美光科技 (MU) 2014 Q3 法說會逐字稿

Good afternoon. My name is Sayyid and I will be your conference facilitator today. At this time, I would like to welcome everyone to Micron Technology's third-quarter 2014 financial release conference call. (Operator Instructions).

下午好。我叫 Sayyid，今天我將擔任您的會議主持人。在此，歡迎大家參加美光科技 2014 年第三季度財務發布電話會議。 （操作員說明）。

It is now my pleasure to turn the floor over to your host, Mr. Kipp Bedard. Sir, you may begin your conference.

現在我很高興將發言權交給您的主持人 Kipp Bedard 先生。先生，您可以開始您的會議了。

Thank you very much, and welcome to Micron Technology's third-quarter 2014 financial release conference call. On the call today is Mark Durcan, CEO and Director; Mark Adams, President; and Ron Foster, Chief Financial Officer and Vice President of Finance.

非常感謝，歡迎參加美光科技 2014 年第三季度財務發布電話會議。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. In addition, our website has a file containing the quarterly operational and financial information and guidance, non-GAAP information with reconciliation, slides used during the conference call, and a convertible debt and capped call dilution table. If you have not had the opportunity to review the third-quarter 2014 financial press release, it is again 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。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和指導、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。如果您沒有機會查看 2014 年第三季度財務新聞稿，請再次訪問我們的網站 micron.com。

This call today will be approximately 60 minutes in length. There will be an audio replay of the call accessed by dialing 404-537-3406, with a confirmation code of 56949074. This replay will run through Thursday, June 30, 2014, at 5:30 p.m. Mountain Time. A webcast replay will be available on the Company's website until June 2015. We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the Company, including information on various financial conferences that we will be attending. You can also now follow us on Twitter at MicronTech.

今天的通話時間約為 60 分鐘。撥打 404-537-3406，確認碼為 56949074，將播放通話的音頻重播。此重播將持續到 2014 年 6 月 30 日星期四下午 5:30。山時。到 2015 年 6 月，公司網站上將提供網絡重播。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。您現在也可以在 MicronTech 的 Twitter 上關注我們。

Please note the following Safe Harbor statement.

請注意以下安全港聲明。

Unidentified Company Representative:

身份不明的公司代表：

(Audio in progress) forward-looking statements regarding future events or the future financial performance of the Company and the industry. We wish to caution you that such statements are predictions and that actual events or results may differ materially.

（音頻進行中）關於公司和行業未來事件或未來財務業績的前瞻性陳述。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. 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. These certain factors can be found in the Investor Relations section of Micron's website.

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。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。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. 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.

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。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。

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

有了這個，我現在想把電話轉給 Mark Durcan。標記？

Thanks, Kipp. We had another outstanding quarter, benefiting from strong market demand as well as solid operational execution. Our revenue was just under $4 billion, while our gross margins were stable at 34%. We had very strong free cash flow at $880 million, based on operating cash flow of $1.46 billion, less CapEx of $576 million.

謝謝，基普。得益於強勁的市場需求和穩健的運營執行，我們又迎來了一個出色的季度。我們的收入略低於 40 億美元，而我們的毛利率穩定在 34%。基於 14.6 億美元的運營現金流，減去 5.76 億美元的資本支出，我們的自由現金流非常強勁，為 8.8 億美元。

I'd like to spend some time touching on a few key areas of focus as we wrap up fiscal 2014 and continue preparing for fiscal 2015, and our brief industry update. Ron Foster will follow with the financial summary. And before turning to Q&A, we will close our prepared comments, with Mark Adams covering additional details of our operational performance and market conditions.

在我們結束 2014 財年並繼續為 2015 財年和我們簡短的行業更新做準備之際，我想花一些時間談談幾個重點關注領域。羅恩·福斯特隨後將提供財務摘要。在轉向問答之前，我們將結束我們準備好的評論，馬克亞當斯將介紹我們的運營業績和市場狀況的更多細節。

Key focus areas for the management of the remainder of this year and for 2015 include completion of the planned 25 nanometer DRAM conversion; beginning the 20 nanometer DRAM ramp -- this is critical to improving our relative cost position; active management of our DRAM product mix, as we balance servicing demand growth in categories such as server and mobile, while also maximizing our margin profile across other long-term, strategically important segments; continue the execution of our ongoing and capital efficient 16 nanometer planar NAND conversion; investment in tools and engineering resources to support the initial deployment and ramp of our innovative 3D NAND technology; increase sales of 16 nanometer TLC NAND-based products; growth of our robust enterprise SSD product portfolio; continued development of our capability to deliver higher value system-level solutions, including investments in advanced packaging and controllers; and investment in newly emerging memory technologies to ensure we remain at the cutting edge of innovation.

今年剩餘時間和 2015 年管理的重點領域包括完成計劃中的 25 納米 DRAM 轉換；開始 20 納米 DRAM 斜坡——這對於提高我們的相對成本地位至關重要；積極管理我們的 DRAM 產品組合，因為我們在服務器和移動等類別的服務需求增長之間取得平衡，同時也在其他具有長期戰略意義的細分市場中最大化我們的利潤率；繼續執行我們正在進行且具有資本效率的 16 納米平面 NAND 轉換；投資工具和工程資源，以支持我們創新 3D NAND 技術的初始部署和推廣；增加基於 16 納米 TLC NAND 的產品的銷售；我們強大的企業級 SSD 產品組合的增長；繼續發展我們提供更高價值系統級解決方案的能力，包括對先進封裝和控制器的投資；以及對新興內存技術的投資，以確保我們始終處於創新的前沿。

As you can tell, we do not plan to rest on our laurels. For 2015, as well as for the longer-term, we will continue to be measured and prudent in our capital spending. We will also maintain flexibility to regulate capital expenditures based on the return profile of the investment, including, of course, the impact of any change in market conditions. We will provide more detail on our specific CapEx plans at a later date. But as we work through finalizing our plans for 2015, it is notable that an increasing amount of our spend will be targeted toward non-supply-related investments.

如您所知，我們不打算固步自封。對於 2015 年以及長期而言，我們將繼續對資本支出進行衡量和審慎。我們還將保持靈活性，根據投資的回報情況來調節資本支出，當然包括市場條件任何變化的影響。我們將在以後提供有關我們特定資本支出計劃的更多詳細信息。但隨著我們最終確定 2015 年的計劃，值得注意的是，我們越來越多的支出將用於與供應無關的投資。

These include investments for tooling and alternative memories, advanced test and packaging capability, and additional system-level product capabilities, including those for controllers and SSDs. We will also be aligning our Micron Memory Japan and Micron Memory Taiwan toolsets with other fabs around the world in support of enhanced operational efficiency. We have no plans to expand wafer production, and we expect the big growth we generate from technology in calendar 2015 will be in line with growth for the market for DRAM, which we are forecasting in the low- to mid-20% range, and in line with the growth for the market for NAND, which we are forecasting in the low 40% range.

其中包括對工具和替代存儲器的投資、先進的測試和封裝能力，以及額外的系統級產品能力，包括那些用於控制器和 SSD 的能力。我們還將調整我們的美光內存日本和美光內存台灣工具集與世界各地的其他晶圓廠，以支持提高運營效率。我們沒有擴大晶圓生產的計劃，我們預計 2015 年技術帶來的巨大增長將與 DRAM 市場的增長保持一致，我們預計 DRAM 市場將在 20% 的中低範圍內，並且與 NAND 市場的增長一致，我們預測在 40% 的低範圍內。

Our long-term outlook for memory and industry conditions also remains favorable. The supplier base has consolidated in DRAM and stabilized in NAND, and we believe that in both markets the industry is in a stage of maturity such that each supplier has sufficient scale to compete. Driven by a slowing rate of technology migration, supply bit growth trends have stabilized at a level below historical average. There appear to be only limited additions of new wafer capacity on the horizon. Applications requiring memory continue to grow, and our customer base continues to diversify. We remain committed to delivering differentiated and system-level products to meet the needs of this increasingly interesting and valuable market.

我們對內存和行業狀況的長期前景也依然看好。 DRAM 供應商基礎穩固，NAND 供應商基礎穩定，我們認為這兩個市場的行業都處於成熟階段，每個供應商都有足夠的規模進行競爭。在技術遷移速度放緩的推動下，供應比特增長趨勢已穩定在低於歷史平均水平的水平。新晶圓產能的增加似乎有限。需要內存的應用程序繼續增長，我們的客戶群繼續多樣化。我們仍然致力於提供差異化的系統級產品，以滿足這個日益有趣和有價值的市場的需求。

We continue to forecast long-term demand, in line with or above supply for DRAM. Similarly for NAND, beyond 2014 we expect industry supply growth to remain in a similar range. Although as 3D production becomes more predominant heading into 2016, we may see a slowdown in supply growth, given the technology complexity and additional clean room space required. We expect long-term NAND demand to be in balance relative to the supply going forward.

我們繼續預測長期需求，與 DRAM 的供應一致或高於供應。同樣對於 NAND，我們預計 2014 年以後行業供應增長將保持在類似的範圍內。儘管隨著 3D 製作進入 2016 年變得更加主導，但鑑於技術複雜性和所需的額外潔淨室空間，我們可能會看到供應增長放緩。我們預計長期 NAND 需求相對於未來的供應將保持平衡。

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

我會在這裡停下來把它交給羅恩和馬克，然後再回來進行問答。

Thanks, Mark. Our third quarter of fiscal 2014 ended on May 29. We posted to our website a file containing the financial information I will cover, including GAAP and non-GAAP results, certain key metrics for the third quarter, as well as guidance for the fourth quarter. For the third quarter, we reported net income of $806 million, or $0.68 per diluted share, on net sales just under $4 billion. On a non-GAAP basis, net income for the third quarter was $913 million or $0.79 per share. Non-GAAP adjustments netted to $107 million or $0.11 per share in the third quarter, and included the following.

