美光科技 (MU) 2017 Q3 法說會逐字稿

Good afternoon.

下午好。

My name is Karen, and I'll be your conference facilitator today.

我叫凱倫，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to Micron Technology's Third Quarter 2017 Financial Release Conference Call.

在此，歡迎大家參加美光科技 2017 年第三季度財務發布電話會議。

(Operator Instructions)

（操作員說明）

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

現在我很高興將發言權交給您的主持人 Shanye Hudson。

You may begin the conference.

您可以開始會議。

Thank you, Karen, and welcome to Micron Technology's Third Fiscal Quarter 2017 Financial Conference Call.

謝謝你，Karen，歡迎參加美光科技 2017 財年第三季度財務電話會議。

On the call with me today are Sanjay Mehrotra, President and CEO; and Ernie Maddock, Chief Financial Officer.

今天與我通話的是總裁兼首席執行官 Sanjay Mehrotra；和首席財務官厄尼·馬多克。

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

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investors.micron.com 進行網絡直播。

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.

此外，我們的網站包含不久前提交的收益新聞稿，以及補充信息，包括 GAAP 與非 GAAP 財務指標的對賬、今天電話會議的幻燈片以及可轉換債務和上限呼叫稀釋表。

The prepared remarks from today's call will also be added to our website later today.

今天電話會議準備的評論也將在今天晚些時候添加到我們的網站上。

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 a year.

我們的網站將提供網絡直播重播，為期一年。

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.

我們鼓勵您在整個季度監控我們的網站 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 上關注我們，@MicronTech。

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 materially from the statements being 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 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.

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，以全面討論這些重要風險因素和可能影響我們未來業績的其他風險。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or other 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、業績或其他成就。

We're 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。

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

有了這個，我會把電話轉給你，桑傑。

Thank you, Shanye.

謝謝你，山野。

Good afternoon, everyone.

大家下午好。

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.

我很高興在我的第一個美光季度財報電話會議上與您交談，我特別幸運能夠在我們能夠報告創紀錄的收入和非公認會計原則每股收益的時候加入。

These results reflect healthy industry fundamentals, the strength of Micron's diversified technology and product portfolio and our broad customer reach.

這些結果反映了健康的行業基本面、美光多元化技術和產品組合的實力以及我們廣泛的客戶範圍。

Micron also continues to make progress in improving its technology and product competitiveness.

美光還在提高其技術和產品競爭力方面不斷取得進展。

The current industry dynamic and the growing strategic importance of Micron's technologies and capabilities make this an exciting time to join the company.

當前的行業動態以及美光技術和能力日益增長的戰略重要性使加入公司成為激動人心的時刻。

The unprecedented amount of data being created, stored and processed presents tremendous opportunities for Micron.

創建、存儲和處理的數據量空前龐大，這為美光科技帶來了巨大的機遇。

Applications like autonomous driving, machine learning and big data analytics all promise to make an enormous impact on our lives.

自動駕駛、機器學習和大數據分析等應用程序都有望對我們的生活產生巨大影響。

Memory and file storage are the critical and increasingly strategic elements in every one of these applications.

內存和文件存儲是每一個應用程序中的關鍵且越來越具有戰略意義的元素。

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.

提供數據中心服務、汽車應用和移動解決方案（僅舉幾例）的各行各業的市場領先公司渴望與美光等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.

美光擁有獨特的定位，擁有合適的技術和能力來佔據領導地位，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.

我現在將分享我們每個業務部門的一些細節，然後是本季度的技術和運營亮點。

Finally, I'll share our perspective on current industry supply and demand dynamics.

最後，我將分享我們對當前行業供需動態的看法。

We had record revenues in all business units this quarter, nearly doubling our company level year-over-year revenue performance.

本季度，我們所有業務部門的收入均創歷史新高，同比增長近一倍。

In the Compute and Networking Business Unit, all segments posted significant gains from year-ago levels.

在計算和網絡業務部門，所有部門均較去年同期顯著增長。

Revenue from cloud customers was more than 4x higher year-over-year.

來自云客戶的收入同比增長超過 4 倍。

And we saw increased enterprise demand as analytics workloads are driving more use of in-memory databases and higher server memory content.

我們看到企業需求增加，因為分析工作負載正在推動更多使用內存數據庫和更高的服務器內存內容。

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.

我們繼續鞏固我們在圖形和高性能內存技術方面的強勢地位，我們的每秒 12 Gb GDDR5X 的出貨量是業界最快的離散 DRAM，我們在本季度成功地提高了產量。

Most CNBU revenue came from 20-nanometer DRAM products, and we also recognized initial revenue on our next-generation 1x DDR4 products.

CNBU 的大部分收入來自 20 納米 DRAM 產品，我們還確認了我們下一代 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，我們相信我們有能力有效地服務於我們的傳統 OEM 客戶群，以及圍繞為大型數據中心客戶量身定制的解決方案不斷發展的機會。

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.

由於持續轉向 20 納米 LPDRAM 和有利的定價環境相關的成本降低，我們的移動業務部門收入環比略有增長，利潤率顯著增長。

We expect increased demand ahead of the anticipated flagship smartphone introductions planned for the fall.

我們預計，在計劃於秋季推出的旗艦智能手機推出之前，需求會增加。

Requirements for multicamera systems, augmented reality applications and high-resolution displays now dictate 4- and 6-gigabyte LPDRAM densities for a great user experience.

多攝像頭系統、增強現實應用和高分辨率顯示器的要求現在決定了 4 和 6 GB 的 LPDRAM 密度，以提供出色的用戶體驗。

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.

這一需求與我們的 20 納米和 1x 產品非常吻合，我們計劃在未來 12 個月內推出近 20 種新的 1x 封裝變體。

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.

我們專注於開發和多樣化我們的 MCP 和離散 NAND 設備產品，這將使我們能夠很好地應對從基本入門級智能手機到內容豐富的高端設備的全系列智能手機。

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.

許多移動 OEM 客戶在其設計實施中更喜歡 MCP 來滿足他們的內存和存儲要求，因為 MCP 為 DRAM 內存和 NAND 存儲提供單一來源，從而簡化了系統設計、驗證和供應鏈考慮。

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.

我們繼續向芯片組合作夥伴和手機 OEM 提供 32 層 MLC 和 TLC 3D NAND MCP、分立 eUFS 和 eMMC 設備的樣品。

Revenue shipments of these products will begin later in the second half of this calendar year following completion of qualifications by customers.

在客戶完成資格認證後，這些產品的收入發貨將在本日曆年下半年晚些時候開始。

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.

在所有細分市場的強勁需求增長和更好的定價環境的推動下，我們的嵌入式業務部門的收入同比增長了 44%。

We achieved record quarterly revenue for each of the automotive, consumer and connected home and industrial segments.

我們在汽車、消費者和互聯家庭和工業領域的每個領域都實現了創紀錄的季度收入。

We saw continued strength in automotive DRAM and eMMC NAND with infotainment and instrument cluster applications driving this record level.

我們看到汽車 DRAM 和 eMMC NAND 持續強勁，信息娛樂和儀錶盤應用推動了這一創紀錄水平。

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.

由於我們專注於高質量和深厚的客戶關係和支持，我們將繼續保持我們在汽車領域強大的市場份額領先地位。

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.

工業和與消費者連接的家庭收入主要來自於快速增長的應用的出貨量增加，例如語音激活的家庭輔助和機頂盒。

We continue to transition our nonautomotive DRAM portfolio onto 20-nanometer designs.

