美光科技 (MU) 2015 Q1 法說會逐字稿

Good afternoon. My name is Karen, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Micron Technology's first-quarter 2015 financial release conference call.

午安.我叫凱倫，今天我將擔任你們的會議主持人。此時此刻，我謹代表美光科技公司歡迎各位參加2015年第一季財務業績發布電話會議。

(Operator Instructions)

（操作說明）

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

謝謝。現在我很高興把發言權交給你們的主持人基普貝達德。先生，您可以開始會議了。

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

謝謝凱倫，歡迎參加美光科技2015年第一季財務報告電話會議。今天參加電話會議的有：執行長兼董事 Mark Durcan 先生；總裁 Mark Adams 先生；以及財務長兼財務副總裁 Ron Foster 先生。

This conference call, including audio and slides is also available on our website at Micron.com. In addition, our website has a file containing the quarterly operational and financial information and guidance, non-GAAP information with reconciliation, slides used during the conference call, and a convertible debt and capped call dilution table. If you have not had an opportunity to review the first-quarter 2014 financial press release, again it is available on our website at Micron.com.

本次電話會議的音訊和幻燈片也可在我們的網站 Micron.com 上找到。此外，我們的網站上有一份文件，其中包含季度營運和財務資訊及指導、非GAAP資訊及調節表、電話會議期間使用的幻燈片以及可轉換債券和上限期權稀釋表。如果您還沒有機會查看 2014 年第一季財務新聞稿，您可以在我們的網站 Micron.com 上再次查看。

Our call will be approximately 60 minutes in length. There will be an audio replay of the call accessed by dialing 404-537-3406, with a confirmation code of 48295415. This replay will run through Tuesday, January 13 at 11:30 PM Mountain Time. A webcast replay will be available on the Company's website until January 2016. 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. You can also follow us on Twitter at MicronTech.

我們的通話時間約60分鐘。撥打 404-537-3406，輸入確認碼 48295415，即可收聽通話錄音。本次重播將持續到1月13日星期二晚上11:30（山區時間）。網路直播回放將在公司網站上提供至 2016 年 1 月。我們鼓勵您在本季度密切關注我們的網站 Micron.com，以獲取有關公司的最新信息，包括我們將參加的各種金融會議的信息。您也可以在 Twitter 上關注我們：MicronTech。

Please note the following Safe Harbor statement. 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. We wish to caution you that such statements are predictions, and that actual events or results may differ materially.

請注意以下安全港聲明。在本次會議期間，我們可能會對未來事件或公司及產業的未來財務表現做出預測或其他前瞻性陳述。我們想提醒您，此類聲明均為預測，實際事件或結果可能與預測有重大差異。

We refer you to the documents the Company files on a consolidated basis from time to time with the Securities and Exchange Commission, specifically the Company's most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause the actual results for the Company, on a consolidated basis, to differ materially from those contained in our projections or forward-looking statements. These certain factors can be found in the investor relations section of Micron's website.

我們建議您參閱本公司不時向美國證券交易委員會提交的合併文件，特別是本公司最新的 10-K 表格和 10-Q 表格。這些文件包含並指明了一些重要因素，這些因素可能導致公司合併後的實際績效與我們的預測或前瞻性聲明中所包含的績效有重大差異。這些具體因素可以在美光公司網站的投資者關係部分找到。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of these forward-looking statements after the date of the presentation, to conform these statements to actual results. I will now turn the call over to Mr. Mark Durcan, CEO. Mark?

儘管我們認為前瞻性聲明中反映的預期是合理的，但我們無法保證未來的結果、活動水準、績效或成就。我們沒有義務在本次發布日期之後更新任何前瞻性陳述，以使這些陳述與實際結果相符。現在我將把電話交給執行長馬克·杜爾坎先生。標記？

Thanks, Kipp. We had another strong quarter benefiting from continued favorable market conditions and solid execution from the team. We set a new record for quarterly revenue of $4.6 billion.

謝謝你，基普。由於持續良好的市場環境和團隊的出色執行，我們又迎來了一個強勁的季度。我們創下了季度營收新紀錄，達到 46 億美元。

GAAP net income was $1 billion. Free cash flow was $923 million, based on record operating cash flow of $1.6 billion, less CapEx of $669 million. The investments we're making in the business are putting us in position to continue generating strong cash flow. We expect continued favorable market conditions for 2015, led by constrained supply in DRAM and solid demand for both DRAM and NAND.

GAAP淨利為10億美元。自由現金流為 9.23 億美元，基於創紀錄的 16 億美元經營現金流減去 6.69 億美元的資本支出。我們對業務的投資使我們能夠繼續產生強勁的現金流。我們預計 2015 年市場狀況將繼續保持良好，這主要得益於 DRAM 供應受限以及對 DRAM 和 NAND 的強勁需求。

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. The resulting demand outlook remains very encouraging. 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.

我們業務的需求成長持續受到客戶快速成長的記憶體容量的驅動，使他們能夠提高產品的效能，而不是僅僅受到 NAND 系統數量成長的驅動。由此產生的需求前景依然非常​​樂觀。行動 DRAM、伺服器 DRAM 和固態硬碟就是這種成長的幾個很好的例子，預計到 2015 年，所有這些產品的記憶體容量將增加 30% 到 50%。

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

正如剛才所提到的，DRAM 供應前景依然緊張。我們繼續預期 2015 年產業比特成長將在 20% 左右，先進製程技術的發展已被證明會對晶圓生產造成顛覆性影響。我們認為，即使採取措施應對 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，從而使比特供應增長保持相對穩定，甚至在 2015 年以後也是如此。

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. 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. 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.

正如我們之前所說，與DRAM相比，我們預計NAND市場波動性更大，儘管從長遠來看非常有吸引力。我們預計 2015 年產業供應成長將達到 30% 以上至 40% 中段，其中很大一部分成長將基於我們三層單元記憶體 TLC 的部署。TLC 具有極具吸引力的成本和價格優勢，儘管對於需要更高效能的系統（包括某些行動和 SSD 應用）而言，其採用率存在一些差異。

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

我們常被問及 3D NAND 對產業供應的影響。我們認為，考慮到每片晶圓上儲存的位元數增加會被每個晶圓廠生產的晶圓數量減少所抵消，以及平面轉換或新建晶圓廠相關的資本成本，3D NAND 不會顯著改變目前產業的供應成長率。從長遠來看，關鍵的合規變數是需求和經濟回報在多大程度上決定了增加 3D 產能的必要性。

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

在評估這個市場時，美光始終堅持以回報為導向，而不是以成長或規模為導向。我們即將進入業務發展中一個有趣的年份，我們將在晶圓廠部署漸進式但難度越來越高的製程技術，同時也將更具革命性的技術推向商業化階段。

We're very pleased with our recent progress on DRAM. 25 nanometer deployment has been relatively smooth and 20 nanometer enablement is well underway, with many milestones being hit early. 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. I'll come back to how this deployment is impacting our short-term bit growth outlook in a minute.

