美光科技 (MU) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to Micron Technology's First Quarter 2024 Financial Results Conference Call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Satya Kumar, Investor Relations. Please go ahead.

感謝您的耐心等待，歡迎參加美光科技 2024 年第一季財務業績電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。現在我想介紹一下今天節目的主持人，投資者關係部門的 Satya Kumar。請繼續。

Thank you, and welcome to Micron Technology's Fiscal First Quarter 2024 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，歡迎參加美光科技 2024 年第一季財務電話會議。今天與我通話的是我們的總裁兼執行長 Sanjay Mehrotra；和我們的財務長馬克·墨菲。今天的電話會議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為本次電話會議準備的發言稿已發佈在網站上。

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 can 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 X @MicronTech.

除非另有說明，今天對財務表現的討論是在非公認會計準則財務基礎上進行的。您可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的調整表。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財務會議的信息。您也可以在 X @MicronTech 上關注我們。

As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, market trends and drivers, our expected results and guidance, and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today.

提醒一下，我們今天討論的事項包括有關市場需求和供應、市場趨勢和驅動因素、我們的預期結果和指導以及其他事項的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與今天的陳述有重大差異。

We refer you to the documents we filed with the SEC, including our most recent Form 10-K and upcoming 10-Q for a discussion of 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.

我們請您參閱我們向 SEC 提交的文件，包括我們最新的 10-K 表格和即將發布的 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，但我們不能保證未來的結果、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這些陳述符合實際結果。

I'll now turn the call over to Sanjay.

我現在將把電話轉給 Sanjay。

Thank you, Satya. Good afternoon, everyone. In fiscal Q1, Micron delivered revenue, gross margin and EPS above the high end of the guidance ranges we provided at the last earnings call, reflecting Micron's strong execution combined with improved pricing.

謝謝你，薩蒂亞。大家下午好。在第一財季，美光科技的營收、毛利率和每股盈餘均高於我們在上次財報電話會議上提供的指導範圍的上限，反映出美光科技強勁的執行力和改進的定價。

We are in the very early stages of a multiyear growth phase catalyzed and driven by generative AI, and this disruptive technology will eventually transform every aspect of business and society.

我們正處於由生成式人工智慧催化和驅動的多年成長階段的早期階段，這種顛覆性技術最終將改變商業和社會的各個方面。

Memory is at the heart of GPU-enabled AI servers, and we are already seeing strong demand driven by early deployment of AI solutions, which will only accelerate over time.

記憶體是支援 GPU 的人工智慧伺服器的核心，我們已經看到人工智慧解決方案的早期部署推動了強勁的需求，而且隨著時間的推移，這種需求只會加速。

Micron is well positioned to leverage this growth, having executed the most robust set of new technology and product introductions in our 45-year history. The improved supply/demand environment in the current calendar quarter gives us additional confidence in the trajectory of our business. We have driven a strong inflection in industry pricing this calendar quarter, which will allow us to benefit from higher prices earlier in our fiscal year compared to our prior plans.

美光科技已做好充分利用這一成長的準備，推出了 45 年歷史上最強勁的一系列新技術和產品。本季供需環境的改善讓我們對業務發展軌跡更加充滿信心。我們在本季度推動了行業定價的強烈轉變，這將使我們能夠在本財年早些時候從比之前計劃更高的價格中受益。

We intend to stay very disciplined with our supply and capacity investments as our pricing is still far from levels associated with necessary ROI. We expect our pricing to continue to strengthen through the course of calendar 2024. We expect improved margins and financial performance throughout 2024 and record industry TAM in calendar 2025.

我們打算對我們的供應和產能投資保持嚴格的紀律，因為我們的定價仍遠未達到與必要的投資回報率相關的水平。我們預計我們的定價將在 2024 年繼續走強。我們預計 2024 年利潤率和財務業績將有所改善，並在 2025 年創下行業 TAM 記錄。

We have made significant progress with our industry-leading technology road map. Micron is at the forefront of ramping the industry's most advanced technology nodes in both DRAM and NAND. The vast majority of our bits are on leading-edge nodes, 1-alpha and 1-beta in DRAM and 176-layer and 232 layer in NAND.

我們憑藉著業界領先的技術路線圖取得了重大進展。美光在 DRAM 和 NAND 領域處於業界最先進技術節點的前沿。我們的絕大多數位元都位於前沿節點，DRAM 中的 1-alpha 和 1-beta 以及 NAND 中的 176 層和 232 層。

As previously stated, both 1-beta DRAM and 232-layer NAND nodes have reached mature yields faster than the prior nodes.

如前所述，1-beta DRAM 和 232 層 NAND 節點都比先前的節點更快達到成熟良率。

We expect fiscal 2024 front-end cost reductions to track in line with our long-term expectations of mid- to high single digits in DRAM and low teens in NAND. We are on track for volume production in 1-gamma DRAM using EUV in calendar 2025.

我們預計 2024 財年前端成本削減將符合我們對 DRAM 中高個位數和 NAND 低十幾位數的長期預期。我們預計在 2025 年使用 EUV 批量生產 1-gamma DRAM。

Now turning to our end markets. Inventories for memory and storage are at or near normal levels for most customers across PC, mobile, auto and industrial end markets. Consequently, the demand that we see from customers in these markets is closer to their end market demand.

現在轉向我們的終端市場。對於 PC、行動、汽車和工業終端市場的大多數客戶來說，記憶體和儲存庫存處於或接近正常水平。因此，我們從這些市場的客戶看到的需求更接近他們的最終市場需求。

Data center customer inventory of memory and storage is improving and we continue to expect customer inventory to approach normal levels in this market sometime in the first half of calendar 2024. Across our data center and PC markets, we are ahead of the industry in our transition to D5, and we expect to cross over our D5 volume from D4 in early calendar 2024.

資料中心客戶的記憶體和儲存庫存正在改善，我們繼續預期客戶庫存將在2024 年上半年的某個時候接近該市場的正常水準。在我們的資料中心和PC 市場中，我們在轉型過程中處於行業領先地位到 D5，我們預計在 2024 年初將 D5 銷售量從 D4 跨越。

Generative AI use cases are expanding from the data center to the edge with several recent announcements of AI-enabled PCs, smartphones with on-device AI capabilities as well as embedded AI in the auto and industrial end markets.

隨著最近發布的幾款支援人工智慧的個人電腦、具有設備上人工智慧功能的智慧型手機以及汽車和工業終端市場中的嵌入式人工智慧，生成式人工智慧用例正在從資料中心擴展到邊緣。

The proliferation of on-device AI at the edge offers a host of benefits such as enhanced privacy, lower latency, improved performance, greater personalization and competitive costs for a wide range of use cases from content creation to productivity.

邊緣設備上人工智慧的激增帶來了許多好處，例如增強隱私、降低延遲、提高效能、更大的個人化以及從內容創建到生產力的各種用例的競爭成本。

We see a rapid evolution in our customer product road map, enabling and leveraging this AI market expansion, which in turn is driving higher capacity, lower power and increased performance requirements for memory and storage. We expect to increasingly benefit from content growth as these trends in the AI gain momentum.

我們看到我們的客戶產品路線圖正在快速發展，從而實現並利用了人工智慧市場的擴張，這反過來又推動了記憶體和儲存的更高容量、更低功耗和更高的效能要求。隨著人工智慧趨勢的發展，我們預計將越來越多地從內容成長中受益。

In data center, total server unit shipments are expected to increase by a mid-single-digit percentage in calendar 2024, following a year of low double-digit percentage decline in calendar 2023. Demand for AI servers has been strong as data center infrastructure operators shift budgets from traditional servers to more content-rich AI servers.

在資料中心領域，繼2023 年出現兩位數百分比低位下降之後，預計2024 年伺服器總出貨量將出現中個位數百分比增長。隨著資料中心基礎設施營運商的發展，對人工智慧伺服器的需求一直強勁將預算從傳統伺服器轉移到內容更豐富的人工智慧伺服器。

Also, in response to AI-driven data center demand, several customers have announced aggressive road maps for new GPU and AI accelerator ASIC product introductions with increasing requirements for HBM capacity, performance and power.

此外，為了滿足人工智慧驅動的資料中心需求，一些客戶宣布了新 GPU 和人工智慧加速器 ASIC 產品推出的積極路線圖，對 HBM 容量、效能和功耗的要求不斷提高。

Micron is addressing these exciting opportunities brought on by the proliferation of AI with an industry-leading portfolio of data center solutions, including HBM3E, D5 several types of high-capacity server memory modules, LPDRAM and data center SSDs.

美光正在利用業界領先的資料中心解決方案組合來應對人工智慧激增帶來的令人興奮的機遇，其中包括 HBM3E、D5 多種類型的高容量伺服器記憶體模組、LPDRAM 和資料中心 SSD。

We have received very positive customer feedback on our HBM3E, which has approximately 10% better performance and about 30% lower power consumption compared to competitive offerings of HBM3E. In fiscal Q1, we shipped samples of HBM3E to a number of key partners and are making good progress in our qualifications.

