美光科技 (MU) 2013 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by.

女士們，先生們，美好的一天，感謝你們的支持。

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

我叫 Huey，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to Micron Technology's second quarter 2013 financial release conference call.

在此，歡迎大家參加美光科技 2013 年第二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 speaker's remarks, there will be a question-and-answer period.

演講者發言後，將進入問答環節。

(Operator Instructions).

（操作員說明）。

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

現在，我很高興將發言權交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much and welcome to Micron Technology's second quarter 2013 financial release conference call.

非常感謝並歡迎參加美光科技 2013 年第二季度財務發布電話會議。

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 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 second quarter 2013 financial press release, again, it is also available on our website at micron.com.

如果您還沒有機會查看 2013 年第二季度財務新聞稿，也可以在我們的網站 micron.com 上獲得。

Our call will be a proximately 60 minutes in length.

我們的通話時間大約為 60 分鐘。

There will be an audio replay of the call, accessed by dialing 404-537-3406, with a confirmation code of 21046896.

將有通話的音頻重播，可通過撥打 404-537-3406 訪問，確認碼為 21046896。

This replay will run through Thursday, March 28, 2013, at 5.30 PM Mountain time.

此重播將持續到 2013 年 3 月 28 日星期四山區時間下午 5:30。

A webcast replay will be available on the Company's website until March 2014.

2014 年 3 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 Save Harbor statement.

請注意以下 Save Harbor 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。

I will now turn the call over to Mr. Mark Durcan.

我現在將把電話轉給 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 and follow up with a few strategic and industry updates.

我想從今天開始概述本季度的主要發展，並跟進一些戰略和行業更新。

Then I will turn it over to Ron for a financial summary, and we will close with Mark Adams discussing key developments in our business units, operations and market conditions.

然後我將把它交給 Ron 進行財務摘要，最後我們將與 Mark Adams 討論我們業務部門、運營和市場狀況的關鍵發展。

Our second fiscal quarter was highlighted by improving market fundamentals in memory, along with solid execution from an operations and financial perspective.

我們第二財季的亮點在於內存市場基本面的改善，以及從運營和財務角度的穩健執行。

We had significant growth in key segments, including SSDs and server DRAM.

我們在關鍵領域取得了顯著增長，包括 SSD 和服務器 DRAM。

Personal systems, a segment which has been a drag on our financial performance for some time, has rebounded significantly, due mostly to structural supply shifts in the market.

一段時間以來，一直拖累我們財務業績的個人系統部門已顯著反彈，這主要是由於市場的結構性供應變化。

As we suggested in the last earnings call, we took a significant step forward with the successful restructuring of our supply agreement with Inotera, effectively doubling the wafer output we received from them.

正如我們在上次財報電話會議中所建議的那樣，我們與 Inotera 的供應協議成功重組，我們向前邁出了重要一步，有效地使我們從他們那裡獲得的晶圓產量翻了一番。

We are pleased with the increased scale and profit opportunity this restructuring process provided.

我們對這一重組過程提供的規模和利潤機會的增加感到高興。

As you will have noted in the release, revenue in the quarter was up about 13% with strong growth in DRAM and NAND.

正如您在新聞稿中所指出的，隨著 DRAM 和 NAND 的強勁增長，本季度的收入增長了約 13%。

Gross margins were up significantly from 12% to 18%, again with improvements in both the DRAM and NAND.

毛利率從 12% 大幅上升至 18%，這同樣得益於 DRAM 和 NAND 的改善。

Ron will get into more of the detail for the quarter from a financial perspective, but we are building a very large and diversified memory business and remain focused on making capital and segmentation decisions to optimize margin and free cash flow over time.

Ron 將從財務角度詳細介紹本季度的細節，但我們正在建立一個非常龐大且多元化的內存業務，並將繼續專注於製定資本和細分決策，以隨著時間的推移優化利潤率和自由現金流。

The Elpida acquisition process remains on track.

Elpida 的收購過程仍在進行中。

Creditors voted in favor of the reorganization plan and the Tokyo District Court approved the plan at the end of February.

債權人對重組計劃投了贊成票，東京地方法院於 2 月底批准了該計劃。

In addition, all of the country and regulatory approvals have been completed.

此外，所有國家和監管部門的批准均已完成。

The closing of the transaction remains subject to the satisfaction and waiver of certain conditions, including finalization of the Tokyo District Court's approval order under Japanese bankruptcy rules and recognition of Elpida's reorganization plan by the US Bankruptcy Court in Delaware.

交易的完成仍取決於某些條件的滿足和豁免，包括東京地方法院根據日本破產規則的批准命令的最終確定以及美國特拉華州破產法院對爾必達的重組計劃的認可。

We believe Elpida's financial performance is consistent with current market industry trends.

我們認為爾必達的財務表現與當前市場行業趨勢一致。

A successful close will increase our overall trade memory capacity by about 45% from today's level without impacting industry supply.

成功結束將使我們的整體交易存儲容量比當前水平增加約 45%，而不會影響行業供應。

This capacity initially will be all DRAM.

該容量最初將全部為 DRAM。

However, our 300 millimeter capacity is fungible and can support other advanced memory manufacturing technology.

但是，我們的 300 毫米容量是可替代的，可以支持其他先進的內存製造技術。

We are taking steps to enable flexibility to transition a portion of our capacity to NAND should market demand and returns on investment warrant.

如果市場需求和投資回報需要，我們正在採取措施靈活地將我們的部分產能轉移到 NAND。

I mentioned last quarter that we would continue to look for ways to streamline all of our manufacturing operations, including the 8 inch, front-end capacity.

我在上個季度提到，我們將繼續尋找簡化所有製造業務的方法，包括 8 英寸前端產能。

With that in mind, we made the decision to sell our 200 millimeter imager sensor fab in Avezzano, Italy, in Q2.

考慮到這一點，我們決定在第二季度出售位於意大利 Avezzano 的 200 毫米成像傳感器工廠。

We believe this is a positive step to keep us focused on the memory market and optimize our overall margin structure.

我們相信這是讓我們專注於內存市場並優化我們的整體利潤率結構的積極舉措。

We don't have any other plans to announce today, but we will continue to look for opportunities to streamline our operations.

我們今天沒有任何其他計劃要宣布，但我們將繼續尋找機會來簡化我們的運營。

In terms of the memory market, supply dynamics in particular appear to be healthy, looking forward.

就內存市場而言，尤其是供應動態似乎是健康的，具有前瞻性。

We believe the DRAM industry wafer capacity will be down in both 2013 and 2014 and process technology upgrades are being stretched out, thereby reducing supply growth compared to historical trends.

我們認為 DRAM 行業的晶圓產能在 2013 年和 2014 年都將下降，並且工藝技術升級正在拉長，因此與歷史趨勢相比，供應增長放緩。

In the NAND market, we see a favorable supply and demand balance.

在 NAND 市場，我們看到了良好的供需平衡。

We have the benefit of significant demand growth in several applications, such as SSDs and smartphones, coupled with generally stable supply conditions due to slowing process technology changes.

我們受益於 SSD 和智能手機等多種應用的需求顯著增長，以及由於工藝技術變化放緩而導致的總體穩定的供應狀況。

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

我會在這裡停下來，在返回問答之前把它交給 Ron 和 Mark。

Thank, Mark.

謝謝，馬克。

The end of our second quarter of fiscal 2013 was on February 28.

我們 2013 財年第二季度的結束時間是 2 月 28 日。

On our website you will find a schedule containing certain key results for the quarter, as well as guidance for the third quarter.

在我們的網站上，您將找到包含本季度某些關鍵結果以及第三季度指導的時間表。

That information is also presented on the following slides.

該信息也顯示在以下幻燈片中。

For the second quarter, we reported a net loss of $286 million or $0.28 per diluted share on net sales of $2.1 billion.

對於第二季度，我們報告淨虧損 2.86 億美元或每股攤薄收益 0.28 美元，淨銷售額為 21 億美元。

These results compare to the previous quarter's net loss of $275 million or $0.27 per diluted share on net sales of $1.8 billion.

這些結果與上一季度淨虧損 2.75 億美元或稀釋後每股 0.27 美元的淨銷售額 18 億美元相比。

We made a reporting change in the second quarter to reclassify gains and losses on foreign currency from other operating income and expense to other nonoperating income and expense.

我們在第二季度進行了報告變更，將外幣損益從其他營業收入和費用重新分類為其他非營業收入和費用。

This nonoperating classification provides better comparability with the results of our semiconductor peers.

這種非運營分類與我們的半導體同行的結果具有更好的可比性。

The historical periods have been reclassified to match the current period presentation.

歷史期間已重新分類以匹配當前期間的列報。

Accordingly, operating income for the second quarter, although a loss of $23 million, improved when compared to the operating loss in the first quarter, of $97 million.

因此，第二季度的營業收入雖然虧損 2300 萬美元，但與第一季度的營業虧損 9700 萬美元相比有所改善。

Included in the $23 million operating loss for the quarter is $62 million charge in other operating expense for the projected loss on the pending sale of our Avezzano, Italy facility, which we announced on February 25.

本季度 2300 萬美元的運營虧損中包括 6200 萬美元的其他運營費用，用於我們在 2 月 25 日宣布的意大利阿韋扎諾工廠待售預計損失。

Included in this transaction, which is expected to close in the third quarter, is the assignment of our wafer supply agreement with Aptina.

這筆交易預計將在第三季度完成，其中包括我們與 Aptina 的晶圓供應協議的轉讓。

This sale will be the second spinoff of 200 millimeter production capacity, following the sale of our Japan fabrication facility in 2011.

此次出售將是繼 2011 年出售我們的日本製造工廠之後，第二次剝離 200 毫米產能。

Going forward, we may restructure and dispose of other assets as we continue to optimize our manufacturing operations and focus on our expanding core business opportunities, as Mark mentioned.

正如馬克所說，展望未來，我們可能會重組和處置其他資產，因為我們將繼續優化我們的製造業務並專注於我們不斷擴大的核心業務機會。

In the nonoperating category, we recognized losses on currency hedges relating to the Elpida Rexchip purchase, amounting to $120 million in the second quarter.

在非經營性類別中，我們確認了與收購 Elpida Rexchip 有關的貨幣對沖損失，在第二季度達到 1.2 億美元。

This is a result of the yen significantly weakening in the quarter.

