美光科技 (MU) 2022 Q3 法說會逐字稿

Thank you for standing by, and welcome to Micron Technologies Fiscal Third Quarter 2022 Financial Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions)

感謝您的關注，歡迎參加美光科技2022財年第三季財務電話會議。 （操作員指示）請注意，今天的會議可能會被錄音。 （操作員指示）

I would now like to hand the call over to Farhan Ahmad, Vice President, Investor Relations.

現在我想把電話交給投資人關係副總裁 Farhan Ahmad。

Thank you, and welcome to Micron Technologies Fiscal Third Quarter 2022 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our President and CEO; and Mark Murphy, our CFO.

謝謝大家，歡迎參加美光科技2022財年第三季財務電話會議。今天與我一起參加電話會議的有我們的總裁兼執行長 Sanjay Mehrotra 和首席財務長馬克墨菲 (Mark Murphy)。

Today's call is being webcast from our Investor Relations site at investors.micron.com including audio and slides. In addition, the press release detailing our quarterly results have been posted on the website along with the prepared remarks for this call.

今天的電話會議將透過我們的投資者關係網站 investors.micron.com 進行網路直播，包括音訊和幻燈片。此外，詳細介紹我們季度業績的新聞稿以及本次電話會議的準備發言稿也已發佈在網站上。

Today's discussion of financial results is presented on a non-GAAP financial basis, unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures may be found on our website. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on the financial conferences that we will be attending. You can also follow us on Twitter at MicronTech.

除非另有說明，否則今天討論的財務業績均以非 GAAP 財務數據呈現。您可以在我們的網站上查看 GAAP 與非 GAAP 財務指標的對照表。我們鼓勵您在本季度訪問我們的網站 micron.com，以獲取公司的最新信息，包括我們將參加的財務會議的信息。您也可以在 Twitter 上關注我們：MicronTech。

As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, our expected results and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the statements made today. We refer you to the documents we filed with the SEC, specifically our most recent Form 10-K and 10-Q for a discussion of the risks that may affect our future results. 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. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

提醒一下，我們今天討論的事項包括關於市場供需、我們預期業績及其他事項的前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與今天的陳述有重大差異。請參閱我們提交給美國證券交易委員會 (SEC) 的文件，特別是我們最新的 10-K 和 10-Q 表格，以了解可能影響我們未來業績的風險。儘管我們認為前瞻性陳述中反映的預期是合理的，但我們無法保證未來的績效、活動水準、表現或成就。我們沒有義務更新任何前瞻性陳述以使其與實際績效相符。

I'll now turn the call over to Sanjay.

我現在將電話轉給桑傑。

Thank you, Farhan. Good afternoon, everyone. Micron delivered record quarterly revenue with strong profitability and free cash flow, enabled by our team's excellent execution and our industry-leading technology and product portfolio. Micron achieved revenue records in the auto, industrial and networking markets and in SSDs for both data center and client. Our NAND business delivered record quarterly revenue and our embedded business unit and storage business unit, NAND revenues also hit all-time highs.

謝謝Farhan。大家下午好。美光科技的季度營收創歷史新高，獲利能力強勁，自由現金流充沛，這得益於我們團隊的出色執行力以及我們行業領先的技術和產品組合。美光科技在汽車、工業和網路市場以及資料中心和客戶端固態硬碟（SSD）領域均創下了營收紀錄。我們的NAND業務季度營收創歷史新高，嵌入式業務部門和儲存業務部門的NAND營收也創下歷史新高。

Our 1-alpha DRAM and 176-layer NAND ramps are several quarters ahead of the industry and progressing well as we continue to qualify new products that use these nodes. The Micron team delivered these excellent results despite supply chain challenges and COVID-19 control measures in China, which impacted our business on both the demand side and the supply side.

我們的1-alpha DRAM和176層NAND產能領先產業幾個季度，並且隨著我們持續驗證使用這些節點的新產品，進展順利。儘管面臨供應鏈挑戰以及中國新冠疫情管控措施，美光團隊在需求側和供應側都受到了影響，但我們仍然取得了優異的業績。

There are consumer demand and inventory-related headwinds impacting the industry and consequently, our fiscal Q4 outlook. However, we remain confident about the secular demand for memory and storage, the attractiveness of our market opportunity, Micron's excellent competitive position and strong execution capabilities and our cross-cycle financial model.

消費者需求和庫存相關的不利因素正在影響產業，並因此影響了我們第四季的財務前景。然而，我們仍然對記憶體和儲存的長期需求、我們市場機會的吸引力、美光卓越的競爭地位、強大的執行能力以及我們跨週期的財務模型充滿信心。

Micron is leading the industry in both DRAM and NAND technology, and we are also well poised to continue this lead into calendar 2023. In DRAM, our 1-alpha node DRAM is several quarters ahead of the industry. And in fiscal Q3, 1-alpha represented the largest DRAM node in our shipment mix. Our newest node, 1-beta is on track to ramp in manufacturing by the end of calendar 2022.

美光在 DRAM 和 NAND 技術方面均處於行業領先地位，我們也已做好準備，在 2023 年繼續保持這一領先地位。在 DRAM 領域，我們的 1-alpha 節點 DRAM 領先產業數季。在第三財季，1-alpha 節點是我們出貨量最大的 DRAM 節點。我們最新的 1-beta 節點預計在 2022 年底前實現量產。

In NAND, our industry-leading 176-layer node continues to grow and mix of sales, having previously reached the majority of our NAND bit shipments in fiscal Q2. This technology node is contributing to a competitive cost structure across our product portfolio. And in FQ3, we achieved several important 176-layer product qualifications. We are also making excellent progress on our 232-layer node and expect to ramp production by the end of calendar 2022.

在NAND領域，我們業界領先的176層節點持續成長，銷售額和產品組合也持續成長，此前已在第二財季佔據了我們NAND比特出貨量的絕大部分。這個技術節點正在幫助我們提升整個產品組合的成本結構競爭力。在第三財季，我們獲得了許多重要的176層產品認證。我們的232層節點也取得了顯著進展，預計在2022年底實現量產。

Across the industry, there are cost challenges stemming from supply chain and inflationary pressures. However, we continue to expect our cost reductions to outpace those of the industry this year. Driven by excellent productivity improvements in our fabs and the well-executed ramp of our world-class 1-alpha DRAM and 176-layer NAND nodes.

整個產業都面臨來自供應鏈和通膨壓力的成本挑戰。然而，我們預計今年的成本削減速度將超過行業平均。這得歸功於我們晶圓廠卓越的生產力提升，以及我們世界一流的1-alpha DRAM和176層NAND節點的順利量產。

Despite COVID-19 control measures in China that created challenges for the global electronic supply chain, Micron's strong execution enabled record assembly output in fiscal Q3 supporting record quarterly revenue. However, these COVID-19 control measures in China impacted our outsourced assembly and test subcontractors and led to some impact to fiscal Q3 results.

儘管中國的新冠疫情管控措施給全球電子供應鏈帶來了挑戰，但美光科技憑藉強大的執行力，在第三財季實現了創紀錄的組裝產量，並支撐了創紀錄的季度收入。然而，中國的這些新冠疫情管控措施也影響了我們外包的組裝和測試分包商，並對第三財季業績造成了一定影響。

Now turning to our end markets. AI, ongoing cloud adoption, EVs and the ubiquitous connectivity offered by 5G are strong secular demand drivers, enabling the memory and storage industry to outpace the broader semiconductor industry. Micron's product portfolio has become significantly stronger, and we are established product momentum in several attractive growth markets. We are also driving a portfolio mix shift towards higher growth and more stable markets.

現在轉向我們的終端市場。人工智慧、持續的雲端運算應用、電動車以及 5G 提供的無處不在的連接，都是強勁的長期需求驅動因素，使記憶體和儲存產業能夠超越更廣泛的半導體產業。美光的產品組合已顯著增強，我們在幾個極具吸引力的成長市場中建立了穩固的產品動能。我們也正在推動產品組合轉向更高成長和更穩定的市場。

Fiscal 2021's 55% to 45% revenue split in favor of the more mature mobile, PC and consumer markets is expected to shift by fiscal 2025 to a 38% to 62% split in favor of the higher growth data center, auto, industrial, networking and graphics markets. Several of these end markets also exhibit more stable profitability. Our fiscal Q3 new product launches and customer qualifications reflect solid execution towards this portfolio transformation.

2021財年，我們營收佔55%至45%，主要集中在較成熟的行動、PC和消費市場。預計到2025財年，這一比例將轉變為38%至62%，主要集中在成長更快的資料中心、汽車、工業、網路和圖形市場。其中一些終端市場的獲利能力也更加穩定。我們第三財季的新產品發布和客戶資格認證反映了我們在這項產品組合轉型方面的紮實執行。

Data center is the largest market for memory and storage today and the rapid growth of AI and memory intensive workloads ensures that it will sustain strong growth through the end of the decade, corporations around the world are investing in digitization and extracting more value from data, and this approach remains 1 of the primary ways of improving efficiency and driving competitive advantage.

