美光科技 (MU) 2020 Q1 法說會逐字稿

Thank you, ladies and gentlemen, and thank you for standing by.

謝謝你們，女士們，先生們，謝謝你們的支持。

Welcome to Micron Technology's First Quarter 2020 Financial Conference Call.

歡迎參加美光科技 2020 年第一季度財務電話會議。

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

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your host, Head of Investor Relations, Farhan Ahmad.

我現在想將會議移交給您的主持人，投資者關係主管 Farhan Ahmad。

Sir, please go ahead.

先生，請繼續。

Thank you, and welcome to Micron Technology's first fiscal quarter 2020 financial conference call.

謝謝大家，歡迎參加美光科技 2020 財年第一季度財務電話會議。

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, along with a convertible debt and capped call dilution table.

可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的對賬，以及可轉換債務和上限看漲期權稀釋表。

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

提醒一下，今天晚些時候將在我們的網站上提供網絡直播重播。

We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the company, including information on the various financial conferences that we will be attending.

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

You can follow us on Twitter at MicronTech.

您可以在 MicronTech 的 Twitter 上關注我們。

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

提醒一下，我們今天將討論的事項包括前瞻性陳述。

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

這些前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與今天的陳述存在重大差異。

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

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 forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievement.

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。

Micron is off to a solid start in our fiscal 2020.

美光在我們的 2020 財年取得了良好的開端。

Despite a challenging industry environment, we delivered good profitability, maintained positive free cash flow and strengthened our product portfolio.

儘管行業環境充滿挑戰，我們仍實現了良好的盈利能力，保持了正的自由現金流並加強了我們的產品組合。

Industry supply-demand balance continues to improve in both DRAM and NAND.

DRAM 和 NAND 的行業供需平衡繼續改善。

Recent trends in our business give us optimism that our fiscal second quarter will mark the bottom for our financial performance, which we expect to start improving in our fiscal third quarter with continued recovery in the second half of calendar 2020.

我們業務的近期趨勢讓我們樂觀地認為，我們的第二財季財務業績將觸底，我們預計財務業績將在第三財季開始改善，並在 2020 年下半年繼續復甦。

Our strategy to increase high-value solutions, enhance customer engagement and improve our cost structure is producing results.

我們增加高價值解決方案、增強客戶參與度和改善成本結構的戰略正在產生成果。

We have materially improved our competitive position, structurally strengthened our profitability and are poised to drive long-term shareholder value as industry conditions improve.

隨著行業狀況的改善，我們已經大大提高了我們的競爭地位，從結構上增強了我們的盈利能力，並準備推動長期股東價值。

High-value solutions in fiscal 2019 accounted for approximately 50% of NAND bits.

2019 財年高價值解決方案約佔 NAND 位的 50%。

We expect this figure to grow to over 2/3 of our NAND bits sold for fiscal 2020, and we remain on track to drive 80% of our NAND bits into high-value solutions in fiscal 2021.

我們預計這一數字將增長到 2020 財年銷售的 NAND 比特的 2/3 以上，並且我們仍有望在 2021 財年將 80% 的 NAND 比特用於高價值解決方案。

This mix improvement is an important tailwind for us as it improves our profitability and reduces the volatility in our margins.

這種組合改進對我們來說是一個重要的順風，因為它提高了我們的盈利能力並降低了我們的利潤率波動。

At our Micron Insight event in October, we articulated a vision for Micron's transformation through greater vertical integration and differentiated products for the new data economy.

在 10 月份的 Micron Insight 活動中，我們闡述了美光通過更大的垂直整合和差異化產品實現新數據經濟轉型的願景。

I will highlight 2 of these and encourage you to view Sumit Sadana's Insight Keynote available on our website for more detail.

我將重點介紹其中的兩個，並鼓勵您查看我們網站上提供的 Sumit Sadana 的 Insight Keynote 以了解更多詳細信息。

First, we announced the acquisition of a small company called FWDNXT.

首先，我們宣布收購一家名為 FWDNXT 的小公司。

The FWDNXT Deep Learning Accelerator hardware and software technology, when combined with advanced Micron memory, makes it possible to deploy neural network models from any framework into edge devices for inference.

FWDNXT 深度學習加速器硬件和軟件技術與先進的美光內存相結合，可以將神經網絡模型從任何框架部署到邊緣設備中進行推理。

FWDNXT's unique technology is an important capability in our portfolio that will help us learn and better address customers' needs in the evolving AI ecosystem.

FWDNXT 的獨特技術是我們產品組合中的一項重要功能，它將幫助我們在不斷發展的人工智能生態系統中學習並更好地滿足客戶的需求。

At Insight, we also launched our first 3D XPoint product, the X100, which is the world's fastest storage device.

在 Insight，我們還推出了我們的第一款 3D XPoint 產品 X100，它是世界上最快的存儲設備。

The Micron X100 SSD is dramatically faster than any other SSD, including those built with NAND or 3D XPoint technology, and we are proud that it was showcased at Microsoft's Ignite conference by their Azure team.

美光 X100 SSD 比任何其他 SSD 都快得多，包括那些使用 NAND 或 3D XPoint 技術構建的 SSD，我們很自豪他們的 Azure 團隊在 Microsoft 的 Ignite 會議上展示了它。

In October, we closed our acquisition of Intel's stake in the IMFT joint venture.

10 月，我們完成了對英特爾在 IMFT 合資企業中股權的收購。

We plan on relocating equipment and certain manufacturing employees to other Micron sites as we rightsize the Lehi Fab.

隨著我們調整 Lehi Fab 的規模，我們計劃將設備和某些製造員工轉移到其他美光工廠。

Redeploying equipment will also help us optimize Micron's front-end equipment CapEx.

重新部署設備還將幫助我們優化美光的前端設備資本支出。

As with any innovative technology, it will take time to scale up our 3D XPoint product portfolio, ramp revenues and achieve healthy margins, and we are excited about the long-term potential of 3D XPoint for both memory and storage applications.

與任何創新技術一樣，擴大我們的 3D XPoint 產品組合、增加收入並實現健康的利潤率都需要時間，我們對 3D XPoint 在內存和存儲應用程序方面的長期潛力感到興奮。

As the only company in the world with a portfolio of DRAM, NAND and 3D XPoint technologies, we are in a unique position to develop differentiated products for our customers.

作為世界上唯一一家擁有 DRAM、NAND 和 3D XPoint 技術組合的公司，我們在為客戶開發差異化產品方面處於獨特的地位。

I will now turn to technology and manufacturing operations.

我現在將轉向技術和製造業務。

In DRAM, our industry-leading 1Z LP4 DRAM-based uMCP had the fastest revenue ramp of any product in the history of our mobile business.

在 DRAM 方面，我們行業領先的基於 1Z LP4 DRAM 的 uMCP 在我們的移動業務歷史上的所有產品中實現了最快的收入增長。

Our production mix on 1Z will increase throughout 2020, and DRAM cost reductions will be skewed toward the second half of fiscal 2020.

我們在 1Z 上的生產組合將在整個 2020 年增加，而 DRAM 成本的降低將偏向於 2020 財年下半年。

Our previously announced cleanroom expansion in Taiwan is on track, and we expect output in calendar 2021.

我們之前宣布的台灣潔淨室擴建計劃正在推進，我們預計 2021 年的產量。

This cleanroom expansion is EUV-capable.

這種潔淨室擴展具有 EUV 能力。

While we continue to evaluate EUV technology for deployment in DRAM production, our current assessment shows superior economics through 1-gamma node, utilizing advanced immersion technology along with Micron's proprietary multi-patterning technologies.

雖然我們繼續評估在 DRAM 生產中部署的 EUV 技術，但我們目前的評估顯示，通過 1-gamma 節點、利用先進的浸沒技術以及美光專有的多圖案技術，可實現卓越的經濟性。

We are encouraged by recent industry progress on EUV productivity and will be prepared to deploy EUV when it becomes cost-effective to do so.

最近行業在 EUV 生產力方面取得的進展讓我們感到鼓舞，並準備在成本效益高的情況下部署 EUV。

In NAND, we are continuing to make progress on our replacement gate transition and expect to begin production on our 128-layer, first-generation RG node in the second half of fiscal 2020.

在 NAND 方面，我們在替換柵極轉換方面繼續取得進展，並預計在 2020 財年下半年開始生產我們的 128 層第一代 RG 節點。

As a reminder, this node will be deployed for the limited set of products, and we expect minimal NAND cost reduction in fiscal 2020.

提醒一下，這個節點將部署在有限的產品集上，我們預計 2020 財年的 NAND 成本降低幅度最小。

It will be followed by an introduction of a higher-layer-count, second-generation RG node in fiscal 2021 targeted for a broader implementation, which will begin to provide more robust cost reduction as it ramps.

隨後將在 2021 財年引入更高層數的第二代 RG 節點，目標是更廣泛地實施，隨著它的增加，它將開始提供更強大的成本降低。

This second-generation RG node will leverage our NAND technology leadership in CMOS under the array as well as QLC.

這個第二代 RG 節點將利用我們在陣列下 CMOS 和 QLC 方面的 NAND 技術領先地位。

Now turning to highlights by products and markets.

現在轉向產品和市場的亮點。

In SSDs, demand from data center customers was strong in fiscal first quarter.

在 SSD 方面，第一財季數據中心客戶的需求強勁。

Attach rates and capacities for client and consumer SSDs have continued to increase across our customers.

客戶端和消費類 SSD 的附加率和容量在我們的客戶中持續增加。

There are supply shortages for SSDs across the industry, and pricing trends are improving.

整個行業的 SSD 供應短缺，價格趨勢正在改善。

We are making strong progress on our transition to NVMe.

我們在向 NVMe 的過渡方面取得了長足的進步。

As of fiscal second quarter, we will have NVMe SSDs for all market segments, which positions us to gain share in fiscal 2020.

截至第二財季，我們將為所有細分市場提供 NVMe SSD，這使我們在 2020 財年獲得份額。

NVMe client SSD bit shipments represented almost 3/4 of our client SSD bits in fiscal Q1 versus virtually none a year ago.