這是日元在本季度大幅走弱的結果。

The hedge program we entered into at the signing of the sponsor agreement provided protection from a strengthening yen, while allowing for partial participation in any purchase price reduction if the yen weakened.

我們在簽署保薦人協議時制定的對沖計劃為日元走強提供了保護，同時允許在日元走弱時部分參與任何購買價格的下調。

With the weakening of the yen, approximately one-half of the savings from the lower purchase price for Elpida is reflected as a loss on the hedge and has been included in our income statement for the quarter.

隨著日元貶值，從 Elpida 較低的購買價格中節省的大約一半反映為對沖損失，並已包含在我們本季度的損益表中。

Any reduction in purchase price will not be recognized on our balance sheet until the transaction is closed, using the exchange value at that time.

在交易完成之前，使用當時的交換價值在我們的資產負債表上不會確認購買價格的任何降低。

We do not provide any guidance on hedging gains or losses, given the extreme volatility of the yen at this time.

鑑於目前日元的極端波動性，我們不提供任何對沖收益或損失的指導。

Nonoperating expense in the second quarter also includes a $31 million charge associated with the repurchase of $464 million face amount of 2014 convertible bonds.

第二季度的營業外費用還包括與回購面值 4.64 億美元的 2014 年可轉換債券相關的 3100 萬美元費用。

I will touch on this in more detail in a few minutes.

我將在幾分鐘後更詳細地討論這個問題。

Also in the results for the second quarter are favorable nonrecurring adjustments to income taxes of $19 million, relating to two non-US jurisdictions.

第二季度的結果還包括與兩個非美國司法管轄區有關的 1900 萬美元所得稅的有利的非經常性調整。

Turning now to operating results and outlook, trade NAND bit sales in the second quarter increased compared to the prior quarter, primarily as a result of production increases from higher output of 20 nanometer devices.

現在轉向經營業績和展望，第二季度的貿易 NAND 位銷售額與上一季度相比有所增加，這主要是由於 20 納米器件產量增加導致產量增加。

Trade NAND average selling prices were relatively flat, quarter to quarter.

貿易 NAND 平均售價相對持平，季度與季度。

We continue to see growth in SSD sales, which increased just over 40% in the second quarter compared to Q1.

我們繼續看到 SSD 銷售額的增長，與第一季度相比，第二季度增長了 40% 以上。

Mark will provide more detail on these trends in a few minutes.

馬克將在幾分鐘內提供有關這些趨勢的更多詳細信息。

Guidance for Q3 trade NAND is as follows.

Q3 交易 NAND 的指導如下。

Estimated trade NAND selling prices will be down mid-single digits quarter to date, including the projected effect of mix for the quarter.

迄今為止，估計貿易 NAND 銷售價格將下降中個位數，包括本季度混合的預計影響。

Bit costs are expected to be down mid-single digits, while bit production is expected to be up mid- to high-single digits.

鑽頭成本預計將下降中個位數，而鑽頭產量預計將達到中高個位數。

Key trends for Q3 affecting this guidance are, we expect a higher density product mix in both the NAND Solutions Group and the Embedded Solutions Group, lowering both ASP and cost per gigabyte, while increasing volumes, resulting in similar margins overall.

影響這一指導的第三季度的主要趨勢是，我們預計 NAND 解決方案集團和嵌入式解決方案集團的產品組合密度更高，降低了 ASP 和每 GB 成本，同時增加了產量，從而導致整體利潤率相似。

In ESG, the density increase is coming mainly from automotive and consumer applications.

在 ESG 中，密度增加主要來自汽車和消費類應用。

In NSG, we expect to sell an increasing number of SSD drives with greater capacity per drive, which slightly lowers the average ASP and cost per gigabyte.

在 NSG 中，我們預計將銷售越來越多的 SSD 驅動器，每個驅動器的容量更大，這會略微降低平均 ASP 和每 GB 成本。

And we continue the migration to 20 nanometer process technology, resulting in lower costs and increasing bit output.

我們繼續向 20 納米工藝技術遷移，從而降低成本並增加比特輸出。

We expect to see bit crossover this quarter.

我們預計本季度會出現一些交叉。

DRAM revenue in the second quarter increased 24% compared to the previous quarter, primarily as a result of a 38% increase in bit sales, partially offset by a 10% decrease in average selling price.

第二季度的 DRAM 收入與上一季度相比增長了 24%，主要是由於位銷售額增長了 38%，部分被平均售價下降 10% 所抵消。

The higher DRAM production was achieved in the second quarter due to strong operational performance and higher volumes from Inotera.

由於 Inotera 強勁的運營業績和更高的產量，第二季度實現了更高的 DRAM 產量。

The DRAM average selling price decrease in the second quarter was primarily caused by a higher concentration of sales into the PC market as a result of increased production taken from Inotera.

第二季度DRAM平均售價下降主要是由於Inotera的產量增加導致PC市場的銷售集中度更高。

These sales have lower per bit selling prices as well as lower per bit costs compared to other DRAM products in our portfolio.

與我們產品組合中的其他 DRAM 產品相比，這些銷售的每比特售價和每比特成本更低。

Wafers acquired from Inotera in the second quarter increased 26% as the new supply agreement took effect January 1. DRAM bit costs decreased 18% quarter to quarter, driven primarily by the higher concentration of lower-cost products from Inotera.

由於新的供應協議於 1 月 1 日生效，第二季度從 Inotera 收購的晶圓增加了 26%。DRAM 位成本環比下降了 18%，主要是由於 Inotera 低成本產品的集中度較高。

Overall gross margin across all our DRAM products increased quarter to quarter by about 6 points.

我們所有 DRAM 產品的整體毛利率環比增長約 6 個百分點。

Note that our cost of wafers from Inotera will vary under the new supply agreement as market prices for DRAM products increase or decrease.

請注意，根據新的供應協議，隨著 DRAM 產品的市場價格上漲或下跌，我們來自 Inotra 的晶圓成本會有所不同。

The new Inotera structure is expected to be a net positive to our income and cash flow in Q3 as it was in Q2.

與第二季度一樣，新的 Inotera 結構預計將對我們第三季度的收入和現金流產生淨積極影響。

Guidance for Q3 DRAM is as follows.

Q3 DRAM 的指導如下。

Quarter-to-date selling prices for DRAM products, including the projected mix effects for the quarter, are up mid-single digits compared to the Q2 average.

與第二季度的平均水平相比，DRAM 產品的季度至今銷售價格（包括本季度預計的混合效應）上漲了中個位數。

Projected bit costs are down mid- to high-single digits and projected production volume is up a couple of percent.

預計鑽頭成本下降中高個位數，預計產量增加幾個百分點。

Key themes influenced in this guidance are 4 gigabit DDR3 volume continues ramping with the effect of improving margins while muting 30 nanometer bit growth and comprised over one-half of DRAM bit sales in the second quarter.

受此指導影響的關鍵主題是 4 Gb DDR3 銷量繼續增長，提高了利潤率，同時抑制了 30 納米位的增長，佔第二季度 DRAM 位銷售額的一半以上。

We expect an increasing mix of our 30 nanometer DRAM moving into the server and networking segments.

我們預計我們的 30 納米 DRAM 將越來越多地進入服務器和網絡領域。

We are seeing a somewhat higher percentage of our total bit production from Inotera with improving product mix and costs that move directionally with prices in the market minus model.

我們看到，隨著產品組合和成本的改善，隨著市場價格減去模型，我們的總鑽頭產量的百分比有所提高。

And output in the third quarter is muted as we plan to reconfigure a portion of our current DRAM capacity to enable NAND flexibility, as Mark previously mentioned.

正如 Mark 之前提到的，由於我們計劃重新配置當前 DRAM 容量的一部分以實現 NAND 靈活性，因此第三季度的產出處於低迷狀態。

NOR sales decreased 14% in the second quarter, in line with our seasonal expectation.

NOR 銷售額在第二季度下降 14%，符合我們的季節性預期。

NOR revenue and costs in the third quarter are expected to be relatively flat compared to Q2.

與第二季度相比，預計第三季度 NOR 的收入和成本將相對持平。

SG&A expense in the second quarter was below our guided range as a result of lower costs associated with pending legal matters.

由於與未決法律事務相關的成本降低，第二季度的 SG&A 費用低於我們的指導範圍。

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

我們預計第三季度的 SG&A 費用將在 1.35 億美元至 1.45 億美元之間。

R&D expense was $214 million in the second quarter and is expected to be between $225 million and $235 million in the third quarter.

第二季度的研發費用為 2.14 億美元，預計第三季度將在 2.25 億美元至 2.35 億美元之間。

With the termination of the DRAM joint development program with Nan Ya, virtually no DRAM development costs were shared with Nan Ya during the second quarter.

隨著與南亞的 DRAM 聯合開發計劃的終止，第二季度幾乎沒有與南亞分攤 DRAM 開發成本。

The level of R&D expense in any given quarter could vary based on the timing of product qualifications and the volume of development wafers processed.

任何給定季度的研發費用水平可能會根據產品認證的時間和處理的開髮晶圓數量而有所不同。

The Company generated $234 million in cash flow from operating activities in the second quarter, roughly flat compared to the prior quarter.

公司第二季度的經營活動產生了 2.34 億美元的現金流，與上一季度基本持平。

Cash flow from operating activities in the second quarter includes a negative shift in working capital accounts within the normal scope of fluctuations that we see quarter to quarter.

第二季度經營活動產生的現金流量包括營運資本賬戶在我們看到的季度正常波動範圍內的負轉移。

Total inventories decreased slightly in the second quarter compared to Q1.

與第一季度相比，第二季度總庫存略有下降。

The second quarter ended with cash and investments, including noncurrent investments of just under $2.8 billion.

第二季度以現金和投資結束，包括略低於 28 億美元的非流動投資。

Expenditures for property, plant and equipment in the second quarter were $353 million and we still expect total expenditures for the fiscal year to be between $1.6 billion and $1.9 billion.

第二季度的物業、廠房和設備支出為 3.53 億美元，我們仍預計本財年的總支出在 16 億美元至 19 億美元之間。

Note, however, that quarterly expenditures can vary depending on the timing of equipment receipts.

但請注意，季度支出可能因設備接收時間而異。

We successfully completed an offering of $600 million in convertible notes the first week of February.

我們在 2 月的第一周成功完成了 6 億美元的可轉換票據發行。

We also entered into capped calls to effectively minimize the dilution of these convertible notes.

