Micron Technology,Inc。(MU) 首席执行官 Sanjay Mehrotra 在 2019年 第三季度业绩 - 收益电话会议记录

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Micron Technology, Inc. (NASDAQ:MU) Q3 2019 Earnings Conference Call June 25, 2019 4:30 PM ET

美光科技公司(纳斯达克股票代码:[MU])2019年第3季度收益电话会议2019年6月25日美国东部时间下午4:30

公司参与者

Farhan Ahmad - Head, Investor Relations
Sanjay Mehrotra - President and Chief Executive Officer
Dave Zinsner - Chief Financial Officer

  • Farhan Ahmad - 投资者关系主管
  • Sanjay Mehrotra - 总裁兼首席执行官
  • Dave Zinsner - 首席财务官

电话会议参与者

C.J. Muse - Evercore
Mark Newman - Bernstein
John Pitzer - Credit Suisse
Ambrish Srivastava - BMO Capital
Chris Danely - Citi
Harlan Sur - JPMorgan
Timothy Arcuri - UBS
Blayne Curtis - Barclays

  • C.J.Muse - Evercore
  • 马克纽曼 - 伯恩斯坦
  • John Pitzer - 瑞士信贷
  • Ambrish Srivastava - BMO Capital
  • Chris Danely - 花旗
  • Harlan Sur - 摩根大通
  • 蒂莫西·阿库里 - 瑞银集团
  • Blayne Curtis - 巴克莱

会议主持员

Good day ladies and gentlemen and thank you for your patience. You've joined the Third Fiscal Quarter 2019 Financial Call for Micron Technology. [Operator Instructions] As a reminder, this conference may be recorded. I would now like to turn the call over to your host, Head of Investor Relations, Farhan Ahmad. Sir, you may begin.

女士们,先生们,祝你们有耐心,感谢你们。 您已加入2019年第三财政季度的美光科技财务电话会议。 [操作员说明]提醒一下,可以记录此会议。 我现在想把这个电话转给你的主持人,投资者关系负责人Farhan Ahmad。 先生,你可以开始吧。

Farhan Ahmad

Thank you, and welcome to Micron Technology's third fiscal quarter 2019 financial conference call. On the call with me today are Sanjay Mehrotra, President and CEO; and Dave Zinsner, Chief Financial Officer. Today’s call will be approximately 60 minutes in length. This call, including the audio and slides, is also being webcast from our Investor Relations website at investors.micron.com.
In addition, our website contains the earnings press release, filed a short while ago. Today’s discussion of financial results will be presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures may be found on our website, along with a convertible debt and capped call dilution table. As a reminder, the prepared remarks from this call and webcast replay will be available on our website later today.
We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the company, including information on the various financial conferences that we will be attending. You can follow us on Twitter at MicronTech. As a reminder, the matters we will be discussing today include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause the actual results to differ materially from statements made today.
We refer you to the documents we file with the SEC, specifically our most recent 10-K and Form 10-Q, for a discussion of risks that may affect our future results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after today’s date to conform these statements to actual results.
I will now turn the call over to Sanjay.

谢谢,欢迎光临美光科技2019年第三季度财务电话会议。今天与我同意的是总裁兼首席执行官桑杰•梅赫特拉(Sanjay Mehrotra);和首席财务官Dave Zinsner。今天的通话时间约为60分钟。此次电话会议,包括音频和幻灯片,也在投资者关系网站投资者网站上进行网络直播。

此外,我们的网站包含不久前提交的盈利新闻稿。除非另有说明,否则今天对财务业绩的讨论将以非GAAP财务基准呈报。可在我们的网站上找到GAAP与非GAAP财务指标的对账,以及可转换债务和上限看涨期权稀释表。提醒一下,本次电话和网播重播的准备评论将于今天晚些时候在我们的网站上公布。

我们鼓励您在整个季度监控我们在micron.com的网站,以获取有关公司的最新信息,包括我们将参加的各种财务会议的信息。您可以在MicronTech的Twitter上关注我们。提醒一下,我们今天要讨论的问题包括前瞻性陈述。这些前瞻性陈述受到风险和不确定因素的影响,可能导致实际结果与今天的陈述产生重大差异。

我们向您推荐我们向SEC提交的文件,特别是我们最近的10-K和10-Q表格,以讨论可能影响我们未来结果的风险。虽然我们认为前瞻性陈述中反映的预期是合理的,但我们无法保证未来的结果,活动水平,绩效或成就。在今天的日期之后,我们没有义务更新任何前瞻性陈述,以使这些陈述符合实际结果。

我现在将电话转到桑杰。

Sanjay Mehrotra

Thank you, Farhan. Good afternoon, everyone. Micron delivered solid fiscal third quarter results despite headwinds from industry oversupply and steeper-than-expected price declines. This financial performance reflects our continued strong execution on technology advancement, product cost reduction, and pricing discipline. Our healthy balance sheet, structurally improved profitability, and winning team set the foundation for us to emerge even stronger when the industry environment recovers.
We are confident that the long-term demand outlook for memory and storage is compelling, driven by broad secular trends such as AI, autonomous vehicles, 5G, and IoT. The new Micron is well positioned to take advantage of these trends, with innovative products, a responsive supply chain, and well-established relationships with customers worldwide.
Over the last few months, customer inventory improvements have progressed largely in line with our expectations in most end markets. This reinforces our confidence that bit demand for DRAM will return to healthy year-over-year growth in the second half of calendar 2019. NAND bit demand is also increasing in most markets as elasticity kicks in, in response to price declines over the last year. Even as customer inventory levels of DRAM and NAND improve across most end markets, producer inventory levels are elevated.
Although previously announced CapEx cuts will start to impact industry supply in the second half of the calendar year, our assessment is that further cuts in CapEx and bit supply will be required to return the industry to a healthy supply-demand balance. I will discuss our actions on this front shortly, but first, let me provide an overview of our FQ3 results.
At our 2018 Analyst Day, we discussed our priorities related to technology, cost competitiveness, and high-value solutions. Solid execution on these strategies has now yielded over 2,000 basis points of EBITDA margin improvement relative to our peers since 2016. Unlike the last downturn during which Micron’s relative profitability declined, in this downturn our relative profitability has continued to improve.
In DRAM, we are on track to deliver good cost declines in fiscal 2019. We continue to increase the mix of 1Y nanometer and are making excellent progress toward ramping 1Z next fiscal year. In April, we broke ground on our new cleanroom in Taichung, Taiwan, and earlier this month we announced the opening of a new cleanroom in Hiroshima, Japan. These cleanroom expansions will enable future DRAM node transitions of our existing wafer capacity.
In NAND, we continue to ramp our 96-layer 3D NAND and are on track to achieve healthy cost declines in fiscal 2019. We continue to make progress on our 128-layer 3D NAND, which uses replacement gate technology. As we discussed on the last call, we expect a partial transition to this node, with the full portfolio transition occurring on the second-generation replacement gate node.
In addition to these node transitions in DRAM and NAND, we are also improving our cost structure by increasing the percentage of products produced through captive back-end packaging facilities. These facilities now account for more than half of our total assembly requirements. Our captive back-end operations are tightly integrated with our front-end systems, enabling greater product customization, tighter quality control, improved responsiveness to shifts in demand, and lower costs.

谢谢,法尔汉。大家下午好。尽管行业供应过剩以及价格下跌幅度大于预期,但美光科技公布了第三季度业绩稳健。此财务业绩反映了我们在技术进步,产品成本降低和定价纪律方面的持续强劲执行。我们健康的资产负债表,结构性改善的盈利能力以及成功的团队为我们在行业环境复苏时更加强大的基础奠定了基础。

我们相信,由于人工智能,自动驾驶汽车,5G和物联网等广泛的长期趋势,记忆和存储的长期需求前景令人信服。通过创新产品,快速响应的供应链以及与全球客户建立良好关系,新的美光公司可以充分利用这些趋势。

在过去的几个月中,客户库存的改善在很大程度上符合我们在大多数终端市场的预期。这加强了我们的信心,即2019年下半年对DRAM的需求将恢复健康的同比增长。由于去年的价格下跌,大多数市场的NAND钻头需求随着弹性的增加而增加。即使DRAM和NAND的客户库存水平在大多数终端市场上有所改善,生产者库存水平也会提高。

虽然之前公布的资本支出削减将开始影响该日历年下半年的行业供应,但我们的评估是需要进一步削减资本支出和钻头供应,以使该行业恢复健康的供需平衡。我将很快讨论我们在这方面的行动,但首先,让我概述一下我们的FQ3结果。

在2018年的分析师日,我们讨论了与技术,成本竞争力和高价值解决方案相关的优先事项。自2016年以来,这些策略的稳健执行已经使我们的EBITDA利润率相对于我们的同行提高了2000多个基点。与上一次经济衰退期间相比,美光公司的相对盈利能力下降,在这次经济低迷时期,我们的相对盈利能力继续提高。

在DRAM中,我们有望在2019财年实现良好的成本下降。我们继续增加1Y纳米的组合,并在下一财年的1Z上升方面取得了很大的进展。 4月,我们在台湾台中的新洁净室破土动工,本月早些时候,我们宣布在日本广岛开设新洁净室。这些洁净室扩展将使我们现有晶圆容量的未来DRAM节点转换成为可能。

在NAND中,我们继续扩展我们的96层3D NAND,并且有望在2019财年实现健康的成本下降。我们继续在使用替代栅极技术的128层3D NAND上取得进展。正如我们在上次调用中所讨论的那样,我们期望部分转换到此节点,在第二代替换门节点上发生完整的组合转换。

除了DRAM和NAND中的这些节点转换之外,我们还通过增加通过专属后端封装设备生产的产品百分比来改善我们的成本结构。这些设施现在占我们总装配要求的一半以上。我们的专属后端操作与我们的前端系统紧密集成,可实现更多的产品定制,更严格的质量控制,更好的响应需求变化以及更低的成本。

