美光科技 (MU) 2022 Q2 法說會逐字稿

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)

感謝您的耐心等待，歡迎參加美光科技2022財年第二季財務電話會議。 （操作說明）請注意，本次電話會議可能會被錄音。 （操作說明）

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

現在我將把電話交給投資者關係主管法爾漢·艾哈邁德。

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，歡迎參加美光科技2022財年第二季財務電話會議。今天與我一同參加會議的有總裁兼執行長桑傑·梅赫羅特拉，以及首席商務官兼臨時財務長蘇米特·薩達納。

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60分鐘，將透過投資者關係網站 investors.micron.com 進行網路直播，包括音訊和幻燈片。此外，我們已在網站上發布了季度業績新聞稿以及本次電話會議的發言稿。

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，今日財務業績討論均以非公認會計準則（非GAAP）財務資料呈現。您可在公司網站查閱GAAP與非GAAP財務指標的調節表。我們鼓勵您在本季持續造訪micron.com網站，以取得公司最新資訊，包括我們將參加的金融會議資訊。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.

再次提醒，我們今天討論的事項包含前瞻性陳述。這些前瞻性陳述受風險和不確定性因素的影響，可能導致實際結果與今天所作陳述有重大差異。請參閱我們向美國證券交易委員會（SEC）提交的文件，特別是我們最新的10-K表和10-Q表，其中討論了可能影響我們未來業績的風險。儘管我們認為前瞻性陳述中反映的預期是合理的，但我們無法保證未來的績效、活動水準、表現或成就。我們沒有義務在今天之後更新任何前瞻性陳述，使其與實際結果相符。

I'll now turn the call over to Sanjay.

現在我將把電話交給桑傑。

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 Farhan。大家下午好。美光科技在第二財季表現出色，業績超乎預期上限。儘管面臨持續的全球供應鏈挑戰，我們仍實現了營收和利潤率的環比成長，同時優化了產品組合併降低了成本。我們的產品需求廣泛，其中固態硬碟 (SSD) 產品營收創歷史新高，汽車市場營收也達到歷史最高水準。我們業界領先的 1-alpha DRAM 和 176 層 NAND 快閃記憶體製程節點產能爬坡執行力出色，顯著降低了成本。隨著我們在 DDR5 過渡方面引領產業，並不斷擴大 NVMe 資料中心 SSD 的市場份額，我們的產品組合轉型勢頭持續增強。在上半年表現穩健之後，我們預計在 2022 財年實現創紀錄的營收和強勁的獲利能力，並將繼續保持優勢，在 2022 財年及以後為股東創造顯著價值。

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 位元出貨量的絕大部分，而 176 層 NAND 則占我們 NAND 位元出貨量的絕大部分。我們的 1-alpha DRAM 和 176 層 NAND 產品良率極佳，為我們帶來了顯著的前端成本降低，並貢獻了可觀的收入。我們已與眾多客戶完成了基於這些先進製程節點的更多產品的驗證，這為我們在下半年繼續保持強勁的收入成長奠定了基礎。在基於這些領先製程技術的產品量產方面，我們領先業界幾季。同時，我們也在加大投資，以保持未來十年的技術領先地位，並在未來製程節點的開發方面取得了良好進展。

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，也是品質領域的行業領導者，我們的大多數客戶都將我們評為第一名。我們在品質方面的領先地位是美光的重要差異化優勢，尤其是在快速成長的資料中心和汽車市場，我們的品質評分非常出色。

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.

我們作為客戶策略供應商的地位也得到了鞏固，這體現在我們上個季度在半導體供應鏈持續面臨挑戰的情況下，依然致力於保障供應的連續性。 12月下旬，政府強制實施的COVID-19疫情封鎖措施影響了我們位於中國西安的後端工廠的產量。美光團隊憑藉著頑強的毅力，在封鎖結束後迅速恢復了西安工廠的正常產能。由於這項卓越努力，我們有效彌補了西安工廠的產量損失，並利用全球製造網路履行了本季對客戶的承諾。該地區若再次出現與COVID-19相關的封鎖措施，將對全球電子供應鏈構成風險，我們將繼續密切關注事態發展。

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，全球半導體供應鏈正面臨壓力。烏克蘭是全球半導體製造所需稀有氣體和其他關鍵礦物的重要供應地。過去幾年，我們已對供應鏈進行了策略性多元化佈局，並維持了充足的原材料和稀有氣體庫存。目前，我們預期俄烏戰爭不會對近期產量造成任何負面影響，但由於某些原料的供應可能面臨風險，我們預期成本將會增加。我們將繼續密切關注這一動態局勢，並與主要供應商保持溝通，以確保原材料的持續供應，從而支持我們的營運。

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。記憶體和儲存的需求十分廣泛，涵蓋從資料中心到智慧邊緣，再到日益多樣化的使用者設備。過去二十年來，記憶體和儲存的收入成長速度一直超過半導體產業的其他部分，我們預計這一趨勢將在未來十年持續，這得益於人工智慧、5G 和電動車的持續發展。我們的團隊在第二財季成功推出了多款新產品並獲得了客戶認證，在強化產品組合方面表現出色，我們為此感到非常自豪。