謝謝，馬克。我們的 2014 財年第三季度於 5 月 29 日結束。我們在網站上發布了一份文件，其中包含我將涵蓋的財務信息，包括 GAAP 和非 GAAP 結果、第三季度的某些關鍵指標以及第四季度的指導.第三季度，我們報告淨收入為 8.06 億美元，即每股攤薄收益 0.68 美元，淨銷售額略低於 40 億美元。按非公認會計原則計算，第三季度的淨收入為 9.13 億美元或每股 0.79 美元。第三季度非 GAAP 調整淨額為 1.07 億美元或每股 0.11 美元，包括以下內容。

Restructured charges in the quarter of $9 million were primarily related to idle charges associated with shutting down operations in Israel and Italy. Amortization of debt discounts and other costs of $36 million in the third quarter include imputed interest on our convertible notes and the discount on the Elpida installment debt. The $16 million loss on restructure of debt arose from the conversion and repurchase of convertible notes in the third quarter. I will touch on this further in a few minutes. Non-cash taxes from the legacy Elpida operations were $49 million in the third quarter. Cash taxes for the year are in the low-single-digit percent of pre-tax income range, as previously indicated. Finally, there's a $38 million [a share] anti-dilutive effect of capped calls based on the average stock price during the third quarter of $24.89.

本季度 900 萬美元的重組費用主要與關閉以色列和意大利業務相關的閒置費用有關。第三季度債務貼現和其他成本的攤銷為 3600 萬美元，包括我們可轉換票據的推算利息和 Elpida 分期付款債務的貼現。債務重組損失 1600 萬美元源於第三季度可轉換票據的轉換和回購。我將在幾分鐘後進一步討論這個問題。第三季度，來自 Elpida 遺留業務的非現金稅為 4900 萬美元。如前所述，本年度的現金稅處於稅前收入範圍的低個位數百分比。最後，根據第三季度 24.89 美元的平均股價，上限看漲期權有 3800 萬美元 [每股] 的反稀釋效應。

In the fourth quarter, we expect the following non-GAAP adjustments. We anticipate incurring restructured costs in the fourth quarter for employee termination benefits in the range of $15 million to $25 million, primarily in Italy; approximately $40 million amortization of debt discounts on the convertible notes; and the Elpida installment debt during the fourth quarter.

在第四季度，我們預計將進行以下非公認會計原則調整。我們預計第四季度員工解僱福利的重組成本將在 1500 萬美元至 2500 萬美元之間，主要在意大利；約 4000 萬美元的可轉換票據債務折扣攤銷；以及第四季度的爾必達分期債務。

We expect the fourth-quarter results to include an approximately $90 million gain associated with Inotera's GDR offering last month, since it was executed at a price above the carrying value of our investment. As of the end of Q3, the carrying value of our 33% equity interest in the total value of Inotera was approximately $700 million compared to the market value at today's trading price of approximately $3.8 billion.

我們預計第四季度業績將包括與上個月 Inotera 的 GDR 發行相關的約 9000 萬美元收益，因為它的執行價格高於我們投資的賬面價值。截至第三季度末，我們在 Inotera 總價值中 33% 股權的賬面價值約為 7 億美元，而今天的交易價格約為 38 億美元。

In addition, ON Semiconductor recently announced its pending acquisition of Aptina Imaging, of which we own an approximate 27% interest on a diluted basis. The transaction is expected to close either late in our fiscal fourth quarter, or in the first quarter of fiscal 2015, and is subject to customary closing conditions and regulatory approvals. We expect proceeds from the transaction of approximately $100 million.

此外，安森美半導體最近宣布即將收購 Aptina Imaging，我們在稀釋後擁有其中約 27% 的權益。該交易預計將在我們的第四財季末或 2015 財年第一季度完成，並取決於慣例成交條件和監管部門的批准。我們預計交易的收益約為 1 億美元。

The carrying value of our interest in Aptina has been written down to essentially zero through the recognition of our share of Aptina's losses over time. Accordingly, virtually all of the proceeds we receive from the sale to ON Semiconductor will be recognized as a gain at the time of the closing; non-cash taxes related to the Elpida acquisition of between $65 million and $75 million in the fourth quarter; and also the anti-dilutive effect of our cap calls will be based on the average share price for the quarter. Assuming a $32 share price, this would equate to a reduction in diluted shares of 27 million. Please refer to our convertible debt dilution table, which is included in the earnings call data file posted on our website.

我們在 Aptina 中權益的賬面價值已通過確認我們在 Aptina 隨時間推移的損失份額而被減記至基本為零。因此，我們從出售給安森美半導體獲得的幾乎所有收益將在交割時確認為收益；第四季度與 Elpida 收購相關的非現金稅在 6500 萬美元至 7500 萬美元之間；我們的上限電話的反稀釋效應也將基於該季度的平均股價。假設股價為 32 美元，這相當於減少了 2700 萬股稀釋後的股份。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 guidance. DRAM revenue decreased slightly in the third quarter compared to the second quarter. Both average selling prices and cost per bit decreased in the low-single-digit range, resulting in relatively stable margins comparing the past two quarters. Like-for-like product prices were generally stable, though we did see a mix shift from mobile and computing into server products as we balanced supply in line with customer demand.

現在讓我們轉向技術和指導的結果。與第二季度相比，第三季度的 DRAM 收入略有下降。平均售價和每比特成本均在低個位數範圍內下降，與過去兩個季度相比，利潤率相對穩定。同類產品價格總體穩定，儘管我們確實看到了從移動和計算產品向服務器產品的混合轉變，因為我們根據客戶需求平衡了供應。

Our reported income from equity method investments for the third quarter was $135 million, substantially all of which is attributable to Inotera. If our share of Inotera's income were recorded in our DRAM gross margin in the third quarter, DRAM margin would be approximately 5 percentage points higher.

我們報告的第三季度權益法投資收入為 1.35 億美元，大部分都歸功於 Inotera。如果我們在第三季度的 DRAM 毛利率中記錄了我們在 Inotera 收入中的份額，那麼 DRAM 利潤率將高出約 5 個百分點。

DRAM gross margin for Q4, using quarter-to-date ASP and projected mix for the quarter, should be flat to up slightly compared to Q3, based on bit production up low single digits; ASPs are flat; and cost per bits down low single digits.

第四季度的 DRAM 毛利率，使用本季度迄今為止的平均售價和預計的季度組合，與第三季度相比應該持平或略有上升，基於比特生產低個位數；平均售價持平；並將每比特成本降低到低個位數。

The key items affecting our DRAM guidance for the fourth quarter are continued favorable market conditions in DRAM; overall stable DRAM volumes, however with higher volumes of mobile in anticipation of customer demand; stable server volumes; and decreased volume in PC; and stable to slightly increasing costs of products coming from Inotera.

影響我們第四季度 DRAM 指導的關鍵因素是 DRAM 的持續有利市場條件；整體穩定的 DRAM 數量，但預期客戶需求會增加移動設備的數量；穩定的服務器容量；並減少PC中的音量；並且來自Inotera的產品成本穩定到略微增加。

Turning to NAND. On the trade NAND side, sales volume decreased in the third quarter with our shift towards SSD sales, which have a longer back-end manufacturing cycle time. This also contributed to a slight increase in NAND work-in-process inventories. Trade NAND gross margins in the third quarter were stable quarter over quarter, with generally flat mix-adjusted prices and costs. Trade NAND gross margins for Q4, using quarter-to-date ASP and projected mix for the quarter, are expected to be down a couple of points compared to Q3 based on bit production expected to be up low- to mid-teens, ASP down low to mid-single digits, and cost per bit flat compared to Q3.

轉向NAND。在貿易 NAND 方面，隨著我們轉向 SSD 銷售，第三季度的銷量下降，後者的後端製造週期更長。這也導致 NAND 在製品庫存略有增加。第三季度的貿易 NAND 毛利率環比穩定，混合調整後的價格和成本基本持平。第 4 季度的貿易 NAND 毛利率，使用本季度迄今為止的 ASP 和預計的季度組合，預計與 Q3 相比下降幾個點，因為位產量預計將上升到中低端，ASP 下降低到中個位數，與第三季度相比，每比特成本持平。

Key trends for Q4 affecting this guidance are stable NAND market conditions; we expect an increasing mix of high density NAND sales at generally lower ASPs, but still reasonable margins; and we get more bits; continued growth in client SSD volumes with some initially higher BOM costs that impact margins; and the effect of a legacy pricing arrangement with a customer that is trending lower through the first quarter of 2015.

影響該指引的第四季度的主要趨勢是穩定的 NAND 市場狀況；我們預計高密度 NAND 的銷售組合會增加，但平均售價普遍較低，但利潤率仍然合理；我們得到更多的比特；客戶 SSD 數量持續增長，初始 BOM 成本較高，影響利潤率；以及到 2015 年第一季度趨勢下降的客戶的傳統定價安排的影響。

On a consolidated basis, we are guiding total revenue for the fourth quarter in the range of $4 billion to $4.2 billion. Fourth-quarter gross margins are expected to be adversely affected in the $30 million range by a last time sale of end-of-life legacy architecture products not included in our DRAM and NAND guidance that I just went through.

在綜合基礎上，我們指導第四季度的總收入在 40 億美元至 42 億美元之間。第四季度的毛利率預計將受到 3000 萬美元範圍內的不利影響，因為我剛剛完成的 DRAM 和 NAND 指南中未包含最後一次銷售報廢的傳統架構產品。

Looking at other P&L and cash flow results and guidance, the Company generated $1.5 billion in operating cash flow in the third quarter, and ended the quarter with $4.8 billion in cash and marketable investments, including $2.6 billion held by Elpida and its subsidiaries.

從其他損益和現金流結果和指引來看，公司在第三季度產生了 15 億美元的經營現金流，並在本季度末以 48 億美元的現金和可出售投資，其中包括由爾必達及其子公司持有的 26 億美元。

Expenditures for property, plant, and equipment in the third quarter were $576 million, and we are on track to be within our guided range for the fiscal year, now estimated to be between $2.8 billion and $3.2 billion, with over $1 billion of expenditures planned for Q4. Actual spending may vary based on the timing of payments and our tool receipts.

第三季度的財產、廠房和設備支出為 5.76 億美元，我們有望在本財年的指導範圍內，目前估計在 28 億美元至 32 億美元之間，計劃支出超過 10 億美元對於第四季度。實際支出可能因付款時間和我們的工具收據而異。

Since the beginning of our fiscal year, we have utilized approximately $2.1 billion of cash to convert or repurchase $1 billion of face amount of convertible notes, and to reduce the share dilution associated with our convertible notes. This represents approximately 83% of our year-to-date free cash flow, defined as operating cash flow, less CapEx.

