美光科技 (MU) 2018 Q3 法說會逐字稿

Good afternoon.

下午好。

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

我叫布賴恩，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to Micron Technology's Third Quarter 2018 Financial Release Conference Call.

在此，歡迎大家參加美光科技 2018 年第三季度財務發布電話會議。

(Operator Instructions)

（操作員說明）

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

現在我很高興將會議轉交給您的主持人 Shanye Hudson。

You may begin your conference.

你可以開始你的會議了。

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

謝謝你，Brian，歡迎參加美光科技 2018 財年第三季度財務電話會議。

On the call with me today are: Sanjay Mehrotra, President and CEO; and Dave Zinsner, Chief Financial Officer.

今天與我通話的有：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 also being webcast from our Investor Relations website at investors.micron.com.

此次電話會議（包括音頻和幻燈片）也將通過我們的投資者關係網站investors.micron.com 進行網絡直播。

In addition, our website contains the earnings press release filed a short while ago.

此外，我們的網站包含不久前提交的收益新聞稿。

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

除非另有說明，否則今天對財務結果的討論將在非公認會計原則財務基礎上進行。

A reconciliation of GAAP to non-GAAP financial measures may be found on our website, along with 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。

Both the prepared remarks from this call and webcast replay will be available on our website later today.

本次電話會議準備好的評論和網絡直播重播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 being made today.

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

We refer you to the documents we file with the SEC, specifically our most recent Form 10-K and Form 10-Q, for a discussion of risks that may affect our future results.

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

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

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，並且我們沒有義務在今天之後更新任何其他前瞻性陳述以符合這些對實際結果的陳述。

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, everyone.

大家下午好。

Micron continues to perform exceptionally well, achieving record revenue and profitability and generating strong operating cash flow in the third quarter.

美光繼續表現出色，在第三季度實現了創紀錄的收入和盈利能力，並產生了強勁的經營現金流。

Our focus on structural improvements and consistent execution is driving improved financial performance.

我們對結構改進和持續執行的關注正在推動財務業績的改善。

First, we are accelerating advanced technology development and rapidly deploying it into production to meet our supply growth and product cost reduction targets.

首先，我們正在加快先進技術的開發並迅速將其部署到生產中，以實現我們的供應增長和產品成本降低目標。

Second, we are broadening our portfolio of high-value solutions to drive increased profitability and strengthen our customer relationships.

其次，我們正在擴大我們的高價值解決方案組合，以提高盈利能力並加強我們的客戶關係。

And third, we announced a capital return program to repurchase up to $10 billion of our shares outstanding starting in fiscal 2019.

第三，我們宣布了一項資本回報計劃，從 2019 財年開始回購高達 100 億美元的流通股。

These initiatives underscore our commitment to enhancing long-term shareholder value.

這些舉措強調了我們對提高長期股東價值的承諾。

Turning to our businesses, we delivered strong results across the breadth of our end markets.

談到我們的業務，我們在整個終端市場都取得了強勁的業績。

We were particularly pleased with our Mobile business, where we increased revenue by 12% sequentially, setting a new company record.

我們對我們的移動業務特別滿意，我們的收入環比增長了 12%，創造了新的公司記錄。

Revenue from high-value mobile NAND nearly doubled quarter-over-quarter, enabled by the ramp of eMMC and eMCP products to multiple smartphone OEMs.

由於 eMMC 和 eMCP 產品向多家智能手機 OEM 供應的增加，高價值移動 NAND 的收入環比增長了近一倍。

85% of managed NAND gigabytes that we shipped in fiscal Q3 were a lower cost to TLC NAND as compared to virtually no TLC NAND just 1 year ago.

與一年前幾乎沒有 TLC NAND 相比，我們在第三財季出貨的託管 NAND 千兆字節中有 85% 是 TLC NAND 的成本更低。

Memory and storage content per phone continues to rise, creating ongoing demand for our mobile solutions.

每部手機的內存和存儲內容不斷增加，從而為我們的移動解決方案創造了持續的需求。

We are strategically shipping our mobile portfolio to put us in the best competitive position, including the production launch of our 1X nanometer low-power DDR4 memory and several new 64-layer TLC UFS and eMCP managed NAND solutions, all later this year.

我們正在戰略性地交付我們的移動產品組合，以使我們處於最佳競爭地位，包括在今年晚些時候推出我們的 1X 納米低功耗 DDR4 內存和幾個新的 64 層 TLC UFS 和 eMCP 管理的 NAND 解決方案。

Data center trends are also driving momentum for Micron's DRAM and NAND solutions, with combined revenue up 87% year-over-year.

數據中心趨勢也推動了美光 DRAM 和 NAND 解決方案的發展勢頭，總收入同比增長 87%。

In the third quarter, ongoing demand for our memory and storage solutions in cloud computing was a key highlight.

第三季度，對我們在雲計算領域的內存和存儲解決方案的持續需求是一個關鍵亮點。

Our DRAM and NAND revenue from cloud customers increased sequentially by 33% and 24%, respectively.

我們來自云客戶的 DRAM 和 NAND 收入分別環比增長 33% 和 24%。

This performance was enabled by our improving execution, ability to expand share and strengthening relationships with key customers in this rapidly growing segment.

這一業績得益於我們在這一快速增長的細分市場中不斷改進的執行力、擴大份額的能力以及加強與主要客戶的關係。

We stand to benefit from the significant investments cloud service providers are making to build out their IT infrastructure.

我們將受益於雲服務提供商為構建其 IT 基礎架構而進行的重大投資。

Cloud CapEx is expected to be $50 billion in 2018.

預計 2018 年雲資本支出將達到 500 億美元。

And as we shared during our investor event, analysts project this CapEx to reach $108 billion by 2021.

正如我們在投資者活動中分享的那樣，分析師預計到 2021 年該資本支出將達到 1080 億美元。

We achieved record revenue across all market segments of our embedded business, enabled by shifts to higher value products and continuing LD demand.

由於轉向更高價值的產品和持續的 LD 需求，我們在嵌入式業務的所有細分市場實現了創紀錄的收入。

Growth was particularly robust in consumer and industrial markets, driven by trends in home and industrial automation, drones and IoT.

在家庭和工業自動化、無人機和物聯網趨勢的推動下，消費和工業市場的增長尤為強勁。

We completed qualification of a 64-layer 3D NAND surveillance-grade microSD card, which is designed for smart surveillance deployments that move AI capabilities to edge devices.

我們完成了 64 層 3D NAND 監控級 microSD 卡的認證，該卡專為將 AI 功能轉移到邊緣設備的智能監控部署而設計。

We also had notable design win activity on low-power automotive DRAM and fee-growing opportunities in the near-term for our portfolio of infotainment, dashboard and ADAS solutions.

我們的信息娛樂、儀表板和 ADAS 解決方案組合在短期內也有顯著的低功耗汽車 DRAM 設計獲勝活動和費用增長機會。

We readied multiple new products for customer qualification this quarter, including the first 1X nanometer low-power automotive DRAM and a GDDR6 solution for ADAS and autonomous applications.

本季度我們準備了多款新產品以供客戶認證，包括首款 1X 納米低功耗汽車 DRAM 和用於 ADAS 和自動駕駛應用的 GDDR6 解決方案。

These advanced new products extend an industry-leading portfolio of unique automotive and industrial solutions that, coupled with long-term customer relationships, have helped the Embedded Business Unit deliver consistent profitable growth for Micron.

這些先進的新產品擴展了行業領先的獨特汽車和工業解決方案組合，再加上長期的客戶關係，幫助嵌入式業務部門為美光帶來了持續的盈利增長。

Overall, we continue to strengthen our product portfolio as we shift our mix away from components and toward high-value solutions.

總體而言，隨著我們將組合從組件轉向高價值解決方案，我們將繼續加強我們的產品組合。

We are outpacing competitors in the high-value graphics market and our graphics revenue more than doubled year-over-year.

我們在高價值圖形市場上超越了競爭對手，我們的圖形收入同比增長了一倍以上。

We also set another company record in overall SSD sales, increasing our revenue by 37% versus a year ago.

我們還在 SSD 的整體銷售方面創造了另一項公司記錄，與一年前相比，我們的收入增加了 37%。

We've began volume production shipments of our 64-layer 3D NAND enterprise SATA SSD and shipped the world's first QLC-based SSD, a high-capacity drive, ideal for read-centric applications like streaming media servers.

我們已經開始批量生產我們的 64 層 3D NAND 企業級 SATA SSD，並交付了世界上第一個基於 QLC 的 SSD，這是一種大容量驅動器，非常適合流媒體服務器等以讀取為中心的應用程序。

This QLC SSD is built on our industry-leading 64-layer 3D NAND, utilizing the first ever terabit NAND die in the industry.

這款 QLC SSD 建立在我們行業領先的 64 層 3D NAND 之上，採用了業內首個 TB NAND 芯片。

As we continue to introduce new SSD solutions on lower cost next-generation technologies, we believe that we can unlock new pools of demand that are currently being served by HDDs.

隨著我們繼續推出基於低成本下一代技術的新 SSD 解決方案，我們相信我們可以釋放目前由 HDD 服務的新需求池。

Our technology and operational execution continues to pay dividends.

我們的技術和運營執行繼續帶來紅利。

As we recently shared, we achieved yield maturity and production output crossover on our 64-layer 3D NAND ahead of schedule.

正如我們最近分享的那樣，我們提前在 64 層 3D NAND 上實現了產量成熟度和產量交叉。

We still expect to have production shipments on our 96-layer 3D NAND in the second half of calendar year 2018.

我們仍然預計我們的 96 層 3D NAND 將在 2018 年下半年實現量產出貨。

We are also making good progress on the development of our fourth generation 3D NAND, which will utilize our novel replacement gate technology.

我們在第四代 3D NAND 的開發上也取得了良好的進展，它將利用我們新穎的替代柵極技術。

In DRAM, we are on track to reach bit crossover on our 1X technology, and to begin production shipments on our 1Y technology, both in the second half of calendar year 2018.

