美光科技 (MU) 2012 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我叫凱倫，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to the Micron Technology's fourth-quarter and fiscal year-end 2012 financial release conference call.

在此，歡迎大家參加美光科技2012年第四季度及財年末財務發布電話會議。

(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, Karen, and I would also like to welcome you to Micron Technology's fourth-quarter and fiscal year-end 2012 financial release conference call.

謝謝你，Karen，我也想歡迎你參加美光科技公司 2012 年第四季度和財年末的財務發布電話會議。

On the call today is Mark Durcan, CEO and Director; Mark Adams, President; and 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。

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

本次電話會議，包括音頻和幻燈片，也可在美光的網站 Micron.com 上獲得。

If you have not had an opportunity to review the fourth-quarter and fiscal year-end 2012 financial press release, again it is available on our website at Micron.com.

如果您沒有機會查看 2012 年第四季度和財年末的財務新聞稿，請再次訪問我們的網站 Micron.com。

Our call today will be approximately 60 minutes in length.

我們今天的通話時間約為 60 分鐘。

There will be an audio replay of this call, accessed by dialing 404-537-3406 with, a confirmation code of 30042904.

將有此通話的音頻重播，可通過撥打 404-537-3406 訪問，確認碼為 30042904。

This replay will run through Thursday, October 4, 2012, at 530 PM Mountain time.

此重播將持續到 2012 年 10 月 4 日星期四山區時間下午 530 點。

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

2013 年 9 月之前，公司網站將提供網絡重播。

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

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

Please note the following Safe Harbor statement.

請注意以下安全港聲明。

(Recording plays)

（錄製劇本）

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 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。

(Recording ends)

（錄製結束）

And with that, I'd like to turn the call over to Mark Durcan.

有了這個，我想把電話轉給 Mark Durcan。

Mark?

標記？

Thanks, Kipp.

謝謝，基普。

I'd like to start today with a brief overview of the key developments during the quarter and an update on the proposed Elpida acquisition, followed by a recap of fiscal 2012 and our focus heading into 2013.

我想從今天開始簡要概述本季度的主要發展和擬議收購 Elpida 的最新情況，然後回顧 2012 財年和我們的重點進入 2013 年。

After that, I'll turn it over to Ron for a financial summary, and we'll close our comments with Mark Adams discussing key developments in our business unit and operations, as well as an update on market conditions.

之後，我將把它交給 Ron 以獲取財務摘要，我們將結束與 Mark Adams 的評論，討論我們業務部門和運營的關鍵發展，以及市場狀況的最新情況。

Revenue in the quarter was down about 10%, primarily due to a reduction in DRAM bits.

該季度的收入下降了約 10%，主要是由於 DRAM 位的減少。

You may recall that we had forecast in our previous earnings call that this would be occurring as we transition significant production to more 4 gigabit densities.

您可能還記得，我們在之前的財報電話會議中預測，隨著我們將大量生產轉移到更多 4 Gb 的密度，這種情況將會發生。

Also impacting this comparison was a significant reduction in inventory for both DRAM and NAND that occurred in our fiscal Q3.

影響這一比較的還有我們第三季度的 DRAM 和 NAND 庫存顯著減少。

Gross margins were pretty flat quarter over quarter, with improvements in NAND and NOR and offsetting reductions in DRAM.

由於 NAND 和 NOR 的改善以及 DRAM 的減少，毛利率與季度相比相當持平。

From a market perspective, NAND flash demand improved during the quarter, and this, coupled with muted industry supply, led to improved ASPs compared with the quarter-to-date estimate we gave you in late June.

從市場的角度來看，本季度 NAND 閃存需求有所改善，再加上行業供應疲軟，導致 ASP 與我們在 6 月底給您的季度至今估計相比有所改善。

On the other hand, DRAM market prices deteriorated during the quarter, primarily related to weakness in the PC environment, although our net DRAM ASP was essentially flat due to mix improvements.

另一方面，DRAM 市場價格在本季度惡化，主要與 PC 環境的疲軟有關，儘管我們的淨 DRAM 平均售價因組合改善而基本持平。

NOR revenue remained stable in the quarter, and we were pleased to see NOR gross margins improve by about five percentage points, mostly due to cost reductions.

本季度 NOR 收入保持穩定，我們很高興看到 NOR 毛利率提高了約 5 個百分點，這主要是由於成本降低。

Total inventory was down again in fiscal Q4.

第四財季總庫存再次下降。

We're continuing to focus on improving our turns over the next several quarters.

在接下來的幾個季度中，我們將繼續專注於改善我們的營業額。

In DRAM, 30-nanometer yields on track, and we should see a nice jump in production and cost improvements over the next few quarters.

在 DRAM 方面，30 納米的良率有望實現，我們應該會在接下來的幾個季度看到產量和成本的大幅提升。

From a NAND perspective, we had the first full quarter of results following the restructure of our supply and technology agreement with Intel in April.

從 NAND 的角度來看，在 4 月份與英特爾重組供應和技術協議後，我們獲得了第一個完整季度的業績。

All product coming out of IMFS in Singapore and our Virginia fab now flow to Micron.

所有來自新加坡 IMFS 和我們弗吉尼亞工廠的產品現在都流向美光。

As a result, we have a much larger base of wafer capacity in our trade NAND business targeting key growth segments, including SSDs, smartphones, and tablets.

因此，我們在貿易 NAND 業務中擁有更大的晶圓產能基礎，目標是關鍵的增長領域，包括 SSD、智能手機和平板電腦。

Although we would have preferred to be reporting better financial results for fiscal 2012 today, looking back we had some significant highlights in the year.

儘管我們更希望在今天公佈 2012 財年更好的財務業績，但回顧過去，我們在這一年有一些重要的亮點。

We achieved increased manufacturing scale and performance as we completed our volume manufacturing ramp of our world-class Flash memory facility in Singapore on both 25-nanometer and 20-nanometer technology, and transitioned Micron's DRAM operations to 30-nanometer DRAM manufacturing.

隨著我們在新加坡完成了採用 25 納米和 20 納米技術的世界級閃存設施的批量生產，並將美光的 DRAM 業務轉變為 30 納米 DRAM 製造，我們實現了製造規模和性能的提高。

We launched a Hybrid Memory Cube product line, reinforcing our leadership in high-performance DRAM technology.

我們推出了混合存儲立方體產品線，鞏固了我們在高性能 DRAM 技術方面的領先地位。

We completed the successful implementation of our new global supply-chain management system.

我們完成了新的全球供應鏈管理系統的成功實施。

We achieved the successful outcome in the Rambus antitrust trial.

我們在 Rambus 反壟斷審判中取得了成功。

We redefined and expanded our joint venture with Intel.

我們重新定義並擴大了與英特爾的合資企業。

We signed a sponsorship agreement to merge Elpida's operation into Micron and which, upon close, will place Micron as the industry's leading memory pure play and one of the top five semiconductor companies in the world.

我們簽署了一項贊助協議，將 Elpida 的業務併入美光，一旦完成，美光將成為業界領先的內存純公司和全球前五名的半導體公司之一。

Relative to Elpida, let me elaborate on a few of the items and update you on the timeline to close.

相對於爾必達，讓我詳細說明一些項目，並在時間軸上更新您以關閉。

The Japanese court and Elpida trustees ran a rigorous and thorough sponsor selection process and determined Micron's sponsorship proposal to be the most attractive alternative.

日本法院和 Elpida 受託人進行了嚴格而徹底的讚助商選擇過程，並確定美光的讚助提案是最具吸引力的選擇。

We believe the proposed agreement represents the best solution for Elpida's debt holders, employees, customers, and the Japanese semiconductor and electronics industries.

我們認為，擬議的協議代表了爾必達的債務持有人、員工、客戶以及日本半導體和電子行業的最佳解決方案。

For Micron, the deal will provide greater manufacturing and R&D scale, as well as significant product, customer, and cost synergies, all at attractive economics for Micron shareholders.

對於美光而言，這筆交易將提供更大的製造和研發規模，以及顯著的產品、客戶和成本協同效應，所有這些都對美光股東具有吸引力。

The combined company will be well positioned to grow and thrive, optimizing the potential return for all involved.

合併後的公司將有能力發展壯大，優化所有相關人員的潛在回報。

The financial terms and expected timeline to close have not changed since our announcement in July.

自我們 7 月宣布以來，財務條款和預計完成時間沒有改變。

On September 11, the US HSR waiting period expired, and depending on the timeline for other government approvals, we still expect to close sometime in the first half of 2013.

9 月 11 日，美國高鐵等待期到期，根據其他政府批准的時間表，我們仍預計將在 2013 年上半年的某個時間關閉。

Entering fiscal 2013, we are focused on driving our return to profitability with a continued emphasis on cash flow.

進入 2013 財年，我們專注於推動我們的盈利能力回歸，並繼續強調現金流。

We do face some headwinds from the macroenvironment and from the demand profile in a number of segments.

我們確實面臨來自宏觀環境和一些細分市場需求狀況的一些不利因素。

Specific to DRAM, prices are currently soft.

具體到 DRAM，目前價格偏軟。

While a certain amount of supply has come off-line, we still need to see improvement in demand in the market to get things back on track.

雖然一定數量的供應已經脫機，但我們仍然需要看到市場需求的改善才能讓事情重回正軌。

The upcoming Windows 8 launch and proliferation of DRAM in mobile devices should help get the ball rolling.

即將推出的 Windows 8 和移動設備中 DRAM 的普及應該有助於推動這一進程。

Although it's hard for us to predict the timing of a recovery, Mark Adams will comment later on this.

儘管我們很難預測復甦的時間，但馬克亞當斯稍後會對此發表評論。

NAND market prices are currently up quarter to date, following the nice ASP recovery over the summer, and we don't see any disrupted supply coming online in the near future.

在夏季 ASP 良好復甦之後，NAND 市場價格目前在本季度上漲，我們認為在不久的將來不會出現任何中斷的供應。

We expect strong demand for SSDs in ultrathins and enterprise server and storage, as well as the proliferation of smartphones and tablets to fuel significant NAND consumption.

我們預計超薄和企業服務器和存儲對 SSD 的強勁需求，以及智能手機和平板電腦的普及將推動大量 NAND 消費。

From an operational standpoint, we continue to drive manufacturing cost reductions and optimize our product mix, focused on the best margin and growth opportunities.

