美光科技 (MU) 2015 Q3 法說會逐字稿

Good afternoon. My name is Karen, and I will be your I will be your conference facilitator today. At this time, I would like to welcome everyone to the Micron Technology's third-quarter FY15 financial release conference call.

午安.我叫凱倫，今天我將擔任你們的會議主持人。此時此刻，我謹代表美光科技公司歡迎各位參加2015財年第三季財務業績發布電話會議。

(Operator Instructions)

（操作說明）

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

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

Thank you, and welcome everyone to Micron Technology's third-quarter FY15 financial release conference call. On the call today is Mr. Mark Durcan, CEO and Director; Mark Adams, President; and Ernie Maddock, our newly-appointed Chief Financial Officer.

謝謝大家，歡迎各位參加美光科技2015財年第三季財務報告電話會議。今天參加電話會議的有：執行長兼董事 Mark Durcan 先生；總裁 Mark Adams 先生；以及我們新任命的財務長 Ernie Maddock 先生。

This conference call, including audio and slides, is also available on our website at Micron.com. In addition, our website has a file containing the quarterly operational and financial information and guidance, non-GAAP information with reconciliation, slides used during the conference call, and a convertible debt and capped call dilution table. If you have not had an opportunity to review the third-quarter FY15 financial press release, it is also available on our website at Micron.com.

本次電話會議的音訊和幻燈片也可在我們的網站 Micron.com 上找到。此外，我們的網站上有一份文件，其中包含季度營運和財務資訊及指導、非GAAP資訊及調節表、電話會議期間使用的幻燈片以及可轉換債券和上限期權稀釋表。如果您還沒有機會查看 2015 財年第三季財務新聞稿，也可以在我們的網站 Micron.com 上查看。

Our call will be approximately 60 minutes in length. There will be an audio replay of the call, accessed by dialing 404-537-3406 with the confirmation code of 68369558. This replay will run through Thursday, July 2, at 11:30 p.m. mountain time. A webcast replay will be available on the Company's website until June of 2016.

我們的通話時間約60分鐘。通話將有錄音回放，可透過撥打 404-537-3406 並輸入確認碼 68369558 收聽。本次重播將持續到7月2日星期四晚上11點30分。山地時間。網路直播回放將在公司網站上提供至 2016 年 6 月。

We encourage you to monitor our website at Micron.com throughout the quarter for the most current information on the Company, including information on various financial conferences that we will be attending. You can also follow us on Twitter @MicronTech. Please note the following Safe Harbor statement.

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。請注意以下安全港聲明。

(Recording) 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.

（錄音）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。我們謹此提醒您，此類聲明均為預測，實際事件或結果可能與預測有重大差異。

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

我們建議您參閱本公司不時向美國證券交易委員會提交的合併文件，特別是本公司最新的 10-K 表格和 10-Q 表格。這些文件包含並指明了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的重要因素。這些具體因素可以在美光公司網站的投資者關係部分找到。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of the presentation to conform these statements to actual results. (End Recording)

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。（錄音結束）

With that, I'd like to now turn the call over to Mr. Mark Durcan. Mark?

接下來，我將把電話交給馬克‧杜爾坎先生。標記？

Thanks, Kipp. For Q3 FY15, Micron posted total revenue of $3.9 billion, within our revenue guidance of $3.8 billion to $4.05 billion. Revenue was sequentially lower, as expected, in fiscal Q3, due to near-term market headwinds, driven primarily by weakness in the PC sector.

謝謝你，基普。2015 財年第三季度，美光科技的總營收為 39 億美元，符合我們先前 38 億美元至 40.5 億美元的營收預期。如預期，由於近期市場逆風，主要受個人電腦產業疲軟的影響，第三財季營收季減。

Net income was $491 million, and earnings per share were $0.42. Non-GAAP net income was $620 million, and non-GAAP earnings per share were $0.54. Free cash flow was approximately $600 million, based upon operating cash flow and capital expenditures of approximately $1.3 billion and $730 million, respectively. The Team executed well in the challenging market conditions during Q3, as we supported our customers across a broad range of market segments.

淨利潤為 4.91 億美元，每股收益為 0.42 美元。非GAAP淨收入為6.2億美元，非GAAP每股收益為0.54美元。自由現金流約 6 億美元，其中經營現金流約 13 億美元，資本支出約 7.3 億美元。第三季度，在充滿挑戰的市場環境下，團隊表現出色，為各個細分市場的客戶提供了支援。

Micron is a memory company that produces technologically advanced components, systems, and subsystems to the global marketplace. As such, it's important that regardless of near-term market conditions, we remain focused on the long term. We are continuing to deploy advanced process technology to enable leading-edge products for our customers and to drive ongoing manufacturing efficiency for Micron.

