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.

您好。感謝您的耐心等待，歡迎參加美光2022年第一季財報電話會議。 （操作說明）請注意，本次會議可能會被錄音。 （操作說明）現在我將會議交給今天的發言人，投資者關係副總裁法爾漢·艾哈邁德先生。請開始發言。

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，歡迎參加美光科技2022財年第一季財務電話會議。今天與我一同出席會議的有總裁兼執行長Sanjay Mehrotra先生和財務長Dave Zinsner先生。本次電話會議時長約60分鐘。本次會議的音訊和幻燈片將透過美光科技投資者關係網站investors.micron.com進行網路直播。

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，我們的網站上已發布了獲利新聞稿和不久前提交的發言稿。除非另有說明，今天的財務業績討論將以非GAAP財務報表為基礎。 GAAP與非GAAP財務指標的調整表可在我們的網站上找到。提醒您，網路直播回放將於今日稍後在我們的網站上提供。我們建議您在本季度持續關注micron.com網站，以獲取公司最新信息，包括我們將參加的各類金融會議的相關信息。您也可以在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.

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。有關可能影響我們未來業績的風險，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。

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。我們沒有義務在今日之後更新任何前瞻性陳述，使其與實際結果相符。

I will now turn the call over to Sanjay.

現在我將把電話轉給桑傑。

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.

美光科技在第一財季取得了卓越的業績，實現了強勁的年成長和穩健的獲利能力。年初的良好開局和產品組合的持續成長勢頭，使我們有望在2022財年實現創紀錄的營收和穩健的獲利能力。我們正在快速提升業界領先的1-alpha DRAM和176層NAND產品的產能，並且取得了優異的良率，這些產品目前已在主要終端市場出貨。

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.

我們取得了顯著的產品進步和客戶成功案例，包括推出首款DDR5解決方案、推出垂直整合的第四代NVMe數據中心固態硬碟、與聯發科合作驗證全球首款低功耗DDR5X內存，以及為AMD Radeon RX 6000顯卡交付GDDR6顯存。市場對記憶體和儲存的長期需求，以及美光專注於鞏固技術和產品領先地位並深化客戶關係，將繼續為我們創造可觀的股東價值奠定堅實的基礎，尤其是在2022財年及以後。

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量產，我們在這些領先製程技術的市場部署方面領先業界數個季度。 1-alpha和1z DRAM節點的組合佔據了我們DRAM位元產量的大部分，而176層NAND目前也佔據了我們NAND位產量的大部分。我們在這些先進節點上的出色執行力，為我們2022財年的成功奠定了基礎。

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.

我們也在加大投資，以期在未來十年內擴展我們的技術。我們計劃在2024年利用我們的1-gamma節點，採用EUV微影技術實現DRAM的量產。將EUV微影技術與我們現有的多重曝光浸沒式微影技術結合，將有助於我們在未來多年保持DRAM技術的領先地位。在NAND快閃記憶體領域，我們已成功過渡到替換閘極技術，並制定了未來幾代產品的擴展路線圖，同時利用我們在CMOS陣列和QLC技術方面的領先優勢，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.

除了技術領先之外，美光也是業界品質的領導者，三分之二的客戶將我們的品質評為第一名。作為技術和品質的領導者，以及擁有強大全球製造網路的創新合作夥伴，我們已成為客戶的策略供應商。在半導體供應鏈持續面臨挑戰的情況下，美光充分利用與客戶和供應商的深厚合作關係，確保DRAM、NAND和NOR快閃記憶體的供應持續穩定。

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，我們看到他們在供應計劃方面投入更多精力，合作也更加緊密，包括簽訂長期協議。如今，我們超過75%的收入來自基於銷售的年度協議，與五年前相比，這一比例顯著增長，當時此類協議僅占我們收入的10%左右。

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，我們已達成策略協議，以確保我們產品生產所需特定零件的供應。由於這些協議的達成，預計這些零件目前供應緊張的狀況將在2022年全年逐步改善。

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.

現在讓我們來回顧一下終端市場。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一直超過半導體產業的其他領域，我們預計，得益於人工智慧、5G 和電動車的普及，這一趨勢將在未來幾年持續下去。此外，沉浸式虛擬世界（通常被稱為元宇宙）的建構也將帶來更多機遇，因為這些應用需要大量使用記憶體和儲存。

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.

我們團隊在強化產品組合方面表現出色，第一季成功推出多款新產品並獲得客戶認證，這些成就令我們倍感自豪。在討論我們的終端市場時，我將重點放在其中的一些成就。

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.

