美光科技 (MU) 2018 Q4 法說會逐字稿

Good afternoon. My name is Latif, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Micron Technology's Fourth Quarter 2018 Financial Release Conference Call. (Operator Instructions)

午安.我叫拉蒂夫，今天我將擔任你們的會議主持人。在此，我謹代表美光科技公司歡迎各位參加2018年第四季財務業績發布電話會議。（操作說明）

It is now my pleasure to turn the floor over to your host, Farhan Ahmad, Head of Investor Relations. You may begin your conference.

現在我很高興把發言權交給你們的主持人，投資者關係主管法爾漢·艾哈邁德。您可以開始會議了。

Thank you. Welcome to Micron Technology's Fourth Fiscal Quarter 2018 Financial Conference Call. On the call with me today are Sanjay Mehrotra, President and CEO; and Dave Zinsner, Chief Financial Officer.

謝謝。歡迎參加美光科技2018財年第四季財務電話會議。今天和我一起通話的是總裁兼執行長 Sanjay Mehrotra 和財務長 Dave Zinsner。

Today's call will be approximately 60 minutes in length. This call, including audio and slides, is also being webcast from our Investor Relations website at investors.micron.com. In addition, our website contains the earnings press release filed a short while ago.

今天的電話會議大約需要60分鐘。本次電話會議（包括音訊和幻燈片）也將在我們的投資者關係網站 investors.micron.com 上進行網路直播。此外，我們的網站上也刊登了不久前發布的獲利新聞稿。

Today's discussion of financial results will be presented on a non-GAAP financial basis, unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures may be found on our website, along with the convertible debt and capped call dilution table.

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

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

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

As a reminder, the matters we will be discussing today include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We refer you to 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. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements after today's date to conform these statements to actual results.

再次提醒大家，我們今天將要討論的事項包含前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與今天所作的陳述有重大差異。有關可能影響我們未來業績的風險的討論，請參閱我們向美國證券交易委員會提交的文件，特別是我們最新的 10-K 表格和 10-Q 表格。儘管我們認為前瞻性聲明中反映的預期是合理的，但我們無法保證未來的結果、活動水準、績效或成就。我們沒有義務在今天之後更新任何前瞻性聲明，以使這些聲明與實際結果相符。

I'll now turn the call over to Sanjay.

現在我將把電話交給桑傑。

Thank you, Farhan. Good afternoon, everyone. Our fourth quarter results contributed to a year of unprecedented success for the company. With record profitability and revenue over $30 billion, Micron ended fiscal 2018 as the second largest semiconductor company in the U.S. The new Micron is undergoing a fundamental transformation, driven by our 34,000-plus employees around the world, whom I would like to thank for their intense focus on our key priorities.

謝謝你，法爾漢。大家下午好。我們第四季的業績為公司取得了前所未有的成功做出了貢獻。憑藉創紀錄的獲利能力和超過 300 億美元的收入，美光在 2018 財年結束時成為美國第二大半導體公司。新的美光正在經歷根本性的變革，這得益於我們遍布全球的 34,000 多名員工，我要感謝他們對我們關鍵優先事項的高度關注。

Our markets are propelled by diversified secular growth trends, our industry is more rational and the Micron team is executing well against the company's strategy. Over the last 12 months, we have sharpened our focus on improving our cost structure and on increasing the mix of high-value solutions in our portfolio, all of which position us well for the future.

我們的市場受到多元化長期成長趨勢的推動，我們的產業更加理性，美光團隊也很好地執行了公司的策略。在過去的 12 個月裡，我們更加重視改善成本結構，並增加產品組合中高價值解決方案的比例，所有這些都使我們為未來做好了充分準備。

Our technology road map and manufacturing execution is driving strong cost reductions for the company. Over the last year, we have increased production DRAM bits per wafer at a higher rate than the industry, reducing the cost gap with competitors.

我們的技術路線圖和生產執行正在為公司帶來顯著的成本降低。過去一年，我們每片晶圓的 DRAM 比特產量成長速度高於行業平均水平，縮小了與競爭對手的成本差距。

We are on track to achieve total bit output crossover on 1X nanometer DRAM in the first quarter of fiscal 2019 and have already achieved bit shipment crossover for 1X nanometer in the client and graphics markets in the fourth quarter.

我們預計在 2019 財年第一季實現 1X 奈米 DRAM 的總比特輸出量突破，並且已經在第四季度實現了客戶端和圖形市場的 1X 奈米晶片的比特出貨量突破。

We expect 1Y nanometer sales to commence before the end of calendar 2019, with meaningful production increases beginning in the fiscal third quarter as we recently announced new cleanroom space comes online at our Hiroshima facility.

我們預計 1Y 奈米產品的銷售將於 2019 年底前開始，隨著我們最近宣布廣島工廠的新無塵室投入使用，第三財季將開始實現實質的產量成長。

We are also making good progress on our 1Z nanometer technology development.

我們在 1Z 奈米技術研發方面也取得了良好進展。

In NAND, cost reductions and mix improvements have helped us deliver sequential gross margin expansion even as pricing declined in the industry. At this time last year, our bit output share was meaningfully below our wafer market share. Over the last 12 months, through the strong execution of our 64-layer ramp and a higher mix of TLC, we have reversed this trend and now have our bit share ahead of our wafer share. We remain on track to move 96-layer NAND into production this calendar year and will continue to ramp it next year, which should provide us with solid cost reductions in fiscal 2019.

在 NAND 領域，成本降低和產品組合改進幫助我們實現了毛利率的環比增長，即使行業價格有所下降。去年這個時候，我們的比特產量份額遠低於我們的晶圓市佔率。在過去的 12 個月裡，透過 64 層產能爬坡的強力執行和 TLC 比例的提高，我們扭轉了這一趨勢，現在我們的位元份額已經超過了晶圓份額。我們仍按計劃在今年將 96 層 NAND 投入生產，並將於明年繼續擴大生產規模，這將使我們在 2019 財年實現顯著的成本降低。

We have already commercialized CMOS Under the Array, QLC and array stacking on 3D NAND, while most competitors still have these challenges ahead of them. Our technology leadership positions us well for the year ahead, and we are pleased with the headway we are making on our fourth-generation 3D NAND technology, which uses a replacement gate architecture.

我們已經實現了 CMOS Under the Array、QLC 和 3D NAND 陣列堆疊技術的商業化，而大多數競爭對手仍面臨這些挑戰。我們在技術上的領先地位使我們在未來一年中處於有利地位，我們對第四代 3D NAND 技術的進展感到滿意，該技術採用了一種替代閘極架構。

We also made excellent progress increasing our mix of higher value-added solutions, delivering record revenue in our SSD and multichip package products this quarter.

我們在提高高附加價值解決方案組合方面也取得了顯著進展，本季 SSD 和多晶片封裝產品的營收創歷史新高。

Our enterprise and cloud SSD quarterly revenues more than doubled year-over-year as we strengthened our position in SATA SSDs. A third-party research firm recently recognized Micron as the #1 market share leader in enterprise SATA. We achieved well over $2 billion in annual SSD revenue in fiscal 2018.

隨著我們在 SATA SSD 領域地位的鞏固，我們的企業級和雲端 SSD 季度營收年增超過一倍。一家第三方研究公司最近將美光評為企業級SATA市場份額排名第一的領導者。我們在 2018 財年實現了超過 20 億美元的 SSD 年度營收。

Our first-generation NVMe SSD is in the final stages of product development. Looking ahead, we are focused on introducing new NVMe SSDs over the course of the next several quarters. Consumer and client NVMe SSDs will come first, and then late in calendar 2019, cloud and enterprise NVMe drives. As the market rapidly shifts to NVMe, 2019 will be a year of transition for us, following solid SSD share gains in 2018, and we expect to start growing SSD share again in 2020 with a fuller product portfolio.

我們的第一代 NVMe SSD 已進入產品開發的最後階段。展望未來，我們將在接下來的幾個季度專注於推出新的 NVMe SSD。消費級和客戶端 NVMe SSD 將率先推出，然後在 2019 年晚些時候，雲端和企業級 NVMe 硬碟也將推出。隨著市場迅速向 NVMe 轉型，繼 2018 年 SSD 市佔率穩定成長之後，2019 年對我們來說將是轉型之年，我們預計在 2020 年憑藉更完善的產品組合，SSD 市場佔有率將再次成長。

We also look forward to leveraging our market advantage with QLC SSDs in 2019 and beyond.

我們也期待在 2019 年及以後利用我們在 QLC SSD 的市場優勢。

Fiscal Q4 saw a continuation of our stellar performance in managed NAND growth, with MCP revenues growing 21% sequentially. MCPs are used in the vast majority of smartphones, and we have robust demand from customers for these products. We are focused on growing MCP revenues and are introducing new differentiated products to enhance our portfolio.

第四財季，我們在託管 NAND 成長方面持續保持了優異的業績，MCP 營收季增 21%。MCP 廣泛應用於絕大多數智慧型手機中，而且顧客對這些產品的需求十分旺盛。我們專注於提升 MCP 的收入，並推出新的差異化產品來增強我們的產品組合。

In the fourth quarter, our new 128-gigabyte NAND plus 4-gigabyte DRAM MCP ramped revenue faster than any other managed NAND product in our history, demonstrating our strong execution as well as the market demand for high-capacity, high-value MCPs for flagship smartphones. We are pleased with our progress and believe we still have a lot of room to grow in this market over the coming year.

第四季度，我們全新的 128 GB NAND + 4 GB DRAM MCP 的收入增長速度超過了我們歷史上任何其他託管 NAND 產品，這證明了我們強大的執行力以及市場對旗艦智慧型手機高容量、高價值 MCP 的需求。我們對所取得的進展感到滿意，並相信在未來一年裡，我們在這個市場仍有很大的成長空間。

Now turning to highlights by market. More than 1/3 of our total revenues in fiscal 2018 were from data center and graphics. Our annual revenues in these markets have more than doubled year-over-year. We are confident about the long-term demand growth in this market as AI and big data analytics continue to create new value for end customers. Our collaboration with customers in these markets is deep, and we work closely with them to bring new technologies to market.

