美光科技 (MU) 2015 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是賽義德，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 second quarter 2015 financial release conference call.

在此，歡迎大家參加美光科技 2015 年第二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 serve forward to your host, Kipp Bedard.

現在，我很高興為您的主人 Kipp Bedard 服務。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much, and welcome to Micron Technology's second quarter 2015 financial release conference call.

非常感謝，歡迎來到美光科技 2015 年第二季度財務發布電話會議。

On the call today is Mark Durcan, CEO and Director; Mark Adams, President and Interim Chief Financial Officer; and Mark Heil, Corporate Controller and Interim Principal Financial and Accounting Officer.

今天的電話會議是首席執行官兼董事 Mark Durcan； Mark Adams，總裁兼臨時首席財務官； Mark Heil，公司財務總監兼臨時首席財務和會計官。

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

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

In addition, our website has a file containing the quarterly operational and financial information 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電話稀釋表。

If you have not had an opportunity to review the second quarter 2015 financial press release, again, it is available on our website at Micron.com.

如果您還沒有機會查看 2015 年第二季度財務新聞稿，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 6063446.

將有通話的音頻重播，可通過撥打 404-537-3406 訪問，確認碼為 6063446。

This replay will run through Thursday, April 9, at 11:30 PM Mountain Time.

此重播將持續到 4 月 9 日星期四山區時間晚上 11:30。

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

2016 年 4 月之前，公司網站上將提供網絡重播。

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

我們鼓勵您在整個季度監控我們的網站 Micron.com，以獲取有關公司的最新信息，包括我們將參加的各種財務會議的信息。

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 表和 10-Q 表。

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實際結果在綜合基礎上與我們的預測或前瞻性陳述中包含的結果存在重大差異的重要因素。

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

這些特定因素可以在美光網站的投資者關係部分找到。

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

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

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

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

And now, I would like to turn the call over to Mr. Mark Durcan.

現在，我想把電話轉給 Mark Durcan 先生。

Mark?

標記？

Thanks, Kipp.

謝謝，基普。

I am pleased with our team's performance this quarter.

我對我們團隊本季度的表現感到滿意。

Our diverse product portfolio and balanced customer base produced solid financial results.

我們多元化的產品組合和平衡的客戶群產生了穩健的財務業績。

Revenue was within our guidance of $4.2 billion, and GAAP net income was $934 million, or $0.78 per share.

收入在我們 42 億美元的指導範圍內，GAAP 淨收入為 9.34 億美元，即每股 0.78 美元。

Gross margins in DRAM and trade NAND were in line or better than guidance.

DRAM 和貿易 NAND 的毛利率符合或好於預期。

Importantly, we are starting to see the early benefits of our NAND product and technology repositioning.

重要的是，我們開始看到 NAND 產品和技術重新定位的早期優勢。

Free cash flow was approximately $400 million in the second fiscal quarter, based on an operating cash flow of $1.25 billion, less CapEx of $853 million.

根據 12.5 億美元的運營現金流減去 8.53 億美元的資本支出，第二財季的自由現金流約為 4 億美元。

We finished the quarter with $6.35 billion of cash and short-term investments, after a successful execution of a $1 billion straight debt offering.

在成功執行 10 億美元的直接債務發行後，我們以 63.5 億美元的現金和短期投資結束了本季度。

We remain very positive on the long-term prospects for our business, despite short-term headwinds in certain segments.

儘管某些領域存在短期不利因素，但我們對業務的長期前景仍然非常樂觀。

We expect to continue generating strong operating cash flow as we optimize technology, operations, product and segment mix.

隨著我們優化技術、運營、產品和部門組合，我們預計將繼續產生強勁的經營現金流。

Micron's fiscal Q3 guidance is $3.8 billion to $4.05 billion.

美光第三財季的指引為 38 億至 40.5 億美元。

The midpoint of the range is about 6% lower than revenue in Q2.

該範圍的中點比第二季度的收入低約 6%。

This guidance indicates a willingness to hold inventory, if needed.

該指南表明願意在需要時持有庫存。

Let me talk a little bit more about technology.

讓我多談談技術。

Today, the significant majority of our mobile DRAM and non-Inotera production is on 25 nanometers.

今天，我們大部分的移動 DRAM 和非 Inotera 產品都採用 25 納米。

Our advanced DRAM technology deployment is going very smoothly.

我們先進的 DRAM 技術部署進展非常順利。

The 20 nanometer yield ramp is exceeding both our plan and results achieved on previous process node introductions.

20 納米良率的提升超出了我們的計劃和之前引入工藝節點所取得的成果。

We continue to expect commercial volume in the second half of 2015, with the majority of our DRAM bits on 20 nanometer in the first half of calendar year 2016, 1 X nanometer DRAM development is also proceeding well, and we recently started early silicon in Hiroshima.

我們繼續預計 2015 年下半年的商業量，2016 年上半年我們的大部分 DRAM 位在 20 納米，1 X 納米 DRAM 開發也進展順利，我們最近在廣島開始了早期矽片.

We are currently in pilot production of our gen one 32 layer 3D NAND, with early sampling in progress.

我們目前正在試生產我們的第一代 32 層 3D NAND，早期樣品正在進行中。

We expect to be in full production of both MLC and TLC versions by calendar Q4 of this year, with system mobile solutions following soon thereafter.

我們預計將在今年第四季度全面生產 MLC 和 TLC 版本，此後不久將推出系統移動解決方案。

3D will be a meaningful percentage of our trade NAND supply in calendar 2016, and will represent a majority of our bits during 2017.

3D 將在 2016 日曆年占我們貿易 NAND 供應的重要百分比，並將在 2017 年占我們的大部分位。

Our gen two 3D NAND technology is progressing nicely in R&D.

我們的第二代 3D NAND 技術在研發方面進展順利。

Turning now to bit growth, we expect our calendar year 2015 DRAM bits produced to be up mid-teens, although product mix adjustments, including an increased mix of DDR4 and mobile DRAM could impact bit growth.

現在轉向位增長，我們預計 2015 日曆年 DRAM 位的產量將增長 10 倍左右，儘管產品組合調整（包括 DDR4 和移動 DRAM 的組合增加）可能會影響位增長。

Mix adjustment decisions are based on margin optimization of strategic positioning, and are not necessarily aligned with maximizing bit growth.

混合調整決策基於戰略定位的邊際優化，不一定與最大化比特增長相一致。

In 2015, we are focused on technology enablement, and we are comfortable growing bits below the market in the near-term, in favor of driving long-term market opportunities for Micron.

2015 年，我們專注於技術賦能，我們很樂意在短期內低於市場水平，有利於推動美光的長期市場機會。

For 2016, as we see the benefit of 20 nanometer conversions, we expect to be in line with or slightly above the industry bit growth.

2016 年，由於我們看到 20 納米轉換的好處，我們預計將與行業位增長持平或略高於行業。

We expect our trade NAND bits -- bit growth to be below market in calendar 2015, as we tune our product portfolio to more value-added applications and prepare for a 3D manufacturing ramp throughout 2016.

我們預計我們的貿易 NAND 位 - 位增長將低於 2015 日曆年的市場，因為我們將我們的產品組合調整為更多增值應用並為整個 2016 年的 3D 製造斜坡做準備。

Once complete, our Singapore fab expansion, and ongoing conversion of existing planar capacity to 3D NAND, could support 40% to 50% bit growth per annum over an extended time horizon.

一旦完成，我們的新加坡工廠擴建，以及現有平面產能向 3D NAND 的持續轉換，可以在更長的時間範圍內支持每年 40% 到 50% 的位增長。

Exact timing of these investments is dependent on market conditions and the expected ROIC, but this is an exciting initiative for the Company.

這些投資的確切時間取決於市場條件和預期的投資回報率，但這對公司來說是一個令人興奮的舉措。

With respect to capital allocation, we continue to believe in the long-term value of investment in our business to drive manufacturing efficiencies and future growth.

在資本配置方面，我們繼續相信投資於我們業務的長期價值，以推動製造效率和未來增長。

We also continue to prioritize appropriate investments in R&D, including memory subsystems and systems development, and manufacturing capacity.

我們還將繼續優先考慮對研發的適當投資，包括內存子系統和系統開發以及製造能力。

We are actively managing our cash balances, including the deployment of $2.8 billion over the past six quarters, to reduce dilution associated with convertible debt.

我們正在積極管理我們的現金餘額，包括在過去六個季度部署 28 億美元，以減少與可轉換債務相關的稀釋。

We also repurchased approximately $200 million of common stock in fiscal Q2, under an existing $1 billion stock repurchase program.

根據現有的 10 億美元股票回購計劃，我們還在第二財季回購了大約 2 億美元的普通股。

Now, for an update on our finance team.

現在，了解我們財務團隊的最新情況。

We have a number of outstanding CFO candidates under consideration, and are working to identify the best fit for Micron.

我們正在考慮一些優秀的 CFO 候選人，並正在努力確定最適合美光的人選。

While we work through that process, the finance team is reporting to Mark Adams as Interim CFO.

在我們完成該流程的同時，財務團隊將作為臨時首席財務官向 Mark Adams 匯報工作。

Our finance leadership team has decades of collective experience at Micron and other leading semiconductor companies.

我們的財務領導團隊在美光和其他領先的半導體公司擁有數十年的集體經驗。

The team includes, among others, Mark Heil, Micron's longtime Controller and current Interim Principal Financial Accounting Officer.

該團隊包括美光的長期財務總監兼現任臨時首席財務會計官 Mark Heil 等。

I've asked Mark to cover the financial portions of our prepared remarks today.

我已經請馬克介紹我們今天準備好的評論的財務部分。

Before I turn the call over to the rest of the team, I would like to reiterate that there are a number of significant factors that we believe will deliver growth, margin improvement and strong financial results for Micron toward the end of 2015, and heading into FY16.

在我將電話轉給團隊其他成員之前，我想重申，我們認為有許多重要因素將在 2015 年底為美光帶來增長、利潤率改善和強勁的財務業績，並進入2016 財年。

Among other things, these include 20 nanometer DRAM, 16 nanometer TLC NAND, 3D NAND, mobile NAND, eMCPs, enterprise SSDs, and the Inotera contract change.

其中包括 20 納米 DRAM、16 納米 TLC NAND、3D NAND、移動 NAND、eMCP、企業 SSD 和 Inotera 合同變更。

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

我會在這裡停下來，把它交給 Mark Heil 和 Mark Adams，然後再返回問答環節。

Thanks, Mark.

謝謝，馬克。

The second quarter of FY15 ended on March 5. When comparing the Q2 results to the first quarter, recall that the first quarter was a 14 week period, rather than our normal 13 week period.

2015 財年第二季度於 3 月 5 日結束。將第二季度的業績與第一季度進行比較時，回想一下，第一季度是 14 週，而不是我們正常的 13 週。

The results for the second quarter include net income of $934 million, or $0.78 per share, on net sales of $4.166 billion.

第二季度的業績包括淨收入 9.34 億美元，即每股 0.78 美元，淨銷售額為 41.66 億美元。

Gross margin came in at 34%.

