美光科技 (MU) 2013 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是肖恩，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 first-quarter 2013 financial release conference call.

在此，歡迎大家參加美光科技2013年第一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）

Thank you.

謝謝你。

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, and welcome, everyone, to Micron Technology's first-quarter 2013 financial release conference call.

非常感謝大家，歡迎大家參加美光科技 2013 年第一季度財務發布電話會議。

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

今天的電話會議當然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 our website at Micron.com.

此電話會議（包括音頻和幻燈片）也可在我們的網站 Micron.com 上找到。

If you have not had an opportunity to review the first-quarter 2013 financial press release, it is also available, again, on our website at Micron.com.

如果您沒有機會查看 2013 年第一季度財務新聞稿，也可以在我們的網站 Micron.com 上再次查看該新聞稿。

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 the call.

將有通話的音頻重播。

You may access that by dialing 404-537-3406 with the confirmation code of 79770323.

您可以使用確認碼 79770323 撥打 404-537-3406 來訪問它。

This replay will run through Thursday, December 27, 2010 (sic-see press release "2013"), at 5.30 PM Mountain Time.

此重播將持續到 2010 年 12 月 27 日星期四（參見新聞稿“2013”），山區時間下午 5:30。

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

2013 年 12 月之前，公司網站上將提供網絡廣播重播。

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。

(Audio recording) 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.

（錄音）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。

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

現在我將把電話轉給 Mark Durcan 先生。

Mark?

標記？

Thanks, Kipp.

謝謝，基普。

I'd like to start today with an overview of the key developments during the quarter, followed by a few strategic and industry updates.

我想從今天開始概述本季度的主要發展，然後是一些戰略和行業更新。

Then I'll turn it over to Ron for a financial summary.

然後我會把它交給羅恩來做一份財務摘要。

And we'll close with Mark Adams discussing key developments in our business unit and operations, as well as an update on market conditions.

最後，我們將與馬克亞當斯討論我們業務部門和運營的關鍵發展，以及市場狀況的更新。

Our first fiscal quarter was somewhat a tumultuous one, as we dealt with shifting market demand and internal operations disruptions.

我們的第一財季有些動盪，因為我們要應對不斷變化的市場需求和內部運營中斷。

Mark will discuss some of the market shifts in more detail later.

馬克稍後將更詳細地討論一些市場變化。

But at a high level, we continue to see significant growth and opportunity in the products supporting mobile platforms and embedded applications, including, of course, SSDs, and a more muted environment in personal systems.

但在高層次上，我們繼續看到支持移動平台和嵌入式應用程序的產品的顯著增長和機遇，當然包括 SSD，以及個人系統中更加安靜的環境。

Our sales volume for both NAND and DRAM was below our initial forecast for the quarter, as we experienced some manufacturing and supply chain challenges.

由於我們經歷了一些製造和供應鏈挑戰，我們的 NAND 和 DRAM 銷量均低於我們對該季度的最初預測。

We are confident these issues have been addressed and will not negatively impact fiscal Q2.

我們相信這些問題已經得到解決，不會對第二財季產生負面影響。

As you will have noted in the release, revenue for the quarter was down about 7% as a result of a 9% decline in DRAM sales and a 4% decline in NAND.

正如您將在新聞稿中註意到的那樣，由於 DRAM 銷售下降 9% 和 NAND 下降 4%，本季度的收入下降了約 7%。

Despite generally declining ASPs, gross margins were up slightly quarter over quarter, with improvements in NAND and NOR partially offset by reductions in DRAM.

儘管 ASP 普遍下降，但毛利率環比略有上升，NAND 和 NOR 的改善部分被 DRAM 的減少所抵消。

NAND market prices were up early in the period and trended downwards towards the end of the quarter, although recently, prices seem to have stabilized.

NAND 市場價格在此期間早些時候上漲，並在本季度末呈下降趨勢，儘管最近價格似乎已經企穩。

You may recall that our estimated quarter-to-date ASP, including the forecasted mix for the quarter, was down mid-teens as of our last earnings call.

您可能還記得，截至我們上次財報電話會議時，我們估計的本季度迄今為止的平均售價（包括本季度的預測組合）下降了十幾歲。

Prices did stabilize, and in some cases improved later in the quarter.

價格確實穩定下來，並且在某些情況下在本季度後期有所改善。

And this trend has continued into the current quarter.

而這一趨勢一直持續到本季度。

It will continue to be important to contemplate the effects of Micron's specific product mix as it relates to Micron's ASPs as we move through the year.

隨著我們這一年的發展，考慮美光特定產品組合的影響與美光的 ASP 相關，這一點仍然很重要。

During the quarter, we continued our efforts to streamline the business, and focus our team on actions and investments that will either improve our efficiency and cost structure, or our ability to deliver leading-edge, innovative memory solutions.

在本季度，我們繼續努力精簡業務，並將我們的團隊重點放在能夠提高我們的效率和成本結構或我們提供領先、創新內存解決方案的能力的行動和投資上。

To this end, we have discontinued most activity under our solid-state lighting program, and are moving this program toward a technology-licensing model.

為此，我們已經停止了固態照明計劃下的大部分活動，並將該計劃轉向技術許可模式。

We continue to look at ways to streamline all our manufacturing operations, including our 8-inch front-end capacity and our back-end operations, particularly as necessary to accommodate any future front-end capacity.

我們將繼續尋找簡化所有製造運營的方法，包括我們的 8 英寸前端產能和後端運營，特別是在必要時適應任何未來的前端產能。

As we mentioned at our Fall Analyst Day, we remain in discussions with our partners in Taiwan regarding changes to our agreements, including those related to Inotera supply and our joint development relationship.

正如我們在秋季分析師日提到的那樣，我們仍在與台灣的合作夥伴討論我們協議的變更，包括與 Inotera 供應和我們的聯合開發關係有關的協議。

Although there's no assurance when or if a deal will happen, we don't currently believe the outcome will significantly impact our Q2 guidance for bit growth, estimated quarter-to-date ASP, which includes forecasted mix for the quarter, or R&D spending.

儘管無法保證何時或是否會發生交易，但我們目前認為結果不會顯著影響我們對第二季度比特增長的指導、估計的季度至今 ASP，其中包括本季度的預測組合或研發支出。

Until we finalize terms of any changes to our agreements, I am not able to add any further detail to any potential impact any new agreements may have in the future beyond those statements relative to our fiscal Q2.

在我們最終確定協議的任何變更條款之前，除了與我們的第二財季相關的聲明之外，我無法就任何新協議在未來可能產生的任何潛在影響添加任何進一步的細節。

We are making and will continue to make the strategic choices to align our business strategy and operating model to deliver an optimum value and return for our shareholders through efficient manufacturing and value-added memory solutions.

我們正在並將繼續做出戰略選擇，以調整我們的業務戰略和運營模式，通過高效的製造和增值內存解決方案為我們的股東提供最佳價值和回報。

Relative to the Elpida acquisition, the Tokyo District Court has submitted Micron's proposed reorganization plan to the Elpida creditors, and they expect to complete the voting phase by the end of February.

相對於爾必達的收購，東京地方法院已向爾必達債權人提交了美光提出的重組方案，他們預計將在2月底完成投票階段。

In addition, we have entered Phase I review in China, and continue to work towards government approval of all the required countries.

此外，我們已在中國進入第一階段審查，並繼續努力爭取所有所需國家的政府批准。

We expect to close sometime in the first half of 2013.

我們預計將在 2013 年上半年的某個時候關閉。

In terms of the memory market, we are cautious in the short term, but optimistic about the evolving industry supply/demand balance.

在內存市場方面，我們對短期內持謹慎態度，但對不斷變化的行業供需平衡持樂觀態度。

The industry DRAM supply outlook continues to be favorable.

行業 DRAM 供應前景繼續看好。

We don't see any substantial new wafer capacity coming to the market, and the latest process technology transitions are simply going to take longer compared to previous generations.

我們沒有看到任何實質性的新晶圓產能進入市場，與前幾代相比，最新的工藝技術轉型將需要更長的時間。

The other key variable on DRAM supply is industry capacity shifting away from PC to higher growth categories, including mobile and server.

DRAM 供應的另一個關鍵變量是行業產能從 PC 轉移到更高增長的類別，包括移動和服務器。

This shift results in fewer bits produced in aggregate, and should eventually result in a more favorable supply/demand balance in PC DRAM as well.

這種轉變導致總體生產的比特數減少，最終也應導致 PC DRAM 中的供需平衡更加有利。

The outlook is also encouraging on the NAND front.

NAND 方面的前景也令人鼓舞。

We don't see any significant capacity additions to the market in 2013.

我們沒有看到 2013 年市場有任何顯著的產能增加。

And as with DRAM, process technology migrations are getting stretched out, which has the effect of reducing supply growth compared to prior years, while demand growth remains robust from SSDs, smartphones and tablets.

與 DRAM 一樣，工藝技術遷移也越來越長，與往年相比，這會降低供應增長，而 SSD、智能手機和平板電腦的需求增長仍然強勁。

Our technology development and product portfolio is targeting these key segments as we head into 2013.

進入 2013 年，我們的技術開發和產品組合將瞄準這些關鍵領域。

And we are confident about our position in the market.

我們對我們在市場上的地位充滿信心。

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。

While we are rapidly approaching the end of 2012 calendar year, Micron completed the first quarter of fiscal 2013 on November 29.

在我們迅速接近 2012 日曆年年底的同時，美光在 11 月 29 日完成了 2013 財年第一季度的工作。

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

在我們的網站上，我們像往常一樣提供了一個時間表，其中包含第一季度的某些關鍵結果，以及第二季度的某些指導。

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。

The first quarter resulted with a net loss of $275 million or $0.27 per diluted share on net sales of $1.834 billion.

第一季度淨虧損 2.75 億美元，或攤薄後每股 0.27 美元，淨銷售額為 18.34 億美元。

These results compared to the fourth quarter of the previous year of a net loss of $243 million or $0.24 per diluted share on net sales of $1.963 billion.

這些結果與去年第四季度的淨虧損 2.43 億美元或每股攤薄收益 0.24 美元相比，淨銷售額為 19.63 億美元。

Total sales in the first quarter were 7% lower than the previous quarter, driven primarily by declines in DRAM and NAND.

第一季度的總銷售額比上一季度下降了 7%，主要是由於 DRAM 和 NAND 的下降。

You will recall that we entered into a series of currency options to mitigate the exposure to changes in the end-denominated purchase price of Elpida prior to the close of that acquisition.

