美光科技 (MU) 2018 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Micron's First Quarter 2018 Financial Call.

女士們，先生們，美好的一天，歡迎來到美光 2018 年第一季度財務電話會議。

(Operator Instructions) As a reminder, today's conference is being recorded.

（操作員說明）提醒一下，今天的會議正在錄製中。

I would now like to turn the call over to Ms. Shanye Hudson.

我現在想把電話轉給 Shanye Hudson 女士。

Ma'am, you may begin.

女士，您可以開始了。

Thank you, Chelsea, and welcome to Micron Technology's First Fiscal Quarter 2018 Financial Conference Call.

謝謝你，Chelsea，歡迎參加美光科技 2018 財年第一季度財務電話會議。

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 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）正在我們的投資者關係網站investors.micron.com 上進行網絡直播。

In addition, our website contains the earnings press release 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。

A reconciliation of GAAP to non-GAAP financial measures may be found on our website, along with a 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看漲期權稀釋表。

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

提醒一下，本次電話會議和網絡廣播重播的準備好的評論也將在今天晚些時候在我們的網站上提供。

We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the company, including information on the various financial conferences that we'll be attending.

我們鼓勵您在整個季度監控我們的網站 micron.com，以獲取有關公司的最新信息，包括我們將參加的各種財務會議的信息。

You can follow us on Twitter @MicronTech.

您可以在 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're under no duty to update any of the forward-looking statements after today's date to conform these statements to actual results.

我們沒有義務在今天之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

Lastly, Micron is planning to host its 2018 Analyst and Investor Event on May 21 in New York City.

最後，美光計劃於 5 月 21 日在紐約市舉辦 2018 年分析師和投資者活動。

We'll share further details about this event in the coming months.

我們將在接下來的幾個月中分享有關此活動的更多詳細信息。

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.

下午好。

Micron's record first quarter results demonstrate the company's continued strong execution, a market environment that reflects the strategic importance of memory and flash storage and healthy supply and demand fundamentals.

美光創紀錄的第一季度業績表明該公司執行力持續強勁，市場環境反映了內存和閃存的戰略重要性以及健康的供需基本面。

During the quarter, we continued to enhance our cost competitiveness, achieving these maturity on both 1X DRAM and 64-layer 3D NAND.

在本季度，我們繼續提高成本競爭力，在 1X DRAM 和 64 層 3D NAND 上實現了這些成熟度。

We improved our mix of high-value solutions, delivering record SSD revenues and further increasing our SSD share.

我們改進了高價值解決方案的組合，創造了創紀錄的 SSD 收入，並進一步增加了我們的 SSD 份額。

More recently, we began shipping our first 64-layer NAND consumer SSD.

最近，我們開始出貨我們的第一個 64 層 NAND 消費級 SSD。

We also introduced the industry's fastest high-density 32-gigabyte NVDIMM-N, which combines Micron's DRAM and NAND to deliver a persistent memory solution that addresses intense data analytics workloads.

我們還推出了業界最快的高密度 32 GB NVDIMM-N，它結合了美光的 DRAM 和 NAND，提供了一個持久的內存解決方案，可以解決密集的數據分析工作負載。

We have garnered solid interest from enterprise and cloud customers, and customer qualifications are underway.

我們已經獲得了企業和雲客戶的濃厚興趣，並且正在進行客戶資格認證。

And we strengthened our talent bench with the recent addition of Manish Bhatia, who leads our global operations.

我們最近加入了領導我們全球業務的 Manish Bhatia，從而加強了我們的人才儲備。

Manish brings extensive experience in managing end-to-end operations, and is focused on driving manufacturing and supply chain efficiencies to reduce costs and improve our agility.

Manish 在管理端到端運營方面擁有豐富的經驗，並專注於提高製造和供應鏈效率，以降低成本並提高我們的敏捷性。

Finally, we improved our financial foundation with the retirement of $2.4 billion of debt.

最後，我們通過償還 24 億美元的債務改善了我們的財務基礎。

I'm pleased with our accomplishments and believe our focus on speed and execution better position Micron to deliver value to our customers and capture the increasing number of end market opportunities.

我對我們的成就感到滿意，並相信我們對速度和執行的關注使美光能夠更好地為我們的客戶創造價值並抓住越來越多的終端市場機會。

I will now discuss trends and results in each of our major markets.

我現在將討論我們每個主要市場的趨勢和結果。

Cloud and traditional enterprise data center trends are continuing to drive robust demand for memory and flash storage solutions.

雲計算和傳統企業數據中心趨勢繼續推動對內存和閃存存儲解決方案的強勁需求。

Our Q1 SSD revenue to cloud and enterprise customers increased 50% sequentially.

我們第一季度面向雲和企業客戶的 SSD 收入環比增長 50%。

We recovered from the flash component issue discussed in our September earnings call that impacted last quarter's SSD sales.

我們從 9 月財報電話會議中討論的閃存組件問題中恢復過來，該問題影響了上一季度的 SSD 銷售。

On the compute side, we have solid sequential DRAM revenue growth into data center markets, driven primarily by enterprise sales.

在計算方面，我們在數據中心市場的 DRAM 收入連續增長，主要受企業銷售的推動。

DRAM bench shipments to both cloud and enterprise customers were up by more than 50% year-over-year, underscoring the data center's growing need for memory and our strong execution in this market.

對雲和企業客戶的 DRAM bench 出貨量同比增長超過 50%，突顯了數據中心對內存不斷增長的需求以及我們在該市場的強大執行力。

Our 1X nanometer designs have been well received by cloud customers, with more than a quarter of our cloud revenue in Q1 coming from our 1X technology.

我們的 1X 納米設計受到雲客戶的好評，第一季度超過四分之一的雲收入來自我們的 1X 技術。

Fast qualification and production ramp by our cloud customers of new technology node products is a significant benefit, as it diversifies and accelerates our customer traction and market reach during early stages of production deployment of these advanced nodes.

我們的雲客戶對新技術節點產品的快速認證和量產是一個顯著的好處，因為它在這些先進節點的生產部署的早期階段多樣化並加速了我們的客戶牽引力和市場範圍。

The need to access, analyze and store data extends well beyond the cloud.

訪問、分析和存儲數據的需求遠遠超出了雲。

This is perhaps most evident in the mobile market.

這在移動市場上可能最為明顯。

Smartphone capabilities has surpassed simple communication and web browsing.

智能手機的功能已經超越了簡單的通信和網頁瀏覽。

They help us navigate, monitor and interact with the world around us.

它們幫助我們導航、監控和與我們周圍的世界互動。

New cameras capture precious moments with amazing fidelity, and emerging applications like AR have tremendous promise.

新相機以驚人的保真度捕捉珍貴時刻，AR 等新興應用前景廣闊。

This increase in functionality is driving the use of higher capacity memory solutions and increased storage in mobile devices.

這種功能的增加正在推動使用更高容量的內存解決方案並增加移動設備的存儲空間。

These trends, along with our solid execution, drove record mobile revenue in F Q1.

這些趨勢，加上我們穩健的執行力，推動了第一季度創紀錄的移動收入。

We are strengthening our offerings and continue to diversify our portfolio of LPDRAM, MCP and discrete managed storage solutions to meet the growing needs of our customers.

我們正在加強我們的產品，並繼續使我們的 LPDRAM、MCP 和離散託管存儲解決方案組合多樣化，以滿足客戶不斷增長的需求。

We are accelerating our progress to expand our portfolio of low-power solutions, with the release of new products, such as our 1X LPDRAM designs.

隨著新產品的發布，例如我們的 1X LPDRAM 設計，我們正在加速擴展我們的低功耗解決方案組合。

We also shipped initial samples of our 64-layer NAND discrete UFS solution to chipset partners and customers with very promising results.

我們還向芯片組合作夥伴和客戶提供了 64 層 NAND 離散 UFS 解決方案的初始樣品，並取得了非常有希望的結果。

Home automation and edge computing devices continue to drive strong revenues in consumer and industrial market segments, which require a wide variety of memory and managed [storage] products.

家庭自動化和邊緣計算設備繼續推動消費和工業細分市場的強勁收入，這些細分市場需要各種各樣的內存和託管 [存儲] 產品。

As more edge devices begin to integrate machine learning and intelligence, we see opportunities to provide higher performance memory and flash storage solutions in these markets.

隨著越來越多的邊緣設備開始集成機器學習和智能，我們看到了在這些市場中提供更高性能內存和閃存存儲解決方案的機會。

We have also seen rapidly growing demand for our graphics products.

我們還看到對我們的圖形產品的需求迅速增長。

The graphics market continues to be fueled by the ever-growing popularity of gaming and eSports.

圖形市場繼續受到遊戲和電子競技日益普及的推動。

Although smaller in size, recent interest in cryptocurrency mining has put further pressure on graphics memory supply.

儘管規模較小，但最近對加密貨幣挖礦的興趣給圖形內存供應帶來了進一步的壓力。

Our close customer relationships and leading product portfolio helped drive record graphics revenue, up more than 75% year-over-year.

我們密切的客戶關係和領先的產品組合幫助推動了創紀錄的圖形收入，同比增長超過 75%。

We sampled industry-leading 16 gigabit per second GDDR6 products to key customers, and are seeing significant interest in automotive and networking applications that meet the high bandwidth this memory provides.

我們向主要客戶採樣了業界領先的每秒 16 Gb GDDR6 產品，並發現人們對滿足這種內存提供的高帶寬的汽車和網絡應用產生了濃厚的興趣。

We plan to ramp GDDR6 to production in early calendar 2018 for the graphics market, followed by other high-performance applications, such as automotive and networking.