自本財年開始以來，我們已使用約 21 億美元現金轉換或回購面值 10 億美元的可轉換票據，並減少與我們的可轉換票據相關的股份稀釋。這約占我們年初至今自由現金流的 83%，定義為經營現金流減去資本支出。

Our dilution management strategy has year-to-date eliminated approximately 89 million shares associated with our convertible notes, assuming a stock price of $32. Specifically in the third quarter, we used approximately $1 billion to convert or repurchase our 2014 convertible notes and a portion of our Series C and D convertible notes. In addition, the Company unwound a portion of the cap calls to retire another 3 million shares. Collectively, these transactions in Q3 reduced fully diluted shares associated with our convertible notes by approximately 26 million shares at a $32 stock price.

假設股價為 32 美元，我們的稀釋管理策略今年迄今已消除了大約 8900 萬股與我們的可轉換票據相關的股票。特別是在第三季度，我們使用了大約 10 億美元來轉換或回購我們的 2014 年可轉換票據以及部分 C 和 D 系列可轉換票據。此外，公司解除了部分上限要求，以退出另外 300 萬股股票。總的來說，第三季度的這些交易以 32 美元的股價將與我們的可轉換票據相關的完全稀釋的股票減少了約 2600 萬股。

We intend to continue to opportunistically migrate our debt mix over time towards more straight debt, with investment-grade-like covenants in rates, and reduce our convertible debt.

隨著時間的推移，我們打算繼續機會主義地將我們的債務組合轉向更直接的債務，在利率中加入類似投資級的契約，並減少我們的可轉換債務。

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

現在，我將把它交給 Mark Adams 以徵求他的意見。

Thanks, Ron. On our last call I introduced our new organization structure, highlighted by the formation of four market-facing business units: computing and networking, otherwise CNBU storage, referred to as SBU; mobile, MBU; and embedded, EBU. I will review our performance in the first quarter under the new structure, and then end with some technology and operating highlights from our third quarter before handing it back over to Kipp.

謝謝，羅恩。在我們上次的電話會議上，我介紹了我們的新組織結構，突出了四個面向市場的業務部門的形成：計算和網絡，否則 CNBU 存儲，簡稱 SBU；移動，MBU；和嵌入式，EBU。我將回顧我們在新結構下第一季度的表現，然後以我們第三季度的一些技術和運營亮點結束，然後將其交還給 Kipp。

For a comparative basis, we will use restated numbers for prior periods as if we operated under the new structure in the past. Our computing and networking business had a strong third-quarter, characterized by improving demand and favorable pricing. The PC market appears to be more favorable compared to prior industry forecasts, and supply remains constrained. Pent-up demand for corporate refresh on desktop and notebooks seem to be leading to better-than-expected sector performance. PC DRAM pricing is improving, both at major OEMs and in the channel, as current forecasts remain strong for Q4 and through the holiday season.

為進行比較，我們將使用以前期間的重述數字，就好像我們過去在新結構下運營一樣。我們的計算和網絡業務第三季度表現強勁，其特點是需求改善和價格優惠。與之前的行業預測相比，PC 市場似乎更為有利，而且供應仍然受到限制。對台式機和筆記本電腦企業更新的被壓抑的需求似乎導致行業表現好於預期。主要 OEM 和渠道中的 PC DRAM 價格正在改善，因為目前對第四季度和整個假期的預測仍然強勁。

Demand for server DRAM is also increasing. Server bits were up 30% quarter on quarter, driven by data center and enterprise growth in density per unit of memory content, leading to enhanced system-level performance. Demand for our networking products remained healthy as well, driven by LTE buildout in China and other emerging markets. Networking DRAM pricing improved quarter over quarter, driven by a richer mix of products and continued strong demand.

對服務器 DRAM 的需求也在增加。受數據中心和企業單位內存內容密度增長的推動，服務器位數環比增長 30%，從而提高了系統級性能。在中國和其他新興市場的 LTE 建設的推動下，對我們網絡產品的需求也保持健康。由於產品組合更加豐富和需求持續強勁，網絡 DRAM 價格環比上漲。

Finally, our graphics business had record shipments and revenue in the quarter, with strong sales of GDDR5 products, driven by key OEM penetration in both PC and console gaming.

最後，我們的圖形業務在本季度創下了創紀錄的出貨量和收入，GDDR5 產品的銷售強勁，這得益於 PC 和遊戲機遊戲的主要 OEM 滲透率。

On the technology front, we continue to drive innovation with products such as DDR4 for servers and high performance desktop applications; GDDR5 into high-performance gaming PCs and workstation graphics; and Hybrid Memory Cube for high performance solutions in networking and computing. For example, DDR4 is in qualification at Tier 1 OEMs for both server and computing customers. We see initial DDR4 shipments in fiscal Q4 2014, and forecast that DDR4 will represent approximately 20% of CNBU DRAM output, and close to 10% of our overall DRAM output in the second half of fiscal year 2015.

在技術方面，我們繼續通過用於服務器和高性能桌面應用程序的 DDR4 等產品推動創新； GDDR5 用於高性能遊戲 PC 和工作站顯卡；和混合內存立方體，用於網絡和計算中的高性能解決方案。例如，DDR4 在一級 OEM 中獲得了服務器和計算客戶的資格。我們在 2014 財年第四季度看到了 DDR4 的初始出貨量，並預測 DDR4 將佔 CNBU DRAM 產量的大約 20%，在 2015 財年下半年占我們整體 DRAM 產量的近 10%。

As we projected on our second-quarter call in April, Q3 represented a turnaround quarter for our storage business unit in overall SSD volume. We were able to drive customer qualification of our NAND Flash capacity from our Fab 7 conversion, as well as launch our first 16 nanometer-based products for key channels and customers. Revenues for client and enterprise SSDs each increased by well over 50% compared to our second quarter. We launched our first 16 nanometer client SSD drive, the MX100, at Computech, and have received strong customer commitments out of the gate for a performance leader in the SSD value segment.

正如我們在 4 月份的第二季度電話會議上預測的那樣，第三季度代表了我們存儲業務部門整體 SSD 銷量的一個好轉季度。我們能夠通過我們的 Fab 7 轉換推動客戶對我們的 NAND 閃存容量的認證，並為關鍵渠道和客戶推出我們的第一款基於 16 納米的產品。與第二季度相比，客戶端和企業 SSD 的收入均增長了 50% 以上。我們在 Computech 推出了我們的第一個 16 納米客戶端 SSD 驅動器 MX100，並且從一開始就收到了強烈的客戶承諾，希望成為 SSD 價值領域的性能領導者。

We also see OEM growth with the M510 and the M550 client drives, and have a strong customer interest in terabyte-class client SSDs for media workflow, cloud, and other applications where high reliability and performance, coupled with terabyte-class capacity and competitive pricing are critical. We launched the M500 DC SATA enterprise drive for data center applications, and received a large volume commitment from a major search company to address their storage needs.

我們還看到 M510 和 M550 客戶端驅動器的 OEM 增長，並且客戶對用於媒體工作流、雲和其他具有高可靠性和性能的應用程序的 TB 級客戶端 SSD 有著濃厚的興趣，再加上 TB 級容量和有競爭力的價格很關鍵。我們推出了用於數據中心應用的 M500 DC SATA 企業級驅動器，並收到了一家大型搜索公司的大量承諾，以滿足他們的存儲需求。

We are aggressively working on our development of our 16 nanometer TLC roadmap in an effort to drive our overall NAND cost competitiveness. We expect to see component samples of our 16 nanometer TLC by the end of calendar year, with client-based TLC SSD by spring of 2015. We continue to grow our controller and firmware organizations to help align our PCIe and SaaS roadmap to enterprise customer requirements. We believe our innovative 3D NAND technology will enable a highly cost-effective solution and a competitive advantage in high-performance applications.

我們正在積極開發 16 納米 TLC 路線圖，以提高我們的整體 NAND 成本競爭力。我們希望在日曆年年底之前看到我們的 16 納米 TLC 組件樣品，並在 2015 年春季推出基於客戶端的 TLC SSD。我們將繼續發展我們的控制器和固件組織，以幫助我們的 PCIe 和 SaaS 路線圖與企業客戶要求保持一致.我們相信，我們創新的 3D NAND 技術將實現極具成本效益的解決方案，並在高性能應用中獲得競爭優勢。

We remain bullish on the long-term market in NAND. We see opportunity for progress, and feel the organization changes we have made, coupled with technology investments, will enable us to drive improved results through the course of fiscal year 2015.

我們仍然看好 NAND 的長期市場。我們看到了進步的機會，並感覺到我們所做的組織變革，加上技術投資，將使我們能夠在 2015 財年推動業績的改善。

Our mobile business had an outstanding quarter, highlighted by an 18% operating margin in a business that just 12 months ago was underwater. We continue to focus our mobile business on generating maximum returns, as opposed to simply market share growth. The team has done a nice job in balancing out the demand from our Q1 OEMs while taking advantage of the more segmented opportunities in the Tier 2 China market. The low-power DRAM category remains favorable demand/supply balance, and our known good die business is constrained due to the growth and mid- and high-end phones related to LTE builds for China.

我們的移動業務有一個出色的季度，其中 12 個月前還處於虧損狀態的業務實現了 18% 的營業利潤率。我們繼續將移動業務的重點放在產生最大回報上，而不是簡單地增加市場份額。該團隊在平衡第一季度原始設備製造商的需求方面做得很好，同時利用了中國二級市場更加細分的機會。低功耗 DRAM 類別仍然保持良好的供需平衡，我們已知的良好芯片業務由於與中國 LTE 相關的增長和中高端手機製造而受到限制。

The mobile team has qualified eMCP products at key OEM customers, and we are beginning volume shipments in our fourth quarter. We expect that eMCP and eMMC mobile products will scale significantly to approximately 25% of the overall mobile revenue in fiscal year 2015 compared to less than 10% today. We have also commenced sampling low-power DDR4 to our partners and chipset vendors, and expect to see shipments towards the end of fiscal year 2015.