我們繼續將我們的非汽車 DRAM 產品組合轉變為 20 納米設計。

Our Storage Business Unit delivered record revenues as sales of our SSD products grew 33% quarter-over-quarter.

我們的存儲業務部門實現了創紀錄的收入，因為我們的 SSD 產品的銷售額環比增長了 33%。

Sales to cloud and enterprise SSD customers grew appreciably on a combined basis and exceeded revenue from client customers for the first time.

對雲和企業 SSD 客戶的銷售額合計顯著增長，並首次超過來自客戶客戶的收入。

The most significant growth came from our cloud customers, where revenue doubled quarter-over-quarter.

最顯著的增長來自我們的雲客戶，其收入環比翻了一番。

Our SSD sales in the quarter were driven primarily by our SATA SSD solutions using our 32-layer TLC 3D NAND.

我們在本季度的 SSD 銷售主要由我們使用 32 層 TLC 3D NAND 的 SATA SSD 解決方案推動。

During the quarter, we had first revenue shipments of our 8-terabyte SATA enterprise-class SSD, which is an industry first.

在本季度，我們的 8 TB SATA 企業級 SSD 首次實現收入出貨，這是行業第一。

Several new OEM and hyperscale customer qualifications are underway for our SATA drives.

我們的 SATA 驅動器正在進行多項新的 OEM 和超大規模客戶資格認證。

And in calendar year 2018, we plan to introduce NVMe PCIe offerings using our 64-layer TLC 3D NAND.

在 2018 日曆年，我們計劃推出使用我們的 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.

在製造業務方面，我們繼續在我們的 64 層 3D NAND 和 1X DRAM 上實現有意義的產出方面取得良好進展。

Both of these technologies have already begun revenue shipments and are advancing well in their production yield run.

這兩種技術都已經開始出貨，並且在生產良率方面進展順利。

We also continue to execute our plans to outfit our assembly operations as part of our DRAM center of excellence in Taiwan.

我們還將繼續執行我們的計劃，將我們的組裝業務作為我們在台灣的 DRAM 卓越中心的一部分。

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.

除了我們在新加坡的 NAND 卓越中心之外，這個 DRAM 中心對於我們持續努力優化成本、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.

在技術方面，我們在第三代 3D NAND 和下一代 1Y DRAM 技術的開發上繼續取得紮實的進展。

Our third-generation 3D NAND will continue to be based on our innovative CMOS Under the Array architecture.

我們的第三代 3D NAND 將繼續基於我們創新的 CMOS Under the Array 架構。

This architecture, pioneered by Micron, provides the benefits of smaller die size and lower cost.

這種由 Micron 首創的架構提供了更小芯片尺寸和更低成本的優勢。

We expect our 1y DRAM to further improve our competitive position in the industry.

我們預計我們的 1 年 DRAM 將進一步提高我們在行業中的競爭地位。

Looking at the industry broadly, Micron continues to see a healthy supply and demand environment that creates opportunities across both memory and storage markets.

放眼整個行業，美光繼續看到健康的供需環境，為內存和存儲市場創造機會。

For calendar 2017, we expect DRAM industry bit supply growth of between 15% and 20%, slightly below our view of demand growth.

對於 2017 年日曆，我們預計 DRAM 行業比特供應增長在 15% 至 20% 之間，略低於我們對需求增長的看法。

For NAND, we expect 2017 industry supply growth in the high 30% to low 40% range, constraining what would otherwise be higher demand.

對於 NAND，我們預計 2017 年行業供應增長在 30% 至 40% 的高位區間，否則會限制更高的需求。

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.

在 DRAM 和 NAND 需求持續強勁增長的支持下，我們預計健康的行業需求將持續到 2018 年，這反映了數據中心和移動市場的更廣泛趨勢，以及企業、雲和客戶端 PC 越來越多地採用 SSD。

Finally, after my first 2 months at Micron, I would like to share some of my priorities.

最後，在我在美光工作的頭兩個月之後，我想分享一些我的優先事項。

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.

我們的執行力和競爭力是我的主要關注點，特別是加速新技術進入量產和快速推出新產品，這兩者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.

美光擁有龐大的技術組合和核心能力。

Our goal is to leverage these to provide high-value products and solutions that improve our revenue mix.

我們的目標是利用這些來提供高價值的產品和解決方案，從而改善我們的收入組合。

We will target high-growth opportunities and seek out partnerships with leading companies in the ecosystem to position Micron for long-term success.

我們將瞄準高增長機會，並與生態系統中的領先公司建立合作夥伴關係，以使美光獲得長期成功。

We are off to a good start.

我們有了一個良好的開端。

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.

我們的執行力和當前的商業環境正在創造更大的靈活性，我們正在利用這些靈活性通過技術、產品和製造投資鞏固我們的基礎，同時加強我們的資產負債表。

I believe that through focus and solid execution, Micron can capitalize on the world's increasing reliance on memory and storage solutions.

我相信，通過專注和紮實的執行，美光可以利用世界對內存和存儲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.

我現在將把它交給厄尼，他將詳細介紹我們本季度的財務業績。

Thank you, Sanjay.

謝謝你，桑傑。

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.

在持續積極的行業環境、我們當前技術帶來的額外比特增長以及將我們的下一代技術部署到製造業方面取得的進展的推動下，我們的季度收入、非公認會計準則每股收益和經營現金流創紀錄。

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.

我將按技術和業務部門概述第三季度的財報結果，然後對我們的整體公司財務業績和第四季度的指導發表評論。

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%，細分如下： 移動處於 20% 的中間範圍； PC 處於 20% 的低位，低於上一季度；服務器約佔 30%，高於上一季度的 25%；包括網絡、圖形、汽車和其他嵌入式技術的特種 DRAM 處於 20% 的中間範圍。

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.

我們的貿易 NAND 收入佔總收入的 31%，細分如下：消費者，主要包括向合作夥伴和客戶銷售的組件，約佔 40%；移動設備（包括託管 NAND 分立解決方案和我們的大多數 MCP）在 10% 左右； SSD 處於 20% 的中間範圍，比上一季度略有上升；而汽車、工業和其他嵌入式應用則在百分之十幾的範圍內。

Turning to performance by business unit.

轉向業務部門的績效。

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.

計算和網絡業務部門報告稱，第三財季收入為 24 億美元，環比增長 25%，原因是比特出貨量增加、在企業、圖形和高性能內存和雲等不斷增長的領域取得成功，以及更強勁的定價環境。

Non-GAAP operating income was $1.2 billion or 51% of revenue, up from 38% the prior quarter.

非美國通用會計準則營業收入為 12 億美元，佔收入的 51%，高於上一季度的 38%。

20-nanometer products were greater than half of CNBU revenue and were shipped primarily in the enterprise, cloud and client segments.

20 納米產品佔 CNBU 收入的一半以上，主要在企業、雲和客戶端領域發貨。

Revenue growth in the enterprise segment was driven by the continued expansion of DRAM content per server.

企業部門的收入增長是由每台服務器的 DRAM 內容的持續擴展推動的。

And in the cloud space, we experienced good sequential bit growth.

在雲領域，我們經歷了良好的連續比特增長。

Both segments also benefited from the current pricing environment.

這兩個部門也受益於當前的定價環境。

We saw ongoing growth of our 20-nanometer DDR4 products, with particular strength coming from the latest industry server platforms.

