美光科技 (MU) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Micron Technologies Third Quarter 2020 Financial Conference Call.

女士們，先生們，感謝您的支持，歡迎來到美光科技 2020 年第三季度財務電話會議。

(Operator Instructions) I would now like to hand the conference over to your speaker, Head of Investor Relations, Farhan Ahmad.

（操作員說明）我現在想將會議交給您的演講者，投資者關係主管 Farhan Ahmad。

Sir, please go ahead.

先生，請繼續。

Thank you, and welcome to Micron Technology's Fiscal Third Quarter 2020 Financial Conference Call.

謝謝，歡迎參加美光科技 2020 財年第三季度財務電話會議。

On the call with me today are Sanjay Mehrotra, President and CEO; and Dave Zinsner, Chief Financial Officer.

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。

Today’s call will be approximately 60 minutes in length.

今天的通話時間約為 60 分鐘。

This call, including the audio and slides, is also being webcast from our Investor Relations website at investors.micron.com.

此次電話會議（包括音頻和幻燈片）也將通過我們的投資者關係網站investors.micron.com 進行網絡直播。

In addition, our website contains the earnings press release, and prepared remarks filed a short while ago.

此外，我們的網站包含收益新聞稿，以及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.

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。

A reconciliation of GAAP to non-GAAP financial measures may be found on our website.

可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的對賬。

As a reminder, a webcast replay will be available on our website later today.

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。

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.

我們鼓勵您在整個季度監控我們的網站 micron.com，以獲取有關公司的最新信息，包括我們將參加的各種財務會議的信息。

You can follow us on Twitter at MicronTech.

您可以在 MicronTech 的 Twitter 上關注我們。

As a reminder, the matters we will be discussing today include forward-looking statements.

提醒一下，我們今天將討論的事項包括前瞻性陳述。

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today.

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。

We refer you to the documents we file with the SEC, specifically our most recent Form 10-K and 10-Q, for a discussion of risks that may affect our future results.

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.

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。

We are under no duty to update any of the forward-looking statements after today’s date to conform these statements to actual results.

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.

謝謝你，法爾漢。

Good afternoon, everyone.

大家下午好。

I hope that you, your family and your colleagues are safe and healthy.

我希望您、您的家人和您的同事都平安健康。

Along with Dave and Farhan, I'm doing this call from Micron’s offices.

與 Dave 和 Farhan 一起，我正在美光的辦公室打這個電話。

Micron’s strong execution in the fiscal third quarter drove solid sequential revenue and EPS growth.

美光在第三財季的強勁執行推動了穩健的連續收入和每股收益增長。

We are ramping the industry’s most advanced DRAM node and increasing our mix of high-value NAND.

我們正在提升業界最先進的 DRAM 節點並增加我們的高價值 NAND 組合。

Our strong competitive position and diversified product portfolio put Micron in an outstanding position for the

我們強大的競爭地位和多元化的產品組合使美光在

Many exciting growth opportunities in the memory and storage markets.

內存和存儲市場中有許多令人興奮的增長機會。

I'll start with an update on our operations.

我將從更新我們的操作開始。

Due to the excellent work of Micron's operations team, most of our fab and assembly sites operated at full production throughout the quarter, with our Singapore and Taiwan assembly and test facilities achieving record production.

由於美光運營團隊的出色工作，我們的大部分晶圓廠和組裝廠在整個季度都處於滿負荷生產狀態，我們的新加坡和台灣組裝和測試設施實現了創紀錄的產量。

COVID-19's impact to our production early in our third quarter was limited to our back-end assembly and test sites in Muar and Penang, Malaysia, and we quickly offset this impact with production adjustments at our other facilities.

COVID-19 在第三季度初對我們生產的影響僅限於我們在馬來西亞麻坡和檳城的後端組裝和測試地點，我們通過其他設施的生產調整迅速抵消了這種影響。

All our production facilities are operating normally at this time.

目前，我們所有的生產設施都在正常運行。

We continue to prioritize the health and safety of all team members and contractors and have strong COVID-19 safety measures in place at all our sites worldwide.

我們將繼續優先考慮所有團隊成員和承包商的健康和安全，並在我們全球所有的工廠採取強有力的 COVID-19 安全措施。

We are taking a conservative, phased and site-specific approach to returning our team members on-site, prioritizing our manufacturing workforce and engineering teams.

我們正在採取保守的、分階段的和針對特定地點的方法讓我們的團隊成員返回現場，優先考慮我們的製造勞動力和工程團隊。

Now turning to the market environment.

現在轉向市場環境。

The pandemic has impacted the cyclical recovery in DRAM and NAND, causing stronger demand in some segments and weaker demand in others.

疫情影響了 DRAM 和 NAND 的周期性複蘇，導致某些領域的需求強勁，而另一些領域的需求疲軟。

Market segments driven primarily by consumer demand have seen a negative impact.

主要由消費者需求驅動的細分市場受到了負面影響。

Calendar 2020 analyst estimates for end-unit sales of autos, smartphones and PCs are meaningfully lower than pre-COVID-19 levels, even though estimates for enterprise laptops and Chromebooks have increased.

儘管對企業筆記本電腦和 Chromebook 的估計有所增加，但 2020 年日曆分析師對汽車、智能手機和 PC 的終端銷量的估計明顯低於 COVID-19 之前的水平。

The reduced level of global economic activity has also curtailed near-term demand.

全球經濟活動水平下降也抑制了近期需求。

The pandemic is driving rapid change in consumer and corporate practices around the world.

大流行正在推動全球消費者和企業行為的快速變化。

Consumers are significantly increasing online activity, including e-commerce, gaming and video streaming, all of which drive additional data center capacity requirements.

消費者正在顯著增加在線活動，包括電子商務、遊戲和視頻流，所有這些都推動了額外的數據中心容量需求。

Trends like working-from-home and online learning are likely to drive long-term changes in how we think about workforce flexibility and education.

在家工作和在線學習等趨勢可能會推動我們對勞動力靈活性和教育的看法發生長期變化。

Several governments around the world are considering ways to ensure a level playing field by considering significant programs that provide Chromebooks or tablets to students who cannot afford them, as online learning becomes a necessity in these times.

世界各地的一些政府正在考慮通過考慮為負擔不起的學生提供 Chromebook 或平板電腦的重要計劃來確保公平競爭環境的方法，因為在線學習在這個時代已成為必需品。

Additional government fiscal stimulus programs are also supportive of economic activity and will accelerate trends like electric vehicle production.

額外的政府財政刺激計劃也支持經濟活動，並將加速電動汽車生產等趨勢。

Emerging technologies such as drone-based deliveries and the increased use of robotics across many applications are now being pursued with urgency.

現在正在緊急尋求新興技術，例如基於無人機的交付和在許多應用中增加使用機器人技術。

Technology solutions are rapidly helping society adapt and manage the temporary and permanent changes stemming from this pandemic.

技術解決方案正在迅速幫助社會適應和管理由這一流行病引起的暫時和永久性變化。

Clearly, certain trends that would have taken 2 to 4 years to develop have been accelerated into months.

顯然，某些需要 2 到 4 年才能形成的趨勢已經加速到數月。

It is easy to see how these changes will drive higher consumption of memory and storage in the long term.

從長遠來看，很容易看出這些變化將如何推動內存和存儲的更高消耗。

The faster pace of digital transformation in the economy is here to stay.

經濟中更快的數字化轉型步伐將繼續存在。

Looking ahead to the second half of calendar 2020, let me discuss certain key market trends.

展望 2020 年下半年，讓我討論一些主要的市場趨勢。

First, we expect the data center outlook to remain healthy.

首先，我們預計數據中心的前景將保持健康。

Second, we expect smartphone and consumer end-unit sales to continue to improve, accelerating inventory consumption across the supply chain.

其次，我們預計智能手機和消費終端銷售將繼續改善，加速整個供應鏈的庫存消耗。

And third, new gaming consoles will drive stronger DRAM and NAND demand.

第三，新的遊戲機將推動更強勁的 DRAM 和 NAND 需求。

Despite these trends, our short-term visibility across end markets remains limited due to COVID-19, macro and trade uncertainties, as well as customer inventory changes.

儘管有這些趨勢，但由於 COVID-19、宏觀和貿易不確定性以及客戶庫存變化，我們在終端市場的短期知名度仍然有限。

The recent restrictions on Huawei are also impacting our opportunity in the near term.

最近對華為的限制也在短期內影響了我們的機會。

As these risks recede, we expect a resumption of industry growth, with a long-term bit growth CAGR of mid to high-teens for DRAM and approximately 30% for NAND.

隨著這些風險的消退，我們預計行業將恢復增長，DRAM 的長期比特增長率為中高 10%，NAND 約為 30%。

This growth will be supported by powerful secular technology trends ranging from AI and machine learning, to cloud computing, 5G and the growth in edge computing and the industrial IoT economy.

這種增長將得到強大的長期技術趨勢的支持，從人工智能和機器學習到雲計算、5G 以及邊緣計算和工業物聯網經濟的增長。

Turning to industry supply, second-half 2020 supply growth may be somewhat muted compared to pre-COVID-19 expectations.

轉向行業供應，與 COVID-19 之前的預期相比，2020 年下半年的供應增長可能會有所放緩。

Some suppliers have commented about delays in equipment deliveries, which can result in slower node transitions and lower bit growth.

一些供應商評論了設備交付延遲，這可能導致節點轉換速度變慢和比特增長速度降低。

Specific to Micron, we are proactively aligning our bit supply to market demand.

具體到美光，我們正在積極調整我們的鑽頭供應與市場需求。

Our fiscal year '20 front-end equipment CapEx is down more than 40% from fiscal year '19 and is at its lowest level in the last 5 years.

我們的 20 財年前端設備資本支出比 19 財年下降了 40% 以上，處於過去 5 年的最低水平。

While we expect to increase fiscal year '21 CapEx to support high-ROIC node transition, this CapEx will be meaningfully lower than our pre-COVID-19 plan.

雖然我們預計將增加 '21 財年的資本支出以支持高 ROIC 節點轉換，但該資本支出將明顯低於我們在 COVID-19 之前的計劃。

We have also made changes to our DRAM utilization to align with the current lower demand in the automotive market.

我們還對我們的 DRAM 利用率進行了更改，以適應當前汽車市場較低的需求。

As end market conditions evolve, we will remain flexible to make any needed adjustments to our supply.

