美光科技 (MU) 2019 Q1 法說會逐字稿

Good afternoon.

下午好。

My name is Brian, I'll 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's First Quarter 2019 Financial Release Conference Call.

在這個時候，我想歡迎大家參加美光 2019 年第一季度財務發布電話會議。

(Operator Instructions) It is now my pleasure to turn the floor over to your host, Farhan Ahmad, Head of Investor Relations.

（操作員說明）現在我很高興將發言權交給您的主持人，投資者關係主管 Farhan Ahmad。

You may begin your conference.

你可以開始你的會議了。

Thank you, and welcome to Micron Technology First Fiscal Quarter 2019 Financial Conference Call.

謝謝，歡迎參加美光科技 2019 年第一財季財務電話會議。

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

今天與我通話的是總裁兼首席執行官 Sanjay Mehrotra；和首席財務官 Dave Zinsner。

Today's call will be approximately 60 minutes in length.

今天的通話時間約為 60 分鐘。

This call, including audio and slides, is 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 can 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看漲期權稀釋表。

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

提醒一下，今天晚些時候將在我們的網站上提供本次電話會議和網絡直播重播的準備發言。

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

我們鼓勵您在整個季度監視我們的網站 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。

We can also -- you can also follow us on Twitter @MicronTech.

我們也可以——您也可以在 Twitter @MicronTech 上關注我們。

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

提醒一下，我們今天將討論的事項包括前瞻性陳述。

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today.

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

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

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

Although, we believe that the expectations reflected in the forward-looking statements are reasonable, we can't -- cannot guarantee future results, levels of activity, performance or achievements.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能——不能保證未來的結果、活動水平、業績或成就。

We are under no duty to update any of the forward-looking statements after today's date to conform these statements to actual results.

我們沒有義務在今天之後更新任何前瞻性陳述以使這些陳述符合實際結果。

I'll now turn the call over to Sanjay.

我現在將把電話轉給 Sanjay。

Thank you, Farhan.

謝謝你，法爾漢。

Good afternoon, everyone.

大家下午好。

In the first quarter, we demonstrated solid execution, further improved our balance sheet and began executing on our $10 billion share buyback program.

在第一季度，我們展示了穩健的執行力，進一步改善了我們的資產負債表，並開始執行我們 100 億美元的股票回購計劃。

We delivered strong profitability despite revenue headwinds from the inventory adjustments at several customers, and industry-wide CPU shortages.

儘管來自多個客戶的庫存調整以及全行業的 CPU 短缺帶來了收入逆風，但我們仍實現了強勁的盈利能力。

Our results also reflect our success in further diversifying our business as evidenced by record sales in our mobile, automotive and industrial businesses in the quarter.

我們的業績還反映了我們在進一步實現業務多元化方面取得的成功，這一點我們的移動、汽車和工業業務在本季度的創紀錄銷售額就證明了這一點。

As we enter calendar 2019, we are seeing weakening demand from our customers.

隨著我們進入 2019 年日曆，我們看到客戶的需求減弱。

As a result, we are taking decisive actions, including a meaningful reduction in our fiscal 2019 CapEx plan, in both DRAM and NAND that will materially reduce our supply bit growth.

因此，我們正在採取果斷行動，包括大幅減少 2019 財年 DRAM 和 NAND 的資本支出計劃，這將大大降低我們的供應位增長。

I'll provide more details on these items later in the call after first reviewing the highlights of the quarter.

在首先回顧本季度的亮點之後，我將在稍後的電話會議中提供有關這些項目的更多詳細信息。

I'll start with our execution progress.

我將從我們的執行進度開始。

We are focused on improving our cost structure and increasing the mix of high-value solutions in our portfolio, both of which provide immediate benefits, and strengthen Micron's ability to drive long term profitable growth.

我們專注於改善我們的成本結構並在我們的產品組合中增加高價值解決方案的組合，這兩者都可以提供直接的好處，並加強美光推動長期盈利增長的能力。

Our cost reductions in DRAM and NAND have meaningfully outpaced the industry over the last 3 years.

在過去 3 年中，我們在 DRAM 和 NAND 方面的成本降低明顯超過了行業。

Our progress on advanced technology gives us confidence that we will deliver healthy year-over-year cost declines in DRAM and NAND in fiscal 2019, even after taking into account the supply and CapEx changes, which I referenced earlier.

我們在先進技術方面的進步讓我們相信，即使考慮到我之前提到的供應和資本支出變化，我們將在 2019 財年實現 DRAM 和 NAND 成本的健康同比下降。

In the first quarter, we achieved crossover of 1X nanometer DRAM shipments, and started revenue shipments of 1Y nanometer products.

第一季度實現1X納米DRAM出貨量跨界，1Y納米產品開始營收出貨。

Our 1Y year ramp is ahead of schedule, and we remain on track for meaningful production by the fiscal third quarter.

我們的 1 年產量比計劃提前，我們仍有望在第三財季實現有意義的生產。

We're also making excellent progress on our 1Z technology, which leverages our leadership in advanced materials and cost effective lithography techniques.

我們還在 1Z 技術上取得了顯著進展，該技術利用了我們在先進材料和具有成本效益的光刻技術方面的領先地位。

In NAND, we continue to lead with our QLC product offerings, and have introduced both consumer QLC and VME SSDs and enterprise QLC SATA SSDs.

在 NAND 領域，我們繼續以我們的 QLC 產品領先，並推出了消費類 QLC 和 VME SSD 以及企業 QLC SATA SSD。

In the first quarter, we started shipping 96-layer NAND products.

第一季度，我們開始出貨 96 層 NAND 產品。

Yields on 96-layer are ahead of plan.

96層的產量超預期。

We remain focused on increasing the mix of high-value solutions in our portfolio, and investing in differentiated products for our customers.

我們仍然專注於在我們的產品組合中增加高價值解決方案的組合，並為我們的客戶投資差異化產品。

In DRAM, we introduced our 1Y nanometer 12-gigabit low-power DRAM, which offers the highest density available for the mobile market.

在 DRAM 方面，我們推出了 1Y 納米 12 Gb 低功耗 DRAM，它為移動市場提供了最高密度。

We are seeing strong demand for this product as the market continues to move toward higher densities.

隨著市場繼續向更高密度發展，我們看到對該產品的強勁需求。

In NAND, high-value solutions now represent over 50% of our NAND bits, which is an important milestone for us.

在 NAND 中，高價值解決方案現在占我們 NAND 位的 50% 以上，這對我們來說是一個重要的里程碑。

The improving mix of high-value solutions increases our gross profit opportunity and provides better margin stability.

高價值解決方案的改進組合增加了我們的毛利潤機會並提供更好的利潤率穩定性。

The strength of our high-value solutions this quarter, which was driven by managed NAND products, helped us maintain overall NAND gross margins above 45%, despite industry oversupply.

儘管行業供過於求，我們本季度的高價值解決方案的優勢（由託管 NAND 產品推動）幫助我們將整體 NAND 毛利率保持在 45% 以上。

We strengthened our number 1 share position in SATA enterprise SSDs, gaining about 3 percentage points of market share sequentially, according to industry reports.

根據行業報告，我們鞏固了在 SATA 企業級 SSD 市場份額第一的地位，市場份額環比增長約 3 個百分點。

In addition to the QLC consumer and VME SSD, mentioned earlier, we also introduced the industry's first one terabyte TLC and VME automotive SSD in the first quarter.

除了前面提到的QLC消費級和VME SSD外，我們還在第一季度推出了業界首款1TB TLC和VME汽車級SSD。

We are working to further expand our NVMe [4] product portfolio, and plan to introduce SSDs targeting client, enterprise and cloud markets through the course of calendar 2019.

我們正在努力進一步擴展我們的 NVMe [4] 產品組合，併計劃在 2019 年推出面向客戶端、企業和雲市場的 SSD。

Looking ahead, we expect the SSD market opportunity will continue to shift from SATA to NVMe.

展望未來，我們預計 SSD 市場機會將繼續從 SATA 轉向 NVMe。

Fiscal 2019 will be a year of transition for our SSD portfolio, and we expect our SSD share gains to resume in fiscal 2020.

2019 財年將是我們 SSD 產品組合過渡的一年，我們預計我們的 SSD 份額將在 2020 財年恢復增長。

In the meantime, the growth of our high-value NAND solutions in fiscal 2019 will be driven by our mobile managed NAND products, where we believe we have significant opportunity to increase share.

與此同時，我們在 2019 財年的高價值 NAND 解決方案的增長將由我們的移動託管 NAND 產品推動，我們相信我們有很大的機會增加份額。

In the first quarter, we shipped multiple high-capacity, high-performance UFS solutions, nearly tripling our bit shipments quarter-over-quarter.

在第一季度，我們出貨了多個大容量、高性能的 UFS 解決方案，使我們的位出貨量環比增長了近三倍。

We continue to make good progress in developing high-value solutions using our 3D XPoint technology and plan to introduce differentiated products towards the end of calendar 2019, as previously discussed.

如前所述，我們在使用我們的 3D XPoint 技術開發高價值解決方案方面繼續取得良好進展，併計劃在 2019 年年底推出差異化產品。

Our conviction in the opportunities ahead is reflected in our October announcement that we intend to exercise our option to acquire Intel's interest in the IMFT Facility in Lehi, Utah, early in calendar 2019.

我們對未來機遇的信念反映在我們 10 月份的公告中，即我們打算在 2019 年初行使我們的選擇權，以收購英特爾在猶他州李海市 IMFT 工廠的權益。

Now turning to end markets.

