美光科技 (MU) 2017 Q4 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 Fourth 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年第四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 your conference.

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

Thank you, Karen, and welcome to Micron Technology's Fourth 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財年第四季財務電話會議。今天和我一起通話的是總裁兼執行長 Sanjay Mehrotra 和財務長 Ernie Maddock。

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

今天的電話會議大約需要60分鐘。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，我們的網站上也刊登了不久前發布的獲利新聞稿。

Today's discussion of financial results will be presented on a non-GAAP financial basis unless otherwise specified. Comparison to prior year non-GAAP financial results excludes stock-based compensation and the amortization of acquisition-related intangibles. A reconciliation of GAAP to non-GAAP financial measures may be found on our website, along with the convertible debt and capped call dilution table.

除非另有說明，今天對財務業績的討論將以非GAAP財務報表為基礎。與上年度非GAAP財務績效的比較不包括股票選擇權激勵和收購相關無形資產攤銷。您可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的調整表，以及可轉換債券和上限選擇權稀釋表。

As a reminder, the prepared remarks from this call and webcast replay will be available on our website later today. We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the company, including information on various financial conferences that we will be attending. You can also follow us on Twitter @MicronTech.

再次提醒大家，本次電話會議的發言稿和網路直播回放將於今天稍晚在我們的網站上發布。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 @MicronTech。

As a reminder, the matters we will be discussing today include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We refer you to the documents we file with the SEC, specifically our most recent Form 10-K and Form 10-Q, for a discussion of 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 achievements. We are 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，我們今天將要討論的事項包含前瞻性陳述。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。有關可能影響我們未來業績的風險的討論，請參閱我們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結果、活動水準、績效或成就。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。

And with that, I'll now turn the call over to you, Sanjay.

那麼，現在我把電話交給你了，桑傑。

Thank you, Shanye. Good afternoon, everyone. Our fourth quarter results accentuate an unprecedented year for the company. I thank the Micron global team for maintaining intense focus on our key priorities and delivering outstanding results.

謝謝你，山野。大家下午好。我們第四季的業績凸顯了公司前所未有的一年。我感謝美光全球團隊始終高度重視我們的關鍵優先事項並取得了卓越的成果。

Our fourth quarter revenue was $6.14 billion with record gross margin, operating income and free cash flow. Full year revenue, profitability and free cash flow also set company records. Our results were driven by favorable industry fundamentals and solid execution in deploying our next-generation, lower-cost technologies and diversifying our product portfolio toward a richer mix of differentiated, high-value solutions. We are excited about future opportunities as customers increasingly recognize the strategic value of our memory and storage solutions across a range of high growth markets.

我們第四季營收達 61.4 億美元，毛利率、營業收入和自由現金流均創歷史新高。全年營收、獲利能力和自由現金流均創公司紀錄。我們的業績得益於良好的產業基本面，以及在部署下一代低成本技術和將產品組合多元化為更豐富的差異化、高價值解決方案方面取得的穩健執行。隨著客戶越來越認識到我們的記憶體和儲存解決方案在各種高成長市場中的策略價值，我們對未來的機會感到興奮。

Now I will share details from each of our business units, followed by our perspectives on industry dynamics and an outline of our corporate strategy.

接下來，我將分享我們各個業務部門的詳細信息，然後闡述我們對行業動態的看法，並概述我們的公司策略。

In our Compute and Networking Business Unit, we saw robust growth in Q4 revenue and profitability compared with the prior year. Our results were driven by strong demand in cloud and graphics, complemented by a healthy pricing environment. Revenue growth from these 2 segments significantly exceeded overall CNBU growth, which more than doubled compared with the year-ago quarter. Cloud sales are supported by increasing DRAM content per server, which is up nearly 50% versus a year ago. In graphics, we continue to leverage our industry-leading GDDR5 and GDDR5X performance to address strong demand, primarily from gaming. The business unit is also benefiting from the initial ramp of our first-generation 1X 8-gigabit DDR4 product, which was sold primarily into the client and cloud segments.

與去年同期相比，我們的計算和網路業務部門第四季度營收和獲利能力均實現了強勁成長。我們的業績得益於雲端運算和圖形領域的強勁需求，以及良好的定價環境。這兩個業務板塊的營收成長顯著超過了整體 CNBU 的成長，而 CNBU 的整體成長比去年同期成長了一倍以上。雲端銷售的成長得益於每台伺服器 DRAM 容量的增加，與一年前相比成長了近 50%。在圖形領域，我們繼續利用業界領先的 GDDR5 和 GDDR5X 效能來滿足強勁的需求，主要來自遊戲領域。該業務部門也受惠於我們第一代 1X 8 千兆 DDR4 產品的初步推廣，該產品主要銷往客戶端和雲端領域。

In fiscal Q1, we anticipate continued growth of our 1X portfolio, coincident with the ramp of our second-generation 1X 8-gigabit DDR4 and GDDR5 products, both of which have already been validated at certain partners and customers. We also received initial customer qualifications on our TSV-stacked DDR4 products, enabling modules with up to 128 gigabyte and the highest speed supported on industry-standard server platforms. These products address the growing demand for analytics and in-memory database sales in both the enterprise and cloud segments.

在第一財季，我們預計 1X 產品組合將繼續成長，同時我們的第二代 1X 8 千兆位元 DDR4 和 GDDR5 產品也將逐步上市，這兩款產品都已在某些合作夥伴和客戶處得到驗證。我們還獲得了 TSV 堆疊式 DDR4 產品的初步客戶認證，使模組容量高達 128 GB，並支援業界標準伺服器平台的最高速度。這些產品滿足了企業和雲端領域對分析和記憶體資料庫日益增長的需求。

Fourth quarter revenues in our Mobile Business Unit were driven by a favorable pricing environment and significant growth in our eMCP business. Due to strong execution, sales from our mobile NAND and eMCP solutions nearly doubled year-over-year. We believe that increased DRAM and flash capacities in flagship smartphones will continue, due in part to new applications such as augmented reality in mobile devices. Our roadmap of new LPDRAM, discrete managed NAND and eMCP offerings position us well to address these market requirements.

第四季行動業務部門的營收成長得益於有利的價格環境和 eMCP 業務的顯著成長。由於執行力強勁，我們的行動 NAND 和 eMCP 解決方案的銷售額較去年同期成長近一倍。我們認為，旗艦智慧型手機的DRAM和快閃記憶體容量將會持續增加，部分原因是行動裝置中擴增實境等新應用程式的出現。我們制定了新的 LPDRAM、獨立管理型 NAND 和 eMCP 產品路線圖，這使我們能夠很好地滿足這些市場需求。

In fiscal Q4, we achieved our first 1X LPDRAM qualification at a major mobile OEM and have several others underway. Also, our technology capabilities in 1X LPDRAM package-on-package products allow us to offer cost-effective, high-capacity mobile solutions ranging from 3 gigabytes to 8 gigabytes. We expect volume shipments of these new products in fiscal 2018, following successful customer qualifications.

在第 4 財年，我們首次在一家大型行動 OEM 廠商處獲得了 1X LPDRAM 認證，並且還有幾項認證正在進行中。此外，我們在 1X LPDRAM 封裝產品方面的技術能力使我們能夠提供經濟高效、高容量的行動解決方案，容量範圍從​​ 3 GB 到 8 GB。我們預計在成功通過客戶認證後，這些新產品將於 2018 財年開始大量出貨。

During the fourth quarter, we also qualified our first 3D TLC eMCP and eMMC solutions at a major chipset vendor and now have dozens of high-density products in qualification with several OEMs. We expect production shipments to start later in 2017. Our 64-layer 3D TLC UFS products will also start OEM qualifications later in 2017, enabling us to participate in the mobile market's highest-density designs.

第四季度，我們也向一家主要晶片組供應商驗證了我們的首款 3D TLC eMCP 和 eMMC 解決方案，目前有數十款高密度產品正在接受多家 OEM 廠商的驗證。我們預計產品將於 2017 年稍後開始出貨。我們的 64 層 3D TLC UFS 產品也將於 2017 年稍後開始進行 OEM 認證，使我們能夠參與行動市場最高密度的設計。

The Storage Business Unit recorded a revenue increase of 71% in Q4 compared with the prior year quarter, supported by a strong demand for our SSD product portfolio. Late in the fourth quarter, we identified and corrected a flash component issue on select TLC 3D NAND products. We paused shipments of affected products, and we worked to implement a solution to the issue, which appeared only under a narrow set of performance conditions. As a result, our SSD revenue declined sequentially during the quarter. Shipments have now restarted, and we expect to resume solid, sequential SSD revenue growth in Q1.

儲存業務部門第四季營收較上年同期成長71%，這主要得益於市場對我們固態硬碟產品組合的強勁需求。在第四季末，我們發現並修正了部分 TLC 3D NAND 產品中的快閃記憶體元件問題。我們暫停了受影響產品的發貨，並努力實施解決方案，該問題僅在少數性能條件下出現。因此，本季我們的固態硬碟營收季減。目前出貨量已恢復，我們預計第一季 SSD 營收將恢復穩健的環比成長。

We continued to garner positive momentum with our SSD products across a broad range of customers. Our flagship SATA 5100 SSD has been qualified at enterprise server OEMs, cloud service providers and Fortune 500 companies. Demand for our client SSDs is also strong with Micron shipping solutions to most leading PC OEMs.

我們的固態硬碟產品在廣泛的客戶群中持續獲得積極的市場成長勢頭。我們的旗艦 SATA 5100 SSD 已通過企業伺服器 OEM 廠商、雲端服務供應商和財富 500 強企業的認證。市場對我們客戶端固態硬碟的需求也很強勁，美光已向大多數領先的PC OEM廠商出貨。

We see healthy demand trends for SSDs moving forward. Client SSD attach rates continue to increase. And although storage density growth has slowed temporarily due to a tight pricing environment, we foresee longer-term demands for higher-density SSDs.

