美光科技 (MU) 2014 Q4 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 Micron Technology's fourth-quarter 2014 financial release conference call.

在此，歡迎大家參加美光科技 2014 年第四季度財務發布電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝你。

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

現在我很高興將發言權交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

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

非常感謝大家，歡迎大家參加美光科技 2014 年第四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 上獲得。

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.

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。

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

如果您還沒有機會查看 2014 年第四季度財務新聞稿，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。

The will be an audio replay of the call.

這將是通話的音頻重播。

You may access that by dialing 404-537-3406 with the confirmation code of 2237916.

您可以撥打 404-537-3406 並使用確認碼 2237916 來訪問它。

This replay will run through Thursday October 2 at 11.30 PM mountain time.

該重播將持續到 10 月 2 日星期四山區時間晚上 11:30。

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

2015 年 9 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 information on 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。

You can also follow us on Twitter @Microntech.

您也可以在 Twitter @Microntech 上關注我們。

Now, please note the following Safe Harbor statement:

現在，請注意以下安全港聲明：

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

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

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

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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

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

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

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

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

這些特定因素可以在美光網站的投資者關係部分找到。

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

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

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

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

I will now turn the call over to Mark Durcan.

我現在將把電話轉給 Mark Durcan。

Mark?

標記？

Thanks, Kipp.

謝謝，基普。

We had another strong quarter, benefiting from robust market demand, as well as solid operational execution.

得益於強勁的市場需求以及穩健的運營執行，我們又迎來了一個強勁的季度。

We set a new record for revenue of over $4.2 billion for the quarter.

我們創下了本季度收入超過 42 億美元的新紀錄。

Net income was $1.15 billion or $0.96 per diluted share.

淨收入為 11.5 億美元或每股攤薄收益 0.96 美元。

For the FY14, we generated record revenue of $16.4 billion, record net income, over $3 billion, and record free cash flow of $2.6 billion, based on record operating cash flow of $5.7 billion less CapEx of $3.1 billion.

2014 財年，我們創造了創紀錄的 164 億美元的收入，創紀錄的淨收入超過 30 億美元，以及創紀錄的 26 億美元的自由現金流，這是基於創紀錄的 57 億美元的運營現金流減去 31 億美元的資本支出。

As we enter FY15, I'd like to touch on a few key areas of focus, as well as provide a brief industry update.

在我們進入 2015 財年時，我想談談幾個重點關注領域，並提供簡短的行業更新。

Ron Foster will follow with a financial summary, and before turning to Q&A, we'll close our prepared comments with Mark Adams covering additional details of our operational performance and market conditions.

羅恩福斯特隨後將提供財務摘要，在轉向問答之前，我們將結束我們與馬克亞當斯準備的評論，涵蓋我們運營業績和市場狀況的更多細節。

Beyond ongoing advanced component and technology development, we have three main operational focus areas for FY15.

除了正在進行的先進組件和技術開發之外，我們在 2015 財年還擁有三個主要的運營重點領域。

The first is technology deployment, and includes continued 25-nanometer DRAM conversion and 20-nanometer DRAM ramp, completion of 16-nanometer planar NAND conversion and introduction of 3D NAND, TLC NAND deployment for cost-sensitive applications, and building out our capability to deliver advanced packaging solutions and controllers.

首先是技術部署，包括持續的 25 納米 DRAM 轉換和 20 納米 DRAM 爬坡、完成 16 納米平面 NAND 轉換和引入 3D NAND、TLC NAND 部署以用於成本敏感的應用，並建立我們的能力提供先進的包裝解決方案和控制器。

The second is optimizing manufacturing capacity, including improving our manufacturing efficiency through line balancing, cycle time, yield and metrology initiatives.

第二個是優化製造能力，包括通過生產線平衡、週期時間、產量和計量舉措來提高我們的製造效率。

And, managing our product mix in order to generate the best possible long-term margins and returns for our business.

並且，管理我們的產品組合，以便為我們的業務創造盡可能好的長期利潤和回報。

Finally, in 2015, we'll focus on growing our memory systems and subsystem solutions, including expanding the market penetration and our offering breadth of our advanced bit addressable memory solutions, building additional storage solutions such as enterprise SSDs, and designing new and innovative mobile memory systems solutions.

最後，在 2015 年，我們將專注於發展我們的內存系統和子系統解決方案，包括擴大市場滲透率和提供我們先進的位可尋址內存解決方案的廣度，構建額外的存儲解決方案，例如企業級 SSD，以及設計新的和創新的移動設備。內存系統解決方案。

As we outlined at our analyst day last month, FY15 CapEx is expected to be in the range of $3.6 billion to $4 billion.

正如我們在上個月的分析師日概述的那樣，FY15 資本支出預計在 36 億美元至 40 億美元之間。

Roughly 30% of this CapEx will go towards non-supply expanding investments, including manufacturing efficiency improvements, emerging memories, back-end capability, and additional system manufacturing and engineering tooling to support system and subsystem level products.

大約 30% 的資本支出將用於非供應擴張投資，包括提高製造效率、新興存儲器、後端能力以及額外的系統製造和工程工具，以支持系統和子系統級產品。

This compares to about 25% of our $3.1 billion CapEx bill in FY14, and highlights our belief that these investments, which are designed, among other things, to enhance our value-added product portfolio, will generate some of the highest returns going forward.

相比之下，我們在 2014 財年 31 億美元的資本支出賬單中約佔 25%，這凸顯了我們的信念，即這些旨在增強我們增值產品組合的投資將在未來產生一些最高回報。

In terms of the more traditional investments in memory process technology, DRAM will represent about 50% and NAND will represent about 20% of our total CapEx in 2015.

就內存工藝技術的傳統投資而言，DRAM 將佔 2015 年總資本支出的 50% 左右，NAND 將占我們總資本支出的 20% 左右。

This compares to roughly 45% and 30% to 35%, respectively, in 2014.

相比之下，2014 年這一比例分別約為 45% 和 30% 至 35%。

We expect the bit growth we generate from technology in calendar 2015 to be in line, or below the market for both DRAM and NAND.

我們預計 2015 年我們從技術中產生的位增長將與 DRAM 和 NAND 市場一致或低於市場。

Our bit growth profile is reflective of a strategy to grow the mix of premium and value added products, while maintaining and improving operational efficiency and cost.

我們的比特增長概況反映了增長優質和增值產品組合的戰略，同時保持和提高運營效率和成本。

While this will lead to less pure supply growth, we expect we'll generate more attractive and sustainable margins over time with this approach.

雖然這將導致不那麼純粹的供應增長，但我們預計隨著時間的推移，我們將通過這種方法產生更具吸引力和可持續的利潤率。

Our long-term outlook for the memory industry remains favorable.

我們對內存行業的長期前景仍然看好。

For DRAM, we are forecasting 2014 industry supply growth of around 30%.

對於 DRAM，我們預測 2014 年行業供應增長約 30%。

In 2015, we expect DRAM industry bit growth in the low to mid 20% range, and beyond 2015, we expect industry supply growth to slow somewhat, ranging from the high teens to mid-20s.

2015 年，我們預計 DRAM 行業位元增長將在 20% 到中低位，而 2015 年之後，我們預計行業供應增長將有所放緩，從十幾歲到 20 年代中期。

Part of this encouraging supply trend is due to the fact that 20-nanometer and sub 20-nanometer process technology ramps significantly reduce the wafer production for existing clean room space.

這種令人鼓舞的供應趨勢部分是由於 20 納米和亞 20 納米工藝技術的進步顯著降低了現有潔淨室空間的晶圓產量。

We believe the DRAM industry supply-demand balance will continue to be favorable for the foreseeable future.

我們認為，在可預見的未來，DRAM 行業供需平衡將繼續向好。

Demand elasticity has declined from historical levels, and cost per bit is no longer the major factor driving demand growth.

需求彈性較歷史水平有所下降，單比特成本不再是推動需求增長的主要因素。

For NAND, we're projecting industry supply growth in the high 30% to low 40% range for 2014.

對於 NAND，我們預計 2014 年行業供應增長在 30% 到 40% 的高位區間。

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 industry supply growth to be in the high 30% to 40%, to mid-40% range beyond 2015, when 3D becomes more prevalent in the market, supply growth will depend on new capacity investment.

我們預計 2015 年行業供應增長將在 30% 至 40% 的高位，2015 年之後至 40% 的中段，當 3D 在市場上變得更加普遍時，供應增長將取決於新的產能投資。

Although 3D technology drives a significant increase in bits per wafer, without capacity investment, this is offset by substantial decreases in wafer output per square foot of clean room space.

儘管 3D 技術在沒有產能投資的情況下推動了每片晶圓的比特數顯著增加，但這被每平方英尺潔淨室空間晶圓產量的大幅下降所抵消。

The demand profile matches up well with the existing supply growth rate, and we also believe that due to elasticity of demand for NAND in client and enterprise storage applications, the demand growth could be significantly higher, over time.

需求狀況與現有的供應增長率非常吻合，而且我們還認為，由於客戶和企業存儲應用對 NAND 的需求彈性，隨著時間的推移，需求增長可能會顯著提高。

At Micron, we'll continue to manage our NAND business, focused on long-term returns.

在美光，我們將繼續管理我們的 NAND 業務，專注於長期回報。

I want to congratulate the whole Micron team for a tremendous year.

我要祝賀整個美光團隊度過了豐收的一年。

We look forward to building on this success in 2015.

我們期待在 2015 年的成功基礎上再接再厲。

The memory industry continues to look very attractive, and we've never been better-positioned to deliver differentiated value for our customers and shareholders.

內存行業看起來仍然非常有吸引力，我們從未像現在這樣更好地為我們的客戶和股東提供差異化的價值。

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。

Ron?

羅恩？

Thanks, Mark.

謝謝，馬克。

Our fourth quarter of 2014 and fiscal year ended on August 28.

我們 2014 年第四季度和財政年度於 8 月 28 日結束。

We posted to our website a file containing the financial information I will cover, including GAAP and non-GAAP results, certain key metrics for FY14, the fourth quarter, as well as guidance for the first quarter of FY15.

我們在我們的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 業績、FY14 第四季度的某些關鍵指標，以及 FY15 第一季度的指導。

For FY14, we posted record revenue and net income, as Mark mentioned, with net income of $3 billion or $2.54 per diluted share, on net sales of $16.4 billion.

