美光科技 (MU) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to Micron's Second Quarter 2023 Financial Call. (Operator Instructions)

感謝您的支持，歡迎來到美光 2023 年第二季度財務電話會議。 （操作員說明）

As a reminder, today's program is being recorded.

提醒一下，今天的節目正在錄製中。

I would now like to introduce your host for today's program, Farhan Ahmad, Vice President, Investor Relations. Please go ahead, sir.

現在我想介紹一下今天節目的主持人 Farhan Ahmad，投資者關係副總裁。請繼續，先生。

Thank you, and welcome to Micron Technology's Fiscal Second Quarter 2023 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our President and CEO, and Mark Murphy, our CFO. 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 has been posted on the website, along with the prepared remarks for this call.

謝謝，歡迎來到美光科技 2023 財年第二季度財務電話會議。今天與我通話的有我們的總裁兼首席執行官 Sanjay Mehrotra 和我們的首席財務官 Mark Murphy。今天的電話會議通過我們的投資者關係網站 investors.micron.com 進行網絡直播，包括音頻和幻燈片。此外，詳細介紹我們季度業績的新聞稿以及為此次電話會議準備的評論已發佈在網站上。

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 financial conferences that we may be attending. You can also follow us on Twitter, @MicronTech.

除非另有說明，否則今天對財務結果的討論是在非 GAAP 財務基礎上提出的。可以在我們的網站上找到 GAAP 與非 GAAP 財務措施的對賬。我們鼓勵您在整個季度訪問我們的網站 micron.com 以獲取有關公司的最新信息，包括我們可能參加的金融會議的信息。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, including 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有關市場需求和供應的前瞻性陳述、我們的預期結果和其他事項。這些前瞻性陳述受風險和不確定因素的影響，可能導致實際結果與今天所做的陳述存在重大差異。我們建議您參考我們向美國證券交易委員會提交的文件，包括我們最近的 10-K 和 10-Q 表格，以討論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結果、活動水平、績效或成就。我們沒有義務更新任何前瞻性陳述以使這些陳述符合實際結果。

I'll now turn the call over to Sanjay.

我現在將電話轉給 Sanjay。

Thank you, Farhan. Good afternoon, everyone. Micron delivered fiscal second quarter revenue within our guidance range, and excluding the impact of inventory write-downs, margins and EPS were also within the guidance range. The semiconductor memory and storage industry is facing its worst downturn in the last 13 years with an exceptionally weak pricing environment that is significantly impacting our financial performance. We have taken substantial supply reduction and austerity measures, including executing a company-wide reduction in force.

謝謝你，法漢。大家下午好。美光第二財季收入在我們的指導範圍內，排除庫存減記的影響，利潤率和每股收益也在指導範圍內。半導體內存和存儲行業正面臨過去 13 年來最嚴重的衰退，定價環境異常疲軟，這對我們的財務業績產生了重大影響。我們已採取大量減少供應和緊縮措施，包括在全公司範圍內裁員。

We now believe that customer inventories have reduced in several end markets, and we see gradually improving supply-demand balance in the months ahead. Excluding the impact of inventory write-downs, we believe our balance sheet DIO has peaked in fiscal Q2, and we are close to our transition to sequential revenue growth in our quarterly results. We are navigating the near-term difficult environment with our strong technology position, deep manufacturing expertise, strengthening product portfolio, solid balance sheet and incredibly talented team. Beyond this downturn, we anticipate a return to normalized growth and profitability in line with our long-term financial model.

我們現在認為，幾個終端市場的客戶庫存已經減少，我們預計未來幾個月供需平衡將逐步改善。排除庫存減記的影響，我們認為我們的資產負債表 DIO 已在第二財季達到頂峰，並且我們即將過渡到季度業績中的連續收入增長。我們憑藉強大的技術地位、深厚的製造專業知識、強化的產品組合、穩健的資產負債表和才華橫溢的團隊，正在應對近期的困難環境。在這次低迷之後，我們預計將根據我們的長期財務模型恢復正常的增長和盈利能力。

Micron continues to lead the industry in both DRAM and NAND technology. We are investing prudently to maintain our technology competitiveness while managing node ramps to reduce our bit supply and align it with demand. In DRAM, 1-alpha represents most of our DRAM bit production, and we continue to make great progress in initiating our transition to 1-beta. In NAND, 176-layer and 232-layer now represent more than 90% of NAND bit production. We also continue to lead the industry in QLC. QLC accounted for over 20% of our NAND bit production and shipments in fiscal Q2. The Micron team's solid execution and implementation of smart manufacturing has driven superb yield enhancement across our leading-edge nodes. Yields on 1-alpha DRAM and 176-layer NAND have reached levels that are now higher than any node in our history. In addition, both our 1-beta DRAM and 232-layer NAND have reached targeted yields ahead of schedule and faster than any of our prior nodes. We are well positioned to qualify these leading-edge nodes across our product portfolio and will ramp them based on customer demand. We are also making good progress towards the introduction of our EUV-based 1-gamma node in 2025. Similar to our 1-alpha and 1-beta nodes, we expect this node to provide us with competitive performance, power, cost and density improvements.

美光繼續在 DRAM 和 NAND 技術領域處於行業領先地位。我們正在謹慎投資以保持我們的技術競爭力，同時管理節點坡道以減少我們的比特供應並使其與需求保持一致。在 DRAM 中，1-alpha 代表了我們大部分的 DRAM 比特生產，我們在開始向 1-beta 過渡方面繼續取得重大進展。在 NAND 中，176 層和 232 層現在佔 NAND 比特生產的 90% 以上。我們還在QLC方面繼續引領行業。 QLC 占我們第二財季 NAND 位生產和出貨量的 20% 以上。美光團隊在智能製造方面的紮實執行和實施推動了我們領先節點的良率大幅提升。 1-alpha DRAM 和 176 層 NAND 的產量現在已經達到了我們歷史上任何節點的水平。此外，我們的 1-beta DRAM 和 232 層 NAND 都提前達到了目標產量，而且比我們之前的任何節點都要快。我們有能力在我們的產品組合中鑑定這些前沿節點，並將根據客戶需求增加它們。我們在 2025 年推出基於 EUV 的 1-gamma 節點方面也取得了良好進展。與我們的 1-alpha 和 1-beta 節點類似，我們希望該節點能夠為我們提供有競爭力的性能、功率、成本和密度改進.

Now turning to our end markets. As a result of inventory adjustments across our end markets, slowing demand growth and an extremely challenging pricing environment, revenue was down year-over-year in all end markets.

現在轉向我們的終端市場。由於我們終端市場的庫存調整、需求增長放緩和極具挑戰性的定價環境，所有終端市場的收入同比下降。

While our industry faces significant near-term challenges, we believe that the memory and storage TAM will grow to a new record in calendar 2025 and will continue to outpace the growth of the semiconductor industry thereafter. Recent developments in AI provides an exciting prelude to the transformational capabilities of large language models, or LLMs, such as ChatGPT, which requires significant amounts of memory and storage to operate. We are only in the very early stages of the void split deployment of these AI technologies and potential exponential growth in their commercial use cases. As more applications of this technology proliferate, we will see training workloads in the data center supplemented with voice spread influence capabilities in the data center as well as in end user devices, all of which will drive significant growth in memory and storage consumption.

雖然我們的行業近期面臨重大挑戰，但我們相信內存和存儲 TAM 將在 2025 年創下新紀錄，此後將繼續超過半導體行業的增長。 AI 的最新發展為大型語言模型或 LLM（例如 ChatGPT）的轉換功能提供了令人興奮的前奏，它需要大量的內存和存儲才能運行。我們僅處於這些 AI 技術的無效拆分部署及其商業用例的潛在指數增長的早期階段。隨著這項技術的更多應用激增，我們將看到數據中心的培訓工作負載，以及數據中心和最終用戶設備中的語音傳播影響能力，所有這些都將推動內存和存儲消耗的顯著增長。

In data center, we believe that our revenue bottomed in fiscal Q2, and we expect to see revenue growth in fiscal Q3. Data center customer inventories should reach relatively healthy levels by the end of calendar 2023.

在數據中心，我們認為我們的收入在第二財季觸底，我們預計第三財季收入將增長。到 2023 年年底，數據中心客戶庫存應該會達到相對健康的水平。

We continue to see AI as a secular driver of demand growth in the data center. An AI server today can have as much as 8x the DRAM content of a regular server and up to 3x the NAND content. We are well positioned to capture the memory and storage opportunities that AI and data-centric computing architectures will provide. Our product roadmap includes exciting HBM3 and CXL innovations, and I look forward to sharing more details about these solutions in the future. In fiscal Q2, we expanded shipments of CXL DRAM samples to OEM customers that service enterprise, cloud and HPC workloads.

