美光科技 (MU) 2020 Q4 法說會逐字稿

Good afternoon. My name is Sherri, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Micron's Fourth Quarter 2020 Financial Release Conference Call. (Operator Instructions)

午安.我是Sherri，今天將擔任本次會議的主持人。現在，我謹代表美光科技，歡迎各位參加2020年第四季財務業績發布電話會議。 （操作說明）

It is now my pleasure to turn the floor over to your host, Farhan Ahmad, Vice President of Investor Relations. You may begin your conference.

現在我很高興把發言權交給主持人，投資者關係副總裁法爾漢·艾哈邁德先生。會議可以開始了。

Thank you, and welcome to Micron Technology's Fiscal Fourth Quarter 2020 Financial Conference Call. On the call with me today are Sanjay Mehrotra, President and CEO; and Dave Zinsner, Chief Financial Officer.

謝謝，歡迎參加美光科技2020財年第四季財務電話會議。今天與我一同參加會議的有總裁兼執行長桑傑·梅赫羅特拉（Sanjay Mehrotra）和首席財務長戴夫·津斯納（Dave Zinsner）。

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.

今天的電話會議時長約為 60 分鐘。本次電話會議（包括音訊和幻燈片）也將透過我們的投資者關係網站 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提交的發言稿。

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

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金融會議的相關信息。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 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. Although we believe that the expectation 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 statement after today's date to conform these statements to actual 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。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，其中討論了可能影響我們未來業績的風險。儘管我們認為前瞻性陳述中反映的預期是合理的，但我們無法保證未來的績效、活動水準、表現或成就。我們沒有義務在今天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, everyone. Micron delivered solid fiscal fourth quarter revenue and profitability driven by strength in DRAM shipments to cloud, PC and game console customers.

謝謝法爾漢。大家下午好。美光科技第四財季營收和獲利能力穩健，這主要得益於雲端服務、PC 和遊戲主機客戶的 DRAM 出貨量強勁成長。

As I reflect on the fiscal year 2020 accomplishments, I'm extremely proud of our Micron team whose dedication and tenacity enabled the new Micron to deliver customer value and healthy financial results throughout fiscal 2020.

回顧 2020 財年的成就，我為美光團隊感到無比自豪，他們的奉獻精神和堅韌不拔的精神使新的美光在整個 2020 財年實現了客戶價值和健康的財務業績。

In DRAM, we introduced the industry's first 1z nanometer node. We were first to market with mobile LP5 products and shattered industry performance records with our graphics GDDR6X innovation.

在DRAM領域，我們推出了業界首個1z奈米製程節點。我們率先將行動LP5產品推向市場，並憑藉GDDR6X圖形技術的創新，打破了業界性能記錄。

In NAND, we began shipping our first replacement gate-based products and drove significant increases in our QLC mix. In addition, in fiscal Q4, we already achieved our high-value solutions mix target. We are entering fiscal 2021 with momentum in our product portfolio and confidence in our technology road map and manufacturing capabilities.

在NAND快閃記憶體領域，我們已開始出貨首批基於閘極的替代產品，並顯著提升了QLC快閃記憶體的佔比。此外，在第四財季，我們已實現高價值解決方案的佔比目標。進入2021財年，我們憑藉著強勁的產品組合勢頭、對技術路線圖和製造能力的信心，穩步邁入新的發展階段。

This year, COVID-19 presented a real-life stress test of the New Micron's resilience. Thanks in large part to the commitment and innovation of our team members around the globe, we continued to operate our fabs at normal capacity and achieved record production from our assembly and test facilities in Xian, Taiwan and Singapore. Stringent industry-leading safety protocols have enabled us to gradually return to work on site. As of today, almost 3/4 of Micron team members are back on site, with our manufacturing operations running close to fully staffed levels.

今年，新冠疫情對美光科技的韌性構成了嚴峻的考驗。由於全球團隊成員的奉獻和創新，我們得以維持晶圓廠的正常產能運轉，並在西安、台灣和新加坡的組裝和測試工廠實現了創紀錄的產量。嚴格的行業領先安全規程使我們能夠逐步恢復現場工作。截至目前，近四分之三的美光團隊成員已返回工作崗位，我們的生產營運已接近滿員狀態。

The New Micron is also making solid progress toward our goals to bring differentiated industry-leading products to our customers and to improve our product mix and cost structure so that we can grow our share of industry profits, all while maintaining stable bit share.

新美光也在朝著我們的目標穩步前進，即為我們的客戶帶來差異化的行業領先產品，並改進我們的產品組合和成本結構，以便我們能夠提高在行業利潤中的份額，同時保持穩定的市場份額。

In DRAM, we are leading the industry in 1z nanometer production mix, and this node was a significant contributor to our fiscal fourth quarter sales. We are making good progress on our next-generation 1-alpha node, which remains on track for the introduction in fiscal 2021.

在DRAM領域，我們在1z奈米製程的生產組合方面處於行業領先地位，該過程節點對我們第四財季的銷售貢獻顯著。我們的下一代1-alpha流程節點也進展順利，預計2021財年按計畫推出。

We are further strengthening our DRAM product portfolio. This quarter, we announced GDDR6X, the world's fastest discrete graphics memory solution and the first to power system bandwidth up to 1 terabyte per second. GDDR6X is a great example of close customer collaboration on differentiated technology that significantly improves the end user experience. Our innovative GDDR6X memory is featured in the NVIDIA GeForce RTX 3090 and 3080 graphics cards that deliver an immersive real-life gaming experience.

我們正在進一步加強DRAM產品組合。本季度，我們發表了GDDR6X，這是目前全球速度最快的獨立顯示卡記憶體解決方案，也是首款能夠支援高達1TB/s系統頻寬的產品。 GDDR6X是與客戶緊密合作開發差異化技術，大幅提升終端使用者體驗的絕佳範例。我們創新的GDDR6X記憶體已應用於NVIDIA GeForce RTX 3090和3080顯示卡，帶來身臨其境的逼真遊戲體驗。

Our strength in graphics DRAM also positions us well for the data center market, where growth in GPU computing is being driven by AI workloads. We're also excited about our progress with high-bandwidth memory to serve the fast-growing AI market and remain on track to commence volume shipments by the end of this year.

我們在圖形DRAM領域的優勢也使我們在資料中心市場佔據有利地位，人工智慧工作負載正在推動GPU運算的成長。此外，我們在高頻寬記憶體方面取得的進展也令我們倍感振奮，這些進展將服務於快速成長的人工智慧市場，我們將繼續按計劃在今年年底前開始批量出貨。

In NAND, we are on track for a replacement gate to make up a meaningful portion of our NAND output by the end of calendar 2020. Our 128-layer first-generation RG NAND technology entered volume production in fiscal Q3 2020. And in fiscal Q4, we began shipping RG-based consumer SSDs.

在NAND快閃記憶體方面，我們正按計畫推進，到2020年底，替代閘極將佔據我們NAND快閃記憶體產量的相當大一部分。我們的128層第一代RG NAND技術已於2020財年第三季投入量產。在第四財季，我們開始出貨基於RG技術的消費級固態硬碟。

We are also making good progress on our second-generation RG node, which we expect to introduce into volume production during fiscal 2021. This industry-leading technology will be broadly deployed across our product portfolio and drive NAND cost reduction later in fiscal 2021 and into fiscal 2022.

我們在第二代RG節點方面也取得了良好進展，預計在2021財年投入量產。這項業界領先的技術將在我們的產品組合中廣泛應用，並在2021財年後期和2022財年推動NAND成本的降低。

We're also driving product innovations and cost reductions through an increased mix of QLC NAND. Our QLC innovations offer PC customers a more cost-effective, high-capacity SSD solution and data center customers a highly effective HDD replacement option with a compelling value proposition. We are leading the industry with the broadest portfolio of QLC SSDs across client, consumer and data center and are seeing QLC adoption accelerate. Our mix of QLC SSD bits more than doubled quarter-over-quarter, surpassing our expectations.

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。我們的QLC創新為PC用戶提供更具成本效益的高容量固態硬碟解決方案，並為資料中心用戶提供極具價值的高效能硬碟替代方案。我們擁有業界最廣泛的QLC固態硬碟產品組合，涵蓋客戶端、消費級和資料中心領域，且QLC的普及速度正在加快。我們的QLC固態硬碟佔比季成長超過一倍，超出預期。

Fiscal 2020 has been an extraordinary year for our high-value solutions, which now make up around 80% of our quarterly NAND bits, achieving the goal we had set for ourselves ahead of schedule. We are now intensifying our focus on profitability enhancement through further improvements to our product mix within our high-value solutions portfolio. Over the next several quarters, we will be introducing a slate of new SSD and mobile NAND products that leverage increased vertical integration using our internally developed controllers and our industry-leading second-generation replacement gate TLC and QLC technology.

2020財年對我們的高價值解決方案而言是意義非凡的一年，目前其銷量已佔季度NAND快閃記憶體總量的約80%，提前實現了我們設定的目標。現在，我們將更加專注於透過進一步優化高價值解決方案產品組合來提升獲利能力。在接下來的幾個季度裡，我們將推出一系列全新的SSD和行動NAND產品，這些產品將充分利用我們自主研發的控制器以及業界領先的第二代TLC和QLC替代閘極技術，實現更高的垂直整合度。

Turning to end markets. Fiscal 2020 was a strong year for our SSD business. We expanded our NVMe portfolio and continued our SATA market leadership. Fiscal Q4 SSD revenue almost doubled year-over-year, led by data center SSD sales. Client SSD average capacities grew almost 30% quarter-over-quarter driven by QLC growth. Consumer SSD had another record quarter in volume shipped, with NVMe bits more than doubling quarter-over-quarter.