NVMe 客戶端 SSD 位出貨量在第一財季占我們客戶端 SSD 位的近 3/4，而一年前幾乎沒有。

In the data center market, sales of our previously announced high-performance NVMe SSD nearly tripled quarter-over-quarter, and we announced a 96-layer mainstream data center NVMe SSD.

在數據中心市場，我們之前發布的高性能 NVMe SSD 的銷售額環比增長了近三倍，我們發布了 96 層主流數據中心 NVMe SSD。

While growing our presence in NVMe, we continue to maximize our value propositions for the SATA market by ramping 96-layer NAND products.

在擴大我們在 NVMe 的影響力的同時，我們繼續通過增加 96 層 NAND 產品來最大化我們在 SATA 市場的價值主張。

We achieved qualifications with multiple OEMs on our 96-layer SATA data center SSD.

我們的 96 層 SATA 數據中心 SSD 獲得了多家 OEM 的認證。

Our QLC technology continues to gain traction.

我們的 QLC 技術繼續受到關注。

We have QLC SSDs in volume production for SATA SSDs in the data center and consumer markets as well as the NVMe SSDs for the consumer market.

我們為數據中心和消費市場的 SATA SSD 以及消費市場的 NVMe SSD 量產 QLC SSD。

We became the first company to ship a 96-layer, second-generation QLC SATA consumer SSD.

我們成為第一家推出 96 層第二代 QLC SATA 消費級 SSD 的公司。

In mobile, fiscal first quarter MCP DRAM and NAND bits grew approximately 50% quarter-over-quarter, and our MCP market share increased approximately 50% year-over-year.

在移動領域，第一財季 MCP DRAM 和 NAND 比特環比增長約 50%，我們的 MCP 市場份額同比增長約 50%。

In fiscal Q1, our leading-edge 1Z LP4 DRAM-based uMCP achieved qualification at multiple OEMs, driving the fastest mobile product revenue ramp I mentioned earlier.

在第一財季，我們領先的基於 1Z LP4 DRAM 的 uMCP 獲得了多家 OEM 的認證，推動了我之前提到的最快的移動產品收入增長。

We are confident that 5G will be positive for both memory and storage content growth as well as smartphone unit sales and are encouraged to see the launch of affordable 5G phones with price points as low as $300 that feature a minimum of 6 gigabyte of DRAM.

我們相信 5G 將對內存和存儲內容的增長以及智能手機單位銷售產生積極影響，並鼓勵看到價格低至 300 美元、配備至少 6 GB DRAM 的經濟實惠的 5G 手機的推出。

The 5G phones launched to date average 8 gigabyte of DRAM and 200 gigabyte of NAND, significantly higher than the average content in smartphones today.

迄今為止推出的 5G 手機平均配備 8 GB DRAM 和 200 GB NAND，明顯高於當今智能手機的平均容量。

Our leadership on DRAM power efficiency continues to drive customer preference for our products, and we remain well positioned in this market.

我們在 DRAM 能效方面的領先地位繼續推動客戶對我們產品的偏好，我們在這個市場上仍然處於有利地位。

We have the lowest power and the highest bandwidth LP5 product that begins volume production this quarter, which we expect will become more important in 2021 as 5G adoption accelerates.

我們擁有本季度開始量產的最低功耗和最高帶寬的 LP5 產品，我們預計隨著 5G 採用的加速，到 2021 年該產品將變得更加重要。

In data center, strong server DRAM demand in the second half of calendar 2019 is creating an industry-wide shortage of high-quality, high-density modules, for which we are seeing incremental demand from our customers.

在數據中心，2019 年下半年服務器 DRAM 的強勁需求正在造成全行業高質量、高密度模塊的短缺，我們看到客戶的需求在增加。

New CPU architectures supporting higher-density chips and increased number of channels are driving strong DRAM content growth in servers.

支持更高密度芯片的新 CPU 架構和增加的通道數量正在推動服務器中 DRAM 內容的強勁增長。

In fiscal Q1, we saw strong demand growth from enterprise and cloud customers.

在第一財季，我們看到企業和雲客戶的需求強勁增長。

In graphics, bit shipments remained stable, with GDDR6 PC graphics cards showing strong growth offset by seasonal weakness in gaming consoles.

在顯卡方面，位出貨量保持穩定，GDDR6 PC 顯卡的強勁增長被遊戲機的季節性疲軟所抵消。

In fiscal Q1, we began shipments of our new 14-gigabit per second GDDR6 and are well positioned to benefit from the launch of next-generation gaming consoles in calendar 2020.

在第一財季，我們開始出貨新的 14 Gb/秒 GDDR6，並準備好從 2020 年推出的下一代遊戲機中受益。

The launch of these new gaming consoles will drive robust multiyear demand in graphics memory, and these consoles will deploy SSDs in place of hard drives for the first time.

這些新遊戲機的推出將推動多年來對圖形內存的強勁需求，這些遊戲機將首次部署 SSD 來代替硬盤驅動器。

This continues a trend of SSDs replacing hard drives across more high-volume applications.

這延續了 SSD 在更多大容量應用程序中取代硬盤驅動器的趨勢。

In the PC market, bit shipments in the fiscal first quarter continued the growth trend from last quarter.

在個人電腦市場，第一財季的位元出貨量延續了上一季度的增長趨勢。

Nevertheless, we are cautious on our near-term outlook for the PC segment due to reported CPU shortages, which seem likely to continue at least into early calendar 2020.

儘管如此，由於有報導稱 CPU 短缺，我們對 PC 市場的近期前景持謹慎態度，這種短缺似乎至少會持續到 2020 年初。

In automotive, despite sluggish worldwide auto sales, we saw quarter-over-quarter revenue growth driven by secular memory and storage content growth.

在汽車領域，儘管全球汽車銷售低迷，但我們看到了由長期內存和存儲內容增長推動的季度收入增長。

Our leadership in low-power DRAM is also driving growth for us in this market.

我們在低功耗 DRAM 方面的領先地位也推動了我們在這個市場的增長。

In the fiscal first quarter, we qualified and shipped the industry's first BGA NVMe SSD for automotive applications, which offers industry-leading performance and capacity in a small form factor and is well suited to service the storage needs of increasing autonomous features.

在第一財季，我們認證並交付了業界首款用於汽車應用的 BGA NVMe SSD，它以小尺寸提供業界領先的性能和容量，非常適合滿足不斷增加的自主功能的存儲需求。

Now turning to our market outlook.

現在轉向我們的市場前景。

Our base-case assumption on which all our projections are based assumes that there are no perturbations to the demand environment due to macroeconomic conditions or trade-related developments.

我們所有預測所基於的基本情況假設假設宏觀經濟條件或貿易相關發展不會對需求環境造成乾擾。

In DRAM, there has been a strong recovery in the second half of calendar 2019, and our view of calendar 2019 industry bit demand growth has increased to approximately 20%.

在 DRAM 方面，2019 年下半年出現強勁復甦，我們認為 2019 年行業位需求增長已增至 20% 左右。

This stronger-than-expected demand has resulted in pockets of shortages for us.

這種強於預期的需求導致我們出現大量短缺。

We continue to exercise price discipline and walk away from price requests that do not meet our objectives.

我們繼續執行價格紀律，並放棄不符合我們目標的價格要求。

While these actions may impact short-term revenue, improving our business mix will enhance our long-term profitability.

雖然這些行動可能會影響短期收入，但改善我們的業務組合將提高我們的長期盈利能力。

We are encouraged by recent DRAM pricing trends and are optimistic about improving supply-demand balance throughout calendar 2020.

我們對最近的 DRAM 定價趨勢感到鼓舞，並對 2020 年整個日曆中改善供需平衡持樂觀態度。

As we discussed on our last call, a portion of the strength in demand in the second half of calendar 2019 may be attributable to inventory builds in China, and we expect some of this customer inventory to normalize sometime in calendar 2020.

正如我們在上次電話會議上所討論的那樣，2019 年下半年的部分需求強勁可能歸因於中國的庫存增加，我們預計部分客戶庫存將在 2020 年某個時候恢復正常。

As a result, we expect calendar 2020 industry DRAM bit demand growth to be in the mid-teens percent range year-over-year, which is somewhat lower than our prior outlook due to stronger demand in calendar 2019.

因此，我們預計 2020 日曆年行業 DRAM 位需求同比增長將在 10% 左右，由於 2019 日曆年需求強勁，這略低於我們之前的展望。

We expect industry bit supply growth for calendar 2020 to be somewhat less than the demand as industry bit supply growth decelerates due to industry CapEx reductions.

我們預計 2020 年的行業鑽頭供應增長將略低於需求，因為行業資本支出減少導致行業鑽頭供應增長放緩。

We continue to target our long-term bit supply growth CAGR to be close to the industry's long-term bit demand growth CAGR of mid- to high teens.

我們繼續將我們的長期比特供應增長 CAGR 設定為接近行業中青少年的長期比特需求增長 CAGR。

In calendar 2019, our bit supply growth will be less than the industry supply growth of mid-teens, and in 2020, our bit supply growth is expected to be slightly above industry bit supply growth.

在 2019 日曆年，我們的比特供應增長將低於 10 歲左右的行業供應增長，而在 2020 年，我們的比特供應增長預計將略高於行業比特供應增長。

Turning to NAND.

轉向NAND。

Our industry bit demand growth expectation is in the mid-40s percent range in calendar 2019 and high 20s to low 30s percent range in calendar 2020.

我們的行業位需求增長預期在 2019 年的 40% 中期範圍內，在 2020 年的 20% 到 30% 的範圍內。

We expect calendar 2020 industry bit supply to be lower than industry bit demand as a result of industry CapEx reductions, and consequently, we expect the industry environment to improve through calendar 2020.

由於行業資本支出減少，我們預計 2020 日曆年行業鑽頭供應將低於行業鑽頭需求，因此，我們預計行業環境將在 2020 日曆年有所改善。

Micron's NAND bit supply growth in calendar 2019 is likely to be slightly below industry bit demand growth, and in calendar 2020, will be meaningfully below that of the industry.

美光 2019 年的 NAND 位供應增長可能略低於行業位需求增長，並且在 2020 年，將顯著低於行業。

However, we expect our NAND bit shipments growth in calendar 2020 to be close to industry bit demand growth as we ship our inventory during the first generation of our RG transition.

