美光科技 (MU) 2013 Q4 法說會逐字稿

Good afternoon.

下午好。

My name is Huey, and I'll 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'd like to welcome everyone to the Micron Technology's fourth quarter and fiscal year-end 2013 financial release conference call.

在這個時候，我想歡迎大家參加美光科技 2013 年第四季度和財年末的財務發布電話會議。

(Operator Instructions)

（操作員說明）

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

現在我很高興將發言權交給 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 fourth quarter and fiscal year-end 2013 financial release conference call.

非常感謝大家，歡迎參加美光科技 2013 年第四季度和財年末財務發布電話會議。

On the call today is Mr. 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 先生、總裁 Mark Adams 和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.

本次電話會議包括音頻和幻燈片，也可在我們的網站 Micron.com 上獲得。

If you have not had an opportunity to review the fourth quarter and fiscal year end 2013 financial press release, again it is available on our website at Micron.com.

如果您沒有機會查看 2013 年第四季度和財年末的財務新聞稿，請再次訪問我們的網站 Micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of this call accessed by dialing 454-537-3406 with a confirmation code of 71010239.

通過撥打 454-537-3406 和確認碼 71010239 可以訪問此通話的音頻重播。

This replay will run through Thursday, October 17, 2013, at 5.30PM Mountain Time.

此重播將持續到 2013 年 10 月 17 日星期四，山區時間下午 5:30。

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

2014 年 10 月之前，公司網站上將提供網絡廣播重播。

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

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

Please note the following Safe Harbor statement.

請注意以下安全港聲明。

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

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

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

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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

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

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

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

These certain factors can be found in the Investor Relations section of Micron's website.

這些特定因素可以在美光網站的投資者關係部分找到。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

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

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

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

Thank you.

謝謝你。

I'd like to turn the call over to Mark Durcan.

我想把電話轉給 Mark Durcan。

Mark?

標記？

Thank you, Kipp.

謝謝你，基普。

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

我想從今天開始概述本季度的主要發展，然後是一些戰略和行業想法。

Then I'll turn it over to Ron for a financial summary and before turning to Q&A, we'll close our prepared comments with Mark Adams covering additional details of our business unit and operational performance and market conditions.

然後我將把它交給羅恩進行財務摘要，在轉向問答之前，我們將結束我們與馬克亞當斯準備的評論，涵蓋我們業務部門、運營業績和市場狀況的更多細節。

Our fourth fiscal quarter was highlighted by the long anticipated closing of the Elpida acquisition.

對 Elpida 收購的期待已久的結束突顯了我們的第四財季。

I want to thank all our team members, whether from Micron, Elpida, or Rexchip, for all their hard work getting us to this point.

我要感謝我們所有的團隊成員，無論是來自 Micron、Elpida 還是 Rexchip，他們的辛勤工作使我們走到了這一步。

While we were able to get a good head start on planning and technology development, integration is now in full swing, and we hit the ground running with solid, combined financial performance in Q4.

雖然我們能夠在規劃和技術開發方面取得良好的開端，但整合現在正全面展開，我們在第四季度以穩健的綜合財務業績開始起步。

We expect this execution to continue in Q1 as we take advantage of the strong market conditions along with enhanced scale, technology, cost, and customer positioning.

我們預計這一執行將在第一季度繼續，因為我們利用強勁的市場條件以及增強的規模、技術、成本和客戶定位。

Our DRAM business roughly doubled overnight as Elpida and Rexchip delivered scale in the PC segment and a leading mobile product portfolio that dovetails nicely with Micron strength and other specialty DRAM categories, such as networking, server, and [AIM].

隨著 Elpida 和 Rexchip 在 PC 領域的規模和領先的移動產品組合與美光的實力和其他專業 DRAM 類別（如網絡、服務器和 [AIM]）完美契合，我們的 DRAM 業務在一夜之間翻了一番。

We were also very happy with the performance of our new Japanese team the graphics arena and expect significant growth in that segment, driven by next generation gaming consoles hitting the market soon.

我們也對我們新的日本團隊在圖形領域的表現感到非常滿意，並預計在下一代遊戲機即將上市的推動下，該領域將出現顯著增長。

Mobile DRAM is now in the mid- to high-30% range of our DRAM bits with PC in a similar range and server in the mid-teens.

移動 DRAM 現在在我們 DRAM 位的中高 30% 範圍內，PC 在類似範圍內，服務器在十幾歲左右。

While consumer, networking and storage, and [AIM] are all-in the single digits as a percentage of bits they remain higher than that in terms of revenue.

雖然消費者、網絡和存儲以及 [AIM] 佔位的百分比都是個位數，但它們在收入方面仍然高於這一數字。

In summary, we have a large product portfolio in every critical segment of the DRAM market, and we will now turn our focus to optimizing margins and returns.

總之，我們在 DRAM 市場的每個關鍵領域都有龐大的產品組合，我們現在將把重點轉向優化利潤率和回報。

Turning to the NAND business, we're building a large and solid foundation in SSDs, both through the expansion of our own SSD product lines, as well as through strategic customer engagement in the space.

談到 NAND 業務，我們正在通過擴展我們自己的 SSD 產品線以及通過戰略客戶參與該領域，在 SSD 領域建立一個龐大而堅實的基礎。

Micron branded SSDs and sales saw strategic SSD customers now consume in aggregate over 60% of our NAND trade bits.

美光品牌 SSD 和銷售看到戰略 SSD 客戶現在總共消耗了我們 NAND 貿易位的 60% 以上。

We also have a margin driven retail business and are focusing on a growing set of opportunities to expand in the high value embedded applications.

我們還擁有以利潤為導向的零售業務，並專注於擴大高價值嵌入式應用程序的不斷增長的機會。

The wireless NOR market continues a moderate decline as predicted but embedded NOR remains very attractive, and we're driving profitable growth there.

正如預測的那樣，無線 NOR 市場繼續溫和下滑，但嵌入式 NOR 仍然非常有吸引力，我們正在推動那裡的盈利增長。

We recently entered into an agreement to sell our 200-millimeter NOR fab in Israel and we started moving NOR production to Singapore and to our 300-millimeter fab in Virginia.

我們最近簽訂了一項出售我們在以色列的 200 毫米 NOR 工廠的協議，我們開始將 NOR 的生產轉移到新加坡和我們在弗吉尼亞州的 300 毫米工廠。

This will enable significant cost reductions going forward while still providing ample capacity to service the market.

這將顯著降低成本，同時仍提供充足的市場服務能力。

Comparing our major technology categories for the quarter, trade NAND achieved gross margins in the low-30% range, followed by DRAM in the mid-20% range, and NOR in the high-single digits.

比較我們本季度的主要技術類別，貿易 NAND 的毛利率在 30% 的低範圍內，其次是 DRAM 在 20% 的中間範圍內，而 NOR 的毛利率在高個位數。

As Ron will describe in more detail, the reported DRAM margins from the newly-acquired capacity appears lower initially as both WIPs and finished goods at close were written up to reflect anticipated market prices.

正如 Ron 將更詳細地描述的那樣，新獲得的產能所報告的 DRAM 利潤率最初似乎較低，因為 WIP 和收盤時的成品都被寫入以反映預期的市場價格。

This purchase price accounting effect should flow through over the next quarter or so.

這種購買價格會計效應應該會在下個季度左右出現。

We continue to make capital and segmentation decisions to optimize margins and free cash flow over time.

我們將繼續做出資本和細分決策，以隨著時間的推移優化利潤率和自由現金流。

Operating cash flow of $717 million exceeded our disciplined and measured capital expenditures of $332 million in the quarter.

本季度 7.17 億美元的經營現金流量超過了我們嚴格和衡量的 3.32 億美元資本支出。

Both these numbers include one month of Elpida financials.

這兩個數字都包括一個月的爾必達財務數據。

The Micron only fiscal 2013 CapEx of $1.4 billion came in at the low end of our updated guidance range as we deferred spending into 2014.

由於我們將支出推遲到 2014 年，美光僅 2013 財年的資本支出為 14 億美元，處於我們更新指導範圍的低端。

As a result, our 2014 guidance of $2.6 billion to $3.2 billion is actually somewhat above what we believe the normal run rate for our business should be.

因此，我們 2014 年 26 億至 32 億美元的指導實際上略高於我們認為的正常業務運行率。

Conditions remain favorable for our strong memory industry fundamentals.

條件仍然有利於我們強勁的內存行業基本面。

In NAND, we're projecting industry supply this year up in the low-40% range with next year very similar.

在 NAND 方面，我們預計今年的行業供應量將在 40% 左右的範圍內增長，明年非常相似。

The 2014 projection includes about a 10% increase in industry wafer production with our remaining supply growth coming from technology.

2014 年的預測包括工業晶圓產量增加約 10%，而我們剩餘的供應增長來自技術。

This supply forecast compares to the five-year NAND demand CAGR of 43% implying favorable supply and demand balance.

這一供應預測與 43% 的 5 年 NAND 需求復合年增長率相比，表明供需平衡良好。

Micron's total NAND supply growth will be below the industry this year and slightly above next year, given our DRAM demand conversion in Singapore.

鑑於我們在新加坡的 DRAM 需求轉換，美光今年的 NAND 總供應增長將低於行業，明年略高於該行業。

Mark Adams will comment on the status and solid execution going on there.

馬克亞當斯將評論那裡的狀態和可靠的執行。

For DRAM, we expect to see declining industry wafers over the next 12 months with the recent fire in one of our competitor's fabs amplifying this effect.

對於 DRAM，我們預計未來 12 個月內行業晶圓將下降，而我們競爭對手的一家晶圓廠最近發生的火災會放大這種影響。

Clearly, the fire is impacting and will continue to impact supply in the market as the fab in total, including potentially unimpacted capacity represents about 13% of industry DRAM capacity.