我們計劃在 2018 年初為圖形市場量產 GDDR6，然後是其他高性能應用，例如汽車和網絡。

The rapid innovation in automotive technology towards autonomous driving continues to create significant demand for higher memory capacities and greater performance.

汽車技術在自動駕駛方面的快速創新繼續對更高的內存容量和更高的性能產生巨大的需求。

We secured a key design win in an important autonomous driving platform this quarter and are focused on replicating our success to retain our leading-edge share in that market.

本季度，我們在一個重要的自動駕駛平台上獲得了關鍵設計勝利，並專注於復制我們的成功，以保持我們在該市場的領先份額。

Automotive customers are moving more rapidly to new memory technologies than they have in the past, and our announcement of the fastest 1X LPDDR4 and GDDR6 products for autonomous driving applications will ensure we continue to support this shift to leading-edge technologies.

與過去相比，汽車客戶正在以更快的速度轉向新的內存技術，我們發布的用於自動駕駛應用的最快 1X LPDDR4 和 GDDR6 產品將確保我們繼續支持這種向領先技術的轉變。

We also set record revenues supplying the networking applications that serve data centers and edge devices as our reputation for consistency and innovation drives strong ties with networking customers.

我們還在為服務於數據中心和邊緣設備的網絡應用程序提供創紀錄的收入，因為我們在一致性和創新方面的聲譽推動了與網絡客戶的緊密聯繫。

These diversified growth drivers and structural market trends are generating tremendous opportunity for Micron.

這些多元化的增長動力和結構性市場趨勢正在為美光帶來巨大的機遇。

We are uniquely positioned in these markets with a broad portfolio of both DRAM and NAND solutions, excellent quality and comprehensive customer ecosystem engagement.

我們憑藉廣泛的 DRAM 和 NAND 解決方案組合、卓越的品質和全面的客戶生態系統參與，在這些市場中處於獨特的地位。

We are focused on developing the right products, deepening our customer relationships and enriching our revenue mix to capitalize on these opportunities.

我們專注於開發合適的產品、加深我們的客戶關係並豐富我們的收入組合以利用這些機會。

Turning now to manufacturing and technology.

現在轉向製造和技術。

Our ability to execute our technology road map and drive cost competitiveness are foundational to our ongoing success.

我們執行技術路線圖和提高成本競爭力的能力是我們持續成功的基礎。

In terms of wafer manufacturing plans, we still expect to achieve bit output crossover on 64 layer NAND during the second half of fiscal 2018 and expect to achieve bit output crossover on 1X DRAM by the end of calendar 2018.

在晶圓製造計劃方面，我們仍預計在 2018 財年下半年實現 64 層 NAND 的位輸出交叉，並預計到 2018 年年底實現 1X DRAM 的位輸出交叉。

We are outfitting our new back-end factory in Taichung, Taiwan to ramp assembly and test capacity and expect meaningful output from the facility before the end of the fiscal year.

我們正在裝備我們在台灣台中的新後端工廠，以提高組裝和測試能力，並期望在本財政年度結束前從該工廠實現有意義的產出。

Our capital investments are tracking with our deployment plans, and we are seeing good traction in improving the efficiency and cost effectiveness of our operations through these investments.

我們的資本投資正在跟踪我們的部署計劃，並且我們看到了通過這些投資提高運營效率和成本效益的良好牽引力。

Both 1Y DRAM and third-generation 3D NAND development are progressing well, and we remain on track for initial output of both in the second half of calendar 2018.

1Y DRAM 和第三代 3D NAND 開發進展順利，我們將在 2018 年下半年保持兩者的初始產量。

We continue to make good progress with our 3D XPoint technology.

我們繼續在 3D XPoint 技術方面取得良好進展。

Historically, Micron's efforts on 3D XPoint have been largely focused on technology development and early manufacturing ramp.

從歷史上看，美光在 3D XPoint 上的努力主要集中在技術開發和早期製造階段。

But given our increased focus on high-value product solutions, we have recently resourced a product development team to address the opportunity ahead of us.

但鑑於我們越來越關注高價值產品解決方案，我們最近已配備了一個產品開發團隊來應對我們面前的機會。

Simultaneously, we are working with various players in the ecosystem to assess market and enablement opportunities, and we will provide further details of our views regarding these opportunities during our upcoming analyst event.

同時，我們正在與生態系統中的各個參與者合作，以評估市場和支持機會，我們將在即將舉行的分析師活動中提供我們對這些機會的看法的更多細節。

We will also continue to have the opportunity to sell our 3D XPoint output to our partner, as this market develops.

隨著市場的發展，我們還將繼續有機會將我們的 3D XPoint 輸出出售給我們的合作夥伴。

Switching to our industry outlook, our supply and demand projections remain consistent with what we shared last quarter.

切換到我們的行業前景，我們的供需預測與我們上個季度分享的一致。

DRAM industry supply bit growth is expected to be about 20% in calendar 2018, and we expect a healthy market environment driven by the ongoing enterprise data center, cloud and mobile strength, as we just discussed.

預計 2018 年 DRAM 行業供應位增長約為 20%，正如我們剛剛討論的，我們預計由持續的企業數據中心、雲和移動實力推動的健康市場環境。

We expect the industry bit growth for NAND to approach 50% in calendar 2018 as the industry continues to ramp 64 layer designs into volume production.

隨著行業繼續將 64 層設計投入量產，我們預計 NAND 的行業位增長將在 2018 年接近 50%。

SSD adoption in client computing and data center applications continues to increase and will expand further as more supply becomes available over time.

SSD 在客戶端計算和數據中心應用程序中的採用率不斷增加，並且隨著時間的推移提供更多供應，將進一步擴大。

Against that backdrop, projections for our own bit growth remain unchanged.

在這種背景下，我們對自身比特增長的預測保持不變。

We expect our DRAM bit growth to be slightly below the industry, and we expect our NAND bit growth to be somewhat above the industry for fiscal 2018.

我們預計 DRAM 位增長將略低於行業，我們預計 NAND 位增長將略高於 2018 財年的行業。

During fiscal 2018, we are focusing on technology transitions for both DRAM and NAND without any additions to our total wafer capacity and on improving our mix of high-value solutions to enhance our revenue share.

在 2018 財年，我們專注於 DRAM 和 NAND 的技術轉型，而不增加我們的總晶圓產能，並致力於改進我們的高價值解決方案組合以提高我們的收入份額。

For fiscal 2019 and beyond, we continue to assess scenarios for the Fab clean room space required to implement technology transitions to future, more advanced DRAM and 3D NAND nodes.

對於 2019 財年及以後的財年，我們將繼續評估實現向未來更先進的 DRAM 和 3D NAND 節點的技術過渡所需的 Fab 潔淨室空間的情景。

I'll now turn it over to Ernie to provide details on our first quarter results by business unit.

我現在將把它交給厄尼，按業務部門提供我們第一季度業績的詳細信息。

Thank you, Sanjay, and thanks to all of you for joining the call today.

謝謝你，桑傑，也感謝大家今天加入電話會議。

We had a very strong start to our fiscal year, exceeding guidance across all financial metrics, driven by strong execution, a continued robust market environment and further progress on our technology migrations.

在強大的執行力、持續強勁的市場環境和技術遷移的進一步進展的推動下，我們在本財年的開局非常強勁，超過了所有財務指標的指引。

For fiscal Q1, total company revenue was $6.8 billion, up 11% from the prior quarter and up 71% on a year-over-year basis.

第一財季，公司總收入為 68 億美元，比上一季度增長 11%，同比增長 71%。

Non-GAAP gross margin expanded to 55%, up 4 percentage points from Q4 and 29 percentage points from the first quarter of fiscal 2017.

Non-GAAP 毛利率擴大至 55%，比第四季度增長 4 個百分點，比 2017 財年第一季度增長 29 個百分點。

Non-GAAP operating margin was 46%, up from 41% in the prior quarter and up 35 percentage points from the year ago period.

非美國通用會計準則營業利潤率為 46%，高於上一季度的 41%，同比增長 35 個百分點。

We continue to prudently manage spending with non-GAAP operating expenses totaling $612 million for the quarter, up 2% from Q4, with both SG&A and R&D remaining relatively flat quarter-on-quarter.

我們繼續審慎地管理支出，本季度非 GAAP 運營費用總計 6.12 億美元，比第四季度增長 2%，SG&A 和研發與上一季度相比保持相對平穩。

Non-GAAP net income increased to 44% of revenue and totaled approximately $3 billion or $2.45 per share.

Non-GAAP 淨收入增加至收入的 44%，總計約 30 億美元或每股 2.45 美元。

This performance compares with $2.4 billion or $2.02 per share in Q4 and $335 million or $0.32 per share from the year ago period.

相比之下，第四季度為 24 億美元或每股 2.02 美元，去年同期為 3.35 億美元或每股 0.32 美元。

Turning to performance by business unit.

轉向業務部門的績效。

The Compute and Networking Business Unit reported FQ1 revenue of $3.2 billion, up 13% sequentially, and more than double year ago levels.

計算和網絡業務部門報告 FQ1 收入為 32 億美元，環比增長 13%，是一年前水平的兩倍多。

Our record performance was driven by increasing server memory content, which drove higher sales to enterprise customers together with strong demand for graphics processing.

我們創紀錄的業績是由不斷增加的服務器內存內容推動的，這推動了對企業客戶的更高銷售額以及對圖形處理的強勁需求。

Operating income was 60% compared to 56% in F Q4 and 14% in FQ1 2017.

營業收入為 60%，而 2017 年第四季度和第一季度分別為 56% 和 14%。

Q1 Storage Business Unit revenues increased 7% sequentially to $1.4 billion, driven by strong growth in SSD sales.