您會記得，我們在收購結束前簽訂了一系列貨幣期權，以減輕 Elpida 最終計價購買價格變化的風險。

The weaker yen at the end of the first quarter, relative to when we signed the sponsor agreement, would have decreased the US dollar equivalent purchase price if we had closed the transaction at quarter end.

如果我們在季度末完成交易，相對於我們簽署贊助協議時而言，第一季度末日元貶值將會降低等值美元的購買價格。

The weaker yen also reduced the fair value of the options we entered into at the time of signing.

日元貶值也降低了我們在簽署時簽訂的期權的公允價值。

The resulting mark-to-market adjustment of the options resulted in a $62 million loss in the first quarter.

由此產生的期權按市值調整導致第一季度虧損 6200 萬美元。

Approximately $9 million of this loss was the reversal of a gain recognized in the previous quarter as a result of a strengthening yen across that period.

大約 900 萬美元的損失是上一季度由於日元在此期間走強而確認的收益的逆轉。

During the first quarter, with the termination of Transform Solar's operations, the fab facility previously leased to Transform reverted back to Micron.

在第一季度，隨著 Transform Solar 運營的終止，之前租給 Transform 的晶圓廠設施又回到了美光。

A $25 million gain was recognized in other operating income associated with the release from that lease obligation.

在與解除該租賃義務相關的其他營業收入中確認了 2500 萬美元的收益。

The $54 million net interest expense includes $29 million of non-cash interest expense from imputed interest on the bifurcated convertible notes that we have outstanding.

5400 萬美元的淨利息支出包括 2900 萬美元的非現金利息支出，來自我們未償還的分叉可轉換票據的推算利息。

Trade NAND bit sales in the first quarter decreased compared to the prior fourth quarter.

與上一季度相比，第一季度的貿易 NAND 位銷售額有所下降。

As Mark indicated, we experienced some manufacturing challenges in the quarter, which reduced output in Q1.

正如馬克所說，我們在本季度遇到了一些製造挑戰，導致第一季度產量減少。

Trade NAND average selling prices increased approximately 8%, comparing the first quarter to the previous quarter, as we continue to sell more NAND into premium segments with higher ASPs, such as SSD and MCPs.

與上一季度相比，貿易 NAND 的平均售價增加了約 8%，因為我們繼續將更多的 NAND 銷售到具有更高 ASP 的高端細分市場，例如 SSD 和 MCP。

Estimated Trade NAND selling prices are down high-single digits quarter to date, including the forecasted product mix for the quarter.

迄今為止，估計貿易 NAND 銷售價格下降了高個位數，包括本季度的預測產品組合。

Trade NAND cost per bit is expected to be down high-single digits in the second quarter, while Trade NAND bit productions plan to be up low-teens in the second quarter, as our 20-nanometer wafer output doubles compared to Q1.

由於我們的 20 納米晶圓產量與第一季度相比，我們的 20 納米晶圓產量翻了一番，預計第二季度每比特貿易 NAND 成本將下降高個位數，而貿易 NAND 比特產量計劃在第二季度增長低至十幾位數。

DRAM revenue in the first quarter decreased 9% compared to the previous quarter, primarily as a result of an 11% decrease in DRAM average selling prices, stemming primarily from weaker PC segment demand relative to the fourth quarter.

第一季度的 DRAM 收入與上一季度相比下降了 9%，主要是由於 DRAM 平均售價下降 11%，這主要是由於 PC 部門的需求相對於第四季度疲軟。

Quarter-to-date selling prices, including projected mix impact for the quarter, are down double digits compared to the Q1 average.

與第一季度的平均水平相比，本季度迄今為止的銷售價格（包括本季度預計的混合影響）下降了兩位數。

We anticipate the Q2 mix will be somewhat heavier to personal systems.

我們預計第二季度的組合對個人系統來說會更重一些。

DRAM costs per bit declined approximately 5% quarter to quarter, and we are forecasting bit costs for DRAM in the second quarter to be down low-double digits as we continue to transition to our 4-gig DDR3 product set, which comprised approximately one-third of the DRAM bit sales in the first quarter.

DRAM 每比特成本每季度下降約 5%，我們預計第二季度 DRAM 的比特成本將下降兩位數，因為我們繼續過渡到我們的 4-gig DDR3 產品集，其中包括大約 1-第一季度 DRAM 位銷售額的三分之一。

Bit production in the second quarter is expected to be up double digits compared to the first quarter.

與第一季度相比，第二季度的鑽頭產量預計將增長兩位數。

NOR sales were relatively flat in the first quarter compared to the fourth quarter, and remained at approximately 12% of total revenue.

與第四季度相比，NOR 第一季度的銷售額相對持平，保持在總收入的 12% 左右。

NOR revenue in the second quarter is expected to decrease seasonally approximately 10% compared to the first quarter.

與第一季度相比，第二季度的 NOR 收入預計將季節性下降約 10%。

We anticipate NOR cost reductions to offset selling price reductions in the second quarter.

我們預計 NOR 成本的下降將抵消第二季度的售價下降。

SG&A expense in the first quarter was below our guided range as a result of lower cost associated with pending legal matters and lower personnel costs from our variable pay plans.

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，第一季度的 SG&A 費用低於我們的指導範圍。

During the first quarter, certain variable pay plans were suspended, resulting in cost reductions across our global operations.

在第一季度，某些可變薪酬計劃被暫停，導致我們全球業務的成本降低。

We expect SG&A expense in the second quarter to be between $135 million and $145 million.

我們預計第二季度的 SG&A 費用將在 1.35 億美元至 1.45 億美元之間。

R&D expense was $224 million in the first quarter, and is expected to be between $220 million and $230 million in the second quarter.

第一季度的研發費用為 2.24 億美元，預計第二季度將在 2.2 億美元至 2.3 億美元之間。

The Company generated $236 million in cash flow from operating activities in the first quarter.

公司第一季度的經營活動產生了 2.36 億美元的現金流。

The first quarter ended with cash and investments, including non-current investments, of just over $2.8 billion.

第一季度結束時的現金和投資（包括非流動投資）略高於 28 億美元。

Expenditures for property, plant, and equipment in the first quarter were $538 million.

第一季度的物業、廠房和設備支出為 5.38 億美元。

And we still expect total expenditures for the fiscal year to be between $1.6 billion and $1.9 billion, slightly weighted towards the earlier part of the fiscal year.

我們仍然預計本財年的總支出將在 16 億美元至 19 億美元之間，略微偏向本財年的早期部分。

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。

Our NAND Solutions Group revenue declined slightly from the fourth quarter.

我們的 NAND 解決方案集團收入較第四季度略有下降。

The slight improvement in operating margin for NSG was primarily due to reduced costs in the first quarter associated with the ramp of products on our 20-nanometer process, and improved product mix.

NSG 營業利潤率的小幅提高主要是由於第一季度與我們的 20 納米工藝產品量產相關的成本降低，以及產品組合得到改善。

In addition, our Trade NAND pricing was up 8% for the quarter.

此外，本季度我們的 Trade NAND 價格上漲了 8%。

As NAND has historically been somewhat seasonal, we will be watching post-holiday demand signals closely.

由於 NAND 在歷史上有些季節性，我們將密切關注節後的需求信號。

We continue to be pleased with our solid-state drive business, as bit shipments were up about 20% quarter on quarter.

我們繼續對我們的固態硬盤業務感到滿意，因為位出貨量環比增長約 20%。

In Q1, SSDs represented 17% of our Trade NAND business.

在第一季度，SSD 占我們 Trade NAND 業務的 17%。

If you include NAND component sales to SSD providers, about 35% of our Trade NAND bits go into solid-state drives.

如果包括向 SSD 供應商銷售的 NAND 組件，我們的 Trade NAND 位中約有 35% 用於固態驅動器。

Our development of enterprise-class SSDs is progressing well.

我們的企業級 SSD 開發進展順利。

We completed the qualification with a leading enterprise-networking customer of our P400e drive, with volume shipments scheduled in the first quarter of the calendar-year 2013.

我們通過 P400e 驅動器的領先企業網絡客戶完成了資格認證，併計劃在 2013 日曆年的第一季度批量發貨。

We're also nearing qualification of our next-generation enterprise SATA drive with major server and storage OEM customers, and look for shipments in calendar-year 2013 as well.

我們的下一代企業級 SATA 驅動器也即將獲得主要服務器和存儲 OEM 客戶的認證，並且也在尋找 2013 日曆年的出貨量。

Our SLC-based PCIe P320h enterprise high-performance storage drive continues to receive positive reviews from both the press and our top customers.

我們基於 SLC 的 PCIe P320h 企業級高性能存儲驅動器繼續獲得媒體和我們的頂級客戶的積極評價。

On the NAND technology front, we are making steady technical advancements with both our planar and 3-D NAND technologies.

在 NAND 技術方面，我們正在通過平面和 3-D NAND 技術取得穩步的技術進步。

We began sampling our 20-nanometer TLC NAND blast with selected controller companies, and will begin production in calendar Q1.

我們開始與選定的控制器公司對我們的 20 納米 TLC NAND 爆炸進行採樣，並將在日曆第一季度開始生產。

We saw a slowdown in our 20-nanometer ramp related to the manufacturing issues described earlier, but we still expect production crossover in three to six months.

我們看到與前面描述的製造問題相關的 20 納米增長放緩，但我們仍預計在三到六個月內實現生產交叉。

MLC represented about 80% to 85% of our wafer production in Q1, with SLC and TLC essentially splitting the remainder.

MLC 約占我們第一季度晶圓產量的 80% 至 85%，而 SLC 和 TLC 基本上將其餘部分分開。

Sales for our DRAM Solutions Group in the first quarter reflect slight growth in bit sales volumes, eclipsed by declines in selling prices, particularly in the personal systems segment.

我們的 DRAM 解決方案集團在第一季度的銷售額反映了比特銷量的小幅增長，但被售價下降所掩蓋，尤其是在個人系統領域。

Despite the lower revenue in the quarter, our operating income line was roughly flat due to lower R&D costs for product qualifications, as certain products reached production status in the fourth quarter and are now ramping.

儘管本季度收入較低，但由於產品資格的研發成本較低，我們的營業收入線大致持平，因為某些產品在第四季度達到了生產狀態並且現在正在增加。

While we look for demand drivers such as Ultrathin and Light Notebooks, and Windows 8, to stimulate demand in the desktop notebook segment, we continue our focus on specialty markets, such as server, networking, graphics and consumer devices.