顯然，火災正在影響並將繼續影響市場供應，因為整個晶圓廠（包括潛在未受影響的產能）約佔行業 DRAM 產能的 13%。

We are working with our customers to assist them where possible, but we are not currently changing any of our production plans as a result of the fire.

我們正在與客戶合作，盡可能為他們提供幫助，但我們目前沒有因火災而改變任何生產計劃。

Without making any major assumptions for the impact of the fire, we are projecting DRAM industry supply up in the mid-20% range this year and a similar range next year.

在不對火災影響做出任何重大假設的情況下，我們預計 DRAM 行業今年的供應量將在 20% 左右的範圍內增長，明年將達到類似的範圍。

The current DRAM five-year demand CAGR is in the low-30% range implying a favorable long-term market situation there also.

目前的 DRAM 五年需求復合年增長率在 30% 的低位範圍內，這意味著那裡的長期市場形勢也很有利。

Micron's total DRAM bit production including Elpida should be slightly above the industry this year and below the industry next year.

包括爾必達在內的美光 DRAM 位元總產量今年應該略高於行業，明年低於行業。

This includes the impact of our DRAM demand conversion plans.

這包括我們的 DRAM 需求轉換計劃的影響。

It was a rewarding quarter at Micron, but much remains to be done.

這是美光公司收穫頗豐的一個季度，但仍有許多工作要做。

While the Elpida acquisition positions us as the world's best memory supplier and the industry dynamics are moving in our favor, we remain focused on optimizing value for our shareholders and worldwide customers.

雖然收購 Elpida 使我們成為世界上最好的內存供應商，並且行業動態對我們有利，但我們仍然專注於為我們的股東和全球客戶優化價值。

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

我會在這裡停下來把它交給羅恩和馬克，然後再回來進行問答。

Thanks, Mark.

謝謝，馬克。

Our fourth quarter and fiscal year ended on August 29.

我們的第四季度和財政年度於 8 月 29 日結束。

Our website has a schedule containing certain key results for the fourth quarter, as well as guidance for the first quarter of fiscal 2014.

我們的網站有一個時間表，其中包含第四季度的某些關鍵結果，以及 2014 財年第一季度的指導。

That information is also presented on the following slides.

該信息也顯示在以下幻燈片中。

For our 2013 fiscal year, we reported net income of $1.2 billion, or $1.13 per diluted share on net sales of $9.1 billion.

我們 2013 財年的淨收入為 12 億美元，或每股攤薄收益 1.13 美元，淨銷售額為 91 億美元。

The results for the year include one month of the consolidated results of Elpida since our acquisition closed on July 31.

今年的業績包括自我們於 7 月 31 日完成收購以來 Elpida 的一個月綜合業績。

Elpida results include Rexchip.

Elpida 的結果包括 Rexchip。

The $1.5 billion non-operating gain recognized as part of the purchase accounting of Elpida is the result of the fair values of the assets and liabilities acquired being in excess of the purchase price.

15 億美元的營業外收益被確認為對 Elpida 的購買會計的一部分，這是由於所收購資產和負債的公允價值超過了購買價格的結果。

Operating income for 2013 which excludes the gain on the Elpida acquisition improved to $236 million compared to an operating loss of $612 million in fiscal 2012, as market conditions for memory products improved significantly around the beginning of this calendar year.

2013 年的營業收入（不包括收購 Elpida 的收益）提高至 2.36 億美元，而 2012 財年的營業虧損為 6.12 億美元，因為存儲產品的市場狀況在本日曆年初前後顯著改善。

The schedule currently displayed summarizes the purchase accounting for Elpida.

當前顯示的計劃匯總了爾必達的採購會計。

Several noteworthy items include the $2.4 billion net assets acquired includes $3 billion of net working capital.

幾個值得注意的項目包括收購的 24 億美元淨資產，其中包括 30 億美元的淨營運資本。

Both cash and inventories were each just under $1 billion.

現金和庫存均不足 10 億美元。

The amount of inventory as of closing was written up as part of the purchase accounting to its fair value which Mark mentioned is based on the estimated selling prices for the products.

截至收盤時的庫存量作為採購會計的一部分記入其公允價值，馬克提到的公允價值是基於產品的估計售價。

As a result of this write up, we expect lower margins on sales of Elpida products in the first few months following the acquisition as we sell through the material that was subject to the write up.

由於此次增資，我們預計收購後頭幾個月爾必達產品的銷售利潤率會降低，因為我們通過增資的材料進行銷售。

Normal margins should return around the end of the first fiscal quarter.

正常利潤率應在第一財季末左右恢復。

The amount of property, plant, and equipment for consolidated Elpida, including the fabs in Hiroshima and Taiwan was $935 million.

合併後的爾必達（包括在廣島和台灣的晶圓廠）的財產、廠房和設備金額為 9.35 億美元。

This reflects an approximately $2.1 billion reduction through purchase accounting compared to the US GAAP values immediately prior to the acquisition.

與收購前的美國公認會計原則值相比，這反映了通過採購會計處理減少了約 21 億美元。

In addition, you may recall that the US GAAP PP&E values of consolidated Elpida were previously written down by $2.8 billion through an impairment charge in the Elpida March 2012 financial statements.

此外，您可能還記得，Elpida 合併後的美國 GAAP PP&E 價值之前通過 Elpida 2012 年 3 月財務報表中的減值費用減記了 28 億美元。

Other current and non-current assets include about $920 million of net deferred tax assets, such as net operating loss carryforwards, which will be used over time to offset Japan income tax obligations.

其他流動和非流動資產包括約 9.2 億美元的遞延所得稅淨資產，例如淨經營虧損結轉，這些資產將隨著時間的推移用於抵消日本所得稅義務。

Total acquired debt, giving effect to the plan of reorganization, is $2.1 billion, our payment to acquire Elpida of JPY60 billion, or approximately $615 million, is shown on the balance sheet in restricted cash.

根據重組計劃，收購的債務總額為 21 億美元，我們為收購 Elpida 支付的 600 億日元，或約 6.15 億美元，在資產負債表中以受限現金形式顯示。

Approximately $560 million of this balance will be used to make the first installment payment to the creditors later this month.

這筆餘額中約有 5.6 億美元將用於本月晚些時候向債權人支付第一期付款。

The total installment payments due under the plan of reorganization of JPY200 billion bear no interest, however, they have been discounted to a fair value of $1.638 billion using an imputed interest rate of 6.25%.

2,000 億日元重組計劃下到期的總分期付款不計利息，但已使用 6.25% 的推算利率折現為 16.38 億美元的公允價值。

Concurrent with the closing of the Elpida acquisition, we also acquired Powerchip's 24% interest in Rexchip.

在完成對 Elpida 的收購的同時，我們還收購了 Powerchip 在 Rexchip 的 24% 股權。

Along with Elpida's ownership, we acquired a total of 89% of Rexchip.

連同爾必達的所有權，我們共收購了 Rexchip 89% 的股份。

The remaining 11% represents substantially all of the non-controlling interest, valued at $168 million reflected in the opening balance sheet.

剩餘的 11% 基本上代表了所有非控股權益，價值 1.68 億美元，反映在期初資產負債表中。

The SEC disclosure rules require us to file certain historical financial statements of Elpida along with pro forma financial statements.

SEC 披露規則要求我們將 Elpida 的某些歷史財務報表與備考財務報表一起提交。

We anticipate filing those documents next week.

我們預計下週提交這些文件。

That filing will contain audited Elpida financial statements as of and for the fiscal period ended February 28, 2013, as well as pro forma financial statements for Micron's fiscal 2012, and the nine months ended May 31, 2013.

該文件將包含截至 2013 年 2 月 28 日的財政期間經審計的爾必達財務報表，以及美光公司 2012 財年和截至 2013 年 5 月 31 日的九個月的備考財務報表。

The pro forma financial statements contain additional detailed disclosures of the purchase accounting for Elpida.

備考財務報表包含對爾必達採購會計的額外詳細披露。

Further details of the actual purchase accounting will be included in our 10-K which will be filed later this month.

實際採購會計的更多詳細信息將包含在我們將於本月晚些時候提交的 10-K 中。

For the fourth quarter, we reported net income of $1.7 billion or $1.51 per diluted share on net sales of $2.8 billion.

第四季度，我們報告淨收入為 17 億美元，或每股攤薄收益 1.51 美元，淨銷售額為 28 億美元。

Obviously, these results include the $1.5 billion acquisition gain.

顯然，這些結果包括 15 億美元的收購收益。

Operating income for the fourth quarter of $207 million improved from $149 million in the third quarter, primarily due to an approximately one percentage point expanded gross margin and $46 million operating income contributed by Elpida, which includes the net effects of higher cost of goods sold from the stepped up inventory, value partially offset by lower depreciation from the equipment values that were written down in purchase accounting.

第四季度的營業收入為 2.07 億美元，高於第三季度的 1.49 億美元，這主要是由於爾必達貢獻的毛利率增加了約 1 個百分點和 4600 萬美元的營業收入，其中包括銷售商品成本上升的淨影響。增加的庫存，價值部分被購買會計中減記的設備價值的較低折舊所抵消。

These factors were partially offset by acquisition costs and restructuring and impairment charges incurred at the Micron level during the quarter which are enumerated on the following slide.

這些因素被本季度在美光級別產生的購置成本、重組和減值費用部分抵消，下圖列舉了這些費用。

On a stand-alone basis, Elpida's consolidated results for the one month that was included in our fiscal Q4 included revenue of $355 million with 25% gross margin.

在獨立的基礎上，Elpida 在我們第四財季中包含的一個月的綜合業績包括 3.55 億美元的收入和 25% 的毛利率。

Elpida's net income for the one-month period was $29 million.

爾必達一個月期間的淨收入為 2900 萬美元。

We are continuing to present items included in the results of operations for the quarter that are particularly noteworthy or are not representative of the Company's trended economic performance.

