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.

下午好。我叫喬希，今天我將成為您的會議主持人。在這個時候，我想歡迎大家參加美光 2021 年第三季度財務發布電話會議。 （操作員說明）謝謝。現在我很高興將發言權交給您的主持人投資者關係副總裁 Farhan Ahmad。你可以開始你的會議了。

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，歡迎參加 Micron Technologies 2021 財年第三季度財務電話會議。今天與我通話的是總裁兼首席執行官 Sanjay Mehrotra；和首席財務官 Dave Zinsner。今天的通話時間約為 60 分鐘。此次電話會議（包括音頻和幻燈片）也將通過我們的投資者關係網站investors.micron.com 進行網絡直播。

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

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

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

I'll now turn the call over to Sanjay.

我現在將把電話轉給 Sanjay。

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.

謝謝你，法爾漢。大家下午好。我們在第三季度取得了出色的成績。我們強大的執行力使我們實現了歷史上最大的連續每股收益增長，並創造了多項收入記錄。在創紀錄的移動 MCP、消費級 SSD 和客戶端 SSD 收入的推動下，NAND 創下了創紀錄的收入。我們的嵌入式業務首次超過 10 億美元，在汽車和工業市場創造了創紀錄的收入。

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.

我們還憑藉行業領先的 1-alpha DRAM 和 176 層 NAND 實現了關鍵技術和產品里程碑，達到了我們位生產的重要部分，QLC NAND 占我們客戶 SSD 位出貨量的大部分。隨著全球經濟反彈，我們預計 DRAM 和 NAND 供應將在 2022 年保持緊張。數據中心、智能邊緣和用戶設備對內存和存儲的強勁需求使美光處於充分利用這些令人興奮的機會的最佳位置。

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.

我們繼續紮實推進我們的目標，即提供行業領先的技術和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結構，並在保持穩定的比特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.

我將從更新我們的操作開始。儘管整個半導體生態系統的各種組裝材料和組裝能力都出現短缺，但美光在本季度實現了創紀錄的組裝產量，這有助於推動我們強勁的收入表現。我們的組裝和測試成功是我們幾年前做出的一項戰略決策的結果，該決策旨在增加我們的專屬足跡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.

我們成功地減輕了台灣乾旱的影響，而我們的產量沒有減少。台灣的雨季已經開始，帶來了充足的水源來支持我們的生產需求。

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.

雖然台灣的干旱已經過去，但馬來西亞、印度和台灣地區 COVID-19 病例的增加對我們在這些地區的製造業務和研發活動構成風險。我們還與當地政府合作，盡可能為美光團隊成員提供現場檢測和疫苗接種服務。此外，為了保護馬來西亞麻坡後端設施的美光團隊成員，我們在第四季度初期暫時減少了現場勞動力，從而降低了產出水平。隨著情況的改善，我們已經開始將團隊成員帶回現場。在麻坡恢復全面生產水平的同時，我們將利用我們的全球供應鏈，包括分包商合作夥伴來履行我們的客戶承諾，並儘量減少對交付計劃的任何干擾。

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，我們宣布了退出 3D XPoint 開發和製造的決定，並將我們的研發投資重新分配到支持 CXL 的新內存解決方案上。 CXL 或 Compute Express Link 是一種新的行業標準接口，它將通過計算、內存和存儲之間的高性能連接顯著改變數據中心架構。我們正在開發令人興奮的支持 CXL 的產品，未來我們將在路線圖上分享更多內容。

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.

作為我們退出 3D XPoint 業務的一部分，我們宣布打算出售我們位於猶他州李海的工廠。今天，我很高興地報告，美光已達成協議，將在本日曆年晚些時候完成的交易中將該工廠出售給德州儀器。我們認為這項交易對我們的團隊成員、Lehi 社區和我們的股東都是積極的。 Lehi 站點一直是美光網絡的重要組成部分，負責跨 NAND 和 3D XPoint 產品的許多技術和製造創新。關閉後，德州儀器 (TI) 將為所有 Lehi 團隊成員提供成為 Lehi 工廠的 TI 員工的機會。銷售結束後，我們將能夠消除我們在 Lehi 產生的剩餘負載不足成本，從而提高我們的效率並增強我們的盈利能力。戴夫將提供更多詳細信息。

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.

現在更新技術和產品。我們行業領先的 1-alpha DRAM 和 176 層 NAND 工藝技術現已按計劃投入生產和量產。這些節點占我們第三季度比特生產的重要部分，並有望成為我們第四季度收入的重要部分。我們預計到 2021 年年底，1-alpha 和 1Z DRAM 節點的組合將占我們 DRAM 位生產的大部分。同時，176 層 NAND 將成為我們 NAND 位生產的主要部分。

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比特增長，並在類似的基礎上為我們提供良好的前端成本降低。然而，有兩個因素會給我們下個財年帶來成本阻力。首先是我們的戰略組合向更先進和更高價值的產品遷移，例如 DDR5 內存、高密度服務器模塊和 SSD。雖然這種投資組合轉變有助於我們增加利潤份額，但它也會影響我們下一財年的成本。

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.

