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

女士們、先生們，感謝各位的耐心等待，歡迎參加美光科技2020年第三季財務電話會議。（操作員指示）現在我將把會議交給你們的發言人，投資者關係主管法爾漢·艾哈邁德。先生，請繼續。

Thank you, and welcome to Micron Technology's Fiscal Third 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財年第三季財務電話會議。今天和我一起通話的是總裁兼執行長 Sanjay Mehrotra 和財務長 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 prepared remarks filed a short while ago.

今天的電話會議大約需要60分鐘。本次電話會議（包括音訊和幻燈片）也將在我們的投資者關係網站 investors.micron.com 上進行網路直播。此外，我們的網站上也刊登了獲利新聞稿和不久前提交的準備好的演講稿。

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.

除非另有說明，今天對財務業績的討論將以非公認會計準則（non-GAAP）為基礎。您可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的調整表。再次提醒，網路直播回放將於今天稍晚在我們的網站上提供。

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 at MicronTech.

我們鼓勵您在本季度密切關注我們的網站 micron.com，以獲取有關公司的最新信息，包括我們將參加的各種金融會議的信息。您可以在Twitter上關注我們：MicronTech。

As a reminder, the matters we will be discussing today include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after today’s date to conform these statements to actual results.

再次提醒大家，我們今天將要討論的事項包含前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與今天所作的陳述有重大差異。有關可能影響我們未來業績的風險的討論，請參閱我們向美國證券交易委員會提交的文件，特別是我們最新的 10-K 表格和 10-Q 表格。儘管我們認為前瞻性聲明中反映的預期是合理的，但我們無法保證未來的結果、活動水準、績效或成就。我們沒有義務在今天之後更新任何前瞻性聲明，以使這些聲明與實際結果相符。

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. I hope that you, your family and your colleagues are safe and healthy. Along with Dave and Farhan, I'm doing this call from Micron’s offices.

謝謝你，法爾漢。大家下午好。我希望您、您的家人和同事都平安健康。我和戴夫、法爾漢正在美光公司的辦公室進行這通通話。

Micron’s strong execution in the fiscal third quarter drove solid sequential revenue and EPS growth. We are ramping the industry’s most advanced DRAM node and increasing our mix of high-value NAND. Our strong competitive position and diversified product portfolio put Micron in an outstanding position for the

美光科技在第三財季的強勁表現推動了營收和每股盈餘的環比穩健成長。我們正在加速推進業界最先進的DRAM節點生產，並增加高價值NAND快閃記憶體的比例。我們強大的競爭地位和多元化的產品組合使美光公司處於非常有利的地位。

Many exciting growth opportunities in the memory and storage markets.

內存和儲存市場蘊藏著許多令人興奮的成長機會。

I'll start with an update on our operations. 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. 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. All our production facilities are operating normally at this time. 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. We are taking a conservative, phased and site-specific approach to returning our team members on-site, prioritizing our manufacturing workforce and engineering teams.

我先來報告一下我們的營運狀況。由於美光營運團隊的出色工作，我們的大部分晶圓廠和組裝廠在本季度都實現了滿載生產，其中新加坡和台灣的組裝和測試工廠更是創下了生產紀錄。COVID-19 對我們第三季初的生產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基地，我們透過調整其他工廠的生產迅速抵消了這種影響。目前我們所有的生產設施都正常運作。我們始終將所有團隊成員和承包商的健康和安全放在首位，並在全球所有場所採取了強有力的 COVID-19 安全措施。我們將採取保守、分階段和因地制宜的方式讓我們的團隊成員返回工作崗位，優先考慮我們的製造工人和工程團隊。

Now turning to the market environment. The pandemic has impacted the cyclical recovery in DRAM and NAND, causing stronger demand in some segments and weaker demand in others. Market segments driven primarily by consumer demand have seen a negative impact. 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. The reduced level of global economic activity has also curtailed near-term demand. The pandemic is driving rapid change in consumer and corporate practices around the world. Consumers are significantly increasing online activity, including e-commerce, gaming and video streaming, all of which drive additional data center capacity requirements. Trends like working-from-home and online learning are likely to drive long-term changes in how we think about workforce flexibility and education. 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.

現在來看看市場環境。疫情影響了DRAM和NAND的周期性復甦，導致某些領域的需求強勁，而另一些領域的需求則疲軟。主要由消費者需求驅動的市場區隔領域受到了負面影響。儘管企業筆記型電腦和 Chromebook 的銷量預期有所增長，但 2020 年分析師對汽車、智慧型手機和 PC 終端銷量的預期仍遠低於 COVID-19 疫情前的水平。全球經濟活動水準的下降也抑制了近期需求。疫情正在推動全球消費者和企業行為的快速變化。消費者線上活動顯著增加，包括電子商務、遊戲和視訊串流媒體，所有這些都推動了對資料中心容量的額外需求。在家工作和線上學習等趨勢可能會從長遠角度改變我們對勞動力靈活性和教育的看法。在當今時代，線上學習已成為一種必然趨勢，因此世界各地的一些政府正在考慮透過推出重大項目，向買不起 Chromebook 或平板電腦的學生提供這些設備，以確保公平的競爭環境。

Additional government fiscal stimulus programs are also supportive of economic activity and will accelerate trends like electric vehicle production. Emerging technologies such as drone-based deliveries and the increased use of robotics across many applications are now being pursued with urgency. Technology solutions are rapidly helping society adapt and manage the temporary and permanent changes stemming from this pandemic.

政府額外的財政刺激計劃也有利於經濟活動，並將加速電動車生產等趨勢。無人機送貨等新興技術以及機器人技術在許多應用領域的日益普及，目前正被迫切地推行。技術解決方案正在迅速幫助社會適應和應對這場疫情帶來的暫時性和永久性變化。

Clearly, certain trends that would have taken 2 to 4 years to develop have been accelerated into months. It is easy to see how these changes will drive higher consumption of memory and storage in the long term. The faster pace of digital transformation in the economy is here to stay.

顯然，某些原本需要 2 到 4 年才能形成的趨勢，現在幾個月就加速發展了。不難看出，從長遠來看，這些變化將導致記憶體和儲存消耗量增加。經濟數位化轉型加速的趨勢將持續下去。

Looking ahead to the second half of calendar 2020, let me discuss certain key market trends. First, we expect the data center outlook to remain healthy. Second, we expect smartphone and consumer end-unit sales to continue to improve, accelerating inventory consumption across the supply chain. And third, new gaming consoles will drive stronger DRAM and NAND demand. 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.

展望2020年下半年，我想談談一些關鍵的市場趨勢。首先，我們預期資料中心市場前景將保持良好。其次，我們預期智慧型手機和消費終端產品的銷售將持續成長，加速整個供應鏈的庫存消耗。第三，新型遊戲主機將推動DRAM和NAND快閃記憶體的更強勁需求。儘管存在這些趨勢，但由於 COVID-19、宏觀經濟和貿易的不確定性以及客戶庫存變化，我們對終端市場的短期可見性仍然有限。

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

最近對華為的限制也影響了我們近期的發展機會。隨著這些風險的消退，我們預計產業將恢復成長，DRAM 的長期位成長複合年增長率將達到 15% 到 10% 左右，NAND 的長期位成長複合年增長率將達到 30% 左右。這一成長將得到強大的長期技術趨勢的支持，這些趨勢包括人工智慧和機器學習、雲端運算、5G以及邊緣運算和工業物聯網經濟的成長。

Turning to industry supply, second-half 2020 supply growth may be somewhat muted compared to pre-COVID-19 expectations. Some suppliers have commented about delays in equipment deliveries, which can result in slower node transitions and lower bit growth. Specific to Micron, we are proactively aligning our bit supply to market demand. 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. 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. We have also made changes to our DRAM utilization to align with the current lower demand in the automotive market. As end market conditions evolve, we will remain flexible to make any needed adjustments to our supply.