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，資料中心成為記憶體和儲存領域最大的市場，超越了行動市場。展望未來，我們預計未來十年資料中心的需求成長將超過整個記憶體和儲存市場，這主要得益於雲端運算的長期發展趨勢和企業穩健的IT投資。記憶體和儲存佔伺服器物料清單成本的比例已超過40%，而針對人工智慧和機器學習工作負載優化的伺服器，這一比例甚至更高。這種成長得益於新型異質運算架構、資料密集型工作負載的增加以及固態硬碟 (SSD) 對傳統硬碟 (HDD) 的持續替代。在第二財季，資料中心營收年增超過60%，這主要得益於我們DRAM和SSD產品組合的強勁需求。我們已擴大了1-alpha DRAM產品的認證範圍，並已做好充分準備，支援由新型CPU平台驅動的資料中心DDR5過渡。這些新型CPU平台預計將於今年稍晚開始量產，並在2023年加速發展。

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 7400 SSD 之後，我們在第二財季推出了 7450，這是業界首款 176 層垂直整合的資料中心級 NVMe SSD。這些第四代 NVMe 資料中心級固態硬碟獲得了客戶的熱烈反響。我們在資料中心客戶的認證工作中取得了顯著進展，這促成了我們第二財季資料中心 SSD 營收年增一倍。我們預計本財年剩餘時間內資料中心 SSD 營收將持續保持強勁成長。

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，我們的客戶營收出現復甦，主要得益於企業級PC市場的強勁成長，足以抵銷消費級和Chromebook需求的疲軟。我們預計2022年全年PC銷售將與去年持平，但DRAM和NAND快閃記憶體業務預計將實現穩健成長，部分原因是企業級桌上型電腦和筆記型電腦中內容豐富的產品佔比不斷提高。我們引領業界向客戶端DDR5的轉型，隨著許多PC客戶推出新一代筆記型電腦，我們的DDR5收入持續成長。客戶端DDR5的需求持續超過供應，並且我們看到其價格相對於DDR4產品有顯著溢價。憑藉我們在QLC領域的領先地位，我們在第二財季還推出了2400 NVMe SSD，這是全球首款採用176層QLC NAND快閃記憶體的客戶端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.

美光在快速成長的圖形市場中保持領先地位。我們擁有豐富的產品組合，產品性能業界領先，並與領先的GPU供應商建立了深度合作關係。在第二財季，受最新一代遊戲主機和顯示卡強勁需求的推動，公司營收年增。我們先進的GDDR6X顯存效能持續引領業界。此外，在第二財季，我們開始交付新一代GDDR6X解決方案。

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.

隨著智慧型手機5G轉型持續推進，第二財季行動業務營收較去年同期成長略有成長。中國市場略顯疲軟，原因是當地經濟成長放緩、智慧型手機市佔率變化，以及部分客戶採取更謹慎的庫存管理策略。行動記憶體和儲存需求持續受到內容密集應用以及4G向5G過渡的推動，這促使DRAM佔比提升50%，NAND佔比翻倍。預計2022年5G智慧型手機銷售將達7億支。第二財季，我們的1-alpha LP5 DRAM首次獲得認證，其耗電量較上一代產品提升超過15%，讓我們的客戶能夠提供更佳的5G體驗和更長的電池續航力。此外，我們的176層NAND UFS產品營收成長強勁，目前已在近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.

預計未來十年，汽車和工業領域將成為成長最快的記憶體和儲存市場。目前，我們超過10%的收入來自這些終端市場，並且我們作為市場份額領導者擁有非常有利的地位。

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，我們的汽車業務收入創下新紀錄，這主要得益於對記憶體和儲存設備的強勁需求。儘管汽車產量仍低於市場需求，受到許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對汽車生產造成了影響。然而，在汽車零件需求成長的推動下，對記憶體和儲存設備的需求依然強勁。新型電動車正逐漸成為行動資料中心，我們預計光是今年，全球將有超過100款新型電動車上市。這些新型電動車配備了先進的ADAS（高級駕駛輔助系統）和車載資訊娛樂功能，對記憶體和儲存設備的需求顯著提高。事實上，部分L3級自動駕駛電動車的記憶體和儲存設備價值約為750美元，是普通汽車的15倍。在工業物聯網領域，我們實現了約60%的年成長，這主要得益於工廠自動化和安防系統等應用領域的持續成長。

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.

展望市場前景。我們對2022年產業需求的預期與上次財報電話會議基本一致。我們預計2022年DRAM的產業位需求成長率將達到15%至10%左右，NAND的位元需求成長率約為30%。我們預計2022年的潛在需求將主要由資料中心、5G智慧型手機的持續普及以及汽車和工業市場的持續強勁成長所驅動。鑑於這些需求趨勢、整個記憶體產業的供應紀律、半導體製造設備較長的交付週期，以及部分競爭對手因晶圓廠污染問題導致NAND供應減少，目前我們認為DRAM和NAND的供需平衡狀況良好。

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.