在 SSD 銷售強勁增長的推動下，第一季度存儲業務部門收入環比增長 7% 至 14 億美元。

On a year-over-year basis, revenues were up 61%, driven by increasing market share in SSDs.

在 SSD 市場份額增加的推動下，收入同比增長 61%。

In fact, sales of SSDs reached record levels in the quarter with double-digit sequential growth across consumer, client and enterprise and cloud markets.

事實上，SSD 的銷售額在本季度達到了創紀錄的水平，在消費者、客戶和企業以及雲市場中實現了兩位數的連續增長。

SBU operating margins increased to 29% from 19% in the prior quarter and negative 5% in fiscal Q1 '17.

SBU 營業利潤率從上一季度的 19% 增加到 29%，在 17 財年第一季度為負 5%。

These results reflect a higher-value product mix and continued market acceptance of our TLC 3D NAND-based products.

這些結果反映了更高價值的產品組合和我們基於 TLC 3D NAND 的產品的持續市場接受度。

The Mobile Business Unit reported $1.4 billion in revenue, up 16% sequentially and up 32% year-over-year.

移動業務部門報告收入為 14 億美元，環比增長 16%，同比增長 32%。

We are seeing strong acceptance of our LPDRAM products and continue to enhance our portfolio of managed NAND offerings.

我們看到我們的 LPDRAM 產品得到廣泛接受，並繼續增強我們的託管 NAND 產品組合。

The solid demand environment, combined with the traction we've made with our latest generation products, led to operating income of 37%, up from 31% in FQ4 and 9% in FQ1 2017.

穩健的需求環境，加上我們最新一代產品的吸引力，導致營業收入增長 37%，高於 2017 年第四季度的 31% 和 2017 年第一季度的 9%。

The Embedded Business Unit reported revenue of $830 million in FQ1, in line with the prior quarter and up 44% year-over-year.

嵌入式業務部門報告第一季度收入為 8.3 億美元，與上一季度持平，同比增長 44%。

Operating margin was 41%, essentially flat from the prior quarter, and up 10 percentage points year-over-year.

營業利潤率為 41%，與上一季度基本持平，同比增長 10 個百分點。

As Sanjay noted earlier, we continue to see exciting demand trends across each of the underlying embedded markets with evolving end market requirements ranging from high-performance memory for autonomous driving to ultra-high-density storage solutions for edge devices, such as video surveillance cameras.

正如 Sanjay 之前指出的那樣，我們繼續看到每個底層嵌入式市場的令人興奮的需求趨勢，以及不斷變化的終端市場需求，從用於自動駕駛的高性能內存到用於邊緣設備（如視頻監控攝像頭）的超高密度存儲解決方案.

We are focused on building upon our existing leadership position to capture these growth opportunities.

我們專注於鞏固我們現有的領導地位，以抓住這些增長機會。

Turning to results by product line.

轉向產品線的結果。

DRAM represented 67% of overall company revenue in fiscal Q1.

DRAM 在第一財季占公司總收入的 67%。

Demand for client PCs, solid exposure to new flagship smartphones and ongoing strength from servers, particularly in cloud and hyperscale data centers, drove DRAM revenue higher during the quarter, up 13% sequentially and up 88% year-over-year.

對客戶端 PC 的需求、對新旗艦智能手機的穩固曝光以及服務器（尤其是在雲計算和超大規模數據中心）的持續增長推動了本季度 DRAM 收入的增長，環比增長 13%，同比增長 88%。

Sequentially, shipment quantities increased in the upper single-digit range, while ASPs increased in the mid-single-digit range.

隨後，出貨量在上個位數範圍內增加，而平均售價在中個位數範圍內增加。

DRAM non-GAAP gross margin was 61.5% in FQ1, up 2 percentage points from the prior quarter and up 33 percentage points from the year ago quarter.

FQ1 DRAM non-GAAP 毛利率為 61.5%，較上一季度上升 2 個百分點，較去年同期上升 33 個百分點。

Revenue from trade NAND increased 2% sequentially and represented 27% of overall company revenue in fiscal Q1.

來自貿易 NAND 的收入環比增長 2%，佔第一財季公司總收入的 27%。

Trade NAND revenue was up 47% year-over-year, driven by our strong growth and market share gains in the SSD market and robust demand from the mobile and embedded markets.

由於我們在 SSD 市場的強勁增長和市場份額增長以及移動和嵌入式市場的強勁需求，Trade NAND 收入同比增長 47%。

On a sequential basis, shipment quantities increased in the mid-single-digit range, while ASPs declined in the low single-digit range.

從環比來看，出貨量在中個位數範圍內增加，而平均售價在低個位數範圍內下降。

Trade NAND non-GAAP gross margin was 49% in FQ1, up 9 percentage points from the prior quarter and up 26 percentage points from the year ago quarter, reflecting a richer mix of sales into high-value end markets.

第一季度貿易 NAND 非 GAAP 毛利率為 49%，比上一季度增長 9 個百分點，比去年同期增長 26 個百分點，反映出高價值終端市場的銷售組合更加豐富。

As Sanjay noted in his prepared remarks, we are making strong progress on the rollout of our 1X nanometer DRAM and 64 layer 3D NAND deployment.

正如 Sanjay 在他準備好的講話中指出的那樣，我們在推出 1X 納米 DRAM 和 64 層 3D NAND 部署方面取得了巨大進展。

The rollout of these technologies will enable meaningful levels of ongoing cost per bit reduction as we make progress throughout fiscal '18.

隨著我們在整個 18 財年取得進展，這些技術的推出將使每比特成本持續顯著降低。

For DRAM, our bit output growth will be more heavily weighted to the first half of the fiscal year, while NAND bit output growth will be relatively greater in the second half of the fiscal year.

對於DRAM，我們的位元產量增長將在本財年上半年更加重要，而NAND位元產量增長將在本財年下半年相對更大。

The company generated operating cash flow of $3.6 billion in fiscal Q1 compared to $1.1 billion in the year ago period.

該公司在第一財季產生了 36 億美元的經營現金流，而去年同期為 11 億美元。

During the quarter, we deployed $1.9 billion for capital expenditures, net of partner contributions.

在本季度，我們為資本支出部署了 19 億美元，扣除了合作夥伴的貢獻。

We continue to expect FY '18 CapEx in the range of $7.5 billion, plus or minus 5%, fairly balanced between the first and second halves of the fiscal year.

我們繼續預計 18 財年的資本支出在 75 億美元的範圍內，正負 5%，在本財年上半年和下半年之間相當平衡。

Free cash flow for the quarter was $1.7 billion compared to negative free cash flow in the year ago period.

本季度的自由現金流為 17 億美元，而去年同期為負自由現金流。

We continue to pursue our plans to strengthen our balance sheet and lower debt.

我們繼續執行我們的計劃，以加強我們的資產負債表和降低債務。

During fiscal Q1, we raised $1.4 billion from an equity offering and repurchased or converted $2.4 billion in principal amount of our debt.

在第一財季，我們通過股票發行籌集了 14 億美元，並回購或轉換了 24 億美元的債務本金。

Total face value of debt was $9.3 billion as of the end of FQ1, and we currently expect to exit FY '18 with approximately $8 billion in face value debt.

截至第一季度末，債務總面值為 93 億美元，我們目前預計將在 18 財年以約 80 億美元的面值債務退出。

We expect the interest savings from these deleveraging actions, combined with higher interest income from larger cash balances and the anti-dilutive effects of selling converts for cash, to materially offset the dilutive impacts associated with the equity offering.

我們預計，這些去槓桿行動帶來的利息節省，加上更大的現金餘額帶來的更高的利息收入以及以現金出售轉換債券的反稀釋效應，將在很大程度上抵消與股票發行相關的稀釋影響。

Exiting FY '18, we foresee non-GAAP net interest expense of $25 million to $30 million per quarter versus $100 million per quarter in FQ4 of '17.

退出 18 財年，我們預計非 GAAP 淨利息支出為每季度 2500 萬美元至 3000 萬美元，而 17 財年第四季度為每季度 1 億美元。

We ended the first quarter with cash, marketable investments and restricted cash of approximately $6.6 billion and continue to see the opportunity to exit FY '18 in a positive net cash position.

我們以現金、有價投資和約 66 億美元的受限現金結束了第一季度，並繼續看到以正淨現金狀況退出 18 財年的機會。

Moving on to guidance for fiscal Q2 2018.

繼續對 2018 財年第二季度的指導。

On a non-GAAP basis, we expect the following: revenue in the range of $6.8 billion to $7.2 billion; gross margin in the range of 54% to 58%; operating expenses between $625 million and $675 million; operating income ranging between $3.25 billion and $3.45 billion; and EPS ranging between $2.51 and $2.65 per share, based on 1,241,000,000 diluted shares.

在非公認會計原則的基礎上，我們預計：收入在 68 億美元至 72 億美元之間；毛利率在 54% 至 58% 之間；運營費用在 6.25 億美元至 6.75 億美元之間；營業收入介於 32.5 億美元至 34.5 億美元之間；每股收益在 2.51 美元至 2.65 美元之間，基於 1,241,000,000 股稀釋後的股份。

Finally, a word about tax reform.

最後，談談稅制改革。

As drafted, the legislation would have no significant impact to our FY '18 tax rate, which we continue to expect to be in the mid-single-digit range.

根據草案，該立法不會對我們 18 財年的稅率產生重大影響，我們繼續預計該稅率將在中個位數範圍內。

In FY '19 and beyond, we would expect some impact to our non-GAAP tax rate with an offsetting benefit of more flexibility in deploying our global cash balances.

