美光科技 (MU) 2015 Q2 法說會逐字稿

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

午安.我叫賽義德，今天我將擔任你們的會議主持人。在此，我謹代表美光科技公司歡迎各位參加2015年第二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 serve forward to your host, Kipp Bedard. Sir, you may begin your conference.

謝謝。現在我榮幸地向您的主人基普·貝達德先生致意。先生，您可以開始會議了。

Thank you very much, and welcome to Micron Technology's second quarter 2015 financial release conference call. 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. This conference call, including audio and slides, is also available on our website at Micron.com.

非常感謝，歡迎參加美光科技2015年第二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；總裁兼臨時財務長 Mark Adams；以及公司財務總監兼臨時首席財務和會計官 Mark Heil。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。

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 second quarter 2015 financial press release, again, it is available on our website at Micron.com. 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 6063446. This replay will run through Thursday, April 9, at 11:30 PM Mountain Time.

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 2015 年第二季財務新聞稿，您可以在我們的網站 Micron.com 上找到它。我們的通話時間約60分鐘。通話將提供音訊回放，可透過撥打 404-537-3406 收聽，確認碼為 6063446。本次重播將持續到4月9日星期四晚上11:30（山區時間）。

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

網路直播回放將在公司網站上提供至 2016 年 4 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements after the date of the presentation to conform these statements to actual results.

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。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。

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

現在，我想把電話交給馬克‧杜爾坎先生。標記？

Thanks, Kipp. I am pleased with our team's performance this quarter. Our diverse product portfolio and balanced customer base produced solid financial results. Revenue was within our guidance of $4.2 billion, and GAAP net income was $934 million, or $0.78 per share. Gross margins in DRAM and trade NAND were in line or better than guidance. Importantly, we are starting to see the early benefits of our NAND product and technology repositioning. 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.

謝謝你，基普。我對我們團隊本季的表現感到滿意。我們多元化的產品組合和均衡的客戶群帶來了穩健的財務表現。營收符合我們預期的 42 億美元，GAAP 淨利為 9.34 億美元，即每股 0.78 美元。DRAM 和貿易 NAND 的毛利率符合或優於預期。重要的是，我們已經開始看到 NAND 產品和技術重新定位帶來的早期效益。第二財季自由現金流約 4 億美元，其中營運現金流為 12.5 億美元，資本支出為 8.53 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. We remain very positive on the long-term prospects for our business, despite short-term headwinds in certain segments. We expect to continue generating strong operating cash flow as we optimize technology, operations, product and segment mix.

在成功完成 10 億美元的直接債務發行後，我們本季末擁有 63.5 億美元的現金和短期投資。儘管某些領域面臨短期不利因素，但我們對公司的長期前景仍然非常樂觀。我們預計，隨著技術、營運、產品和業務組合的優化，將繼續產生強勁的營運現金流。

Micron's fiscal Q3 guidance is $3.8 billion to $4.05 billion. The midpoint of the range is about 6% lower than revenue in Q2. This guidance indicates a willingness to hold inventory, if needed. Let me talk a little bit more about technology.

美光科技第三財季的營收預期為 38 億美元至 40.5 億美元。該區間的中點比第二季的營收低約 6%。該指導意見表明，如有需要，公司願意持有庫存。讓我再多談談科技方面的事。

Today, the significant majority of our mobile DRAM and non-Inotera production is on 25 nanometers. Our advanced DRAM technology deployment is going very smoothly. The 20 nanometer yield ramp is exceeding both our plan and results achieved on previous process node introductions. 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.

目前，我們絕大多數的行動DRAM和非Inotera產品都採用25奈米製程。我們先進的DRAM技術部署進展非常順利。20 奈米製程的良率提升速度超過了我們的計劃，也超過了先前製程節點推出時所取得的成果。我們仍預計在 2015 年下半年實現商業化量產，2016 年上半年我們的大部分 DRAM 位元採用 20 奈米工藝，1 奈米 DRAM 的開發也進展順利，我們最近在廣島開始了早期矽片的生產。

We are currently in pilot production of our gen one 32 layer 3D NAND, with early sampling in progress. 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. 3D will be a meaningful percentage of our trade NAND supply in calendar 2016, and will represent a majority of our bits during 2017. Our gen two 3D NAND technology is progressing nicely in R&D.

我們目前正在試生產第一代 32 層 3D NAND，早期樣品製作正在進行中。我們預計今年第四季將全面投產 MLC 和 TLC 版本，系統行動解決方案也將隨後推出。2016 年，3D 快閃記憶體將占我們貿易 NAND 供應量的相當大比例，2017 年將占我們供應量的絕大部分。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. Mix adjustment decisions are based on margin optimization of strategic positioning, and are not necessarily aligned with maximizing bit growth. 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. 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.

現在來看看比特成長，我們預計 2015 年日曆年 DRAM 位元產量將成長 15% 左右，儘管產品組合調整，包括 DDR4 和行動 DRAM 比例的增加，可能會影響位元成長。組合調整決策基於策略定位的利潤優化，不一定與最大化位元成長一致。2015 年，我們專注於技術賦能，我們樂於在短期內以略低於市場平均的速度成長，以推動美光科技的長期市場機會。2016 年，隨著 20 奈米製程轉換的好處，我們預計比特成長將與行業平均水平持平或略高於行業平均水平。

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

我們預計 2015 年 NAND 快閃記憶體位交易量（位元成長）將低於市場水平，因為我們將調整產品組合以適應更多增值應用，並為 2016 年 3D 製造產能提升做好準備。一旦完成，我們新加坡工廠的擴建以及現有平面產能向 3D NAND 的持續轉換，可以在較長的時間範圍內支援每年 40% 至 50% 的位元增長。這些投資的具體時間取決於市場狀況和預期的投資報酬率，但這對公司來說是一項令人興奮的舉措。

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. We also continue to prioritize appropriate investments in R&D, including memory subsystems and systems development, and manufacturing capacity. 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. We also repurchased approximately $200 million of common stock in fiscal Q2, under an existing $1 billion stock repurchase program.

在資本配置方面，我們仍然相信對業務進行長期投資能夠提高生產效率並促進未來成長。我們將繼續優先考慮對研發進行適當的投資，包括記憶體子系統和系統開發以及製造能力。我們正在積極管理現金餘額，包括在過去六個季度投入 28 億美元，以減少與可轉換債券相關的股權稀釋。在第二財季，我們也根據現有的 10 億美元股票回購計劃，回購了約 2 億美元的普通股。

Now, for an update on our finance team. We have a number of outstanding CFO candidates under consideration, and are working to identify the best fit for Micron. While we work through that process, the finance team is reporting to Mark Adams as Interim CFO. Our finance leadership team has decades of collective experience at Micron and other leading semiconductor companies. The team includes, among others, Mark Heil, Micron's longtime Controller and current Interim Principal Financial Accounting Officer. I've asked Mark to cover the financial portions of our prepared remarks today.

現在，讓我們來報告一下財務團隊的最新情況。我們正在考慮多位優秀的財務長候選人，並努力為美光找到最合適的人選。在此期間，財務團隊將向臨時財務長馬克·亞當斯匯報工作。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。該團隊成員包括馬克·海爾（Mark Heil），他是美光公司的長期財務總監，現任臨時首席財務會計官。我已經請馬克負責今天我們準備好的發言稿中有關財務方面的部分。

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. Among other things, these include 20 nanometer DRAM, 16 nanometer TLC NAND, 3D NAND, mobile NAND, eMCPs, enterprise SSDs, and the Inotera contract change. I'll stop here and turn it over to Mark Heil and Mark Adams, before returning for Q&A.

在將電話交給團隊其他成員之前，我想重申，我們相信有幾個重要因素將為美光在 2015 年底和 2016 財年帶來成長、利潤率提高和強勁的財務表現。其中包括 20 奈米 DRAM、16 奈米 TLC NAND、3D NAND、行動 NAND、eMCP、企業級 SSD 以及 Inotera 合約變更。我就說到這裡，把麥克風交給馬克·海爾和馬克·亞當斯，之後再回來進行問答環節。

Thanks, Mark. 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. The results for the second quarter include net income of $934 million, or $0.78 per share, on net sales of $4.166 billion. Gross margin came in at 34%.

謝謝你，馬克。2015 財年第二季於 3 月 5 日結束。在將第二季業績與第一季業績進行比較時，請記住第一季為 14 週，而不是我們通常的 13 週。第二季業績包括淨利 9.34 億美元，即每股 0.78 美元，淨銷售額 41.66 億美元。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. 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. Aside from recurring items, the benefit from Inotera's tax adjustment is the only other noteworthy non-GAAP adjustment this quarter. So non-GAAP income for the second quarter was $941 million, or $0.81 per share.

