美光科技 (MU) 2021 Q3 法說會逐字稿

Good afternoon. My name is Josh, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Micron's Third Quarter 2021 Financial Release Conference Call. (Operator Instructions) Thank you. It is now my pleasure to turn the floor over to your host, Farhan Ahmad, Vice President of Investor Relations. You may begin your conference.

午安.我叫喬希 (Josh)，今天我將擔任你們的會議主持人。現在，我歡迎大家參加美光科技 2021 年第三季財務報告電話會議。 （操作員指示）謝謝。現在，我很高興將發言權交給主持人、投資者關係副總裁法爾漢·艾哈邁德 (Farhan Ahmad)。你們可以開始會議了。

Thank you, and welcome to Micron Technologies Fiscal Third Quarter 2021 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 2021 財年第三季財務電話會議。今天與我一起參加電話會議的有總裁兼執行長 Sanjay Mehrotra 和財務長 Dave Zinsner。今天的電話會議時長約為 60 分鐘。本次電話會議（包括音訊和幻燈片）也將在我們的投資者關係網站 investors.micron.com 上進行網路直播。

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 at Twitter @MicronTech.

此外，我們的網站上還包含不久前提交的收益新聞稿和準備好的評論。除非另有說明，今天的財務業績討論將以非公認會計準則 (GAAP) 財務數據為基礎。您可以在我們的網站上找到 GAAP 與非公認會計準則財務指標的對帳表。提醒您，今天晚些時候我們將在網站上提供網路直播回放。我們鼓勵您在整個季度關注我們的網站 micron.com，以獲取公司的最新信息，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 Form 10-K and 10-Q that we filed with the SEC for a discussion of risks that may affect our future results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements after today's date to conform these statements to actual results.

提醒一下，我們今天將要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的影響，可能導致實際結果與今天的陳述有重大差異。我們建議您參閱我們向美國證券交易委員會 (SEC) 提交的 10-K 和 10-Q 表格，以了解可能影響我們未來業績的風險。儘管我們認為前瞻性陳述中反映的預期是合理的，但我們無法保證未來的結果、活動水準、績效或成就。我們沒有義務在今天之後更新任何前瞻性陳述，以使其與實際結果相符。

I'll now turn the call over to Sanjay.

我現在將電話轉給桑傑。

Thank you, Farhan. Good afternoon, everyone. We delivered outstanding results in FQ3. Our strong execution enabled us to achieve the largest sequential EPS improvement in our history and to set multiple revenue records. NAND hit record revenue, propelled by record mobile MCP, consumer SSD and client SSD revenues. Our Embedded business exceeded $1 billion for the first time, with record revenue across automotive and industrial markets.

謝謝Farhan。大家下午好。我們在第三季取得了出色的業績。強大的執行力使我們實現了歷史上最大的環比每股收益成長，並創下了多項營收紀錄。 NAND營收創下紀錄，得益於創紀錄的行動MCP、消費級SSD和客戶端SSD營收。我們的嵌入式業務首次突破10億美元，在汽車和工業市場創下了創紀錄的營收。

We also achieved key technology and product milestones with our industry-leading 1-alpha DRAM and 176-layer NAND, reaching a meaningful portion of our bit production and QLC NAND accounting for a majority of our client SSD bit shipments. We expect DRAM and NAND supply to remain tight into calendar 2022 as the global economy rebounds. The strong demand for memory and storage across the data center, intelligent edge and user devices puts Micron in the best position ever to fully capitalize on these exciting opportunities.

憑藉著業界領先的1-alpha DRAM和176層NAND，我們也取得了關鍵的技術和產品里程碑，佔據了我們比特產量的相當一部分，QLC NAND佔據了我們客戶端SSD比特出貨量的絕大部分。隨著全球經濟的反彈，我們預計到2022年，DRAM和NAND的供應將持續緊張。資料中心、智慧邊緣和使用者設備對記憶體和儲存的強勁需求，使美光科技處於最佳位置，能夠充分利用這些令人興奮的機會。

We continue to make solid progress on our goals to deliver industry-leading technology and improve our cost structure, to bring differentiated products to market and improve our product mix, and to grow our share of industry profits while maintaining stable bit share.

我們繼續穩步推進我們的目標：提供行業領先的技術並改善我們的成本結構，將差異化產品推向市場並改善我們的產品組合，並在保持穩定的市場份額的同時增加我們的行業利潤份額。

I will start with an update on our operations. Despite shortages across the semiconductor ecosystem in various assembly materials and assembly capacity, Micron delivered record assembly output this quarter which helped fuel our strong revenue performance. Our assembly and test success was the result of a strategic decision we made several years ago to increase our captive footprint and strengthen relationships with suppliers and partners.

我先介紹一下我們的營運狀況。儘管整個半導體生態系統面臨各種組裝材料和組裝產能短缺的問題，但美光公司本季的組裝產量創下了歷史新高，這助力我們實現了強勁的營收表現。我們的組裝和測試業務的成功得益於我們幾年前做出的一項策略決策，即擴大自有工廠的覆蓋範圍，並加強與供應商和合作夥伴的關係。

We successfully mitigated the impacts of the drought in Taiwan with no reduction in our production output. Taiwan's rainy season has begun, bringing with it sufficient water supply to support our manufacturing requirements.

我們成功緩解了台灣旱災的影響，產量並沒有減少。台灣雨季已開始，水源充足，足以滿足我們的生產需求。

While the drought in Taiwan is behind us, the rise in COVID-19 cases in Malaysia, India and Taiwan are a risk to our manufacturing operations and R&D activities in these regions. We are also working with local governments to facilitate on-site testing and vaccination for Micron team members where possible. Additionally, in order to protect Micron team members at our Muar, Malaysia back-end facility, we temporarily reduced our on-site workforce early in FQ4, which reduced output levels. We have since started bringing back team members to the site as the situation has improved. While we ramp back toward full production levels in Muar, we will utilize our global supply chain, including subcontractor partners to meet our customer commitments and minimize any disruption to delivery schedules.

雖然台灣的乾旱已經過去，但馬來西亞、印度和台灣地區新冠病例的上升對我們在這些地區的製造業營運和研發活動構成了風險。我們也正在與地方政府合作，盡可能為美光團隊成員提供現場檢測和疫苗接種。此外，為了保護位於馬來西亞麻坡後端工廠的美光團隊成員，我們在第四季初暫時減少了現場員工數量，這導致產量下降。隨著疫情好轉，我們已開始將團隊成員召回工廠。在麻坡工廠逐步恢復滿載生產的同時，我們將利用包括分包商合作夥伴在內的全球供應鏈來履行對客戶的承諾，並最大程度地減少對交付計畫的影響。

Earlier this year, we announced our decision to exit 3D XPoint development and manufacturing and to reprioritize our R&D investments toward new CXL-enabled memory solutions. CXL, or Compute Express Link, is a new industry standard interface that will significantly change data center architecture through high-performance connectivity between compute, memory and storage. We are developing exciting CXL-enabled products and we'll have more to share on our road map in the future.

今年早些時候，我們宣布退出 3D XPoint 的開發和製造，並將研發投入重點轉向支援 CXL 的全新記憶體解決方案。 CXL（Compute Express Link）是一種全新的行業標準接口，它將透過運算、記憶體和儲存之間的高效能連接，顯著改變資料中心架構。我們正在開發令人興奮的支援 CXL 的產品，未來我們將在產品路線圖上分享更多精彩內容。

As part of our exit from the 3D XPoint business, we announced our intent to sell our Lehi, Utah fab. Today, I'm pleased to report that Micron has reached an agreement to sell the fab to Texas Instruments in a transaction that we expect to close later this calendar year. We see this transaction as positive for our team members, the Lehi community and our shareholders. The Lehi site has been an important part of the Micron network and responsible for many technology and manufacturing innovations across NAND and 3D XPoint products. Texas Instruments will offer all Lehi team members the opportunity to become TI employees at the Lehi site upon closing. After the sale closes, we will be able to eliminate the remaining underloading costs we were incurring at Lehi, enhancing our efficiency and strengthening our profitability. Dave will provide additional details.

作為退出3D XPoint業務的一部分，我們宣布了出售位於猶他州利希工廠的意向。今天，我很高興地宣布，美光已達成協議，將該工廠出售給德州儀器，預計交易將於今年稍後完成。我們認為這筆交易對我們的團隊成員、利希社群以及股東而言都是利好消息。利希工廠一直是美光網路的重要組成部分，並負責NAND和3D XPoint產品的眾多技術和製造創新。交易完成後，德州儀器將為所有利希團隊成員提供成為利希工廠TI員工的機會。出售完成後，我們將能夠消除利希工廠剩餘的產能不足成本，從而提高效率並增強獲利能力。 Dave將提供更多詳細資訊。

Now for an update on technology and products. Our industry-leading 1-alpha DRAM and 176-layer NAND process technologies are now in production and ramping according to plan. These nodes accounted for a meaningful portion of our bit production in F Q3 and are on track to become a meaningful portion of our revenue in F Q4. We expect that by end of calendar 2021, the combination of 1-alpha and 1Z DRAM nodes will represent the majority of our DRAM bit production. And at the same time, 176-layer NAND will be the majority of our NAND bit production.

現在介紹一下科技和產品的最新情況。我們業界領先的1-alpha DRAM和176層NAND製程技術目前正按計畫投入生產和量產。這些節點在我們第三季的位產量中佔據了相當大的份額，並有望在第四季度成為我們收入的重要組成部分。我們預計，到2021年底，1-alpha和1Z DRAM節點的組合將佔據我們DRAM位元產量的絕大部分。同時，176層NAND也將佔據我們NAND位產量的絕大部分。

In FY '22, we expect these workhorse nodes to fuel bit growth and provide us with good front-end cost reduction on a like-for-like basis. However, there are 2 factors that will create cost headwinds for us next fiscal year. The first is driven by our strategic portfolio migration toward more advanced and higher-value products, such as DDR5 memory, high-density server modules and SSDs. While this portfolio shift helps us increase profit share, it will also impact our costs next fiscal year.

