美光科技 (MU) 2017 Q4 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 Fourth Quarter 2017 Financial Release Conference Call.

在此，歡迎大家參加美光科技 2017 年第四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 your conference.

你可以開始你的會議了。

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

謝謝你，Karen，歡迎參加美光科技 2017 財年第四季度財務電話會議。

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。

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

今天的通話時間約為 60 分鐘。

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

此次電話會議（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.

此外，我們的網站包含不久前提交的收益新聞稿。

Today's discussion of financial results will be presented on a non-GAAP financial basis unless otherwise specified.

除非另有說明，否則今天對財務結果的討論將在非公認會計原則財務基礎上進行。

Comparison to prior year non-GAAP financial results excludes stock-based compensation and the amortization of acquisition-related intangibles.

與上一年非公認會計原則財務結果的比較不包括基於股票的薪酬和與收購相關的無形資產的攤銷。

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.

可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的對賬，以及可轉換債務和上限贖回稀釋表。

As a reminder, the prepared remarks from this call and webcast replay will be available on our website later today.

提醒一下，今天晚些時候將在我們的網站上提供本次電話會議和網絡直播重播的準備發言。

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.

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 @MicronTech 上關注我們。

As a reminder, the matters we will be discussing today include forward-looking statements.

提醒一下，我們今天將討論的事項包括前瞻性陳述。

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

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

We refer you to the documents 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.

我們向您推薦我們向 SEC 提交的文件，特別是我們最近的 10-K 表格和 10-Q 表格，以討論可能影響我們未來結果的風險。

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

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

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

我們沒有義務在今天之後更新任何前瞻性陳述以使這些陳述符合實際結果。

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

有了這個，我現在把電話轉給你，桑傑。

Thank you, Shanye.

謝謝你，山野。

Good afternoon, everyone.

大家下午好。

Our fourth quarter results accentuate an unprecedented year for the company.

我們的第四季度業績突出了公司前所未有的一年。

I thank the Micron global team for maintaining intense focus on our key priorities and delivering outstanding results.

我感謝美光全球團隊始終專注於我們的關鍵優先事項並取得了出色的成果。

Our fourth quarter revenue was $6.14 billion with record gross margin, operating income and free cash flow.

我們第四季度的收入為 61.4 億美元，毛利率、營業收入和自由現金流創歷史新高。

Full year revenue, profitability and free cash flow also set company records.

全年收入、盈利能力和自由現金流也創下了公司記錄。

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.

我們的業績得益於有利的行業基本面和在部署下一代低成本技術和使我們的產品組合多樣化以實現更豐富的差異化、高價值解決方案組合方面的穩健執行。

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.

隨著客戶越來越認識到我們的內存和存儲解決方案在一系列高增長市場中的戰略價值，我們對未來的機遇感到興奮。

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.

現在我將分享我們每個業務部門的詳細信息，然後是我們對行業動態的看法和我們的企業戰略大綱。

In our Compute and Networking Business Unit, we saw robust growth in Q4 revenue and profitability compared with the prior year.

在我們的計算和網絡業務部門，我們看到第四季度的收入和盈利能力與去年相比強勁增長。

Our results were driven by strong demand in cloud and graphics, complemented by a healthy pricing environment.

我們的業績是由對雲和圖形的強勁需求推動的，再加上健康的定價環境。

Revenue growth from these 2 segments significantly exceeded overall CNBU growth, which more than doubled compared with the year-ago quarter.

這兩個部門的收入增長顯著超過了 CNBU 的整體增長，與去年同期相比增長了一倍多。

Cloud sales are supported by increasing DRAM content per server, which is up nearly 50% versus a year ago.

雲銷售受到每台服務器 DRAM 內容增加的支持，與一年前相比增長了近 50%。

In graphics, we continue to leverage our industry-leading GDDR5 and GDDR5X performance to address strong demand, primarily from gaming.

在圖形方面，我們繼續利用我們行業領先的 GDDR5 和 GDDR5X 性能來滿足主要來自遊戲的強勁需求。

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.

該業務部門還受益於我們的第一代 1X 8-gigabit DDR4 產品的初始量產，該產品主要銷往客戶端和雲領域。

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.

在第一財季，我們預計我們的 1X 產品組合將繼續增長，同時我們的第二代 1X 8-gigabit DDR4 和 GDDR5 產品的產量也在增加，這兩種產品都已在某些合作夥伴和客戶中得到驗證。

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.

我們還獲得了 TSV 堆疊 DDR4 產品的初始客戶資格，支持高達 128 GB 的模塊和行業標準服務器平台支持的最高速度。

These products address the growing demand for analytics and in-memory database sales in both the enterprise and cloud segments.

這些產品滿足了企業和雲領域對分析和內存數據庫銷售不斷增長的需求。

Fourth quarter revenues in our Mobile Business Unit were driven by a favorable pricing environment and significant growth in our eMCP business.

有利的定價環境和 eMCP 業務的顯著增長推動了我們移動業務部門第四季度的收入。

Due to strong execution, sales from our mobile NAND and eMCP solutions nearly doubled year-over-year.

由於執行力強，我們的移動 NAND 和 eMCP 解決方案的銷售額同比幾乎翻了一番。

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.

我們認為，旗艦智能手機的 DRAM 和閃存容量將繼續增加，部分原因是移動設備中的增強現實等新應用。

Our roadmap of new LPDRAM, discrete managed NAND and eMCP offerings position us well to address these market requirements.

我們的新 LPDRAM、分立託管 NAND 和 eMCP 產品路線圖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.

在第四財季，我們在一家主要移動 OEM 獲得了我們的第一個 1X LPDRAM 資格，並且還有其他幾項正在進行中。

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.

此外，我們在 1X LPDRAM 封裝產品中的技術能力使我們能夠提供從 3 GB 到 8 GB 的經濟高效、高容量的移動解決方案。

We expect volume shipments of these new products in fiscal 2018, following successful customer qualifications.

在成功獲得客戶資格後，我們預計這些新產品將在 2018 財年實現批量出貨。

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.

在第四季度，我們還在一家主要芯片組供應商處對我們的第一個 3D TLC eMCP 和 eMMC 解決方案進行了認證，現在有數十種高密度產品通過了多家 OEM 的認證。

We expect production shipments to start later in 2017.

我們預計生產出貨將於 2017 年晚些時候開始。

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.

我們的 64 層 3D TLC UFS 產品也將於 2017 年晚些時候開始 OEM 資格，使我們能夠參與移動市場的最高密度設計。

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.

存儲業務部門在第四季度的收入與去年同期相比增長了 71%，這得益於對我們 SSD 產品組合的強勁需求。

Late in the fourth quarter, we identified and corrected a flash component issue on select TLC 3D NAND products.

在第四季度末，我們發現並糾正了部分 TLC 3D NAND 產品的閃存組件問題。

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.

我們暫停了受影響產品的發貨，並努力實施該問題的解決方案，該問題僅在有限的性能條件下出現。

As a result, our SSD revenue declined sequentially during the quarter.

因此，我們的 SSD 收入在本季度環比下降。

Shipments have now restarted, and we expect to resume solid, sequential SSD revenue growth in Q1.

出貨量現已重啟，我們預計第一季度 SSD 收入將恢復穩健的連續增長。

We continued to garner positive momentum with our SSD products across a broad range of customers.

