美光科技 (MU) 2014 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我叫賽義德，今天我將成為您的會議主持人。

At this time I would like to welcome everyone to Micron Technology's first-quarter 2014 financial release conference call.

在此，歡迎大家參加美光科技 2014 年第一季度財務發布電話會議。

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

所有線路都已靜音，以防止任何背景噪音。

After the speakers' remarks there will be a question and answer period.

演講者發言後將進入問答環節。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝你。

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

現在，我很高興將發言權交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much and welcome to Micron Technology's first-quarter 2014 financial release conference call.

非常感謝並歡迎參加美光科技 2014 年第一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 www.Micron.com.

該電話會議包括音頻和幻燈片，也可在我們的網站 www.Micron.com 上找到。

In addition, our website has a file containing the quarterly, operational, and financial information, guidance, non-GAAP information with reconciliation, the slides used during the conference call, and a convert debt and capped call dilution table.

此外，我們的網站有一個文件，其中包含季度、運營和財務信息、指導、非 GAAP 對賬信息、電話會議期間使用的幻燈片，以及轉換債務和上限電話稀釋表。

If you have not had an opportunity to review the first-quarter 2014 financial press release, again it is available on our website at www.Micron.com.

如果您沒有機會查看 2014 年第一季度財務新聞稿，請再次訪問我們的網站 www.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 the confirmation code of 15929595.

撥打 404-537-3406，確認碼為 15929595，將有通話的音頻重播。

This replay will run through Thursday, January 14, 2014 at 5:30 PM Mountain Time.

此重播將持續到 2014 年 1 月 14 日星期四山地時間下午 5:30。

A webcast replay will be available on the Company's website until January 2015.

2015 年 1 月之前，公司網站將提供網絡重播。

We encourage you to monitor our website at www.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 www.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。

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

現在我想把電話轉給 Mark Durcan。

Mark?

標記？

Thanks, Kipp.

謝謝，基普。

I would like to start 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。

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

然後，我會將其交給 Ron 以獲取財務摘要。

Before turning to Q&A, we'll close our prepared comments with Mark Adams covering additional details of our operational performance and market conditions.

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，涵蓋我們的運營績效和市場狀況的更多細節。

Fiscal Q1 was our first full quarter with combined Micron and Elpida financials.

第一財季是我們的第一個完整季度，美光和爾必達合併財務。

Elpida's financial performance met or exceeded the high end of the range for the key estimates we provided in early August.

爾必達的財務業績達到或超過了我們在 8 月初提供的關鍵估計範圍的高端。

The early execution of our combined teams has been impressive, and in conjunction with favorable market trends, our financial results were outstanding.

我們合併團隊的早期執行令人印象深刻，再加上有利的市場趨勢，我們的財務業績非常出色。

We achieved record quarterly revenue of over $4 billion, improved our gross margin to over -- over 7 percentage points, and delivered very strong earnings performance.

我們實現了創紀錄的超過 40 億美元的季度收入，將我們的毛利率提高到超過 7 個百分點，並實現了非常強勁的盈利表現。

Operating cash flow was $1.5 billion and CapEx was $669 million, resulting in free cash flow of $838 million.

經營現金流為 15 億美元，資本支出為 6.69 億美元，自由現金流為 8.38 億美元。

We're focused on a capital allocation strategy to maximize long-term shareholder returns.

我們專注於資本配置策略，以最大限度地提高長期股東回報。

With this in mind we recently entered into a series of transactions to restructure our existing convertible debt and address the dilution stemming from those converts, which Ron will describe in more detail later.

考慮到這一點，我們最近進行了一系列交易，以重組我們現有的可轉換債務並解決這些轉換產生的稀釋問題，羅恩稍後將對此進行更詳細的描述。

We will continue to focus on optimizing our capital structure.

我們將繼續專注於優化我們的資本結構。

Although we had a head start on planning and technology development, we are still in the relatively early stages of the Elpida integration activities which are going very smoothly.

雖然我們在規劃和技術開發上已經領先一步，但我們仍處於爾必達整合活動的相對早期階段，進展非常順利。

In particular we're very pleased with the 25-nanometer ramp execution of both Hiroshima and Rexchip fabs, which position us at the leading edge in terms of industry technology.

特別是我們對廣島和 Rexchip 工廠的 25 納米斜坡執行感到非常滿意，這使我們在行業技術方面處於領先地位。

Our outlook for memory industry conditions remains very favorable.

我們對內存行業狀況的前景仍然非常看好。

In terms of DRAM, the fire at Hynix Wuxi fab last fall, coupled with what was a healthy supply-demand situation beforehand, is resulting in significant reductions in inventory across the DRAM supply chain, in particular for the PC and mobile segments.

在 DRAM 方面，去年秋天海力士無錫工廠的火災，加上之前健康的供需狀況，導致整個 DRAM 供應鏈的庫存大幅減少，尤其是 PC 和移動領域的庫存。

Our belief is that this tight and further declining inventory situation, coupled with balanced long-term production and demand, should continue to drive healthy market conditions.

我們認為，這種緊縮和進一步下降的庫存狀況，加上長期生產和需求的平衡，應該會繼續推動健康的市場狀況。

We will continue to monitor the market and make the best supply allocation decisions for our long-term margin profile.

我們將繼續監控市場，並為我們的長期利潤狀況做出最佳供應分配決策。

We expect to see the DRAM industry wafer production down about 5% in 2014, with total DRAM industry bit supply up in the mid 20% range.

我們預計 2014 年 DRAM 行業的晶圓產量將下降約 5%，而 DRAM 行業的總比特供應量將在 20% 的中間範圍內上升。

Micron's total DRAM bit production, including Elpida, will be well below the industry for the calendar year at about the midteens year over year, given our DRAM to NAND conversion activity.

鑑於我們的 DRAM 到 NAND 的轉換活動，美光的 DRAM 位元總產量（包括 Elpida）將遠低於本日曆年的行業水平，同比約為 15 倍。

Beyond 2014 we expect industry capacity to remain relatively stable.

2014 年以後，我們預計行業產能將保持相對穩定。

For Micron, any potential decision to add capacity in DRAM is not just about current profitability levels, which while good, are still below the long-term average that we believe justify the significant investments in R&D and process technology required in the business.

對於美光而言，任何增加 DRAM 產能的潛在決定都不僅僅與當前的盈利水平有關，雖然盈利水平不錯，但仍低於我們認為在業務所需的研發和工藝技術上進行重大投資的長期平均水平。

In addition to attractive long-term returns on the existing asset base, we would need to see a fundamental and significant upward shift in bit demand consistently above approximately 40% compared to the current CAGR in the low 30% range before it would make sense for us to bring on additional wafer output.

除了現有資產基礎的有吸引力的長期回報外，我們還需要看到比特需求的基本面和顯著的向上移動，與目前低於 30% 的複合年增長率相比，持續高於約 40%，這才有意義。我們帶來額外的晶圓產量。

As such, in the current environment we believe the best strategy for Micron is to continue optimizing existing capacity for improved gross margins.

因此，在當前環境下，我們認為美光的最佳策略是繼續優化現有產能以提高毛利率。

For NAND, we're projecting industry supply growth in the low 40% range for calendar 2014.

對於 NAND，我們預計 2014 年的行業供應增長將在 40% 的較低範圍內。

This includes a 10% increase in industry wafer production with the remaining supply growth coming from technology.

這包括工業晶圓產量增加 10%，其餘供應增長來自技術。

Micron's total NAND supply growth was below the industry in 2013, but will be slightly above the industry in 2014 given our DRAM to NAND conversion.

美光 2013 年的 NAND 總供應增長低於行業，但考慮到我們的 DRAM 到 NAND 的轉換，2014 年將略高於行業。

This supply forecast compares to the five year NAND bit demand CAGR in the low to mid 40% range, implying favorable long-term supply and demand balance.

這一供應預測與 5 年 NAND 位需求復合年增長率在 40% 的中低範圍相比，意味著長期供需平衡良好。

Our emphasis in NAND is on continuing to improve customer enablement and product placement in value-added applications.

我們在 NAND 方面的重點是繼續改進增值應用中的客戶支持和產品佈局。

We're very pleased with the results for the quarter and the outlook for healthy memory industry dynamics.

我們對本季度的業績和健康的內存行業動態前景感到非常滿意。

We remain focused on optimizing value for our shareholders and worldwide customers in 2014 and beyond, and I'll stop here and turn it over to Ron and Mark before returning for Q&A.

在 2014 年及以後，我們將繼續專注於為我們的股東和全球客戶優化價值，我將在此停下來將其交給 Ron 和 Mark，然後再返回進行問答。

Ron?

羅恩？

Thanks Mark.

謝謝馬克。

Our first quarter of Fiscal 2014 ended on November 28.

我們的 2014 財年第一季度於 11 月 28 日結束。

To ensure you have easier access to the materials we're covering today, we posted to our website a file containing the financial information I will cover, including GAAP to non-GAAP results, certain key metrics for the first quarter, as well as guidance for the second quarter of fiscal 2014.

為了確保您能夠更輕鬆地訪問我們今天所涵蓋的材料，我們在我們的網站上發布了一個文件，其中包含我將涵蓋的財務信息，包括 GAAP 到非 GAAP 結果、第一季度的某些關鍵指標以及指導2014財年第二季度。

For the first quarter we reported net income of $358 million or $0.30 per diluted share on record net sales of $4.042 billion.

第一季度，我們報告的淨收入為 3.58 億美元或每股攤薄收益 0.30 美元，淨銷售額為 40.42 億美元。

These results include the unanticipated costs of the Rambus settlement and debt restructuring.

這些結果包括 Rambus 和解和債務重組的意外成本。

As a reminder the results for the previous quarter included the $1.5 billion non-operating gain recognized as part of the purchase accounting for the Elpida acquisition.

提醒一下，上一季度的業績包括 15 億美元的非經營性收益，作為收購 Elpida 的購買會計的一部分。

On a non-GAAP basis, net income for the quarter was $881 million or $0.77 per share.

按非公認會計原則計算，本季度的淨收入為 8.81 億美元或每股 0.77 美元。

Non-GAAP adjustments totaled $523 million or $0.47 per share.

非 GAAP 調整總額為 5.23 億美元或每股 0.47 美元。

Key adjustments included the following: A $233 million charge recognized on the Rambus settlement, which was expensed entirely in the first quarter; $111 million non-cash flow through of Elpida inventory step up related to the acquisition; $92 million in accounting losses recognized on the convertible note transactions, a portion of which resulted from mark-to-market accounting and our improved share price in the last month of the quarter; approximately $17 million of this amount was recorded as interest expense for the make-whole premiums on the notes.