在 DRAM 方面，我們有望在 2018 年下半年實現 1X 技術的位交叉，並開始使用我們的 1Y 技術進行量產出貨。

As we noted at our analyst event, we have a strong product and process roadmap for DRAM with 1Z and 1 alpha development programs already underway.

正如我們在分析師活動中指出的那樣，我們有一個強大的 DRAM 產品和工藝路線圖，其中 1Z 和 1 alpha 開發計劃已經在進行中。

Turning to 3D XPoint technology, as you know, we are partners with Intel in the development and manufacturing of 3D XPoint.

談到 3D XPoint 技術，如您所知，我們是英特爾在 3D XPoint 開發和製造方面的合作夥伴。

As part of that ongoing relationship, we have been discussing the commercial terms of our future generation 3D XPoint collaboration.

作為這種持續關係的一部分，我們一直在討論我們下一代 3D XPoint 合作的商業條款。

Our goal in these discussions is to ensure that Micron has a path to strong ROI for our investments in technology contributions.

我們在這些討論中的目標是確保美光能夠為我們在技術貢獻方面的投資獲得強勁的投資回報率。

We will provide updates as appropriate as these discussions progress further.

隨著這些討論的進一步進展，我們將酌情提供更新。

As we highlighted at our Investor Day, we are excited about the potential for 3D XPoint technology to create a new tier of memory and storage between DRAM and NAND flash.

正如我們在投資者日上強調的那樣，我們對 3D XPoint 技術在 DRAM 和 NAND 閃存之間創建新的內存和存儲層的潛力感到興奮。

We remain focused on our 3D XPoint product development and are on track to introduce our first products in late calendar 2019, with meaningful revenue in 2020.

我們仍然專注於我們的 3D XPoint 產品開發，並有望在 2019 年下半年推出我們的第一款產品，並在 2020 年實現可觀的收入。

In summary, we continue to see strong market demand for memory and fast storage products due to the value these solutions provide in an economy where data and fast access to that data is increasingly important.

總之，我們繼續看到對內存和快速存儲產品的強勁市場需求，因為這些解決方案在數據和快速訪問數據越來越重要的經濟體中提供了價值。

Growing capabilities in the data center have enabled greater functionality at the edge, increasing users and creating more data.

數據中心不斷增長的功能在邊緣實現了更強大的功能，增加了用戶並創建了更多數據。

And in turn, driving opportunities for expanded higher value data services.

反過來，也為擴大更高價值的數據服務提供了機會。

We believe this virtuous cycle has driven the secular growth patterns we are currently seeing across nearly all of our markets, and believe that it will persist into the foreseeable future.

我們相信這個良性循環推動了我們目前在幾乎所有市場中看到的長期增長模式，並相信它將持續到可預見的未來。

I will now turn the call over to our CFO, Dave Zinsner, to provide details on our third quarter results and outlook for the remainder of fiscal 2018.

我現在將把電話轉給我們的首席財務官 Dave Zinsner，以提供有關我們第三季度業績和 2018 財年剩餘時間展望的詳細信息。

Thank you, Sanjay, and good afternoon, everyone.

謝謝你，桑傑，大家下午好。

Micron's relentless focus on execution is evident in our third quarter results.

美光對執行的不懈關注在我們的第三季度業績中顯而易見。

We set new records for revenue, gross margin, operating income and earnings per share.

我們創造了收入、毛利率、營業收入和每股收益的新記錄。

In addition, we delivered on our goal of achieving a net cash positive position, with our cash balance nearly $350 million above GAAP debt position.

此外，我們實現了實現淨現金正頭寸的目標，我們的現金餘額比 GAAP 債務頭寸高出近 3.5 億美元。

We are on the strongest financial footing in the company's 40-year history, allowing us to make investments that will capitalize on the secular growth trends driven by the data economy.

我們處於公司 40 年曆史上最強勁的財務基礎，使我們能夠進行投資，以利用數據經濟驅動的長期增長趨勢。

Our focus on growing high-value solutions, including managed NAND and lower -- low-powered DRAM products for the mobile market, SSDs for the cloud market, as well as graphics DRAM, drove our fiscal third quarter results.

我們專注於發展高價值解決方案，包括託管 NAND 和更低的移動市場低功耗 DRAM 產品、雲市場 SSD 以及圖形 DRAM，推動了我們第三財季的業績。

We also saw the benefit of strong execution on technology transitions.

我們還看到了強有力的技術轉型執行帶來的好處。

Total revenue was $7.8 billion, up 6% from fiscal second quarter and 40% from the prior year.

總收入為 78 億美元，比第二財季增長 6%，比去年同期增長 40%。

Non-GAAP gross margins for the period expanded to a record 61%, up 250 basis points from the prior quarter, and up from 48% in the prior year.

該期間的非美國通用會計準則毛利率擴大至創紀錄的 61%，比上一季度增長 250 個基點，高於上一年的 48%。

A robust business environment, more favorable mix and good execution on cost reductions drove significant gross margin expansion.

穩健的商業環境、更有利的組合以及對成本削減的良好執行推動了毛利率的顯著增長。

It's important to note that we were able to achieve record gross margins while we continued to incur underloading charges in advance of volume ramp of our 3D XPoint solutions, which will follow product introductions that are targeted for late calendar 2019.

需要注意的是，我們能夠實現創紀錄的毛利率，同時我們繼續在 3D XPoint 解決方案的銷量增長之前產生欠載費用，這將在 2019 年下半年推出產品之後進行。

We estimate that these charges impacted gross margins by approximately 100 basis points.

我們估計這些費用對毛利率的影響約為 100 個基點。

Our record revenue and gross margin performance drove strong profitability in the third quarter.

我們創紀錄的收入和毛利率表現推動了第三季度的強勁盈利能力。

Operating income grew to $4 billion on a non-GAAP basis, representing 52% of revenue.

按非公認會計原則計算，營業收入增長至 40 億美元，佔收入的 52%。

This compares with operating margins of 49% in fiscal second quarter and 37% in the year-ago period.

相比之下，第二財季的營業利潤率為 49%，去年同期為 37%。

Non-GAAP operating expenses came in at $733 million, up approximately 10% from fiscal second quarter, and in line with our planned investments in technology and product development.

非 GAAP 運營費用為 7.33 億美元，比第二財季增長約 10%，符合我們在技術和產品開發方面的計劃投資。

Moving forward, we expect to increase our OpEx from the current run rate, particularly for R&D, as we continue to accelerate the development of new products and technologies.

展望未來，隨著我們繼續加快新產品和技術的開發，我們希望從目前的運行速度提高我們的運營支出，特別是在研發方面。

Now turning to the performance by business unit.

現在轉向業務部門的績效。

We achieved record revenue for the Compute and Networking Business Unit of $4 billion in the third quarter, up 67% year-over-year and 8% from the prior quarter.

第三季度，我們的計算和網絡業務部門實現了創紀錄的 40 億美元收入，同比增長 67%，比上一季度增長 8%。

Every CNBU business contributed to this growth, except the client business, as we directed supply to customers and markets experiencing robust demand.

除客戶業務外，CNBU 的每一項業務都為這一增長做出了貢獻，因為我們將供應導向需求強勁的客戶和市場。

We saw broad-based demand for our memory solutions with sales of both cloud server and graphics memory products more than doubling year-over-year.

我們看到對我們的內存解決方案的廣泛需求，雲服務器和圖形內存產品的銷售額同比增長了一倍以上。

Operating income for CNBU increased by 12% sequentially to $2.6 billion or 66% of revenue and more than doubled on a year-over-year basis.

CNBU 的營業收入環比增長 12%，達到 26 億美元，佔收入的 66%，同比增長一倍以上。

Revenue for the Mobile Business Unit increase to a record $1.8 billion, up 12% quarter-over-quarter and 55% year-over-year.

移動業務部門的收入增至創紀錄的 18 億美元，環比增長 12%，同比增長 55%。

We are experiencing ongoing momentum for our managed NAND products, with multiple customer qualifications underway for our eMCP solutions.

我們的託管 NAND 產品正在經歷持續的發展勢頭，我們的 eMCP 解決方案正在獲得多個客戶資格。

We also continue to see healthy demand for our industry-leading, low-power DRAM products.

我們還繼續看到對我們行業領先的低功耗 DRAM 產品的健康需求。

The benefits of shifting more of our supply to these high-value mobile products are evident in our profits.

將更多供應轉移到這些高價值移動產品的好處在我們的利潤中顯而易見。

Operating income increased to $860 million or 49% of revenue, up from $689 million last quarter and $304 million in the year-ago period.

營業收入增至 8.6 億美元，佔收入的 49%，高於上一季度的 6.89 億美元和去年同期的 3.04 億美元。

The Embedded Business Unit continues to deliver solid results with record revenue of $897 million, up 8% versus fiscal second quarter and up 28% year-over-year.

嵌入式業務部門繼續取得穩健的業績，收入達到創紀錄的 8.97 億美元，與第二財季相比增長 8%，同比增長 28%。

Growth was driven by demand for consumer and industrial applications, including set-top boxes, factory automation and industrial drones.

增長是由對消費和工業應用的需求推動的，包括機頂盒、工廠自動化和工業無人機。

ADAS and in-vehicle experience applications supported record automotive sales for the quarter.

ADAS 和車載體驗應用支持了本季度創紀錄的汽車銷量。

Fiscal third quarter operating income was $386 million, which translates to a healthy 43% of revenue, roughly flat with the prior quarter and up by 600 basis points from the prior year.

第三財季營業收入為 3.86 億美元，相當於收入的 43%，與上一季度基本持平，比上年增長 600 個基點。

And finally, turning to the Storage Business Unit, third quarter revenue was $1.1 billion, which is comprised of SSD, NAND components and 3D XPoint sales.

最後，轉向存儲業務部門，第三季度收入為 11 億美元，其中包括 SSD、NAND 組件和 3D XPoint 銷售額。

We continue to build momentum with our SSD portfolio and set a new record for SSD revenue, which now represents over 50% of total SBU revenue.