轉向終端市場。 2020財年對我們的固態硬碟業務來說是強勁的一年。我們擴展了NVMe產品組合，並持續維持SATA市場的領先地位。第四財季固態硬碟營收年增近一倍，主要得益於資料中心固態硬碟的銷售成長。受QLC固態硬碟成長的推動，客戶端固態硬碟的平均容量較上季成長近30%。消費級固態硬碟的出貨量再次創下季度新高，其中NVMe容量較上季成長超過一倍。

Turning to data center memory and networking. The data center market continues to be a growth engine for Micron. And this year, COVID-19 accelerated this growth, specifically in cloud. Leveraging our industry-leading 1z DRAM, Micron executed well to drive robust sequential growth in cloud DRAM bit shipments, which more than doubled year-over-year in fiscal Q4. Meanwhile, traditional on-premise enterprise demand was weaker in fiscal Q4 with lower IT investment from businesses due to the impact of the pandemic. Looking ahead, the data center market is expected to start its transition to DDR5 in the second half of fiscal 2021, and we have begun sampling DDR5 server modules to customers.

轉向資料中心記憶體和網路。資料中心市場一直是美光科技的成長引擎。今年，新冠疫情加速了這一成長，尤其是在雲端領域。憑藉著業界領先的 1z DRAM 技術，美光科技成功推動了雲端 DRAM 位元出貨量的強勁成長，第四財季年增超過一倍。同時，受疫情影響，企業 IT 投資減少，導致第四財季傳統本地企業需求疲軟。展望未來，資料中心市場預計將於 2021 財年下半年開始向 DDR5 過渡，我們已開始向客戶提供 DDR5 伺服器模組樣品。

In networking, 5G deployments, particularly in Asia, drove healthy DRAM bit growth quarter-over-quarter. In mobile, Micron is well positioned to win in the 5G era as a supplier to all the major smartphone manufacturers with an outstanding portfolio of industry-leading low-power DRAM and managed NAND solutions. We have been diversifying and broadening our mobile business for some time and achieved a record number of design wins in fiscal Q4. We are also excited about our product momentum in mobile MCP solutions, which combine DRAM and NAND solutions into one efficient package.

在網路領域，5G部署，尤其是在亞洲的部署，推動了DRAM位元容量的環比健康成長。在行動領域，美光憑藉其業界領先的低功耗DRAM和可管理NAND解決方案，作為所有主流智慧型手機製造商的供應商，在5G時代佔據了有利地位。我們一直在推動行動業務的多元化和拓展，並在第四財季取得了創紀錄的設計訂單數量。我們對行動MCP解決方案的產品發展勢頭也感到非常振奮，該方案將DRAM和NAND解決方案整合到一個高效的封裝中。

The smartphone market has been impacted by the pandemic in a meaningful way in calendar 2020. But as we look ahead to calendar 2021, we expect a rebound in smartphone unit volumes, coupled with robust average capacity growth across both DRAM and NAND solutions. 5G handset volumes could grow to approximately 500 million units in 2021 from around 200 million units in calendar 2020, and these 5G products feature higher memory and storage content to enable enhanced consumer experiences.

2020年，智慧型手機市場受到疫情的顯著影響。但展望2021年，我們預期智慧型手機銷售將反彈，同時DRAM和NAND快閃記憶體的平均容量也將強勁成長。 5G手機的銷售量預計將從2020年的約2億部成長到2021年的約5億部，這些5G產品將配備更大的記憶體和儲存容量，從而提升用戶體驗。

In the PC market, the work-from-home trend drove strong demand for notebooks with pockets of nonmemory component shortages in the supply chain. Desktop PC sales are weak due to pandemic-driven changes to customer buying patterns.

在PC市場，居家辦公趨勢推動了筆記型電腦的強勁需求，但供應鏈中也出現了一些非記憶體組件的短缺。由於疫情改變了消費者的購買習慣，桌上型電腦的銷售則較為疲軟。

In graphics, GDDR6 shipments to support next-generation gaming consoles, in addition to the initial shipments of our breakthrough GDDR6X product, helped drive strong quarter-over-quarter and year-over-year bit growth. We expect this market to drive growth for us in fiscal 2021.

在圖形領域，為支援下一代遊戲主機而推出的 GDDR6 出貨量，以及我們突破性 GDDR6X 產品的首批出貨量，共同推動了季度環比和年度比特數的強勁增長。我們預計該市場將在 2021 財年繼續推動我們的成長。

DRAM and NAND content growth continues to be a secular trend in the automotive market supported by advanced infotainment systems and increased automation in cars. COVID-19 has significantly impacted both auto production and demand in fiscal 2020, but we saw a strong recovery towards the end of fiscal Q4 and expect sequential growth in sales of our products into the automotive market in F Q1.

在先進的車載資訊娛樂系統和日益增強的汽車自動化技術的推動下，DRAM 和 NAND 快閃記憶體含量的成長仍然是汽車市場的長期趨勢。新冠疫情對 2020 財年的汽車生產和需求都造成了顯著影響，但我們在第四財季末看到了強勁的復甦，並預計第一財季汽車市場產品的銷售額將環比增長。

Economic recovery from the sharp recession in calendar Q2 is underway, but the pace has been limited by the continuation of the pandemic. Smartphone, auto and consumer end markets have started to recover, and we see further demand improvements ahead. Cloud and laptop demand continues to be healthy, supported by the work-from-home and shop-from-home trends. Gaming demand is robust. However, our short-term outlook has weakened due to a combination of factors. First, the ongoing pandemic is taking a toll on certain segments of the economy. Consequently, enterprise demand has weakened due to lower IT spending and somewhat higher inventories at certain customers.

經濟正從第二季的嚴重衰退中復甦，但復甦步伐受到疫情持續的影響。智慧型手機、汽車和消費品終端市場已開始復甦，我們預計未來需求將進一步改善。受居家辦公和居家購物趨勢的支撐，雲端服務和筆記型電腦的需求仍然強勁。遊戲需求也十分旺盛。然而，由於多種因素的共同作用，我們的短期前景有所減弱。首先，持續的疫情對部分經濟領域造成了衝擊。因此，由於IT支出減少以及部分客戶的庫存略有增加，企業需求減弱。

In addition, due to the previously announced U.S. administration restrictions on Huawei, we halted shipments to Huawei on September 14. Huawei has been a large customer at approximately 10% of fiscal Q4 sales. Given that we only had 1-month notice before halting shipments, we had limited ability to shift supply to other customers. As a result, we expect a negative impact to fiscal Q1 sales and to a lesser extent, fiscal Q2 sales. Our well-established relationships with mobile customers worldwide will allow us to offset the impact of these restrictions by the end of fiscal Q2.

此外，由於美國政府先前宣布對華為實施限制，我們於9月14日停止向華為出貨。華為是我們第四財季銷售額的重要客戶，約占我們第四財季銷售額的10%。鑑於我們僅提前一個月收到停止發貨的通知，我們轉移供應給其他客戶的能力有限。因此，我們預期第一財季銷售額將受到負面影響，第二財季銷售額受到的影響較小。我們與全球行動客戶建立了穩固的合作關係，這將使我們能夠在第二財季末抵消這些限制措施的影響。

Now turning to our industry outlook. We now estimate that calendar 2020 industry DRAM bit demand growth is likely to be in the mid-teens percent range, while NAND bit demand growth is likely to be in the mid-20s. Due to the shift of industry production capacity to a more efficient 16-gigabit die, we are seeing industry supply constraints for 8-gigabit-based DRAM products. We are optimistic that overall market demand will improve throughout calendar 2021 following the seasonal patterns of the first calendar quarter.

現在我們來談談產業展望。我們預計2020年全年DRAM位需求成長率可能在15%左右，而NAND位需求成長率可能在20%左右。由於產業產能正轉向更有效率的16Gb晶片，我們看到8Gb DRAM產品面臨產業供應瓶頸。我們樂觀地認為，隨著第一季季節性規律的延續，2021年全年整體市場需求將會改善。

We are very excited by the combination of growth drivers coming into alignment for the industry for calendar 2021. These growth drivers include: economic recovery from the pandemic; new CPU architectures, which are enabling higher server content; cloud, AI and machine learning growth; robust mobile demand driven by 5G; and strength in gaming and automotive.

我們對2021年產業成長動力的共同作用感到非常興奮。這些成長動力包括：疫情後的經濟復甦；能夠實現更高伺服器容量的新型CPU架構；雲端運算、人工智慧和機器學習的成長；5G驅動的強勁行動需求；以及遊戲和汽車產業的強勁表現。

We expect calendar 2021 industry DRAM bit demand growth of approximately 20%. We further expect that disciplined industry CapEx will result in improving DRAM market conditions and industry profitability throughout calendar 2021.

我們預計2021年全年DRAM產業位需求成長約20%。我們也預計，在2021年全年，產業資本支出控制得當將改善DRAM市場狀況並提升產業獲利能力。

Calendar 2021 industry NAND bit demand growth is expected to be approximately 30%. Unless industry CapEx moderates from current levels or demand exceeds our expectations, we see a risk of challenging NAND industry profitability levels.

預計2021年NAND快閃記憶體產業位需求成長率約30%。除非產業資本支出從目前的水平有所放緩，或者需求超出我們的預期，否則我們認為NAND快閃記憶體產業的獲利水準將面臨挑戰。

Turning to Micron supply. We target our 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. For example, we expect our DRAM bit supply growth to be above industry demand in calendar 2020, but to moderate to less than industry demand in calendar 2021.

接下來談談美光的供應情況。我們的目標是讓DRAM和NAND快閃記憶體的位級供應成長率與產業位級需求成長率保持一致。然而，由於製程節點轉換時間的影響，可能會出現年度波動。例如，我們預計2020年DRAM位級供應成長率將高於產業需求，但2021年將放緩至低於產業需求。

In NAND, we expect our bit supply growth in calendar 2020 to be well below the industry demand due to our ongoing RG transition. In calendar 2021, we expect our NAND bit supply growth to be somewhat below the industry demand, and we plan to use inventory to support a bit shipment growth that is in line with the industry demand.

由於我們正在進行RG過渡，預計2020年NAND快閃記憶體的位元供應成長將遠低於產業需求。預計2021年NAND快閃記憶體的位元供應成長將略低於產業需求，我們將利用庫存來支援位元出貨量成長，使其與產業需求保持一致。

For fiscal 2021, we expect DRAM cost reduction in the mid-single-digit percent range with somewhat higher levels of cost reduction on a like-for-like basis. Our higher mix of LP5 graphics and our early ramp of high-bandwidth memory will impact overall DRAM costs. We anticipate NAND cost reduction in the low to mid-teens percent range even after accounting for the cost impact of our mix shift as we continue our focus on optimizing our high-value solutions portfolio.