正如馬克所說，2014 財年，我們公佈了創紀錄的收入和淨收入，淨收入為 30 億美元或每股攤薄收益 2.54 美元，淨銷售額為 164 億美元。

This compares to the FY13 results of net income of $1.2 billion on net sales of $9.1 billion.

相比之下，2013 財年淨收入為 12 億美元，淨銷售額為 91 億美元。

Recall that the 2013 results include the $1.5 billion non-cash gain in the fourth quarter from the purchase accounting for Elpida and Rexchip, which we now will refer to as Micron Memory Japan or MMJ, and Micron Memory Taiwan, or MMT.

回想一下，2013 年的業績包括第四季度從收購 Elpida 和 Rexchip（我們現在將其稱為 Micron Memory Japan 或 MMJ）和 Micron Memory Taiwan 或 MMT 的 15 億美元非現金收益。

The results for FY14 reflect continued healthy market conditions, particularly for DRAM products, and our focus on maximizing long-term returns in the business.

2014 財年的業績反映了持續健康的市場狀況，尤其是 DRAM 產品，以及我們對業務長期回報最大化的關注。

Non-GAAP net income increased significantly, comparing 2014 to 2013.

與 2014 年至 2013 年相比，非 GAAP 淨收入顯著增加。

Now focusing on the fourth-quarter results, we posted net income of $1.150 billion, or $0.96 per diluted share, on net sales of $4.2 billion.

現在關注第四季度的業績，我們公佈的淨收入為 11.50 億美元，或每股攤薄收益 0.96 美元，淨銷售額為 42 億美元。

The fourth-quarter gross margin of 33% includes a $66 million charge associated with a patent license with Tessera.

第四季度 33% 的毛利率包括與 Tessera 的專利許可相關的 6600 萬美元費用。

The go-forward license will have cost of goods sold charges, that are not anticipated to have a material impact to any future quarterly period.

前進許可證將收取商品銷售成本費用，預計不會對未來的任何季度產生重大影響。

In addition, gross margin in the fourth quarter was adversely affected by $38 million from a last time sale of legacy architecture mobile PCM, or phase change memory products, which was mentioned last quarter as part of our guidance.

此外，上一次銷售傳統架構移動 PCM 或相變存儲器產品對第四季度的毛利率產生了 3800 萬美元的不利影響，上一季度我們在指導中提到了這一點。

Without these two items, gross margin for the fourth quarter would have been higher by approximately 2.5 percentage points.

如果沒有這兩項，第四季度的毛利率將提高約 2.5 個百分點。

On a non-GAAP basis, net income for the fourth quarter was $961 million, or $0.82 per share.

按非公認會計原則計算，第四季度的淨收入為 9.61 億美元，即每股 0.82 美元。

Non-GAAP adjustments netted to a reduction of income of $189 million or $0.14 per share in the fourth quarter, and included the following: the charge related to the Tessera license mentioned previously; restructure charges in the quarter of $22 million, which were primarily related to employee termination benefits from a workforce reduction in Italy; amortization of debt discounts and other cost of $37 million in the fourth quarter, includes imputed interest on our convertible notes, and the discount on the MMJ installment debt; the loss on restructure of debt of $17 million, related primarily to the repurchase and conversion of convertible notes in the fourth quarter, including mark-to-market adjustments of the 2031B notes to be settled in the first quarter of this year.

非 GAAP 調整導致第四季度收入減少 1.89 億美元或每股 0.14 美元，包括以下內容：與前面提到的 Tessera 許可證相關的費用；本季度的重組費用為 2200 萬美元，主要與意大利裁員帶來的員工解僱福利有關；第四季度債務折扣和其他成本的攤銷 3700 萬美元，包括我們可轉換票據的推算利息，以及 MMJ 分期債務的折扣；債務重組損失1700萬美元，主要與第四季度可轉換票據的回購和轉換有關，包括今年第一季度結算的2031B票據的市值調整。

Non-cash taxes from the MMJ operations were $118 million benefit in the fourth quarter, which includes a benefit from a change in the estimated utilization of net operating loss carryforwards for MMJ and MMT.

MMJ 業務第四季度的非現金稅為 1.18 億美元，其中包括 MMJ 和 MMT 淨經營虧損結轉的估計利用變化。

A couple of significant gains recognized in the fourth quarter also adjusted out of the non-GAAP results as follows: A $93 million gain was recognized as a result of Inotera's equity GDR offering in May, that was executed at a price above the carrying value of our investment.

第四季度確認的幾項重大收益也根據非公認會計準則結果進行瞭如下調整：由於 Inotera 在 5 月份的股票 GDR 發行，以高於賬面價值的價格執行，確認了 9300 萬美元的收益。我們的投資。

This gain was recognized in the fourth quarter, since we account for our equity method results from Inotera with a two-month lag.

這一收益在第四季度得到確認，因為我們將 Inotera 的權益法結果計算為滯後兩個月。

And, $119 million gain was recognized from the sale of our remaining interest in Aptina, to ON Semiconductor.

而且，將我們在 Aptina 的剩餘權益出售給安森美半導體，確認了 1.19 億美元的收益。

The transaction closed just shortly before the end of the fiscal year.

該交易在本財年結束前不久完成。

Finally, there's a 27 million share anti-dilutive effect of capped calls, based on the average stock price during the fourth quarter of $31.91.

最後，根據第四季度 31.91 美元的平均股價計算，上限看漲期權有 2700 萬股的反稀釋效應。

In the first quarter of FY15, we expect the following non-GAAP adjustments.

在 2015 財年第一季度，我們預計將進行以下非公認會計原則調整。

Between $40 million and $45 million for amortization of debt discounts on the convertible notes, and the Elpida installment debt.

4,000 萬美元至 4,500 萬美元用於可轉換票據的債務折扣攤銷和爾必達分期債務。

We are anticipating a Q1 net loss on restructure of debt of approximately $25 million, as the conversions of the 2031B notes are completed.

隨著 2031B 票據的轉換完成，我們預計第一季度債務重組的淨虧損約為 2500 萬美元。

Non-cash taxes related to the Elpida acquisition are expected to be between $20 million and $30 million in the first quarter.

與 Elpida 收購相關的非現金稅預計在第一季度將在 2000 萬美元至 3000 萬美元之間。

Also, the anti-dilutive 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。

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

請參閱我們網站上發布的收益電話數據文件中包含的可轉換債務稀釋表。

Let's turn now to our results by technology, and other guidance for the first quarter.

現在讓我們看看我們的技術結果，以及第一季度的其他指導。

On a consolidated basis, we are guiding total revenue for the first quarter in the range of $4.45 billion to $4.7 billion.

在綜合基礎上，我們指導第一季度的總收入在 44.5 億美元至 47 億美元之間。

Recall that our first quarter of FY15 will include an extra week, due to the periodic adjustment of our weekly fiscal calendar to coincide with the end of August year-end, which will have a direct impact on operating expenses; however, revenue may vary differently.

回想一下，我們的 FY15 第一季度將包括一個額外的一周，因為我們的每週財政日曆會定期調整以與 8 月底年底相吻合，這將對運營費用產生直接影響；但是，收入可能會有所不同。

Turning now to DRAM, DRAM revenue increased nearly 5% compared to the third quarter, primarily due to an increase in bit sales volume, and stable ASPs.

現在轉向 DRAM，DRAM 收入與第三季度相比增長了近 5%，主要是由於位銷售量的增加和穩定的 ASP。

DRAM gross margin remained in the high 30% range, with flat cost per bit.

DRAM 毛利率保持在 30% 的高位，每比特成本持平。

Cost per bit would have been down 2% absent the effect of the Tessera license.

如果沒有 Tessera 許可證的影響，每比特成本將下降 2%。

Our reported income from equity method investments for the fourth quarter was $119 million, substantially all of which is attributable to Inotera.

我們報告的第四季度權益法投資收入為 1.19 億美元，大部分都歸功於 Inotera。

DRAM gross margins for the first quarter using quarter-to-date ASP and projected mix for the quarter should be up a couple of points compared to Q4, based on bit production up mid to high single digits, ASPs up low single digits, and cost per bit down low single digits, which includes the effect from the Tessera license in Q4.

第一季度的 DRAM 毛利率（使用本季度迄今為止的 ASP 和本季度的預計組合）與第四季度相比應該會上升幾個百分點，這取決於位產量達到中高個位數、ASP 達到低個位數和成本每比特低個位數，其中包括第四季度 Tessera 許可證的影響。

Key items affecting our DRAM guidance for the first quarter are continued favorable market conditions, like-for-like pricing generally flat to up for PC and server DRAM, and trending up for mobile DRAM, which Mark will comment on in a few minutes.

影響我們第一季度 DRAM 指導的關鍵因素是持續有利的市場條件，PC 和服務器 DRAM 的同類定價普遍持平或上漲，移動 DRAM 呈上漲趨勢，Mark 將在幾分鐘內對此發表評論。

On the trade NAND side, revenue increased 6% in the fourth quarter, with a 13% increase in bit sales volume, partially offset by a 6% decrease in the average selling price.

在貿易 NAND 方面，第四季度收入增長 6%，比特銷量增長 13%，部分被平均售價下降 6% 所抵消。

Trade NAND gross margin was in the mid-20% range, down approximately 3 percentage points, with ASP declines outpacing cost per bit reductions of 2%.

Trade NAND 的毛利率在 20% 左右，下降了約 3 個百分點，平均售價下降幅度超過了 2% 的每比特成本下降幅度。

However, absent the effect of the Tessera license agreement, cost per bit would have been down approximately 5%.

然而，如果沒有 Tessera 許可協議的影響，每比特成本將下降約 5%。

Trade NAND gross margins for first quarter using quarter-to-date ASP and projected mix for the quarter, are expected to be down 1 to 2 percentage points compared to Q4, based on bit production expected to be up high teens, ASPs down low to mid-single digits, and cost per bit down low single digits compared to Q4, which includes the effect of the Tessera license.

第一季度的貿易 NAND 毛利率使用本季度迄今為止的 ASP 和該季度的預計組合，預計與第四季度相比下降 1 到 2 個百分點，基於比特產量預計將上升到十幾歲，ASP 下降到低至與第四季度相比，每比特成本低個位數，其中包括 Tessera 許可證的影響。

Key trends for Q1 affecting this guidance are generally stable NAND market conditions, and also, strong growth in client and enterprise SSD volumes, with more pronounced price competition and initially higher BOM costs that impact margins.