但是，我們預計 2020 年 NAND 位出貨量增長將接近行業位需求增長，因為我們在第一代 RG 過渡期間運送庫存。

As we go through the transition to replacement gate, we expect our multi-year supply growth CAGR to be in line with the industry's demand CAGR of approximately 30%.

隨著我們過渡到更換門，我們預計我們的多年供應增長複合年增長率將與行業需求復合年增長率約 30% 保持一致。

Before I turn it over to Dave, I wanted to provide an update on our business with Huawei.

在我把它交給戴夫之前，我想提供我們與華為業務的最新情況。

As previously disclosed, we are continuing to ship some products to Huawei that are not subject to Export Administration Regulations and Entity List restrictions.

如前所述，我們將繼續向華為運送一些不受出口管理條例和實體清單限制的產品。

We applied for, and recently received, all requested licenses that enable us to provide support for these products as well as qualify new products for Huawei's mobile and server businesses.

我們申請並最近收到了所有請求的許可證，這些許可證使我們能夠為這些產品提供支持，並為華為的移動和服務器業務提供合格的新產品。

Additionally, these licenses allow us to ship previously restricted products that we manufacture in the United States, which represent a very small portion of our sales.

此外，這些許可證允許我們運送以前在美國製造的受限產品，這些產品僅占我們銷售額的很小一部分。

However, there are still some products outside of the mobile and server markets that we are unable to sell to Huawei.

但是，在移動和服務器市場之外，仍有一些產品我們無法出售給華為。

Receiving the licenses is a positive development, and we are thankful to the U.S. administration for approving these licenses.

獲得許可證是一個積極的發展，我們感謝美國政府批准這些許可證。

Prior to receiving these licenses, Entity List restrictions severely limited our ability to qualify new products at Huawei.

在獲得這些許可證之前，實體清單的限制嚴重限制了我們在華為獲得新產品資格的能力。

Although we are now able to qualify new products with Huawei's mobile and server businesses, it will take some time before the qualifications are completed and contribute to revenue.

雖然我們現在可以通過華為的移動和服務器業務對新產品進行資格認證，但要完成資格認證並為收入做出貢獻還需要一些時間。

Consequently, we do not expect these licenses to have a material impact on our revenue in the next couple of quarters.

因此，我們預計這些許可證不會對我們未來幾個季度的收入產生重大影響。

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。

Micron's FQ1 results were largely consistent with our expectations as market conditions continue to stabilize.

隨著市場狀況繼續穩定，美光第一季度的業績與我們的預期基本一致。

During the quarter, DRAM price declines decelerated from recent quarters, and we saw pricing improvements in NAND.

在本季度，DRAM 價格下降速度較最近幾個季度有所放緩，我們看到 NAND 的價格有所改善。

Total company revenues grew sequentially, and our total inventory declined in absolute terms.

公司總收入環比增長，我們的總庫存絕對值下降。

We generated positive free cash flow during the quarter, made progress on our share repurchase program and further strengthened our balance sheet.

我們在本季度產生了正的自由現金流，在我們的股票回購計劃方面取得了進展，並進一步加強了我們的資產負債表。

The results on today's call reflect our previously announced changes in NAND depreciable life to 7 years from 5 years and the change in reporting from our previous disclosures, which classified all MCP and SSD revenues as NAND revenue to a view now that disaggregates these revenues into DRAM and NAND.

今天電話會議的結果反映了我們之前宣布的將 NAND 折舊壽命從 5 年更改為 7 年，以及我們之前披露的報告中的變化，將所有 MCP 和 SSD 收入歸類為 NAND 收入，現在將這些收入分解為 DRAM和與非。

The following DRAM and NAND growth figures use restated historical revenues for an apples-to-apples comparison.

以下 DRAM 和 NAND 增長數據使用重述的歷史收入進行蘋果對蘋果的比較。

Total FQ1 revenue was approximately $5.1 billion.

FQ1 總收入約為 51 億美元。

Revenue was up 6% sequentially and down 35% year-over-year.

收入環比增長 6%，同比下降 35%。

FQ1 DRAM revenue was $3.5 billion, representing 67% of total revenue.

FQ1 DRAM 收入為 35 億美元，佔總收入的 67%。

DRAM revenue increased 2% sequentially and declined 41% year-on-year.

DRAM 收入環比增長 2%，同比下降 41%。

Bit shipments grew approximately 10% sequentially, and on a year-on-year basis, were up in the mid-20% range.

比特出貨量環比增長約 10%，同比增長在 20% 左右。

ASP declined in the upper single-digit percent range sequentially.

平均售價在上個個位數百分比範圍內連續下降。

DRAM revenues included $435 million of revenues from MCPs and SSDs.

DRAM 收入包括來自 MCP 和 SSD 的 4.35 億美元收入。

FQ1 NAND revenue was approximately $1.4 billion or 28% of total revenue.

FQ1 NAND 收入約為 14 億美元，佔總收入的 28%。

Revenue was up 18% sequentially and declined 14% year-on-year.

收入環比增長 18%，同比下降 14%。

Bit shipments grew in the mid-teen percent range sequentially and in the mid-30% range year-on-year, and ASPs increased in the low single digits sequentially.

比特出貨量環比增長在 10% 左右，同比增長在 30% 左右，平均售價環比增長低個位數。

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, an increase of 4% sequentially and down 45% year-over-year.

計算和網絡業務部門的收入約為 20 億美元，環比增長 4%，同比下降 45%。

The sequential increase was driven by higher volumes and moderating ASP declines.

連續增長是由更高的銷量和緩和的平均售價下降推動的。

Revenue for the Mobile Business Unit was $1.5 billion, up 4% sequentially and down 34% year-over-year.

移動業務部門的收入為 15 億美元，環比增長 4%，同比下降 34%。

MCP revenues grew strongly during the quarter driven by approximately 50% sequential growth in DRAM and NAND bits.

在 DRAM 和 NAND 位連續增長約 50% 的推動下，本季度 MCP 收入強勁增長。

Revenue for the Storage Business Unit in FQ1 was $968 million, an increase of 14% from FQ4 and down 15% year-over-year.

第一季度存儲業務部門的收入為 9.68 億美元，比第四季度增長 14%，同比下降 15%。

Sequential revenue growth was driven by SSD volume growth and ASP increases.

SSD 銷量增長和 ASP 增長推動了收入的連續增長。

Finally, revenue for the Embedded Business Unit was $734 million, up 4% from FQ4 and down 21% from the prior year.

最後，嵌入式業務部門的收入為 7.34 億美元，比第四季度增長 4%，比去年下降 21%。

Sequential revenue growth was mostly driven by the automotive market due to content growth.

由於內容增長，收入的連續增長主要由汽車市場推動。

The consolidated gross margin for FQ1 was 27.3%, slightly above the midpoint of our guidance.

第一季度的綜合毛利率為 27.3%，略高於我們指引的中點。

FQ1 gross margins included approximately a 240 basis point negative impact or approximately $125 million due to underutilization charges at the Lehi Fab.

FQ1 毛利率包括約 240 個基點的負面影響或約 1.25 億美元，原因是 Lehi Fab 的未充分利用費用。

This came in slightly better than we guided to on last quarter's call, but underutilization charges are expected to ramp higher in FQ2 as production volumes decline.

這比我們在上一季度的電話會議上預測的要好一些，但隨著產量下降，預計第二季度的未充分利用費用將上升。

We still expect the underutilization charges to average $150 million per quarter in the first half of fiscal 2020.

我們仍預計 2020 財年上半年每季度的未充分利用費用平均為 1.5 億美元。

We have taken action to reduce our spending in the Lehi Fab, which should begin to reduce underutilization charges in fiscal 2021 as these actions are implemented.

我們已採取行動減少在 Lehi Fab 的支出，隨著這些行動的實施，該工廠應在 2021 財年開始減少未充分利用的費用。

Ultimately, these charges will be mitigated as our own 3D XPoint products ramp into production over the coming years.

最終，隨著我們自己的 3D XPoint 產品在未來幾年投入生產，這些費用將得到緩解。

Operating expenses were $811 million as we incurred higher-than-usual R&D expenses to qualify new products.

運營費用為 8.11 億美元，因為我們為使新產品合格而產生的研發費用高於往常。

We expect to operate at higher levels of qualification expenses for the remainder of fiscal 2020 as we continue to expand our product portfolio.

隨著我們繼續擴大我們的產品組合，我們預計在 2020 財年剩餘時間內以更高水平的資格費用運營。

As a result, we now expect operating expenses to be approximately $3.3 billion for the fiscal year.

因此，我們現在預計本財年的運營費用約為 33 億美元。

We continue to prudently control all other operating expenses and remain flexible should business conditions warrant.

我們將繼續謹慎控制所有其他運營費用，並在業務條件允許時保持靈活性。

FQ1 operating income was $594 million representing 12% of revenue.

FQ1 營業收入為 5.94 億美元，佔收入的 12%。

Operating margin was down 38 percentage points year-over-year and down 3 percentage points from FQ4.

營業利潤率同比下降 38 個百分點，較 FQ4 下降 3 個百分點。

Our FQ1 effective tax rate was 6.9%.

我們的 FQ1 有效稅率為 6.9%。

We expect our tax rate to be approximately 5% for the remainder of the fiscal year.

我們預計本財年剩餘時間的稅率約為 5%。

Non-GAAP earnings per share in FQ1 were $0.48, down from $0.56 in FQ4 and $2.97 in the year-ago quarter.

第一季度非公認會計準則每股收益為 0.48 美元，低於第四季度的 0.56 美元和去年同期的 2.97 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 FQ1, representing 40% of revenue.

我們在第一季度的運營中產生了 20 億美元的現金，佔收入的 40%。

During the quarter, net capital spending was approximately $1.9 billion, down from approximately $2 billion in the prior quarter.

本季度，淨資本支出約為 19 億美元，低於上一季度的約 20 億美元。

We are continuing to target FY '20 CapEx in the range of $7 billion to $8 billion.