毛利率為 34%。

Our reported income from equity method investments for the second quarter was $208 million, substantially all of which was attributable to Inotera.

我們報告的第二季度權益法投資收入為 2.08 億美元，大部分都歸功於 Inotera。

Our share of Inotera's results includes the benefit of $65 million from their release of a valuation allowance on their deferred tax asset that was reflected in their December 31, 2014 year-end results.

我們在 Inotera 業績中的份額包括 6500 萬美元從其遞延所得稅資產的估值減免中獲得的收益，這反映在 2014 年 12 月 31 日的年終業績中。

Aside from recurring items, the benefit from Inotera's tax adjustment is the only other noteworthy non-GAAP adjustment this quarter.

除了經常性項目外，Inotera 稅收調整的好處是本季度唯一值得注意的非 GAAP 調整。

So non-GAAP income for the second quarter was $941 million, or $0.81 per share.

因此，第二季度的非 GAAP 收入為 9.41 億美元，即每股 0.81 美元。

Relating to our non-GAAP guidance for the third quarter, please refer to the dilution table that's posted, along with the other materials for this call, on our website.

關於我們第三季度的非公認會計原則指導，請參閱我們網站上發布的稀釋表以及本次電話會議的其他材料。

The dilution table reflects the anti-dilutive effects of our capped calls at various assumed stock prices.

稀釋表反映了我們在各種假設股價下的上限看漲期權的反稀釋效應。

Looking at the results and other guidance for the third quarter by product line, let's start first with DRAM.

按產品線查看第三季度的結果和其他指導，讓我們首先從 DRAM 開始。

DRAM revenue decreased 13% compared to the first quarter, reflecting a 9% decrease in bit sales volume, and a 6% decrease in average selling prices.

DRAM 收入較第一季度下降 13%，反映出位銷量下降 9%，平均售價下降 6%。

Lower bit sales were largely attributable to the extra week in fiscal -- or excuse me, in fiscal Q1.

較低的鑽頭銷售額主要歸因於第一財季的額外一周——或者對不起，第一財季。

DRAM gross margin was better than anticipated, being stable compared -- comparing Q1 to Q2, as bit cost decreases nearly offset decreases in selling prices.

DRAM 毛利率好於預期，比較穩定——與第一季度和第二季度相比，比特成本的下降幾乎抵消了售價的下降。

DRAM gross margins for the third quarter, using quarter to date ASP and projected mix for the quarter, should be down compared to Q2, based on bit sales that are guided to be flat, average selling prices down high single digits, and cost per bit down low single digits.

第三季度的 DRAM 毛利率（使用本季度迄今為止的 ASP 和預計的季度組合）與第二季度相比應該會下降，這基於被引導的比特銷售持平、平均銷售價格下降高個位數以及每比特成本低個位數。

Key items affecting our DRAM guidance for the third quarter include bit production, up high single digits over each of the next couple of quarters, as 25 nanometer yields continue to improve.

影響我們第三季度 DRAM 指導的關鍵項目包括位產量，隨著 25 納米產量的持續提高，在接下來的幾個季度中，比特產量都在高個位數。

This increase is net of anticipated effects of increased mix of mobile and DDR4 products, which generally have lower bit densities.

這一增長未扣除移動和 DDR4 產品組合增加的預期影響，這些產品通常具有較低的位密度。

Our sales guidance anticipates taking strategic action to reduce PC DRAM sales this quarter, given the recent demand and price weakness.

鑑於最近的需求和價格疲軟，我們的銷售指導預計本季度將採取戰略行動減少 PC DRAM 的銷售。

Therefore, we are guiding bit sales to be flat for the quarter.

因此，我們指導本季度的鑽頭銷售額持平。

We believe the PC DRAM segment will show improvement in the second half of the calendar year, based on a stabilizing demand profile.

我們認為，基於穩定的需求狀況，PC DRAM 市場將在日曆年下半年出現改善。

Fiscal Q3 to date mix adjusted ASP is below the second-quarter average, due to pricing pressure in PC DRAM over the past several months, and a high volume of products sold in die form.

由於過去幾個月 PC DRAM 的定價壓力以及大量以裸片形式銷售的產品，第三財季迄今為止混合調整後的 ASP 低於第二季度平均水平。

On the trade NAND side, revenue increased 3% in the second quarter, with a 12% increase in bit sales volume, partially offset by a 9% decrease in the average selling price.

在貿易 NAND 方面，第二季度收入增長 3%，比特銷量增長 12%，部分被平均售價下降 9% 所抵消。

Trade NAND gross margin declined to the low 20% range, as cost reductions per bit only partially offset decreases in selling prices.

Trade NAND 毛利率降至 20% 的低位，因為每比特成本的降低僅部分抵消了售價的下降。

Trade NAND gross margins for the third quarter, using quarter to date ASP and projected mix for the quarter, are expected to be relatively stable compared to Q2, based on bit production down low single digits, ASPs up single digits, primarily from a higher mix of mobile products, and cost per bit up mid-single digits, also primarily on mix.

第三季度的貿易 NAND 毛利率，使用本季度迄今為止的 ASP 和預計的季度組合，預計與第二季度相比相對穩定，基於位產量下降低個位數，ASP 上升個位數，主要來自更高的組合移動產品的數量，以及每比特成本中個位數，也主要是混合。

Key trends for the third quarter affecting the guidance are like-for-like pricing relatively flat, relatively stable component and client SSD markets, lower bit sales into the component spot market, which has a negative effect on bit growth and cost per bit, but improving effect on average selling prices.

影響該指引的第三季度的主要趨勢是同類定價相對持平、組件和客戶端 SSD 市場相對穩定、組件現貨市場的位銷售下降，這對位增長和每位成本產生負面影響，但改善對平均售價的影響。

And finally, continued focus on mobile and NAND -- and managed NAND products, which has an improving effect on margin, with increases both in ASP and cost per bit.

最後，繼續關注移動和 NAND 以及託管 NAND 產品，這對利潤率有改善作用，ASP 和每比特成本都有所提高。

On a consolidated basis, we are guiding total revenue for the third quarter to be in the range of $3.8 billion to $4.05 billion.

在綜合基礎上，我們指導第三季度的總收入在 38 億美元至 40.5 億美元之間。

Looking at other P&L and cash flow results and guidance, SG&A is expected to be relatively stable over the next several quarters, in the $180 million to $190 million range.

從其他損益和現金流結果和指導來看，預計 SG&A 在未來幾個季度將相對穩定，在 1.8 億美元至 1.9 億美元之間。

Research and development expense in the second quarter was just below our guided range, primarily due to a lower volume of wafers used for development.

第二季度的研發費用略低於我們的指導範圍，主要是由於用於開發的晶圓數量減少。

We expect R&D expense to trend up slightly over the next couple quarters, in line with development activities.

我們預計未來幾個季度的研發費用將略有上升，與開發活動一致。

The Company generated operating cash flow in the second quarter of $1.25 billion, and ended the quarter with $6.35 billion in cash and marketable investments.

公司在第二季度產生了 12.5 億美元的經營現金流，並在本季度末以 63.5 億美元的現金和有價投資。

During the second quarter, we received $1 billion in proceeds from the issuance of high yield notes, our third successful offering of straight debt with near-investment grade terms.

在第二季度，我們通過發行高收益票據獲得了 10 億美元的收益，這是我們第三次成功發行接近投資級別條款的直接債務。

We anticipate utilizing proceeds to repurchase or convert outstanding convertible notes and other debt, and for other general corporate purposes.

我們預計將利用所得款項回購或轉換未償還的可轉換票據和其他債務，以及用於其他一般公司用途。

We also replaced our $255 million Singapore-based AR backed credit line with a $750 million line.

我們還將 2.55 億美元的新加坡 AR 支持信貸額度替換為 7.5 億美元的信貸額度。

No amounts have yet been drawn on that facility.

該貸款尚未提取任何金額。

The second installment on the LP to creditors debt of approximately $150 million was paid during the second quarter.

LP 對債權人債務的第二期約 1.5 億美元已在第二季度支付。

We also repurchased 6.5 million shares, for $192 million, under the board-authorized $1 billion share buyback program.

根據董事會授權的 10 億美元股票回購計劃，我們還以 1.92 億美元的價格回購了 650 萬股股票。

Expenditures for property, plant and equipment, year to date, are $1.5 billion.

迄今為止，不動產、廠房和設備的支出為 15 億美元。

And we continue to expect expenditures for the fiscal year to be between $3.6 billion and $4 billion, with a stepped-up level of spending in the latter half of the fiscal year, as we execute on 20 nanometer DRAM, and commenced 3D NAND investments.

我們繼續預計本財年的支出將在 36 億美元至 40 億美元之間，隨著我們在 20 納米 DRAM 上執行並開始 3D NAND 投資，本財年下半年的支出水平將有所提高。

Now, I'll turn it over to Mark Adams for his comments on the operating results.

現在，我將把它交給馬克亞當斯，請他對運營結果發表評論。

Thanks, Mark.

謝謝，馬克。

Good afternoon, and thanks for joining our call.

下午好，感謝您加入我們的電話。

I'm going to change my format a little today, and begin by providing some thoughts around both our DRAM and NAND business, and the respective markets, followed by a deeper dive into our business units.

今天我將稍微改變一下我的格式，首先提供一些關於我們的 DRAM 和 NAND 業務以及各自市場的想法，然後更深入地了解我們的業務部門。

Fiscal Q2 showed some seasonal weakness, which is not uncommon coming out of the holidays, considering the timing of Chinese New Year is within our quarter, I was pleased with our operating performance.

第二財季顯示出一些季節性疲軟，這在假期後並不少見，考慮到農曆新年的時間在我們的季度之內，我對我們的經營業績感到滿意。

The strength of our diverse product portfolio contributed to relatively stable gross margins, quarter on quarter.

我們多樣化的產品組合的實力促成了相對穩定的毛利率，季度環比。

We saw some pricing pressure in the PC segment, but generally, all other market demand remained healthy.

我們在個人電腦領域看到了一些定價壓力，但總體而言，所有其他市場需求都保持健康。

DRAM represented 55% of our total revenue in Q2.

DRAM 占我們第二季度總收入的 55%。

As a percent of that DRAM revenue, mobile represented mid 20%, similar to Q1.

作為 DRAM 收入的百分比，移動設備佔 20% 左右，與第一季度相似。

The PC segment represented low 30%, down from mid 30% from prior quarter.

個人電腦部分佔 30% 的低位，低於上一季度的 30% 中值。

The server business was about low 20%, up a few percentage points, while networking, AIM and graphics were each below 10%, similar to the Q1 mix.

服務器業務大約低 20%，上升了幾個百分點，而網絡、AIM 和圖形均低於 10%，與第一季度的組合相似。

We are allocating less production to the PC segment, and continue to shift more bits toward the other faster growing segments.

我們將較少的生產分配給 PC 部分，並繼續將更多的位轉移到其他增長更快的部分。

We also continued to move production from DDR3 to DDR4, as our customer demand grows.