在 19 財年及以後，我們預計會對我們的非公認會計原則稅率產生一些影響，並在部署我們的全球現金餘額時獲得更大的靈活性。

As further clarity around this legislation develops, we will provide appropriate updates.

隨著圍繞該立法的進一步明確，我們將提供適當的更新。

With that, I will turn it back to Sanjay.

有了這個，我會把它轉回給桑傑。

Thank you, Ernie.

謝謝你，厄尼。

As we close out calendar 2017 and look to 2018, we see increasing opportunities for Micron to play a larger role in the technology trends shaping modern life.

隨著我們結束 2017 年日曆並展望 2018 年，我們看到美光在塑造現代生活的技術趨勢中發揮更大作用的機會越來越多。

We will be hosting an Analyst Conference in May, where we plan to elaborate on our view of these trends and how Micron envisions our technologies shaping the world in the years to come.

我們將在 5 月舉辦一次分析師會議，我們計劃在會上詳細闡述我們對這些趨勢的看法，以及美光如何設想我們的技術在未來幾年塑造世界。

We believe that our technologies, capabilities and team talent place us in a unique position in the market.

我們相信，我們的技術、能力和團隊人才使我們在市場上處於獨特的地位。

Memory and flash storage are strategic assets that put Micron at the intersection of the biggest growth trends in technology, and we cannot be more excited about our future.

內存和閃存是使美光處於技術最大增長趨勢交叉點的戰略資產，我們對我們的未來感到無比興奮。

Our customers increasingly view us as an essential partner in early design discussions due to the differentiation our solutions can provide.

由於我們的解決方案可以提供差異化，我們的客戶越來越多地將我們視為早期設計討論中的重要合作夥伴。

We are focused on increasing this value, and I look forward to sharing the results of that focus throughout 2018.

我們專注於提高這一價值，我期待在 2018 年全年分享這一關注的成果。

We will now open for questions.

我們現在開始提問。

(Operator Instructions) And our first question comes from the line of Srini Pajjuri with Macquarie Securities.

（操作員說明）我們的第一個問題來自麥格理證券的 Srini Pajjuri。

A couple of questions on the NAND side.

關於 NAND 方面的幾個問題。

Sanjay, at least among the investor community, there seems to be some concerns that there's going to be a flood of supply coming online into the industry in the first half.

桑傑，至少在投資者群體中，似乎有人擔心上半年會有大量的在線供應湧入該行業。

I'm just wondering if you have any thoughts about what your view is about the supply/demand balance as we head into the first half.

我只是想知道您是否對我們進入上半年時對供需平衡的看法有任何想法。

And then, for Ernie, the NAND gross margin improvement is 900 basis points, sequentially.

然後，對於 Ernie 來說，NAND 毛利率依次提高了 900 個基點。

I know you mentioned mix healthy there, but I'm just curious if you could provide some more color as to exactly what's driving that, and how sustainable that is going forward?

我知道你在那裡提到過健康混合，但我只是好奇你是否可以提供更多顏色來說明究竟是什麼推動了這一點，以及未來的可持續性如何？

So in terms of the industry demand supply environment, let me just say that with respect to the industry supply growth in the calendar year 2018, we have said that the industry supply growth would be approaching 50%.

所以在行業需求供給環境方面，我只想說，對於2018日曆年的行業供給增長，我們說行業供給增長接近50%。

While that is more than what the calendar year '17 supply growth is in the range of 35% to 40%, the -- overall, what you have to look at is the demand requirements.

雖然這超過了 17 日曆年的供應增長在 35% 到 40% 的範圍內，但總體而言，您必須關注的是需求需求。

In calendar year '17, of course, supply has been tight.

當然，在 17 日曆年，供應一直很緊張。

There has been pent-up demand, particularly in the areas of client SSDs and the client PC, notebook PC environments.

一直存在被壓抑的需求，特別是在客戶端 SSD 和客戶端 PC、筆記本電腦環境領域。

The march toward high-density SSDs in notebook PCs was somewhat slowed down given the overall tightness of supply in calendar year '17.

鑑於 17 日曆年整體供應緊張，筆記本電腦向高密度 SSD 邁進的步伐有所放緩。

When I look ahead at calendar year '18, I see strong demand trends with respect to attach rate of SSDs and client PCs continue to increase.

當我展望 '18 日曆年時，我看到關於 SSD 和客戶端 PC 連接率的強勁需求趨勢繼續增加。

The applications related to cloud and data centers, enterprise data centers continuing to drive higher average capacities, usage in cloud and data center applications as well.

與雲和數據中心相關的應用程序、企業數據中心繼續推動更高的平均容量、雲和數據中心應用程序的使用。

And certainly, in mobile applications also, the average capacities of NAND content continue to increase.

當然，在移動應用中，NAND 內容的平均容量也在不斷增加。

And these are all increasing because of the trends, right?

由於趨勢，這些都在增加，對嗎？

I mean, attach rate in notebook PCs in calendar year '17, about 35% going toward over the course of next several years by 2020 time frame, getting to 75% attach rates.

我的意思是，在 17 日曆年筆記本電腦的附加率約為 35%，到 2020 年的未來幾年將達到 75% 的附加率。

So a lot of HDD, that is still to be replaced with SSDs.

所以很多HDD，仍然要被SSD取代。

And same trends are continuing in all markets for NAND.

同樣的趨勢在所有 NAND 市場都在繼續。

Average capacities are continuing to increase.

平均容量繼續增加。

So the demand trends continues to be very robust.

因此，需求趨勢仍然非常強勁。

For flash, yes, more supply environment, but we are very focused on continuing to strengthen our product portfolio and increase our share with respect to SSD markets as well as with more managed NAND solutions to address the mobile markets.

對於閃存，是的，更多的供應環境，但我們非常專注於繼續加強我們的產品組合併增加我們在 SSD 市場以及更多託管 NAND 解決方案以應對移動市場的份額。

And relative to the question about margins, I think there are 2 pieces of that.

關於邊距的問題，我認為有兩部分。

One, we are making progress toward a mix -- a higher value-added mix of solutions, and those typically carry the opportunity for higher margins.

第一，我們正在朝著混合方向取得進展——一種具有更高附加值的解決方案組合，而這些通常會帶來更高利潤的機會。

Also, we continue to make progress on the cost side with respect to increasing amounts of 3D NAND as well as TLC, and you had a good quarter for cost reduction as well.

此外，在增加 3D NAND 和 TLC 的數量方面，我們繼續在成本方面取得進展，你們在降低成本方面也有一個不錯的季度。

So it's a combination of both market facing with the higher value-add solutions, and then, a good quarter from an operational perspective relative to cost.

因此，這是面向市場和更高附加值解決方案的結合，然後，從運營角度來看，這是一個相對於成本而言的良好季度。

And then, maybe just one follow-up, Ernie, on the balance sheet.

然後，也許只是資產負債表上的一個後續行動，厄尼。

I think you previously said your gross debt target is about $8 billion, which you said you're going to reach, I guess, next quarter.

我想你之前說過你的總債務目標約為 80 億美元，你說你會在下個季度達到這個目標。

Given -- assuming that the tax bill will pass, is there any change to that target?

鑑於 - 假設稅收法案將通過，該目標是否有任何變化？

And then, if you can talk about, again, assuming that the tax bill will pass, what's your priorities for cash going forward?

然後，如果您可以再次談論，假設稅收法案將通過，那麼您未來的現金優先事項是什麼？

Yes.

是的。

I don't think we've said that we'd reach that gross debt target in FQ2.

我認為我們沒有說過我們會在第二季度達到總債務目標。

We said, by the end of our fiscal year.

我們說，在我們的財政年度結束時。

And so I wouldn't expect that we would achieve that level end fiscal Q2.

所以我不認為我們會在第二季度末達到這個水平。

The tax bill, as we understand it, would not necessarily change the priorities, which are always to continue to make sure we have the best technology we can in production and to be able to transition that at a time that makes sense for us.

據我們了解，稅收法案不一定會改變優先事項，優先事項始終是繼續確保我們在生產中擁有最好的技術，並能夠在對我們有意義的時候進行過渡。

And then, for fiscal year '18, certainly, getting the balance sheet in shape relative to these aggregate levels of debt.

然後，對於 18 財年，當然，要使資產負債表相對於這些總債務水平有所改善。

And our next question comes from the line of Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

On the DRAM side, you've got Intel ramping Skylake.

在 DRAM 方面，英特爾正在加速 Skylake。

You've got AMD ramping EPYC on the server CPU side.

您已經讓 AMD 在服務器 CPU 端加速 EPYC。

Cloud and hyperscale CapEx spending looks to grow about 30% next year.

雲計算和超大規模資本支出明年有望增長約 30%。

Given all of this, do you guys anticipate continued momentum and mix in your server and cloud business in DRAM to continue to move higher next year?

鑑於所有這些，你們是否預計 DRAM 的服務器和雲業務在明年繼續走高？

And then, from an industry perspective, does the server and cloud segment become a bigger part of the DRAM consumption mix over the next 2 to 3 years overtaking mobile?

然後，從行業的角度來看，服務器和雲部分是否會在未來 2 到 3 年內超過移動設備，成為 DRAM 消費組合中更大的一部分？

Yes.

是的。

Absolutely.

絕對地。

Cloud and server, data center enterprise as well as cloud data centers absolutely will continue to be the biggest growth drivers at large volumes for the DRAM industry.

雲和服務器、數據中心企業以及雲數據中心絕對將繼續成為 DRAM 行業大批量增長的最大驅動力。

And we have very strong penetration in these markets.

