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，感謝您的支持，歡迎參加美光科技 2021 財年第一季度財務電話會議。 （操作員說明）現在我很高興介紹投資者關係副總裁 Farhan Ahmad。

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。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。

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，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會議的信息。您可以在 Twitter 上關注我們，@MicronTech。

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

提醒一下，我們今天將討論的事項包括前瞻性陳述。這些前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與今天的陳述存在重大差異。我們向您推薦我們向 SEC 提交的文件，特別是我們最近的 10-K 和 10-Q 表格，以討論可能影響我們未來結果的風險。

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

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能保證未來的結果、活動水平、業績或成就。我們沒有義務在今天之後更新任何前瞻性陳述以使這些陳述符合實際結果。

I'll now turn the call over to Sanjay.

我現在將把電話轉給 Sanjay。

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.

謝謝你，法爾漢。大家下午好，新年快樂。美光在第一財季實現了強勁的收入和收益。儘管大流行帶來了持續的挑戰，我為美光團隊繼續我們的業務發展勢頭並使美光處於比以往任何時候都更好的技術和產品地位感到自豪。

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.

我們開始出貨業界最先進的 176 層 NAND。在 DRAM 方面，我們在 1-alpha 節點上取得了良好進展，並有望在 2021 年上半年開始量產。我們認為 DRAM 已經過了行業周期的底部，預計到 2021 年趨勢會有所改善，因為在人工智能、雲、5G 和智能邊緣（包括智能汽車）的推動下，全球經濟的數字化仍在繼續。在此背景下，美光準備變得更強大，我們對我們的未來感到興奮。

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.

我將從快速更新我們的製造業務開始。 12 月初，有 2 起獨立事件影響了我們的台灣 DRAM 業務。第一個事件是我們的桃園工廠停電，發生在 12 月 3 日，也就是我們第一財季的最後一天。第二個事件是 12 月 10 日台灣東北海岸發生 6.7 級地震。我們桃園和台中兩個地點都感受到了地震。

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.

我們過去幾年在設施冗餘和潔淨室控制方面所做的投資大大減輕了這兩個事件的影響。然而，這些中斷減少了我們第二財季可用的 DRAM 供應，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.

美光繼續在我們的主要目標上取得紮實的進展：首先，提供行業領先的技術並改善我們的成本結構；第二，將差異化產品推向市場，完善產品結構；第三，在保持穩定的比特份額的同時增加我們的行業利潤份額。從 16 財年到 20 財年，我們大幅提高了 DRAM 和 NAND 業務的 EBITDA 利潤率，而其他行業總體上基本持平。在過去幾年中，我們加快了 DRAM 和 NAND 的技術路線圖。因此，美光有史以來第一次在 DRAM 和 NAND 上同時擁有技術領先地位。

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.

既然我們在技術能力方面處於行業領先地位，展望未來，我們希望通過與行業其他部門保持一致的更典型的節點轉換節奏來保持這一競爭地位。在 DRAM 方面，我們在 1-alpha 節點上取得了良好進展。對於美光來說，這將是一個出色的技術節點，與我們的 1Z 相比，每晶圓的位數提高了 40%。這種改進的很大一部分來自我們提供更高內存陣列效率的芯片設計概念。

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.

隨著我們 1-alpha 節點的顯著改進，我們預計隨著更複雜的接口（如 DDR5）的引入以及 DRAM 技術擴展挑戰的持續存在，每晶圓比特數增長的收益將降低。我們還在差異化 DRAM 產品方面取得進展，例如用於圖形的 GDDR6 和 6X。在第一財季，我們看到這些產品的位出貨量強勁增長。我們還開始了 HBM2E 產品的收入出貨。

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 方面，11 月初，我們開始量產我們的第二代替代柵極節點，這是業界最先進的，結合了我們的替代柵極架構、陣列下的 CMOS 和先進的電荷陷阱工藝技術。它還具有美光 96 層 3D NAND 兩倍的能效和寫入性能。這些改進對於解決未來的高端移動應用程序至關重要。

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.

我們在第一財季開始出貨 176 層消費級 SSD，並將在接下來的幾個月內在我們的其他產品組合中推出使用該技術構建的產品。我們還通過增加 QLC NAND 的組合來推動產品創新和降低成本，並且我們在客戶端、消費者和數據中心市場上以最廣泛的 QLC SSD 產品組合引領行業。 QLC 有助於使 SSD 更具成本效益，並加速用 SSD 替換 HDD。 QLC SSD 採用率繼續增長，我們的 QLC SSD 位組合在第一季度進一步增加。

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。在數據中心，雲和人工智能將推動長期增長，內存和存儲成為服務器 BOM 成本中越來越大的一部分。新的計算架構支持更多的內存通道和更高密度的模塊，有助於增加服務器內存內容。美光憑藉廣泛的高帶寬、高質量和高能效產品組合，在這個市場上取得成功。

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.

雲和企業 DRAM 收入從非常強勁的 14 週 F Q4 連續下降，企業市場持續疲軟。在 F Q1，我們的超帶寬 HBM2E 內存開始收入出貨，用於數據中心 AI 訓練和推理。

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.