我們第二季透過權益法投資獲得的收入為 2.08 億美元，其中幾乎全部歸因於 Inotera。我們從 Inotera 的業績中獲得的份額包括 6,500 萬美元的收益，這筆收益來自該公司釋放其遞延所得稅資產的估值準備金，該準備金已反映在其 2014 年 12 月 31 日的年度業績中。除了經常性項目外，Inotera 的稅務調整帶來的收益是本季唯一值得注意的非 GAAP 調整。因此，第二季的非GAAP營收為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. The dilution table reflects the anti-dilutive effects of our capped calls at various assumed stock prices.

關於我們第三季的非GAAP業績指引，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資料。稀釋表反映了我們設定的選擇權上限在不同假設股價下的反稀釋效果。

Looking at the results and other guidance for the third quarter by product line, let's start first with DRAM. 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. Lower bit sales were largely attributable to the extra week in fiscal -- or excuse me, in fiscal Q1. 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 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.

我們先來看看第三季各產品線的表現和其他指導意見，首先來看DRAM。與第一季相比，DRAM 收入下降了 13%，反映出比特銷售量下降了 9%，平均售價下降了 6%。比特銷量下降主要是因為財政年度（或更準確地說，是財政年度第一季）多出的一周。DRAM毛利率優於預期，與第一季相比保持穩定，因為比特成本的下降幾乎抵消了售價的下降。根據季度至今的平均售價和本季的預測組合，第三季DRAM毛利率應低於第二季度，這是因為預計比特銷量將持平，平均售價將下降高個位數，每比特成本將下降低個位數。

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. This increase is net of anticipated effects of increased mix of mobile and DDR4 products, which generally have lower bit densities. Our sales guidance anticipates taking strategic action to reduce PC DRAM sales this quarter, given the recent demand and price weakness. Therefore, we are guiding bit sales to be flat for the quarter. We believe the PC DRAM segment will show improvement in the second half of the calendar year, based on a stabilizing demand profile. 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.

影響我們第三季 DRAM 產量預期的關鍵因素包括比特產量，預計未來幾季每季都將實現高個位數成長，因為 25 奈米製程的良率將繼續提高。這一增長已扣除移動和 DDR4 產品組合增加的預期影響，這些產品的位密度通常較低。鑑於近期需求和價格疲軟，我們的銷售預期將在本季採取策略措施減少 PC DRAM 的銷售。因此，我們預計本季比特幣銷售將與上季持平。我們認為，隨著需求趨於穩定，PC DRAM 市場將在今年下半年有所改善。由於過去幾個月 PC DRAM 的價格壓力以及晶片形式的產品銷量較高，第三財季迄今的經產品組合調整後的平均售價低於第二季度的平均水平。

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

在交易 NAND 方面，第二季營收成長了 3%，比特銷售量成長了 12%，但平均售價下降了 9%，部分抵銷了這一成長。由於每比特成本的降低僅部分抵銷了售價的下降，貿易 NAND 的毛利率下降至 20% 左右。根據本季迄今的平均售價和本季的預測產品組合，預計第三季 NAND 快閃記憶體毛利率將與第二季相比相對穩定，原因是比特產量下降了幾個位數，平均售價上升了幾個位數（主要來自行動產品佔比的提高），每比特成本上升了幾個位數（也主要來自產品組合的提高）。

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. 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. 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.

影響第三季業績指引的關鍵趨勢是：同類產品價格相對平穩，組件和客戶端 SSD 市場相對穩定，組件現貨市場的比特銷量下降，這對比特增長和每比特成本產生了負面影響，但對平均售價產生了改善作用。最後，我們將繼續專注於行動和 NAND 產品，以及管理型 NAND 產品，這將對利潤率產生改善作用，ASP 和每位元成本都會增加。從合併層面來看，我們預計第三季總營收將在 38 億至 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. 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. We expect R&D expense to trend up slightly over the next couple quarters, in line with development activities.

從其他損益表及現金流量結果及指引來看，預計未來幾季銷售、一般及行政費用將相對穩定，介於 1.8 億至 1.9 億美元之間。第二季的研發費用略低於我們預期的範圍，主要是因為用於研發的晶圓數量較少。我們預計未來幾季研發支出將隨著研發活動的發展而略有上升。

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

公司第二季經營現金流為 12.5 億美元，季末現金及有價投資達 63.5 億美元。第二季度，我們透過發行高收益債券獲得了 10 億美元的收益，這是我們第三次成功發行接近投資等級條款的普通債券。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. No amounts have yet been drawn on that facility. The second installment on the LP to creditors debt of approximately $150 million was paid during the second quarter. We also repurchased 6.5 million shares, for $192 million, under the board-authorized $1 billion share buyback program.

我們也以7.5億美元的信貸額度取代了先前在新加坡設立的2.55億美元的應收帳款擔保信貸額度。該信用額度尚未被提取任何款項。第二季已支付了LP對債權人約1.5億美元的債務的第二筆款項。我們也根據董事會批准的 10 億美元股票回購計劃，回購了 650 萬股股票，價值 1.92 億美元。

Expenditures for property, plant and equipment, year to date, are $1.5 billion. 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. Now, I'll turn it over to Mark Adams for his comments on the operating results.

今年迄今為止，固定資產、廠房和設備的支出為 15 億美元。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，並且隨著我們推進 20 納米 DRAM 的研發和 3D NAND 投資，本財年下半年的支出水準將有所提高。現在，我將把發言權交給馬克亞當斯，請他對經營業績發表評論。

Thanks, Mark. Good afternoon, and thanks for joining our call. 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. 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. The strength of our diverse product portfolio contributed to relatively stable gross margins, quarter on quarter. We saw some pricing pressure in the PC segment, but generally, all other market demand remained healthy.

謝謝你，馬克。下午好，感謝各位參加我們的電話會議。今天我將稍微改變一下演講形式，先談談我們DRAM和NAND業務以及各自的市場，然後再深入探討我們的業務部門。財年第二季度出現了一些季節性疲軟，考慮到春節正值我們季度，這在假期後並不罕見，我對我們的經營業績感到滿意。我們多元化的產品組合優勢顯著，使得毛利率得以保持相對穩定，每季都是如此。我們看到個人電腦市場出現了一些價格壓力，但總體而言，其他所有市場需求仍然保持健康。

DRAM represented 55% of our total revenue in Q2. As a percent of that DRAM revenue, mobile represented mid 20%, similar to Q1. The PC segment represented low 30%, down from mid 30% from prior quarter. 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. We are allocating less production to the PC segment, and continue to shift more bits toward the other faster growing segments. We also continued to move production from DDR3 to DDR4, as our customer demand grows. 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. As a result, we are guiding to high single digit sequential output growth for each of the next couple quarters.

第二季度，DRAM占我們總營收的55%。行動業務在 DRAM 收入中所佔比例為 20% 左右，與第一季類似。PC業務佔比30%左右，低於上一季的30%左右。伺服器業務佔比約為 20%，略有成長；而網路、AIM 和圖形業務佔比均低於 10%，與第一季的情況類似。我們正在減少分配給個人電腦領域的產能，並繼續將更多產能轉移到其他成長更快的領域。隨著客戶需求的成長，我們也持續將生產從 DDR3 轉移到 DDR4。儘管這些製造舉措通常會對生產位產量指導造成影響，但我們的 DRAM 製程轉型將足以彌補位元或晶圓的影響。因此，我們預計未來幾季將實現高個位數環比產量成長。

Our DRAM team is executing through key technology transitions over our second half. We are driving expanded 25 nanometer production, and preparing for second-half calendar year 2015 conversion to 20 nanometer, across our fab network. DRAM technology enablement remains a key focus for our teams. We are pleased with the market acceptance of our DDR4 technology, as major OEMs are adopting Micron's products for their value-added segments. We are qualified across all Intel server platforms, and we are seeing very strong demand signals for our 8 gigabit DDR4 parts. And in particular, from the enterprise server and networking customer base. DDR4 ASPs remain at a premium to DDR3.

