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. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions) I would now like to hand the conference over to your host, Head of Investor Relations at Micron Technologies, 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財年第二季財務電話會議。（操作人員說明）請注意，今天的會議可能會被錄音。（操作員指示）現在，我將把會議交給主持人，美光科技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 Technologies Fiscal Second Quarter 2020 Financial Conference Call. On the call with me today are Sanjay Mehrotra, President and CEO; and Dave Zinsner, Chief Financial Officer. Today's call will be approximately 60 minutes in length. This call, including the audio and slides, is also being webcast from our Investor Relations website at investors.micron.com. In addition, our website contains the earnings press release and the prepared remarks filed a short while ago.

謝謝，歡迎參加美光科技2020財年第二季財務電話會議。今天和我一起通話的是總裁兼執行長 Sanjay Mehrotra 和財務長 Dave Zinsner。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，我們的網站上還包含不久前發布的獲利新聞稿和準備好的發言稿。

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

除非另有說明，今天對財務業績的討論將以非GAAP財務報表為基礎。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。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，帳號是@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 can cause actual results to differ materially from the 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. I hope all of you and your families are safe. These are unprecedented times, and I'm calling from home today.

謝謝你，法爾漢。午安.希望你們和你們的家人平安。這是前所未有的時期，我今天在家打電話。

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. We have now achieved positive free cash flow for 13 consecutive quarters. This performance represents a marked improvement from historical cycles and is evidence of the strength of the new Micron.

在美光科技的第二財季，我們取得了強勁的業績，包括營收達到預期範圍的高端，儘管新冠疫情危機在本季中期開始蔓延。我們已連續13季實現正自由現金流。這項業績較以往週期有了顯著提升，證明了美光科技的強大實力。

The emergence of the COVID-19 pandemic has created both operational challenges and macroeconomic concerns. Micron has more than 37,000 team members in 18 countries around the world. Since the earliest signs of the outbreak in China, we have taken proactive measures to safeguard our employees. Where possible, Micron employees are working from home, and we have suspended all local and international business travel globally. We implemented health screenings at all Micron locations. 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. 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.

新冠疫情的出現既帶來了營運方面的挑戰，也引發了宏觀經濟的擔憂。美光科技在全球18個國家擁有超過37,000名員工。自從中國出現疫情初期跡像以來，我們就採取了積極措施來保護我們的員工。在條件允許的情況下，美光員工都在家辦公，我們已經暫停了全球所有本地和國際商務旅行。我們在美光所有辦公地點實施了健康篩檢。我們是業界首批在全球所有生產基地實施物理隔離協議的公司之一，透過藍隊和紅隊交替輪班工作，來降低社區傳播的風險。隨著這場危機的蔓延，我們一直要求進行自我申報和自我隔離措施，即團隊成員、承包商及其直系親屬在任何航空或海運旅行後在家工作 14 天。

As of yesterday, we have 2 employees who have tested positive for the novel coronavirus and are receiving appropriate medical attention. 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. We have also implemented more restrictive controls of on-site access, social distancing and service protocols. As a result of stringent preventative measures in place, these events have not impacted our manufacturing operations thus far.

截至昨日，我們有2名員工新型冠狀病毒檢測呈陽性，目前正在接受適當的醫療治療。在我們已確診病例的 2 個地點，我們採取了接觸者追蹤措施，隔離了與感染團隊成員密切接觸的人員。我們也實施了更嚴格的現場存取控制、維持社交距離和服務規程。由於採取了嚴格的預防措施，這些事件迄今尚未對我們的生產營運造成影響。

We have also taken measures to protect our raw material supply and increase our supply chain flexibility. First, we have been in close ongoing communication with our suppliers to ensure continuity and identify supply gaps. 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. Third, we have increased our focus on multi-sourcing of parts to reduce supplier dependence risk. 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.

我們也採取了措施來保障原料供應，並提高供應鏈的彈性。首先，我們一直與供應商保持密切溝通，以確保供應的連續性並找出供應缺口。第二，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，以最大限度地減少任何物流延誤的影響。第三，我們更重視零件的多通路採購，以降低對供應商的依賴風險。第四，我們在自有工廠和代工工廠都增加了組裝和測試能力，以便在多個地區提供冗餘的生產能力。

As COVID-19 spreads, we are complying with all government orders at our global sites. These orders may result in a temporary or prolonged shutdown of our sites, which could impact our shipments this quarter. 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. Subsequently, the Malaysian government added semiconductors to the list of essential services, and we were able to resume operations. 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. 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.

隨著新冠肺炎疫情的蔓延，我們全球各地的辦公地點都遵守各國政府的各項命令。這些命令可能會導致我們的工廠暫時或長期關閉，這可能會影響我們本季的出貨量。例如，3月16日，馬來西亞政府發布了行動限制令，導致馬來西亞邊境關閉，大部分企業停業。隨後，馬來西亞政府將半導體產業列入基本服務清單，我們得以恢復營運。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的 NAND 閃存，這些設施曾短暫關閉，但目前已在遵守當地法規的前提下，以非常有限的規模恢復生產。我們正在利用全球供應鏈網路和不斷增強的靈活性來努力減輕這種生產影響，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. 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. Weaker sell-through of consumer electronics and our customers' factory shutdowns in China were headwinds for us late in our fiscal second quarter. In China, lower consumer demand was offset by stronger data center demand due to increased gaming, e-commerce and remote work activity. 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. 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. 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. 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.

接下來談談新冠肺炎疫情對需求的影響。新冠肺炎疫情對中國第一季的經濟成長造成了重大影響，智慧型手機和汽車銷量大幅下滑便是明證。消費性電子產品銷售疲軟以及我們客戶在中國的工廠停工，都對我們第二財季末期的業績造成了不利影響。在中國，由於遊戲、電子商務和遠距辦公活動的增加，資料中心需求增強，抵消了消費者需求的下降。展望第三季度，隨著這些趨勢在全球逐漸形成，所有地區的資料中心需求都十分強勁，導致供應短缺。此外，我們看到，為了支援世界許多地區正在進行的居家辦公和虛擬學習計劃，商業和教育領域對筆記型電腦的需求最近有所增加。我們也很高興看到中國製造商正逐步恢復全面生產，並且最近開始看到中國智慧型手機的產量有所回升。然而，由於全球正努力應對 COVID-19 疫情，我們預計 2020 財年下半年智慧型手機、消費性電子產品和汽車的整體需求將低於我們先前的預期。

Once the U.S. and other major economies have demonstrated containment of the virus's spread, we expect a rebound in economic activity. Much depends on potential government stimulus and the rate, pace and effectiveness of containment efforts. 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. 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.

一旦美國和其他主要經濟體證明已控制病毒的傳播，我們預期經濟活動將會反彈。很大程度上取決於政府可能採取的刺激措施以及遏制疫情蔓延的速度、強度和效果。我們預測，2020 年下半年經濟活動軌跡將有所改善，經濟成長動能將在 2021 年進一步反彈。目前情況瞬息萬變，在接下來的幾週和幾個月裡，我們將更多地了解這種病毒、它的傳播及其經濟影響。

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. 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. We will manage our business with prudent and proactive action and continue to work closely with customers to understand their latest demand outlook. We are evaluating our production levels and CapEx plans for calendar 2020 and will adjust to the most recent demand requirements. 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. For both DRAM and NAND, we expect our multiyear supply growth CAGR to be in line with the industry's demand growth CAGR.