我們的 HBM3E 收到了非常正面的客戶回饋，與 HBM3E 的競爭產品相比，其效能提高了約 10%，功耗降低了約 30%。在第一財季，我們向許多主要合作夥伴運送了 HBM3E 樣品，並且在資格認證方面取得了良好進展。

Micron is in the final stages of qualifying our industry-leading HBM3E to be used in NVIDIA's next-generation Grace Hopper GH200 and H200 platforms. In addition, our LP5X is being used for the Grace CPU, driving a new use case for LP memory in the data center for accelerated computing.

美光科技目前正處於驗證業界領先的 HBM3E 用於 NVIDIA 新一代 Grace Hopper GH200 和 H200 平台的最後階段。此外，我們的 LP5X 也用於 Grace CPU，推動了資料中心中 LP 記憶體的新用例，以實現加速運算。

We are on track to begin our HBM3E volume production ramp in early calendar 2024 and to generate several hundred millions of dollars of HBM revenue in fiscal 2024. We expect continued HBM revenue growth in 2025, and we continue to expect that our HBM market share will match our overall DRAM bit share sometime in calendar 2025.

我們預計在 2024 年初開始 HBM3E 量產，並在 2024 財年產生數億美元的 HBM 收入。我們預計 2025 年 HBM 收入將持續增長，並且我們繼續預計我們的 HBM 市場份額將與我們2025 年某個時候的DRAM 位元份額整體情況相符。

Last month, we introduced the industry's fastest and lowest latency 128 gigabyte high-capacity modules, built on our industry-leading 1-beta node and using a monolithic die, which does not require 3D stacking and thus enables a simpler process flow for assembly. Featuring best-in-class performance, our solution will support customers memory-intensive data center workloads today and into the future.

上個月，我們推出了業界最快、最低延遲的128 GB 大容量模組，該模組基於業界領先的1-beta 節點構建並使用單晶片，不需要3D 堆疊，從而實現更簡單的組裝流程。我們的解決方案具有一流的效能，將為客戶當前和未來的記憶體密集型資料中心工作負載提供支援。

Additionally, leading CPU vendors have confirmed validation support for our monolithic-die-based 128-gigabyte modules on existing platforms released in 2022 and 2023 as well as upcoming new platforms. This ensures that our offering has a significant TAM that we can address immediately.

此外，領先的 CPU 供應商已確認在 2022 年和 2023 年發布的現有平台以及即將推出的新平台上驗證支援我們基於單晶片的 128 GB 模組。這確保了我們的產品具有我們可以立即解決的重要 TAM。

We expect volume production to start next quarter with significant growth in fiscal 2025 and beyond.

我們預計下季將開始量產，並在 2025 財年及以後顯著成長。

A testament to our solid execution and superior offerings, Micron ended the third calendar quarter with a record high revenue share in data center SSDs, based on independent industry assessments. This marks the second consecutive quarter of record revenue share in data center SSDs, and we look to build on this revenue momentum through fiscal 2024.

根據獨立行業評估，美光在第三季結束時在資料中心 SSD 領域創下了創紀錄的高收入份額，證明了我們紮實的執行力和卓越的產品。這標誌著資料中心 SSD 的營收份額連續第二季創紀錄，我們希望在 2024 財年繼續保持這一營收動能。

In PCs, we forecast unit volumes to grow by a low to mid-single-digit percentage in calendar 2024, after 2 years of double-digit percentage PC unit volume declines. We expect PC OEMs to start ramping AI on device PCs in the second half of calendar 2024 with an additional capacity of 4 to 8 gigabytes of DRAM per unit and we see average SSD capacities increasing as well.

在個人電腦方面，我們預計，在經歷了兩年兩位數百分比的個人電腦銷量下降之後，到 2024 年，個人電腦銷量將出現低至中個位數百分比的增長。我們預計 PC OEM 廠商將在 2024 年下半年開始在 PC 裝置上增加人工智慧，每單位額外增加 4 至 8 GB 的 DRAM 容量，我們看到平均 SSD 容量也會增加。

We also completed qualifications for our industry-leading 1-beta based 16 gigabit D5 at several PC customers in fiscal Q1.

我們也在第一財季的幾家 PC 客戶處完成了業界領先的基於 1-beta 的 16 GB D5 的資格認證。

In fiscal Q1, we achieved record bit shipments in both client and consumer SSDs as customers adopted our industry-leading solutions. Building upon our QLC leadership, our client SSD, QLC bit shipments also reached a new record in fiscal Q1. QLC now comprises the majority of our bit shipments mix for both client and consumer SSD.

在第一財季，隨著客戶採用我們領先業界的解決方案，我們在客戶端和消費級 SSD 方面實現了創紀錄的位出貨量。憑藉我們在 QLC 方面的領先地位，我們的客戶 SSD、QLC 位出貨量在第一財季也創下了新紀錄。 QLC 現在占我們客戶端和消費性 SSD 位元出貨量的大部分。

This month, we also announced that we are shipping the Micron 3500 NVMe SSD, the world's first performance client SSD with 200-plus layer NAND. Built on our industry-leading 232-layer NAND, the 3500 will help our customers handle demanding workloads for business applications scientific computing, gaming and content creation.

本月，我們也宣布推出美光 3500 NVMe SSD，這是全球首款具有 200 多層 NAND 的高效能用戶端 SSD。 3500 基於我們行業領先的 232 層 NAND 構建，將幫助我們的客戶處理商業應用科學計算、遊戲和內容創建的苛刻工作負載。

In mobile, smartphone demand is showing signs of recovery, and we forecast smartphone unit shipments to grow modestly in calendar 2024.

在行動領域，智慧型手機需求顯示出復甦跡象，我們預計 2024 年智慧型手機出貨量將小幅成長。

Leading chipset vendors have announced powerful new products supporting on-device large language models with 10 billion or more parameters. We expect smartphone OEMs to start ramping AI-enabled smartphones in 2024 with an additional capacity of 4 to 8 gigabytes of DRAM per unit.

領先的晶片組供應商已發布強大的新產品，支援具有 100 億或更多參數的設備上大型語言模型。我們預計智慧型手機 OEM 廠商將在 2024 年開始增加支援 AI 的智慧型手機，每台額外增加 4 至 8 GB 的 DRAM 容量。

Longer term, many popular generative AI applications will be on smartphones, and our leading product portfolio is poised to capture this memory and storage opportunity.

從長遠來看，許多流行的生成式人工智慧應用程式將出現在智慧型手機上，而我們領先的產品組合已準備好抓住這一記憶體和儲存機會。

Our new industry-leading 9.6 gigabits per second LP5X will address the bandwidth requirements of the most demanding AI-based mobile applications. We also began sampling our next-generation 232-layer NAND UFS 3.1 and our 1-beta DRAM, 24-gigabit LP5X to support the memory needs of emerging AI foundational models.

我們業界領先的新型 9.6 GB/秒 LP5X 將滿足最苛刻的基於 AI 的行動應用的頻寬要求。我們也開始對下一代 232 層 NAND UFS 3.1 和 1-beta DRAM、24 GB LP5X 進行取樣，以支援新興 AI 基礎模型的記憶體需求。

Last, I'll cover auto and industrial, which are end markets we value as part of the portfolio due to their relatively more predictable revenue and profitability and long-term growth opportunities.

最後，我將介紹汽車和工業，這是我們重視的終端市場，作為投資組合的一部分，因為它們的收入和獲利能力相對更可預測，並且具有長期成長機會。

The proliferation of AI at the edge continues to increase in the industrial and auto markets. For memory, this translates to content growth in a host of AI-enabled edge devices.

工業和汽車市場中邊緣人工智慧的擴散持續增加。對於記憶體而言，這意味著許多支援人工智慧的邊緣設備中內容的成長。

For example, AI-enabled industrial PCs have 3x to 5x more memory than standard PCs, and there is an 8x increase in memory content for AI-enabled edge video security cameras compared to standard non-AI video cameras.

例如，支援人工智慧的工業 PC 的記憶體比標準 PC 多 3 到 5 倍，與標準非 AI 視訊攝影機相比，支援 AI 的邊緣視訊安全攝影機的記憶體內容增加了 8 倍。

Our automotive business achieved a new quarterly revenue record in fiscal Q1, driven by better demand and volume ramps of new vehicle platforms. As a leader in automotive market share in quality, Micron will benefit from memory and storage content growth as automotive OEMs expand features in ADAS and in-cabin applications.

在需求改善和新車平台銷售成長的推動下，我們的汽車業務在第一財季創下了新的季度收入記錄。作為汽車品質市場份額的領導者，隨著汽車 OEM 擴展 ADAS 和車內應用的功能，美光將受益於記憶體和儲存內容的成長。

Our automotive design win trajectory remains strong.

