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)

感謝您的關注，歡迎參加美光科技 2023 年第二季財務電話會議。 （操作員指示）

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，我想介紹今天節目的主持人，投資者關係副總裁法爾漢·艾哈邁德（Farhan Ahmad）。先生，請開始。

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.

謝謝大家，歡迎參加美光科技 2023 財年第二季財務電話會議。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 和財務長 Mark Murphy。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 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，以獲取公司最新信息，包括我們可能參加的財務會議信息。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，包括我們最新的 10-K 表和 10-Q 表，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、績效或成就。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 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Farhan。大家下午好。美光公司第二財季的營收符合我們的預期，剔除庫存減損的影響，利潤率和每股盈餘也符合預期。半導體記憶體和儲存產業正面臨過去13年來最嚴重的衰退，價格環境異常疲軟，這嚴重影響了我們的財務表現。我們採取了大幅削減供應和緊縮措施，包括全公司範圍內裁員。

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，多個終端市場的客戶庫存已經減少，我們預計未來幾個月的供需平衡將逐步改善。剔除庫存減記的影響，我們認為資產負債表的DIO已在第二財季達到峰值，並且我們的季度業績已接近實現收入的環比增長。憑藉強大的技術地位、深厚的製造專業知識、不斷增強的產品組合、穩健的資產負債表以及極具天賦的團隊，我們正在應對短期的艱難環境。在經歷了此次經濟低迷之後，我們預計公司將恢復正常化的成長和獲利能力，這與我們的長期財務模型相符。

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.

美光科技在 DRAM 和 NAND 技術方面繼續引領業界。我們正審慎投資以維持技術競爭力，同時管理節點產能提升，以減少位元供應並使其與需求一致。在 DRAM 領域，1-alpha 製程佔據了我們 DRAM 位元產量的大部分，我們在向 1-beta 製程過渡方面繼續取得重大進展。在 NAND 領域，176 層和 232 層製程目前佔 NAND 位元產量的 90% 以上。我們在 QLC 領域也持續引領業界。在第二財季，QLC 製程占我們 NAND 位元產量和出貨量的 20% 以上。美光團隊在智慧製造方面的紮實執行與實施，推動了我們尖端節點良率的顯著提升。 1-alpha DRAM 和 176 層 NAND 的良率已達到我們歷史上最高的水準。此外，我們的 1-beta DRAM 和 232 層 NAND 都已提前達到目標良率，並且比我們之前的任何節點都更快。我們已做好準備，在我們的產品組合中驗證這些尖端節點，並將根據客戶需求逐步提升。我們也正在積極推動基於 EUV 的 1-gamma 節點的推出，預計 2025 年推出。與我們的 1-alpha 和 1-beta 節點類似，我們預計該節點將帶來具有競爭力的效能、功耗、成本和密度方面的改進。

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、需求成長放緩以及極具挑戰性的定價環境，所有終端市場的收入均較去年同期下降。

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.

儘管我們的產業面臨重大的短期挑戰，但我們相信，記憶體和儲存的TAM將在2025年創下新高，並將繼續超越半導體產業的成長速度。人工智慧的最新發展為大型語言模型（LLM）的變革性能力（例如ChatGPT）提供了一個令人興奮的前奏，而ChatGPT的運作需要大量的記憶體和儲存空間。我們目前正處於這些人工智慧技術大規模部署的早期階段，其商業用例的潛在成長潛力也呈指數級增長。隨著這項技術的應用日益增多，我們將看到資料中心的訓練工作負載與語音傳播影響能力相輔相成，這些能力將覆蓋資料中心以及最終用戶設備，所有這些都將推動記憶體和儲存消耗的顯著增長。

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.

在資料中心方面，我們認為我們的營收在第二財季已觸底，並預計第三財季營收將成長。到2023年底，資料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.

我們持續將人工智慧視為資料中心需求成長的長期驅動力。如今，一台人工智慧伺服器的 DRAM 容量可達普通伺服器的 8 倍，NAND 容量可達普通伺服器的 3 倍。我們已做好準備，抓住人工智慧和以資料為中心的運算架構帶來的記憶體和儲存機會。我們的產品路線圖包含令人興奮的 HBM3 和 CXL 創新，我期待在未來分享更多關於這些解決方案的細節。在第二財季，我們擴大了 CXL DRAM 樣品的出貨量，針對服務企業、雲端和高效能運算 (HPC) 工作負載的 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.