為了因應客戶需求的變化，我們已將供應從智慧型手機轉向服務資料中心市場對DRAM模組和SSD的需求。就像我們在當前不確定的時期增加了原材料庫存一樣，某些客戶也可能以類似的方式增加了DRAM和NAND產品的庫存。我們將以審慎積極的態度經營業務，並繼續與客戶密切合作，了解他們最新的需求前景。我們正在評估 2020 年的生產水準和資本支出計劃，並將根據最新的需求進行調整。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成長軌跡，DRAM 需求複合年增長率將達到 15% 到 10% 之間，NAND 需求複合年增長率將達到 30% 左右。對於 DRAM 和 NAND，我們預計多年供應成長複合年增長率將與產業需求成長複合年增長率保持一致。

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. While we returned our DRAM utilization to full production, we remain flexible to adjusting these levels depending on the near-term demand environment. 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. Recently, some equipment companies have also indicated delays in equipment deliveries due to the impact of various government actions to combat COVID-19. The situation with coronavirus is rapidly evolving, and disruptions could be much larger than we can see today. 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.

著眼於 2020 年，我們在年初恢復了 DRAM 業務的全面運營，而我們的 NAND 業務則繼續以減少晶圓開工量的方式運行，同時通過向替代柵極的轉換來有效地部署資本。雖然我們已將 DRAM 利用率恢復到滿載生產水平，但我們仍將根據近期需求環境靈活調整這些水平。2020 年的節點過渡和行業供應成長可能會受到設備公司營運中斷的影響，包括旅行限制、阻礙現場服務和工程支援。最近，一些設備公司也表示，由於各國政府為應對新冠肺炎疫情而採取的各種措施的影響，設備交付出現了延誤。新冠病毒疫情情勢瞬息萬變，其造成的破壞可能比我們今天所看到的要大得多。然而，我們對創新和執行的持續關注，加上我們穩健的資產負債表，使我們處於非常有利的地位，能夠應對這段不確定時期，並在情況最終恢復正常後，抓住推動我們行業發展的長期機遇。

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. 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. The new Micron is undergoing a dramatic transformation to combine product leadership with technology, manufacturing and supply chain excellence. Our objective is to have leading process technology so that we can deliver differentiated products to our customers and maintain a competitive cost structure. We are making good progress on this front in both DRAM and NAND. 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. We are managing the construction schedule of our new Taiwan cleanroom expansion carefully and currently remain on target for first output in calendar 2021. In the fiscal second quarter, we began sampling 1Z-based DDR5 modules and are on track to introduce high-bandwidth memory in calendar 2020.

暫且放下關於新冠肺炎的討論，我想花幾分鐘時間談談我們在技術和產品方面取得的巨大進步。這項進展有助於增強新美光科技的內在實力，這讓我們對未來充滿期待。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。我們的目標是擁有領先的製程技術，以便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。我們在DRAM和NAND領域都取得了良好的進展。在 DRAM 領域，我們是第一個將 1Z 投入量產的公司，預計到 2020 年夏季，我們將有超過一半的位元產量採用 1Y 和 1Z 技術。我們正精心管理台灣新無塵室擴建工程的建設進度，目前仍按計畫在 2021 年實現首次投產。在第二財季，我們開始對基於 1Z 的 DDR5 模組進行樣品測試，並預計在 2020 年推出高頻寬記憶體。

We are also making good progress in our 1-alpha node. 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. We expect replacement gate production to be a meaningful portion of our total NAND supply by the end of this calendar year.

我們的 1-alpha 節點也取得了良好進展。在 NAND 領域，我們在替換閘極（RG）過渡方面取得了重大進展，預計將在本季度開始量產，並在本財年的第四季開始實現營收成長。我們預計到今年年底，替換閘極的產量將占我們 NAND 總供應量的相當大一部分。

Micron continues to lead on QLC NAND, which lowers cost for SSDs and helps us target market segments that are currently served by HDDs. 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. We expect QLC to continue growing in the second half of the fiscal year as market adoption increases. 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. Despite normal seasonal weakness in COVID-19, mobile MCP products had record revenue in the quarter and showed strong sequential growth. SSD revenue also grew approximately 20% sequentially, led by greater than 50% growth in data center SSDs. 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. This mix improvement increases our profitability and reduces the volatility in our margins.

美光在 QLC NAND 領域繼續保持領先地位，這降低了 SSD 的成本，並幫助我們瞄準目前由 HDD 服務的市場領域。在我們的第二財季，QLC SSD 的出貨量較上季成長了 60%，我們消費級 SSD 中有相當一部分現在採用了我們的 QLC 技術。我們預計，隨著市場接受度的提高，QLC 將在下半年繼續成長。在第二財季，我們在提高高價值 NAND 位元佔總 NAND 位元的比例方面取得了重大進展，目前已超過 70%，我們仍有望在 2021 財年將這一數字提高到 80% 左右。儘管受新冠疫情影響，行動 MCP 產品在本季仍創下營收紀錄，並實現了強勁的環比成長。SSD 收入較上季成長約 20%，其中資料中心 SSD 的成長超過 50%。在第一財季，我們解決了組裝和測試方面的限制，再加上市場份額的成長，推動了這些產品線的強勁成長。這種產品組合的改進提高了我們的獲利能力，並降低了利潤率的波動性。

Now let's turn to 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. We are encouraged by the customer reception of our first 3D XPoint product, the X100, which is the fastest storage device in the world. It is a great start to our portfolio of differentiated 3D XPoint products built in collaboration with our customers. 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. Early in March, we entered into a new 3D XPoint wafer sale agreement with Intel that replaces previous agreements. Intel has been an important partner over the years, and this new agreement ensures a continuation of our close relationship.

現在我們來看 3D XPoint。身為全球唯一同時擁有 DRAM、NAND 和 3D XPoint 技術組合的公司，美光在市場上擁有獨特的地位。我們首款 3D XPoint 產品 X100 獲得了客戶的正面迴響，這令我們倍感鼓舞。 X100 是世界上速度最快的儲存設備。這是我們與客戶合作開發的差異化 3D XPoint 產品組合的良好開端。隨著 X100 解決方案的不斷完善，我們期待今年能與更廣泛的客戶群合作，並將 3D XPoint 的價值帶入資料中心市場。3月初，我們與英特爾簽訂了一份新的3D XPoint晶圓銷售協議，取代了先前的協議。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緊密合作關係的延續。

Now turning to highlights by products and markets. In SSDs, we had record consumer SSD revenue, assisted by growth of our QLC NVMe consumer SSDs. We expect strong sequential bit growth in our NVMe product portfolio in fiscal third quarter as we continue the transition from SATA to NVMe. In SATA, we achieved several customer qualifications for our newest 96-layer SATA-based data center SSD. 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. More recently, we have begun sampling the world's first LP5 DRAM-based UFS MCPs. These LP5 DRAM products will enable longer smartphone battery life and high-performance image processing. They are great examples of how Micron is innovating for our customers to enhance the end user experience. We are encouraged that LP5 and UFS will become even more important as 5G adoption accelerates, reigniting smartphone unit sales and driving content growth. 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. 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.