2021財年，我們預期DRAM成本將降低個位數百分比，在同等條件下，成本降低幅度可能更高。 LP5圖形晶片佔比的提高以及高頻寬記憶體的早期量產將對整體DRAM成本產生影響。即使考慮到產品組合調整的成本影響，我們預計NAND快閃記憶體成本仍將降低十幾到十幾個百分點，因為我們將繼續專注於優化高價值解決方案組合。

We are targeting fiscal 2021 CapEx to be approximately $9 billion to support our long-term goal of maintaining stable share of industry bit supply, which will be achieved through node transitions alone and without a net increase to wafer starts. This CapEx target is significantly lower than our pre-COVID expectations, and this reflects our continued commitment to exercise supply discipline while staying focused on deploying our leading-edge technology nodes, which deliver strong ROI. Within this CapEx envelope, fab building CapEx will remain elevated relative to historical levels. We are also continuing investments in back-end assembly and test capacity that do not impact bit growth but have strong ROI. Should demand expectations change, we remain flexible to adjust our bit supply growth to align with bit demand growth using CapEx and utilization as levers.

我們2021財年的資本支出目標約為90億美元，旨在支持我們長期目標－維持產業晶片供應份額的穩定。這一目標將僅透過節點轉換實現，無需增加晶圓開工量。此資本支出目標遠低於新冠疫情前的預期，體現了我們持續致力於嚴格控制供應，同時專注於部署我們領先的技術節點，從而實現強勁的投資回報率。在這資本支出範圍內，晶圓廠建設的資本支出將維持在高於歷史水準的水準。我們也將繼續投資於後端組裝和測試產能，這些投資不會影響晶片產量成長，但同樣具有強勁的投資報酬率。如果市場需求預期發生變化，我們將靈活調整晶片供應成長，以適應晶片需求成長，並利用資本支出和產能利用率作為調節手段。

Despite COVID-19's broad impact on our lives and the business environment, we believe it has accelerated demand growth in some parts of the markets we serve. This is certainly true in cloud deployments, where some trends that would have taken 2 to 4 years to develop have been accelerated into months and will likely persist into the future. As we look ahead, we remain extremely excited about the growth and health of our diverse end markets, which will benefit from powerful secular technology trends, including AI, 5G and IoT. These trends will enable the data economy and increase the importance of DRAM and NAND, supporting a long-term DRAM bit demand growth CAGR of mid- to high teens and a NAND bit demand growth CAGR of approximately 30%.

儘管新冠疫情對我們的生活和商業環境產生了廣泛影響，但我們相信它加速了我們所服務部分市場的需求成長。雲端部署領域尤其如此，一些原本需要2到4年才能形成的趨勢，如今在短短幾個月內就得以實現，並且很可能會持續下去。展望未來，我們對多元化終端市場的成長和發展前景仍然充滿信心，這些市場將受益於人工智慧、5G和物聯網等強勁的長期技術趨勢。這些趨勢將推動數據經濟的發展，並提升DRAM和NAND快閃記憶體的重要性，進而支撐DRAM位需求長期複合年增長率達到15%至10%左右，NAND位需求複合年增長率達到約30%。

I'll 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. We generated solid results in the fiscal fourth quarter, with revenue and earnings per share coming in above the midpoint of our guided range despite significant demand variability as customers continue to react to the impacts of COVID-19.

謝謝，桑傑。儘管受新冠疫情影響，客戶需求波動較大，但我們第四財季的業績依然穩健，營收和每股收益均高於我們預期範圍的中位數。

Total F Q4 revenue was approximately $6.1 billion, up 11% sequentially and 24% year-over-year. As a reminder, our F Q4 results reflect a 14-week quarter, and the extra week contributed to revenues, costs and expenses for the quarter. Sequential revenue growth was led by strong DRAM shipments. Revenue was back-end loaded based on timing of customer demand. For the fiscal year 2020, total revenue was $21.4 billion, down 8% from the prior fiscal year.

第四財季總營收約61億美元，較上季成長11%，較去年同期成長24%。需要注意的是，我們的第四財季業績反映的是14週的季度數據，多出的一周也計入了該季度的營收、成本和費用。營收環比成長主要得益於DRAM出貨量的強勁成長。營收成長主要受顧客需求時間的影響，呈現後段集中分佈的趨勢。 2020財年全年總營收為214億美元，較上一財年下降8%。

F Q4 DRAM revenue was $4.4 billion, representing 72% of total revenue. DRAM revenue increased 22% sequentially and 29% year-over-year. Bit shipments were up in the mid-20% range sequentially, and ASPs were down in the low single-digit percent range quarter-over-quarter. For the fiscal year, DRAM revenue was $14.5 billion, representing 68% of total revenue. DRAM revenue declined 14% from the prior fiscal year.

第四財季DRAM營收為44億美元，佔總營收的72%。 DRAM營收季增22%，較去年同期成長29%。位出貨量較上季成長20%左右，平均售價較上季下降個位數百分比。本財年DRAM營收為145億美元，佔總營收的68%。 DRAM營收較上財年下降14%。

F Q4 NAND revenue was approximately $1.5 billion, representing 25% of total revenue. NAND revenue declined 8% sequentially and was up 27% year-over-year. Bit shipments were approximately flat sequentially, and ASPs declined in the upper single-digit percent range quarter-over-quarter. For the fiscal year, NAND revenue was $6.1 billion, representing 29% of total revenue. NAND revenue increased 14% from the prior fiscal year.

第四財季NAND快閃記憶體營收約15億美元，佔總營收的25%。 NAND快閃記憶體營收季減8%，年增27%。比特出貨量較上季持平，平均售價季減幅度在個位數百分比範圍內。本財年，NAND快閃記憶體營收為61億美元，佔總營收的29%。 NAND快閃記憶體營收較上財年成長14%。

Now turning to our revenue trends by business unit. Revenue for the Compute and Networking Business Unit was approximately $3 billion, up approximately 36% sequentially and up 59% year-over-year. CNBU revenue was driven by continued strength in the cloud and client segments following the work-from-home infrastructure build-out as well as growth in demand from gaming consoles. For the fiscal year, CNBU revenue was $9.2 billion, down 8% from the prior fiscal year.

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（CNBU）的營收約30億美元，季增約36%，較去年同期成長59%。 CNBU的營收成長主要得益於居家辦公室基礎設施建設後雲端業務和用戶端業務的持續強勁成長，以及遊戲主機需求的成長。本財年，CNBU的營收為92億美元，較上一財年下降8%。

Revenue for the Mobile Business Unit was $1.5 billion, down 4% sequentially and up 4% year-over-year. For the fiscal year, MBU revenue was $5.7 billion, down 11% from fiscal 2019.

行動業務部門營收為15億美元，季減4%，較去年同期成長4%。本財年，行動業務部門營收為57億美元，較2019財年下降11%。

Revenue for the Storage Business Unit was $913 million, down 10% from F Q3 and up 8% year-over-year. For the fiscal year, SBU revenue was $3.8 billion, down 2% from fiscal 2019.

儲存業務部門營收為9.13億美元，較第三財季下降10%，較去年同期成長8%。本財年，該業務部門營收為38億美元，較2019財年下降2%。

Finally, revenue for the Embedded Business Unit was $654 million, down 3% sequentially and down 7% year-over-year. Demand continued to be below historical levels due to the impact from COVID-19. Exiting the quarter, we began to see a sharp recovery in auto and consumer market demand, while industrial markets remained lackluster. For the fiscal year, EBU revenue was $2.8 billion, down 12% from fiscal 2019.

最後，嵌入式業務部門的營收為6.54億美元，季減3%，年減7%。受新冠疫情影響，市場需求持續低於歷史水準。本季末，汽車和消費市場需求開始出現強勁復甦，而工業市場依然低迷。本財年，嵌入式業務部門的營收為28億美元，較2019財年下降12%。

The consolidated gross margin for F Q4 was 34.9%, up approximately 170 basis points from the prior quarter. Sequential gross margin improvement was driven by solid DRAM cost execution, which benefited from our 1z ramp. The impact of underutilization at our Lehigh fab was $135 million or approximately 220 basis points in F Q4. We expect underutilization to gradually decline through fiscal 2021 as we redeploy equipment and continue to rightsize our capacity.

第四財季綜合毛利率為34.9%，較上一季成長約170個基點。毛利率環比提升主要得益於DRAM成本控制的穩健，這得益於我們1z晶片的量產。第四財季，我們位於利哈伊的晶圓廠產能利用率不足造成1.35億美元的損失，約合220個基點。我們預計，隨著設備重新部署和產能的持續優化，產能利用率不足的情況將在2021財年逐步改善。

Operating expenses were $809 million in F Q4. While we've taken action over the past several quarters to control our operating expenses, we expect operating expenses to increase over the course of fiscal 2021 as we make several investments in R&D to fund technology spending and to further grow and improve our product portfolio. F Q4 operating income was $1.3 billion, resulting in an operating margin of 21.5% compared to 18% in the prior quarter and 14% in the prior year.

2021財年第四季營運支出為8.09億美元。儘管過去幾季我們已採取措施控制營運支出，但隨著我們在研發方面進行多項投資，以資助技術支出並進一步拓展和改進我們的產品組合，我們預計2021財年營運支出將會增加。第四季營業收入為13億美元，營業利益率為21.5%，高於上一季的18%和去年同期的14%。

Net interest expense increased to $31 million compared to $24 million of net interest expense in the prior quarter. The increase was due to the lower yields on our cash investments, which reduced interest income. We expect net interest expense to increase modestly to approximately $35 million in F Q1.