資料中心是當今最大的記憶體和儲存市場，人工智慧和記憶體密集工作負載的快速成長確保其將在未來十年內保持強勁成長，世界各地的公司都在投資數位化並從資料中提取更多價值，這種方法仍然是提高效率和推動競爭優勢的主要方式之一。

Data center fiscal Q3 revenue grew by double-digit percentage sequentially and well over 50% year-over-year. Data center end demand is expected to remain strong in the second half of calendar 2022, driven by robust cloud CapEx growth. Despite the strong end demand, we are seeing some enterprise OEM customers wanting to pair back their memory and storage inventory due to non-memory component shortages and macroeconomic concerns.

資料中心第三財季營收季增兩位數，較去年同期成長遠超50%。受雲端運算資本支出強勁成長的推動，預計2022年下半年資料中心終端需求將保持強勁。儘管終端需求強勁，但我們發現一些企業OEM客戶由於非記憶體組件短缺和宏觀經濟擔憂，希望減少記憶體和儲存庫存。

In fiscal Q3, we achieved several product and customer milestones. We began volume shipments of HBM2E, 1 of the fastest-growing product categories driven by the growth in AI and machine learning workloads. Micron continues to lead in DDR5. However, delays in the rollout of new server CPU platforms have slowed the industry DDR5 ramp versus prior expectations.

在第三財季，我們實現了多項產品和客戶里程碑。 HBM2E 已開始批量出貨，這是受 AI 和機器學習工作負載成長驅動的成長最快的產品類別之一。美光科技持續在 DDR5 領域保持領先地位。然而，新伺服器 CPU 平台的推出延遲，導致 DDR5 的產業成長速度低於先前預期。

In data center SSDs, we more than doubled revenue year-over-year and achieved a new revenue record in the fiscal third quarter. We are excited by the strong reception of our industry-leading 176-layer data center NVMe SSDs, which are already in volume production. And in fiscal Q3, we completed qualifications with 3 OEMs. We recently launched the world's first 176-layer data center SATA SSD, which will help sustain our industry leadership in this product category.

在資料中心固態硬碟 (SSD) 領域，我們的營收年增超過一倍，並在第三財季創下了新的營收紀錄。我們業界領先的 176 層資料中心 NVMe SSD 已實現量產，市場反應熱烈，對此我們感到興奮。在第三財季，我們完成了 3 家 OEM 廠商的認證。我們最近推出了全球首款 176 層資料中心 SATA SSD，這將有助於我們鞏固在這一產品類別中的行業領先地位。

In fiscal Q3, we achieved client revenue growth in the mid-teens percent range sequentially, driven by DRAM shipments and shared gains in client SSD. A number of factors have impacted consumer PC demand in various geographies. As a consequence, our forecast for calendar 2022, PC unit sales is now expected to decline by nearly 10% year-over-year from the very strong unit sales in calendar 2021. This compares to an industry and customer forecast of roughly flat calendar 2022 PC unit sales at the start of this calendar year. We expect PC per unit memory and storage content growth trends to remain healthy in calendar 2022, driven by a mix shift toward enterprise PCs and the increasing content and new architectures such as Apple's M1 Ultra platform, which features up to 128 gigabyte of DRAM.

在第三財季，由於 DRAM 出貨量和客戶端 SSD 的共享收益，我們的客戶收入環比增長了 15% 左右。許多因素影響了不同地區的消費 PC 需求。因此，我們預測 2022 年 PC 銷量將比 2021 年非常強勁的銷量年減近 10%。相比之下，今年年初，產業和客戶對 2022 年 PC 銷售的預測基本上持平。我們預計 2022 年 PC 每單位記憶體和儲存內容的成長趨勢將保持健康，這得益於產品組合向企業 PC 的轉變、不斷增加的內容和新架構，例如 Apple 的 M1 Ultra 平台，該平台具有高達 128 GB 的 DRAM。

Micron has a strong product portfolio and is well positioned in this market. We are leading the DDR5 transition and expect our DDR5 revenue to continue to grow as multiple client customers launch next-generation notebooks. Increased availability of non-memory bill of materials will also improve our ability to shift DDR5-based modules. In addition, we continue to lead the industry and client QLC SSD technology and expect QLC to increase as a percentage of 176-layer bit output in fiscal Q4 and beyond.

美光擁有強大的產品組合，在該市場佔據有利地位。我們正引領 DDR5 的轉型，並預計隨著眾多客戶推出下一代筆記型電腦，我們的 DDR5 收入將持續成長。非記憶體物料清單可用性的提高也將提升我們轉移基於 DDR5 的模組的能力。此外，我們持續引領產業和客戶端 QLC SSD 技術，並預期 QLC 在第四財季及以後 176 層位產量中的佔比將有所提升。

In fiscal Q3, graphics revenue grew at a strong long double-digit percentage rate sequentially and year-over-year, driven by the strength of Micron's products and customer relationships. Micron continues to be the industry performance leader in graphics. We announced volume shipments of our new 1Z 16-gigabit GDDR6X in fiscal Q3, which features twice the capacity and up to 15% higher performance than the previous 1Y generation. The 24-gigabit per second peak bandwidth or GDDR6X is made possible by Micron's groundbreaking PAM4 signal transmission technology. No other memory vendor offers this capability or level of performance. We also began volume shipments of our newest 1Z 16-gigabit GDDR6 product to our largest graphics customers.

在第三財季，由於美光強大的產品和客戶關係，圖形業務收入環比和同比均實現了強勁的長期兩位數百分比增長。美光繼續保持圖形產業性能領導者的地位。我們在第三財季宣布了全新1Z 16Gb GDDR6X的大量出貨，其容量是上一代1Y系列的兩倍，性能提升高達15%。 GDDR6X 24Gb/秒的峰值頻寬得益於美光突破性的PAM4訊號傳輸技術。目前沒有其他記憶體供應商能夠提供這種能力或效能等級。我們也開始向我們最大的圖形客戶批量出貨最新的1Z 16Gb GDDR6產品。

Fiscal Q3 mobile revenue declined slightly year-over-year, but grew quarter-over-quarter due to strong customer partnerships and product execution. Smartphone unit sales expectations have declined meaningfully for calendar 2022. We are now projecting smart phone unit volume to decline by mid-single digits percent range year-over-year in calendar '22 well below the industry and customer expectation earlier in the year of mid-single-digit percentage growth.

第三財季行動業務收入較去年同期略有下降，但由於強大的客戶合作關係和產品執行力，季比有所增長。 2022年智慧型手機銷售預期已大幅下降。我們目前預測，2022年智慧型手機銷量將年減中個位數百分比，遠低於今年稍早產業和客戶預期的中個位數百分比成長。

5G unit sales are expected to grow and reach approximately 50% penetration of the smartphone unit TAM this year. The growth of 5G units will also drive higher DRAM and NAND content. We continue to deliver key mobile customer qualifications and strong mobile product ramps on our leading nodes. In fiscal Q3, we expanded our 1-alpha LPDRAM leadership with industry's first ramp of 1-alpha LPDDR5. In addition, 176-layer NAND made up over 90% of our mobile NAND bit shipments.

預計今年 5G 單元銷量將成長，並達到智慧型手機單元 TAM 的約 50% 滲透率。 5G 單元的成長也將推動 DRAM 和 NAND 容量的提升。我們將繼續在領先節點上獲得關鍵行動客戶的認證，並實現強勁的行動產品量產。在第三財季，我們憑藉著業界首個 1-alpha LPDDR5 量產，鞏固了我們在 1-alpha LPDRAM 領域的領先地位。此外，176 層 NAND 占我們移動 NAND 出貨量的 90% 以上。

Micron is the market share and quality leader in the fast-growing auto and industrial end markets. And in fiscal Q3, we achieved record revenue in both. These markets also exhibit higher stability in their gross margin profile through the cycle. Auto growth has been driven by robust demand that remains constrained by auto unit production. We see robust auto content growth as OEMs adopt significant architectural changes to support ADAS, infotainment and electric vehicles.

美光科技在快速成長的汽車和工業終端市場中佔據市場份額和品質領先地位。在第三財季，我們在這兩個市場都實現了創紀錄的營收。這些市場的毛利率在整個週期中也表現出更高的穩定性。強勁的需求推動了汽車市場的成長，但這一需求仍然受到汽車產量的限制。隨著汽車製造商採用重大的架構變革來支持ADAS、資訊娛樂和電動車，我們看到汽車內容的強勁成長。

In fiscal Q3, there were announcements of several new EVs featuring content-rich ADAS, including the Ford F-150 Lightning, Mercedes EQS, SUV and EQE sedan and BMW IX1. We expect the auto market to have a strong long-term bit growth CAGR in DRAM and NAND that is roughly twice the CAGR of overall DRAM and NAND markets. And consequently, our strength in this market will become increasingly important. Industrial IoT achieved record revenue in fiscal Q3, demonstrating broad-based growth with various end market applications. We continue to see tailwinds from secular growth drivers as industrial customers invest in increasing factory automation and digitization.

