美光科技 (MU) 2022 Q1 法說會逐字稿

Hello. Thank you for standing by, and welcome to Micron's First Quarter 2022 Financial Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Farhan Ahmad, Vice President of Investor Relations. Please go ahead.

你好。感謝您的支持，歡迎參加美光 2022 年第一季度財務電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係副總裁 Farhan Ahmad。請繼續。

Thank you, and welcome to Micron Technology's Fiscal First Quarter 2022 Financial Conference Call. On the call with me today are Sanjay Mehrotra, President and CEO; and Dave Zinsner, Chief Financial Officer. Today's call will be approximately 60 minutes in length. This call, including the audio and slides, is also being webcast from our Investor Relations website at investors.micron.com.

謝謝大家，歡迎參加美光科技 2022 財年第一季度財務電話會議。今天與我通話的是總裁兼首席執行官 Sanjay Mehrotra；和首席財務官 Dave Zinsner。今天的通話時間約為 60 分鐘。此次電話會議（包括音頻和幻燈片）也將通過我們的投資者關係網站investors.micron.com 進行網絡直播。

In addition, our website contains the earnings press release and the prepared remarks filed a short while ago. Today's discussion of financial results will be 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. As a reminder, a webcast replay will be available on our website later today. We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the company, including information on the various financial conferences that we will be attending. You can follow us on Twitter, @MicronTech.

此外，我們的網站還包含收益新聞稿和不久前提交的準備好的評論。除非另有說明，否則今天對財務結果的討論將在非公認會計原則財務基礎上進行。可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的對賬。提醒一下，今天晚些時候將在我們的網站上提供網絡直播重播。我們鼓勵您在整個季度監控我們的網站 micron.com，以獲取有關公司的最新信息，包括我們將參加的各種財務會議的信息。您可以在 Twitter 上關注我們，@MicronTech。

As a reminder, the matters we will be 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 filed with the SEC, specifically our most recent Form 10-K and 10-Q for a discussion of risks that may affect our future results.

提醒一下，我們今天將討論的事項包括前瞻性陳述。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。

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.

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 will now turn the call over to Sanjay.

我現在將把電話轉給 Sanjay。

Thank you, Farhan. Good afternoon, everyone.

謝謝你，法爾漢。大家下午好。

Micron delivered outstanding results in fiscal Q1, achieving strong year-over-year revenue growth and solid profitability. Our strong start to the year and our product portfolio momentum keep us on track to deliver record revenue and robust profitability in fiscal 2022. We are rapidly ramping our industry-leading 1-alpha DRAM and 176-layer NAND products and achieving excellent yields, and these products are now shipping across our major end markets.

美光在第一財季取得了出色的業績，實現了強勁的同比收入增長和穩健的盈利能力。我們今年的強勁開局和我們的產品組合勢頭使我們有望在 2022 財年實現創紀錄的收入和強勁的盈利能力。我們正在迅速提升我們行業領先的 1-alpha DRAM 和 176 層 NAND 產品並實現出色的良率，以及這些產品現在正在我們的主要終端市場發貨。

We achieved significant product advancements and customer wins, including launching our first DDR5 solution, introducing our vertically integrated Gen4 NVMe data center SSD, validating the world's first low-power DDR5X with MediaTek and shipping our GDDR6 for AMD's Radeon RX 6000 graphics card. The secular demand for memory and storage, along with Micron's focus on building our technology and product leadership and deepening our customer relationships, continues to strongly position us to create significant shareholder value in fiscal year '22 and beyond.

我們取得了重大的產品進步並贏得了客戶，包括推出我們的第一個 DDR5 解決方案、推出我們垂直集成的 Gen4 NVMe 數據中心 SSD、驗證世界上第一個與聯發科合作的低功耗 DDR5X 以及為 AMD 的 Radeon RX 6000 顯卡交付我們的 GDDR6。對內存和存儲的長期需求，加上美光專注於建立我們的技術和產品領先地位以及深化我們的客戶關係，繼續使我們能夠在 22 財年及以後創造重要的股東價值。

With the successful ramp of 1-alpha DRAM and 176-layer NAND products across major end markets, we are several quarters ahead of the industry in market deployment of these leading-edge process technologies. The combination of 1-alpha and 1z DRAM nodes represents the majority of our DRAM bit production and 176-layer NAND now accounts for the majority of our NAND bit production. Our strong execution on these advanced nodes sets us up for the successful fiscal year '22.

隨著 1-alpha DRAM 和 176 層 NAND 產品在主要終端市場的成功推廣，我們在這些領先工藝技術的市場部署方面領先行業幾個季度。 1-alpha 和 1z DRAM 節點的組合代表了我們 DRAM 位生產的大部分，而 176 層 NAND 現在占我們 NAND 位生產的大部分。我們在這些先進節點上的強大執行力使我們為成功的 22 財年做好了準備。

We are also investing to scale our technology for the next decade. We are planning for volume DRAM production on EUV in 2024 with our 1-gamma node. Integrating EUV with our existing multi-patterning immersion lithography expertise will help us maintain DRAM technology leadership for many years to come. And in NAND, we have successfully transitioned to replacement gate and have a road map to scale for several generations while leveraging our leadership in CMOS under array and QLC to maintain a bit density leadership.

我們還在投資以在未來十年擴展我們的技術。我們計劃在 2024 年使用我們的 1-gamma 節點在 EUV 上批量生產 DRAM。將 EUV 與我們現有的多圖案浸沒式光刻專業知識相結合，將幫助我們在未來很多年保持 DRAM 技術的領先地位。在 NAND 方面，我們已成功過渡到替代門，並製定了幾代可擴展的路線圖，同時利用我們在陣列下 CMOS 和 QLC 方面的領先地位來保持位密度領先地位。

In addition to being a technology leader, Micron is the industry quality leader with 2/3 of our customers ranking us #1 in quality. As a technology and quality leader and as an innovation partner with strong global manufacturing network, we have become a strategic supplier to our customers. Amid ongoing semiconductor supply chain challenges, Micron has leveraged our deep related partnerships with customers and suppliers to support DRAM, NAND and NOR supply continuity.

除了作為技術領導者之外，美光還是行業質量領導者，我們有 2/3 的客戶將我們評為質量第一。作為技術和質量領先者以及擁有強大全球製造網絡的創新合作夥伴，我們已成為客戶的戰略供應商。在持續的半導體供應鏈挑戰中，美光利用我們與客戶和供應商的深厚相關合作夥伴關係來支持 DRAM、NAND 和 NOR 的供應連續性。

On the customer side, we are seeing greater commitment and collaboration on supply planning, including the use of long-term agreements. Today, over 75% of our revenue comes from volume-based annual agreements, a significant increase from 5 years ago when they accounted for around 10% of our revenue.

在客戶方面，我們在供應計劃方面看到了更大的承諾和協作，包括使用長期協議。今天，我們超過 75% 的收入來自基於數量的年度協議，與 5 年前占我們收入的 10% 左右相比有了顯著增長。

On the supplier side, we have entered into strategic agreements to secure supply of certain components that we need to manufacture our products. As a result of these agreements, the current tight supply of these components is expected to gradually improve for us throughout calendar 2022.

在供應商方面，我們已簽訂戰略協議，以確保我們製造產品所需的某些組件的供應。由於這些協議，目前這些組件的緊張供應預計將在整個 2022 年逐步改善。

Now let us 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 for years to come, thanks to AI, 5G and EV adoption. In addition, the build-out of immersive virtual worlds often referred to as the Metaverse will offer even more opportunity due to the intensive use of significant memory and storage in these applications.

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 年裡，內存和存儲的收入已經超過了半導體行業的其他部門，我們預計這種趨勢將在未來幾年持續，這要歸功於人工智能、5G 和 EV 的採用。此外，由於在這些應用程序中大量使用大量內存和存儲，通常被稱為元界的沉浸式虛擬世界的構建將提供更多機會。

Our team's execution on strengthening our product portfolio has been outstanding, with several new product launches and customer qualifications in FQ1, achievements we are very proud of. I will highlight some of these achievements as I discuss our end markets.

我們的團隊在加強產品組合方面的執行力非常出色，在 FQ1 推出了多個新產品並獲得了客戶資格，我們對此感到非常自豪。在討論我們的終端市場時，我將重點介紹其中的一些成就。

Data center is the largest market for memory and storage, and we expect it to outpace the broader memory and storage market over the next decade. Memory and storage is growing as a portion of server BOM supported by new and heterogenous computing architectures; the growth of data-intensive workloads and AI; and the ongoing displacement of HDDs by SSDs.

數據中心是內存和存儲的最大市場，我們預計它在未來十年內將超過更廣泛的內存和存儲市場。內存和存儲作為新的異構計算架構支持的服務器 BOM 的一部分正在增長；數據密集型工作負載和人工智能的增長；以及 SSD 正在取代 HDD。

In the fiscal first quarter, data center revenue grew more than 70% year-over-year as a result of continued cloud demand and the resurgence of enterprise IT investment. Our strengthening product portfolio also contributed to strong profitability. In FQ1, we launched the 7400 SSD, the first data center NVMe SSD to utilize our internally developed controller and firmware, along with our DRAM and NAND. This Gen4 NVMe product has already been qualified by 2 key customers. Looking ahead, we expect a strong ramp in our data center SSD revenues in FQ2, driven by increased sales of our NVMe SSD products. In addition, we launched the industry's leading DDR5 and see strong demand as customers prepare for new server product launches in calendar '22.