淨利息支出增加至3,100萬美元，而上一季為2,400萬美元。成長的原因是現金投資收益率下降，導致利息收入減少。我們預計第一財季淨利息支出將小幅增加至約3,500萬美元。

Our F Q4 effective tax rate was 3.6%, which benefited from approximately $16 million of onetime items. Going forward into fiscal 2021, we expect our tax rate to be in the high single-digit range.

我們第四財季的實際稅率為3.6%，這主要得益於約1,600萬美元的一次性項目。展望2021財年，我們預期稅率將維持在個位數高點。

Non-GAAP earnings per share in F Q4 were $1.08, up from $0.82 in F Q3 and $0.56 in the year-ago quarter. For the fiscal year, EPS was $2.83, down from $6.35 in fiscal 2019.

第四財季非GAAP每股收益為1.08美元，高於第三財季的0.82美元及去年同期的0.56美元。本財年全年每股收益為2.83美元，低於2019財年的6.35美元。

Turning to cash flows and capital spending. We generated $2.3 billion in cash from operations in fiscal Q4, representing 38% of revenue. For the fiscal year, we generated $8.3 billion in cash from operations, down from $13.2 billion in the prior fiscal year. Net capital spending was approximately $2.2 billion during the quarter and approximately $7.9 billion for the fiscal 2020.

接下來談談現金流和資本支出。第四財季，我們的經營活動現金流為23億美元，佔總營收的38%。本財年全年，我們的營運活動現金流為83億美元，低於上一財年的132億美元。本季淨資本支出約22億美元，2020財年全年淨資本支出約79億美元。

Our future CapEx plans have come down versus our pre-COVID expectations. We now expect fiscal 2021 CapEx of approximately $9 billion. This CapEx investment will support our 1-alpha DRAM and second-generation replacement gate NAND ramps. NAND and back-end equipment CapEx will increase year-on-year, while DRAM equipment CapEx will be roughly flat year-on-year. These investments will skew our CapEx spending towards the first 2 quarters of the fiscal year. As a result, we expect capital spending to outpace our operating cash flow in F Q1 and F Q2. We expect to return to healthy free cash flow levels in the second half of the fiscal year as we benefit from improved market conditions, declining costs and lower capital spending.

我們未來的資本支出計畫已較疫情前的預期有所下調。目前，我們預計2021財年的資本支出約為90億美元。這項資本支出投資將用於支持我們的1-alpha DRAM和第二代替換柵極NAND快閃記憶體的產能爬坡。 NAND快閃記憶體和後端設備的資本支出將年增，而DRAM設備的資本支出將與上年基本持平。這些投資將使我們的資本支出集中在本財年的前兩個季度。因此，我們預計第一財季和第二財季的資本支出將超過我們的營運現金流。我們預計，隨著市場環境的改善、成本的下降和資本支出的減少，我們將在本財年下半年恢復到健康的自由現金流水準。

Free cash flow in the quarter was $111 million compared to $101 million in the prior quarter. This represents the 15th consecutive quarter of positive free cash flow. For the fiscal year, we generated $361 million of free cash flow.

本季自由現金流為1.11億美元，高於上一季的1.01億美元。這是公司連續第15季實現正自由現金流。本財年，公司共產生3.61億美元自由現金流。

We repurchased approximately 824,000 shares for $41 million in F Q4 at an average price of $49.91. In the fiscal year 2020, we've returned $176 million of capital through repurchases, representing approximately 50% of our free cash flow. Combining the convert premiums and share repurchases, we have used approximately $380 million or 105% of fiscal 2020 free cash flow toward reducing our fully diluted share count.

我們在第四財季以平均每股 49.91 美元的價格回購了約 82.4 萬股股票，總額達 4,100 萬美元。 2020 財年，我們透過股票回購返還了 1.76 億美元的資本，約佔自由現金流的 50%。將可轉換溢價和股票回購合併計算，我們已將約 3.8 億美元（佔 2020 財年自由現金流的 105%）用於減少完全稀釋後的股份數量。

Ending F Q4 inventory was $5.6 billion or 135 days versus 131 days last quarter. This is above our 110-day target due in part to elevated NAND inventory as we continue to transition to replacement gate. We're also holding higher levels of raw material inventory during this period of supply uncertainty. We expect inventory levels to normalize over the course of the fiscal year. We ended the quarter with total cash of $9.3 billion and total liquidity of approximately $11.8 billion, flat quarter-over-quarter. F Q4 ending total debt was $6.6 billion.

截至第四財季末，庫存為56億美元，相當於135天，高於上一季的131天。這高於我們設定的110天目標，部分原因是由於我們持續向替代閘極過渡，導致NAND快閃記憶體庫存較高。此外，在當前供應不確定時期，我們也維持了較高的原料庫存水準。我們預計庫存水準將在本財年內恢復正常。本季末，我們持有現金總額為93億美元，流動資金總額約118億美元，與上一季持平。第四財季末總債務為66億美元。

Now turning to our outlook. As a reminder, our fiscal first quarter will be a usual 13-week quarter, down from the 14 weeks in fiscal fourth quarter. We have started to see recovery in the mobile, auto and consumer markets, but the pace of recovery has been moderated by the continued impact of the pandemic and shortages of certain nonmemory components in some end markets. Enterprise demand is weak, and some of our customers may be carrying higher inventory. We continue to be disciplined on pricing, walking away from certain deals that are below our profitability targets.

現在談談我們的展望。提醒一下，我們的第一季將是一個正常的13週季度，比第四財季的14周有所縮短。我們已經開始看到移動、汽車和消費市場的復甦，但由於疫情的持續影響以及部分終端市場某些非儲存組件的短缺，復甦步伐有所放緩。企業需求疲軟，部分顧客可能持有較高的庫存。我們將繼續嚴格控制價格，放棄一些低於我們獲利目標的交易。

Compared to our fiscal Q4 results normalized to adjust for the extra week, we expect DRAM shipments to be relatively flat and NAND shipments to grow somewhat in the first half of fiscal 2021 due to market conditions and the impact of the Huawei restrictions. We face headwinds in our gross margins in the first half of fiscal 2021 due to a mix shift towards NAND revenue, our pricing assumptions in the near term driven by market conditions and temporarily higher cost related to our ramp of the first-generation replacement gate node and yield learning on new DRAM products such as graphics. We expect improved financial performance in the second half of the fiscal 2021 as we benefit from improved market conditions and declining costs.

與調整後的第四財季業績相比，受市場環境和華為限制措施的影響，我們預計2021財年上半年DRAM出貨量將保持相對平穩，而NAND出貨量將略有增長。由於NAND收入佔比增加、近期定價預期受市場環境影響以及第一代替代閘極節點產能爬坡和新型DRAM產品（例如圖形晶片）良率學習帶來的暫時性成本上升，我們2021財年上半年的毛利率將面臨不利影響。我們預計，隨著市場環境改善和成本下降，2021財年下半年財務表現將有所改善。

With all these factors in mind, our non-GAAP guidance for F Q1 is as follows: We expect revenue to be $5.2 billion, plus or minus $200 million; gross margin to be in the range of 27.5%, plus or minus 100 basis points; and operating expenses to be approximately $825 million, plus or minus $25 million.

考慮到所有這些因素，我們對第一財季的非GAAP業績指引如下：預計收入為52億美元，上下浮動2億美元；毛利率為27.5%，上下浮動100個基點；營運費用約為8.25億美元，上下浮動2,500萬美元。

Finally, based on a share count of approximately 1.15 billion fully diluted shares, we expect EPS to be $0.47, plus or minus $0.07.

最後，根據約 11.5 億股完全稀釋後的股份數量，我們預計每股收益為 0.47 美元，正負 0.07 美元。

In closing, Micron continues to execute well despite continued market uncertainty and geopolitical challenges. Against the backdrop of a severe global recession caused by COVID-19, Micron has delivered solid performance in fiscal 2020, with revenues 70% higher and operating margins 12 percentage points higher than fiscal 2016. As we assess our cross-cycle performance over the last 4 years, we have delivered average gross margins of 40%, EBITDA margins of 50% and return on invested capital of 20%. Our cross-cycle performance has benefited by the $9 billion in structural profitability improvements achieved from fiscal 2016 to fiscal 2019, and we intend to continue to improve our cost competitiveness in the coming years. Our strong technology, dramatically improved product portfolio and financial strength position us well to capitalize on the long-running demand trends driving the memory and storage industry.

綜上所述，儘管市場持續存在不確定性，且面臨地緣政治挑戰，美光仍保持良好的表現。在新冠疫情引發的全球經濟衰退背景下，美光在2020財年取得了穩健的業績，營收較2016財年增長70%，營業利潤率提升12個百分點。回顧過去四年，我們的平均毛利率為40%，EBITDA利潤率為50%，投資報酬率為20%。 2016財年至2019財年間，公司獲利能力實現了90億美元的結構性提升，這大大促進了我們整體業績的成長。未來幾年，我們將持續提升成本競爭力。憑藉強大的技術實力、顯著改善的產品組合以及雄厚的財務實力，我們能夠充分掌握推動記憶體和儲存產業長期需求成長的趨勢。

I'll 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. The positive momentum in our financial performance in calendar year 2020 has been interrupted by the unprecedented combination of a global pandemic and U.S. restrictions on shipments to Huawei. As we look towards the second half of fiscal 2021, we expect that the underlying momentum in our product portfolio and secular industry drivers such as AI and 5G will drive materially better financial and business performance.

謝謝戴夫。 2020年，我們財務表現的正面動能受到了全球疫情和美國對華為出貨限制這兩大前所未有的因素的衝擊。展望2021財年下半年，我們預期產品組合的潛在成長動能以及人工智慧和5G等產業長期發展趨勢將顯著改善財務和業務表現。

We are confident in the long-term growth trajectory of our industry. Memory and storage have become increasingly important across diverse end market applications, spanning from the data center to the edge and from business to consumer. Within this context, Micron is getting stronger, not only financially, as Dave indicated, but also competitively. Micron is transforming into a product leadership company that is trusted partner to our customers, both for differentiated solutions and for continuity of supply. We are confident that our upcoming node transitions, our strengthening product portfolio and deeper customer engagements will further enhance our competitive position.