High-value solutions now account for over two-thirds of NAND revenues. We made further progress in strengthening our SSD portfolio with the launch of our 9,300 data center NVMe SSDs for cloud and enterprise markets. We more than doubled revenue shipments of our new NVMe client SSD to large PC OEMs, and more customer qualifications are in progress. As a reminder, this new NVME drive is built with our own controller technology.
QLC SSD bit shipments increased approximately 75% sequentially, driven by growth of our consumer NVMe SSDs. Overall, the Micron team continues to execute well on cost reductions and on high-value solutions. While we are operating in a difficult industry environment today, our progress is visible in our reported profitability and increases our confidence in our ability to drive long-term shareholder value.
Now turning to highlights by end markets. Our mobile business was impacted by U.S. trade restrictions, which Dave and I will discuss later in the call. Looking ahead, innovations such as 5G, foldable phones, and advanced cameras will drive growth for our products. Our portfolio of Mobile DRAM products features best-in-class power consumption. On low-power DDR5, we are leading the industry and recently started sampling the highest-density die in the market.
We continue to make good progress on our managed NAND products as well, and recently launched our second-generation UFS product with best-in-class endurance. Within the data center market, cloud customers are turning the corner on inventories, and most are approaching normal inventory levels. Our cloud DRAM bit shipments grew sequentially in the fiscal third quarter, exceeding our expectations, and early trends suggest strong sequential growth for the FQ4.
Enterprise customer inventories are taking somewhat longer to normalize than we had previously expected. We continue to sample and secure qualifications on 64 gigabyte DDR4 server modules built with our 1Y nanometer DRAM. In graphics, we saw robust sequential growth as customer inventories normalized. We expanded our customer base for our high-performance GDDR6, which positions us well for strong growth in the second half of calendar 2019.
In the PC market, DRAM bit shipments returned to growth as CPU shortages started to improve. Looking ahead, we expect strong sequential DRAM bit growth in our fiscal fourth quarter as laptop sales improve. In automotive, while global auto sales are slow, content growth remains strong, driven by innovations in ADAS and infotainment systems.
Micron is well-positioned to benefit from the growth opportunity in this market given our leading market share, deep customer relationships, and high-quality products. We recently began ramping shipments with an industry-leading OEM for their most advanced autonomous system, which uses 16 gigabytes of our low-power DRAM.
Before talking about the market outlook, I want to provide some comments related to Huawei. As you know, effective May 16, the US Commerce Department’s Bureau of Industry and Security, or “BIS,” added Huawei and 68 of its non-US affiliates to the BIS Entity List.

高价值解决方案目前占NAND收入的三分之二以上。我们通过推出面向云和企业市场的9,300数据中心NVMe SSD,在加强我们的SSD产品组合方面取得了进一步进展。我们将新NVMe客户端SSD的收入增加了一倍以上,使其转向大型PC OEM,并且正在进行更多客户资格认证。提醒一下,这款新的NVME硬盘采用我们自己的控制器技术。

由于我们的消费者NVMe SSD的增长,QLC SSD的出货量连续增长约75%。总体而言,美光团队在降低成本和高价值解决方案方面继续表现良好。虽然我们今天在困难的行业环境中经营,但我们在报告的盈利能力方面取得了进步,并增强了我们对推动长期股东价值的信心。

现在转向终端市场的亮点。我们的移动业务受到美国贸易限制的影响,Dave和我将在电话会议中讨论。展望未来,5G,可折叠手机和先进相机等创新将推动我们产品的增长。我们的移动DRAM产品组合具有同类最佳的功耗。在低功耗DDR5上,我们在行业中处于领先地位,并且最近开始对市场上密度最高的芯片进行采样。

我们继续在我们的托管NAND产品上取得良好进展,并且最近推出了具有同类最佳耐用性的第二代UFS产品。在数据中心市场中,云客户正在转向库存,大多数都接近正常库存水平。我们的云DRAM比特出货量在第三季度连续增长,超出了我们的预期,早期趋势表明FQ4的连续增长强劲。

企业客户库存需要比我们之前预期的更长时间才能正常化。我们继续对使用1Y纳米DRAM构建的64 GB DDR4服务器模块进行采样和保护。在图形方面,随着客户库存规范化,我们看到了强劲的连续增长。我们扩大了我们的高性能GDDR6的客户群,这使我们在2019年下半年的强劲增长中处于有利位置。

在PC市场,由于CPU短缺开始改善,DRAM位出货量恢复增长。展望未来,随着笔记本电脑销售的改善,我们预计第四季度的DRAM位数将出现强劲增长。在汽车行业,虽然全球汽车销售缓慢,但由于ADAS和信息娱乐系统的创新,内容增长依然强劲。

鉴于我们领先的市场份额,深厚的客户关系和高质量的产品,美光公司已准备好从这个市场的增长机会中获益。我们最近开始使用业界领先的OEM为他们最先进的自动系统增加出货量,该系统使用16千兆字节的低功耗DRAM。

在谈到市场前景之前,我想提供一些与华为相关的评论。如您所知,从5月16日起,美国商务部工业和安全局(或称“BIS”)将华为及其68家非美国子公司列入BIS实体名单。

To ensure compliance, Micron immediately suspended shipments to Huawei and began a review of Micron products sold to Huawei to determine whether they are subject to the imposed restrictions. Through this review, we determined that we could lawfully resume shipping a subset of current products because they are not subject to Export Administration Regulations and Entity List restrictions. We have started shipping some orders of those products to Huawei in the last two weeks.
However, there is considerable ongoing uncertainty surrounding the Huawei situation, and we are unable to predict the volumes or time periods over which we’ll be able to ship products to Huawei. Micron will continue to comply with all government and legal requirements, just as we do in all our operations globally. Of course, we cannot predict whether additional government actions may further impact our ability to ship to Huawei.
Now turning to the market outlook for DRAM. As I mentioned earlier, we have seen early signs of bit demand recovery in most DRAM end markets. Based on our assessment of customer inventory improvement, we anticipate robust bit demand growth for the industry in the second half of the calendar year, compared to the weak demand in the first half.
Our view of calendar 2019 industry DRAM bit demand growth is in the mid-teens, with industry supply growing mid-to-high teens. Despite the early signs of recovery in DRAM bit demand, the excess supply and resulting higher producer inventory levels have created a challenging pricing environment. We expect that the strengthening demand growth will begin to contribute to an improving trend in producer inventory later in calendar 2019.
Turning to our supply, at Micron our focus continues to be on taking prudent steps to help bring the DRAM market back to stabilization. We are continuing the previously announced wafer start reductions of approximately 5%, which we expect will bring our DRAM bit supply growth for calendar 2019 close to market demand growth. The overall NAND market remains oversupplied from the accelerated supply growth driven by the industry transition from 2D NAND production to 3D NAND.
Our NAND industry bit demand growth expectations for calendar 2019 are unchanged at the mid-30% range. We continue to target our bit shipments to be close to the industry demand growth rate. Since our last earnings call, we have taken actions to further adjust wafer starts from the previously announced 5% reduction to now approximately 10%, which will result in lower supply growth in the second half of the calendar year.
These reductions are the result of both capital optimizations to reuse more existing equipment for our 96-layer conversion, as well as lowering some of our legacy NAND capacity, which
we announced previously. While we still believe the NAND industry supply is growing above demand this year, the market is showing signs of increased elasticity stemming from recent price declines.
We are optimistic that the overall NAND market will start to stabilize in the second half of calendar 2019. With the higher levels of macro uncertainty and the relatively high levels of inventory on our balance sheet, we are taking decisive action to manage our DRAM and NAND bit production. In addition to the wafer start reductions that we discussed we are also taking action on

为了确保合规性,美光立即停止向华为发货,并开始审查销售给华为的美光产品,以确定是否受到强制限制。通过此次审核,我们确定我们可以合法地恢复运送当前产品的子集,因为它们不受“出口管理条例”和“实体列表”限制的约束。我们已经在过去两周内开始向华为发送一些产品订单。

然而,围绕华为的情况存在相当大的持续不确定性,我们无法预测我们能够将产品运送到华为的数量或时间段。正如我们在全球所有业务中所做的那样,美光将继续遵守所有政府和法律要求。当然,我们无法预测其他政府行为是否会进一步影响我们运往华为的能力。

现在转向DRAM的市场前景。正如我之前提到的,我们已经看到大多数DRAM终端市场的需求复苏的早期迹象。根据我们对客户库存改善的评估,我们预计该行业在下半年的需求增长强劲,而上半年需求疲软。

我们对日历2019年行业DRAM位需求增长的观点是在十几岁中期,行业供应增长从中到高十几岁。尽管DRAM位需求出现复苏的早期迹象,但供应过剩以及由此产生的较高的生产者库存水平已经形成了具有挑战性的定价环境。我们预计,需求增长的强劲将开始有助于2019年日历后期生产者库存的改善趋势。

谈到我们的供应,在美光公司,我们的重点仍然是采取谨慎措施,帮助DRAM市场恢复稳定。我们继续宣布先前宣布的晶圆开工减产量约为5%,我们预计这将使2019年日期DRAM位供应增长接近市场需求增长。从2D NAND生产到3D NAND的行业转型推动供应增长加速,整体NAND市场仍然供过于求。

我们对2019年日历的NAND行业需求增长预期保持在30%中间区间不变。我们继续将我们的比特出货量定为接近行业需求增长率。自上次召开财报会议以来,我们已采取措施进一步调整晶圆启动,从之前宣布的5%减少到现在的约10%,这将导致日历年下半年的供应增长减少。

这些减少是资本优化的结果,为我们的96层转换重用更多现有设备,以及降低我们的一些传统NAND容量,

我们之前宣布过。虽然我们仍然认为今年NAND行业供应增长高于需求,但市场显示出近期价格下跌导致弹性增加的迹象。

我们乐观地认为整个NAND市场将在2019年下半年开始趋于稳定。由于宏观不确定性水平较高以及资产负债表上库存水平相对较高,我们正在采取果断行动来管理我们的DRAM和NAND比特生产。除了我们讨论的晶圆开始减少之外,我们也在采取行动

CapEx. Earlier this year, we announced a reduction in fiscal 2019 CapEx forecast from $10.5 billion plus or minus 5% at the start of the year, to approximately $9 billion now. For fiscal 2020, we plan for CapEx to be meaningfully lower than fiscal 2019. While our CapEx plans are still being finalized, we seek to balance our manufacturing investments with our free cash flow objectives.
I’ll now turn it over to Dave to provide financial results of our fiscal third quarter and guidance for the fourth quarter.