在第三財季，我們發布了多款搭載內容豐富的ADAS技術的新型電動車，包括福特F-150 Lightning、MercedesEQS、SUV和EQE轎車以及BMWIX1。我們預計，汽車市場DRAM和NAND的長期位元複合年增長率將強勁，約為整體DRAM和NAND市場複合年增長率的兩倍。因此，我們在這個市場的優勢將變得越來越重要。工業物聯網在第三財季實現了創紀錄的營收，在各種終端市場應用領域展現廣泛的成長。隨著工業客戶加大對工廠自動化和數位化的投資，我們將繼續看到長期成長動力帶來的推動力。

Turning to the market outlook. Our expectations for calendar 2022, industry bit demand growth have moderated since our last earnings call. Near the end of fiscal Q3, we saw a significant reduction in near-term industry bit demand primarily attributable to end demand weakness in consumer markets, including PC and smartphone. These consumer markets have been impacted by the weakness in consumer spending in China, the Russia, Ukraine war and rising inflation around the world.

展望市場前景。自上次財報電話會議以來，我們對2022年產業位需求成長的預期有所放緩。在第三財季末，我們發現近期行業位需求大幅下降，這主要歸因於包括PC和智慧型手機在內的消費市場的終端需求疲軟。這些消費市場受到了中國消費支出疲軟、俄羅斯與烏克蘭戰爭以及全球通膨上升的影響。

COVID-19 control measures in China have exacerbated supply chain challenges for some customers and the macroeconomic environment is also creating some caution amongst certain customers. Several customers, primarily in PC and smartphone are adjusting their inventories, and we expect these adjustments to take place mostly in the second half of calendar 2022.

中國的新冠疫情管控措施加劇了部分客戶的供應鏈挑戰，宏觀經濟環境也引發了部分客戶的謹慎情緒。一些客戶（主要為PC和智慧型手機客戶）正在調整庫存，我們預計這些調整將主要在2022年下半年進行。

While end demand in the mobile, PC and consumer markets has weakened, cloud, networking, automotive and industrial markets are showing resilience. Due to weaker demand in the second half of calendar 2022, we now expect year-over-year calendar 2022 industry bit demand growth to be below the long-term CAGRs of mid- to high-teens percentage for DRAM and high-20s percentage for NAND. Despite the near-term weakness, secular demand trends remain strong, and our view of long-term DRAM and NAND bit demand CAGR remains unchanged from prior expectations.

雖然行動、PC 和消費市場的終端需求有所減弱，但雲端運算、網路、汽車和工業市場卻表現出韌性。由於 2022 年下半年需求疲軟，我們目前預計 2022 年產業位需求年增率將低於長期複合年增長率（DRAM 為 15% 至 17% 左右，NAND 為 20% 以上）。儘管短期內需求疲軟，但長期需求趨勢依然強勁，我們對長期 DRAM 和 NAND 位需求複合年增長率的預測與先前的預期保持一致。

Turning to supply. Given the change in market conditions, we are taking immediate action to reduce our supply growth trajectory. To protect profitability, we will maintain pricing discipline, manage capacity utilization and use inventory as a buffer to navigate through this period of demand weakness. Additionally, we are planning for the reduced level of bit supply growth in fiscal 2023, and will use inventory to supply part of the market demand next year. This approach will enable us to reduce wafer fab equipment CapEx for fiscal year 2023 versus our prior plans, and we now expect our fiscal 2023 wafer fab equipment CapEx to decline year-over-year.

談到供應。鑑於市場環境的變化，我們正在立即採取行動，降低供應成長軌跡。為了保障獲利能力，我們將維持定價紀律，管理產能利用率，並利用庫存作為緩衝，度過這段需求疲軟時期。此外，我們計劃在2023財年降低位元供應成長水平，並將在明年利用庫存來滿足部分市場需求。此舉將使我們能夠降低2023財年的晶圓廠設備資本支出，使其與先前的計畫相比有所下降，目前我們預計2023財年的晶圓廠設備資本支出將年減。

Overall, industry supply is also being impacted. Manufacturing equipment shipment delays, challenges for some in the industry in ramping new nodes of technology and DRAM supply discipline evident in the industry are all expected to limit supply growth over the next few quarters. These supply reductions will help offset some impact of the weaker demand.

總體而言，行業供應也受到了影響。製造設備出貨延遲、部分產業在新製程節點推進方面面臨的挑戰以及產業內明顯的DRAM供應約束，預計都將限制未來幾季的供應成長。這些供應減少將有助於抵消需求疲軟的部分影響。

I will now turn it over to Mark Murphy, Micron's Chief Financial Officer.

現在我將把發言權交給美光公司財務長馬克墨菲。

Thanks, Sanjay. Micron delivered strong results in fiscal Q3, marked by record quarterly revenue and $1.3 billion of free cash flow. Total fiscal Q3 revenue was $8.6 billion, up 11% sequentially and up 16% year-over-year. Growth was strong across most end markets. Fiscal Q3 DRAM revenue was $6.3 billion, representing 73% of total revenue. DRAM revenue increased 10% sequentially and was up 15% year-over-year. Sequentially, bit shipments increased by slightly over 10%, while ASPs declined slightly. Fiscal Q3 NAND revenue was $2.3 billion, representing 26% of Micron's total revenue. NAND revenue increased 17% sequentially and was up 26% year-over-year. Sequential bit shipments increased in the high teens percent and ASPs declined slightly.

謝謝，桑傑。美光科技在第三財季業績強勁，季營收創歷史新高，自由現金流達 13 億美元。第三財季總營收為 86 億美元，季增 11%，年增 16%。大多數終端市場都實現了強勁成長。第三財季 DRAM 營收為 63 億美元，佔總營收的 73%。 DRAM 營收季增 10%，較去年同期成長 15%。位出貨量較上月成長略高於 10%，而平均銷售價格略有下降。第三財季 NAND 營收為 23 億美元，佔美光科技總營收的 26%。 NAND 營收季增 17%，年增 26%。位元出貨量較上季成長百分之十幾，而平均銷售價格略有下降。

Now turning to our fiscal Q3 revenue trends by business unit. Revenue for the compute and networking business unit was $3.9 billion, up 13% sequentially and 18% year-over-year. Data center graphics and networking contributed to both year-over-year and sequential growth. Revenue for the mobile business unit was approximately $2 billion, up 5% sequentially and down 2% year-over-year. Strong execution and product momentum allowed MBU to deliver sequential growth in a challenging smartphone market demand environment.

現在來看看我們第三財季各業務部門的營收趨勢。計算和網路業務部門的營收為39億美元，季增13%，年增18%。資料中心圖形和網路業務部門的年成長和環比成長均有所貢獻。行動業務部門的營收約20億美元，季增5%，年減2%。強大的執行力和產品動能使MBU在充滿挑戰的智慧型手機市場需求環境中實現了環比成長。

Revenue for the Storage Business Unit was $1.3 billion, up 15% sequentially and up 33% year-over-year. We achieved record SSD revenue with both data center and client SSD revenues reaching all-time highs. Data center SSD revenue more than doubled year-over-year. Finally, we achieved record revenue for the Embedded Business Unit at $1.4 billion, up 12% sequentially and up 30% year-over-year. Both automotive and industrial revenues set records in the quarter.

儲存業務部門營收達13億美元，季增15%，年增33%。我們的SSD營收創歷史新高，資料中心與客戶端SSD營收均創歷史新高。資料中心SSD營收年增逾一倍。此外，嵌入式業務部門營收達14億美元，季增12%，年增30%。本季度，汽車和工業領域營收均創下紀錄。

The consolidated gross margin for fiscal Q3 was 47.4%, down approximately 40 basis points sequentially. An increasing mix of NAND contributed to the decline. Operating expenses in fiscal Q3 were approximately $950 million, below the low end of the guidance range and down approximately $20 million sequentially. OpEx benefited from the timing of our technology and product qualifications and from lower variable compensation. Although we are taking actions to reduce OpEx in light of current market conditions, we expect OpEx to increase sequentially due to the timing of technology and product qualifications.

第三財季綜合毛利率為47.4%，季減約40個基點。 NAND產品佔比的增加是導致毛利率下降的原因之一。第三財季營運費用約9.5億美元，低於預期區間的下限，季減約2,000萬美元。營運支出受益於我們技術和產品認證的時機以及較低的浮動薪酬。儘管我們正在根據當前市場狀況採取措施降低營運支出，但由於技術和產品認證的時機，我們預計營運支出將環比成長。

Fiscal Q3 operating income was $3.1 billion, resulting in an operating margin of 36.4%, up approximately 110 basis points sequentially and up 450 basis points from the prior year. Fiscal Q3 adjusted EBITDA was approximately $5 billion, resulting in an EBITDA margin of 57.4%, down approximately 40 basis points sequentially and up over 400 basis points versus the prior year. Non-GAAP earnings per share in fiscal Q3 were $2.59, up from $2.14 in fiscal Q2 and up from $1.88 in the year ago quarter.

