美光科技 (MU) 2020 Q2 法說會逐字稿

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

女士們，先生們，感謝您的支持，歡迎參加美光科技 2020 財年第二季度財務電話會議。

(Operator Instructions) Please be advised that today's conference may be recorded.

（操作員說明）請注意，今天的會議可能會被錄製。

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

（操作員說明）我現在想將會議交給您的主持人，美光科技的投資者關係主管 Farhan Ahmad。

Sir, please go ahead.

先生，請繼續。

Thank you, and welcome to Micron Technologies Fiscal Second Quarter 2020 Financial Conference Call.

謝謝，歡迎參加美光科技 2020 財年第二季度財務電話會議。

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 the prepared remarks filed a short while ago.

此外，我們的網站還包含收益新聞稿和不久前提交的準備好的評論。

Today's discussion of financial results will be presented on a non-GAAP financial basis unless otherwise specified.

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 can 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, @MicronTech.

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.

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 can cause actual results to differ materially from the 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.

下午好。

I hope all of you and your families are safe.

我希望你們所有人和你們的家人都平安。

These are unprecedented times, and I'm calling from home today.

這是前所未有的時代，我今天從家裡打來電話。

In Micron's fiscal second quarter, we delivered strong results, including revenue at the high end of our guided range even as the COVID-19 crisis began to unfold halfway through our quarter.

在美光的第二財季，我們取得了強勁的業績，包括在我們指導範圍的高端的收入，即使 COVID-19 危機在我們的季度中開始展開。

We have now achieved positive free cash flow for 13 consecutive quarters.

我們現在已經連續 13 個季度實現了正的自由現金流。

This performance represents a marked improvement from historical cycles and is evidence of the strength of the new Micron.

這一性能代表了歷史週期的顯著改善，是新美光實力的證明。

The emergence of the COVID-19 pandemic has created both operational challenges and macroeconomic concerns.

COVID-19 大流行的出現既帶來了運營挑戰，也帶來了宏觀經濟問題。

Micron has more than 37,000 team members in 18 countries around the world.

美光在全球 18 個國家/地區擁有 37,000 多名團隊成員。

Since the earliest signs of the outbreak in China, we have taken proactive measures to safeguard our employees.

自從中國最早出現疫情跡像以來，我們就採取了積極的措施來保護我們的員工。

Where possible, Micron employees are working from home, and we have suspended all local and international business travel globally.

在可能的情況下，美光員工在家工作，我們已暫停全球所有本地和國際商務旅行。

We implemented health screenings at all Micron locations.

我們在所有美光工廠實施了健康檢查。

We were among the first in the industry to implement physical separation protocols at all our manufacturing sites globally to mitigate the risk of community spread with blue teams and red teams that operate on alternate schedules.

我們是業內率先在全球所有製造基地實施物理隔離協議的公司之一，以通過交替運行的藍隊和紅隊來降低社區傳播的風險。

We have been requiring self-declaration and self-quarantine measures as this crisis has spread, whereby team members, contractors and their immediate families observe 14 days of work from home after any air or sea travel.

隨著這場危機的蔓延，我們一直要求採取自我聲明和自我隔離措施，團隊成員、承包商及其直系親屬在進行任何空中或海上旅行後都可以在家工作 14 天。

As of yesterday, we have 2 employees who have tested positive for the novel coronavirus and are receiving appropriate medical attention.

截至昨天，我們有 2 名員工的新型冠狀病毒檢測呈陽性，正在接受適當的醫療護理。

At the 2 sites where we have confirmed cases, we have used contact tracing to quarantine individuals who were in close contact with either infected team member.

在我們已確認病例的 2 個地點，我們使用接觸者追踪來隔離與任一受感染團隊成員密切接觸的個人。

We have also implemented more restrictive controls of on-site access, social distancing and service protocols.

我們還對現場訪問、社交距離和服務協議實施了更嚴格的控制。

As a result of stringent preventative measures in place, these events have not impacted our manufacturing operations thus far.

由於採取了嚴格的預防措施，到目前為止，這些事件並未影響我們的製造業務。

We have also taken measures to protect our raw material supply and increase our supply chain flexibility.

我們還採取措施保護我們的原材料供應並提高我們的供應鏈靈活性。

First, we have been in close ongoing communication with our suppliers to ensure continuity and identify supply gaps.

首先，我們一直與供應商保持密切溝通，以確保連續性並找出供應缺口。

Second, we have increased our on-hand inventory of raw materials and have begun to store more of that supply on our sites to minimize the impact of any logistics delays.

其次，我們增加了原材料的現有庫存，並開始在我們的工廠儲存更多的原材料，以盡量減少任何物流延誤的影響。

Third, we have increased our focus on multi-sourcing of parts to reduce supplier dependence risk.

第三，我們更加註重零部件的多源採購，以降低對供應商的依賴風險。

And fourth, we have added assembly and test capacity at both our captive and contract manufacturing sites to provide redundant manufacturing capability in multiple regions.

第四，我們在自備和合同製造基地增加了組裝和測試能力，以在多個地區提供冗餘製造能力。

As COVID-19 spreads, we are complying with all government orders at our global sites.

隨著 COVID-19 的傳播，我們在全球站點遵守所有政府命令。

These orders may result in a temporary or prolonged shutdown of our sites, which could impact our shipments this quarter.

這些訂單可能會導致我們的網站暫時或長期關閉，這可能會影響我們本季度的出貨量。

For example, on March 16, the Malaysian government issued a restriction of movement order resulting in the closure of borders and most businesses in Malaysia.

例如，3 月 16 日，馬來西亞政府發布限制行動令，導致馬來西亞邊境和大部分企業關閉。

Subsequently, the Malaysian government added semiconductors to the list of essential services, and we were able to resume operations.

隨後，馬來西亞政府將半導體添加到基本服務清單中，我們得以恢復運營。

Our assembly and test facilities in Muar and Penang, primarily used for packaging high-value NAND, were briefly shut down and have since been able to return to production on a very limited basis in compliance with local regulations.

我們在麻坡和檳城的組裝和測試設施，主要用於封裝高價值 NAND，暫時關閉，此後能夠在非常有限的基礎上按照當地法規恢復生產。

We are using our global supply chain network and increased flexibility to try and mitigate this production impact, and we are working to keep our commitments to our customers.

我們正在利用我們的全球供應鍊網絡和更大的靈活性來嘗試和減輕這種生產影響，並且我們正在努力履行對客戶的承諾。

Turning now to COVID-19's effect on demand.

現在轉向 COVID-19 對需求的影響。

COVID-19 is significantly impacting China's economic growth in the calendar first quarter, reflected in the sharp decline of smartphone and automobile unit sales.

COVID-19 對中國第一季度的經濟增長產生了重大影響，這反映在智能手機和汽車銷量的急劇下降上。

Weaker sell-through of consumer electronics and our customers' factory shutdowns in China were headwinds for us late in our fiscal second quarter.

消費電子產品的銷售疲軟和我們客戶在中國的工廠停工在我們第二財季末對我們來說是不利因素。

In China, lower consumer demand was offset by stronger data center demand due to increased gaming, e-commerce and remote work activity.

在中國，由於遊戲、電子商務和遠程工作活動的增加，數據中心需求的增長抵消了較低的消費者需求。

Looking to the third quarter, as these trends also take shape worldwide, data center demand in all regions look strong and is leading to supply shortages.

展望第三季度，隨著這些趨勢也在全球範圍內形成，所有地區的數據中心需求看起來都很強勁，並導致供應短缺。

In addition, we are seeing a recent increase in demand for notebooks used in the commercial and educational segments to support work from home and virtual learning initiatives occurring in many parts of the world.

此外，我們看到最近商業和教育領域對筆記本電腦的需求有所增加，以支持世界許多地方發生的在家工作和虛擬學習計劃。

We are also encouraged to see manufacturers in China increasingly returning to full production, and we have recently started to see China smartphone manufacturing volumes recover.

我們也很高興看到中國製造商越來越多地恢復全面生產，而且我們最近開始看到中國智能手機的製造量開始回升。

Nevertheless, as the world deals with the outbreak of COVID-19, we expect that overall demand for smartphones, consumer electronics and automobiles will be below our prior expectations for the second half of our fiscal 2020.

儘管如此，隨著全球應對 COVID-19 的爆發，我們預計對智能手機、消費電子產品和汽車的總體需求將低於我們之前對 2020 財年下半年的預期。

Once the U.S. and other major economies have demonstrated containment of the virus's spread, we expect a rebound in economic activity.

一旦美國和其他主要經濟體證明病毒傳播得到遏制，我們預計經濟活動將出現反彈。

Much depends on potential government stimulus and the rate, pace and effectiveness of containment efforts.

很大程度上取決於潛在的政府刺激措施以及遏制措施的速度、速度和有效性。

We are modeling an improvement in the trajectory of economic activity later into the second half of calendar 2020 with a further rebound in economic momentum into 2021.

我們正在模擬 2020 年下半年經濟活動軌蹟的改善，到 2021 年經濟勢頭將進一步反彈。

This is a very fluid situation, and we will learn more about the virus, its spread and its economic impact over the next few weeks and months.

這是一個非常不穩定的情況，我們將在接下來的幾周和幾個月內更多地了解該病毒、其傳播及其經濟影響。

Anticipating changes to our customer demand, we have been moving supply from smartphone to service the strength in data center markets for both DRAM modules as well as SSDs.

預計我們客戶需求的變化，我們一直在將供應從智能手機轉移到服務於數據中心市場的 DRAM 模塊和 SSD 的實力。

Just like we have increased our raw materials inventory in these uncertain times, it is possible that certain customers are similarly increasing their inventory of DRAM and NAND products.

就像我們在這些不確定的時期增加了原材料庫存一樣，某些客戶也可能同樣增加了 DRAM 和 NAND 產品的庫存。

We will manage our business with prudent and proactive action and continue to work closely with customers to understand their latest demand outlook.