影響這一指導的第一季度的主要趨勢是總體穩定的 NAND 市場狀況，以及客戶和企業 SSD 數量的強勁增長，價格競爭更加明顯，最初的 BOM 成本較高會影響利潤率。

Looking at other P&L and cash flow results and guidance, SG&A expense in Q1 is expected to be up slightly from the normalized weekly run rate from the fourth quarter.

從其他損益和現金流結果和指導來看，第一季度的 SG&A 費用預計將比第四季度的標準化每週運行率略有上升。

R&D expense in the first quarter and FY15 is expected to increase compared to the fourth quarter, even when normalized for the 14th week in Q1, due to higher volumes of development wafers processed for new technologies and new solutions development.

與第四季度相比，第一季度和 FY15 的研發費用預計將增加，即使在第一季度的第 14 周正常化，由於為新技術和新解決方案開發處理的開髮晶圓量增加。

The Company generated $1.35 billion in operating cash flow in the fourth quarter, and ended the quarter with $5.4 billion in cash and marketable investments, approximately $1.8 billion increase over the fiscal year.

公司在第四季度產生了 13.5 億美元的經營現金流，並在本季度末以 54 億美元的現金和有價投資，比本財年增加了約 18 億美元。

Expenditures of property, plant and equipment in the fourth quarter and fiscal year were $1.3 billion and $3.1 billion, respectively.

第四季度和財政年度的物業、廠房和設備支出分別為 13 億美元和 31 億美元。

Our cash tax rate continues to be in the low single digit range at current profit levels, while GAAP taxes are expected to run in mid-single digits this year.

在當前的利潤水平下，我們的現金稅率繼續處於低個位數範圍內，而今年 GAAP 稅預計將達到中個位數。

Throughout this past fiscal year, we've been in the market in each open trading window, revamping the capital structure of the Company, with a focus on reducing dilution associated with our convertible notes.

在過去的這個財年中，我們一直在每個開放的交易窗口中進入市場，改造公司的資本結構，重點是減少與我們的可轉換票據相關的稀釋。

We have been repurchasing or converting convertible notes with cash and replacing them with high-yield notes including the fourth quarter repurchase of the 2032 notes and issuance of $1.15 billion 5.5% notes.

我們一直在用現金回購或轉換可轉換票據，並用高收益票據代替它們，包括第四季度回購 2032 票據和發行 11.5 億美元 5.5% 票據。

Approximately 90% of the free cash flow generated during the year was used for these dilution management activities.

年內產生的大約 90% 的自由現金流用於這些稀釋管理活動。

In addition, in the fourth quarter, we used $339 million of cash to prepay certain foreign loans and leases.

此外，在第四季度，我們使用了 3.39 億美元現金來預付某些外國貸款和租賃。

We have indicated the pending conversion of the remaining 2031B notes will be for cash, resulting in an outflow in Q1 of approximately $390 million of cash.

我們已經表示，剩餘的 2031B 票據的待定轉換將為現金，導致第一季度流出約 3.9 億美元的現金。

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

現在，我將把它交給馬克亞當斯徵求他的意見。

Thanks, Ron.

謝謝，羅恩。

I will begin, as usual, with a review of our Q4 operating performance by business units, as well as share commentary on market insights, key segment trends and memory industry dynamics.

像往常一樣，我將首先按業務部門審查我們第四季度的運營業績，並分享對市場洞察、關鍵細分市場趨勢和內存行業動態的評論。

Our computing and networking business unit, referred to as CNBU, had another strong quarter, achieving $1.9 billion in revenues in Q4.

我們的計算和網絡業務部門（稱為 CNBU）又一個強勁的季度，在第四季度實現了 19 億美元的收入。

DRAM pricing in CNBU was up quarter-on-quarter, highlighting a continued healthy demand-supply balance in computing, server networking, and enterprise market segments.

CNBU 的 DRAM 價格環比上漲，突顯了計算、服務器網絡和企業市場領域持續健康的供需平衡。

On the client side, we continued to receive strong demand signals from our PC customer base.

在客戶端方面，我們繼續收到來自 PC 客戶群的強烈需求信號。

We locked our pricing through the end of our calendar Q3, and with our three largest OEM customers, and have received interest in locking prices again for Q4.

我們將定價鎖定到第三季度末，並與我們的三個最大的 OEM 客戶一起鎖定，並且已經收到了對第四季度再次鎖定價格的興趣。

We achieved record revenue in bit shipments in our server segment.

我們在服務器部門的比特出貨量方面實現了創紀錄的收入。

Server DRAM growth is being driven by customers adding more memory per system.

服務器 DRAM 的增長受到客戶為每個系統增加更多內存的推動。

In FY14, we saw a 40% year-on-year growth in DRAM per server, while ASPs in the segment have strengthened over the same period.

2014 財年，我們看到每台服務器的 DRAM 同比增長 40%，而該領域的 ASP 在同一時期有所增強。

This growth in server-based memory is based on increasing server workloads, continuing to require DRAM performance and density, and is a great example of a high-growth segment with a demand profile that is not sensitive to price.

基於服務器的內存的這種增長是基於不斷增加的服務器工作負載，對 DRAM 性能和密度的持續要求，並且是需求概況對價格不敏感的高增長細分市場的一個很好的例子。

Networking revenues in DRAM were up 19%, quarter over quarter.

DRAM 的網絡收入環比增長 19%。

Demand for our networking products remained strong, driven by LTE buildout in China and in other emerging markets.

在中國和其他新興市場的 LTE 建設的推動下，對我們的網絡產品的需求依然強勁。

Next year, we expect to see significantly more 4G handsets sold utilizing this capacity, which continues to drive higher memory content per phone.

明年，我們預計將看到更多使用此容量銷售的 4G 手機，這將繼續推動每部手機的內存容量增加。

I will address this more in the mobile section.

我將在移動部分詳細討論這個問題。

The US will fully be engaged in a 4G LTE buildout throughout calendar 2015 and as a result, we anticipate seeing continued strong demand in this area.

美國將在整個 2015 年全面參與 4G LTE 建設，因此，我們預計該領域的需求將持續強勁。

Lastly, our graphics business continues to flourish, and increasingly contributes to an uplift in ASPs and margin.

最後，我們的圖形業務繼續蓬勃發展，並越來越多地有助於提高 ASP 和利潤率。

We are starting to see strong gaming consoles demand ahead of the holidays, and remain optimistic for a good quarter in graphics.

我們開始看到假期前遊戲機需求強勁，並且對圖形的良好季度保持樂觀。

We are pleased with the progress on the technology innovation front in DRAM.

我們對 DRAM 技術創新前沿的進展感到高興。

We commenced early DDR4 shipments in Q4, as Intel officially launched DDR4 enabled platforms in early September, and Micron has validated with their entire 4-gigabit based portfolio.

我們在第四季度開始了早期的 DDR4 出貨，因為英特爾在 9 月初正式推出了支持 DDR4 的平台，而美光已經驗證了他們的整個 4 Gb 產品組合。

I want to recognize our R&D organization, our engineering teams and BU product development organization for positioning Micron as first to market in what we feel can be a strong value-added business.

我想感謝我們的研發組織、我們的工程團隊和 BU 產品開發組織，他們將美光定位為在我們認為可以成為強大增值業務的市場上的第一家。

We are in qualification at major OEMs for both server and client opportunities for DDR4.

我們在主要的 OEM 中獲得了 DDR4 服務器和客戶端機會的資格。

We anticipate a significant price premium for those customers looking to differentiate their solutions.

我們預計，對於那些希望讓他們的解決方案與眾不同的客戶來說，價格會大幅溢價。

We have also launched into the nonvolatile DIMM category, providing for DRAM content back-up, which dramatically improves reliability.

我們還推出了非易失性 DIMM 類別，提供 DRAM 內容備份，從而顯著提高可靠性。

Our NVDIMM product launch, initially based on DDR3, is doing well, as we have received production orders from Tier 1 customers.

我們最初基於 DDR3 的 NVDIMM 產品發布進展順利，因為我們收到了來自一級客戶的生產訂單。

We have also signed a lead major OEM customer for the launch of our DDR4 based NVDIMM, targeting shipments in calendar Q2.

我們還簽署了一個主要的主要 OEM 客戶，以推出我們基於 DDR4 的 NVDIMM，目標是在第二季度發貨。

Micron's Hybrid Memory Cube continues to gain significant traction at leading network and server customers.

美光的混合內存立方體繼續在領先的網絡和服務器客戶中獲得顯著的吸引力。

In addition, similar technology from Micron will be used in Intel's Knights Landing platform for high performance and low latency benefits and high-performance computing.

此外，來自美光的類似技術將用於英特爾的 Knights Landing 平台，以獲得高性能和低延遲優勢以及高性能計算。

Finally, our GDDR5 product continues to gain wide adoption in gaming consoles, and is also being sampled in high-performance networking applications.

最後，我們的 GDDR5 產品繼續在遊戲機中獲得廣泛採用，並且還在高性能網絡應用中進行採樣。

Our storage business unit, or SBU, recorded $907 million in revenue in the fourth quarter, up 4% quarter over quarter.

我們的存儲業務部門 (SBU) 在第四季度錄得 9.07 億美元的收入，環比增長 4%。

We continue to make progress in both the client and enterprise SSD market.

我們繼續在客戶端和企業級 SSD 市場取得進展。

We set records for total SSD revenue, gigabytes shipped and overall units in our fourth quarter, while also achieving record revenue for both client and enterprise SSDs individually.

我們在第四季度創下了 SSD 總收入、出貨千兆字節數和整體單位的記錄，同時還分別為客戶和企業 SSD 實現了創紀錄的收入。

We increased client SSD shipments to Tier 1 OEMs by 23% quarter on quarter.

我們向一級 OEM 的客戶 SSD 出貨量環比增長了 23%。

For our FY14, SBU revenue was up 23% when compared to 2013, coming in at $3.5 billion.

2014 財年，SBU 收入與 2013 年相比增長 23%，達到 35 億美元。

Gross margin dollars were up 17% year-on-year, reflecting the overall health of the NAND market.

毛利率同比增長 17%，反映了 NAND 市場的整體健康狀況。

We remain focused on improving the fundamentals of our NAND business, as we believe there is upside to our performance relative to our competition in the coming quarters.

我們仍然專注於改善我們的 NAND 業務的基本面，因為我們相信我們在未來幾個季度的表現相對於我們的競爭有上升空間。

I would like to discuss some of the elements which we feel can bolster our NAND business.