就產業供應而言，與新冠疫情前的預期相比，2020 年下半年的供應成長可能會有所放緩。一些供應商表示設備交付出現延誤，這可能導致節點轉換速度變慢和位元成長速度降低。就美光而言，我們正在積極調整我們的比特供應以適應市場需求。2020 財年前端設備資本支出比 2019 財年下降了 40% 以上，是近 5 年來的最低水準。雖然我們預計 2021 財年的資本支出將增加，以支持高 ROIC 節點的過渡，但這筆資本支出將比我們在 COVID-19 疫情前的計畫要低得多。我們也調整了DRAM的使用率，以適應目前汽車市場較低的需求。隨著終端市場狀況的變化，我們將保持靈活性，對我們的供應做出任何必要的調整。

Since 2016, Micron has made tremendous progress narrowing the competitive gap on leading-edge technology nodes. In DRAM, we are ramping 1Z technology, which is the industry's most advanced node, and achieving yield improvements that reduce our costs. We have several customer qualifications underway for this technology. Our 1Y and 1Z nodes together now make up more than 50% of our bit production. We continue to make progress on our 1-alpha node, which we expect to introduce in fiscal 2021. 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. 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.

自 2016 年以來，美光科技在縮小尖端技術節點的競爭差距方面取得了巨大進展。在DRAM領域，我們正在加速1Z技術的發展，這是業界最先進的節點，並且實現了良率的提高，從而降低了我們的成本。我們正在對多項客戶技術進行資格認證。我們的 1Y 和 1Z 節點現在合計占我們位元產量的 50% 以上。我們的 1-alpha 節點持續取得進展，預計將於 2021 財年推出。我們已開始提供首款高頻寬 DRAM 記憶體產品的樣品，可與業界最先進的產品相媲美，並將擴大我們在人工智慧資料中心領域的機會。我們很高興能夠進入DRAM市場的這個新的高價值細分領域，並期待在產品通過客戶驗證後擴大其市場規模。

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. We are also making good progress on our second-generation RG node, which will be deployed broadly across our product portfolio. We remain on track for RG production to make a meaningful portion of our NAND output by the end of calendar 2020.

在 NAND 方面，我們的 128 層第一代 RG NAND 技術已於第三季開始量產，我們很高興地宣布，我們最近已開始向客戶發貨。我們的第二代 RG 節點也取得了良好進展，該節點將在我們的產品組合中廣泛部署。我們仍按計劃推進，到 2020 年底，RG 的生產將占我們 NAND 產量的相當大一部分。

Micron also continues to make progress with QLC. QLC bits now represents more than 10% of Micron's overall NAND production, contributing to our NAND cost improvement. 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. We remain on target to increase this to 80% for fiscal 2021.

美光科技在QLC技術方面也持續取得進展。QLC 位元目前佔美光 NAND 總產量的 10% 以上，這有助於我們降低 NAND 成本。2020 財年，我們在 NAND 高價值解決方案領域取得了非凡的成就，目前已占我們季度 NAND 業務總量的 75% 以上。我們仍有望在 2021 財年將這一比例提高到 80%。

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

新美光正在經歷一場巨大的變革，旨在將產品領先地位與技術、製造和供應鏈的卓越表現相結合。我們將繼續專注於DRAM和NAND產品組合的差異化和產品組合擴展，以在保持穩定市場份額的同時，提高我們在行業利潤中的份額。

Turning to end markets. We had record quarterly revenue in solid-state drives as cloud SSD revenue more than doubled quarter-over-quarter. We continue to introduce new NVMe products in our SSD portfolio while maintaining our leadership in the enterprise SATA market. Customer qualifications are progressing well for our next-generation products for both NVMe and SATA markets. Our client NVMe SSDs have also contributed to our SSD growth. In May, we announced a TLC client SSD and our first QLC client SSD, both using next-generation 96-layer NAND technology.

轉向終端市場。固態硬碟業務季度營收創歷史新高，雲端固態硬碟營收季增超過一倍。我們持續在 SSD 產品組合中推出新的 NVMe 產品，同時保持在企業級 SATA 市場的領先地位。我們針對 NVMe 和 SATA 市場的下一代產品的客戶認證進展順利。我們的客戶 NVMe SSD 也促進了我們 SSD 的成長。5 月，我們發布了 TLC 用戶端 SSD 和首款 QLC 用戶端 SSD，這兩款產品均採用新一代 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. 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. This quarter, we started early sampling of 1Z DDR5 for enterprise application. 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. 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.

作為唯一一家擁有 DRAM、NAND 和 3D XPoint 技術組合的公司，美光科技擁有獨特的優勢，能夠從推動雲端運算、企業和網路市場的長期數據成長中受益。我們的雲端DRAM銷售額較上季大幅成長，這主要得益於居家辦公和線上學習經濟的強勁需求，以及全球電子商務活動的顯著成長。本季度，我們開始對企業應用的 1Z DDR5 進行早期樣品測試。此外，我們也開始為英特爾 Ice Lake 伺服器平台提供高頻 DDR4 模組樣品，我們預計這將推動伺服器 DRAM 內容的成長。在網路領域，受居家辦公基礎設施快速部署以及 5G 部署增加（尤其是在亞洲）的推動，我們的 DRAM 位元出貨量較上季大幅成長。

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. 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. 5G phones will have greater content than 4G phone, and we can see this already in the phones being introduced in calendar 2020. 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. 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. We are encouraged to see sub-$250 5G phones, which made 5G accessible to a broader market. This lower price point has been enabled by BOM cost reductions in semiconductor content outside of memory and storage. 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. 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.

儘管受新冠疫情影響，智慧型手機市場需求面臨逆風，但由於 DRAM 和 NAND 解決方案的持續成長勢頭，我們的行動業務實現了健康的環比和同比增長。2021 年的前景一片光明，預計 5G 將推動智慧型手機銷售恢復成長，而更高的記憶體和儲存容量將產生乘數效應。5G 手機將比 4G 手機擁有更豐富的內容，這一點我們已經可以從 2020 年推出的手機中看到。我們看到，智慧家庭市場中低階的部分記憶體和儲存內容成長最為強勁，而這部分也是銷量最大的細分市場。在這個市場領域，5G 手機配備 6 GB DRAM 和 64 GB 或 128 GB NAND，而 4G 手機配備 2 GB 至 4 GB DRAM 和 32 GB 至 64 GB NAND。我們很高興看到售價低於 250 美元的 5G 手機，這使得 5G 技術能夠惠及更廣泛的市場。記憶體和儲存設備以外的半導體元件的物料清單成本降低，使得價格得以降低。憑藉業界領先的產品組合，包括低功耗DRAM和多晶片封裝，美光已做好充分準備，幫助我們的客戶在5G時代取得成功。我們繼續在 LP4 和 LP5 5G 平台的設計方面取得佳績，我們基於 UFS 3.1 的最先進的管理型 NAND 產品目前正在幾家主要的安卓 OEM 廠商進行樣品測試。

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

在個人電腦領域，由於我們策略性地將計算資料的供應轉移到資料中心市場以滿足需求，我們的比特出貨量略有下降。某些 PC 細分市場的需求強勁，這些市場支持了日益增長的居家辦公和遠距學習活動，隨著平均售價的上漲，我們的 PC DRAM 收入也較上季成長。儘管個人電腦市場的某些領域有所走強，但由於桌上型電腦市場疲軟，預計今年個人電腦整體出貨量將會下降。在圖形領域，我們已經開始為下一代遊戲主機出貨 GDDR6 DRAM，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. 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. As automotive production rates improve around the world, our auto business should return to a growth trajectory.