我們將繼續將 20 財年的資本支出目標定在 70 億至 80 億美元之間。

We generated adjusted free cash flow of approximately $80 million in FQ1 compared to $260 million last quarter and approximately $2.3 billion in the year-ago quarter.

我們在第一季度產生了約 8000 萬美元的調整後自由現金流，而上一季度為 2.6 億美元，去年同期為約 23 億美元。

In FQ1, we repurchased 1.1 million shares for $50 million.

在第一季度，我們以 5000 萬美元回購了 110 萬股股票。

In addition, we deployed approximately $200 million of cash to settle convertible note redemptions in the quarter, removing approximately 3 million shares from our fully diluted share count.

此外，我們在本季度部署了大約 2 億美元的現金來結算可轉換票據的贖回，從我們完全稀釋的股票數量中去除了大約 300 萬股。

We will continue to target deploying at least 50% of our annual free cash flow towards repurchases.

我們將繼續將至少 50% 的年度自由現金流用於回購。

Days of inventory was 121, down from 131 days in FQ4.

庫存天數為 121 天，低於第四季度的 131 天。

Inventory ended the quarter at $4.9 billion, down slightly from $5.1 billion at the end of FQ4.

本季度末庫存為 49 億美元，略低於第四季度末的 51 億美元。

Over the last 2 quarters, our inventory days have declined by approximately 15%.

在過去的兩個季度中，我們的庫存天數下降了大約 15%。

We expect inventory days to increase in fiscal Q2 due to seasonality and then begin to reduce again for the remainder of the year.

由於季節性因素，我們預計第二財季的庫存天數將增加，然後在今年剩餘時間再次開始減少。

We ended the quarter with total cash of $8.3 billion and total liquidity of nearly $11 billion.

我們在本季度末的總現金為 83 億美元，總流動資金接近 110 億美元。

We deployed approximately $1.3 billion of liquidity in FQ1 to fund the closing of our acquisition of Intel's stake in the IMFT joint venture.

我們在 FQ1 中部署了大約 13 億美元的流動資金，以資助我們完成對英特爾在 IMFT 合資企業中的股權的收購。

FQ1 ending total debt was $5.7 billion, down slightly from the prior quarter.

FQ1 期末總債務為 57 億美元，比上一季度略有下降。

In addition to the retirement of IMFT's member debt, we used cash on hand to retire approximately $520 million in principal of high-yield debt.

除了償還 IMFT 的成員債務外，我們還使用手頭現金償還了大約 5.2 億美元的高收益債務本金。

This was partially offset by the drawdown of our term-loan facility to fund the IMFT acquisition.

這部分被我們為收購 IMFT 提供的定期貸款工具的提取所抵消。

Our balance sheet is very strong, with net cash of $2.7 billion, and we remain committed to maintaining a net cash position.

我們的資產負債表非常強勁，淨現金為 27 億美元，我們仍然致力於維持淨現金頭寸。

Last month, S&P upgraded Micron's credit rating to investment grade, and now all 3 rating agencies rate Micron's credit as investment grade.

上個月，標準普爾將美光的信用評級上調至投資級，現在所有 3 家評級機構都將美光的信用評級為投資級。

Now turning to our financial outlook.

現在轉向我們的財務前景。

As Sanjay mentioned, our outlook throughout our earnings commentary assumes that the macroeconomic environment and trade-related issues will not impact demand.

正如桑傑所說，我們在整個收益評論中的展望都假設宏觀經濟環境和貿易相關問題不會影響需求。

Micron's fiscal second quarter is the seasonally weakest quarter for the industry.

美光第二財季是該行業季節性表現最差的一個季度。

We continue to exercise pricing discipline and reduce business at customers where pricing does not meet our objectives, and this limits our business opportunity within the quarter.

我們繼續執行定價紀律並減少定價不符合我們目標的客戶的業務，這限制了我們在本季度內的業務機會。

Additionally, in FQ2, pockets of supply tightness are limiting our bit shipments, Lehi underutilization costs are going to step up, and our cost reductions are likely to remain modest.

此外，在第二季度，供應緊張限制了我們的鑽頭出貨量，Lehi 未充分利用的成本將上升，我們的成本降低可能保持適度。

However, we are encouraged by recent market trends and expect that FQ2 will be the bottom for our gross margins as pricing, increasing mix of high-value solutions and cost reductions drive better gross margins throughout the rest of fiscal and calendar 2020.

然而，我們對最近的市場趨勢感到鼓舞，並預計第二季度將成為我們毛利率的最低點，因為定價、高價值解決方案組合的增加和成本降低將在 2020 財年的剩餘時間和日曆中推動更高的毛利率。

We expect a gradual recovery to start in FQ3 and to continue into the seasonally stronger second half of calendar year.

我們預計從第三季度開始逐步復甦，並繼續進入季節性較強的日曆年下半年。

With that in mind, our non-GAAP guidance for fiscal Q2 is as follows: We expect revenue to be in the range of $4.5 billion to $4.8 billion; gross margin to be in the range of 27%, plus or minus 150 basis points; and operating expenses to be approximately $825 million, plus or minus $25 million.

考慮到這一點，我們對第二財季的非公認會計準則指導如下：我們預計收入將在 45 億美元至 48 億美元之間；毛利率在 27% 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。

Interest and other income is expected to be approximately 0. Based on a share count of approximately 1.14 billion fully diluted shares, we expect EPS to be $0.35, plus or minus $0.06.

利息和其他收入預計約為 0。根據大約 11.4 億股完全攤薄後的股票，我們預計每股收益為 0.35 美元，上下浮動 0.06 美元。

As we approach the trough in this cycle, at the midpoint of our guidance, fiscal Q2 revenue will be 60% higher and gross margins 9 percentage points higher than in the prior trough, which occurred in the fiscal third quarter of 2016.

隨著我們接近本週期的低谷，在我們指導的中點，第二財季的收入將比 2016 財年第三季度的前一個低谷高出 60%，毛利率將高出 9 個百分點。

Micron's solid financial performance and investment-grade balance sheet demonstrate that the new Micron is indeed structurally stronger with higher lows and better cross-cycle revenue growth and profitability.

美光穩健的財務業績和投資級資產負債表表明，新的美光確實在結構上更強大，具有更高的低點和更好的跨週期收入增長和盈利能力。

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

我現在將把電話轉給 Sanjay 做結束語。

Thank you, Dave.

謝謝你，戴夫。

Micron is entering 2020 as a fundamentally stronger company in an industry that is structurally transformed.

美光正在進入 2020 年，成為結構轉型行業中一家從根本上更強大的公司。

Supply growth is moderating due to rising capital intensity and the slowing down of Moore's Law.

由於資本密集度上升和摩爾定律放緩，供應增長正在放緩。

Demand drivers are more diversified than ever before, both in end markets and in variety of memory and storage solutions.

在終端市場以及各種內存和存儲解決方案中，需求驅動因素比以往任何時候都更加多樣化。

This change in industry dynamics creates new opportunities for Micron to innovate and provide differentiated value to customers.

行業動態的這種變化為美光創造了新的創新機會，並為客戶提供差異化價值。

Nascent applications promise to further accelerate this diversification.

新生的應用程序有望進一步加速這種多樣化。

Cloud growth continues at a brisk pace driven by new use cases, and 5G networks are just beginning to proliferate and will usher in an age of true machine-to-machine communication with billions of connected devices.

在新用例的推動下，雲計算繼續快速增長，而 5G 網絡剛剛開始激增，並將迎來一個與數十億連接設備進行真正機器對機器通信的時代。

And just a little further over the horizon, AI, machine learning and autonomous technologies will expand this potential even more.

再往前走一點，人工智能、機器學習和自主技術將進一步擴大這種潛力。

These trends are transforming every aspect of human life and driving secular growth in memory and storage.

這些趨勢正在改變人類生活的方方面面，並推動內存和存儲的長期增長。

Micron's enhanced product portfolio, improved cost structure and talented team put us in an outstanding position to capitalize on the wealth of opportunities ahead and create long-term shareholder value.

美光增強的產品組合、改進的成本結構和優秀的團隊使我們處於有利地位，可以利用未來的大量機會並創造長期股東價值。

We will now open for questions.

我們現在開始提問。

(Operator Instructions) Our first question comes from the line of Srini Pajjuri of SMBC Nikko.

（操作員說明）我們的第一個問題來自 SMBC Nikko 的 Srini Pajjuri。

Sanjay, just a couple of questions.

桑傑，只是幾個問題。

I guess, first on the supply shortages that you talked about.

我想，首先是你談到的供應短缺。

Could you please elaborate?

你能詳細說明一下嗎？

Because on one hand, you're talking about some shortages.

因為一方面，你在談論一些短缺。

On the other hand, the inventories are going up as we head into the next quarter.

另一方面，隨著我們進入下一季度，庫存正在增加。

And then I have a follow-up.

然後我有一個跟進。

So as we said last time as well as in this earnings call that we have certain shortages in DRAM on the leading-edge nodes, and we have brought down our inventory here, overall inventory down fairly fast, as Dave pointed out.

因此，正如我們上次以及在本次財報電話會議中所說，我們在前沿節點上的 DRAM 存在一定的短缺，並且我們已經降低了這裡的庫存，正如 Dave 指出的那樣，整體庫存下降得相當快。

And we have seen strong growth in demand in DRAM on high-quality, high-density modules for servers as well as demand trends have continued to be pretty solid.

我們已經看到 DRAM 對用於服務器的高質量、高密度模塊的需求強勁增長，而且需求趨勢繼續相當穩固。

So shortages on the leading-edge nodes on DRAM.

因此，DRAM 上的前沿節點短缺。

And on the NAND side, we have SSD demand going up substantially.

在 NAND 方面，我們的 SSD 需求大幅上升。

And our 96-layer products, as we expand the portfolio, are being qualified by customers.

隨著我們擴大產品組合，我們的 96 層產品正在獲得客戶的認可。

We are seeing strong demand on our 64-layer node, where we are actually seeing some shortages.

我們看到對 64 層節點的強勁需求，實際上我們看到了一些短缺。

And of course, as we mentioned, we experience some back-end constraints as well.

