美光科技 (MU) 2013 Q3 法說會逐字稿

Good afternoon.

下午好。

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

我叫 Sully，今天我將擔任您的會議主持人。

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

在此，歡迎大家參加美光科技 2013 年第三季度財務發布電話會議。

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

所有線路都已靜音，以防止任何背景噪音。

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

演講者發言後，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, and I'd like to welcome everyone to Micron Technology's third quarter 2013 financial release conference call.

謝謝大家，歡迎大家參加美光科技 2013 年第三季度財務發布電話會議。

On the call today is Mark Durcan, CEO and Director; Mark Adams, President; and 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 third quarter 2013 financial press release, again it is available on her website at micron.com.

如果您沒有機會查看 2013 年第三季度財務新聞稿，請再次訪問她的網站 micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of the call, accessed by dialing 404-537-3406, with a confirmation code of 91862727.

將有通話的音頻重播，可通過撥打 404-537-3406 訪問，確認碼為 91862727。

This replay will run through Wednesday June 26, 2013 at 5.30 p.m.

該重播將持續到 2013 年 6 月 26 日星期三下午 5 點 30 分。

Mountain time.

山時。

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

2014 年 6 月之前，公司網站上將提供網絡直播回放。

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。

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

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

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

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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

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，特別是公司最近的表格 10K 和表格 10Q。

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 too Mr. Mark Durcan.

我現在也將轉接電話，馬克·德肯先生。

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 a few strategic and industry updates.

我想從今天開始概述本季度的主要發展以及一些戰略和行業更新。

Then I will turn it over to Ron for a financial summary, and before turning to Q&A, we will close with Mark Adams covering more details of our business units and operations performance and market conditions.

然後我將把它交給 Ron 進行財務摘要，在轉向 Q&A 之前，我們將與 Mark Adams 結束討論我們的業務部門、運營績效和市場狀況的更多細節。

Our third fiscal quarter was highlighted by continued improvement in memory market fundamentals and Micron's financial position.

內存市場基本面的持續改善和美光的財務狀況突顯了我們第三財季的表現。

The DRAM business had significant revenue and margin expansion in the personal assistance segment, which achieved the highest revenue in almost three years.

DRAM 業務在個人助理領域的收入和利潤大幅增長，實現了近三年來的最高收入。

In NAND, we had another quarter of strong unit growth in the SSD segment, and took advantage of improved market ASPs generally.

在 NAND 方面，我們在 SSD 領域又實現了四分之一的強勁單位增長，並且總體上利用了市場平均售價的提高。

We remained focused on making capital and segmentation decisions to optimize margin and free cash flow over time.

我們仍然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。

As you have noticed in the release, revenue in the quarter was up about 12%, with strong growth in both DRAM and NAND.

正如您在新聞稿中所注意到的，該季度的收入增長了約 12%，DRAM 和 NAND 均實現了強勁增長。

Gross margins were also up significantly, from 18% to 24%, highlighted by DRAM, which was up over 16 percentage points for the quarter.

毛利率也顯著上升，從 18% 上升到 24%，其中 DRAM 突出顯示，該季度上升了 16 個百分點以上。

Trade NAND margins improved by about five percentage point, and still represent our highest margin product category, followed by DRAMs then [NOR].

貿易 NAND 利潤率提高了約 5 個百分點，仍然是我們利潤率最高的產品類別，其次是 DRAM，然後是 [NOR]。

Operating cash flow of $624 million exceeded our disciplined and measured capital expenditures of $235 million.

6.24 億美元的經營現金流量超過了我們嚴格和衡量的 2.35 億美元的資本支出。

I previously mentioned that we were taking steps to enable some capacity fungibility between different memory technologies.

我之前提到過，我們正在採取措施在不同的內存技術之間實現一些容量可互換性。

We are moving forward with plans to convert a significant majority of our DRAM capacity in Singapore to NAND.

我們正在推進將新加坡大部分 DRAM 產能轉換為 NAND 的計劃。

We believe that customer demand and margin opportunity in NAND over the next 12 months, coupled with our highly attenuated capital investment relative to greenfield capacity, make this a sound financial decision.

我們相信，未來 12 個月 NAND 的客戶需求和利潤率機會，再加上我們相對於新建產能的資本投資高度衰減，使這是一個合理的財務決策。

A measure transition will likely occur over the course of the next year or so, depending on market conditions, as we continue to monitor the demand and margin profile of our various products and segments.

隨著我們繼續監控我們各種產品和細分市場的需求和利潤狀況，根據市場情況，明年左右可能會發生措施過渡。

The impact of this conversion will be included in the guidance we provide.

這種轉換的影響將包含在我們提供的指導中。

During the quarter, we closed on the previously announced sale of our 200-millimeter image center fab in Avezzano, and took another step to streamline our operations through restructuring our R&D relationship with ST Micro in Agrate, Italy, and also discontinued operations of our LED pilot line in Boise.

在本季度，我們完成了之前宣布的出售我們位於 Avezzano 的 200 毫米圖像中心工廠的交易，並通過重組與意大利 Agrate 的 ST Micro 的研發關係，進一步精簡我們的運營，並停止了 LED 的運營博伊西試點線。

We will continue to look for opportunities to improve our operational structure and performance, including the wind-down of some remaining 200-millimeter capacity, as we migrate more products to 300-millimeter.

隨著我們將更多產品遷移到 300 毫米，我們將繼續尋找機會來改善我們的運營結構和績效，包括減少部分剩餘的 200 毫米產能。

We've made good progress towards closing acquisition of Elpida, and believe the principal hurdles to closing are mostly resolved.

我們在完成對 Elpida 的收購方面取得了良好進展，並相信完成收購的主要障礙已基本解決。

We've obtained regulatory clearances, bondholder challenges of the planned reorganization in Japan have been denied, and the waiting period for challenges to the recognition motion in the US Bankruptcy Court has expired.

我們已獲得監管許可，債券持有人對日本計劃重組的質疑已被駁回，美國破產法院對承認動議提出質疑的等待期已屆滿。

As a result, we are optimistic that closing will occur during our fiscal Q4.

因此，我們樂觀地認為，我們的第四財季將完成交易。

Elpida's financial performance has been strong in recent periods and continues to improve, reflecting a strengthening DRAM market, as well as Elpida's strong mobile DRAM presence and operational improvements.

爾必達的財務表現近來一直強勁並持續改善，這反映了 DRAM 市場的強勁增長，以及爾必達強大的移動 DRAM 業務和運營改善。

During last quarter, Micron and Elpida entered into a joint development agreement that has enabled more seamless integration of our technology roadmaps, and we are encouraged by the early productivity of the cooperation.

在上個季度，美光和爾必達簽署了一項聯合開發協議，使我們的技術路線圖能夠更加無縫地集成，我們對合作的早期生產力感到鼓舞。

Following the close, our overall trade memory wafer capacity will increase by about 45% from today's level without impacting industry supply.

收盤後，我們的整體貿易內存晶圓產能將比今天的水平增加約 45%，而不會影響行業供應。

This deal will provide significant revenue and margin leverage for Micron, as we are positioned to benefit from low-cost scale, enhanced product and customer breadth, and improved operational efficiency.

這筆交易將為美光提供可觀的收入和利潤槓桿，因為我們將受益於低成本規模、增強的產品和客戶廣度以及提高的運營效率。

We believe conditions remain positive for continued improvement in the memory industry.

我們認為，對於內存行業的持續改善來說，情況仍然是積極的。

We're forecasting DRAM industry supply up in the mid-20% range this year, and low to mid-20%s in calendar 2014.

我們預計今年 DRAM 行業的供應量將在 20% 左右，2014 年將在 20% 左右。

For NAND, we're forecasting supply up in the mid-30% range this year, followed by the low 40%s in 2014.

對於 NAND，我們預測今年的供應量將在 30% 左右，然後是 2014 年的 40% 左右。

We believe this historically slow supply growth, coupled with memory demand growth in mobile and infrastructure-related markets, such as smartphones, storage, and servers creates a favorable balance.

我們認為，這種歷史上緩慢的供應增長，加上移動和基礎設施相關市場（如智能手機、存儲和服務器）的內存需求增長創造了有利的平衡。

We are well-positioned to capitalize, and look forward to driving profitable growth in coming quarters.

我們已做好充分利用資本的準備，並期待在未來幾個季度推動盈利增長。

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

在返回問答之前，我會在這裡停下來，把它交給 Ron 和 Mark。

Thanks, Mark.

謝謝，馬克。

Our third quarter of fiscal 2013 ended on May 30.

我們 2013 財年第三季度於 5 月 30 日結束。

Our website has a schedule containing certain key results for the third quarter, as well as guidance for the fourth quarter.

我們的網站有一個時間表，其中包含第三季度的某些關鍵結果，以及第四季度的指導。

That information is also presented on the following slides.

該信息也顯示在以下幻燈片中。

For the third quarter, we reported net income of $43 million or $0.04 per diluted share, on net sales of $2.3 billion.

第三季度，我們報告的淨收入為 4300 萬美元或每股攤薄收益 0.04 美元，淨銷售額為 23 億美元。

These results compare to the previous quarter's net loss of $286 million, or $0.28 per diluted share, on net sales of $2.1 billion.

這些結果與上一季度淨虧損 2.86 億美元或稀釋後每股 0.28 美元相比，淨銷售額為 21 億美元。

The consolidated revenue growth and improved operating results reflect the significant improvement in the memory markets, particularly for DRAM products.

綜合收入增長和經營業績改善反映了內存市場的顯著改善，尤其是 DRAM 產品。

The effect of this improvement can also be seen on the equity and net income of equity method investments line shown on the slide, which largely reflects our share of the net loss from Inotera with a two-month lag.

這種改善的影響也可以在幻燈片上顯示的權益法投資線的權益和淨收入上看到，這在很大程度上反映了我們在滯後兩個月的 Inotera 淨虧損中所佔的份額。

In their two most recent monthly reports, Inotera has reported positive net income, which will be reflected in the next quarter's results for Micron.

在最近的兩份月度報告中，Inotera 報告了正的淨收入，這將反映在美光下一季度的業績中。

Related to Mark's earlier comments on our continuing efforts to optimize our operational footprint, these actions have resulted in restructuring charges.

與馬克早前關於我們繼續努力優化運營足蹟的評論相關，這些行動導致了重組費用。

This quarter we separately presented those charges as a restructure, an asset impairment expense on the face of the income statement.

本季度，我們將這些費用單獨列報為重組，即損益表中的資產減值費用。

Expenses and asset impairment charges associated with restructure activities from prior quarters have been reclassified to present the operating results on a consistent basis.