我們將以審慎和積極的行動管理我們的業務，並繼續與客戶密切合作，了解他們的最新需求前景。

We are evaluating our production levels and CapEx plans for calendar 2020 and will adjust to the most recent demand requirements.

我們正在評估 2020 年的生產水平和資本支出計劃，並將根據最新的需求要求進行調整。

Once we emerge from this low-visibility environment that is impacted by COVID-19, we expect the industry to resume its long-term growth trajectory with a DRAM demand growth CAGR in the mid- to high teens and NAND in the 30% range.

一旦我們擺脫了受 COVID-19 影響的低能見度環境，我們預計該行業將恢復其長期增長軌跡，DRAM 需求增長 CAGR 處於中高水平，NAND 處於 30% 範圍內。

For both DRAM and NAND, we expect our multiyear supply growth CAGR to be in line with the industry's demand growth CAGR.

對於 DRAM 和 NAND，我們預計我們的多年供應增長 CAGR 將與行業的需求增長 CAGR 保持一致。

Focusing on 2020, we returned our DRAM operations to full utilization at the beginning of the calendar year, and our NAND operations continue to run with reduced wafer starts as we deploy capital efficiently through our conversion to replacement gate.

著眼於 2020 年，我們在日曆年初恢復了 DRAM 業務的全面利用率，我們的 NAND 業務繼續以減少的晶圓開工率運行，因為我們通過轉換為替換門來有效地部署資本。

While we returned our DRAM utilization to full production, we remain flexible to adjusting these levels depending on the near-term demand environment.

雖然我們將 DRAM 利用率恢復到全面生產，但我們仍可根據近期需求環境靈活調整這些水平。

Node transitions and industry supply growth in calendar 2020 could be impacted by disruptions to equipment companies' operations including travel restrictions, hindering, field service and engineering support.

2020 年節點轉換和行業供應增長可能會受到設備公司運營中斷的影響，包括旅行限制、阻礙、現場服務和工程支持。

Recently, some equipment companies have also indicated delays in equipment deliveries due to the impact of various government actions to combat COVID-19.

最近，一些設備公司也表示，由於政府為抗擊 COVID-19 採取的各種行動的影響，設備交付出現延誤。

The situation with coronavirus is rapidly evolving, and disruptions could be much larger than we can see today.

冠狀病毒的情況正在迅速發展，破壞可能比我們今天看到的要大得多。

However, our continued focus on innovation and execution, combined with our rock-solid balance sheet, puts us in an excellent position to navigate this period of uncertainty and capitalize on the long-term opportunities driving our industry once conditions eventually normalize.

然而，我們對創新和執行的持續關注，加上我們堅如磐石的資產負債表，使我們處於有利位置，可以度過這段不確定的時期，並在情況最終恢復正常後利用推動我們行業的長期機遇。

Stepping away from the COVID-19 discussion, I want to spend a few minutes talking about the tremendous progress we have made on our technology and products.

離開關於 COVID-19 的討論，我想花幾分鐘談談我們在技術和產品方面取得的巨大進步。

This progress is contributing to the underlying strength of the new Micron, and this is a source of excitement for us as we look to the future.

這一進步為新美光的潛在實力做出了貢獻，這讓我們在展望未來時感到興奮。

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。

Our objective is to have leading process technology so that we can deliver differentiated products to our customers and maintain a competitive cost structure.

我們的目標是擁有領先的工藝技術，以便我們能夠為客戶提供差異化的產品並保持具有競爭力的成本結構。

We are making good progress on this front in both DRAM and NAND.

我們在 DRAM 和 NAND 方面都取得了良好的進展。

In DRAM, we were the first to introduce 1Z in volume production and expect over half of our bit production to be on 1Y and 1Z by the summer of 2020.

在 DRAM 方面，我們率先量產 1Z，預計到 2020 年夏天，我們一半以上的位產量將在 1Y 和 1Z 上。

We are managing the construction schedule of our new Taiwan cleanroom expansion carefully and currently remain on target for first output in calendar 2021.

我們正在仔細管理我們新台灣潔淨室擴建的建設時間表，目前仍保持在 2021 日曆年首次產出的目標。

In the fiscal second quarter, we began sampling 1Z-based DDR5 modules and are on track to introduce high-bandwidth memory in calendar 2020.

在第二財季，我們開始提供基於 1Z 的 DDR5 模塊的樣品，並有望在 2020 年推出高帶寬內存。

We are also making good progress in our 1-alpha node.

我們的 1-alpha 節點也取得了良好的進展。

In NAND, we made significant progress on our replacement gate, or RG, transition and expect to begin volume production in our current quarter with revenue shipments to follow in our fiscal fourth quarter.

在 NAND 方面，我們在替換門或 RG 過渡方面取得了重大進展，並預計將在本季度開始量產，而收入出貨量將在我們的第四財季跟進。

We expect replacement gate production to be a meaningful portion of our total NAND supply by the end of this calendar year.

我們預計，到本日曆年底，替代柵極生產將成為我們總 NAND 供應的重要部分。

Micron continues to lead on QLC NAND, which lowers cost for SSDs and helps us target market segments that are currently served by HDDs.

美光繼續在 QLC NAND 方面處於領先地位，這降低了 SSD 的成本，並幫助我們瞄準了目前由 HDD 服務的細分市場。

QLC SSD bit shipments rose by 60% sequentially in our fiscal second quarter with a meaningful portion of our consumer SSDs now shipping with our QLC technology.

在我們的第二財季，QLC SSD 位的出貨量環比增長了 60%，我們的消費級 SSD 中有相當一部分現在採用了我們的 QLC 技術。

We expect QLC to continue growing in the second half of the fiscal year as market adoption increases.

隨著市場採用率的提高，我們預計 QLC 在本財年下半年將繼續增長。

In the fiscal second quarter, we made significant progress on increasing the mix of high-value NAND bits to over 70% of total NAND bits, and we remain on track to drive this figure to around 80% in fiscal 2021.

在第二財季，我們在將高價值 NAND 位的組合增加到總 NAND 位的 70% 以上方面取得了重大進展，我們仍有望在 2021 財年將這一數字提高到 80% 左右。

Despite normal seasonal weakness in COVID-19, mobile MCP products had record revenue in the quarter and showed strong sequential growth.

儘管 COVID-19 出現季節性疲軟，但移動 MCP 產品在本季度的收入創紀錄，並顯示出強勁的環比增長。

SSD revenue also grew approximately 20% sequentially, led by greater than 50% growth in data center SSDs.

SSD 收入也環比增長約 20%，其中數據中心 SSD 增長超過 50%。

The resolution of the assembly and test constraints we experienced in the fiscal first quarter, combined with market share gains, drove strong growth in these product lines.

我們在第一財季遇到的組裝和測試限制的解決，加上市場份額的增長，推動了這些產品線的強勁增長。

This mix improvement increases our profitability and reduces the volatility in our margins.

這種組合改進提高了我們的盈利能力並降低了我們利潤率的波動性。

Now let's turn to 3D XPoint.

現在讓我們轉向 3D XPoint。

As the only company in the world with a portfolio of DRAM, NAND and 3D XPoint technologies, Micron is uniquely positioned in the marketplace.

作為世界上唯一一家擁有 DRAM、NAND 和 3D XPoint 技術組合的公司，美光在市場上處於獨特的地位。

We are encouraged by the customer reception of our first 3D XPoint product, the X100, which is the fastest storage device in the world.

客戶收到我們的第一款 3D XPoint 產品 X100 後，我們深受鼓舞，它是世界上最快的存儲設備。

It is a great start to our portfolio of differentiated 3D XPoint products built in collaboration with our customers.

這是我們與客戶合作構建的差異化 3D XPoint 產品組合的良好開端。

As we mature this X100 solution, we look forward to engaging a broader set of customers this year and delivering the value of 3D XPoint to the data center market.

隨著我們這個 X100 解決方案的成熟，我們期待今年吸引更廣泛的客戶群，並為數據中心市場提供 3D XPoint 的價值。

Early in March, we entered into a new 3D XPoint wafer sale agreement with Intel that replaces previous agreements.

3 月初，我們與英特爾簽訂了新的 3D XPoint 晶圓銷售協議，以取代之前的協議。

Intel has been an important partner over the years, and this new agreement ensures a continuation of our close relationship.

多年來，英特爾一直是重要的合作夥伴，這項新協議確保了我們密切關係的延續。

Now turning to highlights by products and markets.

現在轉向產品和市場的亮點。

In SSDs, we had record consumer SSD revenue, assisted by growth of our QLC NVMe consumer SSDs.

在 SSD 方面，我們的消費級 SSD 收入創下歷史新高，這得益於我們的 QLC NVMe 消費級 SSD 的增長。

We expect strong sequential bit growth in our NVMe product portfolio in fiscal third quarter as we continue the transition from SATA to NVMe.

隨著我們繼續從 SATA 過渡到 NVMe，我們預計第三財季 NVMe 產品組合將出現強勁的連續比特增長。

In SATA, we achieved several customer qualifications for our newest 96-layer SATA-based data center SSD.

在 SATA 方面，我們最新的 96 層基於 SATA 的數據中心 SSD 獲得了多項客戶資格。

In the fiscal second quarter, we became the first company to deliver LP5 mobile DRAM products to customers, including Xiaomi, which is using our LP5 in its 5G-capable Mi 10 smartphones in 8- and 12-gigabyte configurations.

在第二財季，我們成為第一家向包括小米在內的客戶提供 LP5 移動 DRAM 產品的公司，小米在其 8GB 和 12GB 配置的支持 5G 的 Mi 10 智能手機中使用了我們的 LP5。

More recently, we have begun sampling the world's first LP5 DRAM-based UFS MCPs.

最近，我們開始對世界上第一個基於 LP5 DRAM 的 UFS MCP 進行採樣。

These LP5 DRAM products will enable longer smartphone battery life and high-performance image processing.

這些 LP5 DRAM 產品將實現更長的智能手機電池壽命和高性能圖像處理。

They are great examples of how Micron is innovating for our customers to enhance the end user experience.