接下來按市場查看亮點。2018 財年，我們總收入的三分之一以上來自資料中心和圖形業務。我們在這些市場的年收入年增超過一倍。我們對這個市場的長期需求成長充滿信心，因為人工智慧和大數據分析不斷為終端客戶創造新的價值。我們與這些市場的客戶有著深入的合作，我們與他們緊密合作，將新技術推向市場。

For example, in Q4, we started shipping a new custom persistent memory solution to a large hyperscale company. In graphics, NVIDIA chose us the lead GDDR6 partner for their GeForce RTX products, and we expect to see strong growth in our GDDR6 shipments in fiscal 2019.

例如，在第四季度，我們開始向一家大型超大規模公司交付新的客製化持久記憶體解決方案。在圖形領域，NVIDIA 選擇我們作為其 GeForce RTX 產品的 GDDR6 首席合作夥伴，我們預計 2019 財年 GDDR6 出貨量將實現強勁成長。

We are also collaborating with customers on 3D XPoint solutions and expect to start sampling products in late calendar 2019.

我們也正在與客戶合作開發 3D XPoint 解決方案，預計 2019 年底開始提供產品樣品。

Markets requiring our long life cycle products make up more than 15% of our revenues. We win in these markets on high-quality, deep partnerships, committed long-term support and the breadth of our DRAM, NAND and NOR product portfolio. These businesses in our portfolio typically show higher stability in revenues, profitability and cash flows and are supported by secular growth drivers such as autonomous driving, networking, IoT and industrial automation.

需要我們長生命週期產品的市場占我們收入的 15% 以上。我們在這些市場中取得成功，靠的是高品質、深入的合作夥伴關係、長期的堅定支持以及我們廣泛的 DRAM、NAND 和 NOR 產品組合。我們投資組合中的這些企業通常在收入、獲利能力和現金流量方面表現出更高的穩定性，並受到自動駕駛、網路、物聯網和工業自動化等長期成長驅動因素的支持。

Our automotive business had record revenues in the quarter. We have a strong design win pipeline for automotive products, with a lifetime value of several billion dollars. To support our long-term growth in these markets, we recently announced a multiyear $3 billion investment to expand our fab in Manassas, Virginia over the next decade. This site will be a world-class center of excellence for developing and manufacturing these long life cycle solutions.

本季我們的汽車業務收入創歷史新高。我們在汽車產品設計方面擁有強大的中標項目儲備，項目總價值達數十億美元。為了支持我們在這些市場的長期成長，我們最近宣布了一項多年期 30 億美元的投資計劃，將在未來十年內擴大我們在維吉尼亞州馬納薩斯的工廠。該基地將成為世界一流的卓越中心，用於開發和製造這些長生命週期解決方案。

Turning to mobile. The market continues to grow, driven by content increases for DRAM and NAND across all frontiers. We shipped our first high-performance UFS-managed NAND products in the fourth quarter and expect this to be a growth area for us in fiscal 2019.

轉向移動端。受DRAM和NAND在各領域含量成長的推動，市場持續成長。我們在第四季度推出了首批高效能 UFS 管理的 NAND 產品，預計這將是我們在 2019 財年的成長領域。

We delivered record results in mobile, with revenues up 8% sequentially, driven by strength in NAND as we grew NAND bits 80% quarter-on-quarter. DRAM and NAND content will continue to grow in mobile devices in fiscal 2019, driven by customer preferences and the need to support new camera and video features utilizing machine learning.

我們在行動領域取得了創紀錄的業績，營收季增 8%，這主要得益於 NAND 快閃記憶體的強勁表現，NAND 快閃記憶體容量環比成長 80%。受客戶偏好和利用機器學習支援新的相機和視訊功能的需求驅動，2019 財年行動裝置中的 DRAM 和 NAND 含量將持續成長。

Looking at the industry broadly, calendar 2018 has been a phenomenal year so far, with a total DRAM and NAND TAM on track to reach record highs and total industry revenues forecasted to grow 29% year-over-year to $168 billion.

從整個產業來看，2018 年至今是輝煌的一年，DRAM 和 NAND 的總市場規模有望達到歷史新高，預計整個產業的營收將年增 29%，達到 1,680 億美元。

As we discussed at our Investor Day event, we expect industry cyclicality to be more dampened than in the past as industry supply growth from nodes transitions slows structurally and supply growth requires higher levels of CapEx.

正如我們在投資者日活動上所討論的那樣，我們預計行業週期性將比過去更加減弱，因為節點轉換帶來的行業供應增長在結構上放緩，而供應增長需要更高的資本支出水平。

In addition, we continue to see robust diversified demand drivers and are confident in the long-term outlook for our business.

此外，我們持續看到強勁且多元化的需求驅動因素，並對公司業務的長期前景充滿信心。

Turning to bit growth. In DRAM, we see the calendar 2018 industry bit output growth tracking slightly above 20%, with Micron growing in line with the industry. NAND industry bit output growth is tracking close to 45% in calendar 2018, and we expect to grow roughly in line with the industry.

轉向比特增長。在 DRAM 領域，我們看到 2018 年產業比特產量成長率略高於 20%，其中美光科技的成長與產業整體成長保持一致。2018 年，NAND 產業比特產量成長率接近 45%，我們預期成長率將與產業成長率大致持平。

Looking ahead to calendar 2019, we plan to grow DRAM bits in line with estimated industry growth of approximately 20% and plan to grow NAND bits somewhat above our expectation of industry growth of 35% to 40%.

展望 2019 年，我們計劃將 DRAM 位數的成長與預期的產業成長率（約 20%）保持一致，並計劃將 NAND 位數的成長略高於我們對產業成長率（35% 至 40%）的預期。

In fiscal 2019, we expect that DRAM profitability will remain strong as the market continues to benefit from long-term structural growth drivers and from structurally slowing supply growth.

2019 財年，我們預計 DRAM 的獲利能力將保持強勁，因為市場將繼續受益於長期結構性成長驅動因素和結構性供應成長放緩。

Turning to NAND. We have seen an acceleration in supply growth in calendar 2018, driven by the ramp of highly efficient 64-layer 3D NAND across the industry. Looking ahead, we expect a moderation in supply growth beginning in the first half of calendar 2019 as the industry transitions to more challenging 96-layer designs, which provide less benefit node over node.

轉向NAND快閃記憶體。2018 年，我們看到供應成長加速，這主要得益於整個產業高效 64 層 3D NAND 的快速普及。展望未來，我們預計從 2019 年上半年開始，隨著產業向更具挑戰性的 96 層設計過渡，供應成長將有所放緩，因為這種設計逐節點帶來的收益較少。

We also expect higher demand due to elasticity, resulting in higher SSD adoption and increasing average capacities across multiple end markets. In our fiscal first quarter, we see some impact to our client compute customers due to a shortage of CPUs. In addition, there is some limited inventory adjustment underway at a few customers, but their end customer demand remains solid.

我們也預計，由於彈性效應，需求將會增加，從而提高 SSD 的普及率，並提高多個終端市場的平均容量。在我們的第一財季，由於 CPU 短缺，我們的客戶計算業務受到了一定影響。此外，部分客戶正在進行有限的庫存調整，但他們的終端客戶需求仍然強勁。

Turning to CapEx. Dave will provide more details, but I want to emphasize that our fiscal 2019 CapEx plans are consistent with our strategy to focus on technology transitions while maintaining existing wafer capacity. As we have highlighted previously, future technology transitions in NAND and DRAM require substantially more cleanroom space than prior nodes. As a result, our fiscal 2019 CapEx related to manufacturing facility construction and facility upgrades is increasing by nearly $2 billion year-over-year, primarily due to our previously announced NAND and DRAM cleanroom expansions. This investment will provide us the flexibility to better manage our manufacturing operations and drive the manufacturing ramp of new technologies in a timely manner.

轉向資本支出。Dave 會提供更多細節，但我想強調的是，我們 2019 財年的資本支出計畫與我們專注於技術轉型並維持現有晶圓產能的策略是一致的。正如我們之前強調的那樣，NAND 和 DRAM 的未來技術轉型需要比以前節點更多的無塵室空間。因此，我們 2019 財年與製造設施建設和設施升級相關的資本支出同比增長近 20 億美元，這主要是由於我們先前宣布的 NAND 和 DRAM 潔淨室擴建項目。這項投資將使我們能夠更靈活地管理生產運營，並及時推動新技術的生產量成長。

As I reflect on the tremendous progress we have made improving our competitive position this year and the amazing opportunities that drive our industry, I'm very excited about Micron's future. Against this backdrop, we certainly view our stock as being undervalued at current prices and are aggressively implementing our stock buyback program. We will continue to maintain a healthy balance sheet and use strong free cash flow to support over $10 billion buyback and assess opportunities to accelerate the time line for its completion.

回顧今年我們在提升自身競爭力方面取得的巨大進步，以及推動我們產業發展的巨大機遇，我對美光的未來感到非常興奮。在此背景下，我們當然認為我們的股票目前的價格被低估了，並且正在積極實施我們的股票回購計畫。我們將繼續保持健康的資產負債表，並利用強勁的自由現金流來支持超過 100 億美元的股票回購計劃，並評估加快完成該計劃時間表的機會。

With that, I will pass this over to Dave.

接下來，我將把這個任務交給戴夫。

Thank you, Sanjay, and good afternoon, everyone. Micron continues to perform exceptionally well and delivered strong financial results in the fourth quarter.

謝謝你，桑傑，大家下午好。美光科技持續保持優異的業績，並在第四季度取得了強勁的財務業績。

We set new records for revenue, gross margin, free cash flow and earnings per share. In addition, we continue to strengthen our financial foundation, achieving our highest-ever net cash position.

我們在營收、毛利率、自由現金流和每股盈餘方面都創下了新紀錄。此外，我們不斷加強財務基礎，實現了有史以來最高的淨現金部位。

Total fiscal fourth quarter revenue was $8.4 billion, up 8% from fiscal third quarter and 38% from the prior year. For fiscal 2018, total revenue was $30.4 billion, up 50% from fiscal 2017.

