美光科技 (MU) 2015 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我叫凱倫，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to the Micron Technology's first-quarter 2015 financial release conference call.

在此，歡迎大家參加美光科技2015年第一季度財務發布電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝你。

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

現在，我很高興將發言權交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you, Karen, and welcome to Micron Technology's first-quarter 2015 financial release conference call.

謝謝你，Karen，歡迎來到美光科技 2015 年第一季度財務發布電話會議。

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

今天的電話會議是首席執行官兼董事 Mark Durcan 先生；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 first-quarter 2014 financial press release, again it is available on our website at Micron.com.

如果您沒有機會查看 2014 年第一季度財務新聞稿，請再次訪問我們的網站 Micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of the call accessed by dialing 404-537-3406, with a confirmation code of 48295415.

撥打 404-537-3406 將有通話的音頻重播，確認碼為 48295415。

This replay will run through Tuesday, January 13 at 11:30 PM Mountain Time.

此重播將持續到山區時間 1 月 13 日星期二晚上 11:30。

A webcast replay will be available on the Company's website until January 2016.

2016 年 1 月之前，公司網站上將提供網絡直播回放。

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

我們鼓勵您在整個季度監視我們的網站 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 at MicronTech.

您也可以在 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。

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 these 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這些前瞻性陳述，以使這些陳述符合實際結果。

I will now turn the call over to Mr. Mark Durcan, CEO.

我現在將把電話轉給首席執行官 Mark Durcan 先生。

Mark?

標記？

Thanks, Kipp.

謝謝，基普。

We had another strong quarter benefiting from continued favorable market conditions and solid execution from the team.

得益於持續有利的市場條件和團隊的穩健執行，我們又迎來了一個強勁的季度。

We set a new record for quarterly revenue of $4.6 billion.

我們創造了 46 億美元的季度收入新紀錄。

GAAP net income was $1 billion.

GAAP 淨收入為 10 億美元。

Free cash flow was $923 million, based on record operating cash flow of $1.6 billion, less CapEx of $669 million.

自由現金流為 9.23 億美元，基於創紀錄的 16 億美元的運營現金流，減去 6.69 億美元的資本支出。

The investments we're making in the business are putting us in position to continue generating strong cash flow.

我們在業務中進行的投資使我們能夠繼續產生強勁的現金流。

We expect continued favorable market conditions for 2015, led by constrained supply in DRAM and solid demand for both DRAM and NAND.

在 DRAM 供應受限以及 DRAM 和 NAND 的強勁需求的帶動下，我們預計 2015 年的市場環境將持續向好。

Demand growth in our business continues to be driven by our customers' rapidly increasing memory content, to enable them to enhance the performance of their products, as opposed to strictly unit growth of NAND systems.

我們業務的需求增長繼續受到客戶快速增加的內存內容的推動，以使他們能夠提高其產品的性能，而不是嚴格的 NAND 系統的單位增長。

The resulting demand outlook remains very encouraging.

由此產生的需求前景仍然非常令人鼓舞。

A few good examples of this growth include mobile DRAM, server DRAM, and solid state drives, all of which are expected to increase memory content per system by 30% to 50% in 2015.

這種增長的幾個很好的例子包括移動 DRAM、服務器 DRAM 和固態驅動器，所有這些都有望在 2015 年將每個系統的內存容量增加 30% 到 50%。

As just mentioned, the outlook for DRAM supply remains tight.

如前所述，DRAM 供應前景依然緊張。

We continue to expect industry bit growth in the low to mid-20% range in 2015, with the development of advanced process technology proven to be disruptive to wafer production.

我們繼續預計 2015 年行業位元增長將在 20% 的中低水平，先進工藝技術的發展被證明對晶圓生產具有顛覆性。

Our belief is that even with steps taken to address the otherwise declining gross wafer production in DRAM, the net wafer output in the industry will stay relatively steady, or decline slightly going forward, leading to a relative stability of bit supply growth, even beyond 2015.

我們的信念是，即使採取措施解決 DRAM 晶圓總產量下降的問題，該行業的晶圓淨產量仍將保持相對穩定，或在未來略有下降，從而導致比特供應增長相對穩定，甚至在 2015 年之後.

As we have said for some time, compared to DRAM, we expect the NAND market to have more volatility, although very attractive over the long-term.

正如我們一段時間以來所說，與 DRAM 相比，我們預計 NAND 市場會有更大的波動性，儘管從長遠來看非常有吸引力。

We are projecting industry supply growth in the high 30% to mid-40% range for 2015, with a significant portion of the range based on deployment of TLC, our triple-level cell memory.

我們預計 2015 年的行業供應增長將在 30% 到 40% 的中間範圍內，其中很大一部分基於我們的三級單元存儲器 TLC 的部署。

TLC has a compelling cost and price point, although there is some variability in terms of the adoption rate for systems requiring higher performance, including certain mobile and SSD applications.

TLC 具有令人信服的成本和價格點，儘管在需要更高性能的系統（包括某些移動和 SSD 應用程序）的採用率方面存在一些差異。

We're often asked about the impact of 3D NAND on the industry supply.

我們經常被問到 3D NAND 對行業供應的影響。

We don't believe 3D NAND will significantly change the current supply growth rate in the industry, given the trade off of more bits per wafer offset by fewer wafers produced per fab, and the capital costs associated with either planar conversion or green field additions.

我們認為 3D NAND 不會顯著改變行業當前的供應增長率，因為每個晶圓廠生產的晶圓數量減少，而每個晶圓廠生產的晶圓數量減少，以及與平面轉換或綠地增加相關的資本成本。

The key comply variable over the long-term is the extent to which demand and economic returns dictate the need to add incremental 3-D capacity.

長期的關鍵合規變量是需求和經濟回報在多大程度上決定了增加增量 3-D 容量的需要。

Micron's approach remains steadfast, to focus on returns as opposed to growth or scale, when we evaluate this market.

當我們評估這個市場時，美光的方法仍然堅定不移，專注於回報而不是增長或規模。

We're entering an interesting year in our business, deploying evolutionary but increasingly challenging process technology in our fabs, while also moving more revolutionary technology closer to commercialization.

我們的業務正在進入一個有趣的一年，在我們的晶圓廠中部署不斷發展但越來越具有挑戰性的工藝技術，同時也使更多革命性的技術更接近商業化。

We're very pleased with our recent progress on DRAM.

我們對最近在 DRAM 方面取得的進展感到非常滿意。

25 nanometer deployment has been relatively smooth and 20 nanometer enablement is well underway, with many milestones being hit early.

25 納米的部署相對順利，20 納米的啟用正在順利進行，許多里程碑已經提前實現。

The extra R&D resources we have brought to bear, and the alignment of manufacturing and R&D resources at Hiroshima are clearly bearing fruit.

我們帶來的額外研發資源，以及廣島的製造和研發資源的整合顯然正在結出碩果。

I'll come back to how this deployment is impacting our short-term bit growth outlook in a minute.

我會在一分鐘內回到這個部署如何影響我們的短期比特增長前景。

We also remain very comfortable with the status of our 3D NAND technology development, which of course is occurring in collaboration with our JV partner, Intel.

我們也對我們的 3D NAND 技術開發狀況感到非常滿意，這當然是與我們的合資夥伴英特爾合作進行的。

3D NAND enables cost and performance optimization beyond the capabilities of planar NAND, with enhanced product performance across a broad portfolio of applications and significant cost per bit reductions over time.

3D NAND 實現了超越平面 NAND 功能的成本和性能優化，在廣泛的應用組合中增強了產品性能，並且隨著時間的推移顯著降低了每比特成本。

We commenced early 3D samples in calendar Q4 of 2014, and expect volume commercial production in the second half of calendar year 2015.

我們在 2014 年第四季度開始了早期的 3D 樣品，並預計在 2015 年下半年量產。

Given the confidence in our technology, we recently announced plans to add additional clean room space in Singapore to enable a ramp of 3D NAND, as well as other emerging memory technologies.

鑑於對我們技術的信心，我們最近宣布計劃在新加坡增加額外的潔淨室空間，以實現 3D NAND 以及其他新興內存技術的發展。

This addition effectively doubles the existing fab 10 clean room space, and once completed, will create additional economies of scale for our nonvolatile memory operations in Singapore.

這一新增設施有效地將現有的 10 號晶圓廠潔淨室空間翻了一番，一旦完成，將為我們在新加坡的非易失性存儲器業務創造額外的規模經濟。

The CapEx for this project is estimated to be about $4 billion, spent over a number of years, with tool installs and production expected to begin in calendar 2016 and calendar 2017 respectively.

該項目的資本支出估計約為 40 億美元，花費了數年時間，工具安裝和生產預計將分別於 2016 年和 2017 年開始。

We expect to reserve a portion of this capacity for Intel under our supply agreement.

我們希望根據我們的供應協議為英特爾保留部分產能。

Note our FY15 CapEx guidance of $3.6 billion to $4 billion is unchanged, as spending this year on new clean room is primarily for design and early construction work.

請注意，我們 36 億美元至 40 億美元的 2015 財年資本支出指引保持不變，因為今年新潔淨室的支出主要用於設計和早期建設工作。

Our Q2 revenue guidance is $4.1 billion to $4.3 billion.

我們的第二季度收入指導為 41 億美元至 43 億美元。

Keep in mind, we will be moving back to a normal 13-week quarter in Q2 from the 14-week quarter we just completed.

請記住，我們將在第二季度從剛剛完成的 14 周季度恢復到正常的 13 周季度。

In addition to the 13- to 14-week comparison, DRAM production is expected to be down sequentially, as we prepare fabs for advanced technology deployment, including 20 nanometer and subsequent 1X and 1Y nodes, which we have on our road map.

