美光科技 (MU) 2022 Q2 法說會逐字稿

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  • Operator

    Operator

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

    感謝您的支持,歡迎參加美光科技 2022 財年第二季度財務電話會議。 (操作員說明)請注意,今天的通話可能會被錄音。 (操作員說明)

  • I would now like to hand the call over to Farhan Ahmad, Head of Investor Relations.

    我現在想將電話轉給投資者關係主管 Farhan Ahmad。

  • Farhan Ahmad - Senior Director of IR

    Farhan Ahmad - Senior Director of IR

  • Thank you, and welcome to Micron Technology's Fiscal Second Quarter 2022 Financial Conference Call. On the call with me today are Sanjay Mehrotra, President and CEO; and Sumit Sadana, our Chief Business Officer and Interim CFO.

    謝謝大家,歡迎參加美光科技 2022 財年第二季度財務電話會議。今天與我通話的是總裁兼首席執行官 Sanjay Mehrotra;以及我們的首席商務官兼臨時首席財務官 Sumit Sadana。

  • Today's call is approximately 60 minutes in length and 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.

    今天的電話會議時長約為 60 分鐘,並通過我們的投資者關係網站investors.micron.com 進行網絡直播,包括音頻和幻燈片。此外,詳細說明我們的季度業績的新聞稿以及為本次電話會議準備的評論已發佈在網站上。

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

    除非另有說明,今天對財務結果的討論是在非公認會計原則財務基礎上提出的。可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的對賬。我們鼓勵您在整個季度訪問我們的網站 micron.com,以獲取有關公司的最新信息,包括我們將參加的財務會議的信息。您也可以在 Twitter 上關注我們,@MicronTech。

  • As a reminder, the matters we are discussing today include forward-looking statements. 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 file with the SEC, specifically our most recent Form 10-K and 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 after today's date to conform these statements to actual results.

    提醒一下,我們今天討論的問題包括前瞻性陳述。這些前瞻性陳述受到風險和不確定性的影響,可能導致實際結果與今天的陳述存在重大差異。我們向您推薦我們向 SEC 提交的文件,特別是我們最近的 10-K 和 10-Q 表格,以討論可能影響我們未來結果的風險。儘管我們認為前瞻性陳述中反映的預期是合理的,但我們不能保證未來的結果、活動水平、業績或成就。我們沒有義務在今天之後更新任何前瞻性陳述以使這些陳述符合實際結果。

  • I'll now turn the call over to Sanjay.

    我現在將把電話轉給 Sanjay。

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • Thank you, Farhan. Good afternoon, everyone. Micron delivered an excellent performance in fiscal Q2 with results above the high end of our guidance. We grew revenue and margins sequentially while driving favorable mix and cost reductions amid ongoing global supply chain challenges. We saw broad-based demand for our products, with our SSD products achieving record revenue and our auto market revenue also reaching an all-time high. Execution was outstanding with our industry-leading 1-alpha DRAM and 176-layer NAND technology node ramps, delivering strong cost reductions. Our portfolio transformation continues to gain momentum as we lead the industry on the DDR5 transition and grow our mix of NVMe data center SSDs. Following a solid first half, we are on track to deliver record revenue and robust profitability in fiscal 2022 and remain well positioned to create significant shareholder value in fiscal '22 and beyond.

    謝謝你,法爾漢。大家下午好。美光在第二財季表現出色,高於我們指引的高端。在持續的全球供應鏈挑戰中,我們在推動有利的組合和降低成本的同時,實現了收入和利潤率的連續增長。我們看到對我們產品的廣泛需求,我們的 SSD 產品實現了創紀錄的收入,我們的汽車市場收入也達到了歷史最高水平。憑藉我們行業領先的 1-alpha DRAM 和 176 層 NAND 技術節點斜坡,執行非常出色,顯著降低了成本。隨著我們在 DDR5 過渡方面引領行業並擴大我們的 NVMe 數據中心 SSD 組合,我們的產品組合轉型繼續獲得動力。在上半年表現穩健之後,我們有望在 2022 財年實現創紀錄的收入和強勁的盈利能力,並保持在 22 財年及以後創造重要股東價值的有利條件。

  • In fiscal Q2, 1z and 1-alpha DRAM combined represented the majority of our DRAM bit shipments, while 176-layer NAND represented the majority of our NAND bit shipments. Our 1-alpha DRAM and 176-layer NAND products are achieving excellent yields, providing us with solid front-end cost reductions and contributing meaningful revenue. We qualified additional products on these advanced nodes with a broad set of customers, which sets us up for continued strong revenue ramp in the second half of the fiscal year. We are tracking several quarters ahead of the industry in ramping products based on these leading-edge process technologies. We are also investing to maintain technology leadership for the next decade and making good progress in the development of future technology nodes.

    在第二財季,1z 和 1-alpha DRAM 合計占我們 DRAM 位出貨量的大部分,而 176 層 NAND 占我們 NAND 位出貨量的大部分。我們的 1-alpha DRAM 和 176 層 NAND 產品實現了出色的良率,為我們提供了可靠的前端成本降低和可觀的收入。我們對這些先進節點上的其他產品進行了認證,擁有廣泛的客戶群,這為我們在本財年下半年持續強勁的收入增長奠定了基礎。在基於這些前沿工藝技術的產品升級方面,我們領先行業幾個季度。我們還在投資以保持未來十年的技術領先地位,並在未來技術節點的開發方面取得良好進展。

  • Micron is not only a technology leader but also the industry leader in quality with the majority of our customers ranking us #1. Our leadership in quality is an important differentiator for Micron, particularly in fast-growing data center and automotive markets, where our quality scores are excellent.

    美光不僅是技術領導者,而且在質量方面也是行業領導者,我們的大多數客戶都將我們評為第一。我們在質量方面的領先地位是美光的一個重要差異化因素,特別是在快速增長的數據中心和汽車市場,我們的質量得分非常好。

  • We have also strengthened our position as a strategic supplier to our customers, as demonstrated by our commitment to supply continuity amid ongoing semiconductor supply chain challenges this past quarter. In late December, a government-mandated COVID-19 lockdown impacted production output at our back-end facility in Xian, China. The Micron team executed with tenacity to return the Xian site back to normal output levels post lockdown. As a result of this outstanding effort, we mitigated the lost output from Xian and delivered on our customer commitments for the quarter by leveraging our global manufacturing network. Additional COVID-19-related lockdowns in the region present a risk to the global electronic supply chain, and we continue to monitor the situation closely.

    我們還加強了我們作為客戶戰略供應商的地位,正如我們在上個季度持續的半導體供應鏈挑戰中對供應連續性的承諾所證明的那樣。 12 月下旬,政府強制實施的 COVID-19 封鎖影響了我們位於中國西安的後端工廠的產量。美光團隊堅持不懈地執行,以在鎖定後將西安站點恢復到正常的輸出水平。由於這項出色的工作,我們通過利用我們的全球製造網絡,減輕了西安的產量損失,並兌現了本季度的客戶承諾。該地區其他與 COVID-19 相關的封鎖措施給全球電子供應鏈帶來了風險,我們將繼續密切關注局勢。

  • The global semiconductor supply chain is experiencing pressure due to impact of Russia's invasion of Ukraine. The region is an important source for the global supply of noble gases and other critical minerals that are used in semiconductor manufacturing. We have strategically diversified our supply chain over the last several years and maintain appropriate inventories of materials and noble gases. We currently do not expect any negative impact to our near-term production volumes because of the Russia-Ukraine war, but we do expect an increase in our costs as we secure supply of certain raw materials that could be at risk. We also remain vigilant in this dynamic situation and are engaged with our key suppliers to ensure continuous availability of materials to support our operations.

    受俄羅斯入侵烏克蘭的影響,全球半導體供應鏈面臨壓力。該地區是全球供應用於半導體製造的惰性氣體和其他關鍵礦物的重要來源。在過去幾年中,我們戰略性地使我們的供應鏈多樣化,並保持適當的材料和惰性氣體庫存。我們目前預計不會因為俄烏戰爭對我們的近期產量產生任何負面影響,但我們確實預計我們的成本會增加,因為我們確保了某些可能面臨風險的原材料的供應。我們還在這種動態情況下保持警惕,並與我們的主要供應商合作,以確保材料的持續供應以支持我們的運營。

  • Now let's review our end markets. Demand for memory and storage is broad, extending from the data center to the intelligent edge and to a growing diversity of user devices. Memory and storage revenue has outpaced the rest of the semiconductor industry over the last 2 decades, and we expect this trend to continue over the next decade, thanks to ongoing advancement of AI, 5G and EV adoption. Our team's execution on strengthening our product portfolio has been outstanding with several new product launches and customer qualifications in fiscal Q2, achievements that we are very proud of.

    現在讓我們回顧一下我們的終端市場。對內存和存儲的需求是廣泛的,從數據中心延伸到智能邊緣,再到越來越多樣化的用戶設備。在過去的 20 年中,內存和存儲的收入已經超過了半導體行業的其他部門,我們預計這一趨勢將在未來十年繼續,這要歸功於人工智能、5G 和 EV 採用的不斷進步。我們的團隊在加強產品組合方面的執行力非常出色,在第二財季推出了幾款新產品並獲得了客戶資格,這些成就讓我們感到非常自豪。

  • Last year, data center became the largest market for memory and storage, eclipsing the mobile market. Looking ahead, we expect data center demand growth to outpace the broader memory and storage market over the next decade, fueled by secular drivers in cloud and healthy enterprise IT investment. Memory and storage share of server BOM costs already exceeds 40%, and this number is even higher for servers optimized for AI and ML workloads. This growth is supported by new heterogenous computing architectures, the increase in data-intensive workloads, and ongoing displacement of HDDs by SSDs. In the fiscal second quarter, data center revenue grew more than 60% year-over-year, supported by robust demand across our DRAM and SSD portfolio. We have broadened the qualifications for our 1-alpha DRAM products and are well positioned to support the data center DDR5 transition driven by new CPU platforms, which are targeted to begin ramping later this calendar year and gain momentum in 2023.