我們預期固態硬碟的需求將呈現健康成長趨勢。客戶端SSD連線率持續成長。儘管由於價格環境緊張，儲存密度成長暫時放緩，但我們預期長期來看，市場對更高密度的固態硬碟的需求將會持續。

We made substantial progress in growing our relationships and our business with cloud and hyperscale customers in fiscal 2017. Cloud data center customers are seeking innovative memory and storage solutions tailored to their workloads. Micron's unique capabilities and expertise in DRAM, 3D NAND and emerging memory technologies make us a compelling partner for these customers.

2017 財年，我們在發展與雲端和超大規模客戶的關係和業務方面取得了實質進展。雲端資料中心客戶正在尋求針對其工作負載量身定制的創新記憶體和儲存解決方案。美光在DRAM、3D NAND和新興儲存技術領域的獨特能力和專業知識，使我們成為這些客戶極具吸引力的合作夥伴。

Our Embedded Business Unit delivered strong performance, growing revenue 39% for the full year. We strengthened our leadership position in automotive in fiscal 2017, with growth driven by increasing connectivity and electronics content in vehicles. Automotive applications continue to require leading-edge performance. As a result, we have seen significant ramp of our 20-nanometer DDR and LPDDR technologies this quarter and began sampling automotive-grade 1X DRAM to meet these needs.

我們的嵌入式業務部門業績強勁，全年營收成長了 39%。2017 財年，我們鞏固了在汽車領域的領先地位，成長動力來自汽車中不斷提高的互聯性和電子含量。汽車應用領域對性能的要求持續領先。因此，本季我們的 20 奈米 DDR 和 LPDDR 技術取得了顯著進展，並開始提供汽車級 1X DRAM 樣品以滿足這些需求。

The growth in edge analytics in both industrial and consumer/connected home applications led to record quarterly revenues in both segments. We saw strong growth through the year of our NAND and LPDDR MCP products, driven by form factor and performance needs in applications like machine-to-machine communications, surveillance, drones and home automation.

工業和消費/智慧家庭應用領域邊緣分析的成長，使得這兩個領域的季度收入均創下歷史新高。在過去一年中，我們的 NAND 和 LPDDR MCP 產品實現了強勁成長，這主要得益於機器對機器通訊、監控、無人機和家庭自動化等應用領域對外形尺寸和性能的需求。

Turning to Micron's technology progress, our 1X DRAM and our 64-layer NAND production rollout is proceeding on plan, and we expect to achieve mature yields in both technologies before the end of calendar 2017. We are pleased with our 1Y DRAM technology progress and are focused on the late stages of technology and product development. Our third-generation 3D NAND development is also proceeding well, with production expected to commence later in 2018.

再來看美光的技術進展，我們的 1X DRAM 和 64 層 NAND 的生產推廣正在按計劃進行，我們預計在 2017 年底之前，這兩種技術的良率都將達到成熟水平。我們對1Y DRAM技術的進展感到滿意，並將專注於技術和產品開發的後期階段。我們的第三代 3D NAND 開發也進展順利，預計將於 2018 年稍後開始生產。

This latest-generation technology continues to utilize Micron's industry-leading CMOS Under the Array architecture, which yields smaller die sizes. We have made significant progress in our technology development and volume ramp execution. We see meaningful opportunities to further shorten the cadence of new technology node introductions, accelerate new technologies into volume production, upgrade our fab infrastructure and expand our captive assembly operations. Through successful execution, we expect to narrow our technology cost gap and optimize bit output growth in both DRAM and NAND with a disciplined focus on profitable growth.

這項最新一代技術繼續採用美光業界領先的 CMOS 陣列下架構，從而實現了更小的晶片尺寸。我們在技術研發和產量提升方面取得了顯著進展。我們看到了進一步縮短新技術節點推出週期、加速新技術量產、升級晶圓廠基礎設施和擴大自有組裝業務的重大機會。透過成功執行，我們期望縮小技術成本差距，並透過專注於獲利成長的嚴格策略，優化DRAM和NAND的比特輸出成長。

Our fiscal year 2018 CapEx plan targets achieving these objectives through technology migrations with no new wafer capacity. Ernie will discuss our CapEx plans in further detail later in the call. Our ability to successfully execute our technology transition plans will be a key enabler of our cost reduction and supply bit growth capability in the foreseeable future.

我們 2018 財年的資本支出計畫旨在透過技術遷移實現這些目標，而無需新增晶圓產能。Ernie將在稍後的電話會議中更詳細地討論我們的資本支出計劃。在可預見的未來，我們成功執行技術轉型計畫的能力將是我們降低成本和提高供應能力的關鍵推動因素。

Moving on to the demand and supply fundamentals, we expect the industry to remain moderately undersupplied for the rest of 2017 for both DRAM and NAND. We see DRAM industry supply bit growth of about 20% in calendar 2017 and expect it to grow at relatively similar levels in calendar 2018. The DRAM industry supply and demand balance is expected to stay healthy throughout calendar 2018, driven in part by ongoing strength in data center and cloud computing trends. We expect Micron's fiscal 2018 DRAM bit output growth to be slightly below the industry growth rate. Our bit growth is supported by our 1X DRAM ramp, which represented mid-teens percent of our DRAM bit output in Q4 and will grow throughout the next several quarters to achieve bit output crossover as we exit calendar year 2018.

接下來我們來看看供需基本面，我們預計在 2017 年剩餘時間裡，DRAM 和 NAND 的產業供應將保持適度不足。我們預計 2017 年 DRAM 產業供應量將成長約 20%，並預計 2018 年將以類似的速度成長。預計 2018 年全年 DRAM 產業的供需平衡將保持健康，部分原因是資料中心和雲端運算趨勢的持續強勁。我們預計美光2018財年DRAM位產量成長將略低於產業平均成長率。我們的比特成長得益於 1 倍 DRAM 產能爬坡，這在第四季度占我們 DRAM 比特產量的百分之十幾，並且將在接下來的幾個季度中持續增長，以便在 2018 年結束之際實現比特產量交叉。

We expect industry NAND bit supply growth to finish calendar 2017 in the high-30% range. At these levels, supply remains below demand, which has created a constrained environment. As the industry continues to transition to 64-layer 3D NAND, we estimate industry bit supply growth in calendar 2018 will approach the 50% range, which should better satisfy the current unfulfilled demand. We expect that Micron's ongoing transition to 64-layer 3D NAND in fiscal 2018 will result in bit output growth that is somewhat higher than the industry range. In fiscal Q4, 64-layer NAND represented mid-teens percent of our trade NAND bit output, and we expect to achieve bit output crossover during the second half of our fiscal 2018.

我們預計 2017 年全年 NAND 位供應量成長率將達到 30% 以上。在目前的水平下，供應仍然低於需求，造成了供應受限的環境。隨著行業繼續向 64 層 3D NAND 過渡，我們預計 2018 年行業比特供應增長將接近 50%，這將更好地滿足當前未被滿足的需求。我們預計，美光在 2018 財年向 64 層 3D NAND 的持續過渡將帶來比特輸出成長，略高於產業平均。在 2018 財年第四季度，64 層 NAND 占我們貿易 NAND 位產量的百分之十幾，我們預計在 2018 財年下半年實現位產量交叉。

The dynamic industry transition to 3D NAND is taking place in the context of a NAND market that has consistently exhibited demand elasticity. We expect this behavior to continue for the foreseeable future as higher-density SSD solutions increasingly displace HDDs in client computing, cloud data centers and enterprise environments and as average capacities continue to grow with more performance-sensitive, storage-hungry devices and applications in mobile and other end markets. These trends support our view that NAND demand drivers will remain healthy into 2018.

向 3D NAND 的動態產業轉型發生在 NAND 市場持續表現出需求彈性的大背景下。我們預計，隨著高密度 SSD 解決方案在客戶端運算、雲端資料中心和企業環境中日益取代 HDD，以及行動和其他終端市場中對效能要求更高、儲存需求更大的設備和應用程式不斷增加，平均容量也持續增長，這種趨勢在可預見的未來仍將持續。這些趨勢支持了我們的觀點，即 NAND 的需求驅動因素將在 2018 年維持健康發展。

As I begin my first new fiscal year here as CEO, I would like to outline our strategic priorities. First, we are focused on driving our cost competitiveness to best-in-class levels primarily by accelerating the percentage of our output on leading-edge technology in both DRAM and NAND. Second, we will drive execution excellence, delivering solutions to customers quickly, predictably and in line with their product launch windows. Third, we will accelerate our transition to high-value solutions. We intend to lead the industry in deploying disruptive memory and storage solutions. Fourth, we will leverage the full breadth of our capabilities to develop deeper collaboration and partnerships with marquee customers, maximizing our value in the market. And finally, we are strengthening our focus on our teams, investing in the best talent and driving a winning culture. We believe our diligent emphasis on the speed and urgency with which we execute these strategic priorities will have a transformative effect on our market competitiveness and financial performance.

在我擔任執行長的第一個新財年開始之際，我想概述我們的策略重點。首先，我們致力於將成本競爭力提升至一流水平，主要途徑是加快 DRAM 和 NAND 領域尖端技術的產量佔比。其次，我們將追求卓越的執行力，快速、可預測地向客戶交付解決方案，並配合客戶的產品發布窗口。第三，我們將加快高價值解決方案的轉型。我們計劃引領業界部署顛覆性的記憶體和儲存解決方案。第四，我們將充分發揮自身能力，與知名客戶建立更深入的合作關係，以最大化我們在市場上的價值。最後，我們將更加重視團隊建設，投資最優秀的人才，並創造出必勝的文化。我們相信，我們認真重視以速度和緊迫性執行這些策略重點，將對我們的市場競爭力和財務表現產生變革性影響。

I look forward to sharing the results of our progress with you in the year ahead. I'll now turn it over to Ernie who will walk through the specifics of our financial performance this quarter.

