美光科技 (MU) 2014 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是凱特，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to the Micron Technology's Second-Quarter 2014 Financial Release conference call.

在此，歡迎大家參加美光科技 2014 年第二季度財務發布電話會議。

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

謝謝，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, Kate.

謝謝你，凱特。

I'd also like to welcome everyone to Micron Technology's Second-Quarter 2014 Financial Release conference call.

我還要歡迎大家參加美光科技 2014 年第二季度財務發布電話會議。

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

今天的電話會議是首席執行官兼董事 Mark Durcan；馬克·亞當斯，總裁；以及首席財務官兼財務副總裁 Ron Foster。

This conference call, including audio and slides, is also available on our website at Micron.com.

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

In addition, our website has a file containing the quarterly operational and financial information, guidance, non-GAAP information with reconciliation, slides used during the conference call, and a convertible 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，以及可轉換債務和上限呼叫稀釋表。

¶ If you have not had an opportunity to review the second quarter 2014 financial press release, it is also available on our website at Micron.com.

¶ 如果您沒有機會查看 2014 年第二季度財務新聞稿，也可以在我們的網站 Micron.com 上獲得。

Our call will be 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 404-537-3406 with a confirmation code of 127-56-761.

通過撥打 404-537-3406 和確認碼 127-56-761 可以訪問此通話的音頻重播。

This replay will run through Thursday, April 10, 2014 at 5:30 pm Mountain Time.

此重播將持續到 2014 年 4 月 10 日星期四山地時間下午 5:30。

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

在 2015 年 4 月之前，公司網站上將提供網絡重播。

We encourage you to monitor our website at Micron.com throughout the quarter for the most current information on the Company, including the 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。

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

[錄音信息] 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。

[End of recorded message]

[錄音結束]

And with that, I'd like to now turn the call over to Mr. Mark Durcan.

有了這個，我現在想把電話轉給 Mark Durcan 先生。

Mark?

標記？

Thanks, Kipp.

謝謝，基普。

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

And then, I'll 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。

And before turning to Q&A, we'll close with our prepared remarks with a few comments by Mark Adams, covering additional details of our operational performance and market conditions.

在轉向問答之前，我們將以準備好的評論結束，並附上馬克亞當斯的一些評論，涵蓋我們運營業績和市場狀況的更多細節。

We had another outstanding quarter, benefiting from a favorable industry structure and market conditions, as well as solid operational execution.

得益於有利的行業結構和市場條件，以及穩健的運營執行，我們又迎來了一個出色的季度。

We achieved record revenue of over $4.1 billion, while gross margin improved to 34%.

我們實現了超過 41 億美元的創紀錄收入，而毛利率提高到 34%。

And our earnings per share improved sequentially on both GAAP and non-GAAP basis.

在 GAAP 和非 GAAP 基礎上，我們的每股收益連續增長。

We had very strong free cash at $85 million, based on operating cash flow of $1.39 billion with CapEx of $562 million.(sic-see press release "$565 million")

基於 13.9 億美元的運營現金流和 5.62 億美元的資本支出，我們擁有非常強勁的 8500 萬美元自由現金。（參見新聞稿“5.65 億美元”）

The Company's focus is to drive operational excellence, deliver differentiated and system-level products to diverse market segments, and manage capital allocation, all with a goal of maximizing long-term shareholder returns.

公司的重點是推動卓越運營，為不同的細分市場提供差異化和系統級的產品，並管理資本配置，所有這些都以最大化長期股東回報為目標。

Ron and Mark will cover some specifics related to our execution in these areas.

Ron 和 Mark 將介紹與我們在這些領域的執行相關的一些細節。

I believe we're executing well on multiple fronts, but we still have room for improvement in others, which we will also discuss.

我相信我們在多個方面都表現良好，但我們在其他方面仍有改進的空間，我們也會討論。

Our outlook for memory industry conditions remains favorable.

我們對內存行業狀況的前景仍然看好。

We believe the current industry structure has fundamentally changed, and we can now manage our business focused on return-based capital and supply decisions, which was not always possible in the past.

我們相信當前的行業結構已經發生了根本性的變化，我們現在可以管理我們的業務，專注於基於回報的資本和供應決策，這在過去並不總是可行的。

In terms of DRAM, it appears that Hynix's Wuxi fab is back online and the supply is in the market.

DRAM方面，目前海力士無錫廠已復產，市場供應充足。

Low supplier and customer inventory across multiple segments, coupled with our reduction in DRAM capacity as we convert Singapore to NAND, has led to an overall stable supply situation.

多個細分市場的供應商和客戶庫存較低，加上我們在將新加坡轉換為 NAND 時減少了 DRAM 產能，導致整體供應形勢穩定。

And we continue to see favorable market conditions in what is generally a slow seasonal period.

在通常是一個緩慢的季節性時期，我們繼續看到有利的市場條件。

We expect to see DRAM industry wafer production down at mid single digits in 2014, as the result of DRAM-to-NAND conversions and the ongoing increase in process complexity as geometries shrink.

我們預計 2014 年 DRAM 行業的晶圓產量將下降至中個位數，這是由於 DRAM 到 NAND 的轉換以及隨著幾何尺寸的縮小而不斷增加的工藝複雜性。

We expect total industry bit supply growth in the low to mid 20% range for 2014.

我們預計 2014 年行業鑽頭供應總量增長將在 20% 的中低水平。

This is slightly lower than our prior estimate.

這略低於我們之前的估計。

Beyond 2014, we expect similar year-over-year industry supply growth in the 20% to 30% range, driven by relatively stable wafer output, coupled with slowing process technology migrations compared to historical trends.

在 2014 年之後，我們預計在 20% 至 30% 的範圍內類似的行業供應增長，這主要是由於相對穩定的晶圓產量，加上與歷史趨勢相比工藝技術遷移放緩。

We continue to forecast five-year DRAM demand CAGR in the mid 20% to 30% range, which implies continued favorable market conditions and likely a reduction in volatility compared to historical DRAM trends.

我們繼續預測 5 年 DRAM 需求復合年增長率在 20% 至 30% 的中間範圍內，這意味著與歷史 DRAM 趨勢相比，市場環境持續有利，並且波動性可能會降低。

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

對於 NAND，我們預計 2014 年行業增長將在 40% 左右。

This includes an increase in industry wafer production of just over 10%, with the remaining supply growth coming from technology.

這包括工業晶圓產量增加了 10% 以上，其餘的供應增長來自技術。

We expect 2015 to be in a similar range, but we could see a reduction in the growth rate beyond 2015, as 3D production becomes more predominant and there is a subsequent reduction in wafer output, given the additional cleaning space required for 3D NAND.

我們預計 2015 年將處於類似的範圍內，但我們可能會看到 2015 年之後的增長率下降，因為 3D 生產變得更加主導，並且晶圓產量隨後會減少，因為 3D NAND 需要額外的清潔空間。

We are forecasting a five-year NAND demand CAGR in the high 30% to low 40% range.

我們預測五年 NAND 需求的複合年增長率在 30% 到 40% 的低位範圍內。

As you've seen recently in NAND, additions to industry capacity can cause volatility in the market, given the challenge of matching long-term capacity decisions with short-term demand trends.

正如您最近在 NAND 中看到的那樣，考慮到將長期產能決策與短期需求趨勢相匹配的挑戰，行業產能的增加可能會導致市場波動。

However, we are very bullish about the future of NAND flash, and we believe that this will be a very healthy market.

不過，我們非常看好 NAND 閃存的未來，相信這將是一個非常健康的市場。

There are strong demand drivers and elasticity to drive rebalancing.

有強大的需求驅動力和彈性來推動再平衡。

Micron NAND process technology positioning remains strong.

美光 NAND 工藝技術定位依然強勁。

During the quarter, we continued to make progress on ramp and yields of our 20-nanometer and industry-leading 16-nanometer technologies.

在本季度，我們繼續在 20 納米和行業領先的 16 納米技術的產量和產量方面取得進展。

The product team has also delivered some exciting new products and innovations to our customers, including the market's best-performing PCIe SSD solution.

產品團隊還為我們的客戶提供了一些令人興奮的新產品和創新，包括市場上性能最佳的 PCIe SSD 解決方案。

We're taking steps to better enable our high-performance MLC and SLC components in value-added segments and sockets such as enterprise SSD, mobile e-MMC, and automobile applications, and continue to add resources in controller, firmware, software, and packaging technologies to support this effort.

我們正在採取措施更好地在企業 SSD、移動 e-MMC 和汽車應用等增值領域和插槽中啟用我們的高性能 MLC 和 SLC 組件，並繼續在控制器、固件、軟件和封裝技術來支持這項工作。

Relative to Micron Memory Taiwan, formerly known as Rexchip in Taiwan, and since the end of last quarter, we've been engaged in the purchase of residual shares not previously owned by Micron.

相對於台灣美光內存，前身為台灣瑞晶，自上個季度末以來，我們一直在從事購買美光先前未擁有的剩餘股份。

As a result of these additional purchases, to date we have purchased all but about 0.5% of the outstanding shares.

作為這些額外購買的結果，迄今為止，我們已經購買了除約 0.5% 的已發行股份之外的所有股份。

Total consideration paid for the incremental 10.6% of the Company was approximately $145 million US.

為公司增加的 10.6% 支付的總對價約為 1.45 億美元。

Finally, I'd like to update you on a litigation matter related to Inotera.

最後，我想向您介紹與 Inotera 相關的訴訟事宜。

As you may recall, in the fall of 2008 Micron purchased Qimonda's shares of Inotera.

您可能還記得，2008 年秋天，美光收購了奇夢達的 Inotera 股份。

In January of 2011, the trustee for the Qimonda bankruptcy proceedings filed suit against Micron in Munich, seeking among other things, to undo the share purchase agreement from that transaction and to get the Inotera shares transferred back to the Qimonda estate.

2011 年 1 月，奇夢達破產程序的受託人在慕尼黑對美光提起訴訟，除其他事項外，尋求撤銷該交易中的股份購買協議，並將 Inotera 的股份轉回奇夢達莊園。

On March 13, we received a decision from the court in Germany.

3 月 13 日，我們收到了德國法院的判決。

On the one hand, the decision rejects the trustee's claim for the alleged value of participating in the Inotera JV.

