美光科技 (MU) 2017 Q2 法說會逐字稿

Good afternoon.

下午好。

My name is Latif and I will be your conference facilitator today.

我叫 Latif，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Micron Technology second-quarter 2017 financial release conference call.

在此，歡迎大家參加美光科技2017年第二季度財務發布電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路都已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer period.

演講者發言後，將進入問答環節。

(Operator Instructions).

（操作員說明）。

Thank you.

謝謝你。

It is now my pleasure to turn the floor over to your host, Ivan Donaldson.

現在，我很高興將發言權交給您的主持人 Ivan Donaldson。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you, Latif, and welcome to Micron Technology's second-quarter fiscal 2017 financial conference call.

謝謝 Latif，歡迎來到美光科技 2017 財年第二季度財務電話會議。

On the call with me today are Mark Durcan, CEO and Director, and Ernie Maddock, Chief Financial Officer.

今天與我通話的是首席執行官兼董事 Mark Durcan 和首席財務官 Ernie Maddock。

This conference call, including audio and slides, is also being webcast from our Investor Relations website at investors.

本次電話會議，包括音頻和幻燈片，也將通過我們的投資者關係網站在投資者處進行網絡直播。

Micron.com.

美光網。

In addition, our website contains the earnings press release filed a short while ago and supplemental information, including quarterly operational and financial metrics and guidance, GAAP to non-GAAP reconciliations, slides used during today's conference call, and a convertible debt and cap call dilution table.

此外，我們的網站包含不久前提交的收益新聞稿和補充信息，包括季度運營和財務指標和指導、GAAP 與非 GAAP 對賬、今天電話會議期間使用的幻燈片以及可轉換債務和上限電話稀釋桌子。

Today's call will be approximately 60 minutes in length.

今天的通話時間約為 60 分鐘。

A webcast replay will be available on our website for one year.

我們的網站將提供為期一年的網絡廣播重播。

We encourage you to monitor our website at Micron.com through the quarter for the most current information on the Company, including information on the various financial conferences that we will be attending.

我們鼓勵您在本季度關注我們的網站 Micron.com，以獲取有關公司的最新信息，包括我們將參加的各種財務會議的信息。

You can also follow us on Twitter @MicronTech.

您也可以在 Twitter @MicronTech 上關注我們。

As a reminder, the matters we will be discussing today include forward-looking statements based on the environment as we currently see it.

提醒一下，我們今天將討論的事項包括基於我們目前所看到的環境的前瞻性陳述。

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ material from statements made today.

這些前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與今天的陳述存在重大差異。

We refer you to the documents the Company's files with the SEC, specifically our most recent Form 10-K and Form 10-Q, for a complete discussion of the important risk factors and other risks that may affect our future results.

我們建議您參考公司向 SEC 提交的文件，特別是我們最近的 10-K 表格和 10-Q 表格，以全面討論可能影響我們未來業績的重要風險因素和其他風險。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能保證未來的結果、活動水平、業績或成就。

We are under no duty to update any of the forward-looking statements after today's date to conform these statements to actual results.

我們沒有義務在今天之後更新任何前瞻性陳述以使這些陳述符合實際結果。

I'll now turn the call over to Mark.

我現在將把電話轉給馬克。

Thanks Ivan.

謝謝伊万。

For fiscal Q2 2017, Micron posted total revenue of $4.65 billion with non-GAAP gross margin of 38.5% and net income of $1.03 billion, or $0.90 per share.

對於 2017 財年第二季度，美光公佈的總收入為 46.5 億美元，非公認會計準則毛利率為 38.5%，淨收入為 10.3 億美元，即每股 0.90 美元。

Revenue was at the top of our guidance while gross margin, operating income, and earnings per share exceeded projections.

收入處於我們指導的首位，而毛利率、營業收入和每股收益超出預期。

Operating cash flow was $1.8 billion.

營運現金流為 18 億美元。

Last quarter, we provided detailed insight on industry pricing dynamics, explaining how the significant increases over trough pricing for PC DRAM far exceeded what we had seen in other segments, which typically react more slowly.

上個季度，我們提供了有關行業定價動態的詳細見解，解釋了 PC DRAM 價格在谷底價格上的顯著增長是如何遠遠超過我們在其他領域看到的，這些領域通常反應較慢。

This quarter, we saw continued gains in client DRAM pricing but also benefited from increases in mobile, cloud, and enterprise pricing as well.

本季度，我們看到客戶端 DRAM 定價持續上漲，但也受益於移動、雲和企業定價的上漲。

All of these segments showed meaningful quarter-over-quarter increases.

所有這些細分市場均顯示出有意義的季度環比增長。

These gains, combined with outstanding progress on cost reductions, led to a significant increase in our DRAM margins.

這些收益，加上在降低成本方面取得的顯著進展，導致我們的 DRAM 利潤率顯著增加。

In NAND, we were able to capitalize on an increasing percentage of low-cost 3D TLC NAND by more fully participating in the SSD market.

在 NAND 方面，我們能夠通過更全面地參與 SSD 市場來利用越來越多的低成本 3D TLC NAND。

As a result, while blended ASPs were down slightly due to a higher density product mix, our NAND margins improved substantially over last quarter.

因此，雖然由於更高密度的產品組合導致混合平均售價略有下降，但我們的 NAND 利潤率比上一季度大幅提高。

As we noted in our February analyst conference, we continue to see broad industry trends placing increasing value on the memory and storage technologies we develop and the features those product -- those technologies can provide.

正如我們在 2 月份的分析師會議上所指出的，我們繼續看到廣泛的行業趨勢，越來越重視我們開發的內存和存儲技術以及這些產品可以提供的功能。

In the most recent quarter, you can see that reflected in significant increases in cloud and enterprise businesses, both in bits shipped and value of products going to those segments, and in an ongoing preference for SSDs over HDDs in storage platforms.

在最近一個季度，您可以看到這反映在雲和企業業務的顯著增長上，無論是出貨量還是進入這些領域的產品價值，以及在存儲平台中對 SSD 而非 HDD 的持續偏好。

We'll comment more on this when we walk through the specific business details in a moment.

稍後我們將詳細介紹具體的業務細節時，我們將對此進行更多評論。

From a supply and demand perspective, we continue to be comfortable with market dynamics given the capacity plans we are aware of today.

從供需的角度來看，鑑於我們今天了解的產能計劃，我們繼續對市場動態感到滿意。

I'll now provide a high-level overview of each of the business units, and Ernie will follow on with more details on our financial performance.

我現在將提供每個業務部門的高級概述，Ernie 將繼續詳細介紹我們的財務業績。

In the compute and networking business unit, we experienced continued revenue growth as a result of strength across all market segments with particular strength in cloud and enterprise.

在計算和網絡業務部門，由於所有細分市場的實力，尤其是在雲和企業領域的實力，我們經歷了持續的收入增長。

We began enablement of our 1X nanometer products and extended our lead in graphics technology with the announcement of our next generation GDDR5X product, which is the fastest discrete memory available.

我們開始啟用我們的 1X 納米產品，並通過發布我們的下一代 GDDR5X 產品來擴大我們在圖形技術方面的領先地位，這是可用的最快的離散內存。

In our mobile business, as in other segments, broad market tightness has resulted in increased ASPs across all types of mobile memory.

在我們的移動業務中，與其他領域一樣，廣泛的市場緊張導致所有類型移動內存的平均售價增加。

Our customers continue to be focused on increased memory and storage density for smartphones, which nicely plays to Micron strategy to focus on MCP markets.

我們的客戶繼續關注提高智能手機的內存和存儲密度，這很好地符合美光專注於 MCP 市場的戰略。

We plan to introduce more than 20 new MCP designs over the next 12 months to address the highest growth mobile applications.

我們計劃在未來 12 個月內推出 20 多種新的 MCP 設計，以應對增長最快的移動應用程序。

Customers prefer these solutions because they simplify design, validation and supply chain processes.

客戶更喜歡這些解決方案，因為它們簡化了設計、驗證和供應鏈流程。

MCPs also provide Micron with an opportunity to strengthen our relationship with key market enablers, providing a path to increased market share.

MCP 還為美光提供了加強與主要市場推動者關係的機會，從而為增加市場份額提供了途徑。

Our embedded business grew revenues this quarter through increased DRAM shipments in automotive as well as consumer and connected home applications, and we achieved record automotive revenues for the fourth quarter in a row.

我們的嵌入式業務在本季度通過增加汽車以及消費和聯網家庭應用中的 DRAM 出貨量增加了收入，我們連續第四季度實現了創紀錄的汽車收入。

Increased NAND shipments to industrial multi-market customers helped offset this quarter's anticipated decline in NOR shipments to Japanese gaming applications.

對工業多市場客戶的 NAND 出貨量增加有助於抵消本季度對日本遊戲應用的 NOR 出貨量的預期下降。

Design and activity continues to be strong for our 20 nanometer DDR and LP DDR products in automotive, consumer, connected home, and Internet of Things gateway applications.

我們的 20 納米 DDR 和 LP DDR 產品在汽車、消費、互聯家庭和物聯網網關應用中的設計和活動繼續保持強勁。

In addition, design-in activity for our latest generation of automotive grade managed NAND continues to increase with new design wins up significantly over the prior quarter.

