Applied Materials, Inc. (NASDAQ:AMAT) Q1 2024 Earnings Conference Call February 15, 2024 4:30 PM ET

Company Participants

Michael Sullivan – Corporate Vice President

Gary Dickerson – President and Chief Executive Officer

Brice Hill – Chief Financial Officer

Conference Call Participants

Stacy Rasgon – Bernstein Research

Vivek Arya – Bank of America

CJ Muse – Cantor Fitzgerald

Chris Caso – Wolfe Research

Krish Sankar – TD Cowen

Atif Malik – Citi

Srini Pajjuri – Raymond James

Toshiya Hari – Goldman Sachs

Harlan Sur – JPMorgan

Joe Quatrochi – Wells Fargo

Timothy Arcuri – UBS

Joseph Moore – Morgan Stanley

Brian Chin – Stifel

Charles Shi – Needham & Company

Thomas O’Malley – Barclays

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 First Quarter of Fiscal 2024 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-K filing 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 our website at ir.appliedmaterials.com.

Before we begin, I have a calendar announcement. On Monday evening, February 26, Applied will host a panel at the SPIE Advanced Lithography and Patterning Conference in San Jose. Joining us will be leading experts from NVIDIA, Intel, imec and Siemens EDA. We’ll also have demo stations with several new products and technologies, we’ll be introducing at the event. There won’t be a webcast, so we hope you’ll join us in San Jose.

And with that introduction, I’d like to turn the call over to Gary Dickerson.

Gary Dickerson

Thank you, Mike. Applied Materials made a strong start to fiscal 2024 with first quarter revenue in the high end of our guidance and earnings that exceeded our guided range. Our inflection-focused innovation strategy is delivering results. We have outperformed our markets for five consecutive years and believe we are in a great position as customers transition major new chip innovations to high-volume production over the next several years. The breadth of our technology capabilities, combined with our deep customer relationships, allows us to see inflections early and accelerate key technology innovations that are critical to scaling AI, IoT, electric vehicles and renewable energy. We have reshaped and expanded our portfolio of solutions that enable next-generation transistors, new interconnect schemes, including backside power delivery, high-performance DRAM including high bandwidth memory, and specialty applications in the ICAPS market.