資料中心是記憶體和儲存設備最大的市場，我們預計未來十年其成長速度將超過更廣泛的記憶體和儲存市場。記憶體和儲存設備在伺服器物料清單 (BOM) 中的佔比不斷增長，這得益於新型異質運算架構、資料密集型工作負載和人工智慧的成長，以及固態硬碟 (SSD) 對機械硬碟 (HDD) 的持續替代。

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，受持續的雲端需求和企業IT投資復甦的推動，資料中心業務收入較去年同期成長超過70%。我們不斷增強的產品組合也為強勁的獲利能力做出了貢獻。第一財季，我們推出了7400 SSD，這是首款採用我們自主研發的控制器和韌體，以及DRAM和NAND快閃記憶體的資料中心級NVMe SSD。這款第四代NVMe產品已獲得兩家重要客戶的認證。展望未來，我們預期在第二財季，資料中心SSD營收將強勁成長，這主要得益於NVMe SSD產品銷售量的提升。此外，我們還推出了業界領先的DDR5內存，並預計隨著客戶為2022年即將推出的新型伺服器產品做準備，市場對DDR5內存的需求將十分旺盛。

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.

儘管PC終端需求仍然強勁，但由於持續的非內存組件短缺以及客戶對DRAM和NAND產品庫存的相關調整，導致PC生產受到影響，我們客戶的收入環比下降。正如我們在上次財報電話會議上所預期的，大多數PC客戶的庫存調整目前已基本完成，我們看到該終端市場的需求正在趨於穩定。

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.

進入2022年，我們預期PC銷售將與2021年持平。隨著企業加大投資以支持混合辦公環境，預計2022年企業級PC的比例將會上升。 PC出貨量的這種變化應該會提高PC的平均DRAM和NAND快閃記憶體含量。

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目前已佔PC產業DRAM位元需求的20%，預計5年後將成為PC市場的主力。憑藉我們在低功耗DRAM領域業界領先的解決方案，我們完全有能力從這一趨勢中獲益。

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，我們的176層第四代PCIe客戶端固態硬碟已通過多家PC OEM廠商的認證並實現量產，同時DDR5記憶體也實現了首筆營收。由於非記憶體組件短缺影響了記憶體供應商生產DDR5記憶體模組的能力，整個PC產業對DDR5產品的需求遠遠超過供應。我們預計這種短缺狀況將在2022年有所緩解，從而使DDR5記憶體的出貨量在2022年下半年達到可觀的水平。我們已做好準備，憑藉業界領先的PC用DDR5解決方案，掌握此市場轉型機會。

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.

在快速成長的圖形市場中，美光憑藉其豐富的產品組合（包括我們自主研發的GDDR6X產品線）以及與領先GPU供應商的深度合作，佔據了卓越的市場地位。我們的營收實現了環比和同比增長。我們自主研發的GDDR6X產品持續獲得市場成功，包括整合到NVIDIA的高階遊戲顯示卡。在第一財季，我們欣喜地宣布，我們的GDDR6顯存解決方案已應用於AMD的Radeon RX 6000系列顯示卡，從而將GDDR6顯存的價值擴展到了整個遊戲市場。

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.

第一財季行動業務營收年增超過25%。在對內容需求旺盛的應用以及4G向5G持續過渡的推動下，行動記憶體和儲存需求持續走強。近期推出的5G手機比起4G手機，DRAM容量提升超過50%，NAND快閃記憶體容量更是翻了一番。預計2021年5G智慧型手機銷售將超過5億部，2022年將達7億支。隨著5G應用技術的不斷創新，我們預期行動內容需求將持續成長。

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.

繼去年第一季取得多項業界首創之後，我們基於 1-alpha 技術的 LPDDR5X（全球最快的行動 DRAM）已通過聯發科的樣品測試和驗證，進一步證明了美光在行動市場的領先地位。

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，而我們憑藉著超過10%的終端市場收入，佔據了市場份額領先地位，因此擁有得天獨厚的優勢。短期來看，非儲存元件的短缺導致2021年汽車產品產量較去年同期持平，遠低於終端消費者的需求。然而，由於車載資訊娛樂和駕駛輔助應用的內容成長，我們第一財季的汽車業務收入較去年同期成長依然強勁，達到25%。這些應用發展迅速，尤其是在電動車普及加速的背景下。

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.

新型電動車正逐漸演變成行動數據中心，我們已經看到一些2022款電動車配備了超過140GB的DRAM，支援L3級自動駕駛功能，甚至還有配備超過1TB NAND快閃記憶體的車型。除了持續成長的硬體配置外，我們預計隨著非儲存組件短缺問題的緩解，2022年電動車的產量也將有所提升。我們與聯電（UMC）簽署了一項新的供應協議，旨在提升我們為汽車客戶提供NAND解決方案的能力，以應對2022年市場需求的成長。

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，我們實現了超過 80% 的年成長，這主要得益於工廠自動化和安防系統等應用的持續成長。在消費物聯網領域，我們實現了超過 40% 的年成長，這主要由 VR 頭戴裝置和智慧家庭設備等應用推動。我們預計，隨著 5G 加速智慧邊緣基礎設施驅動的資料密集型應用的普及，物聯網需求趨勢將進一步加速成長。

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年產業位需求和供應成長的預期與上季基本一致。我們預計2021年DRAM產業位需求成長率將在20%左右，NAND產業位需求成長率將在30%以上。我們預計2022年DRAM產業位需求成長率將在15%至10%之間，NAND產業位需求成長率約為30%，這與我們對兩者長期位需求複合年增長率的預期相符。

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年的潛在需求將主要由資料中心伺服器部署量的成長、5G行動裝置出貨量以及汽車和工業市場的持續強勁成長所驅動。非內存供應短缺限制了客戶的生產，並導致許多終端市場的需求推遲。儘管這些短缺可能會對我們的需求造成一定程度的波動，但我們預計這種情況將在2022年得到緩解，從而支撐記憶體和儲存需求的成長。

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.

