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Applied Materials, Inc. (AMAT) Q4 2018 Earnings Conference Call Transcript
AMAT earnings call for the period ending October 31, 2018.
Motley Fool Transcription
(MFTranscription)
Nov 15, 2018 at 10:13PM
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Applied Materials, Inc. (NASDAQ:AMAT)
Q4 2018 Earnings Conference Call
Nov. 15, 2018, 4:30 p.m. ET
Prepared Remarks
Call Participants
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Prepared Remarks:
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-answer session. I would now like to turn the conference over to Michael Sullivan, Corporate Vice President. Please go ahead, sir.
Michael Sullivan -- Corporate Vice President, Investor Relations
Good afternoon. We appreciate you joining us for our fourth quarter of fiscal 2018 earnings call, which is being recorded. Joining me are Gary Dickerson, our President and CEO; and Dan Durn, our Chief Financial Officer.
Before we begin, let me remind you that today's call contains forward-looking statements, including Applied's current view of its industries, performance, products, share positions, and business outlook. These statements are subject to risks and uncertainties that could cause actual results to differ materially and are not guarantees of future performance. Information concerning these risks and uncertainties is contained in Applied's most recent Form 10-Q and 8-K filings with the SEC. All forward-looking statements are based on management's estimates, projections, and assumptions as of November 15, 2018, and Applied assumes no obligation to update them.
Today's call also includes non-GAAP financial measures. Reconciliations to GAAP measures are contained in today's earnings press release and in our reconciliation slides, which are available on the Investor Relations page of our website at appliedmaterials.com. And now I'd like to turn the call over to Gary Dickerson.
Gary E. Dickerson -- President and Chief Executive Officer
Thanks, Mike. In our fourth fiscal quarter, Applied Materials posted solid results in line with our guidance. Despite challenging market conditions in the second half of the year, each of our major businesses delivered double-digit growth in fiscal 2018. This would not have been possible without the hard work and dedication of our employees around the world, and I would like to thank them for all their contributions over the past year.
While we expect market headwinds to continue in the near term, we're not seeing the large fluctuations that characterize the semiconductor and display equipment industries in the past. At the same time, we are demonstrating that we have built a more resilient company with diversified revenue streams that can execute well in a range of market conditions. Looking further ahead, we are confident that longer-term growth drivers in both semiconductor and display remain firmly in place, and will continue to create great opportunities for Applied.
During the call today, I'll start with our perspective on near-term market dynamics, then I'll summarize Applied's performance and priorities, and finish by talking about the future growth drivers reshaping our industry and describing the company's strategy and investments to address the evolving needs of our customers and the substantial opportunities ahead.
Over the past several years, I've shared my perspective that the wafer fab equipment industry has fundamentally changed. Today, it is structurally larger and less volatile than it was in the past. These changes are due to increasingly diverse market drivers spanning consumer, enterprise, and industrial applications. In recent months, however, we've seen several factors negatively impacting industry spending. These include elevated macroeconomic risks, global trade tensions, and specific to our industry, a pullback in memory investments.
Recent commentary by memory makers has painted a consistent picture. Overall demand in the server, PC, and mobile markets is weaker than it was earlier in the year, and memory prices are softening in the near term. Our customers tell us they expect demand to pick up, and pricing to stabilize in the second half of 2019. I believe the pullback in memory spending we're going through today is different from the down cycles of the past. There are several reasons for this. Supply and demand are relatively well balanced. Customers' investments in capacity are rational and disciplined, and the overall economics of the memory industry remain healthy.
In foundry and logic, overall spending levels are strong, as customers optimize capacity at the current nodes, while concurrently pushing forward the leading edge. After a long time in develop, the first EUV tools are expected to enter volume production in 2019. To support the initial adoption of EUV, we are seeing additional investments in these long lead time systems in 2018 and 2019, creating share headwinds for Applied during this period. In aggregate, even with the current challenges I've just described, overall, wafer fab equipment spending remains at consistently high levels. We still believe that 2018 and 2019 combined spending will be around $100 billion. Relative to our prior view, we now see '18 as slightly higher than '19.
While were are cognizant of macroeconomic and global trade factors, our long-term perspective on major technology trends is unchanged. Fundamental growth drivers are firmly in place as more industries are becoming increasingly dependent on technology, data, and specifically silicon to define their futures. One of the things that distinguishes Applied from our peers is our broad technology base and the diversity of our products. This provides us with a platform for future growth, and the flexibility to deliver solid financial performance in a variety of market conditions.
Although our first fiscal quarter will be down sequentially and year-on-year, we will deliver performance that is approximately equivalent to our average quarterly run rate in 2017, when spending patterns were much more favorable for Applied. This is because we've been building out our product portfolio to better address major technology inflections. For example, we've significantly improved our position in memory, adding nearly 10 points of market share in the past 5 years. At the same time, we've scaled our service business at a 15% compound annual growth rate over the past 4 years, with plenty of headroom for further expansion.
Additionally, we've grown our display business at more than 25% compound annual growth over the past 6 years. While our display growth trajectory may not be linear and, as we previously stated, revenues could be down around 20% in 2019, I feel very good about our future opportunities. Across the company, we're taking a long-term perspective, and we continue to prioritize our spending toward R&D to enable major technology inflections for our customers and drive our long-term growth strategy.
I strongly believe that over the next decade, AI and big data will transform almost every sector of the economy, and at the foundation of those changes are electronics and semiconductors. Enabling this AI-big data future will require new types of computing at the edge and in the cloud, lower cost, lower power chips, and abundant storage. As classic Moore's Law scaling slows down, the semiconductor industry's traditional playbook is not providing the necessary improvements in power, performance, area, and cost.
As a result, a new playbook is needed, which includes the development of entirely new chip architectures, new 3D structures within the chip, the integration of new, exotic materials, new ways to shrink feature geometries, including EUV lithography and self-aligned patterning, and advanced package techniques to connect chips together in new ways. All five of these areas require major advances in materials engineering, and create a wealth of opportunity for Applied. As a result, we are evolving our strategy and making investments to position the company to play a larger and more valuable role in the AI-big data era.
We are creating new and unique capabilities for the industry, and developing entirely new types of products. Earlier today, we announced plans for our new materials engineering technology accelerator or META Center, which is expected to open in 2019 in New York. The META Center will extend the capabilities of our META and Technology Center in Silicon Valley, to address the ecosystem's growing need to accelerate innovation from materials to systems. This expansion of our R&D infrastructure will allow us to work with system architects, chip designers, and the manufacturing community in new ways. It's designed to support new types of collaborations, from early prototyping to rapid transfer of new technologies from lab to fab.
We're already seeing strong pull for earlier and deeper customer engagements, especially for new, integrated material solutions where we can combine multiple processes together, often within a single system. We are bringing together our broad portfolio of technologies and our ability to understand the interaction between materials creation, materials removal, and materials modification to address our customers' increasingly complex integration challenges. I'm excited about the value we can create at current, future, and trailing nodes.
Before I hand the call over to Dan, let me quickly summarize. While the industry is navigating near-term headwinds, spending remains robust. We believe this demonstrates that wafer fab equipment is structurally larger and less cyclical than in the past. Although the current spending pattern within wafer fab equipment do not play to Applied's strengths, we are still delivering strong financial performance thanks to the breadth of our product portfolio. We remain focused on positioning the company for the long term, expanding our role in the AI-big data era, and winning the major technology inflections ahead. Now, I'll turn the call over to Dan.
Dan Durn -- Senior Vice President, Chief Financial Officer
Thanks, Gary. I'd also like to thank the teams for delivering record revenue and operating profit in fiscal 2018. Today, I'll share my perspective on our industry outlook, then summarize our Q4 financial results, provide our Q1 business outlook, and discuss the growth investments we're making in upstate New York.
As Gary said, overall industry demand is weaker today than in the first half of 2018, and we expect our first quarter results to be lower sequentially. Our guidance includes the impact of a recent export restriction. Without this, we would've guided our semiconductor revenue to be higher sequentially. While we're not ready to call the bottom of the current cycle, we are optimistic that we're not going to see the same kind of volatility we saw in the past as an industry or as a company.
Our semi-equipment guidance for Q1 implies annualized WFE in the mid-$40 billion range. It's important to note that this is about $10 billion higher than in all of the years prior to the current cycle, and it reinforces our positive industry thesis, which is based on three core beliefs. First, we see a large market for PCs and mobile devices, plus the emergence of a big wave of new demand drivers related to AI and big data. Second, we believe that after a long downtrend, capital equipment intensity has stabilized. And third, our customers are more profitable, and taking proactive steps to keep supply and demand in balance.
We believe the industry is more attractive and the company is more attractive. Over the past 6 years, Applied has built a bigger, more diverse, more resilient business. In fact, in both 2017 and 2018, we delivered more than twice the operating profit of any other year in the past decade. Looking forward to 2019, our customers point to an improving demand outlook in the second half of the year. Even if the shape of our recovery off of our Q1 guidance is shallower and more gradual, we believe we will generate higher earnings this fiscal year than in 2017.
Our improved profitability enables us to continue making disciplined investments in our future growth opportunities, while simultaneously delivering attractive cash returns to shareholders. Now I'll summarize our Q4 results. We delivered revenue and non-GAAP gross margin that was slightly above the midpoint of our guidance. We held non-GAAP opex below the midpoint and generated non-GAAP earnings of $0.97, just above the midpoint.