第四財季總營收為 84 億美元，較第三財季成長 8%，較上年同期成長 38%。2018 財年總營收為 304 億美元，較 2017 財年成長 50%。

Gross margins for the quarter expanded to a record 61%, up approximately 50 basis points from the prior quarter and up from 51% in the prior year. In the fiscal fourth quarter, we saw the benefit of strong execution on technology transitions for both DRAM and NAND. This strong execution resulted in a significant sequential cost decline, which drove expanded gross margins in both DRAM and NAND. For fiscal 2018, gross margins were 59%, up from 43% in fiscal 2017.

本季毛利率擴大至創紀錄的 61%，比上一季成長約 50 個基點，比去年同期的 51% 有所成長。在第四財季，我們看到了DRAM和NAND技術轉型強勁執行帶來的好處。這項強而有力的執行帶來了顯著的成本環比下降，從而推動了DRAM和NAND毛利率的擴大。2018 財年毛利率為 59%，高於 2017 財年的 43%。

Operating expenses came in at $740 million, approximately flat from fiscal third quarter 2018. As previously communicated, moving forward, we expect to increase our investments in R&D for fiscal 2019 as we add resources to expand our portfolio of new high-value solutions and phase out partner contributions for technology development.

營運支出為 7.4 億美元，與 2018 財年第三季基本持平。正如先前所溝通的那樣，展望未來，我們預計將在 2019 財年增加研發投入，增加資源以擴大我們新的高價值解決方案組合，並逐步取消合作夥伴在技術開發方面的投入。

Our record revenue and gross margin performance drove strong profitability in the fiscal fourth quarter, and operating income grew to $4.4 billion, representing 53% of revenue. This compares with operating margins of 52% in fiscal third quarter and 41% in the year-ago period.

我們創紀錄的營收和毛利率表現推動了第四財季強勁的獲利能力，營業收入成長至 44 億美元，佔營收的 53%。相較之下，第三財季的營業利益率為 52%，去年同期為 41%。

Now turning to our revenue trends by business unit. We achieved record revenue for the compute and networking business unit of $4.4 billion in the fiscal fourth quarter, up 9% from the prior quarter and 53% year-over-year. Growth trends were strong in cloud and graphics, which almost doubled year-on-year.

接下來我們來看看各業務部門的營收趨勢。我們在第四財季實現了計算和網路業務部門創紀錄的收入，達到 44 億美元，比上一季成長 9%，年增 53%。雲端運算和圖形處理業務成長勢頭強勁，年成長幾乎翻了一番。

Fiscal fourth quarter operating income in CNBU was up 11% sequentially to $2.9 billion or 67% of revenue.

CNBU 第四財季營業收入較上季成長 11%，達到 29 億美元，佔總營收的 67%。

Revenues for the Mobile Business Unit increased to a record $1.9 billion, up 8% quarter-over-quarter and 60% year-over-year. Sequential growth was primarily led by multichip packages and discrete/managed NAND. Fiscal fourth quarter operating income increased 14% quarter-over-quarter to a record $979 million or 52% of revenue.

行動業務部門的營收成長至創紀錄的 19 億美元，季增 8%，年增 60%。連續成長主要由多晶片封裝和分離/管理型 NAND 晶片推動。第四財季營業收入較上季成長 14%，達到創紀錄的 9.79 億美元，佔營收的 52%。

The Embedded Business Unit continues to deliver solid results, with record revenue of $923 million, up 3% versus fiscal third quarter and up 12% year-over-year. Sequential growth was driven by the automotive and industrial markets. Fiscal fourth quarter operating income in EBU was $382 million or 41% of revenue.

嵌入式業務部門持續取得穩健的業績，營收創下 9.23 億美元的紀錄，比第三財季成長 3%，較去年同期成長 12%。汽車和工業市場推動了環比成長。EBU 第四財季營業收入為 3.82 億美元，佔總營收的 41%。

And finally, turning to the Storage Business Unit. Fourth quarter revenue was $1.2 billion, up 9% sequentially and down 4% year-over-year. We set a record for overall SSD revenues, driven by our continued success in the SATA SSD market. Fiscal fourth quarter operating income in SBU was $157 million or 13% of revenue, which included the impact from the underutilization charges related to 3D XPoint.

最後，我們來看看倉儲業務部門。第四季營收為 12 億美元，季增 9%，年減 4%。在SATA SSD市場持續成功的推動下，我們創造了SSD總收入的新紀錄。SBU 第四財季營業收入為 1.57 億美元，佔營收的 13%，其中包括與 3D XPoint 相關的未充分利用費用的影響。

And now, moving to performance by product line. DRAM represented 70% of total company revenue in fiscal fourth quarter. DRAM revenue was up 7% from the prior quarter and 47% year-over-year as Micron executed well in a robust market environment. On a blended basis, ASPs were flat to the prior quarter, while shipment quantities were up mid to upper single digits percent. Gross margins for DRAM were 71%, up from 69% in the prior quarter as cost benefited from the ramp of our 1X nanometer technology.

接下來，我們按產品線分析效能。DRAM在公司第四財季總營收中佔70%。由於美光在強勁的市場環境下表現出色，DRAM 營收較上一季成長 7%，較去年同期成長 47%。從綜合來看，平均售價與上一季持平，而出貨量則成長了中高個位數百分比。DRAM 的毛利率為 71%，高於上一季的 69%，這得益於我們 1X 奈米技術的快速發展帶來的成本優勢。

Trade NAND revenue represented 26% of total company revenue in fiscal fourth quarter. Trade NAND revenue was up 15% quarter-over-quarter and 21% year-over-year, driven by strong sequential growth in managed NAND products. Our overall NAND ASP decreased in the mid-teens percentage range, and shipment quantities increased in the mid-30 percentage range compared to the prior quarter. Trade NAND gross margins were 48%, up 50 basis points from the prior quarter and up 720 basis points from the year-ago quarter, driven by robust cost reductions and product mix improvements.

在第四財季，NAND 貿易收入占公司總收入的 26%。受託管 NAND 產品強勁的環比成長推動，貿易 NAND 營收季增 15%，較去年同期成長 21%。與上一季相比，我們的 NAND 快閃記憶體平均售價下降了 15% 左右，出貨量增加了 30% 左右。貿易 NAND 毛利率為 48%，比上一季成長 50 個基點，比去年同期成長 720 個基點，這主要得益於強勁的成本削減和產品組合的改善。

Our solid execution and healthy industry environment led to a record non-GAAP earnings per share of $3.53, up 12% from the prior quarter and 75% from the prior year.

我們穩健的執行和健康的行業環境使我們的非GAAP每股收益達到創紀錄的3.53美元，比上一季增長12%，比上年增長75%。

For the full fiscal 2018, we achieved net income of $14.7 billion or $11.95 per share compared with $5.6 billion or $4.96 per share for fiscal 2017.

2018 財年全年，我們實現淨收入 147 億美元，即每股 11.95 美元，而 2017 財年為 56 億美元，即每股 4.96 美元。

In the fiscal fourth quarter, we generated a record $5.2 billion in cash from operations, representing 61% of revenue. Micron has historically shown strong cash flows from operations, even in our most difficult years, and our current cash flow levels are now structurally higher as we have made significant improvements on our underlying cost competitiveness and enhanced our product mix.

在第四財季，我們從經營活動中獲得了創紀錄的 52 億美元現金，佔營收的 61%。即使在最艱難的年份，美光也一直保持著強勁的經營現金流，而且由於我們在基本成本競爭力方面取得了重大進步，並增強了產品組合，我們目前的現金流水平在結構上已經更高。

Capital spending net of third-party contributions was $2.1 billion in the fiscal fourth quarter and $8.2 billion for the fiscal year. While our annual capital spending was well below our CapEx model of low 30s as a percent of revenue in fiscal 2018, we do plan to increase our CapEx as a percent of revenue in fiscal 2019. We currently expect our fiscal 2019 CapEx, net of partner contributions, to be in the range of $10.5 billion, plus or minus 5%.

扣除第三方出資後，第四財季資本支出淨額為 21 億美元，本財年資本支出淨額為 82 億美元。雖然我們在 2018 財年的年度資本支出遠低於我們設定的資本支出模型（佔收入的 30% 左右），但我們計劃在 2019 財年提高資本支出佔收入的百分比。我們目前預計，2019 財年資本支出（扣除夥伴出資）淨額將在 105 億美元左右，上下浮動 5%。

Our investments will continue to be focused on technology transitions for DRAM and NAND while maintaining flat wafer capacity. We expect that about 25% of our capital spending will be associated with facilities expansions and facilities upgrades needed for successful technology transitions. These expansion and upgrade projects are underway, and as a result, CapEx will be more weighted towards the first half of the fiscal year. Our strategy is to be flexible and disciplined regarding our CapEx, and we will be responsive to market conditions. As an example, we cut back our fab equipment CapEx for NAND in fiscal 2019 compared to fiscal 2018 levels.

我們將繼續專注於DRAM和NAND的技術轉型，同時保持晶圓產能不變。我們預計，約 25% 的資本支出將用於設施擴建和設施升級，這是成功實現技術轉型所必需的。這些擴建和升級項目正在進行中，因此，資本支出將更集中在本財年的上半年。我們的策略是在資本支出方面保持靈活和自律，並對市場狀況做出反應。例如，與 2018 財年相比，我們在 2019 財年削減了 NAND 晶圓廠設備的資本支出。

In the fourth quarter, our free cash flow was $3.1 billion, up $900 million from the third quarter and up nearly $1.4 billion from the prior year period. Free cash flow for the full fiscal year was $9.2 billion compared to $3.3 billion last fiscal year.

第四季度，我們的自由現金流為 31 億美元，比第三季增加了 9 億美元，比去年同期增加了近 14 億美元。本財年自由現金流為 92 億美元，而上財年為 33 億美元。

We ended the fiscal year in a record net cash position of $2.7 billion, with approximately $7.4 billion in cash, marketable investments and restricted cash, and $4.6 billion in debt.

本財年結束時，我們的淨現金部位創下歷史新高，達到 27 億美元，現金、可流通投資和受限現金約為 74 億美元，債務為 46 億美元。

During the fiscal year, we used $9.4 billion for the repurchase or prepayment of debt and redemptions of converts and reduced our debt position by $6.5 billion. In the fiscal fourth quarter alone, we reduced our debt position by approximately $2.7 billion, including the repayment of $2 billion of Taiwan secured debt.