接下來談談我們對本年度位級供應的預期。鑑於產業資本支出謹慎，且供應商庫存非常精簡，我們預計2022日曆年產業供需將維持健康平衡。美光DRAM和NAND的位級供應成長將與產業需求保持一致。我們計劃在2022財年實現創紀錄的營收和穩健的獲利能力，並在下半年實現更強勁的位級出貨量成長。下半年位元級出貨量的強勁成長將得益於非儲存元件短缺對我們供應和客戶需求的影響逐漸減弱，以及我們1-alpha DRAM和176層NAND產品的更多產品認證。

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.

如預期，在2022財年，1-alpha DRAM和176層NAND的持續量產為我們帶來了良好的前端成本降低。正如我們之前提到的，我們為提高供應鏈韌性、保障客戶業務連續性所做的努力，對我們的組裝和封裝成本構成了一定的阻力，這與整個產業的趨勢一致。整體而言，我們預計在2022財年以及長期來看，每比特成本的年度降幅將與產業平均值保持競爭力。

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.

接下來談談資本支出。我們預計2022財年的資本支出將在110億至120億美元之間。對於DRAM和NAND快閃記憶體，我們計劃僅透過製程節點的轉換，在本十年中期之前實現位元供應量的成長。在此之後，我們預計需要為DRAM新增晶圓產能。然而，對於NAND快閃記憶體的供應量成長，我們預期持續的3D微縮技術足以滿足產業需求成長，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.

我們近期宣布計劃在未來十年內，在全球投資超過1500億美元，用於尖端記憶體製造和研發。作為我們研發投資承諾的一部分，我們宣布計劃在亞特蘭大建立一個最先進的記憶體設計中心。這些舉措體現了我們對記憶體和儲存裝置長期持續成長需求的信心，以及我們實現這些投資回報的能力。我們期待與包括美國在內的世界各國政府合作，共同探討未來擴張所需的選址。

I will now turn it over to Dave.

現在我把麥克風交給戴夫。

Thanks, Sanjay.

謝謝你，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.

美光科技在本財年伊始便取得了優異的業績，營收、利潤率和每股盈餘都符合預期，同時也產生了健康的自由現金流。第一財季總營收約77億美元，季減7%，較去年同期成長33%。正如Sanjay之前所述，營收季減的主要原因是客戶方非記憶體組件短缺導致的疲軟。

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.

第一財季DRAM營收為56億美元，佔總營收的73%。 DRAM營收季減8%，較去年同期成長38%。環比來看，位元出貨量下降幅度在個位數中段，而平均售價下降幅度在個位數低段。

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.

第一財季NAND快閃記憶體營收約19億美元，佔美光總營收的24%。 NAND快閃記憶體營收季減5%，年增19%。順序比特出貨量基本上持平，平均售價（ASP）下降幅度在個位數百分比範圍內。

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.

現在來看我們第一財季各業務部門的營收趨勢。計算與網路業務部門營收為34億美元，季減10%，較去年同期成長34%。雲端、企業和圖形業務在本季表現良好，而客戶端業務營收則是環比下降。行動業務部門營收為19億美元，季增1%，年增27%。美光在託管NAND領域持續保持領先地位，MCP營收連續第五個季度佔行動業務營收的50%以上。

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.

儲存業務部門營收為12億美元，較上一季下降4%，年增26%。第一財季，儲存業務部門獲利能力受惠於176層節點產能提升的顯著進展。嵌入式業務部門營收為12億美元，創史上第二高。嵌入式業務部門營收年增51%，較上一季創紀錄的水準下降10%。得益於強勁的執行力，嵌入式業務部門的毛利率和營業利潤率環比提升。

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.

第一財季綜合毛利率為47%，處於我們預期的中位數，較上一季下降約85個基點。 NAND快閃記憶體銷售額佔比上升對第一財季毛利率構成不利影響。第一財季營運費用為8.91億美元。我們持續預期2022財年研發投入將比2021財年成長約15%，因為我們將持續加大研發投入強化產品組合。

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.

第一財季營業收入強勁，達27億美元，營業利益率為35%，略低於第四財季的37%，但高於去年同期的17%。第一財季調整後EBITDA為44億美元，EBITDA利潤率為57%，與上一季持平，高於去年同期的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.

第一財季非GAAP每股盈餘為2.16美元，低於第四財季的2.42美元，但高於去年同期的0.78美元。每股盈餘中包含來自美光創投投資的約0.01美元收益。

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.

接下來談談現金流和資本支出。第一財季，我們的經營活動產生了39億美元的現金流，佔總營收的51%。當季淨資本支出為33億美元。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，並且主要集中在財年的前期。

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.

