美光科技 (MU) 2019 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我叫 Latif，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to Micron's Second Quarter 2019 Financial Release Conference Call.

在這個時候，我想歡迎大家參加美光 2019 年第二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's Second Fiscal Quarter 2019 Financial Conference Call.

謝謝大家，歡迎參加美光科技 2019 財年第二季度財務電話會議。

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

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

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

今天的通話時間約為 60 分鐘。

This call, including the audio and slides, is also being webcast from our Investor Relations website at investors.micron.com.

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

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

此外，我們的網站包含不久前提交的收益新聞稿。

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

除非另有說明，否則今天對財務結果的討論將在非公認會計原則財務基礎上進行。

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

You can follow us on Twitter, @MicronTech.

您可以在 Twitter 上關注我們，@MicronTech。

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

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 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 和 10-Q 表格，以討論可能影響我們未來結果的風險。

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

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

We 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。

Micron executed well in the second quarter, delivering solid results and healthy levels of profitability and free cash flow despite a challenging industry environment.

儘管行業環境充滿挑戰，美光在第二季度表現良好，取得了穩健的業績和健康的盈利水平和自由現金流。

We continued to strengthen our balance sheet in the quarter by increasing our cash position and total liquidity.

通過增加我們的現金頭寸和總流動性，我們在本季度繼續加強我們的資產負債表。

Although we expect industry headwinds in the near term, we continue to grow and diversify our product portfolio, improve our cost competitiveness and lay the foundation to emerge stronger, both financially and operationally from this environment.

儘管我們預計短期內會出現行業逆風，但我們將繼續增長和多樣化我們的產品組合，提高我們的成本競爭力，並為在這種環境下在財務和運營方面變得更強大奠定基礎。

I would like to start with the review of 2 important pillars of Micron's strategy, improving cost competitiveness and increasing high-value solutions in our portfolio.

我想先回顧一下美光戰略的兩個重要支柱，即提高成本競爭力和增加我們產品組合中的高價值解決方案。

Our strategy positions us for the tremendous opportunities ahead, while also enabling us to better navigate near-term headwinds.

我們的戰略使我們能夠把握未來的巨大機遇，同時也使我們能夠更好地駕馭近期的逆風。

Strong execution against this strategy has improved our annualized profitability by over $6 billion from fiscal 2016 to fiscal 2018.

從 2016 財年到 2018 財年，對該戰略的強有力執行使我們的年化盈利能力提高了超過 60 億美元。

This has improved our EBITDA margin by more than 15 percentage points relative to our competitors over the same period.

與同期的競爭對手相比，這使我們的 EBITDA 利潤率提高了 15 個百分點以上。

We expect further progress on cost reduction this fiscal year, including healthy year-over-year cost declines in both DRAM and NAND.

我們預計本財年成本降低將取得進一步進展，包括 DRAM 和 NAND 的成本同比健康下降。

In DRAM, our 1Y nanometer is yielding well, and we expect to increase conversion to 1Y nanometer in the second half of fiscal 2019.

在 DRAM 方面，我們的 1Y 納米產量良好，我們預計在 2019 財年下半年將提高到 1Y 納米的轉換率。

We are also making excellent progress on 1Z nanometer and have started sampling products utilizing this technology.

我們還在 1Z 納米方面取得了顯著進展，並已開始使用該技術對產品進行抽樣。

As we have said in the past, future DRAM node transitions required additional process steps and more fab cleanroom space.

正如我們過去所說，未來的 DRAM 節點轉換需要額外的工藝步驟和更多的晶圓廠潔淨室空間。

Consequently, in addition to the previously announced expansion of our Hiroshima facility, we are starting site preparation for the cleanroom expansion at our Taichung facility to enable the transition of existing DRAM wafer capacity to future nodes.

因此，除了之前宣布的廣島工廠擴建外，我們還在台中工廠開始進行潔淨室擴建的場地準備工作，以便將現有的 DRAM 晶圓產能轉移到未來的節點。

We are still finalizing the timing but expect production output some time in calendar 2021.

我們仍在最終確定時間，但預計在 2021 年的某個時間生產產量。

In NAND, we achieved meaningful production on 96-layer 3D NAND in fiscal Q2 with the fastest yield ramp of any NAND product in our history.

在 NAND 方面，我們在第二財季實現了 96 層 3D NAND 的有意義的生產，這是我們歷史上任何 NAND 產品中產量增長最快的。

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

我們在第四代 3D NAND 的開發上也取得了良好的進展，它使用了我們的替代柵極技術。

Given the high initial capital requirements of floating gate to replacement gate conversion, we expect that our first replacement gate node will provide limited cost reduction, and hence, we are planning to deploy this node across select NAND products, with the rest of the portfolio converting later to the second node of replacement gate.

鑑於浮動柵極到替代柵極轉換的初始資本要求很高，我們預計我們的第一個替代柵極節點將提供有限的成本降低，因此，我們計劃在選定的 NAND 產品中部署該節點，其餘的產品組合轉換稍後到替換門的第二個節點。

This approach will optimize the ROI of our NAND capital investments as we convert our capacity.

當我們轉換產能時，這種方法將優化我們的 NAND 資本投資的投資回報率。

As a reminder, our replacement gate architecture will allow us to deliver performance improvements and provide us an efficient path towards scaling multiple future generations of 3D NAND.

提醒一下，我們的替代門架構將使我們能夠提供性能改進，並為我們提供一條有效的途徑來擴展未來多代 3D NAND。

Given the limited initial deployment at the first node of replacement gate, we expect that our NAND bit supply growth in calendar 2020 will be below industry demand levels, and we plan to utilize our cost-effective floating gate inventory positioned to meet customer requirements.

鑑於替換柵極的第一個節點的初始部署有限，我們預計 2020 日曆年我們的 NAND 位供應增長將低於行業需求水平，我們計劃利用我們定位的具有成本效益的浮動柵極庫存來滿足客戶需求。

Turning to high-value solutions.

轉向高價值解決方案。

More than 2/3 of NAND revenues in the first half of fiscal 2019 were from high-value solutions, up from 55% in the first half of 2018.

2019 財年上半年超過 2/3 的 NAND 收入來自高價值解決方案，高於 2018 年上半年的 55%。

This increased mix of high-value solutions, combined with our competitive cost structure, enabled us to deliver fiscal Q2 NAND gross margin in the high 30s despite steep price declines in the industry.

這種增加的高價值解決方案組合，再加上我們具有競爭力的成本結構，使我們能夠在 30 多歲的財政季度實現 NAND 毛利率，儘管行業價格急劇下降。

In SSDs, we are making progress on transitioning to NVMe while continuing to improve our cost profile in SATA.

在 SSD 方面，我們在過渡到 NVMe 方面取得了進展，同時繼續改善我們在 SATA 方面的成本狀況。

In fiscal Q2, we began revenue shipments to a large PC OEM for our first NVMe client SSD, which features our internally designed controller and are in active qualifications with other customers.

在第二財季，我們的第一個 NVMe 客戶端 SSD 開始向一家大型 PC OEM 出貨，該 SSD 具有我們內部設計的控制器，並且正在與其他客戶進行積極的認證。

We intend to introduce cloud and enterprise NVMe SSDs later this calendar year.

我們打算在今年晚些時候推出雲和企業 NVMe SSD。

In SATA, we introduced consumer and client SSDs based on 96-layer 3D NAND in fiscal Q2.

在 SATA，我們在第二財季推出了基於 96 層 3D NAND 的消費類和客戶端 SSD。

In the cloud market, our custom persistent memory solution, which combines DRAM and NAND, is now fully ramped and contributed meaningfully to our cloud revenues.

在雲市場，我們結合 DRAM 和 NAND 的定制持久內存解決方案現已全面升級，並為我們的雲收入做出了有意義的貢獻。

3D XPoint development remains on track with customers' samples planned before calendar year-end.

3D XPoint 的開發仍在按計劃進行，客戶的樣品計劃在日曆年年底之前完成。

We believe 3D XPoint technology will be a key enabler for numerous new applications, particularly artificial intelligence and data analytics.

我們相信 3D XPoint 技術將成為眾多新應用的關鍵推動力，尤其是人工智能和數據分析。

As announced previously, in January of this year, we exercised our option to acquire Intel's interest in the IMFT facility in Lehi, Utah.

正如之前宣布的那樣，今年 1 月，我們行使了收購英特爾在猶他州李海 IMFT 設施中的權益的選擇權。

This acquisition provides us with the manufacturing capability and highly skilled talent to drive 3D XPoint to development and innovation.

此次收購為我們提供了推動 3D XPoint 發展和創新的製造能力和高技能人才。

Now turning to end markets.

現在轉向終端市場。

I'll start with mobile.

我將從手機開始。

During fiscal Q2, we grew revenues and expanded gross margins year-over-year despite adverse memory and storage pricing and weakness in high-end smartphone unit sales.

在第二財季，儘管內存和存儲定價不利以及高端智能手機銷量疲軟，我們的收入和毛利率仍同比增長。

Our performance in mobile was propelled by growth in our managed NAND portfolio, where NAND bit shipments grew more than 5x year-over-year.

我們在移動領域的表現受到我們託管 NAND 產品組合的增長的推動，其中 NAND 位出貨量同比增長超過 5 倍。

We are also seeing strong demand for our 1Y nanometer LPDRAM due to its industry-leading capacity and best-in-class power consumption.

