美光科技 (MU) 2018 Q2 法說會逐字稿

Good afternoon.

下午好。

My name is Jonathan, and I will be your conference facilitator today.

我的名字是喬納森，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to Micron Technology Second Quarter 2018 Financial Results Conference Call.

在此，歡迎大家參加美光科技 2018 年第二季度財務業績電話會議。

(Operator Instructions).

（操作員說明）。

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

現在我很高興將發言權交給您的主持人 Shanye Hudson。

You may begin your conference.

你可以開始你的會議了。

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

謝謝喬納森，歡迎來到美光科技 2018 財年第二季度財務電話會議。

On the call with me today are Sanjay Mehrotra, President and CEO; and Dave Zinsner, 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 Dave Zinsner。

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 which was filed a short while ago.

此外，我們的網站包含不久前提交的收益新聞稿。

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

除非另有說明，今天有關財務業績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 the convertible debt and capped call dilution table.

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

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

提醒一下，本次電話會議和網絡直播重播的準備發言將於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 also follow us on Twitter, @MicronTech.

您也可以在 Twitter 上關注我們，@MicronTech。

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

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 filed 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。

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

我現在把電話轉給你，桑傑。

Thank you, Shanye.

謝謝你，山野。

Good afternoon.

下午好。

During the second quarter, Micron, once again, set company performance records across multiple metrics, including revenue, gross profit, EPS and cash generation.

在第二季度，美光再次在多個指標上創造了公司業績記錄，包括收入、毛利潤、每股收益和現金產生。

We are consistently delivering results that underscore our relentless focus on execution and solid progress on our strategic priorities.

我們始終如一地交付成果，突顯了我們對執行的不懈關注以及我們在戰略重點方面取得的紮實進展。

Specifically, we are evolving our product portfolio to a richer mix of high-value solutions, enhancing our financial performance and cultivating deeper relationships with more key customers across multiple mega markets.

具體來說，我們正在將我們的產品組合發展為更豐富的高價值解決方案組合，提高我們的財務業績，並與多個大型市場的更多關鍵客戶建立更深層次的關係。

Our growing portfolio of managed NAND solutions and low-power DDR4 products boosted our mobile business to record revenue and profitability during the quarter.

我們不斷增長的託管 NAND 解決方案和低功耗 DDR4 產品組合推動我們的移動業務在本季度實現創紀錄的收入和盈利能力。

We also grew our SSD shares in our second quarter with total SSD sales up 80% year-over-year and sales of cloud and enterprise drives more than tripling for that same period.

我們還在第二季度增加了 SSD 份額，SSD 總銷售額同比增長 80%，同期雲和企業驅動器的銷售額增長了兩倍多。

Continued strong penetration of our highly competitive DDR4 products into cloud applications and our industry-leading high-performance graphics memory portfolio into gaming, graphics and cryptomining applications contributed to a robust 15% sequential growth for our Compute and Networking Business Unit.

我們極具競爭力的 DDR4 產品繼續大力滲透到雲應用中，以及我們行業領先的高性能圖形內存產品組合在遊戲、圖形和加密應用中的滲透，為我們的計算和網絡業務部門帶來了 15% 的強勁連續增長。

Strong demand for our DRAM and NAND products delivered record second quarter revenues for us in the automotive market.

對我們的 DRAM 和 NAND 產品的強勁需求為我們在汽車市場帶來了創紀錄的第二季度收入。

We continue to execute well on our goal of introducing new products on our advanced technologies, delivering performance, quality, supply and cost advantages to our customers.

我們繼續很好地執行我們的目標，即在我們的先進技術上推出新產品，為我們的客戶提供性能、質量、供應和成本優勢。

In NAND, we are transitioning from being the components supplier to becoming a solutions provider.

在 NAND 領域，我們正在從組件供應商轉變為解決方案供應商。

We launched and began qualifications of the industry's first cloud and enterprise SATA SSD drive incorporating 64-layer 3D TLC NAND.

我們推出並開始了業界首款採用 64 層 3D TLC NAND 的雲和企業級 SATA SSD 驅動器的認證。

We also introduced the 3DFS solutions targeted at flagship smartphones.

我們還推出了針對旗艦智能手機的 3DFS 解決方案。

These solutions are also based on our 64-layer 3D TLC NAND, which has 15% higher performance and double the density of the prior technology.

這些解決方案還基於我們的 64 層 3D TLC NAND，其性能提高了 15%，密度是現有技術的兩倍。

We have qualified a family of these products with a major chipset vendor and we expect to complete customer qualification in the coming months.

我們已經通過一家主要芯片組供應商對這些產品系列進行了認證，我們預計將在未來幾個月內完成客戶認證。

In DRAM, our focus remains on enhancing our cost competitiveness and accelerating our product execution.

在 DRAM 方面，我們的重點仍然是提高我們的成本競爭力和加速我們的產品執行。

We have qualified our 1X nanometer DRAM at 3 of the world's largest hyperscale customers, with other qualifications underway.

我們已在全球 3 家最大的超大規模客戶中對我們的 1X 納米 DRAM 進行了認證，其他認證正在進行中。

We also garnered positive feedback on our 1X nanometer LPDRAM solutions and set industry benchmarks for power efficiency, which is particularly critical to our mobile customers.

我們還獲得了對我們的 1X 納米 LPDRAM 解決方案的積極反饋，並為能效設定了行業基準，這對我們的移動客戶來說尤其重要。

Our comprehensive and expanding portfolio of DRAM, NAND and NOR solutions has enabled us to achieve record design wins for our automotive business in the first half of fiscal 2018.

我們全面且不斷擴展的 DRAM、NAND 和 NOR 解決方案組合使我們能夠在 2018 財年上半年為我們的汽車業務取得創紀錄的設計勝利。

We believe we are well positioned to continue to support our share leadership in this rapidly growing market.

我們相信我們有能力繼續支持我們在這個快速增長的市場中的份額領先地位。

These achievements illustrate our focus and the ability to deliver value to both our customers and shareholders.

這些成就說明了我們的重點和為客戶和股東創造價值的能力。

I'll now discuss some of the trends we are seeing across our end markets, which will continue to expand the significant opportunities for our business in the years ahead.

我現在將討論我們在終端市場中看到的一些趨勢，這些趨勢將在未來幾年繼續為我們的業務帶來重大機遇。

At Mobile World Congress recently, phone manufacturers featured high-end smartphones with larger 4K displays, multiple high resolution cameras and 4K HDR video recording.

在最近的世界移動通信大會上，手機製造商推出了配備更大 4K 顯示屏、多個高分辨率攝像頭和 4K HDR 視頻錄製的高端智能手機。

Capabilities like these have driven increased memory and storage requirements in recent years.

近年來，此類功能推動了內存和存儲需求的增加。

But perhaps, most impressive were the multiple implementations of artificial intelligence and virtual reality.

但也許，最令人印象深刻的是人工智能和虛擬現實的多種實現。

OEMs are bundling new artificial intelligence, augmented reality.

原始設備製造商正在捆綁新的人工智能、增強現實。

OEMs are building new artificial intelligence, augmented reality and lifelike virtual reality capabilities into high-end smartphones, including facial and voice recognition, realtime translation, fast image search and scene detection.

OEM 正在將新的人工智能、增強現實和逼真的虛擬現實功能構建到高端智能手機中，包括面部和語音識別、實時翻譯、快速圖像搜索和場景檢測。

To support these data intensive capabilities, flagship and high-end smartphones are migrating towards 6 gigabytes of LPDRAM, a trend that bodes well for Micron given our leadership in LPDRAM power efficiency, which is essential for optimizing battery life.

為了支持這些數據密集型功能，旗艦和高端智能手機正在向 6 GB 的 LPDRAM 遷移，鑑於我們在 LPDRAM 能效方面的領先地位，這一趨勢對美光來說是個好兆頭，這對於優化電池壽命至關重要。

Average storage SSDs are also increasing across all smartphone classes with new flagship models using 64 gigabytes of flash memory at a minimum.

所有智能手機類別的平均存儲 SSD 也在增加，新旗艦機型至少使用 64 GB 閃存。

Micron's portfolio of managed NAND solution is well-suited to address this growing demand, and we are leading the industry in TLC utilization with a portfolio that leverages the strong attributes of our 3D NAND technology.

美光的託管 NAND 解決方案產品組合非常適合滿足這種不斷增長的需求，我們在 TLC 利用率方面處於行業領先地位，其產品組合利用了我們 3D NAND 技術的強大屬性。

Of course, the growing adoption of AI is not limited to mobile.

當然，人工智能的日益普及不僅限於移動設備。

At the Consumer Electronics Show, several companies showed AI smart cockpits in new automotive models.

在消費電子展上，多家公司在新車型中展示了AI智能座艙。

These systems integrate the instrument dashboard, infotainment and telematic systems with a centralized compute and storage architecture to create a data center on wheels.

這些系統將儀表板、信息娛樂和遠程信息處理系統與集中式計算和存儲架構集成在一起，以創建車輪上的數據中心。

Voice and gesture recognition, combined with driver alert monitoring capabilities, are making automobiles more intelligent and much more compute intensive, requiring higher capacity and more powerful memory and storage solutions.