我們對近期在DRAM方面取得的進展非常滿意。25 奈米技術的部署相對順利，20 奈米技術的實現也進展順利，許多里程碑都提前達成。我們投入的額外研發資源，以及廣島製造和研發資源的協調配合，顯然已經達到了成效。稍後我會再談談這次部署對我們短期比特成長前景的影響。

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

我們對 3D NAND 技術的發展現狀也感到非常滿意，當然，這是與我們的合資夥伴英特爾合作進行的。3D NAND 能夠實現超越平面 NAND 的成本和效能最佳化，在廣泛的應用領域中提升產品效能，並隨著時間的推移顯著降低每位元成本。我們在 2014 年第四季開始製作早期 3D 樣品，預計將於 2015 年下半年開始大量商業生產。

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

鑑於我們對自身技術的信心，我們最近宣布計劃在新加坡增加無塵室空間，以加快 3D NAND 以及其他新興儲存技術的研發。此次擴建使現有的 fab 10 無塵室空間翻了一番，建成後將為我們在新加坡的非揮發性記憶體業務創造更大的規模經濟效益。該項目的資本支出預計約為 40 億美元，將在數年內分期支付，預計工具安裝和生產將分別於 2016 年和 2017 年開始。根據我們的供貨協議，我們預計將為英特爾預留一部分產能。

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. Our Q2 revenue guidance is $4.1 billion to $4.3 billion. Keep in mind, we will be moving back to a normal 13-week quarter in Q2 from the 14-week quarter we just completed.

請注意，我們 2015 財年的資本支出指引為 36 億美元至 40 億美元，保持不變，因為今年在新無塵室上的支出主要用於設計和早期建設工作。我們第二季營收預期為 41 億美元至 43 億美元。請注意，我們將從剛結束的 14 週季度恢復到正常的 13 週季度。

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

除了 13 至 14 週的比較之外，DRAM 產量預計會環比下降，因為我們正在為晶圓廠部署先進技術做準備，包括 20 奈米以及後續的 1X 和 1Y 節點，這些節點都在我們的路線圖上。這些節點的難度越來越大，從產業供應前景來看是件好事，但從比特出貨量來看，短期內可能會成為一個不利因素。此次生產低迷正值通常季節性需求放緩時期。

We continue to focus on product excellence, customer service, margins and returns, rather than simply shipping additional bits into the market. 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. There are several factors leading to below-market growth this year.

我們始終專注於產品卓越性、客戶服務、利潤率和退貨率，而不是簡單地向市場投放更多產品。為了更新我們長期的比特成長情況，我們現在預計 2015 年日曆年的 DRAM 產量將低於市場水準。今年導致成長低於市場平均的因素有很多。

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

這包括前面提到的技術升級帶來的產品中斷，20 奈米技術在 2015 年投入使用，與 30 奈米技術相比，在給定的無塵室空間內，晶圓報廢率可降低約 15% 至 20%。儘管我們正在採取措施盡量減少影響，但我們生產的晶圓數量仍將逐年下降。順便提一下，我們確實有無塵室空間可以用來替換或增加淨DRAM容量，如果從ROIC的角度來看合適的話，但目前我們還沒有進行這項投資的計劃。

Finally, product mix optimization is a factor, which continues to grow in importance relative to pure bit metrics. As we diversify and optimize our business, ASP per bit, cost per bit, and bit growth are all increasingly a function of these decisions. Of course, the goal is to provide the most value-added products to our customers within the constrained supply. 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.

最後，產品組合最佳化是一個因素，相對於純粹的指標而言，其重要性日益增加。隨著我們業務的多元化和優化，每比特平均售價、每比特成本和比特成長都越來越取決於這些決策。當然，我們的目標是在有限的供應條件下，為客戶提供最具附加價值的產品。例如，今年我們將生產重心從 DDR3 轉移到 DDR4，並繼續增加其他加值專用 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. Mobile NAND is characterized by higher ASPs, higher cost per bit, and lower bit output per wafer, compared to our portfolio average. These mix effects are included in the more detailed guidance Ron and Mark will provide in a minute.

就比特供應和我們的 NAND 業務而言，第二季的特點是業務組合向行動領域發生了重大轉變。與我們產品組合的平均水平相比，行動 NAND 的特點是平均售價更高、每比特成本更高、每片晶圓的比特產量更低。這些混合效果將在 Ron 和 Mark 稍後提供的更詳細的指導中介紹。

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

行動化或向行動化的這種轉變，也是我們 2015 年 NAND 位元成長低於市場水準的部分原因。當然，由於我們在新加坡的 DRAM 工廠轉型為 NAND 工廠，我們在 2014 年的成長率略高於 NAND 市場成長率。此外，正如我之前提到的，我們將在今年下半年開始生產我們的 3D NAND，並期望我們認為業界領先的 3D 技術能夠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. The supply agreement has a three-year term, renewable on an annual basis. As with any agreement, dynamics can evolve over time, and changes are sometimes required to ensure fair economics between all parties. 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.

在結束之前，我想花一點時間討論我們與 Inotera 的合作關係和供應協議。此供貨協議有效期為三年，每年續約一次。任何協議都會隨著時間的推移而變化，有時需要進行一些改變，以確保各方之間的經濟利益公平。目前，我們正在與合作夥伴討論續約協議的條款，如有進展，我們將及時發布最新消息。

I want to congratulate the team at Micron for a very strong quarter. 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. I'll stop here and turn it over to Ron and Mark, before returning for Q&A.

我要祝賀美光團隊取得了非常出色的季度業績。我們擁有絕佳的機會繼續為我們的客戶和股東創造價值，我們期待2015年成為激動人心、碩果累累的一年。我就說到這裡，把麥克風交給 Ron 和 Mark，之後再回來進行問答環節。

Thanks, Mark. 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.

謝謝你，馬克。2015 財年第一季於 12 月 4 日結束。我們在網站上發布了一份文件，其中包含我將要介紹的財務信息，包括 GAAP 和非 GAAP 結果、2015 財年第一季度的某些關鍵指標以及第二季度的指導意見。

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

正如馬克所提到的，我們的 2015 財年多了一週時間，以便將我們 52 或 53 週的財政年度與 8 月的年終日期同步。根據政策，多出來的一周落在我們的第一個財政季度，因此 2015 財年第一季有 14 週，而其餘季度將有慣常的 13 週。第一季業績包括淨利潤 10.03 億美元，即每股 0.84 美元，淨銷售額 45.73 億美元。

Gross margin came in at 36%, up about 3 points compared to the previous quarter. 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. Our reported income from equity method investments for the first quarter was $124 million, substantially all of which is attributable to Inotera.

毛利率為 36%，較上一季成長約 3 個百分點。這一改善部分源於第四季度成本的增加，這與 Tessera 許可證以及我們在上次電話會議上提到的舊式相變記憶體產品的最後一次銷售有關。我們第一季透過權益法投資獲得的收入為 1.24 億美元，其中幾乎全部歸因於 Inotera。

On a non-GAAP basis, net income for the first quarter was approximately $1.1 billion or $0.97 per share. 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. The loss on restructure of debt of $30 million related primarily to the repurchase and conversion of convertible notes in the first quarter.