此外，我們最新一代汽車級託管 NAND 的設計投入活動繼續增加，新設計贏得比上一季度顯著增加。

Our storage business performance this quarter was driven by continued shift to cost-effective 3D NAND TLC products, and increased traction for our SSD portfolio across the OEM cloud and enterprise markets.

我們本季度的存儲業務表現受到持續轉向具有成本效益的 3D NAND TLC 產品的推動，以及我們 SSD 產品組合在 OEM 雲和企業市場中的吸引力增加。

Wins with OEM customers enabled a record number of SSD shipments during the quarter.

與 OEM 客戶的合作使本季度的 SSD 出貨量創下歷史新高。

Customer focus on larger capacity and tailored storage solutions led to a dramatic growth in our enterprise and cloud segments, which were our fastest-growing part of our SSD portfolio.

客戶對更大容量和量身定制的存儲解決方案的關注導致我們的企業和雲領域的顯著增長，這是我們 SSD 產品組合中增長最快的部分。

The trend toward tailored solution drives greater opportunities for Micron to engage end customers on future IT investment planning.

定制解決方案的趨勢為美光帶來更多機會，讓最終客戶參與未來的 IT 投資規劃。

As we pursue these opportunities, our flexible, feature-oriented portfolio has been well received by our customers.

在我們追求這些機會的同時，我們靈活的、以功能為導向的產品組合受到了客戶的好評。

The storage market has broadly adopted 3D TLC products, and we are well-positioned to take advantage of this trend.

存儲市場已廣泛採用 3D TLC 產品，我們已做好充分準備利用這一趨勢。

We are seeing the ongoing demand for high-performance, reliable, power efficient storage driving greater SSD adoption across multiple markets.

我們看到對高性能、可靠、節能存儲的持續需求推動了 SSD 在多個市場的廣泛採用。

We anticipate to grow our overall storage bit output as our Fab 10X expansion continues to ramp.

隨著我們的 Fab 10X 擴展繼續增加，我們預計將增加我們的整體存儲位輸出。

Our technology transitions are on track, and will continue to provide benefit to the Company over the next several quarters.

我們的技術轉型步入正軌，並將在未來幾個季度繼續為公司帶來好處。

We are driving deployment of 1X DRAM with meaningful output expected by the end of the fiscal year.

我們正在推動 1X DRAM 的部署，預計到本財年末會有有意義的產出。

We expect 1X nanometer DRAM to build on our success with 20 nanometer DRAM, which is deployed throughout our portfolio and rated number one in quality by multiple enterprise OEM customers.

我們預計 1X 納米 DRAM 將在我們成功的 20 納米 DRAM 的基礎上再接再厲，20 納米 DRAM 已部署在我們的產品組合中，並被多家企業 OEM 客戶評為質量第一。

Likewise, we are aggressively proliferating 32 layer 3D NAND through our product lines while also driving the deployment of 64 layer 3D NAND with meaningful output expected by the end of the fiscal year.

同樣，我們正在通過我們的產品線積極推廣 32 層 3D NAND，同時還推動 64 層 3D NAND 的部署，預計在本財年末有有意義的產出。

Micron's unique integration of CMOS circuitry under the array will enable the industry's smallest die size on our 64 layer designs.

美光在陣列下獨特的 CMOS 電路集成將在我們的 64 層設計上實現業界最小的裸片尺寸。

As we look toward the end of our fiscal year, we are currently on track to have more than 75% of our NAND bits on 3D.

展望本財年末，我們目前有望將 75% 以上的 NAND 位用於 3D。

Of course, certain segments require legacy NAND technologies and will transition much more slowly, embedded markets for example.

當然，某些細分市場需要傳統的 NAND 技術，並且過渡速度會慢得多，例如嵌入式市場。

As we previewed for you at our analyst day, we believe our NAND bit growth in fiscal 2018 will approximate the aggregate market growth.

正如我們在分析師日為您預測的那樣，我們相信我們在 2018 財年的 NAND 位增長將接近總體市場增長。

This will take 3D NAND to 90% of our total bit output for fiscal 2018.

這將使 3D NAND 占我們 2018 財年總比特輸出的 90%。

We continue to work on developing new memory technologies and are enabling our 3D XPoint technology.

我們將繼續致力於開發新的內存技術並啟用我們的 3D XPoint 技術。

We will be shipping 3D XPoint memory for revenue later in 2017.

我們將在 2017 年晚些時候推出 3D XPoint 內存以獲取收益。

We believe these innovative solutions offer unique value to enterprise customers and will be an important contributor to Micron's future success.

我們相信這些創新解決方案可為企業客戶提供獨特的價值，並將成為美光未來成功的重要貢獻者。

Now, I'll turn it over to Ernie.

現在，我會把它交給厄尼。

Thank you Mark.

謝謝馬克。

The business environments in fiscal Q2 continued to be positive with our results favorably impacted by product mix, progress on our cost improvement, and the sustained positive pricing environment.

第二財季的商業環境繼續積極，我們的業績受到產品組合、成本改善進展和持續積極的定價環境的有利影響。

I'll begin my remarks today with an overview of the fiscal Q2 results by technology and business unit followed by our corporate financial performance and guidance for fiscal Q3.

今天我將首先概述按技術和業務部門劃分的第二財季業績，然後是我們的公司財務業績和第三財季指導。

DRAM represented 64% of our total revenue with the following segmentation: mobile was in the high 20% range; PC represented 25%; server also represented 25%, up from the high teens of the prior quarter; and specialty DRAM, which includes networking, graphics, auto, and other embedded technologies, was in the low 20% range.

DRAM 占我們總收入的 64%，細分如下：移動設備處於 20% 的高位； PC佔25%；服務器也佔 25%，高於上一季度的高位；包括網絡、圖形、汽車和其他嵌入式技術的特種 DRAM 則處於 20% 的低位範圍內。

In our nonvolatile memory business, trade NAND represented 30% of our revenue with the following segmentation: consumer, which includes memory cards, USB and components, represented approximately 40%; mobile represented 20%; and as a reminder, EMCPs are primarily in the mobile segment.

在我們的非易失性存儲器業務中，貿易 NAND 占我們收入的 30%，細分如下：消費者，包括存儲卡、USB 和組件，約佔 40%；移動端佔 20%；提醒一下，EMCPs 主要是在移動領域。

SSDs were in the mid-20% range, up from the mid-teens percent last quarter.

SSD 處於 20% 左右的範圍內，高於上個季度的 10% 左右。

And the automotive, industrial multi-market, and other embedded applications were in the high teens percent range.

而汽車、工業多市場和其他嵌入式應用則在 10% 以上。

Turning to performance by business unit, the compute and networking business units reported fiscal Q2 revenue of $1.92 billion, up 30% sequentially due to firm demand in a robust pricing environment.

轉向業務部門的業績，計算和網絡業務部門報告第二財季收入為 19.2 億美元，環比增長 30%，原因是在強勁的定價環境中需求強勁。

Non-GAAP operating income was $736 million, or 36% of revenue, up from 14% the prior quarter, enhanced by the pricing environment and better performance on costs.

非美國通用會計準則營業收入為 7.36 億美元，佔收入的 36%，高於上一季度的 14%，這得益於定價環境和更好的成本表現。

We saw good growth in the cloud and enterprise segments driven by shipments of our first generation 20 nanometer DDR4 products.

在我們的第一代 20 納米 DDR4 產品出貨量的推動下，我們看到了雲和企業領域的良好增長。

Additionally, we are beginning shipments of our second generation product optimized for the industry's newest service -- server platform.

此外，我們開始出貨針對業界最新服務——服務器平台優化的第二代產品。

Graphics saw modest revenue growth despite what is traditionally a seasonally weak period, and we began shipments of our next generation G5X to Nvidia for the new GeForce 1080Ti, further solidifying Micron's technology leadership in the high-performance graphics memory segment.

儘管傳統上處於季節性疲軟時期，但圖形業務的收入增長適度，我們開始向 Nvidia 交付用於新 GeForce 1080Ti 的下一代 G5X，進一步鞏固了美光在高性能圖形內存領域的技術領導地位。

Networking saw increased shipments and revenue driven by the continued growth of 20 nanometer 4 gigabit DDR3 and 8 gigabit DDR4 products at key OEMs, especially in Asia, and client revenue growth was primarily driven by the continued strong pricing environment.

主要 OEM 廠商（尤其是亞洲）的 20 納米 4 吉比特 DDR3 和 8 吉比特 DDR4 產品持續增長，推動了 Networking 出貨量和收入的增長，而客戶收入增長主要受到持續強勁的定價環境的推動。

The mobile business unit delivered fiscal Q2 revenue of $1.08 billion, up 5% sequentially, driven by a stronger pricing environment.

在更強勁的定價環境的推動下，移動業務部門在第二財季實現了 10.8 億美元的收入，環比增長 5%。

Non-GAAP operating income was $170 million, or 16% of revenue, as pricing strength combined with improved costs.

非 GAAP 營業收入為 1.7 億美元，佔收入的 16%，這是由於定價優勢與成本改善相結合。

The embedded business unit delivered fiscal Q2 revenue of $590 million, up 2% sequentially.