我們繼續通過我們的 SSD 產品組合建立動力，並創下 SSD 收入的新紀錄，目前佔 SBU 總收入的 50% 以上。

Consistent with our strategy and as we shared at our Investor event, we're shifting more of our NAND supply away from components and to high-value products such as managed NAND, which are targeted for our mobile and embedded markets, as well as SSDs.

與我們的戰略一致，正如我們在投資者活動中分享的那樣，我們正在將更多的 NAND 供應從組件轉移到高價值產品，例如針對我們的移動和嵌入式市場的託管 NAND，以及 SSD .

This shift in NAND supply and lower 3D XPoint sales to our partner resulted in a 9% sequential decline in our Storage Business Unit revenue.

NAND 供應的這種轉變以及對我們合作夥伴的 3D XPoint 銷售額下降導致我們的存儲業務部門收入連續下降 9%。

The underutilization cost associated with 3D XPoint production, that I previously mentioned, had a negative impact on SBU operating margins of approximately 700 basis points in the third quarter.

我之前提到的與 3D XPoint 生產相關的未充分利用成本對第三季度的 SBU 營業利潤率產生了約 700 個基點的負面影響。

Our resulting SBU operating income was $156 million or 14% of third quarter revenue compared with 20% in fiscal second quarter.

我們由此產生的 SBU 營業收入為 1.56 億美元，佔第三季度收入的 14%，而第二財季為 20%。

Today, a majority of our SSD sales are based on 32-layer 3D NAND.

今天，我們大部分的 SSD 銷售都是基於 32 層 3D NAND。

As Sanjay pointed out earlier, we're starting to ramp SSD solutions built on our 64-layer 3D NAND, initially targeting consumer and cloud customers.

正如 Sanjay 早些時候指出的那樣，我們開始推出基於 64 層 3D NAND 的 SSD 解決方案，最初針對消費者和雲客戶。

Our SBU cost structure will benefit from this transition to lower-cost 64-layer SSDs.

我們的 SBU 成本結構將受益於這種向低成本 64 層 SSD 的過渡。

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 third quarter.

在第三財季，DRAM 占公司總收入的 71%。

DRAM revenue was up 6% from the prior quarter and 56% year-over-year, reflecting strong execution on our strategy and a robust market environment.

DRAM 收入較上一季度增長 6%，同比增長 56%，反映了我們戰略的強勁執行和強勁的市場環境。

ASPs increased in the mid- to upper single-digit percentage range, supported by broad-based demand and a richer mix of high-value sales, including server and graphics DRAM products.

在廣泛的需求和更豐富的高價值銷售組合（包括服務器和圖形 DRAM 產品）的支持下，平均售價在中高個位數百分比範圍內增長。

Shipment quantities were relatively flat quarter-over-quarter and our resulting non-GAAP gross margin was 69%, up from 66% in fiscal second quarter and 54% from the year-ago quarter.

出貨量環比持平，我們由此得出的非美國通用會計準則毛利率為 69%，高於第二財季的 66% 和去年同期的 54%。

We achieved $1.9 billion in trade NAND revenue, representing 25% of total company revenue for the fiscal third quarter.

我們實現了 19 億美元的貿易 NAND 收入，占公司第三財季總收入的 25%。

Trade NAND revenue was up 8% quarter-over-quarter and 14% year-over-year, reflecting healthy demand for our products.

Trade NAND 收入環比增長 8%，同比增長 14%，反映了對我們產品的健康需求。

While on a like-for-like basis, NAND pricing declined modestly sequentially, our overall NAND ASP increased in the mid- to upper single-digit percentage range, driven by a richer mix of high-value solutions in our NAND portfolio.

雖然在同類產品的基礎上，NAND 價格環比小幅下降，但我們的整體 NAND ASP 在中高個位數百分比範圍內增長，這得益於我們 NAND 產品組合中更豐富的高價值解決方案組合。

We ramped eMCP solutions to our mobile customers, which tend to carry higher ASPs relative to other NAND products.

我們為我們的移動客戶增加了 eMCP 解決方案，與其他 NAND 產品相比，這些解決方案往往具有更高的 ASP。

Trade NAND shipment quantities remained relatively flat compared to the prior quarter and trade NAND gross margins were 47% on a non-GAAP basis, up 50 basis points from the prior quarter and up 600 basis points from the year-ago quarter.

與上一季度相比，貿易 NAND 出貨量保持相對平穩，按非美國通用會計準則計算，貿易 NAND 毛利率為 47%，比上一季度增長 50 個基點，比去年同期增長 600 個基點。

Our solid execution and healthy industry environment led to a record non-GAAP earnings per share of $3.15, up 12% from the prior quarter and 94% from the prior year.

我們穩健的執行力和健康的行業環境使非公認會計準則每股收益達到創紀錄的 3.15 美元，比上一季度增長 12%，比上一年增長 94%。

We generated $4.3 billion in cash from operations, representing 55% of revenue.

我們從運營中產生了 43 億美元的現金，佔收入的 55%。

Capital spending, net of third-party contributions, was $2.1 billion in the third quarter.

第三季度資本支出（扣除第三方貢獻）為 21 億美元。

We expect the full fiscal year 2018 CapEx to be approximately $8 billion, which includes previously discussed investments associated with our cleanroom expansions in Singapore and Hiroshima.

我們預計 2018 財年全年資本支出約為 80 億美元，其中包括之前討論的與我們在新加坡和廣島的潔淨室擴建相關的投資。

Our resulting free cash flow was $2.2 billion, flat with the prior quarter and nearly double that of the year-ago period.

我們由此產生的自由現金流為 22 億美元，與上一季度持平，幾乎是去年同期的兩倍。

We ended the quarter in a net cash positive position with approximately $7.7 billion in cash, marketable investments and restricted cash and $7.3 billion in GAAP debt, including approximately $300 million of incremental debt incurred in third quarter by our jointly owned 3D XPoint fab.

我們在本季度末以淨現金為正，擁有約 77 億美元的現金、可出售的投資和受限現金以及 73 億美元的 GAAP 債務，其中包括我們共同擁有的 3D XPoint 工廠在第三季度產生的約 3 億美元的增量債務。

We're very pleased to have achieved a net cash positive position one quarter earlier than we had originally committed.

我們很高興比我們最初承諾的提前一個季度實現了淨現金正數頭寸。

We reduced our gross debt position by approximately $2 billion in the fiscal third quarter and we expect to reduce our debt by another $2 billion in the fiscal fourth quarter.

我們在第三財季將總債務頭寸減少了約 20 億美元，我們預計在第四財季將再減少 20 億美元的債務。

We also used $1.1 billion in cash in the third quarter to settle the debt and equity components of our convertible notes.

我們還在第三季度使用了 11 億美元的現金來結算可轉換票據的債務和股權部分。

In addition, we received another $550 million of convertible note redemptions in the third quarter, which we will cash settle early in the fourth quarter.

此外，我們在第三季度又收到了 5.5 億美元的可轉換票據贖回，我們將在第四季度初現金結算。

Combined, these convert notices equate to roughly a 20 million share count reduction.

這些轉換通知加起來相當於減少了大約 2000 萬股。

This is a great start to our strategy of reducing our fully diluted share count, which we expect will continue in fiscal 2019 when we begin utilizing at least 50% of our annual free cash flow to repurchase shares under our $10 billion share repurchase authorization.

這是我們減少完全攤薄股票數量戰略的一個良好開端，我們預計這一戰略將在 2019 財年繼續進行，屆時我們將開始利用至少 50% 的年度自由現金流根據我們 100 億美元的股票回購授權回購股票。

Turning now to non-GAAP guidance for the fourth fiscal quarter, the market for our products continues to be robust and we are executing well on our strategy.

現在轉向第四財季的非公認會計原則指導，我們的產品市場繼續強勁，我們的戰略執行良好。

We therefore expect sequential revenue growth again in the fourth quarter.

因此，我們預計第四季度收入將再次連續增長。

We expect revenue to be in the range of $8 billion to $8.4 billion; gross margins to be in the range of 59% to 62%; operating expenses are expected to be $750 million, plus or minus $25 million; and based on a share count of approximately 1.23 billion shares, these results should drive EPS of $3.30, plus or minus $0.07.

我們預計收入將在 80 億美元至 84 億美元之間；毛利率在 59% 至 62% 之間；運營費用預計為 7.5 億美元，上下浮動 2500 萬美元；根據大約 12.3 億股的股票數量，這些結果應該會推動每股收益為 3.30 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。

We recently introduced our vision for the new Micron.

我們最近介紹了我們對新美光的願景。

We have been undergoing a fundamental transformation, driven by changes in our markets, our industry and within our company.

在我們的市場、行業和公司內部發生變化的驅動下，我們一直在經歷根本性的轉變。

Starting with our markets, data-hungry applications are driving secular growth for memory and storage solutions.

從我們的市場開始，需要大量數據的應用程序正在推動內存和存儲解決方案的長期增長。

Importantly, our customers recognize the essential added value that memory and fast storage provides for the solutions they deliver to their end customers.

重要的是，我們的客戶認識到內存和快速存儲為他們提供給最終客戶的解決方案所提供的基本附加值。

Second, the industry we operate within is structurally different than in the past.

其次，我們經營的行業在結構上與過去不同。

Technology transitions require more CapEx and provide less bit gain and the pace of those transitions have slowed, given increased process complexities.

技術轉型需要更多的資本支出並提供更少的比特增益，並且由於工藝複雜性增加，這些轉型的步伐已經放緩。

The result is a more consistent and stable supply/demand outlook.

結果是供需前景更加一致和穩定。

These structural changes have also resulted in improved ROI over the last several years.

在過去幾年中，這些結構性變化也提高了投資回報率。

Finally, a laser-sharp focus on executing our strategic business objectives has allowed Micron to better capitalize on our excellent technology portfolio, product breadth, manufacturing scale, customer reach and deep team expertise.

最後，對執行我們的戰略業務目標的高度關注使美光能夠更好地利用我們卓越的技術組合、產品廣度、製造規模、客戶範圍和深厚的團隊專業知識。

We are creating a culture of increased urgency, crisp execution and accountability that will enable us to consistently deliver against these strategic objectives and create positive results for all stakeholders.