第三財季營運利潤為31億美元，營運利潤率為36.4%，季增約110個基點，較去年同期成長450個基點。第三財季調整後息稅折舊攤提前利潤（EBITDA）約50億美元，EBITDA利潤率為57.4%，季減約40個基點，較去年同期成長逾400個基點。第三財季非公認會計準則每股收益為2.59美元，高於第二財季的2.14美元及去年同期的1.88美元。

Turning to cash flows and capital spending. We generated $3.8 billion in cash from operations in fiscal Q3, representing 44% of revenue. Capital expenditures were $2.5 billion during the quarter. We expect fiscal 2022 CapEx to be approximately $12 billion. Our free cash flow for fiscal Q3 was $1.3 billion.

談到現金流和資本支出。我們在第三財季的營運現金流為38億美元，佔營收的44%。本季資本支出為25億美元。我們預計2022財年的資本支出約為120億美元。第三財季的自由現金流為13億美元。

During the quarter, we completed share repurchases of $981 million or approximately 13.8 million shares. Including our dividend payment, we returned $1.1 billion to shareholders in fiscal Q3. Since the share repurchase program's inception in fiscal 2019 through the end of fiscal Q3. We have deployed $5.7 billion towards repurchasing 108 million shares at an average price of approximately $53 per share.

本季度，我們完成了價值9.81億美元的股票回購，約1,380萬股。包括股息支付在內，我們在第三財季向股東返還了11億美元。自2019財年股票回購計畫啟動以來，截至第三財季末，我們已投入57億美元，以平均每股約53美元的價格回購了1.08億股。

As we discussed at Investor Day, we are committed to returning to shareholders all of the free cash flow generated over the cycle through a combination of dividends and share repurchases. Share repurchases will be both programmatic and opportunistic and we expect to purchase more as the stock trades at bigger discount to intrinsic value.

正如我們在投資者日所討論的那樣，我們致力於透過股息和股票回購相結合的方式，將整個週期內產生的所有自由現金流返還給股東。股票回購將兼具計畫性和機會性，隨著股票交易價格相對於內在價值的折讓幅度加大，我們預計會進行更多回購。

On dividends, our Board of Directors approved a quarterly dividend of $0.115 per share, a 15% increase over the prior dividend to be paid on July 26 to shareholders of record on July 11. Our ending fiscal Q3 inventory was $5.6 billion and average days of inventory for the quarter were down to 109 days from 113 days last quarter. We ended the quarter with $12 billion of cash and investments and $14.5 billion of total liquidity. Our fiscal Q3 total debt was $7 billion.

在股息方面，董事會批准了每股0.115美元的季度股息，較上一季的股息增長15%，該股息將於7月26日支付給7月11日登記在冊的股東。我們第三財季末的庫存為56億美元，平均庫存週轉天數從上一季的113天降至109天。本季末，我們持有120億美元的現金和投資，以及145億美元的總流動資金。我們第三財季的總負債為70億美元。

Now turning to our outlook for the fiscal fourth quarter. Long-term demand trends remain constructive. However, select market weakness and macroeconomic uncertainty are impacting our near-term outlook and visibility. Currently, we do project sequential bit shipments to be down for both DRAM and NAND in fiscal Q4. We intend to maintain pricing discipline and walk away from business which doesn't meet our pricing objectives.

現在談談我們對第四財季的展望。長期需求趨勢依然樂觀。然而，部分市場疲軟和宏觀經濟不確定性正在影響我們的短期前景和可預見性。目前，我們預計第四財季DRAM和NAND的位元出貨量將較上季下降。我們打算維持定價紀律，並放棄那些不符合我們定價目標的業務。

While we are taking proactive steps to control OpEx and CapEx, we expect the impact of these actions to be limited in fiscal Q4 and to become more material in fiscal year '23. With all these factors in mind, our non-GAAP guidance for the fiscal Q4 is as follows: We expect revenue to be $7.2 billion, plus or minus $400 million; gross margin to be in the range of 42.5% plus or minus 150 basis points; and operating expenses to be approximately $1.05 billion, plus or minus $25 million.

雖然我們正在採取積極措施控制營運支出和資本支出，但我們預計這些措施的影響在第四財季將較為有限，並在2023財年變得更加顯著。綜合考慮所有這些因素，我們對第四財季的非公認會計準則 (Non-GAAP) 業績指引如下：我們預計收入為72億美元，上下浮動4億美元；毛利率在42.5%上下浮動150個基點之間；營運支出約為10.5億美元，上下浮動2500萬美元。

We expect our non-GAAP tax rate to be approximately 9% for fiscal Q4. Based on a share count of approximately 1.13 billion fully diluted shares, we expect EPS to be $1.63 plus or minus $0.20. We remain on track to deliver record revenue and solid profitability and free cash flow in fiscal year 2022. In closing, we delivered strong results in our fiscal Q3, but near-term headwinds are impacting our fiscal Q4 outlook.

我們預計第四財季的非公認會計準則稅率約為 9%。基於約 11.3 億股完全稀釋股份，我們預計每股收益為 1.63 美元，上下浮動 0.20 美元。我們仍有望在 2022 財年實現創紀錄的收入、穩健的獲利能力和自由現金流。總而言之，我們在第三財季取得了強勁的業績，但近期的不利因素正在影響我們第四財季的前景。

Beyond the near term, we project secular growth drivers such as data center, automotive and other areas to support robust DRAM and NAND growth and strong cross-cycle financial performance by Micron. At our Investor Day event last month, we laid out a cross-cycle financial model for the company that reflects the key attributes of our business, a strong revenue growth CAGR of high single digits, robust cross-cycle operating margins of approximately 30% and healthy free cash flow margins that exceed 10% of revenues. Given our long-term financial outlook and the strength of our balance sheet, we see the current share price is very attractive. And at these levels, intend to repurchase shares more aggressively in fiscal Q4.

短期之外，我們預計資料中心、汽車和其他領域等長期成長動力將支撐美光公司強勁的DRAM和NAND成長以及強勁的跨週期財務表現。在上個月的投資者日活動中，我們為公司製定了一個跨週期財務模型，該模型反映了我們業務的關鍵屬性：強勁的收入複合年增長率（CAGR）高達個位數，穩健的跨週期營業利潤率約為30%，以及健康的自由現金流利潤率超過收入的10%。鑑於我們的長期財務前景和強勁的資產負債表，我們認為當前股價極具吸引力。在此價位上，我們計劃在第四財季更積極地回購股票。

I will now turn it back to Sanjay.

現在我將把話題轉回給桑傑。

Thank you, Mark. The memory and storage TAM is expected to grow to $330 billion by 2030, and become an increasing portion of the semiconductor market. The near-term market environment notwithstanding, we are executing extremely well on all aspects of the business that are within our control.

謝謝，馬克。預計到2030年，記憶體和儲存市場規模將成長至3,300億美元，並在半導體市場中佔據越來越大的份額。儘管短期市場環境不容樂觀，但我們在業務各個方面都表現得非常出色。

Micron's continuing technology, product and manufacturing leadership puts us in an excellent position to capitalize on the long-term opportunity and to extend the frontiers of what is possible with memory and storage. We will continue to exercise supply discipline and take appropriate actions to navigate through the near-term headwinds, and we remain focused on creating value for shareholders and generating healthy free cash flow cross cycle.

美光科技在科技、產品和製造領域持續的領先地位，使我們處於有利地位，能夠抓住長期機遇，拓展記憶體和儲存領域的無限可能。我們將繼續嚴格執行供應紀律，並採取適當措施應對短期不利因素，同時我們將繼續專注於為股東創造價值，並在跨週期創造健康的自由現金流。

Thanks for joining us today. We will now open for questions.

感謝大家今天加入我們。現在開始提問。

(Operator Instructions) Our first question comes from the line of Harlan Sur of JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Harlan Sur。

On the data center business, as you guys mentioned, I mean, enterprise CIOs are concerned on the macro outlook and pulling back on their spending budgets cloud remains strong. But within that, we've heard that continue -- there's continued strength from the U.S. cloud service providers, but a pullback in spending from the China cloud customers. Are you guys seeing these dynamics within your cloud segment?

關於資料中心業務，正如你們所提到的，企業CIO們對宏觀前景感到擔憂，並削減了支出預算，但雲端運算業務依然強勁。但我們聽說，這種情況仍在持續下去——美國雲端服務供應商的業績持續強勁，而中國雲端客戶的支出卻有所回落。你們在雲端運算領域是否也看到了類似的動態？

And then on the supply side, again, within your cloud business. Can you discuss the level of inventories in the channel and the customers that feed into the cloud segment? Because we're hearing that kind of similar to enterprise that inventories in the cloud channels are also pretty elevated, but wanted to get your views.

然後是供應方面，同樣是在您的雲端業務中。您能否討論一下通路的庫存水準以及雲端細分市場的客戶？因為我們聽說與企業類似，雲端通路的庫存也相當高，想聽聽您的看法。

Thanks, Harlan, for the question. And before I answer the question, I just wanted to note here that we have Sumit Sadana, our Executive Vice President and Chief Business Officer here as well. Everybody call, Sumit was with us in the last earnings call. And in the given environment, I thought it would be good to have him here to add any color to the market environment-related specific questions.