我想討論一些我們認為可以支持我們的 NAND 業務的元素。

First, we continue to invest in process innovation.

首先，我們繼續投資於工藝創新。

We executed the fastest ramp in our Company's history for our 256 gigabit, 16 nanometer planar product.

我們為我們的 256 Gb、16 納米平面產品執行了公司歷史上最快的斜坡。

Tech Insights recognized Micron with the Semiconductor Product of the Year award, and most innovative memory device award for this technology.

Tech Insights 授予 Micron 年度半導體產品獎，以及該技術的最具創新性存儲設備獎。

We are making progress in our 16-nanometer TLC product, with engineering samples still on track for the end of this calendar year.

我們的 16 納米 TLC 產品正在取得進展，工程樣品仍有望在本日曆年結束前完成。

We are targeting late spring shipments of TLC components to consumer applications, and expect to be shipping a TLC client SSD drive into the market during our fiscal fourth quarter.

我們的目標是將 TLC 組件在春季末出貨給消費者應用，並期望在第四財季向市場出貨 TLC 客戶端 SSD 驅動器。

Micron will continue to increase our leadership and overall NAND scaling, with our 256 gigabit 3D NAND device, which we believe will have the highest density per square inch of silicon in the industry.

美光將繼續提高我們的領先地位和整體 NAND 擴展能力，我們的 256 Gb 3D NAND 設備我們相信這將擁有業界最高的每平方英寸矽密度。

We remain on track for calendar Q4 samples, and currently forecasting volume production by the second half of calendar 2015.

我們仍然按計劃推出第四季度樣品，目前預測到 2015 年下半年量產。

Beyond innovation at the technology level, we continued to add controller and firmware resources that are helping to accelerate product development, enhance the quality of our PCIe, SAS and SATA-based SSD products.

除了技術層面的創新之外，我們還繼續添加控制器和固件資源，以幫助加速產品開發，提高我們基於 PCIe、SAS 和 SATA 的 SSD 產品的質量。

Led by the launch of our M500DC enterprise product, which targets data center applications, our enterprise SSD revenue was up 79% quarter on quarter.

在我們推出面向數據中心應用的 M500DC 企業產品的帶動下，我們的企業 SSD 收入環比增長 79%。

This investment in system-level solutions has led to new customer wins in server, network security, cloud, and video streaming segments in Q4.

這項對系統級解決方案的投資已在第四季度贏得了服務器、網絡安全、雲和視頻流領域的新客戶。

In addition to chip and system-level investments, we continue to recruit strong level sales and marketing personnel to position our go-to-market engine for future success.

除了芯片和系統級投資外，我們還將繼續招聘強大的銷售和營銷人員，以定位我們的上市引擎，以取得未來的成功。

We are investing and expanding our customer engagement support for what is increasingly becoming more of a design-in custom solution type relationship with key accounts.

我們正在投資和擴展我們的客戶參與支持，以支持與關鍵客戶越來越多的設計定制解決方案類型的關係。

Finally, we are continuing to diversify our NAND business into more attractive end market applications.

最後，我們將繼續將我們的 NAND 業務多元化到更具吸引力的終端市場應用。

As an example, revenue for NAND sold in the mobile segment was up 18% quarter over quarter.

例如，在移動領域銷售的 NAND 收入環比增長 18%。

Coupling NAND with DRAM in the form of eMCPs is a high-growth opportunity.

以 eMCP 的形式將 NAND 與 DRAM 耦合是一個高增長的機會。

eMCPs are essentially low-power DRAM, packaged with a managed NAND product, all behind a controller.

eMCP 本質上是低功耗 DRAM，與託管 NAND 產品一起封裝，全部位於控制器後面。

We believe this solution is a great example of the value of Micron's portfolio.

我們相信這個解決方案是美光產品組合價值的一個很好的例子。

We continue to grow share in our consumer products segments, with Lexar-branded memory cards and USB products gaining share in the US and international markets.

我們在消費產品領域的份額繼續增長，Lexar 品牌的存儲卡和 USB 產品在美國和國際市場獲得份額。

We remain bullish on the long-term market opportunity in NAND, both in terms of the market outlook, and our ability to improve our operating performance.

我們仍然看好 NAND 的長期市場機會，無論是在市場前景方面，還是在我們改善經營業績的能力方面。

Upside potential in our NAND business will be driven by the chip level innovation, including TLC and 3D NAND, investment in system-level capabilities, additional organization capabilities, and focused execution on growth in diversified end markets.

我們 NAND 業務的上行潛力將受到芯片級創新的推動，包括 TLC 和 3D NAND、對系統級能力的投資、額外的組織能力以及對多元化終端市場增長的專注執行。

We are very pleased with the performance of our mobile business unit.

我們對移動業務部門的表現非常滿意。

MBU revenue came in $909 million, with a 22% operating margin.

MBU 收入為 9.09 億美元，營業利潤率為 22%。

We continue to see strong demand in mobile.

我們繼續看到移動設備的強勁需求。

The iPhone 6 launch appears to be going quite well, and reflective of consumer appetite for improving smartphone application features and performance.

iPhone 6 的發布似乎進展順利，反映了消費者對改進智能手機應用程序功能和性能的需求。

On the high-end, the Samsung Note 4 is now shipping with three gigabytes of low-power DRAMs, as is the Xiaomi Mi4 product line as well.

在高端，三星 Note 4 現在配備 3GB 低功耗 DRAM，小米 Mi4 產品線也是如此。

In NAND, the higher-end configurations have shifted from 32 gigabytes and 64 gigabytes now to 64 gigabytes and 128 gigabytes.

在 NAND 中，高端配置已從現在的 32 GB 和 64 GB 轉變為 64 GB 和 128 GB。

We are currently forecasting NAND growth in the mobile segment of greater than 3X year-over-year for FY15.

我們目前預測 NAND 在 2015 財年在移動領域的年增長率將超過 3 倍。

The low to mid range price smartphone market has driven additional memory content as well, and even the entry-level segment is evolving from phones with virtually no DRAM to new products such as Android 1, which is 1 gigabyte of low-power DRAM.

中低端價格的智能手機市場也推動了更多的內存內容，甚至入門級市場也在從幾乎沒有 DRAM 的手機發展到新產品，例如 Android 1，這是 1 GB 的低功耗 DRAM。

This is $100 smartphone targeting 5 billion users in emerging markets.

這是一款價值 100 美元的智能手機，面向新興市場的 50 億用戶。

We are focused on a diversified set of mobile customers and continue to balance our PC DRAM and mobile DRAM capacity, to optimize for long-term profitability.

我們專注於多元化的移動客戶群，並繼續平衡我們的 PC DRAM 和移動 DRAM 容量，以優化長期盈利能力。

On the product front, we are growing our managed NAND business with increased shipments of eMCPs, as I mentioned earlier.

在產品方面，正如我之前提到的，我們正在通過增加 eMCP 的出貨量來發展我們的託管 NAND 業務。

The rapid adoption of eMCPs for the low to mid end smartphones, which is the fastest-growing segment today, represents a unique opportunity for Micron.

中低端智能手機迅速採用 eMCP，這是當今增長最快的細分市場，這對美光來說是一個獨特的機會。

Our known good die flow from our MMJ fab, formerly Elpida, coupled with Micron's industry-leading 16-nanometer NAND technology, enables us to capture share due to the accelerating market shift to eMCP from eMMC.

我們的 MMJ 晶圓廠（前身為 Elpida）眾所周知的良好芯片流程，加上美光業界領先的 16 納米 NAND 技術，使我們能夠在市場從 eMMC 加速轉向 eMCP 的情況下搶占市場份額。

Over the next year, we are forecasting that roughly 25% of our overall mobile revenue will come from memory combined with a controller.

在接下來的一年中，我們預測大約 25% 的整體移動收入將來自內存和控制器。

We believe that companies like Micron, who have the portfolio of NAND and DRAM, will have a distinct advantage in the long run in the mobile segment.

我們相信，像美光這樣擁有 NAND 和 DRAM 組合的公司，從長遠來看，在移動領域將具有明顯的優勢。

In addition to managed NAND, we are currently working with our chip partners to enable low-power DDR4 for future qualification in high-performance applications for mobile.

除了託管 NAND，我們目前正在與我們的芯片合作夥伴合作，以啟用低功耗 DDR4，以用於未來高性能移動應用的認證。

I want to congratulate the mobile team for their successful turnaround of a business that within the last two years was losing money on the bottom line.

我要祝賀移動團隊成功扭轉了過去兩年一直虧損的業務。

We feel that the combination of increasing memory content in mobile devices, and the declining rate of mobile industry supply growth, due to the attractiveness of other relatively higher margin segments, will lead to a healthy overall supply and demand outlook for mobile.

我們認為，由於其他利潤率較高的細分市場的吸引力，移動設備中內存內容的增加以及移動行業供應增長率的下降，將導致移動設備的整體供需前景健康。

We look forward to the team's continued strong execution.

我們期待團隊繼續強勁的執行力。

Our embedded business unit, or EBU, set a record of $1.774 billion in FY14, which represented a 39% year-over-year growth.

我們的嵌入式業務部門 (EBU) 在 FY14 創下 17.74 億美元的記錄，同比增長 39%。

Our fourth-quarter revenue of $476 million reflected a seventh straight quarter of record shipments for embedded.

我們第四季度 4.76 億美元的收入反映了嵌入式產品連續第七個季度創紀錄的出貨量。

Automotive revenues were 40% increase year-on-year.

汽車收入同比增長 40%。

The automotive segment continues to benefit from memory content growth, fueled by both infotainment and advanced driver assistance systems.

在信息娛樂和高級駕駛輔助系統的推動下，汽車領域繼續受益於內存內容的增長。

Our commitment to the unique needs of this market in areas such as quality, reliability, longevity, and service have enabled us to strengthen our market leadership in Q4.

我們對這個市場在質量、可靠性、壽命和服務等領域的獨特需求的承諾使我們能夠在第四季度加強我們的市場領導地位。

The broad category of industrial and multi-market, otherwise referred to as IMM, achieved record revenue for both the quarter and the year.

廣泛的工業和多市場類別（也稱為 IMM）在本季度和本年度均實現了創紀錄的收入。

Year-on-year revenue growth was [20%], driven by continued growth in factory automation, machine-to-machine systems, and aerospace and defense.