從運營的角度來看，我們繼續推動降低製造成本並優化我們的產品組合，專注於最佳利潤和增長機會。

We also intend to be very disciplined in our spending profile, both in terms of overhead and CapEx, and manage our inventory levels carefully.

我們還打算在管理費用和資本支出方面嚴格控制我們的支出狀況，並仔細管理我們的庫存水平。

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。

Our 2012 fiscal year ended on August 30.

我們的 2012 財年於 8 月 30 日結束。

On our website, we have provided a schedule containing certain key results for the fourth quarter, as well as certain guidance for the next quarter.

在我們的網站上，我們提供了一個時間表，其中包含第四季度的某些關鍵結果，以及下一季度的某些指導。

That material is also presented on the few slides that follow.

該材料也在隨後的幾張幻燈片中展示。

First, the fiscal 2012, it ended at a net loss of just over $1 billion, or $1.04 per share, on net sales of $8.2 billion.

首先，在 2012 財年，淨銷售額為 82 億美元，淨虧損略高於 10 億美元，即每股 1.04 美元。

Fiscal 2011, comparatively, showed roughly breakeven net income on sales of $8.8 billion.

相比之下，2011 財年的銷售額為 88 億美元，淨利潤基本達到收支平衡。

Total sales for 2012 decreased about 6%, compared to the prior year, as a result of generally severe price pressure in the memory industry as a whole.

2012 年的總銷售額與上一年相比下降了約 6%，這是由於整個內存行業普遍面臨嚴重的價格壓力。

DRAM sales for 2012 reflect a 12% decrease compared to 2011, the product of a 59% increase in DRAM bit sales, offset by a 45% decrease in average selling prices.

與 2011 年相比，2012 年的 DRAM 銷售額下降了 12%，這是由於 DRAM 位銷售額增長 59%，被平均售價下降 45% 所抵消。

Bit sales into premium DRAM sectors increased 62% in 2012, compared to 2011.

與 2011 年相比，2012 年高端 DRAM 行業的比特銷售額增長了 62%。

Trade NAND sales grew 19%, the product of bit sales over 2.5 times the 2011 level, offset by a 55% decrease in selling prices.

貿易 NAND 銷售額增長 19%，比特銷售額的產品是 2011 年水平的 2.5 倍以上，被售價下降 55% 所抵消。

Trade NAND sales were favorably affected by the higher mix of Micron SSDs in 2012, which comprised 14% of trade NAND for the year.

2012 年美光 SSD 的較高組合對貿易 NAND 銷售產生了有利影響，該產品佔當年貿易 NAND 的 14%。

Sales of NOR products decreased year over year, in line with the general decline in market demand and the performance of our customer base in particular.

NOR 產品的銷售額同比下降，這與市場需求的普遍下降，尤其是我們客戶群的表現一致。

On the cost side, DRAM bit cost in 2012 decreased 32% compared to the prior year, roughly consistent with the long-term industry trend.

成本方面，2012年DRAM位元成本較上年下降32%，大致符合行業長期趨勢。

NAND bit costs over the past year decreased 45%, compared to the prior year, as we leveraged our industry-leading process technology.

由於我們利用了行業領先的工藝技術，過去一年的 NAND 位成本與去年相比下降了 45%。

Broadly, annual sales for 2012 were comprised of about 44% NAND, 39% DRAM, and 12% NOR.

總體而言，2012 年的年銷售額包括約 44% 的 NAND、39% 的 DRAM 和 12% 的 NOR。

Turning now to the fourth-quarter results, we posted a net loss of $243 million, or $0.24 per share, on net sales of $2 billion.

現在轉向第四季度業績，我們公佈淨虧損 2.43 億美元，即每股 0.24 美元，淨銷售額為 20 億美元。

These quarterly results compare to a net loss of $320 million, or $0.32 per share, on net sales of $2.2 billion for the third quarter.

這些季度業績與第三季度淨銷售額 22 億美元的淨虧損 3.2 億美元或每股 0.32 美元相比。

Fourth-quarter revenue was sequentially lower in total, as well as for both DRAM and NAND on generally flat pricing for DRAM products and slightly lower pricing for NAND products.

第四季度的總收入以及 DRAM 和 NAND 的總收入連續下降，因為 DRAM 產品的價格普遍持平，而 NAND 產品的價格略有下降。

Although DRAM pricing was generally down in the fourth quarter, as Mark mentioned, improved mix in our premium segments yielded an overall flat average selling price.

正如馬克所說，儘管第四季度 DRAM 價格普遍下降，但我們高端細分市場的組合改善導致整體平均售價持平。

Both DRAM and NAND saw lower volumes of bit sales.

DRAM 和 NAND 的比特銷售量均有所下降。

As a result, when combined with stable bit costs for both DRAM and NAND across the two quarters and at better NOR margin performance, consolidated gross margin was fairly stable for the third quarter in a row.

因此，結合兩個季度 DRAM 和 NAND 的穩定位成本以及更好的 NOR 利潤率表現，綜合毛利率連續第三個季度相當穩定。

Depreciation and amortization in the fourth quarter was $509 million.

第四季度的折舊和攤銷為 5.09 億美元。

This decrease, compared to recent historical periods, is due to certain production equipment, primarily in the Lehi and Virginia NAND and 200-millimeter NOR operations that have become fully depreciated.

與最近的歷史時期相比，這一下降是由於某些生產設備，主要是在 Lehi 和 Virginia NAND 以及 200 毫米 NOR 操作中已經完全折舊。

We anticipate depreciation and amortization expense will be approximately $2 billion for fiscal 2013.

我們預計 2013 財年的折舊和攤銷費用約為 20 億美元。

As a result of the changes to the IM Flash joint venture with Intel that occurred in the third quarter, NAND sales to Intel decreased by half in the fourth quarter, consistent with our previous projections.

由於第三季度與英特爾的 IM Flash 合資企業發生變化，第四季度對英特爾的 NAND 銷售額下降了一半，這與我們之前的預測一致。

That volume has now shifted to trade NAND going forward.

該交易量現在已轉向交易 NAND。

However, trade NAND bit volume growth for Q4, although consistent with our projection, did not reflect the magnitude of this shift for two reasons.

然而，第四季度的 NAND 交易量增長雖然與我們的預測一致，但並沒有反映這種轉變的幅度，原因有兩個。

First, one-time WIP sales to Intel, which were a part of the IM Flash transaction, masked the normal Q3 to Q4 growth rate.

首先，作為 IM Flash 交易的一部分，向英特爾的一次性 WIP 銷售掩蓋了第三至第四季度的正常增長率。

And second, some production volume went back into WIP as we rebuilt the manufacturing pipeline with Micron trade products.

其次，隨著我們用美光貿易產品重建製造管道，一些產量又回到了 WIP。

So you can better ascertain the underlying growth rate by comparing trade bit growth from Q2 to Q4, which grew 78% over that period.

因此，您可以通過比較從第二季度到第四季度的貿易額增長來更好地確定潛在增長率，在此期間增長了 78%。

A higher volume of SSD sales in the fourth quarter mitigated the decrease in trade NAND selling prices compared to the third quarter.

與第三季度相比，第四季度固態硬盤銷售量的增加緩解了貿易 NAND 銷售價格的下降。

Price decreases for NAND components enabled increased penetration into the client SSD space.

NAND 組件的價格下降促進了對客戶 SSD 空間的滲透。

Sales of enterprise SSDs were also up nicely, albeit on a lower base.

企業級 SSD 的銷售也有不錯的增長，儘管基數較低。

Trade NAND selling prices are up a couple percent quarter to date, while trade NAND cost per bit is expected to be down a few percent in the first quarter.

迄今為止，貿易 NAND 的銷售價格上漲了幾個百分點，而貿易 NAND 的每比特成本預計將在第一季度下降幾個百分點。

Trade NAND bit growth is projected to be flat in the first quarter, compared to the fourth quarter, as we transition to a new technology node.

隨著我們過渡到新的技術節點，與第四季度相比，預計第一季度的貿易 NAND 位增長將持平。

DRAM revenue in the fourth quarter decreased 9%, compared to the previous quarter, as a result of a 9% decrease in bit sales volume, consistent with our prior guidance, due to a mix shift to lower density specialty DRAM, as well as initially lower yields on our new 4-gig DDR3 ramp.

與上一季度相比，第四季度的 DRAM 收入下降了 9%，原因是比特銷量下降了 9%，這與我們之前的指導一致，原因是混合轉向低密度特種 DRAM，以及最初在我們新的 4-gig DDR3 斜坡上降低了產量。

Selling prices for specialty DRAM products improved slightly in the fourth quarter, while prices in the PC sector dropped significantly due to weakness in demand.

第四季度特種 DRAM 產品的銷售價格略有改善，而由於需求疲軟，個人電腦行業的價格大幅下跌。

Quarter to date, selling prices are down in the high teens, compared to the Q4 average.

迄今為止，與第四季度的平均水平相比，銷售價格下降了十幾倍。

DRAM costs per bit declined slightly quarter to quarter, and we are forecasting bit costs for DRAM in the first quarter to be down in the high single-digit range as we continue to transition to our 4-gig DDR3 product.

DRAM 每比特成本每季度略有下降，我們預計第一季度 DRAM 的比特成本將在高個位數範圍內下降，因為我們繼續過渡到我們的 4-gig DDR3 產品。

This transition is also driving bit production up low to mid-teens in the first quarter.

這一轉變也推動第一季度的鑽頭產量從低到十幾歲。

NOR sales increased slightly in the fourth quarter, compared to the third quarter, and represented 12% of total revenue for Q4.

與第三季度相比，第四季度 NOR 銷售額略有增長，佔第四季度總收入的 12%。

NOR revenue in the first quarter is expected to be in the same range as the fourth quarter.

NOR 第一季度的收入預計將與第四季度在同一範圍內。

We anticipate NOR cost reductions will continue to outpace selling price reductions in the first quarter.

我們預計 NOR 成本的下降將繼續超過第一季度的銷售價格下降。

Turning now to business units.

現在轉向業務部門。

The NAND solutions group revenue declined from the third quarter, due to the one-time impact of selling back-end inventory to Intel during the third quarter that I mentioned earlier.

由於我之前提到的第三季度向英特爾出售後端庫存的一次性影響，NAND 解決方案集團的收入從第三季度開始下降。

Trade NAND sales and NSG were up in the fourth quarter on increased volume and stable average selling prices.