與前幾個季度的重組活動相關的費用和資產減值費用已重新分類，以一致地呈現經營業績。

In addition, to simplify the presentation of note-worthy items, and those items that are not representative of the Company's trended economic performance, we are presenting a schedule of net income for the period as reported, reconciled to net income excluding these certain items.

此外，為了簡化值得注意的項目以及那些不代表公司趨勢經濟表現的項目的列報，我們將列出報告期間的淨收入表，與不包括這些特定項目的淨收入相協調。

Note that the amounts in the reconciliation do not include all the related income tax effects, as the amounts are generally de minimis, due to our net operating loss carry-forwards and our global tax structure.

請注意，調節中的金額不包括所有相關的所得稅影響，因為由於我們的淨經營虧損結轉和我們的全球稅收結構，這些金額通常是微量的。

The restructure activities over the past two quarters include the following -- approximately $60 million charge that we accrued in the second quarter associated with the estimated loss on the sale of our 200-millimeter imaging fabricating facility in Avezzano, Italy to El Foundry.

過去兩個季度的重組活動包括以下內容——我們在第二季度產生的大約 6000 萬美元的費用與我們將位於意大利 Avezzano 的 200 毫米成像製造工廠出售給 El Foundry 的估計損失有關。

This transaction closed in the third quarter.

該交易於第三季度完成。

For the first three quarters of the fiscal year, the imaging business reported approximately $60 million of operating loss in our Micron results on sales of approximately $220 million in addition to the restructure charge.

在本財年的前三個季度，成像業務在我們的美光業績中報告了約 6000 萬美元的運營虧損，除重組費用外，銷售額約為 2.2 億美元。

Going forward, there will be no future revenue or losses from sales of imaging products.

展望未來，影像產品的銷售將不會有未來的收入或虧損。

Approximately $26 million in the (technical difficulties) loss on the transfer of certain assets, and approximately 500 employees in Agrate, Italy to STMicroelectronics is also included in the schedule.

轉讓某些資產的（技術困難）損失約為 2600 萬美元，意大利阿格拉特的約 500 名員工轉讓給 STMicroelectronics 也包括在時間表中。

And approximately $25 million in the third quarter to write down certain production assets used in the LED technology development, which was terminated in the third quarter.

第三季度約有 2500 萬美元用於減記用於 LED 技術開發的某些生產資產，該開發已於第三季度終止。

Other recurring items presented in the reconciliation include the amortization of debt discount and other costs.

對賬中列示的其他經常性項目包括債務貼現攤銷和其他成本。

This adjustment, which flows into interest expense on our financial statement, is substantially comprised of the imputed interest to value the debt component of our convertible notes at fair value.

這一調整流入我們財務報表的利息費用，主要包括以公允價值對可轉換票據的債務部分進行估值的推算利息。

This item will be ongoing as long as we have these convertible notes and discounted debt, such as the Elpida installment payments.

只要我們擁有這些可轉換票據和貼現債務（例如 Elpida 分期付款），此項目就會持續進行。

Foreign-currency activity, including the impact from our hedging programs, is also included.

外匯活動，包括我們對沖計劃的影響，也包括在內。

The largest impact in this area is from the hedge of the Elpida/Rexchip acquisition, which has been heavily impacted by volatility in the yen exchange rate.

這一領域的最大影響來自於對 Elpida/Rexchip 收購的對沖，該收購受到日元匯率波動的嚴重影響。

Other items called out in the second quarter include a non-cash loss of $31 million from the early redemption of a portion of our outstanding 2014 convertible notes, and two favorable items in the tax provision, resulting from the resolution of an uncertainty and a tax rate change, both occurring outside the US.

第二季度提出的其他項目包括提前贖回部分未償還的 2014 年可轉換票據造成的 3100 萬美元非現金損失，以及由於解決不確定性和稅收而導致的稅收準備金中的兩個有利項目利率變化，兩者都發生在美國以外。

So adjusting for these items, non-GAAP EPS improved from a $0.06 loss in our GAAP results in the second quarter to an income of $0.15 per share in the third quarter.

因此，對這些項目進行調整後，非 GAAP 每股收益從第二季度我們的 GAAP 業績中的 0.06 美元虧損提高到第三季度每股收益 0.15 美元。

As we have mentioned previously we may undertake additional restructure activities as we continue to optimize our manufacturing and other operations.

正如我們之前提到的，隨著我們繼續優化我們的製造和其他業務，我們可能會進行額外的重組活動。

Let's turn now to operating results and outlook.

現在讓我們談談經營業績和展望。

Note that none of the guidance we are providing today includes any direct effect from the Elpida/Rexchip acquisition.

請注意，我們今天提供的任何指導均不包括收購 Elpida/Rexchip 的任何直接影響。

DRAM revenue in the third quarter increased 23% compared to the previous quarter, as a result of a 16% increase in bit average selling prices and a 6% increase in bit sales.

第三季度 DRAM 收入與上一季度相比增長了 23%，這是由於比特平均售價增長 16%，比特銷售額增長 6%。

The increase selling prices for DRAM products was favorably affected by more Inotera volume sold into higher volume segments, along with general improvements in the market.

DRAM 產品銷售價格的上漲受到了更多的 Inotra 銷售到更高容量部分的有利影響，以及市場的普遍改善。

DRAM bit costs decreased 5% quarter-to-quarter, driven primarily by the higher concentration of lower cost products from Inotera.

DRAM 位成本環比下降 5%，主要是由於 Inotera 低成本產品的高度集中。

The cost of DRAM products purchased from Inotera increased in the third quarter compared to the second quarter, but was still slightly lower than the cost of the rest of the company's DRAM production on a per bit basis.

從 Inotera 購買的 DRAM 產品的成本在第三季度比第二季度有所增加，但仍略低於該公司其他 DRAM 生產的每比特成本。

So guidance for Q4 DRAM is as follows -- using quarter-to-date selling prices and projected product mix for the quarter, ASPs could -- would be up mid- to high single digits compared to the Q3 average.

因此，第四季度 DRAM 的指導如下——使用本季度迄今為止的銷售價格和預計的產品組合，平均售價可能高於第三季度的平均水平。

Projected bit costs are expected to be flat relative to Q3.

預計比特成本將與第三季度持平。

Projected production volume is up high single digits.

預計產量將呈高個位數增長。

Key themes influencing this guidance for DRAM are first, four gig DR3 volume continues to ramp in our system, comprising over 0.5 of the DRAM bit sales in the third quarter, and increasing into the fourth quarter.

影響 DRAM 指導的關鍵主題首先是，我們系統中的 4 gig DR3 數量繼續增加，佔第三季度 DRAM 位銷售額的 0.5 以上，並在第四季度增加。

This transition from two gigabit to four gigabit has had the effect of lowering ASPs and costs, with some margin improvement.

這種從 2 Gb 到 4 Gb 的轉變具有降低 ASP 和成本的效果，並提高了一些利潤率。

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.

我們看到，隨著產品組合的改善以及成本與價格的同步變化，我們在 Inotera 的總鑽頭產量中所佔的比例有所提高。

As a reminder, the cost of products purchased from Inotera is based on a moving average market minus model with a one-month lag, while we account for the change in our equity investment with a two-month lag.

提醒一下，從 Inotera 購買產品的成本是基於移動平均市場減去模型，滯後一個月，而我們考慮到我們的股權投資變化滯後兩個月。

The higher output in the fourth quarter is a result of higher output from Inotera, partially offset by lower output from our Singapore DRAM fab as we transition existing DRAM capacity there to NAND.

第四季度產量增加是由於 Inotera 產量增加，部分被我們新加坡 DRAM 工廠的產量減少所抵消，因為我們將那裡的現有 DRAM 產能轉移到 NAND。

This transition will continue through the next year so based also on market conditions.

這種過渡將持續到明年，因此也取決於市場狀況。

Turning now to trade NAND.

現在轉向交易NAND。

Bit sales in the third quarter increased 8% compared to the prior quarter, primarily as a result of a higher per bit average selling prices.

與上一季度相比，第三季度的比特銷售額增長了 8%，這主要是由於每比特平均售價較高。

We continue to see growth in SSD sales, and we built some with inventory to support strong demand over the coming quarters.

我們繼續看到 SSD 銷售的增長，我們建立了一些庫存來支持未來幾個季度的強勁需求。

Trade NAND bit costs in the third quarter were relatively flat compared to the second quarter, due to a higher SSD production, and some costs related to the start of NAND production in the Singapore DRAM fab.

與第二季度相比，第三季度的貿易 NAND 位成本相對持平，原因是 SSD 產量增加，以及與新加坡 DRAM 工廠開始生產 NAND 相關的一些成本。

So guidance for Q4 trade NAND is as follows.

因此，第四季度交易 NAND 的指導如下。

Using quarter-to-date selling prices, and the projected mix for the quarter, trade NAND ASPs would be down mid-single digits.

使用本季度迄今為止的銷售價格和本季度的預計組合，貿易 NAND ASP 將下降中個位數。

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

預計鑽頭成本將下降個位數，而鑽頭產量預計將上升個位數。

Key trends affecting it for Q4 guidance are, we expect a higher density product mix in NAND, lowering both the ASP and cost per gigabyte, while increasing volumes.

影響第四季度指導的主要趨勢是，我們預計 NAND 中的產品組合密度會更高，從而降低 ASP 和每 GB 成本，同時增加產量。

We'd expect also to sell more NAND into SSDs, with greater capacity per drive, which slightly lowers the average ASP and cost per gigabyte.

我們還希望將更多的 NAND 銷售到 SSD 中，每個驅動器的容量更大，這會略微降低平均 ASP 和每 GB 的成本。

We continue the migration to 20-nanometer process technology, resulting in lower costs and increasing bit output into both component and discrete sales and SSDs.

我們繼續向 20 納米工藝技術遷移，從而降低成本並增加組件和離散銷售以及 SSD 的位輸出。

NOR sales were relatively flat comparing the third quarter to the second quarter, in line with our prior guidance.

NOR 銷售額與第三季度和第二季度相比相對持平，與我們之前的指導一致。

NOR revenue, which has been fairly stable over the past few quarters, is expected to decrease by about a third in the fourth quarter, as the wireless business accelerates its transition to more NAND-based solutions.

過去幾個季度相當穩定的 NOR 收入預計在第四季度將減少約三分之一，因為無線業務加速向更多基於 NAND 的解決方案過渡。

With positive net income, certain stock options and convertible notes start to become dilutive in our financials.

由於淨收入為正，某些股票期權和可轉換票據開始稀釋我們的財務狀況。

These dilutive items added approximately 23 million shares to the denominator in the EPS calculation for the quarter.

這些稀釋性項目在本季度每股收益計算的分母中增加了大約 2300 萬股。

Going forward, because of the dilutive effect of the convertible notes and employee stock options as determined using the treasury stock method, the amount of dilution will vary, primarily based on the average traded share price for the period.