它們是美光如何為我們的客戶創新以增強最終用戶體驗的絕佳示例。

We are encouraged that LP5 and UFS will become even more important as 5G adoption accelerates, reigniting smartphone unit sales and driving content growth.

我們感到鼓舞的是，隨著 5G 採用加速，LP5 和 UFS 將變得更加重要，重新點燃智能手機銷量並推動內容增長。

In just 2 short years, we have gone from trailing the competition in our mobile product portfolio to leading the industry with innovative first-of-a-kind products, consistent with our new Micron strategy.

在短短 2 年的時間裡，我們已經從落後於移動產品組合的競爭者轉變為以創新的首創產品引領行業，這與我們的新美光戰略相一致。

In the data center market, we benefited from strong demand for our products from key cloud and enterprise customers, driven in part by ongoing strength in cloud markets, increased use of online properties, such as e-commerce and the surge and remote work requirements due to COVID-19 containment measures.

在數據中心市場，我們受益於主要雲和企業客戶對我們產品的強勁需求，部分原因是雲市場的持續強勢、電子商務等在線資產的使用增加以及由於激增和遠程工作需求造成的到 COVID-19 遏制措施。

In the graphics market, GDDR6 bit shipments increased more than 40% quarter-over-quarter, and we anticipate strong growth with the launch of new gaming consoles that are expected to feature 16 gigabyte of GDDR6.

在圖形市場，GDDR6 位出貨量環比增長超過 40%，我們預計隨著預計配備 16 GB GDDR6 的新遊戲機的推出，將實現強勁增長。

These new consoles also deploy SSDs in place of hard drives for the first time.

這些新遊戲機還首次部署 SSD 來代替硬盤驅動器。

In the PC market, DRAM bit shipments and revenue declined sequentially, driven by a slow seasonal demand and continued CPU shortages.

在個人電腦市場，受季節性需求放緩和 CPU 持續短缺的推動，DRAM 位出貨量和收入環比下降。

Our client SSD sales also declined sequentially.

我們的客戶 SSD 銷售額也環比下降。

In the automotive market, we delivered record DRAM and NAND revenue despite soft global automobile unit sales as content growth remains strong in this market.

在汽車市場，儘管全球汽車銷量疲軟，但我們仍實現了創紀錄的 DRAM 和 NAND 收入，因為該市場的內容增長仍然強勁。

Micron continues to lead the auto market with the industry's highest quality products.

美光繼續以業界最高質量的產品引領汽車市場。

Power efficiency is increasingly important in the auto market, creating an opportunity for Micron to leverage our strength in low-power DRAM.

電源效率在汽車市場中變得越來越重要，這為美光創造了利用我們在低功耗 DRAM 方面的優勢的機會。

LPDRAM now makes up approximately half of our auto DRAM revenue.

LPDRAM 現在約占我們汽車 DRAM 收入的一半。

In the industrial market, we had record bit shipments for both DRAM and NAND.

在工業市場，我們的 DRAM 和 NAND 出貨量均創歷史新高。

In the longer term, we expect secular growth in the industrial IoT market as 5G rolls out and increases the importance of AI, machine learning and compute at the edge.

從長遠來看，隨著 5G 的推出，我們預計工業物聯網市場將出現長期增長，並增加人工智能、機器學習和邊緣計算的重要性。

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。

We executed well in the fiscal second quarter, and our reported financial results largely came in at the high end of our guidance ranges despite the uncertainty and impacts related to COVID-19.

我們在第二財季表現良好，儘管存在與 COVID-19 相關的不確定性和影響，但我們報告的財務業績在很大程度上處於我們指導範圍的高端。

Prior to the event of COVID-19, we had outlined our expectations that F Q2 would mark the low point of our financial performance in this cycle, and our business trajectory has been consistent with those expectations.

在 COVID-19 事件之前，我們已經概述了我們的預期，即 F Q2 將標誌著我們在這個週期中的財務業績的低點，並且我們的業務軌跡與這些預期一致。

While we still expect improvements in our financial results, these expectations now need to reflect the evolving impacts of COVID-19.

雖然我們仍然期望我們的財務業績有所改善，但這些期望現在需要反映 COVID-19 不斷變化的影響。

As Sanjay said, the situation remains fluid, and we continue to assess our plans and make real-time changes to adapt and optimize our operations.

正如桑傑所說，情況仍然不穩定，我們將繼續評估我們的計劃並進行實時更改以適應和優化我們的運營。

Total F Q2 revenue was approximately $4.8 billion, the high end of the guidance we provided for the quarter.

F Q2 總收入約為 48 億美元，是我們為本季度提供的指導的高端。

Revenue was down 7% sequentially and down 18% year-over-year.

收入環比下降 7%，同比下降 18%。

F Q2 DRAM revenue was $3.1 billion, representing 64% of total revenue.

F Q2 DRAM 收入為 31 億美元，佔總收入的 64%。

DRAM revenue declined 11% sequentially and 26% year-on-year.

DRAM 收入環比下降 11%，同比下降 26%。

Bit shipments were down by approximately 10% sequentially and up more than 20% on a year-on-year basis.

比特出貨量環比下降約 10%，同比增長超過 20%。

ASPs were flat sequentially.

平均售價環比持平。

F Q2 NAND revenue was approximately $1.5 billion or 32% of total revenue.

F Q2 NAND 收入約為 15 億美元，佔總收入的 32%。

Revenue increased 6% sequentially and was up 9% year-on-year.

收入環比增長 6%，同比增長 9%。

Bit shipments declined in the low single-digit percentage range sequentially and increased approximately 20% year-on-year.

位出貨量環比下降在低個位數百分比範圍內，同比增長約 20%。

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

平均售價在上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 approximately $2 billion, down approximately 1% sequentially and down 17% year-over-year.

計算和網絡業務部門的收入約為 20 億美元，環比下降約 1%，同比下降 17%。

We have now started to include all 3D XPoint revenue in CNBU reporting as the use cases for 3D XPoint technology are more closely aligned with memory expansion, and this business is being managed by CNBU.

我們現在已開始將所有 3D XPoint 收入納入 CNBU 報告，因為 3D XPoint 技術的用例與內存擴展更緊密地結合在一起，並且這項業務由 CNBU 管理。

Excluding 3D XPoint, CNBU revenue would have been down 7% sequentially, primarily driven by weaker sales in the PC market.

不包括 3D XPoint，CNBU 收入將環比下降 7%，主要是由於 PC 市場銷售疲軟。

Revenue for the mobile business unit was $1.3 billion, down 14% sequentially and down 22% year-over-year.

移動業務部門的收入為 13 億美元，環比下降 14%，同比下降 22%。

The sequential decline was primarily driven by seasonality in certain products as well as our decision to walk away from some business due to our concerns regarding pricing.

環比下降主要是由於某些產品的季節性以及由於我們對定價的擔憂而決定放棄某些業務。

Revenue for the storage business unit in F Q2 was $870 million, down 10% from F Q1 and down 15% year-over-year.

F Q2 存儲業務部門收入為 8.7 億美元，較 F Q1 下降 10%，同比下降 15%。

Without 3D XPoint, SBU revenue was up 9% sequentially.

如果沒有 3D XPoint，SBU 收入環比增長 9%。

Operating profit margins for SBU improved sharply in the quarter and were at approximately breakeven levels.

SBU 的營業利潤率在本季度大幅提高，接近盈虧平衡水平。

And finally, revenue for the embedded business unit was $696 million, down 5% sequentially and down 13% year-over-year.

最後，嵌入式業務部門的收入為 6.96 億美元，環比下降 5%，同比下降 13%。

The consolidated gross margin for F Q2 was 29.1%, exceeding the high end of the guidance range.

F Q2 的綜合毛利率為 29.1%，超過了指導範圍的高端。

The quarter-over-quarter margin improvement was driven by portfolio mix improvements and NAND pricing, and approximately $50 million of benefit came from the NAND depreciable life change we made in the prior quarter.

季度利潤率的提高是由產品組合改進和 NAND 定價推動的，大約 5000 萬美元的收益來自我們在上一季度所做的 NAND 可折舊壽命變化。

The impact of underutilization at our Lehi Fab was approximately $142 million or 295 basis points in F Q2.

在第二季度，我們的 Lehi Fab 利用率不足的影響約為 1.42 億美元或 295 個基點。

We expect underutilization to be approximately $160 million in F Q3.

我們預計第三季度的未充分利用將約為 1.6 億美元。

We're continuing our efforts to reduce spending in our Lehi Fab, which we expect will begin to materialize in fiscal 2021.

我們正在繼續努力減少 Lehi Fab 的支出，我們預計這將在 2021 財年開始實現。

Operating expenses were $856 million in F Q2.

第二季度的運營費用為 8.56 億美元。

Given the increased uncertainty, we have taken additional steps to control our OpEx.

鑑於不確定性增加，我們採取了額外的措施來控制我們的運營支出。

These actions include freezing our near-term hiring and cutting back significantly on discretionary spending.

這些行動包括凍結我們的近期招聘和大幅削減可自由支配的支出。

As a result, we expect OpEx to decline sequentially in F Q3.

因此，我們預計運營支出將在第三季度連續下降。

For modeling purposes, our F Q4 will be a 14-week quarter.

出於建模目的，我們的 F Q4 將是一個為期 14 週的季度。

As a result, we expect an uptick in operating expenses for F Q4 that is consistent with the extra week in the quarter.

因此，我們預計第四季度的運營費用將增加，這與本季度的額外一周一致。

F Q2 operating income was $542 million, representing 11% of revenue.

F Q2 營業收入為 5.42 億美元，佔收入的 11%。

Operating margin was nearly flat compared to the prior quarter.

與上一季度相比，營業利潤率幾乎持平。

Net interest expense was $6 million compared to $7 million of net interest income in the prior quarter.

淨利息支出為 600 萬美元，而上一季度的淨利息收入為 700 萬美元。

Since the Federal Reserve has cut short-term interest rates, we anticipate lower interest income on our cash balance for F Q3.