Turning the segments, semiconductor systems revenue declined by about 5% year-over-year, and was slightly below our expectation. Non-GAAP operating margin declined to 29.6%. Our global services business revenue grew by 18% year-over-year to $977 million. And non-GAAP operating margin increased to 29.7%. Our display group delivered $702 million in revenue, which was slightly above our target. Non-GAAP operating margin remained high at 29.3%.
Turning to the balance sheet, operating cash flow improved to 27% or nearly $1.1 billion. We returned $946 million to shareholders, including $751 million in buybacks. We ended the period with $5.6 billion in cash and investments on the balance sheet, and $4.3 billion remaining in our buyback authorization. We enter fiscal 2019 with a strong backlog of over $6 billion.
Next, I'll provide our Q1 guidance. We expect company revenue to be between $3.56 and $3.86 billion, within the outlook. We expect silicon systems revenue to be down by about 21% year-over-year. Services revenue should be up by about 7% year-over-year. As a reminder, Q1 of 2018 was exceptionally strong for our services business, with revenue up 30% over Q1 2017. Our display revenue should be up by about 10% year-over-year. We expect non-GAAP gross margin of around 44.6%, and non-GAAP opex of around $750 million, plus or minus $10 million. Non-GAAP earnings should be in the range of $0.75 to $0.83 per share. Our non-GAAP tax rate expectation is approximately 12%. As a reminder, this is up by nearly 6 points when compared to last year's rate.
Now I'll close by discussing the investments we're making in New York. Earlier today, Applied and the State announced plans to create one of the most advanced R&D centers in the world. The META Center will pioneer the materials, process technologies, and architectures our customers will need to overcome the industry scaling challenges. Applied is committed to investing $600 million over the first 7 years of the agreement, including both cash and in-kind contributions. Our planned investments will not raise the operating expense targets in our longer-term financial model.
New York State will invest $250 million to purchase and install tools and equipment. State funding of the META Center is subject to a variety of approvals, and we expect to secure public funding by the end of this calendar year. We intend to ramp up our activities in calendar 2019, and target pilot production in the second half of the year. The META Center will dramatically expand our capacity to collaborate with our customers, to accelerate breakthroughs in semiconductor power, performance, and cost. Now, Mike, let's begin with the Q&A.
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Thanks, Dan. Now, to help us reach as many of you as we can, please ask just one question at this time. If you have an additional question later, please poll the operator and we'll do our best to answer it later in the call. Let's please begin.
Thank you. Ladies and gentlemen, if you have a question at this time, please press * and 1. If your question has been answered please press the # key. Our first question comes from C.J. Muse from Evercore. Please go ahead.
C.J. Muse -- Evercore ISI -- Analyst
Good afternoon. Thank you for taking my question. I guess question in terms of market share and positioning. So you talked about EUV as a likely headwind into '19, but also investments you're making in terms of technological inflection. So curious, can you kind of walk through the timing where we could see a resumption of share gains on the WFE side? And also as you think about mix in 2019, does that allow you to perhaps at least grow in line? I would love to hear your thoughts. I guess both '19, as well as inflections beyond that. Thank you.
Thanks for the question, C.J. Let me give you some color on market share. I think it's useful to think about three timeframes. What we've done, what we see today, and where we're going. When I joined Applied in 2012, we substantially shifted investment toward big inflections. As a result, in the 6 years through 2017, we held or increased share for 6 conservative years. I think we were up 5 years and flat 1. And also, we increased share in memory, where we had a big focus. So we increased our total share of memory spending by about 10 points.
So in the near term, as I talked about in the prepared remarks, 2018 we're gaining or holding share in the vast majority of our businesses, but we also see rapid growth in EUV and also in other markets where we don't compete. So as a result, we do expect our share to decline in 2018. After many years of development, we expect to see the first EUV tools used in production beginning in 2019. Those tools have very long lead times, and to support the initial adoption, we expect high spending in 2018 and 2019, creating a mix headwind for our overall WFE share.
Of course, those long lead time shipments also are a positive indicator for our future business. Another think you talked, C.J., about mix, another improvement near-term factor to think about is 3D NAND spending. Once that recovers, the mix will become a lot more favorable for us. Then the last thing is over the longer term, over the last couple of months, I've spent time with many customers and still believe that the industry needs a new playbook beyond 2D scaling. I deeply believe that Applied is in the best position to enable this new playbook. I heard this from all of the customers I met over the last couple of months.
We've all seen classic Moore's Law scaling slowing. All the customers in the industry want more ways to drive PPAC -- Power, Performance, Area, and Cost. So as we've communicated before, we're driving a new playbook that includes five different techniques that I've been talking about, including developing entirely new chip architectures, new 3D structures with in the chip, the integration of new materials, new ways to shrink, including EUV and self-aligned patterning, and advanced package techniques to connect chips together in new ways.
All five of those areas require major advances in materials engineering, and create great growth opportunities for Applied. As a result of that, we're creating new and unique capabilities for the industry, investing in the META Center to accelerate materials to systems where there's tremendous value, and developing entirely new types of products to move the needle for our customers and for Applied.
Yeah, fair to say the mix is hard to predict right now, C.J. So it'll depend on what happens in '19, '20 in terms of things like 3D NAND, like Gary said. So I think we'll stay tuned on trying to make that prediction this early in the year. Thanks.
Thank you. Our next question comes from Atif Malik from Citigroup. Please go ahead.
Atif Malik -- Citigroup -- Analyst
Hi, thanks for taking my question. Gary, I have a question for you on display. Can you talk about the puts and takes for your down 20% display outlook next year? We hear LG and Samsung ramping and converting capacity on Gen-8 OLED TVs with some weakness on flexible Gen-6 lines. Also, you guys launched a couple of new products at OLED World Summit, [inaudible], so just your thoughts on display market next year?
Thanks for the question, Atif. I'm happy to give you color on our display business. As we've said before, we've grown display a tremendous amount over the last 6 years. It's about 25% compound annual growth rate. For 2019, we've talked about the business declining in the range of 15% to 20%. Given the elevated risk, I believe we're likely to be at the low end of that range.
So then if you go in to the different segments, in the TV segment, I continue to expect our customers will transition to Gen-10.5 technology because it's strategically important for them to deliver lower cost for large-screen TVs. As we previously communicated, with Gen-10.5 panels, you can produce 8 65" TVs and you only get 3 on a Gen-8.5 panel. So for large-screen TVs, it is strategically compelling to move to those larger panel sizes. In recent discussions with customers, we don't see any change in customers' plans.
In the smartphone area, demand is going to be flat year-over-year, but we continue to see OLED as the best technology for the future for a number of different reasons. We believe that OLED will recover as more suppliers are able to produce at a higher yield. So overall, we see a lot of good opportunities that continue to drive our display business, despite 2019 for the first time in I think 7 years seeing a decline in the business.
Thanks, Atif.
Thank you. Our next question comes from Pierre Ferragu from New Street Research. Please go ahead.
Pierre Ferragu -- New Street Research -- Analyst
Thank you for taking my question. Gary, I have a question for you, a follow-up on your comments about share movement and EUV. And I have a quick follow-up for that. So, I'm trying to reconcile what you just described and that makes sense that EUV is ramping, you're losing share in that context, but you're expecting to regain share when you bring [inaudible] with EUV lithography. But at the same time, in the last few weeks, I heard like TSMC, I mean reiterating that say that's all for longer, so a large player, that they don't expect capex to grow significantly. Then your peer, ASNL, is saying the same, and so does that mean you have a different perspective? Do you think overall capex is going to continue to grow in foundry significantly and even grow faster than revenues?
Yeah, thanks for the question. I think our perspective longer term, Pierre, hasn't changed. I've spent many, many meetings with customers over the last couple months. We strongly believe that the industry needs a new playbook, and that all of those five techniques I talked about earlier are absolutely crucial to deliver power, performance, area, and cost needed for this big data-AI era. Now silicon and electronics are going to be at the foundation of all of those major industry transformations, changing in a profound way all the aspects of our life.
We still definitely believe that. If you look at where we need to go with 1,000 times improvement in performance per watt, you can look certainly at what we've said in the past. You can look at what other people are saying also, that talk about those five areas of focus. I deeply believe we're in a better position longer term than we've ever been. Now, certainly, there's a headwind in '18 and '19. After a long time, you have the initial adoption of long lead time EUV tools. They'll go into production for the first time in 2019. That's going to certainly provide a headwind for us in the near term.
But longer term, I definitely believe the industry's not going to get where we need to go with doing what we've done in the past. I think it's also very clear with classic Moore's Law slowing down that you have to drive this new playbook. There's tremendous value in going from materials to systems at a much faster rate. And again, everything I've heard in meetings with customers over the last couple months totally reiterates that that's the right strategy and so that's my thought.
Thanks, Pierre. I think, Pierre, you said you might've had a follow-up for Dan? I don't know that you still do. Just checking. Okay, hearing no response, let's move on.
Thank you. Our next question comes from Krish Sankar from Cowen. Please go ahead.
Krish Sankar -- Cowen & Company -- Analyst
Hi, thanks for taking my question. Gary, it looks like the view that next year the mix of WFE is going to skew more toward foundry and logic, which is memory. In that scenario, is it fair to assume that you're profitability, your margin should be better settling into foundry logic versus memory? Then a quick housekeeping for Dan. Was the impact from export control on [inaudible], was it about $100 million for you guys? Thank you.
Thanks, Krish. Let me share with you a little bit of what we're seeing around the WFE market, and then come to the profitability and the implications that has for the profitability of the company. So in the prepared comments, we talked about 2018 and 2019 combined being around $100 billion. I would say given the elevated risk profile of the environment we find ourselves in, that's our expectations around '19 have probably softened in the last three months. We now see '19 below 2018.