以非GAAP準則計算，第一季淨收入約11億美元，即每股0.97美元。非公認會計準則調整導致淨收入增加 1.35 億美元，即每股 0.13 美元，其中包括：債務折價和其他成本的攤銷 3,800 萬美元，包括可轉換票據的隱含利息和 MMJ 分期付款債務的折扣。債務重組造成的 3,000 萬美元損失主要與第一季可轉換債券的回購和轉換有關。

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

匯率變動，特別是日圓匯率變動，造成了 2,100 萬美元的損失，這是由於非美元資產和負債的預測餘額出現偏差，導致該季度對沖過度。MMJ 和 MMT 業務的非現金稅收支出為 3,800 萬美元。最後，根據第一季平均股價 32.35 美元計算，上限選擇權產生了 2,700 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. Non-cash taxes related to the Elpida acquisition are expected to be approximately $30 million in the second quarter.

在 2015 財年第二季度，我們預計會有以下重大的非 GAAP 調整：約 3,500 萬美元用於債務折價和可轉換票據的攤銷，以及 MMJ 分期付款債務。與 Elpida 收購相關的非現金稅款預計在第二季約為 3,000 萬美元。

Also, the anti-dilutive effect of our capped calls will be based on the average share price for the quarter. Please refer to the convertible debt dilution table included in the earnings call data file posted on our website.

此外，我們上限選擇權的反稀釋效果將基於該季度的平均股價。請參考我們網站上發布的財報電話會議資料檔案中的可轉換債券稀釋表。

Let's turn now to our results by technology and guidance for the second quarter. DRAM revenue increased 9% compared to the fourth quarter, primarily due to an increase in bit sales volume and stable average selling prices. DRAM gross margin improved a couple percentage points into the low 40% range.

現在讓我們來看看按技術劃分的業績以及第二季的業績展望。DRAM 營收較第四季成長 9%，主要原因是比特銷售量增加和平均售價穩定。DRAM毛利率提高了幾個百分點，達到40%左右。

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. 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. Mark Adams will expand on this in his comments. 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.

根據本季迄今的平均售價和預計的產品組合，第二季 DRAM 毛利率應比第一季度略有下降，原因是比特產量下降了高個位數到低兩位數，平均售價持平或下降了低個位數，以及每比特成本相對持平。影響我們第二季 DRAM 業績指引的關鍵因素是 DRAM 市場持續向好，大多數 DRAM 市場區隔的同類產品價格整體維持穩定或略有下降。馬克·亞當斯將在評論中對此進行詳細闡述。產量下降，主要是由於第二季度正常的 13 週週期以及為下一代製程技術進行設備升級，正如 Mark Durkin 之前提到的那樣。

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

在貿易 NAND 方面，第一季營收成長了 14%，比特銷售量成長了 20%，但平均售價下降了 6%，部分抵銷了這一成長。由於每比特成本的降低部分抵消了售價的下降，貿易 NAND 的毛利率略微下降至 20% 左右。

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

根據本季迄今的平均售價和預計的產品組合，預計第二季 NAND 快閃記憶體毛利率將比第一季度下降個位數百分比，而基於位元產量持平或下降個位數百分比，並且如我之前提到的，第二季正常的周期為 13 週。平均售價持平或略低於個位數，每比特成本略高於個位數，主要與產品組合有關。

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. 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.

影響第二季業績指引的關鍵趨勢包括：同類產品價格下降了個位數中段，現貨市場價格承壓，以及本季初客戶端 SSD 的價格波動（儘管這些市場最近已開始趨於穩定），此外，產品組合向移動和管理型 NAND 產品集中度更高的方向轉變，這略微提高了利潤率，平均售價和每比特成本均有所上升。從合併層面來看，我們預計第二季總營收將在 41 億至 43 億美元之間，這反映了正常的 13 週週期。

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. R&D expense in the first quarter was below our guided range, primarily due to improved execution of product qualifications. We expect a higher level of qualification activities in the second quarter, which is contemplated in our guidance. 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.

從其他損益表和現金流量結果及指引來看，預計第二季的銷售、一般及行政費用將與第一季相比保持相對穩定，而第一季的實際費用略低於我們的預期。第一季的研發費用低於我們預期的範圍，這主要是由於產品認證執行情況的改善。我們預計第二季資格認證活動水準會更高，這在我們的業績指引中也有所體現。本年度折舊和攤銷費用預計為 29 億美元，但會根據設備到貨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. During the first quarter we spent $532 million on dilution management, relating to our convertible notes. We also replaced our $175 million US AR-backed credit line, with a $600 million AR in inventory backed credit line. No amounts have been drawn under either of these facilities.

正如馬克所提到的，公司第一季創造了創紀錄的經營現金流 16 億美元，季度末現金及有價投資達 53 億美元。第一季度，我們在與可轉換債券相關的稀釋管理方面花費了 5.32 億美元。我們也以 6 億美元的應收帳款庫存擔保信貸額度取代了原有的 1.75 億美元應收帳款擔保信貸額度。這兩項安排下均未提取任何款項。

During the first quarter, we announced Board authorization to repurchase up to $1 billion of our common stock. Any repurchases under the authorization would be performed opportunistically in open trading windows. There were no share repurchases during the first quarter.

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。根據授權進行的任何回購都將在開放的交易窗口中擇機進行。第一季沒有進行股票回購。

Expenditures for property, plant, and equipment in the first quarter were $669 million. We continue to expect capital expenditures for the fiscal year to be between $3.6 billion and $4 billion. 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. Historical periods are being reclassified as well, to facilitate comparability.

第一季用於購置固定資產、廠房和設備的支出為 6.69 億美元。我們仍預期本財年的資本支出將在 36 億至 40 億美元之間。請注意第一季初，我們將所有用於固定資產的款項合併為現金流量表投資部分的一行。為了方便比較，歷史時期也正在重新分類。

In prior periods, our disclosure of capital expenditures was the sum of expenditures for property plant and equipment, and payments on equipment contracts. So there is no change in the disclosure of total capital expenditures, just a landscape change on the cash flow statement.

在前期，我們揭露的資本支出是固定資產支出和設備合約付款的總和。因此，總資本支出的揭露方式沒有變化，只是現金流量表的組成發生了變化。

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. Our Q2 guidance contemplates the US dollar to yen exchange rate at the end of Q1, which was approximately 120 yen to the dollar. As a reference, the average exchange rate during the first quarter was approximately 110.

我們估計，美元兌日圓匯率每變動 1 日圓，我們在日本的現金支出就會變動約 250 萬美元。我們第二季的業績指引是基於第一季末的美元兌日圓匯率，當時的匯率約為1美元兌120日圓。作為參考，第一季的平均匯率約為 110。

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

現在，我將把發言權交給馬克亞當斯，請他發表評論。

Thanks, Ron. 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.

謝謝你，羅恩。我將回顧我們第一季的營運業績，並分享對市場洞察、關鍵細分市場趨勢以及2015年記憶體產業動態的評論。

Our computing and networking business unit, referred to as CNBU, had an outstanding quarter, recording $2.1 billion in revenues. Our operating margins came in at 30%, compared to 26% in Q4. CNBU benefited from a slightly higher DRAM prices and lower costs, which led to the overall improved operating performance in the quarter.

我們的運算和網路業務部門（簡稱 CNBU）本季業績出色，營收達 21 億美元。我們的營業利潤率為 30%，而第四季為 26%。CNBU受惠於DRAM價格略微上漲和成本降低，這使得該季度的整體營運表現有所改善。

The growing diversification of our end markets is reflected in a favorable mix across our computing, server, networking, enterprise and graphics segments. Demand in the PC client segment remained strong in our first quarter. Bit shipments incline grew heading into the holidays, and pricing held firm in Q1.