謝謝 Harlan 的提問。在回答這個問題之前，我想先提一下，我們的執行副總裁兼首席商務官 Sumit Sadana 也出席了。大家好，Sumit 參加了上次的財報電話會議。在目前的環境下，我認為邀請他來解答與市場環境相關的具體問題會很有幫助。

So with respect to the question you asked regarding the enterprise server OEM side of the business. There, yes, as we noted that we have seen some inventory adjustment, particularly given their concerns on the macro environment as well as certain supply chain shortages that they may be experiencing.

關於您提出的企業伺服器OEM業務方面的問題，是的，正如我們所注意到的，我們看到了一些庫存調整，特別是考慮到他們對宏觀環境的擔憂以及他們可能正在經歷的某些供應鏈短缺。

However, on the enterprise server OEM side, the end market demand continues to be healthy as well. And same thing on the cloud side as well that the end market demand for cloud is healthy, cloud demand to us is relatively healthy as well. Of course, cloud also carries elevated levels of inventory versus the pre-COVID level of investments, versus the pre-COVID level of inventory. And of course, the cloud investments in CapEx continued to be at a strong clip in their infrastructure, and that bodes well for memory and storage.

然而，在企業伺服器OEM方面，終端市場需求也持續保持健康。雲端方面也是如此，終端市場對雲端的需求保持健康，對我們來說，雲端需求也相對健康。當然，與新冠疫情之前的投資水準相比，雲端的庫存水準也有所上升。當然，雲端基礎設施的資本支出（CapEx）投資持續保持強勁成長，這對記憶體和儲存來說是個好兆頭。

And I think what's important is that the overall trend of digitization and use of data to help drive greater productivity and efficiency in businesses, particularly in the backdrop that the world is facing today with the macroeconomic uncertainties is helpful in driving greater technology adoption across industries, and that's where memory and storage plays out well as well.

我認為重要的是，數位化和數據使用的總體趨勢有助於提高企業的生產力和效率，特別是在當今世界面臨宏觀經濟不確定性的背景下，有助於推動各行各業更多地採用技術，而這也是內存和存儲發揮良好作用的地方。

And specifically, with respect to China and U.S., of course, in China, as we have pointed out earlier, we have seen overall weakness and certainly weakness on the consumer demand side from China as well as some other parts of the world. But we are not really breaking it down between China and U.S. at this point. But again, the overall cloud trends continue to be healthy in terms of the end demand. Sumit, do you want to add any comment on channel customers in terms of inventory?

具體來說，就中國和美國而言，當然，正如我們之前指出的，在中國，我們看到了整體疲軟，當然也包括中國以及世界其他一些地區的消費需求疲軟。但目前我們還沒有真正將中國和美國的情況進行細分。不過，就終端需求而言，整體雲端趨勢仍保持健康。 Sumit，您想就通路客戶的庫存狀況補充什麼嗎？

Yes. I mean I think the inventory level, as Sanjay said, is higher on the cloud customer side and generally on the data center side compared to where it was pre-COVID. The channel business on the cloud side is relatively in a better place compared to the consumer business challenges that Sanjay highlighted. But of course, different customers have different strategies on how they manage their particular inventory. And the smaller customers in the channel that focus on data center products have had more challenges getting their hands on some of these products that are in shortage like Nick cards to complete server builds and the smaller customers are getting more impacted there than some of the bigger customers.

是的。我的意思是，正如桑傑所說，我認為雲端客戶端和資料中心端的庫存水準比新冠疫情之前更高。與桑傑強調的消費者業務挑戰相比，雲端通路業務的狀況相對較好。當然，不同的客戶在管理特定庫存方面有不同的策略。專注於資料中心產品的管道中規模較小的客戶在獲取一些短缺產品（例如用於完成伺服器建立的Nick卡）方面面臨更多挑戰，而且這些規模較小的客戶受到的影響比一些規模較大的客戶更大。

And Harlan, I'll tell you that we work very closely with our customers. I mean team here, Sumit, myself, I mean, we really engage very closely with our customers across our ecosystem partners here in China as well as here in the U.S. and worldwide. So of course, we are keeping close tabs on how the business environment is evolving.

Harlan，我要告訴你，我們與客戶合作非常密切。我指的是我們的團隊，Sumit，還有我自己，我們與中國、美國以及全球生態系統合作夥伴的客戶都保持著密切的聯繫。因此，我們當然會密切關注商業環境的變化。

Our next question comes from C.J. Muse of Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess first question, can you speak to the magnitude of the correction for both DRAM and NAND, how you see that playing out. I'm assuming here that it's a much larger impact on the DRAM side for you and should be thinking maybe bits down kind of in the low teens. Is that the right way to think about it?

我想問第一個問題，您能否談談DRAM和NAND的調整幅度，以及您認為會如何發展。我假設這對DRAM的影響更大，並且應該考慮位寬可能會下降到10%出頭。這樣想對嗎？

So certainly, on the -- in terms of inventory adjustments that are primarily happening in the smartphone and the PC market. Of course, those inventory adjustments are happening in NAND as well as in DRAM. And clearly, as we have said that in terms of overall demand projection for this year, we definitely see it below for DRAM below the guidance we had provided earlier as well as the longer-term CAGR for DRAM mid-teens to high teens. So we see that below that trajectory.

所以，就庫存調整而言，主要發生在智慧型手機和PC市場。當然，這些庫存調整不僅發生在NAND領域，也發生在DRAM領域。顯然，正如我們之前所說，就今年的整體需求預測而言，我們肯定會看到DRAM的需求低於我們之前提供的指引，以及DRAM的長期複合年增長率（中十幾歲到高十幾歲）。所以我們認為它低於該軌跡。

And in terms of NAND, same thing that earlier, we have said that the CAGR is high 20s, and we see that in calendar year '22 coming in below that. Again, adjustments are happening with respect to inventory in both in smartphone and PC market. And just keep in mind, that compared to earlier in the year estimation for PC growth, we now are projecting that PC year-over-year in calendar year '22 will be down nearly 10%.

就NAND而言，與之前的情況相同，我們之前說過複合年增長率高達20%，但我們認為22日曆年的複合年增長率將低於這一水平。同樣，智慧型手機和PC市場的庫存都在進行調整。需要注意的是，與今年稍早對PC成長的估計相比，我們現在預測22日曆年的PC年成長將下降近10%。

Similarly, smartphone at the start of the year was expected to grow in mid-single digits in terms of total unit sales worldwide year-over-year. And now one is looking at a decline of mid-single digits. So a swing of 10% in smartphones as well. If you were to translate it into units, it amounts to like 130 million units reduction versus expectation earlier in the year for smartphone. And similarly for PC, let's say, 30 million kind of reduction in terms of total units versus the projections earlier in the year.

同樣，年初時，智慧型手機全球總銷量預計將年增5%左右。而現在，人們看到的是5%左右的下滑。因此，智慧型手機的銷量也出現了10%的波動。如果換算成銷量，智慧型手機的銷量與年初的預期相比，大約減少了1.3億部。同樣，個人電腦的銷售也與年初的預測相比，減少了3,000萬支。

And of course, PC and smartphone combined represent half of the memory and storage worldwide demand in terms of bits, right? So with this adjustment primarily happening in the second half of this year in these 2 markets. Clearly, that is resulting in a year-over-year change versus prior expectations in DRAM as well as NAND demand growth.

當然，就比特數而言，PC 和智慧型手機加起來佔據了全球記憶體和儲存需求的一半，對吧？因此，這兩個市場的調整主要發生在今年下半年。顯然，這導致 DRAM 和 NAND 需求成長與先前預期相比出現了同比變化。

Very helpful. As a follow-up, Mark, you talked about WFE trending lower in fiscal '23. Can you give an idea of the magnitude there? And then how should we think about overall CapEx trending into fiscal '23?

非常有幫助。馬克，接下來您提到了23財年WFE呈下降趨勢。能大概說一下下降幅度嗎？那麼，我們該如何看待23財年整體資本支出的趨勢呢？

Yes. C.J., as mentioned in the prepared remarks, we expect to end fiscal '22 at around $12 billion. So on total CapEx. So that would be an uptick in Q4, and that's consistent with previous statements. Now with bit supply growth assumptions coming off versus previous group, the view we're actively working to bring spend down. And as you say, we're confident that as we sit here today, WFE spend will be down in fiscal '23. We're also evaluating construction in other large areas of spend.

是的。 C.J.，如同準備好的發言稿中所提到的，我們預期22財年末的總資本支出約為120億美元。因此，第四季度的支出將有所上升，這與先前的聲明一致。現在，由於比特供應成長假設與先前的預測不同，我們正在積極努力降低支出。正如您所說，我們相信，截至目前，WFE的支出在2023財年將會下降。我們也在評估其他大額支出領域的建設。

We're looking to reduce utilization on some older nodes to maintain supply and drive CapEx reuse and shift production to more cost-effective nodes, doing a number of things. And the market is dynamic. So this is real time. I'm not going to size the reduction next year just at this point because it's still moving. But at this point, we're confident that WFE will decline year-over-year.