第二個成本逆風是由我們在供應鏈中採取的幾項行動推動的，這些行動旨在提高彈性並為所有產品線的客戶提供業務連續性。雖然這些行動將使我們能夠利用強勁的市場需求，但它們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.

當客戶在 2021 年下半年開始推出支持 DDR5 的平台時，我們將按計劃為他們提供支持。DDR5 旨在滿足現代數據中心的要求，包括通過將內存帶寬增加一倍來提高性能，以及通過集成在 ECC 上。從 2021 年下半年開始，DDR5 的芯片尺寸比 DDR4 更大，限制了 DRAM 行業供應增長和成本降低。

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.

在存儲方面，我們在本季度推出了業界首個用於汽車應用的 UFS 3.1 解決方案。我們還宣布批量生產基於世界上第一個 176 層 NAND 的客戶端 PCIe Gen4 SSD，並提供多種外形尺寸。我們正在向多個市場的 OEM 和渠道客戶批量交付 176 層 NAND，並擁有多種產品的客戶資格。

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.

我們還在推動增加 QLC NAND 的組合，這降低了 SSD 的成本，加速了硬盤驅動器的更換。 QLC SSD 採用率持續增長，我們在第三季度實現了創紀錄的 QLC SSD 收入和比特組合。

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。在數據中心，將人工智能集成到以數據為中心的工作負載中將推動長期增長，內存和存儲將成為服務器 BOM 成本中越來越大的一部分。在向 DDR5 過渡、圖形內存強大功能以及 HBM 和 NVMe SSD 產品推出的推動下，美光強大的 DRAM 和 NAND 解決方案產品路線圖使我們在數據中心取得成功。我們將在未來幾個月推出具有內部設計控制器的新產品，從而增強我們的 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，由於雲客戶的強勁需求和模塊密度的增加，數據中心 DRAM 收入環比增長。在雲和企業的推動下，數據中心 SSD 位的出貨量和收入環比增長。隨著雲需求的回升以及由於廣泛的經濟復甦導致企業需求的改善，預計今年下半年數據中心需求將強勁。此外，我們預計具有更多內存通道的新 CPU 將從今年晚些時候開始加速服務器內存需求，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.

隨著人們接受隨時隨地工作或學習的文化，個人電腦市場繼續受益於更大的流動性趨勢。在強勁的筆記本電腦銷售和台式機市場復甦的推動下，行業對 2021 年 PC 單位需求增長的預期已增至十幾歲。在第三財季，我們的基於 1-alpha 的 DDR4 產品在各種 PC 平台上獲得了多項客戶資格。我們的客戶 SSD 位出貨量環比和同比大幅增長。

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.

在圖形方面，受強勁的下一代遊戲機和顯卡出貨量的推動，位出貨量環比和同比增長。美光憑藉廣泛的產品組合和深厚的客戶合作夥伴關係，在圖形市場上擁有卓越的地位。

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.

移動業務實現創紀錄的 MCP 季度收入。我們在 1-alpha LPDRAM 產品和 176 層 UFS 3.1 解決方案方面取得了長足進步。我們已經完成了其中一些產品的客戶資格認證。儘管 COVID-19 削弱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處於供需緊張的平衡狀態。預計今年移動設備銷量將呈現健康增長，由於 5G 設備在 2021 年預計翻一番，達到 5 億多台，不同地區之間存在一些差異。這些 5G 手機還具有豐富的內容，需要顯著更高的 DRAM 和 NAND。我們也很高興看到在具有 18 GB DRAM 的遊戲智能手機等新設備中進行大膽的 OEM 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.

在製造業持續復甦以及車載信息娛樂和駕駛輔助應用的 LPDDR4 和 eMMC 內容增加的推動下，我們的汽車業務連續第三個季度創下歷史新高。預計汽車銷量將較去年大幅增長。汽車內存和存儲內容的增長趨勢依然強勁，尤其是對內存和存儲內容要求顯著更高的電動汽車的增長速度遠快於更廣泛的汽車市場。我們繼續看到創紀錄的汽車和工業領域需求。然而，儘管我們盡了最大努力，但由於我們供應鏈中的某些非內存半導體組件短缺，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.

轉向我們的市場前景。儘管大流行仍然是一個風險因素，但在宏觀經濟復甦以及人工智能和 5G 等長期驅動因素的推動下，2021 年將成為強勁的一年，這些驅動因素正在廣泛的終端市場創造持續的需求增長。因此，自上次財報電話會議以來，我們對 2021 年 DRAM 和 NAND 位增長的預期有所增加，我們現在預計 2021 年 DRAM 位需求增長略高於 20%，NAND 位需求增長在 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.