移動團隊為主要 OEM 客戶提供合格的 eMCP 產品，我們將在第四季度開始批量發貨。我們預計 eMCP 和 eMMC 移動產品將在 2015 財年顯著擴大至整體移動收入的 25% 左右，而目前這一比例還不到 10%。我們還開始向我們的合作夥伴和芯片組供應商提供低功耗 DDR4 樣品，預計將在 2015 財年末出貨。

Our embedded business had another strong quarter, with revenues of $467 million and an operating profit of 21%, driven by growth in DRAM, NAND, and NOR product sales in the quarter. Revenue was up 34% year over year in the new embedded business classification. The automotive segment continues to benefit from memory content growth fueled by both infotainment and advanced driver assistance systems. Our commitment to the unique needs of this market in areas such as quality, reliability, product longevity, and service has enabled us to grow our number-one position in the market.

在本季度 DRAM、NAND 和 NOR 產品銷售增長的推動下，我們的嵌入式業務又迎來了一個強勁的季度，收入為 4.67 億美元，營業利潤為 21%。在新的嵌入式業務分類中，收入同比增長 34%。汽車領域繼續受益於信息娛樂和高級駕駛輔助系統推動的內存內容增長。我們致力於滿足該市場在質量、可靠性、產品壽命和服務等領域的獨特需求，這使我們在市場上的地位不斷提高。

The broad category of industrial and multi-market, otherwise referred as IMM, showed strong double-digit growth quarter over quarter, in part fueled by the integration of connectivity and emerging machine-to-machine usage with industrial applications. We also saw strong performance in the connected home segment across all of our product categories. We continue to see strong sales and growth in eMMC for embedded applications as well.

廣泛的工業和多市場類別（也稱為 IMM）顯示出強勁的兩位數季度環比增長，部分原因是連接性和新興的機器對機器使用與工業應用的集成。我們還看到我們所有產品類別的互聯家庭領域的強勁表現。我們繼續看到用於嵌入式應用的 eMMC 的強勁銷售和增長。

With the sale of our NOR fab in Israel, our idle fab charges will wind down over the next couple quarters; and, thus, we anticipate improving gross margins for NOR going forward. It is worthy of note that when you factor in products such as SSD, mobile eMCP and eMMC, as well as eMMC for the embedded market, a significant portion of our business is now packaged with the controller, and in some cases with a NAND/DRAM combination. We think this is a good example of how our business is evolving to more systems and subsystem-level solutions. We anticipate this dynamic to continue to be an increasing part of the new memory paradigm.

隨著我們在以色列的 NOR 工廠的出售，我們閒置的工廠費用將在接下來的幾個季度中逐漸減少；因此，我們預計未來 NOR 的毛利率會有所提高。值得注意的是，當您考慮 SSD、移動 eMCP 和 eMMC 以及嵌入式市場的 eMMC 等產品時，我們的很大一部分業務現在與控制器打包在一起，在某些情況下與 NAND/ DRAM 組合。我們認為這是我們的業務如何發展到更多系統和子系統級解決方案的一個很好的例子。我們預計這種動態將繼續成為新記憶範式的一部分。

Our manufacturing team had a tremendous progress in improving our overall operational competitiveness. Front-end cycle time across all products have improved over 30% since the beginning of our fiscal year. In addition, we set a record of 15 days for time to mature [cue meals] on our 16 nanometer to NAND technology. As our business continues to expand into diversified end markets such as enterprise, networking, mobile, automotive, and gaming, we continue to invest in our test, assembly, and supply-chain capabilities to support an expanding set of customer requirements.

我們的製造團隊在提高我們的整體運營競爭力方面取得了巨大進步。自本財年開始以來，所有產品的前端週期時間都縮短了 30% 以上。此外，我們在 16 納米到 NAND 技術上創造了 15 天的時間來成熟 [提示餐] 的記錄。隨著我們的業務不斷擴展到企業、網絡、移動、汽車和遊戲等多元化終端市場，我們將繼續投資於我們的測試、組裝和供應鏈能力，以支持不斷擴大的客戶需求。

We have seen strong improvements in the throughput of volume of an increasingly differentiated set of products in test and assembly in setting a record for assembly yields over 99% during Q3, as well as improved our on-time delivery performance despite a constrained memory market.

我們看到，在測試和組裝中，越來越多的差異化產品的產量大幅提高，在第三季度創下了超過 99% 的組裝良率記錄，並且在內存市場受限的情況下提高了我們的準時交付性能。

Overall, the memory -- the pricing environment for our products remains favorable. PC demand is better than expected, and our mobile supply is constrained. In both cases, we have large customers looking to lock in long-term pricing and supply commitment from us. On the NAND front, pricing is relatively stable on a like-for-like basis, despite moving our portfolio to higher-density storage products, in some cases with lower average ASPs. We feel this positions us better for the future in these critical growth markets for NAND.

總體而言，內存——我們產品的定價環境仍然有利。個人電腦需求好於預期，而我們的移動供應受到限制。在這兩種情況下，我們都有大客戶希望鎖定我們的長期定價和供應承諾。在 NAND 方面，儘管我們將產品組合轉移到更高密度的存儲產品，在某些情況下平均 ASP 較低，但價格在同類產品的基礎上相對穩定。我們認為這使我們在 NAND 的這些關鍵增長市場的未來更加有利。

We also project dramatic improvements in our mobile NAND business, with eMMC, and coupled with DRAM and eMCP products for fiscal year 2015. In this segment, we can leverage our portfolio brand breadth of NAND and DRAM to drive the profitable growth.

我們還計劃在 2015 財年借助 eMMC 以及 DRAM 和 eMCP 產品顯著改善我們的移動 NAND 業務。在這一領域，我們可以利用我們的 NAND 和 DRAM 品牌組合來推動盈利增長。

In closing, I want to congratulate our team for a strong third-quarter performance. We remain bullish on the health of the overall memory market. Our product mix continues to evolve to solutions optimized to specific end-market needs, and we continue to drive higher levels of efficiency and effectiveness. We look forward to a strong Q4.

最後，我要祝賀我們的團隊第三季度的強勁表現。我們仍然看好整個內存市場的健康狀況。我們的產品組合繼續發展為針對特定終端市場需求優化的解決方案，我們繼續推動更高水平的效率和有效性。我們期待強勁的第四季度。

With that, I'll hand it back over to Kipp.

有了這個，我會把它交還給 Kipp。

Thanks, Mark. We'd now like to take questions from callers. Just a quick reminder, if you are using a speakerphone, please pick up the handset when asking questions so that we can hear you clearly.

謝謝，馬克。我們現在想回答來電者的問題。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。

With that, please open up the lines.

有了這個，請打開線路。

(Operator Instructions). John Pitzer, Credit Suisse.

（操作員說明）。約翰·皮策，瑞士信貸。

Guys, quick question here first on the DRAM front. I'm just curious when you look at the pricing in the fiscal third quarter and the guidance in the fiscal fourth quarter -- I would have thought, just given pricing trends in the industry, and, more importantly, some of the mix drivers for you like DDR4, that you would perhaps have seen better pricing on the DRAM side of the business.

伙計們，首先在 DRAM 方面快速提問。當您查看第三財季的定價和第四財季的指導時，我只是好奇——我會認為，只要考慮到行業的定價趨勢，更重要的是，考慮到一些混合驅動因素您喜歡 DDR4，您可能會在 DRAM 業務方面看到更好的定價。

Can you just help me understand a little bit about what's happening on the mix side that's driving the guidance for flat pricing for the fiscal fourth quarter? Thanks.

您能否幫我了解一下推動第四財季統一定價指導的混合方面正在發生的事情？謝謝。

Well, yes, I think as you have identified, it really is obviously all mix-driven for us, some of which is related to some of the specialty markets lagging in the pricing catch-up relative to the PC segment. One of the things we've stated on prior calls is that each of these businesses is obviously very unique with a unique set of customers, and we're committed to all the markets. We've seen tremendous server growth, and we expect that to continue to improve over time. But in general, what you're seeing is a mix effect drive, basically a stable pricing relative to where we are today.

嗯，是的，我認為正如你所指出的，這對我們來說顯然都是混合驅動的，其中一些與一些專業市場在價格追趕上相對於 PC 市場滯後有關。我們在之前的電話會議中說過的一件事是，這些業務中的每一個顯然都是非常獨特的，擁有一組獨特的客戶，我們致力於所有市場。我們已經看到了巨大的服務器增長，我們預計隨著時間的推移會繼續改善。但總的來說，你所看到的是混合效應驅動，相對於我們今天的情況而言，基本上是一個穩定的定價。

Thanks, Mark. That's helpful. And then maybe as a follow-up, guys, just on the ramp of the 16 nanometer TLC and NAND. As that happens over the next couple of quarters, can you help us -- our help me get a better understanding of the magnitude of the cost savings? And maybe you can talk about, if you had an optimal mix of TLC today, how much better would the profitability be in the business, at the operating or gross margin level?

謝謝，馬克。這很有幫助。然後也許作為後續行動，伙計們，就在 16 納米 TLC 和 NAND 的斜坡上。隨著接下來幾個季度發生這種情況，您能否幫助我們——我們幫助我更好地了解成本節約的幅度？也許你可以談談，如果你今天有一個最佳的 TLC 組合，那麼在運營或毛利率水平上，業務的盈利能力會好多少？

Yes, a range to expect on TLC at the bit level, somewhere between a 15% to 20% improvement. And as we were -- we're not specifying the actual day. But we look to be in the market, not just with components in the early part of the calendar year, but we should have a strong SSD play in the later part of the first half.

是的，TLC 在位級別上的預期範圍在 15% 到 20% 之間。就像我們一樣——我們沒有指定實際的日期。但我們期待進入市場，不僅僅是在日曆年初的組件，而且我們應該在上半年後期有一個強大的 SSD 發揮。

Perfect. Thanks, guys.

完美的。多謝你們。

Kevin Cassidy, Stifel.

凱文·卡西迪，斯蒂菲爾。

You had mentioned long-term commitments. Can you say how long the long-term is? Is it six months? Is it a year?

你提到了長期承諾。你能說長期是多長時間嗎？是六個月嗎？是一年嗎？

Right now, the commitments we're looking at are somewhere between 90 days and six months. And mind you, we are pretty careful about this. Because these agreements have to be favorable for us over the long-term, and so we have to lock in both the capacity supply piece of it, as well as the pricing. So, we do these where we have confidence that the long-term relationship will drive the right behavior between both parties.

