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

各位女士、先生，大家好，歡迎參加美光科技2018年第一季財務電話會議。（操作說明）提醒各位，今天的會議正在錄音。

I would now like to turn the call over to Ms. Shanye Hudson. Ma'am, you may begin.

現在我將把電話交給 Shanye Hudson 女士。女士，您可以開始了。

Thank you, Chelsea, and welcome to Micron Technology's First Fiscal Quarter 2018 Financial Conference Call. On the call with me today are Sanjay Mehrotra, President and CEO; and Ernie Maddock, Chief Financial Officer. Today's call will be approximately 60 minutes in length. This call, including audio and slides, is being webcast from our Investor Relations website at investors.micron.com. In addition, our website contains the earnings press release filed a short while ago.

謝謝切爾西，歡迎參加美光科技2018財年第一季財務電話會議。今天和我一起通話的是總裁兼執行長 Sanjay Mehrotra 和財務長 Ernie Maddock。今天的電話會議大約需要60分鐘。本次電話會議（包括音訊和幻燈片）將透過我們的投資者關係網站 investors.micron.com 進行網路直播。此外，我們的網站上也刊登了不久前發布的獲利新聞稿。

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

除非另有說明，今天對財務業績的討論將以非GAAP財務報表為基礎。您可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的調整表，以及可轉換債券和上限選擇權稀釋表。

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

再次提醒大家，本次電話會議的發言稿和網路直播回放將於今天稍晚發佈在我們的網站上。我們鼓勵您在本季度密切關注我們的網站 micron.com，以獲取有關公司的最新信息，包括我們將參加的各種金融會議的信息。您可以在Twitter上關注我們@MicronTech。

As a reminder, the matters we will be discussing today include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We refer you to the documents we file with the SEC, specifically our most recent Form 10-K and Form 10-Q, for a discussion of risks that may affect our future results.

再次提醒大家，我們今天將要討論的事項包含前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與今天所作的陳述有重大差異。有關可能影響我們未來業績的風險的討論，請參閱我們向美國證券交易委員會提交的文件，特別是我們最新的 10-K 表格和 10-Q 表格。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We're under no duty to update any of the forward-looking statements after today's date to conform these statements to actual results.

儘管我們認為前瞻性聲明中反映的預期是合理的，但我們無法保證未來的結果、活動水準、績效或成就。我們沒有義務在今天之後更新任何前瞻性聲明，以使這些聲明與實際結果相符。

Lastly, Micron is planning to host its 2018 Analyst and Investor Event on May 21 in New York City. We'll share further details about this event in the coming months.

最後，美光計畫於 5 月 21 日在紐約市舉辦 2018 年分析師和投資者活動。我們將在未來幾個月內分享有關此活動的更多細節。

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

那麼，現在我把電話交給你了，桑傑。

Thank you, Shanye. Good afternoon. 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.

謝謝你，山野。午安.美光創紀錄的第一季業績表明，該公司持續強勁的執行力，市場環境反映了記憶體和快閃儲存的戰略重要性，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. We improved our mix of high-value solutions, delivering record SSD revenues and further increasing our SSD share.

本季度，我們繼續提高成本競爭力，在 1X DRAM 和 64 層 3D NAND 方面均實現了成熟。我們改進了高價值解決方案的組合，實現了 SSD 收入創紀錄的成長，並進一步提高了 SSD 的市佔率。

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

最近，我們開始出貨首款 64 層 NAND 消費級固態硬碟。我們也推出了業界速度最快的 32 GB 高密度 NVDIMM-N，它結合了美光的 DRAM 和 NAND，提供了一種持久記憶體解決方案，可應對高強度的資料分析工作負載。

We have garnered solid interest from enterprise and cloud customers, and customer qualifications are underway. And we strengthened our talent bench with the recent addition of Manish Bhatia, who leads our global operations. 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.

我們已經引起了企業和雲端客戶的濃厚興趣，客戶資格審核正在進行中。我們最近引進了 Manish Bhatia，他負責領導我們的全球業務，進一步加強了我們的人才儲備。Manish 在管理端到端營運方面擁有豐富的經驗，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. 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.

最後，我們償還了 24 億美元的債務，並改善了財務基礎。我對我們所取得的成就感到滿意，並相信我們對速度和執行力的重視將使美光更好地為客戶創造價值，並抓住日益增長的終端市場機會。

I will now discuss trends and results in each of our major markets. Cloud and traditional enterprise data center trends are continuing to drive robust demand for memory and flash storage solutions. Our Q1 SSD revenue to cloud and enterprise customers increased 50% sequentially. We recovered from the flash component issue discussed in our September earnings call that impacted last quarter's SSD sales.

接下來，我將討論我們各個主要市場的趨勢和結果。雲端運算和傳統企業資料中心的發展趨勢持續推動對記憶體和快閃儲存解決方案的強勁需求。我們第一季針對雲端和企業客戶的 SSD 營收季增 50%。我們已經從9月財報電話會議上討論的閃存組件問題中恢復過來，該問題影響了上個季度的固態硬碟銷售。

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

在計算方面，我們在資料中心市場實現了穩健的順序DRAM收入成長，這主要得益於企業銷售的推動。DRAM 基準測試產品面向雲端客戶和企業客戶的出貨量年增超過 50%，凸顯了資料中心對記憶體日益增長的需求以及我們在該市場的強勁表現。

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. 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 1X 奈米設計受到了雲端客戶的熱烈歡迎，第一季我們超過四分之一的雲端收入來自我們的 1X 技術。我們的雲端客戶對新技術節點產品的快速認證和量產是一個重大優勢，因為它可以在這些先進節點的生產部署早期階段，實現客戶成長和市場覆蓋率的多元化和加速。

The need to access, analyze and store data extends well beyond the cloud. This is perhaps most evident in the mobile market. Smartphone capabilities has surpassed simple communication and web browsing. They help us navigate, monitor and interact with the world around us. New cameras capture precious moments with amazing fidelity, and emerging applications like AR have tremendous promise. This increase in functionality is driving the use of higher capacity memory solutions and increased storage in mobile devices.

存取、分析和儲存資料的需求遠遠超出了雲端範圍。這一點在行動市場或許最為明顯。智慧型手機的功能已經超越了簡單的通訊和網頁瀏覽。它們幫助我們了解、監控並與周圍的世界互動。新型相機能夠以驚人的保真度捕捉珍貴瞬間，而擴增實境等新興應用也擁有巨大的潛力。功能的提升推動了行動裝置中更大容量記憶體解決方案和更大儲存容量的使用。

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

這些趨勢，加上我們紮實的執行力，推動了第一財季行動端營收創下歷史新高。我們正在加強產品供應，並不斷豐富我們的 LPDRAM、MCP 和獨立管理儲存解決方案組合，以滿足客戶日益增長的需求。

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

我們正在加快步伐，擴大低功耗解決方案的產品組合，並推出新產品，例如我們的 1X LPDRAM 設計。我們也向晶片組合作夥伴和客戶交付了 64 層 NAND 分離式 UFS 解決方案的初始樣品，結果非常令人鼓舞。

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. 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.