我們的DRAM團隊正在下半年推動關鍵的技術轉型。我們正在擴大 25 奈米製程的生產，並準備在 2015 年下半年將我們的晶圓廠網路全部轉換為 20 奈米製程。DRAM技術賦能仍是我們團隊的重點工作。我們對DDR4技術的市場接受度感到滿意，因為主要OEM廠商正在其增值領域採用美光的產品。我們的產品已獲得所有英特爾伺服器平台的認證，我們看到市場對我們的 8 千兆 DDR4 記憶體產品有著非常強勁的需求訊號。尤其是來自企業伺服器和網路客戶群的客戶。DDR4 記憶體的 ASP 仍然比 DDR3 記憶體高。

The NAND market has gone through some challenging quarters of late, but we have seen signs that the market pricing has stabilized. 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. Within trade NAND, the sale of components represented about 50% in the second quarter. SSD units approximately 20%, our mobile NAND was roughly low teens, while AIM and other embedded were roughly in the mid-single-digit percentages.

近幾個季度以來，NAND 市場經歷了一些挑戰，但我們已經看到市場價格趨於穩定的跡象。交易 NAND 佔總收入的 29%，毛利率環比略有下降，正如我們在第一季電話會議上所預期的那樣。在 NAND 貿易領域，第二季零件銷售額約佔 50%。SSD 裝置約佔 20%，行動 NAND 裝置約佔 10% 左右，而 AIM 和其他嵌入式裝置約佔個位數百分比。

We continue to leverage our industry-leading MLC NAND flash in key segments that demand higher performance. We are significantly reducing our NAND supply to the spot market, down 30% quarter over quarter. And as a result, our trade NAND bit growth in the coming quarters will be limited. 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. 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. We expect the improved performance of Micron 3D NAND technology to open up expanded segment opportunities. We plan to commence early 3D production in the second half of the calendar year. Our 16 nanometer TLC part is coming along nicely, and we are on track for initial component shipment in late May, early June.

我們繼續在對效能有更高要求的關鍵領域利用我們業界領先的 MLC NAND 快閃記憶體。我們將大幅減少對現貨市場的 NAND 供應，季減 30%。因此，未來幾季我們的 NAND 快閃記憶體位交易成長將受到限制。我們與合作夥伴英特爾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，可以擴展快閃儲存成本和效能的更多發展軌跡。美光的高密度 3D NAND 快閃記憶體裝置將使 1TB 儲存容量的小型硬碟以及超過 10TB 儲存容量的標準 2.5 吋 SSD 成為可能。我們預計美光3D NAND技術的改進性能將帶來更廣泛的市場機會。我們計劃在今年下半年開始早期 3D 製作。我們的 16 奈米 TLC 零件進展順利，我們預計在 5 月下旬或 6 月初開始交付首批零件。

Now, moving on to our business unit discussion. In our computing and networking business unit, referred to as CNBU, our revenue was $1.8 billion in fiscal Q2. The PC notebook business saw reduced demand and pricing pressure, yet turned in an operating profit, off only slightly at 27%.

接下來，我們進入業務部門討論環節。在我們的計算和網路業務部門（簡稱 CNBU），第二財季的營收為 18 億美元。PC筆記型電腦業務需求和價格壓力下降，但營業利潤僅略微下降至27%。

Interestingly, customers took forecasted delivery, which we interpreted to be generally positive, as it pertains to overall channel inventory and future shipments. We saw continued growth in our server business, driven by cloud computing and enterprise. Server DRAM bit growth is forecasted up roughly 40%, year on year, in 2015. The growth in server memory is based on increasing server workloads that require high DRAM performance and density. 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.

有趣的是，客戶接受了預測的交貨時間，我們認為這總體上是積極的，因為它關係到整個渠道的庫存和未來的發貨情況。在雲端運算和企業級應用的推動下，我們的伺服器業務持續成長。預計 2015 年伺服器 DRAM 位元成長將年增約 40%。伺服器記憶體的成長是基於伺服器工作負載的不斷增加，這些工作負載需要更高的DRAM效能和密度。我們將繼續投資拓展伺服器業務，因為該領域的成長需求對價格波動較不敏感。

The networking segment delivered strong gross margins, while achieving flat revenue quarter over quarter, despite ASP pressure in the broader DRAM market. Demand remained stable, driven by LTE build out in the emerging markets. Demand for DRAM supplies in growing data communications, video and gaming content is estimated at roughly 20% in calendar year 2015. We believe this will drive higher demand for Micron's memory products and networking going forward next year.

儘管整個 DRAM 市場面臨 ASP 壓力，但網路業務部門實現了強勁的毛利率，同時營收環比持平。受新興市場 LTE 網路建置的推動，需求保持穩定。預計 2015 年，數據通訊、視訊和遊戲內容的成長將帶動 DRAM 供應量成長約 20%。我們相信這將推動明年對美光記憶體產品和網路設備的需求增加。

Our graphics business, led by GDDR5, is another growing specialty DRAM market for Micron. 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. Graphics products for the PC segment also reported growth in Q2. Demand for overall DRAM graphics is projected to be up 25%, year over year, in 2015.

我們的圖形業務，以 GDDR5 為主導，是美光另一個不斷成長的特殊 DRAM 市場。去年，由於技術困難，每個系統的記憶容量翻了一番，今年隨著這些設備的使用範圍從遊戲擴展到計算和家庭娛樂，內存容量將進一步增長。第二季度，PC 領域的圖形產品也實現了成長。預計 2015 年 DRAM 圖形的整體需求將年增 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. Although our SBU operating margins were down quarter over quarter, we believe the business is stabilizing, and should improve going forward.

我們的倉儲業務部門（簡稱 SBU）的營收有所成長——第二季錄得 9.54 億美元，比上一季略有下降。儘管我們的策略性事業單位 (SBU) 營業利潤率較上季下降，但我們相信業務正在趨於穩定，未來應該會有所改善。

We announced three new enterprise products. A co-developed SaaS drive, a new PCIe express drive, and a new SATA-based solution. We also announced strategic alliances with Seagate IBM in the enterprise storage market. Out agreement with Seagate provides an opportunity to sell high-performance MLC components, and accelerates our expansion into the enterprise SaaS SSD market. 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. 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.

我們發布了三款新的企業級產品。共同開發的 SaaS 驅動器、新型 PCIe 驅動器和新型 SATA 解決方案。我們也宣布與希捷IBM在企業儲存市場建立策略聯盟。我們與希捷的協議為我們提供了銷售高性能 MLC 組件的機會，並加速了我們向企業級 SaaS SSD 市場的擴張。美光目前的客戶端和企業級硬碟均基於我們屢獲殊榮的 16 奈米 MLC 技術，由於其性能優於競爭對手的平面 TLC 硬碟，越來越多的客戶正在尋求這種技術。我們看到平面 TLC SSD 在通路中存在價值細分市場，並預計 Micron 品牌的 16 奈米 TLC 用戶端硬碟將於今年第三季末、第四季初出貨。

The mobile business, or MBU, had another strong quarter. MBU revenues came in at $856 million, with operating margins at 31% in Q2. We have indicated on prior calls that our main focus on mobile is optimizing the business for profitability and diversifying the customer base. The team has done a nice job executing to these objectives.

行動業務（MBU）又迎來了一個強勁的季度。MBU 第二季營收為 8.56 億美元，營業利益率為 31%。我們在先前的電話會議中已經表明，我們在行動領域的主要重點是優化業務以提高盈利能力和實現客戶群多元化。團隊在實現這些目標方面做得很好。

We continue to see strong demand for our mobile products. One example is the increasing prevalence of 3 and 4 gigabyte low powered DRAM configurations in the super, mid and high end smartphone segments. We also continue to see significant growth opportunities for Micron in eMCPs. eMCPs generally include 1 to 2 gigabytes of low-power DRAM, and 8 to 16 gigabytes of NAND, in an integrated package. 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.

我們持續看到市場對我們行動產品的需求強勁。例如，在高階、中階和高階智慧型手機領域，3GB 和 4GB 低功耗 DRAM 配置越來越普及。我們也持續看到美光在電子微控制器處理器（eMCP）領域擁有巨大的成長機會。eMCP 通常包含 1 至 2 GB 的低功耗 DRAM 和 8 至 16 GB 的 NAND，整合在一個封裝中。憑藉我們創新的 DRAM 已知良好晶片產品和 16 奈米 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. We remain bullish on memory content in mobile, as evolving system architectures still increased density requirements in all handset segments. 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.

eMCP 的營收季增 70%，行動 NAND 位元出貨量與第一季相比幾乎翻了一番。我們仍然看好行動裝置的記憶體容量，因為不斷發展的系統架構仍然提高了所有手機細分市場的記憶體密度要求。更高性能的 64 位元應用處理器（SoC），支援（聽不清楚）操作系統平台和更豐富的應用程序，以及更大的屏幕尺寸和更高級的遊戲，所有這些都有助於提高內存密度，從而提供更令人滿意的體驗。

Our embedded business posted revenue of $502 million, and operating margins were up slightly quarter over quarter to 23%. The automotive segment continues to drive EBU performance, with a revenue increase of over 10% when compared to the same quarter in FY14. 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.