除了 13 到 14 週的比較之外，DRAM 產量預計將依次下降，因為我們為先進技術部署準備晶圓廠，包括我們在路線圖中擁有的 20 納米和後續 1X 和 1Y 節點。

These nodes are increasingly challenging, which is a good things in terms of industry supply outlook, but can be a short-term headwind in terms of bit shipments.

這些節點的挑戰越來越大，這在行業供應前景方面是一件好事，但在比特出貨量方面可能是短期的不利因素。

This production lull is occurring in a normally seasonally slower demand period.

這種生產停滯發生在通常季節性較慢的需求時期。

We continue to focus on product excellence, customer service, margins and returns, rather than simply shipping additional bits into the market.

我們將繼續專注於卓越的產品、客戶服務、利潤和回報，而不是簡單地向市場運送額外的產品。

To give an update on our longer-term bit growth, we now expect our DRAM production to come in below the market for calendar year 2015.

為了更新我們的長期比特增長，我們現在預計我們的 DRAM 產量將低於 2015 日曆年的市場。

There are several factors leading to below-market growth this year.

有幾個因素導致今年低於市場的增長。

These include product disruption for technology upgrades just mentioned, 20 nanometer technology, which is being deployed in calendar year 2015 reduces wafer outs about 15% to 20% for a given square foot of clean room space, compared to 30 nanometer.

其中包括剛剛提到的技術升級的產品中斷，與 30 納米相比，2015 日曆年部署的 20 納米技術在給定平方英尺的潔淨室空間中減少了約 15% 到 20% 的晶圓外露。

Although we are taking steps to minimize the impact, our wafers produced will decline year-over-year.

儘管我們正在採取措施將影響降至最低，但我們生產的晶圓將逐年下降。

By the way, I should note, we do have clean room space available to replace or potentially add net DRAM capacity if and when it makes sense from an ROIC standpoint, but at this time, we are not planning to make that investment.

順便說一句，我應該指出，如果從 ROIC 的角度來看，我們確實有可用的潔淨室空間來替換或可能增加淨 DRAM 容量，但目前，我們不打算進行這項投資。

Finally, product mix optimization is a factor, which continues to grow in importance relative to pure bit metrics.

最後，產品組合優化是一個因素，相對於純位指標而言，它的重要性繼續增長。

As we diversify and optimize our business, ASP per bit, cost per bit, and bit growth are all increasingly a function of these decisions.

隨著我們業務的多樣化和優化，每比特平均售價、每比特成本和比特增長都越來越成為這些決策的函數。

Of course, the goal is to provide the most value-added products to our customers within the constrained supply.

當然，我們的目標是在供應有限的情況下為我們的客戶提供最具附加值的產品。

By way of example, this year, we are shifting production from DDR3 to DDR4, and continue to grow other value-added specialty DRAM products in the mix.

例如，今年，我們正在將生產從 DDR3 轉移到 DDR4，並繼續發展其他增值特種 DRAM 產品。

Turning to bit supply and our NAND business, Q2 was marked by a significant shift in the mix towards the mobile segment.

談到位供應和我們的 NAND 業務，第二季度的特點是組合向移動領域的重大轉變。

Mobile NAND is characterized by higher ASPs, higher cost per bit, and lower bit output per wafer, compared to our portfolio average.

與我們的產品組合平均值相比，移動 NAND 的特點是更高的 ASP、更高的每比特成本和更低的每晶片比特輸出。

These mix effects are included in the more detailed guidance Ron and Mark will provide in a minute.

這些混合效果包含在 Ron 和 Mark 稍後將提供的更詳細的指導中。

This shift in mobile, or to mobile, is a part of the reason our NAND bit growth will also be below the market for calendar year 2015.

移動設備或移動設備的這種轉變是我們的 NAND 位增長也將低於 2015 日曆年市場的部分原因。

Of course, we were somewhat above the NAND market growth rate in 2014, following the conversion of our Singapore DRAM fab to NAND.

當然，在我們的新加坡 DRAM 工廠轉換為 NAND 之後，我們在 2014 年的 NAND 市場增長率略高。

Additionally, as I mentioned, we will begin manufacturing our 3D NAND in the second half of the year, and expect what we believe is industry-leading 3D technology to have a significant and positive impact over time.

此外，正如我所提到的，我們將在今年下半年開始製造 3D NAND，並期待我們認為行業領先的 3D 技術隨著時間的推移產生重大而積極的影響。

Before I wrap up, I'd like to take a minute to discuss our partnership and supply agreement with Inotera.

在結束之前，我想花一點時間討論我們與 Inotera 的合作夥伴關係和供應協議。

The supply agreement has a three-year term, renewable on an annual basis.

供應協議為期三年，每年可續簽。

As with any agreement, dynamics can evolve over time, and changes are sometimes required to ensure fair economics between all parties.

與任何協議一樣，動態會隨著時間而變化，有時需要進行更改以確保各方之間的公平經濟。

At this point, we're in discussion with our partners regarding the terms for renewing the agreement, and we will provide an update, when appropriate.

目前，我們正在與我們的合作夥伴討論續訂協議的條款，我們將在適當的時候提供更新。

I want to congratulate the team at Micron for a very strong quarter.

我要祝賀美光團隊取得了非常強勁的季度表現。

We have a tremendous opportunity to continue delivering for our customers and shareholders, and we're looking forward to an exciting and productive year in 2015.

我們有巨大的機會繼續為我們的客戶和股東提供服務，我們期待在 2015 年迎來激動人心且富有成效的一年。

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

我會在這裡停下來，把它交給羅恩和馬克，然後再回來進行問答。

Thanks, Mark.

謝謝，馬克。

The first quarter of FY15 ended on December 4. 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 first quarter of FY15, as well as guidance for the second quarter.

2015 財年第一季度於 12 月 4 日結束。我們在網站上發布了一份文件，其中包含我將介紹的財務信息，包括 GAAP 和非 GAAP 業績、2015 財年第一季度的某些關鍵指標以及第二季度的指導四分之一。

Our FY15 contains an extra week, as Mark mentioned, to synchronize our 52 or 53 week fiscal calendar with the August year-end.

正如馬克所說，我們的 FY15 包含額外的一周，以使我們 52 或 53 週的財政日曆與 8 月的年末同步。

By policy, the extra week falls in our first fiscal quarter, so first-quarter FY15 contains 14 weeks, while the rest of the quarters will contain the customary 13 weeks.

根據政策，我們的第一個財政季度會有額外的一周，因此 2015 財年第一季度包含 14 週，而其餘季度將包含慣常的 13 週。

The results for the first quarter include net income of $1.003 billion, or $0.84 per share on net sales of $4.573 billion.

第一季度的業績包括淨收入 10.03 億美元，或每股 0.84 美元，淨銷售額為 45.73 億美元。

Gross margin came in at 36%, up about 3 points compared to the previous quarter.

毛利率為 36%，比上一季度增長約 3 個百分點。

Part of this improvement is coming from higher costs in the fourth quarter, related to the Tessera license and last time sale of legacy phase change memory products that we mentioned on our last call.

這種改善的部分原因是第四季度的成本增加，這與我們在上次電話會議中提到的 Tessera 許可證和上次銷售傳統相變存儲器產品有關。

Our reported income from equity method investments for the first quarter was $124 million, substantially all of which is attributable to Inotera.

我們第一季度報告的權益法投資收入為 1.24 億美元，大部分都歸功於 Inotera。

On a non-GAAP basis, net income for the first quarter was approximately $1.1 billion or $0.97 per share.

按非公認會計原則計算，第一季度的淨收入約為 11 億美元或每股 0.97 美元。

Non-GAAP adjustments resulted in a net increased income of $135 million or $0.13 per share and included the following: The amortization of debt discount and other costs of $38 million, includes imputed interest on our convertible notes, and the discount on the MMJ installment debt.

非 GAAP 調整導致淨收入增加 1.35 億美元或每股 0.13 美元，其中包括：債務折扣和其他成本 3800 萬美元的攤銷，包括我們可轉換票據的推算利息，以及 MMJ 分期付款債務的折扣.

The loss on restructure of debt of $30 million related primarily to the repurchase and conversion of convertible notes in the first quarter.

債務重組損失3000萬美元，主要與第一季度可轉換票據的回購和轉換有關。

The $21 million loss from changes in currency exchange rates, particularly for the yen, arose from the variances in the forecasted balances of non-USD assets and liabilities, that resulted in an over-hedged position in the quarter.

貨幣匯率變化（尤其是日元）造成的 2100 萬美元損失是由於非美元資產和負債的預測餘額出現差異，導致本季度出現過度對沖頭寸。

Non-cash tax expense from the MMJ and MMT operations was $38 million.

MMJ 和 MMT 業務的非現金稅費為 3800 萬美元。

Finally, there was a 27 million share anti-dilutive effect of capped calls, based on the average stock price during the first quarter of $32.35.

最後，根據第一季度 32.35 美元的平均股價，上限看漲期權產生了 2700 萬股的反稀釋效應。

In the second quarter of FY15, we expect the following significant non-GAAP adjustments: Approximately $35 million for amortization of debt discounts and convertible notes, and MMJ installment debt.

在 2015 財年第二季度，我們預計將進行以下非公認會計原則的重大調整：約 3500 萬美元用於債務折扣和可轉換票據的攤銷，以及 MMJ 分期債務。

Non-cash taxes related to the Elpida acquisition are expected to be approximately $30 million in the second quarter.

與 Elpida 收購相關的非現金稅預計在第二季度約為 3000 萬美元。

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 guidance for the second quarter.

現在讓我們看看第二季度的技術和指導結果。

DRAM revenue increased 9% compared to the fourth quarter, primarily due to an increase in bit sales volume and stable average selling prices.