主要調整包括以下內容： Rambus 結算確認的 2.33 億美元費用，全部在第一季度支出；與收購相關的 Elpida 庫存增加 1.11 億美元的非現金流；可轉換票據交易確認的會計損失為 9200 萬美元，其中一部分是由於按市值計價的會計核算以及我們在本季度最後一個月的股價上漲；其中約 1,700 萬美元被記錄為票據補足溢價的利息費用。

Q1 adjustments also included $50 million in non-cash amortization of debt discounts and other costs.

第一季度的調整還包括 5000 萬美元的債務折扣和其他成本的非現金攤銷。

This primarily consists of the imputed interest on the convertible notes and Elpida installment debt.

這主要包括可轉換票據的推算利息和爾必達分期債務。

$73 million in non-cash taxes related to the Elpida operations in the quarter; and finally, $54 million share anti-dilutive effect of capped calls based on the average stock price during the first quarter of $17.48.

本季度與 Elpida 業務相關的 7300 萬美元非現金稅；最後，根據第一季度 17.48 美元的平均股價計算，上限看漲期權的 5400 萬美元股票反稀釋效應。

In the second quarter, we expect the following non-GAAP adjustments: Around $30 million flow through of Elpida inventory step up reported as a higher cost of goods sold in Q2.

在第二季度，我們預計將進行以下非公認會計原則調整： 約 3,000 萬美元的 Elpida 庫存增加，報告為第二季度銷售的商品成本較高。

This should be immaterial in future periods.

這在未來時期應該是無關緊要的。

Approximately $50 million amortization of debt discounts on the convertible notes and the Elpida installment debt.

可轉換票據和爾必達分期債務的債務折扣攤銷約為 5000 萬美元。

We expect the results of the second quarter to also reflect $70 million of losses when we complete the repayment of the 2027 and 2031A convertible notes.

我們預計，當我們完成 2027 年和 2031A 年可轉換票據的償還時，第二季度的業績也將反映 7000 萬美元的虧損。

We estimate $15 million to $20 million for the tax effects netted against these items.

我們估計這些項目的稅收影響為 1500 萬至 2000 萬美元。

Non-cash taxes related to the Elpida acquisition of between $65 million and $75 million.

與收購 Elpida 相關的非現金稅在 6500 萬美元至 7500 萬美元之間。

Also, the anti-dilutive effect of our cap calls will be based on the average share price for the quarter; assuming a $22 share price this would equate to a reduction in diluted shares of 43 million.

此外，我們的上限調用的反稀釋效應將基於該季度的平均股價；假設股價為 22 美元，這相當於減少了 4300 萬股稀釋後的股份。

Please refer to our convertible debt dilution table, which is included in the earnings call data file posted on our website.

請參閱我們的可轉換債務稀釋表，該表包含在我們網站上發布的收益電話會議數據文件中。

In fiscal Q1, DRAM revenue was up 69% and gross margins were in the low to mid 30% range, an improvement of over 7 percentage points from the prior quarter.

在第一財季，DRAM 收入增長了 69%，毛利率處於 30% 的中低水平，比上一季度提高了 7 個百分點以上。

This was primarily a result of two factors.

這主要是兩個因素的結果。

First, a full quarter of the favorable cost structure of Elpida's operations.

首先，Elpida 運營的有利成本結構佔了整整四分之一。

And second, opportunistic shifts to a higher mix of wafer sales in both PC and mobile markets, which generated above-average gross margins despite having below-average ASPs.

其次，機會主義轉向個人電腦和移動市場中更高的晶圓銷售組合，儘管平均售價低於平均水平，但仍產生了高於平均水平的毛利率。

Like-for-like PC DRAM ASPs were up double digits in the quarter.

本季度同類 PC DRAM ASP 增長了兩位數。

As you know we participated in Inotera's results with our 35% ownership interest.

如您所知，我們以 35% 的所有權參與了 Inotera 的業績。

If you combine our share of Inotera's net income with our reported DRAM gross margins, and add back the inventory step up cost from the Elpida acquisition, DRAM margins would be approximately 7 percentage points higher than reported on a GAAP basis.

如果將我們在 Inotera 淨收入中的份額與我們報告的 DRAM 毛利率相結合，再加上收購 Elpida 的庫存增加成本，DRAM 利潤率將比 GAAP 報告的高出約 7 個百分點。

I'd also note that the Inotera JV is a highly efficient capital structure.

我還要指出，Inotera JV 是一種高效的資本結構。

Including the margin on the sale of Inotera's products and our share of their equity method earnings over the past two quarters, Inotera's currently generating an annualized ROI close to 130% based on our total cash investment to date.

包括過去兩個季度 Inotera 產品的銷售利潤率和我們在其權益法收益中的份額，基於我們迄今為止的總現金投資，Inotera 目前的年化投資回報率接近 130%。

As Mark mentioned, Elpida met and generally exceeded the performance estimates we provided in early August.

正如 Mark 所說，Elpida 達到並普遍超過了我們在 8 月初提供的性能估計。

In December, Elpida transitioned to a cost-plus model similar to our other fabs across the world.

去年 12 月，爾必達過渡到成本加成模式，類似於我們在世界各地的其他晶圓廠。

As a result, Elpida is now part of our total DRAM results and will no longer have separate reportable financials.

因此，爾必達現在是我們 DRAM 總業績的一部分，將不再有單獨的可報告財務。

DRAM guidance for Q2 is as follows: Production bit growth is approximately flat, quarter-to-date ASP is approximately flat, and cost per bit is down mid-teens.

第二季度的 DRAM 指導如下：生產位增長大致持平，本季度迄今為止的平均售價大致持平，每比特成本下降了十幾歲。

The key items affecting our DRAM guidance for the second quarter are: less impact going forward of selling through stepped up inventory acquired with Elpida, continued transition of the Fab 7 in Singapore to NAND production, and opportunistically shifting to a higher mix of wafer-based sales in both the PC and mobile markets with higher than average margin and below-average ASP and cost.

影響我們第二季度 DRAM 指導的關鍵項目是：通過增加與 Elpida 收購的庫存、新加坡 Fab 7 繼續向 NAND 生產過渡以及機會性地轉向更高的基於晶圓的組合，對銷售的影響較小PC 和移動市場的銷售額均高於平均水平，而平均售價和成本均低於平均水平。

Turning now to NAND, on the trade NAND side, revenue was up approximately 10% as we benefited from increased NAND volumes from Fab 7 in Singapore.

現在轉向 NAND，在貿易 NAND 方面，由於我們受益於新加坡 Fab 7 的 NAND 數量增加，收入增長了約 10%。

Gross margins were in the low to mid 30% range, up slightly quarter over quarter.

毛利率處於 30% 的中低水平，環比略有上升。

Like-for-like market prices were generally flat to slightly down in the quarter, although initial output from Fab 7 is selling in component form at below average margins.

本季度同類市場價格總體持平或略有下降，儘管 Fab 7 的初始產量以組件形式銷售，利潤率低於平均水平。

Trade NAND guidance for Q2 is as follows: Production bit growth up high teens, quarter-to-date ASP down high teens, and cost per bit down mid-teens.

第二季度的貿易 NAND 指導如下：生產位增長高達十幾歲，季度至今 ASP 下降十幾歲，每比特成本下降十幾歲。

The key trends affecting Q2 guidance are: first the continued conversion of Fab 7 to NAND, which achieved wafer output crossover in the first quarter; also considered are lower expected ASPs related to seasonal demand and increased production of high density products initially being sold in component form, which typically have a lower average ASP.

影響 Q2 指引的主要趨勢是：首先是 Fab 7 向 NAND 的持續轉換，在第一季度實現了晶圓產量的交叉；還考慮了與季節性需求相關的較低預期平均售價以及最初以組件形式銷售的高密度產品產量增加，這些產品的平均平均售價通常較低。

Following fiscal Q2, we expect to see an increased mix of embedded and system sales including SSDs, which should improve our ASP mix.

在第二財季之後，我們預計包括 SSD 在內的嵌入式和系統銷售組合將會增加，這應該會改善我們的 ASP 組合。

NOR sales in the first quarter decreased compared to the previous quarter as we continue to see NOR applications, primarily in the wireless space, convert to NAND.

與上一季度相比，第一季度的 NOR 銷售額有所下降，因為我們繼續看到主要在無線領域的 NOR 應用轉換為 NAND。

We see this trend continuing through Q2 with NOR revenue in the $100 million to $110 million range.

我們看到這一趨勢將持續到第二季度，NOR 收入在 1 億美元至 1.1 億美元之間。

Longer term we expect to see revenue stability and growth in gross margins with the vast majority of NOR sales in the embedded market, and our planned transition to 300-millimeter production for our new applications.

從長遠來看，我們預計隨著嵌入式市場的絕大多數 NOR 銷售以及我們計劃為我們的新應用過渡到 300 毫米生產，收入穩定和毛利率增長。

The Company generated $1.5 billion in operating cash flow in the first quarter.

公司在第一季度產生了 15 億美元的經營現金流。

This operating cash flow includes a deposit from a customer of $250 million associated with a long-term DRAM supply agreement.

該運營現金流包括來自客戶的 2.5 億美元與長期 DRAM 供應協議相關的押金。

This supply agreement provides for current market pricing at the time products are sold.

該供應協議規定了產品銷售時的當前市場定價。

Subtracting the $669 million capital spending from the $1.5 billion operating cash flow netted $838 million of free cash flow in the first quarter as Mark mentioned.

正如馬克所說，從 15 億美元的運營現金流中減去 6.69 億美元的資本支出，第一季度的自由現金流為 8.38 億美元。

We ended the quarter with cash and investments of $4.4 billion, up just over $200 million from our year end.

我們在本季度末的現金和投資為 44 億美元，比年底增加了 2 億多美元。

Also in the first quarter the first installment payment of $534 million was made under Elpida's reorganization plan.

同樣在第一季度，根據爾必達的重組計劃支付了 5.34 億美元的第一期付款。

The next payment is due in December 2014.

下一次付款將於 2014 年 12 月到期。

Capital spending for 2014 fiscal year is still expected to be between $2.6 billion and $3.2 billion.

2014 財年的資本支出預計仍將在 26 億美元至 32 億美元之間。

Earlier in the second quarter, we executed a borrowing guaranteed by the Export-Import Bank of the United States.

