美光科技 (MU) 2017 Q3 法說會逐字稿

Good afternoon. My name is Karen, and I'll be your conference facilitator today. At this time, I would like to welcome everyone to Micron Technology's Third Quarter 2017 Financial Release Conference Call. (Operator Instructions)

午安.我叫凱倫，今天我將擔任你們的會議主持人。在此，我謹代表美光科技公司歡迎各位參加2017年第三季財務業績發布電話會議。（操作說明）

It is now my pleasure to turn the floor over to your host, Shanye Hudson. You may begin the conference.

現在，我很高興把發言權交給主持人 Shanye Hudson。會議可以開始了。

Thank you, Karen, and welcome to Micron Technology's Third Fiscal Quarter 2017 Financial Conference Call. On the call with me today are Sanjay Mehrotra, President and CEO; and Ernie Maddock, Chief Financial Officer.

謝謝凱倫，歡迎參加美光科技2017財年第三季財務電話會議。今天和我一起通話的是總裁兼執行長 Sanjay Mehrotra 和財務長 Ernie Maddock。

This conference call, including audio and slides, is also being webcast from our Investor Relations website at investors.micron.com. In addition, our website contains the earnings press release, which was filed a short while ago, and supplemental information including a reconciliation of GAAP to non-GAAP financial measures, slides for today's conference call and a convertible debt and capped call dilution table. The prepared remarks from today's call will also be added to our website later today.

本次電話會議（包括音訊和幻燈片）也將在我們的投資者關係網站 investors.micron.com 上進行網路直播。此外，我們的網站還包含不久前發布的盈利新聞稿，以及補充信息，包括 GAAP 與非 GAAP 財務指標的調節表、今天電話會議的幻燈片以及可轉換債券和上限期權稀釋表。今天電話會議的發言稿也將在今天稍後添加到我們的網站上。

Today's call will be approximately 60 minutes in length. A webcast replay will be available on our website for a year. We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the company, including information on the various financial conferences that we'll be attending. You can also follow us on Twitter, @MicronTech.

今天的電話會議大約需要60分鐘。網路直播回放將在我們的網站上保留一年。我們鼓勵您在本季度密切關注我們的網站 micron.com，以獲取有關公司的最新信息，包括我們將參加的各種金融會議的信息。您也可以在 Twitter 上關注我們，帳號是 @MicronTech。

As a reminder, the matters we will be discussing today include forward-looking statements based on the environment as we currently see it. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the statements being made today. We refer you to the documents that the company files with the SEC, specifically our most recent Form 10-K and Form 10-Q, for a complete discussion of these important risk factors and other risks that may affect our future results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or other achievements. We're under no duty to update any of the forward-looking statements after today's date to conform these statements to actual results.

再次提醒大家，我們今天討論的事項包括基於我們目前所見環境的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與今天所作的陳述有重大差異。有關這些重要風險因素以及可能影響我們未來業績的其他風險的完整討論，請參閱公司向美國證券交易委員會提交的文件，特別是我們最新的 10-K 表格和 10-Q 表格。儘管我們認為前瞻性聲明中反映的預期是合理的，但我們無法保證未來的績效、活動水準、表現或其他成就。我們沒有義務在今天之後更新任何前瞻性聲明，以使這些聲明與實際結果相符。

With that, I'll turn the call over to you, Sanjay.

那麼，我就把電話交給你了，桑傑。

Thank you, Shanye. Good afternoon, everyone. I'm pleased to be speaking with you for my first Micron quarterly earnings call, and I'm particularly fortunate to be joining at a time when we are able to report record revenues and non-GAAP EPS. These results reflect healthy industry fundamentals, the strength of Micron's diversified technology and product portfolio and our broad customer reach. Micron also continues to make progress in improving its technology and product competitiveness.

謝謝你，山野。大家下午好。我很高興能與大家進行我的第一次美光季度財報電話會議，尤其令我感到幸運的是，我們能夠在這個時候公佈創紀錄的收入和非GAAP每股收益。這些業績反映了健康的行業基本面、美光多元化的技術和產品組合的優勢以及我們廣泛的客戶群。美光科技在提昇技術和產品競爭力方面也持續取得進展。

The current industry dynamic and the growing strategic importance of Micron's technologies and capabilities make this an exciting time to join the company. The unprecedented amount of data being created, stored and processed presents tremendous opportunities for Micron.

當前行業動態以及美光技術和能力日益增長的戰略重要性，使得現在成為加入該公司的絕佳時機。前所未有的資料量正在被創造、儲存和處理，這為美光科技帶來了巨大的機會。

Applications like autonomous driving, machine learning and big data analytics all promise to make an enormous impact on our lives. Memory and file storage are the critical and increasingly strategic elements in every one of these applications. Market-leading companies from a broad array of industries who provide data center services, automotive applications and mobile solutions, just to name a few, are eager to partner with innovative companies like Micron that can provide leading-edge technology and system solutions.

自動駕駛、機器學習和大數據分析等應用程式都有望對我們的生活產生巨大影響。記憶體和文件儲存是所有這些應用中至關重要且日益重要的戰略要素。來自各行各業的市場領導企業，例如提供資料中心服務、汽車應用和行動解決方案的企業，都渴望與像美光這樣能夠提供領先技術和系統解決方案的創新公司合作。

Micron is uniquely positioned with the right technologies and capabilities to take a leadership position, and I'm delighted to have the opportunity to help the company maximize this potential.

美光擁有獨特的優勢，具備佔據領導地位所需的技術和能力，我很高興有機會幫助公司最大限度地發揮這一潛力。

I will now share some details from each of our business units, followed by technology and operational highlights for the quarter. Finally, I'll share our perspective on current industry supply and demand dynamics.

接下來，我將分享我們各個業務部門的一些細節，以及本季的技術和營運亮點。最後，我將分享我們對目前產業供需動態的看法。

We had record revenues in all business units this quarter, nearly doubling our company level year-over-year revenue performance. In the Compute and Networking Business Unit, all segments posted significant gains from year-ago levels. Revenue from cloud customers was more than 4x higher year-over-year. And we saw increased enterprise demand as analytics workloads are driving more use of in-memory databases and higher server memory content.

本季我們所有業務部門的營收均創歷史新高，公司整體營收年增近一倍。在運算和網路業務部門，所有業務板塊均比去年同期實現了顯著成長。來自雲端客戶的營收年增超過 4 倍。隨著分析工作負載的增加，企業對記憶體資料庫的需求也隨之成長，伺服器記憶體佔用量也隨之增加。

We continue to build upon our strong position in graphics and high-performance memory technology, with shipments of our 12 gigabits per second GDDR5X, the industry's fastest discrete DRAM, which we successfully ramped to high volume during the quarter. Most CNBU revenue came from 20-nanometer DRAM products, and we also recognized initial revenue on our next-generation 1x DDR4 products.

我們繼續鞏固在圖形和高效能記憶體技術領域的強大地位，出貨量達到每秒 12 千兆位元的 GD​​DR5X，這是業界速度最快的獨立 DRAM，我們在本季度成功地將其產量提升至很高水平。CNBU 的大部分收入來自 20 奈米 DRAM 產品，我們也確認了下一代 1x DDR4 產品的初始收入。

Looking forward, we believe that we are well positioned to effectively serve both our traditional OEM customer base as well as evolving opportunities around tailored solutions for large data center customers.

展望未來，我們相信我們已做好充分準備，能夠有效地服務於我們傳統的 OEM 客戶群，並抓住圍繞大型資料中心客戶客製化解決方案而不斷發展的機會。

Our Mobile Business Unit revenue increased slightly quarter-over-quarter with significant margin expansion, driven by lower costs associated with the continued shift to 20-nanometer LPDRAM and the favorable pricing environment. We expect increased demand ahead of the anticipated flagship smartphone introductions planned for the fall. Requirements for multicamera systems, augmented reality applications and high-resolution displays now dictate 4- and 6-gigabyte LPDRAM densities for a great user experience. This demand aligns well with our 20-nanometer and 1x offerings, where we plan to introduce nearly 20 new 1x package-on-package variations in the next 12 months.

我們的行動業務部門收入較上季略有成長，利潤率大幅提升，這得益於持續向 20 奈米 LPDRAM 過渡帶來的成本降低以及有利的價格環境。我們預計，隨著秋季旗艦智慧型手機的發布，市場需求將會增加。為了獲得良好的用戶體驗，多相機系統、擴增實境應用和高解析度顯示器現在需要 4GB 和 6GB 的 LPDRAM 密度。這項需求與我們的 20 奈米和 1x 產品非常契合，我們計劃在未來 12 個月內推出近 20 種新的 1x 封裝疊層產品。

We are focused on developing and diversifying our MCP and discrete NAND device offerings, which will position us well to address the full range of smartphones, from basic entry-level smartphones to content-rich high-end devices. Many mobile OEM customers prefer MCPs in their design implementation to address their memory and storage requirements, as MCPs provide a single source for DRAM memory and NAND storage, simplifying system design, validation and supply chain considerations.

我們專注於開發和豐富我們的 MCP 和獨立 NAND 設備產品，這將使我們能夠更好地滿足從基本入門級智慧型手機到內容豐富的高端設備的各種智慧型手機需求。許多行動 OEM 客戶在設計實作中更傾向於選擇 MCP 來滿足其記憶體和儲存需求，因為 MCP 為 DRAM 記憶體和 NAND 儲存提供了單一來源，從而簡化了系統設計、驗證和供應鏈的考量。

We continue to sample our 32-layer MLC and TLC 3D NAND MCP, discrete eUFS and eMMC devices to both chipset partners and handset OEMs. Revenue shipments of these products will begin later in the second half of this calendar year following completion of qualifications by customers.

我們繼續向晶片組合作夥伴和手機OEM廠商提供32層MLC和TLC 3D NAND MCP、獨立eUFS和eMMC裝置的樣品。這些產品的收入性出貨將在今年下半年稍後開始，前提是客戶完成資格認證。

Our Embedded Business Unit recorded a 44% increase in revenue year-over-year, driven by strong demand growth across all segments and a better pricing environment. We achieved record quarterly revenue for each of the automotive, consumer and connected home and industrial segments. We saw continued strength in automotive DRAM and eMMC NAND with infotainment and instrument cluster applications driving this record level.

