美光科技 (MU) 2019 Q3 法說會逐字稿

Good day, ladies and gentlemen, and thank you for your patience.

女士們，先生們，美好的一天，感謝你們的耐心等待。

You've joined the third fiscal quarter 2019 financial call for Micron Technology.

您已加入美光科技 2019 財年第三季度財務電話會議。

(Operator Instructions) As a reminder, this conference may be recorded.

（操作員說明）作為提醒，本次會議可能會被錄音。

I would now like to turn the call over to your host, Head of Investor Relations, Farhan Ahmad.

我現在想將電話轉給您的主持人，投資者關係主管 Farhan Ahmad。

Sir, you may begin.

先生，您可以開始了。

Thank you, and welcome to Micron Technology's Third Fiscal Quarter 2019 Financial Conference Call.

謝謝，歡迎參加美光科技 2019 財年第三季度財務電話會議。

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

今天與我通話的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 the convertible debt and capped call dilution table.

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

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

提醒一下，本次電話會議準備的 [電話] 和網絡廣播重播將於今天晚些時候在我們的網站上提供。

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

我們鼓勵您在整個季度監控我們的網站 micron.com，以獲取有關公司的最新信息，包括我們將參加的各種財務會議的信息。

You can follow us on Twitter @MicronTech.

您可以在 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 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 activities, 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 will 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 delivered solid fiscal third quarter results despite headwinds from industry oversupply and steeper-than-expected price declines.

儘管行業供過於求和價格下跌幅度大於預期，美光仍實現了穩健的第三財季業績。

This financial performance reflects our continued strong execution on technology advancement, further cost reduction and pricing discipline.

這一財務業績反映了我們在技術進步、進一步降低成本和定價方面的持續強勁執行。

Our healthy balance sheet structurally improved profitability, and winning team set the foundation for us to emerge even stronger when the industry environment recovers.

我們健康的資產負債表從結構上提高了盈利能力，而獲勝的團隊為我們在行業環境復甦時變得更加強大奠定了基礎。

We are confident that the long-term demand outlook for memory and storage is compelling, driven by broad secular trends such as AI, autonomous vehicles, 5G and IoT.

我們相信，在人工智能、自動駕駛汽車、5G 和物聯網等廣泛的長期趨勢的推動下，內存和存儲的長期需求前景令人信服。

The new Micron is well-positioned to take advantage of these trends with innovative products, a responsive supply chain and well-established relationships with customers worldwide.

新的美光通過創新產品、響應迅速的供應鍊和與全球客戶建立的良好關係，充分利用這些趨勢。

Over the last few months, customer inventory improvements have progressed largely in line with our expectations in most end markets.

在過去的幾個月裡，客戶庫存的改善在很大程度上符合我們在大多數終端市場的預期。

This reinforces our confidence that bit demand for DRAM will return to healthy year-over-year growth in the second half of calendar 2019.

這增強了我們的信心，即 DRAM 的位需求將在 2019 年下半年恢復健康的同比增長。

NAND bit demand is also increasing in most markets as elasticity kicks in, in response to price declines over the last year.

由於去年價格下跌，隨著彈性開始發揮作用，大多數市場的 NAND 位需求也在增加。

Even as customer inventory levels of DRAM and NAND improve across most end markets, producer inventory levels are elevated.

即使大多數終端市場的 DRAM 和 NAND 客戶庫存水平有所提高，生產商的庫存水平也有所提高。

Although previously announced CapEx cuts will start to impact industry supply in the second half of the calendar year, our assessment is that further cuts in CapEx and bit supply will be required to return the industry to a healthy supply-demand balance.

儘管先前宣布的資本支出削減將在日曆年下半年開始影響行業供應，但我們的評估是，需要進一步削減資本支出和鑽頭供應才能使行業恢復健康的供需平衡。

I will discuss our actions on this front shortly, but first, let me provide an overview of our fiscal third quarter results.

我將很快討論我們在這方面的行動，但首先，讓我概述一下我們第三財季的業績。

At our 2018 Analyst Day, we discussed our priorities related to technology, cost competitiveness and high-value solutions.

在 2018 年分析師日，我們討論了與技術、成本競爭力和高價值解決方案相關的優先事項。

Solid execution on these strategies has now yielded over 2,000 basis points of EBITDA margin improvement relative to our peers since 2016.

自 2016 年以來，相對於我們的同行，這些策略的穩健執行現已產生超過 2,000 個基點的 EBITDA 利潤率提高。

Unlike the last downturn during which Micron's relative profitability declined, in this downturn, our relative profitability has continued to improve.

與上次美光相對盈利能力下降的低迷不同，在這次低迷中，我們的相對盈利能力持續改善。

In DRAM, we are on track to deliver good cost declines in fiscal 2019.

在 DRAM 方面，我們有望在 2019 財年實現良好的成本下降。

We continue to increase the mix of 1Y nanometer and are meeting excellent progress towards ramping 1Z next fiscal year.

我們繼續增加 1Y 納米的組合，並在下個財年實現 1Z 的巨大進展。

In April, we broke ground on our new cleanroom in Taichung, Taiwan.

4 月，我們在台灣台中的新潔淨室破土動工。

And earlier this month, we announced the opening of a new cleanroom in Hiroshima, Japan.

本月早些時候，我們宣佈在日本廣島開設新的潔淨室。

These cleanroom expansions will enable future DRAM node transitions of our existing wafer capacity.

這些潔淨室的擴建將使我們現有晶圓產能的未來 DRAM 節點轉換成為可能。

In NAND, we continue to ramp our 96-layer 3D NAND and are on track to achieve healthy cost declines in fiscal 2019.

在 NAND 方面，我們繼續增加 96 層 3D NAND，並有望在 2019 財年實現健康的成本下降。

We continue to make progress on our 128-layer 3D NAND, which uses replacement gate technology.

我們繼續在使用替換門技術的 128 層 3D NAND 上取得進展。

As we discussed on the last call, we expect a partial transition to this node with the full portfolio transition occurring on the second generation replacement gate node.

正如我們在上次電話會議中討論的那樣，我們預計將部分過渡到該節點，而完整的投資組合過渡將發生在第二代替換門節點上。

In addition to these node transitions in DRAM and NAND, we are also improving our cost structure by increasing the percentage of products produced through captive back-end packaging facilities.

除了 DRAM 和 NAND 中的這些節點轉換之外，我們還通過增加通過專屬後端封裝設施生產的產品的百分比來改善我們的成本結構。

These facilities now account for more than half of our total assembly requirements.

這些設施現在占我們總裝配需求的一半以上。

Our captive back-end operations are tightly integrated with our front-end systems, enabling greater product customization, tighter quality control, improved responsiveness to shifts in demand and lower costs.

我們的專屬後端運營與我們的前端系統緊密集成，從而實現更大的產品定制化、更嚴格的質量控制、提高對需求變化的響應能力並降低成本。

High-value solutions now account for over 2/3 of NAND revenues.

高價值解決方案現在佔 NAND 收入的 2/3 以上。

We made further progress in strengthening our SSD portfolio with the launch of our 9300 data center NVMe SSDs for cloud and enterprise markets.

隨著面向雲和企業市場推出 9300 數據中心 NVMe SSD，我們在加強 SSD 產品組合方面取得了進一步進展。

We more than doubled revenue shipments of our new NVMe client SSD to large PC OEMs, and more customer qualifications are in progress.

我們向大型 PC OEM 提供的新 NVMe 客戶端 SSD 的收入出貨量增加了一倍以上，並且正在進行更多的客戶資格認證。

As a reminder, this new NVMe drive is built with our own controller technology.

提醒一下，這款新的 NVMe 驅動器採用我們自己的控制器技術構建。

QLC SSD shipments (sic) [bit shipments] increased approximately 75% sequentially, driven by growth of our consumer NVMe SSDs.

在我們消費類 NVMe SSD 增長的推動下，QLC SSD 出貨量（原文如此）[位出貨量] 環比增長約 75%。

Overall, the Micron team continues to execute well on cost reductions and on high-value solutions.

總體而言，美光團隊繼續在降低成本和高價值解決方案方面表現出色。

While we are operating in a difficult industry environment today, our progress is visible in our reported profitability and increases our confidence in our ability to drive long-term shareholder value.

儘管我們今天在艱難的行業環境中運營，但我們在報告的盈利能力中取得了明顯的進步，並增強了我們對推動長期股東價值的能力的信心。

Now turning to highlights by end markets.

現在轉向終端市場的亮點。

Our mobile business was impacted by U.S. trade restrictions, which Dave and I will discuss later in the call.

我們的移動業務受到美國貿易限制的影響，Dave 和我將在電話會議稍後討論。

Looking ahead, innovations such as 5G, foldable phones and advanced cameras will drive growth for our products.

展望未來，5G、可折疊手機和先進相機等創新將推動我們產品的增長。

Our portfolio of mobile DRAM products features best-in-class power consumption.

我們的移動 DRAM 產品組合具有一流的功耗。

On low-power DDR5, we are leading the industry and recently started sampling the highest density die in the market.

在低功耗 DDR5 方面，我們處於行業領先地位，最近開始對市場上密度最高的芯片進行採樣。

We continue to make good progress on our managed NAND products as well and recently launched our second-generation UFS product with best-in-class endurance.

我們的託管 NAND 產品也繼續取得良好進展，最近推出了具有一流耐用性的第二代 UFS 產品。

Within the data center market, cloud customers are turning the corner on inventories and most are approaching normal inventory levels.

在數據中心市場中，雲客戶正在轉向庫存，大多數都接近正常庫存水平。

Our cloud DRAM bit shipments grew sequentially in the fiscal third quarter, exceeding our expectations, and early trends suggest strong sequential growth for the fiscal fourth quarter.