由於美聯儲已經降低了短期利率，我們預計第三季度現金餘額的利息收入會降低。

With the increased debt from the drawdown of our revolver, we expect net interest expense to be approximately $35 million in F Q3, and it will likely be modestly higher in F Q4, with a full quarter impact of the lower interest income.

隨著我們左輪手槍的提款導致的債務增加，我們預計第三季度的淨利息支出約為 3500 萬美元，第四季度可能會略有增加，整個季度都會受到較低的利息收入的影響。

Our F Q2 effective tax rate was 3.2%.

我們的 F Q2 有效稅率為 3.2%。

For the remainder of FY '20, we expect our tax rate to be approximately 5%.

在 20 財年的剩餘時間裡，我們預計我們的稅率約為 5%。

We expect our long-term tax rate to be in the high single-digit to low double-digit range.

我們預計我們的長期稅率將在高個位數到低兩位數範圍內。

Non-GAAP earnings per share in F Q2 were $0.45, down modestly from $0.48 in F Q1 and $1.71 in the year-ago quarter.

F Q2 的非 GAAP 每股收益為 0.45 美元，略低於 F Q1 的 0.48 美元和去年同期的 1.71 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 F Q2, representing 42% of revenue.

我們在第二季度的運營中產生了 20 億美元的現金，佔收入的 42%。

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

本季度，淨資本支出約為 19 億美元，環比略有增長。

We're continuing to project FY '20 CapEx in the range of $7 billion to $8 billion, including some increases for assembly and test flexibility that Sanjay mentioned.

我們將繼續預計 20 財年的資本支出在 70 億至 80 億美元之間，其中包括 Sanjay 提到的組裝和測試靈活性的一些增加。

Free cash flow in the quarter was $63 million compared to $86 million in the prior quarter.

本季度的自由現金流為 6300 萬美元，而上一季度為 8600 萬美元。

This marks the 13th consecutive quarter of positive free cash flow.

這標誌著連續第 13 個季度實現正自由現金流。

Our ability to generate cash consistently through the cycle is largely the result of the structural improvements made to Micron's profitability, which has led to more than $1.5 billion of operating cash flow improvement and more than 25 percentage points of operating cash flow improvement compared to the trough quarter of the prior cycle.

我們在整個週期中始終如一地產生現金的能力很大程度上歸功於美光對盈利能力的結構性改進，與低谷相比，這導致了超過 15 億美元的經營現金流改善和超過 25 個百分點的經營現金流改善前一個週期的四分之一。

We repurchased approximately 785,000 shares for $44 million in F Q2.

我們在第二季度以 4400 萬美元的價格回購了大約 785,000 股股票。

In the first half of fiscal 2020, we returned $94 million of capital through repurchases, representing approximately 65% of our free cash flow.

在 2020 財年上半年，我們通過回購返還了 9400 萬美元的資本，約占我們自由現金流的 65%。

Ending F Q2 inventory was $5.2 billion or 134 days.

F Q2 期末庫存為 52 億美元或 134 天。

The increase was expected and largely due to the seasonally weaker demand experienced in F Q2 combined with our strategy of holding more NAND inventory as we approach our transition to replacement gate later in the calendar year.

這一增長是預期的，主要是由於第二季度需求的季節性疲軟以及我們在日曆年晚些時候接近更換門時持有更多 NAND 庫存的策略。

We have also increased our raw material levels as a precaution given increased uncertainty in the supply chain with these materials.

鑑於這些材料供應鏈的不確定性增加，我們還提高了原材料水平作為預防措施。

As we had outlined on our prior earnings call, we continue to walk away from unfavorably priced business, which also added to our near-term inventory levels.

正如我們在之前的財報電話會議上所概述的那樣，我們繼續擺脫價格不利的業務，這也增加了我們的近期庫存水平。

We ended the quarter with total cash of $8.1 billion and total liquidity of approximately $10.6 billion.

我們在本季度末的總現金為 81 億美元，總流動資金約為 106 億美元。

F Q2 ending total debt was $5.4 billion.

F Q2 期末總債務為 54 億美元。

To preserve ready access to our liquidity in a period of macroeconomic uncertainty, early this quarter, we drew $2.5 billion from our revolving credit facility.

為了在宏觀經濟不確定時期保持隨時可用的流動性，本季度初，我們從循環信貸額度中提取了 25 億美元。

Now turning to our outlook.

現在轉向我們的前景。

Based on our conversations with our customers, the demand for our products remains strong and the pricing trends are favorable.

根據我們與客戶的對話，對我們產品的需求依然強勁，定價趨勢良好。

However, it is important to note that we are a lagging indicator relative to end demand, and macro projections have significantly weakened in the near term.

然而，重要的是要注意，相對於最終需求，我們是一個滯後指標，並且宏觀預測在短期內已顯著減弱。

It is also currently unclear, the extent to which inventory builds related to COVID supply concerns might be masking weakness in end demand.

目前還不清楚，與 COVID 供應擔憂相關的庫存增加在多大程度上可能掩蓋了最終需求的疲軟。

In addition, we also faced the continued risk of production and logistic disruptions due to government actions, labor and material shortages and to travel and border restrictions.

此外，由於政府行動、勞動力和材料短缺以及旅行和邊境限制，我們還面臨著生產和物流中斷的持續風險。

Given these unusual uncertainties, our guidance ranges are wider than usual.

鑑於這些不尋常的不確定性，我們的指導範圍比平時更寬。

However, these wider ranges do not reflect the magnitude of all the risks, and results could vary significantly from these ranges.

然而，這些較寬的範圍並不能反映所有風險的大小，結果可能與這些範圍有很大差異。

Our guidance ranges also include expenses for COVID-19 mitigation efforts.

我們的指導範圍還包括 COVID-19 緩解工作的費用。

With all these factors in mind, our non-GAAP guidance for F Q3 is as follows: we expect revenue to be in the range of $4.6 billion to $5.2 billion; gross margin to be in the range of 31%, plus or minus 150 basis points; and operating expenses to be approximately $825 million, plus or minus $25 million.

考慮到所有這些因素，我們對第三季度的非公認會計準則指導如下：我們預計收入將在 46 億美元至 52 億美元之間；毛利率在 31% 的範圍內，上下浮動 150 個基點；運營費用約為 8.25 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 $0.55, plus or minus $0.15.

最後，根據大約 11.4 億股完全稀釋後的股票，我們預計每股收益為 0.55 美元，上下浮動 0.15 美元。

In closing, notwithstanding the near-term uncertainty, we are pleased with Micron's financial execution exiting this cyclical downturn.

最後，儘管近期存在不確定性，但我們對美光擺脫這種週期性低迷的財務執行感到滿意。

F Q2 revenue was approximately 65% higher and gross margins 11 percentage points higher than in the prior trough, which occurred in F Q3 of 2016.

F Q2 的收入比 2016 年 F Q3 發生的前一個低谷高出約 65%，毛利率高出 11 個百分點。

This revenue growth far outpaced the growth of the overall semiconductor industry in this period.

這一收入增長遠遠超過了這一時期整個半導體行業的增長。

As we assess our cross-cycle performance from the last trough to this trough, we have delivered average returns as follows: gross margins of more than 40%, EBITDA margins of 50%, CapEx to revenue in the 30s and return on invested capital exceeding 20%.

當我們評估我們從上一個低谷到這個低谷的跨週期表現時，我們的平均回報如下：毛利率超過 40%，EBITDA 利潤率為 50%，資本支出在 30 年代的收入和投資資本回報率超過20%。

While the near-term business environment is uncertain, we believe that long-term demand trends for Micron remain robust.

儘管近期商業環境不確定，但我們認為美光的長期需求趨勢依然強勁。

Our focus on execution, our strong product portfolio and our solid balance sheet ensure that Micron is in the best position to capitalize on the secular trends driving our business.

我們對執行的關注、我們強大的產品組合和穩健的資產負債表確保美光處於最佳位置，以利用推動我們業務的長期趨勢。

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

我現在將把電話轉給 Sanjay 做結束語。

Thank you, Dave.

謝謝你，戴夫。

I want to close by thanking our extraordinary Micron team around the globe.

最後，我要感謝我們在全球範圍內非凡的美光團隊。

These recent weeks have placed unforeseen challenges on businesses but, more importantly, on people and families.

最近幾週給企業帶來了無法預料的挑戰，但更重要的是，給人們和家庭帶來了挑戰。

Micron's team has responded with professionalism and care during this period, and our team members are the reason we can execute our business plan and deliver the strong results we have reported today.

在此期間，美光的團隊以專業和關懷做出了回應，我們的團隊成員是我們能夠執行我們的業務計劃並交付我們今天報告的強勁成果的原因。

To assist during this period, we are offering U.S. team members earning less than $100,000 per year a special onetime payment of $1,000.

為了在此期間提供幫助，我們為年收入低於 100,000 美元的美國團隊成員提供了 1,000 美元的特別一次性付款。

These figures are adjusted for market rates worldwide, and 68% of our global team is eligible.

這些數字根據全球市場價格進行了調整，我們全球團隊中有 68% 的人符合條件。

In addition, we are establishing an emergency relief fund for employees facing financial hardship.

此外，我們正在為面臨經濟困難的員工設立緊急救助基金。

We are also focused on assisting the communities in which we operate through this difficult time.

我們還專注於幫助我們經營所在的社區度過這一困難時期。

As part of that effort, we are contributing an additional $10 million through the Micron Foundation to address the impact of COVID-19 on top of what we have already donated in China, Italy and the U.S. We are also working with local officials to make space in our facilities available if needed for emergency services as well as providing support through our supply chain operations to help source needed screening and protective equipment.

作為這項努力的一部分，我們將通過美光基金會額外捐款 1000 萬美元，以在我們已經在中國、意大利和美國捐款的基礎上應對 COVID-19 的影響。我們還與當地官員合作以騰出空間如果需要緊急服務，並通過我們的供應鏈運營提供支持，以幫助採購所需的篩查和防護設備，我們可以提供這些設施。

Finally, we are accelerating our payment terms to our small business vendors to help with their liquidity.