我們對產業的長期成長前景充滿信心。記憶體和儲存技術在從資料中心到邊緣運算、從企業到消費者等各種終端市場應用的重要性日益凸顯。在此背景下，美光不僅如戴夫所言在財務方面實力增強，而且在競爭優勢方面也日益提升。美光正轉型成為一家產品領導企業，成為客戶值得信賴的合作夥伴，在差異化解決方案和持續供貨方面都力求卓越。我們相信，即將到來的製程節點升級、不斷增強的產品組合以及與客戶的深入合作將進一步提升我們的競爭地位。

Micron's transformation is taking place against a global backdrop of unprecedented environmental challenges. It is imperative that we are also environmentally responsible in our operations, and Micron is playing a leadership role in this area. Last month, we solidified our commitment to sustainability, announcing specific and measurable environmental sustainability goals for calendar 2022 and 2030. These commitments will be a milestone toward our aspirational goals of reducing absolute greenhouse gas emissions by 40% from our calendar 2018 baseline, transitioning to 100% renewable energy where available, conserving 100% of our water use and sending 0 waste to landfills. Reaching our goals will require investment. And as we have previously discussed, we plan to devote approximately 2% of annual capital expenditures to environmental sustainability initiatives, amounting to about $1 billion over the next 5 to 7 years.

美光轉型正值全球面臨前所未有的環境挑戰之際。我們必須在營運中承擔起環境責任，而美光也正在這方面發揮領導作用。上個月，我們重申了對永續發展的承諾，並宣布了2022年和2030年的具體且可衡量的環境永續發展目標。這些承諾將成為我們實現宏偉目標的重要里程碑，這些目標包括：在2018年基準的基礎上，將溫室氣體絕對排放量減少40%；在條件允許的情況下，實現100%使用可再生能源；節約用水；以及實現零廢棄物填埋。實現這些目標需要投資。正如我們之前所討論的，我們計劃在未來5到7年內，將年度資本支出的約2%用於環境永續發展項目，總額約為10億美元。

We will now open for questions.

現在開始接受提問。

(Operator Instructions) Our first question will come from Toshiya Hari with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Toshiya Hari。

Sanjay, in your prepared remarks, you noted your expectations for the DRAM market -- or the conditions there rather to improve in the second half of calendar '21. I guess I'm curious, in making that statement, what sort of assumptions you're making on the demand side as well as the supply side over the next couple of quarters. It appears as though you're seeing supply side cuts from not just yourselves but also from your peers. And if anything, the demand outlook in the server space remains fairly muted today. So do you expect server demand to remain weak and therefore, you're only expecting a recovery in the second half? Or what's sort of the key drivers in the timing of the recovery?

Sanjay，你在事先準備好的演講稿中提到，你對DRAM市場（或更確切地說是DRAM市場狀況）的預期會在2021年下半年有所改善。我很好奇，在做出這個表態時，你對未來幾季的需求和供給分別做了哪些假設？看起來，你不僅自身，而且同行也在削減供應。而且，目前伺服器領域的需求前景依然相當疲軟。那麼，你是否預期伺服器需求會持續低迷，因此預計只有下半年才會出現復甦？或者說，影響復甦時機的關鍵因素是什麼？

So first of all, let me just point out, you said recovery in the second half of calendar year '20. What we said is in the second half of our fiscal year '20. And DRAM, of course, the long-term drivers of growth are secular in nature. Trend of AI and 5G, of course, will be a continuing driver of growth. In the near term, as you know, our -- from an industry point of view, enterprise servers have been weak, and that's impacting the demand outlook.

首先，我想指出，您說的是2020年下半年復甦。我們指的是2020財年下半年。當然，DRAM的長期成長動力本質上是長期性的。人工智慧和5G的發展趨勢無疑將繼續推動成長。短期來看，如您所知，從行業角度來看，企業伺服器市場一直疲軟，這影響了市場需求前景。

And you also have to remember the context of the first half of the year. In the first half of calendar year 2020, as we had entered the year, we were definitely looking at strong demand trends building up through the year. The inventories, by and large, had normalized in the industry. And then we got hit by COVID, and that definitely impacted the demand outlook. It accelerated it in cloud for a while. It accelerated it in enterprise as well as financial and other sectors invested in enterprise server side. However, enterprise has generally been weak.

此外，你還得記住上半年的背景。 2020年上半年，也就是年初的時候，我們確實看到了強勁的需求成長趨勢。當時，整個產業的庫存總體上已經恢復正常。然而，新冠疫情的爆發無疑影響了需求前景。疫情一度加速了雲端運算的需求成長，也加速了企業、金融以及其他投資於企業伺服器端的產業的需求成長。但整體而言，企業市場的需求一直疲軟。

Cloud demand, given the work from home and e-commerce and streaming, all these kind of applications have driven a strong growth on the cloud side, and we expect cloud to continue to be healthy in the second half. Of course, the first half of the calendar year 2020 saw a surge in demand in cloud. In the second half, we expect it to be somewhat moderated compared to the first half levels. But cloud will continue to be in a healthy place in -- over the F Q1 and F Q2 time frame, and it is the long-term driver of growth as well.

鑑於居家辦公、電子商務和串流媒體等應用程式的蓬勃發展，雲端需求強勁成長，我們預計下半年雲端業務將繼續保持健康發展。當然，2020年上半年雲端需求激增。我們預計下半年雲端需求成長將較上半年放緩，但仍將在第一季和第二季保持穩健成長，並將繼續成為長期成長的主要驅動力。

5G phones will be a strong driver of growth. And remember, in 2020 because of COVID, total smartphone unit sales got impacted and got lowered by something around 10% on a year-over-year basis. But in 2021, smartphone sales are expected to pick up. In fact, smartphone sales are already picking up in the marketplace right now. So not only is it a story of increasing smartphone sales as we go through calendar 2021 beyond the seasonally slower first quarter of the calendar, but it is also the story in 5G of higher content, both for memory and storage.

5G手機將成為強勁的成長動力。要知道，2020年受新冠疫情影響，智慧型手機總銷量較去年同期下降約10%。但預計2021年智慧型手機銷量將回升。事實上，目前智慧型手機市場已經開始復甦。因此，2021年智慧型手機銷售不僅會在淡季的第一季後持續成長，5G技術也將帶來更強大的效能，包括更大的記憶體和儲存容量。

So these are the demand drivers that are driving -- that are giving us optimistic outlook for DRAM demand in calendar year 2021 continuing to improve starting from the beginning of the year, particularly as we get past the seasonal calendar Q1 time frame.

因此，這些需求驅動因素正在推動——也正是這些因素讓我們對 2021 年 DRAM 需求前景持樂觀態度，預計從年初開始，需求將持續改善，尤其是在我們度過季節性的第一季之後。

And of course, as you pointed out, the CapEx in the DRAM industry has been disciplined. And that would position the industry -- when we look at the backdrop of demand expectation of approximately 20% in calendar year 2021, or 20% growth in DRAM, and look at the CapEx discipline that has existed in the industry, we. Think the environment -- overall, these dynamics bode well for a healthy environment in our second fiscal half of 2021 for DRAM. And of course, for ourselves, our second-generation DRAM, the -- our 1-alpha node, which will begin production in fiscal year 2021, will position us very well. And our underlying momentum of our product portfolio, both in NAND and DRAM, will position us well as we go through calendar year 2021.

當然，正如您所指出的，DRAM產業的資本支出一直非常謹慎。考慮到2021年DRAM需求預期成長約20%，以及產業一直以來奉行的資本支出謹慎原則，我們認為，總體而言，這些因素預示著DRAM在2021財年下半年將擁有一個健康的市場環境。當然，就我們本身而言，我們的第二代DRAM，也就是我們的1-alpha節點，將於2021財年開始量產，這將使我們佔據非常有利的地位。此外，我們NAND和DRAM產品組合的強勁發展勢頭也將使我們在2021年全年保持良好的發展勢頭。

Our next question will come from John Pitzer with Crédit Suisse.

下一個問題將來自瑞士信貸的約翰·皮策。

Sanjay, Dave, I wanted to talk a little bit kind of the margin profile for November and beyond. Dave, you mentioned that with the Huawei ban, you're going to see a mix shift towards NAND. If it was roughly kind of 70-20 in the August quarter, how do you think that trends into November and February? And does it get worse again in February or not? And I guess, just given that you guys are ahead of schedule on your move to higher-value NAND, how should we think about gross margin progression in NAND from here? I know that the mix has been hampered by the lack of cost down with replacement gate. But I'm just kind of curious as how we should think about gross margin progression going forward in NAND just given that you've already hit your mix of high-value targets.

Sanjay，Dave，我想稍微聊聊11月及以後的利潤率狀況。 Dave，你提到華為禁令會導致產品組合向NAND快閃記憶體傾斜。如果8月份季度NAND快閃記憶體和HAL快閃記憶體的比例大約是70/20，你認為11月和2月的趨勢會如何？ 2月份會不會更糟？另外，鑑於你們在向高價值NAND快閃記憶體轉型方面進展順利，我們該如何看待NAND快閃記憶體未來的毛利率成長？我知道由於替換閘極成本未能降低，產品組合受到了一定影響。但我很好奇，鑑於你們已經實現了高價值產品組合的目標，我們應該如何看待NAND快閃記憶體未來的毛利率成長。

Okay. That was a 3-part question in one. Good job, John. So let's talk a little bit about the mix. Obviously, mix was pretty favorable in the fourth fiscal quarter. DRAM jumped up quite a bit from the previous quarter, up to low 70s as a percent of our total revenue. We'd expect that to come down modestly and NAND to come up modestly. I'm not sure it's going to be the most significant story around gross margin, but it certainly will be a headwind. Tough to call on the second quarter. We do expect continued growth in NAND and probably flattish in DRAM, so there's probably a little bit more incremental mix headwind there. But as Sanjay indicated, in the back half of the fiscal year, we're very bullish around a lot of the markets that DRAM supports, like cloud, like the mobile space for 5G. And so we do expect a healthy recovery in DRAM beyond that.