隨著終端市場條件的發展，我們將保持靈活性，以對我們的供應進行任何必要的調整。

Since 2016, Micron has made tremendous progress narrowing the competitive gap on leading-edge technology nodes.

自 2016 年以來，美光在縮小領先技術節點的競爭差距方面取得了巨大進展。

In DRAM, we are ramping 1Z technology, which is the industry's most advanced node, and achieving yield improvements that reduce our costs.

在 DRAM 方面，我們正在提升 1Z 技術，這是業界最先進的節點，並實現了產量提高，從而降低了我們的成本。

We have several customer qualifications underway for this technology.

我們正在為這項技術取得多項客戶資格。

Our 1Y and 1Z nodes together now make up more than 50% of our bit production.

我們的 1Y 和 1Z 節點現在合計占我們比特生產的 50% 以上。

We continue to make progress on our 1-alpha node, which we expect to introduce in fiscal 2021.

我們繼續在我們的 1-alpha 節點上取得進展，我們預計將在 2021 財年推出該節點。

We have begun sampling our first high-bandwidth DRAM memory product, which is competitive with the industry's most advanced products and will expand our AI data center opportunity.

我們已經開始對我們的第一款高帶寬 DRAM 內存產品進行採樣，該產品與業界最先進的產品具有競爭力，並將擴大我們的 AI 數據中心機會。

We are excited about entering this new high-value segment of the DRAM market and look forward to ramping this product after it is qualified with our customers.

我們很高興進入 DRAM 市場的這一新的高價值領域，並期待在我們的客戶獲得認可後推出該產品。

In NAND, our 128-layer first generation RG NAND technology entered volume production in FQ3, and we are pleased to announce that we have recently initiated customer shipment.

在 NAND 方面，我們的 128 層第一代 RG NAND 技術在 FQ3 進入量產，我們很高興地宣布我們最近開始向客戶發貨。

We are also making good progress on our second-generation RG node, which will be deployed broadly across our product portfolio.

我們的第二代 RG 節點也取得了良好的進展，該節點將廣泛部署在我們的產品組合中。

We remain on track for RG production to make a meaningful portion of our NAND output by the end of calendar 2020.

到 2020 年年底，我們仍將按計劃生產 RG，以使我們的 NAND 產量佔相當大的一部分。

Micron also continues to make progress with QLC.

美光還在 QLC 方面繼續取得進展。

QLC bits now represents more than 10% of Micron's overall NAND production, contributing to our NAND cost improvement.

QLC 位現在占美光整體 NAND 產量的 10% 以上，有助於我們提高 NAND 成本。

Fiscal 2020 has been a year of extraordinary gains in the mix of our high-value solutions in NAND, which now make up over 75% of our quarterly NAND bit.

2020 財年是我們在 NAND 中的高價值解決方案組合取得非凡收益的一年，現在占我們季度 NAND 位的 75% 以上。

We remain on target to increase this to 80% for fiscal 2021.

我們仍然保持在 2021 財年將這一比例提高到 80% 的目標。

The new Micron is undergoing a dramatic transformation to combine product leadership with technology, manufacturing and supply chain excellence.

新的美光正在經歷一場巨大的轉變，將產品領先地位與技術、製造和供應鏈的卓越結合起來。

Across our entire portfolio of DRAM and NAND products, we will continue to focus on product differentiation and portfolio expansion to grow our share of industry profits while maintaining stable bit share.

在我們的整個 DRAM 和 NAND 產品組合中，我們將繼續專注於產品差異化和產品組合擴展，以增加我們在行業利潤中的份額，同時保持穩定的比特份額。

Turning to end markets.

轉向終端市場。

We had record quarterly revenue in solid-state drives as cloud SSD revenue more than doubled quarter-over-quarter.

隨著雲 SSD 收入環比增長一倍以上，我們的固態硬盤季度收入創歷史新高。

We continue to introduce new NVMe products in our SSD portfolio while maintaining our leadership in the enterprise SATA market.

我們繼續在我們的 SSD 產品組合中推出新的 NVMe 產品，同時保持我們在企業 SATA 市場的領先地位。

Customer qualifications are progressing well for our next-generation products for both NVMe and SATA markets.

我們面向 NVMe 和 SATA 市場的下一代產品的客戶認證進展順利。

Our client NVMe SSDs have also contributed to our SSD growth.

我們的客戶 NVMe SSD 也為我們的 SSD 增長做出了貢獻。

In May, we announced a TLC client SSD and our first QLC client SSD, both using next-generation 96-layer NAND technology.

5 月，我們發布了 TLC 客戶端 SSD 和我們的第一款 QLC 客戶端 SSD，均採用下一代 96 層 NAND 技術。

As the only company with a portfolio of DRAM, NAND and 3D XPoint technologies, Micron is uniquely positioned to benefit from the secular data growth that is driving the cloud, enterprise and networking market.

作為唯一一家擁有 DRAM、NAND 和 3D XPoint 技術組合的公司，美光具有獨特的優勢，可以從推動雲、企業和網絡市場的長期數據增長中受益。

Our cloud DRAM sales grew significantly quarter-over-quarter, with strong demand due to the work from home and e-learning economy and significant increases in e-commerce activity around the world.

由於在家工作和電子學習經濟以及全球電子商務活動的顯著增加，我們的雲 DRAM 銷售額環比大幅增長。

This quarter, we started early sampling of 1Z DDR5 for enterprise application.

本季度，我們開始為企業應用提供 1Z DDR5 的早期樣品。

Additionally, we also started sampling our higher-frequency DDR4 modules for Intel's Ice Lake server platform, which we expect to drive server DRAM content growth.

此外，我們還開始為英特爾的 Ice Lake 服務器平台採樣我們的高頻 DDR4 模塊，我們預計這將推動服務器 DRAM 內容的增長。

In networking, our DRAM bit shipments expanded significantly on a sequential basis, driven by rapid work-from-home infrastructure deployment as well as increased 5G deployments, particularly in Asia.

在網絡方面，我們的 DRAM 位出貨量環比大幅增長，這得益於快速的在家辦公基礎設施部署以及 5G 部署的增加，尤其是在亞洲。

Despite demand headwinds in the smartphone market due to COVID, our mobile business delivered healthy sequential and year-over-year growth due to continuing momentum of our DRAM and NAND solution.

儘管由於 COVID 導致智能手機市場的需求逆風，但由於我們的 DRAM 和 NAND 解決方案的持續發展勢頭，我們的移動業務實現了健康的連續和同比增長。

The outlook for calendar 2021 is promising, with 5G expected to drive a resumption in smartphone unit sales growth with the multiplier effect of higher memory and storage content.

2021 年的前景充滿希望，預計 5G 將通過更高內存和存儲內容的乘數效應推動智能手機銷量增長的恢復。

5G phones will have greater content than 4G phone, and we can see this already in the phones being introduced in calendar 2020.

5G 手機將比 4G 手機擁有更多的內容，我們可以在 2020 年推出的手機中看到這一點。

We see the strongest memory and storage content growth in the low- to mid-range part of the smart home market, which is also the largest segment in terms of units.

我們看到智能家居市場的中低端部分內存和存儲內容增長最為強勁，這也是單位數量最大的部分。

In this part of the market, 5G phones have 6 gigabyte of DRAM and 64 and 128 gigabyte of NAND versus 4G phones with 2 to 4 gigabyte of DRAM and 32 to 64 gigabytes of NAND.

在這部分市場中，5G 手機具有 6 GB 的 DRAM 和 64 和 128 GB 的 NAND，而 4G 手機具有 2 到 4 GB 的 DRAM 和 32 到 64 GB 的 NAND。

We are encouraged to see sub-$250 5G phones, which made 5G accessible to a broader market.

我們很高興看到價格低於 250 美元的 5G 手機，這使得 5G 可以進入更廣泛的市場。

This lower price point has been enabled by BOM cost reductions in semiconductor content outside of memory and storage.

這種較低的價格點是由於內存和存儲之外的半導體內容的 BOM 成本降低而實現的。

Micron is well positioned to help our customers win in the 5G era with an industry-leading product portfolio, including low-power DRAM and multichip packages.

美光憑藉行業領先的產品組合（包括低功耗 DRAM 和多芯片封裝）能夠幫助我們的客戶在 5G 時代獲勝。

We continue to achieve design wins for LP4 and LP5 5G platforms, and our most advanced managed NAND products based on UFS 3.1 are now sampling at several major android OEMs.

我們繼續在 LP4 和 LP5 5G 平台上取得設計勝利，我們基於 UFS 3.1 的最先進的託管 NAND 產品現已在幾家主要的 android OEM 提供樣品。

In PC, our bit shipments declined modestly as we strategically moved supply of compute data to address demand in the data center market.

在 PC 方面，由於我們戰略性地轉移計算數據的供應以滿足數據中心市場的需求，我們的比特出貨量略有下降。

Demand was strong for certain PC subsegments that are supporting increased work from home and remote learning activities, and our PC DRAM revenue was up sequentially as ASPs increased.

對支持在家工作和遠程學習活動增加的某些 PC 細分市場的需求強勁，隨著 ASP 的增加，我們的 PC DRAM 收入環比增長。

While certain parts of the PC market has strengthened, overall PC unit shipments are expected to decline this year due to weakness in desktop PCs.

雖然 PC 市場的某些部分已經走強，但由於台式 PC 的疲軟，預計今年整體 PC 單位出貨量將下降。

In graphics, we have started shipping GDDR6 DRAM for next-generation gaming consoles, and we expect strong demand in the second half of calendar 2020.

在圖形方面，我們已經開始為下一代遊戲機出貨 GDDR6 DRAM，我們預計 2020 年下半年需求強勁。

In auto, revenue declined significantly from the previous quarter due to broad auto supply chain disruption.

在汽車領域，由於廣泛的汽車供應鏈中斷，收入較上一季度大幅下降。

Despite auto unit weakness, secular content growth from ADAS and autonomous driving platforms resulted in record LP4 DRAM revenue for our auto business in the fiscal third quarter.

儘管汽車部門疲軟，但來自 ADAS 和自動駕駛平台的長期內容增長為我們的汽車業務在第三財季創造了創紀錄的 LP4 DRAM 收入。

As automotive production rates improve around the world, our auto business should return to a growth trajectory.

隨著全球汽車生產率的提高，我們的汽車業務應該會恢復增長軌跡。

I'll 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.

謝謝，桑傑。

Despite COVID-19, we achieved strong results, thanks to resilient execution from our team members across the globe.