展望未來，由於使用庫存股法確定的可轉換票據和員工股票期權的攤薄效應，攤薄量將有所不同，主要取決於該期間的平均交易股價。

For example, the average traded share price for the third quarter was approximately $9.85, which resulted in 23 million shares being added to the denominator of our diluted shares.

例如，第三季度的平均交易股價約為 9.85 美元，這導致 2300 萬股被添加到我們的稀釋股分母中。

Had the share price been $14 average for this last quarter, approximately 105 million shares would have been added to the denominator.

如果上個季度的平均股價為 14 美元，那麼分母中將增加大約 1.05 億股。

SG&A expense in the third quarter was just below our guided range.

第三季度的 SG&A 費用略低於我們的指導範圍。

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

我們預計第四季度的 SG&A 費用將在 1.35 億美元至 1.45 億美元之間。

R&D expense was $226 million in the third quarter, and is expected to be between $230 million and $240 million in the fourth quarter.

第三季度的研發費用為 2.26 億美元，預計第四季度將在 2.3 億美元至 2.4 億美元之間。

There was no DRAM development cost sharing with Nanya in the third quarter, as the joint development program with Nanya was discontinued earlier in the year.

由於與南亞的聯合開發計劃已於今年早些時候終止，因此第三季度沒有與南亞分攤 DRAM 開發成本。

The level of R&D expense in any given quarter can 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 $624 million in cash flow from operating activities in the third quarter, as Mark mentioned, reflecting improvement in the operating results compared to the prior quarter.

正如馬克所說，公司在第三季度的經營活動中產生了 6.24 億美元的現金流，反映出與上一季度相比經營業績有所改善。

The third quarter ended with cash and investments, including non-current investments, of just over $2.9 billion.

第三季度結束時的現金和投資（包括非流動投資）略高於 29 億美元。

As Mark summarized, expenditures for property, plant, and equipment in the third quarter were $235 million, and we expect expenditures for the fourth quarter to be between $300 million and $500 million, which will result in fiscal 2013 total spending below the low end of our guided range for the year.

正如馬克總結的那樣，第三季度的物業、廠房和設備支出為 2.35 億美元，我們預計第四季度的支出在 3 億美元至 5 億美元之間，這將導致 2013 財年的總支出低於我們今年的指導範圍。

We are deferring some capital spending in the second half of our fiscal year, as we anticipate changes from the Elpida transaction.

我們將在本財年下半年推遲一些資本支出，因為我們預計 Elpida 交易的變化。

We expect to pick up this spending in 2014 as we integrate the two companies.

隨著我們整合兩家公司，我們預計 2014 年將增加這一支出。

As previously indicated, we expect the capital intensity of the combined company to be similar to Micron's standalone historical level on a per-wafer basis.

如前所述，我們預計合併後公司的資本密集度將與美光在每片晶圓基礎上的獨立歷史水平相似。

Cash flow from investing activities in the third quarter included the cash payments on currency hedges of approximately $200 million, which includes settlement of the previous hedges associated with the Elpida/Rexchip acquisition.

第三季度投資活動產生的現金流包括約 2 億美元的貨幣對沖現金支付，其中包括與 Elpida/Rexchip 收購相關的先前對沖的結算。

Similar to the discussion in our conference call last quarter, at an exchange rate of 95 yen per US dollar, the US dollar equivalent price for the Elpida acquisition, including the installment payments to creditors, would be approximately $400 million lower relative to the price when we signed the sponsor agreement last summer.

與我們上個季度電話會議中的討論類似，按照 95 日元兌美元的匯率，收購 Elpida 的美元等值價格，包括向債權人的分期付款，將比當時的價格低約 4 億美元。我們去年夏天簽署了贊助協議。

In addition, at the expiration of the initial hedges earlier in the third quarter, we entered into a series of new hedging transactions to mitigate the effect of currency rate changes on JPY80 billion.

此外，在第三季度早些時候的初始對沖到期時，我們進行了一系列新的對沖交易，以減輕匯率變化對 800 億日元的影響。

This JPY80 billion is the initial payment of JPY60 billion due at closing, plus the first JPY20 billion installment payment to the creditors in the reorganization process due in December 2014.

這筆 800 億日元是交割時到期的 600 億日元的首期付款，加上 2014 年 12 月到期的重組過程中向債權人支付的第一筆 200 億日元分期付款。

The total hedging cost for this structure is capped at approximately $30 million, of which approximately $24 million was accrued in the third quarter.

這種結構的總對沖成本上限約為 3000 萬美元，其中約 2400 萬美元是在第三季度累積的。

Post-closing, we currently plan to implement a natural hedging strategy to offset the foreign exchange exposure on the longer dated installment debt by utilizing yen-denominated assets, such as cash.

交割後，我們目前計劃實施自然對沖策略，利用現金等以日元計價的資產來抵消較長期分期債務的外匯風險。

In May of this year, Nanya made an additional investment in Inotera, which reduced our ownership from approximately 40% to approximately 35%.

今年 5 月，南亞對 Inotera 進行了額外投資，將我們的所有權從約 40% 減少到約 35%。

Because the price of the shares sold to Nanya was above our carrying value per share, Micron will recognize a nonoperating non-cash gain of approximately $49 million as a result of the transaction.

由於出售給南亞的股票價格高於我們的每股賬面價值，美光將通過交易確認約 4900 萬美元的非經營性非現金收益。

With a two-month lag in equity accounting for Inotera, this gain will be recognized in operating results in our fourth quarter.

由於 Inotera 的股權會計滯後兩個月，這一收益將在我們第四季度的經營業績中得到確認。

And with that, I will turn it over to Mark Adams for his comments.

有了這個，我會把它交給 Mark Adams 來徵求他的意見。

Thanks, Ron.

謝謝，羅恩。

I'm going to provide some more detail on our third quarter operating performance, as well as share some comments about the current state of the memory market.

我將提供更多關於我們第三季度運營業績的詳細信息，並分享一些關於內存市場當前狀況的評論。

Our NAND solutions group recorded revenue of $730 million, up 2% when compared to our second quarter.

我們的 NAND 解決方案部門錄得 7.3 億美元的收入，與第二季度相比增長 2%。

Total trade NAND gross margins were up five percentage points quarter-over-quarter, reflecting improved ASDs and stronger penetration into enterprise SSDs.

總貿易 NAND 毛利率環比增長 5 個百分點，反映了 ASD 的改進和對企業 SSD 的更強滲透。

Our branded SSD business was $178 million in Q3, an 11% quarter-over-quarter increase.

第三季度，我們的品牌 SSD 業務為 1.78 億美元，環比增長 11%。

When you combine sales of our Micron-branded SSD drives with flash memory we ship to our strategic third-party SSD customers, shipments to the SSD segment represented over 60% of our trade NAND capacity.

當您將我們的美光品牌 SSD 驅動器與我們向戰略性第三方 SSD 客戶發貨的閃存相結合時，SSD 部門的出貨量占我們貿易 NAND 容量的 60% 以上。

We continue to migrate the SSD product family to our 20-nanometer flash memory technology with the announcement of our M500 currently targeted at client and web 2.0 applications.

隨著我們目前針對客戶端和 Web 2.0 應用程序的 M500 的發布，我們繼續將 SSD 產品系列遷移到我們的 20 納米閃存技術。

In addition, we launched the industry's first MLC-based PCIE accelerated drive with the Micron P43 420M initially targeted at database applications.

此外，我們推出了業界首款基於 MLC 的 PCIE 加速驅動器，最初針對數據庫應用的 Micron P43 420M。

We have hit bit crossover on our 20-nanometer process technology.

我們在 20 納米工藝技術上實現了位交叉。

20-nanometer production will continue to expand over the next couple of quarters.

在接下來的幾個季度中，20 納米的生產將繼續擴大。

We plan to commence the ramp of our 16-nanometer technology early in calendar year 2014, and anticipate a faster ramp than occurred at the 20-nanometer node, given solid SSD and other socket enablement.

我們計劃在 2014 年初開始我們的 16 納米技術的升級，並預計在固態 SSD 和其他插槽支持的情況下比 20 納米節點的升級速度更快。

In addition, we are pleased with our progress on 3D NAND development, and we remain focused on driving support for higher end storage applications.

此外，我們對我們在 3D NAND 開發方面取得的進展感到高興，並且我們仍然專注於推動對更高端存儲應用的支持。

From a pricing perspective, as we shift our SSD portfolio from SLC to higher density MLC, we will see a lower ASP per gigabyte due to density growth per unit, and lower cost associated with the technology.

從定價的角度來看，隨著我們將 SSD 產品組合從 SLC 轉移到更高密度的 MLC，我們將看到每 GB 的 ASP 由於每單位密度的增長而降低，並且與該技術相關的成本更低。

The effect is a slight downward movement on ASPs, offset by improved costs, with a net positive benefit to our gross margins.

其影響是平均售價略有下降，但被成本改善所抵消，對我們的毛利率產生了淨正收益。

Due to this mix effect, our core-to-date mix adjusted trade NAND ASPs are forecasted down mid-single digits based on core-to-date pricing, with expected continued improvement in margins.

由於這種混合效應，我們的核心迄今為止混合調整貿易 NAND ASP 根據核心迄今為止的定價預測為中個位數，預計利潤率將繼續提高。

In short, we remain optimistic for a strong second half of the calendar 2013 for flash memory.

簡而言之，我們對 2013 年下半年閃存的強勁表現保持樂觀。

Sales for our DRAM solutions group came in at $924 million, up 23% quarter-over-quarter.

我們的 DRAM 解決方案部門的銷售額為 9.24 億美元，環比增長 23%。

The increase in sales were driven by a 16% increase in overall DRAM pricing, coupled with a 6% increase in DRAM shipments when compared to Q2.

銷售額的增長是由整體 DRAM 價格上漲 16% 以及與第二季度相比 DRAM 出貨量增長 6% 推動的。

Our overall DRAM gross margins came in just above the 24% corporate average, up over 16% from our second quarter.

我們的整體 DRAM 毛利率略高於 24% 的企業平均水平，比第二季度增長了 16% 以上。

We achieved outstanding results in all of our premium DRAM segments, with the non-PC business representing about 0.5 of our gigabyte shipments.

我們在所有優質 DRAM 領域都取得了出色的成績，非 PC 業務占我們出貨量的約 0.5 GB。

Our server business recorded record shipments, with a total sales of over 260 million gigabit equivalents, driven by increased densities at key OEMs and cloud service providers.

在主要 OEM 和雲服務提供商的密度增加的推動下，我們的服務器業務創下了創紀錄的出貨量，總銷售額超過 2.6 億千兆比特。

We had a record quarter in our networking business for both revenue and bit shipments.