嵌入式業務部門在第二財季實現了 5.9 億美元的收入，環比增長 2%。

Non-GAAP operating income was $193 million, or 33% of revenue.

非美國通用會計準則營業收入為 1.93 億美元，佔收入的 33%。

The results were primarily driven by increased automotive unit shipments and increased average selling prices of DDR3 and NAND on a like-for-like basis in our consumer and connected home segments.

業績的主要推動因素是汽車出貨量增加，以及我們的消費者和互聯家庭細分市場中 DDR3 和 NAND 的平均售價同比上漲。

The storage business delivered fiscal Q2 revenue of $1.04 billion, up 21% sequentially.

存儲業務在第二財季實現了 10.4 億美元的收入，環比增長 21%。

Non-GAAP operating income was $71 million, or 7% of revenue.

非美國通用會計準則營業收入為 7100 萬美元，佔收入的 7%。

The results were primarily driven by strong growth in client and cloud SSD shipments and lower costs.

該結果主要受客戶端和雲 SSD 出貨量的強勁增長以及成本降低的推動。

Our 5100 cloud drive, which was introduced in December, continues to be well received and is in the process of additional calls on a large number of customer platforms.

我們在12月推出的5100雲盤繼續受到好評，正在大量客戶平台上進行追加調用。

Moving on to overall Company results, revenue for the fiscal second quarter was $4.65 billion, up 17% sequentially and driven primarily by DRAM pricing strength and increased NAND volume shipments in a stable to rising pricing environment.

繼續看公司整體業績，第二財季收入為 46.5 億美元，環比增長 17%，主要受 DRAM 定價優勢和在穩定至上漲的定價環境中增加的 NAND 出貨量推動。

Non-GAAP gross margin for the quarter was 38.5%, up from 26% in the prior quarter, driven by product mix, cost reductions, and the strong pricing environment.

由於產品組合、成本降低和強勁的定價環境，本季度的非公認會計原則毛利率為 38.5%，高於上一季度的 26%。

Non-GAAP net income was $1.03 billion, or $0.90 per share.

非美國通用會計準則淨收入為 10.3 億美元，或每股 0.90 美元。

Turning to results by product line, DRAM revenue increased 22% compared to the prior quarter as the result of a 1% increase in bit shipments and a 21% increase in ASPs.

從產品線來看，由於位出貨量增長 1% 和 ASP 增長 21%，DRAM 收入與上一季度相比增長了 22%。

DRAM gross margins for the second quarter increased 16 percentage points sequentially to 44% driven primarily by the strong pricing environment and cost declines.

第二季度 DRAM 毛利率環比增長 16 個百分點至 44%，主要受強勁定價環境和成本下降的推動。

As we look at the next couple of quarters, we expect that second-half fiscal year 2017 bits out will exceed first-half fiscal year 2017 bits out by about 10%.

展望未來幾個季度，我們預計 2017 財年下半年的出貨量將比 2017 財年上半年的出貨量高出約 10%。

Our nonvolatile trade revenue, NAND revenue, increased 11% compared to the prior quarter, reflecting an 18% increase in bit shipments.

我們的非易失性貿易收入（NAND 收入）與上一季度相比增長了 11%，反映了位出貨量增長了 18%。

ASPs were down 6% from the prior quarter on a blended basis, primarily as a result of a higher density product mix.

在混合基礎上，ASP 比上一季度下降了 6%，這主要是由於更高密度的產品組合。

Gross margin increased 8 percentage points sequentially to 31% as cost per bit was down 15%.

由於每比特成本下降 15%，毛利率環比增長 8 個百分點至 31%。

We are seeing like-for-like price increases across nearly all segments and, looking forward, we expect that second-half fiscal year 2017 bits out will exceed first-half fiscal year 2017 bits out by about 30%, occurring primarily in FQ3.

我們看到幾乎所有細分市場的價格都在上漲，展望未來，我們預計 2017 財年下半年的出貨量將比 2017 財年上半年的出貨量高出約 30%，主要發生在第三季度。

Non-GAAP operating expenses for the quarter were $612 million, at the midpoint of the guidance range.

本季度非美國通用會計準則運營費用為 6.12 億美元，處於指導範圍的中點。

The Company generated operating cash flow of $1.77 billion, representing an increase of $628 million over last quarter.

公司產生經營現金流17.7億美元，比上一季度增加6.28億美元。

To conform to GAAP reporting relative to the Inotera acquisition, we reflected approximately $350 million of the Inotera purchase price as a reduction to operating cash flows.

為了符合與 Inotera 收購相關的 GAAP 報告，我們將 Inotera 收購價格中的約 3.5 億美元反映為運營現金流的減少。

As a result, our financial statements reflect operating cash flow of $1.41 billion.

因此，我們的財務報表反映了 14.1 億美元的經營現金流。

We ended the quarter with cash, marketable investments and restricted cash of approximately $4.6 billion.

我們在本季度結束時擁有約 46 億美元的現金、有價投資和受限現金。

In the second fiscal quarter, capital expenditures net of partner contributions were approximately $1.2 billion.

在第二財季，扣除合作夥伴出資的資本支出約為 12 億美元。

Moving now to our guidance for the third quarter, on a non-GAAP basis, we expect the following: revenue in the range of $5.2 billion to $5.6 billion; gross margin in the range of 44% to 48%; operating expenses between $560 million and $610 million; operating income ranging between $1.8 billion and $2 billion; and EPS ranging between $1.43 and $1.57 per share based on 1.155 billion diluted shares.

現在轉到我們對第三季度的指導，在非公認會計原則的基礎上，我們預計如下：收入在 52 億美元至 56 億美元之間；毛利率在 44% 至 48% 之間；運營費用在 5.6 億美元至 6.1 億美元之間；營業收入介於 18 億美元至 20 億美元之間；基於 11.55 億股稀釋後的每股收益，每股收益在 1.43 美元至 1.57 美元之間。

In closing, we remain focused on achieving the technology transition and cost reduction targets we outlined at our analyst day.

最後，我們仍然專注於實現我們在分析師日概述的技術轉型和降低成本目標。

Currently, we are tracking to deliver free cash flow in excess of the $1.5 billion we shared with you at that event and continue to view delevering as an important priority.

目前，我們正在跟踪提供超過我們在該活動中與您分享的 15 億美元的自由現金流，並繼續將去槓桿化視為重要優先事項。

With that, I'll turn it back over to Mark.

有了這個，我會把它交給馬克。

Thanks Ernie.

謝謝厄尼。

In summary, we are heading into the third quarter with a strong market environment and steady progress on our technology initiatives.

總之，我們正在進入第三季度，市場環境強勁，我們的技術計劃穩步推進。

I'm preleased with our execution, and we continue to press forward together on technology, operational, and product enablement targets.

我對我們的執行感到很滿意，我們將繼續在技術、運營和產品支持目標上共同推進。

Our continued progress towards these goals will enable us -- will enable further cost reductions and the opportunity to address higher value-added market segments.

我們朝著這些目標不斷取得進展將使我們能夠進一步降低成本，並有機會解決更高附加值的細分市場。

Looking to the market as a whole, we see increasing customer interest in Micron playing a more collaborative role in solving design challenges and plan to use this environment to strengthen our relationships with industry partners and customers.

縱觀整個市場，我們看到客戶對美光在解決設計挑戰方面發揮更加協作的作用越來越感興趣，併計劃利用這種環境來加強我們與行業合作夥伴和客戶的關係。

As you all know, at our analyst conference in February, I announced my retirement.

眾所周知，在二月份的分析師會議上，我宣布退休。

While the board and I work to identify my successor, I remain fully committed and engaged in leading Micron through this exciting and dynamic period.

在董事會和我努力確定我的繼任者的同時，我仍然全心全意地致力於領導美光度過這個激動人心且充滿活力的時期。

We will provide further updates on our CEO search as appropriate.

我們將酌情提供有關 CEO 搜索的進一步更新。

Operator, we are now ready to begin Q&A.

接線員，我們現在準備開始問答。

(Operator Instructions).

（操作員說明）。

Harlan Sur, JPMorgan.

摩根大通的哈蘭蘇爾。

Thank you for taking my question, and congratulations on the solid quarterly execution and strong outlook.

感謝您提出我的問題，並祝賀穩健的季度執行和強勁的前景。

Despite the very optimistic and positive pricing environment, there's been some growing concern around the notion of demand destruction given the strong pricing environment and availability of both DRAM and NAND to a point where I think there is a view forming that there's potential for PC and server destocking on the DRAM side, less DRAM per box, on the mobile side, less DRAM per smartphone and on the NAND side, less uptake of SSDs and more uptake of HDDs.

儘管定價環境非常樂觀和積極，但鑑於強勁的定價環境和 DRAM 和 NAND 的可用性，人們越來越擔心需求破壞的概念，以至於我認為有一種觀點認為 PC 和服務器具有潛力在 DRAM 方面去庫存，每盒 DRAM 減少，在移動方面，每部智能手機和 NAND 方面的 DRAM 減少，SSD 的使用量減少，HDD 的使用量增加。

I guess the question is do you see this happening, and how does it impact the dynamics of the supply-demand environment going forward?

我想問題是你看到這種情況發生了嗎？它如何影響未來供需環境的動態？

This is Mark.

這是馬克。

To date, we've seen no indication of that at all really in any segment.