由於所有細分市場的強勁需求成長和更好的定價環境，我們的嵌入式業務部門實現了同比增長 44% 的收入。我們在汽車、消費品、智慧家居和工業等各個業務領域都實現了創紀錄的季度營收。我們看到汽車DRAM和eMMC NAND市場持續強勁成長，資訊娛樂和儀表板應用推動了這項創紀錄的成長。

We continue to maintain our strong market share leadership position in automotive, enabled by our focus on high quality and deep customer relationships and support. Industrial and consumer-connected home revenues were led by increased shipments into rapidly growing applications, such as voice-activated home assistance and set-top boxes. We continue to transition our nonautomotive DRAM portfolio onto 20-nanometer designs.

我們憑藉對高品質產品和深厚的客戶關係與支援的專注，繼續保持在汽車領域強大的市場份額領先地位。工業和消費者互聯家庭的收入成長主要得益於語音活化家庭助理和機上盒等快速成長的應用領域的出貨量增加。我們將繼續把非汽車用DRAM產品組合過渡到20奈米設計。

Our Storage Business Unit delivered record revenues as sales of our SSD products grew 33% quarter-over-quarter. Sales to cloud and enterprise SSD customers grew appreciably on a combined basis and exceeded revenue from client customers for the first time.

我們的儲存業務部門實現了創紀錄的收入，其中 SSD 產品的銷售額環比增長了 33%。面向雲端和企業級 SSD 客戶的銷售額合計顯著成長，並首次超過了來自普通客戶的收入。

The most significant growth came from our cloud customers, where revenue doubled quarter-over-quarter. Our SSD sales in the quarter were driven primarily by our SATA SSD solutions using our 32-layer TLC 3D NAND.

成長最顯著的是我們的雲端客戶，其收入環比翻了一番。本季我們的 SSD 銷售額主要得益於採用 32 層 TLC 3D NAND 的 SATA SSD 解決方案。

During the quarter, we had first revenue shipments of our 8-terabyte SATA enterprise-class SSD, which is an industry first. Several new OEM and hyperscale customer qualifications are underway for our SATA drives. And in calendar year 2018, we plan to introduce NVMe PCIe offerings using our 64-layer TLC 3D NAND.

本季度，我們首次實現了 8TB SATA 企業級 SSD 的營收出貨，這在業界尚屬首例。我們正在為 SATA 硬碟進行幾項新的 OEM 和超大規模客戶認證。在 2018 年，我們計劃推出採用 64 層 TLC 3D NAND 的 NVMe PCIe 產品。

On the manufacturing operations front, we continue to make good progress toward achieving meaningful output by the end of our fiscal year on both our 64-layer 3D NAND and our 1X DRAM. Both of these technologies have already begun revenue shipments and are advancing well in their production yield run. We also continue to execute our plans to outfit our assembly operations as part of our DRAM center of excellence in Taiwan. This DRAM center, in addition to our NAND center of excellence in Singapore, will be essential to our ongoing efforts to optimize costs and improve our flexibility and speed to meet customer needs.

在製造營運方面，我們繼續取得良好進展，力爭在本財年結束前實現 64 層 3D NAND 和 1X DRAM 的實質產量。這兩項技術都已開始實現盈利性出貨，並且在生產良率方面進展順利。我們將繼續執行相關計劃，為我們在台灣的DRAM卓越中心配備組裝設備。除了我們在新加坡的 NAND 卓越中心之外，這個 DRAM 中心對於我們不斷優化成本、提高靈活性和速度以滿足客戶需求至關重要。

On the technology front, we continue to make solid progress on the development of our third-generation 3D NAND and our next-generation 1Y DRAM technologies. Our third-generation 3D NAND will continue to be based on our innovative CMOS Under the Array architecture. This architecture, pioneered by Micron, provides the benefits of smaller die size and lower cost. We expect our 1y DRAM to further improve our competitive position in the industry.

在技​​術方面，我們在第三代 3D NAND 和下一代 1Y DRAM 技術的研發方面繼續取得穩步進展。我們的第三代 3D NAND 將繼續基於我們創新的 CMOS 陣列下架構。這種由美光科技首創的架構，具有晶片尺寸更小、成本更低的優點。我們預計我們的1年DRAM將進一步提升我們在業界的競爭地位。

Looking at the industry broadly, Micron continues to see a healthy supply and demand environment that creates opportunities across both memory and storage markets. For calendar 2017, we expect DRAM industry bit supply growth of between 15% and 20%, slightly below our view of demand growth. For NAND, we expect 2017 industry supply growth in the high 30% to low 40% range, constraining what would otherwise be higher demand. We expect healthy industry demand to persist into 2018, supported by continued strong growth in both DRAM and NAND demand, reflecting broader trends in the data center and mobile markets as well as increased adoption of SSDs across enterprise, cloud and client PCs.

從整個產業來看，美光仍然看到健康的供需環境，這為記憶體和儲存市場都創造了機會。2017 年，我們預期 DRAM 產業位供應成長將在 15% 到 20% 之間，略低於我們對需求成長的預期。對於 NAND 快閃記憶體，我們預計 2017 年產業供應成長將在 30% 到 40% 之間，這將限制原本可能更高的需求。我們預計，在DRAM和NAND需求持續強勁成長的支援下，健康的產業需求將持續到2018年，這反映了資料中心和行動市場的更廣泛趨勢，以及企業、雲端和客戶端PC對SSD的日益普及。

Finally, after my first 2 months at Micron, I would like to share some of my priorities. Our execution and competitiveness are my primary focus, particularly accelerating the ramp of new technologies into volume production and introducing new products quickly, both of which are essential to developing innovative solutions at lower costs and strengthening Micron's business fundamentals.

最後，在美光工作兩個月後，我想分享我的一些工作重點。我的首要關注點是我們的執行力和競爭力，特別是加快新技術投入大量生產和快速推出新產品，這兩點對於以更低的成本開發創新解決方案和加強美光的業務基礎至關重要。

Micron has a tremendous portfolio of technologies and core capabilities. Our goal is to leverage these to provide high-value products and solutions that improve our revenue mix. We will target high-growth opportunities and seek out partnerships with leading companies in the ecosystem to position Micron for long-term success. We are off to a good start. Our execution and the current business climate are creating more flexibility, which we are leveraging to solidify our foundation through technology, product and manufacturing investments while also strengthening our balance sheet. I believe that through focus and solid execution, Micron can capitalize on the world's increasing reliance on memory and storage solutions.

美光擁有強大的技術組合和核心能力。我們的目標是利用這些優勢提供高價值的產品和解決方案，從而改善我們的收入結構。我們將瞄準高成長機遇，並尋求與生態系統中的領先公司建立合作夥伴關係，以使美光科技長期成功。我們開局不錯。我們的執行力和當前的商業環境創造了更大的靈活性，我們正在利用這種靈活性，透過技術、產品和製造方面的投資來鞏固我們的基礎，同時加強我們的資產負債表。我相信，透過專注和紮實的執行，美光可以充分利用世界對記憶體和儲存解決方案日益增長的依賴。

I'll now turn it over to Ernie, who will walk through the specifics of our financial performance this quarter.

現在我將把發言權交給厄尼，他將詳細介紹我們本季的財務表現。

Thank you, Sanjay. We had a strong quarter with record revenue, non-GAAP EPS and operating cash flow, driven by the continued positive industry environment, additional bit growth from our current technologies and progress on deploying our next-generation technologies into manufacturing. I will provide an overview of the fiscal Q3 results by technology and business unit, followed by comments on our overall corporate financial performance and guidance for FQ4.

謝謝你，桑傑。本季業績強勁，營收、非GAAP每股盈餘和經營現金流均創歷史新高，這得益於持續良好的產業環境、現有技術帶來的額外成長以及下一代技術在製造領域部署的進展。我將按技術和業務部門概述第三財季業績，然後對我們的整體公司財務業績和第四財季展望發表評論。

DRAM represented 64% of our total revenue with the following segmentation: Mobile was in the mid-20% range; PC was in the low 20% range, down from the prior quarter; server represented approximately 30%, up from 25% the prior quarter; and specialty DRAM, which includes networking, graphics, automotive and other embedded technologies, was in the mid-20% range.

DRAM 占我們總收入的 64%，具體細分如下：行動裝置佔比在 20% 左右；個人電腦佔比在 20% 左右，較上一季度有所下降；伺服器佔比約為 30%，較上一季的 25% 有所上升；特種 DRAM（包括網路、圖形、汽車和其他嵌入式技術）佔比在 20% 左右佔。

Our trade NAND revenue represented 31% of total revenue with the following segmentation: consumer, which consists primarily of component sales to partners and customers, was approximately 40%; mobile, which includes managed NAND discrete solutions and the majority of our MCPs, was in the mid-teens percent range; SSDs were in the mid-20% range, up slightly from last quarter; and automotive, industrial and other embedded applications were in the high-teens percent range.

我們的 NAND 貿易收入佔總收入的 31%，具體細分如下：消費品（主要包括向合作夥伴和客戶銷售組件）約佔 40%；移動（包括託管 NAND 獨立解決方案和我們的大部分 MCP）佔比在 15% 左右；固態硬碟 (SSD) 嵌入式比在 20% 左右，比上一季度略有增長；

Turning to performance by business unit. The Compute and Networking Business Unit reported fiscal Q3 revenue of $2.4 billion, up 25% sequentially due to increased bit shipments, ongoing success in penetrating growing segments like enterprise, graphics and high-performance memory and cloud and a stronger pricing environment. Non-GAAP operating income was $1.2 billion or 51% of revenue, up from 38% the prior quarter. 20-nanometer products were greater than half of CNBU revenue and were shipped primarily in the enterprise, cloud and client segments. Revenue growth in the enterprise segment was driven by the continued expansion of DRAM content per server. And in the cloud space, we experienced good sequential bit growth. Both segments also benefited from the current pricing environment. We saw ongoing growth of our 20-nanometer DDR4 products, with particular strength coming from the latest industry server platforms.