美光科技以世界一流的 DDR5（簡稱 D5）技術引領產業發展。我們正向資料中心客戶大量出貨 D5，且我們的 1-alpha 24 GB D5 產品已獲得首個客戶認證。

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.

最新一代伺服器處理器，AMD 的 Genoa 和英特爾的 Sapphire Rapids，都需要 D5 DRAM。採用這些新製程的伺服器將在 2023 年下半年推動 D5 產業位需求的上升，並預計在 2024 年中期與 D4 實現混合交叉。

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，我們也開始大量生產和出貨市場上最快的 PCIe Gen4x4 NVMe SSD，即我們的 9400 176 層效能 NVMe 資料中心 SSD，它在 AI 和高效能運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.

在個人電腦領域，我們目前預測2023年個人電腦出貨量將下降中位數個位數百分比，使出貨量恢復到2019年新冠疫情前的水準。儘管客戶庫存仍然較高，但庫存已顯著改善，我們預計本財年下半年的出貨量需求將會增加。憑藉我們強大的產品陣容，我們已為產業向D5的持續轉型做好了充分準備。預計客戶對D5的採用將在2023年逐步增加，並在2024年初至年中實現D4與D5的混合交叉。

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出貨量組合連續第二季創下新高，這得益於客戶端和消費級SSD的成長。我們的美光2400 SSD，全球唯一獲得OEM廠商認證的176層QLC SSD，已在客戶端客戶群中獲得認證。

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.

在圖形領域，產業分析師繼續預計，受客戶端和資料中心應用支持，圖形總市場規模（TAM）的複合年增長率將超過整體市場。客戶庫存調整進展順利，我們預計2023年下半年的需求將強於上半年。作為圖形性能領域的領導者，我們很高興看到我們專有的16Gb G6X晶片應用於近期發布的NVIDIA RTX 4070 Ti。

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.

在行動領域，我們目前預計2023年智慧型手機出貨量將較去年同期略有下降。雖然一些客戶的庫存已恢復正常水平，但其他OEM廠商的庫存仍然較高。整體而言，我們預計行動客戶庫存將在2023年剩餘時間內有所改善，並且我們預計本財年下半年行動DRAM和NAND位出貨量將較上半年有所增長。

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，我們繼續對業界領先的16Gb LP5X進行樣品測試和認證，客戶對其功耗、性能和品質給予了高度評價。我們預計這款1B版產品將在本財年稍後實現獲利。本月初，我們在世界行動通訊大會上展示了我們的領先產品，並展示了8款旗艦行動客戶設計方案。

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。這兩個市場目前占我們營收的20%以上，並貢獻了更穩定的收入和獲利能力。美光在這些重要且快速成長的市場中佔據市場份額的領先地位。

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，汽車業務收入較去年同期成長約5%。我們在第二季度取得了多項里程碑式的成就，彰顯了我們在汽車領域的領先地位。我們創下了客戶品質評分的新高，業界首款176層e.MMC 5.1汽車產品獲得認證，並開始出貨業界首款176層UFS 3.1汽車解決方案。我們預計，在非記憶體供應限制逐步緩解以及每輛車記憶體容量增加的推動下，2023年下半年汽車記憶體需求將持續成長。

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.

由於我們的分銷通路合作夥伴降低了庫存水平，且部分客戶的終端需求減弱，工業市場在第二季持續疲軟。大多數客戶的庫存已開始趨於穩定，我們預計本財年下半年需求將有所改善。在第二財季，美光公司憑藉其最新一代產品，已在自動化原始設備製造商 (OEM)、原始設計製造商 (ODM) 和整合商中實現了先進的啟動樣品和設計導入。

Now turning to our market outlook.

現在談談我們的市場展望。

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年產業位需求成長的預期已下調至DRAM約5%、NAND低十幾個百分點，遠低於預期的長期複合年增長率（DRAM中十幾個百分點、NAND低二十幾個百分點）。 2023年需求低於我們先前的預測，是由於對客戶庫存的評估以及終端市場需求的下降。我們預計，客戶庫存的改善將支援DRAM和NAND全年位元需求的持續成長。中國經濟的重啟也對2023年位元需求構成利多因素。

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.

