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, 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.

各位下午好，感謝各位參加Applied公司2022財年第二季財報電話會議。與我一同出席的有我們的總裁兼執行長Gary Dickerson先生，以及我們的財務長Brice Hill先生。

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 materials, which are 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獲利新聞稿和我們的季度獲利資料中找到，這些資料可在我們網站appliedmaterials.com的投資者關係頁面上查閱。

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.

在正式開始之前，我先通知大家一個重要事項。 Applied將於下週四，即太平洋時間5月26日上午9:00舉辦下一期大師班。屆時，我們將介紹用於晶片佈線的新型IMS解決方案，該方案能夠有效解決EUV光刻技術在微縮過程中遇到的電阻難題。我們將詳細說明業界如何建構背面電源分配網絡，從而在相同的光刻製程下將邏輯密度提升高達30%。此外，我們還將介紹混合鍵結和異質整合領域的最新進展，並將這些變革融入我們的產品路線圖和成長目標中。我們誠摯邀請您參加本次大師班，聆聽我們技術專家的精彩演講，並參與問答環節。

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。

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，麥克。全球半導體產業和應用材料公司正面臨前所未有的挑戰。半導體需求空前強勁，覆蓋面也極其廣泛，但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.

我會將Applied公司2022財年第二季的業績概括為兩個部分。 2月和3月，我們成功解決了一些關鍵零件的供應瓶頸問題，但4月份新冠疫情相關的停工進一步擾亂了本已緊張的供應鏈，抵消了先前取得的進展。這些停工影響了我們少數供應商，並最終導致本季約1.5億美元的收入損失。

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，我們的首要任務是迅速且創新地與供應鏈各環節合作，盡快提升產業產能。我要感謝我們全球團隊和供應商的辛勤付出和敬業精神，他們正竭盡全力滿足客戶的需求。

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.

在我的演講稿中，我將涵蓋三個關鍵主題：首先，供應情況以及我們對未來幾個月供應情勢發展的預測；其次，近期需求環境以及我們為何認為需求依然強勁且可持續；第三，我們對市場的長期展望、行業發展路線圖以及應用材料公司獨特且差異化的能力，這些因素共同為公司創造了豐富的機遇。之後，布萊斯將進一步闡述我們的財務業績，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.

布萊斯加入我們已有八週，我們非常高興他能成為我們團隊的一員。在這個應用科技和整個產業都處於關鍵時期之際，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.

首先，我想談談供給方面的問題，這也是我們近期工作的重中之重。目前的供應情況依然充滿挑戰，我們正努力應對。其中最主要的問題是矽元件以及其他一些用於我們設備子系統的零件短缺。

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.

我們正在竭盡全力為客戶提供服務，包括向供應商現場派遣應用資源、評估替代零件、投資供應鏈，以及以創造性的方式與客戶合作以加快發貨速度，包括在其現場合併系統模組。

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，我們正與客戶合作，利用我們的技術支援服務，加快設備抵達晶圓廠後的啟動和驗證流程。舉例來說，從我們工廠出貨到客戶工廠生產第一片晶圓，典型的流程可能需要數月才能完成設備的安裝和驗證，以滿足大批量生產的需求。

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.

我們看到客戶對新型加速上市服務有著強烈的需求，希望能大幅縮短寶貴的上市時間。當前挑戰帶來的一個正面影響是，我們與供應商的合作關係日益緊密。我們不僅與供應商攜手克服短期限制，還在建立更強大的解決方案，以支持未來幾年的產業發展。

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.

為了滿足客戶需求，我們採取了多項措施，包括解決零件短缺問題、加快交貨速度以及增加工廠現場的勞動力，這些措施導致我們產生了額外的成本，並對應用材料公司近期的財務業績造成了一定影響。隨著問題的解決和有效長期解決方案的實施，這些暫時的成本壓力將會逐漸緩解。此外，我們也採取措施提高價值獲取效率，包括調整價格。

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.

從需求方面來看，我們的前景依然樂觀。 2022年的情況十分明朗。我們已經獲得了訂單，制定了完整的生產計劃，並且積壓訂單量巨大且持續增長。我們認為，如果晶圓製造設備不受限制地供應，其市場規模將達到1,000億美元甚至更多。關鍵問題在於，供應問題能否盡快緩解，以及今年業界實際上能夠交付多少產品。

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.

目前，客戶的首要任務是確保2023年的供應。他們提供的預測資訊比以往更加長期和詳細。基於此，我們預計2023年的供應狀況將保持強勁，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.

還有幾個因素讓我們對這項評估充滿信心：首先，現有應用和新興應用對矽的需求持續成長，推動了矽終端需求的成長。其次，即使新增產能陸續投產，晶圓廠的使用率仍然非常高。基於近十年的分析數據，本季是業界利用率最高的一個季度。第三，客戶啟動新產能的速度比以往任何時候都快。事實上，我們應用材料公司的服務團隊幾乎在所有設備抵達客戶晶圓廠後立即進行安裝，這種情況以前從未出現過。

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，我們也考慮到晶圓廠設備支出的廣泛組成。我們預計，到2022年，代工/邏輯元件將佔晶圓廠設備總投資的60%以上。這部分支出將相對平均地分配到最先進的製程節點和整合晶片製造系統（ICAPS），以及面向物聯網、通訊、汽車、電力電子和感測器市場的生產製造。

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.