我們的雲 DRAM 位出貨量在第三財季環比增長，超出了我們的預期，早期趨勢表明第四財季環比強勁增長。

Enterprise customer inventories are taking somewhat longer to normalize than we had previously expected.

企業客戶庫存正常化所需的時間比我們之前預期的要長。

We continue to sample and secure qualifications on 64-gigabyte DDR4 server modules built with our 1Y nanometer DRAM.

我們將繼續對使用我們的 1Y 納米 DRAM 構建的 64 GB DDR4 服務器模塊進行採樣和驗證。

In graphics, we saw robust sequential growth as customer inventories normalized.

在圖形中，隨著客戶庫存正常化，我們看到了強勁的連續增長。

We expanded our customer base for our high-performance GDDR6, which positions us well for strong growth in the second half of calendar 2019.

我們擴大了高性能 GDDR6 的客戶群，這使我們能夠在 2019 年下半年實現強勁增長。

In the PC market, DRAM bit shipments returned to growth as CPU shortages started to improve.

在 PC 市場，隨著 CPU 短缺開始改善，DRAM 位出貨量恢復增長。

Looking ahead, we expect strong sequential DRAM bit growth in our fiscal fourth quarter as laptop sales improve.

展望未來，隨著筆記本電腦銷量的改善，我們預計第四財季 DRAM 位將出現強勁的連續增長。

In automotive, while global auto sales are slow, content growth remains strong, driven by innovations in ADAS and infotainment systems.

在汽車領域，雖然全球汽車銷售緩慢，但在 ADAS 和信息娛樂系統創新的推動下，內容增長依然強勁。

Micron is well-positioned to benefit from the growth opportunity in this market given our leading market share, deep customer relationships and high-quality products.

鑑於我們領先的市場份額、深厚的客戶關係和高質量的產品，美光處於有利地位，可以從這個市場的增長機會中受益。

We recently began ramping shipments with an industry-leading OEM for their most advanced autonomous system, which uses 16 gigabytes of our low-power DRAM.

我們最近開始與一家行業領先的 OEM 合作，為其最先進的自主系統增加出貨量，該系統使用 16 GB 的低功耗 DRAM。

Before talking about the market outlook, I want to provide some comments related to Huawei.

在談市場前景之前，我想先談談華為相關的一些評論。

As you know, effective May 16, the U.S. Commerce Department's Bureau of Industry and Security, or BIS, added Huawei and 68 of its non-U.

如您所知，自 5 月 16 日起，美國商務部工業和安全局（BIS）將華為及其 68

S. affiliates to the BIS entity list.

S. BIS 實體列表的附屬機構。

To ensure compliance, Micron immediately suspended shipments to Huawei and began a review of Micron products sold to Huawei to determine whether they are subject to the imposed restrictions.

為確保合規，美光立即暫停向華為發貨，並開始審查美光出售給華為的產品，以確定它們是否受到施加的限制。

Through this review, we determined that we could lawfully resume shipping a subset of current products because they are not subject to export administration regulations and entity list restrictions.

通過這次審查，我們確定我們可以合法地恢復運輸當前產品的子集，因為它們不受出口管理法規和實體清單限制的約束。

We have started shipping some orders of those products to Huawei in the last 2 weeks.

在過去的兩週內，我們已經開始向華為運送這些產品的一些訂單。

However, there is considerable ongoing uncertainties surrounding the Huawei situation, and we are unable to predict the volumes or time periods over which we will be able to ship products to Huawei.

然而，圍繞華為的情況存在相當大的不確定性，我們無法預測我們能夠向華為運送產品的數量或時間段。

Micron will continue to comply with all government and legal requirements, just as we do in all our operations globally.

正如我們在全球所有業務中所做的那樣，美光將繼續遵守所有政府和法律要求。

Of course, we cannot predict whether additional government actions may further impact our ability to ship to Huawei.

當然，我們無法預測額外的政府行動是否會進一步影響我們向華為發貨的能力。

Now turning to the market outlook for DRAM.

現在轉向DRAM的市場前景。

As I mentioned earlier, we have seen early signs of bit demand recovery in most DRAM end markets.

正如我之前提到的，我們已經看到大多數 DRAM 終端市場的比特需求復甦的早期跡象。

Based on our assessment of customer inventory improvement, we anticipate robust bit demand growth for the industry in the second half of the calendar year compared to the weak demand in the first half.

根據我們對客戶庫存改善的評估，與上半年疲軟的需求相比，我們預計該行業下半年的鑽頭需求將強勁增長。

Our view of calendar 2019 industry DRAM bit demand growth is in the mid-teens, with industry supply growing mid to high-teens.

我們對 2019 年日曆行業 DRAM 位需求增長的看法是在十幾歲左右，行業供應增長在十幾歲左右。

Despite early signs of recovery in DRAM bit demand, the excess supply and resulting higher producer inventory levels have created a challenging pricing environment.

儘管 DRAM 位需求出現復甦的早期跡象，但供應過剩和由此導致的生產商庫存水平上升已經創造了具有挑戰性的定價環境。

We expect that the strengthening demand growth will begin to contribute to an improving trend in producer inventory later in calendar 2019.

我們預計，強勁的需求增長將開始推動 2019 年晚些時候生產商庫存的改善趨勢。

Turning to our supply.

轉向我們的供應。

At Micron, our focus continues to be on taking prudent steps to help bring the DRAM market back to stabilization.

在美光，我們的重點仍然是採取謹慎的措施來幫助 DRAM 市場恢復穩定。

We are continuing the previously announced wafer start reductions of approximately 5%, which we expect will bring our DRAM bit supply growth for calendar 2019 close to market demand growth.

我們將繼續先前宣布的晶圓開工量減少約 5%，我們預計這將使我們 2019 年的 DRAM 位供應增長接近市場需求增長。

The overall NAND market remains oversupplied from the accelerated supply growth driven by the industry transition from 2D NAND production to 3D NAND.

由於行業從 2D NAND 生產向 3D NAND 的過渡，供應加速增長，整個 NAND 市場仍然供過於求。

Our NAND industry bit demand growth expectations for calendar 2019 are unchanged at the mid-30s percent range.

我們對 2019 年 NAND 行業位元需求增長的預期保持在 30% 左右的範圍內。

We continue to target our bit shipments to be close to the industry demand growth rate.

我們繼續以接近行業需求增長率為目標。

Since our last earnings call, we have taken actions to further adjust wafer starts from the previously announced 5% reduction to now approximately 10%, which will result in lower supply growth in the second half of the calendar year.

自上次財報電話會議以來，我們已採取行動進一步調整晶圓開工率，從之前宣布的 5% 下調至現在約 10%，這將導致下半年供應增長放緩。

These reductions are the result of both capital optimizations to reuse more existing equipment for our 96-layer conversion as well as lowering some of our legacy NAND capacity, which we announced previously.

這些減少是資本優化的結果，以將更多現有設備重新用於我們的 96 層轉換，以及降低我們之前宣布的一些傳統 NAND 容量。

While we still believe the NAND industry supply is growing above demand this year, the market is showing signs of increased elasticity stemming from recent price declines.

雖然我們仍然認為今年 NAND 行業的供應增長超過需求，但由於近期價格下跌，市場顯示出彈性增加的跡象。

We are optimistic that the overall NAND market will start to stabilize in the second half of calendar 2019.

我們樂觀地認為，整個 NAND 市場將在 2019 年下半年開始企穩。

With the higher levels of macro uncertainty and the relatively high levels of inventory on our balance sheet, we are taking decisive action to manage our DRAM and NAND bit production.

隨著宏觀不確定性的增加和資產負債表上相對較高的庫存水平，我們正在採取果斷行動來管理我們的 DRAM 和 NAND 位生產。

In addition to the wafer start reductions that we discussed, we are also taking action on CapEx.

除了我們討論的晶圓開工減少之外，我們還對資本支出採取了行動。

Earlier this year, we announced a reduction in fiscal 2019 CapEx forecast from $10.5 billion, plus or minus 5% at the start of the year, to approximately $9 billion now.

今年早些時候，我們宣布將 2019 財年資本支出預測從年初的 105 億美元（正負 5%）下調至現在的約 90 億美元。

For fiscal 2020, we plan for CapEx to be meaningfully lower than fiscal 2019.

對於 2020 財年，我們計劃資本支出顯著低於 2019 財年。

While our CapEx plans are still being finalized, we seek to balance our manufacturing investments with our free cash flow objectives.

雖然我們的資本支出計劃仍在最終確定中，但我們尋求平衡我們的製造投資與我們的自由現金流目標。

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

我現在將把它交給戴夫，以提供我們第三財季的財務業績和第四季度的指導。

Thanks, Sanjay.

謝謝，桑傑。

Micron's fiscal third quarter results were within the guided revenue range and above the guided EPS range that we provided on our last call.

美光第三財季業績在指導收入範圍內，高於我們上次電話會議提供的指導每股收益範圍。

We also generated healthy levels of free cash flow and made further progress on our share repurchase program.

我們還創造了健康水平的自由現金流，並在我們的股票回購計劃上取得了進一步進展。

Total fiscal third quarter revenue of approximately $4.8 billion was at the midpoint of our guidance range and was down 39% on a year-over-year basis and down 18% sequentially from the fiscal second quarter.

第三財季總收入約為 48 億美元，處於我們指導範圍的中點，同比下降 39%，比第二財季環比下降 18%。

Both DRAM and NAND revenue were negatively impacted by restriction on sales to Huawei, without which we would have reached the high end of our revenue guidance.