目前，我們正在研究的承諾在 90 天到 6 個月之間。請注意，我們對此非常小心。因為這些協議必須長期對我們有利，所以我們必須鎖定其中的產能供應部分以及定價。因此，我們在相信長期關係將推動雙方之間的正確行為的情況下執行這些操作。

Okay, great. And maybe on the follow-up, you had mentioned that DDR4 was going to become 20% of the CNBU's shipments in the second half of 2015. Is that at the cost of PCs? Or I guess is that just the mix shift you're making?

好，太棒了。或許在後續，你提到DDR4將在2015年下半年佔CNBU出貨量的20%。這是以PC為代價的嗎？或者我猜這只是你正在做的混合轉變？

It's really going to start out more in server, up front. We will only do this -- and our current plan has us generating higher margins in this DDR4 category. And we will -- we certainly won't do it if it's margin adverse. And we feel pretty confident we're going to drive differentiation with our customers and allow them to drive performance. So, right now, that's where our plan has, and we feel pretty confident we're going to drive to that result.

它真的會更多地從服務器開始，在前面。我們只會這樣做——我們目前的計劃是讓我們在這個 DDR4 類別中產生更高的利潤。我們會 - 如果利潤不利，我們當然不會這樣做。而且我們非常有信心，我們將推動與客戶的差異化，並讓他們推動業績。所以，現在，這就是我們的計劃所在，我們非常有信心我們將推動這一結果。

Okay, thank you.

好的謝謝你。

Steven Fox, Cross Research.

史蒂文福克斯，交叉研究。

Just one clarification, first, on the potential long-term agreements. Are you saying that you've locked some in, or are planning to? And what kind of commitment would that be, relative to your overhaul capacity?

首先，關於潛在的長期協議的澄清。你是說你已經鎖定了一些，還是計劃鎖定一些？相對於您的大修能力，這將是一種什麼樣的承諾？

Yes, we have launched some, but not a majority. And we have looked at each of them on their own merit, in terms of the value of the relationship that we're able to drive in terms of the portfolio of our products, as well as market access.

是的，我們推出了一些，但不是大多數。我們根據他們各自的優點來審視它們，就我們能夠在我們的產品組合以及市場准入方面推動的關係的價值而言。

Okay. And then just a little bit more color on maybe the mix trends that play out beyond this quarter. Can you just talk about how you think, maybe between now and year-end, some of the mix relates to specifically on the enterprise side? So, server DRAM and enterprise SSD -- what's your outlook for demand from those areas for, say, through December 31?

好的。然後在本季度之後出現的混合趨勢上再增加一點色彩。你能談談你的想法嗎，也許從現在到年底，一些混合與企業方面特別相關？那麼，服務器 DRAM 和企業級 SSD ——您對這些領域的需求前景如何，比如到 12 月 31 日？

We still are very bullish on enterprise DRAM opportunities for us. And if you look at the server bit growth, I don't have the exact number in front of me. But within the last two years, we were somewhere on 150 gigabit equivalent -- million gigabit equivalents per quarter. I just stated that we were up 30% quarter over quarter. That puts us slightly below 500 million gigabit equivalents. And that continues to grow, and at the server DRAM business. And we think it's going to continue to grow. Really, the density per box is a big differentiator in terms of performance. And we also think the hyper scale cloud data center growth is just going to continue for the foreseeable future.

我們仍然非常看好我們的企業 DRAM 機會。如果您查看服務器位增長，我面前沒有確切的數字。但在過去的兩年裡，我們大約達到了 150 千兆比特——每季度百萬千兆比特。我剛剛說過，我們的季度環比增長了 30%。這使我們略低於 5 億千兆比特。而且這種情況還在繼續增長，在服務器 DRAM 業務中也是如此。我們認為它會繼續增長。實際上，每個盒子的密度在性能方面是一個很大的區別。我們還認為，在可預見的未來，超大規模雲數據中心的增長將繼續下去。

Yes, in the enterprise SSD business, we obviously continue to see growth there as well in the end market. We also see that this is -- we feel it's pretty early. And there's different formats: there's hybrid drive; there's obviously SaaS and PCIe. And we think we're at the beginning of a long game there with a lot of exciting opportunities, and we continue to invest that way.

是的，在企業 SSD 業務中，我們顯然在終端市場也繼續看到增長。我們還看到這是 - 我們覺得現在還為時過早。還有不同的格式：混合驅動；顯然有 SaaS 和 PCIe。而且我們認為我們正處於一場漫長的比賽的開始，有很多令人興奮的機會，我們將繼續以這種方式進行投資。

So is it fair to say that the mix in those two areas that you just pointed out should be higher by the end of the year versus where it is mid-year?

那麼可以公平地說，您剛剛指出的這兩個領域的組合到今年年底應該高於年中的水平嗎？

Let me jump in a little bit on the server piece. Clearly there is very strong demand there. And we've had more than our fair share of that segment of the market for a long time based on service levels and quality levels, et cetera.

讓我稍微介紹一下服務器部分。顯然那裡的需求非常強勁。長期以來，根據服務水平和質量水平等因素，我們在該市場領域的份額超過了我們的公平份額。

As we look at each of the segments, though, as Mark has commented, we are going to be careful to make sure that we're looking at the long-term ramifications of the relationship with all those customers, as well as optimizing our margins going forward. So it's not just a matter of growing share in the fastest-growing segments' it's a matter of balancing that with the return for the Company as well.

然而，正如馬克所評論的那樣，當我們審視每個細分市場時，我們將謹慎確保我們正在關注與所有這些客戶關係的長期影響，並優化我們的利潤往前走。因此，這不僅僅是在增長最快的細分市場中增加份額的問題，而是平衡公司回報的問題。

Great. I appreciate the color. Thanks again.

偉大的。我很欣賞這種顏色。再次感謝。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Starting with NAND, I'm a little bit surprised that the cost is tracking flat for two consecutive quarters. Can you please provide an update? Is it just a matter of timing before 16 nanometer kicks in, or how should we think about this progress? (multiple speakers)

從 NAND 開始，我有點驚訝於成本連續兩個季度持平。你能提供一個更新嗎？ 16納米問世只是時間問題，還是我們應該如何看待這一進展？ （多位發言者）

Thanks for the question. I think you identified one element to the equation. The primary driver, as I mentioned in my comments earlier, was that we started to get back into the SSD game in scale, and that BOM cost includes all of the SSD build material. So that impacts cost that we classify under NAND. As well as what you mentioned is the ramp on 16 nanometer, while going very well, we don't start to get the full cost benefit until a future quarter.

謝謝你的問題。我認為您確定了方程式的一個要素。正如我之前在評論中提到的，主要驅動因素是我們開始大規模回歸 SSD 遊戲，而 BOM 成本包括所有 SSD 構建材料。因此，這會影響我們歸類為 NAND 的成本。除了您提到的 16 納米技術的進步，雖然進展順利，但我們要到未來一個季度才能開始獲得全部成本效益。

So, how should we think about -- or how do you differentiate between the debt cost versus non-debt costs? Which one is having more of an impact?

那麼，我們應該如何思考——或者你如何區分債務成本和非債務成本？哪個影響更大？

We tend to not want to give that data, from a competitive perspective. And it's just -- the best way to take a look at it is to take a look at quarter over quarter, the volume on SSD and how that might trend relative to cost per gigabyte.

從競爭的角度來看，我們往往不想提供這些數據。這只是 - 查看它的最佳方法是查看季度環比、SSD 上的容量以及相對於每 GB 成本的趨勢。

Got it. And then one question for Ron. Thanks for providing guide. I just needed clarification on gross margin. Did you say that gross margin would be down by $70 million? And if so, can you explain again what the reason is?

知道了。然後問羅恩一個問題。感謝您提供指導。我只需要澄清毛利率。你是說毛利率會下降 7000 萬美元嗎？如果是這樣，你能再解釋一下原因是什麼嗎？

Mehdi, what I broke down was that I gave you the DRAM outlook, including the margin trend and the NAND outlook, including margin trend. In fact, just to comment on that for a minute -- and then I gave you another piece, which I will elaborate on. On the NAND margin trend, we actually indicated we were going to probably be down couple of points Q2 to Q3, and we were actually flat. We are now thinking we'll be down a couple quarters predominantly mix-driven, just so you know where that tie-in comes.

Mehdi，我打破的是我給你的 DRAM 前景，包括利潤率趨勢和 NAND 前景，包括利潤率趨勢。事實上，只是想評論一下——然後我給了你另一篇文章，我將詳細說明。在 NAND 利潤率趨勢上，我們實際上表示我們可能會在第二季度到第三季度下降幾個點，實際上我們持平。我們現在認為我們將主要是混合驅動的幾個季度，只是為了讓你知道這種搭配來自哪裡。

But as you look at the total Q4 trend, we gave you the DRAM pieces; the NAND pieces where we think we'll be down a couple of points. And then there is a $30 million effect related to some expected sellthrough of legacy technology inventory in the fourth quarter. And that will be basically -- float out in the third quarters, but I wanted to call that out because it's a somewhat unique affect. It's a technology we aquired from our Numonyx acquisition, and we'll be replacing it with new emerging technology over time. But we did have some legacy inventory that we're selling off. And it's related to a specific approach to phase change that we are no longer pursuing in favor of other variants of the technology.

但是當您查看第四季度的總體趨勢時，我們為您提供了 DRAM 塊；我們認為我們會下降幾個點的 NAND 部分。然後，與第四季度一些預期的遺留技術庫存銷售有關，產生了 3000 萬美元的影響。這基本上會在第三季度浮出水面，但我想指出這一點，因為它有點獨特的影響。這是我們從 Numonyx 收購中獲得的一項技術，隨著時間的推移，我們將用新興技術取代它。但我們確實有一些我們正在出售的遺留庫存。它與一種特定的相變方法有關，我們不再追求該技術的其他變體。

So, that $30 million is in addition to the guidance on NAND and DRAM I gave you.

所以，這 3000 萬美元是我給你的 NAND 和 DRAM 指導之外的。

Got it. Thanks much.

知道了。非常感謝。

Rajvindra, Needham & Company.

Rajvindra, Needham & Company。

Congrats on solid results. Just a question on the SSD strategy. Given some of the recent consolidation or acquisitions that you have seen from your competitors -- wondering what's your response to that. And how do you intend to compete on the enterprise SSD space, given this recent acquisition and consolidation by your competitor?