最後，我們正在加快向我們的小企業供應商付款的條款，以幫助他們提高流動性。

I've said many times that the new Micron is stronger than ever, and we are showing that strength today.

我多次說過，新的美光比以往任何時候都更強大，我們今天正在展示這種實力。

Micron is leveraging our core expertise to drive leadership in technology, products and manufacturing, delivering differentiated solutions that enrich life for end customers around the world.

美光正在利用我們的核心專業知識推動技術、產品和製造領域的領先地位，提供差異化的解決方案，豐富全球終端客戶的生活。

While the near-term environment creates uncertainty for all of us in our daily lives, the long-term fundamentals of our industry are strengthening, and opportunities are expanding.

雖然近期環境給我們所有人的日常生活帶來了不確定性，但我們行業的長期基本面正在加強，機會正在擴大。

With these opportunities in front of us, we will continue to execute with tenacity and resilience as we make demonstrable progress towards our vision.

面對這些機遇，我們將繼續以堅韌不拔的精神執行任務，朝著我們的願景邁進。

We will now open for questions.

我們現在開始提問。

(Operator Instructions) Our first question comes from the line of Joe Moore of Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Joe Moore。

David, in the prepared remarks, you talked about inventory accumulation potentially masking weakness of customers.

大衛，在準備好的評論中，你談到了庫存積累可能掩蓋了客戶的弱點。

What -- where specifically might you have that anxiety?

什麼——你具體在哪裡有這種焦慮？

It seems like in compute, I think conditions are pretty strong and your customers don't seem to have a lot of this end product inventory.

似乎在計算中，我認為條件非常強大，您的客戶似乎沒有很多這種最終產品庫存。

So when you -- is that just a precautionary remark on your side?

所以當你——這只是你的預防性言論嗎？

Or is there anything you're seeing there that creates anxiety?

或者你在那裡看到了什麼會引起焦慮的東西？

Well, we -- I mean clearly, as I said -- oh, sorry.

好吧，我們——我的意思很清楚，正如我所說——哦，對不起。

Yes.

是的。

Sure.

當然。

So let me -- I'm sorry.

所以讓我 - 對不起。

I was just going to say, let me address that first, and then I will definitely have Dave expand on that.

我只是想說，讓我先解決這個問題，然後我肯定會讓 Dave 對此進行擴展。

So it is an environment where there can be supply shortages.

因此，這是一個供應短缺的環境。

And of course, underlying demand trends in the markets we are participating continue to be strong.

當然，我們參與的市場的潛在需求趨勢繼續強勁。

There can be supply shortages given the fluid situation related to the spread of coronavirus in various countries.

鑑於與冠狀病毒在各個國家的傳播有關的不穩定局勢，可能會出現供應短缺。

The rate and pace is different.

速度和速度是不同的。

And ultimately, it will depend upon the rules and regulations that different governments may impose that can potentially impact supply in the industry.

最終，這將取決於不同政府可能實施的可能影響行業供應的規則和法規。

So just like we are accumulating some inventory ourselves to make sure that we don't have supply disruptions, it is legitimate to think that our customers can also be building some inventory to make sure that their supply chain is under control.

因此，就像我們自己積累一些庫存以確保我們沒有供應中斷一樣，認為我們的客戶也可以建立一些庫存以確保他們的供應鏈受到控制是合理的。

So I think this is the part that we are just mindful of.

所以我認為這是我們需要注意的部分。

Although when you look at work-from-home economy and study-from-home economy for students that are certainly driving greater demand in the enterprise PC side and certainly placing quite a bit of constraints and stress on the infrastructure, so the cloud infrastructure, the enterprise infrastructure definitely is driving increased demand as well.

儘管當您查看學生的在家工作經濟和在家學習經濟時，這肯定會推動企業 PC 方面的更大需求，並且肯定會對基礎架構施加相當多的限制和壓力，因此云基礎架構，企業基礎設施無疑也在推動需求的增長。

So in that backdrop, I think we are just being mindful in terms of making those comments.

因此，在這種背景下，我認為我們只是在發表這些評論時留心。

But I will let Dave further elaborate on it.

但我會讓戴夫進一步詳細說明。

Yes.

是的。

I think what you covered, Sanjay, is good.

我認為你報導的內容，桑傑，很好。

The only thing I'd add is I think we believe the strength in the data center market is real and that the inventory levels are normal in that market.

我唯一要補充的是，我認為我們相信數據中心市場的實力是真實的，並且該市場的庫存水平是正常的。

Our next question comes from Timothy Arcuri of UBS.

我們的下一個問題來自瑞銀的蒂莫西·阿庫裡。

I guess, Sanjay, there was some language in the release that -- and you guys have talked about the fact that you're a lagging indicator relative to demand.

我猜，Sanjay，版本中有一些語言——你們已經談到了這樣一個事實，即相對於需求而言，你們是一個滯後指標。

Can you just help parse through that?

你能幫忙解析一下嗎？

I guess it sounds like maybe you're suggesting that the fiscal fourth quarter could be maybe down sequentially, which is typically up.

我想這聽起來像是你在暗示第四財季可能會連續下降，通常是上升的。

I know that it's very difficult to tell what's going on right now.

我知道很難說現在發生了什麼。

But maybe can you just help us walk through what the puts and takes look like into Q4?

但也許你能幫我們看看第四季度的看跌期權是什麼樣的嗎？

I know you don't want to guide Q4, but it sounds like it's possibly down.

我知道你不想指導第四季度，但聽起來它可能會下降。

So can you just help us think about that?

所以你能幫我們想想嗎？

So certainly, as you noted, we are not guiding to Q4 here.

因此，正如您所指出的，我們當然不會在這裡指導第四季度。

And, of course, the environment is fluid.

當然，環境是流動的。

These are unprecedented times in terms of anybody dealing any business, any verticals or any country dealing with the situation and the spread and containment of coronavirus.

對於任何處理任何業務、任何垂直領域或任何國家處理冠狀病毒的情況以及傳播和遏制的人來說，這是前所未有的時代。

But what I would say here is that with respect to our own assessment of the demand trends, I think underlying demand trends definitely continue to be healthy.

但我在這裡要說的是，就我們自己對需求趨勢的評估而言，我認為潛在的需求趨勢肯定會繼續保持健康。

And when we look at what we supply to our customers, customers build it into the product, if there has to be any macroeconomic weakness, and we know that in the environment of coronavirus pandemic, there will be some impact on some aspects of the consumer demand.

當我們查看我們向客戶提供的產品時，客戶將其構建到產品中，如果必須有任何宏觀經濟疲軟，我們知道在冠狀病毒大流行的環境下，會對消費者的某些方面產生一些影響要求。

The consumer demand, there's a lag between the consumer demand getting impacted to the demand from our customers who are building the product in their supply chains getting impacted.

消費者需求，消費者需求受到影響與我們在供應鏈中構建產品的客戶的需求受到影響之間存在滯後。

So that's what we mean that sometimes there can be a lag between what we are supplying to our customers versus the impact on the demand in the marketplace.

這就是我們的意思，有時我們向客戶提供的產品與對市場需求的影響之間可能存在滯後。

So we are not guiding to fourth quarter.

所以我們沒有指導第四季度。

I think what's important is that it will depend on the spread of the virus, the containment of the virus.

我認為重要的是這將取決於病毒的傳播，病毒的遏制。

Different countries may have their containment at different rates.

不同的國家可能以不同的速度進行遏制。

So while we have seen, for example, last fiscal quarter, our F Q2, demand in China, in the consumer demand and the smartphone demand decline, we have also seen that China has contained this.

因此，儘管我們已經看到，例如，上一財季，我們的第二季度，中國的需求、消費者需求和智能手機需求下降，但我們也看到中國已經遏制了這一點。

And, in fact, production is coming back in China, and the demand is being restored in China.

而且，事實上，中國的生產正在恢復，中國的需求正在恢復。

Same thing will happen in other parts of the world as well, that while there may be some impact on smartphone demand in different countries, eventually, as the containment happen, the consumer demand will be back, and the long-term trends certainly for our business are strong.

世界其他地區也會發生同樣的事情，雖然不同國家的智能手機需求可能會受到一些影響，但最終，隨著遏制措施的發生，消費者需求將會恢復，而我們的長期趨勢肯定是業務很強大。

The trends of 5G driving greater content in smartphone when we come back on the other side of this pandemic, there will be -- the demand drivers will reassert themselves.

當我們回到這場大流行的另一端時，5G 推動智能手機內容更多的趨勢將會出現——需求驅動因素將重新確立自己的地位。

Similarly, cloud demand continues to do well.

同樣，雲需求繼續表現良好。

As I mentioned, the COVID-19 scenario may actually be accelerating some of that demand in cloud that is driving greater demand for memory and storage.

正如我所提到的，COVID-19 情景實際上可能正在加速雲中的一些需求，這推動了對內存和存儲的更大需求。

The point is, the situation is fluid, and we are really not prepared to guide you to F Q4 at this point.

關鍵是，情況瞬息萬變，此時我們真的不准備將您引導至 F Q4。

Our next question comes from John Pitzer of Crédit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

I'm just kind of curious, Sanjay and Dave, is it possible to quantify what the impact of COVID was in the February quarter?

我只是有點好奇，桑杰和戴夫，是否有可能量化 COVID 在 2 月季度的影響？

And more importantly, is there a number in mind for May?

更重要的是，五月是否有一個數字？

It's clear the uncertainty is increasing the range for the May guide, but is it also bringing down the midpoint?

很明顯，不確定性正在增加 5 月指南的範圍，但它是否也降低了中點？

Any sort of guidance of how you're thinking through that would be very helpful.

任何關於你如何思考的指導都會非常有幫助。

So I'll let Dave address that.

所以我會讓戴夫解決這個問題。

Okay.

好的。

Yes.