接下來，我們來看看各業務部門的表現。計算和網路業務部門公佈第三財季營收為 24 億美元，環比增長 25%，這得益於比特出貨量增加、持續成功滲透企業、圖形和高性能內存以及雲等增長型細分市場以及更強勁的定價環境。非GAAP營業收入為12億美元，佔營收的51%，高於上一季的38%。20 奈米產品佔 CNBU 收入的一半以上，主要銷往企業、雲端和客戶領域。企業級業務的收入成長主要得益於每台伺服器 DRAM 容量的持續成長。在雲端運算領域，我們經歷了良好的順序位元成長。這兩個細分市場都受益於當前的定價環境。我們的 20 奈米 DDR4 產品銷售持續成長，尤其是在最新的產業伺服器平台上表現強勁。

In networking, we saw shipment and revenue growth bolstered by the continued transition to 20-nanometer 4-gigabit DDR3 and 8-gigabit DDR4 products. We also continue to see strong interest in our high-performance memory portfolio. This strength was primarily evident in data center networking equipment.

在網路領域，隨著向 20 奈米 4 千兆 DDR3 和 8 千兆 DDR4 產品的持續過渡，出貨量和收入成長都得到了提振。我們也持續看到市場對我們的高效能記憶體產品組合表現出濃厚的興趣。這種優勢主要體現在資料中心網路設備方面。

Double-digit client revenue growth was driven by a continued firm pricing environment and product mix optimization, resulting in modestly declining bit shipments. Our 1x nanometer revenue was predominantly in this segment. Graphics also saw double-digit revenue growth, driven by strength in the game console market as well as new PC graphics card product launches, including the G5x-based Titan Xp from NVIDIA.

兩位數的客戶收入成長得益於持續穩定的定價環境和產品組合優化，導致比特出貨量略有下降。我們的 1 奈米級收入主要來自這一領域。圖形業務也實現了兩位數的營收成長，這得益於遊戲機市場的強勁表現以及包括NVIDIA基於G5x的Titan Xp在內的新PC顯示卡產品的推出。

The Mobile Business Unit delivered fiscal Q3 revenue of $1.1 billion, up 4% sequentially, driven primarily by a stronger pricing environment. And our non-GAAP operating income was $304 million or 27% of revenue, up from 16% the prior quarter.

行動業務部門第三財季營收達 11 億美元，季增 4%，主要得益於更強勁的定價環境。我們的非GAAP營業收入為3.04億美元，佔營收的27%，高於上一季的16%。

The Embedded Business Unit delivered fiscal Q3 revenue of $700 million, up 19% sequentially. Non-GAAP operating income was $256 million or 37% of revenue, up from 33% the prior quarter. The results were driven by strong bit demand and increased average selling prices of DRAM, combined with record shipments of SLC and MLC NAND in the consumer and connected home segments and record shipments of DRAM and eMMC NAND into the industrial and automotive segments, respectively.

嵌入式業務部門第三財季營收達 7 億美元，季增 19%。非GAAP營業收入為2.56億美元，佔營收的37%，高於上一季的33%。強勁的比特需求和 DRAM 平均售價的上漲推動了這一業績，同時，SLC 和 MLC NAND 在消費電子和智慧家庭領域的出貨量創下紀錄，DRAM 和 eMMC NAND 在工業和汽車領域的出貨量也分別創下紀錄。

The Storage Business Unit delivered fiscal Q3 revenue of $1.3 billion, up 26% sequentially. Non-GAAP operating income was $276 million or 21% of revenue, up from 7% the prior quarter. The results were primarily driven by strong unit growth of SSDs and a stronger pricing environment

儲存業務部門第三財季營收達 13 億美元，季增 26%。非GAAP營業收入為2.76億美元，佔營收的21%，高於上一季的7%。業績成長主要得益於固態硬碟銷售的強勁成長和更強勁的價格環境。

Moving to overall company results. Revenue for the third fiscal quarter was $5.6 billion, up 20% sequentially and driven by, primarily, stronger DRAM ASPs and higher NAND bit volumes.

接下來看公司整體業績。第三財季營收為 56 億美元，季增 20%，主要得益於 DRAM 平均售價走強和 NAND 位數增加。

On a year-over-year basis, revenue increased 92%, primarily due to a stronger DRAM pricing environment, increased bit volumes in both DRAM and NAND and our focus on higher value-add solutions to improve our product mix. Examples of this improved mix includes SSDs where year-on-year revenue tripled, while in DRAM bits embedded in high-value solution for enterprise, cloud and graphics customers, together grew at a rate twice our overall DRAM bit output for the same period.

與去年同期相比，營收成長了 92%，這主要得益於 DRAM 定價環境的走強、DRAM 和 NAND 的比特量增加，以及我們專注於更高附加價值的解決方案以改善產品組合。這種改進的組合的例子包括 SSD，其年收入增長了兩倍；而嵌入高價值解決方案中面向企業、雲端和圖形客戶的 DRAM 位，其增長速度是同期 DRAM 位總產量的兩倍。

Non-GAAP gross margin for the quarter was 48%, up from 38.5% in the prior quarter, driven by increased DRAM ASPs and cost per bit reductions in both DRAM and NAND. On a year-over-year basis, non-GAAP gross margin increased 30 percentage points, driven by a stronger DRAM pricing environment, a better product mix and lower cost per bit in both DRAM and NAND. Non-GAAP net income was $1.9 billion or $1.62 per share.

本季非GAAP毛利率為48%，高於上一季的38.5%，這主要得益於DRAM平均售價的提高以及DRAM和NAND每比特成本的降低。與去年同期相比，非GAAP毛利率成長了30個百分點，這主要得益於DRAM定價環境的改善、產品組合的最佳化以及DRAM和NAND每位元成本的降低。非GAAP淨利為19億美元，即每股1.62美元。

Turning to results by product line. DRAM revenue increased 20% compared to the prior quarter as a result of a 5% increase in bit shipments and a 14% increase in ASPs. DRAM non-GAAP gross margins for the third quarter increased 10 percentage points sequentially to 54%, driven by a 6% cost per bit reduction and better product mix.

按產品線查看結果。由於位元出貨量成長 5% 和平均售價成長 14%，DRAM 營收比上一季成長 20%。第三季 DRAM 非 GAAP 毛利率較上季成長 10 個百分點至 54%，主要得益於每比特成本降低 6% 和產品組合優化。

As a reminder, we noted last quarter that second half fiscal year 2017 DRAM bit output would be about 10% higher than first half fiscal year 2017. As we look forward into fiscal 2018, the timing of the 1x technology transition is expected to result in our bit growth at or slightly below industry growth rates over the same period. We considered this bit growth pattern when we provided our 2-year bit growth CAGR earlier this year.

提醒一下，我們在上個季度曾指出，2017 財年下半年 DRAM 位產量將比 2017 財年上半年高出約 10%。展望 2018 財年，1x 技術過渡的時間預計將導致我們同期的比特成長與產業成長率持平或略低於產業成長率。今年早些時候，我們在提供兩年位元成長複合年增長率時，已經考慮了這種位元成長模式。

Trade NAND revenue increased 21% compared to the prior quarter, reflecting a 17% increase in bit shipments and a 3% increase in ASPs. Non-GAAP gross margin was 41%, up 10 percentage points, driven by a 12% cost per bit reduction and better product mix.

與上一季相比，NAND 貿易收入成長了 21%，反映出比特出貨量成長了 17%，平均售價成長了 3%。非GAAP毛利率為41%，成長10個百分點，主要得益於每比特成本降低12%以及產品組合最佳化。

As a reminder, we noted last quarter that second half fiscal year 2017 bit growth would be about 30% above first half fiscal year 2017. Based on the timing of technology transitions, we foresee relatively muted bit growth in the first half of fiscal 2018, followed by stronger growth in the second half. Consistent with DRAM, we considered this bit growth pattern when we provided our 2-year bit growth CAGRs earlier in the year.

提醒一下，我們上個季度曾指出，2017 財年下半年比特成長將比 2017 財年上半年成長約 30%。根據技術變革的時機，我們預計 2018 財年上半年比特成長相對平緩，下半年成長將更加強勁。與 DRAM 一致，我們在今年稍早提供兩年位成長複合年增長率時，也考慮了這種位元成長模式。

Non-GAAP operating expenses for the quarter were $600 million, down $12 million from the prior quarter.

本季非GAAP營運費用為6億美元，比上一季減少了1,200萬美元。

The company generated operating cash flow of $2.4 billion in fiscal Q3 compared to $389 million in the year-ago period. During the quarter, we deployed $1.3 billion for capital expenditures, net of partner contributions. And free cash flow for the quarter was $1.1 billion as we retired approximately $1 billion of debt via a tender offer for certain of our high-yield notes. We currently expect fiscal year 2017 free cash flow of approximately $3 billion and continue to prioritize the deployment of our cash flow toward advancing our production technology capabilities and reducing our debt.

該公司第三財季的營運現金流為 24 億美元，去年同期為 3.89 億美元。本季度，我們投入了 13 億美元用於資本支出，扣除合作夥伴的出資後。由於我們透過部分高收益債券的要約收購償還了約 10 億美元的債務，因此本季的自由現金流為 11 億美元。我們目前預計 2017 財年自由現金流約為 30 億美元，並將繼續優先將現金流用於提升生產技術能力和減少債務。

For fiscal year 2017, we are trending to the upper end of our indicated net CapEx range of $4.8 billion to $5.2 billion. We will provide a fiscal year 2018 CapEx perspective later this year. We ended the third quarter with cash, marketable investments and restricted cash of approximately $4.9 billion.