在22財年，我們預計這些主力節點將推動位元成長，並幫助我們實現年比顯著的前端成本降低。然而，有兩個因素將為我們下一財年帶來成本方面的阻力。首先，我們的策略性產品組合正在轉移到更先進、更高價值的產品（例如DDR5記憶體、高密度伺服器模組和固態硬碟）。雖然這種產品組合的轉變有助於我們提高利潤份額，但也會影響下一財年的成本。

The second cost headwind is driven by several actions we have taken in our supply chain to increase resilience and provide business continuity to our customers across all product lines. While these actions will allow us to capitalize on robust market demand, they will also impact our costs.

第二個成本逆風源自於我們在供應鏈中採取的多項措施，旨在提升韌性，並為所有產品線的客戶提供業務連續性。雖然這些措施使我們能夠利用強勁的市場需求，但也會影響我們的成本。

We are on track to support customers as they begin to introduce DDR5-enabled platforms in the second half of calendar 2021. DDR5 was designed to meet modern data center requirements, including improved performance through doubling of memory bandwidth and improved reliability and efficiency through integration of on die ECC. DDR5 features a larger die size compared to DDR4, limiting DRAM industry supply growth and cost reduction as it ramps, starting from the second half of calendar 2021.

我們正按計劃為客戶提供支持，幫助他們在 2021 年下半年開始推出支援 DDR5 的平台。 DDR5 旨在滿足現代資料中心的需求，包括透過加倍記憶體頻寬來提升效能，並透過整合片上 ECC 來提高可靠性和效率。與 DDR4 相比，DDR5 的片上尺寸更大，這將限制 DRAM 產業從 2021 年下半年開始的供應成長和成本下降。

In storage, we introduced the industry's first UFS 3.1 solution for automotive applications this quarter. We also announced volume production of client PCIe Gen4 SSDs built on the world's first 176-layer NAND and available in a variety of form factors. We are delivering 176-layer NAND in volume to OEM and channel customers across multiple markets and have several products in customer qualifications.

在儲存領域，我們本季推出了業界首款針對汽車應用的UFS 3.1解決方案。我們也宣布了基於全球首款176層NAND快閃記憶體的客戶端PCIe Gen4 SSD的量產，並提供多種規格尺寸。我們正在向多個市場的OEM和通路客戶批量交付176層NAND，並有多款產品正在接受客戶認證。

We are also driving an increased mix of QLC NAND, which brings down the cost of SSDs, accelerating the replacement of hard drives. QLC SSD adoption continues to grow, and we delivered record QLC SSD revenue and bit mix in F Q3.

我們也在推動QLC NAND的混合使用，進而降低SSD的成本，加速硬碟的替換。 QLC SSD的採用率持續成長，我們在第三季實現了創紀錄的QLC SSD收入和位元組合。

Turning to end markets. In the data center, integration of AI into data-centric workloads will drive long-term growth with memory and storage becoming an increasing portion of server BOM cost. Propelled by the transition to DDR5, strong capabilities in graphics memory and the introduction of HBM and NVMe SSD product offerings, Micron's strong product road map across DRAM and NAND solutions positions us for success in the data center. We will enhance our NVMe SSD portfolio with the introduction of new products with internally-designed controllers in the coming months.

轉向終端市場。在資料中心，將人工智慧融入以資料為中心的工作負載將推動長期成長，記憶體和儲存在伺服器物料清單 (BOM) 成本中所佔的比重也將不斷增加。在向 DDR5 過渡、強大的顯存能力以及 HBM 和 NVMe SSD 產品線推出的推動下，美光在 DRAM 和 NAND 解決方案方面強大的產品路線圖，為我們在資料中心市場取得成功奠定了基礎。我們將在未來幾個月推出搭載自主設計控制器的新產品，以增強我們的 NVMe SSD 產品組合。

In the fiscal third quarter, data center DRAM revenue grew quarter-over-quarter driven by strong demand from cloud customers and increases in module density. Data center SSD bit shipments and revenue grew sequentially, driven by both cloud and enterprise. Data center demand is expected to be strong in the second half of the calendar year as cloud demand picks up and enterprise demand improves due to broad economic recovery. In addition, we expect that the new CPUs featuring more memory channels will accelerate server memory demand starting later this year and continuing into 2022.

在第三財季，資料中心DRAM收入環比成長，這得益於雲端客戶強勁的需求和模組密度的提升。資料中心SSD位出貨量和營收季增，主要得益於雲端和企業級市場。隨著雲端需求回升以及經濟普遍復甦帶來的企業級需求改善，預計資料中心需求將在下半年保持強勁。此外，我們預計，配備更多記憶體通道的新型CPU將從今年稍後開始加速伺服器記憶體需求，並持續到2022年。

The PC market continues to benefit from the trend toward greater mobility as people embrace a work- or learn-from-anywhere culture. Industry expectations for calendar 2021 PC unit demand growth have increased to the high teens, driven by robust notebook sales and the recovery in the desktop market. In the fiscal third quarter, we achieved several customer qualifications for our 1-alpha-based DDR4 products across various PC platforms. Our client SSD bit shipments were up sharply quarter-over-quarter and year-over-year.

隨著人們逐漸接受隨時隨地辦公或學習的文化，個人電腦市場持續受益於行動化趨勢的提升。受筆記型電腦銷售強勁和桌上型電腦市場復甦的推動，業界對2021年個人電腦需求成長的預期已升至兩位數。在第三財季，我們基於1-alpha版本的DDR4產品已獲得多個客戶認證，涵蓋多個PC平台。我們的客戶SSD出貨量較上月及年比均大幅成長。

In graphics, bit shipments increased sequentially and year-over-year, driven by a strong next-generation game console and graphics card shipments. Micron has an excellent position in the graphics market with a broad product portfolio and deep customer partnerships.

在圖形處理方面，受下一代遊戲機和顯示卡強勁出貨的推動，位元出貨量較上季和年成長。美光科技憑藉著廣泛的產品組合和深厚的客戶合作關係，在圖形處理市場中佔據領先地位。

Mobile business achieved record MCP quarterly revenue. We made strong progress with our 1-alpha LPDRAM products and 176-layer UFS 3.1 enabled solutions. We have already completed customer qualifications for some of these products. While COVID-19 has softened mobile demand in parts of Asia, supply shifts to address stronger demand in other regions are keeping the global market in tight supply-demand balance. Mobile unit sales are expected to show healthy growth this year, with some variability across geographies driven by an expected doubling of 5G units in calendar 2021 to more than 500 million units. These 5G phones also feature rich content demanding significantly higher DRAM and NAND. We are also encouraged to see bold OEM innovation in new devices like gaming smartphones featuring 18 gigabyte of DRAM.

行動業務實現了創紀錄的MCP季度營收。我們的1-alpha LPDRAM產品和176層UFS 3.1解決方案取得了強勁進展。我們已完成部分產品的客戶認證。儘管新冠疫情抑制了亞洲部分地區的移動需求，但為應對其他地區更強勁的需求而進行的供應轉移，使全球市場保持緊張的供需平衡。預計今年行動終端銷量將呈現健康成長，但由於預計2021年5G終端銷量將翻一番，超過5億台，不同地區的銷量將出現一定差異。這些5G手機還具有豐富的內容，對DRAM和NAND的需求顯著增加。我們也很高興看到OEM廠商在新設備（例如配備18GB DRAM的遊戲智慧型手機）上大膽創新。

Our Automotive business delivered the third consecutive record quarter, driven by continued manufacturing recovery and increased LPDDR4 and eMMC content for in-vehicle infotainment and driver assistance applications. Auto unit sales are expected to grow significantly from last year. Auto memory and storage content growth trends remain strong, particularly as EVs, which have significantly higher memory and storage content requirements, grow much faster than the broader auto market. We are continuing to see record Automotive and Industrial segment demand. Yet, despite our best efforts, we may be unable to meet all the demand from these customers over the next few months due to certain non-memory semiconductor component shortages in our supply chain.

我們的汽車業務連續第三個季度創下紀錄，這得益於製造業的持續復甦以及車載資訊娛樂和駕駛輔助應用領域LPDDR4和eMMC容量的增加。預計汽車銷售量將較去年大幅成長。汽車記憶體和儲存容量的成長趨勢依然強勁，尤其是在電動車領域，電動車對記憶體和儲存容量的需求顯著增加，其成長速度遠超整體汽車市場。我們持續看到汽車和工業領域的需求創下新高。然而，儘管我們盡了最大努力，但由於供應鏈中某些非記憶體半導體元件的短缺，我們可能無法在未來幾個月內滿足這些客戶的所有需求。

Turning to our market outlook. While the pandemic remains a risk factor, calendar 2021 is shaping up to be a strong year, fueled by the macroeconomic recovery, combined with secular drivers, such as AI and 5G, that are creating sustained demand increases across broad end markets. As a result, our expectations for calendar 2021 DRAM and NAND bit growth have increased since our last earnings call, and we now expect calendar 2021 DRAM bit demand growth to be somewhat above 20% and NAND bit demand growth in the mid-30% range.