我們的 SSD 產品繼續在廣泛的客戶中獲得積極的勢頭。

Our flagship SATA 5100 SSD has been qualified at enterprise server OEMs, cloud service providers and Fortune 500 companies.

我們的旗艦 SATA 5100 SSD 已通過企業服務器 OEM、雲服務提供商和財富 500 強公司的認證。

Demand for our client SSDs is also strong with Micron shipping solutions to most leading PC OEMs.

美光為大多數領先的 PC OEM 提供解決方案，因此對我們客戶 SSD 的需求也很強勁。

We see healthy demand trends for SSDs moving forward.

我們看到 SSD 的健康需求趨勢正在向前發展。

Client SSD attach rates continue to increase.

客戶端 SSD 連接率繼續增加。

And although storage density growth has slowed temporarily due to a tight pricing environment, we foresee longer-term demands for higher-density SSDs.

儘管由於定價環境緊張，存儲密度增長暫時放緩，但我們預計對更高密度 SSD 的長期需求。

We made substantial progress in growing our relationships and our business with cloud and hyperscale customers in fiscal 2017.

2017 財年，我們在發展與雲和超大規模客戶的關係和業務方面取得了重大進展。

Cloud data center customers are seeking innovative memory and storage solutions tailored to their workloads.

雲數據中心客戶正在尋求針對其工作負載量身定制的創新內存和存儲解決方案。

Micron's unique capabilities and expertise in DRAM, 3D NAND and emerging memory technologies make us a compelling partner for these customers.

美光在 DRAM、3D NAND 和新興內存技術方面的獨特能力和專業知識使我們成為這些客戶的有力合作夥伴。

Our Embedded Business Unit delivered strong performance, growing revenue 39% for the full year.

我們的嵌入式業務部門表現強勁，全年收入增長 39%。

We strengthened our leadership position in automotive in fiscal 2017, with growth driven by increasing connectivity and electronics content in vehicles.

我們在 2017 財年鞏固了我們在汽車領域的領導地位，增長得益於汽車中連接性和電子產品含量的增加。

Automotive applications continue to require leading-edge performance.

汽車應用繼續需要領先的性能。

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.

因此，我們看到本季度 20 納米 DDR 和 LPDDR 技術的顯著提升，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.

工業和消費者/聯網家庭應用程序中邊緣分析的增長導致這兩個領域的季度收入均創歷史新高。

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.

在機器對機器通信、監控、無人機和家庭自動化等應用的外形尺寸和性能需求的推動下，我們的 NAND 和 LPDDR MCP 產品在這一年實現了強勁增長。

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.

談到美光的技術進步，我們的 1X DRAM 和 64 層 NAND 的生產部署正在按計劃進行，我們預計在 2017 年年底之前實現這兩種技術的成熟良率。

We are pleased with our 1Y DRAM technology progress and are focused on the late stages of technology and product development.

我們對我們的 1Y DRAM 技術進步感到滿意，並專注於技術和產品開發的後期階段。

Our third-generation 3D NAND development is also proceeding well, with production expected to commence later in 2018.

我們的第三代 3D NAND 開發也進展順利，預計將於 2018 年晚些時候開始生產。

This latest-generation technology continues to utilize Micron's industry-leading CMOS Under the Array architecture, which yields smaller die sizes.

這一最新一代技術繼續利用美光業界領先的 CMOS Under the Array 架構，從而產生更小的芯片尺寸。

We have made significant progress in our technology development and volume ramp execution.

我們在技術開發和量產執行方面取得了重大進展。

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.

我們看到了進一步縮短新技術節點引入節奏、加速新技術進入量產、升級我們的晶圓廠基礎設施和擴大我們的專屬組裝業務的有意義的機會。

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.

通過成功執行，我們希望縮小我們的技術成本差距並優化 DRAM 和 NAND 的位輸出增長，並嚴格關注盈利增長。

Our fiscal year 2018 CapEx plan targets achieving these objectives through technology migrations with no new wafer capacity.

我們的 2018 財年資本支出計劃旨在通過沒有新晶圓產能的技術遷移來實現這些目標。

Ernie will discuss our CapEx plans in further detail later in the call.

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。

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.

在可預見的未來，我們成功執行技術轉型計劃的能力將成為我們降低成本和供應比特增長能力的關鍵推動力。

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.

轉向供需基本面，我們預計 2017 年剩餘時間內該行業的 DRAM 和 NAND 供應將保持適度供應不足。

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.

我們預計 2017 年 DRAM 行業供應位增長約 20%，並預計 2018 年將以相對相似的水平增長。

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.

DRAM 行業的供需平衡預計將在 2018 年保持健康，部分原因是數據中心和雲計算趨勢的持續強勁。

We expect Micron's fiscal 2018 DRAM bit output growth to be slightly below the industry growth rate.

我們預計美光 2018 財年 DRAM 位產量增速將略低於行業增速。

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.

我們的 1X DRAM 增長支持我們的比特增長，這占我們第四季度 DRAM 比特輸出的 10% 左右，並將在接下來的幾個季度增長，以在我們退出 2018 日曆年時實現比特輸出交叉。

We expect industry NAND bit supply growth to finish calendar 2017 in the high-30% range.

我們預計行業 NAND 位供應增長將在 2017 年達到 30% 的高位。

At these levels, supply remains below demand, which has created a constrained environment.

在這些水平上，供應仍然低於需求，這創造了一個受限制的環境。

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.

隨著行業繼續向 64 層 3D NAND 過渡，我們估計 2018 日曆年行業位供應增長將接近 50% 的範圍，這應該更好地滿足當前未滿足的需求。

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.

我們預計，美光在 2018 財年持續向 64 層 3D NAND 過渡將導致比特輸出增長略高於行業範圍。

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.

在第四財季，64 層 NAND 占我們貿易 NAND 位輸出的 10% 左右，我們預計在 2018 財年下半年實現位輸出交叉。

The dynamic industry transition to 3D NAND is taking place in the context of a NAND market that has consistently exhibited demand elasticity.

行業向 3D NAND 的動態過渡是在 NAND 市場一直表現出需求彈性的背景下發生的。

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.

我們預計這種行為將在可預見的未來繼續下去，因為更高密度的 SSD 解決方案在客戶端計算、雲數據中心和企業環境中越來越多地取代 HDD，並且隨著移動設備中對性能更敏感、更需要存儲的設備和應用程序的平均容量繼續增長和其他終端市場。

These trends support our view that NAND demand drivers will remain healthy into 2018.

這些趨勢支持我們的觀點，即 NAND 需求驅動因素將在 2018 年保持健康。

As I begin my first new fiscal year here as CEO, I would like to outline our strategic priorities.

在我作為 CEO 開始我的第一個新財年之際，我想概述一下我們的戰略重點。

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.

首先，我們主要通過提高 DRAM 和 NAND 領先技術的產出百分比來專注於將我們的成本競爭力提升到一流水平。

Second, we will drive execution excellence, delivering solutions to customers quickly, predictably and in line with their product launch windows.

其次，我們將推動卓越執行，快速、可預測地為客戶提供解決方案，並與他們的產品發布窗口保持一致。

Third, we will accelerate our transition to high-value solutions.

第三，我們將加快向高價值解決方案的過渡。

We intend to lead the industry in deploying disruptive memory and storage solutions.

我們打算在部署顛覆性內存和存儲解決方案方面引領行業。

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.