我們正在營造一種緊迫感、執行力和責任感更高的文化，這將使我們能夠始終如一地實現這些戰略目標，並為所有利益相關者創造積極的成果。

We will now open for questions.

我們現在開始提問。

(Operator Instructions) And our first question will come from the line of Romit Shah with Nomura.

（操作員說明）我們的第一個問題將來自 Romit Shah 和 Nomura 的台詞。

And thanks for leaving the guidance at the end of the presentation.

感謝您在演示結束時留下指導。

It really kept us on our seats here.

它真的讓我們坐在我們的座位上。

I had a question about NAND pricing.

我有一個關於 NAND 定價的問題。

The like-for-like pricing you mentioned in NAND was down modestly.

您在 NAND 中提到的同類定價略有下降。

And based on guidance, it seems like, yes, the NAND business as well as DRAM will be healthy again in August.

根據指導，是的，NAND 業務和 DRAM 似乎將在 8 月再次恢復健康。

There's been, I would say, several reports about your largest competitor seeing significant ASP weakness in their NAND business, and I'm just having a hard time trying to reconcile why Micron isn't seeing this weakness as well?

我想說，有幾份報告稱您最大的競爭對手在他們的 NAND 業務中發現了顯著的 ASP 弱點，我只是很難調和為什麼美光也沒有看到這種弱點？

Yes.

是的。

I think I won't comment on the fourth quarter guidance and what's built into it but I think right now, what you're seeing is a pretty healthy mix of the higher value solutions.

我想我不會對第四季度的指導以及其中的內容髮表評論，但我認為現在，你所看到的是高價值解決方案的相當健康的組合。

We're getting increasingly a higher mix of that component into our NAND business.

我們在 NAND 業務中越來越多地使用該組件。

And that's really helping kind of keep the pricing healthy.

這確實有助於保持定價健康。

You did say, though, that even absent mix, that it seems like NAND pricing was down far less than it was in the prior quarter, correct?

不過，您確實說過，即使沒有組合，NAND 的價格似乎也比上一季度下降了很多，對嗎？

Yes.

是的。

Okay.

好的。

So again, kind of the same question, how do we reconcile the performance of the NAND business in pricing?

再說一次，同樣的問題，我們如何協調 NAND 業務在定價方面的表現？

Like-for-like, it seems like the ASP declines are fairly modest with what seems to be bigger and broader weakness from some of your competitors.

與此類似，ASP 的下降似乎相當溫和，而您的一些競爭對手似乎更大更廣泛的弱點。

Well, I think in one case in the second quarter when you look at the pricing, there was a bit of an aberration I guess I'd call it, given that we had, in the first quarter, a higher ASP lift as it related to kind of onetime MLC sales.

好吧，我認為在第二季度的一個案例中，當您查看定價時，我想我會稱之為偏差，因為我們在第一季度有更高的 ASP 提升，因為它相關到一種一次性的 MLC 銷售。

So I actually think, when you strip that out, if we had done it like-for-like, I don't think we made a comment on that in the second quarter, you would have found that those ASP declines were relatively modest as well.

所以我實際上認為，當你把它去掉時，如果我們照樣做，我認為我們不會在第二季度對此發表評論，你會發現這些 ASP 下降相對溫和，因為出色地。

Okay.

好的。

And if I could just follow-up on...

如果我能跟進...

I just want to point out that as Dave said in his remarks, that the mix as far as NAND business has improved substantially, given successful execution on our strategy of shifting our products toward high-value solutions and multi-chip packages, which have both NAND and DRAM and carry higher ASPs.

我只想指出，正如 Dave 在他的講話中所說，鑑於我們成功執行了我們將產品轉向高價值解決方案和多芯片封裝的戰略，NAND 業務的組合已經大幅改善，這NAND 和 DRAM 並具有更高的 ASP。

On a sequential basis, we doubled our sales of those solutions in the market.

在連續的基礎上，我們在市場上的這些解決方案的銷售額翻了一番。

And of course, we did well on SSD as well, which hit a record.

當然，我們在 SSD 上也做得很好，創下了紀錄。

So all that mix really drove our strong performance on the ASP front for the NAND business.

因此，所有這些組合確實推動了我們在 NAND 業務 ASP 方面的強勁表現。

Okay.

好的。

Great.

偉大的。

And then, just as a follow-up, I noticed for both DRAM and NAND, there really wasn't much bit growth for each of those businesses.

然後，作為後續行動，我注意到對於 DRAM 和 NAND，這些業務實際上並沒有多少增長。

Are you still comfortable with your bit growth targets for both DRAM and NAND for calendar '18?

您仍然對 18 年 DRAM 和 NAND 的位增長目標感到滿意嗎？

Yes.

是的。

We are comfortable with our targets.

我們對我們的目標感到滿意。

As we said, we are proceeding well with our 64-layer transition into production, actually achieved bit output crossover one quarter earlier than planned.

正如我們所說，我們在 64 層過渡到生產方面進展順利，實際上比計劃提前四分之一實現了比特輸出交叉。

And on the DRAM side, continued to do well with our 1X nanometer technology transition, which we said will have bit output crossover by the end of the calendar year.

在 DRAM 方面，我們的 1X 納米技術過渡繼續表現良好，我們說到今年年底將有比特輸出交叉。

And similarly, good progress in terms of our 1Y nanometer DRAM.

同樣，我們的 1Y 納米 DRAM 也取得了良好的進展。

So yes, with respect to our overall bit growth targets for the year, as we have said, that we believe that the industry will be in the range of 40% to 45% for NAND and will be somewhat higher.

所以，是的，就我們今年的整體位增長目標而言，正如我們所說，我們相信該行業的 NAND 將在 40% 至 45% 的範圍內，並且會更高一些。

That remains the case.

情況仍然如此。

And with respect to DRAM, we had said, in calendar year 2018, industry supply bit growth will be approximately 20% and will be in range, and that stays the same as well.

而對於 DRAM，我們曾說過，在 2018 日曆年，行業供應位增長將在 20% 左右，並且在範圍內，並且保持不變。

I'll just point out that in F Q3, our supply -- the shipment growth being flat for DRAM and NAND, as you were questioning, that really is just related to the normal ebb and flow of the business in terms of qualifications of our products in those new technology nodes as well as ramp-up in production of those technologies.

我只想指出，在第三季度，我們的供應——正如你所質疑的那樣，DRAM 和 NAND 的出貨量增長持平，這實際上只是與我們的資質方面業務的正常潮起潮落有關。這些新技術節點的產品以及這些技術的產量增加。

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

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

I guess, first question on gross margins and if we take the midpoint, down just a smidge Q-on-Q, and so curious, should we be thinking about changes to mix on both DRAM and NAND as driving that?

我想，第一個問題是關於毛利率的，如果我們取中點，Q-on-Q 下降一點點，那麼好奇，我們是否應該考慮改變 DRAM 和 NAND 的混合來推動這一點？

Or perhaps, a slowdown in cost down given some of the challenges ahead with 64, 96, 1Y, et cetera?

或者，考慮到 64、96、1Y 等面臨的一些挑戰，成本下降可能會放緩？

Would love to hear your thoughts on that.

很想听聽你對此的看法。

Yes.

是的。

Well, we probably won't get into too much detail about our guidance other than to say we did give a range.

好吧，除了說我們確實給出了一個範圍之外，我們可能不會詳細介紹我們的指導。

The high end of the range is 62%, so that would actually be an improvement from this quarter, so that's certainly a scenario and that would encompass a more robust mix of higher-margin products for sure.

該範圍的高端是 62%，因此這實際上比本季度有所改善，所以這肯定是一種情況，並且肯定會包含更強大的利潤率更高的產品組合。

And this is somewhat mix-dependent, the business, and so we factor in that, that might happen and that creates a bit of a range for us.

這有點依賴於混合，業務，所以我們考慮到這一點，這可能會發生，這為我們創造了一些範圍。

But I wouldn't look too much into the fact that the midpoint is slightly below.

但我不會過多關注中點略低於這一事實。

Okay.

好的。

I was just trying to get more color on the mix.

我只是想在混合物中獲得更多顏色。

I guess larger picture question for DRAM.

我想 DRAM 的大圖問題。

In the last few months, we've heard about real-time pushouts of select capacity, which I think is a first when the industry is enjoying such margins as you are today.

在過去的幾個月裡，我們聽說了選擇容量的實時推出，我認為這是業界享受今天這樣的利潤時的第一次。

So I guess can you speak to, I guess, this new rational profitability-focused market?

所以我想你能談談，我猜，這個以盈利為中心的新的理性市場嗎？

And we'd love to hear kind of your thoughts for the market today, and then to year-end and beyond.

我們很想听聽您對今天市場的看法，然後是年底及以後。

So we discussed that at length at our Investor Day and as we had highlighted, the markets today are structurally different compared to what we have in the past.

因此，我們在投資者日詳細討論了這一點，正如我們強調的那樣，今天的市場與過去相比在結構上有所不同。

First, they are ever more diversified.

首先，它們更加多樣化。

Markets are not just about PC and DRAM.

市場不僅僅與 PC 和 DRAM 有關。

I mean, data center is driving large growth for DRAM.

我的意思是，數據中心正在推動 DRAM 的大幅增長。

The AI trends, which we are very, very early innings of, requires more and more DRAM in order to really perform high-performance computation that AI applications rely on.

我們處於非常非常早期的 AI 趨勢需要越來越多的 DRAM 才能真正執行 AI 應用程序所依賴的高性能計算。

So driving AI applications are driving growth in the data center as well as through more intelligent devices on the edge.

因此，推動人工智能應用程序正在推動數據中心以及邊緣上更多智能設備的增長。

And smartphones, certainly, with features such as AR and VR and AI getting implemented into these phones along with all the high-resolution cameras, they require more and more DRAM as well.

當然，智能手機隨著 AR 和 VR 以及 AI 等功能以及所有高分辨率攝像頭被應用到這些手機中，它們也需要越來越多的 DRAM。

So the demand drivers are diverse.

因此，需求驅動因素是多種多樣的。

They are secular in nature.