語音和手勢識別與駕駛員警報監控功能相結合，使汽車更加智能，計算密集度更高，需要更高容量和更強大的內存和存儲解決方案。

Micron is already working with automotive customers who will benefit from our highest speed automotive-grade, LPDDR4 solutions in the near term and new memory technologies in the future like our high-bandwidth GDDR6 graphics memory.

美光已經在與汽車客戶合作，他們將在近期受益於我們最高速的汽車級 LPDDR4 解決方案以及未來的新內存技術，例如我們的高帶寬 GDDR6 圖形內存。

The new features in mobile, automotive and other connected devices require rapid data analysis in storage and enterprise and cloud servers, including machine learning, training and inferencing to complement the compute taking place at the edge.

移動、汽車和其他連接設備的新功能需要在存儲、企業和雲服務器中進行快速數據分析，包括機器學習、訓練和推理，以補充發生在邊緣的計算。

This is driving significant investments in the data center and growing demand for both memory and high-performance storage.

這推動了對數據中心的大量投資以及對內存和高性能存儲的需求不斷增長。

Micron's broad technology portfolio and strong innovation engine position us well for these growth trends.

美光廣泛的技術組合和強大的創新引擎使我們能夠很好地應對這些增長趨勢。

We continue to partner with our customers to ensure our technology and engineering roadmaps deliver the critical features for tomorrow's solutions.

我們將繼續與客戶合作，以確保我們的技術和工程路線圖為未來的解決方案提供關鍵功能。

Now I will provide an update to near-term industry supply/demand dynamics.

現在我將提供近期行業供需動態的更新。

The dealer market today is very different from the PC-dominated market of the past.

今天的經銷商市場與過去以 PC 為主導的市場大不相同。

This market now supports a healthy demand environment with several secular demand drivers that I have discussed earlier.

這個市場現在支持健康的需求環境，其中包含我之前討論過的幾個長期需求驅動因素。

More specifically, memory is making possible applications such as AI and VR, and enabling new cloud-based business models which deliver a fundamental value far in excess of a price per bit.

更具體地說，內存正在使 AI 和 VR 等應用成為可能，並支持新的基於雲的商業模式，其提供的基本價值遠遠超過每比特的價格。

Against this healthy demand backdrop, we project DRAM industry bit output to grow in the 20% range for calendar 2018, maintaining favorable industry fundamentals.

在這種健康的需求背景下，我們預計 2018 年 DRAM 行業比特產量將在 20% 範圍內增長，保持良好的行業基本面。

For the NAND market, we believe the ongoing transition to 64-layer 3D NAND creates the opportunity for a more balanced industry dynamic in calendar 2018 versus the constrained conditions we saw in 2017.

對於 NAND 市場，我們認為向 64 層 3D NAND 的持續過渡為 2018 年的行業動態與我們在 2017 年看到的受限條件創造了機會。

We expect industry bit output growth to be somewhat higher than 45% in calendar 2018, providing incremental supply to address the increasing demand created with the further displacement of HDDs in client, enterprise and cloud applications.

我們預計 2018 年行業比特產量增長將略高於 45%，提供增量供應，以滿足隨著客戶端、企業和雲應用程序中 HDD 的進一步取代而產生的不斷增長的需求。

From a Micron perspective, we continue to make significant strides to strengthen our competitive position through technology and cost improvements.

從美光的角度來看，我們繼續取得重大進展，通過技術和成本改進來加強我們的競爭地位。

In DRAM, we are focused on accelerating our technology transition cadence and ramped our 1X nanometer technology to mature yield faster than any of our previous technology nodes.

在 DRAM 方面，我們專注於加快我們的技術轉型節奏，並提升我們的 1X 納米技術，以比我們之前的任何技術節點更快地成熟良率。

We remain on track to achieve 1X nanometer bit output crossover relative to our 20-nanometer node by the end of calendar 2018.

到 2018 年年底，我們仍有望實現相對於 20 納米節點的 1 倍納米位輸出交叉。

We now expect Micron's calendar 2018 DRAM bit output growth to be in line with the industry's 20% range.

我們現在預計美光 2018 年日曆 DRAM 位產量增長將與行業 20% 的範圍一致。

In NAND, our 64-layer technology continues to ramp very well with yields somewhat ahead of plan.

在 NAND 中，我們的 64 層技術繼續非常好地發展，產量略高於計劃。

We continue to execute plans to achieve bit output crossover on our 64-layer 3D NAND technology relative to 32-layer in the second half of fiscal 2018.

我們將繼續執行計劃，以在 2018 財年下半年實現 64 層 3D NAND 技術相對於 32 層的位輸出交叉。

We believe we will be somewhat above industry bit output growth in calendar 2018 for NAND.

我們相信 NAND 在 2018 年日曆上將略高於行業比特產量增長。

We expect to deliver qualification samples to OEM customers of both our 1Y DRAM technology and our third generation 3D NAND technology by the end of fiscal 2018.

我們預計在 2018 財年末向我們的 1Y DRAM 技術和我們的第三代 3D NAND 技術的 OEM 客戶提供合格樣品。

And we continue to expect to ramp initial volume for each of these new nodes in the second half of calendar 2018.

我們繼續期望在 2018 年下半年增加每個新節點的初始交易量。

For some time now, industry participants have pointed out that the cost and complexity of DRAM and NAND scaling is increasing with each subsequent technology node.

一段時間以來，業內人士指出，DRAM 和 NAND 擴展的成本和復雜性隨著每個後續技術節點的增加而增加。

Additional space and equipment is required to manufacture the increasingly complex architectures of these leading technologies to maintain data capacity and meet market demand.

需要額外的空間和設備來製造這些領先技術的日益複雜的架構，以保持數據容量並滿足市場需求。

Accordingly, we are executing plans to add clean room space in our NAND and DRAM SAS network.

因此，我們正在執行計劃，在我們的 NAND 和 DRAM SAS 網絡中增加潔淨室空間。

With the support of the Singapore Economic Development Board, we have finalized plans to build additional shelf space in Singapore, adjacent to our existing NAND Center of Excellence.

在新加坡經濟發展局的支持下，我們已經敲定了在新加坡建造更多貨架空間的計劃，毗鄰我們現有的 NAND 卓越中心。

The primary purpose for this new clean room space will be to transition our existing wafer capacity to future 3D NAND nodes.

這個新的潔淨室空間的主要目的是將我們現有的晶圓產能轉移到未來的 3D NAND 節點。

This location will enable us to drive efficiencies of scale.

這個位置將使我們能夠提高規模效率。

We expect to build out this facility in phases, in line with our manufacturing requirements and market demands.

我們希望根據我們的製造要求和市場需求分階段建造該設施。

The first phase of this clean room is expected to be completed by the summer of 2019, with initial wafer output from the facility expected in the fourth quarter of calendar 2019.

該潔淨室的第一階段預計將於 2019 年夏季完成，該設施的初始晶圓產量預計將在 2019 年第四季度完成。

We are also building out incremental clean room space in our fab in Hiroshima, Japan, which will be available for production at the beginning of calendar year 2019.

我們還在日本廣島的工廠中建造增量潔淨室空間，該空間將於 2019 年初投入生產。

This clean room space will be used to continue our 1Y nanometer DRAM transition.

這個潔淨室空間將用於繼續我們的 1Y 納米 DRAM 過渡。

For fiscal year 2018, we expect our capital expenditures to be in the upper end of our previously guided range of $7.5 billion, plus or minus 5%.

對於 2018 財年，我們預計我們的資本支出將處於我們先前指導範圍 75 億美元的上限，正負 5%。

Long term, we target capital expenditures as a percentage of revenue to be in the low 30% range.

從長遠來看，我們的目標是資本支出佔收入的百分比在 30% 左右。

Before we move to the next section of our call, I would like to address a supplier maintenance issue, disrupting nitrogen supply to 1 of our 5 DRAM SAS which occurred on Tuesday of this week.

在我們進行電話的下一部分之前，我想解決供應商維護問題，中斷了本周星期二發生的對我們 5 DRAM SAS 之一的氮氣供應。

We expect this event will impact our DRAM production output by 2% to 3% for the quarter.

我們預計這一事件將影響我們本季度的 DRAM 產量 2% 至 3%。

Our teams are working around-the-clock to recover from the situation and we expect to return to full production within the next week.

我們的團隊正在夜以繼日地工作以從這種情況中恢復過來，我們預計將在下週內恢復全面生產。

Lastly, I would like to welcome Dave Zinsner as our CFO.

最後，我要歡迎 Dave Zinsner 擔任我們的首席財務官。

Dave brings years of experience within the semiconductor industry, and we are happy to have him on board.

Dave 在半導體行業擁有多年的經驗，我們很高興他的加入。

Dave will now provide details on our second quarter results and third quarter outlook.

戴夫現在將提供有關我們第二季度業績和第三季度展望的詳細信息。

Thank you, Sanjay.