當然，正如我們所提到的，我們也遇到了一些後端限制。

We have invested in back-end capacity, assembly and test capacity expansion, and that's -- will -- assembly and test issues impacting some of our multi-die stack on the mobile solutions as well as SSD solutions.

我們已經投資於後端容量、組裝和測試容量擴展，這將影響我們在移動解決方案和 SSD 解決方案上的一些多芯片堆棧的組裝和測試問題。

The assembly and test constraints will be eliminated largely by the end of fiscal second quarter.

到第二財季末，組裝和測試限制將基本消除。

So these are some of the things that are impacting some of the shortages both in DRAM and on the NAND side.

因此，這些是影響 DRAM 和 NAND 方面的一些短缺的一些因素。

And again, the demand trends continue to be solid.

再一次，需求趨勢繼續穩固。

Of course, in CQ1, we see seasonality.

當然，在 CQ1 中，我們看到了季節性。

And yes, some of our inventory may go up at the end of fiscal Q2.

是的，我們的一些庫存可能會在第二財季末增加。

But overall, our normal inventory days is around, as we look ahead, is around 110 days and that's really a function of increasing complexity coming from the technology nodes as well as, as we shift toward high-value solutions, more SSDs, more multi-chip packages, they take longer assembly and test times as well.

但總體而言，我們的正常庫存天數大約是 110 天左右，這實際上是來自技術節點的複雜性增加以及隨著我們轉向高價值解決方案、更多 SSD、更多-芯片封裝，它們也需要更長的組裝和測試時間。

So those are the ones that are contributing to some of the aspects of days of inventory that when we foresee in the future, we look at it as approximately 110 days.

因此，當我們預測未來的庫存天數時，我們將其視為大約 110 天。

So industry environment, in terms of demand, continues to be solid, pockets of shortages building all across the industry, certainly, we are experiencing that.

因此，就需求而言，行業環境繼續穩固，整個行業都出現了短缺，當然，我們正在經歷這種情況。

And pricing trends overall in the industry.

以及整個行業的定價趨勢。

As you look ahead at 2020, we are yet optimistic about the improving pricing trends in the industry as well.

當您展望 2020 年時，我們也對該行業不斷改善的定價趨勢感到樂觀。

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

（操作員說明）我們的下一個問題來自 Crédit Suisse 的 John Pitzer。

Congratulations on the solid results.

祝賀你取得了堅實的成果。

Sanjay, I wanted to talk a little bit about the CapEx guidance for this fiscal year.

桑傑，我想談談本財年的資本支出指導。

I think I understand the strategy around NAND to, kind of, constrain spending on the first generation of replacement gate where cost downs are de minimis and, kind of, weighed to Version 2.0.

我想我理解圍繞 NAND 的策略，以限制在第一代替換門上的支出，其中成本下降是微乎其微的，並且在某種程度上，權衡到 2.0 版。

But I'm kind of curious, as you think about the DRAM strategy, especially given that demand came in much stronger than expected, this year, 20%, and there were some of us that thought at the beginning of the year, we'd be lucky to get to low double-digit growth.

但我有點好奇，當你想到 DRAM 戰略時，特別是考慮到需求比預期的要強得多，今年增長了 20%，而且我們中的一些人在年初認為，我們很幸運能夠實現兩位數的低增長。

How do we think about DRAM CapEx from here and your ability to, kind of, keep up with industry bit growth?

我們如何看待這裡的 DRAM 資本支出以及您跟上行業位增長的能力？

And I guess, specifically, my question is, how much circular leeway do you have in moving more of your mix of DRAM towards the leading-edge node as a way to grow bits rather than just shrinking?

我想，具體來說，我的問題是，在將更多的 DRAM 組合移動到前沿節點作為增長比特而不是縮小的一種方式方面，你有多少循環餘地？

Certainly, as we move our DRAM production to leading-edge node, for example, through 1Z that we mentioned that we did very well with ramping 1Z DRAM node in our mobile products during the quarter, so of course, those give us bit growth.

當然，當我們將 DRAM 生產轉移到領先節點時，例如，通過我們提到的 1Z，我們在本季度在移動產品中增加 1Z DRAM 節點做得很好，所以當然，這給了我們一些增長。

It comes with the shrink capability, and technology transitions are the best way to achieve ROI as well.

它具有收縮能力，技術轉型也是實現投資回報率的最佳方式。

What's important is that we are being extremely disciplined and prudent in terms of managing our supply bit growth, and we want to make sure that it's aligned with our bit demand growth as well, as our long-term objective is to have our supply bit growth CAGR to be aligned with the industry demand growth CAGR.

重要的是我們在管理我們的供應比特增長方面非常自律和謹慎，我們希望確保它也與我們的比特需求增長保持一致，因為我們的長期目標是讓我們的供應比特增長CAGR 與行業需求增長 CAGR 保持一致。

We mentioned that in 2019, our DRAM supply growth somewhat below the industry supply growth.

我們提到，在 2019 年，我們的 DRAM 供應增長略低於行業供應增長。

And in fiscal year 2020, we -- in calendar year 2020, we see our supply growth to be somewhat above the industry supply growth.

在 2020 財年，我們 - 在 2020 日曆年，我們看到我們的供應增長略高於行業供應增長。

But all in all, our strategy is to have our supply growth CAGR to be aligned with the industry demand growth CAGR.

但總而言之，我們的戰略是讓我們的供應增長 CAGR 與行業需求增長 CAGR 保持一致。

We feel very good about -- when we look ahead at 2020, our supply overall position, and yes, I mean, we are experiencing certain shortages on leading nodes.

我們感覺非常好——當我們展望 2020 年時，我們的供應整體狀況，是的，我的意思是，我們正在經歷領先節點的某些短缺。

And we believe that some of these shortages in the industry as well as, for us, will continue in calendar year 2020 time frame.

我們相信，該行業以及對我們而言，其中一些短缺將在 2020 日曆年的時間框架內繼續存在。

And frankly, that's a good place to be at in terms of running the business because it helps you manage the best mix of the business as well in terms of revenue and profitability.

坦率地說，這是一個經營業務的好地方，因為它可以幫助您管理業務的最佳組合以及收入和盈利能力。

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

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess a question on the DRAM demand side.

我猜是DRAM需求方面的一個問題。

You're outlining an outlook for 15 -- or sorry, mid-teens growth in 2020.

您正在概述 2020 年 15 歲（或抱歉，十幾歲的中期）增長的前景。

I'm curious, as you think about that number, how much of that, I guess, relates to potential pulling of China demand, potential conservatism on your part?

我很好奇，當你想到這個數字時，我猜其中有多少與中國需求的潛在拉動和你的潛在保守主義有關？

And within that, what kind of assumptions are you making around 5G handsets and continued cloud spending through 2020?

在此範圍內，您對 5G 手機和到 2020 年的持續雲支出做出什麼樣的假設？

So certainly, 5G will be a growth driver.

因此，5G 無疑將成為增長動力。

We expect 5G handsets, smartphones to be more weighted toward the second half of the calendar year.

我們預計 5G 手機、智能手機將在今年下半年獲得更多比重。

Cloud CapEx, as you have seen the reports from various major cloud providers, cloud CapEx continues to be healthy.

雲資本支出，正如您所看到的各種主要雲提供商的報告，雲資本支出繼續保持健康。

A meaningful portion of that cloud CapEx goes into memory and storage and that continues to drive above-average industry -- above-average demand as a percentage versus the average of the total DRAM industry.

雲資本支出的重要部分進入內存和存儲，並繼續推動高於平均水平的行業 - 高於平均水平的需求百分比與整個 DRAM 行業的平均水平相比。

And 5G phones, I think it's important to note that content continues to grow as we mentioned in our script.

而 5G 手機，我認為重要的是要注意內容繼續增長，正如我們在腳本中提到的那樣。

I mean, of course, 4G phones content continues to grow, but 5G phones are driving a step-level function increase in the average content of both DRAM as well as NAND.

我的意思是，當然，4G 手機的內容繼續增長，但 5G 手機正在推動 DRAM 和 NAND 的平均內容的階梯級功能增加。

And our estimation is that in calendar year 2020, approximately $200 million of 5G smartphones to be sold on a global basis.

我們估計，在 2020 日曆年，全球將售出約 2 億美元的 5G 智能手機。

So overall, when we look at the demand -- industry demand of mid-teens that we have projected for calendar year 2020, keep in mind that it's building upon calendar year 2019, where industry demand in the second half came in quite strong.

因此，總體而言，當我們查看需求時——我們預測的 2020 日曆年的青少年行業需求，請記住，它建立在 2019 日曆年的基礎上，下半年的行業需求非常強勁。

And in fact, we upped our estimate of industry demand growth to approximately 20% for 2019.

事實上，我們將 2019 年行業需求增長的估計上調至約 20%。

So you are working off a large demand, larger than previously expected total bit shipments in 2019.

因此，您正在處理大量需求，比之前預期的 2019 年總鑽頭出貨量要大。

And obviously, that has an impact on the percentage that we look at for 2020.

顯然，這會影響我們對 2020 年的預期百分比。

But in terms of aggregate of bit demand, that continues to be pretty solid in 2020 as well.

但就比特需求總量而言，這在 2020 年也將繼續保持穩定。

And as we said, 2019 was a headwind in terms of demand and supply for the industry.

正如我們所說，2019 年是該行業供需方面的逆風。

In 2020, we look at demand and supply balance as a tailwind for the industry.

2020 年，我們將供需平衡視為行業的順風車。

Our next question comes from Aaron Rakers of Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Aaron Rakers。

I guess, just on the capital expenditure front.

我想，只是在資本支出方面。

Obviously, you guys have talked about reiterating the CapEx, but you're also, on the Taiwan fab, you're noting that, that fab is capable of EUV.

顯然，你們已經談到重申資本支出，但你們也在台灣晶圓廠中，你注意到，該晶圓廠能夠進行 EUV。

I know you've talked about that you don't need that through the 1-gamma node, but it kind of suggests that you are looking at EUV as potentially something that you're evaluating.

我知道你已經說過你不需要通過 1-gamma 節點，但這有點表明你正在將 EUV 視為你正在評估的潛在東西。

Have you pulled in all your thoughts on EUV?

