we still have a lot of people in the queue. So operator, I'd like to ask that we please do one question at this time and no follow-ups. Okay.

謝謝，克里什。我們還有很多人在排隊。所以，接線員，我想請您一次只回答一個問題，不要再問後續問題了。好的。

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

我們的下一個問題來自Patrick Ho和Stifel的合作方。

Gary, maybe as a follow-up to some of the technology questions that had been asked already. Can you give a little bit of color of how Applied can continue to outperform? You mentioned process control, conductor etch. You have new technologies like you mentioned gate-all-around, nanowires and others. Can you, I guess, maybe provide a little more color in terms of some of the opportunities, maybe a little more on the conductor etch side, but also in your core deposition businesses as well.

Gary，或許可以作為先前一些技術問題的補充。您能否簡要介紹應用材料公司如何繼續保持領先地位？您提到了製程控制和導體蝕刻。你們擁有一些新技術，像是你們提到的環柵技術、奈米線等等。我想請您進一步闡述這些技術帶來的機遇，尤其是在導體蝕刻以及您們的核心沉積業務方面。

Okay. Thanks for the question, Patrick. Well, that's a very broad one, but let me say this. I deeply believe, and I love the technology, I love interacting with R&D leaders for our customers. And I would just say, and you see this dynamic in the marketplace driving power, performance, area, cost faster than others, low power, higher performance at a better cost is really the key focus for all of our customers. And I talk a lot about what drives the road map going forward. It really is about new architectures, new structures, interconnect structures. Certainly, that includes gate-all-around, but there are other technologies that we're working on that are really, really, really important for customers, new interconnect technologies so that you reduce the resistance in the wiring. That's also a key, key driver for all of our customers, new ways to connect the chips together from a packaging standpoint, all of the new materials that we're bringing to market. So there are a number of those different areas that are super important relative to driving the PPAC road map going forward.

好的，謝謝你的提問，派崔克。這個問題範圍很廣，但我想先說說我的看法。我深信這項技術，也熱愛這項技術，我喜歡與我們客戶的研發負責人交流。我想說的是，你會看到市場上的這種動態，即功耗、效能、面積和成本的提升速度比其他廠商更快，低功耗、高效能和更低的成本確實是我們所有客戶關注的重點。我經常談到未來發展路線圖的驅動因素。這其實是關乎新的架構、新的結構和互連結構。當然，這包括環柵封裝，但我們正在研發的其他一些技術對客戶來說也至關重要，例如新的互連技術，它可以降低佈線電阻。這也是我們所有客戶關注的關鍵驅動因素，從封裝的角度來看，晶片連接的新方法，以及我們正在推向市場的各種新材料。因此，有許多不同的領域對於推動PPAC未來的發展路線圖都至關重要。

And I would say that one thing that I'm just so encouraged with, our portfolio, when you look at creating, shaping, modifying, analyzing, connecting devices and structures, there's no one that can do all of those different things. And even if you look at FinFET today, I've talked about a technology where we integrate together multiple products or multiple different chambers on a single platform under vacuum to manage interfaces where we can improve leakage current far beyond what exists today. So you think about improving the leakage current or a 10% improvement in drive current, that is incredibly, incredibly important.

讓我倍感鼓舞的是，我們的產品組合涵蓋了裝置和結構的創建、塑造、修改、分析和連接等各個方面，目前還沒有其他公司能夠做到所有這些。即使以今天的FinFET為例，我之前也提到過一種技術，它能夠在真空環境下將多個產品或多個不同的腔室集成到單一平台上，從而優化接口，並將漏電流降低到遠超目前的水平。想想看，降低漏電流或將驅動電流提高10%，這是多麼重要啊！

And that particular technology, again, is an integrated materials solution. It works in FinFET. And I think there's a high probability you'll see that coming to market sometime in the next year for some of our customers. That technology can also work in gate-all-around or nanosheets. Again, there are just a number of different areas where we're driving innovation. We announced recently selective tungsten, which is kind of like atomic layer 3D printing, to increase the diameter of the wire to reduce the resistance. That is a really big technology development for our customers driving the PPAC road map forward.

這項技術，再次強調，是一種整合材料解決方案。它適用於FinFET製程。我認為，明年某個時候，我們的一些客戶很有可能就能看到這項技術推向市場。這項技術也適用於環柵或奈米片製程。總之，我們正在多個領域推動創新。我們最近發布了選擇性鎢技術，它類似於原子層3D列印，可以增加導線直徑，從而降低電阻。這對我們的客戶來說是一項意義重大的技術進步，它將推動PPAC路線圖的實施。

And the other thing I talked about, combining these things together with the highest resolution electron beam imaging capability in the industry and proprietary algorithms where you can -- and very high-speed imaging. So you can image thousands of points on a wafer, look at the key technologies that are being developed, look at the spatial distributions and dial in your process windows for all of those new technologies lightning fast with a combination of massive, unique, actionable insight and data analytics and machine learning that we have developed within Applied, those are really game-changer technologies. So it's really a combination of many of those enabling, creating materials and films; shaping, modifying, we have many unique technologies; the analyzing, many unique technologies. The combination of those things together also means that we're strategically connected to customers in a very unique way. We have unique insights into their future technology nodes, their future architectures, the critical challenges that customers are facing. And the pull, Patrick, that we have from our customers has never been stronger.