儘管發生了 COVID-19，但由於我們全球團隊成員的彈性執行，我們取得了強勁的成果。

Total FQ3 revenue was approximately $5.4 billion, up 13% sequentially and 14% year-over-year.

第三季度總收入約為 54 億美元，環比增長 13%，同比增長 14%。

Sequential revenue growth was led by the data center and mobile markets.

數據中心和移動市場帶動了收入的連續增長。

FQ3 DRAM revenue was $3.6 billion, representing 66% of total revenue.

FQ3 DRAM 收入為 36 億美元，佔總收入的 66%。

DRAM revenue increased 16% sequentially and 6% year-over-year.

DRAM 收入環比增長 16%，同比增長 6%。

Bit shipments were up by approximately 10% sequentially.

位出貨量環比增長約 10%。

ASPs were up sequentially in the mid-single-digit percentage range.

平均售價在中個位數百分比範圍內連續上升。

FQ3 NAND revenue was approximately $1.7 billion, representing 31% of total revenue.

FQ3 NAND 收入約為 17 億美元，佔總收入的 31%。

NAND revenue increased 10% sequentially and was up over 50% year-over-year.

NAND 收入環比增長 10%，同比增長超過 50%。

Bit shipments increased in the lower single-digit percentage range sequentially.

位出貨量在較低的個位數百分比範圍內連續增長。

ASPs increased sequentially in the upper single-digit percentage range.

平均售價在高個位數百分比範圍內連續增長。

Now turning to our revenue trends by business unit.

現在轉向按業務部門劃分的收入趨勢。

Revenue for the Compute and Networking Business Unit was $2.2 billion, up 13% sequentially and up 7% year-over-year.

計算和網絡業務部門的收入為 22 億美元，環比增長 13%，同比增長 7%。

CNBU's sequential growth was driven by double-digit quarter-over-quarter pricing improvements and stronger demand for data center products.

CNBU 的環比增長受到兩位數的季度環比價格改善和對數據中心產品的強勁需求的推動。

We were supply constrained for certain compute DRAM products, which limited our ability to meet some demand upside from customers.

我們的某些計算 DRAM 產品供應受限，這限制了我們滿足客戶部分需求的能力。

Revenue for the mobile business unit was $1.5 billion, up 21% sequentially and up 30% year-over-year.

移動業務部門的收入為 15 億美元，環比增長 21%，同比增長 30%。

The sequential growth was primarily driven by strong growth in our LPDRAM bit shipments.

連續增長主要是由我們的 LPDRAM 位出貨量的強勁增長推動的。

MCP revenue remained strong and was up significantly year-over-year.

MCP 收入保持強勁，同比顯著增長。

Revenue for the Storage Business Unit in FQ3 was $1 billion, up 17% from FQ2 and up 25% year-over-year.

第三季度存儲業務部門的收入為 10 億美元，比第二季度增長 17%，同比增長 25%。

SBU operating margins increased dramatically to 17%, up from a breakeven level last quarter.

SBU 營業利潤率從上一季度的盈虧平衡水平大幅上升至 17%。

This significant sequential improvement in operating margins was driven by improved pricing, stronger data center SSD mix and overall record SSD revenue.

營業利潤率的顯著連續改善是由定價改善、更強大的數據中心 SSD 組合和整體創紀錄的 SSD 收入推動的。

And finally, revenue for the Embedded Business Unit was $675 million, down 3% sequentially and down 4% year-over-year, primarily from a reduction in automotive demand.

最後，嵌入式業務部門的收入為 6.75 億美元，環比下降 3%，同比下降 4%，主要是由於汽車需求的減少。

The consolidated gross margins for FQ3 was 33.2%.

第三季度的綜合毛利率為 33.2%。

Sequential gross margin improvement was driven by pricing improvements in both DRAM and NAND as well as our ongoing improvements in product mix that continue to underpin our financial performance.

DRAM 和 NAND 的定價改進以及我們對產品組合的持續改進推動了毛利率的連續提高，這些改進繼續支撐著我們的財務業績。

The impact of underutilization at our Lehi fab was approximately $155 million or 285 basis points in FQ3.

在第三季度，我們的 Lehi 工廠利用率不足的影響約為 1.55 億美元或 285 個基點。

We expect underutilization to be approximately $135 million in FQ4 and expect gradual declines in underutilization through fiscal 2021.

我們預計第四季度的未充分利用將約為 1.35 億美元，並預計到 2021 財年未充分利用的情況將逐漸下降。

Operating expenses were $823 million in FQ3.

第三季度的運營費用為 8.23 億美元。

As we said on last quarter's call, we've taken several actions to control our operating expenses, given the increased uncertainty surrounding COVID-19.

正如我們在上個季度的電話會議上所說，鑑於圍繞 COVID-19 的不確定性增加，我們已經採取了幾項措施來控制我們的運營費用。

As a result, we continue to expect favorable underlying OpEx trends to continue into fiscal Q4.

因此，我們繼續預計有利的潛在運營支出趨勢將持續到第四財季。

FQ3 operating income was $981 million, resulting in an operating margin of 18% compared to 11% in the prior quarter and 23% in the prior year.

FQ3 營業收入為 9.81 億美元，營業利潤率為 18%，上一季度為 11%，上一年為 23%。

Net interest expense increased to $24 million compared to $6 million of net interest expense in the prior quarter.

與上一季度的 600 萬美元的淨利息支出相比，淨利息支出增加到 2400 萬美元。

This increased expense was primarily driven by the drawdown of our revolver and subsequent $1.25 billion investment-grade note issuance in the quarter.

這一增加的費用主要是由於我們的左輪手槍的提款以及隨後在本季度發行的 12.5 億美元投資級票據。

We expect net interest expense will be approximately $30 million in FQ4 due to the decline in interest income because of lower interest rates.

由於利率下降導致利息收入下降，我們預計第四季度的淨利息支出約為 3000 萬美元。

Our FQ3 effective tax rate was 3%, which benefited from approximately $19 million of onetime items.

我們的 FQ3 有效稅率為 3%，這得益於大約 1900 萬美元的一次性物品。

We expect our tax rate in the fourth quarter to be approximately 6%.

我們預計第四季度的稅率約為 6%。

Going forward into fiscal 2021, we expect our tax rate to be in the high single-digit to low double-digit range.

展望 2021 財年，我們預計我們的稅率將在高個位數到低兩位數範圍內。

Non-GAAP earnings per share in FQ3 were $0.82, up from $0.45 in FQ2 and down from $1.05 in the year ago quarter.

第三季度非公認會計準則每股收益為 0.82 美元，高於第二季度的 0.45 美元，低於去年同期的 1.05 美元。

FQ3 non-GAAP EPS was approximately $0.02 higher due to the tax benefits reported in the quarter.

由於本季度報告的稅收優惠，FQ3 非 GAAP 每股收益高出約 0.02 美元。

Turning to cash flows and capital spending.

轉向現金流和資本支出。

We generated $2 billion in cash from operations in FQ3, representing 37% of revenue.

我們在第三季度的運營中產生了 20 億美元的現金，佔收入的 37%。

During the quarter, net capital spending was approximately $1.9 billion, approximately flat quarter-over-quarter.

本季度，淨資本支出約為 19 億美元，環比持平。

As we enter the final quarter of FY '20, we are projecting fiscal year 2020 CapEx to be approximately $8 billion.

隨著我們進入 20 財年的最後一個季度，我們預計 2020 財年的資本支出約為 80 億美元。

Our FY '20 front end equipment CapEx will still be down more than 40% from last year.

我們的 20 財年前端設備資本支出仍將比去年下降 40% 以上。

However, back-end CapEx and building CapEx, either of which add to bit supply growth, are up from last year.

然而，後端資本支出和建築資本支出都增加了比特供應的增長，比去年有所上升。

Free cash flow in the quarter was $101 million compared to $63 million in the prior quarter.

本季度的自由現金流為 1.01 億美元，而上一季度為 6300 萬美元。

This represents the 14th consecutive quarter of positive free cash flow, reflecting the structurally improved profitability and working capital improvements of the new Micron.

這是連續第 14 個季度實現正的自由現金流，反映了新美光的盈利能力和營運資金的結構性改善。

We repurchased approximately 929,000 shares for $40 million in FQ3 at an average price of $43.54.

我們在第三季度以 4000 萬美元的價格回購了大約 929,000 股股票，平均價格為 43.54 美元。

In the 9 months of FY '20, we've returned $134 million of capital through repurchases and paid $266 million to settle conversion of convertible notes.

在 20 財年的 9 個月中，我們通過回購返還了 1.34 億美元的資本，並支付了 2.66 億美元來結算可轉換票據的轉換。

Combining the convert premiums and share repurchases, we have used $338 million or 135% of FY '20 free cash flow towards reducing the share count.

結合轉換溢價和股票回購，我們使用了 3.38 億美元或 20 財年自由現金流的 135% 來減少股票數量。

Ending FQ3 inventory was $5.4 billion or 131 days versus 134 days last quarter.

第三季度末庫存為 54 億美元或 131 天，而上一季度為 134 天。

Our overall days of inventory are above our approximately 110-day target level, partly due to elevated NAND inventory as we transition to replacement gate.

我們的總庫存天數高於我們大約 110 天的目標水平，部分原因是隨著我們過渡到更換門，NAND 庫存增加。

We are also carrying higher raw material levels as a precaution, given the increased supply chain uncertainty due to the pandemic.

鑑於大流行導致供應鏈不確定性增加，我們還攜帶更高的原材料水平作為預防措施。

We ended the quarter with total cash of $9.3 billion and total debt of $6.7 billion.

我們在本季度末的總現金為 93 億美元，總債務為 67 億美元。

Total liquidity was approximately $11.8 billion, up from $10.6 billion at the end of the second quarter.

總流動性約為 118 億美元，高於第二季度末的 106 億美元。

In the quarter, we issued $1.25 billion of investment-grade notes.

本季度，我們發行了 12.5 億美元的投資級票據。

And those proceeds, together with $1.25 billion of cash on hand, was used to repay the $2.5 billion revolving credit facility we drew at the beginning of the fiscal third quarter.

這些收益，連同手頭的 12.5 億美元現金，用於償還我們在第三財季初提取的 25 億美元循環信貸額度。

Prior to providing our outlook and guidance, we'd like to remind everyone that our fiscal Q4 is a 14-week quarter.

