美光科技 (MU) 2012 Q3 法說會逐字稿

Good afternoon.

下午好。

My name is Huey, and I will be your conference facilitator today.

我叫 Huey，今天我將擔任您的會議主持人。

At this time I would like to welcome everyone to Micron Technology's third-quarter 2012 financial-release conference call.

在此，我想歡迎大家參加美光科技 2012 年第三季度財務發布電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路都已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer period.

演講者發言後，將進入問答環節。

(Operator Instructions)

（操作員說明）

It is now my pleasure to turn the floor over to your host, Kipp Bedard.

現在，我很高興將發言權交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much.

非常感謝。

I would also like to welcome everyone to Micron Technology's third-quarter 2012 financial-release conference call.

我還要歡迎大家參加美光科技 2012 年第三季度財務發布電話會議。

On the call today is Mark Durcan, CEO and Director; Mark Adams, President; and Mr. Ron Foster, Chief Financial Officer and Vice President of Finance.

今天的電話會議是首席執行官兼董事 Mark Durcan；馬克·亞當斯，總裁；以及首席財務官兼財務副總裁 Ron Foster 先生。

This conference call, including audio and slides, is also available on Micron's website at micron.com.

這次電話會議，包括音頻和幻燈片，也可以在美光的網站 micron.com 上找到。

If you have not had an opportunity to review the third-quarter 2012 financial press release, again, it is available on our website at micron.com.

如果您還沒有機會查看 2012 年第三季度財務新聞稿，請再次訪問我們的網站 micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of this call accessed by dialing 404-537-3406, with a confirmation code of 90798592.

撥打 404-537-3406 將有此通話的音頻重播，確認碼為 90798592。

This replay will run through Wednesday, June 27, 2012 at 5.30 PM Mountain Time.

此重播將持續到 2012 年 6 月 27 日星期三山區時間下午 5:30。

A webcast replay will be available on the Company's website until June 2013.

2013 年 6 月之前，公司網站將提供網絡重播。

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

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

Please note the following safe harbor statement.

請注意以下安全港聲明。

During the course of this meeting we may make projections or other forward-looking statements regarding future events or the future financial performance of the Company and the industry.

在本次會議期間，我們可能會就公司和行業的未來事件或未來財務業績做出預測或其他前瞻性陳述。

We wish to caution you that such statements are predictions and that actual events or results may differ materially.

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

We refer you to the documents the Company files on a consolidated basis from time to time with the Securities and Exchange Commission, specifically the Company's most recent Form 10-K and Form 10-Q.

我們建議您參考公司不時向證券交易委員會提交的綜合文件，特別是公司最近的 10-K 表格和 10-Q 表格。

These documents contain and identify important factors that could cause the actual results for the Company on a consolidated basis to differ materially from those contained in our projections or forward-looking statements.

這些文件包含並確定了可能導致公司在綜合基礎上的實際結果與我們的預測或前瞻性陳述中包含的結果存在重大差異的重要因素。

These certain factors can be found in the investor relations section of Micron's website.

這些特定因素可以在美光網站的投資者關係部分找到。

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.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能保證未來的結果、活動水平、業績或成就。

We are under no duty to update any of the forward-looking statements after the date of the presentation to conform these statements to actual results.

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

I'll now turn the call over to Mark Durcan.

我現在將把電話轉給 Mark Durcan。

Mark?

標記？

Thanks, Kipp.

謝謝，基普。

I'd like to start today by giving a brief overview of the quarter, including some color on where we performed well and where we need to improve our execution.

我想從今天開始簡要概述本季度，包括一些關於我們表現良好的地方以及我們需要改進執行的地方。

After some thoughts and discussion on Company strategy, I'll turn it over to Ron for a financial summary, and we'll close our preliminary comments with Mark Adams providing an update on the market conditions and key developments in our business units.

在對公司戰略進行了一些思考和討論之後，我將把它交給 Ron 進行財務摘要，我們將與 Mark Adams 結束我們的初步評論，提供有關市場狀況和我們業務部門關鍵發展的最新信息。

Revenue in the quarter obviously exceeded expectations as a result of solid manufacturing performance and good work on inventory improvement by our business units and sales force.

由於穩健的製造業績以及我們業務部門和銷售人員在庫存改善方面的出色工作，本季度的收入明顯超出預期。

There is yet room for improvement on inventory management, but it was certainly gratifying to see the results this quarter.

存貨管理仍有提升空間，但看到本季度的成果，無疑是令人欣慰的。

And with the closing of the Intel JV restructuring, we expect benefit from an ongoing structural improvement in our NAND inventory turns.

隨著英特爾合資重組的結束，我們預計 NAND 庫存周轉的持續結構性改善將受益。

In the quarter we completed rollout of a new supply chain management infrastructure, and there were a few inevitable bumps along the way.

在本季度，我們完成了新的供應鏈管理基礎設施的推出，並且在此過程中出現了一些不可避免的顛簸。

The process is complete, and we look forward to building from here to new levels of customer service and responsiveness.

這個過程已經完成，我們期待著從這裡建立新的客戶服務和響應水平。

The 30 nanometer DRAM yield ramp picked up steam during the quarter in all three DRAM manufacturing facilities, and is now focused predominately on higher density 4 gigabit DRAM products.

在本季度，所有三個 DRAM 製造工廠的 30 納米 DRAM 產量增長都加快了勢頭，現在主要集中在更高密度的 4 Gb DRAM 產品上。

The technology team made solid progress on a number of new technology nodes, including NAND, DRAM, NOR, PCM, and some emerging memory part types.

技術團隊在多個新技術節點上取得了紮實的進展，包括NAND、DRAM、NOR、PCM，以及一些新興的內存部件類型。

The DRAM market found its footing during the quarter, and while the NAND market softened significantly, since quarter end we've seen improved stability here, also.

DRAM 市場在本季度站穩腳跟，雖然 NAND 市場顯著疲軟，但自季度末以來，我們也看到這裡的穩定性有所改善。

Mark Adams and Ron Foster will comment more on all these areas.

Mark Adams 和 Ron Foster 將對所有這些領域發表更多評論。

Given the current memory industry climate and changes here over the last four months, I'd like to spend a few minutes sharing some thoughts on the opportunities currently presenting themselves to Micron and on our path forward.

鑑於當前內存行業的氣候和過去四個月來這裡發生的變化，我想花幾分鐘時間分享一些關於目前美光面臨的機會以及我們前進的道路的想法。

Two weeks ago, I marked my 25th anniversary at Micron.

兩週前，我慶祝了我在美光的 25 週年紀念日。

When I started, we had 1.5 inch wafer fabs and goats grazing out the front.

當我開始時，我們有 1.5 英寸晶圓廠和山羊在前面放牧。

I've clearly seen many changes in the Company, as well as in the competitive landscape of our industry.

我清楚地看到了公司的許多變化，以及我們行業競爭格局的變化。

One constant has been Micron emerging from tumultuous times as not only a survivor, but a stronger Company.

一個不變的因素是美光從動蕩的時代中脫穎而出，不僅是倖存者，而且是一家更強大的公司。

While the memory markets are obviously somewhat soft currently, we believe they are bottoming, and we will have the wind more to our backs moving into the second half of the year.

雖然目前內存市場顯然有些疲軟，但我們相信它們正在觸底，並且我們將在今年下半年有更多的風向。

We have taken steps over the years to broaden our product portfolio, improve our cost competitiveness, strengthen our technology position, and capitalize on the right strategic opportunities when they arise.

多年來，我們已採取措施擴大我們的產品組合，提高我們的成本競爭力，加強我們的技術地位，並在出現正確的戰略機會時加以利用。

It is my intent to continue to move in this direction.

我打算繼續朝著這個方向前進。

My focus is on building an operating and financial model that can deliver sustainable free cash flow and dependable ROI.

我的重點是建立一個能夠提供可持續的自由現金流和可靠的投資回報率的運營和財務模型。

There are many levers to pull in order to achieve these goals.

為了實現這些目標，有許多槓桿需要拉動。

As always, technology, capital efficiency, product differentiation, close customer engagement, effective sales channels, timely and low-cost investment, and manufacturing efficiency and effectiveness are key to optimizing our results.

與往常一樣，技術、資本效率、產品差異化、密切的客戶參與、有效的銷售渠道、及時和低成本的投資以及製造效率和有效性是優化我們業績的關鍵。

In addition, however, being cognizant of and reacting appropriately to memory industry supply and demand dynamics is important to achieving this result.

然而，此外，了解內存行業的供需動態並對其做出適當的反應對於實現這一結果也很重要。

There is currently considerable interest, of course in whether Micron will consummate a purchase of Elpida, which represents 15% to 20% of the DRAM industry capacity.

目前，人們對美光是否會完成收購爾必達（Elpida）的收購非常感興趣，後者佔 DRAM 行業產能的 15% 至 20%。

As most of you are aware, we announced previously that we were selected to negotiate exclusively to become the sponsor for Elpida in the bankruptcy process.

正如你們大多數人所知，我們之前宣布，我們被選中進行獨家談判，成為爾必達在破產程序中的保薦人。

We are in a unique strategic and financial position to take a look at this opportunity, and are interested in pursuing it if it can be done under the right terms and conditions.

我們處於獨特的戰略和財務地位來看待這個機會，如果可以在正確的條款和條件下完成，我們有興趣追求它。

In my mind, these include making sure we do not unnecessarily dilute our equity nor incur excessive interest-bearing debt that might overly hamper our flexibility moving forward.

在我看來，這些包括確保我們不會不必要地稀釋我們的股權，也不會產生過多的有息債務，這可能會過度阻礙我們前進的靈活性。

A deal with Elpida in this context should enhance our scale and operating expense efficiency.

在這種情況下與爾必達的交易應該會提高我們的規模和運營費用效率。

Elpida also has a strong product portfolio, leading-edge technology, strong IP, and a talented workforce.