它們本質上是世俗的。

Memory has become essential in terms of delivering the value proposition of the end market applications.

在交付終端市場應用程序的價值主張方面，內存已變得至關重要。

So this is what is really driving the overall robust demand drivers for our industry, for DRAM, and whether it's in data centers or in mobile or in graphics or automotive applications, all of these need more memory, and memory is now really enabling higher value as well to the end market applications.

因此，這才是我們行業整體強勁需求的真正驅動因素，對於 DRAM，無論是在數據中心、移動設備還是圖形或汽車應用中，所有這些都需要更多的內存，而內存現在真正實現了更高的價值以及終端市場應用。

So yes, this all bodes well for the long-term healthy industry fundamentals.

所以，是的，這一切都預示著長期健康的行業基本面。

And all of this reflects in our guidance as well, which speaks for itself.

所有這些也反映在我們的指導中，這不言而喻。

It's a very robust, strong guidance that we have provided for the third quarter.

這是我們為第三季度提供的非常穩健、有力的指導。

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

我們的下一個問題將來自瑞士信貸的 John Pitzer。

Dave, I guess, my first question just revolves around the profitability levels in the SBU.

戴夫，我想，我的第一個問題只是圍繞 SBU 的盈利水平。

Just kind of curious, when you think about the underutilization charges for XPoint, have those now peaked on sort of a quarterly basis?

有點好奇，當您考慮 XPoint 的未充分利用費用時，這些費用現在是否按季度達到頂峰？

Or how should we think about that?

或者我們應該怎麼想？

And then, you mentioned in your prepared comments that the move from 32 to 64 should help profitability there.

然後，您在準備好的評論中提到，從 32 到 64 的轉變應該有助於那裡的盈利能力。

And I guess just as we think longer-term, notwithstanding what you're selling to Intel at sort of cost, how do we think about the long-term operating margin trajectory of this business compared to your other business units?

而且我想就像我們從長遠來看一樣，儘管您以某種成本向英特爾出售什麼產品，但與您的其他業務部門相比，我們如何看待該業務的長期運營利潤率軌跡？

Right.

正確的。

Yes.

是的。

So just going back to the prepared remarks, the underutilization charge associated with 3D XPoint was about 700 basis points if it hit to the SBU operating margins.

因此，回到準備好的評論，與 3D XPoint 相關的未充分利用費用如果達到 SBU 營業利潤率，則約為 700 個基點。

We sold very little of 3D XPoint to our partner, and so it certainly was at a relatively high level.

我們向合作夥伴出售的 3D XPoint 很少，因此它肯定處於相對較高的水平。

Hard to say if this is indeed the peak, but it's certainly close to the peak, if not the peak.

很難說這是否真的是高峰，但如果不是高峰，它肯定接近高峰。

I think longer-term from an underutilization perspective, we could continue to sell wafers to our partner, and that certainly would mitigate the underutilization charges.

我認為從未充分利用的角度來看，從長遠來看，我們可以繼續向我們的合作夥伴出售晶圓，這肯定會減輕未充分利用的費用。

So I wouldn't dismiss the likelihood of that happening.

所以我不會否認這種情況發生的可能性。

And then on top of that, as Sanjay mentioned earlier in the call, we are expecting 3D XPoint products in -- towards the end of calendar year 2019, and they'll ramp into 2020.

最重要的是，正如 Sanjay 之前在電話會議中提到的那樣，我們預計 3D XPoint 產品將在 2019 年年底推出，它們將進入 2020 年。

And that certainly will help improve the underutilization aspect of this thing and have that go away.

這肯定會有助於改善這件事的未充分利用方面並讓它消失。

Having said that, we're looking to try to improve the cost structure of the Storage Business Unit.

話雖如此，我們希望嘗試改善存儲業務部門的成本結構。

And certainly, as we transition more and more of the wafers from 32-layer to 64-layer, that will have a meaningful improvement to the cost structure of SBU.

當然，隨著我們越來越多的晶圓從 32 層過渡到 64 層，這將對 SBU 的成本結構產生有意義的改善。

And I'll just point out that it's only a very short period of time, just a few quarters.

我只想指出，這只是很短的一段時間，只有幾個季度。

So we have really driven tremendous momentum in our SSD sales in SBU.

因此，我們確實推動了 SBU 中 SSD 銷售的巨大勢頭。

And yes, they are mostly 32-layer driven, but 64-layer is starting to ramp.

是的，它們大多是 32 層驅動的，但 64 層正在開始增加。

And as we focus on bringing our next generation of products into the market with our -- such as NVMe solutions as well as more 64-layer-based solutions for cloud applications, that will help improve the cost structure and certainly will bode well for the health of our SBU business going forward.

隨著我們專注於通過我們的 NVMe 解決方案以及更多基於 64 層的雲應用解決方案將我們的下一代產品推向市場，這將有助於改善成本結構，並且肯定對我們 SBU 業務的健康向前發展。

So we are very excited about the opportunities, about our very cost-effective NAND die and technology, and very focused on continuing to accelerate our product introductions and get the benefit of advanced technology nodes as well as reduce the overall cost of SSD builds.

因此，我們對這些機會感到非常興奮，對我們極具成本效益的 NAND 芯片和技術感到非常興奮，並且非常專注於繼續加快我們的產品推出速度，從先進技術節點中獲益，並降低 SSD 構建的總體成本。

Because you know that in SSDs, there is more than just memory that goes into building SSDs.

因為您知道，在 SSD 中，構建 SSD 的不僅僅是內存。

So we are extremely focused on all of those, and that bodes well for the cost structure of our SSD solutions as well as growth of the SSD business.

因此，我們非常關注所有這些，這對我們 SSD 解決方案的成本結構以及 SSD 業務的增長來說是個好兆頭。

That's helpful.

這很有幫助。

And Sanjay, as my follow-up, I know that you guys have sort of rightfully tried to get away from giving us quarterly bit growth and cost down projections for DRAM and NAND.

桑傑，作為我的後續行動，我知道你們已經正確地試圖擺脫對 DRAM 和 NAND 的季度位增長和成本下降預測。

But a little bit more generically, as you think about for DRAM to transition to 1X and NAND to transition to 64 layers, which quarter do you think you're going to get the maximum benefit?

但更籠統地說，當您考慮 DRAM 過渡到 1X 和 NAND 過渡到 64 層時，您認為哪個季度會獲得最大收益？

Is there more of a benefit in the August quarter?

八月季度是否有更多好處？

Or is it more of the November quarter?

還是更多的是 11 月季度？

How should we think about that for both DRAM and NAND?

對於 DRAM 和 NAND，我們應該如何考慮？

In terms of cost, we are continuing to ramp our -- in DRAM, our 1X technology into production.

在成本方面，我們正在繼續將我們的 1X 技術 DRAM 投入生產。

And as we said in the later half of this year, we will achieve the bit crossover.

而我們在今年下半年說過，我們將實現比特交叉。

And then, that 1X technology node will continue to ramp into production even during the course of next year, just like our 20-nanometer in ramp over several quarters as well.

然後，即使在明年，該 1X 技術節點也將繼續投入生產，就像我們的 20 納米技術節點也在幾個季度內投入生產一樣。

So that will, on an ongoing basis, continue to provide us cost benefit.

因此，這將持續為我們提供成本效益。

And same story on the NAND side, right?

在 NAND 方面也是如此，對吧？

We are focused on continuing to go beyond bit crossover with 64-layer now to continue to increase the mix of 64-layer technology into production.

我們現在專注於繼續超越 64 層的位交叉，以繼續增加 64 層技術在生產中的組合。

And then, as we ready our 96-layer technology which in my prepared remarks I said we will be having in the second half of this year.

然後，當我們準備好我們的 96 層技術時，我在準備好的講話中說我們將在今年下半年擁有。

As we ramp that up, it will then continue to provide additional cost benefits on an ongoing basis.

隨著我們逐步增加，它將繼續持續提供額外的成本效益。

So you really can't say which quarter is the cost reduction peaking.

所以你真的不能說哪個季度是成本降低的高峰期。

In general, this is gradual over the course of future quarters.

一般來說，這在未來幾個季度中是漸進的。

And please do not forget, I mean, when I'm talking about NAND here, I'm talking about the NAND technology level cost reduction capabilities.

請不要忘記，我的意思是，當我在這裡談論 NAND 時，我指的是 NAND 技術級別的成本降低能力。

Of course, NAND cost is also a function of mix, right?

當然，NAND成本也是混合的函數，對吧？

I mean, MCP solutions tend to carry the cost of the DRAM and NAND as well, so they tend to be higher cost when you measure it as a cost per gigabyte of NAND.

我的意思是，MCP 解決方案往往也會承擔 DRAM 和 NAND 的成本，因此當您將其作為每 GB NAND 的成本來衡量時，它們的成本往往更高。

And similarly, SSD solutions, because they have other [long] costs, also tend to be higher cost.

同樣，SSD 解決方案，因為它們有其他 [長期] 成本，也往往成本更高。

So don't confuse the reported cost changes quarter-over-quarter with the underlying technology capability of cost reductions.

因此，不要將報告的季度環比成本變化與降低成本的基礎技術能力相混淆。

The mix plays a role in the reported margin numbers that we talk about.

混合在我們討論的報告的保證金數字中發揮作用。

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

我們的下一個問題將來自摩根士丹利的喬摩爾。

I'm wondering if you could talk about the capital spending.

我想知道你是否可以談談資本支出。

You've talked about the low 30s as a percentage of sales.

您已經談到了 30 多歲佔銷售額的百分比。

Obviously, sales are coming in a lot better than at least I expected this year, and you'll be in the sort of high 20s.

顯然，至少今年的銷售額比我預期的要好得多，而且你將處於 20 多歲的高位。

So, the low 30s comment mean that you think you're sort of spending less than you want this year?

那麼，30 多歲的低評論意味著你認為今年的支出比你想要的少嗎？

And just any indications you can give us on what that means for next year.

您可以向我們提供有關明年這意味著什麼的任何跡象。

Well, I mean, the low 30s is more of a longer-term model.