由於汽車供應鏈大規模中斷，汽車業務收入較上一季大幅下降。儘管汽車業務疲軟，但 ADAS 和自動駕駛平台帶來的長期內容成長，使我們汽車業務在第三財季的 LP4 DRAM 收入創下歷史新高。隨著世界各地汽車產量的提高，我們的汽車業務應該會重回成長軌道。

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. Despite COVID-19, we achieved strong results, thanks to resilient execution from our team members across the globe. Total FQ3 revenue was approximately $5.4 billion, up 13% sequentially and 14% year-over-year. Sequential revenue growth was led by the data center and mobile markets.

謝謝你，桑傑。儘管受到新冠疫情的影響，但由於我們全球團隊成員的頑強執行，我們仍然取得了優異的成績。第三財季總營收約 54 億美元，季增 13%，年增 14%。資料中心和行動市場引領了營收的環比成長。

FQ3 DRAM revenue was $3.6 billion, representing 66% of total revenue. DRAM revenue increased 16% sequentially and 6% year-over-year. Bit shipments were up by approximately 10% sequentially. ASPs were up sequentially in the mid-single-digit percentage range. FQ3 NAND revenue was approximately $1.7 billion, representing 31% of total revenue. NAND revenue increased 10% sequentially and was up over 50% year-over-year. Bit shipments increased in the lower single-digit percentage range sequentially. ASPs increased sequentially in the upper single-digit percentage range.

第三季DRAM營收為36億美元，佔總營收的66%。DRAM 營收季增 16%，年增 6%。比特出貨量較上季成長約 10%。平均售價季增，漲幅在個位數百分比範圍內。第三季 NAND 營收約 17 億美元，佔總營收的 31%。NAND 營收季增 10%，較去年同期成長超過 50%。比特出貨量較上季成長，增幅在個位數百分比範圍內。平均售價逐年遞增，增幅接近兩位數百分比。

Now turning to our revenue trends by business unit. Revenue for the Compute and Networking Business Unit was $2.2 billion, up 13% sequentially and up 7% year-over-year. CNBU's sequential growth was driven by double-digit quarter-over-quarter pricing improvements and stronger demand for data center products. We were supply constrained for certain compute DRAM products, which limited our ability to meet some demand upside from customers. Revenue for the mobile business unit was $1.5 billion, up 21% sequentially and up 30% year-over-year. The sequential growth was primarily driven by strong growth in our LPDRAM bit shipments. MCP revenue remained strong and was up significantly year-over-year.

接下來我們來看看各業務部門的營收趨勢。計算與網路業務部門的營收為 22 億美元，季增 13%，年增 7%。CNBU的環比成長得益於兩位數的季度環比價格改善以及對資料中心產品的強勁需求。某些運算DRAM產品的供應受到限制，這限制了我們滿足客戶部分成長需求的能力。行動業務部門的營收為 15 億美元，季增 21%，年增 30%。環比成長主要得益於LPDRAM位元出貨量的強勁成長。MCP 營收保持強勁，且較去年同期成長顯著。

Revenue for the Storage Business Unit in FQ3 was $1 billion, up 17% from FQ2 and up 25% year-over-year. SBU operating margins increased dramatically to 17%, up from a breakeven level last quarter. This significant sequential improvement in operating margins was driven by improved pricing, stronger data center SSD mix and overall record SSD revenue. 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.

第三財季儲存業務部門的營收為 10 億美元，比第二財季成長 17%，較去年同期成長 25%。SBU 的營業利潤率大幅成長至 17%，高於上季的損益兩平水準。營運利潤率的顯著環比改善得益於定價的提高、資料中心 SSD 組合的增強以及 SSD 整體收入的創紀錄增長。最後，嵌入式業務部門的營收為 6.75 億美元，季減 3%，年減 4%，主要原因是汽車需求下降。

The consolidated gross margins for FQ3 was 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. The impact of underutilization at our Lehi fab was approximately $155 million or 285 basis points in FQ3. We expect underutilization to be approximately $135 million in FQ4 and expect gradual declines in underutilization through fiscal 2021. Operating expenses were $823 million in FQ3. 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. As a result, we continue to expect favorable underlying OpEx trends to continue into fiscal Q4.

第三財季綜合毛利率為 33.2%。DRAM 和 NAND 的價格上漲以及我們不斷改進的產品組合，推動了毛利率的環比增長，這些因素繼續支撐著我們的財務表現。第三財季，我們位於萊希的工廠產能利用不足造成約 1.55 億美元或 285 個基點的損失。我們預計第四財季的未充分利用資金約為 1.35 億美元，並預計到 2021 財年，未充分利用資金將逐步減少。第三財季的營運支出為 8.23 億美元。正如我們在上個季度電話會議上所說，鑑於 COVID-19 帶來的不確定性增加，我們採取了多項措施來控制營運費用。因此，我們繼續預期有利的潛在營運支出趨勢將延續到第四財季。

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.

第三季營業收入為 9.81 億美元，營業利潤率為 18%，而上一季為 11%，去年同期為 23%。

Net interest expense increased to $24 million compared to $6 million of net interest expense in the prior quarter. This increased expense was primarily driven by the drawdown of our revolver and subsequent $1.25 billion investment-grade note issuance in the quarter. We expect net interest expense will be approximately $30 million in FQ4 due to the decline in interest income because of lower interest rates.

淨利息支出增加至 2,400 萬美元，而上一季淨利息支出為 600 萬美元。這一增加的支出主要是由於本季動用了循環信貸額度以及隨後發行了 12.5 億美元的投資等級債券。由於利率下降導致利息收入減少，我們預計第四財季淨利息支出約為 3,000 萬美元。

Our FQ3 effective tax rate was 3%, which benefited from approximately $19 million of onetime items. We expect our tax rate in the fourth quarter to be approximately 6%. Going forward into fiscal 2021, we expect our tax rate to be in the high single-digit to low double-digit range.

我們第三季的實際稅率為 3%，這得益於約 1900 萬美元的一次性項目。我們預計第四季的稅率約為 6%。展望 2021 財年，我們預期稅率將在個位數高點到兩位數低點之間。

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

第三財季非GAAP每股盈餘為0.82美元，高於第二財季的0.45美元，低於去年同期的1.05美元。由於本季報告的稅收優惠，第三季非GAAP每股收益增加了約0.02美元。

Turning to cash flows and capital spending. We generated $2 billion in cash from operations in FQ3, representing 37% of revenue. During the quarter, net capital spending was approximately $1.9 billion, approximately flat quarter-over-quarter. As we enter the final quarter of FY '20, we are projecting fiscal year 2020 CapEx to be approximately $8 billion. Our FY '20 front end equipment CapEx will still be down more than 40% from last year. However, back-end CapEx and building CapEx, either of which add to bit supply growth, are up from last year.

接下來討論現金流和資本支出。第三財季，我們從經營活動中獲得了 20 億美元的現金，佔總收入的 37%。本季淨資本支出約 19 億美元，與上一季基本持平。隨著我們進入 2020 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。我們2020財年的前端設備資本支出仍將比前一年下降40%以上。然而，後端資本支出和建設資本支出（兩者都會增加比特供應量的成長）都比去年增加。

Free cash flow in the quarter was $101 million compared to $63 million in the prior quarter. This represents the 14th consecutive quarter of positive free cash flow, reflecting the structurally improved profitability and working capital improvements of the new Micron. We repurchased approximately 929,000 shares for $40 million in FQ3 at an average price of $43.54. 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. 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.

本季自由現金流為 1.01 億美元，而上一季為 6,300 萬美元。這代表美光連續第 14 季實現正自由現金流，反映了新美光獲利能力和營運資本的結構性改善。我們在第三財季以平均每股 43.54 美元的價格回購了約 929,000 股股票，總額達 4,000 萬美元。在 2020 財年的前 9 個月裡，我們透過回購返還了 1.34 億美元的資本，並支付了 2.66 億美元用於結算可轉換票據的轉換。結合可轉換溢價和股票回購，我們已投入 3.38 億美元，相當於 2020 財年自由現金流的 135%，用於減少股份數量。

Ending FQ3 inventory was $5.4 billion or 131 days versus 134 days last quarter. 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. We are also carrying higher raw material levels as a precaution, given the increased supply chain uncertainty due to the pandemic.