我們在這些市場有很強的滲透力。

And actually, we do expect to continue to build momentum in these markets going forward.

實際上，我們確實希望繼續在這些市場中建立動力。

Great.

偉大的。

And Sanjay, you talked about semi and fully autonomous wins in the quarter.

還有桑傑，你談到了本季度半自動和全自動的勝利。

All of the major auto OEMs and self-systems guys are focused on this.

所有主要的汽車原始設備製造商和自主系統公司都專注於這一點。

We talked to one of the leading guys that's focused on sensors and processor technology required for these types of vehicles.

我們與一位專注於這類車輛所需的傳感器和處理器技術的領軍人物進行了交談。

They're talking about 25, 30 gigabytes of DRAM and 1 terabyte SSDs per car for level 4 and level 5 fully autonomous.

他們正在談論每輛汽車 25、30 GB 的 DRAM 和 1 TB 的 SSD，用於 4 級和 5 級完全自動駕駛。

That's a pretty significant step up in DRAM and NAND content.

這是 DRAM 和 NAND 內容的一個相當重要的進步。

Is that consistent with how you see the content trends in automotive over the next kind of 3 to 5 years?

這與您對未來 3 到 5 年汽車內容趨勢的看法一致嗎？

It absolutely is.

絕對是。

I mean, when you look at autonomous vehicles, they really are level 5 autonomous vehicles in the future are projected to have about 40 gigabyte of DRAM content in them.

我的意思是，當你看到自動駕駛汽車時，它們確實是 5 級自動駕駛汽車，未來預計將有大約 40 GB 的 DRAM 內容。

And when you think about it, that is very similar to the average capacity that's associated with servers -- in the server workstations, right?

仔細想想，這與與服務器相關的平均容量非常相似——在服務器工作站中，對吧？

So these cars will be really very powerful computers in the future, and they are not only going to be driving tremendous amount of DRAM content usage, but they will also drive NAND Flash usage.

因此，這些汽車在未來將是非常強大的計算機，它們不僅會推動大量 DRAM 內容的使用，還會推動 NAND 閃存的使用。

They will be generating, using data to make millions of real-time split-second decisions to make sure that the passengers in the autonomous vehicles can be transported effortlessly and safely to their destination.

他們將使用數據生成數百萬個實時瞬間決策，以確保自動駕駛汽車中的乘客可以輕鬆安全地運送到目的地。

There will be sensors from sonar to camera that will be generating billions of signals, and all of that data will have to be processed, accessed in order to make fast decisions.

從聲納到攝像頭的傳感器將產生數十億個信號，所有這些數據都必須經過處理和訪問才能做出快速決策。

So you're absolutely right to note that this is really a secular trend here in front of us in terms of driving continued usage of memory and storage.

因此，您絕對正確地註意到，就推動內存和存儲的持續使用而言，這確實是擺在我們面前的一個長期趨勢。

Earlier, we talked about cloud and data center applications.

早些時候，我們談到了雲和數據中心應用程序。

And again, those are growing faster than the rest of the industry.

再一次，這些增長速度超過了該行業的其他公司。

Autonomous vehicles will be another big driver in the future.

自動駕駛汽車將成為未來的另一大驅動力。

And Micron is uniquely positioned with a strong portfolio of solutions, both with flash solutions as well as DRAM memory solutions to address these fast-growing market trends.

美光憑藉強大的解決方案組合具有獨特的定位，包括閃存解決方案和 DRAM 內存解決方案，以應對這些快速增長的市場趨勢。

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

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

A couple of questions.

幾個問題。

Maybe on DRAM, can you just go back to -- the servers been a huge driver, and that's really been without Intel's Purley's still the minority.

也許在 DRAM 上，你能不能回過頭來——服務器是一個巨大的驅動力，而且沒有英特爾的 Purley 仍然是少數。

Can you just maybe talk about content per server?

你能談談每個服務器的內容嗎？

How much that increased this year?

今年增加了多少？

And then, as you look into next year, how much of a driver is Purley as you look in the second half, and that being more meaningful?

然後，當你展望明年時，你在下半場看到的 Purley 有多少車手，這更有意義？

So in terms of content for server, I think 2017, if you look at flash, attach rate, it's about average capacity around 2.5 -- 2,500 gigabytes.

所以就服務器的內容而言，我認為 2017 年，如果你看一下閃存連接率，它的平均容量約為 2.5 - 2,500 GB。

And when you look at projection over 2018 timeframe going to anywhere above 3,000 gigabyte average capacity continues to march ahead by 2021 timeframe, almost tripling from the 2017 levels, well above 8,000 gigabytes as well.

當您查看 2018 年時間範圍內的預測時，到 2021 年時間範圍內平均容量將繼續超過 3,000 GB，幾乎是 2017 年水平的三倍，也遠高於 8,000 GB。

So that is on the SSD side.

所以這是在SSD方面。

And similarly, on the DRAM side, average capacities continue to increase nicely there as well.

同樣，在 DRAM 方面，平均容量也繼續增長良好。

In 2017, timeframe about 145 gigabytes per server average capacity estimated, and industry reports are showing that by 2021 timeframe going to about 350.

2017 年，估計每台服務器平均容量約為 145 GB，行業報告顯示，到 2021 年，時間範圍將達到 350 左右。

So very strong solid and year-over-year increases, not just in near term, but again, as I say, these are secular trends here.

如此強勁的穩健和同比增長，不僅在短期內，而且正如我所說，這些都是長期趨勢。

And then, just on the NAND side, I just want to go back to that prior question.

然後，在 NAND 方面，我只想回到之前的問題。

Obviously, you're seeing a crossover at 64.

顯然，您在 64 處看到了交叉。

How do you think about the cost trajectory here as you then start to ramp third gen as you look to the fiscal year, is there any sort of -- what's the slope of that cost curve as one is going up, and the other one's going down?

您如何看待這裡的成本軌跡，然後在您展望本財年時開始增加第三代產品，是否有任何形式 - 成本曲線的斜率是什麼，因為一個正在上升，另一個正在上升下？

As we introduce third-generation 3D NAND, we would continue to expect that, that technology of mature yield have -- or has favorable cost dynamics relative to 64-layer.

當我們推出第三代 3D NAND 時，我們將繼續預計，成熟良率的技術相對於 64 層具有或具有有利的成本動態。

We don't believe that it will have a significant positive or negative impact in our FY '18 results as we will just be implementing that as we get into the last quarter of the fiscal year.

我們認為這不會對我們 18 財年的業績產生重大的積極或消極影響，因為我們將在進入本財年最後一個季度時實施這一點。

So it won't be material enough either way to change the fundamental dynamic that we're going to see this year, which is largely driven by our 64-layer TLC NAND.

因此，無論哪種方式都不足以改變我們今年將看到的基本動態，這主要是由我們的 64 層 TLC NAND 驅動的。

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

我們的下一個問題來自與 Stifel 的 Kevin Cassidy。

You had mentioned when you gave your guidance for CapEx for the year about adding more value-added into your DRAMs and flash.

當您為今年的資本支出提供指導時，您曾提到為您的 DRAM 和閃存增加更多的附加值。

Can you say what percentage right now would you call in a value-added group?

你能說一下你現在在增值組中的百分比是多少？

And what's the goal for that?

這樣做的目標是什麼？

Well, in the value-added solution category, we count our SSDs index, and in fiscal Q1, we had really solid increase in our SSD revenues.

好吧，在增值解決方案類別中，我們計算了我們的 SSD 指數，在第一財季，我們的 SSD 收入確實增長了。

We gained share in the market as well.

我們也獲得了市場份額。

In the mobile space, managed NAND solutions are also -- and discrete NAND solutions we consider as value-add as well.

在移動領域，託管 NAND 解決方案也是——以及我們認為是增值的離散 NAND 解決方案。

Our share in those markets today is relatively low, low single digits, but we see tremendous opportunity as we are continuing to diversify our product portfolio.

我們今天在這些市場中的份額相對較低，較低的個位數，但隨著我們繼續使我們的產品組合多樣化，我們看到了巨大的機會。

And as we execute on that product road map in the quarters to come, we expect to be gaining -- making substantial progress.

隨著我們在未來幾個季度執行該產品路線圖，我們預計會取得進展——取得實質性進展。

And of course, in the DRAM side, applications such as automotive, such as graphics, high-performance applications as they all contribute towards the value-add solution.

當然，在 DRAM 方面，汽車等應用（如圖形、高性能應用）都有助於增值解決方案。

We are not providing you any specifics at this point.

在這一點上，我們沒有向您提供任何細節。

We'll discuss more details at our Analyst Day in May.

我們將在五月的分析師日討論更多細節。

Okay.

好的。

Great.

偉大的。

Maybe just as one follow-up because especially a DRAM market had been such a commodity market, are you getting any pushback from your customers that they want you to move more towards a commodity?

也許只是一個後續行動，因為特別是 DRAM 市場一直是這樣一個商品市場，您是否從您的客戶那裡得到任何反對，他們希望您更多地轉向商品？

And let me just point out, in response to your previous question, that while we will provide more detail in May, but on a year-over-year basis, certainly, we are increasing our value-add solution mix substantially and very pleased with the progress that we are making.

讓我指出，在回答您之前的問題時，雖然我們將在 5 月份提供更多詳細信息，但在同比的基礎上，當然，我們正在大幅增加我們的增值解決方案組合，並且非常滿意我們正在取得的進展。

Regarding your second question on DRAM.

