應用材料 (AMAT) 2022 Q2 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收益電話會議。 （操作員說明）

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

我現在想將會議轉交給公司副總裁 Michael Sullivan。請繼續，先生。

Good afternoon, everyone, and thank you for joining Applied's Second Quarter of Fiscal 2022 Earnings Call. Joining me are Gary Dickerson, our President and CEO; and Brice Hill, our Chief Financial Officer.

大家下午好，感謝您參加應用材料公司 2022 財年第二季度財報電話會議。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 Brice Hill。

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.

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

今天的電話會議還包括非公認會計準則財務指標。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. Applied will host its next Master Class 1 week from today on Thursday, May 26, at 9:00 Pacific Time. We'll introduce you to new IMS solutions for chip wiring that solve the resistance challenges of EUV scaling. We'll detail how the industry can build backside power distribution networks that increase logic density by up to 30% at the same lithography. We'll introduce you to new developments in hybrid bonding and heterogeneous integration and will translate these inflections to our product road maps and growth targets. We hope you'll join our technology experts for presentations and Q&A.

在我們開始之前，我有一個日曆公告。 Applied 將於太平洋時間 5 月 26 日星期四 9:00 從今天開始舉辦下一個大師班 1 週。我們將向您介紹新的 IMS 芯片佈線解決方案，以解決 EUV 縮放的電阻挑戰。我們將詳細介紹該行業如何構建在相同光刻條件下將邏輯密度提高多達 30% 的背面配電網絡。我們將向您介紹混合鍵合和異構集成的新發展，並將這些變化轉化為我們的產品路線圖和增長目標。我們希望您能與我們的技術專家一起進行演示和問答。

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

現在我想把電話轉給 Gary Dickerson。

Thank you, Mike. The global semiconductor industry and Applied Materials continue to navigate an unprecedented set of challenges. Demand for semiconductors has never been stronger or broader while the industry's ability to fulfill this growing demand remains constrained by ongoing supply chain issues.

謝謝你，邁克。全球半導體行業和應用材料公司繼續應對一系列前所未有的挑戰。對半導體的需求從未如此強烈或更廣泛，而該行業滿足這一不斷增長的需求的能力仍然受到持續供應鏈問題的限制。

I would summarize Applied's second fiscal quarter of 2022 as a two-part story. During February and March, we successfully resolved some key component bottlenecks only for this progress to be offset in April as COVID-related shutdowns further disrupted already stretched supply. These shutdowns are impacting a small number of our suppliers and ultimately delayed around $150 million of revenue in the quarter.

我將應用材料公司 2022 年第二財季總結為一個兩部分的故事。在 2 月和 3 月期間，我們成功解決了一些關鍵組件瓶頸，但由於與 COVID 相關的停工進一步擾亂了已經緊張的供應，這一進展在 4 月被抵消。這些停工影響了我們的少數供應商，並最終推遲了本季度約 1.5 億美元的收入。

Today, our #1 priority is to work quickly and creatively across the supply chain to bring more industry capacity online. I would like to recognize the hard work and commitment of our global team and our suppliers, who are doing everything possible to meet our customers' needs.

今天，我們的首要任務是在整個供應鏈中快速、創造性地開展工作，以使更多的行業產能上線。我要感謝我們的全球團隊和供應商的辛勤工作和承諾，他們正在盡一切可能滿足客戶的需求。

In my prepared remarks, I'll cover 3 key topics: First, the supply situation and how we see this evolving over the coming months; second, the near-term demand environment and why we believe this remains strong and sustainable; and third, our long-term view of the markets, the industry's road map and Applied Materials' unique and differentiated capabilities that together create a rich landscape of opportunities for our company. After that, Brice will provide more color on our financial performance and share some of his initial impressions.

在我準備好的演講中，我將討論 3 個關鍵主題：首先，供應情況以及我們如何看待未來幾個月的演變；其次，近期的需求環境以及我們為什麼認為這種環境仍然強勁和可持續；第三，我們對市場的長期看法、行業路線圖和應用材料公司獨特的差異化能力，共同為我們公司創造了豐富的機遇。之後，Brice 將為我們的財務表現提供更多色彩，並分享他的一些初步印象。

Brice has been with us for 8 weeks, and we're delighted to have him on board. He brings deep and broad experience to our leadership team at this critical time for Applied and the industry.

Brice 已經和我們在一起 8 週了，我們很高興他能加入我們。在應用和行業的關鍵時刻，他為我們的領導團隊帶來了深厚而廣泛的經驗。

Let me begin with the supply side of the equation, which is our biggest area of focus in the near term. The supply situation continues to present multiple challenges that we are working hard to address. Our key issues are shortages of silicon components as well as certain other parts that go into the subsystems of our tools.

讓我從等式的供應方面開始，這是我們近期最大的關注領域。供應形勢繼續帶來我們正在努力解決的多重挑戰。我們的關鍵問題是缺少矽組件以及進入我們工具子系統的某些其他部件。

We are doing whatever it takes to deliver for our customers from sending applied resources to supplier sites, qualifying alternative parts, investing in our supply chain to working with customers in creative ways to accelerate shipments, including merging system modules at their sites.

我們正在盡一切努力為我們的客戶提供服務，從將應用資源發送到供應商站點、合格的替代零件、投資我們的供應鏈到以創造性的方式與客戶合作以加速發貨，包括在他們的站點合併系統模塊。

In addition, we're collaborating with customers using our technology-enabled services to fast track the start-up and qualification of equipment once it arrives at their fabs. For reference, if you map out a typical time line, starting with the shipment of a tool from our factory and ending with the first production wafer out in the customer's factory, the time to install and qualify tools for high-volume production can take months.

此外，我們正在與客戶合作，使用我們的技術支持服務，在設備到達他們的晶圓廠後快速跟踪設備的啟動和認證。作為參考，如果您繪製一個典型的時間線，從我們工廠的工具發貨開始，到客戶工廠的第一個生產晶圓結束，安裝和驗證用於大批量生產的工具可能需要幾個月的時間.

We are seeing strong customer pull for new ramp acceleration services to cut down that valuable time significantly. A positive consequence of our current challenges is that our supplier engagements are becoming much stronger. Not only are we partnering with our suppliers to overcome near-term constraints, we are also building more robust solutions to support industry growth over the coming years.

我們看到強大的客戶拉動新的坡道加速服務以顯著減少寶貴的時間。我們當前挑戰的一個積極後果是我們的供應商參與變得更加強大。我們不僅與供應商合作以克服近期的限制，而且還在構建更強大的解決方案以支持未來幾年的行業增長。

As we focus on the needs of our customers, by addressing parts scarcity, expediting deliveries and adding labor in our factories in the field, we are incurring additional costs that are impacting Applied's near-term financial performance. As issues are resolved and we implement effective long-term solutions, transitory cost headwinds will abate. We're also taking actions to improve value capture, including price adjustments.

由於我們關注客戶的需求，通過解決零件短缺、加快交付和增加我們在現場的工廠的勞動力，我們正在產生影響應用材料公司近期財務業績的額外成本。隨著問題的解決和我們實施有效的長期解決方案，暫時的成本逆風將會減弱。我們還採取措施提高價值捕獲，包括價格調整。

Turning to the demand side of the equation, our outlook remains positive. The picture for 2022 is clear. We have the orders booked, a full build plan and a large and growing backlog. We believe unconstrained demand for wafer fab equipment would be $100 billion or more. The key question is how quickly supply issues can be mitigated and how much the industry will actually be able to ship this year.

轉向等式的需求方面，我們的前景仍然樂觀。 2022 年的情況很清晰。我們已經預訂了訂單、完整的構建計劃以及大量且不斷增長的積壓訂單。我們認為，對晶圓廠設備的無限制需求將達到 1000 億美元或更多。關鍵問題是供應問題可以多快得到緩解，以及該行業今年能夠實際出貨多少。

The primary focus for our customers is now securing supply for 2023. The visibility our customers are providing is both longer term and more detailed than in the past. On this basis, we currently see 2023 remaining strong and being higher than 2022.

現在，我們客戶的主要關注點是確保 2023 年的供應。與過去相比，我們的客戶提供的可見性更加長期和詳細。在此基礎上，我們目前認為 2023 年保持強勁並高於 2022 年。

There are several additional factors that give us confidence in this assessment: First, end demand for silicon continues to grow driven by content growth in existing and new applications. Second, fab utilization is very high even as newly installed capacity comes online. Based on almost 10 years of analytics, this is the highest quarter for industry utilization on record. And third, customers are starting up new capacity faster than ever. Essentially, all tools are being installed by our Applied Materials service team as soon as they arrive at customer fabs, which we have not seen before.

還有幾個額外的因素讓我們對這一評估充滿信心：首先，在現有和新應用內容增長的推動下，對矽的最終需求繼續增長。其次，即使新裝機容量上線，晶圓廠利用率也非常高。根據近 10 年的分析，這是有記錄以來行業利用率最高的季度。第三，客戶啟動新產能的速度比以往任何時候都快。從本質上講，我們的應用材料服務團隊會在所有工具到達客戶晶圓廠後立即安裝，這是我們以前從未見過的。

As we think about demand sustainability, we also take into consideration the broad-based composition of wafer fab equipment spending. In 2022, we expect foundry/logic to make up more than 60% of total WFE investments. This spending will split relatively evenly between the most advanced nodes and ICAPS, production for the IoT, communications, automotive, power electronics and sensors markets.

在考慮需求可持續性時，我們還考慮了晶圓廠設備支出的廣泛構成。到 2022 年，我們預計代工/邏輯將佔 WFE 總投資的 60% 以上。這筆支出將在最先進的節點和 ICAPS、物聯網、通信、汽車、電力電子和傳感器市場的生產之間相對平均分配。

ICAPS demand has grown significantly over the past several years, and we see sustainable investment by these customers. The edge applications are consuming more and more silicon. One example is automotive, where the global average silicon content is now $600 per unit, almost twice as much as in 2015. And this will continue to grow with the adoption of electric vehicles.