我們的汽車設計獲勝軌跡依然強勁。

Our industrial business saw a double-digit sequential growth in fiscal Q1 as the industrial market continued to recover. Inventory levels for memory and storage continue to improve as distribution partners and are at normal levels at the majority of our customers.

隨著工業市場持續復甦，我們的工業業務在第一財季實現了兩位數的環比成長。作為分銷合作夥伴，記憶體和儲存的庫存水準不斷提高，並且我們大多數客戶的庫存水準都處於正常水準。

Industry fundamentals remain strong for memory and storage as a widespread adoption of IoT, AI and machine learning solutions create new growth opportunities for us.

隨著物聯網、人工智慧和機器學習解決方案的廣泛採用，記憶體和儲存的產業基本面依然強勁，為我們創造了新的成長機會。

Now turning to our market outlook, starting with demand. We expect calendar 2023 DRAM bit demand to grow in the high single-digit percentage range, up from prior expectations for mid-single-digit growth.

現在轉向我們的市場前景，從需求開始。我們預計 2023 年 DRAM 位元需求將在高個位數百分比範圍內成長，高於先前對中個位數成長的預期。

In NAND, we continue to expect calendar 2023 bit demand growth in the high teens percentage range.

在 NAND 方面，我們繼續預期 2023 年的位元需求成長將在高百分比範圍內。

Looking forward, over the next few years, we expect bit demand growth CAGRs of mid-teens in DRAM and low 20s percentage range in NAND.

展望未來，我們預計 DRAM 的比特需求複合年增長率將達到 10%左右，而 NAND 的比特需求複合年增長率將達到 20%左右。

We forecast calendar 2024 bit demand growth for the industry to be near the long-term CAGR for DRAM and somewhat below the long-term CAGR for NAND.

我們預測 2024 年該產業的比特需求成長將接近 DRAM 的長期複合年增長率，略低於 NAND 的長期複合年增長率。

Turning to supply. Significant supply reductions across the industry have enabled the recovery that is now underway. An extended period of supply growth less than demand growth would strengthen the pace of recovery. Micron will continue to exercise supply and CapEx discipline, aligned with our strategy to maintain our long-term bit market share for DRAM and NAND.

轉向供應。整個產業供應量的大幅減少促成了目前正在進行的復甦。供應成長長期低於需求成長將加快復甦步伐。美光將繼續遵守供應和資本支出紀律，與我們保持 DRAM 和 NAND 長期位市場份額的策略保持一致。

Micron's fiscal 2024 CapEx is projected to be between $7.5 billion and $8 billion, slightly higher than last year's levels and prior plans primarily to support the HBM3E production ramp.

美光 2024 財年資本支出預計在 75 億至 80 億美元之間，略高於去年的水平和先前的計劃，主要用於支持 HBM3E 產量的提升。

We continue to expect WFE CapEx in fiscal 2024 to be down year-over-year.

我們繼續預期 2024 財年 WFE 資本支出將年減。

As we have discussed previously, the ramp of HBM production will constrain supply growth in non-HBM products and will help improve the overall DRAM industry supply-demand balance.

正如我們之前所討論的，HBM 產量的增加將限制非 HBM 產品的供應成長，並有助於改善 DRAM 產業的整體供需平衡。

Across the industry, the HBM3E die is roughly twice the size of equivalent capacity D5. Additionally, the HBM product includes a logic interface die and has a substantially more complex packaging stack that impacts yields. These factors result in HBM consuming more than 2x the wafer supply as D5 to produce a given number of bits.

在整個產業中，HBM3E 晶片的尺寸大約是同等容量 D5 的兩倍。此外，HBM 產品包括邏輯介面晶片，並且具有顯著更複雜的封裝堆疊，這會影響良率。這些因素導致 HBM 消耗的晶圓供應量是 D5 的 2 倍以上才能產生給定數量的位數。

In last quarter's earnings call, we communicated that we strategically diverted underutilized equipment towards ramping new technology nodes, which will help us increased leading-edge production in a capital-efficient manner. Since the number of wafer processing steps is higher for leading-edge nodes this approach of diverting underutilized tools to the leading edge meaningfully reduces our overall wafer capacity. Thus, underutilization in our fabs early this fiscal year, transitions to structurally lower wafer capacity at higher utilization rates as we move through the fiscal year.

在上個季度的財報電話會議上，我們表示，我們策略性地將未充分利用的設備轉向增加新技術節點，這將幫助我們以資本效率高的方式增加領先的生產。由於前沿節點的晶圓加工步驟數量較多，這種將未充分利用的工具轉移到前沿的方法顯著降低了我們的整體晶圓產能。因此，本財年初期我們晶圓廠的利用率不足，隨著本財年的推移，晶圓產能將轉向結構性較低、利用率較高的情況。

Reports indicate that this redeployment of underutilized tools at the leading edge is an industry-wide practice that is likely to constrain industry supply in 2024.

報告表明，這種在前沿重新部署未充分利用的工具是一種全行業的做法，可能會限制 2024 年的行業供應。

Taking all these factors into account, Micron's bit supply growth in fiscal 2024 is planned to be well below demand-growth for both DRAM and NAND, and we expect to decrease our days of inventory in fiscal year 2024. We expect calendar 2024 industry supply to be below demand for both DRAM and NAND, which will result in a contraction of industry inventory levels.

考慮到所有這些因素，美光 2024 財年的位元供應成長預計將遠低於 DRAM 和 NAND 的需求成長，我們預計將減少 2024 財年的庫存天數。我們預計 2024 年產業供應將達到低於DRAM 和NAND的需求，這將導致行業庫存水準收縮。

As we have highlighted before, we continue to work with the U.S. Government and chip's grants are assumed in our CapEx plans for fiscal 2024. The viability and global competitiveness of our Idaho and New York projects depends on Micron receiving chip's grants to address the cost difference compared to overseas expansion.

正如我們之前所強調的，我們將繼續與美國政府合作，並且晶片補助將納入我們2024 財年的資本支出計劃中。我們愛達荷州和紐約項目的可行性和全球競爭力取決於美光能否獲得晶片補助來解決成本差異與海外擴張相比。

To better support our customers around the globe, we have opened state-of-the-art assembly and test facilities in Malaysia and Taiwan. We are proceeding with our previously announced expansion of our Xian facility having received approval from Chinese authorities for our planned investment.

為了更好地支援全球客戶，我們在馬來西亞和台灣開設了最先進的組裝和測試設施。我們正在繼續先前宣布的西安工廠擴建計劃，並已獲得中國當局的批准。

In fiscal Q1, we achieved the first mobile customer qualification of LPDRAM assembled at our Xian site furthering our strong commitment to serve our mobile customers in China.

在第一財季，我們在西安工廠組裝的 LPDRAM 獲得了首個行動客戶資格，進一步推動了我們為中國行動客戶提供服務的堅定承諾。

Our broad diverse network of global operations remains a key element of our strategy to address customer demand in a reliable and resilient fashion. Our leading technology, strengthening product portfolio, strong manufacturing capabilities and our dedicated team members position us well to capture the opportunities ahead.

我們廣泛多元化的全球營運網絡仍然是我們以可靠和有彈性的方式滿足客戶需求的策略的關鍵要素。我們領先的技術、強化的產品組合、強大的製造能力和敬業的團隊成員使我們能夠很好地抓住未來的機會。

I will now turn it over to Mark for our financial results and outlook.

我現在將把我們的財務表現和前景轉交給馬克。

Thanks, Sanjay, and good afternoon, everyone. Micron delivered strong results in fiscal Q1 with revenue, gross margin and EPS higher than the upper end of the guidance range we provided in our last earnings call. During the quarter, an improving supply-demand environment and our team's strong execution resulted in higher prices across DRAM and NAND. The current pricing trajectory has improved our financial outlook for the second quarter and full fiscal year.

謝謝桑傑，大家下午好。美光科技在第一財季取得了強勁的業績，收入、毛利率和每股收益均高於我們在上次財報電話會議中提供的指導範圍的上限。本季度，供需環境改善以及我們團隊強大的執行力導致 DRAM 和 NAND 價格上漲。目前的定價軌跡改善了我們第二季和整個財年的財務前景。

Total fiscal Q1 revenue was approximately $4.7 billion, up 18% sequentially and up 16% year-over-year. Fiscal Q1 DRAM revenue was $3.4 billion, representing 73% of total revenue. DRAM revenue increased 24% sequentially, with bit shipments increasing in the low 20s percentage range and prices increasing in the low single-digit percentage range.

第一財季總營收約 47 億美元，季增 18%，年增 16%。第一財季 DRAM 營收為 34 億美元，佔總營收的 73%。 DRAM 營收季增 24%，位元出貨量成長幅度在 20% 左右，價格成長幅度在個位數百分比範圍內。

Robust bookings entering the quarter including customer strategic buys that occurred in prior quarters for fiscal Q1 shipment, limited our reported fiscal Q1 DRAM price increases, despite Micron's strong execution on CQ4 pricing.