If I were to, and I think it's premature to be point specific on either '18, '19, or the device types, but again, to just share a little bit of what we're thinking to help shape a view of the market, 2019 feels more like 2017 than it does 2018. If I look at where we sit today in 2018 WFE, all-time high in terms of aggregate spend, and strength across each of the four device types. As I profile off of that view into '19, we would expect memory to be down and foundry logic to be up. And then if I were to rank order the four device types as we look into '19, given everything we see today, foundry would be the strongest, then followed by logic, then followed by DRAM, then followed by NAND.
In terms of profitability, I think the best way to think about our business is less about end market profiling the four device types, and more about the mix among our businesses. The more of our leadership businesses and equipment that we sell, you'll see that be a favorable segment mix, or a favorable product mix within the segment. The less leadership products we sell will certainly be a headwind from a margin perspective. So I'd look at it more as a product mix influence as opposed to end markets.
Yeah, OK, then the other part of the question was around this recent action that was directed by a particular Chinese customer. From what we see today, this feels like business as usual for the other customers in the region. And then regarding the geopolitical situation, we certainly believe in fair trade. We think it's important for the overall ecosystem to have a constructive relationship between the U.S. and China. We can't speculate on any other actions that could take place and, of course, we continuously monitor the situation, and we're going to respond appropriately. Then Dan, do you want to give color on the magnitude of the impact?
Sure, Gary. So as we think about our guide into Q1 and we think about the export action that was taken against the one specific customer, we a quarter ago were expecting our semi business to be flat to up sequentially. We guided down a bit. In the absence of this export restriction, we would've been up sequentially in our semi systems business into Q1. I would say that our revenue with that one customer in Q1 is a meaningful number. So the EPS guidance we provided into Q1 reflects a significant reduction in semiconductor revenue, along with an unfavorable mix within the product portfolio. I think that gives you a sense of the impact of that action on the one customer. I don't think we want to be more specific since the direct read through on one customer, but I think that's enough to give you a sense of what the impact to our company was in our fiscal Q1.
All right. Thanks, Krish.
Thank you. Our next question comes from John Pitzer from Credit Suisse. Please go ahead.
John Pitzer -- Credit Suisse Securities -- Analyst
Yeah, good afternoon, guys. Thanks for letting me ask a question. Gary, Dan, to the extent in your prepared comments, I think you said you're not prepared to give January guidance on bottom. I'm wondering, was that relative to the overall Applied revenue stream, the silicon business, was that a sequential comment or a year-over-year comment? I guess specifically, with the silicon business, Dan, being down over 20% year-over-year, I believe relative to your Jan. guidance, do you think that will represent a year-over-year bottom that we can start to build off of? Or how should we think about that?
Thanks, John. Let me share with you a little bit of what we're seeing in the market, and hopefully it helps provide some context and color that gets at the essence of what you're asking about. I would say based on our customer conversations, and the guidance we gave about not calling the bottom is specifically related to our semi business, because I think that's where the biggest question in the market is today. Based on the customer conversations we're having, we think that first half 2019 would likely be higher than second half 2018. But we also think given the elevated risk environment we find ourselves in -- geopolitical, trade, handsets industrials being on the weaker side, but certainly offset by decent markets in PC, comm infrastructure, cloud capex, but as a package creates an elevated risk profile. We think it's prudent to create an expectation around a shallow, gradual, U-shaped recovery of the semi business into 2019.
So for a variety of reasons, I don't think we want to put a stake in the ground and call it a definitive bottom, but we like what we see and are trying to be prudent in expectation setting.
Thanks, John.
Thank you. Our next question comes from Harlan Sur from J.P. Morgan. Please go ahead. If you have your phone on mute, please unmute your line.
Harlan Sur -- J.P. Morgan -- Analyst
Good afternoon. Thanks for taking my question. Despite the equipment ban on this China domestic DRAM that you guys are talking about here in Q1, there are these two other major programs in China. One in NAND, one in DRAM that are potentially looking to ramp next year. I think last quarter you guys said that 2019 China domestic was looking more heavily weighted toward foundry. Has your view changed in light of this activity with some of the other memory suppliers that are looking to potentially ramp both NAND and DRAM capabilities maybe starting second half of next year?
Thanks for the question, Harlan. Yeah, as I said earlier, we don't really see any change in the activities with the other customers in the region. Of course, we're going to continuously monitor that and respond to anything that we need to respond to. But one thing that may be helpful is that I give you color on our China business, how it's composed. So our display, we have a large display business in China. A little less than half of our revenue is semi systems. Roughly half of that is multi-national. The other half is domestic. For domestic, we're fairly balanced between foundry logic and memory.
When we look ahead to 2019 and beyond, consistent with what we've said before, we didn't see a hockey stick in terms of growth in the domestic market. We continue to see modest growth in the semi market going forward. I would say at least today we don't see any change in behavior with our customers. That's basically the profile of the different parts of our business, which is pretty consistent with what we've said before.
Thanks, Harlan.
Thank you. Our next question comes from Romit Shah from Nomura Instinet. Please go ahead.
Romit Shah -- Nomura Instinet -- Analyst
Yes, thank you and good afternoon. My question was on services. So services had a pretty strong year in fiscal '18. It looks like it was up about 25% year-on-year, and you're guiding it down sequentially a bit for January, if I interpret your comments correctly. My comment is, does services at some point in fiscal '19 start to track the performance of SSG in fiscal '18, and should we be cognizant of that as we model out the quarters of this coming fiscal year? Thank you.
Hi, Romit. Thanks for the question. I think the best way to think about services growth, certainly the install base is an influencer, but it's not a direct read-through. I don't think that business will directly track the following year what our systems business does the prior year. But there is a growth vector around the install base. There is a growth vector around the increasing complexity that the industry is facing and the challenges our customers are increasingly asking for help with to drive yields. The third is the strategy we have around comprehensive service agreements to get a bit more predictability in the business versus the transactional nature.
So it's a multi-vector approach and strategy to grow in the business. You point out that the company's done a great job executing that strategy. 2018 was a strong year. Our goal will be to continue to grow that business at a 15% CAGR on a go-forward basis. So it's a business we feel good about, but I don't think you can make a direct read-through based on systems in any one year.
Thank you. Our next question comes from Vivek Arya with Bank of America Merrill Lynch. Please go ahead.
Vivek Arya -- Bank of America Merrill Lynch -- Analyst
Thanks for taking my question. Danny, if I look longer term, what is your relative exposure to the smartphone market directly/indirectly versus the enterprise or data center? Because when I look over the last five years of growth in the semiconductor equipment industry, it kind of coincided with the growth of high-end smartphones. But as they are slowing down, when can the enterprise and data center be big enough to offset those declines? Do you think it is possible that WFE stays flattish for the next two to three years because of this dynamic?
Yeah, thanks, Vivek. As we take a step back from what drives WFE, if we were to go back a decade in our industry, the vast majority of WFE was narrowly focused in and around the PC platform. Since then, we've diversified into mobility compute handsets. We've got a leg in the data center. You can see big data, cloud service providers beginning to influence that. IoT is playing an increasingly large portion of semiconductor consumption, as are things like autonomous driving and industry 4.0.
It's really hard to disaggregate those long-term technology trends that are increasingly depending on silicon and consuming silicon to a direct read-through on WFE. That chain is extremely hard to disaggregate and attribute one to the other. The second thing I would say is units and handsets clearly are slowing down. Content gains are still happening. And so we do see favorable trends in that industry. What I like is the broadening of the end-market demand drivers that support our industry.
And so as you take a look at how 2017 profiled '18, and now a quick look into '19, you can see that our industry is structurally larger, even though the adjustments or headwinds in any given period or quarter are coming from different areas, you can see that diversification is serving the industry well in terms of moderating a bit of the volatility the industry has seen historically.
I would say as we roll the clock forward and we take a point of view on what we think aggregate semiconductor demand is going to be in this world, this is an industry that's $450 billion-ish today. It's going to be $600, $700, $800 billion at some point in the future. Manufacturing capacity to produce the wafers and chips that support an industry that size at those levels, it's going to be a very favorable trend for our industry. So if we were to be sitting here in 2025 talking about a $50 billion WFE, I would be extremely disappointed about that, given what we know today.
Thanks, Vivek.
Thank you. Our next question comes from Timothy Arcuri from UBS. Please go ahead.
Timothy Arcuri -- UBS Securities -- Analyst
Thanks much. Dan, I just had a question about the share repo. I think you bought back about $3.7 billion over the past six months at quite a bit higher prices than this, but you only bought back $750 million this quarter at much lower prices. So I'm just wondering what the strategy is going forward on the share repo. Thanks so much.
Thanks, Tim. What we said about our capital allocation strategy is we're going to focus our excess cash on growing the company, maintaining a strong and healthy balance sheet, and then returning excess cash to shareholders. I think what you see is us executing against that strategy. If you narrow the timeframe to any given quarter, the share repurchase may or may not be above where we trade on any given day. If we take a look at what the company's done over a long period of time in the last two decades, we've given back close to 90% of our free cash flow back to shareholders.
Our shares peak at $1.7 billion shares outstanding. Today, it's under a billion. This is something the company has done for a very long time. Not a new policy. If you look at our 3-year track record, the company has given back about $8 billion. We've repurchased almost 20% of the company at an average price of $37. And so I think over the long run, the company has been disciplined and respectful of shareholders in the way in which we manage our free cash flow.