由於終端市場的強勢，目前對 DRAM 和 NAND 的需求未得到滿足。如果不是非內存組件短缺影響了我們客戶的產品製造能力，尤其是在個人電腦、汽車和工業市場，這種未滿足的需求將會更大。這些短缺可能導致需求模式的變化，因為客戶在採購匹配的非內存組件集時遇到挑戰。我們希望代工產能的上線能夠在 2021 年下半年開始緩解一些組件短缺，並支持強勁的內存和存儲增長。

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，由於強勁的終端市場需求趨勢、大流行的教訓和持續的地緣政治不確定性，一些客戶將他們的庫存管理策略從及時調整為以防萬一，並提高他們考慮的目標水平正常庫存水平。長期來看，我們看到 DRAM 位需求的複合年增長率在十幾歲左右，而 NAND 位的需求復合年增長率約為 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.

轉向美光供應。我們的目標是使我們的長期比特供應增長 CAGR 與 DRAM 和 NAND 的行業比特需求增長 CAGR 保持一致。但是，我們預計沒有過渡時間會導致逐年變化。在 DRAM 和 NAND 中，我們預計 2021 年日曆的位供應增長將低於行業位需求增長，並且我們已利用庫存來增加今年的位出貨量增長。

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.

在移交給 Dave 之前，我還有一個關於我們的 DRAM 技術和製造戰略的重要公告要分享。基於我們對 EUV 取得的進展的評估，並與我們的技術戰略和行業領先的 DRAM 擴展路線圖保持一致，我們計劃從 2024 年開始將 EUV 插入到我們的 DRAM 路線圖中。作為長期批量協議的一部分，美光已從 ASML 訂購了多種 EUV 工具。這些系統的預付款將有助於 '21 財年和 '22 財年的資本支出。我們已將 '21 財年的資本支出增加至略高於 95 億美元，主要來自不影響 '21 日曆年和 '22 日曆年增長的領域，例如這些 EUV 預付款、建設支出以及其他研發和企業項目。

I will now turn it over to Dave.

我現在將把它交給戴夫。

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。美光提供了出色的 F Q3 業績。收入和每股收益在有機基礎上連續創紀錄地增長，我們在本季度產生了超過 15 億美元的自由現金流。 F Q3 總收入約為 74 億美元，環比增長 19%，同比增長 36%。收入增長受到 DRAM 和 NAND 價格上漲以及客戶對美光產品強勁需求的推動。

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.

F Q3 DRAM 收入為 54 億美元，佔總收入的 73%。 DRAM 收入環比增長 23%，同比增長 52%。位出貨量環比增長在低個位數範圍內，平均售價環比增長約 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.

F Q3 NAND 收入約為 18 億美元，佔總收入的 24%，創下公司歷史新高。 NAND 收入環比增長 10%，同比增長 9%。位出貨量環比增長低個位數，而平均售價環比增長在高個位數百分比範圍內。

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.

現在轉向按業務部門劃分的收入趨勢。計算和網絡業務部門的收入約為 33 億美元，環比增長約 25%，同比增長約 49%。 CNBU 收入增長受到廣泛的連續定價增長的推動。移動業務部門的收入為 20 億美元，環比增長 10%，同比增長 31%。隨著 5G 手機銷量持續增長，移動需求保持健康。存儲業務部門的收入為 10 億美元，比上一季度增長約 19%，同比基本持平。客戶和消費者 SSD 收入均創下紀錄。最後，嵌入式業務部門創造了創紀錄的 11 億美元收入，環比增長 18%，同比增長 64%。該公司的汽車和工業收入創歷史新高。

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.

F Q3 的綜合毛利率為 42.9%，比上一季度上升 10 個百分點。 DRAM 和 NAND 價格上漲幫助推動了 F Q3 的利潤率擴張。我們的 Lehi 工廠的折舊減少了 7500 萬美元，毛利率也提高了 100 個基點，該工廠被歸類為待售資產。

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.

第三季度的運營費用為 8.21 億美元，我們將繼續嚴格管理。運營費用還受益於出售某些資產帶來的約 2100 萬美元收益。 F Q3 營業收入為 24 億美元，營業利潤率為 32%，上一季度為 20%，上一季度為 18%。 F Q3 EBITDA 為 40 億美元，EBITDA 利潤率為 53%，上一季度為 45%，上一年為 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.

第三季度的淨利息支出為 3100 萬美元，我們預計未來將大致持平。我們的 F Q3 有效稅率為 8.4%。我們預計第四季度的稅率將達到高個位數。第三季度非公認會計準則每股收益為 1.88 美元，高於第二季度的 0.98 美元，0.90 美元的連續增長是美光歷史上最大的。每股收益包括出售某些資產、美光企業的投資收益和一次性稅收項目產生的約 0.05 美元。

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.