我剛才還提到，將這些技術與業內最高分辨率的電子束成像能力、專有算法以及高速成像技術相結合，就能對晶圓上的數千個點進行成像，觀察正在開發的關鍵技術，分析其空間分佈，並藉助我們在應用材料公司內部開發的海量、獨特且可操作的洞察、數據分析和機器學習技術，以閃電般的速度調整所有這些新技術的工藝窗口。這些技術確實具有顛覆性。因此，這實際上是多種技術的結合，包括材料和薄膜的製造、成型和改質（我們擁有許多獨特的技術）、分析（我們擁有許多獨特的技術）。這些技術的結合也意味著我們以一種非常獨特的方式與客戶建立了策略連結。我們對客戶未來的技術節點、架構以及他們面臨的關鍵挑戰有著獨特的見解。派崔克，我們與客戶的連結從未如此緊密。

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

我們的下一個問題來自瑞銀集團的 Timothy Arcuri。

Gary, I guess I had a bigger picture question on the indigenous China market. And it seems like more than half of the growth in overall WFE this year is coming from indigenous China. And I guess my question is, can you update us on the $9.5 billion that you were sort of implying last call? And really like bigger picture here, it sounds like there really wasn't any impact from the recent military end-use stuff. And my question really is, can you talk about the discussions you've had with Commerce? I mean, they expanded regulation, yet it had 0 impact. So sort of whether the tone of the discussions tells you that this is it for a while or whether there could be a further effort to additionally and truly restrict access?

加里，我想問一個關於中國本土市場的更宏觀的問題。今年WFE（最終用途出口）整體成長的一半以上似乎都來自中國本土市場。我想問的是，你之前暗示的95億美元「最後機會」能不能更新一下？還有，從更宏觀的角度來看，最近的軍事最終用途限制似乎並沒有產生任何影響。我想問的是，你能談談你和商務部的討論嗎？我的意思是，他們擴大了監管範圍，但卻沒有任何效果。所以，從討論的語氣來看，這是否意味著短期內不會再有任何限制，或者是否有可能進一步加大力度，真正地限制市場准入？

Yes. Tim, thanks for the question. I'll start off and then Dan can answer the market size question. So relative to the geopolitical question, I'm not going to speculate on any future actions that can take place. But really, what we've seen today is similar and consistent with what we previously discussed. We've assessed the rules. And as we had discussed in our last call, we continue to see no meaningful impact on our business. And so I'll also let Dan answer the overall market question.

是的，提姆，謝謝你的提問。我先來，然後丹可以回答市場規模的問題。關於地緣政治問題，我不會對未來可能發生的任何行動進行推測。但實際上，我們今天看到的情況與我們之前討論的類似且一致。我們已經評估了相關規則。正如我們在上次電話會議中所討論的那樣，我們仍然認為這些規則不會對我們的業務產生任何實質影響。所以，關於整體市場規模的問題，也請丹來回答。

Yes. Thanks, Gary. So as we think about the market in China, domestic China market, off of a baseline of about $6.5 billion in 2019, we've been saying for several quarters now that we see $2 billion to $3 billion of incremental spend. And a couple of quarters ago, I think, or last quarter, we said we're going to be at the high end of that range. And so we're at about $9.5 billion of spend. It's pretty consistent with how we viewed that market for several quarters now. And as I think about the profile of spend in China, we do see slow, steady development of ecosystems, investment in technology road maps. You see modest capacity additions behind that. You probably see a little more capacity this year. But it's not a lot more. It's a little more. And we see spend across 200-, 300-millimeter geometries. You see from a device-type standpoint, investment in foundry/logic, DRAM, NAND. So it's really a balanced profile of spend and slow, steady development of their ecosystem, but no real change in the profile as we viewed the market for several quarters now.

