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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 in
a 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 our
website at micron.com throughout the quarter for the most current information
on 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 qualify
new 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 confident
about 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, and
in 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 and
inflationary pressures; however, we continue to expect our cost reductions to
outpace 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 and
test 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 semiconductor
industry. Micron’s product portfolio has become significantly stronger, and
we have established product momentum in several attractive growth markets. We
are 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 38
to 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 rapid
growth 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 of
our 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 of
roughly 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 the
increasing 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 to
grow as multiple client customers launch next-generation notebooks. Increased
availability of non-memory bill of materials will also improve our ability to
ship 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-digit
percentage growth. 5G unit sales are expected to grow and reach approximately
50% 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, Mercedes
EQS 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 significant
reduction 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 of
demand 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 smartphone
market 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 revenues
reaching 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 margin
of 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 cash
from 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 to
shareholders 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 macroeconomic
uncertainty are impacting our near-term outlook and visibility. Currently, we
do 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 as
follows. 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; and
operating 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 to
deliver 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 financial
performance 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 price
as 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. But
within 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, can
you 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 us
in 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 adoption
across 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 our
customers 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 for
both 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 have
said 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 demand
in 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 a
year-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 spending
slows, 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 will
ask 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 also
pointed 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 come
back strongly as things stabilize. And even companies that do focus on
tightening their belt in this macroeconomic environment will continue to look
for 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 and
how 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 this
quarter 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. What
does 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 a
buffer and we did talk about reducing bit supply growth assumptions a bit. We
are 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 the
manufacturing 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 complex
module 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 half
of 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 a
couple 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 using
inventory 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 supply
growth 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 we
heard 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 and
supply, and which is what I pointed out earlier that overall, the combination
of 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 changed
at 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 go
out 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. Then
it is not possible for our customers to purchase based on the LTAs that were
established when the assumptions around the industry were very different. And
so, 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 recent
quarter 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 make
our 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 conclude
today’s conference call. Thank you for participating. You may now disconnect.


------

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。

---
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。



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。



我現在把電話交給Sanjay。

---
Sanjay

謝謝你，Farhan。大家下午好。






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。











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。




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。









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。








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。





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。





我現在將把它交給美光首席財務官馬克· 墨菲（Mark Murphy）。

---

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。




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


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。





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


我現在把它轉回給桑傑。

---


Sanjay

謝謝你，馬克。



感謝您今天參加我們的會議。我們現在將開放提問。

---

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



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，您想在庫存方面添加有關渠道客戶的任何評論嗎？

Sumit



Sanjay



---

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







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。



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



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







操作員

我們的下一個問題來自瑞銀的Timothy Arcuri。

蒂莫西· 阿庫里



馬克· 墨菲



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。



蒂莫西· 阿庫里



馬克· 墨菲





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











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



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



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



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



Sanjay

這是一個很好的問題，我會讓Sumit解決它。

Sumit







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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