在提供我們的展望和指導之前，我們想提醒大家，我們的第四財季是一個為期 14 週的季度。

Now turning to our outlook.

現在轉向我們的前景。

As Sanjay mentioned, while visibility remains limited overall, data center trends are strong, and new gaming consoles will be a tailwind to demand in the second half of the calendar year.

正如 Sanjay 所說，雖然總體上能見度仍然有限，但數據中心趨勢強勁，新遊戲機將成為日曆年下半年需求的順風車。

While end unit sales of consumer devices such as smartphones have started to recover, we are seeing an impact from the recent restrictions imposed on Huawei.

雖然智能手機等消費設備的終端銷量已經開始復蘇，但我們看到了最近對華為實施限制的影響。

It is also important to remember that we are a lagging indicator relative to the end demand.

同樣重要的是要記住，我們是相對於最終需求的滯後指標。

In addition, the risk of a second wave of COVID-19 infections is continuing to drive greater uncertainty for the economic recovery and our business.

此外，第二波 COVID-19 感染的風險繼續為經濟復甦和我們的業務帶來更大的不確定性。

Lastly, inventory strategies of our customers are difficult to predict.

最後，我們客戶的庫存策略難以預測。

We continue to closely monitor market conditions and respond to changes in the market environment in a timely and disciplined manner.

我們將繼續密切關注市場情況，及時、有紀律地應對市場環境的變化。

With all of these factors in mind, our non-GAAP guidance for FQ4 is as follows: We expect revenue to be $6 billion, plus or minus $250 million; gross margin to be in the range of 35.5%, plus or minus 150 basis points; and operating expenses to be approximately $850 million, plus or minus $25 million.

考慮到所有這些因素，我們對 FQ4 的非 GAAP 指導如下：我們預計收入為 60 億美元，上下浮動 2.5 億美元；毛利率在 35.5% 的範圍內，上下浮動 150 個基點；運營費用約為 8.5 億美元，上下浮動 2500 萬美元。

Finally, based on a share count of approximately 1.14 billion fully diluted shares, we expect EPS to be $1.05, plus or minus $0.10.

最後，基於大約 11.4 億股完全稀釋後的股票數量，我們預計每股收益為 1.05 美元，上下浮動 0.10 美元。

In closing, we're extremely proud of Micron's performance in this unprecedented period of market uncertainty and operational challenges.

最後，我們對美光在這個前所未有的市場不確定性和運營挑戰時期的表現感到非常自豪。

The tenacity, creativity and dedication of our team members around the world drove strong results that surpassed our initial expectations.

我們全球團隊成員的堅韌、創造力和奉獻精神推動了超出我們最初預期的強勁成果。

Micron remains on very solid footing with an investment-grade balance sheet, ever strengthening product portfolio and secular industry trends that will continue to drive long-term demand.

美光憑藉投資級資產負債表保持非常穩固的基礎，不斷加強產品組合和長期行業趨勢，這些趨勢將繼續推動長期需求。

I'll 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.

謝謝你，戴夫。

The pandemic has impacted our financial performance trajectory, which was shaping up for a robust outcome this calendar year.

大流行影響了我們的財務業績軌跡，該軌跡在本日曆年取得了強勁的成果。

Nevertheless, we have moved with agility to leverage the new opportunities in the marketplace and have further strengthened our product portfolio.

儘管如此，我們還是靈活地利用了市場上的新機遇，並進一步加強了我們的產品組合。

Micron's portfolio is now dramatically better positioned from a competitive perspective, and we have driven a tremendous transformation here over the last 3 years.

從競爭的角度來看，美光的產品組合現在明顯處於更好的位置，我們在過去 3 年中推動了巨大的轉變。

In the coming quarters and years, we will continue to strengthen our business foundation.

在未來的幾個季度和幾年中，我們將繼續加強我們的業務基礎。

And as the industry environment improves, Micron is exceptionally well positioned to take advantage of long-term trends and drive superior returns for our shareholders.

隨著行業環境的改善，美光在利用長期趨勢並為我們的股東帶來豐厚回報方面處於非常有利的地位。

Of course, preparing Micron for a bright future has to be about more than just quarterly business performance.

當然，讓美光為美好的未來做好準備不僅僅是季度業務表現。

We also have to be leaders in creating positive outcome for all of our stakeholders.

我們還必須成為為所有利益相關者創造積極成果的領導者。

In that context, there are 2 topics that I would like to touch upon before we move to Q&A.

在這種情況下，在我們進行問答之前，我想談一談兩個話題。

First, earlier this month, we issued our fifth annual sustainability report.

首先，本月早些時候，我們發布了第五份年度可持續發展報告。

This year, we set challenging new goals for energy use, emissions, water use and waste generation that aim to dramatically improve the environmental sustainability of our operations worldwide over the years ahead.

今年，我們為能源使用、排放、用水和廢物產生設定了具有挑戰性的新目標，旨在在未來幾年顯著提高我們全球業務的環境可持續性。

We also established an aspirational future vision that will drive us to achieve even more.

我們還建立了一個雄心勃勃的未來願景，這將推動我們取得更大的成就。

Reaching our goals will require investment, and 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.

實現我們的目標需要投資，我們計劃在未來 5 到 7 年內將大約 2% 的年度資本支出用於環境可持續發展計劃，總額約為 10 億美元。

These initiatives underpin our commitment to achieve significantly higher standards and help create a better planet.

這些舉措鞏固了我們實現更高標準並幫助創造更美好地球的承諾。

Second, I would like to address the social unrest and racial division that have gripped our country.

其次，我想談談困擾我們國家的社會動盪和種族分裂。

The senseless and tragic deaths of people in our black community in the U.S. must be addressed with real and lasting reforms.

必須通過真正和持久的改革來解決美國黑人社區中人們毫無意義和悲慘的死亡。

Hate, racial discrimination, violence and social injustice have no place in our society.

仇恨、種族歧視、暴力和社會不公在我們的社會中沒有立足之地。

Micron is committed to creating a welcoming and safe work environment for everyone, and we are taking concrete actions to increase technical training, career preparedness and opportunities for underserved population.

美光致力於為每個人創造一個熱情和安全的工作環境，我們正在採取具體行動來增加技術培訓、職業準備和為服務不足的人群提供的機會。

We are also actively engaging and investing in community programs that aim to create a more just and fair society for everyone.

我們還積極參與和投資社區計劃，旨在為每個人創造一個更加公正和公平的社會。

There is much work to do and we look forward to being part of the solution.

有很多工作要做，我們期待成為解決方案的一部分。

We will now open for questions.

我們現在開始提問。

(Operator Instructions) Our first question comes from the line of John Pitzer of Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 John Pitzer。

Sanjay, David, congratulations on the solid results.

桑傑，大衛，祝賀你取得了可靠的結果。

Sanjay, if you think back 90 days ago when you gave guidance for the May quarter, there was a lot of uncertainty around the pandemic, and you guys guided accordingly, in hindsight, extremely conservatively.

桑傑，如果您回想 90 天前您為 5 月季度提供指導時，圍繞大流行存在很多不確定性，事後看來，你們的指導非常保守。

I think your comment on the call last time was that you're building inventory, so you're assuming that your customers are building inventory.

我認為您上次對電話會議的評論是您正在建立庫存，因此您假設您的客戶正在建立庫存。

I guess as you look to the August quarter guide, was there a similar methodology used to inform this guide?

我想當您查看 8 月季度指南時，是否有類似的方法用於告知本指南？

And I guess, specifically, there's a lot of consternation in the investment community about data center demand, and you seem to be arguing that in your fiscal fourth quarter, it remains strong and you expect it to remain strong in the calendar second half.

我想，具體來說，投資界對數據中心需求有很多恐慌，你似乎在爭辯說，在你的第四財季，它仍然很強勁，你預計它在下半年會保持強勁。

I'm wondering if you could just share with us why you think that and why you're not as concerned as some perhaps in the investment community about inventory builds?

我想知道您是否可以與我們分享您為什麼這麼認為，以及為什麼您不像投資界的一些人那樣擔心庫存構建？

So specifically with respect to data center, pre-COVID, we expected 2020 to be a year of strong growth in cloud, again, with all the trends building around AI and that needing more memory and storage.

因此，特別是在 COVID 之前的數據中心方面，我們預計 2020 年將再次成為雲計算強勁增長的一年，所有趨勢都圍繞 AI 建立，並且需要更多的內存和存儲。

We expected healthy demand for pre-COVID in cloud applications.

我們預計雲應用程序對 COVID 之前的需求將保持健康。

And of course, with COVID, as we discussed in the last earnings call, certainly, some of the trends got pulled in.

當然，正如我們在上次財報電話會議中所討論的那樣，對於 COVID，當然，一些趨勢被引入了。

Work-from-home economy as well as e-commerce, gaming, video streaming, all of these drove strong surge in demand on the cloud front.

在家辦公經濟以及電子商務、遊戲、視頻流媒體，所有這些都推動了雲前端需求的強勁增長。

As we look ahead at the second half, of course, given the total COVID environment and uncertainties around COVID around the globe, we basically have limited visibility.

當然，當我們展望下半年時，鑑於整個 COVID 環境和全球 COVID 周圍的不確定性，我們的能見度基本上是有限的。

Yet, we do believe that cloud demand in the second half of the calendar year will continue to be healthy for us.

然而，我們確實相信日曆年下半年的雲需求對我們來說將繼續保持健康。

We work closely with our customers in terms of understanding their inventories.

我們與客戶密切合作，了解他們的庫存。

We understand what their demand trends are.

我們了解他們的需求趨勢。

And from what we can see, customer inventories with respect to cloud are in a healthy place.

從我們所見，與雲相關的客戶庫存處於健康狀態。

And of course, there are other parts of the market such as mobile phone, where there are other considerations such as geopolitical considerations as well as related to COVID as well, where customers may have built up some additional inventory.

當然，市場的其他部分，例如手機，還有其他考慮因素，例如地緣政治因素以及與 COVID 相關的因素，客戶可能已經建立了一些額外的庫存。

And in mobile, in particular, you saw in China that how in April, post-COVID within China, the demand went up, surged up for smartphones.

特別是在移動領域，您在中國看到了 4 月，在中國的新冠疫情之後，智能手機的需求上升了。

So some of the customers may be preparing for -- as the consumer comes back, given the low point that the world experienced in March, April time frame, customers want to be prepared to supply the smartphone demand to them as well.