轉向現金流和資本支出。我們在第三季度的運營中產生了大約 36 億美元的現金，佔收入的 48%。本季度的淨資本支出約為 20 億美元。正如桑傑所說，我們現在預計我們 21 財年的資本支出將略高於 95 億美元。我們今天強調的大部分資本支出增長不會增加我們的 CY '21 和 CY '22 位供應。

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，雖然我們投資於 EUV 基礎設施和初始部署，但我們的資本密集度將增加到收入的 30% 左右。一旦我們度過了採用 EUV 的投資期，我們預計這些工具將提高我們的競爭力並幫助提高我們晶圓廠的生產力。由於強勁的市場環境和美光非凡的執行力，我們在第三季度產生了 15 億美元的正自由現金流。強勁的收入增長、更高的利潤率和高效的營運資金管理推動了現金流的增加。在收入和收益持續增長的推動下，我們預計第四季度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.

我們在第三季度完成了 1.5 億美元或約 170 萬股的股票回購。從股票回購計劃開始，我們已經回購了價值 30 億美元的美光股票，占我們累計自由現金流的 55%。此外，自 19 財年以來，我們已使用約 20 億美元現金來結算可轉換票據的轉換，其中包括約 8 億美元用於結算轉換溢價。結合股票回購和轉換溢價，我們已使用 38 億美元或累計自由現金流的 69% 來減少我們的股票數量。我們計劃在第四季度繼續回購股票。

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.

第三季度末庫存為 45 億美元或 98 天。由於鑽頭需求繼續超過我們的供應，我們仍然處於非常稀少的庫存狀態。截至本季度末，我們的現金和投資總額為 98 億美元，流動資金總額約為 123 億美元。 F Q3 期末總債務為 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，所有 3 家評級機構均給予投資級評級。在過去 3 個月中，惠譽和標準普爾都將美光債務的前景從穩定上調至正面。這些對我們債務評級前景的升級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.

在提供財務前景之前，我想介紹一下出售我們的 Lehi 工廠的財務影響。我們對這項交易感到滿意，並相信這對我們的股東有利，因為它可以釋放資本並提高我們的持續盈利能力。此次出售給美光帶來的經濟價值為 15 億美元，其中包括出售交易產生的 9 億美元現金，以及美光將保留用於重新部署到其其他製造基地或出售的精選工具和其他資產價值約 6 億美元給其他買家。由於 9 億美元的銷售價格低於我們所出售資產的賬面價值，我們在稅後基礎上計提了 4.35 億美元或約 3.3 億美元的減值費用。

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，我們保留的工具在很大程度上已經折舊，但在我們的製造網絡中具有巨大的未來價值。正如我們之前披露的那樣，我們在上個季度停止了 Lehi 晶圓廠資產的折舊，這使我們在第三季度的成本受益約 7500 萬美元。一旦銷售完成，我們將通過完全消除我們的欠載費用來進一步提高我們的盈利能力。

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.

現在轉向我們的近期展望。 DRAM 和 NAND 市場都很緊張，我們預計第四財季這兩個市場的價格都會上漲。在 F Q4 中，我們正在為幾個客戶提供 1-alpha 和 176 層節點的資格。我們預計這些節點將支持適度水平的比特增長，並面臨在這個斜坡階段常見的成本逆風。

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，我們還預計來自產品組合和 COVID 緩解的成本逆風。儘管存在成本逆風，但我們預計第四季度的財務業績將出現強勁改善。我們的增長機會是健康的，進入 2022 財年的市場勢頭強勁。

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.

考慮到所有這些因素，我們對第四季度的非公認會計準則指導如下：我們預計收入為 82 億美元，上下浮動 2 億美元；毛利率在 47% 的範圍內，上下浮動 100 個基點；運營費用約為 9 億美元，上下浮動 2500 萬美元。最後，基於大約 11.5 億股完全稀釋後的股票，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.

美光對執行的不懈關注使我們能夠很好地為我們的股東創造可觀的回報。衡量我們從 16 財年到 20 財年整個週期的低谷到低谷的表現，我們大大提高了 EBITDA 利潤率，我們的收入增長了 70% 以上。在此期間，我們實現了 40% 的平均毛利率、50% 的 EBITDA 利潤率和 20% 的投資資本回報率。我們相信美光強勁的財務表現將在整個週期中持續下去。從長遠來看，我們的收入增長將超過更廣泛的半導體行業。我們行業領先的技術、顯著改進的產品組合和財務實力使我們能夠很好地利用驅動內存和存儲行業的長期需求趨勢。

I will now turn it back to Sanjay.

我現在把它轉回給桑傑。

Thank you, Dave.

謝謝你，戴夫。

Micron's 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.

美光第三財季業績證明了我們業務的實力，我們預計未來將取得持續強勁的業績。各個細分市場對內存和存儲的需求穩定，人工智能、邊緣計算和 5G 等行業趨勢繼續為美光創造新機遇。我們的團隊正在建立我們的技術領先地位，以提供大膽的新解決方案，為我們的客戶提供有價值的差異化。

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和穩健，我們充滿活力，在半導體行業真正激動人心的時刻抓住未來的機遇。我們還利用我們的成功為所有利益相關者提供成果。 4 月，我們發布了第六份年度可持續發展報告，重點介紹了我們在環境、社會和治理目標方面取得的進展。我很高興地報告，儘管大流行帶來了挑戰，我們仍有望實現我們去年設定的環境和可持續發展目標。事實上，根據第三方評級機構 Sustainalytics 的數據，我們的 ESG 風險評分已提高到半導體行業的前 10%。到 2025 年底，我們在美國實現 100% 可再生能源消耗方面也取得了良好進展。

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.