由於數量增加和穩定的平均售價，第四季度的貿易 NAND 銷售額和 NSG 增長。

NSG was able to achieve positive operating income from the third-quarter level on improved product mix sold in the fourth quarter, including a 67% increase in bits sold in SSD form, as well as lower cost based sales to Intel.

由於第四季度銷售的產品組合得到改善，NSG 能夠在第三季度實現正營業收入，其中包括以 SSD 形式銷售的比特數增加了 67%，以及基於成本降低對英特爾的銷售。

Operating income for the DRAM solutions group in the fourth quarter primarily reflects the lower DRAM revenue trends I commented on earlier.

第四季度 DRAM 解決方案部門的營業收入主要反映了我之前評論過的 DRAM 收入下降趨勢。

DSG sales into the personal systems sector decreased as we moved volumes into higher-margin areas, notably networking, as pricing into personal systems came under additional pricing pressure, particularly in the latter part of our fourth quarter.

隨著我們將銷量轉移到利潤率更高的領域，尤其是網絡，DSG 在個人系統領域的銷售額下降，因為個人系統的定價面臨額外的定價壓力，尤其是在我們第四季度的後期。

DRAM sales into the personal systems market were just 14% of total sales in our fourth quarter.

第四季度，個人系統市場的 DRAM 銷售額僅佔總銷售額的 14%。

Our wireless solutions group performance continues to reflect weakness of the feature phone market segment and our customer group in particular.

我們的無線解決方案集團的表現繼續反映功能手機細分市場，尤其是我們的客戶群的疲軟。

Revenue declined for the third quarter, primarily due to lower NAND sales as we transition to new products and configuration and as customers work through existing inventory.

第三季度收入下降，主要是由於我們過渡到新產品和配置以及客戶處理現有庫存導致 NAND 銷售額下降。

Wireless DRAM and NAND declined ahead of product transitions, while wireless NOR sales remained steady quarter to quarter.

無線 DRAM 和 NAND 在產品轉換之前有所下降，而無線 NOR 的銷售量保持穩定。

The embedded solutions group results continue to reflect growth, particularly in the automotive and industrial sectors.

嵌入式解決方案組的業績繼續反映增長，特別是在汽車和工業領域。

In fact, in the fourth quarter, ESG reported its highest revenue level since the establishment of our business unit.

事實上，在第四季度，ESG 報告了自我們業務部門成立以來的最高收入水平。

The revenue growth came from the broad strength across the technology portfolio as NOR, NAND, and DRAM revenue increased from the third quarter.

收入增長來自整個技術組合的廣泛實力，因為 NOR、NAND 和 DRAM 收入從第三季度開始增加。

In addition to the topline growth, ESG operating income strengthened as the fourth-quarter results included better cost performance than the previous quarter and improved factory utilization.

除了收入增長外，ESG 營業收入也有所增強，因為第四季度的業績包括比上一季度更好的成本績效以及工廠利用率的提高。

In operating expenses, SG&A expense in the fourth quarter was slightly below our projected range as a result of lower costs associated with pending legal matters and lower personnel costs from our variable pay plans.

在運營費用方面，第四季度的 SG&A 費用略低於我們的預期範圍，這是由於與未決法律事務相關的成本降低以及我們的可變薪酬計劃降低了人事成本。

We expect SG&A expense to be between $135 million and $145 million in the first quarter of fiscal 2013.

我們預計 2013 財年第一季度的 SG&A 費用將在 1.35 億美元至 1.45 億美元之間。

Fourth-quarter expense for R&D was right at the high end of our guided range.

第四季度的研發費用正好在我們指導範圍的高端。

These expenses vary primarily due to the volume of development wafers processed and the timing of product quals.

這些費用的不同主要是由於處理的開髮晶圓數量和產品質量的時間。

R&D expense in the first quarter is expected to be between $220 million and $230 million.

第一季度的研發費用預計在2.2億美元至2.3億美元之間。

The Company generated $450 million in cash flow from operating activities in the fourth quarter.

公司第四季度的經營活動產生了 4.5 億美元的現金流。

Comparing operating cash flows in the third quarter to the fourth quarter, the IM Flash restructure transaction had a favorable impact on Q3 from the $300 million deposit received from Intel in the third quarter, while the fourth quarter operating cash flow was negatively impacted by $45 million of product sales, invoices, charged to that deposit.

比較第三季度與第四季度的運營現金流，IM Flash 重組交易對第三季度產生了有利的影響，因為第三季度從英特爾收到了 3 億美元的押金，而第四季度的運營現金流受到了 4500 萬美元的負面影響產品銷售，發票，記入該押金。

We ended the fiscal year with a cash and investments balance of $2.9 billion.

我們在本財年結束時的現金和投資餘額為 29 億美元。

This balance increased $718 million compared to the previous year-end as we generated $2.1 billion of cash from operations, raised $1.5 billion net new financing, and spent $1.9 billion in capital expenditures.

與去年年底相比，這一餘額增加了 7.18 億美元，因為我們從運營中產生了 21 億美元的現金，籌集了 15 億美元的淨新融資，並花費了 19 億美元的資本支出。

Inventory declined $82 million quarter to quarter, where finished-goods reductions more than offset the WIP increase related to refilling the back-end pipeline after the Intel transaction.

庫存環比下降 8200 萬美元，其中成品減少抵消了與英特爾交易後重新填充後端管道相關的 WIP 增加。

We expect expenditures for property, plant, and equipment for fiscal 2013 to be between $1.6 billion and $1.9 billion, slightly weighted toward the earlier part of the fiscal year.

我們預計 2013 財年的不動產、廠房和設備支出將在 16 億美元至 19 億美元之間，略微偏重於本財年前期。

Now I'll turn it over to Mark Adams for his comments.

現在我將把它交給馬克亞當斯徵求他的意見。

Mark?

標記？

Thanks, Ron.

謝謝，羅恩。

Today, I'm going to walk through some of our fourth-quarter operational highlights, as well as discuss the current market dynamics in the memory business.

今天，我將介紹我們第四季度的一些運營亮點，並討論內存業務的當前市場動態。

Our NAND solutions group recovered from a weak ASP environment in the beginning of the quarter.

我們的 NAND 解決方案團隊在本季度初從疲軟的 ASP 環境中恢復過來。

If you recall, ASPs were down mid-teens quarter to date during the first few weeks of our Q4.

如果您還記得，在我們第四季度的前幾週，平均售價在本季度至今下降了十幾歲。

Prices recovered during the quarter, and the trade NAND business ended up with slight revenue growth and stable gross margins.

本季度價格回升，貿易 NAND 業務最終實現收入小幅增長和毛利率穩定。

In addition, finished-goods inventory declined quarter over quarter.

此外，製成品庫存環比下降。

Micron SSD revenue was up 33% in the quarter with unit shipments up over 50%.

本季度美光固態硬盤收入增長 33%，單位出貨量增長超過 50%。

We're seeing steady growth of our client SSDs at key OEM partners and continued growth of Crucial-branded SSD drives in the channel.

我們看到主要 OEM 合作夥伴的客戶 SSD 穩步增長，並且渠道中 Crucial 品牌 SSD 驅動器的持續增長。

Where other channel competitors have struggled to generate a profit, Crucial continues to drive solid financial performance.

在其他渠道競爭對手難以創造利潤的情況下，Crucial 繼續推動穩健的財務業績。

We are now shipping client SSDs to five of the top OEMs in the world and plan to grow our share in the coming year.

我們現在向全球五家頂級 OEM 提供客戶 SSD，併計劃在來年擴大我們的份額。

Client SSD revenue was up close to 30% in Q4.

客戶端 SSD 收入在第四季度增長了近 30%。

For fiscal-year 2012, unit shipments more than doubled.

2012 財年，單位出貨量翻了一番多。

Also part of our growing client portfolio is our new mSATA SSD, which was selected as Best of Show award winner at this year's Flash Memory Summit as the most innovative Flash consumer application.

我們不斷增長的客戶組合的一部分是我們的新 mSATA SSD，它在今年的閃存峰會上被選為最具創新性的閃存消費應用程序的最佳展示獎獲得者。

On the enterprise side, our SATA drives, the P300 and P400e continue to be the lead drives for us this quarter in terms of shipments.

在企業方面，就出貨量而言，我們的 SATA 驅動器、P300 和 P400e 繼續成為本季度我們的主要驅動器。

We also maintained steady progress in qualifying our P [value] drives with leading OEM customers and are now gaining traction through our distribution channels as well.

我們還在與領先的 OEM 客戶認證我們的 P [價值] 驅動器方面保持穩步進展，現在也通過我們的分銷渠道獲得牽引力。

In Q4, enterprise SSD revenue was up over 50%, albeit off of a relatively low base.

第四季度，企業級 SSD 收入增長超過 50%，儘管基數相對較低。

We're gearing up for some new products this fall, including an enterprise-grade SATA drive and our first SAS drive.

今年秋天，我們正準備推出一些新產品，包括企業級 SATA 驅動器和我們的第一款 SAS 驅動器。

Both drives are in qualification now with OEMs.

這兩款驅動器現在都通過了 OEM 的認證。

Unique features we provide with these new products showcase our silicon to system strategy, including the firmware and hardware management schemes that are only available from a Micron-integrated SSD.

我們為這些新產品提供的獨特功能展示了我們從芯片到系統的戰略，包括僅可從美光集成 SSD 獲得的固件和硬件管理方案。

Another example of our growing system capability is the acquisition of Virtensys this fiscal year, which has provided Micron with a virtualized appliance.

我們不斷增長的系統能力的另一個例子是本財年收購 Virtensys，它為美光提供了一個虛擬化設備。

In combination with our P320h PCIe cards, it provides much more storage in the appliance versus local server storage, and when we hook these up via PCI interconnects, you can share the storage across an enterprise environment.

結合我們的 P320h PCIe 卡，它在設備中提供比本地服務器存儲更多的存儲，當我們通過 PCI 互連將這些連接起來時，您可以在整個企業環境中共享存儲。

We've also made significant strides in the quarter and in the fiscal year with our internal controller development.

通過內部控制器的開發，我們在本季度和本財年也取得了重大進展。

Our controller strategy is really two pronged, using both internal and externally-designed controllers.

我們的控制器策略實際上是雙管齊下的，使用內部和外部設計的控制器。

We're focused at the high end of our system solutions for our internal-design controllers; however, our approach is modulized and can be scaled down to lower-end client systems over time.