因此，一些客戶可能正在準備——隨著消費者的回歸，考慮到世界在 3 月、4 月時間框架內經歷的低點，客戶也希望準備好向他們提供智能手機需求。

So overall, it's a mixed picture with respect to the inventory on the customer front, cloud inventories are in decent shape.

因此，總體而言，就客戶方面的庫存而言，情況喜憂參半，雲庫存狀況良好。

Mobile, I would say, is somewhat in anticipation of demand as well as managing to the supply chain consolidations due to COVID and some geopolitical considerations as well.

我想說的是，由於 COVID 和一些地緣政治因素，移動設備在某種程度上預期需求以及管理供應鏈整合。

So overall, I would say, when we look at fiscal first quarter, the environment is similar to what we had experienced in FQ3, FQ4.

所以總的來說，我想說，當我們看第一財季時，環境類似於我們在 FQ3、FQ4 所經歷的情況。

And of course, our best assessment is baked into the guidance that we have provided to you.

當然，我們最好的評估已納入我們為您提供的指導中。

Our next question comes from C.J. Muse of Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess a question on gross margins.

我猜是關於毛利率的問題。

How should we think about mix, particularly DRAM, as we move into the August quarter?

當我們進入 8 月季度時，我們應該如何考慮混合，尤其是 DRAM？

And I guess, would love to hear, as part of that, what implied cost downs will look like?

我想，作為其中的一部分，我很想听聽隱含的成本下降會是什麼樣子？

And really just trying to understand the nice step up you're seeing, how much of that is mix versus cost down versus perhaps other?

真的只是想了解您所看到的不錯的進步，其中有多少是混合與成本降低與其他？

So well, let me step back to Q3 just for a second.

好吧，讓我暫時回到第三季度。

So gross margins obviously expanded in the third quarter as well.

因此，第三季度毛利率也明顯擴大。

As I said in the prepared remarks, I'd say that, that was the pricing environment in both DRAM and NAND combined with just a richer mix of higher-value products, which obviously carry with it better gross margins.

正如我在準備好的評論中所說，我想說的是，DRAM 和 NAND 的定價環境加上更豐富的高價值產品組合，顯然帶來了更好的毛利率。

From a high-value solution perspective, I think we see that again in the fourth quarter that is helping drive an improved outlook for gross margins for the fourth fiscal quarter.

從高價值解決方案的角度來看，我認為我們在第四季度再次看到這有助於推動第四財季毛利率前景的改善。

You know, C.J., that we don't telegraph pricing and cost out for future quarters.

你知道，C.J.，我們不會電報未來幾個季度的定價和成本。

But suffice it to say, we take both pricing and cost reductions into account.

但我只想說，我們將定價和成本降低都考慮在內。

And obviously, the combination of those are pretty favorable.

顯然，這些組合非常有利。

The other thing I would say is in the third fiscal quarter, we did have some expenses associated with COVID-19, both in terms of just increased spending on our part to manage through some disruptions that we had early on.

我要說的另一件事是，在第三財季，我們確實有一些與 COVID-19 相關的費用，無論是在我們方面增加支出以應對我們早期遇到的一些干擾方面。

And then on top of that, we did have to move around the back end production.

然後最重要的是，我們確實必須繞過後端生產。

That did increase our tariff expense in the third quarter.

這確實增加了我們第三季度的關稅費用。

So those things, we wouldn't expect to happen again in the fourth quarter, which is helping also on the gross margin front in the fourth quarter.

所以這些事情，我們預計不會在第四季度再次發生，這也有助於第四季度的毛利率。

Our next question comes from Blayne Curtis of Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I'd like to add my congrats.

我想補充一下我的祝賀。

Just on CapEx, seems like this year, there were some concern it that may be lower at $8 billion.

就資本支出而言，今年似乎有人擔心它可能會低於 80 億美元。

I guess when you look at next year, I don't know where your starting point was.

我想當你看明年的時候，我不知道你的起點在哪裡。

But I was wondering if you could walk us through some of your moving pieces.

但我想知道您是否可以帶我們了解您的一些動人作品。

You talked about 5G as being the big tailwind.

您談到 5G 是大順風。

That makes sense.

這就說得通了。

I'm curious what you would highlight that you're taking in account for next year on the other way.

我很好奇你會強調你明年要考慮的另一種方式。

Yes.

是的。

I mean the one thing to keep in mind is, so CapEx spending this year had a fair amount of construction expense.

我的意思是要記住的一件事是，今年的資本支出支出有相當多的建設費用。

And actually, we drove the front end equipment expense down quite considerably on a year-over-year basis.

實際上，我們使前端設備費用同比大幅下降。

Sanjay said in the prepared remarks that it was down more than 40% in both DRAM and NAND.

Sanjay 在準備好的評論中表示，DRAM 和 NAND 的價格都下降了 40% 以上。

So we cut back pretty heavily on the front end equipment side this year.

因此，我們今年在前端設備方面大幅削減。

Next year, we would expect some of that to come back, in particular, we're going through a full rotation into our second-generation replacement gate that certainly will drive some CapEx increases.

明年，我們預計其中一些會回來，特別是，我們正在全面輪換進入我們的第二代替換門，這肯定會推動一些資本支出的增加。

And offsetting that, we'll have to look at construction and see what directionally we want to do there.

為了彌補這一點，我們必須著眼於建設，看看我們想要在那裡做什麼。

I'd say we haven't firmed up the CapEx plans quite honestly for the year.

我想說我們今年還沒有很誠實地確定資本支出計劃。

As you know, we've maintained a lot of flexibility around CapEx.

如您所知，我們在資本支出方面保持了很大的靈活性。

We take a hard look at the demand profile of bits over the next few years, and we kind of manage the front end CapEx accordingly to make sure that we're staying aligned with that.

我們仔細研究了未來幾年比特的需求概況，並相應地管理前端資本支出，以確保我們與此保持一致。

So over the next couple of months, we'll continue to refine our outlook over the next year or 2. And I think we'll be able to give you a better picture when we have our fourth quarter earnings announcement.

因此，在接下來的幾個月裡，我們將繼續完善未來一兩年的展望。我認為，當我們發布第四季度收益公告時，我們將能夠為您提供更好的畫面。

I would say, when we looked at, coming in pre-COVID levels, on the CapEx front, for front-end equipment, and now that we look at it now, it certainly has been cut back.

我想說，當我們看到，在資本支出方面，前端設備處於 COVID 之前的水平時，現在我們看它，它肯定已經被削減了。

And our expectation is that will impact kind of our bit supply in the calendar fourth quarter.

我們的預期是這將影響我們在日曆第四季度的比特供應。

Our next question comes from Harlan Sur of JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

And congratulations on the solid execution.

並祝賀紮實的執行力。

Last earnings call, the team highlighted the supply production shift in mix from mobile to server DRAM to service the higher demand from your data center customers.

在上一次財報電話會議上，該團隊強調了供應生產從移動 DRAM 到服務器 DRAM 的轉變，以滿足數據中心客戶的更高需求。

Given the outlook for stronger data center demand, are you guys keeping the production mix more heavily weighted towards server DRAM?

鑑於數據中心需求強勁的前景，你們是否將生產組合更多地放在服務器 DRAM 上？

Or are you already starting to shift part of your DRAM production mix back to mobile?

或者您是否已經開始將部分 DRAM 生產組合轉移回移動設備？

So we, of course, manage our mix on an ongoing basis.

因此，我們當然會持續管理我們的組合。

We assess customer demand expectations and make judgments regarding managing that mix.

我們評估客戶需求預期並就管理該組合做出判斷。

So yes, like you noted, we had shifted some of the supply from mobile toward the server applications.

所以是的，就像你提到的那樣，我們已經將一些供應從移動設備轉移到了服務器應用程序。

And at this point, we continue to make -- study how trends are evolving.

在這一點上，我們繼續研究趨勢是如何演變的。

And we think we are in a good position with respect to managing our mix.

我們認為我們在管理我們的組合方面處於有利地位。

But if some changes are needed, we'll, of course, revert to making those changes in the future.

但是，如果需要進行一些更改，我們當然會在未來恢復進行這些更改。

Our next question comes from the line of Timothy Arcuri of UBS.

我們的下一個問題來自瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）。

Sanjay, you talked about Huawei, I think, twice or maybe 3 times.

Sanjay，我想你談到了華為，有兩次或 3 次。

And I know you've been reshipping under the licenses, and the new restrictions are really on ASICs, not on standard products.

而且我知道您一直在根據許可證重新發貨，新的限制實際上是針對 ASIC，而不是針對標準產品。

So is that comment really more around the fact that this is sort of the last extension of the commerce licenses, and so you won't be able to ship to them in another few months?

那麼，該評論是否真的更多地圍繞著這樣一個事實，即這是商業許可證的最後一次延期，因此您將無法再過幾個月向他們發貨？

And can you sort of quantify how much is your Huawei exposure right now?

你能量化一下你現在對華為的曝光率有多少嗎？

So thanks for asking that question.

所以謝謝你問這個問題。

Just to be clear, the foundry replacement on entity list, we had applied for licenses, and we secured those licenses for mobile and server shipments.

需要明確的是，實體清單上的代工廠更換，我們已經申請了許可證，並且我們獲得了移動和服務器出貨量的許可證。

And we do not supply into the networking side of the business.

而且我們不提供業務的網絡方面。

We never sought that license.

我們從未尋求過該許可證。

So the entity list placement that had happened several months ago did impact some of our outlook, but we have been operating under the licenses that we have already received.

因此，幾個月前發生的實體列表放置確實影響了我們的一些前景，但我們一直在我們已經收到的許可證下運營。

The comment that I was making today is really related to last month's action by commerce department, which will go into effect sometime next month.

我今天發表的評論確實與商務部上個月的行動有關，該行動將在下個月某個時候生效。

And as a result of that action, we are already starting to see an impact in our fiscal Q4 as our customer reacts to the actions by the U.S. And quite frankly, impacts related to Huawei are still unfolding.

由於這一行動，我們已經開始看到第四財季的影響，因為我們的客戶對美國的行動做出反應。坦率地說，與華為相關的影響仍在顯現。

We expect some of the impact to Huawei, yes, related to the foundries, but it affects their potentially overall considerations on managing their business, managing their supply chain.

我們預計對華為的一些影響，是的，與代工廠有關，但它會影響他們對管理業務、管理供應鏈的潛在整體考慮。

And we expect some of these impact to continue in FQ1 and beyond as well.