ICAPS 的需求在過去幾年中顯著增長，我們看到這些客戶的投資是可持續的。邊緣應用正在消耗越來越多的矽。一個例子是汽車，目前全球平均矽含量為每單位 600 美元，幾乎是 2015 年的兩倍。隨著電動汽車的採用，這一數字將繼續增長。

Another example is a 5G phone that has 40% more RF content than a 4G handset. The need for extreme power efficiency and battery-powered edge applications is enabled by innovation in materials and structures and is driving an increase in layers and process steps.

另一個例子是 5G 手機，其射頻內容比 4G 手機多 40%。材料和結構的創新推動了對極端功率效率和電池供電的邊緣應用的需求，並推動了層數和工藝步驟的增加。

Over the longer term, advanced packaging and heterogeneous integration also support sustainable demand for ICAPS nodes as chip designers can use the optimal node for power, performance and cost for each chiplet in a system. ICAPS customers are more focused on innovation than ever, and we are meeting these needs with new application-specific products. One example is an implant where over the past 5 years, we've introduced 10 new systems developed for specific ICAPS applications.

從長遠來看，先進的封裝和異構集成還支持對 ICAPS 節點的可持續需求，因為芯片設計人員可以使用系統中每個小芯片的功率、性能和成本的最佳節點。 ICAPS 客戶比以往任何時候都更加關注創新，我們正在通過新的特定應用產品滿足這些需求。一個例子是植入物，在過去 5 年中，我們推出了 10 種為特定 ICAPS 應用開發的新系統。

While navigating near-term challenges remains our top priority today, we are not losing sight of the bigger picture and long-term opportunities. It's now consensus within the industry that there's a clear path to a $1 trillion semiconductor market before the end of the decade. That would represent a high single-digit compound annual growth rate from where we are today.

雖然應對近期挑戰仍然是我們今天的首要任務，但我們並沒有忽視更大的圖景和長期機遇。現在業界一致認為，在本世紀末之前，有一條通向 1 萬億美元半導體市場的明確道路。這將代表我們今天的高個位數複合年增長率。

In other words, it took the industry more than 5 decades to reach $0.5 trillion of annual revenues and we will add another $0.5 trillion within the next 6 to 8 years. We feel even better about where Applied Materials sits within the ecosystem. Because technology complexity is increasing, we expect equipment intensity will remain at today's level or increase further over that period.

換句話說，該行業花了 5 多年的時間才達到 0.5 萬億美元的年收入，我們將在未來 6 到 8 年內再增加 0.5 萬億美元。我們對應用材料公司在生態系統中所處的位置感覺更好。由於技術複雜性正在增加，我們預計設備強度將保持在今天的水平或在此期間進一步增加。

As a result, WFE will grow in line or faster than the overall semiconductor market. Then within equipment spending, major technology inflections are enabled by materials engineering, shifting more dollars to our available market over time. We described the industry road map that will deliver future improvements in performance, power and cost of semiconductor devices as the PPACt playbook.

因此，WFE 的增長速度將超過整個半導體市場。然後在設備支出中，材料工程實現了重大技術變化，隨著時間的推移將更多資金轉移到我們的可用市場。我們將行業路線圖描述為 PPACt 手冊，該路線圖將在未來改進半導體設備的性能、功率和成本。

While different companies have their own version of the PPACt playbook, the fundamental components of the road map are the same: new architectures, new 3D structures, new materials, new ways to shrink and advanced packaging. Within each of these 5 pillars, clear technology inflections are emerging that can be quantified in terms of impact, value and timing.

雖然不同的公司都有自己的 PPACt 手冊版本，但路線圖的基本組成部分是相同的：新架構、新 3D 結構、新材料、新的收縮方法和先進的封裝。在這 5 個支柱中的每一個中，都出現了清晰的技術變化，這些變化可以在影響、價值和時機方面進行量化。

At our recent Master Class, we described the industry's transition from FinFET to gate-all-around, which is a new 3D structure. Applied has the broadest portfolio of solutions to enable next-generation transistor technology.

在我們最近的大師班上，我們描述了行業從 FinFET 到環柵的過渡，這是一種新的 3D 結構。 Applied 擁有最廣泛的解決方案組合，可實現下一代晶體管技術。

With the gate-all-around inflection, the total available market for our transistor product portfolio grows by more than 15%. Based on our tool of record positions, we expect to increase our share of that available market by more than 5 points.

隨著柵極全方位的轉變，我們晶體管產品組合的總可用市場增長了 15% 以上。根據我們的記錄頭寸工具，我們預計我們在可用市場中的份額將增加 5 個百分點以上。

And in terms of timing, we expect to start ramping shipments next year. In our next Master Class at the end of the month, we'll talk about wiring and chip integration innovations. Contact and interconnect are in both major focus areas for our customers as they develop new materials and new 3D structures, including backside power distribution networks. Between the 7-nanometer and 3-nanometer node, contact metallization steps are growing more than 50%, and our total available market is expanding almost 80%.

在時間方面，我們預計明年將開始增加出貨量。在月底的下一次大師班中，我們將討論佈線和芯片集成創新。接觸和互連是我們客戶開發新材料和新 3D 結構（包括背面配電網絡）時的主要關注領域。在 7 納米和 3 納米節點之間，接觸金屬化步驟增長了 50% 以上，我們的總可用市場擴大了近 80%。

For interconnect layers, process steps are being added even faster, and we expect our revenue opportunity to approximately triple. We'll also provide an update on our momentum in advanced packaging. At the investor meeting a year ago, we said we expected to double our packaging revenue between 2020 and 2024. Today, we believe we're on track to hit our 2024 packaging revenue goal 1 year early by winning more than 60% share of our served market.

對於互連層，工藝步驟的添加速度更快，我們預計我們的收入機會將增加約三倍。我們還將提供有關我們在先進封裝方面發展勢頭的最新信息。在一年前的投資者會議上，我們曾表示，我們預計在 2020 年至 2024 年間，我們的包裝收入將翻一番。今天，我們相信我們有望提前 1 年實現 2024 年的包裝收入目標，贏得超過 60% 的份額。服務市場。

Beyond equipment, we are delivering and capturing more value with advanced services. Facing both supply constraints and record fab utilization, customers are seeing significant benefits from using our proprietary parts management and service agreements. We see this reflected in our results as AGS delivered record revenue in the quarter, up 15% year-on-year.

除了設備，我們還通過先進的服務交付和獲取更多價值。面對供應限制和創紀錄的晶圓廠利用率，客戶從使用我們專有的零件管理和服務協議中受益匪淺。我們認為這反映在我們的業績中，因為 AGS 在本季度實現了創紀錄的收入，同比增長 15%。

Before I hand the call over to Brice, I'll quickly summarize. Semiconductors are the building blocks of the modern world, making them more strategically and economically important than ever. Today, the entire industry is working hard to keep up with the world's rapidly growing consumption of silicon.

在我將電話交給 Brice 之前，我將快速總結一下。半導體是現代世界的基石，使其在戰略和經濟上比以往任何時候都更加重要。今天，整個行業都在努力跟上世界快速增長的矽消費量。

Demand for Applied's products and services is strong, sustainable and broad-based. We anticipate our ability to fulfill this demand will remain constrained by ongoing supply chain challenges in the near term with incremental improvements beginning in our fourth quarter.

對 Applied 產品和服務的需求強勁、可持續且基礎廣泛。我們預計，我們滿足這一需求的能力在短期內仍將受到持續供應鏈挑戰的限制，並從第四季度開始逐步改善。

Our #1 priority is to continue working collaboratively with customers and suppliers to bring more industry capacity online. We are making progress in key areas, although it is not yet visible in our results. Longer term, we see incredibly exciting opportunities as secular trends create opportunities for Applied to outgrow the semiconductor market by enabling the PPACt road map with our differentiated portfolio of materials engineering solutions.

我們的第一要務是繼續與客戶和供應商合作，將更多的行業容量帶到網上。我們正在關鍵領域取得進展，儘管在我們的結果中尚不可見。從長遠來看，我們看到了令人難以置信的令人興奮的機會，因為長期趨勢通過我們差異化的材料工程解決方案組合實現 PPACt 路線圖，為 Applied 創造了超越半導體市場的機會。

Now I'll hand the call over to Brice.

現在我將把電話交給布萊斯。

Thanks, Gary. First, I want to thank the Applied Materials team for such a warm welcome. Across the company in manufacturing R&D, the business units, operations and functions, people have shared their enthusiasm for the business and invested in helping me get quickly up to speed. The company's dedication to its mission and its customers is tangible in every setting, and I'm thrilled to be included.

謝謝，加里。首先，我要感謝應用材料團隊的熱烈歡迎。在整個公司的製造研發、業務部門、運營和職能部門，人們都分享了他們對業務的熱情，並投入幫助我快速跟上進度。該公司對其使命和客戶的奉獻精神在每一個環境中都是切實可見的，我很高興能夠參與其中。

I've been working in the industry for almost 30 years now. And being new to Applied, I'll share a few of my observations so far. For most of my career, semiconductor technology advanced almost like clockwork and became the engine of global economic growth and productivity. We all knew the playbook.

我已經在這個行業工作了將近 30 年。作為應用程序的新手，我將分享我迄今為止的一些觀察。在我職業生涯的大部分時間裡，半導體技術幾乎像發條一樣發展，並成為全球經濟增長和生產力的引擎。我們都知道劇本。

Looking to the future, the semiconductor road map is fundamental to rapid advances and competitive differentiation in all fields, including health care, transportation and education, where we will leverage massive data collection and analysis and do so using less energy and resources. But today, many people are concerned that the growth and benefits we envision are at risk because the traditional playbook has stalled, making progress more difficult and uncertain.

展望未來，半導體路線圖是所有領域快速發展和競爭差異化的基礎，包括醫療保健、交通和教育，我們將在這些領域利用大量數據收集和分析，並使用更少的能源和資源來做到這一點。但是今天，許多人擔心我們所設想的增長和收益面臨風險，因為傳統的劇本已經停滯不前，讓進展變得更加困難和不確定。

Applied focuses on exactly this problem, working closely with its customers to identify and invest in the materials innovations we need to create a new playbook and a new road map and enable higher semiconductor performance, lower power consumption and lower cost. So it feels great to be a part of this team and this important mission.