由於其行業領先的容量和一流的功耗，我們還看到對我們的 1Y 納米 LPDRAM 的強勁需求。

Memory and storage content growth in smartphones continues, driven by features such as multiple cameras, machine learning, computational photography and 4K video.

在多攝像頭、機器學習、計算攝影和 4K 視頻等功能的推動下，智能手機的內存和存儲內容繼續增長。

Last month, Samsung announced its premium Galaxy S10 Plus smartphone, featuring 12 gigabytes of DRAM and 1 terabyte of NAND.

上個月，三星發布了高端 Galaxy S10 Plus 智能手機，配備 12 GB DRAM 和 1 TB NAND。

At Mobile World Congress, several companies announced exciting new forms featuring 5G connectivity and foldable screens.

在世界移動通信大會上，幾家公司宣布了具有 5G 連接性和可折疊屏幕的令人興奮的新形式。

These next-generation premium smartphones will typically feature 8 to 12 gigabytes of DRAM and 256 to 512 gigabytes of NAND versus 4 to 6 gigabytes of DRAM and 64 to 128 gigabytes of NAND in current-generation premium smartphones.

這些下一代高端智能手機通常配備 8 至 12 GB 的 DRAM 和 256 至 512 GB 的 NAND，而當前一代的高端智能手機則配備 4 至 6 GB 的 DRAM 和 64 至 128 GB 的 NAND。

These trends will likely cascade to lower-tier phones as well.

這些趨勢也可能會蔓延到低端手機。

We believe that 5G foldable phones and upcoming innovations in augmented and virtual reality will drive sustained content growth for years to come and should reignite smartphone unit sales beginning in calendar 2020.

我們相信 5G 可折疊手機和即將到來的增強現實和虛擬現實創新將推動未來幾年內容的持續增長，並應從 2020 年開始重新點燃智能手機銷量。

We are also excited by the opportunity that 5G is likely to create beyond mobile as it will enable true machine-to-machine communication and accelerate data creation and analysis, which are fundamental drivers for our business.

我們也對 5G 可能在移動設備之外創造的機會感到興奮，因為它將實現真正的機器對機器通信並加速數據創建和分析，這是我們業務的基本驅動力。

We expect 5G adoption to create increased demand for memory and storage in IoT devices, wireless infrastructure and data centers.

我們預計 5G 的採用將增加物聯網設備、無線基礎設施和數據中心對內存和存儲的需求。

Our embedded and networking businesses are already starting to see benefit from early 5G infrastructure investments.

我們的嵌入式和網絡業務已經開始從早期的 5G 基礎設施投資中受益。

In the data center markets, the demand for memory has moderated this year, following exceptional growth in the last 2 years.

在數據中心市場，繼過去 2 年的異常增長之後，今年對內存的需求有所放緩。

The slowdown in demand is a result of ongoing customer inventory adjustments as well as software optimizations at some cloud customers.

需求放緩是持續的客戶庫存調整以及一些雲客戶的軟件優化的結果。

We expect growth to resume in the second half of calendar 2019 as we see improvement in our customers' inventory position.

由於我們看到客戶的庫存狀況有所改善，我們預計增長將在 2019 年下半年恢復。

The new server processors that support higher memory densities are expected to be introduced in a few months, which should drive additional demand growth in the second half of calendar 2019.

支持更高內存密度的新服務器處理器預計將在幾個月內推出，這將推動 2019 年下半年的額外需求增長。

In fiscal Q2, we shipped high-density 1Y nanometer DDR4 server module samples to customers ahead of plan, which will position us well to benefit from this new CPU platform ramp.

在第二財季，我們提前向客戶交付了高密度 1Y 納米 DDR4 服務器模塊樣品，這將使我們能夠從這個新的 CPU 平台提升中受益。

In graphics, we grew sales of our high-performance GDDR6 DRAM and expanded our customer base, which positions us for stronger growth in the second half of calendar 2019.

在圖形方面，我們增加了高性能 GDDR6 DRAM 的銷售額並擴大了我們的客戶群，這使我們在 2019 年下半年實現了更強勁的增長。

We are seeing steep customer inventory adjustments in GDDR5 and expect them to be largely completed by the middle of this calendar year.

我們看到 GDDR5 的客戶庫存大幅調整，並預計它們將在本日曆年年中基本完成。

We had delivered strong quarter in automotive, with year-over-year revenue growth driven by increasing demand for ADAS and advanced in-vehicle infotainment systems.

我們在汽車領域實現了強勁的季度業績，收入同比增長是由對 ADAS 和先進車載信息娛樂系統的需求增加推動的。

In fiscal Q2, we announced several new automotive products, including a collaboration with Qualcomm for next-generation in-vehicle infotainment and 5G communications modules.

在第二財季，我們宣布了幾款新的汽車產品，包括與高通合作開發下一代車載信息娛樂和 5G 通信模塊。

We also announced a new strategic collaboration with a leading supplier of ADAS platforms using our full portfolio of memory and storage products.

我們還宣布與使用我們完整的內存和存儲產品組合的 ADAS 平台領先供應商進行新的戰略合作。

Like last year, automobile unit sales are a short-term challenge; however, we see the auto market generating robust growth for Micron over the next decade as memory and storage content continues to increase in autos, driven by advanced infotainment systems and the adoption of autonomous vehicles.

與去年一樣，汽車銷量是一個短期挑戰；然而，隨著先進信息娛樂系統和自動駕駛汽車的採用，汽車中的內存和存儲內容不斷增加，我們認為汽車市場將在未來十年為美光帶來強勁增長。

In the industrial and consumer markets, we saw a decline in sales due to seasonal, macroeconomic and pricing weaknesses as well as inventory adjustments.

在工業和消費市場，由於季節性、宏觀經濟和定價疲軟以及庫存調整，我們看到銷售額下降。

We had important design wins in video surveillance, point-of-sales and factory automation applications.

我們在視頻監控、銷售點和工廠自動化應用方面取得了重要的設計勝利。

At Mobile World Congress, we announced the industry's first 1 terabyte microSD card using QLC NAND.

在世界移動通信大會上，我們發布了業界首款使用 QLC NAND 的 1 TB microSD 卡。

In the PC market, sales declined more than 25% sequentially, driven by weaker pricing and the inventory drawdowns seen in other segments as well as client CPU shortages.

在 PC 市場，銷售額環比下降超過 25%，原因是定價疲軟、其他領域的庫存下降以及客戶端 CPU 短缺。

We remain focused on our cost competitiveness in this market, and over 2/3 of our PC DRAM bit shipments are now coming from our advanced 1X and 1Y nanometer technology nodes.

我們仍然專注於我們在這個市場的成本競爭力，現在我們超過 2/3 的 PC DRAM 位出貨量來自我們先進的 1X 和 1Y 納米技術節點。

Now turning to our DRAM industry outlook.

現在轉向我們的 DRAM 行業前景。

Since our last earnings call, DRAM pricing weakened more than expected.

自我們上次召開財報電話會議以來，DRAM 價格下跌幅度超出預期。

Our demand outlook for calendar 2019 has moderated, led by somewhat greater levels of customer inventory, weakening server demand at several enterprise OEM customers and worse-than-expected CPU shortages.

我們對 2019 日曆年的需求前景有所放緩，這主要是由於客戶庫存水平有所提高、幾家企業 OEM 客戶的服務器需求減弱以及 CPU 短缺情況差於預期。

We believe macroeconomic uncertainty is also contributing to hesitation in buying behavior at some customers.

我們認為宏觀經濟的不確定性也導致一些客戶的購買行為猶豫不決。

However, as we discussed on our last earnings call, we still expect DRAM bit shipments to begin infusing in our fiscal Q3, with demand growth strengthening in the second half of calendar 2019, as most customer inventories are likely to normalize by midyear.

然而，正如我們在上次財報電話會議上所討論的，我們仍然預計 DRAM 位出貨量將在我們的第三財季開始注入，需求增長將在 2019 年下半年加強，因為大多數客戶庫存可能會在年中恢復正常。

Based on our current view, we now estimate calendar 2019 DRAM bit demand growth from our customers to be in the low- to mid-teens, with their end demand a few points above that.

根據我們目前的觀點，我們現在估計我們客戶的 2019 年日曆 DRAM 位需求增長將在 10 至 10 歲左右，他們的最終需求高於此數點。

Further, we estimate the industry supply bit growth is tracking to mid- to high teens.

此外，我們估計行業供應位增長正在追踪到中高水平。

Given the lower DRAM demand outlook from our customers, we have decided to idle approximately 5% of our DRAM wafer starts.

鑑於我們客戶的 DRAM 需求前景較低，我們決定閑置大約 5% 的 DRAM 晶圓開工。

This action will bring our production levels close to our view of DRAM industry bit demand growth for calendar 2019.

這一行動將使我們的生產水平接近我們對 2019 日曆年 DRAM 行業位需求增長的看法。

We will continue to monitor the market and take appropriate actions to ensure that our bit supply growth in calendar 2019 remains closely aligned with demand.

我們將繼續監測市場並採取適當行動，以確保我們在 2019 日曆年的鑽頭供應增長與需求保持緊密一致。

Looking beyond our fiscal 2019, we expect bit demand growth to accelerate as mobile and server demand improves.