展望市場展望。儘管疫情仍然是一個風險因素，但2021年有望成為強勁的一年，這得益於宏觀經濟復甦，以及人工智慧和5G等長期驅動因素，這些因素正在推動廣泛終端市場的需求持續成長。因此，自上次財報電話會議以來，我們對2021年DRAM和NAND位元成長的預期有所上調，目前我們預期2021年DRAM位元需求成長率將略高於20%，NAND位元需求成長率將在30%左右。

There is currently unmet demand for DRAM and NAND due to end market strength. This unmet demand would have been even larger had it not been for the non-memory component shortages influencing our customers' ability to manufacture their products, particularly in the PC, automotive and industrial markets. These shortages can cause variability in demand patterns as customers experience challenges sourcing matched set of non-memory components. We are hopeful that foundry capacity coming online can begin to alleviate some of the component shortages in the second half of calendar 2021 and support robust memory and storage growth.

由於終端市場強勁，DRAM 和 NAND 目前存在未滿足的需求。如果不是非記憶體組件短缺影響了我們客戶（尤其是在 PC、汽車和工業市場）的產品生產能力，這種未滿足的需求可能會更大。由於客戶在採購匹配的非記憶體組件方面遇到困難，這些短缺可能會導致需求模式的變化。我們希望，晶圓代工廠產能的上線能夠在 2021 年下半年開始緩解部分組件短缺問題，並支援記憶體和儲存市場的強勁成長。

Additionally, as a result of strong end-market demand trends, the lessons of the pandemic and ongoing geopolitical uncertainty, some customers will change their inventory management strategy from just-in-time to just in case and increase the target level of what they consider normal inventory levels. Long term, we see a DRAM bit demand growth CAGR of mid- to high-teens and a NAND bit demand growth CAGR of approximately 30%.

此外，由於終端市場需求強勁、疫情的教訓以及持續的地緣政治不確定性，一些客戶將把庫存管理策略從“即時採購”轉變為“以防萬一”，並提高其認為正常的庫存水平。長期來看，我們預計 DRAM 位元需求的複合年增長率將達到中高水平，NAND 位元需求的複合年增長率約為 30%。

Turning to Micron supply. We are targeting to align our long-term bit supply growth CAGR with the industry bit demand growth CAGR across DRAM and NAND. However, we expect year-to-year variability caused by no transition timing. In both DRAM and NAND, we expect our calendar 2021 bit supply growth to be below the industry bit demand growth, and we have used our inventory to add to our bit shipment growth this year.

談到美光的供應。我們的目標是使DRAM和NAND的長期位元供應量複合年增長率與產業位元需求複合年增長率保持一致。然而，由於沒有過渡時間，我們預計年度變化將存在。對於DRAM和NAND，我們預計2021日曆年的位元供應量成長將低於產業位元需求成長，並且我們已經利用庫存來增加今年的位元出貨量成長。

Before handing over to Dave, I have one more important announcement to share regarding our DRAM technology and manufacturing strategy. Based on our assessment of the progress EUV has been making and aligned with our technology strategy and industry-leading DRAM scaling road map, we plan to insert EUV into our DRAM road map starting in the 2024 time frame. Micron has placed purchase orders for multiple EUV tools from ASML as part of a long-term volume agreement. The prepayments for these systems will contribute towards the fiscal year '21 and fiscal year '22 CapEx. We have increased our fiscal year '21 CapEx to be somewhat above $9.5 billion, mostly from areas that do not impact calendar year '21 and calendar year '22 bit growth, such as these EUV prepayments, construction spending and other R&D and corporate items.

在交給戴夫之前，我還有一個關於我們 DRAM 技術和製造策略的重要公告要分享。基於我們對 EUV 進展的評估，並結合我們的技術策略和業界領先的 DRAM 擴展路線圖，我們計劃從 2024 年開始將 EUV 納入我們的 DRAM 路線圖。作為長期批量協議的一部分，美光已向 ASML 訂購了多台 EUV 設備。這些設備的預付款將計入 2021 財年和 2022 財年的資本支出。我們已將 2021 財年的資本支出增加到略高於 95 億美元，主要來自不影響 2021 和 2022 財年位成長的領域，例如 EUV 預付款、建築支出以及其他研發和公司專案。

I will now turn it over to Dave.

現在我將把發言權交給戴夫。

Thanks, Sanjay. Micron delivered outstanding F Q3 results. Revenue and EPS grew by a record amount sequentially on an organic basis, and we generated over $1.5 billion in free cash flow in the quarter. Total F Q3 revenue was approximately $7.4 billion, up 19% quarter-over-quarter and up 36% year-over-year. Revenue growth was driven by stronger DRAM and NAND pricing and by robust customer demand for Micron's products.

謝謝，桑傑。美光科技第三季業績優異。營收和每股盈餘環比成長均創歷史新高，本季我們創造了超過15億美元的自由現金流。第三季總營收約74億美元，季增19%，年增36%。營收成長主要得益於DRAM和NAND價格的上漲，以及顧客對美光科技產品的強勁需求。

F Q3 DRAM revenue was $5.4 billion, representing 73% of total revenue. DRAM revenue increased 23% sequentially and was up 52% year-over-year. Bit shipments increased in the low single-digit range sequentially, and ASPs were up approximately 20% quarter-over-quarter.

第三季DRAM營收為54億美元，佔總營收的73%。 DRAM營收季增23%，較去年同期成長52%。位出貨量較上季成長較低個位數，平均售價較上季成長約20%。

F Q3 NAND revenue was approximately $1.8 billion, representing 24% of total revenue and an all-time high for the company. NAND revenue increased 10% sequentially and was up 9% year-over-year. Bit shipments increased by low single-digits sequentially, while ASPs increased in the high single-digit percentage range quarter-over-quarter.

第三季NAND營收約18億美元，占公司總營收的24%，創下公司歷史新高。 NAND營收季增10%，較去年同期成長9%。位出貨量較上季成長低個位數，平均售價較上季成長高個位數。

Now turning to our revenue trends by business unit. Revenue for the Compute and Networking Business Unit was approximately $3.3 billion, up approximately 25% sequentially and 49% year-over-year. CNBU revenue growth was driven by broad-based sequential pricing increases. Revenue for the Mobile Business Unit was $2 billion, up 10% sequentially and 31% year-over-year. Mobile demand remained healthy as 5G handset sales continue to ramp. Revenue for the Storage Business Unit was $1 billion, up approximately 19% from the prior quarter and approximately flat year-over-year. Both client and consumer SSD revenues set records. And finally, the Embedded Business Unit generated record revenue of $1.1 billion, which was up 18% sequentially and 64% year-over-year. Automotive and industrial revenues were at an all-time high for the company.

現在來看看我們各業務部門的收入趨勢。計算和網路業務部門的收入約為 33 億美元，環比增長約 25%，年增 49%。 CNBU 收入成長主要得益於價格的普遍環比上漲。行動業務部門的營收為 20 億美元，季增 10%，年增 31%。隨著 5G 手機銷售持續成長，行動需求依然強勁。儲存業務部門的營收為 10 億美元，季增約 19%，年比基本持平。客戶端和消費者 SSD 收入均創下紀錄。最後，嵌入式業務部門創造了 11 億美元的創紀錄收入，季增 18%，年增 64%。汽車和工業收入創下了公司的歷史新高。

The consolidated gross margin for F Q3 was 42.9%, up 10 percentage points from the prior quarter. DRAM and NAND price increases helped drive the margin expansion in F Q3. Gross margins also benefited by 100 basis points from $75 million less depreciation at our Lehi fab, which is classified as assets held for sale.

第三季綜合毛利率為42.9%，較上一季上升10個百分點。 DRAM和NAND價格上漲推動了第三季利潤率的提升。此外，由於利希晶圓廠（該廠被歸類為持有待售資產）折舊費用減少7,500萬美元，毛利率也上升了100個基點。

Operating expenses were $821 million in F Q3, which we continue to tightly manage. Operating expenses also benefited from approximately $21 million of gains from the sales of certain assets. F Q3 operating income was $2.4 billion, resulting in an operating margin of 32% compared to 20% in the prior quarter and 18% in the prior year's quarter. F Q3 EBITDA was $4 billion, resulting in an EBITDA margin of 53% compared to 45% in the prior quarter and 44% in the prior year.

第三季營運費用為8.21億美元，我們將繼續嚴格控制。此外，部分資產出售帶來的約2,100萬美元收益也對營運費用產生了影響。第三季營運收入為24億美元，營運利潤率為32%，而上一季為20%，去年同期為18%。第三季息稅折舊攤提前利潤（EBITDA）為40億美元，EBITDA利潤率為53%，而上一季為45%，去年同期為44%。

Net interest expense was $31 million in F Q3, and we expect it to be roughly flat going forward. Our F Q3 effective tax rate was 8.4%. We expect our tax rate to be in the high single digits for Q4. Non-GAAP earnings per share in F Q3 were $1.88, up from $0.98 in F Q2, the $0.90 sequential improvement was the largest in Micron's history. EPS included approximately $0.05 from the sale of certain assets, investment gains from Micron ventures and onetime tax items.

第三季淨利息支出為3,100萬美元，我們預期未來將基本持平。第三季有效稅率為8.4%。我們預計第四季稅率將達到高個位數。第三季非公認會計準則每股收益為1.88美元，高於第二季的0.98美元，季增0.90美元，是美光公司史上最大的增幅。每股盈餘包含約0.05美元的出售部分資產、美光旗下企業的投資收益、一次性稅項。

Turning to cash flows and capital spending. We generated approximately $3.6 billion in cash from operations in F Q3, representing 48% of revenue. Net capital spending was approximately $2 billion during the quarter. As Sanjay mentioned, we now expect our FY '21 capital spending to be somewhat higher than $9.5 billion. Most of this CapEx increase that we are highlighting today will not increase our CY '21 and CY '22 bit supply.