在第二季度早些時候，我們執行了由美國進出口銀行擔保的借款。

That netted approximately $435 million with a cash interest rate of 1.26% and no significant financial covenants.

這淨賺了大約 4.35 億美元，現金利率為 1.26%，沒有重大的財務契約。

We are continuing our efforts to optimize our capital structure with a focus on dilution management as well as a long-term debt reduction.

我們正在繼續努力優化我們的資本結構，重點是稀釋管理和長期減債。

The convertible note transactions I mentioned earlier were executed in response to the significant increase in our share price over the past six months or so, which has driven additional potential share dilution.

我之前提到的可轉換票據交易是針對過去六個月左右我們的股價大幅上漲而執行的，這推動了額外的潛在股份稀釋。

The transactions reduced current potential dilution by about 3% to 4% based on a $22 share price and reduced future potential dilution as well.

基於 22 美元的股價，這些交易將當前的潛在稀釋減少了約 3% 至 4%，並減少了未來的潛在稀釋。

The net effect of all our debt activities across the quarter was a decrease in debt of $243 million.

本季度我們所有債務活動的淨影響是債務減少了 2.43 億美元。

We will continue to evaluate additional capital transactions in line with our strategic objectives.

我們將繼續根據我們的戰略目標評估額外的資本交易。

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

現在我將把它交給馬克亞當斯徵求他的意見。

Thanks, Ron.

謝謝，羅恩。

As this is our first quarter with the Elpida operations fully integrated into our results, I thought it might be helpful to discuss how we are structured within our manufacturing network before commenting on our Q1 performance and the current state of the memory market.

由於這是我們將 Elpida 業務完全整合到我們的業績中的第一季度，我認為在評論我們的第一季度業績和內存市場的當前狀態之前，討論我們在製造網絡中的結構可能會有所幫助。

We have communicated on past calls that over the last 18 months or so through M&A and redefining strategic joint venture partnerships, we have increased our overall capacity by greater than 90%, all of which was existing industry capacity.

我們在過去的電話中表示，在過去 18 個月左右的時間裡，通過併購和重新定義戰略合資夥伴關係，我們的整體產能增加了 90% 以上，所有這些都是現有的行業產能。

A key focus for us as part of this growth is to ensure operational efficiency in how we manage that capacity.

作為這一增長的一部分，我們的一個關鍵重點是確保我們管理該容量的方式的運營效率。

After the sale of our Italy and Israeli fabs in our fiscal year '13 and with the close of our Elpida acquisition, Micron's volume manufacturing sites are based in three geographic areas: Japan, which is primarily focused on mobile and graphics DRAM; Taiwan, the location of Inotera and Rexchip operations, which is focused on computing, server, and networking DRAM; and Singapore, which is our primary location for high-volume, non-volatile technology with NOR and NAND Flash manufactured there.

在 13 財年出售我們的意大利和以色列工廠並完成對 Elpida 的收購後，美光的批量生產基地位於三個地理區域：日本，主要專注於移動和圖形 DRAM；台灣，Inotera 和 Rexchip 業務所在地，專注於計算、服務器和網絡 DRAM；和新加坡，這是我們生產 NOR 和 NAND 閃存的大容量、非易失性技術的主要地點。

Combined with our high-volume production sites, we manufacture some of our specialty and embedded products at our Manassas, Virginia facility, and leverage our Lehi, Utah plant for strategic NAND and emerging non-volatile production.

結合我們的大批量生產基地，我們在弗吉尼亞州馬納薩斯的工廠生產我們的一些專業和嵌入式產品，並利用我們在猶他州李海的工廠進行戰略性 NAND 和新興的非易失性生產。

Our customers appreciate the geographic diversity as it creates a natural hedge against production disruption, and they also value the flexibility from a product sourcing perspective.

我們的客戶欣賞地理多樣性，因為它可以自然地對沖生產中斷，他們還從產品採購的角度看重靈活性。

On the manufacturing front, our team has done a great job in improving productivity across our network.

在製造方面，我們的團隊在提高整個網絡的生產力方面做得很好。

We saw some noteworthy cycle time reductions at the sites in Q1 that lead to strong bit growth production far exceeding our guidance.

我們在第一季度看到了一些值得注意的周期時間減少，導致產量強勁增長，遠遠超過我們的指導。

As our business increasingly diversifies across a growing number of end-market segments, we continue to serve customers with different requirements.

隨著我們的業務在越來越多的終端市場領域日益多樣化，我們將繼續為具有不同需求的客戶提供服務。

Customers in segments such as automotive, networking, gaming, mobile and storage all place different levels of prioritization in areas like assembly, test, supply, and quality.

汽車、網絡、遊戲、移動和存儲等領域的客戶在組裝、測試、供應和質量等領域都有不同的優先級。

This diversification to end markets is driving us to think about each of these businesses almost as independent operations.

這種對終端市場的多樣化促使我們將這些業務中的每一個幾乎都視為獨立運營。

A good example of this dynamic is how we view our inventory.

這種動態的一個很好的例子是我們如何看待我們的庫存。

In our server business we have customers who compete for large volume orders and thus rely on Micron's flexibility in reacting to their increasingly volatile demand requirements.

在我們的服務器業務中，我們的客戶競爭大批量訂單，因此依靠美光的靈活性來應對他們日益變化的需求需求。

In NAND Flash, we serve consumer, automotive, mobile, and storage customers where a growing number of NAND chips are integrated into packages and full system solutions.

在 NAND 閃存方面，我們為消費、汽車、移動和存儲客戶提供服務，在這些客戶中，越來越多的 NAND 芯片集成到封裝和完整系統解決方案中。

Each of these has their own build cycle and inventory requirements.

每個都有自己的構建週期和庫存要求。

Thus as our business evolves, we may strategically choose to build inventory and/or adjust our product mix accordingly.

因此，隨著我們業務的發展，我們可能會戰略性地選擇建立庫存和/或相應地調整我們的產品組合。

As Mark commented earlier, we were pleased with our Q1 results highlighted by a strong quarter in DRAM.

正如馬克早些時候評論的那樣，我們對第一季度的業績感到滿意，DRAM 的強勁季度突顯了這一點。

Our DRAM gross margins improved over 7 percentage points from Q4.

我們的 DRAM 毛利率比第四季度提高了 7 個百分點以上。

Three of our four BUs consume DRAM capacity to address their customer segments; DSG, WSG, and ESG.

我們四個 BU 中的三個使用 DRAM 容量來滿足他們的客戶群； DSG、WSG 和 ESG。

DSG, which focuses on computing, networking, server, and consumer, including graphics, makes up over 60% of our overall DRAM revenue.

DSG 專注於計算、網絡、服務器和消費者，包括圖形，占我們 DRAM 總收入的 60% 以上。

The combination of Micron's legacy mobile business and the former Elpida mobile business comprised roughly 30% of our DRAM revenue, with ESG contributing the remaining segment, serving automotive, industrial, military, and medical customers, often referred to as AIMM.

美光的傳統移動業務和前 Elpida 移動業務的合併約占我們 DRAM 收入的 30%，而 ESG 貢獻了其餘部分，服務於汽車、工業、軍事和醫療客戶，通常稱為 AIMM。

In my opening comments I noted where specific products are manufactured in volume.

在我的開場評論中，我指出了特定產品的批量生產地點。

As part of our network design we are set up to ensure maximum flexibility in our network.

作為我們網絡設計的一部分，我們的設置是為了確保我們網絡的最大靈活性。

For example, in DRAM, we continue to evaluate our computing versus demand -- versus mobile demand profile to optimize profitability when possible.

例如，在 DRAM 方面，我們繼續評估我們的計算與需求——與移動需求概況，以盡可能優化盈利能力。

Even within a segment we are managing our inventory direct output to the most profitable opportunity.

即使在一個細分市場中，我們也在管理我們的庫存直接輸出到最有利可圖的機會。

A good example of this is in our mobile DRAM business.

我們的移動 DRAM 業務就是一個很好的例子。

We have customers requiring known good die mobile DRAM components that are sold in wafer form as Ron noted, where the margin profile is more attractive compared to fully assembled modules.

正如 Ron 所說，我們有客戶需要以晶圓形式出售的已知優質芯片移動 DRAM 組件，與完全組裝的模塊相比，這些組件的利潤率更具吸引力。

Therefore, we are shifting some of our DRAM capacity in this direction to capture the incremental margin.

因此，我們正朝著這個方向轉移我們的一些 DRAM 產能，以獲取增量利潤。

A number of our largest OEM customers communicated shortages in DRAM and are looking for more supply in our calendar Q1.

我們的一些最大的 OEM 客戶表示 DRAM 短缺，並在我們的日曆 Q1 中尋找更多供應。

We continue to see strong demand signals from our computing, mobile, networking, and embedded customers, and thus expect a healthy DRAM business throughout the remainder of our second quarter.

我們繼續看到來自計算、移動、網絡和嵌入式客戶的強勁需求信號，因此預計第二季度剩餘時間內 DRAM 業務將保持健康。

On the DRAM technology front, we are ramping our world class 25-nanometer process and we have been pleased with the progress to date.

在 DRAM 技術方面，我們正在加速我們世界級的 25 納米工藝，我們對迄今為止的進展感到滿意。

We will continue to ramp 25-nanometer and will introduce our 20-nanometer technology in the second half of the calendar year.

我們將繼續推進 25 納米，並將在日曆年下半年推出我們的 20 納米技術。

We were also the first supplier to sample low power DDR4 to our customers and chipset partners.

我們也是第一家向我們的客戶和芯片組合作夥伴提供低功耗 DDR4 樣品的供應商。

This allows them to debug their next generation systems and reference platforms with Micron solutions.

這使他們能夠使用美光解決方案調試他們的下一代系統和參考平台。

Our overall NAND business surpassed the $1 billion mark for the first time, an 8% quarter-on-quarter increase.

我們的整體 NAND 業務首次突破 10 億美元大關，環比增長 8%。

Our trade NAND business achieved revenue growth of roughly 10% quarter on quarter, with margins up slightly as bit growth was up 17%, driven primarily from our Fab 7 conversion from DRAM to NAND.

我們的貿易 NAND 業務實現了約 10% 的季度收入增長，由於比特增長了 17%，利潤率略有上升，這主要得益於我們的 Fab 7 從 DRAM 到 NAND 的轉換。

As is the case any time new capacity comes online, we are in the process of qualifying customers on products that use the Fab 7 output.