Thanks, Tim.
Thank you. Our next question is from Toshiya Hari with Goldman Sachs. Please go ahead.
Toshiya Hari -- Goldman Sachs -- Analyst
Great. Thank you very much for taking the question. I wanted to follow up on your market share comments. You talked about headwinds given the insertion of EUV. But Gary, do you have any expectations for your positioning in the markets that you do participate in? Etch step, CMP, Epi? Is it fair to say that your competitive positioning is still improving in the markets that you actually serve? Thank you.
Thanks for the question, Toshiya. We actually in 2018 were gaining or holding share in the vast majority of our businesses where we compete today. There are markets where we don't compete. We have initiatives in those areas that where we have very strong pull from customers, and we're optimistic that over time that will provide a significant increase in business for us. The other thing I would say, probably the biggest factor longer term is this new playbook I mentioned with the five different drivers. That is really playing to the strengths, uniquely to the strengths of Applied Materials.
With the breadth of our products, all the different materials creation, materials removal, materials modification, and also the ability to combine all of these different technologies together in a single platform where you manage these interfaces, that is a really, really, really valuable capability. I met with all of our large customers in the last two, three months. Many times, people running R&D, some of the feedback I was getting was just tremendous. People saying things that they didn't think were possible relative to power, performance, area, and cost.
So those things will not play out in 2018 and not so much in 2019, but really that is the big driver for the industry. This new playbook going forward is extremely important. Applied is in a very unique position to enable those capabilities. So that's where we're investing. That's why we announced the META Center. The goal is really to drive materials to systems many times faster than we're at today. We think there's tremendous value there. Certainly that's the feedback that we're getting from customers.
Thanks, Toshiya.
Thank you. Our next question comes from Joe Moore from Morgan Stanley. Please go ahead.
Joe Moore -- Morgan Stanley -- Analyst
Great. Thank you. My question is our DRAM. It seems like your DRAM numbers year-to-date have been quite strong in terms of your sales to DRAM companies, despite the pushouts that we've seen and if we aggregate the three equipment companies who shifted to DRAM, they're all showing pretty significant strength. Up in aggregate I think over 60%. I understand capital intensity is increasing, but it didn't seem like it was inflecting that much in any one year. How's DRAM, despite even with pushouts having such a robust year, and I guess does that mean supply would accelerate next year? Anything you would tell us about the sustainability of that into '19 would be helpful. Thank you.
Thanks, Joe. As we look at our position in DRAM, it gets back to a bit of the journey that gets us to where we're at from a market share standpoint today. As Gary talked since he came into the company or when he came into the company we had one end-market that was over 20% from a market share standpoint. All others were 15% or below. The company's done a very good job diversifying across those device types to where we're almost agnostic across the device types from a market share standpoint. DRAM has been one of the beneficiaries.
The company has worked really hard with customers to deliver innovation when their roadmaps require it. It's allowed us to increase our market share with those customers. We're increasingly seeing in the periphery transistors logic-like processes being adopted to drive IO speeds on the devices. That accrues benefits to us as well in some of our higher market share businesses. The setup around DRAM going forward is a good one for us. It's been good over the last several years. As you've pointed out, we've done a good job driving market share there. We like that setup going forward as well. So we like the progress we're making in DRAM.
Then, Joe, if you're looking for the year-over-year in DRAM, we've been planning for it to be into '19, maybe not quite the 20% that we've seen. Maybe high teens to 20%. And a very good job right now for the customers. Doing very proactive supply and-demand management. Also, a lot of pull for DRAM, especially the high-speed versions in the server markets. So from the customer conversations, it feels pretty good. It feels not as tight as it was, but really proactive steps and it looks like a decent outlook for next year. We think it's still going to be a strong year.
Thank you. Our next question comes from Patrick Ho from Stifel. Please go ahead.
Patrick Ho -- Stifel Nicolaus & Co. -- Analyst
Thank you very much. Gary, maybe just to follow up on the playbook you're talking about with the five key factors on the terms of the architectures and structures within chips and continuing materials innovation. Given your strong exposure to the foundry logic segment, do you believe some of these variables will come into play at the 5 nanometer node? Or is this something that I guess past 5 nanometers and we'll see it more in the next decade?
Patrick, I think the great think about many of those drivers is they're not only for future technology nodes. You can use those -- some of those drivers can make a big difference, move the needle on current devices and also on trailing geometries. Even plainer transistors. We're seeing strong pull from customers across the board for some of those major drivers. At the AI Design Forum in July and at the Electronics Resurgence Initiative, the DARPA Conference in July, one of the examples we gave was 1,000 improvement in leaking current.
Again, many of these new technologies that we're driving can be used in trailing geometries and even current geometries. So we don't need to wait for the adoption of 3 nanometer. Certainly, some of those technologies will be targeted for leading technology nodes, but some of them can be used today.
Thanks, Patrick. Operator, I think we have time for one more question.
Thank you. Our last question comes from Sidney Ho from Deutsche Bank. Please go ahead.
Sidney Ho -- Deutsche Bank -- Analyst
Thanks for taking my question. I just want to go back to an earlier question on profitability. You guided gross margin at 44.6%. That's quite a bit lower than your fiscal '20 model of 47%. I understand it's less about end market and more about product mix between leadership and growth products, but can you explain what situations will lead you to see higher growth for your leadership products versus growth? And I would assume first half of '19 you'll see growth just a little slower because of memory spending. Display revenue is already at a lower level. Just trying to think about what the path for you to get to the fiscal '20 margin target from here? How much is driven by mix versus volume?
Thanks, Sidney. Let me try to unpack that and walk through this systematically. If there's anything I leave out, please follow up. What I would say about gross margins, we've done a good job over the last handful of years. We've increased the gross margin by about 500 basis points. Q4 gross margin in line with our guidance. As you know, actual gross margins in any given quarter are going to be a factor of several factors. There's revenue level, segment, product mix, customer mix, factory activity. All of those will vary quarter-to-quarter.
We're seeing Q1 as part of our guide sequentially lower from a revenue standpoint. AGS continues to be a growing part of the mix. We talked about an ARP transition throughout 2018 to risk mitigate customer deliveries at a point of the cycle where the supply chain was very tight. We kept an elevated level of inventory to make sure our customers needs were covered. We're going to bringing that factory activity level down over the next 3 to 4 quarters to bring that inventory more in line with the natural progression.
And so clearly there's a number of factors at play. I guess the thing I would point to the most is aggregate revenue level, and then how that revenue profiles across our various products, and among our segments are going to be the largest influencer to gross margin. The company's done a good job driving those margins historically. I wouldn't look to too much in any one given quarter. We're going to continue to work hard and make progress and continue to drive gross margins off of these levels.
Okay, great. Sidney, thanks for the question. Dan, before we close the call, anything else you'd like to add just so we wrap up on time?
Yeah, thanks, Mike. I guess I want to close with a couple thoughts. First, we all know that we're in a challenging environment. I think the company's delivered strong results in 2018. We're definitely not satisfied. We know we still have a lot of work to do. We're going to work aggressively to achieve the goals we set for the company. I guess the second thing is if we fast-forward to a year from now, when we look back at our Q1 results, they may prove to be the low point of the year, but we're not ready to call Q1 the bottom until we've collected multiple proof points across a variety of our businesses.
I think if you look at the companies and the way we've engaged in the past, many of you that follow our journey, you know our style is to be transparent. Our goal, our intent is to help you see what we see. As tough as the environment feels right now, the industry is substantially higher than it was, even compared to prior peaks. We're confident that our long-term thesis around the industry, the long-term technology trends are going to be favorable and they're firmly in place.
We also believe we've built a more resilient business, a company that is more profitable. It allows us to invest and uniquely be well positioned to drive the industry inflections that we already see on the horizon. I guess lastly, finally, I look forward to seeing many of you at the Credit Suisse conference in a couple weeks. Thanks very much.
All right. Thanks, Dan. We'd like to thank everybody for joining us today. A replay of the call will be available on our website by 5:00 p.m. Pacific Time today. We'd like to thank you for your continued interest in Applied Materials.
Thank you, ladies and gentlemen, for attending today's conference. This concludes the program. You may all disconnect. Good day.
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The winner of the category will be announced to an audience of more than 500 leading industry figures during a glamorous awards ceremony at London's Grade I-listed Tobacco Dock, not far from WTM London's ExCeL venue (Tuesday 6 November).
Geotourist's, LGBT Tour of Capitol Hill celebrates the diversity and history of the LGBT community in the Capitol Hill neighbourhood and guides visitors to points of interest using a GPS-led app.
The flexible tour was the first of its kind for the AARP and for the state of Colorado. It put the area on the map for being a friendly open place for this demographic and brought people of all creeds, backgrounds and ages together across the world.
It reflected AARP values, "empowering people to choose how they live as they age" and offered true independent travel. Bringing old stories onto a modern platform that could be accessed by all, this project allows for this history to be preserved and retold for generations to come.
With Israel already a popular and friendly destination for the LGBT tourist, the Israel Tourist Office were looking at ways to reach this audience of varying touristic tastes and compete with the emerging markets in this region. They devised an innovative marketing campaign 'two cities one break' that gave Israel the opportunity to showcase Tel Aviv and Jerusalem, two regions both different and unique.
The awards were co-chaired by Marcelo Risi, UNWTO Chief of Communications, and Nick Pilbeam, Reed Travel Exhibitions Director. Expert judges were drawn from top industry organisations including London & Partners, Euromonitor International, public relations body PRCA, Global Wellness Institute, Association of Southern African Travel Agents, and LGBT consultancy Out Now.