接下來，我們將按產品和市場介紹亮點。在固態硬碟領域，我們實現了消費級固態硬碟收入的創紀錄成長，這得益於我們的 QLC NVMe 消費級固態硬碟的成長。我們預計，隨著我們繼續從 SATA 向 NVMe 過渡，我們的 NVMe 產品組合在第三財季將實現強勁的連續位成長。在 SATA 領域，我們最新的 96 層 SATA 資料中心 SSD 獲得了多項客戶認證。在第二財季，我們成為首家向客戶交付 LP5 行動 DRAM 產品的公司，其中包括小米，小米在其支援 5G 的 Mi 10 智慧型手機中使用了我們的 LP5，配置為 8GB 和 12GB。最近，我們開始對全球首款基於 LP5 DRAM 的 UFS MCP 進行樣品測試。這些 LP5 DRAM 產品將延長智慧型手機的電池續航力並實現高性能影像處理。這些都是美光公司如何透過創新來提升客戶最終用戶體驗的絕佳例證。我們感到鼓舞的是，隨著 5G 的普及加速，LP5 和 UFS 將變得更加重要，從而重新點燃智慧型手機的銷售並推動內容成長。短短兩年內，我們的行動產品組合就從落後於競爭對手，發展成為憑藉創新首創產品引領產業，這與我們新的美光策略一致。在資料中心市場，我們受益於主要雲端和企業客戶對我們產品的強勁需求，這部分得益於雲端市場的持續強勁、電子商務等線上資產使用量的增加以及 COVID-19 疫情控制措施導致的遠端辦公需求激增。

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

在圖形市場，GDDR6 位元出貨量較上季成長超過 40%，我們預計隨著配備 16 GB GDDR6 的新遊戲主機的推出，市場將實現強勁成長。這些新遊戲主機也首次採用固態硬碟 (SSD) 取代了機械硬碟。

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

在個人電腦市場，受季節性需求疲軟和 CPU 持續短缺的影響，DRAM 位元出貨量和營收季減。我們客戶的固態硬碟銷售額也較上季下降。儘管全球汽車銷售疲軟，但由於汽車市場的內容成長依然強勁，我們在汽車市場實現了創紀錄的DRAM和NAND營收。

Micron continues to lead the auto market with the industry's highest quality products. Power efficiency is increasingly important in the auto market, creating an opportunity for Micron to leverage our strength in low-power DRAM. LPDRAM now makes up approximately half of our auto DRAM revenue. In the industrial market, we had record bit shipments for both DRAM and NAND. 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.

美光科技憑藉著業界最高品質的產品，持續引領汽車市場。在汽車市場，電源效率越來越重要，這為美光利用其在低功耗DRAM的優勢創造了機會。LPDRAM 目前約占我們自動 DRAM 收入的一半。在工業市場，DRAM 和 NAND 的出貨量均創歷史新高。從長遠來看，我們預計隨著 5G 的推出以及人工智慧、機器學習和邊緣運算的重要性日益提高，工業物聯網市場將實現長期成長。

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.

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

儘管受到新冠疫情帶來的不確定性和影響，我們在第二財季的業績表現良好，公佈的財務業績基本上達到了預期範圍的高端。在新冠疫情爆發之前，我們曾預期第二季將是本週期財務表現的最低點，而我們的業務發展軌跡也與這些預期相符。雖然我們仍然預期財務表現會有所改善，但這些預期現在需要反映 COVID-19 不斷變化的影響。正如桑傑所說，情況仍然瞬息萬變，我們將繼續評估我們的計劃，並即時做出調整以適應和優化我們的營運。

Total F Q2 revenue was approximately $4.8 billion, the high end of the guidance we provided for the quarter. Revenue was down 7% sequentially and down 18% year-over-year. F Q2 DRAM revenue was $3.1 billion, representing 64% of total revenue. DRAM revenue declined 11% sequentially and 26% year-on-year. Bit shipments were down by approximately 10% sequentially and up more than 20% on a year-on-year basis. ASPs were flat sequentially. F Q2 NAND revenue was approximately $1.5 billion or 32% of total revenue. Revenue increased 6% sequentially and was up 9% year-on-year. Bit shipments declined in the low single-digit percentage range sequentially and increased approximately 20% year-on-year. ASPs increased in the upper single-digit percentage range sequentially.

2023財年第二季總營收約48億美元，達到我們先前對該季度營收預期的上限。營收季減 7%，年減 18%。2019財年第二季DRAM營收為31億美元，佔總營收的64%。DRAM 營收季減 11%，較去年同期下降 26%。比特出貨量較上季下降約 10%，較去年同期成長超過 20%。平均銷售價格依序保持穩定。F Q2 NAND 收入約為 15 億美元，佔總收入的 32%。營收季增 6%，年增 9%。比特出貨量環比下降了個位數百分比，年增約 20%。平均售價逐年以接近兩位數的百分比成長。

Now turning to our revenue trends by business unit. Revenue for the compute and networking business unit was approximately $2 billion, down approximately 1% sequentially and down 17% year-over-year. 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. Excluding 3D XPoint, CNBU revenue would have been down 7% sequentially, primarily driven by weaker sales in the PC market.

接下來我們來看看各業務部門的營收趨勢。計算和網路業務部門的收入約為 20 億美元，環比下降約 1%，年減 17%。由於 3D XPoint 技術的用例與記憶體擴展更加緊密地聯繫在一起，而這項業務由 CNBU 管理，因此我們現在已開始將所有 3D XPoint 收入納入 CNBU 的報告。如果不計入 3D XPoint，CNBU 的營收將季減 7%，主要原因是 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. 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.

行動業務部門的營收為 13 億美元，季減 14%，年減 22%。環比下降的主要原因是某些產品的季節性因素，以及我們因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. Without 3D XPoint, SBU revenue was up 9% sequentially. Operating profit margins for SBU improved sharply in the quarter and were at approximately breakeven levels. And finally, revenue for the embedded business unit was $696 million, down 5% sequentially and down 13% year-over-year.

2023財年第二季度，倉儲業務部門的營收為8.7億美元，較第一季下降10%，較去年同期下降15%。剔除 3D XPoint 的影響，SBU 營收季增 9%。SBU 的營業利潤率在本季大幅提高，並基本達到損益兩平水準。最後，嵌入式業務部門的營收為 6.96 億美元，季減 5%，年減 13%。

The consolidated gross margin for F Q2 was 29.1%, exceeding the high end of the guidance range. 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. The impact of underutilization at our Lehi Fab was approximately $142 million or 295 basis points in F Q2. We expect underutilization to be approximately $160 million in F Q3. We're continuing our efforts to reduce spending in our Lehi Fab, which we expect will begin to materialize in fiscal 2021.

2023財年第二季綜合毛利率為29.1%，超過了預期範圍的上限。季度環比利潤率的提高得益於產品組合的改善和 NAND 定價，而上一季 NAND 折舊壽命的變更帶來了約 5000 萬美元的收益。2 財年第二季度，我們 Lehi Fab 產能利用不足的影響約為 1.42 億美元或 295 個基點。我們預計第三財季的未充分利用金額約為 1.6 億美元。我們正在繼續努力減少我們在萊希工廠的支出，預計這將在 2021 財年開始實現。

Operating expenses were $856 million in F Q2. Given the increased uncertainty, we have taken additional steps to control our OpEx. These actions include freezing our near-term hiring and cutting back significantly on discretionary spending. As a result, we expect OpEx to decline sequentially in F Q3. For modeling purposes, our F Q4 will be a 14-week quarter. As a result, we expect an uptick in operating expenses for F Q4 that is consistent with the extra week in the quarter. F Q2 operating income was $542 million, representing 11% of revenue. Operating margin was nearly flat compared to the prior quarter. Net interest expense was $6 million compared to $7 million of net interest income in the prior quarter. Since the Federal Reserve has cut short-term interest rates, we anticipate lower interest income on our cash balance for F Q3. 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. Our F Q2 effective tax rate was 3.2%. For the remainder of FY '20, we expect our tax rate to be approximately 5%. We expect our long-term tax rate to be in the high single-digit to low double-digit range.