我們繼續將人工智能視為數據中心需求增長的長期驅動力。如今，AI 服務器的 DRAM 內容可以達到普通服務器的 8 倍，NAND 內容的 3 倍。我們有能力抓住人工智能和以數據為中心的計算架構將提供的內存和存儲機會。我們的產品路線圖包括令人興奮的 HBM3 和 CXL 創新，我期待在未來分享有關這些解決方案的更多細節。在第二財季，我們將 CXL DRAM 樣品的出貨量擴大到為企業、雲和 HPC 工作負載提供服務的 OEM 客戶。

Micron is leading the industry with world-class DDR5, or D5 technology. We are shipping D5 in high volume to data center customers and achieved our first customer qualification for our 1-alpha 24-gigabit D5 product.

美光以世界一流的 DDR5 或 D5 技術引領行業。我們正在向數據中心客戶大量運送 D5，並為我們的 1-alpha 24-gigabit D5 產品取得了我們的第一個客戶資格。

The latest generation of server processors, AMD's Genoa and Intel's Sapphire Rapids, require D5 DRAM. Servers using these new processes will drive higher D5 industry bit demand in second half of calendar 2023, towards mix crossover with D4 in mid-calendar 2024.

最新一代的服務器處理器，AMD 的 Genoa 和英特爾的 Sapphire Rapids，需要 D5 DRAM。使用這些新工藝的服務器將在 2023 年下半年推動更高的 D5 行業比特需求，並在 2024 年中期與 D4 混合交叉。

In fiscal Q2, we also began volume production and shipments of the fastest PCIe Gen4x4 NVMe SSD in the market, our 9400 176-layer performance NVMe data center SSD, which excels in AI and high-performance computing workloads.

在第二財季，我們還開始量產和出貨市場上最快的 PCIe Gen4x4 NVMe SSD，即我們的 9400 176 層性能 NVMe 數據中心 SSD，在人工智能和高性能計算工作負載方面表現出色。

In PCs, we now forecast calendar 2023 PC unit volume to decline by mid-single-digit percentage, returning PC unit volume to pre-COVID levels last seen in 2019. Although still elevated, client customer inventories have improved meaningfully, and we expect increased bit demand in the second half of the fiscal year. With our strong product lineup, we are well positioned for the ongoing industry transition to D5. Client's D5 adoption is expected to gradually increase through calendar 2023, with D4 to D5 mix crossover in early to mid-calendar 2024.

在 PC 方面，我們現在預測 2023 年日曆 PC 單位數量將下降中等個位數百分比，PC 單位數量將恢復到 2019 年 COVID 前的水平。儘管仍處於高位，但客戶庫存已顯著改善，我們預計增加本財年下半年位需求。憑藉我們強大的產品陣容，我們為正在進行的向 D5 的行業過渡做好了充分準備。預計到 2023 年，客戶對 D5 的採用將逐漸增加，而 D4 到 D5 的混合交叉將在 2024 年的早中期進行。

In fiscal Q2, our NAND QLC bit shipment mix reached a new record for the second consecutive quarter, driven by growth in both client and consumer SSDs. We qualified our Micron 2400 SSD, the world's only 176-layer QLC SSD qualified at OEMs, across the client customer base.

在第二財季，我們的 NAND QLC 位出貨組合連續第二個季度創下新紀錄，這主要得益於客戶端和消費類 SSD 的增長。我們對我們的美光 2400 固態硬盤進行了認證，這是世界上唯一一個在 OEM 中通過客戶認證的 176 層 QLC 固態硬盤。

In graphics, industry analysts continue to expect graphics TAM growth CAGR to outpace the broader market supported by applications across client and data center. Customers' inventory adjustments are progressing well, and we expect demand in the calendar second half of 2023 to be stronger than the first half. As the performance leader in graphics, we are excited to see our proprietary 16-gigabit G6X featured in the recently launched NVIDIA RTX 4070 Ti.

在圖形方面，行業分析師繼續預計圖形 TAM 增長的複合年增長率將超過客戶端和數據中心應用程序支持的更廣泛市場。客戶的庫存調整進展順利，我們預計 2023 年下半年的需求將強於上半年。作為圖形性能領導者，我們很高興看到我們專有的 16 GB G6X 出現在最近推出的 NVIDIA RTX 4070 Ti 中。

In mobile, we now expect calendar 2023 smartphone unit volume to be down slightly year-over-year. While some customer inventories are back to normal levels, other OEMs' inventories remain elevated. In aggregate, we expect mobile customer inventory to improve through the remainder of calendar 2023, and we expect growth in mobile DRAM and NAND bit shipments in the second half of our fiscal year versus the first half.

在移動領域，我們現在預計 2023 年智能手機銷量將同比略有下降。雖然一些客戶庫存恢復到正常水平，但其他 OEM 的庫存仍處於高位。總體而言，我們預計移動客戶庫存將在 2023 年剩餘時間內有所改善，我們預計本財年下半年移動 DRAM 和 NAND 位出貨量將比上半年增長。

In fiscal Q2, we continued sampling and qualifying our industry-leading 1-beta 16-gigabit LP5X, receiving very positive feedback on its power, performance and quality from customers. We expect to generate revenue on this 1-beta product later this fiscal year. We showcased our leading products earlier this month at Mobile World Congress, where we displayed 8 flagship mobile customer design wins.

在第二財季，我們繼續對我們行業領先的 1-beta 16-gigabit LP5X 進行抽樣和鑑定，從客戶那裡收到了關於其功率、性能和質量的非常積極的反饋。我們預計將在本財年晚些時候通過該 1-beta 產品產生收入。本月早些時候，我們在世界移動通信大會上展示了我們的領先產品，我們在會上展示了 8 項旗艦移動客戶設計勝利。

Last, I'll cover the auto and industrial end markets, which now represent over 20% of our revenue and contribute more stable revenue and profitability. Micron is the market share leader in these important and fast-growing markets.

最後，我將介紹汽車和工業終端市場，這些市場現在占我們收入的 20% 以上，並且貢獻了更穩定的收入和盈利能力。美光是這些重要且快速增長市場的市場份額領導者。

In fiscal Q2, auto revenue grew approximately 5% year-over-year. Our leadership in automotive was evidenced by several milestones in Q2. We reached a new record customer quality score, qualified the industry's first 176-layer e.MMC 5.1 automotive product, and began shipping the industry's first 176-layer UFS 3.1 automotive solution. We expect continued growth in auto memory demand for the second half of calendar 2023, driven by gradually easing nonmemory supply constraints and increasing memory content per vehicle.

在第二財季，汽車收入同比增長約 5%。第二季度的幾個里程碑證明了我們在汽車領域的領導地位。我們達到了新的客戶質量得分記錄，通過了業界首個 176 層 e.MMC 5.1 汽車產品的認證，並開始交付業界首個 176 層 UFS 3.1 汽車解決方案。我們預計 2023 年下半年汽車內存需求將持續增長，這主要得益於非內存供應限制的逐步放鬆和每輛車內存容量的增加。

The industrial market continued to soften in Q2, as our distribution channel partners reduce their inventory levels and end demand weakened for some customers. Inventories are starting to stabilize at the majority of our customers, and we expect demand to improve in the second half of our fiscal year. In our fiscal second quarter, Micron achieved advanced startup sampling and design-in across automation OEMs, ODMs and integrators with our latest generation of products.

工業市場在第二季度繼續走軟，因為我們的分銷渠道合作夥伴降低了庫存水平，並且一些客戶的終端需求減弱。我們大多數客戶的庫存開始趨於穩定，我們預計需求將在本財年下半年有所改善。在我們的第二財季，美光通過我們最新一代的產品實現了自動化 OEM、ODM 和集成商的高級啟動抽樣和設計。

Now turning to our market outlook.

現在轉向我們的市場前景。

Our expectations for calendar 2023 industry bit demand growth have moderated to approximately 5% in DRAM and low-teens percentage range in NAND, which are well below the expected long-term CAGR of mid-teens percentage range in DRAM and low-20s percentage range in NAND. The reduction in calendar 2023 demand from our prior forecast is driven by an assessment of customer inventories as well as some degradation in end market demand. We expect that improving customer inventories will support sequential bit demand growth for DRAM and NAND through the calendar year. China's reopening is also a positive factor for calendar 2023 bit demand.

我們對 2023 日曆年行業位元需求增長的預期已放緩至 DRAM 的約 5% 和 NAND 的十幾歲百分比範圍內，遠低於 DRAM 的十幾歲百分比範圍和二十多歲百分比範圍內的預期長期復合年增長率在與非。我們先前預測的 2023 年日曆需求減少是由於對客戶庫存的評估以及終端市場需求的一些下降。我們預計，改善客戶庫存將支持 DRAM 和 NAND 在整個日曆年中的順序比特需求增長。中國的重新開放也是日曆 2023 位需求的積極因素。

Public reports indicate that there have been significant CapEx cuts throughout the industry, and utilization rates have declined at all DRAM and NAND suppliers. We now expect that the industry bit supply growth for DRAM and NAND in calendar 2023 will be below demand growth, which will help improve supplier inventories. While the supply-demand balance is expected to gradually improve due to the high levels of inventories, industry profitability and free cash flow are likely to remain extremely challenged in the near term.