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Q: Is it possible to define an XSD Complex Type to validate attribute use based on the value of an enumerated attribute? The following XSD defines a complex type which can either have class="BIT" and a size, OR class="CHAR" and an encoding. The elements this type will be used for will not have any content.
<xs:complexType>
    <xs:attribute name="class">
        <xs:simpleType>
            <xs:restriction base="xs:string">
                <xs:enumeration value="CHAR"/>
                <xs:enumeration value="BIT"/>
            </xs:restriction>
        </xs:simpleType>
    </xs:attribute>
    <xs:attribute name="size" type="xs:integer" />
    <xs:attribute name="encoding" type="xs:string" />
</xs:complexType>

Is there a way I can change this complex type definition so size is required if the class is BIT or encoding is required if the class is CHAR?
The existence of the size or encoding attributes should be mutually exclusive, having an encoding for BIT or having a size for CHAR would be meaningless in the context it is being used.

A: If it is permissible to alter the schema the following should work but an explicit xsi:type attribute will be needed for elements of the base type in the XML instances of this schema. The way it works is a base type has been created with the class attribute, extended to include the size and encoding attributes, and then restricted.  Elements can be declared in the schema as the base type and instances can use the restricted types.
<!-- Base Read Mode Simple Type -->

<xs:simpleType name="MyReadModeType">
    <xs:restriction base="xs:string">
        <xs:enumeration value="CHAR"/>
        <xs:enumeration value="BIT"/>
    </xs:restriction>
</xs:simpleType>

<!-- Char Read Mode Simple Type -->

<xs:simpleType name="MyCharReadModeType">
    <xs:restriction base="tns:MyReadModeType">
        <xs:enumeration value="CHAR"/>
    </xs:restriction>
</xs:simpleType>

<!-- Bit Read Mode Simple Type -->

<xs:simpleType name="MyBitReadModeType">
    <xs:restriction base="tns:MyReadModeType">
        <xs:enumeration value="BIT"/>
    </xs:restriction>
</xs:simpleType>

<!-- Set Read Mode Base Type -->

<xs:complexType name="MySetReadModeType" abstract="true">
    <xs:attribute name="class" type="tns:MyReadModeType" />
</xs:complexType>

<!-- Set Char Mode Extension -->

<xs:complexType name="MyBaseSetCharReadModeType" abstract="true">
    <xs:complexContent>
        <xs:extension base="tns:MySetReadModeType">
            <xs:attribute name="size" type="tns:MyReadModeSizeType" use="prohibited" />
            <xs:attribute name="encoding" type="xs:string" use="required"/>
        </xs:extension>
    </xs:complexContent>
</xs:complexType>

<!-- Set Char Mode Type -->

<xs:complexType name="charMode">
    <xs:complexContent>
        <xs:restriction base="tns:MyBaseSetCharReadModeType">
            <xs:attribute name="size" type="tns:MyReadModeSizeType" use="prohibited" />
            <xs:attribute name="encoding" type="xs:string" use="required"/>
            <xs:attribute name="class" type="tns:MyCharReadModeType" use="optional" default="CHAR" />
        </xs:restriction>
    </xs:complexContent>
</xs:complexType>

<!-- Set Bit Mode Extension -->

<xs:complexType name="MyBaseSetBitReadModeType" abstract="true">
    <xs:complexContent>
        <xs:extension base="tns:MySetReadModeType">
            <xs:attribute name="size" type="tns:MyReadModeSizeType" use="required" />
            <xs:attribute name="encoding" type="xs:string" use="prohibited"/>
        </xs:extension>
    </xs:complexContent>
</xs:complexType>

<!-- Set Bit Mode Type -->

<xs:complexType name="bitMode">
    <xs:complexContent>
        <xs:restriction base="tns:MyBaseSetBitReadModeType">
            <xs:attribute name="size" type="tns:MyReadModeSizeType" use="required" />
            <xs:attribute name="encoding" type="xs:string" use="prohibited"/>
            <xs:attribute name="class" type="tns:MyBitReadModeType" use="optional" default="BIT"/>
        </xs:restriction>
    </xs:complexContent>
</xs:complexType>

redpajama_set_name: RedPajamaStackExchange


text:
FILE - In this Jan. 8, 2020, file photo, protesters of President Donald Trump's military action in Iraq gather across the Chicago River from the Trump Tower in Chicago. Three years after Trump took office and millions of people swarmed to the Women's March in Washington and companion marches across the country, these typically modest protests are often the most visible sign of today's Trump resistance. (AP Photo/Charles Rex Arbogast, File)
CHICAGO (AP) — Days after President Donald Trump killed an Iranian general and said he was sending more soldiers to the Middle East, about 100 protesters stood on a pedestrian bridge over Chicago's Lake Shore Drive with an illuminated sign that read "No War in Iran." Some 200 people marched in the...
The Virginia state Capitol building is surrounded by fencing, Thursday, Jan. 16, 2020 in Richmond, Va., in preparation for Monday's rally by gun rights advocates. Gun-rights groups are asking a judge to block the Virginia governor's ban on firearms at a massive pro-gun rally scheduled for next week. Gov. Ralph Northam on Wednesday, Jan. 15, announced a state of emergency and banned all weapons from the rally at the Capitol. (Dean Hoffmeyer/Richmond Times-Dispatch via AP)
Virginia urges justices to uphold weapons ban at gun rally
RICHMOND, Va. (AP) — Virginia urged the state Supreme Court on Friday to uphold a weapons ban at an upcoming gun rally in the capital, arguing it was necessary to prevent a repeat of deadly violence that erupted at a white nationalist rally more than two years ago. State Attorney General Mark...
In this Jan. 16, 2020, photo, from left, attendees of a black voter outreach event held by President Donald Trump's reelection campaign at Philadelphia's First Immanuel Baptist Church assemble for a group picture after the discussion. Trump's reelection campaign is reaching out to black voters through one of their communities' most important institutions — black churches. (AP Photo/Elana Schor)
Trump's black voter outreach looks in part to the pews
PHILADELPHIA (AP) — In the eight years since he became a pastor at First Immanuel Baptist Church, Todd Johnson says he's seen his congregation's politics make a subtle shift. The Philadelphia church, which recently hosted a Donald Trump campaign event reaching out to black voters, has "more people...
FILE - In this June 17, 2019 file photo, The Supreme Court is seen in Washington. The Supreme Court will consider Trump administration rules expanding religious, moral exemptions from contraceptive coverage. (AP Photo/J. Scott Applewhite)
WASHINGTON (AP) — The Supreme Court will consider allowing the Trump administration to enforce rules that allow more employers to deny insurance coverage for contraceptives to women. The justices agreed Friday to yet another case stemming from President Barack Obama's health care overhaul, this...
FILE - In this Dec. 20, 2019 file photo, Defense Secretary Mark Esper speaks during a news conference at the Pentagon in Washington. After the Pensacola shooting, Defense Secretary Mark Esper ordered a review of the Pentagon's handling of foreign military trainees. The results, announced Friday, put foreign trainees under new limitations, including their travel away from their assigned base; their possession and use of firearms and their access to bases and other U.S. facilities. (AP Photo/Susan Walsh)
Pentagon adding to restrictions on foreign military students
WASHINGTON (AP) — The Pentagon is imposing new restrictions and controls on all international military students at American bases, including barring them from having privately owned firearms on base, in response to a shooting by a Saudi trainee in December that killed three sailors in Florida. The...
RICHMOND, Va. (AP) — Virginia urged the state Supreme Court on Friday to uphold a weapons ban at an upcoming gun rally in the capital, insisting it was necessary to prevent a repeat of deadly violence that erupted at a white nationalist rally more than two years ago. State Attorney General Mark...
In this Jan. 16, 2020, photo, from left, Harrison Floyd and Paris Dennard of President Donald Trump's reelection campaign black voter outreach effort and Kamilah Prince, the Republican National Committee's director of African American engagement participate in a "Black Voices for Trump" event at Philadelphia's First Immanuel Baptist Church. Trump's reelection campaign is reaching out to black voters through one of their communities' most important institutions — black churches. (AP Photo/Elana Schor)
People gather outside the office of Senator Mitt Romney to call on him to push for a full and fair impeachment trial in the Senate with pertinent testimony and evidence during a rally Thursday, Jan. 16, 2020, in Salt Lake City. (AP Photo/Rick Bowmer)
WASHINGTON (AP) — The Pentagon is imposing new restrictions and controls on all international military students at American bases, including limits on their possession of firearms, in response to a shooting by a Saudi trainee in December that killed three sailors in Florida. The Justice Department...