我們還進行了上限電話會議，以有效減少這些可轉換票據的稀釋。

The bulk of the proceeds were used to repurchase $464 million face amount of our 2014 convertible notes that are coming due, effectively refinancing them out to 2018 and 2020.

大部分收益用於回購我們即將到期的 2014 年可轉換票據面值 4.64 億美元，有效地將其再融資至 2018 年和 2020 年。

We paid holders a price very close to the market price for the notes.

我們向持有人支付了非常接近票據市場價格的價格。

However, the accounting for the early redemption resulted in the non-cash charge of $31 million I mentioned earlier.

但是，提前贖回的會計處理導致我之前提到的 3100 萬美元的非現金費用。

Depending on market conditions, we may repurchase additional 2014 notes prior to their maturity.

根據市場情況，我們可能會在到期前回購額外的 2014 年票據。

Concurrent with the convertible note offering, we published some recent financial information on Elpida, including pro forma financial summaries.

在發行可轉換票據的同時，我們發布了一些關於爾必達的近期財務信息，包括備考財務摘要。

These pro formas present historical financial information for Micron and Elpida as if the acquisition of Elpida Rexchip had already occurred, including the affect of purchase accounting.

這些備考表提供了美光和爾必達的歷史財務信息，就好像對 Elpida Rexchip 的收購已經發生，包括採購會計的影響。

Elpida's US GAAP financial statements for the fiscal year ended March 31, 2012, reflect an impairment charge of $2.8 billion to write down property, plant and equipment to its estimated fair value as of that date.

爾必達截至 2012 年 3 月 31 日的財政年度的美國公認會計原則財務報表反映了 28 億美元的減值費用，以將物業、廠房和設備減記至截至該日期的估計公允價值。

As part of the pro forma adjustments, PP&E is assumed to be further written down in purchase accounting by an additional approximate $2 billion to a net value just over $1 billion, resulting in the fair value of the net assets acquired equaling the purchase price.

作為備考調整的一部分，假設 PP&E 在購買會計中進一步減記約 20 億美元，淨值略高於 10 億美元，從而使所購淨資產的公允價值等於購買價格。

As a result, the Elpida Rexchip acquisition represents an approximate 45% increase in Micron's wafer capacity, but only a 15% increase in depreciation expense.

因此，收購 Elpida Rexchip 意味著美光的晶圓產能增加了約 45%，但折舊費用僅增加了 15%。

Now I will 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。

I'm going to provide some more detail on our second-quarter operating performance, as well as share some observations about the overall market environment in the memory industry.

我將提供有關我們第二季度運營業績的更多細節，並分享對內存行業整體市場環境的一些觀察。

Our NAND Solutions Group recorded a 15% quarter-on-quarter revenue increase.

我們的 NAND 解決方案部門的收入環比增長了 15%。

Coming out of the holiday season, we were watching for potential downward pressure in market pricing.

假期結束後，我們一直在關注市場定價的潛在下行壓力。

However, NAND pricing was favorable in our Q2 as end markets for SSDs, smartphones and tablets remained strong demand drivers for increased NAND bits.

然而，由於 SSD、智能手機和平板電腦的終端市場仍然是 NAND 位增加的強勁需求驅動因素，我們第二季度的 NAND 定價是有利的。

Micron's trade NAND was basically flat even while somewhat limited by growth in the high density solid state drives that had a decreasing effect on the ASP per gigabyte calculation.

美光的 NAND 貿易量基本持平，儘管受到高密度固態驅動器增長的限制，這對每 GB 的 ASP 計算產生了下降的影響。

Margins improved in the quarter, benefiting by increased shipments of our industry-leading 20 nanometer node, improving our cost per gigabyte quarter on quarter.

本季度利潤率有所提高，這得益於我們行業領先的 20 納米節點的出貨量增加，從而提高了我們每 GB 成本的季度環比。

We shipped 1.1 billion gigabytes in our trade NAND business in the quarter.

我們在本季度的貿易 NAND 業務中出貨了 11 億 GB。

We continue to grow our presence in the storage category with products aimed at segments such as personal storage, cloud and data center storage, and I/O accelerators for the data center.

我們通過針對個人存儲、雲和數據中心存儲以及數據中心 I/O 加速器等細分市場的產品繼續擴大我們在存儲類別中的影響力。

We shipped roughly 1.3 million solid state drives in our second quarter, up over 40% when compared to our first quarter.

我們在第二季度出貨了大約 130 萬個固態硬盤，與第一季度相比增長了 40% 以上。

In Q2, SSDs represented 20% of our trade NAND business.

在第二季度，SSD 占我們貿易 NAND 業務的 20%。

If you include NAND component sales to SSD providers, around 40% of our trade NAND bids go into solid state drives.

如果將向 SSD 供應商銷售的 NAND 組件包括在內，我們大約 40% 的貿易 NAND 投標都用於固態驅動器。

Our development of enterprise class SSDs is progressing well.

我們企業級 SSD 的開發進展順利。

Revenue roughly doubled last quarter, albeit off of a low base, and continues to be an area of investment going forward.

儘管基數較低，但上個季度的收入大約翻了一番，並且繼續成為未來的投資領域。

We began customer shipments of our 320h, SLC-based, PCIe SSD and continue to strengthen our SATA and SAS product roadmaps, positioning Micron as a broad provider of enterprise storage class products.

我們開始向客戶交付基於 SLC 的 320 小時 PCIe SSD，並繼續加強我們的 SATA 和 SAS 產品路線圖，將美光定位為企業存儲類產品的廣泛供應商。

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

在技術和運營方面，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 shipping our 20 nanometer TLC NAND Flash and continue to increase our 20 nanometer MLC production as well.

我們開始出貨 20 納米 TLC NAND 閃存，並繼續增加 20 納米 MLC 的產量。

Our 20 nanometer ramp is on track and we expect production crossover in the current quarter.

我們的 20 納米斜坡正在按計劃進行，我們預計本季度將實現生產交叉。

Keep in mind, some of our more value-added segments, like SSDs, often require additional time before utilizing the most leading-edge process.

請記住，我們的一些更具附加值的細分市場，如 SSD，通常需要額外的時間才能使用最前沿的工藝。

This quarter we will commence volume sales of our 20 nanometer based SSDs, including our recently announced M500, which ships in terabyte-class densities with very competitive price points.

本季度，我們將開始批量銷售基於 20 納米的 SSD，包括我們最近發布的 M500，它以 TB 級的密度發貨，價格極具競爭力。

MLC represented about 80% to 85% of our wafer production in Q2, with SLC and TLC essentially splitting the remainder.

MLC 約占我們第二季度晶圓產量的 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 second quarter reflect the improving ASPs Ron references, combined with strong growth in bit sales, buoyed by increased volumes resulting from our new arrangement with Inotera.

我們的 DRAM 解決方案集團在第二季度的銷售額反映了 Ron 參考值的提高，以及位銷售額的強勁增長，這得益於我們與 Inotera 的新安排帶來的銷量增加。

We are very pleased with the additional scale, stable gross margin percentage and operating margin leverage in a strong market which this new structure provides.

我們對這種新結構在強勁市場中提供的額外規模、穩定的毛利率和營業利潤率槓桿感到非常滿意。

Revenue for DSG was up 26% and our gross margins for DRAM overall improved by close to 600 basis points quarter over quarter.

DSG 的收入增長了 26%，我們的 DRAM 整體毛利率環比提高了近 600 個基點。

We were pleased with the direction of several of our DSG segments.

我們對我們的幾個 DSG 細分市場的方向感到滿意。

On the service side, we increased shares significantly at key OEMs and cloud service providers.

在服務方面，我們在主要 OEM 和雲服務提供商的份額顯著增加。

Q2 was a record quarter in this segment, with shipments of over 200 million gigabit equivalence.

第二季度是該領域的創紀錄季度，出貨量超過 2 億千兆比特。

DRAM bit shipments in networking were up 20% compared to our first quarter, and now represents roughly 17% of our overall DRAM revenue.

與第一季度相比，網絡領域的 DRAM 位出貨量增長了 20%，現在約占我們 DRAM 總收入的 17%。

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

我們又迎來了一個強勁的季度，並在向小型客戶和分銷商擴展傳統的大型 OEM 業務方面取得了進展，銷售我們的網絡產品組合。

DDR3 volume eclipsed DDR2 volume for the first time and we are now sampling DDR4.

DDR3 體積首次超過 DDR2 體積，我們現在對 DDR4 進行採樣。

RLDRAM continues to gain momentum and we had a strong design activity with enablers and OEMs for HMC -- Hybrid Memory Cube.

RLDRAM 繼續獲得動力，我們與 HMC 的推動者和 OEM 進行了強大的設計活動 - 混合內存立方體。

From a market standpoint, US carrier CapEx for LTE deployment is strong and data center networking remains a bright spot for investment by key OEMs.

從市場角度來看，美國運營商 LTE 部署的資本支出強勁，數據中心網絡仍然是主要 OEM 投資的亮點。

On the operations front, we hit bit crossover for 30 nanometer in Q2.

在運營方面，我們在第二季度實現了 30 納米的位交叉。

We anticipate that we will be able to ship 25 nanometer technology in volume during our second half 2013 calendar year.

我們預計我們將能夠在 2013 年下半年批量出貨 25 納米技術。

In addition, our team continues to make progress on the development of our 20 nanometer product, as we look to start sampling that product technology by the end of the calendar year.

此外，我們的團隊繼續在 20 納米產品的開發上取得進展，因為我們希望在今年年底開始對該產品技術進行採樣。

DRAM pricing has strengthened from the bottom and is up mid-single digits from the Q2 average, quarter to date.

DRAM 價格從底部開始走強，較第二季度的平均價格上漲了個位數。

Obviously, as with any recovering pricing environment, the channel or spot market starts out in front of our OEM contract pricing.

顯然，與任何復甦的定價環境一樣，渠道或現貨市場在我們的 OEM 合同定價之前開始。

While there remains a gap between spot and contract pricing, it is narrowing and we see that as a continuing dynamic in Q3.

雖然現貨和合約定價之間仍然存在差距，但差距正在縮小，我們認為這是第三季度的持續動態。

Channel inventory is very tight and we are currently on allocation to several channel and OEM customers.

渠道庫存非常緊張，我們目前正在分配給幾個渠道和 OEM 客戶。

The DRAM supply and demand balance appears to be favorable and we are well positioned to capitalize that going forward.