展望 2019 財年之後，我們預計隨著移動和服務器需求的改善，比特需求增長將加速。

In particular, we expect robust DRAM bit demand growth in fiscal 2020 bouncing back from a weak fiscal 2019.

特別是，我們預計 2020 財年 DRAM 位需求的強勁增長將從 2019 財年的疲軟中反彈。

NAND markets remain oversupplied from the acceleration in bit growth, driven by the industry transition to 64-layered 3D NAND.

在行業向 64 層 3D NAND 過渡的推動下，由於比特增長加速，NAND 市場仍然供過於求。

Although fiscal Q2 pricing came in below our expectations, we are optimistic that demand elasticity and seasonal trends will support improving demand growth in the second half of the calendar year.

儘管第二財季定價低於我們的預期，但我們樂觀地認為需求彈性和季節性趨勢將支持日曆年下半年的需求增長改善。

We expect that calendar 2019 NAND bit demand growth is likely to be in the mid-30s percent range, with industry supply growing in the high 30s, and we are targeting our bit shipments to grow close to the growth rate of industry bit demand.

我們預計 2019 年日曆 NAND 位需求增長可能在 30% 左右，行業供應在 30 多歲時增長，我們的目標是我們的位出貨量增長接近行業位需求的增長率。

We have been managing our NAND bit supply growth prudently, including adjusting our capital planning and wafer volumes.

我們一直在謹慎管理我們的 NAND 位供應增長，包括調整我們的資本規劃和晶圓數量。

We are reducing our total NAND wafer starts by approximately 5%, mostly through reductions on our legacy nodes.

我們正在將我們的 NAND 晶圓總啟動量減少大約 5%，主要是通過減少我們的傳統節點。

Given these changes in DRAM and NAND industry conditions, we have reduced our CapEx for fiscal year '19 and are evaluating our CapEx for fiscal year '20.

鑑於 DRAM 和 NAND 行業狀況的這些變化，我們降低了 19 財年的資本支出，並正在評估我們的 20 財年資本支出。

We are taking prudent actions to address the current market conditions while executing well on our long-term strategic objectives.

我們正在採取謹慎的行動來應對當前的市場狀況，同時很好地執行我們的長期戰略目標。

I will now turn it over to Dave to provide financial results of our fiscal second quarter and guidance for the third quarter.

我現在將把它交給戴夫，以提供我們第二財季的財務業績和第三季度的指導。

Thanks, Sanjay.

謝謝，桑傑。

Micron's fiscal second quarter results were within our guidance as we executed well in a period of somewhat weaker-than-expected market conditions.

美光的第二財季業績在我們的指導範圍內，因為我們在市場狀況略弱於預期的時期表現良好。

In the quarter, we returned capital to shareholders, continued to improve our cost structure and strengthened our balance sheet through our first issuance of investment-grade debt.

本季度，我們通過首次發行投資級債券，向股東返還資本，繼續改善成本結構並加強資產負債表。

Most of the proceeds from this offering were used to redeem a large portion of our outstanding convertible notes, reducing our fully diluted share count.

此次發行的大部分收益用於贖回我們大部分已發行的可轉換票據，從而減少了我們完全稀釋的股票數量。

Total fiscal second quarter revenue was $5.8 billion, down 21% from the prior year and down 26% from the fiscal first quarter.

第二財季總收入為 58 億美元，比去年同期下降 21%，比第一財季下降 26%。

Revenue reflected worse-than-expected pricing trends in DRAM and NAND.

收入反映了 DRAM 和 NAND 的定價趨勢差於預期。

DRAM revenue was down 28% year-over-year and 30% sequentially from the fiscal first quarter and represented 64% of total company revenue in the fiscal second quarter.

DRAM 收入同比下降 28%，環比下降 30%，佔第二財季公司總收入的 64%。

DRAM ASPs declined in the low-20% range compared to the prior quarter while shipment quantities were down in the low double digits.

與上一季度相比，DRAM 平均售價下降了 20%，而出貨量下降了兩位數。

Year-over-year, DRAM bit shipments were down mid-single digits.

與去年同期相比，DRAM 位出貨量下降了中個位數。

NAND revenue declined 2% year-over-year and 18% from the prior quarter.

NAND 收入同比下降 2%，環比下降 18%。

NAND revenue represented 30% of total company revenue in the fiscal second quarter.

NAND 收入佔第二財季公司總收入的 30%。

Our overall NAND ASP declined in the mid-20% range, while shipment quantities increased in the upper single-digit percentage range compared to the prior quarter.

與上一季度相比，我們的整體 NAND ASP 下降了 20% 左右，而出貨量增加了個位數百分比。

NAND bit shipments came in stronger than our expectation due to timing of demand from a large customer.

由於大客戶的需求時機，NAND 位出貨量強於我們的預期。

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 $2.4 billion, down 35% year-over-year and 34% from the prior quarter.

計算和網絡業務部門的收入為 24 億美元，同比下降 35%，環比下降 34%。

The sequential decline was driven by pricing across major market segments as well as volume reductions, particularly in graphics, cloud and PCs.

連續下降的原因是主要細分市場的定價以及銷量減少，尤其是在圖形、雲和個人電腦方面。

Revenue for the Mobile Business Unit, or MBU, was $1.6 billion, up 3% year-over-year and down 27% from the record fiscal first quarter.

移動業務部門 (MBU) 的收入為 16 億美元，同比增長 3%，比創紀錄的第一財季下降 27%。

Lower volume due to weak seasonality and pricing contributed to the quarter-over-quarter revenue decline.

由於季節性和定價疲軟導致銷量下降，導致收入環比下降。

Despite the current market conditions, MBU revenue grew year-over-year due to strong growth in our managed NAND products.

儘管目前的市場狀況，由於我們管理的 NAND 產品的強勁增長，MBU 收入同比增長。

The Embedded Business Unit revenue of $800 million was down 4% compared to the prior year and down 14% from the record fiscal first quarter.

嵌入式業務部門的收入為 8 億美元，與去年同期相比下降了 4%，與創紀錄的第一財季相比下降了 14%。

The automotive business was only down slightly from record fiscal first quarter despite weakness in automobile sales.

儘管汽車銷售疲軟，但汽車業務僅比創紀錄的第一財季略有下降。

Other embedded revenue declined quarter-over-quarter due to weaker pricing and lower DRAM volumes.

由於定價疲軟和 DRAM 銷量下降，其他嵌入式收入環比下降。

Finally, the Storage Business Unit fiscal second quarter revenue was $1 billion, down 19% year-over-year and down 11% quarter-over-quarter.

最後，存儲業務部門第二財季收入為 10 億美元，同比下降 19%，環比下降 11%。

The sequential decline was driven by lower SSD revenue, partially offset by increased component revenue.

連續下降是由於 SSD 收入下降，部分被組件收入增加所抵消。

The consolidated gross margin for the fiscal second quarter was 50% compared to 58% in the prior year and 59% in the fiscal first quarter.

第二財季的綜合毛利率為 50%，而去年同期為 58%，第一財季為 59%。

Fiscal second quarter results included ongoing impact from 3D XPoint underutilization cost, which approximated 160 basis points.

第二財季業績包括 3D XPoint 未充分利用成本的持續影響，該成本約為 160 個基點。

Pricing came in weaker than expected in both DRAM and NAND, but strong execution on cost reductions resulted in gross margins within our guidance range.

DRAM 和 NAND 的定價均低於預期，但對成本削減的強勁執行導致毛利率在我們的指導範圍內。

Fiscal second quarter operating expenses of $818 million came in at the high end of our guided range.

第二財季運營費用為 8.18 億美元，屬於我們指導範圍的高端。

OpEx included $37 million in onetime tool impairment costs that were not anticipated in our guidance.

運營支出包括 3700 萬美元的一次性工具減損成本，這在我們的指導中沒有預料到。

Excluding this impairment, OpEx would have come in at the low end of our guidance.

排除這種損害，運營支出將處於我們指導的低端。

We remain focused on controlling our expenses while investing in future products and technologies.

我們仍然專注於控制開支，同時投資於未來的產品和技術。

We delivered solid profitability in the fiscal second quarter with operating income of $2.1 billion, representing 36% of revenue.

我們在第二財季實現了穩健的盈利能力，營業收入為 21 億美元，佔收入的 36%。

This margin is down 13 percentage points year-over-year and also down 13 percentage points from the fiscal first quarter.

這一利潤率同比下降了 13 個百分點，也比第一財季下降了 13 個百分點。

The tax rate for the fiscal second quarter was approximately 8.3%, and we now expect our fiscal 2019 tax rate to be approximately 10.5%.

第二財季的稅率約為 8.3%，我們現在預計 2019 財年的稅率約為 10.5%。

Non-GAAP earnings per share in the fiscal second quarter was $1.71, down from $2.82 in the year-ago quarter and down from $2.97 in the prior quarter.

第二財季非美國通用會計準則每股收益為 1.71 美元，低於去年同期的 2.82 美元和上一季度的 2.97 美元。

Turning to cash flows and capital spending.

轉向現金流和資本支出。

In the fiscal second quarter, we generated $3.4 billion in cash from operations, representing 59% of revenue.

在第二財季，我們從運營中產生了 34 億美元的現金，佔收入的 59%。

Capital spending, net of third-party contributions, was approximately $2.4 billion, relatively flat compared with the prior quarter.