我們將繼續展示本季度經營業績中包含的特別值得注意或不代表公司趨勢經濟表現的項目。

These items are presented to reconcile net income for the period as reported to net income excluding these certain items.

列報這些項目是為了將報告期內的淨收入與不包括這些特定項目的淨收入進行核對。

Note that the amounts in the reconciliation do not include all their related income tax effects as the amounts are generally de minimus, due to our net operating loss carryforwards 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，這些金額通常很小。

The most prominent item in the reconciliation is the gain recognized on the Elpida acquisition.

對賬中最突出的一項是收購爾必達所確認的收益。

Going the other way are the flow-through in the fourth quarter of a portion of the stepped up inventory value in the acquisition in addition to the acquisition-related costs incurred in the quarter.

反之，除了本季度發生的與收購相關的成本外，收購中增加的庫存價值的一部分在第四季度的流動。

We recognized restructuring and impairment charges of $32 million, primarily from employee termination benefits associated with workforce reductions, as we continue to optimize our global workforce structure and write-downs of certain assets in our Israel operation associated with their pending sale.

我們確認了 3200 萬美元的重組和減值費用，主要來自與裁員相關的員工解僱福利，因為我們繼續優化我們的全球勞動力結構，並減記我們以色列業務中與其待售相關的某些資產。

The amortization of debt discount primarily reflects the imputed interest expense in the quarter from our convertible notes as well as the discount on the interest-free installment debt of Elpida.

債務貼現的攤銷主要反映了本季度我們可轉換票據的推算利息費用以及爾必達無息分期債務的貼現。

Last quarter, we mentioned a gain we were to recognize in the fourth quarter of $48 million associated with our ownership in Inotera, as they sold shares to other parties at a price higher than our carrying value.

上個季度，我們提到了我們在第四季度確認的與我們在 Inotera 的所有權相關的 4800 萬美元的收益，因為他們以高於我們賬面價值的價格將股票出售給其他方。

The net effect of foreign currency activity was significantly reduced in the fourth quarter as we began hedging Elpida's non-USD exposures under our normal hedging policies as of the close of the acquisition.

第四季度外匯活動的淨影響顯著降低，因為我們在收購結束時開始根據我們的正常對沖政策對沖 Elpida 的非美元敞口。

We expect to see some ongoing activity in this area since we fully incorporated Elpida's balance sheet exposures including the yen denominated installment debt.

由於我們完全納入了爾必達的資產負債表風險敞口，包括以日元計價的分期債務，我們預計該領域將出現一些持續的活動。

Non-cash income tax expenses primarily in Japan are offset by the deferred tax asset we recorded in purchase accounting.

主要在日本的非現金所得稅費用被我們在採購會計中記錄的遞延所得稅資產所抵消。

Adjusting for all these items, non-GAAP EPS improved to $0.29 per diluted share compared to the $0.16 per diluted share adjusting for items in the third quarter.

調整所有這些項目後，非公認會計原則每股收益提高至每股攤薄收益 0.29 美元，而第三季度調整項目的攤薄每股收益為 0.16 美元。

You may have noted here as well as on previous slides that the number of shares used in the diluted EPS calculation has increased in the fourth quarter.

您可能已經在此處以及之前的幻燈片中註意到，第四季度稀釋後每股收益計算中使用的股票數量有所增加。

The average stock price for the quarter increased the dilution from our convertible notes and stock options both of which used the Treasury stock method to determine the amount of dilution.

本季度的平均股價增加了我們的可轉換票據和股票期權的稀釋度，兩者都使用國債股票法來確定稀釋度。

The number of shares used in the diluted EPS calculation for the fourth quarter includes 96 million shares from the dilutive effects of convertible notes and shares under our stock plans.

第四季度攤薄每股收益計算中使用的股數包括可轉換票據和股票計劃下的攤薄效應產生的 9600 萬股。

The capped calls that we have in place around our convertible notes, while not reflected in the EPS calculation, economically reduce the dilution from the convertible notes by approximately 53 million shares at an assumed $18 share price.

我們圍繞可轉換票據設置的上限贖回，雖然沒有反映在每股收益計算中，但在假設股價為 18 美元的情況下，從經濟上減少了約 5300 萬股可轉換票據的攤薄。

As our share price exceeds the upper strength price of the capped calls, their mitigating effect on the dilution is capped.

由於我們的股價超過了上限看漲期權的上限價格，它們對稀釋的緩解作用受到了限制。

As always, we are reviewing alternatives to manage our capital structure and will take advantage of opportunities we leave are in the best interest of our shareholders.

與往常一樣，我們正在審查管理資本結構的替代方案，並將利用我們留下的機會符合股東的最大利益。

In the first quarter, we project the following impacts from these adjustment items, flow-through of Elpida inventory step up reducing gross margin by $110 million to $120 million; amortization of debt discount on the convertible notes and the Elpida installment debt of approximately $50 million; non-cash taxes related to the acquisition of between $50 million to $60 million.

第一季度，我們預計這些調整項目將產生以下影響，爾必達庫存的流轉將毛利率降低 1.1 億美元至 1.2 億美元；可轉換票據的債務貼現攤銷和爾必達分期債務約5,000萬美元；與 5000 萬至 6000 萬美元的收購相關的非現金稅。

Our ongoing cash tax rate is expected to be in the low-single digit range.

我們持續的現金稅率預計將在低個位數範圍內。

We expect restructuring and acquisition costs in the first quarter to be immaterial, in the single-digit million dollar range.

我們預計第一季度的重組和收購成本並不重要，在幾百萬美元的範圍內。

Now, the more detailed discussion of the operating results will be at the combined Company level including the results of Elpida.

現在，對經營業績的更詳細討論將在合併後的公司層面進行，包括爾必達的業績。

In terms of the guidance that we provided for the fourth quarter, we generally executed within the targeted ranges we provided.

就我們為第四季度提供的指導而言，我們通常在我們提供的目標範圍內執行。

Going forward, all of the guidance for the future periods will be at the consolidated Company level.

展望未來，未來期間的所有指導都將在合併後的公司層面。

Turning first to DRAM, DRAM revenue for the combined Company increased 50% in the fourth quarter compared to the previous quarter, reflecting a 42% increase in bit sales volume and a 5% increase in per bit average selling prices.

首先是 DRAM，合併後的公司第四季度的 DRAM 收入與上一季度相比增長了 50%，這反映了位銷量增長了 42%，每位平均售價增長了 5%。

One month of Elpida's results accounted for approximately 20% of the total bit shipments in the fourth quarter.

爾必達1個月的業績佔第四季度總比特出貨量的20%左右。

The mix of Elpida's products averaged to a lower price when compared to Micron's average price.

與美光的平均價格相比，爾必達產品組合的平均價格較低。

This is primarily a result of Micron's higher mix of premium ASP segments, such as networking and [AIM], while Elpida has a higher mix of sales and wafer form.

這主要是由於美光的優質 ASP 細分市場組合較高，例如網絡和 [AIM]，而爾必達的銷售和晶圓形式組合較高。

Currently Elpida sells approximately 20% of their volume in wafers which is reduces the Micron average selling price and cost per bit correspondingly.

目前，爾必達的晶圓銷售量約佔其銷量的 20%，這相應地降低了美光的平均售價和每比特成本。

The cost for DRAM products increased in the fourth quarter compared to the previous quarter mainly due to the higher cost of products purchased from Inotera, which vary based on market prices.

DRAM 產品的成本在第四季度與上一季度相比有所增加，主要是由於從 Inotera 購買的產品成本較高，這取決於市場價格。

Our quarterly results also reflect our share of Inotera's net income.

我們的季度業績也反映了我們在 Inotera 淨收入中的份額。

This is the first quarter since 2010 where our equity method pick up reflects income from Inotera, where execution, in addition to the improvements in the memory industry, has helped their return to profitability.

這是自 2010 年以來的第一季度，我們的權益法回升反映了來自 Inotera 的收入，其中執行，除了內存行業的改善，幫助他們恢復盈利。

Recall that we pick up Inotera's equity method results with a two-month lag.

回想一下，我們以兩個月的滯後時間獲得了 Inotera 的權益法結果。

Now in terms of guidance for DRAM, using quarter-to-date selling prices and projected product mix effects for the quarter, ASPs would be up mid-single digit compared to the Q4 average, as a result of market increases, partially offset by the mix effect of lower Elpida average selling prices.

現在就 DRAM 的指導而言，使用本季度迄今為止的銷售價格和預計的產品組合效應，由於市場增長，ASP 將比 Q4 平均水平上升中個位數，部分抵消了降低爾必達平均售價的混合效應。

Projected bit costs are expected to be down low-single digits relative to Q4 with the Elpida mix improving cost per bit, partially offset by higher costs from Inotera's market-based pricing.

由於 Elpida 組合提高了每比特成本，預計比特成本預計將低於第四季度的低個位數，部分被 Inotera 基於市場的定價帶來的更高成本所抵消。

Projected production volume is expected to be up mid-40s in the first quarter, with a full three months of Elpida volume.

預計第一季度的產量將增長到 40 年代中期，Elpida 的產量是整整三個月。

We expect Elpida to account for approximately 60% of DRAM bit production in the first quarter.

我們預計 Elpida 將在第一季度佔 DRAM 位產量的約 60%。

Key themes affecting Q1 guidance include the relatively strong market conditions for DRAM, pricing that Mark referenced, and the continued transition of the former Tech Singapore fab from DRAM to NAND.

影響第一季度指引的關鍵主題包括相對強勁的 DRAM 市場狀況、Mark 提到的定價，以及前新加坡科技工廠從 DRAM 到 NAND 的持續過渡。

This transition is on track and expected to continue through the end of the fiscal year.

這一過渡正在步入正軌，預計將持續到本財年末。

Now turning to NAND, trade NAND sales increased 3% compared to the third quarter which reflects a 13% increase in bit sales volumes offset by 9% decrease in per bit average selling price.

