美光科技 (MU) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Micron Technology's Fiscal First Quarter 2021 Financial Conference Call. (Operator Instructions) It is now my pleasure to introduce Farhan Ahmad, Vice President, Investor Relations.

女士們、先生們，感謝各位的耐心等待，歡迎參加美光科技2021財年第一季財務電話會議。 （操作說明）現在，我很榮幸地向大家介紹投資人關係副總裁法爾漢‧艾哈邁德。

Thank you, and welcome to Micron Technology's Fiscal First 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. In addition, our website contains the earnings press release and the prepared remarks filed a short while ago.

謝謝，歡迎參加美光科技2021財年第一季財務電話會議。今天與我一同出席會議的有總裁兼執行長Sanjay Mehrotra先生和財務長Dave Zinsner先生。本次電話會議時長約60分鐘。本次會議的音訊和幻燈片將透過投資者關係網站investors.micron.com進行網路直播。此外，我們的網站上也發布了收益新聞稿和不久前發布的準備好的發言稿。

Today's discussion of financial results will be presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of the 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 conferences that we will be attending. You can follow us on Twitter, @MicronTech.

除非另有說明，今天的財務業績討論將以非公認會計準則（非GAAP）財務數據呈現。您可以在我們的網站上查閱GAAP與非GAAP財務指標的調節表。提醒您，網路直播回放將於今日稍後在我們的網站上提供。我們鼓勵您在本季度持續關注micron.com網站，以獲取公司最新信息，包括我們將參加的各類會議信息。您也可以在Twitter上關注我們，帳號為@MicronTech。

As a reminder, the matters we will be discussing today include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the statements made today. We refer you to the documents we filed with the SEC, specifically, our most recent Form 10-K and 10-Q for a discussion of risks that may affect our future results.

再次提醒，我們今天討論的事項包含前瞻性陳述。這些前瞻性陳述受風險和不確定性因素的影響，可能導致實際結果與今天所作陳述有重大差異。有關可能影響我們未來業績的風險，請參閱我們向美國證券交易委員會（SEC）提交的文件，特別是我們最新的10-K表和10-Q表。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements after today's date to conform these statements to actual results.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們無法保證未來的績效、活動水準、表現或成就。我們沒有義務在今日之後更新任何前瞻性陳述，使其與實際結果相符。

I'll now turn the call over to Sanjay.

現在我將把電話交給桑傑。

Thank you, Farhan. Good afternoon, and Happy New Year, everyone. Micron delivered strong revenue and earnings in the fiscal first quarter. I'm proud of the Micron team for continuing our business momentum and putting Micron in a better technology and product position than ever before despite the ongoing challenges posed by the pandemic.

謝謝法爾漢。大家下午好，新年快樂！美光科技在第一財季實現了強勁的營收和獲利。我為美光團隊感到驕傲，儘管疫情持續帶來挑戰，他們依然保持了業務成長勢頭，並使美光在技術和產品方面處於前所未有的優勢地位。

We began shipping the industry's most advanced NAND with 176 layers. And in DRAM, we made good progress on our 1-alpha node and are on track to begin volume production in the first half of calendar 2021. We believe DRAM is past the bottom of the industry cycle and expect improving trends through calendar 2021 as the digitization of the global economy continues, fueled by artificial intelligence, cloud, 5G and the intelligent edge, including smart vehicles. Against this backdrop, Micron is poised to emerge stronger, and we are excited about our future.

我們已開始出貨業界最先進的176層NAND快閃記憶體。在DRAM領域，我們的1-alpha節點也取得了良好進展，並有望在2021年上半年開始量產。我們相信DRAM已經度過了行業週期的低谷，並預計隨著全球經濟數位化進程的持續推進，在人工智慧、雲端運算、5G和智慧邊緣（包括智慧汽車）等技術的推動下，2021年DRAM市場將呈現持續成長的趨勢。在此背景下，美光有望變得更加強大，我們對未來充滿信心。

I will start with a quick update on our manufacturing operations. In early December, 2 separate events affected our Taiwan DRAM operations. The first event was a power outage at our Taoyuan facility, which occurred on December 3, the last day of our fiscal first quarter. The second event, a 6.7-magnitude earthquake off the northeast coast of Taiwan occurred on December 10. The earthquake was felt at both our Taoyuan and Taichung locations.

首先，我將簡要報告我們的生產營運。 12月初，兩起事件影響了我們在台灣的DRAM業務。第一起事件是12月3日（我們第一財季的最後一天）桃園工廠發生停電。第二起事件是12月10日台灣東北沿海發生6.7級地震。桃園和台中工廠均有震感。

The investments we have made over the last few years in facilities' redundancy and cleanroom control substantially mitigated the impact of these 2 events. However, these disruptions have reduced our available fiscal second quarter DRAM supply and negatively influenced our costs in the short term. The expected impact of these events is factored into our outlook.

過去幾年我們在設施冗餘和無塵室控制方面的投資，已大幅減輕了這兩起事件的影響。然而，這些中斷減少了我們第二財季可用的DRAM供應量，並在短期內對我們的成本產生了負面影響。這些事件的預期影響已納入我們的業績展望。

Micron continues to make solid progress on our key goals: first, to deliver industry-leading technology and improve our cost structure; second, to bring differentiated products to market and improve our product mix; and third, to grow our share of industry profits while maintaining stable bit share. From fiscal year '16 to fiscal year '20, we substantially improved our EBITDA margin for our combined DRAM and NAND business, while the rest of the industry in aggregate was roughly flat. And over the last few years, we have accelerated our technology road map in both DRAM and NAND. As a result, for the first time in our history, Micron has technology leadership in both DRAM and NAND simultaneously.

美光在實現關鍵目標方面持續取得穩定進展：首先，提供業界領先的技術並優化成本結構；其次，推出差異化產品並優化產品組合；第三，在維持市場份額穩定的同時，提升產業利潤份額。從2016財年到2020財年，我們DRAM和NAND業務的EBITDA利潤率大幅提升，而整個產業整體基本上持平。過去幾年，我們加快了DRAM和NAND的技術路線圖。因此，美光史上首次同時在DRAM和NAND領域佔據技術領先地位。

Now that we are leading the industry in technology capability, going forward, we expect to maintain this competitive position through a more typical cadence for node transitions consistent with the rest of the industry. In DRAM, we are making good progress on our 1-alpha node. This will be an outstanding technology node for Micron, delivering a 40% improvement in bits per wafer over our 1Z. A substantial portion of this improvement comes from our chip design concepts that provide greater memory array efficiency.

如今，我們在技術能力方面已處於行業領先地位。展望未來，我們計劃透過與業內其他企業保持一致的常規節點迭代節奏，繼續保持這一競爭優勢。在DRAM領域，我們的1-alpha節點進展順利。這將是美光科技的卓越技術，與1Z節點相比，每片晶圓的位元數將提升40%。這項提升主要得益於我們全新的晶片設計理念，該理念顯著提高了儲存陣列的效率。

Following the extraordinary improvements of our 1-alpha node, we anticipate lower gains in bits-per-wafer growth as more complex interfaces such as DDR5 are introduced and as DRAM technology scaling challenges continue. We are also making progress with differentiated DRAM products such as GDDR6 and 6X for graphics. In the fiscal first quarter, we saw strong growth in bit shipments for these products. We also began revenue shipments of HBM2E products.

繼我們1-alpha節點的卓越改進之後，隨著DDR5等更複雜接口的推出以及DRAM技術擴展性挑戰的持續存在，我們預計每晶圓比特數的增長幅度將有所放緩。同時，我們在GDDR6和GDDR6X等圖形專用差異化DRAM產品方面也取得了進展。在第一財季，這些產品的比特數出貨量實現了強勁成長。此外，我們也開始實現HBM2E產品的營收出貨。

In NAND, in early November, we began volume production of our second-generation replacement gate node, which is the most advanced in the industry, combining our replacement gate architecture, CMOS under the Array and advanced charge-trap process technology. It also features double the power efficiency and write performance of Micron's 96-layer 3D NAND. These improvements are essential for addressing future high-end mobile applications.

在NAND快閃記憶體領域，我們於11月初開始量產第二代替代閘極節點，這是業界最先進的技術，它融合了我們自主研發的替代閘極架構、陣列下CMOS製程以及先進的電荷陷阱製程技術。與美光96層3D NAND快閃記憶體相比，其能源效率和寫入效能都提升了一倍。這些改進對於滿足未來高階行動應用的需求至關重要。

We began shipping 176-layer consumer SSDs in the fiscal first quarter and will be introducing products built with this technology across the rest of our product portfolio over the course of next several months. We are also driving product innovations and cost reductions through an increased mix of QLC NAND, and we are leading the industry with the broadest portfolio of QLC SSDs across client, consumer and data center markets. QLC helps to make SSDs more cost-effective and accelerates the replacement of HDDs with SSDs. QLC SSD adoption continues to grow, and our bit mix of QLC SSDs increased further in F Q1.

我們已於第一財季開始出貨176層消費級固態硬碟，並將在未來幾個月內將此技術應用於我們產品組合的其他產品。同時，我們正透過提高QLC NAND快閃記憶體的佔比來推動產品創新和成本降低，並憑藉著覆蓋客戶端、消費級和資料中心市場的最廣泛的QLC固態硬碟產品組合，引領業界。 QLC有助於降低固態硬碟的成本，並加速固態硬碟取代機械硬碟的進程。 QLC固態硬碟的普及率持續成長，我們在第一財季的QLC固態硬碟佔比也進一步提升。

Turning to end markets. In data center, cloud and AI will drive long-term growth, with memory and storage becoming an increasing portion of server BOM cost. New compute architectures are enabling more memory channels and higher density modules, contributing to increases in server memory content. Micron is positioned for success in this market with a broad portfolio of high-bandwidth, high-quality and power-efficient products.