非儲存元件短缺情況正在改善，我們預計進一步的改善將支撐今年剩餘時間內儲存和儲存需求的成長。然而，部分地區的半導體短缺情況改善速度不如預期，這些短缺情況可能會持續到2023年。我們注意到宏觀經濟不確定性加劇，並將密切關注市場狀況的任何變化。

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.

現在我們來看看美光今年的位元供應成長預期。與業內其他公司一樣，我們正面臨設備和材料供應的挑戰。然而，由於美光營運團隊的出色執行，我們2022財年DRAM和NAND的位元供應成長預期與先前預期保持一致，並將與產業需求保持一致。我們預計在2022財年實現創紀錄的營收和穩健的獲利能力，並繼續預期下半年位元出貨量將實現強勁成長。

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.

我們預計今年的成本削減速度將超過行業平均水平，這主要得益於我們世界一流的1-alpha DRAM和176層NAND閃存節點的出色量產。然而，整個產業都面臨供應鏈和通膨壓力帶來的成本挑戰，這將限制今年產業整體的成本削減幅度。我們對長期技術路線圖以及未來幾年持續降低成本的能力充滿信心。

I will now turn it over to Sumit.

現在我將把任務交給蘇米特。

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，Sanjay。美光科技第二財季業績表現出色，多個產品和市場營收均創歷史新高，獲利能力強勁，自由現金流超過10億美元。我特別對我們業界領先的1-alpha DRAM和176層NAND技術量產進展以及產品組合轉型加速推進感到振奮。

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.

第二財季營收約78億美元，季增1%，年增25%。客戶端和雲端市場營收表現尤為強勁。第二財季DRAM營收為57億美元，佔總營收的73%。 DRAM營收季增2%，較去年同期成長29%。 DRAM出貨量較上季成長接近兩位數，而平均售價則較上季下降10%。第二財季NAND快閃記憶體營收為20億美元，佔美光總營收的25%。 NAND快閃記憶體營收季增4%，較去年同期成長19%。 NAND快閃記憶體出貨量環比持平，平均售價較上季成長10%，主要得益於固態硬碟(SSD)銷售成長，抵銷了NAND​​快閃記憶體價格的下降。儘管大多數產品的價格環比下降，但我們持續的產品組合轉型和穩健的前端成本削減推動了 NAND 毛利率的環比增長。

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.

現在來看我們第二財季各業務部門的營收趨勢。計算與網路業務部門營收為35億美元，較上季成長2%，較去年同期成長31%。雲端業務創造了DRAM營收新高，客戶端DRAM營收在本季也表現良好。

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.

行動業務部門營收為19億美元，季減2%，較去年同期成長4%。我們的行動業務持續表現良好，這得益於我們在託管NAND和MCP領域的領先地位，以及與所有智慧型手機客戶建立的牢固關係。

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.

儲存業務部門營收達12億美元，季增2%，年增38%。固態硬碟（SSD）營收創歷史新高，較去年同期成長約80%。我們的儲存業務發展勢頭強勁，營收和獲利能力均實現成長。我們率先在業界實現了多款176層NAND固態硬碟的量產，產品線涵蓋了從QLC和TLC客戶端產品到垂直整合資料中心固態硬碟的整個流程。

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，嵌入式業務部門的營收為13億美元，季增5%，年增37%。我們的嵌入式業務部門在汽車和工業市場都獲得了強勁的需求，其中汽車市場的收入創下新紀錄。

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.

第二財季綜合毛利率為47.8%，季增約80個基點。毛利率的提升得益於產品組合的最佳化，包括多款高價值解決方案的量產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.

第二財季的營運支出為9.74億美元，接近我們預期範圍的中點。第二財季的營運收入表現強勁，達28億美元，營運利潤率35%，與上一財季持平，高於去年同期的20%。第二財季調整後的EBITDA為45億美元，EBITDA利潤率為58%，高於上一財季的57%和上年同期的45%。第二財季的非GAAP每股盈餘為2.14美元，略低於第一財季的2.16美元，但較上年同期的0.98美元成長超過100%。第二財季稅率的環比上升導致第二財季每股收益減少了0.04美元。

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.

接下來談談現金流和資本支出。第二財季，我們的營運活動產生了36億美元的現金流，佔總營收的47%。當季淨資本支出為26億美元。我們仍預期2022財年的資本支出將在110億美元至120億美元之間，且上半年和下半年的資本支出大致持平。第二財季的自由現金流表現強勁，略高於10億美元。我們仍有信心在下半年產生可觀的自由現金流，遠高於上半年的水平。

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.

本季我們完成了4.08億美元的股票回購，約480萬股。計入股息支付，我們在第二財季向股東返還了約5.2億美元。自2019財年啟動股票回購計畫以來，我們已投入47億美元，以每股50美元的平均價格回購了9,400萬股股票。此外，我們還投入了約8億美元用於支付轉換溢價，使我們的稀釋後股份數量減少了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，我們已向股東返還了58億美元，占同期累計自由現金流的64%。我們仍致力於透過股利和股票回購相結合的方式，返還超過50%的跨週期自由現金流。正如我們先前所述，我們將擇機進行股票回購，並在股價大幅折讓時採取更積極的回購策略。董事會已批准派發每股0.10美元的季度股息，並將於4月26日支付給4月11日登記在冊的股東。

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.