DRAM 供需平衡似乎是有利的，我們有能力在未來利用這一點。

Sales by the Wireless Solutions Group were down 19% quarter over quarter, with a slowdown in the sale of feature phone driven products, including wireless NOR and SLC NAND.

無線解決方案集團的銷售額環比下降 19%，其中包括無線 NOR 和 SLC NAND 在內的功能手機驅動產品的銷售放緩。

As mentioned in our last call, we are growing our presence in the mobile DRAM space in particular, with low power DDR2 design of two of the top five smartphone makers.

正如我們在上次電話會議中提到的，我們正在擴大我們在移動 DRAM 領域的影響力，特別是前五名智能手機製造商中的兩家採用低功耗 DDR2 設計。

We are also now sampling low-power DDR3 with major system-on-a-chip suppliers, which will enable end customers' design and activity.

我們現在還與主要的片上系統供應商提供低功耗 DDR3 樣品，這將支持最終客戶的設計和活動。

In anticipation of the Elpida, we continue to work on rationalizing our product lines from a margin perspective as we seek to blend the best of the Elpida portfolio with our Micron products and technology.

在預期 Elpida 的情況下，我們將繼續從利潤的角度合理化我們的產品線，因為我們尋求將 Elpida 產品組合中最好的產品與我們的 Micron 產品和技術相結合。

Our focus will continue to shift from feature phones to smartphones and tablets going forward, with a product portfolio focused on low-power DDR2 and DDR3, as well as a growing portfolio around eMCP and eMMC.

未來，我們的重點將繼續從功能手機轉向智能手機和平板電腦，產品組合專注於低功耗 DDR2 和 DDR3，以及圍繞 eMCP 和 eMMC 不斷增長的產品組合。

From a market perspective, improving pricing trends in PC DRAM and NAND is starting to positively impact the mobile market.

從市場角度來看，PC DRAM 和 NAND 定價趨勢的改善開始對移動市場產生積極影響。

We expect smartphone units to be up close to 40% in 2013, which is better than our initial forecast coming into the year, driven by improved growth for entry-level smartphones.

我們預計 2013 年智能手機銷量將增長近 40%，這好於我們對今年的初步預測，這得益於入門級智能手機的增長改善。

In addition, higher end smartphones can be significantly growing memory content, in particular for DRAM, which is expected to increase roughly 30% to 40% year over year.

此外，高端智能手機的內存內容可能會顯著增長，尤其是 DRAM，預計將同比增長約 30% 至 40%。

Our Embedded Solutions Group had a record revenue quarter in Q2 of roughly $282 million, with strong continued operating margins of 23% in what has traditionally been a slower seasonal quarter.

我們的嵌入式解決方案事業部在第二季度創下了創紀錄的收入季度約為 2.82 億美元，在傳統上是一個較慢的季度季度，營業利潤率保持強勁的 23%。

This was our fourth consecutive quarter of record revenue.

這是我們連續第四個季度創紀錄的收入。

We benefited from strong regional demand in Japan and the Americas.

我們受益於日本和美洲的強勁區域需求。

DRAM was a particular highlight driven by automotive and industrial, medical and military segments.

DRAM 是汽車和工業、醫療和軍事領域推動的一個特別亮點。

We are ramping 45 nanometer NOR, which now represents over 60% of our high density shipments and we are growing our presence in eMMC for the embedded segment, with that revenue up 50% quarter over quarter.

我們正在增加 45 納米 NOR，它現在占我們高密度出貨量的 60% 以上，我們正在擴大我們在嵌入式領域的 eMMC 中的存在，該收入環比增長 50%。

Excluding the extraordinary charges that Ron alluded to, we were encouraged with the improvement in our operating performance in the second quarter.

排除羅恩提到的特別費用，我們對第二季度經營業績的改善感到鼓舞。

In addition, we continue to make progress on our overall cost structure.

此外，我們繼續在整體成本結構方面取得進展。

SG&A and R&D were in line with our guidance.

SG&A 和 R&D 符合我們的指導。

We continue to drive our inventory lower.

我們繼續降低庫存。

In fact, inventory was down $110 million quarter over quarter, which represents a decrease of over $350 million year over year, over the past 12 months.

事實上，在過去的 12 個月中，庫存環比下降了 1.1 億美元，同比下降超過 3.5 億美元。

The sale of our Avezzano imaging fab is a good example of the steps we are taking to improve our long-term operating efficiency.

出售我們的 Avezzano 成像工廠是我們為提高長期運營效率而採取的措施的一個很好的例子。

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

在我們為完成 Elpida 交易做準備時，我們的管理團隊繼續制定整合計劃。

As we have interacted with the Elpida team members in planning the new Micron, we have grown more impressed with the people and resulting product and technology capabilities.

當我們與 Elpida 團隊成員在規劃新的 Micron 時進行互動時，我們對員工以及由此產生的產品和技術能力印象深刻。

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。

They clearly understand how memory is evolving to new applications and form factors as part of a solutions orientation, away from a standard commodity module.

作為解決方案導向的一部分，他們清楚地了解內存如何演變為新的應用程序和外形尺寸，而不是標準的商品模塊。

We are optimistic that end markets such as mobile, server, networking, enterprise and embedded will continue to drive strong demand for our products, and thus feel that both DRAM and NAND will stay in good supply and demand balance in Q3.

我們樂觀地認為，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，因此認為 DRAM 和 NAND 將在第三季度保持良好的供需平衡。

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

有了這個，我會把它交還給基普。

Thanks, Mark.

謝謝，馬克。

We would now like to take questions from callers.

我們現在想回答來電者的問題。

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

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

With that, we would like to open up the phone lines.

有了這個，我們想打開電話線。

(Operator Instructions), Monika Garg, Pacific Crest.

（操作員說明），Monika Garg，Pacific Crest。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

First question is given that Inotera has spent $30 million CapEx in the past two years and they also guided to low CapEx going into 2013, could you maybe comment on where do you think Inotera is in its NOR transition roadmap and especially comparing them to Micron's NOR transition?

第一個問題是，Inotera 在過去兩年中花費了 3000 萬美元的資本支出，並且他們還引導到 2013 年的低資本支出，您能否評論一下您認為 Inotera 在其 NOR 過渡路線圖中的位置，尤其是將它們與美光的 NOR 進行比較過渡？

This is Mark.

這是馬克。

The Inotera fab is really just in the last phases of completing the 30 nanometer ramp.

Inotera 晶圓廠實際上正處於完成 30 納米坡道的最後階段。

That CapEx is really pretty much completely funded at this point, so the forward-looking CapEx for them will occur late in 2013 and into the first half of 2014, to drive a 20 nanometer transition.

在這一點上，資本支出實際上已經得到了完全的資助，因此他們的前瞻性資本支出將在 2013 年末和 2014 年上半年發生，以推動 20 納米的過渡。

I wouldn't expect that to be overly steep, but it could occur throughout the totality of 2014 with most of the CapEx coming in the front half of that year.

我不認為這會過於陡峭，但它可能會在整個 2014 年發生，大部分資本支出都出現在當年上半年。

All right, thanks.

好的，謝謝。

And then the last question, Elpida, could you give us any idea on what Elpida spent on CapEx last year?

最後一個問題，Elpida，你能告訴我們 Elpida 去年在資本支出上的花費嗎？

Or do you think that CapEx needs to ramp up since Elpida was not investing enough money due to bankruptcy?

或者您是否認為由於爾必達因破產而沒有投入足夠的資金，資本支出需要增加？

You know, we are not going to comment on what Elpida has been doing or on their internal operations.

你知道，我們不會評論爾必達一直在做的事情或他們的內部運營。

What we have told you before, relative to forward-looking CapEx for Elpida, is that, on average, it should look similar to our own technology migrations and capital intensity, which we don't believe is overly burdensome.

相對於爾必達的前瞻性資本支出，我們之前告訴過您的是，平均而言，它應該看起來類似於我們自己的技術遷移和資本密集度，我們認為這不會過於繁重。

Sure.

當然。

Thank you so much.

太感謝了。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

First of all, you mentioned or alluded to the fact that you will be shifting some DRAM capacity to NAND over the coming quarters.

首先，您提到或暗示您將在未來幾個季度將一些 DRAM 容量轉移到 NAND。

Can you maybe give us any more color on what the magnitude of that shift might be and in what facilities?

您能否就這種轉變的幅度以及在哪些設施中提供更多顏色？

We are not going to comment on particular facilities.

我們不會對特定設施發表評論。

And really what I intended to convey to you was that we had were making steps to provide ourselves the flexibility to make those moves, but not necessarily a commitment to any particular timeline or magnitude of those changes.

實際上，我打算向您傳達的是，我們正在採取措施為自己提供採取這些行動的靈活性，但不一定承諾對任何特定的時間表或這些變化的幅度。

So, I think what you will see is activity going on at Micron fabs in order to lay the groundwork so that we have the flexibility to do that.

因此，我認為您將看到美光晶圓廠正在進行的活動，以便奠定基礎，以便我們能夠靈活地做到這一點。

In the short term, what that means is more engineering activity and a small amount of incremental tool installation and minor disruption to ongoing operations, but no significant capacity decisions have been made at this point.

在短期內，這意味著更多的工程活動和少量的增量工具安裝以及對持續運營的輕微干擾，但目前尚未做出重大的產能決策。

Fair enough.

很公平。

Thanks.

謝謝。

And then maybe as a follow-up, can you maybe update for us your assumptions about what the NAND industry will do in terms of bit growth for the year overall?

然後也許作為後續行動，您能否為我們更新您對 NAND 行業在今年整體位增長方面將做些什麼的假設？

And then where Micron expects to come in within that, given what you just talked about in the last question?

那麼，鑑於您在上一個問題中剛剛談到的內容，美光預計會在哪些方面發揮作用？

Thanks.

謝謝。

Jim, this is Mark Adams.

吉姆，這是馬克亞當斯。

I think the numbers we based -- are planning around is in the 30% to 40% range of the NAND bit growth and I would expect Micron to be to the upper end of that range, but basically right around there.

我認為我們基於的數字 - 計劃在 NAND 位增長的 30% 到 40% 範圍內，我預計美光將達到該範圍的上限，但基本上就在附近。

So, that's an incremental tick down for the industry relative to what you talked about before.

因此，相對於您之前所說的，這對行業來說是一個漸進的下降。

Is that correct?

那是對的嗎？

Just slightly, Jim, yes.