我們看到我們的 20 納米 DDR4 產品持續增長，特別是來自最新的行業服務器平台的優勢。

In networking, we saw shipment and revenue growth bolstered by the continued transition to 20-nanometer 4-gigabit DDR3 and 8-gigabit DDR4 products.

在網絡方面，我們看到出貨量和收入增長受到持續向 20 納米 4-gigabit DDR3 和 8-gigabit DDR4 產品過渡的推動。

We also continue to see strong interest in our high-performance memory portfolio.

我們還繼續看到對我們的高性能內存產品組合的濃厚興趣。

This strength was primarily evident in data center networking equipment.

這種優勢主要體現在數據中心網絡設備中。

Double-digit client revenue growth was driven by a continued firm pricing environment and product mix optimization, resulting in modestly declining bit shipments.

兩位數的客戶收入增長受到持續堅挺的定價環境和產品組合優化的推動，導致位出貨量小幅下降。

Our 1x nanometer revenue was predominantly in this segment.

我們的 1x 納米收入主要來自這一領域。

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.

由於遊戲機市場的強勁勢頭以及新 PC 顯卡產品的推出，包括來自 NVIDIA 的基於 G5x 的 Titan Xp，顯卡的收入也實現了兩位數的增長。

The Mobile Business Unit delivered fiscal Q3 revenue of $1.1 billion, up 4% sequentially, driven primarily by a stronger pricing environment.

移動業務部門在第三財季實現了 11 億美元的收入，環比增長 4%，這主要得益於更強勁的定價環境。

And our non-GAAP operating income was $304 million or 27% of revenue, up from 16% the prior quarter.

我們的非美國通用會計準則營業收入為 3.04 億美元，佔收入的 27%，高於上一季度的 16%。

The Embedded Business Unit delivered fiscal Q3 revenue of $700 million, up 19% sequentially.

嵌入式業務部門在第三財季實現了 7 億美元的收入，環比增長 19%。

Non-GAAP operating income was $256 million or 37% of revenue, up from 33% the prior quarter.

非美國通用會計準則營業收入為 2.56 億美元，佔收入的 37%，高於上一季度的 33%。

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.

這一結果的推動因素是強勁的位需求和 DRAM 的平均銷售價格上漲，以及 SLC 和 MLC NAND 在消費和聯網家庭領域的創紀錄出貨量，以及 DRAM 和 eMMC NAND 分別在工業和汽車領域的創紀錄出貨量。

The Storage Business Unit delivered fiscal Q3 revenue of $1.3 billion, up 26% sequentially.

存儲業務部門在第三財季實現了 13 億美元的收入，環比增長 26%。

Non-GAAP operating income was $276 million or 21% of revenue, up from 7% the prior quarter.

非美國通用會計準則營業收入為 2.76 億美元，佔收入的 21%，高於上一季度的 7%。

The results were primarily driven by strong unit growth of SSDs and a stronger pricing environment

業績主要受到 SSD 的強勁單位增長和更強勁的定價環境的推動

Moving to overall company results.

轉向公司整體業績。

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.

第三財季收入為 56 億美元，環比增長 20%，主要受強勁的 DRAM ASP 和更高的 NAND 位數量的推動。

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.

與去年同期相比，收入增長了 92%，這主要是由於更強勁的 DRAM 定價環境、DRAM 和 NAND 的比特量增加以及我們專注於更高附加值的解決方案以改善我們的產品組合。

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.

這種改進組合的例子包括固態硬盤，其收入同比增長三倍，而在企業、雲和圖形客戶的高價值解決方案中嵌入的 DRAM 位，則以我們同期整體 DRAM 位輸出的兩倍的速度增長。

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.

本季度非美國通用會計準則毛利率為 48%，高於上一季度的 38.5%，這得益於 DRAM 平均售價增加以及 DRAM 和 NAND 的每位成本降低。

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.

與去年同期相比，非 GAAP 毛利率增長了 30 個百分點，這得益於更強勁的 DRAM 定價環境、更好的產品組合以及 DRAM 和 NAND 的每比特成本降低。

Non-GAAP net income was $1.9 billion or $1.62 per share.

非美國通用會計準則淨收入為 19 億美元或每股 1.62 美元。

Turning to results by product line.

轉向產品線的結果。

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.

由於位出貨量增長 5% 和 ASP 增長 14%，DRAM 收入與上一季度相比增長了 20%。

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.

第三季度 DRAM 非 GAAP 毛利率環比增長 10 個百分點至 54%，這得益於每比特成本降低 6% 和更好的產品組合。

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.

提醒一下，我們在上個季度注意到 2017 財年下半年的 DRAM 位產量將比 2017 財年上半年高出約 10%。

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.

隨著我們對 2018 財年的展望，預計 1 倍技術轉型的時機將導致我們的比特增長率達到或略低於同期行業增長率。

We considered this bit growth pattern when we provided our 2-year bit growth CAGR earlier this year.

當我們在今年早些時候提供我們的 2 年比特增長 CAGR 時，我們考慮了這種比特增長模式。

Trade NAND revenue increased 21% compared to the prior quarter, reflecting a 17% increase in bit shipments and a 3% increase in ASPs.

與上一季度相比，Trade NAND 收入增長了 21%，這反映了位出貨量增長 17% 和 ASP 增長 3%。

Non-GAAP gross margin was 41%, up 10 percentage points, driven by a 12% cost per bit reduction and better product mix.

非美國通用會計準則毛利率為 41%，上升 10 個百分點，這主要得益於每比特成本降低 12% 和更好的產品組合。

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.

提醒一下，我們在上個季度注意到，2017 財年下半年的比特增長將比 2017 財年上半年高出約 30%。

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.

根據技術轉型的時機，我們預計 2018 財年上半年比特增長相對溫和，下半年增長強勁。

Consistent with DRAM, we considered this bit growth pattern when we provided our 2-year bit growth CAGRs earlier in the year.

與 DRAM 一致，我們在今年早些時候提供 2 年位增長 CAGR 時考慮了這種位增長模式。

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

本季度非美國通用會計準則運營費用為 6 億美元，比上一季度減少 1200 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.

該公司在第三財季產生了 24 億美元的經營現金流，而去年同期為 3.89 億美元。

During the quarter, we deployed $1.3 billion for capital expenditures, net of partner contributions.

在本季度，我們為資本支出部署了 13 億美元，扣除了合作夥伴的貢獻。

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.

本季度的自由現金流為 11 億美元，因為我們通過對某些高收益票據的要約收購了約 10 億美元的債務。

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.

我們目前預計 2017 財年的自由現金流約為 30 億美元，並將繼續優先部署我們的現金流，以提高我們的生產技術能力和減少我們的債務。

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.

對於 2017 財年，我們正趨向於我們指出的淨資本支出範圍的上限，即 48 億美元至 52 億美元。

We will provide a fiscal year 2018 CapEx perspective later this year.

我們將在今年晚些時候提供 2018 財年資本支出的觀點。

We ended the third quarter with cash, marketable investments and restricted cash of approximately $4.9 billion.

我們在第三季度結束時擁有約 49 億美元的現金、有價投資和受限現金。

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.

我們對持續、健康的供需動態、我們圍繞降低成本和改進產品組合的持續工作的看法為我們對第四財季的指導提供了依據。

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.

在非公認會計原則的基礎上，我們預計：收入在 57 億美元至 61 億美元之間；毛利率在 47% 至 51% 之間；運營費用在 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。

EPS will range between $1.73 and $1.87 per share, based on 1,179 million diluted shares

基於 11.79 億股稀釋後的股票，每股收益將在 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.