隨著客戶需求的增長，我們還繼續將生產從 DDR3 轉移到 DDR4。

Although these manufacturing moves generally weigh on production bit output guidance, our DRAM process transitions will more than make up for the bit or wafer effect.

儘管這些製造舉措通常會影響生產位輸出指導，但我們的 DRAM 工藝過渡將足以彌補位或晶圓效應。

As a result, we are guiding to high single digit sequential output growth for each of the next couple quarters.

因此，我們正在為接下來的幾個季度中的每個季度實現高個位數的連續產出增長。

Our DRAM team is executing through key technology transitions over our second half.

我們的 DRAM 團隊正在執行下半年的關鍵技術過渡。

We are driving expanded 25 nanometer production, and preparing for second-half calendar year 2015 conversion to 20 nanometer, across our fab network.

我們正在推動擴大 25 納米的生產，並為 2015 年下半年通過我們的晶圓廠網絡轉換為 20 納米做準備。

DRAM technology enablement remains a key focus for our teams.

DRAM 技術支持仍然是我們團隊的重點。

We are pleased with the market acceptance of our DDR4 technology, as major OEMs are adopting Micron's products for their value-added segments.

我們對市場對我們的 DDR4 技術的接受度感到高興，因為主要 OEM 正在將美光的產品用於其增值領域。

We are qualified across all Intel server platforms, and we are seeing very strong demand signals for our 8 gigabit DDR4 parts.

我們在所有英特爾服務器平台上都獲得了資格，並且我們看到了對我們的 8 Gb DDR4 部件的非常強勁的需求信號。

And in particular, from the enterprise server and networking customer base.

尤其是來自企業服務器和網絡的客戶群。

DDR4 ASPs remain at a premium to DDR3.

DDR4 ASP 仍然高於 DDR3。

The NAND market has gone through some challenging quarters of late, but we have seen signs that the market pricing has stabilized.

NAND 市場最近經歷了一些充滿挑戰的季度，但我們已經看到市場定價已經穩定的跡象。

As a percentage of total revenue, trade NAND represented 29%, with gross margins down slightly quarter on quarter, as we guided during our first-quarter call.

按照我們在第一季度電話會議中的指導，貿易 NAND 佔總收入的百分比為 29%，毛利率環比略有下降。

Within trade NAND, the sale of components represented about 50% in the second quarter.

在貿易 NAND 中，組件的銷售在第二季度約佔 50%。

SSD units approximately 20%, our mobile NAND was roughly low teens, while AIM and other embedded were roughly in the mid-single-digit percentages.

SSD 單元大約佔 20%，我們的移動 NAND 大約是十幾歲，而 AIM 和其他嵌入式大約處於中個位數的百分比。

We continue to leverage our industry-leading MLC NAND flash in key segments that demand higher performance.

我們繼續在需要更高性能的關鍵領域利用我們行業領先的 MLC NAND 閃存。

We are significantly reducing our NAND supply to the spot market, down 30% quarter over quarter.

我們正在大幅減少對現貨市場的 NAND 供應，環比下降 30%。

And as a result, our trade NAND bit growth in the coming quarters will be limited.

因此，我們在未來幾個季度的貿易 NAND 位增長將受到限制。

Working with our partner Intel, we recently showcased our new 3D vertical NAND technology, an innovative manufacturing approach that extends more [law] trajectory for flash storage cost and performance.

與我們的合作夥伴英特爾合作，我們最近展示了我們新的 3D 垂直 NAND 技術，這是一種創新的製造方法，可擴展閃存存儲成本和性能的更多[規律]軌跡。

Micron's high density 3D NAND flash devices will enable small form factor drives with 1 terabyte of storage, and standard 2.5 SSDs with greater than 10 terabytes of storage.

美光的高密度 3D NAND 閃存設備將支持具有 1 TB 存儲空間的小型驅動器，以及具有超過 10 TB 存儲空間的標準 2.5 SSD。

We expect the improved performance of Micron 3D NAND technology to open up expanded segment opportunities.

我們預計美光 3D NAND 技術性能的提高將開闢更多的細分市場機會。

We plan to commence early 3D production in the second half of the calendar year.

我們計劃在日曆年下半年開始早期的 3D 製作。

Our 16 nanometer TLC part is coming along nicely, and we are on track for initial component shipment in late May, early June.

我們的 16 納米 TLC 部件進展順利，我們有望在 5 月底、6 月初開始出貨。

Now, moving on to our business unit discussion.

現在，繼續我們的業務部門討論。

In our computing and networking business unit, referred to as CNBU, our revenue was $1.8 billion in fiscal Q2.

在我們的計算和網絡業務部門（稱為 CNBU），我們在第二財季的收入為 18 億美元。

The PC notebook business saw reduced demand and pricing pressure, yet turned in an operating profit, off only slightly at 27%.

個人電腦筆記本業務的需求和定價壓力下降，但營業利潤僅小幅下降 27%。

Interestingly, customers took forecasted delivery, which we interpreted to be generally positive, as it pertains to overall channel inventory and future shipments.

有趣的是，客戶接受了預測交付，我們認為這通常是積極的，因為它與整體渠道庫存和未來出貨量有關。

We saw continued growth in our server business, driven by cloud computing and enterprise.

在雲計算和企業的推動下，我們的服務器業務持續增長。

Server DRAM bit growth is forecasted up roughly 40%, year on year, in 2015.

預計 2015 年服務器 DRAM 位元增長率將同比增長約 40%。

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

服務器內存的增長基於需要高 DRAM 性能和密度的服務器工作負載的增加。

We continue to invest in the expansion of our server business, as this segment offers a growth demand profile that is less sensitive to price fluctuations.

我們繼續投資擴展我們的服務器業務，因為該部門提供的增長需求概況對價格波動不太敏感。

The networking segment delivered strong gross margins, while achieving flat revenue quarter over quarter, despite ASP pressure in the broader DRAM market.

儘管更廣泛的 DRAM 市場面臨 ASP 壓力，網絡部門仍實現了強勁的毛利率，同時實現了環比持平的收入。

Demand remained stable, driven by LTE build out in the emerging markets.

受新興市場 LTE 建設的推動，需求保持穩定。

Demand for DRAM supplies in growing data communications, video and gaming content is estimated at roughly 20% in calendar year 2015.

在 2015 日曆年，不斷增長的數據通信、視頻和遊戲內容對 DRAM 供應的需求估計約為 20%。

We believe this will drive higher demand for Micron's memory products and networking going forward next year.

我們相信這將推動明年對美光內存產品和網絡的更高需求。

Our graphics business, led by GDDR5, is another growing specialty DRAM market for Micron.

我們以 GDDR5 為首的圖形業務是美光另一個不斷增長的專業 DRAM 市場。

Last year, (technical difficulty) doubled their memory content per system, and there will be additional content growth this year, as the use of these devices continues to expand beyond gaming, and to compute and home entertainment.

去年，（技術難度）他們每個系統的內存內容翻了一番，今年還會有額外的內容增長，因為這些設備的使用繼續擴展到遊戲之外，以及計算和家庭娛樂。

Graphics products for the PC segment also reported growth in Q2.

PC 領域的圖形產品也報告了第二季度的增長。

Demand for overall DRAM graphics is projected to be up 25%, year over year, in 2015.

預計 2015 年對整體 DRAM 顯卡的需求將同比增長 25%。

Revenue for our storage business unit, or referred to as SBU, was up -- was recorded at $954 million in Q2, down slightly quarter over quarter.

我們的存儲業務部門（或稱為 SBU）的收入在第二季度錄得 9.54 億美元，環比略有下降。

Although our SBU operating margins were down quarter over quarter, we believe the business is stabilizing, and should improve going forward.

儘管我們的 SBU 營業利潤率環比下降，但我們認為業務正在穩定，並且應該會有所改善。

We announced three new enterprise products.

我們發布了三款新的企業產品。

A co-developed SaaS drive, a new PCIe express drive, and a new SATA-based solution.

一個共同開發的 SaaS 驅動器、一個新的 PCIe express 驅動器和一個新的基於 SATA 的解決方案。

We also announced strategic alliances with Seagate IBM in the enterprise storage market.

我們還宣布與 Seagate IBM 在企業存儲市場建立戰略聯盟。

Out agreement with Seagate provides an opportunity to sell high-performance MLC components, and accelerates our expansion into the enterprise SaaS SSD market.

與希捷的協議提供了銷售高性能 MLC 組件的機會，並加速了我們向企業 SaaS SSD 市場的擴張。

Micron's current client and enterprise drives are based on our award-winning 16 nanometer MLC technology, which more and more of our customers are seeking, due to superior performance compared to competitor's planar TLC drives.

美光目前的客戶和企業驅動器基於我們屢獲殊榮的 16 納米 MLC 技術，由於與競爭對手的平面 TLC 驅動器相比具有卓越的性能，我們越來越多的客戶正在尋求這種技術。

We see a value segment in the channel for planar TLC SSDs, and are expecting late Q3, early Q4 calendar year shipments of a Micron branded 16 nanometer TLC client drive.

我們在平面 TLC 固態硬盤的渠道中看到了一個價值細分市場，並預計美光品牌 16 納米 TLC 客戶端驅動器在日曆年第三季度末、第四季度初出貨。

The mobile business, or MBU, had another strong quarter.

移動業務（MBU）又迎來了一個強勁的季度。

MBU revenues came in at $856 million, with operating margins at 31% in Q2.

MBU 收入為 8.56 億美元，第二季度的營業利潤率為 31%。

We have indicated on prior calls that our main focus on mobile is optimizing the business for profitability and diversifying the customer base.

我們在之前的電話會議中表示，我們對移動設備的主要關注是優化業務以提高盈利能力和使客戶群多樣化。

The team has done a nice job executing to these objectives.

團隊在執行這些目標方面做得很好。

We continue to see strong demand for our mobile products.

我們繼續看到對我們的移動產品的強勁需求。

One example is the increasing prevalence of 3 and 4 gigabyte low powered DRAM configurations in the super, mid and high end smartphone segments.

一個例子是 3 和 4 GB 低功耗 DRAM 配置在超級、中端和高端智能手機領域的日益普及。

We also continue to see significant growth opportunities for Micron in eMCPs.

我們還繼續看到美光在 eMCP 領域的重大增長機會。

eMCPs generally include 1 to 2 gigabytes of low-power DRAM, and 8 to 16 gigabytes of NAND, in an integrated package.

eMCP 通常在一個集成封裝中包含 1 到 2 GB 的低功耗 DRAM 和 8 到 16 GB 的 NAND。

With our innovative DRAM known good die offering and 16 nanometer NAND technology, Micron is uniquely positioned to capture this growing opportunity as eMCPs replace eMMC in the large segments.