扣除第三方貢獻後的資本支出約為 24 億美元，與上一季度相比相對持平。

We have lowered our CapEx targets for fiscal 2019 to approximately $9 billion from our prior guidance range of $9 billion to $9.5 billion as we manage through the current environment while maintaining investment in our strategic priorities.

我們已將 2019 財年的資本支出目標從之前的 90 億美元至 95 億美元的指導範圍下調至約 90 億美元，因為我們在當前環境下進行管理，同時保持對戰略重點的投資。

As we mentioned before, a significant portion of our CapEx this year is going towards cleanroom construction and assembly and test operations, which do not contribute to our bit supply growth.

正如我們之前提到的，我們今年資本支出的很大一部分用於潔淨室建設以及組裝和測試操作，這對我們的鑽頭供應增長沒有貢獻。

Fab equipment spend in fiscal 2019 is down from last year and is mostly targeted towards migrating 20-nanometer DRAM and 32-layer 3D NAND to more advanced nodes, with no new wafer capacity additions.

2019 財年的 Fab 設備支出比去年有所下降，主要針對將 20 納米 DRAM 和 32 層 3D NAND 遷移到更先進的節點，而沒有增加新的晶圓產能。

The investment in these technology transitions provides compelling cost reduction and a very attractive ROI.

對這些技術轉型的投資提供了令人信服的成本降低和非常有吸引力的投資回報率。

As we have demonstrated over the past 2 quarters, we remain nimble on CapEx based on business conditions.

正如我們在過去兩個季度中所展示的那樣，我們根據業務狀況在資本支出方面保持靈活。

In the fiscal second quarter, our adjusted free cash flow, defined as cash flow from operations less net CapEx, was approximately $1 billion compared to $2.2 billion in the year-ago quarter and $2.3 billion in the fiscal first quarter.

在第二財季，我們調整後的自由現金流（定義為運營現金流減去淨資本支出）約為 10 億美元，而去年同期為 22 億美元，第一財季為 23 億美元。

We deployed approximately 70% of the quarter's free cash flow towards our share repurchase program.

我們將本季度約 70% 的自由現金流用於我們的股票回購計劃。

We bought back approximately $700 million of stock in the fiscal second quarter, representing 21 million shares.

我們在第二財季回購了大約 7 億美元的股票，代表 2100 萬股。

Through the first half of fiscal 2019, we repurchased 63 million shares for $2.5 billion, utilizing 76% of our free cash flow in fiscal first half.

在 2019 財年上半年，我們以 25 億美元的價格回購了 6300 萬股股票，利用了上半年自由現金流的 76%。

We continue to do share repurchases as an attractive use of capital and remain committed to deploying at least 50% of our free cash flow on an annual basis towards repurchases under our current $10 billion authorization.

我們繼續將股票回購作為一種有吸引力的資本使用方式，並繼續致力於根據我們目前的 100 億美元授權，每年將至少 50% 的自由現金流用於回購。

In addition to the buybacks, we also eliminated our 2043 converts subsequent to the quarter close, which at current share prices, effectively lowered our fully diluted share count by approximately 9 million shares.

除了回購之外，我們還在季度收盤後取消了 2043 次轉換，按當前股價計算，這實際上將我們完全稀釋的股票數量減少了約 900 萬股。

Note that the underlying share count for these converts was 35 million shares, which could have resulted in greater dilution with increases in our share price.

請注意，這些轉換的基礎股票數量為 3500 萬股，隨著我們股價的上漲，這可能會導致更大的稀釋。

Inventory ended the quarter at $4.4 billion, increasing from $3.9 billion at the end of the fiscal first quarter.

本季度末庫存為 44 億美元，高於第一財季末的 39 億美元。

Our fiscal second quarter days of inventory were 134 days compared to 107 days in the fiscal first quarter.

我們第二財季的庫存天數為 134 天，而第一財季為 107 天。

The actions that we have announced today regarding supply reductions, combined with improving customer demand, will begin to address our higher inventory levels.

我們今天宣布的有關減少供應的行動，以及改善客戶需求，將開始解決我們較高的庫存水平問題。

We ended the fiscal second quarter in a strong liquidity position with net cash of $3 billion and total liquidity of nearly $12 billion.

我們以強勁的流動性狀況結束了第二財季，淨現金為 30 億美元，總流動性接近 120 億美元。

Total cash increased to $9.2 billion, largely as a result of our $1.8 billion debt issuance.

總現金增至 92 億美元，主要是由於我們發行了 18 億美元的債務。

Our debt position increased by $2.1 billion to $6.2 billion in the quarter, primarily due do the debt offering and recognition of premium associated with the Series G convertible note redemption.

本季度我們的債務頭寸增加了 21 億美元至 62 億美元，主要是由於與 G 系列可轉換票據贖回相關的債務發行和溢價確認。

Subsequent to quarter-end, we used $1.4 billion of cash to complete the convertible note redemption, which reduced our outstanding GAAP debt balance by approximately $1.1 billion.

在季度末之後，我們使用了 14 億美元現金完成了可轉換票據的贖回，這使我們的未償 GAAP 債務餘額減少了約 11 億美元。

On January 14, we exercised our call option to acquire IMFT, our joint venture with Intel.

1 月 14 日，我們行使了看漲期權來收購我們與英特爾的合資企業 IMFT。

We expect to close the transaction in either late fiscal 2019 or in the first half of fiscal 2020.

我們預計將在 2019 財年末或 2020 財年上半年完成交易。

This near-$1.5 billion transaction will also retire the $1 billion of joint venture-related debt on Micron's balance sheet.

這項價值近 15 億美元的交易還將償還美光資產負債表上與合資企業相關的 10 億美元債務。

Since we already consolidate IMFT's results in our financial statements, we do not expect a material impact to our near-term results.

由於我們已經將 IMFT 的業績合併到我們的財務報表中，我們預計不會對我們的近期業績產生重大影響。

Now turning to our market outlook.

現在轉向我們的市場前景。

DRAM and NAND markets are working through supply and demand imbalances.

DRAM 和 NAND 市場正在解決供需失衡問題。

Our visibility remains low, and the near-term environment remains challenging.

我們的能見度仍然很低，近期環境仍然充滿挑戰。

While there have been CapEx reductions across the industry, they haven't yet impacted output growth due to lead times.

儘管整個行業的資本支出有所減少，但由於交貨時間的原因，它們尚未影響產量增長。

We expect our DRAM bit shipments to grow sequentially during the fiscal third quarter and at much higher rates in the fiscal fourth quarter.

我們預計我們的 DRAM 位出貨量將在第三財季連續增長，並在第四財季以更高的速度增長。

In NAND, we expect a modest sequential decline in our bit shipments in the fiscal third quarter due to timing of shipments and expect growth to resume in the fiscal fourth quarter.

在 NAND 方面，由於出貨時機，我們預計第三財季我們的位出貨量將出現小幅連續下降，並預計第四財季將恢復增長。

The output reductions that we announced today for DRAM and NAND, plus the $1.5 billion of CapEx reductions that we have announced year-to-date, will also help reduce our supply of DRAM and NAND in the second half of this calendar year.

我們今天宣布的 DRAM 和 NAND 產量減少，加上我們今年迄今宣布的 15 億美元的資本支出減少，也將有助於減少我們在本日曆年下半年的 DRAM 和 NAND 供應。

With that in mind, our non-GAAP guidance for the fiscal third quarter is as follows: We expect revenue to be in the range of $4.8 billion, plus or minus $200 million; gross margin to be in the range of 37% to 40%; and operating expenses at approximately $785 million, plus or minus $25 million.

考慮到這一點，我們對第三財季的非公認會計準則指導如下：我們預計收入將在 48 億美元上下兩億美元之間；毛利率在 37% 至 40% 之間；運營費用約為 7.85 億美元，上下浮動 2500 萬美元。

Based on a share count of approximately 1.14 billion fully diluted shares, we expect EPS to be $0.85, plus or minus $0.10.

根據大約 11.4 億股完全稀釋後的股票數量，我們預計每股收益為 0.85 美元，上下浮動 0.10 美元。

In closing, Micron continues to execute on our key initiatives, increasing our mix of high-value solutions, improving our cost profile and investing in new and innovative products.

最後，美光繼續執行我們的關鍵計劃，增加我們的高價值解決方案組合，改善我們的成本狀況並投資於新的和創新的產品。

Our solid financial footing, strong liquidity and substantially reduced leverage means that we are well positioned to invest in our future despite near-term market conditions.

我們堅實的財務基礎、強大的流動性和大幅降低的槓桿意味著儘管近期市場狀況不佳，我們仍處於投資未來的有利條件。

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。

In response to near-term industry conditions, we are taking decisive action to reduce our supply growth to be consistent with industry demand.

為了應對近期的行業狀況，我們正在採取果斷行動來減少我們的供應增長，以與行業需求保持一致。

At the same time, we continue to invest and execute against our strategic priorities to reduce costs and increase the mix of high-value solutions in our portfolio.

與此同時，我們繼續根據我們的戰略重點進行投資和執行，以降低成本並增加我們產品組合中高價值解決方案的組合。

The long-term demand trends for Micron remain very healthy, with tremendous growth opportunities across multiple markets.

美光的長期需求趨勢仍然非常健康，在多個市場擁有巨大的增長機會。

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。

With our strong balance sheet and improved product portfolio and operating model, Micron is better positioned than ever before to win and deliver long-term value for shareholders.