現在轉向終端市場。

I will start first with mobile, where we set records for revenue, gross margins and operating margins in the first fiscal quarter.

我將首先從移動設備開始，我們在第一財季創造了收入、毛利率和營業利潤率的記錄。

In addition to strong seasonal sales, we benefited from major product wins with several customers, which is driving our managed NAND share gains.

除了強勁的季節性銷售外，我們還受益於與多家客戶的重大產品勝利，這推動了我們託管的 NAND 份額的增長。

We are seeing strong demand elasticity in this market, and within our MCP portfolio, our average NAND density was up over 25% sequentially, and over 150% year-on-year.

我們看到這個市場的需求彈性很強，在我們的 MCP 產品組合中，我們的平均 NAND 密度環比增長超過 25%，同比增長超過 150%。

Content growth also continues to do well in mobile DRAM, with more than 25% growth in density per unit shipped on a year-on-year basis.

移動 DRAM 的內容增長也繼續表現良好，每單位出貨量的密度同比增長超過 25%。

We expect content growth to continue in mobile devices, driven by broader use of artificial intelligence, and the increasing number of cameras in the average smartphone.

我們預計移動設備中的內容將繼續增長，這得益於人工智能的廣泛使用以及普通智能手機中攝像頭數量的增加。

These elements will become pervasive, while the industry readies for 5G implementation.

這些元素將變得無處不在，而行業已為 5G 實施做好準備。

In data center markets, we saw reduced revenue coming off a record-setting fiscal fourth quarter, due primarily to inventory adjustments at our customers.

在數據中心市場，我們看到第四財季創紀錄的收入減少，這主要是由於我們客戶的庫存調整。

We expect this headwind will persist for a couple of quarters.

我們預計這種逆風將持續幾個季度。

We are seeing some cloud customers go through a digestion period following very strong growth over the last 2 years.

我們看到一些雲客戶在過去 2 年的強勁增長之後經歷了消化期。

We believe we are still in the early innings of cloud growth and long-term end customer demand trends remain strong in this market.

我們相信我們仍處於雲增長的早期階段，並且該市場的長期終端客戶需求趨勢仍然強勁。

Our engagement with our customers continues to be deep, and now includes collaboration on our 3D XPoint product roadmap.

我們與客戶的合作繼續深入，現在包括在我們的 3D XPoint 產品路線圖上的合作。

Higher density DRAM products are seeing stronger demand across the data center market.

更高密度的 DRAM 產品在整個數據中心市場的需求越來越大。

Revenue from our high-density 64 gigabyte DRAM modules grew more than 50% quarter-over-quarter.

我們的高密度 64 GB DRAM 模塊的收入環比增長超過 50%。

We are focused on the upcoming industry transition from 8 to 16 gigabit DRAM, and expect to start sampling our new 16 gigabit DRAM by our fiscal third quarter.

我們專注於即將到來的從 8 Gb 到 16 Gb DRAM 的行業過渡，並期望在我們的第三財季開始對我們的新 16 Gb DRAM 進行抽樣。

In graphics, we started volume ramp of our high-performance GDDR6 memory, and are working closely with our key customers in this segment.

在圖形方面，我們開始量產我們的高性能 GDDR6 內存，並與該領域的主要客戶密切合作。

Higher-than-normal inventories in gaming cards and the fall off in crypto-related demand created revenue headwinds, which we expect to continue for a couple more quarters.

遊戲卡庫存高於正常水平以及與加密相關的需求下降造成了收入逆風，我們預計這種情況將持續幾個季度。

Looking ahead, we see broadening interest in high-performance graphics memory for AI enablement in segments like data center and automotive.

展望未來，我們看到在數據中心和汽車等領域中，人們對支持人工智能的高性能圖形內存的興趣越來越大。

Our product leadership in GDDR6 is already creating new opportunities in these segments.

我們在 GDDR6 的產品領先地位已經在這些領域創造了新的機會。

Turning to markets requiring our long life cycle products.

轉向需要我們長生命週期產品的市場。

In the fiscal first quarter, we had record revenue in auto and industrial markets, with a sequential expansion in gross margins.

在第一財季，我們在汽車和工業市場取得了創紀錄的收入，毛利率連續增長。

Strength in automotive continues to be driven by increasing demand for in-vehicle infotainment and advanced driver assistance systems.

對車載信息娛樂和高級駕駛輔助系統的需求不斷增加，繼續推動汽車行業的發展。

As a result, we see strong demand for our latest generation of automotive products.

因此，我們看到對我們最新一代汽車產品的強勁需求。

In November, we announced a collaboration with BMW to define and validate next generation automotive solutions.

11 月，我們宣布與寶馬合作定義和驗證下一代汽車解決方案。

This is another proof point of Micron's leadership in automotive, and the growing criticality of memory and storage to leading-edge automotive applications.

這是美光在汽車領域的領先地位以及內存和存儲對前沿汽車應用日益增長的重要性的又一證明。

Turning to our DRAM industry outlook.

轉向我們的 DRAM 行業前景。

As I've mentioned previously, DRAM demand weakened through the course of our fiscal first quarter.

正如我之前提到的，DRAM 需求在我們第一財季的整個過程中都在減弱。

Since the start of this fiscal second quarter, the weakening demand trend has continued, and our near-term visibility is limited.

自本財年第二季度開始以來，需求疲軟的趨勢一直持續，我們的近期能見度有限。

Due to a lengthy period of rising DRAM prices, we believe some of our customers had decided to carry higher-than-normal inventory levels, and as DRAM supply caught up with demand, these customers are bringing down their inventory levels.

由於 DRAM 價格長期上漲，我們認為我們的一些客戶已決定持有高於正常水平的庫存水平，並且隨著 DRAM 供應趕上需求，這些客戶正在降低庫存水平。

Smartphone unit demand is also continuing to weaken, particularly, at a high-end in what is seasonally slow quarter for mobile.

智能手機的單位需求也在繼續走弱，尤其是在移動設備季節性低迷的高端市場。

Lastly, we are continuing to see the impact of CPU shortages.

最後，我們繼續看到 CPU 短缺的影響。

While our customers' end market demand in segments like industrial, cloud, enterprise and client compute is healthy, this inventory adjustment period will contribute to weaker demand conditions in DRAM that will likely persist through the first half of calendar 2019.

雖然我們的客戶在工業、雲、企業和客戶端計算等領域的終端市場需求是健康的，但這個庫存調整期將導致 DRAM 需求疲軟，這可能會持續到 2019 年上半年。

We now expect DRAM bit demand growth for the industry in calendar 2019 at approximately 16%, compared with our prior expectation of approximately 20%.

我們現在預計 2019 年該行業的 DRAM 位需求增長約為 16%，而我們之前的預期約為 20%。

Even after factoring in the recent CapEx cuts publicly announced across the industry, DRAM supply growth is tracking above our view of demand growth in calendar 2019.

即使考慮到最近整個行業公開宣布的資本支出削減，DRAM 供應增長仍高於我們對 2019 日曆年需求增長的看法。

Given this supply-demand dynamic, we are taking decisive actions to lower our DRAM bit output growth to approximately 15% for calendar 2019, versus our prior plan of around 20% bit growth.

鑑於這種供需動態，我們正在採取果斷行動，將 2019 日曆年的 DRAM 比特產量增長降低至約 15%，而我們之前的計劃是比特增長約 20%。

These actions include a significant reduction to our capital expenditures in fiscal year 2019.

這些行動包括在 2019 財年大幅減少我們的資本支出。

Based on our current demand estimates, our DRAM bit shipments for the fiscal second quarter will decline sequentially, but more importantly, are likely to be flat to down on a year-over-year basis as well, consistent with a weak quarter for the memory industry and significantly below the long-term demand growth rate.

根據我們目前的需求估計，我們第二財季的 DRAM 位出貨量將環比下降，但更重要的是，同比也可能持平至下降，與內存疲軟的季度一致行業和遠低於長期需求的增長速度。

This shows that inventory adjustments by our customers are well underway.

這表明我們客戶的庫存調整正在進行中。

Barring weaker macroeconomic conditions, we expect our DRAM bit demand to grow sequentially in our fiscal third quarter.

除非宏觀經濟條件疲軟，否則我們預計我們的 DRAM 位需求將在第三財季連續增長。

Looking beyond fiscal Q3, as we enter the second half of calendar 2019, we expect a healthier demand environment alongside an improved industry supply picture, which should contribute to improved financial performance.

展望第三季度之後，隨著我們進入 2019 年下半年，我們預計需求環境會更加健康，同時行業供應情況會有所改善，這將有助於改善財務業績。

In NAND, while the inventory levels at customers are in better shape, NAND suppliers appear to have elevated levels of inventory.

在 NAND 方面，雖然客戶的庫存水平較好，但 NAND 供應商的庫存水平似乎有所提高。

The transition from planar to 3D NAND in the industry and successful ramp of 64-layer across the NAND manufacturers has resulted in oversupply in the market over the last several quarters.

行業從平面 NAND 向 3D NAND 的過渡以及 NAND 製造商成功推出 64 層，導致過去幾個季度市場供過於求。

We currently expect calendar 2019 NAND industry bit demand growth to be approximately 35%, with ongoing impacts due to client compute CPU shortages, and weaker high-end smartphone unit demand.