只是，吉姆，是的。

Great.

偉大的。

Thanks so much.

非常感謝。

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

Thanks.

謝謝。

Can I just clarify a point?

我能澄清一點嗎？

Because when I hear your forecast -- not forecast, but your statements about ASPs for the quarter in DRAM.

因為當我聽到你的預測時——不是預測，而是你關於 DRAM 季度 ASP 的陳述。

Is it right to say that what's really happening is as you take on more Inotera wafers, it actually impacts the ASP increase because of mix, but it actually is still contributing solidly to profitability?

是否可以說真正發生的事情是當您採用更多的 Inotera 晶圓時，它實際上會因為混合而影響 ASP 的增長，但它實際上仍然對盈利能力做出了堅實的貢獻？

Yes, I think that's right.

是的，我認為這是正確的。

There is really two things driving the cumulative impact on ASPs for us.

對我們來說，實際上有兩件事推動了對 ASP 的累積影響。

One is the relative lag, contract to spot.

一是相對滯後，合約到現貨。

And the other is the change in our mix that has occurred with the addition of the Inotera increment.

另一個是隨著 Inotera 增量的增加，我們的組合發生了變化。

Now, over time, obviously, we will start moving more of that capacity into value added segments, but the initial slug of capacity came in the PC area.

現在，隨著時間的推移，顯然，我們將開始將更多的產能轉移到增值領域，但最初的產能過剩來自 PC 領域。

Okay.

好的。

Fair enough.

很公平。

That's an important point.

這是很重要的一點。

Second thing, Mark, actually just to clarify.

第二件事，馬克，實際上只是為了澄清。

You made a statement about channel inventory being very lean.

您發表了關於渠道庫存非常精簡的聲明。

I just wanted to clarify, when you look into distributors, you don't feel like those guys are trying to build inventory as they sometimes do when pricing is rising?

我只是想澄清一下，當您調查分銷商時，您不會覺得那些人在嘗試建立庫存，就像他們有時在價格上漲時所做的那樣？

And just sort of related to that, are you also on allocation for NAND?

與此相關的是，您是否也在分配 NAND？

You suggested you were selling DRAM.

您建議您銷售 DRAM。

The answer to the first question is we don't think that the distributors are in a good inventory position at this point relative to 6 to 12 months ago.

第一個問題的答案是，與 6 到 12 個月前相比，我們認為分銷商此時的庫存狀況並不好。

We think it's pretty lean there as well.

我們認為那裡也很精簡。

Quite honestly, there is just not that much capacity available for those channels, for them to take that position.

老實說，這些渠道沒有那麼多容量可供他們佔據這一位置。

As it relates to the NAND piece of the equation, there is certainly pockets of NAND that are in tight constraint as well.

由於它與等式中的 NAND 部分有關，因此肯定有一些 NAND 口袋也受到嚴格限制。

A lot of that is driven by the production mismatch sometimes with what the requirements are on higher density SSDs, so we are really seeing tough pockets on limits of available supply for some of the SSD categories.

其中很大一部分是由於生產不匹配，有時與更高密度 SSD 的要求不匹配，因此我們確實看到某些 SSD 類別的可用供應限制非常困難。

Okay.

好的。

Just one last quick question.

最後一個快速的問題。

Thinking about the pull that you are seeing for DRAM from now a variety of end markets, not just normal PC, I wonder if you can rank the end markets now in terms of what areas are pulling DRAM at the greatest or fastest growth rate, be it server, networking, global or PC.

考慮到您從現在看到的各種終端市場對 DRAM 的拉動，而不僅僅是普通 PC，我想知道您是否可以根據哪些領域以最大或最快的增長率對 DRAM 進行排名，是它服務器、網絡、全球或 PC。

So, what we are seeing in terms of overall raw capacity, it would be mobile, certainly, would be at the top of that list.

因此，就整體原始容量而言，我們所看到的它將是移動的，當然，它將位於該列表的頂部。

PCs are probably second when you factor in tablets and depends where you put tablets in the overall ranking.

當您將平板電腦考慮在內時，PC 可能排在第二位，這取決於您將平板電腦放在整體排名中的哪個位置。

Servers is actually pretty significant.

服務器實際上非常重要。

You've got single-digit growth, but pretty significant server DRAM content growth.

你有個位數的增長，但服務器 DRAM 內容增長非常顯著。

And that is becoming more and more of a growth category in terms of bit consumption.

就比特消費而言，這正成為越來越多的增長類別。

And of course, you've got the automotive and networking as you go down that list.

當然，當您查看該列表時，您已經獲得了汽車和網絡。

Is it fair to say that PC demand, ex tablets, is not so good right now?

公平地說，PC 需求，例如平板電腦，現在不是很好嗎？

Yes, but in balance.

是的，但要平衡。

You remember now, it's kind of funny because you just highlighted -- when you are a manufacturer of DRAM, you've got to make those calls on production bits on where those products are going.

您現在還記得，這很有趣，因為您剛剛強調了——當您是 DRAM 製造商時，您必須就這些產品的生產方向提出這些要求。

You can't just take a mobile bit and make it available on a PC guy or vice versa in a given production.

您不能只拿一個移動位，然後在給定的製作中將其提供給 PC 人員，反之亦然。

So, the unit growth in PCs might not be super high, but the balance of PC bits and PC demand is pretty healthy right now.

因此，PC 的單位增長可能不會超高，但 PC 位和 PC 需求的平衡目前相當健康。

Got it.

知道了。

Okay.

好的。

Thanks so much.

非常感謝。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

Good afternoon, guys.

下午好，伙計們。

Thanks for letting me ask the question.

謝謝你讓我問這個問題。

Congratulations.

恭喜。

Mark, I'm just kind of curious on the NAND pricing environment.

馬克，我只是對 NAND 定價環境有點好奇。

Typically, this time of year is the seasonally weak period.

通常，一年中的這個時候是季節性疲軟時期。

In addition, you've got the largest NAND buyer in the world going through a well-publicized, weaker than expected demand cycle, inventory work down ahead of, perhaps, a new product launch in a few months.

此外，世界上最大的 NAND 買家正在經歷一個廣為人知的、弱於預期的需求週期，庫存工作可能會在幾個月後推出新產品之前下降。

I guess I'm curious, your expectation for NAND pricing for the balance of the year and at what point, independent of getting the Elpida asset, do you think about raising the core CapEx of Micron from that $1.6 billion, $1.9 billion to maybe something higher?

我想我很好奇，你對今年餘下時間的 NAND 定價的期望，以及在什麼時候，除了獲得 Elpida 資產之外，你是否考慮將美光的核心資本支出從 16 億美元、19 億美元提高到可能的水平更高？

This is Mark Adams.

這是馬克亞當斯。

I'll take the first part of the question.

我將回答問題的第一部分。

The NAND business is kind of funny when you think about where it was and where it is today.

當您想到 NAND 業務的過去和今天的位置時，它會有點有趣。

It used to be a very seasonal business.

它曾經是一個非常季節性的業務。

You had memory cards and USB and MP3 players, all of it driven by either back-to-school or the holiday sales.

你有存儲卡、USB 和 MP3 播放器，所有這些都是由返校或假期銷售驅動的。

Today when you see NAND bits going, that's more diversified and less seasonal and so -- you referenced some changing customer dynamics around NAND, but in general, the demand driver is still really solid coming out of the holiday period, as I mentioned in my opening comments.

今天，當您看到 NAND 位的發展時，它更加多樣化且季節性較少，因此您提到了圍繞 NAND 的一些不斷變化的客戶動態，但總的來說，需求驅動因素在假期期間仍然非常穩固，正如我在我的文章中提到的那樣打開評論。

And we think it looks pretty good balance.

我們認為它看起來很平衡。

When you think about 30% to 40% bit growth, but you still think about strong demand across a growing SSD environment, smartphones not only growing in units, but taking on some more content.

當您想到 30% 到 40% 的位增長時，您仍然會想到不斷增長的 SSD 環境中的強勁需求，智能手機不僅數量增長，而且內容更多。

We think, overall, when you couple that with tablets, it's a real healthy outlook for us in the remainder of 2013 calendar.

我們認為，總體而言，當您將其與平板電腦結合使用時，我們在 2013 年剩餘時間裡的前景確實很健康。

Let me take the CapEx piece.

讓我來看看資本支出。

We are going to be very disciplined on CapEx here moving forward.

我們將在未來的資本支出方面非常自律。

And there's a lot of good reasons for that.

這有很多充分的理由。

First of all, of course, I already mentioned, we've got options relative to the capacity we have in terms of how we move that around between the various technologies and market segments to optimize margin.

首先，當然，我已經提到過，就我們如何在各種技術和細分市場之間移動以優化利潤率而言，我們有相對於我們擁有的能力的選擇。

And that can all be done relatively cost effectively.

而這一切都可以相對成本有效地完成。

So, think in terms of that's our most desirable way to adjust our capacity to match any imbalances we see.

所以，想想這是我們調整能力以匹配我們看到的任何不平衡的最理想方式。

But beyond that, there is a couple of reasons why it -- I think you will see Micron in particular and maybe others be somewhat reticent as they think about putting new capacity online, and that's this whole technology environment that we see today relative to -- we have 20 nanometer in volume production.

但除此之外，還有幾個原因——我認為你會特別看到美光，也許其他人在考慮將新容量上線時會有些沉默，這就是我們今天看到的整個技術環境—— - 我們有 20 納米的量產。

I think most of the folks are working on technologies down as low as maybe 14 nanometers for planar.

我認為大多數人都在研究低至 14 納米的平面技術。

But beyond that, most of the competitors are working on 3-D and there's just a big mismatch in the type of capacity you put in place for 3-D versus what you put in place for those end-of-life planar technologies.

但除此之外，大多數競爭對手都在研究 3-D，而您為 3-D 設置的容量類型與您為那些報廢的平面技術設置的容量類型存在很大的不匹配。

And so I think people are going to be pretty circumspect about how much capital they go spend on NAND capacity over the next couple of years while their prepping for a 3-D transition, sometime out in 2015, 2016.

因此，我認為人們在為 2015 年和 2016 年某個時間的 3-D 過渡做準備的同時，將非常謹慎地考慮在未來幾年內他們將在 NAND 容量上花費多少資金。

Mark, that's helpful.

馬克，這很有幫助。

Would you guys ever think about putting NAND inside of Inotera?