DRAM 收入較第四季度增長 9%，主要是由於位銷量增加和平均售價穩定。

DRAM gross margin improved a couple percentage points into the low 40% range.

DRAM 毛利率提高了幾個百分點，達到了 40% 的低位。

DRAM gross margins for the second quarter, using quarter to date ASP and projected mix for the quarter should be down slightly compared to Q1, based on bit production down high single to low double digits, ASPs flat to down low single digits, and cost per bit relatively flat.

第二季度的 DRAM 毛利率，使用本季度迄今為止的 ASP 和預計的季度組合，與第一季度相比應該略有下降，基於位產量從高個位數下降到低兩位數，ASP 持平到低個位數，以及每單位成本比較平。

The key items affecting our DRAM guidance for the second quarter are continued favorable DRAM market conditions, with like-for-like pricing generally stable to down slightly in most DRAM market segments.

影響我們對第二季度 DRAM 指導的關鍵因素是持續有利的 DRAM 市場狀況，在大多數 DRAM 細分市場中，同類定價普遍穩定或略有下降。

Mark Adams will expand on this in his comments.

馬克亞當斯將在他的評論中對此進行擴展。

Lower levels of production, primarily due to the normal 13-week period in Q2 and equipment upgrades, in preparation for the next generation process technology, as Mark Durkin mentioned earlier.

正如 Mark Durkin 之前提到的，生產水平較低，主要是由於第二季度的正常 13 週週期和設備升級，為下一代工藝技術做準備。

On the trade NAND side, revenue increased 14% in the first quarter, with a 20% increase in bit sales volume, partially offset by a 6% decrease in average selling price.

在貿易 NAND 方面，第一季度收入增長 14%，其中位銷量增長 20%，部分被平均售價下降 6% 所抵消。

Trade NAND gross margin was down slightly to the mid-20% range, as cost reductions per bit partially offset decreases in selling prices.

Trade NAND 毛利率小幅下降至 20% 的中間範圍，因為每比特成本的降低部分抵消了售價的下降。

Trade NAND gross margins for the second quarter, using quarter to date ASP and projected mix for the quarter, are expected to be down low to mid-single digits, compared to Q1, based on bit production flat to down low single digits, with the normal 13-week period in Q2 as I mentioned.

第二季度的貿易 NAND 毛利率，使用本季度迄今為止的 ASP 和預計的季度組合，與第一季度相比，預計將下降到低到中個位數，基於比特產量持平到低個位數，其中正如我提到的，第二季度的正常 13 週期間。

ASPs flat to down low single digits, and cost per bit up mid-single digits, primarily relating to mix.

ASP 持平到低個位數，每比特成本上升到中個位數，主要與混合有關。

Key trends for the second quarter affecting this guidance are like for like pricing was down mid-single digits, pricing pressure in the spot market, and with client SSDs early in the quarter, although these markets have begun to stabilize as of late, and a shift in mix to a higher concentration in mobile and managed NAND products, which has a slightly improving effect on margin, with increases in both ASP and cost per bit.

影響該指引的第二季度的主要趨勢包括價格下降中個位數、現貨市場的定價壓力以及本季度初的客戶 SSD，儘管這些市場最近已經開始穩定，並且混合向移動和託管 NAND 產品的更高集中度轉變，這對利潤率有輕微的改善作用，平均售價和每比特成本都有所增加。

On a consolidated basis, we are guiding total revenue for the second quarter in the range of $4.1 billion to $4.3 billion, which reflects the normal 13-week period.

在綜合基礎上，我們將第二季度的總收入指導在 41 億美元至 43 億美元之間，這反映了正常的 13 週期間。

Looking at other P&L and cash flow results and guidance, SG&A expense in the second quarter is expected to be relatively stable when compared to Q1, which came in just below our guidance.

從其他損益和現金流結果和指導來看，與第一季度相比，第二季度的 SG&A 費用預計將相對穩定，略低於我們的指導。

R&D expense in the first quarter was below our guided range, primarily due to improved execution of product qualifications.

第一季度的研發費用低於我們的指導範圍，主要是由於改進了產品認證的執行。

We expect a higher level of qualification activities in the second quarter, which is contemplated in our guidance.

我們預計第二季度會有更高水平的資格認證活動，這在我們的指導中有所考慮。

Depreciation and amortization expense for the year is estimated at $2.9 billion, but will vary, based on the changes in the timing of equipment receipts.

今年的折舊和攤銷費用估計為 29 億美元，但會根據設備接收時間的變化而有所不同。

As Mark mentioned, the Company generated record operating cash flow in the first quarter of $1.6 billion, and ended the quarter with $5.3 billion in cash and marketable investments.

正如馬克所提到的，公司在第一季度創造了創紀錄的運營現金流 16 億美元，並在本季度末以 53 億美元的現金和有價投資。

During the first quarter we spent $532 million on dilution management, relating to our convertible notes.

在第一季度，我們在與可轉換票據相關的稀釋管理上花費了 5.32 億美元。

We also replaced our $175 million US AR-backed credit line, with a $600 million AR in inventory backed credit line.

我們還將 1.75 億美元的美國 AR 支持信貸額度替換為 6 億美元的 AR 庫存支持信貸額度。

No amounts have been drawn under either of these facilities.

這些貸款中的任何一項均未提取任何款項。

During the first quarter, we announced Board authorization to repurchase up to $1 billion of our common stock.

在第一季度，我們宣布董事會授權回購最多 10 億美元的普通股。

Any repurchases under the authorization would be performed opportunistically in open trading windows.

授權下的任何回購都將在開放的交易窗口中進行機會主義。

There were no share repurchases during the first quarter.

第一季度沒有股票回購。

Expenditures for property, plant, and equipment in the first quarter were $669 million.

第一季度的物業、廠房和設備支出為 6.69 億美元。

We continue to expect capital expenditures for the fiscal year to be between $3.6 billion and $4 billion.

我們繼續預計本財年的資本支出將在 36 億美元至 40 億美元之間。

Note the beginning of the first quarter, we are combining substantially all payments for property plant and equipment into a single line in the investing section of the statement of cash flows.

請注意，在第一季度初，我們在現金流量表的投資部分中將幾乎所有不動產廠房和設備的付款合併為一行。

Historical periods are being reclassified as well, to facilitate comparability.

歷史時期也被重新分類，以促進可比性。

In prior periods, our disclosure of capital expenditures was the sum of expenditures for property plant and equipment, and payments on equipment contracts.

在前期，我們披露的資本支出是物業廠房和設備支出以及設備合同付款的總和。

So there is no change in the disclosure of total capital expenditures, just a landscape change on the cash flow statement.

因此，總資本支出的披露沒有變化，只是現金流量表的景觀變化。

We estimate that for every one yen change in the US dollar - yen exchange rate, our cash expenses in Japan change approximately 2.5 million.

我們估計，美元-日元匯率每變化1日元，我們在日本的現金支出就會變化約250萬。

Our Q2 guidance contemplates the US dollar to yen exchange rate at the end of Q1, which was approximately 120 yen to the dollar.

我們的第二季度指引考慮了第一季度末的美元兌日元匯率，約為 120 日元兌美元。

As a reference, the average exchange rate during the first quarter was approximately 110.

作為參考，第一季度的平均匯率約為 110。

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 cover a review of our Q1 operating performance, as well as share commentary on market insights, key segment trends, and memory industry dynamics as we enter calendar 2015.

我將回顧我們第一季度的運營業績，並在我們進入 2015 年日曆時分享對市場洞察、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 an outstanding quarter, recording $2.1 billion in revenues.

我們的計算和網絡業務部門（稱為 CNBU）在一個季度表現出色，收入為 21 億美元。

Our operating margins came in at 30%, compared to 26% in Q4.

我們的營業利潤率為 30%，而第四季度為 26%。

CNBU benefited from a slightly higher DRAM prices and lower costs, which led to the overall improved operating performance in the quarter.

CNBU 受益於 DRAM 價格略高和成本降低，導致本季度整體經營業績有所改善。

The growing diversification of our end markets is reflected in a favorable mix across our computing, server, networking, enterprise and graphics segments.

我們的終端市場日益多樣化反映在我們的計算、服務器、網絡、企業和圖形領域的有利組合中。

Demand in the PC client segment remained strong in our first quarter.

我們第一季度對 PC 客戶端的需求依然強勁。

Bit shipments incline grew heading into the holidays, and pricing held firm in Q1.

進入假期前，比特出貨量增加，第一季度價格保持堅挺。

We commenced volume shipments of our 25 nanometer technology into the client PC Tier 1 OEM customer base, which resulted in improved costs.

我們開始將我們的 25 納米技術批量出貨給客戶 PC 1 級 OEM 客戶群，從而降低了成本。

Driven by continued growth in cloud computing and data analytics, we achieved both record revenue and bit shipments in our server business.

在雲計算和數據分析持續增長的推動下，我們在服務器業務中實現了創紀錄的收入和位出貨量。

Server DRAM bit growth is forecasted to grow 40% year on year.

服務器 DRAM 位增長預計將同比增長 40%。

The growth in server-based memory is based on increasing server workloads, that require higher DRAM performance and density.

基於服務器的內存的增長是基於服務器工作負載的增加，這需要更高的 DRAM 性能和密度。

Our server business remains a very attractive segment, with a demand profile that is less sensitive to price fluctuations in the market.

我們的服務器業務仍然是一個非常有吸引力的細分市場，其需求狀況對市場價格波動不太敏感。

The networking segment delivered revenue growth of up 5% quarter-on-quarter.

網絡部門的收入環比增長 5%。

Demand remains strong driven by LTE build out in China, and other emerging markets.

受中國和其他新興市場 LTE 建設的推動，需求依然強勁。

We are optimistic that bandwidth requirements from increased data, audio-video, and gaming content, projected to grow roughly 20% in calendar year 2015, will drive higher demand for Micron's memory products, in a business that yields attractive gross margins.