我們正在考慮降低一些老舊節點的利用率，以維持供應，推動資本支出的再利用，並將生產轉移到更具成本效益的節點，採取一系列措施。市場瞬息萬變，所以這是即時的。目前我還不打算預測明年的減產幅度，因為減產幅度仍在改變。但目前，我們有信心，WFE 將逐年下降。

Our next question comes from Krish Sankar of Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Krish Sankar。

I have two quick ones. First one, Sanjay and Sumit. I kind of had a depot of asking the cloud question. As you mentioned, mobile and PC are slow, but it seems like data center is the next [year] to drop. But yet, you seem optimistic about data center to remain strong in the second half 2022, but you also said cloud inventory is high.

我有兩個問題想簡單問一下。首先是Sanjay和Sumit。我好像常常問關於雲的問題。正如你所提到的，行動和PC市場發展緩慢，但資料中心市場似乎明年會下滑。不過，你似乎對資料中心在2022年下半年保持強勁持樂觀態度，但你也說過雲端庫存很高。

So it seems like if consumer spending slows, which it is data center CapEx exists. So love to hear your thoughts why you think overall, the U.S. cloud trends 1 drop in the second half of this year? And then a quick follow-up question for maybe Mark, was on the impact of the China Shanghai COVID-19 lockdown, is there a way to quantify what it was in the May quarter and what it means to second half output for Micron?

所以看起來，如果消費者支出放緩，資料中心的資本支出就會下降。所以很想聽聽您的看法，為什麼您認為今年下半年美國雲端運算趨勢整體上會下降？然後我想問馬克一個快速的後續問題，關於中國上海新冠疫情封鎖的影響，有沒有辦法量化5月季度的疫情影響，以及這對美光公司下半年的產量意味著什麼？

So earlier, I provided some color regarding our view on cloud. I think I will ask Sumit just to add some further color on that. And Sumit, maybe you can just take the China question as well.

之前我闡述了我們對雲端運算的看法。我想請Sumit進一步闡述。 Sumit，或許你也可以談談中國的問題。

Yes, sure. So Krish, very quick on the cloud discussion. As Sanjay mentioned, the CapEx trends for our customers in the cloud space continue to be pretty strong and the end demand for cloud services and the growth in those cloud services continues to be robust. And so of course, like you also pointed out, I mean, the inventory levels are higher compared to where they were pre-COVID.

是的，當然。 Krish，關於雲的討論，我來簡單聊聊。正如Sanjay所提到的，我們雲端領域客戶的資本支出趨勢持續強勁，雲端服務的終端需求以及這些雲端服務的成長也持續強勁。當然，正如您所指出的，庫存水準比新冠疫情之前更高。

Now it remains to be seen how the macroeconomic environment is going to cause the cloud spending trends to modulate over time. But if anything, we think that the cloud spending trends are going to be pretty secular, pretty strong even if there is some kind of an impact, it will come back strongly as things stabilize.

目前，宏觀經濟環境將如何影響雲端運算支出趨勢仍有待觀察。但無論如何，我們認為雲端運算支出趨勢將會相當長期、相當強勁，即使受到一定程度的影響，隨著情勢穩定，它也會強勢回歸。

And even companies that do focus on tightening their belt in this macroeconomic environment will continue to look for ways to become more efficient, become more profitable, improve their competitive positioning. And that means extracting more value from data, digitization trends to continue. So those kind of things, we feel are going to be well sustained through the environment that may happen. But of course, a lot depends on how the macroeconomic environment evolves, and that's why we are staying very close with customers.

即使是那些在當前宏觀經濟環境下專注於勒緊褲腰帶的公司，也會繼續尋找提高效率、增加獲利、提升競爭地位的方法。這意味著從數據中挖掘更多價值，數位化趨勢將繼續延續。因此，我們認為，無論未來環境如何變化，這些措施都將得到良好的持續發展。當然，這很大程度取決於宏觀經濟環境如何演變，這也是我們與客戶保持密切聯繫的原因。

Switching to your China question. China has been a pretty significant impact to our FQ4 trajectory. This time last quarter when we were contemplating our FQ4 trajectory compared to that to our latest guidance that we have provided. Our view for China revenue has come down by approximately 30%. And that reduction in the China revenue has caused roughly a 10% reduction in our consolidated company-wide revenue. And so that's the impact to the Q4. It's pretty substantial. And the China impact is largely driven by, of course, smartphone weakness, PC weakness, the general consumer environment there has been weak due to the COVID shutdowns, and that has percolated to different parts of the economy. So the economic environment is weak.

轉到您關於中國的問題。中國市場對我們第四季的業績軌跡產生了相當大的影響。上個季度這個時候，當我們在考慮第四季度的業績軌跡時，我們根據最新公佈的業績指引進行了比較。我們對中國市場收入的預期下降了約 30%。中國市場收入的減少導致我們全公司合併收入減少了約 10%。這就是對第四季的影響，而且影響相當大。當然，中國市場的影響很大程度上是由於智慧型手機和 PC 市場疲軟，以及由於新冠疫情導致的停工停產，中國的整體消費環境疲軟，這些影響已經蔓延到經濟的各個領域。所以，經濟環境很疲軟。

Now we do feel like given the weakness in that economy, as you know, China does tend to provide stimulus to improve the financial and economic conditions, and we are hopeful that kind of stimulus and improvement in the economy will be forthcoming in the quarters ahead. The timing of that and how it plays out with further COVID-related issues in China is unclear. But we remain optimistic that over time, the consumer demand will come back and improve things.

現在我們確實感覺到，鑑於中國經濟疲軟，正如您所知，中國確實傾向於提供刺激措施來改善金融和經濟狀況，我們希望這種刺激措施和經濟改善將在未來幾季出現。具體時間以及它將如何影響中國新冠疫情相關的其他問題尚不清楚。但我們仍然樂觀地認為，隨著時間的推移，消費需求將會回升，並改善經濟狀況。

Our next question comes from Timothy Arcuri of UBS.

我們的下一個問題來自瑞銀的提摩西‧阿庫裡。

I guess I had two questions. The first one is for you, Mark. The buyback this quarter was great. But I guess -- and you did say that you're going to buyback more in August. But I guess I had a bigger picture question around sort of you have an opportunity now with the stock where it is. You have leadership in terms of technology. Where would you be willing to take cash balance to take advantage of this price weakness? I mean is there a sort of a minimum cash balance that we can think of where you could sort of opportunistically buyback a fairly significant piece of the company?

我有兩個問題。第一個是問你的，馬克。本季的回購很棒。不過我想──你確實說過你會在8月回購更多股票。但我想問一個更宏觀的問題，就目前的股價而言，你有機會。你在技術方面處於領先地位。你願意把現金餘額用於哪些方面，以利用這次股價疲軟的機會？我的意思是，我們能想到一個最低現金餘額嗎？這樣你就可以趁機回購公司相當一部分股份。

Yes, Tim, I'm not going to comment on definitively about our rate and pace. As you point out, the balance sheet is stronger than ever. And I think what's most important there is we're in a great position to sustain long-term investments as the markets a bit softer here. We've got $14.5 billion of liquidity, which you point out, $12 billion of that's in cash. And that is above a liquidity target that we had set of about 35%. We're 10 points over that.

是的，蒂姆，我不會對我們的速度和節奏發表明確的評論。正如您所指出的，我們的資產負債表比以往任何時候都更加強勁。我認為最重要的是，在市場略顯疲軟的情況下，我們處於維持長期投資的有利位置。我們擁有145億美元的流動資金，正如您所指出的，其中120億美元是現金。這高於我們設定的約35%的流動性目標。我們比這個目標高出了10個百分點。

Leverage is low, 0.4% on gross and we're in a net cash position. So no near-term maturities, average debt maturity out 2031. So we're in great shape. I think we want to maintain a balance sheet to be able to focus on the long term of the business. As you point out, we did return historically high levels to shareholders in third quarter.

槓桿率較低，毛利率為0.4%，且我們處於淨現金狀況。因此，沒有短期債務，平均債務到期日為2031年。因此，我們的狀況良好。我認為我們希望維持良好的資產負債表，以便能夠專注於業務的長期發展。正如您所指出的，我們第三季的股東回報確實達到了歷史最高水準。

At the share price levels, we project opportunistic repurchase to increase. And then from there, we're just focused on free cash flow growth, returning excess cash to shareholders and importantly, maintaining investment-grade rating. So I'd say we have ample liquidity now to repurchase at a higher rate this quarter.

在股價水準上，我們預期機會性回購將會增加。之後，我們只專注於自由現金流的成長，將多餘的現金回饋給股東，更重要的是，維持投資等級。所以我認為我們現在擁有充足的流動性，可以在本季以更高的利率進行回購。

Cool. And I guess second question also, Mark, for you. What is the guidance assume for your inventories in August? And sort of how do you think about sort of the balance between holding some inventory if you believe that data center will stay strong and sort of how should we think about inventory in August and sort of your bigger picture strategy around keeping some inventory on the bet that cloud does remain strong?