在 2021 年日曆中，我們將繼續專注於減排、向可再生資源過渡、水資源恢復以及加大力度減少、再利用或回收廢物。我們將繼續以我們在業務中創造持續動力的同樣關注點來追求這些目標，我期待在未來的電話會議上提供我們進展的最新信息。

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.

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

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?

我猜是終端市場需求問題。顯然，人們擔心 PC 手機周圍的波動性會達到峰值，以及是否 - 在雲端是否有任何庫存。然而在這裡，你說的是 DRAM 和 NAND 在 22 年日曆中仍然很緊。所以我想你能從需求的角度來看看你所看到的嗎？然後，我認為非常重要的是，特別是對於 DRAM 方面，您如何看待供應，這顯然似乎在今年和明年都受到限制？

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，我們當然看到幾乎所有終端市場都有強勁的需求。 PC，在 '21 日曆年的同比基礎上，增長處於十幾歲。當然，SSD 連接率平均內容在 NAND 方面繼續增加並繼續 - PC 繼續推動對 DRAM 的健康需求。我們的數據中心，經過下半年年初的消化期，也帶動了對我們的強勁需求。智能手機、5G 趨勢推動單位銷售以及平均內容增長。汽車，我們無法滿足供應。我們無法滿足那裡的強勁需求。工業市場，需求旺盛。

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，幾乎在所有終端市場，我們都看到了強勁的需求。事實上，在行業中，存在未被滿足的需求。你知道嗎，整個技術生態系統都存在半導體短缺，隨著時間的推移，半導體短缺得到緩解，這實際上將創造對內存和存儲的更多需求，因為今天的每一個終端應用，無論是模擬 IC 相關還是內存， CPU 內核相關，它們實際上都需要內存和存儲。因此，半導體短缺實際上影響了一些需求，隨著未來幾個季度的緩解，這也將帶來需求增加。

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。正如我們所看到的那樣，從今年年底到 2022 日曆年，供應也很緊張。而且你知道，行業中的資本支出一直在 DRAM 方面，非常自律。生產商庫存，供應商庫存也非常稀少。我當然可以代表我們的庫存。我們的庫存天數為 98，也非常低。該行業的資本密集度也在增加，這也預示著有規律的供應增長。我們談到了 DDR5 作為行業中的規範，作為 JEDEC 規範，實際上需要更多的片上 ECC，從而為行業中的每個人帶來更大的裸片尺寸，讓 DDR5 超過 DDR4。因此，正如您所理解的那樣，隨著行業在 22 年和 23 年的未來幾個季度向 DDR5 過渡，這也意味著晶圓的供應增長可用性降低，即使技術轉型也是如此.因此，來自需求方和供應方的所有這些趨勢對我們的行業來說都是個好兆頭。

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?

這很有幫助。如果我能在毛利率方面跟進，戴夫，你在準備好的評論中談到了更高的成本組合和對供應鏈的投資。您能否了解 22 財年的毛利率？

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.

很明顯，22 財年利潤率的更大組成部分之一將是定價。而且我們不會提供下一財年或本季度之後的定價，只是說我們認為下個季度的定價會上漲，我們建議至少到 22 年它會很緊。所以這就是我在定價方面可以給你的。

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，當您查看我們明年將在同類基礎上看到的前端成本降低時，正如 Sanjay 在準備好的評論中提到的那樣，1-alpha 的上升和NAND 前端的 176 坡道，我們確實覺得這些成本會很好。唯一的反擊是，我們將看到成本更高的產品組合更多。 Sanjay 提到了 DDR5、更高密度的服務器模塊、更多的 SSD，所有這些都會在成本方面造成一些不利影響。我們可能會以一些 COVID 緩解成本進入這一年。這也將是一個逆風。現在希望，在這一年中，這種情況會有所緩解，並開始在利潤率方面有所幫助。

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，隨著折舊的全部金額在第四財季消失，我們將在第四季度從李海獲得一點提升。然後，一旦我們完成銷售，所有的欠載費用也將消失。我認為我的建模方式是，第四季度可能有大約 2000 萬美元的收益，第一財季可能還有 2000 萬美元，假設我們在接近第一財季末的某個地方收盤，我們應該—— - 那應該在我們身後。

Our next question comes from John Pitzer with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

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.

只需 2 個快速問題。戴夫，也許是為了跟進 C.J. 關於成本的問題。我想確保我理解這裡的信息。我知道這些高附加值的零件成本更高，但它們也應該有更高的毛利率嗎？還是我想錯了？然後我有一個跟進。

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，在同類產品的基礎上，或者至少在與其他產品相當的基礎上，這些產品的毛利率會更高。

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?