第三財季末庫存為 54 億美元，相當於 131 天，而上一季為 134 天。由於我們正在向替代閘極過渡，導致 NAND 庫存增加，因此我們的整體庫存週轉天數高於我們約 110 天的目標水準。鑑於疫情導致供應鏈不確定性增加，我們也出於預防目的提高了原料儲備水準。

We ended the quarter with total cash of $9.3 billion and total debt of $6.7 billion. Total liquidity was approximately $11.8 billion, up from $10.6 billion at the end of the second quarter. In the quarter, we issued $1.25 billion of investment-grade notes. 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.

本季末，我們持有的現金總額為 93 億美元，債務總額為 67 億美元。總流動資金約 118 億美元，高於第二季末的 106 億美元。本季度，我們發行了12.5億美元的投資等級債券。這些收益，連同我們手頭上的 12.5 億美元現金，被用來償還我們在本財年第三季初提取的 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. 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. 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. It is also important to remember that we are a lagging indicator relative to the end demand. 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. Lastly, inventory strategies of our customers are difficult to predict. We continue to closely monitor market conditions and respond to changes in the market environment in a timely and disciplined manner.

現在談談我們的展望。正如 Sanjay 所提到的，雖然整體可見度仍然有限​​，但資料中心的發展趨勢強勁，新的遊戲主機將在今年下半年成為需求的推動因素。雖然智慧型手機等消費性電子設備的終端銷售已經開始復甦，但我們看到最近對華為實施的限制措施對其產生了影響。同樣重要的是要記住，相對於最終需求而言，我們是落後指標。此外，第二波新冠肺炎疫情的風險持續為經濟復甦和我們的業務帶來更大的不確定性。最後，我們客戶的庫存策略很難預測。我們將繼續密切關注市場狀況，並及時、有條不紊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. 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.

考慮到所有這些因素，我們對第四財季的非GAAP業績指引如下：預計收入為60億美元，上下浮動2.5億美元；毛利率為35.5%，上下浮動150個基點；營運費用約為8.5億美元，上下浮動2,500萬美元。最後，根據約 11.4 億股完全稀釋後的股份數量，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. The tenacity, creativity and dedication of our team members around the world drove strong results that surpassed our initial expectations. 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.

最後，我們為美光在當前前所未有的市場不確定性和營運挑戰時期所取得的成績感到無比自豪。我們全球團隊成員的堅韌、創造力和奉獻精神帶來了超乎我們最初預期的強勁成果。美光科技擁有非常穩健的財務狀況，資產負債表達到投資級別，產品組合不斷增強，並且長期行業趨勢將繼續推動長期需求，因此公司基礎仍然穩固。

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 pandemic has impacted our financial performance trajectory, which was shaping up for a robust outcome this calendar year. Nevertheless, we have moved with agility to leverage the new opportunities in the marketplace and have further strengthened our product portfolio. 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. In the coming quarters and years, we will continue to strengthen our business foundation. 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.

謝謝你，戴夫。疫情影響了我們的財務業績軌跡，而原本我們預計今年將取得強勁的業績。儘管如此，我們仍靈活地抓住了市場上的新機遇，並進一步加強了我們的產品組合。從競爭角度來看，美光的產品組合現在有了顯著的提升，在過去的三年裡，我們在這方面取得了巨大的進步。在接下來的幾個季度和幾年裡，我們將繼續加強業務基礎。隨著產業環境的改善，美光科技擁有得天獨厚的優勢，能夠充分利用長期趨勢，為股東帶來卓越的回報。

Of course, preparing Micron for a bright future has to be about more than just quarterly business performance. We also have to be leaders in creating positive outcome for all of our stakeholders. In that context, there are 2 topics that I would like to touch upon before we move to Q&A.

當然，要讓美光擁有美好的未來，不能只專注在季度業績。我們還必須在為所有利害關係人創造正面成果方面發揮領導作用。在此背景下，在進入問答環節之前，我想先談談兩個主題。

First, earlier this month, we issued our fifth annual sustainability report. 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. We also established an aspirational future vision that will drive us to achieve even more. 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. These initiatives underpin our commitment to achieve significantly higher standards and help create a better planet.

首先，在本月初，我們發布了第五份年度永續發展報告。今年，我們為能源使用、排放、用水和廢棄物產生設定了具有挑戰性的新目標，旨在未來幾年大幅提高我們在全球範圍內的營運環境永續性。我們也制定了富有遠見的未來願景，這將激勵我們取得更大的成就。實現我們的目標需要投資，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。這些措施體現了我們致力於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. The senseless and tragic deaths of people in our black community in the U.S. must be addressed with real and lasting reforms. Hate, racial discrimination, violence and social injustice have no place in our society. 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. We are also actively engaging and investing in community programs that aim to create a more just and fair society for everyone.

其次，我想談談席捲我國的社會動盪和種族分裂問題。美國黑人社區中發生的毫無意義且悲慘的死亡事件必須透過真正持久的改革來解決。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。美光致力於為所有人創造一個熱情友善、安全的工作環境，我們正在採取實際行動，增加對弱勢群體的技術培訓、職業準備和機會。我們也積極參與並投資於旨在為所有人創造一個更公正公平的社會的社區計畫。

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

還有很多工作要做，我們期待成為解決方案的一部分。

We will now open for questions.

現在開始接受提問。

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

（操作說明）我們的第一個問題來自瑞士信貸的約翰‧皮策。

Sanjay, David, congratulations on the solid results. 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. 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. I guess as you look to the August quarter guide, was there a similar methodology used to inform this guide? 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. 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?

Sanjay、David，恭喜你們取得優異成績。Sanjay，如果你回想一下90天前你給出5月份季度業績指引的時候，當時疫情有很多不確定性，你們也相應地做出了指引，現在看來，是非常保守的。我認為你上次在電話會議上的評論是，你們正在建立庫存，所以你假設你的客戶也在建立庫存。我想問的是，在您查看八月季度指南時，是否也採用了類似的方法來編制該指南？我猜想，具體來說，投資界對資料中心的需求感到非常擔憂，而您似乎認為，在貴公司第四財季，資料中心的需求依然強勁，並且您預計在下半年也將保持強勁。我想請您分享一下您為什麼這麼想，以及為什麼您不像投資界的某些人那樣擔心庫存增加？

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. We expected healthy demand for pre-COVID in cloud applications. And of course, with COVID, as we discussed in the last earnings call, certainly, some of the trends got pulled in. Work-from-home economy as well as e-commerce, gaming, video streaming, all of these drove strong surge in demand on the cloud front.

因此，具體到資料中心方面，在新冠疫情爆發前，我們預計 2020 年將是雲端運算強勁成長的一年，因為圍繞人工智慧的所有趨勢都在發展，而這需要更多的記憶體和儲存。我們預計疫情前市場對雲端應用的需求將會很旺盛。當然，正如我們在上次財報電話會議上討論的那樣，受新冠疫情的影響，一些趨勢肯定受到了波及。居家辦公經濟以及電子商務、遊戲、視訊串流等都推動了雲端運算領域需求的強勁成長。

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. Yet, we do believe that cloud demand in the second half of the calendar year will continue to be healthy for us. We work closely with our customers in terms of understanding their inventories. We understand what their demand trends are. And from what we can see, customer inventories with respect to cloud are in a healthy place. 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.