太棒了。馬克，我想第二個問題也想問你。你們8月份的庫存預期是多少？如果你相信資料中心市場將保持強勁，那麼你如何平衡持有庫存和8月份的庫存？你的宏觀策略是保持庫存，並押注雲端運算市場將保持強勁。

It's a good question, Tim. And you heard Sanjay talk about this briefly in his prepared remarks. Our strategy is to manage supply through inventory as a buffer and we did talk about reducing bit supply growth assumptions a bit. We are starting that sort of softer period in a pretty good place. We ended the third quarter of $5.6 billion of inventories, 109 days, down from 113 days in 2Q. So we do expect inventories to go up this quarter, and that will build in some flexibility as we work to optimize price on our products.

提姆，這個問題問得好。桑傑在準備好的發言中也簡要地提到了這一點。我們的策略是透過庫存作為緩衝來管理供應，我們也確實談到了略微降低位供應成長的假設。我們正以相當不錯的狀態開啟這段較為疲軟的時期。截至第三季度，我們的庫存總額為56億美元，庫存週轉天數為109天，低於第二季度的113天。因此，我們預計本季庫存會增加，這將為我們優化產品價格提供一定的靈活性。

I want to note, its cost-effective inventory, much of it built on leading nodes. And so it will be competitive for a long time. And then we'll also use this inventory build to revisit some CapEx decisions and defer CapEx, optimize the manufacturing footprint where we can. And to C.J.'s earlier question, it gives us more confidence that we can lower WFE spend next year. So in the -- we expect it to go up a couple of weeks and days in the fourth quarter. From there, we'll have to see how the market develops and which way it moves.

我想指出的是，其庫存具有成本效益，其中大部分是基於領先製程節點建置。因此，它將在很長一段時間內保持競爭力。我們還將利用這些庫存來重新審視一些資本支出決策，並推遲資本支出，盡可能優化製造佈局。關於C.J.之前的問題，這讓我們更有信心明年能夠降低WFE的支出。因此，我們預計第四季度WFE的支出會上漲幾週或幾天。之後，我們將觀察市場如何發展以及走向。

We are -- we do have more complex wafer processing and more complex module products that are sort of adding some pressure on the days, but we're also offsetting that with better cycle time, lower stock levels and so forth. So I think the days that we would be uncomfortable with is a number that we've talked about in the past, around 150 days where we start to -- that's too high a level. So we would definitely go up in the fourth quarter, and then we'll see where inventory levels go from there.

我們的晶圓加工流程和模組產品確實更複雜，這多少增加了一些生產時間的壓力，但我們也正在透過縮短生產週期、降低庫存水準等方式來抵消這些壓力。所以我認為，我們之前討論過的、令人不安的庫存天數，也就是150天左右，這個水準太高了。所以我們肯定會在第四季度提高庫存水平，然後看看庫存水平會如何變化。

Our next question comes from Vivek Arya of Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Sanjay, I'm curious, do you think this Q4 outlook is the bottom of the cycle? Or do you think the risks can extend into Q1? Because you mentioned that the consumer headwinds could continue to play out during the second half of the calendar year and also because cloud inventory is at elevated levels. So I guess my specific question as much as I realize you don't guide out more than a quarter is, do you think Q1 sales and margins are more likely to be flat, up or down sequentially?

Sanjay，我很好奇，您認為第四季的前景是週期的底部嗎？還是您認為風險會延續到第一季？因為您提到消費者逆風可能在下半年繼續發揮作用，而且雲端庫存也處於高位。所以我的具體問題是，儘管我知道您給出的預測不會超過一個季度，但您認為第一季的銷售額和利潤率更有可能持平、上升還是下降？

So clearly, we don't guide to Q1 here. But as I pointed out in the prepared remarks, that we expect these inventory adjustments to be working themselves out over the course of second half of the year. We have pointed out that the inventory adjustments primarily are taking place in PC and the smartphone market.

顯然，我們這裡沒有提供第一季的業績指引。但正如我在準備好的演講中指出的那樣，我們預計這些庫存調整將在下半年自行顯現效果。我們已經指出，庫存調整主要發生在PC和智慧型手機市場。

And I'll just point out that from the past history as well, that once inventory adjustments begin in a certain part of the segment, then it takes a couple of quarters for them to work out. And here, we, of course, have macroeconomic uncertainties as well. It has been a rapidly changing and uncertain environment. And this is what we have to keep in mind when we look at when does normalcy return in terms of demand. And that's why, just like Mark pointed out here in response to the last question, we will be using inventory to address the demand next year. And we will continue to monitor closely with our customers to understand their overall demand environment.

我還要指出的是，從過去的歷史來看，一旦某個細分市場開始進行庫存調整，通常需要幾個季度才能見效。當然，我們也面臨宏觀經濟的不確定性。這是一個瞬息萬變且充滿不確定性的環境。當我們考慮需求何時才能恢復正常時，我們必須牢記這一點。正因如此，正如馬克在回答上一個問題時指出的那樣，我們明年將利用庫存來滿足需求。我們將繼續密切關注客戶，以了解他們的整體需求環境。

We think that sometime in fiscal '23, is when -- in our fiscal '23, is when demand will rebound, but more importantly, it's really about the supply-demand balance. And with respect to supply-demand balance, you can see, that we are taking actions immediately in terms of curtailing our supply growth for fiscal year '23 by sharing the plans with you that we are bringing down our CapEx versus our estimations earlier so that's an important step.

我們認為，在23財年的某個時候，也就是23財年，需求將會反彈，但更重要的是，這其實是關乎供需平衡。關於供需平衡，您可以看到，我們正在立即採取行動，抑制23財年的供應增長，我們已與大家分享了降低資本支出（而非先前的估計）的計劃，這是重要的一步。

And of course, industry has shown that in DRAM, that it has CapEx discipline as well. We believe our actions will also contribute towards returning the industry health sooner. So I would expect that sometime in our fiscal year '23, demand will rebound as well as industry demand supply environment there's a store to a healthy level. But again, I will point out that, look, this is a highly uncertain rapidly changing environment, we are, of course, responding fast in terms of any changes we see. So we are not been pointing to any specific quarter at this time.

當然，業界已經證明，在DRAM領域，其資本支出也具有紀律性。我們相信，我們的行動也將有助於產業盡快恢復健康。因此，我預計在2023財年的某個時候，需求將會反彈，產業供需環境也將恢復到健康水準。但我再次指出，這是一個高度不確定、快速變化的環境，我們當然會對看到的任何變化做出快速反應。因此，我們目前還沒有具體到哪個季度。

And again, I think what's also important is that Micron execution continues to be really strong. I mean, whether you look from technology, product, manufacturing, customer relationships and of course, our strong balance sheet. We are well poised to emerge stronger on the other side of this downturn.

再次強調，我認為同樣重要的是美光的執行力依然強勁。無論從技術、產品、製造、客戶關係，當然還有我們強勁的資產負債表來看，我們都已做好準備，在經濟低迷時期再次變得更加強大。

So we are really executing well, working closely with our customers to understand the latest demand trends in various end market segments and adjusting our plans as necessary and as fast as we can and really positioning the company for overall healthy growth in the long term. And again, the long-term trends, as Sumit also pointed out earlier, and I shared with you, the long-term trends absolutely bode well for memory and storage.

因此，我們執行得非常好，與客戶密切合作，了解各個終端市場領域的最新需求趨勢，並根據需要盡快調整計劃，真正為公司長期的整體健康成長做好了準備。正如Sumit之前指出的，以及我之前與大家分享的，長期趨勢絕對預示著記憶體和儲存業務的良好發展。

How much is cloud inventory above a normal level, $100 million, $200 million? Any kind of rough estimation of how much of incremental headwind is that so we can take that into account?

雲端庫存比正常水準高多少？ 1億美元還是2億美元？能否粗略估計這會帶來多大的增量阻力，以便我們能夠將其考慮在內？

Look, I mean, it really varies by customer to customer, right? So I mean, we can't exactly give you some of those details here.

你看，我的意思是，這真的會因客戶而異，對吧？所以我們無法在這裡確切地告訴你一些細節。

Our next question comes from Ambrish Srivastava of BMO.

下一個問題來自 BMO 的 Ambrish Srivastava。

Sanjay, good to see the financial and the CapEx discipline. With respect to supply growth and you're ramping down supply growth heading into fiscal -- for fiscal '23. What's the right way to think about demand growth? And so within the supply meeting demand, how much do you think will be production growth -- production supply versus coming from the inventory from the industry?

Sanjay，很高興看到財務和資本支出的紀律。關於供應成長，你們正在逐步降低2023財年的供應成長。如何正確看待需求成長？在供應滿足需求的前提下，您認為產量成長會是多少—產量供應成長還是來自產業庫存的成長？

Because I think the industry seems to be consistent in that, at least what we heard a week or 2 ago from 1 of your large competitors is also lowering CapEx. So that's the good part. But what -- how should we think about inventory on the balance sheet of the 3 participants adding to the production supply growth? And then I had a quick follow-up for Mark as well, please.