在我們尋找超薄和輕型筆記本電腦以及 Windows 8 等需求驅動因素以刺激台式筆記本電腦市場的需求的同時，我們繼續專注於專業市場，例如服務器、網絡、圖形和消費設備。

The networking segment represents about 25% of our DSG revenue.

網絡部分約占我們 DSG 收入的 25%。

We had another strong quarter, and made progress to expand beyond the traditional large OEM businesses to smaller customers and distributors in the sale of our networking portfolio.

我們又迎來了一個強勁的季度，並且在銷售我們的網絡產品組合方面取得了進展，從傳統的大型 OEM 業務擴展到較小的客戶和分銷商。

A growing portion of the market is shifting from DDR2 to DDR3-based systems.

越來越多的市場正在從 DDR2 轉向基於 DDR3 的系統。

And we also continue to see early traction for our RL DRAM 3 and Hybrid Memory Cube.

我們還繼續看到我們的 RL DRAM 3 和混合內存立方體的早期牽引力。

We continue to see very strong demand signals from our server customers.

我們繼續看到來自服務器客戶的非常強烈的需求信號。

2013 server bit growth year on year is forecasted to grow over 40%, and we remain confident we will drive growth in the category.

預計 2013 年服務器位數同比增長將超過 40%，我們仍然有信心推動該類別的增長。

From a product perspective, we added a major new technology to our portfolio, with non-volatile DIMM targeting mission-critical and memory database applications.

從產品的角度來看，我們在我們的產品組合中添加了一項重要的新技術，非易失性 DIMM 針對關鍵任務和內存數據庫應用程序。

Overall, we are positioned well for long-term success in the server segment.

總體而言，我們在服務器領域的長期成功處於有利地位。

On the DRAM operations front, we project to hit bit crossover on 30-nanometer in Q2.

在 DRAM 運營方面，我們預計在第二季度達到 30 納米的位交叉。

We are conscious that, as an industry, there are increasing shrink challenges to ramp 20- and 30-nanometer nodes, as seen as well by our competitors.

我們意識到，作為一個行業，20 納米和 30 納米節點的縮減挑戰越來越大，我們的競爭對手也看到了這一點。

We are currently forecasting Micron's 20-nanometer transition late in calendar-year 2013.

我們目前預測美光在 2013 日曆年後期的 20 納米過渡。

PC OEM DRAM pricing stabilized in the second half of our Q1, and is up high-single to low-double digits so far in December.

PC OEM DRAM 價格在我們第一季度的下半年趨於穩定，並且在 12 月到目前為止從高個位數上升到低兩位數。

While it is too early to signal a sustainable trend in terms of improved pricing, we will monitor the tightening supply situation in the market, as well as the seasonality effect on demand.

雖然現在就定價改善表明可持續趨勢還為時過早，但我們將監測市場供應趨緊的情況，以及季節性對需求的影響。

Channel inventory seemed to have returned to normalized level of three to four weeks, down from where we [entered] the quarter.

渠道庫存似乎已經恢復到三到四個星期的正常水平，低於我們[進入]本季度的水平。

Sales by the Wireless Solutions Group improved seasonality in the first quarter.

無線解決方案集團的銷售在第一季度改善了季節性。

New configurations of NAND DRAM multi-chip packages showed strength in the China mobile market, while new DRAM product introductions began to ramp as well.

NAND DRAM多芯片封裝的新配置在中國移動市場表現出強勢，同時DRAM新產品的推出也開始升溫。

While we continue to be challenged on the bottom line for WSG, we remain bullish about our long-term opportunities in wireless.

雖然我們繼續在 WSG 的底線上受到挑戰，但我們仍然看好我們在無線領域的長期機會。

Mobile DRAM shipments increased significantly, as we are leveraging the ramp of our 30-nanometer base 4-gigabit low-power DDR2 device in both the entry-level and high-end smartphone category.

移動 DRAM 出貨量顯著增加，因為我們在入門級和高端智能手機類別中都利用了我們的 30 納米基礎 4 千兆位低功耗 DDR2 設備。

We also had strong growth in NAND shipments, most noticeably in the low-end smartphone market, which has seen a transition from standalone NAND to eMCP-based solutions, with e-MMC NAND combined with low-power DRAM.

我們的 NAND 出貨量也有強勁增長，尤其是在低端智能手機市場，該市場已經從獨立 NAND 過渡到基於 eMCP 的解決方案，e-MMC NAND 與低功耗 DRAM 相結合。

Wireless NOR shipments grew double digits, and gross margins were up nicely in the quarter as a result of cost improvements.

無線 NOR 的出貨量增長了兩位數，由於成本的改善，本季度的毛利率也有了不錯的增長。

Our broad product portfolio combining DRAM, NAND and NOR puts us in a great position to capture a larger share of the wireless market as we move forward, with the focus on growth in DRAM and NAND in particular.

我們結合 DRAM、NAND 和 NOR 的廣泛產品組合使我們處於有利地位，可以在我們前進的過程中佔領更大的無線市場份額，特別是關注 DRAM 和 NAND 的增長。

The addition of Elpida's mobile DRAM portfolio will only accelerate this effort.

Elpida 的移動 DRAM 產品組合的加入只會加速這一努力。

Our Embedded Solutions Group had a record quarter in terms of gross profit and operating income, driven by the ramp of 45-nanometer parallel NOR, and continued strength in the automotive and industrial segments.

在 45 納米並行 NOR 的增長以及汽車和工業領域的持續實力的推動下，我們的嵌入式解決方案集團在毛利潤和營業收入方面創下了創紀錄的季度。

We delivered the first customer samples of 45-nanometer serial NOR, and began engineering wafers for 300-millimeter embedded NOR products.

我們交付了第一批 45 納米串行 NOR 客戶樣品，並開始為 300 毫米嵌入式 NOR 產品設計晶圓。

One of the particular areas of strength has been the growth of our embedded e-MMC product portfolio.

我們的嵌入式 e-MMC 產品組合的增長是其中一個特別的優勢領域。

We ramped volume production of automotive products, and expanded densities offerings of the industrial lineup.

我們增加了汽車產品的批量生產，並擴大了工業產品線的密度。

We continue to invest in infrastructure and headcount resources to accelerate our embedded growth.

我們繼續投資於基礎設施和人力資源，以加速我們的嵌入式增長。

In the past year, we opened up engineering systems labs in Munich and Shanghai for joint development and validation, continuing our focus on providing customer-centric solutions, in many cases sitting right next to customer design teams.

過去一年，我們在慕尼黑和上海開設了工程系統實驗室以進行聯合開發和驗證，繼續專注於提供以客戶為中心的解決方案，在許多情況下，我們與客戶設計團隊並肩工作。

We have advanced our NOR technology leadership with our 45-nanometer 300-millimeter production, and we'll continue to leverage this position to generate profitable growth.

我們通過 45 納米 300 毫米的生產提高了我們的 NOR 技術領先地位，我們將繼續利用這一優勢來實現盈利增長。

Price in the embedded space remained stable, and we were able to drive our cost leadership position to improving margins.

嵌入式領域的價格保持穩定，我們能夠推動我們的成本領先地位提高利潤率。

While we continued to face adverse conditions during our first quarter, we are making progress on a number of fronts.

雖然我們在第一季度繼續面臨不利條件，但我們在許多方面都取得了進展。

As I mentioned at our Analyst Day conference in October, we are exclusively focused on being the leader in the memory market.

正如我在 10 月份的分析師日會議上所提到的，我們專注於成為內存市場的領導者。

Our cash position remains strong, as we continue to be operating cash flow positive in Q1.

我們的現金狀況仍然強勁，因為我們在第一季度繼續保持正現金流。

Our inventory remains in check, down from $2 billion within the last nine months.

我們的庫存仍在控制中，低於過去九個月的 20 億美元。

And we are focused on improving our cost efficiency.

我們專注於提高成本效率。

Our premium businesses, such as specialty DRAM, SSDs and Embedded Solutions continue to represent growth opportunities for Micron.

我們的優質業務，例如特種 DRAM、SSD 和嵌入式解決方案，繼續為美光提供增長機會。

Our management team continues to work on integration plans as we prepare for the close of our Elpida transaction.

我們的管理團隊在為完成 Elpida 交易做準備時，將繼續制定整合計劃。

We remain optimistic that the reduced capital spending, with no new memory fabs on the horizon, will lead us to better memory supply and demand dynamics.

我們仍然樂觀地認為，減少的資本支出，沒有新的內存工廠出現，將導致我們更好的內存供需動態。

Our customers have been extremely supportive of the acquisition and Micron's overall strategy.

我們的客戶一直非常支持此次收購和美光的整體戰略。

We believe end markets such as mobile, server, networking, enterprise, and embedded will continue to drive strong demand for our products.

我們相信移動、服務器、網絡、企業和嵌入式等終端市場將繼續推動對我們產品的強勁需求。

With that, I will hand it back over to Kipp.

有了這個，我會把它交還給基普。

Thank you, Mark.

謝謝你，馬克。

What we would like to do now is take questions from callers.

我們現在想做的是接受來電者的提問。

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

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

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Kevin Cassidy, Stifel Nicolaus.

凱文·卡西迪，斯蒂菲爾·尼古拉斯。

Hi, yes, thanks for taking my question.

嗨，是的，感謝您提出我的問題。

I wonder if you could go into a little more detail on the manufacturing problem and how comfortable you are that the problem is fixed going into the second quarter?

我想知道您是否可以更詳細地介紹製造問題，以及您對進入第二季度的問題是否得到解決感到滿意？

Yes, Kevin, this is Mark.

是的，凱文，這是馬克。

I don't want to get into too much detail.

我不想談太多細節。

But I think I could characterize it as really nothing out of the ordinary in terms of the root cause.

但我認為，就根本原因而言，我可以將其描述為確實沒有什麼不尋常的地方。

A combination of different events in front-end, back-end manufacturing, some internal, some external.

前端、後端製造中不同事件的組合，有些是內部的，有些是外部的。

I think in concert with some knock-on effects that the disruptions created in our overall supply chain, really just led to an inability to get all the product out.

我認為與我們整個供應鏈中的中斷造成的一些連鎖反應相一致，實際上只是導致無法將所有產品都拿出來。

Relative to are we convinced that the problems are behind us?

相對於我們是否確信問題已經過去了？

Absolutely, relative to those particular issues.

絕對，相對於那些特定的問題。

I'm not here to promise you will never have a manufacturing disruption again.

我不是在這裡保證你永遠不會再有製造中斷。

But I think what we encountered this quarter was really sort of a perfect storm in terms of the timing of the number of different events that cumulatively created the issue.