在本財政年度，我們花了 94 億美元用於回購或提前償還債務和贖回可轉換債券，並減少了 65 億美元的債務。光是在第四財季，我們就減少了約 27 億美元的債務，其中包括償還 20 億美元的台灣擔保債務。

Combining the debt and equity components, we spent about $1.3 billion for redeemed convertible notes during the fiscal fourth quarter. Our convert redemption in fiscal third and fourth quarter have lowered the share count in the first quarter by approximately 31 million or 2.5% from what it would have been had the converts not been redeemed.

綜合債務和股權部分，我們在第四財季贖回可轉換債券花費了約 13 億美元。我們在第三和第四財季的可轉換債券贖回，使第一季的股票數量比未贖回可轉換債券時減少了約 3,100 萬股，降幅為 2.5%。

Prior to turning to our outlook, I wanted to provide some context for our fiscal first quarter guidance. As Sanjay indicated, our markets remain healthy and demand from our customers is strong, but we are seeing some impact of CPU shortages in the client compute market and limited inventory adjustments at select customers.

在展望未來之前，我想先為我們第一財季的業績指引提供一些背景資訊。正如 Sanjay 所指出的，我們的市場仍然健康，客戶需求強勁，但我們看到客戶端運算市場 CPU 短缺產生了一些影響，部分客戶的庫存調整也有限。

We expect gross margins to remain very healthy in the fiscal first quarter, although lower than fourth quarter levels, and our gross margins will also be impacted in the near term by the announced 10% tariff on $200 billion of imports from China, which will go into effect on September 24. We are working to gradually mitigate most of the impact from these tariffs over the next 3 to 4 quarters.

我們預計第一財季的毛利率將保持非常健康的水平，儘管會低於第四季的水平。此外，由於宣布對價值 2,000 億美元的中國進口商品加徵 10% 的關稅，我們的毛利率在短期內也會受到影響，該關稅將於 9 月 24 日生效。我們將在未來 3 到 4 個季度內逐步減輕這些關稅的大部分影響。

Our fiscal 2019 tax rate should increase to approximately 12% versus 2.8% in fiscal 2018, with the new U.S. corporate tax rules enacted this year.

由於今年美國新的企業稅收規則生效，我們2019財年的稅率應該會從2018財年的2.8%上升到大約12%。

With the revenue, gross margin and tax factors in mind, our non-GAAP guidance for the first fiscal quarter is as follows: we expect revenue to be in the range of $7.9 billion to $8.3 billion; gross margins to be in the range of 57% to 60%; operating expenses are expected to be $750 million, plus or minus $25 million; and based on share count of approximately 1.2 billion fully diluted shares, we expect earnings per share to be $2.95, plus or minus $0.07.

考慮到收入、毛利率和稅收因素，我們對第一財季的非GAAP業績指引如下：預計收入在79億美元至83億美元之間；毛利率在57%至60%之間；預計營運費用為7.5億美元，上下浮動2500萬億美元；基於約12億股完全稀釋後的股份數量，每股收益為2.950.950.9507美元，預計每股收益。

Now let me take a moment to provide an update on our share repurchase program. I'm pleased to report that our buyback has been in effect since the beginning of September. And for the fiscal first quarter, we are committed to spend at least $1.5 billion in programmatic repurchases, with an additional amount allocated for opportunistic repurchases. Beyond the first fiscal quarter, we expect to be active buyers of our stock by repurchasing Micron shares regularly. We are committed to deploying at least 50% of our ongoing free cash flow towards our $10 billion buyback program, and as Sanjay mentioned, we are assessing an accelerated rate of completion of this program. The total buyback program of $10 billion represents approximately 19% of the current equity value.

現在請允許我花一點時間向我們報告我們的股票回購計劃的最新進展。我很高興地報告，我們的股票回購計畫從9月初開始生效。對於本財年第一季度，我們承諾至少投入 15 億美元用於程序化回購，並額外撥出一筆款項用於機會性回購。在第一財季之後，我們預計將透過定期回購美光股票來積極買入我們的股票。我們承諾將至少 50% 的持續自由現金流投入到 100 億美元的股票回購計劃中，正如 Sanjay 所提到的，我們正在評估加快完成該計劃的可能性。總額為 100 億美元的股票回購計畫約佔當前股權價值的 19%。

Before I turn the call back over to Sanjay, I'd like to discuss an update to our disclosures. As we typically do this time of year, we review the financial information we disclose to make sure that we are appropriately balancing the needs of investors to make an informed investment decision with a desire to keep confidential as much proprietary information as possible. In doing so, we also review information disclosed by competitors. As a result, beginning in the fiscal first quarter, we will no longer be disclosing gross margins by our DRAM and NAND product categories. We view this information as sensitive and proprietary. To help investors understand the drivers of our corporate gross margins, we will provide color on factors affecting gross margins. We will continue to provide revenue and operating margin information by segment in our quarterly and annual filings with the SEC.

在將電話轉回給桑傑之前，我想討論一下我們資訊揭露的最新情況。就像往年這個時候一樣，我們會審查我們披露的財務信息，以確保我們能夠適當地平衡投資者做出明智投資決策的需求與盡可能多地對專有信息保密的願望。為此，我們也會審查競爭對手所揭露的資訊。因此，從本財年第一季開始，我們將不再按DRAM和NAND產品類別揭露毛利率。我們認為這些資訊屬於敏感和專有資訊。為了幫助投資人了解我們公司毛利率的驅動因素，我們將詳細說明影響毛利率的因素。我們將繼續在向美國證券交易委員會提交的季度和年度文件中按業務部門提供收入和營業利潤率資訊。

With that, I'll now turn the call back over to Sanjay for concluding remarks.

接下來，我將把電話交還給桑傑，請他做總結發言。

Thank you, Dave. I'm proud of the Micron's teams' execution in fiscal 2018. In October, we will celebrate the 40th anniversary of Micron's founding. Our proven track record in delivering technology and design innovation and building close partnerships with a broad range of customers has laid a solid foundation. We are now driving a culture of agility, efficiency and speed and executing on product level innovations in high-value solutions. This transformation to the new Micron continues to build strong momentum. I'm really excited about our future, and the best is yet to come.

謝謝你，戴夫。我為美光團隊在 2018 財年的出色表現感到自豪。今年十月，我們將慶祝美光公司成立40週年。我們在技術和設計創新方面的成功經驗，以及與許多客戶建立緊密合作關係，為我們奠定了堅實的基礎。我們現在致力於打造敏捷、高效、快速的企業文化，並在高價值解決方案中實現產品層面的創新。向新美光科技的轉型正在持續強勁發展勢頭。我對我們的未來充滿期待，最好的還在後頭。

We will now open for questions.

現在開始接受提問。

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

（操作說明）我們的第一個問題來自瑞士信貸的約翰‧皮策。

Dave, I'm wondering if you could just help us understand the magnitude of the impact in the fiscal first quarter to the CPU shortages and just sort of the modest inventory correction we're seeing with some of your customers. And specifically, on the CPU shortages, do you feel like that's something that's limited to the fiscal first quarter? Or are you -- or should we think about that persisting into the fiscal second quarter?

Dave，我想請你幫我們了解一下，CPU 短缺對第一財季的影響程度，以及我們目前在一些客戶那裡看到的庫存小幅調整情況。具體來說，關於CPU短缺問題，您認為這僅限於本財年第一季嗎？或者，您——或者我們應該考慮這種情況是否會延續到第二財季？

Okay, yes, sure. So let me get -- take the first one. Let's start with -- so on the magnitude side, we're not going to go into necessarily the details, all the details in a granular fashion. Suffice it to say that they both had an impact in terms of the guidance of $7.9 billion to $8.3 billion They're a big driver of obviously why we guided in that direction. I don't know exactly how long the CPU shortage will last. I think on the inventory correction side, it will be a couple of quarters before inventory gets reduced.

好的，當然可以。那我先來——拿第一個。讓我們從規模方面開始——我們不會深入探討細節，不會事無鉅細地討論所有細節。可以說，這兩項因素都對79億美元至83億美元的業績指引產生了影響。顯然，它們是我們做出這項業績指引的重要驅動因素。我不知道CPU短缺的情況會持續多久。我認為在庫存調整方面，庫存減少還需要幾個季度的時間。

And I will just add that [with the CPU] shortages, we expect it to be short term. It's possible that it goes beyond Q1 as well.

我還要補充一點，關於 CPU 短缺，我們預期這只是短期現象。有可能還會持續到第一季之後。

That's helpful. And, Sanjay, maybe as a follow-up. In your prepared comments, you talked about 2019 being a year of transition for your SSD business as you bring out NVMe product. I'm wondering if you could help us understand what that means from a financial perspective for your SSD business. Do still expect growth in that business in fiscal year '19? And kind of how do we think about profitability as you transition from SATA to NVMe?

那很有幫助。還有，桑傑，或許可以作為後續報道。在您事先準備好的發言中，您提到 2019 年是您的 SSD 業務轉型之年，因為您推出了 NVMe 產品。我想請您幫忙從財務角度分析一下，這對您的固態硬碟業務意味著什麼。您是否仍預期該業務在 2019 財年會成長？那麼，在從 SATA 過渡到 NVMe 的過程中，我們該如何看待獲利能力呢？

As we said, we have gained substantial shares in SSDs, primarily based on SATA SSDs over the course of 2018, our fiscal 2018. And we are very pleased with the progress we have made there. And, of course, market is shifting towards NVMe SSDs, and that's where the future growth opportunity lies. And we have been working on our NVMe SSD solution. We plan to introduce our first NVMe solutions later this year, and then we will be ramping, as we said, in the client and consumer space, bringing new products into the market in calendar year 2019 and bringing, later on, enterprise and cloud, NVMe SSDs later in the year, in the 2019 year. So our NVMe SSDs will be ramping up gradually over the course of 2019. Of course, we will continue to maintain a solid share position with SATA SSDs. Overall, I expect that our total share in SSDs will continue to be flattish in 2019 time frame, and we expect to resume share growth from [a] 2020 time frame as we complete our NVMe SSD portfolio. And by completing NVMe SSD portfolio, I mean, complete the development of SSDs, get them qualified with our customers and ramp them into production. So we are very confident about the long-term opportunity for us in SSDs, leveraging our low-cost 64 layers NAND as well as our 96-layer NAND solutions over the course of next few quarters.