我們預計其中一些影響將在第一季度及以後繼續存在。

And then this is compounded further by changing inventory strategies at customers as well as market share shifts that happened between the smartphone players.

然後，通過改變客戶的庫存策略以及智能手機廠商之間發生的市場份額變化，這進一步加劇了這種情況。

So as far as we are concerned, you know that we have improved our revenue diversity.

因此，就我們而言，您知道我們已經改善了我們的收入多樣性。

We have significantly expanded and strengthened our product portfolio.

我們已經顯著擴展和加強了我們的產品組合。

And we have good design and activity with all key players, particularly with new products that we have introduced, such as UFS3.1, LP5, DRAM and multichip packages.

我們與所有主要參與者都有良好的設計和活動，特別是我們推出的新產品，如 UFS3.1、LP5、DRAM 和多芯片封裝。

So we continue to work with our customer ecosystem to mitigate the effects of this.

因此，我們將繼續與我們的客戶生態系統合作，以減輕這種影響。

But the particular comments that you heard us talk about on the Huawei front really relate to the actions from U.S. government that have -- last month that have impacted the customer reaction, the Huawei reaction to those actions and impacting our outlook in FQ4.

但你聽到我們談論的關於華為方面的具體評論確實與美國政府的行動有關——上個月這些行動影響了客戶的反應、華為對這些行動的反應，並影響了我們在第四季度的前景。

And then I guess, just how much of revenue was it maybe in May, Dave?

然後我猜，5 月份的收入可能是多少，戴夫？

In the May quarter, the FQ3 quarter, that did not -- the action announced last month did not -- action announced by the commerce department last month did not have an effect in FQ3.

在 5 月季度，即 FQ3 季度，沒有 - 上個月宣布的行動沒有 - 商務部上個月宣布的行動對 FQ3 沒有影響。

Now suffice it to say that we didn't list them as an over 10% customer, so you can make the assumption that it was below 10%.

現在可以說我們沒有將他們列為超過 10% 的客戶，因此您可以假設它低於 10%。

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

我們的下一個問題來自摩根士丹利的喬摩爾。

I wanted to ask about customer inventory.

我想詢問客戶庫存。

I want to revisit that.

我想重溫一下。

To the extent that customers are wrestling with pretty unprecedented potential supply challenges, do you think they're building up buffer inventory to deal with that?

就客戶正在努力應對前所未有的潛在供應挑戰而言，您認為他們是否正在建立緩衝庫存來應對這一挑戰？

I mean, we've seen single earthquakes in one region caused that behavior in the past.

我的意思是，過去我們已經看到一個地區的單一地震導致了這種行為。

Now we're dealing with rolling outages across multiple continents.

現在我們正在處理跨越多個大陸的滾動中斷。

Do you think customers may be building inventory?

您認為客戶可能正在建立庫存嗎？

And if so, do you think memory is sort of less or more impacted than other things from that?

如果是這樣，你認為記憶比其他事情受到的影響更小還是更大？

And I have a follow-up.

我有一個後續行動。

So what I can tell you is that Micron itself in our supply chain operations has focused on making sure, given all the considerations around the globe with all the uncertainties around COVID and COVID containment and COVID spread, Micron itself and its supply chain operations is increasing the inventory for raw materials to make sure that we are well prepared to meet our customer demand.

所以我可以告訴你的是，鑑於全球範圍內的所有因素以及圍繞 COVID 和 COVID 遏制和 COVID 傳播的所有不確定性，美光本身在我們的供應鏈運營中一直專注於確保美光本身及其供應鏈運營正在增加原材料庫存，以確保我們為滿足客戶需求做好充分準備。

So this trend of higher level of inventory, elevated level of inventory is -- it's been talked about, and it's common in the tech supply chain.

因此，這種更高水平的庫存，更高的庫存水平的趨勢已經被討論過，並且在技術供應鏈中很常見。

And with respect to our specific customers for memory and storage, so as I mentioned earlier, so yes, some customers may have built some inventory given their considerations, their concerns around supply -- potential supply chain disruptions that may occur due to all the COVID-related uncertainties.

至於我們的內存和存儲特定客戶，正如我之前提到的，是的，一些客戶可能已經建立了一些庫存，因為他們考慮到他們對供應的擔憂——由於所有 COVID 可能發生的潛在供應鏈中斷-相關的不確定性。

As well as I pointed out, some of the customers in the mobile may have built some inventory, given U.S.-China trade tensions and the regulations.

正如我所指出的，考慮到美中貿易緊張局勢和法規，一些手機客戶可能已經建立了一些庫存。

So the thing is, these are unprecedented times, uncertain times, not just for us or for the memory industry, but for our customer ecosystem as well.

所以問題是，這是前所未有的時代，不確定的時代，不僅對我們或內存行業而言，對我們的客戶生態系統也是如此。

And customers' inventory strategies are changing.

客戶的庫存策略也在發生變化。

They are adapting as they themselves see how their market trends are evolving and how they want to best address their own inventory position as well.

他們正在適應，因為他們自己看到了他們的市場趨勢是如何演變的，以及他們希望如何最好地解決自己的庫存狀況。

So this is the changing environment.

所以這就是不斷變化的環境。

We continue to work closely with our customers, and we make adjustments as appropriate.

我們將繼續與客戶密切合作，並進行適當的調整。

And key is to be adaptable and to be agile.

關鍵是要具有適應性和敏捷性。

And I think we have shown over the course of the first half of this calendar year that we have been really running our operations with tremendous amount of adaptability and agility and continuing to produce healthy results.

而且我認為我們在本日曆年的上半年已經表明，我們一直在以巨大的適應性和敏捷性運營我們的業務，並繼續產生健康的結果。

Great.

偉大的。

And then in terms of the strength that you guys are seeing in cloud in the second half, would you differentiate it all by geography?

然後就下半場你們在雲中看到的實力而言，你們會根據地理位置來區分嗎？

I think you mentioned China being stronger, but is it any different in China versus the rest of the world in cloud?

我認為您提到中國變得更強大，但中國與世界其他地區的雲計算有什麼不同嗎？

We're not going to break it down here between China and rest of the world.

我們不會在中國和世界其他地區之間將其分解。

But overall, when we look at in totality, we continue to see healthy demand trend in cloud in the second half of the year.

但總體而言，從整體來看，我們繼續看到下半年雲計算的健康需求趨勢。

And of course, cloud, when you look at long-term trends, I mean, long term, cloud is still actually in early innings, and long-term trends for cloud are strong because AI as well as 5G, 5G driving more intelligent devices at the edge, growing more data opportunities, it's really the virtuous cycle between cloud and intelligent devices at the edge.

當然，雲，當你看長期趨勢時，我的意思是，從長遠來看，雲實際上仍處於早期階段，雲的長期趨勢很強勁，因為人工智能以及 5G、5G 推動了更多智能設備在邊緣，增加更多的數據機會，這實際上是雲和邊緣智能設備之間的良性循環。

And then industrial IoT and everything around autonomous and robotics, all of these trends point to growth at the edge as well as in the cloud.

然後是工業物聯網以及圍繞自主和機器人技術的一切，所有這些趨勢都指向邊緣和雲端的增長。

So long-term trends continue to be healthy.

因此，長期趨勢繼續保持健康。

Will it ever be a little bit lumpy here or there?

它會在這里或那裡有點凹凸不平嗎？

Certainly, it can be.

當然可以。

But the point is that long-term growth drivers are solid and secular in nature for cloud.

但關鍵是，雲計算的長期增長動力本質上是穩固且長期的。

Our next question comes from Mitch Steves of RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Mitch Steves。

So you guys mentioned 2 things on the call that I wanted to double-click on.

所以你們在通話中提到了我想雙擊的兩件事。

So the first one is you mentioned that some of the shipments that's semi-capped didn't come in on time.

所以第一個是你提到的一些半封頂的貨物沒有按時到貨。

So is this enough, in your opinion, to kind of impact the price of memory?

那麼，在您看來，這足以影響內存價格嗎？

I'm not looking for specific numbers, but was the shipment miss impactful enough that you think it's going to hurt supply enough to move the price?

我不是在尋找具體的數字，但發貨錯過的影響是否足夠大，以至於你認為它會損害供應足以推動價格上漲？

And then secondly, just high level, any comments on the U.S. government kind of incentivizing U.S. manufacturing?

其次，只是高層，對美國政府激勵美國製造業有何評論？

So we got TSMC coming to United States.

所以我們讓台積電來到美國。

And any impact you guys think it will have on you guys in the future?

你們認為這對你們未來會有什麼影響嗎？

So regarding the equipment piece that you asked, let me be very clear that Micron did receive its equipment in time because our equipment deliveries were rather early in fiscal Q3 toward our 1z technology ramp in DRAM and, of course, other aspects on the NAND front as well.

所以關於你問的設備，讓我非常清楚的是，美光確實及時收到了它的設備，因為我們的設備交付在第三財季相當早，朝著我們 DRAM 的 1z 技術提升，當然還有 NAND 方面的其他方面也是。

So we did not say that equipment deliveries were delayed for us during FQ3.

所以我們並沒有說在 FQ3 期間我們的設備交付延遲了。

However, it is well-known and has been talked about in the industry that given the various challenges due to COVID, such as logistics and transportation-related challenges as well as supply chain challenges, some of the equipment deliveries have been impacted in the industry.

然而，眾所周知，並在業內一直在談論，鑑於 COVID 帶來的各種挑戰，例如物流和運輸相關的挑戰以及供應鏈挑戰，一些設備交付在行業中受到了影響.

And yes, for us, in the future, it is possible, given the challenges of COVID, that some of our deliveries in the future may get impacted.

是的，對我們來說，在未來，鑑於 COVID 的挑戰，我們未來的一些交付可能會受到影響。

But in the past, we have been in good shape overall with respect to our receipt of equipment, again, because timing of most of that equipment delivery was such that we were able to actually escape some of the potential challenges in this regard.

但在過去，我們在接收設備方面總體上處於良好狀態，再次，因為大部分設備交付的時間安排使得我們能夠真正避免這方面的一些潛在挑戰。

So from an industry point of view, if equipment deliveries get impacted, which have been talked about, there have been reports, equipment suppliers have talked about some of that as well, then obviously, that impacts technology transition capabilities, and therefore, it can impact supply, perhaps some with supply growth somewhat lower than pre COVID expectations due to the difficulty in making sure that the equipment are delivered on time as well as equipment install and equipment ramp is happening smoothly, given all the travel considerations involved as well.