家庭自動化和邊緣運算設備繼續在消費和工業市場領域推動強勁的收入成長，這些領域需要各種各樣的記憶體和管理[儲存]產品。隨著越來越多的邊緣設備開始整合機器學習和智慧技術，我們看到了在這些市場提供更高效能記憶體和快閃記憶體儲存解決方案的機會。

We have also seen rapidly growing demand for our graphics products. The graphics market continues to be fueled by the ever-growing popularity of gaming and eSports. Although smaller in size, recent interest in cryptocurrency mining has put further pressure on graphics memory supply. Our close customer relationships and leading product portfolio helped drive record graphics revenue, up more than 75% year-over-year.

我們也看到市場對我們圖形產品的需求快速成長。遊戲和電子競技的日益普及持續推動著圖形市場的發展。儘管規模較小，但近期人們對加密貨幣挖礦的興趣也給圖形記憶體供應帶來了進一步的壓力。我們與客戶的緊密關係和領先的產品組合幫助推動了圖形收入創下歷史新高，比去年同期成長超過 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. 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.

我們向主要客戶提供了業界領先的每秒 16 千兆位元 GDDR6 產品樣品，並發現汽車和網路應用領域對這種記憶體提供的高頻寬表現出了濃厚的興趣。我們計劃在 2018 年初將 GDDR6 投入生產，首先應用於圖形市場，隨後擴展到其他高效能應用領域，例如汽車和網路領域。

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

汽車技術向自動駕駛方向的快速創新，不斷催生對更高記憶體容量和更高性能的巨大需求。本季我們在一個重要的自動駕駛平台中獲得了關鍵的設計訂單，我們將專注於複製我們的成功，以保持我們在該市場的領先地位。

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.

汽車客戶採用新型記憶體技術的速度比以往任何時候都快，我們宣布推出速度最快的用於自動駕駛應用的 1X LPDDR4 和 GDDR6 產品，這將確保我們繼續支援向尖端技術的轉變。

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.

我們也創下了為資料中心和邊緣設備提供服務的網路應用程式的收入紀錄，因為我們在穩定性和創新方面的聲譽與網路客戶建立了牢固的關係。

These diversified growth drivers and structural market trends are generating tremendous opportunity for Micron. We are uniquely positioned in these markets with a broad portfolio of both DRAM and NAND solutions, excellent quality and comprehensive customer ecosystem engagement. We are focused on developing the right products, deepening our customer relationships and enriching our revenue mix to capitalize on these opportunities.

這些多元化的成長驅動因素和結構性市場趨勢為美光科技創造了巨大的機會。我們憑藉廣泛的 DRAM 和 NAND 解決方案組合、卓越的品質以及全面的客戶生態系統參與，在這些市場中佔據了獨特的地位。我們專注於開發合適的產品，深化與客戶的關係，豐富收入結構，以抓住這些機會。

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

接下來我們來談談製造業和科技。我們執行技術路線圖和提升成本競爭力的能力是我們持續成功的基石。

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.

就晶圓製造計畫而言，我們仍預計在 2018 財年下半年實現 64 層 NAND 的位元輸出交叉，並預計在 2018 年底實現 1X DRAM 的位元輸出交叉。

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.

我們正在對位於台灣台中市的新後端工廠進行改造，以提高組裝和測試能力，並預計工廠將在本財年結束前實現有意義的產量。

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. 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.

我們的資本投資正按計劃推進，並且透過這些投資，我們在提高營運效率和成本效益方面取得了良好的進展。1Y DRAM 和第三代 3D NAND 的開發進展順利，我們仍有望在 2018 年下半年實現兩者的初步產量。

We continue to make good progress with our 3D XPoint technology. Historically, Micron's efforts on 3D XPoint have been largely focused on technology development and early manufacturing ramp. 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.

我們的3D XPoint技術持續取得良好進展。從歷史上看，美光在 3D XPoint 方面的努力主要集中在技術開發和早期生產爬坡方面。但鑑於我們越來越重視高價值產品解決方案，我們最近組建了一支產品開發團隊，以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. We will also continue to have the opportunity to sell our 3D XPoint output to our partner, as this market develops.

同時，我們正在與生態系統中的各種參與者合作，評估市場和賦能機會，我們將在即將舉行的分析師活動中提供更多關於我們對這些機會的看法。隨著市場的發展，我們將繼續有機會向我們的合作夥伴出售我們的 3D XPoint 輸出。

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

展望產業前景，我們的供需預測與上季公佈的預測保持一致。預計 2018 年 DRAM 產業供應比特成長將達到 20% 左右，正如我們剛才討論的那樣，我們預計在企業資料中心、雲端運算和行動領域的持續強勁發展推動下，市場環境將保持健康。

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

我們預計，隨著業界持續將 64 層設計投入量產，2018 年 NAND 產業的位元成長將接近 50%。SSD 在用戶端運算和資料中心應用的採用率持續成長，隨著供應量的增加，這種成長也將進一步擴大。

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

在此背景下，我們對自身位元成長的預測保持不變。我們預計 2018 財年 DRAM 位元成長將略低於行業平均水平，而 NAND 位元成長將略高於行業平均水平。

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，我們將專注於 DRAM 和 NAND 的技術轉型，而不會增加我們的晶圓總產能，並改善我們的高價值解決方案組合，以提高我們的營收份額。

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，我們將繼續評估實現技術過渡到未來更先進的 DRAM 和 3D NAND 節點所需的晶圓廠潔淨室空間方案。

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

現在我將把發言權交給厄尼，讓他詳細介紹我們第一季各業務部門的表現。

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

謝謝桑傑，也謝謝今天所有參加電話會議的各位。

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.

本財年開局非常強勁，所有財務指標均超出預期，這得益於強有力的執行、持續強勁的市場環境以及我們在技術遷移方面取得的進一步進展。

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

財年第一季，公司總營收為 68 億美元，比上一季成長 11%，比上年同期成長 71%。非GAAP毛利率擴大至55%，較第四季成長4個百分點，較2017財年第一季成長29個百分點。非GAAP營業利益率為46%，高於上一季的41%，較去年同期成長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. Non-GAAP net income increased to 44% of revenue and totaled approximately $3 billion or $2.45 per share. 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.

我們持續謹慎管理支出，本季非GAAP營運支出總計6.12億美元，較第四季成長2%，銷售、一般及行政費用及研發費用均與上一季基本持平。非GAAP淨利佔營收的44%，總計約30億美元，即每股2.45美元。這一業績與第四季的 24 億美元（合每股 2.02 美元）和去年同期的 3.35 億美元（合每股 0.32 美元）相比有所下降。

Turning to performance by business unit. The Compute and Networking Business Unit reported FQ1 revenue of $3.2 billion, up 13% sequentially, and more than double year ago levels. Our record performance was driven by increasing server memory content, which drove higher sales to enterprise customers together with strong demand for graphics processing. Operating income was 60% compared to 56% in F Q4 and 14% in FQ1 2017.