公開報告顯示，整個產業大幅削減了資本支出，所有 DRAM 和 NAND 供應商的利用率均有所下降。我們目前預計，2023 年 DRAM 和 NAND 的行業位供應成長將低於需求成長，這將有助於改善供應商的庫存。雖然由於庫存水準較高，預計供需平衡將逐步改善，但短期內產業獲利能力和自由現金流可能仍將面臨極大挑戰。

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 產業供應量出現負成長，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.

為因應產業環境，美光公司在 2023 財政年度採取了一系列果斷行動。首先，我們將進一步減少供應。我們進一步削減了 2023 財年的資本支出計劃，目前預計投資約 70 億美元，較去年下降 40% 以上，其中 WFE 下降 50% 以上。在 2024 財年，隨著我們以資本高效的方式增加 1beta 層和 232 層節點，我們預計 WFE 將進一步下降。我們進一步減少了 DRAM 和 NAND 晶圓的投產，目前已下降約 25%。因此，對於 2023 日曆年，我們現在預計美光公司 DRAM 的年比位供應成長將出現顯著的負成長。我們也預計 2023 日曆年的 NAND 位元產量將低於 2022 日曆年。排除庫存減記的影響，我們預計美光公司的 DIO 將從第二季的高峰開始逐季下降。

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，除了高階主管減薪和暫停美光公司2023財年全公司獎金之外，我們還進一步削減了營運支出。目前，我們預期整體裁員規模將接近15%。這將透過一系列裁員措施實現，目前裁員已基本完成，預計今年剩餘時間將進行人員流失。

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，美光科技持續執行維持DRAM和NAND年度位元份額平穩的策略。雖然我們不得不降價以維持市場競爭力，但我們這樣做並非為了提升市場佔有率。因此，客戶市場佔有率的變化通常只是暫時的。

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，我們已採取額外措施，以確保充足的流動性。馬克將進一步詳細說明。美光在純記憶體和儲存公司中仍然擁有最強勁的資產負債表，我們強大的流動性將使我們能夠渡過此次經濟低迷，同時確保我們的產品和技術競爭力。

I will now turn it over to Mark.

現在我將把發言權交給馬克。

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，定價和獲利能力持續惡化。

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.

第二財季總營收約37億美元，季減10%，較去年同期下降53%。第二財季收入包含我們發布業績指引時揭露的1.14億美元保險和解金。

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營收為27億美元，佔總營收的74%。 DRAM營收季減4%，位元出貨量成長了15%左右，價格下降了約20%。第二財季DRAM位元出貨量的成長得益於第一財季與第二財季之間的出貨時機。

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.

美光第二財季 NAND 營收為 8.85 億美元，佔總營收的 24%。 NAND 營收季減 20%，位元出貨量成長幅度在中高個位數百分比範圍內，價格下降幅度在 20% 左右。

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.

計算和網路業務部門營收為14億美元，季減21%。與上一季相比，雲端業務部門營收有所下降，而客戶端業務部門營收保持穩定。

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.

行動業務部門營收為9.45億美元，季增44%。行動業務營收受惠於部分產品出貨時間安排在第一財季和第二財季之間。

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.

嵌入式業務部門營收為8.65億美元，季減14%。環比來看，由於工業和消費終端市場疲軟，汽車市場表現相對穩定。

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

儲存業務部門的收入為 5.07 億美元，環比下降 25%，受到 NAND 市場嚴峻形勢的影響。

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%。該業績受到本季約14億美元（約38.7個百分點）的庫存減記的負面影響。這些非現金減記降低了庫存的成本基礎，原因是預計售價低於庫存成本，而非產品過時。第二財季營運費用為9.16億美元，季減約8,000萬美元。我們將繼續積極管理營運費用，預計第三財季和第四財季營運費用都將季減。

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.

我們第二財季的營運虧損約21億美元，導致營運利潤率為負56%，低於上一季的負2%和去年同期的正35%。營運虧損包括本季記錄的14億美元庫存減記，這導致營運利潤率下降了39個百分點。

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.

第二財季稅費為5300萬美元。如前幾季所述，儘管全球範圍內合併虧損，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稅。

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.