资本支出。 今年早些时候,我们宣布将2019财年的资本支出预测从年初的105亿美元下调5%降至现在的约90亿美元。 对于2020财年,我们计划将资本支出有意义地低于2019财年。虽然我们的资本支出计划仍在最终确定,但我们寻求平衡我们的制造投资与我们的自由现金流目标。

我现在将其转交给Dave,以提供我们第三财季的财务业绩和第四季度的指导。

Dave Zinsner

Thanks, Sanjay. Micron’s fiscal third quarter results were within the guided revenue range and above the guided EPS range that we provided on our last call. We also generated healthy levels of free cash flow and made further progress on our share repurchase program. Total fiscal third quarter revenue of approximately $4.8 billion was at the midpoint of our guidance range and was down 39% on a year-over-year basis and down 18% sequentially from FQ2.
Both DRAM and NAND revenue were negatively impacted by restriction on sales to Huawei, without which we would have reached the high end of our revenue guidance. DRAM revenue was approximately $3 billion, representing 64% of total revenue. DRAM revenue declined 45% year-over-year and 19% sequentially from fiscal second quarter. Compared to the prior quarter, the DRAM ASP decline approached 20%, while bit shipments were roughly flat.
If not for the impact of Huawei, bit shipments in DRAM would have increased sequentially as we had guided on our last quarter’s earnings call. NAND revenue was approximately $1.5 billion, representing 31% of total revenue. NAND revenue declined 25% relative to fiscal third quarter 2018 and declined 18% sequentially from the fiscal second quarter.
Overall NAND ASPs declined in the mid-teen’s percent range, while shipment quantities declined in the mid-single-digit percent range compared to the prior quarter. Adjusting for the Huawei impact, bit shipments came in better than our expectation due to stronger component sales.
Now turning to our revenue trends by business unit. Revenue for the Compute and Networking Business Unit was $2.1 billion, down 48% year-over-year and 13% from the prior quarter. Lower pricing across major market segments continued to be the leading cause of lower revenue. However, normalized customer inventory levels led to shipment volume growth in fiscal third quarter, particularly in graphics and client.
Revenue for the Mobile Business Unit was $1.2 billion, down 33% year-over-year and down 27% from fiscal second quarter due in part to lower shipments to Huawei. Lower pricing and DRAM volume drove the quarter-over-quarter decline. Our managed NAND portfolio continued to show strength in fiscal third quarter with bit shipments increasing by
over 200% year-over-year.
The Embedded Business Unit revenue of $700 million was down 22% from the prior year and down 12% from fiscal second quarter. Revenue was adversely impacted by broad macroeconomic weakness, weaker pricing, and inventory adjustments in the consumer segment. Automotive and industrial, which represented almost 75% of EBU revenue showed strong margin resilience, with gross margins down only 300 basis points from the last fiscal quarter.
Finally, the Storage Business Unit third quarter revenue was $813 million, down 29% year-over-year and down 20% quarter-over-quarter. The sequential decline was driven by competitive pricing and an unfavorable comparison on component volumes coming off a large one-time sale we completed in the prior fiscal quarter.

谢谢,桑杰。美光公司第三财季业绩属于指导性收入范围,高于我们上次召开的指导性EPS范围。我们还创造了健康的自由现金流水平,并在我们的股票回购计划上取得了进一步的进展。第三财季总收入约为48亿美元,处于我们的指导范围的中点,同比下降39%,比FQ2下降18%。

对华为的销售限制对DRAM和NAND的收入都产生了负面影响,如果没有这些限制,我们就会达到收入预期的高端。 DRAM收入约为30亿美元,占总收入的64%。 DRAM收入同比下降45%,比第二季度增长19%。与上一季度相比,DRAM平均售价下降了近20%,而比特出货量基本持平。

如果不是因为华为的影响,我们在上一季度的财报电话会议上引导,DRAM的比特出货量将会连续增加。 NAND收入约为15亿美元,占总收入的31%。与2018财年第三季度相比,NAND收入下降了25%,并且从第二财季起连续下降了18%。

整体NAND平均销售价格在中青年的百分比范围内下降,而出货数量在上个季度的单位数中位数下降。为适应华为的影响,由于零部件销售强劲,比特出货量好于我们的预期。

现在按业务部门转向我们的收入趋势。计算和网络业务部门的收入为21亿美元,同比下降48%,比上一季度下降13%。主要细分市场的低价格继续成为收入减少的主要原因。然而,标准化的客户库存水平导致第三季度的出货量增长,特别是在图形和客户端。

移动业务部门的收入为12亿美元,同比下降33%,比第二季度下降27%,部分原因是华为的出货量下降。较低的价格和DRAM数量推动了季度环比的下降。我们的管理型NAND产品组合在第三季度继续表现强劲,比特出货量增加

同比超过200%。

嵌入式业务部门的收入为7亿美元,比上一年度下降了22%,比第二季度下降了12%。收入受到广泛的宏观经济疲软,定价疲弱以及消费者群体库存调整的不利影响。汽车和工业占EBU收入的近75%,显示出强劲的利润弹性,毛利率较上一财季仅下降300个基点。

最后,存储业务部门第三季度收入为8.13亿美元,同比下降29%,环比下降20%。连续下跌的原因是竞争性定价以及我们在上一财政季度完成的大额一次性销售中对组件数量的不利比较。

The consolidated gross margin for fiscal third quarter was 39%, compared to 61% in the prior year and 50% in fiscal second quarter. Lower pricing in both DRAM and NAND was the primary driver of the lower margin in the fiscal quarter. Gross margins were also negatively impacted by approximately 200 basis points, due to underutilization charges related to IMFT.
U.S. tariffs on imports from China were less than 30 basis point impact to gross margins, as we have successfully mitigated approximately 90% of the impact from tariffs. Fiscal third quarter NAND gross margins remained above 25%.
Operating expenses of $774 million were well within our guided range. As we’ve said on prior calls, our goal with OpEx is to remain disciplined with respect to expense control, while continuing to invest in future products and technologies throughout the market cycle. Operating expenses also benefited from the strong execution on qualification of our 1Z nanometer mobile-DRAM product ahead of our internal schedule.
We delivered solid profitability in the fiscal third quarter with operating income of $1.1 billion, representing 23% of revenue. This margin is down 28 percentage points year-over-year and down 13 percentage points from FQ2. Non-GAAP taxes included $162 million of benefits in FQ3, due to a favorable state tax law change and a change in our annual tax rate from 10.5% to 9%.
Non-GAAP earnings per share in the fiscal third quarter was $1.05, down from $3.15 in the year-ago quarter and down from $1.71 in the prior quarter. Fiscal third quarter non-GAAP EPS was $0.15 higher due to the $162 million of tax benefits.
Turning to cash flows and capital spending, we generated $2.7 billion in cash from operations in the fiscal third quarter, representing 57% of revenues. Capital spending, net of third-party contributions, was approximately $2.2 billion, down from $2.4 billion in the prior quarter. We still expect fiscal 2019 CapEx at approximately $9 billion, however we expect meaningfully lower CapEx in fiscal 2020.
In the fiscal third quarter, our adjusted free cash flow, defined as cash flow from operations less net CapEx, was approximately $500 million, compared to $2.2 billion in the year-ago quarter and $1 billion in the fiscal second quarter. We bought back approximately $157 million of stock in the fiscal third quarter, representing 3.8 million shares.
For the fiscal year-to-date, we’ve returned $2.7 billion to shareholders in the form of share buybacks, which represents approximately 70% of our year-to-date free cash flow. Combined with the redemptions of outstanding converts, we have reduced outstanding share count by over 8% since fiscal third quarter 2018.
We will continue to prudently manage capital according to our philosophy of maintaining liquidity throughout the cycle, investing in capital assets to enable cost-effective node transitions and back-end cost competitiveness, and returning over 50% of free cash flow to shareholders.
Inventory ended the quarter at $4.9 billion, increasing from $4.4 billion at the end of the fiscal second quarter. The fiscal third quarter ended with 151 days of inventory outstanding, or 143 days using our average inventory balance for the fiscal third quarter. As we mentioned on the last call, calendar 2020 NAND bit supply will be constrained as we make the transition to replacement gate.

第三财季的综合毛利率为39%,而去年同期为61%,第二季度为50%。 DRAM和NAND的低价定价是本财季利润率较低的主要原因。由于与IMFT有关的利用不足,毛利率也受到约200个基点的负面影响。

美国对中国进口产品的关税对毛利率的影响不到30个基点,因为我们已经成功减轻了约90%的关税影响。财年第三季度NAND的毛利率仍然高于25%。

7.74亿美元的运营费用完全在我们的指导范围内。正如我们之前所说的那样,我们与OpEx的目标是在费用控制方面保持纪律,同时在整个市场周期中继续投资未来的产品和技术。在我们的内部时间表之前,我们的1Z纳米移动DRAM产品的强大执行也使运营支出受益。

我们在第三财季实现了稳健的盈利,营业收入为11亿美元,占收入的23%。该利润率同比下降28个百分点,比FQ2下降13个百分点。非美国通用会计准则税包括FQ3中1.62亿美元的福利,原因是州税法的有利变化以及我们的年税率从10.5%变为9%。

第三季度非GAAP每股收益为1.05美元,低于去年同期的3.15美元,低于上一季度的1.71美元。由于1.62亿美元的税收优惠,第三季度非GAAP每股收益高出0.15美元。

谈到现金流和资本支出,我们在第三财季从运营中获得了27亿美元的现金,占收入的57%。扣除第三方捐款后的资本支出约为22亿美元,低于上一季度的24亿美元。我们仍然预计2019财年的资本支出约为90亿美元,但我们预计2020财年的资本支出将大幅降低。