轉向終端市場。在資料中心、雲端運算和人工智慧領域，記憶體和儲存將推動長期成長，伺服器物料清單成本的佔比也將越來越高。新的運算架構支援更多記憶體通道和更高密度的模組，從而增加了伺服器記憶體容量。憑藉豐富的高頻寬、高品質和高能源效率產品組合，美光已做好充分準備，在這個市場取得成功。

Cloud and enterprise DRAM revenue declined sequentially from a very strong 14-week F Q4, with ongoing enterprise market weakness. In F Q1, we began revenue shipments for our ultra-bandwidth HBM2E memory, which is used for data center AI training and inference.

由於企業市場持續疲軟，雲端和企業級DRAM營收較第四財季前14週的強勁表現有所較上季下滑。第一財季，我們開始交付用於資料中心AI訓練和推理的超高頻寬HBM2E記憶體。

We are making progress on the DDR5 transition, which will double bandwidth and reduce power consumption, and we plan to start that transition in the second half of fiscal 2021.

我們在DDR5過渡方面取得了進展，這將使頻寬翻倍並降低功耗，我們計劃在2021財年下半年開始過渡。

In data center SSDs, we continue to make progress on our NVMe portfolio and completed several customer qualifications in F Q1. We also continue to maintain our leadership position in SATA. Data center SSD revenue declined sequentially but was up year-over-year as cloud growth offset a decline in enterprise. We remain focused on strengthening our data center NVMe SSD road map with internally-developed controllers and have new product introductions planned in the coming quarters.

在資料中心固態硬碟領域，我們的NVMe產品組合持續取得進展，並在第一財季完成了多項客戶認證。同時，我們繼續保持SATA領域的領先地位。資料中心固態硬碟營收季減，但較去年同期成長，這主要得益於雲端業務的成長抵消了企業級市場的下滑。我們將繼續專注於強化資料中心NVMe固態硬碟產品路線圖，採用自主研發的控制器，並計劃在未來幾季推出新產品。

Our F Q1 mobile revenue was up sequentially driven by solid execution and improved handset demand. A better-than-expected transition of Micron's mobile business from Huawei to other mobile customers also contributed to our revenue upside in F Q1.

由於穩健的業績執行和手機需求的改善，我們第一財季的行動業務營收季增。此外，美光行動業務從華為向其他行動客戶的過渡進展超出預期，也推動了我們第一財季營收的成長。

Micron is well positioned to win in the 5G era with our industry-leading product portfolio. We had several key achievements in our mobile business in F Q1. We maintained LP5 solutions leadership and grew our LP5 shipments, were the first to market with uMCP5 and achieved record MCP revenue.

憑藉著業界領先的產品組合，美光已做好充分準備，迎接5G時代的挑戰。在第一財季，我們的行動業務取得了多項重要成就。我們維持了LP5解決方案的領先地位，並實現了LP5出貨量的成長；我們率先將uMCP5推向市場；同時，MCP營收也創下歷史新高。

In PC, the continued remote work and learning trend drove strong notebook and Chromebook demand in the quarter despite pockets of nonmemory component shortages in the supply chain. We delivered strong sequential growth in PC DRAM shipments driven by this demand.

在PC領域，儘管供應鏈中存在一些非記憶體組件短缺的情況，但持續的遠距辦公和學習趨勢仍然推動了本季筆記型電腦和Chromebook的強勁需求。受此需求的驅動，我們的PC DRAM出貨量實現了強勁的環比成長。

In client SSD, NVMe represented over 90% of the client SSD bits, with nearly half of those NVMe SSD bits being QLC. Consumer SSDs had a second consecutive record quarter for bit shipments, and we shipped the world's first 176-layer-based consumer SSDs.

在消費級固態硬碟領域，NVMe 固態硬碟佔比超過 90%，其中近一半的 NVMe 固態硬碟採用的是 QLC 快閃記憶體。消費級固態硬碟的出貨量連續第二季創下歷史新高，我們也推出了全球首款 176 層快閃記憶體的消費級固態硬碟。

In graphics, we achieved strong GDDR6 and 6X bit shipment growth driven by new game console and PC graphics product launches. Micron has a strong position in this high-growth market with a broad product portfolio and deep customer partnerships.

在圖形領域，由於新遊戲主機和PC圖形產品的發布，我們實現了GDDR6和6X位元顯存的強勁出貨量成長。憑藉豐富的產品組合和深厚的客戶合作關係，美光在這個高成長市場中佔據了穩固的地位。

We had a record auto revenue quarter, resulting from the resumption of auto manufacturing around the globe and the continued growth of memory and storage content per vehicle. We also achieved qualification of our 1Z LP4 DRAM and began sampling our 96-layer-based UFS NAND.

由於全球汽車製造業的複工復產以及單車記憶體和儲存容量的持續成長，我們汽車業務的季度營收創下歷史新高。此外，我們的1Z LP4 DRAM產品也通過了認證，並開始提供基於96層的UFS NAND快閃記憶體樣品。

Electric vehicles have higher semiconductor content. And as EVs continue to proliferate, we expect our auto business to continue to excel. In addition, as autonomous driving features advance, this content growth trend will accelerate further.

電動車的半導體含量較高。隨著電動車的持續普及，我們預計汽車業務將繼續保持強勁成長動能。此外，隨著自動駕駛功能的進步，這半導體含量成長趨勢將進一步加速。

Micron's quality and market share leadership uniquely positions us to not just benefit from this growth but also to drive innovative solutions for next-generation vehicles in collaboration with our ecosystem of customers and industry partners.

美光在品質和市場份額方面的領先地位，使我們不僅能夠從這一增長中受益，而且還能與我們的客戶和行業合作夥伴生態系統合作，為下一代汽車推動創新解決方案。

Now turning to our view of calendar 2020 industry demand. During F Q1, overall demand was strong across most end markets despite shortages of nonmemory components in PC, mobile, auto and graphics. Cloud demand was healthy, while enterprise demand was weak due to the economic environment. As a result of the stronger-than-expected demand at the end of the year, we now estimate that calendar 2020 industry DRAM bit demand growth was slightly above 20%, while NAND bit demand growth was in the mid-20s.

現在我們來看看2020年全年產業需求的展望。在第一財季，儘管個人電腦、行動裝置、汽車和圖形處理等領域的非記憶體組件出現短缺，但大多數終端市場的整體需求仍然強勁。雲端需求表現良好，而受經濟環境影響，企業需求則較為疲軟。由於年底需求強於預期，我們現在預計2020年全年DRAM位需求成長率略高於20%，而NAND位需求成長率則在20%左右。

Now for our calendar 2021 outlook. In DRAM, we are past the bottom, and the industry is in tight supply across major market segments. As a result, we are already seeing our calendar Q1 pricing starting to increase in several parts of the market.

現在來看看我們對2021年的展望。 DRAM市場已經觸底反彈，各大細分市場都面臨供應緊張的局面。因此，我們已經看到第一季部分市場的價格開始上漲。

16-gigabit adoption in client and data center modules has increased, causing the same supply tightness that was previously seen in 8-gigabit to also now be visible in 16-gigabit. We expect calendar 2021 DRAM industry bit demand growth of high teens, with DRAM industry supply to be below demand. Stronger-than-expected industry demand has reduced supplier DRAM inventories. Low inventories, combined with disciplined industry CapEx in 2020 and a vaccine-driven recovery from the pandemic should result in a further tightening of the DRAM market through calendar 2021. In addition, we will also benefit from higher content in 5G phones, which are forecast to double in unit sales in 2021 to around 500 million units.

客戶端和資料中心模組中16Gbps的採用率不斷提高，導致先前8Gbps晶片供應緊張的局面如今也出現在16Gbps晶片領域。我們預計2021年DRAM產業比特需求將實現接近10%的成長，而DRAM供應將低於需求。強於預期的產業需求降低了供應商的DRAM庫存。低庫存，加上2020年產業資本支出控制得當，以及疫苗接種推動的疫情後復甦，預計將導致2021年DRAM市場供應進一步緊張。此外，5G手機中DRAM含量的提升也將帶來利好，預計2021年5G手機銷量將翻倍，達到約5億支。

We anticipate healthy unit growth in the PC market, and graphics should continue to benefit from new gaming consoles and from new gaming cards launched in the second half of last year. We expect the cloud market to grow at a healthy pace, and enterprise market recovery will be driven by the timing of the broader economic recovery.

我們預期個人電腦市場將維持穩健的銷售成長，圖形處理領域也將持續受惠於去年下半年推出的新款遊戲機和顯示卡。我們預期雲端運算市場將維持健康成長，而企業市場的復甦將取決於整體經濟復甦的時機。

Calendar 2021 industry NAND bit demand growth is expected to be approximately 30%, with supply potentially higher. The NAND market is challenging in the near term. However, we believe that as the year progresses, elasticity, coupled with pandemic recovery, should lead to improving demand. We believe the market can stabilize over the course of 2021 if suppliers moderate their production growth. Long term, we expect DRAM bit demand growth CAGR of mid- to high teens and the NAND bit demand growth CAGR of approximately 30%.

預計2021年NAND快閃記憶體位需求成長率約30%，供應量可能更高。短期內NAND市場面臨挑戰。然而，我們相信隨著時間的推移，彈性效應以及疫情後的復甦將推動需求改善。如果供應商放緩產能成長，我們認為市場將在2021年趨於穩定。長期來看，我們預期DRAM位元需求複合年增長率將達到15%至10%左右，而NAND快閃記憶體位需求複合年增長率約為30%。

Turning to Micron supply. We target our long-term bit supply growth CAGR to be in line with industry bit demand growth CAGR for both DRAM and NAND. However, there can be year-to-year variability caused by node transition timing. In both DRAM and NAND, we expect our calendar 2021 bit supply growth to be below the industry demand growth, and we plan to use inventory to support bit shipment growth that is in line with industry demand growth.