關於你關於 DRAM 的第二個問題。

DRAM really is a strategic enabler today in diversity of markets and the megatrends we talk about, whether it is data centers, cloud applications, being the fuel for AI engine, helping make decisions for various search algorithms as well as various activities in all verticals that are being pursued, leveraging AI in mobile space as more and more applications go toward augmented reality type of features in mobile requires more DRAM.

DRAM 確實是當今多元化市場和我們談論的大趨勢的戰略推動者，無論是數據中心、雲應用程序，還是人工智能引擎的燃料，幫助為各種搜索算法以及所有垂直領域的各種活動做出決策正在追求，在移動領域利用人工智能，因為越來越多的應用程序轉向增強現實類型的移動功能需要更多的 DRAM。

DRAM is highly strategic.

DRAM 具有高度的戰略意義。

Even in the future, when you look at notebook computers, they will require the form factor and the low-power aspects, even in PCs of LPDRAM in future years to come.

即使在未來，當你看到筆記本電腦時，它們也會要求外形尺寸和低功耗方面，即使在未來幾年的 LPDRAM 個人電腦中也是如此。

So you see -- and of course, we just talked about automotive as well.

所以你看——當然，我們也談到了汽車。

So now DRAM is addressing diversity of markets.

因此，現在 DRAM 正在解決市場的多樣性問題。

I mean, several large diverse markets.

我的意思是，幾個大型的多元化市場。

Product portfolio, meeting the needs of these markets is becoming differentiated.

滿足這些市場需求的產品組合正在變得差異化。

And when that happens, that always gives you stronger opportunities to drive profitable growth in that market.

當這種情況發生時，這總是會給你帶來更大的機會來推動該市場的盈利增長。

And our customers, when we have an engagement with them, when we have dialogues with them, they are talking to us how memory, DRAM memory, is really now helping them solve the bottlenecks in their applications.

而我們的客戶，當我們與他們接觸時，當我們與他們進行對話時，他們會告訴我們內存，DRAM 內存現在如何真正幫助他們解決應用程序中的瓶頸。

So DRAM today is very different, as I've said many times before, from the DRAM in the PC-era only or when it was about just PC and mobile.

因此，正如我之前多次說過的，今天的 DRAM 與僅 PC 時代的 DRAM 或僅涉及 PC 和移動設備時的 DRAM 非常不同。

Today, it is about many more applications of DRAM and really providing a very strategic enabling role in creating all these applications that are truly transforming the world right before our eyes.

今天，它是關於 DRAM 的更多應用，並在創建所有這些真正改變我們眼前世界的應用方面真正發揮了戰略性的推動作用。

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

我們的下一個問題來自富國銀行的 David Wong。

I'm not sure if you said it, but on the November quarter, how much of your total NAND production was 3D NAND?

我不確定您是否說過，但在 11 月季度，您的 NAND 總產量中有多少是 3D NAND？

And as you transition to 64-layer in the February and May quarter next year, does your NAND production drop or grow sequentially?

當您在明年 2 月和 5 月季度過渡到 64 層時，您的 NAND 產量是下降還是連續增長？

So about 80% of our output for the quarter just completed was on 3D.

所以我們剛剛完成的這個季度大約 80% 的輸出是 3D 的。

And over the course of the balance of fiscal '18, we'd expect that number to grow to about 95%.

在 18 財年的結餘過程中，我們預計該數字將增長到 95% 左右。

We expect that we will have some measure of bit growth, as we said.

正如我們所說，我們預計我們將有一些比特增長的衡量標準。

Each and every quarter, we said it would be, in the prepared remarks, a little more heavily weighted to the back half of the year.

每個季度，我們在準備好的評論中都表示，今年下半年的權重會更大一些。

But you, nevertheless, will grow in the first half?

但是你，不過，上半年會成長嗎？

Yes.

是的。

Yes.

是的。

That output for the quarter was up in the low single-digit range.

該季度的產出在低個位數範圍內上升。

And our next question comes from the line of C.J. Muse with Evercore.

我們的下一個問題來自 C.J. Muse with Evercore 的系列。

I guess first question on DRAM.

我猜是關於 DRAM 的第一個問題。

You talked about 20% bit supply for the industry in '18, which would suggest continued tightness throughout the whole year.

您談到了 18 年該行業的 20% 的比特供應，這表明全年都會持續緊張。

So curious how customers are reacting to that reality.

很好奇客戶對這一現實的反應。

What kind of visibility are you seeing to pricing as well as extension to contracts?

您對定價和合同延期有何看法？

We work very closely with our customers, and we certainly work hard in terms of gaining visibility to their future requirements of DRAM and how their applications are shaping up so that we can make sure that our technology and product road map is addressing their needs.

我們與客戶密切合作，我們當然會努力了解他們對 DRAM 的未來需求以及他們的應用程序是如何形成的，以便我們可以確保我們的技術和產品路線圖能夠滿足他們的需求。

And this varies from customer to customer.

這因客戶而異。

Some customers tend to be more on a month by month basis, some more quarter, and some, certainly, longer-term engagements as well.

一些客戶往往每月更多，一些更多的季度，當然還有一些更長期的參與。

And you're right to note that, yes, I mean, that the industry supply growing about 20% and demand likely to be somewhat higher.

你說得對，是的，我的意思是，行業供應增長約 20%，需求可能會更高。

We do expect a healthy DRAM industry supply and demand environment and continue to work very closely to drive strategic growth of our revenue mix going forward.

我們確實期待健康的 DRAM 行業供需環境，並繼續密切合作以推動我們未來收入組合的戰略增長。

Very helpful.

非常有幫助。

And I guess as my follow-up, on the NAND side, you're talking around 50% bit growth or approaching that for the industry.

我想作為我的後續行動，在 NAND 方面，你說的是 50% 的位增長或接近該行業的增長。

One or 2 of the other players in the market are expecting lower type of bit growth.

市場上的一兩個其他參與者預計比特增長會降低。

So it would appear that you're making assumptions around the 64-layer ramp that might be a little bit more robust than your competitors.

因此，您似乎正在圍繞 64 層坡道做出假設，這可能比您的競爭對手更穩健一些。

So curious, how are you thinking about that ramp?

很好奇，你怎麼看待那個坡道？

And clearly, I think you'd agree the risk is probably lower than 50%, how would you kind of, I guess, put a probability around where you think it truly ends up?

很明顯，我認為你會同意風險可能低於 50%，我猜你會如何在你認為它真正結束的地方給出一個概率？

So of course, in terms of projecting, our industry bit growth estimates here, we, of course, are taking into consideration our estimate of the ramp of 64-layer technology in the industry and our assumptions around ramp of wafer production as well as yield ramp of that technology.

因此，當然，就預測而言，我們在這裡的行業位增長估計，當然，我們正在考慮我們對行業中 64 層技術增長的估計以及我們對晶圓生產和產量增長的假設該技術的坡道。

And along with other mix of technologies in the industry as well.

以及行業中的其他技術組合。

But you're right to note that the dominant factor of the supply bit growth in the industry will be with 64 layers here.

但是你說得對，這個行業供應比特增長的主導因素將是這裡的 64 層。

And we continually look at our estimates and we review it, based on all the intelligence that we may have as well as we may collect from third-party reports, we define our models on an ongoing basis.

我們不斷查看我們的估計並對其進行審查，基於我們可能擁有的所有情報以及我們可能從第三方報告中收集的信息，我們不斷定義我們的模型。

And if we have any changes on this, we will share them with you.

如果我們對此有任何更改，我們將與您分享。

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

我們的下一個問題來自摩根士丹利的喬摩爾。

I wonder, I know you don't want to get too far ahead of yourself on this, but when you get to sort of net cash neutral and you get to investment grade, what's next from a prioritization of free cash flow?

我想知道，我知道您不想在這方面走得太遠，但是當您達到某種淨現金中性並達到投資級別時，自由現金流優先級的下一步是什麼？

And how do you just qualitatively think about cash return versus maintaining cash for more strategic uses?

您如何定性地考慮現金回報與維持現金以進行更具戰略性的用途？

I think that we will continue to prioritize the -- supporting our latest generation technology in production.

我認為我們將繼續優先考慮支持我們最新一代的生產技術。

As we've talked about for fiscal '18, clearly focused on getting aggregate debt down in that $8 billion range.

正如我們在 18 財年所討論的那樣，顯然專注於將總債務降低到 80 億美元的範圍內。

Those things will lead to, we believe, over time, improved ratings.

我們相信，隨著時間的推移，這些事情將導致評級提高。

I think how we think about deploying cash is not wholly dependent upon the achievement of any particular ratings grade.

我認為我們如何看待部署現金並不完全取決於任何特定評級等級的實現。

We just think these are things that will be worked in parallel.

我們只是認為這些是並行工作的事情。

And at the appropriate time, I think we're very open to thinking about broader uses of cash, including shareholder return programs, so those do have a place in the hierarchy of thinking about uses of our cash.

在適當的時候，我認為我們非常願意考慮更廣泛地使用現金，包括股東回報計劃，因此這些確實在考慮我們現金使用的層次結構中佔有一席之地。

But until we get to the point where we have completed or substantively completed our work on this technology deployment and regaining cost competitiveness and also getting our aggregate debt levels to the -- to a level that we are more comfortable with, certainly, those will continue to remain our priority.

但是，在我們完成或實質上完成我們在這項技術部署方面的工作並恢復成本競爭力以及使我們的總債務水平達到我們更滿意的水平之前，當然，這些將繼續下去仍然是我們的首要任務。

Great.

偉大的。

And then, I wondered, the disparity between the 60% operating margins in your compute business and mobile, which are still quite high, I guess, to me, sort of you can see that PC DRAM still quite a bit more profitable than mobile.