由於強勁的營收和獲利能力，我們產生了約6.71億美元的自由現金流。此外，我們在本季完成了Lehi工廠的出售，並獲得了約9億美元的收入。我們在第一財季完成了約2.6億美元（約360萬股）的股票回購。包括股息在內，我們本季向股東返還了約3.71億美元，佔本季自由現金流的50%以上。此外，董事會批准了每股0.10美元的季度股息，將於1月18日支付給1月3日登記在冊的股東。我們將繼續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。正如我們之前提到的，我們將擇機進行股票回購，並在股價大幅低於其內在價值時採取更積極的回購策略。

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.

第一財季末庫存為48億美元，平均庫存週轉天數為103天，在我們95至105天的正常目標範圍內。我們預計2022財年末庫存週轉天數將低於100天，因為我們預計全年DRAM和NAND快閃記憶體供應將較為緊張。本季末，我們持有的現金及投資總額為115億美元，流動資金總額為140億美元。

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.

我們第一財季的總負債為70億美元。繼5月成功推出永續發展掛鉤信貸計劃，並繼續致力於提升環境和社會績效之後，在第一財季，我們實現了美光科技的兩項重要里程碑：首次發行綠色債券和首次發行長期債券。這些債券的總募款為20億美元，多家在全美享有盛譽的少數族裔、殘疾退伍軍人和女性擁有的金融機構參與了此次發行。

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.

此次發行的10億美元綠色債券所得款項將用於資助符合條件的、以永續發展為重點的項目，包括減少公司的溫室氣體排放、能源和水資源消耗以及廢棄物產生。這10億美元的長期債券收益，連同公司現有現金，已用於贖回美光公司將於2023年和2024年到期的優先票據。此次綠色債券和長期債券的發行對美光公司的槓桿率基本保持中性，同時改善了公司的淨利息支出，並將公司票據和銀行債務的加權平均到期期限從4年延長至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.

現在我們來展望一下第二財季。我們開始看到個人電腦客戶的需求趨於穩定，且在我們各個市場，終端需求仍然強勁。在利潤率方面，我們預期產品組合的改善將對NAND快閃記憶體的毛利率產生正面影響。儘管由於新冠疫情應對措施以及高於正常水平的組裝、測試和組件成本，我們仍然面臨成本方面的挑戰，但我們的前端成本持續受益於1-alpha DRAM和176層NAND快閃記憶體的量產。隨著我們對DRAM和NAND快閃記憶體的下一代技術和產品進行投資，並加快新產品路線圖的推進，我們預計營運費用將環比成長。

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.

考慮到以上所有因素，我們對第二財季的非GAAP績效指引如下：預計營收為75億美元，上下浮動2億美元；毛利率為46%，上下浮動100個基點；營運費用約9.75億美元，上下浮動2,500萬美元。我們預計第二財季的非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1.95美元，上下浮動0.10美元。第一財季的業績和第二財季的展望使我們有望在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, 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.

總之，我們的業務在各個週期都表現出色，營收成長顯著超過整個半導體產業，毛利率平均超過40%，營業利潤率平均約為30%。強勁的產品和技術發展勢頭，以及美光公司穩健的執行力，讓我們有信心在未來保持穩健的財務表現。

I'll now turn it back to Sanjay.

現在我把麥克風交還給桑傑。

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.

美光的企業文化對我們取得優異績效起到了至關重要的作用。我們致力於改變世界利用資訊的方式，從而豐富每個人的生活，這個願景既激勵著我們的團隊，也是我們一切工作的基石。

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.

本月初，我們發布了美光2021年度多元化、公平和包容性（DEI）報告《人人共享》（For All），重點介紹了我們在去年推出的六項DEI承諾方面取得的顯著成就。這些成就包括實現全球範圍內的全面薪酬公平，以及將新入職大學畢業生中代表性不足群體的比例提高了7%。此外，我們也首次公開揭露了綜合平等就業機會（EE01）數據。該報告可在我們的網站上查閱。

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.

市場對記憶體和儲存設備的需求依然強勁。人工智慧的廣泛應用、智慧邊緣運算的普及、資料中心的持續成長、電動車的普及以及5G的部署，都為美光科技創造了更多創新機遇，使其能夠為客戶創造新的價值。半導體對經濟成長的戰略重要性從未如此清晰，確保各產業客戶的供應安全也從未如此重要。我們期待與各國政府合作，共同推動投資國內生產的各項舉措，包括透過《晶片法案》（CHIPS Act）和《晶圓廠法案》（FABS Act）在美國以及世界其他國家開展相關工作。

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.

對於這個行業來說，現在確實是一個令人興奮的時刻。我們的業務發展強勁且不斷成長，我們的團隊也充滿活力，準備好抓住眼前的機會。

We'll now open for questions.

現在開始接受提問。

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

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

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?