與新產能上線時的情況一樣，我們正在對使用 Fab 7 輸出的產品的客戶進行資格認證。

We thus saw an unusually high percentage of our output sold in component form versus prior quarters.

因此，與前幾個季度相比，我們看到以組件形式銷售的產品的比例異常高。

We anticipate that this dynamic should last three to six more months as we align our Fab 7 output to customer qualification cycles.

我們預計，隨著我們將 Fab 7 產出與客戶資格週期保持一致，這種動態應該會再持續三到六個月。

During the quarter, SSDs, including component sales to strategic SSD customers, represented 48% of our trade NAND revenue, with consumer sales coming in at 30%.

在本季度，SSD（包括向戰略 SSD 客戶的組件銷售）占我們貿易 NAND 收入的 48%，消費者銷售額佔 30%。

We shipped our first 20-nanometer enterprise drive, the M500 DC product, to a large OEM in Q1.

我們在第一季度向一家大型 OEM 發貨了我們的第一個 20 納米企業級驅動器 M500 DC 產品。

In addition, we are on track for customer qualification of 20-nanometer client drives at major OEMs and channel customers in fiscal Q2, and have plans to begin production of a 16-nanometer client drive in our fiscal third quarter.

此外，我們有望在第二財季為主要 OEM 和渠道客戶提供 20 納米客戶端驅動器的客戶認證，併計劃在第三財季開始生產 16 納米客戶端驅動器。

Outside of solid state storage, we are seeing increasing NAND penetration into mobile where when packaged behind an eMMC Controller will offer attractive demand growth.

在固態存儲之外，我們看到 NAND 對移動設備的滲透率越來越高，當封裝在 eMMC 控制器後面時，將提供有吸引力的需求增長。

In the embedded business, we are seeing growth for NAND, some of which is a NOR replacement option, and some of which comes from the development of what I would refer to as an industrial solid state application, such as the automotive.

在嵌入式業務中，我們看到了 NAND 的增長，其中一些是 NOR 替代選項，其中一些來自我所說的工業固態應用的開發，例如汽車。

Revenue in the mobile segment represented 12% of our trade NAND while AIMM was in aggregate 10%.

移動部門的收入占我們貿易 NAND 的 12%，而 AIMM 總共佔 10%。

On the technology front, we are on track to ramp our 16-nanometer planar NAND this calendar year, and we continue to make good progress on 3D NAND, which is on track for production samples in late calendar Q1, early Q2.

在技術方面，我們有望在今年推出 16 納米平面 NAND，我們繼續在 3D NAND 方面取得良好進展，該產品有望在第一季度末、第二季度初生產樣品。

As we have commented on during prior calls, the NOR business is maturing and we have focused on right sizing our operations to align with the demand profile.

正如我們在之前的電話會議中所評論的那樣，NOR 業務正在走向成熟，我們專注於正確調整我們的運營規模以符合需求情況。

As a result of NOR industry dynamics we view the NOR operations as a cash flow generation business focused on healthy returns.

由於 NOR 行業動態，我們將 NOR 業務視為專注於健康回報的現金流生成業務。

To that end, our embedded business is driving the majority of our capacity utilization.

為此，我們的嵌入式業務正在推動我們的大部分產能利用率。

The shift to a more embedded mix drove margins up from single digits to about the midteens in Q1, despite ongoing idle fab charges associated with the business.

儘管與該業務相關的閒置晶圓廠費用持續存在，但向更嵌入式組合的轉變推動第一季度的利潤率從個位數上升至大約 10 倍左右。

We began moving NOR production to our 300-millimeter fab in Virginia, which will provide significant cost reductions going forward when coupled with our leading 45-nanometer technology.

我們開始將 NOR 生產轉移到我們在弗吉尼亞州的 300 毫米晶圓廠，與我們領先的 45 納米技術相結合，這將顯著降低成本。

We are focused on continuing to widen our cost advantage at NOR and growing our share in the embedded segment.

我們專注於繼續擴大我們在 NOR 的成本優勢並增加我們在嵌入式領域的份額。

In closing, we feel positive about the results that our team achieved in Q1, both in top line revenue growth and operating margins, as well as our strong cash flow generation.

最後，我們對我們團隊在第一季度取得的成果感到樂觀，包括收入增長和營業利潤率，以及我們強勁的現金流產生。

We continue to make progress on the integration front of the Elpida operation.

我們繼續在爾必達業務的整合方面取得進展。

The industry fundamentals remain solid as we're getting strong demand signals from the majority of our end segments, and industry supply in both DRAM and NAND look in balance.

行業基本面依然穩固，因為我們從大多數終端領域獲得了強勁的需求信號，並且 DRAM 和 NAND 的行業供應看起來平衡。

We remain optimistic for a strong Q2 and feel a consolidated memory industry will continue to enable favorable market conditions over the long run.

我們對第二季度的強勁表現保持樂觀，並認為整合的內存行業將繼續為長期有利的市場條件創造條件。

With that I'll turn it back over to Kipp.

有了這個，我會把它交還給 Kipp。

Thanks Mark, and before we take questions from callers, I'd like to turn the call back over to Ron for just one quick clarification.

謝謝馬克，在我們回答來電者的問題之前，我想把電話轉回給羅恩，以便快速澄清一下。

Thanks, Kipp.

謝謝，基普。

I had one correction I wanted to make sure we got out there before questions and that is in the DRAM Q2 guidance as you can see from the schedule we filed on the website, our cost per bit is projected in the second quarter to be down high-single digits, DRAM cost per bit.

我有一個更正，我想確保我們在問題之前就解決了問題，那就是在 DRAM Q2 指導中，正如您從我們在網站上提交的時間表中看到的那樣，我們的每比特成本預計在第二季度會下降到高位-個位數，DRAM 每比特成本。

Thanks, Ron and happy to follow-up on that with any questions as well.

謝謝，羅恩，很高興有任何問題都可以跟進。

But with that we would like to take questions from callers.

但是，我們想接受來電者的提問。

Just a reminder, if you are using a speaker phone, please pick up the handset when asking questions 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。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Our first question comes from Glen Yeung from Citigroup.

我們的第一個問題來自花旗集團的 Glen Yeung。

My first question is on the DRAM business, and just trying to understand the shift to more wafer-based sales.

我的第一個問題是關於 DRAM 業務，只是想了解向更多基於晶圓的銷售的轉變。

I assume, one, that the more you do, obviously it's going to have a negative impact on revenues.

我假設，一個，你做的越多，顯然它會對收入產生負面影響。

So, I would just clarify that revenues might be down in the quarter if you move more towards wafer-based sales.

因此，我只想澄清一下，如果您更多地轉向基於晶圓的銷售，本季度的收入可能會下降。

And then the ultimate question is: Is it accretive to earnings?

然後最終的問題是：它會增加收益嗎？

Because, as you mentioned, gross margins are higher in that business.

因為，正如你所提到的，該業務的毛利率更高。

Yes, Glen, that's right on.

是的，格倫，沒錯。

The actual impact on ASPs is not necessarily favorable, but overall impact on margins is favorable.

對平均售價的實際影響不一定是有利的，但對利潤率的總體影響是有利的。

Okay, and sorry, just to clarify.

好的，對不起，只是為了澄清。

And ultimately you believe it's accretive to earnings -- the combination of that will be better earnings?

最終你相信它會增加收益——這兩者的結合會是更好的收益嗎？

That's primarily -- when you think about that, that's the decision on capacity we're trying to make.

這主要是 - 當你考慮到這一點時，這就是我們試圖做出的容量決定。

Okay, good.

好的。

Thanks for that.

感謝那。

The key, Glen, is that both ASP is down and costs are down, and the spread between the two is better than our average, hence the higher gross margin.

Glen 的關鍵是 ASP 和成本都下降了，兩者之間的價差好於我們的平均水平，因此毛利率更高。

There you go.

你去吧。

Okay, thanks.

好的謝謝。

Second question is: Your thoughts around the Wuxi fab, not in the sense of asking you when you think it will come up, but whenever it does, do you anticipate having to make any changes in the way you're looking at production based on the idea that that eventually comes back into full production?

第二個問題是：你對無錫工廠的看法，不是問你認為它什麼時候會出現，而是無論何時出現，你是否預計必須對基於生產的方式做出任何改變最終恢復全面生產的想法？

We don't see any of that today, Glen.

格倫，我們今天什麼都看不到。

We certainly anticipate that that fab is eventually going to come back into full production.

我們當然預計該工廠最終將恢復全面生產。

We see it happening maybe in a more measured way than some have prognosticated, but certainly, with tight industry inventory today and some of the changes we're already making from DRAM towards NAND, we're not expecting any significant shock to the market or the system.

我們認為它的發生可能比某些人預測的更為謹慎，但可以肯定的是，由於當今行業庫存緊張以及我們已經從 DRAM 轉向 NAND 的一些變化，我們預計不會對市場造成任何重大衝擊或系統。

Okay, and last one for me is just on CapEx.

好的，最後一個對我來說只是資本支出。

You're on a run rate now which would put you at the low end of your annual CapEx guidance.

您現在處於運行速度，這將使您處於年度資本支出指導的低端。

Is it your anticipation that CapEx on a quarterly basis will increase?

您是否預計每季度的資本支出會增加？

Yes, our guidance for the year is still intact, as I mentioned, the same range, $2.6 billion to $3.2 billion, so there will be quarterly differences.

是的，正如我所提到的，我們對今年的指導仍然完好無損，範圍相同，為 26 億美元至 32 億美元，因此會有季度差異。

I think there's one clarification on CapEx just in general.

我認為一般來說對資本支出有一個澄清。

As we move into more systems end solutions, some of that CapEx is going to things that don't influence capacity necessarily.

隨著我們進入更多系統終端解決方案，其中一些資本支出將用於不一定影響容量的事情。

Some of it goes into things around packaging technology and assembly technology that's allowing us to build these systems and solutions.

其中一些涉及包裝技術和組裝技術，使我們能夠構建這些系統和解決方案。

Good, thank you.

好的謝謝你。

Thank you.

謝謝你。

Our next question comes from James Schneider from Goldman Sachs.

我們的下一個問題來自高盛的詹姆斯施耐德。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if, now that Elpida is finally integrated, you could maybe give us a refresher on the amount of DRAM bits allocated to each of the PC, mobile, server, and other specialty areas, if you would?