一方面，該決定駁回了受託人關於參與 Inotera 合資企業的所謂價值的主張。

On the other hand, a part of the decision that is intermediate and not yet enforceable, would require Micron semiconductor BB to retransfer the purchased Inotera shares to the Qimonda estate.

另一方面，該決定的一部分是中間且尚未強制執行的，將要求美光半導體 BB 將購買的 Inotera 股份重新轉讓給奇夢達地產。

The court also determined that the patent cross-license agreement that was entered into at that time is cancelled.

法院還裁定撤銷當時簽訂的專利交叉許可協議。

There will be an update to the litigation discussed in our 10-Q.

我們的 10-Q 中討論的訴訟將會有更新。

But since the material portions of the decision are not currently enforceable, nor in our view probable, there are not any material adjustments to our second-quarter earnings.

但由於該決定的重要部分目前無法執行，我們認為也不可能，因此我們的第二季度收益沒有任何重大調整。

We believe the court's findings against us are wrong and will, of course, appeal.

我們認為法院對我們的裁決是錯誤的，當然會上訴。

In conclusion, let me confirm we are very pleased with the results of the quarter and the outlook for Micron and healthy memory industry dynamics.

最後，讓我確認我們對本季度的結果以及美光的前景和健康的內存行業動態感到非常滿意。

We remain focused on optimizing value for our shareholders and worldwide customers in 2014 and beyond.

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。

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。

Thank you, Mark.

謝謝你，馬克。

Our Second Quarter of FY14 ended on February 27.

我們 FY14 的第二季度於 2 月 27 日結束。

As is our practice, we have posted to our website a file containing the financial information I will cover, including GAAP and non-GAAP results, certain key metrics for the second quarter, as well as guidance for the third quarter of FY14.

按照我們的慣例，我們在網站上發布了一份文件，其中包含我將介紹的財務信息，包括 GAAP 和非 GAAP 結果、第二季度的某些關鍵指標以及 FY14 第三季度的指導。

For the second quarter on a GAAP basis, we reported net income of $731 million, or $0.61 per diluted share, on the second sequential quarter of record net sales of $4.1 billion.

按照公認會計原則計算的第二季度，我們報告的淨收入為 7.31 億美元，即每股攤薄收益 0.61 美元，連續第二個季度的淨銷售額為 41 億美元。

On a non-GAAP basis, net income for the second quarter was $989 million, or $0.85 per share, which is $108 million higher than the first quarter.

按非公認會計原則計算，第二季度的淨收入為 9.89 億美元，合每股 0.85 美元，比第一季度高出 1.08 億美元。

Non-GAAP adjustments netted to $258 million, or $0.24 per share.

非 GAAP 調整淨額為 2.58 億美元，或每股 0.24 美元。

Key non-GAAP adjustments included the following: $80 million in accounting losses recognized on the convertible note transactions.

關鍵的非公認會計原則調整包括以下內容：可轉換票據交易確認的會計損失為 8000 萬美元。

This includes losses in the second quarter on the conversions that were initiated in the first quarter, as well as losses on the conversions that were initiated in the second quarter.

這包括在第一季度啟動的轉換在第二季度的損失，以及在第二季度啟動的轉換的損失。

I have more on this in a few moments.

稍後我有更多關於此的內容。

$42 million non-cash flow through of Elpida inventory step-up related to the acquisition.

與收購相關的 Elpida 庫存增加的 4200 萬美元非現金流。

Substantially all of the inventory step-up is flowed through to cost of goods sold, and we don't anticipate non-GAAP adjustments for this in the future.

基本上所有的庫存增加都流向了銷售成本，我們預計未來不會對此進行非公認會計原則的調整。

Q2 adjustments also included $44 million in non-cash amortization of debt discounts and other costs.

第二季度的調整還包括 4400 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 the 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。

In the second quarter, a $33-million adjustment was made to reduce the provisional gain on acquisition of Elpida, as a result of a change in the determined fair value of Elpida's assets and liabilities; $55 million in non-cash taxes related to the Elpida operations in the quarter; and finally, 42 million share anti-dilutive effect of capped calls based on the average stock price during the second quarter of $23.06.

由於爾必達資產和負債的確定公允價值發生變化，第二季度進行了 3300 萬美元的調整，以減少收購爾必達的臨時收益；本季度與 Elpida 業務相關的 5500 萬美元非現金稅；最後，根據第二季度 23.06 美元的平均股價計算，4200 萬股的上限看漲期權的反稀釋效應。

In the third quarter, we expect the following non-GAAP adjustments: approximately $40 million amortization-of-debt discounts on the convertible notes and the Elpida installment debt.

在第三季度，我們預計將進行以下非公認會計原則調整：可轉換票據和爾必達分期債務的債務攤銷折扣約為 4000 萬美元。

We expect the results of the third quarter to also reflect $8 million of losses as the debt conversions initiated in the second quarter are completed.

隨著第二季度發起的債務轉換完成，我們預計第三季度的業績也將反映 800 萬美元的損失。

We estimate a $5 million to $10 million expense for the tax effects netted against these non-GAAP items; non-cash taxes related to the Elpida acquisition of between $60 million and $70 million.

我們估計這些非公認會計原則項目的稅收影響費用為 500 萬至 1000 萬美元；與收購 Elpida 相關的非現金稅在 6,000 萬美元至 7,000 萬美元之間。

Also, the antidilutive effect of our capped calls will be based on the average share price for the quarter.

此外，我們的上限看漲期權的反稀釋效應將基於該季度的平均股價。

Assuming a $24 share price, this would equate to a reduction in diluted shares of 40 million.

假設股價為 24 美元，這相當於減少了 4000 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。

Let's turn now to our results by technology and our guidance.

現在讓我們通過技術和我們的指導來討論我們的結果。

DRAM.

動態隨機存取存儲器。

DRAM revenue in the second quarter reflects stable bit sales and stable average selling prices.

第二季度的DRAM收入反映了穩定的位銷售和穩定的平均售價。

We experienced favorable overall market conditions, and gross margins improved about 5 percentage points to the high 30% range.

我們經歷了有利的整體市場狀況，毛利率提高了約 5 個百分點至 30% 的高位。

Gross margins benefited from record sales in the server segment, an increasing mix of PC and networking sales, as well as a shift to lower cost and higher margin wafer sales in the mobile segment.

毛利率受益於服務器部門創紀錄的銷售額、PC 和網絡銷售組合的增加，以及移動部門向低成本和高利潤晶圓銷售的轉變。

If our share of Inotera's income in the second quarter were recorded in our DRAM gross margin and we add back the higher cost from the inventory step-up from the Elpida acquisition, our reported DRAM margin would be approximately 6 percentage points higher than reported on a GAAP basis.

如果我們在第二季度的 Inotera 收入份額中記錄在我們的 DRAM 毛利率中，並且我們將收購 Elpida 的庫存增加的成本加回，我們報告的 DRAM 利潤率將比報告的高約 6 個百分點。公認會計原則基礎。

DRAM gross margins for Q3 using quarter-to-date ASP and projected mix for the quarter indicates approximately flat gross margin compared to Q2 based on bit production down in the low single digits, including a small reduction in wafer production as a result of the earthquake, which temporarily disrupted our Hiroshima fab operations; quarter-to-date ASP down low single digits on mix effects; and cost per bit down low single digits.

第三季度的 DRAM 毛利率（使用本季度迄今為止的 ASP 和該季度的預測組合）表明與第二季度相比，毛利率與第二季度大致持平，因為比特產量以低個位數下降，包括地震導致晶圓產量小幅減少，這暫時中斷了我們廣島工廠的運營；季度至今的 ASP 因混合效應下降了個位數的低位；並且每比特成本低個位數。

Key items affecting our DRAM guidance for the third quarter are continued favorable market conditions and generally flat like-for-like product ASP trends quarter to date; limited impact going forward of selling through the stepped-up inventory acquired with Elpida; and lower costs of product coming from Inotera, as a result of a greater discount percentage as prescribed in the pricing formula.

影響我們第三季度 DRAM 指導的關鍵因素是持續有利的市場條件以及本季度迄今為止的同類產品 ASP 趨勢總體持平；通過與爾必達收購的強化庫存進行銷售的影響有限；由於定價公式中規定的更大折扣百分比，來自 Inotera 的產品成本更低。

Turning now to NAND, on the trade NAND side, sales volume increased primarily as a result of the continued conversion of our same [core] fab operations to NAND.

現在轉向 NAND，在貿易 NAND 方面，銷量增加主要是由於我們相同的 [核心] 晶圓廠業務繼續轉換為 NAND。

Trade NAND gross margins in the second quarter were in the high 20% range, down approximately 5 percentage points quarter over quarter.

第二季度的貿易 NAND 毛利率在 20% 的高位範圍內，環比下降約 5 個百分點。

Selling prices came under pressure during the second quarter, partially due to seasonality and partially due to increased sales in the channel for our incremental production.

第二季度銷售價格承壓，部分原因是季節性因素，部分原因是我們增量生產的渠道銷售增加。

NAND bit cost reductions were achieved through higher sales volumes of advanced technology products and cost efficiencies associated with expanding production in our NAND-focused Singapore operations.

NAND 位成本的降低是通過提高先進技術產品的銷量以及與我們以 NAND 為重點的新加坡業務擴大生產相關的成本效率來實現的。

Trade gross margins for Q3, using quarter-to-date ASP and projected mix for the quarter, indicate down 2 points, compared to Q2; based on bit production is expected to be down high single digits; quarter-to-date ASP down low single digits; and cost per bit flat.

第三季度的貿易毛利率，使用本季度迄今為止的平均售價和本季度的預計組合，與第二季度相比下降了 2 個百分點；基於鑽頭產量預計將下降高個位數；季度至今 ASP 下降了個位數的低位；每比特成本持平。

The key trends affecting this guidance are substantially completing the conversion of the Singapore fab to NAND from DRAM, as I mentioned.

正如我所提到的，影響這一指導的關鍵趨勢是基本上完成了新加坡工廠從 DRAM 到 NAND 的轉換。

On a like-for-like product basis, we expect to see some market-price reductions for NAND in the third quarter.