我期待在未來一年與您分享我們所取得的進展成果。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, and thanks for joining the call today. Our solid operational execution and favorable market dynamics resulted in excellent financial performance in our fourth fiscal quarter and the full year.

謝謝你，桑傑，也謝謝你今天參加電話會議。我們穩健的營運執行和有利的市場動態使我們在第四財季和全年都取得了優異的財務表現。

For the full fiscal year, we achieved record revenue of $20.3 billion, up 64% from the prior year. We narrowed the technology cost gap with our competitors by successfully executing our technology migration plans. Our efforts resulted in strong levels of DRAM and NAND bit output growth for fiscal year 2017, enhancing our competitiveness while maintaining our wafer output.

整個財年，我們實現了創紀錄的203億美元收入，比前一年成長了64%。我們透過成功執行技術遷移計劃，縮小了與競爭對手的技術成本差距。我們的努力使 2017 財年的 DRAM 和 NAND 位產量實現了強勁增長，在保持晶圓產量的同時增強了我們的競爭力。

I'll now provide some further details on Q4 results, starting with the breakdown by technology and business unit.

接下來我將提供第四季度業績的更多細節，首先是按技術和業務部門劃分的業績。

DRAM represented 66% of our Q4 revenue with the following segmentation: server held steady at approximately 30%; mobile was 20%; specialty DRAM, which includes networking, graphics, automotive and other embedded technologies, remained in the mid-20% range; and PC was also in the mid-20% range.

DRAM 占我們第四季營收的 66%，具體細分如下：伺服器穩定在 30% 左右；行動端佔 20%；包括網路、圖形、汽車和其他嵌入式技術在內的專用 DRAM 保持在 20% 左右；PC 也保持在 20% 左右。

Our trade NAND revenue represented 30% of total revenue. The 3 segments comprised of SSDs; mobile, which includes managed NAND discrete solutions and MCPs; and automotive, industrial and other embedded applications, each represented approximately 20% of our quarterly trade NAND revenue. The remaining 40% of our trade NAND was made up primarily of component sales to partners and customers.

我們的 NAND 貿易收入佔總收入的 30%。這三個業務板塊分別是 SSD；行動業務（包括託管 NAND 獨立解決方案和 MCP）；以及汽車、工業和其他嵌入式應用業務，每個業務板塊約占我們季度 NAND 貿易收入的 20%。剩餘的 40% 貿易額的 NAND 主要來自向合作夥伴和客戶的組件銷售。

Turning to performance by business unit. The Compute and Networking Business Unit reported record FQ4 revenue of $2.8 billion, more than doubling on a year-over-year basis. The growth was supported by strong demand from cloud customers who are architecting data centers and computing capabilities that enable them to execute their specific strategies. Our successful conversion to 20-nanometer DRAM production and the initial ramp of 1X DRAM output boosted Q4 CNBU operating income to $1.6 billion or 56% of revenue, up 31% compared with Q3.

接下來，我們來看看各業務部門的表現。計算與網路業務部門公佈第四財季營收創歷史新高，達 28 億美元，較去年同期成長超過一倍。雲端運算客戶的強勁需求支撐了這一成長，他們正在建立資料中心和運算能力，以執行其特定策略。我們成功轉型為 20 奈米 DRAM 生產，並且 1X DRAM 產量初步提升，使 CNBU 第四季度營業收入達到 16 億美元，佔收入的 56%，比第三季度增長 31%。

The Mobile Business Unit delivered its highest-ever revenue quarter at $1.2 billion, up 76% from the year-ago quarter. Mobile operating income also set a record at $364 million or 31% of revenue. Our results are due in part to the positive progress we've made in qualifying our mobile NAND solutions, and we expect this momentum to continue in fiscal '18.

行動業務部門實現了有史以來最高的季度營收，達到 12 億美元，比去年同期成長了 76%。行動業務的營運收入也創下紀錄，達到 3.64 億美元，佔總營收的 31%。我們的業績部分歸功於我們在行動 NAND 解決方案認證方面取得的積極進展，我們預計這一勢頭將在 2018 財年繼續保持。

The Storage Business Unit reported fiscal Q4 revenue of $1.3 billion, up 71% on a year-over-year basis. Revenue and operating income were slightly lower quarter-over-quarter due to the NAND component issue that Sanjay discussed earlier. With this issue behind us, we are focused on leveraging the progress we've made in penetrating the SSD markets over the past year. We estimate that our global SSD market share nearly doubled in fiscal 2017, enabling record fiscal year revenue for the Storage Business Unit. Our operating income for the first -- fourth quarter was $250 million or 19% of revenue compared with a loss of $57 million in the same period last year.

儲存業務部門公佈的第四財季營收為 13 億美元，較去年同期成長 71%。由於 Sanjay 之前提到的 NAND 組件問題，營收和營業收入環比略有下降。這個問題已經解決，我們將專注於利用過去一年在打入固態硬碟市場的進展。我們估計，2017 財年我們的全球 SSD 市佔率幾乎翻了一番，為儲存業務部門帶來了創紀錄的財年收入。第一至第四季度，我們的營業收入為 2.5 億美元，佔營收的 19%，而去年同期虧損 5,700 萬美元。

The Embedded Business Unit also achieved record performance in fiscal Q4 with revenue of $827 million, up 18% sequentially and 61% on a year-over-year basis. Growth in the quarter was driven by solid sales for consumer applications, which include home automation. Automotive also remains a key revenue driver for this business as the shift towards smarter and connected cars is driving increased memory content. These trends bode well for Micron as we continue to capture new design wins and strengthen our leadership position. Operating income for EBU was $348 million in Q4 or 42% of revenue, more than doubling year-over-year.

嵌入式業務部門在第四財季也取得了創紀錄的業績，營收達 8.27 億美元，季增 18%，年增 61%。本季成長主要得益於消費者應用（包括智慧家居）的強勁銷售。汽車產業仍然是該業務的主要收入驅動力，因為向更智慧、更互聯的汽車的轉變正在推動記憶體容量的成長。這些趨勢對美光來說是個好兆頭，我們將繼續贏得新的設計訂單，以鞏固我們的領先地位。EBU 第四季營業收入為 3.48 億美元，佔營收的 42%，較去年同期成長超過一倍。

Moving on to overall company results. Revenue for the fourth fiscal quarter was $6.1 billion, up 10% from last quarter and 91% on a year-over-year basis. Sales of server and SSD solutions each were more than 3x higher than year-ago levels, reflecting our focus toward a higher value-add revenue mix. Non-GAAP gross margin was 51%, up 3 percentage points from Q3 and 33 points from the fourth quarter of fiscal '16. The improvement reflects the successful adoption of products based on our advanced technologies combined with a healthy industry pricing environment. Non-GAAP net income was $2.4 billion or $2.02 per share. For the full fiscal year, we achieved non-GAAP net income of $5.6 billion or $4.96 per share compared with $273 million or $0.26 per share for fiscal 2016.

接下來來看看公司整體業績。第四財季營收為 61 億美元，較上一季成長 10%，較去年同期成長 91%。伺服器和 SSD 解決方案的銷售額均比去年同期成長了 3 倍以上，這反映出我們專注於提高增值收入組合的策略。非GAAP毛利率為51%，較第三季成長3個百分點，較2016財年第四季成長33個百分點。這項改進反映了基於​​我們先進技術的產品的成功推廣，以及健康的行業定價環境。非GAAP淨利為24億美元，即每股2.02美元。本財年，我們實現了非GAAP淨收入56億美元，即每股4.96美元，而2016財年為2.73億美元，即每股0.26美元。

Turning to results by product line. DRAM revenue more than doubled on a year-over-year basis and increased 13% sequentially. The sequential results reflect a 5% increase in bit shipments. DRAM non-GAAP gross margin for the fourth quarter was 59%, up 39 percentage points from year-ago levels and up 5 points sequentially, benefiting from an 8% increase in ASPs. We are seeing the benefits of execution on our technology migration plans and the continued strong market environment.

按產品線查看結果。DRAM 營收年增超過一倍，季增 13%。連續結果顯示，比特出貨量增加了 5%。DRAM 第四季非 GAAP 毛利率為 59%，比去年同期成長 39 個百分點，較上季成長 5 個百分點，受益於 ASP 成長 8%。我們正在看到技術遷移計畫執行的好處，以及持續強勁的市場環境所帶來的好處。

Trade NAND revenue increased 81% on a year-over-year basis. Sales were 8% higher quarter-over-quarter, supported by demand from mobile and embedded segments and a 5% increase in ASPs. Trade NAND's non-GAAP gross margins for the quarter was 40%, up 24 percentage points from a year ago and down 1 percentage point sequentially as a result of the NAND-related issues mentioned earlier. NAND bit shipments increased sequentially by 3% during the quarter. Our fiscal year results reflect strong adoption of our 3D TLC NAND products and a strong market environment.