我們終端市場的日益多元化體現在我們運算、伺服器、網路、企業和圖形等業務板塊的良好組合。第一季度，PC客戶端市場需求依然強勁。接近假期，比特出貨量呈上升趨勢，第一季價格維持穩定。

We commenced volume shipments of our 25 nanometer technology into the client PC Tier 1 OEM customer base, which resulted in improved costs. Driven by continued growth in cloud computing and data analytics, we achieved both record revenue and bit shipments in our server business.

我們開始向一級PC OEM客戶群批量交付我們的25奈米技術，從而降低了成本。在雲端運算和數據分析持續成長的推動下，我們的伺服器業務實現了創紀錄的收入和出貨量。

Server DRAM bit growth is forecasted to grow 40% year on year. The growth in server-based memory is based on increasing server workloads, that require higher DRAM performance and density. Our server business remains a very attractive segment, with a demand profile that is less sensitive to price fluctuations in the market.

伺服器DRAM位元容量預計將年增40%。伺服器記憶體的成長是基於伺服器工作負載的增加，這需要更高的DRAM效能和密度。我們的伺服器業務仍然是一個極具吸引力的領域，其需求對市場價格波動較不敏感。

The networking segment delivered revenue growth of up 5% quarter-on-quarter. Demand remains strong driven by LTE build out in China, and other emerging markets. 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.

網路業務板塊的營收季增高達 5%。受中國及其他新興市場 LTE 網路建置的推動，市場需求依然強勁。我們樂觀地認為，隨著數據、音訊視訊和遊戲內容的增加，頻寬需求預計將在 2015 年增長約 20%，這將推動對美光記憶體產品更高的需求，而記憶體業務的毛利率也相當可觀。

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

我們的圖形業務是另一個能夠帶來良好平均售價和利潤率提升的市場領域，與 2014 財年第一季相比，第一季營收成長了 18%。去年，遊戲主機的單機記憶體容量翻了一番，我們認為今年記憶體容量還會進一步成長，因為這些裝置的用途已從遊戲擴展到更多的運算和家庭娛樂功能。

We had a strong quarter in DRAM technology enablement. We are pleased with the team's execution on DDR4, as major OEMs earned qualification for their value-added configurations. While coming off of a relatively low base, shipments of DDR4 increased four times quarter over quarter.

我們在DRAM技術推廣方面取得了強勁的季度業績。我們對團隊在 DDR4 的執行情況感到滿意，因為主要 OEM 廠商都獲得了其增值配置的認證。儘管基數相對較低，但DDR4的出貨量較上季增加了四倍。

We are seeing very strong demand signals for DDR4 in the coming quarters, in particular from the enterprise server customer base. DDR4 ASPs remain at a significant premium to DDR3, given the enhanced performance. 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.

我們看到未來幾季對 DDR4 的需求訊號非常強勁，特別是來自企業伺服器客戶群的需求。考慮到DDR4記憶體效能的提升，其平均售價仍比DDR3記憶體高出許多。隨著 DDR4 市場在未來 12 個月及以後逐漸成型，其成長率應該會對我們的平均售價產生正面影響。

We're seeing good progress of our 8-gigabit GDDR5 technology, as we are shipping engineering samples to two of our larger enabling partners. And finally, the research and development team saw fantastic progress in the enablement of our 20 nanometer technology DRAM process. We are evaluating ways to accelerate this transition ahead of our current plan.

我們的 8 千兆 GDDR5 技術取得了良好進展，我們正在向我們兩個較大的合作夥伴交付工程樣品。最後，研發團隊在實現我們的 20 奈米技術 DRAM 製程方面取得了巨大的進展。我們正在評估各種方法，以便在現有計劃之前加快此轉型進程。

Our storage business unit, or SBU achieved $987 million in revenue in Q1, up 9% quarter on quarter. Our SBU operating margins were stable this quarter, despite some challenging pricing dynamics. 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.

我們的倉儲業務部門（SBU）第一季營收達到 9.87 億美元，季增 9%。儘管本季價格情勢充滿挑戰，但我們的策略事業單位 (SBU) 營業利潤率仍保持穩定。看來通路組件和客戶端 SSD 領域都增加了一些 TLC 產能，這將對我們第一季末和本季的價格帶來下行壓力。

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. We are making good progress in driving our SSD road map to our award-winning 16 nanometer technology. We successfully qualified the MS600 drive at a Tier 1 PC OEM customer, and anticipate additional commitments over the next 90 days.

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高價值機會，並努力最大限度地減少我們受到激進市場定價的影響。我們在推進 SSD 路線圖，邁向我們屢獲殊榮的 16 奈米技術方面取得了良好進展。我們已成功向一級 PC OEM 客戶驗證了 MS600 驅動器，並預計在接下來的 90 天內獲得更多訂單。

In addition, today we are announcing two Crucial branded client SSDs, enabled by Micron's 16-nanometer process for shipment in this quarter. We expect to have 50% of our client SSD shipments on 16 nanometer by the end of our first quarter.

此外，今天我們宣布推出兩款 Crucial 品牌用戶端 SSD，採用 Micron 的 16 奈米工藝，將於本季出貨。我們預計到第一季末，我們客戶的 SSD 出貨量中將有 50% 採用 16 奈米製程。

On our last call, I outlined the steps we were taking to improve our overall NAND competitiveness. I want to give an update on our progress. Our focus is in three areas: Process advancement, system-level enablement, and higher value end market applications.

在上次通話中，我概述了我們為提高 NAND 整體競爭力而採取的措施。我想向大家報告我們的進度。我們的重點領域有三個：流程改善、系統層級賦能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. 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.

我們已成功實現預期的里程碑，在 2014 年底前交付了 16 奈米 TLC 裝置的工程樣品。我們計劃在春末向通路和消費者市場出貨 TLC 組件，並預計將於 2015 年下半年開始向市場出貨 TLC 用戶端 SSD 硬碟。

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

美光將繼續鞏固我們在 NAND 整體微縮領域的領先地位，這體現在我們垂直單元的 256 千兆 MLC 和 384 千兆 TLC 3D NAND 裝置上，我們相信這些裝置將擁有業內最高的每平方英吋矽片密度。我們目前正在對 3D NAND 組件進行樣品測試，並預計在 2015 年下半年開始初步商業化生產。

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. In addition, we are investing in packaging capabilities that allows us to integrate technologies to offer performance, power, and/or reliability benefits. Such capabilities are the foundation for driving into more solution-oriented products, designed to meet specific customer needs.

除了技術層面的創新之外，我們還不斷增加控制器和韌體資源，這有助於加快產品開發，並提高我們企業資料中心和客戶端 SSD 產品的品質。此外，我們正在投資封裝技術，以便整合各種技術，從而提供性能、功率和/或可靠性方面的優勢。這些能力是開發更多以解決方案為導向的產品的基礎，這些產品旨在滿足特定的客戶需求。

Finally, we are continuing to diversify our NAND business into more attractive end market applications. As an example, revenue for NAND sold into the mobile segment was up over 45% quarter over quarter. Coupling NAND with DRAM in the form of eMCPs is a high-growth opportunity which I will discuss in the mobile segment shortly.