我們專注於內部設計控制器的高端系統解決方案；但是，我們的方法是模塊化的，並且可以隨著時間的推移縮小到低端客戶端系統。

On the NAND technology operation front, we continue to be pleased with 20-nanometer ramp and expect production crossover in the first half of calendar-year 2013.

在 NAND 技術運營方面，我們繼續對 20 納米的增長感到滿意，並預計在 2013 年上半年實現生產交叉。

MLC represented about 75% to 80% of our wafer production in Q4, with SLC and TLC essentially splitting the remainder.

MLC 約占我們第四季度晶圓產量的 75% 至 80%，而 SLC 和 TLC 基本上將其餘部分分開。

Although fiscal Q1 will only see a small reduction in trade NAND cost per bit, we expect to average down mid to high single digits over the next several quarters, mostly related to the 20-nanometer execution.

儘管第一財季的每比特交易 NAND 成本只會小幅下降，但我們預計未來幾個季度平均將下降中高個位數，主要與 20 納米執行有關。

As I mentioned earlier, following a tough first half of the calendar year, NAND prices started to recover over the summer, and we have seen continued improvements in market prices subsequent to our quarter-end.

正如我之前提到的，在經歷了今年上半年的艱難之後，NAND 價格在夏季開始回升，我們看到市場價格在季度末之後持續上漲。

In terms of NAND inventory, we see the channel balance to about three weeks.

在 NAND 庫存方面，我們認為渠道平衡約為三週。

We're excited about the drivers for NAND, including SSDs, tablets, and smartphones, and believe the industry bit demand [countdown] is over, annually, 50% from 2012 through 2016.

我們對 NAND 的驅動因素（包括 SSD、平板電腦和智能手機）感到興奮，並相信從 2012 年到 2016 年，行業比特需求 [倒計時] 每年超過 50%。

In 2013, industry bit supply forecasts are up in low 50% range, well below historical levels.

2013 年，行業鑽頭供應預測在 50% 的低位上升，遠低於歷史水平。

We continue to seek balance between our current capacity and serving our customer needs.

我們將繼續在現有能力和滿足客戶需求之間尋求平衡。

Our DRAM solutions group achieved record shipments in networking and storage, graphics, and consumer segments this quarter.

本季度，我們的 DRAM 解決方案部門在網絡和存儲、圖形和消費領域實現了創紀錄的出貨量。

On the server side, we increased market share with existing customers and won critical qualification slots at our new customers in the high-growth data center market.

在服務器端，我們增加了現有客戶的市場份額，並在高增長的數據中心市場贏得了新客戶的關鍵資格名額。

We did, however, see some price pressure in the server market as OEMs compete for this growth [warranted] data center business.

然而，我們確實看到了服務器市場的一些價格壓力，因為 OEM 競爭這種增長的 [保證] 數據中心業務。

Nonetheless, this server growing market segment share is helping to drive DRAM bit demand over 50% year over year.

儘管如此，這個服務器不斷增長的市場份額正在幫助推動 DRAM 位需求同比增長超過 50%。

The networking segment had another strong quarter, exceeding targets for revenue, bit growth, and gross margin.

網絡部門又一個強勁的季度，超過了收入、比特增長和毛利率的目標。

In terms of demand in this segment, LTE adoption is progressing well.

就這一領域的需求而言，LTE 的採用進展順利。

While the Americas and Japan have strong investments in the infrastructure, so does China will continue to grow, despite some weakness shown in the European market segments.

儘管美洲和日本在基礎設施方面有大量投資，但中國也將繼續增長，儘管歐洲市場表現出一些疲軟。

During Q4, we have seen softness in PC demand, although we were able -- still able to maintain minimal ASP declines in the quarter.

在第四季度，我們看到 PC 需求疲軟，儘管我們能夠 - 仍然能夠在該季度保持最小的 ASP 下降。

That being said, we have seen price weakness in Q1, and see short-term challenges with channel inventory overhang and OEM customers remaining generally cautious.

話雖如此，我們已經看到第一季度的價格疲軟，並且看到渠道庫存過剩和 OEM 客戶普遍保持謹慎的短期挑戰。

As demand count less for improvement in the PC DRAM segment includes the upcoming Windows 8 launch with both Intel and [RM]-based products expected in key OEMs, in particular with the ultrathin category.

由於 PC DRAM 領域的改進需求減少，包括即將推出的 Windows 8，主要 OEM 預計將推出基於英特爾和 [RM] 的產品，特別是超薄類別。

From a technology perspective, our 30-nanometer process node saw volume ramp in fiscal Q4 with qualifications across a broad customer base.

從技術角度來看，我們的 30 納米工藝節點在第四財季實現了產量增長，並在廣泛的客戶群中獲得了資格。

The timing of our 4-gigabyte transition actually limited our output in fiscal Q4, but we expect to catch up this quarter, which, coupled with the 30-nanometer technology, is providing significant bit growth and cost reductions.

我們 4 GB 過渡的時機實際上限制了我們在第四財季的產量，但我們預計本季度將趕上，再加上 30 納米技術，顯著提高了比特率並降低了成本。

Another key aspect of our cost per bit and output improvement over the next couple quarters is Inotera's execution.

在接下來的幾個季度中，我們每比特成本和輸出改進的另一個關鍵方面是 Inotera 的執行。

In fiscal Q4, they took steps to remove a production bottleneck during what was a slow demand period.

在第四財季，他們採取措施消除需求低迷時期的生產瓶頸。

Moving forward, the throughput in percentage of wafers on leading-edge technology from Inotera will improve.

展望未來，Inotera 領先技術的晶圓產量百分比將會提高。

In aggregate, we expect crossover output on 30-nanometer in the current quarter, putting us in a much stronger competitive position.

總體而言，我們預計本季度 30 納米的交叉輸出，使我們處於更強大的競爭地位。

We are also progressing with a 30-nanometer design shrink, which will give us additional cost reductions over the next couple quarters.

我們還在推進 30 納米設計縮小，這將使我們在接下來的幾個季度中進一步降低成本。

Our 20-nanometer process node will commence in calendar-year 2013.

我們的 20 納米工藝節點將於 2013 年開始。

All in all, we see quarterly cost per bit reductions averaging mid to high single digits over the next several quarters.

總而言之，我們看到在接下來的幾個季度中，每季度平均每比特成本降低了中高個位數。

DRAM market prices were generally stable coming into the quarter although things began to weaken in July, and we've seen that trend continue as we head into fiscal-year 2013.

儘管 7 月份開始走弱，但進入本季度的 DRAM 市場價格總體上保持穩定，我們已經看到，隨著我們進入 2013 財年，這種趨勢仍在繼續。

In terms of DRAM inventory, we believe that the channel is currently running about six to eight weeks, on average.

在 DRAM 庫存方面，我們認為該渠道目前平均運行大約六到八週。

Some of the short-term weakness in PC DRAM seem attributable to a pause prior to the Windows 8 launch.

PC DRAM 的一些短期疲軟似乎歸因於 Windows 8 發布之前的暫停。

We anticipate things will improve with the new OS in combination with ultrathin form factors, although timing is difficult to predict.

我們預計隨著新操作系統和超薄外形因素的結合，情況會有所改善，儘管時間很難預測。

Outside of PC, we're generally pleased with DRAM demand with several segments driving bit demand well over 40% year over year.

在 PC 之外，我們普遍對 DRAM 需求感到滿意，有幾個細分市場推動比特需求同比增長超過 40%。

That said, continued mild or even lower industry supply bit growth might be the required catalyst to get the ASPs back to profitable levels in the future.

也就是說，持續溫和甚至更低的行業供應位增長可能是使 ASP 在未來恢復盈利水平所需的催化劑。

Current industry bit forecasts are high 20s for -- 20% for 2012 and similar for 2013, although there's no certain possibility of further supply or CapEx cuts in the industry, given current ASP weakness.

當前的行業位預測為 20 多歲，2012 年為 20%，2013 年類似，但鑑於當前的平均售價疲軟，該行業沒有進一步供應或資本支出削減的確定可能性。

Revenue in our wireless solutions group declined in both DRAM and NAND as we're continuing to work on aligning our product portfolios to customer demand.

由於我們繼續努力使我們的產品組合與客戶需求保持一致，我們的無線解決方案部門的 DRAM 和 NAND 收入均有所下降。

NOR sales stabilized and were essentially flat quarter over quarter.

NOR 銷售穩定，環比基本持平。

As we rebuild our wireless business, we remain focused on profitability.

在我們重建無線業務時，我們仍然專注於盈利能力。

Despite the topline revenue decline, we see better operating performance in WSG, which will be our focus as we prepare for combination with Elpida's wireless business.

儘管總收入下降，但我們看到 WSG 的運營表現更好，這將是我們準備與爾必達無線業務合併時的重點。

Fiscal Q4 saw the introduction and rapid growth of the smartphone open market in China.

第四財季中國智能手機開放市場的引入和快速增長。

This is expected to represent the majority of the rapidly growing Chinese smartphone market, which is forecasted to grow from 50 million units in 2011 to 600 million units in 2014, due to the rapid transition from feature phones to smartphones.

預計這將佔快速增長的中國智能手機市場的大部分，由於功能手機向智能手機的快速過渡，預計該市場將從 2011 年的 5000 萬部增長到 2014 年的 6 億部。

During fiscal Q4, this emerging market adversely affected our wireless revenue, due to abrupt NAND [ntb] density changes.

在第四財季，由於 NAND [ntb] 密度的突然變化，這個新興市場對我們的無線收入產生了不利影響。

However, in the long run, we anticipate this market's growth to be a huge opportunity for Micron, due to our future portfolio alignment.

然而，從長遠來看，由於我們未來的產品組合調整，我們預計這個市場的增長對美光來說是一個巨大的機會。

One example is the ramp of our 4-gigabyte low-power DDR2 mobile DRAM, which is growing at present significantly in the portion of the market.

一個例子是我們的 4 GB 低功耗 DDR2 移動 DRAM 的增長，目前該市場份額正在顯著增長。

We're also excited to announce the official qualification of our 1-gigabit phase change memory-based MCP product with two key mobile customers.

我們也很高興地宣布，我們的 1 Gb 相變存儲器 MCP 產品已獲得兩家主要移動客戶的官方認證。

We expect volume shipments to commence in fiscal 2013.

我們預計 2013 財年開始批量發貨。

I also want to take this opportunity to welcome Mike Rayfield, who recently joined Micron as our new Vice President of the wireless solutions group.

