[情報] 美光2022Q3財報電話會議文字稿

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1. 標題：
Micron Technology, Inc. (MU) CEO Sanjay Mehrotra on Q3 2022 Results -
Earnings Call Transcript
美光科技（MU）首席執行官Sanjay Mehrotra談2022年第三季度業績 - 財報電話會議記錄

2. 來源：SA
3. 網址：https://seekingalpha.com/article/4521286
4. 內文：

(警告:本文非常長 下有不負責對錯的機器翻譯 建議點原文網址閱讀)

Micron Technology, Inc. (NASDAQ:MU) Q3 2022 Results Conference Call June 30,
2022 4:30 PM ET

Company Participants

Farhan Ahmad - VP, IR

Sanjay Mehrotra - President and CEO

Mark Murphy - CFO

Sumit Sadana - EVP and Chief Business Officer

Conference Call Participants

Harlan Sur - JP Morgan

C.J. Muse - Evercore

Krish Sankar - Cowen and Company

Timothy Arcuri - UBS

Vivek Arya - Bank of America

Ambrish Srivastava - BMO

Aaron Rakers - Wells Fargo

Operator

Thank you for standing by, and welcome to Micron Technology’s Fiscal Third
Quarter 2022 Financial Conference Call. At this time, all participants are ina listen-only mode. After the speaker presentation, there will be a
question-and-answer session. [Operator Instructions] Please be advised that
today’s conference may be recorded. [Operator Instructions]

I would now like to hand the call over to Farhan Ahmad, Vice President,
Investor Relations.

Farhan Ahmad

Thank you, and welcome to Micron Technology’s fiscal third quarter 2022
financial conference call.

On the call with me today are Sanjay Mehrotra, our President and CEO, and
Mark Murphy, our CFO. Today’s call is being webcast from our Investor
Relations site at investors.micron.com, including audio and slides. In
addition, the press release detailing our quarterly results has been posted
on the website, along with the prepared remarks for this call.

Today’s discussion of financial results is presented on a non-GAAP financial
basis unless otherwise specified. A reconciliation of GAAP to non-GAAP
financial measures may be found on our website. We encourage you to visit ourwebsite at micron.com throughout the quarter for the most current informationon the Company, including information on financial conferences that we will
be attending. You can also follow us on Twitter at MicronTech.

As a reminder, the matters we are discussing today include forward-looking
statements regarding market demand and supply, our expected results, and
other matters. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from
statements made today. We refer you to the documents we file with the SEC,
specifically our most recent Form 10-K and 10-Q, for a discussion of the
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 to conform these statements to actual results.

I’ll now turn the call over to Sanjay.

Sanjay Mehrotra

Thank you, Farhan. Good afternoon, everyone.

Micron delivered record quarterly revenue with strong profitability and free
cash flow, enabled by our team’s excellent execution and our
industry-leading technology and product portfolio. Micron achieved revenue
records in the auto, industrial and networking markets, and in SSDs for both
data center and client. Our NAND business delivered record quarterly revenue,and our Embedded Business Unit and Storage Business Unit NAND revenues also
hit all-time highs. Our 1-alpha DRAM and 176-layer NAND ramps are several
quarters ahead of the industry and progressing well as we continue to qualifynew products that use these nodes. The Micron team delivered these excellent
results despite supply chain challenges and COVID-19 control measures in
China, which impacted our business on both the demand side and the supply
side.

There are consumer demand and inventory-related headwinds impacting the
industry and consequently our fiscal Q4 outlook. However, we remain confidentabout the secular demand for memory and storage, the attractiveness of our
market opportunity, Micron’s excellent competitive position and strong
execution capabilities, and our cross-cycle financial model.

Micron is leading the industry in both DRAM and NAND technology, and we are
also well-poised to continue this lead into calendar 2023.

In DRAM, our 1-alpha node ramp is several quarters ahead of the industry, andin fiscal Q3, 1-alpha represented the largest DRAM node in our shipment mix.
Our newest node, 1-beta, is on track to ramp in manufacturing by the end of
calendar 2022.

In NAND, our industry-leading 176-layer node continues to grow in mix of
sales, having previously reached the majority of our NAND bit shipments in
fiscal Q2. This technology node is contributing to a competitive cost
structure across our product portfolio, and in FQ3, we achieved several
important 176-layer product qualifications. We are also making excellent
progress on our 232-layer node and expect to ramp production by the end of
calendar 2022.

Across the industry, there are cost challenges stemming from supply chain andinflationary pressures; however, we continue to expect our cost reductions tooutpace those of the industry this year, driven by excellent productivity
improvements in our fabs and the well-executed ramp of our world-class
1-alpha DRAM and 176-layer NAND nodes.

Despite COVID-19 control measures in China that created challenges for the
global electronics supply chain, Micron’s strong execution enabled record
assembly output in fiscal Q3, supporting record quarterly revenue. However,
these COVID-19 control measures in China impacted our outsourced assembly andtest subcontractors and led to some impact to fiscal Q3 results.

Now turning to our end markets. AI, ongoing cloud adoption, EVs and the
ubiquitous connectivity offered by 5G are strong secular demand drivers,
enabling the memory and storage industry to outpace the broader semiconductorindustry. Micron’s product portfolio has become significantly stronger, and
we have established product momentum in several attractive growth markets. Weare also driving a portfolio mix shift toward higher growth and more stable
markets. Fiscal 2021’s 55 to 45 revenue split in favor of the more mature
mobile, PC and consumer markets is expected to shift, by fiscal 2025, to a 38to 62 split in favor of the higher growth data center, auto, industrial,
networking and graphics markets. Several of these end markets also exhibit
more stable profitability. Our fiscal Q3 new product launches and customer
qualifications reflect solid execution toward this portfolio transformation.

Data center is the largest market for memory and storage today, and the rapidgrowth of AI and memory-intensive workloads ensures that it will sustain
strong growth through the end of the decade.

Corporations around the world are investing in digitization and extracting
more value from data, and this approach remains one of the primary ways of
improving efficiency and driving competitive advantage.

Data center fiscal Q3 revenue grew by a double-digit percentage sequentially
and well over 50% year-over-year. Data center end demand is expected to
remain strong in the second half of calendar 2022, driven by robust cloud
CapEx growth. Despite the strong end demand, we are seeing some enterprise
OEM customers wanting to pare back their memory and storage inventory due to
non-memory component shortages and macroeconomic concerns.

In fiscal Q3, we achieved several product and customer milestones. We began
volume shipments of HBM2E, one of the fastest-growing product categories,
driven by the growth in AI and machine-learning workloads. Micron continues
to lead in DDR5; however, delays in the rollout of new server CPU platforms
have slowed the industry DDR5 ramp versus prior expectations. In data center
SSDs, we more than doubled revenue year-over-year and achieved a new revenue
record in the fiscal third quarter. We are excited by the strong reception ofour industry-leading 176-layer data center NVMe SSDs, which are already in
volume production, and in fiscal Q3, we completed qualifications with three
OEMs. We recently launched the world’s first 176-layer data center SATA SSD,
which will help sustain our industry leadership in this product category.

In fiscal Q3, we achieved client revenue growth in the mid-teens percentage
range sequentially, driven by DRAM shipments and share gains in client SSD.

A number of factors have impacted consumer PC demand in various geographies.
As a consequence, our forecast for calendar 2022 PC unit sales is now
expected to decline by nearly 10% year-over-year from the very strong unit
sales in calendar 2021. This compares to an industry and customer forecast ofroughly flat calendar 2022 PC unit sales at the start of this calendar year.

We expect PC per unit memory and storage content growth trends to remain
healthy in calendar 2022, driven by a mix shift toward enterprise PCs and theincreasing content in new architectures such as Apple’s M1 Ultra platform,
which features up to 128 gigabyte of DRAM.

Micron has a strong product portfolio and is well-positioned in this market.
We are leading the DDR5 transition and expect our DDR5 revenue to continue togrow as multiple client customers launch next-generation notebooks. Increasedavailability of non-memory bill of materials will also improve our ability toship DDR5-based modules. In addition, we continue to lead the industry in
client QLC SSD technology and expect QLC to increase as a percentage of
176-layer bit output in fiscal Q4 and beyond.

In fiscal Q3, graphics revenue grew at a strong double-digit percentage rate
sequentially and year-over-year, driven by the strength of Micron’s products
and customer relationships. Micron continues to be the industry performance
leader in graphics. We announced volume shipments of our new 1z 16 gigabit
GDDR6X in fiscal Q3, which features twice the capacity and up to 15% higher
performance than the previous 1y generation. The 24 gigabit per second peak
bandwidth of GDDR6X is made possible by Micron’s groundbreaking PAM4 signal
transmission technology. No other memory vendor offers this capability or
level of performance.

We also began volume shipments of our newest 1z 16 gigabit GDDR6 product to
our largest graphics customers.

Fiscal Q3 mobile revenue declined slightly year-over-year but grew
quarter-over-quarter due to strong customer partnerships and product
execution.

Smartphone unit sales expectations have declined meaningfully for calendar
2022. We are now projecting smartphone unit volume to decline by
mid-single-digits percent range year-over-year in calendar 2022, well below
the industry and customer expectation earlier in the year of mid-single-digitpercentage growth. 5G unit sales are expected to grow and reach approximately50% penetration of the smartphone unit TAM this year.

The growth of 5G units will also drive higher DRAM and NAND content. We
continue to deliver key mobile customer qualifications and strong mobile
product ramps on our leading nodes. In fiscal Q3, we expanded our 1-alpha
LPDRAM leadership with the industry’s first ramp of 1-alpha LPDDR5. In
addition, 176-layer NAND made up over 90% of our mobile NAND bit shipments.