最後，我們將繼續拓展 NAND 業務，使其朝向更具吸引力的終端市場應用領域發展。例如，銷往行動領域的 NAND 收入較上季成長超過 45%。將 NAND 與 DRAM 以 eMCP 的形式結合起來是一個高成長的機會，我將在稍後的行動領域進行討論。

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. 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.

我們的企業級 SSD 業務在第一季創下了收入紀錄，利潤率也環比增長，因為團隊推動了我們的 M500DC 產品在雲端和資料中心客戶中的認證。我們正在評估各種方案，以加速進軍這個不斷擴大的市場領域，該領域包括資料中心、雲端運算、網路、安全性、搜尋和電子商務客戶。

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

推動 NAND 快閃記憶體消費的長期成長動力（例如客戶端企業儲存、行動儲存和嵌入式應用）的基本面仍然保持積極。我們正在實現提高長期營運競爭力的計畫中所設定的里程碑，對未來的發展前景感到樂觀。

The mobile business unit, or MBU had another outstanding quarter. MBU revenue came in at $940 million. Operating margins were 32% in Q1, compared with 22% in our last quarter.

行動業務部門（MBU）又迎來了一個出色的季度。MBU的收入為9.4億美元。第一季營業利潤率為 32%，而上一季為 22%。

We continue to see strong demand in mobile. The iPhone 6 launch was a catalyst for strong holiday demand. Memory content for devices driving customer forecast in 2015. 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.

我們持續看到行動領域的強勁需求。iPhone 6 的發布刺激了假期期間的強勁需求。2015 年驅動客戶預測的設備記憶體容量。在高階機型方面，三星 Note 配備了 3GB 低功耗 DRAM，而小米等中國競爭對手則透過更大的記憶體配置來脫穎而出。

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. 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.

中低階智慧型手機市場也在推動記憶體容量的成長，甚至功能手機領域也從幾乎沒有DRAM的手機發展到像Android One這樣的新產品，後者擁有1GB的低功耗DRAM。我們也看到快閃記憶體的儲存容量越來越大，中高階智慧型手機的配置已經從 32 GB 和 64 GB 增加到 64 GB 和 128 GB。

On the product front, we are growing our managed NAND business with increased shipments of eMCPs. The rapid adoption of eMCP by the midrange market, where there is strong growth, has created significant opportunity for Micron. 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.

在產品方面，我們透過增加 eMCP 的出貨量來發展我們的託管 NAND 業務。中階市場快速採用 eMCP 技術，而中階市場正處於強勁成長期，這為美光創造了巨大的機會。憑藉我們從前 Elpida 工廠獲得的可靠晶片供應能力以及我們的 16 奈米 NAND 技術，隨著 eMCP 在最大的行動裝置領域取代 eMMC，美光擁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. As Mark and I have said in prior communications, we're focused on a returns approach to the mobile business. We are pleased with the progress the team has made to date. 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.

該團隊也正在與晶片組合作夥伴共同研發低功耗 DDR4 技術，這將有助於未來實現關鍵的客戶差異化。正如我和馬克在先前的溝通中所說，我們專注於行動業務的回報策略。我們對團隊迄今為止的進展感到滿意。我們受到客戶需求預測的限制，並將繼續評估如何最好地平衡我們的整體產能，以支援美光的重要客戶。

Our embedded business, or EBU, set a quarterly revenue record, achieving $539 million in sales. This is our eighth consecutive quarter of revenue growth for EBU. Our operating margins rose to 22%, up from 16% last quarter.

我們的嵌入式業務（EBU）創下了季度收入紀錄，銷售額達到 5.39 億美元。這是EBU連續第八個季度實現營收成長。我們的營業利益率從上一季的16%上升至22%。

This growth was driven by record shipments to the automotive and industrial and multi-market segments. Automotive revenues were up 18% quarter on quarter. The automotive segment continues to benefit from memory content, fueled by both infotainment and advanced driver assistance systems in new offerings. 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.

這一成長主要得益於汽車、工業和多市場領域的出貨量創歷史新高。汽車產業營收季增18%。汽車產業持續受惠於儲存內容的成長，這得益於新產品中資訊娛樂系統和進階駕駛輔助系統的普及。我們致力於滿足該市場在品質、可靠性、產品壽命和服務等方面的獨特需求，這使我們得以在第一季鞏固市場領導地位。

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. 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.

工業和多市場大類環比成長 12%，主要得益於工廠自動化、機器對機器以及航空航太和國防領域的持續成長。由於我們看到汽車娛樂、消費性電子產品、智慧家庭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仍然保持樂觀。

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. 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.

值得注意的是，我們的 NOR 產品出貨量已連續第四個季度實現成長，其中超過 70% 的產品採用 45 奈米製程。我們將繼續尋求機會，利用我們在DRAM、NAND和NOR方面的產品組合，推動嵌入式市場利潤的持續成長。

Coming off a strong FY14, our operations team is focused on managing through a number of transitions to ensure long-term competitiveness. On the integration front, we implemented Micron's manufacturing information systems in our fabs in both Hiroshima and Taiwan in Q1. We are also driving expanded 25 nanometer technology at MMJ and MMT.

在經歷了強勁的 2014 財年之後，我們的營運團隊正專注於應對一系列轉型，以確保長期競爭力。在整合方面，我們於第一季在廣島和台灣的晶圓廠實施了美光製造資訊系統。我們也在 MMJ 和 MMT 推動 25 奈米技術的擴展。

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. 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.

MMJ 與我們的研發機構合作，正在為 2015 年下半年向 20 奈米技術的轉換做準備，這看起來非常有前景，重點是爭取盡快實現大量生產。為了應對這些技術轉型，我們將在第二季度看到 DRAM 位產量下降，這將導致產量略有下降，而 Mark 和 Ron 在他們的評論中都提到了這一預測。

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. 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.

團隊也忙於制定我們最近宣布的在新加坡擴建工廠的計劃，我們認為這將使我們能夠根據市場情況，在未來靈活有效地擴展 3D 和新興記憶體的生產。最後，在業務後端，我們與 PTI 簽署了一項策略協議，合作在西安園區提供本地組裝服務，這將降低成本並縮短整體週期時間。

I would like to now briefly discuss what we're currently seeing in the market post holidays. The pricing environment for our portfolio of DRAM products remains favorable overall. We have seen modest pricing pressure in the PC segment, which is not surprising, due to seasonality. Mobile DRAM pricing remains relatively stable, as we remain very tight on supply in Q2.

現在我想簡要談談我們目前在節後市場中看到的情況。我們DRAM產品組合的定價環境整體上依然有利。我們看到個人電腦市場出現了一些價格壓力，這並不令人意外，因為這是季節性因素造成的。由於第二季供應仍然非常緊張，行動DRAM價格保持相對穩定。

On the NAND front, pricing saw some softness during the last month of Q1 and the first month of Q2. 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. Our sense is that client SSD inventory at Tier 1 OEMs is still somewhat high post Christmas.

在 NAND 方面，第一季最後一個月和第二季第一個月的價格出現了一些疲軟。儘管如此，我們最近還是看到了 NAND 價格有所改善的跡象，包括某些細分市場（例如低密度消費級 NAND）的供應趨緊。我們的感覺是，聖誕節後一級OEM廠商的客戶SSD庫存仍然較高。

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. 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. 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.