現在轉向 NAND，與第三季度相比，貿易 NAND 銷售額增長了 3%，這反映了比特銷量增長 13% 被每比特平均售價下降 9% 所抵消。

Margin on trade NAND remained flat compared to the third quarter, as the transition to higher density products brought about the offsetting effects of lower cost per part and lower per bit selling prices.

與第三季度相比，貿易 NAND 的利潤率保持平穩，因為向更高密度產品的過渡帶來了較低的每部件成本和較低的每比特銷售價格的抵消效應。

NAND bits sold in Micron-branded SSDs increased 23% in the fourth quarter, driven primarily by growth in the enterprise space as we continue to build out our product portfolio in this key segment which Mark Adams will talk about more in a bit.

美光品牌 SSD 中銷售的 NAND 位在第四季度增長了 23%，這主要是受企業領域增長的推動，因為我們繼續在這個關鍵領域構建我們的產品組合，Mark Adams 稍後將對此進行更多討論。

Looking at our NAND guidance for the first quarter, using quarter-to-date selling prices and projected mix for the quarter, trade NAND ASPs would be down high-single digits with the decline driven by mix of higher density products on advanced technology nodes.

看看我們對第一季度的 NAND 指導，使用本季度迄今為止的銷售價格和預計的組合，貿易 NAND ASP 將下降高個位數，這是由先進技術節點上更高密度產品的組合推動的。

Bit costs are expected to be down high-single digits as well, while bit production is expected to be up low- to mid-teens as we transition our former Tech Singapore fab to NAND production.

位成本預計也將下降高個位數，而隨著我們將以前的新加坡科技工廠轉變為 NAND 生產，位產量預計將上升到十幾歲。

Key trends for Q1 affecting this guidance are the continued ramp of the former Tech Singapore fab to NAND although the majority of the output in the fourth quarter was still DRAM, and as NAND replaces some NOR volume in the marketplace over time also add that revenue from NOR sales is expected to decline sequentially in Q1 as it did in Q4 to the $120 million to $130 million range.

影響這一指導的第一季度的主要趨勢是前新加坡科技工廠繼續向 NAND 傾斜，儘管第四季度的大部分產量仍然是 DRAM，並且隨著時間的推移 NAND 取代了市場上的一些 NOR 量，也增加了來自NOR 銷售額預計將在第一季度與第四季度一樣下降至 1.2 億美元至 1.3 億美元之間。

SG&A expense guidance for Micron only in the fourth quarter did not include any acquisition-related costs.

美光僅在第四季度的 SG&A 費用指導不包括任何與收購相關的成本。

Adjusting for the $42 million acquisition-related costs in the quarter, SG&A was right in the middle of our guided range.

調整本季度 4200 萬美元的收購相關成本後，SG&A 正好在我們指導範圍的中間。

We expect SG&A expense in the first quarter to be between $185 million and $195 million including Elpida's costs.

我們預計第一季度的 SG&A 費用將在 1.85 億美元至 1.95 億美元之間，包括爾必達的成本。

R&D expense for Micron only in the fourth quarter was at the high end of our guided range.

美光僅在第四季度的研發費用就處於我們指導範圍的高端。

Including Elpida, for all of the first quarter we expect R&D expense to be between $340 million and $350 million.

包括爾必達在內，我們預計第一季度的研發費用將在 3.4 億美元至 3.5 億美元之間。

The Company also generated $717 million in cash flow from operations in the fourth quarter.

該公司還從第四季度的運營中產生了 7.17 億美元的現金流。

The year ended with cash and investments including restricted cash and non-current investments of $4.2 billion.

年末現金和投資包括 42 億美元的受限現金和非流動投資。

This amount includes the Elpida restricted cash of which approximately $560 million will be paid in the first installment payment later this month as I mentioned previously.

這筆金額包括 Elpida 受限現金，如我之前提到的，本月晚些時候將在第一期付款中支付約 5.6 億美元。

Micron only capital spending during the fourth quarter was $286 million which brought the fiscal year total to $1.4 billion, at the low end of our most recently guided range as Mark mentioned, and well below our original guidance for the year.

美光在第四季度的唯一資本支出為 2.86 億美元，使本財年的總額達到 14 億美元，處於馬克提到的我們最近指導範圍的低端，遠低於我們今年的原始指導。

Capital spending for the fourth quarter including Elpida was $332 million.

包括爾必達在內的第四季度資本支出為 3.32 億美元。

Estimated capital expenditures for fiscal 2014 of between $2.6 billion and $3.2 billion contemplates all the spending for the Elpida and Rexchip operations as we converge on our technology and product road maps.

2014 財年的資本支出估計在 26 億美元至 32 億美元之間，其中考慮了 Elpida 和 Rexchip 業務的所有支出，因為我們在技術和產品路線圖上趨同。

Depreciation and amortization is expected to increase from $486 million in the fourth quarter to around $560 million in Q1.

折舊和攤銷預計將從第四季度的 4.86 億美元增加到第一季度的約 5.6 億美元。

During the fourth quarter, we received just over $300 million in additional asset-backed debt financing.

在第四季度，我們收到了超過 3 億美元的額外資產支持債務融資。

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

有了這個，我會把它交給 Mark Adams 來徵求他的意見。

Thanks, Ron.

謝謝，羅恩。

I will provide some more detail on our fourth quarter operating performance as well as share some thoughts on current market conditions.

我將提供有關我們第四季度運營業績的更多細節，並分享對當前市場狀況的一些想法。

Our NAND solutions group recorded revenue of $781 million, up 7% when compared to our third quarter.

我們的 NAND 解決方案部門錄得 7.81 億美元的收入，與第三季度相比增長 7%。

Total trade NAND gross margins increased slightly in the quarter as we continue to improve our mix.

隨著我們繼續改進我們的組合，本季度總貿易 NAND 毛利率略有增加。

Our NAND ASPs were down 9% quarter-over-quarter, partially driven by an increase in higher density, lower price per gigabyte SSD products, and partially driven by early production capacity from our Fab 7 conversion, ending up in a transactional market such as memory cards and USB devices which generally produce a lower ASP.

我們的 NAND ASP 環比下降 9%，部分原因是更高密度的增加，每 GB SSD 產品的價格更低，部分原因是我們的 Fab 7 轉換的早期產能，最終進入了交易市場，例如存儲卡和 USB 設備通常會產生較低的 ASP。

Our SSD business is growing significantly faster than the overall SSD market.

我們的 SSD 業務增長速度明顯快於整個 SSD 市場。

Micron-branded SSD revenue for the year was 76% over 2012.

與 2012 年相比，美光品牌 SSD 的全年收入增長了 76%。

It's worth noting that over 50% of our trade NAND revenue goes to either Micron-branded SSDs or our strategic customers who serve the SSD category with Micron's NAND technology.

值得注意的是，我們超過 50% 的貿易 NAND 收入流向了美光品牌的 SSD 或我們使用美光 NAND 技術為 SSD 類別提供服務的戰略客戶。

We continue to migrate our SSD product family to advance lithography nodes.

我們繼續遷移我們的 SSD 產品系列以推進光刻節點。

Our 20-nanometer Flash memory technology represented 40% of our client SSD shipments and our 25-nanometer process represented over 80% of our enterprise shipments.

我們的 20 納米閃存技術占我們客戶 SSD 出貨量的 40%，我們的 25 納米工藝占我們企業出貨量的 80% 以上。

Our newly announced M500 based on our 20-nanometer technology is seeing strong acceptance, not only in client, but data center applications.

我們新發布的基於 20 納米技術的 M500 不僅在客戶端，而且在數據中心應用中都得到了廣泛認可。

We have also qualified two new enterprise drives at Tier 1 OEMs, our P410 fast drive and our P420 PCIe drive.

我們還在 1 級 OEM 認證了兩款新的企業級驅動器，即我們的 P410 快速驅動器和 P420 PCIe 驅動器。

On the technology front, Micron introduced its industry-leading, 16-nanometer MLC NAND, the most advanced processing node for any current product produced in the semiconductor device industry.

在技術方面，美光推出了業界領先的 16 納米 MLC NAND，這是目前半導體設備行業生產的任何產品中最先進的處理節點。

For this accomplishment, Micron won the Best Technology Award at the 2013 Flash Memory Summit held in August.

為此，美光在 8 月舉行的 2013 年閃存峰會上獲得了最佳技術獎。

We are pleased with the results from our NAND business and continue to look for ways to drive higher value features and functionalities to an increasingly segmented market.

我們對 NAND 業務的結果感到滿意，並繼續尋找方法將更高價值的特性和功能推向日益細分的市場。

Our DRAM solutions group recorded a 34% increase in top line revenue with sales of $1.24 billion in Q4 which included one month of Elpida data.

我們的 DRAM 解決方案部門在第四季度的收入增長了 34%，銷售額為 12.4 億美元，其中包括一個月的 Elpida 數據。

Excluding the Elpida sales for August, revenue was up 16% quarter-on-quarter, driven primarily by an increase in DRAM ASPs for the second consecutive quarter.

剔除 Elpida 8 月份的銷售額，收入環比增長 16%，主要受 DRAM 平均售價連續第二個季度增長的推動。

DSG gross margins were in the mid-20% range, up about 1% from our third quarter.

DSG 毛利率在 20% 左右，比第三季度增長約 1%。

Keep in mind the Q4 and Q1 DRAM gross margins are, and in the near term will be, negatively impacted by the flow-through of Elpida's inventory which was written up to market value at close, as Ron described in his purchase accounting comments earlier.

請記住，正如 Ron 在早些時候的採購會計評論中所描述的那樣，Q4 和 Q1 DRAM 毛利率在短期內將受到 Elpida 庫存流動的負面影響，這些庫存在收盤時已寫入市場價值。

We achieved record bit shipments in all of our premium DRAM segments with a non-PC business representing about 55% of our gigabit shipments in the quarter.