正如我們所說，在 2018 年（我們的 2018 財年），我們在 SSD 領域獲得了相當大的市場份額，主要基於 SATA SSD。我們對我們在那裡取得的進展非常滿意。當然，市場正在向 NVMe SSD 轉變，而未來的成長機會也正蘊藏其中。我們一直致力於研發NVMe SSD解決方案。我們計劃在今年稍後推出首款 NVMe 解決方案，然後正如我們所說，我們將在客戶端和消費領域加大投入，在 2019 年將新產品推向市場，並在 2019 年稍後為企業和雲端推出 NVMe SSD。因此，我們的 NVMe SSD 將在 2019 年逐步增加產量。當然，我們將繼續保持SATA固態硬碟的穩固市場佔有率。總體而言，我預計我們在 2019 年 SSD 領域的總份額將繼續保持平穩，隨著我們完成 NVMe SSD 產品組合，我們預計從 2020 年起份額將恢復成長。完成 NVMe SSD 產品組合，我的意思是完成 SSD 的開發，通過客戶的認證，並將其投入生產。因此，我們對固態硬碟的長期發展機會非常有信心，我們將在未來幾季利用我們低成本的 64 層 NAND 以及 96 層 NAND 解決方案。

Our next question comes from Romit Shah of Nomura.

我們的下一個問題來自野村證券的羅米特·沙阿。

[Just in like] your commentary, and certainly, the CapEx paints a fairly positive view of the environment and certainly more positive, Sanjay, than what we've heard from your largest competitor, who appears to be reducing investment and preparing for a protracted downturn. So, I guess, my first question is, how confident are you that the adjustments you're seeing is really just a 1 or 2 quarter issue?

正如你的評論所說，資本支出確實描繪了一幅相當積極的環境圖景，而且肯定比我們從你最大的競爭對手那裡聽到的要積極得多，桑傑，他們似乎正在減少投資，並為長期的經濟衰退做準備。所以，我想問的第一個問題是，您對目前看到的調整是否真的只是一兩個季度的問題有多大把握？

I think most important to understand is the end market demand trends for DRAM as well as NAND continue to be strong. I mean, when you look at data center and cloud applications, AI is in the very, very early innings. And the whole cloud growth is in the very early innings as well. We see the DRAM requirements in enterprise and cloud data center application to be growing much faster than the total average DRAM industry demand growth, CAGR over course of few years of about 30%. Similarly, in mobile applications, DRAM is growing nicely as well, as machine learning kind of features, as facial recognition, et cetera, get implemented in these forms. We are already starting to see 6 to 8 gigabyte, even 10 gigabyte, coming in smart -- high-end smartphones now, and these are not too far -- and then you even see 12 gigabyte in smartphones. And similarly, on the NAND front, when you look at average capacities increasing in smartphones, you are seeing now 512-gigabyte smartphones being offered, and again, days of terabyte smartphones are not far away. And certainly, with elasticity in NAND, average capacities in client computing applications as well as mobile devices will increase as well as attach rate of SSDs will increase. So this is important. When you look at these demand trends, we feel very confident about the long-term trajectory. In 1 or 2 quarters here or there, there can certainly be ebb and flow in terms of demand or supply in the industry, but the long-term trend is positive. And specific to our CapEx, I'll just point out here that we are being very prudent, very disciplined in managing our CapEx, absolutely focused on profitability and ROI. We had mentioned that our CapEx on cleanroom construction and facility upgrades is increasing by $2 billion compared to last year. And Dave mentioned that it represents about 25% of our total CapEx guidance that we provided. And just as an example of our discipline on CapEx management in NAND, in terms of equipment CapEx for 2019, our fiscal year 2019 versus 2018, we have -- we are actually reducing the CapEx fiscal year 2019 versus 2018. So we are extremely focused on technology conversions, technology transitions because they are the best way for us to achieve cost competitiveness as well as ROI on our investments. We are not adding the wafer starts, where some other competitors may have thought about those in the industry.

我認為最重要的是要了解DRAM和NAND的終端市場需求趨勢仍然強勁。我的意思是，當你審視資​​料中心和雲端應用程式時，你會發現人工智慧還處於非常非常早期的階段。而且整個雲端運算發展也還處於非常早期的階段。我們看到企業和雲端資料中心應用的 DRAM 需求成長速度遠超 DRAM 產業整體平均需求成長速度，幾年內的複合年增長率約為 30%。同樣，在行動應用中，DRAM 也發展良好，機器學習之類的功能，如人臉辨識等，都以這些形式得到應用。我們已經開始看到 6 到 8 GB，甚至 10 GB 的記憶體出現在智慧型——現在的高階智慧型手機中，而且這些智慧型手機距離上市也不遠了——然後你甚至會看到 12 GB 的記憶體出現在智慧型手機中。同樣，在 NAND 方面，當你觀察智慧型手機的平均容量增加時，你會發現現在已經出現了 512 GB 的智慧型手機，而且，TB 級智慧型手機的時代也指日可待了。當然，隨著 NAND 的彈性增加，客戶端運算應用以及行動裝置的平均容量將會增加，固態硬碟的普及率也會提高。所以這一點很重要。從這些需求趨勢來看，我們對長期發展軌跡非常有信心。行業需求或供應在一兩個季度內肯定會出現波動，但長期趨勢是積極的。關於我們的資本支出，我只想指出，我們在管理資本支出方面非常謹慎、非常自律，完全專注於獲利能力和投資報酬率。我們之前提到過，與去年相比，我們在無塵室建設和設施升級的資本支出增加了 20 億美元。戴夫提到，這大約占我們提供的資本支出總指引值的 25%。舉例來說，為了體現我們在 NAND 領域對資本支出管理的嚴格把控，就 2019 年的設備資本支出而言，與 2018 年相比，我們 2019 財年的資本支出實際上有所減少。因此，我們非常注重技術轉換和技術轉型，因為這是我們實現成本競爭力以及投資報酬率的最佳途徑。我們沒有增加晶圓起始件，而業內其他一些競爭對手可能已經考慮過這個問題。

I think a lot of us certainly believe in the strong secular trends that are driving your business. What's been a little surprising though is just the rate of change in pricing both in NAND and, it seems more recently, DRAM. Can you talk a little bit about that? And you mentioned some customer inventory. I'm curious, which segments do you see that elevated?

我認為我們很多人都相信，推動貴公司業務發展的強勁長期趨勢。不過，真正令人驚訝的是 NAND 快閃記憶體以及 DRAM 快閃記憶體最近的價格變化速度。能稍微談談這方面嗎？您也提到了一些客戶庫存。我很好奇，你認為哪些細分市場有所提升？

So I think with respect to the inventory question that you have, it's very important to understand that we are not talking about debt inventory adjustment in any particular segment. This is with few customers. It is a customer-specific inventory adjustment that we discuss here. And, of course, we cannot call out those customers on this call. And with respect to pricing, of course, we do not forecast pricing. But you look at our F Q4 results, our DRAM pricing was flat, and 71% gross margin, record gross margin, extremely healthy. Industry environment, we see going forward as well for DRAM. As I talked about, the demand drivers are vibrant for DRAM, they are diversified and they are secular in nature, and DRAM solutions are really bringing great value to the AI-driven kind of applications where they're really essential to that trend. And you have to keep in mind that the supply growth is slowing down as well, given the increased technology complexities and greater CapEx that is required to implement the technology transition. So overall, we continue to see healthy DRAM industry fundamentals. On the NAND side, as I mentioned, this year, calendar 2018, we see NAND supply output growth at approximately 45%, and this, as you know, has been there because the industry, over the course of last several months, has gone through a major transition from 2D NAND to 3D NAND with a 64 layer. And the industry at this point is already on 3D transition in terms of total bits on a calendar year basis at about 75% level. So going forward on NAND as well, as you look at transition in the future to 96 layer, that will have the same kind of [consideration] that increase technology complexity and reduced bit gain per wafer from 64- to 96-layer transition. So we see moderation in the industry supply aspect in the first half of 2019.

所以，關於你提出的庫存問題，我認為非常重要的一點是，我們討論的並不是任何特定部門的債務庫存調整。顧客不多。這裡我們討論的是針對特定客戶的庫存調整。當然，我們不能在這次電話會議上點名批評這些客戶。至於定價方面，我們當然不會進行價格預測。但看看我們第四季的業績，我們的DRAM定價持平，毛利率高達71%，創歷史新高，業績非常健康。我們認為，DRAM 的產業環境也將持續發展。正如我之前所說，DRAM 的需求驅動因素非常活躍，它們多元化且具有長期性，DRAM 解決方案確實為 AI 驅動型應用帶來了巨大的價值，它們對於這一趨勢至關重要。而且你還必須記住，由於技術複雜性增加以及實施技術轉型需要更大的資本支出，供應成長也在放緩。整體而言，DRAM 產業基本面依然保持健康。正如我之前提到的，在 NAND 方面，今年（2018 年）我們看到 NAND 供應產量增長了約 45%，而正如您所知，這是因為在過去的幾個月裡，該行業經歷了從 2D NAND 到 64 層 3D NAND 的重大轉變。目前，從日曆年總比特數來看，整個產業已經向 3D 過渡，3D 轉換率約為 75%。因此，展望未來，當 NAND 向 96 層過渡時，也會面臨相同的問題，從 64 層過渡到 96 層會增加技術複雜性，並降低每片晶圓的位元增益。因此，我們看到2019年上半年產業供應趨於緩和。

Our next question comes from Amit Daryanani of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Amit Daryanani。

I guess, 2 from me as well. First off, could you just maybe help me understand, when I think about the gross margin guide for fiscal Q1, it's down 300 basis points, I think, sequentially. How much of that is due to the tariff issue versus what's going on in memory broadly? And then as you go through fiscal '19, do you think these margins that you can improve throughout the year, especially as you [resolve] some of the tariff issue -- challenges?