在第一財季，由於持續的雲需求和企業 IT 投資的複蘇，數據中心收入同比增長超過 70%。我們不斷加強的產品組合也為強勁的盈利能力做出了貢獻。在第一季度，我們推出了 7400 SSD，這是第一款利用我們內部開發的控制器和固件以及我們的 DRAM 和 NAND 的數據中心 NVMe SSD。此 Gen4 NVMe 產品已通過 2 個主要客戶的認證。展望未來，我們預計第二季度我們的數據中心 SSD 收入將強勁增長，這得益於我們 NVMe SSD 產品的銷售增長。此外，我們推出了業界領先的 DDR5，並且隨著客戶準備在 22 年推出新的服務器產品，我們看到了強勁的需求。

While PC end demand remains strong, our clients revenue declined sequentially due to the PC production impact from ongoing non-memory component shortages and related customer inventory adjustments of DRAM and NAND products. Consistent with the expectations we articulated in our last earnings call, the inventory adjustment at most PC customers is now largely behind us, and we are seeing signs of stabilization in demand in this end market.

雖然 PC 終端需求依然強勁，但由於持續的非內存組件短缺以及 DRAM 和 NAND 產品的相關客戶庫存調整對 PC 生產的影響，我們的客戶收入環比下降。與我們在上次財報電話會議中表達的預期一致，大多數 PC 客戶的庫存調整現在已基本結束，我們看到終端市場需求趨於穩定的跡象。

As we enter calendar year 2022, we expect PC unit sales to be in line with those for calendar year 2021. Mix of enterprise PCs in calendar year 2022 is projected to be higher as companies invest to support hybrid work environments. This shift in the mix of PC unit shipments should increase average PC DRAM and NAND content.

隨著我們進入 2022 日曆年，我們預計 PC 單位銷售額將與 2021 日曆年保持一致。隨著公司投資支持混合工作環境，預計 2022 日曆年企業 PC 的組合會更高。 PC 單位出貨量組合的這種轉變應該會增加平均 PC DRAM 和 NAND 內容。

Low-power DRAM has grown to 20% of the PC industry DRAM bit demand today and is projected to become the majority of the PC market in 5 years. Given our industry-leading solutions in low-power DRAM, we are well positioned to benefit from this trend.

低功耗 DRAM 目前已增長到 PC 行業 DRAM 位需求的 20%，預計將在 5 年內成為 PC 市場的主要部分。鑑於我們在低功耗 DRAM 方面的行業領先解決方案，我們有能力從這一趨勢中受益。

In FQ1, we achieved qualifications and volume production of our 176-layer Gen4 PCIe client SSD at several PC OEMs as well as our first revenues for DDR5 memory. Across the PC industry, demand for DDR5 products is significantly exceeding supply due to non-memory component shortages impacting memory suppliers' ability to build DDR5 modules. We expect these shortages to moderate through 2022, enabling bit shipments of DDR5 to grow to meaningful levels in the second half of calendar 2022. We are poised to take advantage of this transition with industry-leading DDR5 solutions for PCs.

在第一季度，我們在多家 PC OEM 獲得了 176 層 Gen4 PCIe 客戶端 SSD 的資格和量產，並獲得了 DDR5 內存的第一筆收入。在整個 PC 行業，由於非內存組件短缺影響了內存供應商構建 DDR5 模塊的能力，對 DDR5 產品的需求大大超過了供應。我們預計到 2022 年這些短缺將有所緩和，使 DDR5 的位出貨量在 2022 年下半年增長到有意義的水平。我們準備利用行業領先的 PC DDR5 解決方案來利用這一轉變。

In the fast-growing graphics market, Micron holds an excellent position with a broad product portfolio featuring our proprietary GDDR6X product line and deep partnerships with leading GPU suppliers. We increased our revenue sequentially and year-over-year. Our proprietary GDDR6X continues to have market success, including integration on NVIDIA's high-end gaming cards. In FQ1, we were pleased to announce availability of our GDDR6 memory solutions on AMD's Radeon RX 6000 graphics card, extending the value of GDDR6 memory to the entire gaming market.

在快速增長的圖形市場中，美光憑藉廣泛的產品組合（包括我們專有的 GDDR6X 產品線以及與領先 GPU 供應商的深度合作夥伴關係）佔據著優勢地位。我們的收入環比和同比增長。我們專有的 GDDR6X 繼續在市場上取得成功，包括集成到 NVIDIA 的高端遊戲卡上。在第一季度，我們很高興地宣布我們的 GDDR6 內存解決方案可用於 AMD 的 Radeon RX 6000 顯卡，從而將 GDDR6 內存的價值擴展到整個遊戲市場。

FQ1 mobile revenue increased more than 25% year-over-year. Mobile memory and storage demand continues to strengthen, supported by content-hungry applications and the continued transition from 4G to 5G. Recent 5G phones feature more than 50% higher DRAM and double the NAND content versus 4G phones. 5G smartphone sales are forecast to exceed 500 million units in calendar year '21, with 700 million units forecast for calendar year '22. We expect mobile content to continue increasing as 5G phones benefit from further innovation in 5G-enabled applications.

FQ1 移動收入同比增長超過 25%。在內容飢渴的應用程序和從 4G 到 5G 的持續過渡的支持下，移動內存和存儲需求繼續增強。最近的 5G 手機的 DRAM 比 4G 手機高 50% 以上，NAND 內容是 4G 手機的兩倍。預計 21 日曆年 5G 智能手機銷量將超過 5 億部，22 日曆年預測為 7 億部。隨著 5G 手機受益於 5G 應用的進一步創新，我們預計移動內容將繼續增加。

Following several industry-firsts last year in FQ1, our 1-alpha-based LPDDR5X, the world's fastest mobile DRAM, was sampled and validated with MediaTek, further demonstrating Micron's leadership in the mobile market.

繼去年第一季度的多項行業第一之後，我們基於 1-alpha 的 LPDDR5X 是世界上最快的移動 DRAM，通過聯發科進行採樣和驗證，進一步展示了美光在移動市場的領導地位。

We expect automotive and industrial to be the fastest-growing memory and storage markets over the next decade, and we are exceptionally well positioned as the market share leader with over 10% of our revenue coming from these end markets. In the near term, non-memory component shortages are limiting calendar year '21 auto unit production to be flat year-over-year, significantly below end-consumer demand. However, our FQ1 year-over-year auto revenue growth remained strong at 25% as a result of content growth from in-vehicle infotainment and driver assistance applications, which are advancing rapidly, especially as EV adoption accelerates.

我們預計汽車和工業將成為未來十年增長最快的內存和存儲市場，並且我們作為市場份額的領導者處於非常有利的地位，我們超過 10% 的收入來自這些終端市場。在短期內，非內存組件短缺限制了 '21 日曆年的汽車產量同比持平，大大低於最終消費者的需求。然而，由於車載信息娛樂和駕駛輔助應用的內容增長，我們的第一季度汽車收入同比增長保持在 25% 的強勁水平，這些應用正在迅速發展，尤其是隨著電動汽車的採用加速。

New EVs are becoming like a data center on wheels, and we are already seeing examples of 2022 model year EVs supporting Level 3 autonomous capability with over 140 gigabytes of DRAM and also examples with over 1 terabyte of NAND. In addition to continued content growth, we expect calendar year '22 auto unit production to increase as non-memory component shortages ease. We entered into a new supply agreement with UMC to improve our ability to support our automotive customers with NAND solutions as market demand strengthens in calendar year '22.

新的電動汽車正變得像一個帶輪子的數據中心，我們已經看到了支持 3 級自主能力的 2022 年款電動汽車的例子，具有超過 140 GB 的 DRAM，還有超過 1 TB 的 NAND 的例子。除了持續的內容增長外，我們預計 22 日曆年的汽車單位產量將隨著非內存組件短缺的緩解而增加。隨著 22 日曆年市場需求的增強，我們與 UMC 簽訂了新的供應協議，以提高我們為汽車客戶提供 NAND 解決方案的能力。

In industrial IoT, we saw more than 80% year-over-year revenue growth, fueled by the continued ramp in applications such as factory automation and security systems. In consumer IoT, we saw more than 40% year-over-year revenue growth, driven by applications such as VR headsets and smart home devices. We expect IoT demand trends to accelerate further as 5G speeds the adoption of data-intensive applications powered by intelligent edge infrastructure.

在工業物聯網領域，我們看到超過 80% 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。在消費者物聯網領域，我們看到了超過 40% 的收入同比增長，這得益於 VR 耳機和智能家居設備等應用。隨著 5G 加速採用由智能邊緣基礎設施提供支持的數據密集型應用程序，我們預計物聯網需求趨勢將進一步加速。

Our view of calendar 2021 and calendar 2022 industry bit demand and supply growth is largely unchanged from last quarter. We expect calendar 2021 DRAM industry bit demand growth to be in the low 20% range and industry NAND bit demand growth to be in the high 30% range. We expect calendar 2022 industry bit demand growth to be in the mid- to high teens for DRAM and approximately 30% for NAND, in line with our view of the long-term bit demand growth CAGRs for each.

我們對 2021 年和 2022 年行業位需求和供應增長的看法與上一季度基本持平。我們預計 2021 年日曆 DRAM 行業位需求增長將在 20% 的低位範圍內，而行業 NAND 位需求增長將在 30% 的高位範圍內。我們預計 2022 年日曆行業比特需求增長將在 DRAM 的中高點和 NAND 的約 30% 左右，這與我們對每個領域的長期比特需求增長 CAGR 的看法一致。

We anticipate underlying demand in calendar 2022 to be led by increasing volume of data center server deployments, 5G mobile shipments and continued strength in automotive and industrial markets. Non-memory supply shortages have constrained customer builds and pushed out some demand across many end markets. While these shortages may cause some variability to our demand, we expect them to ease through 2022, supporting memory and storage demand growth.