是的。

Sure.

當然。

So maybe without throwing out a number because it's difficult to estimate, clearly, we would have been above the high end of the range on revenue if not for COVID-19.

因此，也許沒有拋出一個數字，因為很難估計，如果不是 COVID-19，我們顯然會超過收入範圍的高端。

And there were some mitigation expenses already in both cost of sales and operating expenses that impacted us a bit in the fiscal second quarter as well.

銷售成本和運營費用中已經有一些緩解費用，這在第二財季也對我們產生了一些影響。

We would have likely been more skewed to a higher growth number for fiscal third quarter if not for COVID-19.

如果不是 COVID-19，我們可能會更傾向於第三財季更高的增長數字。

And, of course, somewhat unusual for us, we widened the range by a couple of hundred million dollars also to account for the uncertainty as it relates to what might happen, not only from a demand perspective, but from a supply perspective.

當然，這對我們來說有點不尋常，我們將範圍擴大了幾億美元，以考慮到與可能發生的情況相關的不確定性，不僅從需求角度，而且從供應角度。

Either one has some risk to it.

任何一個都有一定的風險。

Additionally, we have built in more costs associated with COVID mitigations for us.

此外，我們還為我們增加了與緩解 COVID 相關的成本。

Sanjay and I already talked about the fact that we're carrying higher levels of inventory of raw materials, but we're also having to flex our supply chain back and have some redundancy that can drive up some expenses on the cost of sales side.

Sanjay 和我已經談到了這樣一個事實，即我們的原材料庫存水平較高，但我們也不得不重新調整我們的供應鏈，並有一些冗餘，這可能會增加銷售成本方面的一些費用。

In addition, we may see an increased level of tariff expense in an effort to mitigate some supply disruptions that might occur.

此外，我們可能會看到關稅費用水平的提高，以減輕可能發生的一些供應中斷。

And also, there's a fair amount of expense associated with just the work-from-home model and allow -- enabling our employees to be able to do all the work they do in the offices now in their homes, and so there are some expenses associated with that.

而且，僅與在家工作模式相關的費用就相當多，並且允許 - 使我們的員工能夠在家中完成他們在辦公室所做的所有工作，因此有一些費用與此相關。

So our expense likely would have been down even more, particularly with all the actions we've taken to reduce expenses, if not for the fact that we have a bit of this offset or headwind associated with the mitigation expenses in the third quarter.

因此，如果不是因為我們在第三季度的緩解費用方面存在一些抵消或逆風這一事實，我們的費用可能會進一步下降，特別是我們為減少費用而採取的所有行動。

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。

Great to hear that you're safe and well.

很高興聽到你平安無事。

I guess my question is regarding the supply side, particularly for DRAM.

我想我的問題是關於供應方面的，特別是對於 DRAM。

You talked about some issues related to equipment installation and part availability.

您談到了與設備安裝和零件可用性相關的一些問題。

You've also talked about switching over some of your capacity from mobility to server.

您還談到了將您的一些容量從移動性切換到服務器。

So curious, as you think that through, what does bit production look like now, either for you or for the industry here in calendar '20?

如此好奇，正如你所想，鑽頭生產現在是什麼樣子，無論是對你還是對 20 年日曆中的行業來說？

I think we were all thinking kind of 6% to 8% coming in.

我想我們都在想 6% 到 8% 的人進來。

Is that still the right number?

那仍然是正確的數字嗎？

Or is there a change there?

或者那裡有變化？

So I think what we have said before the COVID-19 scenario that in calendar year '20, the DRAM demand growth would be in mid-teens, around mid-teens, and that supply would be somewhat less for the year, supply growth would be somewhat less for the year than the demand growth.

所以我認為我們在 COVID-19 情景之前說過，在 20 日曆年，DRAM 需求增長將在十幾歲左右，大約在十幾歲左右，而且今年的供應量會有所減少，供應增長將比需求增長略低。

And of course, as we look at the scenario of supply growth, technology transitions, the node transitions in the industry perhaps can be impacted by tool deliveries or the engineering or the service support in the industry.

當然，當我們看到供應增長、技術轉型的情景時，行業中的節點轉換可能會受到行業工具交付或工程或服務支持的影響。

It's too soon to tell this but the point is that there could be some impact to supply and not just related to the wafer output, but there could be some impact to the supply, as I said before, depending upon the rules and regulations and the orders in various countries where the supply chain for memory and storage exists.

現在說這一點還為時過早，但關鍵是供應可能會受到一些影響，不僅與晶圓產量有關，而且正如我之前所說，供應可能會受到一些影響，具體取決於規則和法規以及在存在內存和存儲供應鏈的各個國家/地區的訂單。

If those orders impact any production, there could be some supply growth impact there as well.

如果這些訂單影響任何生產，那麼那裡的供應增長也可能會受到一些影響。

It's hard to tell at this point.

在這一點上很難說。

And we certainly, when we look at our current supply growth, our current supply growth at this point is intact, but we are mindful of the changes that could occur due to the COVID environment.

當然，當我們查看當前的供應增長時，我們目前的供應增長是完整的，但我們注意到 COVID 環境可能發生的變化。

And of course, we continue to watch the demand as well.

當然，我們也會繼續關注需求。

And on the supply side, we will take actions.

在供應方面，我們將採取行動。

Today, we have shortages in supply, as we have mentioned, for server DRAM as well as for cloud.

今天，正如我們所提到的，服務器 DRAM 和雲的供應短缺。

Overall, there are shortages for DRAM.

總體而言，DRAM存在短缺。

And therefore, we are shifting some of the supplies from mobile to the DRAM side.

因此，我們正在將一些供應從移動端轉移到 DRAM 端。

But of course, we'll continue to keep track of what the demand looks like.

但是，當然，我們將繼續跟踪需求情況。

And as we said, we will evaluate making reductions in our production utilization or in terms of any CapEx aspects to manage the supply growth during the calendar year '20, but it's too soon to really give you any specific projections on that.

正如我們所說，我們將評估減少我們的生產利用率或任何資本支出方面，以管理 20 日曆年的供應增長，但現在給你任何具體的預測還為時過早。

Our next question comes from Mehdi Hosseini of SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

David or Sanjay, can you please tell me how you think of the mix of revenue from China, especially going back to what Sanjay said earlier, China is resuming operation?

David 或 Sanjay，能否請您告訴我您如何看待來自中國的收入組合，尤其是回到 Sanjay 之前所說的，中國正在恢復運營？

They're also providing a lot of incentives for 5G adoption.

他們還為 5G 的採用提供了很多激勵措施。

And I'm just curious how China accounted for your revenues in the February quarter and how you see it trending for the remainder of the year.

我只是好奇中國在二月份季度的收入是如何計算的，以及你如何看待今年剩餘時間的趨勢。

So I'll let Dave answer that.

所以我會讓戴夫回答這個問題。

Yes.

是的。

So I think cumulative revenues, I'll have to go back and look at the exact statistic, but it was somewhere in the kind of 30%, I think it was, China revenue in aggregate.

所以我認為累積收入，我將不得不回過頭來查看確切的統計數據，但它在 30% 左右，我認為是，中國的總收入。

Clearly, as you said, there is a come-back-to-work kind of phenomenon going on in China, and there is economic stimulus.

顯然，正如您所說，中國正在出現一種複工現象，並且有經濟刺激措施。

So that certainly will benefit.

所以這肯定會受益。

But we're -- also the customers in the U.S. are -- a lot of them are in the cloud space.

但是我們——也是美國的客戶——他們中的很多人都在雲空間中。

And of course, that's a big driver of our business today, given, as Sanjay mentioned, the move to work-from-home and e-commerce and so forth.

當然，這是我們今天業務的一大推動力，正如桑傑所說，考慮到轉向在家工作和電子商務等等。

So I'm not sure that the mix, as we projected, is likely to shift around significantly, geographically.

因此，我不確定這種組合是否會像我們預測的那樣在地理上發生顯著變化。

Our next question comes from Ambrish Srivastava of BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

I had a question on capacity and cost per bit.

我有一個關於容量和每比特成本的問題。

What percent of your CapEx is flexible?

您的資本支出中有多少是靈活的？

And I appreciate that things are in such a way that it's very hard for you to tell us how much you're going to -- you would flex.

我很欣賞事情的發展方式，你很難告訴我們你會做多少——你會彎曲。

But just as a ballpark, what percentage?

但作為一個球場，百分比是多少？

And then is the cost down going to change based on what you know as of now versus what you told us last quarter for both NAND and for DRAM?

那麼，根據您目前所知道的與您上個季度告訴我們的 NAND 和 DRAM 的情況，成本下降是否會發生變化？

In terms of CapEx, we -- for our fiscal third quarter, we won't be impacting the CapEx of fiscal third quarter.

就資本支出而言，我們 - 對於我們的第三財季，我們不會影響第三財季的資本支出。

However, for the rest of the calendar year '20, we certainly will be, as I said before, evaluating our CapEx as well as our production utilization to make sure that our supply stays in line with our demand expectations.

然而，在 20 日曆年的剩餘時間裡，正如我之前所說，我們肯定會評估我們的資本支出以及我們的生產利用率，以確保我們的供應符合我們的需求預期。

Demand expectations, of course, we laid out, working closely with our customers.

當然，我們制定了需求預期，並與客戶密切合作。

So just like in 2019, we made changes to CapEx fairly rapidly, and we reacted fast as well as we manage our production.

因此，就像在 2019 年一樣，我們對資本支出做出了相當快的改變，我們的反應很快，我們也管理了我們的生產。

We will, of course, be doing the same things here.

當然，我們也會在這裡做同樣的事情。

Just keep in mind that the situation with respect to coronavirus escalation across the globe just has really evolved rapidly over the course of last couple of weeks.

請記住，在過去幾周中，全球冠狀病毒升級的情況確實發展迅速。

So we will, of course, keep close tabs with our customer demand expectations.

因此，我們當然會密切關注客戶的需求預期。

And we will make sure that we make any adjustments to our CapEx, if needed, accordingly.