完美的。然後作為我的後續行動，兩個季度前，戴夫，你沒有回購任何股票。本季度，它是 1.5 億，我認為這是自由現金流的 10%，儘管您在多個季度中做了什麼。我只是有點好奇你在這裡試圖給我們的信息，特別是如果你看看股票中的跨週期風險回報，為什麼不在這裡更積極地回購呢？這是否預示著下一財年的資本支出？正如你所說的資本支出，下一個財政年度是你應該超越行業相對於比特幣的一年嗎？

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。很多問題要解開。好的。所以在回購時，我不會從 1.5 億美元中讀到任何東西。在某些季度，我們的回購水平會高於其他季度。我們 - 我們確實關注我們的淨現金頭寸。所以這是我們試圖朝著正確方向發展的事情。我認為您會在第四財季發現我們的回購量明顯高於第三財季。所以那裡沒有什麼可讀的。我們確實覺得這個價格顯然是回購股票的好價格。我們致力於我們之前談到的內容，即以回購的形式返還至少 50% 的自由現金流。正如我們 - 正如我在準備好的評論中談到的那樣，我認為我們迄今為止達到的指標是 55%。所以我們做得很好。這甚至不考慮轉換，我認為，到本財季末，也就是第四財季，將完全融合，轉換將完全脫離資產負債表，我們將也去除這種稀釋。

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.

正如它所涉及的那樣——沒有關於與回購相關的資本支出的消息，除了說考慮到 EUV 投資外，從銷售百分比的角度來看，我們的運營水平可能會有所不同我們之前正在運營。我們在 30 多歲時想得更多。我認為對於 EUV，可以肯定地說，我們可能在 30 年代中期運營佔資本支出收入的百分比，至少在我們構建工具集的 EUV 部分時。

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 ASP 的問題。 20%的季度環比增長率為數年來最高。那麼你能談談增長的驅動因素嗎？考慮到當前供應緊張，相對於混合收益，其中有多少是同類價格上漲？我們應該如何看待可持續性？

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，可以肯定的是，在同類產品的基礎上，DRAM 行業的價格全面上漲，並且再次受到強勁需求的推動，正如我之前提到的，幾乎所有終端市場都如此。因此，我們享受所有終端市場的價格上漲。正如我們所提到的，即使在第四季度，我們不僅看到 DRAM 價格上漲，而且我們也看到 NAND 價格上漲。

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。然後我想，鑑於您對客戶轉向以防萬一的庫存管理所做的對話或評論，您能否僅就數量級而言稍微解開這一點？我的意思是，在人們處理目前存在的供應問題時，您與他們進行的這種一次性對話是嗎？還是您認為這將是行業內有意義的轉變？

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，我們將其視為行業的新興趨勢。當您在過去幾年甚至更長的時間範圍內考慮它時，地緣政治整合方面存在挑戰。當然，COVID 使對彈性、靈活的供應鏈的需求得到了明顯的緩解。當你看到數字化轉型的加速和已經發生的需求激增，最重要的是，半導體行業的短缺導致多個行業的大量需求未得到滿足，所有這些都是真的領導客戶生態系統以及我們，供應商，真正為供應鏈做好準備，以便我們能夠滿足需求。

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，美光本身已經在這方面採取了措施來確保產能，例如組裝業務，這確實使我們能夠，例如，當我們在麻坡運營時，我們不得不將我們的團隊成員帶到那裡，因為最近在馬來西亞爆發了COVID。

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.

因為我們已經改變了我們的產能——裝配能力足跡，我們獲得了更多的外部供應和裝配能力，這使我們能夠迅速將我們的生產轉移到我們製造足蹟的其他部分。一般而言，這些是客戶和供應商正在考慮的考慮因素，以確保他們能夠管理他們的供應鏈，以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.

這就是為什麼在過去幾個季度中，庫存管理的某些即時性方面被證明成本高昂，特別是在董事會難以在 COVID 時間框架內響應需求的情況下。是的，考慮以防萬一的趨勢正在出現，無論是與地緣政治考慮有關，還是與天災有關，這可能導致供應鏈中斷或只是應對 COVID 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.

所以這是一個新興的趨勢。在建立更強大的庫存方面，一些客戶可能已經做出了更快的反應。其他客戶，也許仍在爭先恐後地滿足要求，但這絕對是我們認為公司可能會持續存在的趨勢，因為他們考慮未來自己的供應連續性考慮。就像美光本身已採取必要措施來滿足自己的客戶要求並滿足他們的要求一樣。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

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 2 個問題。首先是 EUV，然後是成本下降。所以桑傑，我想關於 EUV 的第一個問題是，EUV 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。是不是可能有另一家大型芯片製造商試圖進入隊列並佔據一些位置，所以你覺得你必須進入隊列？所以我只是有點好奇 EUV 發生了什麼變化？然後我進行了跟進。

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.