我們樂觀地認為，數據、音頻-視頻和遊戲內容的帶寬需求預計將在 2015 日曆年增長約 20%，這將推動對美光內存產品的更高需求，該業務產生有吸引力的毛利率。

Our graphics business, which is another market segment that delivers favorable ASP and margin uplift grew Q1 revenues 18% when compared to Q1 FY14.

我們的圖形業務是另一個提供良好平均售價和利潤率提升的細分市場，與 2014 財年第一季度相比，第一季度的收入增長了 18%。

Last year, consoles doubled their memory content per box, and we feel that there will be additional content growth this year, as the use of these devices continues to expand beyond gaming into more compute and home entertainment functions.

去年，遊戲機每盒的內存容量翻了一番，我們認為今年內容還會有額外的增長，因為這些設備的使用範圍繼續從遊戲擴展到更多的計算和家庭娛樂功能。

We had a strong quarter in DRAM technology enablement.

我們在 DRAM 技術支持方面表現強勁。

We are pleased with the team's execution on DDR4, as major OEMs earned qualification for their value-added configurations.

我們對團隊在 DDR4 上的執行感到高興，因為主要 OEM 因其增值配置而獲得了資格。

While coming off of a relatively low base, shipments of DDR4 increased four times quarter over quarter.

雖然基數較低，但 DDR4 的出貨量環比增長了四倍。

We are seeing very strong demand signals for DDR4 in the coming quarters, in particular from the enterprise server customer base.

我們看到未來幾個季度對 DDR4 的需求信號非常強勁，特別是來自企業服務器客戶群。

DDR4 ASPs remain at a significant premium to DDR3, given the enhanced performance.

鑑於增強的性能，DDR4 ASP 仍然比 DDR3 高出很多。

As the market for DDR4 begins to take shape over the next 12 months and beyond, the rate of growth should positively impact our average ASP.

隨著 DDR4 市場在未來 12 個月及以後開始形成，增長率應該會對我們的平均 ASP 產生積極影響。

We're seeing good progress of our 8-gigabit GDDR5 technology, as we are shipping engineering samples to two of our larger enabling partners.

我們看到我們的 8 Gb GDDR5 技術取得了良好進展，因為我們正在向我們的兩個更大的支持合作夥伴運送工程樣品。

And finally, the research and development team saw fantastic progress in the enablement of our 20 nanometer technology DRAM process.

最後，研發團隊在啟用我們的 20 納米技術 DRAM 工藝方面取得了驚人的進展。

We are evaluating ways to accelerate this transition ahead of our current plan.

我們正在評估在我們目前的計劃之前加速這種轉變的方法。

Our storage business unit, or SBU achieved $987 million in revenue in Q1, up 9% quarter on quarter.

我們的存儲業務部門或 SBU 在第一季度實現了 9.87 億美元的收入，環比增長 9%。

Our SBU operating margins were stable this quarter, despite some challenging pricing dynamics.

儘管存在一些具有挑戰性的定價動態，但本季度我們的 SBU 營業利潤率保持穩定。

It appears there has been some additional TLC capacity in both the channel components and client SSD segments, which apply downward pressure on pricing towards the end of our first quarter, and into our current quarter.

似乎在渠道組件和客戶端 SSD 領域都有一些額外的 TLC 容量，這對我們第一季度末和本季度的定價施加了下行壓力。

As we produce primarily MLC technology, we are focused on finding higher-value opportunities that require best in class performance, and are trying to minimize our exposure to aggressive market pricing.

由於我們主要生產 MLC 技術，因此我們專注於尋找需要一流性能的更高價值機會，並努力將我們在激進市場定價中的風險降至最低。

We are making good progress in driving our SSD road map to our award-winning 16 nanometer technology.

我們在推動我們的 SSD 路線圖向我們屢獲殊榮的 16 納米技術發展方面取得了良好進展。

We successfully qualified the MS600 drive at a Tier 1 PC OEM customer, and anticipate additional commitments over the next 90 days.

我們成功地通過了一級 PC OEM 客戶的 MS600 驅動器認證，並預計在接下來的 90 天內會做出更多承諾。

In addition, today we are announcing two Crucial branded client SSDs, enabled by Micron's 16-nanometer process for shipment in this quarter.

此外，今天我們宣布推出兩款 Crucial 英睿達品牌客戶端 SSD，它們採用美光 16 納米工藝，將於本季度發貨。

We expect to have 50% of our client SSD shipments on 16 nanometer by the end of our first quarter.

我們預計到第一季度末，16 納米的客戶 SSD 出貨量將占到 50%。

On our last call, I outlined the steps we were taking to improve our overall NAND competitiveness.

在上次電話會議上，我概述了我們為提高整體 NAND 競爭力而採取的步驟。

I want to give an update on our progress.

我想介紹一下我們的進展情況。

Our focus is in three areas: Process advancement, system-level enablement, and higher value end market applications.

我們的重點是三個領域：流程改進、系統級支持和更高價值的終端市場應用。

We successfully hit the forecasted milestones to deliver engineering samples of our 16 nanometer TLC device by the end of calendar 2014.

我們成功地達到了預測的里程碑，在 2014 年年底之前交付了我們的 16 納米 TLC 設備的工程樣品。

We are targeting late spring shipments of TLC components to the channel and consumer segments, and expect to commence shipping a TLC client SSD drive into the market during the second half of 2015.

我們的目標是向渠道和消費者細分市場晚春出貨 TLC 組件，並預計在 2015 年下半年開始向市場出貨 TLC 客戶端 SSD 驅動器。

Micron will continue to increase our leadership in overall NAND scaling, demonstrated by our vertical cell 256 gigabit MLC and 384 gigabit TLC 3D NAND devices, 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在整體 NAND 擴展方面的領先地位，我們的垂直單元 256 吉比特 MLC 和 384 吉比特 TLC 3D NAND 設備證明了這一點，我們相信它們將擁有業界最高的每平方英寸矽密度。

We are now sampling our 3D NAND component, and remain on track for initial commercial production during the second half of calendar 2015.

我們現在正在對我們的 3D NAND 組件進行採樣，並在 2015 年下半年繼續進行初始商業生產。

Beyond innovation at the technology level, we continue to add controller and firmware resources that are helping to accelerate product development, and enhance the quality of our enterprise data center and client-based SSD products.

除了技術層面的創新之外，我們還將繼續添加控制器和固件資源，以幫助加速產品開發，並提高我們企業數據中心和基於客戶端的 SSD 產品的質量。

In addition, we are investing in packaging capabilities that allows us to integrate technologies to offer performance, power, and/or reliability benefits.

此外，我們正在投資於封裝能力，使我們能夠集成技術以提供性能、功率和/或可靠性優勢。

Such capabilities are the foundation for driving into more solution-oriented products, designed to meet specific customer needs.

這些能力是推動更多面向解決方案的產品的基礎，旨在滿足特定客戶的需求。

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 into the mobile segment was up over 45% quarter over quarter.

例如，向移動領域銷售的 NAND 收入環比增長超過 45%。

Coupling NAND with DRAM in the form of eMCPs is a high-growth opportunity which I will discuss in the mobile segment shortly.

以 eMCP 的形式將 NAND 與 DRAM 耦合是一個高增長的機會，我將很快在移動領域進行討論。

Our enterprise SSD business set a revenue record in Q1, and margins were up quarter over quarter, as the team drove qualifications of our M500DC product into cloud and data center customers.

我們的企業 SSD 業務在第一季度創下了收入記錄，利潤率環比上升，因為該團隊將我們的 M500DC 產品的資格推向了雲和數據中心客戶。

We are evaluating options to accelerate growth into this expanding segment of the market, that includes data center, cloud, networking, security, search and e-commerce customers.

我們正在評估加速增長進入這個不斷擴大的市場部分的選項，其中包括數據中心、雲、網絡、安全、搜索和電子商務客戶。

The fundamental for long-term growth drivers such as client enterprise storage, mobile storage, and embedded applications driving NAND consumptions continues to be positive.

推動 NAND 消費的客戶端企業存儲、移動存儲和嵌入式應用等長期增長驅動因素的基本面仍然是積極的。

We are meeting the milestones we set in our plan to improve the long-term operating competitiveness, and feel optimistic about our position going forward.

我們正在實現我們在提高長期經營競爭力的計劃中設定的里程碑，並對我們未來的地位感到樂觀。

The mobile business unit, or MBU had another outstanding quarter.

移動業務部門或 MBU 又一個出色的季度。

MBU revenue came in at $940 million.

MBU 收入為 9.4 億美元。

Operating margins were 32% in Q1, compared with 22% in our last quarter.

第一季度的營業利潤率為 32%，而上一季度為 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 was a catalyst for strong holiday demand.

iPhone 6 的推出是假期需求旺盛的催化劑。

Memory content for devices driving customer forecast in 2015.

2015 年推動客戶預測的設備內存內容。

On the high-end, the Samsung Note is shipping with 3 gigabytes of low-power DRAM, and Chinese competitors such as Xiaomi are differentiating with larger memory configurations.

在高端方面，三星 Note 配備 3 GB 低功耗 DRAM，而小米等中國競爭對手正在通過更大的內存配置進行差異化。

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

中低價位智能手機市場也在推動額外的內存容量，甚至功能手機也正在從幾乎沒有 DRAM 的手機發展到新產品，例如具有 1 GB 低功耗 DRAM 的 Android One。

We are also seeing higher memory content in flash, where mid and high end smartphones have shifted configurations from 32 gigabytes and 64 gigabytes, to 64 gigabytes and 128 gigabytes.