過去幾年，ICAPS 的需求顯著成長，我們看到這些客戶持續增加投資。邊緣應用對矽的需求日益增長。例如，汽車產業目前全球平均每片矽的成本為 600 美元，幾乎是 2015 年的兩倍。隨著電動車的普及，這一趨勢也將持續。

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手機的射頻含量比4G手機高出40%。對極致能效和電池供電邊緣應用的需求，得益於材料和結構的創新，這也推動了裝置層數和製程步驟的增加。

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，先進的封裝和異質整合技術也支撐著對ICAPS節點的持續需求，因為晶片設計人員可以根據系統中的每個晶片單元，選擇在功耗、性能和成本方面最優的節點。 ICAPS客戶比以往任何時候都更加重視創新，而我們也正透過新的特定應用產品來滿足這些需求。例如，在過去的五年裡，我們針對特定的ICAPS應用推出了10款全新的植入式系統。

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.

儘管應對近期挑戰仍是我們的首要任務，但我們並未忽視更宏觀的策略和長期的機會。業界普遍認為，到本十年末，半導體市場規模將達到1兆美元。這意味著從目前的水平來看，年複合成長率將達到較高的個位數。

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，整個產業花了超過50年的時間才達到5兆美元的年收入，而我們將在未來6到8年內再增加5兆美元。我們對應用材料公司在整個生態系統中的地位更有信心。由於技術複雜性不斷提高，我們預計設備密集度將在未來6到8年內保持在目前的水平或進一步提高。

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的成長速度將與整體半導體市場持平或更快。此外，在設備支出方面，材料工程推動了重大技術變革，隨著時間的推移，更多資金將流入我們現有的市場。我們將引領半導體裝置效能、功耗和成本未來提升的產業路線圖稱為PPACt行動指南。

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.

儘管不同公司對PPACt策略的理解各有不同，但其基本要素是一致的：新型架構、新型3D結構、新型材料、新型縮小尺寸的方法以及先進的包裝技術。在這五大支柱領域中，都湧現出清晰的技術變革，這些變革可以從影響、價值和時間節點等面向進行量化。

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，我們介紹了業界從FinFET向環柵（一種新型3​​D結構）的過渡。應用材料公司擁有最廣泛的解決方案組合，可協助下一代電晶體技術的發展。

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.

隨著全環閘極技術的興起，我們電晶體產品組合的潛在市場總量成長超過 15%。根據我們目前的市場地位，我們預計在該潛在市佔率中將成長超過 5 個百分點。

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%.

就時間安排而言，我們預計明年將開始逐步提升出貨量。在本月底的下一期大師班上，我們將探討佈線和晶片整合的創新。隨著客戶開發新材料和新型3D結構（包括背面電源分配網路），接觸和互連技術都是他們關注的重點領域。在7奈米和3奈米節點之間，接觸金屬化製程的工序數量成長超過50%，而我們的市場規模也成長了近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.

在互連層方面，製程步驟的增加速度更快，我們預期收入成長潛力將成長近三倍。我們也將介紹先進封裝領域的最新進展。在一年前的投資者會議上，我們曾表示預計在2020年至2024年間將實現封裝收入翻倍。如今，我們相信，憑藉在已覆蓋市場中超過60%的份額，我們預計提前一年實現2024年的封裝收入目標。

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.

除了設備之外，我們還透過先進的服務創造並獲得更多價值。面對供應緊張和晶圓廠產能利用率創歷史新高的雙重挑戰，客戶正從我們專有的零件管理和服務協議中獲益匪淺。這點也反映在我們的業績上：AGS本季營收創歷史新高，較去年同期成長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.

在把電話交給布萊斯之前，我先簡單總結一下。半導體是現代世界的基石，其戰略和經濟重要性比以往任何時候都更加突出。如今，整個產業都在努力滿足全球矽消費的快速成長需求。

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.

市場對應用材料公司產品和服務的需求強勁、可持續且廣泛。我們預計，短期內滿足此需求的能力仍將受到持續供應鏈挑戰的限制，但從第四季開始將逐步改善。

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.

我們首要任務是持續與客戶和供應商攜手合作，提升產業產能。儘管目前業績尚未完全體現，但我們在關鍵領域已取得進展。從長遠來看，我們看到了令人振奮的機遇，隨著長期趨勢的發展，應用材料公司將有機會憑藉其差異化的材料工程解決方案組合，助力PPACt路線圖的實施，從而超越半導體市場，實現業務增長。

Now I'll hand the call over to Brice.

現在我把電話交給布萊斯。

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情歡迎。從製造研發、業務部門到營運和職能部門，公司上下都充滿了對工作的熱情，並盡心盡力幫助我快速上手。公司對使命和客戶的執著體現在各個層面，我非常榮幸能成為其中的一員。

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.

我從事半導體行業已經近30年了。作為Applied的新員工，我想分享我目前的一些觀察。在我職業生涯的大部分時間裡，半導體技術的發展幾乎像鐘錶一樣精準，並成為全球經濟成長和生產力提升的引擎。我們都熟悉其中的規律。

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，半導體發展路線圖對於各領域的快速進步和差異化競爭至關重要，包括醫療保健、運輸和教育等領域。在這些領域，我們將利用海量資料收集和分析，同時減少能源和資源消耗。但如今，許多人擔心我們所設想的成長和效益正面臨風險，因為傳統的發展模式已經停滯不前，使得進步更加艱難且充滿不確定性。

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.