我想，我也投2票。首先，您能否幫我理解一下，當我考慮第一財季的毛利率預期時，我認為它比上一財年下降了 300 個基點。其中有多少是由於關稅問題造成的，又有多少是由於記憶體市場整體狀況造成的？那麼，隨著 2019 財年的推進，您認為這些利潤率能否在一年內得到改善，尤其是在您解決一些關稅問題——挑戰——之後？

Yes. So, first of all, the gross margin guidance was 57% to 60%. So, of course, if we hit the higher end of that range, we will be 140 basis points down. Clearly, tariffs are impacting us, probably to the tune of 50 to 100 basis points. And as we talked about, we're working on steps to mitigate that. That obviously takes some time. We have to do some things operationally to get ourselves in a place where it isn't as impactful. And so it will be a quarter or 2 probably before we start to see some benefit from the improvement there. So that was certainly a factor on the gross margin side. I would say, in general, the market for DRAM is healthy. The market for NAND is well supplied. So we built in various expectations, depending on kind of how things play out from a revenue perspective, and that certainly drives some of the gross margin adjustments as well. But suffice it to say, if we look at this from a year-over-year comparison, gross margins, I think, in the first quarter of 2018 were 55.4%, if I'm not mistaken. So we'll be above, on a year-over-year basis, if we hit within the range of what we expect, anywhere from 160 to 460 basis points.

是的。首先，毛利率預期為 57% 至 60%。所以，當然，如果我們達到該區間的上限，我們將下跌 140 個基點。顯然，關稅對我們產生了影響，可能達到 50 到 100 個基點。正如我們剛才所說，我們正在努力採取措施來緩解這種情況。這顯然需要一些時間。我們必須採取一些營運措施，使這種情況不再那麼嚴重。因此，可能要過一兩個季度我們才能開始看到這方面改進帶來的好處。所以這無疑是影響毛利率的因素。總的來說，我認為DRAM市場發展良好。NAND快閃記憶體市場供應充足。因此，我們根據收入方面的情況，設定了各種預期，這當然也會對毛利率進行一些調整。但總而言之，如果我們從同比角度來看，我認為，2018 年第一季的毛利率為 55.4%，如果我沒記錯的話。因此，如果我們能達到預期的水平（160 到 460 個基點），那麼同比來看，我們的業績將會高於去年同期水準。

That's really helpful, Dave. And, I guess, if I could just follow up. On the NAND side very specifically, pricing has degraded for a couple of months, and your data, obviously, [that you put] showed that has declined as well in the quarter. Again, I'm somewhat surprised that you haven't seen demand elasticity kick in with output or your demand, I guess, improving much more dramatically. So I'm curious, what do you attribute perhaps to the fact that demand hasn't stepped up more attractively as pricing has come down? And do you think there's just a time lag for it to get there? Or is there some other reason why we aren't seeing it?

這真的很有幫助，戴夫。我想，如果我能跟進一下就好了。具體來說，NAND 快閃記憶體的價格在過去幾個月裡有所下降，而你提供的數據也清楚地表明，本季價格也有所下降。我再次感到有些驚訝，你似乎還沒有看到需求彈性隨著產量或需求的成長而顯著提高。所以我很好奇，您認為是什麼原因導致價格下降的同時，需求卻沒有更顯著地成長呢？你認為它到達那裡只是需要一些時間嗎？或者有其他原因導致我們看不到它？

So let me take that. In terms of demand elasticity, we are certainly seeing that. I think in smartphones, you do see a move to higher capacities. I referred to that in my previous comment in response to the previous question. In SSDs, which is currently [limited] to consumer and channels-related SSDs, with the benefit of lower-priced NAND, certainly, you see -- you are starting to see -- there's always some lag. Average capacity increases in those channels as well. So overall, NAND should definitely continue to benefit from price elasticity.

那我就接手吧。就需求彈性而言，我們確實看到了這一點。我認為在智慧型手機領域，確實存在著向更高容量發展的趨勢。我在之前對前一個問題的回覆中已經提到過這一點。目前固態硬碟（SSD）僅限於消費級和通路相關的固態硬碟，由於 NAND 快閃記憶體價格較低，當然，你會看到——你開始看到——總是存在一些延遲。這些渠道的平均容量也有所增加。因此總體而言，NAND 肯定會繼續受益於價格彈性。

Your next question comes from the line of Tim Arcuri of UBS.

你的下一個問題來自瑞銀集團的提姆·阿庫裡。

I had two. So, Sanjay, first, I wanted to see if you can provide some color sort of in terms of your reduction in cost for DRAM in fiscal 2019 and whether you think it'd be similar to what you reduced cost in DRAM in fiscal 2018?

我有兩個。Sanjay，首先，我想了解您能否就 2019 財年 DRAM 成本的降低情況提供一些細節，以及您是否認為它與 2018 財年 DRAM 成本的降低情況類似？

So we are not going to provide full year guidance on the cost side for fiscal year 2019, but I will tell you that we believe we are in very good position with respect to continuing to execute on our technology and manufacturing road map and realizing cost reduction. Of course, as we have said before, when you go from 1 technology node to the other technology node, you achieve less bits per wafer gain, and that impacts, of course, the cost reduction capability from 1 node to the next node. And again, the laws of physics are the same everywhere, and this is common across the industry, as we discussed at our Investor Day. So 1Y technology in mature years will provide less cost reduction than 1X technology provided over the 20-nanometer. Nonetheless, our position will be good in terms of cost reduction. Things that we discussed at Investor Day, we feel very good about our ongoing march toward strengthening our cost competitiveness. And, of course, in NAND, we are in very good position with the lowest-cost technology in the industry.

因此，我們不會提供 2019 財年全年的成本指引，但我可以告訴大家，我們相信我們在繼續執行我們的技術和製造路線圖以及實現成本降低方面處於非常有利的地位。當然，正如我們之前所說，當從一個技術節點過渡到另一個技術節點時，每片晶圓的位元數增益會減少，這當然會影響從一個節點到下一個節點的成本降低能力。再次強調，物理定律在任何地方都是相同的，這在整個行業中也很普遍，正如我們在投資者日上討論的那樣。因此，成熟年份的 1Y 技術所帶來的成本降低幅度將小於 20 奈米技術所實現的 1X 技術。不過，就降低成本而言，我們的處境會比較有利。我們在投資者日上討論的內容，讓我們對目前在增強成本競爭力方面取得的進展感到非常滿意。當然，在 NAND 領域，我們擁有業界成本最低的技術，處於非常有利的地位。

Awesome, awesome. And then I had a question on the fiscal 2019 CapEx. So Samsung is pretty significantly -- well, not just them, but both of your peers are pretty significantly reducing DRAM CapEx next year. And it sounds like if I strip out the infrastructure and the building portion, that your equipment spending on DRAM is going to go up next year. So I'm asking about the juxtaposition of you increasing your DRAM CapEx when your peers are pretty heavily cutting DRAM CapEx next year. So I wanted you to talk about that dynamic and, specifically, what it would take for you to cut DRAM CapEx next year.

太棒了，太棒了。然後我有一個關於 2019 財年資本支出的問題。所以三星明年大幅削減了DRAM資本支出——好吧，不只是三星，你們的兩家同行明年也都大幅削減了DRAM資本支出。聽起來，如果我把基礎設施和建築部分剔除，你們明年在DRAM上的設備支出將會增加。所以我想問的是，你們在同行明年大幅削減 DRAM 資本支出的情況下，卻反而增加了 DRAM 資本支出，這種做法有何不妥？所以我想請您談談這種動態，特別是您明年要削減 DRAM 資本支出需要做些什麼。

So let me just point out that in 2018, we were well below the industry in terms of overall CapEx. And overall, we definitely are absolutely focused on technology transitions with respect to our CapEx, and we believe we have, really, a prudent disciplined focus, as I said before, in terms of addressing our CapEx toward equipments, targeting it toward technology transition and bit growth coming from the technology transition. We have mentioned that calendar year '19, we see our supply bit growth in line with the industry on DRAM side, which we expect to be approximately 20%. And in NAND, we have said that we expect our fiscal year 2019 supply output bit growth to be -- industry to be in the range of 35% to 40% and for us to be somewhat higher.

所以我想指出的是，2018 年，我們在整體資本支出方面遠低於行業平均。總的來說，我們絕對非常注重資本支出方面的技術轉型，而且正如我之前所說，我們相信我們在設備資本支出方面確實採取了謹慎而有紀律的重點，將其用於技術轉型以及技術轉型帶來的比特增長。我們已經提到，在 2019 年，我們預計 DRAM 方面的供應量成長將與行業平均水平持平，約為 20%。在 NAND 領域，我們曾表示，我們預計 2019 財年供應產量比特成長將達到產業平均的 35% 至 40%，而我們的成長幅度會略高一些。

And I would say, as we talked about in the prepared remarks, we do react to changes in our view, and we did reduce our CapEx plans for NAND in fiscal 2019. So we are able to make adjustments as we see changes.

正如我們在準備好的發言稿中提到的，我們會對我們觀點的變化做出反應，並且我們在 2019 財年確實減少了 NAND 的資本支出計劃。因此，我們可以根據變化做出調整。

Yes. And, of course, we retain some flexibility in terms of managing this on an ongoing basis as well.

是的。當然，我們在日常管理方面也保留了一定的彈性。

Our next question comes from the line of Aaron Rakers of Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Two, if I can, as well. Kind of building on that last question. As we think about what you've said about 96-layer and less of an incremental capacity increase when compared to that of 64-layer, I'm wondering if you could provide us some framework of how we should think about the next phase of transition to NAND in terms of bit output increases on a per wafer perspective. And then I have a quick follow-up.