但我認為，就累積造成問題的不同事件的數量而言，我們本季度遇到的確實是一場完美風暴。

Okay, great.

好，太棒了。

And maybe just to understand, too, you said in the second quarter you're expecting heavier personal systems on the DRAM side.

也許只是為了理解，你在第二季度說你預計 DRAM 方面的個人系統會更重。

Is that normal seasonality?

這是正常的季節性嗎？

It seems like that would normally be a weak quarter.

看起來這通常是一個疲軟的季度。

Or is servers just that much worse?

還是服務器就差那麼多？

Kevin, this is Ron.

凱文，這是羅恩。

The effect here is basically as we were looking at the quarter, we had an opportunity to pick up some additional wafers from Inotera.

這裡的效果基本上就像我們在本季度看到的那樣，我們有機會從 Inotera 獲得一些額外的晶圓。

And our conclusion was that that would marginally improve our gross margin dollars, our gross profit dollars, if you will.

我們的結論是，如果你願意的話，這將略微提高我們的毛利率和毛利潤。

And so we decided to take that increment.

所以我們決定採用這個增量。

And that is incrementing our PC bits, and affected our guidance in terms of what we gave you.

這增加了我們的 PC 位，並影響了我們提供給您的指導。

Okay.

好的。

So it's not the end markets that are shifting at all?

所以，根本不是終端市場在發生變化嗎？

It's just --

只是 -

No.

不。

It was a mix of just the opportunities we saw in front of us and ability to pick up some wafers that added a few more dollars to cash balance.

這是我們在我們面前看到的機會和獲得一些晶圓的能力的混合，這為現金餘額增加了幾美元。

Okay, thank you.

好的謝謝你。

And I'd like to make one announcement, too.

我也想發表一個聲明。

On the guidance sheet, for those of you that are looking at it, you may have an error in the R&D column that lists R&D for the quarter was $1.8 billion.

在指導表上，對於那些正在查看它的人來說，您可能在研發欄目中有一個錯誤，列出該季度的研發為 18 億美元。

The actual number, as Ron was reporting, was $224 million or so.

正如羅恩報告的那樣，實際數字是 2.24 億美元左右。

You will get a corrected version of that sent out within the minutes here, but the corrected R&D number for fiscal Q1 was $224 million.

您將在幾分鐘內收到更正版本，但第一財季更正後的研發數字為 2.24 億美元。

So with that, we'd like to go back to questions.

因此，我們想回到問題上來。

Monika Garg, Pacific Crest.

莫妮卡·加格，太平洋冠。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

First question on the DRAM side.

DRAM 方面的第一個問題。

So Mark Adams talked about PC DRAM pricing stabilizing during the second half, and actually up low-double-digit in December.

所以 Mark Adams 談到 PC DRAM 價格在下半年趨於穩定，實際上在 12 月上漲了兩位數的低位。

But you are guiding DRAM pricing down quarter-to-date, low-double-digits.

但是您正在引導 DRAM 價格從本季度至今的低兩位數下降。

Just trying to reconcile the two.

只是試圖調和兩者。

Basically the effect you are seeing has to do with just the overall mix in where the bits are going.

基本上，您所看到的效果與位的整體組合有關。

So the PC bits, which tend to be on the lower side of our pricing that we attained, they'll be there will be more of those PC bits.

因此，PC 位往往在我們獲得的定價的較低端，它們將會有更多的 PC 位。

And thus the overall mix effect will drag that pricing downward.

因此，整體混合效應將拖累該定價。

Okay, thank you.

好的謝謝你。

And recently we have been seeing in the media that Nanya [laundry] buying PC DRAM chips from Inotera, and we also guided that you are mindful of that capacity.

最近我們在媒體上看到南亞[洗衣店]從Inotera購買PC DRAM芯片，我們也指導您注意這個容量。

So given that Inotera is a JV between Micron and Nanya, could this lead to increased expenses to run Inotera's operations from Micron?

因此，鑑於 Inotera 是 Micron 和 Nanya 之間的合資企業，這是否會導致從 Micron 運營 Inotera 業務的費用增加？

You know, I think we've said all we can say relative to any potential or hypothetical deal we might reach.

你知道，我想我們已經說了所有我們可以說的關於我們可能達成的任何潛在或假設的交易。

We've told you that we are having discussions with our partners.

我們已經告訴過您，我們正在與我們的合作夥伴進行討論。

And we've told you how that has -- what we can, relative to how that impacts our Q2 guidance.

我們已經告訴過你，相對於它如何影響我們的第二季度指導，我們能做到什麼。

And I think the bottom line is that the bits we are currently forecasting are what we believe will happen in Q2.

而且我認為底線是我們目前預測的位是我們認為將在第二季度發生的事情。

And obviously we'll do a deal if we think it makes sense for Micron.

顯然，如果我們認為這對美光有意義，我們就會達成協議。

Just a last one on the NAND side.

NAND 端的最後一個。

Could you talk about NAND bit supply growth for both Micron, and where do you think NAND [beshy] bit supply growth could be for calendar 2013?

您能談談美光的 NAND 位供應增長嗎？您認為 2013 年 NAND [beshy] 位供應增長可能在哪裡？

I could start with the industry part and then we'll let Mark jump in with the Micron part.

我可以從工業部分開始，然後我們讓馬克加入美光部分。

But we're looking at a calendar 2013, based on public information, of probably somewhere between 35% and 45%.

但我們正在查看 2013 年日曆，根據公開信息，可能介於 35% 和 45% 之間。

Betsy Van Hees, Wedbush Securities.

Betsy Van Hees，韋德布什證券公司。

Good afternoon, and thanks for taking my question.

下午好，感謝您提出我的問題。

I was wondering if we could go back to the production issues that you had.

我想知道我們是否可以回到您遇到的生產問題。

So you said you had front-end and back-end, but how were yields with your 20-nanometer?

所以你說你有前端和後端，但是你的 20 納米的產量如何？

There were no issues there?

那裡沒有問題嗎？

Are things still tracking in line with your expectations?

事情是否仍符合您的預期？

Relative to 30-nanometer, generally speaking, we made fantastic progress on yields as we moved through the quarter, and anticipate a continued trend as we move into -- as move through fiscal Q2.

一般來說，相對於 30 納米，我們在本季度的收益方面取得了驚人的進步，並預計隨著我們進入第二財季，這一趨勢將持續下去。

Relative to 20-nanometer, that's actually an insignificant piece of our output today.

相對於 20 納米，這在我們今天的產出中實際上是微不足道的。

Okay.

好的。

Then can you walk us as we look at 30-nanometer to 20-nanometer transition, how that's going to look?

那麼，當我們觀察 30 納米到 20 納米的過渡時，您能告訴我們嗎？那會是什麼樣子？

Yes.

是的。

It will be a transition really starting late in calendar '13.

這將是一個真正開始於 '13 日曆後期的過渡。

And you could expect that transition then to continue through calendar 2014.

你可以預期這種轉變會持續到 2014 年。

Okay, great.

好，太棒了。

It's generally on track with what we would forecast, and timing in line with what we believe the rest of the industry will be.

它通常與我們的預測一致，並且時間與我們認為該行業的其他部分一致。

And then you guys mentioned that on the Wired Solutions Group, you are challenged on the operating profit there.

然後你們提到，在有線解決方案集團，你們在那裡的營業利潤受到挑戰。

And I was wondering if you could help us understand how things are going to get better in that marketplace when we're seeing sort of a shift to more NAND solutions versus NOR Flash solutions?

我想知道當我們看到轉向更多的 NAND 解決方案而不是 NOR 閃存解決方案時，您是否可以幫助我們了解該市場的情況將如何變得更好？

Betsy, this is Mark Adams.

貝茜，這是馬克·亞當斯。

Yes, the --

是的 -

First of all, correct me on my, if I (multiple speakers)

首先，糾正我的問題，如果我（多位發言者）

Yes, sorry.

是的，對不起。

The prior comments that Mark mentioned, I think were relative to DRAM.

Mark 之前提到的評論，我認為是與 DRAM 相關的。

Is that what you are asking, Betsy, around the DRAM 20-nanometer?

Betsy，這就是你要問的，圍繞 DRAM 20 納米？

Well, yes, and then I was also asking about the Wireless Solutions Group.

嗯，是的，然後我還詢問了無線解決方案組。

Okay, good.

好的。

So just -- on the wireless solutions side, there's a couple of factors that are playing into the opportunity for us.

所以只是 - 在無線解決方案方面，有幾個因素正在為我們帶來機會。

One is the -- as I mentioned in my earlier comments, our 30-nanometer LPDDR 34-gigabit part has put us in a very competitive position today.

一個是——正如我在之前的評論中提到的，我們的 30 納米 LPDDR 34 千兆位部件使我們今天處於非常有競爭力的位置。

And that is ramping, and in volumes, so we can go out and expand our offering there.

而且數量正在增加，因此我們可以在那裡擴展我們的產品。

Secondly, the maturity of our e-MMC product portfolio is opening doors for new sockets as well there.

其次，我們的 e-MMC 產品組合的成熟也為新的插座打開了大門。

So between the combination of those two, not only do we get back in the game from a cost perspective, but we have a broader product portfolio to bring to market and actually deliver on.

因此，在這兩者的結合之間，我們不僅可以從成本角度重新參與遊戲，而且我們還有更廣泛的產品組合可以推向市場並實際交付。

And then, Ron, my last question.

然後，羅恩，我的最後一個問題。

I apologize if you mentioned this.

如果你提到這一點，我很抱歉。

But when we're looking at the estimates for SG&A, I see it's going up to $135 million to $145 million.

但是，當我們查看 SG&A 的估計值時，我看到它會上升到 1.35 億美元到 1.45 億美元。

And is that just FICA and things like that that were causing your SG&A to go up?

是否只是 FICA 之類的事情導致您的 SG&A 上升？

Well, a couple of things.

嗯，有幾件事。

One is that we had -- we are getting back to normal trend-line if you look at our history, in terms of SG&A.

一個是我們有 - 如果你看看我們的歷史，我們正在恢復正常的趨勢線，就 SG&A 而言。

We had a lower legal expenses in the first quarter.

我們在第一季度的法律費用較低。

And also we've got some integration costs as we're looking forward to the acquisition, that we've got in that estimate as well.

而且我們也有一些整合成本，因為我們期待著收購，我們也有這個估計。

Okay, thanks so much.

好的，非常感謝。

And happy holidays, everybody.

祝大家節日快樂。

Stephen Chin, UBS.