展望下半年，鑑於全球新冠疫情的整體情勢與不確定性，我們基本上無法預測未來。但是，我們相信，今年下半年雲端需求將持續保持健康成長。我們與客戶密切合作，以了解他們的庫存情況。我們了解他們的需求趨勢。從我們目前所見，客戶在雲端方面的庫存狀況良好。當然，市場還有其他領域，例如手機領域，那裡還有其他因素需要考慮，例如地緣政治因素以及與新冠疫情相關的因素，客戶可能已經累積了一些額外的庫存。

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

尤其是在行動裝置領域，我們看到，在中國，新冠疫情爆發後的 4 月份，智慧型手機的需求激增。因此，一些客戶可能正在為消費者回歸做準備——考慮到世界在三月、四月期間經歷了低谷，客戶也希望做好準備，以滿足消費者對智慧型手機的需求。所以總的來說，客戶方面的庫存情況喜憂參半，而雲端庫存情況良好。我認為，行動端的發展在某種程度上是為了滿足市場需求，同時也是為了因應新冠疫情和一些地緣政治因素所導致的供應鏈整合。

So overall, I would say, when we look at fiscal first quarter, the environment is similar to what we had experienced in FQ3, FQ4. And of course, our best assessment is baked into the guidance that we have provided to you.

總的來說，我認為，當我們審視第一財季時，其環境與我們在第三財季、第四財季所經歷的環境類似。當然，我們最好的評估已經體現在我們提供給您的指導意見中。

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

我們的下一個問題來自 Evercore 公司的 C.J. Muse。

I guess a question on gross margins. How should we think about mix, particularly DRAM, as we move into the August quarter? And I guess, would love to hear, as part of that, what implied cost downs will look like? 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?

我猜這是一個關於毛利率的問題。進入八月的季度，我們應該如何看待產品組合，特別是DRAM產品組合？我很想知道，作為其中的一部分，隱含成本下降會是什麼樣子？我只是想了解你看到的良好成長，其中有多少是產品組合優化帶來的，有多少是成本下降帶來的，又有多少是其他因素造成的？

So well, let me step back to Q3 just for a second. So gross margins obviously expanded in the third quarter as well. 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. 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. You know, C.J., that we don't telegraph pricing and cost out for future quarters. But suffice it to say, we take both pricing and cost reductions into account. And obviously, the combination of those are pretty favorable.

好，讓我先回到第三季的情況。因此，第三季的毛利率顯然也有所成長。正如我在準備好的演講稿中所說，我認為這是DRAM和NAND定價環境以及更高價值產品組合的綜合結果，這些產品顯然具有更高的毛利率。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了這一點，這有助於推動第四財季毛利率前景的改善。C.J.，你知道，我們不會提前透露未來幾季的定價和成本。但總而言之，我們會同時考慮定價和成本降低兩方面因素。顯然，這些因素結合起來是非常有利的。

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. And then on top of that, we did have to move around the back end production. That did increase our tariff expense in the third quarter. 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.

我還要補充一點，在第三財季，我們確實有一些與 COVID-19 相關的支出，包括為了應對早期的一些幹擾而增加的支出。除此之外，我們還必須調整後端生產。這確實增加了我們第三季的關稅支出。因此，我們預計這些事情在第四季不會再次發生，這也有助於第四季的毛利率。

Our next question comes from Blayne Curtis of Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

I'd like to add my congrats. Just on CapEx, seems like this year, there were some concern it that may be lower at $8 billion. I guess when you look at next year, I don't know where your starting point was. But I was wondering if you could walk us through some of your moving pieces. You talked about 5G as being the big tailwind. That makes sense. I'm curious what you would highlight that you're taking in account for next year on the other way.

我謹向你表示祝賀。單就資本支出而言，今年似乎有人擔心可能會降至 80 億美元。我想，展望明年的時候，我不知道你的出發點是什麼。但我很想知道您能否為我們詳細介紹您的一些工作流程。你曾說過 5G 是一股強大的推動力。這很有道理。我很好奇您會重點強調哪些方面，以便明年更好地應對。

Yes. I mean the one thing to keep in mind is, so CapEx spending this year had a fair amount of construction expense. And actually, we drove the front end equipment expense down quite considerably on a year-over-year basis. Sanjay said in the prepared remarks that it was down more than 40% in both DRAM and NAND. So we cut back pretty heavily on the front end equipment side this year.

是的。我的意思是，需要記住的一點是，今年的資本支出中有相當一部分是建設費用。事實上，我們已大幅降低了前端設備費用，較去年同期下降幅度相當大。Sanjay 在事先準備好的發言稿中表示，DRAM 和 NAND 的跌幅都超過 40%。所以今年我們在前端設備上大幅削減了開支。

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. And offsetting that, we'll have to look at construction and see what directionally we want to do there. I'd say we haven't firmed up the CapEx plans quite honestly for the year. As you know, we've maintained a lot of flexibility around CapEx. 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. 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.

明年，我們預計其中一些會恢復，特別是，我們正在全面輪換使用第二代替換閘門，這肯定會推動資本支出增加。同時，我們還要考慮建設方面的問題，看看我們想在建設方向上做些什麼。坦白說，我們還沒有完全確定今年的資本支出計畫。如您所知，我們在資本支出方面一直保持著很大的靈活性。我們會認真研究未來幾年對比特的需求情況，並據此管理前期資本支出，以確保我們與需求保持一致。因此，在接下來的幾個月裡，我們將繼續完善對未來一兩年的展望。我認為，當我們公佈第四季財報時，就能給大家呈現更清晰的前景。

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

我想說，當我們回顧新冠疫情前的資本支出水平，以及現在的支出水平（用於前端設備）時，就會發現它肯定已經削減了。我們預計這將對我們第四季的比特供應產生影響。

Our next question comes from Harlan Sur of JPMorgan.

我們的下一個問題來自摩根大通的哈蘭‧蘇爾。

And congratulations on the solid execution. 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. Given the outlook for stronger data center demand, are you guys keeping the production mix more heavily weighted towards server DRAM? Or are you already starting to shift part of your DRAM production mix back to mobile?

恭喜你們出色地完成了任務。在上一次財報電話會議上，團隊重點介紹了供應生產結構從行動DRAM向伺服器DRAM的轉變，以滿足資料中心客戶更高的需求。鑑於資料中心需求前景強勁，你們是否會繼續加大對伺服器DRAM的生產投入？或者，你們是否已經開始將部分DRAM生產組合重新轉向行動應用？

So we, of course, manage our mix on an ongoing basis. We assess customer demand expectations and make judgments regarding managing that mix. So yes, like you noted, we had shifted some of the supply from mobile toward the server applications. And at this point, we continue to make -- study how trends are evolving. And we think we are in a good position with respect to managing our mix. But if some changes are needed, we'll, of course, revert to making those changes in the future.

所以，我們當然會持續不斷地調整我們的產品組合。我們評估客戶需求預期，並就如何管理此需求組合做出判斷。是的，正如您所指出的，我們已經將部分供應從行動端轉移到了伺服器端應用程式。目前，我們將繼續研究趨勢的發展演變。我們認為我們在產品組合管理方面處於有利地位。但如果需要進行一些更改，我們將來當然會做出這些更改。

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

我們的下一個問題來自瑞銀集團的提摩西·阿庫裡。

Sanjay, you talked about Huawei, I think, twice or maybe 3 times. And I know you've been reshipping under the licenses, and the new restrictions are really on ASICs, not on standard products. 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? And can you sort of quantify how much is your Huawei exposure right now?

Sanjay，我想你提到華為兩次，也可能三次了。我知道你們一直在利用許可證重新發貨，而且新的限制實際上針對的是ASIC晶片，而不是標準產品。所以，這條評論的真正含義是，這是商業許可證的最後一次延期，因此幾個月後你將無法向他們發貨？您能否大致量化一下您目前在華為方面的投資曝險？

So thanks for asking that question. 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. And we do not supply into the networking side of the business. We never sought that license. 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. 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. 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. 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. And we expect some of these impact to continue in FQ1 and beyond as well.