儘管美光在第四季度定價方面表現強勁，但進入本季的強勁預訂（包括前幾季第一財季出貨量的客戶策略購買）限制了我們報告的第一財季 DRAM 價格上漲。

Our strong calendar Q4 price execution contributes to our solid sequential growth in fiscal Q2, even with the effect of seasonality.

即使受到季節性影響，我們強勁的第四季價格執行也有助於我們第二財季的穩健連續成長。

Fiscal Q1 NAND revenue was $1.2 billion, representing 26% of Micron's total revenue. NAND revenue increased 2% sequentially with pricing more than offsetting an expected and communicated decline in volumes.

第一財季 NAND 營收為 12 億美元，佔美光總營收的 26%。 NAND 營收季增 2%，定價足以抵銷預期和通報的銷售下降。

Bit shipments declined in the mid-teens percentage range after record shipments in the prior quarter and prices increased by approximately 20%. Portfolio mix improvements in NAND contributed to the increase.

繼上一季創紀錄的出貨量之後，比特出貨量出現了百分之十左右的下降，並且價格上漲了約 20%。 NAND 產品組合的改善推動了這一成長。

Now turning to revenue by business unit. Compute and Networking Business Unit revenue was $1.7 billion, up 45% sequentially. Data center and client shipments strengthened in the quarter. AI-related shipments increased in the data center market and normalized inventory at client customers enabled bit shipment growth.

現在轉向按業務部門劃分的收入。計算和網路業務部門營收為 17 億美元，比上一季成長 45%。本季資料中心和客戶出貨量有所增強。資料中心市場與人工智慧相關的出貨量有所增加，客戶庫存的標準化推動了比特出貨量的成長。

Revenue for the Mobile Business Unit was $1.3 billion, up 7% sequentially. Mobile revenue continued to show strength as customer inventories normalized and smartphone units and average memory and storage capacity growth at customers drove demand. Our mobile fiscal Q1 revenue almost doubled from year ago levels. Embedded Business Unit revenue was $1 billion, up 21% sequentially. Growth was strong across most end markets.

行動業務部門的營收為 13 億美元，比上一季成長 7%。由於客戶庫存正常化、智慧型手機數量以及客戶平均記憶體和儲存容量的成長推動了需求，行動收入持續表現強勁。我們第一財季的行動收入幾乎比去年同期水準翻了一番。嵌入式業務部門營收為 10 億美元，比上一季成長 21%。大多數終端市場成長強勁。

Revenue for the Storage Business Unit was $653 million, down 12% sequentially due to sharply lower consumer component sales, partially offset by strong growth in SSD revenue.

儲存業務部門的收入為 6.53 億美元，環比下降 12%，原因是消費性零件銷售大幅下降，但部分被 SSD 收入的強勁增長所抵消。

The consolidated gross margin for fiscal Q1 was near 1%, improving 10 percentage points sequentially and driven by higher prices and a greater mix of DRAM products.

第一財季的綜合毛利率接近 1%，比上一季提高了 10 個百分點，這主要得益於價格上漲和 DRAM 產品組合的增加。

Operating expenses in fiscal Q1 were $992 million, up $150 million sequentially and in line with our late November update. OpEx increased on higher R&D expenditures and the reinstatement of certain compensation programs suspended in the prior fiscal year, including short-term incentive compensation.

第一財季的營運支出為 9.92 億美元，比上一季增加 1.5 億美元，與我們 11 月底的更新一致。由於研發支出增加以及恢復上一財年暫停的某些薪酬計畫（包括短期激勵薪酬），營運支出增加。

We had an operating loss of $955 million in fiscal Q1, resulting in an operating margin of negative 20%, improved from negative 30% in the prior quarter.

第一財季我們的營運虧損為 9.55 億美元，導致營運利潤率為負 20%，較上一季的負 30% 有所改善。

Fiscal Q1 taxes were $59 million, lower than the anticipated $80 million based on an updated view of projected taxes across the year, driven by our improved fiscal 2024 outlook.

第一財季稅收為 5,900 萬美元，低於根據我們改善的 2024 財年前景對全年預計稅收的最新看法得出的預期 8,000 萬美元。

The non-GAAP loss per share in fiscal Q1 was $0.95, compared to a non-GAAP loss per share of $1.07 in the prior quarter and a non-GAAP loss per share of $0.04 in the year ago quarter.

第一財季的非 GAAP 每股虧損為 0.95 美元，而上一季的非 GAAP 每股虧損為 1.07 美元，去年同期的非 GAAP 每股虧損為 0.04 美元。

Turning to cash flows and capital spending. Our operating cash flows were approximately $1.4 billion in fiscal Q1, representing 30% of revenue. During the quarter, we received $600 million in customer prepayments to secure supply for leading-edge memory products.

轉向現金流和資本支出。第一財季我們的營運現金流約為 14 億美元，佔營收的 30%。本季度，我們收到了 6 億美元的客戶預付款，以確保領先的記憶體產品的供應。

Capital expenditures were $1.7 billion during the quarter, resulting in free cash flow of negative $333 million in the quarter.

該季度資本支出為 17 億美元，導致該季度自由現金流為負 3.33 億美元。

Our fiscal Q1 ending inventory was $8.3 billion or 159 days, down from 170 days in the prior quarter.

我們第一季期末庫存為 83 億美元，即 159 天，低於上一季的 170 天。

As mentioned in prior quarters, we hold strategic inventory stock associated with build-ahead of products for cost optimization and risk mitigation. Excluding strategic stock, our fiscal Q1 ending inventory days would be approximately 142 days, only 22 days higher than our target inventory level.

正如前幾季所提到的，我們持有與提前建立產品相關的策略性庫存，以優化成本並降低風險。不包括戰略庫存，我們第一財季期末庫存天數約為 142 天，僅比我們的目標庫存水準高 22 天。

On the balance sheet, we held $9.8 billion of cash and investments at quarter end and maintained $12.3 billion of liquidity when including our untapped credit facility.

在資產負債表上，我們截至季末持有 98 億美元的現金和投資，並在包括未動用的信貸額度在內的情況下保持了 123 億美元的流動性。

We ended the quarter with $13.5 billion in total debt, low net leverage and a weighted average maturity on our debt of 2030.

截至本季末，我們的債務總額為 135 億美元，淨槓桿率較低，債務加權平均到期日為 2030 年。

Now turning to our outlook for the fiscal second quarter. While we remain mindful of macroeconomic risks, the memory and storage market environment is improving. We expect supply-demand balance to tighten in both DRAM and NAND throughout 2024.

現在轉向我們對第二財季的展望。儘管我們仍然關注宏觀經濟風險，但記憶體和儲存市場環境正在改善。我們預計 2024 年 DRAM 和 NAND 的供需平衡將趨緊。

Our leading-edge DRAM and NAND nodes are oversubscribed for the full year. Consequently, we expect prices to increase through calendar 2024, driving improvements in our financial performance.

我們領先的 DRAM 和 NAND 節點全年均已超額認購。因此，我們預計到 2024 年價格將會上漲，從而推動我們財務表現的改善。

Our leading-edge inventory is very tight. And we are also working to minimize pull-in of customer demand in response to higher pricing. As a result, our sequential growth in the near term will be driven primarily by pricing rather than a sequential increase in bit shipments.

我們的前沿庫存非常緊張。我們也致力於最大限度地減少因價格上漲而吸引的客戶需求。因此，我們近期的環比成長將主要由定價驅動，而不是位元出貨量的環比成長。

Both DRAM and NAND bit shipments are expected to decline somewhat in the fiscal second quarter.

預計第二財季 DRAM 和 NAND 位出貨量都會有所下降。

We expect our fiscal Q2 gross margin to benefit from sequential price increases and reduced impact from underutilization. We project the balance of previously written down inventories to clear in fiscal Q2. We forecast operating expenses to decline in the fiscal second quarter on lower R&D program expenses and an asset sale previously expected to occur in the first quarter.

我們預計第二財季的毛利率將受益於價格的連續上漲和利用率不足的影響的減少。我們預計先前減記的庫存餘額將在第二財季清理。我們預計，由於研發計劃費用減少以及此前預計將在第一季發生的資產出售，第二財季營運費用將下降。

For the fiscal year, due to some higher R&D expenses, including what we saw in Q1 and higher short-term incentive compensation from an improved outlook, we now project OpEx to be over $3.9 billion.

在本財年，由於研發費用增加（包括我們在第一季看到的費用）以及前景改善帶來的短期激勵薪酬增加，我們現在預計營運支出將超過 39 億美元。

We forecast a much reduced operating loss in fiscal Q2 and project a return to operating income in Q3.