談到現金流和資本支出。我們在第三季的營運現金流約為36億美元，佔營收的48%。本季淨資本支出約20億美元。正如Sanjay所提到的，我們目前預計21財年的資本支出將略高於95億美元。我們今天強調的這部分資本支出成長大部分不會增加21財年和22財年的比特供應量。

We expect that while we invest in the EUV infrastructure and initial deployment, our capital intensity will increase to mid-30% of revenues. Once we get past the investment period of EUV adoption, we expect that these tools will boost our competitiveness and help drive productivity of our fabs. As a result of the strong market environment and Micron's extraordinary execution, we generated positive free cash flow of $1.5 billion in F Q3. The increased cash flow was driven by strong revenue growth, higher margins and efficient working capital management. We expect free cash flow to continue to improve in the fourth quarter, driven by continuing growth in revenue and earnings.

我們預計，在投資 EUV 基礎設施和初期部署期間，我們的資本密集度將升至收入的 30% 左右。一旦我們度過 EUV 應用的投資期，我們預計這些工具將提升我們的競爭力，並有助於提高我們晶圓廠的生產力。由於強勁的市場環境和美光卓越的執行力，我們在第三季實現了 15 億美元的正自由現金流。現金流的成長得益於強勁的收入成長、更高的利潤率以及高效的營運資本管理。我們預計，在營收和獲利持續成長的推動下，第四季的自由現金流將繼續改善。

We completed share repurchases of $150 million or approximately 1.7 million shares in F Q3. From the inception of the share repurchase program, we've repurchased $3 billion worth of Micron stock, representing 55% of our cumulative free cash flow. In addition, since FY '19, we have used approximately $2 billion in cash to settle conversions of our convertible notes, including approximately $800 million to settle the convert premiums. Combining the share repurchases and convert premiums, we've used $3.8 billion or 69% of our cumulative free cash flow towards reducing our share count. We plan to continue repurchasing shares in F Q4.

我們在第三財季完成了價值1.5億美元（約170萬股）的股票回購。自股票回購計畫啟動以來，我們已回購了價值30億美元的美光股票，占我們累計自由現金流的55%。此外，自2019財年以來，我們已使用約20億美元現金結算可轉換債券的轉換，其中約8億美元用於結算轉換溢價。將股票回購和轉換溢價合併計算，我們已使用38億美元（約占我們累計自由現金流的69%）用於減少股票數量。我們計劃在第四財季繼續回購股票。

Ending F Q3 inventory was $4.5 billion or 98 days. We remain in a very lean inventory position as bit demand continues to outstrip our supply. We ended the quarter with total cash and investments of $9.8 billion and total liquidity of approximately $12.3 billion. F Q3 ending total debt was $6.7 billion.

第三季末庫存為45億美元，相當於98天。由於鑽頭需求持續超過供應，我們的庫存仍然非常緊張。本季末，我們的現金和投資總額為98億美元，總流動資金約123億美元。第三季末總負債為67億美元。

Our balance sheet is rock-solid with investment-grade ratings from all 3 rating agencies. In the last 3 months, Fitch and Standard & Poor's both raised their outlook from stable to positive for Micron debt. These upgrades to the outlook for our debt ratings are further evidence of the financial transformation underway at Micron.

我們的資產負債表堅如磐石，三大評級機構均給予我們的投資等級。過去三個月，惠譽和標準普爾均將美光的債務前景從穩定上調至正面。此次債務評級前景的上調進一步證明了美光正在進行的財務轉型。

Before providing the financial outlook, I want to cover the financial implications of the sale of our Lehi fab. We are pleased with this transaction and believe that it is good for our shareholders as it frees up capital and enhances our ongoing profitability. The economic value for Micron from the sale is $1.5 billion, comprised of $900 million in cash resulting from the sales transaction and approximately $600 million in value for select tools and other assets that Micron will retain for redeployment to its other manufacturing sites or that are sold to other buyers. We're taking an impairment charge of $435 million or approximately $330 million on an after-tax basis as the $900 million sale price is below our book value of the assets being sold.

在提供財務展望之前，我想先談談出售利希晶圓廠的財務影響。我們對此交易感到滿意，並相信這對我們的股東有利，因為它釋放了資本並增強了我們的持續獲利能力。此次出售將為美光帶來15億美元的經濟價值，其中包括出售交易產生的9億美元現金，以及約6億美元的部分工具和其他資產的價值。美光將保留這些工具和其他資產，以便將其重新部署到其他製造基地或出售給其他買家。由於9億美元的出售價格低於我們出售資產的帳面價值，我們提列了4.35億美元的減損準備，或以稅後計算約為3.3億美元。

Note that the tools that we are keeping have largely been depreciated but have substantial future value in our manufacturing network. As we previously disclosed, we stopped depreciation of the Lehi fab assets last quarter and this benefited our cost by approximately $75 million in F Q3. Once the sale is completed, we will further improve our profitability by entirely eliminating our underload charges.

請注意，我們保留的工具大部分已折舊，但在我們的製造網路中具有巨大的未來價值。正如我們之前所揭露的，我們上個季度停止了對Lehi工廠資產的折舊，這使我們第三季的成本節省了約7500萬美元。出售完成後，我們將透過完全消除欠載費用來進一步提高獲利能力。

Now turning to our near-term outlook. Both DRAM and NAND markets are tight, and we expect pricing increases for both markets in the fiscal fourth quarter. In F Q4, we're qualifying 1-alpha and 176-layer nodes with several customers. We expect these nodes to support a modest level of bit growth and face cost headwinds that are common at this stage of the ramp.

現在談談我們的短期展望。 DRAM 和 NAND 市場都供應緊張，我們預期第四財季這兩個市場的價格都會上漲。在第四季度，我們正在與幾家客戶合作，對 1-alpha 和 176 層節點進行認證。我們預計這些節點將支援適度的位元成長，並面臨目前成長階段常見的成本阻力。

Additionally, we also expect cost headwinds from product mix and COVID mitigation. Despite cost headwinds, we expect strong improvement in our financial performance in F Q4. Our growth opportunity is healthy and market momentum heading into fiscal year 2022 is strong.

此外，我們預期產品組合和新冠疫情防治措施將帶來成本方面的不利因素。儘管面臨成本方面的不利因素，我們預計第四季度的財務業績將強勁改善。我們的成長機會良好，2022財年的市場動能強勁。

With all these factors in mind, our non-GAAP guidance for F Q4 is as follows: we expect revenue to be $8.2 billion, plus or minus $200 million; gross margin to be in the range of 47%, plus or minus 100 basis points; and operating expenses to be approximately $900 million, plus or minus $25 million. Finally, based on a share count of approximately 1.15 billion fully diluted shares, we expect EPS to be $2.30, plus or minus $0.10.

綜合考慮所有這些因素，我們對第四季度的非公認會計準則 (Non-GAAP) 業績預期如下：我們預計營收為 82 億美元，上下浮動 2 億美元；毛利率在 47% 左右，上下浮動 100 個基點；營運支出約為 9 億美元，上下浮動 2500 萬美元。最後，基於約 11.5 億股完全稀釋股份，我們預計每股收益為 2.30 美元，上下浮動 0.10 美元。

Micron's relentless focus on execution positions us well to generate solid returns for our shareholders. Measuring our performance trough-to-trough across the cycle from FY '16 to FY '20, we substantially improved our EBITDA margin and our revenue grew by more than 70%. During this time, we delivered average gross margins of 40%, EBITDA margins of 50% and return on invested capital of 20%. The we believe Micron's strong financial performance will continue across cycle. And over the long term, our revenue growth will outperform the broader semiconductor industry. Our industry-leading technology, dramatically improved product portfolio and financial strength position us well to capitalize on the long-running demand trends driving the memory and storage industry.

美光科技對執行力的不懈追求，使我們能夠為股東創造豐厚的回報。衡量我們在2016財年至2020財年整個週期的業績表現，我們的息稅折舊攤銷前利潤率（EBITDA）大幅提升，營收成長超過70%。在此期間，我們的平均毛利率為40%，息稅折舊攤提前利潤率（EBITDA）為50%，投資資本報酬率（ROI）為20%。我們相信，美光科技強勁的財務表現將在整個週期中持續下去。從長遠來看，我們的收入成長將超越整個半導體產業。我們領先業界的技術、顯著改進的產品組合和雄厚的財務實力，使我們能夠充分利用推動記憶體和儲存產業發展的長期需求趨勢。

I will now turn it back to Sanjay.

現在我將把話題轉回給桑傑。

Thank you, Dave.

謝謝你，戴夫。

Micron's fiscal third quarter results demonstrate the strength of our business, and we expect to achieve continued strong results in the future. Demand for memory and storage is solid across market segments and industry trends like artificial intelligence, edge computing and 5G continue to create new opportunities for Micron. Our team is building on our technology leadership to deliver bold new solutions that offer valuable differentiation for our customers.

美光第三財季的業績展現了我們業務的強勁實力，我們預計未來將持續保持強勁成長。各細分市場對記憶體和儲存的需求強勁，人工智慧、邊緣運算和 5G 等產業趨勢也持續為美光創造新的機會。我們的團隊正鞏固技術領先地位，為客戶提供大膽創新的解決方案，以實現極具價值的差異化。

Micron's business is healthier and more robust than ever and we are energized to seize the opportunities ahead at a truly exciting time in the semiconductor industry. We are also leveraging our success to deliver results for all our stakeholders. In April, we released our sixth Annual Sustainability Report, highlighting progress towards our environmental, social and governance goals. I'm pleased to report that we are on track to achieve the environmental and sustainability goals we set last year despite the challenges posed by the pandemic. In fact, our ESG risk scores have improved to the top 10% of the semiconductor industry, according to the third-party rating agency, Sustainalytics. We are also making good progress on achieving 100% renewable energy consumption in the U.S. by the end of 2025.