公開報告表明，整個行業的資本支出都大幅削減，所有 DRAM 和 NAND 供應商的利用率都有所下降。我們現在預計 2023 年 DRAM 和 NAND 的行業比特供應增長將低於需求增長，這將有助於改善供應商庫存。儘管由於高庫存水平預計供需平衡將逐漸改善，但行業盈利能力和自由現金流在短期內可能仍面臨極大挑戰。

Market recovery can accelerate if there is a year-to-year reduction in production or, in other words, negative DRAM and NAND industry bit supply growth in 2023.

如果產量逐年減少，或者換句話說，2023 年 DRAM 和 NAND 行業比特供應負增長，市場復甦可能會加速。

In response to the industry environment, Micron has taken a number of decisive actions in fiscal 2023. First, we are further reducing our supply. We have made additional reductions to our fiscal 2023 CapEx plan and now expect to invest approximately $7 billion, down more than 40% from last year, with WFE down more than 50%. In fiscal 2024, we expect WFE to fall further as we ramp 1-beta and 232-layer nodes in a capital-efficient manner. We have further reduced DRAM and NAND wafer starts, which are now down by approximately 25%. As a result, for calendar 2023, we now expect Micron's year-on-year bit supply growth to be meaningfully negative for DRAM. We also expect to produce fewer NAND bits in calendar 2023 than in calendar 2022. Excluding the impact of inventory write-downs, we expect Micron's DIO to decline sequentially going forward from its peak in the second quarter.

為應對行業環境，美光在 2023 財年採取了多項果斷行動。首先，我們正在進一步減少供應。我們進一步削減了 2023 財年的資本支出計劃，現在預計投資約 70 億美元，比去年下降 40% 以上，其中 WFE 下降超過 50%。在 2024 財年，我們預計 WFE 將進一步下降，因為我們以資本高效的方式增加 1-beta 和 232 層節點。我們進一步減少了 DRAM 和 NAND 晶圓的啟動，現在下降了大約 25%。因此，對於 2023 日曆年，我們現在預計美光的比特供應同比增長對 DRAM 來說將是顯著的負增長。我們還預計 2023 年生產的 NAND 位將少於 2022 年。排除庫存減記的影響，我們預計美光的 DIO 將從第二季度的峰值開始連續下降。

Second, we have made further reductions to our operating expenses beyond the executive salary cuts and suspension of Micron's fiscal 2023 bonuses company-wide. We now expect our overall headcount reduction to approach 15%. This will occur through a combination of workforce reductions, which are now largely complete as well as anticipated attrition through the remainder of the year.

其次，除了高管減薪和暫停美光 2023 財年全公司獎金之外，我們還進一步削減了運營費用。我們現在預計我們的整體裁員將接近 15%。這將通過裁員相結合來實現，裁員現在已經基本完成，並且預計將在今年剩餘時間進行裁員。

Third, Micron continues to execute to a strategy of maintaining flat annual bit share in both DRAM and NAND. While we have had to reduce price to remain competitive in the market, we have not done so in an attempt to gain share. As such, share changes at customers are generally transitory.

第三，美光繼續執行在 DRAM 和 NAND 中保持年度位份額持平的戰略。雖然我們不得不降低價格以保持市場競爭力，但我們這樣做並不是為了獲得市場份額。因此，客戶的股份變動通常是暫時的。

Lastly, we have taken additional steps to ensure ample liquidity. Mark will go into further detail. Micron continues to have the strongest balance sheet among the pure-play memory and storage companies, and our strong liquidity will enable us to weather this downturn while ensuring our product and technology competitiveness.

最後，我們採取了額外的措施來確保充足的流動性。馬克將進一步詳細介紹。美光繼續擁有純內存和存儲公司中最強大的資產負債表，我們強大的流動性將使我們能夠度過這次低迷，同時確保我們的產品和技術競爭力。

I will now turn it over to Mark.

我現在將把它交給馬克。

Thanks, Sanjay.

謝謝，桑傑。

Fiscal Q2 results reflected challenging market conditions with continued deterioration in pricing and profitability.

第二財季業績反映出市場環境充滿挑戰，定價和盈利能力持續惡化。

Total fiscal Q2 revenue was approximately $3.7 billion, down 10% sequentially and 53% year-over-year. Fiscal Q2 revenue included $114 million from an insurance settlement disclosed at the time we provided guidance.

第二財季總收入約為 37 億美元，環比下降 10%，同比下降 53%。第二財季收入包括 1.14 億美元，來自我們提供指導時披露的保險結算。

Fiscal Q2 DRAM revenue was $2.7 billion, representing 74% of total revenue. DRAM revenue declined 4% sequentially, with bit shipments increasing in the mid-teens percentage range and prices declining by approximately 20%. Fiscal Q2 DRAM bit shipments benefited from the timing of shipments between fiscal Q1 and fiscal Q2.

第二財季 DRAM 收入為 27 億美元，佔總收入的 74%。 DRAM 收入環比下降 4%，位元出貨量增長了 15% 左右，價格下降了約 20%。第二財季 DRAM 位出貨量受益於第一財季和第二財季之間的出貨時間。

Fiscal Q2 NAND revenue was $885 million, representing 24% of Micron's total revenue. NAND revenue declined 20% sequentially, with bit shipments increasing in the mid- to high-single-digit percentage range and prices declining in the mid-20s percentage range.

第二財季 NAND 收入為 8.85 億美元，占美光總收入的 24%。 NAND 收入環比下降 20%，位元出貨量在中高個位數百分比範圍內增長，價格在 20 多歲百分比範圍內下降。

Now turning to revenue by business unit.

現在轉向按業務部門劃分的收入。

Compute and Networking Business Unit revenue was $1.4 billion, down 21% sequentially. And on a sequential basis, cloud revenue was down while client revenue was stable.

計算和網絡業務部門收入為 14 億美元，環比下降 21%。在連續的基礎上，雲收入下降，而客戶收入穩定。

Revenue for the Mobile Business Unit was $945 million, up 44% sequentially. Mobile revenue benefited from the timing of some shipments between fiscal Q1 and fiscal Q2.

移動業務部門的收入為 9.45 億美元，環比增長 44%。移動收入受益於第一財季和第二財季之間的一些出貨時間。

Embedded Business Unit revenue was $865 million, down 14% sequentially. On a sequential basis, automotive markets were relatively stable following industrial and consumer end markets experienced weakness.

嵌入式業務部門收入為 8.65 億美元，環比下降 14%。在連續的基礎上，汽車市場在工業和消費終端市場經歷疲軟之後相對穩定。

Revenue for the Storage Business Unit was $507 million, down 25% sequentially and impacted by challenging conditions in the NAND market.

存儲業務部門的收入為 5.07 億美元，環比下降 25%，並受到 NAND 市場充滿挑戰的環境的影響。

Consolidated gross margin for fiscal Q2 was negative 31.4%. This result was negatively impacted by approximately $1.4 billion or 38.7 percentage points of inventory write-down recorded in the quarter. These noncash write-downs, which lower the cost basis of inventory, resulted -- results from projected selling prices falling below the cost of inventory and are not the result of obsolescence. Operating expenses in fiscal Q2 were $916 million, down roughly $80 million sequentially. We continue to aggressively manage our operating expenses and expect them to decline sequentially in both fiscal Q3 and fiscal Q4.

第二財季綜合毛利率為負 31.4%。該結果受到本季度記錄的約 14 億美元或 38.7 個百分點的庫存減記的負面影響。這些降低庫存成本基礎的非現金減記是由於預計售價低於庫存成本而不是過時的結果。第二財季的運營費用為 9.16 億美元，環比下降約 8000 萬美元。我們繼續積極管理我們的運營費用，並預計它們將在第三財季和第四財季連續下降。

We had an operating loss of roughly $2.1 billion in fiscal Q2, resulting in an operating margin of negative 56%, down from negative 2% in the prior quarter and positive 35% in the prior year. The operating loss included the $1.4 billion inventory write-down recorded in the quarter for a 39 percentage point impact to operating margin.

我們在第二財季的營業虧損約為 21 億美元，導致營業利潤率為負 56%，低於上一季度的負 2% 和去年同期的正 35%。營業虧損包括本季度記錄的 14 億美元庫存減記，對營業利潤率產生 39 個百分點的影響。

Fiscal Q2 taxes were $53 million. As mentioned in previous quarters, despite a consolidated loss on a worldwide basis, we still have taxes payable in certain geographies due to taxable income levels reported in those geographies.