在二月份的分析師日，我們概述了我們的生產技術執行以及比特增長和成本降低的結果如何使我們能夠在任何市場條件下顯著增強我們的現金流和財務業績。

We've been reporting our incremental progress each quarter.

我們每個季度都在報告我們的增量進展。

However, I wanted to share the tremendous progress we've made over the 12-month period ending in fiscal Q3.

但是，我想分享我們在截至第三財季的 12 個月期間取得的巨大進展。

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.

在此期間，我們的 DRAM 和貿易 NAND 的位輸出均高於行業平均水平，我們在這些技術中的每位成本分別下降了約 25% 和 30%。

In addition, we continue to improve our competitiveness by successfully delivering solutions to deliver higher value-add opportunities.

此外，我們通過成功提供解決方案來提供更高的增值機會，繼續提高我們的競爭力。

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.

我們提供這些結果的能力增強了我們取得進一步進展的能量和興奮，我們期待與您分享。

With that, I will turn it back to Sanjay.

有了這個，我會把它轉回給桑傑。

Thank you, Ernie.

謝謝你，厄尼。

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.

上週，我們宣布 Sumit Sadana 加入美光，擔任執行副總裁兼首席業務官，該職位將我們的 4 個業務部門以及我們的戰略和業務開發團隊整合為一個組織。

This structure will better equip us to align our product strategies to market trends and customer demands.

這種結構將使我們更好地使我們的產品戰略與市場趨勢和客戶需求保持一致。

Sumit brings nearly 3 decades of industry experience.

Sumit 帶來了近 3 年的行業經驗。

He's a proven leader in driving strategy and building businesses with a focus on high-value profitable growth.

他在推動戰略和建立專注於高價值盈利增長的業務方面是公認的領導者。

Sumit has a successful track record at multiple large technology companies, and his perspective and expertise make him an ideal fit for Micron.

Sumit 在多家大型科技公司擁有成功的業績記錄，他的觀點和專業知識使他成為美光的理想人選。

Earlier this week, we also announced that Jeff VerHeul has joined Micron as Senior Vice President of Non-Volatile Engineering.

本週早些時候，我們還宣布 Jeff VerHeul 已加入美光，擔任非揮發性工程高級副總裁。

Jeff has extensive experience in leading the development of advanced semiconductor products, including flash system-level solutions.

Jeff 在領導先進半導體產品（包括閃存系統級解決方案）的開發方面擁有豐富的經驗。

I look forward to Jeff's contributions in advancing Micron's road map of flash memory technology and value-added products.

我期待 Jeff 為推進美光閃存技術和增值產品的路線圖做出貢獻。

We welcome both Sumit and Jeff to Micron.

我們歡迎 Sumit 和 Jeff 加入美光。

Finally, I would like to express gratitude to my predecessor, Mark Durcan.

最後，我要感謝我的前任 Mark Durcan。

His dedication and leadership have positioned Micron well for this next chapter of success.

他的奉獻精神和領導能力使美光在下一個成功篇章中處於有利地位。

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.

當我參觀了美光的設施並會見了整個公司的領導和團隊並開始與我們的一些客戶接觸時，我對我們的技術實力、規模、客戶範圍和創新、勤奮的精神印象深刻。我們的全球團隊。

My experience since joining Micron has reinforced what I have known for a long time.

我加入美光後的經歷強化了我長期以來的認知。

This company has tremendous potential and can become one of the world's most successful semiconductor companies.

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。

I'm proud to be part of this iconic company.

我很自豪能成為這家標誌性公司的一員。

We will now open for questions.

我們現在開始提問。

(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。

Sanjay, welcome to the team.

桑傑，歡迎加入團隊。

First question is for you.

第一個問題是給你的。

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.

在閃迪被西部數據收購時，閃迪在全球固態硬盤市場排名第二，在企業級固態硬盤市場排名第三。

I think you were growing that business about 15% to 20% year-over-year.

我認為您的業務同比增長了 15% 到 20%。

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.

如果我查看最新的市場份額統計數據，美光在 SSD 總市場份額和企業 SSD 市場份額中均處於第 5 位。

So in what areas does the Micron team really have to focus on in order to drive a leadership position in SSD, especially enterprise?

那麼，美光團隊真正需要關注哪些領域才能在 SSD（尤其是企業級）中保持領先地位？

Is it systems capability, firmware, controller, OEM and cloud relationships?

是系統功能、固件、控制器、OEM 和雲關係嗎？

And more importantly, what are you going to do to start to enable this?

更重要的是，您將如何開始啟用此功能？

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.

好吧，正如我們在評論中所說，美光團隊實際上已經在努力推動我們的高價值解決方案組合在其產品組合中達到更高水平。

The company has made strong progress over a couple of quarters in client SSDs as well as enterprise and cloud SSDs.

該公司在客戶端 SSD 以及企業和雲 SSD 方面取得了長足的進步。

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.

如果您查看一些市場份額數字，您會發現過去幾個季度的市場份額顯著增加。

The market share in enterprise cloud stands at sub-10% levels.

企業雲的市場份額低於 10%。

And in client markets for SSDs, the market share is in high single digits at this point.

而在 SSD 的客戶市場，市場份額目前處於高個位數。

So all this definitely points to much greater opportunity for the company in the times ahead.

因此，這一切無疑為公司在未來的時代提供了更大的機會。

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.

我們必須關注的關鍵事情，這絕對是我在這裡優先考慮的一個領域，是增加公司 NAND 產品組合中系統級解決方案的組合。

Things that have been going well, continue to build on them, but expand, diversify our capabilities, our product portfolio and deepen our customer engagements.

進展順利的事情會繼續發展，但會擴大、多樣化我們的能力、產品組合併加深我們的客戶參與度。

The thing that's really, really powerful for Micron here is that Micron has strong position in DRAM as well as NAND.

對美光來說，真正非常強大的是，美光在 DRAM 和 NAND 中擁有強大的地位。

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.

基本上在非洲大陸，這是唯一一家擁有這些強大能力的公司，因此，客戶非常願意與我們合作，幫助我們推動 NAND 方面系統級解決方案的實力。

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.

在我們必須關注的領域，為了進一步回答您的問題，我們當然會繼續加強我們的控制器功能和固件功能。

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.

今天，其中一些——大多數都基於外部控制器，我們有一個外部和內部控制器的路線圖。

So these will be an important area of focus for the company going forward.

因此，這些將是公司未來的重點關注領域。

Great.

偉大的。

And then, Ernie, for you on the gross margin front, solid job over the team -- by the team over the past few quarters.

然後，厄尼，在毛利率方面，為你在團隊中的出色工作——在過去幾個季度由團隊完成。

Going forward, you're looking for about another 100 basis points of improvements.

展望未來，您正在尋找大約 100 個基點的改進。

The demand environment is shaping up to be stronger second half over first half.

需求環境正在形成，下半年比上半年更強勁。

Supply outlook still seems pretty disciplined, and the team is doing a great job on driving the cost curves.

供應前景似乎仍然很自律，團隊在推動成本曲線方面做得很好。

So it seems like your gross margin expansion should be greater than the implied 100 basis points you're guiding to.

所以看起來你的毛利率擴張應該大於你所指導的隱含的 100 個基點。

Are there any mix-related impacts in Q4 which is holding back the margin profile?