    去年,數據中心成為最大的內存和存儲市場,超過了移動市場。展望未來,我們預計未來十年數據中心需求增長將超過更廣泛的內存和存儲市場,這得益於雲計算和健康的企業 IT 投資的長期驅動力。服務器 BOM 成本的內存和存儲份額已經超過 40%,對於針對 AI 和 ML 工作負載優化的服務器,這個數字甚至更高。這一增長得到了新的異構計算架構、數據密集型工作負載的增加以及 SSD 對 HDD 的持續替代的支持。在第二財季,數據中心收入同比增長超過 60%,這得益於我們 DRAM 和 SSD 產品組合的強勁需求。我們已經擴大了 1-alpha DRAM 產品的資格,並有能力支持由新 CPU 平台推動的數據中心 DDR5 過渡,新 CPU 平台的目標是在本日曆年晚些時候開始加速,並在 2023 年獲得動力。

  • Following the introduction of our 7400 SSD, in fiscal Q2, we introduced the 7450, which is the industry's first 176-layer vertically integrated data center NVMe SSD. These Gen4 NVMe data center drives are generating an enthusiastic response from our customers. We are making robust progress in our qualifications of these drives with data center customers, which has contributed to a doubling of our fiscal Q2 data center SSD revenues year-over-year. We expect strong growth of data center SSD revenues to continue for the remainder of this fiscal year.

    繼推出我們的 7400 SSD 之後,在第二財季,我們推出了 7450,這是業界首款 176 層垂直集成數據中心 NVMe SSD。這些 Gen4 NVMe 數據中心驅動器引起了我們客戶的熱烈反響。我們在數據中心客戶對這些驅動器的認證方面取得了長足的進步,這使我們的第二財季數據中心 SSD 收入同比翻了一番。我們預計本財年剩餘時間內數據中心 SSD 收入將繼續強勁增長。

  • In fiscal Q2, we saw recovery in our client revenue, driven by strength in enterprise PCs, which more than offset softer consumer and Chromebook demand. We expect that calendar '22 PC unit sales will be flattish versus last year's sales, but we expect solid growth in DRAM and NAND content, driven in part by increasing mix of content-rich enterprise desktops and laptops. We are leading the industry's client DDR5 transition, and our DDR5 revenue continues to increase as multiple PC customers launch next-generation notebooks. Client DDR5 demand continues to outstrip supply, and we are seeing meaningful price premiums over DDR4 alternatives. Building on our QLC leadership, in fiscal Q2, we also launched our 2400 NVMe SSD, the world's first client SSD built on 176-layer QLC NAND.

    在第二財季,在企業 PC 的強勁推動下,我們的客戶收入有所回升,這足以抵消消費者和 Chromebook 需求疲軟的影響。我們預計 22 年 PC 單位銷量將與去年的銷量持平,但我們預計 DRAM 和 NAND 內容將穩健增長,部分原因是內容豐富的企業台式機和筆記本電腦的組合不斷增加。我們正在引領行業的客戶 DDR5 過渡,隨著多家 PC 客戶推出下一代筆記本電腦,我們的 DDR5 收入繼續增加。客戶 DDR5 的需求繼續超過供應,我們看到價格高於 DDR4 替代品。基於我們在 QLC 的領先地位,在第二財季,我們還推出了 2400 NVMe SSD,這是世界上第一款基於 176 層 QLC NAND 的客戶端 SSD。

  • Micron maintains a leading position in the fast-growing graphics market. We have a broad product portfolio featuring industry-leading product performance and deep partnerships with leading GPU suppliers. In fiscal Q2, revenues grew year-over-year, driven by strong demand for the latest generation of gaming consoles and graphics cards. Our advanced GDDR6X continues to lead the industry in performance. And in fiscal Q2, we began revenue shipments of our next-generation GDDR6X solutions.

    美光在快速增長的圖形市場中保持領先地位。我們擁有廣泛的產品組合,具有行業領先的產品性能,並與領先的 GPU 供應商建立了深厚的合作夥伴關係。在第二財季,由於對最新一代遊戲機和顯卡的強勁需求,收入同比增長。我們先進的 GDDR6X 在性能方面繼續領先業界。在第二財季,我們的下一代 GDDR6X 解決方案開始出貨。

  • Fiscal Q2 mobile revenue grew slightly year-over-year as the 5G transition continues in smartphones. We see some weakness in the China market as the local economy slows, smartphone market share shifts and some customers take a more prudent approach to inventory management. Mobile memory and storage demand continues to be supported by content-hungry applications and the ongoing transition from 4G to 5G, which is driving 50% higher DRAM content and a doubling of NAND content. 5G smartphone sales are expected to grow to 700 million units in calendar year '22. In fiscal Q2, we achieved the first qualification of our 1-alpha LP5 DRAM, which delivers more than a 15% power improvement over the previous generation, enabling our customers to offer an improved 5G experience with better battery life. We are also seeing a very strong revenue ramp for our 176-layer NAND UFS products, which are now qualified in nearly 50 different OEM platforms.

    隨著智能手機繼續向 5G 過渡,第二財季移動收入同比略有增長。隨著當地經濟放緩、智能手機市場份額發生變化以及一些客戶採取更謹慎的庫存管理方式,我們看到中國市場出現一些疲軟。移動內存和存儲需求繼續受到內容飢渴的應用程序和從 4G 到 5G 的持續過渡的支持,這推動 DRAM 內容增加 50% 和 NAND 內容翻倍。預計 22 日曆年 5G 智能手機銷量將增長至 7 億部。在第二財季,我們獲得了 1-alpha LP5 DRAM 的首次認證,與上一代相比,它的功率提高了 15% 以上,使我們的客戶能夠提供更好的 5G 體驗和更長的電池壽命。我們還看到我們的 176 層 NAND UFS 產品的收入增長非常強勁,這些產品現已在近 50 個不同的 OEM 平台上獲得認證。

  • The automotive and industrial segments are expected to be the fastest-growing memory and storage markets over the next decade. Today, more than 10% of our revenue comes from these end markets, and we are exceptionally well positioned as a market share leader.

    汽車和工業領域預計將成為未來十年增長最快的內存和存儲市場。今天,我們超過 10% 的收入來自這些終端市場,我們在市場份額的領導者方面處於非常有利的地位。

  • In fiscal Q2, our auto revenue set a new record, driven by robust demand for memory and storage. Auto unit production remains below demand, constrained by numerous supply chain challenges, including logic and analog semiconductor component shortages. The Russian invasion of Ukraine has also impacted auto builds. Nevertheless, the demand for memory and storage remains strong, driven by auto content growth. New EVs are becoming like data center on wheels, and we expect over 100 new EV models to launch worldwide in this calendar year alone. These new EVs include advanced ADAS and in-vehicle infotainment features that have significantly higher memory and storage requirements. In fact, some of these Level 3 autonomous EVs have about $750 in memory and storage content, which is 15x higher than the average car. In industrial IoT, we saw approximately 60% year-over-year revenue growth, fueled by the continued ramp in applications such as factory automation and security systems.

    在第二財季,我們的汽車收入創下新紀錄,這得益於對內存和存儲的強勁需求。汽車單元產量仍然低於需求,受到眾多供應鏈挑戰的限制,包括邏輯和模擬半導體元件短缺。俄羅斯入侵烏克蘭也影響了汽車製造。儘管如此,在汽車內容增長的推動下,對內存和存儲的需求仍然強勁。新的電動汽車正變得像車輪上的數據中心,我們預計僅在本日曆年,全球就會推出 100 多種新的電動汽車車型。這些新的電動汽車包括先進的 ADAS 和車載信息娛樂功能,它們對內存和存儲的要求要高得多。事實上,其中一些 3 級自動駕駛電動汽車的內存和存儲內容約為 750 美元,比普通汽車高出 15 倍。在工業物聯網領域,我們看到了大約 60% 的收入同比增長,這得益於工廠自動化和安全系統等應用的持續增長。

  • Turning to the market outlook. Our expectation for calendar '22 industry demand is largely unchanged from our last earnings call. We expect calendar '22 industry bit demand growth to be in the mid- to high teens for DRAM and at approximately 30% for NAND. We anticipate underlying demand in calendar '22 to be led by data center, ongoing adoption of 5G smartphones and continued strength in automotive and industrial markets. Currently, we see a healthy supply/demand balance across both DRAM and NAND given these demand trends, supply discipline across the memory industry, long semiconductor manufacturing equipment lead times, and reduced NAND supply from some of our competitors that experienced a contamination issue in their fab.

    轉向後市。我們對 22 年日曆行業需求的預期與我們上次的財報電話會議基本沒有變化。我們預計 DRAM 的 22 年行業位需求增長將處於中高水平,NAND 約為 30%。我們預計 22 年日曆中的潛在需求將由數據中心、5G 智能手機的持續採用以及汽車和工業市場的持續增長帶動。目前,鑑於這些需求趨勢、整個內存行業的供應紀律、較長的半導體製造設備交貨時間,以及我們的一些競爭對手的 NAND 供應減少,我們看到了 DRAM 和 NAND 的健康供需平衡。晶圓廠

  • Non-memory component shortages are improving, and we expect that further improvements should support memory and storage demand growth for the rest of this year. However, there are some pockets where semiconductor shortages have not improved as fast as we had expected, and these shortages are likely to continue into calendar year 2023. We are mindful of increased macroeconomic uncertainty and remain vigilant of any changes in market conditions.

    非內存組件短缺正在改善,我們預計進一步的改善將支持今年剩餘時間內存和存儲需求的增長。然而,有些地區的半導體短缺並沒有像我們預期的那樣迅速改善,這些短缺可能會持續到 2023 年。我們注意到宏觀經濟不確定性的增加,並對市場條件的任何變化保持警惕。

  • Turning now to Micron's bit supply growth expectations for the year. Consistent with the rest of the industry, we are experiencing a challenging environment for equipment and material supplies. However, due to strong execution by Micron's operations team, our calendar year '22 bit supply growth for DRAM and NAND remains unchanged from prior expectations and will be in line with industry demand. We are on track to deliver record revenue with solid profitability in fiscal year '22, and we continue to expect strong bit shipment growth in the second half of the fiscal year.