爾必達還擁有強大的產品組合、領先的技術、強大的知識產權和優秀的員工隊伍。

I think our track record of successful M&A transactions, which, by the way, includes avoiding deals which do not fit financially and strategically, speaks for itself.

我認為我們成功併購交易的記錄不言而喻，順便說一句，其中包括避免在財務和戰略上不適合的交易。

If a deal cannot be done on terms that are acceptable to us, I want to emphasize that we are also comfortable with our organic opportunities.

如果無法按照我們可以接受的條款達成交易，我想強調的是，我們也對我們的有機機會感到滿意。

Our customer base is fantastic, and almost all are looking to do more business with Micron.

我們的客戶群非常棒，幾乎所有人都希望與美光開展更多業務。

Let me give you a couple of examples of other things you can expect we will be doing outside of the effective ongoing management of the existing core business.

讓我舉幾個例子，說明在現有核心業務的有效持續管理之外，我們將做的其他事情。

On the product and technology front, two key opportunities include our Hybrid Memory Cube and enterprise SSD products.

在產品和技術方面，兩個關鍵機會包括我們的混合存儲立方體和企業 SSD 產品。

These premium products are pushing Micron further up the value chain with our customers, and will help improve our margin structure over the long-term.

這些優質產品正在推動美光與我們的客戶一起在價值鏈上進一步提升，並將有助於長期改善我們的利潤結構。

The key to success in these, and other more system-oriented memory solutions we are pursuing, are the right partnerships up and down the value chain, including those with suppliers, customers, and service providers.

在這些以及我們正在追求的其他更加面向系統的內存解決方案中，成功的關鍵是在價值鏈上下游建立正確的合作夥伴關係，包括與供應商、客戶和服務提供商的合作夥伴關係。

We will continue to forge close relationships with other parties to ensure that Micron's solutions are the most widely available, flexibly configured, and most value add for our customers in the end markets.

我們將繼續與其他各方建立密切的關係，以確保美光的解決方案在終端市場上為我們的客戶提供最廣泛、最靈活的配置和最大的附加值。

While we are building core competencies internally to support these initiatives, I believe we can best enhance return for our shareholders by partnering closely with industry leaders in adjacent spaces to optimally leverage our individual strengths.

雖然我們正在內部建立核心競爭力以支持這些舉措，但我相信我們可以通過與相鄰領域的行業領導者密切合作，以最佳方式利用我們的個人優勢，從而最大程度地提高股東的回報。

We've got a good history of success in this area, and existing partnerships to continue to evolve, and new ones to emerge.

我們在這一領域有著良好的成功歷史，現有的合作夥伴關係將繼續發展，新的合作夥伴也將出現。

Mark Adams will cover a few highlights on some previously announced system products during his market discussion later on.

Mark Adams 將在稍後的市場討論中介紹一些先前宣布的系統產品的亮點。

On the cost and capital efficiency front, we recently took the tough but necessary steps to terminate our Transform Solar joint venture.

在成本和資本效率方面，我們最近採取了艱難但必要的步驟來終止我們的 Transform Solar 合資企業。

While we felt that our technology was strong, the marketplace dynamics did not support ongoing and potential future capital investments which would have been required in order to move the business forward.

雖然我們認為我們的技術很強大，但市場動態並不支持正在進行的和潛在的未來資本投資，而這些投資是推動業務發展所必需的。

We will continue to scrutinize all of our businesses to ensure we're focused on the right opportunities, and managing our capital resources efficiently.

我們將繼續審查我們所有的業務，以確保我們專注於正確的機會，並有效地管理我們的資本資源。

While I won't rule out future diversification into new product areas where we bring significant core competencies to bear, right now we have meaningful opportunities to differentiate and grow in memory and memory systems markets, so you should expect our investment focus to be there.

雖然我不排除未來向新產品領域的多元化發展，我們帶來重要的核心競爭力，但現在我們有有意義的機會在內存和內存系統市場上實現差異化和增長，所以你應該期待我們的投資重點在那裡。

I'll stop here and turn it over to Ron and Mark before returning for Q&A.

我會在這裡停下來把它交給羅恩和馬克，然後再回來進行問答。

Thanks, Mark.

謝謝，馬克。

The Company's third quarter of fiscal 2012 ended on May 31.

公司 2012 財年第三季度於 5 月 31 日結束。

As usual, we provide a schedule containing certain key results for the quarter, as well as certain guidance for the next quarter.

像往常一樣，我們提供了一個時間表，其中包含本季度的某些關鍵結果，以及下一季度的某些指導。

That material is presented on a few slides that follow, as well as on our website.

該材料在隨後的幾張幻燈片以及我們的網站上進行了介紹。

The third-quarter results posted a net loss of $320 million, or $0.32 per share on net sales of $2.2 billion.

第三季度業績淨虧損 3.2 億美元，即每股淨虧損 0.32 美元，淨銷售額為 22 億美元。

The higher revenue in the third quarter came primarily from higher DRAM sales volume.

第三季度收入增加主要來自 DRAM 銷量增加。

Consolidated gross margin was relatively flat compared to the previous quarter, reflecting improved margins on sales of DRAM products, offset by lower margins on NAND.

與上一季度相比，綜合毛利率相對持平，反映出 DRAM 產品的銷售利潤率有所提高，但被 NAND 的利潤率下降所抵消。

Micron entered into a settlement agreement with a customer after our second-quarter earnings release but before the filing of the quarterly report 10-Q with the SEC.

美光在第二季度財報發布後但在向美國證券交易委員會提交 10-Q 季度報告之前與客戶簽訂了和解協議。

As a result, a $58 million accrual was pushed back into the second-quarter results as a charge against DRAM and DSG revenue, and was reflected in the Q2 10-Q filing.

因此，作為 DRAM 和 DSG 收入的費用，5800 萬美元的應計收入被推遲到第二季度的業績中，並反映在第二季度的 10-Q 文件中。

This accrual is also reflected in the second-quarter results presented today.

這種應計也反映在今天公佈的第二季度業績中。

The cash payment to the customer occurred in the third quarter.

向客戶支付的現金發生在第三季度。

Inotera continues to improve both production and output, as well as yields.

Inotera 繼續提高產量和產量以及產量。

Our share of Inotera's results reflects this improvement, although it is still a net loss in the third quarter of $38 million.

我們在 Inotera 業績中的份額反映了這一改善，儘管第三季度仍是淨虧損 3800 萬美元。

In the second quarter, we entered into a short-term loan to Inotera for $133 million.

在第二季度，我們以 1.33 億美元的價格向 Inotera 提供了短期貸款。

In the third quarter, Inotera repaid the loan, and Micron made an equity investment of $170 million, increasing our ownership interest from 30% to 40%.

第三季度，Inotera 償還了貸款，美光進行了 1.7 億美元的股權投資，將我們的所有權權益從 30% 提高到 40%。

This entitles us to an increased share of 30-nanometer node output in the future.

這使我們能夠在未來增加 30 納米節點輸出的份額。

As Mark mentioned during the third quarter, the Board of Directors of Transform, a development-stage joint venture in which we have a 50% ownership interest, announced a plan to discontinue operations and liquidate the company.

正如馬克在第三季度提到的那樣，Transform 的董事會宣布了一項停止運營和清算公司的計劃，這是一家處於開發階段的合資企業，我們擁有 50% 的所有權。

As a result, Micron recognized a charge of $69 million in the third quarter, and the equity method investment balance was reduced to $0.

因此，美光在第三季度確認了 6900 萬美元的費用，權益法投資餘額減少到 0 美元。

Micron leases certain fabrication and other facilities to Transform, which we expect to be terminated and the facilities reverted back to Micron.

美光向 Transform 租賃了某些製造和其他設施，我們預計這些設施將被終止，這些設施將歸還給美光。

Depreciation and amortization decreased in the third quarter to $546 million as certain production equipment, primarily in the Lehigh and Virginia NAND, and 200-millimeter NOR operations, have become fully depreciated.

由於某些生產設備（主要位於 Lehigh 和 Virginia NAND 以及 200 毫米 NOR 業務）已完全折舊，第三季度折舊和攤銷減少至 5.46 億美元。

We anticipate a further reduction in the fourth-quarter depreciation in the $515 million to $520 million range.

我們預計第四季度折舊將進一步減少 5.15 億美元至 5.2 億美元之間。

The income tax benefit in the third quarter reflects a $42 million benefit from the favorable resolution of an uncertain tax position in a non-US jurisdiction that arose over several previous years.

第三季度的所得稅收益反映了從前幾年出現的非美國司法管轄區的不確定稅收狀況的有利解決方案中獲得的 4200 萬美元收益。

The original amount of the accrual came through the Numonyx acquisition, where we had an indemnification for exposure prior to the acquisition date.

應計的原始金額來自於 Numonyx 的收購，我們在收購日期之前獲得了風險補償。

As I mentioned last quarter, we restructured our IM Flash joint venture with Intel during the third quarter.

正如我上個季度提到的，我們在第三季度重組了與英特爾的 IM Flash 合資企業。

As a result, Micron acquired Intel's 18% ownership interest in the IM Flash operation in Singapore, and purchased from the IM Flash entity its production assets in the Micron fab in Virginia, and the associated lease of a portion of that facility was terminated.

因此，美光收購了英特爾在新加坡 IM Flash 業務中 18% 的所有權權益，並從 IM Flash 實體處購買了其在弗吉尼亞州美光工廠的生產資產，並終止了該設施部分的相關租賃。

Total consideration for these purchases was approximately $600 million.

這些購買的總對價約為 6 億美元。

Micron recognized a $17 million loss in the third quarter associated with the termination of the Virginia lease.

美光在第三季度確認了與終止弗吉尼亞租約相關的 1700 萬美元損失。

Intel made a cash deposit with Micron of $300 million, which will be applied to Intel's future purchases under a new supply agreement.