在同類產品的基礎上，我們預計第三季度 NAND 的市場價格會有所下降。

We expect a higher mix of trade NAND sales in the third quarter to be in the form of SSDs, which have higher bit selling prices and higher costs.

我們預計第三季度更多的貿易 NAND 銷售將以 SSD 的形式出現，SSD 具有更高的位銷售價格和更高的成本。

Notably, SSDs also have longer manufacturing cycle times, which impacts our Q3 bit production as we ramp to higher volumes.

值得注意的是，SSD 還具有更長的製造週期，這會影響我們第三季度的比特生產，因為我們要提高產量。

In NOR, as we indicated in our Q2 guidance, NOR sales continued their quarterly decrease, with a market shift in wireless applications to NAND.

在 NOR 中，正如我們在第二季度的指導中指出的那樣，隨著無線應用市場向 NAND 轉移，NOR 銷售額繼續季度下降。

Q3 NOR revenue is expected to be in the $100 million to $110 million range.

第三季度 NOR 收入預計在 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 now and our planned transition to 300-millimeter production.

從長遠來看，我們預計收入穩定和毛利率增長，現在嵌入式市場的絕大多數 NOR 銷售以及我們計劃過渡到 300 毫米生產。

Looking at the other P&L and cash-flow results and guidance, the Company generated $1.4 billion in operating cash flow in the second quarter.

從其他損益和現金流結果和指導來看，公司在第二季度產生了 14 億美元的經營現金流。

As a reminder, the Q1 operating cash flow included a deposit from a customer of $250 million associated with a long-term DRAM supply agreement.

提醒一下，第一季度的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。

So on a normalized basis, we're seeing continued improvement in operating cash flows.

因此，在正常化的基礎上，我們看到運營現金流持續改善。

We ended the quarter with cash and investments of just over $5 billion, up about $650 million from the prior quarter.

我們在本季度結束時的現金和投資略高於 50 億美元，比上一季度增加了約 6.5 億美元。

This amount includes just over $2 billion at Elpida and its subsidiaries, which is not available for general purposes across the rest of the Company. ¶

該金額包括 Elpida 及其子公司的超過 20 億美元，該金額不可用於公司其他部門的一般用途。 ¶

Expenditures for property, plant, and equipment in the second quarter were $565 million.

第二季度的財產、廠房和設備支出為 5.65 億美元。

And we are on track to be within our guided range for the fiscal year of $2.6 billion and $3.2 billion.

我們有望在本財年 26 億美元和 32 億美元的指導範圍內。

During the year, the Company has focused on reducing the potential dilution associated with our convertible notes through a series of financial transactions.

年內，公司專注於通過一系列金融交易減少與可轉換票據相關的潛在攤薄。

As we outlined at our Analyst Day in February, we intend to migrate our debt mix towards more straight debt over time, where the straight debt has investment-grade-like covenants and competitive rates.

正如我們在 2 月份的分析師日所概述的那樣，隨著時間的推移，我們打算將我們的債務組合轉向更直接的債務，其中直接債務具有類似投資級的契約和具有競爭力的利率。

In the second quarter, as part of our overall capital strategy, the Company completed an inaugural high-yield debt offering that satisfied these objectives, raising $600 million of straight debt, with net proceeds to be used for the retirement of our 2014 convertible notes.

在第二季度，作為我們整體資本戰略的一部分，公司完成了首次滿足這些目標的高收益債券發行，籌集了 6 億美元的直接債務，淨收益將用於我們 2014 年可轉換票據的退市。

In the second quarter, we called for redemption of the 2014 notes as well.

在第二季度，我們也呼籲贖回 2014 年票據。

Given the settlement period required for their conversion, all of the remaining 2014 notes will be settled in the third quarter.

鑑於其轉換所需的結算期，所有剩餘的 2014 年票據將在第三季度結算。

As a result, our cash and debt balances will be reduced by approximately $700 million in the third quarter from settlement of these notes.

因此，由於這些票據的結算，我們的現金和債務餘額將在第三季度減少約 7 億美元。

Year to date, once we settle the remaining 2014 notes in the third quarter, the net financial effects of the debt restructuring transactions, including the issuance of the high-yield debt, increases our debt slightly by approximately $40 million, utilizes approximately $1.3 billion of cash, and reduces equity by approximately $1.1 billion.

年初至今，一旦我們在第三季度結清剩餘的 2014 年票據，債務重組交易（包括發行高收益債券）的淨財務影響使我們的債務略微增加了約 4000 萬美元，動用了約 13 億美元的債務。現金，並減少股本約 11 億美元。

Most importantly, we will have reduced the dilution exposure related to our convertible notes by approximately 68 million shares, which adds to the 40 million shares of capped call coverage we have in place assuming the $24 stock price.

最重要的是，我們將與可轉換票據相關的稀釋風險減少約 6800 萬股，這增加了假設股價為 24 美元時我們現有的 4000 萬股上限看漲期權。

Now I will turn it over to Mark Adams for his comments. ¶

現在我將把它交給馬克亞當斯徵求他的意見。 ¶

Mark?

標記？

Thank you, Ron.

謝謝你，羅恩。

Overall, we were pleased with the team's execution in Q2.

總體而言，我們對團隊在第二季度的執行感到滿意。

In a quarter that at times has proven to be a weaker demand period due to seasonality coming out of the holiday season, our DRAM business continued to deliver strong results, with stable revenue and strong gross margin expansion.

由於假日季節的到來，有時被證明是需求疲軟的季度，我們的 DRAM 業務繼續取得強勁的業績，收入穩定，毛利率增長強勁。

Our DRAM capacity supports customers in our DRAM solutions group, wireless solutions group, and embedded solutions group.

我們的 DRAM 產能支持我們的 DRAM 解決方案組、無線解決方案組和嵌入式解決方案組的客戶。

We had record bit shipments in DRAM specialty markets including server, consumer, and graphic segments.

我們在 DRAM 專業市場（包括服務器、消費者和圖形細分市場）的位出貨量創歷史新高。

Our server business achieved 68% year-over-year bit growth in the second quarter.

我們的服務器業務在第二季度實現了 68% 的同比增長。

Micron continues to provide our key server customers with unique solutions to help differentiate their products.

美光繼續為我們的主要服務器客戶提供獨特的解決方案，以幫助他們的產品脫穎而出。

We are working on HMC, or hybrid memory computing enablement with key server customers.

我們正在與關鍵服務器客戶合作開發 HMC 或混合內存計算支持。

We also achieved DDR4 validation at key chipset partners and are beginning the ramp to volume production.

我們還在主要芯片組合作夥伴處獲得了 DDR4 驗證，並開始量產。

We continue to see strong growth in the public clouds market, indicating a three-year DRAM bit demand CAGR of 76%.

我們繼續看到公共雲市場的強勁增長，表明三年 DRAM 位需求復合年增長率為 76%。

Our networking business continues to be a segment where our capacity yields attractive returns.

我們的網絡業務仍然是我們的能力產生可觀回報的部分。

Our strong position in networking applications is a result of our technology-leading solutions and excellent customer relationships.

我們在網絡應用領域的強勢地位得益於我們技術領先的解決方案和良好的客戶關係。

HMC enablement is also ongoing with major networking customers as a path to provide a higher bandwidth performance.

主要網絡客戶也正在進行 HMC 支持，作為提供更高帶寬性能的途徑。

DDR4 enablement with our key chipset partners will drive further differentiation for network solutions.

我們的主要芯片組合作夥伴支持 DDR4 將推動網絡解決方案的進一步差異化。

Demand drivers, such as LTE rollout in China and continued cloud and data center growth, foster a healthy demand outlook for the back half of our year.

需求驅動因素，例如中國 LTE 的推出以及雲和數據中心的持續增長，為我們今年下半年帶來了健康的需求前景。

Our Graphics business had a record quarter, shipping over 100 million GB.

我們的圖形業務實現了創紀錄的季度出貨量超過 1 億 GB。

We saw major customer qualification of our GDDR5 product and positive yield improvement on our 25-Nanometer Process.

我們看到了我們的 GDDR5 產品的主要客戶資格和我們的 25 納米工藝的正良率提高。

We had an impressive quarter in the Digital TV segment, highlighted by a major win for our new I/O products with a key consumer electronics partner.

我們在數字電視領域取得了令人印象深刻的季度業績，突出體現在我們的新 I/O 產品與一個重要的消費電子合作夥伴取得了重大勝利。

In addition, we saw better-than-expected sales at major game-console customers.

此外，我們看到主要遊戲機客戶的銷售額好於預期。

The Desktop and Notebook segment remained in good balance during our second quarter, and pricing was up quarter over quarter.

台式機和筆記本電腦市場在第二季度保持良好平衡，價格環比上漲。

As we commented during our last call, we will continue to optimize our computing versus mobile capacity, as driven by market dynamics, with the goal of generating the best possible return.

正如我們在上次電話會議中評論的那樣，在市場動態的驅動下，我們將繼續優化我們的計算與移動容量，目標是產生盡可能好的回報。

In Q2, PC DRAM shipment volume was up 11% when compared to Q1.

第二季度，PC DRAM 出貨量較第一季度增長 11%。

This upside was driven by improvement in overall cycle times, as well as continued favorable demand and supply balance in the market. ¶

這種上漲是由整體週期時間的改善以及市場持續有利的供需平衡推動的。 ¶

From what we can tell, DRAM capacity in the industry has normalized following the recovery of one of our competitor's fabs in China.

據我們所知，隨著我們競爭對手在中國的工廠之一恢復，該行業的 DRAM 產能已經正常化。

Despite this capacity recovery, DRAM market conditions remain favorable.

儘管產能有所恢復，但 DRAM 市場狀況仍然良好。

And inventories in the channel remain relatively tight below normal levels.

並且渠道中的庫存在正常水平以下仍然相對緊張。

On the mobile front, our WSG group had an outstanding quarter, with operating margins of 20%.

在移動方面，我們的 WSG 集團季度表現出色，營業利潤率為 20%。

Like-for-like mobile DRAM prices were relatively stable quarter over quarter, but our blended ASP was down primarily due to increased sales of mobile DRAM wafers, also referred to as known good die.

同類移動 DRAM 價格環比相對穩定，但我們的混合 ASP 下降主要是由於移動 DRAM 晶圓（也稱為已知良好芯片）的銷售增加。

WSG revenue was down for the quarter, as we adjusted our product mix; but the business unit was significantly more profitable.