你對 EUV 有什麼想法嗎？

And how do we think about that in the context of CapEx, not necessarily this year, but looking out into the subsequent years?

在資本支出的背景下，我們如何看待這一點，不一定是今年，而是展望未來幾年？

So at this point, we are not providing guidance for any time frame beyond our fiscal year 2020 in terms of CapEx.

因此，在這一點上，就資本支出而言，我們不會為 2020 財年之後的任何時間範圍提供指導。

But as we have always said, we have been evaluating EUV technology.

但正如我們一直所說，我們一直在評估 EUV 技術。

We have carefully evaluated EUV technology in terms of determining our road map for DRAM.

在確定我們的 DRAM 路線圖方面，我們仔細評估了 EUV 技術。

And as you noted, through -- we have said that through 1-gamma node, today, we are in production with now 1Z node, starting production with 1Z, and of course, volume production also of 1Y node.

正如你所指出的，通過 - 我們已經說過，通過 1-gamma 節點，今天，我們正在生產 1Z 節點，開始生產 1Z，當然，還有 1Y 節點的量產。

So from 1Y to 1Z, as we look ahead at the next few generations through 1-alpha, 1-beta and 1-gamma generations, we see that multi-patterning techniques, along with immersion technology, will serve us well in terms of achieving our cost objective and having a highly cost-competitive road map for us.

因此，從 1Y 到 1Z，當我們展望未來幾代的 1-alpha、1-beta 和 1-gamma 代時，我們看到多模式技術以及沉浸式技術將在實現我們的成本目標，並為我們制定了極具成本競爭力的路線圖。

So we have also said that we continue to evaluate EUV.

所以我們也說過我們會繼續評估 EUV。

And when we see it appropriate for deployment in our DRAM production in terms of cost and efficiency of production, we will certainly be deploying it at a future time in that.

當我們看到它在生產成本和生產效率方面適合部署在我們的 DRAM 生產中時，我們肯定會在未來的某個時間部署它。

But at this point, we see our technology road map through 1-gamma node to be in strong position, while we remain encouraged seeing the improvement in EUV productivity tool as well.

但在這一點上，我們看到我們通過 1-gamma 節點的技術路線圖處於強勢地位，同時我們仍然對看到 EUV 生產力工具的改進感到鼓舞。

But regarding CapEx for future years, we'll obviously always manage it as a function of our supply growth expectations as well as, as a function of technology and cost competitiveness and keeping our supply growth, as I said previously, aligned with demand CAGR.

但對於未來幾年的資本支出，我們顯然將始終根據我們的供應增長預期以及技術和成本競爭力以及保持我們的供應增長與需求復合年增長率保持一致來管理它。

That's how we will manage it, and we'll share those details with you at appropriate time in the future.

這就是我們將如何管理它，我們將在未來適當的時候與您分享這些細節。

Our next question comes from Mark Delaney of Goldman Sachs.

我們的下一個問題來自高盛的馬克德萊尼。

I was hoping to better understand the company's commentary on its own inventory, which -- nice to see that come down in dollars and days in the just-completed quarter.

我希望能更好地了解公司對其自身庫存的評論，很高興看到剛剛完成的季度以美元和天數下降。

As you think about your inventory, as you move through the year, I understood some of the aggregate commentary, but can you be a bit more specific?

當您考慮您的庫存時，當您度過這一年時，我理解了一些總體評論，但您能更具體一點嗎？

Because I think the company had been carrying extra inventory of some of these older DRAM nodes.

因為我認為該公司一直在為這些較舊的 DRAM 節點保留額外的庫存。

When do you think that gets used up?

你認為它什麼時候會用完？

And when you talk about 110 days, Sanjay, is that being on a more normal level of inventory, just given because the company is going to be carrying the extra NAND inventory for the replacement gate node?

當你談到 110 天時，Sanjay，是不是處於更正常的庫存水平，只是因為公司將為替換門節點攜帶額外的 NAND 庫存？

Should we be thinking about inventory running above 110 to allow for that this year?

我們是否應該考慮今年的庫存超過 110 以允許這一點？

Or is the 110 really a this-year comment as you carry some of that extra replacement gate inventory?

或者當你攜帶一些額外的替換門庫存時，110 真的是今年的評論嗎？

And longer term, it's something lower than that?

從長遠來看，它比這更低嗎？

Yes.

是的。

That's a good question.

這是個好問題。

Why don't I try to take a crack at that first?

我為什麼不先嘗試一下呢？

So yes, the comment around 110 days is kind of an optimal level of inventory when we have worked off all of the excess inventory associated with the replacement gate transition and as inventories normalize.

所以是的，當我們處理掉與更換門轉換相關的所有過剩庫存並且庫存正常化時，110 天左右的評論是一種最佳庫存水平。

Obviously, in the 121 days of inventory that we have today, DRAM is a bit below that.

顯然，在我們今天擁有的 121 天庫存中，DRAM 略低於此。

Really what pulls it up to 121 is that NAND is quite a bit higher than that by virtue of the fact that we are executing on this strategy to hold a lot of inventory as we go into our replacement gate transition to augment what won't be a robust bit growth from that first node.

真正把它拉到 121 的原因是 NAND 比這要高很多，因為我們正在執行這個策略來持有大量庫存，因為我們進入替換門過渡以增加不會的東西從第一個節點開始強勁的比特增長。

As Sanjay mentioned, we do expect days of inventory to go up a bit based on mix and so forth in the second quarter because of seasonality, but we would expect it then to start trending down over the next few quarters, partly as we start to utilize this excess NAND inventory for the replacement gate transition and also as we start to digest and manage through this -- the mix challenges that have created a little bit of excess spill on the DRAM front.

正如桑傑所說，由於季節性因素，我們確實預計第二季度庫存天數會因混合等因素而略有上升，但我們預計接下來的幾個季度庫存天數會開始下降，部分原因是我們開始利用這種多餘的 NAND 庫存來替代柵極過渡，並且當我們開始消化和管理這個問題時——混合挑戰已經在 DRAM 前端造成了一點過量溢出。

So it's just we should be in a pretty healthy place on DRAM within a couple of quarters.

所以只是我們應該在幾個季度內在 DRAM 上處於一個相當健康的位置。

Our next question comes from Ambrish Srivastava of BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Ambrish Srivastava。

Good to see you power through this downturn with positive free cash flow.

很高興看到您以正的自由現金流度過這次低迷時期。

I just wanted to get back to the comment that, Sanjay, you were making about the fiscal second quarter marking the bottom for fundamentals.

我只是想回到評論，桑傑，你在第二財季標誌著基本面的底部。

And CapEx seems to be a little bit front-end loaded.

資本支出似乎有點前端負載。

So is free cash flow going to be positive in the fiscal second quarter as well?

那麼，第二財季的自由現金流是否也會為正？

So I'll take a crack at that one, too.

所以我也會對那個進行破解。

I would say, maybe to start with, that the first priority of the company is to make the appropriate level investments, both in terms of R&D, and which is why we have had a little bit of an increase in operating expenses because we do want to put the right level of investment in new products, particularly high-value solution products that will ultimately be the big factor in terms of our performance over the coming years.

我會說，也許首先，公司的首要任務是在研發方面進行適當水平的投資，這就是為什麼我們的運營費用略有增加，因為我們確實想要對新產品進行適當的投資，特別是高價值的解決方案產品，這些產品最終將成為我們未來幾年業績的重要因素。

And in addition, we obviously want to make the appropriate level in terms of CapEx investments to make sure that we are, as Sanjay mentioned, investing the right level to manage supply growth and to make these node transitions.

此外，我們顯然希望在資本支出投資方面做出適當的水平，以確保我們像桑傑所說的那樣，投資正確的水平來管理供應增長並進行這些節點轉換。

Secondarily, of course, our goal is to generate good free cash flow.

其次，當然，我們的目標是產生良好的自由現金流。

And ideally, it would be to generate pretty consistent free cash flow over multiple -- or over every quarter.

理想情況下，它將在多個或每個季度產生相當一致的自由現金流。

I would say, in the second quarter, what we feel really confident about is that cash flow from operations is going to be very strong.

我想說，在第二季度，我們真正有信心的是來自運營的現金流將非常強勁。

And we will, again, make appropriate level of CapEx investment that could drive the free cash flow to be slightly negative or roughly around 0 or potentially even a little bit more positive, but we're going to make the capital investment be what's appropriate and let free cash flow go where it goes.

我們將再次進行適當水平的資本支出投資，這可能會導致自由現金流略為負數或大致為 0 左右，甚至可能更正一些，但我們將使資本投資成為適當的，並且讓自由現金流去它去的地方。

I would say though, just to put this in perspective, the trough quarter of 2016, in terms of free cash flow, was negative $1.3 billion, I believe.

不過，我想說的是，從這個角度來看，2016 年的低谷季度，就自由現金流而言，我相信是負 13 億美元。

And so if you compare that to whatever we end up doing for the second quarter, this will be massively better in terms of cash flow generation, and of course, that's an indication of -- or an example of how we have structurally improved the business from a cost-competitive perspective and from a cash flow perspective.

因此，如果您將其與我們最終在第二季度所做的任何事情進行比較，這將在現金流產生方面大大改善，當然，這表明 - 或者是我們如何在結構上改進業務的一個例子從成本競爭力的角度和現金流的角度來看。

And indeed, if this does turn out to be the bottom, as Sanjay indicated, it is our expectation, barring any sort of macro event or trade event, we would expect free cash flow to track more positively through the remainder of the fiscal year and into the next fiscal year.

事實上，如果這確實是底部，正如桑傑所說，這是我們的預期，除非發生任何類型的宏觀事件或貿易事件，我們預計自由現金流將在本財年的剩餘時間內更積極地追踪，並且進入下一個財政年度。

So this year will be actually a pretty good year in terms of free cash flow.

因此，就自由現金流而言，今年實際上將是相當不錯的一年。

That will be 4 consecutive years of positive, significantly positive free cash flow for the company, which, of course, has never been done in Micron's history.

這將是公司連續 4 年實現正的、顯著正的自由現金流，當然，這在美光的歷史上從未有過。

So again, ideally, we'd like to have every quarter be positive.