NAND 貿易收入較去年同期成長 81%。受行動和嵌入式領域的需求以及平均售價成長 5% 的推動，銷售額環比成長 8%。Trade NAND 本季的非 GAAP 毛利率為 40%，比去年同期成長 24 個百分點，但由於前面提到的 NAND 相關問題，環比下降 1 個百分點。本季NAND快閃記憶體位出貨量較上季成長3%。本財年業績反映了我們 3D TLC NAND 產品的強勁市場接受度和良好的市場環境。

As we continue -- as we consider the ongoing progress of the business as well as the competitive environment, we plan on making a few changes to our disclosures beginning with F Q1 2018. Specifically, we will be eliminating the presentation of changes in cost per bit and market segmentation detail for each technology. The evolution of our business to higher value-add solutions, which often have higher BOM costs and higher margin opportunities, makes cost per bit comparison a less reliable indicator of our progress. Relative to the market segmentation by technology, we will continue to provide qualitative color through our business unit reporting.

隨著我們不斷發展——考慮到業務的持續進展以及競爭環境，我們計劃從 2018 年第一財季開始對我們的揭露資訊進行一些更改。具體來說，我們將取消對每位元成本變化和每項技術市場細分細節的展示。我們的業務正朝著更高附加價值的解決方案發展，這些解決方案通常具有更高的物料清單成本和更高的利潤機會，因此，每個位元成本比較不再是衡量我們進步的可靠指標。關於按技術劃分的市場細分，我們將繼續透過業務部門報告提供定性分析。

Non-GAAP operating expenses for the quarter were $601 million, essentially flat from the prior quarter. The company generated operating cash flow of $3.2 billion in fiscal Q4 compared to $896 million in the year-ago period. During the quarter, we deployed $1.5 billion for capital expenditures net of partner contributions and $5.1 billion for the full fiscal year. DRAM investments were between 40% and 45% of the full year spend, and nonvolatile memory was around 30%. Free cash flow for the quarter was $1.7 billion and, for the full year, was $3.3 billion compared to negative $2.7 billion in fiscal 2016.

本季非GAAP營運費用為6.01億美元，與上一季基本持平。該公司第四財季的營運現金流為 32 億美元，去年同期為 8.96 億美元。本季，我們在扣除合夥人出資後，淨投入資本支出 15 億美元，整個財政年度投入資本支出 51 億美元。DRAM 投資佔全年支出的 40% 至 45%，非揮發性記憶體投資約佔 30%。本季自由現金流為 17 億美元，全年自由現金流為 33 億美元，而 2016 財年則為負 27 億美元。

In fiscal 2017, we deployed $1.6 billion or approximately 50% of our free cash flow for de-levering activities. The results of these activities represent approximately $0.07 of annualized EPS accretion. We ended the fourth quarter with cash, marketable investments and restricted cash of approximately $6.2 billion.

2017 財年，我們投入了 16 億美元，約佔自由現金流的 50%，用於去槓桿化活動。這些活動帶來的成果相當於每年每股收益增加約 0.07 美元。截至第四季末，我們持有的現金、有價投資和受限現金約為 62 億美元。

Turning to more near-term matters as we have been discussing for some time, our 2 key priorities for cash flow are accelerating the company's cost competitiveness and improving our financial foundation through reducing leverage. Our fiscal 2018 plan enables both priorities.

回到我們已經討論了一段時間的近期事項，我們現金流的兩個關鍵優先事項是加快公司的成本競爭力，並透過降低槓桿率來改善我們的財務基礎。我們的 2018 財政年度計畫能夠兼顧這兩項優先事項。

We currently expect our fiscal 2018 CapEx net of partner contributions to be in the range of $7.5 billion, plus or minus 5%. Our investments will be focused on technology transition and product enablement. Generally, we expect that between 35% and 45% of CapEx will be deployed for DRAM, 35% to 45% for nonvolatile memory and the remainder for technology and product enablement. There are no wafer capacity additions planned for fiscal 2018.

我們目前預計 2018 財年扣除合作夥伴出資後的資本支出淨額將在 75 億美元左右，上下浮動 5%。我們的投資將專注於技術轉型和產品賦能。一般而言，我們預計資本支出的 35% 至 45% 將用於 DRAM，35% 至 45% 將用於非揮發性記憶體，其餘部分將用於技術和產品賦能。2018財年沒有新增晶圓產能的計畫。

We will continue to target our free cash flow generation for the opportunistic retirement of debt. We see the opportunity to reach our interim target of $8 billion to $9 billion of gross debt during fiscal 2018. These actions, together with the progress that we've made in fiscal 2017, would drive annualized EPS improvement of between $0.18 and $0.23. We also see the potential to be net cash positive as we exit fiscal 2018.

我們將繼續致力於創造自由現金流，以便抓住機會償還債務。我們看到有機會在 2018 財年實現 80 億至 90 億美元的債務總額中期目標。這些措施，加上我們在 2017 財年的進展，將推動年度每股收益提高 0.18 美元至 0.23 美元。我們也看到，在 2018 財年結束時，公司有可能實現淨現金為正。

Moving on to guidance for fiscal Q1 2018. On a non-GAAP basis, we expect the following: revenue in the range of $6.1 billion to $6.5 billion; gross margin in the range of 50% to 54%; operating expenses between $575 million and $625 million; operating income ranging between $2.65 billion and $2.85 billion; and EPS ranging between $2.09 and $2.23 per share based on 1,191,000,000 diluted shares.

接下來是2018財年第一季業績展望。依非GAAP準則，我們預期：收入在61億美元至65億美元之間；毛利率在50%至54%之間；營業費用在5.75億美元至6.25億美元之間；營業收入在26.5億美元至28.5億美元之間；每股收益在2.09美元至2.23美元之間（基於11.9億股票）。

With that, I'll turn it back to Sanjay.

這樣，我就把麥克風交還給桑傑了。

Thank you, Ernie. As part of our strategic planning process, Micron developed a new vision statement that embodies how we see the opportunities in front of us. As we close out one year and look to the next, I would like to now share it with you. Our vision- Transforming how the world uses information to enrich life - captures the tremendous potential Micron possesses. New technologies like artificial intelligence will change the world in ways we can barely imagine today. Fast data access and high-performance data analytics will be at the heart of those transformations, making memory and storage core to the data-centric world that is taking shape in front of our eyes. I believe our strategy to tighten our focus, accelerate our technology and product development and strengthen our presence in critical markets will make Micron an increasingly prominent player in the industry as these revolutionary new technologies take shape. Fiscal 2017 was a record year for us, but I'm confident that the best is yet to come for Micron.

謝謝你，厄尼。作為策略規劃流程的一部分，美光制定了一項新的願景聲明，體現了我們如何看待眼前的機會。在這一年即將結束、展望新的一年之際，我想與大家分享我的想法。我們的願景——改變世界利用資訊豐富生活的方式——體現了美光科技所擁有的巨大潛力。人工智慧等新技術將以我們今天幾乎無法想像的方式改變世界。快速資料存取和高效能資料分析將是這些變革的核心，使記憶體和儲存成為我們眼前正在形成的以資料為中心的世界的核心。我相信，隨著這些革命性新技術的形成，我們透過加強專注、加速技術和產品開發以及鞏固在關鍵市場的地位等策略，將使美光成為業內日益重要的參與者。2017 財年對我們來說是創紀錄的一年，但我相信美光最好的時光還在後頭。

We will now open for questions.

現在開始接受提問。

(Operator Instructions) Our first question comes from the line of John Pitzer with Credit Suisse.

（操作說明）我們的第一個問題來自瑞士信貸的約翰‧皮策。

I guess, Ernie, my first question is just around your CapEx number, $7.5 billion. That doesn't surprise me as much as your sort of guidance around bit growth for DRAM and NAND for the fiscal year just given the significant jump in CapEx. I'm wondering if you can just help me understand, to what extent is this being driven by a back-end-loaded expectation around CapEx? And how do we think about kind of the bit growth exiting next fiscal year? And I guess, at what point do you think you'd begin to start to outgrow bits relative to the industry for both DRAM and NAND?

厄尼，我想問的第一個問題就和你的資本支出數字有關，75億美元。這並不讓我感到意外，但考慮到資本支出的大幅增長，你對本財年 DRAM 和 NAND 位增長的預測卻讓我感到意外。我想請您幫我理解一下，這種情況在多大程度上是由對資本支出（CapEx）的後期預期所驅動的？那麼，我們該如何看待下一財年的小幅成長呢？那麼，您認為在什麼情況下，您在DRAM和NAND快閃記憶體領域的位元數會開始超過產業平均值呢？

Yes, so multipart question. Let me try and break it down in an easily understandable way. First, as you pointed out, there is a time lag between the time CapEx is invested and the time that the bit growth is realized. And certainly, if you look at what we did in 2017, that was actually a function of the investments that we made in 2016. And it's also important to remember that the bit growth that we were able to realize from the Inotera investments were not part of Micron's CapEx plan then. So if you add Micron's spend and Inotera's spend, you're probably in the upper $6 billion range. And so that's a good point of comparison as we now look at 2018. So in 2018, we would expect the majority of the bits that are the results of the CapEx to come on towards the latter part of the fiscal year. And you heard Sanjay in his prepared remarks say that we would be at bit crossover on an output basis for our 64-layer NAND around the second or third fiscal quarter of the year. But it was going to be the exit part of the calendar year for DRAM before we hit bit output crossover on 1X. So that gives you some sense of the timing and the impacts of timing on those investments. I would also tell you that our objective over a multiyear period is to grow at about industry levels. And certainly, we think this investment plan, over the course of a multi year horizon, will allow us to do that, obviously being above in 2017 fiscal, as we've just reported, DRAM at the low end, a little above on NAND. So I think looking at snapshot comparisons across our fiscal year is interesting, but really important is the statement that we intend to grow, aligned with industry over the course of these multiyear periods. And I think that's probably the best broad perspective I can provide. Happy to address any specific question.