第二季營運支出為 8.56 億美元。鑑於不確定性增加，我們已採取額外措施來控制營運支出。這些措施包括凍結近期招聘和大幅削減可自由支配的支出。因此，我們預計第三季營運支出將環比下降。出於建模目的，我們的第四季將是一個為期 14 週的季度。因此，我們預計第四季度營運費用將有所上升，這與該季度多出的一周時間相符。2 財年第二季營業收入為 5.42 億美元，佔總營收的 11%。營業利潤率與上一季基本持平。本季淨利息支出為 600 萬美元，而上一季淨利息收入為 700 萬美元。由於聯準會降低了短期利率，我們預計第三季現金餘額的利息收入將減少。由於動用循環信貸導致債務增加，我們預期第三財季淨利息支出約為 3,500 萬美元，第四財季淨利息支出可能會略有上升，因為利息收入下降將對整個季度產生影響。我們第二季的實際稅率為3.2%。2020 財年剩餘時間裡，我們預計稅率約為 5%。我們預期長期稅率將在個位數高點到兩位數低點之間。

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.

第二季非GAAP每股收益為0.45美元，較第一季的0.48美元和去年同期的1.71美元略有下降。

Turning to cash flows and capital spending. We generated $2 billion in cash from operations in F Q2, representing 42% of revenue. During the quarter, net capital spending was approximately $1.9 billion, up slightly quarter-over-quarter. 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. Free cash flow in the quarter was $63 million compared to $86 million in the prior quarter. This marks the 13th consecutive quarter of positive free cash flow. 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. We repurchased approximately 785,000 shares for $44 million in F Q2. In the first half of fiscal 2020, we returned $94 million of capital through repurchases, representing approximately 65% of our free cash flow.

接下來討論現金流和資本支出。第二季度，我們的營運活動產生了 20 億美元的現金流，佔總收入的 42%。本季淨資本支出約 19 億美元，較上一季略有成長。我們繼續預期 2020 財年的資本支出將在 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方面的一些成長。本季自由現金流為 6,300 萬美元，上一季為 8,600 萬美元。這標誌著公司連續第13季實現正自由現金流。我們能夠在整個週期中持續產生現金流，很大程度上得益於美光盈利能力的結構性改善，這使得營運現金流改善超過 15 億美元，與上一個週期的低谷季度相比，營運現金流改善超過 25 個百分點。我們在第二財季回購了約 785,000 股股票，耗資 4,400 萬美元。在 2020 財年上半年，我們透過股票回購返還了 9,400 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. 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. We have also increased our raw material levels as a precaution given increased uncertainty in the supply chain with these materials. 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. We ended the quarter with total cash of $8.1 billion and total liquidity of approximately $10.6 billion. F Q2 ending total debt was $5.4 billion. 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.

截至第二季末，庫存為 52 億美元，相當於 134 天的庫存量。這一成長在意料之中，主要是由於第二季度季節性需求疲軟，以及我們在今年稍後過渡到替代閘極時，採取了持有更多 NAND 庫存的策略。鑑於這些原料供應鏈的不確定性增加，我們也出於謹慎考慮提高了原料儲備水準。正如我們在先前的財報電話會議上所概述的那樣，我們繼續放棄定價不利的業務，這也增加了我們近期的庫存水準。本季末，我們持有的現金總額為 81 億美元，流動資金總額約為 106 億美元。截至第二季末，公司總負債為54億美元。為了在宏觀經濟不確定時期保持流動性，本季初，我們從循環信貸額度中提取了 25 億美元。

Now turning to our outlook. Based on our conversations with our customers, the demand for our products remains strong and the pricing trends are favorable. 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. It is also currently unclear, the extent to which inventory builds related to COVID supply concerns might be masking weakness in end demand. 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. Given these unusual uncertainties, our guidance ranges are wider than usual. However, these wider ranges do not reflect the magnitude of all the risks, and results could vary significantly from these ranges. Our guidance ranges also include expenses for COVID-19 mitigation efforts.

現在談談我們的展望。根據我們與客戶的溝通，市場對我們產品的需求依然強勁，價格走勢也十分有利。然而，值得注意的是，我們是相對於最終需求的落後指標，而宏觀經濟預測在短期內已顯著減弱。目前還不清楚，與新冠疫情相關的供應擔憂導致的庫存增加在多大程度上掩蓋了終端需求的疲軟。此外，由於政府行為、勞動力和材料短缺以及旅行和邊境限制，我們也面臨生產和物流中斷的持續風險。鑑於這些異常的不確定性，我們的指導範圍比以往更寬。然而，這些更廣泛的範圍並不能反映所有風險的程度，實際結果可能與這些範圍有很大差異。我們的指導範圍還包括新冠肺炎疫情緩解措施的費用。

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. 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.

考慮到所有這些因素，我們對第三財季的非GAAP業績指引如下：預計收入將在46億美元至52億美元之間；毛利率將在31%左右，上下浮動150個基點；營運費用約為8.25億美元，上下浮動2500萬美元。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 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. 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. This revenue growth far outpaced the growth of the overall semiconductor industry in this period. 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%. While the near-term business environment is uncertain, we believe that long-term demand trends for Micron remain robust. 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.

最後，儘管短期內存在不確定性，但我們對美光科技成功走出此次週期性低迷期的財務表現感到滿意。第二季營收比上一個低谷時期（2016 年第三季）高出約 65%，毛利率高出 11 個百分點。這一收入成長速度遠遠超過了同期整個半導體產業的成長速度。從上一個低谷到這個低谷，我們評估了跨週期業績，我們取得了以下平均回報：毛利率超過 40%，EBITDA 利潤率為 50%，資本支出與收入之比在 30% 左右，投資資本回報率超過 20%。儘管短期商業環境存在不確定性，但我們相信美光科技的長期需求趨勢仍然強勁。我們專注於執行，擁有強大的產品組合和穩健的資產負債表，確保美光能夠充分利用推動我們業務發展的長期趨勢。

I will 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.

謝謝你，戴夫。

I want to close by thanking our extraordinary Micron team around the globe. These recent weeks have placed unforeseen challenges on businesses but, more importantly, on people and families. 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.

最後，我要感謝我們遍佈全球的傑出美光團隊。最近幾週，企業面臨了意想不到的挑戰，但更重要的是，人民和家庭也面臨同樣的挑戰。在此期間，美光團隊展現了專業精神和細緻關懷，正是由於我們團隊成員的努力，我們才能執行業務計劃並取得今天公佈的強勁成果。

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. These figures are adjusted for market rates worldwide, and 68% of our global team is eligible. In addition, we are establishing an emergency relief fund for employees facing financial hardship. We are also focused on assisting the communities in which we operate through this difficult time. 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. Finally, we are accelerating our payment terms to our small business vendors to help with their liquidity.