    現在轉向美光對今年的鑽頭供應增長預期。與業內其他公司一樣,我們正在經歷設備和材料供應方面的挑戰。然而,由於美光運營團隊的強大執行力,我們日曆年 DRAM 和 NAND 的 22 位供應增長與之前的預期保持不變,將符合行業需求。我們有望在 22 財年實現創紀錄的收入和穩健的盈利能力,我們繼續預計本財年下半年的比特出貨量將強勁增長。

  • We expect our cost reductions to outpace that of the industry this year, driven by the exceptionally well-executed ramp of our world-class 1-alpha DRAM and 176-layer NAND nodes. However, across the industry, there are cost challenges stemming from supply chain and inflationary pressures, which will limit cost reductions this year for the industry. We remain confident in our long-term technology road map and our ability to drive competitive cost reductions for years to come.

    我們預計今年我們的成本降低速度將超過行業,這得益於我們世界級的 1-alpha DRAM 和 176 層 NAND 節點執行得非常好。然而,在整個行業中,供應鍊和通脹壓力帶來了成本挑戰,這將限制行業今年的成本降低。我們對我們的長期技術路線圖以及我們在未來幾年推動有競爭力的成本降低的能力充滿信心。

  • I will now turn it over to Sumit.

    我現在將它交給 Sumit。

  • Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

    Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

  • Thanks, Sanjay. Micron delivered excellent fiscal Q2 results marked by record revenues across multiple products and markets, strong profitability and generation of over $1 billion in free cash flow. I'm particularly excited by the execution of our industry-leading 1-alpha DRAM and 176-layer NAND technology ramp and the accelerating momentum of our product portfolio transformation.

    謝謝,桑傑。美光在多個產品和市場的創紀錄收入、強勁的盈利能力和超過 10 億美元的自由現金流創造了出色的第二財季業績。我對我們行業領先的 1-alpha DRAM 和 176 層 NAND 技術的執行以及我們產品組合轉型的加速勢頭感到特別興奮。

  • Fiscal Q2 revenue was approximately $7.8 billion, up 1% quarter-over-quarter and up 25% year-over-year. Revenue was particularly strong in client and cloud markets. Fiscal Q2 DRAM revenue was $5.7 billion, representing 73% of total revenue. DRAM revenue increased 2% quarter-over-quarter and was up 29% year-over-year. Sequentially, bit shipments increased in the high single-digit percentage range, while ASPs declined in the mid-single-digit percentage range. Fiscal Q2 NAND revenue was $2 billion, representing 25% of Micron's total revenue. NAND revenue increased 4% quarter-over-quarter and was up 19% year-over-year. Sequential bit shipments were flat, and ASPs increased in the mid-single-digit percentage range due to stronger mix of SSDs more than offsetting like-for-like price declines. Our ongoing portfolio transformation and a solid front-end cost reduction drove sequential gains in gross margin in NAND despite sequential price declines in most products.

    第二季度財政收入約為 78 億美元,環比增長 1%,同比增長 25%。客戶端和雲市場的收入尤其強勁。第二財季 DRAM 收入為 57 億美元,佔總收入的 73%。 DRAM 收入環比增長 2%,同比增長 29%。隨後,位出貨量在高個位數百分比範圍內增長,而平均售價在中個位數百分比範圍內下降。第二財季 NAND 收入為 20 億美元,占美光總收入的 25%。 NAND 收入環比增長 4%,同比增長 19%。連續位出貨量持平,平均售價在中個位數百分比範圍內增長,原因是 SSD 的組合更強,足以抵消同類價格下跌。儘管大多數產品的價格連續下跌,但我們正在進行的產品組合轉型和穩健的前端成本降低推動了 NAND 毛利率的連續增長。

  • Now turning to our fiscal Q2 revenue trends by business unit. Revenue for the Compute and Networking Business Unit was $3.5 billion, up 2% sequentially and up 31% year-over-year. Cloud generated record DRAM revenue, and client DRAM revenues also performed well in the quarter.

    現在轉向我們按業務部門劃分的第二財季收入趨勢。計算和網絡業務部門的收入為 35 億美元,環比增長 2%,同比增長 31%。雲創造了創紀錄的 DRAM 收入,客戶 DRAM 收入在本季度也表現良好。

  • Revenue for the Mobile Business Unit was $1.9 billion, down 2% sequentially and up 4% year-over-year. Our mobile business continues to perform well, building on our leadership in managed NAND and MCPs as well as our strong relationships with all smartphone customers.

    移動業務部門的收入為 19 億美元,環比下降 2%,同比增長 4%。我們的移動業務繼續表現良好,這得益於我們在託管 NAND 和 MCP 方面的領先地位,以及我們與所有智能手機客戶的牢固關係。

  • Revenue for the Storage Business Unit was $1.2 billion, up 2% sequentially and up 38% year-over-year. We achieved record SSD revenues, which were up approximately 80% year-over-year. Our storage business is gaining momentum, growing revenue as well as profitability as we become the first in the industry to ramp several 176-layer NAND SSDs from QLC and TLC client products to vertically integrated data center SSDs.

    存儲業務部門的收入為 12 億美元,環比增長 2%,同比增長 38%。我們實現了創紀錄的 SSD 收入,同比增長約 80%。隨著我們成為業內首家將多款 176 層 NAND SSD 從 QLC 和 TLC 客戶端產品升級到垂直集成數據中心 SSD 的公司,我們的存儲業務正在獲得動力、收入和盈利能力的增長。

  • Finally, revenue from the Embedded Business Unit was $1.3 billion, up 5% sequentially and up 37% year-over-year. Our Embedded Business Unit saw strong demand across automotive and industrial markets, with auto revenue hitting a new record.

    最後,嵌入式業務部門的收入為 13 億美元,環比增長 5%,同比增長 37%。我們的嵌入式業務部門看到汽車和工業市場的強勁需求,汽車收入創下新紀錄。

  • The consolidated gross margin for fiscal Q2 was 47.8%, up approximately 80 basis points quarter-over-quarter. Gross margins benefited from improvements in our portfolio mix as we ramped several high-value solutions and from manufacturing cost reductions.

    第二財季的綜合毛利率為 47.8%,環比增長約 80 個基點。毛利率受益於我們投資組合組合的改善,因為我們推出了幾種高價值解決方案以及製造成本的降低。

  • Operating expenses in fiscal Q2 were $974 million, near the midpoint of our guidance range. Fiscal Q2 operating income was strong at $2.8 billion, resulting in an operating margin of 35%, flat quarter-over-quarter and up from 20% in the prior year. Fiscal Q2 adjusted EBITDA was $4.5 billion, resulting in an EBITDA margin of 58%, up from 57% in the prior quarter and up from 45% in the prior year. Non-GAAP earnings per share in fiscal Q2 were $2.14, down slightly from $2.16 in fiscal Q1 and up more than 100% from the $0.98 in the year ago quarter. The sequential increase in fiscal Q2 tax rate impacted Q2 EPS by $0.04 per share.

    第二財季的運營費用為 9.74 億美元,接近我們指導範圍的中點。第二季度營業收入強勁,達到 28 億美元,營業利潤率為 35%,環比持平,高於去年的 20%。第二季度調整後的 EBITDA 為 45 億美元,EBITDA 利潤率為 58%,高於上一季度的 57%,高於上年的 45%。第二財季非美國通用會計準則每股收益為 2.14 美元,略低於第一財季的 2.16 美元,比去年同期的 0.98 美元增長 100% 以上。第二財季稅率的連續增加對第二季度每股收益產生了 0.04 美元的影響。

  • Turning to cash flows and capital spending. We generated $3.6 billion in cash from operations in fiscal Q2, representing 47% of revenue. Net capital spending was $2.6 billion during the quarter. We continue to expect fiscal 2022 CapEx to be in the range of $11 billion to $12 billion, with the CapEx being roughly even between the first and second half of the fiscal year. Our free cash flow for fiscal Q2 was strong at slightly over $1 billion. We remain confident in our ability to generate significant free cash flow in the second half of the fiscal year, substantially higher than that in the first half.

    轉向現金流和資本支出。我們在第二財季的運營中產生了 36 億美元的現金,佔收入的 47%。本季度的淨資本支出為 26 億美元。我們繼續預計 2022 財年資本支出將在 110 億美元至 120 億美元之間,資本支出在本財年上半年和下半年之間大致持平。我們第二財季的自由現金流強勁,略高於 10 億美元。我們仍然對我們在本財年下半年產生大量自由現金流的能力充滿信心,遠高於上半年。

  • We completed share repurchases of $408 million or approximately 4.8 million shares in the quarter. Including our dividend payment, we returned around $520 million to shareholders in fiscal Q2. From the inception of the share repurchase program in fiscal 2019, we have deployed $4.7 billion towards repurchasing 94 million shares at an average price of $50 per share. In addition, we have deployed approximately $800 million towards settling convert premiums, which reduced our diluted share count by 19 million shares.

    我們在本季度完成了 4.08 億美元或約 480 萬股的股票回購。包括我們的股息支付,我們在第二財季向股東返還了大約 5.2 億美元。自 2019 財年股票回購計劃啟動以來,我們已部署 47 億美元以平均每股 50 美元的價格回購 9400 萬股股票。此外,我們已部署約 8 億美元用於結算轉換溢價,這使我們的稀釋後股票數量減少了 1900 萬股。

  • Combining the share repurchases, convert premiums and dividends, we have returned to shareholders $5.8 billion or 64% of our cumulative free cash flow in this time frame. We remain committed to returning more than 50% of the cross-cycle free cash flow through a combination of dividends and buybacks. As we have mentioned before, we will be opportunistic in share repurchases and more aggressive when the shares are trading at larger discounts to intrinsic value. Our Board of Directors approved a quarterly dividend of $0.10 to be paid on April 26 to shareholders of record on April 11.

    結合股票回購、轉換溢價和股息,我們已經向股東返還了 58 億美元,占我們在此時間框架內累計自由現金流的 64%。我們仍然致力於通過股息和回購相結合的方式返還超過 50% 的跨週期自由現金流。正如我們之前提到的,我們將在股票回購中投機取巧,當股票以相對於內在價值更大的折扣交易時,我們將更加積極。我們的董事會批准在 4 月 26 日向 4 月 11 日登記在冊的股東支付 0.10 美元的季度股息。

  • Our ending fiscal Q2 inventory was $5.4 billion, and average days of inventory for the quarter was 113 days. Our fiscal Q2 DIO increased sequentially due to an increase in raw materials and WIP to support demand for the second fiscal half. Finished goods inventory declined quarter-over-quarter in both DRAM and NAND. We ended the quarter with $11.9 billion of total cash and investments and $14.4 billion of total liquidity. Our fiscal Q2 total debt was $7.1 billion.