我想知道，既然 Elpida 終於集成了，您是否可以讓我們重新了解分配給每個 PC、移動設備、服務器和其他專業領域的 DRAM 位數，如果您願意的話？

Yes, we can do that.

是的，我們可以做到。

Would you like it on revenue or bit basis?

您希望以收入為基礎還是以比特為基礎？

Bits would be great.

比特會很棒。

Okay, let's see.

好吧，讓我們看看。

On a DRAM gigabyte basis -- I'm just going to pick some of the bigger categories.

在 DRAM 千兆字節的基礎上——我將選擇一些更大的類別。

Personal systems were -- Q1 was about 40%, mobile was in the mid-30% range, server was in the mid-teens, and then the rest would be captured in networking and AIMM.

個人系統——第一季度大約是 40%，移動在 30% 左右，服務器在十幾歲左右，然後其餘的將被網絡和 AIMM 捕獲。

Great, that's very helpful.

太好了，這很有幫助。

And then maybe as a follow-up, I believe, and I may have not heard this right, that you talked about the Singapore fab reaching wafer capacity transition in the transition from DRAM to NAND.

然後可能作為後續行動，我相信，我可能沒聽對，你談到新加坡工廠在從 DRAM 到 NAND 的過渡中實現了晶圓產能過渡。

Did I hear that correctly?

我沒聽錯嗎？

And then, can you talk about when that might be fully transitioned at this point?

然後，你能談談什麼時候可以完全過渡嗎？

That's right.

這是正確的。

We were over 50% in the quarter completed, and the timing is still potentially variable, but I would look for that to complete out in the first half of the calendar year.

我們在本季度完成了超過 50% 的工作，時間仍然可能會發生變化，但我希望在日曆年的上半年完成。

And then just last one quickly for me --

然後對我來說快點最後一個——

Sorry, assuming no changes, and as you know, we've always maintained the flexibility to make changes pending market conditions.

抱歉，假設沒有變化，而且如您所知，我們一直保持在未決市場條件下進行更改的靈活性。

But as we sit today, we anticipate completing that out in an orderly fashion.

但是，當我們今天坐下來時，我們預計會以有序的方式完成它。

Understand.

理解。

And then last one for me would be: Just in terms of the OpEx profile from here, I think you came in maybe a little bit under some of your targets.

然後對我來說最後一個是：僅就此處的運營支出概況而言，我認為您的某些目標可能會有所下降。

Can you maybe talk about, going forward, where there is opportunities either on the SG&A line or the R&D line to bring those down a little bit?

您能否談談，展望未來，在 SG&A 線上或研發線上有機會將其降低一點嗎？

I think there's some opportunity there over time.

我認為隨著時間的推移會有一些機會。

We came in a little under.

我們進來了一點。

Primarily, I think in this current quarter, we had some reduced legal expenses that were contributors to that.

首先，我認為在本季度，我們減少了一些法律費用，這是造成這種情況的原因。

But on a go-forward basis, our focus on the R&D line right now is to make sure we're making all of the investments we need to support the Business, both from technology transition perspective, as well as from a system level solution enablement perspective.

但在前進的基礎上，我們現在對研發線的關注是確保我們進行支持業務所需的所有投資，無論是從技術轉型的角度，還是從系統級解決方案支持的角度來看看法。

And so, we're not looking to drive that down in a big hurry.

因此，我們並不希望急於將其降低。

On the SG&A front, I'll let Ron comment.

在 SG&A 方面，我會讓 Ron 發表評論。

Yes, in terms of overall, as Mark mentioned, we hit some timing differences quarter to quarter in terms of trends.

是的，就整體而言，正如馬克所提到的，我們在趨勢方面每個季度都遇到了一些時間差異。

For example, our legal costs vary.

例如，我們的法律費用各不相同。

You see our guidance in Q2 is a little bit up from Q1.

您會看到我們在第二季度的指導比第一季度略高。

And also we have wafer qual cost timings that shift around and varied a little bit, and Q1 came in lower, and Q2 is probably more on a trend line, just in terms of the near-term views.

此外，我們的晶圓質量成本時間也發生了一些變化和變化，第一季度下降，第二季度可能更多地處於趨勢線上，就近期觀點而言。

In terms of forward-looking cost structure, I think if you look at it as a percent of revenue, the way we're currently performing, we've talked about OpEx being in the 15% range.

在前瞻性成本結構方面，我認為如果你將其視為收入的百分比，我們目前的表現方式，我們已經談到運營支出在 15% 的範圍內。

And I think we can structurally run well below that going forward.

而且我認為我們可以在結構上遠遠低於這個水平。

And given current market conditions, and SG&A would be commensurately lower as well.

鑑於當前的市場狀況，SG&A 也會相應降低。

So, on an absolute dollar standpoint, I wouldn't expect to see significant changes, but I do think as a percent of revenue, we can trend in the range we're running now.

因此，從絕對美元的角度來看，我不希望看到重大變化，但我確實認為作為收入的百分比，我們可以在我們現在運行的範圍內趨勢。

That's helpful.

這很有幫助。

Thanks so much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Mehdi Hosseini from SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Yes, thanks for taking my question, too.

是的，也感謝您提出我的問題。

Starting with NAND, would you be able to elaborate the percentage of revenue of bits coming from the embedded segment of the market?

從 NAND 開始，您能否詳細說明來自嵌入式市場的位收入百分比？

I can do that for you.

我可以為你做到這一點。

In Q1 -- we don't -- I'm not going to be able to do that for you.

在第一季度——我們不會——我無法為你做到這一點。

We don't track them quite like that --

我們不會像那樣追踪他們——

Change of mind?

改變主意？

Well, we just don't track them quite like that.

好吧，我們只是不會像那樣跟踪它們。

Sure.

當然。

But because you said, in Q2, you're going to see a mix moving more towards embedded, I'm just trying to get a better assessment of how that is going to impact the mix and the margin profile.

但是因為你說，在第二季度，你會看到一個組合更傾向於嵌入式，我只是想更好地評估這將如何影響組合和利潤率概況。

Yes, let me maybe approach it like I did on the DRAM side.

是的，讓我也許像在 DRAM 方面那樣接近它。

I'll hit some big buckets for you, and again, we don't necessarily include them embedded.

我會為你打一些大桶，再說一次，我們不一定將它們嵌入其中。

So, there will be embedded applications within some of these different categories.

因此，這些不同類別中的某些類別中將包含嵌入式應用程序。

But with that being said, Q1 SSDs will be around 50%.

但話雖如此，Q1 SSD 將在 50% 左右。

The consumer, which includes channel and CPG for us, is around 30%.

消費者，包括我們的渠道和 CPG，約為 30%。

Mobile will be in the mid-teens.

移動將在十幾歲。

And then, again, networking, storage, and AIMM will make up the balance.

然後，網絡、存儲和 AIMM 將再次構成平衡。

Got it.

知道了。

So, when I look at your NAND ASP and cost guide, it seems like margins are going to come down.

因此，當我查看您的 NAND ASP 和成本指南時，似乎利潤率會下降。

ASP declined more than the cost declined.

平均售價下降幅度大於成本下降幅度。

Is this trend going to reverse into the Q2 because of the mix changing, or is it more of the ASP decline going to change?

這種趨勢會因為組合的變化而逆轉到第二季度，還是更多的 ASP 下降會改變？

How should we think about the mix versus ASP versus cost into Q2?

我們應該如何考慮第二季度的混合與 ASP 與成本？

I think, in general, we feel that we will improve our mix relative to the market after Q2.

我認為，總的來說，我們認為我們將在第二季度之後相對於市場改善我們的組合。

We're going obviously through a transition, and I mentioned in my earlier comments about the output out of Fab 7, trying to align that to customer quals, and it's probably another three- to six-month dynamic ongoing.

我們顯然正在經歷轉型，我在之前的評論中提到了 Fab 7 的產出，試圖將其與客戶質量保持一致，這可能是另一個三到六個月的動態。

The other part that's worthy of note is that there's a natural ASP degradation if you're shifting from SSDs to components; it might not be as much of a margin hit as much as ASP going down because the bill of material's lower and all that.

另一點值得注意的是，如果你從 SSD 轉向組件，ASP 會自然下降。它可能不會像 ASP 下降那麼大，因為材料清單的降低等等。

So, you've got the Fab 7 dynamic and just the mix dynamic that contribute to what assumes to be a decline in ASPs.

因此，您已經獲得了 Fab 7 動態和混合動態，它們導致假設的 ASP 下降。

Got it.

知道了。

If I may just add one more question from a big picture.

如果我可以從大局中再添加一個問題。

In the Analyst day in August you talked about being more aggressive on acquisitions, especially as you focus more on the system level storage.

在八月份的分析師日中，您談到了在收購方面更加積極，尤其是當您更加關注系統級存儲時。

Can you give us an idea or any kind of flavor as where you are, and help us understand or elaborate what kind of acquisition targets you're looking at?

你能告訴我們你在哪裡的想法或任何風格，並幫助我們了解或詳細說明你正在尋找什麼樣的收購目標？

Well, I think there's obviously, as we've built out our Organization, we're doing a lot of that organically.

好吧，我認為顯然，隨著我們組織的建立，我們正在有機地做很多事情。

We'll continue to look at inorganic opportunities, but we're certainly not in a position to go forecasting what, when, where, or how any of that might happen.

我們將繼續關注無機機會，但我們當然無法預測可能發生的情況、時間、地點或方式。

Is it more controller, is it more software, or is it more just offered acquiring talents is what I'm asking?

是更多的控制器，更多的軟件，還是更多的只是提供獲得人才是我要問的？

Well, we're acquiring talent across the spectrum to support those system level solutions.

好吧，我們正在招聘各個領域的人才來支持這些系統級解決方案。

So, you'll note, in last quarter, we brought in some more senior leadership in the controller area with Brian Angell.

因此，您會注意到，在上個季度，我們與 Brian Angell 一起在控制器領域引入了一些更高級的領導。

We also brought in Tom Snodgrass in the system level storage solutions area.

我們還在系統級存儲解決方案領域引入了 Tom Snodgrass。

And we'll continue to bring in people up and down the Organization, whether they're software folks, firmware folks, or hardware folks to support those efforts.

我們將繼續在組織上下引入人員，無論他們是軟件人員、固件人員還是硬件人員，以支持這些努力。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Vijay Rakesh from Sterne, Agee.

我們的下一個問題來自阿吉斯特恩的 Vijay Rakesh。

When you look at your end markets within PC and smartphones, there's a lot of weakness.