接下來談談美光的供應情況。我們的目標是使長期位級供應成長複合年增長率與DRAM和NAND快閃記憶體的產業位級需求成長複合年增長率保持一致。然而，由於製程節點轉換時間的影響，可能會出現年度波動。我們預計2021年DRAM和NAND快閃記憶體的位級供應成長將低於產業需求成長，並計畫利用庫存來支援與產業需求成長相符的位元級出貨量成長。

For fiscal 2021, we expect DRAM cost reductions in the mid-single-digit percent range with somewhat higher levels of cost reduction on a like-for-like basis. We anticipate NAND cost reductions in the low to mid-teens percent range. We are targeting fiscal 2021 CapEx to be approximately $9 billion to support our long-term goal of maintaining a stable share of industry bit supply. If demand expectations change, we remain flexible to adjust our CapEx.

2021財年，我們預期DRAM成本將降低個位數百分比，同等條件下成本降低幅度可能更高。我們預計NAND成本將降低十幾到十幾個百分點。我們計劃2021財年資本支出約為90億美元，以支持我們長期維持產業比特供應份額穩定的目標。如果市場需求預期發生變化，我們將靈活調整資本支出。

As we look ahead, we are excited about the growth and health of our diverse end markets, which continue to benefit from powerful secular technology trends, including AI, cloud, 5G and the intelligent edge. These trends are already enabling the data economy and increasing the importance of DRAM and NAND. Memory and storage industry revenues have grown faster than the broader semiconductor industry from approximately 10% of semiconductor industry revenues in the early 2000s, to now approaching 30%. We expect that our TAM growth will continue to outpace the rest of the semiconductor industry over the next decade.

展望未來，我們對多元化終端市場的成長和健康發展感到振奮，這些市場持續受益於人工智慧、雲端運算、5G 和智慧邊緣等強勁的長期技術趨勢。這些趨勢正在推動數據經濟的發展，並提升 DRAM 和 NAND 的重要性。記憶體和儲存產業的收入成長速度超過了整個半導體產業，從 21 世紀初約佔半導體產業收入的 10% 成長到如今接近 30%。我們預計，未來十年，我們的潛在市場規模 (TAM) 成長速度將繼續超過半導體產業的其他部分。

Micron's focus on technology and product leadership, operational excellence and deep customer partnerships positions us well to grow our relevance and profit share in the industry.

美光專注於技術和產品領先地位、卓越營運以及與客戶的深度合作，這使我們能夠更好地提昇在行業中的地位和利潤份額。

I will now turn it over to Dave to provide our financial results and guidance.

現在我將把發言權交給戴夫，由他來介紹我們的財務表現和指導。

Thanks, Sanjay. Micron delivered very strong fiscal first quarter results, with revenues and earnings coming in well above the guidance range provided in our last earnings call. We saw an improving business environment through the quarter, and demand and pricing were better-than-expected for both DRAM and NAND. Total F Q1 revenue was approximately $5.8 billion, down 5% quarter-over-quarter, but up 12% year-over-year. Adjusting for the extra week in the prior quarter, revenue increased 3% sequentially driven by strength in a broad set of markets, including auto, graphics, client, mobile and consumer. F Q1 DRAM revenue was $4.1 billion, representing 70% of total revenue. DRAM revenue decreased 7% sequentially but was up 17% year-over-year. Bit shipments were down in the low single-digit percentage range sequentially, and ASPs were down in the mid-single-digit percentage range quarter-over-quarter.

謝謝Sanjay。美光科技公佈了非常強勁的第一財季業績，營收和獲利均遠超上次財報電話會議中給出的預期範圍。本季商業環境持續改善，DRAM和NAND的需求和定價均優於預期。第一財季總營收約58億美元，季減5%，但較去年同期成長12%。若剔除上一財季多出的一周，營收季增3%，主要得益於汽車、圖形、客戶端、行動和消費等多個市場的強勁表現。第一財季DRAM營收為41億美元，佔總營收的70%。 DRAM營收季減7%，但較去年同期成長17%。位出貨量較上月下降個位數百分比，平均售價較上季下降個位數百分比。

F Q1 NAND revenue was approximately $1.6 billion, representing 27% of total revenue. NAND revenue increased 3% sequentially and was up 11% year-over-year. Bit shipments increased in the high-teens percentage range sequentially, while ASPs declined in the low teens percentage range quarter-over-quarter. Half of the decline was attributable to a change in mix, which included a greater portion of components.

第一季NAND快閃記憶體營收約16億美元，佔總營收的27%。 NAND快閃記憶體營收季增3%，年增11%。比特出貨量較上季成長接近10%，而平均售價較上季下降10%。下降幅度的一半歸因於產品結構的變化，即組件佔比增加。

Now turning to our revenue trends by business unit. Revenue for the Compute and Networking Business Unit was approximately $2.5 billion, down approximately 16% sequentially but up 29% year-over-year. We had solid sequential growth in graphics and client revenues, while data center revenues declined sequentially, coming off a particularly strong quarter for cloud, the loss of the extra week and continued weakness in enterprise.

現在來看看我們各業務部門的收入趨勢。計算與網路業務部門的營收約25億美元，季減約16%，但較去年同期成長29%。圖形和客戶端收入環比穩健增長，而數據中心收入環比下降，這主要是由於雲端業務上一季度表現強勁、額外一周的損失以及企業業務持續疲軟所致。

Revenue for the Mobile Business Unit was $1.5 billion, up 3% sequentially and up 3% year-over-year. Mobile demand remains strong as 5G momentum increases and the mobile market recovers from the impact of the pandemic.

行動業務部門營收為15億美元，季增3%，年增3%。隨著5G發展勢頭增強以及行動市場從疫情影響中復甦，行動需求依然強勁。

Revenue for the Storage Business Unit was $911 million, roughly flat from the prior quarter and down 6% year-over-year. As a reminder, 3D XPoint revenues are now reported in the Compute and Networking Business Unit. Excluding 3D XPoint from the prior year's quarter, SBU revenues would be up 14% year-over-year.

儲存業務部門營收為9.11億美元，與上一季基本持平，年減6%。需要注意的是，3D XPoint的營收現已計入運算與網路業務部門。若剔除去年同期3D XPoint的營收，該業務部門的營收將年增14%。

Finally, revenue for the Embedded Business Unit was $809 million, up 24% sequentially and up 10% year-over-year. EBU revenue was the highest since Q1 fiscal '19, driven by a record auto revenue as demand recovered from pandemic-related shutdowns.

最後，嵌入式業務部門營收為8.09億美元，季增24%，年增10%。該部門營收創下自2019財年第一季以來的最高水平，主要得益於汽車業務營收創歷史新高，因為需求已從疫情相關的停工中復甦。

The consolidated gross margin for F Q1 was 30.9%, down 400 basis points from the prior quarter. Our gross margin was impacted by pricing declines and a greater mix of NAND. Operating expenses were $811 million in F Q1 as we continue to tightly manage expenses. We're expecting to increase operating expenses in the second half of this fiscal year as the previously delayed fiscal '21 salary increases take effect at the beginning of F Q3 and we incur additional prequalification-related expenses in F Q3 and F Q4. As a result, we anticipate that F Q3 expenses will increase approximately 10% sequentially from F Q2, but of course, we remain flexible to reduce operating expenses from those levels should business conditions warrant.

第一財季綜合毛利率為30.9%，較上一季下降400個基點。毛利率下降主要受價格下跌和NAND快閃記憶體佔比增加的影響。第一財季營運費用為8.11億美元，我們持續嚴格控製成本。由於先前延後的2021財年薪資成長將於第三財季初生效，且第三財季及第四財季將產生額外的資格預審相關費用，我們預期本財年下半年營運費用將會增加。因此，我們預計第三財季費用將比第二財季環比成長約10%，但當然，如果業務狀況需要，我們仍將靈活調整營運費用水準。

F Q1 operating income was $973 million, resulting in an operating margin of 17% compared to 21% in the prior quarter and 12% in the prior year's quarter. Net interest expense was flat quarter-over-quarter at $31 million. We expect the net interest expense to be approximately $35 million in F Q2. Our F Q1 effective tax rate was 7.4%. We expect our tax rate to be in the mid- to high single digits for the remainder of fiscal '21.

第一財季營業收入為9.73億美元，營業利益率為17%，低於上一財季的21%及上年同期的12%。淨利息支出較上月持平，為3,100萬美元。我們預計第二財季淨利息支出約為3500萬美元。第一財季實際稅率為7.4%。我們預計2021財年剩餘時間內稅率將維持在個位數中高水準。

Non-GAAP earnings per share in F Q1 were $0.78, down from $1.08 in F Q4 and up from $0.48 in the year ago quarter. EPS included $0.02 of nonoperating income related to gains from investments in our venture arm, Micron Ventures.

第一財季非GAAP每股盈餘為0.78美元，低於第四財季的1.08美元，高於去年同期的0.48美元。每股盈餘包含0.02美元的非經營性收入，該收入來自我們對創投部門Micron Ventures的投資收益。

Turning to cash flows and capital spending. We generated approximately $2 billion in cash from operations in F Q1, representing 34% of revenue. Net capital spending was approximately $2.8 billion during the quarter. We expect approximately $9 billion in capital spending for fiscal '21, with spending weighted towards the first half of the fiscal year.

接下來談談現金流和資本支出。第一財季，我們的經營活動產生的現金流量約為20億美元，佔總營收的34%。當季淨資本支出約28億美元。我們預計2021財年的資本支出約為90億美元，支出主要集中在上半年。

Free cash flow in the quarter was negative $816 million. We expect free cash flow to remain negative in F Q2 but to improve from the F Q1 level driven by increased cash flow from operations. As we said previously, we expect to generate healthy free cash flow during the second half of fiscal '21. Although we didn't repurchase shares in F Q1, we remain committed to returning greater than 50% of our annual free cash flow to shareholders through share repurchases.