我們在所有優質 DRAM 領域實現了創紀錄的位出貨量，其中非 PC 業務占我們本季度千兆位出貨量的約 55%。

We shipped over 300 million gigabit equivalents into the server DRAM segment in Q4, driven by strong demand from our data center customers and cloud service providers.

在我們的數據中心客戶和雲服務提供商的強勁需求的推動下，我們在第四季度向服務器 DRAM 市場出貨了超過 3 億千兆比特。

For fiscal 2013, this is a 53% year-over-year increase in bit shipments which represented a 13% increase in revenue.

2013財年，比特出貨量同比增長53%，收入增長13%。

We had a record quarter in our networking business for both bits up 5% and revenue up 8%.

我們的網絡業務實現了創紀錄的季度，比特增長 5%，收入增長 8%。

Our DRAM shipments set a Company record as we are seeing strong demand from Tier 1 OEMs as well as through our distribution chain.

我們的 DRAM 出貨量創下了公司記錄，因為我們看到來自一級 OEM 以及我們的分銷鏈的強勁需求。

We also had a strong quarter in our consumer graphics segment which continues to be an attractive premium market.

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。

Bit shipments were up 38% quarter-on-quarter, and we expect strong demand in Q1, in particular looking forward to the upcoming launch of next-generation gaming consoles for this holiday season.

比特出貨量環比增長 38%，我們預計第一季度需求強勁，特別期待即將在這個假期推出的下一代遊戲機。

Elpida's GDDR5 technology rounds out our portfolio in this fast growing segment.

Elpida 的 GDDR5 技術完善了我們在這一快速增長領域的產品組合。

On the technology front, we recently announced our hybrid memory cube interoperability with FPGA platform from Altera, a major milestone for us in this new solution for the high performance networking and computing segment.

在技術方面，我們最近宣布了與 Altera 的 FPGA 平台的混合存儲立方體互操作性，這是我們在高性能網絡和計算領域的新解決方案中的一個重要里程碑。

In addition, our RLDRAM3 product continues to receive strong market endorsement from our Tier 1 networking customers.

此外，我們的 RLDRAM3 產品繼續獲得一級網絡客戶的強烈市場認可。

We are seeing strong yield improvement in our 25-nanometer process technology and will continue to ramp this technology through Fiscal 2014.

我們看到 25 納米工藝技術的良率大幅提升，並將在 2014 財年繼續提升這項技術。

We are almost on track to introduce our 20-nanometer technology, beginning the second half of calendar 2014.

從 2014 年下半年開始，我們即將推出我們的 20 納米技術。

Overall, the DRAM market remains tight.

總體而言，DRAM 市場依然吃緊。

Given growing demand in the specialty markets and undersupply in the PCDRAM business, and the impact on supplies in the Wuxi accident, inventories appear extremely low across both our OEM customer base and our distribution channel.

鑑於專業市場需求增長和 PCDRAM 業務供應不足，以及無錫事故對供應的影響，我們的 OEM 客戶群和我們的分銷渠道的庫存似乎都極低。

We are on allocation with customers in multiple segments.

我們正在與多個細分市場的客戶進行分配。

OEM contract pricing, while increasing, continues to lag the rising spot market.

OEM 合同價格在上漲的同時，繼續落後於上漲的現貨市場。

Our specialty business typically lags the market in terms of price movement, but we are seeing increases across these segments as well.

我們的專業業務在價格變動方面通常落後於市場，但我們也看到這些細分市場的增長。

We are optimistic that the DRAM market will remain strong through the end of calendar year 2013.

我們樂觀地認為 DRAM 市場將在 2013 年年底前保持強勁。

When you include one month of Elpida's mobile business, revenue for the wireless solutions group was up 70% quarter-over-quarter coming off of Q3 where revenue was up roughly 30% from the prior quarter.

算上 Elpida 一個月的移動業務，無線解決方案部門的收入較第三季度環比增長 70%，而第三季度的收入環比增長約 30%。

Without the Elpida impact, revenues for WSG were flat quarter-over-quarter as we were able to redirect some capacity to higher margin opportunities in computing.

在沒有 Elpida 影響的情況下，WSG 的收入環比持平，因為我們能夠將一些容量重新定向到計算中更高利潤的機會。

Q4 gross margin swung from a negative 4% to a positive 8% in the quarter.

第四季度毛利率從負的 4% 回升至本季度的正 8%。

Mobile DRAM was up 300% quarter-over-quarter, including Elpida, highlighted by increased low power DRAM share at Tier 1 customers.

包括爾必達在內的移動 DRAM 環比增長 300%，這主要體現在一級客戶的低功耗 DRAM 份額增加。

Mobile DRAM margins improved significantly in Q4 on increased shipments of our 30-nanometer low power DRAM product.

由於我們 30 納米低功耗 DRAM 產品的出貨量增加，第四季度移動 DRAM 利潤率顯著提高。

Our mobile NAND revenue is constrained in the quarter, but gross margins were up mid-single digits compared to Q3.

我們的移動 NAND 收入在本季度受到限制，但與第三季度相比，毛利率上升了中個位數。

Our NOR-based MCP business saw demand continue to decline with margin pressure from [idle charges].

我們基於 NOR 的 MCP 業務的需求繼續下降，原因是 [閒置費用] 的利潤率壓力。

In the past, I've talked about the restructuring of our Micron only mobile business, WSG.

過去，我談到了我們唯一的美光移動業務 WSG 的重組。

We have taken significant costs out of the business and managed our mobile inventory to an all-time low as we prepare for the integration of Elpida's mobile business with WSG.

在我們準備將 Elpida 的移動業務與 WSG 整合時，我們已經從業務中節省了大量成本，並將我們的移動庫存管理到歷史最低水平。

We feel as one combined mobile business, Micron has the strongest mobile memory portfolio in the industry.

我們認為，作為一家合併的移動業務，美光擁有業內最強大的移動內存產品組合。

We are excited about the combined mobile organization scale and product breadth in both low power DRAM and managed NAND, positioning Micron as a leader in mobile memory solutions.

我們對低功耗 DRAM 和託管 NAND 的移動組織規模和產品廣度的結合感到興奮，將美光定位為移動內存解決方案的領導者。

Our embedded solutions group recorded sales of $329 million up 8% quarter-over-quarter, setting a record for ESG quarterly revenue.

我們的嵌入式解決方案部門的銷售額為 3.29 億美元，環比增長 8%，創下 ESG 季度收入記錄。

Investment in geographic expansion continues to pay off as we saw it double-digit growth in both Europe and Asia.

地域擴張的投資繼續獲得回報，因為我們看到它在歐洲和亞洲都實現了兩位數的增長。

Operating profit remained strong at 19% as our team concluded a solid fiscal year 2013.

由於我們的團隊在 2013 財年結束時表現穩健，營業利潤保持在 19% 的強勁水平。

For the year, revenue was up 13% in our embedded business as we grew shipments across DRAM, NAND, and NOR to a broadening customer base.

這一年，我們嵌入式業務的收入增長了 13%，因為我們增加了 DRAM、NAND 和 NOR 的出貨量，以擴大客戶群。

Our automotive and industrial segment experienced 19% top line growth year-over-year.

我們的汽車和工業部門的收入同比增長 19%。

With the recent announcement of our field system labs in Germany and Shanghai, we feel we are uniquely positioned to partner with our embedded customers and pre-sale systems architectural design, qualification, and post-sale support.

隨著我們在德國和上海的現場系統實驗室最近的宣布，我們感到我們在與我們的嵌入式客戶和售前系統架構設計、認證和售後支持合作方面處於獨特的地位。

This level of customer engagement is the type of service that will continue to differentiate Micron's offering as we look to scale our embedded business.

隨著我們尋求擴展我們的嵌入式業務，這種客戶參與水平將繼續使美光的產品與眾不同。

On the technology front, the team has done a great job marketing Micron's broad portfolio in a segment that was once dominated primarily by NOR shipments.

在技術方面，該團隊在曾經主要由 NOR 出貨量主導的細分市場營銷美光廣泛的產品組合方面做得非常出色。

In fact, today our ESG revenue mix is relatively evenly split between DRAM, NAND, and NOR.

事實上，今天我們的 ESG 收入組合在 DRAM、NAND 和 NOR 之間相對平均。

We are currently ramping our 45-nanometer serial and parallel NOR products at our 300-millimeter fab in Virginia, and we are in qualification with key ESG customers.

我們目前正在弗吉尼亞州的 300 毫米晶圓廠生產 45 納米串行和並行 NOR 產品，並且我們已獲得主要 ESG 客戶的資格。

We remain optimistic that we will see continued growth from ESG in fiscal 2014 as we increase investments in both technology and the levels of differentiated service.

隨著我們增加對技術和差異化服務水平的投資，我們仍然樂觀地認為，我們將在 2014 財年看到 ESG 的持續增長。

Overall, the memory business remained favorable and balanced from the demand and supply perspective throughout our fourth quarter.

總體而言，從整個第四季度的供需角度來看，內存業務保持良好和平衡。

Demand signals from our customers are strong, and we are in allocation mode across DRAM with general balance in NAND.

來自客戶的需求信號強勁，我們處於 DRAM 的分配模式，NAND 總體平衡。

The teams were able to execute in key areas such as specialty DRAM, enterprise storage, automotive, and industrial, and low power mobile solutions in Q4, and we feel well-positioned for a strong Q1.

這些團隊在第四季度能夠在專業 DRAM、企業存儲、汽車和工業以及低功耗移動解決方案等關鍵領域執行任務，我們為實現強勁的第一季度做好準備。

In closing, I want to welcome our new team members from the former Elpida and Rexchip teams.

最後，我要歡迎來自前 Elpida 和 Rexchip 團隊的新團隊成員。

We are very impressed with the quality of the people, technology and strong customer relationships that are now part of Micron.