迄今為止，我們在任何領域都沒有看到任何跡象。

It's true that, in cycles, from time to time, that does happen late in a cycle, but, today, we see continued strong bit growth across almost every end market segment and no real indication of that occurring anywhere, in particular not in specialty, not in mobile, certainly not in the enterprise and server area.

確實，在周期中，這種情況不時發生在一個週期的後期，但是，今天，我們看到幾乎每個終端市場領域都持續強勁的增長，並且沒有任何地方發生這種情況的真正跡象，尤其是在專業領域，不在移動領域，當然不在企業和服務器領域。

Great, thank you for that.

太好了，謝謝你。

And then solid results in the NAND business with your margins up I think it's 800 basis points in the quarter.

然後在 NAND 業務中取得穩健的業績，利潤率上升，我認為本季度是 800 個基點。

As we think about the cost curve on a go-forward basis and the ramp of your 64 layer 3D, can you just give us an idea on how your yields and performance of the products are doing either relative to your internal targets or relative to the same time last year in the ramp of your 32 layer products?

當我們考慮前進的成本曲線和 64 層 3D 的斜坡時，您能否告訴我們您的產品產量和性能相對於您的內部目標或相對於去年同一時間在您的 32 層產品的坡道中？

This is Mark.

這是馬克。

A year ago, Harlan, I can't catch that I even recall where we were on 3D NAND yields, but I will tell you we are very happy with where they are for 32 layer MLC and TLC.

一年前，Harlan，我什至不記得我們在 3D NAND 良率方面的情況，但我會告訴你，我們對 32 層 MLC 和 TLC 的情況感到非常滿意。

And again, TLC is the big piece of that.

再一次，TLC 是其中的重要組成部分。

We are where we thought we ought to be and at very mature yields.

我們處於我們認為應該達到的水平，並且產量非常成熟。

64 layer, as we talked about, is a material piece of our bid output late in the year, and we are very happy with the progress we are making there and the yields we are seeing on that technology as well.

正如我們所談到的，64 層是我們今年晚些時候投標產出的重要組成部分，我們對我們在那裡取得的進展以及我們在該技術上看到的收益感到非常滿意。

Great.

偉大的。

Thank you.

謝謝你。

Steven Fox, Cross Research.

史蒂文福克斯，交叉研究。

Thanks.

謝謝。

Good afternoon.

下午好。

Just two questions from me.

我只有兩個問題。

First of all, if you could talk a little bit more color around this -- I believe you talked about bit growth of about 30% half-over-half.

首先，如果你能就此多談一點——我相信你談到了大約 30% 的比特增長。

Maybe qualify or quantify as much as you want to the growth drivers, how much from SSDs versus mobile, etc.

也許可以根據您的需要對增長驅動因素進行限定或量化，從 SSD 與移動設備中獲得多少等。

And then secondly, can you talk a little bit about the auto growth in the quarter and what's driving that and how that looks into the second half as well and what's the key contributors there?

其次，您能否談談本季度的汽車增長以及推動增長的因素以及下半年的情況以及其中的主要貢獻者是什麼？

Thank you.

謝謝你。

Sure.

當然。

So relative to bit growth with NAND, that was more statement around what our output profile is going to look like.

因此，相對於 NAND 的位增長，這更多地說明了我們的輸出配置文件將是什麼樣子。

And of course, we will deploy that output to the end markets that we feel will provide the best opportunity for the Company here as we see the back half of the year unfold.

當然，隨著我們看到下半年的發展，我們將把這些產出部署到我們認為將為公司提供最佳機會的終端市場。

Relative to automotive, it's very similar to what we've been consistently talking about -- driver assist systems, infotainment, a lot of what is required as we move up that autonomous driving food chain, and as what are today considered to be advanced features in automotive, the automotive business penetrates mid and lower end cars.

相對於汽車，它與我們一直在談論的非常相似——駕駛員輔助系統、信息娛樂、我們在自動駕駛食物鏈上向上移動所需的很多東西，以及今天被認為是高級功能的東西在汽車領域，汽車業務滲透到中低端汽車。

So that -- there's nothing particularly unique about what continues to drive that.

所以——沒有什麼特別獨特的東西繼續推動它。

It's the same unfolding story relative to memory deployment in the automotive sector.

這與汽車領域的內存部署有關。

I think, if the question is do we participate in all of the various pieces of automotive end demand, the answer is yes.

我認為，如果問題是我們是否參與了所有各種汽車終端需求，答案是肯定的。

We are in the drivetrain.

我們在動力傳動系統中。

We are in the ADAS systems.

我們在 ADAS 系統中。

We are in the infotainment systems and continue to maintain strong market share in all those pieces.

我們在信息娛樂系統中，並繼續在所有這些領域保持強大的市場份額。

Thanks very much for that.

非常感謝。

Just real quick on the first comments, on the -- just as it applies to cloud SSDs, your own cloud SSDs that you're launching, can you give a little more color on how broadly we should see those deployed maybe during the fall of this year?

很快就第一條評論，就像它適用於雲 SSD 一樣，您正在啟動您自己的雲 SSD，您能否就我們應該在多大範圍內看到這些部署可能在秋季提供更多的顏色今年？

Yes.

是的。

I think you're going to see them very broadly deployed.

我想你會看到它們被廣泛部署。

As we noted, the initial uptakes of that SSD was announced in the early part of December of last year.

正如我們所指出的，該 SSD 的初始使用是在去年 12 月初宣布的。

The uptake has been very strong, and we continue to see that growing at a significant rate here as we progress through the calendar year, along with some new features.

吸收非常強勁，隨著我們在整個日曆年的進展，我們繼續看到這里以顯著的速度增長，以及一些新功能。

We have a 5100 SATA drive with PCIE and NVMe coming soon as well, so we think that will help with the proliferation and the expansion of the demand.

我們也即將推出帶有 PCIE 和 NVMe 的 5100 SATA 驅動器，因此我們認為這將有助於需求的擴散和擴大。

Great.

偉大的。

Thank you very much.

非常感謝。

Timothy Arcuri, Cowen.

蒂莫西·阿庫裡，考恩。

Thank you very much.

非常感謝。

I guess, Mark, I'm just looking at the guidance, and you guys are guiding to a quarterly earnings number that's like 50% higher than you guys did in the last cycle, yet your stock is still $5.00 below where it peaked last time.

我想，馬克，我只是在看指導，你們指導的季度收益數字比你們上一個週期高出 50%，但你們的股票仍然比上次峰值低 5.00 美元.

And I know there are some changes in the cap structure and whatnot.

而且我知道上限結構和諸如此類的一些變化。

But I guess the question really is what's the concern you hear from investors when you've been out there on the conference circuit this quarter?

但我想問題真的是當你本季度參加會議時，你從投資者那裡聽到的擔憂是什麼？

Are people worried about the sustainability of the cycle, and like what is the big concern from your point of you and is that valid?

人們是否擔心週期的可持續性，從你的角度來看，你最關心的是什麼，這是否有效？

It's a good question.

這是個好問題。

I think people are looking at the cycle and wondering are we getting long in the tooth, etc.?

我認為人們正在關注這個週期，想知道我們是否正在長牙等？

We start to read stuff about that.

我們開始閱讀有關這方面的內容。

We are not seeing that at all.

我們根本沒有看到這一點。

As mentioned, we are not seeing -- really what's driving this cycle when you think about it is broad-based demand across multiple market segments, and in particular it's content growth in all of those segments as opposed to particularly strong unit growth in one segment or the other.

如前所述，我們沒有看到——當你考慮到這個週期時，真正推動這個週期的是跨多個細分市場的廣泛需求，特別是所有這些細分市場的內容增長，而不是一個細分市場的特別強勁的單位增長或其他。

And so as we look at the market today, it looks very robust from an end market demand, and maybe much broader and less unit-driven than we've seen in the past.

因此，當我們看今天的市場時，從終端市場的需求來看，它看起來非常強勁，而且可能比我們過去看到的更廣泛且更少受單位驅動。

We also see that the supply, as best we can tell, seems in control relative to demand.

我們還看到，據我們所知，供應似乎相對於需求處於控制之中。

And I think, if you think about this cycle versus last cycle, what you saw -- what you saw last cycle was a big chunk of supply come off with the Hynix fire and the reaction with more supply to replace it, and so maybe a little less stability than we're seeing this time around.

而且我認為，如果你考慮一下這個週期與上一個週期，你所看到的 - 你看到的上一個週期是大量供應隨著海力士的火災而消失，而反應是更多的供應來取代它，所以也許是穩定性比我們這次看到的要低一些。

So that's all on the DRAM side.

這就是 DRAM 方面的全部內容。

On the NAND side, this HDD replacement cycle is big.

在 NAND 方面，這個 HDD 更換週期很大。

We are well into it in client.

我們在客戶中很好。

It's not going to stop in the cloud and enterprise.

它不會在雲和企業中停止。

Mobile storage demand continues to accelerate.

移動存儲需求繼續加速。

And so, again, it's broad-based content growth in all of those end applications, and it's supply on the NAND side that's relatively capital-intensive to put in place with complex technology.

因此，在所有這些終端應用中，內容的基礎廣泛增長，而 NAND 方面的供應相對資本密集，需要採用複雜的技術。

And so there, again, that all seems like it's in pretty good shape.