英特爾向美光支付了 3 億美元的現金押金，將用於英特爾未來根據新的供應協議進行的採購。

In addition, Intel loaned to Micron $65 million due in installments over a two-year term.

此外，英特爾還向美光提供了 6500 萬美元的分期貸款，期限為兩年。

The existing supply arrangement through IMFT remains intact, and Intel will continue to purchase their 49% of the output from the Lehigh, Utah operation, while Micron owns 100% of the production output from the NAND operations in Singapore and Virginia.

通過 IMFT 的現有供應安排保持不變，英特爾將繼續從猶他州 Lehigh 業務購買其 49% 的產量，而美光擁有新加坡和弗吉尼亞州 NAND 業務 100% 的產量。

Beginning in the fourth quarter, Micron will take approximately 50% of the volume that was previously sold to Intel at prices approximating cost.

從第四季度開始，美光將以接近成本的價格收購之前出售給英特爾的數量的大約 50%。

A portion of this volume will be sold from Micron to Intel under a new supply agreement at a markup above cost.

根據新的供應協議，這部分產品的一部分將從美光以高於成本的價格出售給英特爾。

Going forward, these sales to Intel under the new supply agreement will be reported as trade NAND sales in our financial results.

展望未來，根據新供應協議對英特爾的這些銷售將在我們的財務業績中報告為貿易 NAND 銷售。

As a result of changes in our partnering arrangements, sales to Intel are now recognized upon completion of wafer fabrication, rather than after back-end assembly and tests are completed under the previous arrangement.

由於我們的合作安排發生變化，現在對英特爾的銷售在晶圓製造完成後確認，而不是在之前的安排下完成後端組裝和測試後確認。

$97 million of back-end inventories associated with Intel's supply chain was sold to Intel in the third quarter, generating a one-time increase in NAND sales revenue, and reducing WIP inventories by the same amount.

與英特爾供應鏈相關的 9700 萬美元後端庫存在第三季度出售給了英特爾，使 NAND 銷售收入實現了一次性增長，同時減少了相同數量的 WIP 庫存。

Micron and Intel will continue to participate in the development of NAND flash memory technologies, and will fund these shared costs equally.

美光和英特爾將繼續參與 NAND 閃存技術的開發，並將平均資助這些分攤成本。

Joint development of the technology was also expanded to include emerging memory technologies.

該技術的聯合開發也擴大到包括新興的內存技術。

NAND market prices declined across the board in the third quarter.

第三季度NAND市場價格全線下跌。

Product mix shifted toward MLC NAND, which drove higher bit sales, as well as significant declines in per-bit costs and selling prices.

產品組合轉向 MLC NAND，這推動了更高的位銷售，以及每位成本和售價的顯著下降。

Margins on trade NAND products decreased in the third quarter, primarily as a result of substantial market price declines, particularly for MLC products that outpaced the 29% cost-per-bit decline quarter to quarter.

第三季度貿易 NAND 產品的利潤率下降，主要是由於市場價格大幅下跌，尤其是 MLC 產品，每季度成本下降幅度超過 29%。

Trade NAND selling prices are down mid-teens quarter to date, while trade NAND cost per bit is expected to decline a few percent in the fourth quarter.

迄今為止，貿易 NAND 的銷售價格下降了十幾歲，而貿易 NAND 的每比特成本預計將在第四季度下降幾個百分點。

Trade NAND bit growth is projected to increase in the high-single-digit range for the fourth quarter, following the robust 68% bit sales growth in the third quarter.

在第三季度強勁的 68% 位銷售增長之後，預計第四季度貿易 NAND 位增長將在高個位數範圍內增長。

Turning now to DRAM, DRAM revenue in the third quarter increased 20% compared to the previous quarter, as a result of a 12% increase in bit sales volume.

現在轉向DRAM，由於位銷售量增加了12%，第三季度的DRAM收入比上一季度增長了20%。

The increase in DRAM average selling prices in the third quarter is primarily due to the effect of the $58 million second-quarter charge to revenue from the customer settlement I mentioned earlier.

第三季度 DRAM 平均售價的上漲主要是由於我之前提到的第二季度客戶結算收入的 5800 萬美元費用的影響。

Normalizing for this Q2 settlement, average selling prices were flat quarter to quarter.

對於第二季度結算，平均售價按季度持平。

Selling prices in the PC sector of the DRAM market improved through the third quarter, while prices for specialty DRAM products, which trend with a lag compared to PC memory, only recently began to stabilize.

DRAM 市場的 PC 部門的銷售價格在第三季度有所改善，而與 PC 內存相比趨勢滯後的特殊 DRAM 產品的價格直到最近才開始穩定。

Quarter to date, selling prices have remained flat as well.

迄今為止，銷售價格也保持平穩。

DRAM cost per bit declined 4% quarter to quarter, but are projected to increase slightly in the fourth quarter, as near-term, we execute technology node migrations at all of our DRAM fabs.

DRAM 每比特成本每季度下降 4%，但預計第四季度將略有增加，因為近期，我們在所有 DRAM 工廠執行技術節點遷移。

A product mix shift to lower-density mobile and specialty products, and the timing of new product quals at our leading technology node are also expected to impact fourth-quarter cost per bit, and push bit growth down in the high-single-digit range in the fourth quarter.

產品組合向低密度移動和專業產品的轉變，以及我們領先技術節點上新產品合格的時間預計也將影響第四季度的每比特成本，並將比特增長推低至高個位數範圍在第四季度。

NOR sales were stable in the third quarter compared to the second quarter, just over 10% of consolidated revenue.

與第二季度相比，第三季度的 NOR 銷售額保持穩定，僅佔綜合收入的 10% 以上。

NOR revenue in the fourth quarter is expected to be relatively the same as in the third quarter.

NOR 第四季度的收入預計與第三季度基本持平。

NOR product margins improved slightly in the third quarter, as cost reductions outpaced selling price reductions in the period.

NOR 產品利潤率在第三季度略有改善，因為該期間成本降低超過了售價降低。

The cost profile for our 200-millimeter NOR fabs is improving as production levels are ramping back up.

隨著生產水平的回升，我們 200 毫米 NOR 晶圓廠的成本狀況正在改善。

The charge for idle capacity for the quarter was $30 million, compared to $40 million in the second quarter for all of our production operations.

本季度閒置產能費用為 3000 萬美元，而第二季度我們所有生產業務的費用為 4000 萬美元。

The NAND solutions group swung to a slight loss in the third quarter, as average selling prices dropped faster than cost reductions.

NAND 解決方案集團在第三季度出現小幅虧損，因為平均售價下降速度快於成本下降。

Revenue was up despite the price declines, with a higher mix of MLC product and a reduction in inventory.

儘管價格下跌，但由於 MLC 產品組合增加和庫存減少，收入仍有所增長。

Sales of SSDs and NAND component sales to SSD OEMs increased only slightly in the third quarter compared to the previous quarter, as we have worked through the demand issues over the past two quarters.

與上一季度相比，第三季度 SSD 和 NAND 組件對 SSD OEM 的銷售額僅略有增長，因為我們已經解決了過去兩個季度的需求問題。

We are looking forward to a additional growth in SSD sales as the market further improves through the remainder of the year.

隨著市場在今年剩餘時間內的進一步改善，我們期待 SSD 銷售額的進一步增長。

Improvement in operating income for the DRAM solutions group in the third quarter reflects higher revenue and lower cost per bit compared to the second quarter, as more volume was moved into the personal computing sector at slightly improved average selling prices.

第三季度 DRAM 解決方案集團營業收入的改善反映了與第二季度相比更高的收入和更低的每比特成本，因為更多的量被轉移到個人計算領域，而平均售價略有提高。

The $58 million customer settlement in the second quarter was charged entirely to the DSG business unit.

第二季度的 5800 萬美元客戶結算費用全部由 DSG 業務部門支付。

Our wireless solutions group continues to show the weakness of this market segment, and our customer group in particular, although margins improved slightly in both NAND and NOR wireless sales.

儘管 NAND 和 NOR 無線銷售的利潤率略有改善，但我們的無線解決方案部門繼續顯示該細分市場的弱點，尤其是我們的客戶群。

Operating income from the embedded solutions group reflects broad-based growth across all three memory technologies, and the successful transition of legacy NAND designs to more current architectures.

嵌入式解決方案部門的營業收入反映了所有三種內存技術的廣泛增長，以及傳統 NAND 設計向更現代架構的成功過渡。

SG&A expense in the third quarter was within our guided range, and is expected to be between $145 million and $155 million in the fourth quarter.

第三季度的 SG&A 費用在我們的指導範圍內，預計第四季度將在 1.45 億美元至 1.55 億美元之間。

Third-quarter expenses for research and development were slightly higher than our guided range, due to the volume of development wafers processed, and the timing of product qualifications.

由於處理的開髮晶圓量和產品資格的時間安排，第三季度的研發費用略高於我們的指導範圍。

R&D expense in the fourth quarter is expected to be between $225 million and $235 million.

第四季度的研發費用預計在 2.25 億美元至 2.35 億美元之間。

The Company generated $686 million in cash flow from operating activities in the third quarter, which includes the $300 million deposit received from Intel.

公司第三季度的經營活動產生了 6.86 億美元的現金流，其中包括從英特爾收到的 3 億美元的押金。

Cash and investments at the end of the quarter was $2.7 billion.

本季度末的現金和投資為 27 億美元。

This balance includes cash, cash equivalents, short-term investments of $118 million, and non-current investment securities of $361 million.

該餘額包括現金、現金等價物、1.18 億美元的短期投資和 3.61 億美元的非流動投資證券。

The cash and investments balance at the end of the quarter includes $876 million of proceeds from the issuance of convertible debt securities net of the cost of associated capped call transactions of $103 million and other debt issuance costs.