第二財季稅收為 5300 萬美元。如前幾個季度所述，儘管在全球範圍內出現綜合虧損，但由於某些地區報告的應稅收入水平，我們仍需在某些地區繳納稅款。

Non-GAAP loss per share in fiscal Q2 was $1.91, down from a loss per share of $0.04 in the prior quarter and earnings per share of $2.14 in the prior year. Fiscal Q2 EPS included approximately $1.34 of losses from the impact of the inventory write-down.

第二財季的非美國通用會計準則每股虧損為 1.91 美元，低於上一季度的每股虧損 0.04 美元和去年同期的每股收益 2.14 美元。第二財季每股收益包括約 1.34 美元的庫存減記影響損失。

Turning to cash flows and capital spending. We generated $343 million in cash from operations in fiscal Q2, representing approximately 9% of revenue. Capital expenditures were $2.2 billion during the quarter. We expect fiscal 2023 CapEx to be 2/3 front-half weighted, with a higher mix of construction spend in the second half.

轉向現金流和資本支出。我們在第二財季的運營中產生了 3.43 億美元的現金，約佔收入的 9%。本季度的資本支出為 22 億美元。我們預計 2023 財年的資本支出佔上半年權重的 2/3，下半年的建築支出組合更高。

Free cash flow was negative $1.8 billion in the quarter.

本季度自由現金流為負 18 億美元。

Our ending fiscal Q2 inventory was $8.1 billion and reflects the impact of the $1.4 billion write-down. Average days of inventory for the quarter was 153 days, and excluding write-downs, 235 days. Inventory levels and days are higher in NAND than DRAM. Our actions on supply reflect our intent to work down days of inventories from these levels.

我們結束的第二財季庫存為 81 億美元，反映了 14 億美元減記的影響。本季度的平均庫存天數為 153 天，不計減記為 235 天。 NAND 的庫存水平和天數高於 DRAM。我們對供應的行動反映了我們打算從這些水平上減少庫存天數。

At quarter end, we held cash and investments of $12.1 billion and had total liquidity of $14.6 billion when considering our untapped credit facility.

在本季度末，考慮到我們未動用的信貸額度，我們持有現金和投資 121 億美元，流動資金總額為 146 億美元。

Given macroeconomic uncertainty and the market environment, during the quarter, we bolstered our liquidity further through the addition of $1.9 billion of long-term debt. Our fiscal Q2 ending debt was $12.3 billion.

鑑於宏觀經濟的不確定性和市場環境，本季度我們通過增加 19 億美元的長期債務進一步增強了我們的流動性。我們的第二財季期末債務為 123 億美元。

Under a net debt position, our net interest income moves to net interest expense in Q3. Micron's balance sheet is solid with ample liquidity, low net debt and a weighted average maturity on debt of December 2029.

在淨債務頭寸下，我們的淨利息收入在第三季度轉為淨利息支出。美光的資產負債表穩健，流動性充足，淨債務低，債務加權平均到期日為 2029 年 12 月。

Now turning to our outlook for the fiscal third quarter.

現在轉向我們對第三財季的展望。

Market conditions remain extremely challenging. However, we expect that for the rest of this calendar year, DRAM and NAND bit shipments will continue to increase and supply-demand balance will gradually improve. Included in the fiscal third quarter guide is an insurance recovery, separate and unrelated to that recognized in fiscal Q2 of approximately $110 million, $70 million of which we expect to recognize as revenue. In fiscal Q3, we expect gross margins to be negatively impacted by pricing, write-down of inventory, cost of underutilization and a higher mix of NAND. On write-down of inventory, our guidance assumes a write-down of approximately $500 million associated with inventory produced during fiscal Q3. Small changes to price expectations beyond fiscal Q3 could have a substantial positive or negative impact to the inventory write-down amount in fiscal Q3. Potential variances of inventory write-downs are not factored into the guidance ranges for gross margin and EPS.

市場狀況仍然極具挑戰性。然而，我們預計在本日曆年的剩餘時間內，DRAM 和 NAND 位出貨量將繼續增加，供需平衡將逐漸改善。第三財季指南中包括保險回收，與第二財季確認的保險回收分開且無關，約為 1.1 億美元，我們預計其中 7000 萬美元將確認為收入。在第三財季，我們預計毛利率將受到定價、庫存減記、未充分利用的成本和更高的 NAND 組合的負面影響。關於庫存減記，我們的指導假設與第三財季生產的庫存相關的減記約為 5 億美元。第三財季之後價格預期的微小變化可能會對第三財季的庫存減記金額產生重大的正面或負面影響。庫存減記的潛在差異未計入毛利率和每股收益的指導範圍。

As market conditions remain weak, we will continue to aggressively manage our expense profile. As Sanjay mentioned, we increased our headcount reduction target to approach 15% from our previous target of approximately 10%. We now expect OpEx to fall below $850 million in the fiscal fourth quarter of 2023. For nonoperating items, we expect net interest expense of approximately $5 million in fiscal Q3.

由於市場狀況依然疲軟，我們將繼續積極管理我們的費用狀況。正如 Sanjay 提到的，我們將裁員目標從之前的約 10% 提高到接近 15%。我們現在預計 OpEx 將在 2023 年第四財季降至 8.5 億美元以下。對於非經營項目，我們預計第三財季的淨利息支出約為 500 萬美元。

We now project fiscal 2023 taxes to be less than $140 million.

我們現在預計 2023 財年的稅收將低於 1.4 億美元。

We expect profitability to remain extremely challenged in the near term. We do project profitability to improve sequentially due to lower inventory write-downs and free cash flow to improve slightly, driven by reduced capital spend. But we forecast operating margin and free cash flow to remain significantly negative through the fiscal year.

我們預計盈利能力在短期內仍將面臨極大挑戰。由於較低的庫存減記和自由現金流在資本支出減少的推動下略有改善，我們確實預計盈利能力將有所改善。但我們預計本財年的營業利潤率和自由現金流仍將顯著為負。

With all these factors in mind, our non-GAAP guidance for the fiscal Q3 is as follows.

考慮到所有這些因素，我們對第三財季的非 GAAP 指導如下。

We expect revenue to be $3.7 billion, plus or minus $200 million; gross margin to be in the range of negative 21%, plus or minus 250 basis points; and operating expenses to be approximately $900 million, plus or minus $15 million. We expect tax expense of approximately $50 million.

我們預計收入為 37 億美元，上下浮動 2 億美元；毛利率在負21%的範圍內，上下浮動250個基點；運營費用約為 9 億美元，上下浮動 1500 萬美元。我們預計稅費約為 5000 萬美元。

Based on a share count of approximately 1.09 billion shares, we expect EPS to be a loss of $1.58, plus or minus $0.07.

基於大約 10.9 億股的股票數量，我們預計每股收益將虧損 1.58 美元，上下浮動 0.07 美元。

In closing, we continue to aggressively manage through this period of challenging market conditions, preserving our competitive technology and product positions, strong operational capability and solid balance sheet. Following this downturn, we expect to capitalize on the secular demand trends and growth in memory and storage. We believe we are close to a transition to sequential revenue growth in our quarterly results. We are focused on significantly improving profitability and returning to positive quarterly free cash flow within fiscal 2024. We remain confident in our financial model, and we'll continue to operate the business in a disciplined manner to generate long-term profitability, cash flow and shareholder returns.

最後，我們將繼續積極應對這段充滿挑戰的市場條件，保持我們具有競爭力的技術和產品地位、強大的運營能力和穩健的資產負債表。在這次低迷之後，我們預計將利用長期需求趨勢以及內存和存儲的增長。我們相信我們的季度業績即將過渡到連續收入增長。我們專注於顯著提高盈利能力，並在 2024 財年恢復正的季度自由現金流。我們對我們的財務模型充滿信心，我們將繼續以有紀律的方式經營業務，以產生長期盈利能力、現金流和股東回報。

Thank you, Mark.

謝謝你，馬克。

We are carefully managing our business to weather this industry downturn, preserving our technology and product portfolio competitiveness and manufacturing capabilities. Micron is the leader in DRAM and NAND process technology and one of only a handful of leading-edge semiconductor manufacturers in the world. Our team continues to drive new breakthroughs for our customers.

我們正在謹慎地管理我們的業務以度過這個行業低迷期，保持我們的技術和產品組合的競爭力和製造能力。美光是 DRAM 和 NAND 工藝技術的領導者，也是世界上為數不多的領先半導體製造商之一。我們的團隊繼續為我們的客戶推動新的突破。

Memory and storage are at the heart of systems and solutions that fuel the global economic engine, drive new efficiencies, create higher productivity and spud advances that make life better for people around the world. We look forward to a normalization of market conditions, and we remain confident in the long-term demand for our solutions based on the value they create across multiple end markets.