DRAM 和 NAND 收入都受到對華為銷售限制的負面影響，如果沒有這些限制，我們將達到收入指導的高端。

DRAM revenue was approximately $3 billion, representing 64% of total revenue.

DRAM 收入約為 30 億美元，佔總收入的 64%。

DRAM revenue declined 45% year-over-year and 19% sequentially from the fiscal second quarter.

DRAM 收入同比下降 45%，較第二財季環比下降 19%。

Compared to the prior quarter, the DRAM ASP decline approached 20%, while bit shipments were roughly flat.

與上一季度相比，DRAM ASP 下降接近 20%，而位出貨量大致持平。

If not for the impact of Huawei, bit shipments in DRAM would have increased sequentially, as we had guided on our last earnings call.

如果不是因為華為的影響，DRAM 的位出貨量將連續增長，正如我們在上次財報電話會議上所指導的那樣。

NAND revenue was approximately $1.5 billion, representing 31% of total revenue.

NAND 收入約為 15 億美元，佔總收入的 31%。

NAND revenue declined 25% relative to fiscal third quarter 2018 and declined 18% sequentially from the fiscal second quarter.

與 2018 財年第三季度相比，NAND 收入下降了 25%，比第二財季環比下降了 18%。

Overall, NAND ASPs declined in the mid-teens percent range while shipment quantities declined in the mid-single-digit percent range compared to the prior quarter.

總體而言，與上一季度相比，NAND ASP 下降了 10% 左右，而出貨量下降了個位數百分比。

Adjusting for the Huawei impact, bit shipments came in better than our expectation due to stronger component sales.

調整華為的影響後，由於組件銷售強勁，比特出貨量好於我們的預期。

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 $2.1 billion, down 48% year-over-year and 13% from the prior quarter.

計算和網絡業務部門的收入為 21 億美元，同比下降 48%，環比下降 13%。

Lower pricing across major market segments continued to be the leading cause of lower revenue.

主要細分市場的低價仍然是收入下降的主要原因。

However, normalized customer inventory levels led to shipment volume growth in the fiscal third quarter, particularly in graphics and client.

然而，標準化的客戶庫存水平導致第三財季的出貨量增長，尤其是在圖形和客戶端方面。

Revenue for the Mobile Business Unit was $1.2 billion, down 33% year-over-year and down 27% from the fiscal second quarter, due in part to lower shipments to Huawei.

移動業務部門的收入為 12 億美元，同比下降 33%，比第二財季下降 27%，部分原因是對華為的出貨量下降。

Lower pricing and DRAM volume drove the quarter-over-quarter decline.

較低的價格和 DRAM 數量推動了季度環比下降。

Our managed NAND portfolio continued to show strength in the fiscal third quarter, with bit shipments increasing by over 200% year-over-year.

我們託管的 NAND 產品組合在第三財季繼續表現強勁，位出貨量同比增長超過 200%。

The Embedded Business Unit revenue of $700 million was down 22% from the prior year and down 12% from the fiscal second quarter.

嵌入式業務部門收入為 7 億美元，較上年同期下降 22%，較第二財季下降 12%。

Revenue was adversely impacted by broad macroeconomic weakness, weaker pricing and inventory adjustments in the consumer segment.

收入受到宏觀經濟普遍疲軟、定價疲軟和消費領域庫存調整的不利影響。

Automotive and industrial, which represented almost 75% of EBU revenue, showed strong margin resilience with gross margins down only 300 basis points from the last fiscal quarter.

汽車和工業（佔 EBU 收入的近 75%）顯示出強勁的利潤率彈性，毛利率僅比上一財季下降 300 個基點。

And finally, the Storage Business Unit third quarter revenue was $813 million, down 29% year-over-year and down 20% quarter-over-quarter.

最後，存儲業務部門第三季度收入為 8.13 億美元，同比下降 29%，環比下降 20%。

The sequential decline was driven by competitive pricing and an unfavorable comparison on component volumes coming off a large onetime sale we completed in the prior fiscal quarter.

連續下降的原因是具有競爭力的定價以及對我們在上一財季完成的一次性大量銷售的組件數量的不利比較。

The consolidated gross margin for the fiscal third quarter was 39% compared to 61% in the prior year and 50% in the fiscal second quarter.

第三財季的綜合毛利率為 39%，而去年同期為 61%，第二財季為 50%。

Lower pricing in both DRAM and NAND was the primary driver of the lower margin in the fiscal quarter.

DRAM 和 NAND 價格下降是本財季利潤率下降的主要驅動因素。

Gross margins were also negatively impacted by approximately 200 basis points due to underutilization charges related to IMFT.

由於與 IMFT 相關的未充分利用費用，毛利率也受到了約 200 個基點的負面影響。

U.S. tariffs on imports from China were less than 30 basis point impact to gross margins as we have successfully mitigated approximately 90% of the impact from tariffs.

美國對從中國進口的商品徵收的關稅對毛利率的影響不到 30 個基點，因為我們已成功減輕了大約 90% 的關稅影響。

Fiscal third quarter NAND gross margins remained above 25%.

第三財季NAND毛利率保持在25%以上。

Operating expenses of $774 million were well within our guided range.

7.74 億美元的運營費用完全在我們的指導範圍內。

As we've said on prior calls, our goal with OpEx is to remain disciplined with respect to expense control while continuing to invest in future products and technologies throughout the market cycle.

正如我們在之前的電話會議中所說，我們與 OpEx 的目標是在費用控制方面保持紀律，同時在整個市場週期中繼續投資於未來的產品和技術。

Operating expenses also benefited from the strong execution on qualification of our 1Z nanometer mobile DRAM product ahead of our internal schedule.

運營費用也受益於我們在內部計劃之前對 1Z 納米移動 DRAM 產品的嚴格執行。

We delivered solid profitability in the fiscal third quarter with operating income of $1.1 billion, representing 23% of revenue.

我們在第三財季實現了穩健的盈利能力，營業收入為 11 億美元，佔收入的 23%。

This margin is down 28 percentage points year-over-year and down 13 percentage points from the fiscal second quarter.

這一利潤率同比下降 28 個百分點，比第二財季下降 13 個百分點。

Non-GAAP taxes included $162 million of benefits in the fiscal third quarter due to a favorable state law -- state tax law change and a change in our annual tax rate from 10.5% to 9%.

由於有利的州法律——州稅法變更以及我們的年稅率從 10.5% 更改為 9%，非 GAAP 稅收包括第三財季的 1.62 億美元福利。

Non-GAAP earnings per share in the fiscal third quarter was $1.05, down from $3.15 in the year ago quarter and down from $1.71 in the prior quarter.

第三財季非美國通用會計準則每股收益為 1.05 美元，低於去年同期的 3.15 美元和上一季度的 1.71 美元。

Fiscal third quarter non-GAAP EPS was $0.15 higher due to the $162 million of tax benefits.

由於 1.62 億美元的稅收優惠，第三財季非公認會計原則每股收益增加了 0.15 美元。

Turning to cash flows and capital spending.

轉向現金流和資本支出。

We generated $2.7 billion in cash from operations in the fiscal third quarter, representing 57% of revenues.

我們在第三財季從運營中產生了 27 億美元的現金，佔收入的 57%。

Capital spending, net of third-party contributions, was approximately $2.2 billion, down from $2.4 billion in the prior quarter.

扣除第三方貢獻後的資本支出約為 22 億美元，低於上一季度的 24 億美元。

We still expect fiscal 2019 CapEx at approximately $9 billion.

我們仍預計 2019 財年資本支出約為 90 億美元。

However, we expect meaningfully lower CapEx in fiscal 2020.

但是，我們預計 2020 財年的資本支出將顯著降低。

In the fiscal third quarter, our adjusted free cash flow, defined as cash flow from operations less net CapEx, was approximately $500 million compared to $2.2 billion in the year ago quarter and $1 billion in the fiscal second quarter.

在第三財季，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 5 億美元，而去年同期為 22 億美元，第二財季為 10 億美元。

We bought back approximately $157 million of stock in the fiscal third quarter, representing 3.8 million shares.

我們在第三財季回購了大約 1.57 億美元的股票，代表 380 萬股。

For the fiscal year-to-date, we've returned $2.7 billion to shareholders in the form of share buybacks, which represents approximately 70% of our year-to-date free cash flow.

本財年迄今，我們以股票回購的形式向股東返還了 27 億美元，約占我們年初至今自由現金流的 70%。

Combined with the redemptions of outstanding converts, we have reduced outstanding share count by over 8% since fiscal third quarter 2018.

自 2018 財年第三季度以來，我們已將已發行股票數量減少了 8% 以上，再加上贖回未償還的轉換者。

We will continue to prudently manage capital according to our philosophy of maintaining liquidity throughout the cycle, investing in capital assets to enable cost-effective node transitions and back-end cost competitiveness and returning over 50% of free cash flow to shareholders.

我們將繼續按照保持全週期流動性的理念，審慎管理資本，投資資本資產以實現具有成本效益的節點過渡和後端成本競爭力，並將超過 50% 的自由現金流返還給股東。

Inventory ended the quarter at $4.9 billion, increasing from $4.4 billion at the end of the fiscal second quarter.

本季度末庫存為 49 億美元，高於第二財季末的 44 億美元。

The fiscal third quarter ended with 151 days of inventory outstanding or 143 days using our average inventory balance for the fiscal third quarter.

第三財季結束時有 151 天的未清庫存或 143 天使用我們第三財季的平均庫存餘額。

As we mentioned on the last call, calendar 2020 NAND bit supply will be constrained as we make the transition to replacement gate.