2017 財年，我們的淨資本支出預計將達到先前預測的 48 億美元至 52 億美元區間的上限。我們將於今年稍後提供 2018 財年資本支出展望。第三季末，我們持有的現金、有價投資和受限現金約為 49 億美元。

Our guidance for fiscal Q4 is informed by our view of sustained, healthy supply and demand dynamics, our ongoing work around cost reduction and the improvement of our product mix. On a non-GAAP basis, we expect the following: revenue in the range of $5.7 billion to $6.1 billion; gross margin in the range of 47% to 51%; operating expenses between $575 million and $625 million; and operating income ranging between $2.2 billion and $2.4 billion. EPS will range between $1.73 and $1.87 per share, based on 1,179 million diluted shares

我們對第四財季的預測是基於我們對持續健康的供需動態的看法，以及我們持續進行的成本削減工作和產品組合的改進。依非GAAP準則，我們預期：營收在57億美元至61億美元之間；毛利率在47%至51%之間；營運費用在5.75億美元至6.25億美元之間；營業收入在22億美元至24億美元之間。基於11.79億股稀釋股份，每股盈餘預計在1.73美元至1.87美元之間。

At our Analyst Day in February, we outlined how our production technology execution and the result in bit growth and cost reductions have enabled us to significantly strengthen our cash flow and financial performance in any market conditions. We've been reporting our incremental progress each quarter. However, I wanted to share the tremendous progress we've made over the 12-month period ending in fiscal Q3. During that time, our bit output has been above industry average for both DRAM and trade NAND, and our cost per bit has declined approximately 25% and 30% in those technologies, respectively. In addition, we continue to improve our competitiveness by successfully delivering solutions to deliver higher value-add opportunities. Our ability to deliver these results has enhanced our energy and excitement to make further progress, and we look forward to sharing that with you.

在二月份的分析師日上，我們概述了我們的生產技術執行情況以及由此帶來的比特增長和成本降低，如何使我們能夠在任何市場條件下顯著增強現金流和財務業績。我們每季都會報告取得的進展。不過，我想和大家分享我們在截至第三財季的 12 個月期間取得的巨大進步。在此期間，我們的 DRAM 和 NAND 位元輸出均高於行業平均水平，而這兩種技術的每位元成本分別下降了約 25% 和 30%。此外，我們不斷提升自身競爭力，成功提供解決方案，創造更高附加價值的機會。我們取得這些成果的能力增強了我們的動力和熱情，促使我們取得更大的進步，我們期待與您分享這些成果。

With that, I will turn it back to Sanjay.

好了，我這就把麥克風交還給桑傑。

Thank you, Ernie. Last week we announced that Sumit Sadana joined Micron as Executive Vice President and Chief Business Officer, a role that unites our 4 business units and our strategy and business development team into a single organization. This structure will better equip us to align our product strategies to market trends and customer demands. Sumit brings nearly 3 decades of industry experience. He's a proven leader in driving strategy and building businesses with a focus on high-value profitable growth. Sumit has a successful track record at multiple large technology companies, and his perspective and expertise make him an ideal fit for Micron.

謝謝你，厄尼。上週我們宣布 Sumit Sadana 加入美光科技擔任執行副總裁兼首席商務官，該職位將我們的 4 個業務部門以及我們的策略和業務發展團隊整合到一個組織中。這種架構將使我們能夠更好地調整產品策略，使其與市場趨勢和客戶需求保持一致。Sumit擁有近30年的業界經驗。他是一位久經考驗的領導者，擅長制定策略和打造企業，專注於高價值的獲利成長。Sumit 在多家大型科技公司擁有成功的業績記錄，他的視角和專業知識使他成為美光科技的理想人選。

Earlier this week, we also announced that Jeff VerHeul has joined Micron as Senior Vice President of Non-Volatile Engineering. Jeff has extensive experience in leading the development of advanced semiconductor products, including flash system-level solutions. I look forward to Jeff's contributions in advancing Micron's road map of flash memory technology and value-added products. We welcome both Sumit and Jeff to Micron.

本週早些時候，我們也宣布 Jeff VerHeul 已加入美光科技，擔任非揮發性工程資深副總裁。Jeff 在領導先進半導體產品（包括快閃記憶體系統級解決方案）的開發方面擁有豐富的經驗。我期待 Jeff 為推進美光快閃技術和加值產品的發展路線圖做出貢獻。我們歡迎 Sumit 和 Jeff 加入美光科技。

Finally, I would like to express gratitude to my predecessor, Mark Durcan. His dedication and leadership have positioned Micron well for this next chapter of success. As I have toured Micron's facilities and met with leaders and teams throughout the company and have begun to engage with some of our customers, I have been impressed by the strength of our technologies, scale, customer reach and the innovative, hard-working spirit of our global team. My experience since joining Micron has reinforced what I have known for a long time. This company has tremendous potential and can become one of the world's most successful semiconductor companies. I'm proud to be part of this iconic company.

最後，我要對我的前任馬克‧杜爾坎表示感謝。他的奉獻精神和領導才能使美光公司在下一個成功篇章中佔據了有利地位。在參觀了美光公司的工廠，與公司各部門的領導和團隊會面，並開始與一些客戶接觸之後，我對我們的技術實力、規模、客戶覆蓋範圍以及我們全球團隊的創新和勤奮精神印象深刻。加入美光以來，我的經歷更加印證了我長期以來的認知。這家公司潛力巨大，可以成為世界上最成功的半導體公司之一。我很榮幸能成為這家標誌性公司的一員。

We will now open for questions.

現在開始接受提問。

(Operator Instructions) Our first question comes from the line of Harlan Sur with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Harlan Sur 前線員工。

Sanjay, welcome to the team. First question is for you. At the time that SanDisk was acquired by Western Digital, SanDisk had a #2 position in the global SSD markets, strong #3 position in enterprise SSD. I think you were growing that business about 15% to 20% year-over-year. If I look at the most recent market share stats, Micron is sitting at about a #5 market share position in both total SSD and enterprise SSD market share. So in what areas does the Micron team really have to focus on in order to drive a leadership position in SSD, especially enterprise? Is it systems capability, firmware, controller, OEM and cloud relationships? And more importantly, what are you going to do to start to enable this?

Sanjay，歡迎加入團隊。第一個問題問你。當 SanDisk 被 Western Digital 收購時，SanDisk 在全球 SSD 市場排名第二，在企業級 SSD 市場排名第三。我認為你們那項業務的年增長率約為 15% 至 20%。如果我查看最新的市佔率統計數據，美光在固態硬碟總市佔率和企業級固態硬碟市佔率方面都位列第五左右。那麼，為了在固態硬碟領域，尤其是在企業級固態硬碟領域，佔據領先地位，美光團隊真正需要關注哪些領域？是系統能力、韌體、控制器、OEM廠商和雲端平台之間的關係嗎？更重要的是，你打算採取什麼措施來促成此事？

Well, Micron team actually has already been, as we said in our remarks, working on driving our high-value solutions mix to greater levels in its portfolio. The company has made strong progress over a couple of quarters in client SSDs as well as enterprise and cloud SSDs. And if you look at some of the market share numbers, you will see that the market share over last couple of quarters has increased meaningfully. The market share in enterprise cloud stands at sub-10% levels. And in client markets for SSDs, the market share is in high single digits at this point. So all this definitely points to much greater opportunity for the company in the times ahead. And key things that we have to focus on, this is absolutely an area of my priority here, is to increase the mix of system-level solutions in the NAND portfolio of the company. Things that have been going well, continue to build on them, but expand, diversify our capabilities, our product portfolio and deepen our customer engagements. The thing that's really, really powerful for Micron here is that Micron has strong position in DRAM as well as NAND. And basically on the continent, this is the only company that has these strong capabilities, therefore, customers are very much engaged with us in helping us drive the strength in the system-level solutions on the NAND side. In the areas where we have to focus on, to answer your question further, certainly, we continue to strengthen our controller capabilities as well as firmware capabilities. Today, some of them -- most of them are based on external controllers, and we have a road map of both external and internal controllers going ahead. So these will be an important area of focus for the company going forward.

正如我們在發言中所說，美光團隊實際上已經致力於提升其產品組合中高價值解決方案的比例。在過去的幾個季度裡，該公司在客戶端 SSD、企業級 SSD 和雲端 SSD 領域都取得了顯著進展。如果你看一些市佔率數據，你會發現過去幾季的市佔率有了顯著成長。企業雲端市場佔有率低於10%。而目前固態硬碟的客戶市佔率僅為個位數。因此，這一切無疑預示著公司未來將迎來更大的發展機會。我們必須重點關注的關鍵事項，也是我在這裡的首要任務，是增加公司 NAND 產品組合中系統級解決方案的比例。繼續鞏固和發展目前進展順利的領域，同時拓展和豐富我們的能力、產品組合，並加深與客戶的互動。對美光來說，真正強大的優勢在於，美光在DRAM和NAND領域都擁有強大的地位。基本上，在整個非洲大陸，只有這家公司擁有如此強大的能力，因此，客戶非常積極地與我們合作，幫助我們增強 NAND 系統級解決方案的實力。為了進一步回答您的問題，在我們必須重點關注的領域，我們當然會繼續加強我們的控制器能力和韌體能力。目前，它們中的一些——或者說大多數——都是基於外部控制器的，我們制定了未來採用外部控制器和內部控制器的路線圖。因此，這將是公司未來重點關注的領域。

Great. And then, Ernie, for you on the gross margin front, solid job over the team -- by the team over the past few quarters. Going forward, you're looking for about another 100 basis points of improvements. The demand environment is shaping up to be stronger second half over first half. Supply outlook still seems pretty disciplined, and the team is doing a great job on driving the cost curves. So it seems like your gross margin expansion should be greater than the implied 100 basis points you're guiding to. Are there any mix-related impacts in Q4 which is holding back the margin profile?

偉大的。還有，厄尼，就毛利率而言，團隊在過去幾個季度做得非常出色。展望未來，你們的目標是再提升約 100 個基點。下半年市場需求環境預計將強於上半年。供應前景似乎仍然相當穩定，團隊在控製成本曲線方面做得非常出色。因此，您的毛利率擴張幅度似乎應該大於您預期的 100 個基點。第四季是否存在任何與產品組合相關的因素影響了利潤率？

I don't think so. I think it's a function of the pattern of our bit growth over the course of this year. So while we will continue to enjoy cost reduction in the final quarter of this fiscal year, it's going to be likely at a bit of a slower rate than you've experienced for the first part of the year. And also as we look at the pricing environment, we continue to view supply and demand in a favorable way. But bear in mind, we've now had several consecutive quarters of nice quarter-over-quarter step-ups. And it isn't always advisable to bank on continued aggressive quarter-on-quarter pricing increases as you think about the business.