內存和存儲是系統和解決方案的核心，它們為全球經濟引擎提供動力，推動新的效率，創造更高的生產力和推動進步，讓世界各地的人們生活得更好。我們期待市場狀況正常化，並且我們對基於我們的解決方案在多個終端市場創造的價值的長期需求充滿信心。

Thank you for joining us today. We will now open for questions.

感謝您今天加入我們。我們現在開始提問。

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

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

I guess I was hoping to get your sense of how you're thinking about the shape of the recovery. Obviously, things don't look great today, but you've been through this before and will get through it. And so would love to hear your thoughts around how you think will come out of this. And given the CapEx cuts we've seen across the industry, it certainly looks like we're going to be an undersupply situation, at least for DRAM in calendar '24. I'm curious what some of your largest customers are saying today, particularly in the data center as they start to consider this likelihood.

我想我希望了解您對複蘇形式的看法。顯然，今天的情況看起來不太好，但你以前經歷過，並且會挺過去的。因此，很想听聽您對由此產生的想法的看法。鑑於我們在整個行業看到的資本支出削減，看起來我們肯定會出現供應不足的情況，至少對於日曆 '24 中的 DRAM 而言。我很好奇你們一些最大的客戶今天在說什麼，尤其是在數據中心，因為他們開始考慮這種可能性。

Thanks, C.J., for the question. So I think we can look at the question from the demand and the supply point of view. And from the demand side, as we have indicated that we are seeing that the customer inventories are improving while still elevated, but in aggregate, customer inventories are improving. And we do expect that the volume of shipments, both for DRAM and NAND, will continue to increase on a sequential basis from here on.

謝謝，C.J.，提出這個問題。所以我認為我們可以從需求和供應的角度來看這個問題。從需求方面來看，正如我們所指出的那樣，我們看到客戶庫存正在改善，但仍處於高位，但總體而言，客戶庫存正在改善。我們確實預計 DRAM 和 NAND 的出貨量從現在開始將繼續環比增長。

And of course, on the supply side, you have heard actions from industry players. And through various reports, you have seen that the CapEx reductions are being made as well as underutilization is being made in the industry. And that is going to be taking out a chunk of -- will take a bite at the supply in the industry. So basically, the supply trend will also begin to improve. So the demand and supply balance will gradually improve through the course of the year.

當然，在供應方面，你也聽到了業內人士的行動。通過各種報告，您已經看到資本支出正在減少，並且該行業正在利用不足。這將減少一大塊 - 將咬一口該行業的供應。所以基本上，供應趨勢也會開始好轉。因此，供需平衡將在一年中逐漸改善。

We have said that inventory -- we believe also days of inventory will continue to improve as well. For us, days of inventory peaked in Q2, and exclusive of inventory adjustments, we would expect days of inventory to continue to improve from here on. We have talked about for our business that we see being close to transition to sequential growth in revenue going forward. So overall the industry environment, with the demand and supply gradually improving, we expect the trajectory of pricing also to be improving. So this then ultimately means that while the profitability remains challenged, and yes, free cash flow remains challenged, but the fundamentals of the industry are beginning to improve.

我們已經說過庫存——我們相信庫存天數也將繼續改善。對我們來說，庫存天數在第二季度達到頂峰，不包括庫存調整，我們預計庫存天數將從現在開始繼續改善。我們已經談到我們的業務，我們認為未來收入將接近過渡到連續增長。因此，整體行業環境，隨著需求和供應的逐漸改善，我們預計定價軌跡也會改善。因此，這最終意味著雖然盈利能力仍然面臨挑戰，是的，自由現金流仍然面臨挑戰，但該行業的基本面開始改善。

And certainly, with the actions that have been taken, it could be that in 2024 timeframe that there could be shortages in the industry. But overall, Micron, I think, is taking decisive actions, as we have discussed, with respect to managing our CapEx, managing underutilization in the fab, managing OpEx and really focusing on supply growth as well.

當然，根據已經採取的行動，到 2024 年，該行業可能會出現短缺。但總的來說，我認為美光正在採取果斷行動，正如我們所討論的那樣，在管理我們的資本支出、管理晶圓廠的未充分利用、管理運營支出以及真正關注供應增長方面。

And in terms of some of the market trends and the customer trends that you've talked about, basically, we have shared that PC inventories are meaningfully better and will continue to improve over the next couple of quarters. Smartphones, some customers may have high inventory versus other customers, but inventories continue to improve in the smartphone market over a couple of quarters as well.

就您談到的一些市場趨勢和客戶趨勢而言，基本上，我們已經分享了 PC 庫存明顯更好，並將在未來幾個季度繼續改善。智能手機，一些客戶的庫存可能比其他客戶高，但智能手機市場的庫存也在幾個季度內繼續改善。

Cloud revenue for us, we think, has bottomed in -- at Q2 timeframe. While inventories in cloud remain at elevated levels, inventories in data center remain at elevated levels. We do expect them to improve through the course of the year towards -- and get to normalized levels by the end of the year as well. And in cloud, the new CPUs do drive new D5 deployment, and Micron is well positioned with DDR5 with our strong position with the product. So we think that DDR5 is also tailwinds for the cloud demand with increased memory per server content that it will be driving as well.

我們認為，我們的雲收入已經觸底——在第二季度的時間框架內。雖然雲中的庫存仍處於較高水平，但數據中心的庫存仍處於較高水平。我們確實希望他們在這一年中有所改善，並在年底前達到正常水平。在雲中，新的 CPU 確實推動了新的 D5 部署，而美光憑藉我們在該產品上的強勢地位，在 DDR5 方面處於有利地位。因此，我們認為 DDR5 也是雲需求的順風，它也將推動每台服務器內容的內存增加。

So these are all positive trends. And while we are navigating the business through an extremely challenging environment, I hope you see that Micron is responsibly managing its supply and continuing to focus on improving the demand supply environment for us. Of course, as we have said, the recovery in the industry could be accelerated if the demand -- if the supply for DRAM and NAND in terms of year-over-year growth was negative. We, of course, have taken our actions to bring our DRAM and our NAND supply growth for the year to be negative.

所以這些都是積極的趨勢。當我們在極具挑戰性的環境中駕馭業務時，我希望您看到美光正在負責任地管理其供應並繼續專注於改善我們的需求供應環境。當然，正如我們所說，如果需求 - 如果 DRAM 和 NAND 的供應量同比增長為負，則該行業的複蘇可能會加速。當然，我們已經採取行動，使我們今年的 DRAM 和 NAND 供應增長為負。

And our next question comes from the line of Timothy Arcuri from UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

I had a 2-part question. First, Sanjay, I was curious -- just following on the last question, what are the lasting changes that you think that the industry is going to implement coming out of the cycle? I mean it's been so much worse than I think any of us thought it would be. Do you think that the industry and you -- I mean, certainly, you, it sounds like, but do you think the industry is going to be more draconian about adding bit supply? Do you think you can engage customers in more LTAs, given that the writing clearly is on the wall about where pricing is going to go after all this?

我有一個由兩部分組成的問題。首先，Sanjay，我很好奇 - 就在最後一個問題之後，您認為該行業將在周期結束後實施哪些持久變化？我的意思是它比我認為的任何人想像的要糟糕得多。你是否認為這個行業和你 - 我的意思是，當然，你，這聽起來像，但你認為這個行業會更加嚴厲地增加比特供應嗎？考慮到在這一切之後定價將走向何方，你認為你可以讓客戶參與更多的 LTA 嗎？

And then I guess also then for Mark, a question on the write-down for May. Why keep on producing if you're going to immediately write down $500 million worth of inventory? Is it that you've hit some sort of floor in terms of utilization where you can't go below that? I'm just curious why you'd produce and you'd immediately write that down.

然後我想對於 Mark 來說，還有一個關於 May 減記的問題。如果您要立即減記價值 5 億美元的庫存，為什麼還要繼續生產？是不是您在利用率方面達到了某種底線，您不能低於該底線？我只是好奇你為什麼要製作並立即寫下來。

So I think with respect to the industry environment, you have to look at that over the course of last 3 years, the world faced once-in-100-years kind of pandemic, once-in-multiple-decades kind of Russia-Ukraine war and its impact on the economy, 40-year-high inflation and its impact on the macro. And all of these really resulted in an environment that created a material dislocation in terms of the demand, the surge in demand, and then the inventory adjustments that took place and resulted in a material dislocation in the customer behavior as well.

所以我認為關於行業環境，你必須看看過去 3 年的情況，世界面臨著 100 年一遇的大流行病，幾十年一遇的俄羅斯-烏克蘭戰爭及其對經濟的影響，40 年高通脹及其對宏觀的影響。所有這些確實導致了在需求方面造成重大錯位的環境，需求激增，然後發生的庫存調整也導致客戶行為發生重大錯位。

And now you are seeing the process of recovery that is starting, the process of recovery with respect to the supply growth reductions actions that are being implemented. We talked about ours today. And so this will ultimately lead to the industry to recover to healthier levels. The profitability levels in the industry today are simply not sustainable. So the demand and supply environment has to improve in the industry. And keep in mind that before this period of last 2 to 3 years with all these events that I just mentioned, the industry for 10 years plus has been disciplined particularly in DRAM. So I do believe that the investments in the future that require healthy levels of profitability and, of course, supply discipline will be back and the industry will grow.