本季自由現金流為負8.16億美元。我們預期第二財季自由現金流仍為負值，但受經營活動現金流增加的推動，將較第一財季有所改善。正如我們之前所述，我們預計2021財年下半年將產生健康的自由現金流。儘管我們在第一財季沒有回購股票，但我們仍然致力於透過股票回購將超過50%的年度自由現金流返還給股東。

We made significant improvement on our days of inventory and ended F Q1 with $5.5 billion of inventory or 125 days versus 135 days last quarter.

我們在庫存週轉天數方面取得了顯著改善，第一季末庫存為 55 億美元，庫存週轉天數為 125 天，而上一季為 135 天。

As we look ahead to F Q2, I want to share some changes to our upcoming inventory reporting. Starting in F Q2, we will be using a FIFO or first in, first out approach to inventory valuation as opposed to the average cost method that we have historically used. Concurrently, we're introducing a new costing methodology that uses standard costing. These changes will help us improve our business reporting by valuing inventory at the most recent production cost and aligning with general semiconductor industry practices. While we expect no material impact to our non-GAAP results from these changes, we do expect to record a onetime noncash charge of approximately $300 million, which will impact our F Q2 GAAP results and reduce the carrying value of our inventory. Unlike certain valuation adjustments or write-downs to inventory, this is a permanent methodology change that will not result in a material impact to our future costs or margins.

展望第二財季，我想和大家分享一些即將實施的庫存報告變更。從第二財季開始，我們將採用先進先出法（FIFO）進行庫存估值，而非以往使用的平均成本法。同時，我們將引進新的成本會計方法，即標準成本法。這些變更將幫助我們改進業務報告，使庫存能夠以最新的生產成本進行估值，並與半導體行業的通用慣例保持一致。雖然我們預計這些變更不會對非GAAP財務報表產生重大影響，但我們預計將計入約3億美元的一次性非現金支出，這將影響第二財季的GAAP財務報表，並降低庫存的帳面價值。與某些庫存估值調整或減損不同，這是一項永久性的方法變更，不會對未來的成本或利潤率產生重大影響。

Concurrently with these changes, we will also reclassify spare parts from inventory to other current assets, which also better aligns with the rest of the industry. This new representation will reduce our inventory balance, and consequently, our days of inventory will decline by approximately 10 days versus the old methodology. Applying this 10-day decline, our F Q1 days of inventory would have been approximately 115 days, and our new days of inventory target is approximately 95 to 105 days. We expect to reach our days of inventory target in the second half of fiscal '21.

同時，我們將把備件從庫存重新歸類到其他流動資產，這也更符合業界慣例。新的計價方式將降低我們的庫存餘額，因此，與舊方法相比，我們的庫存週轉天數將減少約10天。根據這10天的減少，我們第一財季的庫存週轉天數約為115天，而我們新的庫存週轉天數目標約為95至105天。我們預計在2021財年下半年達到庫存週轉天數目標。

We ended the quarter with total cash of $8.4 billion and total liquidity of approximately $10.9 billion. F Q1 ending total debt was $6.6 billion. Now turning to our outlook. We are seeing improving conditions across multiple DRAM end markets with strong demand in cloud, client, auto and mobile. This demand recovery would be even stronger if it weren't for the shortages of nonmemory components in several markets.

本季末，我們持有現金總額為 84 億美元，流動資金總額約 109 億美元。第一財季末總債務為 66 億美元。接下來展望一下我們的前景。我們看到多個 DRAM 終端市場狀況正在改善，雲端、客戶端、汽車和行動領域的需求強勁。如果不是因為部分市場存在非記憶體組件短缺，這種需求復甦將會更加強勁。

On the supply side, as Sanjay mentioned, a power outage and an earthquake have limited our DRAM supply and we are rapidly drawing down on our inventory across DRAM and NAND. From a gross margin perspective, the power outage and earthquake impact will be a headwind to our DRAM cost reductions in F Q2. Additionally, the timing of new DRAM and NAND node ramps also limits our cost reductions for F Q2.

正如Sanjay所提到的，在供應方面，停電和地震限制了我們的DRAM供應，我們正在迅速消耗DRAM和NAND的庫存。從毛利率的角度來看，停電和地震的影響將對我們第二季DRAM成本的降低構成不利因素。此外，新DRAM和NAND節點的量產時間也限制了我們第二季的成本降低幅度。

With all these factors in mind, our non-GAAP guidance for F Q1 is as follows: We expect revenue to be $5.8 billion, plus or minus $200 million; gross margin to be in the range of 31%, plus or minus 100 basis points; and operating expenses to be approximately $825 million, plus or minus $25 million. Finally, based on a share count of approximately 1.15 billion fully diluted shares, we expect earnings per share to be $0.75, plus or minus $0.07. As we look beyond F Q2, we anticipate that a vaccine-driven economic recovery, combined with secular trends such as 5G adoption and AI, will result in stronger demand.

考慮到以上所有因素，我們對第一財季的非GAAP績效指引如下：預計營收為58億美元，上下浮動2億美元；毛利率為31%，上下浮動100個基點；營運費用約8.25億美元，上下浮動2,500萬美元。最後，基於約11.5億股完全稀釋後的股份數量，我們預計每股收益為0.75美元，上下浮動0.07美元。展望第二財季之後，我們預期疫苗接種推動的經濟復甦，以及5G普及和人工智慧等長期趨勢，將帶來更強勁的需求。

In the second half of fiscal '21, we expect improved financial performance driven by strengthening market conditions and a stronger cost reduction across DRAM and NAND.

預計在 2021 財年下半年，在市場環境改善和 DRAM 及 NAND 成本大幅降低的推動下，財務表現將有所改善。

In closing, we're confident in Micron's ability to deliver strong long-term revenue growth and cross-cycle profitability. Over the last 4 years, Micron has delivered average gross margins of 40%, EBITDA margins of 50% and return on invested capital of 20%. We believe Micron's strong performance will continue cross-cycle. As we look to the expected upturn in the DRAM business in calendar 2021, Micron's relentless focus on execution positions us well to generate solid returns for our shareholders.

最後，我們對美光科技實現強勁的長期營收成長和跨週期獲利能力充滿信心。過去四年，美光科技的平均毛利率為40%，EBITDA利潤率為50%，投資報酬率為20%。我們相信美光科技的強勁業績將持續跨越週期。展望2021年DRAM業務的預期復甦，美光科技對執行力的不懈追求將使我們能夠為股東創造豐厚的回報。

I will now turn the call over to Sanjay for closing remarks.

現在我將把電話交給桑傑，請他作總結發言。

Thank you, Dave. Over the last year, Micron delivered strong performance in the face of significant challenges from COVID. I'm thankful to the Micron team, whose tenacity and resilience enabled us to navigate this challenging period and maintain production at normal levels while continuing to advance our technology and product portfolio.

謝謝你，戴夫。過去一年，美光在新冠疫情帶來的巨大挑戰下依然取得了優異的業績。我衷心感謝美光團隊，正是他們的堅韌和毅力，使我們能夠渡過這段充滿挑戰的時期，在保持正常生產水平的同時，不斷推進我們的技術和產品組合。

Micron is poised to emerge stronger in calendar 2021 as the world recovers from the pandemic. We are confident in our road map to further enhance our competitive position while exercising supply discipline. We are in a better position than ever before, and this has been recognized by our customers. Recently, Micron received supplier awards from multiple customers, including from Tier 1 China smartphone OEMs. We also continue to make great strides in advancing our corporate responsibility agenda.

隨著全球從疫情中復甦，美光科技可望在2021年迎來更強勁的發展。我們對自身的發展路線圖充滿信心，相信在嚴格把控供應鏈的同時，能夠進一步提升自身的競爭力。我們目前處於前所未有的有利地位，這一點也得到了客戶的認可。近期，美光科技榮獲多家客戶的供應商獎項，其中包括來自中國一線智慧型手機廠商的獎項。此外，我們在推動企業社會責任方面也取得了長足的進步。

In November, Micron published our fiscal year '20 annual diversity, equality and inclusion report, detailing our progress over the year and our commitments for fiscal year '21. In 2020, we increased our female Board representation and also made investments to improve the presentation of all underrepresented groups, including Blacks and Latinx in technical and leadership roles. We expanded our pay equity initiative beyond gender to also include other underrepresented groups and to consider total compensation across pay and equity awards. We are working with industry organizations to establish best practices in supplier diversity and to support the inclusion and competitiveness of diverse suppliers in the semiconductor industry.

11月，美光發布了2020財年年度多元化、平等和包容性報告，詳細介紹了我們在過去一年中取得的進展以及2021財年的承諾。 2020年，我們提高了董事會女性成員的比例，並加強投入，改善所有代表性不足群體（包括黑人和拉丁裔）在技術和領導職位上的代表性。我們將薪酬公平計畫的範圍從性別擴展到其他代表性不足群體，並將薪酬和股權獎勵納入考慮。我們正與產業組織合作，制定供應商多元化的最佳實踐，並支持半導體產業多元化供應商的包容性和競爭力。

And finally, we leveraged the power of Micron's influence in the communities where we live and work to advocate for greater social justice and safety globally. We are also proud to report that in November, we were added to the Dow Jones Sustainability Index, joining the ranks of the most sustainable American companies. We aim to build on this recognition as we advance on our sustainability goals this year.

最後，我們充分利用美光在我們生活和工作所在社區的影響力，在全球範圍內倡導更大的社會正義和安全。我們也很自豪地宣布，11月，我們被納入道瓊永續發展指數，躋身美國最具永續發展能力的公司之列。我們致力於鞏固這項認可，並在今年繼續推動我們的永續發展目標。

Thank you, and now we will open the call for questions.