接下來，我們來看看各業務部門的表現。計算與網路業務部門公佈第一財季營收為 32 億美元，較上季成長 13%，比去年同期成長超過一倍。我們創紀錄的業績得益於伺服器記憶體容量的增加，這帶動了企業客戶的銷售成長，同時也滿足了圖形處理的強勁需求。營業收入為 60%，而 2017 年第四季為 56%，2017 年第一季為 14%。

Q1 Storage Business Unit revenues increased 7% sequentially to $1.4 billion, driven by strong growth in SSD sales. On a year-over-year basis, revenues were up 61%, driven by increasing market share in SSDs. In fact, sales of SSDs reached record levels in the quarter with double-digit sequential growth across consumer, client and enterprise and cloud markets.

第一季儲存業務部門營收季增 7% 至 14 億美元，主要得益於 SSD 銷售的強勁成長。與去年同期相比，營收成長了 61%，這主要得益於 SSD 市佔率的不斷擴大。事實上，本季固態硬碟的銷售量達到了創紀錄的水平，在消費者、客戶端、企業和雲端市場均實現了兩位數的環比成長。

SBU operating margins increased to 29% from 19% in the prior quarter and negative 5% in fiscal Q1 '17. These results reflect a higher-value product mix and continued market acceptance of our TLC 3D NAND-based products.

SBU 營業利潤率從上一季的 19% 增至 29%，而 2017 財年第一季為負 5%。這些結果反映了我們基於 TLC 3D NAND 的產品組合價值更高，並且市場持續接受。

The Mobile Business Unit reported $1.4 billion in revenue, up 16% sequentially and up 32% year-over-year. We are seeing strong acceptance of our LPDRAM products and continue to enhance our portfolio of managed NAND offerings. 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.

行動業務部門報告營收為 14 億美元，季增 16%，年增 32%。我們看到市場對我們的 LPDRAM 產品反應熱烈，並將繼續增強我們的託管 NAND 產品組合。強勁的需求環境，加上我們最新一代產品取得的市場反響，使得營業收入達到 37%，高於 2017 年第四季的 31% 和 2017 年第一季的 9%。

The Embedded Business Unit reported revenue of $830 million in FQ1, in line with the prior quarter and up 44% year-over-year. Operating margin was 41%, essentially flat from the prior quarter, and up 10 percentage points year-over-year.

嵌入式業務部門報告稱，第一財季營收為 8.3 億美元，與上一季持平，年增 44%。營業利益率為 41%，與上一季基本持平，年增 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. We are focused on building upon our existing leadership position to capture these growth opportunities.

正如 Sanjay 先前指出的那樣，我們繼續看到各個嵌入式市場都呈現出令人興奮的需求趨勢，終端市場需求也在不斷變化，從用於自動駕駛的高性能記憶體到用於視訊監控攝影機等邊緣設備的超高密度儲存解決方案。我們致力於鞏固現有的領先地位，以抓住這些成長機會。

Turning to results by product line. DRAM represented 67% of overall company revenue in fiscal Q1. 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.

按產品線查看結果。DRAM 業務在公司第一財季總營收中佔 67%。客戶端 PC 的需求、新旗艦智慧型手機的強勁表現以及伺服器（尤其是雲端和超大規模資料中心）的持續強勁成長，推動了本季 DRAM 收入的成長，環比成長 13%，較去年同期成長 88%。

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

出貨量按比例增長，增幅接近兩位數，而平均售價按比例增長，增幅為個位數中段。

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.

DRAM 非 GAAP 毛利率在第一財季為 61.5%，較上一季成長 2 個百分點，較去年同期成長 33 個百分點。

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

來自貿易型 NAND 的營收季增 2%，占公司第一財季總營收的 27%。受固態硬碟市場強勁成長和市佔率提升以及行動和嵌入式市場強勁需求的推動，NAND 貿易收入較去年同期成長 47%。

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

從環比來看，出貨量成長了中等個位數，而平均售價下降了低個位數。第一財季 NAND 非 GAAP 毛利率為 49%，較上一季成長 9 個百分點，較去年同期成長 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. The rollout of these technologies will enable meaningful levels of ongoing cost per bit reduction as we make progress throughout fiscal '18.

正如 Sanjay 在事先準備好的發言稿中所指出的，我們在 1X 奈米 DRAM 和 64 層 3D NAND 部署方面取得了強勁進展。隨著這些技術的推廣應用，我們在 2018 財年取得進展的同時，每比特成本將持續顯著降低。

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，我們的比特產量成長將更集中在上半年，而 NAND 的比特產量成長將相對更集中在下半年。

The company generated operating cash flow of $3.6 billion in fiscal Q1 compared to $1.1 billion in the year ago period. During the quarter, we deployed $1.9 billion for capital expenditures, net of partner contributions. 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. Free cash flow for the quarter was $1.7 billion compared to negative free cash flow in the year ago period.

該公司第一財季的營運現金流為 36 億美元，去年同期為 11 億美元。本季度，我們投入了 19 億美元用於資本支出，扣除合作夥伴的出資後。我們繼續預期 2018 財年資本支出將在 75 億美元左右，上下浮動 5%，上半年和下半年基本平衡。本季自由現金流為 17 億美元，去年同期自由現金流為負值。

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

我們將繼續推動各項計劃，以增強資產負債表並降低債務。在第一財季，我們透過股權發行籌集了 14 億美元，並回購或轉換了 24 億美元的債務本金。截至第一季末，債務總面值為 93 億美元，我們目前預計 2018 財年結束時，債務面額約為 80 億美元。

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，這些去槓桿化措施節省的利息，加上現金餘額增加帶來的更高利息收入，以及出售可轉換債券換取現金的反稀釋效應，將實質地抵消股權發行帶來的稀釋影響。

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. 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.

截至 2018 財年末，我們預期非 GAAP 淨利息支出為每季 2,500 萬美元至 3,000 萬美元，而 2017 財年第四季為每季 1 億美元。第一季末，我們持有現金、有價投資和受限現金約 66 億美元，並繼續認為有機會在 2018 財年結束時實現淨現金為正。

Moving on to guidance for fiscal Q2 2018. 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.

接下來是2018財年第二季業績展望。依非GAAP準則，我們預期：收入在68億美元至72億美元之間；毛利率在54%至58%之間；營業費用在6.25億美元至6.75億美元之間；營業收入在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124.41億股）。

Finally, a word about tax reform. 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. 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. As further clarity around this legislation develops, we will provide appropriate updates.

