Applied Materials
Q3 2022 Earnings Call
Aug 18, 2022, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the Applied Materials earnings conference call. [Operator instructions] I will now turn the conference over to Michael Sullivan, corporate vice president. Please go ahead, sir.
Michael Sullivan -- Corporate Vice President
Good afternoon, everyone, and thank you for joining Applied's third quarter of fiscal 2022 earnings call. Joining me are Gary Dickerson, our president and CEO, and Brice Hill, 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. Before we begin, I have a calendar announcement. Applied plans to host our services master class five weeks from today on Thursday, May 26, at 9:00 Pacific Time.
We'll describe the market opportunity for our services business, explain why 87% of AGS revenue is truly recurring, and give you the growth formula for the business through our 2024 financial model horizon and beyond. We hope you'll join team members of our global services team for presentations and Q&A. And now I'd like to turn the call over to Gary Dickerson.
Gary Dickerson -- President and Chief Executive Officer
Thank you, Mike. In our third fiscal quarter, Applied Materials delivered results at the high end of our guidance range and record quarterly revenues. The actions we've been taking to mitigate supply chain challenges are beginning to have an impact, and we expect steady incremental improvements from here. Resolving supply issues has required new levels of collaboration between our global teams, suppliers and customers.
While all of this hard work is yielding results, global supply chains remain stretched. Demand for Applied's products is still higher than our ability to fulfill it, and our backlog continues to grow. In addition, our relentless focus on meeting customers' needs in this very difficult environment has created margin headwinds that we're working hard to overcome. We're driving actions to reduce costs and improve value capture, including price adjustments.