第四，我們將充分利用我們的全部能力，與大型客戶發展更深層次的合作和夥伴關係，最大限度地提高我們在市場上的價值。

And finally, we are strengthening our focus on our teams, investing in the best talent and driving a winning culture.

最後，我們正在加強對團隊的關注，投資最優秀的人才並推動成功的文化。

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.

我們相信，我們對執行這些戰略重點的速度和緊迫性的勤奮強調將對我們的市場競爭力和財務業績產生變革性的影響。

I look forward to sharing the results of our progress with you in the year ahead.

我期待在來年與您分享我們的進步成果。

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, and thanks for joining the call today.

謝謝你，桑傑，感謝你今天加入電話會議。

Our solid operational execution and favorable market dynamics resulted in excellent financial performance in our fourth fiscal quarter and the full year.

我們穩健的運營執行和有利的市場動態為我們的第四財季和全年帶來了出色的財務業績。

For the full fiscal year, we achieved record revenue of $20.3 billion, up 64% from the prior year.

整個財年，我們實現了創紀錄的 203 億美元收入，比上年增長 64%。

We narrowed the technology cost gap with our competitors by successfully executing our technology migration plans.

通過成功執行我們的技術遷移計劃，我們縮小了與競爭對手的技術成本差距。

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.

我們的努力促成了 2017 財年 DRAM 和 NAND 位產量的強勁增長，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.

我現在將提供有關第四季度業績的更多細節，從技術和業務部門的細分開始。

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 占我們第四季度收入的 66%，細分如下：服務器穩定在 30% 左右；移動端為 20%；包括網絡、圖形、汽車和其他嵌入式技術在內的特種 DRAM 保持在 20% 的中間範圍； PC 也在 20% 的中間範圍內。

Our trade NAND revenue represented 30% of total revenue.

我們的貿易 NAND 收入佔總收入的 30%。

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.

由 SSD 組成的 3 個部分；移動，包括託管 NAND 分立解決方案和 MCP；以及汽車、工業和其他嵌入式應用，各占我們季度交易 NAND 收入的約 20%。

The remaining 40% of our trade NAND was made up primarily of component sales to partners and customers.

剩餘 40% 的貿易 NAND 主要由向合作夥伴和客戶銷售的組件組成。

Turning to performance by business unit.

轉向業務部門的績效。

The Compute and Networking Business Unit reported record FQ4 revenue of $2.8 billion, more than doubling on a year-over-year basis.

計算和網絡業務部門報告第四季度收入達到創紀錄的 28 億美元，同比增長一倍以上。

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.

雲客戶的強勁需求支持了這一增長，這些客戶正在構建數據中心和計算能力，使他們能夠執行特定的戰略。

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.

我們成功轉換為 20 納米 DRAM 生產以及 1X DRAM 產量的初步增長使第四季度 CNBU 營業收入達到 16 億美元或收入的 56%，與第三季度相比增長 31%。

The Mobile Business Unit delivered its highest-ever revenue quarter at $1.2 billion, up 76% from the year-ago quarter.

移動業務部門實現了有史以來最高的季度收入，達到 12 億美元，比去年同期增長 76%。

Mobile operating income also set a record at $364 million or 31% of revenue.

移動營業收入也創下了 3.64 億美元或收入的 31% 的記錄。

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.

我們的結果部分歸功於我們在認證移動 NAND 解決方案方面取得的積極進展，我們預計這種勢頭將在 18 財年繼續。

The Storage Business Unit reported fiscal Q4 revenue of $1.3 billion, up 71% on a year-over-year basis.

存儲業務部門報告第四財季收入為 13 億美元，同比增長 71%。

Revenue and operating income were slightly lower quarter-over-quarter due to the NAND component issue that Sanjay discussed earlier.

由於 Sanjay 之前討論的 NAND 組件問題，收入和營業收入環比略有下降。

With this issue behind us, we are focused on leveraging the progress we've made in penetrating the SSD markets over the past year.

解決了這個問題，我們專注於利用過去一年在進入 SSD 市場方面取得的進展。

We estimate that our global SSD market share nearly doubled in fiscal 2017, enabling record fiscal year revenue for the Storage Business Unit.

我們估計，我們的全球 SSD 市場份額在 2017 財年幾乎翻了一番，為存儲業務部門創造了創紀錄的財年收入。

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.

我們第一-第四季度的營業收入為 2.5 億美元，佔收入的 19%，而去年同期虧損 5700 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.

嵌入式業務部門在第四財季也實現了創紀錄的業績，收入為 8.27 億美元，環比增長 18%，同比增長 61%。

Growth in the quarter was driven by solid sales for consumer applications, which include home automation.

本季度的增長是由包括家庭自動化在內的消費應用的穩健銷售推動的。

Automotive also remains a key revenue driver for this business as the shift towards smarter and connected cars is driving increased memory content.

汽車也仍然是該業務的主要收入驅動因素，因為向更智能和聯網汽車的轉變正在推動內存內容的增加。

These trends bode well for Micron as we continue to capture new design wins and strengthen our leadership position.

這些趨勢對美光來說是個好兆頭，因為我們將繼續贏得新的設計勝利並鞏固我們的領導地位。

Operating income for EBU was $348 million in Q4 or 42% of revenue, more than doubling year-over-year.

EBU 第四季度的營業收入為 3.48 億美元，佔收入的 42%，同比增長一倍多。

Moving on to overall company results.

繼續討論公司的整體業績。

Revenue for the fourth fiscal quarter was $6.1 billion, up 10% from last quarter and 91% on a year-over-year basis.

第四財季收入為 61 億美元，比上一季度增長 10%，同比增長 91%。

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.

服務器和 SSD 解決方案的銷售額均比去年同期高出 3 倍以上，反映了我們對更高附加值收入組合的關注。

Non-GAAP gross margin was 51%, up 3 percentage points from Q3 and 33 points from the fourth quarter of fiscal '16.

非美國通用會計準則毛利率為 51%，比第三季度增長 3 個百分點，比 16 財年第四季度增長 33 個百分點。

The improvement reflects the successful adoption of products based on our advanced technologies combined with a healthy industry pricing environment.

這一改進反映了我們成功採用了基於我們先進技術的產品以及健康的行業定價環境。

Non-GAAP net income was $2.4 billion or $2.02 per share.

非美國通用會計準則淨收入為 24 億美元或每股 2.02 美元。

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.

在整個財年，我們實現了 56 億美元或每股 4.96 美元的非公認會計原則淨收入，而 2016 財年為 2.73 億美元或每股 0.26 美元。

Turning to results by product line.

轉向產品線的結果。

DRAM revenue more than doubled on a year-over-year basis and increased 13% sequentially.

DRAM 收入同比增長一倍以上，環比增長 13%。

The sequential results reflect a 5% increase in bit shipments.

連續結果反映了位出貨量增加了 5%。

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.

第四季度 DRAM 非美國通用會計準則毛利率為 59%，比去年同期增長 39 個百分點，環比增長 5 個百分點，受益於 ASP 增長 8%。

We are seeing the benefits of execution on our technology migration plans and the continued strong market environment.

我們看到了執行我們的技術遷移計劃和持續強勁的市場環境的好處。

Trade NAND revenue increased 81% on a year-over-year basis.

Trade NAND 收入同比增長 81%。

Sales were 8% higher quarter-over-quarter, supported by demand from mobile and embedded segments and a 5% increase in ASPs.