在第三财季,我们调整后的自由现金流(定义为运营现金流减去净资本支出)约为5亿美元,而去年同期为22亿美元,第二财季为10亿美元。我们在第三财季回购了约1.57亿美元的股票,代表380万股。

截至本财年至今,我们以股票回购的形式向股东返还了27亿美元,占我们年初至今自由现金流量的约70%。与赎回优秀皈依者相结合,自2018财年第三季度以来,我们已将已发行股票数量减少了8%以上。

我们将继续按照我们在整个周期保持流动性的理念,谨慎管理资本,投资资本资产以实现具有成本效益的节点转型和后端成本竞争力,并将超过50%的自由现金流返还给股东。

本季度库存收入为49亿美元,高于第二财季末的44亿美元。第三财季结束时有151天的未结清库存,或者使用我们第三季度的平均库存余额为143天。正如我们在上次调用中所提到的,当我们转换到替换门时,日历2020 NAND位供应将受到限制。

To meet expected bit demand growth, we are carrying higher levels of NAND inventory in calendar 2019 and 2020. We also project to carry higher-than-normal levels of DRAM inventory in calendar 2019 as industry supply and demand work toward getting into balance.
Total cash ended the quarter at $7.9 billion, down quarter-over-quarter, largely as a result of our $1.4 billion redemption of our Series G convertible notes announced last quarter and completed in FQ3. Total liquidity exceeded $10 billion at quarter-end, while we maintained a healthy balance sheet.
In the quarter, we announced that the close of the IMFT joint venture acquisition will be October 31, which is during our fiscal first quarter of 2020. We expect to pay approximately $1.4 billion for Intel’s share of IMFT. A portion of the payment will also be used to repay member debt financing, which at the end of the fiscal third quarter was approximately $860 million.
Now, turning to our financial outlook. Both the DRAM and NAND markets remain over-supplied. Having said that, we are starting to see some signs of bit demand improvement. As Sanjay mentioned, we expect strong growth in our DRAM bit shipments for the cloud, graphics, and PC markets in fiscal fourth quarter, followed by more normal bit growth in the fiscal first quarter.
In NAND, while the industry is benefitting from elasticity kicking in, our bit shipment growth in FQ4 will be limited, due to the ongoing transition of our SSD portfolio. With that in mind, our non-GAAP guidance for the fiscal fourth quarter is as follows. We expect revenue to be in the range of $4.5 billion, plus or minus $200 million; gross margin to be in the range of 29% plus or minus 150 basis points; and operating expenses to be approximately $785 million, plus or minus $25 million. Based on a share count of approximately 1.13 billion fully diluted shares, we expect EPS to be $0.45, plus or minus $0.07.
In closing, despite the industry and geopolitical challenges, Micron continues to execute on our key initiatives and remains on strong financial footing. We will continue to draw on our strong relationships with our customers and manage through this cycle with a focus on gross margins and free cash flow.
I’ll now turn the call over to Sanjay for some concluding remarks.

为了满足预期的比特需求增长,我们在2019年和2020年的日历中携带更高水平的NAND库存。我们还计划在2019年的日历中实现高于正常水平的DRAM库存,因为行业供需将努力达到平衡。

本季度总现金为79亿美元,较上一季度有所下降,这主要是由于我们在上季度宣布的F系列可换股票据的14亿美元赎回并在FQ3完成。截至季末,流动资金总额超过100亿美元,而我们保持了健康的资产负债表。

在本季度,我们宣布收购IMFT的合资公司将于10月31日结束,即2020财年第一季度。我们预计将为英特尔的IMFT支付约14亿美元。部分款项还将用于偿还成员债务融资,该融资在第三季度末约为8.6亿美元。

现在,转向我们的财务前景。 DRAM和NAND市场仍然供不应求。话虽如此,我们开始看到一些需求改善的迹象。正如Sanjay所说,我们预计第四季度云计算,图形和个人电脑市场的DRAM比特出货量将出现强劲增长,其次是第一财季的比特增长更为正常。

在NAND方面,虽然行业受益于弹性的推动,但由于我们的SSD产品组合正在不断转型,我们FQ4的出货量增长将受到限制。考虑到这一点,我们针对第四财季的非GAAP指导如下。我们预计收入将达到45亿美元,上下浮动2亿美元;毛利率在29%±150基点的范围内;和运营费用约为7.85亿美元,加上或减去2500万美元。根据约11.3亿股全面摊薄股份的股票数量,我们预计每股盈利为0.45美元,上下浮动0.07美元。

最后,尽管存在行业和地缘政治挑战,美光继续执行我们的关键举措,并继续保持强大的财务基础。我们将继续利用与客户的牢固关系,并在此周期内管理,重点关注毛利率和自由现金流。

我现在将电话转交给Sanjay,以作一些总结性发言。

Sanjay Mehrotra

Thank you, Dave. Clearly, fiscal 2019 has been challenging for both Micron and the industry. While we continue to believe that the industry is structurally stronger, the confluence of events that impacted this year was unprecedented. Still, we have fared better due to the tremendous progress we have made on improving our product costs, advancing our technology, and increasing the mix of high value solutions.
Recent industry financial results show that Micron’s profitability and balance sheet are best-in-class. Having said that, we are not resting on our recent accomplishments and are continuing to raise the bar for ourselves. Our CapEx and expense controls reflect our focus on profitability and free cash flow. With the economic and trade challenges facing the industry, the near term continues to be uncertain. But looking beyond these challenges, I’m excited about Micron’s future.
We are in the early innings of growth in cloud computing, and the value of data in the new economy is going to drive secular growth in numerous memory and storage-intensive applications. AI, autonomous vehicles, 5G, and IoT will drive significant improvements in our lives, and we look forward to bringing the value of our innovative, market-leading solutions to our customers.
In April, we issued our fourth annual sustainability report, which details Micron’s commitment to enhancing the world we live in through our products and our business practices. We achieved perfect scores on industry-standard environmental and social audits of our facilities in 2018 and 2019.
Our ongoing focus and improvements in sustainable practices is a competitive differentiator for both our customers and our employees, and an important part of the transformation we are driving at Micron. I’m energized by the potential ahead of us and proud of the culture of innovation and execution that we are building.
We will now open for questions.

戴夫,谢谢你。很明显,2019财年对美光和行业都提出了挑战。虽然我们仍然认为该行业在结构上更加强大,但影响今年的事件的汇合是前所未有的。尽管如此,由于我们在提高产品成本,推进技术和增加高价值解决方案的组合方面取得了巨大进步,我们的表现仍然更好。

最近的行业财务业绩显示,美光的盈利能力和资产负债表是同类产品中的佼佼者。话虽如此,我们并没有依靠我们最近取得的成就,而是继续为自己提高标准。我们的资本支出和费用控制反映了我们对盈利能力和自由现金流的关注。随着行业面临的经济和贸易挑战,近期仍然不确定。但是,除了这些挑战,我对美光的未来感到兴奋。

我们正处于云计算增长的早期阶段,新经济中的数据价值将推动众多内存和存储密集型应用的长期增长。人工智能,自动驾驶汽车,5G和物联网将为我们的生活带来重大改进,我们期待为我们的客户带来创新,市场领先的解决方案的价值。

4月,我们发布了第四份年度可持续发展报告,详细介绍了美光通过我们的产品和业务实践改善我们生活的世界的承诺。我们在2018年和2019年对我们的工厂进行了行业标准的环境和社会审计,取得了满分。

我们对可持续实践的持续关注和改进是我们的客户和员工的竞争优势,也是我们在美光公司推动的转型的重要组成部分。我对未来的潜力感到精力充沛,并为我们正在建设的创新和执行文化感到自豪。

我们现在开放提问。

问答环节

Thank you. [Operator Instructions] Our first question comes from the line of C.J. Muse of Evercore. Your line is open.

谢谢。 [操作员说明]我们的第一个问题来自Evercore的C.J.Muse系列。 你的线是开放的。

C.J。 沉思

Good afternoon. Thank you for taking the question. I guess first question, I was hoping you could provide a little more granularity on Huawei. You talked about the ability to sell subset of products, can you walk through, I guess, where you are allowed, where you are not? They are, I believe a [13%] customer at least quarter fiscal year. What kind of impact do you expect as we proceed in the coming quarters across both DRAM and NAND?

下午好。 谢谢你提出这个问题。 我想第一个问题,我希望你能为华为提供更多的粒度。 你谈到了销售产品子集的能力,我想,你能走到哪里,你可以在哪里,你不在哪里? 他们是,我相信至少有一个财政年度[13%]客户。 当我们在DRAM和NAND的未来几个季度进行时,您期望会产生什么样的影响?

Sanjay Mehrotra

So, as I said in the prepared remarks, after the Huawei was placed on entity list, we began review of our products against the export administration required regulations and through that analysis we determined that certain of our products, a subset of our products that we were previously shipping to Huawei could continue to ship because it is lawful it is compliant to those export regulations. And you know of course, it had impact as Dave noted.
In our FQ3, it had an impact because we could not ship at that time any product to them of nearly $200 million. And for FQ4, there would be impact to our revenue. What I would say is, that our revenue with Huawei in FQ4 would be less than what it otherwise would have been if Huawei was not on the entity listing. And of course, as we look ahead beyond FQ4, if Huawei continues to be on the entity list then in fiscal year 2020 as well, we would have an impact compared to what our revenue with Huawei would have been if they were not on the entity listing.
Of course, we are a supplier to all customers in all end markets across the globe and we will – and our presence with several of those other customers is growing in terms of our penetration there, in terms of our share there. And we will continue to work on adjusting those, but we would not be able to make up in fiscal year 2020 if this were to continue the full shortfall and all though we plan to make a part of it through other parts of the business.