我們的嵌入式業務營收為 5.02 億美元，營業利潤率較上季略微上升至 23%。汽車業務部門持續推動 EBU 的業績成長，與 2014 財年同期相比，營收成長超過 10%。我們將繼續投資客製化細分市場解決方案，以鞏固我們在嵌入式記憶體市場所有 EBU 細分市場的領先地位，包括 IMM、工業、醫療和多市場、遊戲和智慧家庭。

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. 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.

我們看到美光下一代串列 NOR Flash 產品系列受到了市場的熱烈歡迎，並且應該會受益於開放的行業標準化協議的簽署。我們在第二季開始向客戶進行 16 GB 和 32 GB eMMC 版本 5.0 的資格樣品測試，並開始生產嵌入式 SSD 產品，以滿足我們汽車、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. In fact, now, DRAM and NAND now make up more than 70% of our overall embedded business, and growing.

包括 DRAM、NAND 和 NOR 在內的完整內存解決方案組合，以及行業整合，正在增強美光作為一家穩定、專注於嵌入式市場的內存解決方案供應商的嵌入式價值主張。事實上，目前 DRAM 和 NAND 已占我們整個嵌入式業務的 70% 以上，並且還在持續成長。

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

最後，我們對記憶體產業的長期發展前景充滿信心，並將繼續專注於長期優化利潤率和回報。然後，我就把它還給基普了。

Thanks, Mark. We would now like to take questions from callers. Just a reminder. If you are using a speakerphone, please pick up the handset when asking a question, so that we can hear you more clearly. And with that, please open up the lines.

謝謝你，馬克。現在我們來回答聽眾的提問。提醒一下。如果您正在使用免持電話，請在提問時拿起聽筒，以便我們能更清楚地聽到您的聲音。那麼，請開通電話。

(Operator Instructions)

（操作說明）

Harlan Sur from JPMorgan.

來自摩根大通的哈蘭·蘇爾。

Good to see your DRAM bit supply on an upward trajectory. 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. But good to see that back on a growth trajectory. Can you help us understand, what are the drivers for the bit supply decline in NAND in the May quarter? And do you guys expect the resumption of supply growth, starting in the August quarter?

很高興看到你們的DRAM位供應量呈現上升趨勢。我知道有人擔心 25 奈米和 20 奈米技術的過渡以及一些初步的準備工作可能會抑制 5 月的供應成長。但很高興看到它重回增長軌道。您能否幫我們了解一下，導致5月NAND快閃記憶體比特供應量下降的驅動因素是什麼？你們預計供應成長會從八月開始恢復嗎？

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

有兩件事。其中一個主要問題是產品組合問題，因為我們的產品正逐漸轉向行動和終端產品 SSD。第二個因素是，我們正在讓我們的工廠做好準備，既要過渡到新的製程技術，即 16 奈米 TLC，又要為——在新加坡——啟動 3D 製造流程做準備。

Thanks for that. And then, I think on the last call, you talked about relatively high levels of inventories of SSDs coming out of fiscal Q1. What's your assessment of SSD inventory levels exiting Q2? And then if you can give us an update on your 16 nanometer SSD products? I think you might have mentioned it. Sorry if I missed it. But I think you were talking about, last time, ramping 16 nanometer SSD, second half of this year?

謝謝。然後，我想在上次電話會議上，您談到了第一財季 SSD 庫存水準相對較高的問題。您如何評估第二季末固態硬碟庫存水位？那麼，您能否為我們介紹一下貴公司16奈米固態硬碟產品的最新進展？我想你可能提過這件事。如果我錯過了，請見諒。但我記得你上次說的好像是今年下半年要加大16奈米固態硬碟的產能？

That's right. Our assessment is that the industry inventory position on SSDs is improving. We actually think the pricing in the NAND business is stabilized, quarter to date. 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. 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.

這是正確的。我們評估認為，固態硬碟的產業庫存狀況正在改善。我們認為，就本季至今而言，NAND 業務的定價實際上已經趨於穩定。相對於美光的性能而言，我們有許多基於我們 16 奈米 MLC 的產品正在以合格標準交付給 OEM 廠商。有趣的是，我們發現很多人——或者說我們的一些客戶——因為競爭對手的產品在性能、耐用性和可靠性方面出現了一些問題，而重新選擇使用基於 MLC 的 SSD 硬碟。

Thank you.

謝謝。

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. The business swung through losses. I think you partially explained that, but maybe we could talk about that a little bit? And then, you've given some reasons why those losses should reverse back to profits. But I was wondering if you could talk through, maybe, a road map to getting to acceptable margins? And where you see, maybe, margins exiting the calendar year, et cetera?

我想問您能否稍微深入了解一下倉儲業務部門的情況。這家企業經歷了虧損。我覺得你已經部分解釋了，但或許我們可以再詳細談談？然後，您也給了一些理由，說明為什麼這些虧損應該會轉為獲利。但我很想知道，您能否詳細談談，或許可以製定一個實現可接受利潤率的路線圖？那麼，您可能會看到，在日曆年結束時的利潤率等等？

This is Mark Adams. I will take the question. The -- we try to avoid speculating on future pricing and projecting margins out in the future. But I will comment that we continue to feel really good about the execution of the team in delivering against closing the gap competitively. And for all the reasons we've talked about in the past, those signs are happening. I talked about, in my earlier comments, how our mobile NAND business is growing, quarter over quarter, at a very successful growth trajectory. I think that the 16 nanometer MLC SSDs that I communicated just a second ago are pretty good.

這位是馬克·亞當斯。我將回答這個問題。我們盡量避免對未來的價格進行推測，也避免對未來的利潤率進行預測。但我必須指出，我們對團隊在縮小競爭差距方面所取得的成績仍然感到非常滿意。正如我們過去討論過的所有原因一樣，這些跡象正在發生。我在之前的評論中提到過，我們的行動 NAND 業務正以非常成功的成長軌跡逐季成長。我認為我剛才提到的 16 奈米 MLC SSD 相當不錯。

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

我們與 C gate 的聯盟，以及快速的開發，讓我們能夠比以往更早進入快速發展的市場，這非常好。正如我們上週在與英特爾共同發布的 3D NAND 技術公告中向市場所評論的那樣，我們仍然認為我們在 3D NAND 領域處於非常有競爭力和市場領先地位。所以，鑑於所有這些條件都已具備，我們對 NAND 非常看好，並且我們仍然認為我們將縮小差距。

Great. That's very helpful. Thanks so much.

偉大的。那很有幫助。非常感謝。

Mark Delaney from Goldman Sachs.

來自高盛的馬克·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? And if you could just talk -- I know you don't want to give specific pricing guidance. But if you could at least talk to the trajectory, or the linearity of DRAM ASPs over the course of the second quarter? And what sort of confidence that may or may not give you, as you look into second half overall DRAM supply and demand trends?

我希望您能更詳細地談談您對下半年DRAM產業的展望？如果您能直接說的話——我知道您不想給出具體的定價指導。但如果您至少可以談談第二季 DRAM 平均售價的走勢或線性變化呢？那麼，在展望下半年DRAM整體供需趨勢時，這會為你帶來怎樣的信心呢？

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

馬克，我是馬克亞當斯。我認為，整體而言，我們仍然看好DRAM的未來發展，原因如下。首先，我們認為今年下半年行動端市場將會非常強勁，而且種種跡像也顯示了這一點。我們認為，個人電腦（PC）的一些產能需要轉移到那裡，以抓住這個機會，這將平衡目前個人電腦市場的一些狀況。

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

我不太確定該如何評價個人電腦市場，只能說我們認為它還有很大的進步空間，因為它目前的表現並不理想。我們認為，隨著微軟新作業系統的發布、假日的到來等等，今年下半年情況應該會比現在好得多。除此之外，當我們審視我們的業務時，我們認為，正如我們過去所討論的那樣，這是一個更理性的行業，隨之而來的是更好的行為。正如馬克之前所說，我們將採取正確的措施來經營我們的業務。

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

如果這意味著不能以低於可接受的價格出售庫存，我們也會這樣做。所以，如果我綜合考慮所有這些因素，並考慮到其他終端市場的成長，我認為我們仍然對DRAM在下半年的發展前景持相當樂觀的態度。

That's helpful. And actually gets to my follow-up question, which is around your comments you were making about holding inventory. Can you elaborate along -- about how long you think you can hold inventory? And then you just talk about what would happen -- have to happen if you were sitting on inventory and market pricing continued to decline? How quickly you have to true-up your inventory with pricing in the market?