正如我們在上次電話會議中提到的，隨著我們過渡到替換門，2020 年日曆 NAND 位供應將受到限制。

To meet expected bit demand growth, we're carrying higher levels of NAND inventory in calendar 2019 and 2020.

為了滿足預期的比特需求增長，我們在 2019 年和 2020 年的 NAND 庫存水平更高。

We also project to carry higher-than-normal levels of DRAM inventory in calendar 2019 as industry supply and demand work toward getting into balance.

隨著行業供需趨於平衡，我們還預計 2019 年 DRAM 庫存將高於正常水平。

Total cash ended the quarter at $7.9 billion, down quarter-over-quarter largely as a result of our $1.4 billion redemption of our Series G convertible notes announced last quarter and completed in the fiscal third quarter.

本季度末總現金為 79 億美元，環比下降，主要是由於我們在上季度宣布並在第三財季完成了 14 億美元的 G 系列可轉換票據贖回。

Total liquidity exceeded $10 billion at quarter end while we maintained a healthy balance sheet.

季度末總流動性超過 100 億美元，同時我們保持健康的資產負債表。

In the quarter, we announced that the close of the IMFT joint venture acquisition will be October 31, which is during our fiscal first quarter of 2020.

在本季度，我們宣布 IMFT 合資企業收購的結束時間為 10 月 31 日，也就是我們 2020 財年第一季度的時間。

We expect to pay approximately $1.4 billion for Intel's share of IMFT.

我們預計為英特爾在 IMFT 中的份額支付大約 14 億美元。

A portion of the payment will also be used to repay member debt financing, which at the end of the fiscal third quarter was approximately $860 million.

部分款項還將用於償還會員債務融資，截至第三財季末約為 8.6 億美元。

Now turning to our financial outlook.

現在轉向我們的財務前景。

Both the DRAM and NAND markets remain oversupplied.

DRAM 和 NAND 市場仍然供過於求。

Having said that, we are starting to see some signs of bit demand improvement.

話雖如此，我們開始看到一些比特需求改善的跡象。

As Sanjay mentioned, we expect strong growth in our DRAM bit shipments for the cloud, graphics and PC markets in fiscal fourth quarter, followed by more normal bit growth in fiscal first quarter.

正如 Sanjay 所說，我們預計第四財季雲、圖形和 PC 市場的 DRAM 位出貨量將強勁增長，隨後第一財季將出現更正常的位增長。

In NAND, while the industry is benefiting from elasticity kicking in, our bit shipment growth in fiscal fourth quarter will be limited due to the ongoing transition of our SSD portfolio.

在 NAND 方面，雖然該行業正受益於彈性的發揮，但由於我們 SSD 產品組合的持續轉型，我們在第四財季的位出貨量增長將受到限制。

With that in mind, our non-GAAP guidance for the fiscal fourth quarter is as follows: we expect revenue to be in the range of $4.5 billion, plus or minus $200 million; gross margin to be in the range of 29%, plus or minus 150 basis points; and operating expenses to be approximately $785 million, plus or minus $25 million.

考慮到這一點，我們對第四財季的非 GAAP 指導如下：我們預計收入將在 45 億美元左右，上下 2 億美元；毛利率在 29% 的範圍內，上下浮動 150 個基點；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 1.13 billion fully diluted shares, we expect EPS to be $0.45, plus or minus $0.07.

根據大約 11.3 億股完全稀釋後的股票數量，我們預計每股收益為 0.45 美元，上下浮動 0.07 美元。

In closing, despite the industry and geopolitical challenges, Micron continues to execute on our key initiatives and remains on strong financial footing.

最後，儘管存在行業和地緣政治挑戰，美光仍繼續執行我們的關鍵計劃，並保持強勁的財務基礎。

We will continue to draw on our strong relationships with our customers and manage through the cycle with a focus on gross margins and free cash flow.

我們將繼續利用與客戶的牢固關係，並以毛利率和自由現金流為重點來管理整個週期。

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。

Clearly, fiscal 2019 has been challenging for both Micron and the industry.

顯然，2019 財年對美光和整個行業都充滿挑戰。

While we continue to believe that the industry is structurally stronger, the confluence of events that impacted this year was unprecedented.

雖然我們仍然相信該行業在結構上更加強大，但今年影響的事件的匯合是前所未有的。

Still, we have fared better due to the tremendous progress we have made on improving our product costs, advancing our technology and increasing the mix of high-value solutions.

儘管如此，由於我們在提高產品成本、推進技術和增加高價值解決方案的組合方面取得了巨大進步，我們的表現仍然更好。

Recent industry financial results show that Micron's profitability and balance sheet are best-in-class.

最近的行業財務結果顯示，美光的盈利能力和資產負債表是一流的。

Having said that, we are not resting on our recent accomplishments and are continuing to raise the bar for ourselves.

話雖如此，我們並沒有滿足於我們最近的成就，而是繼續為自己提高標準。

Our CapEx and expense controls reflect our focus on profitability and free cash flow.

我們的資本支出和費用控制反映了我們對盈利能力和自由現金流的關注。

With the economic and trade challenges facing the industry, the near term continues to be uncertain.

隨著行業面臨的經貿挑戰，短期內仍存在不確定性。

But looking beyond these challenges, I'm excited about Micron's future.

但超越這些挑戰，我對美光的未來感到興奮。

We are in the early innings of growth in cloud computing, and the value of data in the new economy is going to drive secular growth in numerous memory and storage-intensive applications.

我們正處於雲計算增長的早期階段，新經濟中的數據價值將推動眾多內存和存儲密集型應用程序的長期增長。

AI, autonomous vehicles, 5G and IoT will drive significant improvements in our lives, and we look forward to bringing the value of our innovative, market-leading solutions to our customers.

人工智能、自動駕駛汽車、5G 和物聯網將推動我們的生活顯著改善，我們期待將我們創新的、市場領先的解決方案的價值帶給我們的客戶。

In April, we issued our fourth annual sustainability report, which details Micron's commitments to enhancing the world we live in through our products and business practices.

4 月，我們發布了第四份年度可持續發展報告，其中詳細介紹了美光通過我們的產品和業務實踐改善我們生活的世界的承諾。

We achieved perfect scores on industry-standard environmental and social audits of our facilities in 2018 and 2019.

2018 年和 2019 年，我們的設施在行業標準的環境和社會審計中取得了滿分。

Our ongoing focus and improvements in sustainable practices is a competitive differentiator for both our customers and our employees and an important part of the transformation we are driving at Micron.

我們對可持續實踐的持續關注和改進是我們的客戶和員工的競爭優勢，也是我們在美光推動轉型的重要組成部分。

I'm energized by the potential ahead of us and proud of the culture of innovation and execution that we are building.

我對我們面前的潛力充滿活力，並為我們正在建立的創新和執行文化感到自豪。

We will now open for questions.

我們現在開始提問。

(Operator Instructions) Our first question comes from the line of C.J. Muse of Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 C.J. Muse。

I guess, first question, I was hoping you could provide a little more granularity on Huawei.

我想，第一個問題，我希望你能提供更多關於華為的細節。

You talked about the ability to sell a subset of products.

您談到了銷售部分產品的能力。

Can you walk through, I guess, where you're allowed, where you're not.

我猜你能不能走過，你被允許的地方，你不被允許的地方。

They are, I believe, a 13% customer at least last quarter fiscal year.

我相信，至少在上個財政年度，他們是 13% 的客戶。

What kind of impact do you expect as we proceed in the coming quarters across both DRAM and NAND?

隨著我們在未來幾個季度對 DRAM 和 NAND 的推進，您預計會產生什麼樣的影響？

So as I said in my prepared remarks, after the Huawei was placed on entity list, we began a review of our products against the export administration regulations.

所以正如我在準備好的發言中所說，在華為被列入實體清單後，我們開始根據出口管理規定對我們的產品進行審查。

And through that analysis, we determined that certain of our products, a subset of our products that we were previously shipping to Huawei, could continue to ship because it is lawful, it is compliant to those export regulations.

通過該分析，我們確定我們的某些產品，即我們之前運送給華為的產品的子集，可以繼續運送，因為它是合法的，符合這些出口法規。

And of course, it had impact, as Dave noted; in our FQ3, it had an impact because we could not ship at that time any product to them, of nearly $200 million.

當然，正如戴夫所說，它產生了影響。在我們的 FQ3 中，它產生了影響，因為我們當時無法向他們運送任何產品，將近 2 億美元。

And for FQ4, there would be impact to our revenue.

對於第四季度，我們的收入會受到影響。

What I would say is that our revenue with Huawei in FQ4 would be less than what had otherwise would have been if Huawei was not on the entity listing.

我想說的是，如果華為不在實體清單上，我們在第四季度與華為的收入將低於其他情況下的收入。

And of course, as we look ahead beyond FQ4, if Huawei continues to be on the entity list, then in fiscal year '20 as well, we would have an impact compared to what our revenue with Huawei would have been if they were not on the entity listing.

當然，當我們展望 FQ4 之後，如果華為繼續在實體名單上，那麼在 20 財年也是如此，與我們與華為的收入相比，如果他們不在實體名單上，我們將產生影響實體清單。

Of course, we are a supplier to all customers and all end markets across the globe, and we will -- and our presence with several of those other customers is growing in terms of our penetration there, in terms of our share there.

當然，我們是全球所有客戶和所有終端市場的供應商，我們將——就我們在那裡的滲透率和份額而言，我們與其他幾個客戶的存在正在增長。

And we will continue to work on addressing those, but we would not be able to make up in fiscal year '20 if this were to continue the full shortfall.

我們將繼續努力解決這些問題，但如果這繼續完全短缺，我們將無法在 20 財年彌補。

And we -- although we plan to make up part of it through other parts of the business.