我們還看到閃存中更高的內存內容，其中中高端智能手機已將配置從 32 GB 和 64 GB 轉移到 64 GB 和 128 GB。

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

在產品方面，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 eMCP by the midrange market, where there is strong growth, has created significant opportunity for Micron.

增長強勁的中端市場迅速採用 eMCP，為美光創造了重要機遇。

With our capability of supplying known good die flow from the former Elpida operations and our 16 nanometer NAND technology, Micron is uniquely positioned to capture this growth opportunity, as eMCPs move to replace eMMC in the largest mobile segments.

憑藉我們從以前的 Elpida 業務和我們的 16 納米 NAND 技術提供已知良好芯片流的能力，隨著 eMCP 在最大的移動領域取代 eMMC，美光具有獨特的優勢來抓住這一增長機會。

The team is also working on low-power DDR4 enablement with our chipset partners, that will allow for key customer differentiating in the future.

該團隊還與我們的芯片組合作夥伴一起致力於低功耗 DDR4 支持，這將允許關鍵客戶在未來實現差異化。

As Mark and I have said in prior communications, we're focused on a returns approach to the mobile business.

正如馬克和我在之前的通訊中所說，我們專注於移動業務的回報方法。

We are pleased with the progress the team has made to date.

我們對團隊迄今為止取得的進展感到高興。

We are constrained to meet our customer demand forecast, and continue to evaluate how to best balance our overall capacity to support Micron's valued customers.

我們必須滿足我們的客戶需求預測，並繼續評估如何最好地平衡我們的整體能力，以支持美光的尊貴客戶。

Our embedded business, or EBU, set a quarterly revenue record, achieving $539 million in sales.

我們的嵌入式業務 (EBU) 創下了季度收入記錄，實現了 5.39 億美元的銷售額。

This is our eighth consecutive quarter of revenue growth for EBU.

這是我們 EBU 連續第八個季度的收入增長。

Our operating margins rose to 22%, up from 16% last quarter.

我們的營業利潤率從上一季度的 16% 上升到 22%。

This growth was driven by record shipments to the automotive and industrial and multi-market segments.

這一增長是由汽車、工業和多市場領域創紀錄的出貨量推動的。

Automotive revenues were up 18% quarter on quarter.

汽車收入環比增長 18%。

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

汽車領域繼續受益於內存內容，這得益於新產品中的信息娛樂和高級駕駛員輔助系統。

Our commitment to the unique needs of this market, in areas such as quality, reliability, product longevity, and service have enabled us to strengthen our market leadership in Q1.

我們在質量、可靠性、產品壽命和服務等領域對這個市場的獨特需求的承諾使我們能夠在第一季度加強我們的市場領導地位。

The broad category of industrial and multi-market was up 12% quarter over quarter, driven by continued growth in factory automation, machine to machine, and aerospace and defense.

在工廠自動化、機器對機器、航空航天和國防的持續增長的推動下，工業和多市場的廣泛類別環比增長 12%。

As we see strong demand growth in areas such as automotive entertainment, consumer electronics, connected smart homes, and machine to machine systems, we remain optimistic for a strong demand environment in our EBU business for FY15.

由於我們看到汽車娛樂、消費電子、互聯智能家居和機器對機器系統等領域的需求強勁增長，我們對 2015 財年 EBU 業務的強勁需求環境保持樂觀。

It is worthy of note that we have recorded our fourth consecutive quarter of growth in NOR product shipments, with over 70% now in our 45 nanometer process.

值得注意的是，我們的 NOR 產品出貨量連續第四個季度實現增長，目前 45 納米工藝的出貨量超過 70%。

We will continue to seek opportunities to leverage our portfolio of DRAM, NAND, and NOR to drive continued growth in profits in the embedded market.

我們將繼續尋找機會，利用我們的 DRAM、NAND 和 NOR 產品組合來推動嵌入式市場利潤的持續增長。

Coming off a strong FY14, our operations team is focused on managing through a number of transitions to ensure long-term competitiveness.

在 2014 財年表現強勁後，我們的運營團隊專注於通過多次轉型進行管理，以確保長期競爭力。

On the integration front, we implemented Micron's manufacturing information systems in our fabs in both Hiroshima and Taiwan in Q1.

在集成方面，我們在第一季度在廣島和台灣的工廠中實施了美光的製造信息系統。

We are also driving expanded 25 nanometer technology at MMJ and MMT.

我們還在 MMJ 和 MMT 推動擴展的 25 納米技術。

In conjunction with the our R&D organization, MMJ is preparing for second-half calendar year 2015 conversion to 20 nanometer, which looks very promising, with a focus on pulling in the date for volume production.

與我們的研發部門一起，MMJ 正在為 2015 年下半年轉換為 20 納米做準備，這看起來很有希望，重點是提前量產日期。

In preparation for these technology transitions, we will see lower DRAM bit production in Q2, which will result in a small production downside already contemplated in the forecast that both Mark and Ron messaged in their comments.

在為這些技術轉型做準備時，我們將看到第二季度的 DRAM 位產量下降，這將導致 Mark 和 Ron 在他們的評論中所傳達的預測中已經考慮到的小幅產量下降。

The team was also busy preparing our plan for the recently announced fab expansion in Singapore, which we feel offers us the flexibility to efficiently expand 3D and emerging memory production in the future, as the market conditions warrant.

該團隊還忙於準備我們最近宣布的新加坡工廠擴建計劃，我們認為這為我們提供了在未來根據市場條件有效擴展 3D 和新興內存生產的靈活性。

Finally, in the back end of our business, we signed a strategic agreement to partner with PTI to provide local assembly services on our Xi'an campus, which will boast lower cost and overall cycle time.

最後，在我們的業務後端，我們與 PTI 簽署了一項戰略協議，在我們的西安園區提供本地組裝服務，這將具有更低的成本和整體週期時間。

I would like to now briefly discuss what we're currently seeing in the market post holidays.

我現在想簡要討論一下我們目前在假期後市場上看到的情況。

The pricing environment for our portfolio of DRAM products remains favorable overall.

我們的 DRAM 產品組合的定價環境總體上仍然有利。

We have seen modest pricing pressure in the PC segment, which is not surprising, due to seasonality.

我們已經看到個人電腦市場的定價壓力適中，這並不奇怪，因為季節性。

Mobile DRAM pricing remains relatively stable, as we remain very tight on supply in Q2.

移動 DRAM 價格保持相對穩定，因為我們在第二季度的供應仍然非常緊張。

On the NAND front, pricing saw some softness during the last month of Q1 and the first month of Q2.

在 NAND 方面，價格在第一季度的最後一個月和第二季度的第一個月出現了一些疲軟。

That being said, we have seen some signs of improved pricing in NAND as of late, including tightened supply in certain segments such as low-density consumer NAND.

話雖如此，我們最近看到了一些 NAND 定價改善的跡象，包括某些領域的供應收緊，例如低密度消費 NAND。

Our sense is that client SSD inventory at Tier 1 OEMs is still somewhat high post Christmas.

我們的感覺是，Tier 1 OEM 的客戶 SSD 庫存在聖誕節後仍然有些高。

We also saw increasing TLC supply, from what we believe to be one of our competitors shifting NAND production away from their own internal mobile consumption to the channel and client SSD business.

我們還看到 TLC 供應增加，我們認為這是我們的競爭對手之一，將 NAND 生產從他們自己的內部移動消費轉移到渠道和客戶 SSD 業務。

Despite these short-term pressures, which could potentially cause short-term margin compression, we feel these affects are temporary and remain bullish on the larger outlook for NAND, and we feel we're taking the right steps to optimize our business over the long run.

儘管存在這些可能導致短期利潤壓縮的短期壓力，但我們認為這些影響是暫時的，並且仍然看好 NAND 的更大前景，並且我們認為我們正在採取正確的步驟來長期優化我們的業務跑。

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

隨著行業轉向 3D NAND，我們認為我們的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。

In closing, I too want to congratulate our team on another great quarter.

最後，我也想祝賀我們的團隊又一個偉大的季度。

We are excited about the enablement of a number of the technology advancements I referenced in my comments, and feel we are well-positioned for continued success in a diversified memory business.

我們對我在評論中提到的許多技術進步的實現感到興奮，並認為我們已做好準備在多元化的內存業務中繼續取得成功。

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, and we will now take questions from callers.

謝謝馬克，我們現在將回答來電者的問題。

Karen, would you please open the lines at this time?

凱倫，請你在這個時候打開線路好嗎？

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Monika Garg, Pacific Crest.

莫妮卡·加格，太平洋冠。

First question on the NAND market.

關於 NAND 市場的第一個問題。

If you look at your cost decline and ASP assumptions, your NAND margins are going down again in the quarter.

如果你看看你的成本下降和 ASP 假設，你的 NAND 利潤率在本季度再次下降。

So the question is why not to delay the conversion to 3D NAND so there's a lower bit total in the market, and let the market become even stronger, before adding more bits to the market?

所以問題是為什麼不推遲向 3D NAND 的轉換，這樣市場上的總比特數就會減少，讓市場變得更加強大，然後再向市場添加更多比特？

Monika, first of all I would point out that the NAND market to us is really long-term very attractive, we see a lot of growth there, and we think it's worth investing in.

Monika，首先我要指出，NAND 市場對我們來說確實是長期非常有吸引力的，我們看到那裡有很多增長，我們認為值得投資。

Having said that, we believe that 3D is a key enabler to future leading edge products, and frankly to long-term success in the business.

話雖如此，我們相信 3D 是未來領先產品的關鍵推動力，坦率地說，是實現業務長期成功的關鍵因素。

And therefore, as we look at our business, we are prepared to invest in it.

因此，當我們審視我們的業務時，我們準備對其進行投資。

We haven't set a whole lot about what the rate of our ramp would be, or exact timing as to when we would bring on additional supply, but we do believe it's important to get moving down the path of introducing our 3D products in the marketplace, and enabling those end applications to use our products.