應用材料公司正是專注於解決這個問題，與客戶緊密合作，共同尋找並投資於所需的材料創新，從而製定新的策略和路線圖，實現更高的半導體性能、更低的功耗和更低的成本。因此，能夠成為這個團隊的一員，參與這項重要的使命，我感到非常榮幸。

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.

現在我想分享我的三點初步印象。首先，這家公司非常注重執行力。團隊憑藉著對全球半導體生態系統的深刻理解，幾乎每天都在應對晶片和元件供應方面的挑戰。製造團隊靈活高效，孜孜不倦地為客戶提供服務，讓我相信我們一定能夠解決這些問題。隨著時間的推移，我希望我們能夠逐步調整季度末的生產計劃，從而降低供應鏈中斷帶來的風險。

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，應用材料公司的發展路線圖遠遠超出了我們今天討論的新興技術。這讓我對產業在未來世代中持續提升效能、功耗和降低成本的能力充滿信心。當我還在客戶方工作時，我並沒有意識到這個行業擁有如此巨大的潛力。

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營運支出方面效率極高。這是一個投資報酬率極佳的優秀商業模式。我很高興能與應用材料公司的投資者和分析師們合作，並希望在不久的將來與各位見面。

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，我將更詳細地介紹應用材料公司的財務業績、現狀和前景，並重點強調三個關鍵信息：第一，無論短期還是長期，需求都非常強勁；第二，我們面臨供應鏈瓶頸，但隨著情況好轉，我們已做好增長準備；第三，我們對行業的未來充滿信心，並將不斷提高產能，以支持我們和客戶所預見的未來。

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.

現在我來總結一下第二季業績。首先，我們實現了62.5億美元的營收，年增12%。然而，由於一個關鍵地區的疫情封鎖導致我們多家供應商的工廠和物流停運，實際營收比我們先前預期的中位數低了2%。為了讓您更好地理解其影響，如果沒有疫情封鎖，我們的營收本可以超過預期的中位數。

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GAAP毛利率目標，但由於較高的投入成本反映在庫存和出貨量中，較去年同期下降了70個基點。由於營收成長，我們的非GAAP營業利潤年增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，營業利潤率年減110個基點至30.6%。受供應鏈限制的影響，非GAAP每股盈餘年增13.5%至1.85美元，比預期中位數低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.

第二季經營現金流降至4.15億美元，原因是該季度出貨集中於後端，且原料和在製品庫存增加。年初至今，經營現金流佔收入的百分比與歷史水準一致。

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，其中18億美元用於回購1500萬股公司股票，並支付了2.11億美元的股息。本季度，我們宣布了一項新的60億美元股票回購授權，並將股利提高了8.3%，這是我們連續第五年提高年度股利。

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，我將總結我們各業務板塊的業績。第二季度，半導體系統和AGS業務的訂單量持續強勁成長。我們的積壓訂單持續增加，且客戶已確認訂單將持續到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.

我們的半導體系統業務收入年增12%，但因新冠疫情導致的供應商停工，比預期低約3%。由於製造成本和研發項目支出增加，半導體系統業務的非GAAP營業利潤率年減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業務部門，我們的團隊竭盡全力確保客戶工廠保持高產能運轉，這在受新冠疫情封鎖影響的地區尤其困難。我們實現了創紀錄的營收，並超越了部門營收預期，年增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.

我們的非GAAP營業利潤率也較去年同期成長了70個基點。 AGS在第二季度實現環比成長，充分體現了應用服務業務的持續性。需要指出的是，AGS約87%的收入來自服務、零件和軟體。正是這種強勁的服務業務組合，使得AGS在晶圓製造設備供應鏈中斷的情況下依然維持了成長。

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.

我們的策略是發展服務業務中的訂閱部分，這能帶來可預測的收入，拉近與客戶的距離，並使每項工具的收入成長三倍以上。接下來，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，應用材料公司的裝機量年增8%，超過4萬套系統。訂閱協議下的系統數量較去年同期成長11%，超過1.5萬套。協議的平均期限從上季的2.3年增長至第二季的2.5年。訂閱續約率達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.

其次，我們的顯示器業務收入達到預期中位數，年增2%。非GAAP營業利益率年增390個基點。然而，近期消費者對智慧型手機、個人電腦和電視等產品的需求已疲軟。

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，顯示設備需求已疲軟。我們正在根據市場需求調整營收預期並削減支出。我們將繼續管理業務，力求即使在營收和營業利潤率較低的情況下也能維持健康的現金流。

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，我將談談我們如何為長期成長機會做好準備。如今，我們與客戶合作，採用更長遠的規劃週期，並獲得了更清晰的長期發展前景。

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.

我們正與供應鏈夥伴緊密合作，消除瓶頸，提升產能。同時，我們也在研發和生產基地增加產能，以提高長期效率和產量。透過這些努力，我們期望能夠建立更強大的供應鏈和生產能力，並與客戶和供應商建立更深層的策略合作關係。

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.

現在我來談談我們對第三季的業績預期。我們預計營收為62.5億美元，上下浮動4億美元。我們預計非GAAP每股收益約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%.