我們正在 DDR5 過渡方面取得進展，這將使帶寬增加一倍並降低功耗，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.

在數據中心 SSD 方面，我們繼續在 NVMe 產品組合上取得進展，並在第一季度完成了多項客戶資格認證。我們還繼續保持我們在 SATA 的領先地位。數據中心 SSD 收入環比下降，但同比增長，因為雲增長抵消了企業的下降。我們仍然專注於通過內部開發的控制器加強我們的數據中心 NVMe SSD 路線圖，併計劃在未來幾個季度推出新產品。

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.

受穩健執行和手機需求改善的推動，我們的第一季度移動收入環比增長。美光移動業務從華為向其他移動客戶的過渡好於預期，也為我們在第一季度的收入增長做出了貢獻。

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.

憑藉我們行業領先的產品組合，美光已做好準備在 5G 時代取勝。我們在第一季度的移動業務中取得了幾項關鍵成就。我們保持了 LP5 解決方案的領先地位並增加了我們的 LP5 出貨量，率先將 uMCP5 推向市場，並實現了創紀錄的 MCP 收入。

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 方面，儘管供應鏈中存在非內存組件短缺的情況，但持續的遠程工作和學習趨勢推動了本季度強勁的筆記本電腦和 Chromebook 需求。在這種需求的推動下，我們實現了 PC DRAM 出貨量的強勁連續增長。

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.

在客戶端 SSD 中，NVMe 佔客戶端 SSD 位的 90% 以上，其中近一半是 QLC。消費級 SSD 的比特出貨量連續第二個季度創下紀錄，我們出貨了世界上第一個基於 176 層的消費級 SSD。

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.

在圖形方面，由於新遊戲機和 PC 圖形產品的推出，我們實現了強勁的 GDDR6 和 6X 位出貨量增長。美光憑藉廣泛的產品組合和深厚的客戶合作夥伴關係，在這個高速增長的市場中擁有強大的地位。

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.

由於全球汽車製造的恢復以及每輛車的內存和存儲內容的持續增長，我們的汽車收入季度創下歷史新高。我們還獲得了 1Z LP4 DRAM 的資格，並開始對我們基於 96 層的 UFS NAND 進行採樣。

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.

電動汽車的半導體含量更高。隨著電動汽車的不斷普及，我們預計我們的汽車業務將繼續表現出色。此外，隨著自動駕駛功能的推進，這種內容增長趨勢將進一步加快。

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.

美光在質量和市場份額方面的領先地位使我們不僅能從這一增長中受益，還能與我們的客戶和行業合作夥伴生態系統合作，推動下一代汽車的創新解決方案。

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.

現在轉向我們對 2020 年日曆行業需求的看法。在第一季度，儘管個人電腦、移動設備、汽車和顯卡領域的非內存組件短缺，但大多數終端市場的總體需求依然強勁。雲需求健康，而企業需求因經濟環境而疲軟。由於年底需求強於預期，我們現在估計 2020 年日曆行業 DRAM 位需求增長略高於 20%，而 NAND 位需求增長在 20 年代中期。

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.

現在來看我們的 2021 年日曆展望。在 DRAM 方面，我們已經過了谷底，整個行業的主要細分市場都處於供應緊張的狀態。因此，我們已經看到我們的日曆 Q1 定價在市場的幾個部分開始上漲。

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.

客戶端和數據中心模塊的 16 Gb 採用率有所增加，導致以前在 8 Gb 中看到的供應緊張，現在在 16 Gb 中也可見。我們預計 2021 年日曆 DRAM 行業的比特需求將增長十幾倍，DRAM 行業的供應將低於需求。強於預期的行業需求減少了供應商 DRAM 庫存。低庫存，加上 2020 年嚴格的行業資本支出以及疫苗驅動的從大流行中復蘇，應該會導致 DRAM 市場在 2021 年之前進一步收緊。此外，我們還將受益於 5G 手機中更高的內容，這是預測的到 2021 年將銷量翻一番，達到約 5 億台。

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.

我們預計 PC 市場的銷量將保持健康增長，顯卡應該會繼續受益於新遊戲機和去年下半年推出的新遊戲卡。我們預計雲市場將以健康的速度增長，企業市場的複蘇將受到更廣泛的經濟復甦時機的推動。

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%.

2021 年日曆行業 NAND 位需求增長預計約為 30%，供應可能更高。 NAND 市場在短期內充滿挑戰。然而，我們認為，隨著時間的推移，彈性加上大流行的複蘇，應該會導致需求改善。我們認為，如果供應商放緩產量增長，市場將在 2021 年趨於穩定。長期來看，我們預計 DRAM 位需求復合年增長率將達到中高水平，NAND 位需求復合年增長率約為 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.

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，節點轉換時間可能會導致逐年變化。在 DRAM 和 NAND 中，我們預計 2021 年日曆的位供應增長將低於行業需求增長，我們計劃使用庫存來支持與行業需求增長相一致的位出貨量增長。

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.