redpajama_set_name: RedPajamaCommonCrawl


The Augusta skies on Monday were forecast to be not so friendly, but a warm and mostly sunny day greeted patrons to the magic of The Masters on the first day of practice.
By now, the tournament – as well as the legends and lore that surround it – are well known to anyone with a serious interest in golf. However, that doesn't mean that the interest isn't growing. Due to a shakeup in the event calendar this season, The Masters is no longer just the first major of the season but is also the beneficiary of nearly two months of big events and strong competition that has better set the table for the magic that awaits at Augusta National.
The traditional west coast swing began in 2019 and was followed, as usual, by a month spent in sunny Florida. The twist came when The Players Championship – commonly referred to as the fifth major and proudly touting itself as having the strongest field of any tournament each year – moved to March from its usual spot in May.
The Players lived up to its reputation, with superstars all over the top of a leaderboard that was topped by Rory McIlroy. The March positioning of the event, combined with the always-popular match play tournament two weeks later, has had the game's top players in constant competition and has grabbed the full attention of some fans who otherwise wouldn't be tuning in for their first rounds of the year until Thursday.
The Masters is no longer a welcoming into a spring and summer full of action on the links – it's now a glowing centerpiece of what is already an exciting season with plenty of storylines.
Rory McIlroy has been the most consistently dominant force in majors over the last decade, winning four of them since capturing the U.S. Open in 2011. Of course, McIlroy could have notched his first major win a few months earlier that year if not for a drastic collapse at Augusta on Sunday's second nine. This week will mark McIlroy's fifth consecutive Masters where a victory would give him a career Grand Slam.
Sure, he hasn't won at Augusta since 2005. And sure, he hasn't won any major championship since the U.S. Open in 2008. But a win at the Tour Championship to conclude the 2018 season proved that Woods is capable of more than just a one-off great round and can actually compete with – and beat – the best in the world in a huge tournament setting. Regardless of results at Augusta, it will be a long time before Woods cedes the title of biggest draw on the course.


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Mailbag: Tracking growth of Giants' offensive line
John Schmeelk
Giants.com
Cliff in New York: Did the Giants' staff think their second-half record in 2020 was significantly impacted by the offensive line's improvement? Do they pay attention to stats such as pass-block wins and, if so, were those stats different than the first half of the season?
John Schmeelk: Without getting into specifics, the staff tracks the performance of every unit. There's no doubt the offensive line played better in the second half of the season. According to Pro Football Focus, the Giants allowed pressure on only 31% of their dropbacks over the final six weeks (13th-best in the NFL). In their first 11 weeks, the Giants were ranked last, allowing pressure on 45.5% of their dropbacks.
Part of that improvement had to do with the competition. The Bengals, Seahawks, Cardinals, Browns, Ravens and Cowboys finished outside the Top 10 in pressure rate, with four of them finishing 16th or lower. In the first half of the season, the Giants faced three of the top four and five of the top seven teams (including Philadelphia and Washington twice) in pressure rate.
The Giants were also able to pass block better when they were able to stick with their game plan - running a lot of play-action passes and keeping in extra players into block. Although no one talks about it, their run blocking was fairly strong and should not be a concern for anyone.
James in Texas: The Giants' braintrust collectively expressed their confidence in the offensive line group from last season and it looks like they are standing behind their words. Is there any chance that they would sign a free agent guard (or center) to hedge their bet?
John Schmeelk: The same group won't be returning. The Giants are going to have a new right tackle this year, whether it is Matt Peart or Nate Solder. The Giants will have a new right guard this year after Kevin Zeitler was released. There's no guarantee either spot will be upgraded, but the pieces will be different. Andrew Thomas will likely return as the team's starting left tackle, and he showed great improvement over the final half of the season. After allowing six sacks and 47 pressures in the season's first 10 games, he only allowed 13 pressures and two sacks in his final six.
Nick Gates played center for the first time in his career and only allowed two pressures over his final six games after allowing 17 in his first 10. Shane Lemieux is entering his second season and has room to improve his pass protection, given the toughness and intelligence he displayed as a rookie. Will Hernandez is a former second-round pick, and far removed from his COVID diagnosis as he tries to make a statement in the final year of his rookie contract. So there is potential for the line to take a significant step forward if the young players improve under new offensive line coach Rob Sale.
Mailbag: Questions heading into bye week
Submit your questions to Giants Mailbag and they could be featured on Giants.com.
Mailbag: Isaiah Wilson's status, NFL trade deadline
Mailbag: Questions heading into regular season
Mailbag: David Sills & Giants' wide receiver depth
Mailbag: Giants' depth chart, expanded NFL rosters?
Mailbag: O-line, number of running backs on roster
Mailbag: Big Blue's defensive potential
Mailbag: More deep passes with Kenny Golladay?
Mailbag: Pivotal early-season games, top matchups
Mailbag: Giants' defensive X factor?
Mailbag: Vertical passing game; O-line possibilities
Mailbag: NFC East rivalries, pass-first offense?


Level: Graduate. Number of hours: 36. ECTS credits: 5. Teaching is in English and located at Sciences Po Paris, rue Saint Guillaume.
This course is part of the master "Economics and Public Policy" jointly managed by Ecole polytechnique, ENSAE and Sciences Po.
This course illustrates how economic theory can shed light on public decision-making and provide a structured approach to some of today's key economic policy discussions, with a focus on France and the European Union.
Textbook: Economic Policy: Theory and Practice, by Agnès Bénassy-Quéré, Benoît Cœuré, Pierre Jacquet and Jean Pisani-Ferry, released in 2010 by Oxford University Press. French version: Politique Economique, De Boeck, 2010. Note that the two books differ to some extent. In particular, the French version includes a chapter on employment policies which is not in the US version, whereas the latter includes a chapter on the financial crisis that is not in the former.
- A one-hour conférence de méthode with a presentation by a group of students of either (1) a landmark academic paper,or (2) a topical policy issue.
The last two sessions will be exclusively dedicated to presentations from students following the procedure described above.
The rules of the game are the following. There will be groups of two or three, depending on the total number of students. Each group will present a theoretical paper or a policy issue during one class. The presentation should last no more than 30' and be supported by a PowerPoint or equivalent handout. It is recommended that each group provides the necessary number of printed copies for the other students and the teacher to take home. All students are expected to participate in the general discussion and will be rated accordingly.
- put the article into perspective, and discuss with a critical mind the significance and originality of the results, the realism of the assumptions, parsimoniousness of the modeling technique, etc.
They will be rooted in empirical and institutional facts, but they should nevertheless be problematic and make reference to theoretical arguments. You may explain how economic theory and empirical studies have helped shape the policy discussion, or refer to theory to express their own judgment, or both. You will receive in advance a brief reading list with suggested empirical sources and references – but this will only be an indication and original facts and references are much welcome. Particular attention should be given to the data: students are strongly encouraged to produce their own figures rather than cut-and-paste them from the Internet; and they should be able to trace sources and explain the nature and limitations of the data.
The students will be asked to write a "short essay" (max. 5 pages) on a current policy debate. The topic will be provided one week in advance and the students will have to hand in the essay for the last session (March, 16th). It will be similar in nature to the policy presentation: refer to both empirical and theoretical arguments for the discussion.
Students will be rated against three criteria: their presentation, the essay and in-class participation. The rate will value the thoroughness and accuracy of the handout, and conciseness and clarity of the in-class presentation. Proper use of the students' theoretical knowledge will be particularly valued.


text:
Lack of raw materials blamed for slashed supply target of Pfizer's COVID-19 vaccine
A lack of raw materials used in the manufacture of Pfizer's COVID-19 vaccine played a role in the company's decision to slash its 2020 production target, a spokeswoman told Reuters.
Pfizer has said in recent weeks that it anticipates producing 50 million doses of its COVID-19 vaccine this year. That is down from an earlier target of 100 million doses. Pfizer's vaccine relies on a two-dose regimen, meaning 50 million doses is enough to inoculate 25 million people.
A company spokeswoman said the "scale-up of the raw material supply chain took longer than expected." She also cited later-than-expected results from Pfizer's clinical trial as a reason for the smaller number of doses expected to be produced by the end of 2020.
The spokeswoman added that the modifications to Pfizer's production lines are now complete and finished doses are being made at a rapid pace.
The Wall Street Journal was the first to report the news. It reported that an unnamed person directly involved in the development of the Pfizer vaccine said "some early batches of the raw materials failed to meet the standards," which caused production delays.
Pfizer applied in November for emergency authorization for its COVID-19 vaccine from U.S. regulators. U.S. officials said they expect its vaccine to get regulatory clearance this month. The U.S. government expects its first allocation of the vaccine to include 6.4 million doses, with more to follow.
Regulators in the U.K. have already authorized Pfizer's vaccine for use in that country.
Published at Fri, 04 Dec 2020 00:31:03 +0000
Tokyo Games: 1 Year Out, Again
Daily horoscope for August 27: Your star sign reading, astrology and zodiac forecast
Microsoft Teams is FINALLY bringing a change to meetings that was promised a year ago
11 dead, dozens trapped after fire at Siberian coal mine, Russian officials say
Los Angeles police fatally shoot teen girl while firing at male suspect


text:
'use strict';