本季度末的現金和投資餘額包括 8.76 億美元的可轉換債券發行收益，其中扣除了 1.03 億美元的相關上限認購交易成本和其他債務發行成本。

In addition, in the third quarter we called for redemption of the remaining $139 million on our 2013 convertible notes, $23 million of which was converted into 4.4 million shares in the third quarter, and the remaining $116 million of this redeemed convert was converted into 22.9 million shares following the end of the quarter.

此外，在第三季度，我們呼籲贖回我們 2013 年可轉換票據剩餘的 1.39 億美元，其中 2300 萬美元在第三季度轉換為 440 萬股，剩餘的 1.16 億美元被轉換為 22.9萬股在本季度結束後。

Inventory levels came down in the third quarter compared to Q2 for NAND, DRAM, and NOR.

與第二季度相比，NAND、DRAM 和 NOR 的庫存水平在第三季度有所下降。

A portion of the decrease in NAND inventory was due to the sale of the back-end inventory to Intel in the third quarter that I mentioned.

NAND庫存減少的部分原因是我提到的第三季度將後端庫存出售給了英特爾。

Expenditures for property, plant, and equipment were $324 million for the third quarter.

第三季度的財產、廠房和設備支出為 3.24 億美元。

PP&E expenditures are expected to be approximately $450 million in the fourth quarter, and between $1.6 billion and $1.9 billion in fiscal 2013.

預計第四季度的 PP&E 支出約為 4.5 億美元，2013 財年將在 16 億美元至 19 億美元之間。

With that, I'll turn it over to Mark Adams for his comments.

有了這個，我會把它交給 Mark Adams 來徵求他的意見。

Thanks, Ron.

謝謝，羅恩。

Today, I am going to walk through some of our business highlights, provide a few technology updates, as well as discuss current market dynamics in the memory industry.

今天，我將介紹我們的一些業務亮點，提供一些技術更新，並討論當前內存行業的市場動態。

Our DRAM solutions group exceeded our forecast for sales bit growth and achieved record shipments in all of our segments, which include server, networking and storage, graphics and consumer, and personal computing.

我們的 DRAM 解決方案組超過了我們對銷售額增長的預測，並在我們所有的領域實現了創紀錄的出貨量，包括服務器、網絡和存儲、圖形和消費者以及個人計算。

In particular, our specialty DRAM growth continued to outperform.

特別是，我們的專業 DRAM 增長繼續跑贏大盤。

The server market is a good example of a specialty segment where Micron has performed very well over the years, achieving strong market share, which is approximately double our overall DRAM market share.

服務器市場是專業領域的一個很好的例子，美光多年來表現非常出色，獲得了強大的市場份額，大約是我們整體 DRAM 市場份額的兩倍。

This success demonstrates the strength of our product performance, quality, and overall customer support model.

這一成功證明了我們的產品性能、質量和整體客戶支持模式的實力。

We believe the combination of unit growth driven by data-center and cloud applications, in addition to performance-driven growth in DRAM per system will generate over 40% bit demand growth this year, and over 50% in 2013.

我們認為，數據中心和雲應用驅動的單位增長，加上每系統 DRAM 的性能驅動增長，今年將產生超過 40% 的比特需求增長，2013 年將超過 50%。

In the PC segment, we have seen some improvement in demand after two quarters of stagnant growth, somewhat related to the improved availability of hard drives.

在個人電腦領域，在經歷了兩個季度的增長停滯後，我們看到需求有所改善，這在一定程度上與硬盤可用性的提高有關。

We also believe we are experiencing slower industry supply growth, with 2012 year-over-year bit growth estimates now in the mid to high 20% range.

我們還認為，我們正在經歷行業供應增長放緩，預計 2012 年比特同比增長目前處於 20% 的中高水平。

This slower supply growth and demand recovery has led to an improving PC pricing environment.

供應增長放緩和需求復蘇導致個人電腦定價環境改善。

The demand challenge for the second half of the year include ultrathin product launches utilizing our recently announced DDR3Lm, and soldered down 4 gigabyte DDR3 based modules, as well as seasonal recovery and the upcoming Windows 8 launch on both Intel and RM based platforms.

下半年的需求挑戰包括利用我們最近宣布的 DDR3Lm 和焊接的 4 GB DDR3 模塊推出超薄產品，以及季節性複蘇和即將在基於英特爾和 RM 的平台上推出的 Windows 8。

In aggregate, we believe PC DRAM content in 2012 will average around 4.5 gigabytes, compared to 3.5 gigabytes in 2011.

總體而言，我們認為 2012 年的 PC DRAM 內容平均約為 4.5 GB，而 2011 年為 3.5 GB。

This in addition to a forecast that is calling for a small increase in units.

這是除了要求單位小幅增加的預測之外。

PC DRAM ASPs have increased from the bottom of late 2011 to early 2012, and recent trends are now generally stable.

PC DRAM ASP 從 2011 年底到 2012 年初的底部有所增加，近期趨勢目前總體穩定。

From a technology perspective, our 30-nanometer process node will continue to ramp in Q4, and we expect to reach 40% to 50% of our output on the leading edge towards the end of the calendar year.

從技術的角度來看，我們的 30 納米工藝節點將在第四季度繼續增長，我們預計將在接近日曆年末的前沿達到我們產量的 40% 至 50%。

This, in addition to our 20-nanometer ramp in 2013, should keep us in solid competitive position moving forward.

除了我們在 2013 年的 20 納米增長之外，這應該讓我們在未來保持穩固的競爭地位。

We remain excited about the progress of our Hybrid Memory Cube product that Mark referenced earlier in his comments.

我們仍然對 Mark 之前在評論中提到的 Hybrid Memory Cube 產品的進展感到興奮。

We believe this technology will be revolutionary in terms of memory performance in the server, computing, and networking environments.

我們相信這項技術在服務器、計算和網絡環境中的內存性能方面將是革命性的。

We also shipped our first DDR4 samples to key customers, and remain well positioned for market adoption.

我們還向主要客戶發貨了我們的第一批 DDR4 樣品，並為市場採用做好了準備。

We continue to focus on application-specific requirements in our end user DRAM markets.

我們將繼續關注最終用戶 DRAM 市場的特定應用需求。

Our NAND solution group sold a significantly higher number of bits and reduced inventory in Q3.

我們的 NAND 解決方案團隊在第三季度銷售的位數顯著增加並減少了庫存。

Although SSD unit sales were down slightly in the quarter, we are starting to see signs of increasing demand, both in terms of unit growth as well as average density.

儘管本季度 SSD 單位銷售額略有下降，但我們開始看到需求增加的跡象，無論是單位增長還是平均密度。

We delivered strong revenue growth in the quarter for our enterprise SSD business, with shipments up 33% quarter over quarter.

我們的企業 SSD 業務在本季度實現了強勁的收入增長，出貨量環比增長 33%。

Sales in this market stems from our continued success with our mainstream SATA drive, P300.

這個市場的銷售源於我們在主流 SATA 驅動器 P300 上的持續成功。

Additionally, our high-performance PCIe solution and entry SATA drive, the P400E, continued to gain traction with customers who are looking to see more meaningful revenue contribution from these products next quarter.

此外，我們的高性能 PCIe 解決方案和入門級 SATA 驅動器 P400E 繼續受到希望在下個季度從這些產品中獲得更有意義的收入貢獻的客戶的青睞。

Our PCIe products exemplify both our award-winning NAND technology, coupled with Micron's internally-developed controller technology for high-performance storage.

我們的 PCIe 產品體現了我們屢獲殊榮的 NAND 技術，以及美光內部開發的高性能存儲控制器技術。

On the NAND technology front, in early April, Micron and Intel were awarded 2011 Semiconductor of the Year by UBM for our 20-nanometer NAND technology.

在 NAND 技術方面，4 月初，美光和英特爾憑藉 20 納米 NAND 技術獲得了 UBM 頒發的 2011 年度半導體獎。

This is an important achievement, as the award recognizes technology breakthroughs across the entire semiconductor industry.

這是一項重要成就，因為該獎項旨在表彰整個半導體行業的技術突破。

Note that our 20-nanometer process is a true 20-nanometer symmetrical memory cell, and we were the first Company, along with Intel, to produce 128-gigabit monolithic die.

請注意，我們的 20 納米工藝是真正的 20 納米對稱存儲單元，我們是第一家與英特爾一起生產 128 Gb 單片芯片的公司。

We also began sampling 20-nanometer TLC components with controller companies in Q3, with production expected next quarter.

我們還在第三季度開始向控制器公司提供 20 納米 TLC 組件樣品，預計下個季度生產。

NAND prices remained under pressure for most of the quarter.

在本季度的大部分時間裡，NAND 價格仍然承壓。

We think it is worth pointing out that NAND ASPs stayed relatively strong, especially toward the back half of 2011, and this likely had some negative impacts on the growth of embedded NAND in the smartphone, tablet, and SSD categories in the first half of 2012.

我們認為值得指出的是，NAND ASP 保持相對強勁，尤其是在 2011 年下半年，這可能對 2012 年上半年智能手機、平板電腦和 SSD 類別中嵌入式 NAND 的增長產生一些負面影響.

There also has been some wafer supply additions in market, including our fab in Singapore.

市場上也有一些晶圓供應增加，包括我們在新加坡的晶圓廠。

These conditions have combined to cause a near-term oversupply situation.

這些情況共同導致了近期供過於求的局面。

However, subsequent to our quarter end, in the last week or two, we have seen channel prices for NAND have started to stabilize, and in some cases, increase from where we exited Q3.

然而，在我們的季度結束之後，在過去一兩週內，我們看到 NAND 的渠道價格已經開始穩定，並且在某些情況下，從我們退出第三季度的地方開始上漲。

We remain bullish on the NAND market.