我們 - 儘管我們計劃通過業務的其他部分來彌補它的一部分。

That's very helpful.

這很有幫助。

And if I could just follow-up...

如果我能跟進...

And it affects both our DRAM as well as the NAND side of the business.

它會影響我們的 DRAM 以及業務的 NAND 方面。

Great.

偉大的。

And if I could follow-up on CapEx.

如果我可以跟進資本支出。

You talked about a meaningful cut.

你談到了一個有意義的削減。

I guess, is meaningful meaning single-type territory?

我猜，有意義的意思是單一類型的領土嗎？

And as part of that, is it more focused on DRAM?

作為其中的一部分，它是否更專注於 DRAM？

NAND?

與非？

Both?

兩個都？

How should we think about the implications there?

我們應該如何考慮那裡的影響？

So with respect to CapEx, we have said meaningful reduction in CapEx from the fiscal year 2019 levels, and we'll provide more details in the next call as we finalize our plans.

因此，關於資本支出，我們已經表示資本支出比 2019 財年水平顯著降低，我們將在下一次電話會議中提供更多細節，因為我們最終確定了我們的計劃。

Of course, our goal is to have our long-term considerations in mind with respect to technology and product cost capability, but most importantly to have our supply bit growth aligned with our expectations of demand bit growth.

當然，我們的目標是在技術和產品成本能力方面考慮到我們的長期考慮，但最重要的是讓我們的供應位增長與我們對需求位增長的預期保持一致。

And when we look at supply bit growth, of course, we keep in mind the inventory that we are carrying from fiscal year '19 into fiscal year '20 for both DRAM as well as NAND, which will help us supply some of the demand requirement in fiscal year '20 and enable us to reduce our CapEx requirements in fiscal year '20.

當然，當我們查看供應位增長時，我們會記住我們從 19 財年到 20 財年的 DRAM 和 NAND 庫存，這將有助於我們滿足一些需求需求在 20 財年，使我們能夠在 20 財年減少資本支出要求。

And our CapEx management, of course, applies to both NAND as well as DRAM.

當然，我們的資本支出管理既適用於 NAND，也適用於 DRAM。

Our next question comes from the line of Mark Newman of Bernstein.

我們的下一個問題來自伯恩斯坦的馬克紐曼。

The first question really following on Huawei.

第一個問題真正跟隨華為。

Can you give a little bit more quantification on how much the 13-or-so percent revenue you expect you will be able to continue to export to Huawei?

您能否進一步量化一下您預計您將能夠繼續向華為出口的 13% 左右的收入有多少？

And it is -- can you give us some guidance also for your bit growth for this next quarter?

它是 - 您能否也為您在下個季度的增長提供一些指導？

I don't think you have mentioned that yet on the earnings -- on the guidance.

我認為您尚未在收益 - 指導中提到這一點。

If you can mention about your expectation for bit growth for the following quarter.

如果您能提及您對下一季度的比特增長的期望。

And I have a follow-up question.

我有一個後續問題。

So with respect to Huawei, as I said before, our revenue expectation in fiscal Q4 is less than what it would have been without Huawei being on the entity list.

因此，對於華為，正如我之前所說，我們在第四財季的收入預期低於沒有華為在實體名單上的情況。

Beyond that, we don't really get into specifics in terms of revenue as such on a customer-by-customer basis.

除此之外，我們並沒有真正了解每個客戶的收入方面的細節。

Of course, our revenue expectation that Huawei is baked into the guidance -- revenue guidance that Dave provided for FQ4 of $4.5 billion, plus or minus $200 million.

當然，我們對華為的收入預期已納入指導——戴夫為第四季度提供的收入指導為 45 億美元，上下浮動 2 億美元。

And your second question with respect to...

你的第二個問題是......

So on DRAM bit growth, we said it would be up meaningfully in the fourth quarter.

因此，在 DRAM 位增長方面，我們表示它將在第四季度顯著增長。

NAND will be more modest given the environment.

考慮到環境，NAND 將更加溫和。

Okay.

好的。

My follow-up question is really taking a step back and looking at the industry.

我的後續問題真的是退後一步，看看這個行業。

Clearly, it's been a quite challenging year this year with the oversupply.

顯然，由於供過於求，今年是非常具有挑戰性的一年。

But just looking forward to 2020 with the pretty severe cuts you guys are making on utilization, the CapEx, and we're hearing similar cuts from some of your competitors in Asia, I'm just curious what you think for next year.

但是，只是期待 2020 年，你們正在大幅削減利用率，即資本支出，而且我們聽到你們在亞洲的一些競爭對手也有類似的削減，我只是好奇你們對明年的想法。

I guess it very much depends on the economic outlook, which is a little bit unpredictable at the moment.

我想這在很大程度上取決於經濟前景，目前這有點不可預測。

But looking forward to 2020, do you not think that there could be a danger of potential undersupply at some point next year?

但展望 2020 年，您不認為明年某個時候可能會出現供不應求的危險嗎？

I'm just curious how you're thinking about that because, to me, at this level of utilization and CapEx, it seems like, inevitably, there will be a period of undersupply coming, just a matter of time.

我只是好奇你是怎麼想的，因為在我看來，在這種利用率和資本支出水平上，似乎不可避免地會出現一段時間的供應不足，只是時間問題。

So as you said, the industry is in oversupply right now, both in DRAM as well as in NAND.

正如您所說，該行業目前處於供過於求的狀態，無論是在 DRAM 還是在 NAND 中。

And while demand is increasing in the second half, both for NAND and DRAM, the oversupply situation does persist.

雖然下半年對 NAND 和 DRAM 的需求都在增加，但供過於求的情況確實持續存在。

And we have talked about it in DRAM, a challenging pricing environment.

我們已經在 DRAM 這個具有挑戰性的定價環境中討論過它。

And therefore, it's important that CapEx cuts are made as well as supply bit growth is managed to bring the supply bit growth in line with the demand growth as well as over time to bring inventories in line with expectations as well.

因此，重要的是要削減資本支出以及管理供應位增長，以使供應位增長與需求增長保持一致，並隨著時間的推移使庫存也符合預期。

So we are not providing a fiscal year '20 guidance at this point, but all of the actions that we are taking here are really targeted to restore the industry demand and supply balance over the course of next few quarters.

因此，我們目前沒有提供 20 財年的指導，但我們在這裡採取的所有行動的真正目標是在未來幾個季度恢復行業供需平衡。

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

我們的下一個問題來自瑞士信貸的 John Pitzer。

Sanjay, congratulations on the solid execution given the industry conditions.

Sanjay，祝賀在行業條件下的紮實執行。

Just going back to the CapEx questions.

回到資本支出問題。

I would argue, Sanjay, that one of the biggest strategic initiatives you've had has been to try to close a cost gap with your peers.

桑傑，我認為，你最大的戰略舉措之一就是試圖縮小與同行的成本差距。

And clearly, CapEx is a pretty important tool in which to do that.

顯然，資本支出是實現這一目標的一個非常重要的工具。

You guys are sort of bucking the trend this fiscal year with CapEx actually up slightly versus peers that have actually taken it down.

你們在本財年逆勢而上，資本支出實際上略有上升，而同行實際上已經下降。

I'm just kind of curious.

我只是有點好奇。

Help us to get some comfort level that despite the cuts you're talking about for the fiscal year '20, you're still very much on plan relative to closing those cost gaps with your peers.

幫助我們獲得一些安慰，儘管您正在談論 20 財年的削減，但相對於縮小與同行的成本差距，您仍然非常有計劃。

So certainly, as you noted, we have made tremendous improvement in our cost position and with respect to our peers, and that reflects in our financial performance.

因此，正如您所指出的，我們在成本狀況以及相對於同行方面都取得了巨大的進步，這反映在我們的財務業績中。

As was noted in the prepared remarks, our margin improvement -- relative margin improvement from previous times, has really improved by 2,000 basis points, and that's because of our execution on the cost front as well as on the execution on the high-value solutions front.

正如在準備好的評論中所指出的，我們的利潤率提升——相對於之前的利潤率提升，確實提高了 2,000 個基點，這是因為我們在成本方面的執行以及高價值解決方案的執行正面。

And of course, we have more room to go with respect to cost competitiveness as well as strengthening our high-value solutions portfolio.

當然，在成本競爭力以及加強我們的高價值解決方案組合方面，我們還有更大的發展空間。

So we are extremely focused on this.

所以我們非常關注這一點。

And as we look at driving our future opportunities, we -- of course, when we make our CapEx decisions, we make them based on cost competitiveness of our supply in the future and, of course, keeping in mind our free cash flow considerations.

當我們著眼於推動未來的機會時，我們——當然，當我們做出資本支出決策時，我們會根據我們未來供應的成本競爭力做出決策，當然，還要牢記我們的自由現金流考慮。

And most important is that our total supply available to us coming from our inventory and coming from our supply bit growth, should be matching with our demand expectations going forward over the course of next few quarters and to continue to improve our inventory position.

最重要的是，來自庫存和供應量增長的總供應量應該與我們未來幾個季度的需求預期相匹配，並繼續改善我們的庫存狀況。

But on the cost side, we feel very good about the 1Y and 1Z progress on DRAM as well as we feel good about our 96-layer.

但在成本方面，我們對 DRAM 的 1Y 和 1Z 進展感覺非常好，我們對 96 層也感覺良好。

And overall, even with the CapEx reductions that we are talking about, we'll be in a good position with respect to costs, both in DRAM and NAND next year.

總體而言，即使我們正在談論的資本支出減少，我們明年在 DRAM 和 NAND 的成本方面也將處於有利位置。

Of course, we have talked about in NAND, our first-generation replacement gate node will be a small node in the sense that it will be deployed across a small set of products.