恭喜你取得了可靠的結果。只是關於SSD策略的問題。鑑於您從競爭對手那裡看到的一些最近的整合或收購——想知道您對此有何反應。鑑於您的競爭對手最近的收購和整合，您打算如何在企業 SSD 領域競爭？

This is Mark. There's been an ongoing activity in this area over a number of quarters, including, as you note, the most recent one. We continue to grow our businesses methodically and organically, as well as look at a number of inorganic opportunities over time. When we see one that we think is a good fit for Micron, we will execute on it, but we're not going to comment in advance on which ones those might or might not be. And we're certainly not going to comment on acquisitions by any of our competitors.

這是馬克。該領域在多個季度中一直在進行活動，包括，如您所指出的，最近的一個。我們繼續有條不紊地、有機地發展我們的業務，並隨著時間的推移尋找一些無機的機會。當我們看到一個我們認為適合美光的產品時，我們會執行它，但我們不會提前評論哪些可能適合或可能不適合。我們當然不會對任何競爭對手的收購發表評論。

And it was pushed a little bit on the previous question, but can you talk a little bit about some of the tangible tailwinds you see on the NAND gross margins over the long-term? And how do you expect to get those NAND margins up, whether -- perhaps closer to some of your competitors?

它在上一個問題上被推了一點，但是你能談談你在長期內看到的 NAND 毛利率的一些有形的順風嗎？您希望如何提高這些 NAND 利潤率，是否 - 可能更接近您的一些競爭對手？

Yes, sure. First, as a comment on that, we think the enterprise market is a very attractive market for the enterprise storage devices, and continue to make investments in building out capabilities around our controller team, our firmware team. We've had a very good entry in the PCIe enterprise storage, clouds products, and great performance there. And we continue to grow, and we are continuing to invest in SaaS as well. So we believe that we will grow that business accordingly and be successful in that business.

是的，當然。首先，作為對此的評論，我們認為企業市場對企業存儲設備來說是一個非常有吸引力的市場，並繼續投資於圍繞我們的控制器團隊、固件團隊構建功能。我們在 PCIe 企業存儲、雲產品和那裡的出色性能方面取得了很好的成績。我們還在繼續發展，我們也在繼續投資 SaaS。因此，我們相信我們將相應地發展該業務並在該業務中取得成功。

Secondly, as I commented on my earlier comments, we're continuing to drive and accelerate to a TLC roadmap that takes advantage of the cost advantages there. And I'd say, finally, we believe that beyond SSDs, the mobile market for NAND will be a good contributor for overall margins over the long-term. And that's really how we collectively look at this business. We're in this business for the long-term. And we're going to make these investments, and drive, overall, our capacity strategy and market product roadmaps that way.

其次，正如我在之前的評論中所評論的那樣，我們將繼續推動並加速實現 TLC 路線圖，以利用那裡的成本優勢。最後，我要說的是，我們相信除了 SSD 之外，NAND 的移動市場將成為長期整體利潤率的良好貢獻者。這就是我們共同看待這項業務的方式。我們長期從事這項業務。我們將進行這些投資，並以這種方式總體推動我們的產能戰略和市場產品路線圖。

Great. Thanks for taking my questions.

偉大的。感謝您提出我的問題。

Monika Garg, Pacific Crest Securities.

Monika Garg，Pacific Crest 證券。

First is on the CapEx. CapEx has almost doubled quarter over quarter, so could you give a split between NAND, DRAM -- or is it more weighted towards 3D NAND?

首先是資本支出。資本支出幾乎比上一季度翻了一番，那麼您能否在 NAND 和 DRAM 之間進行劃分——還是更側重於 3D NAND？

For the year, fiscal 2014, the number that I gave you was $2.8 billion to $3.2 billion. That's over $1 billion in capital in the fourth quarter, as you observed. It's just the timing of payment schedules, but within the range that we have been guiding for a number of quarters now. And in terms of the breakdown, it's heavier to DRAM. It's probably 40% DRAM, 30% NAND, and the remainder in a bunch of other areas, including R&D.

在 2014 財年，我給你的數字是 28 億到 32 億美元。正如您所觀察到的，第四季度的資本超過 10 億美元。這只是付款時間表的時間安排，但在我們已經指導了幾個季度的範圍內。而在擊穿方面，對DRAM的影響更大。它可能是 40% 的 DRAM、30% 的 NAND，其餘的則用於包括研發在內的一系列其他領域。

Thanks. Just then a question on the 3D NAND, could you maybe talk about when you expect to have samples of 3D NAND? And when do you think you will ramp 3D NAND -- basically the conversion from 2D NAND to 3D NAND? Thanks.

謝謝。剛才有一個關於 3D NAND 的問題，您能否談談您希望何時獲得 3D NAND 樣品？你認為你什麼時候會推出 3D NAND——基本上是從 2D NAND 到 3D NAND 的轉換？謝謝。

Monika, we're not -- we've commented on a previous call that we would have more to say about that later in the year. And we're not planning to make any announcements as to explicitly when we might sample or announce any products in that area. We have said that we believe that this is going to be a material impact on the industry in the second half of 2015, and we wouldn't change that guidance today.

Monika，我們不是——我們已經對之前的電話發表了評論，我們將在今年晚些時候對此有更多的發言權。而且我們不打算明確宣布我們何時可以在該領域對任何產品進行抽樣或宣布。我們已經說過，我們相信這將對 2015 年下半年的行業產生重大影響，我們今天不會更改該指引。

Thank you so much.

太感謝了。

C.J. Muse, ISI Group.

C.J. Muse，ISI 集團。

First question is a follow-up. On the 3D NAND side, curious -- as you think about some of the well-known issues there at one of your competitors -- curious how you think about supply/demand heading into next year, and whether or not the industry will need to add incremental planar capacity to meet expected demand, if the issues around 3D persist.

第一個問題是後續問題。在 3D NAND 方面，很好奇——當你想到你的一個競爭對手那裡的一些眾所周知的問題時——很好奇你如何看待明年的供需，以及行業是否需要如果圍繞 3D 的問題仍然存在，則添加增量平面容量以滿足預期需求。

It's probably hard to speak for our competitors in that way. But I would say that our intent is to keep going down the path we are. We've stated, and Mark just commented, we've got a plan in place and we're not making any changes to that plan today. And as we look at industry demand over that period, we'll consider matching up our customer requirements. But in general, we are on a plan with the current 3D strategy. It's not going to really affect our planar output.

以這種方式為我們的競爭對手說話可能很難。但我想說，我們的意圖是繼續沿著我們現在的道路前進。我們已經說過，馬克剛剛評論說，我們已經制定了一個計劃，我們今天不會對該計劃進行任何更改。當我們觀察那個時期的行業需求時，我們會考慮匹配我們的客戶要求。但總的來說，我們正在製定當前 3D 戰略的計劃。它不會真正影響我們的平面輸出。

Yes, and I think it's -- let me add a little bit to that, Mark. It's really hard to look at the NAND business today, and the changes coming with 3D NAND technology, and say it makes a lot of sense to make large investments in planar NAND. So I think to the extent some of our competitors have issues with 3D NAND technology, I wouldn't expect to see anybody go in and backfill that with incremental planar NAND. I would just expect the market to be a little tighter as competitors work through that situation.

是的，我認為是——讓我補充一點，馬克。很難看今天的 NAND 業務，以及 3D NAND 技術帶來的變化，並說在平面 NAND 上進行大量投資是很有意義的。所以我認為我們的一些競爭對手在 3D NAND 技術方面存在問題，我不希望看到有人進入並用增量平面 NAND 回填。我只是希望隨著競爭對手在這種情況下工作，市場會變得更加緊張。

That's helpful. And as a follow-up to your prepared remarks regarding system-level investments, curious -- I guess, first, if you can opine on where on the technology side -- whether controller, firmware, et cetera -- that where you think you might need incremental technology; as well as whether you would pursue partnerships, or whether it would be pure organic or acquisition-driven.

這很有幫助。作為你準備好的關於系統級投資的評論的後續行動，好奇——我想，首先，如果你能就技術方面的位置發表意見——無論是控制器、固件等——你認為你在哪裡可能需要增量技術；以及您是否會尋求合作夥伴關係，或者是純有機的還是收購驅動的。

This is just a big, big space to cover when you start thinking about storage and all the places it goes, and all the end applications and interfaces you've got. You've got mobile applications; you got client; you got data center; you got hardened enterprise. You've got UFS; you got PCIe; you got SaaS; you got SATA. It's a lot of engineering resources across a broad spectrum to service all those system-level solutions. And so the answer is, yes, all of the above. Micron needs incremental controller resources in all those areas; firmware and software resources to support those incremental controller resources.

當您開始考慮存儲以及它的所有位置以及您擁有的所有最終應用程序和接口時，這只是一個很大的空間。你有移動應用程序；你有客戶；你有數據中心；你有堅定的企業。你有UFS；你有PCIe；你有SaaS；你有SATA。為所有這些系統級解決方案提供服務需要大量的工程資源。所以答案是，是的，以上所有。美光在所有這些領域都需要增量控制器資源；固件和軟件資源來支持這些增量控制器資源。

And we're working in all those areas, both organically and inorganically. And we'll continue to do that, so stay tuned. But we're not going to broadcast in advance exactly what we may or may not do.

我們正在所有這些領域工作，無論是有機的還是無機的。我們將繼續這樣做，敬請期待。但我們不會提前公佈我們可能會或可能不會做的事情。

Sure. If I could sneak in one last one. Can you provide an update on where you are in terms of shrink on the DRAM site, 25 and 20 nanometer, in terms of this year or next year?

當然。如果我能偷偷溜進去最後一個。您能否提供有關今年或明年 DRAM 站點（25 納米和 20 納米）縮小方面的最新情況？

Sure. So today, as you know, we've got 25 nanometer product. About roughly 30% of our mobile DRAM is on 25 nanometer. Today very little is on -- in the PC DDR3 space -- on 25 nanometer. Going forward, obviously that will shift and improve in terms of the mix on the 25 nanometer node.

當然。所以今天，如你所知，我們有 25 納米的產品。我們大約 30% 的移動 DRAM 採用 25 納米。今天，在 25 納米的 PC DDR3 空間中，幾乎沒有什麼進展。展望未來，顯然這將在 25 納米節點的混合方面發生變化和改進。

And remember, as Inotera has publicly stated, they are going to bypass 25 nanometer and go directly to 20 nanometer. And we expect -- and we can't speak for them -- but we expect them to be out in the early part of 2015, with early volumes and customer qualification, and meaningful volumes in the back half of 2015. And then over time, we'll begin the migration of our capacity that way as well.