當您查看 PC 和智能手機的終端市場時，會發現很多弱點。

And it looks like you guys had very good margins and with supply (inaudible).

看起來你們有很好的利潤和供應（聽不清）。

Do you expect to see that operating stability and discipline continue into 2014, even after Wuxi comes on?

您是否期望看到運營穩定性和紀律性會持續到 2014 年，即使是在無錫上市之後？

We do.

我們的確是。

We think that the overall PC market feels like it's stabilizing a bit.

我們認為整體個人電腦市場感覺有點穩定。

At least from our customers' perspective, demand is pretty robust, as I mentioned earlier, quarter to date.

至少從我們客戶的角度來看，需求非常強勁，正如我之前提到的，本季度至今。

And we think that the balancing between that and -- not just the smartphone segment.

我們認為這之間的平衡 - 不僅僅是智能手機領域。

We've got pretty good inroads into what I would say is the utility smartphone business that -- our customer breadth there is allowing us to diversify away.

我們在實用智能手機業務方面取得了相當大的進展——我們的客戶廣度使我們能夠實現多元化。

And so, we're not so heavily concentrated in the smartphone segment itself, and so we don't necessarily feel that we're overly exposed to that dynamic you're referring to, post Wuxi coming back on.

因此，我們並沒有那麼集中在智能手機領域本身，所以我們不一定覺得我們過度暴露於你所指的那種動態，無錫回來後。

We feel pretty comfortable where we're at on the customer engagement model and what the customers are asking from Micron from a capacity standpoint.

從容量的角度來看，我們對客戶參與模型以及客戶從美光提出的要求感到非常自在。

Got it.

知道了。

And then, can you talk about cost synergy opportunities within test and packaging?

然後，您能談談測試和包裝中的成本協同機會嗎？

And I also wanted to get your thoughts on the yen.

我也想听聽你對日元的看法。

How are you looking at that side from there, and any hedging there.

您如何從那裡看那一側，以及那裡的任何對沖。

Yes, on the packaging side, Elpida certainly had their own approach to packaging, and so, as we look at Micron going forward, we've kind of drawing up our own strategies in terms of internal/external approach -- a hybrid approach to how we're serving our product needs.

是的，在包裝方面，爾必達當然有自己的包裝方法，因此，當我們展望美光的未來時，我們已經在內部/外部方法方面製定了自己的策略——一種混合方法我們如何滿足我們的產品需求。

A good way of thinking about this, or rather a simple way of thinking about it is: For some of the higher touch, higher value-add products and applications, more of that will be done in house.

一個很好的思考方式，或者更簡單的思考方式是：對於一些更高觸感、更高附加值的產品和應用程序，更多的將在內部完成。

And as we evaluate future opportunities, some of our more commoditized low-end business PC, mobile application where they don't require a lot of touch and development will probably use some outside third-party help to get that done.

當我們評估未來的機會時，我們的一些更商品化的低端商用 PC、移動應用程序，它們不需要大量的接觸和開發，可能會使用一些外部第三方的幫助來完成這項工作。

And Vijay, on the yen and hedging question, I'll just make a couple of comments to see if I hit your point, and ask for clarification if you want to go somewhere else with it.

Vijay，關於日元和對沖問題，我將發表一些評論，看看我是否符合你的觀點，如果你想用它去其他地方，請澄清一下。

We use natural hedges in our Japan and Taiwan largely to protect our balance sheet, along with some yen-based forward contracts to protect us on our yen.

我們在日本和台灣主要使用自然對沖來保護我們的資產負債表，同時使用一些以日元為基礎的遠期合約來保護我們的日元。

And our largest exposure, as you probably know, relates to our JPY140 billion of creditor payments scheduled out over the next few years in Japan.

您可能知道，我們最大的風險敞口與我們計劃在未來幾年在日本支付的 1400 億日元債權人付款有關。

So, we use those hedging approaches -- largely natural hedges, but some forward contracts to cover that.

因此，我們使用這些對沖方法——主要是自然對沖，但也有一些遠期合約來彌補這一點。

Another data point I might just mention is on the operating cost structure, a JPY1 change in the yen/dollar rate will affect our operating cost quarterly in the neighborhood of $5 million to $7 million, just as a reference.

我可能會提到的另一個數據點是關於運營成本結構，日元/美元匯率每變化 1 日元將影響我們每季度的運營成本在 500 萬美元到 700 萬美元之間，僅供參考。

Got it.

知道了。

Thanks.

謝謝。

That sounds good.

聽起來不錯。

Good numbers.

好數字。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question comes from Mark Newman from Bernstein.

我們的下一個問題來自 Bernstein 的 Mark Newman。

Yes, thanks for taking my question, and good numbers today.

是的，感謝您提出我的問題，以及今天的好數字。

My question is really on the NAND DRAM mix.

我的問題實際上是關於 NAND DRAM 組合。

So, looking at the gross margins currently, I think both NAND and DRAM are in the -- somewhere in the low- to mid-30% gross margin.

因此，從目前的毛利率來看，我認為 NAND 和 DRAM 的毛利率都在 30% 的中低水平。

But currently, with your ramp that you talked about in Singapore, the conversion of DRAM to NAND, this is causing some -- a little bit of problem on the ASP side.

但是目前，隨著您在新加坡談到的將 DRAM 轉換為 NAND，這在 ASP 方面造成了一些問題。

And gross margin for NAND looks like -- at least what you're saying for ASP quarter to date, it seems to be down quite a bit.

NAND 的毛利率看起來 - 至少你所說的 ASP 季度迄今為止，它似乎下降了很多。

So, with that in mind, it looks like the NAND gross margin is going to be quite a bit below DRAM in the coming quarter, fiscal Q2, and perhaps beyond.

因此，考慮到這一點，看起來 NAND 毛利率將在下一季度、第二季度甚至更久之後遠低於 DRAM。

So, in that case, I'm wondering, like, how you think about that.

所以，在那種情況下，我想知道你是怎麼想的。

You commented -- I think Mark Durcan, you commented that you may have some flexibility for how you looked at things.

您發表了評論——我認為 Mark Durcan，您評論說您在看待事物的方式上可能有一些靈活性。

And I'm wondering if you could talk a little bit more about that, considering the fact that the extra production that's coming out of the Singapore fab is causing pricing and margin to come down to a NAND segment, and if you would consider to perhaps delay that conversion to ease that situation, considering that DRAM is doing so well these days.

我想知道你是否可以多談一點，考慮到新加坡工廠的額外產量導致價格和利潤率下降到 NAND 細分市場，如果你考慮也許考慮到 DRAM 近來的表現非常好，因此推遲轉換以緩解這種情況。

Thanks, Mark.

謝謝，馬克。

It's a good question, and one which obviously we think a lot about.

這是一個很好的問題，顯然我們思考了很多。

I think the key here is: We want to be careful we don't optimize the short term at the expense of the long term.

我認為這裡的關鍵是：我們要小心，不要以犧牲長期為代價來優化短期。

And we'll continue to look at what the exact right balance is.

我們將繼續研究正確的平衡是什麼。

But we think in terms of this -- some of our challenges right now relative to NAND as we bring this new capacity online are more short-term oriented relative to enabling the customer sockets and getting the product placed in the right place, as opposed to a long-term supply/demand phenomena.

但我們認為，我們目前相對於 NAND 的一些挑戰，因為我們將這種新容量上線，相對於啟用客戶插座和將產品放置在正確的位置而言，更多的是面向短期的，而不是長期的供需現象。

And when we look at the long-term dynamics for NAND, we still think that's going to be pretty robust.

當我們審視 NAND 的長期動態時，我們仍然認為這將非常強勁。

And so, we'll obviously keep a close eye on it, and we do have flexibility, but as I mentioned earlier, our trajectory today is to continue to move towards closing that out in an orderly fashion over the next year.

因此，我們顯然會密切關注它，我們確實有靈活性，但正如我之前提到的，我們今天的軌跡是在明年繼續以有序的方式結束它。

And just to add to that, Mark, as I think you numerically observed, but to be clear, the current margins are pretty darn close to the same.

再加上一點，馬克，正如我認為你從數字上觀察到的那樣，但要清楚的是，當前的邊距非常接近相同。

Q2, we might have a little bit of shift related to mix, as Mark Adams commented about, et cetera, but that's a short-term phenomenon, so there's not a huge difference between the two right now.

Q2，我們可能會有一些與混合相關的轉變，正如 Mark Adams 所評論的，等等，但這是一個短期現象，所以現在兩者之間沒有太大的區別。

Got it.

知道了。

So, basically, your goal is -- or you believe that this mix issue is a short-term issue, and you believe that within three to six months, as you said, you're going to be able to transition this extra production in Singapore towards more higher-margin solution products, and therefore, the margin should then catch up back to the -- more similar to DRAM kind of back to the mid-30%s or even higher gross margins.

所以，基本上，你的目標是——或者你認為這個混合問題是一個短期問題，並且你相信在三到六個月內，正如你所說，你將能夠在新加坡轉向利潤率更高的解決方案產品，因此，利潤率應該會趕上——更類似於 DRAM 的那種，回到 30% 左右甚至更高的毛利率。

So, do you think, in other words, this is more of a short-term issue?

那麼，您是否認為，換句話說，這更像是一個短期問題？

We do.

我們的確是。

When you think about coming online with a Fab 7 or any time you bring on new capacity out of a fab, your customer qualification process is somewhat timely around their own products.

當您考慮使用 Fab 7 上線或任何時候從晶圓廠引入新產能時，您的客戶資格認證流程在某種程度上是及時的，圍繞他們自己的產品。

And so, as we go through that, our early output tends to go into more commodity homes in the short term.

因此，當我們經歷這些時，我們的早期產出往往會在短期內進入更多的商品房。

And as Ron just noted, it hadn't dramatically hit our margin in Q1.

正如羅恩剛剛指出的那樣，它在第一季度並沒有顯著影響我們的利潤率。

And so, we are in the process of qualifying major OEMs on this output, and we think the time frame is roughly three to six months that will get us back to a more stable margin profile that we can drive the right capacity into the right sockets.

因此，我們正在對主要 OEM 進行資格認證，我們認為時間框架大約是三到六個月，這將使我們回到更穩定的利潤率狀況，我們可以將正確的產能推向正確的插座.

Great, that's very helpful.

太好了，這很有幫助。

And I just have one further follow-up.

我還有一個進一步的跟進。

You mentioned 3D NAND schedule samples for late Q1 and Q2.