當然，我們在 NAND 中已經談到，我們的第一代替代門節點將是一個小節點，因為它將部署在一小部分產品中。

And we will not have any significant cost benefit from that first-generation replacement gate node, but the second generation replacement gate node will give us a meaningful cost benefit compared to the last generations of floating gate node.

我們不會從第一代替代柵極節點中獲得任何顯著的成本收益，但與上一代浮動柵極節點相比，第二代替代柵極節點將為我們帶來有意義的成本收益。

So we absolutely are on top of the game in terms of managing to our cost objectives.

因此，在管理我們的成本目標方面，我們絕對處於領先地位。

I'd just add that Sanjay already mentioned this drive to high value solutions, another way we can improve our gross margins, but also we're -- the node transitions isn't the only way we affect the cost of the product.

我只想補充一點，Sanjay 已經提到了這種對高價值解決方案的推動，這是我們提高毛利率的另一種方式，但我們也是——節點轉換並不是我們影響產品成本的唯一方式。

And so one example is, for example, the back end, we're very acutely focused on the back-end.

例如，後端就是一個例子，我們非常關注後端。

We are bringing some of that activity that we're doing that was being outsourced internally.

我們帶來了一些我們正在做的活動，這些活動是在內部外包的。

We think we can improve our cost structure in that regard, too.

我們認為我們也可以在這方面改善我們的成本結構。

So there are many ways we can drive the cost to improve it.

因此，我們可以通過多種方式降低成本以改進它。

And one thing I would just add is in terms of our overall CapEx that you mentioned, of course, as you know, that in fiscal year '19, we had a meaningful part of our CapEx, around $2 billion that was actually tied to facilities, cleanroom expansions to enable technology transitions.

我要補充的一件事是就您提到的我們的整體資本支出而言，當然，正如您所知，在 19 財年，我們的資本支出中有相當一部分，大約 20 億美元實際上與設施相關, 潔淨室擴建以實現技術轉型。

And this facility spend may not be the same from one manufacturer to the other manufacturer.

從一個製造商到另一個製造商，這種設施支出可能不一樣。

But for us, that was a meaningful part to again, as noted in our remarks before, to prepare us for technology transitions and not targeting any of that cleanroom space for any meaningful capacity, but really for technology transition.

但對我們來說，這又是一個有意義的部分，正如我們在之前的評論中指出的那樣，讓我們為技術轉型做好準備，而不是針對任何有意義的容量，而是真正針對技術轉型。

And then, David, just on inventory, it's clearly a key metric that investors are looking at.

然後，大衛，就庫存而言，這顯然是投資者正在關注的一個關鍵指標。

I'm kind of curious as how we should think about inventory levels exiting the fiscal fourth quarter.

我有點好奇我們應該如何考慮退出第四財季的庫存水平。

And as you answer the question, can you -- clearly, the inventory is somewhat a reflection of where we are in the cycle, but you've got sort of the added burden of wanting to build some NAND inventory as you make this transition to replacement gate.

當你回答這個問題時，你能 - 很明顯，庫存在一定程度上反映了我們在周期中的位置，但是當你過渡到更換門。

So how do we -- how would inventories look if you sort of normalize for that?

那麼，如果您對此進行標準化，我們將如何看待庫存？

And then, lastly, as part of the question, I apologize, utilization coming down, CapEx coming down is a good way of controlling inventory, so is the potential for write-downs.

最後，作為問題的一部分，我道歉，利用率下降，資本支出下降是控制庫存的好方法，減記的可能性也是如此。

Can you just talk about how you're thinking about the value of the inventory in this sort of environment?

你能談談在這種環境下你是如何看待庫存價值的嗎？

A 3-part question huh, John?

一個由 3 部分組成的問題，對吧，約翰？

Okay.

好的。

So yes, the inventories obviously are elevated right now.

所以，是的，現在庫存明顯增加了。

As you point out, one of the big drivers of our increased inventory level is in NAND, and that is kind of by design for us.

正如您所指出的，我們增加庫存水平的主要驅動力之一是 NAND，這對我們來說是一種設計。

We are trying to build up some inventory going into 2020 -- fiscal 2020 for us because we are going to make this transition to replacement gate.

我們正在努力為 2020 年（2020 財年）建立一些庫存，因為我們將過渡到更換門。

Replacement gate doesn't drive very much bit growth for us in the first node in replacement gate, and so we'll need to draw on our inventory in order to meet demand.

在替換門的第一個節點中，替換門不會為我們帶來太多的增長，因此我們需要利用我們的庫存來滿足需求。

And that's a -- I don't know the exact number, but that's a decent chunk of the overage in terms of days.

這是一個 - 我不知道確切的數字，但就天數而言，這是一個相當大的超齡。

The other aspect of the elevated level of inventory is in DRAM.

庫存水平升高的另一個方面是 DRAM。

That was a little bit more a function of a pretty good bit growth in the first couple of quarters of the calendar year of 2019.

這更多是由於 2019 日曆年的前幾個季度實現了相當不錯的增長。

And of course, we had customers working down their inventories.

當然，我們讓客戶減少庫存。

And so inventory was building up in our balance sheet.

因此，我們的資產負債表中不斷增加庫存。

We do expect now that we're in a place -- Sanjay mentioned that we're seeing inventories get to be in a good place in the cloud space, in the graphics' space, in the PC space.

我們現在確實期望我們在一個地方 - Sanjay 提到我們看到庫存在雲空間、圖形空間和 PC 空間中處於一個很好的位置。

And so we would expect to start to see inventories start to come down now.

因此，我們預計現在庫存開始下降。

We think we'll be in a relatively good spot by the end of the calendar year, may not be at "optimal levels" but certainly in a healthier place.

我們認為到今年年底我們將處於相對較好的位置，可能不是處於“最佳水平”，但肯定處於更健康的位置。

And then, quickly after that, I would expect DRAM to be in a good place.

然後，在那之後很快，我預計 DRAM 會處於一個好位置。

From a write-down perspective, we did write-down about $40 million of inventory this quarter specific to Huawei.

從減記的角度來看，本季度我們確實減記了約 4000 萬美元的華為庫存。

We have finished goods inventory with Huawei that does not look like that's going to get sold, so we did reserve that.

我們已經與華為完成了看起來不會出售的商品庫存，所以我們確實保留了它。

Outside of that, from a kind of an obsolescence perspective, we don't see really any risk with the inventory we're carrying.

除此之外，從一種過時的角度來看，我們認為我們持有的庫存沒有任何風險。

We think it's very good inventory.

我們認為這是非常好的庫存。

It's got a good cost position, very good demand with that inventory, so unlikely to have any issue as it relates to obsolescence.

它的成本狀況良好，庫存需求非常好，因此不太可能出現與過時有關的任何問題。

The other, of course, area you have to concern yourself with is the -- any sort of lower cost to market issue with the inventory.

當然，您必須關注的另一個領域是 - 任何類型的庫存降低市場成本問題。

And I think you can kind of guess by the quality of our gross margins that we're not really in danger of having any write-down associated with lower costs to market.

而且我認為您可以通過我們的毛利率質量來猜測，我們並沒有真正面臨與降低市場成本相關的任何減記的危險。

So outside of these kind of one-off issues that we deal with from time to time, like we did with Huawei this quarter, I don't really see a big issue with inventory in terms of write-downs or reserves.

因此，除了我們不時處理的這類一次性問題，就像我們本季度對華為所做的那樣，我真的不認為庫存在減記或儲備方面存在大問題。

So before we get into the next question, I just want to make a small correction.

所以在我們進入下一個問題之前，我只想做一個小的更正。

In the prepared comments, I mentioned that QLC shipment were up approximately 75%.

在準備好的評論中，我提到 QLC 出貨量增長了約 75%。

I meant to say that QLC bit shipments were up 75% quarter-over-quarter.

我的意思是說 QLC 位出貨量環比增長 75%。

So I just wanted to make that correction.

所以我只是想更正一下。

And now, I think we can move on to the next question.

現在，我認為我們可以繼續討論下一個問題。

Our next question comes from the line of Ambrish Srivastava of BMO Capital.

我們的下一個問題來自 BMO Capital 的 Ambrish Srivastava。

Sanjay, good to see the discipline here on the CapEx and also with Dave's focus on free cash flow.

桑傑，很高興看到資本支出的紀律以及戴夫對自由現金流的關注。

I was just a little confused and I want to make sure I understood this.

我只是有點困惑，我想確保我理解這一點。

If we go -- and I appreciate that you don't want to talk about any specific customer, but if we go back to the reported last 2 quarters and if you triangulate that, if you exclude Huawei, that would mean that bit shipments would be at best up single digit.

如果我們去——我很感激你不想談論任何特定的客戶，但如果我們回到過去兩個季度報告的情況，如果你對它進行三角測量，如果你排除華為，那意味著比特出貨量將充其量是個位數。

So the question is, in your CapEx thinking for fiscal '20, how are you handicapping the Huawei impact?

所以問題是，在你對 20 財年資本支出的思考中，你如何阻礙華為的影響？

Are you expecting this to continue to be on that list, and hence, your CapEx -- lower CapEx includes a certain amount of capacity being taken off-line because of that?

您是否期望這將繼續出現在該列表中，因此，您的資本支出——較低的資本支出包括一定數量的產能因此而脫機？

What's the right way to think about it?

思考它的正確方法是什麼？

And then I had a quick follow-up.

然後我進行了快速跟進。

So I think we'll be able to provide you more details related to fiscal year '20 CapEx, et cetera, in our next earnings call.