瑞銀的斯蒂芬·欽。

Hi, guys.

嗨，大家好。

Thanks for taking my question.

感謝您提出我的問題。

Couple questions on the inventory front.

關於庫存方面的幾個問題。

I heard the comments on DRAM channel inventory looking better.

我聽說關於 DRAM 渠道庫存看起來更好的評論。

But with the anticipated sales of -- or increased sales of PC DRAM for fiscal 2Q, do you think that channel inventory will increase again in the current quarter?

但隨著第二財季 PC DRAM 的預期銷售或增加銷售，您認為本季度渠道庫存會再次增加嗎？

Or do you think there's enough sell-through of bits that that will stay under control?

或者你認為有足夠的銷售量可以控制嗎？

I think -- we do think though those are bits that would normally go to the PC market indirectly or directly, so we think it's net neutral.

我認為 - 我們確實認為這些通常會間接或直接進入 PC 市場，所以我們認為它是網絡中性的。

Okay.

好的。

And on the NAND side.

在 NAND 方面。

Just given that last year, about this time last year, I think, your solid-state drive business also saw some inventory build-up.

就在去年，大約在去年這個時候，我認為，您的固態驅動器業務也看到了一些庫存積累。

What kind of trends are you seeing there right now in terms of the business?

就業務而言，您現在看到了什麼樣的趨勢？

I think if you go back a year ago, we were coming out of an artificially higher demand curve due to the hard drive situation in Thailand prior to the holidays.

我認為，如果您回到一年前，由於假期前泰國的硬盤狀況，我們正在擺脫人為的更高需求曲線。

I think that effect is gone, and we're pretty bullish.

我認為這種影響已經消失，我們非常看好。

We're trying to grow our SSD business and the demand signals from our customers are in parallel aligned with that.

我們正在努力發展我們的 SSD 業務，來自客戶的需求信號與此同步。

So we're pretty bullish going into our second quarter on SSDs.

因此，我們非常看好 SSD 進入第二季度。

Got it.

知道了。

And then just last question is, in terms of the manufacturing issues in Q1 and how that may have impacted your ability to ship product.

最後一個問題是，就第一季度的製造問題以及這可能如何影響您的產品運輸能力而言。

Was there any business that was left on the table in Q1 that you will be able to make up in Q2?

第一季度有沒有什麼業務可以在第二季度彌補？

Thanks.

謝謝。

There's a very small amount of growth in bit inventory that was offset with cost of good reductions.

鑽頭庫存的增長非常小，但被良好的減少成本所抵消。

And when you look at inventory numbers, they're relatively flat.

當您查看庫存數量時，它們相對持平。

So some of that will come through.

所以其中一些會通過。

But it's not significant relative to the overall quarter.

但這與整個季度相比並不重要。

Great, thanks.

太謝謝了。

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 was wondering if you could comment a little bit more on the move in DRAM spot pricing we've seen.

我想知道您是否可以就我們所看到的 DRAM 現貨定價的變化發表更多評論。

In your view, is that purely due to some of your competitors taking PC DRAM supply off line?

在您看來，這純粹是因為您的一些競爭對手將 PC DRAM 供應下線嗎？

And then, what kind of impact have you seen in your specialty DRAM businesses on the server and mobile side?

然後，您在服務器和移動端的專業 DRAM 業務中看到了什麼樣的影響？

Is some of that capacity moving over to those places, which is causing the pricing pressure?

部分產能是否會轉移到那些導致定價壓力的地方？

Or have you seen stabilization there?

或者你看到那裡的穩定了嗎？

Overall, I think that the PC DRAM pricing has to do with the overall supply picture and the overall industry, when you look at the market.

總體而言，我認為 PC DRAM 定價與整體供應情況和整個行業有關，當您查看市場時。

So I think that the supply side -- and we referenced kind of what's out in the public on production, and investment in capacity and technology transitions.

所以我認為供應方面——我們參考了公眾在生產、產能和技術轉型方面的投資。

We think that it's been relatively conservative in terms of overall supply growth.

我們認為，就整體供應增長而言，它相對保守。

So the PC number, we think, is just kind of a natural evolution of the last 12 to 18 months of that behavior.

因此，我們認為 PC 數量只是該行為過去 12 到 18 個月的自然演變。

I think your follow-on comments, do some of those bids make it into our specialty businesses?

我認為您的後續評論，其中一些出價是否進入了我們的專業業務？

And while we can't predict that that won't happen in the future, we haven't seen it as much.

雖然我們無法預測未來不會發生這種情況，但我們還沒有看到太多。

Because it's not as a matter of just redirecting that capacity.

因為這不僅僅是重定向該容量的問題。

There are technical specifications that go along with it, whether it be performance or temperature requirements, and those types of things, that that capacity doesn't automatically become perishable or transferable to other segments.

伴隨著技術規格，無論是性能還是溫度要求，以及那些類型的東西，該容量不會自動變得易腐爛或轉移到其他細分市場。

So we haven't seen tremendous pressure.

所以我們還沒有看到巨大的壓力。

Now having said that, I'll make one qualification to that.

話雖如此，我將對此作出一個限定。

We have seen kind of a newer segment in servers come up that is a little bit more of a commoditized server for the data center application, the cloud data center application, where it's been more of a higher unit -- more of kind of a industry standard architecture that doesn't have those specifications.

我們已經看到服務器中出現了一種較新的細分市場，它更像是數據中心應用程序的商品化服務器，雲數據中心應用程序，它更像是一個更高的單元——更像是一個行業沒有這些規範的標準架構。

We view that as net-net positive because those bits are better than the PC bits, and they are additive to our core server business.

我們認為這是積極的，因為這些位比 PC 位更好，並且它們對我們的核心服務器業務具有附加性。

Thanks, that's helpful.

謝謝，這很有幫助。

And then maybe as a follow-on, any updates for us on how you see the DRAM industry bit supply in calendar 2013?

然後也許作為後續，您如何看待 2013 日曆年 DRAM 行業位供應的任何更新？

Yes, right now it shapes up to be somewhere, Jim, between 20% and 30%.

是的，現在它在某個地方，吉姆，在 20% 到 30% 之間。

Got it, that's helpful.

明白了，很有幫助。

And then finally for me, on the Wireless Group operating profit.

最後對我來說，關於無線集團的營業利潤。

Can you comment on maybe the difference between the reported operating profit and the actual cash flow out of that group?

您能否評論一下報告的營業利潤與該集團的實際現金流量之間的差異？

And maybe highlight any actions you might take to kind of improve that profitability level going forward?

並且也許強調你可能採取的任何行動來提高未來的盈利水平？

James, this is Ron.

詹姆斯，這是羅恩。

When you look at cash flow, the Wireless Group versus the reported result, the main difference is depreciation and amortization, which affects all of our main business units, if that's the question you're asking.

當您查看現金流、無線集團與報告的結果時，主要區別在於折舊和攤銷，這會影響我們所有的主要業務部門，如果這是您要問的問題。

So it's a contributor to the operating cash flow based upon the depreciation component that's COGS.

因此，它是基於 COGS 折舊部分的經營現金流的貢獻者。

I'm not sure if that's the question you're asking, though.

不過，我不確定這是否是您要問的問題。

Yes, I was just wondering if there's any acquisition related one-timers that would be above and beyond the pure equipment depreciation effect.

是的，我只是想知道是否有任何與收購相關的一次性產品會超出純粹的設備折舊效應。

No.

不。

Not material.

不是物質的。

Okay, thanks very much.

好的，非常感謝。

David Wong, Wells Fargo.

大衛王，富國銀行。

Thank you.

謝謝你。

Could you remind us if the Elpida deal closes on the terms you expect and timeframe you expect, what your cash requirements might be to support this transaction?

您能否提醒我們，如果 Elpida 交易按照您期望的條款和時間框架完成，您可能需要哪些現金來支持這筆交易？

And given the current revenue and income statement dynamics, will you need to raise any extra cash or do you have what you need on the balance sheet at the moment?

鑑於當前的收入和損益表動態，您是否需要籌集任何額外的現金，或者您目前的資產負債表上是否有您需要的東西？

In terms of the actual purchase price, at close, it's about $750 million in cash that we have to come up with.

就實際購買價格而言，我們必須拿出大約 7.5 億美元的現金。

And you can see the cash balance on our financial statement.

您可以在我們的財務報表上看到現金餘額。

We're obviously opportunistically looking at financing situations.

我們顯然是在投機取巧地看待融資情況。

The market is pretty good right now.

現在的市場還不錯。

But as we said before, we tend to look at ones that are covenant-free and focus more on capital leases, which is a normal course of business kind of activity, as our primary focus.

但正如我們之前所說，我們傾向於關注那些沒有契約的，更多地關注資本租賃，這是一種正常的商業活動過程，作為我們的主要關注點。

But we'll continue to look at opportunities also to spread our debt exposure over time.

但我們將繼續尋找機會隨著時間的推移分散我們的債務風險。

Our repayment schedule as well.

我們的還款時間表也是如此。

But it's opportunistic based upon market availability.

但這是基於市場可用性的機會主義。

Okay, great.

好，太棒了。

And my other question is, you were saying that you expect your DRAM mix to be somewhat heavier towards personal systems.

我的另一個問題是，你說你希望你的 DRAM 組合對個人系統來說會更重一些。

So are you seeing a pick-up in demand on personal systems?

那麼，您是否看到對個人系統的需求有所回升？

I assume you mean PCs by that.

我假設您的意思是PC。

Or is there some other dynamic that pushes down your demand for your specialty DRAM?

還是有其他一些因素會降低您對專業 DRAM 的需求？

Yes, the comment was, in terms of additional DRAM bits related to the fact that we actually have more availability of bit supply.

是的，評論是關於額外的 DRAM 位，這與我們實際上有更多的位供應可用性有關。

And so we have more to move into the market.

所以我們有更多的東西要進入市場。

It's not a demand-driven factor.

這不是需求驅動的因素。

It's basically supply we have available.

它基本上是我們可用的供應。

Okay, great, thanks so much.

好的，太好了，非常感謝。

Ryan Goodman, CLSA.

瑞安古德曼，里昂證券。

Hey, thanks for taking my questions.

嘿，謝謝你提出我的問題。

A bit of a follow-up to that last one on the decision to take some of those additional wafers out of Elpida and go into the PC market.

對最後一個決定採取一些額外的晶圓從爾必達進入個人電腦市場的決定有點後續。

How do you balance the risk of potential impact of pricing versus the opportunities there?