因此,正如我在准备好的评论中所说,在华为被列入实体名单后,我们开始审查我们的产品违反出口管理所需的法规,并通过分析我们确定我们的某些产品,我们的产品的一部分,我们以前运往华为的货物可以继续发货,因为它符合这些出口法规是合法的。而且你知道,当然,正如戴夫所指出的那样。

在我们的FQ3中,它产生了影响,因为我们当时无法向他们发送近2亿美元的任何产品。而对于FQ4,会对我们的收入产生影响。我要说的是,华为在FQ4中的收入将低于华为不在实体上市时的收入。当然,当我们展望FQ4以后,如果华为继续在实体名单上,那么在2020财政年度,如果他们不在实体上,那么我们的收入与华为相比会产生影响。清单。

当然,我们是全球所有终端市场中所有客户的供应商,我们将 - 并且我们与其他几个客户的合作在我们在那里的份额方面正在增长。我们将继续努力调整这些,但如果要继续全面亏空,我们将无法在2020财政年度弥补,尽管我们计划通过业务的其他部分参与其中。

C.J。 沉思

That's very helpful. And if I could …

这非常有帮助。 如果我能......

Sanjay Mehrotra

And it affects both our DRAM, as well as the NAND side of the business.

它既影响我们的DRAM,也影响业务的NAND方面。

C.J。 沉思

Okay, great. Thank you. And if I could follow up on CapEx, you talked about a meaningful cut. I guess, is meaningful meaning [indiscernible] territory? And as part of that, is it more focused on DRAM, NAND, both, how should we think about the implications there? Thank you.

好,太棒了。 谢谢。 如果我能跟进资本支出,你谈到了一个有意义的削减。 我想,有意义的[音频不清晰]领域? 作为其中的一部分,它是否更关注DRAM,NAND,两者,我们应该如何思考其中的含义? 谢谢。

Sanjay Mehrotra

So, with respect to CapEx, we have said meaningful reduction in CapEx from the fiscal year 2019 levels. And we will provide more details in the next call as we finalize our plans. Of course, our goal is to have our long-term considerations in mind with respect to technology and product cost capability, but most importantly to have our supply bit growth aligned with our expectations of demand bit growth.
And when we look at supply bit growth, of course, we keep in mind the inventory that we are carrying from fiscal year 2019 into fiscal year 2020 for both DRAM, as well as NAND, which will help us supply some of the demand requirement in fiscal year 2020 and enable us to reduce our CapEx requirements in fiscal year 2020 and our CapEx management, of course, applies to both NAND, as well as DRAM.

因此,就资本支出而言,我们已表示从2019财年的水平有意义地减少资本支出。 在我们完成计划时,我们将在下一次电话会议中提供更多详细信息。 当然,我们的目标是在技术和产品成本能力方面考虑我们的长期考虑因素,但最重要的是让我们的供应位增长与我们对需求位增长的预期保持一致。

当我们看到供应位增长时,当然,我们记住我们从2019财年到2020财年的库存,包括DRAM和NAND,这将帮助我们满足一些需求需求。 2020财年,我们可以降低2020财年的资本支出要求,当然,我们的资本支出管理适用于NAND和DRAM。

会议主持员

Thank you. Our next question comes from the line of Mark Newman of Bernstein. Your question please.

谢谢。 我们的下一个问题来自伯恩斯坦的马克纽曼。 请问你的问题。

马克纽曼

Yes, hi. Thanks for taking my call, taking my question. And the first question really following on Huawei, can you give a little bit more quantification on how much the 13% or so revenue you expect you will be able to continue to export to Huawei? And can you give us some guidance also for your bit growth for this next quarter? I don't think you have mentioned that yet on the earnings – on the guidance, if you can mention about your expectation for bit growth for the following quarter? And I have a follow-up question. Thanks.

是的,嗨。 谢谢接听我的电话,接受我的提问。 关于华为的第一个问题,您能否对您希望继续向华为出口的13%左右的收入进行更多量化? 您能否为我们下个季度的增长提供一些指导? 我认为你还没有提到收益 - 在指导下,如果你能提一下你对下一季度的比特增长的期望吗? 我有一个后续问题。 谢谢。

Sanjay Mehrotra

So, with respect to Huawei, as I've said before, our revenue expectation in fiscal Q4 is less than what it would have been without Huawei being on the entity list. Beyond that we don't really get into specifics in terms of revenue etcetera on a customer by customer basis. Of course, our revenue expectation with Huawei is baked into the guidance, revenue guidance that Dave provided for FQ4 of $4.5 billion plus or minus $200 million. And your second question, with respect to …

所以,就华为而言,正如我之前所说,我们在第四季度的收入预期低于没有华为在实体名单上的收入预期。 除此之外,我们并没有真正了解客户的收入等细节。 当然,我们对华为的收入预期与Dave为FQ4提供的45亿美元加上或减去2亿美元的指导和收入指导有关。 关于......你的第二个问题

Dave Zinsner

So, on DRAM bit growth, we said it would be up meaningfully in the fourth quarter, NAND will be more modest given the environment.

因此,在DRAM位增长的情况下,我们表示在第四季度它会有意义上升,鉴于环境,NAND将会更加温和。

马克纽曼

Okay. Thanks, thanks very much Dave and Sanjay. My final question is really taking a step back and looking at the industry, you know clearly it has been the quite challenging year, this year with the oversupply, but just looking forward to 2020 with the pretty severe cuts, you guys are making on utilization and CapEx and with similar cuts from some of your competitors in Asia, I'm just curious what you think for next year, I guess it very much depends on the economic outlook, which is a little bit unpredictable at the moment, but looking forward to 2020, do you not think that there could be a danger of potential under supply at some point next year? I'm just curious how you're thinking about that because to me, this level of utilization and CapEx, it seems like inevitably there will be a period of under supply coming, just a matter of time.

好的。 谢谢,非常感谢Dave和Sanjay。 我的最后一个问题是退后一步,看看这个行业,你清楚地知道这是一个充满挑战的一年,今年供过于求,但只是期待2020年的严重削减,你们正在利用 和CapEx以及亚洲一些竞争对手的类似削减一样,我只是好奇你对明年的想法,我想这很大程度上取决于经济前景,目前有点不可预测,但展望未来 到2020年,你不认为明年某个时候可能存在供应潜力的危险吗? 我只是好奇你是怎么想的,因为对我而言,这种利用率和资本支出水平似乎不可避免地会出现供给不足的时期,只是时间问题。

Sanjay Mehrotra

So, as we have said, the industry is in oversupply right now, both in DRAM, as well as in NAND. And while demand is increasing in the second half both for NAND and DRAM, the oversupply situation does persist and we have talked about in DRAM, challenging pricing environment and therefore it's important that CapEx cuts are made, as well as supply bit growth has managed to bring the supply bit growth in line with the demand growth, as well as over time to bring inventories in line with expectations as well. So, we are not providing a fiscal year 2020 guidance at this point, but all of the actions that we are taking here are really targeted to restore the industry demand and supply balance over the course of next few quarters.

因此,正如我们所说,目前该行业处于供过于求的状态,包括DRAM和NAND。 虽然下半年对NAND和DRAM的需求都在增加,但供应过剩的情况确实存在,我们已经谈到了DRAM,挑战了价格环境,因此限制了资本支出的削减,以及供应量的增长已经成功 使供应位增长与需求增长保持一致,并随着时间推移使库存符合预期。 因此,我们目前还没有提供2020财年的指导,但我们在这里采取的所有行动都是为了在未来几个季度内恢复行业需求和供应平衡。

马克纽曼

Thanks.

谢谢。

会议主持员

Thank you. Our next question comes from the line of John Pitzer of Credit Suisse. Your line is open.

谢谢。 我们的下一个问题来自瑞士信贷的John Pitzer。 你的线是开放的。

John Pitzer

Hi, guys. Thanks for letting me ask the questions. Sanjay, congratulations on the solid execution given the industry conditions. Just going back to the CapEx questions, I would argue Sanjay that one of the biggest strategic initiatives you’ve had has been to try to close the cost gap with your peers. And clearly CapEx is a pretty important tool in which to do that, you guys are sort of bucking the trend this fiscal year with CapEx actually up slightly versus peers that have actually taken it down. I'm just kind of curious, help us get some comfort level that despite the cuts you're talking about for the fiscal year 2020 you're still very much on plan relative to closing those cost gaps with your peers?

嗨,大家好。 谢谢你让我问问题。 Sanjay,祝贺在行业条件下坚实执行。 回到CapEx的问题,我认为Sanjay你最大的战略举措之一就是试图缩小与同行之间的成本差距。 显然,资本支出是一个非常重要的工具,在这个财政年度,你们有点逆转这一趋势,而资本支出实际上略微上升,而实际上已经下降了。 我只是有点好奇,帮助我们获得一些舒适程度,尽管你在2020财年谈论削减,但你仍然非常关注与同行缩小成本差距的计划吗?

Sanjay Mehrotra

So, certainly as you noted, we have made tremendous improvement in our cost position and with respect to our peers and that reflects in our financial performance. As was noted in the prepared remarks, our margin improvement, relative margin improvement from previous times has really improved by 2,000 basis points and that's because of our execution on the cost front, as well as on the execution on the high value solutions front. And of course, we have more room to go with respect to cost competitiveness, as well as strengthening our high value solutions portfolio.
So, we are extremely focused on this and you know as we look at driving our future opportunities, we of course when we make our CapEx decisions, we make them based on cost competitiveness off our supply in the future and of course, keeping in mind our free cash flow considerations and most important is that our total supply available to us coming from our inventory and coming from our supply bit growth should be matching with our demand expectations going forward over the course of next few quarters and to continue to improve our inventory position. But on the cost side, we feel very good about the 1Y and 1Z progress on DRAM, as well as we feel good about our 96-layer.
And overall, even with the CapEx reductions that we’re talking about, we'll be in a good position with respect to cost both in DRAM and NAND next year. Of course we have talked about in NAND, our first generation replacement gate node will be a small node, in the sense that it will be deployed across a small set of products and we will not have any significant cost benefit from that first generation replacement gate node, but the second generation replacement gate node will give us meaningful cost benefit, compared to the last generations of floating gate node. So, we absolutely are on top of the game in terms of managing to our cost objectives.