我們預計 2022 年的潛在需求將由數據中心服務器部署量的增加、5G 移動出貨量以及汽車和工業市場的持續增長帶動。非內存供應短缺限制了客戶的構建，並推動了許多終端市場的一些需求。雖然這些短缺可能會導致我們的需求出現一些變化，但我們預計到 2022 年它們會有所緩解，從而支持內存和存儲需求的增長。

Turning to our bit supply expectations for the year. Given prudent industry CapEx and very lean supplier inventories, we expect a healthy industry supply-demand balance in calendar year '22. Micron's calendar year bit supply growth for DRAM and NAND will be in line with industry demand. We are planning to deliver record revenue with solid profitability in fiscal year '22, with stronger bit shipment growth in the second half of the fiscal year. The stronger second half bit shipments will be aided by the easing impact of non-memory component shortages on our supply and on customer demand, together with additional product qualifications of our 1-alpha DRAM and 176-layer NAND-based products.

談到我們對今年的鑽頭供應預期。鑑於審慎的行業資本支出和非常精簡的供應商庫存，我們預計 22 日曆年的行業供需平衡將保持健康。美光歷年 DRAM 和 NAND 的比特供應增長將與行業需求保持一致。我們計劃在 22 財年實現創紀錄的收入和穩健的盈利能力，並在本財年下半年實現更強勁的位出貨量增長。非內存組件短缺對我們的供應和客戶需求的影響緩解，以及我們的 1-alpha DRAM 和 176 層 NAND 產品的額外產品資格，將有助於下半年出貨量的強勁增長。

As expected in fiscal year '22, the continued ramps of 1-alpha DRAM and 176-layer NAND are providing us with good front-end cost reductions. As we mentioned before, our efforts to increase supply chain resilience and provide business continuity to our customers are headwinds for our assembly and packaging costs, consistent with the broader industry. Overall, we expect annual cost per bit reductions to be competitive with the industry in fiscal year '22 and over the long term.

正如 22 財年所預期的那樣，1-alpha DRAM 和 176 層 NAND 的持續增長為我們提供了良好的前端成本降低。正如我們之前提到的，我們為提高供應鏈彈性和為客戶提供業務連續性所做的努力是我們組裝和包裝成本的不利因素，這與更廣泛的行業一致。總體而言，我們預計在 22 財年和長期來看，每年每比特成本的降低將與行業競爭。

Turning to capital expenditures. We expect fiscal year '22 CapEx in the range of $11 billion to $12 billion. For both DRAM and NAND, we plan to achieve bit supply growth with node transitions alone through the middle of the decade. Beyond this time horizon, we anticipate the need to add greenfield wafer capacity for DRAM. However, for our NAND supply growth, we expect continued 3D scaling to be sufficient to meet industry demand growth without the need for wafer capacity additions.

轉向資本支出。我們預計 22 財年的資本支出在 110 億美元至 120 億美元之間。對於 DRAM 和 NAND，我們計劃在本世紀中期僅通過節點轉換實現位供應增長。超出這個時間範圍，我們預計需要增加 DRAM 的新建晶圓產能。然而，對於我們的 NAND 供應增長，我們預計持續的 3D 擴展足以滿足行業需求增長，而無需增加晶圓產能。

We recently announced our intent to invest more than $150 billion globally over the next decade in leading-edge memory manufacturing and R&D. As part of our commitment to investing in R&D, we announced plans to establish a state-of-the-art memory design center in Atlanta. These announcements reflect our confidence in persistent long-term demand growth for memory and storage and our ability to generate returns on these investments. We look forward to working with governments around the world, including in the U.S., as we consider sites to support future expansion.

我們最近宣布，我們打算在未來十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。作為我們對研發投資承諾的一部分，我們宣布了在亞特蘭大建立最先進的內存設計中心的計劃。這些公告反映了我們對內存和存儲的持續長期需求增長以及我們從這些投資中產生回報的能力的信心。我們期待與包括美國在內的世界各地的政府合作，因為我們正在考慮支持未來擴展的站點。

I will now turn it over to Dave.

我現在將把它交給戴夫。

Thanks, Sanjay.

謝謝，桑傑。

Micron delivered outstanding results to start the fiscal year with revenue, margin and EPS all coming in within our guidance ranges while also generating healthy free cash flow. Total FQ1 revenue was approximately $7.7 billion, down 7% quarter-over-quarter and up 33% year-over-year. The sequential revenue decline was predominantly attributable to weakness related to non-memory component shortages at our customers, as Sanjay discussed earlier.

美光在本財年開始時取得了出色的業績，收入、利潤率和每股收益都在我們的指導範圍內，同時還產生了健康的自由現金流。 FQ1 總收入約為 77 億美元，環比下降 7%，同比增長 33%。正如 Sanjay 之前所討論的，收入環比下降主要歸因於與我們客戶的非內存組件短缺相關的疲軟。

FQ1 DRAM revenue was $5.6 billion, representing 73% of total revenue. DRAM revenue declined 8% quarter-over-quarter and was up 38% year-over-year. Sequentially, bit shipments declined in the mid-single-digit percentage range, while ASPs declined in the lower single-digit percentage range.

FQ1 DRAM 收入為 56 億美元，佔總收入的 73%。 DRAM 收入環比下降 8%，同比增長 38%。隨後，位出貨量在中個位數百分比範圍內下降，而平均售價在較低個位數百分比範圍內下降。

FQ1 NAND revenue was approximately $1.9 billion, representing 24% of Micron's total revenue. NAND revenue declined 5% quarter-over-quarter and was up 19% year-over-year. Sequential bit shipments were approximately flat and ASPs declined in the mid-single-digit percentage range.

FQ1 NAND 收入約為 19 億美元，占美光總收入的 24%。 NAND 收入環比下降 5%，同比增長 19%。連續位出貨量大致持平，平均售價在中個位數百分比範圍內下降。

Now turning to our FQ1 revenue trends by business unit. Revenue for the Compute and Networking Business Unit was $3.4 billion, down 10% quarter-over-quarter and up 34% year-over-year. Cloud, enterprise and graphics performed well in the quarter, while client revenues declined sequentially. Revenue for the Mobile Business Unit was $1.9 billion, up 1% sequentially and up 27% year-over-year. Micron continues to lead in managed NAND and MCP revenue surpassed 50% of Mobile revenue in FQ1 for the fifth consecutive quarter.

現在轉向我們按業務部門劃分的 FQ1 收入趨勢。計算和網絡業務部門的收入為 34 億美元，環比下降 10%，同比增長 34%。雲、企業和圖形在本季度表現良好，而客戶收入環比下降。移動業務部門的收入為 19 億美元，環比增長 1%，同比增長 27%。美光在託管 NAND 和 MCP 收入連續第五個季度在第一季度超過移動收入的 50% 方面繼續領先。

Revenue for the Storage Business Unit was $1.2 billion, down 4% from the prior quarter and up 26% year-over-year. SBU profitability benefited in FQ1 from the strong progress made in ramping our 176-layer node. Finally, revenue for the Embedded Business Unit was $1.2 billion, the second highest in our history. EBU revenue was up 51% year-over-year and down 10% from record levels in the prior quarter. EBU gross margin and operating margin improved sequentially, driven by strong execution.

存儲業務部門的收入為 12 億美元，比上一季度下降 4%，同比增長 26%。 SBU 的盈利能力在第一季度受益於我們在增加 176 層節點方面取得的強勁進展。最後，嵌入式業務部門的收入為 12 億美元，是我們歷史上第二高的。 EBU 收入同比增長 51%，比上一季度的創紀錄水平下降 10%。在強勁執行力的推動下，EBU 毛利率和營業利潤率環比提高。

The consolidated gross margin for FQ1 was 47% at the midpoint of our guidance and down approximately 85 basis points from the prior quarter. A higher mix of NAND sales was a headwind to FQ1 gross margin. Operating expenses in FQ1 were $891 million. We continue to expect FY '22 R&D to be up approximately 15% over FY '21 as we invest to strengthen our portfolio.

在我們指導的中點，第一季度的綜合毛利率為 47%，比上一季度下降約 85 個基點。更高的 NAND 銷售組合對 FQ1 的毛利率構成不利影響。第一季度的運營費用為 8.91 億美元。隨著我們投資加強我們的投資組合，我們繼續預計 22 財年的研發將比 21 財年增長約 15%。

FQ1 operating income was strong at $2.7 billion, resulting in an operating margin of 35%, down slightly from 37% in FQ4 and up from 17% in the prior year. FQ1 adjusted EBITDA was $4.4 billion, resulting in an EBITDA margin of 57%, flat from the prior quarter and up from 43% in the prior year.

第一季度營業收入強勁，達到 27 億美元，營業利潤率為 35%，略低於第四季度的 37%，高於去年的 17%。第一季度調整後的 EBITDA 為 44 億美元，EBITDA 利潤率為 57%，與上一季度持平，高於上一年的 43%。

Non-GAAP earnings per share in FQ1 were $2.16, down from $2.42 in FQ4 and up from $0.78 in the year ago quarter. EPS included approximately $0.01 of gains from Micron Ventures investments.

第一季度非公認會計準則每股收益為 2.16 美元，低於第四季度的 2.42 美元，高於去年同期的 0.78 美元。每股收益包括大約 0.01 美元的美光風險投資收益。

Turning to cash flows and capital spending. We generated $3.9 billion in cash from operations in FQ1, representing 51% of revenue. Net capital spending was $3.3 billion during the quarter. We continue to expect fiscal 2022 CapEx to be between $11 billion and $12 billion, and it will be front-end loaded in the fiscal year.