美光現在的人員素質、技術和強大的客戶關係給我們留下了深刻的印象。

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

有了這個，我會把它交還給基普。

Thank you, Mark.

謝謝你，馬克。

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

我們現在想做的是接受來電者的提問。

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

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

Please open the lines.

請打開線路。

Sure, sir.

當然，先生。

(Operator Instructions)

（操作員說明）

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

Hi.

你好。

It's Adeline Lee for Glen Yeung.

Glen Yeung 是 Adeline Lee。

Thanks for allowing me to ask you a question.

謝謝你允許我問你一個問題。

My first question is, can tell us a little bit about your CapEx split and also CapEx loading?

我的第一個問題是，能否告訴我們一些關於您的資本支出拆分以及資本支出加載的信息？

Yes, this is Mark.

是的，這是馬克。

We gave you already the CapEx spend projected for the year.

我們已經為您提供了當年預計的資本支出。

In terms of how that split technology wise, a little bit more than half on DRAM, with the remainder to build out incremental 80 and 90 series NAND conversion which is conversion to 20-nanometer and 16-nanometer, as well as some early spend on 3D NAND.

就拆分技術而言，一半多一點在 DRAM 上，其餘用於構建增量 80 和 90 系列 NAND 轉換，即轉換為 20 納米和 16 納米，以及一些早期花費在3D 與非。

Okay.

好的。

Can you help us in terms of ASPs, after the Wuxi fire at Hynix, what do you think pricing will do when they get back to their normal loading, some time in the first half of 2014?

您能否在 ASP 方面幫助我們，在海力士無錫大火之後，您認為在 2014 年上半年的某個時間恢復正常負載後定價會如何？

What do you think pricing will do?

你認為定價會做什麼？

Hi, this is Mark Adams.

嗨，我是馬克亞當斯。

As we typically don't do, we will not comment on future pricing.

正如我們通常不這樣做的那樣，我們不會對未來的定價發表評論。

There are a lot of variables we just don't have a handle on, in terms of what the competitive recovery would look like.

就競爭性複甦的情況而言，我們無法處理很多變量。

Obviously, we're in a situation that since then, up until quarter-to-date, it's further tightened.

顯然，從那時起，直到本季度迄今為止，我們處於進一步收緊的情況。

It was a tightening market, but we're not in a position of predicting future pricing.

這是一個緊縮的市場，但我們無法預測未來的定價。

Yes, I think as well as that, I would just add that it's still a little unclear, to us at least, exactly when there will be a full recovery.

是的，我認為除此之外，我只想補充一點，至少對我們來說，究竟什麼時候會完全恢復還不清楚。

Trying to get the dynamics around how that all plays out over time is very difficult.

試圖了解所有這些隨著時間的推移如何發揮作用是非常困難的。

Thank you.

謝謝你。

Monika Garg, Pacific Crest Securities.

Monika Garg，Pacific Crest 證券。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Your operating margins in the DRAM segment are much higher than the NAND segment.

您在 DRAM 領域的營業利潤率遠高於 NAND 領域。

You're also guiding to ASP increase in DRAM and ASP decline in NAND.

您還指導 DRAM 的 ASP 增加和 NAND 的 ASP 下降。

The question is then why not delay the conversion of Singapore fab from DRAM to NAND for maybe a quarter or two quarters?

那麼問題是為什麼不將新加坡工廠從 DRAM 到 NAND 的轉換推遲一個季度或兩個季度呢？

What I said, Monica, is that we haven't changed our trajectory yet.

我說的是，莫妮卡，我們還沒有改變我們的軌跡。

What we've said in the past is we want to maintain a high degree of flexibility and be reactive to our customer needs and what's going on in the marketplace so we can optimize margins.

我們過去說過的是，我們希望保持高度的靈活性，並對我們的客戶需求和市場情況做出反應，這樣我們就可以優化利潤。

I'm not going to comment on what we might do going forward.

我不會評論我們未來可能會做的事情。

We're going to continue to watch the market pretty carefully and do what we need to do for Micron and our customers.

我們將繼續非常仔細地觀察市場，並為美光和我們的客戶做我們需要做的事情。

Okay.

好的。

The next one is on the WSG segment.

下一個是 WSG 部分。

The revenues increased considerably, of course due to Elpida and mobile DRAM business, but operating margins are still in the negative.

收入大幅增長，當然是由於爾必達和移動 DRAM 業務，但營業利潤率仍為負數。

I'm trying to understand the dynamics there.

我試圖了解那裡的動態。

Is it the inventory, because of that lower gross margin from Elpida?

是庫存嗎，因為爾必達的毛利率較低？

Could you just talk a little bit on that side, please?

請您在那邊稍微談談好嗎？

There's that, and then I think you're hitting on a couple areas that are relevant, but also remember there's a three-month, basically a full-quarter, inventory flow-through which will be much more positive when we get through that period as well.

就是這樣，然後我認為你正在觸及幾個相關的領域，但也請記住，有一個三個月，基本上是一個完整季度的庫存流動，當我們度過那個時期時，這將更加積極也是。

There's also only one month of the Elpida in the reported results.

報告的結果中也只有一個月的爾必達。

Let me take a chance also just to comment that, in the mobile business, we are strategically looking at a margin business, not a scale business.

讓我也藉此機會評論一下，在移動業務中，我們在戰略上著眼於利潤業務，而不是規模業務。

Where we see opportunities to use our capacity for specialized and differentiated product in mobile that's where we're focused on.

我們看到機會利用我們的能力在移動領域開發專業化和差異化產品，這就是我們關注的地方。

We're not necessarily trying to grow the top line in mobile just to grow it.

我們不一定只是為了增加移動設備的收入而嘗試增加收入。

I think from our perspective, when you add all those factors together, you'll continue to see hopefully us make announcements around differentiated products.

我認為從我們的角度來看，當您將所有這些因素加在一起時，您將繼續希望我們圍繞差異化產品發佈公告。

Thanks a lot.

非常感謝。

That's all for me.

這就是我的全部。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great, thank you.

太好了謝謝。

The 17% growth in NAND bits, you had talked about production up high-single digits earlier in the quarter.

NAND 位增長了 17%，您曾在本季度早些時候談到過高個位數的產量。

Was that from inventory?

是來自庫存嗎？

Or did you have upside from the production numbers that you thought you'd have?

或者您是否從您認為的生產數量中獲得了好處？

Joe, you're correct.

喬，你是對的。

That was actually reported a product number.

那實際上是報告了一個產品編號。

Production numbers came in even better.

生產數字甚至更好。

I think Mark mentioned in his script that in particular, we were pleased to see that the 20-nanometer NAND is now more than 50% of our bits produced.

我認為 Mark 在他的腳本中特別提到，我們很高興看到 20 納米 NAND 現在占我們生產的比特的 50% 以上。

We're pretty pleased with how the team executed.

我們對團隊的執行方式非常滿意。

Looping back also, Joe, to the Tech conversion, again while we're going to monitor that as the market continues to evolve.

喬，再次回到技術轉換，隨著市場的不斷發展，我們將對其進行監控。

That transition went better than we ever could have possibly expected.

這種轉變比我們預期的要好。

The yields were phenomenal there and went very smooth.

那裡的產量非常驚人，而且進展非常順利。

Great, thank you.

太好了謝謝。

In terms of the tax rate that you talked about at the analyst meeting, you talked about the disparity between a cash tax rate and then the non-GAAP from the true-up of the NOLs around fair value.

就您在分析師會議上談到的稅率而言，您談到了現金稅率與非公認會計原則之間的差異，這些差異來自圍繞公允價值的 NOL 的校正。

Are we going to be able to get visibility into what the difference is between those two tax rates going forward?

我們是否能夠了解這兩種稅率之間的差異？

Yes, Joe.

是的，喬。

This is Ron.

這是羅恩。

I showed you the effect in the latest reported quarter.

我向您展示了最新報告季度的效果。

I gave you a projection for the first quarter, so we will continue to pro forma that each quarter and give you the break down.

我給了你一個第一季度的預測，所以我們將繼續每個季度的備考，並給你分解。

The fact is that it's easier for us to actually project the cash tax rate.

事實上，我們更容易實際預測現金稅率。

It's going to be in the low-single digit range over time because of our tax structure, and that's what we will actually be paying in taxes.

由於我們的稅收結構，隨著時間的推移，它將處於低個位數的範圍內，而這正是我們實際繳納的稅款。

The GAAP tax rate is more difficult to figure out because it's an estimated effective tax rate based upon your projected annual profits, or pre-tax profits.

GAAP 稅率更難計算，因為它是根據您預計的年度利潤或稅前利潤估算的有效稅率。

So, I can give you a pretty good diagnosis of cash tax rates, and each quarter we'll break out the non-cash portion that's in our GAAP number.

所以，我可以給你一個很好的現金稅率診斷，每個季度我們都會打破我們 GAAP 數字中的非現金部分。

Okay, very helpful.

好的，很有幫助。

Thank you.

謝謝你。

Doug Freedman, RBC Capital Markets.

道格弗里德曼，加拿大皇家銀行資本市場。

Great, thanks, guys, for taking my question and congrats on all the execution of all of the moving parts here.

太好了，謝謝伙計們，他們提出了我的問題，並祝賀這裡所有活動部件的所有執行。

Is there any way you can help me get at what the gross margins would have been if you had recorded Elpida product at manufacturing costs, as opposed to the marked up?

如果您以製造成本記錄 Elpida 產品，而不是標價，您有什麼方法可以幫助我了解毛利率？

Yes, Doug, if you look at my schedule on the pro forma, you should be able to pull that out because we showed the step up amount of the inventory around $40 million for the fourth quarter, $41 million on the non-GAAP schedule that I provided when I made my prepared comments.