System.register(['aurelia-templating', 'aurelia-dependency-injection', 'aurelia-framework', '../common/attributeManager', '../common/attributes'], function (_export, _context) {
    "use strict";

    var bindable, customElement, noView, inject, computedFrom, AttributeManager, getBooleanFromAttributeValue, _createClass, _dec, _dec2, _dec3, _class, _desc, _value, _class2, _descriptor, _descriptor2, _descriptor3, _descriptor4, Ui5Object;

    function _initDefineProp(target, property, descriptor, context) {
        if (!descriptor) return;
        Object.defineProperty(target, property, {
            enumerable: descriptor.enumerable,
            configurable: descriptor.configurable,
            writable: descriptor.writable,
            value: descriptor.initializer ? descriptor.initializer.call(context) : void 0
        });
    }

    function _classCallCheck(instance, Constructor) {
        if (!(instance instanceof Constructor)) {
            throw new TypeError("Cannot call a class as a function");
        }
    }

    function _applyDecoratedDescriptor(target, property, decorators, descriptor, context) {
        var desc = {};
        Object['ke' + 'ys'](descriptor).forEach(function (key) {
            desc[key] = descriptor[key];
        });
        desc.enumerable = !!desc.enumerable;
        desc.configurable = !!desc.configurable;

        if ('value' in desc || desc.initializer) {
            desc.writable = true;
        }

        desc = decorators.slice().reverse().reduce(function (desc, decorator) {
            return decorator(target, property, desc) || desc;
        }, desc);

        if (context && desc.initializer !== void 0) {
            desc.value = desc.initializer ? desc.initializer.call(context) : void 0;
            desc.initializer = undefined;
        }

        if (desc.initializer === void 0) {
            Object['define' + 'Property'](target, property, desc);
            desc = null;
        }

        return desc;
    }

    function _initializerWarningHelper(descriptor, context) {
        throw new Error('Decorating class property failed. Please ensure that transform-class-properties is enabled.');
    }

    return {
        setters: [function (_aureliaTemplating) {
            bindable = _aureliaTemplating.bindable;
            customElement = _aureliaTemplating.customElement;
            noView = _aureliaTemplating.noView;
        }, function (_aureliaDependencyInjection) {
            inject = _aureliaDependencyInjection.inject;
        }, function (_aureliaFramework) {
            computedFrom = _aureliaFramework.computedFrom;
        }, function (_commonAttributeManager) {
            AttributeManager = _commonAttributeManager.AttributeManager;
        }, function (_commonAttributes) {
            getBooleanFromAttributeValue = _commonAttributes.getBooleanFromAttributeValue;
        }],
        execute: function () {
            _createClass = function () {
                function defineProperties(target, props) {
                    for (var i = 0; i < props.length; i++) {
                        var descriptor = props[i];
                        descriptor.enumerable = descriptor.enumerable || false;
                        descriptor.configurable = true;
                        if ("value" in descriptor) descriptor.writable = true;
                        Object.defineProperty(target, descriptor.key, descriptor);
                    }
                }

                return function (Constructor, protoProps, staticProps) {
                    if (protoProps) defineProperties(Constructor.prototype, protoProps);
                    if (staticProps) defineProperties(Constructor, staticProps);
                    return Constructor;
                };
            }();

            _export('Ui5Object', Ui5Object = (_dec = customElement('ui5-object'), _dec2 = inject(Element), _dec3 = computedFrom('_object'), _dec(_class = _dec2(_class = (_class2 = function () {
                function Ui5Object(element) {
                    _classCallCheck(this, Ui5Object);

                    this._object = null;
                    this._parent = null;
                    this._relation = null;

                    _initDefineProp(this, 'ui5Id', _descriptor, this);

                    _initDefineProp(this, 'ui5Class', _descriptor2, this);

                    _initDefineProp(this, 'ui5Tooltip', _descriptor3, this);

                    _initDefineProp(this, 'prevId', _descriptor4, this);

                    this.element = element;
                    this.attributeManager = new AttributeManager(this.element);
                }

                Ui5Object.prototype.fillProperties = function fillProperties(params) {};

                Ui5Object.prototype.defaultFunc = function defaultFunc() {};

                Ui5Object.prototype.attached = function attached() {
                    var that = this;
                    var params = {};
                    this.fillProperties(params);
                    if (this.ui5Id) this._object = new sap.ui.base.Object(this.ui5Id, params);else this._object = new sap.ui.base.Object(params);
                    if (this.ui5Class) this._object.addStyleClass(this.ui5Class);
                    if (this.ui5Tooltip) this._object.setTooltip(this.ui5Tooltip);

                    if ($(this.element).closest("[ui5-container]").length > 0) {
                        this._parent = $(this.element).closest("[ui5-container]")[0].au.controller.viewModel;
                        if (!this._parent.UIElement || this._parent.UIElement.sId != this._object.sId) {
                            var prevSibling = null;

                            this._relation = this._parent.addChild(this._object, this.element, this.prevId);
                            this.attributeManager.addAttributes({ "ui5-container": '' });
                        } else {
                            this._parent = $(this.element.parentElement).closest("[ui5-container]")[0].au.controller.viewModel;
                            var prevSibling = null;
                            this._relation = this._parent.addChild(this._object, this.element, this.prevId);

                            this.attributeManager.addAttributes({ "ui5-container": '' });
                        }
                    } else {
                        if (this._object.placeAt) this._object.placeAt(this.element.parentElement);
                        this.attributeManager.addAttributes({ "ui5-container": '' });
                        this.attributeManager.addClasses("ui5-hide");
                    }

                    this.attributeManager.addAttributes({ "ui5-id": this._object.sId });
                };

                Ui5Object.prototype.detached = function detached() {
                    try {
                        if ($(this.element).closest("[ui5-container]").length > 0) {
                            if (this._parent && this._relation) {
                                if (this._object) this._parent.removeChildByRelation(this._object, this._relation);
                            }
                        } else {
                            this._object.destroy();
                        }
                    } catch (err) {}
                };

                Ui5Object.prototype.addChild = function addChild(child, elem, afterElement) {
                    var path = jQuery.makeArray($(elem).parentsUntil(this.element));
                    for (var _iterator = path, _isArray = Array.isArray(_iterator), _i = 0, _iterator = _isArray ? _iterator : _iterator[Symbol.iterator]();;) {
                        if (_isArray) {
                            if (_i >= _iterator.length) break;
                            elem = _iterator[_i++];
                        } else {
                            _i = _iterator.next();
                            if (_i.done) break;
                            elem = _i.value;
                        }

                        try {} catch (err) {}
                    }
                };

                Ui5Object.prototype.removeChildByRelation = function removeChildByRelation(child, relation) {
                    try {} catch (err) {}
                };

                _createClass(Ui5Object, [{
                    key: 'UIElement',
                    get: function get() {
                        return this._object;
                    }
                }]);

                return Ui5Object;
            }(), (_descriptor = _applyDecoratedDescriptor(_class2.prototype, 'ui5Id', [bindable], {
                enumerable: true,
                initializer: function initializer() {
                    return null;
                }
            }), _descriptor2 = _applyDecoratedDescriptor(_class2.prototype, 'ui5Class', [bindable], {
                enumerable: true,
                initializer: function initializer() {
                    return null;
                }
            }), _descriptor3 = _applyDecoratedDescriptor(_class2.prototype, 'ui5Tooltip', [bindable], {
                enumerable: true,
                initializer: function initializer() {
                    return null;
                }
            }), _descriptor4 = _applyDecoratedDescriptor(_class2.prototype, 'prevId', [bindable], {
                enumerable: true,
                initializer: function initializer() {
                    return null;
                }
            }), _applyDecoratedDescriptor(_class2.prototype, 'UIElement', [_dec3], Object.getOwnPropertyDescriptor(_class2.prototype, 'UIElement'), _class2.prototype)), _class2)) || _class) || _class));

            _export('Ui5Object', Ui5Object);
        }
    };
});

redpajama_set_name: RedPajamaGithub


text:
package me.liamdodds.framework.input;

import me.liamdodds.framework.GameData;
import me.liamdodds.framework.utility.Manager;

import java.awt.*;
import java.awt.event.MouseEvent;
import java.awt.event.MouseListener;

/**
 * Created by Liam Cristoforo-Dodds on 18/04/2015.
 */
public class MouseManager extends Manager implements MouseListener {

    private static boolean[] state = new boolean[3];

    public MouseManager(GameData gameData) {
        super(gameData);
    }

    @Override
    public void mousePressed(MouseEvent e) {
        state[e.getButton() - 1] = true;
    }