憑藉我們創新的 DRAM 眾所周知的優質芯片產品和 16 納米 NAND 技術，隨著 eMCP 在大型領域取代 eMMC，美光擁有獨特的優勢來抓住這一不斷增長的機會。

Revenues in eMCP were up 70% quarter on quarter, as mobile NAND bit shipments nearly doubled when compared to Q1.

eMCP 的收入環比增長 70%，因為與第一季度相比，移動 NAND 位出貨量幾乎翻了一番。

We remain bullish on memory content in mobile, as evolving system architectures still increased density requirements in all handset segments.

我們仍然看好手機中的內存內容，因為不斷發展的系統架構仍然增加了所有手機領域的密度要求。

Higher performance 64 bit application process, or SoCs, supporting (inaudible) OS platforms and richer applications, as well as large screen sizes and more advanced gaming, all contribute to increased memory density to deliver a more rewarding experience.

更高性能的 64 位應用程序進程或 SoC，支持（聽不清）操作系統平台和更豐富的應用程序，以及大屏幕尺寸和更高級的遊戲，都有助於提高內存密度以提供更有價值的體驗。

Our embedded business posted revenue of $502 million, and operating margins were up slightly quarter over quarter to 23%.

我們的嵌入式業務收入為 5.02 億美元，營業利潤率環比小幅上升至 23%。

The automotive segment continues to drive EBU performance, with a revenue increase of over 10% when compared to the same quarter in FY14.

汽車部門繼續推動 EBU 業績，與 2014 財年同期相比，收入增長超過 10%。

We continue to invest in custom segment solutions, to drive our leadership in the embedded memory market across all EBU segments, including IMM, industrial, medical and multi-market, gaming and the connected home.

我們繼續投資於定制細分市場解決方案，以推動我們在所有 EBU 細分市場的嵌入式內存市場的領導地位，包括 IMM、工業、醫療和多市場、遊戲和互聯家庭。

We are seeing strong market reception of Micron's next generation serial NOR Flash product family, and should benefit from the signing of an open industry standardization agreement.

我們看到美光下一代串行 NOR 閃存產品系列的市場接受度很高，應該會受益於簽署開放的行業標準化協議。

We initiated qualification sampling of 16 gigabyte and 32 gigabytes eMMC version 5.0, to customers in Q2, and began production for the embedded SSD product that addresses the needs of our auto, IMM and gaming customers.

我們在第二季度向客戶啟動了 16 GB 和 32 GB eMMC 5.0 版的資格抽樣，並開始生產嵌入式 SSD 產品，以滿足我們的汽車、IMM 和遊戲客戶的需求。

A complete portfolio of memory solutions, including DRAM, NAND and NOR, along with industry consolidation, is strengthening Micron's embedded value proposition as a stable, memory-focused solutions supplier to the embedded market.

包括 DRAM、NAND 和 NOR 在內的完整的內存解決方案組合以及行業整合正在加強美光作為嵌入式市場穩定、專注於內存的解決方案供應商的嵌入式價值主張。

In fact, now, DRAM and NAND now make up more than 70% of our overall embedded business, and growing.

事實上，現在 DRAM 和 NAND 現在占我們整體嵌入式業務的 70% 以上，並且還在不斷增長。

In closing, we are confident in the long-term dynamics of the memory industry, and remain focused on optimizing our margins and returns over the long term.

最後，我們對內存行業的長期動態充滿信心，並將繼續專注於優化我們的長期利潤率和回報。

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

有了這個，我會把它交還給基普。

Thanks, Mark.

謝謝，馬克。

We would now like to take questions from callers.

我們現在想回答來電者的問題。

Just a reminder.

只是提醒。

If you are using a speakerphone, please pick up the handset when asking a question, so that we can hear you more clearly.

如果您使用免提電話，請在提問時拿起聽筒，以便我們更清楚地聽到您的聲音。

And with that, please open up the lines.

有了這個，請打開線路。

(Operator Instructions)

（操作員說明）

Harlan Sur from JPMorgan.

摩根大通的 Harlan Sur。

Good to see your DRAM bit supply on an upward trajectory.

很高興看到您的 DRAM 位供應量呈上升趨勢。

I know that there was some concern that 25 nanometer and 20 nanometer transitions, and some of the initial prep work, may have inhibited some of the supply growth here in May.

我知道有人擔心 25 納米和 20 納米的過渡，以及一些初步的準備工作，可能會抑制 5 月份這裡的一些供應增長。

But good to see that back on a growth trajectory.

但很高興看到它重回增長軌跡。

Can you help us understand, what are the drivers for the bit supply decline in NAND in the May quarter?

你能幫我們理解一下，五季度NAND比特供應下降的驅動因素是什麼？

And do you guys expect the resumption of supply growth, starting in the August quarter?

你們預計供應增長會從 8 月季度開始恢復嗎？

There's a couple of things.

有幾件事。

One of -- the primary issue is a mix issue, as we shift our products directed more towards mobile and end product SSDs.

其中一個主要問題是混合問題，因為我們將產品更多地轉向移動和最終產品 SSD。

The second factor is, we're getting our factories ready for both transition to new process technology, 16 nanometer TLC, as well as prepping for -- in Singapore, prepping -- starting the process for 3D manufacturing.

第二個因素是，我們正在讓我們的工廠準備好過渡到新的工藝技術，16 納米 TLC，以及準備 - 在新加坡，準備 - 啟動 3D 製造過程。

Thanks for that.

感謝那。

And then, I think on the last call, you talked about relatively high levels of inventories of SSDs coming out of fiscal Q1.

然後，我認為在上次電話會議上，您談到了第一財季以來 SSD 的庫存水平相對較高。

What's your assessment of SSD inventory levels exiting Q2?

您對第二季度的 SSD 庫存水平有何評估？

And then if you can give us an update on your 16 nanometer SSD products?

然後，您能否向我們提供有關您的 16 納米 SSD 產品的最新信息？

I think you might have mentioned it.

我想你可能已經提到過。

Sorry if I missed it.

對不起，如果我錯過了。

But I think you were talking about, last time, ramping 16 nanometer SSD, second half of this year?

但我想你上次說的是今年下半年推出 16 納米 SSD？

That's right.

這是正確的。

Our assessment is that the industry inventory position on SSDs is improving.

我們的評估是固態硬盤的行業庫存狀況正在改善。

We actually think the pricing in the NAND business is stabilized, quarter to date.

實際上，我們認為 NAND 業務的定價在本季度迄今已趨於穩定。

And relative to Micron's performance, we've got a number of products that are going out in [qual] to OEMs, that are based on our 16 nanometer MLC.

相對於美光的性能，我們有許多基於我們的 16 納米 MLC 的產品正在 [qual] 向 OEM 推出。

Interestingly enough for us, we are seeing a lot of people -- or some of our customers revert back to an MLC-based SSD drive, based on some of the issues that have come up with competitive offerings on performance and endurance and reliability.

對我們來說很有趣的是，我們看到很多人——或者我們的一些客戶重新使用基於 MLC 的 SSD 驅動器，這是基於在性能、耐用性和可靠性方面的競爭產品提出的一些問題。

Thank you.

謝謝你。

Steven Fox from Cross Research.

來自 Cross Research 的 Steven Fox。

I was wondering if you could dig in a little bit to the storage business unit.

我想知道您是否可以深入了解存儲業務部門。

The business swung through losses.

業務在虧損中搖擺不定。

I think you partially explained that, but maybe we could talk about that a little bit?

我想你部分解釋了這一點，但也許我們可以談談這個？

And then, you've given some reasons why those losses should reverse back to profits.

然後，你給出了為什麼這些損失應該轉回利潤的一些理由。

But I was wondering if you could talk through, maybe, a road map to getting to acceptable margins?

但我想知道你是否可以通過一個路線圖來獲得可接受的利潤？

And where you see, maybe, margins exiting the calendar year, et cetera?

你在哪裡看到，也許，退出日曆年的利潤，等等？

This is Mark Adams.

這是馬克亞當斯。

I will take the question.

我會回答這個問題。

The -- we try to avoid speculating on future pricing and projecting margins out in the future.

- 我們盡量避免推測未來的定價和預測未來的利潤。

But I will comment that we continue to feel really good about the execution of the team in delivering against closing the gap competitively.

但我要評論說，我們繼續對團隊在競爭中縮小差距方面的執行感覺非常好。

And for all the reasons we've talked about in the past, those signs are happening.

由於我們過去討論過的所有原因，這些跡象正在發生。

I talked about, in my earlier comments, how our mobile NAND business is growing, quarter over quarter, at a very successful growth trajectory.

在我之前的評論中，我談到了我們的移動 NAND 業務是如何以非常成功的增長軌跡逐季增長的。

I think that the 16 nanometer MLC SSDs that I communicated just a second ago are pretty good.

我認為我剛才交流的 16 納米 MLC SSD 非常好。

Our alliance with C gate, and the fast development, and getting access to the fast market earlier than we otherwise would, is pretty good.

我們與C門的聯盟，快速的發展，以及比我們更早進入快速市場的機會，非常好。

And as we commented into the market last week, in our announcement with Intel on the 3D NAND technology, we still continue to feel that we are in a very competitive and market-leading position in 3D NAND.

正如我們上週在市場上評論的那樣，在我們與英特爾就 3D NAND 技術發表的聲明中，我們仍然繼續認為我們在 3D NAND 方面處於極具競爭力和市場領先地位。

So, with all those things in place, we are pretty bullish about NAND, and we continue to think we're going to close the gap.

因此，有了所有這些，我們非常看好 NAND，並且我們繼續認為我們將縮小差距。

Great.

偉大的。

That's very helpful.

這很有幫助。

Thanks so much.

非常感謝。

Mark Delaney from Goldman Sachs.

高盛的馬克·德萊尼。

I was hoping you could elaborate a little bit more on your outlook for the DRAM industry for the second half of the year?

我希望您能詳細說明一下您對下半年 DRAM 行業的展望？

And if you could just talk -- I know you don't want to give specific pricing guidance.

如果你能談談——我知道你不想給出具體的定價指導。

But if you could at least talk to the trajectory, or the linearity of DRAM ASPs over the course of the second quarter?

但是，如果您至少可以談談第二季度 DRAM ASP 的軌跡或線性度？

And what sort of confidence that may or may not give you, as you look into second half overall DRAM supply and demand trends?

當您研究下半年的整體 DRAM 供需趨勢時，可能會給您或不會給您什麼樣的信心？

Mark, this is Mark Adams.

馬克，這是馬克亞當斯。

I think that we remain bullish, in general, on DRAM going forward, for the following reasons.

我認為我們總體上仍然看好 DRAM，原因如下。

First of all, we think that the second half of the calendar year is going to be pretty strong in mobile, and all signs are indicating to that.

首先，我們認為今年下半年移動業務將非常強勁，所有跡像都表明這一點。

We do think that the PC -- some PC capacity needs to be shifted over there to address that opportunity, and that will balance out some of the current market conditions around PCs.

我們確實認為個人電腦——一些個人電腦容量需要轉移到那里以抓住這個機會，這將平衡個人電腦周圍的一些當前市場狀況。

I'm not sure how to call the PC market, other than to say that we think it could improve from here, because it's not so doing so well.