我不這麼認為。我認為這與我們今年的比特成長模式有關。因此，雖然在本財年的最後一個季度我們將繼續享受成本降低的好處，但降低速度可能會比今年上半年的速度慢一些。此外，從價格環境來看，我們仍然對供需關係持樂觀態度。但請記住，我們已經連續幾個季度實現了環比成長。在考慮業務時，指望持續的季度性激進提價並不總是明智之舉。

And our next question comes from the line of Chris Danely from Citi.

我們的下一個問題來自花旗銀行的克里斯·丹利。

This is Wayne Loeb on for Chris Danely. Can you talk about any changes you're seeing in server demand trends? Is it possible that we'll see allocation or lead time expansion in this market?

這裡是韋恩·洛布，他代替克里斯·丹尼利解說。您能否談談您觀察到的伺服器需求趨勢變化？這個市場是否有可能出現配額增加或交貨週期延長的情況？

The server demand definitely continues to be strong for DRAM. If you look at the growth for DRAM content combined with the unit server increases, the growth -- bit growth rate that we are looking at for the industry is about 40% on a year-over-year basis. So this is really high-value segment of the market. And certainly as you know, that industry in 2017 is experiencing overall tightness on the DRAM side, driven primarily by the strong growth on markets such as server as well as other markets like mobile continuing to be very strong, where the average capacities of DRAM content is increasing, given all the features that the phones are implementing, and even markets like automobile where DRAM content continues to increase nicely. So the demand trends are being driven by multiple markets. Certainly server is the highest growth trend in the marketplace today, and that's all for the DRAM side of the business.

伺服器對DRAM的需求依然強勁。如果將 DRAM 含量的成長與伺服器數量的成長結合起來看，我們看到的產業成長率（位元成長率）約為每年 40%。所以這是市場中價值非常高的細分領域。當然，如您所知，2017 年 DRAM 行業整體供應緊張，這主要是由於伺服器等市場的強勁增長，以及移動等其他市場的持續強勁增長，考慮到手機正在實現的所有功能，DRAM 內容的平均容量正在增加，甚至像汽車這樣的市場，DRAM 內容也在持續良好增長。因此，需求趨勢是由多個市場共同驅動的。當然，伺服器是目前市場上成長最快的領域，以上僅指DRAM業務方面。

Okay. Can I ask you for a little bit more color on what you're seeing as far as handset demand trends? What has the impact been from China inventory correction? And also, what you anticipate the impact will be of high-end SKUs of a flagship phone being delayed?

好的。能否請您更詳細地介紹一下您觀察到的手機需求趨勢？中國庫存調整產生了哪些影響？另外，您預計旗艦手機高階機型延遲上市會產生什麼影響？

So I think when you look at the content of DRAMs in the mobile market, it really continues to increase nicely going in various smartphones from about a little over a gigabyte per phone to about doubling by 2018 time frame, so continued strong growth in terms of average capacity. And the same trend is certainly happening on the high-end phones too, where you are starting to see 4- and 6-gigabyte DRAM content. And certainly on the multichip packages also, we are seeing high-DRAM content as well as high-NAND content being driven in the mobile phone market. So overall, when you look at year-over-year trends in 2017 as well as when you look at the trajectory in 2018, mobile does continue to be a strong market. Certainly, there can be periods where there can be some inventory adjustments in certain parts of the market, but the important thing to focus on is really the long-term trend. And that trend, due to all the features that are being implemented, even in the entry-level smartphones and certainly on the high-end smartphones, are tending to drive higher average content and demand growth for DRAM as well as for NAND.

所以我認為，當你觀察行動市場中 DRAM 的含量時，你會發現它在各種智慧型手機中持續穩定成長，從每支手機略高於 1 GB 成長到 2018 年左右翻了一番，因此平均容量方面持續強勁成長。同樣的趨勢也出現在高階手機上，你開始看到 4GB 和 6GB 的 DRAM 容量。當然，在多晶片封裝方面，我們也看到行動電話市場正在推動高DRAM含量和高NAND含量的發展。總的來說，從 2017 年的同比趨勢以及 2018 年的發展軌跡來看，行動市場仍然強勁。當然，市場某些部分可能會出現庫存調整的時期，但真正需要關注的是長期趨勢。由於各種功能的實施，即使在入門級智慧型手機中，以及在高階智慧型手機中，這種趨勢也往往會推動 DRAM 和 NAND 的平均含量和需求成長。

And our next question comes from the line of Mark Delaney from Goldman Sachs.

下一個問題來自高盛的馬克·德萊尼。

First question is on DRAM ASPs. On the last earnings call, the company commented about how some of the contracts that have been in place for a while hadn't caught up with the substantial increase in spot pricing. And I'm wondering to what extent you expect a similar dynamic to play out as you think about the August quarter.

第一個問題是關於DRAM ASP的。在上次財報電話會議上，該公司評論說，一些已經生效一段時間的合約還沒有跟上現貨價格的大幅上漲。我想知道，在您展望八月的季度時，您預計類似的動態會在多大程度上發生。

I think as I mentioned in my earlier remark, we are still seeing some adjustments upward in certain segments of the market, certainly in terms of a frequency and magnitude. Those are a little less than we've experienced in the prior few quarters, Mark.

正如我之前提到的，我們仍然看到市場某些領域出現一些向上調整，尤其是在頻率和幅度方面。馬克，這比我們前幾季經歷的情況略少一些。

Okay. That's helpful. And then for a follow-up question, the NAND gross margins expanded very significantly, and the company did very well on the cost per bit reduction, down 12% quarter-on-quarter. I know, Ernie, you said, we shouldn't expect cost reductions to come in every quarter at those sorts of rates, but it seems like the company's on track to exceed the 20% to 25% cost target that had guided you for NAND business for this year. And I'm just wondering to what extent you think you have the ability to exceed that prior guidance, given how much you've already accomplished. Or is there maybe other factors like mix that we need to keep in mind for the August quarter on the NAND business on cost?

好的。那很有幫助。然後，對於後續問題，NAND 的毛利率大幅成長，公司在降低每位元成本方面也表現出色，季減了 12%。我知道，厄尼，你說過我們不應該指望每個季度都能以這樣的速度降低成本，但看起來公司有望超過你為今年 NAND 業務設定的 20% 到 25% 的成本目標。我只是想知道，鑑於你已經取得的成就，你認為自己有能力在多大程度上超越先前的指導目標。或者，對於 NAND 業務的成本而言，在 8 月的季度中，是否還有其他因素（例如產品組合）需要考慮？

Yes, I think it's important to remember that, that cost reduction was a 2-year CAGR. And certainly you'd expect with the kind of bit growth that we've experienced in our fiscal '17, that you would be at the upper end or above the upper end of that range. And if you go back and look at our fiscal '16, we were below. So it's important to blend those 2 years together. But the answer would get you to fairly significant cost reductions this year, commensurate with the type of bit growth that we've spoken of.

是的，我認為需要記住的是，成本降低是兩年的複合年增長率。當然，鑑於我們在 2017 財年所經歷的這種成長速度，你肯定會期望我們達到或超過該範圍的上限。如果你回顧我們 2016 財年的數據，你會發現我們當時的表現低於預期。所以，將這兩年融合在一起非常重要。但這個答案將使您今年的成本大幅降低，與我們所說的這種規模的成長是相稱的。

And our next question comes from the line of David Wong with Wells Fargo.

下一個問題來自富國銀行的 David Wong。

Can you give us a bit more detail on 3D NAND, the third generation versus the second generation? You've somewhat answered it in terms of the cost, but just looking specifically at third to second generation, how much cost savings do you get and reduction in cost per bit? And does third generation have more layers or a narrower line width or both?

您能詳細介紹一下3D NAND技術，特別是第三代和第二代之間的差異嗎？您已經從成本的角度回答了這個問題，但是具體來看第三代到第二代，您可以節省多少成本，每比特的成本又能降低多少呢？第三代產品是增加了更多層數，還是縮小了線寬，還是兩者兼具？

So regarding the third generation, we will provide you more details as we get closer to production of that technology, obviously for competitive reasons.

至於第三代技術，我們會隨著該技術量產的臨近而提供更多細節，這顯然是出於競爭原因。

And our next question comes from the line of Kevin Cassidy with Stifel

我們的下一個問題來自 Stifel 的 Kevin Cassidy。

Can you say what's happening with your contract periods? It used to be PC DRAMs were negotiated every 2 weeks. I'm sure that customers are asking for extensions on those contracts. Can you just say, in general, what's your average contract time now?

你能說說你們的合約期限發生了什麼變化嗎？以前，PC DRAM 每兩週協商一次。我相信客戶們都在要求延長這些合約的期限。能簡單說一下，你們現在的平均合約期限是多久嗎？

So there hasn't been a significant change during this period of time. Typically, as you noted, PC DRAM contracts are the shortest. We would actually say maybe a little longer than 2 weeks, but certainly roughly in the realm of a month or so. And then the other technologies tend to go up from there. But we haven't seen any material change in the duration as a result of the current market environment. Although there may be some requests for that, it's typically not something that gets changed very much over the course of a cycle.

所以這段時間並沒有發生重大變化。正如您所指出的，PC DRAM 合約通常是最短的。實際上，我們估計可能需要比兩週稍長一些，但肯定差不多需要一個月左右。然後其他技術往往會在此基礎上發展起來。但由於當前的市場環境，我們尚未看到持續時間發生任何實質變化。雖然可能會有一些這樣的要求，但通常情況下，在一個週期內，這種情況不會發生太大變化。

Okay, great. And maybe just if you could give us your views on adding more DRAM wafer capacity, what would stimulate that? Or what would be your decision to ever add wafer capacity on DRAM?