我們第二財季末的庫存為54億美元，平均庫存週轉天數為113天。由於原料和在製品庫存增加，以滿足下半年的需求，我們第二財季的在製品庫存較上季成長。 DRAM和NAND的成品庫存季減。本季末，我們持有的現金及投資總額為119億美元，流動資金總額為144億美元。我們第二財季的總負債為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.

現在我們來談談對第三財季的展望。我們的整體業務進展優於上一季的預期，大多數終端市場的需求強勁，但正如Sanjay之前提到的，也存在一些區域性挑戰。短期供應和價格趨勢良好。我們對本財年財務前景的改善將增加我們的可變薪酬支出，這將影響第三財季的成本。此外，持續的通膨壓力以及因行業普遍短缺而採取的供應鏈緩解措施也將對成本產生影響。另外，由於第二季成本削減措施的逐步實施，我們預期第三財季前端成本較上季下降幅度將較為溫和。我們預計DRAM和NAND的毛利率在第三財季將會較上季成長。由於DRAM的毛利率遠高於NAND，NAND收入在我們合併總收入中佔比的增加將影響我們的合併毛利率。

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.

考慮到以上所有因素，我們對第三財季的非GAAP業績指引如下：預計營收為87億美元，上下浮動2億美元，這將創下季度營收新紀錄；毛利率預計在48%左右，上下浮動100個基點；營運費用約為10.5億美元，上下浮動2500萬美元。我們預計第三財季的非GAAP稅率約為10%。基於約11.4億股完全稀釋後的股份數量，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財年實現創紀錄的營收、穩健的獲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.

綜上所述，美光科技持續維持強勁的跨週期業績。營收成長顯著超越整個半導體產業，毛利率平均超過40%，營業利潤率平均約30%。憑藉產品組合轉型、領先的技術路線圖和卓越的製造能力所帶來的發展勢頭，美光科技的財務基礎和前景從未如此穩固。

I will now turn it back to Sanjay.

現在我把它交還給桑傑。

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.

謝謝蘇米特。我非常榮幸地宣布，本月初，美光被道德村協會（Ethisphere Institute）評為全球最具商業道德企業之一。這項榮譽體現了我們全球團隊致力於在營運以及履行環境和社會責任方面恪守最高道德標準的承諾。

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.

我們秉持嚴謹的作風和前瞻性的策略管理，持續推動業界領先的技術革新，不斷完善產品組合，並鞏固與客戶的關係。上半年強勁的業績表現以及我們對創紀錄季度業績的預期，顯示我們正朝著實現2022財年創紀錄的營收和穩健的獲利能力穩步邁進。憑藉技術領先優勢，美光擁有得天獨厚的優勢，能夠掌握推動DRAM和NAND解決方案需求成長的廣泛趨勢。這些解決方案能夠將數據轉化為更優質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活動上與您相見，屆時我們將深入探討這些趨勢背後的技術驅動因素，並詳細介紹美光為把握未來機遇而製定的策略。

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

感謝各位今天收看，現在開始接受提問。

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

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

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.

我想問的第一個問題是，從你們的業績來看，產品組合和營運表現都非常出色。展望下半年，你們提到二月季度成本有所下降，但我很想了解你們如何看待下半年DRAM和NAND的同類產品組合，以及我們應該如何看待未來的毛利率走勢。

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。關於毛利率和產品組合，我想指出，例如在第二財季，由於我們的1-alpha和176層NAND快閃產能提升以及產品組合的最佳化，我們的毛利率表現異常強勁。僅憑產品組合優化，我們的NAND快閃記憶體毛利率就有所提高。當然，我們在176層NAND快閃記憶體的成本控制方面也取得了顯著成效。因此，這種成長勢頭仍在持續。展望第三財季，正如您所看到的，毛利率預期中位數環比上調。因此，我們對未來的毛利率走勢非常樂觀。

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.

我想指出幾點重要事項。 NAND 和 DRAM 的毛利率預計在第三財季環比增長。正如您所指出的，我們之前討論過一些成本優化措施，這些措施被計入了第二財季。因此，這將對我們預期環比成長的成本優化效果產生一定程度的抑制。此外，還有幾個重要因素將使我們第三財季的毛利率下降約 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.

首先，由於我們對本財年的整體獲利預測遠高於預期，因此我們的可變薪酬提列從第二財季到第三財季較上季增加。這導致我們的獎金提列增加，進而影響下一季的成本。我們已在第二財季的營運支出中計入了這部分影響，但它仍會影響第三財季的成本。因此，這將對第三財季的毛利率產生季比影響。

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.

另一方面，我們第三季的NAND業務成長速度將超過DRAM業務。這會對合併毛利率產生一定影響。 NAND和DRAM業務都將環比成長，但NAND業務的成長速度更快。因此，從數學角度來看，影響很小。獎金提列和NAND業務組合這兩個因素對毛利率的影響，從第二季到第三季大約略高於100個基點。儘管存在這100個基點的影響，我們預計毛利率將從第二季到第三季有所提高。因此，我認為整體毛利率表現非常強勁。

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.