我們仍然看好 NAND 市場。

The fact that prices have declined at this pace has created demand elasticity, with higher demand content in smartphones, tablets, and SSDs being projected for the second half of the year.

價格以這種速度下降的事實創造了需求彈性，預計下半年智能手機、平板電腦和 SSD 的需求量將增加。

For example, NAND density per tablet is expected to grow close to 90% in 2012.

例如，預計 2012 年每片 NAND 密度將增長接近 90%。

The other good news on the outlook for NAND is what appears to be a very disciplined approach, with all of the major suppliers reacting to the weaker pricing environment by slowing down, delaying, or even cutting NAND wafer production.

關於 NAND 前景的另一個好消息是似乎是一種非常自律的方法，所有主要供應商都通過放慢、推遲甚至削減 NAND 晶圓生產來應對價格疲軟的環境。

Our current CapEx outlook, which Ron described earlier, follows the same industry trend, as we are not currently planning to add any new wafer capacity in fiscal year 2013.

我們目前的資本支出前景（羅恩之前描述的）遵循相同的行業趨勢，因為我們目前不打算在 2013 財年增加任何新的晶圓產能。

Coming into the year, market supply growth forecasts for 2012 were in the 70% to 80% range.

進入今年，2012 年的市場供應增長預測在 70% 到 80% 的範圍內。

Today, we believe we are looking more like mid to high 50%, with a similar outlook for 2013.

今天，我們認為我們看起來更像是中高 50%，2013 年的前景與此相似。

We believe that supply growth is below the long-term average demand in NAND, which is well above 60%.

我們認為供應增長低於 NAND 的長期平均需求，遠高於 60%。

Revenues in our wireless solution groups declined mostly due to continued softness in the wireless NOR market, as well as a winding down of the sale of the ex-Numonyx NAND products previously acquired at market price.

我們無線解決方案組的收入下降主要是由於無線 NOR 市場持續疲軟，以及之前以市場價格收購的前恆憶 NAND 產品的銷售減少。

Looking forward, we are encouraged about some new customer engagements, targeting both low-end and high-end smart phones.

展望未來，我們對一些針對低端和高端智能手機的新客戶互動感到鼓舞。

The high-end smart phone and Intel RM based tablet segment is growing, and requires large densities of mobile DRAM.

高端智能手機和基於英特爾 RM 的平板電腦市場正在增長，並且需要大密度的移動 DRAM。

For example, mobile DRAM and smart phones are expected to double in 2012.

例如，移動 DRAM 和智能手機預計將在 2012 年翻一番。

Micron is gaining share in this segment, due to the mass volume production of our new 30-nanometer mobile DRAM devices, allowing us to cost-efficiently produce all densities required for this segment of the market.

由於我們新的 30 納米移動 DRAM 設備的量產，美光在這一領域的份額正在增加，這使我們能夠以具有成本效益的方式生產該市場所需的所有密度。

As you can see from our BU financial breakout, our embedded solutions group had solid performance, both in terms of growth and profitability.

正如您從我們的 BU 財務突破中看到的那樣，我們的嵌入式解決方案組在增長和盈利方面都有著穩健的表現。

In Q3, the embedded group qualified and shipped our initial eMMC products to the embedded customer base.

在第 3 季度，嵌入式集團通過了認證，並將我們的初始 eMMC 產品交付給了嵌入式客戶群。

We saw strong DRAM revenue, which contributed to record results in our automotive sector, and achieved record-high embedded NAND revenue with broad growth across densities and segments.

我們看到了強勁的 DRAM 收入，這為我們的汽車行業創造了創紀錄的業績，並實現了創紀錄的嵌入式 NAND 收入，並在密度和細分領域實現了廣泛增長。

We have some significant embedded margin opportunities in DRAM and NAND over the next several quarters, enabled by our broad product portfolio, low cost position, and customer and channel relationships.

由於我們廣泛的產品組合、低成本地位以及客戶和渠道關係，我們在未來幾個季度在 DRAM 和 NAND 中擁有一些重要的嵌入式利潤機會。

In terms of our NOR business overall, clearly the focus is to maximize the embedded market, where the probability is very attractive.

就我們整體的 NOR 業務而言，顯然重點是最大化嵌入式市場，該市場的可能性非常大。

Our bit consumption with NOR continues to grow, and the overall demand is generally stable.

我們的 NOR 比特消費量持續增長，整體需求總體穩定。

Our embedded business is a great example of how our growing customer base values Micron's broad portfolio of DRAM, NAND, and NOR.

我們的嵌入式業務是我們不斷增長的客戶群如何重視美光廣泛的 DRAM、NAND 和 NOR 產品組合的一個很好的例子。

While we've experienced volatile market conditions over the past 12 months, we are optimistic that we can see an improved memory market during the back half of 2012.

雖然我們在過去 12 個月經歷了動蕩的市場狀況，但我們樂觀地認為，我們可以看到 2012 年下半年內存市場有所改善。

As I mentioned on our last call, DRAM pricing seems to have bottomed out in the second quarter, and in fact, we saw improved pricing in our Q3.

正如我在上次電話會議中提到的，DRAM 價格似乎在第二季度觸底，事實上，我們在第三季度看到了價格上漲。

While NAND pricing has declined over the past few months, we are optimistic that the market conditions will improve there, as well.

雖然 NAND 價格在過去幾個月有所下降，但我們樂觀地認為那裡的市場狀況也會有所改善。

Our NOR business continues to provide stable growth and margin at the foundation of our embedded solutions group products.

我們的 NOR 業務在我們的嵌入式解決方案集團產品的基礎上繼續提供穩定的增長和利潤。

With that, I'd like to hand it back over to Kipp.

有了這個，我想把它交還給 Kipp。

Great.

偉大的。

Thanks, Mark.

謝謝，馬克。

We will now take questions from callers.

我們現在將回答來電者的問題。

Just a reminder, if you're using a speakerphone, please pick up the handset when asking a question, so we can hear you clearly.

提醒一下，如果您使用的是免提電話，請在提問時拿起聽筒，以便我們清楚地聽到您的聲音。

Please open up the phone lines.

請打開電話線。

Thank you, sir.

謝謝你，先生。

(Operator Instructions)

（操作員說明）

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering on the NAND side if you could talk about the impact of the higher MLC and entry level per sale sales in the quarter.

我想知道 NAND 方面是否可以談論更高的 MLC 和本季度每筆銷售的入門級的影響。

How did that swing your bit shipments and your ASPs, if you could provide a quantification on that, and specifically with respect to TLC, going forward, do you expect to increase a proportion of that?

這對您的位出貨量和平均售價有何影響，如果您可以對此進行量化，特別是關於 TLC，您是否希望增加其中的一部分？

Well, I think that the first part of your question is that some of the application markets that we are building products for are able to adapt the MLC and lower end products to TLC shipments.

好吧，我認為您問題的第一部分是我們正在為其構建產品的一些應用市場能夠使 MLC 和低端產品適應 TLC 出貨量。

We've said all along that our technology lead in NAND has allowed us to ship MLC competitively in the marketplace, even competing with some of our competitors' older technology TLC platforms.

我們一直說，我們在 NAND 方面的技術領先地位使我們能夠在市場上競爭性地運送 MLC，甚至與我們的一些競爭對手的舊技術 TLC 平台競爭。

As we sit going forward, we've been able to both MLC and TLC in these products, and you can see that there is an increase in our shipments in the past quarter.

隨著我們繼續前進，我們已經能夠在這些產品中同時使用 MLC 和 TLC，您可以看到我們在過去一個季度的出貨量有所增加。

That being that we've been able to enable some of this technologies in some of the broader product portfolios.

也就是說，我們已經能夠在一些更廣泛的產品組合中啟用其中一些技術。

Okay.

好的。

Then maybe a on the SSD side, can you talk about the inventory levels you're seeing out there in the channel, or at your customers right now?

那麼也許在 SSD 方面，您能談談您在渠道中看到的庫存水平，或者現在在您的客戶那裡看到的庫存水平嗎？

We've heard some data points suggesting that there may -- may have been elevated.

我們已經聽到一些數據點表明可能 - 可能已經升高。

Do you still see those elevated inventory levels, and do you expect them to be fleshed out over the next quarter or so?

您是否仍然看到庫存水平升高，您是否預計它們會在下個季度左右充實？

Yes, we actually commented on the last two calls that we saw that pretty early in the cycle, driven primarily about some of the OEM and channels took in a lot of inventory pre-Christmas, and they were sitting on a bunch of inventory.

是的，我們實際上評論了我們在周期早期看到的最後兩個電話，主要是因為一些 OEM 和渠道在聖誕節前吸收了大量庫存，他們坐在一堆庫存上。

We think it is actually working its way out fairly well, and we've seen pretty strong demand over the last month in the channel, especially on the client SSD side.

我們認為它實際上運作良好，並且在上個月我們看到渠道中的需求非常強勁，尤其是在客戶端 SSD 方面。

We agree that that's been a trend.

我們同意這是一種趨勢。

We think it's working itself out at the end of Q3, and certainly during Q4.

我們認為它在第三季度末會自行解決，當然在第四季度也是如此。

Thank you.

謝謝你。

Just a clarification, could you provide a number for how much of the TLC was as a mix of your NAND sales in the quarter?

澄清一下，您能否提供一個數字，說明 TLC 在本季度的 NAND 銷售額中佔了多少？

TLC was about 9%.

TLC約為9%。

Great.

偉大的。

Thanks very much.

非常感謝。

Alex Gauna, JMP Securities.

亞歷克斯·高納，JMP 證券。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if you could give some insights into how you see the end market dynamics, specifically on the server side, that notebook side, and maybe the mobile wireless side.