您提到了第一季度末和第二季度的 3D NAND 計劃樣本。

Can you clarify: You're talking about 2014?

你能澄清一下：你說的是2014年嗎？

(multiple speakers)

（多位發言者）

That's right.

這是正確的。

I'm sorry about that.

對此我很抱歉。

When I made the comment earlier, we're still on track and optimistic that late Q1 and early Q2 for production samples for 2014.

當我早些時候發表評論時，我們仍然對 2014 年第一季度末和第二季度初的生產樣品持樂觀態度。

For 3D.

對於 3D。

And any more comment on how you think 3D NAND -- how that will shape out in the future in terms of potential mix, when production may ramp up, what the kind of product categories would be, with more higher end enterprise versus lower end, lower cost.

還有更多關於你如何看待 3D NAND 的評論——就潛在組合而言，未來將如何形成，何時產量可能會增加，產品類別將是什麼類型，高端企業與低端企業，更低的花費。

Any kind of comments you can help us in how to think about that?

有什麼意見可以幫助我們思考這個問題嗎？

Well, I can tell you a little bit about how we see it.

好吧，我可以告訴你一些關於我們如何看待它的信息。

We think -- from 3D volume perspective, we think it will be across a broad spectrum of application usage.

我們認為——從 3D 體積的角度來看，我們認為它將涵蓋廣泛的應用程序使用範圍。

We are looking to obviously enable it in the high end, and use it to our advantage to drive enterprise.

我們顯然希望在高端啟用它，並利用它來推動企業發展。

But the way we've architected our products is going to allow us to cover a full breadth.

但是我們構建產品的方式將允許我們覆蓋整個範圍。

We think volume is probably back half of 2015 for 3D, and thus we think that where we are in our development we're on track to do that.

我們認為 3D 的銷量可能會回到 2015 年的一半，因此我們認為在我們的發展中，我們正朝著實現這一目標的方向前進。

I see.

我懂了。

So, you think using broad set of segments, not specifically high end or not specifically low end?

那麼，您認為使用廣泛的細分市場，而不是特別高端或特別低端？

You think it -- (multiple speakers)

你認為——（多位發言者）

Well, the way we -- our design will allow us to focus on a couple key markets that we view as high value for the sockets, but we're not limited to where we can take this over the long term.

好吧，我們的方式 - 我們的設計將使我們能夠專注於我們認為對插座具有高價值的幾個關鍵市場，但我們並不局限於我們可以長期佔領的地方。

Great, thanks very much, and congratulations.

太好了，非常感謝，祝賀你。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question comes from David Wong from Wells Fargo.

我們的下一個問題來自富國銀行的 David Wong。

Do you have some idea what gross margin would have been if the inventory for Elpida had not been written up in the November quarter?

如果 Elpida 的庫存沒有在 11 月季度被寫入，您是否知道毛利率會是多少？

Yes, there was a reconciliation page, and basically the stepped-up inventory was $111 million.

是的，有一個對賬頁面，基本上升級後的庫存是1.11億美元。

Okay, great, thanks.

好的，太好了，謝謝。

You bet.

你打賭。

Thank you.

謝謝你。

Our next question comes from Monika Garg from Pacific Crest.

我們的下一個問題來自 Pacific Crest 的 Monika Garg。

Thanks for taking my question.

感謝您提出我的問題。

Just a follow-up question on the 3D NAND.

只是關於 3D NAND 的後續問題。

Could you maybe talk about if and when you target 3D NAND, will you look at the cost structure?

您能否談談您是否以及何時瞄準 3D NAND，您會看一下成本結構嗎？

Is it below your (inaudible) NAND cost structure at that time, or depending upon the applications, maybe some applications need higher endurance, so you may ramp 3D NAND just for that application to begin with.

它是否低於您當時（聽不清）的 NAND 成本結構，或者根據應用程序，可能某些應用程序需要更高的耐用性，因此您可能會為該應用程序開始使用 3D NAND。

Maybe if you could just talk about your strategy on the 3D NAND side?

也許你能談談你在 3D NAND 方面的策略？

So, let me try and characterize.

所以，讓我試著描述一下。

Obviously, early on, as with any new technology, we're going to pick a couple applications first, as Mark Adams mentioned a moment ago.

顯然，正如 Mark Adams 剛才提到的，在早期，與任何新技術一樣，我們將首先選擇幾個應用程序。

Our technology -- I think as you look at different suppliers in the marketplace, different suppliers are taking different approaches to 3D NAND technology.

我們的技術——我認為當您查看市場上的不同供應商時，不同的供應商對 3D NAND 技術採取不同的方法。

Some of them, as I think you're implying, Monika, have limited performance on certain planes or parameters.

其中一些，正如我認為你所暗示的那樣，莫妮卡，在某些平面或參數上的性能有限。

Micron's technology, we believe, is more generally applicable to the full swath of applications currently being serviced by planar NAND, and so, we expect over time we will roll our 3D NAND across the spectrum.

我們相信，美光的技術更普遍地適用於目前由平面 NAND 提供服務的所有應用，因此，我們預計隨著時間的推移，我們將在整個範圍內推廣我們的 3D NAND。

And yes, of course, we believe it will be significantly -- over time, it will be significantly more cost effective than planar NAND, given the scaling that goes on with 3D NAND.

是的，當然，我們相信它會顯著——隨著時間的推移，考慮到 3D NAND 的擴展，它將比平面 NAND 更具成本效益。

And then, if I heard it correctly, you said the volume ramp is in the later half of 2015?

然後，如果我沒聽錯的話，你說音量上升是在 2015 年下半年？

Well, yes, it's tough to pin down because we have to say what we mean by volume and all of the details associated with that.

嗯，是的，很難確定，因為我們必須說出音量的含義以及與之相關的所有細節。

But yes, we believe it's a 2015 phenomena for production ramp on 3D NAND, and significant in the marketplace probably more so in the second half than the first half.

但是，是的，我們認為這是 2015 年 3D NAND 產量增加的現象，並且在市場上的意義可能在下半年比上半年更重要。

Okay.

好的。

Just a last question on the current pricing trends in the NAND market, at least what we see on the channel side seems NAND pricing is slightly weak.

只是關於當前 NAND 市場定價趨勢的最後一個問題，至少我們在渠道方面看到的 NAND 定價略顯疲軟。

Maybe could you talk about pricing trends in different segments in the NAND market?

能否談談 NAND 市場不同細分市場的定價趨勢？

Well, actually, the way you've asked the question is the way we look at it.

好吧，實際上，您提出問題的方式就是我們看待問題的方式。

There are some parts of the NAND business that have remained very strong and robust, and there are some that have shown some of the weakness you're talking about.

NAND 業務的某些部分仍然非常強勁和穩健，而有些部分則顯示出您所說的一些弱點。

Some of that, by the way, is pretty natural out of the holidays, but it's not as severe as prior years necessarily.

順便說一句，其中一些在假期之外是很自然的，但它並不像往年那樣嚴重。

We also see some people who are exposed in the NAND business in the mobile market getting a little more aggressive with that capacity and the low-end client business.

我們還看到一些在移動市場接觸 NAND 業務的人對這種容量和低端客戶業務變得更加積極。

Quite frankly, we're not going to play that game.

坦率地說，我們不會玩那個遊戲。

So, in addition to moving the components to other application segments, we don't necessarily want to sell our business just to compete from market share perspective where other people are trying to grab share on pricing.

因此，除了將組件轉移到其他應用程序領域之外，我們不一定要出售我們的業務，只是為了從市場份額的角度進行競爭，而其他人正試圖在定價上搶占份額。

So, independent of the Fab 7 dynamic I mentioned earlier, overall it's not a bad NAND business, it's just there's pockets of weakness coming out of the holiday, and with some softness where people are exposed.

因此，獨立於我之前提到的 Fab 7 動態，總體而言，它並不是一個糟糕的 NAND 業務，只是假期後出現了一些疲軟，而且人們暴露在一些軟弱的地方。

Thank you so much.

太感謝了。

That's all for me.

這就是我的全部。

Thank you.

謝謝你。

Our next question comes from John Pitzer from Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Good afternoon, guys.

下午好，伙計們。

Congratulations on the good results.

祝賀取得好成績。

Guys, just relative to the November quarter, I think you said there was a $250-million benefit for pre-pay of DRAM from a customer.

伙計們，僅相對於 11 月季度，我認為您說客戶預付 DRAM 可獲得 2.5 億美元的收益。

I'm kind of curious: When does that product ship?

我有點好奇：那個產品什麼時候發貨？

And I guess, given that we're all worried about Wuxi coming back online and DRAM pricing going lower, what's the motivation behind the customer actually coming into a contract at today's pricing?

而且我想，鑑於我們都擔心無錫重新上線和 DRAM 價格走低，客戶實際以今天的價格簽訂合同的動機是什麼？

Well, as we commented on earlier, the way we plan our Business is basically with a full Wuxi fab capacity in the market.

好吧，正如我們之前評論的那樣，我們計劃業務的方式基本上是在市場上擁有完整的無錫晶圓廠產能。

And as Mark Durcan commented on earlier, we've got kind of a bit of a shifting dynamic with certainly Wuxi coming on at some point.

正如馬克·杜肯（Mark Durcan）早些時候評論的那樣，我們的動態有點變化，無錫肯定會在某個時候出現。

We don't know when that is, but some point in the future, but offset partially by our continued Fab 7 conversion.

我們不知道那是什麼時候，但在未來的某個時候，但部分被我們持續的 Fab 7 轉換所抵消。

So, if you put that all together and balance with the industry output of about mid-20% range of DRAM bit growth for the year, we think that's in line.

因此，如果您將所有這些放在一起並與今年 DRAM 位增長約 20% 的行業產出相平衡，我們認為這是一致的。

We don't think that's going to drive a significant oversupply in the market.

我們認為這不會導致市場出現嚴重的供過於求。

And we think the customers see that, too.

我們認為客戶也看到了這一點。

And so, as customers look for that 2014 sourcing, as they think about kind of when Wuxi may or may not come online, they are trying to lock up capacity and commitments to be able to make it through as best they can see through calendar 2014 and beyond.

因此，當客戶在尋找 2014 年的採購時，當他們考慮無錫可能會或可能不會上線時，他們正試圖鎖定產能和承諾，以便在 2014 年日曆中盡其所能度過超越。

Mark, that's helpful.

馬克，這很有幫助。

When does the product ship?

產品什麼時候發貨？

We don't normally get into details, but it's kind of over a longer period.