好的，太好了。如果您能談談您對增加 DRAM 晶圓產能的看法，您認為什麼因素會促進這一趨勢？或者，您會如何決定是否增加DRAM晶圓產能？

Our focus in DRAM is to continue to advance our technology and to ramp the new technology nodes into production as quickly as we can, keeping in mind our customer requirements. And there, of course, qualification of products built using those technologies. And we always keep an eye on overall demand and supply balance and our own demand and supply balance as well, so basically prudent focus on supply growth management. But the primary focus, the one that provides highest return on investments is around technology transitions. And that's where really all our priorities will be. In terms of any new capacity, I mean, we would certainly have to first make sure that we have captured the maximum potential of our technology transition capability in manufacturing. And then we'll have to certainly see that there is sustained projection or sustained demand growth in the years ahead before we consider adding new capacity.

我們在DRAM領域的重點是繼續推進我們的技術，並儘快將新技術節點投入生產，同時牢記客戶的需求。當然，還有對這些技術製造的產品進行認證。我們始終關注整體供需平衡以及我們自身的供需平衡，因此基本上是謹慎地專注於供應成長管理。但最主要的關注點，也是投資報酬率最高的關注點，是技術轉型。而這才是我們所有工作重點的真正所在。就任何新增產能而言，我的意思是，我們當然首先要確保我們已經最大限度地發揮了我們在製造業技術轉型能力的潛力。然後，我們肯定要看到未來幾年有持續的預測或持續的需求成長，才會考慮增加新的產能。

And our next question comes from the line of Srini Pajjuri with Macquarie.

我們的下一個問題來自 Srini Pajjuri 與 Macquarie 的關係。

Question on PC segment, Ernie, I think you said PC is down. I just want to make sure it's not down in absolute terms. It doesn't look like it, but just want to make sure. And then if can you comment on what sort of demand trends you are seeing in PC and also the pricing trends last quarter?

關於PC部分的問題，Ernie，我記得你說過PC部分宕機了。我只是想確認一下它是否真的完全宕機了。看起來不像，但還是想確認一下。那麼，您能否談談您觀察到的個人電腦市場需求趨勢以及上個季度的價格趨勢？

Sure. So Sanjay and I may team up for this, but relative to gigs shift or the volume shift into the PC segment, as we said in our prepared remarks, we did have a slight decline in unit volume. It wasn't very significant at all, but that was part of our plan to address higher value-added markets. I don't think it was reflective of a decreased demand environment in any way, shape or form. We don't typically comment on the going-forward pricing environment, other than the general statement that we see fairly good balance between supply and demand. And we're going to continue to monitor that segment quite carefully from a bit growth perspective. I think we're thinking that, that segment would be somewhere in the range of plus low to mid-single digits in aggregate for us in fiscal '17. And I think that, that addresses the 3 points you raised, but if not, please let us know.

當然。所以，我和 Sanjay 可能會聯手合作，但相對於演出機會的轉移或 PC 領域的銷量轉移，正如我們在準備好的發言稿中所說，我們的銷量確實略有下降。這其實並不重要，但這是我們進軍高附加價值市場計畫的一部分。我認為這絲毫沒有反映出需求環境的下降。除了總體上認為供需平衡良好之外，我們通常不會對未來的定價環境發表評論。我們將繼續從成長的角度密切關注這一細分市場。我認為，我們預計該業務板塊在 2017 財年的總成長率將在個位數低到中段的範圍內。我認為這樣就解決了您提出的三點問題，但如果還有疑問，請告知我們。

Yes, that's great. That's helpful. And then in terms of the cash usage, Ernie, I think in the past, you said it's mostly -- your top priority is to pay off the debt or at least reduce the debt load. And obviously, very strong free cash flow here, and then really given Sanjay's comments about the enterprise SSD focus, et cetera, I'm just curious as to if and where M&A might come in, if I kind of take a longer-term view here.

是的，那太好了。那很有幫助。至於現金使用方面，厄尼，我想你以前說過，你的首要任務是償還債務，或至少減少債務負擔。顯然，這裡的自由現金流非常強勁，考慮到 Sanjay 對企業 SSD 重點等方面的評論，我很好奇，如果我從更長遠的角度來看，併購是否會以及在什麼情況下發生。

In terms of driving our growth ahead, of course, we have several tools available to us: our technology and product capabilities, our engagement with customers and our ability on the manufacturing side in terms of implementing the new technologies into production. We would never rule out any M&A. If and when appropriate, we will absolutely consider it, but it would have to be something that does provide ROI. So we just want to make sure that we focus on our priorities. And our priorities at this point are to strengthen our technology and product execution and increase the mix of high-value solutions in our portfolio mix while engaging with customers on defining the future-generation architectures. So again, I don't rule out any M&A, but it, of course, always has to be considered in the context of what value it brings and what ROI it brings.

當然，在推動我們未來發展方面，我們擁有多種工具：我們的技術和產品能力、我們與客戶的互動以及我們在製造方面將新技術應用於生產的能力。我們永遠不會排除任何併購的可能性。如果時機合適，我們一定會考慮，但這必須是能夠帶來投資回報的事情。所以我們只想確保我們專注於優先事項。而我們目前的首要任務是加強我們的技術和產品執行，增加我們產品組合中高價值解決方案的比例，同時與客戶合作，共同定義未來世代的架構。所以，我並不排除任何併購的可能性，但當然，必須始終從其帶來的價值和投資回報率的角度來考慮。

And our next question comes from the line of Romit Shah with Nomura Instinet.

我們的下一個問題來自野村證券的 Romit Shah。

Ernie, just on OpEx that's been coming in lower than anticipated, I think, for a few quarters and in light of kind of your new product strategies and the upcoming fiscal year, can you give us just some advice on how to think about OpEx?

Ernie，關於營運支出，我認為已經連續幾季低於預期，考慮到你們的新產品策略和即將到來的財政年度，你能給我們一些關於如何考慮營運支出的建議嗎？

We've mentioned earlier in the year that one of the biggest variables in terms of the quarterly level of OpEx is something we call pre-qual expense. So as we are going through the process of qualifying either new packages or new technologies for customers, those carry with them significant expenses. When we went into this fiscal year, we suggested that it would be more heavily weighted toward the front part of the fiscal year, and you've seen that play out here as our operating expenses have flattened out. As we look forward, we're considering OpEx as part of our fiscal year 2018 planning process, and we're not quite through that. So I think we'll be in a position to share a little bit more color on that with you on the next call. But we are, as always, very mindful of operating expenses and operating expense progression, so we're taking a very close look at that.

今年稍早我們提到過，影響季度營運支出水準的最大變數之一是我們稱之為資格預審費用的項目。因此，當我們為客戶評估新套餐或新技術時，這些都會帶來巨大的費用。在本財年開始時，我們建議將重點放在財年的前半段，而你們也看到了這一點，我們的營運支出已經趨於平穩。展望未來，我們將營運支出納入 2018 財年的規劃流程中，目前這項工作尚未完全完成。所以我想我們下次通話時就能和您分享更多細節了。但我們一如既往地非常關注營運費用和營運費用的成長情況，因此我們正在密切關注此事。

Okay, great. And then, Sanjay, when the announcement was made that you were joining, I think some of us, at least the initial reaction was that there was a lot of potential to improve the mix within NAND. And so sort of seeing consumer at 40% of the business, SSDs kind of in the mid-20s, where do you think you can take the mix of business within NAND? And how long would it take for you to get it where you want?

好的，太好了。然後，Sanjay，當宣布你要加入時，我想我們中的一些人，至少最初的反應是，NAND 內部的組合有很大的改進空間。因此，目前消費品業務佔比約為 40%，固態硬碟業務佔比約為 20% 左右，您認為 NAND 快閃記憶體業務的整體組成可以如何發展？你需要多長時間才能把它送到你想去的地方？

So at this point, we are not prepared to really lay out mix targets for the future. But I can certainly tell you that, indeed, there is great opportunity, over time, to strengthen the mix of the managed NAND solutions. That means SSDs as well as in the mobile space, things like eMMC and UFS and MCP. And again, I would like to point out that there's a large part of mobile market which demands MCP, and Micron is very well positioned with this mix of DRAM and flash. So we will definitely to focus on bringing up solution, more MCP solutions using our eMMC and UFS capabilities in the future. I would like to point out that these kind of transitions do take a period of time. Micron is, I would say, still in the early days of implementing this transition. Over an extended period of time, we definitely will be driving the mix, but it really has excessive focus of the entire leadership team here. And with the hire of Jeff VerHeul, we have certainly doubled down in this area in terms of focusing further on system-level solutions for NAND. As you know, I will also just add that in terms of the component side of things, that includes some of the sales that the company makes to Intel, which as you know, is our partner in terms of development, so that's part of that component mix that you were talking about as well.

所以目前我們還不準備好要訂定未來的產品組合目標。但我可以肯定地告訴你，隨著時間的推移，確實有很大的機會來加強託管 NAND 解決方案的組合。這意味著 SSD 以及行動領域的 eMMC、UFS 和 MCP 等技術。我再次強調，行動市場很大一部分需要 MCP，而美光憑藉 DRAM 和快閃記憶體的組合佔據了非常有利的地位。因此，未來我們一定會專注於利用我們的 eMMC 和 UFS 技術，推出更多 MCP 解決方案。我想指出的是，這類轉變確實需要一段時間。我認為，美光目前仍處於實施這項轉型過程的早期階段。從長遠來看，我們肯定會主導這一趨勢，但這確實需要整個領導團隊投入大量精力。隨著 Jeff VerHeul 的加入，我們無疑在這個領域加倍投入，並且更加專注於 NAND 的系統級解決方案。如您所知，我還想補充一點，就組件方面而言，這包括公司向英特爾進行的一些銷售，您也知道，英特爾是我們在研發方面的合作夥伴，所以這也是您剛才提到的組件組合的一部分。

Our next question comes from the line of Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

Ernie, I just wanted to go back to a prior answer you had. When you look -- obviously, I feel bad asking. Your cash flow obviously has grown hugely over the last couple quarters. I mean, you look at these, the cash in the next fiscal year, it wasn't that long ago people were asking how you're going to pay for CapEx, and now you're flush with cash. So I was just kind of curious your thought process. You pulled in a little in terms of transition, but it's only $200 million. Just kind of if you weigh those options in terms of faster transitions, capacity adds, buybacks as well as the debt retirement, which you did this quarter?