第四季度是否有任何與混合相關的影響阻礙了利潤率狀況？

I don't think so.

我不這麼認為。

I think it's a function of the pattern of our bit growth over the course of this year.

我認為這是我們今年比特增長模式的一個函數。

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.

因此，雖然我們將在本財年的最後一個季度繼續享受成本降低，但它的速度可能會比你在今年上半年所經歷的要慢一些。

And also as we look at the pricing environment, we continue to view supply and demand in a favorable way.

而且，當我們審視定價環境時，我們繼續以有利的方式看待供需。

But bear in mind, we've now had several consecutive quarters of nice quarter-over-quarter step-ups.

但請記住，我們現在已經連續幾個季度實現了良好的季度環比增長。

And it isn't always advisable to bank on continued aggressive quarter-on-quarter pricing increases as you think about the business.

當您考慮業務時，並不總是建議繼續積極的季度價格上漲。

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的 Chris Danely。

This is Wayne Loeb on for Chris Danely.

這是 Chris Danely 的 Wayne Loeb。

Can you talk about any changes you're seeing in server demand trends?

您能談談您在服務器需求趨勢中看到的任何變化嗎？

Is it possible that we'll see allocation or lead time expansion in this market?

我們是否有可能在這個市場上看到分配或交貨時間的擴大？

The server demand definitely continues to be strong for DRAM.

DRAM 的服務器需求肯定會繼續強勁。

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.

如果你看一下 DRAM 內容的增長以及單位服務器的增長，我們正在關注的行業的增長——比特增長率約為 40%。

So this is really high-value segment of the market.

所以這確實是市場的高價值部分。

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.

正如您所知，2017 年該行業在 DRAM 方面總體處於緊張狀態，這主要是由於服務器等市場的強勁增長以及移動等其他市場繼續非常強勁，其中 DRAM 內容的平均容量考慮到手機正在實現的所有功能，甚至像汽車這樣的市場，DRAM 含量也在不斷增加。

So the demand trends are being driven by multiple markets.

因此，需求趨勢是由多個市場驅動的。

Certainly server is the highest growth trend in the marketplace today, and that's all for the DRAM side of the business.

毫無疑問，服務器是當今市場上增長最快的趨勢，而這一切都適用於 DRAM 業務。

Okay.

好的。

Can I ask you for a little bit more color on what you're seeing as far as handset demand trends?

就手機需求趨勢而言，我可以要求您對您所看到的內容進行更多說明嗎？

What has the impact been from China inventory correction?

中國庫存調整有什麼影響？

And also, what you anticipate the impact will be of high-end SKUs of a flagship phone being delayed?

此外，您預計旗艦手機的高端 SKU 延遲會產生什麼影響？

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.

因此，我認為，當您查看移動市場中 DRAM 的內容時，它在各種智能手機中確實繼續增長良好，從每部手機約 1 GB 到 2018 年時間框架內翻一番，因此在以下方面持續強勁增長平均容量。

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.

同樣的趨勢肯定也出現在高端手機上，你開始看到 4 和 6 千兆字節的 DRAM 內容。

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.

當然，在多芯片封裝上，我們也看到手機市場推動了高 DRAM 內容和高 NAND 內容。

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.

因此，總體而言，當您查看 2017 年的同比趨勢以及 2018 年的發展軌跡時，移動確實仍然是一個強勁的市場。

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.

當然，市場的某些部分可能會有一些庫存調整的時期，但要關注的重要事情實際上是長期趨勢。

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.

這種趨勢，由於正在實施的所有功能，即使是在入門級智能手機中，當然也在高端智能手機中，往往會推動更高的平均內容和對 DRAM 和 NAND 的需求增長。

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

我們的下一個問題來自高盛的 Mark Delaney。

First question is on DRAM ASPs.

第一個問題是關於 DRAM ASP。

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.

在上一次財報電話會議上，該公司評論了一些已經存在一段時間的合同沒有趕上現貨價格的大幅上漲。

And I'm wondering to what extent you expect a similar dynamic to play out as you think about the August quarter.

而且我想知道當您考慮 8 月季度時，您期望在多大程度上出現類似的動態。

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.

我認為，正如我在之前的評論中提到的，我們仍然看到某些市場部分的調整向上，當然是在頻率和幅度方面。

Those are a little less than we've experienced in the prior few quarters, Mark.

馬克，這些比我們在前幾個季度所經歷的要少一些。

Okay.

好的。

That's helpful.

這很有幫助。

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.

接下來的問題是，NAND 的毛利率增長非常顯著，公司在降低每比特成本方面做得很好，環比下降了 12%。

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.

我知道，Ernie，你說，我們不應該期望每個季度都會以這樣的速度降低成本，但公司似乎有望超過指導你使用 NAND 的 20% 到 25% 的成本目標今年的生意。

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.

我只是想知道你認為你有能力在多大程度上超越先前的指導，考慮到你已經完成了多少。

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?

或者在 NAND 業務的 8 月季度的成本方面，是否還有其他因素，例如我們需要牢記的混合？

Yes, I think it's important to remember that, that cost reduction was a 2-year CAGR.

是的，我認為重要的是要記住，成本降低是 2 年的複合年增長率。

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.

當然，您會期望我們在 17 財年經歷的那種小幅增長，您將處於該範圍的上限或之上。

And if you go back and look at our fiscal '16, we were below.

如果你回頭看看我們的 16 財年，我們就在下面。

So it's important to blend those 2 years together.

因此，將這兩年融合在一起很重要。

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.

但答案會讓你在今年大幅降低成本，與我們所說的比特增長類型相稱。

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

我們的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?

您能否詳細介紹一下 3D NAND，第三代與第二代的對比？

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?

您在成本方面已經回答了一些問題，但僅關注第三代到第二代，您節省了多少成本並降低了每比特成本？

And does third generation have more layers or a narrower line width or both?

第三代是否有更多的層或更窄的線寬或兩者兼而有之？

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

因此，關於第三代，我們將在接近生產該技術時為您提供更多細節，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 Kevin Cassidy 和 Stifel

Can you say what's happening with your contract periods?

你能說一下你的合同期發生了什麼嗎？

It used to be PC DRAMs were negotiated every 2 weeks.

過去是每兩週協商一次 PC DRAM。

I'm sure that customers are asking for extensions on those contracts.

我確信客戶要求延長這些合同。

Can you just say, in general, what's your average contract time now?

你能說一下，一般來說，你現在的平均合同時間是多少？

So there hasn't been a significant change during this period of time.

所以在這段時間裡並沒有太大的變化。

Typically, as you noted, PC DRAM contracts are the shortest.

通常，正如您所指出的，PC DRAM 合同是最短的。

We would actually say maybe a little longer than 2 weeks, but certainly roughly in the realm of a month or so.

我們實際上會說可能比 2 周長一點，但肯定大約在一個月左右的範圍內。

And then the other technologies tend to go up from there.

然後其他技術往往會從那裡上升。

But we haven't seen any material change in the duration as a result of the current market environment.

但是，由於當前的市場環境，我們沒有看到久期有任何重大變化。

Although there may be some requests for that, it's typically not something that gets changed very much over the course of a cycle.

儘管可能會有一些要求，但通常不會在一個週期內發生太大變化。

Okay, great.

好，太棒了。

And maybe just if you could give us your views on adding more DRAM wafer capacity, what would stimulate that?

也許只是如果您可以就增加更多 DRAM 晶圓產能向我們發表您的看法，那會是什麼刺激呢？

Or what would be your decision to ever add wafer capacity on DRAM?