因此,正如您所指出的那样,我们的成本状况和同行相比已经取得了巨大的进步,这反映在我们的财务业绩中。正如在准备好的评论中所指出的那样,我们的利润率改善,相对于之前的相对利润率改善了2000个基点,这是因为我们在成本方面的执行以及高价值解决方案的执行。当然,我们在成本竞争力方面还有更大的发展空间,同时也加强了我们的高价值解决方案组合。

所以,我们非常关注这一点,你知道,当我们考虑推动我们未来的机会时,当然,当我们做出我们的资本支出决策时,我们会根据我们未来供应的成本竞争力来制定它们,当然,请记住我们的自由现金流考虑因素,最重要的是,我们从库存中获得的总供应量来自我们的供应量增长应符合我们未来几个季度的需求预期,并继续改善我们的库存位置。但在成本方面,我们对DRAM的1Y和1Z进展感到非常满意,并且我们对96层感觉良好。

总的来说,即使我们正在谈论的资本支出减少,我们也将在明年的DRAM和NAND成本方面处于有利地位。当然我们在NAND中已经讨论过,我们的第一代替代门节点将是一个小节点,因为它将部署在一小部分产品中,我们将不会从第一代替换门获得任何显着的成本效益节点,但与上一代浮动门节点相比,第二代替代门节点将给我们带来有意义的成本效益。因此,在管理我们的成本目标方面,我们绝对是最重要的。

Dave Zinsner

I'd just add that, you know, Sanjay already mentioned this drive to high value solutions. In other way we can improve our gross margins, but also the node transitions isn't the only way we affect the cost of the product and so one example is, for example, the back-end we're very acutely focused on the back-end we are bringing some of that activity that we were doing that was being outsourced internally. We think we can improve our cost structure in that regard to. So, there are many ways we can drive the cost to improve it.

我只想补充一点,你知道,Sanjay已经提到了这种高价值解决方案的动力。 换句话说,我们可以提高我们的毛利率,但节点转换并不是我们影响产品成本的唯一方式,因此一个例子是,例如,后端我们非常专注于后端 - 我们正在带来一些我们正在进行的内部外包活动。 我们认为我们可以在这方面改善我们的成本结构。 因此,我们可以通过多种方式来降低成本。

Sanjay Mehrotra

And one thing I would add is, in terms of our overall CapEx that you mentioned, of course, as you know that in fiscal year 2019, we had meaningful part of our CapEx around $2 billion that was actually tied to facilities, cleanroom expansions to enable technology transitions. And this facility spend, may not be the same from one manufacturer to the other manufacturers, but for us that was a meaningful part. Again, as noted in our remarks before, to prepare us for technology transitions and not targeting any of that cleanroom space for any meaningful capacity, but really for technology transition.

我要补充的一点是,就你们提到的总体资本支出而言,当然,正如你所知,在2019财政年度,我们的资本支出大约有20亿美元的有意义部分实际上与设施,洁净室扩展有关。 实现技术转型。 从一个制造商到其他制造商,这个设施花费可能不一样,但对我们来说这是一个有意义的部分。 同样,正如我们之前的评论中所指出的那样,为我们的技术转型做好准备,而不是针对任何有意义的容量确定任何洁净室空间,而是真正用于技术转型。

John Pitzer

Thanks Sanjay. And then David, just on inventory, it's clearly a key metric that investors are looking at. I'm kind of curious is how we should think about inventory levels exiting the fiscal fourth quarter? And as you answer the question, clearly the inventory is somewhat a reflection of where we are in the cycle, but you've got sort of the added burden of wanting to build some NAND inventory as you make this transition to replacement gate. So, how would inventories look if you sort of normalize for that? And then lastly as part of the question, I apologize, utilization coming down, CapEx coming down is a good way of controlling inventory, so was the potential for write-downs, can you just talk about how you're thinking about the value of the inventory in this sort of environment?

谢谢桑杰。 然后大卫,只是在库存,它显然是投资者正在关注的一个关键指标。 我有点好奇我们应该如何考虑退出第四财季的库存水平? 当你回答这个问题时,显然库存有点反映了我们在这个周期中的位置,但是当你转换到替换门时,你有一些额外的负担,想要构建一些NAND库存。 那么,如果您为此进行标准化,那么库存会如何? 然后最后作为问题的一部分,我道歉,利用率下降,资本支出下降是一个控制库存的好方法,所以减记的可能性,你能谈谈你如何考虑价值 在这种环境下的库存?

Dave Zinsner

A three-part question, John. Okay, so the inventories obviously are elevated right now. As you point out, one of the big drivers of our increased inventory level is in NAND. And that is kind of by design for us. We are trying to build up some inventory going into 2020, fiscal 2020 for us because we are going to make this transition to replacement gate. Replacement gate doesn't drive very much bit growth for us in the first node in replacement gate. And so, we'll need to draw on our inventory in order to meet demand, and that's – I don't know the exact number, but that's a decent chunk of the [overage] in terms of days.
The other aspect of the elevated level of inventory is in DRAM. That was a little bit more a function of pretty good bit growth in the first couple of quarters of the calendar year of 2019 and of course we had had customers working down their inventories and so inventory was building up in our balance sheet. We do expect now that we're in a place, Sanjay mentioned that we're seeing inventories get to be in a good place in the cloud space, in the graphic space, in the PC space. And so, we would expect to start to see inventories start to come down now.
We think we'll be in a relatively good spot by the end of the calendar year, may not be at quote unquote optimal levels, but certainly in a healthier place and then quick quickly after that I would expect DRAM to be in a good place. From a write down perspective, we did write down about $40 million of inventory this quarter specific to Huawei. We finished goods inventory with Huawei that does not look like that's going to get sold, so we did reserve that. Outside of that, from a kind of an obsolescence perspective, we don't see really any risk with the inventory we're carrying.
We think it's very good inventory, it got a good cost position, very good demand with that inventory. So, unlikely to have any issue as it relates to obsolescence. The other of course area, you have to concern yourself with is the, any sort of lower cost to market issue with the inventory. I think you can kind of guess by the quality of our gross margins that we are not really in danger of having any write-down associated with lower cost to market. So, outside of these kind of one-off issues that we deal with from time to time, like we did with Huawei this quarter I don't really see a big issue with inventory in terms of write-downs or reserves.

这是一个由三部分组成的问题,John。好的,所以现在库存明显增加了。正如您所指出的,我们增加库存水平的一个重要驱动因素是NAND。这对我们来说就像设计一样。我们正在努力为2020年的2020财年建立一些库存,因为我们将把这个过渡到替代门。更换门在替换门的第一个节点中不会为我们带来很大的增长。因此,我们需要利用我们的库存来满足需求,而且 - 我不知道确切的数字,但就天数而言,这是[overage]的一大块。

库存水平提升的另一个方面是DRAM。这是2019年日历前几个季度相当好的小幅增长的一个功能,当然我们让客户减少库存,因此库存在我们的资产负债表中积累。我们现在确实希望我们在一个地方,Sanjay提到我们看到库存在云空间,图形空间和PC空间中都处于良好的位置。因此,我们预计现在会开始看到库存开始减少。

我们认为我们将在日历年结束时处于一个相对较好的位置,可能不会引用不引用的最佳水平,但肯定在一个更健康的地方然后快速快速之后我会期望DRAM处于一个好的位置。从写下来的角度来看,本季度我们确实写下了大约4000万美元的库存,这些库存特别针对华为。我们完成了与华为的商品库存,看起来不会出售,所以我们保留了。除此之外,从一种过时的角度来看,我们并未发现我们所携带的库存存在任何风险。

我们认为这是一个非常好的库存,它有一个良好的成本位置,非常好的库存需求。所以,不太可能有任何与过时相关的问题。当然另一个领域,你必须关心的是,库存的任何一种较低的市场成本问题。我认为你可以从我们的毛利率质量来猜测,我们并没有真正面临与降低市场成本相关的减记的危险。因此,除了我们不时处理的这类一次性问题之外,就像我们本季度对华为所做的那样,我并没有真正看到库存减记或储备方面的大问题。

Sanjay Mehrotra

So before going to the next question, I just wanted to make a small correction. In the prepared comments, I mentioned that QLC shipments were up approximately 75%, I meant to say that QLC bit shipments were up 75% quarter-over-quarter. So, just wanted to make that correction. And now I think we can move on to the next question.

所以在进入下一个问题之前,我只是想做一个小的修正。 在准备好的评论中,我提到QLC的出货量增长了大约75%,我的意思是说QLC的出货量比上一季度增长了75%。 所以,只是想做出这样的修正。 现在我想我们可以继续讨论下一个问题了。

会议主持员

Thank you. Our next question comes from the line of Ambrish Srivastava of BMO Capital. Your question please.

谢谢。 我们的下一个问题来自BMO Capital的Ambrish Srivastava系列。 请问你的问题。

Ambrish Srivastava

Hi, thank you very much. Sanjay, good to see the discipline here on the CapEx and also with Dave’s focus on free cash flow. I was just a little confused, I want to make sure I understood this. If we go – and I appreciate that you don't want to talk about any specific customer, but if you go back to the reported last two quarters and if you triangulate that if you exclude Huawei that will mean that bit shipments would be at best up single-digit. So, the question is in your CapEx thinking for fiscal 2020, how are you handicapping the Huawei impact? Are you expecting this to continue to be on that list and hence your CapEx, lower CapEx includes a certain amount of capacity being taken offline because of that, what's the right way to think about it? And then I had a quick follow-up.

嗨,非常感谢你。 Sanjay,很高兴看到CapEx的纪律以及Dave对自由现金流的关注。 我只是有点困惑,我想确保我理解这一点。 如果我们去 - 我感谢你不想谈论任何特定的客户,但如果你回到过去两个季度的报告,如果你三角测量,如果你排除华为这将意味着比特出货量最好 一位数。 那么,问题在于您的CapEx想到的2020财年,您如何解决华为影响? 您是否期望这一点继续保持在该列表上,因此您的资本支出,较低的资本支出包括因此而离线的一定数量的容量,正确的思考方式是什么? 然后我快速跟进了。

Sanjay Mehrotra

So, I think we will be able to provide you more details related to fiscal year 2020 CapEx etcetera in our next earnings call. I would just point out that there is obviously considerable uncertainty here. As you can all see from the rather fluid situation with respect to Huawei, as well as with respect to U.S., China trade matters and of course we are just staying focused on optimizing what we can control, and really remaining nimble in our actions.
You have seen that how over the course of last one year we have for fiscal year 2019 managed our CapEx down from $10.5 billion plus, minus 5% to $9 billion now. So, we continue to stay vigilant and we are making decisive actions with respect to meaningful CapEx reductions in fiscal year 2020. But with respect to the further details, we will be in a better position to provide you information at the next earnings call.