受工廠自動化、機器對機器系統以及航空航天和國防領域持續增長的推動，收入同比增長 [20%]。

As we see strong demand growth in areas such as automotive infotainment, consumer electronics, connected smart home devices and machine-to-machine systems, we remain bullish on our EBU performance for FY15.

由於我們看到汽車信息娛樂、消費電子、互聯智能家居設備和機器對機器系統等領域的需求強勁增長，我們仍然看好我們 2015 財年的 EBU 表現。

Operationally, we had a tremendous year.

在運營方面，我們度過了豐收的一年。

In a year where we shipped a more diversified set of products, with more complex packaging, and custom configurations, to a broader set of end customers, we were able to reduce overall inventory, and drive our turns 18% higher, compared to the end of FY13.

在一年中，我們向更廣泛的終端客戶提供了更多樣化的產品、更複雜的包裝和定製配置，與最終客戶相比，我們能夠減少整體庫存，並將我們的周轉率提高 18% 2013 財年。

This is all the more impressive given the significantly larger revenue scale of our business, in which we left 2013.

鑑於我們在 2013 年離開的業務收入規模顯著擴大，這一點更加令人印象深刻。

Our DRAM and NAND front-end cycle times improved 25% and 18%, respectively, year-over-year, and our back-end test and assembly facilities reduced their cycle times 33% and 34% for NAND and DRAM.

我們的 DRAM 和 NAND 前端週期時間同比分別提高了 25% 和 18%，我們的後端測試和組裝設施將 NAND 和 DRAM 的周期時間縮短了 33% 和 34%。

We see additional room for improvement in our operations during FY15.

我們認為 2015 財年我們的運營還有更多改進空間。

The pricing environment for our portfolio of products remains favorable.

我們產品組合的定價環境仍然有利。

PC pricing has remained strong, with more than 90% of our computing capacity tied to OEM contract pricing, most of which with quarterly pricing agreements in place.

PC 定價一直保持強勁，我們 90% 以上的計算能力與 OEM 合同定價掛鉤，其中大部分都簽訂了季度定價協議。

This has been a positive effect on mobile pricing as well, having balanced our production to take advantage of PC DRAM ASPs and margins which are currently above the mobile business.

這也對移動定價產生了積極影響，平衡了我們的生產以利用目前高於移動業務的 PC DRAM ASP 和利潤率。

On the NAND front, pricing dynamics are relatively stable heading into the holiday build season.

在 NAND 方面，進入假日構建季節的定價動態相對穩定。

We remain bullish on the long-term outlook for NAND, with increasing attach rates in both client and enterprise solid state drives, with a strong content move from 128 gigabyte systems trending upwards to 512 gigabyte systems, as well, seeing a big increase in phones.

我們仍然看好 NAND 的長期前景，隨著客戶端和企業固態驅動器的連接率不斷提高，內容從 128 GB 系統上升到 512 GB 系統的強勁趨勢，以及手機的大幅增長.

As the industry converts to 3D NAND, we think performance and cost will continue to improve, driving accelerated adoption of NAND in client mobile and enterprise market segments.

隨著行業轉向 3D NAND，我們認為性能和成本將繼續提高，推動 NAND 在客戶端移動和企業市場領域的加速採用。

We see a bright future in NAND and other emerging non-volatile memory technologies.

我們看到了 NAND 和其他新興非易失性存儲器技術的光明前景。

In closing, I also want to congratulate our team for a great quarter and an outstanding FY14.

最後，我還要祝賀我們的團隊取得了出色的季度和出色的 2014 財年。

We look forward to a strong Q1, and we feel there is opportunity for improved performance in FY15, as we continue to drive our memory solutions to higher value-added customers and segments.

我們期待強勁的第一季度業績，我們認為 FY15 有機會改善業績，因為我們將繼續將我們的內存解決方案推向更高附加值的客戶和細分市場。

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

有了這個，我會把它交還給基普。

Thanks, Mark.

謝謝，馬克。

We will now take questions from callers.

我們現在將回答來電者的問題。

(Operator Instructions)

（操作員說明）

And please open up the lines.

請打開線路。

(Operator Instructions)

（操作員說明）

CJ Muse with ISI Group.

ISI Group 的 CJ Muse。

First question is around DRAM pricing.

第一個問題是關於 DRAM 定價。

You talked about greater share, in terms of contract, and increased duration.

你談到了在合同方面更大的份額，以及更長的期限。

Would love to get an update on what percentage is out two, three months, and what kind of visibility you have into the new calendar year from where we are today?

想知道兩個、三個月的百分比是多少，以及您對我們今天所處的新日曆年的了解程度如何？

Well, I'm going to be careful about speculating too far out into the calendar year.

好吧，我要小心不要在日曆年中投機太遠。

My commentary earlier tried to address that we have our top three PC OEM customers on a three-month pricing agreement that ends at the end of September, and the current indication is that we are going to have another discussion around, and probably end on a three-month pricing agreement for the calendar Q4 period.

我之前的評論試圖解決我們與前三大 PC OEM 客戶簽訂的為期三個月的定價協議，該協議將於 9 月底結束，目前的跡像是我們將進行另一次討論，並可能以日曆 Q4 期間的三個月定價協議。

And as current market suggests, we think those conversations will be in line with stable or slightly improved pricing.

正如當前市場所暗示的那樣，我們認為這些對話將符合穩定或略微改善的定價。

Helpful.

有幫助。

On the cost side, can you provide an update on where you are on the DRAM 25-nanometer ramp, in terms of percentage output as you move into the November quarter, and how we should think about that ramp beyond, and the cost savings achieved?

在成本方面，您能否提供有關您在 DRAM 25 納米斜坡上的最新情況，在您進入 11 月季度時的輸出百分比，以及我們應該如何考慮超越這一斜坡，以及實現的成本節約?

Okay.

好的。

Yes.

是的。

So, just for review purposes, we currently have 25-nanometer product coming out of both Hiroshima, which is targeted primarily at mobile, and then we also have our Rexchip facility in production with mobile, 25-nanometer, as well aimed at mobile.

因此，僅出於審查目的，我們目前有來自廣島的 25 納米產品，主要針對移動設備，然後我們的 Rexchip 工廠也在生產移動設備，25 納米，以及針對移動設備。

Today, as we sit going into the quarter, 25-nanometer product of DDR3 will be roughly about 25% in the quarter out of Hiroshima, and in the mobile -- sorry, 50% in Hiroshima, and out of Rexchip, will be roughly 25%.

今天，隨著我們進入本季度，DDR3 的 25 納米產品將在該季度在廣島之外大約佔 25%，而在移動設備中——抱歉，廣島和 Rexchip 之外的 50% 將大約是25%。

Great.

偉大的。

Thank you.

謝謝你。

Betsy Van Hees with Wedbush.

Betsy Van Hees 與韋德布什。

Congratulations on another great quarter and guidance.

祝賀另一個偉大的季度和指導。

I was wondering if we could talk a little bit more about the DRAM business, and what percentage is PC DRAM, server DRAM, and mobile DRAM?

我想知道我們是否可以多談談 DRAM 業務，PC DRAM、服務器 DRAM 和移動 DRAM 的百分比是多少？

And maybe within that, we could talk about what's 25-nanometer and how that is shaping up?

也許在此範圍內，我們可以討論什麼是 25 納米以及它是如何形成的？

Sure.

當然。

When you look at our DRAM business today, the best way to think about it is, mobile is roughly about 25% of overall DRAM.

當您查看我們今天的 DRAM 業務時，最好的思考方式是，移動設備約佔整體 DRAM 的 25%。

And, compute's roughly about 30% of DRAM.

而且，計算約佔 DRAM 的 30%。

If you look at the specialty business, you asked about servers.

如果您查看專業業務，您會詢問服務器。

Server is roughly just below 20%.

服務器大約略低於 20%。

Those are kind of the three areas you asked about.

這些是您詢問的三個領域。

Okay.

好的。

Great.

偉大的。

Thanks so much.

非常感謝。

That's very helpful.

這很有幫助。

As we look at the percentage of your DRAM mix today, how does that compare to last year at this time?

當我們查看您今天的 DRAM 組合百分比時，與去年同期相比如何？

As you guys are looking forward, you been talking about optimizing your mix, are we going to see a shift more to PC DRAM, which seems to be the better cost, lower-cost for you, and better pricing advantage?

正如你們所期待的那樣，你們一直在談論優化組合，我們是否會看到更多地轉向 PC DRAM，這似乎是更好的成本，對你們來說成本更低，價格優勢更好？

I don't think -- I can tell you where we were last year.

我不認為——我可以告訴你我們去年在哪裡。

So, I said that compute was within the kind of mid to high 30%.

所以，我說計算在 30% 左右。

It was slightly higher last year, but still under 40%.

去年略高，但仍低於 40%。

Mobile was lower last year coming out of FY13, but increasing as we left the year.

2013 財年以來，移動設備去年有所下降，但隨著我們離開這一年而增加。

The server business was slightly higher.

服務器業務略高。

By the way, the question on PC capacity and how we are optimizing, it's not just the mobile to PC dynamic, it's also some of the low-end of the server business that we shifted capacity back to meet the demand of the PC business.

順便說一句，關於 PC 容量以及我們如何優化的問題，不僅僅是移動到 PC 的動態，還有一些低端的服務器業務，我們將容量轉移回以滿足 PC 業務的需求。

Thanks, Mark.

謝謝，馬克。

That's really helpful.

這真的很有幫助。

My last question, and I will jump out.

我的最後一個問題，我會跳出來。

On DDR4, you talked about a very nice pricing premium, and I was wondering if you could give us a range of what type percentage pricing premium we are going to see?

在 DDR4 上，您談到了非常好的定價溢價，我想知道您是否可以給我們一個範圍，我們將看到什麼樣的百分比定價溢價？

And then, as we are looking at DDR3 in the conversion to DDR4, how are you thinking that's going to play out over the next couple of years?

然後，當我們正在研究 DDR3 向 DDR4 的轉換時，您認為在接下來的幾年中會如何發展？

We are not going to comment on the actual pricing premium.

我們不會評論實際的定價溢價。

Suffice to say, our production decisions will be driven around ROA margin, not any market share build, necessarily.

可以說，我們的生產決策將圍繞 ROA 利潤率來驅動，而不是任何市場份額的建立。

Okay.

好的。

Great.

偉大的。

Thanks again, and congratulations on a great quarter and guidance.

再次感謝，並祝賀一個偉大的季度和指導。

Nomura Securities.