第二財季非公認會計準則每股虧損為1.91美元，低於上一季每股虧損0.04美元及去年同期每股收益2.14美元。第二財季每股收益包含約1.34美元的庫存減損損失。

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.

談到現金流和資本支出。我們在第二財季的營運現金流為3.43億美元，約佔營收的9%。本季資本支出為22億美元。我們預計2023財年的資本支出將佔上半年總支出的三分之二，下半年建築支出佔比將更高。

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

本季自由現金流為負 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.

我們第二財季末的庫存為81億美元，反映了14億美元減記的影響。本季平均庫存天數為153天，扣除減記後為235天。 NAND的庫存水準和天數高於DRAM。我們在供應方面的措施反映了我們致力於在此基礎上降低庫存天數的意圖。

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.

截至本季末，我們持有現金和投資 121 億美元，考慮到尚未開發的信貸額度，總流動資金為 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，本季我們透過增加19億美元的長期債務進一步增強了流動性。截至第二財季末，我們的債務為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.

在淨債務狀況下，我們的淨利息收入在第三季轉為淨利息支出。美光的資產負債表穩健，流動性充足，淨負債較低，加權平均債務到期日為2029年12月。

Now turning to our outlook for the fiscal third quarter.

現在來談談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.

市場環境依然極具挑戰性。然而，我們預計，在今年剩餘時間內，DRAM 和 NAND 的出貨量將持續成長，供需平衡將逐步改善。第三財季業績指引中包含一項保險賠償，該賠償與第二財季確認的約 1.1 億美元保險賠償無關，且獨立於其他賠償，我們預計其中 7,000 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、利用不足成本以及 NAND 產品組合增加的負面影響。關於庫存減記，我們的指引假設與第三財季生產的庫存相關的減記金額約為 5 億美元。第三財季之後價格預期的微小變化都可能對第三財季的庫存減記金額產生顯著的正面或負面影響。庫存減記的潛在差異未計入毛利率和每股盈餘的指引範圍。

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.

由於市場環境持續疲軟，我們將持續積極管理支出狀況。正如桑傑所提到的，我們將裁員目標從先前的約10%上調至接近15%。我們目前預計，2023財年第四季的營運支出將降至8.5億美元以下。對於非營運項目，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.

我們預計短期內獲利能力仍將面臨巨大挑戰。我們確實預期獲利能力將因庫存減損減少而季比改善，且受資本支出減少的推動，自由現金流也將略有改善。但我們預測，整個財年營業利潤率和自由現金流仍將大幅為負。

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，我們對第三季財報的非公認會計準則指引如下。

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.

我們預計營收為37億美元，上下浮動2億美元；毛利率在-21%左右，上下浮動250個基點；營運支出約9億美元，上下浮動1,500萬美元。我們預計稅費支出約為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.

根據約 10.9 億股的股票數量，我們預計每股盈餘將虧損 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當前充滿挑戰的市場環境，保持我們具有競爭力的技術和產品地位、強大的營運能力以及穩健的資產負債表。在經濟低迷之後，我們預計將利用記憶體和儲存市場的長期需求趨勢和成長。我們相信，我們的季度業績即將實現營收的環比成長。我們致力於在2024財年大幅提升獲利能力，並恢復正的季度自由現金流。我們對自己的財務模型充滿信心，並將繼續以嚴謹的方式經營業務，以創造長期獲利能力、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.

我們正在謹慎管理業務，以應對此次行業低迷，並保持我們技術和產品組合的競爭力以及製造能力。美光科技是 DRAM 和 NAND 製程技術的領導者，也是全球少數幾家領先的半導體製造商之一。我們的團隊將繼續為客戶推動新的突破。

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.

記憶體和儲存是系統和解決方案的核心，它們驅動著全球經濟引擎，推動新的效率提升，創造更高的生產力，並推動著世界各地人民生活更加美好的進步。我們期待市場環境的正常化，並且基於我們解決方案在多個終端市場創造的價值，我們對市場對長期需求充滿信心。

Thank you 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) And our first question comes from the line of C.J. Muse from Evercore ISI.

（操作員指示）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.