Micron is the market share and quality leader in the fast-growing auto and
industrial end markets, and in fiscal Q3, we achieved record revenue in both.These markets also exhibit higher stability in their gross margin profile
through the cycle. Auto growth has been driven by robust demand that remains
constrained by auto unit production. We see robust auto content growth as
OEMs adopt significant architectural changes to support ADAS, infotainment
and electric vehicles. In fiscal Q3, there were announcements of several new
EVs featuring content-rich ADAS, including the Ford F-150 Lightning, MercedesEQS SUV and EQE sedan, and BMW iX1. We expect the auto market to have a
strong long-term bit growth CAGR in DRAM and NAND that is roughly twice the
CAGR of the overall DRAM and NAND markets, and consequently our strength in
this market will become increasingly important.

Industrial IoT achieved record revenue in fiscal Q3, demonstrating
broad-based growth with various end market applications. We continue to see
tailwinds from secular growth drivers as industrial customers invest in
increasing factory automation and digitization.

Turning to the market outlook.

Our expectations for calendar 2022 industry bit demand growth have moderated
since our last earnings call. Near the end of fiscal Q3, we saw a significantreduction in near-term industry bit demand, primarily attributable to end
demand weakness in consumer markets, including PC and smartphone. These
consumer markets have been impacted by the weakness in consumer spending in
China, the Russia-Ukraine war, and rising inflation around the world.

COVID-19 control measures in China have exacerbated supply chain challenges
for some customers, and the macroeconomic environment is also creating some
caution amongst certain customers. Several customers, primarily in PC and
smartphone, are adjusting their inventories, and we expect these adjustments
to take place mostly in the second half of calendar 2022.

While end demand in the mobile, PC and consumer markets has weakened, cloud,
networking, automotive and industrial markets are showing resilience.

Due to weaker demand in the second half of calendar 2022, we now expect
year-over-year calendar 2022 industry bit demand growth to be below the
long-term CAGRs of mid-to-high-teens percentage for DRAM and high-20s
percentage for NAND. Despite the near-term weakness, secular demand trends
remain strong, and our view of long-term DRAM and NAND bit demand CAGR
remains unchanged from prior expectations.

Turning to supply. Given the change in market conditions, we are taking
immediate action to reduce our supply growth trajectory. To protect
profitability, we will maintain pricing discipline, manage capacity
utilization, and use inventory as a buffer to navigate through this period ofdemand weakness. Additionally, we are planning for a reduced level of bit
supply growth in fiscal 2023 and will use inventory to supply part of the
market demand next year. This approach will enable us to reduce wafer fab
equipment CapEx for fiscal year 2023 versus our prior plans, and we now
expect our fiscal 2023 wafer fab equipment CapEx to decline year-over-year.

Overall industry supply is also being impacted. Manufacturing equipment
shipment delays, challenges for some in the industry in ramping new nodes of
technology and DRAM supply discipline evident in the industry are all
expected to limit supply growth over the next few quarters. These supply
reductions will help offset some impact of the weaker demand.

I will now turn it over to Mark Murphy, Micron’s Chief Financial Officer.

Mark Murphy

Thanks, Sanjay.

Micron delivered strong results in fiscal Q3, marked by record quarterly
revenue and $1.3 billion of free cash flow.

Total fiscal Q3 revenue was $8.6 billion, up 11% sequentially and up 16%
year-over-year. Growth was strong across most end markets.

Fiscal Q3 DRAM revenue was $6.3 billion, representing 73% of total revenue.
DRAM revenue increased 10% sequentially and was up 15% year-over-year.
Sequentially, bit shipments increased by slightly over 10% while ASPs
declined slightly.

Fiscal Q3 NAND revenue was $2.3 billion, representing 26% of Micron’s total
revenue. NAND revenue increased 17% sequentially and was up 26%
year-over-year. Sequential bit shipments increased in the high-teens percent,and ASPs declined slightly.

Now turning to our fiscal Q3 revenue trends by business unit.

Revenue for the Compute and Networking Business Unit was $3.9 billion, up 13%sequentially and up 18% year-over-year. Data center, graphics and networking
contributed to both year-over-year and sequential growth.

Revenue for the Mobile Business Unit was approximately $2 billion, up 5%
sequentially and down 2% year-over-year. Strong execution and product
momentum allowed MBU to deliver sequential growth in a challenging smartphonemarket demand environment.

Revenue for the Storage Business Unit was $1.3 billion, up 15% sequentially
and up 33% year-over-year.

We achieved record SSD revenue, with both data center and client SSD revenuesreaching all-time highs. Data center SSD revenue more than doubled
year-over-year.

Finally, we achieved record revenue for the Embedded Business Unit at $1.4
billion, up 12% sequentially and up 30% year-over-year. Both automotive and
industrial revenues set records in the quarter.

The consolidated gross margin for fiscal Q3 was 47.4%, down approximately 40
basis points sequentially. An increasing mix of NAND contributed to the
decline.

Operating expenses in fiscal Q3 were approximately $950 million, below the
low end of the guidance range and down approximately $20 million
sequentially. OpEx benefited from the timing of our technology and product
qualifications and from lower variable compensation. Although we are taking
actions to reduce OpEx in light of current market conditions, we expect OpEx
to increase sequentially due to the timing of technology and product
qualifications.

Fiscal Q3 operating income was $3.1 billion, resulting in an operating marginof 36.4%, up approximately 110 basis points sequentially and up 450 basis
points from the prior year. Fiscal Q3 adjusted EBITDA was approximately $5
billion, resulting in an EBITDA margin of 57.4%, down approximately 40 basis
points sequentially and up over 400 basis points versus the prior year.

Non-GAAP earnings per share EPS in fiscal Q3 were $2.59, up from $2.14 in
fiscal Q2 and up from $1.88 in the year-ago quarter.

Turning to cash flows and capital spending. We generated $3.8 billion in cashfrom operations in fiscal Q3, representing 44% of revenue.

Capital expenditures were $2.5 billion during the quarter. We expect fiscal
2022 CapEx to be approximately $12 billion. Our free cash flow for fiscal Q3
was $1.3 billion.

During the quarter, we completed share repurchases of $981 million or
approximately 13.8 million shares.

Including our dividend payment, we returned $1.1 billion to shareholders in
fiscal Q3. Since the share repurchase program’s inception in fiscal 2019
through the end of fiscal Q3, we have deployed $5.7 billion toward
repurchasing 108 million shares at an average price of approximately $53 per
share. As we discussed at Investor Day, we are committed to returning to
shareholders all of the free cash flow generated over the cycle through a
combination of dividends and share repurchases. Share repurchases will be
both programmatic and opportunistic, and we expect to purchase more as the
stock trades at bigger discounts to intrinsic value.

On dividends, our Board of directors approved a quarterly dividend of $0.115
per share, a 15% increase over the prior dividend, to be paid on July 26th toshareholders of record on July 11th.

Our ending fiscal Q3 inventory was $5.6 billion, and average days of
inventory for the quarter were down to 109 days from 113 days last quarter.

We ended the quarter with $12 billion of cash and investments and $14.5
billion of total liquidity. Our fiscal Q3 total debt was $7 billion.

Now turning to our outlook for the fiscal fourth quarter. Long-term demand
trends remain constructive; however, select market weakness and macroeconomicuncertainty are impacting our near-term outlook and visibility. Currently, wedo project sequential bit shipments to be down for both DRAM and NAND in
fiscal Q4. We intend to maintain pricing discipline and walk away from
business which doesn’t meet our pricing objectives. While we are taking
proactive steps to control OpEx and CapEx, we expect the impact of these
actions to be limited in fiscal Q4 and to become more material in fiscal year‘23.

With all these factors in mind, our non-GAAP guidance for the fiscal Q4 is asfollows. We expect revenue to be $7.2 billion, plus or minus $400 million;
gross margin to be in the range of 42.5%, plus or minus 150 basis points; andoperating expenses to be approximately $1.05 billion, plus or minus $25
million. We expect our non-GAAP tax rate to be approximately 9% for fiscal
Q4. Based on a share count of approximately 1.13 billion fully diluted
shares, we expect EPS to be $1.63, plus or minus $0.20. We remain on track todeliver record revenue and solid profitability and free cash flow in fiscal
year 2022.

In closing, we delivered strong results in our fiscal Q3, but near-term
headwinds are impacting our fiscal Q4 outlook. Beyond the near term, we
project secular growth drivers such as data center, automotive and other
areas to support robust DRAM and NAND growth and strong cross-cycle financialperformance by Micron. At our Investor Day event last month, we laid out a
cross-cycle financial model for the Company that reflects the key attributes
of our business: a strong revenue growth CAGR of high single digits, robust
cross-cycle operating margins of approximately 30%, and healthy free cash
flow margins that exceed 10% of revenues. Given our long-term financial
outlook and the strength of our balance sheet, we see the current share priceas very attractive and, at these levels, intend to repurchase shares more
aggressively in fiscal Q4.

I will now turn it back to Sanjay.

Sanjay Mehrotra

Thank you, Mark.

The memory and storage TAM is expected to grow to $330 billion by 2030 and
become an increasing portion of the semiconductor market. The near-term
market environment notwithstanding, we are executing extremely well on all
aspects of the business that are within our control. Micron’s continuing
technology, product and manufacturing leadership puts us in an excellent
position to capitalize on the long-term opportunity and to extend the
frontiers of what is possible with memory and storage. We will continue to
exercise supply discipline and take appropriate actions to navigate through
the near-term headwinds, and we remain focused on creating value for
shareholders and generating healthy free cash flow cross cycle.

Thanks for joining us today. We will now open for questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question comes from the line of Harlan Sur
of JP Morgan.

Harlan Sur

Good afternoon. Thanks for taking my question. On the data center business,
as you guys mentioned, I mean, enterprise CIOs are concerned on the macro
outlook and pulling back on their spending budgets. Cloud remains strong. Butwithin that, we’ve heard that continue -- there’s continued strength from
the U.S. cloud service providers, but a pullback in spending from the China
cloud customers. Are you guys seeing these dynamics within your cloud
segment? And then, on the supply side, again, within your cloud business, canyou discuss the level of inventories in the channel and at customers that
feed into the cloud segment? Because we’re hearing that kind of similar to
enterprise that inventories in the cloud channels are also pretty elevated,
but wanted to get your views.