我們的網絡業務在收入和位出貨量方面都創下了創紀錄的季度。

DRAM bit shipments in networking were up 19% compared to our second quarter, and now represent 16% of our DRAM revenue.

與第二季度相比，網絡領域的 DRAM 位出貨量增長了 19%，現在占我們 DRAM 收入的 16%。

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

在銷售我們的網絡產品組合時，我們又取得了一個強勁的季度，並在將大型 OEM 業務擴展到較小的客戶和分銷商方面取得了進展。

Sales of our networking products through distribution are up 139% year-over-year.

我們通過分銷渠道銷售的網絡產品同比增長 139%。

We also had a strong quarter in our consumer graphics segment, which continues to be an attractive premium market, in particular looking forward with the upcoming launch of next-generation gaming consoles.

我們在消費圖形領域也有一個強勁的季度，這仍然是一個有吸引力的高端市場，特別是期待即將推出的下一代遊戲機。

DDR3 volume represented 75% of our overall DRAM production, as DDR2 is addressing more of a legacy market requirement.

DDR3 產量占我們整體 DRAM 產量的 75%，因為 DDR2 正在滿足更多的傳統市場需求。

We are optimistic we will begin shipment of our 25-nanometer DDR3 technology in early fiscal year 2014, and start sampling our 20-nanometer DDR3 product by the end of calendar year 2013.

我們樂觀地認為，我們將在 2014 財年初開始出貨我們的 25 納米 DDR3 技術，並在 2013 日曆年年底開始提供我們的 20 納米 DDR3 產品樣品。

We are getting positive market feedback from Micron's DDR4 samples at our key OEM customers.

我們從主要 OEM 客戶的美光 DDR4 樣品中獲得了積極的市場反饋。

While DRAM continues to be -- to gain momentum, and we had strong design-in activity with enablers and OEM for Hybrid Memory Cube.

雖然 DRAM 繼續 - 獲得動力，但我們與推動者和 OEM 進行了強大的設計活動，用於混合內存立方體。

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

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

DRAM pricing continues to be favorable.

DRAM 定價繼續有利。

We have seen good progress in narrowing the gap between spot market sales and our OEM customers who negotiate contract pricing.

我們在縮小現貨市場銷售與協商合同定價的 OEM 客戶之間的差距方面取得了良好進展。

As we mentioned on the last call, the PC segment is a lower percentage of our DRAM business, at about 40% of revenue.

正如我們在上次電話會議中提到的，PC 部門在我們的 DRAM 業務中所佔的比例較低，約佔收入的 40%。

Our specialty business typically lags in market in terms of price movement in either direction, and that's had a limiting effect on our combined DRAM pricing.

我們的專業業務在任一方向的價格變動方面通常落後於市場，這對我們的綜合 DRAM 定價產生了限制性影響。

As such, the current spot market price increase in pricing, while still positive, has less of an impact on our overall DRAM ASPs.

因此，目前現貨市場價格上漲雖然仍然是積極的，但對我們整體 DRAM 平均售價的影響較小。

General inventory stayed tight throughout the quarter.

整個季度的總體庫存保持緊張。

We currently are on allocation on a number of DRAM products, and have not seen any signs of a let-down in demand heading into the summer months.

我們目前正在分配一些 DRAM 產品，並且沒有看到進入夏季月份需求下降的任何跡象。

The DRAM supply and demand remains in favorable balance, and we think this situation will remain for the second half of calendar year 2013.

DRAM 供需保持良好平衡，我們認為這種情況將持續到 2013 年下半年。

Sales by the wireless solutions group were up roughly 30% quarter-over-quarter, as we saw increased demand in both our major OEM customers and the tier two China mobile market.

無線解決方案集團的銷售額環比增長約 30%，因為我們看到主要 OEM 客戶和中國二級移動市場的需求都有所增加。

Supply for mobile DRAM and NAND products remain tight, due to strong demand for tablets and smartphones.

由於平板電腦和智能手機的強勁需求，移動 DRAM 和 NAND 產品的供應仍然緊張。

Our low-powered DDR3 16-gigabit product is in the design phase at the top smartphone manufacturers.

我們的低功耗 DDR3 16 Gb 產品正處於頂級智能手機製造商的設計階段。

Our NAND-based MTPs have gained strong traction in the overall market, with growing share in the China smartphone market.

我們基於 NAND 的 MTP 在整個市場中獲得了強大的吸引力，在中國智能手機市場的份額不斷增長。

Our portfolio of EMMC and EMCP products is expanding, with strong presence across all of our customer base.

我們的 EMMC 和 EMCP 產品組合正在擴大，在我們所有的客戶群中都有強大的影響力。

From a market perspective, we saw improved pricing trends in the tier two China market, and then expanding to our larger OEM customers.

從市場角度來看，我們看到中國二級市場的定價趨勢有所改善，然後擴展到我們更大的 OEM 客戶。

As I have mentioned on prior calls, we are (inaudible) wireless business, but are making progress as we reduced our operating losses by about $25 million when compared to Q2.

正如我在之前的電話會議中提到的，我們是（聽不清）無線業務，但我們正在取得進展，因為與第二季度相比，我們將運營虧損減少了約 2500 萬美元。

We are very excited about the future combined mobile offering of the combined Micron/Elpida Wireless Group, and continue to receive strong support from top mobile customers.

我們對合併後的美光/爾必達無線集團未來的移動產品組合感到非常興奮，並繼續得到頂級移動客戶的大力支持。

Our embedded solutions group had another record revenue quarter, eclipsing the $300 million mark.

我們的嵌入式解決方案部門又一個創紀錄的季度收入超過了 3 億美元。

The embedded business maintained strong gross margins in Q3.

嵌入式業務在第三季度保持強勁的毛利率。

We continue to invest in growing our presence within this category.

我們將繼續投資以擴大我們在這一類別中的影響力。

ESG's automotive segment increased market share, highlighted by our automotive EMMC product portfolio, and setting a record shipment to automotive in the quarter.

ESG 的汽車部門增加了市場份額，這體現在我們的汽車 EMMC 產品組合中，並在本季度創下了汽車出貨量的記錄。

We are seeing a rapid transition from NOR to low density NAND in the embedded market.

我們看到嵌入式市場從 NOR 快速過渡到低密度 NAND。

In fact, our embedded NAND business roughly doubled quarter-over-quarter from Q2 to Q3.

事實上，我們的嵌入式 NAND 業務從第二季度到第三季度環比增長了大約一倍。

Despite this, we see pockets of solid NOR margins, and are on track for qualification of our 300-millimeter 45-nanometer NOR technology in early calendar 2014.

儘管如此，我們還是看到了可觀的 NOR 利潤，並且有望在 2014 年初獲得我們的 300 毫米 45 納米 NOR 技術的資格。

Overall, demand for ESG products is increasing, and we are optimistic for a strong Q4.

總體而言，對 ESG 產品的需求正在增加，我們對強勁的第四季度持樂觀態度。

Our Q4 results reflect an improving memory market and good education in key operating areas, if we continue to manage our expense line as reflected by our SG&A and R&D staying in alignment with last quarter's spending and our guidance for Q3.

我們的第四季度業績反映了內存市場的改善和關鍵運營領域的良好教育，如果我們繼續管理我們的支出線，正如我們的 SG&A 和研發與上一季度的支出和我們對第三季度的指導保持一致所反映的那樣。

We continue to drive inventory debt at -- inventory turn performance down, inventory stays flat despite higher cost of goods in the quarter.

我們繼續推動庫存債務——庫存周轉業績下降，儘管本季度商品成本較高，但庫存保持平穩。

We successfully concluded the sale of our Avezzano imaging fab, and are continuing to explore ways to optimize our manufacturing footprint to align with future capacity needs.

我們成功完成了 Avezzano 成像工廠的銷售，並繼續探索優化我們的製造足跡以適應未來產能需求的方法。

Despite the current marketing conditions improving, we have managed also to reduce our overall headcount by 7% compared to second quarter.

儘管當前的營銷狀況有所改善，但與第二季度相比，我們還設法將總人數減少了 7%。

As we look to invest in high value [DRAM] memory solutions, we also remain committed to driving maximum efficiency in our operations.

在我們尋求投資高價值 [DRAM] 內存解決方案的同時，我們也將繼續致力於提高我們的運營效率。

Our management team has been working diligently on integration plans with Elpida.

我們的管理團隊一直在努力製定與爾必達的整合計劃。

The teams that work well together, and we are excited about the opportunity for the consolidated business going forward.

團隊合作良好，我們對合併後業務的發展機會感到興奮。

After the close of our Elpida transaction, we will have increased our trade memory capacity over 90% compared to early last year, all with existing industry capacity.

在我們的 Elpida 交易完成後，我們的交易存儲容量將比去年年初增加 90% 以上，所有這些都具有現有的行業容量。

Our customers are supportive and encouraged about the prospects of a scaled Micron with Elpida, and are seeking a new level of strategic alignment for advanced memory solutions.

我們的客戶對與 Elpida 擴大規模的 Micron 的前景表示支持和鼓舞，並正在為先進的內存解決方案尋求新的戰略調整水平。

Micron's customers understand memory is evolving to new applications and form factors moving to a more solutions orientation.

美光的客戶了解內存正在向新的應用發展，而外形因素正在向更多的解決方案方向發展。

We are measured in our approach to capital spending as we transition technology nodes over the next 12 to 18 months.

隨著我們在未來 12 到 18 個月內轉換技術節點，我們的資本支出方法會被衡量。

The markets for both DRAM and NAND remains in good balance, and we are optimistic for a strong Q4.

DRAM 和 NAND 市場保持良好平衡，我們對強勁的第四季度持樂觀態度。

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 will now take questions from callers.

我們現在將回答來電者的問題。

(Caller instructions)

（來電說明）

With that, please open up the phone lines.

有了這個，請打開電話線。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Our first question comes from Glen Yeung, Citi.

我們的第一個問題來自花旗的 Glen Yeung。

Just a question about the opportunities, the demand opportunity from gaming.

只是一個關於機會的問題，遊戲的需求機會。

We've seen those game consoles go from kind of low amount of DRAM to a quite a high number now.

我們已經看到這些遊戲機從少量的 DRAM 到現在的大量。

To what extent do you think this is a meaningful demand driver for DRAM in the next few quarters?

您認為這在多大程度上是未來幾個季度對 DRAM 的有意義的需求驅動力？

I think it is -- Glen, this is Mark Adams.

我想是——格倫，這是馬克亞當斯。

I think it is all pretty positive for us.

我認為這對我們來說都是非常積極的。

When we look at the gaming sector, and compared to other segments, it is still a pretty positive segment for us.