謝謝你，桑傑。

I'm excited to be joining Micron at a time when the company is accelerating its focus on execution, including the delivery of more high-value solutions and the ongoing improvement of cost competitiveness.

我很高興能在美光加速專注於執行，包括交付更多高價值解決方案和不斷提高成本競爭力的時候加入美光。

During my first few weeks at the company, I've been diving into the details of the business and operations, and I'm more convinced than ever that there's a fantastic opportunity to build an even stronger company while continuing to enhance shareholder value.

在公司工作的最初幾週，我一直在深入研究業務和運營的細節，而且我比以往任何時候都更加堅信有一個絕佳的機會來建立一家更強大的公司，同時繼續提高股東價值。

For the second fiscal quarter, revenues were $7.35 billion, up 8% from the prior quarter and 58% from the prior year.

第二財季收入為 73.5 億美元，比上一季度增長 8%，比上年增長 58%。

The overall strength reflects a positive business environment and broad-based demand for our memory and storage solutions, particularly for cloud, enterprise and mobile markets.

整體實力反映了積極的商業環境和對我們的內存和存儲解決方案的廣泛需求，特別是雲、企業和移動市場。

Non-GAAP gross margins for the quarter were 58.4%, up 300 basis points from the prior quarter and up from 38.5% in the prior year.

本季度非美國通用會計準則毛利率為 58.4%，比上一季度增長 300 個基點，高於上年同期的 38.5%。

Our ability to drive a richer mix of high-value products, strong execution on our cost goals and favorable market conditions contributed to the gross margin expansion.

我們推動更豐富的高價值產品組合的能力、對成本目標的強有力執行以及有利的市場條件促成了毛利率的擴大。

Non-GAAP operating margin was 49%, up from 46% in the prior quarter and 25% in the prior-year period.

非美國通用會計準則營業利潤率為 49%，高於上一季度的 46% 和去年同期的 25%。

Non-GAAP operating expenses were $666 million, up approximately 9% from both the prior quarter and prior-year periods.

非美國通用會計準則運營費用為 6.66 億美元，比上一季度和上年同期增長約 9%。

The sequential increase is primarily attributed to expenses associated with shifting our portfolio to high-value solutions and accelerating our technology and product development.

環比增長主要歸因於與將我們的產品組合轉向高價值解決方案以及加速我們的技術和產品開發相關的費用。

These expenses tend to fluctuate quarter-to-quarter.

這些費用往往會按季度波動。

We're also beginning to incur the impact of solely funding the development of our fourth generation 3D NAND technology.

我們也開始受到單獨資助我們第四代 3D NAND 技術開發的影響。

We continue to manage operating expenses tightly and are generally only increasing operating expenses for developing and qualifying new products and technologies.

我們繼續嚴格管理運營費用，通常只會增加開發和驗證新產品和技術的運營費用。

Turning to performance by business unit.

轉向業務部門的績效。

The Compute and Networking Business Unit grew revenue to $3.7 billion in the second quarter, up 15% from the prior quarter and 93% year-over-year.

計算和網絡業務部門第二季度的收入增長至 37 億美元，比上一季度增長 15%，同比增長 93%。

Cloud server revenues were up nearly 30% quarter-over-quarter as hyperscale customers continue to invest in data center infrastructure and broaden their service offerings.

隨著超大規模客戶繼續投資於數據中心基礎設施並擴大其服務範圍，雲服務器收入環比增長近 30%。

We also benefited from strong demand for graphics memory with cryptocurrency mining augmenting sales for gaming applications.

我們還受益於對圖形內存的強勁需求，加密貨幣挖掘增加了遊戲應用程序的銷售。

Operating income increased to $2.3 billion or 63% of revenue, and reflects higher sales of our 1X nanometer DRAM solutions, along with tight supply conditions.

營業收入增至 23 億美元，佔收入的 63%，這反映了我們的 1X 納米 DRAM 解決方案銷售額增加以及供應緊張的情況。

The Mobile Business Unit achieved its highest ever revenue and operating income in the second quarter of $1.6 billion and $680 million, respectively.

移動業務部門在第二季度分別實現了 16 億美元和 6.8 億美元的最高收入和營業收入。

These results compare to $1.1 billion of revenue and $170 million of operating income for the same period last year.

相比之下，去年同期的收入為 11 億美元，營業收入為 1.7 億美元。

Our performance underscores our laser focus to meet customer's needs.

我們的表現突出了我們對滿足客戶需求的激光關注。

The Embedded Business Unit reported revenue of $829 million in the second quarter, in line with last quarter, and up 41% year-over-year.

嵌入式業務部門報告第二季度收入為 8.29 億美元，與上一季度持平，同比增長 41%。

The automotive business had a record quarter, driven by strong sales of ADAS and in-vehicle experience applications.

在 ADAS 和車載體驗應用的強勁銷售推動下，汽車業務實現了創紀錄的季度。

We also saw an increase on our industrial business, driven by the growing industrial IoT markets, expanding factory automation, transportation and surveillance applications.

在不斷增長的工業物聯網市場、不斷擴大的工廠自動化、運輸和監控應用的推動下，我們的工業業務也有所增長。

Operating margins were 44% in the fiscal second quarter, expanding by 260 basis points compared with the first quarter.

第二財季的營業利潤率為 44%，與第一季度相比擴大了 260 個基點。

And finally, turning to the Storage Business Unit, revenue was $1.3 billion, up 20% year-over-year, supported by record revenue in SSDs.

最後，轉向存儲業務部門，在 SSD 創紀錄收入的支持下，收入為 13 億美元，同比增長 20%。

On a sequential basis, SD revenue declined by 9% with the strong growth in SSDs offset by a reduction in components revenue.

SD 收入環比下降 9%，SSD 的強勁增長被組件收入的減少所抵消。

The sequential revenue comparison was impacted by a mix shift within our NAND component sales, which I'll elaborate on momentarily.

連續收入比較受到我們 NAND 組件銷售中的混合變化的影響，我將稍後詳細說明。

We're continuing to penetrate the SSD market and expand sales across each end-market: consumer, compliant -- client, enterprise and cloud.

我們將繼續滲透 SSD 市場並擴大每個終端市場的銷售：消費者、合規——客戶端、企業和雲。

The growth is most pronounced in the enterprise and cloud SSD portion of the market.

市場的企業和雲 SSD 部分的增長最為明顯。

Our sales of these end markets were up nearly 30% quarter-over-quarter and more than 230% year-over-year.

我們在這些終端市場的銷售額環比增長近 30%，同比增長超過 230%。

As we previously noted, product developments for 3D crosspoint solutions is now underway.

正如我們之前提到的，3D 交叉點解決方案的產品開發正在進行中。

During the second quarter, and over the next few quarters, we have incurred, and will likely to continue to incur, costs associated with production capacity underutilization in advance of volume ramp of these new 3D crosspoint products.

在第二季度和接下來的幾個季度中，我們已經產生並且可能會繼續產生與這些新的 3D 交叉點產品量產前產能利用不足相關的成本。

These charges negatively impacted our SBU operating margins by approximately 500 basis points this quarter.

這些費用在本季度對我們的 SBU 營業利潤率產生了約 500 個基點的負面影響。

Including these charges, second quarter operating margins were 20% compared with 29% in the fiscal first quarter and 7% in the prior-year period.

包括這些費用在內，第二季度的營業利潤率為 20%，而第一財季為 29%，去年同期為 7%。

Moving to performance by product line.

按產品線轉移到性能。

DRAM represented 71% of total company revenue in the fiscal second quarter.

DRAM 在第二財季占公司總收入的 71%。

DRAM revenue in the quarter was up 14% from the prior quarter and 76% year-over-year.

本季度 DRAM 收入較上一季度增長 14%，同比增長 76%。

Sequentially, shipment quantities increased in the mid-single-digit percentage range while ASPs increased in the low double-digit percentage range.

隨後，出貨量在中個位數百分比範圍內增長，而平均售價在低兩位數百分比範圍內增長。

DRAM non-GAAP gross margin was 66% in the second quarter, up 4 percentage points from the prior quarter and up 22 percentage points from the year-ago quarter.

第二季度 DRAM 非 GAAP 毛利率為 66%，比上一季度增長 4 個百分點，比去年同期增長 22 個百分點。

Revenue from trade NAND represented 25% of overall company revenue in fiscal second quarter.

來自貿易 NAND 的收入佔第二財季公司整體收入的 25%。

Trade NAND revenue on the quarter was down 3% sequentially and up 28% year-over-year.

本季度的貿易 NAND 收入環比下降 3%，同比增長 28%。

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

在連續的基礎上，出貨量在兩位數的低百分比範圍內增加，而平均售價在十幾歲的百分比範圍內下降。

The sequential ASP decline in NAND increased in part due to a meaningful last time purchase of higher price MLC NAND in the fiscal first quarter.

NAND 的連續 ASP 下降增加，部分原因是在第一財季最後一次有意義地購買了更高價格的 MLC NAND。

This is the mix shift in our SBU NAND components that I have referenced earlier.