轉向現金流和資本支出。我們在第一季度的運營中產生了 39 億美元的現金，佔收入的 51%。本季度的淨資本支出為 33 億美元。我們繼續預計 2022 財年的資本支出將在 110 億美元至 120 億美元之間，並將在本財年進行前端加載。

Due to the strong revenue and profitability, we generated approximately $671 million in free cash flow. In addition, we received approximately $900 million from the sale of the Lehi fab, which closed in the quarter. We completed share repurchases of approximately $260 million or approximately 3.6 million shares in FQ1. Including our dividend payment, we returned around $371 million to shareholders in the quarter, which represented more than 50% of the free cash flow generated during the quarter. In addition, our Board of Directors approved a quarterly dividend of $0.10 to be paid on January 18 to shareholders of record on January 3. We remain committed to returning more than 50% of the cross-cycle free cash flow through a combination of dividends and buybacks. As we've mentioned before, we will be opportunistic in share repurchases and more aggressive when the shares are trading at larger discounts to intrinsic value.

由於強勁的收入和盈利能力，我們產生了大約 6.71 億美元的自由現金流。此外，我們從本季度關閉的 Lehi 工廠的出售中獲得了大約 9 億美元。我們在第一季度完成了約 2.6 億美元或約 360 萬股的股票回購。包括我們的股息支付，我們在本季度向股東返還了約 3.71 億美元，佔本季度產生的自由現金流的 50% 以上。此外，我們的董事會批准在 1 月 18 日向 1 月 3 日登記在冊的股東支付 0.10 美元的季度股息。我們仍然致力於通過股息和股息的組合返還超過 50% 的跨週期自由現金流回購。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。

Our ending FQ1 inventory was $4.8 billion, and average days for the quarter were 103 days within our normal target range of 95 to 105 days. We expect to exit FY '22 with days of inventory at less than 100 days as we expect our DRAM and NAND supply to be tight for the year. We ended the quarter with $11.5 billion of total cash and investments and $14 billion of total liquidity.

我們結束的 FQ1 庫存為 48 億美元，本季度的平均天數為 103 天，在我們 95 至 105 天的正常目標範圍內。我們預計 22 財年的庫存天數將少於 100 天，因為我們預計今年的 DRAM 和 NAND 供應將緊張。我們在本季度結束時擁有 115 億美元的現金和投資總額以及 140 億美元的總流動資金。

Our FQ1 total debt was $7 billion. Following our successful sustainability-linked credit facility in May and continuing with our strong commitment to enhancing our environmental and social performance, in FQ1, we achieved 2 important milestones for Micron: our inaugural green bond and inaugural long bonds. The total proceeds from these bonds were $2 billion, and several nationally recognized minority disabled veteran and women-owned financial institutions participated.

我們的 FQ1 總債務為 70 億美元。繼我們在 5 月成功實現與可持續發展相關的信貸安排後，並繼續堅定承諾提高我們的環境和社會績效，在第一季度，我們實現了美光的兩個重要里程碑：我們的首個綠色債券和首個長期債券。這些債券的總收益為 20 億美元，多家國家認可的少數民族殘疾退伍軍人和婦女擁有的金融機構參與其中。

The $1 billion green bond proceeds will finance eligible sustainability-focused projects, including reducing the company's greenhouse gas emissions, energy and water use and waste generation. The $1 billion proceeds from the long bonds, along with cash on hand, were used to redeem Micron's senior notes maturing in 2023 and 2024. The net result from the green and long bond offering was essentially leverage-neutral for Micron, while improving our net interest expense and increasing the weighted average maturity of our notes and bank debt from 4 years to 9 years.

10 億美元的綠色債券收益將資助符合條件的以可持續發展為重點的項目，包括減少公司的溫室氣體排放、能源和水的使用以及廢物產生。長期債券的 10 億美元收益以及手頭現金用於贖回美光在 2023 年和 2024 年到期的優先票據。綠色和長期債券發行的淨結果對美光而言基本上是槓桿中性的，同時改善了我們的淨資產利息支出，並將我們的票據和銀行債務的加權平均期限從 4 年增加到 9 年。

Now turning to our outlook for the fiscal second quarter. We're starting to see stabilization in demand for PC customers and end demand remains solid across our markets. On the margin front, we expect that mix improvements are a positive factor for gross margins in NAND. While we continue to have cost headwinds due to COVID-19 mitigation expenses and above-normal assembly, test and component costs, our front-end costs continue to benefit from our ramp of 1-alpha DRAM and 176-layer NAND. We expect operating expenses to increase sequentially as we invest in next-generation technologies and products for both DRAM and NAND and accelerate our new product road map.

現在轉向我們對第二財季的展望。我們開始看到 PC 客戶的需求趨於穩定，並且整個市場的最終需求保持穩定。在利潤率方面，我們預計混合改進是 NAND 毛利率的一個積極因素。儘管由於 COVID-19 緩解費用和高於正常的組裝、測試和組件成本，我們繼續面臨成本逆風，但我們的前端成本繼續受益於我們的 1-alpha DRAM 和 176 層 NAND 的增長。隨著我們投資於 DRAM 和 NAND 的下一代技術和產品並加快我們的新產品路線圖，我們預計運營費用將連續增加。

With all these factors in mind, our non-GAAP guidance for FQ2 is as follows. We expect revenue to be $7.5 billion, plus or minus $200 million; gross margin to be in the range of 46%, plus or minus 100 basis points; and operating expenses to be approximately $975 million, plus or minus $25 million. We expect our non-GAAP tax rate to be approximately 10% for FQ2. Based on a share count of approximately 1.14 billion fully diluted shares, we expect EPS to be $1.95, plus or minus $0.10. Our FQ1 results and FQ2 outlook keep us on track to deliver record revenue and solid profitability and free cash flow in FY '22.

考慮到所有這些因素，我們對 FQ2 的非 GAAP 指導如下。我們預計收入為 75 億美元，上下浮動 2 億美元；毛利率在 46% 的範圍內，上下浮動 100 個基點；運營費用約為 9.75 億美元，上下浮動 2500 萬美元。我們預計第二季度的非公認會計原則稅率約為 10%。基於大約 11.4 億股完全稀釋後的股票，我們預計每股收益為 1.95 美元，上下浮動 0.10 美元。我們的 FQ1 業績和 FQ2 前景使我們有望在 22 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, our business is delivering 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%. The strong product and technology momentum and Micron's solid execution give us confidence that we can sustain solid financial performance in the future.

最後，我們的業務實現了強勁的跨週期業績，收入增長顯著超過了更廣泛的半導體行業，毛利率平均超過 40%，營業利潤率平均約為 30%。強勁的產品和技術勢頭以及美光穩健的執行力讓我們有信心在未來保持穩健的財務業績。

I'll now turn it back to Sanjay.

我現在把它轉回給桑傑。

Thank you, Dave.

謝謝你，戴夫。

Micron's culture has played a significant role in driving our strong results. Our vision to transform how the world uses information to enrich life for all, serves both as an inspiration for our team and as a foundation for everything we do.

美光的文化在推動我們取得強勁業績方面發揮了重要作用。我們的願景是改變世界如何使用信息來豐富所有人的生活，這既是我們團隊的靈感來源，也是我們所做一切的基礎。

Earlier this month, we released Micron's 2021 DEI report entitled For All, which highlights significant accomplishments across the 6 DEI commitments that we introduced last year. These accomplishments include achieving comprehensive global pay equity as well as increasing representation of underrepresented groups among new college graduate hires by 7%. We also publicly disclosed consolidated equal employment opportunity or EE01 data for the first time. This report is available on our website.

本月早些時候，我們發布了 Micron 的 2021 DEI 報告，題為 For All，其中強調了我們去年推出的 6 項 DEI 承諾的重大成就。這些成就包括實現全面的全球薪酬公平，以及將新聘大學畢業生中代表性不足的群體的代表性提高 7%。我們還首次公開披露了合併的平等就業機會或 EE01 數據。該報告可在我們的網站上找到。

Demand for memory and storage remains strong. The broad integration of AI, proliferation of the intelligent edge, continued data center growth, EV adoption and 5G deployment are creating expanded opportunities for Micron to innovate and deliver new value to our customers. The strategic importance of semiconductors to economic growth has never been more clear and ensuring the security of supply for customers across all industries has never been more important. We look forward to working with governments on initiatives to invest in domestic production, both here in the U.S. through the CHIPS Act and FABS Act and in the other countries around the world.

對內存和存儲的需求依然強勁。人工智能的廣泛集成、智能邊緣的普及、數據中心的持續增長、電動汽車的採用和 5G 部署正在為美光創造更多的創新機會，並為我們的客戶創造新的價值。半導體對經濟增長的戰略重要性從未如此明確，確保所有行業客戶的供應安全從未如此重要。我們期待與政府合作，通過 CHIPS 法案和 FABS 法案在美國以及世界其他國家與政府合作投資國內生產。

It is a truly exciting time in the industry. Our business is robust and growing, and our team is energized to seize the opportunities ahead of us.

這是該行業真正激動人心的時刻。我們的業務穩健且不斷增長，我們的團隊充滿活力，能夠抓住我們面前的機遇。

We'll now open for questions.

我們現在開始提問。

(Operator Instructions) Our first question comes from C.J. Muse with Evercore.

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

I guess first question would be around more depth from you on kind of the current supply-demand environment as this cycle is really different from any other cycle. Obviously, in the last quarter, we've seen PC kitting issues. Now that appears to be largely resolved. You've talked about shortages in auto. Curious how you're thinking about kind of normal seasonality, if at all, into first half and middle part of 2022, where you're seeing ongoing tightness and how we should interpret that in terms of the sequential bit growth into the second half of fiscal '22 and beyond in calendar '22?

我想第一個問題是您對當前供需環境的更深入了解，因為這個週期與任何其他週期確實不同。顯然，在上個季度，我們已經看到了 PC 配套問題。現在，這似乎已基本解決。你談到了汽車的短缺。好奇你如何考慮到 2022 年上半年和中期的正常季節性，如果有的話，你會看到持續的緊張，以及我們應該如何根據到下半年的連續比特增長來解釋這種情況'22 財政年度及以後的日曆'22？

Thank you, C.J. So happy holidays to you, too, and to all our listeners on the call. With respect to the demand trends, we -- as we said, we see second half to be strong bit growth supported by the easing of shortages across our customer base. These shortages that our customers have experienced have constrained demand for us. And of course, their end demand trends have been strong. So as the supply chain shortages ease during the course of 2022, that will be a tailwind for demand for us, for memory and storage products.