美光的業務比以往任何時候都更加健康、更加強勁，我們充滿動力，在半導體行業激動人心的時刻抓住未來的機會。我們也正在利用我們的成功為所有利害關係人創造效益。今年4月，我們發布了第六份年度永續發展報告，重點介紹了我們在環境、社會和治理目標方面的進展。我很高興地報告，儘管面臨疫情帶來的挑戰，我們仍在穩步實現去年設定的環境和永續發展目標。事實上，根據第三方評級機構Sustainalytics的數據，我們的ESG風險評分已提升至半導體產業的前10%。我們也在努力實現2025年底在美國實現100%再生能源消費的目標方面取得了良好進展。

In calendar 2021, we continue to focus on emissions abatement, transition to renewable sources, water restoration and increased efforts to reduce, reuse or recycle waste. We will pursue these goals with the same focus with which we have created sustained momentum in the business, and I look forward to providing updates on our progress on future calls.

2021年，我們將繼續專注於減排、向再生能源轉型、水資源恢復，並加強對廢棄物減量、再利用或循環利用的力度。我們將以同樣的專注力，持續推動公司業務發展，並致力於實現這些目標。我期待在未來的電話會議上與您分享我們的最新進展。

We will now open for questions.

我們現在開始提問。

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

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

I guess end-market demand question. There's clearly fears out there around PC peaking volatility around handsets and whether -- there's any inventory build on the cloud side. Yet here, you're talking about DRAM and NAND remaining tight into calendar '22. So I guess can you walk through what you're seeing out there from a demand perspective? And then also, I think very importantly, particularly to the DRAM side, how are you thinking about supply, which clearly seems to be constrained both this year and next year?

我想是終端市場需求的問題。顯然，人們擔心PC市場在手機市場達到高峰波動，以及雲端是否有庫存積壓。然而，您剛才談到DRAM和NAND在2022年仍將保持緊張。您能否從需求角度談談您所看到的情況？此外，我認為非常重要的一點是，特別是對於DRAM方面，您如何看待供應問題？今年和明年的供應似乎都明顯受到限制。

Thanks, C.J. So on the demand side, we certainly see strong demand across almost all end markets. PC, on a year-over-year basis in calendar year '21, the growth is in high teens. And of course, the SSD attach rate average content continues to increase on the NAND side and continue -- PC continues to drive healthy demand for DRAM as well. Our data center, after the digestion period earlier in the year in the second half, driving strong demand for us as well. Smartphone, 5G trends driving unit sales as well as average content growth. Automotive, we can't meet the supply. We can't meet the demand that is strong there. Industrial markets, the demand is strong.

謝謝，C.J。所以在需求方面，我們確實看到幾乎所有終端市場的需求強勁。 PC市場，在2021年年增率達15%左右。當然，NAND方面，SSD的平均配售率持續成長，且持續成長－PC市場也持續推動DRAM的健康需求。我們的資料中心在經歷了今年早些時候的消化期後，在下半年也為我們帶來了強勁的需求。智慧型手機和5G趨勢推動了單位銷售和平均內容的成長。汽車市場，我們無法滿足供應。我們無法滿足那裡強勁的需求。工業市場的需求強勁。

So across the board, almost across all end markets, we are seeing strong demand. In fact, in the industry, there is unmet demand. And did you know that there is semiconductor shortage across the technology ecosystem and as that semiconductor shortage gets alleviated over time, that actually is going to create more demand for memory and storage because every end application today, whether it's analog IC-related or memory, CPU cores-related, all of them actually require memory and storage. So semiconductor shortage, which is actually impacting some of the demand, as that gets alleviated over the course of next several quarters, that, too, will bring about increased demand.

因此，我們看到幾乎所有終端市場都需求強勁。事實上，整個產業都存在著未滿足的需求。您是否知道，整個技術生態系統都存在半導體短缺的問題？隨著半導體短缺問題逐漸緩解，這實際上將創造對記憶體和儲存的更多需求。因為如今，所有終端應用，無論是模擬IC相關的，還是記憶體、CPU核心相關的，都需要記憶體和儲存。因此，半導體短缺實際上正在影響部分需求，但隨著未來幾季半導體短缺問題的緩解，這也將帶來需求的成長。

So demand trends are strong. The supply, as we see through the year, through the end of the year and into calendar year 2022, is tight as well. And you know that CapEx in the industry has been on the DRAM side, extremely disciplined. The producer inventories, the supplier inventories are running extremely lean as well. I can certainly speak for our inventory. Our days of inventory are at 98, extremely low as well. And capital intensity is increasing as well in the industry, and that all bodes well for disciplined supply growth as well. We talked about that how DDR5 as a spec that is there in the industry, as a JEDEC spec, actually requires more on chip ECC that results in bigger die sizes for everybody in the industry for DDR5 over DDR4. So that, again, as you can well understand, as the industry transitions to DDR5 over the course of next several quarters in '22 as well as in '23, that too, means less supply growth availability from the wafers, even with technology transitions. And so all of those trends from the demand side as well as from the supply side bode well for our industry.

因此，需求趨勢強勁。正如我們所看到的，從今年到年底以及2022年，供應同樣緊張。而且您知道，業界的資本支出在DRAM方面一直非常嚴格。生產商庫存和供應商庫存也都極為稀缺。我當然可以談談我們的庫存。我們的庫存天數為98天，也非常低。而且，產業的資本密集度也在提高，這一切都預示著供應將有序成長。我們之前討論過，DDR5作為行業規範，作為JEDEC規範，實際上需要更多的片上ECC（糾錯碼），這導致業內所有廠商的DDR5晶片尺寸都比DDR4更大。因此，正如您所理解的，隨著行業在2022年和2023年接下來的幾個季度向DDR5過渡，這也意味著晶圓的供應增長將減少，即使技術轉型也是如此。因此，需求方和供應方的所有這些趨勢都預示著我們的行業將迎來好運。

That's very helpful. If I could follow-up on the gross margin side, Dave, you talked in the prepared remarks around higher cost mix and investment in the supply chain. Can you walk through the moving parts there for fiscal '22 gross margins?

這非常有幫助。戴夫，我可以跟進毛利率方面的問題嗎？您在準備好的演講中提到了更高的成本結構和對供應鏈的投資。能具體講一下22財年毛利率的變動嗎？

So obviously, one of the bigger components of the margins for fiscal '22 is going to be around pricing. And we don't provide pricing beyond the next fiscal -- or beyond this quarter, other than to say that we think pricing will be up next quarter, and we are suggesting that it would be tight at least into '22. So that's as much as I can give you on the pricing side.

顯然，22財年利潤率的一個主要組成部分是定價。我們不會提供下一財年（或本季之後）之後的定價，我們只能說，我們認為下個季度的定價會上漲，而且我們認為至少到2022年，價格都會比較緊。關於定價方面，我只能透露這麼多。

On the cost front, when you look at the front-end cost reductions that we'll see next year on a like-for-like basis, driven by, as Sanjay mentioned in the prepared remarks, the ramp of 1-alpha and the ramp of 176 on the NAND front, we do feel like those costs will be good. The only counter to that is, we will see a higher mix of products that carry higher costs. Sanjay mentioned like DDR5, higher density server modules, more SSDs, all those things will be a bit of a headwind on the cost front. And we will likely go into the year with some COVID mitigation costs. That also will be a bit of a headwind. Now hopefully that, over the course of the year, alleviates and that starts to help on the margin front.

在成本方面，正如Sanjay在準備好的發言中提到的，受NAND前端1-alpha和176產能提升的推動，我們預計明年前端成本將同比下降，我們確實認為這些成本會比較好。唯一的例外是，我們將看到更多成本更高的產品組合。 Sanjay提到，DDR5、更高密度的伺服器模組、更多的SSD，所有這些都會對成本造成一定程度的阻力。而且，我們很可能會在進入新冠疫情緩解期時承擔一些成本。這也會造成一些阻力。希望在一年的時間裡，這種情況能夠得到緩解，並開始對利潤率有所幫助。

The only other factor is we will have a little bit of a lift in Q4 from Lehi as the full amount of the depreciation goes away in the fiscal fourth quarter. And then once we close on the sale, all the underload charges, will also go away. The way I think I'd model it is, maybe about $20 million of benefit in the fourth quarter and probably another $20 million in the first fiscal quarter and assuming we close somewhere close towards the end of the first fiscal quarter, we should be -- that should be behind us.

唯一的另一個因素是，由於第四財季的折舊費用全部消除，第四季度我們的業績將略有提升。一旦我們完成出售，所有欠載費用也將消失。我的模型是，第四季的收益可能約為2,000萬美元，第一財季可能再增加2,000萬美元。假設我們在第一財季末左右完成出售，那麼這些收益應該已經過去了。

Our next question comes from John Pitzer with Crédit Suisse.

下一個問題來自瑞士信貸的約翰‧皮策。

Just 2 quick questions. Dave, maybe to follow-up on C.J.'s questions about cost. I want to make sure I understand the messaging here. I get that these higher-value added parts have higher costs, but should they also have higher gross margins? Or am I thinking about that incorrectly? And then I have a follow-up.

只想問兩個簡單的問題。戴夫，也許我想跟進一下C.J.關於成本的問題。我想確認一下我理解了這裡的意思。我知道這些高附加價值零件的成本更高，但它們的毛利率也應該更高嗎？還是我的想法錯了？然後我還有一個後續問題。

It somewhat depends on the product itself. But I would say, in general, we are trying to drive towards higher-value products, which, arguably, on a like-for-like -- or at least on a comparable basis to other products would carry better gross margins.