我想知道您是否可以就您如何看待終端市場動態提供一些見解，特別是在服務器端、筆記本電腦端，也許還有移動無線端。

And I think there is a lot of investor concern that maybe, particularly in the area of notebook, we might be seeing an artificial strengthening in DRAM because of a hard disk drive recovery, and maybe also some safety stocking against Elpida.

而且我認為有很多投資者擔心，也許，特別是在筆記本電腦領域，由於硬盤驅動器的複蘇，我們可能會看到 DRAM 的人為增強，並且可能還會針對 Elpida 進行一些安全庫存。

I was wondering if you could give some insights on how you see demand holding up going forward here, with those considerations.

我想知道您是否可以就您如何看待這裡的需求持續增長提供一些見解，以及這些考慮因素。

Let me break that out to you.

讓我把它告訴你。

You asked about notebooks, you asked about wireless, and the server business.

您詢問了筆記本電腦、無線和服務器業務。

I will tackle the notebook market, the desktop notebook market.

我將解決筆記本市場，台式筆記本市場。

In general, we do think there has been some support for hard drives, that inventory situation improving.

總的來說，我們確實認為對硬盤驅動器有一些支持，庫存情況有所改善。

And I think there is a little bit of a catch-up, as it is mostly corporate PC buying picked up, after being away for about six months.

而且我認為有一點追趕，因為在離開大約六個月後，主要是企業 PC 購買有所回升。

I don't think they adopted the SSD platform as aggressive as everyone might like, which contributed to the inventory discussion I just had.

我認為他們採用 SSD 平台的積極性並不像每個人都喜歡的那樣，這促成了我剛剛進行的庫存討論。

So I think the notebook market did get some support from an improving hard drive environment.

所以我認為筆記本市場確實從改善的硬盤環境中得到了一些支持。

But I also think, as we talked about, the ultrathin product launches, as well as Windows 8, will provide for some support beyond just the hard drive availability, and we think it will be a better back half of the year.

但我也認為，正如我們所談到的，超薄產品的推出以及 Windows 8 將提供一些支持，而不僅僅是硬盤的可用性，我們認為下半年會更好。

In the server environment, we continue to see a lot of new opportunities, not just the traditional data center main applications.

在服務器環境中，我們繼續看到很多新的機會，而不僅僅是傳統的數據中心主要應用。

But when you think about some of the new customers, the Facebooks and Googles of the world, we are dropping in data centers more in a shrink wrapped environment with large server content.

但是，當您想到一些新客戶，即世界上的 Facebook 和 Google 時，我們更多地將數據中心投入到具有大量服務器內容的收縮包裝環境中。

We are seeing large volume orders for servers, and on top of that, as I mentioned in my comments, the density per server continues to increase for performances reasons.

我們看到服務器的大量訂單，除此之外，正如我在評論中提到的，由於性能原因，每台服務器的密度繼續增加。

So we are pretty bullish on servers, and we've had three consecutive quarters of record bit shipments in the servers segment.

所以我們非常看好服務器，我們已經連續三個季度在服務器領域實現了創紀錄的位出貨量。

On the wireless market, as I mentioned earlier, we see growth there as well, especially for us to recapture some share with our low power DRAM 30-nanometer product, as we get into increased ramp for that product in Q4 and beyond.

正如我之前提到的，在無線市場上，我們也看到了增長，尤其是我們通過我們的低功耗 DRAM 30 納米產品重新奪回了一些份額，因為我們在第四季度及以後進入了該產品的增長階段。

So we have good customer access, and the quals are in place to drive some additional volume, there.

因此，我們有良好的客戶訪問權限，並且有足夠的資格來推動一些額外的交易量。

Real quickly, the follow-up.

真快，跟進。

With regard to the SSD opportunity, and notebooks rolling forward here, there have been a lot of models being released with hybrid drives, and then obviously the MacBooks came out with some very high density complete solid state drives.

關於 SSD 的機會，以及筆記本電腦在這裡的發展，已經發布了很多帶有混合驅動器的型號，然後顯然 MacBook 推出了一些非常高密度的完整固態驅動器。

What are your expectations in terms of hybrid versus solid state, and what are the OEMs telling you with regard to the price points to accelerate the full SSD versus a hybrid solution?

您對混合與固態的期望是什麼，以及 OEM 告訴您關於加速完整 SSD 與混合解決方案的價格點？

Well, I think that were seeing about a 50-50 split in terms of the hybrid configuration with a pure SSD play configuration.

好吧，我認為在混合配置和純 SSD 播放配置方面看到了大約 50-50 的分裂。

I would say that one of the comments I made up front was that, given some of the pricing we are seeing, as well as the improvement in technology from a technology node perspective, and lower costs in the market today, the economics are getting there, where we have been asking the question -- What will it take to accelerate SSDs?

我想說的是，我前面的評論之一是，鑑於我們看到的一些定價，以及從技術節點的角度來看技術的改進，以及當今市場的成本降低，經濟正在實現，我們一直在問這個問題——加速 SSD 需要什麼？

And we think we are pretty close to faster acceleration of SSDs in the notebook, given cost per gigabyte equation.

考慮到每 GB 成本等式，我們認為我們非常接近筆記本電腦中 SSD 的更快加速。

So while I think it continues to be fair, we see about a 50-50 percent ratio on hybrid versus two SSD.

因此，雖然我認為這仍然是公平的，但我們看到混合與兩個 SSD 的比例約為 50-50%。

That is all.

就這些。

Thank you.

謝謝你。

Kevin Cassidy, Stifel Nicolaus.

凱文·卡西迪，斯蒂菲爾·尼古拉斯。

Thanks for taking my question.

感謝您提出我的問題。

If I can go to the Elpida negotiations, are you able to advise them at all on wafer starts for DRAM?

如果我可以參加 Elpida 談判，您能否就 DRAM 的晶圓啟動向他們提供建議？

This is Mark.

這是馬克。

Absolutely not.

絕對不。

First of all, we don't have an agreement with them at all yet, and it's yet to be seen whether we do.

首先，我們還沒有與他們達成協議，我們是否這樣做還有待觀察。

Secondly, were we to reach that point, there's all sorts of regulatory approvals still required.

其次，如果我們達到這一點，仍然需要各種監管批准。

So we are a long way out before we would have any impact on the Elpida operations.

因此，在我們對 Elpida 的運營產生任何影響之前，我們還有很長的路要走。

Okay, thanks.

好的謝謝。

And can you say what percentage of your DRAM revenue was specialty DRAM?

你能說一下你的 DRAM 收入中有多少百分比是專用 DRAM 嗎？

Kevin, this is Kipp.

凱文，這是基普。

Sorry for the delay there.

很抱歉在那裡耽擱了。

About 60% was in the specialty category.

大約 60% 屬於專業類別。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Shawn Webster, Macquarie Research.

肖恩韋伯斯特，麥格理研究。

Thanks a lot.

非常感謝。

So for your fiscal Q3, your DRAM bit shipments were up 12%.

因此，在您的第三財季，您的 DRAM 位出貨量增長了 12%。

What did your production do sequentially for DRAM?

您的生產順序為 DRAM 做了什麼？

And on the NAND side, I think you said somewhere that your total NAND shipments were up 40% sequentially, and I was wondering what your production did sequentially?

在 NAND 方面，我想你在某處說過，你的 NAND 總出貨量環比增長了 40%，我想知道你的生產環比增長是什麼？

Yes.

是的。

We quit giving away the production bit numbers, because we just didn't find them very helpful for you.

我們不再提供生產位數，因為我們只是沒有發現它們對您很有幫助。

But I will say they were pretty close to guidance for DRAM, and actually, NAND was up pretty nicely, as we had some pretty good execution through the quarter.

但我會說它們非常接近 DRAM 的指導值，實際上，NAND 的增長非常好，因為我們在本季度的執行情況非常好。

Okay.

好的。

Well sticking with production, for your capital expenditure guidance for fiscal '13, what kind of bit growth does that level support for you guys in both the DRAM and NAND side?

堅持生產，對於 13 財年的資本支出指導，該水平對 DRAM 和 NAND 方面的你們有什麼樣的位增長支持？

Hard to give out a year-over-year number, which is why a few quarters ago we switched to giving you quarters, maybe one to two quarters out, because we can make such a pretty dramatic change in bits when we look at the mix effects.

很難給出一個同比數字，這就是為什麼幾個季度前我們轉而給你幾個季度，可能是一到兩個季度，因為當我們查看組合時，我們可以在比特上做出如此巨大的變化效果。

So we're just not going to go on a year-over-year basis.

因此，我們只是不打算逐年進行。

Okay.

好的。

And then in terms of the channel inventories, you talked a bit about NAND.

然後就渠道庫存而言，您談到了 NAND。

How many weeks is the DRAM market looking like right now?

DRAM 市場現在看起來有多少週？

DRAM right now is in the three to four week inventories.

DRAM 目前處於三到四周的庫存狀態。

Would you characterize that as normal or lean?

你會把它描述為正常還是瘦？

That is pretty normal.

這很正常。

We think it is about right.

我們認為這是對的。

We've seen, as I said, pretty good activity around our DRAM, and with improving price -- I don't want to say favorable, but improving pricing in the market.

正如我所說，我們已經看到我們的 DRAM 周圍的活動相當不錯，而且價格也在提高——我不想說有利，而是提高了市場價格。

And then maybe just a final one on the Elpida negotiations.

然後也許只是 Elpida 談判的最後一個。

Isn't the ideal situation for you not to be the sole bidder, but for there to be no bidder for the assets?

您不是唯一的競標者，而是沒有資產的競標者，這不是理想的情況嗎？

In other words, wouldn't it just going to the bankruptcy proceedings on its own, and you guys benefiting directly from potential industry consolidation the best outcome?

換句話說，它不會只是自行進入破產程序，而你們直接從潛在的行業整合中受益不是最好的結果嗎？

Well, Shawn, obviously the benefits of the deal will depend on the details of the deal.