所以，再一次，這一切看起來都很好。

Okay.

好的。

I guess just to follow onto that, so it looks like, based upon the guidance, that the gross margin in DRAM is going to be in excess of 50%.

我想只是為了遵循這一點，所以根據指導，DRAM 的毛利率將超過 50%。

Usually, that doesn't last very long, and people are obviously worried about Samsung adding a bunch of wafers.

通常，這不會持續很長時間，人們顯然擔心三星會添加一堆晶圓。

Why would that not happen this time?

為什麼這次不會發生？

Based upon what you know, why would that not happen?

根據你所知道的，為什麼不會發生這種情況？

And sort of what's your -- obviously, they have to add some wafers.

有點像你的——顯然，他們必須添加一些晶圓。

But what's your base assumption for what the competition will do sort of in terms of bit growth this year?

但是你對今年競爭在比特增長方面的基本假設是什麼？

Thanks.

謝謝。

Again, I think the last cycle was a little different with that instability in supply created by the Hynix fire.

同樣，我認為上一個週期與海力士火災造成的供應不穩定略有不同。

I don't know why they would intentionally repeat the mistake from last cycle.

我不知道他們為什麼會故意重複上一個週期的錯誤。

They probably are enjoying making good margins.

他們可能正在享受賺取豐厚利潤的樂趣。

And our view is we just go out and we look at what information is available relative to all the various additions people are making and might be making and what the timeframe that might occur in, and then we give you -- you know, what we think that bit growth looks like.

我們的觀點是，我們只是走出去，我們會查看與人們正在製作和可能正在製作的所有各種添加相關的可用信息以及可能發生的時間範圍，然後我們給你 - 你知道，我們想想那位增長的樣子。

And that looks like it's probably actually -- Samsung is actually probably on the low end over the next couple of years relative to what's going on in the industry as a whole.

這看起來可能實際上是——相對於整個行業的情況，三星實際上可能在未來幾年內處於低端。

And the industry as a whole is probably a little bit south of where we think demand growth is.

整個行業可能在我們認為需求增長的地方有點偏南。

So, could it happen?

那麼，它會發生嗎？

Yes.

是的。

Why would it happen?

為什麼會發生？

I can't forecast that for you.

我無法為你預測。

This is Ernie.

這是厄尼。

I think the important thing to bear in mind is, in the estimates that we've provided for supply growth this year of 15% to 20%, you would have to add some wafers to get into that range.

我認為要記住的重要一點是，在我們提供的今年供應增長 15% 到 20% 的估計中，你必須添加一些晶圓才能進入這個範圍。

Absent those wafer additions, you would be below the low end of that range, based on everything that we know.

根據我們所知道的一切，如果沒有這些晶圓添加，您將低於該範圍的低端。

So, it is not a surprise that wafers are being added, given the forecast that we believe exists from the supply side.

因此，考慮到我們認為供應方面存在的預測，增加晶圓也就不足為奇了。

And again, the other thing to keep in mind here is there are some natural impediments.

再說一次，這裡要記住的另一件事是存在一些自然障礙。

The technology is getting more expensive to deploy.

該技術的部署成本越來越高。

It's getting more difficult.

越來越難了。

And as we look to the future, we do see trends towards new technologies that might come into place out in time, and that may be somewhat of an impediment to people as they think about do I really want to add incremental, significant new wafers to use supply when there may be competing technologies coming.

當我們展望未來時，我們確實看到了可能會及時出現的新技術趨勢，這可能會在人們考慮我是否真的想添加增量的、重要的新晶圓時成為障礙在可能出現競爭技術時使用供應。

Agreed, guys.

同意，伙計們。

Thank you.

謝謝你。

Chris Danely, Citi.

克里斯丹利，花旗銀行。

I didn't know I went from Jewish to Italian.

我不知道我從猶太人變成了意大利人。

Anyway, congrats.

無論如何，恭喜。

It feels like we have stepped into a time machine and got off in 1995.

感覺就像我們踏進了時光機，在 1995 年下車。

Can you just go through your price assumptions for the gross margin guide, and then also maybe list the gross margin drivers in order of importance for beyond the May quarter?

您能否僅通過毛利率指南的價格假設，然後按重要性順序列出 5 月季度以後的毛利率驅動因素？

This is Ernie.

這是厄尼。

You and I have been around each other long enough to know you're not going to get an answer to your first question.

你和我相處的時間足夠長，知道你不會得到第一個問題的答案。

We don't give underlying pricing assumptions to derive our gross margin guidance.

我們沒有給出潛在的定價假設來得出我們的毛利率指導。

Our gross margin guidance stands on its own for what it is.

我們的毛利率指導是獨立的。

Relative -- can you repeat the second piece, half, of your question please?

相對的——你能重複一下你的問題的第二部分嗎？

Sure, just list the gross margin drivers in order of importance for wait for beyond the make order?

當然，只需按重要性順序列出毛利率驅動因素，以等待超出訂單嗎？

Yes.

是的。

So, to do that would be predicting a pricing curve, which I also think is troublesome business.

因此，要做到這一點將是預測定價曲線，我也認為這是一件麻煩事。

As we've talked about, right now, the pricing curve is much flatter than you typically see it, and the normal sort of rules of thumb as you look at segments continue to be a little bit inverted as we experience this environment that we are in.

正如我們所討論的，現在，定價曲線比您通常看到的要平坦得多，並且當我們體驗我們所處的這種環境時，您查看細分市場的正常經驗法則繼續有點顛倒在。

So, we have -- we never predict that things go up and to the right for an infinite period of time.

所以，我們有——我們永遠不會預測事情會在無限的時間內向上和向右移動。

You would expect that we would be thinking cautiously as we do our internal business planning, which we do.

您會期望我們在進行內部業務規劃時會謹慎思考，我們就是這樣做的。

We do apply a very consistent methodology to how we look at things, but we aren't in a position to tell you when we think that the pricing curve would return to any sort of more normalized perspective that we would have from historical reference.

我們確實對我們看待事物的方式採用了非常一致的方法，但我們無法告訴您何時我們認為定價曲線會恢復到我們從歷史參考中獲得的任何一種更規範化的角度。

That's fine.

沒關係。

Since I whiffed on my first question, maybe you'll allow me another follow-up.

既然我對我的第一個問題嗤之以鼻，也許你會允許我再次跟進。

You talked about delevering now that cash flow is pretty good.

你談到了去槓桿，因為現金流非常好。

Maybe give us any insight into what would be or what would trigger you to start raising capital or restructure the debt?

也許讓我們了解什麼會或什麼會觸發您開始籌集資金或重組債務？

What would be the options out there?

那裡有什麼選擇？

I think we are pretty consistent with what we said at our analyst day.

我認為我們與分析師日所說的非常一致。

We talked about 50% to 75% of a $1.5 billion number.

我們談到了 15 億美元數字中的 50% 到 75%。

We are on track for that.

我們正在努力實現這一目標。

We'll do that at a time and a pace of our choosing based upon a wide variety of business circumstances, but we do, as I said in my script, remain committed to this and think that it's an important priority for us.

我們將根據各種業務環境選擇時間和速度，但正如我在劇本中所說，我們會繼續致力於此，並認為這對我們來說是一個重要的優先事項。

Great.

偉大的。

Thanks guys.

多謝你們。

Mark Delaney, Goldman Sachs.

馬克德萊尼，高盛。

Good afternoon.

下午好。

Congratulations on the good results and thanks for taking the questions.

恭喜您取得好成績，並感謝您提出問題。

The first question was a follow-up on just the broader pricing environment.

第一個問題是對更廣泛的定價環境的跟進。

I'm not looking for any absolute number, but just hoping you could help us understand if the contract prices that Micron has seen are still below spot prices.

我不是在尋找任何絕對數字，只是希望您能幫助我們了解美光看到的合同價格是否仍低於現貨價格。

Obviously spot prices rallied pretty significantly, but there's some time maybe before contract can catch up.

顯然現貨價格大幅上漲，但合約可能需要一段時間才能趕上。

And just, with what you're guiding at, do you think contract pricing is still below spot in your assumptions?

只是，根據您的指導，您認為合同定價仍然低於您的假設嗎？

Certainly, that's the case today.

當然，今天就是這樣。

And don't forget we've also talked in the past about how some of our other segments have contracts of longer duration, so you would get the impact of a renewal of those contracts and, generally speaking, that those renewal -- that renewal pricing environment would continue to be favorable as well.

而且不要忘記我們過去也談到過我們的其他一些部門如何擁有更長期限的合同，所以你會得到這些合同續約的影響，一般來說，那些續約 - 續約定價環境也將繼續有利。

That's helpful.

這很有幫助。

And then for a follow-up question, I know the Company talked a bit in the prepared remarks about certain mix shifts that it has been executing on, doing more in areas like SSDs, and moving more towards server DRAM and creation.

然後對於後續問題，我知道公司在準備好的評論中談到了它一直在執行的某些混合轉變，在 SSD 等領域做得更多，並且更多地轉向服務器 DRAM 和創建。

I was hoping you could help us understand how much more you think you can achieve in those areas through the rest of this fiscal year.