    @Override
    public void mouseReleased(MouseEvent e) {
        state[e.getButton() - 1] = false;
    }

    public Point getPosition() {
        try {
            Point mousePosition = gameData.getMousePosition();
            return mousePosition != null ? mousePosition : new Point(0,0);
        } catch(Exception e) {
            return new Point(0,0);
        }
    }

    public boolean isButtonDown(int buttonCode) {
        return state[buttonCode - 1];
    }

    @Override
    public void mouseClicked(MouseEvent e) {}

    @Override
    public void mouseEntered(MouseEvent e) {}

    @Override
    public void mouseExited(MouseEvent e) {}
}


Before sending your dog out for professional training, you can save both time and money if you follow the outlines I have developed for starting your pup properly.
10 minute sessions as often as possible. Keep these sessions "playful". Also keep in mind these are just guide-lines. All dogs learn at a different pace. Be mindful not to bore or put pressure on your puppy.
Do not over use commands. Instead use the command one time and reinforce it by teaching the dog what you are looking for. Timing is important!
Start by introducing your pup to as many noises as possible from an early age. I do not recommend that your dog be shot over until they are around eight months old. There inner ear is still developing up until then.
Do not take this process lightly. This is just an introduction and care should be taken until your pup thoroughly understands the relationship between gunfire and game. The first shots you fire should be in the middle of a wide open field away from a tree line.
1. By now your pup should have been introduced to a lot of different noises, been shown many types of cover, has had a retrieve or two of cold game, has a good quartering pattern started and is happy to make a retrieve.
2. Start by letting your pup hear gunfire at no less than 200 yards during a training session, while they are crated in a vehicle. The first time you do this, observe the puppy carefully and do not say anything. After the gunfire is over take the pup out to investigate, smell the scents and have a run.
1. Repeat Step C at the same distance this time having your helper fire the .22 crimp in the air as he throws the bumper.
Q. How do I stop my dog from making noise?
A. Be careful not to reward the dog when making noise. Teaching the dog to relax can help this problem.
Q. What is free feeding?
Q. Is free feeding a good idea?
Q. Where should I feed my dog?
Q. How many times a day should I feed.
Q. How do I stop my dog from bolting out the door?
A. Absolutely!!! This is a safe haven for your pet. This is where he will learn to relax.
Q. My dog is in the house with me. Do I still need to use a crate?
A. Absolutely!!! It will help him settle.
Q. What type of lead and training collar should I use?
Q. What is a flex lead.
Q. How do you use a whistle in training?
Q. What type of whistle do you use?
Q. My dog does not listen to commands. What should I do?
Q. What is gun nervousness ?
Q. How can I avoid Gun Nervousness?
Q. My dog will not bring things back to me. How do I train him?
Q. I am thinking of getting a Pup. Should I get 2 to keep each other occupied?
Q. A breeder I know keeps 2 dogs out of each litter she breeds. Why?
Q. Should I consider buying an older dog?
Q. Will an older dog bond to me?
Q. I am looking at getting a hunting dog. What is a started dog?
Q. What should I expect out of a started dog?
A. A good response to basic commands needed for that particular breed.
Q. What is a finished dog?


February 24: Autocar India's Kartikeya Singhee finds out what makes Audi's scorching hot S6 special. Also, Autocar India takes Renault's Auto Expo sports star Kwid for a spin.
Audi R8 V10 Plus or BMW M4 or Porsche 911 Turbo S?


If you can see my photos when I was a kid, there's not a single picture where I was smiling with a teeth shown because I was too conscious having a crooked teeth. I only had braces when I was 23. The braces didn't only correct my dental problems, it improved my smile and confidence as well!
Problems like overbites, underbites, crooked teeth, crowded teeth, incorrect jaw position and disorders of the jaw joints are the reasons why one needs braces. The question is when to get dental braces? Most dentists recommends that an ideal time for placement of braces is between 10 and 14 years of age. However, because there's pain involved in orthodontic treatment, parents should discuss the matter with their children before braces are applied.
My twin kids are now twelve so it was the right time to have their braces. John and I didn't have to worry because we know that Julia and Rafael are in good hands with Dr. Gilbert D' Asis.
1. Braces aren't cheap. You need panoramic x-rays, which has a separate fee. Most dentist will not expect you to pay at once, be sure you have enough money to cover the procedure before, after and beyond. The average cost of orthodontic treatment is between thirty thousand to eighty thousand, depending on what needs to be done, the brackets to be used and the your orthodontist professional fee.
2. Choose a trusted orthodontist. Yes, an orthodontist, not just a dentist! Don't be fooled when a dentist say " I can do your braces for a lot less money than an orthodontist". Orthodontists are specially trained in tooth movement and jaw function; dentists are not. Orthodontists first go to dental school and become dentists. Then they attend an Orthodontic program for several more years to learn specifically about tooth movement, jaw function, and facial aesthetics. After that, they take a special exam to become Board Certified. Though it may sound nice to be able to save but in the end you might end up paying more when dental complications arise.
3. Ask your orthodontist about the bracket or type of treatment. Although you may want Invisalign, it may not work for some types of treatment. There are cheaper brackets available but trust your orthodontist, he/she know what appliance is best for your particular problem. But remember, the patient often has a choice.
4. Three types of braces are, brackets, metal or plastic: Lingual - braces consists of brackets that attach to the back of the teeth, hidden from view. Bands - traditional type that cover most of your teeth with metal bands that wrap around the teeth.
5. It hurts to wear braces but don't worry then pain will only last lasts 3 to 4 weeks.
6. The average treatment is two years. But some cases takes longer, depending on respective cases.
7. You will wear retainers after your braces come off to ensure that your teeth do not move at all.
About Dr. Gilbert D' Asis: Studied Denstistry at Centro Escolar University. Finished 2 year externship at UP-PGH and studied orthodontics for a year under Dr. Urbi.
He has a private clinic at 29 South Road, Cubao, Quezon City.
For appointment, you may txt or call him at 0922-8445278.


text:
Childbirth Errors
Missed or Late Diagnosis
Legal Medical Consent Form
Wrong Diagnosis
Wills Trust Probate
Wills & Trusts Probate Handbook
No case is too complex
At the Rothenburg Law Firm, we take pride in guiding our clients through every step of the legal process.
We've handled complex litigation for cases that involve multiple parties, a large number of witnesses, a substantial amount of evidence, and numerous experts. We've handled famous medical malpractice cases that have made headlines. We know how to navigate the complex legal landscape, where to find the right experts, and how to fight for your rights. No matter how complex your case, we'll keep you informed, answer your questions, and allow you the time you need to recover from your injuries.
As a medical malpractice attorney in Ocala, Florida, for 25 years, I've learned that no two cases are the same, and every case is different. Medical malpractice can include missed or late diagnosis, wrong diagnosis, prescription errors (such as the wrong medication, incorrect dosage or illegible prescriptions), birth injuries, surgical errors, childbirth errors, anesthesia errors, and, sadly, death. No matter the cause, we help you.
When I'm not working for clients, I love to read, swim, exercise and scuba dive.
"From the day of the accident to the conclusion of my case Steve and Dawn were there for me."
-A.G.
"I had no idea what was involved in a medical malpractice case. Steve Rothenburg's office helped me go through a very difficult process."
-C.H.
"Steve and Dawn kept us informed every step of the way. They returned phone calls and responded quickly to our needs."
-P.K.
"My automobile accident was a stressful experience. But Steve Rothenburg's office helped me through a difficult time."
-N.S
500 NE 8th Avenue
Ocala, Florida 34470
Local: 352-620-9100 Toll Free: 855-620-9100 Fax: 888-241-5570
steve@rothenburglaw.com
© 2019 - 2023 Steven Rothenburg, Attorney at Law.


Freemie makes cups that work with your compatible pump! If your pump is on one of the lists below for our open or closed system Freemie Cups, you're just a couple clicks away from pumping whenever and wherever you need to pump.
* Swing, Freestyle and Sonata are NOT compatible with any Freemie Cups at this time.
** Freemie Open and Closed System Deluxe Collection Cup Sets include connection kits for listed compatible pumps.
*** The all new Freemie mobile pumps are our very own state of the art mobile, hands free, discreet pumps designed to optimize the Freemie Experience.


text:
A 100% OOP RPC client for Transmission. This library gives you code-completion for all requests and responses available
from the Transmission daemon.

The plan is to keep this in sync at all times with [Transmission RPC specs](https://trac.transmissionbt.com/browser/trunk/extras/rpc-spec.txt). Should you notice
I'm behind on the specs, please notify me by opening a new [issue](https://github.com/kristoftorfs/transmission/issues/new).

## Installation

Installation is done through composer.

## Usage example

```php
use \Transmission\Transmission;
use \Transmission\Requests;
use \Transmission\Responses;

try {
    $tr = new Transmission();
    $request = new Requests\TorrentGet();
    $request->fields = array(Requests\TorrentGet::eta, Requests\TorrentGet::name, Requests\TorrentGet::percentDone);
    #$request->includeAll();
    $response = $tr->torrentGet($request);
    foreach($response->torrents as $torrent) {
        printf('%s: %d%% done, %d seconds left<br>', $torrent->name, $torrent->percentDone * 100, $torrent->eta);
    }
} catch (Exception $e) {
    printf('Error %d - %s', $e->getCode(), $e->getMessage());
}
```