我們目前預計 2019 年日曆 NAND 行業位需求增長約為 35%，由於客戶端計算 CPU 短缺和高端智能手機單位需求疲軟而持續影響。

Even after taking into account recently publicly announced NAND CapEx reductions for calendar 2019, our assessment is that the NAND industry supply growth will exceed industry demand growth in the coming calendar year.

即使考慮到最近公開宣布的 2019 日曆年 NAND 資本支出減少，我們的評估是，NAND 行業供應增長將超過未來日曆年的行業需求增長。

We are, therefore, lowering our 2019 planned NAND bit growth, and further reducing our fiscal 2019 NAND CapEx.

因此，我們正在降低 2019 年計劃的 NAND 位增長，並進一步降低我們 2019 財年的 NAND 資本支出。

We now expect our calendar 2019 NAND supply bit growth to be meaningfully reduced from prior expectations, and expect our bit shipment growth to be in line with the industry demand at approximately 35%.

我們現在預計 2019 年日曆 NAND 供應位增長將顯著低於之前的預期，並預計我們的位出貨量增長將與行業需求保持一致，約為 35%。

We also expect NAND demand to accelerate in the second half of the calendar year, as demand elasticity kicks in for the mobile, enterprise and client markets.

我們還預計，隨著移動、企業和客戶市場的需求彈性開始顯現，NAND 需求將在下半年加速。

Given our attractive cost structure on leading-edge NAND and DRAM, in this market environment, we will manage pricing and carry inventory as necessary to optimize our profitability.

鑑於我們在領先的 NAND 和 DRAM 上具有吸引力的成本結構，在這種市場環境下，我們將根據需要管理定價和庫存，以優化我們的盈利能力。

We are taking decisive action on the supply side to manage our business in a prudent fashion, with an eye towards delivering a robust return on our investments.

我們正在供應方面採取果斷行動，以審慎的方式管理我們的業務，著眼於為我們的投資帶來強勁的回報。

Our actions will significantly reduce our fiscal 2019 CapEx and allow us to continue delivering strong profitability and healthy free cash flow, while investing in our strategic priorities as we position Micron to capitalize on the exciting growth opportunities for the company.

我們的行動將顯著降低我們 2019 財年的資本支出，使我們能夠繼續提供強勁的盈利能力和健康的自由現金流，同時投資於我們的戰略重點，因為我們將美光定位為利用公司令人興奮的增長機會。

I'll now turn it over to Dave to provide financial details of our fiscal first quarter and guidance for the second quarter.

我現在將把它交給戴夫，以提供我們第一財季的財務細節和第二季度的指導。

Thanks, Sanjay.

謝謝，桑傑。

Micron delivered strong results in our fiscal first quarter, including double-digit year-over-year growth in revenue, gross profits, and earnings per share.

美光在我們的第一財季取得了強勁的業績，包括收入、毛利潤和每股收益的兩位數同比增長。

While our near-term outlook has become more challenging, the actions taken to improve our cost structure and increase our mix of high-value solutions, will ensure that our profitability profile remains strong.

雖然我們的近期前景變得更具挑戰性，但為改善我們的成本結構和增加我們的高價值解決方案組合而採取的行動將確保我們的盈利能力保持強勁。

Moreover, Micron's financial position remains healthy, with an improved net cash position and with total liquidity reaching our target levels.

此外，美光的財務狀況保持健康，淨現金狀況有所改善，總流動性達到我們的目標水平。

Total fiscal first quarter revenue was $7.9 billion, up 16% from the prior year, and down 6% from the record fiscal fourth quarter.

第一財季總收入為 79 億美元，比去年同期增長 16%，比創紀錄的第四財季下降 6%。

Revenue was adversely impacted by inventory adjustments at key customers in the cloud, graphics and enterprise markets.

收入受到雲、圖形和企業市場主要客戶庫存調整的不利影響。

Offsetting these headwinds, we delivered record revenue in the mobile, industrial and automotive markets.

抵消了這些不利因素，我們在移動、工業和汽車市場創造了創紀錄的收入。

DRAM represented 68% of total company revenue in the fiscal first quarter.

DRAM 佔第一財季公司總收入的 68%。

DRAM revenue increased 18% year-over-year and declined 9% from the prior quarter.

DRAM 收入同比增長 18%，環比下降 9%。

On a blended basis, DRAM ASPs declined high single digits percent compared to the prior quarter, while shipment quantities were relatively flat.

綜合來看，DRAM ASP 與上一季度相比下降了高個位數百分比，而出貨量則相對持平。

Trade NAND revenue represented 28% of total company revenue in the fiscal first quarter.

貿易 NAND 收入佔第一財季公司總收入的 28%。

Trade NAND revenue increased 17% year-over-year and declined 2% quarter-over-quarter.

Trade NAND 收入同比增長 17%，環比下降 2%。

Our overall NAND ASP declined in the low- to mid-teens percent, and shipment quantities increased in the low to mid-teens percent, compared to the prior quarter.

與上一季度相比，我們的整體 NAND ASP 下降了 10% 到 10%，出貨量增加了 10% 到 10%。

Now turning to our revenue trends by business unit.

現在轉向按業務部門劃分的收入趨勢。

Revenue for the Compute and Networking Business Unit was $3.6 billion, up 12% year-on-year and down 17% quarter-on-quarter.

計算和網絡業務部門的收入為 36 億美元，同比增長 12%，環比下降 17%。

The sequential decline was driven by the impact of inventory adjustments at some of our customers in the graphics, enterprise and cloud markets.

連續下降的原因是我們在圖形、企業和雲市場中的一些客戶的庫存調整的影響。

The Mobile Business Unit delivered a strong quarter, with record revenue of $2.2 billion, revenue increased 62% year-over-year and 17% from the prior quarter.

移動業務部門的季度表現強勁，收入達到創紀錄的 22 億美元，收入同比增長 62%，比上一季度增長 17%。

Revenue growth was driven by the continued strength of our low-power DRAM offerings, and share gains in our mobile managed NAND business with several leading handset customers.

收入增長是由我們的低功耗 DRAM 產品的持續優勢推動的，以及與幾家領先的手機客戶分享我們的移動管理 NAND 業務的收益。

Embedded Business Unit revenue of $933 million was up 12% year-on-year, and up 1% quarter-on-quarter.

嵌入式業務部門收入為 9.33 億美元，同比增長 12%，環比增長 1%。

The automotive and industrial business -- businesses had record revenue, driven by strong sales of our DRAM and NOR products.

汽車和工業業務——在我們的 DRAM 和 NOR 產品的強勁銷售推動下，業務收入創歷史新高。

And finally, turning to the Storage Business Unit, or SBU, fiscal first quarter revenue was $1.1 billion, down 17% year-on-year and 8% quarter-on-quarter.

最後，轉向存儲業務部門（SBU），第一財季收入為 11 億美元，同比下降 17%，環比下降 8%。

The sequential decline in revenue was driven by weaker pricing and the ongoing transition from SATA to NVMe SSDs.

收入的連續下降是由於定價疲軟和從 SATA 到 NVMe SSD 的持續過渡。

The impact of this transition will continue through calendar 2019.

這種轉變的影響將持續到 2019 年。

Our strategy to move bits from SBU components to high-value solutions in mobile is also contributing to a decline in revenue for SBU.

我們將位從 SBU 組件轉移到移動中的高價值解決方案的戰略也導致 SBU 收入下降。

The consolidated gross margin for the fiscal first quarter was 59%, up 360 basis points from the prior year, and down approximately 230 basis points from the prior quarter.

第一財季的綜合毛利率為 59%，比上年增長 360 個基點，比上一季度下降約 230 個基點。

This includes a 120 basis point impact from 3D XPoint underutilization costs.

這包括 3D XPoint 未充分利用成本帶來的 120 個基點影響。

During the last few months, we successfully leveraged our global supply chain to mitigate the impact of the China trade tariffs to less than 50 basis points to our consolidated fiscal first quarter gross margin.

在過去的幾個月裡，我們成功地利用我們的全球供應鏈將中國貿易關稅的影響減輕到不到 50 個基點對我們第一財季綜合毛利率的影響。

We expect to be able to mitigate approximately 90% of the impact from tariffs starting in January 2019.

從 2019 年 1 月開始，我們預計能夠減輕大約 90% 的關稅影響。

We believe that Micron will not be directly impacted by any expansion of trade tariffs to additional product categories.

我們認為，美光不會直接受到貿易關稅擴大至其他產品類別的直接影響。

Operating expenses were $783 million, slightly above our guidance, mainly due to higher-than-expected prequalification expenses associated with new product introductions.

運營費用為 7.83 億美元，略高於我們的預期，主要是由於與新產品推出相關的資格預審費用高於預期。

Looking forward, as our joint development work with Intel comes to a conclusion around the end of this fiscal year, the R&D cost-sharing between the companies will naturally reduce and come to an end.

展望未來，隨著我們與英特爾的聯合開發工作在本財年末左右落下帷幕，雙方的研發成本分攤自然會減少並告一段落。

In the fiscal first quarter, Intel's share of joint R&D expenses was approximately $30 million.

在第一財季，英特爾在聯合研發費用中的份額約為 3000 萬美元。

We expect that our R&D expenses will continue to increase in the coming quarters, due to the combination of these declining R&D contributions from Intel, as well as increased investments in future technologies and high-value solutions across our portfolio.

我們預計未來幾個季度我們的研發費用將繼續增加，原因是英特爾的研發貢獻下降，以及對未來技術和我們產品組合中高價值解決方案的投資增加。

We continue to drive strong profitability in the fiscal first quarter, with operating income of $3.9 billion, representing 49% of revenue.