在移動和嵌入式領域的需求以及 ASP 增長 5% 的支持下，銷售額環比增長 8%。

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.

由於前面提到的與 NAND 相關的問題，Trade NAND 本季度的非 GAAP 毛利率為 40%，比去年同期增長 24 個百分點，環比下降 1 個百分點。

NAND bit shipments increased sequentially by 3% during the quarter.

本季度 NAND 位出貨量環比增長 3%。

Our fiscal year results reflect strong adoption of our 3D TLC NAND products and a strong market environment.

我們的財年業績反映了我們 3D TLC NAND 產品的廣泛採用和強勁的市場環境。

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.

隨著我們的繼續——當我們考慮業務的持續進展以及競爭環境時，我們計劃從 2018 年第一季度開始對我們的披露進行一些更改。

Specifically, we will be eliminating the presentation of changes in cost per bit and market segmentation detail for each technology.

具體來說，我們將消除每比特成本變化和每種技術的市場細分細節的呈現。

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.

我們的業務向更高附加值的解決方案發展，這些解決方案通常具有更高的 BOM 成本和更高的利潤機會，這使得每比特成本比較成為我們進展的不太可靠的指標。

Relative to the market segmentation by technology, we will continue to provide qualitative color through our business unit reporting.

相對於技術的市場細分，我們將繼續通過我們的業務部門報告提供定性的色彩。

Non-GAAP operating expenses for the quarter were $601 million, essentially flat from the prior quarter.

本季度非美國通用會計準則運營費用為 6.01 億美元，與上一季度基本持平。

The company generated operating cash flow of $3.2 billion in fiscal Q4 compared to $896 million in the year-ago period.

該公司在第四財季產生了 32 億美元的經營現金流，而去年同期為 8.96 億美元。

During the quarter, we deployed $1.5 billion for capital expenditures net of partner contributions and $5.1 billion for the full fiscal year.

在本季度，我們為扣除合作夥伴捐款的資本支出部署了 15 億美元，在整個財年部署了 51 億美元。

DRAM investments were between 40% and 45% of the full year spend, and nonvolatile memory was around 30%.

DRAM 投資佔全年支出的 40% 至 45%，非易失性存儲器約為 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.

本季度的自由現金流為 17 億美元，全年為 33 億美元，而 2016 財年為負 27 億美元。

In fiscal 2017, we deployed $1.6 billion or approximately 50% of our free cash flow for de-levering activities.

2017 財年，我們將 16 億美元或約 50% 的自由現金流用於去槓桿活動。

The results of these activities represent approximately $0.07 of annualized EPS accretion.

這些活動的結果代表了大約 0.07 美元的年化每股收益增長。

We ended the fourth quarter with cash, marketable investments and restricted cash of approximately $6.2 billion.

我們在第四季度結束時擁有約 62 億美元的現金、有價投資和受限現金。

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.

談到我們已經討論了一段時間的更近期的問題，我們在現金流方面的兩個關鍵優先事項是加速公司的成本競爭力和通過降低杠桿來改善我們的財務基礎。

Our fiscal 2018 plan enables both priorities.

我們的 2018 財年計劃支持這兩個優先事項。

We currently expect our fiscal 2018 CapEx net of partner contributions to be in the range of $7.5 billion, plus or minus 5%.

我們目前預計我們的 2018 財年資本支出（扣除合作夥伴貢獻）將在 75 億美元範圍內，正負 5%。

Our investments will be focused on technology transition and product enablement.

我們的投資將集中在技術轉型和產品支持上。

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.

一般來說，我們預計 35% 至 45% 的資本支出將用於 DRAM，35% 至 45% 用於非易失性存儲器，其餘用於技術和產品支持。

There are no wafer capacity additions planned for fiscal 2018.

2018財年沒有計劃增加晶圓產能。

We will continue to target our free cash flow generation for the opportunistic retirement of debt.

我們將繼續以產生自由現金流為目標，以機會主義地償還債務。

We see the opportunity to reach our interim target of $8 billion to $9 billion of gross debt during fiscal 2018.

我們看到了在 2018 財年實現 80 億至 90 億美元總債務的中期目標的機會。

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.

這些行動，連同我們在 2017 財年取得的進展，將推動年化每股收益提高 0.18 美元至 0.23 美元之間。

We also see the potential to be net cash positive as we exit fiscal 2018.

隨著我們退出 2018 財年，我們還看到了淨現金為正的潛力。

Moving on to guidance for fiscal Q1 2018.

繼續對 2018 財年第一季度的指導。

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.

在非公認會計原則的基礎上，我們預計：收入在 61 億美元至 65 億美元之間；毛利率在 50% 至 54% 之間；運營費用在 5.75 億美元至 6.25 億美元之間；營業收入介於 26.5 億美元至 28.5 億美元之間；根據 1,191,000,000 股稀釋後的股份，每股收益在 2.09 美元至 2.23 美元之間。

With that, I'll 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。

As part of our strategic planning process, Micron developed a new vision statement that embodies how we see the opportunities in front of us.

作為我們戰略規劃過程的一部分，美光制定了新的願景聲明，體現了我們如何看待擺在我們面前的機會。

As we close out one year and look to the next, I would like to now share it with you.

在我們結束一年並展望下一年之際，我現在想與您分享。

Our vision- Transforming how the world uses information to enrich life - captures the tremendous potential Micron possesses.

我們的願景——改變世界使用信息來豐富生活的方式——抓住了美光擁有的巨大潛力。

New technologies like artificial intelligence will change the world in ways we can barely imagine today.

人工智能等新技術將以我們今天幾乎無法想像的方式改變世界。

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.

快速數據訪問和高性能數據分析將成為這些轉變的核心，使內存和存儲成為我們眼前正在形成的以數據為中心的世界的核心。

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.

我相信，隨著這些革命性新技術的形成，我們加強重點、加速技術和產品開發以及加強我們在關鍵市場的影響力的戰略將使美光成為行業中日益突出的參與者。

Fiscal 2017 was a record year for us, but I'm confident that the best is yet to come for Micron.

2017 財年對我們來說是創紀錄的一年，但我相信美光的最好成績還沒有到來。

We will now open for questions.

我們現在開始提問。

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

（操作員說明）我們的第一個問題來自瑞士信貸的 John Pitzer。

I guess, Ernie, my first question is just around your CapEx number, $7.5 billion.

我想，厄尼，我的第一個問題是關於你的資本支出數字，75 億美元。

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.

考慮到資本支出的大幅增長，這並不像您對本財年 DRAM 和 NAND 位增長的指導那樣讓我感到驚訝。

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?

我想知道您是否可以幫助我理解，這在多大程度上是由圍繞資本支出的後端加載期望驅動的？

And how do we think about kind of the bit growth exiting next fiscal year?

我們如何看待下一財年的比特增長？

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?

而且我猜，你認為你會在什麼時候開始相對於 DRAM 和 NAND 的行業開始超過比特？

Yes, so multipart question.

是的，所以多部分的問題。

Let me try and break it down in an easily understandable way.

讓我嘗試以一種易於理解的方式對其進行分解。

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.

首先，正如您所指出的，投資資本支出的時間與實現比特增長的時間之間存在時間差。

And certainly, if you look at what we did in 2017, that was actually a function of the investments that we made in 2016.