是的，謝謝，Gary。我們來看看中國國內市場，以2019年約65億美元的基數為基礎，過去幾季我們一直預測，新增支出將達到20億至30億美元。大約兩個季度前，或上個季度，我們預測支出將達到該區間的高端。因此，目前的支出約為95億美元。這與我們過去幾季對該市場的預期基本一致。就中國市場的支出結構而言，我們看到生態系統正在穩步發展，技術路線圖也在穩步發展。背後是適度的產能成長。今年產能可能會略有增加，但增幅不大，只是略有成長。我們看到支出涵蓋了200毫米和300毫米的晶片尺寸。從裝置類型來看，投資主要集中在晶圓代工/邏輯電路、DRAM和NAND快閃記憶體領域。所以，他們的支出和生態系統的緩慢、穩定發展確實呈現出一種平衡的態勢，但就我們幾個季度以來對市場的觀察來看，這種態勢並沒有真正的變化。

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喬·夸特羅奇。

I was wondering if you could kind of talk a little bit about the demand that you're seeing in memory. How do we think about that being driven for technology transitions versus wafer additions? And how do we think about that into 2021 as we kind of see more normalized fab utilization rates this year?

我想請您談談您目前看到的記憶體需求情況。我們認為這種需求是由技術轉型所驅動的，還是由晶圓產能增加所驅動的？隨著今年晶圓廠利用率趨於正常化，我們又該如何看待2021年的需求變化？

Yes. Joe, so that's the great thing about what we see today is, we still see investments in technology transitions of our customers. We still don't see nor do we see in the back half of the year a big spike from a capacity standpoint. And one of the things that we're really encouraged about given the performance of our business relative to the market opportunity, we're growing stronger than the overall market. It just shows us that we're well positioned from an innovation standpoint to deliver key enabling technologies for our customers and their road map. So we really don't see a lot of capacity, wafer starts going into the industry. We see continued investment from a technology road map standpoint.

是的，喬，我們今天看到的最棒的一點是，我們仍然看到客戶在技術轉型方面進行投資。從產能角度來看，我們既沒有看到也沒有預期下半年會大幅成長。鑑於我們業務相對於市場機會的表現，我們感到非常鼓舞的一點是，我們的成長速度超過了整體市場。這表明，從創新角度來看，我們擁有良好的定位，能夠為客戶及其發展路線圖提供關鍵賦能技術。因此，我們並沒有看到大量的產能投入，晶圓開始進入產業。我們看到的是持續的技術路線圖投資。

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

謝謝，喬。接線員，我們還有時間再問兩個問題，謝謝。

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

我們的下一個問題來自 Quinn Bolton 與 Needham & Co. 的合作系列。

Just wanted to follow up on that last question. If I heard your prepared comments, I think you said that you didn't see a big shift in the mix between foundry/logic and memory as we head into 2021. I just, one, wanted to confirm that. And two, I guess I'm surprised by that comment because I think we've all been looking for probably better capacity addition next year in memory. And if the mix stays the same, it feels like maybe we're not going to get it. So I was hoping you could expand on your thoughts on memory, particularly from a capacity perspective looking into calendar '21.

我想就最後一個問題做個後續說明。如果我沒聽錯您事先準備好的發言，您似乎說過，隨著我們邁入2021年，晶片代工/邏輯電路和記憶體之間的比例不會發生太大變化。我只是想確認一下這一點。其次，我對這個說法感到有些意外，因為我們都期待明年記憶體的容量能夠有所提升。如果這種比例不變，感覺我們可能就無法如願了。所以我希望您能詳細談談您對記憶體的看法，特別是從容量角度出發，並展望一下2021年的發展。

Yes. Quinn, so what we're seeing in the market is continued investment from a technology road map standpoint. We see strength in the market from a proportion of spend this year. We see more of the spend going to foundry/logic. Over 55% of the aggregate spend is going to be foundry/logic-related. We see memory growing a little more than foundry/logic this year. And as we window into 2021 from a proportion of spend, it feels very similar to what we're seeing this year. It's continued strength on our foundry/logic customers. We see it being more than 55% of the spend next year in 2021.

是的，奎因，從技術路線圖的角度來看，我們目前在市場上看到的是持續的投資。從今年的支出比例來看，市場表現強勁。我們看到更多支出流向了代工/邏輯晶片領域。超過55%的總支出將與代工/邏輯晶片相關。我們預計今年記憶體領域的成長速度將略高於代工/邏輯晶片領域。展望2021年，從支出比例來看，情況與今年非常相似。我們的代工/邏輯晶片客戶將繼續保持強勁勢頭。我們預計2021年這部分支出將超過總支出的55%。

And what I would say about the industry is, if we go back to 2017, 2018, technology transition in the industry, concurrent investment in planar and 3D technologies, new architectures. I would say there was an inefficient level of spend as it relates to bit addition to the industry. I think you're seeing a much more efficient spend profile. Over time, we see capital intensity rising, but you're seeing a much more efficient bit production out of CapEx that's going into the industry.