您如何平衡定價潛在影響的風險與那裡的機會？

I mean, like, maybe you could talk about some of the opportunities you see by geography or by segment within the market that will help lead to that decision?

我的意思是，也許您可以談談您在地理或市場細分方面看到的一些機會，這些機會將有助於做出該決定？

This is Ron.

這是羅恩。

I will take the first part and maybe Mark or Mark wants to comment on sort of market opportunities.

我將參加第一部分，也許馬克或馬克想評論一些市場機會。

This is a short-term kind of thing that happens periodically, just happened to be a bit larger this quarter where they are available wafers from Inotera.

這是一種週期性發生的短期事情，只是在本季度發生了一些更大的事情，他們可以從 Inotera 獲得晶圓。

And we have an election to actually pick them up or not pick them up.

我們有一個選舉來實際接他們或不接他們。

And it's a straightforward economic analysis based upon current market conditions and known potential we have with our market pricing, and contractual arrangements with our customers.

這是基於當前市場狀況和已知的市場定價潛力以及與客戶的合同安排的直接經濟分析。

So we make the decision based on a cash evaluation.

因此，我們根據現金評估做出決定。

And we made a decision to take some in this case.

我們決定在這種情況下採取一些措施。

In addition to that, if you -- you know, the comments made in our opening discussion around PC OEM pricing, I think the market and the supply base reflects an adjustment of what CT capacity looks like.

除此之外，如果你——你知道，我們在關於 PC OEM 定價的開幕討論中發表的評論，我認為市場和供應基礎反映了 CT 產能的調整。

And so while the overall PC segment doesn't look like a significant growth category, if it's flat, the supply base to that has already kind of contemplated that.

因此，雖然整體 PC 細分市場看起來不是一個顯著的增長類別，但如果它持平，那麼其供應基礎已經在考慮這一點。

And we believe that the supply and demand curve is in better shape, as reflected by the OEM contract price increases in December.

而且我們認為供需曲線處於更好的狀態，這在 12 月份的 OEM 合同價格上漲中得到了體現。

Okay, great, thank you.

好的，太好了，謝謝。

And then just another question, this one on the NAND side of things.

然後是另一個問題，這個是 NAND 方面的問題。

Specifically on client SSDs.

特別是在客戶端 SSD 上。

I know one of your competitors appears to be making a stronger push into 3-bit lately and even has a 3-bit SSD out there.

我知道你的一個競爭對手最近似乎在大力推動 3 位，甚至還有一個 3 位 SSD。

And at the same time, we're seeing another competitor kind of move in the opposite direction and pushing a little more 2-bit and going more into smartphones and 2-bit SSDs.

與此同時，我們看到另一種競爭對手朝著相反的方向發展，推動更多的 2 位，更多地進入智能手機和 2 位 SSD。

So I'm curious -- I know in a recent conference you had mentioned the possibility of a 3-bit SSD.

所以我很好奇——我知道在最近的一次會議上你提到了 3 位 SSD 的可能性。

But maybe you could just provide some color on the strategy there going forward.

但也許你可以為未來的戰略提供一些顏色。

Sure.

當然。

A lot of it depends on the customer and the application you are selling to.

這在很大程度上取決於客戶和您要銷售的應用程序。

You know, we see over time the client SSD business as it continues to scale.

您知道，隨著時間的推移，我們會看到客戶端 SSD 業務繼續擴展。

And its growth is encouraging.

它的增長令人鼓舞。

We see kind of the value of different product offerings within client.

我們在客戶中看到了不同產品的價值。

When you're selling to a major OEM customer, a 3-bit solution won't quite do it.

當您向主要的 OEM 客戶銷售產品時，3 位解決方案無法做到這一點。

If you are selling to a white box emerging market segment that might accept lower than that type of performance, you might be able to get there.

如果您正在向可能接受低於該類型性能的白盒新興市場細分市場銷售產品，那麼您可能能夠到達那裡。

The other side is, the maturity of controller development being able to handle 3-bit will continue to improve.

另一方面是，能夠處理3位的控制器開發的成熟度將繼續提高。

And so, do we think in the future that 3-bit per cell SSDs will be viable?

那麼，我們認為未來每單元 3 位 SSD 是否可行？

Yes.

是的。

Do we think the market is there today?

我們認為今天有市場嗎？

Probably not.

可能不是。

And that's why we continue to focus on high-performance client SSD drives.

這就是我們繼續專注於高性能客戶端 SSD 驅動器的原因。

Okay, great.

好，太棒了。

Just one quick follow-up, too, on the manufacturing issues.

只需快速跟進製造問題。

Did that only affect NAND volume?

這只影響NAND體積嗎？

Or was there an impact to DRAM volume as well?

還是對 DRAM 體積也有影響？

It hit both sides.

它擊中了雙方。

Okay, great, thanks a lot.

好的，太好了，非常感謝。

Daniel Amir, Lazard Capital.

丹尼爾·阿米爾，拉扎德資本。

Thanks a lot.

非常感謝。

A couple questions here.

這裡有幾個問題。

First of all, as we look at your product mix in both DRAM and NAND, I mean, that's been changing here in the past few quarters.

首先，當我們查看您在 DRAM 和 NAND 中的產品組合時，我的意思是，在過去幾個季度中，這種情況一直在發生變化。

How should we be looking at that in the next -- in this fiscal year '13?

在接下來的 13 財年，我們應該如何看待這一點？

I mean, what -- should we see your SSD bits growing to potentially 50% of your total NAND?

我的意思是，我們應該看到您的 SSD 位增長到可能佔您總 NAND 的 50% 嗎？

Or is it kind of mid-30s right now?

還是現在30多歲？

Is that where it should stand?

那是它應該站立的地方嗎？

And the same question, you know, relative to specialty DRAM and PC DRAM.

同樣的問題，你知道的，相對於專業 DRAM 和 PC DRAM。

I think it's fair to say we don't think 30% is the ceiling on SSD bits, both part of our portfolio and our SSD pure-play customers.

我認為公平地說，我們不認為 30% 是 SSD 位的上限，這既是我們產品組合的一部分，也是我們的 SSD 純遊戲客戶。

So I don't think we're satisfied, nor do we think that's the top.

所以我認為我們並不滿意，我們也不認為這是最高的。

We think there's more opportunity.

我們認為還有更多機會。

And in fact, that's kind of what we're driving a lot of our go-to market and development resources.

事實上，這就是我們推動大量進入市場和開發資源的原因。

And in terms of trying to pin down for you what percent of our business is going to be NAND and DRAM, we're going to try and keep that to ourselves for now.

在試圖為您確定我們的業務中有多少百分比將是 NAND 和 DRAM 方面，我們現在將嘗試將其保留給我們自己。

Okay.

好的。

And then in terms of your wireless side.

然後就您的無線方面而言。

I mean, you focused a lot on your Analyst Day and since then as well, in focusing on finding ways to penetrate more of the handset market.

我的意思是，您非常關注分析師日，從那時起，您也專注於尋找進入更多手機市場的方法。

What can you give us in terms of updates, in terms of your product portfolio and your traction that you are getting as you turn around this wireless segment in terms of getting more content in the smartphone space?

在更新方面，就您的產品組合和在您在智能手機領域獲得更多內容方面扭轉這一無線領域所獲得的牽引力而言，您能給我們提供什麼？

Well, I think I've got to revert back to my earlier comments.

好吧，我想我必須回到我之前的評論。

We were out of two key portions of the business as far as growth opportunities within wireless.

就無線業務的增長機會而言，我們沒有業務的兩個關鍵部分。

One being low-power DRAM solutions.

一種是低功耗 DRAM 解決方案。

Which hit us both on the standalone sale of that product, as well as the NCP.

該產品的獨立銷售以及 NCP 都對我們產生了影響。

As well as our e-MMC offering.

以及我們的 e-MMC 產品。

And both those product development efforts have progressed really well.

這兩項產品開發工作都進展順利。

And we haven't lacked access to the market.

而且我們並不缺乏進入市場的機會。

I think we looked at -- in one case, a cost position, which we weren't driving too hard to sell that volume in that space.

我認為我們著眼於 - 在一種情況下，成本頭寸，我們並沒有太努力地在那個領域銷售那個數量。

And another capability that our e-MMC offering wasn't as mature as all of our customers would have liked it.

我們的 e-MMC 提供的另一個功能並不像我們所有的客戶所希望的那樣成熟。

So we can kind of say today that we have confidence that our products are competitive and able to gain that share of market that we want.

所以我們今天可以說，我們有信心我們的產品具有競爭力，能夠獲得我們想要的市場份額。

Okay.

好的。

And just final question on your NOR business.

關於您的 NOR 業務的最後一個問題。

I mean, there's been some news lately that your plans for the fab in Israel -- what can you update us on the strategy of your NOR business?

我的意思是，最近有一些消息表明您計劃在以色列建立晶圓廠——您能向我們介紹您的 NOR 業務戰略嗎？

I mean, in terms of the road map here?

我的意思是，就這裡的路線圖而言？

I think that, again, we mentioned a little bit earlier, we continue to invest in NOR from a technology perspective.

我認為，我們之前提到過，我們繼續從技術角度投資 NOR。

We are a leader right now with our 45-nanometer 300-millimeter product, which gives us a pretty good cost advantage in that business.

我們現在是 45 納米 300 毫米產品的領導者，這使我們在該業務中具有相當好的成本優勢。

It showed up in the embedded space.

它出現在嵌入式空間中。

And to some extent it will help us and also enable us in the lower-end wireless sockets.

並且在某種程度上它會幫助我們，也使我們能夠進入低端無線插座。

You made reference to manufacturing rumors that are in the press, and so on and so forth.

你提到了媒體上的製造謠言，等等。

What I would say to that is that we still remain very, very committed to NOR.

我要說的是，我們仍然非常非常致力於 NOR。

It's a good part of our business and enabling technology for us.

這是我們業務的重要組成部分，為我們提供了支持技術。

Both embedded and wireless, and some other segments as well, including PC bios applications and consumer applications.

嵌入式和無線，以及其他一些細分市場，包括 PC bios 應用程序和消費者應用程序。

Okay, thanks a lot.

好的，非常感謝。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

Thank you.

謝謝你。

Do you guys have a forecast for us what CapEx could be next quarter?

你們對我們下個季度的資本支出有什麼預測嗎？

This is Ron.

這是羅恩。

As I mentioned, we're still projecting $1.6 billion to $1.9 billion for the year.

正如我所提到的，我們仍預計今年 16 億至 19 億美元。

We had about $538 million in the first quarter, and we said we're going to be loaded a bit heavier to the first half.