當然，如果你看看我們在 2017 年所做的事情，那實際上是我們在 2016 年進行的投資的結果。

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.

同樣重要的是要記住，我們能夠從 Inotera 投資中實現的比特增長並不是美光當時資本支出計劃的一部分。

So if you add Micron's spend and Inotera's spend, you're probably in the upper $6 billion range.

因此，如果您將美光的支出和 Inotera 的支出相加，您的支出可能在 60 億美元以上。

And so that's a good point of comparison as we now look at 2018.

所以這是一個很好的比較點，因為我們現在看 2018 年。

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.

因此，在 2018 年，我們預計作為資本支出結果的大部分比特將在本財年後期出現。

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.

你聽到桑傑在他準備好的講話中說，我們將在今年第二或第三財季左右在我們的 64 層 NAND 的輸出基礎上處於交叉狀態。

But it was going to be the exit part of the calendar year for DRAM before we hit bit output crossover on 1X.

但在我們達到 1X 位輸出交叉之前，這將是 DRAM 日曆年的退出部分。

So that gives you some sense of the timing and the impacts of timing on those investments.

因此，這讓您對時間安排以及時間安排對這些投資的影響有所了解。

I would also tell you that our objective over a multiyear period is to grow at about industry levels.

我還要告訴你，我們在多年期間的目標是在行業水平上實現增長。

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.

當然，我們認為這個投資計劃，在多年的過程中，將使我們能夠做到這一點，顯然高於 2017 財年，正如我們剛剛報導的那樣，DRAM 處於低端，略高於 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.

因此，我認為查看我們整個財政年度的快照比較很有趣，但真正重要的是我們打算在這些多年期間與行業保持一致的增長聲明。

And I think that's probably the best broad perspective I can provide.

我認為這可能是我能提供的最好的廣泛視角。

Happy to address any specific question.

很高興解決任何具體問題。

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

當然，我們的重點也將放在高價值解決方案上，以便我們的收入份額超過我們的比特份額。

That's helpful, guys.

這很有幫助，伙計們。

And then Sanjay, this is my follow-on question.

然後是桑傑，這是我的後續問題。

I think clearly, the most significant concern in the investment community is the sustainability of the current environment.

我清楚地認為，投資界最關心的是當前環境的可持續性。

So I'd love to kind of get your thoughts on sustainability.

所以我很想听聽你對可持續性的看法。

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?

而且我想，具體來說，在這樣的環境中，您可以在多大程度上將業務從更多的交易型、手到嘴的業務轉移到可能對您的客戶有更多積壓和可見度的業務，尤其是當您嘗試將組合轉向更高價值的終端解決方案？

In terms of the market environment, we are certainly excited about the demand requirements for DRAM as well as for NAND.

就市場環境而言，我們當然對 DRAM 和 NAND 的需求感到興奮。

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.

正如我在準備好的評論中提到的，我的意思是，DRAM 的一個重要增長動力肯定超過了行業的平均增長速度，那就是服務器和雲計算領域。

And here, we are making great penetration with the hyperscale customers in terms of driving the growth of their DRAM business.

在這裡，我們與超大規模客戶在推動其 DRAM 業務增長方面取得了巨大的成功。

So we remain very bullish about the DRAM market environment.

因此，我們仍然非常看好 DRAM 市場環境。

Through the 2017, we think it will be undersupplied.

到 2017 年，我們認為它將供不應求。

And given the demand trends, we think we'll have healthy demand-supply balance in DRAM throughout 2018 time frame as well.

考慮到需求趨勢，我們認為 DRAM 在整個 2018 年的時間框架內也將保持健康的供需平衡。

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.

就 NAND 而言，眾所周知，移動設備的平均容量肯定在增加，但更重要的是，SSD 正在快速取代 HDD，預計未來連接率將繼續上升幾個季度。

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.

當然，考慮到人工智能、機器學習的所有趨勢，SSD 在雲和超大規模數據中心環境中也有很強的價值主張，所有這些都在推動大數據分析。

So all these trends related to artificial intelligence, big growth in data, customers wanting to offer differentiated value to their end customers.

因此，所有這些趨勢都與人工智能、數據的大幅增長以及希望為最終客戶提供差異化價值的客戶有關。

All of this is driving need for memory and storage solutions.

所有這些都推動了對內存和存儲解決方案的需求。

And overall, we remain pretty bullish about the demand trends.

總體而言，我們仍然非常看好需求趨勢。

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.

我的意思是，如果你看看 DRAM 和 NAND，即使是在自動駕駛汽車中，對閃存的需求，我的意思是，正在生成數據——自動駕駛汽車正在生成如此多的數據，以至於它需要在自動駕駛汽車中進行快速處理。車輛以及雲端。

So I think demand trends for the foreseeable future continue to be strong, and that bodes well for our industry.

因此，我認為可預見的未來需求趨勢繼續強勁，這對我們的行業來說是個好兆頭。

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.

關於您關於客戶和一些希望參與長期需求的客戶的問題，是的，這絕對會發生，我們確實會根據不同的客戶來考慮。

I mean, it depends on the nature of the customer's requirements.

我的意思是，這取決於客戶要求的性質。

We cannot get into the details of that here in this call.

在本次電話會議中，我們無法在此處詳細介紹。

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.

但可以肯定的是，我們的業務包括更多交易性質的客戶，每月交易更多的客戶，一些季度交易更多的客戶，當然，某些客戶也參與了長期趨勢。

I think customers are just seeing the increasing value of memory and storage.

我認為客戶只是看到內存和存儲的價值不斷增加。

I mean, this -- DRAM and flash is becoming strategic to our customers.

我的意思是，DRAM 和閃存正成為我們客戶的戰略。

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.

我們的客戶認為美光擁有獨特的定位，擁有強大的 DRAM 和閃存產品組合，並且是西半球唯一一家擁有這些能力的公司。

And that is definitely making us an attractive and valued partner to our customers.

這無疑使我們成為對客戶有吸引力和有價值的合作夥伴。

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.

關於 NAND 位增長的問題。

So the bit growth is increasing to 50% from kind of the high-30s this year.

因此，比特增長率從今年的 30 多歲增長到 50%。

A lot of this, obviously being driven by 3D NAND.

其中很多，顯然是由 3D NAND 驅動的。

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.

想談談你如何看待明年的供需平衡和 NAND 環境，以及你對定價的看法，因為我們開始有更多的供應以及對每比特成本的影響。

So in terms of going into 2018, we see healthy industry demand and supply balance for NAND.

因此，就進入 2018 年而言，我們看到了 NAND 的健康行業供需平衡。

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.

你是對的，由於行業技術向 64 層技術的轉變，比特增長正在上升。

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.

當我們觀察需求趨勢時，正如我剛才指出的那樣，這些需求趨勢繼續強勁，這與 SSD 以及移動設備和各種其他設備中閃存的平均容量增加有關。

So demand continues to be strong.

所以需求依然強勁。

We see healthy trends in that regard in 2018 time frame.

我們在 2018 年的時間範圍內看到了這方面的健康趨勢。

Regarding pricing, we don't specifically, for competitive reasons, provide comments on pricing on the call.

關於定價，出於競爭原因，我們沒有特別在電話會議上對定價發表評論。

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.

但我們只想指出，我們認為健康的行業環境是價格下降小於或等於成本下降的環境。

And we are certainly focused on aggressively reducing our product costs with -- and realizing successfully our technology production ramp of 64-layer.