最後，我想談談稅制改革。根據草案，該法案不會對我們 2018 財年的稅率產生重大影響，我們仍然預計稅率將保持在個位數中段水準。在 2019 財年及以後，我們預期非 GAAP 稅率會受到一定影響，但同時也會帶來更大的彈性，從而抵銷部分影響，使我們能夠更靈活地運用全球現金餘額。隨著相關立法細節的進一步明朗化，我們將提供適當的更新資訊。

With that, I will turn it back to Sanjay.

好了，我這就把麥克風交還給桑傑。

Thank you, Ernie. 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. 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.

謝謝你，厄尼。隨著 2017 年即將結束，展望 2018 年，我們看到美光科技在塑造現代生活的科技趨勢中扮演更大角色的機會越來越多。我們將於 5 月舉辦分析師大會，屆時我們將詳細闡述我們對這些趨勢的看法，以及美光科技如何展望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. 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.

我們相信，我們的技術、能力和團隊才能使我們在市場上處於獨特的地位。記憶體和快閃儲存是戰略資產，使美光公司處於技術領域最大成長趨勢的交匯點，我們對未來充滿信心。

Our customers increasingly view us as an essential partner in early design discussions due to the differentiation our solutions can provide. We are focused on increasing this value, and I look forward to sharing the results of that focus throughout 2018.

由於我們的解決方案能夠提供差異化優勢，我們的客戶越來越將我們視為早期設計討論中不可或缺的合作夥伴。我們致力於提升這項價值，我期待在 2018 年與大家分享這項努力的成果。

We will now open for questions.

現在開始接受提問。

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

關於NAND快閃記憶體方面，我有幾個問題。Sanjay，至少在投資者群體中，似乎有人擔心上半年會有大量新房源湧入這個行業。我想知道您對上半年的供需平衡有什麼看法。此外，對於 Ernie 而言，NAND 的毛利率環比提高了 900 個基點。我知道你提到了混合健康飲食，但我很好奇你能否更詳細地說明一下，究竟是什麼在推動這種飲食方式，以及這種飲食方式在未來能持續多久？

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%. 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. In calendar year '17, of course, supply has been tight. There has been pent-up demand, particularly in the areas of client SSDs and the client PC, notebook PC environments. The march toward high-density SSDs in notebook PCs was somewhat slowed down given the overall tightness of supply in calendar year '17. 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. 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. And certainly, in mobile applications also, the average capacities of NAND content continue to increase. And these are all increasing because of the trends, right? 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. So a lot of HDD, that is still to be replaced with SSDs. And same trends are continuing in all markets for NAND. Average capacities are continuing to increase. So the demand trends continues to be very robust. 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.

因此，就產業供需環境而言，我想說的是，關於 2018 年的產業供應成長，我們曾說過產業供應成長將接近 50%。雖然這比 2017 年日曆年的供應成長率（35% 至 40%）要高，但總的來說，你必須關注的是需求。當然，在 2017 年，供應一直很緊張。市場存在著被壓抑的需求，尤其是在客戶端固態硬碟和客戶端PC、筆記型電腦環境領域。鑑於 2017 年整體供應緊張，筆記型電腦採用高密度 SSD 的進程有所放緩。展望 2018 年，我看到 SSD 的裝置率和客戶端 PC 的需求趨勢強勁，並且持續成長。與雲端運算和資料中心相關的應用，以及企業資料中心，都在持續推動雲端運算和資料中心應用的平均容量和使用量不斷提高。當然，在行動應用中，NAND 內容的平均容量也在持續成長。這些指標都在上升，都是因為這些趨勢，對吧？我的意思是，2017 年筆記型電腦的附加率約為 35%，預計到 2020 年，未來幾年內將達到 75% 的附加率。所以還有很多機械硬碟需要被固態硬碟取代。NAND 快閃記憶體所有市場都呈現相同的趨勢。平均產能持續成長。因此，需求趨勢依然非常強勁。對於快閃記憶體而言，確實存在更多供應環境方面的問題，但我們非常專注於繼續加強我們的產品組合，提高我們在固態硬碟市場的份額，並透過更多託管式 NAND 解決方案來滿足行動市場的需求。

And relative to the question about margins, I think there are 2 pieces of that. One, we are making progress toward a mix -- a higher value-added mix of solutions, and those typically carry the opportunity for higher margins. 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. 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.

至於利潤率的問題，我認為可以分成兩個部分。第一，我們正在朝著混合模式——更高附加價值的解決方案組合——取得進展，而這些解決方案通常能帶來更高的利潤率。此外，我們在成本方面也持續取得進展，3D NAND 和 TLC 的使用量都在增加，你們本季在降低成本方面也取得了不錯的成績。所以，一方面是面向市場的高附加價值解決方案，另一方面，從營運成本的角度來看，這是一個不錯的季度。

And then, maybe just one follow-up, Ernie, on the balance sheet. 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. Given -- assuming that the tax bill will pass, is there any change to that target? 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，厄尼，或許只需要對資產負債表做個後續跟進。我想你之前說過你的總債務目標約為 80 億美元，你也說過你會在下個季度達到這個目標。假設稅收法案獲得通過，那麼這個目標會有任何改變嗎？那麼，如果稅收法案能夠通過，您能否再談談您未來的現金流優先事項？

Yes. I don't think we've said that we'd reach that gross debt target in FQ2. We said, by the end of our fiscal year. And so I wouldn't expect that we would achieve that level end fiscal Q2. 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. And then, for fiscal year '18, certainly, getting the balance sheet in shape relative to these aggregate levels of debt.

是的。我認為我們並沒有說過會在第二財季達到總債務目標。我們說，到本財年結束時。因此，我預計我們無法在第二財季末達到那個水準。據我們了解，稅收法案不一定會改變我們的優先事項，我們的優先事項始終是繼續確保我們在生產中擁有最好的技術，並能夠在對我們來說合適的時機進行過渡。然後，對於 2018 財年來說，當然要讓資產負債表相對於這些總債務水準而言保持良好狀態。

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. You've got AMD ramping EPYC on the server CPU side. Cloud and hyperscale CapEx spending looks to grow about 30% next year. 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? 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?

在DRAM方面，英特爾正大力推動Skylake的研發。AMD正在伺服器CPU領域大力推廣EPYC處理器。預計明年雲端運算和超大規模資本支出將成長約 30%。鑑於以上所有因素，你們是否預期明年伺服器和雲端業務在DRAM方面將繼續保持成長勢頭並實現更高水準的整合？那麼，從產業角度來看，未來 2 到 3 年內，伺服器和雲端領域是否會在 DRAM 消費結構中佔據更大的份額，超過行動領域？

Yes. Absolutely. 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. And we have very strong penetration in these markets. And actually, we do expect to continue to build momentum in these markets going forward.