這在某種程度上取決於產品本身。但我想說，總的來說，我們正在努力開發更高價值的產品，可以說，這些產品在同類產品中，或者至少在與其他產品可比的基礎上，能夠帶來更高的毛利率。

Perfect. And then as my follow-up, 2 quarters ago, Dave, you didn't buy back any stock. This quarter, it was 150 million, which was, I think, 10% of free cash flow, notwithstanding what you've done over multiple quarters. I'm just kind of curious as to the message you're trying to give us here, especially if you look at sort of the cross-cycle risk reward in the stock, why not be more aggressive with the buyback here? And does that portend something about next fiscal year's CapEx? And as you've talked about that CapEx, is next fiscal year a year that you should outgrow bits relative to the industry?

太好了。接下來我想問一下，戴夫，兩個季度前你沒有回購任何股票。本季回購了1.5億美元，我認為只佔自由現金流的10%，儘管你之前幾季都回購了股票。我有點好奇你想告訴我們什麼，尤其是考慮到股票的跨週期風險回報，為什麼不更積極地進行回購呢？這是否預示著下一財年的資本支出將會增加？正如你之前提到的，下一財年你的成長速度是否會超過產業平均？

Okay. A lot of questions to unpack. Okay. So on the buyback, I wouldn't read anything into the $150 million. Some quarters, we'll have higher levels of buyback than others. We were -- we did have an eye on our net cash position. And so that was something that we were trying to move in the right direction. I think you'll find in the fourth fiscal quarter that our buybacks are meaningfully higher than our third fiscal quarter. So nothing to read there. We do feel like this price is obviously a good price to be buying the stock back. And we are committed to what we've talked about previously, which is to return at least 50% of our free cash flow in the form of buybacks. And as we -- as I talked about in the prepared remarks, I think the metric we've hit so far is 55%. So we've done pretty well. And that doesn't even account for the converts, which, I think, by the end of this fiscal quarter, that is the fourth fiscal quarter, will be completely done with converged, conversions will be completely off the balance sheet, and we will remove that dilution as well.

好的，有很多問題需要解答。好的。關於回購，我不會對1.5億美元的回購金額做任何解讀。有些季度，我們的回購額會比其他季度更高。我們確實關注過我們的淨現金狀況。所以，這是我們努力朝著正確方向努力的方向。我想你會發現，在第四財季，我們的回購額明顯高於第三財季。所以，這沒什麼好解讀的。我們確實覺得這個價格顯然是回購股票的好價位。我們致力於履行先前談到的，即以回購的形式返還至少50%的自由現金流。正如我在準備好的演講稿中提到的，我認為我們目前達到的指標是55%。所以我們做得相當不錯。這甚至還沒有考慮到轉換，我認為，到本財季末，也就是第四財季，轉換將完全完成，轉換將完全脫離資產負債表，我們也將消除這種稀釋。

As it relates -- no message on the CapEx as it relates to buybacks, other than to say that given the EUV investments, it does appear that we will operate maybe at a little bit of a different level from a percent of sales perspective than perhaps we previously were operating. We were thinking more in the low 30s. I think with EUV, it's safe to say that we probably are operating in the mid-30s as a percent of revenue for CapEx, at least as we build out the EUV part of the tool set.

關於資本支出與回購相關的信息，目前沒有透露。只是說，考慮到EUV的投資，從銷售額佔比的角度來看，我們的營運水準可能會與之前略有不同。我們之前預計的水平在30%出頭。我認為，有了EUV，可以肯定地說，我們的資本支出佔收入的百分比可能在35%左右，至少在我們建立工具集的EUV部分時是如此。

Our next question comes from Shannon Cross with Cross Research.

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

I had a question about DRAM ASPs. The 20% quarter-over-quarter growth was the highest in several years. So can you talk a bit about the drivers of the growth? How much of it was like-for-like price increases given the current tight supply versus, say, benefit from mix? And how should we think about sustainability?

我有一個關於DRAM平均售價的問題。季度環比成長20%，是幾年來的最高水準。您能否談談成長的驅動因素？在目前供應緊張的情況下，年比價格上漲的幅度有多少，還是來自產品組合帶來的效益？我們該如何看待永續性？

So certainly, on a like-for-like basis, pricing increased across the board in the DRAM industry, and again, driven by the strong demand, as I mentioned earlier, pretty much across all of the end markets. So we enjoyed price increases across all end markets. And as we have mentioned, that even in F Q4, we see price increases not just in DRAM, but we also see that in NAND.

因此，與去年同期相比，DRAM 產業的價格全面上漲，這再次證明了這一點。正如我之前提到的，這主要得益於強勁的需求，幾乎所有終端市場的需求都出現了上漲。因此，我們享受了所有終端市場價格的上漲。正如我們之前提到的，即使在第四季度，我們看到的不僅僅是 DRAM 的價格上漲，NAND 的價格也出現了上漲。

Okay. And then I guess, given the conversation or comments you made about customers moving to just-in-case inventory management, can you unpack that a little bit just in terms of magnitude? I mean, is this sort of the one-off conversations you're having with people as they're dealing with the supply issues that are out there right now? Or do you think this is something that's going to be sort of a meaningful transition within the industry?

好的。那麼，鑑於您之前談到客戶轉向「以防萬一」庫存管理的討論或評論，您能否從規模上稍微解釋一下？我的意思是，這是您在客戶處理當前供應問題時與他們進行的一次性對話嗎？還是您認為這將是業界一次意義深遠的轉變？

So we see it as an emerging trend in the industry. When you think about it over the course of last couple of years or even maybe a somewhat longer time frame, there have been challenges with respect to geopolitical consolidations. Certainly, COVID brought into stark relief the need for a resilient, flexible supply chain. And when you look at all the acceleration of the digital transformation and the surge in demand that has occurred, and on top of it, impose semiconductor industry shortages that are leaving a lot of the unmet demand across multiple industries here, all of that is really leading the customer ecosystem as well as us, the suppliers, to really absolutely prepare for supply chain so that we can meet the demand.

因此，我們認為這是該行業中的一種新興趨勢。回顧過去幾年，甚至更長一段時間，地緣政治整合一直存在挑戰。當然，新冠疫情凸顯了對彈性、彈性供應鏈的需求。數位轉型的加速和需求的激增，以及半導體產業的短缺，導致多個產業存在大量未滿足的需求。所有這些都促使客戶生態系統以及我們供應商做好充分的供應鏈準備，以滿足需求。

I mean, Micron itself has taken actions in this regard in terms of securing capacity, for example, for assembly operations and that has really enabled us, for example, when our Muar operation, we had to bring down our team members there because of a recent COVID outbreak in Malaysia.

我的意思是，美光公司本身已經在這方面採取了行動，以確保產能，例如裝配業務，這確實為我們提供了便利，例如，當我們的麻坡業務部門由於馬來西亞最近爆發了 COVID 疫情而不得不將我們的團隊成員撤出那裡時。

Because we had made changes to our capacity -- assembly capacity footprint, we have secured more external supply, assembly capacity, that enabled us to quickly shift our production to other parts of our manufacturing footprint. These are the kind of considerations that customers, in general, and suppliers, in general, are considering to make sure that they're able to manage their supply chains, to be able to meet the end-customer demand.

由於我們對產能——組裝產能佈局——進行了調整，我們獲得了更多的外部供應和組裝產能，這使我們能夠快速將生產轉移到我們製造佈局的其他部分。這些都是客戶和供應商普遍考慮的因素，以確保他們能夠管理好自己的供應鏈，滿足最終客戶的需求。

And that's why, certainly, some of the just-in-time aspects of inventory management have proved to be costly over the course of last few quarters, particularly, as the Board has struggled to respond to the needs during the COVID time frame. And yes, there is an emerging trend towards considering just-in-case, whether it is related to geopolitical considerations, whether it is related to acts of God, that can result in supply chain disruptions or just responding from challenges of COVID.

正因如此，過去幾個季度，庫存管理中的某些「即時生產」措施已被證明成本高昂，尤其是在董事會難以應對新冠疫情期間的需求的情況下。誠然，現在出現了一種考慮「以防萬一」的趨勢，無論是出於地緣政治考量，還是由於天災導致供應鏈中斷，又或者僅僅是為了應對新冠疫情帶來的挑戰。

So this is an emerging trend. And some of the customers may have already reacted faster in terms of building stronger inventory positions. Other customers, perhaps still scrambling to meet the requirements, but this is definitely a trend that we think will likely persist with companies as they think about their own supply continuity considerations in the future. Just like Micron itself has taken the steps necessary to address its own customer requirements and fulfilling their demands.

所以這是一個新興趨勢。一些客戶可能已經在建立更強大的庫存方面做出了更快的反應。其他客戶可能仍在努力滿足需求，但我們認為，當企業考慮未來自身的供應連續性時，這種趨勢很可能會持續下去。就像美光公司本身已經採取了必要措施來滿足自身客戶的需求。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的提摩西‧阿庫裡。

I had 2 questions. First on EUV and then on cost down. So Sanjay, I guess the first question on EUV is, sort of what's changed on EUV? I mean, it's not like there's been a sea change in progress made on EUV. Is it simply maybe that there's another big chipmaker trying to get in the queue and taking up some slots and so you felt like you had to get in the queue? So I'm just sort of curious what changed on EUV? And then I had a follow-up.