野村證券。

Thanks, and great quarter.

謝謝，很棒的季度。

I just wanted to get your perspective on DRAM content in mobile.

我只是想了解您對移動設備中 DRAM 內容的看法。

We are seeing the iPhone 6 used -- 1 gigabyte of DRAM.

我們看到 iPhone 6 使用了 1 GB 的 DRAM。

Some people were expecting DRAM content to be higher.

一些人預計 DRAM 含量會更高。

Just your perspective on that.

只是你對此的看法。

Is that just specific to the Apple ecosystem?

這只是Apple生態系統特有的嗎？

Because we are seeing in Android, DRAM content go up?

因為我們在 Android 中看到，DRAM 內容上去了？

Or, is it because DRAM pricing has gone up so much that P OEMs are now trying to minimize the amount of memory in the phone?

或者，是因為 DRAM 價格上漲如此之多，以至於 P OEM 現在正試圖最大限度地減少手機中的內存量？

I think it's a little bit of both, to tell you the truth.

說實話，我認為兩者兼而有之。

If you look at the overall, the category for the mobile segment, DRAM content per unit is up pretty dramatically.

如果你看一下整體，移動領域的類別，每單位的 DRAM 內容非常顯著。

Yes, the Apple ecosystem is more efficient, but I also would suggest that given how tight the memory business is, there probably wasn't room to be able to address higher-end configurations.

是的，Apple 生態系統效率更高，但我也建議考慮到內存業務的緊張程度，可能沒有空間來解決更高端的配置問題。

That's helpful.

這很有幫助。

Just back to your outlook for 20% to 25% bit growth, what is your assumption for mobile within that?

回到你對 20% 到 25% 位增長的展望，你對移動的假設是什麼？

As we mentioned on prior calls, we think that mobile will be about mid-40s next year, in terms of percent bit growth.

正如我們在之前的電話會議中提到的那樣，我們認為移動設備明年將在 40 多歲左右，就位增長百分比而言。

But, you also have to remember that we stated, and will say again today, we are going to manage this from a balanced portfolio perspective, and really look at the returns piece of the business.

但是，您還必須記住，我們說過，並且今天會再次說，我們將從平衡的投資組合的角度來管理這一點，並真正關注業務的回報。

Mobile, as we said, we don't necessarily need to be the biggest supplier of memory, we want to be the most profitable supplier of memory and helping our customers innovate.

移動，正如我們所說，我們不一定要成為最大的內存供應商，我們希望成為最賺錢的內存供應商並幫助我們的客戶進行創新。

It's going to be rough in that area, but we will see over time how it plays out.

在那個領域會很艱難，但隨著時間的推移，我們會看到它是如何發揮作用的。

Just last question.

只是最後一個問題。

Is there any revenue impact from the extra week?

額外一周對收入有影響嗎？

This is Ron.

這是羅恩。

There should be, and we contemplated that in our revenue guidance of $4.45 billion to $4.7 billion.

應該有，我們在 44.5 億至 47 億美元的收入指導中考慮到了這一點。

Theoretically, you get about 1/7 additional cost on OpEx and 1/7 additional revenue, and the COGS moves with the revenue.

從理論上講，您可以獲得大約 1/7 的 OpEx 額外成本和 1/7 的額外收入，並且 COGS 會隨著收入而變化。

All I'd just add, is that -- 1/14, excuse me.

我要補充的是—— 1/14，對不起。

7%.

7%。

All I'd add is that when it's on the revenue side, you don't necessarily get a linear affect from adding one week to the quarter, where you have some customers who are pulling in from stock, et cetera, on a monthly basis, for example.

我要補充的是，當它在收入方面時，您不一定會從季度增加一周獲得線性影響，因為您有一些客戶每月從庫存中拉出等等， 例如。

In general, you can think of it that way, about a 7% lift.

一般來說，你可以這樣想，大約 7% 的提升。

Okay.

好的。

Thank you.

謝謝你。

Mark Delaney with Goldman Sachs.

高盛的馬克·德萊尼。

I was hoping you could help us think a little bit about the free cash flow dynamics in your business.

我希望您能幫助我們思考一下您業務中的自由現金流動態。

You talked about some of the CapEx increases that you were contemplating into FY15, maybe you could just help us think about your ability to also grow your operating cash flows, and if you could talk to where the free cash flow margins are between your DRAM and NAND businesses?

您談到了您計劃在 2015 財年增加的一些資本支出，也許您可以幫助我們考慮一下您增加運營現金流的能力，以及您是否可以談談您的 DRAM 和NAND業務？

Sure.

當然。

Mark, we don't specifically go through or detail in terms of what our view in projecting operating cash flow and free cash flow.

馬克，我們沒有具體說明或詳細說明我們對預測運營現金流和自由現金流的看法。

We are giving you a view out one quarter.

我們給你一個季度的看法。

But, if you look at our current trajectories and the stability we are seeing right now in the marketplace, you can extrapolate that going forward, and potentially seek trend lines in the similar range.

但是，如果您查看我們當前的軌跡以及我們現在在市場上看到的穩定性，您可以推斷出未來的情況，並可能在類似範圍內尋找趨勢線。

But we don't give guidance beyond one quarter out.

但我們不提供超過四分之一的指導。

We've also given you the CapEx guidance and so, you have a view of that.

我們還為您提供了資本支出指南，因此您對此有所了解。

It's up some from last year, $3.6 billion to $4 billion.

它比去年增加了一些，從 36 億美元增加到 40 億美元。

But given current trajectories, we certainly have that -- would have that well covered with operating cash flow.

但考慮到目前的軌跡，我們當然有 - 將很好地覆蓋運營現金流。

If you look at the DRAM versus NAND breakdown, we don't break out operating cash flow and free cash flow by technology.

如果您查看 DRAM 與 NAND 的細分，我們不會按技術劃分運營現金流和自由現金流。

So, I don't have a view for you on that.

所以，我對你沒有看法。

Mark, let me add, from a business perspective, clearly, we've got a lot of margin opportunities still in our business.

馬克，讓我補充一下，從業務角度來看，顯然，我們的業務仍有很多利潤機會。

Mark talked about some of the pricing trends, I talked about where we see supply going.

馬克談到了一些定價趨勢，我談到了我們看到的供應走向。

Internally, relative to execution, we've talk about what we can do on the NAND side, relative to adjusting our mix on TLC and eMMC, the mobile space, SSDs, et cetera.

在內部，相對於執行，我們討論了我們可以在 NAND 方面做些什麼，相對於調整我們在 TLC 和 eMMC、移動空間、SSD 等方面的組合。

We think we've got a lot of leverage in our business here, and we are just very focused on executing what's a pretty good market environment.

我們認為我們在這裡的業務有很多影響力，我們只是非常專注於執行一個非常好的市場環境。

I appreciate that perspective.

我很欣賞這種觀點。

For a follow-up, I was hoping you could talk on the NAND business, specifically.

作為後續，我希望你能具體談談 NAND 業務。

At the analyst day and in some recent conferences, you have talked about some improvements you are expecting in NAND over the next two to six quarters.

在分析師日和最近的一些會議上，您談到了您期望在未來兩到六個季度內 NAND 的一些改進。

I understand TLC, for example, is part of that.

例如，我了解 TLC 就是其中的一部分。

Can you talk in a little bit more depth of how you are progressing with that, and maybe if you could tie in some of the comments you made in your prepared remarks on SSDs and how SSDs are impacting both pricing and cost, and then the overall profitability levels of your NAND business as we think out over the next few quarters?

您能否更深入地談談您在這方面的進展情況，也許您可以附上您在準備好的關於 SSD 的評論中發表的一些評論，以及 SSD 如何影響定價和成本，然後是整體我們認為未來幾個季度您的 NAND 業務的盈利水平如何？

Let me turn it over to Mark Adams just a second.

讓我先把它交給馬克亞當斯。

On NAND, we'll have 16-nanometer samples out in calendar Q4 for TLC.

在 NAND 上，我們將在日曆 Q4 推出 16 納米樣品用於 TLC。

Will have TLC SSD in the marketplace in the summer, maybe slightly before that, and we continue to have pretty good growth in our penetration of client SSD market, as was the mobile segment, generally.

夏季將在市場上推出 TLC SSD，可能會稍早一些，而且我們在客戶端 SSD 市場的滲透率繼續保持相當不錯的增長，移動領域也是如此。

Mark, do you want to add any color beyond that?

馬克，你想添加除此之外的任何顏色嗎？

I think it's important to know that in the cost curves in our NAND business, as SSDs continue to grow as a percentage of our overall NAND business, that will add cost of goods impact, because we got things like controllers and PCBs and the rest of the bill of materials of SSD that go into our COGS calculation.

我認為重要的是要知道，在我們的 NAND 業務的成本曲線中，隨著 SSD 在我們整體 NAND 業務中的比例繼續增長，這將增加商品成本的影響，因為我們得到了控制器和 PCB 等產品進入我們的 COGS 計算的 SSD 材料清單。

Secondly, I'd like to emphasize that, as you can see by the growth quarter over quarter, for the last two quarters, market access is not a problem.

其次，我想強調的是，正如您從季度環比增長中看到的那樣，在過去兩個季度中，市場准入不是問題。

Micron -- people are leaning on Micron to drive their client SSD and enterprise opportunities, and we continue to invest.

美光——人們依靠美光來推動他們的客戶 SSD 和企業機會，我們將繼續投資。

As these businesses are high-value businesses, they're not ones that you necessarily can develop overnight.

由於這些業務是高價值業務，它們不是你一定可以在一夜之間發展起來的。

We're very happy about the progress in the quarter, especially, as I mentioned, enterprise sales up 79% quarter over quarter, well ahead of market growth.

我們對本季度的進展感到非常高興，特別是，正如我所提到的，企業銷售額環比增長 79%，遠遠超過市場增長。

Thank you very much.

非常感謝。

John Pitzer with Credit Suisse.

瑞士信貸的約翰·皮策。

First question I want to talk to a little bit about is the relationship with Inotera.

我想談的第一個問題是與 Inotera 的關係。

They clearly are providing a lot of CapEx in this move to 20-nanometer, but you are providing a lot of the IP to help them get there.

他們顯然在向 20 納米邁進的過程中提供了大量資本支出，但您提供了大量 IP 來幫助他們實現這一目標。

I'm just curious, as I think about the pricing arrangement of market minus, they're going to get pretty good cost savings with the move to 20 over the next year or so, and probably grow bits at a much faster rate than the overall Micron DRAM business.