我們當然專注於積極降低我們的產品成本——並成功實現我們的 64 層技術生產。

And just my follow-up, Sanjay.

只是我的後續行動，桑傑。

One of the positive trends that has been happening at Micron is the diversification of the end markets for DRAM.

美光出現的積極趨勢之一是 DRAM 終端市場的多樣化。

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.

你可以將這個週期與之前的周期進行比較，也許不是很久以前，大約 3 年前，PC 佔 DRAM 的比例更高，而現在它們在今天的 20% 範圍內。

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?

那麼你能談談這個現象嗎，你在準備好的評論中提到了它，但是 DRAM 專業終端市場的多樣化，特別是在圖形、汽車和服務器領域，這如何影響商業模式，如何影響客戶未來的關係和參與？

Certainly, the diversification of the end markets for DRAM absolutely bodes well for the future health of our business.

當然，DRAM 終端市場的多元化絕對是我們業務未來健康的好兆頭。

We are enjoying the benefits of that.

我們正在享受其中的好處。

Calendar year 2017, as you noted, is a great example.

正如您所指出的，2017 日曆年就是一個很好的例子。

And you just pointed out the mix of our DRAM business between PC.

您剛剛指出了我們的 DRAM 業務在 PC 之間的混合。

What used to be just about PC and mobile is now very much about PC, mobile, server, automotive in multitude of markets.

過去只關注 PC 和移動設備，現在在眾多市場中非常關注 PC、移動設備、服務器、汽車。

And Micron has really great presence with variety of -- I mean, whole slew of customers and channels.

美光在各種——我的意思是，大量的客戶和渠道方面有著非常好的影響力。

So this really bodes well, plays very well to the strength of Micron.

所以這確實是個好兆頭，很好地發揮了美光的實力。

It has really, for a long time, enjoyed a diversified set of global customers and great presence in channels.

長期以來，它確實享有多元化的全球客戶群和在渠道中的巨大影響力。

And that is coming into full play as the demand requirements for DRAM continue to grow nicely and into 2 multiple mega-markets.

隨著對 DRAM 的需求持續良好增長並進入兩個多個大型市場，這一點正在充分發揮作用。

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

我們的下一個問題來自 Mark Newman 和 Bernstein 的觀點。

My question is about the technology migration.

我的問題是關於技術遷移的。

You talked about the 64-layer second crossover, I believe, second half FY '18.

你談到了 64 層的第二次交叉，我相信，18 財年下半年。

Can you talk about what's next on NAND Flash 96-layer or whatever it is and what the timing is?

你能談談 NAND Flash 96 層的下一步是什麼，或者不管它是什麼，時間是什麼？

And will Micron look at transitioning to a charged trap flash alternative at 96-layer or perhaps one after that?

美光是否會考慮過渡到 96 層或之後的帶電陷阱閃光替代方案？

And then similarly for DRAM, when -- what is the plan for 1Y and timing for EUV?

然後對於 DRAM 來說也是如此，什麼時候 - EUV 的 1Y 計劃和時間安排是什麼？

With respect to NAND, in terms of our third-generation 3D NAND, we are not yet disclosing the number of layers in that technology.

關於 NAND，就我們的第三代 3D NAND 而言，我們尚未披露該技術的層數。

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.

正如我在準備好的評論中所說，我們在這方面繼續取得良好進展，我們計劃在 2018 年 - 2018 年日曆時間框架內引入該技術，並繼續部署 CMOS Under the Array 技術，該技術繼續為美光提供die-size 的領導地位，這通常從成本的角度來看具有吸引力。

And with respect to DRAM in terms of 1Y node, we will be introducing that node also in calendar 2018 time frame.

關於 DRAM 1Y 節點，我們也將在 2018 年日曆時間框架內引入該節點。

And beyond that, we are not providing any specific details for our technology related to competitive basis.

除此之外，我們沒有提供與競爭基礎相關的技術的任何具體細節。

And your question regarding floating gate, we have a strong road map of future technologies related to floating gate.

還有你關於浮柵的問題，我們有一個與浮柵相關的未來技術的強大路線圖。

And then just as a quick follow-up if I may.

如果可以的話，然後作為快速跟進。

When do you think you will narrow the gap or catch up potentially with Samsung in both the NAND, 3D NAND and DRAM?

您認為您何時會在 NAND、3D NAND 和 DRAM 方面縮小差距或趕上三星？

I mean, I think that you have alluded before to closing the gap and narrowing the gap to 0 hopefully eventually.

我的意思是，我認為您之前已經暗示過縮小差距並希望最終將差距縮小到 0。

I don't think it's happened yet.

我認為這還沒有發生。

Is there an update on your thinking of when that could be?

你對什麼時候的想法有更新嗎？

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.

正如我們之前指出的那樣，在技術成本定位和技術節點準備方面，最近幾年，美光在準備好先進技術方面落後於競爭對手，並與他們並駕齊驅，將這些技術部署到批量生產中。

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.

然而，最近，美光在這一領域取得了非常好的進展，隨著我們將這些技術投入生產，我們正在從中受益。

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.

我之前說過，這種推動新技術節點加速部署到量產並繼續縮小成本差距的事業是多年的現象，我們在這方面取得了很好的進展。

I fully expect us to make -- continue to make good progress in fiscal year 2018 as well.

我完全希望我們能夠在 2018 財年繼續取得良好進展。

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.

我們將 - 當然，我們非常專注於繼續加快我們未來技術投入生產的時間線，然後做好準備將這些技術也投入批量生產。

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.

當然，除此之外，我們仍然非常專注於在 DRAM 和 NAND 中推動更多高價值解決方案的組合。

So these are really 2 very important pillars of our strategy: driving cost competitiveness and driving greater mix of high-value solutions.

因此，這些確實是我們戰略的兩個非常重要的支柱：提高成本競爭力和推動更多高價值解決方案的組合。

And these things don't happen overnight.

而這些事情不會在一夜之間發生。

They will continue to be strong growth opportunities for us going forward over the course of the next few years.

在接下來的幾年裡，它們將繼續為我們提供強勁的增長機會。

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.

給我兩個快速的問題。

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.

首先，您提到隨著需求——明年您對 NAND 的比特增長加速，您希望能夠捕捉到 NAND 市場所看到的一些被壓抑的需求。

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.

我想，我很好奇你是否能談談是什麼讓你相信你的 - 被壓抑的需求今年實際上並沒有變成需求破壞，為什麼它仍然存在。

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.

其次，如果我查看您提供的資本支出明細，看起來大約 15 億美元左右專門用於產品支持。

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.

我只是好奇這個數字與一年前相比如何，如果有什麼你會說它最關注的。

So I will let Ernie comment on the CapEx.

所以我會讓厄尼評論資本支出。

But on the demand side, as I pointed out earlier, I mean, it's not that this demand is perishable.

但在需求方面，正如我之前指出的那樣，我的意思是，這種需求並不是易腐爛的。

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%.

我的意思是，這種需求——就 SSD 取代 HDD 在客戶筆記本電腦中的趨勢而言，其連接率在 2017 年繼續增加，SSD 與 PC 的連接率約為 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%.

在接下來的幾年裡，這個附加率將在 2018 年繼續增長到 50% 左右，到 2020 年，預計將增長到 75% 左右。

So these demand trends are secular in nature.