由於我們調整了產品組合，本季度 WSG 收入下降；但該業務部門的利潤明顯更高。

Inventory of mobile products in the market remains tight, and demand signals from our customers are strong.

市場移動產品庫存依然緊張，客戶需求信號強勁。

Coming out of Mobile World Congress, we saw continued impressive memory growth in the low- and mid-range priced phone segments, as a number of customers announced products with 2 GB of mobile DRAM, a density historically found only in high-end smartphones.

世界移動通信大會結束後，我們看到中低端手機領域的內存增長令人印象深刻，因為許多客戶宣布推出具有 2 GB 移動 DRAM 的產品，這種密度在歷史上只存在於高端智能手機中。

Our Embedded Solutions Group recorded revenue of $365 million, with continued strong operating margins of 16%, which would have been higher if not impacted by I/O charges in our NOR manufacturing network.

我們的嵌入式解決方案部門錄得 3.65 億美元的收入，營業利潤率持續保持強勁的 16%，如果不受我們 NOR 製造網絡中的 I/O 費用的影響，這一數字會更高。

These charges should wind down over the coming quarters.

這些費用應在未來幾個季度逐漸減少。

ESG had a record revenue for Q2 in the automotive segment.

ESG 在汽車領域的第二季度收入創歷史新高。

On the product front, we had greater than 40% quarter-over-quarter revenue growth in EMC for the embedded market, with NAND and low power DRAM MCPs also growing in the industrial segment.

在產品方面，嵌入式市場的 EMC 收入環比增長超過 40%，工業領域的 NAND 和低功耗 DRAM MCP 也在增長。

We remain bullish on the market demand and confident in our product breadth as we drive our embedded business in Q3.

隨著我們在第三季度推動嵌入式業務，我們仍然看好市場需求並對我們的產品廣度充滿信心。

Our trade NAND revenue was over $1 billion in the quarter, up 11% as we continued the conversion of Fab 7 in Singapore from DRAM to NAND.

本季度我們的貿易 NAND 收入超過 10 億美元，增長 11%，因為我們繼續將新加坡的 Fab 7 從 DRAM 轉換為 NAND。

This conversion is now essentially complete as of Q3, although we will have a small amount of legacy specialty DRAM remaining for another quarter or so.

這種轉換現在在第三季度基本完成，儘管我們將在另一個季度左右保留少量的傳統專業 DRAM。

As we mentioned on our last call, this DRAM-to-NAND conversion necessitated a requalification of NAND material for products like SSD, consumer products, and e-MMC solutions.

正如我們在上次電話會議中提到的，這種 DRAM 到 NAND 的轉換需要對 SSD、消費產品和 e-MMC 解決方案等產品的 NAND 材料進行重新認證。

These qualifications are often dependent on our customers' qualification cycles, as well as timing related to product builds and thus can last a few quarters.

這些資格通常取決於我們客戶的資格週期，以及與產品構建相關的時間，因此可以持續幾個季度。

The result is we end up with more products sold in component form compared to our long-term target for the NAND business.

結果是，與我們對 NAND 業務的長期目標相比，我們最終以組件形式銷售了更多產品。

We are continuing to shift our overall NAND production to our industry-leading 16-nanometer technology, which in our early ramp is shipping into consumer markets such as memory cards, USB storage devices, and embedded consumer products.

我們將繼續將我們的整體 NAND 生產轉移到我們行業領先的 16 納米技術，在我們的早期階段，該技術正在進入消費市場，例如存儲卡、USB 存儲設備和嵌入式消費產品。

These transitions at our manufacturing output will enable a lower-cost product mix in the future.

我們製造產出的這些轉變將在未來實現成本更低的產品組合。

We are currently in the qualification process at Q1 OEMs for our 20-nanometer M550 SSD products and anticipate shipping and volume for the back half of calendar 2014.

我們目前正處於第一季度 OEM 的 20 納米 M550 SSD 產品的認證過程中，預計 2014 年下半年的出貨量和數量。

Our crucial branded M550 client SSD shipments will begin in volume in Q3.

我們重要的品牌 M550 客戶端 SSD 出貨量將於第三季度開始。

Beyond SSDs, our consumer product group had some major wins at new retail customers with Lexar-branded USB and card products.

除了 SSD，我們的消費產品組還憑藉 Lexar 品牌的 USB 和卡產品贏得了新零售客戶的一些重大勝利。

Given current market pricing in the component channel, we feel these end markets will offer a better alternative than selling inventory in the NAND market.

鑑於當前組件渠道的市場定價，我們認為這些終端市場將提供比在 NAND 市場銷售庫存更好的選擇。

Despite some market softness in NAND, we remain optimistic on the longer-term demand profile for the end-market segments.

儘管 NAND 市場有些疲軟，但我們仍對終端市場的長期需求狀況持樂觀態度。

Both from a unit growth and a density-per-unit perspective, the client and enterprise SSD business continue to represent strong growth segments.

從單位增長和單位密度的角度來看，客戶端和企業 SSD 業務繼續代表強勁的增長部分。

NAND storage upgrades in the high-end smartphone market, as well as unit and content growth in mid-range smartphones, fuel the overall mobile market as a large and growing consumer of NAND.

高端智能手機市場的 NAND 存儲升級，以及中端智能手機的單位和內容增長，推動了整個移動市場作為 NAND 的龐大且不斷增長的消費者。

In addition, the consumer and embedded businesses are migrating from low-density NAND and NOR applications to higher density flash memory.

此外，消費和嵌入式業務正在從低密度 NAND 和 NOR 應用遷移到更高密度的閃存。

We remain focused on adding additional value to our NAND technology by building the right organization capabilities and skill sets to deliver premium NAND solutions to our customers.

我們仍然專注於通過建立正確的組織能力和技能組合來為我們的 NAND 技術增加額外的價值，從而為我們的客戶提供優質的 NAND 解決方案。

To that end, we are pleased to welcome Darren Thomas as our Vice President of Micron Storage business unit.

為此，我們很高興歡迎 Darren Thomas 成為我們的美光存儲業務部副總裁。

Darren most recently serves as the Vice President of Storage and Networking Products at Dell.

Darren 最近擔任戴爾存儲和網絡產品副總裁。

He brings a unique customer perspective in understanding the different ways the market will utilize flash memory in the storage systems architecture going forward.

他以獨特的客戶視角了解市場在未來存儲系統架構中利用閃存的不同方式。

We continue to invest in our underlying NAND technology as well.

我們還將繼續投資於我們的底層 NAND 技術。

Our 16-nanometer NAND yields have been very positive and position us well from the cost perspective.

我們的 16 納米 NAND 良率非常好，從成本角度來看，我們處於有利地位。

We are currently planning to ship 16 nanometers or TLC in calendar Q4 in order to better position our portfolio from a cost perspective in the retail and consumer segments.

我們目前計劃在第四季度推出 16 納米或 TLC，以便從成本角度更好地定位我們的產品組合在零售和消費領域。

We are excited about our 3D NAND technology aimed at high performance applications, still targeting volume production planned for FY15.

我們對面向高性能應用的 3D NAND 技術感到興奮，但仍計劃在 2015 財年實現量產。

While our DRAM business is performing well, we are committed to improving the long-term margin structure of this business.

雖然我們的 DRAM 業務表現良好，但我們致力於改善該業務的長期利潤率結構。

On the technology front, we are expanding the migration of 25-Nanometer in manufacturing beyond PC and mobile, with a focus on server-level quality with our top customers.

在技術方面，我們正在將 25 納米技術在製造中的遷移擴展到 PC 和移動設備之外，重點關注我們頂級客戶的服務器級質量。

Our 20-Nanometer Process migration DRAM is still on track to commence at the end of this calendar year, all of which should improve our overall cost position in DRAM.

我們的 20 納米工藝遷移 DRAM 仍有望在今年年底開始，所有這些都將改善我們在 DRAM 中的整體成本地位。

Organizationally, driven by our opportunity to serve a more diversified set of end markets, we've implemented a new structure, starting in Q3, aimed at better responding to application, market segment, and customer-specific requirements.

在組織方面，由於我們有機會服務於更多樣化的終端市場，我們實施了一個新的結構，從第三季度開始，旨在更好地響應應用程序、細分市場和客戶的特定要求。

We will engage our customers through one of four market-facing business units: computing and networking, or CNBU; mobile, MBU; storage, SBU; and embedded, EBU.

我們將通過四個面向市場的業務部門之一來吸引我們的客戶：計算和網絡，或 CNBU；移動，MBU；存儲，SBU；和嵌入式，EBU。

Tom Eby, who previously ran our embedded business, is now going to lead the computing and networking business.

之前經營我們嵌入式業務的 Tom Eby 現在將領導計算和網絡業務。

Mike Rayfield will continue to lead our mobile business.

Mike Rayfield 將繼續領導我們的移動業務。

And Darren Thomas, as previously mentioned, will run the storage business.

如前所述，Darren Thomas 將經營存儲業務。

Jeff Bader, who has been the Vice President of Marketing for ESC, has promoted to run the embedded business unit.

曾擔任 ESC 營銷副總裁的 Jeff Bader 已晉升為嵌入式業務部門的負責人。

In support of these market-facing organizations, we have set up three engineering groups including DRAM, non-volatile memory, and advanced control development, to help deliver the right customer and market-specific products.

為了支持這些面向市場的組織，我們成立了三個工程小組，包括 DRAM、非易失性存儲器和高級控制開發，以幫助提供正確的客戶和特定市場的產品。

The combination of the four market-facing business units with a named engineering organization will form what we now call the Memory Solutions Group, which will be led by Brian Shirley in his new position as Vice President of Memory Solutions.

四個面向市場的業務部門與一個命名的工程組織的組合將形成我們現在所說的內存解決方案集團，該集團將由 Brian Shirley 擔任內存解決方案副總裁的新職位。

We are confident this new organization will help us better react to unique customer requirements in a memory business which is increasingly solutions oriented.

我們相信，這個新組織將幫助我們更好地應對日益以解決方案為導向的內存業務中的獨特客戶需求。

We continue to see overall good balance in the memory entity, and we are investing in opportunities to differentiate our products and with our customers.