我有兩個問題。首先是關於EUV，然後是關於成本降低。桑傑，我想關於EUV的第一個問題是，EUV到底發生了什麼變化？我的意思是，EUV的進展並沒有發生翻天覆地的變化。是因為有另一家大型晶片製造商試圖加入隊列並佔據一些位置，所以你覺得你必須加入隊列？所以我只是有點好奇EUV到底發生了什麼變化？然後我又問了一個後續問題。

So we had always said that we monitor EUV progress. We have actually engaged in EUV evaluation. We have had EUV tool in the past. So we had always said that we will intercept EUV in our road map at the right time when we see the EUV platform as well as the ecosystem becomes more mature, that's when we plan to intercept EUV in our road map. And that's what our plan is, that in the 2024 time frame, and again, aligned with our technology and leadership DRAM scaling road map that we'll be implementing this in 2024 time frame.

我們一直說我們會監控 EUV 的進展。我們實際上一直在進行 EUV 評估。我們過去也曾擁有 EUV 工具。所以我們一直說，當我們看到 EUV 平台和生態系統變得更加成熟時，我們會在適當的時間將 EUV 納入我們的路線圖。這就是我們的計劃，在 2024 年的時間框架內，再次強調，這將與我們技術和領導 DRAM 擴展路線圖保持一致，我們將在 2024 年的時間框架內實施這項計劃。

So it's consistent with how we have always approached it. And of course, EUV has continued to make good progress, and we really think that with our EUV technology capability from 2024 onward time frame, coupled with our multi-patterning expertise that Micron has a leadership in the industry, we really will have unique differentiated capabilities and absolutely feel confident about continuing to lead our DRAM scaling road map through our, of course, currently 1-alpha, but then 1-beta and then 1-gamma and beyond.

因此，這與我們一貫的做法是一致的。當然，EUV 一直在取得良好的進展，我們真的認為，憑藉我們 2024 年以後的 EUV 技術能力，再加上美光在行業中處於領先地位的多圖案化專業知識，我們確實將擁有獨特的差異化能力，並且絕對有信心繼續引領我們的 DRAM 擴展路線圖，當然，目前的階段是 1-以後是 1-alpha，然後是 1-beta。

And initially, we will deploy EUV in limited layer count in 2024 time frame with our 1-gamma node and then we will broaden it to the 1-delta node with greater layer adoption and will just keep in mind that we will combine it with our immersion multi-patterning techniques as well. And so we really believe that we will have a very strong road map. And this is pretty much along the lines of how we always intended to insert EUV in our road map in the future. Basically keeping in track of cost effectiveness, productivity as well as our overall scaling road map, and we feel really good about our leadership, DRAM scaling road map ahead.

最初，我們將在 2024 年的時間範圍內，使用 1-gamma 節點在有限的層數中部署 EUV，然後將其擴展到 1-delta 節點，並採用更多的層數，同時，我們也將其與浸沒式多重曝光技術相結合。因此，我們堅信我們將擁有一個非常強大的路線圖。這與我們一直以來計劃在未來的路線圖中引入 EUV 的方式基本一致。基本上，我們會追蹤成本效益、生產力以及我們的整體擴展路線圖，我們對未來的 DRAM 擴展路線圖的領先地位感到非常滿意。

I guess, Dave, my follow-up's on cost downs. You sound a little more negative or a little more cautious on your fiscal '22 cost downs than you were last quarter. I think this year in DRAM, you're going to be close to roughly 10% this fiscal year. And I think 1-alpha was supposed to help you next year. So the feeling was that you could do better than 10% next year in fiscal '22. But it sounds like maybe some of these mix issues are going to result in you doing worse next year than you did this year? Can you sort of give us what next year is relative to the -- to sort of what you've done this year?

戴夫，我想問一下關於成本削減的問題。與上一季相比，您對22財年的成本削減計劃似乎更加悲觀或謹慎。我認為今年DRAM的成本削減幅度將接近10%。而且我認為1-alpha應該對您明年有幫助。所以感覺您明年22財年的成本削減幅度可能會超過10%。但聽起來，這些混合因素可能會導致您明年的業績比今年更差？您能否透露一下，相對於您今年的業績，明年的業績會如何？

So I don't think I'm ready to -- we haven't completely finished the plans on next year. So maybe it's a little premature for me to talk about next year, specifically on cost downs. I would say that when you look at 1-alpha's cost declines, they are very good. The timing in which the 1-alpha ramps is certainly an impact. And when it gets to its mature yield state is certainly an impact. And then, of course, it's hard to call these mixed elements that drive some headwinds. But suffice it to say, when you kind of think about what our strategy is, we do feel that we'll see many of these things enter into the equation.

所以我覺得我還沒準備好——我們還沒完全完成明年的計畫。所以現在談談明年，尤其是成本下降，可能還太早。我想說，當你看到1-alpha的成本下降時，你會發現它們非常好。 1-alpha加速的時機一定會產生影響。而當它達到成熟的收益率狀態時，也肯定會產生影響。當然，很難說這些因素是造成一些不利因素的綜合因素。但可以肯定地說，當你思考我們的策略時，我們確實感覺到我們會看到很多這些因素進入我們的策略。

So I think when you look at it on a front-end basis, it's quite good and quite comparable. I think when you look at it on a mix basis, somewhat dependent on how the market unfolds. But based on our early view into next year in terms of the x, we'd expect some headwinds.

所以我認為，從前端來看，它相當不錯，而且相當具有可比性。從綜合來看，它在一定程度上取決於市場發展。但根據我們對明年x的初步預測，我們預計會面臨一些阻力。

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。

Great. I want to follow-up on the just-in-time to just-in-case inventory question. You're talking about demand not being fulfilled in the short term. So is the message here that the customers don't really have inventory, but that they want to put that inventory into place? Or are there pockets where there's inventory kind of waiting for other components?

好的。我想跟進一下即時庫存和以防萬一庫存的問題。您說的是短期內需求無法被滿足。那麼，這是否意味著客戶實際上沒有庫存，但他們想把這些庫存投入使用？還是說，有些庫存正在等待其他組件？

So again, this really varies from customer to customer. Some customers may have reacted fast and would be carrying adequate level of inventory or inventory in line with their strategy in terms of how to cope with the current environment with respect to demand and supply for their own components. Whereas some other customers may have less level of inventory. So really, it varies from customer to customer. So what I'm saying is that regarding the just-in-time shifting towards just-in-case kind of mindset, it really is that customer focus on managing their supply chain, so that they can have sufficient inventory to meet their end-market requirements.

所以，這真的是因客戶而異。有些客戶可能反應迅速，持有充足的庫存，或根據其應對當前零件供需環境的策略持有庫存。而有些客戶的庫存可能較少。所以，這真的是因客戶而異。我想說的是，關於從「即時生產」轉向「以防萬一」的轉變，實際上是指客戶專注於管理他們的供應鏈，以便擁有足夠的庫存來滿足終端市場的需求。

Some customers may have moved more in that direction. And some other customers may have yet to move in the direction of, from the just-in-time mindset toward just-in-case. So for example, the car production, we are seeing that auto market has suffered through significant supply chain shortages, and of course, have incurred significant cost to that industry as well in not being able to fulfill all their supply requirements. And of course, that then drives a different mindset on how to avoid this kind of situation in the future. So it varies from end market to end market. It varies from customer to customer. But overall, what we are saying is that in, with the lessons of the geopolitical consolidations, with the lessons of the pandemic and the lessons of the recent supply chain shortages, in the backdrop of digital transformation requiring more and more of semiconductor solutions, the customer ecosystem, parts of the customer ecosystem likely is approaching their inventory consolidations in a different manner compared to before. And again, we look at it as an emerging trend in the industry.

有些客戶可能已經朝著這個方向轉變了。而有些客戶可能還沒有從「即時生產」的思維模式轉向「以防萬一」的思維模式。例如，在汽車生產領域，我們看到汽車市場遭受了嚴重的供應鏈短缺，當然，由於無法滿足所有供應需求，該行業也付出了巨大的代價。當然，這促使人們形成不同的思考模式，思考如何在未來避免這種情況。因此，不同終端市場的情況各不相同，不同客戶的情況也各不相同。但總的來說，我們認為，在地緣政治整合、疫情以及近期供應鏈短缺的教訓下，在數位轉型對半導體解決方案的需求越來越大的背景下，客戶生態系統，部分客戶生態系統可能正在以與以往不同的方式進行庫存整合。再次強調，我們將其視為行業中的新興趨勢。

Our next question comes from Chris Danely with Citi.

下一個問題來自花旗銀行的 Chris Danely。

Just a follow-up on that previous question. If you look at the 3 main end markets for DRAM, PC, cellphone server and your, I guess, your best guess of inventory in each, where would you say it's the lowest? And then when do you think that those end markets will achieve their, whatever the heck normal is these days level of inventory?

繼續之前的問題。如果您看一下DRAM的三大終端市場：PC和手機伺服器，以及您對每個市場的庫存狀況的預測，您認為哪個市場的庫存水準最低？您認為這些終端市場什麼時候才能達到目前的正常庫存水準？

So we are not going to go there in terms of trying to break it down by market by market. Of course, you sometimes see different moving parts and different parts of the market. For example, in mobile, you saw that with the India COVID situation as well as the April and May in China, there was a reduction in demand in certain parts of the smartphone market. However, in other parts of the world, the smartphone suppliers moved to supply the increased demand in the other parts of the world. And of course, some of the demand, because supply is in shortage, some of the supply in the industry got shifted toward other parts of the market, too.