我還想藉此機會歡迎 Mike Rayfield，他最近加入美光，擔任我們無線解決方案集團的新副總裁。

Mike has an impressive background in the wireless business.

Mike 在無線業務方面有著令人印象深刻的背景。

I know he's excited to hit the ground running and help position this segment for growth and profitability in the future.

我知道他很高興能夠開始運作並幫助定位該細分市場以實現未來的增長和盈利能力。

Our embedded solution group had another solid performance with record revenue and gross margins, driven by strong quarter-over-quarter shipment growth in DRAM, NAND, and NOR and across all regions outside of Europe.

在 DRAM、NAND 和 NOR 以及歐洲以外所有地區的強勁季度環比出貨量增長的推動下，我們的嵌入式解決方案部門又取得了穩健的業績，收入和毛利率創歷史新高。

We had strong design wins across all technologies, and particularly strengthening the networking and automotive sectors during the second half of the year.

我們在所有技術上都取得了強大的設計勝利，特別是在下半年加強了網絡和汽車領域。

In automotive, we are now ramping the e-MMC product tailored for this segment, which is expected to drive significant revenue in fiscal 2013.

在汽車領域，我們現在正在增加為該細分市場量身定制的 e-MMC 產品，預計這將在 2013 財年帶來可觀的收入。

We've also completed qualification on over 150 platforms at 60 chipset partners during the last year.

去年，我們還在 60 個芯片組合作夥伴的 150 多個平台上完成了認證。

These qualifications spanned all segments, with particular strength in consumer networking, ensuring that Micron-embedded memory solutions were supported and pre-validated with chipset solutions to enable our customers fastest time to market.

這些資格涵蓋所有領域，尤其是在消費者網絡領域，確保美光嵌入式內存解決方案得到支持和芯片組解決方案的預驗證，從而使我們的客戶能夠以最快的速度上市。

We're leading the NOR industry from a manufacturing and technology perspective with 40- and 5-nanometer now ramping in mass volume on 200 millimeter, and then the recent introduction of 45-nanometer, 300-millimeter NOR in our Virginia fab.

從製造和技術的角度來看，我們在 NOR 行業處於領先地位，現在 40 和 5 納米的量產在 200 毫米上，然後最近在我們的弗吉尼亞工廠中引入了 45 納米、300 毫米的 NOR。

Moving into 2013, we'll continue to focus on growing our share in key embedded segments, leveraging our product portfolio, technology leadership, and manufacturing scale.

進入 2013 年，我們將繼續專注於增加我們在關鍵嵌入式領域的份額，利用我們的產品組合、技術領先地位和製造規模。

Our operational performance in fiscal 2013 is to continue the deployment of advanced technology, which I described earlier in the business units' discussions, as well as improved cost efficiency in our fabs, optimize our inventory, and enhance supply-chain management.

我們在 2013 財年的運營表現是繼續部署先進技術，我在前面業務部門的討論中已經描述了這一點，並提高了我們工廠的成本效率，優化了我們的庫存，並加強了供應鏈管理。

Our broad product portfolio, expanding the scale, and global manufacturing presence requires a greater focus on supply-chain management.

我們廣泛的產品組合、擴大規模和全球製造業務需要更加關注供應鏈管理。

The same goes for inventory management.

庫存管理也是如此。

We're tasking our business units and our sales teams to increase turns and quarterly sales linearity for high-volume products, while also ensuring we have the right levels of strategic inventory for premium-margin specialty products.

我們正在責成我們的業務部門和我們的銷售團隊增加大批量產品的周轉率和季度銷售線性度，同時確保我們為高利潤率的特種產品擁有適當水平的戰略庫存。

While we have experienced [volatile] market conditions over the last 12 months, we are optimistic that we can see an improved memory market looking out over the next 12 months.

雖然我們在過去 12 個月經歷了 [不穩定的] 市場狀況，但我們樂觀地認為，我們可以看到未來 12 個月內存市場的改善。

While DRAM prices have indeed weakened, we have seen a nice recovery in net ASPs and our overall NAND demand, while we're benefiting from slower industry supply.

雖然 DRAM 價格確實已經走弱，但我們看到淨 ASP 和我們的整體 NAND 需求出現了良好的複蘇，同時我們受益於行業供應放緩。

Our NOR margins improved in Q4, and this business continues to generate substantial free cash flow.

我們的 NOR 利潤率在第四季度有所改善，該業務繼續產生大量自由現金流。

We remain focused on optimizing our product portfolio, as well as leveraging our technology leadership and manufacturing efficiency to enhance our financial performance in 2013.

我們仍然專注於優化我們的產品組合，並利用我們的技術領先地位和製造效率來提高我們 2013 年的財務業績。

Now I'll turn the call back over to Kipp.

現在我將把電話轉回給 Kipp。

Thank you, Mark.

謝謝你，馬克。

We would now like to take questions from callers.

我們現在想回答來電者的問題。

(Operator Instructions).

（操作員說明）。

(Operator Instructions).

（操作員說明）。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

Good afternoon and thanks for taking my question.

下午好，感謝您提出我的問題。

I guess, first of all, on the NAND side, I think you referred to some industry bit growth estimates for 2013 in the low 50% range.

我想，首先，在 NAND 方面，我認為您提到了 2013 年的一些行業位增長估計，在 50% 的低範圍內。

I was wondering, based on what you see today, do you think we're going to end up for the industry on the high- or low-end side of that?

我想知道，根據你今天看到的情況，你認為我們最終會在高端還是低端進入這個行業？

And where do you expect Micron to come in in terms of that industry bit growth, higher or lower?

就該行業的位增長而言，您預計美光將進入何處，更高或更低？

I think the answer to your question is probably both on the low end, both the industry and Micron.

我認為你的問題的答案可能是低端的，無論是行業還是美光。

Okay, fair enough.

好吧，夠公平的。

And then, could you maybe talk about, in the wireless solutions group, what are the steps you're going to take to start turning around the profitability in that segment?

然後，您能否談談，在無線解決方案組中，您將採取哪些步驟來開始扭轉該領域的盈利能力？

I think you obviously referred to improving gross margins in the NOR Flash space, but can you talk to maybe some other actions you might look to take, either operationally or in terms of [kelly the pot] portfolio there?

我認為您顯然提到了提高 NOR 閃存領域的毛利率，但您能否談談您可能希望採取的其他一些行動，無論是在運營上還是就那裡的 [kelly the pot] 投資組合而言？

Sure, I think it's important to note that the business -- our wireless business has evolved from both the acquisition of Numonyx and kind of where this segment was, and we had a pretty high, heavily concentrated business in the feature phone market.

當然，我認為重要的是要注意業務——我們的無線業務已經從收購恆憶以及該細分市場的情況發展而來，我們在功能手機市場擁有相當高、高度集中的業務。

We've been moving our product development efforts, as well as product roadmaps, towards the smartphone piece of the business, and our advancement in terms of low-power DRAM will allow us to get more aligned with the broader demand cycles in the mobile phone market.

我們一直在將我們的產品開發工作和產品路線圖轉向業務的智能手機部分，我們在低功耗 DRAM 方面的進步將使我們能夠與手機更廣泛的需求週期保持一致市場。

So I think from a product perspective, we're well aligned going forward.

所以我認為從產品的角度來看，我們在未來的發展方向是一致的。

We also have been taking a look at our spending across NAND, DRAM, and NOR to make sure we're focused on these future products and making some tough choices on some of the existing or historical legacy products that have not generated profit.

我們還一直在關注我們在 NAND、DRAM 和 NOR 上的支出，以確保我們專注於這些未來的產品，並對一些現有或歷史遺留產品沒有產生利潤做出一些艱難的選擇。

So between the expenditure side and some product alignment, and, of course, our new leadership, we feel pretty good about the business going forward.

因此，在支出方面和一些產品調整之間，當然還有我們的新領導層，我們對未來的業務感覺很好。

That's great.

那太棒了。

And last question for me would be I think you gave a number in terms of the SSD sales for fiscal 2012.

最後一個問題是，我認為您給出了 2012 財年 SSD 銷售額的數字。

Do you care to make any kind of guess about what that number could be like on a year-over-year basis for 2013?

您是否願意對 2013 年的同比數字做出任何猜測？

You know us, James.

你認識我們，詹姆斯。

We try not to predict anything like that or forecast it.

我們盡量不預測或預測這樣的事情。

But nice try.

但不錯的嘗試。

Fair enough.

很公平。

Thanks so much.

非常感謝。

C.J. Muse, Barclays Capital.

C.J. Muse，巴克萊資本。

Yes, good afternoon.

是的，下午好。

Thank you for taking my question.

謝謝你接受我的問題。

I guess first one on the DRAM side.

我猜是 DRAM 方面的第一個。

Can you talk about what you're seeing there in terms of utilization rates, particularly from the Tier 2 guys?

您能否談談您在利用率方面看到的情況，尤其是來自第 2 層人員的情況？

Are you starting to see them ratchet back or are they still lingering?

你是開始看到他們退縮了還是他們還在揮之不去？

You know, really, we just read the same stuff in the press that you guys do, and it's hard for us to comment beyond that sort of speculation.

你知道，真的，我們只是在媒體上讀到了和你們一樣的東西，除了那種猜測之外，我們很難發表評論。

Okay.

好的。

I guess thinking a little bit longer term, can you share with us what the mix was -- you know, PC, server, mobility, et cetera -- in August, and where you think that could move to 12 months from now, and how we should think about the implications to gross margins for that business?

我想從長遠來看，您能否與我們分享一下 8 月份的組合是什麼——你知道，PC、服務器、移動性等等，以及你認為從現在開始到 12 個月的地方，以及我們應該如何考慮對該業務的毛利率的影響？

Sure.

當然。

On a revenue basis, we were exposed to the personal systems by about 15%, and this is of total revenues.

在收入的基礎上，我們接觸個人系統的比例約為 15%，這是總收入的一部分。

Had a pretty strong server business, low double digits; networking and storage, mid-teens; mobile, low double digits; and then, AIM was around 10%.

擁有相當強勁的服務器業務，低兩位數；網絡和存儲，青少年；移動，低兩位數；然後，AIM 約為 10%。

Do you care to talk about where you see that going 12 months from now?

你願意談談你認為 12 個月後的發展方向嗎？

Can I just say, I'm going to repeat my answer from the last question.

我可以說，我將重複上一個問題的答案。

It's really hard, especially when we're talking about revenues.