在此展望下，我們預期半導體系統業務營收為44.8億美元，遠低於市場需求，且假設供應鏈瓶頸將在本季持續存在。我們預計應用半導體系統（AGS）業務營收為14.3億美元，年增11%；顯示器業務營收為3.1億美元。我們預期非GAAP毛利率為46%，非GAAP營運支出為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，我想談談我們對第三季之後毛利率的展望。我們預計從第四季度開始，透過一系列措施逐步提高毛利率，這些措施包括價格調整、降低製造成本、改善物流以及產品重新設計。隨著供應鏈的逐步恢復，我們預期一些暫時性成本將會降低，同時出貨量也會增加，產品組合也會更加豐富。我們致力於實現長期毛利率目標。

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.

總而言之，無論短期或長期，我們的需求前景都非常強勁。我們正在加大投資，以進一步加強與策略客戶的合作關係，並推動獲利成長和股東回報。

Mike, please begin the Q&A.

麥克，請開始問答環節。

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

謝謝，布萊斯。 （操作員指令）操作員，請開始。

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

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

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?

我想問的是，鑑於供應限制和訂單積壓不斷增加，您與關鍵子系統供應商的承諾是如何變化的？鑑於這些承諾，您與客戶的合約和合作關係又是如何改變的？

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.

聽起來您在準備好的發言稿中提到了要優化生產和發貨計劃。我很好奇，這是否意味著你們打算長期採用更長的交貨週期？這是否意味著顧客需要預付貨款？我很想聽聽您的看法。

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

好的。 CJ，謝謝你的提問。這個問題是關於供應限制、供應商的承諾以及我們對客戶的承諾。

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.

從供應端入手，我們一直在與整個供應鏈不懈努力，以提高產量，從而達到我們預計在今年晚些時候以及未來一段時間內，隨著 WFE 需求的增長而達到的水平。

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。正如我們之前提到的，封鎖措施確實為情況帶來了一些阻礙。但大多數問題正在解決。我們預計，隨著本季的結束，產量將逐步提高。

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.

如果我們考慮到客戶的需求，我們已經討論過訂單量達到了歷史最高水平，也討論過積壓訂單不斷增加的情況。我們並不打算改變對客戶的交付承諾。相反，我們正在努力擴大供應管道，隨著更多關鍵零件的到貨，我們將開始逐步減少積壓訂單。我們也已經介紹了第四季的計劃。

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.

展望第三季度之後和第四季度，我們預計收入將逐步成長。因此，客戶承諾不會改變。隨著供應鏈的逐步恢復，我們將努力提升業績，目前與供應商的合作已取得顯著進展。

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.，我是Gary。是的。我想補充的是，就客戶可見性而言，情況比以往任何時候都好。我們很多客戶都與他們的客戶簽訂了長期合約。因此，很遺憾，我們目前的訂單已經排到了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.

正如布萊斯所說，我們確實在努力優化供應鏈，以縮短客戶的交貨時間。這是我們的首要任務。但我認為，我們的可視性已經顯著提升。事實上，我們與客戶就可視性問題進行的溝通也比以往任何時候都更加深入。

Our next question comes from Stacy Rasgon with Bernstein Research.

下一個問題來自伯恩斯坦研究公司的史黛西·拉斯貢。

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?

我想問一下訂單積壓情況。您說訂單積壓情況良好。目前的訂單積壓量是否達到了歷史最高水準？或者說，過去幾季的訂單積壓量是否比現在更高？

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.

我知道您提到過——顯然，您已經發布了一些工具。它們缺少一些模組。那麼，您積壓的待開發專案中，有多少收入可能來自已經發布但尚未完成最終模組的工具？我想了解的是，目前待開發專案有多少，以及其中有多少已經真正完成。

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，謝謝你的提問。關於第一個問題，我們並沒有——實際上我們看到積壓訂單還在持續成長。這種情況在過去幾個季度一直持續。我們並不為此感到高興。我們正在努力擴大產能，加快供貨速度，並盡快減少積壓訂單。但目前，我們仍然有超過兩個季度的積壓訂單需要處理。

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.

至於缺少的模組，我們不會具體說明每個季度之間的積壓情況，但您理解的趨勢是正確的。我們正在交付一些工具，但這些工具缺少一到兩個組件，供會計和投資者使用。在這些工具完成之前，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，在本季度，我們會努力完成所有已交付給客戶的工具。目前還有一些工具尚未完成，我們尚未確認這些工具的收入。這些收入將計入下一季度，待關鍵零件到位後確認。這不會造成太大的積壓，我也不認為這能算是下一季的先發優勢。

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.

在展望下一季業績時，我們已經仔細規劃了供應鏈中的所有物資供應，以及它們將如何幫助我們完成現場所需的機器組裝和本季的訂單。因此，雖然存在一定的供應缺口，但並不算太大。謝謝你的提問。

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

下一個問題來自美國銀行的維韋克·阿亞。

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?

我認為您量化了1.5億美元。如果我沒理解錯的話，這是第二季半導體系統需求和產量的比較數據。我希望您能提供第三季的增幅。鑑於貴公司財年已經過半，我們該如何看待今年WFE（晶圓廠設備）的最低銷售額？是接近900億美元而不是1000億美元嗎？或者假設即使在第四季度供應情況也沒有顯著改善，那麼實際數字會有所不同？

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，謝謝你的提問，Vivek。關於本季的未償債務或負債總額，約1.5億美元，這個數字沒錯。我們認為，如果——這主要是指四月份的封鎖措施——它對我們本季最後一個月的業績造成了衝擊。我們有很多項目都在最後一個月進行，所以它確實給我們的供應鏈帶來了一定的壓力。我們認為，如果沒有這些影響，我們本來可以超越預期。

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.