謝謝大家，現在開始接受提問。

(Operator Instructions) Our first question comes from the line of Chris Danely with Citigroup.

（操作員說明）我們的第一個問題來自花旗集團的克里斯丹利。

Merry New Year and thanks for letting me ask a question. In terms of what's impacting you, I guess you can sort of control or fix the power outage and the earthquake. But you also mentioned that there's shortages of nonmemory components out there that are impacting you as well or impacting the memory industry. Can you maybe quantify those? And is that issue getting any better? Or could it get any worse? And could this, I guess, hinder any sort of upturn in DRAM this year?

新年快樂，感謝您允許我提問。關於對您造成影響的因素，我想您大概可以控製或解決停電和地震的問題。但您也提到，非記憶體元件的短缺也對您或記憶體產業造成了影響。您能否具體說明一下這些短缺情況？這個問題是否有改善？或會不會更糟？這是否會阻礙今年DRAM市場的任何復甦？

So let me be clear that when we were referring to nonmemory component shortages, we were referring to those in our end markets, our customers experiencing certain end market shortages. And yes, without those end -- without those nonmemory component shortages, yes, the overall demand could have been even somewhat higher. And these nonmemory component shortages that some of our customers are experiencing, they relate to general tightness in the foundry space, logic, 8-inch, 12-inch nodes, where some of our customers in their end market hardware are experiencing certain shortages. So that's what we are referring to.

所以，我要澄清一下，我們之前提到的非儲存元件短缺，指的是我們終端市場，也就是我們的客戶遇到的終端市場元件短缺問題。沒錯，如果沒有這些非儲存元件短缺，整體需求可能會更高一些。我們一些客戶遇到的非儲存元件短缺問題，與代工領域，特別是邏輯晶片（8英寸、12英寸節點）的供應緊張有關，這些短缺影響了我們一些客戶終端市場的硬體產品。這就是我們所指的情況。

Of course, with respect to our own supply chain, this is an area given some of the foundry shortages that are existing today. We are continuing to manage our supply chain today. We do not see for this quarter any specific shortages in terms of our ability to supply any nonmemory shortages with respect to our ability to supply product to our customers. Of course, as we highlighted in our script, we do see certain shortages in memory, particularly in DRAM, across several parts of the market.

當然，就我們自身的供應鏈而言，鑑於目前一些晶圓代工廠的產能短缺，這方面的情況值得關注。我們目前正在持續管理我們的供應鏈。就本季而言，我們預計不會出現任何非記憶體產品供應短缺的情況，也不會出現向客戶供應產品短缺的情況。當然，正如我們在簡報中所強調的那樣，我們確實看到記憶體產品，特別是DRAM，在市場某些領域存在一定的短缺。

And with respect to our own supply chain aspects, we have factored those in the outlook that we have provided. And we -- our supply chain has really excellent operations team, and we continue to work with our suppliers, with our partners, to make the best assessment in terms of managing our own supply chain. So again, to be clear, we were not pointing to any nonmemory component shortages in this quarter for our own manufacturing supply chain. We were referring more to our customers' end markets where they're experiencing certain nonmemory component shortages. Of course, from the point of view of our own supply chain, we continue to monitor some of the trends that are there in the tech supply chain, with certain parts of the supply chain running tight. We continue to monitor those in terms of any impact on our business as well as work closely with our customers to understand those demand trends.

關於我們自身的供應鏈方面，我們已將其納入我們提供的展望中。我們的供應鏈擁有一支非常優秀的營運團隊，我們將繼續與供應商和合作夥伴攜手合作，以期在供應鏈管理方面做出最佳評估。因此，再次澄清，我們並未指出本季度我們自身的製造供應鏈會出現任何非儲存組件短缺。我們指的是我們客戶的終端市場，他們正面臨某些非儲存組件的短缺。當然，就我們自身的供應鏈而言，我們將繼續關注科技供應鏈中的一些趨勢，特別是某些環節的供應緊張。我們將持續關注這些趨勢對我們業務的任何影響，並與客戶緊密合作，以了解這些需求趨勢。

And our next question comes from the line of John Pitzer with Crédit Suisse.

我們的下一個問題來自瑞士信貸的約翰‧皮策。

Sanjay, I wanted to go back to your comments you made about your expectation for DRAM demand, both this year of high teens and longer term of mid- to high teens. I'm just kind of curious if you can give us a little bit more insight of how you're building up those models. And I'll push back a little bit because we've got a very strong gaming console this year. We've got the move to 5G. As Ice Lake ramps, we're going to go from 6 to 8 channels in the server market. It seems like the risk to that forecast on demand is to the upside this year.

Sanjay，我想回到你之前關於DRAM需求預期的評論，包括今年接近10%的增長以及長期來看15%到10%的增長。我很好奇你能否更詳細地解釋一下你是如何建立這些模型的。另外，我想提出一些異議，因為今年遊戲主機市場非常強勁，而且5G也在加速發展。隨著Ice Lake的量產，伺服器市場也將從6通道擴展到8通道。看起來今年對需求預測的風險偏高。

And then conversely, as you think about server as a percent of your DRAM business over the last 5 years, it's gone from 15% to 30% approximately, and given what we see around DRAM densities going into next-generation compute, especially around AI workloads, I would think that the historic 20% bit growth in DRAM demand should be something the industry should be able to maintain. I'm just kind of curious as to why you don't believe that.

反過來，如果你看看過去五年伺服器在DRAM業務中所佔的比例，它大約從15%成長到了30%。考慮到我們看到下一代運算（尤其是AI工作負載）的DRAM密度提升，我認為DRAM需求20%的歷史成長率應該是業界能夠維持的。我只是有點好奇你為什麼不相信這一點。

So John, I mean, we are giving you our best estimates with respect to demand assessment, and you're absolutely right to point out that the end market demands are, certainly, the demand trends are strong. The trends, the secular trends of AI, 5G, cloud and intelligent edge, including smart vehicles, is absolutely strong growth driver for memory and storage in the years to come.

約翰，我的意思是，我們只是根據需求評估給出了我們目前最好的估計，你指出終端市場需求確實強勁，這一點完全正確。人工智慧、5G、雲端運算和智慧邊緣（包括智慧汽車）等長期趨勢，絕對是未來幾年記憶體和儲存領域強勁成長的驅動力。

Keep in mind, for calendar year 2020, particularly in the late part of calendar year 2020, the demand went up strongly. So when we look at DRAM demand growth for calendar year 2020, we said that it is somewhat above 20% in calendar year '20 on a year-over-year basis. So that's what is really adjusting some of our assessment for calendar year '21 in terms of high teens for the DRAM demand growth.

請注意，2020 年全年，尤其是在 2020 年下半年，DRAM 的需求強勁成長。因此，當我們分析 DRAM 在 2020 年全年的需求成長時，我們指出其年成長率略高於 20%。正是基於此，我們對 2021 年全年 DRAM 需求成長的預測進行了調整，預計成長率將達到 10% 以上。

In terms of how we come about these numbers, we are always working closely with our customers. We -- our market intelligence team is assessing the end market demand trends. What we see is, over the course of next few years for DRAM, that stronger than the average of the market would be mobile. 5G will be a long-term growth driver in 2021. We do expect that 5G phones will be twice of what they were in calendar year 2020, going from 250 million units to 500 million units. And no question that average DRAM content in the 5G phones increases substantially as well, with minimum DRAM and 5G smartphones being 6-gigabyte.

關於這些數據的來源，我們始終與客戶保持密切合作。我們的市場情報團隊正在評估終端市場的需求趨勢。我們預測，未來幾年，行動領域對DRAM的需求將高於市場平均。 5G將成為2021年的長期成長動力。我們預計，5G手機的銷量將是2020年的兩倍，從2.5億支增至5億支。毫無疑問，5G手機的平均DRAM容量也將大幅提升，5G智慧型手機的最低DRAM容量為6GB。

Yes, graphics, gaming consoles, new gaming consoles, new gaming graphics cards, also a strong driver and stronger than the average in 2021 of the DRAM growth. Cloud, we expect to be healthy and strong in 2021 as well based on all the reports that you have seen from various cloud suppliers about their CapEx investments and their workloads moving more toward AI and machine learning, driving greater demand. And auto, certainly, in 2021, auto unit sales will be rebounding. And all of these -- and auto, of course, as vehicles are becoming more intelligent, also driving greater content. All of these markets that I just mentioned, mobile, graphics, cloud, auto, we believe they will grow stronger than the average of the market in 2021.

是的，圖形、遊戲主機、新遊戲主機、新遊戲顯示卡也是推動DRAM成長的強勁動力，而且在2021年成長速度高於平均水準。基於您看到的來自各雲端供應商的報告，我們預計雲端運算在2021年也將保持健康強勁的成長勢頭，這些報告反映了他們的資本支出投資以及工作負載更多地轉向人工智慧和機器學習，從而推動了更大的需求。當然，汽車產業在2021年銷售量也將反彈。所有這些——當然也包括汽車行業，隨著汽車變得越來越智能，這也將推動內容需求的成長。我剛才提到的所有市場，移動、圖形、雲端運算、汽車，我們相信它們在2021年的成長速度都將高於市場平均。

Weaker than the average of the market would be the PC, although PC overall will have unit growth in 2021, and Micron is well positioned with PC market as well. All I'm saying is that compared to the average of the industry, the DRAM bit growth in PC, I believe, will be somewhat less than the average. And enterprise continues to be somewhat weak as well. And with the recovery rebound from the pandemic, we would expect, during the course of the year, enterprise will recover as well.