為幫助員工度過這段時期，我們將向年收入低於 10 萬美元的美國團隊成員一次發放 1,000 美元的特別補助。這些數據已根據全球市場價格進行調整，我們全球團隊中有 68% 的人符合資格。此外，我們正在設立緊急救助基金，以協助面臨經濟困難的員工。我們也致力於幫助我們經營所在地的社區度過這段艱難時期。作為這項努力的一部分，除了我們已經在中國、義大利和美國捐贈的款項外，我們還將透過美光基金會額外捐贈 1000 萬美元，用於應對 COVID-19 的影響。我們也正在與當地官員合作，以便在需要時騰出我們設施的空間用於緊急服務，並透過我們的供應鏈運營提供支持，以幫助採購所需的篩檢和防護設備。最後，我們將加快向小型企業供應商付款，以幫助他們改善流動資金狀況。

I've said many times that the new Micron is stronger than ever, and we are showing that strength today. 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. 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. With these opportunities in front of us, we will continue to execute with tenacity and resilience as we make demonstrable progress towards our vision.

我曾多次說過，新的美光比以往任何時候都更加強大，而我們今天就展現了這種實力。美光科技正利用其核心專長，在技術、產品和製造方面保持領先地位，提供差異化的解決方案，從而豐富全球終端客戶的生活。雖然短期環境為我們的日常生活帶來了不確定性，但我們產業的長期基本面正在增強，機會也在擴大。面對眼前的這些機遇，我們將繼續以堅韌不拔的精神和頑強的毅力去執行，並在實現願景的過程中取得顯著進展。

We will now open for questions.

現在開始接受提問。

(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喬·摩爾。

David, in the prepared remarks, you talked about inventory accumulation potentially masking weakness of customers. What -- where specifically might you have that anxiety? 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. So when you -- is that just a precautionary remark on your side? Or is there anything you're seeing there that creates anxiety?

戴維，你在事先準備好的演講稿中提到，庫存積壓可能會掩蓋客戶的疲軟。具體來說，你會在哪些方面感到焦慮？看起來在計算領域，我認為條件相當有利，而且您的客戶似乎沒有很多最終產品庫存。所以，你──這只是你這邊的一句預防性聲明嗎？或者，你在那裡看到了什麼讓你感到焦慮的東西嗎？

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

嗯，我們——我的意思是，很明顯，正如我所說——哦，對不起。是的。當然。

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

讓我——對不起。我本來想說，讓我先說明一下這個問題，然後我一定會讓戴夫詳細說明。

So it is an environment where there can be supply shortages. And of course, underlying demand trends in the markets we are participating continue to be strong. There can be supply shortages given the fluid situation related to the spread of coronavirus in various countries. The rate and pace is different. And ultimately, it will depend upon the rules and regulations that different governments may impose that can potentially impact supply in the industry.

因此，這是一個可能出現供應短缺的環境。當然，我們所參與的市場的潛在需求趨勢仍然強勁。鑑於新冠病毒在各國傳播情況瞬息萬變，可能會出現供應短缺。速度和節奏都不一樣。最終，這將取決於不同政府可能實施的規章制度，這些規章制度可能會對該行業的供應產生潛在影響。

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

所以，就像我們自己也在累積一些庫存以確保不會出現供應中斷一樣，我們的客戶也在建立一些庫存以確保他們的供應鏈處於控制之中，這種想法也是合理的。所以我覺得這是我們需要特別注意的部分。雖然從在家工作和在家學習的經濟來看，這無疑推動了企業級 PC 需求的增加，也無疑給基礎設施帶來了相當大的限制和壓力，因此雲端基礎設施和企業基礎設施也肯定在推動需求的成長。

So in that backdrop, I think we are just being mindful in terms of making those comments. But I will let Dave further elaborate on it.

所以在這種背景下，我認為我們在發表這些評論時會更加謹慎。但我會讓戴夫進一步闡述這一點。

Yes. I think what you covered, Sanjay, is good. 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.

是的。桑傑，我覺得你講的內容很好。我唯一要補充的是，我們認為資料中心市場的強勁勢頭是真實存在的，而且該市場的庫存水準是正常的。

Our next question comes from Timothy Arcuri of UBS.

我們的下一個問題來自瑞銀集團的提摩西·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. Can you just help parse through that? I guess it sounds like maybe you're suggesting that the fiscal fourth quarter could be maybe down sequentially, which is typically up. I know that it's very difficult to tell what's going on right now. But maybe can you just help us walk through what the puts and takes look like into Q4? I know you don't want to guide Q4, but it sounds like it's possibly down. So can you just help us think about that?

我想，Sanjay，新聞稿裡有一些措辭——你們也討論過，你們相對於需求而言是一個滯後指標。你能幫忙解釋一下嗎？我猜你的意思是說，第四財季的業績可能會環比下降，而通常情況下，第四財季的業績是環比增長的。我知道現在很難判斷發生了什麼事。不過，您能否幫我們梳理一下第四季的買賣情況？我知道你不想預測第四季業績，但聽起來可能要下滑了。所以，您能幫我們思考一下這個問題嗎？

So certainly, as you noted, we are not guiding to Q4 here. And, of course, the environment is fluid. 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. 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. 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. 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. 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.

所以，正如您所指出的，我們這裡並非在預測第四季的業績。當然，環境是不斷變化的。對於從事任何行業、任何領域或任何國家的人來說，這都是前所未有的時期，因為新冠病毒的傳播和控制都面臨著挑戰​​。但我想說的是，就我們自身對需求趨勢的評估而言，我認為潛在的需求趨勢肯定依然健康。當我們審視我們向客戶提供的產品時，客戶會將其融入產品中，如果出現任何宏觀經濟疲軟的情況，我們知道在冠狀病毒大流行的環境下，消費者需求的某些方面會受到一定影響。消費者需求會受到影響，但從消費者需求受到影響到供應鏈中生產產品的客戶的需求受到影響之間存在滯後。所以我們的意思是，有時我們提供給客戶的產品與市場需求的影響之間可能會出現滯後。

So we are not guiding to fourth quarter. I think what's important is that it will depend on the spread of the virus, the containment of the virus. Different countries may have their containment at different rates. 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. And, in fact, production is coming back in China, and the demand is being restored in China. 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. 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.

因此，我們不對第四季度進行預測。我認為重要的是，這取決於病毒的傳播情況和病毒的控制情況。不同國家的疫情控制速度可能不同。例如，在上個財季（第二財季），我們看到中國市場，尤其是消費者需求和智慧型手機需求有所下降，但我們也看到中國已經控制了這種下降趨勢。事實上，中國的生產正在恢復，需求也在恢復。世界其他地區也會發生同樣的事情，雖然不同國家的智慧型手機需求可能會受到一些影響，但最終，隨著疫情得到控制，消費者需求將會恢復，我們業務的長期趨勢肯定是強勁的。當我們走出這場疫情的陰霾，智慧型手機中5G推動內容成長的趨勢將會再次顯現──需求驅動因素將重新發揮作用。

Similarly, cloud demand continues to do well. 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. The point is, the situation is fluid, and we are really not prepared to guide you to F Q4 at this point.

同樣，雲端運算需求也持續表現良好。正如我之前提到的，COVID-19 疫情實際上可能正在加速雲端運算領域的一些需求，從而推動對記憶體和儲存的更大需求。關鍵是，情況瞬息萬變，我們目前真的無法向您預測第四季的情況。

Our next question comes from John Pitzer of Crédit Suisse.