我們在第一財季繼續推動強勁的盈利能力，營業收入為 39 億美元，佔收入的 49%。

This margin is up 3 percentage points year-over-year and down 3 percentage points from the fiscal fourth quarter.

這一利潤率同比增長 3 個百分點，比第四財季下降 3 個百分點。

As previously mentioned, the improvements that Micron has made over the prior several years have resulted in structurally higher margins.

如前所述，美光在過去幾年中所做的改進導致了結構性更高的利潤率。

The tax rate for the fiscal first quarter was 10%, and we expect our fiscal year 2019 tax rate to be around 11%.

第一財季的稅率為 10%，我們預計 2019 財年的稅率將在 11% 左右。

Non-GAAP earnings per share in the fiscal first quarter totaled $2.97, up from $2.45 in the year ago quarter and down from $3.53 in the prior quarter.

第一財季非美國通用會計準則每股收益總計 2.97 美元，高於去年同期的 2.45 美元，低於上一季度的 3.53 美元。

We commenced our capital return program in the fiscal first quarter with the repurchase of $1.8 billion of common stock, representing a reduction of approximately 42 million shares or about 3.5% of shares outstanding.

我們在第一財季開始了資本回報計劃，回購了 18 億美元的普通股，減少了約 4200 萬股或約 3.5% 的流通股。

We expect to remain active with our stock buybacks in the fiscal second quarter, as we continue to make progress on our $10 billion repurchase program by returning at least 50% of our ongoing free cash flows to shareholders.

我們預計將在第二財季繼續積極進行股票回購，因為我們通過將至少 50% 的持續自由現金流返還給股東，繼續在 100 億美元的回購計劃上取得進展。

Turning to cash flows and capital spending.

轉向現金流和資本支出。

In the fiscal first quarter, we generated $4.8 billion in cash from operations, representing 61% of revenue.

在第一財季，我們從運營中產生了 48 億美元的現金，佔收入的 61%。

Capital spending, net of third-party contributions, was $2.5 billion, up from $2.1 billion in the prior quarter.

扣除第三方貢獻後的資本支出為 25 億美元，高於上一季度的 21 億美元。

In the fiscal first quarter, our free cash flow was approximately $2.3 billion, up about $600 million from the year ago quarter, and down approximately $750 million from the prior quarter.

在第一財季，我們的自由現金流約為 23 億美元，比去年同期增加約 6 億美元，比上一季度減少約 7.5 億美元。

We deployed approximately 80% of the quarter's free cash flow towards our share repurchase program.

我們將本季度大約 80% 的自由現金流用於我們的股票回購計劃。

Even with the substantial outlay for share repurchases, we ended the fiscal quarter in a record net cash position of $3.1 billion, with approximately $7.2 billion in cash, marketable investments and restricted cash, and $4.1 billion in debt.

即使有大量的股票回購支出，我們在本財季結束時仍以創紀錄的 31 億美元淨現金頭寸結束，擁有約 72 億美元的現金、可出售的投資和受限制的現金，以及 41 億美元的債務。

While we largely completed our deleveraging activities in fiscal year 2018, we further reduced our debt balance in the quarter by approximately $500 million through the settlement of outstanding convertible note redemptions of $160 million and other scheduled payments.

雖然我們在 2018 財年基本完成了去槓桿活動，但通過結清 1.6 億美元的未償可轉換票據贖回和其他預定付款，我們進一步將本季度的債務餘額減少了約 5 億美元。

Overall, our solid balance sheet, strong cash flow, and robust liquidity put us in an excellent position to execute on our capital returns program.

總體而言，我們穩健的資產負債表、強勁的現金流和強勁的流動性使我們處於執行資本回報計劃的絕佳位置。

Prior to issuing our fiscal second quarter guidance, I'd like to provide some context for our outlook.

在發布我們的第二財季指引之前，我想為我們的展望提供一些背景信息。

Due to the weaker demand environment, we expect fiscal second quarter sequential bit shipments to be down meaningfully for both NAND and DRAM.

由於需求環境疲軟，我們預計 NAND 和 DRAM 的第二財季連續位出貨量將顯著下降。

Given the weaker near-term outlook, we are lowering our CapEx plans to a range of $9 billion to $9.5 billion for fiscal 2019.

鑑於近期前景疲軟，我們將 2019 財年的資本支出計劃下調至 90 億至 95 億美元。

At the midpoint, this represents a $1.25 billion reduction from our prior guidance, and our front-end equipment CapEx is now down year-on-year.

在中點，這比我們之前的指導減少了 12.5 億美元，我們的前端設備資本支出現在同比下降。

We'll continue to remain flexible with capital spending to respond to market conditions.

我們將繼續保持靈活的資本支出以應對市場狀況。

With that in mind, our non-GAAP guidance for the fiscal second quarter is as follows: we expect revenue to be in the range of $5.7 billion to $6.3 billion; and gross margins to be in the range of 50% to 53%; operating expenses are expected to be $800 million, plus or minus $25 million.

考慮到這一點，我們對第二財季的非 GAAP 指導如下：我們預計收入將在 57 億美元至 63 億美元之間；毛利率在 50% 至 53% 之間；運營費用預計為 8 億美元，上下浮動 2500 萬美元。

As we execute on longer-term growth investments, we're actively managing OpEx by implementing expense controls across the company, including tighter controls on headcount, holiday work schedule slowdowns and reductions in discretionary spending.

在我們執行長期增長投資時，我們正在通過在整個公司實施費用控制來積極管理運營支出，包括對員工人數的更嚴格控制、假期工作安排放緩和可自由支配支出的減少。

Based on a share count of approximately 1.15 billion fully diluted shares, we expect EPS to be $1.75, plus or minus $0.10.

根據大約 11.5 億股完全稀釋後的股票數量，我們預計每股收益為 1.75 美元，上下浮動 0.10 美元。

In closing, Micron continues to deliver solid financial results on a stronger performance foundation.

最後，美光在更強大的業績基礎上繼續提供穩健的財務業績。

We are making progress on all of our key initiatives, including our high-value solutions product portfolio, our cost profile, capital return program, and financial structure, with a record net cash position, and $9.7 billion of liquidity at the end of the fiscal first quarter.

我們在所有關鍵舉措上都取得了進展，包括我們的高價值解決方案產品組合、我們的成本概況、資本回報計劃和財務結構，在本財年末擁有創紀錄的淨現金頭寸和 97 億美元的流動性第一季度。

While near-term market conditions are challenging, we are taking appropriate steps to manage production and spending, in order to deliver healthy profitability and cash flows.

儘管近期市場條件充滿挑戰，但我們正在採取適當措施來管理生產和支出，以提供健康的盈利能力和現金流。

There is no doubt Micron remains in the strongest financial position in the company's history, as we transition to next-generation technologies and products.

毫無疑問，隨著我們向下一代技術和產品過渡，美光仍處於公司歷史上最強勁的財務狀況。

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。

While we end calendar 2018 on the heels of unprecedented profitability and revenue for both Micron and the industry, we do believe we are entering a period of weaker market conditions.

雖然我們在美光和整個行業都獲得了前所未有的盈利能力和收入之後結束了 2018 年日曆，但我們確實相信我們正在進入一個市場狀況疲軟的時期。

We are taking prudent actions to adapt our manufacturing plans to the changing demand environment.

我們正在採取謹慎的行動，使我們的製造計劃適應不斷變化的需求環境。

While we are implementing expense controls, we are also continuing to invest in our technology and cost competitiveness, as well as strengthening our portfolio of high-value solutions.

在實施費用控制的同時，我們還將繼續投資於我們的技術和成本競爭力，並加強我們的高價值解決方案組合。

Memory and storage have become essential ingredients to the value created by the data economy, and it is this added value that is driving a virtual cycle of long-term growth and innovation.

內存和存儲已成為數據經濟創造價值的重要組成部分，正是這種附加價值推動了長期增長和創新的虛擬循環。

We continue to believe that the memory industry is structurally stronger, with more diversified demand drivers and moderating supply growth capability.

我們繼續認為，內存行業結構性更強，需求驅動更加多元化，供應增長能力放緩。

Micron is better positioned than ever before to win in this environment with our strong balance sheet and the structural improvements we have made to our operating model in the past several years.

憑藉我們強大的資產負債表以及過去幾年我們對運營模式所做的結構性改進，美光比以往任何時候都更有能力在這種環境中獲勝。

We believe 2019 will be a year of solid profitability, and I look forward to sharing our results over the quarters ahead.

我們相信 2019 年將是盈利穩健的一年，我期待在未來幾個季度分享我們的業績。

We will now open for questions.

我們現在開始提問。

(Operator Instructions) And our first question will come from Timothy Arcuri with UBS.

（操作員說明）我們的第一個問題將來自瑞銀的 Timothy Arcuri。

Thank you, Sanjay, I was wondering if you could help quantify the inventory at your big hyper scale customers?

謝謝你，桑傑，我想知道你是否可以幫助量化你的超大規模客戶的庫存？

It sounds like in aggregate it's maybe 2 months.

聽起來總共可能需要2個月。

So I'm wondering if you can help with that number?

所以我想知道你是否可以幫助這個號碼？

So inventory at our customers and this is -- customers in various segments of our market, some of those customers are carrying higher levels of inventory, and that inventory level varies from customer to customer, we believe.