我只是好奇，當我考慮到市場減法的定價安排時，他們將在明年左右移動到 20 時節省相當多的成本，並且可能以比整體美光 DRAM 業務。

How do I think about your benefit on the gross margin line, as they bring down their cost curve?

當他們降低成本曲線時，我如何看待您在毛利率線上的收益？

Obviously, it's a complicated relationship.

顯然，這是一個複雜的關係。

By way of background, you're right.

作為背景，你是對的。

We provide a lot of advanced process technology products, customer access, customer service, a lot of things to the relationship.

我們提供了很多先進的工藝技術產品，客戶准入，客戶服務，很多事情都給關係。

What we get back is the full output of Inotera, the market minus transfer price.

我們得到的是 Inotera 的全部產出，市場減去轉讓價格。

We also get back equity income on the bottom line.

我們還從底線獲得了股權收入。

Without going into too much detail, John, the supply agreement is a three-year agreement, it calls for annual renegotiation.

約翰，無需過多詳細說明，供應協議是一項為期三年的協議，它要求每年重新談判。

Any changes to the agreement will be negotiated with the Company, between Micron and Inotera, and it's other major shareholders.

協議的任何變更都將與公司、Micron 和 Inotera 以及它的其他主要股東進行協商。

We greatly value the strategic relationship with Inotera and Formosa, and we intend to work closely with them to make sure that it's a long-term, sustainable relationship where each party gets a reasonable return, given what they bring to the relationship.

我們非常重視與 Inotera 和 Formosa 的戰略關係，我們打算與他們密切合作，以確保這是一種長期、可持續的關係，雙方都能獲得合理的回報，因為他們為這種關係帶來了好處。

Not much to add to that.

沒什麼可補充的。

As my follow-up, maybe for Ron, Ron, can you remind me again on the currency front, the yen-dollar relationship?

作為我的後續行動，也許對於羅恩，羅恩，你能再次提醒我關於貨幣方面的日元與美元的關係嗎？

I think you've historically said every one point move is about a $5 million to $7 million hit to operating margins, or benefit to operating profit, sorry.

我認為你曾經說過，每一個點的變動都會對營業利潤率造成大約 500 萬到 700 萬美元的損失，或者對營業利潤有利，抱歉。

Is that still the correct way to think about it?

這仍然是正確的思考方式嗎？

Yes, John.

是的，約翰。

In terms of the yen, which is moving a lot very recently, as we all know, and the comment was on operating spending or general spending -- yen-based spending -- today, our calculus is that our operating spend is impacted about -- which is not just OpEx, but all of our yen-based cost of sales activities, too.

眾所周知，日元最近波動很大，評論是關於運營支出或一般支出 - 基於日元的支出 - 今天，我們的計算是我們的運營支出受到影響 - - 這不僅僅是運營支出，還有我們所有基於日元的銷售活動成本。

Our impact is about $3 million to $4 million per JPY1 per quarter.

我們的影響是每季度每 1 日元約 300 萬至 400 萬美元。

Most of the yen-based spending is in COGS, actually, so that impact is delayed about a quarter, based on our inventory flow through.

實際上，大部分以日元為基礎的支出都在銷貨成本中，因此根據我們的庫存流動情況，這種影響延遲了大約四分之一。

So, you need to keep that in mind.

所以，你需要記住這一點。

We have a lower level of yen-denominated costs today, especially now that we have converted MMJ to US functional currency, and we also have a yen-neutral balance sheet.

我們今天以日元計價的成本水平較低，尤其是現在我們已將 MMJ 轉換為美國功能貨幣，而且我們還擁有日元中性的資產負債表。

The metric to use now is $3 million to $4 million per JPY1 change per quarter in our overall cost structure, and we contemplated current levels of the yen in our guidance.

現在使用的指標是我們的整體成本結構每季度每變化 1 日元 300 萬至 400 萬美元，我們在指導中考慮了日元的當前水平。

Ron, if I could sneak a quick one and.

羅恩，如果我能快速偷偷摸摸的話。

The 30% of CapEx that's non-capacity related, how do we think about the depreciation schedule on that CapEx?

30% 的資本支出與產能無關，我們如何看待該資本支出的折舊時間表？

Is it similar to the capacity related to CapEx, or is it different?

它是類似於與資本支出相關的容量，還是不同？

The CapEx does not -- you mean the infrastructure and our front end, back end?

資本支出不是——你是指基礎設施和我們的前端、後端？

Yes, it's the same structure.

是的，它是相同的結構。

Perfect.

完美的。

Thanks, I appreciate it, and congratulations on the results.

謝謝，我很感激，並祝賀結果。

Rajvindra Gill with Needham & Company.

與 Needham & Company 的 Rajvindra Gill。

Just echoing the congrats on good results and guidance.

只是對良好的結果和指導表示祝賀。

With respect to your outlook for DRAM supply growth next year, fairly favorable.

關於你對明年 DRAM 供應增長的展望，相當有利。

Could you perhaps elaborate on what you are seeing with your competitors, or if you have a view on what your competitors are doing with their respective capacity?

您能否詳細說明您對競爭對手的看法，或者您是否了解您的競爭對手正在利用他們各自的能力做什麼？

And what your thoughts on their overall projection of supply, and how they're managing DRAM supply, as well?

您對他們的整體供應預測有何看法，以及他們如何管理 DRAM 供應？

We don't have any better insight into what the competitors are doing than you do.

對於競爭對手的行為，我們沒有比您更好的洞察力了。

We read what they say in their earnings announcements in the press, et cetera, et cetera.

我們閱讀了他們在媒體等的收益公告中所說的話。

What we understand, is that Samsung's had a relatively effective 20-nanometer ramp, and pulled forward some of the gains that they otherwise were going to have a little bit later, in terms of bit production.

我們所了解的是，三星擁有相對有效的 20 納米坡道，並在比特生產方面推動了他們本來稍後會獲得的一些收益。

We have a sense as to what they're doing to replace wafers lost to that 20-nanometer conversion, based on what we've read in analyst and market reports.

根據我們在分析師和市場報告中讀到的內容，我們對他們正在採取哪些措施來替換因 20 納米轉換而損失的晶圓有所了解。

So, we continue to believe that the supply growth is in that range, given those reported incremental wafers coming from all the various parties in the marketplace.

因此，鑑於報告的增量晶圓來自市場上的所有各方，我們仍然認為供應增長在這個範圍內。

In terms of your overall gross margins, the DRAM margins continue to drift higher, and the pricing commentary in DRAM is very positive.

就您的整體毛利率而言，DRAM 利潤率繼續走高，DRAM 的定價評論非常積極。

When do you think we are going to start to hit an inflection point on the NAND gross margin?

您認為我們何時會開始達到 NAND 毛利率的拐點？

I know you talked about TLC moving forward.

我知道你談到了 TLC 的發展。

What percentage do you think of the output exiting next year will be on TLC, given the fact that there's a big cost delta between MLC and TLC?

鑑於 MLC 和 TLC 之間的成本差異很大，您認為明年的產出將在 TLC 上佔多少百分比？

More specifically, on the NAND gross margins, which are a long term view.

更具體地說，NAND 毛利率是一個長期的觀點。

We are still very early in the ramp and deployment.

我們仍處於起步階段和部署的早期階段。

I just mentioned, will have a component in the marketplace next calendar quarter, or in calendar Q4.

我剛才提到，下個日曆季度或日曆 Q4 將在市場上有一個組件。

So, it depends on how successful we are with market adoption and what goes on in relative pricing in all the various markets we serve.

因此，這取決於我們在市場採用方面的成功程度以及我們所服務的所有不同市場的相對定價情況。

We're still going to be looking at margin, and long-term sustainability of that margin.

我們仍將關注利潤率以及該利潤率的長期可持續性。

At least we'll be in a position to address those markets as we move through the year, and we think we'll see some continued deployment.

至少我們將能夠在一年中應對這些市場，並且我們認為我們會看到一些持續的部署。

Thank you.

謝謝你。

Vijay Rakesh with Sterne Agee.

Vijay Rakesh 與 Sterne Agee。

Congratulations on a solid guide.

恭喜您獲得了可靠的指南。

Looks like you're approaching $1 a quarter here pretty soon.

看起來你很快就會接近每季度 1 美元。

I had two questions.

我有兩個問題。

On the DRAM side, how do you see the 30-nanometer mix ramp through 2015, and I have a next question after you answer that.

在 DRAM 方面，您如何看待 2015 年的 30 納米混合增長，在您回答之後我有下一個問題。

Thanks.

謝謝。

Our DRAM ramp in 2015 will be significant volume until the second half calendar year.

我們在 2015 年的 DRAM 產量將在下半年之前實現顯著增長。

You should see some volume show up in Q4 of our fiscal year.

您應該會在我們財年的第四季度看到一些交易量。

Okay.

好的。

On the NAND side, obviously, you are going into TLC in 16-nanometer.

顯然，在 NAND 方面，您將進入 16 納米的 TLC。

When you look at the mix between client and enterprise on the SSD side, especially, how do you see that mix playing out?

特別是當您查看 SSD 端的客戶端和企業之間的混合時，您如何看待這種混合？

What's the mix today, and how do you see that playing out next year, exiting next year?

今天的組合是什麼，你如何看待明年的表現，明年退出？

Today, our mix is roughly two-thirds to 75% client and another one-third, 25% to one-third enterprise.

今天，我們的組合大約是三分之二到 75% 的客戶和另外三分之一，25% 到三分之一的企業。

We think, proportionally, that's in the ballpark.

我們認為，按比例，這是在球場上。

A lot of it depends on market conditions, and it would be tougher to forecast out that far how much that would change from where it is today.

這在很大程度上取決於市場狀況，而且很難預測與今天相比會有多大的變化。

Thanks.

謝謝。

Alex Gauna with JMP Securities.

JMP 證券公司的 Alex Gauna。

Nice quarter.

漂亮的季度。

I was wondering if you could give us an idea of how much of your DRAM capacity is moving through the spot market right now, and in considering these contracts for the next quarter in the PC market, how you feel about leaving some flex capacity for price changes?

我想知道您能否告訴我們您目前有多少 DRAM 產能正在通過現貨市場轉移，在考慮 PC 市場下一季度的這些合同時，您對保留一些彈性產能以換取價格有何看法變化？

Thanks.