我不知道如何稱呼 PC 市場，只是說我們認為它可以從這裡改善，因為它的表現並不是那麼好。

And we think the back half of the year, with Microsoft new OS and holidays, and so on and so forth, we think it's got to be better, hopefully, than it is today.

我們認為今年下半年，隨著微軟的新操作系統和假期等等，我們認為它必須比今天更好，希望比現在更好。

Beyond that, when you look at our business, we think, as we talked about in the past, that it's a more rational industry, and with that is coming better behavior.

除此之外，當您查看我們的業務時，我們認為，正如我們過去所說，這是一個更理性的行業，隨之而來的是更好的行為。

And as Mark talked about earlier, we are going to do the right things to run our business.

正如馬克之前所說，我們將做正確的事情來經營我們的業務。

And if that means not selling inventory below acceptable prices, we will do it.

如果這意味著不以低於可接受的價格出售庫存，我們會這樣做。

So if I look at all that, and I think about other end market growth, I think we are still in a pretty bullish perspective of how DRAM will play out in the second half here.

因此，如果我看看這一切，並考慮其他終端市場的增長，我認為我們仍然非常看好 DRAM 在下半年的表現。

That's helpful.

這很有幫助。

And actually gets to my follow-up question, which is around your comments you were making about holding inventory.

實際上是我的後續問題，這是圍繞您對持有庫存的評論。

Can you elaborate along -- about how long you think you can hold inventory?

你能詳細說明一下你認為你可以持有多長時間的庫存嗎？

And then you just talk about what would happen -- have to happen if you were sitting on inventory and market pricing continued to decline?

然後你只是談論會發生什麼——如果你坐在庫存上，市場定價繼續下降，就會發生什麼？

How quickly you have to true-up your inventory with pricing in the market?

您必須以多快的速度通過市場定價來調整庫存？

Interestingly, let me comment on one thing around inventory.

有趣的是，讓我評論一下庫存方面的一件事。

You didn't really ask for it, but I'll get to your answer.

你並沒有真正要求它，但我會得到你的答案。

Channel inventory has increased a little bit, and since the first quarter.

自第一季度以來，渠道庫存略有增加。

Now, my interpretation of that is pretty positive.

現在，我對此的解釋是非常積極的。

The people who accumulate this inventory in the channel, that's how they make money.

在渠道裡積累這個庫存的人，他們就是這樣賺錢的。

They make money by taking inventory and waiting to sell in a better market.

他們通過盤點存貨並等待在更好的市場上出售來賺錢。

And the accumulation of -- it is not dramatic, but it is probably now a 4 to 6 weeks in DRAM and NAND.

而且——它的積累並不顯著，但現在在 DRAM 和 NAND 中可能需要 4 到 6 週。

And as you think about that, they are buying memory at current market pricing, and they're betting on a rebound, and these are some people that have been in the business for quite some time.

當你考慮到這一點時，他們正在以當前的市場價格購買內存，並且他們押注於反彈，而這些人已經在這個行業工作了很長時間。

I happen to believe that's a pretty positive sign.

我碰巧相信這是一個非常積極的信號。

Now relating back to your question on how we can do that, I'm not going to give you a number or weeks on hand, or what have you.

現在回到你關於我們如何做到這一點的問題，我不會給你手頭的數字或幾週，或者你有什麼。

But we do believe that, given the diversity of our end markets, it's more a matter of how we shift our capacity, and not that we sit on a bunch of old aged inventory.

但我們確實相信，鑑於我們終端市場的多樣性，更多的是我們如何轉移產能，而不是我們坐在一堆陳舊的庫存上。

We would just move our capacity to better end markets.

我們只會將我們的產能轉移到更好的終端市場。

Thank you very much.

非常感謝。

Monika Garg from Pacific Crest Securities.

Pacific Crest Securities 的 Monika Garg。

Just for clarification, you are guiding high single digits for production of DRAM bits, but for shipment and revenue purposes, it's flattish?

只是為了澄清，您正在指導 DRAM 位的生產高個位數，但出於出貨和收入的目的，它是平淡的嗎？

That's right.

這是正確的。

All right.

好的。

So the second question I have is, if you look quarterly, ASP guidance of DRAM, you're guiding minus 9%.

所以我的第二個問題是，如果你按季度查看 DRAM 的 ASP 指導，你的指導是負 9%。

It was about minus 6% last quarter.

上個季度約為負6%。

When do you think we see some stabilization in PC DRAM pricing?

您認為 PC DRAM 價格何時會趨於穩定？

And also, if you could talk about pricing in the other segments of DRAM, like mobile DRAM and server DRAM, going forward?

此外，如果您能談談 DRAM 其他細分市場的定價，例如移動 DRAM 和服務器 DRAM，未來會怎樣？

Sure.

當然。

So Monika, this is Mark Adams again.

所以莫妮卡，這又是馬克亞當斯。

Relative to pricing, you know it's hard for us to get on that, and try to make projections out in the future.

相對於定價，你知道我們很難做到這一點，並試圖在未來做出預測。

What I would say is, the comparison between the 9% and the 6%, Q2 and Q3, remember, the 6% was on a much higher base coming into Q1, and so the 9% and 6% are not really apples to apples.

我想說的是，9% 和 6%，Q2 和 Q3 之間的比較，請記住，6% 在進入 Q1 時的基數要高得多，所以 9% 和 6% 並不是真正的蘋果對蘋果.

We do believe that, for the reasons I stated earlier, that the overall DRAM business will remain in pretty good shape.

我們確實相信，出於我之前所說的原因，整體 DRAM 業務將保持良好狀態。

We don't see massive price pressure in any of the other segments.

我們沒有看到任何其他領域的巨大價格壓力。

Our down 6%, actually interesting, in Q2, was PC down a lot more than 6%, and the other segments flat to even some better.

我們在第二季度下降了 6%，實際上很有趣，PC 下降了 6% 以上，其他部分持平甚至更好。

So what I would say there is that we don't see a lot of pressure in the other segments at this point.

所以我想說的是，目前我們在其他領域沒有看到很大的壓力。

Now remember, each of the businesses -- this is what's great about diversification.

現在請記住，每一項業務——這就是多元化的好處。

Each of these businesses act differently.

這些企業中的每一個都採取不同的行動。

Meaning, for example, the commodity component DRAM business is what it is, and we've known it to be, is a lot smaller portion of our business.

這意味著，例如，商品組件 DRAM 業務就是這樣，我們已經知道它是我們業務的一小部分。

But when you look at things like mobile, mobile is a different business.

但是當你看到移動設備之類的東西時，移動設備是一個不同的業務。

It a design end business.

它是一個設計終端業務。

More concentrated customers, and there are a number, 10 to 15 major customers, that we fell to.

更集中的客戶，有 10 到 15 個主要客戶，我們落入了。

And we negotiate with them, and we negotiate more long-term, and so that's a different business.

我們與他們進行談判，我們進行更長期的談判，所以這是一項不同的業務。

So the pricing dynamics are much different.

因此，定價動態有很大不同。

The fact that pricing stayed good is a great sign for us in mobile.

價格保持良好的事實對我們在移動領域來說是一個好兆頭。

And our costs are going to get better, and as we grow our market share, we are going to continue to expand that business.

而且我們的成本會變得更好，隨著我們市場份額的增長，我們將繼續擴大這項業務。

And that's true if we look at each of the segments, whether it be embedded, mobile, networking and automotive.

如果我們查看每個細分市場，無論是嵌入式、移動、網絡和汽車，情況都是如此。

That's all true, in terms of how we look at the business.

就我們如何看待業務而言，這一切都是正確的。

We take each of them as individual segments that run differently.

我們將它們中的每一個都視為運行方式不同的單獨部分。

Thank you.

謝謝你。

That's all for me.

這就是我的全部。

Mehdi Hosseini, Susquehanna.

邁赫迪·侯賽尼，薩斯奎哈納。

Two questions here.

這裡有兩個問題。

First, given your ASP cost and bit production and shipment trend, how should we think about trends in DRAM margin profile by different segments?

首先，鑑於您的 ASP 成本和位生產和出貨趨勢，我們應該如何看待不同細分市場的 DRAM 利潤率趨勢？

Particularly for PC, mobile and server DRAM from the reported quarter to the current quarter?

特別是從報告季度到當前季度的 PC、移動和服務器 DRAM？

And I have a follow-up.

我有一個後續行動。

Mehdi, this is Kipp.

邁赫迪，這是基普。

We are not going to dive into gross margin by segment, but we will give you another chance to ask a different question, if you'd like.

我們不會按細分市場深入研究毛利率，但如果您願意，我們會給您另一個機會提出不同的問題。

Sure.

當然。

How should we think about the impact of [field] building inventory, since you think DRAM is going to be higher?

既然您認為 DRAM 會更高，我們應該如何考慮 [field] 建立庫存的影響？

How should we think about the impact of the inventory total on the margin profile in the current quarter?

我們應該如何考慮庫存總量對本季度利潤率的影響？

I think the answer, Mehdi -- this is Mark Durcan -- I think the answer is the same, that we're not going to try to predict margin.

我認為答案，Mehdi - 這是 Mark Durcan - 我認為答案是相同的，我們不會嘗試預測保證金。

But the fact that we're talking about this -- and by the way, it's nothing new.

但事實上，我們正在談論這個——順便說一句，這並不是什麼新鮮事。

But the fact that we're talking about our willingness to hold some inventory here, is really reflective of the fact that we've got a lot of confidence.

但是，我們談論我們願意在這裡持有一些庫存的事實，確實反映了我們有很大信心的事實。

As we move into the back half of the year, we're seeing a lot of signals.

隨著我們進入今年下半年，我們看到了很多信號。

Mark talked about a bunch of them.

馬克談到了其中的一些。

I will say, even within the compute business, we are getting signals from some customers that maybe they want to look at longer-term ordering patterns, et cetera.

我會說，即使在計算業務中，我們也從一些客戶那裡得到信號，他們可能希望查看長期訂購模式等。

So we've got a lot of confidence that this business is going to be pretty solid in the back half of the year.

因此，我們非常有信心，這項業務將在今年下半年變得相當穩固。

And that's probably about all we can say about it.

這可能就是我們能說的所有內容。

Fair.

公平的。

And looking into the NAND, and the alliance with SiGe and the recent optimism about 3D NAND, especially looking into the 48th layer.

並研究 NAND，與 SiGe 的聯盟以及最近對 3D NAND 的樂觀態度，尤其是第 48 層。

And the fact that Intel also has some collaboration with (inaudible).

事實上，英特爾也與（聽不清）有一些合作。

How do all these dynamics play out into 2016, when maybe a 48th layer 3D NAND would become cost effective to commercialize?

所有這些動態如何在 2016 年發揮作用，屆時第 48 層 3D NAND 可能會變得具有成本效益以實現商業化？

You have direct alliance with SiGe, then you have indirect supply into Western Digital through Intel.

您與 SiGe 直接結盟，然後通過英特爾間接供應給西部數據。

Any thoughts, or any qualitative assessment, that you can offer us, looking into next year, giving this kind of a dynamic?