謝謝你，C.J. 祝你節日快樂，也祝我們所有的電話聽眾節日快樂。關於需求趨勢，正如我們所說，我們認為下半年將出現強勁的增長，這得益於我們客戶群的短缺緩解。我們的客戶所經歷的這些短缺限制了對我們的需求。當然，他們的最終需求趨勢一直很強勁。因此，隨著 2022 年供應鏈短缺的緩解，這將是對我們、內存和存儲產品的需求的順風。

And of course, there is some aspect of seasonality, as you know, in the current quarter, particularly in some segments that are more consumer-oriented parts of our business. So second half, yes, there will be a stronger seasonality aspect as well. Then is the product cycles of our customers. New products in data center with new processors, with new architectures that are enabled with more memory channels, more cores in those processor, more AI and big data workloads driving greater demand for memory and storage in the -- during calendar year '22. We expect calendar year '22 to be a strong year for data center demand.

當然，如您所知，本季度存在季節性因素，特別是在我們業務中更以消費者為導向的部分領域。所以下半年，是的，也會有更強的季節性因素。然後是我們客戶的產品週期。數據中心的新產品配備新處理器，新架構啟用更多內存通道，這些處理器中的更多內核，更多 AI 和大數據工作負載推動了 22 日曆年對內存和存儲的更大需求。我們預計 22 年日曆年將是數據中心需求強勁的一年。

5G, with respect to smartphones continues to drive strong content increases as well as, of course, more 5G phones are being sold. And automotive, we talked about some of the trends of new vehicles that will have more content. And certainly, EVs with more than 140 gigabytes of DRAM and some EVs having a terabyte of NAND content, this is the trend that's starting to build up as well. So overall, the devices have more content.

5G，就智能手機而言，繼續推動內容的強勁增長，當然，更多的 5G 手機正在銷售。而汽車方面，我們談到了新車的一些趨勢，這將有更多的內容。當然，具有超過 140 GB DRAM 的 EV 和一些具有 1 TB NAND 內容的 EV，這也是開始形成的趨勢。所以總的來說，這些設備有更多的內容。

And actually, in automotive, if you think about it, we have 90 million automobiles versus servers at about 15 million. So 6x of automobiles with increasing content. So of course, this will be a strong demand driver, not just for 2022. I mean, beyond that as well. So the demand trends are secular here in nature. And of course, we work closely with our customers, and we understand how they are looking at their own demand rolling out through calendar '22. So demand trends are strong. We expect healthy demand supply environment in calendar year '22. On the supply side, of course, it has been disciplined CapEx. And as we have highlighted, we expect DRAM to be in mid-teens to high teens in terms of year-over-year supply growth and NAND approximately 30%.

事實上，在汽車領域，如果你仔細想想，我們有 9000 萬輛汽車，而服務器大約有 1500 萬輛。因此，內容增加的汽車是 6 倍。因此，當然，這將是一個強勁的需求驅動因素，而不僅僅是 2022 年。我的意思是，除此之外也是如此。因此，這裡的需求趨勢本質上是長期的。當然，我們與客戶密切合作，我們了解他們如何看待通過日曆 '22 推出的自己的需求。因此需求趨勢強勁。我們預計 22 日曆年的需求供應環境將保持健康。當然，在供應方面，它受到了資本支出的約束。正如我們所強調的那樣，我們預計 DRAM 的供應量同比增長將在十幾歲到十幾歲，而 NAND 大約為 30%。

And of course, on the supply side, the CapEx has been disciplined by the suppliers, but also equipment constraints, the long lead time that is there. That, too, gives us confidence regarding calendar year '22 supply outlook. So overall, we believe we are well positioned to deliver a strong second half based on all the demand aspects as well as supply aspects that I just described here as well as a strong profitability for calendar -- record fiscal year '22 revenue and robust profitability.

當然，在供應方面，資本支出受到供應商的約束，但也受到設備限制，即存在較長的交貨時間。這也讓我們對 22 日曆年的供應前景充滿信心。因此，總的來說，我們相信我們有能力在我剛剛描述的所有需求方面和供應方面以及日曆的強勁盈利能力——創紀錄的 22 財年收入和強勁的盈利能力的基礎上，實現強勁的下半年.

That's very helpful. As a quick follow-up, Dave, can you speak to the cost side? You highlighted expectations for strong front-end cost down. We're curious how are you thinking about normalization of COVID-related expenses? And how should we be thinking about any mix shifts in your product portfolio in calendar '22?

這很有幫助。作為快速跟進，戴夫，你能談談成本方面嗎？您強調了對大幅降低前端成本的預期。我們很好奇您如何看待 COVID 相關費用的正常化？在 22 年日曆中，我們應該如何考慮您的產品組合中的任何組合變化？

Sure. Thanks, C.J. and happy holidays as well. Let me join, Sanjay, in telling everybody happy holidays. Yes. So from a cost perspective -- let me just step back a little bit on the margin front because I think it's worth touching on it just for a second. So we delivered very strong gross margins, as you saw in the first quarter, 47%, right in line with where we thought we'd be. Just keep in mind that just a year ago, our gross margins were just a little bit over 30%. So this is a pretty significant improvement in the gross margins. And of course, some of that obviously comes from pricing, but it also comes from a good cost discipline and the beginnings of the ramp of 1-alpha and 176-layer that we saw last year and into this year.

當然。謝謝，C.J. 也祝你節日快樂。桑傑，讓我和大家一起告訴大家節日快樂。是的。因此，從成本的角度來看——讓我在利潤率方面稍微退後一點，因為我認為值得一提。因此，我們提供了非常強勁的毛利率，正如您在第一季度看到的 47%，與我們認為的水平一致。請記住，就在一年前，我們的毛利率還略高於 30%。因此，這是毛利率的顯著改善。當然，其中一些顯然來自定價，但也來自良好的成本紀律以及我們去年和今年看到的 1-alpha 和 176 層的開始。

As we look into the second quarter, we do expect to continue to see a tailwind from cost reductions associated with both 176-layer and 1-alpha node, and that should continue through the year. Also, as Sanjay mentioned, we have a lot of product calls ahead of us for this year that will improve the mix of our business into high-value solutions, and so we also expect that to be beneficial. The question -- the root of your question is these costs that we're seeing in terms of COVID mitigation and some inflationary pressure. Those are likely to continue through the year. Hard to say when they abate, but we do expect that they will continue through the year.

當我們展望第二季度時，我們確實預計將繼續看到與 176 層和 1-alpha 節點相關的成本降低的順風，並且這種情況應該會持續到今年。此外，正如 Sanjay 所提到的，今年我們有很多產品電話，這將改善我們的業務組合成高價值的解決方案，因此我們也希望這是有益的。問題 - 你問題的根源是我們在緩解 COVID 和一些通脹壓力方面看到的這些成本。這些可能會持續到今年。很難說它們何時會減弱，但我們確實預計它們會持續到這一年。

But other than that, the other areas that -- where we have good control over, I think we're executing very well in terms of delivering good cost reductions. And at these levels of profitability, the ROI for us, ROIC for us from a business perspective is quite high. So we're in a good -- what I think is a really good place.

但除此之外，我們可以很好地控制的其他領域，我認為我們在降低成本方面執行得非常好。在這些盈利水平上，我們的投資回報率，從商業角度來看，我們的投資回報率是相當高的。所以我們處於一個很好的位置——我認為這是一個非常好的地方。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

You mentioned, Sanjay, that you are starting to see PC customers less constrained from a component perspective. I'm curious, is that a near term? Or is that an expectation of second half of fiscal year '22 comment? So when do you expect your shipments to PC customers has to start to improve?

您提到，Sanjay，您開始看到 PC 客戶從組件的角度來看受到的限制越來越少。我很好奇，這是近期的嗎？或者這是對 22 財年下半年評論的預期？那麼，您預計您對 PC 客戶的出貨量何時開始改善？

So the comment is relative to what we saw 3 months ago. And as we had highlighted in our earnings call -- last earnings call, we have seen that certain PC customers had their supply chain challenges, making it hard for them to get all non-memory components, thereby limiting their production of PCs, even though their end demand of PCs was still strong. So yes, compared to that, what we have seen is that their inventory adjustment that was as a result of their non-component shortages, is now largely behind them, and we are certainly seeing recovery of demand on the PC front compared to the levels that existed 3 months ago.

所以評論是相對於我們在 3 個月前看到的。正如我們在財報電話會議中強調的那樣——上一次財報電話會議，我們看到某些 PC 客戶面臨供應鏈挑戰，使他們難以獲得所有非內存組件，從而限制了他們的 PC 生產，即使他們對個人電腦的終端需求依然強勁。所以是的，與此相比，我們看到的是，由於非組件短缺而導致的庫存調整現在已基本落後，與水平相比，我們肯定看到 PC 方面的需求正在復蘇存在於 3 個月前。

And overall, as I noted that for calendar year '22, we expect total PC unit sales to be similar to calendar year '21 level. So PC, we expect will be recovering for us in terms of demand as we go forward here in calendar year '22.

總體而言，正如我所指出的，對於 22 日曆年，我們預計 PC 總銷量將與 21 日曆年的水平相似。因此，隨著我們在 22 日曆年繼續前進，PC 預計將在需求方面為我們恢復。

Right. Very helpful. And for my follow-up, Sanjay, you mentioned 75% of your revenues are now based on these long-term agreements. What kind of assumptions goes into that? Are these take-or-pay arrangements, just given the cyclical nature of the industry, how fixed or dependable are these contracts from a price or volume or margin perspective?