當我們審視遊戲行業時，與其他細分市場相比，它對我們來說仍然是一個非常積極的細分市場。

Looking at the densities, on average about eight gigabytes, it's all pretty favorable.

從密度來看，平均約為 8 GB，這一切都非常有利。

Of course, going into the holiday season, we're pretty excited.

當然，進入假期，我們非常興奮。

Can I ask another question about cost, then.

那我能再問一個關於成本的問題嗎？

Just thinking about, I recognize Inotera costs are below yours, and over time it's a bit of a drag on the net cost of the two companies, but is there a point at which the cost come together, and at that point do we then kind of revert back to more normal cost declines in DRAM?

想想看，我承認 Inotera 的成本低於你的成本，隨著時間的推移，這對兩家公司的淨成本有點拖累，但有沒有一個點成本會合在一起，到那時我們會不會友善DRAM 的成本是否會恢復到更正常的下降趨勢？

Glen, this is Mark Durcan.

格倫，這是馬克·杜肯。

It is not likely to happen in the short term, and that is primarily because there is a pretty significant difference in the mix that runs at Inotera today versus the mix that runs other places.

這在短期內不太可能發生，這主要是因為今天在 Inotera 運行的組合與在其他地方運行的組合存在相當大的差異。

So you look at Micron DRAM today, it's -- there's a lot of networking, server, consumer, gaming products that aren't necessarily found at Inotera that typically drive pretty good ASPs, but also maybe not advancing to the leading edge node as quickly.

所以你看看今天的美光 DRAM，它是——有很多網絡、服務器、消費類產品、遊戲產品，這些產品不一定在 Inotera 上找到，它們通常會推動相當好的 ASP，但也可能不會很快推進到領先的邊緣節點.

So that -- we are not particularly concerned that the cost profiles don't marry up.

所以 - 我們並不特別擔心成本概況不會結合。

The other thing to keep in mind, obviously, is that going forward Inotera costs to Micron are going to talk with the end markets, and those are going to move over time.

顯然，要記住的另一件事是，未來對美光的 Inotera 成本將與終端市場進行對話，並且隨著時間的推移而變化。

As we bring Elpida into the fold, we will have wholly-owned DRAM capacity that will be much more leading edge and cost-efficient to service some of those more high-volume markets.

隨著我們將 Elpida 納入其中，我們將擁有全資擁有的 DRAM 產能，這將更具領先優勢和成本效益，以服務於一些更大容量的市場。

Perfect, thanks very much.

完美，非常感謝。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

You said that NAND is the most profitable category, but it doesn't look like they're far apart, if you look at DSG being a little higher than NSG, and I know that doesn't map exactly to the chips.

你說 NAND 是最賺錢的類別，但如果你看 DSG 比 NSG 高一點，看起來它們之間的差距並不大，我知道這並不能完全映射到芯片上。

They're pretty close, and now you've got DRAM prices going up and NAND going down.

它們非常接近，現在 DRAM 價格上漲而 NAND 價格下跌。

Going forward, how do you think about the relative profitability of the two, and how do y9u think about moving capacity over to NAND?

展望未來，您如何看待兩者的相對盈利能力，以及 y9u 如何將產能轉移到 NAND？

Is it possible that DRAM will be more profitable?

DRAM是否有可能更有利可圖？

I think the clarification I would like to make is that the pricing trend you identified in NAND I should clarify is really driven by a shift in a mix from SLC and MLC and some other operations.

我想我想澄清的是，你在 NAND 中確定的定價趨勢我應該澄清的是，實際上是由 SLC 和 MLC 以及其他一些業務的組合轉變所驅動的。

Now, we think it's gross margin positive, and we think the relative profitability is about the same.

現在，我們認為毛利率是正的，我們認為相對盈利能力大致相同。

Let me jump in here.

讓我跳到這裡。

The -- we're not going to be moving capacity around on a high frequency basis.

- 我們不會在高頻基礎上移動容量。

The changes we are making are over the long haul, and as we look at the market going forward for NAND, there is just insatiable demand.

我們所做的改變是長期的，當我們展望 NAND 市場的未來時，需求是永不滿足的。

It looks like there is pretty strong demand growth out there into the future, and that is why we are making the adjustments.

看起來未來需求增長非常強勁，這就是我們進行調整的原因。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

And then at the beginning of the quarter you had talked about NAND bits being up sequentially and they ended up flat, and pricing being down and it ended up quite a bit higher.

然後在本季度初，您談到 NAND 位連續上漲，最終持平，價格下降，最終價格上漲了很多。

What was the change over the course of the quarter versus when you gave guidance?

與您提供指導時相比，本季度的變化是什麼？

Sure.

當然。

Ron had mentioned in his comments that the nature of the SSD business will provide some variance in terms of inventory levels and how we stage products for our strategic customers around SSDs, and when you get to a category that, as I mentioned in my comments, are up around 60% of our trade NAND capacity, that will have a effect on the timing of the shipments.

Ron 在他的評論中提到，SSD 業務的性質將在庫存水平以及我們如何圍繞 SSD 為我們的戰略客戶展示產品以及當你進入一個類別時產生一些差異，正如我在評論中提到的那樣，我們的貿易 NAND 容量增加了約 60%，這將對出貨時間產生影響。

Great.

偉大的。

Thank you very much.

非常感謝。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if you could talk about the DRAM capacity situation for a second.

我想知道您是否可以談談 DRAM 容量情況。

Many of your competitors have talked about transitioning from PC DRAM to mobile.

您的許多競爭對手都談到了從 PC DRAM 過渡到移動設備。

I wondering if you still see that continuing in the industry at large for the foreseeable future, or if you see that reaching equilibrium at some point soon?

我想知道在可預見的未來你是否仍然看到整個行業繼續保持這種狀態，或者你是否看到這種情況很快就會達到平衡？

Well, we still are pretty positive on that trend, James.

好吧，詹姆斯，我們仍然非常看好這一趨勢。

It is Mark Adams again.

又是馬克亞當斯。

We still are pretty [positive] and watching it, but at this point we don't see a shift away from that trend.

我們仍然非常[積極] 並且正在觀察它，但在這一點上，我們沒有看到偏離這一趨勢的轉變。

Okay, fair enough.

好吧，夠公平的。

And then just as a follow-up, then on the NAND side in terms of capacity.

然後只是作為後續行動，然後是 NAND 方面的容量。

There has been quite a bit of controversy about how much capacity is going to get added this year on the NAND side.

關於今年將在 NAND 方面增加多少容量存在相當大的爭議。

Can you maybe give us your feeling about roughly your estimate of how many wafer starts get added in NAND by the end of 2013?

您能否大致告訴我們您對 2013 年底之前在 NAND 中添加的晶圓開始數量的粗略估計？

Well, I think we all read the same thing in the press and hear from similar things from various suppliers that are out there talking these numbers.

好吧，我想我們都在媒體上讀到了同樣的事情，並從不同的供應商那裡聽到了類似的事情，這些供應商都在談論這些數字。

So, I mean, I can't tell you that I have better insight than that, but I think some of the numbers that have been previously reported, were potentially jumping the gun on what Micron might do.

所以，我的意思是，我不能告訴你我有比這更好的洞察力，但我認為之前報導的一些數字可能會搶先了解美光可能會做什麼。

So you should factor that into any thinking you have as to what is happening with NAND supply.

因此，您應該將其納入您對 NAND 供應情況的任何思考中。

And obviously, as I've just told you, we are going to watch what is going on the marketplace and meter that in a measured way, given supply and demand.

顯然，正如我剛剛告訴你的那樣，我們將觀察市場上發生的事情，並根據供需情況以一種有節制的方式對其進行計量。

I don't -- I'm not aware of any big new fabs coming in the NAND arena, other than the one that Samsung actually has under construction in Xiang, and I would anticipate that having a significant impact in the marketplace in 2014.

我不知道——我不知道 NAND 領域有任何新的大型晶圓廠，除了三星在翔實際在建的晶圓廠，我預計這會對 2014 年的市場產生重大影響。

That's very helpful.

這很有幫助。

Thanks so much.

非常感謝。

Vijay Rakesh, Sterne, Agee.

維杰·拉克什、斯特恩、阿吉。

On your gross margins, it look like it came up very nicely on the quarter.

就您的毛利率而言，該季度的增長看起來非常好。

Just looking out, given the improving profitable (inaudible) in NAND and the historically you guys have hit 30% back in the 2010 timeframe, how do you see that going out?

看看吧，鑑於 NAND 的盈利能力（聽不清）的提高，而且從歷史上看，你們在 2010 年的時間框架內已經達到了 30%，您如何看待這種情況？

Hey, Vijay.

嘿，維杰。

As you know from following us for a long time, we just stay away steadfastly from trying to predict gross margins.

正如您長期關注我們所知道的那樣，我們只是堅定地遠離試圖預測毛利率。

We are going to let you guys do that.

我們會讓你們這樣做。

Would you like to ask a follow-up question, or should we move on?

你想問一個後續問題，還是我們應該繼續？

On Inotera, I was wondering, it looks like you guys invested in profitability in the last two months.

在 Inotera，我想知道，看起來你們在過去兩個月投資於盈利能力。

How do you see that contribution going forward?

您如何看待未來的貢獻？

Vijay, this is Ron.

維杰，這是羅恩。

If you look at the Inotera structure, as I mentioned in my comments, we are on an ASP minus arrangement structure, and it's a moving average formula.

如果你看一下 Inotera 結構，正如我在評論中提到的，我們是在 ASP 減排列結構上，它是一個移動平均公式。

So as Mark already commented, there will be a tendency for the cost to move with the market pricing.

因此，正如馬克已經評論的那樣，成本將有隨市場定價變化的趨勢。

What it gives us is stability of a major segment of our DRAM capacity with pretty good margin structure, but you are not -- you are going to see the costs move with the price moves in the market, the ASP the market in general.

它給我們的是我們 DRAM 產能的一個主要部分的穩定性和相當好的利潤率結構，但你不是——你會看到成本隨著市場價格的變化而變化，整個市場的平均售價。

Got it.

知道了。

Thanks.

謝謝。

Mark Newman, Sanford & Bernstein.

馬克紐曼、桑福德和伯恩斯坦。

Could you give a brief update on the technology side?

您能否簡要介紹一下技術方面的最新情況？

You mentioned 3D NAND progress is pretty good.

您提到 3D NAND 的進展非常好。

If you've got any further update on that?

如果您對此有任何進一步的更新？

And I would like to understand a little bit more about, on the NAND side, what you are doing in terms of, or what you have, in terms of controller and system expertise, and you mentioned that quite a few of your -- you're selling -- your SSD sales were up quite a bit.