好吧，肖恩，顯然這筆交易的好處將取決於交易的細節。

And I think the framework I laid out was if we can acquire assets under terms and conditions that don't result in dilution or significant acquisition of interest-bearing debt that would limit our flexibility, then that can be beneficial to Micron shareholders.

而且我認為我制定的框架是，如果我們能夠在不會導致稀釋或大量收購會限制我們靈活性的有息債務的條款和條件下收購資產，那麼這可能對美光股東有利。

And I think that is probably all I would want to say on that topic.

我想這可能就是我想就這個話題說的全部內容。

Okay, thank you.

好的謝謝你。

C.J. Muse, Barclays Capital.

C.J. Muse，巴克萊資本。

Good afternoon.

下午好。

Thank you for taking my question.

謝謝你接受我的問題。

I guess first question, I was hoping you could provide a little color on timeline and-or milestones, and how we should think about progress in your discussions with Elpida, and anything mandated by the bankruptcy court.

我想第一個問題，我希望你能在時間線和/或里程碑上提供一點顏色，以及我們應該如何考慮你與爾必達討論的進展，以及破產法院規定的任何事情。

And I guess as part of that question, how you plan to toggle CapEx requirements that you may need, both NAND and DRAM, and particularly in NAND.

我想作為該問題的一部分，您計劃如何切換您可能需要的資本支出要求，包括 NAND 和 DRAM，尤其是在 NAND 中。

Let me cover both those pieces.

讓我涵蓋這兩部分。

On the first piece, we're not going to speculate at all on what the timeline might look like relative to activity in the Elpida case.

在第一部分，我們根本不會推測時間線相對於 Elpida 案例中的活動可能是什麼樣子。

These things are obviously very changeable, and a lot of different inputs can move dates around, as well as all sorts of other things.

這些東西顯然是非常多變的，許多不同的輸入可以移動日期，以及各種其他的東西。

So what I can tell you is that, were we to reach any sort of agreement, we will obviously be letting you guys know.

所以我可以告訴你的是，如果我們達成任何協議，我們顯然會讓你們知道。

Having said that, the second part of the question was relative to CapEx, and how we might modulate that.

話雖如此，問題的第二部分與資本支出有關，以及我們如何調整它。

I think the $1.6 billion to $1.9 billion number that Ron gave is obviously for Micron as it exists today.

我認為 Ron 給出的 16 億到 19 億美元的數字顯然是針對目前存在的美光而言的。

Depending on anything else we might do relative to Elpida, we would obviously take a look at where the most cost-effective place to spend our capital is, and that would move the numbers around.

根據我們相對於爾必達可能做的任何其他事情，我們顯然會看看最具成本效益的地方在哪里花費我們的資金，這將改變數字。

That is helpful.

這很有幫助。

As a follow-up on the NAND side, I believe you said in your prepared remarks that you thought you would see bit growth of mid to high 50s in both '12 and '13.

作為 NAND 方面的後續行動，我相信您在準備好的評論中說過，您認為在 12 年和 13 年都會看到 50 年代中期到高位的增長。

I'm curious what you see for supply in both those years for the industry, and what would get you excited to think that we could see the faster growth in '13?

我很好奇您在這兩年中對該行業的供應有何看法，如果您想到我們可以在 13 年看到更快的增長，您會感到興奮嗎？

In fact, that reference to mid- to high 50s is a supply prediction.

事實上，提到 50 年代中期到高 50 年代是一種供應預測。

And I think Mark also had in his comments that we look to the long-term average demand increase to be well over 60%.

而且我認為馬克在他的評論中還表示，我們預計長期平均需求增長將超過 60%。

And I guess within that, what kind of underlying assumptions are you making in terms of ultrabooks and full solid state drives versus hybrids, as we enter 2013, and I guess exit, as well?

我猜在這之中，當我們進入 2013 年時，你在超極本和全固態驅動器與混合驅動器方面做出什麼樣的基本假設，我猜也退出了？

Well, there's some pretty good third party data if you'd like to reference that, but ultras do take a pretty good content leap in terms of consumption of the overall bits, and the range is pretty wide, so I might let you just go research that third party stuff yourself.

好吧，如果你想參考的話，有一些相當不錯的第三方數據，但是 Ultras 在整體位的消耗方面確實取得了很好的內容飛躍，而且範圍很廣，所以我可能會讓你走自己研究第三方的東西。

Okay sure.

好的，當然。

And last question for me.

最後一個問題。

Again, in your prepared remarks you talked about optimistic view on memory for the second half of '12, and I'm curious whether greater optimism in NAND versus DRAM or both, and if you could provide any color on what is really driving that for you, that would be helpful.

再次，在您準備好的評論中，您談到了 12 年下半年對內存的樂觀看法，我很好奇 NAND 與 DRAM 相比是否更樂觀，或者兩者兼而有之，以及您是否可以提供任何顏色來說明真正推動它的原因你，那會很有幫助。

Thanks.

謝謝。

I think for us on the DRAM side, the segments that I highlighted in my comments around server density growth as well as unit growth, we see a bit of an improvement in the PC desktop notebook climate, as well as networking and storage.

我認為對於 DRAM 方面，我在評論中強調的有關服務器密度增長和單位增長的部分，我們看到 PC 台式筆記本電腦環境以及網絡和存儲有所改善。

We think they are all very favorable for DRAM.

我們認為它們都對 DRAM 非常有利。

It's hard for me to DRAM versus NAND.

DRAM 與 NAND 對我來說很難。

I think there is -- obviously NAND has gotten negatively impacted on the pricing side over the last quarter to quarter and a half, and while we've been cautious in our remarks about NAND even quarter to date, we still, we've seen reason for optimism based around improving demand picture around client SSDs, and we think improve densities on the tablets and smartphones.

我認為有 - 顯然 NAND 在過去一個季度到一個半季度的定價方面受到了負面影響，雖然我們在對 NAND 的評論中一直持謹慎態度，即使是迄今為止，我們仍然，我們已經看到樂觀的理由是圍繞客戶端 SSD 的需求情況改善，我們認為提高平板電腦和智能手機的密度。

So we do think that the NAND was a mild oversupply condition.

所以我們確實認為 NAND 是一個溫和的供過於求的情況。

We don't think it's structurally that far out of balance.

我們認為它在結構上並沒有那麼失衡。

And we think that the back half demand profile will help that be in a better place.

而且我們認為後半部分的需求狀況將有助於使其處於更好的位置。

Okay, next question, please.

好的，請下一個問題。

Daniel Berenbaum, MKM Partners.

丹尼爾·貝倫鮑姆，MKM 合夥人。

Hi guys.

嗨，大家好。

This is Ada calling in for Dan.

這是艾達在呼喚丹。

Thanks for taking my call.

感謝您接聽我的電話。

Since you've provided some details on negotiations with Elpida, can you give us some color on the rationale behind doing the acquisition in the first place?

既然你已經提供了與爾必達談判的一些細節，你能否首先給我們一些關於進行收購背後的理由的看法？

There's been a lot of speculation among investors about dilution from combining Elpida's operations into your own, so maybe you can help us understand how you think about absorbing the Elpida assets into your own, and how that helps your business long term.

投資者對將 Elpida 的業務合併到您自己的業務進行稀釋有很多猜測，所以也許您可以幫助我們了解您如何考慮將 Elpida 資產吸收到您自己的業務中，以及這對您的業務有何長期幫助。

Sure.

當然。

The Elpida business includes a significant amount of the worldwide capacity, and scale is always an important metric in our business relative to OpEx.

Elpida 業務包括大量的全球產能，相對於 OpEx，規模始終是我們業務中的一個重要指標。

It comes with talented employees, as well as a portfolio that, while it overlaps with ours in many places, also has some significant value-added products, and technology that is in some ways different than ours in some segments that are attractive to us.

它擁有才華橫溢的員工，還有一個產品組合，雖然它在許多地方與我們的重疊，但也有一些重要的增值產品，以及在某些方面與我們不同的技術，這些產品對我們有吸引力。

Their customers, while they overlap in some cases, also are in other cases different than ours, and the acquisition gives us access to an increased TAM.

他們的客戶雖然在某些情況下重疊，但在其他情況下也與我們的不同，此次收購使我們能夠獲得增加的 TAM。

There is significant intellectual property available at Elpida to support the ongoing business.

Elpida 擁有大量的知識產權來支持正在進行的業務。

And finally, I think I would just highlight the wireless segment, where they have clearly a strong product portfolio, but without all the various pieces to put together with it.

最後，我想我只想強調無線領域，他們顯然擁有強大的產品組合，但沒有將所有不同的部分放在一起。

We think that the combination of their portfolio with our portfolio in that area, in particular, will provide a compelling offering to customers worldwide.

我們認為，他們的產品組合與我們在該領域的產品組合尤其相結合，將為全球客戶提供極具吸引力的產品。

So it sounds like you do expect concrete earnings and cash flow accretion from this?

所以聽起來你確實期望從中獲得具體的收益和現金流量增長？

Well, we don't have a deal, so I can't calculate any of those numbers.

好吧，我們沒有達成協議，所以我無法計算任何這些數字。

However, I will tell you that, yes, certainly over the long haul, we would anticipate a stronger Micron were we to consummate a deal.

但是，我會告訴你，是的，從長遠來看，如果我們完成交易，我們會期待更強大的美光。

If that is not the case, we're not going to do a deal.

如果不是這樣，我們就不會做交易。

All right, thanks.

好的，謝謝。

Uche Orji, UBS.

Uche Orji，瑞銀。

Thank you very much.

非常感謝。

Can I just ask you a question?

我可以問你一個問題嗎？

If I back up to the opening remarks, when you talked about not wanting to add much more debt and not wanting to dilute any holders.

如果我支持開場白，當您談到不想增加更多債務並且不想稀釋任何持有人時。

Obviously, the fear, and following up on the last question, is how is that even going to be possible?