是的。絕對地。雲端和伺服器、資料中心企業以及雲端資料中心絕對將繼續成為DRAM產業大規模成長的最大驅動力。我們在這些市場擁有非常強大的滲透率。事實上，我們預計未來在這些市場中將繼續保持成長勢頭。

Great. And Sanjay, you talked about semi and fully autonomous wins in the quarter. All of the major auto OEMs and self-systems guys are focused on this. We talked to one of the leading guys that's focused on sensors and processor technology required for these types of vehicles. They're talking about 25, 30 gigabytes of DRAM and 1 terabyte SSDs per car for level 4 and level 5 fully autonomous. That's a pretty significant step up in DRAM and NAND content. Is that consistent with how you see the content trends in automotive over the next kind of 3 to 5 years?

偉大的。Sanjay，你剛才談到了本季半自主和完全自主業務的成功。所有主要的汽車OEM廠商和自動駕駛系統廠商都在關注這一點。我們採訪了專注於此類車輛所需感測器和處理器技術的一位業內領導者。他們說，每輛 4 級和 5 級完全自動駕駛汽車需要 25、30 GB 的 DRAM 和 1 TB 的 SSD。這在DRAM和NAND快閃記憶體含量方面是一個相當大的提升。這與您認為未來 3 到 5 年汽車產業的內容發展趨勢一致嗎？

It absolutely is. 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. And when you think about it, that is very similar to the average capacity that's associated with servers -- in the server workstations, right? 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. 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. 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. 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. Earlier, we talked about cloud and data center applications. And again, those are growing faster than the rest of the industry. Autonomous vehicles will be another big driver in the future. 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.

確實如此。我的意思是，當你觀察自動駕駛汽車時，你會發現，未來的 L5 級自動駕駛汽車預計將擁有約 40 GB 的 DRAM 容量。仔細想想，這與伺服器的平均容量非常相似——在伺服器工作站中，對吧？因此，這些汽車未來將成為功能非常強大的計算機，它們不僅會推動大量的 DRAM 內容使用，還會推動 NAND 快閃記憶體的使用。他們將利用數據產生數百萬個即時瞬間決策，以確保自動駕駛汽車中的乘客能夠輕鬆安全地到達目的地。從聲吶到攝像頭，各種感測器將產生數十億個訊號，所有這些數據都需要進行處理和訪問，以便快速做出決策。所以你完全正確，你指出這確實是推動記憶體和儲存持續使用的長期趨勢。前面我們討論了雲端運算和資料中心應用。而且，這些領域的成長速度也比產業其他領域更快。自動駕駛汽車將是未來另一大驅動力。美光擁有強大的解決方案組合，包括快閃記憶體解決方案和 DRAM 記憶體解決方案，能夠應對這些快速成長的市場趨勢，因此具有獨特的優勢。

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

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

A couple of questions. 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. Can you just maybe talk about content per server? How much that increased this year? 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?

幾個問題。或許在 DRAM 方面，你可以回到——伺服器一直是巨大的驅動力，而這確實與英特爾無關，Purley 仍然是少數。您能談談每個伺服器的內容狀況嗎？今年成長了多少？那麼，展望明年，普利在下半年能發揮多大的作用，這是否更有意義呢？

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. 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. So that is on the SSD side. And similarly, on the DRAM side, average capacities continue to increase nicely there as well. In 2017, timeframe about 145 gigabytes per server average capacity estimated, and industry reports are showing that by 2021 timeframe going to about 350. So very strong solid and year-over-year increases, not just in near term, but again, as I say, these are secular trends here.

所以就伺服器內容而言，我認為 2017 年，如果你看一下快閃記憶體的附加速率，平均容量大約在 2.5 到 2,500 GB 左右。如果展望 2018 年的預測，平均容量將超過 3000 GB，到 2021 年將繼續穩定成長，幾乎是 2017 年水準的三倍，並且遠遠超過 8,000 GB。以上是關於固態硬碟方面的內容。同樣，DRAM方面，平均容量也持續穩定成長。2017 年，預計每台伺服器的平均容量約為 145 GB，產業報告顯示，到 2021 年，這一數字將達到約 350 GB。因此，不僅短期內，而且正如我所說，這些都是長期趨勢，實現了非常強勁的、穩健的、同比的成長。

And then, just on the NAND side, I just want to go back to that prior question. Obviously, you're seeing a crossover at 64. 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?

然後，就 NAND 而言，我想回到之前的問題。顯然，你會看到 64 號交叉點。隨著第三代產品在財政年度開始逐步投產，您如何看待成本軌跡？當一條成本曲線上升，另一條成本曲線下降時，這條成本曲線的斜率是多少？

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. 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. 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.

隨著我們推出第三代 3D NAND，我們仍然期望這項成熟技術的良率能夠——或者相對於 64 層技術而言，具有有利的成本動態。我們認為這不會對我們 2018 財年的業績產生重大的正面或負面影響，因為我們只是在財年的最後一個季度才開始實施這項措施。因此，無論如何，這都不足以改變我們今年將看到的根本動態，而這種動態很大程度上是由我們的 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 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. Can you say what percentage right now would you call in a value-added group? And what's the goal for that?

您在給予年度資本支出指導意見時曾提到，要為 DRAM 和快閃記憶體增加更多附加價值。您能說說目前您認為增值群體中所佔的比例是多少嗎？這樣做的目的是什麼？

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. We gained share in the market as well. In the mobile space, managed NAND solutions are also -- and discrete NAND solutions we consider as value-add as well. 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. And as we execute on that product road map in the quarters to come, we expect to be gaining -- making substantial progress. 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. We are not providing you any specifics at this point. We'll discuss more details at our Analyst Day in May.

在加值解決方案類別中，我們計算了 SSD 指數，在第一財季，我們的 SSD 收入實現了非常穩健的成長。我們也獲得了一定的市佔率。在行動領域，託管式 NAND 解決方案和分離式 NAND 解決方案也都被視為增值方案。目前我們在這些市場的份額相對較低，只有個位數，但隨著我們不斷豐富產品組合，我們看到了巨大的機會。隨著我們在接下來的幾個季度中執行該產品路線圖，我們預計會取得實質進展。當然，在 DRAM 方面，汽車、圖形、高效能應用等應用都為增值解決方案做出了貢獻。目前我們無法提供任何具體細節。我們將在五月的分析師日上討論更多細節。

Okay. Great. 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?

好的。偉大的。或許可以補充一點，因為DRAM市場一直以來都是一個商品化市場，您的客戶是否對您採取更偏向商品化的策略表示反對？

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. Regarding your second question on DRAM. 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 is highly strategic. 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. So you see -- and of course, we just talked about automotive as well. So now DRAM is addressing diversity of markets. I mean, several large diverse markets. Product portfolio, meeting the needs of these markets is becoming differentiated. And when that happens, that always gives you stronger opportunities to drive profitable growth in that market. 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. 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. 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.