    我們第二季度末的庫存為 54 億美元,本季度的平均庫存天數為 113 天。由於原材料和 WIP 增加以支持下半年的需求,我們的第二財季 DIO 環比增長。 DRAM 和 NAND 的成品庫存環比下降。截至本季度末,我們的現金和投資總額為 119 億美元,流動性總額為 144 億美元。我們的第二財季總債務為 71 億美元。

  • Now turning to our outlook for the fiscal third quarter. Our overall business is tracking ahead of our plans a quarter ago, and demand is strong across most end markets with some regional challenges that Sanjay referenced earlier. Near-term supply and pricing trends are constructive. Our improved fiscal year financial outlook is increasing our variable compensation expenses, which will impact our costs in fiscal Q3. We are also seeing cost impacts from continuing inflationary pressures and from supply chain mitigation actions resulting -- related to industry-wide shortages. Additionally, due to the pull-in of cost reductions in Q2, we expect more modest front-end cost reductions in Q3 on a sequential basis. We do expect both DRAM and NAND gross margins to increase sequentially in fiscal Q3. A higher mix of NAND revenue in our consolidated total will affect our consolidated gross margin as our DRAM gross margins are substantially higher than our NAND gross margins.

    現在轉向我們對第三財季的展望。我們的整體業務在一個季度前跟踪我們的計劃,大多數終端市場的需求都很強勁,桑傑早些時候提到了一些區域挑戰。近期供應和定價趨勢具有建設性。我們改善的財年財務前景正在增加我們的可變薪酬費用,這將影響我們在第三財季的成本。我們還看到持續的通脹壓力以及與全行業短缺相關的供應鏈緩解措施對成本的影響。此外,由於第二季度成本下降的影響,我們預計第三季度前端成本將連續下降。我們確實預計 DRAM 和 NAND 的毛利率將在第三財季環比增長。由於我們的 DRAM 毛利率大大高於我們的 NAND 毛利率,我們綜合總收入中更高的 NAND 收入組合將影響我們的綜合毛利率。

  • With all these factors in mind, our non-GAAP guidance for fiscal Q3 is as follows. We expect revenue to be $8.7 billion, plus or minus $200 million, which will represent a new record for quarterly revenues; gross margin to be in the range of 48%, plus or minus 100 basis points; and operating expenses to be approximately $1.05 billion, plus or minus $25 million. We expect our non-GAAP tax rate to be approximately 10% for fiscal Q3. Based on a share count of approximately 1.14 billion fully diluted shares, we expect EPS to be $2.46, plus or minus $0.10. We remain on track to deliver record revenue and solid profitability and free cash flow in fiscal 2022.

    考慮到所有這些因素,我們對第三財季的非公認會計準則指導如下。我們預計收入將達到 87 億美元,上下浮動 2 億美元,這將創下季度收入的新紀錄;毛利率在 48% 範圍內,正負 100 個基點;運營費用約為 10.5 億美元,上下浮動 2500 萬美元。我們預計第三季度的非公認會計原則稅率約為 10%。根據大約 11.4 億股完全稀釋後的股票數量,我們預計每股收益為 2.46 美元,上下浮動 0.10 美元。我們仍有望在 2022 財年實現創紀錄的收入、穩健的盈利能力和自由現金流。

  • In closing, Micron continues to deliver strong cross-cycle performance. Revenue growth has significantly outpaced the broader semiconductor industry, gross margins have averaged over 40%, and operating margins have averaged around 30%. Micron's financial foundation and outlook have never been stronger as we build on the momentum created by our portfolio transformation, leadership technology road map and manufacturing excellence.

    最後,美光繼續提供強大的跨週期性能。收入增長明顯超過更廣泛的半導體行業,毛利率平均超過 40%,營業利潤率平均在 30% 左右。美光憑藉我們的產品組合轉型、領先技術路線圖和卓越製造所創造的動力,其財務基礎和前景從未如此強大。

  • I will now turn it back to Sanjay.

    我現在把它轉回給桑傑。

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • Thank you, Sumit. I'm proud to note that earlier this month, Micron was named one of the World's Most Ethical Companies by the Ethisphere Institute. This recognition reflects our global team's dedication to holding ourselves to the highest ethical standards both in how we operate and how we pursue environmental and social responsibility.

    謝謝你,蘇米特。我很自豪地註意到,本月早些時候,美光被 Ethisphere Institute 評為全球最具道德的公司之一。這一認可反映了我們的全球團隊致力於在我們的運營方式以及我們如何追求環境和社會責任方面堅持最高的道德標準。

  • We continue to manage our business with a discipline and foresight that is driving industry-leading technology ramps, improving our product portfolio and strengthening our customer relationships. A strong first half performance and our guidance for an all-time record quarter show our continued progress toward delivering record fiscal '22 revenues and robust profitability. Given our technology leadership, Micron is in an excellent position to capitalize on the broad trends that are driving demand for DRAM and NAND solutions, solutions that transform data into better customer experiences and greater business value. I look forward to seeing you at our Investor Day presentation on May 12 in San Francisco, where we will discuss the technology drivers behind these trends in greater depth and detail Micron's strategies to seize the opportunity ahead.

    我們繼續以紀律和遠見管理我們的業務,推動行業領先的技術進步,改進我們的產品組合併加強我們的客戶關係。上半年強勁的業績和我們對創紀錄季度的指導表明,我們在實現創紀錄的 22 財年收入和強勁的盈利能力方面繼續取得進展。鑑於我們的技術領先地位,美光處於有利位置,可以利用推動對 DRAM 和 NAND 解決方案需求的廣泛趨勢,這些解決方案將數據轉化為更好的客戶體驗和更大的商業價值。我期待在 5 月 12 日於舊金山舉行的投資者日演講中見到您,屆時我們將更深入地討論這些趨勢背後的技術驅動因素,並詳細介紹美光抓住未來機遇的戰略。

  • Thanks for joining us today, and we'll now open for questions.

    感謝您今天加入我們,我們現在開始提問。

  • Operator

    Operator

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

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

  • Christopher James Muse - Senior MD, Head of Global Semiconductor Research & Senior Equity Research Analyst

    Christopher James Muse - Senior MD, Head of Global Semiconductor Research & Senior Equity Research Analyst

  • I guess first question, as I look at your results, the mix and operational performance is excellent. And as you look ahead to the second half, you did talk about a pull-in of costs in the February quarter but would be curious to hear how you're thinking about mix both like-for-like in DRAM and NAND into the second half of the fiscal year and how we should think about kind of the gross margin trajectory from here.

    我想第一個問題,當我查看您的結果時,混合和操作性能非常好。當您展望下半年時,您確實談到了 2 月季度的成本拉動,但很想知道您如何考慮將 DRAM 和 NAND 中的同類產品混合到第二季度本財年的一半,以及我們應該如何考慮從這裡開始的毛利率軌跡。

  • Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

    Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

  • All right. So in terms of the gross margins and the mix, I'll just point out that for FQ2, for example, we had exceptionally strong performance in gross margin due to the ramp of our 1-alpha and 176-layer NAND and our portfolio mix. And our NAND gross margins actually improved due to mix effects alone. And of course, we had good cost reductions in 176-layer NAND. So that momentum is continuing. So as I look forward to FQ3, you have seen that the gross margin guidance at the midpoint is sequentially higher. So we are very positive on our gross margin trajectory going forward.

    好的。因此,就毛利率和組合而言,我只想指出,例如,對於 FQ2,由於我們的 1-alpha 和 176 層 NAND 的增長以及我們的產品組合組合,我們的毛利率表現異常強勁.我們的 NAND 毛利率實際上是由於混合效應而提高的。當然,我們在 176 層 NAND 中的成本降低了很多。所以這種勢頭還在繼續。因此,當我期待 FQ3 時,您已經看到中點的毛利率指引依次更高。因此,我們對未來的毛利率軌跡非常樂觀。

  • I want to point out a couple of things that are important here. So both NAND and DRAM gross margins are expected to improve sequentially in FQ3. And as you highlighted, we have spoken about some cost improvements that got pulled into FQ2. So that's going to have a little bit of a dampening effect on the cost improvements we will see sequentially. But there are a couple of important factors that are going to affect our FQ3 gross margin by about 100 basis points.

    我想在這裡指出一些重要的事情。因此,預計第三季度 NAND 和 DRAM 的毛利率將依次提高。正如您所強調的那樣,我們已經談到了 FQ2 中的一些成本改進。因此,這將對我們將依次看到的成本改進產生一些抑製作用。但有幾個重要因素將影響我們的 FQ3 毛利率約 100 個基點。

  • The first one is that our variable compensation accrual is increasing sequentially from FQ2 to FQ3 because our overall profitability forecast for the year -- for the fiscal year is quite a bit higher than we were expecting originally. So that is increasing our bonus accrual. That impacts costs in the following quarter. We have already taken that impact in the OpEx for FQ2, but it will impact costs in FQ3. So that's an impact on gross margin sequentially in FQ3.

    第一個是我們的可變薪酬應計從 FQ2 到 FQ3 依次增加,因為我們對本財年的整體盈利能力預測——本財年比我們最初的預期要高很多。所以這增加了我們的獎金累積。這會影響下一季度的成本。我們已經在 FQ2 的 OpEx 中產生了這種影響,但它會影響 FQ3 的成本。所以這對第三季度的毛利率產生了影響。

  • And the other aspect is that our NAND business in FQ3 will grow faster than our DRAM business in FQ3. So that has a little bit of an impact on the consolidated gross margin. So both NAND and DRAM businesses will have sequential improvement, but NAND will grow faster. So mathematically, it will just have a little bit of an impact. So the 2 of these issues between the bonus accrual and the NAND mix has about just over the 100 basis point impact on gross margin going from FQ2 to FQ3. And in spite of that 100 basis point impact, we are forecasting improvement in gross margin in going from FQ2 to FQ3. So overall, really strong margin performance, I feel.