個人電腦市場表現將弱於市場平均水平，儘管2021年個人電腦整體銷售仍將成長，且美光在個人電腦市場也佔有有利地位。我的意思是，與行業平均相比，我認為個人電腦DRAM位元成長速度會略低於平均值。企業級市場也依然疲軟。隨著疫情後的復甦，我們預期企業級市場也將在今年內復甦。

So these are all -- this is how we look at the end markets in 2021, and this is what leads us -- particularly on the heels of a very strong above 20% bit growth in calendar year 2020, this is what leads us to project a high teens kind of number for 2021. And when we look beyond that, as you noted, we see that, overall, DRAM CAGR, multiyear CAGR, will be high teen -- mid-teens to high teens. Some years, maybe a little bit less, some years, a little bit more, but we are talking about the general CAGR there. And of course, we work closely with our customers. We work closely with understanding their demand. And we also have annual supply agreements with several of our customers in vast parts of the market. This is all what helps us build the intelligence that led us to the numbers.

所以，以上就是我們對2021年終端市場的展望，尤其是在2020年位寬成長率超過20%的強勁成長之後，我們預測2021年的成長將達到10%左右。正如您所指出的，展望未來，我們發現DRAM的多年複合年增長率（CAGR）總體上將達到10%左右。有些年份可能會略低一些，有些年份可能會略高一些，但我們指的是整體複合年增長率。當然，我們與客戶緊密合作，深入了解他們的需求。此外，我們也與市場中許多地區的客戶簽訂了年度供貨協議。所有這些都幫助我們累積了足夠的信息，最終得出這些預測數據。

And John, we look at these numbers from -- on a very regular basis. We assess them. And of course, we may make adjustments as is necessary. And when we make adjustments in those projections, we, of course, make adjustments in our own expectations of how to manage our supply because our goal is to manage our supply growth to be in line with the industry demand growth on a CAGR basis.

約翰，我們會定期查看這些數據，並進行評估。當然，我們會根據需要進行調整。當我們調整這些預測時，我們當然也會調整我們對供應管理的預期，因為我們的目標是將供應成長與產業需求成長（以複合年增長率衡量）保持一致。

And our next question comes from the line of C.J. Muse with Evercore.

我們的下一個問題來自 C.J. Muse 和 Evercore 樂團。

And Sanjay, Dave, Happy New Year. I guess I would like to focus on cost-downs. And you talked about down mid-single digits in fiscal '21. I'm curious, what kind of impact is embedded in that number for the disruption that you have seen in the last month? And then as you think about the ramp of 1-alpha and the 40% increase in bit output versus 1Z, I would love to hear your thoughts on what kind of acceleration we should see in cost-downs on the year-end side beyond August and when we really see that uptick in savings through your 1-alpha ramp?

Sanjay、Dave，新年快樂！我想重點談談成本削減。你們提到2021財年成本將下降個位數中段。我很好奇，過去一個月你們遇到的種種幹擾，對這個數字的影響有多大？另外，考慮到1-alpha的產能爬坡以及比特產量比1Z提升了40%，我很想聽聽你們的看法：在8月之後，以及1-alpha產能爬坡真正帶來顯著成本節約的時候，年底成本削減的加速幅度會有多大？

Okay. So I'll take that, C.J. So on the cost-downs for this year, as you mentioned, DRAM, our expectation is that we would see mid-single-digit cost-downs this year. That is -- or the cost impacts of the disruptions we experienced at the beginning of this quarter and late last quarter are embedded in that for sure. As you look into more -- I should say, as we progress through this year and into next year, 1-alpha will become more and more of our volume. That should bode well for our cost declines. And well, that's one of the reasons why we think most of the cost decline we'll see in DRAM is really back end, back half of FY '21-loaded. But we do expect to see that lead to further cost improvements in FY '22 as well.

好的，C.J.，我明白了。關於今年的成本下降，正如你所提到的DRAM，我們預期今年的成本下降幅度將達到個位數中段。當然，本季初和上季末的供應中斷所帶來的成本影響肯定已經包含在其中了。隨著我們進一步了解——應該說，隨著今年和明年的推進，1-alpha晶片的銷售佔比將越來越高。這應該有利於成本下降。這也是我們認為DRAM成本下降主要集中在2021財年下半年的原因之一。但我們預計這也會帶動2022財年的成本進一步降低。

Our next question comes from the line of Karl Ackerman with Cowen.

我們的下一個問題來自卡爾·阿克曼和考恩的對話。

Maybe just to follow up on C.J.'s question on DRAM cost declines, I would like to move over to NAND. I appreciate the commentary on NAND cost improvement, which you've called out, low to mid-teens. Is there a way to quantify the cost headwind from your transition to replacement gate because I would imagine, that would be fairly sizable even in fiscal 2021? And I had a quick follow-up.

或許可以接著C.J.關於DRAM成本下降的問題，我想談談NAND快閃記憶體。我很欣賞您對NAND快閃記憶體成本改善的評論，您提到成本已經降至十幾到十幾美元。有沒有辦法量化您從替代閘極過渡到NAND快閃記憶體所帶來的成本壓力？因為我估計，即使在2021財年，這部分成本也會相當可觀。另外，我還有一個後續問題。

Yes. So yes, so I think if you looked at last year, FY '20, our cost declines were pretty negligible, actually, on NAND because of the transition to the first generation of replacement gate. And really, the only area where we got any sort of cost declines was in the changeover in depreciation for NAND from 5 to 7 years. As we move into the second generation, as we talked about, we -- this 176-layer has a particularly good cost structure. And so that will obviously be the big factor in terms of driving our cost declines in the low teens for this year. And again, we're going to be ramping this through the year and into next year, so we do feel like this will be a tailwind for our cost reductions as well. You didn't ask about this, but on top of that, we -- as we talked about on the call, we have good momentum in QLC. That should be also a good tailwind for NAND costs as well.

是的。所以，如果你回顧去年的財年（2020財年），由於向第一代替代閘極的過渡，我們在NAND快閃記憶體方面的成本下降實際上微乎其微。事實上，我們唯一實現成本下降的領域是NAND快閃記憶體折舊年限從5年延長至7年。正如我們之前討論的，隨著我們進入第二代技術階段，這款176層快閃記憶體的成本結構非常出色。因此，這顯然將是推動我們今年成本下降幅度達到10%左右的主要因素。而且，我們將在今年及明年逐步擴大產能，因此我們認為這也將對我們的成本降低起到積極作用。你沒有問到這一點，但除此之外，正如我們在電話會議上提到的，我們在QLC快閃記憶體方面也取得了良好的發展勢頭。這也應該會對NAND快閃記憶體的成本產生正面影響。

Got it. You recognized a record graphics DRAM quarter. Just kind of curious if graphics are now closer to 20% of the segment now. And then, I guess, what sort of graphics DRAM demand are you seeing from GPUs used for cryptocurrency mining now that those currencies are now at an all-time high?

明白了。您注意到圖形DRAM季度銷售創下歷史新高。我只是有點好奇，圖形DRAM現在是否接近整個業務板塊的20%了？另外，鑑於加密貨幣價格目前處於歷史高位，您認為用於加密貨幣挖礦的GPU對圖形DRAM的需求如何？

And so with respect to graphics, that is in single digits. Overall, as part of the industry as well as part of our business, if anything, Micron actually leads in the graphics segment. With respect to our leading-edge, high-performance, power-efficient DRAMs, our GDDR6, our GDDR6X products are very well-positioned with industry-leading specifications in the graphics market. You know about GDDR6X that we introduced with the PAM4 interface with twice the data transfer rate of the traditional DRAM memory beforehand.

因此，就圖形領域而言，我們的市佔率僅為個位數。總體而言，無論是在行業層面還是在我們公司內部，美光實際上在圖形領域處於領先地位。憑藉我們領先的高效能、高能源效率DRAM產品，例如GDDR6和GDDR6X，我們的產品在圖形市場擁有業界領先的規格，佔據著非常有利的地位。您應該了解我們推出的採用PAM4介面的GDDR6X，其資料傳輸速率是傳統DRAM記憶體的兩倍。

So we are very proud of our leadership in the graphics market. And certainly, some part of the graphics market addresses the cryptomining applications as well. So that's embedded within our graphics revenue that we talk about. Basically, some of the graphics cards that are built using GDDR6 and GDDR6X memory and other graphics memory that we supply are used in cryptomining applications. And cryptomining is just pointing to yet another continuing digitization of the economy, yet another application. It will be an important -- cryptocurrency will certainly be very important in the future. And the data mining needs there, cryptomining needs, definitely needs high-performance memory, and Micron DRAM memory, Micron graphics products are well positioned in that part of the market there.

因此，我們為在圖形市場的領先地位感到非常自豪。當然，圖形市場的一部分也涵蓋了加密貨幣挖礦應用。這部分應用也包含在我們提到的圖形收入中。基本上，我們供應的一些採用 GDDR6 和 GDDR6X 記憶體以及其他顯存的顯示卡被用於加密貨幣挖礦。加密貨幣挖礦恰恰反映了經濟數位化進程的另一個重要趨勢，也是加密貨幣應用的另一個體現。加密貨幣在未來必將扮演至關重要的角色。資料探勘和加密貨幣挖礦都需要高效能顯存，而美光 DRAM 顯存和美光圖形產品在這一市場領域佔據有利地位。

Your next question comes from the line of Timothy Arcuri with UBS.

你的下一個問題來自瑞銀集團的 Timothy Arcuri。

I guess I had 2. First, Sanjay, I wanted to double-click on a prior question. So I understand that the demand was better during the late part of last year, but you also took down your forecast for this year. You were thinking up 20%, and now you're up more like high teens. So is there any component of digestion that you're fearing in mobile? Is that part of the 2? Or is it just the math that you have the same number of bits off of a higher base last year? And then I had a follow-up on -- it's for Dave.