這真的很難，尤其是當我們談論收入時。

You have to also predict not only your growth rate in bits, but also what the ASPs are going to be doing, and that's just a pretty difficult order.

你不僅要預測你的增長率，還要預測 ASP 將要做什麼，這是一個相當困難的命令。

Sure, very fair.

當然，非常公平。

And then, last question for me, on the NAND side, can you walk through the road map there on 20-nanometer, when we should start to see -- you talked about, I guess, mid to high costs down each quarter.

然後，對我來說，最後一個問題，在 NAND 方面，你能否通過 20 納米的路線圖，我們應該開始看到 - 我猜你談到了每個季度中高成本的下降。

Will that commence in calendar Q1, Q2?

這會在日曆 Q1、Q2 開始嗎？

How should we think about that?

我們應該怎麼想？

Go ahead, Mark.

來吧，馬克。

I think the answer is we're really focused on hitting more of a production crossover towards the end of the first half of 2013.

我認為答案是我們真正專注於在 2013 年上半年末實現更多的跨界產品。

So then you'll see some of that cost flow through to our NAND COGS.

因此，您會看到其中一些成本流向了我們的 NAND COGS。

So today, we're shipping the product, but we expect to continue to increase volumes that allow us to realize cost savings.

所以今天，我們正在運送產品，但我們希望繼續增加產量，以實現成本節約。

If I can add, I can just refer you as well to your guidance sheet.

如果我可以補充，我也可以將您推薦給您的指導表。

You can see there for Q1 2013, we're suggesting down a few percent in NAND and then a more aggressive cost down in the next few quarters after that.

您可以在 2013 年第一季度看到那裡，我們建議 NAND 下降幾個百分點，然後在接下來的幾個季度更積極地降低成本。

Okay, thank you very much.

好的，非常感謝。

Daniel Amir, Lazard Capital Markets.

丹尼爾·阿米爾，拉扎德資本市場。

Thanks a lot.

非常感謝。

Thank you for taking my question.

謝謝你接受我的問題。

Can you a bit expand how you see the PC market playing out in the next year, given Windows 8, ultrabooks, some of the changes that you've done also to the DRAM franchise?

考慮到 Windows 8、超極本以及你對 DRAM 特許經營所做的一些改變，你能否稍微擴展一下你對明年 PC 市場的看法？

And then, I have one follow-up.

然後，我有一個後續行動。

Thanks.

謝謝。

Well, I think we commented earlier that currently we're in a soft PC DRAM market conditions, and we do have some belief that between Windows 8 and further enhanced delivery of ultrathin products from across the OEM base can infuse some higher demand signals.

好吧，我想我們之前評論過，目前我們處於軟 PC DRAM 市場條件下，我們確實相信在 Windows 8 和來自 OEM 基礎的超薄產品的進一步增強交付之間可以注入一些更高的需求信號。

It's hard to call.

很難打電話。

It doesn't seem like it's going to be in the real short term, but we think over the fiscal year we see some imbalance there in terms of the markets, some recovery in the PC space.

它似乎不會在真正的短期內發生，但我們認為在本財年，我們看到市場存在一些不平衡，個人電腦領域出現了一些復甦。

But it's really around those two demand drivers, offset, obviously, by smartphone and tablet growth and how that impacts the overall long-term piece of the business.

但它確實圍繞著這兩個需求驅動因素，顯然被智能手機和平板電腦的增長以及這如何影響整個業務的長期部分所抵消。

Okay.

好的。

And then, in terms of how should we look at the best guess a bit on cost-downs in the DRAM space here in the next year?

然後，我們應該如何看待明年 DRAM 領域成本下降的最佳猜測？

I don't know how much you want to comment on potential Elpida, but maybe without Elpida?

我不知道您想對潛在的爾必達發表多少評論，但也許沒有爾必達？

We're looking around 30% to 40% on DRAM.

我們正在尋找大約 30% 到 40% 的 DRAM。

Okay, great.

好，太棒了。

Thanks a lot.

非常感謝。

Stephen Chin, UBS.

瑞銀的斯蒂芬·欽。

Hi, thanks for taking my questions.

您好，感謝您提出我的問題。

The first one I had relates to your mobile DRAM product.

我的第一個與您的移動 DRAM 產品有關。

I know it's still a relatively modest business for you currently, but was wondering, from your perspective what's the current average content for mobile DRAM in the smartphones that you guys have exposure to?

我知道目前對你們來說這仍然是一項相對溫和的業務，但想知道，從你們的角度來看，你們接觸過的智能手機中移動 DRAM 的當前平均內容是多少？

And also, is your ability to produce more mobile DRAM, is that going to be the, do you think, the limiter to how quickly you guys can grow your MCP business?

此外，你們生產更多移動 DRAM 的能力是否會限制你們發展 MCP 業務的速度？

Sure, I can start with the first part of that, the raw data, then maybe Mark can jump in with some of his thoughts around how the market is headed.

當然，我可以從第一部分開始，即原始數據，然後也許馬克可以談談他對市場走向的一些想法。

But today, on average of all handsets, you're looking at about 315 megabytes per phone, average handset, and about 3.5 gigabytes of NAND.

但是今天，在所有手機中，平均每部手機大約有 315 兆字節，平均每部手機和大約 3.5 千兆字節的 NAND。

In the smartphone segment itself, you're currently looking at smartphones at about the tall 600, low 700 megabytes per handset and more in the low 30s gigabytes in NAND in the smartphone segment.

在智能手機領域本身，您目前看到的智能手機大約是 600 高，每部手機低 700 兆字節，智能手機領域的 NAND 低 30 兆字節。

The average megabytes per handset next year by third-party analysts are expected to grow again over 100% and NAND up around 50%.

第三方分析師預計明年每部手機的平均兆字節數將再次增長超過 100%，NAND 將增長約 50%。

Okay, perfect.

好的，完美。

And just looking at your solid-state drive business, it's obviously that you have a number of different products that are helping to expand the portfolio, both on the client side and the enterprise side.

僅看看您的固態驅動器業務，很明顯您有許多不同的產品正在幫助擴展產品組合，無論是在客戶端還是在企業端。

Care to take any guesses as to what kind of margin profile the overall business will look like in a year's time, just given the different enterprise pieces, whether it's PCIe or the [nash] drives?

考慮到不同的企業部分，無論是 PCIe 還是 [nash] 驅動器，您是否願意猜測一年後整體業務的利潤率情況？

You guys are really making it easy for me to answer.

你們真的讓我很容易回答。

I just keep saying sorry, too hard to predict.

我只是一直說對不起，太難預測了。

Okay, thanks.

好的謝謝。

And I guess one last question, just in terms of capital equipment reuse, can you remind us, given the latest generation of NAND lithography equipment that you have, what would be the smallest node that it can be reused on for DRAM?

我想最後一個問題，就資本設備的再利用而言，您能否提醒我們，鑑於您擁有的最新一代 NAND 光刻設備，可以將其用於 DRAM 的最小節點是什麼？

Thanks.

謝謝。

This is Mark.

這是馬克。

You know, there's really a lot of fungibility, and we have really state-of-the-art lithography equipment in all of our manufacturing fabs.

你知道，確實有很多可替代性，我們所有的製造工廠都擁有最先進的光刻設備。

Depending on the manufacturing technology we use, that equipment is generally fungible down to 15 nanometers on either technology.

根據我們使用的製造技術，該設備在任何一種技術上通常都可替代至 15 納米。

Okay, great.

好，太棒了。

Thanks.

謝謝。

David Wong, Wells Fargo.

大衛王，富國銀行。

Thank you very much.

非常感謝。

In terms of your technology, you were talking about NAND transitions down to 20 nanometers.

就您的技術而言，您說的是 NAND 過渡到 20 納米。

What's your visibility at the moment for future line width transitions and when do you expect you'll have to have EUV to keep progressing?

您目前對未來線寬過渡的了解程度如何？您預計什麼時候必須擁有 EUV 才能繼續進步？

Well, you know, we -- as I just mentioned, David, we can take the existing immersion high NA capacity on down to the 15-nanometer range.

嗯，你知道，我們——正如我剛才提到的，大衛，我們可以將現有的沉浸式高 NA 容量降低到 15 納米範圍。

Obviously, we'd love to have a low-cost EUV solution available.

顯然，我們希望有一個可用的低成本 EUV 解決方案。

If the manufacturing costs were there today, we'd use it today.

如果今天有製造成本，我們今天就會使用它。

But we can continue to migrate our technology without it, and we'll just continue to monitor that and we'll be adopters as soon as we see the return.

但是我們可以在沒有它的情況下繼續遷移我們的技術，我們將繼續監控它，一旦我們看到回報，我們就會成為採用者。

Right, and on Elpida, if I understand correctly, in addition to the regulatory agreements, you still need a final decision from the court for the deal to progress under the negotiated terms.

是的，在爾必達，如果我理解正確的話，除了監管協議之外，你仍然需要法院做出最終決定，才能根據協商的條款進行交易。

Is that correct?

那是對的嗎？

And if so, is there a deadline for when the court will make that determination?

如果是這樣，法院何時做出決定是否有最後期限？

You know, we still see this deal closing in the first half of 2013 and we see that the -- from our perspective, the bottleneck in that process is likely to be the regulatory approval.

你知道，我們仍然看到這筆交易在 2013 年上半年完成，而且我們認為 - 從我們的角度來看，該過程的瓶頸可能是監管部門的批准。

The court process will run its course, and we think that the regulatory approval will overlap or extend beyond the end of that process.

法院程序將繼續進行，我們認為監管批准將重疊或超出該程序的結束。

Great.

偉大的。

Thanks very much.

非常感謝。

Ryan Goodman, CLSA.

瑞安古德曼，里昂證券。

Hi, thanks taking my question.

嗨，謝謝回答我的問題。

I have a question on the DRAM side of things.

我有一個關於 DRAM 方面的問題。

In the past, you've talked about specialty DRAM prices as trailing the commodity trends with lower highs and then higher lows, so sort of a smoother trend over time.

過去，您曾談到特種 DRAM 價格跟隨商品趨勢，高點較低，然後低點較高，因此隨著時間的推移，趨勢趨於平穩。

But then, if we look back over the past year, there really wasn't that boost early in the year in prices when commodity was doing well.

但是，如果我們回顧過去的一年，當大宗商品表現良好時，價格確實沒有在今年年初提振。

Last quarter, it sounds like you kind of tracked in line with flattish trends, and then looking ahead, you're talking about down in the high teens.