然後，我想知道，您的計算業務和移動業務的 60% 營業利潤率之間的差距仍然很高，我想，對我來說，您可以看到 PC DRAM 仍然比移動更有利可圖。

How do you think about that going forward in terms of your allocation of mix?

您如何看待未來的組合分配？

Obviously, mobile gives you more stability down the road versus the upside that you can get from PCs.

顯然，與您可以從 PC 獲得的好處相比，移動設備為您提供了更多的穩定性。

How are you thinking about that balance?

你如何看待這種平衡？

Yes.

是的。

Don't forget that the Compute and Networking Business Unit includes a wide array of products, which includes both client, but also includes data center, mobile -- I'm sorry, not mobile, but networking and other products as well.

不要忘記，計算和網絡業務部門包括各種各樣的產品，既包括客戶端，也包括數據中心、移動——對不起，不是移動，而是網絡和其他產品。

So it isn't just a statement about the client compute environment.

因此，它不僅僅是關於客戶端計算環境的聲明。

And many of those subsegments within the Compute and Networking Business Unit we would also consider as strategically important.

計算和網絡業務部門中的許多子部門我們也認為具有戰略重要性。

These are relationships where we have the opportunity to deploy both DRAM and NAND.

在這些關係中，我們有機會同時部署 DRAM 和 NAND。

And certainly, mobile continues to be important.

當然，移動仍然很重要。

So I wouldn't necessarily presume that the margin performance out of our Compute and Networking Business Unit is largely driven by the performance of client.

因此，我不一定認為我們的計算和網絡業務部門的利潤率表現在很大程度上是由客戶的表現驅動的。

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

我們的下一個問題來自 Nomura Instinet 的 Romit Shah。

Sanjay, some of your equipment -- semicap equipment suppliers have -- this is like over the last 3 months, have been raising their spending forecast for 2018, driven in part by higher DRAM investments.

Sanjay，你的一些設備——半導體設備供應商——就像過去 3 個月一樣，一直在提高 2018 年的支出預測，部分原因是 DRAM 投資增加。

And my question is, what's the risk that your competitors, perhaps, are going more aggressively for share and that the 20% growth assumption you laid out for next year may actually end up proving conservative?

我的問題是，你的競爭對手可能會更積極地爭奪份額，而你為明年制定的 20% 增長假設實際上可能最終被證明是保守的，這有什麼風險？

I think, again, our estimates based -- for DRAM as well, are based on all the information from various sources and reports that we gather and we have put that here.

我再次認為，我們對 DRAM 的估計也是基於來自各種來源的所有信息和我們收集的報告，我們將其放在這裡。

I do think that even when you look at estimates by other suppliers, we are all pointing to fairly close, tightly-aligned, industry supply growth estimate here.

我確實認為，即使您查看其他供應商的估計，我們都指向相當接近、緊密一致的行業供應增長估計。

And -- but this is our estimate.

而且——但這是我們的估計。

We will, as I said before for NAND, same thing.

正如我之前對 NAND 所說，我們會做同樣的事情。

We routinely look at this very, very closely.

我們通常會非常非常仔細地看待這個問題。

And just also remember that the technology transitions in the industry today certainly are becoming increasingly complex, and they have greater capital intensity.

還要記住，當今行業的技術轉型肯定會變得越來越複雜，而且資本密集度更高。

As well as with advanced technology nodes, you are actually getting less bits on a per wafer basis even at mature yields compared to prior generation nodes.

與先進的技術節點一樣，與上一代節點相比，即使在成熟良率的情況下，您實際上在每個晶圓上獲得的位數也更少。

Again, given the scaling challenges, the increased complexity.

同樣，鑑於擴展挑戰，複雜性增加。

So all of these trends are actually increased technology complexity and increased capital intensity have a moderating effect on the supply growth.

因此，所有這些趨勢實際上都是技術複雜性的增加和資本密集度的增加對供應增長產生了調節作用。

And then, just on the February quarter, I don't know if you guys look at your individual periods on a seasonal basis, but it seems like the February quarter typically is a down quarter and you're guiding to sequential growth off of a better-than-expected November period.

然後，就在 2 月季度，我不知道你們是否會按季節查看各自的時期，但似乎 2 月季度通常是一個下降季度，您正在引導從11 月期間好於預期。

What's driving the better-than-normal seasonality for you?

是什麼推動了您的季節性好於正常？

Is it pricing or other factors as well?

是定價還是其他因素？

Yes.

是的。

I think, Sanjay mentioned earlier the diversification of the DRAM demand stream.

我認為，Sanjay 之前提到了 DRAM 需求流的多樣化。

And certainly, that is also true on the NAND side.

當然，在 NAND 方面也是如此。

And in the context of that diversified demand stream, for example, automobiles tend to be far less seasonal than client PCs.

例如，在多樣化需求流的背景下，汽車的季節性往往遠低於客戶端 PC。

And if you look at data center deployments among all of the key players, there's certainly a specific pattern per customer.

如果您查看所有主要參與者的數據中心部署，每個客戶肯定有一個特定的模式。

But when you put them all together, there is no macro seasonality pattern that emerges when you look at that.

但是當你把它們放在一起時，當你看到它時，並沒有出現宏觀的季節性模式。

So as we've transitioned to these diversified demand drivers, the concept of seasonality, I think, has been redefined and is perhaps less impactive on a quarter by quarter basis than it may have been in the past.

因此，當我們過渡到這些多樣化的需求驅動因素時，我認為季節性的概念已經被重新定義，並且可能按季度計算的影響比過去可能要小。

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

我們的下一個問題來自 Jagadish Iyer 與 Summit Redstone 的系列。

Two questions.

兩個問題。

First, if NAND ASPs continue to decline from rising supply, do you expect cost reduction to keep pace with the ASP decline as we look at fiscal '18?

首先，如果 NAND ASP 繼續因供應增加而下降，您是否預計成本降低會跟上 18 財年的 ASP 下降步伐？

And then, I have a follow-up.

然後，我有一個跟進。

I mean, we are certainly not projecting pricing for fiscal year '18 here.

我的意思是，我們當然不會在這裡預測 18 財年的定價。

But again, what I'll point to you is that if you look at the history of NAND, increase in technology capabilities, technology advances, which leads to cost reductions, ultimately enable opening up of many new market applications and drive the elasticity in many of these markets as well and drive the demand environment.

但我要再次指出的是，如果你回顧一下 NAND 的歷史，技術能力的提高，技術的進步，導致成本降低，最終能夠打開許多新的市場應用，並推動許多領域的彈性這些市場以及推動需求環境。

So I consider it as healthy if the cost declines are greater than the price declines in the industry.

因此，如果成本下降大於行業價格下降，我認為這是健康的。

That's a healthy industry environment.

這是一個健康的行業環境。

And while we don't get into the projection of pricing, again, when we look at all the demand drivers that are ahead of us, I spoke about it repeatedly in the call today, multitude of demand drivers and in each of these large market segments, again, whether it is about cloud data center, enterprise data center, mobile, smartphones, client notebook, automotive applications, all of these are continuing to drive strong demand trends for NAND Flash application.

雖然我們不涉及定價預測，但再次，當我們審視擺在我們面前的所有需求驅動因素時，我在今天的電話會議中反復談到了它，眾多需求驅動因素和每個大型市場中的每一個同樣，無論是關於雲數據中心、企業數據中心、移動設備、智能手機、客戶端筆記本電腦、汽車應用，所有這些都在繼續推動對 NAND Flash 應用的強勁需求趨勢。

Yes.

是的。

I think the one thing I would add to that as well is if you think about our statements around industry bit growth, which are approaching 50%, those would be associated, typically, with fairly healthy levels of cost reduction.

我想我還要補充的一件事是，如果你考慮一下我們關於行業位增長的陳述，這些陳述接近 50%，這些通常與相當健康的成本降低水平相關。

We're not going to get into the specifics of what that might be, but it is important to remember that, that bit growth usually would be accompanied by some good cost reduction as well.

我們不打算詳細說明這可能是什麼，但重要的是要記住，比特增長通常也會伴隨著一些良好的成本降低。

Okay.

好的。

Fair enough.

很公平。

Then, on 3D XPoint, I was wondering how much are you earmarking for spending in fiscal '18?

然後，在 3D XPoint 上，我想知道您為 18 財年的支出指定了多少？

And has there been customers who have identified?

有沒有客戶已經確定了？

And how should we think, generally, on a big picture, about pricing there?

一般來說，我們應該如何看待那裡的定價？

So this is Ernie.

這就是厄尼。

The 3D XPoint CapEx and any associated R&D expenses, the CapEx piece is embedded in our nonvolatile estimates for the year, which we said was between 35% and 45% of our total spending.

3D XPoint 資本支出和任何相關的研發費用，資本支出部分包含在我們今年的非易失性估計中，我們說它占我們總支出的 35% 到 45% 之間。

And as we look at that product, we're going to have to see how the markets develop, as Sanjay mentioned, before we provide any broader perspective on that.

正如桑傑所說，當我們研究該產品時，我們必須先了解市場如何發展，然後再提供更廣泛的視角。

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 the market share gains in SSDs and I assumed some of that was related to fixing the component issue.

首先，您提到了 SSD 市場份額的增長，我認為其中一些與解決組件問題有關。

But can you sort of give us some more color on where you think specifically you had most success in gaining share?

但是，您能否就您認為在獲得份額方面取得最大成功的具體情況多給我們一些顏色？

And then, secondly, I know you're not going to talk specifically about pricing for the upcoming quarter, but if you could, maybe, qualify some more how you get to your sales guidance in terms of pricing and mix, that would be helpful.