謝謝你提出這個問題。需要說明的是，對於實體清單上的代工廠替代方案，我們已經申請了許可證，並且獲得了移動和服務器出貨的許可證。我們不涉足網路業務方面。我們從未申請過該許可證。因此，幾個月前發生的實體清單調整確實對我們的一些前景產生了影響，但我們一直在已獲得的許可證下運作。我今天發表的評論實際上與商務部上個月採取的行動有關，該行動將於下個月某個時候生效。由於美國的這些舉措，我們已經開始在第四財季看到其影響，因為我們的客戶正在對美國的行動做出反應。坦白說，與華為相關的影響仍在持續發酵。我們預計華為會受到一些影響，是的，這與代工廠有關，但這也會影響他們管理業務、管理供應鏈的整體考慮。我們預計其中一些影響將在第一季及以後持續存在。

And then this is compounded further by changing inventory strategies at customers as well as market share shifts that happened between the smartphone players. So as far as we are concerned, you know that we have improved our revenue diversity. We have significantly expanded and strengthened our product portfolio. 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. So we continue to work with our customer ecosystem to mitigate the effects of this. 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.

而客戶庫存策略的改變以及智慧型手機廠商之間市場份額的轉移，進一步加劇了這種情況。所以就我們而言，您也知道我們已經提高了收入來源的多樣性。我們已大幅擴展並加強了產品組合。我們與所有主要參與者都有良好的設計和合作，特別是我們推出的新產品，如UFS3.1、LP5、DRAM和多晶片封裝。因此，我們將繼續與客戶生態系統合作，以減輕其影響。但你們聽到的我們談論的關於華為的具體評論，實際上與美國政府上個月採取的行動有關，這些行動影響了客戶的反應、華為對這些行動的反應，並影響了我們對第四財季的展望。

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

那麼，戴夫，我想問，五月的收入大概是多少？

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 月的季度（即第三財季），商務部上個月宣布的行動並沒有對第三財季產生影響。

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%.

現在只需說明，我們沒有將他們列為超過 10% 的客戶，因此您可以假設他們的佔比低於 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. I want to revisit that. 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? I mean, we've seen single earthquakes in one region caused that behavior in the past. Now we're dealing with rolling outages across multiple continents. Do you think customers may be building inventory? And if so, do you think memory is sort of less or more impacted than other things from that? And I have a follow-up.

我想詢問一下客戶的庫存狀況。我想重新檢視一下這個問題。鑑於客戶正面臨前所未有的潛在供應挑戰，您認為他們是否會建立緩衝庫存來應對這種情況？我的意思是，過去我們也看到某個地區發生的單次地震導致這種現象。現在我們面臨的是跨多個大洲的輪流停電。你認為顧客可能正在囤貨嗎？如果是這樣的話，你認為記憶力受到的影響比其他方面更大還是更小？我還有一個後續問題。

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. 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. 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. 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.

因此，我可以告訴大家的是，鑑於全球範圍內新冠疫情及其防控措施和傳播方面存在諸多不確定性，美光公司自身及其供應鏈運營部門已著重確保增加原材料庫存，從而為滿足客戶需求做好充分準備。所以，這種庫存水準升高、庫存量增加的趨勢——人們已經討論過，而且在科技供應鏈中很常見。至於我們針對記憶體和儲存的特定客戶，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，因為他們考慮到供應問題，擔心由於所有與 COVID 相關的不確定性而可能出現的供應鏈中斷。正如我之前指出的，考慮到中美貿易緊張局勢和相關法規，一些行動端客戶可能已經累積了一些庫存。

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. And customers' inventory strategies are changing. 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. So this is the changing environment. We continue to work closely with our customers, and we make adjustments as appropriate. And key is to be adaptable and to be agile. 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.

所以問題是，現在是前所未有的、充滿不確定性的時期，不僅對我們或記憶體產業而言如此，對我們的客戶生態系統也是如此。客戶的庫存策略也在改變。他們正在根據自身對市場趨勢的觀察進行調整，並思考如何才能最好地解決自己的庫存狀況。這就是不斷變化的環境。我們將繼續與客戶密切合作，並根據情況做出相應調整。關鍵在於要有適應力和靈活性。我認為，在今年上半年，我們已經證明，我們的營運具有極強的適應性和靈活性，並持續取得良好的業績。

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

偉大的。那麼，就你們觀察到的下半年雲量強度而言，你們會依照地理位置區分嗎？我想你有提到中國實力更強，但是中國在雲端運算方面與世界其他地區有什麼不同嗎？

We're not going to break it down here between China and rest of the world. But overall, when we look at in totality, we continue to see healthy demand trend in cloud in the second half of the year. 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. 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. So long-term trends continue to be healthy. Will it ever be a little bit lumpy here or there? Certainly, it can be. But the point is that long-term growth drivers are solid and secular in nature for cloud.

我們在這裡就不詳細分析中國與世界其他地區的差異了。但總體而言，從整體來看，我們仍然看到下半年雲端運算市場的需求保持健康成長趨勢。當然，從長遠來看，雲端運算實際上仍處於早期階段，但雲端運算的長期發展趨勢強勁，因為人工智慧和 5G 技術推動了邊緣智慧型裝置的普及，帶來了更多的數據機會，這實際上是雲端運算和邊緣智慧型裝置之間的良性循環。此外，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運算和雲端運算的成長。因此，長期趨勢依然健康。它表面會不會偶爾出現一些小凹凸不平？當然，有可能。但關鍵在於，雲端運算的長期成長動力本質上是穩固且長期的。

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

下一個問題來自加拿大皇家銀行資本市場的米奇·史蒂夫斯。

So you guys mentioned 2 things on the call that I wanted to double-click on. So the first one is you mentioned that some of the shipments that's semi-capped didn't come in on time. So is this enough, in your opinion, to kind of impact the price of memory? 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? And then secondly, just high level, any comments on the U.S. government kind of incentivizing U.S. manufacturing? So we got TSMC coming to United States. And any impact you guys think it will have on you guys in the future?

你們在電話會議上提到了兩件事，我想仔細看看。首先，您提到一些半封閉式運輸的貨物沒有準時到達。那麼，在你看來，這是否足以對記憶體價格產生一定影響呢？我並不是尋找具體的數字，但是這次發貨失誤的影響是否大到足以影響供應，從而導致價格波動？其次，從宏觀層面來說，您對美國政府激勵美國製造業的舉措有何看法？所以台積電要進軍美國市場了。你們覺得這件事對你們的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. So we did not say that equipment deliveries were delayed for us during FQ3. 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. 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. 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.

關於您提到的設備問題，我要明確說明，美光確實及時收到了設備，因為我們在第三財季早期就交付了設備，以推進我們在DRAM領域的1z技術量產，當然，在NAND方面也是如此。所以，我們並沒有說第三季我們的設備交付出現了延誤。然而，業內人士普遍認為，由於新冠疫情帶來的各種挑戰，例如物流和運輸方面的挑戰以及供應鏈方面的挑戰，一些設備的交付受到了影響。是的，考慮到新冠疫情帶來的挑戰，未來我們的一些產品交付可能會受到影響。但過去，我們在設備接收方面總體情況良好，這主要是因為大多數設備的交付時間安排得當，使我們能夠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，從行業角度來看，如果設備交付受到影響（這一點已被討論過，也有相關報道，設備供應商也談到過），那麼顯然，這將影響技術轉型能力，進而影響供應，由於難以確保設備按時交付以及設備安裝和啟動順利進行（考慮到所有相關的旅行因素），供應增長可能會低於新冠疫情前的預期。

So yes, to the extent that affects the supply growth and lessens the supply growth, it obviously impacts the industry supply and demand environment. We have talked about that the demand also due to COVID in certain pockets certainly has been less, particularly those pockets related to COVID. 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，是的，如果這種情況影響到供應成長並減緩供應成長，那麼它顯然會對產業的供需環境產生影響。我們已經討論過，由於新冠疫情的影響，某些地區的需求確實有所下降，特別是那些與新冠疫情相關的地區。所以——我們通常不會對定價發表評論，但顯然，供應在定價方面起著重要作用。

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. This just goes to highlight that U.S. semiconductor industry is extremely important to our economy today. 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. So from that point of view, we are pleased that there are these consolidations, the bill that is -- that has been put together. Of course, a lot of details still has to be worked out and the bills have to be approved. So we will continue to monitor this.