我想更多地了解，在 NAND 方面，你在控制器和系統專業知識方面正在做什麼，或者你擁有什麼，你提到你的很多 - 你'正在銷售 - 你的 SSD 銷售量上升了很多。

I think you said 11% increase to $178 million.

我認為你說增加 11% 至 1.78 億美元。

I would like to get a sense of your controller expertise, and how that is helping you, and how you're kind of working on that to improve it.

我想了解您的控制器專業知識，以及它如何幫助您，以及您如何努力改進它。

Thanks.

謝謝。

Okay, So this is Mark Durcan.

好的，這是馬克·杜肯。

Let me jump in on the technology question first, and then I will let Mark address the controller from a more software capability (inaudible) question.

讓我先談談技術問題，然後讓 Mark 從更多軟件功能（聽不清）的問題中解決控制器問題。

From a non-volatile advanced memory perspective, we feel like we are very, very well-positioned relative to those we compete against, not only in the NAND arena, but also in some of the emerging memory spaces.

從非易失性高級存儲器的角度來看，我們覺得我們相對於我們的競爭對手來說處於非常非常有利的位置，不僅在 NAND 領域，而且在一些新興的存儲器領域。

Let me address NAND first.

讓我先談談NAND。

Mark commented earlier in the call on the 16-nanometer rollout.

馬克早些時候在電話會議上評論了 16 納米的推出。

There's been a lot of different terminologies out there about 2X, 2Y, 1X, 1Y.

關於 2X、2Y、1X、1Y，有很多不同的術語。

I don't know how that maps to somebody else's nomenclature, but I don't think there's anybody else out there with 16-nanometer 0.5 pitch product, and I'm pretty confident that that is going to be the smallest cell size [planar] NAND in the marketplace here over the next couple of quarters.

我不知道這如何映射到其他人的命名法，但我認為沒有其他人擁有 16 納米 0.5 節距的產品，而且我非常有信心這將是最小的單元尺寸 [平面] NAND 將在接下來的幾個季度中出現在市場上。

Feel pretty good about how we are positioned on planar NAND.

對我們在平面 NAND 上的定位感覺非常好。

Moving to 3D NAND, we're very happy with the progress we're making on 3D NAND programs.

轉向 3D NAND，我們對我們在 3D NAND 程序上取得的進展感到非常滿意。

We believe everyone is taking a slightly different approach, and obviously we like our approach the best, but we don't have complete visibility into what everyone else is doing.

我們相信每個人都在採取略有不同的方法，顯然我們最喜歡我們的方法，但我們無法完全了解其他人在做什麼。

I would say that you are going to see samples in the marketplace from a number of different competitors over the next few quarters, but you're not going to see any significant production occurring until the second half of 2014.

我想說，在接下來的幾個季度中，您將在市場上看到來自許多不同競爭對手的樣品，但直到 2014 年下半年您才會看到任何重大生產。

You're really won't see anything that has any impact on the marketplace probably until the 2015 timeframe.

在 2015 年之前，你真的不會看到任何對市場有任何影響的東西。

I'm not saying that because I think I'm behind anybody else, I'm just trying to give you a sense of what the impact a on the marketplace might be.

我這麼說並不是因為我認為我落後於其他任何人，我只是想讓您了解 a 對市場可能產生的影響。

Now, relative to some of the other emerging technologies that are out there, whether they are storage class memories or pure NAND replacements, et cetera, we have a number of different programs going with a number of different partners, as well as some purely internal ones, and we really like the way we positioned our Company in terms of being able to work on anything that we think is fruitful and do it in a cost-effective way as possible with the partnerships we've created.

現在，相對於其他一些新興技術，無論是存儲類存儲器還是純 NAND 替代品等等，我們有許多不同的項目與許多不同的合作夥伴進行合作，還有一些純粹是內部的我們真的很喜歡我們定位公司的方式，即能夠從事我們認為富有成效的任何事情，並通過我們建立的合作夥伴關係以盡可能具有成本效益的方式進行。

So if you are thinking about who's going to be positioned for any memory technology transitions that are coming down the pike, we feel very good about how we've position the Company.

因此，如果您正在考慮誰將被定位為即將到來的任何內存技術轉型，我們對我們如何定位公司感到非常滿意。

Mark, you want to talk about controls?

馬克，你想談談控制嗎？

Sure, I think I've mentioned in the past couple of calls, our strategy on controller development around SSDs and around NAND solutions in general has kind of philosophically been we are going to partner externally for entry-level client type devices, consumer devices, and for some the higher value-add differentiated products, we are going to invest in our own [core] controller development.

當然，我想我在過去的幾次電話會議中提到過，我們圍繞 SSD 和 NAND 解決方案的控制器開發策略在哲學上是我們將與外部合作開發入門級客戶端類型設備、消費類設備、對於一些附加值更高的差異化產品，我們將投資於我們自己的[核心]控制器開發。

And that is pretty much played out, at least to date.

至少到目前為止，這已經基本完成了。

For example, I referenced a PCIE accelerator drive earlier it in my comments, and that is a controller that Micron developed in-house with our own controller team, as well is firmware organization.

例如，我之前在評論中提到了 PCIE 加速器驅動器，這是美光與我們自己的控制器團隊內部開發的控制器，也是固件組織。

Over the long run, I think you'll see us add to those efforts and teams as we see more opportunities for differentiated solutions on the high-end of the storage market.

從長遠來看，我認為隨著我們在高端存儲市場上看到更多差異化解決方案的機會，您會看到我們加入這些努力和團隊。

In addition to that, we see pretty good value in doing so, more around firmware and on EMMC solutions for both the embedded and mobile market.

除此之外，我們看到這樣做的價值非常高，更多地圍繞固件和嵌入式和移動市場的 EMMC 解決方案。

But again, the way to think about it is kind of your differentiated higher-end value-add solutions, we are going to try to do in-house with our controller and firmware teams, and on the entry-level solutions, be more along the lines of a third-party partnerships, maybe with their controller and our firmware or totally outsourced.

但同樣，考慮它的方式是您的差異化高端增值解決方案，我們將嘗試在內部與我們的控制器和固件團隊合作，在入門級解決方案上，更多第三方合作夥伴的線路，可能與他們的控制器和我們的固件或完全外包。

Okay, thank you very much.

好的，非常感謝。

That is very helpful.

這很有幫助。

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。

Apologize if I missed it.

如果我錯過了，請道歉。

Did you guys talk about industry supply growth expected over the next 12 months, and your ability to outgrow that, given the Elpida acquisition?

你們是否談到了未來 12 個月的行業供應增長預期，以及在收購 Elpida 後你們的增長能力？

Sure, John.

當然，約翰。

We are looking at DRAM in the low to mid-20% range for this year, and then low 20% range for 2014.

我們預計今年的 DRAM 將處於 20% 的中低範圍，然後是 2014 年的 20% 範圍。

As you pointed out with the Elpida acquisition, we will probably be above that.

正如您在收購爾必達時指出的那樣，我們可能會超越這一點。

On the NAND side, we are looking at mid-30%s for this year, and probably low 40%s for next year.

在 NAND 方面，我們預計今年 30% 左右，明年可能低 40%。

Again, we will probably be slightly ahead, depending on the pace at which Mark decides to move the text fab.

同樣，我們可能會稍微領先，這取決於 Mark 決定移動文本工廠的速度。

And then maybe a question for Mark Durcan.

然後也許是馬克杜肯的一個問題。

Mark, just given that when you look at the DRAM side of the equation for the first time in perhaps over a decade, we seem to have some pretty good demand drivers out there, whether it is the gaming console in the back half of the year, or the fact that as you move to multi-core chips and handsets you're just seeing DRAM density go up.

馬克，剛剛考慮到當你在十多年來第一次看到等式的 DRAM 方面時，我們似乎有一些相當不錯的需求驅動因素，無論是下半年的遊戲機，或者當您轉向多核芯片和手機時，您只會看到 DRAM 密度上升。

At what point would it make sense to actually grow that DRAM asset base more quickly, just given how strong the demand signals are, and what would you need to see to really take a meaningful step-up in your capital spending plans?

考慮到需求信號的強烈程度，在什麼時候真正更快地增加 DRAM 資產基礎才有意義，以及您需要看到什麼才能真正在您的資本支出計劃中採取有意義的步驟？

Well, as we look at those kind of decisions, it's a multiyear investment payback decision, right?

好吧，當我們看到這些決定時，這是一個多年投資回報的決定，對吧？

So we have to be sure that we don't see any significant oversupply being created as a result of that activity in the horizon over which we are going to recoup the capital expenditures.

因此，我們必須確保在我們將收回資本支出的範圍內，我們不會看到由於該活動而造成任何嚴重的供過於求。

So we are going to be pretty careful about adding additional DRAM capacity as opposed to optimizing the existing capacity we have.

因此，我們將非常小心地增加額外的 DRAM 容量，而不是優化我們現有的容量。

Now, we've talked about fungibility between the various types of the capacity, and these transitions we are making currently moving from DRAM to NAND are reversible.

現在，我們已經討論了各種類型的容量之間的可替代性，我們目前正在從 DRAM 到 NAND 的這些轉變是可逆的。

We typically choose to do that as we transition a technology node, that is the most cost-effective time to do it.

我們通常會在過渡技術節點時選擇這樣做，這是最具成本效益的時間。

So we could see some of that actually reverse at some point in the future, if necessary.

因此，如果有必要，我們可以在未來的某個時候看到其中一些實際逆轉。

We also do have some clean room space available so we can probably react a little bit more quickly than some of our competitors if we decided we wanted to move in that direction, but we don't have any plans at all to do that.

我們也確實有一些可用的潔淨室空間，因此如果我們決定要朝這個方向發展，我們可能會比我們的一些競爭對手更快地做出反應，但我們根本沒有任何計劃這樣做。

We are going to have a little bit of digestion here with Elpida and optimizing that operation, and we are going to also be pretty focused on realigning our balance sheet where we would like it to be for the long haul, and then taking obviously a pretty close look at capital spending before we engage in any.

我們將在這裡與 Elpida 進行一些消化並優化該運營，我們還將非常專注於重新調整我們的資產負債表，我們希望它長期保持，然後顯然在我們進行任何操作之前，請仔細查看資本支出。

And then, Mark, maybe if I could sneak one in just on that balance sheet.

然後，馬克，如果我能在資產負債表上偷偷摸摸的話。

Given that the model is now generating significant free cash flow and you're starting to see some dilution from the converts, I'm curious as how we should think about fixing the balance sheet, over what time frame, what kind of looks interesting, and is there anything you can do to help keep the share count down?