Applied 正是專注於這個問題，與客戶密切合作，確定並投資於我們需要的材料創新，以創建新的劇本和新的路線圖，並實現更高的半導體性能、更低的功耗和更低的成本。因此，成為這個團隊和這一重要使命的一員感覺很棒。

Now I'll share three of my first impressions. First, the company is highly execution focused. The team has used its in-depth understanding of the global semiconductor ecosystem to battle almost daily challenges with chip and component availability. The manufacturing teams have been flexible and relentlessly hardworking to deliver for customers in a way that inspires my confidence that we will resolve these issues. Over time, I'd like us to smooth out the heavy quarter end production schedules to make us less vulnerable to supply disruptions.

現在我將分享我的三個第一印象。首先，公司高度重視執行力。該團隊利用其對全球半導體生態系統的深入了解來應對芯片和組件可用性方面的幾乎日常挑戰。製造團隊一直靈活且不懈地努力為客戶提供服務，這激發了我對我們將解決這些問題的信心。隨著時間的推移，我希望我們能夠平滑繁重的季度末生產計劃，以減少我們對供應中斷的脆弱性。

Second, Applied's road map extends well beyond the emerging technologies we are talking about today. And this gives me confidence in the industry's ability to continue to drive performance, power and cost for many generations into the future. When I was on the customer side, I didn't realize just how much capability there is.

其次，Applied 的路線圖遠遠超出了我們今天談論的新興技術。這讓我對行業有能力繼續推動未來幾代人的性能、功率和成本充滿信心。當我在客戶端時，我沒有意識到有多少能力。

Third, the business is highly efficient in terms of capital intensity and operating spending. It's a great model with an excellent return on invested capital. I'm excited to work with Applied's investors and analyst community, and I hope to meet many of you in the near future.

第三，該業務在資本密集度和運營支出方面具有很高的效率。這是一個很好的模型，投資資本回報率很高。我很高興能與 Applied 的投資者和分析師社區合作，我希望在不久的將來見到你們中的許多人。

On today's earnings call, I'll provide more context on Applied's financial performance, position and outlook and emphasize three key messages: One, demand is very strong, both in the short term and long term; two, we are supply chain constrained, but we are poised for growth as the situation improves; and three, we are confident in the future of the industry and increasing our capacity to support the growth we and our customers see ahead.

在今天的財報電話會議上，我將提供更多關於應用材料公司財務業績、頭寸和前景的背景信息，並強調三個關鍵信息：第一，短期和長期需求都非常強勁；第二，我們的供應鏈受到限制，但隨著形勢的好轉，我們已做好增長的準備；第三，我們對行業的未來充滿信心，並提高我們支持我們和我們的客戶預見到的增長的能力。

Now I'll summarize Q2 results. First, we generated revenue of $6.25 billion, which was up 12% year-over-year. However, revenue was 2% below the midpoint of our guidance because a COVID lockdown in a key region resulted in factory and shipping closures for a number of our suppliers. To size the impact for you, if the COVID shutdowns had not occurred, we would have exceeded the midpoint of our revenue guidance.

現在我將總結第二季度的結果。首先，我們創造了 62.5 億美元的收入，同比增長 12%。然而，收入比我們指導的中點低 2%，因為一個關鍵地區的 COVID 封鎖導致我們的一些供應商關閉工廠和運輸。為了衡量對您的影響，如果沒有發生 COVID 關閉，我們將超過收入指導的中點。

We met our non-GAAP gross margin target of 47%, which was down 70 basis points year-over-year as the higher input costs we have been experiencing flowed through inventory and into our revenue shipments. We increased non-GAAP operating profit dollars by 8% year-over-year to $1.91 billion, benefiting from revenue growth.

我們實現了 47% 的非公認會計原則毛利率目標，同比下降 70 個基點，因為我們經歷的較高投入成本通過庫存流入我們的收入出貨量。受益於收入增長，我們的非美國通用會計準則營業利潤同比增長 8% 至 19.1 億美元。

Operating margin of 30.6% decreased 110 basis points year-over-year due to higher R&D and infrastructure spending. We grew non-GAAP earnings per share by 13.5% year-over-year to $1.85, which is $0.05 below the midpoint of guidance due to the supply chain constraints.

由於研發和基礎設施支出增加，營業利潤率為 30.6%，同比下降 110 個基點。由於供應鏈的限制，我們的非公認會計原則每股收益同比增長 13.5% 至 1.85 美元，比指導中點低 0.05 美元。

Operating cash flow declined to $415 million in Q2 because shipments were back-end weighted during the period and because we increased raw material and work-in-process inventory. Year-to-date, operating cash flow as a percent of revenue was in line with our historical performance.

第二季度的經營現金流下降至 4.15 億美元，原因是該期間的出貨量是後端加權的，而且我們增加了原材料和在製品庫存。年初至今，營業現金流佔收入的百分比與我們的歷史業績一致。

During the quarter, we returned over $2 billion to shareholders, deploying $1.8 billion to repurchase 15 million shares of company stock and paying $211 million in dividends. During the quarter, we announced a new $6 billion stock buyback authorization and increased the dividend by 8.3%, marking our fifth consecutive annual dividend increase.

本季度，我們向股東返還了超過 20 億美元，部署了 18 億美元回購了 1500 萬股公司股票，並支付了 2.11 億美元的股息。在本季度，我們宣布了一項新的 60 億美元股票回購授權，並將股息提高了 8.3%，這是我們連續第五次增加年度股息。

Next, I'll summarize our segment results. We continue to generate strong orders in Q2 in both semi systems and AGS. Our backlog continues to grow and we have visibility from our customers extending into 2023 and beyond.

接下來，我將總結我們的細分結果。我們在第二季度繼續在半系統和 AGS 中產生強勁的訂單。我們的積壓工作繼續增長，我們從客戶那裡獲得的知名度將持續到 2023 年及以後。

Our semi systems revenue grew 12% year-over-year but was about 3% below our expectation due to the COVID-related supplier shutdowns. Semi systems non-GAAP operating margin declined 200 basis points year-over-year due to increases in manufacturing costs and R&D program spending.

我們的半系統收入同比增長 12%，但由於與 COVID 相關的供應商關閉，比我們的預期低約 3%。由於製造成本和研發計劃支出的增加，半系統非 GAAP 營業利潤率同比下降 200 個基點。

In AGS, our teams went to extraordinary lengths to keep customer factories running at high utilization, which is particularly difficult in the regions impacted by COVID lockdowns. We delivered record revenue and exceeded our segment revenue guidance, growing 15% year-over-year.

在 AGS，我們的團隊竭盡全力讓客戶工廠保持高利用率，這在受 COVID 封鎖影響的地區尤其困難。我們實現了創紀錄的收入並超出了我們的分部收入指導，同比增長 15%。

We also increased our non-GAAP operating margin by 70 basis points year-over-year. The ability of AGS to deliver sequential growth in Q2 demonstrates the recurring nature of Applied services business. As a reminder, around 87% of AGS revenue comes from services, parts and software. And this strong services mix enabled AGS to grow despite the supply chain disruptions affecting wafer fab equipment.

我們還將非美國通用會計準則營業利潤率同比提高了 70 個基點。 AGS 在第二季度實現連續增長的能力證明了應用服務業務的經常性。提醒一下，AGS 大約 87% 的收入來自服務、零件和軟件。儘管供應鏈中斷影響晶圓廠設備，但這種強大的服務組合使 AGS 得以增長。

Our strategy is to grow the subscription portion of our services business, which gives us predictable revenue, brings us closer to our customers and generates over 3x the revenue per tool. I'll share some of the metrics we use to gauge our progress.

我們的戰略是增加我們服務業務的訂閱部分，這給我們帶來了可預測的收入，使我們更接近我們的客戶，並且每個工具產生超過 3 倍的收入。我將分享一些我們用來衡量進展的指標。

In Q2, the Applied Materials installed base grew by 8% year-over-year and is over 40,000 systems. The systems under subscription agreement grew by 11% year-over-year to over 15,000. The average tenure of our agreements grew from 2.3 years last quarter to 2.5 years in Q2. And the subscription renewal rate was 92%.

第二季度，應用材料公司的安裝基數同比增長 8%，超過 40,000 個系統。訂閱協議下的系統同比增長 11%，達到 15,000 多個。我們協議的平均期限從上一季度的 2.3 年增長到第二季度的 2.5 年。續訂率為92%。

Next, our display revenue was at the midpoint of our revenue guidance, up 2% year-over-year. And we increased non-GAAP operating margin by 390 basis points year-over-year. Recently, however, there has been weakness in consumer demand for products like smartphones, PCs and TVs.

接下來，我們的顯示收入處於收入指導的中點，同比增長 2%。我們將非 GAAP 營業利潤率同比提高了 390 個基點。然而，最近消費者對智能手機、個人電腦和電視等產品的需求疲軟。

As a result, display equipment demand has softened. And we are making adjustments to our revenue outlook and curtailing our spending in line with the demand environment. We will manage the business with the goal of maintaining healthy cash flow even at lower levels of revenue and operating margin.

因此，顯示設備需求有所減弱。我們正在調整我們的收入前景，並根據需求環境削減開支。我們將管理業務，目標是即使在收入和營業利潤率較低的情況下也能保持健康的現金流。

Next, I'll address how we are preparing for our longer-term growth opportunity. Today, we are working with our customers using much longer planning horizons and receiving better long-term visibility.

接下來，我將討論我們如何為長期增長機會做準備。今天，我們正在與客戶合作，使用更長的規劃視野並獲得更好的長期可見性。

We are working closely with our supply chain partners to remove bottlenecks and increase capacity. And we are adding incremental capacity at our R&D and manufacturing sites to increase longer-term efficiency and output. As a result of these efforts, we expect to achieve a more robust supply chain and manufacturing capability along with deeper strategic relationships with our customers and suppliers.

我們正在與供應鏈合作夥伴密切合作，以消除瓶頸並提高產能。我們正在增加研發和製造基地的產能，以提高長期效率和產量。由於這些努力，我們期望實現更強大的供應鍊和製造能力，以及與我們的客戶和供應商更深層次的戰略關係。

Now I'll turn to our guidance for Q3. We expect revenue to be $6.25 billion with a wider range of plus or minus $400 million. We expect non-GAAP EPS to be around $1.77, plus or minus $0.18.