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? And more importantly, is there a number in mind for May? It's clear the uncertainty is increasing the range for the May guide, but is it also bringing down the midpoint? Any sort of guidance of how you're thinking through that would be very helpful.

Sanjay 和 Dave，我只是有點好奇，是否有可能量化 COVID-19 在二月份季度的影響？更重要的是，五月的目標數字有定數嗎？很明顯，不確定性正在擴大五月的指導價範圍，但這是否也正在拉低其中點呢？如果您能就您的思考過程提供一些指導，那就太好了。

So I'll let Dave address that.

那麼，就讓戴夫來回答這個問題吧。

Okay. Yes. Sure. 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. 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. We would have likely been more skewed to a higher growth number for fiscal third quarter if not for COVID-19. 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. Either one has some risk to it.

好的。是的。當然。所以，雖然很難給出具體的數字，但顯然，如果不是因為新冠疫情，我們的收入將會超過預期範圍的上限。此外，銷售成本和營運費用中已經有一些緩解措施支出，這在第二財季也對我們產生了一定影響。如果不是因為新冠疫情，我們第三財季的成長數字可能會更高。當然，與我們以往的做法略有不同，我們還擴大了範圍數億美元，以應對可能出現的不確定性，這不僅包括需求方面，還包括供應方面。兩者都存在一定的風險。

Additionally, we have built in more costs associated with COVID mitigations for us. 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. In addition, we may see an increased level of tariff expense in an effort to mitigate some supply disruptions that might occur. 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.

此外，我們也計入了與新冠疫情緩解措施相關的更多成本。Sanjay 和我已經討論過，我們目前持有較高水準的原材料庫存，但我們也必須調整供應鏈，增加一些冗餘，這可能會增加銷售成本方面的一些支出。此外，為了緩解可能出現的供應中斷，我們可能會看到關稅支出水準上升。此外，僅僅是居家辦公模式就帶來了相當多的費用，它允許我們的員工在家中完成他們在辦公室所做的所有工作，因此也帶來了一些費用。

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，如果不是因為第三季與緩解措施相關的支出造成了一些抵銷或不利影響，我們的支出可能會進一步下降，尤其是在我們採取了所有減少支出的措施之後。

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。

Great to hear that you're safe and well. I guess my question is regarding the supply side, particularly for DRAM. You talked about some issues related to equipment installation and part availability. You've also talked about switching over some of your capacity from mobility to server. 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? I think we were all thinking kind of 6% to 8% coming in. Is that still the right number? Or is there a change there?

很高興聽到你平安健康。我的問題是關於供應方面的，特別是DRAM的供應。您談到了一些與設備安裝和零件供應相關的問題。您也曾提到將部分產能從行動端轉移到伺服器端。很好奇，仔細想想，對你或2020年的整個產業來說，比特生產現在是什麼樣子？我想我們當時都認為成長率會在 6% 到 8% 之間。這個數字仍然正確嗎？或情況有所變化嗎？

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. 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.

所以我認為，在 COVID-19 疫情爆發之前，我們曾說過，在 2020 年，DRAM 的需求成長將達到 15% 左右，而當年的供應量將略低於需求成長。當然，當我們審視供應成長、技術轉型、產業節點轉型的情況時，可能會受到工具交付、工程或產業服務支援的影響。

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. If those orders impact any production, there could be some supply growth impact there as well. It's hard to tell at this point. 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. And of course, we continue to watch the demand as well. And on the supply side, we will take actions.

現在下結論還為時過早，但重點是，供應可能會受到一定影響，而且不僅僅與晶圓產量有關，正如我之前所說，供應可能會受到一定影響，這取決於內存和存儲供應鏈所在各個國家的規章制度和訂單情況。如果這些訂單影響到生產，那麼也可能對供應成長產生一定影響。目前還很難說。當然，從我們目前的供應成長情況來看，目前的供應成長仍保持穩定，但我們也意​​識到新冠疫情環境可能會帶來一些變化。當然，我們也會繼續關注市場需求。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. Overall, there are shortages for DRAM. And therefore, we are shifting some of the supplies from mobile to the DRAM side. But of course, we'll continue to keep track of what the demand looks like. 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.

正如我們之前提到的，目前伺服器 DRAM 和雲端記憶體都面臨供應短缺的問題。總體而言，DRAM 記憶體短缺。因此，我們將部分供應從行動裝置轉移到 DRAM 領域。當然，我們會繼續關注市場需求狀況。正如我們所說，我們將評估是否需要在 2020 年日曆年內降低生產利用率或任何資本支出方面進行削減，以應對供應增長，但現在給出任何具體預測還為時過早。

Our next question comes from Mehdi Hosseini of SIG.

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

David 或 Sanjay，請問你們如何看待來自中國的收入組成？特別是考慮到 Sanjay 之前提到的，中國正在恢復營運？他們也為推廣 5G 提供了許多激勵措施。我很好奇中國市場在2月份季度的收入是如何計入你們的，以及你們如何看待今年剩餘時間的趨勢。

So I'll let Dave answer that.

那我就讓戴夫來回答這個問題吧。

Yes. 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. Clearly, as you said, there is a come-back-to-work kind of phenomenon going on in China, and there is economic stimulus. So that certainly will benefit. But we're -- also the customers in the U.S. are -- a lot of them are in the cloud space. 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. So I'm not sure that the mix, as we projected, is likely to shift around significantly, geographically.

是的。所以，關於累積收入，我得回去查一下確切的統計數據，但我想大概是佔中國總收入的 30% 左右。正如你所說，中國顯然正在出現一種復工復產的現象，而且還有經濟刺激措施。所以這肯定會有好處。但是，我們——以及美國的客戶——他們中的許多人都在雲端領域。當然，正如桑傑所提到的那樣，鑑於居家辦公室和電子商務等趨勢，這無疑是我們當今業務的一大驅動力。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. What percent of your CapEx is flexible? 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. But just as a ballpark, what percentage? 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?

我有一個關於容量和每比特成本的問題。您的資本支出中有多少百分比是可靈活支配的？我知道現在的情況是，你很難告訴我們你打算怎麼做——你會靈活變通的。但粗略估計一下，百分比是多少？那麼，根據您目前掌握的信息，NAND 和 DRAM 的成本下降幅度是否會與您上個季度告訴我們的情況有所不同？

In terms of CapEx, we -- for our fiscal third quarter, we won't be impacting the CapEx of fiscal third quarter. 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. Demand expectations, of course, we laid out, working closely with our customers.

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。但是，正如我之前所說，在 2020 年剩餘的時間裡，我們肯定會評估我們的資本支出以及生產利用率，以確保我們的供應與需求預期保持一致。當然，我們與客戶密切合作，並制定了需求預期。

So just like in 2019, we made changes to CapEx fairly rapidly, and we reacted fast as well as we manage our production. We will, of course, be doing the same things here. 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. So we will, of course, keep close tabs with our customer demand expectations. And we will make sure that we make any adjustments to our CapEx, if needed, accordingly. We are absolutely continuing to look at that.

所以就像 2019 年一樣，我們迅速調整了資本支出，並且像管理生產一樣迅速地做出了反應。當然，我們在這裡也會做同樣的事情。請記住，過去幾週以來，新冠病毒在全球範圍內的蔓延情況發展非常迅速。因此，我們當然會密切注意客戶的需求預期。如有需要，我們將確保對資本支出做出相應的調整。我們肯定會繼續關注此事。

And in terms of cost reductions, of course, cost reductions are a function of technology transitions that are being made in the fabs. And so far, we are on plan with respect to the cost guidance that we had provided to you for our fiscal year '20.