您問到了產品組合方面的問題。您可以看到，我們資料中心固態硬碟（SSD）的收入正在顯著改善。 Sanjay 在他的演講稿中提到，第二財季，我們資料中心的營收年增了一倍。我們預計未來幾季資料中心業務也將持續成長。這對我們的毛利率來說是個利好消息。我們在 DDR5 領域也處於領先地位。這種產品組合的改善對我們同樣有利，因為我們在 DDR5 領域的毛利率也相當不錯。總而言之，我們對第三財季的發展前景持樂觀態度，並且對第四財季的獲利能力也非常有信心。當然，我們不會給出第四財季的業績指引。所以，目前就先說到這裡吧。

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

下一個問題來自美國銀行證券的維韋克·阿亞。

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，儘管近期出現了一些疲軟的數據點，個人電腦和智慧型手機的需求也有所放緩，但你們仍然維持著強勁的行業前景，並維持全年行業展望不變。這是否只是因為資料中心的強勁需求抵消了這些不利因素？你們又採取了哪些措施來確保不會出現資料中心供應過剩的情況？

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.

當然，讓我來回答這個問題。關於PC，我想指出的是，在PC領域，企業級和桌上型電腦市場表現強勁。眾所周知，Chromebook和消費級PC市場存在一些弱點，但企業級和桌上型電腦市場則非常強勁。這對我們來說是一個有利的組合，因為企業級和桌上型電腦對DRAM和NAND快閃記憶體的需求量都更高。

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，儘管我們看到PC出貨量年增率持平，但企業級和桌面級市場對DRAM和快閃記憶體的需求依然強勁。資料中心市場對我們來說無疑是強勁的。由於預計將推出新款CPU，2022年下半年資料中心市場應該會表現良好，這將推動伺服器記憶體需求的成長。數據方面—您可能已經聽說過許多超大規模資料中心營運商在談論他們對資料中心的投資，包括資本支出。此外，所有與人工智慧/機器學習相關的工作負載都在推動資料中心領域的記憶體需求成長。

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.

但這不僅僅關乎資料中心或我們剛才討論的PC領域；當然，正如我們所提到的，5G智慧型手機將繼續強勁推動DRAM和NAND的需求；汽車市場也是強勁的成長動力。所以關鍵在於，需求基礎廣。我們預計未來需求仍將保持強勁。當然，在供應方面，由於各廠商對資本支出（CapEx）的嚴格控制，產業內的供應量是可控的。當然，在NAND方面，污染問題影響了競爭對手的晶圓廠，也對當地的NAND供應造成了重大衝擊。因此，總體而言，我們認為DRAM和NAND的供需關係在今年將保持健康平衡。

Our next question comes from John Pitzer of Credit Suisse.

下一個問題來自瑞士信貸的約翰‧皮策。

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?

祝賀你們取得如此優異的業績。 Sanjay，過去幾年你一直致力於將NAND產品組合重新定位到更高價值的產品上。我很好奇，根據5月的業績指引，NAND的環比成長速度將超過DRAM，你能否幫助我們更能理解究竟是哪些產品和終端市場真正推動了這一成長？這是否真的是你之前進行產品篩選和評估工作的成果？另外，在回答這個問題時，我想請教一下，隨著產品組合的持續優化，你認為NAND的毛利率會受到怎樣的影響？你認為隨著時間的推移，NAND和DRAM之間的差距能夠縮小多少？或者說，隨著產品組合的最佳化，你認為NAND毛利率事業還有多少提升空間？

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.

因此，在NAND領域，我認為我們的團隊做得非常出色，憑藉176層NAND技術，我們領先業界數個季度，並將其應用於各種產品中。我們在事先準備好的演講稿中也談到了我們目前面向資料中心推出的一些SSD產品，我們是首批推出採用176層NAND技術的資料中心NVMe SSD，並提供垂直整合解決方案，包括我們自主研發的控制器。我們的產能爬坡也非常出色。無論是在良率、產能爬坡或產品品質方面，我們都做得非常出色。

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.

過去幾年我們付出的所有努力如今都結出了豐碩的果實。我們在行動管理型NAND解決方案領域，無論是包含DRAM和NAND解決方案的MCP晶片，或是獨立NAND晶片，都已取得了顯著的市佔率成長。如大家所見，我們的市佔率從幾年前的個位數成長到了現在的十幾個百分點。因此，我們在行動NAND業務方面已經取得了強勁的業績。

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.

現在，固態硬碟（SSD）的發展勢頭迅速。我們的客戶端SSD、QLC固態硬碟、176層SSD、資料中心NVMe固態硬碟，以及我們採用自主研發控制器打造的垂直整合解決方案，所有這些我們長期投入的研發成果如今正逐步推向市場，我們已做好充分準備，在客戶端和資料中心SSD領域都佔據更大的市場份額。所有這些都建立在領先且極具成本效益的176層NAND技術之上，這為我們提升NAND業務的收入和盈利能力奠定了堅實的基礎。

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.