所以我們一直說我們監控 EUV 的進展。我們實際上從事過 EUV 評估。我們過去有過 EUV 工具。所以我們一直說，當我們看到 EUV 平台以及生態系統變得更加成熟的時候，我們會在我們的路線圖中攔截 EUV，這就是我們計劃在我們的路線圖中攔截 EUV 的時候。這就是我們的計劃，即在 2024 年的時間範圍內，並再次與我們的技術和領先的 DRAM 擴展路線圖保持一致，我們將在 2024 年的時間範圍內實施這一計劃。

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，這與我們一直以來的處理方式是一致的。當然，EUV 繼續取得良好進展，我們真的認為，憑藉我們從 2024 年開始的 EUV 技術能力，再加上美光在行業中處於領先地位的多模式專業知識，我們真的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，目前是 1-alpha，然後是 1-beta，然後是 1-gamma 及更高版本。

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我們的 1-gamma 節點在有限的層數中部署 EUV，然後我們會將其擴展到 1-delta 節點，採用更多的層數，並且請記住，我們會將它與我們的沉浸式多模式技術也是如此。所以我們真的相信我們會有一個非常強大的路線圖。這幾乎與我們一直打算在未來將 EUV 插入我們的路線圖的方式一致。基本上跟踪成本效益、生產力以及我們的整體擴展路線圖，我們對我們的領先地位感到非常滿意，DRAM 擴展路線圖未來。

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?

我想，戴夫，我的後續行動是降低成本。與上一季度相比，您對 22 財年成本下降的看法更加消極或謹慎。我認為今年在 DRAM 中，你將在本財年接近 10% 左右。我認為 1-alpha 應該在明年幫助你。所以感覺是明年在 22 財年你可以做得更好 10%。但聽起來這些混合問題中的一些可能會導致你明年的表現比今年更糟？你能告訴我們明年相對於你今年所做的事情嗎？

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.

所以我認為我還沒有準備好——我們還沒有完全完成明年的計劃。所以也許我現在談論明年還為時過早，特別是成本下降。我想說的是，當您查看 1-alpha 的成本下降時，它們非常好。 1-alpha 上升的時機肯定是一個影響。當它達到成熟的產量狀態時，肯定會產生影響。然後，當然，很難稱這些混合元素會帶來一些不利因素。但我只想說，當你想一想我們的戰略是什麼時，我們確實覺得我們會看到許多這樣的事情進入等式。

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.

所以我認為當你從前端來看它時，它非常好並且相當可比。我認為當你綜合來看它時，在某種程度上取決於市場的發展方式。但根據我們對明年 x 的早期看法，我們預計會遇到一些不利因素。

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?

偉大的。我想跟進即時到以防萬一的庫存問題。你說的是短期內沒有滿足需求。那麼這裡的信息是說客戶實際上沒有庫存，但他們想把庫存放在適當的位置嗎？還是有一些口袋裡有庫存等待其他組件？

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.

再說一次，這確實因客戶而異。一些客戶可能反應迅速，在如何應對當前環境對他們自己的組件的需求和供應方面，他們會根據他們的戰略持有足夠水平的庫存或庫存。而其他一些客戶的庫存水平可能較低。真的，它因客戶而異。所以我要說的是，關於及時轉變為以防萬一的心態，客戶真正關注的是管理他們的供應鏈，這樣他們就可以有足夠的庫存來滿足他們的最終需求——市場需求。

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.

一些客戶可能已經朝著這個方向發展了更多。而其他一些客戶可能還沒有從“及時”的心態轉向“以防萬一”的方向。例如，汽車生產，我們看到汽車市場遭受了嚴重的供應鏈短缺，當然，該行業也因無法滿足所有供應需求而付出了巨大的代價。當然，這會推動未來如何避免這種情況的不同思維方式。因此，它因終端市場而異。它因客戶而異。但總的來說，我們要說的是，在地緣政治整合的教訓、大流行的教訓以及最近供應鏈短缺的教訓中，在數字化轉型需要越來越多的半導體解決方案的背景下，客戶生態系統，與以前相比，客戶生態系統的某些部分可能正在以不同的方式進行庫存整合。再一次，我們將其視為行業的新興趨勢。

Our next question comes from Chris Danely with Citi.

我們的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?

只是對上一個問題的跟進。如果您查看 DRAM、PC、手機服務器的 3 個主要終端市場，以及您對每個市場庫存的最佳猜測，您認為哪裡是最低的？然後你認為這些終端市場什麼時候會達到他們的水平，不管這些天的庫存水平是多麼正常？

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逐個細分市場。當然，您有時會看到不同的活動部分和市場的不同部分。例如，在移動領域，您看到印度新冠肺炎疫情以及中國 4 月和 5 月的情況下，智能手機市場某些部分的需求有所減少。然而，在世界其他地區，智能手機供應商開始滿足世界其他地區不斷增長的需求。當然，一些需求，因為供應短缺，該行業的一些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.