這是我之前提到的 SBU NAND 組件的混合轉變。

Trade NAND non-GAAP gross margins were at 47% in the second quarter, down 2 percentage points from the prior quarter but up 16 percentage points from the year-ago quarter.

第二季度 Trade NAND 非 GAAP 毛利率為 47%，比上一季度下降 2 個百分點，但比去年同期增長 16 個百分點。

Gross margins for both SSDs and managed NAND solutions increased quarter-over-quarter, offsetting the declines in component margin.

SSD 和託管 NAND 解決方案的毛利率環比增長，抵消了組件利潤率的下降。

This change in mix illustrates the importance of shifting our sales towards high-value solutions.

這種組合變化說明了將我們的銷售轉向高價值解決方案的重要性。

I'd like to take a moment to update you on the impact of U.S. tax reform on Micron.

我想花一點時間向您介紹美國稅制改革對美光的影響。

The onetime impact related to the taxation of accumulated offshore earnings and cash was largely neutral for the company.

與累積離岸收入和現金徵稅相關的一次性影響對該公司而言基本是中性的。

The impacts of this repatriation transition tax were largely offset by our accumulated tax losses and other tax credits.

這種遣返過渡稅的影響在很大程度上被我們的累積稅收損失和其他稅收抵免所抵消。

For the remainder of the year, we expect our non-GAAP tax rate to remain in the low to mid-single-digit percentage since we are not yet subject to certain provisions of the new tax code.

在今年餘下的時間裡，我們預計我們的非公認會計原則稅率將保持在中低個位數百分比，因為我們尚未受新稅法的某些規定的約束。

For fiscal 2019 and beyond, we expect our non-GAAP tax rate to settle in the low teens percentage range.

對於 2019 財年及以後，我們預計我們的非 GAAP 稅率將穩定在青少年百分比範圍內。

Going forward, we'll benefit from having greater flexibility to access our worldwide cash deposits.

展望未來，我們將受益於更靈活地訪問我們的全球現金存款。

Our non-GAAP earnings per share were $2.82, up 15% from the prior quarter and up over 200% from the prior year.

我們的非公認會計準則每股收益為 2.82 美元，比上一季度增長 15%，比上年增長 200% 以上。

As a result of our record performance, we generated $4.3 billion in cash from operations, which represented 59% of revenue.

由於我們創紀錄的業績，我們從運營中產生了 43 億美元的現金，佔收入的 59%。

This compares to $1.8 billion in the year-ago period.

相比之下，去年同期為 18 億美元。

Capital spending, net of third party contributions, was $2.1 billion, resulting in a very strong free cash flow adjusted for the third-party capital contributions of $2.2 billion or 30% of revenue.

扣除第三方出資後的資本支出為 21 億美元，根據第三方出資調整後的 22 億美元或收入的 30%，產生了非常強勁的自由現金流。

This compares to free cash flow of approximately $600 million in the year-ago period.

相比之下，去年同期的自由現金流約為 6 億美元。

As Sanjay mentioned earlier, we expect capital spending, net of third party contributions, to be at the upper end of our fiscal 2018 guided range of $7.5 billion, plus or minus 5%.

正如桑傑之前提到的，我們預計資本支出（扣除第三方貢獻）將處於我們 2018 財年 75 億美元指導範圍的上限，上下浮動 5%。

As a result of the strong free cash flow, we ended the quarter with approximately $8.7 billion in cash, marketable investments and restricted cash.

由於強勁的自由現金流，我們在本季度末擁有約 87 億美元的現金、有價投資和受限現金。

The face value of our debt increased approximately $200 million to $9.5 billion.

我們債務的面值增加了大約 2 億美元，達到 95 億美元。

A $300 million reduction in debt due to scheduled debt repayments was offset by a $500 million increase in debt at our MIFT -- IMFT joint venture.

我們的 MIFT - IMFT 合資企業增加了 5 億美元的債務，抵消了由於定期償還債務而減少的 3 億美元債務。

Since the first of our 3D crosspoint products are expected to launch in calendar 2019, we chose to defer funding for IMFT.

由於我們的第一個 3D 交叉點產品預計將於 2019 年推出，我們選擇推遲對 IMFT 的資助。

Our partner is contractually able to make the funding on our behalf and designated a debt on IMFT's balance sheet.

我們的合作夥伴在合同上能夠代表我們提供資金，並在 IMFT 的資產負債表上指定了一筆債務。

And that debt is then counted as part of our debt for the purpose of GAAP reporting.

然後，出於 GAAP 報告的目的，該債務被計為我們債務的一部分。

We still expect to be in a net cash positive position in the fourth quarter, and possibly sooner, depending on the extent and timing of any future convertible note redemptions.

我們仍然預計第四季度將處於淨現金正位，並且可能更早，這取決於任何未來可轉換票據贖回的程度和時間。

This net cash positive position remains a significant milestone in the ongoing strengthening of our financial foundation.

這一淨現金積極狀況仍然是我們不斷加強財務基礎的一個重要里程碑。

We continue to evaluate additional opportunities to accelerate our deleveraging actions that will provide a high rate of return.

我們將繼續評估其他機會，以加速我們將提供高回報率的去槓桿行動。

This strong financial profile is the result of consistent execution and focus across the entire company.

這種強勁的財務狀況是整個公司一致執行和專注的結果。

Now turning to the fiscal third quarter guidance.

現在轉向第三財季的指導。

As Sanjay mentioned, we had a maintenance issue at one of our Taiwan DRAM fabs this week, which is impacting production.

正如 Sanjay 所說，本週我們在台灣的一家 DRAM 工廠遇到了維護問題，這影響了生產。

We expect this event to decrease our total revenue by approximately 2% in the third quarter, which we've accounted for in our guidance.

我們預計這一事件將使我們在第三季度的總收入減少約 2%，我們已經在我們的指導中考慮了這一點。

Having said that, we continue to experience a strong demand environment and we, therefore, expect fiscal third quarter revenue to be in the range of $7.2 billion to $7.6 billion, and non-GAAP gross margins to be in the range of 57% to 60%.

話雖如此，我們繼續經歷強勁的需求環境，因此，我們預計第三財季收入將在 72 億美元至 76 億美元之間，非美國通用會計準則毛利率將在 57% 至 60% 之間%。

We expect to see an increase in operating expenses, again, associated with product and technology qualifications, and the funding of our fourth generation 3D NAND technology, both of which primarily impact R&D.

我們預計運營費用將再次增加，這與產品和技術資格以及我們的第四代 3D NAND 技術的資金有關，這兩者都主要影響研發。

Considering these costs, non-GAAP operating expenses are expected to be $725 million, plus or minus $25 million.

考慮到這些成本，非公認會計原則的運營費用預計為 7.25 億美元，上下浮動 2500 萬美元。

We expect non-GAAP operating income to be in the range of $3.6 billion to $3.8 billion.

我們預計非公認會計準則營業收入將在 36 億美元至 38 億美元之間。

Based on a share count of approximately 1.25 billion shares, these results should drive non-GAAP EPS of $2.83, plus or minus $0.07.

根據大約 12.5 億股的股票數量，這些結果應推動非公認會計原則每股收益為 2.83 美元，上下浮動 0.07 美元。

I'll now turn the call over to Sanjay for some concluding remarks.

我現在將把電話轉給 Sanjay 做一些總結性發言。

Thank you, Dave.

謝謝你，戴夫。

Micron will be celebrating our 40th anniversary this fall.

今年秋天，美光將慶祝我們成立 40 週年。

Innovation has always been a key cornerstone to our success, ensuring that our technologies and products quickly adapt to serve the world's growing appetite for faster data.

創新一直是我們成功的關鍵基石，確保我們的技術和產品能夠快速適應世界對更快數據日益增長的需求。

As we look ahead, we remain focused on nurturing and fostering an accelerated pace of innovation, and I know our team is fired up and ready for the challenge.

展望未來，我們將繼續專注於培育和促進加快創新步伐，我知道我們的團隊已經為迎接挑戰做好了準備。

The opportunity to create a dramatic impact on the world around us is undeniable and I'm excited to be part of this team shaping that future.

對我們周圍的世界產生巨大影響的機會是不可否認的，我很高興能成為這個塑造未來的團隊的一員。

I'm looking forward to speaking with all of you at our analyst and investor event in May.

我期待在 5 月的分析師和投資者活動中與大家交談。

You can expect us to provide more detail on how we see secular market trends, creating new opportunities for memory and high-performance storage, and why we believe Micron is well positioned to win.

您可以期待我們提供更多詳細信息，說明我們如何看待長期市場趨勢、為內存和高性能存儲創造新機會，以及為什麼我們認為美光有能力贏得勝利。

We will now open for questions.

我們現在開始提問。

(Operator Instructions) Our first question comes from the line of Rajvindra Gill from Needham & Company.

（操作員說明）我們的第一個問題來自 Needham & Company 的 Rajvindra Gill。

I was wondering, Sanjay, if you could talk a little bit about the changes in the DRAM industry that you've seen over the past year or so.

