Applied Materials, Inc. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter and Full-Year Performance Highlights

  • Record quarterly revenue and record non-GAAP EPS of $1.25, up 56% year-over-year.
  • Full-year revenue up 18% and EPS up 37% versus FY2019.
  • Operating cash flow reached $1.3 billion in Q4, up 59% year-over-year; full-year operating cash flow a record $3.8 billion.
  • Backlog ended the year at $6.7 billion, the highest ever for the company.
  • Semi Systems revenue grew 26% year-over-year for FY2020; AGS (services) also delivered record revenues.

Business Segment Highlights

  • Semi Systems:
    • Record revenue in Q4; expected to grow another 12% in Q1 FY2021.
    • Metals deposition revenue grew 42% year-over-year to nearly $2.2 billion.
    • Etch revenue up nearly 30% year-over-year with record performance; strong DRAM and foundry/logic wins.
    • Inspection systems revenue up 46% year-over-year driven by new optical and e-beam products.
  • Advanced Packaging:
    • Record $500 million revenue in FY2020, up 20% year-over-year.
    • Strong momentum in hybrid bonding, wafer-level packaging, and integrated solutions.
  • AGS (Services):
    • Record revenue for both the quarter and year.

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Operator: Welcome to the Applied Materials earnings conference call. During the presentation, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in a question-and-answer session. I would now like to turn the conference over to Michael Sullivan, Corporate Vice President. Please go ahead, sir. Michael Sullivan: Good afternoon, everyone. And thank you for joining Applied’s Fourth Quarter of Fiscal 2020 Earnings Call. Joining me are Gary Dickerson, our President and CEO; and Dan Durn, our Chief Financial Officer. 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. 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. And now, I’d like to turn the call over to Gary Dickerson. Gary Dickerson: Thanks, Mike. I am very pleased to report that Applied Materials delivered record revenue in our fourth fiscal quarter and earnings hit an annualized run-rate of $5 per share for the first time. For the fiscal year, we grew revenues 18% and earnings 37% while making significant, strategic investments

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