對於 2021 財年，我們預計 DRAM 成本將降低在個位數百分比範圍內，並且在同類基礎上的成本降低水平會更高。我們預計 NAND 成本將降低到 10% 到 10% 左右。我們的目標是 2021 財年資本支出約為 90 億美元，以支持我們保持穩定的行業鑽頭供應份額的長期目標。如果需求預期發生變化，我們將保持靈活調整我們的資本支出。

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增長和健康感到興奮，這些終端市場將繼續受益於強大的長期技術趨勢，包括人工智能、雲、5G 和智能邊緣。這些趨勢已經使數據經濟成為可能，並增加了 DRAM 和 NAND 的重要性。內存和存儲行業收入的增長速度超過了更廣泛的半導體行業，從 2000 年代初佔半導體行業收入的大約 10% 增長到現在接近 30%。我們預計，我們的 TAM 增長將在未來十年繼續超過半導體行業的其他領域。

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、卓越運營和深入的客戶合作夥伴關係，這使我們能夠很好地提高我們在行業中的相關性和利潤份額。

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

我現在將把它交給戴夫來提供我們的財務結果和指導。

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，桑傑。美光第一財季業績非常強勁，收入和收益遠高於我們上次財報電話會議提供的指導範圍。我們看到整個季度的商業環境有所改善，DRAM 和 NAND 的需求和定價都好於預期。 F Q1 總收入約為 58 億美元，環比下降 5%，但同比增長 12%。調整上一季度的額外一周後，在汽車、圖形、客戶端、移動和消費者等廣泛市場的強勁推動下，收入環比增長 3%。 F Q1 DRAM 收入為 41 億美元，佔總收入的 70%。 DRAM 收入環比下降 7%，但同比增長 17%。位出貨量環比下降在低個位數百分比範圍內，平均售價環比下降在中個位數百分比範圍內。

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.

F Q1 NAND 收入約為 16 億美元，佔總收入的 27%。 NAND 收入環比增長 3%，同比增長 11%。位出貨量環比增長在十幾歲百分比範圍內，而平均售價在低十幾歲百分比範圍內環比下降。下降的一半歸因於組合的變化，其中包括更大比例的組件。

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 25 億美元，環比下降約 16%，但同比增長 29%。我們在圖形和客戶收入方面實現了穩健的環比增長，而數據中心收入環比下降，這是因為雲計算季度表現特別強勁，額外一周的損失以及企業持續疲軟。

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.

移動業務部門的收入為 15 億美元，環比增長 3%，同比增長 3%。隨著 5G 勢頭的增強以及移動市場從大流行的影響中復蘇，移動需求依然強勁。

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.

存儲業務部門的收入為 9.11 億美元，與上一季度大致持平，同比下降 6%。提醒一下，3D XPoint 收入現在在計算和網絡業務部門報告。不包括上一季度的 3D XPoint，SBU 收入將同比增長 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，嵌入式業務部門的收入為 8.09 億美元，環比增長 24%，同比增長 10%。 EBU 收入是自 19 財年第一季度以來的最高水平，這得益於創紀錄的汽車收入，因為需求從與大流行相關的停工中恢復。

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.

F Q1 的綜合毛利率為 30.9%，比上一季度下降 400 個基點。我們的毛利率受到價格下降和更多 NAND 組合的影響。由於我們繼續嚴格管理費用，第一季度的運營費用為 8.11 億美元。我們預計本財年下半年的運營費用將增加，因為先前推遲的 21 財年加薪在 F Q3 開始時生效，並且我們在 F Q3 和 F Q4 產生額外的資格預審相關費用。因此，我們預計 F Q3 費用將比 F Q2 環比增長約 10%，但當然，如果業務條件允許，我們仍將靈活地減少這些水平的運營費用。

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.

F Q1 營業收入為 9.73 億美元，營業利潤率為 17%，上一季度為 21%，上一季度為 12%。淨利息支出環比持平，為 3100 萬美元。我們預計第二季度的淨利息支出約為 3500 萬美元。我們的 F Q1 有效稅率為 7.4%。我們預計我們的稅率將在 21 財年的剩餘時間內保持在中高個位數。

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.

第一季度非公認會計準則每股收益為 0.78 美元，低於第四季度的 1.08 美元，高於去年同期的 0.48 美元。每股收益包括 0.02 美元的非營業收入，該收入與我們的風險投資部門 Micron Ventures 的投資收益相關。

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.

轉向現金流和資本支出。我們在第一季度的運營中產生了大約 20 億美元的現金，佔收入的 34%。本季度的淨資本支出約為 28 億美元。我們預計 21 財年的資本支出約為 90 億美元，支出偏向本財年上半年。

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.

本季度的自由現金流為負 8.16 億美元。我們預計 F Q2 的自由現金流將保持負數，但受運營現金流增加的推動，將比 F Q1 的水平有所改善。正如我們之前所說，我們預計將在 21 財年下半年產生健康的自由現金流。儘管我們沒有在第一季度回購股票，但我們仍然致力於通過股票回購將超過 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.