因此，理想情況下，我們希望每個季度都是積極的。

That may or may not happen this quarter, but clearly, we're on the right track in terms of generating positive free cash flow for the company.

這可能會在本季度發生，也可能不會發生，但顯然，我們在為公司創造正的自由現金流方面走在正確的軌道上。

Our next question comes from Harlan Sur of JP Morgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

We've seen a strong reacceleration in cloud and hyperscale spending.

我們已經看到雲計算和超大規模支出的強勁重新加速。

Also seeing some near-term strong server builds by the Asia ODMs.

還看到亞洲 ODM 近期構建了一些強大的服務器。

And it appears that the excess DRAM channel inventories in this segment have been worked on.

看來，該細分市場中多餘的 DRAM 渠道庫存已得到處理。

But wanted to get your views here.

但想在這裡得到你的意見。

And typically, the cloud spending up-cycle duration is about 3 to 4 quarters.

通常，雲支出的上升週期持續時間約為 3 到 4 個季度。

So even in a seasonally weaker period for PCs and smartphones in the first part of next year, do you see the server and data center demand remaining fairly strong?

因此，即使在明年上半年 PC 和智能手機的季節性疲軟時期，您是否認為服務器和數據中心的需求仍然相當強勁？

Yes.

是的。

As we look ahead, we do see server and data center demand, particularly within cloud, to be strong.

展望未來，我們確實看到服務器和數據中心需求強勁，尤其是在雲計算領域。

We have had, as we mentioned, in our FQ1, strong growth from cloud, and we certainly see that happening through 2020 as well.

正如我們所提到的，我們在 FQ1 中實現了來自云的強勁增長，而且我們當然會看到這種情況會持續到 2020 年。

As we mentioned, high densities are actually in shortage in the industry.

正如我們所提到的，高密度實際上在行業中是短缺的。

And it really is about all the trend of more AI workloads, more need for memory and storage, as EUVs get introduced, that can work with higher-density memory as well as have more channels, which is increasing the attach rate of DRAM content per server and increasing it.

隨著 EUV 的引入，更多的 AI 工作負載、對內存和存儲的需求增加、可以與更高密度的內存一起工作並擁有更多的通道，這確實增加了每個 DRAM 內容的附加率。服務器並增加它。

So these are all the trends that actually point to continuing higher-than-industry-average level of growth for DRAMs in the cloud and server.

因此，所有這些趨勢實際上都表明雲和服務器中 DRAM 的增長將持續高於行業平均水平。

And same thing on the NAND, on the SSD front, average density as well as the average usage of flash in cloud and data center applications continues to increase.

同樣，在 NAND、SSD 前端，雲和數據中心應用程序中閃存的平均密度以及平均使用量繼續增加。

And we have always said that this is a long-term demand driver for memory and storage industry.

而我們一直說，這是內存和存儲行業的長期需求驅動力。

And memory and storage is critical in terms of driving greater value in these cloud applications and in these enterprise applications, and hence, you are seeing continuing strong growth in these end market segments.

內存和存儲對於推動這些雲應用程序和這些企業應用程序的更大價值至關重要，因此，您將看到這些終端市場領域的持續強勁增長。

And I would just like to point it out that even in 2019, while the demand to the suppliers was weaker in the first half of the year because the customers, particularly in this space, were using up the inventory that they had to meet end consumption, but it's important to understand that the end consumption of DRAM and NAND, even in challenging 2019 periods, continued to be healthy.

我想指出的是，即使在 2019 年，上半年對供應商的需求也較弱，因為客戶，尤其是這個領域的客戶，正在耗盡他們必須滿足最終消費的庫存，但重要的是要了解 DRAM 和 NAND 的最終消費，即使在充滿挑戰的 2019 年，仍然保持健康。

And as we look ahead, this will be a strong driver of growth in the industry.

展望未來，這將成為行業增長的強大動力。

But I just want to point out that as we previously discussed, smartphones, content growth there; automotive applications, continuing to drive greater content; graphics, gaming consoles, new gaming consoles are also driving HDD replacement with SSDs as well as greater DRAM content in those applications.

但我只想指出，正如我們之前討論的那樣，智能手機，內容增長；汽車應用，繼續推動更多內容；圖形、遊戲機、新遊戲機也在推動用 SSD 替換 HDD 以及在這些應用中增加 DRAM 內容。

So I think the demand drivers and our thesis that has always been there that the industry has strong demand drivers has very much been intact.

因此，我認為需求驅動因素和我們一直存在的關於該行業具有強大需求驅動因素的論點基本完好無損。

And we look forward to good environment for our industry in 2020.

我們期待 2020 年為我們的行業創造良好的環境。

Our next question comes from David Wong of Instinet.

我們的下一個問題來自 Instinet 的 David Wong。

Could you tell us what proportion of DRAM bits are currently on 1Z technology?

您能否告訴我們目前 1Z 技術中 DRAM 位的比例是多少？

And what do you expect will be on 1Z technology by the end of calendar 2020?

到 2020 年年底，您對 1Z 技術的期望是什麼？

And what's the differences between cost per bit on 1Z compared to 1Y?

與 1Y 相比，1Z 的每比特成本有何不同？

So we don't provide cost details with respect to 1Z versus 1Y or from one node to the other node.

因此，我們不提供有關 1Z 與 1Y 或從一個節點到另一個節點的成本詳細信息。

But as we have said before that we expect our 1Y plus 1Z combined bit production to cross over our total bit production by summer 2020.

但正如我們之前所說，我們預計到 2020 年夏季，我們的 1Y 加 1Z 組合鑽頭產量將超過我們的總鑽頭產量。

That means bit crossover with 1Y and 1Z combined by summer 2020.

這意味著到 2020 年夏天，1Y 和 1Z 的比特交叉。

And as we mentioned, we are doing well with our 1Z.

正如我們所提到的，我們的 1Z 做得很好。

And in fact, in mobile products, as I mentioned in my prepared remarks, we saw the fastest ramp of 1Z node in the history of our mobile presence.

事實上，在移動產品方面，正如我在準備好的評論中提到的那樣，我們看到了我們移動業務歷史上最快的 1Z 節點增長。

Our next question comes from Joe Moore of Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

I wanted to ask a bit more about the China inventory build that you talked about.

我想問更多關於你談到的中國庫存建設的問題。

Can you, kind of, talk about the reasons?

你能，有點，談談原因嗎？

Is it concern about ability to procure?

是否擔心採購能力？

Is it tariff related?

跟關稅有關嗎？

What's the reason for the pull in?

拉入的原因是什麼？

And any way you can help us, kind of, understand the magnitude would be helpful.

並且，您可以通過任何方式幫助我們，了解其規模都會有所幫助。

As we have mentioned before, we saw some China buying pattern that was above normal compared to the past that we have seen, and we attribute that to some of the U.S.-China trade tensions and perhaps some of the customers in China procuring and shifting to perhaps a longer-term strategy of carrying more inventory because in terms of the U.S.-China trade aspects, while Phase 1 deal is definitely encouraging to see that it's happening, but lack -- there is still ongoing for longer-term lack of clarity.

正如我們之前提到的，與過去相比，我們看到一些中國購買模式高於正常水平，我們將其歸因於美中貿易緊張局勢，也許中國的一些客戶採購併轉向可能是持有更多庫存的長期戰略，因為就美中貿易方面而言，雖然第一階段交易確實令人鼓舞，但看到它正在發生，但缺乏——長期缺乏明確性仍然存在。

So perhaps some of the China customers have shifted their strategy toward carrying higher levels of inventory.

因此，也許一些中國客戶已經將他們的策略轉向攜帶更高水平的庫存。

I would say that, that perhaps is an important reason.

我會說，這也許是一個重要的原因。

There's, of course, Chinese New Year as well that can play a role in the China demand.

當然，中國新年也可以在中國需求中發揮作用。

Chinese New Year is earlier this year compared to the typical years.

與往年相比，今年的農曆新年要早一些。

But there is no question that most important thing is that the underlying demand drivers are strong.

但毫無疑問，最重要的是潛在需求驅動因素強勁。

And when you look at smartphone content growth that's happening in all smartphones across the globe, including the ones sold by the China manufacturers, the content, both on DRAM and NAND side, continues to increase.

當您查看全球所有智能手機（包括中國製造商銷售的智能手機）中正在發生的智能手機內容增長時，DRAM 和 NAND 方面的內容都在繼續增加。

And certainly, as we have talked about, 5G is the significant driver.

當然，正如我們所談到的，5G 是重要的驅動力。

And certainly, 5G phones are planned to be sold, perhaps in the largest quantities, in China first.

當然，計劃首先在中國銷售 5G 手機，數量可能是最大的。

So all of these underlying demand trends, I think, are the most important thing here as well.

因此，我認為所有這些潛在的需求趨勢也是最重要的。

Our next question comes from Blayne Curtis of Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Maybe, Sanjay, just to follow on Joe's question.

也許，桑傑，只是為了回答喬的問題。

Just kind of curious, you said it'd take a couple of quarters for Huawei to get back in the numbers.

有點好奇，你說華為需要幾個季度才能恢復數據。

Are you embedding anything in the calendar '20 outlook you have?

您是否在日曆 '20 展望中嵌入了任何內容？

And I'm just kind of curious, following on that point, in terms of you're expecting some moderation from China.

我只是有點好奇，就這一點而言，您期望中國會有所緩和。

Have you seen any signs of that yet?

你有沒有看到任何跡象？

I'm sorry.

對不起。

I didn't quite get the last part of the question.

我沒有完全理解問題的最後一部分。

Expecting...

期待...

Following on Joe's question, you're expecting some moderation after an inventory build.

繼喬的問題之後，您期望在庫存構建後有所節制。

Have you seen it yet?

你見過嗎？

Or is that just something you expect will happen at some point?

或者這只是您期望在某個時候發生的事情？

The -- what we said is that in terms of our estimation of the industry demand growth in calendar year 2020, we have baked in that some of the inventory that we may have seen China customers build, we have baked in that some of that will be consumed, and inventory levels will be lower than what we may be thinking at this point with those customers over the course of calendar year 2020.