憑藉我們強大的資產負債表和改進的產品組合和運營模式，美光比以往任何時候都更有能力為股東贏得併創造長期價值。

We will now open for questions.

我們現在開始提問。

(Operator Instructions) Our first question comes from the line of Ambrish Srivastava of BMO.

（操作員說明）我們的第一個問題來自 BMO 的 Ambrish Srivastava。

I just wanted to focus on the inventory situation.

我只想關注庫存情況。

Sanjay, you talked about hyperscale inventories a couple of times and that they are tying up also, trying to see what the balance sheet inventory would do.

桑傑，您曾多次談到超大規模庫存，並且他們也在捆綁，試圖看看資產負債表庫存會做什麼。

So a, just update on where are we on the -- in terms of weeks of inventory.

因此，只需更新我們在哪裡 - 就庫存週數而言。

And then my sort of quick follow-up, Dave, what's the flex CapEx now left that you could moderate down if the conditions were to get worse?

然後我的快速跟進，戴夫，如果情況變得更糟，你可以緩和下來的彈性資本支出是多少？

Okay.

好的。

So I'll take -- first, let me talk about our inventories.

所以我會採取 - 首先，讓我談談我們的庫存。

So as we noted, our inventories are now at 134 days.

正如我們所指出的，我們的庫存現在為 134 天。

A couple of dynamics going on.

一些動態正在發生。

So in DRAM, as we talked about last quarter, we expected to carry a higher level of inventory in the first half of the calendar year as our customers that have built up inventory start to digest through that.

因此，在 DRAM 方面，正如我們上個季度所談到的，我們預計日曆年上半年的庫存水平會更高，因為我們已經建立庫存的客戶開始消化這一點。

And then on top of that, what we did was we reduced our CapEx.

最重要的是，我們所做的是減少了資本支出。

And so the outcome of that reduction in CapEx should start to have an effect in the back half of our calendar year in terms of bit growth, so that will start to help manage inventory as well.

因此，資本支出減少的結果應該會在我們日曆年的下半年開始對比特增長產生影響，因此這也將開始有助於管理庫存。

And then on top of that, this quarter, we talked about further reductions in CapEx down to the approximately $9 billion, and we talked about taking some underutilization, about 5% of underutilization to kind of further reduce the output.

最重要的是，本季度，我們談到了將資本支出進一步減少到大約 90 億美元，我們談到了採取一些未充分利用，大約 5% 的未充分利用來進一步減少產出。

So that should help bring DRAM inventories back more in line.

因此，這應該有助於使 DRAM 庫存恢復正常。

So we would expect that back half of the calendar year, we'd start to see DRAM be in a better place.

因此，我們預計今年下半年，我們將開始看到 DRAM 處於更好的位置。

On the NAND front, obviously, we're at elevated levels of inventory as well.

顯然，在 NAND 方面，我們的庫存水平也很高。

Now that is somewhat by design.

現在這在某種程度上是設計使然。

As Sanjay noted in his remarks, we do have the transition from floating gate to replacement gate in NAND going on in calendar 2020, and so the bid output is not going to be very robust.

正如 Sanjay 在他的講話中指出的那樣，我們確實在 2020 年日曆上進行了 NAND 從浮動柵極到替代柵極的過渡，因此投標輸出不會非常強勁。

And so the idea was to carry higher levels of inventory into 2020 such that, that would help support the end -- the demand from our customers.

因此，我們的想法是將更高水平的庫存帶到 2020 年，這將有助於支持最終——我們客戶的需求。

Having said that, we also -- part of the CapEx reduction does impact NAND as well.

話雖如此，我們也 - 部分資本支出減少確實會影響 NAND。

And also, we did adjust our wafer output by 5% in NAND as well to also try to manage inventory.

此外，我們確實將 NAND 的晶圓產量調整了 5%，以嘗試管理庫存。

So I think the inventory, we'll start to see improve in the back half of the calendar year and then into 2020 as we start to work through the NAND portion of the inventory.

所以我認為庫存，我們將在日曆年的後半段開始看到改善，然後到 2020 年，因為我們開始處理庫存的 NAND 部分。

As far as CapEx goes, really, the way we're managing this is what we said when we talked about it at the Analyst Day.

就資本支出而言，實際上，我們管理它的方式就是我們在分析師日討論它時所說的。

We're committed to our model of low 30s as a percent of sales for CapEx.

我們致力於我們的低 30 歲模型占資本支出銷售額的百分比。

Obviously, there will be years where that is above the average, and there'll be years that, that will be below the average.

顯然，會有高於平均水平的年份，也會有低於平均水平的年份。

I think the last 2 years, fiscal 2017 and 2018, we were below that low-30s model.

我認為過去 2 年，即 2017 財年和 2018 財年，我們低於 30 歲以下的模型。

So it's not surprising to be a bit above that low-30s level for these couple of years.

因此，這幾年略高於 30 多歲的水平也就不足為奇了。

Plus on top of that, we had a bit of pent-up demand to get some of the cleanroom space staged to be able to manage these node transitions, and so we have a number of different cleanroom build-out initiatives going on this year, which is maybe elevating a little bit from kind of our normal run rate.

再加上最重要的是，我們有一些被壓抑的需求，讓一些潔淨室空間上演，以便能夠管理這些節點轉換，所以今年我們有許多不同的潔淨室擴建計劃，這可能比我們的正常運行速度稍微提高了一點。

But over the long term, you would see us be in this low-30s percent level.

但從長遠來看，你會看到我們處於這個低 30% 的水平。

And as I think Sanjay mentioned in his remarks, I think I mentioned in my remarks, we're flexible on CapEx.

正如我認為桑傑在他的講話中提到的那樣，我想我在我的講話中提到，我們在資本支出方面是靈活的。

We modulate it based on the economic circumstances.

我們根據經濟情況對其進行調整。

And the hyperscale?

和超大規模？

With respect to hyperscale, as I said in my remarks that we do expect that inventory will work through the system at our customers during the first half of the year.

關於超大規模，正如我在講話中所說，我們確實預計庫存將在今年上半年通過我們客戶的系統運行。

And we certainly are seeing evidence of inventory consumption by our customers.

我們當然看到了客戶消耗庫存的證據。

And we do expect that, that will largely be completed by mid this year.

我們確實預計，這將在今年年中基本完成。

And we do expect in DRAM that growth will accelerate both sequentially and year-over-year for the rest of the calendar year.

我們確實預計 DRAM 的增長將在日曆年的剩餘時間裡連續和同比加速。

And second half of the calendar year, with respect to demand improvement, we'll be -- demand will improve in the second half of the calendar year compared to the first half of the calendar year.

日曆年下半年，在需求改善方面，我們將 - 與日曆年上半年相比，日曆年下半年的需求將有所改善。

And of course, effect of CPU shortages, those will continue to improve in situation over the course of the year, and we expect that also to contribute toward improvement in demand in the second half of the calendar year compared to first year.

當然，CPU 短缺的影響將在一年中繼續改善，我們預計這也有助於在日曆年下半年與第一年相比，需求有所改善。

Our next question comes from the line of John Pitzer, Crédit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

Sanjay, I guess, I just wanted a little bit more detail behind the decision to actually shutter some DRAM capacity in the current quarter.

桑傑，我想，我只是想了解更多關於本季度實際關閉部分 DRAM 產能的決定背後的細節。

Last quarter, you talked about how a flattening cost curve actually increased the useful life of holding inventory, which seemed to make sense to me.

上個季度，您談到扁平化的成本曲線實際上如何增加了持有庫存的使用壽命，這對我來說似乎很有意義。

There seems to be a little bit of a reversion from that.

似乎有一點點回歸。

And just given that you're not a big enough piece of the DRAM market to, I think, impact overall supply and demand, it really kind of depends upon what the guys in Korea are doing.

我認為，鑑於你在 DRAM 市場中的份額不足以影響整體供需，這真的有點取決於韓國人在做什麼。

I'm just kind of curious as to why you came to this decision to shutter some capacity.

我只是有點好奇你為什麼會做出關閉一些產能的決定。

So I think as Dave had previously mentioned in one of the earnings calls, that about 150 days of inventory is something that we are comfortable with.

因此，我認為正如戴夫之前在一次財報電話會議中提到的那樣，我們對大約 150 天的庫存感到滿意。

And when we really look at our demand at this time and look at our production output, we think it is important for us to bring our supply to be in line with the expected demand for the year.

當我們真正審視此時的需求並審視我們的產量時，我們認為讓我們的供應與今年的預期需求保持一致對我們來說很重要。

And it provides us obvious benefits in terms of managing our inventories more effectively, managing our cash flow effectively as well and really managing our business in a healthy fashion.

它在更有效地管理我們的庫存、有效地管理我們的現金流以及真正以健康的方式管理我們的業務方面為我們提供了明顯的好處。

Of course, our inventory is at good cost.

當然，我們的庫存成本很高。

There is no obsolescence issue with this inventory at all, but we really considered it prudent management of our business to bring our supply growth in line with our demand expectations.

這種庫存根本沒有過時的問題，但我們確實認為對我們的業務進行審慎管理，以使我們的供應增長符合我們的需求預期。

And I'd just add that the underutilization costs that we'll incur are not going to kind of layer into our cost per units.

我只想補充一點，我們將產生的未充分利用成本不會影響我們的單位成本。

They would -- they will be taken as period costs within the quarter, and it's implied in our 37% to 40% gross margin guidance for the third fiscal quarter.