至於DRAM和NAND之間的差異，正如Sumit剛才所強調的那樣，DRAM和NAND的行業利潤率存在顯著差異，美光自身的情況也是如此。但關鍵在於，鑑於我們產品組合的快速成長勢頭，以及我們能夠真正滿足從智慧型手機到客戶端SSD再到資料中心SSD等廣泛的終端市場應用需求，再加上我們在通路市場的強大地位，我們的NAND利潤率正在不斷提高。

Our next question comes from Timothy Arcuri of UBS.

我們的下一個問題來自瑞銀集團的提摩西·阿庫裡。

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?

我還有一個關於成本的小問題。桑傑，我看了你講當前前景的那張幻燈片，措辭有所改變，基本上反映了你們今年的成本控制比行業平均水平要好。當然，今年整個產業的成本控制都面臨一些不利因素。但我很好奇，你們這種領先產業成本控制的能力能否延續到明年。因為幻燈片上，你上個季度說過，你們認為從長遠來看，你們在成本控制方面將與產業保持競爭力。所以我想知道，你們認為這種領先產業成本控制的優勢只是曇花一現，還是說這種優勢能夠持續到明年？

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到非常滿意。正如我們憑藉 1-alpha DRAM 和 176 層 NAND 快閃記憶體引領行業一樣，我們計劃在未來的下一代工藝節點上繼續引領行業，並且我們在這方面取得了良好的進展。這些節點也將在 2023 年左右推出。因此，我們的技術領先地位以及將其成功應用於各種產品並實現量產的能力，是我們維持產業成本優勢的關鍵。因此，我們對未來相對於競爭對手的成本優勢也充滿信心。

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

我們的下一個問題來自新街研究公司的皮埃爾·費拉古。

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，我先簡單快速地了解一下行動市場的情況。現在它的成長速度正在逐步放緩。您對這個市場有什麼看法？您認為我們是否已經達到了內容成長的瓶頸期，就像5G為這個市場帶來的成長一樣？還是這只是暫時的現象？

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?

然後我還有一個更廣泛的問題想問大家。你們邏輯領域的同行在地緣政治方面非常活躍，例如在美國和歐洲投資，以期在全球建立更均衡的製造佈局。但在記憶體市場，我們很少聽到這方面的消息。所以我想知道這方面是否可以成為一個討論話題，或者是否有相關的討論。這是否可能在未來對美光有利？

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.

今天我們非常榮幸能邀請到蘇米特擔任臨時財務長兼首席商務官。那麼，我先讓他回答您的第一個問題，然後再由我來回答第二個問題。蘇米特，請您先回答第一個問題。

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，Sanjay。 Pierre，謝謝你的提問。就行動裝置的平均容量而言，我們認為它遠未達到任何停滯期。我們對行動裝置的平均容量成長非常樂觀。 5G 正在推動整個產業的變革，並持續滲透到手機產品組合中。假設每年智慧型手機的銷售量約為 14 億部，那麼 2021 年大約有 5 億部是 5G 手機。我們預計今年 5G 手機的銷量將成長 40%，達到 7 億支。而且，5G 手機的 DRAM 容量通常比 4G 手機高出 50%，NAND 快閃記憶體容量更是超過 4G 手機的兩倍。因此，這一趨勢仍有很大的發展空間。我認為，即便在此之後，我們預計未來還會出現更多利用 5G 優勢的應用，這些應用將繼續推動 DRAM 和 NAND 的平均容量成長。所以，這方面還有很大的進步空間。

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，智慧型手機業務方面，我們預計今年整體智慧型手機銷售（包括所有機型）將實現個位數低成長。此外，平均產能也會有所成長。因此，整體成長依然強勁。需要注意的是，我們將進入一個季節性旺季，秋季是行動業務新機上市的旺季。這也將成為另一個成長催化劑。接下來，我將把發言權交給桑傑。

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 Sumit。 Pierre，關於你的第二個問題，如你所知，美光在過去幾年一直在美國、台灣、新加坡和日本的無塵室進行投資。就這些地區的無塵室擴建而言，我們充分利用了全球多元化的生產佈局，這些潔淨室擴建使我們能夠更好地實現生產中的技術轉型。我們沒有新增晶圓產能，但在過去幾年裡，我們在潔淨室擴建方面進行了非常謹慎的投資，這使我們能夠更好地完成技術轉型，從而在滿足市場需求的同時，實現成本降低和產能提升。

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，我們已於去年十月宣布，將在未來十年內投資超過1500億美元，用於全球領先的記憶體製造和研發。因此，我們也強調，在2025年至2026年期間，我們需要新增DRAM晶圓產能，以滿足未來十年後半段至2030年期間不斷增長的需求。

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，我們正在從全球層面評估新的擴張計畫。在美國，目前正在進行的討論主要圍繞著晶片和《FABS法案》展開，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面向。當然，我們將繼續密切關注這些方面。

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策。再次強調，這主要針對本十年後半段，因為在此之前，憑藉我們在包括美國在內的多個國家多元化佈局的潔淨室設施，我們已佔據有利地位。在這方面，我們正積極與美國政府就CHIPS法案的通過和投資稅收抵免政策進行溝通。

Our next question comes from Mehdi Hosseini of SIG.