對。很有幫助。對於我的後續行動，桑傑，您提到您現在 75% 的收入基於這些長期協議。什麼樣的假設？這些照付不議的安排，僅考慮到行業的周期性，從價格、數量或利潤的角度來看，這些合同的固定或可靠程度如何？

So again, I would like to remind you that about 4 years ago, 5 years ago, we used to have about 10% of our revenue based on these LTAs. And today, we have more than 75% of our revenue based on LTAs. What the LTAs have done is bring us closer to the customer and really enable us to have a much closer dialogue on their planning, their forecast and enables us to plan our supply and the mix of supply appropriately as well.

因此，我想再次提醒您，大約 4 年前，5 年前，我們曾經有大約 10% 的收入來自這些長期協議。今天，我們有超過 75% 的收入來自長期協議。 LTA 所做的是讓我們更接近客戶，真正讓我們能夠就他們的計劃、他們的預測進行更密切的對話，並使我們能夠適當地計劃我們的供應和供應組合。

These LTAs are nonbinding in nature, but they do help build greater visibility, greater transparency. And over the long haul, build greater trust and accountability between us and partners because value of memory is just continuing to increase. And there is sentiment of, of course, wanting to make sure that there is sufficient supply of memory available to our customers. So we work closely with them, and it helps us decide our product portfolio as well and manage our overall product portfolio and the mix of the product.

這些長期協議本質上是不具約束力的，但它們確實有助於提高知名度和透明度。從長遠來看，在我們和合作夥伴之間建立更大的信任和責任感，因為記憶的價值正在不斷增加。當然，還有一種情緒是希望確保我們的客戶有足夠的可用內存供應。因此，我們與他們密切合作，這也有助於我們決定我們的產品組合併管理我們的整體產品組合和產品組合。

So these agreements are volume-targeted agreements. They're not generally based on pricing, but they do help us as well as our customers plan our business far better and give us greater visibility. And again, these have been worked on, improved upon over the course of last few years, and we continue to look forward to continuing to strengthen these LTAs going forward as well.

因此，這些協議是針對數量的協議。它們通常不基於定價，但它們確實幫助我們以及我們的客戶更好地規劃我們的業務並為我們提供更大的知名度。再一次，這些已經在過去幾年中得到改進和改進，我們繼續期待繼續加強這些長期協議。

Our next question comes from John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Congratulations on the solid results. Sanjay, I want to go back to your expectation for industry bit demand growth for DRAM in calendar year '22 of mid- to high teens. While that's in line with kind of your long-term view for bit demand, it would be a relatively big deceleration from this year despite the fact that it sounds like you've got a lot of good tailwinds next year, whether it be PC mix improving, smartphone mix and units improving or new architectural shifts on the server side that are going to significantly increase DRAM density per server. And so I'm kind of curious, when you look at that expectation for next year, is that being gated by what you and your peers can supply to the industry? Is it being gated by your view of demand? Is it being gated by components outside of your control?

祝賀你取得了堅實的成果。 Sanjay，我想回到你對 22 年中高青少年 DRAM 行業位需求增長的預期。雖然這符合你對比特需求的長期看法，但從今年開始，這將是一個相對較大的減速，儘管聽起來你明年會有很多好的順風，無論是 PC 組合改進、智能手機組合和單元改進或服務器端的新架構轉變將顯著提高每台服務器的 DRAM 密度。所以我有點好奇，當你看到對明年的期望時，是否會受到你和你的同行可以為行業提供的東西的限制？它是否受到您對需求的看法的限制？它是否被您無法控制的組件控制？

So I think you're right to note that certainly, supply is limited. As I highlighted earlier, CapEx in the industry has been disciplined. And of course, as you know, that exiting 2020, there was inventory in the industry. Supplier inventories are at lean levels as well. And of course, in terms of supply growth, given the various aspects of supply chain shortages across all industries that have been discussed, equipment today has long lead time as well.

所以我認為你說得對，供應是有限的。正如我之前強調的那樣，該行業的資本支出一直受到紀律處分。當然，如您所知，在 2020 年之後，該行業存在庫存。供應商庫存也處於精益水平。當然，在供應增長方面，鑑於已經討論過的所有行業供應鏈短缺的各個方面，今天的設備也有很長的交貨時間。

So overall, when you really look at calendar year '22, overall supply is rather limited. And of course, demand trends are strong. What I would like to highlight is that you really have to look at long-term CAGR. The long-term CAGR on DRAM of mid-teens to high teens is really driving strong growth, and it is there because of all of the demand trends we have discussed.

因此，總的來說，當您真正查看 '22 日曆年時，總體供應量相當有限。當然，需求趨勢強勁。我想強調的是，你真的必須著眼於長期的複合年增長率。 DRAM 中十幾歲的長期復合年增長率確實推動了強勁的增長，這是因為我們討論過的所有需求趨勢。

And so you can't just look at 1 year, you have to continue to look at longer-term trends. These are secular trends in nature, driving more demand for memory and storage. And of course, what we have provided here is our estimation regarding the bit growth. This is what we expect, and we'll continue to monitor this. Essentially, we expect a healthy industry demand supply environment in calendar year '22, particularly on the side of DRAM.

所以你不能只看一年，你必須繼續看長期趨勢。這些是自然界的長期趨勢，推動了對內存和存儲的更多需求。當然，我們在這裡提供的是我們對比特增長的估計。這是我們所期望的，我們將繼續對此進行監控。從本質上講，我們預計 22 日曆年的行業需求供應環境健康，尤其是在 DRAM 方面。

And I think, again, it's -- my supply comments are based on some of the CapEx that we have ourselves said is -- in DRAM is guided down, but also by our other suppliers in -- other suppliers of DRAM in the industry.

而且我認為，我的供應評論基於我們自己所說的一些資本支出 - 在 DRAM 中被引導，但也受到我們其他供應商的引導 - 業內其他 DRAM 供應商。

That's helpful. And then Dave, as a quick follow-up just on the OpEx line, both this quarter and last quarter, you sort of characterized fiscal year '22 as an investment year, but you kind of came in at the low end of OpEx for the fiscal first quarter. Were there any sort of pandemic issues that are preventing you from investing at the rate you want? And as you think about the balance sheet of the fiscal year, how do we think about linearity of OpEx? And what are the 2 or 3 big buckets of incremental spend?

這很有幫助。然後戴夫，作為本季度和上一季度運營支出線上的快速跟進，您將 22 財年定性為投資年，但您進入了運營支出的低端第一財季。是否有任何類型的流行病問題阻止您以您想要的速度進行投資？當您考慮本財年的資產負債表時，我們如何看待 OpEx 的線性度？增加支出的 2 或 3 大桶是什麼？

Yes. So it's right to note that there's a little bit of tightness in the labor market, which, of course, it makes it challenging. But I'd say the biggest single contributor of the OpEx this quarter -- in the first fiscal quarter was just lower R&D expenses and -- related to prequalification expenses. And those can be a little lumpy and sometimes, you just fall over the transom between the first and second quarter of a year. And so it just turns out that they didn't hit in the first quarter, but we feel very confident that they will hit in the second quarter. And we will really spend in absolute terms for the year at the same level as we were predicting last quarter. It's more of a timing situation.

是的。因此，有必要指出勞動力市場有一點緊張，這當然使其具有挑戰性。但我想說，本季度運營支出的最大單一貢獻者——在第一財季只是較低的研發費用——與資格預審費用有關。而且這些可能有點笨拙，有時，您會在一年的第一季度和第二季度之間跌倒。所以事實證明他們在第一季度沒有擊中，但我們非常有信心他們會在第二季度擊中。我們今年的絕對支出將與上個季度預測的水平相同。這更像是一個時機問題。

So we'll have this kind of step-up in OpEx for the second fiscal quarter. And then it's a much lower sequential rate of growth in the third and fourth fiscal quarter that will get us to roughly, call it, 15% for R&D and SG&A will be a bit below that. But overall, we drive the number we're expecting.

因此，我們將在第二財季實現這種運營支出的提升。然後，第三和第四財季的連續增長率要低得多，這將使我們大致達到 15% 的研發和 SG&A 將略低於該水平。但總的來說，我們推動了我們預期的數字。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

Dave, my first question is for you. Can you walk us through the impact from the Lehi sale? I think there were some underloading charges and there was maybe like $100 million a quarter worth of OpEx. So can you sort of bridge that for us as it relates to Lehi between the fiscal Q1 results and the fiscal Q2 guidance?

戴夫，我的第一個問題是問你的。你能告訴我們李海出售的影響嗎？我認為有一些收費不足，並且每季度的運營支出可能價值 1 億美元。那麼，您能否在第一季度財報和第二季度財報指導之間架起與李海有關的橋樑？

Sure. So we had about $100 million of revenue in the first fiscal quarter related to wafer sales. It was somewhat accelerated because we closed at the end of October. That's a little bit higher than we've actually been running for the last couple of quarters. So that does actually go away in the second quarter. On the margin front, it was actually pretty close towards the corporate average. We -- normally, that's lower, but we moved the assets to a held-for-sale status, I think, at the end of the second fiscal quarter of last year. And so that discontinued the depreciation expense there. And so we saw margins generally -- relatively similar levels once you kind of factor that in.

當然。因此，我們在第一財季的晶圓銷售收入約為 1 億美元。由於我們在 10 月底關閉，因此速度有所加快。這比我們過去幾個季度的實際運行情況要高一點。所以這確實在第二季度消失了。在利潤率方面，它實際上非常接近企業平均水平。我們 - 通常，這較低，但我認為，在去年第二財季末，我們將資產轉移到了待售狀態。這樣就停止了那裡的折舊費用。因此，我們普遍看到了利潤率——一旦考慮到這一點，利潤率就會相對相似。

So a lot of the underloading got somewhat removed over the course of the third and fourth fiscal quarter -- or let's call it, the fourth -- first fiscal quarter, such that it won't have a meaningful impact to gross margins in the second fiscal quarter.