我們預計第二財季的營業虧損將大幅減少，並預計第三季將恢復營業收入。

Our tax forecast for the year has increased from under $200 million to over $300 million based on an updated taxable income outlook. We project the allocation of tax expense across the year to be heaviest in the fourth quarter, driven by profitability and other factors.

根據更新的應稅收入展望，我們今年的稅收預測從不到 2 億美元增加到超過 3 億美元。在獲利能力和其他因素的推動下，我們預計第四季度全年稅收支出的分配將是最重的。

As we've mentioned previously, at current levels of profitability, tax estimates and the distribution of taxes across the year are highly sensitive to changes in the outlook.

正如我們之前提到的，在目前的獲利水準下，稅收估算和全年稅收分配對前景的變化高度敏感。

We plan fiscal Q2 capital expenditures to be in line with first quarter levels. We see operating cash flows improving substantially in the second half of the fiscal year and are now forecasting positive free cash flow in the fiscal fourth quarter.

我們計劃第二財季資本支出與第一季水準保持一致。我們預計本財年下半年的營運現金流將大幅改善，目前預測第四財季的自由現金流為正。

With all these factors in mind, our non-GAAP guidance for fiscal Q2 is as follows: We expect revenue to be $5.3 billion, plus or minus $200 million; gross margin to be in the range of 13%, plus or minus 150 basis points; and operating expenses to be approximately $950 million, plus or minus $15 million. We expect tax expenses of approximately $45 million.

考慮到所有這些因素，我們對第二財季的非 GAAP 指引如下： 我們預計營收為 53 億美元，上下浮動 2 億美元；毛利率在13%左右，正負150個基點；營運費用約 9.5 億美元，上下浮動 1,500 萬美元。我們預計稅收支出約為 4500 萬美元。

Based on a share count of approximately 1.1 billion shares, we expect a loss of $0.28 per share, plus or minus $0.07.

根據約 11 億股的股數，我們預期每股虧損 0.28 美元，正負 0.07 美元。

In closing, the industry environment is improving, and our financial outlook has strengthened for the fiscal year and beyond. We will continue to take a disciplined approach to managing the business and remain focused on optimizing price, driving productivity and controlling capital spend. With high levels of liquidity and low net leverage, we continue to operate from a position of balance sheet strength as we forecast to return to profitability and positive free cash flow.

最後，產業環境正在改善，我們本財年及以後的財務前景也有所增強。我們將繼續採取嚴格的方法來管理業務，並繼續專注於優化價格、提高生產力和控制資本支出。憑藉高流動性和低淨槓桿率，我們將繼續在資產負債表實力雄厚的情況下運營，預計將恢復盈利和正自由現金流。

I will now turn it back over to Sanjay.

我現在將把它轉回桑傑。

Thank you, Mark. Over the last year, our world-class technology, business and manufacturing teams ensured ongoing leadership in foundational memory technologies and the expansion of our industry-leading product portfolio.

謝謝你，馬克。去年，我們世界一流的技術、業務和製造團隊確保了基礎記憶體技術的持續領先地位，並擴展了我們領先業界的產品組合。

We are encouraged by the progress we have made on pricing, and we are on track to restore profitability, more commensurate with the great value our solutions provide to our customers.

我們對定價方面取得的進展感到鼓舞，並且我們有望恢復盈利能力，這與我們的解決方案為客戶提供的巨大價值更加相稱。

We expect 2024 to be a year of recovery and can see the path towards a healthy supply-demand environment, along with strong growth in critical new technologies like HBM3E.

我們預計 2024 年將是復甦的一年，並且可以看到通往健康供需環境的道路，以及 HBM3E 等關鍵新技術的強勁成長。

From the data center to the edge, AI has emerged as a significant secular driver that will further bolster the industry towards record revenue TAM in 2025 and drive growth for years to come.

從資料中心到邊緣，人工智慧已成為重要的長期驅動力，將進一步推動該產業在 2025 年實現創紀錄的 TAM 收入，並推動未來幾年的成長。

Micron's broad and growing suite of leading-edge products positions us well to capitalize on the immense opportunities ahead.

美光科技擁有廣泛且不斷成長的領先產品系列，使我們能夠充分利用未來的巨大機會。

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 Krish Sankar from TD Cowen.

（操作員說明）我們的第一個問題來自 TD Cowen 的 Krish Sankar。

Sanjay and Mark, The first question I had is kind of you spoke about sustainably of pricing in calendar '24. I'm kind of curious if you can peel the onion 1 layer below and say how we think about pricing through calendar '24 for DRAM and NAND? And if you can extrapolate into 2025, that will be very helpful. And then I had a follow-up.

Sanjay 和 Mark，我的第一個問題是你們談到了 24 日曆年定價的可持續發展。我有點好奇你是否可以剝掉下面一層的洋蔥，並說出我們如何考慮 24 日曆年 DRAM 和 NAND 的定價？如果你能推斷到 2025 年，那將會非常有幫助。然後我進行了跟進。

Thanks, Krish, for the question. And with respect to the pricing, we, of course, expect pricing to continue to strengthen during calendar 2024, and this is because of the healthy demand supply balance as we discussed in the context of our script.

謝謝克里什的提問。就定價而言，我們當然預計 2024 年定價將繼續走強，這是因為我們在腳本中討論了健康的供需平衡。

As you have seen, there have been significant cuts in supply growth in the industry. Customer inventories have normalized, supplier inventories are improving as we have discussed, our own inventory here as well. And pricing will continue to improve as a result through the course of the year.

正如您所看到的，該行業的供應成長已大幅削減。正如我們所討論的，客戶庫存已經正常化，供應商庫存正在改善，我們自己的庫存也是如此。因此，今年的定價將繼續改善。

And of course, the demand trends overall because of improvement of customer inventories are in PCs, in smartphones, automotive and industrial. The demand trend will continue, and in sometime in first half of 24, calendar '24, we expect data center inventories at customers to get normalized as well. And beyond that point, we would expect data center to become another boost in demand in 2024.

當然，由於客戶庫存的改善，整體需求趨勢出現在個人電腦、智慧型手機、汽車和工業領域。需求趨勢將持續下去，在 24 月 24 日上半年的某個時候，我們預計客戶的資料中心庫存也將恢復正常。除此之外，我們預期資料中心將在 2024 年成為需求的另一個成長點。

So we expect pricing to continue to increase both in NAND and in DRAM as well. And we expect a healthy demand-supply environment in 2025 as well as a healthy pricing environment in '25, too.

因此，我們預計 NAND 和 DRAM 的價格將繼續上漲。我們預計 2025 年將出現健康的供需環境，25 年也將出現健康的定價環境。

And I just want to point out that, as we noted, we have tightness on our leading-edge nodes. They are already in short supply, and inventories will continue to improve for us and all of this results in overall healthy dynamics for pricing improvements, profitability improvements and revenue opportunity growth in the backdrop of demand drivers, AI being a dominant demand driver across the end markets.

我只想指出，正如我們所指出的，我們的前沿節點很緊張。它們已經供不應求，我們的庫存將繼續改善，所有這些都會在需求驅動因素的背景下帶來定價改善、盈利能力改善和收入機會增長的整體健康動態，人工智慧將成為最終的主導需求驅動因素市場。

Got it. That's very helpful, Sanjay. And then just a quick follow-up on CapEx. I understand a lot of the CapEx is going towards HBM and WFE is going to be down year-over-year. Is there a way of quantifying how much of the CapEx for next year is for HBM? And at what is the catalyst for you to start investing in NAND? Is it price? Is it gross margin? Any such catalyst for NAND, that would be very helpful.

知道了。這非常有幫助，桑傑。然後快速跟進資本支出。據我所知，大部分資本支出將用於 HBM，而 WFE 將逐年下降。有沒有辦法量化 HBM 明年的資本支出有多少？是什麼促使您開始投資 NAND？是價格嗎？是毛利率嗎？任何這樣的 NAND 催化劑都會非常有幫助。

So we are not breaking down the CapEx between HBM and other parts of the business, but we have noted that our WFE is down. And of course, we are very much focused on supporting the growth of our HBM business. We are very excited about our leading-edge product, HBM3E, which is the most advanced HBM3E offering in the industry. And we are, as we noted in our remarks, post the qualification, we are going to be starting production ramp early in calendar '24 and driving revenue growth will be more back half loaded for us. So I mean, we will, of course, make the necessary investments to support the demand for our HBM in '24.

因此，我們不會細分 HBM 與業務其他部分之間的資本支出，但我們注意到我們的 WFE 下降了。當然，我們非常注重支持 HBM 業務的成長。我們對我們的領先產品 HBM3E 感到非常興奮，它是業內最先進的 HBM3E 產品。正如我們在評論中指出的那樣，在獲得資格後，我們將在 24 日曆年早些時候開始提高產量，推動收入成長對我們來說將更加困難。所以我的意思是，我們當然會進行必要的投資來支持 24 年對 HBM 的需求。

I would just point out that our HBM supply is basically in calendar year '24 is sold out at this point. And in terms of NAND and CapEx, whether in NAND or in DRAM. What's most important is that the profitability returns to the levels that are really needed in order to justify ROI in increasing any CapEx investments. So this is what we are focused on and we'll remain extremely disciplined with respect to any CapEx, with respect to any supply growth considerations.