我們所說的是，就我們對 2020 日曆年行業需求增長的估計而言，我們已經考慮到我們可能已經看到中國客戶建立的一些庫存，我們已經考慮到其中一些將在 2020 日曆年期間，這些客戶的庫存水平將低於我們目前對這些客戶的想法。

And with respect to your first piece of the question on Huawei, we mentioned that now that we have received the licenses, we are able to work with them on new product qualifications.

關於你關於華為的第一個問題，我們提到現在我們已經獲得了許可證，我們可以與他們合作進行新產品的認證。

And as you know well, new product qualifications do take a few months, a couple of quarters, before they get qualified into new platforms, and then we can potentially look at additional opportunities.

如您所知，新產品資格確實需要幾個月、幾個季度才能獲得新平台的資格，然後我們可能會尋找更多機會。

But at this point, I mean, our focus is to resume that product qualification work, both for server as well as mobile applications.

但在這一點上，我的意思是，我們的重點是恢復服務器和移動應用程序的產品認證工作。

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。

Yes.

是的。

And congrats as well as you weather through this cycle.

恭喜你和你度過了這個週期。

Question on mix shift for NAND specifically.

專門針對 NAND 的混合移位問題。

Sanjay, you had mentioned that next year, you will be ramping at a higher rate NVMe, SSDs as well as UFS controllers in the China handset market.

Sanjay，您曾提到明年，您將在中國手機市場以更高的速度推出 NVMe、SSD 以及 UFS 控制器。

Could you talk a little bit about the trajectory of those products and how that positive mix shift in NAND will potentially affect overall margins?

您能否談談這些產品的發展軌跡，以及 NAND 的積極組合轉變將如何影響整體利潤率？

I'll have Dave comment on the margin piece of it.

我會讓戴夫評論它的邊緣部分。

But certainly, as we expand our portfolio of NVMe solutions for -- from clients to data center and, of course, certainly on the consumer side as well, we have done well, as we reported for our FQ1, in terms of expanding the portfolio and capitalizing on increased sales of SSDs, and we certainly look at gaining share throughout calendar 2020 as we expand our portfolio there.

但可以肯定的是，隨著我們擴展我們的 NVMe 解決方案組合——從客戶到數據中心，當然，在消費者方面也是如此，正如我們在第一季度報告的那樣，我們在擴展產品組合方面做得很好並利用 SSD 銷量的增加，隨著我們在那裡擴展我們的產品組合，我們當然會考慮在 2020 年整個日曆中獲得份額。

I think what's important to note is that our share there is today underrepresented.

我認為需要注意的重要一點是，我們今天的份額不足。

So as we shift toward these higher-value solutions with expanded portfolio, I mean we are basically trying to bring our share in line with what it should be given our share of the total NAND bits, and this is the part of the strategy that we talked about in terms of shifting the mix of our high-value solutions, which now are at about 50% in terms of bits toward higher number in the future.

因此，當我們轉向這些具有擴展產品組合的高價值解決方案時，我的意思是，我們基本上是在努力使我們的份額與我們在總 NAND 位中的份額保持一致，這是我們戰略的一部分談到了將我們的高價值解決方案的組合轉變為未來更高數量的高價值解決方案，目前這些解決方案的比特數約為 50%。

And of course, part of that ongoing shift is toward multi-chip packages as well as discrete, managed NAND solutions for mobile applications, where we pointed out that on a year-over-year basis, we have increased our share by 50%.

當然，這種持續轉變的一部分是轉向多芯片封裝以及用於移動應用的分立、託管 NAND 解決方案，我們指出，我們的份額同比增長了 50%。

Yet we remain underrepresented, and therein lies further opportunity for us to be increasing our share in these markets.

然而，我們的代表性仍然不足，這為我們提供了進一步增加在這些市場中的份額的機會。

So high-value solutions is a very important part of our strategy.

因此，高價值的解決方案是我們戰略中非常重要的一部分。

It enables us to gain greater stability, greater margin opportunity through the cycles as well as brings us closer to understanding the application landscape with the customer, and I'm very pleased that Micron is executing quite well with respect to achieving our objective in this area.

它使我們能夠在整個週期中獲得更大的穩定性和更大的利潤機會，並使我們更接近於了解客戶的應用前景，我很高興美光在實現我們在該領域的目標方面表現出色.

So obviously, high-value solutions, the reason -- one of the major reasons we're shifting the strategy to high-value solutions is because they carry higher margins.

很明顯，高價值解決方案的原因——我們將戰略轉向高價值解決方案的主要原因之一是因為它們帶來了更高的利潤。

And I'll just give you a data point.

我只會給你一個數據點。

If you look back at fiscal '19 and look at these high-value solutions relative to consumer components, you'll find the margins were about 30 points -- 30 percentage points higher.

如果您回顧 '19 財年並查看這些與消費組件相關的高價值解決方案，您會發現利潤率約為 30 個百分點——高出 30 個百分點。

So significantly higher opportunity to get higher margins.

因此獲得更高利潤的機會顯著增加。

And of course, that obviously helps the overall margins of the company.

當然，這顯然有助於公司的整體利潤率。

Our last question comes from the line of Hans Mosesmann of Rosenblatt Securities.

我們的最後一個問題來自 Rosenblatt Securities 的 Hans Mosesmann。

Congratulations to the team for the execution.

祝賀團隊的執行。

Sanjay, on the server and data center module dynamic where you're seeing a higher mix of quality or higher density, what was the density on average a year ago just to get a reference on how that has improved?

Sanjay，關於服務器和數據中心模塊動態，您看到更高質量或更高密度的組合，一年前的平均密度是多少，只是為了獲得關於如何改進的參考？

And what exactly is driving this move?

究竟是什麼推動了這一舉動？

Is it a new process or architecture?

它是一個新的流程或架構嗎？

Is it market share gains?

是市場份額的增長嗎？

That would be helpful.

那會很有幫助。

Yes.

是的。

In cloud servers as well as enterprise server, average density is around 3 giga -- 300 gigabyte per server average consumption of DRAM, and this trend is expected.

在雲服務器以及企業服務器中，平均密度約為 3 GB——每台服務器平均消耗 300 GB DRAM，這一趨勢是可預期的。

When you look at the CAGR over the next few years, expect it to continue to go -- grow in double digit range anywhere, when you look at '19 to '22 kind of CAGR, around 20% CAGR for average content growth in servers, in cloud and enterprise applications.

當您查看未來幾年的複合年增長率時，預計它會繼續增長——在任何地方都以兩位數的速度增長，當您查看 19 到 22 年的複合年增長率時，服務器中的平均內容增長約為 20% 的複合年增長率，在雲和企業應用程序中。

So this is definitely a high-growth area for the market.

因此，這絕對是市場的高增長領域。

And when you look at the new CPUs, like Cascade Lake and other new CPUs starting in 2019, as I mentioned earlier, they support the usage of higher-density chips.

當你看到新的 CPU 時，如 Cascade Lake 和其他從 2019 年開始的新 CPU，正如我之前提到的，它們支持使用更高密度的芯片。

That means they support usage of 16-gigabyte chips as well as more channels in the new CPUs, and that is definitely driving greater ability to use more content per server for DRAM.

這意味著它們支持使用 16 GB 芯片以及新 CPU 中的更多通道，這無疑推動了每台服務器為 DRAM 使用更多內容的能力。

And of course, at the end of the day, it's about the workloads that applications are running and those workloads are requiring -- increasing requirement for speed and that's translating into increasing requirement for memory as more and more real-time data analytics kind of applications and AI applications are being run in enterprise and data center and cloud applications.

當然，歸根結底，這與應用程序正在運行的工作負載以及這些工作負載的要求有關——對速度的要求越來越高，隨著越來越多的實時數據分析類型的應用程序，這轉化為對內存的要求越來越高人工智能應用程序正在企業和數據中心以及雲應用程序中運行。

Great.

偉大的。

And as a quick follow-up, can you give us a commentary regarding 3D XPoint used in main memory?

作為快速跟進，您能否給我們評論一下在主存儲器中使用的 3D XPoint？

If there is a road map for that this year -- this coming year?

如果今年有路線圖 - 來年？

So 3D XPoint, certainly, as we said, exciting opportunity for us longer term.

所以 3D XPoint 當然，正如我們所說，從長遠來看，這對我們來說是一個令人興奮的機會。

It definitely gives us differentiated opportunity with -- as the only company in the world having NAND, DRAM and 3D XPoint.

作為世界上唯一一家擁有 NAND、DRAM 和 3D XPoint 的公司，這無疑為我們提供了與眾不同的機會。

We have just introduced our first storage product with 3D XPoint, the world's fastest SSD.

我們剛剛推出了第一款配備 3D XPoint 的存儲產品，它是世界上最快的 SSD。

And as you noted, I mean 3D XPoint certainly has opportunities on the memory side of the business as well.

正如您所指出的，我的意思是 3D XPoint 在業務的內存方面當然也有機會。

And as we look at engaging with the ecosystem, as we look at developing our products, these are the kind of opportunities, both on the memory semantic applications as well as storage side of the applications we'll be addressing over the course of next few years, as we expand our product portfolio in this area.

當我們著眼於與生態系統互動時，當我們著眼於開發我們的產品時，這些都是機會，無論是在內存語義應用程序以及我們將在接下來的幾個過程中解決的應用程序的存儲方面年，隨著我們在該領域擴展我們的產品組合。

But certainly, 3D XPoint -- again, these kind of things, breakthrough technologies, take multiple years and require a lot of ecosystem work to get the full use of the technology.

但可以肯定的是，3D XPoint——同樣，這類突破性技術需要多年時間，並且需要大量生態系統工作才能充分利用該技術。

And we are well on our way, as we discussed, at Micron Insight.

正如我們在 Micron Insight 所討論的，我們正在順利進行。

And let me put the plug here again that if you have not watched it, please do watch Sumit's presentation.

讓我再把插頭放在這裡，如果你還沒有看過，請看 Sumit 的演講。

I think it gives you a pretty good perspective on the capabilities of 3D XPoint technology and our vision of the future with it.

我認為它讓您對 3D XPoint 技術的功能以及我們對未來的願景有了一個很好的了解。

Thank you.

謝謝你。

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

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。