Sanjay Mehrotra

Thanks, Harlan, for the question. And before I answer the question, I just
wanted to note here that we have Sumit Sadana, our Executive Vice President
and Chief Business Officer here as well. As you may recall, Sumit was with usin the last earnings call. And in the given environment, I thought it would
be good to have him here to add any color to the market environment related
specific questions.

So, with respect to the question you asked regarding the enterprise server
OEM side of the business. There, yes, as we noted that we have seen some
inventory adjustment, particularly given their concerns on the macro
environment as well as certain supply chain shortages that they may be
experiencing. However, on the enterprise server OEM side, the end market
demand continues to be healthy as well. And same thing on the cloud side as
well that the end market demand for cloud is healthy, cloud demand to us is
relatively healthy as well. Of course, cloud also carries elevated levels of
inventory versus the pre-COVID level of investments versus the pre-COVID
level of inventory. And of course, the cloud investments in CapEx continued
to be at a strong clip in their infrastructure, and that bodes well for
memory and storage.

And I think what’s important is that the overall trend of digitization and
use of data to help drive greater productivity and efficiency in businesses,
particularly in the backdrop that the world is facing today with the
macroeconomic uncertainties is helpful in driving greater technology adoptionacross industries, and that’s where memory and storage plays out well as
well.

And specifically, with respect to China and U.S., of course, in China, as we
have pointed out earlier, we have seen overall weakness and certainly
weakness on the consumer demand side from China as well as some other parts
of the world. But we are not really breaking it down between China and U.S.
at this point. But again, the overall cloud trends continue to be healthy in
terms of the end demand.

Sumit, do you want to add any comment on channel customers in terms of
inventory?

Sumit Sadana

Yes. I mean, I think the inventory level, as Sanjay said, is higher on the
cloud customer side and generally on the data center side compared to where
it was pre-COVID. The channel business on the cloud side is relatively in a
better place compared to the consumer business challenges that Sanjay
highlighted. But of course, different customers have different strategies on
how they manage their particular inventory. And the smaller customers in the
channel that focus on data center products have had more challenges getting
their hands on some of these products that are in shortage like NIC cards to
complete server builds, and the smaller customers are getting more impacted
there than some of the bigger customers.

Sanjay Mehrotra

And Harlan, I’ll tell you that we work very closely with our customers. I
mean team here, Sumit, myself, I mean, we really engage very closely with ourcustomers across our ecosystem partners here in China as well as here in the
U.S. and worldwide. So, of course, we are keeping close tabs on how the
business environment is evolving.

Operator

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

C.J. Muse

I guess, first question, can you speak to the magnitude of the correction forboth DRAM and NAND, how you see that playing out? I’m assuming here that it’
s a much larger impact on the DRAM side for you and should be thinking maybe
bits down kind of in the low teens. Is that the right way to think about it?

Sanjay Mehrotra

So certainly, on the -- in terms of inventory adjustments that are primarily
happening in the smartphone and the PC market. Of course, those inventory
adjustments are happening in NAND as well as in DRAM. And clearly, as we havesaid that in terms of overall demand projection for this year, we definitely
see it below -- for DRAM below the guidance we had provided earlier as well
as the longer term CAGR for DRAMs mid-teens to high teens. So, we see that
below that trajectory. And in terms of NAND, same thing that earlier we had
said that the CAGR is high 20s, and we see that in calendar year ‘22 coming
in below that. Again, adjustments are happening with respect to inventory
both in smartphone and PC market.

And just keep in mind that compared to earlier in the year estimation for PC
growth, we now are projecting that PC year-over-year in calendar year ‘22
will be down nearly 10%. Similarly, smartphone at the start of the year was
expected to grow in mid-single digits in terms of total unit sales worldwide
year-over-year and now, one is looking at a decline of mid-single digits. So,a swing of 10% in smartphones as well.

If you were to translate it into units, it amounts to like 130 million units
reduction versus expectation earlier in the year for smartphone. And
similarly for PC, let’s say, 30 million kind of reduction in terms of total
units versus the projections earlier in the year. And of course, PC and
smartphone combined represent half of the memory and storage worldwide demandin terms of bits, right? So, with this adjustment primarily happening in the
second half of this year in these two markets, clearly that is resulting in ayear-over-year change versus prior expectations in DRAM as well as NAND
demand growth.

C.J. Muse

Very helpful. As a follow-up, Mark, you talked about WFE trending lower in
fiscal ‘23. Can you give an idea of the magnitude there? And then, how
should we think about overall CapEx trending into fiscal ‘23?

Mark Murphy

Yes. C.J., as mentioned in the prepared remarks, we expect to end fiscal ‘22
at around $12 billion, so -- on total CapEx. So that would be an uptick in
Q4. And that’s consistent with previous statements.

Now, with bit supply growth assumptions coming off versus previous group --
the view, we’re actively working to bring spend down. And as you say, we’re
confident that as we sit here today, WFE spend will be down in fiscal ‘23. We’re also evaluating construction and other large areas of spend. We’re
looking to reduce utilization on some older nodes to maintain supply and
drive CapEx for use and shift production to more cost-effective nodes, doing
a number of things. And the market is dynamic. So, this is real time. I’m
not going to size the reduction next year just at this point because it’s
still moving. But at this point, we’re confident that WFE will decline
year-over-year.

Operator

Our next question comes from Krish Sankar of Cowen and Company.

Krish Sankar

I have two quick ones. First one, Sanjay or Sumit, I kind of have different
way of asking the cloud question. As you mentioned, mobile and PC are slow,
but it seems like data center the next year to drop, but yet, you seem
optimistic about data center to remain strong in the second half 2022, but
you also said cloud inventory is high. So, it seems like if consumer spendingslows, which it is, data center CapEx is a drift. So, love to hear your
thoughts why you think overall, the U.S. cloud trends, one, drop in the
second half of this year?

And then a quick follow-up question for maybe Mark was on the impact of the
China Shanghai COVID-19 lockdown. Is there a way to quantify what it was in
the May quarter and what it means to second half output for Micron?

Sanjay Mehrotra

So earlier, I provided some color regarding our view on cloud. I think I willask Sumit just to add some further color on that. And Sumit, maybe you can
just take the China question as well.

Sumit Sadana

Yes, sure. So, Krish, very quick on the cloud discussion. As Sanjay
mentioned, the CapEx trends for our customers in the cloud space continue to
be pretty strong and the end demand for cloud services and the growth in
those cloud services continues to be robust. And so, of course, like you alsopointed out, I mean, the inventory levels are higher compared to where they
were pre-COVID. Now, it remains to be seen how the macroeconomic environment
is going to cause the cloud spending trends to modulate over time. But if
anything, we think that the cloud spending trends are going to be pretty
secular, pretty strong. Even if there is some kind of an impact, it will comeback strongly as things stabilize. And even companies that do focus on
tightening their belt in this macroeconomic environment will continue to lookfor ways to become more efficient, become more profitable, improve their
competitive positioning. And that means extracting more value from data,
digitization trends to continue. So, those kind of things, we feel are going
to be well sustained through the environment that may happen. But of course,
a lot depends on how the macroeconomic environment evolves, and that’s why
we are staying very close with customers.

Switching to your China question. China has been a pretty significant impact
to our FQ4 trajectory. This time last quarter when we were contemplating our
FQ4 trajectory compared to that to our latest guidance that we have provided.Our view for China revenue has come down by approximately 30%. And that
reduction in the China revenue has caused roughly a 10% reduction in our
consolidated company-wide revenue. And so, that’s the impact to the Q4. It’
s pretty substantial. And the China impact is largely driven by, of course,
smartphone weakness, PC weakness, the general consumer environment there has
been weak due to the COVID shutdowns, and that has percolated to different
parts of the economy. So, the economic environment is weak.

Now, we do feel like given the weakness in that economy, as you know, China
does tend to provide stimulus to improve the financial and economic
conditions, and we are hopeful that that kind of stimulus and improvement in
the economy will be forthcoming in the quarters ahead. The timing of that andhow it plays out with further COVID-related issues in China is unclear. But
we remain optimistic that over time, the consumer demand will come back and
improve things.

Operator

Our next question comes from Timothy Arcuri of UBS.

Timothy Arcuri

I guess I had two questions. The first one is for you, Mark. The buyback thisquarter was great. But I guess -- and you did say that you’re going to buy
back more in August. But I guess I had a bigger picture question around sort
of you have an opportunity now with the stock where it is. You have
leadership in terms of technology. Where would you be willing to take cash
balance to take advantage of this price weakness? I mean, is there a sort of
a minimum cash balance that we can think of where you could sort of
opportunistically buy back a fairly significant piece of the Company?

Mark Murphy

Yes. Tim, I’m not going to comment on definitively about our rate and pace.
As you point out, the balance sheet is stronger than ever. And I think what’
s most important there is we’re in a great position to sustain long-term
investments as the markets a bit softer here. We’ve got $14.5 billion of
liquidity, which you point out, $12 billion of that’s in cash. And that is
above a liquidity target that we had set of about 35%. We’re 10 points over
that. Leverage is low, 0.4% on gross and we’re in a net cash position. So,
no near-term maturities, average debt maturity out 2031. So we’re in great
shape.

I think we want to maintain a balance sheet to be able to focus on the long
term of the business. As you point out, we did return historically high
levels to shareholders in third quarter.

At these share price levels, we project opportunistic repurchase to increase.And then from there, we’re just focused on free cash flow growth, returning
excess cash to shareholders and importantly, maintaining investment-grade
rating. So, I’d say, we have ample liquidity now to repurchase at a higher
rate this quarter.