顯然，恐懼和對最後一個問題的跟進是，這怎麼可能呢？

Let me just at back up a little bit and ask you, for us to understand what your cash comfort levels are, how much cash do you need minimum to run this business, and as even hypothetically where to get it, given the increased scale of both companies?

讓我稍微支持一下，問你，讓我們了解你的現金舒適度是多少，你需要多少現金來經營這項業務，甚至假設從哪裡得到它，因為規模的增加兩家公司？

Any sense as to what is the minimum level of cash you will require on the balance sheet?

你知道資產負債表上需要的最低現金水平是多少嗎？

Vijay, this is Ron.

維杰，這是羅恩。

If you are looking at the current structure of Micron, we're in pretty good shape, if you look at the pieces of where cash is deployed.

如果您正在查看美光當前的結構，如果您查看部署現金的部分，我們的狀態非常好。

Right.

正確的。

And we've got pretty good access to our capital around the globe in the current structure of Micron.

在美光目前的結構中，我們可以很好地利用我們在全球的資本。

So it's certainly a sub $500 million operating cash balance that we can operate our current infrastructure.

因此，我們可以運行我們當前的基礎設施肯定是低於 5 億美元的運營現金餘額。

Now, if you're asking about what it would look like in some kind of combination, obviously we are not at a place where we can speculate on that without, as Mark mentioned, having a deal and having more information.

現在，如果你問的是某種組合會是什麼樣子，顯然我們不能在沒有達成交易和獲得更多信息的情況下進行推測。

Fair enough.

很公平。

Let me switch to some detail on the NAND business.

讓我來談談 NAND 業務的一些細節。

So as we -- you mentioned some pockets of areas you have seen improvement.

因此，正如我們 - 你提到了一些你已經看到改進的領域。

Can you give us a little bit more insight into the various product categories, and where you are seeing strength and weaknesses?

您能否讓我們更深入地了解各種產品類別，以及您在哪些方面看到了優勢和劣勢？

And I say this because we've seen some recent data that shows the card market seems to have had a seasonal balance.

我這麼說是因為我們已經看到了一些最近的數據，這些數據顯示卡市場似乎已經有了季節性平衡。

I'm not sure whether that is essential to what you're seeing, as well.

我不確定這對你所看到的是否也很重要。

So if you could talk micro SD cards, other cards, USBs, and other end products in NAND, just to give us a sense of what you're seeing, that would be helpful.

因此，如果您可以談論 NAND 中的微型 SD 卡、其他卡、USB 和其他最終產品，只是為了讓我們了解您所看到的內容，那將很有幫助。

Yes I think, actually, you've got a good take on it.

是的，我認為，實際上，你對此有很好的看法。

I think we've seen, believe it or not, that retail as kind of held relatively stable for us in the NAND business.

我想我們已經看到，不管你信不信，零售對於我們來說在 NAND 業務中保持相對穩定。

And we've also seen what we think is an explainable rebound at some level on the client SSD segment as well.

而且我們還看到了我們認為在客戶端 SSD 細分市場上某種程度的可解釋反彈。

As we look at it, there was a fairly heavy inventory build coming out of the holidays, and we've talked about that in the last couple of calls.

正如我們所看到的那樣，假期後庫存增加了相當多，我們在最近幾次電話會議中討論了這一點。

And we've started to see some increased channel shipments of SSDs over the last few weeks, and I'm pretty optimistic that that's a good signal going forward.

在過去的幾周里，我們已經開始看到 SSD 的渠道出貨量有所增加，我非常樂觀地認為這是一個很好的信號。

Okay.

好的。

And just finally, if I look at the lag effects you described for this specialty areas, any more details as to -- I know you started to see stabilization there in specialty memory.

最後，如果我看看你描述的這個專業領域的滯後效應，還有更多細節——我知道你開始在專業記憶中看到穩定性。

In terms of the demand drivers for those, I would've expected a little bit more, given the initial ramp of Romley.

考慮到 Romley 的初始增長，就這些需求驅動因素而言，我預計會更多一些。

I would've expected a little more upside from the server-side.

我本來預計服務器端會有更多的好處。

Is that a misplaced expectation, and if Romley is ramping as well as we seem to believe, when might you start to see that?

這是一個錯位的期望嗎？如果羅姆利像我們所相信的那樣迅速發展，你什麼時候才能開始看到呢？

And then on the networking side, any more detail as to how you expect that trajectory based on demand factors this year and going forward?

然後在網絡方面，關於您如何根據今年和未來的需求因素預期該軌蹟的更多細節？

Thank you.

謝謝你。

Yes, maybe I could reinforce, we are seeing that effect as we speak.

是的，也許我可以強調，我們在講話時看到了這種效果。

As I mentioned, our server bit growth over the last three quarters has continued to grow, and that we've set records over the last three quarters.

正如我所提到的，我們在過去三個季度中的服務器位增長持續增長，並且我們在過去三個季度中創造了記錄。

In the networking segment, the same.

在網絡領域，同樣如此。

We've had some great performance in terms of bit shipments.

在位出貨量方面，我們有一些出色的表現。

So we're pretty bullish about those two segments, and we think we are seeing the effects of that, plus continued application growth around expanding data center applications, as well as cloud architecture.

因此，我們非常看好這兩個領域，我們認為我們正在看到其影響，以及圍繞擴展數據中心應用程序以及雲架構的持續應用程序增長。

Sorry.

對不起。

I wanted to just specify, I was asking more about a pricing trend for those areas.

我只想具體說明，我在詢問更多關於這些領域的定價趨勢。

Well I think, as Ron stated in his comments, there historically has been a lag effect that indexes off the PC desktop notebook market, the commodity market.

好吧，我認為，正如 Ron 在他的評論中所說，從歷史上看，PC 台式筆記本電腦市場和商品市場一直存在滯後效應。

And as you see improvement in the desktop notebook DRAM environment, there is normally a subtle transition.

當您看到台式筆記本電腦 DRAM 環境有所改善時，通常會有一個微妙的轉變。

We anticipate that there should be improvement in our business going forward.

我們預計未來我們的業務應該會有所改善。

Great.

偉大的。

Thank you very much.

非常感謝。

I would like to apologize ahead of time for not being able to get to everybody in the queue.

我想提前向隊列中的每個人道歉。

We do have time for one more question.

我們確實有時間再問一個問題。

But I would like to remind everyone, we are hosting an analyst day in the fall here at the corporate headquarters in Boise on October 12.

但我想提醒大家，我們將於 10 月 12 日在博伊西的公司總部舉辦秋季分析師日活動。

You can get more details on the website.

您可以在網站上獲得更多詳細信息。

And with that, we would like to take one more call.

有了這個，我們想再接一個電話。

Hans Mosesmann, Raymond James.

漢斯·摩西曼，雷蒙德·詹姆斯。

This is Brian Peterson in for Hans.

這是漢斯的布萊恩·彼得森。

Just a question on the NOR business.

只是關於 NOR 業務的問題。

It was actually a little bit better than expected this quarter, despite some exposure to the wireless side.

儘管在無線方面有一些接觸，但本季度實際上比預期的要好一些。

Can you talk about how you expect that business to trend going forward?

你能談談你對未來業務的預期嗎？

I think we've commented in the past that the wireless NOR has been declining, and maybe even a little bit faster than we thought.

我認為我們過去曾評論說無線 NOR 一直在下降，甚至可能比我們想像的要快一點。

Having said that, as I mentioned, our embedded solutions group has done a pretty good job in growing the business and growing our units there, and certainly NOR is a core foundation, in addition to adjacencies around DRAM and NAND in that business.

話雖如此，正如我所提到的，我們的嵌入式解決方案小組在發展業務和發展我們的部門方面做得很好，除了該業務中 DRAM 和 NAND 的鄰接之外，當然 NOR 是核心基礎。

But the NOR business in embedded remains pretty solid, with a good pricing environment and, really, long-term design-in benefits there.

但嵌入式 NOR 業務仍然相當穩固，具有良好的定價環境，並且確實具有長期的設計優勢。

So we think NOR will continue to be very stable around the embedded business going forward.

因此，我們認為 NOR 在未來的嵌入式業務方面將繼續保持非常穩定。

Okay, thanks.

好的謝謝。

And just a follow-up on Elpida.

只是對 Elpida 的跟進。

Is there a certain period where you have exclusive negotiation rights?

是否有特定時期您擁有獨家談判權？

Or is there a timeline where this deal needs to be worked out?

或者是否有需要達成這筆交易的時間表？

Or just any kind of perspective you could provide there.

或者只是你可以在那裡提供的任何一種觀點。

Thanks.

謝謝。

I'm afraid we can't comment on any of that detail at this point.

恐怕我們目前無法對任何細節發表評論。

We are obviously under NDA.

我們顯然處於 NDA 之下。

Okay, and with that, we would like to thank everyone for participating on the call today.

好的，至此，我們要感謝大家今天參加電話會議。

If you will please bear with me, I need to repeat the Safe Harbor protection language.

如果你能容忍我，我需要重複安全港保護語言。

During the course of this call we may have made forward-looking statements regarding the Company and industry.

在本次電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

These particular forward-looking statements, and all other statements that may have been made on this call that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially.

這些特定的前瞻性陳述以及可能在本次電話會議上做出的非歷史事實的所有其他陳述都受到許多風險和不確定性的影響，實際結果可能存在重大差異。

For information on the important factors that may cause actual results to differ materially, please refer to our filings with the SEC, including the Company's most recent 10-Q and 10-K.

有關可能導致實際結果出現重大差異的重要因素的信息，請參閱我們向 SEC 提交的文件，包括公司最近的 10-Q 和 10-K。

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's Micron Technology third quarter 2012 financial release conference call.

今天的美光科技 2012 年第三季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。