    另一個方面是我們在 FQ3 的 NAND 業務將比我們在 FQ3 的 DRAM 業務增長更快。所以這對綜合毛利率有一點影響。所以 NAND 和 DRAM 業務都會有連續的提升,但 NAND 會增長更快。所以從數學上講,它只會產生一點影響。因此,獎金應計和 NAND 組合之間的兩個問題對從 FQ2 到 FQ3 的毛利率產生了大約 100 個基點的影響。儘管有 100 個基點的影響,我們預測從 FQ2 到 FQ3 的毛利率會有所改善。所以總的來說,我覺得利潤率表現非常強勁。

  • And you asked a question about mix. You see that our data center SSD revenue is improving substantially. Sanjay mentioned in his prepared remarks that in FQ2, our revenue doubled year-on-year in the data center. We expect continued growth in the data center in the next couple of quarters as well. So that's a positive for our gross margins. We also have leadership in DDR5. That kind of mix improvement is also good for us because we do have good gross margins there. So overall, we feel positive about the trajectory into FQ3 and very constructive about FQ4 profitability as well. Of course, we are not going to guide for FQ4. So we'll leave it at that for now.

    你問了一個關於混合的問題。您會看到我們的數據中心 SSD 收入正在大幅提高。桑傑在準備好的講話中提到,在 FQ2,我們在數據中心的收入同比翻了一番。我們預計未來幾個季度數據中心也將繼續增長。所以這對我們的毛利率是有利的。我們在 DDR5 方面也處於領先地位。這種混合改進對我們也有好處,因為我們在那裡確實有很好的毛利率。因此,總體而言,我們對進入第三季度的軌跡感到樂觀,對第四季度的盈利能力也非常有建設性。當然,我們不會為 FQ4 提供指導。所以我們現在就這樣吧。

  • Operator

    Operator

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

    我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

  • Vivek Arya - MD in Equity Research & Research Analyst

    Vivek Arya - MD in Equity Research & Research Analyst

  • Interesting to see that the strong outlook, and you're maintaining the full year kind of industry view unchanged also even though there have been some recent kind of softer data points and deceleration in PC and smartphone demand. Is this just the case of data center strength overpowering those headwinds? And what are you doing to make sure that you don't oversupply to the data center?

    有趣的是,強勁的前景,並且你保持全年行業觀點不變,儘管最近出現了一些疲軟的數據點以及個人電腦和智能手機需求的減速。這只是數據中心實力壓倒這些逆風的情況嗎?您正在做些什麼來確保不會對數據中心供過於求?

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • So certainly, let me take this question. Regarding PC, what I would like to point out is that in PC, enterprise and desktops are strong. Chromebooks and consumer PCs have had some weakness, as it's well known, but enterprise and desktops are strong. And that's a favorable mix for us because enterprise and desktops take higher content of both DRAM and NAND.

    所以當然,讓我回答這個問題。關於PC,我想指出的是,在PC中,企業和台式機都很強大。眾所周知,Chromebook 和消費類 PC 有一些弱點,但企業和台式機很強大。這對我們來說是一個有利的組合,因為企業和台式機需要更高的 DRAM 和 NAND 內容。

  • So while we look at PC unit growth on a year-over-year basis to be flattish, the enterprise and desktop mix is favorable in terms of DRAM and flash content requirements there. And data center, certainly a strong market for us. Second half of calendar year '22 should be strong for data center because of new CPUs that are expected to be launched, which will be driving greater content in the servers. So data -- and you have heard about various hyperscalers talking about their investments, their CapEx investments in data center as well. And again, all the workloads related to AI/ML are just driving greater content within the data center space.

    因此,雖然我們認為 PC 單位的同比增長持平,但企業和台式機組合在 DRAM 和閃存內容需求方面是有利的。而數據中心,對我們來說無疑是一個強大的市場。 22 日曆年下半年對數據中心來說應該是強勁的,因為預計將推出新的 CPU,這將推動服務器中的更多內容。所以數據——你聽說過各種超大規模企業談論他們的投資,以及他們在數據中心的資本支出投資。同樣,所有與 AI/ML 相關的工作負載都只是在數據中心空間內推動更多內容。

  • But it's not just about data center or the aspects of PC that we just discussed; of course, 5G smartphones continuing to drive strong DRAM and NAND content, as we mentioned; and automotive market, strong growth driver as well. So the point is that the demand is broad-based. And demand, we expect to be strong going forward as well. And of course, on the aspect of supply, of course, the supply is contained in the industry because of the discipline on CapEx that has been exercised by the various players. And of course, on the NAND side, the aspect of the contamination issue that impacted a competitor's fab and impacted the supply in NAND in a big way there, too. So overall, healthy environment that we see for -- in terms of DRAM and NAND supply and demand balance through the year.

    但這不僅僅是我們剛剛討論的數據中心或 PC 方面的問題。當然,正如我們所提到的,5G 智能手機繼續推動強勁的 DRAM 和 NAND 內容;汽車市場也是強勁的增長動力。所以關鍵是需求是廣泛的。和需求,我們預計未來也會很強勁。當然,在供應方面,當然,由於各個參與者對資本支出的約束,供應包含在行業中。當然,在 NAND 方面,污染問題也影響了競爭對手的晶圓廠,並在很大程度上影響了 NAND 的供應。總體而言,我們看到的健康環境——就 DRAM 和 NAND 全年的供需平衡而言。

  • Operator

    Operator

  • Our next question comes from John Pitzer of Credit Suisse.

    我們的下一個問題來自瑞士信貸的約翰·皮策。

  • John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

    John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

  • Congratulations on the strong results. Sanjay, you've spent the last several years trying to reposition the NAND portfolio to higher-value products. I'm kind of curious, relative to the May guide of NAND growing faster sequentially than DRAM, can you help us better understand what products and end markets are really driving that? And is this really the fruits of some of your qualification labors? And as you answer the question, I'd be curious, when you think about NAND gross margins, what's the impact as the mix continues to improve? How much of the gap between NAND and DRAM do you think you can close over time? Or how much more upside do you think there is in the NAND gross margin business over time as you optimize the portfolio?

    祝賀你取得了不錯的成績。 Sanjay,您過去幾年一直在嘗試將 NAND 產品組合重新定位為更高價值的產品。我有點好奇,相對於 NAND 的 5 月指南,NAND 的連續增長速度快於 DRAM,您能幫助我們更好地了解哪些產品和終端市場真正推動了這一增長嗎?這真的是你的一些資格工作的成果嗎?當你回答這個問題時,我很好奇,當你考慮 NAND 毛利率時,隨著組合繼續改善,會有什麼影響?您認為隨著時間的推移可以縮小 NAND 和 DRAM 之間的差距多少?或者,隨著時間的推移,隨著您優化產品組合,您認為 NAND 毛利率業務還有多少上升空間?

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • So certainly, in NAND, I think our team has done a great job in leading the industry by several quarters with 176-layer NAND technology and now deploying it into various products. We talked about in our prepared remarks some of the SSDs that we have introduced now for data center as well, being the first ones to introduce data center NVMe SSDs with 176-layer NAND technology with vertically integrated solutions, including our own controllers. Our manufacturing ramp has been excellent as well. They are really exceptionally executed in terms of our yields, in terms of production ramp, in terms of quality.

    所以當然,在 NAND 方面,我認為我們的團隊在使用 176 層 NAND 技術領先行業幾個季度方面做得很好,現在將其部署到各種產品中。我們在準備好的評論中談到了我們現在為數據中心推出的一些 SSD,它們是第一個推出採用 176 層 NAND 技術和垂直集成解決方案的數據中心 NVMe SSD,包括我們自己的控制器。我們的製造斜坡也很出色。它們在我們的產量、產量和質量方面都非常出色。

  • And all the work that we have been putting in over the course of last several years absolutely is coming to fruition here. We have had -- we have enjoyed already the gains in share with respect to mobile-managed NAND solutions both on the MCP side that contain DRAM and NAND solutions as well as on the discrete NAND side. And you have seen how we have grown our share from low single digits a few years ago to now in the high teens in terms of our share in the market. So strong performance already enjoyed on the mobile NAND side of the business.

    我們在過去幾年中所做的所有工作都將在這裡取得成果。我們已經 - 我們已經在包含 DRAM 和 NAND 解決方案的 MCP 端以及分立 NAND 端的移動管理 NAND 解決方案方面享有份額收益。你已經看到我們在市場上的份額如何從幾年前的低個位數增長到現在的十幾歲。業務的移動 NAND 方面已經享有如此強勁的表現。

  • And now SSD is getting absolutely into high gear here. Our client SSDs, our introduction of QLC, 176-layer SSD, our data center NVMe SSDs, all the work that -- we have vertically integrated solutions with our own controllers. All this work that we have been doing for quite some time is hitting the market now, and we are well positioned to gain share in the SSD space, in the client as well as on the data center side. And all of these, being built on the foundation of leading, highly cost-effective 176-layer NAND technology positions us well for improvements in our revenue outlook for NAND as well as for our profitability outlook for NAND.

    而現在 SSD 在這裡絕對是高速發展的。我們的客戶端 SSD、我們推出的 QLC、176 層 SSD、我們的數據中心 NVMe SSD,所有這些工作——我們擁有與我們自己的控制器垂直集成的解決方案。我們已經做了很長一段時間的所有這些工作現在正在進入市場,我們已經準備好在 SSD 領域、客戶端以及數據中心方面獲得份額。所有這些都建立在領先的、極具成本效益的 176 層 NAND 技術的基礎上,使我們能夠很好地改善我們的 NAND 收入前景以及我們的 NAND 盈利前景。

  • And in terms of the differences between DRAM and NAND, of course, as Sumit was just earlier highlighting that there are significant differences in the industry margins for DRAM as well as NAND and certainly for Micron as well. But the point is that our margins in NAND are improving given the accelerating portfolio momentum we have and our ability to really address a wide range of end-market applications from smartphone to client SSDs to data center SSDs as well as strong position in the channel markets as well.