因此，在第三財季和第四財季——或者我們稱其為第四財季——第一財季，許多欠載情況有所緩解，因此不會對第二財季的毛利率產生有意義的影響財政季度。

Got it. And then, Sanjay, for you, just back on the topic of long-term agreements with your customers. Obviously, there's been quite a change in the tenor of sort of how you engage with them. And my question is sort of where do you see this all heading? I mean when you talk to your customers, they're very, very concerned about procuring DRAM at a reasonable price. So for example, do you envision a scenario where maybe you can get them to prepay you for bits?

知道了。然後，桑傑，對你來說，回到與你的客戶簽訂長期協議的話題。顯然，您與他們互動的方式發生了很大變化。我的問題是你在哪裡看到這一切？我的意思是，當您與客戶交談時，他們非常非常關心以合理的價格採購 DRAM。例如，您是否設想過一種場景，您可以讓他們為您預付比特幣？

As we highlighted, I mean, our discussions with our customers and LTAs are more around the requirements of supply. And of course, these lead to closer discussion in terms of understanding their product portfolio, their road map and how our road map gets defined and how our portfolio fits in with their requirements. So as I mentioned earlier, I mean, these discussions, these relationships with our customers have continued to evolve over the course of last few years, taking us from yes, that 10% LTAs to now 75% LTAs.

正如我們所強調的，我的意思是，我們與客戶和長期協議的討論更多地圍繞供應要求。當然，這些會引發更深入的討論，以了解他們的產品組合、他們的路線圖以及我們的路線圖是如何定義的，以及我們的產品組合如何滿足他們的要求。所以正如我之前提到的，我的意思是，這些討論，這些與我們客戶的關係在過去幾年中不斷發展，使我們從 10% 的 LTA 到現在的 75% LTA。

But they're also continuing to evolve in terms of the relationship that is based on value as well. So of course, we will continue to look for opportunities, as I mentioned earlier, to strengthen these LTAs in the future as well. And I would just like to highlight that we are in this good position with the customers in terms of gaining greater visibility to their requirements and being able to drive these LTAs through a lot of good work that our team has done here. The sales teams, our business unit teams and, of course, supported by strong technology, product portfolio and supply chain execution that just gives these customers and other partners the confidence in engaging in these LTA discussions with us.

但它們也在基於價值的關係方面繼續發展。當然，正如我之前提到的，我們將繼續尋找機會，在未來加強這些長期協議。我想強調的是，我們在客戶需求方面處於有利地位，能夠更好地了解他們的需求，並能夠通過我們團隊在這裡所做的大量出色工作來推動這些長期協議。銷售團隊、我們的業務部門團隊，當然還有強大的技術、產品組合和供應鏈執行支持，這讓這些客戶和其他合作夥伴有信心與我們進行這些長期協議討論。

Our next question comes from Mehdi Hosseini with SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Yes. Sanjay, my first question is for you. I was wondering if you have any thoughts as to how you see the mix of DDR5 as a percentage of overall server DRAM trending throughout 2022. And I have a follow-up for David.

是的。桑傑，我的第一個問題是問你的。我想知道您是否對如何看待 DDR5 的混合佔 2022 年整個服務器 DRAM 趨勢的百分比有任何想法。我對 David 進行了跟進。

So with respect to 2022, they have the new processors that are able to use DDR5 get rolled out into the marketplace that will drive adoption of DDR5 in the server space as well. As we noted, in the PC space, DDR5 adoption has already started, and we have begun to ship DDR5 product. DDR5 currently is in high demand. Actually, supply there is limited for DDR5 in the industry. So when I look at PC as well as for server, we expect that DDR5 will be ramping up first in PC. And as the processors with DDR5, new processors become available in the industry. We particularly see that ramping up later in calendar year '22.

因此，到 2022 年，他們將能夠使用 DDR5 的新處理器推向市場，這也將推動 DDR5 在服務器領域的採用。正如我們所指出的，在 PC 領域，DDR5 的採用已經開始，我們已經開始出貨 DDR5 產品。 DDR5 目前需求量很大。實際上，業界對DDR5的供應是有限的。因此，當我查看 PC 和服務器時，我們預計 DDR5 將首先在 PC 中使用。隨著採用 DDR5 的處理器，業界推出了新的處理器。我們特別看到在 '22 日曆年晚些時候這種情況有所增加。

I expect that we will be exiting calendar year '22 with approximately 20% the mix of DDR -- I'm sorry, with approximately 20% of the mix of DRAM in compute space, at approximately 20% there, okay?

我預計我們將在 22 年日曆年結束時使用大約 20% 的 DDR 混合——對不起，大約 20% 的 DRAM 混合在計算空間中，大約 20%，好嗎？

Got it.

知道了。

And so a stronger ramp in the second half versus the first half because, again, as those new processors ramp up into production with our customers that will drive a ramp of DDR5 in the second half in the server space. And in PC, as I mentioned, it's happening all throughout calendar year '22.

因此，與上半年相比，下半年的增長更為強勁，因為隨著這些新處理器與我們的客戶一起投入生產，這將推動下半年在服務器領域的 DDR5 增長。正如我所提到的，在 PC 中，它在整個 22 日曆年都在發生。

Got it. And for David, I'm just trying to better understand the supply-demand environment. And when I look at your guide -- revenue guide and what you reported for DRAM and NAND ASP, seems to me the underlying assumption is based on moderate decline in blended prices. And I'm not asking you for a guide, but is that a fair observation?

知道了。對於大衛，我只是想更好地了解供需環境。當我查看您的指南——收入指南以及您報告的 DRAM 和 NAND ASP 時，在我看來，基本假設是基於混合價格的適度下降。我不是要你提供指導，但這是一個公平的觀察嗎？

For second fiscal quarter, you're talking, Mehdi?

第二財季，你在說嗎，邁赫迪？

Yes. Yes.

是的。是的。

Yes. So obviously, we can't comment on pricing on a forward-looking basis. I would just reiterate Sanjay's comments that we see a healthy supply/demand dynamic for the fiscal year for both DRAM and NAND, and we continue to ramp 176-layer and 1-alpha, which gives us a good cost structure going forward. We're going to continue to drive the mix. All of those assumptions are built into our margin guidance. Of course, there's a high and a low to that margin assumption based on how things can play out.

是的。所以很明顯，我們不能在前瞻性的基礎上對定價發表評論。我只想重申 Sanjay 的評論，即我們看到本財年 DRAM 和 NAND 的供需動態健康，我們繼續增加 176 層和 1-alpha，這為我們提供了良好的成本結構。我們將繼續推動混合。所有這些假設都包含在我們的利潤率指導中。當然，根據事情的發展情況，該利潤率假設有高有低。

Our next question comes from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

I wonder if you could talk about the role of sort of just-in-case philosophy that you talked about a couple of quarters ago. Clearly, you're comfortable with your customer inventory levels now. But how are they feeling? And do you expect there to be a higher level of inventory on a sustained basis from here?

我想知道您是否可以談談您在幾個季度前談到的那種以防萬一的哲學的作用。顯然，您現在對客戶庫存水平感到滿意。但他們感覺如何？您是否期望從這裡持續存在更高水平的庫存？

So inventory strategy is clearly varying from customers to customers. And some definitely, given what pandemic introduced in terms of supply chain shortages, are looking at strategically higher level of inventory. Some may also be doing it for geopolitical considerations. So we don't really yet see customers going back to pre-pandemic levels, but the strategy around inventory does vary from customer to customer. And overall, as I said, for -- on an industry-wide level, while there may be some pockets of some customers carrying extra inventory overall, given the current environment, customer inventory levels are in a decent shape.

因此，庫存策略顯然因客戶而異。考慮到供應鏈短缺帶來的流行病，有些人肯定會考慮戰略性地提高庫存水平。有些人也可能出於地緣政治考慮而這樣做。因此，我們還沒有真正看到客戶恢復到大流行前的水平，但是圍繞庫存的策略確實因客戶而異。總的來說，正如我所說，在整個行業範圍內，雖然可能會有一些客戶攜帶額外的庫存，但鑑於當前的環境，客戶的庫存水平處於不錯的狀態。

And just look at us, Micron itself is also, in our own manufacturing, we are holding a lot more inventory of raw materials just to make sure that our supply chain has assuredness with respect to our ability to supply our customers. And our operations planning just in the current environment of -- is somewhat higher uncertainty on the geopolitical front as well as pandemic-related front is operating with greater levels of inventory -- with non-memory components inventory. And similarly, customers have similar approach as well in terms of managing their inventory.

看看我們，美光本身也是，在我們自己的製造中，我們持有更多的原材料庫存，以確保我們的供應鏈對我們向客戶供應的能力有保證。我們的運營計劃只是在當前環境下——地緣政治方面的不確定性更高，而與大流行相關的方面則以更高水平的庫存運營——非內存組件庫存。同樣，客戶在管理庫存方面也有類似的方法。

Our next question comes from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

I guess my first one is on the supply side. Sanjay, you talked about constraints in the equipment space a couple of times. Are you actually seeing delays or sort of decommits from your suppliers at all? I guess you've maintained your full year CapEx guidance, so perhaps not, but I just wanted to clarify that. And then my part 2 of my supply question, were there any -- was there any impact from the earthquake in Taiwan in the quarter, whether it be from a bit perspective or in terms of your ability to reduce costs?