鑑於該模型現在正在產生大量的自由現金流，並且您開始看到轉換者的一些稀釋，我很好奇我們應該如何考慮修復資產負債表，在什麼時間範圍內，什麼樣的看起來很有趣，您可以做些什麼來幫助減少分享次數？

Yes, let me keep that at a high level, and then maybe Ron's got a few additional comments.

是的，讓我保持高水平，然後也許 Ron 有一些額外的評論。

Obviously we've done a little bit of convert repurchase here over the last few quarters.

顯然，在過去的幾個季度中，我們在這裡進行了一些轉換回購。

We will have more [aspect] to do that obviously, as we deleverage the balance sheet and have available cash to do so.

顯然，隨著我們去槓桿化資產負債表並有可用現金這樣做，我們將有更多[方面]這樣做。

We will have to trade that off against the other options of how we return value to the shareholders, but that's something we will be looking at.

我們將不得不將其與我們如何向股東回報價值的其他選擇進行權衡，但這是我們將要考慮的事情。

Ron?

羅恩？

Sure.

當然。

On the share count side, John, we've got, in terms of our convertible debt instruments, we've actually targeted those to be light as possible on the equity.

在股票數量方面，約翰，就我們的可轉換債務工具而言，我們實際上已經針對那些盡可能輕的股權。

A lot of them created to be pretty debt-like, but yet still leverage the volatility of our stock in the pricing of the instrument.

他們中的許多人創造得非常像債務，但仍然在工具定價中利用我們股票的波動性。

So we are using the treasury stock method on all of our dilution calculations, and basically that slows the rate of dilution, is why I gave you an example of how it will actually work as you flow that through the divisor on the EPS calculation.

因此，我們在所有稀釋計算中都使用庫存股法，基本上這會減慢稀釋率，這就是為什麼我給你一個例子，說明當你通過 EPS 計算的除數時它實際上是如何工作的。

And going forward, obviously we have been careful, and continue to be careful, about equity position, but the dilution effects will play through stock prices, but maybe I can just give you a quick formula so you get an idea how it works, and we can certainly give you more information offline if you want.

展望未來，顯然我們一直在謹慎，並且繼續謹慎對待股票頭寸，但稀釋效應將通過股價發揮作用，但也許我可以給你一個快速的公式，讓你了解它是如何運作的，並且如果您願意，我們當然可以離線為您提供更多信息。

If you take the average share price of the stock in the period we are reporting, and subtract out the strike price on the instrument, and our strike prices tend to be in the $8, $9 range on pricing on the stock.

如果您取我們報告期間股票的平均股價，並減去該工具的執行價格，我們的執行價格往往在 8 美元到 9 美元的股票定價範圍內。

So you take that average price minus the strike price, divided by the average market price.

因此，您將平均價格減去執行價格，再除以平均市場價格。

So you get a percentage, multiply it times your share count on that instrument, that gives you the dilution effect.

所以你得到一個百分比，乘以你在該工具上的份額，這會給你稀釋效應。

So it is a muted dilution effect, unless you really get high up in the stock price.

所以這是一種溫和的稀釋效應，除非你的股價真的很高。

And that is how that works, and why we constructed them that way.

這就是它的工作原理，也是我們以這種方式構建它們的原因。

In addition we also have exercised cap calls on virtually every one of our instruments, and we've got several hundred million dollars, for example, at a $14 strike price that will come into the benefit of cap calls raising that strike price up.

此外，我們還對我們幾乎每一種工具都執行了上限調用，例如，我們以 14 美元的執行價格獲得了數億美元，這將受益於上限調用提高執行價格的好處。

That's an economic benefit, but obviously it could accrue to us in cash, and we can repurchase shares or whatever.

這是一種經濟利益，但顯然它可以以現金形式累積給我們，我們可以回購股票或其他任何東西。

Mathematically we get the economic benefit, and we decide what we want to do with it.

從數學上講，我們得到了經濟利益，然後我們決定用它做什麼。

So we have done cap calls as well as the -- that treasury stock method to make it minimized.

因此，我們已經完成了上限調用以及 - 庫存股票方法以使其最小化。

Helpful, Ron.

有幫助，羅恩。

Thank you.

謝謝你。

Monika Garg, Pacific Crest Securities.

Monika Garg，Pacific Crest 證券。

First question is, I'm trying to understand.

第一個問題是，我試圖理解。

I'm comparing the NAND cost declines in 2012 quarterly over 2013.

我正在比較 2012 年季度與 2013 年相比 NAND 成本下降。

So in 2012 you had a very nice NAND cost declines.

所以在 2012 年你有一個非常好的 NAND 成本下降。

In Q1 2012, it's minus 16%, then minus 18% in Q2, [949] in Q3, but if I compare that to 2013, Q1 was cost was up 2%, the second quarter was minus 5%, and third quarter is again plus 1%.

2012 年第一季度為負 16%，第二季度為負 18%，第三季度為 [949]，但如果我將其與 2013 年相比，第一季度成本上漲 2%，第二季度為負 5%，第三季度為再次加 1%。

We understand that the benefits of (inaudible) declining, but just trying to understand what else could be the reason.

我們了解（聽不清）下降的好處，但只是想了解其他可能的原因。

Yes, Monika, a big variable in all of this obviously is mix.

是的，莫妮卡，所有這一切的一個很大的變量顯然是混合。

There is lots of flavors of NAND.

NAND有很多口味。

There's SLC NAND, MLC NAND, TLC NAND, and that pendulum has kind of swung a couple of times as we've moved through different technology node generations and different applications that the NAND [node] is going into.

有 SLC NAND、MLC NAND、TLC NAND，當我們經歷了 NAND [節點] 進入的不同技術節點世代和不同應用程序時，鐘擺已經擺動了幾次。

So if you go back in the timeframe you are alluding to, there was a fairly significant swing into the MLC, and even at Micron some relatively small amount of TLC, which drives a significant bit cost reduction.

因此，如果您回到您所暗示的時間範圍，MLC 會有相當大的波動，甚至在美光，TLC 的數量也相對較少，這大大降低了成本。

As we've moved through more recent quarters, we've actually seen a slow down in some of the technology transitions driven by more highly reliable and non- changing bits going into high reliability SSDs, as well as the 20-nanometer conversion that I alluded to earlier, Mark alluded to actually, driving potentially higher ramp cost initially as that went in, and then going a little bit slower at the [25]-nanometer node than it did at the 34-nanometer node.

隨著我們最近幾個季度的發展，我們實際上已經看到一些技術轉型的放緩，這些技術轉型是由更高可靠性和不變的比特進入高可靠性 SSD 以及我認為的 20 納米轉換驅動的。早些時候提到過，Mark 提到實際上，最初可能會提高斜坡成本，然後在 [25] 納米節點上比在 34 納米節點上的速度要慢一些。

So a lot of different things that play into that, but generally speaking, we feel like we are doing what we need to do in the NAND business.

所以有很多不同的事情在其中發揮作用，但總的來說，我們覺得我們正在做我們在 NAND 業務中需要做的事情。

Then the last question was on the mobile DRAM side.

然後最後一個問題是關於移動 DRAM 的。

We have seen PC DRAM pricing significantly up quarter-over-quarter.

我們已經看到 PC DRAM 價格環比大幅上漲。

Could you talk about the trends in the mobile DRAM pricing, especially given that some publicly available data shows that (inaudible) mobile DRAM pricing was actually down quarter-over-quarter?

您能否談談移動 DRAM 定價的趨勢，特別是考慮到一些公開數據顯示（聽不清）移動 DRAM 定價實際上環比下降？

I'll let Mark address the specifics of more recent moves in the marketplace, but what I would say relative to PC and mobile DRAM pricing dynamic is that obviously there is a pretty significant price advantage for mobile DRAM earlier in the year, and as more bits have converted from PC DRAM to mobile DRAM to meet that rapidly growing demand, we have seen PC DRAM start to catch up.

我將讓 Mark 談談市場上最近變動的細節，但相對於 PC 和移動 DRAM 的定價動態，我想說的是，顯然今年早些時候移動 DRAM 具有相當顯著的價格優勢，而且隨著更多位已從 PC DRAM 轉換為移動 DRAM 以滿足快速增長的需求，我們已經看到 PC DRAM 開始迎頭趕上。

Eventually, these things are likely, if the market is efficient, for us to equallibrate at an ASP that is about different -- about equivalent to the difference in cost so the gross margins are neutralized between the two.

最終，如果市場是有效的，這些事情很可能讓我們在一個大約不同的 ASP 上取得平衡 - 大約相當於成本差異，因此毛利率在兩者之間被抵消。

And that is probably where it will oscillate around here over the next couple of quarters as demand and supply, people consuming the bits and people producing the bits work out that equilibrium.

這可能是它在接下來的幾個季度裡會在這里波動的地方，因為需求和供應、消費這些鑽頭的人和生產這些鑽頭的人會達到這種平衡。

I would also say that is sort of the process we went through on the NAND.

我還要說這是我們在 NAND 上經歷的過程。

The discussion we just had, as we think about as SLC, MLC, TLC, 20-nanometer, 34-nanometer, what we are doing is we're optimizing gross margin, and whether it's mobile to PC DRAM, or MLC to SLC to 20-nanometer, 34-nanometer, 25-nanometer, we're just optimizing gross margin based on customer demand.

我們剛才的討論，當我們考慮 SLC、MLC、TLC、20 納米、34 納米時，我們正在做的是我們正在優化毛利率，無論是移動到 PC DRAM，還是 MLC 到 SLC 20 納米、34 納米、25 納米，我們只是根據客戶需求優化毛利率。

Thank you so much.

太感謝了。

Hans Mosesmann, Raymond James.

漢斯·摩西曼，雷蒙德·詹姆斯。

This is Brian Peterson in for Hans.

這是漢斯的布萊恩·彼得森。

Just a quick question on the NAND side.

只是關於 NAND 方面的一個快速問題。

You indicated that gross margins were up five points sequentially, but looking at the operating margins they were actually down.

您表示毛利率環比上升了 5 個百分點，但從營業利潤率來看，它們實際上是下降的。

And I know that consolidated OpEx numbers were in line, so little bit lower than you were expecting.

而且我知道合併的運營支出數字符合要求，比您預期的要低一點。

So could you just give some color on the disconnect there?

那麼你能不能給那裡的斷開連接一些顏色？

Yes, I think the difference is that NAND goes into a number of different business units at Micron.

是的，我認為不同之處在於 NAND 進入了美光的多個不同業務部門。

So the numbers you're referring to are NSG numbers, but obviously there's NAND that goes into ESG that in many cases carries a pretty significant premium.

因此，您所指的數字是 NSG 數字，但顯然有 NAND 進入 ESG，在許多情況下具有相當大的溢價。

There is also NAND going into mobile products and MCPs, and sometimes it's tough to even figure out exactly what the gross margin is in those products, but that can be either higher or lower.