因此，我們不會嘗試按市場進行細分。當然，有時你會看到市場中存在不同的變動因素和不同的環節。例如，在行動領域，你會看到，受印度新冠疫情以及中國4月和5月疫情的影響，智慧型手機市場某些部分的需求有所下降。然而，在世界其他地區，智慧型手機供應商開始轉向供應全球其他地區成長的需求。當然，由於供應短缺，行業中的部分供應也轉移到了市場的其他部分。

So we're not going to break it down. I mean, I gave you mobile just as one example, and this situation can vary from customer to customer. But all in all, when you look at the end markets, almost all end markets are seeing shortages. And in aggregate, there is tight supply today. That's what is resulting in increase in prices in the industry that we reported for F Q3, and we guided to it in Q4, also for DRAM and NAND, we see price increases. And overall, we see supply tightness continuing through the year and into 2024 time frame as well.

所以我們不會逐一分析。我只是舉了行動領域的例子，不同客戶的情況可能有所不同。但總的來說，從終端市場來看，幾乎所有終端市場都出現了短缺。總體而言，目前供應緊張。這就是導致行業價格上漲的原因，正如我們在第三季報告中報告的那樣，我們也在第四季度進行了預測，DRAM 和 NAND 的價格也出現了上漲。總體而言，我們預計供應緊張的局面將持續到今年，甚至到 2024 年。

Well said. Is it...

說得好。是嗎…

I meant 2022.

我指的是 2022 年。

I like 2024 as well. 2024 is great, 2026, I'll take it.

我也喜歡 2024。2024 很棒，2026，我會選擇它。

We'll definitely talk about -- we'll definitely be talking about that one of these days, too. Yes.

我們肯定會談論——我們肯定也會在某一天談論這個。是的。

One quick one, Sanjay. What do you think is going to be the CHIPS Act impact to Micron and just the memory ecosystem in general?

桑傑，我快速問你一個問題。你認為《CHIPS法案》會對美光以及整個記憶體生態系統產生什麼影響？

So I think when you say chipset impact, yes -- oh, CHIPS Act, I see. Okay. So with respect to CHIPS Act, we definitely -- first of all, it's really great that U.S. government is recognizing the importance of semiconductors and how important semiconductors are to national economic consideration as well as national security considerations. And of course, semiconductors are important to all global economies today. So we are certainly, look forward to greater support for U.S. leadership in semiconductor research as well as semiconductor manufacturing in the years to come. And of course, Micron, as the only player in semiconductor memory and semiconductor storage in the industry is well engaged with the U.S. government.

所以我認為，當你提到晶片組的影響時，是的——哦，我明白了，《晶片法案》（CHIPS Act）。好的。關於《晶片法案》，我們當然——首先，美國政府認識到半導體的重要性，以及半導體對國家經濟和國家安全的重要性，這真的很棒。當然，半導體對當今全球所有經濟體都至關重要。因此，我們當然期待在未來幾年，美國在半導體研究和半導體製造的領導地位能得到更大的支持。當然，美光公司作為業界唯一一家在半導體記憶體和半導體儲存領域擁有豐富經驗的公司，與美國政府保持著良好的合作關係。

And I know that the U.S. government also recognizes the importance of memory and storage as a strategic part of the semiconductor industry. So we really look forward to opportunities in terms of addressing our future needs. We continue to stay engaged. We stay engaged with the governments in all global sites where we have major operations, and we look forward to the opportunities here in the U.S. as well. And we are really glad that the funding has crossed the finish line in the Senate, and we certainly hope that in the House as well, this will pass. And the U.S. industry can get on with the business of really strengthening U.S. leadership in research and manufacturing in semiconductors for the years to come. And we definitely remain always committed to growing our own supply in line with the industry demand, and we remain disciplined in that regard.

我知道美國政府也認識到記憶體和儲存作為半導體產業策略組成部分的重要性。因此，我們真誠期待未來能滿足我們的需求。我們將繼續保持聯繫。我們與我們在全球所有主要業務所在地的政府保持聯繫，我們也期待在美國獲得新的機會。我們很高興這筆資金已在參議院獲得通過，我們當然希望眾議院也能獲得通過。這樣，美國產業就能繼續努力，在未來幾年真正鞏固美國在半導體研究和製造領域的領導地位。我們始終致力於根據行業需求增加自身的供應，並在這方面保持紀律。

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 have one on DRAM and one on NAND. On the DRAM side, wanted to ask about your ability to grow bits over the next, call it, 4 to 6 quarters. I think Dave had a couple of conferences, you talked about bits being flattish into the August quarter, just given where you are in the transition and given low inventories. But as you progress and sort of transition to 1-alpha, at what point should we expect your bit supply to accelerate in the DRAM business? And to the extent you can't meet demand, call it, over the next couple of quarters, how should we think about your willingness to increase capacity in DRAM? And then on the NAND side, at a very high level, I think, Sanjay, it feels like -- to me, it feels like you sound a little bit better on NAND supply demand or less cautious on NAND supply demand. Curious what's changed over the past couple of quarters? Is it purely demand being better? Is it sort of the shortages around controllers? Yields on higher layer count nodes or all of the above? Just curious what's changed in NAND over the past couple of months, a couple of quarters.

我有兩個問題，一個是關於DRAM，一個是關於NAND。關於DRAM，我想問你們在接下來的4到6個季度裡，提高產能的能力。我記得Dave開過幾次會，你提到8月份季度的產能持平，這是考慮到你們目前處於轉型階段，而且庫存較低。但是，隨著你們的進展，也就是過渡到1-alpha階段，我們應該預期你們在DRAM業務中，什麼時候產能會加速成長？如果在接下來的幾個季度裡，你們無法滿足需求，我們該如何看待你們增加DRAM產能的意願？然後，關於NAND，從非常高的層面來說，Sanjay，我覺得——在我看來，你對NAND供需的看法似乎有所好轉，或者說不那麼謹慎了。想知道過去幾季發生了什麼變化嗎？是純粹的需求好轉嗎？是控制器的短缺嗎？是更高層數節點的良率提高，還是以上所有因素都有影響？只是好奇過去幾個月、幾季 NAND 發生了什麼變化。

Okay. So I'll take the DRAM question first. I think you would model, for sure, we are thinking pretty modest sequential growth in the fourth quarter in terms of DRAM. I think that will carry into the first fiscal quarter, quite honestly. I would expect a relatively gradual increase as we ramp 1-alpha and that there wouldn't be necessarily an inflection point where we see a big step-up in the growth rates. We've been very focused on the supply-demand balance on -- from our perspective. And so we have been investing in 1-alpha with that in mind.

好的。我先來回答DRAM的問題。我想你一定會想到，我們預期第四季DRAM的環比成長會相當溫和。坦白說，我認為這將延續到第一個財季。我預期隨著1-alpha的提升，成長會相對緩慢，而且不一定會出現一個拐點，導致成長率大幅上升。從我們的角度來看，我們一直非常關注供需平衡。因此，我們一直在1-alpha上進行投資，並始終考慮到這一點。

And then just the follow-on question you had, I almost say the same thing. As we look at DRAM and as we -- actually, as we invest in DRAM and NAND, we take a long-range view in terms of the growth rates of DRAM and NAND. Sanjay mentioned that we think DRAM growth rates are in -- for DRAM, long-term growth rates are in the mid- to high-teens, and we think NAND is growing -- should grow around 30% over the long term, and that's how we invest our CapEx. And we're always -- now year-to-year, things might be a little different than that, but we're investing over the long run to grow our supply in relationship to that demand growth, and we have not deviated from that strategy. And on the NAND front...

然後，回到您提出的後續問題，我幾乎說的是同樣的話。當我們審視 DRAM，實際上，當我們投資 DRAM 和 NAND 時，我們會從長遠角度看待 DRAM 和 NAND 的成長率。 Sanjay 提到，我們認為 DRAM 的長期成長率在 15% 左右，而 NAND 正在成長，長期成長率應該在 30% 左右，這就是我們投資資本支出的方式。我們一直以來都是——現在逐年變化，情況可能略有不同，但從長遠來看，我們正在進行投資，以根據需求增長來增加供應，我們從未偏離這一策略。在 NAND 方面…

And on the NAND front, yes, as you noted, that we have increased our outlook in terms of year-over-year NAND industry growth to now mid-30s. At the prior discussion, NAND industry was somewhat in oversupply. What we have seen is that NAND certainly has stabilized, and the trends have improved. In fact, we talked about price increases that we experienced in F Q3 for NAND as well as have guided to price increase in NAND in F Q4 as well. So overall, we see tightness in NAND as well through the remainder of this calendar year and into 2022, and NAND demand is being driven by elasticity and certainly, continuing strength in PCs and also data center and smartphone markets as well.

在NAND方面，如您所說，我們已將NAND產業年成長預期上調至目前的35%左右。在先前的討論中，NAND產業有些供過於求。我們看到的是，NAND確實已經穩定下來，趨勢也得到了改善。事實上，我們談到了第三季NAND價格的上漲，並預測第四季NAND價格也會上漲。因此，整體而言，我們認為今年剩餘時間以及2022年NAND市場仍將保持緊張，而NAND需求的驅動力在於彈性，當然也包括PC、資料中心和智慧型手機市場的持續強勁成長。

Overall, our outlook has changed because the supply of inventories, we believe, are healthier. And certainly, Micron inventory in NAND also is running lean. And certainly, our 176-layer NAND industry-leading note is ramping well. And overall, we expect our long-term supply growth CAGR to be in line with the market there as well, so.

總體而言，我們的前景有所改變，因為我們認為庫存供應更加健康。當然，美光的NAND庫存也很緊張。當然，我們業界領先的176層NAND產能正在穩步提升。整體而言，我們預期長期供應複合年增長率也將與市場保持一致。

Thank you, and that concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝大家，今天的電話會議到此結束。感謝您的參與。現在可以掛斷電話了。