你們有沒有想過將 NAND 放入 Inotera 中？

Or will that stay predominantly a DRAM facility?

還是主要是 DRAM 設施？

We are not going to talk about which fabs we would or wouldn't consider.

我們不會談論我們會或不會考慮哪些晶圓廠。

We will consider -- actually, all our fabs -- all our 300 millimeter fabs, I think, are candidates and we are not going to be forecasting which ones we may or may not do.

我們將考慮——實際上，我們所有的晶圓廠——我認為，我們所有的 300 毫米晶圓廠都是候選者，我們不會預測我們可能會或可能不會做哪些。

And then, guys, one last quick one for Ron.

然後，伙計們，羅恩的最後一個快速的。

Ron, when you look at the OpEx growth that you guys are guiding to this quarter, how much of that is just improved revenue outlook versus maybe some one-offs either on the legal front or some R&D stuff that you have to get done that is driving that?

羅恩，當你看到你們本季度指導的運營支出增長時，其中有多少只是改善了收入前景，而不是法律方面的一些一次性或你必須完成的一些研發工作是駕駛那個？

I'm just trying to get a sense of what is variable growth versus maybe some stuff that just has to get done.

我只是想了解什麼是可變增長，而不是一些必須完成的事情。

Yes, John, in terms of the OpEx this last quarter, we had a couple of favorable effects I called out.

是的，約翰，就上個季度的運營支出而言，我們有幾個我提到的有利影響。

In the SG&A side, regarding legal expenses and they just happened to be lighter related to some of those legal activities that are hard to predict and they have lumpiness in accruals.

在 SG&A 方面，關於法律費用，它們恰好與一些難以預測的法律活動有關，而且它們的應計項目有起伏。

On the R&D side, it's varied, as I commented, related to wafer quals and timings of releases of products to production, so some of that is a shifting between COGS and R&D.

正如我所評論的，在研發方面，它與晶圓質量和產品發佈到生產的時間有關，因此其中一些是 COGS 和研發之間的轉變。

So, it's a question of which bucket we put it in.

所以，這是我們把它放在哪個桶裡的問題。

So you need to understand that, we are, in many cases, just moving dollars around.

所以你需要明白，在很多情況下，我們只是在轉移美元。

But the guidance I gave you for the third quarter is roughly in line with where we have been historically and I would see it as a more normal trend line.

但我給你的第三季度指導大致與我們的歷史水平一致，我認為這是一條更正常的趨勢線。

Perfect.

完美的。

Thanks, guys.

多謝你們。

Stephen Chin, UBS.

瑞銀的斯蒂芬·欽。

Thank you for taking my questions and nice job in the quarter.

感謝您在本季度接受我的問題和出色的工作。

First question is on the conversion of DRAM capacity to NAND.

第一個問題是關於 DRAM 容量向 NAND 的轉換。

I think a couple of years back when some of your peers were doing that every so often, I think it took them about a month or so, maybe a little more than that, to get the full yields on -- after the conversion.

我認為幾年前，當你的一些同行經常這樣做時，我認為他們花了大約一個月左右的時間，也許比這多一點，才能獲得全部收益——在轉換之後。

Can you talk about how long it would take for you guys to achieve the same improved yields after converting to NAND capacity, given the pretty fully utilized clean room stations in most of your fabs?

考慮到你們大多數晶圓廠中的潔淨室工作站都已得到充分利用，你們能否談談在轉換為 NAND 容量後，你們需要多長時間才能實現同樣的良率提升？

Well, see, I can't vouch for your time frames on what the competitors have done previously, relative to mature yields.

好吧，看，相對於成熟收益率，我不能保證你的競爭對手之前所做的事情的時間框架。

However, I would say that anything that we would consider would be on a much lower frequency than switching back and forth to take advantage of short market cycles.

但是，我想說的是，我們考慮的任何事情的頻率都比來回切換以利用較短的市場週期要低得多。

It would be much more along the lines of permanent transitions, as opposed to high frequency changes to capture small changes in temporary market conditions.

與捕捉臨時市場條件的微小變化的高頻變化相反，它將更多地沿著永久過渡的路線。

Thanks, Mark.

謝謝，馬克。

And my other question is just in terms of memory content, can you guys talk about what the current NAND content is in SSDs in terms of the sweet spot and where you expect to be at the end of the year?

我的另一個問題是關於內存內容，你們能否談談SSD中當前的NAND內容是什麼？

And, similarly, can you also run through the same for mobile DRAM and PC DRAM?

而且，類似地，您是否也可以對移動 DRAM 和 PC DRAM 進行相同的操作？

Thank you.

謝謝你。

Sure.

當然。

I'm assuming you're referring to the volume segment, the client business.

我假設您指的是銷量部分，即客戶業務。

On average, it's kind of in the 127 gigabyte, 128 gigabyte on the client side.

平均而言，它在客戶端是 127 GB，128 GB。

When you look at the enterprise part of the business, obviously a little bit higher towards the -- somewhere in the mid-250s on the enterprise side.

當您查看業務的企業部分時，顯然在企業方面的 250 年代中期的某個地方要高一些。

And we think that will continue to go up, as I mentioned earlier.

正如我之前提到的，我們認為這將繼續上升。

It's interesting, because it has a little bit of a negative impact on the ASP per gigabyte calculation as you go to higher density drives.

這很有趣，因為當您使用更高密度的驅動器時，它對每 GB 的 ASP 計算有一點負面影響。

But we think that will continue -- as far as the density consumption, that will continue to go up throughout the year both in the client SSDs and for us.

但我們認為這將繼續 - 就密度消耗而言，無論是客戶端 SSD 還是我們，全年都將繼續上升。

And how about for mobile DRAM products going to smartphones and also PC RAM?

對於智能手機和 PC RAM 的移動 DRAM 產品又如何呢？

Well, I think what we are seeing in general on that side is continuing to increase in content, albeit at a much lower amount or quantity, if you will.

好吧，我認為我們在這方面看到的總體情況是內容繼續增加，儘管數量或數量要低得多，如果你願意的話。

If you look at gigabytes and gigabits in the DRAM space, on the gigabyte per -- for your handset.

如果您查看 DRAM 空間中的千兆字節和千兆字節，那麼您的手機的每千兆字節。

In the smart phone business, we're projecting it's up about 37% year on year.

在智能手機業務中，我們預計同比增長約 37%。

If you look at NAND, in the premium segment, it's up double-digits as well.

如果你看看 NAND，在高端市場，它也有兩位數的增長。

We are seeing some of the tail off in some of the feature phone environments.

我們在某些功能手機環境中看到了一些問題。

But we think DRAM and NAND will continue to get pretty solid growth in content.

但我們認為 DRAM 和 NAND 將繼續在內容方面獲得相當穩健的增長。

Again, it is nowhere near comparisons to what SSD volume is in terms of storage content, but again, increasing content nonetheless.

同樣，就存儲內容而言，它與 SSD 容量相去甚遠，但同樣，它仍然增加了內容。

Thank you, Mark.

謝謝你，馬克。

Doug Freedman, RBC Capital Markets.

道格弗里德曼，加拿大皇家銀行資本市場。

Great.

偉大的。

Thanks for taking my questions, guys.

謝謝你提出我的問題，伙計們。

If you could talk a little bit about helping us understand how much of the business is presently exposed to contract-based pricing versus pricing that we are able to see in the marketplace on spot?

如果您能談談幫助我們了解目前有多少業務受到基於合同的定價而不是我們能夠在現場看到的市場定價？

Well, Doug, as you know, we have increased our capacity a lot in terms of the NAND business with our restructuring of the Inotera relationship.

好吧，Doug，如你所知，通過重組 Inotera 關係，我們在 NAND 業務方面的產能增加了很多。

On the DRAM side, this is the first quarter that we are seeing some of the effects of the Inotera volume and obviously the Elpida deal hasn't closed, so we are still more heavily weighted to OEM contract pricing in the volume markets, specifically, and in it's obviously true in specialty.

在 DRAM 方面，這是我們看到 Inotera 銷量影響的第一季度，顯然 Elpida 的交易尚未完成，因此我們仍然更加重視批量市場的 OEM 合同定價，具體而言，並且在專業方面顯然是正確的。

So, our model today is pretty heavily focused on contract and that's why, as I mentioned in my earlier comments, that lag effect shows up in our ASP at Micron relative to what you see in the DRAM exchange.

因此，我們今天的模型非常關注合同，這就是為什麼，正如我在之前的評論中提到的，相對於您在 DRAM 交易所中看到的情況，我們在美光的 ASP 中出現了滯後效應。

But we see that gap closing in Q3 like it normally does in a recovery market.

但我們看到這一差距在第三季度正在縮小，就像在復蘇市場中通常所做的那樣。

Is there any chance that we get to a point in the industry that you guys feel comfortable enough with how much business is being done and the visibility that you have on that business such that you'll offer revenue, gross margin and EPS guidance?

我們是否有機會在行業中達到一個點，讓你們對正在完成的業務量以及您對該業務的可見性感到滿意，以便您提供收入、毛利率和每股收益指導？

Doug, this is Ron.

道格，這是羅恩。

That's a good question about stability.

這是一個關於穩定性的好問題。

One of the challenges we have in trying to give hard guidance, if you will, is just the variability in our pricing.

如果您願意，我們在嘗試提供嚴格指導時所面臨的挑戰之一就是我們定價的可變性。

Historically, it's been related to -- while the variability and volatility in ASPs and PC DRAM pricing, for example.

從歷史上看，它與 - 例如，ASP 和 PC DRAM 定價的可變性和波動性有關。

Going forward, we have the added challenge of a very nice mix of products that we been able to develop in recent years and it continues to expand.

展望未來，我們面臨著額外的挑戰，即我們近年來能夠開發的非常好的產品組合，並且還在繼續擴大。

And as you have seen us caught out in conference calls, we have a lot of mix adjustments we have to do in our messaging.

正如您在電話會議中看到的那樣，我們必須在消息傳遞中進行很多混合調整。

With that combination of ASP volatility, which at least is still with us to date, and variation in mix it's pretty challenging to try to call it.

由於 ASP 波動性的組合（至少迄今為止我們仍然存在）和組合的變化，嘗試調用它是非常具有挑戰性的。

But we do try to point you, as you know, in the direction of where we think things are headed as best we can.

但是，如您所知，我們確實盡力為您指出我們認為事情發展的方向。

Great.

偉大的。

I've got a few more but I will jump back in the queue and leave it to my peers.