移動產品和 MCP 也有 NAND，有時甚至很難弄清楚這些產品的毛利率是多少，但這可能更高也可能更低。

So it's a BU affect versus a NAND technology effect.

所以這是 BU 影響與 NAND 技術影響。

Okay.

好的。

And just lastly, on the supply side for NAND, I thought that the previous forecast was in the mid-30%s, and it looks like you are talking about low 40%s now.

最後，在 NAND 的供應方面，我認為之前的預測是在 30% 左右，現在看起來你在談論低 40% 左右。

So just to clarify, is that a little bit of an increase, and what is driving that there?

所以只是為了澄清一下，這是不是有點增加，是什麼推動了這一點？

Actually, I gave you both years.

事實上，我給了你兩年。

For 2013, we are now think it's a little bit lower than our last call.

對於 2013 年，我們現在認為它比我們上次調用的要低一點。

So we are now in the mid-30%s with the rest of the market, and it's for 2014 were looking at low 40%s.

因此，我們現在與其他市場處於 30% 的中間，而 2014 年的價格則處於 40% 的低位。

Okay, thanks, Kipp.

好的，謝謝，基普。

Doug Freedman, RBC Capital Market.

道格·弗里德曼，加拿大皇家銀行資本市場。

If you could talk a little bit about, you just mentioned you are looking at moving DRAM to NAND, and what can we expect that to have an impact on your bit output growth, and in which quarter should we expect that?

如果您可以談一點，您剛剛提到您正在考慮將 DRAM 轉移到 NAND，我們可以預計這會對您的位輸出增長產生什麼影響，我們應該在哪個季度預計會發生這種情況？

It is all included, Doug, in the guides that we give you.

道格，這一切都包含在我們提供給您的指南中。

And we -- if you go back to the last quarter conference call, we did mention we were starting to prep with that so it would have an impact of lowering our DRAM bit growth in Q3.

而且我們 - 如果你回到上一季度的電話會議，我們確實提到我們已經開始為此做準備，因此它會降低我們在第三季度的 DRAM 位增長。

But it's in our guide as we gave it to you.

但它在我們的指南中，因為我們給了你。

So the transition will be completed by the end of the fourth quarter that you've just guided?

那麼過渡將在您剛剛指導的第四季度末完成？

No, not at all.

一點都不。

Over probably the next four quarters or so, with adjustments for market.

可能在接下來的四個季度左右，隨著市場的調整。

Okay, I guess what I'm trying to get at is the transition, I imagine it has some sort of a negative impact on your total potential production output.

好的，我想我想要的是過渡，我想它會對你的總潛在產量產生某種負面影響。

What type of a handicap are you operating under as you migrate DRAM to NAND?

當您將 DRAM 遷移到 NAND 時，您遇到了什麼樣的障礙？

It's that piece is pretty transitional, and you've seen some of impact, as Ron alluded to earlier on, had an impact on both probably DRAM and NAND costs in the quarter that just finished, and that will probably continue for another quarter, and then we will be through the overall manufacturing impact, but the actual transition (inaudible) will run four-quarter period from right now.

這是相當過渡的部分，正如 Ron 早些時候提到的那樣，您已經看到了一些影響，可能對剛剛結束的季度的 DRAM 和 NAND 成本產生了影響，並且可能會持續另一個季度，並且然後我們將通過整體製造影響，但實際過渡（聽不清）將從現在開始運行四個季度。

Okay.

好的。

The reason there, Doug, is you have to create some white space to get the tools in, and then once you reach sort of an equilibrium, you're not suffering anymore downside.

道格，原因是你必須創造一些空白來讓工具進入，然後一旦你達到某種平衡，你就不會再遭受不利的影響。

Okay.

好的。

In the past we did get some -- a filing when you did some of your debt restructuring with some numbers around Elpida.

過去，我們確實收到了一些文件——當你用 Elpida 周圍的一些數字進行一些債務重組時提交的文件。

Can you give us an update on their financial performance?

你能給我們介紹一下他們的財務表現嗎？

Doug, this is Ron.

道格，這是羅恩。

Mark already made a comment in his script about Elpida, and the strength of performance, and moving in line with the DRAM business.

Mark 已經在他的劇本中對 Elpida 和性能實力發表了評論，並與 DRAM 業務保持一致。

We don't have information at this time that is available to update beyond what he already said.

除了他已經說過的內容之外，我們目前沒有可用於更新的信息。

All right.

好的。

If I could then, just a follow-up on the inventory.

如果可以的話，只需跟進庫存。

You made a comment that your NAND inventory was up in the SSD segment, but yet y9ur overall inventory at the Company was only up $11 million.

您評論說您的 NAND 庫存在 SSD 領域有所增加，但 y9ur 公司的整體庫存僅增加了 1100 萬美元。

Does that mean that DRAM was actually down to offset the NAND that you built?

這是否意味著 DRAM 實際上已經下降以抵消您構建的 NAND？

The comment I made was just around some SSD and the whip pipeline, and obviously there's a whole lot of moving parts in the broad mix of our portfolio.

我所做的評論只是圍繞一些 SSD 和鞭子管道，顯然我們的產品組合中有很多活動部件。

So I wouldn't draw that conclusion between DRAM and NAND.

所以我不會在 DRAM 和 NAND 之間得出這個結論。

It is just moving parts in total.

它只是整體上的移動部件。

We are continuing to manage cycle times in our inventory, and trying to improve all of those activities quarter by quarter.

我們將繼續管理庫存中的周期時間，並努力逐季改進所有這些活動。

So some of that affect helps as well.

因此，其中一些影響也有幫助。

And I guess I will leave you alone after one last one, if you could.

如果可以的話，我想我會在最後一場之後讓你一個人呆著。

What are you seeing the inventory in the marketplace, given the fact that pricing has been rising in both NAND and DRAM?

鑑於 NAND 和 DRAM 的價格都在上漲，您對市場庫存有何看法？

Can you give us an update on what you're seeing in the marketplace inventories?

你能告訴我們你在市場庫存中看到的最新情況嗎？

Thank you.

謝謝你。

Sure, Doug.

當然，道格。

It is Mark Adams.

是馬克亞當斯。

Overall inventory looks pretty tight right now on both NAND and DRAM.

目前 NAND 和 DRAM 的整體庫存看起來相當緊張。

We -- sometimes when we head into the summer, you see a little lull on the buying behavior our customers.

我們 - 有時當我們進入夏季時，您會看到我們客戶的購買行為有點平靜。

Quite honestly at this point in our quarter, we have not seen that, and the demand signals seem pretty strong.

老實說，在我們這個季度的這個時候，我們還沒有看到這一點，而且需求信號似乎相當強勁。

There is rumors about accumulation and all that stuff, but we have not felt that at this point.

有關於積累和所有這些東西的謠言，但我們目前還沒有感覺到。

Great, thank you so much.

太好了，非常感謝。

Ryan Goodman, CLSA.

瑞安古德曼，里昂證券。

One of your peers recently discussed how some of the remaining empty clean room space was going to have to end up being used up to enable the one wide transitions in NAND.

您的一位同行最近討論了一些剩餘的空無塵室空間將如何最終被用完以實現 NAND 的廣泛過渡。

I was curious if you're seeing a similar dynamic to that, and how we should be thinking about, like in this in IMFS, how much open clean room space there is, and how much of that you will have to use to get to 16 nanometers?

我很好奇你是否看到了類似的動態，以及我們應該如何思考，比如在 IMFS 中，有多少開放式潔淨室空間，以及你必須使用多少空間才能到達16納米？

Yes.

是的。

Well, 16-nanometers for us is a very easy capital and equipment transition because it's a planar node to a planar node, and you'll recall that we made the transition to a different kind of planar, but a planar NAND cell when we move to moved to 20-nanometers.

嗯，16 納米對我們來說是一個非常容易的資本和設備過渡，因為它是一個平面節點到一個平面節點，你會記得我們在移動時過渡到了一種不同類型的平面，但是一個平面 NAND 單元移動到 20 納米。

If you look at Micron's 20-nanometer storage element, it is very different than the other folks, it's a high K dielectric, and the cell itself is planar.

如果你看看美光的 20 納米存儲元件，它與其他人非常不同，它是一種高 K 電介質，而且電池本身是平面的。

So that technology extends for us, and it is a relatively easy transition.

因此，這項技術為我們延伸，這是一個相對容易的過渡。

Don't think in terms of big cleaning requirements for us to move to 16 nanometer.

不要認為我們遷移到 16 納米有很大的清潔要求。

Now, what you -- what is true for all of us I think, or likely to be true for all of us, is moving to 3D is going to consume significant amount of incremental clean room capacity to maintain the same wafer output.

現在，你——我認為對我們所有人來說是正確的，或者對我們所有人來說可能是正確的，正在轉向 3D 將消耗大量的增量潔淨室容量以保持相同的晶圓輸出。

But the productivity of that transition is very, very high.

但這種轉變的生產力非常非常高。

So it make sense to go ahead and do that.

因此，繼續這樣做是有意義的。

Now, relative to that question for Micron in our fab in Singapore, our wholly-owned nan fab in Singapore, we have a lot of clean room space there and we can get well done a transition to 3D nan without having to add any incremental clean room space.

現在，相對於我們在新加坡的全資 nan 工廠中美光的問題，我們在那裡有很多潔淨室空間，我們可以很好地過渡到 3D nan，而無需添加任何增量清潔房間空間。

Okay, great.

好，太棒了。

And then just a different area.

然後只是一個不同的區域。

Hynix and Rambus recently came out with a settlement announcement.

海力士和 Rambus 最近發布了和解公告。

So I think it is just down to you as the remaining participation in litigation with Rambus.

因此，我認為剩下的參與與 Rambus 的訴訟取決於您。

Is there any update on that in terms of timing or expectations or anything you can help us with there?

在時間或期望方面是否有任何更新，或者您可以在這方面為我們提供什麼幫助？

There is an appeal that is on file now that I believe is heard again in about a year.

現在有一份上訴正在存檔，我相信大約一年後會再次聽到。

Okay, thank you.

好的謝謝你。

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

因此，我們要感謝大家今天參加電話會議。

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

如果你能容忍我，我需要重複安全港保護語言。

During the course of this call, we may have made forward-looking statements regarding the Company and 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以及可能在電話會議上做出的所有其他非歷史事實的陳述都受到許多風險和不確定性的影響，實際結果可能存在重大差異。

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

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 10Q 和 10Ks。

Thank you for joining us.

感謝您加入我們。

Thank you.

謝謝你。

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

今天的美光科技 2013 年第三季度財務發布電話會議到此結束。

You may all disconnect.

你們都可以斷開連接。