那很有幫助。這實際上引出了我的後續問題，也就是關於你之前提到的庫存持有問題。您能否詳細說明一下—您認為庫存可以持有多久？然後你就談談如果庫存積壓而市場價格持續下跌會發生什麼事——必然會發生什麼事？你需要多快將庫存價格與市場價格進行比對？

Interestingly, let me comment on one thing around inventory. You didn't really ask for it, but I'll get to your answer. Channel inventory has increased a little bit, and since the first quarter. Now, my interpretation of that is pretty positive. The people who accumulate this inventory in the channel, that's how they make money. They make money by taking inventory and waiting to sell in a better market. And the accumulation of -- it is not dramatic, but it is probably now a 4 to 6 weeks in DRAM and NAND.

有趣的是，我想就庫存問題發表一下看法。雖然你沒問，但我還是會回答你的問題。渠道庫存略有增加，而且是自第一季以來增加的。現在，我的解讀是相當正面的。那些在通路中累積庫存的人，就是靠這個賺錢的。他們透過囤積庫存，等待市場行情好轉後再出售來賺錢。而且，DRAM 和 NAND 的累積量雖然不大，但現在可能已經達到 4 到 6 週了。

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. I happen to believe that's a pretty positive sign. 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. 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. We would just move our capacity to better end markets.

仔細想想，他們現在正以當前的市場價格購買內存，押注市場反彈，而這些人都是在這個行業摸爬滾打了相當長一段時間的老手了。我認為這是一個相當積極的信號。現在回到你問的我們如何做到這一點，我不會給你一個具體的數字或幾週的時間，或其他什麼。但我們相信，鑑於我們終端市場的多樣性，這更多的是我們如何調整產能的問題，而不是我們積壓了大量舊庫存的問題。我們只是將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.

來自 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?

為了澄清一下，你們預計DRAM比特的產量將實現接近兩位數的成長，但出貨量和收入方面則基本上持平？

That's right.

這是正確的。

All right. So the second question I have is, if you look quarterly, ASP guidance of DRAM, you're guiding minus 9%. It was about minus 6% last quarter. When do you think we see some stabilization in PC DRAM pricing? And also, if you could talk about pricing in the other segments of DRAM, like mobile DRAM and server DRAM, going forward?

好的。所以我的第二個問題是，如果你查看季度 DRAM 的平均售價預期，你們的預期是 -9%。上個季度約為負6%。您認為PC DRAM價格何時才能趨於穩定？另外，您能否談談未來DRAM其他細分市場（例如行動DRAM和伺服器DRAM）的定價策略？

Sure. So Monika, this is Mark Adams again. Relative to pricing, you know it's hard for us to get on that, and try to make projections out in the future. 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. We do believe that, for the reasons I stated earlier, that the overall DRAM business will remain in pretty good shape. We don't see massive price pressure in any of the other segments.

當然。莫妮卡，我是馬克亞當斯。關於定價，您也知道我們很難對此做出預測，也很難對未來進行預測。我想說的是，比較 9% 和 6%（第二季和第三季），請記住，6% 的基數在第一季要高得多，因此 9% 和 6% 並不是真正意義上的同類比較。基於我之前所述的原因，我們相信整個DRAM業務將保持相當良好的發展態勢。在其他任何細分市場，我們都沒有看到巨大的價格壓力。

Our down 6%, actually interesting, in Q2, was PC down a lot more than 6%, and the other segments flat to even some better. So what I would say there is that we don't see a lot of pressure in the other segments at this point. Now remember, each of the businesses -- this is what's great about diversification. Each of these businesses act differently. 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. But when you look at things like mobile, mobile is a different business.

我們第二季業績下降了 6%，這其實很有意思，其中個人電腦業務下降幅度遠超 6%，而其他業務板塊則持平甚至有些更好。所以我想說的是，目前我們並沒有看到其他領域面臨太大的壓力。請記住，每家企業——這就是多角化經營的妙處。這些企業各自的經營方式都不一樣。例如，商品組件 DRAM 業務就是我們一直以來所知道的那樣，它在我們業務中所佔的比例要小得多。但如果你看看行動領域，行動領域的情況就完全不同了。

It a design end business. More concentrated customers, and there are a number, 10 to 15 major customers, that we fell to. And we negotiate with them, and we negotiate more long-term, and so that's a different business. So the pricing dynamics are much different. The fact that pricing stayed good is a great sign for us in mobile. And our costs are going to get better, and as we grow our market share, we are going to continue to expand that business.

它是一家以設計為最終目標的企業。客戶群更加集中，其中有 10 到 15 個主要客戶，我們最終敗下陣來。我們會與他們談判，而且是進行更長期的談判，所以這是另一回事。因此，定價機制也大不相同。價格維持合理水準對我們行動領域來說是個好兆頭。我們的成本將會降低，隨著市場佔有率的成長，我們將繼續擴大業務。

And that's true if we look at each of the segments, whether it be embedded, mobile, networking and automotive. That's all true, in terms of how we look at the business. We take each of them as individual segments that run differently.

如果我們分別審視各個細分領域，無論是嵌入式、行動、網路或汽車領域，情況都是如此。從我們看待業務的角度來看，這些說法都是正確的。我們將它們視為各自獨立的組成部分，運作方式各不相同。

Thank you. That's all for me.

謝謝。我的內容就這些了。

Mehdi Hosseini, Susquehanna.

Mehdi Hosseini，Susquehanna。

Two questions here. First, given your ASP cost and bit production and shipment trend, how should we think about trends in DRAM margin profile by different segments? Particularly for PC, mobile and server DRAM from the reported quarter to the current quarter? And I have a follow-up.

這裡有兩個問題。首先，考慮到您的 ASP 成本和位元生產及出貨趨勢，我們應該如何看待不同細分市場的 DRAM 利潤率趨勢？特別是從上一季到本季度，PC、行動裝置和伺服器DRAM的流量變化情況如何？我還有一個後續問題。

Mehdi, this is Kipp. 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.

Mehdi，我是Kipp。我們不會深入探討各業務部門的毛利率，但如果您願意，我們會給您另一個機會提出其他問題。

Sure. How should we think about the impact of [field] building inventory, since you think DRAM is going to be higher? How should we think about the impact of the inventory total on the margin profile in the current quarter?

當然。既然您認為DRAM會更高，我們應該如何看待（現場）建築庫存的影響？我們該如何看待庫存總量對本季利潤率的影響？

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. But the fact that we're talking about this -- and by the way, it's nothing new. 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. As we move into the back half of the year, we're seeing a lot of signals. Mark talked about a bunch of them.

我認為答案是，Mehdi——我是Mark Durcan——我認為答案是一樣的，那就是我們不會試圖預測利潤率。但我們現在正在討論這件事——順便說一句，這並不是什麼新鮮事。但我們願意持有一定庫存這一事實，實際上反映了我們擁有很大的信心。隨著我們進入下半年，我們看到了許多訊號。馬克談到了其中很多事。

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. So we've got a lot of confidence that this business is going to be pretty solid in the back half of the year. And that's probably about all we can say about it.

我想說，即使在計算業務領域，我們也從一些客戶那裡得到訊號，他們可能想要了解更長期的訂購模式等等。因此，我們非常有信心，這項業務在今年下半年將會非常穩健。關於這件事，我們大概只能說這麼多了。

Fair. And looking into the NAND, and the alliance with SiGe and the recent optimism about 3D NAND, especially looking into the 48th layer. And the fact that Intel also has some collaboration with (inaudible). How do all these dynamics play out into 2016, when maybe a 48th layer 3D NAND would become cost effective to commercialize? You have direct alliance with SiGe, then you have indirect supply into Western Digital through Intel. Any thoughts, or any qualitative assessment, that you can offer us, looking into next year, giving this kind of a dynamic?

公平的。並研究 NAND，以及與 SiGe 的聯盟，以及最近對 3D NAND 的樂觀態度，特別是研究第 48 層。而且英特爾還與（聽不清楚）有一些合作。所有這些動態因素在 2016 年會如何發展？屆時，或許 48 層 3D NAND 的商業化成本將會變得具有競爭力。你與 SiGe 有直接的合作關係，然後透過英特爾間接向西部數據公司供貨。鑑於這種動態變化，您對明年的發展有何想法或定性評估？

Yes, let me just say this, Mehdi. We complete with Intel in the marketplace. We have for a long time. 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. 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. And so we think that over time, we are well-positioned to do well in that business.