我們還沒有詳細說明我們的坡道速度是多少，或者我們何時會帶來額外供應的確切時間，但我們確實相信，沿著將我們的 3D 產品引入市場，並使這些終端應用程序能夠使用我們的產品。

Having said all of that, I think we've tried to be pretty clear that there is discipline in our approach.

說了這麼多，我認為我們已經盡力表明我們的方法有紀律。

That we are going to look at the market on an ongoing basis, and make sure we don't disrupt supply, and that we think 3D is not something that is likely to be some step function sea change in terms of how Micron or other competitors in the marketplace manage their production, and that's because there are trade-offs here.

我們將持續關注市場，並確保我們不會中斷供應，並且我們認為 3D 不太可能是美光或其他競爭對手的一些階躍功能巨變在市場上管理他們的生產，這是因為這裡有取捨。

As you point out, there is capital investment required, there is clean room space, and it's not -- while it's enabling and important, it's not a massive disruption that we believe will create the over supply you are alluding to.

正如您所指出的，需要資本投資，需要潔淨室空間，但事實並非如此——儘管它具有重要意義，但我們認為這不會造成您所暗示的供應過剩的大規模中斷。

And just to follow up on Inotera, can you provide any kind of -- when we can expect, if you negotiate that demand with Inotera, when we see the impact on financials?

只是為了跟進 Inotera，您能否提供任何形式的 - 當我們可以預期時，如果您與 Inotera 協商該需求，當我們看到對財務的影響時？

Thanks.

謝謝。

I don't think that there is a lot we can add to what we've already said relative to Inotera.

我不認為我們可以在我們已經說過的關於 Inotera 的內容中添加很多內容。

It's a three-year agreement as we said before, its renewable on an annual basis.

正如我們之前所說，這是一項為期三年的協議，每年可更新一次。

We value the relationship, we think the other parties value the relationship, and we think that sets a foundation for reasonable discussion to lead to a long-term beneficial outcome for all parties.

我們重視這種關係，我們認為其他各方重視這種關係，我們認為這為合理討論奠定了基礎，從而為各方帶來長期的有利結果。

But trying to discuss in advance when and what that might look like, I don't think is particularly productive.

但嘗試提前討論何時以及可能會是什麼樣子，我認為這並不是特別有成效。

Thank you so much.

太感謝了。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Thanks for taking my question, I have two.

感謝您提出我的問題，我有兩個。

On DRAM, can you please help me understand the mix between consumer PC, server, and mobile, and how these mix changing from November into the February quarter.

關於 DRAM，請您幫助我了解消費類 PC、服務器和移動設備之間的組合，以及這些組合從 11 月到 2 月季度的變化。

And then on the NAND, it's great to give us an update on the milestones, but I'm still a little bit confused what the strategy is.

然後在 NAND 上，很高興向我們提供里程碑的最新信息，但我仍然有點困惑戰略是什麼。

Are you trying to be everything to everyone, or are you trying to be more focused on a specific segment of NAND that you are pursuing?

您是想成為所有人的一切，還是想更加專注於您正在追求的特定 NAND 細分市場？

Any color there would be appreciated.

任何顏色都將不勝感激。

Thank you.

謝謝你。

So I'll start with the first question.

所以我將從第一個問題開始。

As it relates to the share in the DRAM segments, best to think of our PC business, the PC DRAM business somewhere in the mid-30% share wise, and our mobile DRAM business somewhere in the mid-20%, and servers roughly high teens.

由於它與 DRAM 領域的份額有關，最好考慮一下我們的 PC 業務，PC DRAM 業務在 30% 左右的份額明智，我們的移動 DRAM 業務在 20% 左右，服務器大約高青少年。

Directionally, while these things are really tough to shift in one quarter, you see a mild uptick as we start to shift some more capacity over to server in Q1.

從方向上看，雖然這些事情在一個季度內很難轉移，但隨著我們在第一季度開始將更多容量轉移到服務器上，你會看到溫和的上升。

Mobile was roughly flat and the server business was -- the client business, PC business was maybe down a little bit, but that's roughly how it shifted, and the relative size of the share in DRAM.

移動業務大致持平，服務器業務——客戶端業務、PC 業務可能略有下降，但這大致就是它的變化方式，以及 DRAM 份額的相對規模。

And Mehdi, this is Mark Durcan, maybe I'll take the NAND piece of that question.

Mehdi，我是 Mark Durcan，也許我會回答這個問題的 NAND 部分。

At a high level, what we said is, we want to play in a lot of different application segments for NAND, and we've acknowledged that takes a lot of resources.

在高層次上，我們所說的是，我們希望在 NAND 的許多不同應用領域中發揮作用，我們承認這需要大量資源。

And that getting the balance of those resources right requires ongoing work, and that we need to do a better job over the next couple of years than we've done over the last couple of years, relative to how we allocate those resources.

正確平衡這些資源需要持續的工作，而且我們需要在接下來的幾年裡比過去幾年做得更好，相對於我們如何分配這些資源。

Having said that, we talked in our commentary, we feel like it's important for us to be in the mobile NAND segment.

話雖如此，我們在評論中談到，我們覺得進入移動 NAND 領域對我們來說很重要。

We think we have a lot of synergy with our low-power DRAM business there, and with our customers, and we think there's a lot of value-added things we can do for them in the mobile segment.

我們認為我們與那裡的低功耗 DRAM 業務以及我們的客戶有很多協同作用，我們認為我們可以在移動領域為他們做很多增值的事情。

We can't ignore what is a very large and fast-growing segment of the market, which is the client SSD piece, and we clearly want to be in the enterprise, because over the long haul, we're going to drive significant value there.

我們不能忽視一個非常大且快速增長的市場部分，即客戶端 SSD，我們顯然希望進入企業市場，因為從長遠來看，我們將推動巨大的價值那裡。

So we will continue to deploy our resources across a number of different application segments, and then allocate our capacity, as we see progress in all those different segments.

因此，我們將繼續在許多不同的應用程序領域部署我們的資源，然後分配我們的容量，因為我們看到所有這些不同領域的進展。

Thank you.

謝謝你。

Doug Freedman, RBC Capital Markets.

道格弗里德曼，加拿大皇家銀行資本市場。

Thanks for taking my question.

感謝您提出我的問題。

When I look at your guidance, it assumes a little bit of a challenging environment for you in terms of cost declines.

當我查看您的指導時，它假設您在成本下降方面面臨一些挑戰。

Can you maybe walk us through what is happening over at Inotera, with the node migration, and what if any impact that will have on the DRAM cost per bit?

您能否向我們介紹一下 Inotera 正在發生的事情，以及節點遷移，以及這將對 DRAM 的每比特成本產生什麼影響？

Yes Doug.

是的，道格。

Maybe I will take that.

也許我會接受。

As I mentioned, mix is an increasingly important piece of the answer in all these questions, because as we move to more value-added applications that's going to drive different bit growth.

正如我所提到的，在所有這些問題的答案中，混合變得越來越重要，因為隨著我們轉向更多的增值應用程序，這將推動不同的比特增長。

Think about DDR3 to DDR4, there's a 10% to 15% die size factor moving to that technology, depending on exactly how you are positioned.

想想 DDR3 到 DDR4，有 10% 到 15% 的裸片尺寸因數轉移到該技術，具體取決於您的定位方式。

That's going to mitigate bit growth in the year, but it's going to probably drive value.

這將減緩今年的比特增長，但它可能會推動價值。

The customers certainly see a lot of value in getting their DDR4 today.

客戶現在肯定看到了獲得 DDR4 的巨大價值。

Likewise, as we move to more differentiated products for service, networking and high-performance computing, and move more of our mix in that direction, we won't see the cost declines we've seen in the past, but hopefully will see value add recognized by the customer.

同樣，隨著我們轉向服務、網絡和高性能計算的更多差異化產品，並將更多的組合朝這個方向移動，我們不會看到過去看到的成本下降，但希望會看到價值添加得到客戶的認可。

Beyond that, I would say there's not a lot structurally that would change here, other than you should recognize that Micron today is deploying capital to support a 20 nanometer ramp that is a large productivity step, and any time you deploy capital, you don't get are returning instantaneously.

除此之外，我想說這裡的結構不會發生太大變化，除了你應該認識到美光今天正在部署資金來支持 20 納米的斜坡，這是一個很大的生產力步驟，並且任何時候你部署資金，你都不會' t get 立即返回。

It takes a while for that capital to become installed and productive, and for the line to be loaded and move through inventory out into the marketplace.

這些資金需要一段時間才能安裝和生產，並且需要一段時間才能裝載生產線並通過庫存轉移到市場上。

And so you have to contemplate that a little bit, as 2015 is an exciting year for us in terms of technology deployment.

所以你必須考慮一下，因為 2015 年對我們來說是技術部署的激動人心的一年。

Steven Fox, Cross Research.

史蒂文福克斯，交叉研究。

Thanks, good afternoon.

謝謝，下午好。

Two questions from me, just to dig in a little bit more on the client SSD market.

我提出了兩個問題，只是為了更深入地了解客戶端 SSD 市場。

How much, can you go into some color as to how much of the competitiveness you are seeing is temporary, and then from a Micron standpoint, how much gets fixed as you roll out your TLC product, or are there other things you can do to improve margins there?

多少，你能不能說一下你所看到的競爭力有多少是暫時的，然後從美光的角度來看，當你推出 TLC 產品時，有多少是固定的，或者你可以做其他事情嗎？提高利潤率在那裡？

And then secondly if you could just give us a little bit more color around the DDR4, timing of the ramp and how that's going to affect your mix and margins, because I guess I was under the impression we were going to start to see it more in the quarter we're in now.