因此,我认为我们将在下一次财报电话会议中向您提供有关2020财年CapEx etcetera的更多详细信息。 我只想指出,这里显然存在相当大的不确定性。 正如你们都可以看到华为相对流动的情况,以及美国,中国的贸易问题,当然我们只是专注于优化我们可以控制的东西,并且真正保持灵活的行动。

您已经看到,我们在2019财年的过去一年中如何管理我们的资本支出从现在的105亿美元减去5%减少到90亿美元。 因此,我们继续保持警惕,我们正在就2020财政年度有意义的资本支出减少采取果断行动。但就进一步的细节而言,我们将在下次收益电话会议中为您提供更好的信息。

Ambrish Srivastava

Okay, I appreciate that Sanjay. And then as a quick follow-up, and it's not a multi-part day for you, what's the AR or DSO target that we should be thinking about as we go through the next couple of quarters? Thank you.

好的,我很欣赏Sanjay。 然后作为一个快速跟进,对你来说这不是一个多部分的日子,我们在接下来几个季度应该考虑的AR或DSO目标是什么? 谢谢。

Sanjay Mehrotra

Yes. So, it got up there and we did kind of work it down this quarter. I think we got it down to about 62 days. I would say ideally, it should be in the 50s, it was a little bit of a mix challenge this quarter that kind of drove it up a bit. And there is a couple of customers that have extended terms and they kind of hit us at that point, but ideally, we'd like to be somewhere in the mid-50s.

是。 所以,它到了那里,我们在本季度做了一些工作。 我想我们把它降到了大约62天。 理想情况下,它应该是在50年代,本季度这是一个混合挑战,有点推动它。 并且有一些客户延长了条款,并且在那时他们有点打击我们,但理想情况下,我们想要在50年代中期的某个地方。

Ambrish Srivastava

Okay, thank you. Good luck.

好的谢谢你。 祝好运。

会议主持员

Thank you. Our next question comes from Chris Danely of Citi. Your question please.

谢谢。 我们的下一个问题来自花旗的Chris Danely。 请问你的问题。

Chris Danely

Thanks guys. You said you've mitigated I think 90% of the tariff so far. Now we're looking at another $300 billion in tariffs. Can you estimate the approximate impact to your business if that goes through?

多谢你们。 你说你已经减轻了我认为到目前为止90%的关税。 现在我们正在考虑另外3000亿美元的关税。 如果经过这种情况,您能否估计对您业务的近似影响?

Sanjay Mehrotra

I would say that as we of course, we don't know for sure what the list looks like. We have a general sense based on what we've seen there is minimal impact from the incremental list. Most of what affects us was contemplated in the first two 1A, 1B, and then the second list.

我会说,当然,我们不确定列表是什么样的。 根据我们所看到的,增量列表的影响很小,我们有一般意义。 在前两个1A,1B,然后是第二个列表中考虑了影响我们的大部分内容。

Chris Danely

Got it. And then for my follow-up. Sanjay talked about 5G and the big driver with the Huawei issue is that impacting the development of 5G, have you seen any change in like the ongoing development of the standards out there?

得到它了。 然后是我的后续行动。 Sanjay谈到5G和华为问题的重要推动因素是影响5G的发展,您是否看到过标准的持续发展有何变化?

Sanjay Mehrotra

So, I think it is too soon to tell. And keep in mind that in certain countries 5G has already started to be deployed, such as Korea and there are of course leading suppliers, other than Huawei as well for 5G. So, will remain to be seen how this deployment occurs over the course of next few quarters, in particular here. But there is no doubt that you know 5G will bring about greater applications for memory and storage, not only in smartphones, but also in machine-to-machine on the IoT front.
And all of this will drive greater demand for memory and storage and we remain absolutely well prepared, of course, in a flexible fashion to meet the growing demand requirements for the business. That 5G, we think will provide over the course of next many years. But near term, in terms of exactly what happens with respect to Huawei aspects, I think really it is too soon to tell.

所以,我认为现在还为时过早。 请记住,在某些国家,5G已经开始部署,例如韩国,当然还有华为以及5G以外的领先供应商。 因此,在接下来的几个季度中,特别是在此过程中,这种部署将如何发展还有待观察。 但毫无疑问,您知道5G将带来更大的内存和存储应用,不仅适用于智能手机,还适用于物联网前端的机器对机器。

所有这些都将推动对内存和存储的更大需求,当然,我们仍然准备好以灵活的方式来满足不断增长的业务需求需求。 5G,我们认为将提供未来多年的课程。 但就近期而言,就华为方面究竟会发生什么而言,我认为现在还为时尚早。

Chris Danely

Okay, thanks a lot, guys.

好的,非常感谢,伙计们。

会议主持员

Thank you. Our next question comes from Harlan Sur of JPMorgan. Please go ahead.

谢谢。 我们的下一个问题来自摩根大通的Harlan Sur。 请继续。

哈伦苏尔

Good afternoon and thanks for taking my question. In DRAM, given the transition to 1Y and early 1Z move, can you guys just help us understand qualitatively your cost reduction profile as you move to the second half of this calendar year? Maybe compare that versus the cost downs in the first half of this year.

下午好,谢谢你接受我的提问。 在DRAM中,鉴于过渡到1Y和1Z早期的移动,您是否可以帮助我们定性地了解您在本日历年下半年的成本降低情况? 也许比较一下今年上半年的成本下降。

Sanjay Mehrotra

With respect to the cost declines, of course, we are continuing to execute well with respect to our nodes transitions, as well as continuing to drive cost declines the 1Y and 1Z nodes that you talked about, and we are on plan in terms of ramping up these nodes as well. And as I said before, we don't break out the cost reductions on first half versus second half. Of course, our expectations of cost reductions are baked into for FQ4, the gross margin guidance, as well as of course that takes into account our price decline assumptions as well for FQ4.
So, all of that is really baked into it, we don't break it down, but keep in mind that as the new technology nodes advance, the cost reduction coming from new technology nodes is less and less compared to the prior nodes just because as we have explained several times before they naturally give you – given the challenges of scaling less per wafer bit growth capability and less cost reduction capability.

当然,就成本下降而言,我们将继续在节点转换方面表现良好,并继续推动您所谈论的1Y和1Z节点的成本下降,并且我们正在计划增长 这些节点也是如此。 正如我之前所说,我们没有打破上半年和下半年的成本削减。 当然,我们对降低成本的预期是针对FQ4,即毛利率指引,当然还考虑了FQ4的价格下跌假设。

所以,所有这一切都真正融入其中,我们不会将其分解,但请记住,随着新技术节点的推进,新技术节点的成本降低与之前的节点相比越来越少,因为 正如我们在他们自然给你之前已经多次解释的那样 - 考虑到每个晶圆比特增长能力的缩放和降低成本能力的挑战。

哈伦苏尔

Yes, thanks for the insights there. And then back in April, the team announced its 9300 series NVMe, this is their new cloud in enterprise, the SSD family. I think you guys have had solid momentum in cloud and enterprise with your SATA family and that's helped to sustain a better margin profile for the NAND business. So, what's the design win momentum been like on the 9300 series and when do you anticipate your cloud customers to start ramping these new NVMe products? Thank you.

是的,感谢那里的见解。 然后在4月份,该团队宣布其9300系列NVMe,这是他们在企业中的新云,SSD系列。 我认为你们在拥有SATA系列产品的云和企业方面拥有稳固的发展势头,这有助于维持NAND业务更好的利润率。 那么,9300系列的设计赢得动力是什么样的?您何时期望您的云客户开始使用这些新的NVMe产品? 谢谢。

Sanjay Mehrotra

As we have discussed in the past that we would be introducing over the course of our fiscal year 2019, actually during calendar year 2019, our NVMe products and we started that first with consumer NVMe and later with our OEM NVMe that we talked about today. And now also for cloud and enterprise applications NVMe drive and these will take some period of time over the course of next few months in terms of getting qualified by customers, in terms of gaining traction with customers and that's why we had mentioned that 2019 will basically be a year of transition for us from SATA to NVMe.
I just want to remind you that couple of years ago, Micron did not actually have investments in NVMe product development. We did very well and are continuing to do very well in SATA as you noted, and we began to significantly increase our investments in NVMe product development couple of years ago, and it takes a while to have these products in the marketplace. So, in 2020, as our NVMe solutions get adopted by our customers and as we ramp those into production, we do expect to be gaining share with NVMe all throughout the 2020 timeframe.

正如我们过去所讨论的那样,我们将在2019财政年度,实际上在2019日历年期间推出我们的NVMe产品,我们首先在消费者NVMe上开始,然后在我们今天谈到的OEM NVMe中开始。现在也适用于云计算和企业应用程序NVMe驱动器,这些将在未来几个月内在获得客户认可方面需要一段时间,以获得对客户的吸引力,这就是为什么我们提到2019年将基本上从SATA转向NVMe是我们过渡的一年。

我只是想提醒你,几年前,美光实际上没有投资NVMe产品开发。我们做得非常好,并且正如您所指出的那样继续在SATA中做得非常好,几年前我们开始大幅增加对NVMe产品开发的投资,并且需要一段时间才能将这些产品推向市场。因此,在2020年,随着我们的NVMe解决方案被我们的客户采用,并且随着我们将这些解决方案投入生产,我们确实希望在2020年的时间范围内获得NVMe的所有份额。

哈伦苏尔

Thanks Sanjay.

谢谢桑杰。

会议主持员

Thank you. Our next question comes from the line of Timothy Arcuri of UBS. Your question please.