現在我將轉向我們對第三季度的指導。我們預計收入為 62.5 億美元，範圍更廣，正負 4 億美元。我們預計非 GAAP 每股收益約為 1.77 美元，上下浮動 0.18 美元。

Within this outlook, we expect semi systems revenue of $4.48 billion, a number that is well below demand and assumes the supply chain constraints will persist during the quarter. We expect AGS revenue of $1.43 billion, up 11% year-over-year and display revenue of $310 million. We project non-GAAP gross margin of 46%, non-GAAP OpEx of $1.06 billion and a non-GAAP tax rate of 12%.

在這一展望中，我們預計半導體系統收入為 44.8 億美元，這一數字遠低於需求，並假設供應鏈限制將在本季度持續存在。我們預計 AGS 收入為 14.3 億美元，同比增長 11%，顯示收入為 3.1 億美元。我們預計非 GAAP 毛利率為 46%，非 GAAP 運營支出為 10.6 億美元，非 GAAP 稅率為 12%。

Finally, I'll comment on our gross margin outlook beyond Q3. We expect to gradually increase our gross margins beginning in Q4 through a number of actions that include pricing adjustments, manufacturing cost reductions, logistics improvements and product reengineering. Over time, as the supply chain recovers, we expect a number of transitory costs to abate and to ship higher volumes and a richer product mix. We are fully committed to achieving our longer-term gross margin targets.

最後，我將評論我們第三季度之後的毛利率前景。我們預計從第四季度開始，通過定價調整、降低製造成本、改進物流和產品再造等一系列措施，逐步提高我們的毛利率。隨著時間的推移，隨著供應鏈的恢復，我們預計一些暫時性成本會降低，出貨量會增加，產品組合也會更豐富。我們完全致力於實現我們的長期毛利率目標。

In summary, our demand outlook is very strong in the short term and in the long term. And we are investing to further strengthen our strategic customer relationships and drive profitable growth and shareholder returns.

總之，我們的需求前景在短期和長期都非常強勁。我們正在投資以進一步加強我們的戰略客戶關係並推動盈利增長和股東回報。

Mike, please begin the Q&A.

邁克，請開始問答。

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

謝謝，布萊斯。 （操作員說明）操作員，讓我們開始吧。

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

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

I guess the question is given supply constraints and rising backlog, how are your commitments with key subsystem suppliers evolving? And given these commitments, how are your contracts and engagements with your customers evolving as well?

我想問題是由於供應限制和不斷增加的積壓，您對主要子系統供應商的承諾如何演變？鑑於這些承諾，您的合同和與客戶的互動如何發展？

It sounds like in the prepared remarks, you talked about smoothing out build and shipment plans. And I'm curious, does this mean a vision to work from a longer lead time permanently? And does this mean upfront payments from customers? I would love to hear your thoughts there.

聽起來在準備好的評論中，您談到了平滑構建和發貨計劃。而且我很好奇，這是否意味著從更長的交付週期中永久工作的願景？這是否意味著客戶的預付款？我很想听聽你的想法。

Great. CJ, thanks for the question. A question about supply constraints and commitments from suppliers and commitments to our customers.

偉大的。 CJ，謝謝你的提問。關於供應商的供應限制和承諾以及對我們客戶的承諾的問題。

Starting with the supply side of the equation, we've been working tirelessly with the entire supply chain to improve output to get toward the levels that we see later in the year and through the horizon on the growing WFE demand.

從等式的供應方面開始，我們一直在與整個供應鏈不知疲倦地合作，以提高產量，以達到我們在今年晚些時候看到的水平，並通過不斷增長的 WFE 需求。

On the commitment side, we've definitely made lots of progress. We look at the situation as frustrated by the lockdowns that we've described. But most of these problems are being solved. And we expect to gradually increase output as we get past this quarter that's right in front of us.

在承諾方面，我們確實取得了很大進展。我們認為這種情況因我們所描述的封鎖而感到沮喪。但大多數這些問題正在得到解決。我們預計隨著我們度過本季度，我們將逐漸增加產量。

If we think about our customers, we've talked about how orders are at the highest level they've ever been. We've talked about how our backlog is increasing. We're not intending to change the commitment in terms of deliveries to our customers. We're working instead to open the aperture on supply and begin working down the backlog as we start to get more of the critical components in. And we've described our Q4.

如果我們考慮我們的客戶，我們已經討論過訂單是如何達到前所未有的最高水平的。我們已經討論了我們的積壓工作是如何增加的。我們不打算改變對客戶交付的承諾。相反，我們正在努力打開供應缺口並開始處理積壓的工作，因為我們開始獲得更多的關鍵組件。我們已經描述了我們的第四季度。

As we think past Q3 and into Q4, we expect to gradually increase revenue from that point on. So no changes from the customer commits. We'll work on improving the performance as we get the supply chain open, and we've made tons of progress with our suppliers.

我們認為從第三季度到第四季度，我們預計從那時起收入將逐漸增加。因此，客戶提交沒有任何更改。隨著供應鏈的開放，我們將努力提高績效，我們已經與供應商取得了很大進展。

C.J., this is Gary. Yes. What I would add is that relative to the customer visibility, it's better than ever. A lot of our customers do have longer-term contracts with their customers. And so we're unfortunately booking all the way into 2024 at this point in time.

C.J.，這是加里。是的。我要補充的是，相對於客戶的知名度，它比以往任何時候都好。我們的許多客戶確實與他們的客戶簽訂了長期合同。因此，不幸的是，我們現在一直預訂到 2024 年。

But as Brice said, we're definitely driving our supply chain to improve delivery times for customers. That's priority one. But I would say our visibility is significantly better. And actually, the conversations that we have with customers relative to visibility is further out than we've ever seen.

但正如 Brice 所說，我們肯定會推動我們的供應鏈來改善客戶的交貨時間。那是第一要務。但我想說我們的能見度要好得多。實際上，我們與客戶就可見性進行的對話比我們所見過的更遠。

Our next question comes from Stacy Rasgon with Bernstein Research.

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

I want to ask about the backlog in orders. So you said the backlog is strong. Is the backlog at record levels right now? Or has it been stronger in any of the prior quarters in the past?

我想問一下積壓的訂單。所以你說積壓很強大。現在的積壓是創紀錄的水平嗎？或者在過去的任何一個季度中它是否更強大？

And I know you talked about your -- obviously, you're shipping some tools. They're missing modules. How much revenue would you have in that backlog that may be represented by tools that have already been shipped and actually just waiting for final modules in order to recognize that revenue? I guess I'm trying to get something how much like where the backlog is and how much of it is actually like really baked at this point.

而且我知道您談到了您的-顯然，您正在運送一些工具。他們缺少模塊。您將在積壓中獲得多少收入，這些收入可能由已經發貨的工具表示，實際上只是在等待最終模塊才能確認收入？我想我正試圖得到一些東西，它與積壓的位置有多相似，以及它實際上有多像此時真正烘烤的東西。

Yes. Thank you for the question. I think the first question, we're not -- we've actually seen the backlog continuing to grow. So that's been a dynamic that's been consistent for the last quarters. And it's not something we're celebrating. We're looking to open the aperture and begin supplying at a faster rate and work the backlog down. But at this point, we still have more than 2 quarters of backlog looking forward.

是的。感謝你的提問。我認為第一個問題，我們不是——我們實際上已經看到積壓工作繼續增長。所以這是一個在過去幾個季度一直保持一致的動態。這不是我們要慶祝的事情。我們正在尋求打開光圈並開始以更快的速度供應並減少積壓。但在這一點上，我們仍有超過 2 個季度的積壓工作期待。

As far as the missing modules go, we won't specify exactly what the overhang from quarter-to-quarter is, but you've got the right dynamic. We are shipping a number of tools that are missing 1 or 2 parts for the accountants and the investors. We cannot recognize revenue until we complete those tools.

就缺失的模塊而言，我們不會具體說明每季度的懸垂是什麼，但你已經得到了正確的動態。我們為會計師和投資者提供了許多缺少 1 或 2 部分的工具。在我們完成這些工具之前，我們無法確認收入。

So as we work through the quarter, we work to complete all of the tools we've shipped at customer. There are some that are incomplete. We haven't recognized revenue for those. Those go into the next quarter as we get the critical components. It's not a significant overhang. And I wouldn't look at it as necessarily a head start into the next quarter.

因此，當我們完成本季度的工作時，我們會努力完成我們交付給客戶的所有工具。有一些是不完整的。我們尚未確認這些收入。隨著我們獲得關鍵組件，這些將進入下一季度。這不是一個顯著的懸垂。而且我不會將其視為下一季度的必要開端。

When we think about our guidance to the next quarter, we have carefully mapped out all of the supplies from our supply chain and how they'll help us close the machines that we need to complete in the field and also the orders for the quarter. And so when you think about that overhang, it's not overly significant, but it does exist. Thanks for the question.

當我們考慮對下一季度的指導時，我們已經仔細規劃了供應鏈中的所有供應，以及它們將如何幫助我們關閉我們需要在現場完成的機器以及本季度的訂單。所以當你想到那個懸垂時，它並不過分重要，但它確實存在。謝謝你的問題。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

I think you quantified $150 million. That's if I heard correctly in terms of demand and output for Q2 in semi systems. I was hoping you could give us that delta for Q3. And given that we are kind of past the halfway mark for your fiscal year, how should we think about the floor for WFE this year? Is it something closer to $90 billion instead of $100 billion? Or is it a different number, assuming the supply situation doesn't dramatically improve even in your Q4?

我認為你量化了 1.5 億美元。那是如果我在半系統第二季度的需求和產出方面沒聽錯的話。我希望你能給我們第三季度的增量。鑑於我們已經過了你們財年的一半，我們應該如何考慮今年 WFE 的底線？是不是更接近 900 億美元而不是 1000 億美元？還是假設供應情況即使在您的第四季度也沒有顯著改善，這是一個不同的數字？

Yes. Thanks for the question, Vivek. So on the overhang for the quarter or on the ownership for the quarter of approximately $150 million, that's the right number. We think if -- and that goes specifically toward the lockdowns in April. That hit us in the last month of the quarter. It affected -- we have a significant number of our builds in the last month of the quarter. So it definitely put a bump in the supply chain for us. And we think we would have exceeded our guidance had that not happened.