關於您提出的第二個問題，即美國可能對半導體製造業提供激勵措施，首先我想說，我們很高興看到美國政府和國會正在考慮對美國半導體產業提供激勵措施。這正好說明美國半導體產業對當今美國經濟的重要性。半導體產業確實是未來經濟的基礎，這也凸顯了華盛頓特區官員對半導體重要性的認知。的確，美國保持其全球競爭力和創新能力至關重要。所以從這個角度來看，我們很高興看到這些合併，也就是最終形成的法案。當然，還有很多細節需要敲定，帳單也需要獲得批准。所以我們會繼續關注此事。

And from the point of view of memory, I think important thing is that cost and scale in memory are extremely important considerations. Micron, in this regard, actually has a well-diversified footprint of front-end manufacturing across the globe. 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. And of course, we have R&D and manufacturing for memory in Asia as well. So we will continue to monitor these trends, but important considerations, our scale, cost and ROI on any investments is important. It's not just about government incentives. It's about managing the business in a healthy fashion, keeping in mind ROI considerations. 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. 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.

從記憶體的角度來看，我認為重要的是記憶體的成本和規模是極其重要的考慮因素。在這方面，美光在全球擁有相當多元化的前端製造佈局。您知道我們在美國維吉尼亞州馬納薩斯和猶他州設有晶圓廠，在愛達荷州博伊西還擁有最先進的一流研發設施。當然，我們在亞洲也有記憶體的研發和生產基地。因此我們將繼續關注這些趨勢，但重要的考慮因素是我們的規模、成本和任何投資的回報率。這不僅是政府激勵措施的問題。關鍵在於以健康的方式管理企業，同時要考慮到投資報酬率。最重要的是，供應成長必須以經濟有效的方式進行管理，同時也要避免擾亂產業，當然更不能擾亂美光的供應計劃，並確保供應因素與需求複合年增長率保持一致。因此，雖然我們歡迎這些旨在促進美國半導體產業發展和創新議程的激勵措施，但在做出任何相關決定之前，我們將繼續以非常嚴謹的方式對此進行密切關注。

Our next question comes from Chris Daneley of Citigroup.

我們的下一個問題來自花旗集團的克里斯·丹利。

Just a question. Can you just talk about the linearity of bookings during the quarter? Did they sort of build all quarter? Was there some volatility in there? And then you also mentioned that mobile and data center were the strongest end markets. Were both of those stronger than expected?

問個問題。您能談談本季預訂量的線性成長情況嗎？他們是不是把整個街區都蓋起來了？期間是否存在波動？然後您也提到，行動和資料中心是最大的終端市場。這兩項指標都比預期的強嗎？

So linearity bookings was pretty -- I would call it pretty linear through the quarter. No surprises. 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. But in general, I would say, actually a fairly linear quarter for us.

所以，整個季度的預訂量都相當線性——我會說它相當線性。不出所料。至於組合方面——當然，正如我們所說，資料中心在本季度表現強勁，而行動業務則比我們預期的要弱一些，但就線性關係而言，情況確實如此。但總的來說，我認為，對我們來說，這實際上是一個相當平穩的季度。

Our next question comes from Mehdi Hosseini of SIG.

下一個問題來自 SIG 的 Mehdi Hosseini。

Most of the good questions have been asked. I just have a follow-up. I'm just wondering, Sanjay, what would it take for your customers to feel comfortable in signing multiyear -- by quarter, rather, contracts? I remember when supply was tied back in 2016 and '17, the industry was highlighting the longer-term contracts associated with enterprise customer. I think that has changed. And in that context, how do you see (inaudible) coming back and be a more (inaudible) part of the memory industry?

大多數好問題都已經被問過了。我還有一個後續問題。Sanjay，我只是想知道，要怎麼樣才能讓你的客戶放心地簽訂多年期（更確切地說是按季度）合約？我記得在 2016 年和 2017 年供應緊張的時候，業內人士都在強調與企業客戶簽訂的長期合約。我認為情況已經改變了。在這種背景下，您認為（聽不清楚）將如何回歸並成為記憶體行業中更重要的一部分？

So Mehdi, you were breaking up a little bit. However, your question is a good question. 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. So customer requirements with respect to discussions around supply and from us, they vary. Some of the customers are managing it on monthly basis, some manage it on quarterly basis. And with some customers, we do have supply agreements that extend for years time frame. Of course, certain pricing discussions, et cetera, I mean, are not part of these contracts. They tend to be around supply, and discussions around pricing tend to be on an ongoing basis. Auto is an example where the contracts can be multiyear contracts, long-term contracts, so it really varies from market to market. And you know that the technology and product mix continues to change as well. So I think we want to be careful in terms of the length of the contracts that we manage with the customers. And we manage, I believe, the diversity of our customers very well.

所以，梅赫迪，你當時有點情緒低落。不過，你的問題問得很好。當然，如您所知，我們的客戶群非常多元化，涵蓋汽車、資料中心、個人電腦、智慧型手機、網路、工業和消費品等各個領域。因此，客戶對我們與供應商之間的溝通要求各不相同。有些客戶按月管理，有些客戶按季度管理。我們與一些客戶簽訂了長達數年的供貨協議。當然，某些定價方面的討論等等，我的意思是，並不屬於這些合約的範疇。它們往往圍繞著供應展開，而關於定價的討論也往往是持續進行的。汽車產業就是一個例子，合約可以是多年期合約、長期合約，因此情況因市場而異。而且你也知道，技術和產品組合也在不斷變化。所以我認為我們應該謹慎對待與客戶簽訂的合約期限。我認為，我們對客戶的多元化管理得非常好。

And our customers value our supply. They are valuing the product portfolio that Micron is delivering. 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. And this really positions us uniquely. 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. So things do change in this business. 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. 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.

我們的客戶非常重視我們的供應。他們非常重視美光提供的產品組合。他們意識到，我們是世界上唯一一家擁有 NAND、DRAM 和 3D XPoint 技術，並且能夠為他們帶來融合多種技術的創新產品和解決方案的公司。這使我們擁有了獨特的優勢。因此，我們討論的重點實際上是產品路線圖的長期性和供應方面的考慮，我們在所有這些方面都取得了勝利，而這些討論也是圍繞路線圖展開的。所以，這個產業確實會改變。因此，在汽車市場，多年期合約更為常見，因為汽車市場需要更多傳統節點在更長的時間內保持生產狀態。但是，在技術和產品快速發展的市場領域，重要的不是多年期合同，而是根據最終市場客戶的不同而簽訂不同期限的合約。

Our next question comes from Karl Ackerman of Cowen.

我們的下一個問題來自 Cowen 公司的 Karl Ackerman。

It's great to see the improvements in your SSD segment, both client and enterprise. First, what sort of percentage could QLC drives represent as a portion of your overall SSD mix next year? Could it be 25% or more? And I'd appreciate hearing your perspective on the development taking place in enterprise SSDs. On one hand, your U.S.-based competitor has been adamant they're going to gain significant share in enterprise SSDs this year. 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. So I was hoping you could just provide the opportunity that you see in enterprise SSD this year versus peers. 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.