因此，我們客戶的庫存，這是我們市場各個細分市場的客戶，其中一些客戶的庫存水平更高，我們相信，庫存水平因客戶而異。

And our assessment is that inventory adjustments will take couple of quarters for it to be corrected, for it to work through the system entirely and, of course, we continue to work with our customers in the meantime, in terms of understanding their longer-term demand requirements.

我們的評估是，庫存調整需要幾個季度才能得到糾正，讓它完全通過系統工作，當然，與此同時，我們將繼續與我們的客戶合作，了解他們的長期需求要求。

And, certainly, our customers are indicating optimism towards the demand requirements in the second half of the year, and especially, as inventory adjustments work through the system and as supply cuts, the effect of those come through the industry, as well as second half of the calendar year tends to be seasonally stronger, compared to the first half of the year, we do expect that by the second half of the year, we'll have an environment that will be improved, stronger, compared to the first half of the year.

而且，當然，我們的客戶對下半年的需求需求表示樂觀，特別是隨著庫存調整通過系統進行以及供應削減，這些影響來自整個行業以及下半年日曆年的季節性趨強，與上半年相比，我們確實預計到下半年，我們將擁有一個比上半年更好、更強的環境那一年。

And just keep in mind that the long-term demand trends in our end markets of cloud, client, enterprise, graphics, all of these end markets, the trends continue to be strong, needing more memory and more storage ultimately.

請記住，我們的雲、客戶端、企業、圖形等終端市場的長期需求趨勢，所有這些終端市場，趨勢繼續強勁，最終需要更多的內存和存儲空間。

We're just going through an air pocket here, related to primarily inventory adjustments, as well as some seasonal, weak mobile demand, including mobile demand on the high-end smartphones that is impacting some of our near-term visibility, as well as the near-term outlook.

我們只是在這裡經歷了一個氣袋，主要與庫存調整有關，以及一些季節性的、疲軟的移動需求，包括影響我們近期知名度的高端智能手機的移動需求，以及近期前景。

And then I guess just as a quick follow-up, Dave.

然後我想只是作為一個快速跟進，戴夫。

So I think maybe the surprise in the guidance is that the bit shipments are down, I think you said, meaningfully for both NAND and DRAM.

因此，我認為指導中的意外可能是位出貨量下降，我想你說過，這對 NAND 和 DRAM 都有意義。

I'm wondering, what that means for inventories?

我想知道，這對庫存意味著什麼？

Are you going to ship out of inventory?

你要出貨的庫存嗎？

Or are you cutting utilization?

或者你正在削減利用率？

Can you sort of walk us through that?

你能給我們介紹一下嗎？

So we are reducing our production for both DRAM and NAND.

因此，我們正在減少 DRAM 和 NAND 的產量。

As Sanjay indicated, from a DRAM perspective, we're bringing bit supply growth down to 15% approximately in calendar year 2019.

正如 Sanjay 所指出的，從 DRAM 的角度來看，我們將在 2019 日曆年將位供應增長率降至大約 15%。

For NAND, we're also bringing the production down meaningfully, and we did indicate that we would ship close to demand for NAND, and we think that demand is about 35%.

對於 NAND，我們也在顯著降低產量，我們確實表示我們將接近 NAND 的需求出貨，我們認為需求約為 35%。

So, obviously, there will be periods of time where we do have inventory increasing for some period of time and then, of course, it will adjust down through the years as we -- as those demand and supply numbers get more aligned.

因此，很明顯，在一段時間內，我們的庫存確實會增加一段時間，然後，當然，隨著我們的需求和供應數字變得更加一致，它會隨著時間的推移而調整。

In the first quarter, we had days of inventory up to 107 days, I'm very comfortable with 107 days.

在第一季度，我們的庫存天數達到了 107 天，我對 107 天感到非常滿意。

This is very low cost product that we're putting on the balance sheet.

這是我們要列入資產負債表的非常低成本的產品。

There is no risk around obsolescence, it's part -- it's very likely that it will go up again next quarter.

過時沒有風險，這是一部分 - 它很可能會在下個季度再次上漲。

Again, I'm very comfortable with that.

再說一次，我對此很滿意。

But I think over the long term, we'll have it more aligned with ultimately where we want it to be.

但我認為從長遠來看，我們會讓它更符合我們最終想要的樣子。

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

我們的下一個問題將來自瑞士信貸的 John Pitzer。

Dave, just relative to the guidance for OpEx in February quarter of $800 million, plus or minus $25 million, does that now reflect what we should think about as a fully burdened OpEx as you kind of move away from the shared cost with Intel?

戴夫，僅相對於 2 月季度 8 億美元的運營支出指導，上下浮動 2500 萬美元，現在這是否反映了我們應該考慮作為一個完全負擔的運營支出，因為你有點遠離與英特爾的分攤成本？

And relative to the $6 billion of operational efficiency gains you talked about at the Analyst Day this past summer, how does that fit in with this OpEx guide?

相對於您在去年夏天的分析師日上談到的 60 億美元的運營效率提升，這與本運營支出指南有何契合？

Because this is about $200 million more OpEx per quarter than we saw at similar revenue levels back in sort of '16, '17, and it's about $300 million above per quarter what we saw kind of in the '15 sort of correction?

因為這比我們在 16 年和 17 年類似的收入水平上看到的每季度的運營支出高出約 2 億美元，而且每季度比我們在 15 年的修正中看到的高出約 3 億美元？

Yes, good question.

是的，好問題。

So we did guide $800 million for OpEx in the second quarter, plus or minus $25 million.

因此，我們確實在第二季度為 OpEx 指導了 8 億美元，上下浮動 2500 萬美元。

That's probably -- that's certainly not fully burdened.

這可能是 - 這肯定不是完全負擔。

We had about $30 million of benefit in the first fiscal quarter related to Intel's contribution through R&D expenses.

我們在第一財季獲得了大約 3000 萬美元的收益，這與英特爾通過研發費用的貢獻有關。

It will be a little bit less in the second quarter, but over the course of the rest of the year, it will kind of phase down.

第二季度會少一點，但在今年餘下的時間裡，它會逐步下降。

So that certainly will elevate the OpEx in the third and fourth quarter relative to the second quarter.

因此，與第二季度相比，這肯定會提高第三季度和第四季度的運營支出。

And also, we're not -- while we are certainly managing expenses prudently and we are taking steps in terms of reducing discretionary spending and just monitoring our head count very closely, we still are making the necessary investments on the product side and the non-technology side.

而且，我們不是——雖然我們確實在謹慎地管理開支，我們正在採取措施減少可自由支配的支出，只是非常密切地監控我們的員工人數，但我們仍然在產品方面和非-技術方面。

This is as Sanjay mentioned, and air pocket, we don't want to in any way, impact our long term strategy for some sort of near-term event.

正如桑傑所提到的，我們不希望以任何方式影響我們對某種近期事件的長期戰略。

So OpEx will likely go up a little bit.

所以 OpEx 可能會上升一點。

It's a fair point on the OpEx.

這是運營支出的一個公平點。

I would say, if you look at the guidance for the second quarter or even with the revenue guidance we gave relative to what the first quarter was like, if you take the kind of midpoint of the earnings number, and the midpoint of the revenue guidance number, you'll get kind of 38% plus operating margin.

我想說，如果您查看第二季度的指導，甚至我們給出的相對於第一季度的收入指導，如果您採用收益數字的中點和收入指導的中點數字，您將獲得 38% 的營業利潤率。

So that is a really good number obviously.

所以這顯然是一個非常好的數字。

It's a number of, in my previous company, we were kind of aspirationally trying to get to.

這是一些，在我以前的公司，我們有點渴望達到。

So it's a very good operation -- operating margin number.

所以這是一個非常好的操作——營業利潤率。

And I think it reflects the fact that we achieved the $6 billion of improvements that we said we would make at the Analyst Day.

我認為這反映了我們實現了我們在分析師日所說的 60 億美元的改進這一事實。

We still think we have more work to do in terms of driving the mix towards high-value solutions in terms of improving our cost competitiveness, both on the front-end and on the back-end side.

我們仍然認為，在提高前端和後端的成本競爭力方面，我們還有更多工作要做，以推動高價值解決方案的組合。

So there is more to come, there is another $3 billion that we committed, and we feel very good about that.

所以還有更多，我們承諾再投入 30 億美元，我們對此感覺非常好。

And then as my follow-up for Sanjay.

然後作為我對桑傑的後續行動。

Can you just walk us through the strategic puts and takes of building inventory into the February quarter, as opposed to trying to let those bits out into the marketplace and let elasticity sort of take over?

您能否簡單介紹一下在 2 月季度建立庫存的戰略性看跌期權，而不是試圖讓這些部分進入市場並讓彈性接管？

Is this sort of intangible reflection of your view that this will be relatively short-lived a couple of quarters?

這種無形的反映是您認為這將是相對短暫的幾個季度嗎？

And what would you need to see before you would think that inventory build was too risky?

在您認為庫存構建風險太大之前，您需要先看到什麼？

So I think our inventory, our cost structure is very good, both on DRAM as well as on the NAND side.

所以我認為我們的庫存和成本結構非常好，無論是在 DRAM 方面還是在 NAND 方面。

And so we are definitely prepared that in terms of managing our overall profitability, which is absolutely our primary focus, that we'll manage pricing and manage inventory accordingly, as necessary.

因此，我們絕對準備好管理我們的整體盈利能力，這絕對是我們的主要關注點，我們將在必要時相應地管理定價和管理庫存。

If inventor has to be carried over, we will carry it over, because the demand in NAND will kick in with elasticity.