我希望您能幫助我們了解您認為在本財年剩餘時間內您可以在這些領域取得多少成就。

Sure.

當然。

So, on the SSD side of the house, as we mentioned I think in response to an earlier question, we think we are at the early days of what we're seeing in terms of penetration on our cloud and enterprise SSDs.

因此，在 SSD 方面，正如我們在回答之前的問題時提到的，我們認為我們正處於我們所看到的雲和企業 SSD 滲透率的早期階段。

I think we do have fairly good momentum and traction in clients in OEM.

我認為我們在 OEM 客戶中確實有相當好的勢頭和牽引力。

So that is how we are looking at or thinking about what the opportunities are on the SSD side of the house.

這就是我們如何看待或思考固態硬盤方面的機會。

And then you also saw an increase in the percentage of the DRAM output that went into the server and cloud segment, and we see those continuing to increase here, or the demand side of it continuing to increase here, with all of the new data center deployments and a pretty strong demand environment for those.

然後你還看到進入服務器和雲領域的 DRAM 輸出的百分比有所增加，我們看到這裡繼續增加，或者這裡的需求方面繼續增加，所有新的數據中心部署和非常強勁的需求環境。

Thank you.

謝謝你。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Good afternoon.

下午好。

You mentioned that you 3D mix would exceed 75% by year-end in NAND.

您提到到年底您的 3D 混合將在 NAND 中超過 75%。

Could you remind me?

你能提醒我嗎？

Are you decommissioning 2D capacity, or is that 3D capacity all incremental?

您是在停用 2D 容量，還是該 3D 容量都是增量的？

And what kind of longer-term ratio should we expect between 3D and 2D beyond this year?

今年以後，我們應該期望 3D 和 2D 之間的長期比率是多少？

It's a transition primarily from planar to 3D.

它主要是從平面到 3D 的過渡。

If it were 100% transition, which it's not, that ratio on a square footage basis might be something north of 2-to-1.

如果它是 100% 的過渡，但事實並非如此，那麼以平方英尺為基礎的比率可能是 2 比 1 以北的東西。

But we have incremental space as well, so it's not exactly like that.

但我們也有增量空間，所以不完全一樣。

Okay.

好的。

And then could you also remind me, as you transition from 2D to 3D, for the same wafer capacity, what type of bit growth do you get with 64 layer?

然後你能否提醒我，當你從 2D 過渡到 3D 時，對於相同的晶圓容量，64 層會得到什麼類型的位增長？

From a 2D planar NAND, from a planar NAND wafer to a 64 layer 3D NAND wafer?

從 2D 平面 NAND，從平面 NAND 晶圓到 64 層 3D NAND 晶圓？

Correct, yes.

正確，是的。

It might be -- it's north of 300%, closer to 4X.

可能是——它在 300% 以北，接近 4 倍。

Thank you.

謝謝你。

Jagadish Iyer, Summit Redstone.

Jagadish Iyer，山頂紅石。

Thanks for taking my question -- two questions.

感謝您提出我的問題——兩個問題。

First, in terms of the DRAM bit supply, given that you have had Inotera under your belt, I'm curious why your bit shipments were only in the low single digits.

首先，在 DRAM 位供應方面，鑑於您已經擁有 Inotera，我很好奇為什麼您的位出貨量只有低個位數。

And then I have follow-up.

然後我有後續行動。

Inotera has always been part of our output and measured in our bit shipments, so the transaction -- the formal closing of the transaction really did not represent an incremental addition to the Company's bit supply.

Inotera 一直是我們產出的一部分，並以我們的比特出貨量來衡量，所以交易——交易的正式結束並不代表公司比特供應的增量。

Okay, fair enough.

好吧，夠公平的。

Then on the pricing environment for DRAM, what contributed to the 21% increase?

那麼在 DRAM 的定價環境中，是什麼促成了 21% 的增長？

Was there any specific subsegment of DRAM that you saw strength?

您是否看到了任何特定的 DRAM 細分市場實力？

And do you think that this is a one-time event, or how should we think about it?

您是否認為這是一次性事件，或者我們應該如何看待它？

I know you would not give more clarity on pricing going forward, but any color specifically on the 21% increase would be helpful.

我知道你不會更清楚地說明未來的定價，但任何特別針對 21% 增長的顏色都會有所幫助。

We've all been able to read every week about what's happened to DRAM exchange with respect to spot pricing, and certainly that trend as influenced every single other segment.

我們每週都能夠閱讀 DRAM 交易所在現貨定價方面發生的情況，當然這一趨勢也影響了其他每個細分市場。

So I think, as Mark mentioned in his script, while last quarter the pricing was more focused around what was happening in the client and OEM markets, this quarter, the impact of that having extended over time and consistent with our earlier comments been subject to some of these contract renewals, are starting to manifest themselves across mobile, across enterprise, and really the full breadth of the DRAM product portfolio.

所以我認為，正如馬克在他的劇本中提到的那樣，雖然上個季度的定價更多地集中在客戶和 OEM 市場發生的事情上，但本季度，隨著時間的推移，這種影響隨著時間的推移而擴大，並且與我們之前的評論一致，受到了影響其中一些合同續簽開始在移動設備、企業以及整個 DRAM 產品組合中體現出來。

Thank you.

謝謝你。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

Good afternoon guys.

各位下午好。

Thanks for letting me ask a question.

謝謝你讓我問一個問題。

Congratulations Mark and Ernie.

祝賀馬克和厄尼。

Ernie, I know you're not going to talk about kind of forward pricing assumptions in the May guide, but when you look at the May guide and just how significantly above investor expectations it were, I was wondering if you could help us quantify or qualify a little bit to what extent is this being driven by cyclical leverage, like-for-like pricing, versus things that might have a little bit more longevity like your ability to mix into better end markets or your ability to cost-down or just operational efficiencies.

厄尼，我知道您不會在 5 月指南中談論遠期定價假設，但是當您查看 5 月指南以及它遠高於投資者預期的程度時，我想知道您是否可以幫助我們量化或這在多大程度上是由周期性槓桿、同類定價驅動的，而不是像你融入更好的終端市場的能力、降低成本的能力或只是運營效率。

And as you answer the question, I'd be curious just to see your view on whether or not you believe you are starting to close that cost cap with some of your peers out there.

當你回答這個問題時，我很想看看你對你是否相信你開始與你的一些同行一起關閉這個成本上限的看法。

I think, one, to reiterate something we said earlier, but it is very important, we are really consistent quarter to quarter with how we think about our guidance.

我想，一個，重申我們之前說過的一些話，但這非常重要，我們每個季度都與我們對指導的看法保持一致。

So there was no dramatic change from a methodology point of view in that.

因此，從方法論的角度來看，這並沒有發生巨大的變化。

And I think, John, you actually hit on many of the points that are contributing to that nice uptick in margin.

我認為，約翰，你實際上觸及了許多有助於利潤率大幅上升的點。

So, first, we do have a broad profile, and that allows us to move between segments and really maximize the opportunity between those segments.

因此，首先，我們確實擁有廣泛的形象，這使我們能夠在細分市場之間移動並真正最大化這些細分市場之間的機會。

And as you saw this quarter, we are tilting more to cloud and enterprise, which we think represents some good, long-term opportunity for the Company.

正如您在本季度看到的那樣，我們更傾向於雲計算和企業，我們認為這對公司來說代表了一些良好的長期機會。

We have system-level solutions that utilize the breadth of the Company's product portfolio in things like MCPs and builds on the capabilities of the Company with things like SSDs.

我們擁有系統級解決方案，利用公司在 MCP 等方面的產品組合的廣度，並利用公司在 SSD 等方面的能力。

You have a better technology execution, or strong technology execution, in terms of where we have been in the past, so the gap is closing.

就我們過去的情況而言，您擁有更好的技術執行力，或者說強大的技術執行力，因此差距正在縮小。

We've been consistently telling you that we think it will close and we're going to continue to make progress in that regard.

我們一直在告訴你，我們認為它會關閉，我們將繼續在這方面取得進展。

And then you do have leverage that comes from the scale that we have achieved over the course of the last two or three years as we've made these technology transitions.

然後你確實擁有來自我們在過去兩三年中實現的規模的影響力，因為我們已經進行了這些技術轉型。

So, really, I think, to the point you are making, this is not only about pricing.

所以，真的，我認為，就你所說的而言，這不僅僅是定價問題。

It's about pricing and everything else that we've been working on collectively as a team to deliver broad operational capability into all of our end markets.

這是關於定價以及我們作為一個團隊一直致力於為我們所有的終端市場提供廣泛的運營能力的所有其他事情。

That's helpful.

這很有幫助。

Then maybe as my follow-up, Mark, in your prepared comments, you talked about having meaningful 1X volume by the end of this fiscal year.

然後，也許作為我的後續行動，馬克，在你準備好的評論中，你談到了在本財年末實現有意義的 1 倍交易量。

I'm wondering if you could quantify what you mean by meaningful.

我想知道您是否可以量化有意義的含義。

And I guess, from my perspective, it seems like a little bit earlier than I would have expected.

而且我想，從我的角度來看，這似乎比我預期的要早一點。

Is that true?

真的嗎？

And if so, are you just finding it an easier ramp?

如果是這樣，您是否只是發現它是一個更容易的坡道？

And can you remind us of sort of the cost-downs you expect to get with the move to 1X?