我有兩個問題。首先，Sanjay，我想就之前的問題再問一下。我知道去年下半年的需求比較好，但你們也下調了今年的預測。你們之前預計會成長20%，現在估計是接近10%。那麼，你們擔心行動端的消化問題嗎？這是你們下調預測的原因嗎？還是說只是因為去年的基數更高，所以今年的基數也是一樣？然後我還有一個後續問題──是問Dave的。

Yes. It simply is, Tim, the latter of what you just said, that it is. The overall demand in 2021, we absolutely, based on all the demand drivers that we see, that we described in our script, we see really continuing strong trend of demand in 2021. So it is what you said that 2020 has a higher base because 2020 demand for DRAM went above 20% with that higher base. Compared to our prior expectations, we just said that high teens. Nonetheless, let there be no confusion.

是的，提姆，你剛才說的後半部確實如此。根據我們觀察到的所有需求驅動因素，以及我們在報告中所描述的內容，我們絕對預期2021年的整體需求將持續強勁成長。如你所說，2020年的基數較高，因為2020年DRAM的需求成長超過了20%，這與我們之前的預期（我們之前預測的接近10%）相比，基數更高。儘管如此，請不要產生任何誤解。

I mean 2021, overall DRAM demand trend across the board, across our markets, except for the enterprise, where we have said enterprise weakness will go away once the pandemic recovery takes hold fully on the economies. But whether it is auto or it is smartphones or it is cloud or graphics, all of these end markets are pointing to strong demand of units as well as strong demand for average content increases in 2021.

我的意思是，2021年DRAM整體需求趨勢在所有市場（除企業級市場外）都呈現上升趨勢。我們之前說過，一旦疫情後的經濟體全面復甦，企業級市場的需求疲軟就會消失。無論是汽車、智慧型手機、雲端運算或圖形處理，所有這些終端市場都表明，2021年DRAM的銷售和平均容量需求都將強勁成長。

So we are very excited about the demand opportunities. And keep in mind, this is in the backdrop of CapEx management, disciplined CapEx management in the DRAM industry, leading really to a supply environment where we think that the supply growth will be less than the industry demand growth in 2021, which sets up 2021 very nicely for the DRAM fundamentals. And that too, with Micron's execution on technology and products continuing to strengthen our position there, really very proud and excited about Micron's position with industry-leading 1-alpha node now, which, of course, over the course of next several quarters, we'll be ramping into production.

因此，我們對市場需求機會感到非常興奮。請記住，這一切都建立在嚴格的資本支出管理之上，DRAM 產業一直奉行穩健的資本支出管理，這真正造就了我們預期 2021 年供應成長將低於產業需求成長的供應環境，為 DRAM 的基本面奠定了非常有利的基礎。此外，美光在技術和產品方面的持續投入也鞏固了我們在該領域的地位，我們為美光目前在業界領先的 1-alpha 節點工藝方面取得的成就感到非常自豪和興奮，當然，在接下來的幾個季度裡，我們將逐步實現量產。

Dave, super quick. You didn't buy back any stock. And I know that you burn more cash than maybe you thought because there was some working capital that was a little -- that sort of worked against you. But why not give -- why not buy back stock given the improving outlook? And obviously, you're going to generate a lot of free cash flow during the fiscal back half of the year and your stock seems to be biased higher. So why not buy back any stock during fiscal Q1?

戴夫，簡單說一下。你沒有回購任何股票。我知道你消耗的現金可能比你預想的要多，因為有些營運資金有點緊張——這在某種程度上對你不利。但是，鑑於前景正在改善，為什麼不回購股票呢？顯然，你在今年下半年會產生大量自由現金流，而且你的股價似乎也處於上漲趨勢。那麼，為什麼不在第一財季回購股票呢？

Yes. I wouldn't read too much into it. I mean we -- if you look back over the last couple of years, I think we generated, I don't know, mid-$4 billion levels of cash flow. And if you combine the converts and the buybacks, we spent probably closer to $4.7 billion or so on all of that. So we're definitely committed to the buyback. I would expect that our target is certainly to generate free cash flow for the year. And I think you can expect us to remain committed in terms of returning at least or more than 50% of the free cash flow in the form of buybacks.

是的。我不會過度解讀。我的意思是，回顧過去幾年，我們創造了約40億美元左右的現金流。如果把可轉換債券和股票回購加起來，我們總共可能花了47億美元左右。所以我們絕對會繼續進行股票回購。我預期我們今年的目標肯定是產生自由現金流。而且我認為，我們可以繼續致力於將至少50%甚至更多的自由現金流用於股票回購。

The one other metric that we do to try to focus on is our net cash, our cash excess of our debt. And of course, when we're not generating cash flow, we're generating native cash, we eat into that a bit. And so I think, just to be cautious, we wanted to make sure that we didn't eat into that net cash balance too much. But not really reflective of any view on the stock price, and we remain buyers over time of the stock. So...

我們關注的另一個指標是淨現金，也就是現金超過債務的部分。當然，當我們沒有產生現金流，而是依靠自身現金流時，這部分現金就會被消耗掉一些。所以，為了謹慎起見，我們希望確保淨現金餘額不會消耗太多。但這並不代表我們對股價有任何看法，我們仍會長期持有這檔股票。所以…

And our next question comes from the line of Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Your cloud business remained relatively healthy through calendar year '20, and I know that the team is expecting strength this year. But maybe more from a near-term perspective, there does seem to be some growing indications that data center spending is going to start to reaccelerate here in the first half of this calendar year. On top of that, you have some of the new processor ramps that are coming to the market as well.

貴公司的雲端業務在2020年全年保持了相對健康的成長態勢，我知道團隊對今年的發展充滿信心。但從短期來看，種種跡象表明，資料中心支出將在今年上半年開始加速成長。此外，市場上也將迎來一些新型處理器的上市。

Is the team seeing a strength here in Q2 in your forward orders or customer forecast? And then can you just give us an update on your DDR5 server products? Are you guys finished with qualification of these new products ahead of the second half adoption cycle?

團隊是否認為第二季訂單或客戶預測方面表現強勁？另外，能否介紹一下DDR5伺服器產品的最新狀況？在下半年市場推廣週期開始前，這些新產品的認證工作是否已經完成？

So with respect to cloud, yes, I mean, compared to our pre-COVID expectations, 2020 was a strong year for cloud, and we did well. It was good for the industry, and it was good for us as well. And yes, we definitely, in 2021 as well, continued to see strength in cloud, a healthy business environment, a healthy demand for cloud and continuing to work with our leading-edge technology nodes as we get that ready into production with 1-alpha or to get that qualified with our customers.

所以就雲端運算而言，是的，我的意思是，與我們疫情前的預期相比，2020 年雲端運算市場表現強勁，我們也取得了不錯的成績。這對整個產業來說是好事，對我們本身也是如此。而且，我們確信，2021 年雲端運算市場依然保持強勁勢頭，商業環境健康，對雲端運算的需求旺盛。我們將繼續推動前沿技術節點的研發，使其盡快投入生產，例如透過 1-alpha 版本測試或通過客戶驗證。

So yes, cloud is a long-term secular demand driver for our industry. And again, it is the trend of AI and ML and the workloads that are requiring more memory. And you are absolutely right to note that companies are, in 2021, introducing new CPUs and compute architectures, which will have more cores, which will have more channels, more DRAM attach rate. And with the end market appetite of a need for more memory and the compute architectures and processors enabling greater DRAM attach rate in the servers, yet this trend of more memory in the cloud environment will continue, and this trend is here to stay for a considerable period of time, even beyond 2021 time frame.

所以，沒錯，雲端運算是我們產業長期發展的根本驅動力。此外，人工智慧和機器學習的發展趨勢以及對記憶體需求不斷增長的工作負載也功不可沒。您說得完全正確，各大公司在2021年推出了新的CPU和運算架構，這些架構擁有更多核心、更多通道以及更高的DRAM連線率。儘管終端市場對更多記憶體的需求不斷增長，而運算架構和處理器也使得伺服器的DRAM連接率得以提升，但雲端環境中對更多記憶體的需求趨勢仍將持續，並且這種趨勢將在相當長的一段時間內保持下去，甚至在2021年之後也會如此。

With respect to DDR5, that is really in the very early innings at this point. We are happy with our product position there. And the DDR5 will start picking up in terms of revenue opportunity later on in 2021. But still -- it's still in the qualification phases and will become a revenue opportunity, but we are well positioned.

就DDR5而言，目前還處於非常早期的階段。我們對目前的產品定位感到滿意。 DDR5的營收成長機會將在2021年稍後開始顯現。但目前它仍處於認證階段，尚未真正轉化為營收機會，不過我們已經做好了充分的準備。

Your next question comes from the line of Joe Moore with Morgan Stanley.

你的下一個問題來自摩根士丹利的喬摩爾。

You guys continue to have this kind of negative leaning language on NAND, but you did inject that it could improve over the course of this year if people moderate their plans. Like what -- it seems like the spending is fairly front half-loaded and will moderate over the course of the year. Were you looking at there to sort of gauge whether that could get better or worse over the course of the year? And what's the -- am I right to sort of say that there's a little bit more optimism in the way that you phrase that?

你們對NAND快閃記憶體的措辭一直比較悲觀，但你們也提到，如果人們調整投資計劃，情況可能會在今年有所改善。例如，目前的支出似乎集中在前半段，之後會逐漸放緩。你們是否也關注過這一點，以此來判斷情況在今年會好轉還是惡化？還有，我是否可以理解為，你們的措詞中似乎帶有一絲樂觀的意味？

So certainly, NAND, as traditionally had been the case, has elasticity that is an important part of the NAND market. And elasticity will continue to drive greater content in the various end market applications from the smartphones, to client notebook computers, to data center applications as well. And post the pandemic, we definitely expect that across the tech space, there will be pent-up -- release of pent-up demand. And that itself, for a couple of years, is going to drive increasing demand.