其次，如果你能給我們更多關於 DDR4 的顏色、漸變的時間以及這將如何影響你的混音和利潤，因為我想我的印像是我們會開始看到更多在我們現在所在的季度。

Thanks.

謝謝。

On the SSD side, we started to see kind of pre-holiday inventory build at the key customers, and we truly do believe it's a temporary piece of the market dynamics in NAND.

在 SSD 方面，我們開始看到主要客戶的節前庫存增加，我們確實相信這是 NAND 市場動態的一個臨時部分。

What we have been seeing, as I said over the last week or so, is that the NAND pricing actually stabilized a bit in some sense, and in some segments has gone up.

正如我在過去一周左右所說的那樣，我們所看到的是，NAND 價格實際上在某種意義上穩定了一些，並且在某些領域已經上漲。

So relative to the question on TLC competitiveness, yes as we bring those products to market, as I mentioned in my comments early in the second half of calendar year 2015, we do expect to be able to compete more favorably, and we'll then be able to drive more of our mix to the TLC SSD client products.

所以相對於 TLC 競爭力的問題，是的，當我們將這些產品推向市場時，正如我在 2015 年下半年早些時候的評論中提到的那樣，我們確實希望能夠更有競爭力，然後我們將能夠將我們更多的組合推向 TLC SSD 客戶端產品。

At this point, as we look at our opportunities there, we're just being careful not to try to compete with lower-cost products, when we can take these MLC products and pursue better higher value homes.

在這一點上，當我們看到我們在那裡的機會時，我們只是小心不要試圖與低成本產品競爭，當我們可以利用這些 MLC 產品並追求更好的更高價值的房屋時。

On the DDR ramp, as I said earlier, we are pleased with the ramp, although albeit early, and we think it's reasonable to see by the end of our fiscal year, somewhere in the area of 30% plus or minus of our server bits will be DDR4, and really we'll let market dictate what that looks like, as far as the ramp and the scaling of it all.

正如我之前所說，在 DDR 斜坡上，我們對斜坡感到滿意，雖然還早，我們認為在我們的財政年度結束時看到，在我們服務器位的 30% 上下左右是合理的將是 DDR4，實際上我們會讓市場決定它的外觀，就斜坡和擴展而言。

Thank you, that's very helpful.

謝謝，這很有幫助。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

My first question is a follow up on the bit production for DRAM.

我的第一個問題是跟進 DRAM 的位生產。

Can you quantify how much lower than the market you expect to grow this year?

你能量化比你預計今年增長的市場低多少嗎？

And I guess importantly, given the timing of product transitions, technology transitions, would you expect bit growth to resume sequentially from the February to the May quarter?

而且我想重要的是，考慮到產品轉型、技術轉型的時機，您是否預計比特增長會從 2 月到 5 月季度連續恢復？

Let me take the last bit of that, John, and maybe Mark can take the first part.

約翰，讓我講最後一點，也許馬克可以講第一部分。

Mark Adams can take the first point.

馬克亞當斯可以拿下第一分。

I think we will see, as we move out in time, get back to a more normal bit growth rate quarter over quarter.

我想我們會看到，隨著時間的推移，我們會看到季度環比恢復到更正常的比特增長率。

As I mentioned just a minute ago, when you deploy technology, sometimes there is disruptions in manufacturing.

正如我剛才提到的，當您部署技術時，有時會出現製造中斷。

In particular, you want to make sure you are facilitating all the equipment to have legs out in the time, and then as you deploy that technology, you don't necessarily get the bits in the output immediately.

特別是，您要確保您正在幫助所有設備及時伸出援手，然後在部署該技術時，您不一定會立即獲得輸出中的位。

So yes, we would anticipate being back on a more normal trajectory further out in the year.

所以，是的，我們預計在今年更遠的時候會回到更正常的軌道上。

And John, would you repeat the first half of the question for Mark, please?

約翰，請您為馬克重複問題的前半部分，好嗎？

By how much you think you will undergo DRAM bit growth this year, you said you would under grow industry?

你認為今年你的 DRAM 位將增長多少，你說你會發展工業？

Well, we don't have a whole lot of position in that, but it kind of depends of the mix of DDR4 we put out in the marketplace, and exactly how we progress with some of these specialty products I was talking about.

好吧，我們在這方面沒有太多的立場，但這有點取決於我們在市場上推出的 DDR4 的組合，以及我們在我所說的這些特殊產品方面的進展情況。

We said sort of for the market in the low to mid 20s, and we think we will probably be 20% plus or minus, but a little bit below it.

我們說的是 20 年代中期到 20 年代中期的市場，我們認為我們可能會上漲或下跌 20%，但會略低於它。

And then guys on the NAND profitability side, you have been working hard over the last 12 months to improve that.

然後在 NAND 盈利能力方面，你們在過去 12 個月裡一直在努力改善這一點。

One of the arguments was you were just selling bits into the wrong market, and as mix improved, you would start to see the margin benefit.

其中一個論點是你只是在錯誤的市場上出售比特幣，隨著組合的改善，你會開始看到利潤收益。

You are starting to see that mix improvement.

您開始看到混合改進。

It sounded like in your prepared comments that the move to mobile is accretive, but not a big enough move in mix yet to actually drive gross margins higher.

在您準備好的評論中，聽起來像是向移動設備的轉移是增值的，但在組合方面還沒有足夠大的變化來實際推動毛利率更高。

Can you help me understand where the mix of mobile and NAND is today, and given where you think that mix is going to go, are you confident in thinking that February might be the gross margin trough for the NAND?

您能否幫助我了解移動設備和 NAND 的組合今天在哪裡？鑑於您認為這種組合將走向何方，您是否有信心認為 2 月可能是 NAND 的毛利率低谷？

Let me take the first part of that.

讓我來談談第一部分。

I think the first part of your statement was right.

我認為你陳述的第一部分是正確的。

We are happy with the progress.

我們對進展感到高興。

There's not enough of that yet to be really moving the needle in the overall scheme of things.

這還不足以真正推動整體方案的發展。

I would comment that the NAND business generally has been a little tougher for our competitors as well over the last number of quarters.

我想說的是，在過去的幾個季度裡，NAND 業務對我們的競爭對手來說通常都比較艱難。

The relative improvement is better than the absolute improvement, so to speak when you look at it, and we continue to put the pieces together for the longer term, and we think we're making progress doing that.

相對改進比絕對改進要好，可以這麼說，從長遠來看，我們會繼續將各個部分放在一起，我們認為我們在這方面正在取得進展。

I will make a comment on the front part, where you talked about the product mix, John.

我將對前面部分發表評論，約翰，你談到了產品組合。

Mind you, these things are not necessarily things that shift dramatically in a quarter, but to your point, you will see mobile as a percent of our overall NAND business, just quarter over quarter, almost double in terms of the share of the business, up almost slightly below 20% of our NAND business.

請注意，這些事情不一定會在一個季度內發生巨大變化，但就您而言，您會看到移動設備占我們整體 NAND 業務的百分比，僅是季度環比，業務份額幾乎翻了一番，幾乎略低於我們 NAND 業務的 20%。

And then you will see a healthy shift away from our product and component business as we do this, and find better homes, and we'll continue to look at ways to drive enterprise storage and client SSDs.

然後，隨著我們這樣做，您將看到我們的產品和組件業務的健康轉變，並找到更好的家園，我們將繼續尋找驅動企業存儲和客戶端 SSD 的方法。

For those markets, that makes sense.

對於這些市場，這是有道理的。

Mark made an interesting comment in his prepared statement today, that we are finding customers that are not totally invested in TLC for their client SSDs, or they are finding higher performance requirements or simply reliability issues that they don't want to bet on in TLC, and so we're going to continue to drive our customers to evaluate our higher performing MLC-based client SSD storage as we drive that forward as well.

Mark 在他今天準備好的聲明中發表了一個有趣的評論，我們發現客戶沒有完全投資於 TLC 為其客戶 SSD，或者他們發現更高的性能要求或只是他們不想在 TLC 中押注的可靠性問題，因此我們將繼續推動我們的客戶評估我們更高性能的基於 MLC 的客戶端 SSD 存儲，同時我們也推動這一進程。

So that should be the trend you see: mobile, a shift away from channel, and driving more enterprise and high-performance client SSD.

所以這應該是你看到的趨勢：移動，從渠道轉移，推動更多的企業和高性能客戶端 SSD。

Thank you.

謝謝你。

Mark Newman, Bernstein.

馬克紐曼，伯恩斯坦。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

The results on DRAM continue to do very well, continue to be much stronger than expected, actually.

DRAM 上的結果繼續表現非常好，實際上繼續比預期強得多。

And I think if I could summarize what you were saying, we think that the market is going to be strong and tight, and that's going to continue throughout 2015.

我想如果我能總結一下你所說的話，我們認為市場將變得強勁和緊張，並且這種情況將持續到 2015 年。

But looking at NAND obviously continues to disappoint, I think, with gross margins down, and it looks like you are projecting down again next quarter.

但我認為 NAND 顯然繼續令人失望，毛利率下降，看起來你預計下個季度會再次下降。

So the question really I have for you, and some of it you've already talked about, but I want to ask more specifically, do you think this is somewhat disappointment on the NAND side I would say, or delay in the recovery.

所以我真的要問你這個問題，其中一些問題你已經談到了，但我想更具體地問一下，你認為這對我所說的 NAND 方面有些失望，還是複甦的延遲。

It seems to be -- is it related to the market being worse than expected, due to oversupply in the market, or is it difficulties on execution?

似乎是——是因為市場供過於求，市場比預期差，還是執行困難？

And what kind of timing should we expect for some improvement on the NAND side?