下一個問題來自 SIG 的 Mehdi Hosseini。

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.

還有一個問題想問Sanjay。我該如何看待DDR5對今年營業利潤的貢獻？在我看來，這主要受PC終端市場驅動，而明年伺服器應用才會成長。

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，我想我們在事先準備好的發言稿中提到過，DDR5晶片的尺寸更大，這是因為DDR5的規格特性。順便一提，這也有助於減緩整個產業的供應量成長，因為DDR5在客戶端和未來的資料中心領域都將持續成長。我們在發言稿中也提到，DDR5在業界擁有溢價。事實上，美光目前在DDR5的供應能力方面處於行業領先地位。因此，DDR5對我們的整體DRAM利潤率做出了積極貢獻。當然，我們在業界也獲得了DDR5的溢價。隨著能夠利用DDR5的新處理器在資料中心領域廣泛部署（預計今年稍後開始），您將會看到DDR5在2023年繼續快速成長。我們針對客戶端和資料中心市場的DDR5路線圖都已做好充分準備。

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

但是伺服器應用的價格會比桌面應用的價格高，對嗎？

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

正如我們所指出的，DDR5的價格確實較高。

Our next question comes from Chris Danely of Citi.

我們的下一個問題來自花旗銀行的克里斯·丹利。

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.

那麼，具體到DRAM業務，您能否談談三大終端市場（PC、伺服器、資料中心和行動裝置）的表現是否符合您的預期？另外，關於業績指引，您預期這些市場的表現（或者說未來表現）與預期相比如何？

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。克里斯，是的，我可以回答。就我們的終端市場而言，第二財季表現非常出色。就個人電腦而言，表現良好。行動裝置也表現良好。數據中心市場持續強勁。事實上，我們在第二財季獲得的毛利率提升很大程度上得益於DRAM和NAND快閃記憶體的價格上漲，尤其是DRAM的價格上漲，遠遠超過我們的預期。因此，這些市場在第二財季表現強勁。

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.

展望第三財季，我們第三財季的大部分環比成長將主要來自運算市場（主要是DRAM）和儲存市場（主要是NAND）。因此，我們的儲存業務部門和運算與網路業務部門將是成長的主要驅動力。所有四個業務部門都可能實現良好成長，但這兩個部門在第三財季的環比增長將尤為突出。

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，我們預期個人電腦業務將持續強勁成長。正如Sanjay所提到的，由於市場從低端消費市場轉向企業級PC和筆記型電腦，個人電腦產品結構得到改善，平均容量正在提升。這對PC業務的發展起到了積極作用。資料中心業務也保持穩健。我們預計2022年剩餘時間資料中心業務將保持強勁成長，因為我們的客戶對資料中心的需求大幅成長，並顯著增加了資本支出。行動5G的普及也持續推動平均容量的成長。儘管行動業務在第三財季的環比增長不會很高，但我們預計在第四財季，由於季節性因素和上述持續趨勢的影響，移動業務的環比增長將會加快。

Our next question comes from Joe Moore of Morgan Stanley.

下一個問題來自摩根士丹利的喬·摩爾。

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?

您剛才提到了競爭對手的NAND快閃記憶體污染問題的影響。您能否談談這件事的影響有多大？您認為NAND市場因此會變得多麼緊張？您預計這種影響會持續到當前時期之後嗎？

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.

這無疑拉低了整個產業的同比供應成長率。根據一些現有預測，年比產業供應成長率下降了幾個百分點。當然，就產業供需動態而言，這是有利的，因為正如我們剛才討論的，無論是在資料中心、客戶端應用、行動電話，甚至是汽車市場，對NAND快閃記憶體和DRAM的需求都在持續成長。展望未來，我們完全預期NAND產業將維持健康的供需平衡。

Our next question comes from Toshiya Hari of Goldman Sachs.

下一個問題來自高盛的 Toshiya Hari。

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快閃記憶體平均售價（ASP）以及如何看待其未來發展趨勢的問題。我認為在二月的季度中，儘管行業定價環境仍然相對疲軟，但你們的平均售價環比增長了中等個位數。 Sanjay，鑑於你之前提到的在資料中心固態硬碟（SSD）領域的成功以及贏得的一些重要設計項目，我們是否可以合理地假設，你們未來一年的平均售價環比增長將優於行業平均水平？這樣的假設是否合理？

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?

蘇米特，你之前也談到了通膨壓力和供應鏈緩解措施帶來的不利影響。我記得你提到100個基點。這種情況什麼時候會逆轉呢？我知道這個問題很難回答，但我們是否應該預期這些不利因素會持續幾個季度？或者這些不利因素最終會轉化為有利因素？

Sumit, why don't you go ahead?

蘇米特，為什麼不先走呢？

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。就成本壓力而言，如果你縱觀整體市場環境，你會發現挑戰依然嚴峻。這在整個行業都是普遍現象。無論是石油和天然氣這些影響電力價格的重要大宗商品的價格，還是我們採購的其他許多原材料和商品（例如惰性氣體）的價格，甚至是OSAT（外包測試和測試）服務的價格，都面臨著同樣的挑戰。當然，通貨膨脹以及代工邏輯晶片的價格也在上漲。

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.