因此，NAND快閃記憶體一如既往地具有彈性，而彈性正是NAND市場的重要組成部分。這種彈性將持續推動從智慧型手機、筆記型電腦到資料中心應用等各種終端市場應用領域對NAND快閃記憶體的需求成長。疫情過後，我們預期整個科技領域將會出現被壓抑的需求釋放。而這種釋放本身，在未來幾年內，將進一步推動需求的成長。

Overall, when we look at 2021, we expect the demand growth in NAND to be approximately 30%. And our estimation is that supply, perhaps, somewhat above demand. And as the elasticity kicks in, as the post-COVID, post-pandemic and world demand environment builds up as well as with greater focus from the industry in terms of management of the supply, then we do believe that NAND fundamentals can strengthen.

整體而言，展望2021年，我們預期NAND快閃記憶體的需求成長約為30%。我們估計供應量可能略高於需求量。隨著後疫情時代全球需求環境的逐步恢復，以及業界對供應管理日益重視，我們相信NAND快閃記憶體的基本面將會增強。

As far as Micron is concerned, I mean, we definitely are extremely focused on managing our supply growth with discipline. With our 176-layer NAND, we are very excited about our industry-first position with this technology, but we manage our supply growth and we expect that Micron supply -- overall supply growth will be below the industry demand growth. And of course, we'll supplement that with some of the inventory, so that in terms of our shipment growth in 2021, it will be in line with the industry demand growth expectation. But management of the supply, I think, is an important factor in the industry in terms of, over time, returning to the healthier levels of the NAND industry, along with elasticity and post-COVID NAND demand environment.

就美光而言，我們絕對非常注重嚴格控制供應成長。我們擁有業界領先的176層NAND快閃記憶體技術，對此我們感到非常興奮。但我們會控制供應成長，預計美光整體供應成長將低於產業需求成長。當然，我們會透過補充庫存來確保2021年的出貨量成長與產業需求成長預期保持一致。我認為，供應管理對於NAND產業的未來發展至關重要，它不僅關係到NAND快閃記憶體市場的彈性，也關係到後疫情時代NAND快閃記憶體的需求環境。

And our next question comes from the line of Toshiya Hari with Goldman Sachs.

下一個問題來自高盛的 Toshiya Hari。

I wanted to ask about CapEx and curious about the internal debate as today at Micron. Obviously, you guys didn't make any changes to your full year budget of $9 billion. But on the DRAM side, Sanjay, is it fair to say, given the outlook over the next year or so, if there is a bias internally, the bias is to the upside from a spending perspective?

我想問一下資本支出方面的問題，也很好奇美光內部目前對此有何討論。顯然，你們全年90億美元的預算沒有改變。但是，Sanjay，就DRAM方面而言，考慮到未來一年左右的前景，如果說內部存在某種傾向，那麼從支出角度來看，這種傾向是否偏向於增加支出？

And conversely, on the NAND side, you've -- to Joe's question, you've struck this cautionary note over the past couple of quarters. I realize you guys are being fairly prudent and focusing on your transition, but what would you need to see for you to turn constructive -- sorry, conservative from a spending perspective in NAND?

反過來說，在NAND方面，針對Joe的問題，你們在過去幾季一直持謹慎態度。我知道你們相當謹慎，專注於轉型，但你們需要看到什麼才能在NAND支出方面採取建設性的——抱歉，是保守的——策略呢？

So again, I think, both for DRAM and for NAND, I think it is extremely important for us at Micron on an ongoing basis to stay disciplined with respect to supply growth, with respect to investments in CapEx, to manage our supply growth to be in line with the industry demand growth expectations on a CAGR basis. And this is where our focus is because that's the best way to generate ROI on our investments.

所以，我認為，無論是DRAM還是NAND，對美光來說，持續維持供應成長和資本支出方面的自律至關重要，我們需要確保供應成長與產業需求成長預期（以複合年增長率衡量）保持一致。這正是我們關注的重點，因為這是我們實現投資報酬率的最佳途徑。

We feel very good about our CapEx discipline and our focus on, really, driving profitability of the business through increasing our share, not just chasing bit share, but increasing the profit share of the industry. And this is where our focus on differentiated solutions, both in NAND as well as in DRAM, to strengthen our position, to strengthen the mix of the product portfolio, is an important part of our strategy. But with respect to the CapEx discussions, it always is about really discipline on supply growth, staying in line with the demand growth.

我們對自身的資本支出控制以及專注於真正提升業務獲利能力的策略感到非常滿意。我們不僅追求市場份額，更致力於提升整個產業的利潤份額。因此，我們專注於差異化解決方案，無論是在NAND快閃記憶體還是DRAM領域，以鞏固我們的市場地位，並優化產品組合，這是我們策略的重要組成部分。但就資本支出而言，關鍵始終在於嚴格控制供應成長，使其與需求成長保持同步。

And our final question comes from the line of Mitch Steves with RBC Capital Markets.

最後一個問題來自加拿大皇家銀行資本市場的米奇·史蒂夫斯。

I wanted to double-click on one. I'm sure you're going to get this on all these callbacks. So when you talk about the DRAM impact for Q2 -- or sorry, the second quarter guide, can you walk us through like kind of the magnitude of the impact, i.e., how much of that 31% kind of midpoint is being negatively impacted by DRAM? Any sort of qualitative answer there would be very helpful. And then secondly, as it relates to NAND, it sounds like you guys are a little bit cautious there.

我想雙擊一下。我相信你們在所有這些回訪中都會遇到這個問題。所以，當你們談到DRAM對第二季（或抱歉，是第二季業績指引）的影響時，能否詳細說明一下影響的程度，例如，DRAM對31%左右的中點造成了多大的負面影響？任何定性的回答都將非常有幫助。其次，關於NAND閃存，聽起來你們在這方面有點謹慎。

Can you maybe talk us through what you guys expect to see from the smartphone market given the fact that we're going to see kind of an elevated Q1 due to the change in product cycles? But then how should we think about kind of 2H, calendar 2H smartphone demand as you guys see it right now?

鑑於產品週期變化導致第一季智慧型手機銷售可能有所成長，您能否談談您對智慧型手機市場的預期？另外，您目前對下半年（月曆年下半年）的智慧型手機需求有何看法？

Okay. So I'll take the first one, and Sanjay will take the smartphone question. So yes, of course, there was a cost impact or will be a cost impact in the second quarter associated with this disruption. I wouldn't say it's massive. It's measured in tens of basis points, not hundreds of basis points that we factored into the quarter.

好的。那我先回答第一個問題，Sanjay 回答關於智慧型手機的問題。是的，當然，這次中斷在第二季確實造成了成本影響，或者說將會造成成本影響。但我不會說影響巨大。它只是以幾十個基點來衡量的，而不是像我們計入季度成本的幾百個基點。

And with respect to smartphone content growth, certainly, with 5G, the average content will continue to increase in smartphones. We have talked about in the past that -- how DRAM content in smartphones is 8-gigabyte to 12- to 16-gigabyte even in certain phones and average content increase in the smartphone market will be in the double digits. And again, in the smartphone, I think it's important to understand that not only is it about the 5G number of units increasing, more than doubling calendar year '20 over calendar year '21, going from 250 million 5G smartphones in '20 to 500 million-plus in 2021, but the average content of DRAM is increasing in these 5G phones as well. So that's a multiplicative impact with respect to the DRAM demand growth in the smartphone market.

至於智慧型手機內存容量的成長，可以肯定的是，隨著5G的普及，智慧型手機的平均記憶體容量將會持續成長。我們之前討論過，智慧型手機的DRAM容量已經從8GB提升到12GB甚至16GB，而且智慧型手機市場的平均記憶體容量成長將達到兩位數。此外，我認為需要強調的是，智慧型手機市場的成長不僅體現在5G手機數量的增加上——2020年到2021年，5G智慧型手機的數量將翻一番以上，從2020年的2.5億部增長到2021年的5億部以上——而且這些5G手機的DRAM平均容量也在增加。因此，這對智慧型手機市場DRAM需求的成長產生了倍增效應。

And if you look at the CAGR of DRAM content over the course of the next 3 years or so, that CAGR of average content growth in the smartphone market is in the double digits range. So smartphone will continue to be a strong market, and we are very well-positioned with our NAND and DRAM combination to address the growing opportunities in the smartphone markets. We mentioned in this earnings call prepared remarks that our MCP revenues, MCPs with multichip packages that include DRAM as well as NAND, we are extremely well-positioned being the manufacturer of both DRAM and NAND. That revenue -- MCP revenue, hit a record in our fiscal Q1 time frame.

如果觀察未來三年左右DRAM含量的複合年增長率（CAGR），智慧型手機市場平均含量成長率將達到兩位數。因此，智慧型手機市場將持續保持強勁勢頭，而我們憑藉NAND和DRAM的組合優勢，完全有能力掌握智慧型手機市場不斷成長的機會。我們在本次財報電話會議的發言稿中提到，我們的多晶片封裝（MCP）收入，即包含DRAM和NAND的多晶片封裝，得益於我們同時生產DRAM和NAND，我們在該領域擁有極其強大的優勢。 MCP營收在我們的第一財季創下了歷史新高。

So smartphone continues to be strong and the largest market for DRAM and NAND, and we are really well-positioned there and quite excited about the opportunities here, including introduction of our LPDDR5 and uMCP5 industry-leading solutions.

因此，智慧型手機市場仍然強勁，是 DRAM 和 NAND 的最大市場，我們在該領域佔據了非常有利的地位，並對這裡的機會感到非常興奮，包括推出我們業界領先的 LPDDR5 和 uMCP5 解決方案。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以掛斷電話了。