是的。謝謝你的問題，維維克。因此，就本季度的懸而未決或本季度約 1.5 億美元的所有權而言，這是正確的數字。我們認為如果——這特別針對四月份的封鎖。這在本季度的最後一個月打擊了我們。它受到了影響——我們在本季度的最後一個月進行了大量的構建。因此，它肯定會給我們的供應鏈帶來衝擊。我們認為，如果沒有發生這種情況，我們會超出我們的指導。

When we think about Q3, again, we've mapped out all of the key components into Q3. And what I want to communicate here is we are forecasting and relying on the factories, our supplier factories to continue to reopen, continue to be staffed and the shipping lanes to continue to open from that area of the world. And we have intelligence. We have the ramp plans. We have the product plans. So our forecast is built on that. So when you think about the delta for Q3, I would say that we've done our best on the guidance side.

當我們再次考慮第三季度時，我們已經將所有關鍵組件映射到第三季度。我想在這里傳達的是，我們正在預測並依賴工廠、我們的供應商工廠繼續重新開工、繼續配備人員以及繼續從世界該地區開放的航道。我們有智慧。我們有坡道計劃。我們有產品計劃。所以我們的預測是建立在此之上的。因此，當您考慮第三季度的增量時，我會說我們在指導方面已經做到了最好。

Our capability and our demand is much higher than our guidance for Q3. So what you see there is a forecast that's metered, if you will, by the speed the supply chain is going to pick back up. And that's why we're also saying we expect in Q4, we'll say for today that we expect incremental improvements, and we'll see how this resolves for the quarter.

我們的能力和需求遠高於我們對第三季度的指導。所以你看到的預測是根據供應鏈恢復的速度來衡量的。這就是為什麼我們還說我們期望在第四季度，我們今天會說我們期望逐步改進，我們將看看這個季度如何解決。

And then on the last piece, on WFE. We're sort of running at the same rate. You can look at our last few quarters. We've sort of been running at the same rate. You know that last year was a $87 billion WFE. We're probably running today, at today's speed in the low 90s from a WFE perspective. So we would say that's the floor because as you know, we continue to get orders. We have a long backlog. So at this point, it's just how much can we crank it up as the supply chains open in the Q4, Q1 time frames.

然後在最後一塊，關於 WFE。我們正在以相同的速度運行。你可以看看我們最近幾個季度。我們一直在以同樣的速度運行。你知道去年是 870 億美元的 WFE。從 WFE 的角度來看，我們今天可能正在以 90 年代低點的速度運行。所以我們會說這是地板，因為如您所知，我們繼續收到訂單。我們有很長的積壓。因此，在這一點上，隨著供應鏈在第四季度和第一季度的時間框架內開放，我們可以提高多少。

Our next question comes from Mark Lipacis with Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

Gary, you said that -- I believe you said that you were building tighter relationships with your suppliers. And Brice, you used an expression that I was not familiar with, opening up the aperture on supply. I was wondering, could you just spell that out? What does that mean to open up the aperture on supply? And how does that help you close the gap between the demand you have and your ability to supply?

加里，你說過——我相信你說過你正在與供應商建立更緊密的關係。還有布萊斯，你用了一個我不熟悉的表達方式，打開了供應的大門。我想知道，你能把它寫出來嗎？擴大供應缺口意味著什麼？這如何幫助您縮小需求與供應能力之間的差距？

And Gary, when you talked about building tighter relationship with your suppliers, my understanding is you get subsystems also so then you have suppliers and your suppliers have suppliers. And I'm wondering if you could just kind of spell that out. Like how does like that manifest in mechanically in helping to avoid the situation you're in right now in the future?

加里，當你談到與供應商建立更緊密的關係時，我的理解是你也有子系統，所以你有供應商，你的供應商也有供應商。我想知道你是否可以把它拼出來。就像這樣如何在機械上體現在幫助避免你現在在未來的情況？

Thanks, Mark. This is Brice. I'll just make a quick comment on the open the aperture concept there. So what I'm thinking is if you look at our inventory position, our inventory increased $500 million quarter-over-quarter. Our capacity is high, higher than where we're operating today. And our backlog is very large. So from my perspective, we're poised to grow quickly. And what we need to do is get the supply chain on the key components operating. We need to ramp the factories in Shanghai, get the supply chains open and keep going.

謝謝，馬克。這是布萊斯。我將在這裡對打開光圈的概念做一個簡短的評論。所以我的想法是，如果你看看我們的庫存狀況，我們的庫存環比增加了 5 億美元。我們的產能很高，比我們今天運營的地方高。我們的積壓工作非常大。所以從我的角度來看，我們準備好快速增長。我們需要做的是讓關鍵部件的供應鏈運轉起來。我們需要擴大在上海的工廠，讓供應鏈開放並繼續運轉。

So the concept there was just if you think about the aperture of a nozzle or a hose or something like that, just open it up faster so that we can actually execute what we're prepared to execute. And I think the best place you can see that is in our inventory position looking forward.

所以這裡的概念就是如果你考慮噴嘴或軟管的孔徑或類似的東西，只需更快地打開它，這樣我們就可以實際執行我們準備執行的操作。我認為你能看到的最好的地方是我們未來的庫存位置。

Yes. Mark, on the supplier relationships, probably the biggest thing that we're doing differently now is the multi-tier visibility in our supply chain. So previous to this situation, we never really had to focus on chips and components that are deep in our supply chain.

是的。馬克，關於供應商關係，我們現在做的最大的不同可能是我們供應鏈中的多層可見性。因此，在這種情況發生之前，我們從來沒有真正需要關注供應鏈深處的芯片和組件。

So now we have that visibility and just very strong and fast support from our biggest customers to close those gaps. But again, those gaps, frankly, are still coming. One of the situations we just encountered in this lockdown, COVID lockdown that happened on March 28, we had wafers that were completed from one of our big customers and they were packaged in that region. And again, prior to the situation, we would have never known those wafers were going into that region.

因此，現在我們有了這種可見性，並從我們最大的客戶那裡獲得了非常強大和快速的支持，以縮小這些差距。但同樣，坦率地說，這些差距仍在繼續。我們剛剛在這次封鎖中遇到的一種情況，即 3 月 28 日發生的 COVID 封鎖，我們的晶圓是從我們的一個大客戶那裡完成的，它們是在那個地區包裝的。再說一次，在這種情況發生之前，我們永遠不會知道那些晶圓會進入那個區域。

But I would say that what's encouraging to me is the engagements we have with those suppliers, we're also extending our planning horizons with those suppliers. We have tremendous focus within all of our different business units with tremendous engineering horsepower focused into the supply chain.

但我想說，令我感到鼓舞的是我們與這些供應商的合作，我們也在擴大與這些供應商的規劃範圍。我們在所有不同的業務部門中都非常關注，並在供應鏈中擁有巨大的工程能力。

So we've made actually some tremendous improvements in fundamental bottlenecks over the last few months. But you can't see it, again, because of the COVID lockdown that started for some of our suppliers on March 28. And that went on for several weeks really with no people in those factories. And even today, some of those suppliers have significantly less than 50% of the people back in the factory.

因此，在過去的幾個月裡，我們實際上在基本瓶頸方面取得了一些巨大的改進。但是您又看不到它，因為我們的一些供應商於 3 月 28 日開始實施 COVID 封鎖。這種情況持續了幾個星期，這些工廠裡真的沒有人。即使在今天，其中一些供應商的工廠員工人數也遠低於 50%。

So this multi-tier visibility is dramatically better. The engineering horsepower we have focused and really, the joint problem solving, I'd say, with our suppliers, it's really been great. There's been tremendous support, really joint problem solving. I just have tremendous appreciation for the focus and the work that all of our suppliers are doing.

因此，這種多層可見性要好得多。我們所關注的工程能力以及真正的聯合解決問題，我想說，與我們的供應商一起，這真的很棒。有巨大的支持，真正的聯合解決問題。我非常感謝我們所有供應商的專注和工作。

And Mark, we are making progress. Again, as Brice said, the biggest uncertainty right now is in this COVID lockdown, how quickly is that going to resolve is really the gating factor for us in terms of incremental improvement.

馬克，我們正在取得進展。同樣，正如 Brice 所說，目前最大的不確定性在於這次 COVID 鎖定，解決問題的速度有多快確實是我們逐步改進的關鍵因素。

Our next question comes from Krish Sankar with Cowen.

我們的下一個問題來自 Krish Sankar 和 Cowen。

Congrats, Brice, on the new role. I have a big picture question for Gary. Gary, clearly, demand has been strong. And you've been supply constrained for a long time. It seems like that has been the theme from semi and semi-cap companies for the last 9 months or so.

恭喜，布萊斯，擔任新角色。我有一個大問題要問加里。加里，顯然，需求一直很強勁。而且很長一段時間以來，您一直受到供應限制。在過去 9 個月左右的時間裡，這似乎是半市值和半市值公司的主題。

Now let's just say, assume for argument's sake, demand actually slows down in calendar '23. So from your experience, Gary, where would you see that impact WFE first? Would it be mature nodes? Would it be China? Would it be memory WFE or something else?

現在讓我們假設，為了爭論，需求實際上在 '23 日曆中放緩。因此，根據您的經驗，Gary，您首先會在哪裡看到 WFE 的影響？會是成熟的節點嗎？會是中國嗎？是內存 WFE 還是別的什麼？

Krish, thanks for the comments. It's Brice. I'll take a shot at this first and see if Gary wants to add anything. The first thing I want to say in case someone joined and didn't hear the situation early. The situation that we see today is that we're getting more and more orders each quarter. Our backlog is increasing. Our customers are calling us, telling us to speed up. And our customers' customers are calling us and telling us to speed up.