嗯，我的意思是，低 30 年代更像是一個長期模型。

Clearly, some years, we'll be under the low 30s.

顯然，有些年，我們將低於 30 歲。

Some years we might be a little bit above the low 30s.

有些年份我們可能會略高於 30 多歲。

This is a very robust year from a revenue perspective and we had a plan of where we wanted to make investments, both in DRAM and NAND plus cleanroom space.

從收入的角度來看，這是非常強勁的一年，我們有一個計劃，我們想在哪裡進行投資，包括 DRAM 和 NAND 以及潔淨室空間。

We talked about Hiroshima and Singapore.

我們談到了廣島和新加坡。

And then also some investments, capital investments, in our R&D organization.

然後還有一些投資，資本投資，在我們的研發組織中。

And so, I think the fact that we had a bit more revenue and we had an opportunity to make some more investments, we did take advantage of that this year.

因此，我認為我們有更多的收入並且我們有機會進行更多的投資這一事實，我們今年確實利用了這一點。

But clearly, it's below our model.

但很明顯，它低於我們的模型。

I'd tell you next year, which I'm assuming, Joe, is the real source of your question is to try to figure out what next year might look like, I don't know the exact number yet.

明年我會告訴你，我假設喬，你的問題的真正來源是試圖弄清楚明年會是什麼樣子，我還不知道確切的數字。

I mean, we're still working up the operating plan for next year.

我的意思是，我們仍在製定明年的運營計劃。

I think Sanjay and his discussions with all of you at the Analyst Day made a great point about the capital intensity of these businesses going up, which is why we thought the low 30s as a percent of revenue made sense.

我認為 Sanjay 和他在分析師日與你們所有人的討論對這些業務的資本密集度上升提出了很好的觀點，這就是為什麼我們認為 30 多歲佔收入的百分比低是有道理的。

And so, I think if you wanted to make a guess, you'd certainly suggest that CapEx will be up next year.

所以，我想如果你想猜測一下，你肯定會建議明年資本支出會增加。

The magnitude of that and exactly how that would all break down, I think, is yet to be determined by us.

我認為，這種情況的嚴重程度以及這一切將如何分解，還有待我們確定。

And we'll go through the process this quarter in a very granular fashion, make sure we're getting a good ROI on everything -- every dollar we put into CapEx.

我們將在本季度以非常細化的方式完成該過程，確保我們在所有方面都獲得良好的投資回報率——我們投入資本支出的每一美元。

And then, I think, at the end of the fourth quarter when we're providing guidance, we'll give you a very specific number, in terms of CapEx.

然後，我認為，在第四季度末我們提供指導時，我們會給你一個非常具體的數字，就資本支出而言。

Okay.

好的。

That's helpful.

這很有幫助。

And then, I wonder if you can -- there's been a bunch written about antitrust concerns here.

然後，我想知道你是否可以——這裡有很多關於反壟斷問題的文章。

It's not obvious to me that there would be any.

對我來說並不明顯會有任何東西。

I'm just wondering if you can provide any context around those articles or those things.

我只是想知道您是否可以提供有關這些文章或這些內容的任何上下文。

We can't really comment much on it other than the authorities in China had visited our offices and had, on May 31 I believe it was, and had requested certain information.

除了中國當局在 5 月 31 日訪問了我們的辦公室並要求提供某些信息外，我們無法對此發表太多評論。

And of course, we are cooperating with that.

當然，我們正在與之合作。

And I would just like to point out that we absolutely do remain focused on discipline and operating with highest integrity methods.

我只想指出，我們絕對會繼續專注於紀律，並以最高誠信的方式運作。

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

我們的下一個問題將來自巴克萊銀行的 Blayne Curtis。

I was just curious, in DRAM you saw a nice uplift in ASPs.

我只是好奇，在 DRAM 中，你看到了 ASP 的大幅提升。

I think you've seen the pricing in market, or at least the swap pricing, come down.

我認為您已經看到市場定價或至少掉期定價下降。

I was just curious, a little more color on that mix that helped you there.

我只是好奇，在那種對你有幫助的混合上多一點顏色。

And I think you mentioned servers and graphics, I was just curious, your outlook for those segments as you look into the second half of the calendar year.

而且我認為您提到了服務器和圖形，我只是好奇，當您展望日曆年的下半年時，您對這些細分市場的展望。

I think servers and graphics, we continue to see growth, strong growth in those areas.

我認為服務器和圖形，我們繼續看到增長，這些領域的強勁增長。

And again, these are long-term trends, as we described earlier, where cloud and all the billions of devices on the edge, all of them becoming more intelligent and trends of AI are absolutely driving more and more demand.

同樣，正如我們之前所描述的，這些都是長期趨勢，雲和邊緣上的所有數十億設備都變得更加智能，人工智能的趨勢絕對推動了越來越多的需求。

We have shared at the Investor Day, for example, AI-driven -- the AI training-driven compute workloads have like 2x the amount of DRAM and 6x the amount of SSDs.

我們在投資者日分享了，例如，人工智能驅動的——人工智能訓練驅動的計算工作負載的 DRAM 數量是 DRAM 的 2 倍，SSD 的數量是 6 倍。

So these trends are really secular in nature.

所以這些趨勢本質上是世俗的。

We are at the very, very beginning.

我們正處於非常非常開始。

And same way in Mobile, in terms of our low-power DRAM, where we have a very strong position.

在移動領域也是如此，就我們的低功耗 DRAM 而言，我們在這方面擁有非常強大的地位。

DRAM content requirements are going -- continuing to increase, and certainly, graphics in console and gaming, as well as some crypto-driven demand continues to be, overall long-term, strong trend as well.

DRAM 內容需求正在持續增加，當然，控制台和遊戲中的圖形以及一些加密驅動的需求仍然是總體長期的強勁趨勢。

And then, maybe just a question for Dave.

然後，也許只是給戴夫的一個問題。

I just wanted maybe a clarification.

我只是想澄清一下。

Just on the NAND site.

就在NAND網站上。

ASPs were up with mix.

平均售價上漲了混合。

It looks like costs were up, and I just wanted to make sure, is that just a function of selling more higher value parts and modules and such?

看起來成本上升了，我只是想確定一下，這只是銷售更多價值更高的零件和模塊之類的功能嗎？

Just curious.

只是好奇。

Yes.

是的。

You're right.

你是對的。

Sanjay even mentioned that the mix of multichip products into mobile was very healthy this quarter, and they do have a NAND and a DRAM component.

Sanjay 甚至提到，本季度多芯片產品在移動設備中的組合非常健康，它們確實有 NAND 和 DRAM 組件。

The ASPs are a bit high.

ASP有點高。

They're margin accretive, I would point out, but the cost is actually higher.

我會指出，它們可以增加利潤，但成本實際上更高。

So the cost in ASPs did both go up.

因此，ASP 的成本確實都上升了。

But it did expand the margins on the NAND side by about 50 basis points.

但它確實將 NAND 方面的利潤率擴大了約 50 個基點。

And our next question will come from the line of Srini Pajjuri with Macquarie.

我們的下一個問題將來自麥格理的 Srini Pajjuri。

I guess, Sanjay, just a quick question on the server demand that you talked about.

我想，Sanjay，只是關於你談到的服務器需求的一個快速問題。

You said data center DRAM and NAND grew 87%.

你說數據中心 DRAM 和 NAND 增長了 87%。

I can see why the NAND business is outgrowing the market, but I'm just curious, you seem to be outgrowing DRAM overall server demand, server market as well.

我可以理解為什麼 NAND 業務的增長速度超過了市場，但我只是好奇，你似乎超過了 DRAM 整體服務器需求，服務器市場也是如此。

So I'm just curious as to what's driving those share gains?

所以我只是好奇是什麼推動了這些股票收益？

If you can comment on that, then I have a follow-up.

如果你能對此發表評論，那麼我有一個跟進。

I think our strong execution with our products is enabling us to really broaden and deepen our reach with our cloud customers.

我認為我們對產品的強大執行力使我們能夠真正擴大和加深我們與雲客戶的聯繫。

And over the course of last few quarters, in cloud, where we used to be underrepresented with respect to our total shares, when you look at our total share of the DRAM industry and you look at cloud, we used to be underrepresented.

在過去幾個季度的過程中，在雲計算中，我們過去在總份額方面的代表性不足，當你查看我們在 DRAM 行業的總份額和雲計算時，我們過去的代表性不足。

By the strengthening execution, our share has increased and is in line with rest of the overall DRAM industry share.

通過加強執行，我們的份額有所增加，並與整體 DRAM 行業份額的其餘部分一致。

So it is really share execution on our product roadmap.

所以這真的是我們產品路線圖上的共享執行。

Our ability to work closely with those customers to understand their requirements in terms of the technology, in terms of the products, and certainly, understanding them in terms of supply as well, and being able to fulfill their requirements successfully.

我們有能力與這些客戶密切合作，了解他們在技術、產品方面的要求，當然，也了解他們在供應方面的要求，並能夠成功地滿足他們的要求。

This is an important area of focus for us and I'm very pleased with the performance of the company, both on the DRAM side as well as on the NAND side in this high-growth market.

這是我們關注的一個重要領域，我對公司在這個高增長市場的 DRAM 和 NAND 方面的表現感到非常滿意。

Great.

偉大的。

And then, maybe for Dave.

然後，也許是為了戴夫。

Dave, on the CapEx, the low 30% CapEx guidance that you talked about.

戴夫，關於資本支出，你談到的低 30% 的資本支出指導。

You talked about expanding cleanroom, both in NAND as well as in DRAM, I believe it was 10% in DRAM and 35% in NAND.

你談到擴大潔淨室，包括 NAND 和 DRAM，我相信 DRAM 和 NAND 分別是 10% 和 35%。

I guess, if you assume that the NAND and DRAM bit growth will sustain at the current levels, when do you think you'll need more cleanroom space?

我猜，如果您假設 NAND 和 DRAM 位增長將維持在當前水平，您認為什麼時候需要更多的潔淨室空間？

And whenever that is, what are the implications for the CapEx?