它們會——它們將被視為本季度內的期間成本，這在我們對第三財季 37% 至 40% 的毛利率指導中有所暗示。

Sorry, didn't meant to interrupt you, John.

抱歉，約翰，我不是故意打擾你的。

That's okay.

沒關係。

So Sanjay, you explained why in fiscal 2020, you will undergrow the industry in NAND bit as you move to fourth generation.

所以桑傑，你解釋了為什麼在 2020 財年，隨著你進入第四代，你將在 NAND 位行業發展不足。

I'm wondering if you can help us understand what the cost implication of that is.

我想知道您是否可以幫助我們了解這樣做的成本影響。

Will your cost curve in NAND be negatively impacted?

您的 NAND 成本曲線會受到負面影響嗎？

Or should you be able to benefit in 2020 from continued mix towards 96-layer on the technology side and just product mix to more manage NAND?

或者您是否應該能夠在 2020 年受益於技術方面的持續向 96 層的混合以及只是產品組合以更多地管理 NAND？

How do we think about costs in fiscal year 2020?

我們如何看待 2020 財年的成本？

Our cost position will be good in fiscal year 2020 because today with our both 64-layer as well as 96-layer technologies, we absolutely have been outperforming the industry in terms of our -- at the die level, the cost on a per gigabyte basis.

我們的成本狀況在 2020 財年將保持良好狀態，因為今天憑藉我們的 64 層和 96 層技術，我們在芯片級每 GB 的成本方面絕對優於行業基礎。

And that -- and obviously, as you know, we have discussed this many times in the past, those benefits come from CMOS Under the Array architecture, which Micron has pioneered, and we currently are in our third-generation using that.

而且——顯然，如您所知，我們過去曾多次討論過這一點，這些好處來自美光開創的 CMOS Under the Array 架構，我們目前正處於第三代使用它的階段。

So that gives us a very significant cost advantage, and that will carry over well, giving us competitive mix of NAND production in 2020 in our fiscal year 2020 to meet the market demand.

因此，這為我們提供了非常顯著的成本優勢，並將很好地延續下去，使我們在 2020 財年的 2020 年 NAND 生產組合具有競爭力，以滿足市場需求。

And keep in mind, the fourth generation of our 3D NAND, which will be the first node in replacement gate technology, even with greater number of layers, will actually have greater capital intensity associated with it because of transition from floating gate to replacement gate that requires more tools, more specific unique tools to implement replacement gate.

請記住，我們的第四代 3D NAND 將成為替代柵極技術的第一個節點，即使層數更多，實際上也將具有更大的資本密集度，因為從浮動柵極過渡到替代柵極需要更多的工具，更具體的獨特工具來實現更換門。

And that's why we are really converting portion of our portfolio to that first-generation replacement gate technology.

這就是我們真正將部分產品組合轉換為第一代替代門技術的原因。

And remainder of the portfolio will convert from the third-generation floating gate to the second node of replacement gate later on.

其餘的投資組合將在稍後從第三代浮柵轉換為第二代替代柵節點。

And obviously, that will provide us a bigger benefit when we do that.

顯然，當我們這樣做時，這將為我們帶來更大的好處。

The second node of replacement gate will get higher layers later compared to the first node.

與第一個節點相比，替換門的第二個節點將獲得更高的層。

So that will give us a benefit of cost as well as ROI and it will really be the best way to manage this transition for us.

因此，這將為我們帶來成本和投資回報率的好處，這確實是我們管理這一過渡的最佳方式。

So in summary, even with increasing the number of layers in the current and first generation of replacement gate, we feel very good about the cost competitiveness with the mix of floating gate and replacement gate technologies that we'll be achieving next year.

因此，總而言之，即使增加了當前和第一代替代柵極的層數，我們對明年將實現的浮動柵極和替代柵極技術組合的成本競爭力感到非常滿意。

Our next question comes from the line of CJ Muse of Evercore.

我們的下一個問題來自 Evercore 的 CJ Muse。

I guess, a 2-part question.

我想，一個兩部分的問題。

You used the word idling regarding the 5% for DRAM and then reducing your NAND wafer starts by 5%.

您使用空閒這個詞來表示 DRAM 的 5%，然後將 NAND 晶圓開始減少 5%。

I guess, 2 questions to that.

我想，有2個問題。

Are you trying to send us a different signal in terms of what you're doing for both?

您是否想就您為兩者所做的事情向我們發送不同的信號？

And then could you provide a little clarity on how we should think about the impact to your cost structure as you slow down wafers?

然後，您能否就我們在減慢晶圓速度時應該如何考慮對您的成本結構的影響提供一些清晰的說明？

And then when you start to turn back on, how should we think about the impact?

然後當你開始重新啟動時，我們應該如何考慮影響？

So bottom line is, we are reducing our output of DRAM and NAND.

所以底線是，我們正在減少 DRAM 和 NAND 的輸出。

In DRAM, the reduction in supply growth is a result of this idling capacity, idling wafer starts is bigger impact.

在 DRAM 中，供應增長的減少是這種閒置產能的結果，閒置的晶圓開工影響更大。

And in NAND, as we reduce our wafer starts, particularly related to the legacy nodes, the impact on the supply bit growth is smaller because that wafer start reduction that you mentioned is primarily targeted toward legacy nodes.

在 NAND 中，隨著我們減少晶圓開工，尤其是與傳統節點相關的晶圓開工，對供應位增長的影響較小，因為您提到的晶圓開工減少主要針對傳統節點。

So again, the objective of these is to bring out or to bring down our supply growth towards our estimations of demand, both in DRAM and NAND from the point of view of 2019 as well as 2020 time frame.

因此，從 2019 年和 2020 年時間框架的角度來看，這些目標的目的是使我們的供應增長達到或降低我們對 DRAM 和 NAND 的需求的估計。

And with respect to cost, as I said before, we have continued to outperform in terms of cost reduction -- year-over-year cost reduction capability in DRAM, and we feel very good about our ability to manage with this slowdown in DRAM managed in a competitive fashion with our costs over the course of the next few quarters.

在成本方面，正如我之前所說，我們在降低成本方面繼續表現出色——DRAM 的成本同比降低能力，我們對我們在管理 DRAM 放緩的情況下進行管理的能力感到非常滿意在接下來的幾個季度中，以與我們的成本競爭的方式。

And in NAND, I just commented on our cost position there.

在 NAND 中，我剛剛評論了我們在那裡的成本狀況。

And I'll just add to the previous comments on the cost position that, of course, next year, we will also continue to get the benefit of our 96-layer transition from 64-layer to 96-layer, the ongoing transition during the course of next year, which will also be helping us with cost.

我將在之前關於成本狀況的評論中補充一下，當然，明年，我們還將繼續從 96 層從 64 層過渡到 96 層的過程中受益，在明年的課程，這也將幫助我們降低成本。

So I believe our cost in DRAM as well as NAND will be competitive.

所以我相信我們在 DRAM 和 NAND 的成本將具有競爭力。

And I just want to point out that the benefits of reduction -- an output reduction go beyond just aspects of cost.

我只想指出減少的好處——產量減少不僅僅是成本方面的問題。

They, of course include -- those benefits include inventory management and cash flow management.

它們當然包括——這些好處包括庫存管理和現金流管理。

Our next question comes from the line of Harlan Sur of JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

So back to a question on inventory.

回到關於庫存的問題。

So when you first started seeing your customer demand inventory-related weakness, it always takes time for the actual supply growth output of your manufacturing infrastructure to kind of trend towards your target.

因此，當您第一次開始看到與客戶需求庫存相關的弱點時，製造基礎設施的實際供應增長輸出總是需要時間才能趨向於您的目標。

So initially, you augment that manufacturing ramp-down with some inventory accumulation.

因此，最初，您會通過一些庫存積累來增加製造量的下降。

It appears that you executed to that in fiscal Q2.

您似乎在第二財季執行了該操作。

But now that you're moderating output lower again, again, that's going to -- it appears that it's going to take some more time.

但是現在你再次將輸出調低，這將 - 似乎需要更多時間。

So do you anticipate inventories actually moving higher here in the mid-quarter before it starts to downshift in the back half of the calendar year?

那麼，您是否預計庫存實際上會在本季度中期上升，然後在日曆年下半年開始下降？

Yes, I think inventory might be a little bit elevated in the May quarter relative to where we are today.

是的，我認為相對於我們今天的情況，5 月季度的庫存可能會有所增加。

Obviously, as you point out, it does take some time.

顯然，正如您所指出的，這確實需要一些時間。

I mean, most of the CapEx reductions, we took in the first fiscal quarter, so those take a couple of quarters, but we should start experiencing that in the back half of the calendar year.

我的意思是，我們在第一財季進行了大部分資本支出削減，因此需要幾個季度，但我們應該在日曆年的後半段開始體驗。

And the underutilization, you get probably a quarter before it starts impacting you.

而利用不足，你可能會在它開始影響你之前得到四分之一。

So I think we'll be in pretty good shape on DRAM, as I said as we kind of exit the calendar year.

所以我認為我們在 DRAM 上的狀態會非常好，正如我所說的那樣，我們將在日曆年退出。

NAND will take a little bit longer because of the reasons we cited about keeping elevated levels of inventory into 2020.

由於我們提到的將高庫存水平保持到 2020 年的原因，NAND 將需要更長的時間。

Great.