因此，我認為我們將能夠在下一次財報電話會議中為您提供與 20 財年資本支出等相關的更多詳細信息。

I will just point out that there is obviously considerable uncertainty here.

我只想指出，這裡顯然存在相當大的不確定性。

As you can all see from the rather fluid situation with respect to Huawei as well as with respect to U.S., China trade matters.

從華為以及中美貿易事務的相當多變的情況中大家都可以看出。

And of course, we are just staying focused on optimizing what we can control and really remaining nimble in our actions.

當然，我們只是專注於優化我們可以控制的東西，並在我們的行動中真正保持靈活。

You're seeing that how, over the course of last 1 year, we have, for fiscal year '19, managed our CapEx down from $10.5 billion, plus, minus 5%, to $9 billion now.

您會看到，在過去 1 年的過程中，我們如何在 19 財年管理我們的資本支出，從 105 億美元（正負 5%）下降到現在的 90 億美元。

So we continue to stay vigilant, and we are making decisive actions with respect to meaningful CapEx reductions in fiscal year '20.

因此，我們將繼續保持警惕，我們正在就 20 財年有意義的資本支出削減採取果斷行動。

With respect to the further details, we will be in a better position to provide you information at the next earnings call.

關於更多細節，我們將在下一次財報電話會議上為您提供更好的信息。

Okay.

好的。

And then, just a quick follow-up, and it's not a multipart day for you, what's the AR or DSO target that we should be thinking about as we go through the next couple of quarters?

然後，只是快速跟進，這對你來說不是一個多部分的日子，在接下來的幾個季度中，我們應該考慮的 AR 或 DSO 目標是什麼？

Yes.

是的。

So it got up there and we did kind of work it down this quarter.

所以它就在那裡，我們在這個季度做了一些工作。

I think we got it down to about 62 days.

我想我們把它縮短到大約 62 天。

I would say, ideally, it should be in the 50s.

我想說，理想情況下，它應該在 50 年代。

There was a little bit of a mix challenge this quarter that kind of drove it up a bit and there is a couple of customers that have extended terms and they kind of hit us at that point.

本季度有一些混合挑戰，有點推動它，有幾個客戶已經延長了期限，他們在那個時候打擊了我們。

But ideally, we'd like to be somewhere in the mid-50s.

但理想情況下，我們希望處於 50 年代中期。

Our next question comes from Chris Danely of Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

You said you've mitigated I think 90% of the tariff so far.

你說你已經減輕了我認為到目前為止 90% 的關稅。

Now we're looking at another $300 billion in tariffs.

現在我們正在考慮另外 3000 億美元的關稅。

Can you estimate the approximate impact to your business if that goes through?

如果通過，您能否估計對您的業務的大致影響？

I would say that as we -- of course, we don't know for sure what the list looks like.

我會這麼說，因為我們——當然，我們不確定該列表是什麼樣的。

We have a general sense.

我們有一個普遍的認識。

Based on what we've seen, there's minimal impact from the incremental list.

根據我們所見，增量列表的影響很小。

Most of what affects us was contemplated in the first 2, 1A, 1B, and then the second list.

大多數影響我們的因素都在前 2、1A、1B 和第二個列表中進行了考慮。

Got it.

知道了。

And then for my follow-up.

然後是我的後續行動。

Sanjay talked about 5G being a big driver.

Sanjay 談到 5G 是一大推動力。

With the Huawei issue, is that impacting the development of 5G?

華為的問題，會不會影響到5G的發展？

Have you seen any change in -- like the ongoing development of the standards out there?

你有沒有看到任何變化——比如標準的持續發展？

So I think it is too soon to tell.

所以我認為現在說還為時過早。

And keep in mind that in certain countries, 5G has already started to be deployed such as Korea.

請記住，在某些國家/地區，5G 已經開始部署，例如韓國。

And there are, of course, leading suppliers other than Huawei as well for 5G.

當然，除了華為之外，還有 5G 的領先供應商。

So it remains to be seen how this deployment occurs over the course of next few quarters in particular here.

因此，在接下來的幾個季度中，這種部署如何發生還有待觀察，尤其是在這裡。

But there is no doubt that 5G will bring about greater applications for memory and storage, not only in smartphones but also in machine-to-machine on the IoT front.

但毫無疑問，5G 將為內存和存儲帶來更大的應用，不僅在智能手機中，而且在物聯網前沿的機器對機器中。

And all of this will drive greater demand for memory and storage.

而所有這些都將推動對內存和存儲的更大需求。

And we remain absolutely well-prepared, of course, in a flexible fashion to meet the growing demand requirements for the business that 5G we think will provide over the course of next many years.

當然，我們仍然做好了充分的準備，以靈活的方式滿足我們認為 5G 將在未來幾年內提供的業務不斷增長的需求。

But near term, in terms of exactly what happens with respect to Huawei aspects, I think, really, it is too soon to tell.

但近期，就華為方面究竟會發生什麼而言，我認為，真的，現在說還為時過早。

Our next question comes from Harlan Sur of JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

In DRAM, given the transition to 1Y and early 1Z move, can you guys just help us understand, qualitatively, your cost reduction profile as you move to the second half of this calendar year?

在 DRAM 方面，考慮到向 1Y 和早期 1Z 遷移的過渡，你們能否幫助我們從質量上了解你們在進入本日曆年下半年時的成本降低情況？

Maybe compare that versus the cost downs in the first half of this year.

也許可以將其與今年上半年的成本下降進行比較。

With respect to the cost declines, of course, we are continuing to execute well with respect to our node transitions as well as continuing to drive cost declines, the 1Y and 1Z nodes that you talked about.

當然，關於成本下降，我們在節點轉換方面繼續執行良好，並繼續推動成本下降，即您談到的 1Y 和 1Z 節點。

And we are on plan in terms of ramping up these nodes as well.

我們也在計劃增加這些節點。

And as I said before, we don't break out the cost reductions on first half versus second half.

正如我之前所說，我們不會將上半年與下半年的成本降低分開。

Of course, our expectations of cost reductions are baked into for FQ4, the gross margin guidance as well as, of course, that takes into account our price decline assumptions as well for FQ4.

當然，我們對 FQ4 成本降低的預期、毛利率指導以及當然，這也考慮了我們對 FQ4 的價格下降假設。

So all of that is really baked into it.

所以所有這些都融入其中。

We don't break it down.

我們不分解它。

But keep in mind that as the new technology nodes advance, the cost reduction coming from new technology nodes is less and less compared to the prior nodes just because, as we have explained several times before, they naturally give you -- given the challenges of scaling, less [pathway] for bit growth capability and less cost reduction capability.

但請記住，隨著新技術節點的推進，與之前的節點相比，新技術節點帶來的成本降低越來越少，因為正如我們之前多次解釋的那樣，它們自然會給你帶來挑戰——擴展，更少的 [pathway] 用於比特增長能力和更少的成本降低能力。

Yes.

是的。

And then back in April, the team announced its 9300 series NVMe.

然後回到四月份，該團隊宣布了其 9300 系列 NVMe。

This is your new cloud and enterprise SSD family.

這是您的全新雲和企業 SSD 系列。

I think you guys have had solid momentum in cloud and enterprise with your SATA family, and that's helped to sustain a better margin profile for the NAND business.

我認為你們的 SATA 家族在雲和企業領域擁有穩固的發展勢頭，這有助於維持 NAND 業務更好的利潤率。

So what's the design win momentum been like on the 9300 series?

那麼 9300 系列的設計胜勢如何？

And when do you anticipate your cloud customers to start ramping these new NVMe products?

您預計您的雲客戶何時開始推出這些新的 NVMe 產品？

So as we have discussed in the past that we would be introducing, over the course of our fiscal year 2019, actually during calendar year 2019, our NVMe products.

因此，正如我們過去所討論的，我們將在 2019 財年，實際上是在 2019 日曆年推出我們的 NVMe 產品。

And we started that first with consumer NVMe and later with our OEM NVMe that we talked about today and now also for cloud and enterprise applications NVMe drive.

我們首先從消費者 NVMe 開始，然後從我們今天談到的 OEM NVMe 開始，現在也用於雲和企業應用 NVMe 驅動器。

And these will take some period of time over the course of next few months in terms of getting qualified by customers, in terms of gaining traction with customers.

在接下來的幾個月中，這些將需要一段時間才能獲得客戶的認可，獲得客戶的青睞。

And that's why we had mentioned that 2019 will basically be a year of transition for us from SATA to NVMe.

這就是為什麼我們提到 2019 年基本上是我們從 SATA 過渡到 NVMe 的一年。

I just want to remind you that a couple of years ago, Micron did not actually have investments in NVMe product development.

我只想提醒您，幾年前，美光實際上並沒有在 NVMe 產品開發方面進行投資。

We did very well and are continuing to do very well in SATA, as you noted.

正如您所指出的，我們在 SATA 方面做得很好，並且繼續做得很好。

And we began to significantly increase our investments in NVMe product development a couple of years ago, and it takes a while to have these products in the marketplace.

幾年前，我們開始顯著增加對 NVMe 產品開發的投資，這些產品需要一段時間才能投放市場。

So in 2020, as our NVMe solutions get adopted by our customers and as we ramp those into production, we do expect to be gaining share with NVMe all throughout the 2020 time frame.

因此，在 2020 年，隨著我們的 NVMe 解決方案被我們的客戶採用，並且隨著我們將這些解決方案投入生產，我們確實希望在 2020 年的整個時間範圍內都能獲得 NVMe 的份額。

Our next question comes from the line of Timothy Arcuri of UBS.

我們的下一個問題來自瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）。

(technical difficulty)

（技術難度）

that's been asked a couple of times, and I'm just trying to figure out how lower CapEx -- you're going to cut CapEx by a couple of billion and you're certainly cutting wafer starts quite a bit.