是的，這是一個多部分問題。讓我試著用簡單易懂的方式來解釋。首先，正如您所指出的，資本支出投入的時間與實際成長實現的時間之間存在時間延遲。當然，如果你看看我們在 2017 年所做的事情，那實際上是我們 2016 年投資的結果。此外，我們也要記住，我們從 Inotera 投資中獲得的位元成長並不屬於當時 Micron 的資本支出計畫。所以，如果把美光科技的支出和 Inotera 的支出加起來，總額可能在 60 億美元以上。所以，當我們展望 2018 年時，這是一個很好的比較點。因此，我們預計 2018 年資本支出的大部分成果將在財政年度的後半段實現。你們也聽到了桑傑在事先準備好的演講中說，我們的 64 層 NAND 的產量將在今年第二或第三財季左右略有增長。但那將是 DRAM 在 1X 達到位元輸出交叉點之前，日曆年的最後階段。這樣你就能對投資時機以及時機對這些投資的影響有所了解。我還要告訴大家，我們未來幾年的目標是實現與產業平均相當的成長。當然，我們認為這項投資計劃，從長遠來看，將使我們能夠做到這一點，顯然，正如我們剛剛報導的那樣，2017 財年 DRAM 的投入將略高於 NAND。所以我認為，從我們整個財政年度的快照式比較來看很有意思，但真正重要的是，我們打算在未來幾年內與產業保持同步成長。我認為這大概是我能提供的最佳宏觀視角了。樂意解答任何具體問題。

And of course, our focus also would be on high-value solutions so that our revenue share outperforms our bit share.

當然，我們的重點也會放在高價值解決方案上，以便我們的收入份額能夠超過我們的市場份額。

That's helpful, guys. And then Sanjay, this is my follow-on question. I think clearly, the most significant concern in the investment community is the sustainability of the current environment. So I'd love to kind of get your thoughts on sustainability. And I guess, specifically, to what extent in an environment like this can you move the business from more sort of a transactional, hand-to-mouth business to something that might have more backlog and visibility with your customers, especially as you try to move the mix towards more higher value end solutions?

這很有幫助，夥計們。桑傑，這是我的後續問題。我認為，投資界最關心的問題顯然是當前環境的可持續性。所以我很想聽聽你對永續發展的看法。我想具體來說，在這種環境下，你能在多大程度上將業務從一種交易型、勉強維持的業務模式轉變為一種擁有更多積壓訂單和客戶可見性的業務模式，尤其是在你試圖將業務組合轉向更高價值的終端解決方案時？

In terms of the market environment, we are certainly excited about the demand requirements for DRAM as well as for NAND. As I mentioned in my prepared remarks, I mean, a big growth driver for DRAM certainly that's outpacing the average growth of the industry is in the area of server and cloud. And here, we are making great penetration with the hyperscale customers in terms of driving the growth of their DRAM business. So we remain very bullish about the DRAM market environment. Through the 2017, we think it will be undersupplied. And given the demand trends, we think we'll have healthy demand-supply balance in DRAM throughout 2018 time frame as well. And in terms of NAND, it is well known that average capacities are increasing certainly in mobile devices, but even more importantly, SSDs are displacing HDDs at a rapid pace, with attach rate continuing to be projected to be going up over the course of next several quarters. And of course, there is a strong value proposition for SSDs in the cloud and hyperscale data center environment as well, given all the trends of artificial intelligence, machine learning, all of this is driving big data analytics. So all these trends related to artificial intelligence, big growth in data, customers wanting to offer differentiated value to their end customers. All of this is driving need for memory and storage solutions. And overall, we remain pretty bullish about the demand trends. I mean, if you look at DRAM as well as NAND, even in autonomous vehicles, the demand requirements for flash, I mean, data is being generated -- so much data is being generated by autonomous vehicles that it requires fast processing both within the vehicle as well as on the cloud. So I think demand trends for the foreseeable future continue to be strong, and that bodes well for our industry. In terms of your question regarding customers and some of the customers wanting to engage in longer-term requirements, yes, that is absolutely happening, and we do consider that based on various customers. I mean, it depends on the nature of the customer's requirements. We cannot get into the details of that here in this call. But certainly, our business includes customers that are more transactional in nature, that have business more on a monthly transaction basis, some that are more on a quarterly basis, and certainly, certain customers that are also involved in longer-term trends. I think customers are just seeing the increasing value of memory and storage. I mean, this -- DRAM and flash is becoming strategic to our customers. And our customers are seeing Micron as being uniquely positioned with having a strong portfolio of DRAM as well as flash and being the only company in the western hemisphere with those capabilities. And that is definitely making us an attractive and valued partner to our customers.

就市場環境而言，我們對DRAM和NAND的需求需求感到非常興奮。正如我在準備好的發言稿中提到的，DRAM 的一個主要成長驅動力，其成長速度肯定超過了行業平均水平，那就是伺服器和雲端運算領域。而且，我們在推動超大規模客戶 DRAM 業務成長方面取得了巨大成功。因此，我們依然非常看好DRAM市場前景。我們認為，到 2017 年，該產品將出現供應不足的情況。鑑於需求趨勢，我們認為 2018 年全年 DRAM 的供需平衡也將保持健康。就 NAND 而言，眾所周知，行動裝置的平均容量確實在增加，但更重要的是，固態硬碟 (SSD) 正在快速取代機械硬碟 (HDD)，預計未來幾季其普及率還將繼續上升。當然，鑑於人工智慧、機器學習等所有趨勢都在推動大數據分析的發展，固態硬碟在雲端和超大規模資料中心環境中也具有強烈的價值主張。所有這些趨勢都與人工智慧、數據量巨大增長以及客戶希望向其終端客戶提供差異化價值有關。所有這些都推動了對記憶體和儲存解決方案的需求。整體而言，我們仍然非常看好需求趨勢。我的意思是，如果你看看 DRAM 和 NAND，即使在自動駕駛汽車中，對快閃記憶體的需求也是如此，我的意思是，數據正在產生——自動駕駛汽車會產生如此多的數據，以至於需要在車內和雲端進行快速處理。所以我認為在可預見的未來，需求趨勢將持續強勁，這對我們產業來說是個好兆頭。關於您提出的客戶以及一些客戶希望滿足長期需求的問題，是的，這種情況確實存在，我們會根據不同客戶的情況來考慮這個問題。我的意思是，這取決於客戶的特定需求。我們不能在這次通話中詳細討論這個問題。當然，我們的業務包括一些交易性質較重的客戶，他們的業務更傾向於按月進行交易；也包括一些按季度進行交易的客戶；當然，還有一些客戶也參與長期趨勢。我認為客戶只是逐漸意識到記憶體和儲存的價值越來越高。我的意思是，DRAM 和快閃記憶體對我們的客戶來說變得越來越具有戰略意義。我們的客戶認為，美光擁有強大的 DRAM 和快閃記憶體產品組合，是西半球唯一擁有這些能力的公司，因此具有獨特的市場地位。這無疑地使我們成為客戶眼中極具吸引力和價值的合作夥伴。

And our next question comes from the line of Rajvindra Gill of Needham & Company.

我們的下一個問題來自 Needham & Company 的 Rajvindra Gill。

Question on the NAND bit growth. So the bit growth is increasing to 50% from kind of the high-30s this year. A lot of this, obviously being driven by 3D NAND. Wanted to talk about in terms of how you're seeing the supply-demand balance going into next year and the NAND environment and kind of your thoughts around pricing as we start to have more supply and the impact also to cost per bit.

關於NAND位元成長的問題。所以，比特成長率從今年的 30% 多一點提高到了 50%。顯然，這一切很大程度上是由 3D NAND 技術驅動的。我想談談您如何看待明年的供需平衡以及 NAND 環境，以及隨著供應量的增加，您對定價的看法，以及這對每個位元成本的影響。

So in terms of going into 2018, we see healthy industry demand and supply balance for NAND. And you are right to note that the bit growth is going up because of the technology transition in the industry to the 64-layer technology. And when we look at the demand trends, those demand trends continue to be strong, as I just pointed out, related to SSDs as well as increasing average capacities of flash in mobile devices and all kinds of other devices. So demand continues to be strong. We see healthy trends in that regard in 2018 time frame. Regarding pricing, we don't specifically, for competitive reasons, provide comments on pricing on the call. But we'd just like to point out that we believe that the healthy industry environment is one where price decline is less than or equal to cost decline. And we are certainly focused on aggressively reducing our product costs with -- and realizing successfully our technology production ramp of 64-layer.

因此，展望 2018 年，我們看到 NAND 產業的需求和供應處於健康平衡狀態。您說得對，比特成長之所以上升，是因為產業正在轉型為 64 層技術。當我們觀察需求趨勢時，正如我剛才指出的，這些需求趨勢仍然強勁，這與固態硬碟 (SSD) 以及行動裝置和各種其他裝置中快閃記憶體的平均容量不斷增加有關。因此，需求依然強勁。2018 年，我們看到這方面呈現出良好的發展趨勢。關於定價，出於競爭原因，我們不會在電話會議上具體評論定價問題。但我們想指出的是，我們認為健康的產業環境應該是價格下降幅度小於或等於成本下降幅度的環境。我們當然會專注於大幅降低產品成本，並成功實現 64 層技術的生產爬坡。

And just my follow-up, Sanjay. One of the positive trends that has been happening at Micron is the diversification of the end markets for DRAM. And you could just compare this cycle, say, to previous cycles maybe not just too long ago, only about 3 years ago where PCs were a higher percentage of DRAM and now they are mid-20% range today. So can you talk about that phenomenon, and you mentioned it in your prepared remarks, but the diversification of the end markets in DRAM specialty, particularly in graphics and automotive and server, how that is affecting the business model, how that is affecting the customer relationships and engagements going forward?