Timothy Arcuri

Cool. Thanks for that. And I guess, second question also, Mark, for you. Whatdoes the guidance assume for your inventories in August? And sort of how do
you think about sort of the balance between holding some inventory if you
believe that data center will stay strong and sort of how should we think
about inventory in August and sort of your bigger picture strategy around
keeping some inventory on the bet that cloud does remain strong?

Mark Murphy

It’s a good question, Tim. And you heard Sanjay talk about this briefly in
his prepared remarks. Our strategy is to manage supply through inventory as abuffer and we did talk about reducing bit supply growth assumptions a bit. Weare starting this sort of softer period in a pretty good place. We ended the
third quarter $5.6 billion of inventories, 109 days, down from 113 days in
2Q. So, we do expect inventories to go up this quarter. And that will build
in some flexibility as we work to optimize price on our products. I want to
note, it’s cost-effective inventory, much of it built on leading nodes. And
so, it will be competitive for a long time. And then, we’ll also use this
inventory build to revisit some CapEx decisions and defer CapEx, optimize themanufacturing footprint where we can. And to CJ’s earlier question, it gives
us more confidence that we can lower WFE spend next year.

So, in the -- we expect it to go up a couple of weeks and days in the fourth
quarter. From there, we’ll have to see how the market develops and which way
it moves. We are -- we do have more complex wafer processing and more complexmodule products that are sort of adding some pressure on the days, but we’re
also offsetting that with better cycle time, lower stock levels and so forth.

So, I think the days that we would be uncomfortable with is a number that we’ve talked about in the past, around 150 days where we start to -- that’s too
high a level. So, we would definitely go up in the fourth quarter, and then we’ll see where inventory levels go from there.

Operator

Our next question comes from Vivek Arya of Bank of America.

Vivek Arya

Sanjay, I’m curious, do you think this Q4 outlook is the bottom of the
cycle, or do you think the risks can extend into Q1? Because you mentioned
that the consumer headwinds could continue to play out during the second halfof the calendar year and also because cloud inventory is at elevated levels.
So, I guess, my specific question as much as I realize you don’t guide out
more than a quarter is, do you think Q1 sales and margins are more likely to
be flat, up or down sequentially?

Sanjay Mehrotra

So clearly, we don’t guide to Q1 here. But as I pointed out in the prepared
remarks that we expect these inventory adjustments to be working themselves
out over the course of second half of the year. We have pointed out that the
inventory adjustments primarily are taking place in PC and the smartphone
market.

And I’ll just point out that from the past history as well, that once
inventory adjustments begin in a certain part of the segment, then it takes acouple of quarters for them to work out. And here, we, of course, have
macroeconomic uncertainties as well. It has been a rapidly changing and
uncertain environment. And this is what we have to keep in mind when we look
at when does normally see return in terms of demand. And that’s why, just
like Mark pointed out here in response to the last question, we will be usinginventory to address the demand next year. And we will continue to closely
with our customers to understand their overall demand environment.

We think that sometime in fiscal ‘23 is when -- in our fiscal ‘23 is when
demand will rebound, but more importantly, it’s really about the
supply-demand balance. And with respect to supply-demand balance, you can
see, that we are taking actions immediately in terms of curtailing our supplygrowth for fiscal year ‘23 by sharing the plans with you that we are
bringing down our CapEx versus our estimations earlier. So, that’s an
important step. And of course, industry has shown that in DRAM that it has
CapEx discipline as well. We believe our actions will also contribute toward
returning the industry health sooner.

So, I would expect that sometime in our fiscal year ‘23 demand will rebound
as well as industry demand supply environment, there’s a store to a healthy
level. But again, I will point out that, look, this is a highly uncertain
rapidly changing environment. We are, of course, responding fast and -- in
terms of any changes we see. So we are not been pointing to any specific
quarter at this time.

And again, I think what’s also important is that Micron execution continues
to be really strong. I mean, whether you look from technology, product,
manufacturing, customer relationships and of course, our strong balance
sheet, we are well poised to emerge stronger on the other side of this
downturn. So, we are really executing well, working closely with our
customers to understand the latest demand trends in various end market
segments and adjusting our plans as necessary and as fast as we can, and
really positioning the Company for overall healthy growth in the long term.

And again, the long-term trends -- as Sumit also pointed out earlier, and I
shared with you, the long-term trends absolutely bode well for memory and
storage.

Vivek Arya

How much is cloud inventory above a normal level, $100 million, $200 million?Any kind of rough estimation of how much of incremental headwind is that, so
we can take that into account? Thank you.

Sanjay Mehrotra

Look, I mean, it really varies by customer to customer, right? So I mean, we
can’t exactly give you some of those details here.

Operator

Our next question comes from Ambrish Srivastava of BMO.

Ambrish Srivastava

Sanjay, good to see the financial and the CapEx discipline. With respect to
supply growth and you’re ramping down supply growth heading into fiscal --
for fiscal ‘23. What’s the right way to think about demand growth? And so,
within the supply meeting demand, how much do you think will be production
growth, production supply versus coming from the inventory from the industry?Because I think the industry seems to be consistent in that, at least what weheard a week or two ago from one of your large competitors is also lowering
CapEx. So, that’s the good part. But what -- how should we think about
inventory on the balance sheet of the three participants adding to the
production supply growth? And then, I had a quick follow-up for Mark as well,please.

Sanjay Mehrotra

So look, I mean, we are in the process of firming up our plans. And when we
have our FQ4 earnings call in September, of course, we will share with you
some more details around calendar year ‘23. That will be more appropriate
time for us to be talking about it, as well as our fiscal year ‘23. But
again, the important thing to note is that our inventory is highly cost
effective. I mean, Micron is leading the industry with our DRAM and NAND
production nodes, right? We are several quarters ahead.

So, this is a highly cost-effective inventory. Our manufacturing operations
are running well. So, we will be using this inventory in fiscal year ‘23 and
of course, continue to adjust our plans as necessary on the CapEx and
front-end wafer technology ramps, et cetera, to bring balance into demand andsupply, and which is what I pointed out earlier that overall, the combinationof our inventory as well as new production growth that’s how we’re
positioned to bring that into balance to meet the demand sometime in fiscal ‘23.

Ambrish Srivastava

Got it. And Mark, real quick one on the WFE versus non-WFE, what’s the
percentage? And I respect the fact that plans are still in flux, so you can’
t give us a number for ‘23. But what’s the number expected to be for this
year, please? Thank you.

Mark Murphy

I’m sorry, Ambrish. I couldn’t hear the question.

Ambrish Srivastava

Sorry. My question was, what’s the wafer front end versus non-wafer front
end spend in the CapEx for this year?

Mark Murphy

Okay. I got the mix of spend. I won’t give an exact number because the mix
varies from year-to-year and depends on product cycles, availability of fab
space and facilities and other factors. Over half of CapEx generally is
manufacturing WFE, and then, the other half is split between development
CapEx and construction.

Ambrish Srivastava

So, when you say you will be -- you could take down construction as well,
that means construction as well as development, or what’s the right way to
think about the kind of the playbook is what everybody is looking for if
things continue to…

Mark Murphy

Just to be specific, we’re talking about WFE for manufacturing, and that’s
what I was addressing would go down year-over-year. We did not commit to
going down year-over-year on construction, nor on technology development. I
did say though that depending on how the market plays out here and inventory
levels and supply bit growth and so forth, we continue to look at our
footprint. That’s a continuous process to optimize the amount of spend.

So, again, just to make sure that’s clear, WFE over half, and then the rest
is construction spend -- equipment spend for R&D and assembly and test.

Ambrish Srivastava

Got it. Thank you. And again, I apologize if misinterpreted your comments.
Thank you.

Operator

Our next question comes from Aaron Rakers of Wells Fargo. Please go ahead.

Aaron Rakers

I just wanted to ask in this environment, these last couple of quarters and
at the Analyst Day, you emphasized how much of your business you had kind of
line of sight in terms of kind of the long-term agreements that you’ve
established. I’m curious, as we’ve gone through this kind of correction or
downturn, how would you characterize your discussions on those long-term
commitments? Have they changed at all? Have customers pushed back on taking
the amount of previously committed supply from you guys. How has that changedat all as we go through this kind of correction right now?

Sanjay Mehrotra

That’s a great question, and I will have Sumit address it.

Sumit Sadana

Yes. Happy to talk about that. So, the long-term agreements, generally, we goout four quarters, talk about volume in each quarter. And as I have pointed
out in the past, these are not meant to be take-or-pay agreements, but more
meant for planning and shared assumptions and so on. We have had extensive
discussions. We keep having ongoing dialogue with our customers about the
environment. We obviously continue to press our customers to stick with the
agreements and the quarterly SKU, et cetera, as much as possible. But, when
there are such significant extraneous events that are happening, exogenous
shock sometimes to the environment and such unpredictable type of situations
that Sanjay was highlighting, fast-changing environment that is causing
impact to the end demand, especially given some of the consumer spending
shifts that are happening in the world that are causing reductions in
purchasing of certain electronics products, PCs, smartphones, et cetera. Thenit is not possible for our customers to purchase based on the LTAs that were
established when the assumptions around the industry were very different. Andso, our goal then is to work with our customers to come up with the best
approach and figure out how best to position ourselves in terms of the
forward-looking views of their purchasing patterns. And this is where I feel
like the product momentum that we have had has played out really well.

We just mentioned that our data center SSD revenue doubled in the most recentquarter year-on-year. We have tremendous product portfolio momentum across
all of our products. We are shipping in volume, HBM products. We have the
world’s fastest graphics DRAM product, first to market with low power DRAM
and mobile and really strong capability in automotive, number one share in
auto, industrial and networking.