我想了解您對經濟復甦前景的看法。顯然，目前的情況看起來不太好，但您之前經歷過這種情況，並且能夠挺過去。所以，我很想聽聽您對經濟復甦前景的看法。鑑於整個產業都在削減資本支出，我們肯定會面臨供應不足的局面，至少在2024年DRAM市場是如此。我很好奇您一些最大的客戶，尤其是資料中心客戶，現在他們開始考慮這種可能性了，他們對此有何看法？

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.的提問。我認為我們可以從需求和供應的角度來看這個問題。從需求來看，正如我們所指出的，我們看到客戶庫存雖然仍在上升，但總體而言，客戶庫存正在改善。我們預計，從現在開始，DRAM和NAND的出貨量將繼續環比成長。

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，您已經聽到了業內人士的行動。透過各種報告，您也看到了資本支出的削減以及產業產能利用率的不足。這將對行業供應造成很大影響。因此，供應趨勢也將開始改善。供需平衡將在一年內逐步改善。

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.

我們之前說過，庫存——我們相信庫存週轉天數也將繼續改善。對我們來說，庫存週轉天數在第二季度達到峰值，扣除庫存調整因素，我們預計庫存週轉天數此後將繼續改善。我們之前談到，我們預計未來業務收入將接近環比成長。因此，總體而言，隨著需求和供應的逐步改善，我們預期定價軌跡也將改善。因此，這最終意味著，雖然獲利能力仍面臨挑戰，自由現金流仍面臨挑戰，但產業基本面正在開始改善。

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，考慮到已經採取的措施，到2024年，該行業可能會出現短缺。但總的來說，正如我們所討論的，我認為美光公司正在採取果斷行動，管理資本支出、晶圓廠的利用率不足、營運支出，並真正專注於供應成長。

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.

關於您提到的一些市場趨勢和客戶趨勢，基本上，我們已經提到過，PC庫存明顯改善，並將在未來幾季繼續改善。智慧型手機方面，有些客戶的庫存可能比其他客戶高，但智慧型手機市場的庫存在未來幾季也會持續改善。

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，我們的雲端業務收入已在第二季觸底。雖然雲端庫存仍處於高位，但資料中心庫存也同樣處於高位。我們預計這些庫存將在今年內有所改善，並在年底前達到正常水準。在雲端，新的 CPU 確實推動了新的 D5 部署，而美光憑藉其在 DDR5 方面的強勢地位，在 DDR5 方面佔據了有利地位。因此，我們認為 DDR5 也將推動雲端需求的成長，因為它將推動每台伺服器記憶體容量的增加。

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.

所以這些都是正面的趨勢。在我們應對極具挑戰性的商業環境中，我希望大家看到美光公司正在負責任地管理其供應，並繼續專注於改善我們的供需環境。當然，正如我們所說，如果需求——如果DRAM和NAND的供應同比增長為負，那麼行業的復甦可能會加速。當然，我們已經採取行動，使今年的DRAM和NAND供應成長為負。

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?

我有兩個問題。首先，Sanjay，我很好奇——接著上一個問題，您認為產業在走出這個週期後會實施哪些持久的變革？我的意思是，情況比我們任何人想像的都要糟糕得多。您認為行業——當然，您——聽起來是這樣的，但是您認為行業會在增加比特供應方面更加嚴厲嗎？考慮到這一切之後定價走向的明朗，您認為您可以讓客戶參與更多的長期協議嗎？

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.

然後我想問馬克，關於五月的減記，一個問題。如果要立即減記價值5億美元的庫存，為什麼還要繼續生產？是不是因為利用率已經達到了某個底線，所以不能再低於這個底線了？我只是好奇，為什麼你們要繼續生產，然後立刻減記？

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，就產業環境而言，你必須考慮到過去三年來，世界經歷了百年一遇的疫情，數十年一遇的俄烏戰爭及其對經濟的影響，以及40年來的高通膨及其對宏觀經濟的影響。所有這些都導致​​了需求方面的重大錯位，需求激增，隨後發生的庫存調整，也導致了消費者行為的重大錯位。

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，您看到的是復甦的開始，復甦與正在實施的供應成長削減措施相關。我們今天討論了我們自己的措施。這最終將使行業恢復到更健康的水平。目前產業的獲利水準根本不可持續。因此，產業的供需環境必須改善。請記住，在過去兩三年發生我剛才提到的所有這些事件之前，該行業十多年來一直保持著嚴格的紀律，尤其是在DRAM領域。因此，我相信，未來那些需要健康獲利水準以及供應紀律的投資將會回歸，產業也將成長。

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.