無論何時，對資本支出有何影響？

Difficult to predict when we would need additional cleanroom space.

很難預測我們何時需要額外的潔淨室空間。

Obviously, these node transitions are requiring more footprint, more floor space as we move increasingly to more and more higher technologies.

顯然，隨著我們越來越多地轉向越來越高的技術，這些節點轉換需要更多的佔地面積和更多的佔地面積。

And so I'm not sure I could predict exactly when we'll need that.

所以我不確定我能準確預測我們什麼時候需要它。

What we're trying to do is carefully build supply consistent with, as what Sanjay indicated, is our long-term expectations around industry growth rates.

正如 Sanjay 所指出的，我們正在努力建立與我們對行業增長率的長期預期相一致的供應。

And our next question will come from the line of Amit Daryanani with RBC Capital Markets.

我們的下一個問題將來自 RBC Capital Markets 的 Amit Daryanani。

I guess, 2 for me as well.

我想，2對我來說也是如此。

First of all, the 100 basis point headwind that you've mentioned from 3D XPoint that's impacting you in May quarter, how do I think about that number in August quarter?

首先，您從 3D XPoint 提到的 100 個基點的逆風在 5 月季度影響了您，我如何看待 8 月季度的這個數字？

What do you have baked into your guide with regard to that number?

關於這個數字，你對你的指南有什麼看法？

And when do you see that getting to a neutral level essentially?

你什麼時候看到它基本上達到中性水平？

As I mentioned earlier, it's roughly in the same range for next quarter, assuming that we do not sell any 3D XPoint to our partner.

正如我之前提到的，假設我們不向我們的合作夥伴出售任何 3D XPoint，下個季度的價格範圍大致相同。

I wouldn't rule that out, as I said before, and that could happen in any quarter or multiple quarters, quite honestly, where we do sell product to our partner, and that would certainly reduce or mitigate that underloading charge.

正如我之前所說，我不會排除這種情況，老實說，這可能發生在任何一個季度或多個季度，我們確實向我們的合作夥伴銷售產品，這肯定會減少或減輕欠載費用。

Absent that, I think the expectation is, as I mentioned, that 3D XPoint products would start to be introduced in late calendar 2019 and the expectation is they would start to ramp shortly thereafter.

如果沒有這一點，我認為正如我所提到的，3D XPoint 產品將在 2019 年晚些時候開始推出，並且預計它們將在此後不久開始增加。

And we'll start to see the benefits of that in terms of bringing our under-utilization charges down over time.

隨著時間的推移，我們將開始看到降低使用不足費用的好處。

Got it.

知道了。

And then, if I could just follow-up, cloud server demand, especially the hyperscale side, has been fairly robust for you guys.

然後，如果我可以跟進，雲服務器需求，尤其是超大規模方面，對你們來說相當強勁。

I think it's across DRAM and NAND both.

我認為它跨越 DRAM 和 NAND。

And I understand all the medium to long-term dynamics that you guys have outlaid.

我了解你們所提出的所有中長期動態。

But in the near-term, I guess is there a concern that perhaps some of the strength you have seen, these customers pre-buying or buying ahead and you may see a period of digestion over the next couple of quarters as a use for the capacity they have taken up.

但在短期內，我想是否存在一種擔憂，即您可能已經看到了一些優勢，這些客戶預先購買或提前購買，您可能會在接下來的幾個季度中看到一段時間的消化，作為對他們佔用的能力。

So I guess, from where you sit, do you have visibility and comfort that whatever you have shipped into these hyperscale OEMs is getting used and absorbed and not just pre-buying from their end?

所以我想，從你坐的地方，你有沒有看到和安慰你運送到這些超大規模原始設備製造商的任何東西都被使用和吸收了，而不僅僅是從他們那裡預先購買？

So as I pointed out earlier, we work closely with these customers and really are building strong relationships across the board.

因此，正如我之前指出的那樣，我們與這些客戶密切合作，並且確實在全面建立牢固的關係。

We do not see trend of building or hoarding product.

我們沒有看到建造或囤積產品的趨勢。

We don't see that.

我們沒有看到。

I mean, we -- the demand in cloud applications has continued to increase.

我的意思是，我們——對雲應用程序的需求一直在增加。

You have heard cloud operators, the major cloud operators, increased their CapEx in Q1, calendar Q1 '18, over Q4 '17 by more than 20%.

您聽說云運營商，即主要的雲運營商，在 18 年第一季度的第一季度，其資本支出比 17 年第四季度增加了 20% 以上。

And on a year-over-year basis in calendar Q1, CapEx spend by major cloud holders increased by -- cloud operators increased by over 100%.

在日曆第一季度的同比基礎上，主要雲持有者的資本支出增加了——雲運營商增加了 100% 以上。

So at this end, of course, a meaningful part of that total CapEx from cloud operators is certainly going toward compute and storage and memory.

因此，在這方面，當然，雲運營商總資本支出的一個重要部分肯定是用於計算、存儲和內存。

And we are playing a good role in terms of supporting the needs of those customers.

我們在支持這些客戶的需求方面發揮了很好的作用。

So no, we do not see these trends.

所以不，我們沒有看到這些趨勢。

We work closely in assessing, overall, their demand requirements and expectations.

我們密切合作，全面評估他們的需求要求和期望。

And keep in mind that this is a global trend in terms of cloud data center growth, and there are several large operators around the world, and we are well engaged with most of them.

請記住，這是雲數據中心增長的全球趨勢，全球有幾家大型運營商，我們與他們中的大多數都進行了良好的合作。

So if ever there is any pause from any one of them, it doesn't overall matter because the total trend is one of continuous growth.

因此，如果其中任何一個有任何停頓，這並不重要，因為總趨勢是持續增長之一。

Again, given the value that memory and fast storage brings to the end-market applications that these cloud providers are enabling for consumers as well as for businesses.

同樣，考慮到內存和快速存儲為這些雲提供商為消費者和企業提供的終端市場應用程序帶來的價值。

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

我們的下一個問題將來自摩根大通的 Harlan Sur。

Given the normalization in NAND pricing, is the team starting to see price elasticity effect starting to kick in?

鑑於 NAND 定價的正常化，團隊是否開始看到價格彈性效應開始發揮作用？

In other words, as you guys work with your customers on their second half product launches, are you seeing SSD attach rates and notebook PCs increasing?

換句話說，當你們與客戶合作推出下半年的產品時，您是否看到 SSD 連接率和筆記本電腦在增加？

And are you seeing more content per application in areas like smartphones and IoT devices?

您是否在智能手機和物聯網設備等領域看到每個應用程序的更多內容？

Yes.

是的。

Certainly, we do see that average capacities of NAND continue to go up in smartphones.

當然，我們確實看到智能手機中 NAND 的平均容量繼續上升。

We discussed that at the Investor Day as well.

我們也在投資者日討論過這個問題。

And certainly for DRAM, it keeps going up as well.

當然對於 DRAM，它也在不斷上升。

In the high-end smartphones, 6 gigabyte DRAM is being used.

在高端智能手機中，正在使用 6 GB DRAM。

And that average capacity, over time, even phones getting introduced in the future with 8 to 10 gigabyte, even 12 gigabyte.

隨著時間的推移，平均容量甚至會在未來推出 8 到 10 GB，甚至 12 GB 的手機。

And similarly, on the smartphone side, certainly, average capacity of NAND content is continuing to increase nicely.

同樣，在智能手機方面，當然，NAND 內容的平均容量正在繼續很好地增加。

I think at Investor Day, we had pointed out that there is a smartphone introduced in China that has, in fact, 1 terabyte of flash content.

我認為在投資者日，我們曾指出中國推出的智能手機實際上具有 1 TB 的閃存內容。

So average capacities are continuing to increase.

因此，平均容量繼續增加。

And yes, certainly, with the benefit that 64-layer technology has brought to the industry in terms of enabling lower manufacturing cost, it certainly is enabling content growth not only in the mobile market, but also in SSDs.

是的，當然，由於 64 層技術在降低製造成本方面為行業帶來的好處，它肯定不僅在移動市場，而且在 SSD 中實現了內容增長。

And last year in SSDs, somewhat average capacity growth had somewhat stalled, given the supply constraints that existed last year.

鑑於去年存在的供應限制，去年 SSD 的平均容量增長有些停滯。

And now, with the benefit of 64-layers, certainly, average capacities are expected to continue to increase over the course of next several years.

而現在，憑藉 64 層的優勢，毫無疑問，預計平均產能將在未來幾年內繼續增加。

And yes, replacing HDDs as well both in client computing applications as well as in enterprise applications with increasing attach rates and average capacity increases as well.

是的，在客戶端計算應用程序和企業應用程序中替換 HDD 以及增加連接率和平均容量也增加了。

And there's been some reports of your competitors struggling on advanced DRAM node transitions.

並且有一些報導稱您的競爭對手在先進的 DRAM 節點轉換上苦苦掙扎。

Sanjay, can you just confirm that the Micron team is -- you guys are hitting your cost per bit targets at the 1X nanometer node.

Sanjay，您能否確認美光團隊是——你們正在達到 1X 納米節點的每比特成本目標。

What do the initial yields and manufacturabilities look for [of the team?] And then, as you ramp initial production volumes of 1Y in the second half of this calendar year, can you just talk about also your ability to hit your cost targets and manufacturability targets?

[團隊的初始產量和可製造性是什麼？] 然後，隨著您在本日曆年下半年增加 1 年的初始產量，您能否談談您實現成本目標和可製造性的能力目標？

So we are executing very well on our 1X as well as 1Y technology for DRAM.

因此，我們在 DRAM 的 1X 和 1Y 技術上執行得非常好。

I think we had already indicated that how on 1X DRAM technology, we had ramped to mature yields much faster than the previous generation technology node.

我想我們已經表明，在 1X DRAM 技術上，我們如何以比上一代技術節點快得多的速度達到成熟產量。

And we have talked about that on 1X, we are on track to achieve a bit output crossover in our supply in second half of this year.