我們繼續看到內存實體的整體良好平衡，我們正在投資機會以區分我們的產品和與我們的客戶。

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。

We will now take questions from callers.

我們現在將回答來電者的問題。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of John Pitzer with Credit Suisse.

我們的第一個問題來自瑞士信貸的 John Pitzer。

Your line is open.

你的線路是開放的。

Good afternoon, guys.

下午好，伙計們。

Congratulations for the results.

祝賀結果。

My first set of questions revolve around the NAND business.

我的第一組問題圍繞著 NAND 業務。

For Mark Adams, Mark, can you help me understand a little better within the February quarter, you guys significantly beat the bit production guidance you gave, but you missed on the bit cost reduction.

對於馬克亞當斯，馬克，你能幫我在二月份的季度內更好地理解，你們大大超過了你提供的鑽頭生產指導，但你錯過了降低鑽頭成本。

And I'm curious the reason behind that.

我很好奇這背後的原因。

Typically, you would expect that if bit production were higher, perhaps costs would have been better.

通常，您會期望如果鑽頭產量更高，成本可能會更好。

If you could help me understand that better, that would be helpful.

如果您能幫助我更好地理解這一點，那將很有幫助。

Typically, as we made this conversion, early ramp production costs that go into our product testing.

通常，當我們進行這種轉換時，我們的產品測試中的早期生產成本會增加。

It was pretty close to our guide for the quarter, and we overall, are still ramping.

它非常接近我們本季度的指南，而且我們總體上仍在加速。

As I mentioned earlier, we're not fully ramped at the facility.

正如我之前提到的，我們的設施還沒有完全投入使用。

So we anticipate that there will be continued improvements, but at this point, it's the process of ramping that facility in higher cost, early stage.

所以我們預計會有持續的改進，但在這一點上，這是在早期階段以更高的成本增加該設施的過程。

And then, Mark, a longer-term question on NAND: as you think about where your margins are today versus your competitors, can you talk about the two or three things that you need to do to bring your NAND margins up to industry average?

然後，馬克，關於 NAND 的一個長期問題：當您考慮您今天的利潤率與您的競爭對手相比時，您能否談談您需要做的兩三件事才能使您的 NAND 利潤率達到行業平均水平？

Sure, well I think that the things that we think about at Micron really are how we package our products and the innovation around controller and firmware, as it relates to not just SSD and storage, but also e-MMC and the mobile phone and embedded business and how we optimize those products.

當然，我認為我們在美光真正考慮的事情是我們如何包裝我們的產品以及圍繞控制器和固件的創新，因為它不僅涉及 SSD 和存儲，還涉及 e-MMC、手機和嵌入式業務以及我們如何優化這些產品。

Secondly, we had a customer base that primarily was requiring MLC products in the past.

其次，我們的客戶群過去主要需要 MLC 產品。

And our utilization of TLC in the future will be a big benefit to us.

未來我們對TLC的利用將對我們有很大的好處。

As I mentioned, we expect to have our 16-nanometer TLC products in calendar Q4 in the channel.

正如我所提到的，我們希望我們的 16 納米 TLC 產品在第四季度的日曆中出現在渠道中。

And also I think that there are some interesting choices we've made that were probably right for the time in the past, but when you look at a market like retail where now there's really two primary players, we're seeing a pretty stable business there and one that we'd like to continue to grow.

而且我認為我們已經做出了一些有趣的選擇，這些選擇在過去可能是正確的，但是當你看到像零售這樣的市場，現在真的有兩個主要參與者時，我們看到了一個相當穩定的業務在那裡，我們希望繼續發展。

And so our market segmentation away from -- getting away from component trade sales, if you will, to things like growing our retail and our channel SSD business where it provides a margin and ASP uplift, those are the two or three things that are most important to us.

因此，我們的市場細分從——如果你願意的話，遠離組件貿易銷售，到發展我們的零售和我們的渠道 SSD 業務，它提供利潤和 ASP 提升，這是最重要的兩三件事對我們很重要。

And then, guys, my last quick question here on the DRAM front, you guys I think cited server DRAM bits up pretty significantly year over year.

然後，伙計們，我最後一個關於 DRAM 方面的快速問題，我認為你們提到服務器 DRAM 位同比增長相當顯著。

I'm curious, the impact you guys see coming from in-memory database.

我很好奇，你們看到的影響來自內存數據庫。

You saw Intel bring out a new class of Xeon chip, where really the only incremental benefit was how much DRAM it could address.

你看到英特爾推出了一類新的至強芯片，其中唯一的增量好處是它可以處理多少 DRAM。

You've heard Oracle talk about having to put more DRAM into their data appliance tools.

您聽說過 Oracle 談到必須將更多 DRAM 放入他們的數據設備工具中。

How big is that market today, and could that drive significantly better enterprise demand for DRAM than you guys are predicting right now?

今天這個市場有多大，這是否會推動企業對 DRAM 的需求比你們現在預測的要好得多？

Yes, absolutely, and we think that we're pretty well positioned to take advantage of that, not just through those relationships that you've mentioned but through advanced technology we're developing at Micron.

是的，當然，我們認為我們已經做好充分準備利用這一點，不僅通過您提到的那些關係，而且通過我們在美光開發的先進技術。

So we see it as a pretty critical part of our overall strategy, and we'll continue to keep you updated on our product development.

因此，我們將其視為我們整體戰略的一個非常關鍵的部分，我們將繼續讓您了解我們的產品開發情況。

Thank you, guys, congratulations.

謝謝各位，恭喜你們。

Our next question comes from the line of Kevin Cassidy with Stifel.

我們的下一個問題來自與 Stifel 的 Kevin Cassidy。

Your line is open.

你的線路是開放的。

Thank you for taking my question.

謝謝你接受我的問題。

Along those lines for the server applications, the EDR4 announcement that you had, are you expecting to ship that for revenue in the June quarter or in the May quarter?

沿著服務器應用程序的這些思路，您發布的 EDR4 公告，您預計會在 6 月季度或 5 月季度發布收入嗎？

Yes, we are targeted to ship that in early volume material in the quarter to commercial applications for our customers.

是的，我們的目標是在本季度為我們的客戶提供商業應用的早期批量材料。

Is that sooner than you had expected?

這比你預期的要快嗎？

Right about where we thought.

就在我們想的地方。

Okay, and maybe as you're moving from the 25-nanometer and starting with your 20-nanometer, what cost reductions are you expecting from 25 to 20-nanometer?

好的，也許當您從 25 納米轉移到 20 納米時，您期望從 25 到 20 納米的成本降低多少？

Kevin, as we've talked about in the past, it's pretty hard to do a year-over-year on these, because these transitions are shifting out.

凱文，正如我們過去所談到的，很難在這些方面進行逐年對比，因為這些過渡正在發生變化。

It's so lengthy, if you will, but generally, if you take the process node changes, that's what you would ultimately get.

如果您願意的話，它是如此冗長，但一般來說，如果您更改流程節點，這就是您最終會得到的。

Okay, thank you.

好的謝謝你。

Our next question comes from the line of Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Your line is open.

你的線路是開放的。

Great, thank you.

太好了謝謝。

Looking at the production growth in NAND, down high single digits in May, I understand your response that it's strong -- the longer SSD lead times.

看看 NAND 的產量增長，5 月份下降了個位數，我理解你的反應是強勁的——SSD 的交貨時間更長。

But I'm still surprised you go from up 35% in February, which is probably pretty steep growth each month to down high single digits.

但我仍然對你從 2 月份的 35% 增長感到驚訝，這可能是每個月相當陡峭的增長，下降到高個位數。

Can you elaborate a little bit more on what's happening there?

你能詳細說明那裡發生的事情嗎？

Yes, the biggest part for us is as we look at the markets that we're serving, we take a look at that business and look at the opportunities to place these bits into the channel and what segments.

是的，對我們來說最重要的部分是當我們審視我們所服務的市場時，我們會審視該業務並尋找將這些部分放入渠道的機會以及哪些細分市場。

And certainly SSDs offer us a larger cycle time as far as the product builds and manufacturing.

當然，就產品構建和製造而言，SSD 為我們提供了更長的周期時間。

So, that's driving a lot of it to be honest with you.

所以，老實說，這讓很多事情發生了。

That's where we see our growth in terms of products, and I think it's going to reflect in a much higher improved performance in SSDs in Q3.

這就是我們在產品方面看到增長的地方，我認為這將反映在第三季度 SSD 的更高性能改進上。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

And then with the growth or the TLC that you talked about being more aggressive in the back half, what are the markets where you think you'll see that deployed first for you?

然後隨著您談到的增長或 TLC 在後半部分更具侵略性，您認為您會看到哪些市場首先為您部署？

Well I think today if you look at those markets really for high-volume, low-end consumer business, I do think that you'll see eventually client SSDs and TLC out in the future and a lot of companies have been talking and trying to develop that.

好吧，我認為今天，如果您真正針對大容量、低端消費者業務查看這些市場，我確實認為您最終會在未來看到客戶端 SSD 和 TLC，並且許多公司一直在談論並嘗試開發那個。

We think we have a good path to that over time, but I think the early application is going to be mostly consumer and retail.

隨著時間的推移，我們認為我們有一條很好的途徑，但我認為早期的應用將主要是消費者和零售。

Great.

偉大的。

Thank you very much.

非常感謝。

Our next question comes from the line of Monika Garg with Pacific Crest.

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

Your line is open.

你的線路是開放的。

Thank you for taking my question.

謝謝你接受我的問題。

Could you provide more details regarding your share of Inotera and the loss of the Qimonda, which you just talked about in the beginning.

您能否提供更多關於您在 Inotera 中的份額以及您剛開始談到的奇夢達的損失的詳細信息。

And could that mean that you will have to transfer the whole share?

這是否意味著您將不得不轉讓全部股份？

If you challenge that, then how long do you think it could take to resolve this?

如果你對此提出質疑，那麼你認為解決這個問題需要多長時間？

Yes, Monica, since this is an ongoing case, I'm not going to answer too many questions about that, but let me just reiterate we believe the decision contains significant errors and that the proceedings were fundamentally flawed.