So, these all play to our strengths with our customers. So, in the areas
where we want to improve our portfolio position, improve our share because
they are more stable segments in the market or they are more profitable
portions of the industry profit pool. That’s where we focus on. And then our
portfolio strength really helps enable that transition with customers to makeour own business more optimized and more profitable, more steady over time.

So, that’s the engagement that we have with customers. And we use those LTAs
to then drive those longer-term goals that we have with customers.

Operator

Thank you. Ladies and gentlemen, we have reached our time. That does concludetoday’s conference call. Thank you for participating. You may now disconnect.

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不負責任翻譯中文版

美光科技股份有限公司 （NASDAQ：MU） 2022年第三季度業績電話會議 2022年6月30日
16：30 ET

公司參會人員

Farhan Ahmad - 副總裁，IR

Sanjay Mehrotra - 總裁兼首席執行官

馬克·墨菲 - 首席財務官

Sumit Sadana - 執行副總裁兼首席商務官

電話會議參與者

Harlan Sur - 摩根大通

C.J. C.J. Muse - Evercore

Krish Sankar - Cowen and Company

蒂莫西·阿庫里 - 瑞銀

維韋克·艾莉亞 - 美國銀行

安布里什·斯裡瓦斯塔瓦 - BMO

Aaron Rakers - 富國銀行

操作員

感謝您的支援，並歡迎參加美光科技2022財年第三季度財務電話會議。此時，所有參與者都處於僅偵聽模式。演講者演講結束后，將進行問答環節。[操作說明]請注意，今天的會議可能會被錄音。[操作說明]

我現在想把電話交給投資者關係副總裁Farhan Ahmad。

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Farhan Ahmad

謝謝，並歡迎參加美光科技2022財年第三季度財務電話會議。

今天與我通話的有我們的總裁兼首席執行官Sanjay Mehrotra和首席財務官Mark Murphy。今天的電話會議正在 investors.micron.com 的投資者關係網站上進行網路廣播，包括音訊和幻燈片。此外，詳細介紹我們季度業績的新聞稿已發佈在網站上，以及為此次電話會議準備的備註。

除非另有說明，否則今天對財務業績的討論是在非GAAP財務基礎上提出的。GAAP與非GAAP財務指標的調節表可以在我們的網站上找到。我們鼓勵您在整個季度訪問我們網站
micron.com，以獲取有關公司的最新資訊，包括我們將要參加的財務會議的資訊。您也可以在MicronTech的Twitter上關注我們。

提醒一下，我們今天討論的事項包括有關市場需求和供應、預期結果以及其他事項的前瞻性陳述。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產生重大差異。我們向您推薦我們向SEC提交的檔，特別是我們最新的10-K和10-Q表格，以討論可能影響我們未來業績的風險。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、活動水準、績效或成就。我們沒有義務更新任何前瞻性陳述，以使這些陳述符合實際結果。

我現在把電話交給Sanjay。

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Sanjay

謝謝你，Farhan。大家下午好。

美光憑藉強勁的盈利能力和自由現金流實現了創紀錄的季度收入，這得益於我們團隊出色的執行力以及我們行業領先的技術和產品群組。美光在汽車、工業和網路市場以及數據中心和客戶的 SSD 領域都取得了收入記錄。我們的 NAND 業務實現了創紀錄的季度收入，我們的嵌入式營業單位和存儲營業單位的 NAND 收入也創下了歷史新高。我們的
1-alpha DRAM 和 176 層 NAND 斜坡領先於行業幾個季度，並且隨著我們繼續鑒定使用這些節點的新產品，我們的進展也進展順利。儘管中國的供應鏈面臨挑戰和COVID-19控制措施，但美光團隊仍取得了這些出色的成果，這影響了我們在需求方和供應方的業務。

消費者需求和與庫存相關的不利因素影響了該行業，從而影響了我們的第四財年前景。然而，我們仍然對記憶體和存儲的長期需求，市場機會的吸引力，美光出色的競爭地位和強大的執行能力以及我們的跨周期財務模型充滿信心。

美光在DRAM和NAND技術方面都處於行業領先地位，我們也做好了充分的準備，將這一領先地位延續到2023年。

在DRAM中，我們的1-alpha節點增量領先於行業幾個季度，而在第三財季，1-alpha代表了我們出貨組合中最大的DRAM節點。我們最新的節點1-beta有望在2022年底之前提高製造規模。

在NAND，我們行業領先的176層節點在銷售組合方面繼續增長，此前在第二財季達到了我們NAND位出貨量的大部分。該技術節點有助於在我們的產品群組中形成具有競爭力的成本結構，在FQ3中，我們獲得了幾個重要的176層產品認證。我們在232層節點上也取得了出色的進展，預計將在2022年底前提高產量。

在整個行業中，供應鏈和通脹壓力帶來了成本挑戰;然而，我們繼續預計，由於我們晶圓廠的生產力提高以及我們世界一流的1-alpha DRAM和176層NAND節點的良好執行，我們的成本降低將超過行業。

儘管中國的COVID-19控制措施給全球電子供應鏈帶來了挑戰，但美光的強大執行力使第三財季的裝配產量創下歷史新高，支援創紀錄的季度收入。然而，中國的這些COVID-19控制措施影響了我們的外包裝配和測試分包商，並對第三財季業績產生了一些影響。

現在轉向我們的終端市場。人工智慧、持續的雲採用、電動汽車和5G提供的無處不在的連接性是強大的長期需求驅動因素，使記憶體和存儲行業能夠超越更廣泛的半導體行業。美光的產品群組已變得更強大，我們已經在幾個有吸引力的增長市場中建立了產品勢頭。我們還在推動投資組合向更高增長和更穩定的市場轉變。預計到2025財年，55至45的收入分配有利於更成熟的移動，PC和消費市場，預計到2025財年將轉向38至62的分配，以支持增長更高的數據中心，汽車，工業，網路和圖形市場。其中一些終端市場也表現出更穩定的盈利能力。我們第三財季新產品的推出和客戶資格反映了對這一產品組合轉型的穩健執行力。

數據中心是當今記憶體和存儲的最大市場，人工智慧和記憶體密集型工作負載的快速增長確保了它將在本十年末保持強勁增長。

世界各地的企業都在投資數位化並從數據中提取更多價值，這種方法仍然是提高效率和推動競爭優勢的主要方法之一。

數據中心第三財季營收環比增長兩位數，同比增長超過50%。在雲資本支出強勁增長的推動下，預計2022年下半年數據中心終端需求將保持強勁。儘管終端需求強勁，但我們看到一些企業OEM客戶由於非記憶體元件短缺和宏觀經濟問題而希望削減記憶體和存儲庫存。

在第三財季，我們實現了多個產品和客戶里程碑。我們開始批量出貨 HBM2E，這是增長最快的產品類別之一，受人工智慧和機器學習工作負載增長的推動。美光繼續在DDR5中處於領先地位;然而，與之前的預期相比，新伺服器CPU平臺推出的延遲已經減緩了行業DDR5的爬坡速度。在數據中心固態硬碟方面，我們的收入同比增長了一倍多，並在第三財季創下了新的收入記錄。我們行業領先的 176 層數據中心 NVMe 固態硬碟（現已投入批量生產）的反響令我們感到興奮，在第三財季，我們完成了與三家 OEM 的資格認證。我們最近推出了全球首款176層數據中心SATA SSD，這將有助於保持我們在該產品類別中的行業領導地位。

在第三財季，我們實現了客戶收入環比十幾百分比的增長，這得益於DRAM出貨量和用戶端SSD的份額增長。

許多因素影響了不同地區的消費者PC需求。因此，我們對2022年PC銷量的預測現在預計將從2021年非常強勁的銷量同比下降近10%。相比之下，行業和客戶預測2022年PC單位銷售額在本日曆年初大致持平。

我們預計，在2022日曆上，每單位PC記憶體和存儲內容的增長趨勢將保持健康，這得益於向企業PC的混合轉變以及新架構中內容的增加，例如Apple的M1 Ultra平臺，該平臺具有高達128 GB的DRAM。

美光擁有強大的產品群組，並在該市場處於有利地位。我們正在引領 DDR5 轉型，並預計隨著多個客戶客戶推出下一代筆記型電腦，我們的 DDR5 收入將繼續增長。非記憶體物料清單的可用性的提高也將提高我們交付基於 DDR5 的模組的能力。此外，我們繼續在用戶端QLC SSD技術方面處於行業領先地位，並預計QLC在第四財季及以後的176層位輸出中所佔的百分比將增加。

在第三財季，圖形營收環比和同比以強勁的兩位數百分比增長，這得益於美光產品和客戶關係的強勁增長。美光繼續成為圖形領域的行業性能領導者。我們在第三財季宣佈了新款 1z 16 千兆 GDDR6X 的批量出貨量，與上一代 1y 相比，其容量提高了一倍，性能提高了 15%。GDDR6X 每秒 24 千兆位的峰值頻寬得益於美光突破性的 PAM4 信號傳輸技術。沒有其他記憶體供應商提供此功能或性能級別。

我們還開始向我們最大的圖形客戶批量出貨我們最新的1z 16千兆位GDDR6產品。

第三財季移動收入同比略有下降，但由於強大的客戶合作夥伴關係和產品執行，實現環比增長。

智慧手機部門對2022年銷量的預期大幅下降。我們現在預計，到2022年，智慧手機銷量將同比下降中個位數百分比，遠低於行業和客戶在中個位數百分比增長方面的預期。預計5G單元的銷售額將增長，今年將達到智慧手機單元TAM的約50%滲透率。

5G單元的增長也將推動更高的DRAM和NAND內容。我們繼續在領先的節點上提供關鍵的行動客戶資格和強大的行動產品提升。在第 3 財季，我們通過業界首次推出 1-alpha LPDDR5，擴大了 1-alpha LPDRAM 的領導地位。此外，176 層 NAND 占我們移動 NAND 位出貨量的 90% 以上。