是的，我只想說一句，梅赫迪。我們在市場上與英特爾競爭。我們一直都是這樣。我們預計，無論是英特爾還是西部數據公司出貨的英特爾產品，都將具有競爭力——或者說，將在 2016 年與美光解決方案在市場上競爭。好消息是，我們認為我們已經擁有了出色的 3D NAND 解決方案，而且美光也擁有充足的產能。因此我們認為，隨著時間的推移，我們有能力在這個行業中取得好成績。

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?

但如果 3D NAND 將成為（顛覆性的）技術，成為催化劑，那麼當你實際上向這三個不同的實體供貨時，你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. That's a big piece of the solution. 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. 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.

記住，邁赫迪，我們與英特爾的合作關係是共同發展核心技術。這就是解決問題的關鍵。其他領域包括 SaaS 控制器、韌體、軟體以及你所代表的其他各方（例如 Sige 和 Western Digital）的市場推廣能力，這些都是將成熟的企業級 SaaS SSD 推向市場的必要條件。所以，當我們審視這個問題時，會發現這是我們與合作夥伴共同開發的核心技術，它實際上有兩種途徑，一種是英特爾透過他們的管道進行推廣，另一種是我們透過我們自己的管道進行推廣。

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

順便說一句，如果他們表現出色，我們很樂意向他們出售一些NAND快閃記憶體。

Got it. Thank you.

知道了。謝謝。

CJ Muse from Evercore.

來自 Evercore 的 CJ Muse。

First question, regarding your pricing guide for DRAM, down high single digits. Can you talk about what like-for-like pricing looks like, versus mix shift?

第一個問題，關於你們的DRAM定價指南，價格要低至個位數。您能談談同類產品定價與產品組合調整之間的差異嗎？

When you think about the pricing like-for-like, the overall pricing, I think we guided down, was 9% for the quarter. So high single digits. And as I said, I made the comment earlier that that was really driven by where we exited Q2, going into Q3. As some of the mix changes, to think about our business, mobile, server and the other markets had pretty stable pricing. 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.

如果以同類產品定價，我認為本季整體定價下調幅度為 9%。所以是接近兩位數的低點。正如我之前所說，這實際上是由我們在第二季末進入第三季的情況所決定的。隨著部分產品組合的變化，就我們的業務而言，行動端、伺服器端和其他市場的價格都相當穩定。因此，我們給出的業績指引出現許多波動，是因為上一季開局較高，收尾較低，而且我們目前的基數也較低。

Okay. That's helpful. And then as my follow-up, can you walk through the progression that you see, in terms of the 20 nanometer ramp at Inotera? When you start to see bit production, and then when you expect to actually have shipment and revenues? And then I guess, over time, what are the milestones, in terms of percentage of your overall DRAM mix? At whatever time frame you want to discuss?

好的。那很有幫助。接下來，您能否詳細介紹一下您在 Inotera 看到的 20 奈米製程發展進程？何時開始看到產量成長，以及何時預計真正實現出貨和獲利？那麼，隨著時間的推移，DRAM 在您的整體產品組合中所佔的百分比，其里程碑是什麼？你想在哪個時段討論？

Let me characterize it generally for Micron. And then I think, relative to Inotera, you can get some more specifics from them. 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. And by the time we get into the first half of 2016, it will be the majority of our bit mix.

讓我概括地描述一下美光的情況。然後我認為，相對於 Inotera，你可以從他們那裡獲得一些更具體的資訊。但對於 20 奈米製程，我們說 2016 年下半年將會——抱歉，是今年下半年將會加速發展。到 2016 年上半年，它將成為我們音頻組合的大部分。

And when you say ramping, that is production? Or that is shipment?

你說的「逐步提高產量」是指生產嗎？還是那是出貨？

That is production.

這就是生產。

And how should we think about --

我們該如何看待——

There will be -- let me say it this way, then. There will be significant shipments in Q4 of the calendar year for Micron.

那我就這麼說吧。美光公司今年第四季將有大量產品出貨。

Great. Thank you.

偉大的。謝謝。

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? You gave some highlights, in terms of what the actual numbers are. But wondering, qualitatively, what's happening in the market? A lot of this positive thesis on the DRAM industry was some sort of rationalization that's occurring in the industry -- rational behavior. So I'm just wondering if you are seeing that continue? You can describe a little bit about that?

能否請您談談DRAM和NAND快閃記憶體的競爭價格環境？您重點介紹了一些實際數字。但從定性角度來看，市場正在發生什麼事？許多關於 DRAM 行業的積極論點，實際上是該行業正在發生的某種合理化——理性行為。所以我想知道你是否也觀察到這種情況？能簡單描述一下嗎？

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

當然。正如我今天在我們的演講稿和一些評論中所強調的那樣，個人電腦領域中一些顛覆性變革的真正催化劑實際上是需求方。我認為，如果你和從事PC行業的其他人，比如硬碟廠商、CPU廠商等等交談，就會發現PC筆記型電腦銷量的下滑是造成這種情況的部分原因。現在讓我們感到有趣的是，其他任何片段都沒有出現這種情況。

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

當你思考我們今天的業務狀況，以及它幾年前的發展歷程時，你會發現，是的，我們某個細分市場的定價在第一季——抱歉，是第二季度——確實面臨一些壓力。我們對公司其他方面的業務感覺相當不錯，這也反映在我們的業績上。所以，當我考慮我們的定價時，很明顯——如果你看看行業定價，看看每千兆比特和DRAM的價格，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. And we are going continue to try to drive it up. And with that, that might mean holding inventory, like we said. It might mean moving capacity to other segments, server, networking, mobile, so on and so forth. And so that is the picture today. And I think that my comment earlier, about what the timing of channel inventory, and even our customer reaction. 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.

所以，至少從歷史上看，我們一直是這樣，而且我們今天也感覺如此。我們將繼續努力提高它。因此，正如我們所說，這可能意味著需要持有庫存。這可能意味著將產能轉移到其他領域，例如伺服器、網路、行動等等。這就是今天的情況。而且我認為我之前的評論，關於渠道庫存的時間安排，甚至是我們客戶的反應。上個季度，我們有一些客戶嘗試取消季度定價，但他們又回來找我們，希望恢復季度定價。

So we are generally bullish on the dynamics of pricing in the market. 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. We do not think it's major. Yes, it -- so you can measure it. But the rest of our business is pretty good.

因此，我們整體來看好市場定價的動態。沒錯，個人電腦和筆記型電腦的需求確實為產業帶來了一些變革，也為這個產業帶來了一些衝擊。我們認為這不是什麼大事。是的，它可以被測量。但我們其他業務都相當不錯。

Okay. Thanks for that. And on the NAND side, you talked about NAND pricing stabilizing a bit. Just wondering what's driving that stabilization? And can you comment, in terms of what percentage of your NAND business will be TLC, exiting this year? And should we start to see NAND gross margins increase, as we exit this year? Thank you.

好的。謝謝。至於 NAND 快閃記憶體方面，您提到 NAND 快閃記憶體的價格已經趨於穩定。想知道是什麼因素促成了這種穩定局面？您能否就今年退出NAND業務的TLC產品佔比發表一下看法？今年接近尾聲，我們是否會看到 NAND 快閃記憶體的毛利率開始成長？謝謝。

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. 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. We believe that will happen. TLC, today, is less than 10%.

當我們思考我們的業務時，我們會思考終端市場、它們的走向以及產品將走向何方——產生最高的回報，並實現我們在 NAND 領域的戰略目標。從競爭角度來看，我們相信，在本財年下半年以及整個 2015 年，我們將縮小與競爭對手之間的差距。我們相信這會發生。如今，TLC 的佔比不到 10%。

It's not a large number today. And as we ramp our fabs, it won't be materially much larger. We will see some growth in the back half of the year, but it won't be materially much larger. 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. And so we will seek TLC growth at Micron, but we're not going to do it just to do it. We need to make sure that we're getting the right value for it, and that's important to us to run our business.

如今這個數字並不大。隨著我們工廠產能的提升，其規模不會大幅擴大。今年下半年會有一些成長，但不會大幅增加。因為我們還有其他業務，無論是行動領域，還是我之前提到的我們面向一級OEM廠商的MLC 16奈米產品的成功。因此，我們將在美光尋求TLC成長，但我們不會為了成長而成長。我們需要確保獲得應有的價值，這對我們經營業務至關重要。

Thank you.