然後，其次，我知道您不會專門談論下一季度的定價，但如果您可以，也許，在定價和組合方面更多地說明您如何獲得銷售指導，那將很有幫助.

In terms of SSD share gain during the quarter, we believe we gained share both in client applications as well as enterprise and cloud data center applications.

就本季度 SSD 份額增長而言，我們相信我們在客戶端應用程序以及企業和雲數據中心應用程序中都獲得了份額。

Really, our products did very well there.

真的，我們的產品在那裡做得很好。

And at this point, our offerings are with SATA drive.

在這一點上，我們的產品是 SATA 驅動器。

And next year, we'll bring out our NVMe solution sometime during calendar year '18, and that should help us expand our portfolio and give us opportunities to continue to gain share in this market.

明年，我們將在 18 日曆年的某個時候推出我們的 NVMe 解決方案，這將有助於我們擴大我們的產品組合，並讓我們有機會繼續在這個市場上獲得份額。

And regarding our guidance that we have given you, of course, we have certain assumptions related to total demand.

當然，關於我們給您的指導，我們對總需求有某些假設。

And our pricing assumptions are baked in there as well.

我們的定價假設也存在於此。

But obviously, for competitive reasons, we do not get into discussions of pricing on the call.

但顯然，出於競爭原因，我們不會在電話會議上討論定價。

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

我們的下一個問題來自瑞士信貸的 John Pitzer。

Ernie, maybe I can ask the gross margin question around NAND a little bit differently.

Ernie，也許我可以稍微不同地問一下關於 NAND 的毛利率問題。

I'm just kind of curious, given that you guys had significant gross margin upside on pricing down low single digits sequentially, under a scenario where pricing continues to decline, let's say, at a low single-digit rate sequentially, is there enough mix and cost opportunity for you to maintain and/or grow gross margins from here?

我只是有點好奇，考慮到你們在定價連續低個位數的情況下有顯著的毛利率上升，在定價繼續下降的情況下，比方說，連續低個位數的利率，是否有足夠的組合以及您從這里維持和/或增加毛利率的成本機會？

Or how should we think about the parameters that you're able -- being able to maintain or grow gross margins relative to your cost and mix availability from here?

或者我們應該如何考慮您能夠做到的參數——能夠保持或增加相對於您的成本和混合可用性的毛利率？

Yes.

是的。

So if we're framing the scenario in the future as we continue to see sort of marginally declining pricing environment, a couple of points per quarter or so, I think there's ample room for gross margin expansion, both as a result of our cost reduction as well as the ongoing transition to high-value solutions, which would include redirecting -- continuing to redirect component sales into higher value-added solutions as well as some of our partner contracts wind down over the course of our fiscal '18 and into 2019.

因此，如果我們在未來構想這種情況，因為我們繼續看到定價環境略有下降，每季度大約下降幾個點，我認為毛利率有足夠的空間擴大，這都是我們降低成本的結果以及向高價值解決方案的持續過渡，其中包括重定向——繼續將組件銷售重定向到更高附加值的解決方案，以及我們的一些合作夥伴合同在我們的 18 財年和 2019 財年結束.

So I think in that pricing scenario that you've set forth, we believe there's reasonable room for gross margin expansion.

因此，我認為在您提出的定價方案中，我們認為毛利率有合理的增長空間。

That's helpful.

這很有幫助。

And a similar question on the DRAM front.

還有一個關於 DRAM 方面的類似問題。

You mentioned in your prepared comments that you expect more DRAM bit growth in the first half of your fiscal year than the second half.

您在準備好的評論中提到，您預計本財年上半年的 DRAM 位增長將超過下半年。

As we transition into the second half, how much -- how many levers do you have on the mix side in DRAM to be able to progress sort of gross margins higher from here?

隨著我們過渡到下半年，您在 DRAM 的混合方面有多少 - 多少槓桿能夠從這裡提高毛利率？

Yes.

是的。

I think, again, the same general story with respect to continuing to move towards higher value-add solutions.

我再次認為，關於繼續朝著更高附加值的解決方案邁進的一般故事。

You heard Sanjay speak to, for example, increasing the breadth of our managed NAND offerings.

例如，您聽到 Sanjay 談到增加我們託管 NAND 產品的廣度。

If you look at server, that's certainly a very, very strong growth pattern here as well as automotive.

如果你看看服務器，這肯定是一個非常非常強勁的增長模式，汽車也是如此。

So I think there are a number of segments where we would continue to expect to be able to optimize our bit output toward that would give us the best gross margin opportunity.

因此，我認為在許多細分市場中，我們將繼續期望能夠優化我們的比特輸出，從而為我們提供最好的毛利率機會。

And of course, even though our bit output growth is going to be lower in DRAM than NAND, we'd still expect to deliver some meaningful cost reduction there, as I articulated in the prepared remarks.

當然，即使我們在 DRAM 中的位輸出增長將低於 NAND，我們仍然希望在那裡實現一些有意義的成本降低，正如我在準備好的評論中所闡述的那樣。

And we'll take our final question from the line of Mark Newman with Bernstein.

我們將從馬克紐曼和伯恩斯坦的台詞中提出最後一個問題。

I had a question on CapEx and capacity.

我對資本支出和容量有疑問。

So Micron -- you stepped up the CapEx quite a bit this year from previous years.

所以美光——你今年的資本支出比往年增加了很多。

But still, quite significantly underspending some of the rivals, particularly Samsung.

但是，一些競爭對手，尤其是三星，仍然大大低於預算。

My question, actually, is about how is Micron thinking about the need for fabs longer term.

實際上，我的問題是關於美光如何考慮對晶圓廠的長期需求。

This is more of a kind of longer-term question, because both Samsung and Hynix are building brand-new greenfield fabs as we speak.

這更像是一個長期問題，因為正如我們所說，三星和海力士都在建造全新的綠地晶圓廠。

What is the status right now for Micron in both DRAM and NAND in terms of how much space you have available to you in DRAM and NAND?

就您在 DRAM 和 NAND 中有多少可用空間而言，美光在 DRAM 和 NAND 方面的現狀如何？

And I understand your goal is to keep wafer capacity roughly flat and grow gigabytes from technology migration.

我了解您的目標是保持晶圓容量大致持平，並從技術遷移中增加千兆字節。

At what point do you need more fab space to keep that fab capacity roughly flat?

什麼時候需要更多的晶圓廠空間來保持晶圓廠產能大致持平？

Or it is, of course, more layers requires more fab space, and of course, as you shrink DRAM, you also need more fab space as well.

或者，當然，更多的層需要更多的晶圓廠空間，當然，當你縮小 DRAM 時，你也需要更多的晶圓廠空間。

So do you have any plans for new fabs?

那麼你們有新工廠的計劃嗎？

What would be the plan?

計劃是什麼？

And how are you thinking about that?

你是怎麼想的？

So like you noted, in order to realize the technology transitions, you, of course, do need space in your cleanroom to deploy the tools that are required to implement the advanced technology nodes.

因此，正如您所指出的，為了實現技術轉換，您當然需要潔淨室中的空間來部署實施先進技術節點所需的工具。

So our fabs have had space here in terms of deploying the technology transitions, for example, in Singapore going from 32-layer to 64-layer.

所以我們的晶圓廠在部署技術轉換方面有空間，例如，在新加坡從 32 層到 64 層。

And in the past, in Singapore fab for NAND, going from planar to 3D nodes as well.

過去，在新加坡的 NAND 晶圓廠，也是從平面節點到 3D 節點。

And similarly, cleanroom space is something we look at very carefully for DRAMs as well because, as I just said, I mean, more cleanroom space is needed for technology transitions.

同樣，對於 DRAM，我們也非常仔細地研究潔淨室空間，因為正如我剛才所說，我的意思是，技術轉換需要更多的潔淨室空間。

So as I said in my prepared remarks, I mean, we do continue to assess the scenarios that are needed for future technology transitions, and I continue to assess our cleanroom space requirements.

因此，正如我在準備好的講話中所說，我的意思是，我們確實會繼續評估未來技術轉型所需的場景，並且我會繼續評估我們的潔淨室空間需求。

Fiscal year '18, we are not looking at any new wafer capacity additions.

18 財年，我們沒有考慮增加任何新的晶圓產能。

We are not looking at any new -- any meaningful new cleanroom space required to implement our technology transition plans in fiscal year '18.

我們沒有考慮在 18 財年實施我們的技術轉型計劃所需的任何新的——任何有意義的新潔淨室空間。

And as I said in my remarks, going beyond that, we continue to assess various scenarios to implement the requirements for technology transitions, both in DRAM as well as in NAND.

正如我在講話中所說，除此之外，我們將繼續評估各種方案以實現 DRAM 和 NAND 中的技術轉換要求。

No plans firmed up yet.

尚未確定任何計劃。

And as and when we look at it, we will share these things.

當我們看到它時，我們將分享這些東西。

Remember, any time you build a new cleanroom, it takes several months to build, construct the building.

請記住，任何時候您建造一個新的潔淨室，都需要幾個月的時間來建造、建造建築物。

And it takes a few months then to roll in equipment into the new cleanroom and to deploy the equipment, qualify it and build products.

然後需要幾個月的時間才能將設備裝入新的潔淨室並部署設備，對其進行鑑定並製造產品。

So these are things that are to be looked at for the longer-term horizon, and we are evaluating those scenarios.

因此，這些都是要從長遠來看的事情，我們正在評估這些情景。

Thank you.

謝謝你。

And this concludes today's question-and-answer session.

今天的問答環節到此結束。

Ladies and gentlemen, thank you for participating 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 all disconnect.

這確實結束了程序，你們都可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。