我們也看到 TLC 供應量增加，我們認為這是因為我們的競爭對手之一正在將 NAND 生產從其自身的內部行動消費轉向通路和客戶端 SSD 業務。儘管存在這些短期壓力，可能會導致短期利潤率下降，但我們認為這些影響是暫時的，並且我們仍然看好 NAND 的整體前景，我們認為我們正在採取正確的措施來優化我們的業務，以期實現長期發展。隨著產業向 3D NAND 轉型，我們相信我們的效能和成本將繼續提高，從而推動 NAND 在客戶端、行動和企業市場領域的加速普及。

In closing, I too want to congratulate our team on another great quarter. 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. With that, I will hand it back over to Kipp.

最後，我也要祝賀我們的團隊又一個季度取得了優異的成績。我們對我在評論中提到的許多技術進步的實現感到興奮，並認為我們已做好充分準備，在多元化的儲存業務中繼續取得成功。然後，我就把它還給基普了。

Thanks Mark, and we will now take questions from callers. Karen, would you please open the lines at this time? Thank you.

謝謝馬克，現在我們將接受聽眾來電提問。凱倫，請你現在開電話好嗎？謝謝。

(Operator Instructions)

（操作說明）

Monika Garg, Pacific Crest.

莫妮卡·加格，太平洋山脊。

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

關於NAND市場的第一個問題。如果看一下成本下降和平均售價假設，就會發現本季 NAND 快閃記憶體的利潤率再次下降。所以問題是，為什麼不推遲向 3D NAND 的轉換，讓市場上的總位數更低一些，讓市場變得更加強大，然後再向市場上增加更多的位數呢？

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

莫妮卡，首先我想指出，對我們來說，NAND 市場從長遠來看真的很有吸引力，我們看到了很大的成長空間，我們認為值得投資。話雖如此，我們相信 3D 技術是未來尖端產品的關鍵推動因素，坦白說，也是企業長期成功的關鍵因素。因此，當我們審視自身業務時，我們準備好對其進行投資。我們還沒有具體確定產能爬坡的速度，也沒有確定何時增加供應，但我們確實認為，重要的是要開始將我們的 3D 產品推向市場，並讓終端應用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. 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. 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.

說了這麼多，我認為我們已經非常清楚地表明，我們的方法是有紀律的。我們將持續關注市場，確保不會擾亂供應，我們認為 3D 列印不太可能對美光或其他市場競爭對手的生產管理方式產生顛覆性的影響，因為其中存在權衡取捨。正如你所指出的，這需要資本投資，需要潔淨室空間，而且——雖然它具有推動作用且很重要，但它並不會帶來你所暗示的那種巨大的顛覆性影響，也不會造成供應過剩。

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? Thanks.

關於 Inotera，能否請您提供一些信息，例如，如果您與 Inotera 就該需求進行談判，我們何時才能看到對財務狀況的影響？謝謝。

I don't think that there is a lot we can add to what we've already said relative to Inotera. It's a three-year agreement as we said before, its renewable on an annual basis. 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. But trying to discuss in advance when and what that might look like, I don't think is particularly productive.

關於Inotera，我認為我們已經說得夠多了，沒有什麼可以補充的了。正如我們之前所說，這是一份為期三年的協議，每年可以續約。我們珍惜這段關係，我們認為對方也珍惜這段關係，我們認為這為合理的討論奠定了基礎，從而為各方帶來長期的互利結果。但我認為，提前討論何時以及具體形式並沒有什麼實際意義。

Thank you so much.

太感謝了。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Thanks for taking my question, I have two. 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. 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. 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? Any color there would be appreciated. Thank you.

謝謝你回答我的問題，我還有兩個問題。關於DRAM，您能否幫我了解一下消費級PC、伺服器和行動裝置之間的比例，以及這些比例從11月到2月這一季度是如何變化的？至於 NAND，很高興能向我們介紹一下里程碑進展，但我仍然不太明白你們的戰略是什麼。您是想面面俱到，還是想專注於您正在研究的 NAND 的某個特定領域？任何顏色都歡迎。謝謝。

So I'll start with the first question. 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. 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. 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.

那我就先回答第一個問題吧。就 DRAM 業務的份額而言，最好將我們的 PC 業務、PC DRAM 業務的份額（約佔 30% 左右）、行動 DRAM 業務的份額（約佔 20% 左右）以及伺服器業務的份額（約佔 10% 左右）來考慮。從方向上看，雖然這些事情很難在一個季度內發生改變，但隨著我們在第一季開始將更多產能轉移到伺服器，你會看到輕微的上升趨勢。行動業務基本上持平，伺服器業務——客戶端業務、PC 業務可能略有下降，但大致情況就是這樣，DRAM 的份額也相對較小。

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

梅赫迪，我是馬克杜爾坎，也許我會回答關於NAND快閃記憶體的問題。從宏觀層面來說，我們說過，我們希望在 NAND 的許多不同應用領域有所作為，我們也意識到這需要大量的資源。要合理平衡這些資源需要持續不斷的努力，而且在未來幾年裡，我們在資源分配方面需要比過去幾年做得更好。

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

話雖如此，正如我們在評論中所說，我們認為進入行動 NAND 領域對我們來說很重要。我們認為，我們在低功耗 DRAM 業務方面與我們的客戶有很多協同效應，而且我們認為，在行動領域，我們可以為他們做很多增值的事情。我們不能忽視客戶端 SSD 市場這個規模龐大且成長迅速的細分市場，我們顯然希望進入企業市場，因為從長遠來看，我們將在那裡創造巨大的價值。因此，我們將繼續在多個不同的應用領域部署資源，並根據各領域的進展分配我們的產能。

Thank you.

謝謝。

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

謝謝您回答我的問題。從你們的指導方針來看，你們似乎認為在成本下降方面，你們面臨一些挑戰。您能否為我們介紹 Inotera 正在進行的節點遷移工作，以及這會對每比特 DRAM 成本產生什麼影響？

Yes Doug. Maybe I will take that. 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. 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. That's going to mitigate bit growth in the year, but it's going to probably drive value. The customers certainly see a lot of value in getting their DDR4 today.

是的，道格。或許我會接受。正如我所提到的，混合是所有這些問題答案中越來越重要的組成部分，因為隨著我們轉向更多增值應用，這將推動不同的位元成長。想想 DDR3 到 DDR4 的轉變，晶片尺寸會增加 10% 到 15%，這取決於你的晶片定位。這將緩解今年的比特成長，但可能會提升價值。顧客們顯然認為現在購買DDR4記憶體很有價值。

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

同樣地，隨著我們向服務、網路和高效能運算領域更加差異化的產品轉型，並將更多產品組合朝這一方向發展，我們不會再看到過去那種成本下降的趨勢，但希望能夠看到客戶認可其增值。除此之外，我認為結構上不會有太大的變化，只是你應該意識到，美光目前正在投入資金來支持 20 奈米製程的快速發展，這是一個巨大的生產力飛躍，而任何時候投入資金，都不會立即獲得回報。資金投入使用並投入生產需要一段時間，生產線也需要一段時間才能完成裝載，並將庫存商品運送到市場。所以您需要稍微考慮一下這一點，因為就技術部署而言，2015 年對我們來說是令人興奮的一年。

Steven Fox, Cross Research.