我還有一些，但我會跳回隊列並留給我的同齡人。

Thanks, guys.

多謝你們。

Thanks, Doug.

謝謝，道格。

Daniel Berenbaum, MKM Partners.

丹尼爾·貝倫鮑姆，MKM 合夥人。

Hi.

你好。

Thanks for taking the call.

感謝您接聽電話。

Real quick on the sale of the Avezzano fab, does that mean you're -- when does that close and does that mean that the imaging category will finally just go to zero for you guys?

Avezzano 晶圓廠的銷售真的很快，這是否意味著你們 - 什麼時候關閉，這是否意味著成像類別最終會歸零？

It will be very close to zero, post close, which should happen sometime in the May time frame.

收盤後，它將非常接近於零，這應該發生在 5 月的某個時間範圍內。

So, from August on.

所以，從八月開始。

And that, I assume, is going to be accretive to your overall results.

我認為，這將增加你的整體結果。

Can you talk -- how accretive would that be to gross margin and how much OpEx comes out?

你能談談 - 這對毛利率有多大的影響以及有多少 OpEx 出來？

Daniel, so first of all, it's a May close so after may we wouldn't have any volume.

丹尼爾，所以首先，這是五月的收盤，所以五月之後我們就沒有任何成交量了。

It would shift over, if that's when the close actually occurs.

如果那是實際發生收盤的時候，它會轉移。

In terms of impact on our financials, the imaging business is a piece of our other non-segment category in our financial statement.

就對我們財務的影響而言，影像業務是我們財務報表中其他非分部類別的一部分。

If you look at our 10-Ks and 10-Qs.

如果您查看我們的 10-K 和 10-Q。

And it's the predominant share of it, but it's not everything that's in there.

它是其中的主要部分，但並不是其中的所有內容。

If I look at the recent quarters, we have been running relatively negative on margin.

如果我看一下最近幾個季度，我們的利潤率一直是相對負的。

Not large amounts.

金額不大。

It's zeros to tens of millions of dollars kind of range per quarter, and often around zero because that's the targeted structuring.

每季度從零到數千萬美元的範圍，通常在零附近，因為這是有針對性的結構。

So, if you think about it, in recent history, it's probably a slight improvement marginally -- a few million dollars per quarter.

所以，如果你想一想，在最近的歷史中，它可能略有改善——每季度幾百萬美元。

Okay, thanks.

好的謝謝。

And then, going back to DRAM, Mark, you'd mentioned that you thought DRAM wafer capacity was going down, if I heard that correctly.

然後，回到 DRAM，Mark，如果我沒聽錯的話，您提到您認為 DRAM 晶圓產能正在下降。

So, in the industry, what gives you confidence that industry wafer capacity goes down?

那麼，在行業中，是什麼讓您對行業晶圓產能下降充滿信心？

And then, what industry supply growth do you think we can get from technology shrinks alone?

然後，您認為僅靠技術萎縮就能獲得哪些行業供應增長？

Well, the technology nodes are becoming increasingly complicated to drive the shift below 25 nanometers.

嗯，技術節點正變得越來越複雜，以推動低於 25 納米的轉變。

So, if you look at -- depending on exactly what your process technology node is, you look at anywhere from a 10% to 30% increase in complexity moving to a 20 nanometer node in terms of overall floor space loading and a total number of wafer moves.

因此，如果您查看 - 根據您的工藝技術節點的具體情況，您會看到復雜性增加 10% 到 30% 到 20 納米節點的總體佔地面積負載和總數晶圓移動。

So, there is a big range there because people are moving from different places with different toolsets, et cetera, but the trend is the same for all of us, which is we need more lithography; we need more dryers, equipment, et cetera, to facilitate a scaling.

所以，那裡的範圍很大，因為人們從不同的地方使用不同的工具集等等，但趨勢對我們所有人來說都是一樣的，那就是我們需要更多的光刻；我們需要更多的干燥機、設備等，以促進縮放。

And unless somebody is going to go out and build a new fab, which, I mentioned a little while ago, relative to NAND, you've got some impediments with 3-D on the DRAM side.

除非有人要出去建造一個新的晶圓廠，我剛才提到過，相對於 NAND，你在 DRAM 方面遇到了一些 3-D 障礙。

You've got EUV technology over the horizon.

你已經掌握了 EUV 技術。

Now you're going to go build a bunch of [pits doubling] DRAM capacity in advance of a potential technology shift to EUV.

現在你要在潛在的技術轉移到 EUV 之前建立一堆 [坑加倍] DRAM 容量。

I think there is a lot of reasons why people may look at just living within their existing four walls, and that would tend to drive wafer capacity down, while still driving an increase in bits.

我認為人們可能只考慮住在現有的四堵牆內的原因有很多，這往往會導致晶圓產能下降，同時仍會推動比特數的增加。

Was there a second part to your question?

你的問題還有第二部分嗎？

Well, that makes sense.

嗯，這是有道理的。

And then just related to that is, so, if people live with inside their -- within their own four walls now, as we go through change, what kind of bit growth do you think the industry is on?

然後與此相關的是，如果人們現在生活在他們自己的四堵牆內，隨著我們經歷變化，你認為這個行業會出現什麼樣的增長？

What kind of path do you think the industry is on purely from shrinks with no additional equipment?

您認為該行業在沒有額外設備的情況下純粹從收縮中走上什麼樣的道路？

Yes, I think it's in this 20% to 30% range that most people are prognosticating, and that looks about right to me.

是的，我認為大多數人的預測都在這 20% 到 30% 的範圍內，這對我來說似乎是正確的。

Okay.

好的。

Great.

偉大的。

Thanks very much.

非常感謝。

Steven Fox, Cross Research.

史蒂文福克斯，交叉研究。

Good afternoon.

下午好。

Just two questions for me.

對我來說只有兩個問題。

First of all, on the server DRAM, I think you guys mentioned that you were gaining share during the quarter.

首先，在服務器 DRAM 上，我想你們提到你們在本季度獲得了份額。

I was just curious what you would attribute that to.

我只是好奇你會把它歸因於什麼。

And then, secondly, just back on the SSDs, relative to the growth rate that you talked about -- the unit growth rate, how does that compare to the market and what would you consider your expectations for unit growth on enterprise and client going forward?

然後，其次，回到 SSD，相對於您談到的增長率——單位增長率，與市場相比如何，您認為您對企業和客戶未來單位增長的期望是什麼?

I know you talked about average capacities, but if you could flesh that out a little bit more, that would be helpful.

我知道你談到了平均容量，但如果你能把它充實一點，那會很有幫助。

Thanks.

謝謝。

On the first question as it relates to server, our growth has really been limited to our own capacity, which is now increasing.

關於與服務器有關的第一個問題，我們的增長實際上僅限於我們自己的容量，而現在正在增加。

And if you've looked, we've actually had record quarters the last four quarters, I believe, in server.

如果你看過，我們實際上在過去四個季度中創造了創紀錄的季度，我相信，在服務器。

This is the first time we were over 200 million gigabit equivalents and a lot of it has to do with the amount of server-grade quality we've been getting out of our factories, which, again, has been going up dramatically.

這是我們第一次超過 2 億千兆比特，這在很大程度上與我們從工廠中獲得的服務器級質量的數量有關，而這又一次急劇上升。

Micron has been a leader in terms of the server DRAM business for some time and our customers are asking to continue to scale there, so we continue to see growth opportunities.

一段時間以來，美光一直是服務器 DRAM 業務的領導者，我們的客戶要求繼續擴大規模，因此我們繼續看到增長機會。

And it's just, as we ramp more server product, we are getting it out to the market.

只是，隨著我們推出更多服務器產品，我們正在將其推向市場。

As it relates -- can you please ask the second part of your question on the SSD side?

正如它所涉及的那樣 - 您能否在 SSD 方面提出問題的第二部分？

Yes.

是的。

I'm just trying to understand the unit growth that you gave on SSDs a little bit better in terms of perspective on how you think the market is growing.

我只是想從你認為市場如何增長的角度更好地理解你在 SSD 上給出的單位增長。

And then what is the outlook for SSDs going forward from a unit standpoint?

那麼從單位的角度來看，SSD 的前景如何？

You talked about average capacity, but I'm just trying to (multiple speakers).

你談到了平均容量，但我只是想（多位發言者）。

Yes.

是的。

Sure.

當然。

I think the SSDs -- overall SSDs, we see year-on-year unit growth, 2013 over 2012 in the 60% to 70% range.

我認為固態硬盤——整體固態硬盤，我們看到 2013 年比 2012 年同比增長 60% 到 70%。

Of course, ours is growing much faster than that.

當然，我們的增長速度要快得多。

I think part of that is -- anytime you have a new technology like SSDs, there are a lot of competitors in the market, some of which just weren't able to compete long-term and that opens up market share for people who are in it for the long-term, such as Micron.

我認為其中的一部分是——只要你有像 SSD 這樣的新技術，市場上就會有很多競爭對手，其中一些只是無法長期競爭，這為那些正在開發市場份額的人打開了市場份額。長期在其中，例如美光。

We have always said that we believe people with access to the NAND, manufacturing the NAND, are going to have an advantage and we think -- as driven by our growth in the SSD market, that is playing out pretty well and we are optimistic we are going to continue to outgrow the market in the short term.

我們一直說，我們相信擁有 NAND 訪問權限、製造 NAND 的人將擁有優勢，我們認為——在我們在 SSD 市場增長的推動下，情況非常好，我們對我們持樂觀態度短期內將繼續超過市場。

Great.

偉大的。

Thank you very much.

非常感謝。

Ryan Goodman, CLSA.

瑞安古德曼，里昂證券。

Thanks for taking my question.

感謝您提出我的問題。

Congratulations on the quarter.

祝賀本季度。

Question on the capacity.

關於容量的問題。

If you were to shift or convert some of the DRAM capacity to NAND -- I know in the past you've talked about this being able to happen at a discounted price.

如果您要將部分 DRAM 容量轉移或轉換為 NAND——我知道過去您曾說過這可以以折扣價實現。

But how should we be thinking about incremental cash requirements to get that new NAND volume through a competitive geometry?

但是我們應該如何考慮增加現金需求以通過競爭幾何獲得新的 NAND 量？

I think the easiest way to think of it is, there is a spend per 1000 wafers per week or 1000 wafers per month that we would typically make to move a DRAM fab forward, a technology node, or a NAND fab forward, a technology node.