谢谢。 我们的下一个问题来自瑞银的Timothy Arcuri。 请问你的问题。

Timothy Arcuri

And that's been asked a couple of times. And I'm just trying to figure out how lower CapEx, you're going to cut CapEx by a couple of billion and you're certainly cutting wafer starts quite a bit, how that does ultimately have some negative impact on your costs? I think you've been costing down in DRAM, maybe low to mid-teens and the expectation was that you'd be down somewhere that 2020 would be kind of another good year for DRAM cost downs and you've been down kind of like mid-20s in NAND. So, yet it sounds like you're saying that it does not having much of an effect on your costs, so I'm just trying to fit those two things? Thank you.

这已被问过几次。 而我只是想弄清楚资本支出是如何降低的,你要削减资本支出几十亿,而且你肯定会削减晶圆的开工量,这最终会对你的成本产生一些负面影响吗? 我认为你在DRAM中的成本一直在下降,可能从低到中等,并且期望你会在某个地方下降,2020年将是DRAM成本下降的另一个好年份,你有点喜欢 20世纪20年代中期的NAND。 所以,听起来你说它对你的成本没有多大影响,所以我只想尝试这两件事? 谢谢。

Sanjay Mehrotra

No, I'm not saying that it will not have effect on cost. What I'm saying is that we will be in good position with cost because our technologies – underlying technologies, give us good cost reduction capabilities from one node to the next node. Overall, from our cost point of view, we'll be in good position and for NAND I'll just remind you that you know our CMOS under the array technology gives us the smallest die size in the industry and that has meaningful implications with respect to the cost competitiveness that we have.
So, overall, we feel good about the technology and the production mix that we will be driving through the remainder of fiscal year 2019, as well as through fiscal year 2020 in terms of meeting our demand expectations, as well as remaining cost competitive.

不,我不是说它不会对成本产生影响。 我所说的是,我们将在成本方面处于有利地位,因为我们的技术 - 底层技术,为我们提供了从一个节点到下一个节点的良好成本降低能力。 总的来说,从我们的成本角度来看,我们将处于有利位置,对于NAND我只会提醒您,您知道我们的阵列技术下的CMOS为我们提供了业内最小的芯片尺寸,并且具有重要意义 我们拥有的成本竞争力。

因此,总体而言,我们对2019财年剩余时间以及2020财年在满足我们的需求预期以及剩余成本竞争力方面的技术和生产组合感到满意。

Timothy Arcuri

Thanks for that. And then I guess just related to that maybe Dave, can you maybe break down CapEx sort of how much is building versus equipment, it sounds like there is roughly 2 billion that was buildings this year in fiscal 2019. Is the cut next year going to be almost all in infrastructure so that WFE is kind of flat to down smidge, year-over-year? Is that kind of how to think about it? Thanks.

感谢那。 然后我想与Dave相关,你能否打破CapEx,那就是建筑与设备之间的差异,听起来今年2019财年大约有20亿是建筑物。明年是削减了吗? 几乎所有的基础设施都是如此,以至于WFE与年复一年相比有点平淡? 这是怎么想的呢? 谢谢。

Dave Zinsner

So, getting back to the FY 2019 just to be clear, what Sanjay said was about $2 billion was kind of construction related spend, the rest is front-end and back-end. So, there is some – and some miscellaneous capital spend for R&D group and so forth. So, there is more to it than even that. I'll be honest with you, we have not, you kind of completely finalized CapEx budget for next year. We have a pretty good sense of directionally where it is going, but all the pieces specifically were not quite there yet. And so, what we'd like to do is wait and give you more granularity around that in the next quarter's call. But I would anticipate that both areas would have some reduction to them.

因此,回到2019财年只是为了清楚,Sanjay所说的大约20亿美元是与建筑相关的支出,其余的是前端和后端。 因此,研发组有一些 - 以及一些杂项资金支出等等。 所以,除此之外还有更多。 我会诚实地对你说,我们没有,你有点完全确定了明年的资本支出预算。 我们对它的定位方向有很好的感觉,但所有的部分还没有完全存在。 所以,我们想要做的是等待并在下一季度的电话会议中为您提供更多的细节。 但我预计这两个领域都会有所减少。

Timothy Arcuri

Okay, awesome. Thanks.

好的,真棒。 谢谢。

会议主持员

And our next question comes from Blayne Curtis of Barclays. Your line is open.

我们的下一个问题来自巴克莱的Blayne Curtis。 你的线是开放的。

Blayne Curtis

Hi guys, thanks for taking my question. Sort of follow up on the Huawei point. Just want to make sure I understood what you're saying. Are you able to ship because the IP resides in another country? Just trying to understand how exactly are you able to continue to ship? And then just kind of curious as you look out, I'm sure there's going to be some components that go into these phones from other vendors that don't have an ability to ship, so I'm kind of just curious your thoughts on kind of downstream impacts and whether you've encapsulated all that?

嗨,伙计们,谢谢你提出我的问题。 对华为点进行跟进。 只是想确保我明白你在说什么。 您是否能够发货,因为IP位于其他国家/地区? 只是想了解你究竟是如何继续发货的? 然后,当你向外看时,有点好奇,我相信其他供应商的这些手机中会有一些组件无法发货,所以我有点好奇你的想法 下游的影响是什么,以及你是否已经封装了所有这些?

Sanjay Mehrotra

So, with respect to what we are able to ship to Huawei, as I said before that what we are able to ship is what is not under the export administration regulations. And that's what we are able to ship and actually export administration regulations have various complex aspects and considerations several criteria that you have to go through, if you're interested in that, you can certainly go to the BIS site and look for those and we assess our products versus those and you know these considerations are not just limited to any one or two aspects such as what you mentioned, I mean they have several aspects and we assess our products that we can ship to Huawei versus those and have made determination or shipments and we, as we said, we began those shipments in last two weeks.
With respect to your question around other components etcetera, of course this is a company by company decision and each company has to evaluate its own situation and obviously Huawei has to look at its own supply chain. So, with respect to the products that we can ship to them, we work closely with them to understand what is their latest demand on those products, and that is what is baked into our FQ4 guidance.
What I would like to point out here is that at the end of the day since you asked the question about mobile phones. The smartphone demand overall from consumers point of view is really going to be the same. I mean, consumers are going to be buying the phones that they're going to buy, based on the features, the new models, all of that will be bought there may be some share shift that maybe occurring between the various suppliers of smartphones and as you know, we are well engaged with customers across the smartphone ecosystem as a supplier to them.
Of course, you know Huawei was our number one customer, we continue to engage with other customers as well. And we have had growing presence with those other customers and we'll continue to look for opportunities to best optimize our business while always of course continuing to comply with US laws and regulations and for that matter we always comply with laws and regulations in all countries that we operate in.

因此,关于我们能够运送到华为的事情,正如我之前所说,我们能够运送的是不符合出口管理规定的东西。这就是我们能够运输和实际出口管理法规有各种复杂的方面和考虑因素,你必须经历几个标准,如果你对此感兴趣,你当然可以去BIS网站寻找那些,我们评估我们的产品与那些产品相比,你知道这些考虑因素不仅限于任何一个或两个方面,例如你提到的,我的意思是它们有几个方面,我们评估我们可以运送给华为的产品,而不是那些并且已经做出决定或者正如我们所说,我们在过去两周内开始出货。

关于你关于其他组件的问题,当然这是一个公司决定的公司,每个公司都要评估自己的情况,显然华为必须看看自己的供应链。因此,对于我们可以运送给他们的产品,我们与他们密切合作,以了解他们对这些产品的最新需求,这就是我们的FQ4指南。

我想在这里指出的是,自从你提出有关手机的问题以来,这一天结束了。从消费者的角度来看整体智能手机的需求确实会是一样的。我的意思是,消费者将购买他们将要购买的手机,基于功能,新型号,所有这些将被购买可能会在智能手机的各个供应商和如您所知,作为供应商,我们与智能手机生态系统中的客户保持着良好的合作关系。

当然,您知道华为是我们的头号客户,我们也继续与其他客户互动。我们与其他客户的关系越来越多,我们将继续寻找最佳优化业务的机会,同时始终遵守美国法律法规,因此我们始终遵守所有国家/地区的法律法规我们经营的。

Blayne Curtis

Thanks. And then I just wanted to ask you on the cloud data center, obviously an important segment and you did have some encouraging comments, just kind of curious on that pace of recovery maybe versus what you had thought a quarter ago, just kind of the health of the channel and the pace of recovery there. Thanks.

谢谢。 然后我只是想问你关于云数据中心,显然是一个重要的细分市场,你确实有一些令人鼓舞的评论,只是对这种恢复速度感到好奇,可能与你在一个季度之前想到的一样,只是健康的一种 渠道和恢复的步伐。 谢谢。

Sanjay Mehrotra

Pace of recovery …

复苏的步伐......

Dave Zinsner

In cloud and data center.

在云和数据中心。

Sanjay Mehrotra

For cloud and data center. I mean, as we said I think cloud customers, as well as several other customers had operated with high levels of inventory in the – starting late last year and through the course of first half of this year those inventory levels have been largely worked to normal levels. Except for in enterprise, as we noted in our prepared remarks and we look forward to robust growth in fiscal fourth quarter in the area of cloud and you know we are, of course, continuing to broaden our product portfolio as well with solutions such as NVMe solutions and that will bring us bigger opportunities in the future as well.

适用于云和数据中心。 我的意思是,正如我们所说的那样,我认为云客户以及其他几个客户已经开始运营高库存 - 从去年年底开始到今年上半年,这些库存水平基本上已达到正常水平水平。 除了在企业中,正如我们在准备好的言论中所指出的那样,我们期待第四季度在云计算领域的强劲增长,您知道我们当然还在继续扩大我们的产品组合以及NVMe等解决方案 解决方案,这将为我们未来带来更大的机会。

Blayne Curtis

Okay.

好的。

会议主持员

Thank you, ladies and gentlemen, this concludes today's conference. Thank you for your participation and have a wonderful day. You may disconnect your lines at this time.

谢天谢地,女士们,先生们,今天的会议结束了。 感谢您的参与,祝您度过愉快的一天。 您可以在此时断开线路。

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