桑傑，我還有後續問題。美光正在經歷的一個正面趨勢是DRAM終端市場的多元化。你可以將這個週期與之前的週期進行比較，比如說，可能不是太久遠的周期，大約 3 年前，當時 PC 中 DRAM 的比例更高，而現在它們的比例在 20% 左右。那麼，您能否談談這種現象？您在準備好的演講稿中也提到了這一點，DRAM 專用終端市場的多元化，尤其是在圖形、汽車和伺服器領域，是如何影響商業模式的？又是如何影響未來的顧客關係和互動的？

Certainly, the diversification of the end markets for DRAM absolutely bodes well for the future health of our business. We are enjoying the benefits of that. Calendar year 2017, as you noted, is a great example. And you just pointed out the mix of our DRAM business between PC. What used to be just about PC and mobile is now very much about PC, mobile, server, automotive in multitude of markets. And Micron has really great presence with variety of -- I mean, whole slew of customers and channels. So this really bodes well, plays very well to the strength of Micron. It has really, for a long time, enjoyed a diversified set of global customers and great presence in channels. And that is coming into full play as the demand requirements for DRAM continue to grow nicely and into 2 multiple mega-markets.

當然，DRAM終端市場的多元化絕對有利於我們業務的未來健康發展。我們正在享受由此帶來的好處。正如您所指出的，2017 年就是一個很好的例子。您剛剛指出了我們DRAM業務在PC領域的混合。過去僅限於個人電腦和行動裝置的領域，如今已擴展到個人電腦、行動裝置、伺服器、汽車等眾多市場。美光科技在各方面都擁有非常強大的影響力——我的意思是，它擁有大量的客戶和管道。所以這確實是個好兆頭，非常有利於發揮美光科技的優勢。長期以來，該公司確實擁有多元化的全球客戶群和強大的通路影響力。隨著對 DRAM 的需求持續成長，並擴展到兩個大型市場，這一點正在充分體現。

And our next question comes from the line of Mark Newman with Bernstein.

我們的下一個問題來自馬克紐曼和伯恩斯坦的對話。

My question is about the technology migration. You talked about the 64-layer second crossover, I believe, second half FY '18. Can you talk about what's next on NAND Flash 96-layer or whatever it is and what the timing is? And will Micron look at transitioning to a charged trap flash alternative at 96-layer or perhaps one after that? And then similarly for DRAM, when -- what is the plan for 1Y and timing for EUV?

我的問題是關於技術遷移的。我記得你提到過 64 層第二交叉層，應該是 2018 財年下半年。您能談談NAND快閃記憶體96層或其他相關技術的下一步發展方向以及時間安排嗎？美光是否會考慮在96層或之後的層數上過渡到帶電陷阱閃光燈替代方案？同樣，對於DRAM，1年計畫是什麼？ EUV的實施時間安排又是怎樣的？

With respect to NAND, in terms of our third-generation 3D NAND, we are not yet disclosing the number of layers in that technology. As I said in my prepared remarks, we are continuing to make good progress with that, and we plan to be introducing that technology in the 2018 -- calendar 2018 time frame and continuing to deploy CMOS Under the Array technology that continues to provide Micron a die-size leadership position, which is usually attractive cost point of view. And with respect to DRAM in terms of 1Y node, we will be introducing that node also in calendar 2018 time frame. And beyond that, we are not providing any specific details for our technology related to competitive basis. And your question regarding floating gate, we have a strong road map of future technologies related to floating gate.

關於 NAND，就我們的第三代 3D NAND 而言，我們目前還不打算透露該技術的層數。正如我在準備好的演講稿中所說，我們在這方面繼續取得良好進展，我們計劃在 2018 年推出這項技術，並繼續部署 CMOS Under the Array 技術，該技術繼續為美光提供晶片尺寸的領先地位，這通常從成本角度來看很有吸引力。至於 1Y 節點的 DRAM，我們也將在 2018 年推出該節點。除此之外，出於競爭考慮，我們不提供任何與我們技術相關的具體細節。至於您提出的關於浮閘的問題，我們有與浮閘相關的未來技術的清晰發展路線圖。

And then just as a quick follow-up if I may. When do you think you will narrow the gap or catch up potentially with Samsung in both the NAND, 3D NAND and DRAM? I mean, I think that you have alluded before to closing the gap and narrowing the gap to 0 hopefully eventually. I don't think it's happened yet. Is there an update on your thinking of when that could be?

如果可以的話，我再補充一個簡單的問題。您認為何時才能在 NAND、3D NAND 和 DRAM 領域縮小與三星的差距，甚至趕上三星？我的意思是，我認為你之前曾暗示過要縮小差距，並希望最終能將差距縮小到 0。我認為這件事還沒有發生。關於何時能實現，您有什麼最新想法嗎？

As we have indicated before that in terms of technology cost position as well as the technology node readiness, in recent times over the course of last couple of years, Micron has lagged the competitors in terms of getting advanced technology ready and at par with them and deploying those technologies into volume production. However, in recent times, Micron has made very good progress in this area, and we are getting the benefit of that as we are ramping those technologies into production. I have said before that these kind of undertakings, driving accelerated deployment of new technology nodes into volume production and continuing to narrow the gap on the cost front is a multiyear phenomenon, and we have made very good progress in this regard. I fully expect us to make -- continue to make good progress in fiscal year 2018 as well. And we will -- we are, of course, very much focused on continuing to accelerate the time line of our future technologies into production and then well positioned to ramp those technologies into volume production as well. And along with this, of course, remain very much focused on driving a greater mix of high-value solutions both in DRAM and NAND as well. So these are really 2 very important pillars of our strategy: driving cost competitiveness and driving greater mix of high-value solutions. And these things don't happen overnight. They will continue to be strong growth opportunities for us going forward over the course of the next few years.

正如我們先前所指出的，就技術成本地位以及技術節點準備而言，近幾年來，美光在先進技術準備就緒、與競爭對手並駕齊驅以及將這些技術部署到批量生產方面，一直落後於競爭對手。然而，近年來，美光科技在該領域取得了非常好的進展，隨著我們將這些技術投入生產，我們也從中受益匪淺。我之前說過，這類推動新技術節點加速部署到批量生產中，並不斷縮小成本差距的舉措是一個多年過程，我們在這方面已經取得了非常好的進展。我完全相信我們在 2018 財年也能繼續取得良好進展。當然，我們將繼續全力加快未來技術投​​入生產的步伐，並做好充分準備，將這些技術推向大量生產。同時，當然，我們仍將非常專注於推動DRAM和NAND領域高價值解決方案的更廣泛整合。因此，這實際上是我們策略的兩個非常重要的支柱：提高成本競爭力，並推動高價值解決方案的更多樣化。這些事情不會一蹴可幾。在未來幾年裡，它們將繼續為我們帶來強勁的成長機會。

And our next question comes from the line of Steven Fox with Cross Research.

我們的下一個問題來自 Cross Research 的 Steven Fox。

Two quick questions for me. First of all, you mentioned that as demand -- your bit growth accelerates for NAND next year, that you expect to capture some of the pent-up demand that the NAND market is seeing. I guess, I was curious if you can talk about what gives you confidence that your -- that pent-up demand hasn't actually turned into demand destruction this year, why it will still be there. And secondly, if I look at CapEx breakdown that you provided, it looks like about $1.5 billion or so is dedicated towards product enablement. And I was just curious how that number compares to maybe a year ago and if there's anything you'd say it's most focused on.

我有兩個問題想問一下。首先，您提到，隨著明年 NAND 的需求（即您的比特成長）加速，您預計能夠滿足 NAND 市場目前存在的一些被壓抑的需求。我想問的是，您能否談談是什麼讓您相信，您積壓的需求今年實際上並沒有變成需求破壞，以及為什麼它還會繼續存在。其次，如果我看一下您提供的資本支出明細，似乎大約有 15 億美元用於產品賦能。我只是好奇這個數字與一年前相比如何，以及您認為它最關注的是什麼。

So I will let Ernie comment on the CapEx. But on the demand side, as I pointed out earlier, I mean, it's not that this demand is perishable. I mean, this demand -- in terms of the trend of SSDs replacing HDDs in clients' notebook computers where their attach rate continues to increase in 2017, attach rate of SSDs to PCs is around 35%. That attach rate, over the course of next few years, continues to grow to around 50% in 2018 and, by 2020 time frame, expected to grow to around 75%. So these demand trends are secular in nature. It's the same thing on the enterprise side and on the cloud side that attach rates of SSDs as well as the average capacity requirement on a per-server basis continue to go up as well. So these are really very solid secular trends here that are long term in nature. And of course, the trends of mobile devices adding new rich features such as augmented realities, such as rich displays, all of these are trends that also continue to drive higher average capacities in mobile devices. So I feel very good about the demand trends on the NAND side.

那麼，我就請厄尼來評論一下資本支出問題吧。但就需求方面而言，正如我之前指出的那樣，我的意思是，這種需求並不是會消失的。我的意思是，就固態硬碟取代客戶筆記型電腦中的機械硬碟的趨勢而言，這種需求在 2017 年持續成長，固態硬碟在個人電腦中的安裝率約為 35%。在接下來的幾年裡，附加率將繼續增長，到 2018 年達到 50% 左右，到 2020 年預計將增長到 75% 左右。因此，這些需求趨勢本質上是長期性的。企業端和雲端的情況也一樣，SSD 的安裝率以及每台伺服器的平均容量需求都在持續成長。所以這些都是非常穩固的長期趨勢。當然，行動裝置不斷增加擴增實境、富顯示器等豐富功能的趨勢，所有這些趨勢也都在持續推動行動裝置的平均容量不斷提高。所以我對NAND快閃記憶體方面的需求趨勢感覺非常好。

Yes, and just to follow up on the CapEx. If you look year-on-year, we just reported the totality of fiscal '17, and you would get a reasonably similar number within the ranges we provided. So there, we would expect on a hard dollar basis perhaps $100 million to $200 million more in that enablement and technology piece of the business. And that's predominantly related to the centers of excellence that we've been talking about relative to wanting to consolidate a lot of our back-end operations very close to our front-end operations.