如果可以的話，我也想有兩個。這算是對上一個問題的進一步探討。考慮到您之前提到的 96 層快閃記憶體與 64 層快閃記憶體相比容量增量較小，我想知道您能否為我們提供一些框架，以便我們從每片晶圓的位元輸出增加的角度來思考下一階段向 NAND 快閃記憶體過渡的問題。然後我還有一個簡短的後續問題。

So at this point, we are not providing specifics on 96-layer and how much you gain per wafer, but I think some of it can be obvious as well. You are going from 64-layer to 96 layers. And future generation beyond 96-layer will tend to have, again, reduced bit gain per wafer. All of that is obviously -- along with the assumptions of industry ramp of 96-layer, is baked into our overall guidance of fiscal year -- calendar year '19 NAND bit growth of 35% to 40%. It's slowing down because, again, 64-layer to 96-layer will give you less gain. So in 2018, you saw a onetime increase in NAND bit growth, given that the industry went from 2D to 3D transition with 64-layer. Going forward, it will revert back to the same curve of less and less bit gain and, of course, more CapEx requirements with each successive technology transition.

所以目前我們還沒有提供關於 96 層結構以及每片晶圓能獲得多少收益的具體信息，但我認為其中一些信息也是顯而易見的。你要從 64 層增加到 96 層。未來96層以上的晶片，每片晶圓的比特增益往往會再次降低。所有這些顯然都已納入我們對 2019 財年 NAND 位增長 35% 至 40% 的總體指導中，以及 96 層行業加速發展的假設。它的速度減慢是因為，再一次，從 64 層到 96 層帶來的增益會減少。因此，在 2018 年，由於產業從 2D 向 3D（64 層）過渡，NAND 位元成長出現了一次性成長。展望未來，隨著每一次技術變革，比特增益都會越來越小，當然，資本支出需求也會越來越大，最後又會回到同樣的曲線上來。

Okay. Fair enough. As a quick follow-up, I'm curious, you talked a little bit earlier about your NVMe positioning and then the portfolio expansion. You didn't talk much about quad level cell or QLC. So maybe if you can update us of where you see that positioned and when we should expect to see that kind of impacting the SSD business as we look through calendar '19 or into 2020.

好的。很公平。作為後續問題，我很好奇，您之前談到了您的 NVMe 定位以及產品組合的擴展。你很少談到四極管或QLC。所以，您能否告訴我們您認為它處於什麼位置，以及我們應該在什麼時候看到它對 SSD 業務產生影響（展望 2019 年或 2020 年）？

So in my prepared remarks, I did mention about QLC, and we have -- we are the first ones to introduce QLC SSDs in the industry, very proud of Micron's ability and execution in that area and very proud of our team to be able to do that. And we have just begun with certain set of limited customers taking that QLC SATA SSD product to the market. This will be a growing revenue for us within SSD next year. Although it will remain relatively small, it will initially be, of course, in the SATA QLC solutions. As in the past, when you went through MLC transitions in the NAND industry or you went through the TLC transitions in the NAND industry, those transitions occurred over the course of few years, and we similarly expect the QLC transition to be happening gradually over the course of next few years, although we will start realizing revenue from QLC SSDs starting now, but -- then continuing to increase it modestly in calendar 2019 as well. And, of course, focusing on it in the SSD space.

所以，在我準備好的發言稿中，我提到了 QLC，我們是業內首家推出 QLC SSD 的公司，我為美光在該領域的實力和執行力感到非常自豪，也為我們的團隊能夠做到這一點感到非常自豪。我們目前只是開始向部分有限的客戶推廣這款 QLC SATA SSD 產品。明年，這將成為我們固態硬碟業務中不斷成長的收入來源。雖然它仍然會相對較小，但最初當然會在 SATA QLC 解決方案中。就像過去 NAND 行業經歷 MLC 過渡或 TLC 過渡一樣，這些過渡都是在幾年內完成的，我們同樣預計 QLC 過渡將在未來幾年內逐步發生，儘管我們現在就可以開始從 QLC SSD 中獲得收入，但——然後在 2019 年日曆年中繼續小幅增長。當然，重點還要放在固態硬碟領域。

Our next question comes from Harlan Sur of JPMorgan.

我們的下一個問題來自摩根大通的哈蘭‧蘇爾。

On inventory adjustments, is this primarily client side or data center side? And is this a statement more about just kind of higher accumulated inventories in the first half? Or is this a statement around the overall demand environment coming in less than expected or a combination of both?

關於庫存調整，主要是在客戶端還是資料中心端進行？這是否更多是指上半年庫存積壓較高？或者，這是在暗示整體需求環境低於預期，還是兩者兼具？

So as I said before, this is not limited to any particular segment. It is more specific customer consideration. And given the kind of pricing that had existed in the DRAM market, certain customers have certain inventory levels that -- in a certain inventory strategy that they were pursuing. And those customers have decided to adjust their inventory levels. So that's what we refer to in our remarks. In terms of the end market demand for those customers and end market demand for DRAM application, that continues to be solid. It's just an inventory adjustment approach of some of our customers.

正如我之前所說，這並非局限於任何特定群體。這是更具體的客戶考量。鑑於 DRAM 市場曾經存在的定價模式，某些客戶會採取某種庫存策略，從而形成一定的庫存水準。這些客戶已決定調整庫存水準。這就是我們在發言中所指的內容。就這些客戶的終端市場需求以及DRAM應用的終端市場需求而言，市場依然強勁。這只是我們部分客戶的一種庫存調整方法。

Great. And you guys have done a great job of improving the NAND mix. I mean, your margins actually went up in the quarter. Given the strong cloud spending trends, you obviously have a great mix of enterprise and cloud SATA products. The transition to NVMe is going to be slower than expected, so I would anticipate your SATA products continue to do well. So on a go-forward basis, and given your customer spending trends, do you guys anticipate continued mix-based improvements and benefits in your NAND business from a gross margin perspective?

偉大的。你們在改進 NAND 快閃記憶體組合方面做得非常出色。我的意思是，你們這季度的利潤率實際上提高了。鑑於強勁的雲端支出趨勢，你們顯然擁有企業級和雲端 SATA 產品的完美組合。向 NVMe 過渡的速度將比預期的要慢，因此我預計你們的 SATA 產品將繼續保持良好的銷售表現。那麼展望未來，考慮到客戶的消費趨勢，從毛利率的角度來看，你們是否預期 NAND 業務會繼續透過產品組合優化來獲得改善和收益？

I mean, absolutely, we will continue to increase our high-value solutions mix, which means SSDs as well as managed NAND solutions for mobile application, including discrete managed NAND solutions as well as multichip packages, where, of course, we have a significant benefit because we have both DRAM and NAND. So absolutely, this is part of our strategy. We will absolutely continue to increase our mix of SSD and managed NAND solutions, high-value solutions. Just want to remind you that we had shared at the Investor Day that in fiscal year '17, we had about 40% of NAND revenue coming from our high-value solution, that means SSDs and managed NAND solutions. And in fiscal year '18, we increased that to a little over 60%. In fact, in fiscal Q4, our managed NAND and SSD mix, the high-value solutions mix in NAND is over 2/3. So this just goes to show you that we are absolutely working toward our goal that we had shared with you at the Investor Day, that by 2021, we will have 80% of our NAND revenue in terms of -- actually, in terms of managed NAND solutions. So this is going really well for us, and it, of course, provides us the benefits in terms of profitability as well.

我的意思是，當然，我們將繼續增加高價值解決方案的組合，這意味著固態硬碟以及用於行動應用的託管 NAND 解決方案，包括獨立託管 NAND 解決方案以及多晶片封裝，當然，在這方面我們有顯著優勢，因為我們同時擁有 DRAM 和 NAND。當然，這是我們策略的一部分。我們將繼續增加 SSD 和託管 NAND 解決方案等高價值解決方案的佔比。再次提醒各位，我們在投資者日上分享過，在 2017 財年，我們約 40% 的 NAND 收入來自我們的高價值解決方案，即 SSD 和託管 NAND 解決方案。在 2018 財年，我們將這一比例提高到了略高於 60%。事實上，在第四財季，我們所託管的 NAND 和 SSD 組合中，NAND 高價值解決方案的組合佔比超過 2/3。所以這正好表明，我們正在朝著我們在投資者日上與大家分享的目標努力，即到 2021 年，我們 80% 的 NAND 收入將來自——實際上，是來自託管 NAND 解決方案。所以這對我們來說進展非常順利，當然，這也為我們帶來了獲利方面的好處。

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

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

2 questions. Sanjay, you have been referencing visibility onto data center. I think it's something that, I think, investment community would really appreciate if you could give us the thought process that gives you the confidence. And what are the key metrics that gives you the visibility? Anything here that could be specific would be really great. And I have a follow-up.

兩個問題。Sanjay，你一直在提到資料中心的可見度。我認為，如果您能分享一下讓您充滿信心的思考過程，投資界一定會非常感激的。那麼，哪些關鍵指標能讓你了解狀況呢？這裡如果能提供一些具體資訊就太好了。我還有一個後續問題。

So, certainly, I think when you look at the data center, the total CapEx increases particularly in the hyperscale application, a lot of that CapEx, (inaudible) go toward server and memory and storage application. But that certainly is an indication of the continuing year-over-year growth (inaudible) certainly an indication of [keeping] opportunity. But again, I will point out that we are in very early innings there. And this is going to be a multi-year growth opportunity for us. And we are actually focused on working closely with the customers in this space. And through those discussions, we had good visibility from them in terms of our opportunity for the future. So we feel very good about our growth opportunities in this part of the segment here.

所以，當然，我認為當你審視資​​料中心時，總資本支出會增加，尤其是在超大規模應用中，其中許多資本支出（聽不清楚）都用於伺服器、記憶體和儲存應用程式。但這無疑表明了持續的同比增長（聽不清楚），這無疑表明了[保持]機會。但我再次強調，我們現在還處於非常早期的階段。這將為我們帶來多年的發展機會。我們實際上專注於與該領域的客戶密切合作。透過這些討論，我們對未來的機會有了更清晰的認識。因此，我們對該細分領域的成長機會感到非常樂觀。

Sure. I completely agree with you. And I think your Analyst Day provided a lot of detail and informative information on how the opportunities could be. I think what we are struggling with is how to model this, even if it's not on a quarterly basis, maybe on a 6-month basis, because perhaps, opportunities by 2020, 2021 are enormous. But what happens in 2019? And how should we think about cloud CapEx? In the past, we had PC units and we had content. We had smartphone units and the content. But now the cloud -- either an Internet company or a software company providing cloud services, it's very difficult to model this. And we have to think about how '19 will look like before all of these opportunities would materialize. And I was just wondering if there's anything you can share with us to help us with the thought process.