第一季度我們有大約 5.38 億美元，我們說我們將在上半年增加一些負擔。

So --

所以 -

It's tough for us to get too specific, Glen, because exact timing on acceptance of tools can move.

格倫，我們很難說得太具體，因為接受工具的確切時間可能會發生變化。

And that can swing that number pretty dramatically quarter-to-quarter, even though the same trend line is in place.

即使存在相同的趨勢線，這也可能使該數字每季度大幅波動。

Yes, that's right.

是的，這是正確的。

Fair enough.

很公平。

Just with respect to that, the difference between the $1.6 billion and $1.9 billion, maybe you could just remind us what would lead you to one end or the other end of that range?

就這一點而言，16 億美元和 19 億美元之間的差異，也許你可以提醒我們什麼會導致你到達這個範圍的一端或另一端？

Well, it's a number of variables.

嗯，它有許多變量。

One of them would be timing, as Mark mentioned, at year-end.

正如馬克所提到的，其中之一就是年底的時機。

Right?

正確的？

As how things play through.

就像事情是如何發生的一樣。

But it's hard for us to call it much closer than that as we go in the first part of a year.

但是，當我們在一年的第一部分進行時，我們很難說它比這更接近。

And of course, we're always adjusting our proposed product mix and our spend associated with that, as we see markets evolve.

當然，隨著我們看到市場的發展，我們一直在調整我們提議的產品組合和與之相關的支出。

Understood.

明白了。

I think in the NAND commentary, it was mentioned that you're watching holiday demand signals to sort of get a sense as to how you think NAND will progress from here.

我認為在 NAND 評論中，有人提到您正在觀察假期需求信號，以了解您認為 NAND 將如何從這裡取得進展。

I know it's a little early for that, but maybe just your initial thoughts on how you see demand trends at the moment from the NAND perspective?

我知道這還為時過早，但也許只是您對從 NAND 角度看待當前需求趨勢的初步想法？

Well, I mean, I think quarter-to-date, we feel things are pretty stable.

好吧，我的意思是，我認為到目前為止，我們覺得情況相當穩定。

But it's not unusual for some softness and just out of the holiday period, especially given some of the consumer product-driven platforms that NAND consumes, or is consuming NAND.

但在假期過後，出現一些疲軟並不少見，尤其是考慮到 NAND 消費或正在消費 NAND 的一些消費產品驅動平台。

So it was only a hedge that we like to just kind of follow that and track it to make sure that NAND keeps at the current pace.

所以這只是一種對沖，我們喜歡遵循它並跟踪它以確保 NAND 保持當前的速度。

(multiple speakers) Sorry, Glen.

（多位發言者）對不起，格倫。

I would go a little beyond that.

我會更進一步。

I'd say that generally we are relatively optimistic about the future demand for NAND.

我想說的是，總的來說，我們對 NAND 的未來需求相對樂觀。

We see a lot of growth and applications that are consuming NAND, including the SSDs that have been alluded to a couple times already here today.

我們看到很多增長和使用 NAND 的應用，包括今天已經提到過幾次的 SSD。

What we don't know about it is, what's the macroeconomic environment going to look like.

我們不知道的是，宏觀經濟環境會是什麼樣子。

So, you know, we're kind of like everyone else here waiting to find out how that plays out.

所以，你知道，我們和這裡的其他人一樣，都在等著看結果如何。

Yes.

是的。

It's [half under developed] this time.

這次是[一半未開發]。

Just last one, I understand why more PC DRAM is more of a supply issue on your part.

只是最後一個，我明白為什麼更多的 PC DRAM 更多的是您的供應問題。

But just to be clear about what your visibility is on demand from servers.

但只是為了清楚服務器對您的可見性的要求。

Is that business looking as you expect it to look -- any better or any worse?

該業務的外觀是否如您所期望的那樣 - 更好還是更糟？

Yes, I think we're, yes, pretty happy with servers.

是的，我認為我們對服務器非常滿意。

And line of sight is that it looks pretty stable and growth [wearington] the bit side for sure.

視線是它看起來相當穩定，並且增長 [wearington] 肯定是位面。

And then, the unit's tracking pretty well.

然後，該單位的跟踪非常好。

So overall, very favorable.

所以總的來說，非常有利。

Alright, thanks a lot

好的，非常感謝

Stephen Fox, Cross Research.

斯蒂芬福克斯，交叉研究。

Thanks, good afternoon.

謝謝，下午好。

First, just a question on the SSD market.

首先，只是關於SSD市場的一個問題。

Your own sales of SSDs, and cash if you want to throw that in, you obviously have a lot of momentum there exiting the quarter.

你自己的 SSD 銷售，如果你想投入現金，你顯然在本季度有很大的動力。

On the client and enterprise side, are you looking for some seasonality in Q1, especially on enterprise ahead of some of your new qualifications?

在客戶和企業方面，您是否在第一季度尋找一些季節性，特別是在您獲得一些新資格之前的企業？

And then within that, over the next couple of quarters, are there any competitive dynamics we should keep in mind relative to especially the enterprise side, that may be helping or hurting you guys?

然後在接下來的幾個季度中，我們是否應該牢記任何競爭動態，尤其是在企業方面，這可能會幫助或傷害你們？

And then I had a quick follow-up.

然後我進行了快速跟進。

You know, I think I mentioned some of our qualifications success in my comments, and as an indication that we think the -- our enterprise business will grow.

你知道，我想我在評論中提到了我們的一些資格認證成功，這表明我們認為——我們的企業業務將會增長。

Your reference to seasonality -- I wasn't quite clear what you are asking.

你提到的季節性——我不太清楚你在問什麼。

But we don't -- given the earlier stage of enterprise versus the overall SSD business [we think that] that it's growth-oriented.

但我們不 - 考慮到企業與整體 SSD 業務相比的早期階段，[我們認為]它是以增長為導向的。

And we think our business will continue to grow.

我們認為我們的業務將繼續增長。

Well, I guess I was referring to, like, client demand for SSDs in the first quarter -- the first calendar quarter, actually.

好吧，我想我指的是第一季度客戶對 SSD 的需求——實際上是第一個日曆季度。

Even in that category, we think is still pretty high demand.

即使在那個類別中，我們認為仍然是相當高的需求。

We don't really think it's up into the right, right now, given the lower penetration of client SSDs, even in Q1.

鑑於客戶端 SSD 的滲透率較低，即使在第一季度也是如此，我們現在並不認為這是正確的。

And competitively, do you feel like there's anything going on where you're taking more of an advantage, where there is channel near-term or product category that we should be thinking about?

在競爭中，您是否覺得有什麼事情發生在您獲得更多優勢的地方，我們應該考慮的近期渠道或產品類別？

Well, I think I'll break it out into two pieces.

好吧，我想我會把它分成兩部分。

On the client side, there certainly have been some client players who have had some financial challenges that might impact our ability to actually go out and capture more share.

在客戶端方面，肯定有一些客戶玩家遇到了一些財務挑戰，這可能會影響我們實際走出去並獲得更多份額的能力。

But overall, we like our position in client.

但總的來說，我們喜歡我們在客戶中的地位。

We think it's very strong.

我們認為它非常強大。

You know, on the enterprise side, it's a little bit more of a design win and engagement model.

你知道，在企業方面，它更像是一種設計獲勝和參與模式。

So when you pick up something, it tends to be pretty large volume as they roll that out, as your customer rolls it out.

因此，當您拿起某些東西時，當他們推出時，隨著您的客戶推出它，它往往是相當大的數量。

But the only thing I would say is that we're pretty pleased.

但我唯一想說的是，我們很高興。

Our NAND team is pretty pleased with the PCIe products that we've come to market with.

我們的 NAND 團隊對我們投放市場的 PCIe 產品非常滿意。

And that seems to be a high-growth category even within enterprise.

即使在企業內部，這似乎也是一個高增長的類別。

So we're pretty bullish on those segments.

所以我們非常看好這些細分市場。

One's more of a competitive ability to go out and then deliver volume on the client side, and some of the differentiated products in our enterprise solution.

一個人更具競爭力的能力是走出去，然後在客戶端交付數量，以及我們企業解決方案中的一些差異化產品。

Thanks.

謝謝。

And just really quickly -- I apologize if I missed this.

很快——如果我錯過了這個，我深表歉意。

But in terms of pricing you're talking about on the NAND side.

但就定價而言，您所說的是 NAND 方面。

There were no mix issues that are affecting either the outlook or what we saw in the quarter?

沒有影響前景或我們在本季度看到的情況的混合問題？

I might not be clear on that one.

那個我可能不太清楚。

No.

不。

We would guide you to think that there are always mix issues going on.

我們會引導您認為總是存在混合問題。

For example, as Mark just described, we think SSD probably grows for us next quarter.

例如，正如 Mark 剛剛描述的，我們認為 SSD 可能會在下個季度為我們增長。

So that's an uplift, for example, over some markets.

所以這是一個提升，例如，在一些市場上。

So every quarter we're dealing with mix-related product movements, both in DRAM and NAND.

因此，每個季度我們都在處理與混合相關的產品運動，包括 DRAM 和 NAND。

Okay.

好的。

And if you look at the guidance we gave you in terms of forward NAND pricing for the second quarter, I would say a significant chunk of that is we're looking at NAND mix, mainly higher density products going into the channel, for example.

如果您查看我們在第二季度的前瞻性 NAND 定價方面為您提供的指導，我想說其中很大一部分是我們正在研究 NAND 組合，例如，主要是進入渠道的高密度產品。

And more of our 20-nanometer business related to that higher density.

我們更多的 20 納米業務與更高的密度相關。

So it is significantly mix-effected.

因此，它具有顯著的混合效果。

Great, that's very helpful.

太好了，這很有幫助。

Thanks again.

再次感謝。

And note the cost per bit is going down correspondingly.

並註意每比特的成本相應下降。

Yes, thanks.

對了謝謝。

Alex Gauna, JMP Securities.

亞歷克斯·高納，JMP 證券。

Good afternoon, everybody.

大家下午好。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering.

我想知道。

You talked a lot about the server market here.

你在這裡談了很多關於服務器市場的事情。

I understand how your bit growth might be strong, given some of the moves in servers.

考慮到服務器的一些變化，我理解你的比特增長可能會很強勁。

But there have been a lot of mixed indications in terms of infrastructure data center demand.

但就基礎設施數據中心的需求而言，出現了很多喜憂參半的跡象。

Can you maybe help us parse what's happening to you in terms of bit density growth, and maybe what you think the underlying growth rate of that market is right now?