謝謝。

I mentioned in my script earlier, less than 10% of our capacity goes to the spot market in DRAM.

我之前在我的腳本中提到，我們只有不到 10% 的產能流向了 DRAM 現貨市場。

And so, the other way to think about it is, greater than 90% go to OEM customers.

所以，換個角度想，超過 90% 的客戶都是 OEM 客戶。

That being said, as relates to how we see pricing and our willingness to hold tight, we feel pretty confident where pricing is going in the quarter.

話雖如此，就我們如何看待定價和我們保持緊縮的意願而言，我們對本季度的定價走勢充滿信心。

We see stable to up pricing and holding inventory and all that stuff, we've commented before, we are in this business to make money, and it's a return decision.

我們看到穩定的定價和持有庫存以及所有這些東西，我們之前評論過，我們從事這項業務是為了賺錢，這是一個退貨決定。

We are not looking to liquidate anything.

我們不打算清算任何東西。

We are in good shape, and that's where we're going to act.

我們的狀態很好，這就是我們要採取行動的地方。

Okay.

好的。

I'm wondering.

我在想。

You made some comments on the strength you are seeing in the server market.

您對您在服務器市場上看到的實力發表了一些評論。

I'm wondering your thoughts on how enduring that is, how much might be just the near-term benefit from the Romley upgrade cycle.

我想知道您對這種情況有多持久的看法，以及 Romley 升級週期的近期收益可能有多少。

Are there legs to this, going forward that you can see?

這是否有腿，前進，你可以看到？

Thanks.

謝謝。

Yes.

是的。

I think we think it's not -- the argument that you just posed is that there's more server units being sold, and our proposition is that there is more density, more memory bits going into every server.

我認為我們認為不是——你剛才提出的論點是銷售的服務器單元更多，我們的主張是每台服務器都有更多的密度和更多的內存位。

So, if, in fact, you are right, we will see even faster memory growth in the server segment.

所以，如果事實上你是對的，我們將看到服務器領域的內存增長更快。

But you're talking about people wanting to put more capacity in a relatively modest single digit growth server business today.

但是您說的是人們希望在當今相對適度的個位數增長的服務器業務中投入更多容量。

One more, if I could.

如果可以的話，再來一張。

I'm wondering when we get into the back part of next year, and you've got your 16-nanometer TLC, where do you expect the competition to be, and how do you expect your products to stack up versus that?

我想知道當我們進入明年下半年時，你已經有了你的 16 納米 TLC，你預計競爭會在哪裡，你希望你的產品如何堆疊？

It's hard for us to speculate, because we are not inside those companies and their product discussions, but remember something.

我們很難推測，因為我們不在那些公司和他們的產品討論中，但記得一些東西。

We have made significant investments and we are very excited about our 3D offering.

我們進行了大量投資，我們對我們的 3D 產品感到非常興奮。

We talked about seeing some 3D production out toward the end of our fiscal year, calendar Q3 next year.

我們談到了在我們的財政年度結束時看到一些 3D 製作，即明年的第三季度。

So, we think there's a good combination in our product portfolio and the second half of the calendar year, next year, for consumer and mobile applications requiring 16-nanometer TLC as well as entry-level client devices.

因此，我們認為我們的產品組合和明年下半年，對於需要 16 納米 TLC 以及入門級客戶端設備的消費類和移動應用程序來說，是一個很好的組合。

We also are pretty bullish about our 3D development and efforts, and we think we have a differentiated solution there on the high-end for high performance NAND solutions.

我們也非常看好我們的 3D 開發和努力，我們認為我們在高性能 NAND 解決方案的高端有一個差異化的解決方案。

Okay, great.

好，太棒了。

Congratulations again.

再次祝賀。

Mark Newman with Bernstein.

馬克紐曼與伯恩斯坦。

Actually, I had a question on -- a little bit related to mix, and how that impacts gross margin.

實際上，我有一個關於混合的問題，以及它如何影響毛利率。

Clearly, it looks like enterprise NAND seems to be the biggest area, enterprise SSD seems to be the biggest area of growth right now.

顯然，企業級 NAND 似乎是最大的領域，企業級 SSD 似乎是目前最大的增長領域。

You said 79% quarter-on-quarter growth.

你說環比增長 79%。

Could you talk about how the -- how much different the gross margin is for enterprise SSD versus the rest of the business?

您能否談談企業 SSD 與其他業務的毛利率有何不同？

And how that might be impacting the gross margin going forwards?

以及這可能如何影響未來的毛利率？

Then, I have a follow-up question on your overall SSD business, both client side and enterprise side, what percentage of that uses your own controller versus some external controller solution?

然後，我有一個關於您的整體 SSD 業務的後續問題，包括客戶端和企業端，其中使用您自己的控制器與某些外部控制器解決方案的百分比是多少？

Let me talk to the first question around enterprise and the effect on the overall business.

讓我談談關於企業的第一個問題以及對整體業務的影響。

Without giving too much away for competitive reasons, just suffice to say that the enterprise SSD business is an above average gross margin business for Micron, and we're continuing to develop products and try to maximize their opportunity there.

無需出於競爭原因而放棄太多，只需說企業級 SSD 業務對美光來說是高於平均水平的毛利率業務，我們將繼續開發產品並嘗試最大限度地利用它們在那裡的機會。

So, as we grow that business, it should have a positive impact, all things being equal.

因此，隨著我們業務的發展，它應該產生積極的影響，一切都是平等的。

As relates to your second question about internal controllers, we continue to invest internally in resources for both the clients and enterprise market.

關於您關於內部控制人的第二個問題，我們繼續在內部投資於客戶和企業市場的資源。

Today, we have a hybrid development approach, which is primarily around in-house development for value-added controller systems, and for the more commodity-type products, we look and work with third parties.

今天，我們採用混合開發方法，主要圍繞增值控制器系統的內部開發，對於更多商品類型的產品，我們尋找並與第三方合作。

Remember, that doesn't mean we don't add value, because we've got firmware development, test, and all that, that goes on in the background with these partners.

請記住，這並不意味著我們不增加價值，因為我們已經與這些合作夥伴一起進行了固件開發、測試以及所有這些工作。

If you are looking for a rough proxy, I'll have Kipp follow-up.

如果你正在尋找一個粗略的代理，我會讓 Kipp 跟進。

My suspicion that we're somewhere in the 70% to 75% of external controllers, maybe even closer to 80% and about 20% internal controller development.

我懷疑我們在 70% 到 75% 的外部控制器中，甚至可能接近 80% 和大約 20% 的內部控制器開發。

We will follow-up, Mark, with you, with exact numbers.

馬克，我們將與您一起跟進，並提供確切的數字。

That's great.

那太棒了。

Thanks a lot for that, Mark.

非常感謝，馬克。

And then on DRAM, any -- considering the strong pricing guidance you gave for this current quarter, we are going into right now, where is pricing strongest, and how do you think mix might be changing?

然後在 DRAM 上，任何 - 考慮到您為本季度提供的強有力的定價指導，我們現在將進入，定價最強的地方，您認為組合可能會如何變化？

I'm just wondering, because PC DRAM pricing seems to be pretty strong, and it seems to have higher margin than average, I understand, for DRAM.

我只是想知道，因為 PC DRAM 的定價似乎相當強勁，而且據我所知，它的利潤率似乎高於 DRAM 的平均水平。

I wonder if that percentage of mix might change going forwards?

我想知道這個比例是否會在未來發生變化？

How to think about that?

怎麼想呢？

There's two components to that.

這有兩個組成部分。

There's the supply element, right, Mark?

有供應元素，對吧，馬克？

Then, there's the overall end market behavior in terms of demand.

然後是需求方面的整體終端市場行為。

As it sits today, and we have talked about this in prior calls, we have a certain amount of flex capacity to move between PC and mobile.

就目前而言，我們在之前的電話會議中已經討論過這一點，我們有一定的彈性容量可以在 PC 和移動設備之間移動。

We probably haven't emphasized enough, we also have the discretion to move some of that PC capacity and server capacity back and forth.

我們可能沒有足夠強調，我們也可以自由地來回移動一些 PC 容量和服務器容量。

Given the strength of the PC market, we've optimized around the PC business.

鑑於 PC 市場的實力，我們圍繞 PC 業務進行了優化。

On a relative basis, remember we want to be in all three businesses for the long-term.

相對而言，請記住，我們希望長期從事所有這三個業務。

As it relates to going forward, it's a tougher call, in terms of trying to project at that.

由於它與前進有關，就試圖在這方面進行預測而言，這是一個更艱難的決定。

PC strength clearly today is helping with mobile pricing and server pricing, which led to pretty favorable results in the quarter.

今天的 PC 實力顯然有助於移動定價和服務器定價，這導致本季度的業績非常好。

Just to follow-up, where do think for pricing is strongest now?

只是跟進，現在認為定價最強的地方是哪裡？

We haven't really seen a huge increase in mobile DRAM prices yet, like we have for PC DRAM prices.

我們還沒有真正看到移動 DRAM 價格大幅上漲，就像 PC DRAM 價格一樣。

I just wonder if we might see some further strength in mobile DRAM prices going forwards?

我只是想知道我們是否會看到移動 DRAM 價格進一步走強？

I think that given how we've looked at our -- what I say variable capacity -- I think that's a distinct possibility, assuming demand plays out the way we think it will.

我認為鑑於我們如何看待我們的 - 我所說的可變容量 - 我認為這是一種明顯的可能性，假設需求以我們認為的方式發揮作用。

We think -- I think that mobile pricing is likely to trend stable to upwards in the quarter, given some of the new launches and some of the configuration density improvements.

我們認為——考慮到一些新推出的產品和一些配置密度的改進，我認為本季度移動定價可能會趨於穩定向上。

All right.

好的。

Thanks very much, and great quarter.

非常感謝，很棒的季度。

Thanks Mark, appreciate it.

謝謝馬克，感激不盡。

We would like to thank everyone for participating in the call today, and our apologies out to those still on the line we didn't get a chance to chat with.

我們要感謝今天參加電話會議的所有人，並向那些仍然在線但我們沒有機會聊天的人表示歉意。

If you 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，我們可能就公司和行業做出了前瞻性陳述。

These particular forward-looking statements, and all other statements that may have been made on the call that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially.

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

For information on the important factors that may cause actual results to differ materially, please refer to our filings with the SEC, including the Company's most recent 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 fourth quarter 2014 financial release conference call.

今天的美光科技 2014 年第四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。