我想問的第一個問題是，您能否更深入地談談當前的供需環境，因為這個週期與以往任何週期都截然不同。顯然，上個季度我們看到了PC套件方面的問題。現在看來這個問題已經基本解決。您也談到了汽車零件的短缺。我很想知道，您如何看待2022年上半年和年中可能出現的正常季節性波動（如果有的話），因為您認為供應會持續緊張，我們應該如何解讀這種緊張狀況對2022財年下半年以及2022日曆年之後的連續增長的影響？

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C.J.。也祝您節日快樂，以及所有收聽電話會議的聽眾朋友們節日快樂。關於需求趨勢，正如我們之前所說，我們預計下半年將出現強勁的位元成長，這得益於我們客戶群中短缺情況的緩解。客戶遇到的這些短缺限制了對我們的需求。當然，他們的終端需求趨勢一直很強勁。因此，隨著供應鏈短缺在2022年逐步緩解，這將對我們以及記憶體和儲存產品的需求起到積極作用。

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，本季度存在一定的季節性因素，尤其是在我們業務中一些更偏向消費者的部分。因此，下半年季節性因素也會更加明顯。此外，還有我們客戶的產品週期。資料中心的新產品，例如採用新處理器和新架構的產品（這些新架構支援更多記憶體通道和處理器核心），以及更多人工智慧和大數據工作負載，都將推動2022年對記憶體和儲存的需求成長。我們預計2022年將是資料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.

就智慧型手機而言，5G 持續推動內容的大幅成長，當然，5G 手機的銷售量也不斷攀升。在汽車領域，我們討論了一些新車將擁有更多內容的趨勢。當然，配備超過 140 GB DRAM 甚至 1 TB NAND 快閃記憶體的電動車也正在成為一種趨勢。總而言之，這些設備的內容越來越豐富。

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%.

實際上，在汽車領域，想想看，我們有9000萬輛汽車，而伺服器只有大約1500萬輛。伺服器的數量是汽車的6倍，而且伺服器的配置還在不斷提高。所以，這當然會成為強勁的需求驅動力，不只是2022年，而是更長遠的未來。因此，這裡的需求趨勢本質上是長期的。當然，我們與客戶緊密合作，了解他們如何看待2022年的需求變化。所以需求趨勢強勁。我們預計2022年供需環境將保持健康。在供應方面，當然，資本支出一直受到嚴格控制。正如我們先前強調的，我們預計DRAM的年供應成長率將達到15%到10%之間，NAND的年供應成長率約為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，供應商對資本支出進行了嚴格控制，但設備供應也存在限制，交貨週期也較長。這些因素也讓我們對2022財年的供應前景充滿信心。因此，總體而言，我們相信，基於我剛才提到的所有需求和供應因素，以及強勁的盈利能力——2022財年創紀錄的收入和穩健的盈利能力——我們已做好充分準備，在下半年實現強勁增長。

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。 Dave，我想再補充一點，可以談談成本方面嗎？您提到預計前期成本會大幅下降。我們很想知道您是如何看待與新冠疫情相關的支出正常化的？另外，對於2022年產品組合的任何調整，我們該如何看待？

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，我也要祝大家節日快樂。好的。從成本角度來看－我想先簡單談談利潤率，因為我覺得有必要提一下。正如你在第一季看到的，我們的毛利率非常強勁，達到了47%，完全符合我們的預期。請記住，就在一年前，我們的毛利率還略高於30%。所以，毛利率的提升非常顯著。當然，這其中一部分顯然來自定價策略，但也得益於良好的成本控制，以及去年和今年開始逐步推進的1-alpha和176層架構。

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.

展望第二季度，我們預計176層和1-alpha節點相關的成本降低將繼續帶來利好，而這種利好應該會持續到年底。此外，正如Sanjay所提到的，我們今年還有很多產品提案要提交，這將有助於我們提升業務在高價值解決方案方面的佔比，因此我們也預期這將帶來正面影響。您問題的核心在於我們目前面臨的疫情應對成本和通膨壓力。這些成本可能會持續到年底。很難預測它們何時會緩解，但我們預計它們會持續到年底。

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，在我們能夠有效掌控的其他領域，我認為我們在降低成本方面做得非常出色。在目前的獲利水準下，從商業角度來看，我們的投資報酬率（ROI）和投資資本報酬率（ROIC）都相當高。所以，我們目前處境非常好——我認為是一個非常有利的位置。

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

下一個問題來自美國銀行的維韋克·阿亞。

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?

Sanjay，你提到PC客戶在零件方面的選擇限制減少。我很好奇，這是近期就能實現的嗎？還是指2022財年下半年？那麼，你預計PC客戶的出貨量何時才能開始改善？

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，這個評論是相對於我們三個月前看到的情況而言的。正如我們在上次財報電話會議上所強調的那樣，我們看到一些PC客戶面臨供應鏈挑戰，導致他們難以獲得所有非記憶體組件，從而限制了他們的PC產量，儘管他們對PC的最終需求仍然強勁。因此，是的，與當時的情況相比，我們看到，由於非組件短缺而導致的庫存調整現在已基本完成，而且我們確實看到PC市場的需求與三個月前的水平相比正在復蘇。

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.