或者您決定在 DRAM 上增加晶圓容量的決定是什麼？

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.

我們在 DRAM 方面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，同時牢記我們的客戶需求。

And there, of course, qualification of products built using those technologies.

當然，還有使用這些技術製造的產品的資格。

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.

而且我們始終關注整體供需平衡以及我們自己的供需平衡，因此基本上謹慎關注供應增長管理。

But the primary focus, the one that provides highest return on investments is around technology transitions.

但是，提供最高投資回報的主要重點是技術轉型。

And that's where really all our priorities will be.

這就是我們所有優先事項的真正所在。

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.

就任何新產能而言，我的意思是，我們當然必須首先確保我們已經抓住了製造技術轉型能力的最大潛力。

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.

然後，在我們考慮增加新產能之前，我們肯定會看到未來幾年有持續的預測或持續的需求增長。

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

我們的下一個問題來自麥格理的 Srini Pajjuri。

Question on PC segment, Ernie, I think you said PC is down.

關於 PC 部分的問題，Ernie，我想你說 PC 已關閉。

I just want to make sure it's not down in absolute terms.

我只是想確保它沒有絕對下降。

It doesn't look like it, but just want to make sure.

看起來不像，只是想確定一下。

And then if can you comment on what sort of demand trends you are seeing in PC and also the pricing trends last quarter?

然後，您能否評論一下您在 PC 中看到的什麼樣的需求趨勢以及上個季度的定價趨勢？

Sure.

當然。

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.

所以桑杰和我可能會為此而合作，但相對於演出轉移或個人電腦領域的銷量轉移，正如我們在準備好的評論中所說，我們的單位銷量確實略有下降。

It wasn't very significant at all, but that was part of our plan to address higher value-added markets.

這根本不是很重要，但這是我們解決高附加值市場計劃的一部分。

I don't think it was reflective of a decreased demand environment in any way, shape or form.

我不認為它以任何方式、形式或形式反映了需求減少的環境。

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.

除了我們認為供需平衡良好的一般性聲明外，我們通常不對未來的定價環境發表評論。

And we're going to continue to monitor that segment quite carefully from a bit growth perspective.

我們將從增長的角度繼續非常仔細地監控該細分市場。

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.

我認為我們正在考慮，在 17 財年，該細分市場對我們來說總體上將處於加低到中個位數的範圍內。

And I think that, that addresses the 3 points you raised, but if not, please let us know.

我認為，這解決了你提出的 3 點問題，但如果沒有，請告訴我們。

Yes, that's great.

是的，那太好了。

That's helpful.

這很有幫助。

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.

然後就現金使用而言，厄尼，我認為過去，你說的主要是 - 你的首要任務是償還債務或至少減少債務負擔。

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.

顯然，這裡有非常強勁的自由現金流，然後真的考慮到 Sanjay 關於企業 SSD 重點的評論等等，我只是好奇如果我採取更長遠的觀點，併購是否會以及在哪裡進入這裡。

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.

當然，在推動我們的增長方面，我們有多種工具可供我們使用：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到生產中的能力。

We would never rule out any M&A.

我們永遠不會排除任何併購。

If and when appropriate, we will absolutely consider it, but it would have to be something that does provide ROI.

如果合適的話，我們絕對會考慮它，但它必須是能夠提供投資回報率的東西。

So we just want to make sure that we focus on our priorities.

所以我們只想確保我們專注於我們的優先事項。

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.

在這一點上，我們的首要任務是加強我們的技術和產品執行，並在我們的產品組合中增加高價值解決方案的組合，同時與客戶一起定義下一代架構。

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.

再說一次，我不排除任何併購，但當然，它總是必須在它帶來什麼價值和它帶來什麼投資回報率的背景下考慮。

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

我們的下一個問題來自 Nomura Instinet 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，我認為，在幾個季度以來，OpEx 的收入一直低於預期，鑑於您的新產品戰略和即將到來的財政年度，您能否就如何考慮 OpEx 給我們一些建議？

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.

我們在今年早些時候已經提到，就運營支出的季度水平而言，最大的變量之一是我們所說的預認證費用。

So as we are going through the process of qualifying either new packages or new technologies for customers, those carry with them significant expenses.

因此，當我們正在為客戶確定新包裝或新技術的資格時，這些都會帶來大量費用。

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.

當我們進入本財年時，我們建議將更多地放在本財年的前半部分，隨著我們的運營費用趨於平緩，你已經看到了這一點。

As we look forward, we're considering OpEx as part of our fiscal year 2018 planning process, and we're not quite through that.

正如我們所期待的那樣，我們正在考慮將運營支出作為 2018 財年規劃流程的一部分，但我們還沒有完全完成。

So I think we'll be in a position to share a little bit more color on that with you on the next call.

因此，我認為我們將能夠在下一次電話會議上與您分享更多的色彩。

But we are, as always, very mindful of operating expenses and operating expense progression, so we're taking a very close look at that.

但我們一如既往地非常關注運營費用和運營費用的進展，因此我們正在密切關注這一點。

Okay, great.

好，太棒了。

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.

然後，Sanjay，當宣布你加入時，我想我們中的一些人，至少最初的反應是，有很大的潛力可以改進 NAND 內部的組合。

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?

所以在 40% 的業務中看到消費者，SSD 在 20 年代中期，你認為你可以在 NAND 中進行業務組合嗎？

And how long would it take for you to get it where you want?

你需要多長時間才能把它送到你想要的地方？

So at this point, we are not prepared to really lay out mix targets for the future.

所以在這一點上，我們還沒有準備好真正為未來製定混合目標。

But I can certainly tell you that, indeed, there is great opportunity, over time, to strengthen the mix of the managed NAND solutions.

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。

That means SSDs as well as in the mobile space, things like eMMC and UFS and MCP.

這意味著 SSD 以及移動領域，例如 eMMC、UFS 和 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.

再一次，我想指出，有很大一部分移動市場需要 MCP，而美光在 DRAM 和閃存的這種混合方面處於非常有利的地位。

So we will definitely to focus on bringing up solution, more MCP solutions using our eMMC and UFS capabilities in the future.

所以我們未來一定會專注於提出解決方案，更多使用我們的 eMMC 和 UFS 能力的 MCP 解決方案。

I would like to point out that these kind of transitions do take a period of time.

我想指出，這種轉變確實需要一段時間。

Micron is, I would say, still in the early days of implementing this transition.

我想說，美光仍處於實施這一轉變的早期階段。

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.

在很長一段時間內，我們肯定會推動這種組合，但它確實讓整個領導團隊過度關注。

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.

隨著 Jeff VerHeul 的聘用，我們在這一領域的努力無疑已經翻了一番，進一步專注於 NAND 的系統級解決方案。

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.

如您所知，我還將補充一點，就組件方面而言，包括公司向英特爾進行的一些銷售，如您所知，英特爾是我們在開發方面的合作夥伴，所以這是其中的一部分你所說的成分組合也是如此。

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 Blayne Curtis。

Ernie, I just wanted to go back to a prior answer you had.

厄尼，我只是想回到你之前的答案。

When you look -- obviously, I feel bad asking.

當你看的時候——顯然，我很難問。

Your cash flow obviously has grown hugely over the last couple quarters.

在過去的幾個季度中，您的現金流顯然已經大幅增長。

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.