針對您先前的問題，我想指出，雖然我們將在五月提供更多細節，但就同比而言，我們確實大幅提高了增值解決方案組合，並且對我們所取得的進展感到非常滿意。關於您提出的第二個關於DRAM的問題。如今，DRAM 確實是各種市場和我們所談論的各種大趨勢中的戰略推動因素，無論是資料中心、雲端應用，還是作為人工智慧引擎的燃料，它都能幫助各種搜尋演算法做出決策，以及在各個垂直領域開展的各種活動。隨著越來越多的應用程式轉向擴增實境類型的行動功能，在行動領域利用人工智慧也需要更多的 DRAM。DRAM具有極高的戰略意義。即使在未來，當你審視筆記型電腦時，它們仍然需要這種外形尺寸和低功耗特性，甚至在未來幾年內，LPDRAM 的個人電腦也需要這種特性。所以你看——當然，我們剛才也談到了汽車產業。所以現在DRAM正在應對市場的多樣性。我的意思是，幾個規模龐大、各具特色的市場。為了滿足這些市場的需求，產品組合正在變得差異化。當這種情況發生時，總是會為你帶來更強大的機會，從而在該市場中實現獲利成長。我們的客戶在與我們互動、與我們對話時，會告訴我們內存，特別是 DRAM 內存，是如何真正幫助他們解決應用程式中的瓶頸問題的。所以，正如我之前多次說過的那樣，如今的 DRAM 與 PC 時代或僅限於 PC 和行動裝置的 DRAM 非常不同。如今，DRAM 的應用範圍更加廣泛，它在創造所有這些應用方面發揮著非常重要的戰略賦能作用，這些應用正在我們眼前真正改變世界。

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

下一個問題來自富國銀行的 David Wong。

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

我不確定您是否說過，但在 11 月的季度中，您的 NAND 總產量中有多少是 3D NAND？明年二月和五月季度，隨著你們向 64 層 NAND 快閃記憶體過渡，你們的 NAND 快閃記憶體產量是會逐季下降還是成長？

So about 80% of our output for the quarter just completed was on 3D. And over the course of the balance of fiscal '18, we'd expect that number to grow to about 95%. We expect that we will have some measure of bit growth, as we said. 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.

因此，在我們剛結束的季度中，約 80% 的產出都是 3D 作品。在 2018 財年剩餘時間內，我們預計這一數字將成長到 95% 左右。正如我們所說，我們預期比特數會有一定的成長。每個季度，我們都會在事先準備好的發言稿中提到，下半年的工作量會稍微多一點。

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

但即便如此，你上半年還是會有所進步的？

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

是的。是的。該季度產量成長幅度在個位數低點。

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 和 Evercore 樂團。

I guess first question on DRAM. You talked about 20% bit supply for the industry in '18, which would suggest continued tightness throughout the whole year. So curious how customers are reacting to that reality. What kind of visibility are you seeing to pricing as well as extension to contracts?

我猜第一個問題是關於DRAM的。你提到 2018 年行業鑽頭供應量為 20%，這意味著全年供應都將持續緊張。很好奇顧客們對這種現實有何反應。您認為定價和合約延期方面的情況如何？

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. And this varies from customer to customer. Some customers tend to be more on a month by month basis, some more quarter, and some, certainly, longer-term engagements as well. And you're right to note that, yes, I mean, that the industry supply growing about 20% and demand likely to be somewhat higher. 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.

我們與客戶密切合作，並努力了解他們未來對 DRAM 的需求以及他們的應用發展趨勢，以便確保我們的技術和產品路線圖能夠滿足他們的需求。而且這種情況因客戶而異。有些客戶傾向於按月付費，有些客戶傾向於按季度付費，當然也有一些客戶會簽訂更長期的合約。你說的沒錯，我的意思是，產業供應成長了約 20%，而需求可能會更高一些。我們預計DRAM產業的供需環境將保持健康，並將繼續密切合作，推動我們未來收入結構的策略成長。

Very helpful. And I guess as my follow-up, on the NAND side, you're talking around 50% bit growth or approaching that for the industry. One or 2 of the other players in the market are expecting lower type of bit growth. 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. So curious, how are you thinking about that ramp? 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?

很有幫助。我想接著問，關於 NAND 快閃記憶體方面，您說的是整個產業大約 50% 的位元成長，或接近這個數字。市場上其他一兩個參與者預計這種類型的比特成長會較低。所以看來你對 64 層斜坡的假設可能比你的競爭對手更穩健一些。很好奇，你對那個坡道有什麼想法？顯然，我認為您也同意風險可能低於 50%，那麼您會如何估算您認為最終結果的機率？

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. And along with other mix of technologies in the industry as well. But you're right to note that the dominant factor of the supply bit growth in the industry will be with 64 layers here. 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. And if we have any changes on this, we will share them with you.

當然，在預測方面，我們對產業比特成長的估計，當然會考慮到我們對產業內 64 層技術普及率的估計，以及我們對晶圓生產普及率和該技術良率普及率的假設。以及業界其他多種技術的組合。但您說的沒錯，產業供應量成長的主要因素將是 64 層。我們會不斷審視我們的估算，並根據我們掌握的所有情報以及從第三方報告中收集的資訊進行審查，持續地定義我們的模型。如果這方面有任何變動，我們會及時通知您。

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

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

我知道您不想在這方面操之過急，但當您實現淨現金流中性並達到投資等級時，在優先考慮自由現金流的情況下，下一步該怎麼做呢？那麼，您如何從定性角度考慮現金回報與將現金用於更具策略性的用途之間的差異？

I think that we will continue to prioritize the -- supporting our latest generation technology in production. As we've talked about for fiscal '18, clearly focused on getting aggregate debt down in that $8 billion range. Those things will lead to, we believe, over time, improved ratings. I think how we think about deploying cash is not wholly dependent upon the achievement of any particular ratings grade. We just think these are things that will be worked in parallel. 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. 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.

我認為我們將繼續優先支持最新一代技術在生產中的應用。正如我們之前討論過的，2018 財年，我們的重點顯然是將總債務降至 80 億美元左右。我們相信，隨著時間的推移，這些措施將會帶來收視率的提升。我認為我們如何考慮資金部署並不完全取決於是否達到任何特定的評級。我們認為這些事情會並行。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，因此這些計劃在我們考慮現金用途的層級中佔有一席之地。但是，在我們完成或實質完成這項技術部署工作、恢復成本競爭力以及將總債務水平降至我們更能接受的水平之前，這些當然仍將是我們的優先事項。

Great. 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. How do you think about that going forward in terms of your allocation of mix? Obviously, mobile gives you more stability down the road versus the upside that you can get from PCs. How are you thinking about that balance?