是的，道格，如果你看看我在備考中的日程安排，你應該可以把它拿出來，因為我們顯示第四季度庫存的增加量約為 4000 萬美元，非 GAAP 日程安排為 4100 萬美元我在發表準備好的評論時提供了。

That's the difference.

這就是區別。

Okay, so it's not a significant number this quarter?

好的，所以這個季度不是一個重要的數字？

Pardon me?

對不起？

Great.

偉大的。

The $41 million, it's not going to move my gross margins multiple percentage points this quarter.

4100 萬美元不會使我本季度的毛利率提高多個百分點。

Going forward though it will have a more material --

展望未來，雖然它會有更多的材料——

Going forward, I gave you the estimate of $110 million to $120 million in Q1.

展望未來，我在第一季度給了你 1.1 億至 1.2 億美元的估計。

Okay.

好的。

Then, I just want to make sure I heard correctly.

然後，我只是想確保我沒聽錯。

You were talking Inotera bits, even post-acquisition, integration, Inotera bits in DRAM are going to make up 60%?

你說的是 Inotera 位，甚至是收購後的集成，DRAM 中的 Inotera 位將佔 60%？

Did I hear that correctly?

我沒聽錯嗎？

No, in DRAM Elpida bits make up around 60% of our production in Q1, DRAM production.

不，在 DRAM 中，Elpida 位占我們第一季度 DRAM 產量的 60% 左右。

And how much is Inotera?

Inotera 多少錢？

Well, it's a part of the remainder.

好吧，它是其餘部分的一部分。

The larger part of the remainder.

剩餘的大部分。

Because those bits are at the cost plus accounting method?

因為這些位是成本加會計法？

The Inotera bits are market minus, and Elpida is part of our consolidated results.

Inotera 位是市場負數，而 Elpida 是我們綜合結果的一部分。

Did that address your question?

這解決了你的問題嗎？

It does.

確實如此。

Thank you.

謝謝你。

Stephen Fox, Cross Research.

斯蒂芬福克斯，交叉研究。

Thanks, good afternoon.

謝謝，下午好。

It seems like, once again, your business into the enterprise market did better than you would have thought of three months ago.

看來，您在企業市場上的業務再一次比您三個月前想像的要好。

I was curious if you could talk, especially on the SSD side, you mentioned some of the product successes.

我很好奇你能否談談，特別是在 SSD 方面，你提到了一些產品的成功。

As you look out into this quarter, where do you see that going?

當您展望本季度時，您認為情況如何？

And then secondly, on the server side, I wonder if you can give some more color around where you're being successful in the DRAM sales because, again, it looked like it was doing better than you would have thought three months ago.

其次，在服務器端，我想知道您是否可以對您在 DRAM 銷售中取得成功的地方進行更多說明，因為看起來它的表現似乎比您三個月前想像的要好。

Thanks.

謝謝。

This is Mark Adams.

這是馬克亞當斯。

I think that we feel we've got pretty good momentum, both in terms of customer engagement and rounding out our product portfolio in the enterprise space.

我認為我們覺得我們的勢頭很好，無論是在客戶參與方面還是在完善我們在企業領域的產品組合方面。

We see continued growth there.

我們看到那裡的持續增長。

On the DRAM server side, I think we were actually mildly constrained in Q4, and so we have reason to believe that's going to remain pretty strong through the quarter.

在 DRAM 服務器方面，我認為我們實際上在第四季度受到了輕微的限制，因此我們有理由相信這將在整個季度保持相當強勁。

Just a follow-up along the lines, you mentioned [web] scale customers as being part of the driver.

只是一個後續行動，你提到 [網絡] 規模客戶是驅動程序的一部分。

I think you've also talked about the risks around the linearity of those customers.

我想你也談到了這些客戶的線性風險。

Is that something that played out in the quarter at all?

這是在本季度發生的事情嗎？

Do you expect that to play out in the calendar fourth quarter?

你預計這會在日曆第四季度上演嗎？

How do you see that market evolving near term?

您如何看待該市場近期的發展？

So far, quarter-to-date we think that its been mildly capacity-constrained, with good capacity bits being able to serve that space.

到目前為止，到目前為止，我們認為它的容量受到了輕微的限制，良好的容量位能夠服務於該空間。

We haven't seen any detriment to suggest otherwise.

我們沒有看到任何不利的建議。

Again, I think we're getting some tail winds on customer engagements in this business with our product portfolio.

同樣，我認為我們的產品組合在客戶參與這項業務方面獲得了一些順風。

Again, we were pretty positive and bullish going forward.

同樣，我們非常積極和看好未來。

Great.

偉大的。

Then just wrapping all that, I was just curious as you apply all that to margins, how do you feel in terms of products, whether it's SSDs or selling into the server market, are your margins optimized at this point in either product line?

總結一下，當你把所有這些都應用到利潤率上時，我很好奇，你對產品的感覺如何，無論是固態硬盤還是向服務器市場銷售，你的利潤率在這兩個產品線中是否得到了優化？

Or would you say there's room to improve that?

或者你會說還有改進的空間嗎？

Thanks.

謝謝。

Yes, again, we probably won't touch that one in terms of future margins and future ASPs.

是的，再一次，就未來的利潤率和未來的 ASP 而言，我們可能不會觸及那個。

Thanks very much.

非常感謝。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

Oh, thanks.

哦謝謝。

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 a little bit about the capacity plans at Elpida, Hiroshima fab, and also Rexchip, in terms of what shrinks you're going to do over the next couple quarters with the CapEx, and transitions both on the mobile and PCDRAM side?

我想知道你能否談談 Elpida、廣島晶圓廠和 Rexchip 的產能計劃，以及在接下來的幾個季度你將如何縮減資本支出，以及在移動設備上的過渡和 PCDRAM 方面？

This is Mark Durcan.

這是馬克·杜肯。

At Elpida, we have a 25-nanometer ramp well underway, and that's going quite smoothly.

在爾必達，我們正在順利進行 25 納米坡道，而且進展非常順利。

There has been some early activity at Rexchip as well, although that will go maybe at a more muted pace.

Rexchip 也有一些早期的活動，儘管這可能會以更緩慢的速度進行。

We'll continue to monitor how we have our computing and DRAM mix, and that may gate things more than technology introduction at Rexchip, as we try and get that mix right.

我們將繼續監控我們的計算和 DRAM 組合的方式，這可能比 Rexchip 的技術介紹更重要，因為我們試圖使這種組合正確。

But generally speaking, we have product running at both those fabs on the 25-nanometer node.

但一般來說，我們的產品在這兩個晶圓廠都在 25 納米節點上運行。

Twenty-nanometer is really a second calendar half of 2014 story.

20 納米真的是 2014 年下半年的故事。

There will be activity in the first half, but it'll be production in the second half of 2014.

上半年會有活動，但2014年下半年會投產。

NAND, as we said before, we're over 50% 20-nanometer NAND already and will have 16-nanometer ramp which has gone very well.

NAND，正如我們之前所說，我們已經超過 50% 的 20 納米 NAND 並且將有 16 納米斜坡，進展非常順利。

That's helpful, thanks.

這很有幫助，謝謝。

I was wondering if you could maybe talk a little bit about, understanding you want to keep your options open and keep things flexible regarding the Tech transition to NAND, but sitting here looking at it today, would you expect that transition to be complete from an output perspective by the end of the calendar first or second quarter?

我想知道您是否可以談一談，了解您希望保持您的選擇餘地並在技術過渡到 NAND 方面保持靈活性，但是今天坐在這裡看著它，您是否期望這種過渡從日曆第一季度或第二季度末的產出前景如何？

I want to keep a little mystery in that dynamic.

我想在這種動態中保持一點神秘。

Okay, fair enough.

好吧，夠公平的。

Thanks so much.

非常感謝。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

Just really quickly, on the ASP guidance for DRAM in the November quarter, I'm curious how much of that's being influenced by the addition of Elpida for three months in the quarter.

很快，關於 11 月季度 DRAM 的 ASP 指導，我很好奇這在多大程度上受到了 Elpida 在本季度三個月內的影響。

If you just look at the core Micron and Inotera DRAM ASPs, any sense of how you could tell us how that would have trended Q-on-Q?

如果您只看一下核心的美光和 Inotera DRAM ASP，您是否知道如何告訴我們 Q-on-Q 的趨勢如何？

Yes, this is Ron.

是的，這是羅恩。

In general, there are a couple of effects, John.

一般來說，有幾個影響，約翰。

One is the flow of market prices which are up stronger than the average guidance we're giving.

一是市場價格的流動性高於我們給出的平均指導。

But the Elpida product mix has a lower average price than that of historical Micron.

但爾必達產品組合的平均價格低於歷史美光。

As I mentioned in my comments, this pushes down the average ASP in Q1 as you work that into the total mix for a full quarter.

正如我在評論中提到的，這會降低第一季度的平均 ASP，因為您將其計算到整個季度的總組合中。

Everything else being equal, I would estimate, based on today's pricing, that the Elpida mix is taking us down in our average in the high-single digit range.

在其他條件相同的情況下，我估計，根據今天的定價，Elpida 的組合正在使我們在高個位數範圍內的平均水平下降。

The guidance we gave you of up is muted by the fact that the Elpida mix is dropping us down in the high-single digit range on average, using quarter-to-date pricing and estimated mix.

我們給你的指導被忽略了，因為 Elpida 組合使用季度至今的定價和估計組合使我們平均下降到高個位數範圍內。

That's very helpful, Ron, thank you.

這很有幫助，羅恩，謝謝。

And either for Mark Durcan or Mark Adams, there's been a lot made about the NAND transition from planar to 3D.

無論是 Mark Durcan 還是 Mark Adams，關於 NAND 從平面到 3D 的過渡都做了很多工作。

I'm wondering if you can help me better understand the Moore's Law issues on DRAM, especially as we get below the 20-nanometer node.

