Applied Materials Inc (NASDAQ:AMAT) Q3 2020 Earnings Conference Call - Final Transcript
Aug 13, 2020 • 04:30 pm ET
Welcome to the Applied Materials Earnings Conference Call. [Operator Instructions]
I would now like to turn the conference over to Michael Sullivan, Corporate Vice President. Please go ahead, sir.
Good afternoon, and thank you for joining Applied's Third Quarter of Fiscal 2020 Earnings Call. Joining me today 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 presentation materials, which are all 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 E. Dickerson
Thanks, Mike. This time last quarter, I started the call by outlining the steps we were taking inside Applied Materials to navigate the COVID-19 pandemic. Our actions have been guided by two key principles. First, maintaining the trust of our employees, customers, suppliers and partners; and second, focusing on strategic initiatives that will allow us to emerge stronger over the longer-term.
Today, I'm pleased to report that both our manufacturing operations and R&D labs are running smoothly at pre-COVID levels of productivity. I'd like to acknowledge the exceptional contributions, resilience and creativity of our employees and suppliers who have rapidly adapted to new ways of working to deliver this quarter's outstanding results. A few weeks ago at SEMICON West, I outlined Applied's vision for the next decade. I talked about the critical role semiconductors will play in shaping a better future for everyone, the advances in technology needed to unlock the potential of artificial intelligence and how materials engineering will enable the industry's new PPACt playbook, to advance power, performance, area, cost and time-to-market.
I also announced Applied's new 10-year goals and roadmap for environmental sustainability, which is part of our commitment to grow our business responsibly and make possible a better future. Having covered our long-term perspective in detail at that event, today, I'm going to focus my comments on current market dynamics and provide additional insights into our product portfolio and business momentum.
Starting with the market environment, we remain mindful of global economic concerns and that consumer spending is a potential headwind for many sectors, including the electronics industry. With that said, demand for semiconductors has strengthened over recent months. As the world adapts to the challenges created by the pandemic, several major technology inflections are being accelerated. Work from home, home schooling and online retail are driving investments in cloud data centers and communications infrastructure. Many organizations are building stronger business continuity plans and increasing the use of automation and IoT technologies. And because AI has the potential to transform entire industries, its adoption remains non-discretionary for