您能否提醒我們您希望通過 1X 降低成本？

I don't want to put too much specificity around exactly where we will end up at the end of the year on a bit mix, but I will tell you that you will recall, at the analyst day, we shared with you that we believe we were making very good progress on our 1X nanometer yield ramp at that time, and that continues to go really very smoothly with a good progress in both Taiwan and Japan.

我不想過多地具體說明我們將在今年年底結束的確切位置，但我會告訴你，你會記得，在分析師日，我們與你分享了我們相信當時，我們在 1X 納米產量提升方面取得了非常好的進展，並且繼續非常順利，在台灣和日本都取得了良好的進展。

So, we are very happy with the way it's going, and we will continue to monitor that and drive it appropriately.

所以，我們對它的發展方式非常滿意，我們將繼續監控並適當地推動它。

I will say also that there's a pretty good suite of products that penetrate a number of different end market segments, and those qualifications are going well and those products are looking very robust.

我還要說的是，有一套相當不錯的產品可以滲透到許多不同的終端市場領域，而且這些資質進展順利，而且這些產品看起來非常強大。

And I'm happy with the way that's coming along.

我對即將到來的方式感到滿意。

From a cost perspective, I think greater than 20% is what we've indicated in the past, and that's probably a good place to leave it for now.

從成本的角度來看，我認為超過 20% 是我們過去所指出的，這可能是暫時放棄它的好地方。

At the end of the day, it will depend on mix.

歸根結底，這將取決於混合。

We've got a lot of different products going in a lot of different segments.

我們在很多不同的領域都有很多不同的產品。

Great.

偉大的。

Thanks guys.

多謝你們。

I appreciate it.

我很感激。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Thank you.

謝謝你。

I'm wondering if you could touch on the NAND prices being down sequentially.

我想知道您是否可以觸及 NAND 價格連續下降的情況。

I was little surprised to see that relative to what we are hearing.

相對於我們所聽到的，我對此並不感到驚訝。

It's primarily around mix.

它主要圍繞混合。

We are shipping a lot of high density TLC 3D product versus, previously, we had some lower density products hanging out in some pretty small niches as our volume has gone up and as we've begun to drive more towards some of these higher density cloud type applications.

我們正在運送大量高密度 TLC 3D 產品，而以前，隨著我們的數量增加並且我們開始更多地向其中一些更高密度的雲推動，我們在一些相當小的利基市場中閒逛類型的應用程序。

We are doing more those types of products, and all of the pricing is down.

我們正在做更多這些類型的產品，所有的價格都下降了。

They are driving some pretty significant cost improvements for us as well.

他們也為我們推動了一些相當顯著的成本改進。

And so, from a margin perspective, that's definitely where we want to be moving through time here.

因此，從利潤的角度來看，這絕對是我們想要在這裡穿越時空的地方。

Okay, great.

好，太棒了。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

And then your inventory picked up a little bit, and I was surprised to see that because I know how much customers want product.

然後你的庫存增加了一點，我很驚訝地看到這一點，因為我知道有多少客戶想要產品。

Can you just talk about, that and did that sort of -- is that the ramp in NAND or what are we seeing there?

你能談談嗎？那是 NAND 的斜坡還是我們在那裡看到的？

Consistent with sort of the ambitious plans we have around the SSD market, I would say the majority of that was attributable to that build-up.

與我們圍繞 SSD 市場製定的雄心勃勃的計劃相一致，我想說其中大部分歸功於這種積累。

And in addition to that, if you are doing a quarter-on-quarter compare, Inotera on the DRAM side was not considered part of the inventory in the December quarter -- or sorry, in the prior quarter -- whereas it's currently part of our inventory.

除此之外，如果您進行季度環比比較，DRAM 方面的 Inotera 在 12 月季度不被視為庫存的一部分 - 或者抱歉，在上一季度 - 而它目前是我們的庫存。

So that was really a significant part of the increase on the DRAM side.

所以這確實是 DRAM 方面增長的重要部分。

So, it's those two things.

所以，就是這兩件事。

Makes a lot of sense.

很有意義。

Thank you very much.

非常感謝。

Romit Shah, Nomura.

Romit Shah，野村。

This is Kristen [Shak] in for Romit Shah.

這是 Romit Shah 的 Kristen [Shak]。

Thanks for letting me ask a question and congrats on the great quarter, guys.

謝謝你讓我問一個問題，並祝賀這個偉大的季度，伙計們。

My first question, you gave some helpful commentary about the bit growth for the second half of fiscal 2017 versus the first half of fiscal 2017.

我的第一個問題，您對 2017 財年下半年與 2017 財年上半年的比特增長給出了一些有用的評論。

I was just wondering if you could give some color about how we should think about the cost declines for the second half versus the first half.

我只是想知道您是否可以就我們應該如何考慮下半年與上半年的成本下降提供一些顏色。

I'm not looking for anything, really concrete numbers, just anything qualitative would be great.

我不是在尋找任何東西，真正具體的數字，任何定性的東西都會很棒。

I think the best way I would guide you do there is we have actually provided what we thought was going to be a fiscal year -- a fiscal year cost-down target for both technologies and we've now given you all of the pieces that you need to compute that.

我認為我會指導你做的最好的方法是我們實際上已經提供了我們認為將是一個財政年度——這兩種技術的財政年度成本降低目標，我們現在已經為你提供了所有的部分你需要計算一下。

So, that's how I would guide you to come up with your estimate of what you think our cost-downs are going to be.

因此，這就是我將如何指導您對您認為我們的成本下降的估計。

Okay, great.

好，太棒了。

Thanks.

謝謝。

And then we are still seeing a lot of the spec-ing uptrends for Chinese smartphones, especially in DRAM.

然後我們仍然看到很多中國智能手機的規格上升趨勢，尤其是在 DRAM 方面。

With the strong pricing that we've seen in DRAM over the past few months, do you see that trend changing, or do you see that trend continuing?

隨著過去幾個月我們在 DRAM 中看到的強勁定價，您是否看到這種趨勢正在發生變化，或者您認為這種趨勢會持續下去嗎？

Any color there would be great.

任何顏色都會很棒。

Sorry, the question around Chinese phones was content or --

抱歉，關於中國手機的問題是內容或——

Yes, content, mainly in DRAM content.

是的，內容，主要是DRAM內容。

We continue to see, in the lower-end and midtier phones, we continue to see pretty good content growth.

我們繼續看到，在低端和中端手機中，我們繼續看到相當不錯的內容增長。

Yes, there is more of a concern at the high end in terms of what eventually will people stop taking densities up there, but even at the high end, I think we anticipate some continued growth with 6 to 8 gigabits at the top.

是的，在高端，人們最終會停止採用更高的密度，但我認為我們預計在高端會有 6 到 8 Gb 的持續增長。

But in the lower-tier and mid-tier smartphones, we still see pretty robust growth, and so, in aggregate, when we look at mobile, we are thinking in terms of 30% bit growth there this year.

但在低端和中端智能手機中，我們仍然看到了相當強勁的增長，因此，總的來說，當我們看移動端時，我們認為今年的比特增長為 30%。

Great.

偉大的。

Thanks guys.

多謝你們。

Mehdi Hosseini, Susquehanna.

邁赫迪·侯賽尼，薩斯奎哈納。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

This is David Ryzhik for Mehdi.

這是 Mehdi 的 David Ryzhik。

Just two if I can.

可以的話就兩個。

Just how can we think about contract discussions with customers?

我們如何看待與客戶的合同討論？

Are you seeing more long-term type of duration negotiations?

您是否看到更多長期類型的持續時間談判？

And I just had a quick follow-up.

我剛剛進行了快速跟進。

Thanks.

謝謝。

It's very different segment to segment, customer to customer.

這是非常不同的細分市場，客戶對客戶。

So, I wouldn't say that there is a huge sea change, although clearly there are some customers in this kind of environment that are interested in lengthier relationships.

所以，我不會說有巨大的變化，儘管在這種環境中顯然有一些客戶對更長的關係感興趣。

Great.

偉大的。

And for 3D NAND, any update on timing of QLC introduction, and would you introduce it at the 64 layer density?

對於 3D NAND，QLC 引入時間的任何更新，您會以 64 層密度引入它嗎？

Thanks.

謝謝。

Yes, we are not going to be too specific yet about our QLC plans, but we will confirm that we are happy with the way that technology is progressing.

是的，我們不會對我們的 QLC 計劃過於具體，但我們會確認我們對技術進步的方式感到滿意。

And that's probably all we've got to say for now.

這可能就是我們現在要說的。

Thanks so much.

非常感謝。

Robert Mertens, Needham & Company.

羅伯特·默滕斯，Needham & Company。

Thank you for taking my question.

謝謝你接受我的問題。

Just two quick questions on behalf of Raji Gill.

代表 Raji Gill 提出兩個簡單的問題。

You spoke a little bit towards the yields with 3D NAND on the 32 layer.

您談到了在 32 層上使用 3D NAND 的產量。

Could you just talk a little bit about your competitive advantage going forward on the 3D NAND side, and then also just give a little bit more color on your gross margin trajectory and how we should think about that throughout the year?