對於 NAND 方面的一些改進，我們應該期待什麼樣的時機？

It seems like the NAND recovery always seems to be about two quarters off, and obviously TLC SSDs, both have been mentioned as big parts of that solution.

似乎 NAND 恢復似乎總是要推遲兩個季度，顯然 TLC SSD 都已被提及為該解決方案的重要組成部分。

Now it seems like you are moving some of your mix to mobile.

現在，您似乎正在將一些混音轉移到移動設備上。

So we'd like to understand what the updated plan really is to improve the profitability of the NAND.

因此，我們想了解更新後的計劃究竟是什麼，以提高 NAND 的盈利能力。

Thanks.

謝謝。

Mark, this is Mark Adams thanks for the question.

馬克，我是馬克亞當斯，謝謝你的提問。

Couple things.

夫婦的事情。

If you look back over the last couple of quarters, on a relative basis, our margins have held pretty stable, relative to our competition actually incrementally closing the gap a little bit.

如果你回顧過去幾個季度，相對而言，我們的利潤率保持相當穩定，相對於我們的競爭對手實際上逐漸縮小了差距。

We're not satisfied with that by any stretch, but those are just some data points.

我們對此並不滿意，但這只是一些數據點。

This quarter, again, gross margin was pretty flat in a relatively tough period for NAND in the market dynamic.

本季度，在 NAND 市場動態相對艱難的時期，毛利率再次相當平穩。

So as a backdrop to your question, that's what we're up against.

因此，作為您問題的背景，這就是我們所面臨的。

When you talked about a confusing or changing strategy, I don't think that's the case.

當您談到令人困惑或不斷變化的策略時，我認為情況並非如此。

Please don't mix TLC with where the end application products go.

請不要將 TLC 與最終應用產品的去向混為一談。

You mentioned TLC and now a shift to mobile.

您提到了 TLC，現在轉向移動。

Actually mobile, enterprise, and client SSDs were always part of our strategy, and continue to be part of our strategy.

實際上，移動、企業和客戶端 SSD 一直是我們戰略的一部分，並將繼續成為我們戰略的一部分。

TLC is the technology foundation for what we enable low-cost solutions in the market, and we're investing that.

TLC 是我們在市場上實現低成本解決方案的技術基礎，我們正在對此進行投資。

Over the last year both Mark and myself have made comments to the tune of sampling at the end of the calendar year.

在過去的一年裡，馬克和我本人都對日曆年末的抽樣情況發表了評論。

That's in place, we've done that, we're in process of starting qualifications.

這已經到位，我們已經做到了，我們正在開始資格賽。

We said components and consumer applications would be shipping late spring, end of the calendar second quarter.

我們說過組件和消費類應用程序將在第二季度末的春末發貨。

And we would be launching client-based SSD drives with TLC.

我們將推出帶有 TLC 的基於客戶端的 SSD 驅動器。

Those are all tactics to the strategy of deploying TLC where it makes sense in the market.

這些都是在市場上有意義的地方部署 TLC 戰略的策略。

That's not the whole story.

這還不是全部。

Using our DRAM and NAND technology, the known good die flow from Elpida combined with our technology in MLC and eventually TLC, we are going to launch and develop the mobile market.

使用我們的 DRAM 和 NAND 技術、Elpida 已知的良好芯片流程以及我們在 MLC 和最終 TLC 方面的技術，我們將啟動和開發移動市場。

We're going to continue to invest in, controllers and firmware and software technology to advance both enterprise and client SSDs.

我們將繼續投資於控制器、固件和軟件技術，以推動企業和客戶端 SSD 的發展。

We don't see TLC in the enterprise just yet.

我們還沒有在企業中看到 TLC。

We'll continue to evaluate that path, but that's an end market, that has nothing to do with TLC or MLC, and the client-side, same thing.

我們將繼續評估這條道路，但這是一個終端市場，與 TLC 或 MLC 以及客戶端無關。

We're going to still make client MLC drives, but in the markets that are looking for lower-cost alternatives, and willing to sacrifice some performance, we'll deploy TLC.

我們仍將製造客戶 MLC 驅動器，但在尋找低成本替代品並願意犧牲一些性能的市場中，我們將部署 TLC。

So those areas of mobile, and enterprise, and client storage are three pillars of where we are investing to drive applications, and the technology whether it be MLC or TLC is the core to how we get there.

因此，移動、企業和客戶端存儲領域是我們投資推動應用程序的三大支柱，而無論是 MLC 還是 TLC 技術都是我們實現目標的核心。

That's very helpful.

這很有幫助。

Which area do you think is more -- is higher -- how would you order the margins for Micron amongst the businesses in NAND, out of client SSD, enterprise SSD, mobile and everything else?

你認為哪個領域更高——更高——你如何為美光在 NAND、客戶端 SSD、企業 SSD、移動和其他所有業務中的利潤排序？

How would you order those?

你會如何訂購這些？

I think the best way to look at it is enterprise SSDs are likely to garner the highest margins, mobile would probably be second, and client SSDs third of those three, and then there is still a healthy, in terms of volume, there's a components channel out there for consumer applications and embedded applications, so on and so forth, that can vary depending on the overall market dynamics.

我認為最好的看待它的方式是企業級 SSD 可能獲得最高的利潤，移動設備可能是第二位，客戶端 SSD 在這三個中的第三位，然後仍然是健康的，就數量而言，有一個組件消費者應用程序和嵌入式應用程序等的渠道，可能會因整體市場動態而異。

I see and then looking forward to later on this year, do we expect that the market is going to become healthier in NAND flash?

我看到並期待今年晚些時候，我們是否預計 NAND 閃存市場會變得更加健康？

Do we need to see a healthier market in NAND, for margins to get back up significantly higher than this, do you think?

您認為我們是否需要看到 NAND 市場更加健康，以使利潤率回升到遠高於此水平？

Well, you know as it's always tough to predict, I would say I want to caution you, but gut feel right now, based on the feedback from our customers, is that NAND is going to be relatively tight.

嗯，你知道，因為總是很難預測，我想說我想提醒你，但是根據我們客戶的反饋，現在直覺是 NAND 會相對緊張。

Now when we talk about this changing business we are in, it doesn't mean that you won't have small periods, temporary periods, where there is an oversupply in a certain segment of the market, whether it be a client SSD issue, whether it be something else, and so we think overall, with the growth in demand drivers in mobile, enterprise, and client, that overall, we think it's going to be in pretty good shape.

現在，當我們談論我們所處的這個不斷變化的業務時，這並不意味著您不會有小時期、臨時時期，在某個市場的某個細分市場出現供過於求的情況，無論是客戶端 SSD 問題，不管是別的什麼，所以我們認為總體而言，隨著移動、企業和客戶端需求驅動因素的增長，總體而言，我們認為它將處於非常好的狀態。

And the type of demand forecast we are seeing from our customers suggests that things will remain in balance and be headed -- be pretty positive in the remainder of our fiscal year.

我們從客戶那裡看到的需求預測類型表明，情況將保持平衡並保持領先——在我們財政年度的剩餘時間裡，情況會非常積極。

That's very helpful.

這很有幫助。

Thanks very much.

非常感謝。

Thank you, Mark, and Karen, we have time for one more caller.

謝謝你，馬克和凱倫，我們有時間再接聽一位來電者。

Daniel Amir, Ladenberg.

丹尼爾·阿米爾，拉登堡。

Thanks a lot, thank you for taking my call.

非常感謝，感謝您接聽我的電話。

So I was wondering here what has basically change maybe from your perspective in the past 90 days?

所以我想知道在過去 90 天裡，從您的角度來看，可能發生了什麼基本變化？

Is that more the DRAM business, more the NAND business?

是不是更多的是 DRAM 業務，更多的是 NAND 業務？

It certainly looked like that 90 days ago there was more of a thought here that the NAND business might be in a change.

看起來 90 天前，人們認為 NAND 業務可能正在發生變化。

Demand remains pretty solid for DRAM, but now you were looking at maybe lower bit growth here.

對 DRAM 的需求仍然相當穩定，但現在你看到的可能是較低的位增長。

So does something surprise you on the negative side, or was this the thought process 90 days ago, about the business?

那麼，負面的方面是否讓您感到驚訝，或者這是 90 天前關於業務的思考過程？

Thanks.

謝謝。

Thanks for the question.

謝謝你的問題。

The way I would answer that is, we don't see any structural change in the business.

我的回答是，我們看不到業務發生任何結構性變化。

On the NAND side, we do believe there was some shifting of some capacity from competitors away from certain segments and into the low volume segments that hit pricing a little bit on the spot market, and the entry-level client devices and what have you, but we don't see anything structural there, we're very bullish still on the NAND demand side of the business.

在 NAND 方面，我們確實相信一些容量從競爭對手從某些細分市場轉移到小批量細分市場，這對現貨市場的定價以及入門級客戶端設備以及您擁有的東西有一點影響，但我們沒有看到任何結構性的東西，我們仍然非常看好該業務的 NAND 需求方面。

In the DRAM piece, I think Mark spoke to the rationale behind what drove our decisions to making the DRAM capacity long-term decisions and investments, and so we still think it's a very good business, very stable, and ASPs are relatively flat, and we're still pretty positive.

在 DRAM 部分，我認為 Mark 談到了促使我們做出 DRAM 容量長期決策和投資的決定背後的基本原理，因此我們仍然認為這是一項非常好的業務，非常穩定，平均售價相對持平，並且我們仍然非常積極。

All right, great.

好的，太好了。

Thanks.

謝謝。

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

謝謝丹尼爾，在此，我們要感謝大家今天參加電話會議。

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

如果你能容忍我，我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

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

這些特定的前瞻性陳述，以及所有其他可能在電話會議上做出的非歷史事實的陳述，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 first-quarter 2015 financial release conference call.

今天的美光科技 2015 年第一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。