總的來說，正如我之前提到的，我們預計2022年個人電腦總銷售量將與2021年持平。因此，我們預計2022年個人電腦的需求將會逐步復甦。

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?

好的，很有幫助。桑傑，我還有一個後續問題，你提到你們75%的收入現在都來自這些長期協議。這其中有哪些假設？這些是照付不議的安排嗎？考慮到產業的周期性，從價格、銷售或利潤率的角度來看，這些合約的穩定性如何？

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.

所以，我要再次提醒各位，大約四、五年前，我們約有10%的收入來自長期協議（LTA）。而如今，超過75%的收入都來自長期協議。長期協議拉近了我們與客戶的距離，使我們能夠更深入地了解他們的計劃和預測，從而更合理地規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.

這些長期協議不具約束力，但確實有助於提高透明度和可見度。從長遠來看，由於記憶體的價值持續增長，這些協議有助於在我們和合作夥伴之間建立更強的信任和責任感。當然，我們也希望確保客戶能夠獲得充足的記憶體供應。因此，我們與合作夥伴緊密合作，這也有助於我們確定產品組合，並管理整體產品組合及其組成。

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，這些協議是按銷量達成的協議。它們通常不以價格為基礎，但確實有助於我們和我們的客戶更好地規劃業務，並提高業務可視性。此外，過去幾年我們一直在完善和改進這些協議，我們也期待未來繼續加強這些長期協議。

Our next question comes from John Pitzer with Credit Suisse.

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?

祝賀你們取得如此優異的成績。 Sanjay，我想再談談你之前對2022年DRAM產業位需求成長的預期，預計在15%到20%之間。雖然這和你對位需求的長期展望基本一致，但即便如此，與今年相比，成長率仍將大幅放緩。儘管明年似乎有很多利多因素，例如PC和智慧型手機產品組合的改善，以及伺服器端架構的革新將顯著提升每台伺服器的DRAM密度。因此，我很好奇，你對明年成長的預期是否受到你和同業供貨能力的限制？是否受到你對市場需求的預測的限制？還是受到一些你無法控制的因素的限制？

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.

所以我認為您說的沒錯，供應確實有限。正如我之前強調的，該行業的資本支出一直很謹慎。當然，您也知道，2020 年底，業界庫存充足。供應商的庫存水準也很低。而且，就供應成長而言，考慮到之前討論過的各行各業供應鏈短缺的各種問題，如今的設備交貨週期也很長。

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.

總的來說，如果仔細分析2022年全年數據，會發現整體供應相當有限。當然，需求趨勢強勁。我想強調的是，必須關注長期複合年增長率（CAGR）。 DRAM的長期複合年增長率在15%到10%之間，這確實推動了強勁增長，而這正是由於我們之前討論的所有需求趨勢所致。

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.

因此，不能只看一年的數據，必須持續關注長期趨勢。這些趨勢本質上是長期性的，推動了對記憶體和儲存設備的需求成長。當然，我們在此提供的是我們對位元成長的預估。這是我們的預期，我們將繼續密切關注。總而言之，我們預計2022年整個產業的供需環境將保持健康，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，我的供應評論是基於我們自己所說的 DRAM 資本支出有所下降，以及我們其他供應商——業內其他 DRAM 供應商——的資本支出有所下降。

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。 Dave，關於營運支出（OpEx）方面，我想快速跟進。無論是本季或上季度，你都將2022財年定義為投資年，但第一季的營運支出卻處於較低水準。是否有任何疫情相關問題，導致你無法如預期進行投資？在考慮本財年的資產負債表時，我們該如何看待營運支出的線性成長？新增支出主要集中在哪兩三個方面？

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。所以，勞動市場確實有些緊張，當然會帶來挑戰。但我認為，本季（第一財季）營運支出的最大單一貢獻因素是研發費用和資格預審費用的減少。這些費用有時會有些波動，有時會在第一季和第二季之間出現波動。因此，這些費用在第一季沒有達到預期，但我們非常有信心它們會在第二季達到預期。我們全年的支出總額將與上季的預測持平。這更多的是一個時間上的問題。

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，第二財季的營運支出將會出現這種成長。然後，第三和第四財季的環比成長率將大幅下降，研發支出預計將成長約15%，銷售、管理及行政費用將略低於此。但整體而言，我們仍能達到預期目標。

Our next question comes from Timothy Arcuri with UBS.

下一個問題來自瑞銀集團的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。可以給我們解釋一下出售Lehi的影響嗎？我記得好像有一些低價出售的費用，而且每季可能增加了1億美元的營運支出。可以幫我們分析一下Lehi的出售對第一財季業績和第二財季業績預期的影響嗎？

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。我們第一財季的晶圓銷售收入約為1億美元。由於我們在10月底才結束財年結算，所以這部分收入有所提前。這比我們過去幾季的實際收入略高。不過，這部分收入在第二季就會消失。利潤率方面，我們其實非常接近公司平均。通常情況下，我們的利潤率會更低，但我們在去年第二財季末將部分資產轉為待售資產。這樣就停止了相關的折舊費用。因此，考慮到這一點，我們的利潤率總體上與公司平均值基本持平。

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，在第三和第四財季（或我們稱之為第四財季）期間，許多未達標的因素都得到了一定程度的消除，以至於不會對第二財季的毛利率產生實質影響。

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?