請記住，正如 Inotera 公開聲明的那樣，他們將繞過 25 納米直接進入 20 納米。我們預計——我們不能代表他們——但我們預計他們將在 2015 年初推出，早期銷量和客戶資格，並在 2015 年下半年實現有意義的銷量。然後隨著時間的推移，我們也將以這種方式開始容量遷移。

Very helpful. Thank you.

非常有幫助。謝謝你。

Doug Freedman, RBC capital.

道格弗里德曼，加拿大皇家銀行資本。

Congrats on the strong results. If I could dig into the CapEx increase just a little bit more. On the quarterly spend rate, Ron, you did say it had to do with the timing of payments. How should we think about that equipment getting turned on? And is there an inflection at all in the bit growth that we should see in maybe the Q1 quarter, as that equipment gets put in place?

恭喜取得了不錯的成績。如果我能深入挖掘資本支出的增長，那就再多一點。關於季度支出率，Ron，您確實說過這與付款時間有關。我們應該如何看待設備開啟？隨著設備到位，我們應該在第一季度看到的比特增長是否存在拐點？

Yes. So, it's just mainly timing quarter-to-quarter, and variation. But the way we normally recognize CapEx is when we pay it, so when we actually pay it per vendor agreements. And typically those vendor agreements have qualification processes to enable them to be available for production. So it's a function of when they're available for production, and we pay according to our vendor agreements. So, yes, as we go forward, that will certainly contribute to what Mark and Mark have been commenting about, with bit growth trends over time, as well as migrating to some of the new product technology areas. But it can vary, based upon the qualification scheduling of the technologies and the individual machines.

是的。因此，它主要是按季度進行時間安排和變化。但是我們通常識別資本支出的方式是我們支付它的時候，所以當我們根據供應商協議實際支付它時。通常，這些供應商協議都有資格認證流程，以使它們能夠用於生產。因此，這是它們何時可用於生產的功能，我們根據供應商協議付款。所以，是的，隨著我們的前進，這肯定會有助於 Mark 和 Mark 一直在評論的內容，隨著時間的推移會有一些增長趨勢，以及遷移到一些新的產品技術領域。但它可能會有所不同，具體取決於技術和單個機器的資格安排。

Keep in mind, as Mark also mentioned, we've got a number of investments going on in other areas such as 3D NAND technology, and it has a little bit different timeline, et cetera. So there's a lot going on inside Micron. The timing, quarter-to-quarter, tends to vary around. But I gave you the full-year view, and that was about where we thought we'd be for the year. Just some slipped out of the third quarter into the fourth, a little bit more than planned.

請記住，正如 Mark 還提到的，我們在其他領域進行了大量投資，例如 3D NAND 技術，而且它的時間表略有不同，等等。因此，美光內部發生了很多事情。每個季度的時間往往會有所不同。但我給了你全年的看法，這就是我們認為我們今年的情況。只有一些人從第三季度滑到第四季度，比計劃的要多一點。

Okay, great. Thanks for that color, and it's a great segue into my next question. There is a lot going on between all the different technology transitions you guys are doing. When we merged Micron and Elpida, we really did not see much in the way of any R&D synergies. Is there a point in time at which maybe the R&D roadmaps start to come together, and joint development efforts might increase, such that we should see maybe some synergies be realized on the R&D lines? Is there anything that we should be thinking about there?

好，太棒了。謝謝你的顏色，這是我下一個問題的一個很好的選擇。你們正在做的所有不同的技術轉型之間有很多事情要做。當我們合併美光和爾必達時，我們真的沒有看到任何研發協同效應。是否有某個時間點，研發路線圖開始形成，聯合開發工作可能會增加，這樣我們應該看到研發線上可能會實現一些協同效應？那裡有什麼我們應該考慮的嗎？

Well, I don't want to forecast too far in the future. But Doug, I think you have identified a potential benefit downstream as we -- remember, Elpida was on a roadmap to 25 nanometer upon the acquisition, and we've obviously continued in parallel with the 20 nanometer investment on the R&D line. I think out in the future, as the market warrants and dictates from a financial return perspective, you can envision us getting to a single architecture out beyond 20 nanometer.

好吧，我不想預測太遠的未來。但是道格，我認為您已經確定了下游的潛在利益，因為我們 - 請記住，Elpida 在收購時正在製定 25 納米的路線圖，並且我們顯然繼續與研發線上的 20 納米投資並行。我認為在未來，從財務回報的角度來看，隨著市場的需要和指示，您可以設想我們將獲得超過 20 納米的單一架構。

Okay. And with that, would that -- and that could lead to some sort of R&D synergies?

好的。有了這個，那會導致某種研發協同效應嗎？

Potentially.

潛在的。

Yes, it could, Doug. But keep in mind, we're also making investments in storage-class memories and advanced system-level solutions, et cetera. So I think the nature of our R&D is going to change. We are not as focused on driving that R&D line down as we are making sure that we're deploying whatever capital we do spend, or whatever corporate resources we do allocate to R&D, that we use them effectively and efficiently.

是的，它可以，道格。但請記住，我們還在存儲級存儲器和先進的系統級解決方案等方面進行投資。所以我認為我們研發的性質將會改變。我們並不專注於推動研發線，因為我們確保我們正在部署我們所花費的任何資金，或者我們分配給研發的任何公司資源，我們有效且高效地使用它們。

All right. And if I could sneak one more in, can you talk a little bit about the wafer output that you are going to see in the back half of the year, maybe in a percentage Q3 over Q4, and then going forward? And whether those are internally, or purchased from Inotera?

好的。如果我可以再偷偷講一下，您能否談談您將在今年下半年看到的晶圓產量，可能是第三季度與第四季度的百分比，然後再向前發展？那些是內部的，還是從 Inotera 購買的？

I think the best way to characterize that -- we see that as generally flat quarter-over-quarter.

我認為最好的方式來描述這一點——我們認為這與季度環比總體持平。

Great, thank you. Congrats on the strong results.

太好了謝謝。恭喜取得了不錯的成績。

Mark Newman, Bernstein.

馬克紐曼，伯恩斯坦。

Congrats for the good results again. The question is more on the NAND side. It seems like, if you took about -- you're talking about a few things going on there. It seems like you're having some success on the SSD side. But from what I understand, it seems like the TLC part of the equation seems to be getting pushed out a little bit.

再次恭喜取得好成績。問題更多在NAND方面。看起來，如果你開始 - 你正在談論那裡發生的一些事情。看來您在 SSD 方面取得了一些成功。但據我了解，似乎等式中的 TLC 部分似乎被推出了一點點。

So I just wanted to check with you in terms of those two things: the movement towards more SSD solutions -- what has worked, and what are the stumbling blocks moving further, in terms of getting more SSDs, enterprise, end computing PC SSDs, out of the door to improve your mix?

因此，我只想就這兩件事與您核實一下：朝著更多 SSD 解決方案的發展——在獲得更多 SSD、企業、終端計算 PC SSD 方面，哪些工作有效，進一步發展的絆腳石是什麼，走出門來改善你的混音？

And, similarly, on the TLC side, what is it that is delaying TLC adoption? Did you foresee those things being a fixed [win]? And if you could talk specifically through if those are more controller-related or silicon-related on the TLC.

同樣，在 TLC 方面，是什麼延遲了 TLC 的採用？您是否預見到這些事情是固定的[勝利]？如果您可以具體討論這些是否與 TLC 上的控制器相關或芯片相關。

Well, maybe I could start with the question on market access and what we think is working. Remember, there were two dynamics that were going on over the last two quarters or so. And I commented on -- in the April call about this -- one of which is we were obviously converting a new capacity to NAND in our Singapore Fab 7. And that material needed to get qualified with our major customers. In addition, we were also shifting from 20 nanometer and 25 nanometer drives to new product development on 16 nanometer and 20 nanometer high-end drives.

好吧，也許我可以從市場准入和我們認為有效的問題開始。請記住，在過去兩個季度左右發生了兩種動態。我在 4 月的電話會議中對此發表了評論，其中之一是我們顯然正在新加坡 Fab 7 中將新產能轉換為 NAND。而這種材料需要獲得我們主要客戶的認可。此外，我們還從 20 納米和 25 納米驅動器轉向 16 納米和 20 納米高端驅動器的新產品開發。

That transition at the time in the Singapore fab, it slowed our growth -- not necessarily driven by market growth, but driven by our ability to get customers quals and our products ramped at the right time. You saw the improvement in Q3. And that's really -- it should highlight that our access to the market is pretty strong; our customers are relying; and we drove pretty good results. So, it wasn't something that I would say that we changed behaviorally. It was just some transition, both technology and where the capacity was coming from. And we feel pretty confident we will continue to grow.

當時新加坡工廠的這種轉變減緩了我們的增長——不一定是由市場增長驅動的，而是由我們讓客戶滿意的能力和我們的產品在正確的時間推出的能力驅動的。您在第三季度看到了改善。那是真的 - 它應該強調我們進入市場的機會非常強大；我們的客戶信賴；我們取得了不錯的成績。所以，我不會說我們在行為上發生了變化。這只是一些過渡，包括技術和容量的來源。我們非常有信心我們將繼續增長。

On the TLC side, I would say that we are now confident with our internal testing that we can drive high-capacity TLC into the solid-state market. We were always -- have been positioned as a performance -- even on the client side, a high-end performance, high-quality drive with our OEM customers. And we wanted to make sure we were able to drive the right volume in the investments in TLC. And we think with our 16 nanometer roadmap, we can do so. And as I said, as I commented earlier, we'll get there probably by -- from a drive format -- by spring of 2015.

在 TLC 方面，我想說我們現在對我們的內部測試充滿信心，我們可以將大容量 TLC 推向固態市場。我們一直 - 一直被定位為性能 - 即使在客戶端，我們的 OEM 客戶也是高端性能、高質量驅動器。我們希望確保我們能夠推動適當的 TLC 投資量。我們認為通過我們的 16 納米路線圖，我們可以做到這一點。正如我所說的，正如我之前評論的那樣，我們可能會在 2015 年春天之前——從驅動器格式——到達那裡。

So, on the TLC side, are those more things or improvements on the controller side? Or is that also a combination to the NAND [selection] itself?