    當然,就 DRAM 和 NAND 之間的差異而言,正如 Sumit 早些時候強調的那樣,DRAM 和 NAND 的行業利潤率存在顯著差異,當然美光也是如此。但關鍵是,鑑於我們擁有加速的投資組合勢頭,以及我們真正解決從智能手機到客戶端 SSD 到數據中心 SSD 的廣泛終端市場應用的能力,以及在渠道市場的強勢地位,我們在 NAND 的利潤率正在提高也是。

  • Operator

    Operator

  • Our next question comes from Timothy Arcuri of UBS.

    我們的下一個問題來自瑞銀的蒂莫西·阿庫裡。

  • Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

    Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

  • I just had a quick question on cost as well. So if I look at the slide, Sanjay, where you're talking about the current outlook, the verbiage changed to basically reflect the fact that you're costing down better this year than the industry. And of course, there are headwinds on cost for the industry this year. But I'm wondering whether your ability to outpace the industry's cost down will also extend into next year. Because if I look at the verbiage on the slide, last quarter, you said that you think that you'll be competitive with the industry over the longer term. So I'm just wondering whether you think that this is a 1-year thing where you're costing down better than the industry. Or is this -- can this be sustained into next year?

    我也有一個關於成本的快速問題。因此,如果我看一下幻燈片,桑傑,你在談論當前的前景,措辭發生了變化,基本上反映了你今年的成本下降比行業更好的事實。當然,今年該行業的成本也存在不利因素。但我想知道你超越行業成本下降的能力是否也會延續到明年。因為如果我看一下幻燈片上的措辭,上個季度,您說您認為從長遠來看您將與該行業競爭。所以我只是想知道你是否認為這是一個為期 1 年的事情,你的成本比行業更低。或者這是 - 這可以持續到明年嗎?

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • We feel really good about our technology road map. And just like we have led the industry with our 1-alpha DRAM as well as with our 176-layer NAND, we certainly plan to lead the industry with our future-generation nodes as well, and we are making good progress on those. And those nodes will be introduced sometime in calendar year '23 time frame as well. So really, it's our technology leadership position and our ability to successfully ramp it into production across a broad range of products is key to our strength in continuing our cost position in the industry. So we feel very good about our cost position versus our competitors going forward as well.

    我們對我們的技術路線圖感覺非常好。就像我們用 1-alpha DRAM 和 176 層 NAND 引領行業一樣,我們當然也計劃用我們的下一代節點引領行業,我們在這些方面取得了良好進展。這些節點也將在日曆年 '23 時間範圍內的某個時間推出。所以真的,這是我們的技術領先地位,我們成功地將其投入生產的能力廣泛的產品是我們在行業中保持成本地位的實力的關鍵。因此,與我們的競爭對手相比,我們對我們的成本地位也感到非常滿意。

  • Operator

    Operator

  • Our next question comes from Pierre Ferragu of New Street Research.

    我們的下一個問題來自 New Street Research 的 Pierre Ferragu。

  • Pierre C. Ferragu - Global Team Head of Technology Infrastructure

    Pierre C. Ferragu - Global Team Head of Technology Infrastructure

  • I have, first, like very quick simple one on the mobile market. So it's slowing sequentially now. What kind of visibility do you have there? Do you think we are reaching like -- a kind of like plateau in content increase in the kind of growth that 5G generated in that market? Or is that something different and more temporary?

    首先,我喜歡移動市場上非常快速簡單的產品。所以現在它正在按順序放緩。你在那裡有什麼樣的能見度?您是否認為我們正在達到類似 - 在 5G 在該市場產生的那種增長中,內容增加的類似平台?或者那是什麼不同的、更暫時的?

  • And then I have like a broader question for you guys. Your peers in logic are very active on, I would say, the geopolitical front, investing in the U.S., investing in Europe to create a more balanced manufacturing footprint in the world. And we don't hear much about that in the memory market. And so I was wondering if there could be a topic there, if there are conversations. And is that something that could benefit Micron at some point?

    然後我想問你們一個更廣泛的問題。我想說,你的邏輯同行在地緣政治方面非常活躍,投資美國,投資歐洲,以在世界上創造一個更加平衡的製造業足跡。而且我們在內存市場上聽到的不多。所以我想知道那裡是否有一個話題,是否有對話。這是否會在某些時候使美光受益?

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • So it's a great position to be in today that we have Sumit here as the Interim CFO as well as our Chief Business Officer. So I will actually let him address the first question of yours, and then I will take the second question. Sumit, go ahead with the first one.

    因此,今天我們有 Sumit 擔任臨時首席財務官和首席商務官,這是一個很好的職位。所以我實際上會讓他回答你的第一個問題,然後我會回答第二個問題。 Sumit,繼續第一個。

  • Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

    Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

  • Sure, Sanjay. So Pierre, thanks for that question. So in terms of the mobile average capacities, no, we don't see this anywhere close to a plateau of any kind. We are very positive on average content growth in mobile. The 5G transformation in the industry continues in the handset portfolio. So if you think about an industry of about 1.4 billion smartphones approximately being sold on an annual basis, about 500 million or so in calendar 2021 were sold as 5G. We expect a 40% growth to 700 million being sold as 5G handsets this year. And a 5G handset has typically 50% more DRAM content, more than double the NAND content of a 4G handset. So that trend has a lot to run still. And I think on the -- even beyond that, we do expect applications to come up that take advantage of 5G in ways that are going to continue to drive the average capacities for both DRAM and NAND higher. So there's plenty of room to run there.

    當然,桑傑。所以皮埃爾,謝謝這個問題。因此,就移動平均容量而言,不,我們看不到任何接近任何類型的高原的地方。我們非常看好移動領域的平均內容增長。行業的 5G 轉型在手機產品組合中繼續進行。因此,如果您考慮一個每年大約售出約 14 億部智能手機的行業,那麼在 2021 年日曆中約有 5 億部左右以 5G 的形式售出。我們預計今年 5G 手機銷量將增長 40% 至 7 億部。 5G 手機的 DRAM 內容通常多 50%,是 4G 手機的 NAND 內容的兩倍多。所以這種趨勢還有很多事情要做。而且我認為 - 甚至除此之外,我們確實希望出現利用 5G 的應用程序,這些應用程序將繼續推動 DRAM 和 NAND 的平均容量更高。所以那裡有足夠的空間運行。

  • Yes, the smartphone business, we do expect a low single-digit sort of unit volume growth in this calendar year overall for the smartphone volumes, consolidated volumes overall. And average capacity is then on top of that. So the overall growth is going to still be robust. And keep in mind, we are going to enter a seasonally stronger period when new handsets get introduced in the fall for the mobile business. So that's going to be another catalyst as well. So with that, I will pass it over to Sanjay.

    是的,智能手機業務,我們確實預計本日曆年整體智能手機銷量的單位數量增長將出現低個位數,整體合併銷量。平均容量是最重要的。因此,整體增長仍將強勁。請記住,我們將進入一個季節性更強的時期,屆時將在秋季為移動業務推出新手機。所以這也將成為另一個催化劑。因此,我將把它交給桑傑。

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • Thank you, Sumit. And Pierre, regarding your second question, so of course, as you know, Micron has made investments over the course of last few years in our clean rooms in the U.S., in Taiwan, in Singapore as well as Japan. In terms of clean room expansions in these locations, again, leveraging our globally well-diversified manufacturing footprint, these clean room expansions position us to implement the technology transitions in our production. And we have not added new wafer capacity, but we have invested really prudently over the course of last few years in clean room expansion, positioning us well to deliver on technology transitions, which are -- which is what is positioning us to drive our cost reductions as well as bit growth in line with the demand growth.

    謝謝你,蘇米特。皮埃爾,關於你的第二個問題,當然,如你所知,美光在過去幾年中對我們在美國、台灣、新加坡和日本的潔淨室進行了投資。在這些地點的潔淨室擴建方面,再次利用我們在全球範圍內多元化的製造足跡,這些潔淨室擴建使我們能夠在生產中實施技術轉型。而且我們沒有增加新的晶圓產能,但在過去幾年中,我們在潔淨室擴建方面進行了非常謹慎的投資,使我們能夠很好地實現技術轉型,這正是我們推動成本的原因減少以及比特增長與需求增長一致。

  • As we look ahead, we have announced in October of last year that we would be looking at investing more than $150 billion over 10 years in leading-edge memory manufacturing and R&D on a global basis. So of course, we had also, as part of that, highlighted that in '25-'26 time frame, we would be needing to add new wafer capacity for DRAM in order to continue to meet the increase in demand for the later half of the decade through the 2030 time frame.

    展望未來,我們在去年 10 月宣布,我們將考慮在 10 年內在全球範圍內投資超過 1500 億美元用於領先的內存製造和研發。因此,當然,作為其中的一部分,我們還強調,在“25-26”時間框架內,我們將需要為 DRAM 增加新的晶圓產能,以繼續滿足下半年需求的增長。到 2030 年時間框架的十年。

  • In that regard, of course, we are evaluating the new expansion on a global basis. And certainly, in the U.S., the discussions that have been proceeding related to chips and the FABS Act, which are about upfront support for investments, new manufacturing capacity as well as ongoing investment tax credits. These are important aspects to help the U.S. bridge the gap with Asia operations. And these are the things that we will, of course, continue to monitor.

    當然,在這方面,我們正在全球範圍內評估新的擴張。當然,在美國,正在進行的討論與芯片和 FABS 法案有關,這些討論涉及對投資的前期支持、新的製造能力以及持續的投資稅收抵免。這些都是幫助美國縮小與亞洲業務差距的重要方面。當然,這些都是我們將繼續監控的事情。

  • And we will be making our decisions regarding future expansions. Once again, that is more about the second half of this decade because until then, we are well positioned with our clean room situation in our diversified footprint in various countries, including the U.S. today. And in this regard, we are very much engaged with the U.S. government related to passage of CHIPS and investment tax credits.

    我們將就未來的擴張做出決定。再一次,這更多地是關於這十年的下半葉,因為在那之前,我們在包括今天的美國在內的各個國家的多元化足跡中,我們的潔淨室狀況處於有利地位。在這方面,我們與美國政府就 CHIPS 和投資稅收抵免進行了密切合作。

  • Operator

    Operator

  • Our next question comes from Mehdi Hosseini of SIG.