如果需要，我們將確保我們對資本支出進行任何調整。

We are absolutely continuing to look at that.

我們絕對會繼續關注這一點。

And in terms of cost reductions, of course, cost reductions are a function of technology transitions that are being made in the fabs.

在降低成本方面，當然，成本降低是晶圓廠正在進行的技術轉型的一個功能。

And so far, we are on plan with respect to the cost guidance that we had provided to you for our fiscal year '20.

到目前為止，我們正在計劃為我們提供給您的 20 財年成本指導。

I would add that on the NAND front, as you've seen, we've gotten a fair amount of benefit from the change in depreciation in the first half of fiscal '20.

我想在 NAND 方面補充一點，正如你所見，我們從 20 財年上半年的折舊變化中獲得了相當多的好處。

So that, in essence, kind of pulled ahead.

所以，從本質上講，有點領先。

As you remember probably, we mentioned that as we transition to replacement gate, FY '20 would show a minimal cost decline.

您可能還記得，我們提到當我們過渡到更換門時，20 財年將顯示出最小的成本下降。

And really FY '21 was where we would see it.

真的 '21 財年是我們會看到它的地方。

But with the depreciation change, in reality, what's happening is we're kind of pulling ahead some of that improvement into fiscal '20.

但實際上，隨著折舊的變化，我們正在將部分改進推進到 20 財年。

So when you look at the percentages, a bit better in FY '20 and maybe not as good as we had originally kind of telegraphed in FY '21.

因此，當您查看百分比時，20 財年會好一些，但可能不如我們最初在 21 財年電報的那樣好。

And in addition, what -- we continue to drive this mix to the high-value solutions, they generally carry higher costs.

此外，我們繼續將這種組合推向高價值解決方案，它們通常會帶來更高的成本。

And we hope to continue that.

我們希望繼續這樣做。

Our goal is to get to 80%.

我們的目標是達到 80%。

So that certainly will also be an impact on the cost side as well.

因此，這肯定也會對成本方面產生影響。

But if you step back and then look at how we do over a multiyear period in terms of NAND improvement, once we're really running on the second-generation replacement gate, in good momentum, we're up to the right yields, it's running through the inventory and showing up in cost of sales, and you see that over a multiyear period, you'll see that our decline in costs over a multiyear period is actually very good, very healthy, very competitive.

但是，如果你退後一步，看看我們多年來在 NAND 改進方面的表現，一旦我們真正在第二代替代門上運行，勢頭良好，我們就會達到正確的良率，這是遍歷庫存並顯示在銷售成本中，您會看到在多年期間，您會看到我們在多年期間的成本下降實際上非常好，非常健康，非常有競爭力。

And I will just add that due to COVID-19, as we said, that we are enabling greater flexibility in our supply network by adding captive capacity as well as adding capacity on part of our subcontractors to give us the opportunity and resiliency in the supply chain in case there are rules and regulations in various countries that impact our production.

我只想補充一點，由於 COVID-19，正如我們所說，我們通過增加自備能力以及增加部分分包商的能力來為我們的供應網絡提供更大的靈活性，從而為我們提供機會和供應彈性鏈，以防各個國家/地區的規則和法規影響我們的生產。

So some of those aspects certainly do have headwind on the cost side.

因此，其中一些方面肯定在成本方面存在不利因素。

But by and large, I think those are being managed well.

但總的來說，我認為這些都得到了很好的管理。

And overall, our cost targets for fiscal year '20 at this point are on track.

總體而言，我們在 20 財年的成本目標目前已步入正軌。

Our next question comes from Aaron Rakers of Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Congrats on the great execution.

祝賀偉大的執行。

I want to go back to the customer inventory dynamics and trying to understand or appreciate how you think about that potential buildup of inventory.

我想回到客戶庫存動態，並嘗試了解或欣賞您如何看待潛在的庫存積累。

Can you help us understand whether you've implemented anything differently or have different lines of visibility into those customers, how you exactly plan on managing or seeing any kind of inventory build, particularly at some of the cloud customers?

您能否幫助我們了解您是否實施了任何不同的方法或對這些客戶有不同的可見性，您究竟計劃如何管理或查看任何類型的庫存構建，尤其是在某些雲客戶中？

I mean we certainly work closely with those customers.

我的意思是我們當然與這些客戶密切合作。

Our relationships over time have only deepened with those customers.

隨著時間的推移，我們與這些客戶的關係只會加深。

We have become a more valuable partner to them as well as we have expanded our product offering.

我們已經成為他們更有價值的合作夥伴，並且我們擴大了我們的產品供應。

For example, on the SSD side, we have brought out NVMe SSDs, those are getting qualified in data center.

例如，在 SSD 方面，我們推出了 NVMe SSD，這些都在數據中心獲得合格。

On the DRAM side, we have been a strong partner with highest quality with those customers.

在 DRAM 方面，我們一直是這些客戶的優質合作夥伴。

And on the cloud side, still in the very, very early innings of all the growth for memory and storage in cloud.

而在雲方面，仍處於雲中內存和存儲的所有增長的非常非常早期的階段。

So compared to the last cycle, our relationships with those customers have only expanded, have deepened.

因此，與上一個週期相比，我們與這些客戶的關係只是擴大了，加深了。

We continue to work closely with them in terms of understanding their demand requirements.

我們將繼續與他們密切合作，了解他們的需求要求。

And this is what -- the best that we can do in terms of working closely with those customers to understand their requirement.

這就是我們在與這些客戶密切合作以了解他們的需求方面所能做的最好的事情。

And I would like to once again point out that we are in an environment even before COVID-19 that CapEx investments in cloud were on a strong growth trajectory.

我想再次指出，我們甚至在 COVID-19 之前就處於這樣一個環境中，即資本支出對雲的投資處於強勁的增長軌跡。

A lot of that CapEx going toward the infrastructure for memory and storage requirements.

很多資本支出用於滿足內存和存儲需求的基礎設施。

Of course, new CPU architectures with more cores in them as well as more channels giving you greater attach rates for memory and storage and, of course, the workloads that are demanding more DRAM memory for memory-intensive compute applications as well as for faster access driving more SSDs.

當然，新的 CPU 架構具有更多內核和更多通道，可為您提供更高的內存和存儲附加率，當然還有需要更多 DRAM 內存以用於內存密集型計算應用程序以及更快訪問的工作負載驅動更多的 SSD。

So those demand trends pre-COVID were already strong.

因此，COVID 之前的這些需求趨勢已經很強勁。

And with COVID, if anything, we are seeing that work-from-home digital economy is driving greater demand on that structure and is accelerating some of that demand.

對於 COVID，如果有的話，我們看到在家工作的數字經濟正在推動對該結構的更大需求，並且正在加速其中的一些需求。

So we, of course, as we work through the memory shortages, we continue to work closely with our customers.

因此，我們當然會在解決內存短缺問題時繼續與客戶密切合作。

And while the smartphone demand may be somewhat down, for example, in China in F Q2, but that demand is coming back in China.

雖然智能手機的需求可能會有所下降，例如在第二季度的中國，但這種需求正在中國回歸。

And we will continue to monitor these trends in the other parts, and it just requires continuing to work closely with the customers, understanding the requirements and us applying our own judgment and remaining mindful in terms of how we manage overall our supply.

我們將繼續監控其他部分的這些趨勢，它只需要繼續與客戶密切合作，了解需求，我們運用自己的判斷，並在我們如何管理整體供應方面保持謹慎。

So it's really customer relationship in terms of managing our supply growth and understanding the demand expectations.

因此，就管理我們的供應增長和了解需求預期而言，這實際上是客戶關係。

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。

A strong memory demand driver in the second half of this year, as you pointed out, is the new game console refresh.

正如您所指出的，今年下半年的一個強勁內存需求驅動因素是新遊戲機的更新。

I think there's 35% to 100% more GDDR DRAM memory versus prior generations platforms and the move to SSD storage versus HDD.

我認為與前幾代平台相比，GDDR DRAM 內存增加了 35% 到 100%，轉向 SSD 存儲與 HDD 相比。

Given your leadership in graphics DRAM, we know that the Micron team will be participating here on these new consoles.

鑑於您在圖形 DRAM 方面的領導地位，我們知道美光團隊將參與這些新遊戲機的開發。

But given your good NVMe client SSD positioning, is the team also participating in the console refresh with either your NAND or your SSD products?

但是，鑑於您良好的 NVMe 客戶端 SSD 定位，該團隊是否也參與了您的 NAND 或 SSD 產品的控制台更新？

Certainly, as we expand our portfolio of SSDs, yes, previously, we just had SATA.

當然，隨著我們擴展 SSD 產品組合，是的，以前我們只有 SATA。

Now we have NVMe SSDs as well, and we are broadening our reach with those NVMe SSDs and to the end market applications as well as with customers.

現在我們也擁有 NVMe SSD，並且我們正在通過這些 NVMe SSD 擴大我們的覆蓋範圍，並擴展到終端市場應用程序以及客戶。

Certainly, it is a growth market opportunity for us, not only in DRAM but also in SSDs.

當然，這對我們來說是一個增長的市場機會，不僅在 DRAM 領域，在 SSD 領域也是如此。

But as you know, these take product qualifications with the customers.

但如您所知，這些都是與客戶一起獲得產品資格的。

And then we are able to realize the benefit of sales and revenue growth in those areas.

然後我們能夠在這些領域實現銷售和收入增長的好處。

I want to highlight here that as we have expanded our product portfolio, both on the SSD side as well as in mobile, on multichip packages, and bringing out discrete UFS products for mobile applications as well, that really has enabled, as I mentioned in the script, opportunity for us to gain share in the marketplace.

我想在這裡強調的是，隨著我們擴展了我們的產品組合，無論是在 SSD 端還是在移動端，在多芯片封裝上，並為移動應用程序推出離散 UFS 產品，正如我在劇本，讓我們有機會在市場上獲得份額。

We have gained share in NAND, managed NAND solutions in mobile.