我只想指出，我們的 HBM 供應基本上在 '24 日曆年已售罄。就 NAND 和資本支出而言，無論是 NAND 還是 DRAM。最重要的是，獲利能力恢復到真正需要的水平，以證明增加任何資本支出投資的投資報酬率是合理的。因此，這就是我們關注的重點，我們將在任何資本支出、任何供應成長考量方面保持嚴格的紀律。

And you know that the profitability in the industry is still far from the levels that are needed to get ROI on the investments. And we plan to remain extremely disciplined in this regard.

而且您知道，該行業的盈利能力仍遠未達到獲得投資回報所需的水平。我們計劃在這方面保持嚴格的紀律。

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。

I have two as well real quick. First, building on the HBM comment that you are basically sold out for the year. I know that you referenced in your prepared remarks that you're qualified in with the GH200 and the H200 at NVIDIA. I'm just curious, when you get called in on HBM3E, how does that market work in terms of do these customers do qualify? Do you have line of sight in kind of your share position within those product SKUs? I'm just curious how the qualifications work and the visibility that you have to basically kind of double down on the fact that you expect to be kind of comparable market share in HBM as DRAM in total as you look out into '25?

我也很快就有了兩個。首先，根據 HBM 的評論，今年的產品基本上已售完。我知道您在準備好的演講中提到您有資格使用 NVIDIA 的 GH200 和 H200。我只是好奇，當您接到 HBM3E 的電話時，該市場如何運作，這些客戶是否符合資格？您是否了解您在這些產品 SKU 中的份額位置？我只是好奇資格如何運作以及您必須加倍關注這樣一個事實：當您展望 25 世紀時，您希望 HBM 的市場份額與 DRAM 的市場份額相當。

So our product is in qualification, as we noted in our comments here, and qualification is progressing well. And post qualification, we expect to be ramping production volumes as well as shipments to our customers, and that's what will yield to several hundred millions of dollars of revenue for us in fiscal year '24. Again, that revenue will be more back half of our fiscal year more so in the back half. But that volume ramp and that revenue opportunity will continue to build up as we go into '25. It will continue to increase in our fiscal year -- as well as calendar year '25.

因此，正如我們在此處的評論中指出的那樣，我們的產品已通過資格認證，資格認證進展順利。獲得資格後，我們預計將提高產量以及向客戶發貨，這將為我們在 24 財年帶來數億美元的收入。同樣，該收入將在我們財政年度的後半段增加。但隨著我們進入 25 年，銷售成長和收入機會將繼續增加。在我們的財政年度以及 25 日曆年，這一數字將繼續增加。

And as we have said that sometime in calendar year '25, we expect to be able to get to a level of our share in the HBM market that would align with our shares in DRAM. So this is an exciting opportunity for us. And as you know, HBM has higher revenue per gigabyte. It is also higher profitability per gigabyte. So this is -- and it's one of the biggest growth markets in memory today. So we are excited about this opportunity.

正如我們所說，在 25 日曆年的某個時候，我們預計能夠達到我們在 HBM 市場中的份額與我們在 DRAM 中的份額一致的水平。所以這對我們來說是一個令人興奮的機會。如您所知，HBM 每 GB 的收入更高。每千兆位元組的獲利能力也更高。這是當今記憶體領域成長最快的市場之一。所以我們對這個機會感到很興奮。

And of course, there's a very tight relationship, tight integration with customers for [quals] on HBM and it takes longer than standard products. And these are all factors that will play a role in terms of the number of suppliers that customers would tend to have for any given platform for HBM.

當然，在 HBM 上 [quals] 與客戶有著非常緊密的關係和緊密的集成，並且比標準產品需要更長的時間。對於任何給定的 HBM 平台，這些因素都會影響客戶傾向於選擇的供應商數量。

Yes. And then as a quick follow-up, I'm curious in the comment, you had said that basically, your leading-edge inventory was very tight, and I think the follow-up comment was that you're really focusing on minimizing any pull-in, in the midst of pricing increases materializing. Can you just help us appreciate what exactly you're able to do to minimize any pull-in or the visibility you have and whether any customers are taking strategic inventory? Just curious how you manage that?

是的。然後作為快速跟進，我對評論感到好奇，你說過基本上，你的前沿庫存非常緊張，我認為後續評論是你真的專注於最大限度地減少任何在價格上漲的過程中拉入。您能否幫助我們了解您究竟能夠採取哪些措施來最大程度地減少任何拉動或您擁有的可見性，以及是否有客戶正在採取戰略庫存？只是好奇你是如何做到這一點的？

So with respect to strategic inventory, I think we had discussed in the past that we had made certain strategic -- certain customers have built certain strategic purchases in our FQ4 time frame, and those are completing in CQ4 here. And of course, as we look ahead, we are very much focused on managing our supply, managing our demand, pricing environment is increasing, and we want to, in this environment, of course, make sure that we meet the requirements of our customers in a fashion that overall maintains healthy dynamics of our business. Beyond that, I don't think we are in a position to discuss further specifics here.

因此，就戰略庫存而言，我認為我們過去已經討論過，我們已經制定了某些戰略——某些客戶在我們的第四季度時間範圍內進行了某些戰略採購，這些採購將在第四季度完成。當然，展望未來，我們非常專注於管理我們的供應，管理我們的需求，定價環境正在不斷改善，我們當然希望在這種環境下確保我們滿足客戶的要求以整體保持我們業務健康活力的方式。除此之外，我認為我們無法在這裡討論進一步的細節。

And 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。

I had two questions as well. One on gross margins, maybe for Mark and then my follow-up for Sanjay. Mark, so the gross margin profile is improving from breakeven or 1% in the prior quarter to 13%. I was hoping you could sort of break that down, the sequential change for us in terms of pricing, I guess, lower underutilization charges and whatever else is happening from an inventory perspective? And beyond Feb, as we sort of look out into May, you talked about pricing improving throughout '24. So that continues to be a tailwind. How should we think about some of the other dynamics that go into your gross margin math?

我也有兩個問題。第一個是關於毛利率的，也許是針對馬克的，然後是關於桑傑的。馬克，所以毛利率狀況正在從上一季的盈虧平衡或 1% 改善到 13%。我希望你能對我們在定價方面的連續變化進行分解，我想，降低未充分利用費用以及從庫存角度來看發生的其他事情？ 2 月之後，當我們展望 5 月時，您談到了整個 24 年定價的改善。因此，這仍然是一個順風車。我們應該如何考慮毛利率計算中的其他一些動態？

Sure. So on the fourth quarter, first quarter gross margin, we were up 10 points, over half or about half of that was price. Most of the remainder was mix on the higher DRAM volumes. And then we did see some favorable cost. We had the lower-cost inventories clear at $600 million. And then we had some reduced idle charges that we've talked about.

當然。因此，在第四季度，第一季的毛利率，我們上升了 10 個百分點，其中一半以上或大約一半是價格。其餘大部分都混合在更高的 DRAM 容量上。然後我們確實看到了一些有利的成本。我們清理了 6 億美元的低成本庫存。然後我們討論了一些閒置費用的減少。

Now if we move out to second quarter, as we mentioned, we're not seeing volume growth in the second quarter, but we are seeing gross margin still up 12 points. So it's all driven by price or principally price.

現在，如果我們進入第二季度，正如我們所提到的，我們不會看到第二季的銷售成長，但我們看到毛利率仍上升 12 個百分點。所以這一切都是由價格或主要是價格驅動的。

There is some mix shift within, by customers and some seasonal effects. But again, it's largely a price-driven increase. While we have lower benefits from the low-cost inventory clearing, we'll have $400 million clear or $400 million of benefit in the second quarter when we had $600 million in the first quarter.

客戶內部存在一些混合變化以及一些季節性影響。但同樣，這很大程度上是價格驅動的成長。雖然我們從低成本庫存清算中獲得的收益較低，但我們將在第二季獲得 4 億美元的清算收益，即 4 億美元的收益，而第一季的收益為 6 億美元。

We are seeing some cost declines occurring with the increase of leading node production, and then again, with the lower wafer starts and the higher utilization, what we've talked about before, we start to see idle charges dropping as we've discussed.

我們看到隨著領先節點產量的增加，成本出現了一些下降，然後，隨著晶圓開工率的降低和利用率的提高，我們之前討論過，我們開始看到閒置費用下降，正如我們之前討論的那樣。

So again, principally price in the second quarter, but then beginning to see some cost benefits even though we're losing the benefit of that lower cost inventory.