您可以為我們提供任何想法或任何定性評估，展望明年，給予這種動態？

Yes, let me just say this, Mehdi.

是的，讓我這麼說吧，邁赫迪。

We complete with Intel in the marketplace.

我們在市場上與英特爾合作。

We have for a long time.

我們有很長一段時間。

And we expect that Intel product, whether it is shipped by Intel or by Western Digital, will be competitive -- or will be competing with Micron solutions in the market in 2016.

我們預計英特爾產品，無論是由英特爾還是由西部數據提供，都將具有競爭力——或者將在 2016 年與美光解決方案在市場上競爭。

Now the good news is, we think we've got a great 3D NAND solution, and we also have a lot of capacity at Micron.

現在好消息是，我們認為我們擁有出色的 3D NAND 解決方案，而且我們在美光也擁有大量產能。

And so we think that over time, we are well-positioned to do well in that business.

因此，我們認為，隨著時間的推移，我們已經做好了在該業務中表現出色的準備。

But if 3D NAND is going to be the [destructive] technology, is going to be the catalyst, how are you going to be able to manage the conflict of interest, when you are effectively supplying these three different entities?

但是，如果 3D NAND 將成為 [破壞性] 技術，將成為催化劑，那麼當您有效地供應這三種不同的實體時，您將如何管理利益衝突？

Remember, Mehdi, it's -- the partnership we have with Intel is the co-development of the core technology.

請記住，Mehdi，我們與英特爾的合作夥伴關係是核心技術的共同開發。

That's a big piece of the solution.

這是解決方案的很大一部分。

Other areas are the SaaS controller, the firmware, the software, and the go-to-market capabilities that each of the other people that you're [repping], it's -- the Sige and the Western Digital references, that comes into the equation of going to market with a full-fledged enterprise SaaS SSD.

其他領域是 SaaS 控制器、固件、軟件和上市功能，你 [repping] 的每個其他人，它是 - Sige 和 Western Digital 的參考，進入將成熟的企業 SaaS SSD 推向市場的方程式。

So, as we look at that, it's our core technology we've developed with our partner, and it's really two avenues, one with Intel taking it through their channel, and one with us taking it through our channel.

因此，當我們看到這一點時，這是我們與合作夥伴共同開發的核心技術，實際上有兩種途徑，一種是英特爾通過他們的渠道，另一種是我們通過我們的渠道。

And by the way, if they do well, we will be happy to sell them some NAND Flash.

順便說一句，如果他們做得好，我們很樂意賣給他們一些 NAND Flash。

Got it.

知道了。

Thank you.

謝謝你。

CJ Muse from Evercore.

來自 Evercore 的 CJ Muse。

First question, regarding your pricing guide for DRAM, down high single digits.

第一個問題，關於您的 DRAM 定價指南，下降了高個位數。

Can you talk about what like-for-like pricing looks like, versus mix shift?

你能談談同類定價與混合轉移的區別嗎？

When you think about the pricing like-for-like, the overall pricing, I think we guided down, was 9% for the quarter.

當您考慮同類定價時，我認為我們引導的總體定價在本季度為 9%。

So high single digits.

這麼高的個位數。

And as I said, I made the comment earlier that that was really driven by where we exited Q2, going into Q3.

正如我所說，我早些時候發表評論說，這實際上是由我們退出 Q2 進入 Q3 的地方驅動的。

As some of the mix changes, to think about our business, mobile, server and the other markets had pretty stable pricing.

隨著一些組合的變化，想想我們的業務，移動、服務器和其他市場的定價相當穩定。

So a lot of the fluctuation in the guidance we're giving you is coming out of a quarter that started higher, ended lower, and we are starting from a lower base.

因此，我們為您提供的指導中的很多波動來自一個開始較高、結束較低的季度，而且我們從較低的基數開始。

Okay.

好的。

That's helpful.

這很有幫助。

And then as my follow-up, can you walk through the progression that you see, in terms of the 20 nanometer ramp at Inotera?

然後作為我的後續行動，您能否介紹一下您所看到的進展，就 Inotera 的 20 納米坡道而言？

When you start to see bit production, and then when you expect to actually have shipment and revenues?

當你開始看到比特生產，然後你期望實際有出貨量和收入？

And then I guess, over time, what are the milestones, in terms of percentage of your overall DRAM mix?

然後我想，隨著時間的推移，里程碑是什麼，就你的整體 DRAM 組合的百分比而言？

At whatever time frame you want to discuss?

在您想討論的任何時間範圍內？

Let me characterize it generally for Micron.

讓我對美光進行一般性描述。

And then I think, relative to Inotera, you can get some more specifics from them.

然後我認為，相對於 Inotera，您可以從他們那裡獲得更多細節。

But for 20 nanometer, we said the second half of calendar 2016 will be -- sorry, the second half of this calendar year will be ramping.

但是對於 20 納米，我們說 2016 年下半年將是 - 抱歉，這個日曆年的下半年將會加速。

And by the time we get into the first half of 2016, it will be the majority of our bit mix.

到 2016 年上半年，這將是我們比特組合的主要部分。

And when you say ramping, that is production?

當你說爬坡時，那就是生產？

Or that is shipment?

或者那是裝運？

That is production.

那就是生產。

And how should we think about --

我們應該如何思考——

There will be -- let me say it this way, then.

會有——那麼讓我這樣說吧。

There will be significant shipments in Q4 of the calendar year for Micron.

美光在日曆年第四季度將有大量出貨。

Great.

偉大的。

Thank you.

謝謝你。

Rajvindra Gill, Needham & Company.

Rajvindra Gill，Needham & Company。

Wondering if you could discuss a little bit about the competitive pricing environment in DRAM and NAND?

想知道您是否可以討論一下 DRAM 和 NAND 的競爭性定價環境？

You gave some highlights, in terms of what the actual numbers are.

你給出了一些亮點，就實際數字而言。

But wondering, qualitatively, what's happening in the market?

但想知道，定性地，市場上正在發生什麼？

A lot of this positive thesis on the DRAM industry was some sort of rationalization that's occurring in the industry -- rational behavior.

很多關於 DRAM 行業的積極論點是該行業正在發生的某種合理化——理性行為。

So I'm just wondering if you are seeing that continue?

所以我只是想知道你是否看到這種情況繼續存在？

You can describe a little bit about that?

你能稍微描述一下嗎？

Sure.

當然。

As I've highlighted today, in our script and some of our comments, the real catalyst for some of the disruption here in the PC segment of -- was really the demand side.

正如我今天在我們的腳本和一些評論中強調的那樣，PC 領域的一些中斷的真正催化劑實際上是需求方面。

And I think if you talk to other people in that business, in the PC business, the hard drive guys, the CPUs, the unit decline in the PC notebook segment drove some of this.

而且我認為，如果您與該行業的其他人交談，在 PC 業務中，硬盤驅動器、CPU、PC 筆記本電腦領域的單位下降在一定程度上推動了這一點。

Now the interesting thing for us is that none of the other segments showed that.

現在對我們來說有趣的是，其他部分都沒有顯示這一點。

When you think about where our business is today, where it might have come from years ago is, yes, our pricing in one of the segments had some pressure in the first quarter -- I'm sorry, in the second quarter.

當你想想我們今天的業務在哪裡，它可能來自幾年前，是的，我們在其中一個細分市場的定價在第一季度有一些壓力——對不起，在第二季度。

We felt pretty good about the rest of our business, and it showed up in our performance.

我們對其他業務感覺良好，這也體現在我們的業績中。

So as I think about pricing for us, we clearly -- Micron, if you look at industry pricing, and you look at pricing per gigabit and DRAM, for example, Micron is clearly the leader in pricing on the ASP [curve].

因此，當我為我們考慮定價時，我們很清楚——美光，如果你看看行業定價，你看看每千兆位和 DRAM 的定價，例如，美光顯然是 ASP [曲線] 定價的領導者。

And so, at least historically, we have been, and we feel like we are today.

因此，至少從歷史上看，我們曾經是，而且我們感覺就像今天一樣。

And we are going continue to try to drive it up.

我們將繼續努力推動它。

And with that, that might mean holding inventory, like we said.

有了這個，這可能意味著持有庫存，就像我們說的那樣。

It might mean moving capacity to other segments, server, networking, mobile, so on and so forth.

這可能意味著將容量轉移到其他細分市場、服務器、網絡、移動設備等等。

And so that is the picture today.

這就是今天的情況。

And I think that my comment earlier, about what the timing of channel inventory, and even our customer reaction.

而且我認為我之前的評論是關於渠道庫存的時間安排，甚至是我們的客戶反應。

We've had customers try to -- who initially wanted to get off the quarterly pricing come back to us in this past quarter, and want to go back to quarterly pricing.

我們已經讓客戶嘗試過——他們最初想擺脫季度定價，在過去的這個季度回到我們這裡，並希望回到季度定價。

So we are generally bullish on the dynamics of pricing in the market.

因此，我們普遍看好市場定價的動態。

And yes, there was an industry catalyst, in the form of demand for PC and notebooks, that drove a little bit of disruption in the business.

是的，有一個行業催化劑，以對個人電腦和筆記本電腦的需求的形式，推動了業務的一些中斷。

We do not think it's major.

我們認為這不是主要的。

Yes, it -- so you can measure it.

是的，它——所以你可以測量它。

But the rest of our business is pretty good.

但是我們的其他業務都很好。

Okay.

好的。

Thanks for that.

感謝那。

And on the NAND side, you talked about NAND pricing stabilizing a bit.

在 NAND 方面，您談到了 NAND 價格穩定了一點。

Just wondering what's driving that stabilization?

只是想知道是什麼推動了這種穩定？

And can you comment, in terms of what percentage of your NAND business will be TLC, exiting this year?

您能否評論一下，今年將退出 TLC 佔 NAND 業務的百分比？

And should we start to see NAND gross margins increase, as we exit this year?

隨著我們今年退出，我們是否應該開始看到 NAND 毛利率增加？

Thank you.

謝謝你。

As we think about our business, we think about the end markets, where they're going, and where the products will be -- generate the highest return, and as we achieve our strategic objectives in NAND.

當我們考慮我們的業務時，我們會考慮終端市場、它們的去向以及產品將在哪裡——產生最高的回報，並且隨著我們實現 NAND 的戰略目標。

And on a competitive basis, okay, we believe we will be closing the gap between our competitors in the second half of our fiscal year, and throughout 2015 calendar.

在競爭的基礎上，好吧，我們相信我們將在本財年的下半年以及整個 2015 年日曆中縮小競爭對手之間的差距。

We believe that will happen.

我們相信這會發生。

TLC, today, is less than 10%.

今天，TLC 不到 10%。

It's not a large number today.

今天這個數字不是很大。

And as we ramp our fabs, it won't be materially much larger.

隨著我們擴大晶圓廠的規模，它不會大得多。

We will see some growth in the back half of the year, but it won't be materially much larger.

我們將在今年下半年看到一些增長，但不會大幅增長。

Because we've got other parts of our business, whether it be mobile, or I talked about the success of our MLC 16 nanometer product, a Tier 1 OEMs.