我想知道您是否可以幫助我更好地理解 DRAM 上的摩爾定律問題，尤其是當我們低於 20 納米節點時。

We're seeing a lot of white papers out there about whether or not we've got the right materials, what the cost curves going to start to look like.

我們看到很多關於我們是否擁有正確的材料、成本曲線將開始是什麼樣子的白皮書。

So just generically, as we think about the shrink capacity in DRAM, how does that look over the next several years?

所以一般來說，當我們考慮 DRAM 的收縮容量時，未來幾年會如何？

Sorry, is the question relative to NAND or DRAM or a little of both?

抱歉，這個問題是關於 NAND 還是 DRAM 還是兩者兼而有之？

No, to DRAM specifically.

不，專門針對DRAM。

I think investors have vetted the 2D to 3D NAND.

我認為投資者已經審查了 2D 到 3D NAND。

I'm just curious about what's going on in DRAM from a technology perspective.

從技術的角度來看，我只是對 DRAM 中正在發生的事情感到好奇。

And is there a chance here that the shrink growth slows here as we get below the 20-nanometer node?

當我們低於 20 納米節點時，這裡的收縮增長是否有可能放緩？

Absolutely.

絕對地。

I think it's inevitable that the pace of technology node migration is going to will continue to slow.

我認為技術節點遷移的步伐將繼續放緩是不可避免的。

It's interesting because it's not like NAND, where there's really a hard stop on planar NAND.

這很有趣，因為它不像 NAND，在平面 NAND 上確實有一個硬停止。

It just becomes very difficult with the floating (inaudible) to make it work at all, below about 15-nanometers.

浮動（聽不清）使其在大約 15 納米以下完全工作變得非常困難。

But with DRAM, there's a lot of tricks in the bag.

但是對於 DRAM，袋子裡有很多技巧。

It's just an economic challenge to make that all play out.

實現這一切只是一個經濟挑戰。

I think you're going to continue to see technology migration, but maybe addressing smaller segments where there's some particular form factor need or performance need, as well as just a longer trajectory to get to the next node.

我認為您將繼續看到技術遷移，但可能會解決存在某些特定外形需求或性能需求的較小細分市場，以及到達下一個節點的較長軌跡。

But you will see nodes well below 20-nanometers over the next five to seven years.

但在接下來的五到七年裡，你會看到遠低於 20 納米的節點。

Okay, thanks, guys.

好的，謝謝各位。

Vijay Rakesh, Sterne Agee.

維杰·拉克什，斯特恩·阿吉。

Thanks.

謝謝。

I was just wondering when you look at mobile, I know you gave out [expectations for] DRAM, but when you look at mobile data for next year, what do you think mobile data will grow?

我只是想知道當你看移動時，我知道你對 DRAM 給出了[期望]，但是當你看明年的移動數據時，你認為移動數據會增長多少？

Also on the NAND side, what's your split between SSD and OEM and retail now?

同樣在 NAND 方面，您現在在 SSD、OEM 和零售之間有什麼區別？

Vijay, are you asking that from a Micron perspective or a market perspective?

Vijay，您是從美光的角度還是從市場的角度來問這個問題？

If you can give me both for mobile data?

如果你可以給我兩個移動數據？

Well, I'll give you market.

好吧，我給你市場。

Like Mark, I want to keep some mystery in exactly what we do with our mix.

和 Mark 一樣，我想對我們的混音操作保持一些神秘感。

But basically what you're seeing, per handset only, you're looking at an average megabytes per phone of about 450 going to just over 700 in 2014.

但基本上你所看到的，僅每部手機，每部手機的平均兆字節數約為 450，到 2014 年將超過 700。

On the NAND side, we're looking at something just below an average of 5 gigabytes of phone going to something just over 6, and that includes all handsets, an average of all handsets in.

在 NAND 方面，我們看到的手機平均容量略低於 5GB，而手機容量略高於 6GB，這包括所有手機，所有手機的平均值。

Got it.

知道了。

On the NAND side, what's your spread between SSD and OEM retail?

在 NAND 方面，SSD 和 OEM 零售之間的差距是多少？

Again, from a market segment standpoint?

同樣，從細分市場的角度來看？

Yes, from Micron standpoint.

是的，從美光的角度來看。

I would say from a Micron standpoint, we're running around 50% of revenues from SSD, and around 30% from consumer, and around 10% mobile.

我想說，從美光的角度來看，我們大約 50% 的收入來自 SSD，大約 30% 來自消費者，大約 10% 來自移動設備。

Okay, a last question here.

好的，這裡最後一個問題。

I know there's a lot of focus on free cash flow.

我知道人們非常關注自由現金流。

As we look at CapEx next year, I know it's coming down.

當我們看看明年的資本支出時，我知道它正在下降。

Any thoughts on where it is when you guided to $2.6 billion to $3.2 billion for fiscal '14, but you expect it to come down a little bit.

任何關於 14 財年引導至 26 億至 32 億美元的想法，但你預計它會下降一點。

Where do you think it comes in?

你認為它來自哪裡？

After that period.

在那段時間之後。

You're looking at 2015?

你在看2015年嗎？

Yes.

是的。

I think we'll hold off on that one for now too.

我想我們現在也會推遲那個。

Okay, thank you.

好的謝謝你。

David Wong, Wells Fargo.

大衛王，富國銀行。

Thanks.

謝謝。

One simple one.

一個簡單的。

R&D, your guidance for the November quarter, $340 million to $350 million, is there some opportunity for rationalization of R&D going forward?

研發，你對 11 月季度的指導，從 3.4 億美元到 3.5 億美元，未來是否有一些合理化研發的機會？

Do you have duplication that you plan to eliminate so that the R&D will drop in future quarters?

您是否計劃消除重複，以便研發在未來幾個季度下降？

David, it's Ron.

大衛，我是羅恩。

Yes, we obviously just got the acquisition together, and we're looking at our go-forward strategies for all of our operating structures.

是的，我們顯然剛剛完成了收購，我們正在研究我們所有運營結構的前進戰略。

There certainly are opportunities.

肯定有機會。

The general structure of OpEx, both for R&D and SG&A at Elpida, was similar to ours as a percent of revenue.

Elpida 的研發和 SG&A 的總體運營支出結構與我們的收入百分比相似。

It doesn't radically change the percents of where we are right now going forward.

它不會從根本上改變我們現在前進的百分比。

Obviously, we'll be looking at efficiencies and synergies that we can derive across the whole cost structure.

顯然，我們將關注我們可以在整個成本結構中獲得的效率和協同效應。

Okay, great.

好，太棒了。

Just to push a bit further on that CapEx question, I understand you don't want to give guidance for the out year, but within that $2.6 billion to $3.2 billion are there any special charges that you're taking, or special costs you're incurring to integrate all your facilities?

只是為了進一步推動這個資本支出問題，我理解你不想為未來一年提供指導，但在這 26 億至 32 億美元之間，你是否有任何特殊費用，或者你的特殊成本？重新整合您的所有設施？

And can you quantify those for us, the once-only type things?

你能為我們量化那些只有一次的類型的東西嗎？

No, there's really not.

不，真的沒有。

It's really just the technology migration across the entire network.

這實際上只是整個網絡的技術遷移。

Okay, great.

好，太棒了。

Thanks very much.

非常感謝。

Unfortunately, we only have time for about one more question.

不幸的是，我們只有時間再回答一個問題。

Daniel Amir, Lazard.

丹尼爾·阿米爾，拉扎德。

Thanks for squeezing me in here.

謝謝你把我擠在這裡。

Just a quick question, in terms of DRAM mix, what are the considerations here in terms of changing the DRAM mix over time now that you have Elpida, in terms offer looking at increasing the networking or server DRAM, or versus mobile and PC?

只是一個簡單的問題，就 DRAM 組合而言，在您擁有 Elpida 之後，隨著時間的推移改變 DRAM 組合，考慮增加網絡或服務器 DRAM，或者與移動和 PC 相比，這裡有哪些考慮因素？

What are the considerations here?

這裡有哪些考慮？

Thanks.

謝謝。

Some of that, Daniel, is really qualifying and getting those products into these applications, and internal qualifications, as well as getting them qualified at the customer level.

其中一些，Daniel，確實是合格的，並將這些產品納入這些應用程序和內部資格，以及讓它們在客戶層面上合格。

But the opportunity we believe is significant.

但我們認為機會是巨大的。

We're obviously not going to quantify it here on this call.

我們顯然不會在這次電話會議上對其進行量化。

You've heard reference today to historical revenue from Elpida around wafer sales and personal computing and mobile.

您今天聽說過 Elpida 在晶圓銷售、個人計算和移動方面的歷史收入。

They obviously haven't in the past been very successful in getting over there to the specialty markets.

顯然，他們過去在進入專業市場方面並不是很成功。

Quite frankly, our customers, you can see we had records in basically all of our specialty markets.

坦率地說，我們的客戶，您可以看到我們基本上在所有專業市場都有記錄。

We feel like we were constrained.

我們覺得我們受到了限制。

There was more upside there, so we think the opportunity's there.

那裡有更多的上漲空間，所以我們認為機會就在那裡。

Our job is to go make that happen.

我們的工作就是去實現它。

But at the highest level, we're not seeking market share segments in any particular segment.

但在最高層次上，我們不尋求任何特定細分市場的市場份額細分。

We're seeking to optimize our margin across the segments and drive differentiated products that have enduring value.

我們正在尋求優化我們在各個領域的利潤，並推動具有持久價值的差異化產品。

Great, thanks a lot.

太好了，非常感謝。

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

好的，至此，我們要感謝大家今天參加電話會議。

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

如果你能容忍我，我需要重複安全港保護語言。

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

謝謝你，先生。

This concludes today's Micron Technology's fourth quarter and fiscal year-end 2013 financial release conference call.

今天的美光科技公司 2013 年第四季度和財年末財務發布電話會議到此結束。

You may now all disconnect.

您現在可以全部斷開連接。