明白了。那麼，Sanjay，回到你和客戶簽訂長期協議的話題。顯然，你與客戶的溝通方式發生了很大的變化。我的問題是，你認為這一切最終會走向何方？我的意思是，當你和客戶溝通時，他們非常關心如何以合理的價格購買DRAM。例如，你是否曾設想過讓他們預付一部分費用？

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.

正如我們之前所強調的，我們與客戶和長期合作夥伴的討論主要圍繞著供應需求。當然，這些討論會進一步引導我們深入了解他們的產品組合、發展路線圖，以及我們如何制定自己的路線圖，並探討我們的產品組合如何滿足他們的需求。正如我之前提到的，在過去幾年裡，我們與客戶的這些討論和關係不斷發展，使我們的長期合作夥伴比例從最初的10%增長到現在的75%。

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.

但基於價值的合作關係也在不斷發展。所以，正如我之前提到的，我們當然會繼續尋找機會，在未來加強這些長期協議。我想強調的是，我們之所以能夠與客戶保持良好的關係，是因為我們能夠更清晰地了解他們的需求，並透過我們團隊的出色工作推動這些長期協議的達成。銷售團隊、業務部門團隊，以及強大的技術、產品組合和供應鏈執行力，都為客戶和其他合作夥伴提供了強有力的支持，使他們更有信心與我們進行長期協議的洽談。

Our next question comes from Mehdi Hosseini with SIG.

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，Sanjay，我的第一個問題是問你的。我想知道你對2022年DDR5在伺服器DRAM總容量中所佔比例的趨勢有什麼看法。另外，我還有個問題想問David。

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，展望2022年，支援DDR5記憶體的新型處理器將陸續上市，這將推動DDR5在伺服器領域的普及。正如我們之前提到的，在PC領域，DDR5的普及已經開始，我們也已經開始出貨DDR5產品。目前DDR5的需求量很大，但實際上，業界DDR5的供應量有限。所以，無論是PC或伺服器領域，我們預期DDR5的普及率將先在PC領域提升。隨著支援DDR5的新型處理器陸續上市，我們預計這一成長將在2022年下半年顯著加速。

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?

我預計到 2022 年末，DDR 在運算領域的比例將達到約 20%——抱歉，是 DRAM 在運算領域的佔比將達到約 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，下半年的成長動能將比上半年更加強勁，原因在於，隨著這些新型處理器逐步投入生產並交付給我們的客戶，這將推動伺服器領域下半年DDR5記憶體的銷售成長。而正如我之前提到的，在PC領域，這個趨勢將貫穿整個2022年。

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?

明白了。至於David，我只是想更了解供需環境。我看了你的指南——包括營收指南以及你報告的DRAM和NAND快閃記憶體的平均售價，感覺其基本假設是基於綜合價格溫和下降。我不是叫你提供指南，只是覺得我的觀察是否合理？

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

邁赫迪，你指的是第二財季嗎？

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。顯然，我們無法對未來的定價發表評論。我只想重申Sanjay的觀點，即我們預計本財年DRAM和NAND的供需關係都將保持健康，並且我們將繼續提高176層和1-alpha快閃記憶體的產能，這將為我們未來的成本結構帶來優勢。我們將繼續優化產品組合。所有這些假設都已納入我們的利潤率預期。當然，利潤率預期存在上限和下限，取決於實際情況。

Our next question comes from Joe Moore with Morgan Stanley.

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?

我想請您談談您在幾個季度前提到的“以防萬一”的理念。顯然，您目前對客戶的庫存水準感到滿意。但他們的感受如何？您是否預計未來庫存水準會持續偏高？

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。鑑於疫情導致的供應鏈短缺，一些客戶無疑正在考慮策略性地提高庫存水準。有些客戶這樣做也可能是出於地緣政治上的考量。因此，我們目前還沒有看到客戶的庫存恢復到疫情前的水平，但庫存策略確實因客戶而異。總的來說，正如我所說，從整個行業層面來看，雖然可能有一些客戶持有額外的庫存，但考慮到當前的環境，客戶的庫存水準總體上處於良好狀態。

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.

看看我們自己，美光自身在生產製造方面也採取了類似的措施。我們增加了原料庫存，以確保供應鏈的穩定，進而保障我們能為客戶提供產品。在當前地緣政治和疫情相關的不確定性較高的情況下，我們的營運計劃也相應調整，增加了非儲存組件的庫存。同樣，客戶在庫存管理方面也採取了類似的策略。

Our next question comes from Toshiya Hari with Goldman Sachs.

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?