您能否幫助我們分析一下在位密度增長方面發生了什麼，以及您認為該市場目前的潛在增長率是多少？

And how that turns in Q1?

第一季度的情況如何？

Alex, I think the bit growth -- we've been pretty confident.

亞歷克斯，我認為有點成長——我們一直很有信心。

We still think that's a pretty good growth platform for us in servers.

我們仍然認為這對我們在服務器方面來說是一個非常好的增長平台。

When you look at overall server unit growth, it's still mid-to high-single-digits.

當您查看整體服務器單位增長時，它仍然是中高個位數。

But when you look at the bit growth, I think we're somewhere around 45% or 50% bit growth year-on-year in servers.

但是，當您查看位增長時，我認為我們在服務器方面的年增長率約為 45% 或 50%。

And so I think the dynamic I was alluding to earlier is, you've got kind of your traditional server players in those type of enterprise applications.

因此，我認為我之前提到的動態是，在這些類型的企業應用程序中，你有一種傳統的服務器播放器。

And then you've got this cloud data center model, where there are people who are actually building out these networks, that are actually rolling their own servers or going through ODM models.

然後你就得到了這個雲數據中心模型，其中有人實際上正在構建這些網絡，他們實際上正在滾動他們自己的服務器或通過 ODM 模型。

And so their product requirements because of the way the networks are structured, the requirements for the server aren't the same.

所以他們的產品要求因為網絡的結構方式，對服務器的要求是不一樣的。

It is a sub-segment of server growth that is a little bit more commoditized.

它是服務器增長的一個子部分，更加商品化。

Okay, that's very helpful, thank you.

好的，非常有幫助，謝謝。

I was wondering if I could ask a similar question with regard to PCs right now.

我想知道我現在是否可以就個人電腦提出類似的問題。

With all the transitions towards convertibles and tablets, can you give us a sense of maybe what average density per PC is doing right now?

隨著向敞篷車和平板電腦的所有過渡，您能否讓我們了解一下目前每台 PC 的平均密度是多少？

And then your assumptions on how some of these moved to more atom-based systems or tablets systems might affect DRAM growth in the PC segment going forward in 2013?

然後你對其中一些轉移到更多基於原子的系統或平板電腦系統的假設可能會影響 2013 年 PC 領域的 DRAM 增長？

I'll take the first part of that and maybe Mark and Mark can jump in on the impacts of architecture.

我將採取第一部分，也許馬克和馬克可以跳入建築的影響。

But basically in 2012 over 2011, we're going to PC notebook growth rates around 20%, and flat to down units depending on which third-party you're looking at.

但基本上在 2011 年的 2012 年，我們將 PC 筆記本電腦的增長率保持在 20% 左右，並且根據您所關注的第三方而持平到下降的單位。

Next year, third-party data suggests units up probably 1%, 2%, 3%, 4%, with bit growth somewhere in the 10% to maybe 12% to 14% range.

明年，第三方數據顯示單位可能會增長 1%、2%、3%、4%，比特增長率在 10% 到 12% 到 14% 之間。

Obviously, some of that dependent on ASP.

顯然，其中一些依賴於 ASP。

And Mark or Mark, would you guys like to talk a little bit how architectures might change content growth?

馬克或馬克，你們想談談架構如何改變內容增長嗎？

Well, I think that in one sense, depending on the architecture and the operating system efficiency, that can certainly have a swing factor one way or the other.

好吧，我認為從某種意義上說，取決於架構和操作系統效率，這肯定會以某種方式產生影響。

Meaning that the density could go down or up, depending on application focus and usage model.

這意味著密度可能會下降或上升，具體取決於應用程序重點和使用模型。

But the other side of that is, when you get to these type of designs, they tend to be more customized and less commoditized.

但另一方面，當你看到這些類型的設計時，它們往往更加定制化，商品化程度更低。

And so they end up being kind of customer-to-customer design wins, which can protect us from a little bit of the commodity nature.

因此，它們最終成為一種客戶對客戶的設計勝利，這可以保護我們免受一點商品性質的影響。

Okay.

好的。

One last one, if I could.

如果可以的話，最後一個。

Your CapEx guidance for next year, I am assuming that does not include Elpida demands.

您對明年的資本支出指導，我假設這不包括 Elpida 的需求。

Can you maybe bound what you might need to put on top of that in order to keep Elpida current?

您是否可以綁定您可能需要添加的內容以使 Elpida 保持最新狀態？

And then how those assets might even help you going forward, coming to maybe bringing down CapEx spend?

然後這些資產甚至可以如何幫助您前進，可能會降低資本支出？

Alex, we have not released those numbers yet.

亞歷克斯，我們還沒有公佈這些數字。

We will update you when we can.

我們會盡快更新您的信息。

Okay, thanks.

好的謝謝。

Shawn Webster, Macquarie.

肖恩韋伯斯特，麥格理。

Yes, thanks a lot.

是的，非常感謝。

Going back to the supply chain disruption, it was kind of -- the explanation was a little bit vague.

回到供應鏈中斷，這有點——解釋有點模糊。

Is there -- are you able to parse it out between, like, what --was it a supplier of components or other materials?

有沒有——你能把它解析出來，比如，它是一個組件或其他材料的供應商嗎？

Or was there a problem in your own factories or something further down the food chain?

還是您自己的工廠或食物鏈更下游的問題存在問題？

Yes, you know, I don't want to get too specific, Shawn.

是的，你知道，我不想說得太具體，肖恩。

But there were a number of separate events which accumulated to give us the net effect we had.

但是有一些單獨的事件累積起來給我們帶來了我們所擁有的淨效應。

Some were internal, some were at sub cons in the back-end.

有些是內部的，有些是後端的子缺點。

Okay.

好的。

And then on the pricing guidance down for the current quarter.

然後是本季度的定價指導。

If we exclude mix or assume stable mix, is pricing still down?

如果我們排除混合或假設穩定混合，定價是否仍然下降？

You can probably -- well, first of all, Shawn, you're going to have to be more specific about what designs.

您可能可以- 嗯，首先，Shawn，您將不得不更具體地了解哪些設計。

But if you look at the spot market, I think Mark covered this in his comments.

但如果你看看現貨市場，我認為馬克在他的評論中提到了這一點。

Pricing generally from the end of our quarter to today is up on a line item-by-line item basis.

從本季度末到今天，價格通常逐項上漲。

Okay.

好的。

And then on the Nanya restructuring that's still under negotiation, and I understand you don't want to talk a lot about the details yet.

然後關於仍在談判中的南亞重組，我知道你還不想談論太多細節。

But can you tell us what their contribution to your R&D has been the last couple quarters, today?

但是，您能告訴我們他們在過去幾個季度對您的研發所做的貢獻嗎？

It's roughly $20 million to $25 million.

大約是 2000 萬到 2500 萬美元。

Okay.

好的。

And then I guess, finally, are you getting any feedback from your PC OEM customers in terms of overall demand outlook for PCs, either in Q1 or Q2?

然後我想，最後，您是否從 PC OEM 客戶那裡得到任何關於 PC 整體需求前景的反饋，無論是在第一季度還是第二季度？

Or what catalyst could be, if Service Pack 1 will be a catalyst, and maybe what their overall views on PC growth is next year?

或者，如果 Service Pack 1 將成為催化劑，他們可能對明年 PC 增長的總體看法是什麼？

I think their PC growth projection is in line with what Kipp alluded to earlier.

我認為他們的 PC 增長預測與 Kipp 之前提到的一致。

I think, in the traditional desktop notebook segment, I think they view the PC growth to be flat, plus or minus 1% or 2%.

我認為，在傳統的台式筆記本電腦領域，我認為他們認為 PC 的增長持平，正負 1% 或 2%。

But again, I think the market has adjusted that.

但同樣，我認為市場已經調整了這一點。

That's already in the market, both on the PC OEM inventory side, as well as the supply side.

這已經在市場上，無論是在 PC OEM 庫存方面，還是在供應方面。

Okay, thank you very much.

好的，非常感謝。

I think we have time for one more question.

我想我們還有時間再問一個問題。

Harlan Sur, JPMorgan.

摩根大通的哈蘭蘇爾。

Great, thanks for taking my question.

太好了，感謝您提出我的問題。

Are the manufacturing issues impacting your NAND business in Q1?

製造問題是否會在第一季度影響您的 NAND 業務？

I know you can't go into a whole lot of detail.

我知道你不能詳細介紹。

But my question is, did these disruptions result in wafer scrappage?

但我的問題是，這些中斷是否會導致晶圓報廢？

Or was it just a slowdown in output, relative to your higher expectations?

或者，相對於您更高的預期，這只是產出放緩？

It's a combination of those.

這是這些的組合。

Okay.

好的。

And then, it also seems like -- you may have answered this question.

然後，看起來你可能已經回答了這個問題。

But it also seems like you pushed out bit production costs over -- so your 30-nanometer DRAM ramp by about a quarter.

但看起來你把比特生產成本推高了——所以你的 30 納米 DRAM 增加了大約四分之一。

I guess, were you also seeing the same manufacturing challenges as you ramped this process?

我想，您是否也看到了與您加快這一過程相同的製造挑戰？

Or were these a different set of issues, you know, relative to your NAND technology?

或者，這些問題與您的 NAND 技術有關嗎？

Any color there would be great.

任何顏色都會很棒。

So we had impacts on DRAM and NAND.

所以我們對 DRAM 和 NAND 產生了影響。

I would say that our 30-nanometer technology trajectory and ramp has actually seen dramatic improvements as we move through the quarter.

我想說的是，隨著我們整個季度的推進，我們的 30 納米技術軌跡和坡道實際上已經有了顯著的改進。

So while it was impact on the DRAM side relative to the 30-nanometer output, it was not related to, overall, the technology ramp.

因此，雖然它相對於 30 納米輸出對 DRAM 方面產生了影響，但總體而言，它與技術提升無關。

We are very pleased with the way that is going.

我們對目前的發展方式感到非常滿意。

Great, thank you.

太好了謝謝。

Alright.

好吧。

We would like to thank everyone for participating on the call today.

我們要感謝大家參加今天的電話會議。

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 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 the call that are not historical facts are subject to a number of risks and uncertainties.

這些特定的前瞻性陳述和所有其他可能在電話會議上做出的非歷史事實的陳述受到許多風險和不確定性的影響。

And actual results may differ materially.

實際結果可能大不相同。

For information on 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。

This concludes today's Micron Technology first quarter 2013 financial release conference call.

今天的美光科技 2013 年第一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。