所以有很多因素會影響通膨。當然，我們也看到薪資上漲的趨勢。因此，通膨透過多種途徑傳導到企業營運中。當然，我認為我們在控製成本方面做得非常出色。但通膨壓力確實存在。因此，我們預計這些壓力將持續數個季度。我們認為這些壓力不會很快緩解。因此，我們的工作重點是繼續提高效率，並繼續以我們一直以來出色的速度推進新技術應用。

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.

所以，剩下的部分當然來自於我們在製定產品定價策略時對這些成本的考量，以及優化產品組合，這樣我們不僅能獲得理想的平均售價，還能從平均售價更高的產品中獲得正的毛利率，從而提升產品組合中高價值產品的比例。這種產品組合的最佳化正在NAND快閃記憶體領域發生，DRAM領域也正在發生，例如DDR5。接下來，我將把發言權交給Sanjay。

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.

所以我認為蘇米特已經談到了下一個方面，也就是你問題的第一部分。正如蘇米特在事先準備好的發言稿中所強調的那樣，儘管NAND快閃記憶體的同類產品價格有所下降，但由於產品組合的變化，我們整體的價格在第二季度反而上漲了。這再次凸顯了產品組合的重要性。我們正在推出的新產品，包括固態硬碟（SSD）和行動管理型NAND解決方案，以及我們逐步減少組件產品，轉向更多高價值解決方案，這些都使我們能夠更好地持續提升業務盈利能力。

Our next question comes from Ambrish Srivastava of BMO.

我們的下一個問題來自BMO的Ambrish Srivastava。

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，我有點困惑。我只是想確認我是否理解了你之前問題中提到的不利因素。我以為你提到的100個基點的成本不利因素是指可變薪酬，與正在進行的各種緩解成本無關，而這些緩解成本預計會持續幾個季度。如果是這樣的話，這100個基點主要是…

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，你的理解是正確的。是的，你的理解是正確的。第三季毛利率較上季成長100個基點，這主要是由於我之前提到的可變薪酬成長，以及NAND營收佔比在第三季上升，這些因素從數學角度上都對合併毛利率產生了影響。因此，這兩項因素加起來超過了100個基點…

On the gross margin.

毛利率。

On the gross margin side. That's right.

就毛利率而言。沒錯。

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.

明白了。那麼問題來了——我只是想弄清楚你剛才提到的通膨成本。我們都明白這一點，我們自己家裡也感受到了。但你也提到，從業務角度來看，一些零件的供應情況正在改善，這也對後端成本構成了不利影響。所以我想仔細理解這些話。一方面，你們需要確保原料供應，我猜霓虹燈管也包含在內。所以，你能否幫我們理解一下，在未來幾季裡，我們該如何看待這些成本？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?

第二點，感謝您提供的庫存分析，這非常有幫助。我們之前一直在等季度報告。 DRAM 和 NAND 成品庫存環比下降，這一點也很有幫助。問題是，這是季節性因素造成的嗎？還是成品系統出了問題？

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。關於第一個關於成本的問題，是的，我們預計零件的供應將顯著改善過去幾季以來我們一直面臨的整體短缺問題。情況正在好轉。正如桑傑在準備好的演講稿中所說，情況的改善還不足以在今年徹底解決所有問題。我們預計在2022年全年，情況將持續改善。我們預計，由於供應情況的改善，記憶體和儲存方面的需求將得到充分滿足，因為我們的客戶現在可以訂購配套產品。他們可以獲得所有短缺的零件。我們也可以獲得更多零件來生產我們的產品。

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，情況在今年內有所改善，但部分零件的供應預計要到2023年才能進一步改善。屆時仍將存在一些短缺。儘管部分零件的供應情況有所改善，但整個供應鏈仍面臨一定的成本壓力。這些成本壓力來自我們採購的各種商品，以及我們晶圓廠和後端設施營運的各種投入成本。因此，這是一個涉及多個行業的普遍壓力，即使部分零件的供應情況有所改善，這些壓力仍將持續存在。

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.

現在來回答您關於庫存的問題。我們一直嚴格控制庫存。因此，我們的成品庫存按計劃環比下降。我們目前在製品庫存較高，主要是為了因應第三財季強勁的環比成長。正如您在我們業績指引中所看到的，第三財季的成長動能將遠超第二財季。因此，我們預計第三財季庫存將有所下降，並在第四財季末基本恢復到全年正常水準。正如我們上個季度提到的，我們仍然預期在第二財季末增加庫存，然後在第三和第四財季減少庫存。這似乎仍然是我們的計劃，也是您看到的業績數據。

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.

最後我還要補充一點。增加庫存的一部分原因是為了確保供應的連續性，對吧？我的意思是，在獲取我們所需的所有零件方面，這確實是個挑戰。所以，部分原因是為了確保我們有足夠的庫存來滿足客戶需求，同時我們也持續提高收入。

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

因此，在過去兩三個季度裡，由於這種成長率，在製品（WIP）一直在持續成長？

Yes. Exactly.

是的，沒錯。

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。感謝各位的參與。您可以斷開連線了。