偉大的。然後，我就在想，你們計算業務和行動業務的營業利潤率分別為 60% 和 60%，這兩個利潤率仍然相當高，我想，在我看來，從某種程度上來說，可以看出 PC DRAM 的利潤仍然比行動業務高得多。展望未來，您在產品組合配置方面會如何考慮這個問題？顯然，與PC相比，行動裝置在未來能提供更大的穩定性。你如何看待這種平衡？

Yes. 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. So it isn't just a statement about the client compute environment. And many of those subsegments within the Compute and Networking Business Unit we would also consider as strategically important. These are relationships where we have the opportunity to deploy both DRAM and NAND. And certainly, mobile continues to be important. 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.

是的。別忘了，運算和網路業務部門包含種類繁多的產品，包括客戶端產品，也包括資料中心產品、行動產品——抱歉，不是行動產品，而是網路產品和其他產品。所以這不僅僅是關於客戶端計算環境的聲明。計算和網路業務部門內的許多子部門，我們也認為具有重要的策略意義。在這些合作關係中，我們有機會同時部署 DRAM 和 NAND。當然，行動裝置仍然非常重要。因此，我並不認為我們計算和網路業務部門的利潤率表現主要取決於客戶的業績。

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

我們的下一個問題來自 Romit Shah 與 Nomura Instinet 的合作。

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. 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?

Sanjay，你的一些設備供應商——半導體設備供應商——在過去的三個月裡，一直在提高他們對 2018 年的支出預測，部分原因是 DRAM 投資增加。我的問題是，你的競爭對手可能會更積極地爭奪市場份額，而你為明年設定的 20% 的成長假設最終可能會被證明是保守的，這種風險有多大？

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. 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. And -- but this is our estimate. We will, as I said before for NAND, same thing. We routinely look at this very, very closely. And just also remember that the technology transitions in the industry today certainly are becoming increasingly complex, and they have greater capital intensity. 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. Again, given the scaling challenges, the increased complexity. So all of these trends are actually increased technology complexity and increased capital intensity have a moderating effect on the supply growth.

我認為，我們對DRAM的估算，同樣是基於我們收集的各種來源和報告的所有信息，我們已將這些信息放在這裡。我認為，即使看看其他供應商的預測，我們所有人也都指向一個相當接近、高度一致的產業供應成長預測。但這只是我們的估計。就像我之前對 NAND 快閃記憶體說的那樣，我們會做同樣的事情。我們通常會對此進行非常非常仔細的審查。此外，也要記住，當今產業的技術轉型無疑變得越來越複雜，而且資本密集度也越來越高。即使採用先進的技術節點，與上一代節點相比，即使良率成熟，每片晶圓實際獲得的位元數也會減少。再次考慮到規模化挑戰和日益增加的複雜性。因此，所有這些趨勢實際上都會導致技術複雜性增加和資本密集度提高，從而對供應成長起到緩和作用。

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. What's driving the better-than-normal seasonality for you? Is it pricing or other factors as well?

然後，就二月份的季度而言，我不知道你們是否會按季節來看待各個季度，但二月份的季度通常是一個淡季，而你們預計在十一月份好於預期的情況下，二月份的季度將實現環比增長。是什麼因素導致你們的季節性銷售狀況比往年好？是價格因素還是其他因素？

Yes. I think, Sanjay mentioned earlier the diversification of the DRAM demand stream. And certainly, that is also true on the NAND side. And in the context of that diversified demand stream, for example, automobiles tend to be far less seasonal than client PCs. And if you look at data center deployments among all of the key players, there's certainly a specific pattern per customer. But when you put them all together, there is no macro seasonality pattern that emerges when you look at that. 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.

是的。我認為，Sanjay 之前提到 DRAM 需求來源的多元化。當然，NAND快閃記憶體方面也是如此。例如，在這種多元化的需求流背景下，汽車的季節性遠小於個人電腦。如果你觀察所有主要參與者的資料中心部署情況，你會發現每個客戶都有其特定的模式。但當你把它們放在一起比較時，你會發現並沒有明顯的宏觀季節性模式。因此，隨著我們過渡到這些多元化的需求驅動因素，我認為季節性的概念已經被重新定義，並且可能不像過去那樣對每個季度產生影響。

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

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

Two questions. 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? And then, I have a follow-up.

兩個問題。首先，如果 NAND 快閃記憶體的平均售價因供應增加而繼續下降，您認為在 2018 財年，成本降低能否跟上平均售價下降的步伐？然後，我還有一個後續問題。

I mean, we are certainly not projecting pricing for fiscal year '18 here. 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. So I consider it as healthy if the cost declines are greater than the price declines in the industry. That's a healthy industry environment. 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.

我的意思是，我們當然不是在預測 2018 財年的價格。但我再次強調，如果你回顧 NAND 的歷史，你會發現技術能力的提升和技術的進步，這帶來了成本的降低，最終促成了許多新的市場應用的開放，並推動了許多市場的彈性，從而推動了需求環境的發展。所以我認為，如果產業內成本下降幅度大於價格下降幅度，那就是健康的。這是一個健康的產業環境。雖然我們不打算對價格進行預測，但當我們審視未來所有的需求驅動因素時（我在今天的電話會議中反覆提到過），眾多需求驅動因素，以及在每個大型市場細分領域，無論是雲端資料中心、企業資料中心、行動裝置、智慧型手機、用戶端筆記型電腦還是汽車應用，所有這些都將繼續推動對 NAND 快閃記憶體應用的強勁需求趨勢。

Yes. 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. 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.

是的。我認為我還要補充一點，如果你想想我們關於行業成長的說法，目前成長已接近 50%，這通常與相當健康的成本降低水準相關。我們不會深入探討具體細節，但重要的是要記住，這種成長通常也會伴隨著成本的顯著降低。

Okay. Fair enough. Then, on 3D XPoint, I was wondering how much are you earmarking for spending in fiscal '18? And has there been customers who have identified? And how should we think, generally, on a big picture, about pricing there?

好的。很公平。那麼，關於 3D XPoint，我想知道你們在 2018 財政年度計劃撥出多少資金用於支出？是否有客戶提出類似要求？那麼，從大局來看，我們該如何看待那裡的定價問題呢？

So this is Ernie. 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. 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.

這就是厄尼。3D XPoint 資本支出及任何相關的研發費用，資本支出部分已包含在我們全年的非波動性估計中，我們曾表示該部分占我們總支出的 35% 至 45%。正如桑傑所提到的那樣，在審視這款產品時，我們必須先觀察市場的發展情況，才能提供更廣泛的見解。

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

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

Two quick questions for me. First of all, you mentioned the market share gains in SSDs and I assumed some of that was related to fixing the component issue. But can you sort of give us some more color on where you think specifically you had most success in gaining share? 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.