好的。這個問題一口氣問了三個部分。幹得好，約翰。那我們來談談產品組合。顯然，第四財季的產品組合相當有利。 DRAM 的營收佔比較上一季大幅成長，達到總營收的 70% 左右。我們預計 DRAM 的收入佔比會略有下降，而 NAND 的收入佔比會略有上升。我不確定 NAND 是否會對毛利率產生最顯著的影響，但它肯定會帶來一定的阻力。第二財季的狀況很難預測。我們預計 NAND 將繼續成長，而 DRAM 可能會保持平穩，因此第二財季可能會面臨一些額外的產品組合阻力。但正如桑傑所指出的，在下半年，我們對 DRAM 所支援的許多市場都非常看好，例如雲端運算和 5G 行動領域。因此，我們預計 DRAM 的收入將在此基礎上穩健復甦。

You mentioned the high-value solutions. That obviously has been helpful and accretive to our business so far. We are continuing to drive that. We -- in fact, actually, now the story is even beyond NAND. It goes into the DRAM space, for example, with graphics. I talked about that it would start out being a little bit of a headwind on our gross margin in the first fiscal quarter because of the early ramp of the product. But as that hits its stride, as we go through fiscal and calendar 2021, we would expect that to be very beneficial on the gross margin side.

您提到了高價值解決方案。顯然，到目前為止，這些解決方案對我們的業務發展起到了積極作用，並帶來了顯著的收益成長。我們將繼續推動這方面的發展。事實上，現在我們的業務範圍已經超越了NAND​​快閃記憶體。例如，它也擴展到了DRAM領域，應用於圖形處理。我之前提到過，由於產品初期需要快速鋪貨，在第一財季可能會對我們的毛利率造成一些不利影響。但隨著產品逐漸步入正軌，在2021財年和2021日曆年期間，我們預計這將對毛利率產生非常正面的影響。

You mentioned also replacement gate. So as you know, replacement gate has kept our cost reductions on the NAND front relatively flat in fiscal '20. But the only real cost reduction we got in fiscal 2021 out of NAND was really the depreciation change. There's not a huge change in the fiscal first quarter around NAND as the first-generation replacement gate still is the major story there. But as Sanjay talked about, we will be ramping second-generation replacement gate next year, and so that should be a benefit. We do think that those cost reductions are quite positive and should be very helpful in driving what we said in the prepared remarks is low single -- low double-digit cost declines on NAND, and that's with mix being a factor in it. And so it's even better without that.

您還提到了替換閘極。如您所知，替換閘極使我們在2020財年NAND快閃記憶體方面的成本削減保持相對穩定。但我們在2021財年從NAND快閃記憶體中獲得的唯一真正的成本削減實際上來自折舊變化。由於第一代替換閘極仍然是主要因素，因此第一財季NAND快閃記憶體方面沒有太大變化。但正如Sanjay所說，我們明年將開始量產第二代替換閘極，這應該會帶來好處。我們認為這些成本削減非常積極，並且應該有助於實現我們在準備好的發言稿中提到的NAND快閃記憶體成本的低個位數到低兩位數下降，這其中已經考慮了產品組合因素。因此，如果沒有產品組合因素，情況會更好。

And also, I would say, on the DRAM front, we are looking at our cost reductions next year and even with mix, should be pretty respectable. And that includes all that increased cost and higher-margin products that will be shipping next year, but also will include the -- graphics will also benefit the gross margins as well. Sorry, I think I said -- on NAND, I said low mid-teens cost, but it's actually low double-digit, I should say, cost reductions -- or low to mid-teen cost reductions, instead of low double-digit cost reduction.

另外，關於DRAM方面，我們預計明年將降低成本，即使考慮到產品組合，降幅也應該相當可觀。這不僅包括明年即將出貨的所有成本較高、利潤率更高的產品，還包括圖形晶片的降幅，圖形晶片的降幅也將提升毛利率。抱歉，我剛才說的是NAND快閃記憶體的成本降幅，我之前說的是十幾個百分點，但實際上應該是兩位數的降幅，或者說是十幾個百分點到十幾個百分點的降幅，而不是兩位數的降幅。

Dave, maybe another way to ask the question is when you take pricing out of the equation, because I know that's the biggest driver, are the other drivers of sort of gross margin progression -- are the headwinds peaking in the November quarter? Or would you expect them to stick around into February and beyond?

戴夫，或許換個方式問這個問題：當你把價格因素排除在外時（我知道價格是最大的驅動因素），其他影響毛利率增長的因素——比如不利因素——是否會在11月季度達到頂峰？還是你預期這些不利因素會持續到2月甚至更久？

On the DRAM front, whether it extends into the second quarter, it's possible. But I think in the back half of the year, it's certainly going to be a good story on the gross margin front as we get more mature yields on those products. On the NAND front, I think -- really, I think the bigger driver is going to be this switch over to the second-generation replacement gate, and that's really where we'll start to see the cost improvement because we're at a pretty high level of high-value solutions on the NAND front.

DRAM方面，這種成長動能能否延續到第二季​​度尚有可能。但我認為，隨著這些產品良率的進一步提高，下半年毛利率肯定會大幅提升。 NAND方面，我認為——實際上，我認為更大的驅動力將是向第二代替代閘極的過渡，而成本的改善也將由此真正開始，因為我們在NAND領域已經擁有了相當高水平的高價值解決方案。

Our next question will come from C.J. Muse with Evercore.

我們的下一個問題將來自 Evercore 公司的 C.J. Muse。

I guess, Dave, to follow on to John's question. If we could isolate just on the DRAM gross margin side of things, it looks like it's an implied gross margin for November around 31%. And just curious, that's below the fiscal '20 trough. And so within that, how much of that is conservatism around pricing? Is there a write-down of Huawei inventory? And I guess, what kind of snapback specifically to the mix around HBM and graphics should we see in terms of a gross margin snapback into the second half of fiscal '21?

戴夫，我想接著約翰的問題繼續問。如果我們只關注DRAM毛利率，11月份的隱含毛利率似乎在31%左右。我很好奇，這低於2020財年的低點。那麼，其中有多少是定價保守造成的呢？華為庫存減損了嗎？另外，我想問的是，在2021財年下半年，HBM和圖形晶片的毛利率會有怎樣的回升？

Yes. So the Huawei impacts that we had on the gross margin front were largely accounted for in the fourth fiscal quarter, although there is potential for more depending on how the rest of the bits get consumed.

是的。因此，華為對毛利率的影響已基本在第四財季得到體現，儘管根據剩餘部分如何消化，仍有可能產生更多影響。

On the high-value products within DRAM, clearly, the first couple of quarters, the -- will be somewhat of a kind of headwind to the gross margins, but it's simply kind of a ramp timing challenge. And it just so happens that where we're seeing pricing be a little bit more negative, that just so happens to coincide with a couple of quarters where our costs are kind of running higher. But I don't really think -- I mean, this is somewhat of a near-term challenge that will correct itself over time, particularly as -- again, as those products get to more mature yields and we get the mix going in the right direction for us.

就DRAM高價值產品而言，顯然，前幾季毛利率會受到一定程度的阻力，但這只是產能爬坡時間上的挑戰。恰好，價格略微走低的時期，也恰好與我們成本上升的幾個季度重疊。但我認為，這只是一個短期挑戰，隨著時間的推移會逐漸得到糾正，尤其是在這些產品良率更加成熟，產品組合朝著對我們有利的方向發展之後。

I would tell you just as it relates -- we obviously don't want to go into details around the difference in margins between DRAM and NAND specifically. I would just tell you that your estimate of DRAM is low relative to what it is in reality.

我只想就事論事地告訴你——我們顯然不想深入探討DRAM和NAND之間的具體利潤差異。我只想說，你對DRAM利潤的估計低於實際情況。

Our next question will come from Blayne Curtis with Barclays.

下一個問題將來自巴克萊銀行的布萊恩柯蒂斯。

I was just curious on Huawei. I just want to confirm, I think you said you're not shipping to them. There has been some stories about companies getting licenses on the server side. Just your perspective, one, you're totally not shipping. When you said 10%, I know you -- it sounded like there was maybe some catch-up before the 15th. Just kind of curious how elevated that was. And then any prospects on getting a license going forward?

我只是對華為有點好奇。我想確認一下，你之前說過你們不會向華為供貨。最近有一些報告說一些公司獲得了伺服器端的授權。就你目前的情況來看，首先，你們一定不會向華為供貨。你說你們的訂單佔比是10%，我知道你——聽起來好像是在15號之前會進行一些補貨。我只是好奇這個比例到底有多高。另外，你們未來獲得授權的可能性如何？

So in our fiscal fourth quarter, Huawei was slightly under 10% of our total revenue. And given that the order had come in from the commerce pretty late in the quarter, in terms of any upside from Huawei in our fiscal fourth quarter, it was really very, very small. Now with respect to F Q1, yes, we stopped shipments effective September 14. So what that means is that our revenue declined substantially with Huawei in fiscal Q1, and that clearly is a significant headwind to us. Huawei has been a large customer to us, not only in F Q4 of 2020, but as we have reported before, it has been our largest customer for a significant period of time in prior several quarters as well. So the impact of Huawei-related commerce department ruling is a significant impact to our revenue in F Q1. And obviously, it is baked into our F Q1 guidance here.

因此，在我們的第四財季，華為的營收略低於總營收的10%。鑑於該訂單是在該財季末期才從商務部下達的，華為對我們第四財季的收入貢獻微乎其微。至於第一財季，是的，我們從9月14日起停止了華為的出貨。這意味著我們第一財季來自華為的收入大幅下降，這顯然對我們構成了重大不利影響。華為一直是我們的大客戶，不僅在2020財年第四財季如此，而且正如我們之前報告的那樣，在過去的幾個季度中，華為也一直是我們最大的客戶。因此，與華為相關的商務部裁決對我們第一財季的收入產生了重大影響。顯然，這已經反映在我們的第一財季業績預期中。

Specific to the licenses, we have applied for licenses. It's important to understand that our previous licenses did not give us the ability -- our previous licenses, at this point, do not give us the ability to ship to Huawei from our non-U.S. fabs. We need new licenses for that, which we have applied for, and we do not know if and when those licenses would be granted.