同樣，主要是第二季的價格，但隨後開始看到一些成本效益，儘管我們正在失去較低成本庫存的好處。

We will see price appreciation through the year. We're going to -- we don't expect there to be volume growth in the third quarter either, but good price appreciation, which will drive gross margins up. And then in the fourth quarter, we would expect to see volume and price and again, some lower utilization charges. So again, we would expect to see margin expansion second to third quarter and then again, third to fourth quarter.

我們將看到全年價格上漲。我們預計第三季的銷售量也不會成長，但價格會大幅上漲，這將推動毛利率上升。然後在第四季度，我們預計會看到銷售和價格，以及使用費用的降低。因此，我們預計第二季至第三季的利潤率將會擴大，然後第三季至第四季的利潤率也會有所擴大。

Okay. Great. That's super helpful. And then as my follow-up for Sanjay. You guys had presented a cross cycle financial model at your Investor Day, I think it was last May. Clearly, the environment has changed quite a bit, but when you sort of talk about necessary ROI for your business, as you guys debate when to increase production, when to increased CapEx. Should we look at the model from last May still as a reference point? Through cycle operating margins of 30%, free taxable margins of 10% or higher. Is that still the model that's relevant in your view? Or have things changed since?

好的。偉大的。這非常有幫助。然後作為我對 Sanjay 的跟進。你們在投資人日上提出了跨週期財務模型，我想那是去年五月的事。顯然，環境已經發生了很大變化，但是當您談論業務所需的投資回報率時，當您爭論何時增加產量、何時增加資本支出時。我們還應該以去年五月的模型為參考嗎？整個週期營業利潤率為 30%，免稅利潤率為 10% 或更高。您認為這仍然是相關的模型嗎？或者從那時起事情發生了變化？

Yes. That model is very much relevant. Once we get past this downturn and the recovery from this downturn as well. And I think we just have to recognize that this downturn has been steep. This has been driven by once in 100-year pandemic as well as all the other related factors, which we have talked about customer inventories, then demand pull-in and demand normalization and all other things that have impacted, severely impacted the industry environment over the course of last year.

是的。該模型非常相關。一旦我們度過了這次低迷並從這次低迷中復甦。我認為我們只需要認識到這次衰退是急劇的。這是由一百年一遇的大流行以及所有其他相關因素推動的，我們已經討論過客戶庫存，然後是需求拉動和需求正常化以及所有其他對行業環境產生嚴重影響的因素去年的過程。

2024, we'll be recovering, and we have called it the year of recovery, and we have talked about how we see pricing continuing to increase through the year and, of course, profitability continuing to improve, through the year as well.

2024 年，我們將會復甦，我們稱之為復甦年，我們已經討論了我們如何看待定價在這一年中繼續上漲，當然，盈利能力在這一年中也將繼續改善。

As we look past this recovery, we would definitely say that cross-cycle model that we have discussed in the past, definitely would hold, and that's what we target for.

當我們回顧這次復甦時，我們肯定會說我們過去討論過的跨週期模型肯定會成立，這就是我們的目標。

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集團 (UBS) 的 Timothy Arcuri。

I had a question on these prepays that you're getting, that $600 million. That's a pretty big number. So is that more of a onetime deal? Or should we expect these prepays to continue? And as part of that, is that mostly related to, say, HBM or a particular vertical like data center? Or is that across most of your end markets? And then I had a follow-up as well.

我對你們收到的 6 億美元預付款有疑問。這是一個相當大的數字。那麼這更像是一次性交易嗎？或者我們應該期望這些預付款繼續下去嗎？作為其中的一部分，這主要與 HBM 或資料中心等特定垂直領域相關嗎？或者您的大部分終端市場都是如此？然後我也進行了跟進。

So obviously, due to the confidential nature of this agreement, we cannot provide any specifics around these prepayments, but what I would like to point out is that it does reflect the importance of our technology, our products and our delivery capabilities. It also reflects our close relationships with our partners and commitment from both sides from our -- a good example of commitment from customers as well as from Micron.

顯然，由於該協議的保密性質，我們無法提供有關這些預付款的任何細節，但我想指出的是，它確實反映了我們技術、產品和交付能力的重要性。它也反映了我們與合作夥伴的密切關係以及雙方的承諾——這是客戶和美光承諾的一個很好的例子。

Beyond that, I'm not able to really provide any specifics here. And again, honoring the confidentiality.

除此之外，我無法在這裡提供任何具體細節。再次，尊重保密性。

Okay. Okay. Got that. I guess then, can you talk, Sanjay, just about limiting the bit shipments? I think you said you're limiting the bit shipments to prevent pull-ins ahead of price increases. It sounds like bits are flat sequentially for fiscal Q2 and fiscal Q3. Can you talk about the logistics of that? Are you just kind of holding back on volumes to regain some pricing leverage. I guess if your competitors don't match that approach, you might risk losing some share. So can you just talk about the logistics of that?

好的。好的。了解。我想，Sanjay，你能談談限制比特出貨量嗎？我想你說過你正在限制比特出貨量以防止價格上漲之前的拉動。聽起來第二財季和第三季的數據連續持平。能談談物流方面的狀況嗎？您是否只是透過抑制銷售來重新獲得一些定價槓桿？我想如果你的競爭對手不採取這種方法，你可能會面臨失去一些份額的風險。那麼您能談談物流方面的情況嗎？

Well, as we noted, that leading-edge supply is already tight. And so that certainly impacts in our FQ2, some of the shipments. FQ2, of course, is also impacted by seasonality. And so supply is managing supply given the tight environment of supply on the leading nodes is really the main consideration in terms of us guiding you to this profile. And of course, as we manage as we allocate the supply across the customers, we want to make sure that we are managing our shipments to our customers carefully.

嗯，正如我們所指出的，前沿供應已經緊張。因此，這肯定會影響我們第二季的部分出貨量。當然，第二季也受到季節性的影響。因此，鑑於主要節點的供應緊張環境，供應正在管理供應，這實際上是我們引導您了解此配置文件的主要考慮因素。當然，當我們管理向客戶分配供應時，我們希望確保仔細管理向客戶的出貨。

And our next question comes from the line of Mehdi Hosseini from Susquehanna Financial.

我們的下一個問題來自 Susquehanna Financial 的 Mehdi Hosseini。

Two follow-ups. Sanjay, historically, memory industry tends to gravitate towards higher-margin products, which has historically led to margin erosion. Why is HBM any different? And what are your thoughts? Anything you can share with us as to what can preserve the higher margin associated with these high-end products? And I have a follow-up.

兩個後續。 Sanjay，從歷史上看，記憶體行業往往傾向於利潤率較高的產品，這在歷史上導致了利潤率下降。為什麼 HBM 有什麼不同？你有什麼想法？您能否與我們分享如何維持這些高端產品的更高利潤？我有一個後續行動。

I think AI is in very early innings. GenAI is barely starting, and these are great growth opportunities ahead. This is biggest revolution sense Internet, and recently, you have heard industry estimates of data center, AI accelerator, TAM, CAGR of being about 70% over the course of next few years.

我認為人工智慧還處於早期階段。 GenAI 剛起步，未來有巨大的成長機會。這是網路意義上最大的革命，最近，你聽到業界對資料中心、AI加速器、TAM的估計，未來幾年的複合年增長率約為70%。

Of course, as those opportunities grow with data center, accelerators from various suppliers, of course, the whole infrastructure grows and it's about AI and GenAI applications from training to inferencing and really proliferating all across the data center environment, and that's where -- and along with the growth in our data center, AI accelerators, the rest of the infrastructure, including HBM will continue to grow.

當隨著我們資料中心、人工智慧加速器的成長，包括 HBM 在內的其餘基礎設施也將持續成長。

So we project that HBM CAGR will be over 50% over the course of next few years. And when you think about it, that is more than 3x of the DRAM industry CAGR that we are talking about. And still, we are very -- in the very, very early innings. 2023 is the first year of meaningful shipments of HBM in the industry, and that too corresponds to a low single-digit percentage in terms of bits shipped in HBM this year, but much higher pricing, a much higher revenue opportunity.

因此，我們預計未來幾年 HBM 複合年增長率將超過 50%。仔細想想，這相當於我們所謂的 DRAM 產業複合年增長率的 3 倍以上。儘管如此，我們仍然處於非常非常早的局。 2023 年是 HBM 在行業中有意義的出貨量的第一年，這也對應於今年 HBM 出貨量的低個位數百分比，但定價要高得多，收入機會要高得多。

So as we look ahead, we see HBM continuing to grow strongly in the industry, it's demand will grow. It will be a key enabler of GenAI applications in training as well as influencing because more and more data is required as you look at more and more larger and larger, large language models and more training on more data just drives more demand for high bandwidth, high performance, low-power memory. So this is the very beginning. It has long ways to go.