美光是快速增長的汽車和工業終端市場的市場份額和質量領導者，在第三財季，我們在這兩個方面都取得了創紀錄的收入。在整個週期中，這些市場的毛利率狀況也表現出更高的穩定性。汽車增長受到強勁需求的推動，而強勁的需求仍然受到汽車單位產量的制約。隨著原始設備製造商採用重大架構變化來支援ADAS、資訊娛樂和電動汽車，我們看到汽車內容增長強勁。在第三財季，發佈了幾款採用內容豐富的ADAS的新款EV，包括福特F-150
Lightning，梅賽德斯EQS SUV和EQE轎車以及寶馬iX1。我們預計汽車市場在DRAM和NAND方面將有一個強勁的長期位增長複合年增長率，大約是整個DRAM和NAND市場的複合年增長率的兩倍，因此我們在這個市場的實力將變得越來越重要。

工業物聯網在第三財季實現了創紀錄的收入，展示了各種終端市場應用的廣泛增長。隨著工業客戶投資於提高工廠自動化和數位化程度，我們繼續看到長期增長動力的順風。

轉向市場前景。

自上次財報電話會議以來，我們對2022年行業需求增長的預期已經放緩。在第三財季末，我們看到近期行業比特需求大幅下降，主要歸因於包括PC和智慧手機在內的消費市場的終端需求疲軟。這些消費市場受到中國消費者支出疲軟、俄烏戰爭以及全球通脹上升的影響。

中國的COVID-19控制措施加劇了一些客戶的供應鏈挑戰，宏觀經濟環境也在某些客戶中引起了一些謹慎。一些客戶（主要是PC和智能手機）正在調整庫存，我們預計這些調整將主要在2022日曆的下半年進行。

雖然移動、PC和消費市場的終端需求已經減弱，但雲、網路、汽車和工業市場正在顯示出彈性。

由於2022年下半年的需求疲軟，我們現在預計2022年行業需求同比增長將低於DRAM中高十幾歲百分比和NAND中高20%的長期複合年增長率。儘管近期疲軟，但長期需求趨勢依然強勁，我們對長期DRAM和NAND位需求複合年增長率的看法與之前的預期保持不變。

轉向供應。鑒於市場狀況的變化，我們正在立即採取行動，減少我們的供應增長軌跡。為了保護盈利能力，我們將保持定價紀律，管理產能利用率，並使用庫存作為緩衝來度過這一需求疲軟時期。此外，我們計劃在2023財年降低比特供應增長水準，並將在明年使用庫存來供應部分市場需求。這種方法將使我們能夠將2023財年的晶圓廠設備資本支出降低，而不是我們以前的計劃，我們現在預計我們的2023財年晶圓廠設備資本支出將同比下降。

整體行業供應也受到影響。製造設備出貨延遲，行業內一些行業在增加新技術節點方面的挑戰以及行業內明顯的DRAM供應紀律，預計這些都將限制未來幾個季度的供應增長。這些供應減少將有助於抵消需求疲軟的一些影響。

我現在將把它交給美光首席財務官馬克·墨菲（Mark Murphy）。

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馬克·墨菲

謝謝 桑傑

美光在第三財季取得了強勁的業績，季度收入創歷史新高，自由現金流達到13億美元。

第三財季營收總額為86億美元，環比增長11%，同比增長16%。大多數終端市場的增長強勁。

第三財季DRAM收入為63億美元，佔總收入的73%。DRAM營收環比增長10%，同比增長15%。環比，比特出貨量略高於10%，而平均銷售價格略有下降。

第三財季NAND收入為23億美元，占美光總收入的26%。NAND營收環比增長17%，同比增長
26%。環比特出貨量在十幾%時增長，平均銷售價格略有下降。

現在轉到我們按營業單位劃分的第三財季收入趨勢。

計算和網路業務部營收為39億美元，環比增長13%，同比增長18%。數據中心、圖形和網路為同比和環比增長做出了貢獻。

移動業務部營收約為20億美元，環比增長5%，同比下降2%。強勁的執行力和產品勢頭使
MBU能夠在充滿挑戰的智慧手機市場需求環境中實現環比增長。

存儲業務部營收為13億美元，環比增長15%，同比增長33%。

我們實現了創紀錄的 SSD 收入，數據中心和用戶端 SSD 收入均達到歷史最高水準。數據中心SSD收入同比增長一倍以上。

最後，嵌入式業務部實現了創紀錄的收入，達到14億美元，環比增長12%，同比增長30%。汽車和工業收入在本季度均創下紀錄。

第三財季合併毛利率為47.4%，環比下降約40個基點。越來越多的NAND組合導致了這種下降。

第三財季的運營費用約為9.5億美元，低於指導範圍的低端，環比下降約2000萬美元。
OpEx 受益於我們技術和產品認證的時機以及較低的可變薪酬。儘管鑒於當前的市場狀況，我們正在採取行動降低運營支出，但由於技術和產品資格的時機，我們預計運營支出將環比增加。

第三財季營業收入為31億美元，營業獲利率為36.4%，環比增長約110個基點，比上年增長450個基點。第三財季調整後息稅折舊攤銷前利潤約為50億美元，EBITDA獲利率為57.4%，環比下降約40個基點，較上年上漲逾400個基點。

第三財季的非GAAP每股收益為2.59美元，高於第二財季的2.14美元，高於去年同期的1.88美元。

轉向現金流和資本支出。我們在第三財季從運營中獲得了38億美元的現金，占收入的44%。

本季度的資本支出為25億美元。我們預計2022財年的資本支出約為120億美元。我們第三財季的自由現金流為13億美元。

本季度，我們完成了9.81億美元的股票回購，約1，380萬股。

包括我們的股息支付在內，我們在第三財季向股東返還了11億美元。自2019財年股票回購計劃啟動到第三財季結束以來，我們已部署了57億美元，以平均每股約53美元的價格回購1.08億股股票。正如我們在投資者日所討論的那樣，我們致力於通過股息和股票回購的組合，將整個週期內產生的所有自由現金流返還給股東。股票回購將既是程式化的，也是機會主義的，隨著股票以更大的內在價值折價進行交易，我們預計會購買更多股票。

在股息方面，我們的董事會批准了每股0.115美元的季度股息，比之前的股息增加15%，將於7月26日支付給7月11日在冊的股東。

我們第三財季的末庫存為56億美元，本季度的平均庫存天數從上一季度的113天降至109天。

本季度結束時，我們獲得了120億美元的現金和投資以及145億美元的總流動性。我們的第三財季總債務為70億美元。

現在談談我們對第四財季的展望。長期需求趨勢仍然具有建設性;然而，部分市場疲軟和宏觀經濟不確定性正在影響我們的近期前景和可見性。目前，我們確實預計DRAM和NAND的連續位出貨量將在第四財年下降。我們打算保持定價紀律，並放棄不符合我們定價目標的業務。雖然我們正在採取積極措施來控制運營支出和資本支出，但我們預計這些行動的影響在第四財年將受到限制，並在23財年變得更加重要。

考慮到所有這些因素，我們對第四財季的非GAAP指引如下。我們預計收入為72億美元，加上或減去4億美元;毛利率在42.5%的範圍內，正負150個基點;和運營費用約為10.5億美元，上下2500萬美元。我們預計第四財季的非GAAP稅率約為9%。根據約11.3億股完全攤薄后的股票數量，我們預計每股收益為1.63美元，上下加0.20美元。我們有望在2022財年實現創紀錄的收入、穩健的盈利能力和自由現金流。

最後，我們在第三財季取得了強勁的業績，但近期的不利因素正在影響我們的第四財季展望。在短期內，我們預計數據中心、汽車和其他領域等長期增長動力將支援美光強勁的
DRAM和NAND增長以及強勁的跨周期財務業績。在上個月的投資者日活動中，我們為公司制定了一個跨周期財務模型，該模型反映了我們業務的關鍵屬性：高個位數的強勁收入複合年增長率，約30%的強勁跨週期營業獲利率，以及超過收入10%的健康自由現金流獲利率。鑒於我們的長期財務前景和資產負債表的實力，我們認為當前股價非常有吸引力，在這些水準上，我們打算在第四財季更積極地回購股票。

我現在把它轉回給桑傑。

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Sanjay

謝謝你，馬克。

到2030年，記憶體和存儲TAM預計將增長到3300億美元，並成為半導體市場中越來越大的一部分。儘管近期市場環境嚴峻，但我們在可控業務的各個方面都表現得非常好。美光在技術、產品和製造方面的持續領先地位使我們處於有利地位，可以利用長期機遇，並擴展記憶體和存儲的前沿領域。我們將繼續遵守供應紀律，並採取適當行動來應對近期的逆風，我們將繼續專注於為股東創造價值，併產生健康的自由現金流。

感謝您今天參加我們的會議。我們現在將開放提問。

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問答環節

操作員

[操作說明]我們的第一個問題來自摩根大通的Harlan Sur的路線。

Harlan Sur

下午好。謝謝你回答我的問題。關於數據中心業務，正如你們所提到的，我的意思是，企業首席資訊官關注宏觀前景並削減支出預算。雲仍然很強大。但在這方面，我們聽說這種情況仍在繼續 - 美國雲服務提供者的持續實力，但中國雲客戶的支出回落。你們是否在雲細分市場中看到這些動態？然後，在供應方面，同樣，在您的雲業務中，您能否討論一下管道和客戶中進入雲細分市場的庫存水準？因為我們聽到的類似於企業的情況是，雲管道中的庫存也相當高，但希望獲得您的意見。

Sanjay

謝謝，哈倫，謝謝你的問題。在我回答這個問題之前，我只想在這裡指出，我們還有
Sumit Sadana，我們的執行副總裁兼首席商務官。您可能還記得，Sumit在上一次財報電話會議上和我們在一起。在給定的環境中，我認為讓他在這裡為市場環境相關的具體問題添加任何顏色會很好。