因為我們還有其他業務，無論是移動業務，還是我談到了我們的 MLC 16 納米產品（一級 OEM）的成功。

And so we will seek TLC growth at Micron, but we're not going to do it just to do it.

因此，我們將在美光尋求 TLC 增長，但我們不會僅僅為了做到這一點而這樣做。

We need to make sure that we're getting the right value for it, and that's important to us to run our business.

我們需要確保獲得正確的價值，這對我們經營業務很重要。

Thank you.

謝謝你。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Given this trend to the US dollar, there's been some concern about potential (inaudible) of [DUM] content (inaudible).

鑑於美元的這種趨勢，有人擔心 [DUM] 內容（聽不清）的潛在（聽不清）。

Is that a trend that you are currently seeing, or expect in the second half?

這是您目前看到的趨勢，還是下半年的預期？

Yes, I think, for us, this question around FX is really more a question around what is worldwide GDP growth going to be?

是的，我認為，對我們來說，這個關於外彙的問題實際上更多的是一個關於全球 GDP 增長將是多少的問題？

We are a global company.

我們是一家全球性公司。

We've got global customers.

我們有全球客戶。

Some will do better in some FX situations, and some will do slightly worse.

有些在某些 FX 情況下會做得更好，有些會稍微差一些。

But unless something dramatic happens to worldwide GDP growth, we think we're pretty well positioned with manufacturing all around the world, and with customers all around the world, some of which will do better under certain circumstances, and some of which won't.

但是，除非全球 GDP 增長發生重大變化，否則我們認為我們在世界各地的製造業和世界各地的客戶中處於有利地位，其中一些在某些情況下會做得更好，而另一些則不會.

So we are not overly worried about it.

所以我們並不過分擔心它。

Obviously, we have manufacturing in Japan, and there's a certain cost reduction associated with the weakening yen.

顯然，我們在日本有製造，並且與日元貶值相關的成本有一定的降低。

Obviously, we've got some manufacturing in Singapore, and certain costs associated with the strengthening sing.

顯然，我們在新加坡進行了一些製造，並且與加強唱歌相關的某些成本。

But net-net for Micron, these aren't huge effects.

但是對於美光來說，這些並不是巨大的影響。

Okay.

好的。

And then, what is the ramp of 3D NAND mean some of the equipment we use 10 point?

那麼，3D NAND 的坡道是什麼意思呢？我們使用的一些設備是 10 點？

Is this going to be a significant percentage of your existing equipment?

這將是您現有設備的很大一部分嗎？

And could this impact DRAM production next year, if some of the equipment gets shifted to other memory product lines?

如果部分設備轉移到其他內存產品線，這是否會影響明年的 DRAM 生產？

Absolutely.

絕對地。

We plan a lot of equipment reuse as we transition planar NAND to 3D NAND.

在將平面 NAND 過渡到 3D NAND 時，我們計劃大量重複使用設備。

I assume that was the question, is 3D NAND transition?

我想這就是問題所在，是 3D NAND 過渡嗎？

Yes.

是的。

So there is incremental equipment required, there is incremental floor space.

所以需要增加設備，增加佔地面積。

There is some amount of tooling, all of which can be reused in other parts of our -- or the vast majority of which can be reused in other parts of our business.

有一些工具，所有這些都可以在我們的其他部分重用——或者其中絕大多數可以在我們業務的其他部分重用。

Generally speaking, we will trade out planar NAND wafers for incremental -- for 3D NAND wafers.

一般來說，我們會將平面 NAND 晶圓換成增量——3D NAND 晶圓。

And we think that is the most capital-efficient way to run the business.

我們認為這是運營業務的最有效的資本方式。

Great.

偉大的。

Thank you.

謝謝你。

Kevin Cassidy from Stifel.

來自 Stifel 的凱文·卡西迪。

Maybe along those lines also, with 3D NAND, is that a drag on gross margins as it first ramps into production?

也許沿著這些思路，使用 3D NAND，在它首次投入生產時是否會拖累毛利率？

And when do you think would be the crossover, where it could be a tailwind to gross margin?

你認為什麼時候會是交叉，它可能是毛利率的順風？

Yes, sure.

是的，當然。

It's almost always a short-term drag on GM when you make the transition like this.

當您進行這樣的過渡時，這幾乎總是對通用汽車造成短期拖累。

You've got new tools coming in, takes a while to qualify them, get them loaded, et cetera.

你有新工具進來，需要一段時間來驗證它們，加載它們等等。

And there are inefficiencies associated with yield ramps, et cetera.

並且存在與產量斜坡等相關的低效率。

So we are pretty comfortable, by the time we get to late in the year, late in this calendar year, we'll be looking pretty good.

所以我們很舒服，到今年年底，在這個日曆年晚些時候，我們看起來會很好。

Okay.

好的。

Great.

偉大的。

And you also mentioned that, if the DRAM pricing isn't what you expect, you're willing to hold inventory.

您還提到，如果 DRAM 定價不是您所期望的，您願意持有庫存。

Is there any willingness to cut CapEx?

是否有削減資本支出的意願？

Or is that fixed for this year?

還是今年固定的？

We would be willing to do that, if we thought the market situation were such that that would make sense to us.

如果我們認為市場情況對我們有意義，我們願意這樣做。

I can't actually foresee that, sitting here today.

我真的無法預見，今天坐在這裡。

Clearly, as we think about our plans for 2016, and things a little bit further out, we will take into account where the market goes over the next number of months and quarters.

顯然，當我們考慮 2016 年的計劃以及更進一步的事情時，我們將考慮未來幾個月和幾個季度的市場走勢。

But as we sit here today, we just told you, we think things are looking pretty good.

但是當我們今天坐在這裡時，我們剛剛告訴過你，我們認為情況看起來不錯。

So we're not anticipating making any major changes, as we sit at the table today.

因此，當我們今天坐在桌旁時，我們預計不會做出任何重大改變。

Okay.

好的。

Thanks.

謝謝。

Daniel Amir from Ladenburg.

來自拉登堡的丹尼爾·阿米爾。

In terms of DRAM side, you expressed that PC DRAM, you're thinking that is going to decline here in the next couple quarters.

在 DRAM 方面，您表示 PC DRAM，您認為在接下來的幾個季度中它會下降。

What is the ideal mix that you see your mix of DRAM, a year from now?

從現在起一年後，您看到的 DRAM 組合的理想組合是什麼？

Is it PC DRAM at the 20% level?

是20%級別的PC DRAM嗎？

Or do expect it to decline, and then come back maybe to 30%?

還是預計它會下降，然後可能會回到 30%？

I think directionally, where you were going initially was right.

我認為有方向性，你最初去的地方是正確的。

We think, over time, that it will decline as a percentage of the mix, and a lot of it does depend on the business.

我們認為，隨著時間的推移，它在組合中的百分比會下降，而且很大程度上取決於業務。

But I think directionally, that -- we think you are spot on.

但我認為有方向性，我們認為你是正確的。

Okay.

好的。

And then the second question is related to -- it sounds like the eMCP business is something that one of your growth drivers here -- do you feel that this is the leading factor here, to drive your mobile business?

然後第二個問題與 - 聽起來 eMCP 業務是您的增長動力之一 - 您認為這是推動您的移動業務的主要因素嗎？

It's up 70% Q-over-Q.

Q-over-Q 增長了 70%。

In the eMMC space, you probably didn't have as big a competitive advantages now that you have in the eMCP space, given that you have a very good integrated product with the DRAM side.

在 eMMC 領域，你可能沒有現在在 eMCP 領域那麼大的競爭優勢，因為你在 DRAM 方面有一個非常好的集成產品。

Yes, I think absolutely.

是的，我認為絕對。

In full transparency, we are coming off of a somewhat lower base.

在完全透明的情況下，我們的基數較低。

But I think we've stated, in prior calls, I will state today, that we think eMCPs for the mobile business, coming out of our fiscal year, will be somewhere around 25%, a little bit lower than 25%.

但我認為我們在之前的電話會議中已經說過，我今天將聲明，我們認為移動業務的 eMCP 在我們的財政年度中將在 25% 左右，略低於 25%。

But somewhere up from zero in the last 12 months.

但在過去 12 個月中，從零開始上升。

So we -- as you identified, it's a strategic play for us, leveraging our portfolio.

所以我們 - 正如你所指出的，這對我們來說是一項戰略性的遊戲，利用我們的投資組合。

And quite honestly, given our makeup in the mobile business, we think we've got an advantage over just about anybody in the space.

老實說，鑑於我們在移動業務方面的構成，我們認為我們比該領域的任何人都具有優勢。

Great.

偉大的。

Thanks a lot.

非常感謝。

David Wong from Wells Fargo.

來自富國銀行的 David Wong。

Can you give us some idea about the ownership of the IP associated with 3D NAND technology, between Micron, Intel or the joint venture entity?

您能否介紹一下美光、英特爾或合資實體之間與 3D NAND 技術相關的 IP 的所有權？

If there was some concern about someone encroaching on your IP, or the possibility of licensing the IP, who does the negotiations, or drives the legal action?

如果擔心有人侵犯您的知識產權，或許可知識產權的可能性，誰負責談判或推動法律行動？

We are not going to talk about intellectual property strategy, David.

我們不打算談論知識產權戰略，大衛。

But I can tell you that we do the -- we fund the development together.

但我可以告訴你，我們做的 - 我們共同資助開發。

We do it jointly, and we both own different pieces of the intellectual property.

我們共同做這件事，我們都擁有不同的知識產權。

But beyond that, there's not a whole lot I want to talk about.

但除此之外，我不想談太多。

Okay.

好的。

Then, could you give us some idea of the proportion of your DRAM production in the May quarter, between PC DRAM server and mobile memory?

那麼，您能否介紹一下您在 5 月季度的 DRAM 產量在 PC DRAM 服務器和移動內存之間的比例？

How are you allocating what you are actually making?

你如何分配你實際製作的東西？

I think we -- I will go back and give you some of the comments I gave earlier.

我想我們——我會回去給你們一些我之前給出的意見。

We think that PC DRAM in the quarter will be down from mid 30%s in Q2 to low to 30% range, and we think that that will signal increases in other areas, such as mobile in the mid 20%, server in the low 20% of our business.

我們認為本季度的 PC DRAM 將從第二季度的 30% 中期下降到 30% 的範圍，我們認為這將預示其他領域的增長，例如移動在 20% 中期，服務器處於低位我們業務的 20%。

And so we see a blend.

所以我們看到了混合。

It's not just one category picking up for the PC business.

這不僅僅是 PC 業務的一個類別。

Mobile will get some more capacity.

移動將獲得更多容量。

We will allocate some server, some PC business to -- bits to server, and we will look at networking [out of those], as well.

我們將分配一些服務器、一些 PC 業務到服務器的比特位，我們還將研究網絡 [從這些中]。

So that's the full suite of things we evaluate.

這就是我們評估的一整套東西。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Mark Newman from Bernstein.