您能否簡單談談您在 3D NAND 方面的競爭優勢，然後再稍微說明一下您的毛利率軌跡，以及我們應該如何看待這一年？

Thank you.

謝謝你。

We are not going to give you gross margins, as Ernie already indicated unfortunately.

不幸的是，正如厄尼已經指出的那樣，我們不會給你毛利率。

We're just not going to go there.

我們只是不去那裡。

But relative to our competitive position on 3D NAND, we feel very good about it.

但相對於我們在 3D NAND 上的競爭地位，我們感覺非常好。

I would direct you back to the comments we made in the slides we showed at the analyst conference a couple of months ago.

我會引導您回到我們在幾個月前在分析師會議上展示的幻燈片中所做的評論。

We are very happy with our 32 layer yields.

我們對 32 層的產量非常滿意。

We are very happy with how we are progressing on our 64 layer spec.

我們對 64 層規範的進展感到非常滿意。

And we think we are in the lead position relative to our cost effectiveness and our density and our ability to deliver products at all the (inaudible).

我們認為我們在成本效益、密度和交付產品的能力方面處於領先地位（聽不清）。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

C.J. Muse, Evercore.

C.J.繆斯，Evercore。

Good afternoon.

下午好。

Thank you for taking my question.

謝謝你接受我的問題。

Can you guys -- first question -- update us on your thoughts in terms of DRAM supply demand for this year?

你們——第一個問題——能否更新我們對今年 DRAM 供應需求的看法？

And are we to assume that tightening shortages should continue through the calendar year?

我們是否假設緊縮的短缺應該持續到整個日曆年？

And then assuming the wafers that you already have baked into that 15% to 20% supply, if we don't see new wafers next year and we just think about a world that shrinks, how should we think about supply into calendar 2018?

然後假設你已經在 15% 到 20% 的供應中烘烤了矽片，如果我們明年看不到新的矽片並且我們只是考慮一個縮小的世界，我們應該如何考慮到 2018 日曆年的供應？

We really don't have an update for you.

我們真的沒有更新給你。

It's still, in our view, it's 15% to 20% supply growth this year, could actually be less than that if there's less new wafers than we have in our plan.

在我們看來，今年的供應增長仍然是 15% 到 20%，如果新晶圓的數量少於我們計劃中的數量，實際上可能會低於這個水平。

Demand is still 20% plus.

需求仍然在 20% 以上。

Next year, we would be in the teens if we don't get the new wafers.

明年，如果我們沒有得到新的晶圓，我們將處於十幾歲。

Great.

偉大的。

And as a follow-up, you talked about second-half DRAM bits being 10% higher than first-half.

作為後續，您談到下半年的 DRAM 位比上半年高 10%。

I'm assuming that's production.

我假設那是生產。

Can you hit that on a sales basis, or should we assume slightly less, given the timing of 1X?

考慮到 1X 的時間，您能否在銷售基礎上達到這一目標，或者我們應該假設稍微少一點？

No, that was representative of what we think will ultimately be reflected in our financial statements.

不，這代表了我們認為最終將反映在我們的財務報表中的內容。

Excellent.

出色的。

Thanks so much.

非常感謝。

Stephen Chin, UBS.

瑞銀的斯蒂芬·欽。

Great.

偉大的。

Thanks for taking my questions.

感謝您提出我的問題。

I had a question on, first of all, for the NAND flash business with mobile being only 20% of the sales there.

我有一個問題，首先，NAND 閃存業務僅佔銷售額的 20%。

I was wondering.

我想知道。

Just given the relatively low exposure there currently relative to the overall market, is that implying that, for the second half of the year, you are expecting you'll see a lot of seasonality that's helping to drive some of the second-half 30% half-on-half growth?

鑑於目前相對於整個市場的風險敞口相對較低，這是否意味著，在今年下半年，您預計會看到很多季節性因素，這有助於推動下半年的 30%對半增長？

Again, the 30% was a function of our output, and we would direct that output into the various outlets that we have, whether it be the SSD business, the mobile business, etc.

同樣，這 30% 是我們產出的函數，我們會將產出引導到我們擁有的各個渠道，無論是 SSD 業務、移動業務等。

So, we will sort of wait and see how that plays out here as we get to the back half of the year.

因此，我們將在今年下半年等待，看看情況如何。

Okay, that's fair.

好吧，這很公平。

As my follow-up, in terms of the gross margin guidance, can you talk a bit about the implied cost reductions on both DRAM and NAND flash for this quarter's guidance?

作為我的後續，就毛利率指導而言，您能否談談本季度指導中 DRAM 和 NAND 閃存的隱含成本降低？

Just given the relatively high output for your 20 nanometer DRAM and also I guess the ramping nature of 32 layer 3D, is there still a lot of cost reduction in the current quarter from both of those technologies?

鑑於您的 20 納米 DRAM 的輸出相對較高，而且我猜想 32 層 3D 的漸變性質，這兩種技術在本季度是否仍有大量成本降低？

Again, I'd kind of refer you back to the full-year guidance that we provided, which was rather specific.

同樣，我想請您參考我們提供的全年指導，這是相當具體的。

We have now completed two quarters of that year, and we've given you a view of the back-half bit growth.

我們現在已經完成了當年的兩個季度，我們已經讓您了解了後半部分的增長。

So I think we've given you all the building blocks that you need to derive a gross margin profile, and that's not something that we typically share.

因此，我認為我們已經為您提供了得出毛利率概況所需的所有構建塊，而這不是我們通常共享的東西。

And operator, I think we have time for one more question.

接線員，我想我們還有時間再問一個問題。

Mark Newman, Bernstein.

馬克紐曼，伯恩斯坦。

Hi.

你好。

Thanks.

謝謝。

Congrats on great results.

祝賀偉大的結果。

I have a question around your supply growth, given there is such strong pricing out there in the market.

鑑於市場上有如此強勁的定價，我對你們的供應增長有疑問。

So, firstly, can you talk about what the underlying wafer capacity trend is doing for Micron in both DRAM and NAND this year?

那麼，首先，您能談談今年美光在 DRAM 和 NAND 方面的潛在晶圓產能趨勢嗎？

And related to that, how much flexibility, given how strong pricing is today, how much flexibility does Micron have to add more either this calendar year or next year?

與此相關的是，考慮到今天的定價有多大的靈活性，美光必須在今年或明年增加多少靈活性？

I'm not saying that you will.

我不是說你會。

Just how much flexibility do you have to add more if, for whatever economic means reasons, you could make the calculation that it does make sense to add more?

如果出於任何經濟原因，您可以計算出增加更多確實有意義，那麼您需要增加多少靈活性？

Thanks.

謝謝。

I think the best way -- as best as we going to characterize wafers would be to say it's pretty stable.

我認為最好的方法——我們要描述晶圓的最好方法是說它非常穩定。

We are very focused on technology transitions.

我們非常關注技術轉型。

We are not focused on adding more supply, so we are just utilizing the existing capacity and transitioning it through advanced nodes.

我們並不專注於增加更多供應，所以我們只是利用現有容量並通過高級節點進行轉換。

We do have white space in both our Fab 16 in Taichung as well as Fab 10X, but we are not planning any capacity additions this year.

我們在台中的 Fab 16 和 Fab 10X 確實有空白空間，但我們今年不打算增加任何產能。

And if we were to decide we wanted to, which I think is unlikely, for us, as for our competitors, there is significant leadtime at the moment for equipment and it would take quite a while to bring that on in the marketplace.

如果我們決定我們想要，我認為這不太可能，對於我們和我們的競爭對手來說，目前設備的交貨時間很長，並且需要相當長的時間才能將其推向市場。

Is it possible to quantify how much it would be in terms of wafers?

是否可以量化晶片的數量？

Again, not saying you're going to add it, but just how much capacity you have the ability -- and how much do you have the ability to add in both DRAM and NAND?

再說一次，不是說你要添加它，而是說你有多少容量——以及你有多少能力在 DRAM 和 NAND 中添加？

No, and, again, it's kind of moot.

不，再一次，這有點沒有實際意義。

So, thanks for the questions.

所以，謝謝你的提問。

Thanks very much.

非常感謝。

This is Ernie.

這是厄尼。

Before we close, I wanted to share with everyone that Ivan is going to be transitioning out of his IR role into another role here at Micron, and I wanted to personally express my appreciation to him for his support of the Company during his tenure in IR, including bringing me up to speed, which was quite challenging, I'm sure.

在結束之前，我想與大家分享 Ivan 將從他的 IR 角色轉變為在 Micron 的另一個角色，我想親自對他在 IR 任職期間對公司的支持表示感謝，包括讓我跟上進度，這很有挑戰性，我敢肯定。

We will miss him very, very much.

我們會非常非常想念他。

We are in the process of determining how best to fill his shoes, but in the interim, Liz Morali will be the primary IR contact point.

我們正在確定如何最好地填補他的位置，但在此期間，Liz Morali 將成為主要的 IR 聯繫人。

And with that, we will say thanks again for your participation and we'll talk to you next quarter.

有了這個，我們將再次感謝您的參與，我們將在下個季度與您交談。

Thank you everyone.

謝謝大家。

Thank you.

謝謝你。

This concludes today's Micron Technology second-quarter 2017 financial release conference call.

今天的美光科技 2017 年第二季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。