是的，莫妮卡，由於這是一個正在進行的案件，我不會回答太多關於此的問題，但讓我重申一下，我們認為該決定包含重大錯誤，並且訴訟程序存在根本缺陷。

Give you an example, the court heard only from trustee witnesses, no witnesses from Micron, no expert testimony.

舉個例子，法庭只聽取受託人證人的意見，沒有美光的證人，也沒有專家的證詞。

And so as I said before, we'll definitely appeal.

正如我之前所說，我們肯定會上訴。

The other important thing that you should know is that the Inotera supply and technology relationship is not dependent on Micron's ownership of these shares, and so we have other shares that we own above and beyond these shares, and whether we did or we didn't, the relationship stands above and beyond the ownership.

您應該知道的另一件重要的事情是，Inotera 供應和技術關係不依賴於美光對這些股份的所有權，因此我們在這些股份之外還擁有其他股份，無論我們是否擁有，這種關係超越了所有權。

Thank you, and then the last one, the NAND side.

謝謝，然後是最後一個，NAND 方面。

Could you maybe talk about how much [percentage] of output is at 16 and how much at 20?

您能否談談在 16 和 20 時有多少 [百分比] 輸出？

And then when do you expect -- I'm assuming you will do some NOR transitions starting 2015 for 3D NAND, so would it be first half or second half 2015?

然後你期望什麼時候——我假設你將從 2015 年開始為 3D NAND 進行一些 NOR 轉換，那麼是 2015 年上半年還是下半年？

Well, I mentioned the 3D NAND was a 2015 shipment.

好吧，我提到 3D NAND 是 2015 年的出貨量。

That's not -- within 2014, we're roughly in this profile Monika.

那不是——在 2014 年，我們大致在這個簡介中 Monika。

We're roughly about today at during Q2, 32% 25-nanometer; 60% 20-nanometer, and some of that was SLC and what have you.

我們大約在今天的第二季度，32% 是 25 納米； 60% 20 納米，其中一些是 SLC，你有什麼。

In Q3, we intend to keep moving slightly towards a 60-nanometer mix -- sorry 20-nanometer mix.

在第三季度，我們打算繼續稍微向 60 納米混合 - 抱歉 20 納米混合。

Okay, thank you.

好的謝謝你。

Our next question comes from the line of Vijay Rakesh with Sterne, Agee.

我們的下一個問題來自 Vijay Rakesh 與 Sterne, Agee 的對話。

Your line is open.

你的線路是開放的。

Hello, guys, congratulations on the (inaudible) recent quarter here.

大家好，恭喜（聽不清）最近一個季度。

I had a couple questions, on the DRAM side, obviously pricing very stable with all of the concerns.

我有幾個問題，在 DRAM 方面，顯然定價非常穩定，所有問題都解決了。

But on the big (inaudible) was a little light.

但在大（聽不清）上有一點光。

Can you elaborate?

你能詳細說明嗎？

Is that with the (inaudible) tech transitions or capacity?

這與（聽不清的）技術轉型或能力有關嗎？

Well the DRAM bit growth for us was more because we had the conversion going in Singapore, which when you aggregate it out to some of the other improvement areas in process bit growth, gave us what we had for the quarter.

對我們來說，DRAM 位的增長更多是因為我們在新加坡進行了轉換，當您將其匯總到工藝位增長的其他一些改進領域時，這給了我們本季度的情況。

So it's really a combination of the guidance we gave was pretty accurate relative to the Q3 -- sorry to the Q2 and it really related around moving parts.

所以這真的是我們給出的指導的結合，相對於第三季度來說非常準確——對第二季度很抱歉，它真的與移動部件有關。

Singapore reducing and some of the process improvements elsewhere.

新加坡減少和其他地方的一些流程改進。

Okay, and then--

好的，然後——

The situation, I might just add, with the -- I mentioned the Hiroshima fab and we had a minor earthquake event that had a little bit of short-term effect on it.

我可以補充一下這種情況，我提到了廣島工廠，我們發生了一次輕微的地震事件，對它有一點短期影響。

Got it.

知道了。

Thank you.

謝謝你。

On the NAND side, what percent was SSD in the February quarter?

在 NAND 方面，第二季度 SSD 的百分比是多少？

And you had mentioned you're increasing SSD output.

而且您提到您正在增加 SSD 輸出。

What do you think the mix would be with SSDs and NAND (inaudible) May, August?

您認為 5 月、8 月 SSD 和 NAND（聽不清）會是怎樣的組合？

So on our last call, I mentioned that the conversion process of that fab as a percentage of our overall output would have a decreasing effect in Q2.

所以在我們上次的電話會議上，我提到該工廠的轉換過程占我們總產量的百分比將在第二季度產生下降的影響。

And so it was in single digits in terms of our overall capacity, SSD for NAND.

因此，就我們的整體容量而言，它是個位數，用於 NAND 的 SSD。

We expect that to be much improved in Q3 relative to going up significantly in Q3 with both commercial OEM relationships as well as the channel.

我們預計，與第三季度的商業 OEM 關係和渠道的顯著增長相比，第三季度的情況會有很大改善。

Some are almost approaching half of our NAND output getting back to SSDs.

有些幾乎接近我們 NAND 輸出的一半返回到 SSD。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Our next question comes from the line of Mehdi Hosseini with SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Your line is open.

你的線路是開放的。

Yes, thank you for taking my question.

是的，謝謝你提出我的問題。

The first question I have is on the DRAM.

我的第一個問題是關於 DRAM 的。

Can you elaborate on a margin-profile difference between mobile and commodity?

您能否詳細說明移動設備和商品之間的利潤率差異？

Yes, both are pretty good.

是的，兩者都還不錯。

But can you elaborate on that?

但你能詳細說明一下嗎？

What is the difference?

有什麼區別？

Are they both at the same level?

他們倆是同一級別的嗎？

Are you able to get the margin that mobile requires given the [dye] size difference?

鑑於 [染料] 尺寸差異，您能否獲得移動設備所需的邊距？

Yes, a good way to look at it is you can go back and when we gave you Elpida specific data in Q1 and in August, that's a pretty good representation of where and how good the mobile business can be.

是的，查看它的一個好方法是您可以返回，當我們在第一季度和 8 月向您提供 Elpida 特定數據時，這很好地代表了移動業務在哪里以及有多好。

And to answer your question, PC is running just slightly behind that on a gross-margin basis.

為了回答您的問題，PC 的毛利率略低於該水平。

Okay, thank you.

好的謝謝你。

And then on the NAND side, can you also elaborate on the mix of embedded NAND as overall NAND or as overall revenues?

然後在 NAND 方面，您能否詳細說明嵌入式 NAND 作為整體 NAND 或整體收入的組合？

Well embedded business, as you can get a sense on the embedded business relative, it's about proportional to what the embedded business is to our top-line revenue.

嵌入式業務好，您可以對嵌入式業務有所了解，它與嵌入式業務與我們的收入成正比。

And then the NAND business narrows that with embedded.

然後 NAND 業務通過嵌入式縮小了範圍。

And we're seeing reason for that to grow in the future, but right where it sits tonight, it's proportional to our revenue.

我們看到了未來增長的理由，但就在今晚，它與我們的收入成正比。

Okay, and then the one final question.

好的，然後是最後一個問題。

It seems to me that the CapEx is pretty much back-end loaded; is that correct, Ron?

在我看來，資本支出幾乎是後端加載的。對嗎，羅恩？

A little bit, yes, but as I mentioned, we're still projected to be within our guidance range at $2.6 billion and $3.2 billion.

有一點，是的，但正如我所提到的，我們仍預計在 26 億美元和 32 億美元的指導範圍內。

We ran about $560 million this quarter.

本季度我們運行了大約 5.6 億美元。

Should we assume that you're going to hit the mid-point or more towards the low end, given what--

我們是否應該假設您將達到中點或更多接近低端，考慮到-

I'm not going to elaborate on the range yet.

我不打算詳細說明範圍。

That's the range we're giving at $2.6 billion to $3.2 billion.

這就是我們給出的 26 億到 32 億美元的範圍。

I don't have a refinement on that at this point.

在這一點上，我沒有細化。

Okay.

好的。

Thank you much.

非常感謝。

Our next question comes from the line of Alex Gauna with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Alex Gauna。

Your line is open.

你的線路是開放的。

Thank you for taking my question.

謝謝你接受我的問題。

Congratulations on the result.

祝賀結果。

I was wondering if you can go beyond your guidance for your high single digits, down high single digits production estimate on NAND.

我想知道您是否可以超出您對高個位數的指導，降低對 NAND 的高個位數生產估計。

I know that's a production estimate.

我知道這是一個生產估計。

Within -- considering sales, would you expect there to be a greater decline than what you're producing, a lesser because of MLC to TLC or mix factors?

在 - 考慮到銷售額時，您是否預計會出現比您生產的產品更大的降幅，因為 MLC 到 TLC 或混合因素而降幅較小？

Thank you.

謝謝你。

Alex, let me make sure that the room understands your question.

亞歷克斯，讓我確保房間理解你的問題。

Are you asking for a little bit more detail on what we think the relationship between the sales bits versus the production guide can be?

您是否要求更詳細地了解我們認為銷售位與生產指南之間的關係可能是什麼？

Correct, thank you.

正確，謝謝。

So Alex, it's Mark Adams.

所以亞歷克斯，是馬克亞當斯。

Basically, consistent with messages both at our Analyst Day and on prior calls, we're going to look at this from a what's the best return on our capacity and the decisions we're making on inventory.

基本上，與我們分析師日和之前電話會議上的信息一致，我們將從我們的產能的最佳回報和我們在庫存方面做出的決定來看待這一點。

We look at the market conditions right now and we see some pockets for stronger margins, stronger ASPs, and that's what we are trying to drive our product portfolio to do.

我們現在看看市場狀況，我們看到了一些利潤更高的口袋，更強的平均售價，這就是我們試圖推動我們的產品組合做的事情。

Within a given quarter, we can have an impact on how much we sell and how much we direct these different product opportunities, ie, if we can shift the components into the consumer channel or to the spot market, or if we ship them into SSDs.

在給定的季度內，我們可以影響我們的銷售量以及我們引導這些不同產品機會的程度，即，我們是否可以將組件轉移到消費者渠道或現貨市場，或者我們是否將它們運送到 SSD .