我們的庫存天數有了顯著改善，第一季度末庫存為 55 億美元，即 125 天，而上一季度為 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.

在我們展望 F Q2 時，我想分享我們即將發布的庫存報告的一些變化。從 F Q2 開始，我們將使用 FIFO 或先進先出方法進行庫存估值，而不是我們過去使用的平均成本方法。同時，我們正在引入一種使用標準成本核算的新成本核算方法。這些變化將幫助我們通過以最近的生產成本評估庫存並與一般半導體行業慣例保持一致來改善我們的業務報告。雖然我們預計這些變化不會對我們的非 GAAP 結果產生重大影響，但我們確實預計會記錄約 3 億美元的一次性非現金費用，這將影響我們的 F Q2 GAAP 結果並降低我們庫存的賬面價值。與某些估值調整或庫存減記不同，這是一種永久性的方法變更，不會對我們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.

在這些變化的同時，我們還將將備件從庫存重新分類為其他流動資產，這也更好地與行業的其他部分保持一致。這種新的表示將減少我們的庫存餘額，因此，與舊方法相比，我們的庫存天數將減少大約 10 天。應用這 10 天的下降，我們的 F Q1 庫存天數約為 115 天，我們的新庫存天數目標約為 95 至 105 天。我們預計將在 21 財年下半年達到我們的庫存天數目標。

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.

我們在本季度末的總現金為 84 億美元，總流動資金約為 109 億美元。 F Q1 期末總債務為 66 億美元。現在轉向我們的前景。我們看到多個 DRAM 終端市場的狀況正在改善，雲、客戶端、汽車和移動領域的需求強勁。如果不是因為幾個市場的非內存組件短缺，這種需求復蘇將會更加強勁。

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.

在供應方面，正如 Sanjay 所說，停電和地震限制了我們的 DRAM 供應，我們正在迅速減少 DRAM 和 NAND 的庫存。從毛利率的角度來看，停電和地震影響將成為我們第二季度 DRAM 成本降低的阻力。此外，新 DRAM 和 NAND 節點斜坡的時間安排也限制了我們在第二季度的成本降低。

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.

考慮到所有這些因素，我們對 F Q1 的非 GAAP 指導如下：我們預計收入為 58 億美元，正負 2 億美元；毛利率在 31% 的範圍內，上下浮動 100 個基點；運營費用約為 8.25 億美元，上下浮動 2500 萬美元。最後，根據大約 11.5 億股完全稀釋後的股票數量，我們預計每股收益為 0.75 美元，上下浮動 0.07 美元。當我們展望第二季度之後，我們預計疫苗驅動的經濟復甦，加上 5G 採用和人工智能等長期趨勢，將導致更強勁的需求。

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.

在 21 財年下半年，我們預計，由於市場狀況的加強以及 DRAM 和 NAND 的成本降低力度更大，財務業績將有所改善。

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，我們對美光實現強勁的長期收入增長和跨週期盈利能力充滿信心。在過去 4 年中，美光的平均毛利率為 40%，EBITDA 利潤率為 50%，投資資本回報率為 20%。我們相信美光的強勁表現將持續跨週期。當我們展望 2021 年 DRAM 業務的預期好轉時，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。

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

我現在將把電話轉給 Sanjay 做結束語。

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。在過去的一年裡，美光在面對來自 COVID 的重大挑戰時表現出色。我感謝美光團隊，他們的堅韌和韌性使我們能夠度過這個充滿挑戰的時期，將生產保持在正常水平，同時繼續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.

隨著世界從大流行中復蘇，美光有望在 2021 年變得更強大。我們對我們的路線圖充滿信心，以在遵守供應紀律的同時進一步提高我們的競爭地位。我們比以往任何時候都處於更好的位置，這已經得到了客戶的認可。最近，美光獲得了多家客戶的供應商獎項，其中包括來自中國一級智能手機 OEM 的獎項。我們還在推進我們的企業責任議程方面繼續取得長足進步。

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，美光發布了我們的 '20 財年年度多樣性、平等和包容性報告，詳細說明了我們在這一年取得的進展以及我們對 '21 財年的承諾。 2020 年，我們增加了女性董事會的代表人數，並進行了投資以改善所有代表性不足的群體，包括黑人和拉丁裔在技術和領導角色中的表現。我們將薪酬平等計劃擴展到性別之外，還包括其他代表性不足的群體，並考慮薪酬和平等獎勵的總薪酬。我們正在與行業組織合作，在供應商多元化方面建立最佳實踐，並支持半導體行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，我們利用美光在我們生活和工作的社區的影響力，在全球範圍內倡導更大的社會正義和安全。我們還自豪地報告說，我們在 11 月被納入道瓊斯可持續發展指數，加入了最具可持續性的美國公司行列。隨著我們今年推進可持續發展目標，我們的目標是在這一認可的基礎上再接再厲。

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

謝謝，現在我們將打開問題的電話。

(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 Chris Danely。

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，謝謝你讓我問一個問題。就影響你的因素而言，我想你可以控製或修復停電和地震。但是您還提到，非內存組件的短缺也會影響您或影響內存行業。你能量化這些嗎？這個問題有好轉嗎？還是會變得更糟？我猜，這會阻礙今年 DRAM 的任何形式的好轉嗎？

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.