因此，從行業的角度來看，如果設備交付受到影響，已經討論過，有報導，設備供應商也談到了其中的一些，那麼顯然，這會影響技術轉型能力，因此，它可以影響供應，可能一些供應增長略低於 COVID 之前的預期，因為考慮到所有旅行考慮因素，難以確保設備按時交付以及設備安裝和設備坡道順利進行。

So yes, to the extent that affects the supply growth and lessens the supply growth, it obviously impacts the industry supply and demand environment.

所以是的，在影響供應增長和減少供應增長的程度上，它顯然會影響行業供需環境。

We have talked about that the demand also due to COVID in certain pockets certainly has been less, particularly those pockets related to COVID.

我們已經討論過，由於 COVID 在某些口袋中的需求肯定已經減少，尤其是那些與 COVID 相關的口袋。

So -- and we don't really comment on the pricing, but obviously, supply has an important role to play on the pricing front.

所以 - 我們並沒有真正評論定價，但顯然，供應在定價方面發揮著重要作用。

Your second piece of the question regarding possible U.S. incentives for semiconductor manufacturing, let me first say that we are pleased that the U.S. administration as well as the Congress is considering incentives for U.S. semiconductor industry.

關於美國可能對半導體製造業採取激勵措施的第二個問題，我首先要說的是，我們很高興美國政府和國會正在考慮對美國半導體行業的激勵措施。

This just goes to highlight that U.S. semiconductor industry is extremely important to our economy today.

這只是突顯了美國半導體行業對我們今天的經濟極為重要。

Semiconductor really forms the foundation of the economy of the future and also highlights the recognition of this importance by the officials in Washington, D.C. And really, it's important that U.S. maintains its global competitiveness and innovation capabilities.

半導體確實構成了未來經濟的基礎，也凸顯了華盛頓特區官員對這一重要性的認識。確實，美國保持其全球競爭力和創新能力非常重要。

So from that point of view, we are pleased that there are these consolidations, the bill that is -- that has been put together.

因此，從這個角度來看，我們很高興有這些合併，即已經匯總的法案。

Of course, a lot of details still has to be worked out and the bills have to be approved.

當然，還有很多細節需要解決，法案還需要通過。

So we will continue to monitor this.

因此，我們將繼續對此進行監控。

And from the point of view of memory, I think important thing is that cost and scale in memory are extremely important considerations.

從內存的角度來看，我認為重要的是內存的成本和規模是極其重要的考慮因素。

Micron, in this regard, actually has a well-diversified footprint of front-end manufacturing across the globe.

在這方面，美光實際上在全球擁有非常多樣化的前端製造足跡。

You know that we have fabs here in the U.S. in Manassas, Virginia, as well as in Utah, and state-of-the-art, best-in-class R&D facility in Boise, Idaho as well.

您知道我們在美國弗吉尼亞州馬納薩斯和猶他州都有晶圓廠，在愛達荷州博伊西也有一流的研發設施。

And of course, we have R&D and manufacturing for memory in Asia as well.

當然，我們在亞洲也有內存研發和製造。

So we will continue to monitor these trends, but important considerations, our scale, cost and ROI on any investments is important.

因此，我們將繼續監控這些趨勢，但重要的考慮因素是，我們的規模、成本和任何投資的投資回報率都很重要。

It's not just about government incentives.

這不僅僅是政府的激勵措施。

It's about managing the business in a healthy fashion, keeping in mind ROI considerations.

這是關於以健康的方式管理業務，同時牢記投資回報率的考慮。

And above all, it's extremely important that supply growth is managed in a cost-effective fashion but also managed in a fashion to not disrupt the industry, to certainly not disrupt Micron's supply plans and make sure that supply factor is aligned with demand CAGR.

最重要的是，以具有成本效益的方式管理供應增長，同時以不擾亂行業的方式管理供應增長，當然不會擾亂美光的供應計劃，並確保供應因素與需求復合年增長率保持一致，這一點非常重要。

So while we welcome these incentives for growth of U.S. semiconductor industry and innovation agenda, we will continue to monitor this in a very disciplined fashion before we make any decisions in this regard.

因此，儘管我們歡迎這些促進美國半導體行業增長和創新議程的激勵措施，但在我們做出這方面的任何決定之前，我們將繼續以非常嚴格的方式對其進行監控。

Our next question comes from Chris Daneley of Citigroup.

我們的下一個問題來自花旗集團的 Chris Daneley。

Just a question.

就一個問題。

Can you just talk about the linearity of bookings during the quarter?

你能談談本季度預訂的線性度嗎？

Did they sort of build all quarter?

他們整個季度都在建造嗎？

Was there some volatility in there?

那裡有一些波動嗎？

And then you also mentioned that mobile and data center were the strongest end markets.

然後你還提到移動和數據中心是最強勁的終端市場。

Were both of those stronger than expected?

這兩個都比預期的要強嗎？

So linearity bookings was pretty -- I would call it pretty linear through the quarter.

所以線性預訂很漂亮——我認為整個季度都是線性的。

No surprises.

沒有驚喜。

And the mix -- of course, as we said, data centers showed good strength through the quarter, and mobile was a bit weaker than perhaps we were thinking coming into it, but just in terms of linearity.

和混合 - 當然，正如我們所說，數據中心在整個季度表現出良好的實力，而移動可能比我們想像的要弱一些，但只是在線性方面。

But in general, I would say, actually a fairly linear quarter for us.

但總的來說，我會說，實際上對我們來說是一個相當線性的季度。

Our next question comes from Mehdi Hosseini of SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Most of the good questions have been asked.

大多數好的問題都被問到了。

I just have a follow-up.

我只是有後續。

I'm just wondering, Sanjay, what would it take for your customers to feel comfortable in signing multiyear -- by quarter, rather, contracts?

我只是想知道，桑傑，您的客戶需要什麼才能讓您在簽署多年期合同時感到自在——而是按季度，而不是按季度簽訂合同？

I remember when supply was tied back in 2016 and '17, the industry was highlighting the longer-term contracts associated with enterprise customer.

我記得當供應在 2016 年和 17 年受到限制時，該行業正在強調與企業客戶相關的長期合同。

I think that has changed.

我認為這已經改變了。

And in that context, how do you see (inaudible) coming back and be a more (inaudible) part of the memory industry?

在這種情況下，您如何看待（聽不清）回歸併成為內存行業更多（聽不清）的一部分？

So Mehdi, you were breaking up a little bit.

所以Mehdi，你有點分手了。

However, your question is a good question.

不過，你的問題是個好問題。

And of course, we -- as you know, our customer base is extremely well diversified from automotive to data center to PC to smartphones and networking and industrial and consumer customers.

當然，我們——如你所知，我們的客戶群非常多樣化，從汽車到數據中心到 PC 到智能手機和網絡以及工業和消費者客戶。

So customer requirements with respect to discussions around supply and from us, they vary.

因此，客戶對圍繞供應和我們的討論的要求各不相同。

Some of the customers are managing it on monthly basis, some manage it on quarterly basis.

有的客戶按月管理，有的按季度管理。

And with some customers, we do have supply agreements that extend for years time frame.

對於一些客戶，我們確實有延長數年時間的供應協議。

Of course, certain pricing discussions, et cetera, I mean, are not part of these contracts.

當然，某些定價討論等等，我的意思是，不是這些合同的一部分。

They tend to be around supply, and discussions around pricing tend to be on an ongoing basis.

他們往往圍繞供應進行，圍繞定價的討論往往是持續進行的。

Auto is an example where the contracts can be multiyear contracts, long-term contracts, so it really varies from market to market.

汽車是一個例子，合同可以是多年合同，長期合同，所以它確實因市場而異。

And you know that the technology and product mix continues to change as well.

而且您知道技術和產品組合也在不斷變化。

So I think we want to be careful in terms of the length of the contracts that we manage with the customers.

因此，我認為我們要謹慎對待與客戶管理的合同的長度。

And we manage, I believe, the diversity of our customers very well.

我相信，我們很好地管理了客戶的多樣性。

And our customers value our supply.

我們的客戶重視我們的供應。

They are valuing the product portfolio that Micron is delivering.

他們重視美光提供的產品組合。

They are recognizing that we are the only company in the world that have NAND, DRAM and 3D XPoint and the ability to bring innovative products and solutions to them with a mix of technologies in them as well.

他們認識到我們是世界上唯一一家擁有 NAND、DRAM 和 3D XPoint 的公司，並且有能力為他們帶來創新的產品和解決方案，其中包含多種技術。

And this really positions us uniquely.

這確實使我們與眾不同。

So our discussions really regarding longer-term nature of product road maps and supply considerations, we win all of these various aspects and are built around the road maps as well.

因此，我們的討論實際上是關於產品路線圖和供應考慮的長期性質，我們贏得了所有這些方面，並且也是圍繞路線圖建立的。

So things do change in this business.

所以這個行業的情況確實發生了變化。

And therefore, multiyear contracts are more in the market that are auto market where more legacy nodes are required to be in production for longer terms.

因此，多年期合同更多地出現在汽車市場中，在這些市場中，需要更多的傳統節點在更長的時間內投入生產。

But the parts of the markets where technology and products are moving fast, it's not about multiyear contracts there, but varying length of contracts depending upon the end market customers.

但在技術和產品快速發展的市場部分，這與那裡的多年合同無關，而是根據最終市場客戶的不同合同期限。

Our next question comes from Karl Ackerman of Cowen.

我們的下一個問題來自 Cowen 的 Karl Ackerman。

It's great to see the improvements in your SSD segment, both client and enterprise.

很高興看到您的 SSD 領域的改進，包括客戶端和企業。

First, what sort of percentage could QLC drives represent as a portion of your overall SSD mix next year?

首先，QLC 驅動器在明年的整體 SSD 組合中佔多少百分比？

Could it be 25% or more?

會不會是 25% 或更多？

And I'd appreciate hearing your perspective on the development taking place in enterprise SSDs.

我很高興聽到您對企業 SSD 發展的看法。

On one hand, your U.S.-based competitor has been adamant they're going to gain significant share in enterprise SSDs this year.

一方面，您的美國競爭對手一直堅稱，他們今年將在企業級 SSD 中獲得可觀的份額。

Yet merchant controller manufacturers do enable cloud providers to design their own in-house enterprise SSDs rather than just relying on off-the-shelf SSDs from OEMs.