這已經被問過幾次了，我只是想弄清楚資本支出有多低——你將把資本支出削減幾十億，而且你肯定會削減晶圓開始不少。

How that doesn't ultimately have some negative impact on your costs?

這如何最終不會對您的成本產生負面影響？

I think you've been costing down in DRAM maybe low- to mid-teens, and the expectation was that you'd be down somewhere -- that 2020 would be kind of another good year for DRAM cost downs, and you've been down kind of like mid-20s in NAND.

我認為你一直在降低 DRAM 的成本，可能是低到十幾歲，並且期望你會有所下降——2020 年將是 DRAM 成本下降的又一個好年頭，而你一直在 NAND 中下降有點像 20 年代中期。

So -- yet, it sounds like you're saying that it is not having much of an effect on your costs, so I'm just trying to fit those 2 things.

所以 - 然而，聽起來你說它對你的成本沒有太大影響，所以我只是試圖適應這兩件事。

No, I'm not saying that will not have effect on cost.

不，我並不是說這不會影響成本。

What I'm saying is that we will be in good position with cost because our technologies -- underlying technologies give us good cost reduction capabilities from one node to the next node.

我要說的是，我們將在成本方面處於有利地位，因為我們的技術——底層技術為我們提供了從一個節點到下一個節點的良好成本降低能力。

Overall, from a cost point of view, we'll be in good position.

總的來說，從成本的角度來看，我們將處於有利地位。

And for NAND, I'll just remind you that our CMOS under the Array technology gives us the smallest die size in the industry, and that has meaningful implications with respect to the cost competitiveness that we have.

對於 NAND，我只想提醒您，我們採用 Array 技術的 CMOS 為我們提供了業界最小的裸片尺寸，這對我們擁有的成本競爭力具有重要意義。

So overall, we feel good about the technology and the production mix that we will be driving through the remainder of fiscal year '19 as well as through fiscal year 2020 in terms of meeting our demand expectations as well as remaining cost competitive.

因此，總體而言，在滿足我們的需求預期和保持成本競爭力方面，我們對我們將在 19 財年剩餘時間以及 2020 財年推動的技術和生產組合感覺良好。

And then, I guess, just related to that, maybe Dave, can you maybe break down CapEx, sort of how much is building versus equipment?

然後，我想，與此相關，也許是戴夫，你能分解一下資本支出嗎，建築與設備的比例是多少？

It sounds like there's roughly $2 billion that was buildings this year in fiscal '19.

聽起來，在 19 財年，今年的建築物大約有 20 億美元。

Is the cut next year going to be almost all in infrastructure so that WFE is kind of flat to down a smidge year-over-year.

明年的削減是否將幾乎全部用於基礎設施，以便 WFE 同比持平或下降一點點。

Is that kind of how to think about it?

是這樣想的嗎？

So getting back to the FY '19, just to be clear, what Sanjay said was about $2 billion was kind of construction-related spend.

所以回到 19 財年，為了清楚起見，桑傑所說的大約 20 億美元是一種與建築相關的支出。

The rest is front-end and back-end.

剩下的就是前端和後端。

So there is some -- and some miscellaneous capital spend for the R&D group and so forth.

因此，研發團隊等有一些 - 以及一些雜項資本支出。

So there's more to it than even that.

所以還有更多的東西。

I'll be honest with you, we have not kind of completely finalized CapEx budget for next year.

老實說，我們還沒有完全確定明年的資本支出預算。

We have a pretty good sense of directionally where it's going, but all the pieces specifically, we're not quite there yet.

我們對它的走向有很好的方向感，但具體來說，我們還沒有完全做到。

And so what we'd like to do is wait and give you more granularity around that in the next quarter's call.

因此，我們想做的是等待，並在下一季度的電話會議中為您提供更多細節。

But I would anticipate that both areas would have some reduction to them.

但我預計這兩個領域都會對它們有所減少。

And our next question comes from Blayne Curtis of Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I just want to follow up on the Huawei point, just want to make sure I understood what you're saying.

我只是想跟進華為的觀點，只是想確保我明白你在說什麼。

Are you able to ship because the IP resides in another country?

您能否因為 IP 位於另一個國家/地區而發貨？

Just trying to understand how exactly are you able to continue to ship?

只是想了解您究竟如何能夠繼續發貨？

And then just kind of curious, as you look out, I'm sure there's going to be some components that go into these phones from other vendors that don't have an ability to ship.

然後有點好奇，正如你所看到的，我敢肯定，這些手機中會有一些來自其他供應商的組件，這些組件沒有能力發貨。

So I'm kind of just curious to your thoughts on kind of the downstream impact and whether you've encapsulated all that?

所以我有點好奇你對下游影響的看法以及你是否已經封裝了所有這些？

So with respect to what we are able to ship to Huawei, as I said before that what we are able to ship is what is not under the export administration regulations, and that's what we are able to ship.

所以關於我們能發給華為的東西，就像我之前說的，我們能發的就是出口管理規定之外的東西，這就是我們能發的。

And actually, export administration regulations have various complex aspects and considerations, several criteria that you have to go through.

實際上，出口管理法規有各種複雜的方面和考慮因素，您必須通過幾個標準。

If you're interested in that, you can certainly go to the BIS site and look for those.

如果您對此感興趣，您當然可以訪問 BIS 網站並查找這些內容。

And we assess our products versus those.

我們評估我們的產品與那些。

And these considerations are not just limited to any 1 or 2 aspects such as what you mentioned.

而且這些考慮不僅限於您提到的任何1或2個方面。

I mean they have several aspects.

我的意思是他們有幾個方面。

And we assess our products that we can ship to Huawei versus those and have made determination of shipments.

我們評估了我們可以運送給華為的產品與那些產品，並確定了出貨量。

And as we've said, we began those shipments in last 2 weeks.

正如我們所說，我們在過去兩週內開始發貨。

And with respect to your question around other components, et cetera, of course, this is a company-by-company decision, and each company has to evaluate its own situation.

至於您關於其他組件等的問題，當然，這是由公司決定的，每個公司都必須評估自己的情況。

And obviously, Huawei has to look at its own supply chain.

顯然，華為必須審視自己的供應鏈。

So with respect to the products that we can ship to them, we work closely with them to understand what is their latest demand on those products, and that is what is baked into our FQ4 guidance.

因此，對於我們可以運送給他們的產品，我們與他們密切合作，以了解他們對這些產品的最新需求，這就是我們的 FQ4 指南中所包含的內容。

What I would like to point out here is that at the end of the day, since you asked a question about mobile phones, the smartphone demand overall from consumers' point of view is really going to be the same.

我想在這裡指出的是，歸根結底，既然你問了一個關於手機的問題，那麼從消費者的角度來看，智能手機的整體需求確實是一樣的。

I mean consumers are going to be buying the phones that they're going to buy based on the features, the new models.

我的意思是消費者將根據功能和新型號購買他們要購買的手機。

All of that will be bought.

所有這些都將被購買。

There may be some share shift that may be occurring between the various suppliers of smartphones.

不同的智能手機供應商之間可能會發生一些份額轉移。

And as you know, we are well-engaged with customers across the smartphone ecosystem as a supplier to them.

如您所知，我們作為供應商與智能手機生態系統中的客戶進行了良好的互動。

Of course, we have -- Huawei was our #1 customer.

當然，我們有——華為是我們的第一大客戶。

We continue to engage with other customers as well.

我們還將繼續與其他客戶接觸。

And we will -- we have had growing presence with those other customers and we'll continue to look for opportunities to best optimize our business while always, of course, continuing to comply with U.S. laws and regulations.

而且我們將 - 我們與其他客戶的關係越來越大，我們將繼續尋找機會以最好地優化我們的業務，同時當然會繼續遵守美國的法律和法規。

And for that matter, we always comply with laws and regulations in all countries that we operate in.

就此而言，我們始終遵守我們經營所在的所有國家/地區的法律法規。

And then I just want to ask you on the cloud and data center, obviously an important segment and you did have some encouraging comments.

然後我只想問你關於雲和數據中心的問題，這顯然是一個重要的部分，你確實有一些令人鼓舞的評論。

Just kind of curious on that pace of recovery maybe versus what you had thought a quarter ago, just kind of the health of the channel and the pace of recovery there.

只是有點好奇這種恢復速度可能與你四分之一前的想法相比，只是頻道的健康狀況和那裡的恢復速度。

Pace of recovery?

恢復速度？

In cloud and data center.

在雲和數據中心。

Oh, for cloud and data center.

哦，對於雲和數據中心。

I mean, as we said, I think cloud customers as well as several other customers had operated with high levels of inventory in the -- starting late last year and through the course of first half of this year, those inventory levels have been largely worked to normal levels, except for in enterprise, as we noted in our prepared remarks.

我的意思是，正如我們所說，我認為從去年年底到今年上半年，雲客戶以及其他幾個客戶的庫存水平一直很高，這些庫存水平在很大程度上得到了解決正如我們在準備好的評論中指出的那樣，除了在企業中，達到正常水平。

And we look forward to robust growth in fiscal fourth quarter in the area of cloud.

我們期待第四財季雲計算領域的強勁增長。

And we are, of course, continuing to broaden our product portfolio as well with solutions such as NVMe solutions, and that will bring us bigger opportunities in the future as well.

當然，我們還在繼續通過 NVMe 解決方案等解決方案擴大我們的產品組合，這也將為我們在未來帶來更大的機遇。

Ladies and gentlemen, this concludes today's conference.

女士們，先生們，今天的會議到此結束。

Thank you for your participation and have a wonderful day.

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。