所以讓我明確一點，當我們提到非內存組件短缺時，我們指的是終端市場中的那些，我們的客戶正在經歷某些終端市場短缺。是的，如果沒有這些結束——如果沒有那些非內存組件短缺，是的，整體需求可能會更高一些。我們的一些客戶正在經歷這些非內存組件短缺，它們與代工空間、邏輯、8 英寸、12 英寸節點的普遍緊張有關，我們的一些客戶在他們的終端市場硬件中遇到了一定的短缺。這就是我們所指的。

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，就我們自己的供應鏈而言，這是一個考慮到當今存在的一些代工短缺的領域。我們今天繼續管理我們的供應鏈。在我們向客戶提供產品的能力方面，我們在本季度沒有看到任何具體的短缺，即我們提供任何非內存短缺的能力。當然，正如我們在腳本中強調的那樣，我們確實看到市場的幾個部分存在一定的內存短缺，尤其是 DRAM。

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.

關於我們自己的供應鏈方面，我們已經在我們提供的前景中考慮了這些因素。我們——我們的供應鏈擁有非常優秀的運營團隊，我們將繼續與我們的供應商、合作夥伴合作，在管理我們自己的供應鏈方面做出最好的評估。因此，再次明確地說，我們並沒有指出本季度我們自己的製造供應鏈有任何非內存組件短缺。我們更多地指的是客戶的終端市場，他們正在經歷某些非內存組件短缺。當然，從我們自己的供應鏈的角度來看，我們繼續監控技術供應鏈中的一些趨勢，供應鏈的某些部分運行緊張。我們將繼續監控這些對我們業務的影響，並與我們的客戶密切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 John Pitzer。

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，我想回到您對 DRAM 需求的預期的評論，無論是今年的高青少年還是中高青少年的長期需求。我只是有點好奇你是否可以讓我們更深入地了解你是如何建立這些模型的。我會推遲一點，因為我們今年有一個非常強大的遊戲機。我們已經轉向 5G。隨著 Ice Lake 的發展，我們將在服務器市場上從 6 個頻道增加到 8 個頻道。看來今年需求預測的風險是上行的。

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.

然後反過來說，在過去 5 年中，當您將服務器視為 DRAM 業務的百分比時，它大約從 15% 下降到 30%，並且考慮到我們看到的 DRAM 密度進入下一代計算，尤其是圍繞人工智能工作負載，我認為 DRAM 需求歷史性的 20% 位增長應該是行業應該能夠維持的。我只是有點好奇你為什麼不相信。

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.

所以約翰，我的意思是，我們正在為您提供關於需求評估的最佳估計，您絕對正確地指出最終市場需求當然是強勁的需求趨勢。趨勢，人工智能、5G、雲和智能邊緣的長期趨勢，包括智能汽車，絕對是未來幾年內存和存儲的強勁增長動力。

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.

請記住，對於 2020 日曆年，特別是在 2020 日曆年後期，需求強勁增長。因此，當我們查看 2020 日曆年的 DRAM 需求增長時，我們說它在 20 日曆年同比增長略高於 20%。這就是真正調整我們對 21 日曆年 DRAM 需求增長的高青少年的一些評估的原因。

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.

就我們如何得出這些數字而言，我們始終與客戶密切合作。我們——我們的市場情報團隊正在評估終端市場需求趨勢。我們看到的是，在未來幾年的 DRAM 中，移動設備將比市場平均水平更強。 5G 將成為 2021 年的長期增長動力。我們確實預計 5G 手機將是 2020 日曆年的兩倍，從 2.5 億部增加到 5 億部。毫無疑問，5G 手機中的平均 DRAM 內容也大幅增加，最低 DRAM 和 5G 智能手機為 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，顯卡、遊戲機、新遊戲機、新遊戲顯卡也是 DRAM 增長的強勁驅動力，並且比 2021 年的平均水平要強。雲計算，我們預計 2021 年也將保持健康和強大，這基於您從各個雲計算供應商那裡看到的關於他們的資本支出投資和他們的工作負載更多地轉向人工智能和機器學習的所有報告，從而推動了更大的需求。而汽車，當然，在 2021 年，汽車銷量將會反彈。所有這些——當然還有汽車，隨著車輛變得越來越智能，也推動了更多的內容。我剛才提到的所有這些市場，移動、圖形、雲、汽車，我們相信它們在 2021 年的增長將超過市場的平均水平。

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.

弱於市場平均水平的將是個人電腦，儘管個人電腦整體將在 2021 年實現單位增長，而美光在個人電腦市場也處於有利地位。我想說的是，與行業平均水平相比，個人電腦的 DRAM 位增長，我相信會略低於平均水平。企業也繼續有些疲軟。隨著大流行的複蘇反彈，我們預計，在這一年中，企業也將復蘇。

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.