因為我認為產業似乎在這方面保持一致，至少我們在一兩週前從你們的一家大型競爭對手那裡聽說，他們也在降低資本支出。所以這是好事。但是，我們該如何看待這三家公司資產負債表上的庫存對生產供應成長的影響呢？然後，我也想快速跟進馬克的問題。

So look, I mean, we are in the process of firming up our plans. And when we have our FQ4 earnings call in September, of course, we will share with you some more details around calendar year '23, that will be more appropriate time for us to be talking about it as well as our fiscal year '23. But again, the important thing to note is that our inventory is highly cost effective. I mean, Micron is leading the industry with our DRAM and NAND production nodes, right? We are several quarters ahead.

所以，我的意思是，我們正在確定計劃。當然，當我們9月份召開第四季財報電話會議時，我們會在2023年左右與大家分享更多細節，那時對我們來說討論這個問題以及2023財年都是更合適的時機。但要再次強調的是，我們的庫存成本效益很高。我的意思是，美光憑藉DRAM和NAND生產節點引領產業，對吧？我們領先了幾個季度。

So this is a highly cost-effective inventory. Our manufacturing operations are running well. So we will be using this inventory in fiscal year '23. And of course, continue to adjust our plans as necessary on the CapEx and front-end wafer technology ramps, et cetera, to bring balance into demand and supply, and which is what I pointed out earlier that overall, the combination of our inventory as well as new production growth that's how we're positioned to bring that into balance to meet the demand sometime in fiscal '23.

因此，這是一個極具成本效益的庫存。我們的製造業務運作良好。因此，我們將在23財年使用這些庫存。當然，我們會根據需要繼續調整我們的計劃，包括資本支出、前端晶圓技術提升等等，以平衡供需。正如我之前指出的，總體而言，我們的庫存和新產量成長相結合，使我們能夠在23財年的某個時候實現供需平衡，滿足需求。

Got it. And Mark, real quick one on the wafer versus non-wafer. What's the percentage? And I respect the fact that plans are still in flux, so you can't give us a number for '23. But what's the number expected to be for this year, please?

明白了。馬克，請快速問一下晶圓和非晶圓的比例。比例是多少？我理解計劃仍在不斷變化，所以您無法給出2023年的具體數字。請問今年預計的數字是多少？

I'm sorry, Ambrish. I couldn't hear the question.

抱歉，安布里什。我聽不清楚你的問題。

Sorry, my question was, what's the wafer front end versus non-wafer front-end spend and the CapEx for this year?

抱歉，我的問題是，今年晶圓前端和非晶圓前端的支出和資本支出是多少？

Okay. I got the mix of spend. I won't give an exact number because the mix varies from year-to-year and depends on product cycles, availability of fab space and facilities and other factors. Over half of CapEx generally is manufacturing WFE. And then the other half is split between development CapEx and construction.

好的。我了解了支出組成。我不會給出確切的數字，因為構成每年都會有所不同，並且取決於產品週期、晶圓廠空間和設施的可用性以及其他因素。通常，超過一半的資本支出用於製造WFE。另一半則用於開發資本支出和建設。

So when you say you will be -- you could take down construction as well, that means construction as well as development? Or what's the right way to think about kind of the playbook is what everybody is looking for if things continue to...

所以你說你會…你也會把建設工程也撤掉，是指建設工程和開發案都撤掉嗎？或者說，如果情況繼續下去，大家會期待什麼樣的策略，正確的思考方式是什麼？

Just to be specific, we're talking about WFE for manufacturing, and that's what I was addressing would go down year-over-year. We did not commit to going down year-over-year on construction nor on technology development. I did say, though, that depending on how the market plays out here and inventory levels and supply bit growth and so forth. We continue to look at our footprint. That's a continuous process to optimize the amount of spend. So again, just to make sure that's clear, WFE over half, and then the rest is construction spend, equipment spend for R&D and assembly and test.

具體來說，我們討論的是製造環節的WFE（工作流程成本），我之前提到的是會逐年下降。我們並沒有承諾在建設和技術開發方面逐年下降。不過，我確實說過，這取決於市場表現、庫存水準、供應位成長等等。我們會持續關注我們的佈局。這是一個持續優化支出額的過程。所以，為了確保這一點清晰，WFE佔比超過一半，其餘是建設支出、研發設備支出以及組裝和測試支出。

Our next question comes from Aaron Rakers of Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

I just wanted to ask in this environment, these last couple of quarters and at the Analyst Day, you emphasized how much of your business, you had kind of line of sight in terms of kind of the long-term agreements that you've established. I'm curious, as we've gone through this kind of correction or downturn, how would you characterize your discussions on those long-term commitments? Have they changed at all? Have customers pushed back on taking the amount of previously committed supply from you guys? How has that changed at all as we go through this kind of correction right now?

我只是想問一下，在這種環境下，在過去幾個季度以及分析師日上，您強調了您的業務在多大程度上與已達成的長期協議相關。我很好奇，在我們經歷這種調整或低迷時期時，您如何描述關於這些長期承諾的討論？它們有任何變化嗎？客戶是否拒絕接受先前承諾的供貨量？當我們目前經歷這種調整時，這種情況發生了什麼樣的變化？

That's a great question, and I will have Sumit address it.

這是一個很好的問題，我會讓 Sumit 來回答。

Yes. Happy to talk about that. So the long-term agreements, generally, we go out 4 quarters, talk about volume in each quarter. And as I have pointed out in the past, these are not meant to be take-or-pay agreements, but more meant for planning and shared assumptions and so on. We have had extensive discussions. We keep having ongoing dialogue with our customers about the environment.

是的，很高興談論這個。長期協議通常每四個季度發布一次，然後討論每個季度的產量。正如我之前指出的，這些協議並非照付不議的協議，而更多的是為了規劃、共享假設等等。我們已經進行了廣泛的討論。我們一直在與客戶就環境議題進行持續對話。

We obviously continue to press our customers to stick with the agreements and the quarterly SKU, et cetera, as much as possible. But when there are such significant extraneous events that are happening, exogenous shock, sometimes to the environment and such unpredictable type of situations that Sanjay was highlighting, fast-changing environment that is causing impact to the end demand, especially given some of the consumer spending shifts that are happening in the world that are causing reductions in purchasing of certain electronics products, PCs, smartphones, et cetera.

我們當然會繼續敦促客戶盡可能遵守協議、季度SKU等等。但是，當發生重大外部事件、外部衝擊（有時是環境衝擊）以及桑傑強調的不可預測的情況時，快速變化的環境會對最終需求造成影響，尤其是考慮到全球消費支出正在發生的變化，導致某些電子產品（如個人電腦、智慧型手機等）的購買量減少。

Then it is not possible for our customers to purchase based on the LTAs that were established when the assumptions around the industry were very different. And so our goal then is to work with our customers to come up with the best approach and figure out how best to position ourselves in terms of the forward-looking views of their purchasing patterns. And this is where I feel like the product momentum that we have had has played out really well.

那麼，我們的客戶就不可能根據行業假設截然不同時制定的長期協議進行採購。因此，我們的目標是與客戶合作，找到最佳方案，並根據他們對採購模式的前瞻性看法，找到最佳的定位。而這正是我們產品動能真正發揮良好之處。

We just mentioned that our data center SSD revenue doubled in the most recent quarter year-on-year. We have tremendous product portfolio momentum across all of our products. We are shipping in volume, HBM products. We have the world's fastest graphics DRAM product, first to market with low power DRAM and mobile and really strong capability in automotive, #1 share in auto, industrial and networking.

我們剛才提到，我們的資料中心SSD營收在最近一個季度年增了一倍。我們所有產品都擁有強勁的產品組合成長動能。我們的HBM產品正在批量出貨。我們擁有全球最快的圖形DRAM產品，率先將低功耗DRAM和行動DRAM推向市場，並且在汽車領域擁有強大的能力，在汽車、工業和網路領域擁有第一的市場份額。

So these all play to our strengths with our customers. So in the areas where we want to improve our portfolio position, improve our share because there are more stable segments in the market or they are more profitable portions of the industry profit pool. That's where we focus on. And then our portfolio strength really helps enable that transition with customers to make our own business more optimized and more profitable, more steady over time. So that's the engagement that we have with customers, and we use those LTAs to then drive those longer-term goals that we have with customers.

這些都充分發揮了我們與客戶之間的優勢。因此，我們希望提升產品組合地位，提高我們的市場份額，因為市場上存在更穩定的細分市場，或者它們在行業利潤池中更具盈利能力。這正是我們關注的重點。我們的產品組合優勢確實有助於實現與客戶的這種轉變，使我們自身的業務更加優化、盈利能力更強、更加穩定。這就是我們與客戶的互動，我們利用這些長期協議來推動我們與客戶之間的長期目標。

Thank you. Ladies and gentlemen, we have reached our time. That does conclude today's conference call. Thank you for participating. You may now disconnect.

謝謝大家。女士們，先生們，我們的時間到了。今天的電話會議到此結束。感謝大家的參與。現在可以掛斷電話了。