我的意思是，你看看這些，下一財年的現金，不久前人們問你將如何支付資本支出，現在你現金充裕。

So I was just kind of curious your thought process.

所以我只是有點好奇你的思維過程。

You pulled in a little in terms of transition, but it's only $200 million.

你在過渡方面有所貢獻，但只有 2 億美元。

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?

如果你在更快的過渡、產能增加、回購以及債務償還方面權衡這些選擇，你在本季度做了什麼？

Sure.

當然。

So consistent with one of the earlier answers, we are in the middle of our planning process for fiscal '18.

與之前的答案之一一致，我們正處於 18 財年的規劃過程中。

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.

當然，當我們審視公司的一些優先事項時，它們一直高度集中在繼續降低我們的成本上。

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.

因此，儘管我們在某種程度上一直在考慮公司過去現金流的情況，但我們將繼續做正確的事情，並在這方面保持謹慎和自律。

We have ample opportunity to reduce the debt profile of the company.

我們有充分的機會減少公司的債務狀況。

So I appreciate you thinking we're flush with cash.

所以我很感激你認為我們現金充裕。

We're still not as flush as I would like to be.

我們仍然沒有我想的那樣齊頭並進。

So that's going to continue to be a priority of about generating that free cash flow as well as reducing the debt.

因此，這將繼續成為產生自由現金流和減少債務的優先事項。

So consistent with our prepared remarks, those are the 2 things we're focused on.

與我們準備好的評論一致，這是我們關注的兩件事。

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.

當我們進入 2018 財年時，您將繼續看到我們在如何追求這兩個方面非常周到。

And then I just want follow up on the computing strength in terms of, the next platform from Intel has more memory.

然後我只想跟進計算能力，英特爾的下一個平台有更多的內存。

Can you just maybe talk about that as a demand driver, and did that contribute?

您能否將其作為需求驅動因素進行討論，這是否有所貢獻？

Did you see anything in terms of the builds ahead of that launch, which is more second half of this calendar year?

在發布之前，您有沒有看到任何關於構建的信息，即本日曆年的下半年？

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，這將——隨著它的推出，它將推動更大的需求，當然是對比特的需求，是的。

Is that more -- did you see any contribution yet?

還有更多——你看到任何貢獻了嗎？

Or is that something that will be more next fiscal year?

還是下個財政年度會更多？

I would expect it to be increasing over time.

我希望它會隨著時間的推移而增加。

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

我們的下一個問題來自 MS 的 Joe Moore。

Just to follow on, on the last question.

只是繼續，關於最後一個問題。

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.

就資本支出軌跡而言，您談到了一個長期數字，我相信它將以銷售額的 30% 為中心。

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?

我只是好奇，桑傑，也許改變一些優先事項和類似的事情，這仍然是 - 在沒有進入尚未完成的 18 計劃的情況下，這仍然是我們應該長期考慮的球場嗎？學期？

I think it's important to remember that was a long-term target.

我認為重要的是要記住這是一個長期目標。

And that there are years when we've been below.

而且有幾年我們一直在下面。

There are other years when we've been above.

還有其他幾年我們一直在上面。

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.

所以我不知道，相對於長期目標，我們是否準備在這一點上做出任何改變。

But by the same token -- and if we do, certainly, as we did earlier last year, we'll share that with you.

但出於同樣的原因——如果我們這樣做了，當然，就像我們去年早些時候所做的那樣，我們將與您分享。

But at present time, that target remains the same, bearing in mind that it is a long-term target.

但目前，該目標保持不變，請記住這是一個長期目標。

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

我同意 Ernie 的觀點，我認為這裡的長期目標絕對是非常合適的。

Great.

偉大的。

Okay.

好的。

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.

然後你在計算和網絡方面看到的增長，當你談到雲計算同比增長四倍時，我想這個數字讓我有點驚訝。

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?

您認為美光在多大程度上提高了滲透率，而不是像內存內容那樣增加，只是幫助我們了解這個數字是如何逐年增長的？

I think it's obviously a combination of both.

我認為這顯然是兩者的結合。

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.

但一段時間以來，我們一直在說，喬，這是公司的首要任務，在我們有機會發展更深層次的關係、提供更高附加值、更持久的客戶關係的細分市場中真正變得更強大。

And I think we've done a great job at executing on that strategy.

我認為我們在執行該戰略方面做得很好。

So while there is absolutely a benefit from pricing, absolutely, we enjoyed the same benefit that others did.

因此，雖然定價絕對有好處，但我們絕對享受到與其他人一樣的好處。

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.

從平均內容增長來看，我認為我們通過執行我們的戰略來應對這些市場，從而使我們能夠獲得更深入的滲透，從而獲得了不成比例的收益。

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

我們的下一個問題來自瑞士信貸的 John Pitzer。

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.

Sanjay，我的第一個問題是，當你考慮到對長期 NAND 需求的共識觀點時，這是相當樂觀的，考慮到 SSD 的故事，這是有道理的。

But when you think about the long-term view of DRAM demand, I think it's less sanguine.

但當你考慮到 DRAM 需求的長期觀點時，我認為它就不那麼樂觀了。

And I think the view is sort of PC units aren't really growing, handset units probably not growing all that much.

而且我認為這種觀點是個人電腦單位並沒有真正增長，手機單位可能沒有增長那麼多。

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?

不過，我只是有點好奇，當你想到這些新應用程序，如數據分析、人工智能，也許是 4 級、5 級自動駕駛時，是否有一個自下而上的論點來對 DRAM 有更樂觀的長期看法要求？

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.

然後我會有點好奇，因為共識是 15% 到 20% 可能是長期位增長，這將遠低於歷史水平。

I'd love to get your view.

我很想听聽你的看法。

And if it's greater than 15% to 20%, is that something that's going to require more than just technology transitions to support?

如果超過 15% 到 20%，是否需要的不僅僅是技術轉型來支持？

Certainly, we have, I believe, strong opportunities in technology transitions to meet the future growth expectations.

當然，我相信，我們在技術轉型方面擁有強大的機會，可以滿足未來的增長預期。

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.

正如我在回答之前的問題時所說的那樣，在我們考慮任何容量增加之前，我們肯定必須充分利用這一點。

And you are certainly right that the demand drivers certainly are the AI, the machine learning.

你肯定是對的，需求驅動肯定是人工智能，機器學習。

There's so much data being generated.

生成的數據太多了。

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.

所有這些數據都需要快速處理，以便為消費者提供出色的體驗，並為企業帶來巨大的價值，以啟用和釋放新的應用程序。

Just as all AI in the technology space is just extremely early days and extremely dynamic.

正如技術領域中的所有人工智能都處於非常早期的階段並且非常動態。

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.

我相信，內存和存儲肯定會成為人工智能技術能夠在眾多應用中啟用的能力的關鍵推動者，無論是自動駕駛還是雲計算，以及這裡的各種應用。

So yes, I mean, the demand outlook here certainly is very interesting.

所以是的，我的意思是，這裡的需求前景當然非常有趣。

But again, we just do not want to be getting ahead of ourselves.

但同樣，我們只是不想超越自己。

I think it is important that we stay focused on continuing to drive the business with a focus on prudent supply growth here.

我認為重要的是，我們必須繼續專注於繼續推動業務，並重點關注謹慎的供應增長。

That's helpful.

這很有幫助。

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?