所以我們不打算分解它。我的意思是，我給你的手機只是一個例子，這種情況可能因客戶而異。但總而言之，當您查看終端市場時，幾乎所有終端市場都出現短缺。總的來說，今天供應緊張。這就是導致我們在第三季度報告的行業價格上漲的原因，我們在第四季度進行了指導，對於 DRAM 和 NAND，我們看到價格上漲。總體而言，我們認為供應緊張將持續到 2024 年和 2024 年。

Well said. Is it...

說得好。是嗎...

I meant 2022.

我的意思是2022年。

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

我也喜歡2024。 2024很棒，2026，我會接受的。

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 - 我們肯定會在這些日子裡談論那個，也是。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?

一個快速的，桑傑。您認為 CHIPS 法案對美光以及整個內存生態系統的影響是什麼？

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.

所以我認為當你說芯片組影響時，是的——哦，芯片法案，我明白了。好的。因此，關於 CHIPS 法案，我們肯定——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考慮和國家安全考慮的重要性，這真是太好了。當然，半導體對當今所有全球經濟體都很重要。因此，我們當然期待在未來幾年為美國在半導體研究和半導體製造方面的領導地位提供更大的支持。當然，美光作為業界唯一的半導體存儲器和半導體存儲參與者，與美國政府的關係也很好。

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.

而且我知道美國政府也認識到內存和存儲作為半導體行業戰略組成部分的重要性。因此，我們非常期待在滿足我們未來需求方面的機會。我們繼續保持參與。我們在我們有主要業務的所有全球站點與政府保持聯繫，我們也期待在美國這裡的機會。我們真的很高興資金在參議院越過了終點線，我們當然希望在眾議院也能通過。在未來幾年，美國工業可以繼續真正加強美國在半導體研究和製造方面的領導地位。而且我們絕對始終致力於根據行業需求增加我們自己的供應，並且在這方面我們保持紀律。

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.

我有一個在 DRAM 上，一個在 NAND 上。在 DRAM 方面，想問一下你在接下來的 4 到 6 個季度內增長位的能力。我認為戴夫舉行了幾次會議，您談到 8 月季度的比特幣價格持平，只是考慮到您處於過渡階段並且庫存較低。但是隨著您的進步和向 1-alpha 的過渡，我們應該在什麼時候期望您的位供應在 DRAM 業務中加速？在你無法滿足需求的情況下，在接下來的幾個季度裡，我們應該如何考慮你增加 DRAM 產能的意願？然後在 NAND 方面，在一個非常高的水平上，我認為，Sanjay，感覺就像 - 對我來說，感覺你對 NAND 供應需求聽起來好一點，或者對 NAND 供應需求不那麼謹慎。好奇過去幾個季度發生了什麼變化？純粹是要求更好嗎？這是控制器周圍的短缺嗎？更高層數節點或以上所有節點的產量？只是好奇過去幾個月，幾個季度，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。因此，我將首先回答 DRAM 問題。我認為你肯定會建模，我們認為第四季度 DRAM 的連續增長相當溫和。老實說，我認為這將持續到第一財季。我預計隨著 1-alpha 的增加會出現相對逐漸的增長，並且不一定會出現一個拐點，我們會看到增長率大幅上升。從我們的角度來看，我們一直非常關注供需平衡。因此，考慮到這一點，我們一直在投資 1-alpha。

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...

然後只是你的後續問題，我幾乎說同樣的話。當我們看 DRAM 時，實際上，當我們投資 DRAM 和 NAND 時，我們會從長遠來看 DRAM 和 NAND 的增長率。 Sanjay 提到，我們認為 DRAM 的增長率在——對於 DRAM，長期增長率在中高水平，我們認為 NAND 正在增長——應該在長期內增長 30% 左右，那就是我們如何投資我們的資本支出。而且我們總是 - 現在年復一年，情況可能會有所不同，但我們正在長期投資以增加與需求增長相關的供應，我們並沒有偏離這一點戰略。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，是的，正如您所指出的，我們已將 NAND 行業同比增長的前景提高到現在 30 年代中期。在之前的討論中，NAND 行業有些供過於求。我們看到的是，NAND 肯定已經穩定下來，而且趨勢有所改善。事實上，我們談到了我們在 F Q3 經歷的 NAND 價格上漲，並且也引導了 F Q4 的 NAND 價格上漲。因此，總體而言，在本日曆年剩餘時間和 2022 年，我們看到 NAND 供應緊張，而 NAND 需求受到彈性驅動，當然，PC 以及數據中心和智能手機市場的持續強勁。

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，我們的前景發生了變化，因為我們認為庫存供應更加健康。當然，美光在 NAND 中的庫存也在減少。當然，我們的 176 層 NAND 行業領先筆記正在迅速發展。總體而言，我們預計我們的長期供應增長複合年增長率也將與那裡的市場保持一致。

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

謝謝，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。