Sanjay，我想知道您能否談談您在過去一年左右看到的 DRAM 行業的變化。

I think in the past, you had mentioned that memory is becoming a strategic differentiator for high-performance computing.

我認為在過去，您曾提到內存正在成為高性能計算的戰略差異化因素。

I was wondering if you can maybe elaborate on what specific end markets or behavior patterns that have been changing with some of your main customers in terms of how they consume memory.

我想知道您是否可以詳細說明您的一些主要客戶在消耗內存方面發生了哪些特定的終端市場或行為模式。

Certainly.

當然。

I think we are seeing the fastest growth through our DRAM memory at large-scale, in cloud computing and hyperscale data centers.

我認為我們正在通過我們的 DRAM 內存在大規模、雲計算和超大規模數據中心中看到最快的增長。

And this is where high-performance memory is absolutely becoming essential along with fast storage is becoming essential for the trend such as AI, which are really driving new business models.

這就是高性能內存絕對必不可少的地方，而快速存儲對於人工智能等趨勢也變得必不可少，這確實推動了新的商業模式。

Whether you go from education and training tailored toward the individual levels of coaching or training to the individuals or to millions of transactions processed realtime in the financial sector, to detect fraud or going to diagnosing and treating life-threatening diseases.

無論您是從針對個人的指導或培訓水平量身定制的教育和培訓，還是從金融部門實時處理的數百萬筆交易，到檢測欺詐或診斷和治療危及生命的疾病。

Bottom line is we are barely starting with AI in cloud computing and data centers.

底線是我們幾乎沒有從雲計算和數據中心的人工智能開始。

And to realize the full impact of these solutions and to truly provide this new business model and services and applications to consumers and businesses alike, more and more data needs to be processed.

為了實現這些解決方案的全部影響並真正為消費者和企業提供這種新的商業模式、服務和應用程序，需要處理越來越多的數據。

It needs to be realtime analytics, and that requires more fast memory and more fast storage, that means flash as well as DRAM.

它需要實時分析，這需要更快的內存和更快的存儲，這意味著閃存和 DRAM。

So we are seeing tremendous growth.

所以我們看到了巨大的增長。

And if you look at trends, when we project that 2017, about 145 gigabytes per server going to about 350 gigabytes per server by 2021.

如果你看一下趨勢，當我們預測 2017 年時，到 2021 年，每台服務器約 145 GB 將達到約 350 GB。

Similarly, if you look at flash storage, 1.5 terabyte average in 2017 growing to something like 6 terabyte average with each server by 2021 timeframe.

同樣，如果您查看閃存存儲，到 2021 年，2017 年的平均 1.5 TB 將增長到每台服務器的平均 6 TB。

So these are massive, secular demand trends in the cloud computing and hyperscale for memory as well as for flash storage.

因此，這些是雲計算和超大規模內存以及閃存存儲的大規模、長期需求趨勢。

Similarly, going to mobile, I talked about in my script that at Mobile World Congress, several new phone models were introduced that leverage 4K SDR capabilities that leverage AR and VR and even in our processors that are being introduced for mobile application that actually have the AI unit built into it.

同樣，在移動方面，我在我的腳本中談到，在世界移動大會上，推出了幾款利用 AR 和 VR 的 4K SDR 功能的新手機型號，甚至在我們為移動應用程序引入的處理器中，實際上具有內置AI單元。

So just imagine how much data-intensive applications are now being run in order to provide users smooth experience.

因此，想像一下現在有多少數據密集型應用程序正在運行，以便為用戶提供流暢的體驗。

That then requires high performance and lot of memory.

這需要高性能和大量內存。

And you're starting to see now 6 gigabyte phones, 6 gigabyte of DRAM in the phone.

現在你開始看到 6 GB 的手機，手機中有 6 GB 的 DRAM。

So mobile is another large driver of DRAM memory.

因此，移動設備是 DRAM 內存的另一大驅動力。

And of course, it is also a large driver with average capacities continuing to increase for flash as well.

當然，它也是一個很大的驅動力，閃存的平均容量也在不斷增加。

And then autonomous driving is barely starting.

然後自動駕駛才剛剛開始。

I mean, industry pundits are talking about robo taxis, intercepting the whole autonomous driving trend and maybe being introduced even in 2019-2020 kind of timeframe.

我的意思是，行業專家正在談論機器人出租車，攔截整個自動駕駛趨勢，甚至可能在 2019-2020 年的時間範圍內推出。

And autonomous driving means, as I said in my remarks, data center on wheels.

正如我在講話中所說，自動駕駛意味著車輪上的數據中心。

It's requiring more fast memory to again make all realtime decisions providing for the safe and comfortable and efficient driving experience.

它需要更快的內存來再次做出所有實時決策，從而提供安全、舒適和高效的駕駛體驗。

So these are really massive trends and these are secular in nature and I believe will continue to drive strong demand for DRAM in the years ahead.

因此，這些確實是巨大的趨勢，而且這些趨勢本質上是長期的，我相信未來幾年將繼續推動對 DRAM 的強勁需求。

And of course, there are other ones, continuing average capacity increases in PCs for DRAM, with more gaming features and VR features.

當然，還有其他方面，即 DRAM 的 PC 平均容量持續增加，具有更多遊戲功能和 VR 功能。

And of course, industrial 4.0 initiatives.

當然，還有工業 4.0 計劃。

I mean, these are all multiple mega markets for DRAM.

我的意思是，這些都是 DRAM 的多個大型市場。

And we are very well positioned with our product portfolio focusing on cost competitiveness, with our technology advancements as well as what I indicated, low-power DRAM solutions which are becoming increasingly important across a multitude of these applications.

我們的產品組合專注於成本競爭力，我們的技術進步以及我所指出的低功耗 DRAM 解決方案在眾多這些應用中變得越來越重要，因此我們處於非常有利的位置。

That's very helpful, Sanjay.

這很有幫助，桑傑。

As my follow-up, your SSD revenue was up 80% year-over-year.

作為我的後續，您的 SSD 收入同比增長了 80%。

Can you talk a little bit about the attach rate for client SSD specifically?

您能具體談談客戶端 SSD 的附加率嗎？

Last year, they were put on a temporary pause because of tightness of supply.

去年，由於供應緊張，它們被暫時暫停。

I was wondering if you could talk a little about that now that we're about a quarter into this year?

我想知道現在我們已經進入今年大約四分之一了，您是否可以談談這個問題？

I mean, last year's flash was severely constrained and that did somewhat slow down the cash rate of SSD in client computing as well as slow down the march towards higher capacities of SSDs in notebook computers.

我的意思是，去年的閃存受到嚴重限制，這在一定程度上減緩了客戶端計算中 SSD 的現金速度，並減緩了筆記本電腦向更高容量 SSD 的發展。

And attach rates for SSDs in client computing, around 35% to 40% and maybe 40% in 2018, maybe going towards 50%.

客戶端計算中 SSD 的附加率約為 35% 至 40%，2018 年可能達到 40%，可能會達到 50%。

Over the next few years, this is expected to continue to go toward by 2020-2021 timeframe to 85%-plus attach rate for SSD.

在接下來的幾年中，預計到 2020-2021 年，SSD 的附加率將繼續達到 85% 以上。

So again, this is a large growth driver for SSDs in client computing applications.

因此，這再次成為客戶端計算應用中 SSD 的巨大增長動力。

And we are focused on, of course, expanding our portfolio of SSDs.

當然，我們專注於擴展我們的 SSD 產品組合。

We talked about significant progress of our SSDs across-the-board in client, enterprise as well as in the consumer market.

我們談到了我們的 SSD 在客戶端、企業以及消費市場中全面取得的重大進展。

And we look at opportunities to gain further share in all of these SSD markets in the future as we continue to execute on our product roadmap.

隨著我們繼續執行我們的產品路線圖，我們尋找機會在未來在所有這些 SSD 市場中獲得更多份額。

Our next question comes from the line of Chris Danely from Citi.

我們的下一個問題來自花旗的 Chris Danely。

This is [Wayne Loeb] on the line for Chris Danely.

這是 Chris Danely 的 [Wayne Loeb]。

My question is when you talk about your plans for acquisitions, what would be the criteria that would make you buy something?

我的問題是，當你談論你的收購計劃時，會讓你買東西的標準是什麼？

And how does M&A fit into your plan in the context of Micron wanting to be a NAND solution provider?

在美光希望成為 NAND 解決方案提供商的背景下，併購如何融入您的計劃？

We're not going to speculate on M&A matters here but we are very pleased with the portfolio of technologies and the initiatives we have with respect to continuing to advance our product solution.

我們不會在這裡推測併購事宜，但我們對技術組合以及我們在繼續推進我們的產品解決方案方面所採取的舉措感到非常滿意。

But of course, we do not rule out, in the future, leveraging M&A toward any growth initiatives.

但是，當然，我們不排除未來將併購用於任何增長計劃。

And of course, we'll always look for core capabilities to expand the market opportunities for Micron.

當然，我們將始終尋找核心能力來擴大美光的市場機會。

And of course, we'll be focused on value in terms of any acquisition that we may entertain in the future, again, not speculating on anything at this point.