當我們展望第三季時，我們已經將所有關鍵要素納入了規劃。我想強調的是，我們目前的預測取決於工廠和供應商工廠能夠持續復工復產、人員配備到位，以及該地區的運輸通道能夠持續暢通。我們掌握了相關資訊，制定了產能爬坡計畫和產品計畫。因此，我們的預測正是基於這些基礎。所以，在考慮第三季業績預期時，我認為我們已經盡了最大努力。

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.

我們的產能和需求都遠高於我們對第三季的預期。所以，您看到的預測實際上是根據供應鏈恢復的速度而定的。正因如此，我們預期第四季（目前暫且這麼說）會逐步改善，具體情況還要觀察本季的進展。

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.

最後，關於WFE（全球工廠出口）。我們目前的增速基本上保持不變。您可以看看我們過去幾季的數據，就會發現一直保持著這個速度。您知道，去年的WFE是870億美元。而現在，以目前的成長速度來看，WFE大概在90億美元左右。我們認為這已經是最低水準了，因為如您所知，我們仍在不斷接到訂單，積壓訂單也很多。所以，現在的關鍵在於，隨著供應鏈在第四季和第一季逐步恢復，我們能夠將產能提升多少。

Our next question comes from Mark Lipacis with Jefferies.

下一個問題來自傑富瑞集團的馬克·利帕西斯。

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－我記得你說過你正在與供應商建立更緊密的合作關係。布萊斯，你用了一個我不太熟悉的字—「打開供應管道」。我想請你解釋一下，「打開供應管道」是什麼意思？它如何幫助你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，你剛才提到要和供應商建立更緊密的關係，我的理解是，你們也需要建立子系統，這樣一來，你們就有了供應商，而你們的供應商又有自己的供應商。我想請你詳細解釋一下。例如，這種模式在機制上是如何幫助你們避免未來再次陷入目前這種困境的？

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。我是布萊斯。關於你提到的「打開局面」這個概念，我簡單說幾句。我的想法是，看看我們的庫存狀況，我們的庫存比上季增加了5億美元。我們的產能很高，比我們目前的營運水準還要高。而且我們的積壓訂單也很多。所以在我看來，我們已經做好了快速成長的準備。我們現在需要做的就是讓關鍵零件的供應鏈恢復運作。我們需要提高上海工廠的產能，打通供應鏈，並保持這種勢頭。

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，想像噴嘴或軟管之類的東西的開口，更快地打開它，這樣我們就能真正執行我們準備執行的操作。我認為，從我們未來的庫存情況來看，這一點體現得最為明顯。

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，我們現在最大的改變可能是供應鏈的多層級可視性。在此之前，我們從未真正關注過供應鏈深處的晶片和組件。

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.

所以現在我們有了這種可見性，而且我們最大的客戶也提供了非常強大的快速支援來彌補這些差距。但坦白說，這些差距仍然存在。我們在3月28日開始的疫情封鎖期間就遇到了這種情況：我們的一位大客戶已經完成了晶圓的生產，並在該地區進行了封裝。在此之前，我們根本不會知道這些晶圓會運往該地區。

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.

但令我感到鼓舞的是，我們與這些供應商建立了良好的合作關係，我們也不斷拓展與這些供應商的合作規劃。我們各個業務部門都非常重視供應鏈，並投入了大量的工程資源。

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.

所以，在過去幾個月裡，我們在解決一些根本性的瓶頸問題上確實取得了巨大的進展。但由於3月28日開始，我們的一些供應商因新冠疫情而停工，這些進步目前還看不到。這種情況持續了好幾週，工廠幾乎空無一人。即使到了今天，部分供應商的工廠復工率也遠低於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，這種多層次的可視性顯著提升。我們集中投入的工程實力，以及與供應商共同解決問題的方式，真的非常棒。我們得到了巨大的支持，真正實現了共同解決問題。我非常感謝所有供應商的專注和付出。

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。正如布萊斯所說，目前最大的不確定因素是新冠疫情封鎖，封鎖何時解除才是真正限制我們逐步改進的關鍵因素。

Our next question comes from Krish Sankar with Cowen.

下一個問題來自 Cowen 公司的 Krish Sankar。

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.

恭喜布萊斯榮升新職。我有一個關於全局的問題想問加里。加里，很明顯，需求一直很強勁，而你們長期以來都面臨供應不足的問題。過去九個月左右，這似乎一直是半成品和半市值公司普遍面臨的問題。

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?

現在我們假設，為了方便討論，假設需求在2023年確實放緩。 Gary，根據你的經驗，你認為這會先影響WFE的哪些方面？是成熟節點嗎？是中國市場嗎？是內存WFE嗎？還是其他方面？

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.

Krish，謝謝你的評論。我是Brice。我先試著說說，看看Gary有沒有什麼補充。首先我想說明一點，以防有人剛加入但還沒了解狀況。目前的情況是，我們每季的訂單量都在增加，積壓訂單也越來越多。我們的客戶打電話來催促我們加快進度，客戶的客戶也打電話來催促我們加快進度。

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.

至於利用率，我們之前在電話會議中討論過，Gary 在他的概述中也提到過。我們關注的是整個產業所有應用領域的設備利用率，包括記憶體、晶圓代工、ICAPS 等等。我們發現利用率達到了歷史新高。

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.