然後，厄尼，作為我的後續行動，我知道你不想給我們一個季度一個季度的混合目標，但我有點好奇，因為你有點退出本財年的後半段，你“NAND 和 DRAM 的行業位元都在增長，而你進入明年上半年，你將增長不足，你能幫我們一個框架嗎，上半年有足夠的混合機會嗎？ '18 即使您可能會失去一些份額，但您可能不會失去該行業的某種利潤份額？

Or how do we think about where you are on that mix optimization curve?

或者我們如何看待你在混音優化曲線上的位置？

Well, I think as we noted, we are making progress every single quarter with penetrating higher value-add solutions.

好吧，我認為正如我們所指出的，我們每個季度都在通過滲透性更高的增值解決方案取得進展。

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.

我們預計，如果我們成功地繼續執行這一點，我們將能夠從這些細分市場獲得更大的收入，根據定價環境，這些細分市場可能會在某種程度上減輕一點點增長輪廓。

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.

但請記住，約翰，我們在一個我們正在估計的行業背景下談論我們的增長，但我們也使用了低於或略低於這個詞，而不是實質低於。

So I do think it's important to keep that in mind.

所以我認為牢記這一點很重要。

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.

在 NAND 方面，我們只是簡單地說今年上半年的增長會比下半年慢一些。

I wouldn't expect that we were going to be dramatically different or so underperforming the industry that it would disadvantage the company.

我不認為我們會出現顯著不同或表現不佳的行業，這會使公司處於不利地位。

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 的系列。

Two questions, Ernie and Sanjay.

兩個問題，厄尼和桑傑。

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?

首先，如果你從 20 納米到 18 納米的 DRAM 以及 32 層到 64 層的 3D NAND，我們只想了解我們應該考慮什麼樣的成本降低？

And how is the trajectory as we look through calendar '18?

當我們瀏覽 '18 日曆時，軌跡如何？

And then I have a follow-up.

然後我有一個跟進。

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.

因此，當您瀏覽 18 年日曆時，我們肯定會在此期間繼續提升我們的 1x DRAM 技術以及我們的 64 層技術，正如我們所說，我們仍處於早期階段。

We'll be achieving meaningful output of both 1x as well as 64-layer this quarter here.

我們將在本季度實現 1x 和 64 層的有意義的輸出。

But we continue to be ramping it during the course of the next several quarters.

但在接下來的幾個季度中，我們將繼續加大力度。

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%.

就比特增長而言，20 納米提供了大約 40%，與之前的節點相比，比特增長略高於這一點，並讓我們降低了 20% 以上的成本。

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.

然後你看一下 1X 與 20 納米相比，這也在同一範圍內，儘管 1X 比 20 納米節點比之前的 25 納米節點給我們的成本降低了更多。

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%.

與我們擁有的平面 NAND 相比，當我們使用 32 層時——我們在美光擁有的上一代平面 NAND，32 層使我們的芯片體積增長了大約 100% 左右，並且使我們的成本降低超過 - 在可能低於 30% 的範圍內。

And going from 32-layer to 64-layer, bits gained is also about 100%.

而從 32 層到 64 層，獲得的比特數也是 100% 左右。

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.

而從 32 層到 64 層的成本降低也是——在成熟良率下，比較成熟良率與成熟良率以及大批量晶圓產品與大批量產品，32 層到 64 層也將給我們一個成本降低 30%。

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.

因此，美光憑藉 32 層技術在 NAND 中的定位非常好，與我們的上一個平面節點相比，它顯著降低了成本。

And 64-layer continues that trend ahead as well.

64 層也延續了這一趨勢。

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.

而且，Jagadish，除此之外，我會向您推薦我們在分析師日提供的一些 2 年成本降低複合年增長率，它讓您可以同時了解 17 財年和 18 財年。

So that might be helpful to you as well as you think about that.

所以這可能對你有幫助，就像你想的一樣。

Okay.

好的。

That's very helpful.

這很有幫助。

And finally, I just want to understand your thoughts on the DRAM channel inventory level at this point of time.

最後，我只想了解您此時對 DRAM 渠道庫存水平的看法。

We think that channel inventories are well within the range that we would consider to be normal.

我們認為渠道庫存在我們認為正常的範圍內。

Certainly, they have improved from a quantity point of view over the first part of this year where they were extremely, extremely short.

當然，從數量的角度來看，它們在今年上半年非常、非常短的情況下有所改善。

But in aggregate, I think that -- we think that channel inventory levels are still within healthy ranges.

但總的來說，我認為 - 我們認為渠道庫存水平仍在健康範圍內。

And I just want to add a comment to my response before to you.

我只是想在我之前給你的回復中添加評論。

Your question was very specific in terms of cost reductions between technology nodes on high-volume products, essentially.

您的問題本質上是在大批量產品的技術節點之間降低成本方面非常具體。

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.

而且 - 這些數字不應與同比成本降低相混淆，因為整體業務組合的同比成本降低很大程度上取決於生產中的技術組合。

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.

正如我所指出的，這些技術將在未來幾個季度為我們的生產逐步增加，而舊技術仍將繼續生產，以滿足我們對技術和產品多樣化組合的整體多樣化客戶需求和解決方案。

And we have time for one more question.

我們還有時間再問一個問題。

Our final question for today comes from the line of C.J. Muse with Evercore.

我們今天的最後一個問題來自 C.J. Muse 和 Evercore。

I guess, first question, could you share your initial thoughts on what your outlook is for DRAM supply for the industry in calendar '18?

我想，第一個問題，您能否分享您對 18 年日曆行業 DRAM 供應前景的初步想法？

And as part of that for 1x, when do you expect to reach a crossover point?

作為 1x 的一部分，您預計何時達到交叉點？

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%.

C.J.，我們認為 '18 日曆的行業可能略高於 '17 日曆的增長范圍，即 15% 到 20%。

So maybe add a couple of percentage points to either end of the range.

所以可能會在範圍的兩端增加幾個百分點。

And we haven't shared yet a bit crossover for the 1X node.

我們還沒有為 1X 節點共享一點交叉。

But we've said we'd have meaningful output by the end of the fiscal year.

但我們已經說過，到本財年末我們將有有意義的產出。

We're clearly on track to do that.

我們顯然正在這樣做。

And we'll provide more perspective on that as we more fully describe our 2018 plans.

隨著我們更全面地描述我們的 2018 年計劃，我們將提供更多視角。

That's helpful.

這很有幫助。

And then, I guess, a quick follow-up on CapEx.

然後，我猜是對資本支出的快速跟進。

You said you're going to spend towards the higher end of the range, so roughly $300 million plus, give or take a million.

你說你要花在這個範圍的高端，所以大約 3 億美元加上，給或拿一百萬。

Is that more DRAM or NAND?

那是更多的DRAM還是NAND？

Can you share where that spending is?

你能分享一下支出在哪裡嗎？

And is that translating into more bits?

這是否會轉化為更多位？

Or does it relate to rising capital intensity?

還是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.

因此，為了確保我們意見一致，我們今年給出了 48 億至 52 億美元的範圍。

And we said we were trending toward that $5.2 billion range.

我們說我們正朝著 52 億美元的範圍發展。

So it's just a couple of hundred million dollars.

所以只有幾億美元。

And I would say that, really, there is no specific area that I would point you toward.

我想說的是，真的，沒有我會指出你的特定領域。

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.

它只是在做我們需要做的事情，以確保我們在本財政年度結束時在這裡做好準備。

Thank you.

謝謝你。

This concludes today's Micron Technology Third Quarter 2017 Financial Release Conference Call.

今天的美光科技 2017 年第三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。