所以這些都是——這就是我們對 2021 年終端市場的看法，這就是引導我們的原因——尤其是在 2020 日曆年實現非常強勁的超過 20% 的位增長之後，這就是導致我們預計到 2021 年將是一個十幾歲的數字。當我們超越這個數字時，正如你所指出的，我們看到，總體而言，DRAM 複合年增長率，多年復合年增長率，將是十幾歲 - 十幾歲到十幾歲。有些年，也許少一點，有些年，多一點，但我們談論的是一般的複合年增長率。當然，我們與客戶密切合作。我們密切合作，了解他們的需求。我們還與我們在大部分市場的一些客戶簽訂了年度供應協議。這就是幫助我們建立引導我們獲得數字的智慧的所有因素。

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字。我們評估他們。當然，我們可能會根據需要進行調整。當我們對這些預測進行調整時，我們當然會調整我們自己對如何管理供應的預期，因為我們的目標是管理我們的供應增長，使其在復合年增長率的基礎上與行業需求增長保持一致。

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 with Evercore 的系列。

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?

還有桑傑，戴夫，新年快樂。我想我想專注於降低成本。你談到了 21 財年中個位數的下降。我很好奇，這個數字對你上個月看到的破壞有什麼樣的影響？然後，當您考慮 1-alpha 的斜坡以及比特輸出與 1Z 相比增加 40% 時，我很想听聽您對 8 月之後的年終成本下降應該看到什麼樣的加速的想法當我們真正看到通過您的 1-alpha 斜坡節省的資金時？

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。所以我會接受這一點，C.J. 所以關於今年的成本下降，正如你提到的，DRAM，我們的預期是今年我們會看到中個位數的成本下降。那就是 - 或者我們在本季度初和上個季度末經歷的中斷的成本影響肯定包含在其中。當你研究更多時——我應該說，隨著我們今年和明年的進展，1-alpha 將越來越多地成為我們的交易量。這對我們的成本下降來說是個好兆頭。好吧，這就是為什麼我們認為我們將在 DRAM 中看到的大部分成本下降實際上是後端，即 21 財年的後半部分的原因之一。但我們確實希望看到這也會導致 22 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 Karl Ackerman 和 Cowen 的觀點。

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.

也許只是為了跟進 C.J. 關於 DRAM 成本下降的問題，我想轉向 NAND。我很欣賞關於 NAND 成本改進的評論，你已經提到過，低到十幾歲。有沒有辦法量化從過渡到更換門的成本逆風，因為我想，即使在 2021 財年，這也會相當大？我進行了快速跟進。

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。所以是的，所以我認為如果你看一下去年，20 財年，我們的成本下降實際上是微不足道的，實際上，由於向第一代替代門的過渡。實際上，我們獲得任何成本下降的唯一領域是 NAND 的折舊從 5 年轉變為 7 年。當我們進入第二代時，正如我們所說，我們 - 這個 176 層具有特別好的成本結構。因此，這顯然是推動我們今年在低端青少年成本下降的重要因素。再說一次，我們將在今年和明年繼續這樣做，所以我們確實覺得這也將是我們降低成本的順風。你沒有問這個問題，但除此之外，我們 - 正如我們在電話會議上談到的那樣，我們在 QLC 方面勢頭良好。這對於 NAND 成本也應該是一個很好的順風。

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?

知道了。您發現了創紀錄的圖形 DRAM 季度。只是有點好奇圖形現在是否接近該細分市場的 20%。然後，我想，既然這些貨幣現在處於歷史最高水平，你從用於加密貨幣挖掘的 GPU 中看到了什麼樣的圖形 DRAM 需求？

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.

所以就圖形而言，這是個位數。總體而言，作為行業的一部分以及我們業務的一部分，如果有的話，美光實際上在圖形領域處於領先地位。對於我們領先的、高性能、高能效的 DRAM、我們的 GDDR6、我們的 GDDR6X 產品，我們的 GDDR6X 產品在圖形市場具有行業領先的規格。您知道我們推出的 GDDR6X 採用 PAM4 接口，其數據傳輸率是傳統 DRAM 內存的兩倍。

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，我們為我們在圖形市場的領導地位感到非常自豪。當然，圖形市場的某些部分也涉及加密應用程序。因此，這已包含在我們談論的圖形收入中。基本上，使用 GDDR6 和 GDDR6X 內存以及我們提供的其他圖形內存構建的一些顯卡用於加密應用程序。加密貨幣挖礦只是指向經濟的另一個持續數字化，另一個應用程序。這將很重要——加密貨幣在未來肯定會非常重要。而那裡的數據挖掘需求，加密需求，肯定需要高性能內存，而美光DRAM內存，美光圖形產品在那裡的市場定位很好。

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

您的下一個問題來自瑞銀集團的蒂莫西·阿庫裡（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.