尤其要考慮到強勁的需求趨勢。我之前提到過，我們認為2025年將是該產業創紀錄的營收年，因為過去兩年，就出貨量而言，需求成長緩慢。我們認為2024年和2025年將是強勁成長的年份。供應方面正在採取行動。未來幾個季度，該行業的健康狀況將得到恢復。

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，人工智慧——我們討論的是生成式人工智慧，對吧？我的意思是，現在還處於生成式人工智慧的非常早期階段，這些趨勢最終將在未來很長一段時間內推動記憶體和儲存的更大需求。我的意思是，當你真正展望未來時，它等於人工智慧，而人工智慧等於內存，而美光憑藉著我們的技術和產品路線圖，已經做好了充分的準備，能夠抓住這些日益增長的機會。

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。提姆，關於你的第二個問題，我們一直在積極地從市場上撤出供應。我們在夏末降低了產能利用率。秋季我們進一步提高了產能利用率。正如你在今天的電話會議上聽到的，我們的產能利用率正在進一步下降。現在的產能利用率水準是美光公司乃至公司歷史上前所未有的。所以這是一個顯著的下降。

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.

我還要補充一點，正如你所知，我們主要以在製品（WIP）進行生產。這樣我們就可以稍後完成這些產品，並最大限度地減少生產量。我們也非常謹慎地降低了利用率，這樣做的目的是為了最大限度地提高降低利用率帶來的現金收益減少。值得注意的是，從我們關注的時間範圍內來看，我們看到比特量從現在開始呈現連續成長。

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.

現在到了第三季度，我想簡單說一下：DRAM 的銷量在第三季度小幅增長，而 NAND 的銷量則大幅增長——應該說，增長勢頭強勁。雖然兩者都面臨價格挑戰，但 NAND 面臨的挑戰更大。不過，我們看到了資料量的成長，我們預期這也是供需開始趨於平衡的開始。

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，我只想問幾個具體問題。就今年下半年的PC和手機需求而言，您的基準預測是這些終端市場會恢復到正常的季節性嗎？隨著DRAM和NAND出貨量的持續成長，我們該如何預測利用率的趨勢？我們是否應該預期你們會在幾個季度內恢復到滿載利用率？或者，您能否提供一些收入或位元水準的數據，來表明您已經恢復了滿載利用率？

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.

關於利用率，我們當然會繼續關注產業需求，持續努力降低庫存天數對我們來說至關重要，而且利用率可能持續到2024財年。我們將根據未來最新的庫存狀況和對需求的評估來決定利用率。

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.

關於您關於智慧型手機市場的問題，正如我們之前所說，我們預計2024年智慧型手機銷量將同比下降，而我們第二季度的增幅高於季節性。隨著消費者庫存水準在年內逐漸恢復正常，智慧型手機市場的需求趨勢也將恢復正常。

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.

至於智慧型手機市場，儘管出貨量可能年減，但重要的是，智慧型手機市場正在向旗艦手機轉變，而旗艦手機也需要更大的記憶體。因此，隨著智慧型手機市場需求在一年內成長，這些趨勢將會改變。

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，我知道團隊上次電話會議中明確表示，主要在第三季和第四季確認了約4.6億美元的費用。那麼，這筆費用中有多少體現在你們第三季的數據和業績指引中？考慮到較低的利用率，能否將其下調至25%或減少25%。如果今年下半年利用率持續下降，我們如何看待第四季和下半年的部分利用率費用？

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，我先簡單回答這個問題，然後可能還會藉此機會談談毛利率和有效利用率毛利率。根據我們上個季度的介紹，我上個季度也詳細講解了費用、期間成本等等。上個季度，我們預計23財年的銷售成本約為9億美元，其中約4.6億美元將計入23財年的銷售成本。

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.