    我們的下一個問題來自 SIG 的 Mehdi Hosseini。

  • Mehdi Hosseini - Senior Analyst

    Mehdi Hosseini - Senior Analyst

  • One follow-up for Sanjay. How should I think about DDR5 contribution especially to the operating profit this year, which -- it seems to me mostly driven by the PC end market versus next year where the server application picks up.

    桑傑的後續行動。我應該如何看待 DDR5 對今年營業利潤的貢獻,在我看來,這主要是受 PC 終端市場的推動,而明年服務器應用程序將有所回升。

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • So I think we mentioned in our prepared remarks that DDR5, of course, it is a bigger die because of the specs of DDR5. By the way, that has an effect in terms of moderating the supply bit growth in the industry as well as DDR5 continues to ramp in client and, in the future, in the data center space as well. So DDR5, we noted in our remarks that it has a pricing premium in the industry as well. And Micron actually is leading in terms of DDR5 supply capability in the industry today as well. So it is a positive contribution to our overall DRAM margins with DDR5. And certainly, we are getting pricing premium for DDR5 in the industry. And as new processors get deployed widely in the data center space that can make use of DDR5, which are expected to begin later this year, you will see DDR5 continuing to ramp rapidly during calendar year '23 as well. We are well positioned with our DDR5 road map for client as well as for data center market.

    所以我認為我們在準備好的評論中提到了 DDR5,當然,由於 DDR5 的規格,它是一個更大的芯片。順便說一句,這對緩和行業供應位增長以及 DDR5 在客戶端以及未來數據中心領域的持續增長方面產生了影響。所以 DDR5,我們在評論中指出,它在行業中也有定價溢價。事實上,美光在當今業界的 DDR5 供應能力方面也處於領先地位。因此,DDR5 對我們的整體 DRAM 利潤率做出了積極貢獻。當然,我們在行業中獲得了 DDR5 的定價溢價。隨著新處理器廣泛部署在可利用 DDR5 的數據中心空間(預計將於今年晚些時候開始),您將看到 DDR5 在 23 日曆年繼續快速增長。我們為客戶和數據中心市場製定了 DDR5 路線圖。

  • Mehdi Hosseini - Senior Analyst

    Mehdi Hosseini - Senior Analyst

  • But there will be a pricing premium for server application versus desktop, correct?

    但是服務器應用程序與桌面應用程序相比會有定價溢價,對嗎?

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • DDR5, as we noted, has pricing premium, yes.

    正如我們所指出的,DDR5 具有定價溢價,是的。

  • Operator

    Operator

  • Our next question comes from Chris Danely of Citi.

    我們的下一個問題來自花旗銀行的 Chris Danely。

  • Christopher Brett Danely - MD & Analyst

    Christopher Brett Danely - MD & Analyst

  • So just specifically to DRAM, can you just talk about how the 3 main end markets did relative to your expectations? And then on the guidance, how they did -- or how they're -- you expect them to do relative to the expectations as far as PC, server, data center and mobile.

    因此,僅針對 DRAM,您能否談談 3 個主要終端市場相對於您的預期的表現如何?然後在指導上,他們是如何做的——或者他們是如何做的——你期望他們相對於 PC、服務器、數據中心和移動設備的期望做些什麼。

  • Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

    Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

  • All right. So Chris, yes, I can take that. So in terms of our end markets, FQ2 was a really good quarter. When we think about PCs, PCs performed well. Mobile performed well. Data center continues to be strong. And in fact, a lot of the gross margin upside that we experienced in FQ2 came from pricing improvements that were driven out of actually both DRAM and NAND but definitely in DRAM as well versus our expectations. So those markets have been strong in FQ2.

    好的。所以克里斯,是的,我可以接受。因此,就我們的終端市場而言,FQ2 是一個非常好的季度。當我們想到個人電腦時,個人電腦的表現很好。手機表現不錯。數據中心繼續強勁。事實上,我們在 FQ2 經歷的大部分毛利率上升來自定價改進,這實際上是由 DRAM 和 NAND 推動的,但與我們的預期相比,DRAM 肯定也是如此。因此,這些市場在第二季度表現強勁。

  • And as we look ahead in FQ3, most of our sequential growth in FQ3 is being driven out of the compute market, which is mostly DRAM; and then the storage market, which is mostly NAND. So our Storage Business Unit and our Compute and Networking Business Unit, these 2 business units are going to be the primary drivers of growth. All 4 business units are likely to grow well, but these 2 are going to be exceptional growth drivers sequentially in FQ3.

    展望第三季度,我們在第三季度的大部分連續增長都被排除在主要是 DRAM 的計算市場之外。然後是存儲市場,主要是NAND。所以我們的存儲業務部門和我們的計算和網絡業務部門,這兩個業務部門將成為增長的主要驅動力。所有 4 個業務部門都可能增長良好,但這兩個業務部門將在第三季度依次成為出色的增長動力。

  • So we do expect continued strength in PCs. As Sanjay mentioned, the average capacities are increasing because of the mix improvements in PCs due to the shift towards corporate PCs and laptops away from lower-end consumer. So that's helping there. Data center continues to be robust. We expect the rest of calendar '22 to be robust for data center because of a lot of demand growth there at our customers who are allocating significant CapEx increase. And the mobile 5G shift continues to be positive for average capacities. And even though mobile is not going to be a big driver of growth sequentially in FQ3, we do expect it to pick up sequentially in FQ4 because of seasonality and these continued trends.

    因此,我們確實預計 PC 將繼續走強。正如 Sanjay 所提到的,由於從低端消費者轉向企業 PC 和筆記本電腦,PC 的組合得到改善,因此平均容量正在增加。所以這對那裡有幫助。數據中心繼續保持穩健。我們預計 22 年的剩餘時間對數據中心來說將是強勁的,因為我們的客戶的需求增長很大,他們分配了大量的資本支出增加。移動 5G 轉變繼續對平均容量產生積極影響。儘管移動不會成為第三季度環比增長的主要驅動力,但由於季節性和這些持續趨勢,我們確實預計它會在第四季度環比增長。

  • Operator

    Operator

  • Our next question comes from Joe Moore of Morgan Stanley.

    我們的下一個問題來自摩根士丹利的喬摩爾。

  • Joseph Lawrence Moore - Executive Director

    Joseph Lawrence Moore - Executive Director

  • You touched on the impact of the contamination issue in NAND at your competitor. Can you talk about how much of a change that was, how tight you think the NAND market may be because of that? And do you expect that -- the impact of that to be durable beyond the current period?

    您談到了 NAND 污染問題對您的競爭對手的影響。你能談談有多大的變化,你認為 NAND 市場可能因此而緊張嗎?您是否認為其影響在當前時期之後會持續存在?

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • It certainly brought down the year-over-year supply growth for the industry. It brought it down based on some of the estimates that are out there by a couple of percentage points in terms of, again, the year-over-year industry supply growth. And certainly, that's -- in terms of the demand/supply dynamic in the industry, that's favorable because the demand for all the reasons that we have just discussed, whether it's in data center or in the client applications or on the mobile phones or even in the automotive market, the demand for NAND along with demand for DRAM continues to increase. And we fully expect a healthy demand/supply balance for the NAND industry as we look ahead.

    這無疑降低了該行業的同比供應增長。根據一些關於行業供應同比增長的估計,它降低了幾個百分點。當然,就行業的需求/供應動態而言,這是有利的,因為我們剛才討論的所有原因的需求,無論是在數據中心、客戶端應用程序、移動電話甚至是在汽車市場,對 NAND 的需求隨著對 DRAM 的需求不斷增加。展望未來,我們完全預計 NAND 行業的供需平衡將保持健康。

  • Operator

    Operator

  • Our next question comes from Toshiya Hari of Goldman Sachs.

    我們的下一個問題來自高盛的 Toshiya Hari。

  • Toshiya Hari - MD

    Toshiya Hari - MD

  • I had a question on NAND ASPs and how to think about the evolution going forward. I think in the February quarter, your ASPs were up mid-single digits sequentially despite the industry environment still being relatively soft from a pricing perspective. Sanjay, just given your comments around your success in data center SSDs and winning some of those important designs, is it fair to assume that your sequential ASP expansion going forward should outperform the industry throughout the year? Is that a fair assumption to be making?

    我有一個關於 NAND ASP 以及如何思考未來發展的問題。我認為在 2 月季度,儘管從定價的角度來看,行業環境仍然相對疲軟,但您的 ASP 環比上升了中個位數。 Sanjay,剛剛就您在數據中心 SSD 方面的成功和贏得其中一些重要設計發表了評論,假設您的連續 ASP 擴展應該在全年表現優於行業,是否公平?這是一個公平的假設嗎?

  • And then separately, Sumit, you talked about the headwinds associated with inflationary pressures and the supply chain mitigation actions. I think you said 100 basis points. At what point could that reverse? I know that's a hard question to answer, but should we expect those headwinds to persist for a couple of quarters? Or could those headwinds turn into tailwinds eventually?

    然後,Sumit,您還談到了與通脹壓力和供應鏈緩解措施相關的不利因素。我想你說的是 100 個基點。什麼時候可以逆轉?我知道這是一個很難回答的問題,但我們是否應該期望這些不利因素會持續幾個季度?或者這些逆風最終會變成順風嗎?

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • Sumit, why don't you go ahead?

    蘇米特,你為什麼不繼續?

  • Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

    Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

  • Yes. In terms of our cost pressures, certainly, if you look at the overall environment out there, things are continuing to be challenging. And this is an industry-wide statement. So whether you look at the price of oil and natural gas that are important commodities that impact even the price of electricity, to a lot of the other raw materials and commodities that we purchase, noble gases, a lot of these things, even the pricing of OSAT, external subcon services. And of course, you're seeing inflation and even foundry logic prices.

    是的。就我們的成本壓力而言,當然,如果你看看那裡的整體環境,事情仍然充滿挑戰。這是一個全行業的聲明。所以無論你看石油和天然氣的價格,這些重要商品甚至影響電價,我們購買的許多其他原材料和商品,惰性氣體,很多這些東西,甚至定價OSAT,外部 subcon 服務。當然,您會看到通貨膨脹,甚至是代工邏輯價格。

  • So there are lots of vectors. And then of course, we are also seeing wage inflation happening. So there are lots of vectors through which inflation is getting transmitted into the business. And of course, we are, I believe, doing a really extraordinary job of containing our costs. But of course, these inflationary pressures are there. So we are planning for these pressures to persist for several quarters. We are not thinking that these will let up anytime soon. And so our work is focused on continuing to find efficiencies, continuing to ramp our new technologies as fast as we have been doing in an excellent way.