我的第一個問題是關於供應方面的。 Sanjay，你之前幾次提到設備方面的限制。你的供應商真的出現過延遲交貨或取消供貨的情況嗎？我猜你們維持了全年的資本支出預期，所以可能不會出現這種情況，但我還是想確認一下。關於供應的第二個問題，台灣地震在本季是否對你們造成了影響？無論是從鑽孔機角度或是從你們降低成本的能力來看，有沒有影響？

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與設備供應商緊密合作，進行長期規劃並確保設備到貨。我們將繼續推進這項工作。當然，我們也注意到交貨週期有所延長，但這些因素也已納入我們的整體規劃中。正如我剛才提到的，我們與這些供應商在滿足自身需求（即設備到貨時間）方面進行了更多合作。

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，我不會說我們遇到了任何超出預期的情況。但是，我們對設備交付的預期是基於我們與供應商的合作、我們提供的透明度以及我們與供應商之間大量的良好規劃工作而製定的。至於您問題的第二部分，我忘了。現在，問題的第二部分是什麼？您能再說一次嗎？

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

台灣地震是否對本季的比特出貨量或成本下降造成影響？

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.

因此，台灣地震發生時，確實影響了我們的部分鑽頭產量。但到季度末，地震對我們整體產量的影響已顯著降低。

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.

明白了。接下來，我想問貴公司在汽車和工業領域的業務狀況。您提到這兩個業務或兩個終端市場合計貢獻了貴公司總收入的10%以上。在相對正常的市場環境下（無論這個「正常」指的是什麼），您如何看待汽車和工業這兩個終端市場的可持續成長率？您提到了一些季度成長率數據，但我很好奇您是如何看待汽車和工業業務的跨週期成長的。

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，汽車和工業領域無疑將是我們整個週期內的高成長驅動力。我與汽車市場的所有需求驅動因素都進行了溝通。美光顯然是汽車領域的領導者。我們之前說過，汽車和工業領域的總份額將超過10%。如果單獨來看汽車市場，我們的市佔率約為個位數。基於我們在該市場的所有經驗、領先的市場份額、我們提供的高品質產品以及這些市場對記憶體和儲存產品日益增長的需求，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，工業領域也在蓬勃發展，5G 的普及帶來了龐大的工業物聯網需求，以及其他市場領域的需求，例如無人機監控、工廠自動化等。所有這些都將進一步推動需求成長。因此，我們預計這兩個市場都將保持穩健成長。總體而言，我們預計未來三年汽車市場 DRAM 的複合年增長率約為 40%，而汽車電源套件中 NAND 的複合年增長率也將超過 50%。

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，就可持續成長而言，這確實很有前景。而且，我們在這些市場中佔據了有利地位，我們預計未來幾年我們在該市場的收入佔比將繼續成長。

Our next question comes from Shannon Cross of Cross Research.

我們的下一個問題來自 Cross Research 的 Shannon Cross。

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.

我有一個問題，還有一個後續問題。我知道現在討論這些變體還為時過早。但我很想知道您是否已經觀察到任何影響？另外，鑑於貴公司是我報道過的第一家（至少是第一家）需要就這些變化提供指導意見的公司，我很好奇您是如何看待這些變體的。我還有一個後續問題。

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.

首先，就我們對業務的關注而言，就我們的員工而言，美光在整個疫情期間都積極主動地採取措施保護團隊成員的安全，包括嚴格執行運營規程——現場運營中要求佩戴口罩、保持社交距離以及接種疫苗。因此，我們得以在整個疫情期間持續運作。儘管整個行業在供應方面面臨各種挑戰，但我們在支援客戶方面整體表現良好。

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.

關於歐米克隆項目，我們當然會繼續嚴格保障團隊成員的安全，並維持營運。我們絕不會在這方面放鬆警惕，當然，我們也會繼續密切關注所有趨勢和發展。我想指出的是，即使與台達合作，我們的所有營運也仍然運作良好。當然，正如您所看到的，市場對我們產品的需求仍然強勁。

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，我們也看到，在某些業務領域，受新冠疫情影響，特定時期內需求有所增長，而其他業務領域的需求則在某些時期有所下降。因此，我們將繼續密切關注這一趨勢。如果歐密克戎對宏觀經濟環境產生任何影響，當然可能會對我們的部分業務造成影響。但是，正如您所看到的，我們展現出了極強的適應能力和敏捷性，並將繼續保持這種狀態。

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，您提到2022財年的營運支出明顯會增加，這無疑會加快路線圖的實施。我想請您詳細說明一下我們可以期待什麼。就路線圖的收益而言，這更像是2023年的情況嗎？

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.

嗯，您已經看到了許多好處。到2022年，我們將推出許多優秀的產品，這要歸功於我們前幾年的投資。在很大程度上，這延續了我們在所有市場的產品發展。顯然，在固態硬碟（SSD）領域，我們還有很多工作要做，才能從NVMe的角度充分掌握所有機會。因此，我們將繼續加大投資。

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，接下來還有一系列製程技術，包括桑傑提到的用於1-gamma波長範圍的EUV製程的持續投資。因此，我們認為需要開發許多不同的產品來滿足整個市場的需求，同時也需要在製程技術方面持續投資，以保持我們在產業領先地位和成本領先地位方面的領先優勢。

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。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。感謝各位的參與。現在可以掛斷電話了。