來自伯恩斯坦的馬克紐曼。

You talked about the inventory on the DRAM side, and you're saying your production is going to be up high single digits.

您談到了 DRAM 方面的庫存，您說您的產量將達到個位數。

What is the -- what are the assumptions you are using for the bit shipment for FQ3?

什麼是 - 您對 FQ3 的位裝運使用的假設是什麼？

Mark, I think in the business, we said basically flat on shipments, and we normally don't say a whole lot more, in terms of future guidance.

馬克，我認為在業務中，我們說出貨量基本持平，就未來的指導而言，我們通常不會說太多。

But I think you can suggest, that -- from our other comments around, we're going to do what's right for the business, and drive the right return in margins, and there's not going to be a fire sale, by any stretch.

但我認為你可以建議，從我們周圍的其他評論來看，我們將做適合業務的事情，並推動正確的利潤率回報，並且無論如何都不會出現拋售。

Okay, great.

好，太棒了。

And then follow-up question on NAND Flash.

然後是關於 NAND Flash 的後續問題。

I thought I heard you say components, 50% of NAND.

我想我聽到你說組件，50% 的 NAND。

Could you clarify that?

你能澄清一下嗎？

Perhaps I misheard?

也許我聽錯了？

Go ahead.

前進。

And then I wanted to get some ideas from you about how is that going to be fixed over the long-term?

然後我想從你那裡得到一些關於如何長期解決這個問題的想法？

Because clearly, as you increase the percentage of your solutions, and decrease the percentage of [raw] NAND components, that's obviously very good for your margins, basically moving up the value stack to create -- to capture more of the value.

因為很明顯，隨著您增加解決方案的百分比，並減少 [原始] NAND 組件的百分比，這顯然對您的利潤非常有利，基本上是向上移動價值堆棧以創造 - 以獲取更多價值。

But in addition to that, it actually helps to consolidate the NAND to market by essentially taking out the competitors.

但除此之外，它實際上有助於通過基本上淘汰競爭對手來將 NAND 整合到市場上。

Because a lot of raw NAND customers are actually, at the end of the day, they are also competitors [serving] flash cards and SSDs.

因為許多原始 NAND 客戶實際上是，歸根結底，他們也是 [服務] 閃存卡和 SSD 的競爭對手。

So could you give us a bit of a road map for how we can expect that percentage of components to decrease going forwards?

那麼，您能否為我們提供一些路線圖，說明我們如何預期組件的百分比會在未來減少？

Sure, Mark.

當然，馬克。

Let me take that.

讓我接受。

So the data I spoke to in my opening comments was that in Q2, components shipments was -- includes cards and components.

所以我在開場評論中談到的數據是，在第二季度，組件出貨量是——包括卡和組件。

And that is somewhere around the area of 50% of our overall shipments in the quarter, Q2.

這大約是我們第二季度總出貨量的 50%。

In Q3 alone, that number will be cut by 30%, as we start to the transition of what you just highlighted, away from component and card sales, to mobile and SSDs.

僅在第三季度，這個數字就會減少 30%，因為我們開始將您剛才強調的內容從組件和卡銷售轉向移動和 SSD。

Part of that dynamic, by the way, and discussing how this plays out, is we now will be shipping, in the quarter, 16 nanometer MLC qualified drives that were in process, and didn't have that volume in Q2.

順便說一下，這種動態的一部分，以及討論如何發揮作用，是我們現在將在本季度運送 16 納米 MLC 合格驅動器，這些驅動器正在處理中，並且在第二季度沒有那個量。

So the move from components and cards to mobile and client SSD, based on 16 nanometer, certainly is a positive move for us.

因此，從組件和卡轉向基於 16 納米的移動和客戶端 SSD，對我們來說無疑是一個積極的舉措。

As you say, we move up the stack.

正如你所說，我們向上移動堆棧。

And we continue to drive things like enterprise -- drive both in PCIe and SaaS, as we explained earlier.

正如我們之前解釋的那樣，我們繼續推動諸如企業之類的事物——同時推動 PCIe 和 SaaS。

That's how you should think about our target.

這就是你應該如何看待我們的目標。

And I mentioned also, I think we gave guidance that NAND bit growth will be flat to down in the Q3 timeframe, as we think about the evolution for 3D manufacturing set up, as well as a switch to some of our (inaudible) towards 16 nanometer TLC.

我還提到，我認為我們給出了 NAND 位增長將在第三季度持平到下降的指導，因為我們考慮了 3D 製造設置的演變，以及轉向我們的一些（聽不清）向 16納米薄層色譜。

We think that all resonates to a better optimized mix of products for our NAND portfolio.

我們認為，所有這些都與我們的 NAND 產品組合更優化的產品組合產生了共鳴。

Great.

偉大的。

Thanks.

謝謝。

If I could ask one quick follow-up.

如果我可以要求快速跟進。

On -- for LP DDR4, my understanding is, Apple is moving to LP DDR4 for the next iPhone.

On -- 對於 LP DDR4，我的理解是，Apple 正在為下一代 iPhone 轉向 LP DDR4。

And also, I understand, 2 gigabytes.

而且，據我所知，2 GB。

Do you have an update on your readiness, or your road map for LP DDR4?

您是否有最新的準備情況或 LP DDR4 路線圖？

When do think that will be ready?

什麼時候會準備好？

I think that, Mark, it's safe to say that we feel pretty good about our position there, both existing 25 nanometer LP DDR4, as well as our 20 nanometer LP DDR4 offering.

我認為，Mark，可以肯定地說，我們對我們在這方面的地位感到非常滿意，包括現有的 25 納米 LP DDR4 以及我們的 20 納米 LP DDR4 產品。

This is less about Micron readiness, and more about customer demand lining up for the back half of the year and beyond.

這不是關於美光的準備情況，而是更多關於今年下半年及以後的客戶需求。

Great.

偉大的。

Thanks very much.

非常感謝。

And it looks like we have time for about one more caller.

看起來我們還有時間再接聽一位來電者。

Thank you.

謝謝你。

John Pitzer from Credit Suisse.

瑞士信貸的約翰·皮策。

I want to go back to this idea of building inventory in the May quarter.

我想回到這個在 5 季度建立庫存的想法。

I'm curious, why that route, and not accelerating the transition to 20 nanometer more quickly?

我很好奇，為什麼是這條路線，而不是更快地加速過渡到 20 納米？

Because clearly, I would argue, if you had 20 nanometer at a larger percent of (inaudible), your cost structure would be better.

因為很明顯，我會爭辯說，如果你有 20 納米的更大百分比（聽不清），你的成本結構會更好。

And I can't remember a time when building inventory, either internally or in the channel, has been a good thing.

而且我不記得有什麼時候在內部或渠道中建立庫存是一件好事。

So I'm curious, why the inventory decision, and not a faster ramp of 20?

所以我很好奇，為什麼是庫存決定，而不是更快的 20 個？

Yes, John, this is Mark.

是的，約翰，這是馬克。

So we talked, this quarter, about how we were doing exactly what you just mentioned, which was in fiscal Q2, we made some adjustments in our manufacturing line to start positioning equipment for the 20 nanometer ramp.

因此，我們在本季度談到了我們如何完全按照您剛才提到的那樣做，即在第二財季，我們對生產線進行了一些調整，開始為 20 納米坡道定位設備。

These things are always about balance, and certainly the market today is not the market of last year, or the year before.

這些事情總是關於平衡，當然今天的市場不是去年的市場，也不是前一年的市場。

We have pretty broad diversification of end segments and customers and products, where we feel pretty good about our ability to move some stuff, over time, if the market demand is not there this quarter.

我們在終端細分市場、客戶和產品方面擁有相當廣泛的多元化，如果本季度市場需求不存在，我們對隨著時間的推移移動一些東西的能力感到非常滿意。

Now, we don't know exactly what the market demand looks like this quarter.

現在，我們並不確切知道本季度的市場需求情況。

Maybe we end up not holding anything at all.

也許我們最終什麼都沒有。

We've left ourselves some room to maneuver there.

我們給自己留了一些迴旋餘地。

But we're trying to strike a balance between what you're suggesting, as well as just building product, and then seeing what the market looks like.

但我們正試圖在您的建議與構建產品之間取得平衡，然後看看市場的樣子。

That's helpful, guys.

這很有幫助，伙計們。

And then maybe on my follow-up, just on the OpEx line, and specifically the R&D line, continues to creep higher, especially R&D, independent of revenue levels.

然後也許在我的後續行動中，就在運營支出線上，特別是研發線，繼續攀升，尤其是研發，與收入水平無關。

I'm curious, to what extent is this the new structural norm we should expect in R&D, as you go after a lot of different market segments, with a lot of different products?

我很好奇，當你追求許多不同的細分市場，擁有許多不同的產品時，我們應該在多大程度上期待新的研發結構規範？

Or would you characterize the current spend as accelerated or elevated, because of where we are in the 3D transition or something else?

或者您會將當前的支出描述為加速或增加，因為我們處於 3D 過渡的哪個階段或其他原因？

Or just some long-term guidance on R&D and OpEx would be helpful.

或者只是一些關於研發和運營支出的長期指導會有所幫助。

Yes.

是的。

So just on the R&D piece, there are a lot of different dynamics in play here.

所以就研發而言，這裡有很多不同的動力。

Obviously, we've got a lot of new 20 nanometer products that we are going to want to qualify and ramp.

顯然，我們有很多新的 20 納米產品，我們希望獲得資格和升級。

And so we're always wanting to make sure that we don't let the R&D dollar spend get in the way of qualifying products on a timely basis, and getting to the market, as you just suggested we should be doing.

因此，我們一直希望確保我們不會讓研發資金支出妨礙及時合格產品並進入市場，正如您剛才建議我們應該做的那樣。

So there's that dynamic.

所以就有了這種動態。

There's also -- I think there is an overlying dynamic of -- as we start thinking about some of these storage class memories that we talked about making investments in, and as we start -- continue to add resources to position the Company to lever system-level products, that there are -- there is a different nature to the R&D spend than there has been historically, as well.

還有 - 我認為有一個疊加的動態 - 當我們開始考慮我們談到投資的一些存儲類存儲器時，並且當我們開始時 - 繼續添加資源以定位公司以利用系統- 級別的產品 - 研發支出的性質也與歷史上不同。

Over time, we may spend less on some of the other things we spent R&D dollars on.

隨著時間的推移，我們可能會在其他一些我們花費研發資金的事情上花費更少。

But what we're talking about right now, in terms of the next number of quarters being up a little bit, I think it's more related to some of the short-term dynamic around technology ramps and new product introductions.

但是我們現在談論的是，就下一個季度的增長而言，我認為這更多地與圍繞技術坡道和新產品推出的一些短期動態有關。

Thanks, guys.

多謝你們。

And with that, we would like to thank everyone for participating on the call today.

因此，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-Ks.

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 does conclude today's Micron Technology second quarter 2015 financial release conference call.

這確實結束了今天的美光科技 2015 年第二季度財務發布電話會議。

You may now disconnect.

您現在可以斷開連接。