偉大的。

And then my follow-up question, much of -- Sanjay, much of your industry outlook is based off of a view of second half improvements in virtually all of your target markets, PC client, cloud, mobile, et cetera.

然後我的後續問題，大部分 - Sanjay，您的大部分行業前景都基於您對幾乎所有目標市場（PC 客戶端、雲、移動設備等）的下半年改進的看法。

Given the value chain and lead time, should we anticipate that your customer second half recovery should start to drive an inflection in your NAND and DRAM business in fiscal Q4?

考慮到價值鍊和交貨時間，我們是否應該預期您的客戶下半年的複甦應該會在第四財季開始推動您的 NAND 和 DRAM 業務出現拐點？

We are not providing fiscal Q4 guidance here.

我們在這裡不提供第四季度財報指導。

But as we have said, that second half of this calendar year, we do expect that bit growth in DRAM to continue on a quarter-over-quarter basis, both sequentially as well as on a year-over-year basis.

但正如我們所說，在本日曆年的下半年，我們確實預計 DRAM 的位增長將繼續環比增長，無論是環比增長還是同比增長。

And that is already -- we are guiding to bit growth in DRAM for our F Q3, and that should continue in F Q4 and for the rest of the year as well.

這已經是——我們正在為我們的第三季度引導 DRAM 的比特增長，這應該會在第四季度和今年剩下的時間裡繼續下去。

And in NAND, there is, of course, seasonality in the second half of the calendar year.

在 NAND 中，當然，在日曆年的下半年存在季節性。

And of course, we expect the effect of elasticity also to help improve the demand.

當然，我們預計彈性效應也有助於改善需求。

And the trends of increasing average capacities in smartphones, both for DRAM and NAND, continues to be intact.

DRAM 和 NAND 智能手機平均容量增加的趨勢繼續保持不變。

When you look at the results that some of the cloud service providers have reported, those results continue to be solid, pointing to the demand and the growth in cloud services.

當您查看一些雲服務提供商報告的結果時，這些結果仍然很可靠，表明雲服務的需求和增長。

And of course, memory and storage is an essential part of all the computing paradigms of the future that are increasingly being based on the [INML] as well.

當然，內存和存儲是未來所有計算範式的重要組成部分，這些範式也越來越多地基於 [INML]。

All of that bodes well for the long-term demand trends as well.

所有這些都預示著長期的需求趨勢。

But yes, I mean, we do -- in all of our end markets, we do see generally improvement in demand in the second half versus the first half.

但是，是的，我的意思是，我們確實這樣做了——在我們所有的終端市場中，我們確實看到下半年的需求總體上比上半年有所改善。

And of course, all of this is barring macroeconomic uncertainty.

當然，所有這些都排除了宏觀經濟的不確定性。

In case there is any further deterioration in the macroeconomic climate, then we can have different impact in this outlook.

如果宏觀經濟環境進一步惡化，那麼我們可能會對這一前景產生不同的影響。

But that's what based on what we know today, that's our assessment of demand expectations.

但這就是基於我們今天所知道的，這是我們對需求預期的評估。

Our next question comes from Timothy Arcuri of UBS.

我們的下一個問題來自瑞銀的蒂莫西·阿庫裡。

Sanjay, I wanted to go back just to a question that got asked before.

桑傑，我想回到之前被問到的一個問題。

So in DRAM, you're still well above cash cost, yet you're idling capacity.

因此，在 DRAM 中，您仍然遠遠高於現金成本，但您的產能卻處於閒置狀態。

So obviously, demand is a lot worse than you expected.

所以很明顯，需求比你預期的要糟糕得多。

But you sound pretty optimistic that it's going to come back in the back half of the year.

但你聽起來很樂觀，它會在今年下半年回來。

So why would you reduce starts now if you're so optimistic about demand coming back in the back of the year?

那麼，如果您對今年年底需求回升如此樂觀，為什麼要減少現在的開工呢？

I get that it has to do with inventory, but I'm just trying to reconcile those 2 comments because it seems like you're leaving money on the table.

我知道這與庫存有關，但我只是想協調這兩條評論，因為看起來你把錢留在了桌面上。

So demand has been weak so far this year, and we expect demand environment to be weak in the first half as well.

因此，今年到目前為止需求一直疲軟，我們預計上半年的需求環境也將疲軟。

So when we talk about our total DRAM demand growth expectation, we are talking about the full year basis, right?

因此，當我們談論我們的 DRAM 總需求增長預期時，我們指的是全年，對吧？

So we need to be -- and when we look at our supply growth, of course, we are looking at that, too, on a full year basis.

所以我們需要——當我們審視我們的供應增長時，當然，我們也在關注這一點，也是全年的。

So we want to bring our supply in line with our demand expectations.

因此，我們希望使我們的供應符合我們的需求預期。

And we believe that this improving demand environment, second half versus first half that I referred to earlier, we will be able to capture the benefit of that with our supply cutbacks that we have mentioned and also help bring our -- over time continue to drive improvement in our inventory position as well.

我們相信，我之前提到的下半年與上半年相比，這種改善的需求環境，我們將能夠通過我們提到的供應削減來從中受益，並幫助我們——隨著時間的推移繼續推動我們的庫存狀況也有所改善。

Okay.

好的。

And then just a quick follow-up, Dave.

然後只是快速跟進，戴夫。

I just wanted to go back to the question on costs.

我只是想回到成本問題。

You've been bringing DRAM cost down kind of like low to mid-teens year-over-year and NAND has been kind of in the mid-20s year-over-year.

您一直在將 DRAM 成本逐年降低到低至十幾歲，而 NAND 已在 20 年代中期逐年下降。

So it seems like some of these actions have to ultimately impact your ability to cost-down vis-à-vis that level.

因此，其中一些行動似乎最終會影響您相對於該水平降低成本的能力。

Am I missing something there?

我在那裡錯過了什麼嗎？

Because it sounds like you're saying that there's no impact, so can you just again reconcile those for me?

因為聽起來你在說沒有影響，所以你能再為我調和一下嗎？

Yes, good question.

是的，好問題。

We do expect healthy cost declines in both DRAM and NAND this year.

我們確實預計今年 DRAM 和 NAND 的成本都會健康下降。

We are still making technology transitions next year.

明年我們仍在進行技術轉型。

And so we would obviously expect, particularly in DRAM, that cost will be good.

因此，我們顯然會期望，特別是在 DRAM 方面，成本會很高。

As we said, replacement gate might not be where we want it to be, in the very first generation.

正如我們所說，在第一代中，替換門可能不是我們想要的。

But one of the advantages of carrying the inventory we're carrying, 64-layer and 96-layer inventory in the next year is that it has a very good cost structure, and so we should have a good cost structure in 2020 on NAND as well.

但是承載我們正在承載的庫存，明年的64層和96層庫存的優勢之一是它具有非常好的成本結構，因此我們在NAND上應該在2020年具有良好的成本結構出色地。

The other thing, on utilization, just -- I just want to make sure it's clear what period cost means is we will take that expense kind of as it comes in the quarters in which we take the underutilization.

另一件事，關於利用率，只是 - 我只是想確保清楚期間成本意味著我們將在我們承擔未充分利用的季度中承擔這種費用。

It won't roll up into inventory.

它不會匯總到庫存中。

It won't be counted as part of the cost.

它不會被計入成本的一部分。

So obviously, it will have an impact on margins.

很明顯，這將對利潤率產生影響。

And as I said, it's implied in the guidance of the margins we gave for the fiscal third quarter.

正如我所說，這隱含在我們為第三財季提供的利潤率指導中。

And on NAND, I just want to point out again that 96-layer is still early in our production ramp, and it will continue to ramp during the course of next year as we bring out our first node of replacement gate.

在 NAND 上，我只想再次指出，96 層仍處於我們量產階段的早期階段，隨著我們推出第一個替代門節點，它將在明年繼續增加。

So 96-layer will also continue to be a strong driver of our cost reduction capability in 2020.

因此 96 層也將繼續成為 2020 年我們降低成本能力的強大驅動力。

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

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

I wanted just kind of go back to bit growth.

我只是想回到比特增長。

I understand that idling your wafer starts slows your bit supply, but do you expect any shifts in your portfolio mix towards certain end markets or shift toward new technology nodes that should impact your second half bit supply?

我知道您的晶圓開始閒置會減慢您的比特供應，但您是否預計您的產品組合會向某些終端市場或新技術節點轉移，這會影響您下半年的比特供應？

So obviously, we pay a lot of attention to this in terms of managing the mix of our production.

所以很明顯，我們在管理我們的生產組合方面非常關注這一點。

We do that on an ongoing basis anyhow in production.

無論如何，我們在生產中一直這樣做。

And when we implement this output cut, both in NAND as well as DRAM, obviously, we make sure that we are not able -- we are not impacting any aspect of our ability to fulfill our demand.

當我們在 NAND 和 DRAM 中實施這種減產時，顯然，我們確保我們無法——我們不會影響我們滿足需求的能力的任何方面。

So as we said -- I mean, we have high levels of inventory currently, both in NAND and DRAM, and it gives us an opportunity to bring our production to be in line with demand.

所以正如我們所說——我的意思是，我們目前在 NAND 和 DRAM 中都有高水平的庫存，這讓我們有機會使我們的生產與需求保持一致。

And when we say that, we mean that we will be able to address the demand in all of our end markets.