克里什，感謝您的評論。是布萊斯。我會先試一試，看看 Gary 是否想添加任何內容。我想說的第一件事是萬一有人加入並且沒有及早聽到情況。我們今天看到的情況是，我們每個季度都會收到越來越多的訂單。我們的積壓工作正在增加。我們的客戶打電話給我們，告訴我們要加快速度。我們客戶的客戶正在打電話給我們並告訴我們加快速度。

And when we look at utilization, we've talked about this in previous calls and Gary mentioned it in his overview. When we look at utilization, we track utilization of equipment across the entire industry in all applications, in memory, in foundry, in ICAPS, et cetera. And we see utilization at record levels.

當我們查看利用率時，我們已經在之前的電話會議中討論過這個問題，Gary 在他的概述中提到了它。當我們查看利用率時，我們會跟踪整個行業在所有應用程序、內存、鑄造廠、ICAPS 等方面的設備利用率。我們看到利用率達到創紀錄水平。

So finding my way back to your question, you asked where would we see any change if the environment turned. We think the first place we would see that is you wouldn't get new orders. So the fact that we're getting such a high degree of new orders says that not only are customers trying to reschedule their orders or thinking about a different schedule on their own, they're actually adding to it.

所以找到我回到你的問題的方法，你問如果環境發生變化，我們會在哪裡看到任何變化。我們認為我們首先會看到的是您不會收到新訂單。因此，我們獲得如此高的新訂單這一事實表明，客戶不僅試圖重新安排他們的訂單或自己考慮不同的時間表，他們實際上還在增加訂單。

The second place we would see it is there's been discussion of some of the consumer demand, companies may be having less demand. But the second place you would see it is actually wafer starts, and we're not seeing it there either. So we're not getting any of those signals. But to answer directly, we would see it in the new orders slowing down. I think that would be the first place we see it. We're not seeing that today.

我們會看到的第二個地方是對一些消費者需求的討論，公司的需求可能會減少。但是你會看到的第二個地方實際上是晶圓開始，我們也沒有在那裡看到它。所以我們沒有收到任何這些信號。但要直接回答，我們會在新訂單放緩中看到它。我認為那將是我們看到它的第一個地方。我們今天沒有看到。

Yes. Krish, this is Gary. What I would add is that I have numerous conversations with a number of different CEOs. And really, the focus of those conversations is on supply. And in many cases, they do have long-term agreements, multiyear agreements with their customers. And the first priority is tools that they need to qualify for that incremental capacity with all of those customers.

是的。克里希，這是加里。我要補充的是，我與許多不同的 CEO 進行了多次對話。實際上，這些對話的重點是供應。在許多情況下，他們確實與客戶簽訂了長期協議、多年協議。首要任務是他們需要有資格獲得所有這些客戶的增量容量的工具。

But again, the thing I would say that's different from what I've seen in the past, I'm meeting some of our customers' customers. And they're describing really what they need relative to chip content and innovation in the leading edge. Certainly, again, a lot of the conversations are also in the ICAPS space, where those customers have multiyear contracts and visibility, again, with those customers. So I think that's probably the biggest thing. I've never seen that in my entire career in the industry.

但同樣，我要說的事情與我過去看到的不同，我正在與我們的一些客戶的客戶會面。他們真正描述了他們在芯片內容和前沿創新方面的需求。當然，同樣，很多對話也是在 ICAPS 空間中進行的，這些客戶再次與這些客戶簽訂了多年合同和可見性。所以我認為這可能是最重要的事情。在我整個行業的職業生涯中，我從未見過這種情況。

Our next question comes from 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 pricing, both the timing of some of the adjustments that you guys talked about and also the scope of some of the adjustments. On the timing dynamic, Brice, I guess you're guiding fiscal Q3 gross margin to 46%. Any pricing adjustment or the impact from pricing embedded in that number? And if not, should we expect some of the tailwinds to show up in fiscal Q4 and into fiscal '23?

我想問一下定價，你們談到的一些調整的時間以及一些調整的範圍。在時間動態上，Brice，我猜你將第三財季的毛利率引導至 46%。任何定價調整或嵌入該數字的定價的影響？如果沒有，我們是否應該期待一些順風出現在第四財季和 23 財年？

And then on the scope of some of the pricing adjustments, maybe one for Gary. As you have these discussions with your customers, should we expect positive pricing in your leadership products primarily and not so much in the areas where you have more competition? Or are customers receptive to pricing adjustments in areas like edge and, say, process control?

然後是一些定價調整的範圍，也許是加里。當您與您的客戶進行這些討論時，我們是否應該期望您的領先產品主要是積極的定價，而不是在您有更多競爭的領域？或者客戶是否接受邊緣和流程控制等領域的定價調整？

Thanks, Toshiya. I'll start with that. So on the pricing, first, I'd like to communicate that we're doing everything we can to offset the cost side of the equation. So we've got more than a couple of points of headwind over the last few quarters and being off our model. And those things go to things that we've described as we've gone along. It's the labor and overtime that's higher expense. It's the materials inputs. It's the freight and expedites that we're having to pay. And because we can't get all the tools out right now, there's a little bit of a mix impact.

謝謝，東也。我將從那開始。因此，在定價方面，首先，我想傳達的是，我們正在盡我們所能來抵消等式的成本方面。因此，在過去的幾個季度中，我們遇到了不止幾點的不利因素，並且脫離了我們的模式。這些事情發生在我們已經描述過的事情上。勞動力和加班費用較高。是材料輸入。這是我們必須支付的運費和加急費。而且因為我們現在不能把所有的工具都拿出來，所以會有一點混合影響。

When we think forward in our 46% gross margin guide, it does include some pricing improvements in Q3. And those will grow over time as they get more traction and we work those across along with the cost reduction efforts we have for the company.

當我們在 46% 的毛利率指南中展望未來時，它確實包括了第三季度的一些定價改進。隨著時間的推移，它們會隨著時間的推移而增長，因為它們獲得了更多的牽引力，我們將與我們為公司所做的降低成本的努力一起工作。

So as we think about Q4, we're focused on improving logistics, improving the supply chain, making cost reductions with some of our key projects in terms of reengineering and finding more commodity solutions for some of our products. So those are all things that we'll do to bend back the cost side of the equation and help us and help our customers.

因此，當我們考慮第四季度時，我們專注於改善物流、改善供應鏈、通過我們的一些關鍵項目降低成本，以及為我們的一些產品尋找更多商品解決方案。因此，這些都是我們將做的所有事情，以降低等式的成本方面並幫助我們並幫助我們的客戶。

And then on the pricing side, you'll see that increase over the coming quarters, gradually helping each of Q3, Q4 and then Q1. And then on the scope, I think the scope is very broad, and I'll let Gary comment on that.

然後在定價方面，你會看到未來幾個季度的增長，逐漸幫助第三季度、第四季度和第一季度。然後關於範圍，我認為範圍非常廣泛，我會讓 Gary 對此發表評論。

Yes. Toshiya, what customers are really focused on with Applied is really the first focus is accelerating capacity and really closing the gap between supply and demand. So as Brice mentioned, there's a number of different headwinds there. Customers all understand that. They want us making those investments. And everything that we can do to help them accelerate chip output is a major focus.

是的。 Toshiya，客戶真正關注 Applied 的真正首要關注點是加速產能並真正縮小供需之間的差距。正如布萊斯所說，那裡有許多不同的不利因素。客戶都明白這一點。他們希望我們進行這些投資。我們可以做的一切來幫助他們加速芯片輸出是一個主要關注點。

And then the other thing I would say that -- and by the way, the May 26 Master Class, I would really encourage many of you to come and see that. The wiring innovations are really one of the biggest bottlenecks in the entire industry. And Applied really has many differentiated unique technologies to solve maybe what's the biggest bottleneck in the entire industry for power and performance.

然後我要說的另一件事——順便說一下，5 月 26 日的大師班，我真的鼓勵你們中的許多人來看看。佈線創新確實是整個行業最大的瓶頸之一。而且 Applied 確實擁有許多差異化的獨特技術來解決可能是整個行業在功率和性能方面的最大瓶頸。

But obviously, technology, innovation and value pricing, Toshiya, is also key for our customers in terms of driving innovation and creating value. So anyway, those are the things that our customers are focused on. And as Brice said, it's not limited in terms of scope.

但顯然，技術、創新和價值定價，Toshiya，在推動創新和創造價值方面對我們的客戶來說也是關鍵。所以無論如何，這些都是我們的客戶關注的事情。正如 Brice 所說，它不受範圍的限制。

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Given all of the supply chain disruptions and component shortages that you and your peers are going through, how is this impacting the overall semiconductor industry? In other words, foundry and logic all had plans to expand capacity to a certain level to close the industry supply-demand gap. But how much slower will capacity grow with all of the equipment shipment delays this year and next year relative to your customers' targets?

鑑於您和您的同行正在經歷的所有供應鏈中斷和組件短缺，這對整個半導體行業有何影響？也就是說，代工和邏輯都有計劃將產能擴大到一定水平，以縮小行業供需缺口。但是，相對於您客戶的目標，今年和明年的所有設備發貨延遲，產能增長會慢多少？

And then in memory, right, for DRAM, do you think that your customers are going to be able to expand bit supply by targeted 15% to 17% or NAND output by 28% to 30%? It seems as if all of this is just going to result in a longer time to close the semi industry supply-demand gap. I know you guys have a good sense and a large team that monitors industry capacity expansion, so I wanted to get your views.

然後在內存方面，對於 DRAM，您認為您的客戶是否能夠將位供應量擴大 15% 到 17% 或將 NAND 輸出擴大 28% 到 30%？似乎所有這一切只會導致更長的時間來彌補半導體行業的供需缺口。我知道你們有很好的意識和一個監控行業產能擴張的龐大團隊，所以我想听聽你們的意見。

Yes. Thanks, Harlan. This is Brice. I'll start on that one. So we do think you're right from the perspective of the growth has been metered this year for sure. And so I think we talked about one of the earlier questions kind of the level we're running from a WFE versus what the natural level will be if we can open things up and speed up in Q4 and Q1.

是的。謝謝，哈蘭。這是布萊斯。我將從那個開始。因此，從今年增長的角度來看，我們確實認為你是對的。因此，我認為我們討論了較早的問題之一，即我們從 WFE 運行的水平與如果我們能夠在第四季度和第一季度開放並加快速度，自然水平將是多少。

So I think the way we would think about it is we're a few quarters behind what raw demand is, and that's probably what's happening across the industry. When we think about the sustainability of the demand, we study all the end markets, as you've described, all the different ICAPS markets, the edge devices, the leading-edge logic area, et cetera, including the memory components. And we see a consistent growth across the horizon from a demand perspective.