謝謝。

Tristan Gerra, Baird.

特里斯坦·格拉，貝爾德。

Given this trend to the US dollar, there's been some concern about potential (inaudible) of [DUM] content (inaudible). Is that a trend that you are currently seeing, or expect in the second half?

鑑於美元的這種趨勢，人們對潛在的（聽不清楚）[DUM]內容（聽不清楚）有些擔憂。這是您目前觀察到的趨勢，還是您預計下半年會出現的趨勢？

Yes, I think, for us, this question around FX is really more a question around what is worldwide GDP growth going to be? We are a global company. We've got global customers. Some will do better in some FX situations, and some will do slightly worse. 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.

是的，我認為，對我們來說，關於外匯的問題實際上更多的是關於全球GDP成長將會如何的問題？我們是一家全球性公司。我們的客戶遍佈全球。有些外匯交易員在某些外匯交易情況下表現會更好，有些則會略遜一籌。但除非全球 GDP 成長出現劇烈波動，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都處於相當有利的地位，其中一些客戶在某些情況下會表現得更好，而另一些客戶則不會。

So we are not overly worried about it. Obviously, we have manufacturing in Japan, and there's a certain cost reduction associated with the weakening yen. Obviously, we've got some manufacturing in Singapore, and certain costs associated with the strengthening sing. But net-net for Micron, these aren't huge effects.

所以我們並不太擔心。顯然，我們在日本有生產基地，日圓貶值帶來了一定的成本降低。顯然，我們在新加坡有一些生產製造業務，並且與加強生產相關的某些成本。但總的來說，對美光來說，這些影響並不大。

Okay. And then, what is the ramp of 3D NAND mean some of the equipment we use 10 point? Is this going to be a significant percentage of your existing equipment? And could this impact DRAM production next year, if some of the equipment gets shifted to other memory product lines?

好的。那麼，3D NAND 的斜坡是什麼意思呢？我們使用的一些設備是 10 點嗎？這是否會佔您現有設備的很大比例？如果部分裝置轉移到其他記憶體產品線，這會對明年的 DRAM 生產產生影響嗎？

Absolutely. We plan a lot of equipment reuse as we transition planar NAND to 3D NAND. I assume that was the question, is 3D NAND transition?

絕對地。在將平面 NAND 過渡到 3D NAND 的過程中，我們計劃大量重複使用設備。我猜這個問題就是：3D NAND 是否正在轉型？

Yes.

是的。

So there is incremental equipment required, there is incremental floor space. 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. Generally speaking, we will trade out planar NAND wafers for incremental -- for 3D NAND wafers. And we think that is the most capital-efficient way to run the business.

因此，需要增加設備，也需要增加佔地面積。我們有一些工具，所有這些工具都可以在我們業務的其他部分重複使用——或者說，絕大多數工具都可以在我們業務的其他部分重複使用。總的來說，我們將用增量式（3D）NAND晶圓取代平面NAND晶圓。我們認為這是最節約資本的經營方式。

Great. Thank you.

偉大的。謝謝。

Kevin Cassidy from Stifel.

來自 Stifel 的 Kevin Cassidy。

Maybe along those lines also, with 3D NAND, is that a drag on gross margins as it first ramps into production? And when do you think would be the crossover, where it could be a tailwind to gross margin?

或許從這個角度來看，3D NAND 在量產初期是否會拖累毛利率？你認為何時會出現轉捩點，屆時它可能會成為提升毛利率的利多因素？

Yes, sure. It's almost always a short-term drag on GM when you make the transition like this. You've got new tools coming in, takes a while to qualify them, get them loaded, et cetera. And there are inefficiencies associated with yield ramps, et cetera. 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.

當然可以。像這樣進行轉型，幾乎總是會在短期內對通用汽車造成拖累。你們有新的工具要引進，需要一段時間來驗證它們的有效性，載入它們等等。此外，產量提升等方面也存在效率低下的問題。所以我們有理由感到安心，到今年年底，也就是本日曆年結束的時候，我們的情況會相當不錯。

Okay. Great. And you also mentioned that, if the DRAM pricing isn't what you expect, you're willing to hold inventory. Is there any willingness to cut CapEx? Or is that fixed for this year?

好的。偉大的。您也提到，如果DRAM價格不符合您的預期，您願意持有庫存。是否有削減資本支出的意願？還是說今年的情況已經固定了？

We would be willing to do that, if we thought the market situation were such that that would make sense to us. I can't actually foresee that, sitting here today. 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. But as we sit here today, we just told you, we think things are looking pretty good. So we're not anticipating making any major changes, as we sit at the table today.

如果我們認為市場情勢允許，我們願意這樣做。我今天坐在這裡，真的無法預見到這一點。顯然，當我們考慮 2016 年的計劃以及更長遠的事情時，我們會考慮到未來幾個月和幾個季度的市場走向。但正如我們剛才所說，今天我們坐在這裡，認為情況看起來相當不錯。因此，就我們今天在座的各位而言，我們預計不會做出任何重大改變。

Okay. Thanks.

好的。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. What is the ideal mix that you see your mix of DRAM, a year from now? Is it PC DRAM at the 20% level? Or do expect it to decline, and then come back maybe to 30%?

就DRAM方面而言，您曾表示PC DRAM，您認為它在未來幾季將會下滑。您認為一年後理想的DRAM記憶體組合應該是什麼樣的？是PC DRAM記憶體使用率只有20%嗎？或者您預計它會下降，然後可能回升到 30%？

I think directionally, where you were going initially was right. We think, over time, that it will decline as a percentage of the mix, and a lot of it does depend on the business. But I think directionally, that -- we think you are spot on.

我認為從方向上看，你最初的方向是對的。我們認為，隨著時間的推移，它在產品組合中所佔的比例會下降，但這很大程度上取決於企業的具體情況。但我認為從方向上來說，我們認為你的說法完全正確。

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

好的。第二個問題與此有關——聽起來 eMCP 業務是你們的成長動力之一——你是否認為這是推動你們行動業務發展的主要因素？環比增長70%。在 eMMC 領域，鑑於您在 DRAM 方面擁有非常優秀的整合產品，您現在可能沒有在 eMCP 領域那麼大的競爭優勢。

Yes, I think absolutely. In full transparency, we are coming off of a somewhat lower base. 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%. But somewhere up from zero in the last 12 months. So we -- as you identified, it's a strategic play for us, leveraging our portfolio. And quite honestly, given our makeup in the mobile business, we think we've got an advantage over just about anybody in the space.

是的，我完全同意。坦白說，我們的起點相對較低。但我認為我們在之前的電話會議中已經說過，今天我還要再說一遍，我們認為本財年移動業務的 eMCP 將在 25% 左右，略低於 25%。但在過去 12 個月裡，這個數字比零有所上升。所以，正如您所指出的，這對我們來說是一項策略舉措，旨在利用我們的投資組合。坦白說，鑑於我們在行動業務中的組成，我們認為我們比該領域的幾乎所有人都有優勢。

Great. Thanks a lot.

偉大的。多謝。

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? 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?

您能否簡單介紹一下與 3D NAND 技術相關的智慧財產權的所有權歸屬，是美光、英特爾還是合資企業？如果有人擔心侵犯你的智慧財產權，或需要對智慧財產權進行許可，那麼誰來負責談判，或誰來提起法律訴訟？

We are not going to talk about intellectual property strategy, David. But I can tell you that we do the -- we fund the development together. We do it jointly, and we both own different pieces of the intellectual property. But beyond that, there's not a whole lot I want to talk about.

我們不談智慧財產權戰略，大衛。但我可以告訴你，我們確實在共同出資進行開發。我們共同進行，我們各自擁有不同的知識產權份額。但除此之外，我沒什麼特別想說的。

Okay. 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? How are you allocating what you are actually making?

好的。那麼，您能否大致介紹一下貴公司五月季度DRAM產量中PC DRAM伺服器記憶體和行動記憶體的比例？你是如何分配你實際賺到的錢的？

I think we -- I will go back and give you some of the comments I gave earlier. 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. And so we see a blend. It's not just one category picking up for the PC business. Mobile will get some more capacity. We will allocate some server, some PC business to -- bits to server, and we will look at networking [out of those], as well. So that's the full suite of things we evaluate.