厄尼，我只是想回到你之前的回答。當你看到的時候——顯然，我覺得問這個問題很不好意思。過去幾個季度，您的現金流顯然大幅成長。我的意思是，看看這些，看看下一財年的現金流，不久前人們還在問你們如何支付資本支出，而現在你們卻財力雄厚。我只是有點好奇你的想法。你們在過渡期獲得了一些資金，但只有 2 億美元。如果從加快轉型、增加產能、股票回購以及償還債務（你們本季已經完成了這些工作）等方面來權衡這些選項，結果會如何呢？

Sure. So consistent with one of the earlier answers, we are in the middle of our planning process for fiscal '18. And certainly, as we look at some of the priorities of the company, they have always been highly centered around continuing to drive our costs down. So despite the fact that we have been, to some degree, mindful of that in the context of the cash flow of the company in the past, we're going to continue to do the right thing and be prudent and disciplined in that regard. We have ample opportunity to reduce the debt profile of the company. So I appreciate you thinking we're flush with cash. We're still not as flush as I would like to be. So that's going to continue to be a priority of about generating that free cash flow as well as reducing the debt. So consistent with our prepared remarks, those are the 2 things we're focused on. And you will continue to see us be very thoughtful in how we pursue both of those here as we enter our fiscal year 2018.

當然。與先前的回答一致，我們目前正在進行 2018 財政年度的規劃工作。當然，當我們審視公司的一些優先事項時，會發現它們始終高度圍繞著持續降低成本。因此，儘管我們過去在某種程度上已經考慮到了公司的現金流，但我們將繼續做正確的事，並在這方面保持謹慎和自律。我們有充足的機會降低公司的債務水準。所以我很感激你認為我們財力雄厚。我們目前的經濟狀況還不如我所希望的那麼寬裕。因此，創造自由現金流和減少債務仍將是我們的首要任務。因此，正如我們事先準備好的發言稿所述，這是我們關注的重點兩件事。進入 2018 財年，你們將會看到我們繼續非常認真地對待這兩項工作。

And then I just want follow up on the computing strength in terms of, the next platform from Intel has more memory. Can you just maybe talk about that as a demand driver, and did that contribute? Did you see anything in terms of the builds ahead of that launch, which is more second half of this calendar year?

然後我想進一步了解運算能力方面的問題，英特爾的下一代平台是否擁有更大的記憶體。您能否談談這是否是需求驅動因素，以及它是否起到了作用？在正式發布之前（也就是今年下半年），你有沒有看到任何相關的產品開發進度？

We certainly do think that, that will -- as it gets launched, it will be driving greater demand, certainly for bits, yes.

我們當然認為，隨著它的推出，它肯定會推動更大的需求，尤其是對比特的需求。

Is that more -- did you see any contribution yet? Or is that something that will be more next fiscal year?

還有更多嗎？ ——你看到任何貢獻了嗎？或者說，這是下一財政年度才會考慮的事情？

I would expect it to be increasing over time.

我預計它會隨著時間推移而增加。

And our next question comes from the line of Joe Moore with MS.

下一個問題來自患有多發性硬化症的喬·摩爾。

Just to follow on, on the last question. In terms of CapEx trajectory, you've talked about a long-term number that sort of, it will be centered around 30% of sales, I believe. And I'm just curious with, Sanjay, maybe changing some of the priorities and things like that, is that still the -- without getting into the '18 plan that's not done yet, is that still the ballpark we should be thinking about long term?

我接著上一個問題再問。就資本支出軌跡而言，您談到了一個長期數字，我認為它將大致佔銷售額的 30%。我只是好奇，桑傑，或許改變一些優先事項之類的，在不討論尚未完成的 2018 年計劃的情況下，這是否仍然是我們應該長期考慮的方向？

I think it's important to remember that was a long-term target. And that there are years when we've been below. There are other years when we've been above. And so I don't know that, relative to a long-term target, that we would be prepared to be making any changes at this point. But by the same token -- and if we do, certainly, as we did earlier last year, we'll share that with you. But at present time, that target remains the same, bearing in mind that it is a long-term target.

我認為重要的是要記住，那是一個長期目標。而且有些年份，我們的排名一直低於平均。也曾有幾年我們排名高於此。因此，就長期目標而言，我不知道我們目前是否準備好做出任何改變。但同樣地——如果我們真的這麼做了，就像去年年初那樣，我們一定會與你們分享。但就目前而言，該目標仍然不變，因為這是長期目標。

And I would agree with Ernie that the long-term target here is definitely, I think, very appropriately placed.

我同意厄尼的觀點，我認為這裡的長期目標絕對設定得非常恰當。

Great. Okay. And then the growth that you saw in your compute and networking, when you talk about quadrupling year-on-year in cloud, I guess that number surprised me a little bit. And how much of that do you think is sort of Micron improving penetration versus things like memory content going up, just help us understand how that number's so good year-on-year?

偉大的。好的。還有你們在運算和網路方面的成長，尤其是雲端運算領域每年成長四倍，這個數字著實讓我有點驚訝。你認為其中有多少是因為美光提高了市場滲透率，又有多少是因為記憶體容量增加等因素造成的？請幫我們理解為什麼這個數字比去年比較好？

I think it's obviously a combination of both. But we've been saying for some time, Joe, that this is a priority of the company to really become stronger in segments where we have the opportunity to develop deeper relationships, offer higher value add, more sustained customer relationships. And I think we've done a great job at executing on that strategy. So while there is absolutely a benefit from pricing, absolutely, we enjoyed the same benefit that others did. From the average content increase, I think we enjoyed a disproportional benefit by executing on our strategy of addressing these markets in ways that allow us to get deeper penetration.

我認為這顯然是兩者的結合。但喬，我們已經說過一段時間了，公司的首要任務是真正加強我們在那些我們有機會建立更深層次關係、提供更高附加價值、更持久的客戶關係的領域。我認為我們在執行這項策略方面做得非常出色。所以，雖然價格確實帶來了好處，但我們享受到的好處和其他人一樣。從平均內容成長來看，我認為我們透過執行針對這些市場的策略，獲得了不成比例的收益，使我們能夠更深入地滲透市場。

And our next question comes from the line of John Pitzer with Credit Suisse.

下一個問題來自瑞士信貸的約翰‧皮策。

Sanjay, my first question is, when you think about sort of the consensus view on long-term NAND demand, it's fairly bullish, which makes sense given the SSD story. But when you think about the long-term view of DRAM demand, I think it's less sanguine. And I think the view is sort of PC units aren't really growing, handset units probably not growing all that much. I'm just kind of curious, though, when you think about these new applications like data analytics, AI, maybe level 4, level 5 autonomous driving, is there a bottoms-up argument to have a more bullish long-term view on DRAM demand? And then I'd be kind of curious because the consensus is sort of 15% to 20% might be the long-term bit growth, which would be well below sort of the historic level. I'd love to get your view. And if it's greater than 15% to 20%, is that something that's going to require more than just technology transitions to support?

Sanjay，我的第一個問題是，當你考慮一下對 NAND 長期需求的共識觀點時，你會發現它相當樂觀，考慮到 SSD 的發展情況，這很合理。但從長遠來看，DRAM 的需求前景並不樂觀。而且我認為目前的觀點是，個人電腦的銷售量並沒有真正成長，手機的銷售量可能也沒有太大成長。不過，我有點好奇，當你想到數據分析、人工智慧、L4級、L5級自動駕駛等這些新應用時，是否有自下而上的論據，讓我們對DRAM的長期需求持更樂觀的態度？然後我會有點好奇，因為普遍認為長期比特成長率可能在 15% 到 20% 之間，這將遠低於歷史水準。我很想聽聽你的看法。如果超過 15% 到 20%，這是否需要除了技術轉型之外的其他措施來支援？

Certainly, we have, I believe, strong opportunities in technology transitions to meet the future growth expectations. As I said in a response to an earlier question as well that we definitely will have to be exploiting that fully before we would ever consider any capacity additions. And you are certainly right that the demand drivers certainly are the AI, the machine learning. There's so much data being generated. And all of that data required to be processed fast to provide a great experience to consumers as well as bring great value to businesses to enable and unleash new applications. Just as all AI in the technology space is just extremely early days and extremely dynamic. And definitely, memory and storage will become, I believe, a key enabler for the capabilities that AI technology will be able to enable in multitude of applications, whether it is autonomous driving or it is cloud computing, a variety of applications here. So yes, I mean, the demand outlook here certainly is very interesting. But again, we just do not want to be getting ahead of ourselves. I think it is important that we stay focused on continuing to drive the business with a focus on prudent supply growth here.

當然，我相信我們在技術轉型方面擁有巨大的機遇，能夠滿足未來的成長預期。正如我在之前回答一個問題時所說，我們絕對必須充分利用現有資源，才會考慮增加產能。你說的沒錯，需求驅動因素肯定是人工智慧和機器學習。現在產生的資料量非常龐大。所有這些數據都需要快速處理，才能為消費者提供良好的體驗，並為企業帶來巨大的價值，從而實現和釋放新的應用。正如科技領域的所有人工智慧都還處於非常早期且瞬息萬變的階段。而且，我相信，記憶體和儲存肯定會成為人工智慧技術在眾多應用領域（無論是自動駕駛還是雲端運算，以及各種各樣的應用）實現其功能的關鍵推動因素。是的，我的意思是，這裡的需求前景確實非常有趣。但是，我們還是不要操之過急。我認為重要的是，我們應該繼續專注於穩健的供應成長，從而推動業務發展。

That's helpful. And then, Ernie, as my follow-up, I know you don't want give us quarter-by-quarter mix targets, but I'm kind of curious, as you sort of exit the back half of this fiscal year where you're outgrowing industry bits in both NAND and DRAM, and you move into the first half of next year where you'll be undergrowing, can you help us just kind of frame, is there enough sort of mix up opportunity during the first half of '18 where even though you might be losing some bit share, you might not be losing sort of profit share in the industry? Or how do we think about where you are on that mix optimization curve?