所以我認為我們會考慮的方式是我們落後於原始需求幾個季度，這可能是整個行業正在發生的事情。當我們考慮需求的可持續性時，我們會研究所有終端市場，正如您所描述的，所有不同的 ICAPS 市場、邊緣設備、前沿邏輯領域等，包括內存組件。從需求的角度來看，我們看到了持續的增長。

So this just looks like it's -- the supply chain situation is going to meter the beginning of the cycle. And it gives us confidence as we think forward over -- Gary mentioned that we're starting to look at demand into '24. We have high confidence that as we ramp up, that demand will continue through '23 and even into '24 as the industry works to work on its backlog and work on catching up to the real demand that's underneath.

所以這看起來就像 - 供應鏈情況將衡量週期的開始。當我們重新思考時，它給了我們信心——加里提到我們開始考慮到 24 年的需求。我們非常有信心，隨著我們的增加，這種需求將持續到 23 年甚至到 24 年，因為該行業正在努力解決其積壓問題並努力滿足潛在的實際需求。

Our next question comes from Joe Quatrochi with Wells Fargo.

我們的下一個問題來自富國銀行的 Joe Quatrochi。

I think this is the fourth straight quarter you've hired over 1,000 people or added to your head count. And I assume a lot of these are manufacturing on site. But semi systems revenue obviously hasn't really changed over that time period. So I guess when I think about the margin structure, how do we think about the cost absorption or the magnitude of that cost absorption relative to maybe the price adjustments that you're putting through as we think about the improvement in margin over the next several quarters?

我認為這是您連續第四個季度僱用超過 1,000 人或增加員工人數。我認為其中很多都是在現場製造的。但半系統收入顯然在那段時間並沒有真正改變。所以我想當我考慮利潤率結構時，我們如何考慮成本吸收或成本吸收的幅度，相對於你正在經歷的價格調整，因為我們考慮在接下來的幾年中提高利潤率宿舍？

Yes. Thanks for the question. I think, first of all, on the hiring, you're right that there's a significant amount of manufacturing hiring as the flow in manufacturing isn't perfect at this point as we have to react to sort of less predictable inventory and supply. And we have burst of manufacturing to meet the customer needs.

是的。謝謝你的問題。我認為，首先，在招聘方面，你是對的，因為製造業的流動在這一點上並不完美，因為我們必須對不太可預測的庫存和供應做出反應，所以製造業招聘的數量很大。並且我們有滿足客戶需求的爆發式製造。

We also highlighted earlier in the call that we're actually working a number of reengineering projects to improve both the cost profile and the use of alternate parts for some of our products. And we have to do the reengineering and the qualifying of those products, so that takes personnel.

我們在電話會議的早些時候還強調說，我們實際上正在開展一些重新設計項目，以改善我們某些產品的成本概況和替代零件的使用。我們必須對這些產品進行重新設計和鑑定，這樣就需要人員。

We're also actually helping some of the suppliers with -- improve their supply situation. That takes personnel. And then of course, we're continuing our growth trajectory. Looking at the WFE going forward, we have lots of projects underway from an innovation perspective to continue the road map.

我們實際上也在幫助一些供應商——改善他們的供應狀況。這需要人員。當然，我們正在繼續我們的增長軌跡。展望未來的 WFE，從創新的角度來看，我們有許多項目正在進行中，以延續路線圖。

So we're continuing on that path. And it's a fair question whether we should in the current environment, but we're definitely looking at the environment as supply constrained, we're going to solve those problems and get back to the growth that we've been forecasting. And we're ready to do that with both inventory and manufacturing capabilities.

因此，我們將繼續沿著這條道路前進。在當前環境下我們是否應該這樣做是一個公平的問題，但我們肯定會認為環境是供應受限的，我們將解決這些問題並恢復我們一直預測的增長。我們已經準備好利用庫存和製造能力來做到這一點。

And on the last point, from a gross margin perspective, it is one of the headwinds in the gross margin. I listed 4 headwinds. I'll just say them again. It's freight and expedites, labor and overhead and material cost and mix. So as one of those components, we look at those as approximately equal in strength if you want to think about how that looks against our gross margin. Thanks for the question.

最後一點，從毛利率的角度來看，這是毛利率的不利因素之一。我列出了 4 個不利因素。我再說一遍。它是運費和加急，勞動力和間接費用以及材料成本和混合。因此，作為這些組成部分之一，如果您想考慮一下這與我們的毛利率相比，我們認為它們的強度大致相同。謝謝你的問題。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

Brice, I was wondering if you can help us shape revenue through the rest of the year. You had guided April to $6.35 billion, and you said that this is 3 or some months ago, I know that you weren't there then. But the company had said that revenue would grow kind of mid-singles off of that level throughout the rest of the calendar year. So off that baseline, that sort of implied $6.65 billion for July and about $7 billion for October. So we're coming at about $400 million light of that for July.

Brice，我想知道你是否可以幫助我們在今年餘下的時間裡塑造收入。你曾指導 4 月達到 63.5 億美元，你說這是 3 個月或幾個月前，我知道你當時不在那裡。但該公司曾表示，在整個日曆年的剩餘時間裡，收入將增長到該水平的中等水平。因此，在該基線之外，這意味著 7 月份為 66.5 億美元，10 月份約為 70 億美元。因此，我們在 7 月份的預算約為 4 億美元。

So the question is, can I push that $400 million into October so that October is sort of maybe in the low to mid-7s? I guess I'm just asking you to help us sort of like reshape the year just given that you had shaped it 3 months ago.

所以問題是，我可以把這 4 億美元推到 10 月份，這樣 10 月份就可能處於 7 年代中期嗎？我想我只是要求你幫助我們重塑這一年，因為你在 3 個月前就已經塑造了它。

Thanks for the question, Tim. When we think about -- let's start with the guide for this quarter. When we think about the guide for this quarter at $6.25 billion, what we did was we carefully have worked through the supply chain to find out how quickly will the factories -- our suppliers' factories restaff? How quickly will the supply lines open? When are the exact delivery dates that we'll get through the quarter? Will we get them early enough to make the quarter, et cetera? So -- and we've got a slightly wider range. You'll see to recognize that we're forecasting based on a continued and accelerating reopening schedule that is our best intelligence today. So we've got some risk there.

謝謝你的問題，蒂姆。當我們考慮時——讓我們從本季度的指南開始。當我們考慮本季度 62.5 億美元的指導時，我們所做的是我們仔細研究了整個供應鏈，以了解工廠——我們的供應商的工廠能夠以多快的速度重新配備人員？供應線將多快開通？我們將在本季度獲得的確切交貨日期是什麼時候？我們能早點拿到他們來完成這個季度嗎？等等？所以 - 我們的範圍稍微寬一些。您會看到我們正在根據持續且加速的重新開放時間表進行預測，這是我們當今最好的情報。所以我們有一些風險。

When we think forward to the next quarter, we're going to enter the next quarter with also no inventory on those critical components because we will have used all that inventory to satisfy our Q3 demand. So when we think about Q4, we're saying it is gradually or incrementally larger than Q3.

當我們展望下一季度時，我們將進入下一季度，這些關鍵組件也沒有庫存，因為我們將使用所有庫存來滿足我們第三季度的需求。因此，當我們考慮第四季度時，我們會說它逐漸或逐漸大於第三季度。

So I think -- thinking of the previous discussion, we don't know yet what Q4 will look like, which is one of the reasons we won't guide it. It will be metered depending on how quickly the supply chain opens up in Q3. We have the manufacturing capability in Q4 to go much faster. We have the inventory on the nonconstrained components to go much faster. So there's a wide range of possibilities for Q4. And we just need to continue progress on the key components and lockdown factories in Q3 if that makes sense.

所以我認為——考慮到之前的討論，我們還不知道第四季度會是什麼樣子，這是我們不會指導它的原因之一。它將根據供應鏈在第三季度開放的速度進行計量。我們在第四季度的製造能力要快得多。我們擁有不受約束的組件的庫存，可以更快地進行。因此，第四季度有廣泛的可能性。如果有意義的話，我們只需要在第三季度繼續在關鍵部件和鎖定工廠方面取得進展。

And the last thing I will say though that there's not any perishable demand for us. As you think about one of your questions, would you push that forward? I absolutely think you will push it forward. Nothing will perish in this situation. It's just going to be metered in Q4 by where we are with the supply chain. Thanks for the question.

我要說的最後一件事是對我們沒有任何易腐爛的需求。當你思考你的一個問題時，你會推動它嗎？我絕對認為你會推動它。在這種情況下，什麼都不會消亡。它只會在第四季度根據我們在供應鏈中的位置來衡量。謝謝你的問題。

Our next question comes from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

You talked a little bit about weakness in display in this coming quarter tied to smartphone. Can you just talk about -- it looks like you're going to track to down double digits this year. What's going to return that business to growth? Is it just smartphone? Anything from kind of an application or a technology perspective that will lead that business to grow down the road.

您談到了與智能手機相關的下一季度顯示的弱點。你能談談 - 看起來你今年要達到兩位數。什麼會使該業務恢復增長？它只是智能手機嗎？從某種應用程序或技術的角度來看，任何可以引導該業務發展的事物。

Thanks, Joe. This is Brice. I'll start and maybe Gary will make a comment about the long term there.

謝謝，喬。這是布萊斯。我會開始，也許加里會就那裡的長期情況發表評論。

So this is the one place in the business where we have seen some impact from the change in consumer demand at this point. So definitely, weakness in the outlook for display for the next few quarters sort of corresponding to what's been characterized as weakness in smartphone and PC and TV, et cetera.

因此，這是我們在這一點上看到消費者需求變化產生一些影響的業務中的一個地方。因此，可以肯定的是，未來幾個季度顯示器前景的疲軟與智能手機、個人電腦和電視等方面的疲軟特徵相對應。

And so what we're doing is resizing the business from a spending perspective to make sure that we can deliver the amount of cash returns that we've been delivering for the past few years and still leave us ready to grow as the demand picks back up and some of the new applications pick back up.