然而，商業控制器製造商確實使雲提供商能夠設計自己的內部企業 SSD，而不僅僅是依賴 OEM 提供的現成 SSD。

So I was hoping you could just provide the opportunity that you see in enterprise SSD this year versus peers.

所以我希望你能提供今年在企業級 SSD 中與同行相比的機會。

And how you see that playing out in the next 12 to 24 months, particularly as some of the new technologies that you're introducing and providing, such as PCIe 4.0 becomes more mainstream.

以及您如何看待未來 12 到 24 個月的發展，特別是隨著您引入和提供的一些新技術（例如 PCIe 4.0）變得更加主流。

Thank you for asking the question.

感謝您提出問題。

We are very pleased with our execution in SSDs.

我們對我們在 SSD 中的執行感到非常滿意。

As we noted, that record quarter for us in SSDs and really solid sequential growth in SSDs.

正如我們所指出的，我們在 SSD 方面的創紀錄季度和 SSD 的真正穩健的連續增長。

And this is happening, as we had said before that during calendar year 2020, we will be expanding our portfolio of SSD solutions, introducing NVMe solutions for clients as well as data center markets.

正如我們之前所說，這正在發生，在 2020 日曆年，我們將擴大我們的 SSD 解決方案組合，為客戶和數據中心市場引入 NVMe 解決方案。

And we have said before that as we bring out those new solutions, as we qualify them with those customers, those NVMe solutions, it will give us an opportunity during the course of the year to gain share, and this is what has been happening during the course of this year.

我們之前已經說過，當我們推出這些新解決方案時，當我們與這些客戶、那些 NVMe 解決方案對它們進行資格認證時，它將給我們一個在一年中獲得份額的機會，這就是在今年的課程。

With our strong performance in SSDs, we actually have been gaining share, yet, our share is still relatively low.

憑藉我們在 SSD 方面的強勁表現，我們實際上一直在獲得份額，但我們的份額仍然相對較低。

And as we continue to bring out new products in the future, and several are underway and several qualifications are underway as well with our customers, we will have ongoing opportunities through the course of next year as well in terms of driving for profitable share gains in the SSD market.

隨著我們在未來繼續推出新產品，其中一些正在進行中，並且我們的客戶也在進行一些資格認證，我們將在明年以及在推動盈利份額增長方面擁有持續的機會SSD市場。

And regarding QLC that you asked about, we are really pleased with our execution on the QLC front as well.

關於您詢問的 QLC，我們也對我們在 QLC 方面的執行感到非常滿意。

We are shipping QLC SSDs in the consumer markets as well as we have product offerings that will be having -- drive future opportunity for us on the value side of the PC, on the OEM front as well.

我們正在消費市場上運送 QLC SSD，並且我們提供的產品將擁有——在 PC 的價值方面為我們帶來未來的機會，在 OEM 方面也是如此。

And QLC SSDs are also being used in read-intensive applications and replacing 10K HDDs as well.

QLC SSD 也被用於讀取密集型應用程序並取代 10K HDD。

So you see there are multiple end market applications and opportunities for our SSDS.

因此，您會看到我們的 SSDS 有多種終端市場應用和機會。

And we are already more than 10% of our total NAND consumption with respect to QLC, and this presents a good opportunity for us.

我們已經占到 QLC 總 NAND 消耗量的 10% 以上，這對我們來說是一個很好的機會。

And we fully expect our SSD mix to continue to increase as we bring out more new products over the course of next several quarters.

隨著我們在接下來的幾個季度推出更多新產品，我們完全預計我們的 SSD 組合將繼續增加。

So yes, I mean, QLC as a mix of SSD percentage will go up for us going forward.

所以，是的，我的意思是，QLC 作為 SSD 百分比的組合將繼續為我們增加。

And let me just add that QLC is obviously an opportunity that instead of 3 bits per cell, it has 4 bits per cell.

讓我補充一下，QLC 顯然是一個機會，而不是每個單元 3 位，它每個單元有 4 位。

So obviously, once done right and you really have all the BOM costs taken care of on the product side, it gives you lower cost and, therefore, improved profitability opportunity as well.

所以很明顯，一旦做得好，你真的在產品方面處理了所有的 BOM 成本，它會給你帶來更低的成本，因此也提高了盈利機會。

So we are certainly focused on increasing the mix of QLC.

因此，我們當然專注於增加 QLC 的組合。

At the same time, TLC will remain vast majority of the market for a considerable period of time.

同時，TLC 仍將在相當長的一段時間內佔據市場的絕大部分。

Our final question comes from the line of Mark Newman of Bernstein.

我們的最後一個問題來自伯恩斯坦的馬克紐曼。

Congrats on strong numbers today.

恭喜今天的強勁數據。

Just as a follow-up question on the data center segment.

就像數據中心領域的後續問題一樣。

There seems to be -- I mean it sounds like everything you said stays very upbeat, quite bullish on data center demand remaining quite strong.

似乎有 - 我的意思是聽起來你所說的一切都非常樂觀，非常看好數據中心需求仍然非常強勁。

There seems to be some worries in the market, particularly around some investors of hyperscalers inventory have been increase slightly.

市場似乎有些擔憂，尤其是一些超大規模投資者的庫存略有增加。

And I think the worry is stemming from what happened in '18 with the cuts in orders in late 2018, which continued too much of 2019.

我認為這種擔憂源於 18 年發生的事情，即 2018 年底訂單減少，這種情況在 2019 年持續了太多。

So my question is how has the communication changed with the data center at the hyperscalers?

所以我的問題是，與超大規模數據中心的通信發生了怎樣的變化？

Are you having more frequent and closer communication with them to determine -- trying to get a better idea of what the inventory levels are?

您是否與他們進行更頻繁和更密切的溝通以確定 - 試圖更好地了解庫存水平是多少？

Or otherwise, how can you help kind of soothe those fears that data center demand is going to remain stronger for longer, as we hope it will?

否則，您如何幫助緩解人們對數據中心需求將保持強勁增長的擔憂，正如我們所希望的那樣？

So first of all, I would say on the inventory side, pre-COVID, data center customers as well as other customers largely had inventories that had returned to normal levels.

因此，首先，我想說的是，在庫存方面，COVID 之前的數據中心客戶以及其他客戶的庫存大部分已經恢復到正常水平。

And certainly, supplier inventories were at normal level as well pre-COVID.

當然，供應商的庫存在 COVID 之前也處於正常水平。

And the COVID environment, work-from-home environment has driven strong surge in demand on the data center front.

COVID 環境、在家工作環境推動了數據中心前端的需求強勁增長。

And as we mentioned, we expect demand trends to continue to be healthy in the second half for data center as well.

正如我們所提到的，我們預計下半年數據中心的需求趨勢也將繼續保持健康。

In terms of inventories in the data center market, yes, while certain customers may be carrying high levels of inventory, again, for the reasons that I had mentioned earlier, related to their own supply chain considerations as well as changing environment with respect to the demand.

就數據中心市場的庫存而言，是的，雖然某些客戶可能持有高水平的庫存，但出於我之前提到的原因，與他們自己的供應鏈考慮以及不斷變化的環境有關要求。

But the point is that compared to 2018 or 2019 environment, customer inventories are really at a much better, much healthier levels.

但關鍵是，與 2018 年或 2019 年的環境相比，客戶庫存確實處於更好、更健康的水平。

This is not like a 2018, 2019 and situation, even if certain customers are carrying some higher levels of inventory, again, given the uncertainties around COVID.

這與 2018 年、2019 年的情況不同，即使某些客戶的庫存水平更高，再次考慮到 COVID 的不確定性。

And the other point I would say is that while COVID does give us lower visibility and does bring about uncertainty, not just for us but for our customers as well, cloud is an area where the long-term demand trends, as I mentioned earlier, are secular in nature overall.

我要說的另一點是，儘管 COVID 確實降低了我們的知名度並帶來了不確定性，不僅對我們，對我們的客戶也是如此，但正如我之前提到的，雲是一個長期需求趨勢的領域，總體上是世俗的。

So memory and storage, given the kind of application that customers -- our data center customers, hyperscalers are working on, those are requiring more memory and more storage.

所以內存和存儲，考慮到客戶——我們的數據中心客戶，超大規模企業正在開發的應用程序，它們需要更多的內存和存儲。

So the longer-term trend continues to be healthy.

因此，長期趨勢繼續保持健康。

In the near term, yes, I mean, COVID does have unprecedented amount of challenges and uncertainty in the entire tech ecosystem, and we are doing our best to continue to work with our customers.

在短期內，是的，我的意思是，COVID 在整個科技生態系統中確實面臨著前所未有的挑戰和不確定性，我們正在盡最大努力繼續與我們的客戶合作。

Our relationships today, since you were asking about those, are certainly a lot closer than they were in the previous time frame.

我們今天的關係，因為你問的是那些，肯定比之前的時間框架要近得多。

I would say that even hyperscale customers have become somewhat more sophisticated in terms of understanding the memory dynamics and improving their own supply chain operations.

我想說的是，即使是超大規模客戶在理解內存動態和改進他們自己的供應鏈運營方面也變得更加成熟。

So it's really a 2-way relationship.

所以這實際上是一種雙向關係。

We do work closely together with them.

我們確實與他們密切合作。

Having said all of that, of course, our visibility cannot be perfect in this area.

說了這麼多，當然，我們在這方面的知名度不可能是完美的。

We continue to focus on working closely with the customers, understanding the requirements and planning our supply chain accordingly.

我們將繼續專注於與客戶密切合作，了解需求並相應地規劃我們的供應鏈。

And what also helps is that the markets are quite diverse for us.

同樣有幫助的是市場對我們來說非常多樣化。

I mean, yes, cloud is a strong driver of growth for the business, but also we are well diversified with strong mobile footprint as well as PC and between DRAM and NAND.

我的意思是，是的，雲是業務增長的強大驅動力，但我們也非常多元化，擁有強大的移動足跡以及 PC 以及 DRAM 和 NAND。

And as we talked about, diversified into the gaming side with new gaming consoles coming in, needing more DRAM, twice as much DRAM, the new gaming consoles.

正如我們所談到的，隨著新遊戲機的出現，多元化進入遊戲領域，需要更多的 DRAM，DRAM 的兩倍，新遊戲機。

So diversity of the business is certainly a helpful factor for us to manage through some of these uncertainties.

因此，業務的多樣性無疑是我們應對其中一些不確定性的一個有用因素。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。