當然。我完全同意你的觀點。我認為你們的分析師日活動提供了許多關於潛在機會的細節和資訊。我認為我們正在努力解決的問題是如何建立模型，即使不是按季度，也許可以按 6 個月來建立模型，因為到 2020 年、2021 年，機會可能非常巨大。但2019年會發生什麼事呢？我們該如何看待雲端運算資本支出？過去，我們有個人電腦，也有內容。我們有智慧型手機和內容。但現在，無論是網路公司還是提供雲端服務的軟體公司，都很難對雲端運算進行建模。我們必須先思考2019年將會是什麼樣子，所有這些機會才能真正實現。我只是想問您是否有什麼可以分享給我們，幫助我們理清思緒。

So I think one of the things I will share with you is that if you look at the DRAM demand growth projections in the cloud and enterprise data center space, you will see that, that CAGR over a few years is 30%, and that is higher than the expected DRAM overall industry supply bit growth of 20%. So this is one of the fastest growth areas where DRAM, along with NAND, really bring a lot of value to those customers. I think at our Investor Day, we had taken you through the details of how AI-driven applications are requiring 6x more DRAM per server and 2x more SSDs per server. So I think you have to look at all of these trends. There is no one particular trend that I can point to. You -- in this regard, of course, you have to look at the cloud CapEx. You have to look at the average capacity increases that are taking place on the DRAM side as well as for the NAND side in cloud applications, the server attach rates. The CPUs that are going into the servers have more memory channels that's enabling more DRAM growth per server content in the data center application. So there are many of these things that all absolutely are pointing to strong demand drivers. And just to end the comment here, I would point out that our end market applications are well diversified in DRAM. Of course, cloud and data center is 1 strong growth area for us, but mobile, automotive, industrial, IoT, all of these are also growth applications. For example, in automotive and industrial, we have #1 market share, and that's a very stable kind of market opportunity. And we are doing very well. Graphics is another example, right? We are very strong positioned in graphics as well and another growth opportunity. So multiple growth drivers and we are well positioned. The message is the industry is structurally different, and Micron -- the new Micron is also structurally different. And we are well positioned to drive the business going forward.

因此，我想和大家分享的一點是，如果你看一下雲端運算和企業資料中心領域的 DRAM 需求成長預測，你會發現，幾年內的複合年增長率為 30%，高於 DRAM 整個產業預期的 20% 的供應量成長率。因此，這是成長最快的領域之一，DRAM 和 NAND 確實為客戶帶來了許多價值。我認為在我們的投資者日上，我們已經詳細介紹了人工智慧驅動的應用程式如何使每台伺服器的 DRAM 容量增加 6 倍，SSD 容量增加 2 倍。所以我認為你需要關注所有這些趨勢。我無法指出任何特定的趨勢。在這方面，當然您需要考慮雲端資本支出。你必須關注雲端應用中 DRAM 端和 NAND 端的平均容量成長情況以及伺服器連線率。伺服器中使用的 CPU 具有更多的記憶體通道，這使得資料中心應用程式中每個伺服器的 DRAM 容量能夠成長更多。因此，所有這些因素都絕對指向強勁的需求驅動因素。最後，我想指出，我們的 DRAM 終端市場應用非常多元。當然，雲端運算和資料中心是我們一個強勁的成長領域，但行動、汽車、工業、物聯網等也都是成長型應用領域。例如，在汽車和工業領域，我們擁有第一的市場份額，這是一個非常穩定的市場機會。我們做得非常好。圖形學也是一個例子，對吧？我們在圖形設計領域也擁有非常強大的實力，這是另一個成長機會。因此，我們擁有多重成長動力，並處於有利地位。這傳達的訊息是，產業結構已經發生了變化，而新的美光科技在結構上也發生了變化。我們已做好充分準備，推動業務向前發展。

Okay. And if I may just have a quickie one for David. How should we think about your NAND and DRAM aggregate inventory? Are there number of days? Or how has it changed sequentially?

好的。如果可以的話，我想快速問大衛一個問題。我們應該如何看待您的 NAND 和 DRAM 總庫存？有多少天？或者說，它是如何逐步改變的？

Well, inventory in total is probably all we are breaking out, which inventory on a days basis right now is in kind of the high 90s. It's been that way for some time now. I would say we're comfortable with our inventory position. Having said that, if you remember in the Analyst Day, Manish, that runs operations talked about some of the things he was doing to improve the efficiency of the manufacturing group and, on top of that, improve, in particular, the back-end and try to make that more streamlined. And there's a whole bunch of things we're doing in terms of system improvement and process improvement that I think will actually have a pretty good effect on inventory going forward. So over time, I think you'll see us carry a lower days of inventory and improved working capital in the process.

嗯，我們可能只會公佈總庫存數據，而目前的日均庫存量在 90% 以上。這種情況已經持續了一段時間。我認為我們對目前的庫存狀況感到滿意。話雖如此，如果你還記得在分析師日上，負責營運的馬尼什談到了他為提高製造部門效率所做的一些事情，此外，他還特別提到要改進後端，使其更加精簡。我們正在進行一系列的系統改進和流程改進工作，我認為這些工作實際上會對未來的庫存產生相當好的影響。因此，隨著時間的推移，我認為你會看到我們的庫存週轉天數減少，營運資金也會隨之改善。

Our last question for this session comes from C.J. Muse of Evercore.

本環節的最後一個問題來自 Evercore 公司的 C.J. Muse。

If I could ask two. First one, on the call, you talked about moderating NAND supply in the first half of '19. Curious, with the construct of inventory adjustment at a few of your customers, could you kind of walk through how you're seeing DRAM supply/demand, particularly as you also layer in some of the cuts that we've seen from your 2 other competitors in terms of equipment add over the last 6 to 9 months?

如果可以的話，我想問兩個問題。首先，在電話會議上，您談到了在 2019 年上半年控制 NAND 供應量。出於好奇，考慮到貴公司部分客戶的庫存調整情況，您能否詳細介紹一下您如何看待DRAM的供需關係，特別是考慮到過去6到9個月裡，貴公司另外兩家競爭對手在設備新增方面有所削減？

So as we mentioned, we see DRAM to be healthy in Q1, and we definitely see healthy demand supply chain for DRAM beyond that as well, given the well-diversified growth drivers for DRAM. So overall, we see DRAM in balance. And regarding the inventory adjustment, I just want to be clear that, that comment is related to DRAM.

正如我們所提到的，我們認為 DRAM 在第一季會表現良好，而且鑑於 DRAM 的成長驅動因素多元化，我們肯定認為 DRAM 的需求供應鏈在未來也會保持健康發展。總體而言，我們看到DRAM市場處於平衡狀態。關於庫存調整，我想澄清一下，那則評論與DRAM有關。

Very helpful. And then as my follow-up, on the buybacks, you talked about a $1.5 billion or roughly 3% of the company. I'm curious, given you had the 10b5 program in place September 1, should that be front-end-loaded, thus more material benefit as we go through this quarter and next? And then also, considering you're now, I think, $2.5 billion, plus or minus, net cash position, at these prices, would you consider being even more aggressive?

很有幫助。然後，作為我的後續問題，關於股票回購，您提到了15億美元，約占公司股份的3%。我很好奇，鑑於你們從 9 月 1 日就開始實施 10b5 計劃，該計劃是否應該優先實施，從而在本季度和下個季度帶來更多實質性收益？另外，考慮到你目前的淨現金部位約為 25 億美元，以這些價格計算，你會考慮採取更積極的策略嗎？

Good question, C.J. And I do want to thank investors for being patient with us a little bit. We announced this in May at the Analyst Day, and we needed a few more months to get the balance sheet to where we wanted. As you mentioned, now we have a great net cash position, we have debt now below $5 billion, that is 0.3x EBITDA, and we have great liquidity. We're now over $9 billion of liquidity, and we said we wanted to be 30% of sales in liquidity. So we're in a very strong position entering fiscal 2019, which I think is great. Our intention is to be fairly programmatic about the buyback, and so that $1.5 billion does represent more of a programmatic-type approach. Having said that, we did mention that we have layered, on top of that, some opportunistic repurchases, and so that will be somewhat timing-based, based on when the opportunities arise to take advantage of buying back a little bit more. In both Sanjay and my prepared remarks, we did talk about acceleration. And if you look at the $1.5 billion and kind of make some estimations around our free cash flow for the first quarter, you'll probably get a figure that is above the 50% free cash flow number we said we are committed to. So I think it is in the cards for us to be a little bit more aggressive over time, and we obviously think that this is a fantastic price to be buying the stock at.

問得好，C.J.。我也想感謝投資人對我們的耐心等待。我們在五月的分析師日上宣布了這一消息，我們還需要幾個月的時間才能將資產負債表達到我們想要的狀態。正如您所提到的，我們現在擁有良好的淨現金狀況，債務低於 50 億美元，相當於 EBITDA 的 0.3 倍，流動性非常強。我們現在的流動資金超過 90 億美元，我們之前說過，我們希望流動資金佔銷售額的 30%。因此，進入 2019 財年，我們處於非常有利的地位，我認為這很棒。我們的目標是以較程式化的方式進行回購，因此這 15 億美元確實代表了一種程式化的方法。話雖如此，我們也提到過，除此之外，我們還進行了一些機會性回購，因此這在某種程度上取決於時機，取決於何時出現機會來回購更多股票。在桑杰和我準備的演講稿中，我們都談到了加速發展。如果你看看這 15 億美元，並對我們第一季的自由現金流做一些估算，你可能會得到一個高於我們承諾的 50% 自由現金流目標的數字。所以我認為，隨著時間的推移，我們可能會採取更積極的策略，而且我們顯然認為現在是買入這支股票的絕佳價格。

And ladies and gentlemen, this concludes today's conference. Thank you for your participation, and have a wonderful day. You may disconnect at this time.

女士們、先生們，今天的會議到此結束。感謝您的參與，祝您有美好的一天。您現在可以斷開連線了。