我想說的是，回顧2017年、2018年，當時產業正經歷技術轉型，同時投資平面和3D技術以及新的架構。我認為，當時在增加晶片數量方面，投入效率較低。而現在，投入效率顯著提升。雖然資本密集度有所上升，但投入晶片生產的資本支出效率更高。

The other thing I'd say is, we've got a very balanced portfolio from a share standpoint across all device types. We're a very balanced company and we're fairly agnostic to where customers want to spend, whether it's foundry/logic, NAND, DRAM. I think we're set up to perform well in all of those environments given our broad portfolio. So we'll watch the market and we'll continue to update every quarter on what we're seeing.

我想補充一點，從市佔率來看，我們在所有裝置類型上都擁有非常均衡的產品組合。我們是一家業務非常平衡的公司，對於客戶的投資方向持開放態度，無論是晶圓代工/邏輯電路、NAND快閃記憶體或DRAM。我認為，憑藉我們廣泛的產品組合，我們有能力在所有這些領域中取得良好的表現。因此，我們將密切關注市場動態，並繼續每季更新我們的觀察結果。

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

最後一個問題來自美國銀行的 Vivek Arya。

I know it's hard to reconcile on a real-time basis. But I'm curious, how do we reconcile your encouraging words on memory demand with somewhat mixed picture and views from some of your memory customers who are mentioning some deceleration in data center demand or some declines in China smartphones, as an example. So completely understand and appreciate that your demand and their demand doesn't have to correlate on a real-time basis, but how are you ensuring that your memory customers are shipping to their end demand?

我知道即時協調兩者之間很難做到完全一致。但我很好奇，您之前對內存需求的樂觀預測，與一些內存客戶反映的數據中心需求放緩或中國智慧型手機銷量下滑等情況，我們該如何調和？我完全理解並尊重您的需求和客戶的需求不必即時同步，但您是如何確保您的記憶體客戶能夠滿足最終用戶的出貨需求的呢？

Yes. Again, our comments reflect the continued pursuit of technology road maps. And all we're doing is reflecting the strength of our business. And we talked about the first half of the calendar year, calendar year 2020 over the first half of calendar year '19. Our DRAM business is up 20%. Our NAND business is up 14%. Over the last couple of quarters sequentially, 2 quarters ago, memory was up for us 24%. Most recent quarter, up almost 17%. We're seeing sequential performance in both NAND and DRAM. And so it's more of a comment of what we're seeing and the demand for our business as our customers roll out their technology road maps. In an environment where technology road maps define the cost structure of our customers, it's costly per bit. We see continued investment on road maps with modest additions from a capacity standpoint to drive the bit demand growth that the market's requiring.

是的。再次強調，我們的評論反映了我們對技術路線圖的持續推進。我們所做的只是反映了我們業務的強勁表現。我們談到了2020年上半年與2019年上半年的比較。我們的DRAM業務成長了20%，NAND業務成長了14%。在過去的兩個季度中，記憶體業務較上季成長了24%，最近一個季度成長了近17%。我們看到NAND和DRAM業務都實現了環比成長。因此，這更反映了我們所看到的以及隨著客戶推出其技術路線圖而對我們業務的需求。在技​​術路線圖決定客戶成本結構的環境下，每位元的成本很高。我們將繼續投資路線圖，並從產能進行適度的擴充，以滿足市場對比特需求的成長。

Great. Thanks, Vivek, for your question. And Dan, any closing thoughts for today?

太好了。謝謝維韋克的提問。丹，今天還有什麼要補充的嗎？

Yes, sure, Mike.

好的，當然可以，麥克。

So what stands out for me, especially in this quarter, is how investments and our strategy are translating to growth and outperformance in the market. I like the balanced share we now have as a company, and that's across all device types. I like that we're generating 1/3 of our total business from our installed base, and that's going to give us more predictable revenue and cash flow over time.

因此，尤其在本季度，最讓我印象深刻的是我們的投資和策略如何轉化為市場成長和優異表現。我喜歡我們公司目前在所有設備類型中都保持的均衡市場份額。我很高興我們三分之一的業務收入來自現有用戶群，這將使我們的收入和現金流隨著時間的推移更加穩定可預測。

I really want to thank our employees and partners for aggressively ramping up to meet our customers' needs in a really difficult environment and doing it safely. We look forward to seeing many of you at the Citi conference and a whole bunch of virtual events sprinkled throughout the quarter. Until then, keep safe.

我衷心感謝我們的員工和合作夥伴，在如此艱難的環境下，他們積極回應，全力以赴地滿足客戶的需求，並確保安全。我們期待在花旗集團的年會以及本季舉辦的一系列線上活動中與大家見面。在此之前，請大家注意安全。

Mike, let's close the call.

麥克，我們結束通話吧。

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

好的，太好了。謝謝丹。我們也感謝今天所有參加我們電話會議的朋友們。太平洋時間下午5點前，您可以在我們的網站上收聽本次電話會議的錄音回放。感謝您一直以來對應用材料公司的關注。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。