那很有幫助。然後，Ernie，我的後續問題是，我知道你不想給我們每個季度的具體組合目標，但我很好奇，因為在本財年下半年，你們在 NAND 和 DRAM 領域的市場份額都超過了行業平均水平，而進入明年上半年，你們的市場份額將會低於行業平均水平。你能否幫我們分析一下，在 2018 年上半年，是否有足夠的組合調整機會，即使你們可能會失去一些市場份額，但你們是否可能不會失去行業利潤份額？或者，我們如何看待您在混合優化曲線上的位置？

Well, I think as we noted, we are making progress every single quarter with penetrating higher value-add solutions. And we would expect, if we are successful in continuing to execute on that, that we would be in a position to have greater revenue from those segments which may, depending on the pricing environment, to some degree, mitigate a little bit the bit growth profile. But bear in mind, John, that we talk about our bit growth in the context of an industry that we're estimating, but we also used the words at or slightly below, not materially below. So I do think it's important to keep that in mind. And on the NAND front, we just simply said would have a little slower growth in the first half of the year versus the second half of the year. I wouldn't expect that we were going to be dramatically different or so underperforming the industry that it would disadvantage the company.

正如我們所指出的，我們每季都在不斷推動高附加價值解決方案的滲透。我們預計，如果我們能夠繼續成功地執行這些措施，我們將能夠從這些領域獲得更大的收入，這可能會在一定程度上緩解成長勢頭，具體取決於定價環境。但約翰，請記住，我們談論的是我們所處的行業背景下的比特增長，而且我們還使用了“等於或略低於”這樣的措辭，而不是“實質性低於”。所以我認為牢記這一點很重要。至於 NAND 快閃記憶體方面，我們只是簡單地說，今年上半年的成長速度會比下半年略慢。我並不認為我們會與行業發生巨大差異，或者業績遠遜於行業平均水平，以至於對公司造成不利影響。

And our next question comes from the line of Jagadish Iyer with Summit Redstone.

我們的下一個問題來自 Jagadish Iyer 與 Summit Redstone 的對話。

Two questions, Ernie and Sanjay. First, if you go from 20-nanometer to 18-nanometer in the case of DRAM and as well as 32- to 64-layer in case of 3D NAND, we just want to understand what kind of cost reduction should we be thinking about? And how is the trajectory as we look through calendar '18? And then I have a follow-up.

厄尼和桑傑，我有兩個問題。首先，如果DRAM從20奈米到18奈米，或是3D NAND從32層到64層，我們只想了解我們應該考慮什麼樣的成本降低？那麼，展望 2018 年，發展軌跡如何呢？然後我還有一個後續問題。

So as you look through calendar '18, we will certainly be continuing to ramp our 1x DRAM technology as well as our 64-layer technology during the course of that time frame, where we are still in early stages, as we said. We'll be achieving meaningful output of both 1x as well as 64-layer this quarter here. But we continue to be ramping it during the course of the next several quarters. In terms of the bit growth, 20-nanometer provided something like, let's say, 40%, slightly greater than that in terms of bit growth compared to the prior node and gave us a cost reduction of more than 20%. And then you look at 1X compared to 20-nanometer, that's also in that same range, although 1X gives us somewhat greater cost reduction than 20-nanometer node gave us over the prior 25-nanometer node. And when we go to 32-layer compared to the planar NAND that we had -- that we have here at Micron, the last generation of planar NAND, 32-layer gave us a bit growth in volume die of about 100% or so and gave us a cost reduction of greater than -- in the range of maybe sub-30%. And going from 32-layer to 64-layer, bits gained is also about 100%. And cost reduction going from 32-layer to 64-layer is also -- at mature yields, comparing mature yield to mature yield and high volume wafer product to high-volume product, 32-layer to 64-layer will also give us about a 30% cost reduction. So Micron has been really well positioned in NAND with the 32-layer technology, which has given it meaningful cost reduction over our last planar node. And 64-layer continues that trend ahead as well.

因此，縱觀 2018 年的日曆，我們肯定會在這段時期繼續推進我們的 1x DRAM 技術以及 64 層技術，正如我們所說，我們目前仍處於早期階段。本季我們將實現 1 層和 64 層兩種規格的有效產量。但在接下來的幾個季度裡，我們將繼續加強。就位元成長而言，20 奈米製程提供了大約 40% 的成長，比之前的節點略高，並且成本降低了 20% 以上。然後，你看看 1X 與 20 奈米的比較，它們也在同一範圍內，儘管 1X 帶來的成本降低幅度比 20 奈米節點相對於先前的 25 奈米節點帶來的成本降低幅度更大。當我們採用 32 層結構時，與我們先前在美光使用的上一代平面 NAND 相比，32 層結構使我們的晶片產量增加了約 100%，成本降低了 30% 以上。從 32 層到 64 層，比特數增加也達到了 100% 左右。從 32 層到 64 層的成本降低——在成熟的良率下，將成熟的良率與成熟的良率進行比較，並將大批量晶圓產品與大批量產品進行比較，從 32 層到 64 層也將使我們的成本降低約 30%。因此，憑藉 32 層 NAND 技術，美光在 NAND 領域佔據了非常有利的地位，與我們先前的平面節點相比，成本已顯著降低。64層結構也延續了這個趨勢。

And, Jagadish, just to add to that, I would refer you back to some of the 2-year cost reduction CAGRs we provided at our Analyst Day, which gives you a view of fiscal '17 and '18 together. So that might be helpful to you as well as you think about that.

賈加迪什，我還要補充一點，請您回顧我們在分析師日上提供的兩年成本削減複合年增長率數據，這些數據可以讓您了解 2017 財年和 2018 財年的情況。所以，當你思考這個問題時，這或許對你也有幫助。

Okay. That's very helpful. And finally, I just want to understand your thoughts on the DRAM channel inventory level at this point of time.

好的。那很有幫助。最後，我想了解一下您目前對 DRAM 通道庫存水準的看法。

We think that channel inventories are well within the range that we would consider to be normal. Certainly, they have improved from a quantity point of view over the first part of this year where they were extremely, extremely short. But in aggregate, I think that -- we think that channel inventory levels are still within healthy ranges.

我們認為渠道庫存完全在正常範圍內。當然，從數量上看，他們的庫存比今年上半年有了顯著改善，當時他們的庫存非常非常短缺。但總體而言，我認為——我們認為渠道庫存水準仍在健康範圍內。

And I just want to add a comment to my response before to you. Your question was very specific in terms of cost reductions between technology nodes on high-volume products, essentially. And that -- those numbers should not be confused with year-over-year cost reductions, because year-over-year cost reductions on the overall blend of the business are very much a function of the technology mix that is in production. And as I indicated, these technologies will be gradually ramping up for us in production over the course of next several quarters, while the older technologies will still continue to be in production to meet our overall diversified customer requirements for a diversified mix of technology and product and solutions.

我只想在回覆你之前補充一點。你的問題非常具體，主要涉及大量產品不同技術節點之間的成本降低。而且——這些數字不應該與同比成本降低混淆，因為業務整體的同比成本降低很大程度上取決於生產中使用的技術組合。正如我之前提到的，在接下來的幾個季度裡，這些技術將逐步投入生產，而較老的技術仍將繼續生產，以滿足我們客戶對多樣化技術、產品和解決方案的整體需求。

And we have time for one more question. Our final question for today comes from the line of C.J. Muse with Evercore.

我們還有時間回答最後一個問題。我們今天的最後一個問題來自 C.J. Muse 和 Evercore 的那條線。

I guess, first question, could you share your initial thoughts on what your outlook is for DRAM supply for the industry in calendar '18? And as part of that for 1x, when do you expect to reach a crossover point?

我想問的第一個問題是，您能否分享一下您對 2018 年 DRAM 產業供應前景的初步看法？作為 1x 計劃的一部分，您預計何時會達到交叉點？

C.J., we think the industry for calendar '18 could be slightly higher than the range of growth in calendar '17, which was this 15% to 20%. So maybe add a couple of percentage points to either end of the range. And we haven't shared yet a bit crossover for the 1X node. But we've said we'd have meaningful output by the end of the fiscal year. We're clearly on track to do that. And we'll provide more perspective on that as we more fully describe our 2018 plans.

C.J.，我們認為 2018 年的產業成長率可能略高於 2017 年的成長率範圍，即 15% 到 20%。所以或許可以在範圍的兩端各增加幾個百分點。我們還沒有分享 1X 節點的一些交叉資訊。但我們說過，到本財年結束前，我們將取得實質的成果。我們顯然正朝著這個目標穩步前進。我們將在更全面地介紹 2018 年計畫時，對此提供更多見解。

That's helpful. And then, I guess, a quick follow-up on CapEx. You said you're going to spend towards the higher end of the range, so roughly $300 million plus, give or take a million. Is that more DRAM or NAND? Can you share where that spending is? And is that translating into more bits? Or does it relate to rising capital intensity?

那很有幫助。然後，我想，還需要快速跟進一下資本支出狀況。你說你打算投入接近上限的資金，大約 3 億美元以上，上下浮動一百萬美元。那更像是DRAM還是NAND？能否透露一下這些支出都花在哪些地方了？那是不是意味著要轉換成更多比特呢？還是這與資本密集度上升有關？

So just to make sure we're on the same page, we had given a range this year of $4.8 billion to $5.2 billion. And we said we were trending toward that $5.2 billion range. So it's just a couple of hundred million dollars. And I would say that, really, there is no specific area that I would point you toward. It's just doing what we need to do to make sure we're well set up here as we exit the end of the fiscal year.

為了確保我們理解一致，我們今年給出的範圍是 48 億美元至 52 億美元。我們曾表示，我們的目標金額正朝著 52 億美元左右的方向發展。所以也就幾億美元而已。而且，我真的不會向你推薦任何特定的領域。這只是我們為了確保在財政年度結束之際做好充分準備而必須做的事情。

Thank you. This concludes today's Micron Technology Third Quarter 2017 Financial Release Conference Call. You may now disconnect.

謝謝。本次美光科技2017年第三季財務報告電話會議到此結束。您現在可以斷開連線了。