上個季度，聽起來你有點追隨平緩的趨勢，然後展望未來，你說的是青少年時期的低谷。

So, I guess, how should we think about this business going forward relative -- how it will trend relative to the commodity trends?

所以，我想，我們應該如何看待這項業務的相對發展——相對於商品趨勢，它將如何發展？

Go ahead, Mark.

來吧，馬克。

Well, I think that certainly there are certain segments that are experiencing significant growth, but there's also new dynamics going on in the market segment, and I'm thinking specifically about server where we've seen tremendous application growth, but also on the low end of that segment, some level of commoditization with generic platforms and non-branded solutions where, when you look at the likes of a Google now being one of the largest server manufacturers in the world.

嗯，我認為肯定有某些細分市場正在經歷顯著增長，但市場領域也出現了新的動態，我特別考慮的是服務器，我們已經看到了巨大的應用程序增長，但也處於低位在該細分市場的最後，通用平台和非品牌解決方案的某種程度的商品化，當你看到像谷歌這樣的公司現在是世界上最大的服務器製造商之一。

So I think we're seeing peaks of -- parts of that segment under some price pressure due to the commoditization of it, but overall we remain very bullish about the server business, and I think it will continue to behave as such.

因此，我認為由於商品化，我們看到該細分市場的某些部分處於價格壓力的頂峰，但總體而言，我們仍然非常看好服務器業務，我認為它將繼續如此。

I think the other side of the equation is that there wasn't really a big rebound as you might've suggested in the first half of the year.

我認為等式的另一面是，並沒有像你在上半年所暗示的那樣真正出現大幅反彈。

We didn't see that.

我們沒有看到。

It might have slowed, but still DRAM didn't really have a recovery in such that it's just been a longer prolonged pricing environment that the specialty business has lagged and now kind of in line with where it normally is.

它可能已經放緩，但 DRAM 仍然沒有真正復甦，這只是專業業務滯後的長期定價環境，現在與正常情況保持一致。

Okay, and then just a question on the NAND side of things.

好的，然後只是關於 NAND 方面的問題。

We've seen kind of a reshuffling in the competitive landscape, at least on the custom embedded side of things where some of the larger buyers out there have shifted their supplier base.

我們已經看到了競爭格局的重新洗牌，至少在定制嵌入式方面，一些較大的買家已經轉移了他們的供應商基礎。

Just curious what you guys are seeing in terms of how that's impacted the opportunities you have.

只是好奇你們所看到的這對你所擁有的機會有何影響。

Has this opened up anything or are you seeing increased competition on fronts where you haven't in the past?

這是否開闢了任何東西，或者您是否看到過去沒有的領域競爭加劇？

Really, Ryan, we haven't seen much of a change.

真的，瑞恩，我們沒有看到太大的變化。

The opportunities to increase our market share are available to us from various customers, and as we -- as Mark noted, we're excited to get our hands on additional trade NAND bits that we can go service these guys in a higher manner.

我們可以從各種客戶那裡獲得增加我們市場份額的機會，正如我們所指出的那樣，我們很高興能夠獲得額外的貿易 NAND 位，我們可以以更高的方式為這些人提供服務。

Okay, thank you.

好的謝謝你。

Doug Freedman, RBC Capital Markets.

道格弗里德曼，加拿大皇家銀行資本市場。

Great, thanks for taking my question, guys.

太好了，謝謝你提出我的問題，伙計們。

Mark, you made mention that you guys have the fungibility on the equipment front to go to lower nodes.

馬克，你提到你們在設備方面可以替代較低的節點。

How about transitioning from DRAM to NAND, and when I look at what's happening in the marketplace, it sounds like the NAND market clearly is in better shape than the DRAM market, but yet your output is increasing fastest on the DRAM side.

從 DRAM 過渡到 NAND 怎麼樣？當我查看市場上正在發生的事情時，聽起來 NAND 市場顯然比 DRAM 市場狀況更好，但你的產量在 DRAM 方面增長最快。

How do we reconcile that?

我們如何調和呢？

Well, Doug, I think that's -- that flexibility is definitely there, and that's certainly something we have the ability to do as we migrate to future nodes.

好吧，Doug，我認為那是 - 靈活性肯定存在，這肯定是我們在遷移到未來節點時有能力做的事情。

The opportunity to take DRAM capacity and move it to NAND is there.

將 DRAM 容量轉移到 NAND 的機會就在那裡。

It's cost effective and efficient.

它具有成本效益和效率。

It's not something you want to do with high frequency, but it is something you can do if you plan a road maps and technology node transitions to efficiently take DRAM capacity and migrate it to NAND.

這不是您想用高頻做的事情，但如果您計劃路線圖和技術節點轉換以有效地利用 DRAM 容量並將其遷移到 NAND，那麼您可以做到這一點。

And for that matter, it's the opposite of your thesis, but you can do it the other way around as well.

就此而言，這與你的論文相反，但你也可以反過來做。

I guess my question is really looking at next quarter, you're getting production up in DRAM faster in bit terms than your NAND side, and I'm trying to understand why you wouldn't have inverted that this quarter, given the condition in the marketplace?

我想我的問題真的是看下個季度，你在位方面比你的 NAND 方面更快地在 DRAM 中生產，我試圖理解為什麼你不會在這個季度倒轉，考慮到條件市場？

The simple answer, Doug, is just the timing of the strikes.

道格，簡單的答案只是罷工的時機。

We've got a real nice, deep ramp here on 30-nanometer DRAM in Q1, and our real steep ramp in NAND bits going to 20-nanometer really happen in Q2 and Q3.

我們在第一季度的 30 納米 DRAM 上有一個非常好的、深度的斜坡，我們真正的 NAND 位到 20 納米的陡峭斜坡確實發生在第二季度和第三季度。

I guess as sort of a follow-up, how should we think about the status of your inventory and whether you -- you know, inventory did come down a little bit this quarter.

我想作為一種後續行動，我們應該如何考慮您的庫存狀況以及您是否 - 您知道，本季度庫存確實有所下降。

Is that the right level of inventory?

這是正確的庫存水平嗎？

And how should we think about your ability to model inventory for the next year, so to speak?

可以這麼說，我們應該如何考慮您為明年的庫存建模的能力？

Is there an opportunity to run your factories a little leaner so that there's higher turns?

有沒有機會讓你的工廠經營得更精簡一點，從而提高周轉率？

How should we think about that?

我們應該怎麼想？

Doug, as I commented on in my opening discussion, we will continue to look at inventory.

道格，正如我在開場討論中所評論的那樣，我們將繼續關注庫存。

Over the last couple of quarters, I think the team's done a pretty good job on that front.

在過去的幾個季度裡，我認為球隊在這方面做得很好。

And then, we also -- as we take a look at some of these more system-level solutions, enterprise SSD, for example, when we take capacity from just selling raw components to building solutions-oriented products, it might limit some of the future reduction potential, but we will continue to look at it and we feel pretty confident we're putting the right controls in place to make sure inventory stays the appropriate level for the business.

然後，當我們研究其中一些系統級解決方案時，例如企業級 SSD，當我們將容量從僅銷售原始組件轉移到構建面向解決方案的產品時，它可能會限制一些未來的減少潛力，但我們將繼續關注它，我們非常有信心我們正在實施正確的控制，以確保庫存保持在適合業務的水平。

And my last question for you, can you guys give us an update on new technologies?

最後一個問題，你們能給我們介紹一下新技術嗎？

I mean, we talked at the last analyst day about a whole laundry list of potential candidates for the next-generation technology.

我的意思是，我們在最後一個分析師日討論了下一代技術的潛在候選者的完整清單。

Where do we stand on that?

我們對此持何立場？

And any timeframe?

和任何時間表？

Well, you know, we continue to make good progress on a number of different technologies targeted at really slightly different applications.

嗯，你知道，我們繼續在許多不同的技術上取得良好的進展，這些技術針對的是略有不同的應用程序。

Obviously, we're in volume manufacture now on phase change, so I don't know if you'd count that as an emerging memory anymore because we really don't.

顯然，我們現在正在批量生產相變，所以我不知道你是否會將其視為新興存儲器，因為我們真的沒有。

We count it as here today and going into volume applications in 2013.

我們把它算作今天，並在 2013 年進入批量應用程序。

But beyond that, some of the ReRAM technologies and other more advanced next-generation memories, we're making good progress on them.

但除此之外，一些 ReRAM 技術和其他更先進的下一代存儲器，我們在它們方面取得了良好的進展。

I don't see any of them having significant impact in 2013, or really in 2014, with the possible exception of some volume on the vertical NAND technologies, if you include those in that bucket.

我認為它們中的任何一個在 2013 年或 2014 年都不會產生重大影響，除了垂直 NAND 技術的一些數量可能例外，如果你將這些技術包括在那個桶中的話。

Great, thanks for answering my questions.

太好了，謝謝你回答我的問題。

Alex Gauna, JMP Securities.

亞歷克斯·高納，JMP 證券。

Thanks very much for taking my questions.

非常感謝您提出我的問題。

If I heard you right, you talked about both mobile DRAM and NAND being down in the mobile category.

如果我沒聽錯的話，您談到移動 DRAM 和 NAND 在移動類別中都處於劣勢。

And I was wondering, is that a phenomenon of your customers working down inventory during what should otherwise be seasonal strength?

我想知道，這是不是您的客戶在本應是季節性強的情況下減少庫存的現象？

Is it ASPs, or is it simply your customer mix and maybe not having the best share positioning as we go into the holiday season?

是平均銷售價格，還是僅僅是您的客戶組合，在我們進入假日季節時可能沒有最好的份額定位？

You know, openly, I think it's really the latter area.

你知道，公開地，我認為這確實是後一個領域。

We are working ourselves through some customer concentration and customer mix issues that don't really reflect the longer-term potential as we transition.

我們正在努力解決一些客戶集中度和客戶組合問題，這些問題並不能真正反映我們過渡時的長期潛力。

But that's what's causing some of the impact to the financials.

但這就是對財務造成一些影響的原因。

How long would it take you to maybe realign that customer concentration?

您可能需要多長時間才能重新調整客戶集中度？

How can you -- what kind of window should we look forward to?

你怎麼能——我們應該期待什麼樣的窗口？

I would just say this, without trying to predict too much in the future.

我只想這麼說，並不想過多地預測未來。

Alex, I think that we've been working on this for some time.