那麼，在 TLC 方面，控制器方面有更多的東西或改進嗎？或者這也是 NAND [選擇] 本身的組合？

Well, I think it's a little bit of both. The controller piece has to handle, obviously, the error correction element of TLC, and that's a little bit different. But I think the reliability of the TLC, and the actual testing of it internally in our development, early-stage modeling, has got us to a higher comfort level.

嗯，我認為兩者兼而有之。顯然，控制器必須處理 TLC 的糾錯元素，這有點不同。但我認為 TLC 的可靠性，以及在我們內部開發、早期建模中對其進行的實際測試，讓我們達到了更高的舒適度。

And then just a follow up on the SSD portion of the question. Have you shared -- or maybe I missed the percentage mix of your NAND that is going into SSDs. And then if that's also broken out into enterprise versus PC, as well by any chance? (multiple speakers) revenue.

然後只是跟進問題的 SSD 部分。你有沒有分享過——或者我錯過了你的 NAND 進入 SSD 的百分比組合。然後，如果這也被分為企業與 PC，以及是否有任何機會？ （多位發言者）收入。

Sure. I'm happy to do that. And let me just clarify -- in the past we have actually included in our SSD revenue, capacity we've sold to third-party SSD companies. And we are no longer going to do that. The best way to think about our SSD share today is that, of overall NAND, SSD is roughly about 20%. And that's up from 12% last quarter. And, again, for competitive reasons, I just don't feel comfortable breaking out to the enterprise client mix.

當然。我很高興這樣做。讓我澄清一下 - 過去我們實際上已經將我們的 SSD 收入包括我們出售給第三方 SSD 公司的容量。我們不再這樣做了。考慮我們今天 SSD 份額的最佳方式是，在整個 NAND 中，SSD 大約佔 20%。這比上一季度的 12% 有所上升。而且，再一次，出於競爭原因，我只是不願意突破企業客戶組合。

Okay, great. So, it's from 12% to 20% and --.

好，太棒了。所以，它是從 12% 到 20% 和--。

Of our overall NAND revenue.

在我們的整體 NAND 收入中。

Overall NAND revenue, got it. And that's purely your own SSDs, not accounting going to third parties.

整體NAND收入，明白了。這純粹是您自己的 SSD，而不是向第三方計費。

That's right. That's right.

這是正確的。這是正確的。

Great. And is that -- any idea where that may go to, fiscal Q4 and into next year, in terms of percentage of mix?

偉大的。那是 - 任何想法可能會去哪裡，第四財季和明年，就混合百分比而言？

Well, I think it's fair to say that it will continue to grow. We don't want to state any numbers on the call, but it will be an upward growth path from here.

好吧，我認為公平地說它會繼續增長。我們不想在電話會議上說明任何數字，但這將是從這裡開始的向上增長路徑。

Yes, I guess all of this sounds good. I'm just still a little bit curious why, based on the guidance, the next quarter's gross margin looks like it's going to come down, even with your mix improving SSDs. It seems like the ASP part of the line would be a little bit better. Is there anything I'm missing as to why that ASP wouldn't be better?

是的，我想所有這些聽起來都不錯。我只是有點好奇，為什麼根據指導，下個季度的毛利率看起來會下降，即使你的組合改進了 SSD。似乎該行的 ASP 部分會好一些。關於為什麼 ASP 不會更好，我有什麼遺漏嗎？

It's really a function of our growth and our scale, and getting big and some large OEM sockets in terms of the SSD qualification and future business commitment. And the second piece, on the margin question, as I mentioned, we are now getting 16 nanometer in volume, obviously. And that ramp is on the front end of the cost benefit curve that we would see in future quarters.

就 SSD 資質和未來業務承諾而言，這確實是我們的增長和規模的函數，以及獲得大型和一些大型 OEM 插槽。第二部分，關於邊距問題，正如我所提到的，我們現在的體積顯然是 16 納米。這個斜坡位於我們將在未來幾個季度看到的成本效益曲線的前端。

Got it, okay. Much appreciated. Thanks very much.

明白了，好吧。非常感激。非常感謝。

Vijay Rakesh, Sterne.

維杰·拉克什，斯特恩。

Just going back on the same NAND question here, when you look at the SSD mix going from 12% to 20%, you mentioned soft front-loading of the costs. As those costs flow through to the August quarter, do you see NAND margins bouncing back towards the end of the year, or into the November quarter?

回到同樣的 NAND 問題，當你看到 SSD 組合從 12% 到 20% 時，你提到了成本的軟前置加載。隨著這些成本流向 8 月季度，您是否認為 NAND 利潤率會在年底或 11 月季度反彈？

Well, it's, again, we try to avoid forecasting going into that kind of -- out in the future. Guys, we're going to continue to drive performance in this business. And we think we've got line of sight on the key fixes to drive better performance over the long-term.

好吧，我們再次嘗試避免預測未來會出現這種情況。伙計們，我們將繼續推動這項業務的業績。而且我們認為我們已經對關鍵修復有一定的了解，可以在長期內推動更好的性能。

And when you look at the 16 nanometer mix on the NAND side, where are you now? And how much of the SSD goes to 16 nanometer, as you look out towards the end of the year?

當您查看 NAND 方面的 16 納米混合時，您現在在哪裡？當您展望年底時，有多少 SSD 達到 16 納米？

Okay, so in terms of where we are, in terms of leading edge production for NAND, we were relatively light relative to -- we were 3% in the prior quarter; and roughly, more or less, less than 20% in Q4 we're projecting on 16 nanometer. So we're still ramping the technology in this product. And then SSD is probably behind that, as an overall mix.

好的，所以就我們所處的位置而言，就 NAND 的領先生產而言，我們相對較輕——我們在上一季度為 3%；大約，或多或少，我們預計 16 納米的第四季度不到 20%。因此，我們仍在提升該產品的技術。然後 SSD 可能落後於整體組合。

Got it. Last question -- when do you see those cost improvements on the 16 nanometer start to flow through? When do you start to see that manifest on the margin side?

知道了。最後一個問題——你什麼時候開始看到 16 納米的成本改進？你什麼時候開始在邊緣看到清單？

Yes, it's probably -- the best comment, I'd say, is out in the early calendar 2015.

是的，這可能是——最好的評論，我想說，在 2015 年初的日曆中。

Okay, great. Thanks a lot.

好，太棒了。非常感謝。

I think we have time for one more caller.

我想我們有時間再接一個來電者。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Now that the transition in Singapore from DRAM to NAND is mostly behind you, can you talk about how you feel about the DRAM/NAND mix today, and what would drive you in the next few years to make further changes to change that mix?

既然新加坡從 DRAM 到 NAND 的過渡已基本結束，您能否談談您對今天的 DRAM/NAND 組合的看法，以及在未來幾年內推動您做出進一步改變以改變這種組合的因素是什麼？

Well, we feel pretty good about where we're at. And we certainly are long-term believers in the growth of NAND demand. And as we learn more about what the elasticity of demand there is, I would think that it's more likely that market is going to outgrow the ability to service it with existing capacity than it is in DRAM.

好吧，我們對自己所處的位置感覺很好。我們當然長期相信 NAND 需求的增長。隨著我們更多地了解需求彈性，我認為市場更有可能超過 DRAM 現有容量的服務能力。

And so, while we're pretty happy with our mix today, we don't think in terms of flipping capacity back and forth on a go-forward basis. I think we're, at least under today's conditions, happy with the mix we've got. And we'll look at dialing our mix between different segments within NAND and DRAM. And we'll look, over time, at adding the right capacity. More likely, that's going to be in NAND than DRAM as we move through time.

因此，雖然我們對今天的組合非常滿意，但我們並不認為在前進的基礎上來回翻轉容量。我認為，至少在今天的條件下，我們對我們所擁有的組合感到滿意。我們將研究如何在 NAND 和 DRAM 的不同部分之間進行混合。隨著時間的推移，我們將著眼於增加合適的容量。更有可能的是，隨著時間的推移，它將出現在 NAND 中而不是 DRAM 中。

Okay, great. Thank you. And then, secondly, you talked about the potential benefits in moving to more straight debt at investment grade. What would be the change that would gate the timing of that? And what -- it seems like your bonds are trading pretty well now. How do you think about that potential opportunity?

好，太棒了。謝謝你。然後，其次，您談到了在投資級別轉向更直接的債務的潛在好處。什麼會改變它的時機？還有什麼——看起來你的債券現在交易得很好。你如何看待這個潛在的機會？

Sure, Joe. Obviously, the market is pretty favorable right now with regard to straight debt. We did one of the early offerings in our rating class for high-yield debt, and it turned out extremely well. We basically got investment-grade covenants, and very close to investment-grade pricing.

當然，喬。顯然，就直接債務而言，目前市場非常有利。我們在我們的評級類別中為高收益債券進行了早期發行之一，結果非常好。我們基本上得到了投資級契約，並且非常接近投資級定價。

Since that time, the market has gotten even better. We never know how long that will hold, but it's a very good environment today, especially for Micron. So we'll be watching it closely, and making moves as we think they are prudent over time, in terms of our overall mix.

從那時起，市場變得更好。我們永遠不知道這會持續多久，但今天這是一個非常好的環境，尤其是對美光而言。因此，我們將密切關注它，並按照我們認為隨著時間的推移採取謹慎的行動，就我們的整體組合而言。

But as I mentioned, in general, we'll be trending more towards high-yield, given the current condition in rates and pricing and less in convert. We'll continue to move on those over time, as well, to reduce them.

但正如我所提到的，一般而言，鑑於利率和定價的當前狀況以及轉換率較低，我們將更傾向於高收益。隨著時間的推移，我們將繼續處理這些問題，以減少它們。

Okay. Thank you.

好的。謝謝你。

With that, we would like to thank everyone for participating on the call today. If you will please bear with me, I need to repeat the Safe Harbor protection language.

有了這個，我們要感謝大家今天參加電話會議。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. 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.

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。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. Thank you.

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。謝謝你。

Ladies and gentlemen, thank you for participating in today's conference. This concludes today's Micron Technology third-quarter 2014 financial release conference call. You may now disconnect.

女士們，先生們，感謝你們參加今天的會議。今天的美光科技 2014 年第三季度財務發布電話會議到此結束。您現在可以斷開連接。