我想我的第一個是在供應方面。 Sanjay，您多次談到設備領域的限制。您是否真的看到供應商的延遲或某種解除承諾？我猜你已經保持了全年資本支出指導，所以也許沒有，但我只是想澄清一下。然後我的供應問題的第 2 部分，是否有任何 - 本季度台灣地震是否有任何影響，無論是從某個角度來看還是從您降低成本的能力方面來看？

So our procurement team and our supply chain team works closely with equipment suppliers in terms of long-term planning and securing of slots for equipment. And we continue to drive that. And yes, we have, of course, seen lengthening lead times, but those have also been factored in, in terms of our overall planning. And as I mentioned, I mean, we are really seeing a lot more collaboration with these suppliers in terms of driving our own demand -- timing of equipment.

因此，我們的採購團隊和供應鏈團隊在長期規劃和確保設備插槽方面與設備供應商密切合作。我們繼續推動這一點。是的，我們當然看到了交貨時間的延長，但就我們的整體規劃而言，這些也已被考慮在內。正如我所提到的，我的意思是，在推動我們自己的需求方面，我們確實看到了與這些供應商的更多合作——設備的時間安排。

So no, I would not say that we have seen any pushouts versus our own expectations. But again, those expectations of equipment delivery are built based on our collaboration with the suppliers and with the visibility that we have provided and with a lot of good planning work between us and our suppliers. And your second part of your question, I forgot. Now, what was the second part of the question? Can you please repeat that?

所以不，我不會說我們看到了任何與我們自己的期望相反的情況。但同樣，這些對設備交付的期望是基於我們與供應商的合作以及我們提供的可見性以及我們與供應商之間的大量良好規劃工作而建立的。你的問題的第二部分，我忘記了。現在，問題的第二部分是什麼？你能重複一遍嗎？

Earthquake in Taiwan, any impact to bit shipments in the quarter or cost downs?

台灣地震，對本季度比特出貨量或成本下降有何影響？

So the earthquake in Taiwan, at the time of the earthquake, certainly did reduce some of our bit production. By end of the quarter, our impact to our overall output was meaningfully reduced.

所以台灣的地震，在地震發生的時候，確實確實減少了我們的一些鑽頭生產。到本季度末，我們對整體產出的影響顯著降低。

Got it. And then as a follow-up, I wanted to ask about your business in automotive and industrial. You talked about the 2 businesses or the 2 end markets combining for more than 10% of your overall revenue. In a fairly normal environment, whatever that is, both in automotive and industrial, how are you thinking about the sustainable growth rate in those 2 end markets? You threw out a couple of growth rate numbers for the quarter, but curious how you're thinking about both auto and industrial on a cross-cycle basis.

知道了。然後作為後續行動，我想詢問您在汽車和工業方面的業務。您談到了 2 個業務或 2 個終端市場合計佔您總收入的 10% 以上。在相當正常的環境下，無論是汽車還是工業，您如何看待這兩個終端市場的可持續增長率？你拋出了本季度的幾個增長率數據，但很好奇你是如何在跨週期的基礎上考慮汽車和工業的。

Yes, auto and industrial certainly will be high-growth drivers for us across the cycle. I spoke to all the demand drivers in the automotive market. Micron is clearly an automotive leader in this space. And we said that auto and industrial combined, over 10%. If you look at automotive itself, our share of the market is somewhere mid-single digits. And this share, we would expect to continue to grow based on all our experience in this market, our share leadership, the high quality we provide and increasing demand for memory and storage content in these markets.

是的，汽車和工業肯定會成為我們整個週期的高增長動力。我與汽車市場的所有需求驅動因素進行了交談。美光顯然是該領域的汽車領導者。我們說汽車和工業加起來超過 10%。如果你看看汽車本身，我們的市場份額是個位數。基於我們在這個市場的所有經驗、我們的份額領先地位、我們提供的高質量以及這些市場對內存和存儲內容不斷增長的需求，我們預計這一份額將繼續增長。

And of course, industrial is also growing for us with 5G enabling tremendous demand in the industrial segment with industrial IoT, different market -- drones with surveillance, equipment, with automation in the factories. All of this is tending to drive greater demand as well. So we expect solid growth in both of these markets. We expect the -- overall, if you look at DRAM content CAGR in the automotive market, that's approximately 40% over the course of next 3 years, NAND CAGR in the automotive power kit, above 50% as well over the course of next 3 years.

當然，隨著 5G 的發展，工業領域也在增長，工業物聯網在工業領域的巨大需求，不同的市場——帶有監控的無人機、設備和工廠自動化。所有這些也往往會推動更大的需求。因此，我們預計這兩個市場都將實現穩健增長。我們預計——總體而言，如果你看一下汽車市場中的 DRAM 內容複合年增長率，在未來 3 年內約為 40%，汽車電源套件中的 NAND 複合年增長率在未來 3 年內也將超過 50%年。

So this really has legs in terms of sustainable growth. And again, we are well positioned in these markets, and we expect our percentage of revenue in this market to continue to increase over the course of next several years.

因此，就可持續增長而言，這確實具有優勢。同樣，我們在這些市場中處於有利地位，我們預計我們在該市場的收入百分比將在未來幾年內繼續增加。

Our next question comes from Shannon Cross of Cross Research.

我們的下一個問題來自交叉研究的香農交叉。

I have one and then a follow-up. I realize it's early in what's going on with regard to the current variants. But I'm wondering if you've seen any impact from it? And also given you are the first company, at least that I cover that has had to provide guidance in light of some of the changes, I'm curious how you approach thinking about the variant. And then I have a follow-up.

我有一個，然後是跟進。我意識到目前的變體正在發生的事情還為時過早。但我想知道你是否看到了它的任何影響？而且，鑑於您是第一家公司，至少我所涵蓋的公司必鬚根據一些變化提供指導，我很好奇您是如何看待這個變體的。然後我有一個跟進。

So first of all, with respect to our focus on the business, with respect to our people and Micron has been proactive all throughout the pandemic in taking actions to protect the safety of our team members, whether it is managing strict protocols with our operations -- on-site operations with respect to masking, physical distancing as well as vaccination. And so -- and of course, as a result of that, we have been successful in continuing to run our operations all throughout the pandemic. And despite various industry-wide challenges on supply, we have been overall, generally quite good in terms of our ability to support our customers.

因此，首先，關於我們對業務的關注，關於我們的員工，美光在整個大流行期間一直積極主動地採取行動保護我們團隊成員的安全，無論是在我們的運營中管理嚴格的協議 - - 與口罩、身體距離和疫苗接種有關的現場操作。因此，當然，因此，我們成功地在整個大流行期間繼續運營我們的業務。儘管整個行業在供應方面面臨各種挑戰，但就我們為客戶提供支持的能力而言，我們總體而言總體上相當不錯。

With respect to the Omicron, of course, we will continue our stringent focus on safety of our team members as well as continuing to run our operations. We will not let our guard down in this regard and of course, continue to monitor all the trends and developments here. I would like to point out that even with Delta, all our operations continued to run well. And of course, as you saw, the demand for our products continued to be strong as well.

當然，對於 Omicron，我們將繼續嚴格關注團隊成員的安全，並繼續運營我們的業務。我們不會在這方面放鬆警惕，當然會繼續關注這裡的所有趨勢和發展。我想指出，即使有達美航空，我們所有的業務都繼續運行良好。當然，正如您所見，對我們產品的需求也持續強勁。

And of course, we saw in some parts of the business, higher demand as a result of COVID for certain periods of time, whereas other parts may have had lower demand for certain periods of time as well. So of course, we will continue to monitor the trend. And to the extent that Omicron has any impact on the macroeconomic environment, of course, that might impact some of our business. However, you have seen that we have been extremely adaptive. We have been extremely agile, and we will continue to do so.

當然，我們在業務的某些部分看到，由於 COVID 在某些時期內需求增加，而其他部分在某些時期內的需求也可能較低。因此，當然，我們將繼續監測趨勢。當然，就 Omicron 對宏觀經濟環境的影響而言，這可能會影響我們的一些業務。但是，您已經看到我們的適應性極強。我們一直非常敏捷，我們將繼續這樣做。

Okay. And then I'm just curious, you mentioned higher OpEx, obviously, in fiscal 2022. And that would be accelerating the road map. I'm wondering if you can elaborate a little bit on what we can expect. And is that more sort of a 2023 comment in terms of road map benefit?

好的。然後我很好奇，您顯然提到了 2022 財年更高的運營支出。這將加速路線圖。我想知道你是否可以詳細說明我們可以期待什麼。就路線圖的好處而言，這更像是 2023 年的評論嗎？

Well, you're already seeing a lot of the benefit. We'll have a lot of good products coming out through 2022, which were the benefit of the investments that we made in prior years. It's -- to a large extent, it's a continuation of the progression of our products in all markets. Obviously, there's more that we have to do in the SSD front to fully capture all of the opportunity from an NVMe perspective. So there's going to be investment there.

好吧，您已經看到了很多好處。到 2022 年，我們將推出很多好產品，這是我們前幾年進行投資的好處。這是 - 在很大程度上，這是我們產品在所有市場上進步的延續。顯然，從 NVMe 的角度來看，我們必須在 SSD 前端做更多工作才能充分抓住所有機會。所以那裡會有投資。

There's obviously the next set of process technologies, which will include continued investment in EUV for the 1-gamma that Sanjay mentioned. So lots of different products that we think will be necessary to address the whole market plus continued investment on the process technology side to keep our pace in terms of a leadership position and cost leadership position.

顯然還有下一組工藝技術，其中包括 Sanjay 提到的針對 1-gamma 的 EUV 的持續投資。我們認為需要大量不同的產品來應對整個市場，再加上在工藝技術方面的持續投資，以保持我們在領先地位和成本領先地位方面的步伐。

Thank you. And that concludes our Q&A session. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。我們的問答環節到此結束。女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。