因此，展望未來，我們看到 HBM 在產業中持續強勁成長，其需求也會成長。它將成為GenAI 應用程式在訓練和影響方面的關鍵推動者，因為當你看到越來越大、越來越大的大型語言模型時，需要越來越多的數據，而對更多數據的更多訓練只會推動對高頻寬的更多需求，高效能、低功耗記憶體。所以這是最開始的。它還有很長的路要走。

And the other important factor with HBM as we have discussed is that it really takes more than 2x as many wafers to produce the same number of bits as D5. So it really has -- it is a headwind to the supply growth in the DRAM industry, and it has the effect of us helping strengthen the supply-demand balance of the industry as well. So I think these are some of the important aspects.

正如我們所討論的，HBM 的另一個重要因素是，它確實需要 2 倍以上的晶圓來生產與 D5 相同數量的位元。所以它確實對 DRAM 產業的供應成長構成了阻力，而且它也有助於我們幫助加強該產業的供需平衡。所以我認為這些是一些重要的面向。

Of course -- so important thing is that this has to be looked at as a long-term opportunity, long-term growth opportunity. And of course, we are excited about getting our HBM share to align with our DRAM share sometime in 2025. And of course, as we look at any large opportunity, over time, it will certainly have some ebb and flow in terms of demand and supply. And we will prudently manage this and maintaining flexibility and managing this is absolutely key. And you have seen us manage this well over time in our overall industry for DRAM as well as for NAND on part of Micron and we'll continue to manage it in that fashion.

當然，非常重要的是，必須將其視為長期機會、長期成長機會。當然，我們很高興能夠在2025 年的某個時候讓我們的HBM 份額與我們的DRAM 份額保持一致。當然，當我們看到任何重大機會時，隨著時間的推移，它肯定會在需求和需求方面出現一些起伏。供應。我們將謹慎地管理這一點，保持靈活性並管理這絕對是關鍵。您已經看到，隨著時間的推移，我們在整個 DRAM 行業以及美光的 NAND 行業中都很好地管理著這一點，我們將繼續以這種方式進行管理。

It is an exciting opportunity. We are well positioned with our product, and we look forward to continuing to grow revenue and profit contribution with this product line over the course of next few years.

這是一個令人興奮的機會。我們的產品定位良好，我們期待在未來幾年內繼續增加該產品線的收入和利潤貢獻。

Great. And just a quick follow-up for Mark. Is there a normalized capital intensity that we should think of, especially as we come off this kind of nuclear winter in memory? Is there any -- if you don't have a normalized capital intensity, what else out there that could help us better forecast free cash flows?

偉大的。馬克的快速跟進。我們是否應該考慮正常化的資本密集度，尤其是當我們擺脫記憶中的這種核冬天時？如果沒有標準化的資本強度，還有什麼可以幫助我們更好地預測自由現金流？

Yes. No update, Mehdi, to the cross-cycle model that we've provided. So I think the best way to think about CapEx is just over time as a percent of revenue, which we've given mid-30s percent over time. Of course, as -- for example, HBM requires more CapEx, but it also yields a price premium and accretive margins. So we believe that at this time, that capital intensity model that we provided before is still intact.

是的。 Mehdi，我們提供的跨週期模型沒有更新。因此，我認為考慮資本支出的最佳方式是隨著時間的推移將其視為收入的百分比，隨著時間的推移，我們給出了 30% 左右的百分比。當然，例如，HBM 需要更多的資本支出，但它也會產生價格溢價和增值利潤。所以我們認為，目前我們之前提供的資本密集度模型仍然完好無損。

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。

As you mentioned, your leading-edge DRAM and NAND supply output is oversubscribed for the full year. Do you factor in your CapEx plans, conversion of capacity from mature nodes to leading-edge nodes? When do you guys see your ability to fully supply to your customers demand profile? Is that looking more likely now calendar year '25? And what end markets or applications are you seeing the largest demand supply gap as you move through the fiscal year?

正如您所提到的，您全年領先的 DRAM 和 NAND 供應產量已超額認購。您是否考慮了您的資本支出計劃以及從成熟節點到領先節點的容量轉換？你們什麼時候看到自己有能力完全滿足客戶的需求？現在看起來更有可能是25年嗎？在本財年中，哪些終端市場或應用領域的供需缺口最大？

As we move through the fiscal year, of course, leading-edge nodes being in tight supply, leading-edge nodes are driver of demand in PCs and smartphones and data center applications, and we have a strong portfolio that is well positioned with these nodes. And so I mean, basically, this is important for us to maintain the supply discipline, and the industry is still not at the profitability levels for investments to be made, and we'll manage our supply very, very prudently as we work ahead. And of course, we'll continue to focus on driving the pricing as well as driving the profitability of our business to bring and return on investments on our CapEx that is needed and do our best to manage and allocate the demand across our end markets and customers.

當然，隨著我們進入本財年，領先節點供應緊張，領先節點是個人電腦、智慧型手機和資料中心應用需求的驅動力，我們擁有強大的產品組合，在這些節點上處於有利地位。所以我的意思是，基本上，這對我們維持供應紀律很重要，而且該行業仍然沒有達到投資的盈利水平，在我們前進的過程中，我們將非常非常謹慎地管理我們的供應。當然，我們將繼續專注於推動定價以及推動我們業務的盈利能力，以帶來所需的資本支出和投資回報，並盡最大努力管理和分配整個終端市場的需求，顧客。

Great. And again, you mentioned this briefly in your prepared remarks, but if you look at some of the third-party research estimates, September quarter was the second consecutive quarter where the team had, I think somewhere about 10% to 12% market share in data center NVMe SSDs. If I look back historically, like your share has been more in the sort of 3% to 5% range. So obviously, strong recent market share performance. You've got a strong lineup of data center SSDs. What's been the big differentiator for the team here? And how do you guys continue to grow your share going forward?

偉大的。再說一遍，您在準備好的發言中簡要提到了這一點，但如果您查看一些第三方研究估計，9 月份季度是該團隊連續第二個季度，我認為在 10% 到 12% 的市場份額中資料中心NVMe SSD。如果我回顧歷史，你的份額大約在 3% 到 5% 的範圍內。很明顯，近期市佔率表現強勁。您擁有強大的資料中心 SSD 產品陣容。這裡的團隊最大的差別是什麼？你們如何繼續擴大自己的份額？

So thank you for acknowledging that. I mean, our team has done a great job with data center SSD product portfolio over the course of the year. And now we have a strong set of product offerings for data center SSDs and NVMe SSDs. And we now achieved record data center market share in SSDs for 2 consecutive quarters. And for the calendar Q3, our data center SSD share now is in line with our NAND share in the industry.

所以感謝您承認這一點。我的意思是，我們的團隊在這一年中在資料中心 SSD 產品組合方面做得非常出色。現在，我們為資料中心 SSD 和 NVMe SSD 提供了一套強大的產品組合。我們現在已連續兩季在資料中心 SSD 市佔率中創下歷史新高。對於日曆第三季度，我們的資料中心 SSD 份額現在與我們在行業中的 NAND 份額一致。

And this is really the benefit. And you're seeing the full benefit, the full power of vertical integration playing out here where our team has worked together from device to design to firmware to system implementation, to understanding of customer application, working closely with customers in qualifications.

這確實是好處。您將看到垂直整合的全部優勢和全部力量，我們的團隊從設備到設計、韌體到系統實施，再到了解客戶應用，在資格認證方面與客戶密切合作，共同努力。

And really, across a wide range of customers, over the course of time have really developed a very robust industry-leading strong product portfolio with greater opportunities ahead as well.

事實上，隨著時間的推移，廣大客戶確實開發了非常強大的行業領先的強大產品組合，並且未來也有更大的機會。

So this says the transformation that we began to drive in the company going from selling components in the past to value-add solutions. And really very pleased how data center SSD recognition is being provided to our team in terms of revenue opportunities by our customers, and they are certainly reflected in the share gains that we have made in this market.

這表明我們開始推動公司從過去銷售組件轉向增值解決方案的轉型。我們非常高興我們的客戶在收入機會方面向我們的團隊提供了資料中心 SSD 的認可，並且它們肯定反映在我們在這個市場上取得的份額收益中。

And of course, another big factor that has been a key contributor to the success here is, you may recall, we transitioned some time ago from floating gate to replacement gate technology in NAND, and that has definitely been a key factor. Strong, successful, timely execution on that has played an important role in our data center SSD strength. So we are very excited about Micron's market position in this market and our future opportunities here.

當然，您可能還記得，促成成功的另一個重要因素是，我們不久前在 NAND 中從浮動閘極技術過渡到替代閘極技術，這絕對是一個關鍵因素。強大、成功、及時的執行對我們資​​料中心 SSD 的實力發揮了重要作用。因此，我們對美光在這個市場的市場地位以及我們未來的機會感到非常興奮。

This does conclude the question-and-answer session as well as today's program. Thank you, everyone, for participating in today's program. You may now disconnect. Good day.

問答環節和今天的節目到此結束。謝謝大家參加今天的節目。您現在可以斷開連線。再會。