現在你看到正在開始的複蘇過程，與正在實施的供應增長減少行動相關的複蘇過程。我們今天談到了我們的。因此，這最終將導致該行業恢復到更健康的水平。當今行業的盈利水平根本無法持續。因此，該行業的供需環境必須改善。請記住，在過去 2 到 3 年期間發生我剛才提到的所有這些事件之前，該行業 10 多年一直受到紀律處分，特別是在 DRAM 領域。因此，我確實相信，需要健康水平的盈利能力，當然還有供應紀律的未來投資將會回歸，行業將會增長。

And particularly, keeping it in mind the strong demand trends. I talked about 2025 being -- we think will be a record revenue year for the industry because last 2 years have been slow demand growth in terms of shipments. We think '24 and '25 will be strong years that will drive strong growth. You are seeing actions on the supply side. The health of the industry will be restored in the future quarters.

特別是，牢記強勁的需求趨勢。我談到 2025 年——我們認為這將是該行業創紀錄的收入年，因為過去兩年的出貨量需求增長緩慢。我們認為 24 和 25 年將是推動強勁增長的強勁年份。您正在看到供應方面的行動。該行業的健康狀況將在未來幾個季度恢復。

And no doubt that AI -- and we talk about generative AI, right? I mean this is very, very early stages of generative AI, and these are the trends that ultimately really drive greater demand for a long time to come for memory and storage. I mean when you look at really the future, it equals AI and AI equals memory, and Micron is well positioned with our technology and product roadmaps to address the growing opportunities there.

毫無疑問，人工智能——我們談論的是生成人工智能，對吧？我的意思是，這是生成式 AI 的非常、非常早期的階段，這些趨勢最終會在很長一段時間內真正推動對內存和存儲的更大需求。我的意思是，當你真正展望未來時，它等於 AI，而 AI 等於內存，而 Micron 憑藉我們的技術和產品路線圖處於有利地位，可以應對那裡不斷增長的機遇。

Yes. Tim, on your second question, we have been actively taking supply out of the market. We took utilization levels down late summer. We increased that more in the fall. And as you heard on the call today, we've taking utilization down even further. And it's -- we're at levels now that none of us have seen before on underutilization at Micron and maybe in the company's history. So it's a significant reduction.

是的。蒂姆，關於你的第二個問題，我們一直在積極減少市場供應。我們在夏末降低了利用率水平。我們在秋天增加了更多。正如您今天在電話中聽到的那樣，我們進一步降低了利用率。而且它 - 我們現在處於我們以前從未見過的水平，在 Micron 和公司的歷史上可能沒有充分利用。所以這是一個顯著的減少。

I'll add that we do, as you know, build principally to WIP. So we're able to then finish those products later and minimize the amount of build. We've also very thoughtfully, when we've reduced utilization, done it in the way that we can maximize the cash benefits reductions that we get when we reduce. And then it's important to note that in the time horizon that we're looking at, we are seeing bit volumes increase sequentially from here on out.

我要補充一點，如您所知，我們主要針對 WIP 進行構建。這樣我們就可以稍後完成這些產品並最大限度地減少構建量。我們也非常周到，當我們減少利用率時，我們可以最大限度地減少我們減少時獲得的現金福利。然後重要的是要注意，在我們正在研究的時間範圍內，我們看到比特量從現在開始依次增加。

Now in the third quarter, I will note just some housekeeping that DRAM volumes were up modestly in the third quarter, and NAND is up sharply -- as strongly, I should say. And while both are price-challenged, NAND is more challenged. But again, we are seeing growth in bits, and we expect that too is the beginning of supply/demand getting into better balance.

現在在第三季度，我會注意到一些內務處理，即第三季度 DRAM 銷量小幅上升，而 NAND 則大幅上升——我應該說強勁。雖然兩者都面臨價格挑戰，但 NAND 的挑戰更大。但同樣，我們看到了比特的增長，我們預計這也是供需開始更好地平衡的開始。

Our next question comes from the line of Chris Danely from Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

Just a couple of specific questions on the expected recovery. Is your base case -- I guess in terms of the PC and cell phone demand for the second half of this year, is your base case expecting those end markets to get back to normal seasonality? And how should we expect utilization rates to trend as you continue to increase DRAM and NAND shipments? Should we expect you to get back to full utilization rates in a couple of quarters? Or is there some sort of revenue or bit level that you could give us that would indicate that you're back to full utilization?

關於預期復甦的幾個具體問題。你的基本情況是——我想就今年下半年的 PC 和手機需求而言，你的基本情況是否期望這些終端市場恢復正常的季節性？隨著您繼續增加 DRAM 和 NAND 出貨量，我們應該如何預期利用率趨勢？我們是否應該期望您在幾個季度內恢復到全部利用率？或者您是否可以向我們提供某種收入或位級別來表明您已恢復到充分利用？

So with respect to the utilization rates, of course, we will continue to monitor the industry demand, and it's important for us to continue to work on bringing our days of inventory down, and utilization could continue into fiscal year '24 as well. We'll make decisions regarding utilization as a function of, again, our latest status in the future around our inventory position and assessment of demand.

因此，關於利用率，當然，我們將繼續監測行業需求，繼續努力降低庫存天數對我們來說很重要，利用率也可能持續到 24 財年。我們將再次根據我們未來圍繞庫存狀況和需求評估的最新狀態做出有關利用率的決定。

Regarding your question on the smartphone market, as we have said that in calendar year '24, we expect that smartphone unit volume will decline on a year-over-year basis, and Q2 growth for us was above seasonal. And as customers' inventory levels normalize over the course of the year, then normal demand trends will also be restored in the smartphone market.

關於您關於智能手機市場的問題，正如我們所說，在 24 日曆年，我們預計智能手機銷量將同比下降，而我們的第二季度增長高於季節性。隨著客戶的庫存水平在一年中恢復正常，智能手機市場也將恢復正常的需求趨勢。

And regarding the smartphone market, even though the unit volume may be down on a year-over-year basis, important thing is that the smartphone market is shifting its mix more towards flagship phones, and flagship phones require more memory as well. So these are some of the trends that will play out as the demand grows over the course of the year for -- in the smartphone market.

而對於智能手機市場，儘管出貨量可能同比下降，但重要的是智能手機市場正在將其組合更多地轉向旗艦手機，而旗艦手機也需要更多的內存。因此，隨著今年智能手機市場需求的增長，這些趨勢將逐漸顯現。

And our next question comes from the line of Harlan Sur from JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

On the underutilization charge, I know last call the team had articulated roughly $460 million of charges recognized primarily in fiscal Q3 and Q4. So how much of this is embedded in your Q3 numbers and Q3 guidance? And given the lower utilization, tick it down to 25% or cut it by 25%. If you continue to drive lower utilization through the second half of this calendar year, like how do we think about some of the utilization charges in fiscal Q4 and second half of this calendar year?

關於未充分利用的費用，我知道團隊在上次電話會議上明確說明了主要在第三季度和第四季度確認的大約 4.6 億美元的費用。那麼，其中有多少包含在您的第三季度數字和第三季度指導中？考慮到較低的利用率，將其降低到 25% 或減少 25%。如果您在本日曆年下半年繼續降低利用率，比如我們如何看待本日曆年第四季度和下半年的一些利用率費用？

Yes. Harlan, so I'll answer it briefly here at the beginning and then maybe take the opportunity to just talk through gross margins and effective utilization gross margin. So based on what we told you last quarter and I went into some length last quarter about the charges and period costs and so forth. But last quarter, we thought we'd have around $900 million in fiscal '23 and about $460 million would hit FY '23 COGS.

是的。 Harlan，所以我會在一開始就在這裡簡要回答，然後可能會藉此機會談談毛利率和有效利用毛利率。因此，根據我們上個季度告訴你的內容，我在上個季度詳細介紹了費用和期間成本等。但上個季度，我們認為我們在 23 財年將有大約 9 億美元，而 23 財年的 COGS 將達到約 4.6 億美元。

With the underutilization that we've stepped up here, we see now about $1.1 billion in '23, and this is a combination of cost and inventory and period costs, and we actually see about $900 million of that flowing into FY '23. And that's driven by not only the increase in utilization costs -- underutilization cost is driven by the effects of the write-down and the accounting -- or inventory write-downs and the pull forward of cost. So if we step back and we look at our reported gross margin and our outlook, their a function of many factors, including pricing, inventory write-downs, which incorporate our forward view of pricing, the effects of utilization, volumes and the associated leverage on period costs, as we discussed last quarter, and of course, mix. These factors are continuously changing due to the market environment and our actions.