當然，我們將專注於我們未來可能進行的任何收購的價值，同樣，目前不投機。

And of course, always looking for ROI kind of opportunities.

當然，總是在尋找投資回報率的機會。

As a follow-up question, can you talk about what Micron's projected cost reductions are for NAND and DRAM this year?

作為一個後續問題，您能否談談美光今年預計的 NAND 和 DRAM 成本降低幅度是多少？

So we don't provide specifics on cost reductions but what I can tell you is that we are making very good progress on our technology.

所以我們沒有提供關於降低成本的細節，但我可以告訴你的是，我們在技術上取得了非常好的進展。

As we indicated, I mean, in our 1X DRAM technology, we have achieved the fastest ramp to mature yield in the history of the company.

正如我們所指出的，我的意思是，在我們的 1X DRAM 技術中，我們實現了公司歷史上最快的成熟良率。

And similarly, our 64-layer technology, it has ramped to mature yields, rather well and we are continuing, of course, to do very well on our 20-nanometer DRAM technology that we use as well.

同樣，我們的 64 層技術已經提高到成熟的良率，而且非常好，當然，我們正在繼續在我們使用的 20 納米 DRAM 技術上做得很好。

So we are very pleased with our continuing progress on cost at the technology level, and continuing to focus on advancing our next-generation technology nodes and products.

因此，我們對我們在技術層面的成本持續進步感到非常高興，並繼續專注於推進我們的下一代技術節點和產品。

And of course, also very much focused nonmemory costs in our products such as SSD nonmemory costs.

當然，我們的產品也非常關注非內存成本，例如 SSD 非內存成本。

So making good progress and all of that is baked into our gross margin guidance that we have provided.

因此，取得良好進展，所有這些都納入了我們提供的毛利率指導。

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

我們的下一個問題來自高盛的 Mark Delaney。

First question, I hope you can detail a little bit more about that nitrogen issue you mentioned.

第一個問題，我希望您能詳細介紹一下您提到的氮問題。

Did you have to scrap wafers or just idle production?

您是否必須報廢晶圓或只是閒置生產？

And can you help us reconcile the comment about a little bit less DRAM output for next quarter with the now full year guidance about growing in line with the industry compared to last quarter.

您能否幫助我們協調關於下個季度 DRAM 產量減少的評論與與上季度相比與行業保持一致的全年增長指引。

I think, Micron was going to grow slightly before -- definitely below, excuse me.

我認為，美光之前會略微增長 - 肯定會低於，對不起。

So this nitrogen maintenance issue has not caused trapping of vapors.

因此，這種氮氣維護問題並沒有引起蒸汽的滯留。

It has idled or slowed down production.

它已經閒置或減慢了生產。

As we said, it's impacting 2% to 3% of our this quarter's DRAM production output.

正如我們所說，它影響了我們本季度 DRAM 產量的 2% 到 3%。

And with respect to our expectation of our output growth for calendar year 2018, that remains in line with the industry estimate of 20%, and this effect is already included in that as well.

關於我們對 2018 日曆年產量增長的預期，這仍然與行業估計的 20% 一致，並且這種影響也已經包含在其中。

Is it fair to assume a better 1X nanometer yield?

假設更好的 1X 納米產量是否公平？

Is that how Micron is now growing in line with the industry for the full year despite this nitrogen issue?

儘管存在氮問題，美光現在如何全年與行業保持一致？

Yes, that is correct that our production output is expected to grow in line with the industry and that is, of course, as a result of our excellent yield on 1X nanometer node as well as the 20-nanometer node.

是的，這是正確的，我們的產量預計將與行業同步增長，這當然是由於我們在 1X 納米節點和 20 納米節點上的出色產量。

Okay.

好的。

And then one other question for me, if I could.

然後再問我一個問題，如果可以的話。

Sanjay, you commented about having a CapEx-to-sales target in the low 30% range.

桑傑，您評論說資本支出與銷售的目標在 30% 的低範圍內。

I don't want to parse words too closely, I think it was about 30% as of the last Analyst Day.

我不想太仔細地解析單詞，我認為截至上一個分析師日大約是 30%。

But the strategy for Micron, as I understood it, had been that the company is trying to keep its net DRAM wafer starts flat and there's a lot of costs associated with getting to these new nodes because of all the extra factory space that you need and need for new clean rooms.

但據我了解，美光的戰略是該公司正試圖保持其淨 DRAM 晶圓的開工率保持平穩，並且由於您需要所有額外的工廠空間，因此進入這些新節點需要大量成本，並且需要新的潔淨室。

Just given your comments about CapEx coming in toward the higher end of the range this year and the comments about that ratio, is there any change about the strategy of Micron, how it's thinking about CapEx?

剛剛給出了您對今年資本支出接近該範圍高端的評論以及對該比率的評論，美光的戰略是否有任何變化，它對資本支出的看法如何？

And really just enabling -- getting to those next nodes which are getting more expensive?

真的只是啟用 - 到達那些越來越昂貴的下一個節點？

Or is there a change we need to be thinking about in terms of how Micron is thinking about managing its net wafer starts in DRAM?

或者，在美光如何考慮管理其在 DRAM 中的淨晶圓啟動方面，我們是否需要考慮改變？

I think if you look at last few years and you look at Micron's revenue and you look at Micron's CapEx, you will see that Micron's CapEx, over the course of last few years, is in the low 30% range of the revenue over those last few years as well.

我認為，如果你看看過去幾年，看看美光的收入，看看美光的資本支出，你會發現美光的資本支出在過去幾年中處於收入的低 30% 範圍內。幾年也是如此。

So what we have said here today is fairly consistent with what actually has been the case at Micron over the course of the last few years.

因此，我們今天在這裡所說的與美光過去幾年的實際情況相當一致。

And in fact, if you look at the industry itself and you look at the revenue of the industry players and you look at the CapEx, over the course of last few years, you will see actually that, that average for the industry as well is in that same range also.

事實上，如果你看看行業本身，看看行業參與者的收入，看看資本支出，在過去的幾年裡，你會發現，這個行業的平均值也是也在同一範圍內。

So in terms of our own strategy for CapEx spend is absolutely focused on accelerating our technology transitions.

因此，就我們自己的資本支出戰略而言，我們絕對專注於加速我們的技術轉型。

So our CapEx is geared toward realizing DRAM and NAND technology transition toward more cost-effective advance technology nodes for our products.

因此，我們的資本支出旨在實現 DRAM 和 NAND 技術向我們產品更具成本效益的先進技術節點的過渡。

And it is not about capacity, wafer capacity production increase for us.

對我們來說，這與產能無關，晶圓產能增加。

Our next question comes from the line of Karl Ackerman from Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Karl Ackerman。

Dave, welcome to the team.

戴夫，歡迎加入團隊。

I have 2 questions, please.

我有2個問題，請。

My first question is on DRAM demand.

我的第一個問題是關於 DRAM 需求。

We all know that DRAM is more inelastic than NAND but I was curious, what are some signs that you look for to assess if you are beginning to see demand destruction in DRAM demand from higher ASPs, particularly in mobile and PC environments that are more sensitive to price than hyperscale environments?

我們都知道 DRAM 比 NAND 更缺乏彈性，但我很好奇，您需要哪些跡象來評估您是否開始看到更高 ASP 對 DRAM 需求的需求破壞，特別是在更敏感的移動和 PC 環境中比超大規模環境定價？

I have a follow-up, please.

我有後續，請。

So can you clarify the question to me?

所以你能向我澄清這個問題嗎？

I didn't totally get the question.

我沒有完全明白這個問題。

I'm sorry.

對不起。

Yes, I'm just curious how should we assess the potential demand destruction in DRAM demand from higher ASPs in mobile and PC environments over the next few quarters, if there were to be an issue?

是的，我只是好奇我們應該如何評估未來幾個季度移動和 PC 環境中更高 ASP 對 DRAM 需求的潛在需求破壞，如果有問題的話？

So I think what we have to realize is that DRAM absolutely is essential to the experience in the business models that it enables.

所以我認為我們必須意識到，DRAM 絕對是它所支持的商業模式的經驗所必不可少的。

Whether it is the experience in mobile phones, I talked about all these experiences, AR, VR, 3D gaming, multitude of applications and users absolutely expecting seamless experience that requires -- such data-intensive applications require more DRAM.

無論是手機體驗，我都談到了所有這些體驗，AR、VR、3D 遊戲，眾多的應用程序和用戶絕對期待無縫體驗，這些都需要——這些數據密集型應用程序需要更多的 DRAM。

So it is essential.

所以這是必不可少的。

I mean, it's not like you can offer a model with a less DRAM in it, a high-end model with a less DRAM in it and expect that users will still have the same good experience.

我的意思是，你不能提供一個內存更少的模型，一個內存更少的高端模型，並期望用戶仍然有同樣的良好體驗。

So DRAM capacity has really become a key enabler and essential element of mobile.

因此，DRAM 容量確實已成為移動的關鍵推動力和基本要素。

And same, as I talked about earlier, for hyperscale data centers.