And so as we go through and look at the market conditions, that's what drives our choices.

因此，當我們仔細研究市場狀況時，這就是驅動我們選擇的原因。

So it's really not easy to sit here and correlate what we're -- what that's going to look like.

因此，坐在這裡並關聯我們是什麼真的不容易 - 那會是什麼樣子。

Having said that, we look at the demand for those end product segments as very strong, and even in Q3, we think that the actual system-level products, client SSDs, enterprise, and some of the consumer markets, are going to have a very strong quarter.

話雖如此，我們認為對這些終端產品細分市場的需求非常強勁，即使在第三季度，我們認為實際的系統級產品、客戶端 SSD、企業和一些消費市場將會有一個非常強勁的季度。

Okay, and is that somewhat should we think about that mix benefit being something of a delta to add to the difference between what you're expecting from ASP declines and what you're expecting from cost declines?

好的，我們是否應該將混合收益視為一種增量，以增加您對 ASP 下降的預期與您對成本下降的預期之間的差異？

Should we not think of that as a one-to-one correlation because of those mix factors you're talking about?

由於您正在談論的那些混合因素，我們是否應該將其視為一對一的相關性？

Alex, this is Ron.

亞歷克斯，這是羅恩。

I think the reason I gave you a view on the trend of gross margin is we're trying to give you an overall perspective on the business.

我認為我之所以向您介紹毛利率趨勢的原因是我們試圖讓您對業務有一個整體的看法。

We have a lot of things to move around quarter to quarter between products and customer mix, and it affects cost and ASP ranges.

我們有很多事情要在產品和客戶組合之間按季度移動，這會影響成本和 ASP 範圍。

But in general, we'll be down 2 points on margin quarter to quarter on NAND, and that's probably the most complete way to give it to you.

但總的來說，我們在 NAND 上的利潤率會逐季下降 2 個百分點，這可能是最完整的方式。

We have variability, I mentioned, in terms of SSD flow.

我提到過，就 SSD 流量而言，我們存在可變性。

We're actually ramping SSDs in the quarter.

我們實際上在本季度增加了 SSD。

And it's hard to call how much of that will move out in the quarter in your production versus sales question and how much flows into the next quarter, but we're ramping and that's the important news.

在您的生產與銷售問題中，很難說本季度有多少會流出，有多少流入下一季度，但我們正在加速，這是重要的消息。

Okay, and real quick, DDR4 you said you will be shipping in May.

好的，很快，DDR4 你說你將在 5 月發貨。

What end markets are going to be taking that, both in May and then maybe the second half as well?

哪些終端市場將在 5 月以及下半年採取這種措施？

Mostly networking and server customers.

主要是網絡和服務器客戶。

Okay, very good.

好的，非常好。

Thank you so much.

太感謝了。

Congratulations.

恭喜。

Thank you.

謝謝你。

Our next question comes from the line of Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克德萊尼。

Your line is open.

你的線路是開放的。

Thank you very much for taking the question.

非常感謝您提出問題。

On the last call, I know your team had talked about not wanting to optimize margins in the short-term at the expenses from the long-term margins when you were asked about thinking about your overall capacity between DRAM and NAND.

在上次電話會議上，當您被問及考慮 DRAM 和 NAND 之間的整體容量時，我知道您的團隊曾談到不想在短期內以長期利潤率為代價來優化利潤率。

I think you guys had talked at that point about expecting NAND margins to catch back up to DRAM, and we were discussing this.

我想你們當時已經討論過預計 NAND 利潤率將趕上 DRAM，我們正在討論這個問題。

Now that the NAND margins for your guidance are a bit below where your DRAM margins are for next quarter, has the calculations changed at all in terms of thinking about the mix of your capacity between DRAM and NAND?

既然您指導的 NAND 利潤率略低於您下個季度的 DRAM 利潤率，那麼在考慮您的 DRAM 和 NAND 之間的容量組合方面，計算是否發生了變化？

We don't want to try and react with too high of frequency to changes in the marketplace.

我們不想嘗試對市場變化做出過高頻率的反應。

When we make those kind of comments, we're really talking about long-term decisions as opposed to short-term opportunities.

當我們發表這些評論時，我們實際上是在談論長期決策，而不是短期機會。

Having said that, we're always maintaining flexibility in our business, particularly relative to the segments and with a lower frequency relative to technologies.

話雖如此，我們始終保持業務的靈活性，特別是相對於細分市場以及相對於技術而言頻率較低。

The only thing I'd add from an efficiency standpoint, we now have all of our Singapore operations essentially running on NAND, and that gives us some real benefits in terms of operational efficiency and cost going forward.

從效率的角度來看，我唯一要補充的是，我們現在所有的新加坡業務基本上都在 NAND 上運行，這在未來的運營效率和成本方面給我們帶來了一些真正的好處。

And that's also a strategic decision.

這也是一個戰略決策。

Okay, that's helpful.

好的，這很有幫助。

And then I think you had talked about having some 3D-NAND samples out this year.

然後我想你已經談到今年要推出一些 3D-NAND 樣品。

Can you give us an update on how that's progressing?

你能告訴我們最新進展嗎？

Yes, we have very good progress I think in our 3D-NAND technology.

是的，我認為我們在 3D-NAND 技術方面取得了非常好的進展。

We're very excited.

我們非常興奮。

We've got functional components with very strong device characteristics and talking about things like [re-window] budgets and tightness of our programming levelings et cetera, so we're very, very excited about it.

我們擁有具有非常強大的設備特性的功能組件，並且討論了諸如 [重新窗口] 預算和我們的編程水平等方面的緊張性等問題，因此我們對此感到非常非常興奮。

We've decided that we're not going to sample for now.

我們決定暫時不取樣。

We like our relative competitive position and where we are relative to what we -- where we hear others might be.

我們喜歡我們的相對競爭地位，以及我們相對於我們所處的位置——我們聽到其他人可能處於的位置。

And so we're going to wait until we're a little closer to volume production before we necessarily expose ourselves by getting samples out there in the marketplace.

因此，我們將等到我們更接近批量生產之前，我們必須通過在市場上獲取樣品來暴露自己。

Thank you very much and good luck.

非常感謝你，祝你好運。

Thank you.

謝謝你。

Our next question comes from the line of Hans Mosesmann with Raymond James.

我們的下一個問題來自 Hans Mosesmann 和 Raymond James。

Your line is open.

你的線路是開放的。

Thank you.

謝謝你。

On that subject of 3D NAND, what's the motivation for not sampling at the moment?

關於 3D NAND 的主題，目前不採樣的動機是什麼？

You don't want to show your -- open the Kimono, if you will, to the competition?

你不想展示你的——打開和服，如果你願意的話，去參加比賽？

Well our focus is going to be to deliver system-level 3D-NAND products.

我們的重點將是提供系統級 3D-NAND 產品。

And putting a bunch of non-enabled components out in the marketplace right now for our competitors to see is of limited value.

現在將一堆未啟用的組件投放市場讓我們的競爭對手看到的價值有限。

I think we want to wait until a little bit closer to where we have those system-level solutions enabled, and then, of course, we'll be working closely with our most valued customers to make sure they understand what's coming down the pipe and the value we can deliver for them with it.

我認為我們希望等到更接近我們啟用這些系統級解決方案的地方，然後，當然，我們將與我們最尊貴的客戶密切合作，以確保他們了解即將發生的事情和我們可以用它為他們提供的價值。

Can you share with us how many layers you have on your 3D-NAND approach?

您能否與我們分享您的 3D-NAND 方法有多少層？

No that's the kind of thing we are not wanting to share right now.

不，那是我們現在不想分享的那種東西。

Okay and one last one on 3D.

好的，最後一個是 3D 的。

If you could provide industry dynamics in terms of the overall ramp of 3D NAND.

如果您能提供 3D NAND 整體增長方面的行業動態。

Is it as expected, slower than expected, that would be helpful?

是否如預期的那樣，比預期的要慢，這會有所幫助嗎？

Thank you.

謝謝你。

I think it's about -- as we've been indicating for Micron, it's maybe slower than some of the early noise was.

我認為這是關於 - 正如我們一直在為美光指出的那樣，它可能比早期的一些噪音要慢。

We still anticipate we'll be in the marketplace late this year, but the impact to the marketplace is not really until the second half of '15, and maybe with some folks I think I've heard they're talking a little later than that even now.

我們仍然預計我們將在今年晚些時候進入市場，但對市場的影響要到 15 年下半年才真正發生，也許我想我聽說有些人的談話要晚一點即使是現在。

Thank you.

謝謝你。

Our next question is a follow-up from the line of John Pitzer with Credit Suisse.

我們的下一個問題是來自瑞士信貸的 John Pitzer 的後續問題。

Your line is open.

你的線路是開放的。

Hi guys.

嗨，大家好。

Sorry if I missed this.

對不起，如果我錯過了這個。

I'm wondering on the OpEx guide for the May quarter, can you help me understand the increase on a down-revenue quarter?

我想知道 5 月季度的運營支出指南，您能幫我了解收入下降季度的增長情況嗎？

Is this just pulling in of some projects, or how do I think about the OpEx level?

這只是引入了一些項目，還是我如何看待 OpEx 水平？

Well John, this is Ron.

好吧，約翰，這是羅恩。

The OpEx guide is generally in line with our run rate for the quarter.

運營支出指南通常與我們本季度的運行率一致。

This most recent quarter, maybe it's up a little bit higher, and that's usually a function of wafer calls on the R&D side.

最近一個季度，它可能會上漲一點，這通常是研發方面晶圓調用的一個函數。

We were at $344 million in Q2 and we're guiding $345 million to $355 million.

我們在第二季度的收入為 3.44 億美元，我們將 3.45 億美元引導至 3.55 億美元。

That's just typically wafer [qual] costs and that sort of thing that's cycle differently each quarter.

這通常只是晶圓 [qual] 成本以及每個季度的周期不同的那種東西。

And in SG&A we're right in there; $177 million was this quarter and we're guiding $170 million to $180 million.

在 SG&A 中，我們就在那裡；本季度為 1.77 億美元，我們將 1.7 億美元引導至 1.8 億美元。

And then Mark, I think you said in the calendar fourth quarter you'd expect to be shipping TLC.