回到你的問題，你問如果環境發生變化，我們會從哪些方面看到改變。我們認為首先會改變的是新訂單減少。而我們現在的新訂單量如此之高，說明客戶不僅在嘗試重新安排訂單或自行考慮不同的送貨時間，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.

其次，我們可能會從一些討論中看出端倪，例如消費者需求可能下降，企業需求也可能減少。但實際上，晶圓開工量也應該反映出這種趨勢，而我們目前並沒有看到任何相關訊號。所以，我們沒有收到任何此類訊號。但要直接回答這個問題，我們首先應該從新訂單放緩中看出端倪。我認為這才是我們應該先看到的跡象。但目前我們還沒有看到這種情況。

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，克里什，我是加里。我想補充的是，我與許多不同的執行長進行過多次對話。實際上，這些對話的重點在於供應。在許多情況下，他們與客戶簽訂了長期協議，甚至是多年協議。而首要任務是取得所有客戶所需的工具，以便能夠滿足新增產能的要求。

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.

但我想說，與我過去所見不同的是，我現在有機會接觸到我們一些客戶的客戶。他們詳細地描述了他們對晶片內容和前沿創新方面的需求。當然，許多對話也都圍繞著整合晶片和產品服務（ICAPS）領域展開，這些客戶都簽訂了多年合同，並且彼此之間有著密切的聯繫。所以我認為這可能是最重要的一點。在我整個行業生涯中，我從未見過這種情況。

Our next question comes from Toshiya Hari with Goldman Sachs.

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?

我想問定價方面的問題，包括你們提到的一些調整的具體時間安排和調整幅度。關於時間安排，布萊斯，我猜你們預計第三財季毛利率為46%。這個數字裡是否包含了定價調整或定價的影響？如果沒有，我們是否可以預期一些利多因素會在第四財季以及2023財年顯現？

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?

接下來是關於一些價格調整的範圍，也許可以問問 Gary。當你和客戶討論這些價格調整時，我們是否應該預期你的領導力產品會主要降價，而競爭更激烈的領域降價幅度不會太大？或者客戶是否願意接受像邊緣運算和過程控制等領域的價格調整？

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，Toshiya。我就先從這方面說起。關於定價，首先我想說明的是，我們正在盡一切努力來抵銷成本方面的壓力。過去幾個季度，我們遇到了不少不利因素，而且我們的定價模式也偏離了預期。這些不利因素都與我們之前提到的一些問題有關。例如，人工和加班成本更高，原料投入成本更高，運費和加急費也更高。此外，由於我們目前無法提供所有必要的工具，產品組合也受到了一定程度的影響。

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.

我們在展望未來時，46%的毛利率預期中包含了第三季的一些價格調整。隨著這些調整獲得更多市場認可，並將與公司正在實施的成本削減措施相結合，這些調整的幅度會隨著時間的推移而增加。

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，展望第四季度，我們將重點放在改善物流、優化供應鏈，並透過一些關鍵項目的流程重組和尋找更通用的產品解決方案來降低成本。這些都是我們將採取的措施，旨在降低成本，從而幫助我們自身和我們的客戶。

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.

至於價格方面，你會看到未來幾季價格上漲，逐步提振第三季、第四季以及第一季的業績。至於專案範圍，我認為非常廣泛，這方面就讓加里來評論吧。

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，顧客對應用材料真正關注的首要問題是加速產能擴張，切實縮小供需缺口。正如Brice所提到的，這其中有許多挑戰。客戶都明白這一點。他們希望我們進行這些投資。而我們能夠幫助他們加速晶片生產的一切努力，都是我們工作的重中之重。

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.

另外，我想說的是──順便提一下5月26日的大師班，我強烈建議大家來參加。佈線創新確實是整個產業最大的瓶頸之一。而Applied公司擁有許多差異化的獨特技術，可以解決整個產業在功率和效能方面可能面臨的最大瓶頸。

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.

但很顯然，Toshiya，技術、創新和價值定價對我們的客戶來說也是推動創新和創造價值的關鍵。總之，這些都是我們客戶關注的重點。正如Brice所說，它的範圍並不局限於此。

Our next question comes from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的哈蘭‧蘇爾。

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?

鑑於您和您的同行目前面臨的供應鏈中斷和元件短缺問題，這對整個半導體產業有何影響？換句話說，晶圓代工廠和邏輯晶片製造商原本都計劃將產能擴大到一定水平，以彌補產業供需缺口。但是，由於今年和明年設備出貨延遲，產能成長速度相對於客戶目標會放緩多少？

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.

那麼在記憶體方面，例如DRAM，您認為您的客戶能否將位元容量目標提升15%到17%，或是將NAND快閃產量目標提升28%到30%？看起來這一切似乎只會延長半導體產業供需缺口的彌合時間。我知道你們對產業產能擴張有著敏銳的洞察力，並且擁有一支龐大的團隊進行監控，所以我想聽聽你們的看法。

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。我是布萊斯，我先來談談這個問題。我們認為您說的沒錯，今年的成長確實受到了限制。我們之前也討論過一個問題，那就是我們目前的產能水準與如果我們能在第四季度和第一季全面放開、加速發展，自然產能水準會是多少。

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，我們目前的產能比實際需求落後幾個季度，這也可能是整個產業普遍面臨的情況。當我們考慮需求的可持續性時，我們會研究所有終端市場，正如您所提到的，包括所有不同的ICAPS市場、邊緣裝置、前沿邏輯領域等等，也包括記憶體組件。從需求角度來看，我們看到未來一段時間內市場將持續成長。

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.