很高興看到貴公司在固態硬碟領域，包括客戶端和企業級產品方面，都取得了進步。首先，明年 QLC 固態硬碟在您的固態硬碟整體組合中能佔多大比例？會不會是25%甚至更多？我很想聽聽您對企業級固態硬碟發展現狀的看法。一方面，你位於美國的競爭對手一直堅稱，他們今年將在企業級固態硬碟市場中獲得相當大的份額。然而，商家控制器製造商確實能夠讓雲端服務供應商設計自己的內部企業級 SSD，而不是僅依賴 OEM 提供的現成 SSD。所以我希望您能談談您認為今年企業級 SSD 相對於同業有哪些優勢。您認為在接下來的 12 到 24 個月內，尤其是在您引入和提供的一些新技術（例如 PCIe 4.0）變得更加主流的情況下，這種情況會如何發展？

Thank you for asking the question. We are very pleased with our execution in SSDs. As we noted, that record quarter for us in SSDs and really solid sequential growth in SSDs. 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. 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. With our strong performance in SSDs, we actually have been gaining share, yet, our share is still relatively low. 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.

謝謝你的提問。我們對自己在固態硬碟方面的執行情況非常滿意。正如我們所指出的，我們在固態硬碟方面創下了季度紀錄，並且固態硬碟實現了非常穩健的環比增長。而這一切正在發生，正如我們之前所說，在 2020 年，我們將擴大我們的 SSD 解決方案組合，為客戶和資料中心市場推出 NVMe 解決方案。我們之前說過，隨著我們推出這些新解決方案，隨著我們向客戶驗證這些 NVMe 解決方案，這將使我們有機會在今年獲得市場份額，而這正是今年以來一直在發生的事情。儘管我們在固態硬碟領域表現出色，市佔率也確實有所成長，但我們的市佔率仍然相對較低。隨著我們未來不斷推出新產品（目前已有多個產品正在研發中，並且我們正在與客戶進行多項資格認證），明年我們將持續有機會在固態硬碟市場獲得盈利的份額增長。

And regarding QLC that you asked about, we are really pleased with our execution on the QLC front as well. 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. And QLC SSDs are also being used in read-intensive applications and replacing 10K HDDs as well. So you see there are multiple end market applications and opportunities for our SSDS. And we are already more than 10% of our total NAND consumption with respect to QLC, and this presents a good opportunity for us. 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. So yes, I mean, QLC as a mix of SSD percentage will go up for us going forward.

至於您提到的QLC，我們對QLC方面的執行情況也非常滿意。我們正在向消費市場出貨 QLC SSD，同時我們也提供產品，這將為我們在 PC 的價值端以及 OEM 領域帶來未來的機會。QLC SSD 也被用於讀取密集型應用，並取代 10K HDD。由此可見，我們的 SSDS 有多種終端市場應用與機會。目前，在我們NAND快閃記憶體的總消耗量中，QLC快閃記憶體已經佔到10%以上，這對我們來說是一個很好的機會。我們完全預期，隨著未來幾季推出更多新產品，我們的固態硬碟 (SSD) 佔比將繼續成長。所以，是的，我的意思是，未來 QLC 作為 SSD 的組成部分，其比例將會上升。

And let me just add that QLC is obviously an opportunity that instead of 3 bits per cell, it has 4 bits per cell. 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. So we are certainly focused on increasing the mix of QLC. At the same time, TLC will remain vast majority of the market for a considerable period of time.

我還要補充一點，QLC 顯然是一個機會，它的每個單元格有 4 位，而不是 3 位。顯然，一旦操作得當，並且在產品方面真正解決了所有物料清單成本問題，就能降低成本，從而提高獲利能力。因此，我們當然會致力於提升 QLC 的佔比。同時，TLC 將在相當長的一段時間內保持市場的大部分份額。

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的詩句。

Congrats on strong numbers today. Just as a follow-up question on the data center segment. There seems to be -- I mean it sounds like everything you said stays very upbeat, quite bullish on data center demand remaining quite strong. There seems to be some worries in the market, particularly around some investors of hyperscalers inventory have been increase slightly. 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. So my question is how has the communication changed with the data center at the hyperscalers? Are you having more frequent and closer communication with them to determine -- trying to get a better idea of what the inventory levels are? 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?

恭喜今天取得如此亮眼的成績。關於資料中心部分，我還有一個後續問題。聽起來——我的意思是，你剛才說的一切都顯得非常樂觀，對資料中心需求保持強勁勢頭持相當樂觀的態度。市場似乎存在一些擔憂，尤其是一些超大規模資料中心投資者的庫存略有增加。我認為這種擔憂源於 2018 年底訂單削減的情況，這種情況一直持續到 2019 年。所以我的問題是，與超大規模資料中心的溝通方式發生了哪些變化？您是否與他們進行更頻繁、更密切的溝通，以確定——試圖更好地了解庫存水平？或者說，如何才能幫助緩解人們對資料中心需求將如我們所希望的那樣持續強勁增長的擔憂呢？

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. And certainly, supplier inventories were at normal level as well pre-COVID. And the COVID environment, work-from-home environment has driven strong surge in demand on the data center front. And as we mentioned, we expect demand trends to continue to be healthy in the second half for data center as well.

首先，就庫存方面而言，在新冠疫情爆發前，資料中心客戶以及其他客戶的庫存大多已恢復到正常水準。當然，在新冠疫情之前，供應商的庫存也處於正常水準。新冠疫情和居家辦公環境推動了資料中心需求的強勁成長。正如我們之前提到的，我們預計下半年資料中心的需求趨勢也將持續保持健康成長。

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

就資料中心市場的庫存而言，是的，雖然某些客戶可能持有大量庫存，但這同樣是出於我之前提到的原因，與他們自身的供應鏈考慮以及需求環境的變化有關。但關鍵是，與 2018 年或 2019 年的環境相比，客戶的庫存水準確實要好得多，健康得多。這與 2018 年、2019 年的情況不同，即使某些客戶的庫存水平較高，但考慮到 COVID 帶來的不確定性，情況依然如此。

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. 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. So the longer-term trend continues to be healthy.

我想說的另一點是，雖然新冠疫情確實降低了我們的能見度，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，雲端運算領域的長期需求趨勢總體上是長期的。因此，考慮到客戶（我們的資料中心客戶、超大規模資料中心營運商）正在開發的應用程式類型，記憶體和儲存需要更多的記憶體和儲存。因此，長期趨勢依然健康。

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. Our relationships today, since you were asking about those, are certainly a lot closer than they were in the previous time frame. 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. So it's really a 2-way relationship. We do work closely together with them.

短期來看，是的，我的意思是，新冠疫情確實為整個科技生態系統帶來了前所未有的挑戰和不確定性，我們正在盡最大努力繼續與客戶合作。既然你問到了，那麼我們現在的關係肯定比以前親密得多。我認為，即使是超大規模客戶，在理解記憶體動態和改善自身供應鏈營運方面也變得更加成熟了。所以這真的是一種雙向關係。我們與他們保持著密切的合作關係。

Having said all of that, of course, our visibility cannot be perfect in this area. We continue to focus on working closely with the customers, understanding the requirements and planning our supply chain accordingly. And what also helps is that the markets are quite diverse for us. 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. 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. So diversity of the business is certainly a helpful factor for us to manage through some of these uncertainties.

當然，話雖如此，我們在這一領域的視野不可能完美無缺。我們將繼續專注於與客戶緊密合作，了解他們的需求，並據此規劃我們的供應鏈。此外，市場種類繁多也對我們有幫助。我的意思是，沒錯，雲端運算是推動業務成長的強大動力，但我們在行動領域以及個人電腦領域也擁有強大的業務多元化，DRAM 和 NAND 快閃記憶體領域也是如此。正如我們之前討論過的，隨著新遊戲主機的推出，公司也開始涉足遊戲領域，而新遊戲主機需要更多的DRAM，是原來的兩倍。因此，業務多元化無疑是我們應對這些不確定因素的一個有益因素。

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

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。