如果必須結轉發明人，我們將結轉，因為 NAND 的需求將具有彈性。

In DRAM, the inventory consumption with our customers will occur, supply cuts will be driving return to stronger demand environment, compared to -- in the second half, compared to first half.

在 DRAM 方面，與我們的客戶的庫存消耗將發生，供應削減將推動恢復到更強勁的需求環境，與下半年相比，與上半年相比。

So we will be using inventory as a lever to ultimately manage for the best profitability of the company.

因此，我們將使用庫存作為最終管理公司最佳盈利能力的槓桿。

And certainly, be prepared, use that inventory as necessary to also capitalize on the second half opportunities.

當然，請做好準備，根據需要使用該庫存，以利用下半年的機會。

And our focus really will also remain that in terms of our CAGR, in terms of output growth, to be aligned with the demand CAGR.

我們的重點實際上也將仍然是我們的複合年增長率，就產量增長而言，與需求復合年增長率保持一致。

And we'll, of course, from time-to-time, use inventory as a lever to manage the profitability of our business and, of course, manage our customers' requirements as well.

當然，我們會不時地使用庫存作為管理我們業務盈利能力的槓桿，當然，還要管理我們客戶的需求。

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

我們的下一個問題將來自於 Evercore 的 C. J. Muse。

I guess, first question, can you talk about what you're thinking in terms of cost down efforts both for DRAM and NAND, particularly as you move to higher-value solutions, changing mix, including 1Y, 1Z, as well as 96 layers in the '19 time frame?

我想，第一個問題，您能否談談您在降低 DRAM 和 NAND 成本方面的想法，特別是當您轉向更高價值的解決方案、改變組合（包括 1Y、1Z 以及 96 層）時在 19 年的時間範圍內？

With respect to the cost structure, we continue to be in very good position, as we said, that for our fiscal year '19, we'll have healthy cost reductions, both for NAND as well as DRAM.

關於成本結構，我們繼續處於非常有利的位置，正如我們所說，在我們的 19 財年，我們將健康地降低 NAND 和 DRAM 的成本。

And you're, of course, right to note that as we increase the mix of our high-value solutions, for example, over the longer term as we increase our SSD mix or increase our managed NAND solutions, those do tend to incur higher costs.

當然，您應該注意到，隨著我們增加高價值解決方案的組合，例如，從長遠來看，隨著我們增加 SSD 組合或增加我們的託管 NAND 解決方案，這些確實往往會產生更高的成本費用。

But they also bring higher margins, higher profitability, higher pricing associated with them as well.

但它們也帶來了更高的利潤率、更高的盈利能力以及與之相關的更高定價。

So cost wise, we are in good shape.

所以在成本方面，我們處於良好狀態。

That's helpful.

這很有幫助。

And I guess, as a follow-up, a question for you, Dave.

我想，作為後續行動，我想問你一個問題，戴夫。

I think in the past you've talked about wanting to have liquidity, including gross cash and revolver, of roughly 1 year CapEx, which would basically put you on the screws here.

我認為過去你曾談到想要擁有大約 1 年資本支出的流動性，包括總現金和左輪手槍，這基本上會讓你陷入困境。

So the question is, how to think about incremental free cash flow generation?

所以問題是，如何考慮增量自由現金流的產生？

And what percentage of that would be used for buybacks?

其中有多少百分比將用於回購？

Yes, good question, C.J. So, we contribute -- let's start with the -- we're at about $9.7 billion of liquidity when you count the cash that we have on the balance sheet, plus the $2.5 billion revolver we have.

是的，好問題，C.J. 所以，我們貢獻了——讓我們從——當你計算資產負債表上的現金加上我們擁有的 25 億美元的左輪手槍時，我們的流動性約為 97 億美元。

So we're in, as you point out, very good shape relative to where our target at liquidity would be.

因此，正如您所指出的，相對於我們的流動性目標，我們處於非常好的狀態。

You saw a pretty healthy return of cash to shareholders in the first quarter.

您在第一季度看到了相當健康的現金回報給股東。

About 80% of our free cash flow went to shareholders in the form of the buyback, and really, the rest went to further deleverage the balance sheet.

我們大約 80% 的自由現金流以回購的形式流向了股東，實際上，其餘的則用於進一步去槓桿化資產負債表。

There's not a ton of deleveraging that will go on through the rest of the year, quite honestly.

老實說，在今年餘下的時間裡不會進行大量的去槓桿化。

And so I would expect us to be -- continue to be good buyers of the stock, so to speak, through the next 3 quarters, and contribute a high portion of our free cash flow in the form of a buyback.

因此，我希望我們繼續成為股票的好買家，可以這麼說，在接下來的三個季度中，並以回購的形式貢獻我們自由現金流的很大一部分。

And our next question will come from Mark Newman with Bernstein.

我們的下一個問題將來自 Mark Newman 和 Bernstein。

First question really, I'd like to ask on the supply adjustments you're making, you're taking down the guidance for both DRAM and NAND production.

第一個問題，我想問一下你們正在進行的供應調整，你們正在取消對 DRAM 和 NAND 生產的指導。

You mentioned about some of that being inventory, but you also mentioned some of that being some reduction adjustments.

您提到其中一些是庫存，但您也提到其中一些是一些減少調整。

It would be useful to understand a bit more about that.

對此有更多了解會很有用。

For example, is that reduction of utilization?

例如，這是否會降低利用率？

Is that a no more capacity additions?

那是不是沒有更多的容量增加了？

Or what is that?

或者那是什麼？

Because some of your competitors have been pushing out some of their capacity additions.

因為你的一些競爭對手一直在推出他們的一些產能增加。

And so it would be useful to understand what Micron is doing here on the capacity adjustments to get this slightly lower bit growth that you are forecasting for calendar '19?

因此，了解美光在產能調整方面所做的工作以實現您對 19 日曆年預測的略微較低的位增長會很有用？

So, certainly, we are taking actions, a range of actions, and we won't really get into any specifics here in terms of what actions we are taking to reduce our output.

因此，當然，我們正在採取行動，一系列行動，我們不會在此真正詳細說明我們正在採取哪些行動來減少產出。

You earlier mentioned about inventory.

您之前提到了庫存。

I mean, of course, we will carry inventory as necessary to manage the profitability.

我的意思是，當然，我們將根據需要進行庫存以管理盈利能力。

But important thing to understand is that we are taking decisive actions in terms of reducing our production output, both in NAND as well as in DRAM.

但需要了解的重要一點是，我們正在採取果斷行動來減少 NAND 和 DRAM 的產量。

And that's the contributor to the $1.25 billion reduction in CapEx, compared to our prior guidance.

與我們之前的指導相比，這就是資本支出減少 12.5 億美元的原因。

And, of course, our intention here is to align our supply output in line with the industry demand trends.

當然，我們的目的是使我們的供應產出與行業需求趨勢保持一致。

And we feel very good about the actions we have taken.

我們對我們採取的行動感覺很好。

In DRAM, we've pointed out that compared to our prior expectations of 20% supply bit growth in calendar 2019, we have taken actions now to reduce our output to provide a 15% supply output growth on a year-over-year basis.

在 DRAM 方面，我們指出，與我們之前對 2019 日曆年供應位增長 20% 的預期相比，我們現在已採取行動減少產量，以提供 15% 的供應產量同比增長。

And in DRAM as well, we have taken actions to adjust our output so that our shipments will match with our demand that we expect to be around 35% in 2019.

在 DRAM 方面，我們已採取措施調整產量，以使我們的出貨量與我們預計 2019 年 35% 左右的需求相匹配。

And I just wanted to make it very clear here -- and I just want to be very clear as we have always said, that we are not adding any new wafer capacity.

我只是想在這裡說得非常清楚——我只想像我們一直說的那樣非常清楚，我們不會增加任何新的晶圓產能。

We are -- the CapEx that we discussed today, the lowered CapEx that we discussed, which on a wafer equipment basis is a reduction from fiscal year '18 CapEx, is all going towards technology transitions only.

我們是 - 我們今天討論的資本支出，我們討論的降低的資本支出，在晶圓設備的基礎上是從 18 財年資本支出的減少，都只針對技術轉型。

And that, of course, is the best way to achieve the ROI on those investments.

當然，這是實現這些投資的投資回報率的最佳方式。

So does that mean slower technology migration?

那麼這是否意味著更慢的技術遷移？

Or does it perhaps mean slightly lower utilization for a temporary period?

或者這可能意味著暫時的使用率略低？

So, Mark, I'm not going to get into the specifics.

所以，馬克，我不打算詳細說明。

Most important thing is, we have managed our CapEx lower, and we continue to take actions to manage our production output lower to align our supply with our demand expectations.

最重要的是，我們已經降低了資本支出，我們將繼續採取行動來降低我們的產量，以使我們的供應與我們的需求預期保持一致。

And I think the effect of these actions will in fact, some of these actions will start showing as early as this quarter.

而且我認為這些動作的效果實際上會，其中一些動作最早會在本季度開始顯現。

Thanks Sanjay and then...

謝謝桑傑，然後……

And if you look at our gross margin guidance.

如果你看看我們的毛利率指導。

Go ahead, sorry Mark.

繼續，對不起馬克。

All right, go ahead.

好吧，繼續。

You go ahead, Dave, first.

戴夫，你先說吧。

I was just going to say, if you look at our gross margin guidance, it would reflect that we have a very good cost structure for our products.