是的，還有，關於資本支出方面的問題。如果按年來看，我們剛剛報告了 2017 財年的全部數據，你會得到一個與我們提供的範圍相當相似的數字。因此，我們預計，以實際美元計算，該業務的賦能和技術部分可能會增加 1 億至 2 億美元。這主要與我們一直在談論的卓越中心有關，因為我們希望將許多後端營運整合到非常靠近前端營運的地方。

Some of the product enablement CapEx is related to back-end captive assembly operations, which will help us improve our cost position going forward. And of course, also, there is CapEx associated with upgrading of the infrastructure that is needed to realize the technology transitions.

部分產品賦能資本支出與後端自有組裝業務有關，這將有助於我們改善未來的成本狀況。當然，還需要資本支出來升級基礎設施，以實現技術轉型。

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

我們的下一個問題來自花旗集團的克里斯·丹利。

Can you just give us a little color on, I guess, the 3 main end markets, server, mobile and PC on tightness or relative tightness and how it trended during the quarter? And any information, either qualitative or quantitative, you have on inventory levels out there with channel or at customers? Just on DRAM.

能否簡單介紹一下伺服器、行動裝置和 PC 這三大終端市場的緊張程度或相對緊張程度，以及本季的發展趨勢？您是否掌握任何關於通路或客戶庫存水準的定性或定量資訊？僅使用DRAM。

Sure, Chris. So I think as has been the case for a few quarters now, there's actually a fair amount of tightness across that -- across those 3 channels that you mentioned. So it would be hard to distinguish one from the other relative to any nuances there. I don't think there's an inventory issue. Certainly, if you actually take a look at inventory levels that are reported, which are typically financial numbers, and adjust those for dollar costs of how pricing has changed over the course of the year, you do get a bit of a different perspective on inventory, as reported by a variety of customers and channel partners in those areas, but the environment continues to be strong. The supply-demand circumstances continue to be fairly tight, and we're working very closely with our customers to make sure that we stay in close sync with them as they think about their plans going forward.

當然可以，克里斯。所以我認為，就像過去幾季以來的情況一樣，你提到的這三個管道之間實際上存在著相當大的緊張關係。因此，就細微差別而言，很難將兩者區分開來。我不認為有庫存問題。當然，如果你仔細查看已報告的庫存水準（通常是財務數字），並根據一年中價格變化的美元成本進行調整，你就會對這些地區的各種客戶和通路合作夥伴所報告的庫存情況有一個不同的認識，但市場環境依然強勁。供需情況仍然相當緊張，我們正在與客戶密切合作，以確保在他們考慮未來計劃時，我們能夠與他們保持緊密的聯繫。

And for my follow-up question for Sanjay. By the way, welcome to the DRAM party. You were not afraid to engage in M&A at your previous shop. Can you talk about the willingness or appetite for M&A at this point for Micron versus the desires to continue to improve the balance sheet?

我還有一個問題想問桑傑。順便說一句，歡迎來到DRAM派對。在之前的公司裡，你不害怕進行併購。您能否談談美光目前在併購方面的意願或興趣，以及繼續改善資產負債表的願望？

We do not rule out M&A in the future. Right now, our focus is on the priorities that I mentioned that include cost competitiveness and strengthening the high value mix in our revenue. And of course, if and when we were to engage in M&A, our focus would, of course, be to try to strengthen our future opportunity and make it an opportunity that absolutely provides a strong ROI. Beyond that, I will not speculate in this matter.

我們不排除未來進行併購的可能性。目前，我們的重點是上述的優先事項，包括成本競爭力以及加強收入中高價值產品的比例。當然，如果我們將來進行併購，我們的重點當然是努力增強我們未來的機會，並使之成為一個絕對能帶來強勁投資回報率的機會。除此之外，我不會對此事妄加猜測。

And our next question comes from the line of Karl Ackerman with Cowen and Company.

我們的下一個問題來自考恩公司 (Cowen and Company) 的卡爾·阿克曼 (Karl Ackerman) 一線。

Ernie and Sanjay, I wanted to ask more of a strategic question. Two of your competitors in the NAND industry have been at disagreement on the trajectory of their manufacturing partnership. Are you and your existing NAND partner inclined to abstain from future partnerships? And I have a follow-up, please.

Ernie 和 Sanjay，我想問一個更具策略性的問題。你們在 NAND 產業的兩家競爭對手在製造合作夥伴關係的未來發展方向上存在分歧。您和您現有的 NAND 合作夥伴是否傾向於避免未來的合作？我還有一個後續問題。

I don't think the experience that, I think, you're referring to, colors our perspective on partnerships, at all partnerships are very individualized, partner-specific set of activities. And so certainly, while we continue to become informed just as you do, our color would be very specific to the circumstances at hand vis-a-vis any potential partnerships or the continuation of any partnerships.

我不認為你所指的那種經驗會影響我們對合作關係的看法，因為合作關係是非常個人化的，是針對特定合作夥伴的一系列活動。當然，雖然我們會像你們一樣不斷了解情況，但我們對任何潛在合作關係或任何合作關係的延續的態度，將非常具體地取決於當前的情況。

And I think we have a long history of valued partnerships here and knowing how to make the partnerships work well. So I mean, partnerships are important. Absolutely.

我認為我們在這裡有著悠久的、有價值的合作關係歷史，並且知道如何使這些合作關係有效運作。所以我的意思是，夥伴關係很重要。絕對地。

Understood. Appreciate the color. I guess, for my final question. This was somewhat addressed earlier in the call. I just want to move back to just some of the content growth that we have been talking about. But our fieldwork during the quarter indicated that DRAM fulfillment rates, at least in the server market, improved from last quarter, but they were still well below 100%. Are you seeing more active engagement today with tier 2 customers for longer-term contract agreements that gives you greater confidence in your capacity planning assumptions?

明白了。欣賞這種顏色。我想，這是我的最後一個問題。通話早些時候已經略微提及這個問題。我只想回到我們一直在討論的內容成長方面。但我們本季的實地調查顯示，DRAM 的交付率（至少在伺服器市場）比上個季度有所提高，但仍遠低於 100%。如今，您是否看到與二級客戶簽訂的長期合約協議更加積極主動，讓您對產能規劃假設更有信心？

I mean, we are definitely seeing strong demand trends from the entire spectrum of our customers. Large, what you would call Tier 1 or Tier 2, as you term, although all customers are important to us, and we do engage meaningfully with them and we work closely with them to understand their demand requirements. And we apply our own judgment to their demand requirements as well in terms of assessing the overall industry demand trends. And based on those demand understanding of our -- on behalf of our customers, we project healthy industry demand-supply environment in DRAM and NAND.

我的意思是，我們確實看到來自所有客​​戶群的強勁需求趨勢。大型客戶，也就是您所說的 Tier 1 或 Tier 2 客戶，雖然所有客戶對我們來說都很重要，我們會與他們進行有意義的互動，並與他們密切合作，以了解他們的需求。我們也會根據自身判斷，結合整個產業的需求趨勢，來評估他們的需求。基於我們對客戶需求的理解，我們代表客戶預測 DRAM 和 NAND 行業供需環境將保持健康。

And our next question comes from the line of Vijay Rakesh with Mizuho.

我們的下一個問題來自瑞穗銀行的 Vijay Rakesh。

Just looking on the DRAM side. You mentioned the crossover of 1X nanometer. When do you expect to see that? And if you can give some color on what the cost structures are as you transition the mix to 1X.

只看DRAM方面。你提到了 1X 奈米的交叉點。你預計什麼時候能看到？如果您能詳細說明一下在將產品組合過渡到 1X 時的成本結構，那就更好了。

Sure. So we talked about being at bit output crossover for 1X DRAM by -- before the end of calendar year 2018. And then as we have previously shared for the 1X node, we see somewhere roughly 45% increase in bits per wafer versus 20-nanometer and about a 20 -- to slightly more than 20% cost reduction on a cost per bit basis.

當然。所以我們討論了在 2018 年底之前實現 1X DRAM 位元輸出交叉的目標。正如我們之前在 1X 節點中分享的那樣，與 20 奈米相比，每片晶圓的位元數增加了約 45%，而每位元的成本降低了 20% 到略高於 20%。

Right. Got it. And on the NAND side, obviously, pretty nice numbers on the storage business side, up 71%. But could you parse out how much is enterprise mix for you on NAND? And obviously, you guys have seen some good traction there. Where is the enterprise mix exiting next year, let's say?

正確的。知道了。顯然，NAND快閃記憶體業務方面也取得了相當不錯的成績，成長了71%。但是，您能否具體說明一下，對您而言，企業級產品在 NAND 快閃記憶體上的佔比是多少？顯然，你們在這方面已經取得了一些不錯的進展。假設明年企業組合會退出市場，那麼會有哪些企業退出呢？

So we said that our SSD makes up about 20% of our NAND revenue, and that consists of our sales of client -- to client customers as well as to the hyperscale cloud and enterprise customers. And both are roughly about the same in both of those categories. Beyond that, we don't provide further breakdown.