至於降低成本，當然，降低成本取決於晶圓廠正在進行的技術轉型。到目前為止，我們在2020財年的成本指導方面，一切都在按計劃進行。

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. So that, in essence, kind of pulled ahead. As you remember probably, we mentioned that as we transition to replacement gate, FY '20 would show a minimal cost decline. And really FY '21 was where we would see it. But with the depreciation change, in reality, what's happening is we're kind of pulling ahead some of that improvement into fiscal '20. 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.

我想補充一點，在 NAND 方面，正如你所看到的，我們在 2020 財年上半年的折舊變化中獲得了相當大的好處。所以，從本質上講，它算是領先了。您可能還記得，我們​​曾提到，隨著我們過渡到更換大門，2020 財年的成本下降幅度將非常小。而我們真正看到這種情況是在 2021 財年。但隨著折舊方式的改變，實際上，我們正​​在將部分改善提前到 2020 財年。所以從百分比來看，2020 財年的情況略好一些，但 2021 財年的情況可能不如我們最初預想的那麼好。

And in addition, what -- we continue to drive this mix to the high-value solutions, they generally carry higher costs. And we hope to continue that. Our goal is to get to 80%. So that certainly will also be an impact on the cost side as well. 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.

此外，我們繼續推動這種組合向高價值解決方案傾斜，而這些解決方案通常成本更高。我們希望繼續保持這種勢頭。我們的目標是達到 80%。因此，這肯定也會對成本方面產生影響。但是，如果你退後一步，看看我們在 NAND 改進方面多年取得的成就，一旦我們真正開始使用第二代替代柵極，並且勢頭良好，良率達到預期，庫存就會被消耗殆盡，銷售成本也會相應降低，你會發現，在多年的時間裡，我們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. So some of those aspects certainly do have headwind on the cost side. But by and large, I think those are being managed well. And overall, our cost targets for fiscal year '20 at this point are on track.

我還要補充一點，正如我們所說，由於 COVID-19 的影響，我們正在通過增加自有產能以及增加部分分包商的產能，來提高供應鏈的靈活性，以便在各個國家/地區的規章制度影響我們生產時，我們能夠有機會和韌性應對。因此，其中一些方面確實在成本方面面臨不利因素。但總的來說，我認為這些都處理得很好。整體而言，我們2020財年的成本目標目前進展順利。

Our next question comes from Aaron Rakers of Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

Congrats on the great execution. 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. 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?

恭喜你們出色地完成了任務。我想回到客戶庫存動態方面，並嘗試理解或欣賞您是如何看待庫存潛在的積壓問題。您能否幫助我們了解您是否採取了不同的措施，或者對這些客戶有不同的可見性，以及您計劃如何管理或查看任何類型的庫存積累，特別是對於一些雲端客戶？

I mean we certainly work closely with those customers. Our relationships over time have only deepened with those customers. We have become a more valuable partner to them as well as we have expanded our product offering. For example, on the SSD side, we have brought out NVMe SSDs, those are getting qualified in data center. On the DRAM side, we have been a strong partner with highest quality with those customers. And on the cloud side, still in the very, very early innings of all the growth for memory and storage in cloud. So compared to the last cycle, our relationships with those customers have only expanded, have deepened. We continue to work closely with them in terms of understanding their demand requirements. And this is what -- the best that we can do in terms of working closely with those customers to understand their requirement.

我的意思是，我們當然會與這些客戶保持密切合作。隨著時間的推移，我們與這些客戶的關係只會越來越深。隨著我們產品範圍的擴大，我們也成為了他們更有價值的合作夥伴。例如，在固態硬碟方面，我們推出了 NVMe 固態硬碟，這些產品正在資料中心進行認證。在DRAM方面，我們一直是這些客戶的強大合作夥伴，提供最高品質的產品。而就雲端運算方面，雲端儲存和記憶體的成長仍處於非常非常早期的階段。因此，與上一個週期相比，我們與這些客戶的關係不僅沒有擴大，反而更加深入了。我們將繼續與他們密切合作，了解他們的需求。這就是我們所能做的事——與客戶緊密合作，並了解他們的需求。

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. A lot of that CapEx going toward the infrastructure for memory and storage requirements. 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. So those demand trends pre-COVID were already strong. 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. So we, of course, as we work through the memory shortages, we continue to work closely with our customers. And while the smartphone demand may be somewhat down, for example, in China in F Q2, but that demand is coming back in China. 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.

我想再次指出，即使在 COVID-19 疫情爆發之前，雲端運算領域的資本支出投資也處於強勁的成長軌道上。大部分資本支出都用於滿足記憶體和儲存需求的基礎設施建設。當然，新的 CPU 架構擁有更多核心和更多通道，從而提高了內存和存儲的連接速度；當然，工作負載對內存密集型計算應用程序需要更多 DRAM 內存，以及更快的訪問速度，從而推動了 SSD 的發展。因此，新冠疫情爆發前的這些需求趨勢就已經很強勁了。而新冠疫情反而促使居家辦公的數位經濟對這種架構提出了更大的需求，並加速了部分需求的成長。因此，在努力解決記憶體短缺問題的同時，我們當然會繼續與客戶密切合作。雖然例如在中國，第二季智慧型手機的需求可能有所下降，但中國的需求正在回升。我們將繼續關注其他地區的這些趨勢，這需要我們繼續與客戶密切合作，了解他們的需求，並運用我們自己的判斷，同時時刻注意我們如何管理整體供應。

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

所以，在管理供應成長和了解需求預期方面，關鍵在於客戶關係。

Our next question comes from Harlan Sur of JPMorgan.

我們的下一個問題來自摩根大通的哈蘭‧蘇爾。

A strong memory demand driver in the second half of this year, as you pointed out, is the new game console refresh. I think there's 35% to 100% more GDDR DRAM memory versus prior generations platforms and the move to SSD storage versus HDD. Given your leadership in graphics DRAM, we know that the Micron team will be participating here on these new consoles. 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?

正如您所指出的，今年下半年記憶體需求強勁成長的一個驅動因素是新一代遊戲主機的更新換代。我認為與前幾代平台相比，GDDR DRAM 記憶體增加了 35% 到 100%，並且儲存媒體也從 HDD 轉向了 SSD。鑑於貴公司在圖形DRAM領域的領先地位，我們知道美光團隊將會參與這些新遊戲主機的研發。但鑑於貴公司在 NVMe 用戶端 SSD 方面表現出色，貴公司是否也參與了主機更新換代，推出了 NAND 或 SSD 產品？

Certainly, as we expand our portfolio of SSDs, yes, previously, we just had 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. Certainly, it is a growth market opportunity for us, not only in DRAM but also in SSDs. But as you know, these take product qualifications with the customers. And then we are able to realize the benefit of sales and revenue growth in those areas.