我們通常不會深入細節，但它需要更長的時間。

The intent was to secure output over a long cycle, not in a specific quarter, for example.

例如，其目的是在較長的周期內確保產出，而不是在特定的季度。

Great, that's helpful.

太好了，這很有幫助。

And guys, in the prepared comments, I think you mentioned that you shipped an SSD enterprise drive this November quarter.

伙計們，在準備好的評論中，我想你們提到過你們在這個 11 月季度發布了 SSD 企業級驅動器。

Was that sample, or was that actually true shipment or revenue?

是那個樣品，還是那實際上是真正的出貨量或收入？

And I'm just kind of curious: How do we think about the enterprise SSD as a percent of overall SSD mix?

我只是有點好奇：我們如何看待企業級 SSD 佔整體 SSD 組合的百分比？

Any targets you can share with us for this fiscal year?

您可以與我們分享本財年的任何目標嗎？

And how should we think about the gross margin differential between enterprise SSD and consumer SSD?

以及我們應該如何看待企業級SSD和消費級SSD的毛利率差異？

Thank you.

謝謝你。

Well, let me answer your first question.

好吧，讓我回答你的第一個問題。

It was a sample on the M500 DC product that was based on our 20-nanometer technology.

這是基於我們的 20 納米技術的 M500 DC 產品的示例。

As we look at it, as I mentioned in terms of the NAND behavior, in terms of our ASPs and market, on the higher density and the enterprise market, obviously we would like to drive as much of our capacity to that segment.

正如我在 NAND 行為方面提到的，就我們的 ASP 和市場而言，在更高密度和企業市場方面，顯然我們希望將盡可能多的容量推向該細分市場。

Where customers who have got exposure into the high-end smartphone business have capacity, what we're seeing is some aggressive pricing in the client business.

在接觸高端智能手機業務的客戶有能力的地方，我們看到的是客戶業務的一些激進定價。

And we're going to take a look at that versus our retail business, which is doing pretty well, and versus our component business and versus other application segments, so we don't necessarily want to go head to head and try to compete purely on price in the client business.

我們將看看我們的零售業務，它做得很好，我們的組件業務和其他應用程序部門，所以我們不一定要正面交鋒並嘗試純粹競爭在客戶業務中的價格。

And if you look at our client business on its own merit, our average densities in client are much higher than the market because we're trying to keep that above what I would say the trading client business, which, again, if you've got a lot of capacity in the high-end smartphone business that's exposed, you might be a little more aggressive in the client business.

如果你看我們的客戶業務本身的優點，我們的平均客戶密度遠高於市場，因為我們試圖將其保持在我所說的交易客戶業務之上，同樣，如果你已經在暴露的高端智能手機業務中擁有大量產能，您可能會在客戶端業務中更具侵略性。

Perfect, guys, thanks, and congratulations again.

完美，伙計們，謝謝，再次恭喜。

Thanks, John.

謝謝，約翰。

Thank you.

謝謝你。

Our next question comes from Steven Fox from Cross Research.

我們的下一個問題來自 Cross Research 的 Steven Fox。

Thanks, good afternoon.

謝謝，下午好。

Just a couple of quick clarifications for me.

對我來說只是一些快速的澄清。

On the yen for the current quarter, can you just give us a sense of what you're assuming and how much of a benefit it is quarter over quarter to expenses?

關於本季度的日元，您能否讓我們了解一下您的假設以及它對支出的季度環比收益有多大？

And then, secondly, in terms of just looking at the Elpida cash margins, I don't know, maybe I missed it, but are you being specific about where they exactly were in the quarter?

其次，就 Elpida 的現金利潤率而言，我不知道，也許我錯過了，但您是否具體說明了它們在本季度的確切位置？

And then, lastly, can you just talk about -- I think you said you're still early on in getting Elpida integration integrated fully.

然後，最後，你能談談 - 我想你說過你還處於完全集成 Elpida 的早期階段。

Can you sort of talk about what else is coming maybe between now and the end of the calendar year?

您能否談談從現在到日曆年年底之間可能還會發生什麼？

Sure, Steven.

當然，史蒂文。

With regard to the yen, if you're talking about our forward view, Q1 to Q2, we're not assuming, and we don't typically assume, any exchange rate changes in our outlooks as we give guidance going forward, if that's what you were looking for?

關於日元，如果您談論的是我們的前瞻觀點，第一季度至第二季度，我們不會假設，我們通常不會假設，在我們提供未來指導時，我們的展望會發生任何匯率變化，如果那是你在找什麼？

Yes, so, it's a benefit quarter over quarter, is that correct?

是的，所以，這是一個季度比一個季度的收益，對嗎？

Like versus what you just reported?

就像你剛剛報導的那樣？

Yes.

是的。

Okay, and so just assume -- (multiple speakers)

好的，所以假設——（多位發言者）

In terms of your question on Elpida cash margins, we're not going to give any more detail on Elpida specifically, other than, as we mentioned, we met or, in general, exceeded our projections we gave in August, and that was a pretty good outcome in terms of blowing that through our Business and getting it combined with overall Micron.

關於您對 Elpida 現金利潤率的問題，我們不會具體提供有關 Elpida 的更多細節，除了正如我們提到的，我們達到或總體上超過了我們在 8 月份給出的預測，這是一個在通過我們的業務並將其與整體美光相結合方面取得了相當不錯的結果。

Great, and then just on the road map for Elpida integration, please?

太好了，然後就在 Elpida 集成的路線圖上，好嗎？

Sure.

當然。

I don't think there's anything alarming to the process.

我不認為這個過程有什麼可怕的。

I think what the comments on integration are that the teams coming together are working pretty well.

我認為關於集成的評論是，團隊聚在一起工作得很好。

Of course, we've got kind of the 25-nanometer ramp ongoing, as well as -- I talked about second half of the year, 20-nanometer product in the market.

當然，我們正在進行 25 納米的爬坡，以及——我談到了今年下半年，市場上的 20 納米產品。

So, as it relates to the focus of the teams and just the timeliness of the integration efforts, with the engineering teams coming together, the marketing organization is coming together.

因此，由於它關係到團隊的重點和整合工作的及時性，隨著工程團隊的聚集，營銷組織也聚集在一起。

Looking at market segment optimization with that team as part of Micron has actually been very helpful for us because of the dynamic between the mobile and computing bit optimization we talked about from an ASP and wafer out perspective.

作為美光的一部分，與該團隊一起研究市場細分優化實際上對我們非常有幫助，因為我們從 ASP 和晶圓輸出的角度討論了移動和計算位優化之間的動態。

So, a lot of normal stuff in integration we feel pretty positive about.

因此，我們對集成中的許多正常內容感到非常積極。

And I think the customers see the breadth and the opportunity for flexibility in our portfolio, whether it be in the mobile portfolio or the pure computing portfolio.

而且我認為客戶看到了我們產品組合的廣度和靈活性機會，無論是移動產品組合還是純計算產品組合。

Thanks, Mark.

謝謝，馬克。

I think we have time for one more caller.

我想我們有時間再接一個來電者。

Thank you.

謝謝你。

Our next question comes from Kevin Cassidy from Stifel Nicolaus.

我們的下一個問題來自 Stifel Nicolaus 的 Kevin Cassidy。

This is Dean Grumlose calling in for Kevin.

這是 Dean Grumlose 打電話給 Kevin。

Thanks very much for squeezing me in here.

非常感謝你把我擠在這裡。

You bet, Dean.

你打賭，迪恩。

My question is: Can you provide a little extra color on the relative performance and demand in the server segment?

我的問題是：您能否就服務器領域的相對性能和需求提供一些額外的顏色？

We often talk about PC and mobile, but how strong has that segment been from a demand perspective, and what do you see going forward?

我們經常談論 PC 和移動設備，但從需求的角度來看，這部分市場有多強大，您對未來有何看法？

I'm sorry, this is Mark Adams.

對不起，我是馬克亞當斯。

We continue to be very bullish on the server market, really primarily for two reasons, one of which is the application driving it, the data center cloud computing dynamic, coupled with as much DRAM as they can put in the servers they are putting in.

我們繼續非常看好服務器市場，實際上主要有兩個原因，其中之一是驅動它的應用程序、數據中心雲計算動態，以及他們可以在服務器中放入的盡可能多的 DRAM。

So, the bit growth in servers last year continues to play into this year's numbers, and we're seeing significant bit growth in the 50% to 60% range in the server market.

因此，去年服務器的比特增長繼續影響今年的數字，我們看到服務器市場的比特增長在 50% 到 60% 之間。

So, we feel pretty good about that business.

所以，我們對這項業務感覺很好。

It's been very stable, and we've been capturing more share quarter over quarter for five to six quarters, and setting gigabit (inaudible) in the server market records.

它非常穩定，我們已經在五到六個季度中獲得了更多的季度份額，並在服務器市場記錄中設置了千兆位（聽不清）。

As a quick follow-up: On the Inotera cost-plus arrangement, does it matter at all which segment the device is for, or what else can you provide as insight to how that works?

作為快速跟進：在 Inotera 成本加成安排中，設備用於哪個細分市場是否重要，或者您還能提供什麼作為其工作原理的見解？

So, Dean, this is Ron.

所以，迪恩，這是羅恩。

In terms of the Inotera structure, we don't get into a lot of details on it, but as I think we've commented, it's an averaging pricing mechanism looking at past three months on a moving average basis.

就 Inotera 結構而言，我們沒有深入了解它的很多細節，但正如我認為我們已經評論的那樣，它是一種平均定價機制，以移動平均為基礎觀察過去三個月。

So, there is a lagged effect as it flows through.

因此，當它流過時，會產生滯後效應。

And then, in general, we neutralize differences in mix so that we have the complete flexibility to move whatever products where we want in our system, so it doesn't have a difference fundamentally in our pricing or transfer pricing as a result of mix.

然後，一般來說，我們會消除混合中的差異，以便我們可以完全靈活地將任何產品移動到我們系統中我們想要的任何位置，因此在我們的定價或轉讓定價方面不會因混合而產生根本差異。

Okay, that's very helpful.

好的，這很有幫助。

Thank you so much.

太感謝了。

Thanks, Dean.

謝謝，院長。

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-K and 10-Qs.

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-K 和 10-Q。

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's Micron Technology's first-quarter 2014 financial release conference call.

今天的美光科技 2014 年第一季度財務發布電話會議到此結束。

You may all now disconnect.

你們現在都可以斷開連接了。