我們在移動設備中的 NAND 託管 NAND 解決方案中獲得了份額。

We have gained share in SSDs as well that's enabling us to deliver healthy results in F Q2.

我們在 SSD 中也獲得了份額，這使我們能夠在 F Q2 中提供健康的結果。

And our gain in share and expanding product portfolio also positions us well to navigate through these choppy waters related to COVID-19, and we remain very focused on continuing to expand the product portfolio and broaden our customer relationships in the kind of applications that you just talked about in gaming consoles, both for DRAM and NAND as we look forward to the future long-term secular demand trends and addressing those requirements by our customers.

我們在份額和擴大產品組合方面的收益也使我們能夠很好地駕馭與 COVID-19 相關的波濤洶湧的水域，我們仍然非常專注於繼續擴大產品組合併擴大我們在您剛剛使用的應用程序中的客戶關係我們在遊戲機中談到了 DRAM 和 NAND，因為我們期待未來的長期需求趨勢並滿足客戶的這些需求。

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 impressive guidance there.

那裡的指導令人印象深刻。

One of the questions I did have, though, is just the offset of kind of commercial PCs coming back because obviously more people are working from home, offset by kind of the smartphone unit demand.

不過，我確實遇到的一個問題是商業 PC 回歸的抵消，因為顯然更多的人在家工作，被智能手機單位需求所抵消。

So how are you guys thinking about that for the rest of the calendar year?

那麼你們在這個日曆年的剩餘時間裡是怎麼想的呢？

Obviously, there's a lot of moving parts, but just how do you guys track kind of the lower expected sales probably from the handset type versus commercial PC upgrade from people working from home?

顯然，有很多活動部件，但是你們如何跟踪可能來自手機類型的較低預期銷售額與來自在家工作的人的商用 PC 升級？

So yes, that's correct.

所以是的，這是正確的。

I think there is near-term surge in demand with respect to commercial PCs.

我認為近期對商用 PC 的需求會激增。

I mean if you look at just Micron itself, Micron itself bought something like 5,000 notebook computers to really provide it to our team members in terms of enabling them to work from home, and we implemented those really very, very fast.

我的意思是，如果你只看美光本身，美光自己購買了大約 5,000 台筆記本電腦，以真正提供給我們的團隊成員，讓他們能夠在家工作，我們真的非常非常快地實施了這些。

So yes, surge in demand related to enterprise PCs, and that bodes well for both SSDs as well as for DRAM.

所以，是的，與企業 PC 相關的需求激增，這對 SSD 和 DRAM 來說都是好兆頭。

And as we noted, also with respect to virtual learning and students learning from home, that also drives demand in notebook.

正如我們所指出的，對於虛擬學習和在家學習的學生，這也推動了對筆記本電腦的需求。

How long this trend last -- and of course, it is global in nature.

這種趨勢會持續多久——當然，它是全球性的。

But how long does it last, we will have to see.

但它會持續多久，我們將不得不拭目以待。

But overall, yes, I mean, we do see that.

但總的來說，是的，我的意思是，我們確實看到了這一點。

While there may be some smartphone -- the weakness outside of China, while China is recovering on the smartphone front, certainly, as I said, enterprise PCs and other PCs for virtual learning, along with greater demand in the data center world, is a tailwind for us.

雖然可能會有一些智能手機——中國以外的弱點，而中國在智能手機方面正在復蘇，當然，正如我所說，企業 PC 和其他用於虛擬學習的 PC，以及數據中心世界的更大需求，是一個為我們順風。

Our next question comes from Raji Gill of Needham & Company.

我們的下一個問題來自 Needham & Company 的 Raji Gill。

Just another question on the demand conditions.

關於需求條件的另一個問題。

I think David had mentioned in his prepared remarks that the macro conditions had weakened in the last couple of weeks, and you talked about some of the moving pieces of that.

我認為大衛在他準備好的講話中提到，過去幾周宏觀條件已經減弱，你談到了其中一些動人的部分。

If we try to quantify that, the impact, DRAM is about 70% of your revenue.

如果我們試圖量化這一點，DRAM 的影響大約佔您收入的 70%。

NAND is 30%.

NAND為30%。

What percentage of DRAM is coming from PCs, hyperscalers, mobile and likewise, on the NAND side?

多少百分比的 DRAM 來自 PC、超大規模、移動設備以及類似的 NAND 端？

So we can just kind of get a sense of where the potential strengths and weaknesses could be.

因此，我們可以大致了解潛在的優勢和劣勢在哪裡。

So we don't break it down specifically in terms of percentage, but I think what's important is that we are a very well-diversified supplier, and we have a broad portfolio.

因此，我們沒有具體按百分比對其進行細分，但我認為重要的是我們是一個非常多元化的供應商，我們擁有廣泛的產品組合。

And the end market applications are well diversified as well, all the way from data center to PC to smartphone, networking, for DRAM, and Micron is well positioned in these markets.

終端市場應用也非常多樣化，從數據中心到 PC 再到智能手機、網絡、DRAM，而美光在這些市場中處於有利地位。

And certainly, some of these markets are seeing some shortages today, such as on the side of data center DRAM requirements.

當然，其中一些市場今天出現了一些短缺，例如數據中心 DRAM 需求方面。

And while others, we are continuing to monitor the overall demand trend.

在其他方面，我們將繼續監控整體需求趨勢。

But we don't break it out, but important thing is that the underlying vectors for demand are good.

但我們不會打破它，但重要的是需求的潛在向量是好的。

And as we go through the uncertainties related to COVID-19, when we come out on the other side, I'm very confident that with our broad portfolio and deep customer engagement and the technology and product capabilities, I think we will overall do just fine.

當我們經歷與 COVID-19 相關的不確定性時，當我們站在另一邊時，我非常有信心，憑藉我們廣泛的產品組合和深入的客戶參與以及技術和產品能力，我認為我們總體上會做到美好的。

By and large, our mix is fairly similar to the industry in terms of overall mix.

總的來說，我們的組合在整體組合方面與行業非常相似。

If you look at the industry, I think you'll see that tablet is in the 25% to 30% range.

如果你看看這個行業，我想你會看到平板電腦在 25% 到 30% 的範圍內。

The mobile tends to be around 25%.

移動端往往是 25% 左右。

PC is 20%, give or take some.

PC是20％，給予或接受一些。

And of course, then is all the others, which we can call like specialty, which includes automotive, includes industrial and other applications.

當然，還有其他的，我們可以稱之為專業，包括汽車、工業和其他應用。

And that, you can -- I think were down around 20%.

而且，你可以 - 我認為下降了大約 20%。

So I think roughly speaking, I think that's the kind of mix.

所以我認為粗略地說，我認為這是一種混合。

And you can -- as you can see, it's well diversified across these various end market segments.

而且你可以 - 正如你所看到的，它在這些不同的終端市場領域非常多樣化。

Our next question comes from Chris Danely of Citigroup.

我們的下一個問題來自花旗集團的 Chris Danely。

I guess just to follow up on some other folks' questions.

我想只是為了跟進其他人的問題。

So you talked about the demand forecast or things changing in the last couple of weeks.

所以你談到了需求預測或過去幾週發生的變化。

Can you just give us a sense of what you've seen in the last couple of weeks?

你能告訴我們你在過去幾週看到了什麼嗎？

And then also for your -- sort of your forward forecasting, whether it's internal or what you're giving us, are you shaving down what your internal forecast is in anticipation of some more weakness?

然後還有你的——你的前瞻預測，無論是內部的還是你給我們的，你是否會削減你的內部預測，以期待更多的弱點？

Or is this kind of like what we see is what we have?

還是這種像我們看到的就是我們所擁有的一樣？

So I think as Dave mentioned in his prepared remarks that we see strong demand and favorable price trends.

所以我認為正如戴夫在他準備好的講話中提到的那樣，我們看到了強勁的需求和有利的價格趨勢。

But we had also seen that in China, as is well known, that during the time frame of our fiscal second quarter aligned with the COVID-19 spread in China starting from around mid-January kind of time frame, it had impacted smartphone demand in China, while it grew the demand in the cloud infrastructure in China.

但我們也看到，眾所周知，在中國，在我們第二財季的時間範圍內，與從 1 月中旬開始的 COVID-19 在中國的傳播相一致，它影響了智能手機需求中國，同時它增加了中國對雲基礎設施的需求。

So as now, over the last couple of weeks, you see the spread of coronavirus across the globe and various actions being taken in various countries to contain the spread of coronavirus.

因此，在過去的幾周里，你看到了冠狀病毒在全球的傳播，以及各國為遏制冠狀病毒的傳播而採取的各種行動。

We do expect that there will be some impact on the consumer demand, but it is really too soon to quantify that.

我們確實預計會對消費者需求產生一些影響，但現在量化這一點還為時過早。

And again, having said that, we also see increasing demand coming from the cloud side as well as from enterprise PC applications.

同樣，話雖如此，我們還看到來自云端以及企業 PC 應用程序的需求不斷增加。

So we are seeing acceleration of demand on that front.

因此，我們看到這方面的需求正在加速。

So we are continuing to really manage that, and this is all escalating over the last couple of weeks, and we will, of course, continue to work closely with our customers to understand their increases in demand as well as their demand outlook, for example, in the consumer devices and then manage our business accordingly.

因此，我們將繼續真正管理這一點，這一切在過去幾週內都在升級，當然，我們將繼續與我們的客戶密切合作，以了解他們的需求增長以及他們的需求前景，例如，在消費設備中，然後相應地管理我們的業務。

The only thing I'd add is, in the prepared remarks, leading up to what I did say that pricing and demand trends were favorable, and that included all the way up until today.

我唯一要補充的是，在準備好的評論中，導致我所說的定價和需求趨勢是有利的，直到今天。

But of course, there's a higher degree of uncertainty, and that's kind of why we got to the range we did.

但當然，存在更高程度的不確定性，這就是我們達到我們所做的範圍的原因。

That does end our session.

這確實結束了我們的會議。

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。