我有兩個問題想問一下。首先，您提到了固態硬碟市場佔有率的成長，我以為其中一些成長與解決了組件問題有關。但您能否更具體地說明一下，您認為您在哪些方面最成功地獲得了市場份額？其次，我知道您不會具體談論下一季的定價，但如果您能進一步說明一下您是如何得出定價和產品組合方面的銷售指導的，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. Really, our products did very well there. And at this point, our offerings are with SATA drive. 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. And regarding our guidance that we have given you, of course, we have certain assumptions related to total demand. And our pricing assumptions are baked in there as well. But obviously, for competitive reasons, we do not get into discussions of pricing on the call.

就本季 SSD 市場佔有率的成長而言，我們認為我們在客戶端應用、企業和雲端資料中心應用方面都取得了市場份額的成長。確實，我們的產品在那裡賣得很好。目前，我們提供的產品均配備 SATA 硬碟。明年，我們將在 2018 年的某個時候推出我們的 NVMe 解決方案，這應該有助於我們擴大產品組合，並為我們繼續在這個市場中獲得份額提供機會。至於我們向您提供的指導，當然，我們對總需求有一些假設。我們的定價假設也已包含在其中。但很顯然，出於競爭原因，我們不會在電話會議上討論定價問題。

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

下一個問題來自瑞士信貸的約翰‧皮策。

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

Ernie，或許我可以換個方式問一下關於 NAND 快閃記憶體毛利率的問題。我只是有點好奇，鑑於你們之前透過價格環比下降個位數百分比，毛利率有很大的提升空間，那麼在價格繼續下降的情況下，比如說以個位數百分比環比下降，你們是否有足夠的產品組合和成本調整機會來維持和/或提高目前的毛利率？或者我們應該如何看待您能夠達到的參數——即在現有成本和產品組合可用性的基礎上，維持或提高毛利率的能力？

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

是的。因此，如果我們展望未來，看到價格環境繼續略有下降，每個季度下降幾個百分點左右，我認為毛利率有很大的擴張空間，這既得益於我們的成本削減，也得益於我們不斷向高價值解決方案轉型，其中包括將組件銷售重新定向到更高附加價值的解決方案，以及我們的一些合作夥伴合約在終止 2018 財年和 2019 年財年。因此，我認為在您提出的定價方案下，我們認為毛利率還有合理的成長空間。

That's helpful. And a similar question on the DRAM front. 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. 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?

那很有幫助。關於DRAM方面也存在類似的問題。您在準備好的評論中提到，您預計本財年上半年 DRAM 位元成長將高於下半年。隨著我們進入下半年，在DRAM產品組合方面，你們有多少手段可以進一步提高毛利率？

Yes. I think, again, the same general story with respect to continuing to move towards higher value-add solutions. You heard Sanjay speak to, for example, increasing the breadth of our managed NAND offerings. If you look at server, that's certainly a very, very strong growth pattern here as well as automotive. 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. 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.

是的。我認為，在繼續朝著更高附加價值的解決方案邁進方面，整體情況仍然一樣。例如，您聽 Sanjay 談到要擴大我們託管 NAND 產品的範圍。如果你看一下伺服器產業，你會發現它和汽車產業一樣，都呈現出非常強勁的成長動能。所以我認為，在某些領域，我們仍然可以繼續優化我們的比特輸出，從而獲得最佳的毛利率機會。當然，儘管 DRAM 的比特輸出成長速度將低於 NAND，但我們仍然期望能夠實現一些有意義的成本降低，正如我在準備好的演講稿中所闡述的那樣。

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

最後，我們將從馬克紐曼和伯恩斯坦的對話中選取一個問題來回答。

I had a question on CapEx and capacity. So Micron -- you stepped up the CapEx quite a bit this year from previous years. But still, quite significantly underspending some of the rivals, particularly Samsung. My question, actually, is about how is Micron thinking about the need for fabs longer term. This is more of a kind of longer-term question, because both Samsung and Hynix are building brand-new greenfield fabs as we speak. 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? And I understand your goal is to keep wafer capacity roughly flat and grow gigabytes from technology migration. At what point do you need more fab space to keep that fab capacity roughly flat? 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. So do you have any plans for new fabs? What would be the plan? And how are you thinking about that?

我有一個關於資本支出和產能的問題。所以美光——你們今年的資本支出比往年大幅增加。但即便如此，其支出仍遠低於部分競爭對手，尤其是三星。實際上，我的問題是關於美光公司如何看待晶圓廠的長期需求。這更像是長期問題，因為三星和海力士目前都在建造全新的綠地晶圓廠。目前美光在DRAM和NAND的產能狀況如何？你們在DRAM和NAND方面分別有多少可用空間？我了解到你們的目標是保持晶圓產能大致不變，並透過技術遷移來增加容量（以千兆位元組為單位）。在什麼情況下需要更多的晶圓廠空間才能維持晶圓廠產能大致穩定？當然，層數越多需要的晶圓廠空間也越多，而且隨著DRAM尺寸的縮小，也需要更多的晶圓廠空間。那你們有新建工廠的計畫嗎？計劃是什麼？你對此有何看法？

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. 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. And in the past, in Singapore fab for NAND, going from planar to 3D nodes as well. 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. 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. Fiscal year '18, we are not looking at any new wafer capacity additions. We are not looking at any new -- any meaningful new cleanroom space required to implement our technology transition plans in fiscal year '18. 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. No plans firmed up yet. And as and when we look at it, we will share these things. Remember, any time you build a new cleanroom, it takes several months to build, construct the building. 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. So these are things that are to be looked at for the longer-term horizon, and we are evaluating those scenarios.

正如您所指出的，為了實現技術轉型，您當然需要在無塵室中留出空間來部署實施先進技術節點所需的工具。因此，我們的晶圓廠在技術轉型方面有空間，例如在新加坡從 32 樓過渡到 64 樓。過去，新加坡的 NAND 晶圓廠也曾從平面節點過渡到 3D 節點。同樣，對 DRAM 來說，無塵室空間也是我們非常仔細考慮的問題，因為如我剛才所說，科技轉型需要更多的無塵室空間。正如我在準備好的演講稿中所說，我們將繼續評估未來技術轉型所需的各種方案，我也將繼續評估我們的無塵室空間需求。2018 財年，我們不打算增加任何新的晶圓產能。2018 財年，我們不需要任何新的——任何有意義的新無塵室空間來實施我們的技術轉型計劃。正如我在演講中所說，除此之外，我們還將繼續評估各種方案，以滿足DRAM和NAND技術轉型的要求。目前還沒有最終確定的計劃。我們會視情況而定，並分享這些資訊。記住，任何時候建造新的無塵室，都需要幾個月的時間來建造和施工。然後需要幾個月的時間才能將設備運入新的無塵室，部署設備，進行驗證並生產產品。所以這些都是需要從長遠角度來考慮的問題，我們正在評估這些情況。

Thank you. And this concludes today's question-and-answer session. Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.

謝謝。今天的問答環節到此結束。女士們、先生們，感謝各位參加今天的會議。程式到此結束，各位可以斷開連接了。祝大家今天過得愉快。