因此，關於您提出的有關企業伺服器OEM業務方面的問題。是的，正如我們所指出的，我們已經看到了一些庫存調整，特別是考慮到他們對宏觀環境的擔憂以及他們可能正在經歷的某些供應鏈短缺。然而，在企業伺服器OEM方面，終端市場需求也繼續保持健康。在雲方面也是如此，雲的最終市場需求是健康的，雲需求對我們來說也是相對健康的。當然，與COVID之前的投資水準相比，雲的庫存水準也較高，而COVID之前的投資水準則更高。當然，CapEx的雲投資在其基礎設施中仍然處於強勁狀態，這對記憶體和存儲來說是個好兆頭。

我認為重要的是，數位化和使用數據的總體趨勢有助於提高企業的生產力和效率，特別是在當今世界面臨宏觀經濟不確定性的背景下，有助於推動各行各業更多地採用技術，而這正是記憶體和存儲發揮作用的地方。

具體來說，就中國和美國而言，當然，在中國，正如我們之前指出的那樣，我們已經看到了中國以及世界其他地區在消費需求方面的整體疲軟，當然還有疲軟。但目前，我們並沒有真正在中國和美國之間分解它。但同樣，就最終需求而言，整體雲趨勢仍然是健康的。

Sumit，您想在庫存方面添加有關渠道客戶的任何評論嗎？

Sumit

是的。我的意思是，正如Sanjay所說，我認為雲端端的庫存水準更高，與COVID之前相比，資料中心端的庫存水準通常更高。與Sanjay強調的消費者業務挑戰相比，雲端的管道業務相對處於更好的位置。但是，當然，不同的客戶在如何管理特定庫存方面有不同的策略。在專注於數據中心產品的管道中，較小的客戶在獲得其中一些短缺的產品（如NIC卡）以完成伺服器構建方面面臨著更多挑戰，而較小的客戶在那裡受到的影響比一些較大的客戶更大。

Sanjay

哈倫，我會告訴你，我們與客戶密切合作。我的意思是這裡的團隊，Sumit，我自己，我的意思是，我們真的與中國以及美國和全球的生態系統合作夥伴的客戶非常密切地接觸。因此，當然，我們正在密切關注商業環境的發展。

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操作員

我們的下一個問題來自Evercore的C.J. Muse。

C.J. Muse

我想，第一個問題，你能談談DRAM和NAND的校正幅度，你如何看待這種情況？我在這裡假設這對DRAM方面的影響要大得多，應該考慮在青少年時期。這是正確的思考方式嗎？

Sanjay

因此，當然，就庫存調整而言，這主要發生在智慧手機和PC市場。當然，這些庫存調整正在NAND和DRAM中發生。顯然，正如我們所說，就今年的總體需求預測而言，我們肯定會在下面看到它 - 對於低於我們之前提供的指導的DRAM以及DRAM從青少年中期到青少年的長期複合年增長率。所以，我們看到這個軌跡之下。就NAND而言，我們之前說過的複合年增長率高達20多歲，我們看到在22日曆年低於這個水準。同樣，智慧手機和PC市場的庫存都在進行調整。

請記住，與今年早些時候對PC增長的估計相比，我們現在預測PC在22日曆年的同比增長將下降近10%。同樣，今年年初的智慧手機預計全球總銷量將以中等個位數增長，現在，人們正在考慮下降中等個位數。因此，智慧手機的波動幅度也為10%。

如果你把它翻譯成單位，與今年早些時候智慧手機的預期相比，它相當於減少了1.3億個單位。同樣，對於PC，假設與今年早些時候的預測相比，總單位減少了3000萬。當然，就比特而言，PC和智慧手機的總和佔全球記憶體和存儲需求的一半，對吧？因此，由於這種調整主要發生在今年下半年這兩個市場，顯然，這導致DRAM和NAND需求增長與先前預期相比，同比變化。

C.J. Muse

非常有説明。作為後續，馬克，你談到了WFE在23財年走低的趨勢。您能給出一個大概的想法嗎？然後，我們應該如何看待23財年的整體資本支出趨勢？

馬克·墨菲

是的。C.J.，正如準備好的講話中提到的，我們預計22財年結束時將達到約120億美元，因此 - 總資本支出。因此，這將是第四季度的上升。這與之前的說法是一致的。

現在，隨著比特供應增長假設的下降--觀點來看，我們正在積極努力降低支出。正如你所說，我們相信，當我們今天坐在這裡時，WFE支出將在23財年下降。我們還在評估建築和其他大面積支出。我們希望降低一些舊節點的利用率，以保持供應並推動資本支出，並將生產轉移到更具成本效益的節點，做很多事情。市場是動態的。所以，這是即時的。我不會在明年的這個時候調整減少的規模，因為它仍在移動。但在這一點上，我們相信WFE將逐年下降。

操作員

我們的下一個問題來自Cowen and Company的Krish Sankar。

克里什·桑卡爾

我有兩個快速的。第一個，Sanjay或Sumit，我有不同的方式來問雲問題。正如你所提到的，移動和PC都很慢，但似乎明年數據中心會下降，但是，你似乎對數據中心在2022年下半年保持強勁持樂觀態度，但你也說雲庫存很高。因此，如果消費者支出放緩，數據中心資本支出似乎就是一種漂移。所以，喜歡聽聽你的想法，為什麼你認為總體上，美國雲趨勢，一，在今年下半年下降？

然後，對於Mark來說，一個快速的後續問題可能是關於中國上海COVID-19封鎖的影響。有沒有辦法量化5月份季度的情況，以及它對美光下半年產量意味著什麼？

Sanjay

所以早些時候，我提供了一些關於我們對雲的看法的顏色。我想我會要求Sumit只是對此添加一些進一步的顏色。蘇米特，也許你也可以回答中國問題。

Sumit

當然。所以，克里什，非常快地討論雲。正如Sanjay所提到的，我們在雲領域的客戶的資本支出趨勢仍然非常強勁，對雲服務的最終需求以及這些雲服務的增長繼續保持強勁。因此，當然，正如您也指出的那樣，我的意思是，與COVID之前相比，庫存水準更高。現在，宏觀經濟環境將如何導致雲支出趨勢隨著時間的推移而調整還有待觀察。但如果有的話，我們認為雲支出趨勢將是相當長期的，相當強勁的。即使存在某種影響，隨著局勢的穩定，它也會強勢回歸。即使是在這種宏觀經濟環境中專注於勒緊褲腰帶的公司，也將繼續尋找提高效率，提高盈利能力，提高競爭地位的方法。這意味著從數據中提取更多價值，數位化趨勢將繼續下去。所以，這些事情，我們覺得通過可能發生的環境會得到很好的維持。當然，這在很大程度上取決於宏觀經濟環境如何演變，這就是為什麼我們與客戶保持非常密切的關係。

切換到您的中國問題。中國對我們的FQ4軌跡產生了相當大的影響。上個季度的這個時候，我們正在考慮我們的FQ4軌跡，而不是我們提供的最新指導。我們對中國收入的看法下降了約30%。中國收入的減少導致我們全公司合併收入減少了約10%。所以，這就是對Q4的影響。這是非常可觀的。當然，中國的影響很大程度上是由智慧手機的疲軟，PC的疲軟，由於COVID關閉，那裡的一般消費環境一直疲軟，這已經滲透到經濟的不同部分。因此，經濟環境疲軟。

現在，我們確實覺得鑒於經濟疲軟，如你所知，中國確實傾向於提供刺激措施來改善金融和經濟狀況，我們希望這種刺激和改善經濟將在未來幾個季度到來。目前尚不清楚其時間安排以及它如何與中國進一步解決與COVID相關的問題。但我們仍然樂觀地認為，隨著時間的推移，消費者的需求會回來並改善事情。

操作員

我們的下一個問題來自瑞銀的Timothy Arcuri。

蒂莫西·阿庫里

我想我有兩個問題。第一個是給你的，馬克。本季度的回購很棒。但我猜 - 你確實說過你會在八月份回購更多。但我想我有一個更大的問題，關於你現在有機會與股票在哪裡。您在技術方面具有領先地位。您願意在哪裡利用現金餘額來利用這種價格疲軟？我的意思是，有沒有一種最低限度的現金餘額，我們可以想到你可以投機取巧地回購公司相當重要的一部分？

馬克·墨菲

是的。蒂姆，我不打算明確地評論我們的速度和速度。正如你所指出的，資產負債表比以往任何時候都更強大。我認為最重要的是，隨著市場稍微疲軟，我們處於維持長期投資的有利位置。我們有145億美元的流動性，你指出，其中120億美元是現金。這高於我們設定的約35%的流動性目標。我們比這高出10分。槓桿率很低，總值為0.4%，我們處於凈現金狀況。因此，沒有近期到期，平均債務到期日為2031年。所以我們的狀態很好。

我認為我們希望保持資產負債表，以便能夠專注於業務的長期發展。正如你所指出的，我們確實在第三季度向股東返還了歷史高水準。

在這些股價水準下，我們預計機會性回購將會增加。然後從那裡開始，我們只是專注於自由現金流增長，將多餘的現金返還給股東，重要的是，保持投資級評級。所以，我想說，我們現在有足夠的流動性在本季度以更高的速度回購。

蒂莫西·阿庫里

涼。謝謝你。我想，第二個問題也是，馬克，給你。8月份的庫存指南假設了什麼？如果你相信數據中心將保持強大，你如何看待持有一些庫存之間的平衡，以及我們應該如何看待八月份的庫存，以及你關於保持一些庫存的更大戰略，押注雲確實保持強大？