我想我們──我會回去把之前我給的一些意見再跟你說。我們認為本季 PC DRAM 的佔比將從第二季的 30% 左右下降到 30% 左右，我們認為這將預示著其他領域的成長，例如行動領域佔比將達到 20% 左右，伺服器領域佔比將達到 20% 左右。因此，我們看到的是一種融合。不只是個人電腦產業的某一類產品在復甦。行動端將獲得更多容量。我們將分配一些伺服器資源，一些PC業務資源給伺服器，我們也會考慮網路方面的工作。以上就是我們評估的全部內容。

Okay. Great. Thanks.

好的。偉大的。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. What is the -- what are the assumptions you are using for the bit shipment for FQ3?

您談到了DRAM方面的庫存情況，並且您說您的產量將實現接近兩位數的成長。你們對第三季的比特出貨量做了哪些假設？

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. 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.

馬克，我認為在業務方面，我們基本上表示出貨量持平，而且我們通常不會對未來的業績指引做更多說明。但我認為你可以從我們先前的評論中看出，我們將做對公司有利的事情，爭取獲得合理的利潤回報，絕對不會進行賤賣。

Okay, great. And then follow-up question on NAND Flash. I thought I heard you say components, 50% of NAND. Could you clarify that? Perhaps I misheard?

好的，太好了。然後是關於NAND快閃記憶體的後續問題。我好像聽到你說的是元件，50%的NAND快閃記憶體。您能解釋一下嗎？我是不是聽錯了？

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? 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. But in addition to that, it actually helps to consolidate the NAND to market by essentially taking out the competitors. Because a lot of raw NAND customers are actually, at the end of the day, they are also competitors [serving] flash cards and SSDs. So could you give us a bit of a road map for how we can expect that percentage of components to decrease going forwards?

然後我想聽聽你們的意見，關於如何從長遠角度解決這個問題？顯然，隨著你增加解決方案的百分比，減少 [原始] NAND 組件的百分比，這顯然對你的利潤率非常有利，基本上是在價值鏈上向上移動以創造——獲取更多價值。但除此之外，它實際上還有助於將 NAND 整合到市場中，從而有效地淘汰競爭對手。因為許多 NAND 快閃記憶體的原始客戶實際上也是閃存卡和 SSD 的競爭對手。那麼，您能否給我們一個大致的路線圖，說明我們未來如何降低這些組件的比例？

Sure, Mark. Let me take that. So the data I spoke to in my opening comments was that in Q2, components shipments was -- includes cards and components. And that is somewhere around the area of 50% of our overall shipments in the quarter, Q2. 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. 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.

當然可以，馬克。讓我來拿吧。我在開場白中提到的數據是，第二季組件出貨量——包括電路板和組件。這大約占我們第二季總出貨量的 50%。僅在第三季度，這個數字就會減少 30%，因為我們將開始像你剛才提到的那樣，從組件和顯示卡銷售轉向行動裝置和固態硬碟銷售。順便一提，這種動態的一部分，以及討論這種情況將如何發展，是我們將在本季度出貨正在生產中的 16 奈米 MLC 認證硬碟，這些硬碟在第二季還沒有達到這個產量。

So the move from components and cards to mobile and client SSD, based on 16 nanometer, certainly is a positive move for us. As you say, we move up the stack. And we continue to drive things like enterprise -- drive both in PCIe and SaaS, as we explained earlier. That's how you should think about our target. 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. We think that all resonates to a better optimized mix of products for our NAND portfolio.

因此，從組件和卡片轉向基於 16 奈米技術的移動和客戶端 SSD，對我們來說無疑是一個積極的舉措。正如你所說，我們向上移動堆疊。我們將繼續推動企業級業務的發展——正如我們之前解釋的那樣，同時推動 PCIe 和 SaaS 的發展。你應該這樣看待我們的目標。我還提到，我認為我們已經給出的指導意見是，在第三季度，NAND 位元成長將保持平穩或下降，因為我們正在考慮 3D 製造裝置的演進，以及轉向我們的一些（聽不清）向 16 奈米 TLC 過渡。我們認為這一切都有助於我們更好地優化 NAND 產品組合。

Great. Thanks. If I could ask one quick follow-up. On -- for LP DDR4, my understanding is, Apple is moving to LP DDR4 for the next iPhone. And also, I understand, 2 gigabytes. Do you have an update on your readiness, or your road map for LP DDR4? When do think that will be ready?

偉大的。謝謝。如果可以的話，我想問一個後續問題。關於 LP DDR4，據我了解，蘋果將在下一代 iPhone 上採用 LP DDR4。另外，我了解到，是 2 GB。請問你們的準備工作進度如何？或者你們針對低功耗DDR4制定了什麼路線圖？你覺得什麼時候能準備好？

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

馬克，我認為可以肯定地說，我們對我們在該領域的處境感到非常滿意，無論是現有的 25 奈米 LP DDR4，還是我們的 20 奈米 LP DDR4 產品。這與其說是美光科技的準備情況，不如說是顧客對下半年及以後產品的需求。

Great. Thanks very much.

偉大的。非常感謝。

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

看來我們還有時間再接聽一位來電者。

Thank you. John Pitzer from Credit Suisse.

謝謝。瑞士信貸的約翰‧皮策。

I want to go back to this idea of building inventory in the May quarter. I'm curious, why that route, and not accelerating the transition to 20 nanometer more quickly? Because clearly, I would argue, if you had 20 nanometer at a larger percent of (inaudible), your cost structure would be better. And I can't remember a time when building inventory, either internally or in the channel, has been a good thing. So I'm curious, why the inventory decision, and not a faster ramp of 20?

我想回到五月季度建立庫存的想法。我很好奇，為什麼選擇這條路，而不是更快推進到 20 奈米製程？因為很明顯，我認為，如果你的 20 奈米製程在（聽不清楚）方面佔比更大，你的成本結構就會更好。我記不清什麼時候建立庫存，無論是內部庫存還是通路庫存，是一件好事。所以我很好奇，為什麼選擇庫存策略，而不是更快增加 20 個單位？

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

是的，約翰，這是馬克。所以，本季我們討論了我們如何做到你剛才提到的那樣，也就是在第二財季，我們對生產線進行了一些調整，開始為 20 奈米製程的升級改造定位設備。這些事情總是關乎平衡，而且今天的市場肯定與去年或前年的市場不同。我們的終端客戶和產品種類相當豐富，我們很有信心，即使本季市場需求不足，我們也能隨著時間的推移銷售一些產品。

Now, we don't know exactly what the market demand looks like this quarter. Maybe we end up not holding anything at all. We've left ourselves some room to maneuver there. 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.

目前，我們還不清楚本季的市場需求如何。或許我們最終什麼也拿不到。我們給自己留了一些迴旋餘地。但我們正在努力在你的建議和產品開發之間找到平衡，然後觀察市場狀況。

That's helpful, guys. 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. 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? Or would you characterize the current spend as accelerated or elevated, because of where we are in the 3D transition or something else? Or just some long-term guidance on R&D and OpEx would be helpful.

這很有幫助，夥計們。然後，也許在我的後續分析中，就營運支出（OpEx）而言，特別是研發支出（RUND）繼續緩慢上升，尤其是研發支出，與收入水平無關。我很好奇，當你們瞄準許多不同的市場領域，推出許多不同的產品時，這種新的研發結構規格在多大程度上會成為我們的預期？或者，您會把目前的支出描述為加速成長或上升，是因為我們正處於 3D 轉型階段，還是因為其他原因？或者，提供一些關於研發和營運方面的長期指導也會很有幫助。

Yes. So just on the R&D piece, there are a lot of different dynamics in play here. Obviously, we've got a lot of new 20 nanometer products that we are going to want to qualify and ramp. 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. So there's that dynamic.

是的。所以，就研發環節而言，這裡有很多不同的因素在運作。顯然，我們有很多新的 20 奈米產品需要認證和量產。因此，我們始終希望確保研發資金的支出不會妨礙產品及時獲得認證並推向市場，正如您剛才建議的那樣。所以，這就是其中的動態因素。

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

我認為還有一個更重要的動態——當我們開始考慮投資我們之前討論過的儲存級記憶體，並且開始——繼續增加資源以使公司能夠利用系統級產品時，研發支出也與以往有所不同。隨著時間的推移，我們可能會減少在其他一些我們投入研發資金的領域上的支出。但就目前而言，我們討論的接下來幾季可能會略有成長，我認為這更多是與技術進步和新產品推出等短期動態有關。

Thanks, guys.

謝謝各位。

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

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。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。

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-Ks. Thank you.

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 does conclude today's Micron Technology second quarter 2015 financial release conference call. You may now disconnect.

謝謝。美光科技2015年第二季財務報告電話會議到此結束。您現在可以斷開連線了。