亞歷克斯，我認為我們已經為此努力了一段時間。

And remember, some of the product technology that we have that goes to that space, the value of commodity line in the wireless space we can also use in other segments, namely embedded.

請記住，我們擁有的一些產品技術進入了那個領域，無線空間中商品線的價值我們也可以在其他領域使用，即嵌入式。

So as we're focusing our customer engagement and development efforts on some of the better pieces of the wireless business, we're able to use some of that capacity and drive ESG, for example, to their highest quarter since they've been formed as a BU.

因此，當我們將客戶參與和開發工作集中在無線業務的一些更好的部分時，我們能夠利用其中的一些能力並將 ESG 推至自成立以來的最高季度作為一個BU。

So, I don't want to predict the future.

所以，我不想預測未來。

I would just say that this is a known process that we're going through in the Company.

我只想說，這是我們公司正在經歷的一個已知流程。

Obviously, it hasn't yet hit the financials, but we're pretty encouraged by things like low-power DRAM on our 30-nanometer node and the uptick that we can see from wireless, in addition to our longer-term prospects of a combined Micron and Elpida wireless business.

顯然，它尚未觸及財務狀況，但我們對我們的 30 納米節點上的低功耗 DRAM 以及我們可以從無線技術中看到的增長以及我們的長期前景感到非常鼓舞。合併了美光和爾必達的無線業務。

Okay.

好的。

And then, if I could ask, SSD seems to be performing pretty well, but the DRAM, as it pertains to the PC industry, is struggling.

然後，如果我可以問的話，SSD 似乎表現不錯，但與 PC 行業相關的 DRAM 卻在苦苦掙扎。

How can you reconcile that?

你怎麼能調和呢？

Is the SSD business experiencing some of the similar weakness in DRAM or has your share gain been so great that it masks this?

SSD 業務是否在 DRAM 中遇到了類似的弱點，或者您的份額增長如此之大以至於掩蓋了這一點？

I think when you look at SSDs, the client SSD business is coming from the sort of lower penetration rate that the business uptick and the more pricing adds and the value consumers are putting on it, it continues to improve, and the core DRAM growth obviously doesn't -- isn't aligned with the same traffic, so it's coming from a much larger share of the platform.

我認為，當您查看 SSD 時，客戶端 SSD 業務來自業務上升的較低滲透率，以及更多的定價和消費者對其投入的價值，它繼續改善，核心 DRAM 增長明顯不 - 與相同的流量不一致，因此它來自平台的更大份額。

Okay, one more, if I could.

好吧，如果可以的話，再來一個。

You mentioned Windows 8 being a catalyst, eventually.

您提到 Windows 8 最終成為催化劑。

It sounds like you're not yet seeing much of a boost.

聽起來你還沒有看到很大的提升。

Can you talk about your expectations around the build cycle there and maybe about average density as it pertains to now that we have Windows RT and we have Windows x86?

您能否談談您對那裡的構建週期的期望，以及現在我們擁有 Windows RT 和 Windows x86 的平均密度？

We believe that the builds have largely taken place, and as Mark mentioned in his commentary, PC OEMs are being extremely conservative.

我們相信構建已經基本完成，正如 Mark 在評論中提到的，PC OEM 非常保守。

They don't want to have a high risk of inventory obsolescence.

他們不希望有庫存過時的高風險。

And in terms of -- the second part of your question, remind me again?

就你問題的第二部分而言，再次提醒我？

I guess I was wondering about what this does to average density, especially now that we've got to deal with the factor of the Windows RT versions out there?

我想我想知道這對平均密度有什麼影響，尤其是現在我們必須處理 Windows RT 版本的因素？

Yes, let me answer it maybe two ways.

是的，讓我以兩種方式回答。

If you go onto a lot of the online website sales organizations for the various large OEMs, you're seeing a fairly large concentration now at 6 and 8 gigabytes.

如果您訪問許多大型 OEM 的在線網站銷售組織，您會看到現在相當大的集中度為 6 和 8 GB。

That being said, when you look at the third-party data, they're only suggesting about a 20% to 25% bit growth in the PC area for next year.

話雖如此，當您查看第三方數據時，他們只是暗示明年 PC 領域的比特增長率約為 20% 到 25%。

Okay.

好的。

All right, thanks very much.

好的，非常感謝。

[Dean Grumlose], Stifel Nicolaus.

[Dean Grumlose]，Stifel Nicolaus。

Hello, this is Dean Grumlose calling in for Kevin Cassidy.

你好，我是迪恩·格魯姆洛斯打電話給凱文·卡西迪。

Thank you very much for taking my call.

非常感謝您接聽我的電話。

I have a question and a follow-up.

我有一個問題和後續行動。

As we head into the next fiscal year, can you comment on your expected change in the NAND Flash wafer output?

在我們進入下一財年之際，您能否評論一下您對 NAND 閃存晶圓產量的預期變化？

We don't expect a large change in the number of wafers currently.

我們預計目前晶圓數量不會有很大變化。

Okay, thank you.

好的謝謝你。

And as a follow-up, do you have a projection on how your mix of SLC versus MLC and TLC may change, heading into next quarter?

作為後續行動，您是否預測下個季度您的 SLC 與 MLC 和 TLC 的組合可能會發生怎樣的變化？

It won't change all that much from where we are today.

與我們今天的情況相比，它不會發生太大變化。

We're running basically high 70% MLC and the balance is split pretty evenly between SLC and TLC.

我們基本上運行 70% 的高 MLC，餘額在 SLC 和 TLC 之間平均分配。

Jagadish Iyer, Piper Jaffray.

賈加迪什·艾耶，派珀·杰弗瑞。

Jagadish Iyer, your line is open.

Jagadish Iyer，您的線路已開通。

Can you hear me?

你能聽到我嗎？

Yes, can you hear me?

是的，你能聽到我的聲音嗎？

We can hear you now, sir.

先生，我們現在可以聽到您的聲音了。

Please go ahead.

請繼續。

Yes, I was just wondering, Mark, can you give us some color in terms of the past quarter in terms of how the sequential ASP trends were between the two SSD segments and how much more value can you add to strengthen the ASPs in that segment?

是的，我只是想知道，馬克，您能否就過去一個季度的情況給我們一些顏色，說明兩個 SSD 細分市場之間的連續 ASP 趨勢如何，以及您可以增加多少價值來加強該細分市場的 ASP ?

And I have a follow-up.

我有一個後續行動。

Sure.

當然。

I think as the track of cost per gigabytes and ASPs have gone throughout our 2012 year, the demand cycle for client SSDs went up significantly, and that's what's showing up in our financials as far as the client SSD performance.

我認為隨著每 GB 成本和 ASP 的跟踪貫穿我們 2012 年，客戶端 SSD 的需求週期顯著上升，這就是我們的財務數據中顯示的客戶端 SSD 性能。

When I look at how much more value is there, I think the value around that is driven by the industry's ability to remain competitive on the ASP front, to drive a good level of demand on the longer-term PC builds.

當我看到還有多少價值時，我認為圍繞它的價值是由行業在 ASP 方面保持競爭力的能力驅動的，以推動對長期 PC 構建的良好需求水平。

And I think that seems to be in a pretty good place today.

我認為今天這似乎是一個相當不錯的地方。

So I think there is -- with increased or newer ability to drive costs out over the next six to 12 months, we would anticipate continued demand growth there.

因此，我認為在未來 6 到 12 個月內，隨著降低成本的能力增加或更新，我們預計那裡的需求將持續增長。

On the enterprise side, there's a lot more ability obviously to differentiate, both in terms of form factor as well as performance and reliability features that we think it's already in place, but will continue to grow as the development, as we talked about earlier, and our controllers and firmware and error correction, those types of things, fit into our product portfolio, which will, again, allow us to drive more differentiation and value.

在企業方面，顯然有更多的差異化能力，無論是在外形尺寸以及性能和可靠性方面，我們認為它已經到位，但正如我們之前談到的那樣，隨著發展將繼續增長，我們的控制器、固件和糾錯，這些類型的東西，適合我們的產品組合，這將再次使我們能夠推動更多的差異化和價值。

Follow-up on this on, can you give us some color on the 2013 CapEx between the DRAM, NAND, and the NOR segments?

對此進行跟進，您能給我們介紹一下 2013 年 DRAM、NAND 和 NOR 細分市場之間的資本支出嗎？

And does it include Elpida at this point of time or should we model something going to be incrementally for Elpida once the acquisition gets closed?

它現在是否包括 Elpida，或者我們是否應該在收購完成後為 Elpida 逐步建立模型？

Yes, so think in terms of NAND and DRAM roughly balanced, and that number that we floated out there, [one six] to [one nine], you know we continue to work on that, and as we really tune our investment for 2013 just on what strictly needed to drive particular product introductions and efficiency in our technology implementation.

是的，所以考慮到 NAND 和 DRAM 大致平衡，以及我們浮動的那個數字，[一六] 到 [一九]，你知道我們會繼續努力，因為我們確實調整了 2013 年的投資只是關於在我們的技術實施中推動特定產品推出和效率的嚴格要求。

You know, Elpida is not included in that number.

你知道，爾必達不包括在這個數字中。

Obviously depending on when we close Elpida, the numbers will change, but I think you should expect that to the extent we are investing in Elpida, we'll be trading those opportunities off against internal opportunities to make sure we're putting the capital where the highest return on investment is.

顯然，取決於我們何時關閉 Elpida，這些數字會發生變化，但我認為您應該期望，就我們對 Elpida 的投資而言，我們將用這些機會與內部機會進行交易，以確保我們將資金投入到投資回報率最高的是。

If I can just add one quick follow-up, can you just characterize how much was the supply cut in the DRAM between the first half of this year and the second half of this year?

如果我可以快速跟進，您能否描述一下今年上半年和下半年之間 DRAM 的供應減少了多少？

Thanks.

謝謝。

You probably need to ask the people that actually made the cuts, to be honest with you.

老實說，您可能需要詢問實際進行削減的人。

Okay, thanks.

好的謝謝。

You bet, and with that, we'd like to thank everyone for participating on the call today.

你打賭，我們要感謝大家今天參加電話會議。

If you would 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 the 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並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 for joining us.

感謝您加入我們。

Thank you.

謝謝你。

This concludes today's Micron Technology fourth-quarter and fiscal year-end 2012 financial release conference call.

今天的美光科技公司 2012 年第四季度和財年末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。