由於我們加大了未充分利用的投入，2023財年預計約為11億美元，這筆支出包括成本、庫存和期間成本，其中約9億美元將流入2023財年。這不僅是由於利用率成本的上升，未充分利用的成本還受到減記、會計處理或庫存減記以及成本前移的影響。因此，如果我們回顧一下報告的毛利率和前景，就會發現它們受多種因素影響，包括定價、庫存減記（其中包含我們對定價的前瞻性看法）、利用率的影響、產量以及相關槓桿對期間成本的影響（正如我們上個季度討論的那樣），當然還有綜合因素。這些因素會隨著市場環境和我們的行動而不斷改變。

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.

另外，我還要補充一點，在獲利水準較低的情況下，利潤率預測和業績對假設的細微變化更為敏感，例如價格變化。因此，考慮到我們近期看到的價格趨勢以及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 億美元的重大減記。而第三季的業績指引則考慮對這些新增庫存進行 5 億美元的減記。

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.

透過這些減記，我們提前了庫存成本，從而降低了庫存的帳面價值。隨著這些低成本庫存在未來幾季的清倉，我們將在這些季度實現比沒有這筆費用時更多的收入。例如，我們預計第二季的部分低成本庫存售出後，第三季將從這筆減記中獲得約3億美元的收益。所以，正如您的問題，我們現在也面臨著利用不足的影響，這導致庫存成本增加，並增加了額外的期間成本。正如我之前提到的，我們預計2023財年利用不足的影響約為11億美元，其中大部分，正如我之前提到的，我們預計會在今年計入損益，其中一部分將結轉到明年。現在，由於有效的減記會計處理，結轉到明年的金額會比沒有減記會計處理時少。

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.

考慮到所有這些因素，我們預計第二季毛利率將處於谷底，即31.4%。這在很大程度上也是由於14億美元的減記。由於第三季預測的庫存費用要低得多，您會發現我們的預期比第二季高出約10個百分點。這些預估對價格變動非常敏感，但就我們目前的看法，第四季的毛利率會比第三季更好，因為費用可能會更低（如果有的話）。然後，隨著時間的推移，正如我在上次電話會議和今天討論的那樣，隨著比特量的增長，我們可以利用期間成本，利用率也會提高。

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，後端情況會有所改善，然後前端的利用率也會更高。最重要的是，隨著客戶庫存持續改善、庫存下降以及供需平衡改善，我們預計報告利潤率將在2024財年有所改善。但同樣，這裡有很多因素在起作用。如果只扣除第二季和第三季的減損費​​用或減值，第二季的毛利率將是7.3%，第三季的毛利率將是-7.5%，下降幅度相當大。再次強調，這是定價環境和利用率不足成本（包括期間成本）的影響，我在上個季度也討論過這些成本。

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，我們的毛利率將在下半年觸底，然後在整個2024財年從低點回升。所以，最終的前景與我們上個季度討論的類似，當然，由於我們所見的定價環境，毛利率水平較低，而且由於銷量略有下降，復甦也略有延遲。但同樣，下半年將觸底，預計2024財年會有所改善。

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.

關於NAND業務終端市場的一個問題。您提到2023年你們的比特產量年減，我認為這比大多數競爭對手的下降幅度更大。我很好奇您是如何看待NAND戰略的。這會對你們的相對競爭力造成永久性傷害嗎？與此相關的是，你們的一家競爭對手在中國擁有相當大的產能。我想知道是否有客戶來找您表達對此的擔憂，以及這是否會對您們的中長期發展產生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.

就NAND而言，我們的技術和產品路線圖已做好充分準備。今天我們與大家分享了176層NAND的良率表現非常出色。 232層NAND，我們已經開始在市場上出貨。憑藉176層和232層，我們已經遠遠領先業內任何競爭對手。目前，我們90%以上的NAND出貨量是176層和232層。因此，總體而言，我們的技術處於有利地位。我們堅信，我們針對產能利用率不足的措施正是使供應與需求一致所必需的，我們認為這些措施是恢復業務健康所必需的。我們在準備好的發言稿中已經提到，如果NAND和DRAM的供應成長（產量成長）年比出現負成長，產業復甦可能會加速。我們當然正在採取相應的措施。

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，我無法真正評論其他客戶的情況。但我可以告訴您的是，我們的客戶確實看到了美光強大的技術執行力、強大的產品執行力以及我們的產品組合。我們在行動市場利用多晶片封裝的NAND和DRAM方面做得很好。