所以看起來，供應鏈狀況將決定週期的開始。這讓我們對未來充滿信心——Gary提到我們開始關注2024年的需求。我們非常有信心，隨著產能的提升，這種需求將持續到2023年，甚至延續到2024年，因為整個產業都在努力消化積壓訂單，並努力滿足實際的潛在需求。

Our next question comes from Joe Quatrochi with Wells Fargo.

下一個問題來自富國銀行的喬·夸特羅奇。

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?

我想這應該是你們連續第四個季度新增員工超過1000人了。我估計其中很多都是在公司內部生產。但半導體系統業務的收入在這段時間內顯然沒有太大變化。所以，在考慮利潤率結構時，我們應該如何看待成本吸收，或者說成本吸收的幅度，相對於你們未來幾季為提升利潤率而進行的價格調整而言？

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，謝謝你的提問。首先，關於招聘，你說得對，目前製造業的招聘量確實很大，因為現階段生產流程並不順暢，我們需要應對庫存和供應方面不太穩定的狀況。而且，為了滿足客戶需求，我們還需要加大生產力。

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.

我們在先前的電話會議中也強調過，我們正在進行多個重新設計項目，以改善部分產品的成本效益並採用替代零件。我們需要對這些產品進行重新設計和認證，這需要人力。

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.

我們也正在幫助一些供應商改善他們的供應狀況。這需要人力。當然，我們也在持續保持成長勢頭。展望WFE的未來，我們正在從創新角度推進許多項目，以延續我們的發展路線圖。

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.

所以我們會繼續沿著這條路走下去。在當前環境下是否應該這樣做確實是個值得探討的問題，但我們確實認為當前環境受到供應限制，我們會解決這些問題，並恢復到我們一直預測的增長水平。我們已經做好了充分的準備，庫存和生產能力都足以支撐這個目標的實現。

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，這是影響毛利率的不利因素之一。我列出了四個不利因素，我再重複一次：運費和加急費、人工和管理費用以及材料成本和產品組合。因此，作為這些因素之一，我們認為它們對毛利率的影響大致相當。謝謝你的提問。

Our next question comes from Timothy Arcuri with UBS.

下一個問題來自瑞銀集團的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.

布萊斯，我想請你幫我們預測今年剩餘時間的營收。你之前預測4月的營收將達到63.5億美元，你說這是三個月前的事了，我知道你當時不在公司。但公司當時表示，今年剩餘時間的營收將在此基礎上維持個位數成長。所以，以此為基準，7月的營收預計為66.5億美元，10月約為70億美元。而我們現在預計7月的營收將比預期少4億美元左右。

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，我能否把那4億美元延後到10月份，讓10月份的業績大概在700萬美元左右？我只是想請您幫我們重新規劃今年的業績，因為您已經在三個月前規劃好了。

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.

謝謝你的提問，提姆。我們先來看看本季的業績指引。我們預測本季營收將達到62.5億美元，這是因為我們仔細研究了供應鏈，了解供應商的工廠何時能夠恢復生產，供應鏈何時能夠恢復暢通，以及本季具體的交貨日期。我們能否及時收到貨物以確保本季業績達標等等。因此，我們的預測範圍略有擴大。需要注意的是，我們是基於目前掌握的最佳信息，即工廠持續加速復工復產的預期來進行預測的。所以，這其中存在著一定的風險。

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.

展望下一季度，由於第三季所有庫存都已用完，我們將不會有任何關鍵零件庫存。因此，我們認為第四季的規模將比第三季逐步擴大。

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.

所以我覺得──結合之前的討論，我們目前還無法預測第四季的狀況，這也是我們不做預測的原因之一。第四季的進度將取決於第三季供應鏈恢復的速度。我們有能力在第四季大幅提升產能。我們擁有充足的非緊缺零件庫存，可以大幅提升產能。因此，第四季度存在多種可能性。我們只需要繼續推進關鍵零件的生產，並在第三季盡可能讓工廠復工復產即可。

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.

最後我想說的是，我們目前沒有任何易腐品需求。您在考慮某個問題時，會考慮推進這個問題嗎？我絕對認為會。在這種情況下，不會有任何產品腐爛。只是第四季的供應量會根據我們供應鏈的狀況而有所波動。謝謝您的提問。

Our next question comes from Joe Moore with Morgan Stanley.

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.

您剛才提到，下一季智慧型手機顯示業務的疲軟可能會影響整體業績。能否詳細談談——看起來今年該業務的下滑幅度可能會達到兩位數。什麼因素能夠扭轉這一局面，使其重回成長軌道？僅僅是智慧型手機嗎？還是說，從應用或技術角度來看，有什麼因素能夠推動該業務未來的成長？

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

謝謝，喬。我是布萊斯。我先來，也許加里會就長遠發展發表一些看法。

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.

所以，這是我們目前為止在業務中唯一一個感受到消費者需求變化影響的領域。因此，未來幾季顯示器市場的前景無疑會疲軟，這與智慧型手機、個人電腦、電視等領域的疲軟表現大致相符。

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，我們正在從支出角度調整業務規模，以確保我們能夠提供過去幾年一直提供的現金回報，並且仍然能夠讓我們做好準備，隨著需求的回升和一些新應用的出現而發展壯大。

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.