因此，我們正在做的是從支出的角度調整業務規模，以確保我們能夠提供過去幾年一直在提供的現金回報，並且仍然讓我們準備好隨著需求回升而增長和一些新的應用程序恢復。

So you'll see us make those adjustments as we go forward in the next few quarters. It will be a lower revenue number, but it will still be a good return on investment. Last thing I'll say there is, most of our investment has largely been made in that business. So we're able to deliver to customers and execute against investments that have been made.

所以你會看到我們在接下來的幾個季度中做出這些調整。這將是一個較低的收入數字，但仍將是一個不錯的投資回報。我要說的最後一件事是，我們的大部分投資主要用於該業務。因此，我們能夠向客戶交付產品並執行已完成的投資。

So it's a good cash flow business, good cash returns, and that's sort of our perspective. And it does leave us ready for new demand on some of the new applications. Gary, if you want to comment?

所以這是一個良好的現金流業務，良好的現金回報，這就是我們的觀點。它確實讓我們為一些新應用程序的新需求做好了準備。加里，如果你想發表評論？

Yes. Joe, thanks for the question. So as you mentioned, this year, double-digit, will probably be down roughly 10% versus where we've been in -- will be down about 10% this year. And as Brice said, we really have resized our spending. We've made a lot of investments.

是的。喬，謝謝你的問題。因此，正如您所提到的，今年兩位數可能會比我們所處的位置下降大約 10% - 今年將下降約 10%。正如布萊斯所說，我們確實調整了支出規模。我們做了很多投資。

I think, as you know, we have very, very high share in the parts of the market that we participate in. But we are committed, as we've discussed in our investor meeting, to returning free cash flow from this business. And so we'll be, as Brice said, able to deliver similar free cash flow even at a lower level.

我認為，如您所知，我們在我們參與的市場部分中佔有非常非常高的份額。但正如我們在投資者會議上所討論的那樣，我們致力於從這項業務中返還自由現金流。因此，正如布萊斯所說，我們將能夠提供類似的自由現金流，即使是在較低的水平。

I would say right now, if we looked out into '23, we don't really see strengthening today in terms of where that market is going. We will be able to continue to deliver similar levels of free cash flow with the resizing that's in progress. And that business really is leveraging semiconductor deposition technology into larger panels.

我現在想說的是，如果我們展望 23 年，就市場走向而言，我們今天並沒有真正看到加強。隨著正在進行的規模調整，我們將能夠繼續提供類似水平的自由現金流。該業務實際上是在將半導體沉積技術用於更大的面板。

One thing that's also another synergy for us. If you look at the advanced packaging road map, going to larger substrate sizes, there is technology and display that will strengthen our already strong position in packaging in the longer term.

一件事對我們來說也是另一種協同作用。如果你看一下先進封裝路線圖，轉向更大的基板尺寸，從長遠來看，有技術和顯示將加強我們在封裝領域已經很強大的地位。

So there are synergies there. It's a good free cash flow business. Longer term, some of the OLED technology barriers, once those are solved, we could see a step-up back in that market. But we really don't see that over the next several quarters.

所以那裡有協同作用。這是一個很好的自由現金流業務。從長遠來看，一些 OLED 技術障礙一旦解決，我們就可以看到該市場的回升。但在接下來的幾個季度裡，我們真的看不到這種情況。

Our next question comes from Sidney Ho with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Sidney Ho。

My question is on the services business, the AGS revenue in Q2 came in better than you expected. And I appreciate all the metrics you disclosed in your prepared remarks. But considering last quarter, you talked about supplies constraints impacting the 200-millimeter product line. Can you talk about what drove the upside?

我的問題是關於服務業務，第二季度的 AGS 收入比你預期的要好。我感謝您在準備好的評論中披露的所有指標。但考慮到上個季度，您談到了影響 200 毫米產品線的供應限制。你能談談是什麼推動了上漲嗎？

And the follow-up to that is you previously suggested low double-digit growth for AGS in fiscal '22. Has anything changed there? Can you touch on the risk that COVID lockdowns may have on AGS?

對此的後續行動是您之前曾建議 AGS 在 22 財年實現兩位數的低增長。那裡有什麼變化嗎？您能談談 COVID 鎖定可能對 AGS 造成的風險嗎？

Yes. And operator, this will be our last question that we'll have time for, just so you know. Thanks, Brice.

是的。接線員，這將是我們有時間回答的最後一個問題，請注意。謝謝，布萊斯。

Okay. Thanks for the question. Yes. On the services business -- thanks for the question. I think it is important to recognize that the business did grow quarter-over-quarter, 5%. And it did grow 15% year-over-year.

好的。謝謝你的問題。是的。關於服務業務——感謝您的提問。我認為重要的是要認識到該業務確實環比增長了 5%。它確實同比增長了 15%。

And our investors probably know it's been a key part of our strategy to shift more and more of our services business to the subscription format because that's better for our customers and it lets us plan better also and provides them more technology, advice and capability.

我們的投資者可能知道，將越來越多的服務業務轉向訂閱格式是我們戰略的關鍵部分，因為這對我們的客戶更好，它也讓我們能夠更好地計劃，並為他們提供更多的技術、建議和能力。

So when we think about the indicators that we give for that business, that portfolio is getting stronger and stronger. And when we see the supply constraints for the rest of the business, it's not surprising to us that, that recurring revenue, the way that business is set up is low beta or a little bit more resistant to changes in the rest of the business.

因此，當我們考慮我們為該業務提供的指標時，該投資組合變得越來越強大。當我們看到其他業務的供應限制時，我們並不感到驚訝的是，經常性收入，業務設置方式是低貝塔或對其他業務的變化更具抵抗力。

What drove the upside was really the high utilization across the ecosystem. There is still a transactional element to that business. And when we talk about utilization across 200-millimeter, 300-millimeter, all of the different product types, it's just 92%, 93%, 94% record levels we talked about. And that drives spares and parts and service components across the entire ecosystem. So that's really where you see the strength in the quarter. We would have been even higher had we had more supply, but we're working on that.

推動上漲的真正原因是整個生態系統的高利用率。該業務仍然存在交易元素。當我們談論 200 毫米、300 毫米和所有不同產品類型的利用率時，我們談到的只是 92%、93%、94% 的創紀錄水平。這推動了整個生態系統的備件、零件和服務組件。因此，這確實是您看到本季度實力的地方。如果我們有更多的供應，我們會更高，但我們正在努力。

And the last piece on COVID lockdown, I guess that was related to supply. So we do think the business could have been stronger in Q2. And we would have served more parts on the parts side of the business. But it's a first priority for us, and we're working on improving that as we look forward.

最後一篇關於 COVID 鎖定的文章，我想這與供應有關。因此，我們確實認為該業務在第二季度可能會更強勁。而且我們會在業務的零件方面提供更多零件。但這對我們來說是首要任務，我們正在努力改進這一點，因為我們期待著。

Yes. Sidney, this is Gary. Just another point. One of the things that's driving our growth in subscription revenue, subscription services. Our customers are really focused on increased output. So we have part management services. And I can tell you that many of those customers that have those services are very happy.

是的。西德尼，這是加里。還有一點。推動我們訂閱收入增長的因素之一是訂閱服務。我們的客戶真正關注的是增加產量。所以我們有零件管理服務。我可以告訴你，許多擁有這些服務的客戶都非常高興。

They don't have shortages and they're increasing chip output. We have managed services to increase yield and optimize productivity for good chip output. That's another one we see tremendous pull from our customers. And by the way, this is driving increased headcount as we're supporting some of these service opportunities.

他們沒有短缺，他們正在增加芯片產量。我們提供管理服務以提高產量並優化生產力以獲得良好的芯片輸出。這是我們從客戶那裡看到的另一個巨大吸引力。順便說一句，這正在推動員工人數的增加，因為我們正在支持其中一些服務機會。

And then the other thing is ramp services, ramp acceleration services, time to ramp, as I said in my prepared remarks, is months for many of our customers. So every week that we can accelerate the time for those tools to drive chip output, everybody is focused on that.

然後另一件事是斜坡服務，斜坡加速服務，斜坡時間，正如我在準備好的評論中所說，對於我們的許多客戶來說是幾個月。因此，每週我們都可以加快這些工具推動芯片輸出的時間，每個人都專注於這一點。

So there are a number of these services that are increasing our subscription percentage, increasing our subscription revenue. Again, that's really in the theme of everybody's focused on good chips out as fast as they can.

因此，有許多此類服務正在增加我們的訂閱百分比，從而增加我們的訂閱收入。同樣，這確實是每個人都盡可能快地專注於好的籌碼的主題。

Great. Thanks, Gary, and thanks, Sidney. Brice, would you like to give us your closing thoughts for today's call?

偉大的。謝謝，加里，謝謝，西德尼。 Brice，你願意給我們今天電話會議的結束想法嗎？

Absolutely. Thanks, Mike. Thanks, everybody, for joining. Important messages today, demand, very strong, sustainable. We're committed to improving our gross margins and committed to our long-term model. We're working hard to improve our supply situation every day. And I just want to say I'm eager to meet some of our investors. I'll be at the BofA conference in San Francisco and looking forward to that. And Gary will be at the Bernstein conference in New York in 2 weeks. Thanks, everybody, for joining.

絕對地。謝謝，邁克。謝謝大家的加入。今天的重要信息，需求，非常強勁，可持續。我們致力於提高我們的毛利率並致力於我們的長期模式。我們每天都在努力改善我們的供應狀況。我只想說我渴望見到我們的一些投資者。我將參加在舊金山舉行的美國銀行會議，並對此充滿期待。加里將在兩週後參加在紐約舉行的伯恩斯坦會議。謝謝大家的加入。

Okay. Thank you, Brice, 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 p.m. Pacific Time today. And we'd like to thank you for your continued interest in Applied Materials.

好的。謝謝你，Brice，我們要感謝大家今天加入我們。下午 5:00 將在我們的網站上重播電話會議。今天太平洋時間。我們要感謝您對應用材料公司的持續關注。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。