因此，我們表示，我們的 SSD 約佔 NAND 收入的 20%，其中包括我們面向客戶（包括普通客戶）以及超大規模雲端和企業客戶的銷售。這兩個方面都大致相同。除此之外，我們不再提供更詳細的分析。

And our next question comes from the line of Tristan Gerra with Baird.

下一個問題來自 Tristan Gerra 與 Baird 的對話。

Looking at your production cost reduction time line. Is it fair to assume that there's going to be some slowdown as you reach crossover for 64-layer in NAND? Meaning that after that, there could be a little bit of a slowdown in terms of your ability to reduce production costs. And then if you could reiterate the production cost reduction targets for NAND and DRAM for 2018?

查看您的生產成本降低時間表。假設 NAND 快閃記憶體達到 64 層時速度會下降，這種假設是否合理？這意味著在那之後，你在降低生產成本方面的能力可能會有所放緩。那麼，您能否重申2018年NAND和DRAM的生產成本降低目標？

Sure. So I think that in terms of gen 3 NAND, we'll certainly talk more about that as we are able to in terms of what we might expect and whatever is appropriate for that. So it is true, just on a mathematical basis, that as you progress up layer count on an absolute basis, there are less incremental bits, and there is an association between cost reduction and bit growth opportunity. But in terms of providing specifics, it's very, very early to share that with you. And if you look at 64-layer versus the first generation, it's somewhere in the realm, as we've talked about before, of 2x the density and roughly in aggregate of 30% reduction in bit cost.

當然。所以我覺得，關於第三代 NAND，我們肯定會在條件允許的情況下，就我們可能期待的內容以及任何適合討論的內容進行更多探討。因此，僅從數學角度來看，隨著層數絕對值的增加，增量位元數會減少，成本降低與位元成長機會之間存在關聯，這是事實。但就提供具體細節而言，現在還為時過早，不方便與您分享。如果將 64 層晶片與第一代晶片進行比較，正如我們之前討論過的，其密度大約是原來的 2 倍，位元成本總體上降低了約 30%。

In general, the technology complexity increases with subsequent technology generations both in DRAM and NAND. And also given the increased technology complexity, gigabytes or gigabits that you gained in NAND as well as DRAM on a per-wafer basis tends to decline with advanced technology nodes. So all of those factors play a role in terms of cost reduction capabilities as well going forward.

總的來說，DRAM 和 NAND 的技術複雜性都會隨著後續技術的迭代而增加。此外，由於技術複雜性的增加，NAND 和 DRAM 中每片晶圓所獲得的千兆位元組或千兆位元容量，隨著先進技術節點的出現而下降。因此，所有這些因素都會在未來的成本降低能力方面發揮作用。

Okay, great. And then a quick second question. So you talked about the adoption rate trajectory of SSDs in notebooks. Could you also give us your expectation both now and, say, in a year or 2 in terms of the adoption rate for SSDs in a data center and traditional enterprise server?

好的，太好了。然後，我還有一個簡短的問題。所以你談到了筆記型電腦中固態硬碟的普及率軌跡。您能否也談談您對資料中心和傳統企業伺服器中 SSD 的採用率的預期，包括現在以及未來一兩年內的預期？

Sure, I can do that. And I just want to add a comment to the previous question on cost. My comment was related to cost on a per wafer -- gigabytes-per-wafer basis from one technology node to the next. Of course, cost also depends very much on how you deploy those technologies into volume production, and this is one of our focus areas in terms of deploying advanced technologies faster into production. Now specific to your second question regarding the attach rates in enterprise and server markets, so SSD attach rate is around 50% there in terms of -- on an SSD per-unit basis. And opportunity, there is greater. Average capacities are definitely moving fairly fast. In fact, enterprise and data center is one of the fastest-growth segments for flash in terms of year-over-year bit demand increases that are projected. Average capacities in enterprise and data center for SSDs are over 3 terabytes. That's the average capacity, and that trend continues to increase by some projections, tripling almost to 9 terabytes by 2020 time frame. So as I was saying earlier, I mean, these demand trends for increasing attach rate of SSDs in client and data center cloud computing applications as well as increases in average capacity are secular trends.

當然可以。我只想對之前關於成本的問題補充一點。我的評論是關於每片晶圓的成本——從一個技術節點到下一個技術節點，以每片晶圓的千兆位元組為單位的成本。當然，成本也很大程度取決於你如何將這些技術應用於大量生產，而這正是我們在將先進技術更快應用於生產方面的一個重點領域。現在具體回答你的第二個問題，關於企業和伺服器市場的附加率，就 SSD 而言，那裡的附加率約為 50%——以 SSD 為單位計算。而且機會更多。平均產能的變化速度確實相當快。事實上，就預期的逐年位元需求成長而言，企業和資料中心是快閃記憶體成長最快的領域之一。企業和資料中心固態硬碟的平均容量超過 3 TB。這是平均容量，根據一些預測，這一趨勢還將繼續增長，到 2020 年將增長近三倍，達到 9 TB。正如我之前所說，客戶端和資料中心雲端運算應用中 SSD 附加率不斷提高以及平均容量不斷增加的需求趨勢都是長期趨勢。

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

最後一個問題來自高盛的馬克·德萊尼。

First question is a follow-up on CapEx. I was hoping you could clarify the comment about no new wafer capacity additions. I know you said that explicitly for DRAM, but can you clarify if that also applies to NAND Flash? And on that topic, if you could help us understand to what extent you may need to invest in new cleanroom capacity as part of that CapEx guidance next year, obviously even without adding new wafer capacity that the amount of factory floor space is going up for both 1X nanometer and more so for 3D NAND. I know the company had some available. But just wondering if any of the spending relates to cleanroom capacity due to the floor space requirements.

第一個問題是關於資本支出的後續問題。我希望您能澄清一下關於沒有新增晶圓產能的說法。我知道你之前明確提到 DRAM，但你能澄清一下這是否也適用於 NAND 快閃記憶體嗎？關於這個主題，如果您能幫助我們了解明年資本支出指導中您可能需要在多大程度上投資新的無塵室產能，那就太好了。顯然，即使不增加新的晶圓產能，1X 奈米晶圓的廠房面積也在增加，而 3D NAND 的廠房面積增加得更多。我知道公司還有一些存貨。但我只是想知道，這些支出中是否有任何與無塵室容量相關的因素，因為無塵室的佔地面積需要滿足這些要求。

Yes, Mark. So certainly, the statement about no new wafer capacity in fiscal year 2018 applies equally to both DRAM and NAND. And relative to your second question, there is not anything material relative to the CapEx guide that we shared that relates to construction costs or whatnot. As you pointed out, there is obviously incremental cleanroom space available or could be available at pretty low cost, but it would not be material in the course of the overall guide that we provided.

是的，馬克。因此，關於 2018 財年沒有新增晶圓產能的說法，同樣適用於 DRAM 和 NAND。至於你的第二個問題，我們分享的資本支出指南中沒有任何與建設成本或其他方面相關的實質內容。正如您所指出的，顯然可以以相當低的成本獲得更多的無塵室空間，但這在我們提供的整體指導中並不重要。

Okay. And if I could just follow up specifically on smartphone demand trends. If you could touch on what the company is seeing in terms of end demand for some of the flagship models specifically, but also if you could talk about some of the Chinese domestic OEMs, if you're starting to see any pickup in demand trends for memory from those customers.

好的。如果我能具體跟進智慧型手機需求趨勢就好了。如果您能談談公司目前對某些旗艦機型的終端需求情況，以及一些中國國內OEM廠商的情況，您是否開始看到這些客戶對內存的需求趨勢有所回升，那就太好了。

I think in the flagship models, to answer your specific question, the demand for DRAM as well as for NAND, average capacities continues to go up. And of course, the mix of these high-end smartphones also, as a part of the total smartphone market, continues to go up. And specifically to DRAM, average capacities of DRAM in high-end smartphones, going from somewhere over 3 gigabyte in 2017, projected to go up to over 5 gigabyte, closer to 6 gigabyte by 2020 time frame. And specifically to NAND, average capacities of NAND in high-end smartphones in 2017 somewhere around 70 gigabytes, let's say, projected to double or more than double by 2020 time frame as well. So again, the average capacity increased trend in smartphones continues to be solid, not only, actually, in high-end smartphones but in value segment of the smartphone market as well.

我認為，就旗艦機型而言，回答你的具體問題，對DRAM和NAND的需求，平均容量都在持續成長。當然，這些高階智慧型手機在整個智慧型手機市場中所佔的份額也在持續上升。具體來說，高階智慧型手機的 DRAM 平均容量從 2017 年的 3 GB 以上成長到預計到 2020 年將超過 5 GB，接近 6 GB。具體來說，就 NAND 而言，2017 年高階智慧型手機中 NAND 的平均容量約為 70 GB，預計到 2020 年也將翻倍甚至更多。所以，智慧型手機平均容量的成長趨勢依然強勁，不僅在高階智慧型手機領域如此，在智慧型手機市場的入門領域也是如此。

And that concludes our question-and-answer session for today. I'd like to turn the floor back over to Micron for any closing comments.

今天的問答環節到此結束。我想把發言權交還給美光公司，請他們作總結發言。

Thank you. That concludes our call today. We really appreciate your support. And as a reminder, we will be posting the prepared remarks from today's call as well as a webcast replay on our website later this afternoon.

謝謝。今天的通話到此結束。我們非常感謝您的支持。再次提醒大家，我們將在今天下午晚些時候在我們的網站上發布今天電話會議的準備好的發言稿以及網絡直播回放。

Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program, and you may now disconnect. Everyone, have a great day.

女士們、先生們，感謝各位參加今天的會議。程式到此結束，您可以斷開連線了。祝大家今天過得愉快。