Steven Fox，Cross Research。

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

謝謝，下午好。我有兩個問題，想更深入了解客戶端 SSD 市場。您能否詳細說明一下您目前看到的競爭有多少是暫時的，以及從美光公司的角度來看，隨著TLC產品的推出，有多少問題能夠得到解決，或者還有其他方法可以提高利潤率？

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. Thanks.

其次，能否請您詳細介紹 DDR4 的情況，例如其上市時間以及它將如何影響您的產品組合和利潤率？因為我原本以為我們會在本季開始看到更多它。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. 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.

在固態硬碟方面，我們開始看到主要客戶在假日之前囤積庫存，我們真心相信這只是 NAND 市場動態的暫時現象。正如我在過去一周左右的時間裡所說，我們看到 NAND 的價格在某種程度上實際上趨於穩定，並且在某些領域甚至有所上漲。

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. 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. 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.

所以，關於 TLC 的競爭力問題，是的，隨著我們將這些產品推向市場，正如我在 2015 年下半年年初的評論中所提到的，我們確實期望能夠更具競爭力，然後我們將能夠推動我們的產品組合更多地轉向 TLC SSD 客戶端產品。目前，當我們審視這方面的機會時，我們只是謹慎地避免與低成本產品競爭，因為我們可以利用這些 MLC 產品去追求更高價值的住宅。關於DDR記憶體的普及，正如我之前所說，我們對目前的普及情況感到滿意，儘管還處於早期階段。我們認為，到本財年結束時，我們伺服器記憶體中DDR4佔比將達到30%左右是合理的。至於普及程度和規模，我們將讓市場來決定。

Thank you, that's very helpful.

謝謝，這很有幫助。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

My first question is a follow up on the bit production for DRAM. Can you quantify how much lower than the market you expect to grow this year? 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?

我的第一個問題是關於DRAM位元生產的後續問題。您能否量化今年實際成長率會比您預期的市場成長率低多少？而且我認為更重要的是，考慮到產品過渡和技術過渡的時間安排，您是否預期從 2 月到 5 月季度，位元成長會逐季恢復？

Let me take the last bit of that, John, and maybe Mark can take the first part. Mark Adams can take the first point. I think we will see, as we move out in time, get back to a more normal bit growth rate quarter over quarter. As I mentioned just a minute ago, when you deploy technology, sometimes there is disruptions in manufacturing.

約翰，剩下的部分就交給我吧，也許馬克可以負責前面的部分。馬克·亞當斯可以拿下第一分。我認為隨著時間的推移，我們會看到比特成長率逐季恢復到更正常的水平。正如我剛才提到的，在部署技術時，有時會對生產造成乾擾。

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

尤其需要確保所有設備都能及時投入使用，而且在部署這項技術時，也不一定會立即獲得輸出結果。所以，是的，我們預計今年晚些時候情況會恢復正常。

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

約翰，請你把問題的前半部再說一次給馬克聽好嗎？

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

您認為今年DRAM比特成長會達到多少？您之前說過產業成長會低於預期？

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. 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.

嗯，我們在這方面並沒有太多立場，但這在某種程度上取決於我們在市場上推出的 DDR4 記憶體的組合，以及我們推進我剛才提到的一些特殊產品的具體進展。我們之前說過，市場預期會在20%左右，我們認為最終結果可能會在20%上下浮動，但會略低於這個預期。

And then guys on the NAND profitability side, you have been working hard over the last 12 months to improve that. 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. You are starting to see that mix improvement. 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. 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?

還有 NAND 獲利方面的各位，你們在過去 12 個月裡一直在努力提高獲利能力。其中一個論點是，你只是把產品賣到了錯誤的市場，隨著產品組合的改善，你會開始看到利潤成長。你開始看到混音效果有所改善。從你事先準備好的評論來看，你似乎認為向行動端轉型是有益的，但轉型幅度還不夠大，不足以真正提高毛利率。您能否幫我了解一下目前行動儲存和 NAND 快閃記憶體的佔比情況？鑑於您對未來佔比走勢的看法，您是否有信心認為 2 月份可能是 NAND 快閃記憶體毛利率的低谷期？

Let me take the first part of that. I think the first part of your statement was right. We are happy with the progress. There's not enough of that yet to be really moving the needle in the overall scheme of things.

讓我來回答第一部分。我認為你的說法前半部是對的。我們對目前的進展感到滿意。目前這方面的進展還不夠多，不足以對整體情勢產生真正的影響。

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

我想指出的是，在過去的幾個季度裡，NAND 業務對我們的競爭對手來說總體上也更加艱難。從某種意義上說，相對進步比絕對進步要好，我們繼續為長遠發展而努力，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. 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.

約翰，我想就前面你談到產品組合的那部分內容發表一些看法。請注意，這些事情不一定會在一個季度內發生劇烈變化，但正如您所說，行動業務在我們整體 NAND 業務中所佔的百分比，僅就季度而言，就業務份額而言，幾乎翻了一番，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. For those markets, that makes sense.

隨著我們逐步推進產品和組件業務，並為其尋找更合適的歸宿，您將會看到我們的業務健康地從產品和組件業務轉向其他業務。我們將繼續探索推動企業儲存和客戶端 SSD 發展的方法。對於這些市場而言，這很合理。

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

馬克在今天準備好的聲明中發表了一番有趣的評論，他說我們發現一些客戶並沒有完全投入到 TLC 固態硬碟中，或者他們發現 TLC 固態硬碟存在更高的性能要求或可靠性問題，因此他們不想在 TLC 固態硬碟上冒險。因此，我們將繼續引導客戶評估我們性能更高的基於 MLC 的客戶端固態硬碟儲存產品，並推動該產品的進一步發展。所以你應該看到的趨勢是：行動化、通路轉型以及推動更多企業級和高效能客戶端 SSD 的發展。

Thank you.

謝謝。

Mark Newman, Bernstein.

馬克紐曼，伯恩斯坦。

Hi, thanks for taking my question. The results on DRAM continue to do very well, continue to be much stronger than expected, actually. 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. 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.

您好，感謝您回答我的問題。DRAM 的測試結果依然非常出色，實際上比預期表現還要好得多。如果讓我總結一下你剛才說的話，我認為市場將會強勁且供應緊張，這種情況將持續到 2015 年。但顯然，NAND快閃記憶體的表現依然令人失望，毛利率下降，而且看起來你們對下一季的預測還會繼續下修。

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. 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?

所以，我真正想問你的問題是，其中一些你已經談到了，但我想更具體地問一下，你認為這算是 NAND 方面的一些令人失望的地方，還是恢復方面的延遲？似乎是──這與市場供過於求導致市場表現比預期更差有關，還是與執行上有困難有關？

And what kind of timing should we expect for some improvement on the NAND side? 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. Now it seems like you are moving some of your mix to mobile. So we'd like to understand what the updated plan really is to improve the profitability of the NAND. Thanks.