因此，在接下來的幾個季度裡，您會看到我們做出這些調整。營收數字會下降，但投資報酬率仍然會很高。最後一點是，我們大部分的投資都集中在這個業務上。所以我們能夠為客戶提供服務，並有效利用現有的投資。

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，這是一家現金流良好、現金回報豐厚的企業，這就是我們的看法。這也讓我們能夠因應一些新應用程式帶來的新需求。加里，你有什麼要補充的嗎？

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，謝謝你的提問。正如你所說，今年兩位數的成長率可能會比往年下降約10%。正如布萊斯所說，我們確實調整了支出規模，也進行了許多投資。

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.

如您所知，我們在所涉足的市場領域擁有非常高的市場份額。但正如我們在投資者會議上所討論的，我們致力於從這項業務中獲得自由現金流。因此，正如布萊斯所說，即使在較低的水平上，我們也能夠實現類似的自由現金流。

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.

我認為，展望2023年，就目前市場走向而言，我們並不認為市場會走強。隨著正在進行的調整，我們將能夠繼續保持類似的自由現金流水準。這項業務實際上是將半導體沉積技術應用於更大尺寸的面板。

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.

還有一點對我們來說也是協同效應。如果你看看先進包裝的發展路線圖，你會發現，隨著基材尺寸的增大，相關的技術和顯示技術將從長遠來看鞏固我們在包裝領域的強大地位。

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.

所以這方面存在協同效應。這是一個自由現金流良好的業務。從長遠來看，一旦OLED技術的一些障礙得到解決，我們可能會看到該市場回升。但我們預計未來幾季內不會出現這種情況。

Our next question comes from Sidney Ho with Deutsche Bank.

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的，第二季AGS的收入超出了您的預期。我很感謝您在準備好的發言稿中披露的所有指標。但考慮到上個季度，您提到供應限制影響了200毫米產品線。您能否談談是什麼因素推動了這項成長？

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?

另外，您之前曾預測AGS在2022財年將達到兩位數低成長。現在情況有改變嗎？您能否談談新冠疫情封鎖措施可能對AGS造成的風險？

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

是的。還有，接線員，這是我們時間範圍內最後一個問題了，請您知悉。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，謝謝你的提問。是的，關於服務業務－謝謝你的提問。我認為需要指出的是，該業務環比增長了5%，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.

我們的投資者可能也知道，將越來越多的服務業務轉移到訂閱模式一直是我們策略的關鍵部分，因為這對我們的客戶更有利，也讓我們能夠更好地進行規劃，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.

所以，當我們考慮我們為該業務提供的指標時，會發現該業務組合越來越強勁。而當我們看到該業務其他部分的供應限制時，我們並不感到意外，因為該業務的架構使其經常性收入具有較低的波動性，或者說對其他業務的變化具有一定的抵抗力。

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.

推動業績成長的真正原因是整個生態系統的高利用率。這項業務仍包含交易環節。當我們談到200毫米、300毫米以及所有不同產品類型的使用率時，正如我們之前提到的，都達到了92%、93%、94%的歷史新高。這帶動了整個生態系的備件、零件和服務組件的需求。因此，這正是本季業績強勁成長的真正原因。如果我們有更多供應，業績還會更高，但我們正在努力解決這個問題。

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.

最後一點是關於新冠疫​​情封鎖的影響，我想這與供應有關。所以我們確實認為第二季的業務本來可以更強勁。我們本可以在零件業務方面提供更多服務。但這仍然是我們的首要任務，我們正在努力改進，並展望未來。

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，我是加里。還有一點要補充。推動我們訂閱收入成長的因素之一是訂閱服務。我們的客戶非常注重提高產量。所以我們提供零件管理服務。我可以告訴你，很多使用這些服務的客戶都非常滿意。

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.

他們沒有晶片短缺，而且正在提高晶片產量。我們提供管理服務來提高良率並優化生產效率，從而獲得優質晶片。這是我們客戶需求非常旺盛的另一個面向。順便一提，由於我們需要支援這些服務，因此也導致了員工人數的增加。

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.

此外，還有產能提升服務，也就是產能加速服務。正如我在事先準備好的發言稿中提到的，對我們許多客戶來說，產能提升需要數月時間。因此，我們每週都致力於加快這些工具投入晶片生產所需的時間。

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，有許多服務正在提高我們的訂閱率，增加我們的訂閱收入。再說一遍，這其實也符合大家都在努力盡快推出優質產品的理念。

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

太好了。謝謝加里，也謝謝西德尼。布萊斯，你能否就今天的電話會議做個總結？

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.

當然。謝謝邁克。感謝各位的參與。今天的重要訊息是：需求非常強勁，而且可持續。我們致力於提高毛利率，並堅持我們的長期發展模式。我們每天都在努力改善供應狀況。我還想說，我非常期待與一些投資者見面。我將出席在舊金山舉行的美國銀行會議，我對此充滿期待。加里將在兩週後出席在紐約舉行的伯恩斯坦會議。感謝各位的參與。

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。謝謝布萊斯，也謝謝各位今天參加我們的電話會議。本次電話會議的錄音將於太平洋時間今天下午5點前發佈在我們的網站上。感謝您一直以來對應用材料公司的關注。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。