關於許可證方面，我們已經提交了申請。需要說明的是，我們先前的許可證目前不允許我們從美國以外的工廠向華為供貨。我們需要新的許可證才能實現這一點，我們已經提交了申請，但我們不知道這些許可證何時能夠獲得批准。

And then is there a way to think about in terms of, particularly in the mobile market, customers positioning to try to take share from Huawei? And if you've seen any uptick in the mobile market as a result of that?

那麼，尤其是在行動市場，客戶為了從華為手中奪取市場份額而採取的策略是什麼？您是否觀察到行動市場因此出現任何成長？

So as we said in our prepared remarks that with respect to the lost opportunity with Huawei, it will take us a while to shift our production as well as address the demand from other customers within the mobile ecosystem. There is no question that the end market mobile demand will be what it is projected to be. And to the extent that Huawei is not able to fulfill that demand going forward, that demand will be supplied by other smartphone manufacturers. Micron is well engaged with the entire ecosystem of smartphone manufacturers. We have had strong relationships with those customers. We have been a strong supplier to them. Our portfolio of solutions has only strengthened over time, making us a valued partner to the rest of the mobile ecosystem as well. So as we shift from Huawei toward those other customers, it will take us some time. It will have impact in F Q1, as I noted earlier. It will have less impact in F Q2. But by end of F Q2 and beyond, we will be able to make up for any loss on the Huawei front with other smartphone manufacturers, assuming that we don't get a license to Huawei in this time frame.

正如我們在事先準備好的演講稿中所述，關於錯失華為的合作機會，我們需要一段時間來調整生產，並滿足行動生態系統中其他客戶的需求。毫無疑問，終端市場的行動需求將與預期相符。如果華為未來無法滿足這項需求，其他智慧型手機製造商將填補這一空白。美光與整個智慧型手機生態系統保持著密切的合作關係，我們與這些客戶建立了牢固的合作關係，一直是他們的重要供應商。隨著時間的推移，我們的解決方案組合不斷增強，使我們也成為行動生態系統中其他重要合作夥伴。因此，從華為轉向其他客戶需要一些時間。正如我之前提到的，這將對第一季產生影響，對第二季的影響較小。但到第二季末及以後，假設我們在此期間未能獲得華為的授權，我們將能夠透過與其他智慧型手機製造商的合作來彌補在華為方面的損失。

Our next question will come from Harlan Sur with JPMorgan.

下一個問題將來自摩根大通的哈蘭·蘇爾。

On your enterprise SSD business, it's been obviously a big contributor to the value-added mix shift. I believe your share has grown about 300 basis points since the beginning of this year. You guys are in a strong #3 global share position. Is the momentum coming from your SATA-based portfolio? Or is it more growth in share gains from your newer NVMe-based products? And on the November guide, are you seeing a slowdown in this segment given the weaker enterprise trends? And just longer term, as you look into next year, how is the team planning to maintain its share momentum in this segment?

貴公司的企業級固態硬碟業務顯然對加值產品組合的轉變做出了巨大貢獻。我相信自今年年初以來，貴公司的市佔率成長了約300個基點。貴公司目前在全球市佔率排名第三，佔據穩固的地位。這一成長動能是來自貴公司基於SATA的產品組合嗎？還是更受惠於貴公司基於NVMe的新產品所帶來的市佔率成長？在11月份的業績指引中，鑑於企業級市場趨勢疲軟，您是否預期該細分市場會出現放緩？展望明年，貴公司團隊計劃如何維持該細分市場的市佔率成長動能？

So certainly, our SATA leadership has helped us in the enterprise data center market. And SATA still is a meaningful portion of the enterprise SSD market, even though it is shifting rapidly to NVMe. And yes, we have a growing presence in enterprise with our NVMe solutions and we have good products, although we are in early stages of growing our NVMe opportunity. And yes, for future quarters, as we go through fiscal 2021 and calendar 2021, we will continue to expand our portfolio of solutions with NVMe products targeted for a broader set of applications in the enterprise space.

毋庸置疑，我們在SATA領域的領先地位對我們在企業資料中心市場的發展起到了重要作用。儘管企業級SSD市場正迅速向NVMe轉型，但SATA仍佔據著相當可觀的份額。的確，我們的NVMe解決方案在企業級市場佔有率不斷提升，並且擁有優秀的產品，儘管我們目前仍處於NVMe業務拓展的早期階段。展望未來，在2021財年及2021年全年，我們將持續拓展產品組合，推出更多企業級應用領域的NVMe產品。

And as you noted, we have done well with our SSD solutions. Compared to years past, we have continued to expand our portfolio in not only enterprise, but also on the client PC side and consumer SSD side. In fact, our QLC is a good success story here, as we noted in our remarks, with the broadest portfolio in enterprise SSDs as well as client and consumer SSDs. So we will be bringing out exciting new products over the course of 2020 and 2021 time frame. And we certainly do plan to increase our presence in the SSD marketplace with a broader and richer portfolio of solutions.

正如您所指出的，我們的固態硬碟解決方案表現出色。與往年相比，我們不僅在企業級市場，也在客戶端PC與消費級固態硬碟領域持續拓展產品線。事實上，正如我們在演講中提到的，我們的QLC固態硬碟取得了巨大成功，在企業級、客戶端和消費級固態硬碟領域都擁有最全面的產品組合。因此，我們將在2020年和2021年推出一系列令人振奮的新產品。我們計劃透過更廣泛、更豐富的解決方案組合，進一步擴大在固態硬碟市場的份額。

Our next question will come from Timothy Arcuri with UBS.

下一個問題將來自瑞銀集團的提摩西·阿庫裡。

I guess I wanted to ask on Huawei again. So obviously, it's public that the processor companies have gotten a license. So I certainly understand that you have to take this out of your guidance. But if they got a license, I guess, why wouldn't you, would be the first part of that question? And then the second question is, can you help us think about sort of handicapping -- if you did get a license, could we just add 10% back? Do you think it would go back to being roughly a 10% customer? I guess I'm asking all this because this has been going on for some time, and you seem to always have the view that the bits were fairly fungible. But now it sounds like it's going to take 6 months if you don't get a license. So I'm just wondering if you can sort of double-click on that for me.

我想再問一下關於華為的問題。很明顯，處理器廠商已經拿到授權這件事是公開的。所以我當然理解您必須把這件事從您的指導中剔除。但是，如果他們拿到了授權，我想，為什麼不呢？這是我的第一個問題。第二個問題是，您能否幫我們考慮一下如何應對這種情況——如果你們拿到了授權，我們是否可以把市場份額增加10%？您認為這樣一來，你們的客戶份額還能恢復到大約10%嗎？我問這些問題是因為這件事已經持續了一段時間，而您似乎一直認為這些位元是可以互換的。但現在看來，如果你們拿不到授權，可能要6個月的時間。所以我想請您幫我再確認一下。

So first of all, we really cannot comment on other companies obtaining licenses. As we noted, that we have applied for licenses, but we cannot speculate if and when those licenses will be granted. And with respect to if licenses are granted, obviously, it will depend on what is Huawei's demand at that point. We will, of course, always supply to our customers and always make sure that we are meeting our commitments to our customers. Huawei, along with other customers, have been valued partners. So if we are given the opportunity with licenses to supply to Huawei, we will certainly be -- become a partner again given the strong partnership we have enjoyed in the past with them. But it will really depend on what is their demand profile at that point, what have been our commitments to other customers already in place, and we'll have to manage through all of that. But certainly, if licenses are granted, we will have a growing opportunity to engage again with Huawei.

首先，我們實在無法對其他公司取得許可證的情況發表評論。正如我們之前提到的，我們已經申請了許可證，但我們無法預測這些許可證何時能夠獲得批准。至於許可證是否能夠獲批，顯然取決於屆時華為的需求。我們當然會始終如一地為客戶提供產品，並確保履行對客戶的承諾。華為以及其他客戶一直是我們重要的合作夥伴。因此，如果我們有機會獲得向華為供貨的許可證，鑑於我們過去與華為建立的牢固合作關係，我們一定會再次成為他們的合作夥伴。但這確實取決於屆時華為的需求情況，以及我們對其他客戶所擁有的承諾，我們需要權衡所有這些因素。但可以肯定的是，如果許可證獲批，我們將有更多機會再次與華為合作。

And that's -- remember, that's our goal. We always want to have a broad portfolio of products and a diversified set of customers. We have done well in this area over time. And as you can see that even though the largest customer in Huawei essentially in a very short period of time disappears for us in terms of revenue opportunity, we are able to address it given our portfolio and given our customer engagement with the rest of the customers. But it just takes supply chain -- the nature of the semiconductor supply chain is that it does take a while to shift that production. Even for other smartphone manufacturers in terms of filling any void created by Huawei, it does take them to adjust things in the supply chain as well. So we will, of course, continue to work with the broad ecosystem of smartphone suppliers to address the future demand for smartphone.

記住，這就是我們的目標。我們始終希望擁有豐富的產品組合和多元化的客戶群。多年來，我們在這方面做得很好。正如你所看到的，即使華為這個最大的客戶在很短的時間內就從我們的營收機會中消失了，憑藉我們的產品組合以及與其他客戶的良好關係，我們仍然能夠應對。但這需要供應鏈的調整──半導體供應鏈的特性決定了生產轉移需要時間。即使是其他智慧型手機製造商，為了填補華為留下的空白，也需要調整供應鏈。因此，我們當然會繼續與智慧型手機供應商的廣泛生態系統合作，以滿足未來對智慧型手機的需求。

Our next question will come from Mitch Steves with RBC Capital.

下一個問題將來自加拿大皇家銀行資本市場的米奇·史蒂夫斯。

I have one where it's a little more on the technical side. So I think we've seen x86 and ARM come up more and more on the service side as the base point. So I'm just curious, if we do see a future where there's more ARM-based servers, does that change the overall demand for DRAM or memory in general? Or is there no real change if we move into an ARM-based environment?