我想我有 2 個。首先，Sanjay，我想雙擊之前的問題。所以我知道去年下半年需求有所好轉，但您也下調了今年的預測。你本來想漲 20%，現在你漲得更像十幾歲的孩子了。那麼，您是否擔心移動設備中的任何消化成分？那是2的一部分嗎？還是只是數學上說你去年從更高的基數中獲得了相同數量的比特？然後我進行了跟進——這是給戴夫的。

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。蒂姆，你剛才所說的後者，就是這樣。 2021 年的總體需求，我們絕對，基於我們在腳本中描述的所有需求驅動因素，我們看到 2021 年需求持續強勁的趨勢。所以你說 2020 年的基數更高，因為2020 年對 DRAM 的需求在更高的基數下超過 20%。與我們之前的預期相比，我們只是說高青少年。儘管如此，請不要混淆。

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，整個市場的整體 DRAM 需求趨勢，除了企業，我們曾說過，一旦大流行複蘇完全影響經濟，企業的疲軟就會消失。但無論是汽車、智能手機還是雲或圖形，所有這些終端市場都指向2021年對單位的強勁需求以及對平均內容增長的強勁需求。

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，我們對需求機會感到非常興奮。請記住，這是在資本支出管理的背景下，DRAM 行業有紀律的資本支出管理，真正導致供應環境，我們認為供應增長將低於 2021 年的行業需求增長，即 2021 年非常適合 DRAM 基礎知識。同樣，隨著美光在技術和產品方面的執行力不斷鞏固我們在那裡的地位，我們對美光現在擁有行業領先的 1-alpha 節點的地位感到非常自豪和興奮，當然，在接下來的幾個季度中，我們將投入生產。

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，超級快。你沒有回購任何股票。而且我知道你消耗的現金可能比你想像的要多，因為有一些營運資金有點——這對你不利。但為什麼不放棄——考慮到前景改善，為什麼不回購股票呢？顯然，你將在本財年下半年產生大量自由現金流，而且你的股票似乎偏高。那麼為什麼不在第一財季回購任何股票呢？

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。我不會讀太多。我的意思是我們——如果你回顧過去幾年，我認為我們產生了，我不知道，中等水平的 40 億美元的現金流。如果將轉換和回購結合起來，我們可能在所有這些上花費了接近 47 億美元左右。因此，我們絕對致力於回購。我希望我們的目標肯定是在今年產生自由現金流。而且我認為您可以期望我們繼續致力於以回購的形式返還至少或超過 50% 的自由現金流。

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...

我們試圖關注的另一個指標是我們的淨現金，我們的現金超過我們的債務。當然，當我們不產生現金流時，我們正在產生本地現金，我們會稍微吃一點。所以我認為，為了謹慎起見，我們想確保我們不會過多地消耗淨現金餘額。但並不能真正反映對股價的任何看法，隨著時間的推移，我們仍然是股票的買家。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.

在 20 日曆年，您的雲業務保持相對健康，我知道團隊在今年期待實力。但也許從近期的角度來看，似乎有一些越來越多的跡象表明，數據中心支出將在本日曆年上半年開始重新加速。最重要的是，您還擁有一些即將上市的新處理器坡道。

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?

團隊在第二季度的遠期訂單或客戶預測中是否看到了優勢？然後，您能否向我們介紹一下您的 DDR5 服務器產品？你們在下半年採用周期之前完成了這些新產品的認證嗎？

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.

所以關於雲，是的，我的意思是，與我們在 COVID 之前的預期相比，2020 年是雲計算強勁的一年，我們做得很好。這對行業有好處，對我們也有好處。是的，我們肯定在 2021 年也繼續看到雲計算的實力、健康的商業環境、對雲計算的健康需求，並繼續與我們的領先技術節點合作，因為我們準備好將其投入生產 1-alpha或與我們的客戶取得一致。

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，是的，雲是我們行業的長期需求驅動力。同樣，人工智能和機器學習的趨勢以及需要更多內存的工作負載。您絕對正確地註意到，公司將在 2021 年推出新的 CPU 和計算架構，它們將擁有更多的內核、更多的通道、更高的 DRAM 連接率。隨著終端市場對更多內存的需求以及能夠在服務器中實現更高 DRAM 連接率的計算架構和處理器，雲環境中更多內存的趨勢將繼續下去，並且這種趨勢將持續相當長的一段時間。一段時間，甚至超過 2021 年的時間框架。

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.

關於 DDR5，目前還處於早期階段。我們對我們在那裡的產品定位感到滿意。 DDR5 將在 2021 年晚些時候開始在收入機會方面回升。但仍然 - 它仍處於資格階段並將成為收入機會，但我們處於有利地位。

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?

你們繼續對 NAND 持這種負面傾向的語言，但你確實注入說，如果人們緩和他們的計劃，它可能會在今年有所改善。就像什麼 - 支出似乎相當前半，並且將在一年中放緩。您是否正在查看那里以衡量在這一年中情況是否會變得更好或更糟？什麼是 - 我可以說你所說的方式有點樂觀嗎？

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.

所以可以肯定的是，NAND 與傳統的情況一樣，具有彈性，這是 NAND 市場的重要組成部分。從智能手機到客戶端筆記本電腦，再到數據中心應用，彈性將繼續推動各種終端市場應用的更多內容。在大流行之後，我們絕對期望在整個科技領域，將會有被壓抑的需求——被壓抑的需求釋放。幾年來，這本身將推動需求的增長。

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.