然後馬克，我想你在第四季度的日曆中說過你預計會發布 TLC。

Is that into enterprise SSDs as well, and can you talk a little bit about controller technology around TLC?

這也適用於企業級 SSD，您能談談 TLC 周圍的控制器技術嗎？

Sure.

當然。

No, my point earlier was that the initial applications for our 16-nanometer TLC components will be more consumer- and retail-oriented up front.

不，我之前的觀點是，我們 16 納米 TLC 組件的初始應用將更加面向消費者和零售業。

To date, no one has had a lot of success, even on the client side, enabling TLC memory.

迄今為止，即使在客戶端啟用 TLC 內存，也沒有人取得很大成功。

There is a lot of work being done.

有很多工作要做。

And your question around controller development is a good one, because I think that's where the error correction and capabilities around enabling TLC to be reliable enough to ship in that segment.

您關於控制器開發的問題是一個很好的問題，因為我認為這就是糾錯和使 TLC 足夠可靠以在該細分市場中發布的功能的地方。

But we still think that's a 2015 calendar year phenomenon.

但我們仍然認為這是 2015 日曆年的現象。

We don't see that happening in large scale in calendar 2014.

我們沒有看到這種情況在 2014 日曆年大規模發生。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Our next question comes from the line of Doug Freedman with RBC.

我們的下一個問題來自 RBC 的 Doug Freedman。

Your line is open.

你的線路是開放的。

Thank you for taking my question, guys, and congratulations on a strong quarter.

謝謝你們提出我的問題，伙計們，並祝賀一個強勁的季度。

Can you give me a sense of what your inventory plan might be for next quarter?

你能告訴我你下個季度的庫存計劃是什麼嗎？

Sure.

當然。

This quarter, as you can see, our inventory was flat.

如您所見，本季度我們的庫存持平。

And as we look at inventory, we've communicated this message and a good chance to do it again.

當我們查看庫存時，我們已經傳達了這一信息，並有機會再次這樣做。

We're looking at this business from a returns perspective, and not looking to hit some arbitrary inventory numbers in a given quarter.

我們從退貨的角度看待這項業務，而不是希望在給定的季度達到一些任意的庫存數量。

In the DRAM business, it's pretty tight right now -- really tight, so we don't feel like we're in a position that we're going to be holding back inventory.

在 DRAM 業務中，現在非常緊張——真的很緊張，所以我們不覺得我們處於抑制庫存的位置。

We've got customers who need us to support them, and it's a pretty healthy market.

我們有需要我們支持的客戶，這是一個非常健康的市場。

The NAND business, as we talked about earlier, we're going to make choices around the customer relationships and the product opportunities, but we're going to resist the temptation to hit again a pre-defined number in inventory.

NAND 業務，正如我們之前談到的，我們將圍繞客戶關係和產品機會做出選擇，但我們將抵制再次達到預定義庫存數量的誘惑。

We're going to run the business to make money and run it through the right products, and that's an ongoing process we're going to do.

我們將經營業務以賺錢並通過正確的產品經營它，這是我們將要做的一個持續過程。

So when I look forward, if you could, so far you guys have been pretty good in the last couple of quarters about hitting your numbers.

因此，當我展望未來時，如果可以的話，到目前為止，你們在過去幾個季度中在達到自己的數字方面做得很好。

So have you reconsidered whether or how close are we to getting actual guidance going forward?

那麼，您是否重新考慮過我們是否或有多接近獲得實際指導？

Doug, it's a good question, and we've talked in the past this is something we are constantly reviewing, and I think we believe that that's going to be appropriate at some point.

道格，這是一個很好的問題，我們過去曾討論過這是我們不斷審查的問題，我認為我們相信這在某個時候是合適的。

We're not ready to do it just yet.

我們還沒有準備好這樣做。

My last question, it does appear you've talked about your qualifications that are necessary in NAND.

我的最後一個問題，您似乎確實談到了您在 NAND 中所必需的資格。

I'm seeing some signs that there's definitely different qualities of NAND out in the market.

我看到一些跡象表明市場上肯定存在不同品質的 NAND。

Can you maybe talk about whether there's any concern on your part that the quality of your products there in the market might not be reflective of the quality that you can deliver in the future?

您能否談談您是否擔心您在市場上的產品質量可能無法反映您將來可以提供的質量？

And does that run the risk of having any potential of damaging your brand?

這是否有可能損害您的品牌？

Well, we feel pretty strong about what we've delivered.

好吧，我們對我們已經交付的東西感覺非常強烈。

This being a new category, customers over the last couple years have been working with [something] like Micron to make this world-class quality level technology that can bring to both the desktop and to the enterprise.

這是一個新類別，在過去幾年中，客戶一直在與像美光這樣的公司合作，以製造這種世界級的質量水平技術，可以為台式機和企業帶來。

Having said that, we've invest a lot in quality, especially around the SSD place.

話雖如此，我們在質量方面投入了大量資金，尤其是在 SSD 方面。

And our NAND performance actually counted from key enterprise customers as the highest performing NAND in the market.

我們的 NAND 性能實際上被關鍵企業客戶視為市場上性能最高的 NAND。

So as we look at our business, we're learning a lot; it's a new category, but we feel pretty strong about our technology and our products.

因此，當我們審視我們的業務時，我們學到了很多東西；這是一個新類別，但我們對我們的技術和產品感覺非常強烈。

The areas we've invested the most, for example, PCIe, we've had the highest performance product in the market.

我們投資最多的領域，例如 PCIe，我們擁有市場上性能最高的產品。

So from a reliability standpoint, we don't see that as a something that we're explaining anything about in the past.

因此，從可靠性的角度來看，我們不認為這是我們過去解釋的任何事情。

We think it's a pretty good quality opportunity for us to grow and to learn about system-level solutions, and we think it will lead to stronger product development in the future.

我們認為這對我們來說是一個很好的成長機會和了解系統級解決方案的機會，我們認為這將導致未來更強大的產品開發。

Great.

偉大的。

If I could sneak one last one in on the DRAM front.

如果我能在 DRAM 前面偷偷摸摸最後一個。

In last quarter, you talked quite a bit about shipping in wafer format.

在上個季度，您談了很多關於以晶圓形式發貨的問題。

I believe the demand for wafer format is dropping a little bit.

我相信對晶圓格式的需求正在下降一點。

How do we think about the tradeoff of maybe bit growth for those wafers versus margin?

我們如何考慮這些晶圓的比特增長與利潤之間的權衡？

How much of a delta is there in wafer sales versus component sales, and what type of impact does that have on the bit growth numbers?

晶圓銷售與組件銷售有多少差異，這對比特增長數字有什麼影響？

Sure, Doug.

當然，道格。

The margin on the known good dye that Mark mentioned is better, which is why we took advantage of it over the last couple quarters.

Mark 提到的已知優質染料的利潤率更高，這就是我們在過去幾個季度利用它的原因。

We're going to ship, I think you're right in characterizing that we'll probably ship fewer of those types of wafers, which all of that wrapped in, by the way, because I'm getting some questions on some of the guidance we had, adds to this mix effect on -- in terms of bit growth and cost downs.

我們要發貨，我認為你的描述是正確的，我們可能會減少那些類型的晶圓，順便說一下，因為我收到了一些關於某些晶圓的問題我們得到的指導，在比特增長和成本下降方面增加了這種混合效應。

But I think you've characterized it right that the known good dye program is more profitable for us than packaged parts and we have had a pretty strong market for about six months to ship more and more wafers into that.

但我認為你的描述是正確的，已知的優質染料計劃對我們來說比封裝零件更有利可圖，而且我們在大約六個月的時間裡擁有相當強勁的市場，可以向其中運送越來越多的晶圓。

And I think now we're going to probably back off of that just a little bit.

而且我認為現在我們可能會稍微退後一點。

But as Mark and Mark both alluded to, we're actually shifting mix into customers that drastically need it and are being short shipped today.

但正如 Mark 和 Mark 都提到的那樣，我們實際上正在將產品組合轉移到急需它並且今天出貨量不足的客戶中。

So there's plenty of homes where we mix DRAM; we'll continue to maximize margin with it.

所以有很多家庭混合DRAM；我們將繼續通過它最大化利潤。

Great.

偉大的。

Thank you for taking all my questions.

謝謝你回答我所有的問題。

Yes, Doug.

是的，道格。

We have time for one more.

我們有時間再來一次。

Our next question is a follow-up -- is from Betsy Van Hees with Wedbush Securities.

我們的下一個問題是後續問題——來自 Wedbush Securities 的 Betsy Van Hees。

Your line is open.

你的線路是開放的。

Congratulations on the quarter and thank you so much for squeezing me in.

祝賀這個季度，非常感謝你把我擠進來。

You guys talked about how tight the DRAM supply is, and as you guys are looking forward and your competitor continues to bring production online and supply and demand come in more in balance, how are you guys looking at gigabyte content in PCs?

你們談到了 DRAM 供應有多麼緊張，你們期待著，你們的競爭對手繼續在線生產，供需更加平衡，你們如何看待 PC 中的千兆字節內容？

Are we going to see an increase in that, given that things have been so tight and they've been having a hard time getting any components?

考慮到事情已經如此緊張並且他們一直很難獲得任何組件，我們是否會看到這一增長？

Yes, Betsy.

是的，貝茜。

For the first time, we're seeing third-party data that suggests about a 12% to 15% increase in content this year.

我們第一次看到第三方數據顯示今年的內容增加了 12% 到 15%。

So numbers would look something like last year's average of about 4.3 gigabytes going to about 4.9 this year.

所以數字看起來會像去年的平均約 4.3 GB 到今年的約 4.9。

Okay, great and thank you for taking my question and congratulations again on the quarter.

好的，太好了，感謝您在本季度再次提出我的問題和祝賀。

You bet, thank you.

你打賭，謝謝。

I'd like to thank you for participating on the call today.

我要感謝您參加今天的電話會議。

If you'll 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 have been made on the call that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially.

這些特定的前瞻性陳述以及在電話會議上做出的所有其他非歷史事實的陳述都受到許多風險和不確定性的影響，實際結果可能存在重大差異。

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

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

Thank you.

謝謝你。

Thank you.

謝謝你。

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

今天的美光科技 2014 年第二季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。