我有一個問題，比較偏技術方面。我認為我們已經看到 x86 和 ARM 在服務端作為基礎架構出現的頻率越來越高。所以我很好奇，如果未來基於 ARM 的伺服器越來越多，這會改變對 DRAM 或記憶體的整體需求嗎？或者說，如果我們轉向基於 ARM 的環境，需求其實不會有太大變化？

No. Regardless of the kind of compute architecture, whether it is x86-based or GPU-based or ARM-based, I mean, the need for memory and storage is there in all those architectures in all those applications. The need is being driven by trends like AI. AI relies on more and more data to derive greater intelligence and greater value for business and consumer experiences. So regardless of how the hardware platform is built, all applications require more memory and storage. And for example, in mobile, there is a great deployment of ARM processors today, and Micron is a strong supplier, and mobile is a large market for memory and storage applications. Basically, that just creates an opportunity for more choices for customers and just only diversifies our applications and our end market opportunity for memory and storage.

不。無論採用何種運算架構，無論是基於 x86、GPU 或 ARM，所有這些架構和應用都需要記憶體和儲存。這種需求是由人工智慧等趨勢所驅動的。人工智慧依賴越來越多的數據來獲取更強大的智能，從而為企業和消費者帶來更大的價值。因此，無論硬體平台如何構建，所有應用都需要更多的記憶體和儲存。例如，在行動領域，ARM 處理器如今得到了廣泛應用，美光是其強大的供應商，而行動領域又是記憶體和儲存應用的龐大市場。這基本上為客戶提供了更多選擇，也使我們的記憶體和儲存應用程式和終端市場更加多元化。

Okay. And then just one small one. You guys mentioned that you're having trouble getting certain components. It was unclear to me whether that's data center or smartphone-related. Can you maybe just give us an idea of what's going on and what type of components you guys are unable to find to create some of these products?

好的。還有一個小問題。你們提到某些組件的採購遇到了困難。我不清楚是數據中心相關的還是智慧型手機相關的。能否簡單介紹一下具體情況，以及你們在生產某些產品時遇到的組件短缺問題？

To be clear, we were not referring to components that we are not able to procure. I was referring in my prepared remarks that in the PC segment, particularly with the surge in demand in notebook, particularly Chromebooks, there have been -- in the PC supply chain, there have been certain component shortages that PC manufacturers have frankly talked about in their own earnings calls. So it's not any component shortages for Micron's supply chain. We were just referring to the end market component shortages in the PC supply chain. That has some impact on the demand when they're not able to procure all the components they need for their notebook and Chromebook builds.

需要澄清的是，我們指的並非我們無法採購到的組件。我在事先準備好的發言稿中提到，在PC領域，尤其是在筆記型電腦（特別是Chromebook）需求激增的情況下，PC供應鏈中出現了一些組件短缺，PC製造商在財報電話會議上也坦率地談到了這一點。所以，這並非美光供應鏈的組件短缺問題。我們指的是PC供應鏈中終端市場組件的短缺。當製造商無法採購到筆記型電腦和Chromebook生產所需的所有組件時，就會對需求產生一定影響。

Our next question will come from Ambrish Srivastava with BMO.

我們的下一個問題將來自BMO的Ambrish Srivastava。

I had a question on the cost side. Dave, I just wanted to make sure I understood this. So when you started fiscal '20, on the DRAM side, you had talked about high single-digit cost down, but then I think in the middle of the year, you had said that it would be low single digit. So question is, what did the cost down end up being for the fiscal year? And then for fiscal '21, you're saying low single-digit again. Is that partly because of the Huawei impact in fiscal 1Q? Or is that the new normal? Or is there the impact of lower yields? I'm just trying to understand that.

我有個關於成本方面的問題。 Dave，我只是想確認我的理解是否正確。在2020財年伊始，你提到DRAM方面的成本將下降近10%，但到了年中，你又說會下降到個位數低段。所以問題是，最終2020財年的成本下降幅度是多少？而對於2021財年，你又說成本將降到個位數低段。這部分是由於華為在第一季的影響嗎？還是說這是新的常態？或者說，良率下降也是原因之一？我只是想弄清楚。

And then a follow-up, Sanjay. You seem to have raised the flag on NAND industry profitability for the full year. Could you -- and if I caught that correct, could you give a little bit more details around that comments you made in your prepared remarks?

桑傑，還有一個後續問題。你似乎提到了NAND​​快閃記憶體產業全年的獲利能力。你能否——如果我理解沒錯的話——就你事先準備好的發言稿中的相關評論提供更多細節？

Okay. So on the cost front, just to be clear, Ambrish, it was -- the cost declines in FY '20 were -- on DRAM were in the mid-single digits. And the expectation would be they would be somewhat in mid-single digits again in FY '21. On FY '20, there wasn't really much mix that impacted it. So that was legitimately what the cost was. There were a few things that we probably could have executed a little bit better on that drove a little bit of it. I'd also say we had a lot of COVID mitigation expenses running over time in different areas and tariffs went higher than we expected. So there were some things that kind of went against us as it relates to COVID, and that kind of muted our cost improvement for FY '20.

好的。關於成本方面，Ambrish，需要說明的是，2020財年DRAM的成本下降幅度在個位數中段。預計2021財年也會維持在個位數中段。 2020財年，影響成本的因素不多。所以，成本就是這麼實際的。當然，有些方面我們本來可以做得更好，這也在某種程度上影響了成本。另外，我們還有許多與新冠疫情相關的支出在不同領域持續累積，而且關稅也高於預期。因此，與新冠疫情相關的一些因素對我們不利，這在一定程度上抑制了我們2020財年的成本改善。

I would say on '21, this mid-single-digit cost decline includes the impacts of mix. So if you strip that out, we'd actually be quite a bit above the mid-single-digit figure and more in line with kind of the numbers we're trying to drive. So I think we're in very good shape on the cost side for FY '21. It just -- it starts out a little rough just because we got to ramp these newer products. But for the year, it should be really good. And once we really hit our stride on 1-alpha, we're really bullish about the cost reductions there. So that's probably not until the following year, but that will start to help further.

我認為，2021財年成本下降幅度達到個位數中段已經包含了產品組合調整的影響。如果剔除此因素，實際降幅會遠高於個位數中段，更符合我們預期的目標。因此，我認為2021財年的成本控制狀況非常好。只是初期會有些許波折，因為我們需要逐步推廣這些新產品。但就全年而言，情況應該會非常樂觀。一旦1-alpha產品真正步入正軌，我們對它的成本削減前景非常看好。雖然這可能要到明年才能實現，但屆時將會進一步改善成本控制。

So on the second part of your question related to NAND profitability. So as you know, NAND profitability in the industry today is low. I mean DRAM profitability is significantly better than NAND profitability. DRAM industry is certainly exercising good discipline with respect to CapEx, and that bodes well for -- as we said earlier, for the industry environment as we go through calendar year 2021.

關於您問題的第二部分，即NAND快閃記憶體的獲利能力。如您所知，目前NAND快閃記憶體的獲利能力在業界較低。 DRAM的獲利能力明顯優於NAND快閃記憶體。 DRAM產業在資本支出方面確實保持著良好的控制，正如我們之前所說，這對2021年的產業環境來說是一個好兆頭。

On the NAND side, what we are highlighting is that given the low profitability levels, there is a risk to improving the profitability of the industry unless demand ends up being higher than our estimations of approximately 30% demand growth next year or with CapEx restraint, the supply side in the industry gets managed better. Of course, it is too early to comment holistically on 2020 industry supply growth. But with the current estimations that we have, we believe that discipline on the CapEx side is needed in the NAND industry to restore the healthier profitability levels of NAND.

在NAND快閃記憶體方面，我們強調的是，鑑於其獲利水準較低，除非明年需求成長超過我們預估的約30%，或透過控制資本支出，更好地管理產業供應，否則該產業的獲利能力難以提升。當然，現在對2020年產業供應成長做出全面評論還為時過早。但根據我們目前的預測，我們認為NAND產業需要嚴格控制資本支出，才能恢復其健康的獲利水準。

Of course, on Micron's part, as we highlighted, our strategy always is to focus on growing our supply in line with demand. That means we plan to have supply growth CAGR to be in line with the industry demand growth CAGR, both for DRAM and NAND. And on NAND, this year, that means in calendar year 2020, our NAND supply growth will be significantly less than the industry demand given the RG transition.

當然，正如我們之前所強調的，美光的策略始終是專注於根據市場需求成長供應量。這意味著我們計劃使DRAM和NAND的供應量複合年增長率與行業需求量的複合年增長率保持一致。就NAND而言，考慮RG過渡，2020年我們的NAND供應量成長將遠低於產業需求量。

And next year also, we are continuing to exercise our CapEx discipline on NAND with our supply growth next year in calendar year 2021 somewhat less than the expectation of the industry demand. Of course, in terms of shipment capability in calendar year 2021, we'll be able to fulfill that in line with the industry demand using the inventory -- the higher levels of inventory that we have been carrying in NAND.

明年，我們將繼續嚴格控制NAND快閃記憶體的資本支出，預計2021年全年的供應成長將略低於產業預期。當然，就2021年的出貨能力而言，我們將能夠利用庫存——我們一直以來保持的較高的NAND快閃庫存水準——來滿足產業需求。

So we are certainly exercising discipline in managing our transition here from floating gate to replacement gate as well as addressing the NAND opportunities in a disciplined fashion. And all I was pointing out was that CapEx discipline is needed on the part of the NAND industry as well to the store -- stronger levels of profitability versus the current low levels that exist in the industry.

因此，我們在從浮柵到置換柵的過渡管理方面，以及在把握NAND快閃記憶體機會方面，都展現出了嚴謹的作風。我所指出的只是，NAND快閃記憶體產業也需要像其他廠商一樣，在資本​​支出方面保持謹慎，以實現比目前產業低迷的獲利水準更高的利潤率。

Ladies and gentlemen, thank you for participating in today's question-and-answer session as well as today's conference call. You may now conclude and disconnect.

女士們、先生們，感謝各位參加今天的問答環節和電話會議。現在您可以結束會議並斷開連線了。