因此，這些需求趨勢本質上是長期的。

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.

在企業端和雲端，SSD 的附加率以及每台服務器的平均容量需求也在繼續上升。

So these are really very solid secular trends here that are long term in nature.

所以這些都是非常穩固的長期趨勢，本質上是長期的。

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.

當然，移動設備的趨勢是增加新的豐富功能，如增強現實，如豐富的顯示器，所有這些都是繼續推動移動設備平均容量更高的趨勢。

So I feel very good about the demand trends on the NAND side.

所以我對 NAND 方面的需求趨勢感覺非常好。

Yes, and just to follow up on the CapEx.

是的，只是為了跟進資本支出。

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.

如果您按年查看，我們剛剛報告了 17 財年的總數，您會在我們提供的範圍內得到相當相似的數字。

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.

因此，我們預計在硬美元的基礎上，該業務的支持和技術部分可能會增加 1 億到 2 億美元。

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.

這主要與我們一直在談論的卓越中心有關，希望將我們的許多後端業務整合到非常接近我們的前端業務。

Some of the product enablement CapEx is related to back-end captive assembly operations, which will help us improve our cost position going forward.

一些產品支持資本支出與後端專屬裝配操作有關，這將有助於我們改善未來的成本狀況。

And of course, also, there is CapEx associated with upgrading of the infrastructure that is needed to realize the technology transitions.

當然，還有與實現技術轉型所需的基礎設施升級相關的資本支出。

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 Chris Danely。

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?

你能給我們一點顏色嗎？我猜，服務器、移動和 PC 三個主要終端市場的緊張或相對緊張以及本季度的趨勢如何？

And any information, either qualitative or quantitative, you have on inventory levels out there with channel or at customers?

您是否有任何關於渠道或客戶庫存水平的信息，無論是定性的還是定量的？

Just on DRAM.

就在DRAM上。

Sure, Chris.

當然，克里斯。

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.

所以我認為就像現在幾個季度的情況一樣，實際上在你提到的這三個渠道中存在相當多的緊張。

So it would be hard to distinguish one from the other relative to any nuances there.

因此，相對於那裡的任何細微差別，很難區分其中之一。

I don't think there's an inventory issue.

我認為沒有庫存問題。

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.

當然，如果您實際查看報告的庫存水平（通常是財務數據），並根據一年中定價變化的美元成本進行調整，您確實會對庫存有一些不同的看法，正如這些領域的各種客戶和渠道合作夥伴所報告的那樣，但環境仍然強勁。

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.

供需情況繼續相當緊張，我們正在與客戶密切合作，以確保我們在他們考慮未來計劃時與他們保持密切同步。

And for my follow-up question for Sanjay.

對於我對 Sanjay 的後續問題。

By the way, welcome to the DRAM party.

順便說一句，歡迎參加 DRAM 派對。

You were not afraid to engage in M&A at your previous shop.

您不害怕在以前的商店進行併購。

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?

您能否談談美光目前對併購的意願或興趣與繼續改善資產負債表的願望？

We do not rule out M&A in the future.

我們不排除未來併購的可能性。

Right now, our focus is on the priorities that I mentioned that include cost competitiveness and strengthening the high value mix in our revenue.

目前，我們的重點是我提到的優先事項，包括成本競爭力和加強我們收入中的高價值組合。

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.

當然，如果我們要進行併購，我們的重點當然是努力加強我們未來的機會，並使其成為絕對提供強大投資回報率的機會。

Beyond that, I will not speculate in this matter.

除此之外，我不會推測這件事。

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與 Cowen and Company 的 Karl Ackerman。

Ernie and Sanjay, I wanted to ask more of a strategic question.

Ernie 和 Sanjay，我想問更多的戰略問題。

Two of your competitors in the NAND industry have been at disagreement on the trajectory of their manufacturing partnership.

您在 NAND 行業的兩個競爭對手在他們的製造合作夥伴關係的軌跡上存在分歧。

Are you and your existing NAND partner inclined to abstain from future partnerships?

您和您現有的 NAND 合作夥伴是否傾向於放棄未來的合作夥伴關係？

And I have a follow-up, please.

我有一個跟進，拜託。

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.

我認為，我認為，你所指的經驗不會影響我們對合作夥伴關係的看法，所有合作夥伴關係都是非常個性化的、特定於合作夥伴的活動。

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.

因此，當然，雖然我們會像您一樣繼續了解情況，但我們的顏色將非常具體地針對任何潛在的合作夥伴關係或任何合作夥伴關係的延續的當前情況。

And I think we have a long history of valued partnerships here and knowing how to make the partnerships work well.

而且我認為我們在這裡有著悠久的合作夥伴關係歷史，並且知道如何使合作夥伴關係運作良好。

So I mean, partnerships are important.

所以我的意思是，夥伴關係很重要。

Absolutely.

絕對地。

Understood.

明白了。

Appreciate the color.

欣賞顏色。

I guess, for my final question.

我想，對於我的最後一個問題。

This was somewhat addressed earlier in the call.

這在電話會議的早些時候有所解決。

I just want to move back to just some of the content growth that we have been talking about.

我只想回到我們一直在談論的一些內容增長。

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%.

但我們在本季度的實地調查表明，至少在服務器市場，DRAM 的履行率比上一季度有所提高，但仍遠低於 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?

您是否看到現在與 2 級客戶更積極地參與更長期的合同協議，讓您對容量規劃假設更有信心？

I mean, we are definitely seeing strong demand trends from the entire spectrum of our customers.

我的意思是，我們肯定看到來自我們所有客戶的強勁需求趨勢。

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.

雖然所有客戶對我們都很重要，但我們確實與他們進行了有意義的互動，並且我們與他們密切合作以了解他們的需求要求。

And we apply our own judgment to their demand requirements as well in terms of assessing the overall industry demand trends.

在評估整體行業需求趨勢方面，我們也將自己的判斷應用於他們的需求需求。

And based on those demand understanding of our -- on behalf of our customers, we project healthy industry demand-supply environment in DRAM and NAND.

基於我們對這些需求的理解——我們代表我們的客戶，在 DRAM 和 NAND 中預測健康的行業供需環境。

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的 Vijay Rakesh。

Just looking on the DRAM side.

只看DRAM方面。

You mentioned the crossover of 1X nanometer.

您提到了 1X 納米的交叉。

When do you expect to see that?

你預計什麼時候能看到？

And if you can give some color on what the cost structures are as you transition the mix to 1X.

如果您可以在將混合轉換為 1X 時對成本結構進行一些說明。

Sure.

當然。

So we talked about being at bit output crossover for 1X DRAM by -- before the end of calendar year 2018.

因此，我們談到了在 2018 日曆年年底之前實現 1X DRAM 的位輸出交叉。

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.

然後，正如我們之前為 1X 節點所分享的那樣，我們看到與 20 納米相比，每個晶圓的比特數增加了大約 45%，並且每比特成本降低了大約 20% 到 20% 以上。

Right.

正確的。

Got it.

知道了。

And on the NAND side, obviously, pretty nice numbers on the storage business side, up 71%.

在 NAND 方面，顯然存儲業務方面的數字相當不錯，增長了 71%。

But could you parse out how much is enterprise mix for you on NAND?

但是你能解釋一下 NAND 上的企業組合對你來說有多少嗎？

And obviously, you guys have seen some good traction there.