總體而言，當我們展望 2021 年時，我們預計 NAND 的需求增長約為 30%。我們的估計是，供應量可能略高於需求量。隨著彈性開始發揮作用，隨著後 COVID、後大流行和世界需求環境的建立以及行業在供應管理方面的更多關注，我們相信 NAND 基本面可以加強。

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，我的意思是，我們絕對非常專注於以紀律管理我們的供應增長。憑藉我們的 176 層 NAND，我們對這項技術在行業中的領先地位感到非常興奮，但我們管理著我們的供應增長，我們預計美光的供應——整體供應增長將低於行業需求增長。當然，我們會用一些庫存來補充，這樣我們2021年的出貨量增長就符合行業需求增長的預期。但我認為，供應管理是行業的一個重要因素，隨著時間的推移，NAND 行業將恢復到更健康的水平，以及彈性和 COVID 後 NAND 需求環境。

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

我們的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，並對今天在美光的內部辯論感到好奇。顯然，你們沒有對 90 億美元的全年預算做出任何改變。但在 DRAM 方面，Sanjay 是否公平地說，考慮到未來一年左右的前景，如果內部存在偏見，那麼從支出的角度來看，這種偏見是向上的嗎？

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?

相反，在 NAND 方面，你已經 - 對於喬的問題，你在過去幾個季度中提出了這個警告。我意識到你們相當謹慎並專注於您的過渡，但是從 NAND 的支出角度來看，您需要看到什麼才能變得建設性 - 抱歉，保守？

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.

因此，我認為，對於 DRAM 和 NAND，我認為對於美光來說，在供應增長、資本支出投資方面持續保持紀律性以管理我們的供應增長是極其重要的。在復合年增長率的基礎上符合行業需求增長預期。這就是我們關注的重點，因為這是在我們的投資中產生投資回報率的最佳方式。

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.

我們對我們的資本支出紀律以及我們對通過增加我們的份額來推動業務盈利能力的關注感到非常好，不僅僅是追逐比特份額，而是增加行業的利潤份額。這就是我們專注於差異化解決方案的地方，無論是在 NAND 還是在 DRAM 中，以鞏固我們的地位，加強產品組合的組合，是我們戰略的重要組成部分。但就資本支出的討論而言，它始終是關於供應增長的真正紀律，與需求增長保持一致。

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

我們的最後一個問題來自 RBC Capital Markets 的 Mitch Steves。

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.

我想雙擊一個。我相信你會在所有這些回調中得到這個。因此，當您談論第二季度的 DRAM 影響時——或者抱歉，第二季度指南，您能否向我們介紹一下影響的大小，即 31% 的中點中有多少受到了負面影響動態隨機存取存儲器？任何形式的定性答案都會非常有幫助。其次，因為它涉及到 NAND，聽起來你們在那裡有點謹慎。

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?

考慮到由於產品週期的變化，我們將看到第一季度的增長，您能否談談你們對智能手機市場的期望？但是，我們應該如何考慮你們現在看到的 2H、日曆 2H 智能手機需求呢？

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。所以我會回答第一個問題，Sanjay 會回答智能手機問題。因此，是的，當然，與這種中斷相關的第二季度成本影響或將產生成本影響。我不會說它是巨大的。它以數十個基點衡量，而不是我們在本季度考慮的數百個基點。

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.

而關於智能手機內容的增長，當然，隨著 5G 的發展，智能手機的平均內容將繼續增加。我們過去曾談到——即使在某些手機中，智能手機中的 DRAM 內容如何達到 8 GB 到 12 到 16 GB，智能手機市場的平均內容增長將達到兩位數。再說一次，在智能手機中，我認為重要的是要了解，這不僅與 5G 的數量增加有關，而且是 20 年日曆年的兩倍多，比 21 年日曆年增加了一倍以上，從 20 年的 2.5 億部 5G 智能手機增加到 500 部2021 年超過百萬，但這些 5G 手機中 DRAM 的平均含量也在增加。因此，這對智能手機市場的 DRAM 需求增長產生了多重影響。

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.

如果你看一下未來 3 年左右 DRAM 內容的 CAGR，智能手機市場的平均內容增長的 CAGR 在兩位數範圍內。因此，智能手機將繼續成為一個強勁的市場，我們的 NAND 和 DRAM 組合非常適合應對智能手機市場不斷增長的機遇。我們在本次財報電話會議準備好的評論中提到，我們的 MCP 收入、具有包括 DRAM 和 NAND 的多芯片封裝的 MCP，我們在成為 DRAM 和 NAND 的製造商方面處於非常有利的地位。該收入——MCP 收入在我們的第一財季時間框架內創下了紀錄。

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，智能手機繼續保持強勁，是 DRAM 和 NAND 的最大市場，我們在這方面確實處於有利地位，並對這裡的機會感到非常興奮，包括推出我們行業領先的 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。感謝您的參與，您現在可以斷開連接。