由於我們在這裡加強了利用不足，我們現在看到 23 年大約有 11 億美元，這是成本、庫存和期間成本的組合，我們實際上看到其中約 9 億美元流入了 23 財年。這不僅是由利用成本的增加驅動的——利用不足的成本是由減記和會計的影響驅動的——或者庫存減記和成本的提前。因此，如果我們退後一步，看看我們報告的毛利率和我們的前景，它們是許多因素的函數，包括定價、庫存減記，其中包含我們對定價的前瞻性觀點、利用率的影響、數量和相關的槓桿作用關於期間成本，正如我們上個季度討論的那樣，當然還有混合。由於市場環境和我們的行動，這些因素不斷變化。

And then further, I'll add that at these lower levels of profitability, the margin forecast and the results are more sensitive to slight changes in assumptions, importantly, such as price. So on price, given the recent price trends that we've seen and our current view on pricing, as we reported in Q2, we took a material write-down of inventories of $1.4 billion. And then the Q3 guide contemplates a write-down of $500 million on these additional inventories produced.

然後進一步，我將補充說，在這些較低的盈利水平下，利潤率預測和結果對假設的微小變化更為敏感，重要的是，例如價格。因此，在價格方面，鑑於我們看到的近期價格趨勢和我們目前對定價的看法，正如我們在第二季度報告的那樣，我們對庫存進行了 14 億美元的實質性減記。然後，第三季度指南考慮對這些額外生產的庫存減記 5 億美元。

With these write-downs, we pulled forward inventory costs and thus, we've lowered the carrying value of on-hand inventories. And as those lower cost inventory clears in future quarters, we'll realize more income in those quarters than we would have without the charge. So as an example, we expect around a $300 million benefit in Q3 from the Q2 charge as a portion of these lower cost inventories sell through. So as per your question, we also now have the underutilization effects creating higher cost inventories and then adding additional period costs. And as mentioned, we see about $1.1 billion of underutilization impact in FY '23, and most of that, as I mentioned, we expect to hit the P&L this year and some of it will carry over to next year. Now because of the effective write-down accounting, less of it will carry over to next year than would have otherwise.

通過這些減記，我們提前了庫存成本，從而降低了現有庫存的賬面價值。隨著未來幾個季度成本較低的庫存清算，我們將在這些季度實現比不收費時更多的收入。因此，作為一個例子，我們預計第三季度從第二季度的費用中獲得約 3 億美元的收益，因為這些低成本庫存的一部分已經售罄。因此，根據您的問題，我們現在也有未充分利用的影響，造成更高的庫存成本，然後增加額外的期間成本。如前所述，我們在 23 財年看到約 11 億美元的未充分利用影響，正如我提到的，我們預計其中大部分將在今年達到損益表，其中一些將延續到明年。現在由於有效的減記會計，與其他方式相比，結轉到明年的會減少。

Now considering all this, we expect our reported second quarter gross margin to be the trough, so that 31.4%. And that, again, is driven in large part by the $1.4 billion write-down. With a much lower inventory charge forecasted in the third quarter, you see that we guided about 10 points better relative to Q2. Now again, these estimates are very sensitive to pricing changes, but in our current view, Q4 would be better than Q3 in the sense of a lower charge, if any. And then over time, as bit volumes grow as I talked about in the last call and we talked about today, we get leverage on our period costs and utilization improves.

現在考慮到所有這些，我們預計我們報告的第二季度毛利率將達到谷底，即 31.4%。而且，這在很大程度上也是由 14 億美元的減記推動的。由於第三季度的庫存費用預測要低得多，您會看到我們相對於第二季度的指導要好大約 10 個百分點。再一次，這些估計對價格變化非常敏感，但我們目前認為，從較低的收費（如果有的話）的意義上說，第四季度會比第三季度好。然後隨著時間的推移，正如我在上次電話中談到的以及我們今天談到的那樣，隨著比特量的增長，我們可以利用我們的期間成本和提高利用率。

First, it will improve in the back end, then we'll have better utilization on the front end. And most importantly, as customer inventories continue to improve, inventories come down and supply/demand balance is better, we would expect reported margins to improve through FY '24. But again, a lot of factors at work here. If you were to just strip out the impairment charges or the write-downs in second and third quarters, Q2 would be a 7.3% gross margin, 3Q would be a negative 7.5% margin, so down considerably. And again, this is a function of the pricing environment and the cost of underutilization, including period costs, which, again, I discussed last quarter.

首先，它會在後端得到改善，然後我們會在前端有更好的利用。最重要的是，隨著客戶庫存持續改善、庫存下降和供需平衡改善，我們預計報告的利潤率將在 24 財年有所改善。但同樣，這裡有很多因素在起作用。如果你只是剔除第二和第三季度的減值費用或減記，那麼第二季度的毛利率將為 7.3%，第三季度的毛利率將為負 7.5%，因此大幅下降。同樣，這是定價環境和未充分利用成本的函數，包括期間成本，我在上個季度再次討論過。

Under this view, we would trough in the second half on gross margin, then would improve off these low levels through FY '24. So the -- in the end, the profile of the outlook is similar to what we discussed last quarter, though, of course, levels are lower with the pricing environment we've seen and the recovery is a bit delayed because of a bit lower volumes. But again, trough in the second half and some improvement expected through FY '24.

根據這種觀點，我們將在下半年的毛利率觸底，然後在 24 財年改善這些低水平。所以 - 最後，前景的概況與我們上個季度討論的情況相似，當然，在我們所看到的定價環境下，水平較低，而且由於價格較低，復甦有點延遲卷。但同樣，下半年處於低谷，預計到 24 財年會有一些改善。

Our next question comes from the line of Toshiya Hari from Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

One question on the NAND business end market. You talked about your bit production being down year-over-year in calendar '23, which I believe is a little bit more draconian than most of your competition. Just curious how you're thinking about the strategy in NAND. Could this cause permanent damage to your relative competitiveness? And kind of related to that, one of your competitors has significant capacity in China. Wondering if you had customers come to you and express concerns around that, and if that could be a potential relative positive for you over the medium to long term.

一個關於NAND業務終端市場的問題。你談到你的 bit 產量在 23 年日曆中同比下降，我認為這比你的大多數競爭對手都要嚴厲一些。只是好奇您如何看待 NAND 中的策略。這會對您的相對競爭力造成永久性損害嗎？與此相關的是，您的一個競爭對手在中國擁有強大的能力。想知道您是否有客戶來找您並對此表示擔憂，從中長期來看這是否對您有潛在的相對積極影響。

So with respect to NAND, we are well positioned with our technology and product roadmap. We shared with you today that 176-layer NAND yields are doing exceptionally well. 232-layer NAND, we have begun shipping in the market already. And with 176, as well as 232-layer, we have been well ahead of any competitor in the industry. 90% plus of our supply today in NAND that we are shipping is 176 plus 232-layers. So overall, we are well positioned with our technology. Our underutilization actions, we really believe are -- is what is needed to bring supply in line with demand, and we think these are the actions that are needed to restore the health of the business. And we have said in our prepared remarks that the industry recovery could be accelerated if NAND and DRAM supply growth, production growth, is negative on a year-over-year basis. And we certainly are taking our actions accordingly.

因此，就 NAND 而言，我們在技術和產品路線圖方面處於有利地位。我們今天跟大家分享，176層NAND的良率做得非常好。 232層NAND，我們已經開始出貨了。憑藉 176 層和 232 層，我們已經遠遠領先於業內任何競爭對手。我們今天出貨的 NAND 中 90% 以上是 176 加 232 層。所以總的來說，我們的技術處於有利地位。我們真正相信，我們未充分利用的行動是使供應與需求保持一致所需要的，我們認為這些是恢復業務健康所需的行動。我們在準備好的評論中表示，如果 NAND 和 DRAM 供應增長、產量增長同比為負，行業復甦可能會加速。我們當然會相應地採取行動。

And regarding China, I can't really comment on the part of other customers. But what I can tell you is that our customers really do see a strong technology execution, a strong product execution from Micron, and it's our product portfolio. We have done well with leveraging our NAND and DRAM in mobile markets with multichip packages.

關於中國，我不能真正評論其他客戶的部分。但我可以告訴你的是，我們的客戶確實看到了美光強大的技術執行力、強大的產品執行力，這就是我們的產品組合。我們在多芯片封裝的移動市場中利用我們的 NAND 和 DRAM 做得很好。

In automotive, I talked about some of the NAND product portfolio expanding and creating opportunities to strengthen our leadership position in automotive markets. And certainly, in the data center market, SSDs is also an opportunity. And our Gen4 NVMe SSDs have been continuing to do well in the client market as well. So our customers see our execution and innovation capabilities in technology and products, and that's what is bringing us stronger relationships with our customers for the NAND business.