馬克·墨菲

這是一個很好的問題，蒂姆。你聽到桑傑在他準備好的講話中簡短地談到了這一點。我們的策略是通過庫存作為緩衝來管理供應，我們確實談到了減少位供應增長假設。我們正在一個相當好的地方開始這種較軟的時期。我們第三季度結束56億美元的庫存，為109天，低於第二季度的113天。因此，我們預計本季度庫存將上升。這將在我們努力優化產品價格時建立一定的靈活性。我想指出的是，這是具有成本效益的庫存，其中大部分都建立在領先的節點上。因此，它將在很長一段時間內保持競爭力。然後，我們還將使用此庫存構建來重新審視一些資本支出決策並推遲資本支出，盡可能地優化製造足跡。對於CJ之前的問題，這讓我們更有信心明年可以降低WFE支出。

所以，在第四季度，我們預計它會上升幾周和幾天。從那裡，我們必須看看市場如何發展以及它以何種方式移動。我們確實有更複雜的晶圓加工和更複雜的模組產品，這些產品在白天增加了一些壓力，但我們也用更好的周期時間，更低的庫存水準等等來抵消這一點。

所以，我認為我們會不舒服的日子 是我們過去談論過的一個數字，大約150天，我們開始 - 這個水準太高了。因此，我們肯定會在第四季度上升，然後我們將看到庫存水平從那裡開始。

操作員

我們的下一個問題來自美國銀行的Vivek Arya。

維韋克·艾莉亞

Sanjay，我很好奇，你認為這個Q4的前景是週期的底部，還是你認為風險可以延伸到Q1？因為你提到消費者的逆風可能會在日曆年的下半年繼續上演，也因為雲庫存處於較高水準。所以，我想，我的具體問題是，我意識到你沒有指導超過一個季度，你認為第一季度的銷售額和獲利率更有可能持平，上升還是下降？

Sanjay

很明顯，我們在這裡不指導Q1。但是，正如我在準備好的發言中指出的那樣，我們預計這些庫存調整將在今年下半年自行完成。我們已經指出，庫存調整主要發生在PC和智慧手機市場。

我還要指出，從過去的歷史來看，一旦庫存調整在細分市場的某個部分開始，那麼他們需要幾個季度才能解決。當然，在這方面，我們也有宏觀經濟的不確定性。這是一個迅速變化和不確定的環境。這就是我們在觀察何時通常看到需求回報時必須牢記的。這就是為什麼，就像馬克在回答最後一個問題時指出的那樣，我們將在明年使用庫存來解決需求。我們將繼續與客戶緊密聯繫，瞭解他們的整體需求環境。

我們認為，在23財年的某個時候，需求將會反彈，但更重要的是，這實際上是關於供需平衡的。關於供需平衡，你可以看到，我們正在立即採取行動，通過與你們分享我們正在降低資本支出的計劃，而不是我們之前的估計，來減少23財年的供應增長。所以，這是重要的一步。當然，業界已經表明，在DRAM中，它也有資本支出紀律。我們相信，我們的行動也將有助於更快地恢復行業健康。

因此，我預計，在我們23財年的某個時候，需求將反彈，以及行業需求供應環境，商店將達到健康水準。但是，我要再次指出，看，這是一個高度不確定的快速變化的環境。當然，我們正在迅速做出反應，並且 - 就我們看到的任何變化而言。因此，我們目前沒有指向任何特定季度。

再一次，我認為同樣重要的是，美光的執行力仍然非常強大。我的意思是，無論你從技術、產品、製造、客戶關係，當然還有我們強大的資產負債表來看，我們都有望在經濟衰退的另一邊變得更強大。因此，我們確實執行得很好，與客戶密切合作，瞭解各個終端市場區隔的最新需求趨勢，並根據需要儘快調整我們的計劃，並真正定位公司的長期健康增長。

再說一遍，長期趨勢 - 正如Sumit之前也指出的那樣，我與你們分享了，長期趨勢對記憶體和存儲來說絕對是個好兆頭。

維韋克·艾莉亞

雲庫存高於正常水準（1 億美元、2 億美元）是多少？對增量逆風有多大的粗略估計，所以我們可以考慮這一點？謝謝。

Sanjay

看，我的意思是，它真的因客戶而異，對吧？所以我的意思是，我們不能在這裡給你一些細節。

操作員

我們的下一個問題來自BMO的Ambrish Srivastava。

安布里什·斯裡瓦斯塔瓦

Sanjay，很高興看到財務和資本支出紀律。關於供應增長，你正在將供應增長放緩，進入財政 - 對於23財年。考慮需求增長的正確方法是什麼？因此，在供給滿足需求的情況下，您認為產量增長，生產供應與來自行業的庫存相比是多少？因為我認為這個行業似乎在這方面是一致的，至少我們一兩周前從你的一個大型競爭對手那裡聽到的也降低了資本支出。所以，這是好的部分。但是，我們應該如何看待三個參與者的資產負債表上的庫存增加了生產供應的增長？然後，我也對馬克進行了快速跟進，拜託。

Sanjay

所以看，我的意思是，我們正在堅定我們的計劃。當然，當我們在9月份舉行FQ4財報電話會議時，我們將與您分享有關23日曆年的更多細節。這將是我們談論它以及我們的23財年更合適的時機。但同樣，需要注意的重要一點是，我們的庫存具有很高的成本效益。我的意思是，美光正在通過我們的DRAM和NAND生產節點引領行業，對吧？我們領先幾個季度。

因此，這是一個極具成本效益的庫存。我們的製造業務運行良好。因此，我們將在23財年使用這筆庫存，當然，繼續根據需要調整我們的計劃，包括資本支出和前端晶圓技術斜坡等，以實現需求和供應的平衡，這就是我之前指出的，總體而言，我們的庫存以及新的生產增長相結合，這就是我們如何平衡以滿足財政中某個時候的需求。23.

安布里什·斯裡瓦斯塔瓦

明白了。馬克，關於WFE與非WFE的真正快速一個，百分比是多少？我尊重計劃仍在變化的事實，所以你不能給我們一個23年的數位。但是，請問今年預計的數位是多少？謝謝。

馬克·墨菲

對不起，安布里什。我聽不到這個問題。

安布里什·斯裡瓦斯塔瓦

不好意思。我的問題是，今年晶圓前端與非晶圓前端在資本支出中的支出是多少？

馬克·墨菲

好。我得到了混合的支出。我不會給出確切的數位，因為這種組合每年都有所不同，取決於產品週期、晶圓廠空間和設施的可用性以及其他因素。超過一半的資本支出通常是製造WFE，然後，另一半在開發資本支出和建築之間分配。

安布里什·斯裡瓦斯塔瓦

所以，當你說你會 - 你也可以取消建設，這意味著建設和發展，或者如果事情繼續下去，那麼思考劇本的正確方式是什麼， 每個人都在尋找......

馬克·墨菲

具體來說，我們談論的是製造業的WFE，這就是我所解決的問題，它將逐年下降。我們沒有承諾在建設和技術開發方面逐年下降。我確實說過，根據市場如何發揮作用，庫存水準和供應位增長等，我們將繼續關注我們的足跡。這是一個優化支出量的持續過程。

所以，再一次，只是為了確保這一點很清楚，WFE超過一半，然後其餘的是建設支出 - 用於研發，組裝和測試的設備支出。

安布里什·斯裡瓦斯塔瓦

明白了。謝謝。再說一遍，如果誤解了您的評論，我深表歉意。謝謝。

操作員

我們的下一個問題來自富國銀行（Wells Fargo）的Aaron Rakers（Aaron Rakers）。請繼續。

Aaron Rakers

我只是想問一下，在這種環境下，在過去的幾個季度和分析師日，你強調了你在多大程度上看到了你已經建立的長期協定。我很好奇，當我們經歷這種修正或衰退時，你如何描述你關於這些長期承諾的討論？他們有改變嗎？讓客戶推遲從你們那裡拿走以前承諾的供應量。當我們現在經歷這種糾正時，情況發生了什麼變化？

Sanjay

這是一個很好的問題，我會讓Sumit解決它。

Sumit

是的。很高興談論這個。所以，長期協定，一般來說，我們出去四個季度，談論每個季度的交易量。正如我過去所指出的，這些協定並不意味著是接受或支付協定，而更多的是用於計劃和共用假設等。我們進行了廣泛的討論。我們與客戶就環境問題不斷進行對話。顯然，我們將繼續敦促客戶盡可能多地遵守協定和季度SKU等。但是，當發生如此重大的無關事件時，有時會對環境造成外生衝擊，以及Sanjay強調的這種不可預測的情況，快速變化的環境正在對最終需求產生影響，特別是考慮到世界上正在發生的一些消費者支出變化，導致某些電子產品的購買減少， 個人電腦、智能手機等然後，我們的客戶不可能根據在行業假設非常不同時建立的LTA進行購買。因此，我們的目標是與客戶合作，提出最佳方法，並找出如何最好地根據購買模式的前瞻性觀點來定位自己。這就是我覺得我們擁有的產品勢頭發揮得非常好的地方。

我們剛剛提到，我們的數據中心SSD收入在最近一個季度同比增長了一倍。我們在所有產品中都擁有巨大的產品組合勢頭。我們正在批量運輸 HBM 產品。我們擁有世界上最快的圖形DRAM產品，首先在市場上具有低功耗DRAM和移動功能，在汽車領域具有非常強大的功能，在汽車，工業和網路領域排名第一。

因此，這些都發揮了我們在客戶方面的優勢。因此，在我們希望改善投資組合地位的領域，提高我們的份額，因為它們是市場上更穩定的市場區隔，或者它們是行業利潤池中更有利可圖的部分。這就是我們關注的重點。然後，我們的產品群組優勢確實有助於與客戶實現過渡，使我們自己的業務更加優化，更有利可圖，隨著時間的推移更加穩定。

所以，這就是我們與客戶的互動。然後，我們使用這些LTA來推動我們與客戶達成的長期目標。

操作員

謝謝。女士們，先生們，我們已經到了我們的時代。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

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※ 編輯: Severine (118.169.224.210 臺灣), 07/01/2022 08:38:56