我們已經在 1X 上談到了這一點，我們有望在今年下半年實現供應量的一點輸出交叉。

So we are absolutely on track there and very pleased with the progress on 1Y technology node and DRAM as well, which we will begin production of in the second half of this year, of course, following customer qualifications.

所以我們絕對走上了正軌，對 1Y 技術節點和 DRAM 的進展非常滿意，當然，在獲得客戶資格後，我們將在今年下半年開始生產。

Our next question will come from the line of Karl Ackerman with Cowen.

我們的下一個問題將來自 Karl Ackerman 和 Cowen 的觀點。

I had a follow-up to the last question.

我對最後一個問題進行了跟進。

So it is widely reported that one of your competitors is struggling with yields on not just 1X, but also 1Y.

因此，據廣泛報導，您的一個競爭對手不僅在 1X 上苦苦掙扎，而且還在 1Y 上苦苦掙扎。

So do you still expect to have 10% of wafers out on 1Y this calendar year?

那麼，您是否仍然期望在本日曆年的 1Y 上生產 10% 的晶圓？

And I guess, would you expect to have a more measured pace of capacity expansion plans?

而且我想，您是否希望有更謹慎的產能擴張計劃？

Or perhaps, is your guidance for fiscal '18 capacity expansion plans, in part, acknowledging some of this pause from the 1Y yield ramps -- or yield learning on 1Y.

或者，也許，您對 18 財年產能擴張計劃的指導，在一定程度上承認了 1Y 產量上升或 1Y 產量學習的一些停頓。

And I have a follow-up, please.

我有一個跟進，拜託。

So I don't think we have stated before in terms of our 1Y technology mix.

因此，我認為我們之前沒有就我們的 1Y 技術組合進行過說明。

What we have said is that in the second half of this year, we will begin production of this technology following customer qualifications.

我們所說的是，今年下半年，我們將在獲得客戶資格後開始生產這項技術。

Of course, that will then ramp up gradually over a period of time.

當然，這將在一段時間內逐漸增加。

And of course, we'll be then focused on ramping up the production yields of the technology as well.

當然，我們隨後也會專注於提高該技術的產量。

I think you are confusing the 10% with what we have said regarding the Hiroshima space expansion.

我認為您將 10% 與我們所說的關於廣島空間擴張的內容混淆了。

What we have said is we are expanding the cleanroom space in Hiroshima by 10% in order to implement the 1Y transition of the installed capacity there.

我們所說的是我們正在將廣島的潔淨室空間擴大10%，以實現那裡裝機容量的1Y過渡。

That does not mean that we will have 10% of our DRAM production in 1Y technology.

這並不意味著我們將有 10% 的 DRAM 產量採用 1Y 技術。

That is not the case.

事實並非如此。

So I hope I clarified that with you.

所以我希望我能和你澄清一下。

But as I said earlier, we are pleased with the progress that we are making with our 1Y technology development, and really pleased with the execution focus of our entire team on accelerating our technology development and focused on deploying these technologies into production in order to enable us to catch up on the cost competitiveness in the industry.

但正如我之前所說，我們對我們在 1Y 技術開發方面取得的進展感到高興，並且非常高興我們整個團隊的執行重點是加速我們的技術開發，並專注於將這些技術部署到生產中以實現我們要趕上行業的成本競爭力。

Fair enough.

很公平。

I tried my luck on 1Y.

我在 1Y 上試試運氣。

Perhaps more of a longer-term discussion.

也許更多的是更長期的討論。

So there are several new memory fabs announced in China, and Yangtze Memory, I think, seems to be the furthest along.

因此，中國宣布了幾家新的內存工廠，我認為長江存儲似乎是走得最遠的。

While it appears these indigenous fabs may struggle near-term to access IP beyond lagging edge NAND technologies, thus limiting any real impact on supply, I was curious to hear your thoughts on how you think about the opportunity to sell supply agreements to indigenous Chinese companies in exchange for perhaps large, upfront prepayments that could be used for both investment and capital return.

雖然這些本土晶圓廠似乎在短期內難以獲得超越落後 NAND 技術的 IP，從而限制了對供應的任何實際影響，但我很想听聽您對向中國本土公司出售供應協議的機會有何看法以換取可能用於投資和資本回報的大筆預付款。

Again, as we have said, we are focused on executing to our strategy in terms of accelerating technology development and cost competitiveness and executing well on our products.

同樣，正如我們所說，我們專注於執行我們的戰略，以加快技術開發和成本競爭力，並在我們的產品上執行良好。

We see strong demand trends for our products in our end markets, in the well-diversified markets that we have talked about.

我們看到我們的產品在終端市場以及我們所討論的多元化市場中的強勁需求趨勢。

So I think this is what we are focused on and this is the best way for us to focus on our high ROI, return on our investments.

所以我認為這是我們關注的重點，這是我們關注高投資回報率和投資回報的最佳方式。

And that's our focus here.

這就是我們的重點。

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

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

Just one question for me.

對我來說只有一個問題。

You guys, earlier in the call, mentioned multiple qualifications were underway on the eMCP products.

你們在電話會議的早些時候提到了 eMCP 產品的多項資格認證。

I was curious if you could put a little color around that and whether you're referring to the rest of this year into next year, and maybe touch of customers' geographic regions, et cetera, that you might be seeing most demand from.

我很好奇您是否可以為此添加一點顏色，以及您是否指的是今年剩餘時間到明年，或者可能涉及到客戶的地理區域等，您可能會從中看到最多的需求。

With respect to eMCP, we are engaged with a broad set of customers in terms of getting our products qualified.

在 eMCP 方面，我們與廣泛的客戶進行了接觸，以使我們的產品合格。

The shipments that we have made with respect to eMCP are with 32-layer, and as I mentioned in my prepared remarks, we are also focused on qualifying 64-layer-based eMCP product.

我們對 eMCP 的出貨量是 32 層的，正如我在準備好的評論中提到的，我們也專注於合格的基於 64 層的 eMCP 產品。

And just I would like to point out that along with eMCP products, we are, of course, also focused on qualifying our 64-layer-based UFS and MMC products with our customers as well and seeing good traction there.

只是我想指出的是，除了 eMCP 產品，我們當然還專注於與我們的客戶一起驗證我們基於 64 層的 UFS 和 MMC 產品，並在那裡看到良好的牽引力。

This is all part of our strategy of shifting our portfolio toward high-value solution.

這是我們將產品組合轉向高價值解決方案的戰略的一部分。

Having both DRAM and NAND in those eMCP solutions is -- gives us a unique capability to provide a strong value proposition to our customers.

在這些 eMCP 解決方案中同時擁有 DRAM 和 NAND 使我們具有獨特的能力，可以為我們的客戶提供強大的價值主張。

And of course, these solutions are also, as we pointed out in our embedded markets, automotive markets, so there is a broad set of customers that we are engaged with for our eMCP and discrete managed NAND solutions.

當然，正如我們在嵌入式市場和汽車市場中指出的那樣，這些解決方案也是我們的 eMCP 和離散託管 NAND 解決方案的廣泛客戶。

And our last question will come from the line of Vijay Rakesh with Mizuho.

我們的最後一個問題將來自瑞穗的 Vijay Rakesh。

Just one question.

就一個問題。

As you look at the 96-layer and 1X, can you talk about what kind of cost reduction you see once it gets to steady levels?

當您查看 96 層和 1X 時，您能談談一旦達到穩定水平，您會看到什麼樣的成本降低？

We do not provide cost reduction for these technologies, right?

我們不會為這些技術提供成本降低，對吧？

I mean, for competitive reasons, we don't disclose that.

我的意思是，出於競爭原因，我們不會透露這一點。

But I can tell you that in NAND, if you look at our track record and Micron's capabilities of CMOS under the array, we have produced the smallest die in the industry with our 3D NAND.

但我可以告訴你，在 NAND 中，如果你看看我們的業績記錄和美光在陣列下的 CMOS 能力，我們已經用我們的 3D NAND 生產了業內最小的芯片。

And on the DRAM front, we are continuing to focus on bringing in next-generation technology nodes to narrow the cost gap that we have currently in the industry and we are making very good progress.

在 DRAM 方面，我們將繼續專注於引入下一代技術節點，以縮小我們目前在行業中的成本差距，我們正在取得非常好的進展。

As you can see, in our results of F Q3 as well as in our guide of F Q4, we are making very good progress on all those fronts.

如您所見，在我們的 F Q3 以及我們的 F Q4 指南中，我們在所有這些方面都取得了非常好的進展。

Yes, one last question here.

是的，最後一個問題。

On the -- when you look at the second half, obviously, first half has been very strong.

關於——當你看下半場時，很明顯，上半場表現非常強勁。

With respect to second half, where are you seeing inventory levels in both DRAM and NAND?

關於下半年，您在哪裡看到 DRAM 和 NAND 的庫存水平？

So inventory, as you probably noticed, was up a little bit this quarter.

因此，正如您可能注意到的那樣，本季度庫存略有上升。

I'd point out that finished goods inventory was actually down by about $50 million.

我要指出的是，成品庫存實際上減少了大約 5000 萬美元。

It was all up in whip and that was driven by this crossover on 64-layer and the ramp-up of the 1X technology that drove the inventory up.

這一切都在鞭策，這是由這種 64 層的交叉和推動庫存增加的 1X 技術的提升所推動的。

Early to make a prediction on next quarter, but maybe what I'd tell you more holistically is, as Manish talked about in the Analyst Day, we really are looking at inventory and intend to make good progress on just refining our ability to manage with lower days.

早點對下個季度做出預測，但也許我會更全面地告訴你，正如 Manish 在分析師日所說的那樣，我們確實在關注庫存，並打算在改進我們的管理能力方面取得良好進展較低的日子。

So that's kind of our goal.

這就是我們的目標。

But that will happen over time.

但這會隨著時間的推移而發生。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes our question-and-answer session today.

女士們，先生們，今天的問答環節到此結束。

Thank you for your participation on today's conference.

感謝您參加今天的會議。

This will conclude our program and we may all disconnect.

這將結束我們的程序，我們可能都會斷開連接。

Everybody, have a wonderful day.

大家，有一個美好的一天。