我只是想說，如果你看看我們的毛利率指導，它會反映出我們的產品成本結構非常好。

And the reduction of these output that we are talking about, our cost structure will remain in very good shape, even with that.

並且我們正在談論的這些產出的減少，即使如此，我們的成本結構仍將保持良好狀態。

And in fact, in terms of cost, on a year-over-year basis, we actually, our cost reductions we believe both in DRAM and NAND, will be above the industry.

事實上，就成本而言，按年計算，我們相信 DRAM 和 NAND 的成本降低幅度將高於行業。

Cost reductions remain above the industry, yes.

是的，成本降低仍然高於行業。

My follow-up question is on the demand.

我的後續問題是按需提供的。

You talked about this a little bit of an inventory correction amongst customers, some of your competitors have talked a bit about that as well.

您在客戶中談到了一些庫存調整，您的一些競爭對手也談到了這一點。

But you seem to be reasonably confident that demand is going to come back second half of calendar '19, which also suggests that the inventory should have been burnt up by then.

但是你似乎有理由相信需求會在 19 年下半年恢復，這也表明到那時庫存應該已經燒光了。

The customer's inventory should have been used up mostly by then.

到那時，客戶的庫存應該已經基本用完了。

It would just be helpful, do you have any data points to explain how you get that confidence that demand will come back?

這會很有幫助，您是否有任何數據點來解釋您如何獲得對需求會回升的信心？

Is it perhaps on the NAND side more about demand elasticity?

是否在 NAND 方面更多的是關於需求彈性？

Is it on the DRAM side?

是在 DRAM 端嗎？

Anything about the kind of magnitude of the inventory level the customers have today to give us some kind of sense that -- confidence that, that would've been used up within a couple of quarters, for example?

任何關於客戶今天擁有的庫存水平的大小給我們某種感覺——例如，相信這會在幾個季度內用完？

That'll be great, that would be very helpful.

那會很棒，這將非常有幫助。

So first of all, I think we should realize that the end market demand trends, by and large, really remain quite healthy and our customers also are absolutely continuing to show to us the optimism around the long-term demand trends.

因此，首先，我認為我們應該意識到最終市場需求趨勢總體上仍然非常健康，我們的客戶也絕對繼續向我們展示對長期需求趨勢的樂觀態度。

And as we noted in my remarks, that in our fiscal second quarter, the bits for DRAM, let me first talk about DRAM here, the bits for DRAM will be down on a year-over-year basis, and this needs to be compared with the long-term DRAM demand CAGR of 20%, high teens to 20% range.

正如我們在發言中指出的，在我們第二財季，DRAM 的位，讓我先在這裡談談 DRAM，DRAM 的位將同比下降，這需要進行比較隨著長期 DRAM 需求 CAGR 為 20%，高 10 到 20% 的範圍。

So, when in FQ2, on a year-over-year basis, you reduction and you contrast it with the long-term demand trends of 20% kind of demand growth, then it tells you that during fiscal second quarter, a lot of the inventory adjustments will certainly be occurring.

因此，當在第二季度，同比減少，並將其與 20% 的需求增長的長期需求趨勢進行對比，那麼它告訴你，在第二財季，很多庫存調整肯定會發生。

And that's why we say that it will take couple of quarters for inventory adjustments to occur.

這就是為什麼我們說庫存調整需要幾個季度才能發生。

So again, the point about year-over-year reduction in our DRAM shipments is an important point in understanding that the inventory adjustment by our customers is well underway.

因此，我們的 DRAM 出貨量同比減少這一點是了解我們客戶的庫存調整正在進行中的重要一點。

And all of this, while the end market demand drivers of cloud, as you see from all the data, is absolutely continuing to be healthy, the end market demand driver in terms of average capacity increases of flash and smartphones, as well as DRAM content and smartphones driven by AI and machine learning, continues to be on the upward trend.

而所有這一切，雖然雲的終端市場需求驅動因素，正如你從所有數據中看到的，絕對繼續保持健康，但終端市場需求驅動因素是閃存和智能手機的平均容量增長，以及 DRAM 內容由人工智能和機器學習驅動的智能手機繼續呈上升趨勢。

And of course, applications like automotive and industrial IoT, with more AI and more machine learning, all of these are continuing to drive the demand trends toward a need for more storage and more memory.

當然，像汽車和工業物聯網這樣的應用，隨著更多的人工智能和更多的機器學習，所有這些都在繼續推動對更多存儲和更多內存的需求趨勢。

And we laid out some of these opportunities at our Investor Day, and all of those opportunities very much stay intact, and at the end market level, continue to be vibrant.

我們在投資者日展示了其中一些機會，所有這些機會都保持完好，並且在終端市場層面繼續充滿活力。

So, I think these couple of points that the November quarter itself was, in terms of overall shipment, was below seasonal, as well as the first quarter, on a year-over-year basis, really showing reduction, points to inventory adjustments are well underway.

因此，我認為 11 月季度本身的這幾點，就整體出貨量而言，低於季節性，以及第一季度，與去年同期相比，確實顯示出減少，庫存調整的要點是進展順利。

And, of course, you have to look at this in the backdrop that the output in the industry is coming down as well.

當然，你必須在行業產出也在下降的背景下看待這一點。

We have announced our decisive actions here today, and we have provided the outlook in terms of our output growth in calendar year '19, both for NAND as well as DRAM.

我們今天在這裡宣布了我們的決定性行動，並提供了 19 日曆年 NAND 和 DRAM 產量增長的前景。

So these -- and then, as I said before, that second half of the year tends to be a seasonally stronger part in terms of demand compared to the first half.

所以這些 - 然後，正如我之前所說，與上半年相比，下半年的需求往往是季節性更強的部分。

So these all are definitely pointing to our confidence, and built up on inputs from our customers in terms of second half of the year being stronger than the first half of the year in terms of -- in demand trends and the industry fundamentals as well.

因此，這些都絕對錶明了我們的信心，並建立在我們客戶的投入基礎上，下半年在需求趨勢和行業基本面方面都強於上半年。

And let me just point out one more thing here, that when you look at industry, I mean, compared to the past cycles, really the CapEx cuts are happening at much, much earlier level in the cycle.

讓我在這裡再指出一件事，當你看行業時，我的意思是，與過去的周期相比，資本支出的削減確實發生在周期的更早階段。

And really, in terms of happening even at much higher levels of profitability than ever in the past.

實際上，就發生率而言，甚至比過去任何時候都高得多。

So all this, overall, I believe, bodes well for the long term fundamentals of the industry as well as, certainly, for Micron.

因此，總的來說，我相信所有這一切對於行業的長期基本面以及美光來說都是好兆頭。

And our next question will come from the line of Aaron Rakers with Wells Fargo.

我們的下一個問題將來自富國銀行的 Aaron Rakers。

I was wondering if I could build on that last comment, you've talked a lot about your own plans in terms of curtailing your capacity expansion this year.

我想知道我是否可以在最後一條評論的基礎上再接再厲，您已經談了很多關於您今年縮減產能擴張的計劃。

But given that you are in off quarter, off calendar quarter, I'm just curious of how you will characterize maybe the competitive landscape, maybe what you've seen change over the last month and a half or so, relative to some of your competitors in the context of both DRAM and NAND?

但是鑑於您處於非季度，非日曆季度，我只是好奇您將如何描述競爭格局，也許您在過去一個半月左右看到的變化，相對於您的一些DRAM 和 NAND 的競爭對手？

And I have a follow-up.

我有一個後續行動。

I think in that regard, you know as much as I do, and over the course of last couple of months, there have been a reduction that have been discussed in the industry, the reductions that you have heard about, that manufacturers have talked about, but also, several analysts have indicated those as well.

我認為在這方面，你和我一樣了解，在過去幾個月的過程中，業內已經討論過削減，你聽說過的削減，製造商談論過的削減，而且，一些分析師也指出了這些。

And of course, the near-term outlook has also, as we said, continued to weaken through the course of our FQ1 time frame and even since our FQ2 has started, those demand weakening trends have continued as well.

當然，正如我們所說，近期前景也在我們的 FQ1 時間框架內繼續走弱，即使自 FQ2 開始以來，這些需求疲軟趨勢也在繼續。

So I think that this is the information that is out there, is what we're using, but we can only talk about ourselves and we can -- we certainly have taken here decisive actions in terms of managing our output growth in line with our demand expectations.

所以我認為這是現有的信息，是我們正在使用的信息，但我們只能談論我們自己，我們可以——我們當然已經採取了果斷的行動來管理我們的產出增長，以符合我們的需求預期。

Okay.

好的。

And then as a quick follow-up, just thinking about your product portfolio, particularly around the enterprise SSD market, I'm curious, it sounds like possibly you're seeing maybe even a quicker ramp towards NVMe than what you previously have seen.

然後作為快速跟進，想想你的產品組合，特別是圍繞企業 SSD 市場，我很好奇，聽起來你可能看到的 NVMe 可能比你以前看到的更快。

I mean, is there a way to kind of quantify how much of maybe the enterprise SSD market is kind of moving away from you until you get your products into the market in the latter part of this calendar year -- or calendar year '19?

我的意思是，有沒有一種方法可以量化企業 SSD 市場有多少可能正在遠離你，直到你的產品在本日曆年下半年或 19 日曆年進入市場？

Certainly, as we have been speaking for a while, the transition from SATA to NVMe is taking place at a fast pace in enterprise, as well as in cloud applications.