當然，隨著我們不斷擴展 SSD 產品組合，是的，以前我們只有 SATA。現在我們也有 NVMe SSD，我們正在透過這些 NVMe SSD 擴大我們的業務範圍，擴大到終端市場應用以及客戶群。當然，這對我們來說是一個成長的市場機會，不僅在DRAM領域，而且在SSD領域也是如此。但正如您所知，這些都需要客戶對產品進行資格認證。然後我們就能實現這些地區銷售額和收入成長帶來的好處。

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

我想在此強調，隨著我們不斷擴展產品組合，無論是在 SSD 方面還是在行動領域，採用多晶片封裝，以及推出用於行動應用的獨立 UFS 產品，正如我在腳本中提到的那樣，這確實為我們提供了在市場上獲得份額的機會。我們在NAND快閃記憶體領域獲得了市場份額，並為行動裝置提供了管理型NAND快閃記憶體解決方案。我們在固態硬碟領域也獲得了市場份額，這使我們能夠在第二季度取得良好的業績。市場佔有率的成長和產品組合的擴大也使我們能夠更好地應對與 COVID-19 相關的這些動盪局面，我們將繼續專注於擴大產品組合，並拓展我們在您剛才提到的遊戲機等應用領域的客戶關係，包括 DRAM 和 NAND，同時展望未來的長期需求趨勢，並滿足客戶的需求。

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 impressive guidance there. 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. So how are you guys thinking about that for the rest of the calendar year? 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?

真是令人印象深刻的指導。不過，我確實有一個疑問，那就是隨著越來越多的人在家辦公，商用 PC 的需求回升，但這與智慧型手機的需求成長之間是否存在某種抵消關係。那麼，你們對今年剩餘時間的安排有什麼想法呢？顯然，這其中有很多變數，但是你們是如何追蹤因居家辦公人員升級到商用電腦而導致的手機銷量可能低於預期銷量的呢？

So yes, that's correct. I think there is near-term surge in demand with respect to commercial PCs. 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. So yes, surge in demand related to enterprise PCs, and that bodes well for both SSDs as well as for DRAM. And as we noted, also with respect to virtual learning and students learning from home, that also drives demand in notebook. How long this trend last -- and of course, it is global in nature. But how long does it last, we will have to see. But overall, yes, I mean, we do see that.

是的，沒錯。我認為短期內商用PC的需求將會激增。我的意思是，單就美光公司而言，美光公司自己就購買了大約 5000 台筆記型電腦，以便真正為我們的團隊成員提供在家辦公的便利，而且我們很快就落實了這些措施。所以，企業級 PC 的需求激增，這對 SSD 和 DRAM 來說都是個好兆頭。正如我們所指出的，虛擬學習和學生在家學習也推動了對筆記型電腦的需求。這種趨勢會持續多久——當然，它具有全球性。但這種情況能持續多久，我們拭目以待。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.

雖然中國以外的智慧型手機市場可能存在一些疲軟，而中國智慧型手機市場正在復蘇，但正如我所說，企業PC和其他用於虛擬學習的PC，以及資料中心領域更大的需求，對我們來說都是有利因素。

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. 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. If we try to quantify that, the impact, DRAM is about 70% of your revenue. NAND is 30%. What percentage of DRAM is coming from PCs, hyperscalers, mobile and likewise, on the NAND side? So we can just kind of get a sense of where the potential strengths and weaknesses could be.

關於需求狀況，還有一個問題。我認為大衛在他的準備好的演講稿中提到，過去幾週宏觀經濟狀況惡化，而你也談到了其中的一些變化因素。如果我們嘗試量化這種影響，DRAM 約佔您收入的 70%。NAND佔30%。DRAM 中來自 PC、超大規模資料中心、行動裝置的比例是多少？同樣，NAND 快閃記憶體方面的比例又是多少？這樣我們就能大致了解潛在的優點和缺點在哪裡。

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. 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. And certainly, some of these markets are seeing some shortages today, such as on the side of data center DRAM requirements. And while others, we are continuing to monitor the overall demand trend. But we don't break it out, but important thing is that the underlying vectors for demand are good.

所以我們不會具體按百分比細分，但我認為重要的是，我們是一家非常多元化的供應商，擁有廣泛的產品組合。終端市場應用也十分多元化，涵蓋資料中心、個人電腦、智慧型手機、網路、DRAM 等各個領域，而美光在這些市場中都佔有有利地位。當然，目前某些市場確實出現了短缺，例如資料中心DRAM需求方面。同時，我們也持續關注整體需求趨勢。但我們不會將其細分，但重要的是，需求的潛在驅動因素是良好的。

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.

在我們經歷與 COVID-19 相關的種種不確定性之後，我相信，當我們最終走出困境時，憑藉我們廣泛的產品組合、深入的客戶互動以及技術和產品能力，我們總體上一定會做得很好。

By and large, our mix is fairly similar to the industry in terms of overall mix. If you look at the industry, I think you'll see that tablet is in the 25% to 30% range. The mobile tends to be around 25%. PC is 20%, give or take some. And of course, then is all the others, which we can call like specialty, which includes automotive, includes industrial and other applications. And that, you can -- I think were down around 20%. So I think roughly speaking, I think that's the kind of mix. And you can -- as you can see, it's well diversified across these various end market segments.

整體而言，我們的產品組合與產業整體產品組合相當相似。如果你觀察整個產業，你會發現平板電腦的市佔率在 25% 到 30% 之間。行動裝置的使用率通常約為 25%。PC佔比20%，上下浮動一些。當然，還有所有其他領域，我們可以稱之為特殊領域，包括汽車、工業和其他應用。而且，我認為我們下降了大約 20%。所以我覺得，大致來說，應該就是這種組合。而且，正如你所看到的，它在這些不同的終端市場領域中實現了良好的多元化。

Our next question comes from Chris Danely of Citigroup.

我們的下一個問題來自花旗集團的克里斯·丹利。

I guess just to follow up on some other folks' questions. So you talked about the demand forecast or things changing in the last couple of weeks. Can you just give us a sense of what you've seen in the last couple of weeks? 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? Or is this kind of like what we see is what we have?

我想就其他人的一些問題做個後續回答。所以你談到了需求預測或過去幾週情況的變化。能否簡單概括一下您在過去幾週的所見所聞？還有，關於你們的預測——無論是內部預測還是你們提供給我們的預測，你們是否因為預期會出現更多疲軟而下調了內部預測？或者說，我們所看到的就是我們所擁有的？

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

所以我認為，正如戴夫在他準備好的演講中提到的那樣，我們看到了強勁的需求和有利的價格趨勢。但我們也看到，眾所周知，在中國，在我們財年第二季度期間（大約從 1 月中旬開始，COVID-19 疫情在中國蔓延），智慧型手機需求受到衝擊，而雲端基礎設施需求卻有所增長。

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. We do expect that there will be some impact on the consumer demand, but it is really too soon to quantify that. And again, having said that, we also see increasing demand coming from the cloud side as well as from enterprise PC applications. So we are seeing acceleration of demand on that front. 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，在過去的幾周里，我們看到冠狀病毒在全球蔓延，各國也採取了各種措施來遏制冠狀病毒的傳播。我們預期這會對消費者需求產生一定影響，但現在量化這種影響還為時過早。話雖如此，我們也看到來自雲端以及企業 PC 應用的需求不斷增長。因此，我們看到這方面的需求正在加速成長。因此，我們正在繼續認真應對這種情況，而且在過去幾周里，情況一直在惡化。當然，我們將繼續與客戶密切合作，了解他們的需求成長以及需求前景，例如在消費性電子產品方面，然後據此調整我們的業務。

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

我唯一要補充的是，在準備好的演講稿中，我之前確實說過價格和需求趨勢是有利的，而且這種情況一直持續到今天。當然，不確定性也更大，這就是為什麼我們最終會得出這樣的範圍。

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

我們的會議到此結束。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。