在汽車領域，我談到了一些 NAND 產品組合的擴展和創造機會，以加強我們在汽車市場的領導地位。當然，在數據中心市場，SSD 也是一個機會。我們的 Gen4 NVMe SSD 在客戶市場上也一直表現良好。因此，我們的客戶看到了我們在技術和產品方面的執行和創新能力，這就是我們與 NAND 業務客戶建立更牢固關係的原因。

And of course, in terms of market opportunities, those continue to be healthy in terms of NAND-displacing HDDs in the data center, and Micron having the right products to grow those opportunities in the future. This has been -- we have been -- with NVMe SSDs and data center, we have been absent in the past, and now we have a healthy product portfolio, and we look forward to growing our opportunities in that space in the future. So NAND overall, in combination with DRAM, enables us to have a strong differentiated value for our customers. And Micron is well positioned with our technology and product roadmap, and certainly, we believe that our supply actions here are prudent.

當然，就市場機會而言，在數據中心取代 NAND 的 HDD 方面，這些機會繼續保持健康，並且美光擁有合適的產品來在未來增加這些機會。這一直是——我們一直是——NVMe SSD 和數據中心，我們過去一直缺席，現在我們擁有健康的產品組合，我們期待在未來增加我們在該領域的機會。因此，總體而言，NAND 與 DRAM 相結合，使我們能夠為客戶提供強大的差異化價值。美光在我們的技術和產品路線圖上處於有利地位，當然，我們相信我們在這裡的供應行動是謹慎的。

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

我們的下一個問題來自富國銀行的 Aaron Rakers。

So Mark, I apologize, I just want to go back to the inventory discussion a little bit. Is there any way to bridge the prior comment of the $460 million, again, that Harlan had brought up relative to that? It sounds like $900 million for fiscal '23. I'm just curious on what's embedded in the gross margin for underutilization this quarter. And I guess on inventory, is there any risk of obsolescence of inventory? Or is the inventory good, it just gets sold through at a lower cost of goods at this point?

所以馬克，我很抱歉，我只想稍微回到庫存討論。是否有任何方法可以彌合之前哈倫提出的 4.6 億美元的相關評論？這聽起來像是 23 財年的 9 億美元。我只是好奇本季度未充分利用的毛利率中包含什麼。我想在庫存方面，是否存在庫存過時的風險？或者庫存是否良好，只是此時以較低的商品成本售出？

Yes, the inventory is still good. It just gets it -- the cost basis is lower on the inventories. And then as far as your question on underutilization charges. So we do have, as just bridging it from what we said last time, last time we had total underutilization charges of about $900 million that were incurred in FY '23, of which we believe that $460 million would pass through to the P&L in FY '23. And that $460 million was a combination of costs and inventories that clear and then also period costs.

是的，庫存還是不錯的。它只是明白了——庫存的成本基礎較低。然後就您關於未充分利用費用的問題。因此，我們確實有，就像我們上次所說的那樣，上次我們在 23 財年產生的未充分利用費用總額約為 9 億美元，我們認為其中 4.6 億美元將轉嫁到 FY 的損益表中'23。而這 4.6 億美元是成本和清算庫存以及期間成本的組合。

Now our view with the increased underutilization, our view is $1.1 billion of costs in FY '23. And the amount that we believe will pass through in the second half year is $900 million. Again, that is a combination of costs that are in inventory and period costs. Now the reason it's a higher percent of the total FY '23 cost that we saw is because of this write-down accounting where that -- those inventory charges are pulled forward. So I hope that clears up the question.

現在，我們認為隨著利用不足的增加，我們認為 23 財年的成本為 11 億美元。我們認為下半年將通過的金額為 9 億美元。同樣，這是庫存成本和期間成本的組合。現在，我們看到它在 23 財年總成本中所佔百分比較高的原因是因為這種減記會計——那些庫存費用被提前了。所以我希望這能解決問題。

And our next question comes from the line of Joseph Moore from Morgan Stanley.

我們的下一個問題來自摩根士丹利的約瑟夫摩爾。

Sorry if I missed this, and I appreciate the detailed puts and takes on gross margin. With regards to the lower cost or market adjustment, can you walk through the mechanics of how you got to this number for the February quarter? I guess a little over $1.4 billion. Is that -- I know you pull the inventory and then you compare that to the market price. How far out in time does that market price assessment take you? And I guess, to the extent that you're -- there's more than one quarter of sell-through that's being adjusted, how are you making the determination of what the price will be there?

對不起，如果我錯過了這個，我很欣賞詳細的看跌期權和毛利率。關於較低的成本或市場調整，您能否介紹一下您如何獲得 2 月季度這個數字的機制？我猜超過 14 億美元。那是——我知道你提取庫存，然後將其與市場價格進行比較。市場價格評估需要多長時間？而且我想，就您而言 - 超過四分之一的銷售量正在調整，您如何確定那裡的價格？

That's right, Joe. You did a decent job of sort of answering the question. But if you -- I would refer you to our public filings, but as a reminder, we evaluate the recoverability of inventory as a single pool. This method we've applied consistently and as disclosed, we analyzed the recoverability of our inventory based on quantities and values on hand at the end of each quarter.

沒錯，喬。您在回答問題方面做得不錯。但如果你——我會推薦你參考我們的公開文件，但提醒一下，我們評估庫存作為一個池的可恢復性。我們一直採用這種方法，正如所披露的那樣，我們根據每個季度末的手頭數量和價值分析了庫存的可回收性。

We project the period over which that inventory will be sold based on our most recent forecast and consider the expected selling prices during that forecast horizon. Since the pre-write-down inventory, days of inventory were about 235 days. That projection covers nearly 3 quarters. The amount by which our inventory carrying cost exceeds expected sales values adjusted for selling expenses determines the charge. And in this case, that yielded a $1.4 billion write-down in the second quarter, and we expect that same process to result in a $500 million charge in the third quarter.

我們根據我們最近的預測預測該庫存將被出售的時期，並考慮該預測範圍內的預期售價。自減記前存貨以來，存貨天數約為235天。該預測涵蓋近 3 個季度。我們的存貨持有成本超過根據銷售費用調整的預期銷售價值的金額決定了費用。在這種情況下，第二季度產生了 14 億美元的減記，我們預計同樣的過程將在第三季度產生 5 億美元的費用。

Our next question and final question for this session comes from the line of Krish Sankar from Cowen.

本次會議的下一個問題和最後一個問題來自 Cowen 的 Krish Sankar。

This is Eddy for Krish from TD Cowen. It seems you adjusted the language regarding your DDR4 and DDR5 crossover date from mid-2024 to mid-to-early 2024, so slightly better than prior outlook. It's a bit surprising given that data center inventory for DDR4 is pretty high. Is that improved outlook driven by better-than-expected demand for new CPUs from Intel and AMD? Or is it a function of you seeing higher share than expected in DDR5? Or is it more of data center customers buying ahead and taking advantage of low price environment? Any color regarding the improved outlook would be helpful.

這是來自 TD Cowen 的 Eddy for Krish。您似乎將有關 DDR4 和 DDR5 交叉日期的語言從 2024 年年中調整到 2024 年中早期，因此比之前的展望略好。考慮到 DDR4 的數據中心庫存相當高，這有點令人驚訝。這種改善的前景是否是由英特爾和 AMD 對新 CPU 的需求好於預期所推動的？還是您在 DDR5 中看到比預期更高的份額？還是更多的數據中心客戶提前購買並利用低價環境？任何關於改善前景的顏色都會有所幫助。

Regarding the mix of D4 to D5 transition, the comments that I made were for the industry trends, and those have not really changed versus our prior expectations. Of course, there are functions -- they are a function of deployment of the new CPUs, such as AMD Genoa and Intel Sapphire Rapids into the servers, into the data center infrastructure. And those -- and you are seeing that those CPUs are now starting to get broadly deployed and will continue to increase through the course of '23 and '24. So our expectations in terms of transition timing for D4 to D5 for the industry have not changed, and yes, we remain well positioned with our D5 product in the market.

關於 D4 到 D5 過渡的組合，我的評論是針對行業趨勢的，與我們之前的預期相比，這些並沒有真正改變。當然，還有一些功能——它們是將新 CPU（例如 AMD Genoa 和 Intel Sapphire Rapids）部署到服務器和數據中心基礎設施中的功能。還有那些 - 你會看到這些 CPU 現在開始得到廣泛部署，並將在 23 和 24 期間繼續增加。因此，我們對行業從 D4 到 D5 的過渡時間的預期沒有改變，是的，我們的 D5 產品在市場上仍然處於有利地位。

Thank you. This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

謝謝。問答環節和今天的節目到此結束。女士們先生們，謝謝你們的參與。您現在可以斷開連接。再會。