當然，正如我們之前所說的，從 SATA 到 NVMe 的轉變在企業以及雲應用程序中都在快速進行。

And we have been focused on developing our own products.

我們一直專注於開發我們自己的產品。

And that's why we have said that in calendar year -- our fiscal year 2019, as we bring out our new NVMe products to the market, our 2019 calendar year ends up being more a year of transition for us.

這就是為什麼我們說在日曆年——我們的 2019 財年，隨著我們將新的 NVMe 產品推向市場，我們的 2019 日曆年最終對我們來說是過渡的一年。

But there is no question that the market certainly is moving from SATA to NVMe applications across-the-board.

但毫無疑問，市場正在全面從 SATA 轉向 NVMe 應用。

And we have just introduced some of our early NVMe products for consumer SSDs, and I talked about how we have introduced NVMe product for automotive applications as well.

我們剛剛介紹了一些用於消費級 SSD 的早期 NVMe 產品，我還談到了我們如何為汽車應用推出 NVMe 產品。

And during the course of calendar 2019, we'll first be bringing out client NVMe products to the market, and then later in the year, we'll bring enterprise and cloud NVMe SSDs.

在 2019 年日曆期間，我們將首先將客戶端 NVMe 產品推向市場，然後在今年晚些時候，我們將推出企業和雲 NVMe SSD。

And that's why we look at calendar year 2020 will be the one time frame when we start gaining share again in our SSDs -- SSD market.

這就是為什麼我們認為 2020 日曆年將是我們開始在 SSD 市場再次獲得份額的一個時間框架。

And our next question will come from the line of Romit Shah with Nomura.

我們的下一個問題將來自野村的 Romit Shah。

Sanjay, I heard you indicate that you expect above average cost declines, but I guess my question is, aren't the actions that you've announced today probably more of a hit to cost per bit in 2020 versus 2019?

桑傑，我聽說您表示您預計成本下降幅度將高於平均水平，但我想我的問題是，您今天宣布的行動不是 2020 年與 2019 年相比可能對每比特成本造成更大的打擊嗎？

How do we think about that?

我們怎麼看？

I think what we have shown you today is that we are able to take decisive actions and we are able to take them fast.

我認為我們今天向您展示的是，我們能夠採取果斷行動，並且能夠迅速採取行動。

I mean, just remember that FQ4 was a record year for the company.

我的意思是，請記住，FQ4 是該公司創紀錄的一年。

And FQ1 is when we first saw signs of inventory adjustment.

FQ1 是我們第一次看到庫存調整跡象的時候。

During the course of FQ1, we have been able to react in terms of cutting down our CapEx, as well as manage our output growth.

在第一季度的過程中，我們已經能夠在削減資本支出以及管理我們的產出增長方面做出反應。

So point is, we can react fast to the changes that are needed in the marketplace, and we remain, this is something we review very, very closely on an ongoing basis, very focused on making sure that we are maximizing the long-term profitability and long-term growth opportunity for Micron.

所以重點是，我們可以對市場所需的變化做出快速反應，而且我們仍然堅持，這是我們持續非常非常密切地審查的事情，非常專注於確保我們最大限度地提高長期盈利能力和美光的長期增長機會。

So this is something that in terms of cost, we feel very good about our position for 2019 and beyond -- going beyond that.

因此，就成本而言，我們對我們在 2019 年及以後的地位感到非常滿意——超越這一點。

We of course continue to make very good progress on our technology nodes.

我們當然會繼續在我們的技術節點上取得非常好的進展。

As I discussed with you, our technology on 1Z is progressing well.

正如我與您討論的那樣，我們在 1Z 上的技術進展順利。

We feel good about that roadmap and continue to make good progress on our NAND roadmap as well.

我們對該路線圖感覺良好，並繼續在我們的 NAND 路線圖上取得良好進展。

And that will all position us well for 2019 as well as for 2020 time frame.

這一切都將使我們在 2019 年和 2020 年的時間框架內處於有利地位。

And I just want to point out that our focus also is on shifting our portfolio to high-value solutions, and those will also strengthen our profitability profile.

我只想指出，我們的重點還在於將我們的產品組合轉向高價值的解決方案，這些也將加強我們的盈利能力。

I guess as my follow-up, on CapEx, I mean, you are cutting your forecast for the year, but CapEx is still up on a year-on-year basis.

我想作為我的後續行動，關於資本支出，我的意思是，您正在削減對今年的預測，但資本支出仍同比增長。

I'm curious, if this downturn ends up being longer than any of us sort of anticipate, is there leverage to reduce CapEx even further from current levels?

我很好奇，如果這次經濟衰退最終比我們任何人預期的要長，是否有槓桿作用可以進一步降低當前水平的資本支出？

So, I will just touch on CapEx, on your previous question on cost, I also wanted to point out that on the cost side, we are making tremendous progress on the back-end assembly and test cost reductions, as well as managing, transforming our supply chain operations, which will give us significant cost benefits as well.

所以，我只想談談資本支出，關於你之前關於成本的問題，我還想指出，在成本方面，我們在後端組裝和測試成本降低以及管理、轉型方面取得了巨大進展我們的供應鏈運營，這也將給我們帶來顯著的成本效益。

So, all in all, 2019 and beyond feel very good about our technology roadmap, manufacturing roadmap capability, as well as overall cost capabilities.

因此，總而言之，2019 年及以後，我們對我們的技術路線圖、製造路線圖能力以及整體成本能力感覺非常好。

In terms of, on the CapEx side, just keep in mind that we have said that with the adjustments that we just have made, over wafer equipment CapEx actually is coming down in fiscal year '19 versus fiscal year '18.

就資本支出而言，請記住，我們已經說過，通過我們剛剛所做的調整，晶圓設備的資本支出實際上在 '19 財年與 '18 財年相比有所下降。

And as we've discussed before, Micron over the last few years, have significantly underinvested in clean room shell CapEx in the facilities and the buildings that are needed to really implement ongoing future technology transitions and a big part of our CapEx, as we have shared with you the past, actually is going towards buildings and facilities, clean room that will be needed for future technology transitions as well.

正如我們之前所討論的，美光在過去幾年中，在設施和建築物中對潔淨室外殼資本支出的投資顯著不足，這些設施和建築物是真正實施正在進行的未來技術轉型和我們資本支出的很大一部分，因為我們有與您分享的過去，實際上是針對建築物和設施，以及未來技術轉型所需的潔淨室。

All of that CapEx does not contribute to bit growth.

所有這些資本支出都不會促進比特增長。

And similarly, we a have significant increase in our CapEx in fiscal year '19 over fiscal year '18 on back-end test and assembly operations as well.

同樣，我們在 19 財年的後端測試和組裝業務的資本支出也比 18 財年顯著增加。

And that is, again, intended to reduce costs, and not -- it doesn't go towards any bit growth.

這再次是為了降低成本，而不是 - 它不會實現任何一點點增長。

And we have flexibility, as we have shown already, in terms of managing CapEx.

正如我們已經展示的那樣，我們在管理資本支出方面具有靈活性。

We'll continue to look at this carefully.

我們將繼續仔細研究這一點。

And if any factors require us to change our CapEx outlook again, we will absolutely address it in a timely and prudent fashion.

如果有任何因素要求我們再次改變我們的資本支出前景，我們絕對會及時和審慎地解決它。

We always continue to evaluate market environment, as well as our own status of technology, transitions, production requirements, and we are making real-time adjustments as needed.

我們一直在持續評估市場環境，以及我們自身的技術狀況、轉型、生產要求，並根據需要進行實時調整。

I mean, it seems like the actions you guys are taking are very prudent, but I -- the part that's confusing for me is, if you're slowing your process migration, then there should be some impact to cost per bit.

我的意思是，看起來你們正在採取的行動非常謹慎，但我 - 讓我感到困惑的部分是，如果你正在減慢進程遷移，那麼每比特成本應該會有一些影響。

And I'm just, I guess I'm just not quite, I just don't quite understand what that impact is?

我只是，我想我只是不太明白，我只是不太明白這種影響是什麼？

Again, in terms of cost per bit, there are a lot of details that have to be looked at.

同樣，就每比特成本而言，有很多細節需要關注。

We're not going to get into all of those details here.

我們不打算在這裡討論所有這些細節。

Key message here is that we are bringing our production output in line with our demand expectations.

這裡的關鍵信息是，我們正在使我們的產量符合我們的需求預期。

Second, we feel very good about our technology position and our cost position, and we'll continue to do very well in this regard.

第二，我們對我們的技術地位和成本地位感覺非常好，我們會繼續在這方面做得很好。

Cost position, of course, includes wafer level, die cost position, but also includes the benefits of assembly and test cost improvements that we are making; and third, is we absolutely stay focused on our high-value solutions strategy, and we're executing well in this area.

成本定位當然包括晶圓級、裸片成本定位，但也包括我們正在進行的組裝和測試成本改進帶來的好處；第三，我們是否絕對專注於我們的高價值解決方案戰略，並且我們在這一領域表現良好。

We talked about how in mobile, even in a market environment of significant NAND oversupply, we actually have delivered strong gains in our mobile high-value solutions portfolio as well.

我們談到了在移動領域，即使在 NAND 嚴重供過於求的市場環境中，我們實際上也在我們的移動高價值解決方案組合中取得了強勁的收益。

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

女士們，先生們，今天的問答環節到此結束。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program and we may all disconnect.

這確實結束了程序，我們都可能斷開連接。

Everybody, have a wonderful day.

大家，有一個美好的一天。