當我們這麼說時，我們的意思是我們將能夠滿足我們所有終端市場的需求。

We are not going to compromise our production cuts so that we run low in terms of meeting our customers' requirements in any of the end market segments.

我們不會妥協我們的減產，以致我們無法滿足客戶在任何終端市場領域的要求。

So we believe this is a very prudent way for us to manage our business.

因此，我們認為這是我們管理業務的一種非常謹慎的方式。

I appreciate that.

我很感激。

I guess, perhaps a clarification on that question then.

我想，也許是對那個問題的澄清。

The cynic would say that NAND demand elasticity has not yet kicked in.

憤世嫉俗的人會說 NAND 需求彈性尚未發揮作用。

So could you just perhaps shed some light on design wins, maybe not just in NAND but also in DRAM that you've seen across your product portfolio that would anchor your view of a second half recovery?

那麼，您能否對設計勝利有所了解，也許不僅在 NAND 中，而且在您在產品組合中看到的 DRAM 中，這將錨定您對下半年復甦的看法？

With respect to NAND elasticity, I mean, certainly the average capacities in notebook PCs as well as the attach rates of SSDs to notebooks does continue to go [out], so that is, of course, a price-elastic market as well.

關於 NAND 彈性，我的意思是，筆記本電腦的平均容量以及 SSD 與筆記本電腦的連接率確實會繼續 [out]，所以這當然也是一個價格彈性的市場。

And the price -- attractive price points of NAND, of course, provide benefits of greater HDD replacement, both in the data center market as well as in the client market.

當然，NAND 的價格——有吸引力的價格點在數據中心市場和客戶端市場都提供了更多 HDD 更換的好處。

Mobile definitely continues to be pointing to elasticity with respect to NAND.

移動設備肯定會繼續指向 NAND 的彈性。

At Mobile World Congress, you saw smartphones, foldable phones and 5G phones being announced with 512 gigabyte and terabyte of storage capacities in them.

在世界移動通信大會上，您看到智能手機、可折疊手機和 5G 手機發布，它們具有 512 GB 和 TB 的存儲容量。

And again, applications are also advancing toward features that require more and more storage.

同樣，應用程序也在朝著需要越來越多存儲空間的功能發展。

For example, 5G will have greater connectivity as well as low latency, will of course, be driving applications that will need more DRAM as well as more NAND.

例如，5G 將具有更大的連接性和更低的延遲，當然會推動需要更多 DRAM 和更多 NAND 的應用程序。

So applications -- end-market applications continue to do very well, and Micron itself, with respect to our product portfolio, we are very much focused on continuing to expand our product offerings.

所以應用程序——終端市場應用程序繼續做得很好，而美光本身，就我們的產品組合而言，我們非常專注於繼續擴大我們的產品供應。

And we have also on the SSD side, we are expanding our portfolio with NVMe solutions.

我們還在 SSD 方面，我們正在通過 NVMe 解決方案擴展我們的產品組合。

We have just brought our first NVMe client drive into the market, and later this year, we will have NVMe for enterprise and cloud applications as well.

我們剛剛將我們的第一個 NVMe 客戶端驅動器推向市場，今年晚些時候，我們還將推出用於企業和雲應用程序的 NVMe。

So this is -- and we announced that we got a qualification win and just began shipment to a customer with our NVMe -- first-generation NVMe client driver as well.

所以這就是——我們宣布我們獲得了資格認證，並且剛剛開始使用我們的 NVMe 向客戶發貨——第一代 NVMe 客戶端驅動程序也是如此。

So these are all the things that we are absolutely focused on in terms of a road map toward expanding our opportunities.

因此，就擴大機會的路線圖而言，這些都是我們絕對關注的事情。

And of course, we have made a lot of improvement with respect to some of these solutions over the course of last couple of years.

當然，在過去的幾年裡，我們在其中一些解決方案方面做了很多改進。

And there's a lot of execution that is remaining ahead of us with respect to expanding our SSD opportunities, for example, as well as growing our mobile opportunities on the NAND side, where we have gained meaningful share over the course of last few quarters, but there is a lot more opportunity and a lot more road map execution that is required for us here.

例如，在擴大我們的 SSD 機會以及增加我們在 NAND 方面的移動機會方面，我們還有很多執行工作，我們在過去幾個季度中獲得了有意義的份額，但是我們在這裡需要更多的機會和更多的路線圖執行。

Our next question comes from the line of Blayne Curtis of Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I was curious on the customer timing, if you can elaborate.

我很好奇客戶的時間安排，如果你能詳細說明的話。

Was that just timing between quarters or was that more of a strategic buy that was multi-quarters in nature?

這只是季度之間的時間，還是更多的戰略購買，本質上是多季度的？

And then I was just curious if you can elaborate on the data center you said back in the second half.

然後我很好奇你能否詳細說明你在下半場所說的數據中心。

It seems like, are you not seeing a pickup in orders yet?

看起來，您還沒有看到訂單中的提貨嗎？

And kind of what gives you confidence that you're going to see that start in Q3?

是什麼讓你有信心在第三季度看到這種情況？

So with respect to the timing of demand in the second quarter, that was, as we mentioned, it was a large customer's timing of specific fulfillment of their demand, and that's what -- and that was related to NAND.

因此，關於第二季度的需求時間，正如我們所提到的，這是一個大客戶具體滿足其需求的時間，這就是 - 這與 NAND 有關。

And with respect to the second part of your question, as I said before, that we do see evidence of inventory consumption by our customers, and that gives us confidence that this inventory will largely work itself through the system in the first half with improvements in demand in the second half.

關於你問題的第二部分，正如我之前所說，我們確實看到了客戶消耗庫存的證據，這讓我們相信，這些庫存將在上半年通過系統在很大程度上自行運作，並在下半年的需求。

And we have also, certainly in recent weeks, seen some new orders from certain customers that previously had high inventories.

而且，在最近幾週，我們還看到了某些客戶的一些新訂單，這些客戶以前庫存量很大。

Of course, too soon to use this as any kind of a slope in terms of demand buildup from here on.

當然，就從現在開始的需求增長而言，將其用作任何類型的斜坡還為時過早。

But bottom line is that ultimately, the end-market demand drivers continue to be strong.

但歸根結底，終端市場需求驅動力仍然強勁。

The consumption of DRAM by our customers in the end markets, particularly cloud markets, continues to be healthy.

我們的客戶在終端市場（尤其是雲市場）對 DRAM 的消費繼續保持健康。

It's just that those customers are using up their inventory to meet that demand.

只是這些客戶正在用完他們的庫存來滿足這種需求。

And over the course of next few months, by mid this year, that inventory will be returning to normalized levels to a large extent.

在接下來的幾個月裡，到今年年中，庫存將在很大程度上恢復到正常水平。

Then that will provide for opportunities for greater demand in the second half of the year compared to the first half.

與上半年相比，這將為下半年提供更大需求的機會。

Our next question comes from Joe Moore of Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Just curious on the inventory side for the May quarter, and sort of Harlan's question, to the extent that you built 27 days of inventory, this last quarter, it seemed like a fair amount of the production went on to the balance sheet.

只是好奇 5 月季度的庫存方面，以及哈蘭的問題，就你建立 27 天的庫存而言，上個季度，似乎有相當數量的生產進入了資產負債表。

Wouldn't you need to have bits (inaudible) in order to only have inventories be up a little bit?

難道你不需要有一些位（聽不清）才能讓庫存稍微增加一點嗎？

And I guess, I just wanted some confirmation around that.

我想，我只是想對此進行一些確認。

We got a little -- most of that.

我們得到了一點——大部分。

Okay, let me see if I can take a crack at it, Joe.

好吧，讓我看看我是否可以嘗試一下，喬。

There's some background noise.

有一些背景噪音。

So yes, as you cite, inventories were up.

所以，是的，正如你所引用的，庫存增加了。

We do expect DRAM to grow sequentially in the third fiscal quarter.

我們確實預計 DRAM 在第三財季將連續增長。

That combined with -- are starting to see some benefit.

結合 - 開始看到一些好處。

You might want to put it on mute.

你可能想把它靜音。

So those should be the combination of the reduction utilization and the CapEx activities, our CapEx reductions that we've already put in place, will start to adjust the bit output growth.

因此，這些應該是削減利用率和資本支出活動的結合，我們已經實施的資本支出削減將開始調整比特產出增長。

So we will start to see some benefit from that in the fiscal third quarter.

因此，我們將在第三財季開始看到一些好處。

As I've said we do expect inventories to be up again next quarter.

正如我所說，我們確實預計下個季度庫存會再次上升。

But then, as Sanjay cited, a lot of the customers that have built up inventory will start to be back to normal and they'll start to place heavy orders on us again in the third and fourth calendar year.

但是，正如 Sanjay 所引用的那樣，許多已經建立庫存的客戶將開始恢復正常，他們將在第三和第四個日曆年再次開始向我們下大量訂單。

We'll start to see these reductions in the DRAM inventory levels.

我們將開始看到 DRAM 庫存水平的下降。

And that does conclude the Q&A session and this call.

這確實結束了問答環節和這次電話會議。

Ladies and gentlemen, thank you so much for your participation, and have a wonderful day.

女士們，先生們，非常感謝您的參與，祝您有美好的一天。

You may disconnect your lines at this time.

此時您可以斷開線路。