    所以有很多向量。當然,我們也看到工資通脹正在發生。因此,通貨膨脹通過許多媒介傳遞到業務中。當然,我相信,我們在控製成本方面做得非常出色。但當然,這些通脹壓力是存在的。因此,我們計劃讓這些壓力持續幾個季度。我們不認為這些會很快放鬆。因此,我們的工作重點是繼續提高效率,繼續以出色的方式盡快提升我們的新技術。

  • So the rest of it comes from, of course, considering these costs as we think about how we price our products and, of course, driving stronger mix of products so we can get not only good ASPs but also have positive gross margin benefit of products that have higher ASP, better high-value mix in our portfolio. And that mix improvement is happening on the NAND side. It's also happening on the DRAM side with examples like DDR5. So with that, I'll turn it over to Sanjay.

    因此,其餘部分當然來自考慮這些成本,因為我們考慮如何為我們的產品定價,當然,推動更強大的產品組合,這樣我們不僅可以獲得良好的平均售價,而且還可以獲得產品的正毛利率收益在我們的投資組合中具有更高的平均售價、更好的高價值組合。這種混合改進正在NAND方面發生。它也發生在 DRAM 方面,例如 DDR5。因此,我將把它交給桑傑。

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • So I think Sumit touched on the next aspect, which was the first part of your question. And as I think Sumit had highlighted in his prepared remarks that for NAND, even though there was a like-for-like price decline, our -- overall due to the mix, our pricing went up in FQ2. And again, this is just highlighting that -- how mix is playing an important role. The new products that we are launching with SSDs as well as our mobile-managed NAND solutions and shifting away from components into greater and greater mix of high-value solutions positions us well for continuing to improve the profitability of the business here.

    所以我認為 Sumit 談到了下一個方面,這是您問題的第一部分。正如我認為 Sumit 在他準備好的評論中強調的那樣,對於 NAND,即使價格下跌,我們的 - 總體而言,由於混合,我們的定價在第二季度上漲。再一次,這只是強調 - 混合如何發揮重要作用。我們推出的新產品與 SSD 以及我們的移動管理 NAND 解決方案以及從組件轉向越來越多的高價值解決方案組合使我們能夠繼續提高這裡的業務盈利能力。

  • Operator

    Operator

  • Our next question comes from Ambrish Srivastava of BMO.

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

  • Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

    Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

  • Sumit, I'm a bit confused. I just wanted to make sure I understood the headwind that -- in the prior question. I thought the cost headwind, the 100 bps you called out, that was from the variable comp and had nothing to do with all the mitigation costs that are going on, which should continue for the next several quarters. Is that the case, the 100 bps is mainly...

    蘇米特,我有點糊塗了。我只是想確保我理解前面問題中的逆風。我認為成本逆風,即您所說的 100 個基點,來自可變補償,與正在發生的所有緩解成本無關,這將在接下來的幾個季度繼續存在。是這樣嗎,100bps主要是...

  • Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

    Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

  • Yes. That is -- your understanding is correct. Yes, your understanding is correct. The 100 basis points impact to sequential gross margin in FQ3 versus FQ2 stemmed from the variable comp increase that I mentioned that's going to impact FQ3 as well as the NAND revenue mix that is going to increase in FQ3 and caused an impact to the consolidated gross margin just mathematically. So the sum of the 2 is over 100 basis points and...

    是的。那就是——你的理解是正確的。是的,你的理解是正確的。 FQ3 與 FQ2 對連續毛利率的 100 個基點影響源於我提到的可變薪酬增長,這將影響 FQ3 以及將在 FQ3 增加的 NAND 收入組合,並對綜合毛利率造成影響只是在數學上。所以 2 的總和超過 100 個基點,並且...

  • Sanjay Mehrotra - CEO, President & Director

    Sanjay Mehrotra - CEO, President & Director

  • On the gross margin.

    在毛利率上。

  • Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

    Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

  • On the gross margin side. That's right.

    在毛利率方面。這是正確的。

  • Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

    Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

  • Got it. So then the question is then -- I'm just trying to unpack this because you talked about inflationary costs. We all understand that. We're feeling it in our own homes. But as you look at the business, you also said that some of the component availability is improving, and that has been a headwind as well to the back-end costs. So I'm just trying to unpack these comments. So on the one hand, you have -- and then you're also having to secure raw materials. I'm assuming neon is part of that. So can you just help us understand kind of what's the right way to think about these costs that could sustain for the next several quarters? So that was my first question.

    知道了。那麼問題來了——我只是想解開這個問題,因為你談到了通貨膨脹成本。我們都明白這一點。我們在自己的家裡也能感受到。但是當您查看業務時,您還說某些組件的可用性正在改善,這對後端成本也是不利的。所以我只是想解開這些評論。所以一方面,你有 - 然後你還必須確保原材料。我假設霓虹燈是其中的一部分。那麼,您能否幫助我們了解如何正確看待這些可能在未來幾個季度維持的成本?所以這是我的第一個問題。

  • The second one is, thanks for providing that commentary on the inventory. That was very helpful. We had to wait for the Q. The finished goods being down quarter-over-quarter for both DRAM and NAND, that was very helpful. The question is, is that seasonal? Or is there something going on at finished goods system?

    第二個是,感謝您提供關於清單的評論。這很有幫助。我們不得不等待 Q。DRAM 和 NAND 的成品都環比下降,這非常有幫助。問題是,這是季節性的嗎?還是成品系統發生了什麼?

  • Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

    Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

  • Sure. So in terms of the first question about costs, yes, we do expect that the availability of components is going to improve the overall shortages that we have been experiencing quite significantly over the last several quarters. The situation is improving. And as Sanjay said in the prepared remarks, it's not improving to an extent that all of those issues will be gone this year. We expect continuous improvement through the course of calendar '22. And we expect that because of those improvements in availability, the full demand will be experienced in terms of memory and storage because our customers can now order match sets of products. They can get their hands on all of the components that are short. We can get our hands on more components to build our products.

    當然。因此,就關於成本的第一個問題而言,是的,我們確實預計組件的可用性將改善過去幾個季度我們一直在經歷的整體短缺問題。情況正在好轉。正如桑傑在準備好的評論中所說的那樣,今年所有這些問題都將消失的程度並沒有改善。我們期望通過日曆 '22 的過程中不斷改進。我們預計,由於可用性的這些改進,將在內存和存儲方面體驗到全部需求,因為我們的客戶現在可以訂購匹配的產品集。他們可以得到所有短的組件。我們可以獲得更多組件來構建我們的產品。

  • And so that is improving through the calendar year, but there is going to be some components that will shift into -- in calendar '23 in terms of when we expect further improvement. There will be still some shortages. And even though the availability of some of these components is improving, there is a level of cost pressure across the supply chain. And these cost pressures are coming across a range of commodities that we buy, a range of input costs in the way we operate our fabs and back-end facilities. So it's an industry-wide pressure across a range of issues, and they will continue despite the improvements of availability of some components.

    因此,整個日曆年都在改善,但是就我們期望進一步改善的時間而言,在 23 年日曆中將會有一些組件會轉變。仍然會有一些短缺。儘管其中一些組件的可用性正在改善,但整個供應鏈仍存在一定程度的成本壓力。這些成本壓力來自我們購買的一系列商品,以及我們運營晶圓廠和後端設施的方式的一系列投入成本。因此,這是針對一系列問題的全行業壓力,儘管某些組件的可用性有所提高,但它們仍將繼續存在。

  • And now switching to your question about inventory. We have been managing our inventory tightly. So our finished goods inventory is down quarter-on-quarter by design. We have higher levels of WIP, mainly staging for a pretty robust growth in FQ3 sequentially. And you can see that in our guidance, we are growing very robustly in FQ3 compared to FQ2. So we do expect inventory to come down in FQ3 and to end up in pretty much the normal range that we have for the year at the end of FQ4. So we do still have that expectation that we would -- as we had mentioned last quarter as well, we would build inventory ending FQ2 and then reduce inventory in FQ3, FQ4. So that seems -- that is continuing to be the plan, and that's the set of numbers that you see.

    現在切換到您關於庫存的問題。我們一直在嚴格管理我們的庫存。因此,我們的成品庫存按設計環比下降。我們的 WIP 水平更高,主要是為第三季度的強勁增長做好準備。您可以在我們的指導中看到,與 FQ2 相比,我們在 FQ3 的增長非常強勁。因此,我們確實預計 FQ3 的庫存會下降,並且最終會在 FQ4 結束時幾乎處於我們今年的正常範圍內。因此,我們仍然有這樣的期望——正如我們上個季度也提到的那樣,我們將在 FQ2 結束時建立庫存,然後在 FQ3、FQ4 減少庫存。所以這似乎 - 這仍然是計劃,這就是你看到的一組數字。

  • Just one last point I will make there. Just one last point is part of the inventory increases to just ensure supply continuity, right? I mean this has been a challenge in terms of getting our hands on all the components we need. So part of it is just ensuring that we have adequate supply on hand to meet our customer demand as we ramp revenue.

    我將在此說明最後一點。最後一點是庫存增加的一部分,以確保供應連續性,對嗎?我的意思是,就獲得我們需要的所有組件而言,這是一個挑戰。因此,其中一部分只是確保我們手頭有足夠的供應來滿足我們增加收入的客戶需求。

  • Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

    Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

  • And so WIP has been going up consistently in the last 2, 3 quarters as a result of that rate?

    因此,在過去的 2、3 個季度中,由於該比率,WIP 一直在持續上升?

  • Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

    Sumit Sadana - Executive VP, Chief Business Officer & Interim CFO

  • Yes. Exactly.

    是的。確切地。

  • Operator

    Operator

  • Ladies and gentlemen, this does conclude today's conference call. Thank you for participating. You may disconnect.

    女士們先生們,今天的電話會議到此結束。感謝您的參與。您可以斷開連接。