顯然，你們已經看到了一些很好的牽引力。

Where is the enterprise mix exiting next year, let's say?

比方說，明年退出的企業組合在哪裡？

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.

所以我們說我們的 SSD 約占我們 NAND 收入的 20%，這包括我們對客戶的銷售——對客戶客戶以及對超大規模雲和企業客戶的銷售。

And both are roughly about the same in both of those categories.

在這兩個類別中，兩者大致相同。

Beyond that, we don't provide further breakdown.

除此之外，我們不提供進一步的細分。

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

我們的下一個問題來自 Tristan Gerra 和 Baird。

Looking at your production cost reduction time line.

查看您的生產成本降低時間線。

Is it fair to assume that there's going to be some slowdown as you reach crossover for 64-layer in NAND?

假設 NAND 中的 64 層跨界會出現一些放緩，這是否公平？

Meaning that after that, there could be a little bit of a slowdown in terms of your ability to reduce production costs.

這意味著在那之後，您降低生產成本的能力可能會有所放緩。

And then if you could reiterate the production cost reduction targets for NAND and DRAM for 2018?

然後能否重申 2018 年 NAND 和 DRAM 的生產成本降低目標？

Sure.

當然。

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.

所以我認為，就第 3 代 NAND 而言，我們肯定會更多地討論這一點，因為我們可以根據我們的預期以及任何適合的方式進行討論。

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.

因此，僅在數學基礎上，當您在絕對基礎上增加層數時，增量比特會減少，並且成本降低和比特增長機會之間存在關聯。

But in terms of providing specifics, it's very, very early to share that with you.

但就提供細節而言，現在與您分享這一點還為時過早。

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.

如果你看一下 64 層與第一代，正如我們之前討論過的那樣，它處於某個領域，密度是 2 倍，並且比特成本總共降低了大約 30%。

In general, the technology complexity increases with subsequent technology generations both in DRAM and NAND.

一般來說，技術複雜性會隨著 DRAM 和 NAND 的後續技術而增加。

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.

此外，考慮到技術複雜性的增加，您在 NAND 和 DRAM 中獲得的基於每個晶圓的千兆字節或千兆比特往往會隨著先進的技術節點而下降。

So all of those factors play a role in terms of cost reduction capabilities as well going forward.

因此，所有這些因素在未來降低成本的能力方面都發揮著作用。

Okay, great.

好，太棒了。

And then a quick second question.

然後是一個快速的第二個問題。

So you talked about the adoption rate trajectory of SSDs in notebooks.

所以你談到了 SSD 在筆記本電腦中的採用率軌跡。

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?

您能否就數據中心和傳統企業服務器中 SSD 的採用率給出您現在以及例如一兩年後的預期？

Sure, I can do that.

當然，我可以做到。

And I just want to add a comment to the previous question on cost.

我只想對上一個關於成本的問題添加評論。

My comment was related to cost on a per wafer -- gigabytes-per-wafer basis from one technology node to the next.

我的評論與每個晶圓的成本有關——從一個技術節點到下一個技術節點的每晶圓千兆字節。

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.

當然，成本也很大程度上取決於您如何將這些技術部署到批量生產中，這是我們將先進技術更快地部署到生產中的重點領域之一。

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.

現在具體到您關於企業和服務器市場的附加率的第二個問題，因此 SSD 附加率大約為 50% - 以 SSD 每單位為基礎。

And opportunity, there is greater.

而機會，還有更大的。

Average capacities are definitely moving fairly fast.

平均容量肯定在相當快地移動。

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.

事實上，就預計的比特需求同比增長而言，企業和數據中心是閃存增長最快的領域之一。

Average capacities in enterprise and data center for SSDs are over 3 terabytes.

SSD 在企業和數據中心的平均容量超過 3 TB。

That's the average capacity, and that trend continues to increase by some projections, tripling almost to 9 terabytes by 2020 time frame.

這是平均容量，並且這種趨勢會繼續增加一些預測，到 2020 年時間框架將增加近兩倍，達到 9 TB。

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.

所以正如我之前所說，我的意思是，在客戶端和數據中心雲計算應用程序中增加 SSD 的附加率以及平均容量增加的這些需求趨勢是長期趨勢。

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

我們的最後一個問題來自高盛的馬克德萊尼。

First question is a follow-up on CapEx.

第一個問題是對資本支出的跟進。

I was hoping you could clarify the comment about no new wafer capacity additions.

我希望你能澄清關於沒有新晶圓產能增加的評論。

I know you said that explicitly for DRAM, but can you clarify if that also applies to NAND Flash?

我知道您明確說過 DRAM，但您能否澄清這是否也適用於 NAND 閃存？

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.

在這個話題上，如果你能幫助我們了解作為明年資本支出指南的一部分，你可能需要在多大程度上投資新的潔淨室產能，顯然即使沒有增加工廠佔地面積正在增加的新晶圓產能對於 3D NAND，1X 納米和更多。

I know the company had some available.

我知道公司有一些可用的。

But just wondering if any of the spending relates to cleanroom capacity due to the floor space requirements.

但只是想知道由於佔地面積要求，是否有任何支出與潔淨室容量有關。

Yes, Mark.

是的，馬克。

So certainly, the statement about no new wafer capacity in fiscal year 2018 applies equally to both DRAM and NAND.

所以當然，關於 2018 財年沒有新晶圓產能的說法同樣適用於 DRAM 和 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.

關於你的第二個問題，我們分享的資本支出指南沒有任何與建設成本或其他相關的材料。

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.

正如您所指出的，顯然有可用的增量潔淨室空間或可以以相當低的成本提供，但在我們提供的整體指南的過程中並不重要。

Okay.

好的。

And if I could just follow up specifically on smartphone demand trends.

如果我可以專門跟進智能手機需求趨勢。

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.

如果您可以具體談談公司在某些旗艦車型的最終需求方面所看到的情況，而且如果您可以談談一些中國國內 OEM，如果您開始看到需求趨勢的回升那些客戶的記憶。

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.

我認為在旗艦機型中，為了回答您的具體問題，對 DRAM 和 NAND 的需求，平均容量繼續上升。

And of course, the mix of these high-end smartphones also, as a part of the total smartphone market, continues to go up.

當然，這些高端智能手機的組合，作為整個智能手機市場的一部分，也在繼續上升。

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.

特別是 DRAM，高端智能手機中 DRAM 的平均容量從 2017 年的 3 GB 以上，預計將上升到 5 GB 以上，到 2020 年接近 6 GB。

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.

特別是 NAND，2017 年高端智能手機中 NAND 的平均容量約為 70 GB，比方說，預計到 2020 年也將翻一番或一倍以上。

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.

因此，智能手機的平均容量增長趨勢繼續保持穩固，實際上不僅在高端智能手機中，而且在智能手機市場的價值部分也是如此。

And that concludes our question-and-answer session for today.

今天的問答環節到此結束。

I'd like to turn the floor back over to Micron for any closing comments.

我想把發言權交給美光，以徵求任何結束意見。

Thank you.

謝謝你。

That concludes our call today.

我們今天的電話到此結束。

We really appreciate your support.

我們非常感謝您的支持。

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.

作為提醒，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準備好的評論以及網絡直播重播。

Ladies and gentlemen, thank you for your participation in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program, and you may now disconnect.

這確實結束了程序，您現在可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。