我認為最簡單的想法是，我們通常會花費每週每 1000 片晶圓或每月 1000 片晶圓來推動 DRAM 晶圓廠（技術節點）或 NAND 晶圓廠（技術節點）前進.

It's about the same.

差不多。

So if we want to take a leading-edge DRAM fab and move it forward -- and move it to a leading-edge NAND node, it's about the same spend as it would be to take that same fab and move it forward to the next node in DRAM.

因此，如果我們想採用領先的 DRAM 晶圓廠並將其向前移動——並將其移動到領先的 NAND 節點，那麼花費與占用同一晶圓廠並將其向前移動到下一個晶圓廠的花費大致相同DRAM中的節點。

It's that same sort of capital intensity.

這是同樣的資本密集度。

It's just choosing a slightly different node to transition to.

它只是選擇一個稍微不同的節點來過渡。

Okay.

好的。

I guess as a follow-up to that then, just a little bit.

我想作為後續行動，只是一點點。

So, if you were to mix shift from DRAM to NAND, I mean, it's a positive for margins at face value but you are shifting into a sector where you probably have one or two shrinks to catch up if you're going from where you are in DRAM to NAND.

所以，如果你要混合從 DRAM 到 NAND 的轉變，我的意思是，這對面值的利潤率是有利的，但你正在轉移到一個行業，如果你從哪裡開始，你可能會有一兩次收縮來趕上在 DRAM 到 NAND 中。

Costs are already getting a bit higher in NAND.

NAND的成本已經有點高了。

There's some major transitions around the corner that are still unknown with vertical, 3-D, whatever it turns into.

拐角處有一些主要的過渡，對於垂直的 3-D，無論它變成什麼，它們仍然是未知的。

So, I guess how are you thinking about the long-term return potential on these conversion costs, just between the conversion and the shrink versus -- I mean, especially now with the DRAM, it's looking pretty profitable.

所以，我猜你如何考慮這些轉換成本的長期回報潛力，就在轉換和縮小之間——我的意思是，特別是現在有了 DRAM，它看起來非常有利可圖。

So, I guess how are you thinking about balancing those two opportunities?

所以，我猜你是如何考慮平衡這兩個機會的？

Well, we are all about margin.

好吧，我們都是關於保證金的。

So we are going to take a look at where we think the margin is going to be for us on a relative basis and it's got to be sustainable.

因此，我們將看看我們認為相對而言我們認為利潤在哪裡，並且它必須是可持續的。

But that's what I meant when I talked about low-frequency and short-frequency changes here.

但這就是我在這裡談到低頻和短頻變化時的意思。

We are not going to be jerking our manufacturing capacity around to take advantage of short perturbations in the market, but we are going to try and align our capacity with the long-term demand and where we think we can drive higher margin business.

我們不會為了利用市場的短期波動而調整我們的製造能力，但我們將嘗試將我們的產能與長期需求以及我們認為可以推動更高利潤業務的領域保持一致。

So, if we identify an unfilled segment of the SSD market, we may want to go out and put capacity in place to service that.

因此，如果我們確定 SSD 市場的一個未填補部分，我們可能希望走出去並提供適當的容量來服務它。

Likewise, if we see something particularly attractive in package-on-package DRAM or something of that nature, we want to make sure we're there, too.

同樣，如果我們看到封裝上封裝 DRAM 或類似性質的東西特別有吸引力，我們希望確保我們也在那裡。

So, we are going to identify those high-margin opportunities and move our capacity to intercept them.

因此，我們將識別那些高利潤的機會，並提高我們攔截它們的能力。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

I hope that's not too fuzzy for you, but that's really all I can tell you.

我希望這對你來說不是太模糊，但這就是我能告訴你的全部。

No.

不。

That was great.

那很棒。

Thank you.

謝謝你。

Alex Gauna, JMP Securities.

亞歷克斯·高納，JMP 證券。

Good afternoon, everybody.

大家下午好。

I was wondering, could you clarify, did your exposure to commodity PC DRAM actually go up on the quarter and could you give us a sense maybe what that exposure is, percentage-wise, for DRAM?

我想知道，您能否澄清一下，您對商品 PC DRAM 的敞口實際上是否在本季度有所增加，您能否告訴我們，DRAM 的敞口百分比是多少？

And then also, how you feel about that exposure.

還有，你對這種曝光的感覺如何。

I know you mentioned that there is a favorable supply-demand dynamic going on, but if you could punch through that and talk a little bit about what you see for PC and market trends.

我知道你提到有一個有利的供需動態，但如果你能突破這一點，談談你對個人電腦和市場趨勢的看法。

Thanks.

謝謝。

Sure.

當然。

I can help you a little bit with that.

我可以幫你一點點。

It did increase our exposure to personal systems memory, which is what you are referencing, went from around 13% of total revenues in Q1 to around 18% or high teens in Q2.

它確實增加了我們對個人系統內存的接觸，這就是你所指的，從第一季度佔總收入的 13% 左右增加到第二季度的 18% 左右或十幾歲。

And maybe I'll let Mark talk more around the pricing dynamics and the demand dynamics, but those are the data points for you.

也許我會讓馬克更多地談論定價動態和需求動態，但這些是你的數據點。

Yes, I'd like to just reinforce the point I touched on a little earlier, which is a mobile DRAM part is not necessarily perishable to a PC DRAM part and vice versa.

是的，我想強調一下我之前提到的一點，即移動 DRAM 部件不一定對 PC DRAM 部件易腐爛，反之亦然。

And so, as we look at the overall market, both mobile DRAM and PC DRAM are pretty healthy right now.

因此，從整體市場來看，移動 DRAM 和 PC DRAM 目前都非常健康。

But having said that, as you think about the market conditions, even though the PC unit growth is not -- is projected to be low single digits to flat year over year, it's in pretty good balance right now.

但是話雖如此，當您考慮市場狀況時，即使 PC 單位增長不是 - 預計同比將保持低個位數至持平，但目前處於相當好的平衡狀態。

The PC market is not oversupplied as we sit here today in March.

PC 市場並沒有供過於求，因為我們今天坐在這裡是 3 月。

And the mobile market is pretty hot.

移動市場相當火爆。

But we are watching that balance because, as manufacturers, we have to call that right to keep the balance in good favor and that's what is, I think, helping us both in the PC space.

但是我們正在關注這種平衡，因為作為製造商，我們必須調用這種權利來保持平衡，而這正是我認為在 PC 領域幫助我們雙方的原因。

It's not that end-user demand for PCs are up, it's just the economics of supply and demand are providing pretty favorable business for us in PCs.

並不是終端用戶對個人電腦的需求上升，只是供需經濟為我們在個人電腦領域提供了相當有利的業務。

Okay.

好的。

And if you could help me understand, with Haswell coming up, is there another [SKU bit phase] for you in terms of maybe DDR3 to DDR4?

如果你能幫助我理解，隨著 Haswell 的出現，是否還有另一個 [SKU 位階段] 適合你，可能是 DDR3 到 DDR4？

Or how should we look at the timing of Haswell and what that means for you in terms of picking the right SKU?

或者我們應該如何看待 Haswell 的時機以及這對您選擇正確的 SKU 意味著什麼？

I think we'll just continue to work with our customers to work on adoptions.

我認為我們將繼續與我們的客戶合作，致力於收養。

We get a little concerned when we try to think too much about what's out in the press and the marketing of these types of technologies.

當我們試圖過多地考慮媒體上的內容以及這些類型技術的營銷時，我們會有點擔心。

It's really about customer adoptions and making our manufacturing output a line to their overall demand there.

這真的是關於客戶的採用，並使我們的製造產量符合他們在那裡的整體需求。

We've got qualified DDR4 products out there to Intel and other (technical difficulty).

我們已經為英特爾和其他公司提供了合格的 DDR4 產品（技術難度）。

Thanks.

謝謝。

You bet.

你打賭。

And with that, I think we have time for one more question.

有了這個，我想我們還有時間再問一個問題。

Kevin Cassidy, Stifel Nicolaus.

凱文·卡西迪，斯蒂菲爾·尼古拉斯。

Hello.

你好。

This is Dean Grumlose calling in for Kevin.

這是 Dean Grumlose 打電話給 Kevin。

Thank you for taking my call.

謝謝你接聽我的電話。

What are your expectations for gross margin between the various segments, especially DRAM?

您對各個細分市場（尤其是 DRAM）之間的毛利率有何預期？

Do you expect these will equalize in the longer-term or will remain stratified in some way?

您是否預計這些將在長期內趨於平衡，還是會以某種方式保持分層？

Wow.

哇。

Good question.

好問題。

I guess we -- to Ron's earlier comments, we generally have a difficult time ultimately predicting ASPs, which obviously are the 50% of impact to gross margin.

我想我們 - 根據 Ron 之前的評論，我們通常很難最終預測 ASP，這顯然是對毛利率的 50% 影響。

So, maybe I'll just end the call or give you one more chance with questions without trying to lead you to gross margins, particularly.

所以，也許我會結束電話或再給你一次提問的機會，而不是試圖引導你獲得毛利率，尤其是。

We do have a few views, but maybe I'll just let that for market speculation for now.

我們確實有一些觀點，但也許我現在只是讓市場猜測。

Okay.

好的。

And regarding Inotera, do you have the flexibility to run different types of specialty DRAM within that agreement?

關於 Inotera，您是否可以靈活地在該協議內運行不同類型的專業 DRAM？

Or is there any reason this stays tied to the PC area?

或者是否有任何理由與 PC 領域保持聯繫？

No, we can use that capacity as we see fit.

不，我們可以使用我們認為合適的容量。

Okay.

好的。

One final thought, if I could squeeze it in.

最後一個想法，如果我能擠進去。

Does the new Inotera agreement change the equity method treatment in the income statement or does that remain the same?

新的 Inotera 協議是否改變了損益表中的權益法處理方式，還是保持不變？

Dean, this is Ron.

院長，這是羅恩。

It remains the same.

它保持不變。

We are about a 40% owner and we take 40% of it on our equity line.

我們是大約 40% 的所有者，我們將其中的 40% 用於我們的權益線。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you, Dean.

謝謝你，院長。

Really appreciate it.

真的很感激。

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 and actual results may differ materially.

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，實際結果可能存在重大差異。

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

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

Thank you.

謝謝你。

Thank you.

謝謝你。

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

今天的美光科技 2013 年第二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。