那麼，我們應該期待NAND快閃記憶體方面的改進在什麼時間點出現呢？NAND 快閃記憶體復原似乎總是比實際資料慢約兩個季度，而 TLC SSD 顯然也被認為是該解決方案的重要組成部分。現在看來，你們似乎正在將部分產品組合轉移到行動端。因此，我們想了解一下，為了提高 NAND 的獲利能力，更新後的計畫究竟是什麼。謝謝。

Mark, this is Mark Adams thanks for the question. Couple things. 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. We're not satisfied with that by any stretch, but those are just some data points.

馬克，我是馬克亞當斯，感謝你的提問。有幾件事。回顧過去幾個季度，從相對角度來看，我們的利潤率一直保持穩定，而我們的競爭對手實際上正在逐步縮小差距。我們對此遠遠不能滿意，但這些只是一些數據點。

This quarter, again, gross margin was pretty flat in a relatively tough period for NAND in the market dynamic. So as a backdrop to your question, that's what we're up against. When you talked about a confusing or changing strategy, I don't think that's the case.

本季度，在市場動態對 NAND 而言相對艱難的時期，毛利率依然保持穩定。所以，作為你問題的背景，這就是我們所面臨的挑戰。當你提到戰略混亂或變化時，我認為情況並非如此。

Please don't mix TLC with where the end application products go. You mentioned TLC and now a shift to mobile. Actually mobile, enterprise, and client SSDs were always part of our strategy, and continue to be part of our strategy. TLC is the technology foundation for what we enable low-cost solutions in the market, and we're investing that.

請不要將 TLC 與最終應用產品混為一談。你提到了TLC，現在又提到了向行動端的轉型。事實上，行動、企業和客戶端 SSD 一直是我們策略的一部分，並將繼續是我們策略的一部分。TLC 是我們實現市場上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. That's in place, we've done that, we're in process of starting qualifications. We said components and consumer applications would be shipping late spring, end of the calendar second quarter. And we would be launching client-based SSD drives with TLC. Those are all tactics to the strategy of deploying TLC where it makes sense in the market.

過去一年裡，我和馬克都曾就年底的抽樣調查發表過評論。相關事宜已安排妥當，我們已經完成了這項工作，目前正在進行資格審查。我們曾表示，零件和消費性應用產品將於春末，也就是第二季末出貨。我們將推出採用 TLC 快閃記憶體的客戶端 SSD 硬碟。這些都是在市場中合理運用TLC策略的具體戰術。

That's not the whole story. 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. We're going to continue to invest in, controllers and firmware and software technology to advance both enterprise and client SSDs.

這並非事情的全部真相。我們將利用我們的 DRAM 和 NAND 技術，結合 Elpida 已知的良好晶片流，以及我們在 MLC 和最終 TLC 方面的技術，進軍行動市場並發展壯大。我們將繼續投資於控制器、韌體和軟體技術，以推動企業級和客戶端固態硬碟的發展。

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

我們目前還沒有在企業中看到 TLC（包容性關懷）。我們將繼續評估這條路徑，但這是一個終端市場，與TLC或MLC無關，客戶方面也是如此。我們仍將繼續生產客戶端 MLC 驅動器，但在那些尋求更低成本替代方案且願意犧牲一些效能的市場中，我們將部署 TLC。因此，行動、企業和客戶端儲存領域是我們投資推動應用程式發展的三大支柱，而 MLC 或 TLC 技術是我們實現這一目標的核心。

That's very helpful. 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? How would you order those?

那很有幫助。您認為美光在 NAND、客戶端 SSD、企業級 SSD、行動裝置和其他所有業務領域中，哪個領域的利潤率更高？您會如何將美光的利潤率排序？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.

我認為最好的看待方式是，企業級固態硬碟可能會獲得最高的利潤率，行動級固態硬碟可能位居第二，客戶端固態硬碟則排在這三者之中，然後，就銷量而言，消費級應用和嵌入式應用等組件管道仍然相當可觀，等等，這取決於整體市場動態的變化。

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

我明白了，展望今年晚些時候，我們是否預期 NAND 快閃記憶體市場會變得更加健康？您認為我們需要看到 NAND 市場更健康發展，利潤率才能大幅回升到更高的水平嗎？

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. 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. 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.

你知道，預測總是很困難的，所以我想提醒你一下，但根據我們客戶的回饋，我目前的直覺是 NAND 快閃記憶體的供應將會相對緊張。現在，當我們談論我們所處的這個不斷變化的行業時，這並不意味著不會出現短暫的、暫時的市場供應過剩時期，無論是客戶端 SSD 問題還是其他問題。因此，我們認為，整體而言，隨著行動、企業和客戶端需求的成長，我們認為整體情況會相當不錯。我們從客戶那裡看到的需求預測表明，情況將保持平衡，並且在本財年剩餘時間內將朝著相當樂觀的方向發展。

That's very helpful. Thanks very much.

那很有幫助。非常感謝。

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

謝謝馬克和凱倫，我們還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. So I was wondering here what has basically change maybe from your perspective in the past 90 days? Is that more the DRAM business, more the NAND business? It certainly looked like that 90 days ago there was more of a thought here that the NAND business might be in a change. Demand remains pretty solid for DRAM, but now you were looking at maybe lower bit growth here. So does something surprise you on the negative side, or was this the thought process 90 days ago, about the business? Thanks.

非常感謝，謝謝你接我的電話。所以我想知道，從您的角度來看，過去90天裡發生了哪些變化？那比較是DRAM業務，還是更多是NAND業務？90 天前，人們似乎更傾向於認為 NAND 業務可能會改變。DRAM 的需求依然相當強勁，但目前來看，其位元成長速度可能會放緩。那麼，有沒有什麼負面情況讓你感到驚訝呢？或者，這是否就是90天前你對公司業務的看法？謝謝。

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

謝謝你的提問。我的回答是，我們沒有看到公司內部有任何結構性變化。在 NAND 方面，我們確實認為競爭對手的部分產能從某些細分市場轉移到了低銷量細分市場，這在一定程度上影響了現貨市場的價格，例如入門級客戶端設備等等，但我們沒有看到任何結構性問題，我們仍然非常看好 NAND 業務的需求方面。在 DRAM 的文章中，我認為 Mark 闡述了我們做出 DRAM 產能長期決策和投資的理由，因此我們仍然認為這是一個非常好的業務，非常穩定，平均售價也相對平穩，我們仍然相當樂觀。

All right, great. Thanks.

好的，太好了。謝謝。

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

謝謝丹尼爾，最後，我們要感謝今天所有參加電話會議的人。請容許我再重複一次安全港保護條款。

During the course of this call, we may have made forward-looking statements regarding the Company and the industry. These particular forward-looking statements, and all other statements that 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. For information on the important factors that may cause actual results to differ materially, please refer to our filings with the SEC, including the Company's most recent 10-Q and 10-K. Thank you.

在本次電話會議中，我們可能對公司和產業做出了一些前瞻性陳述。這些前瞻性陳述，以及電話會議上可能作出的所有其他非歷史事實的陳述，都存在許多風險和不確定性，實際結果可能與預期有重大差異。有關可能導致實際結果與預期結果有重大差異的重要因素的信息，請參閱我們向美國證券交易委員會提交的文件，包括公司最新的 10-Q 和 10-K 表格。謝謝。

Thank you. This concludes today's Micron Technology first-quarter 2015 financial release conference call. You may now disconnect.

謝謝。美光科技2015年第一季財務報告電話會議到此結束。您現在可以斷開連線了。