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，以及為鞏固我們在汽車市場的領導地位所創造的機會。當然，在資料中心市場，SSD也是一個機會。我們的第四代NVMe SSD在客戶端市場也一直表現良好。因此，我們的客戶看到了我們在技術和產品方面的執行力和創新能力，這也為我們在NAND業務上與客戶建立了更強的關係。

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，NAND 在資料中心取代 HDD 的趨勢依然健康，而美光擁有合適的產品來擴大這些機會。我們過去一直專注於 NVMe SSD 和資料中心，而現在我們擁有健康的產品組合，並期待未來在該領域拓展機會。因此，NAND 總體而言，與 DRAM 結合，使我們能夠為客戶提供強大的差異化價值。美光憑藉我們的技術和產品路線圖佔據了有利地位，當然，我們相信我們在這裡的供應行動是審慎的。

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?

馬克，抱歉，我想稍微回到庫存討論。哈蘭之前提到4.6億美元，有辦法彌補嗎？聽起來23財年是9億美元。我只是好奇，本季毛利率中有多少是因未充分利用而產生的。關於庫存，是否有庫存過時的風險？或者庫存狀況良好，目前只是以較低的成本售出？

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，庫存仍然很好。只是庫存的成本基礎較低。至於您關於未充分利用費用的問題，我們確實有，只是為了銜接我們上次所說的內容，上次我們在23財年發生了約9億美元的未充分利用費用，我們認為其中4.6億美元將轉入23財年的損益表。這4.6億美元是成本、清理庫存以及期間成本的總和。

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.

鑑於未充分利用的加劇，我們預計23財年的成本將達到11億美元。我們認為下半年將轉嫁的金額為9億美元。這部分成本包括庫存成本和期間成本。 23財年總成本中，這部分成本佔比更高，是因為採用了減記會計處理，這些庫存費用被提前了。我希望這能解答這個問題。

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?

抱歉，如果我漏掉了這一點，我很感激您對毛利率的詳細分析。關於降低成本或市場調整，您能否解釋一下二月季度是如何得出這個數字的？我猜是略高於14億美元。我知道您會提取庫存，然後將其與市場價格進行比較。您對市場價格的評估會考慮多久的時間？而且，考慮到有超過四分之一的銷售量需要調整，您是如何決定價格的？

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.

是的，喬。你回答得還不錯。不過，我建議你參考一下我們的公開文件，不過需要提醒的是，我們評估庫存的可回收性時，會將其作為一個單一的資產池。我們一直採用這種方法，正如我們所揭露的那樣，我們會根據每個季度末的庫存數量和價值來分析庫存的可回收性。

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.

我們根據最新的預測來預測這些庫存的銷售期限，並考慮了該預測期內的預期售價。自減記庫存前起，庫存天數約235天。該預測涵蓋近三個季度。庫存持有成本超過經銷售費用調整後的預期銷售額的金額決定了費用。在本例中，這導致第二季減記了14億美元，我們預期同樣的流程將在第三季產生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.

我們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.

我是 TD Cowen 的 Krish 的 Eddy。看來您已經將 DDR4 和 DDR5 交叉日期的措辭從 2024 年中期調整到了 2024 年中期至初期，所以比之前的預測略好一些。考慮到資料中心 DDR4 的庫存相當高，這有點令人驚訝。這種前景改善是由於英特爾和 AMD 新款 CPU 的需求好於預期嗎？還是因為您看到 DDR5 的市佔率高於預期？或者更多的是因為資料中心客戶提前購買並利用了低價環境？任何關於前景改善的跡像都將有所幫助。

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.

關於從 D4 到 D5 的過渡組合，我之前的評論是針對行業趨勢的，與我們之前的預期相比，這些趨勢並沒有真正改變。當然，它們也有一些功能——它們與新 CPU（例如 AMD Genoa 和 Intel Sapphire Rapids）在伺服器和資料中心基礎架構中的部署有關。而且，如您所見，這些 CPU 現在開始廣泛部署，並將在 2023 年和 2024 年繼續成長。因此，我們對產業從 D4 到 D5 過渡時間的預期沒有改變，是的，我們的 D5 產品在市場上仍然佔據有利地位。

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.

謝謝大家。今天的問答環節和節目到此結束。女士們、先生們，感謝各位的參與。現在可以斷開連線了。大家好。