正如我之前談到的，對於超大規模數據中心也是如此。

When they look at what models that they can enable for their end customers, those are all being built on very data-intensive applications.

當他們查看可以為最終客戶啟用的模型時，這些模型都建立在數據密集型應用程序之上。

I mean, imagine retailers, and a consumer goes into a retail store and the retailer already knows about what are the needs of their consumer.

我的意思是，想像一下零售商，一個消費者走進一家零售店，零售商已經知道他們的消費者的需求是什麼。

All of that requires realtime -- for retail, realtime AI applications, which means lot of data that has been processed fast, which means, again, it needs more DRAM memory.

所有這些都需要實時——對於零售、實時 AI 應用程序，這意味著大量數據已被快速處理，這再次意味著它需要更多的 DRAM 內存。

So it is actually, when you look at hyperscale data centers, it's not about the cost of DRAM anymore.

實際上，當您查看超大規模數據中心時，它不再與 DRAM 的成本有關。

I think the value that it enables to these cloud applications and hyperscalers is far in excess of any aspect of DRAM price per bit.

我認為它為這些雲應用程序和超大規模器帶來的價值遠遠超過了 DRAM 每位價格的任何方面。

So DRAM really has become an essential part.

所以DRAM真的成為了必不可少的一部分。

This is very different from any time in the past.

這與過去的任何時候都大不相同。

And the best indicator of this is that DRAM pricing is strong and DRAM demand is strong right now.

最好的指標是 DRAM 定價強勁，而 DRAM 需求目前強勁。

That's helpful.

這很有幫助。

As my follow-up, I was hoping you could elaborate on your comments for OpEx as we think about the trajectory of spending for the next few quarters.

作為我的後續行動，我希望您能在我們考慮未來幾個季度的支出軌跡時詳細說明您對 OpEx 的評論。

Specifically, do you plan on reinvesting the savings you expect to achieve from Micron and Elpida coming together for the first time on 1X development?

具體來說，您是否計劃將您期望通過美光和爾必達首次合作實現的 1X 開發節省的成本進行再投資？

And how should we think about the timing of any planned prequalification expenses for maybe 1X DRAM or QLC 3D NAND deployment when we make assumptions for OpEx for the balance of 2018?

當我們對 2018 年餘下的 OpEx 做出假設時，我們應該如何考慮可能為 1X DRAM 或 QLC 3D NAND 部署計劃的資格預審費用的時間安排？

So let me go back to kind of the commentary and make sure it's clear.

所以讓我回到那種評論，並確保它是清楚的。

So in the second quarter, most of the increase we experienced was around qualifications of various technologies that kind of all came together, all in kind of the second quarter.

因此，在第二季度，我們所經歷的大部分增長都是圍繞著各種技術的資質，這些技術都集中在了第二季度。

And it kind of continues on into the third quarter.

它會持續到第三季度。

Those expenses kind of vary over time.

這些費用隨著時間的推移而變化。

And so this just happens to be kind of a couple of quarters in which that activity is pretty heavy.

所以這恰好是那種活動相當繁重的幾個季度。

And so we're kind of experiencing kind of a lift in expenses, and I would expect that portion of it to kind of settle down.

因此，我們正在經歷一種開支的上升，我希望這部分能夠安定下來。

And when the next set of qualifications are required, it will come back up again.

而當需要下一組資質的時候，又會重新升上來。

The other piece of the expenses really relate to our fourth-generation 3D NAND where, as we announced earlier, we're taking that on ourselves.

另一部分費用確實與我們的第四代 3D NAND 相關，正如我們之前宣布的那樣，我們將自己承擔。

We had -- about half of that hit us in the second quarter.

我們有 - 其中大約一半在第二季度擊中了我們。

We'll have the full quarter's effect in the third quarter, and that was about $20 million on a full quarter.

我們將在第三季度產生整個季度的影響，整個季度約為 2000 萬美元。

So about $10 million lift in the second quarter and $20 million lift in the third quarter.

因此，第二季度增加了大約 1000 萬美元，第三季度增加了 2000 萬美元。

Our next question comes from the line of Tristan Gerra from Baird.

我們的下一個問題來自 Baird 的 Tristan Gerra。

Given the continued strong demand that you see in data center, how should we look at the initial supply/demand outlook in NAND flash for the second half of calendar '18?

鑑於您在數據中心看到的持續強勁的需求，我們應該如何看待 18 年下半年 NAND 閃存的初始供需前景？

Should we expect the pricing to stabilize?

我們應該期望價格穩定嗎？

Any commentary based on trends that you see currently continuing for the rest of the year?

根據您認為目前在今年剩餘時間裡持續的趨勢有什麼評論嗎？

So we are not going to comment on pricing trends in the industry but what I can tell you is that NAND industry does have certain aspect of its end market such as USB flash drive or imaging cards or retail.

所以我們不打算評論行業的定價趨勢，但我可以告訴你的是，NAND 行業確實有其終端市場的某些方面，例如 USB 閃存驅動器或成像卡或零售。

That tends to be more somewhat seasonal in the first calendar quarter.

在第一季度，這往往更具季節性。

And as we go forward, that part changes.

隨著我們前進，那部分會發生變化。

The most important thing to look at is that as more supply becomes available, it drives deeper penetration of SSDs in client devices as well as in -- gives an even stronger value proposition in enterprise and data center applications.

最重要的是，隨著更多的供應變得可用，它將推動 SSD 在客戶端設備中的更深入滲透，以及在企業和數據中心應用程序中提供更強大的價值主張。

So this is what we expect during the course of the year.

這就是我們在這一年中所期望的。

And of course, average capacities of NAND in mobile phones, smartphones, continue to increase as well.

當然，手機、智能手機中 NAND 的平均容量也在不斷增加。

And we are expanding our portfolio of multichip packages with DRAM and NAND, which is where Micron is uniquely well positioned to expand our opportunities and increase our shares with NAND flash and DRAM-based solutions in multichip packages as well as discrete NAND solutions such as the UFS that I talked about that are in the stages of qualification with our customers.

我們正在擴展我們的 DRAM 和 NAND 多芯片封裝產品組合，這是美光獨特的優勢，可以擴大我們的機會並增加我們在多芯片封裝中的 NAND 閃存和基於 DRAM 的解決方案以及分立 NAND 解決方案的份額，例如我談到的 UFS 正處於與我們的客戶進行資格認證的階段。

So we look ahead at the year with strong demand drivers for NAND in the industry and growing opportunities for our NAND business for the remainder of the year, calendar year here.

因此，我們展望今年，該行業對 NAND 的需求強勁，我們的 NAND 業務在今年餘下時間（這裡是日曆年）的機會不斷增長。

And very focused on execution of all our new product introductions and qualifications with our customers because those will ultimately drive our success toward high-value solutions as part of mix of NAND revenue.

並且非常專注於執行我們與客戶的所有新產品介紹和資格認證，因為這些最終將推動我們成功實現高價值解決方案，作為 NAND 收入組合的一部分。

Okay.

好的。

That's useful.

這很有用。

And then as a quick follow-up, is it fair to assume that the high double-digit growth rate in better demand for NAND in data center is something that is possible again for this calendar year?

然後作為快速跟進，是否可以公平地假設數據中心對 NAND 的更好需求的高兩位數增長率在本日曆年再次成為可能？

Yes, for this calendar year, for data center, absolutely, NAND bit consumption in data center is expected to be 50%, in the range of 50% or higher.

是的，在這個日曆年，對於數據中心來說，數據中心的 NAND 位消耗絕對是 50%，在 50% 或更高的範圍內。

Basically, a data center is where demand will grow faster than the average of the industry.

基本上，數據中心是需求增長快於行業平均水平的地方。

Keep in mind, same thing for client SSDs as well.

請記住，客戶端 SSD 也是如此。

Our next question comes from the line of Mehdi Hosseini from SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Sanjay, I have a follow-up.

桑傑，我有後續行動。

You and others in the memory industry have been discussing opportunities in moving up the stack.

您和內存行業的其他人一直在討論提升堆棧的機會。

At the same time, some of your enterprise customers are also trying to navigate their way and move up the stack.

同時，您的一些企業客戶也在嘗試導航並向上移動。

And I'm just wondering, what's wrong with keeping the business as is?

我只是想知道，保持業務不變有什麼問題？

Your NAND gross margin is in the 45% to 50%; DRAM gross margin is in the 65% to 70%, and assuming that the industry is rational and we can't avoid excess capacity, why not just focus on making the most cost-effective DRAM and bit and capitalize on the margin profile?

您的 NAND 毛利率在 45% 到 50% 之間； DRAM 毛利率在 65% 到 70% 之間，假設行業理性，產能過剩不可避免，為什麼不專注於做最具成本效益的 DRAM 和 bit，利用毛利率？

And I have a follow-up.

我有一個後續行動。

So let me be clear that we are very excited about the market opportunities for DRAM and NAND.

所以讓我明確一點，我們對 DRAM 和 NAND 的市場機會感到非常興奮。

All the things that we have been talking about so far over the course of the last 45 minutes here.

在過去的 45 分鐘裡，我們一直在談論的所有事情。

And of course, our strategy is to continue to strengthen our competitive -- cost competitiveness as well as increase the mix of high-value solutions in our revenue.

當然，我們的戰略是繼續加強我們的競爭力——成本競爭力，並在我們的收入中增加高價值解決方案的組合。

And by high-value solutions in our revenue, we mean products such as SSDs as well as managed NAND solution because we have both DRAM and NAND and that gives us a unique opportunity to provide management solutions for today's smartphones that are needing more and more of such solutions.

我們收入中的高價值解決方案是指 SSD 等產品以及託管 NAND 解決方案，因為我們同時擁有 DRAM 和 NAND，這為我們提供了一個獨特的機會，為當今需要越來越多的智能手機提供管理解決方案這樣的解決方案。

So we are absolutely focused on leveraging our core capabilities to drive cost reductions, catch up on the DRAM cost with the rest of the competition and in the NAND, strengthen our portfolio of these high-value solutions.

因此，我們絕對專注於利用我們的核心能力來推動成本降低，趕上 DRAM 成本與其他競爭對手和 NAND 的競爭，加強我們這些高價值解決方案的產品組合。

And I have no doubt that there is -- nobody is taking their eye off the ball and we have relentless focus on strengthening the execution engine of the company and tremendous opportunity ahead in that regards for us.

而且我毫不懷疑——沒有人把注意力從球上移開，我們一直致力於加強公司的執行引擎，並在這方面為我們提供巨大的機會。

It's already implied through the strong results we have demonstrated so far but there is even greater opportunity ahead of us.

我們迄今為止所展示的強勁成果已經暗示了這一點，但我們面前還有更大的機會。

In terms of costs, you recently introduced a QLC 64-layer 3D NAND SATA SSD.

在成本方面，您最近推出了 QLC 64 層 3D NAND SATA SSD。

Is there any way you can either quantify or qualitatively discuss the cost per gigabyte that this particular product offers you?

有沒有什麼方法可以量化或定性地討論這個特定產品為您提供的每 GB 成本？

And how we should think about its ability, due to lowest cost, to penetrate and displace existing technologies?

由於成本最低，我們應該如何考慮其滲透和取代現有技術的能力？

So what we introduced recently is a 64-layer bit TLC SATA SSD.

所以我們最近介紹的是64層位TLC SATA SSD。

And as we have said before, QLC is certainly an exciting opportunity for Micron in the years ahead, and QLC is in the development stages.

正如我們之前所說，QLC 在未來幾年對美光來說無疑是一個令人興奮的機會，而 QLC 正處於發展階段。

And it is not a 2018 phenomena.

這不是 2018 年的現象。

I mean, that is something that's more like 2019 opportunity, starting in 2019 timeframe.

我的意思是，這更像是 2019 年的機會，從 2019 年的時間框架開始。

But should we assume that this offers you, perhaps, I'm just going to give you a number, could it still offer a customer less than $0.20 per gigabyte of cost?

但是我們是否應該假設這可以為您提供，也許，我只是給您一個數字，它是否仍然可以為客戶提供低於每 GB 0.20 美元的成本？

We don't get into cost discussions.

我們不參與成本討論。

And our focus, of course, is to develop QLC solutions that will be, in the future, going toward applications that are very read intensive and somewhat balanced in terms of more write applications.

當然，我們的重點是開發 QLC 解決方案，這些解決方案將在未來朝著讀取密集型應用程序發展，並在更多寫入應用程序方面有所平衡。

And of course, our goal would be to drive these -- build value in these solutions, especially going toward high-capacity aspects of the storage market, build value in these solutions so that we can be selling them in a profitable fashion and bringing strong value to our customers as well.

當然，我們的目標是推動這些——在這些解決方案中創造價值，特別是在存儲市場的高容量方面，在這些解決方案中創造價值，以便我們能夠以有利可圖的方式銷售它們並帶來強大的對我們的客戶也有價值。

I'm not going to get into pricing or speculate of the pricing for QLC.

我不會進入定價或推測 QLC 的定價。

Our next question comes from the line of Hans Mosesmann from Rosenblatt Securities.

我們的下一個問題來自 Rosenblatt Securities 的 Hans Mosesmann。

Sanjay, if you can just clarify, I think somebody asked the question before but I'll just make it more concise.

桑傑，如果你能澄清一下，我想以前有人問過這個問題，但我會讓它更簡潔。

Are you seeing any despeccing in DRAM or NAND market?

您是否看到 DRAM 或 NAND 市場有任何貶值？

And I have a follow-up.

我有一個後續行動。

We're not seeing any despeccing.

我們沒有看到任何貶低。

If anything, again, given the nature of the application, the average capacity requirements continue to go up in all end markets arena.

如果有的話，再一次，鑑於應用程序的性質，所有終端市場領域的平均容量要求繼續上升。

Okay.

好的。

And then a follow-up, more of a longer-term or midterm question.

然後是後續問題，更多的是長期或中期問題。

After 1Y in the DRAM world, how many more node transitions or half transitions do you expect you and the industry to have before you hit a wall, if you will?

在 DRAM 世界的 1Y 之後，如果你願意的話，你希望你和整個行業在你碰壁之前還有多少個節點轉換或半轉換？

We have talked about our 1Z technology node in DRAM and our engineers are working on that.

我們已經討論了我們在 DRAM 中的 1Z 技術節點，我們的工程師正在努力解決這個問題。

And engineers, of course, always continue to look at opportunities for further scaling.

當然，工程師們總是會繼續尋找進一步擴展的機會。

And concurrently, we are working on other advanced technologies of the future as well.

同時，我們也在研究未來的其他先進技術。

Okay.

好的。

But there's no letter after 1Z at this point?

但是此時1Z後面沒有字母了？

There is no letter in the alphabet after Z.

Z之後的字母表中沒有字母。

You can go to 1Zb or you can add a plus, plus or plus, plus, plus.

你可以去1Zb或者你可以加一個加號加號加號加號加號加號加號加號加號加號加號加號加號加號加號加號加號加號加號加號

Thank you.

謝謝你。

We'll take you up on your suggestion.

我們會採納您的建議。

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

我們的最後一個問題來自瑞穗的 Vijay Rakesh。

Just on the NAND side, I was wondering what percent of your NAND was SSDs?

就在 NAND 方面，我想知道你的 NAND 中有多少是 SSD？

I know you mentioned it grew 80% year-on-year and seeing good traction enterprise.

我知道你提到它同比增長了 80%，並且看到了良好的牽引力企業。

We don't give that breakdown.

我們不提供這種細分。

Got it.

知道了。

And I know you talked about 3D crosspoint.

我知道你談到了 3D 交叉點。

There's a bit drag on the margins.

邊緣有點拖累。

When do you start to see the drag go away?

你什麼時候開始看到阻力消失？

And I was just wondering, as you look at that ramp by the end of -- by year-end, what proportion do you think that would be of your NAND?

我只是想知道，當你看到年底的斜坡時 - 到年底，你認為你的 NAND 佔多大比例？

So 3D crosspoint products are expected to come out in -- sometime in calendar year 2019.

因此，預計 3D 交叉點產品將在 2019 日曆年的某個時間問世。

We will have -- sometimes we'll have underloading charges.

我們會有 - 有時我們會有欠載收費。

It's possible that our partner might take some of the -- of those wafers so that would obviously help on the underutilization.

我們的合作夥伴有可能會拿走這些晶圓中的一些，這樣顯然有助於解決利用率不足的問題。

Of course, as we start to release those products, about late 2018, we'll start to build some of those wafers and that will help out on the underutilizations as well.

當然，隨著我們開始發布這些產品，大約在 2018 年底，我們將開始製造其中一些晶圓，這也將有助於解決未充分利用的問題。

And I just want to comment on your earlier question regarding SSD.

我只想評論您之前關於 SSD 的問題。

Of course, we don't provide the specifics but clearly, SSD is growing fast and it's increasingly large portion of our revenue.

當然，我們沒有提供具體細節，但很明顯，SSD 正在快速增長，並且在我們的收入中所佔的比例越來越大。

And very pleased with the progress that we have made in increasing the mix of SSD in our portfolio.

並對我們在產品組合中增加 SSD 組合所取得的進展感到非常滿意。

This does conclude the question-and-answer session.

這確實結束了問答環節。

I'd like to hand the program back to management for any further remarks.

我想將該程序交還給管理層，以便進一步說明。

Thanks, Jonathan.

謝謝，喬納森。

As always, we appreciate your interest and support for Micron.

一如既往，我們感謝您對美光的關注和支持。

I'd remind you that a copy of the prepared remarks as well as a webcast replay can be found on the Investor Relations section of our website later this afternoon.

我要提醒您，今天下午晚些時候可以在我們網站的投資者關係部分找到準備好的評論的副本以及網絡廣播重播。

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's Micron Technology's second quarter 2018 financial release conference call.

今天的美光科技 2018 年第二季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。