美光是一家記憶體公司，為全球市場生產技術先進的組件、系統和子系統。因此，無論近期市場狀況如何，我們都必須著眼於長期發展。我們將繼續部署先進的製程技術，為我們的客戶提供領先的產品，並持續提高美光公司的生產效率。

Our customers are looking for a partner in memory system development who is capable of delivering advanced technology systems and solutions that are tuned to their product requirements, and who will provide their product and their companies with a leading-edge position in the marketplace. Today's customers are also looking for ways to gain more innovation and efficiency in their own system design, as memory is being deployed in more ways than ever previously imagined. From cloud servers to mobile infrastructure and automotive design to industrial and medical devices, Micron memory is a preferred memory partner and is at the heart of technology product innovation.

我們的客戶正在尋找儲存系統開發的合作夥伴，該合作夥伴能夠提供符合其產品要求的先進技術系統和解決方案，並為其產品和公司在市場上提供領先地位。如今，記憶體的部署方式比以往任何時候都更加多樣化，因此客戶也在尋求在自己的系統設計中獲得更多創新和效率的方法。從雲端伺服器到行動基礎設施，從汽車設計到工業和醫療設備，美光記憶體是首選的記憶體合作夥伴，也是技術產品創新的核心。

Turning to overall market conditions, we expect stabilizing DRAM ASPs across the broader market over time as we manage our product mix and distribute our capacity to a broad set of value-added market segments. Consistent with prior expectations, we are forecasting DRAM industry supply bit growth in the mid 20s in calendar 2015 and in the low to mid 20%s in calendar 2016. We currently believe that DRAM demand in calendar 2015 in aggregate will be at or exceed supply.

就整體市場狀況而言，我們預計隨著我們管理產品組合並將產能分配到廣泛的增值市場領域，DRAM 平均售價將在更廣泛的市場中逐漸趨於穩定。與先前的預期一致，我們預測 2015 年 DRAM 產業供應比特成長率將達到 20% 左右，2016 年將達到 20% 左右。我們目前認為，2015 年全年 DRAM 的總需求量將等於或超過供應量。

For NAND, the market continues to consume planar NAND at increasing rates, and we look forward to volume production of Micron's differentiated high-performance 3D NAND later this year. We expect the NAND industry supply bit growth in the high 30% range this year and in the mid 30% range next year. We believe supply and demand are in balance this year, and unconstrained demand is above supply in future periods based on currently known capacity plans.

對 NAND 而言，市場對平面 NAND 的需求持續成長，我們期待美光差異化的高性能 3D NAND 能在今年稍後實現量產。我們預計今年 NAND 產業供應量成長率將達到 30% 以上，明年將達到 30% 左右。我們認為今年的供需平衡，根據目前已知的產能計劃，未來一段時間不受限制的需求將大於供給。

We are making good progress with fab expansion in Singapore. We expect the markable will demand all of the 3D NAND output we can produce, given the attractive cost and performance of our technology and an elastic storage market we will sell into.

我們在新加坡的工廠擴建工作進展順利。鑑於我們技術的成本和性能優勢以及我們將要進入的彈性儲存市場，我們預計市場將需要我們能夠生產的所有 3D NAND 產品。

Advanced technology deployment requires focused investment and carefully managed transitions. To effectively execute next-generation technology production at scale, we are converting tools and systems today to allow for testing, samples, and product qualification in the future. These activities drive future growth and margin expansion opportunities in our business, although they often limit short-term bit growth and cost reductions.

先進技術的部署需要重點投資和精心管理的過渡。為了有效地大規模執行下一代技術生產，我們正在對目前的工具和系統進行改造，以便將來能夠進行測試、樣品製作和產品認證。這些活動推動了我們業務未來的成長和利潤擴張機會，儘管它們通常會限制短期內的利潤成長和成本降低。

We are continuing to make capital investments today to position ourselves for next-generation production capabilities and for technology leadership. As always, we will manage our capital to deliver long-term returns and shareholder value.

我們今天仍在繼續進行資本投資，為下一代生產能力和技術領先地位做好準備。我們將一如既往地管理好資本，以實現長期回報和股東價值。

For today's call I've asked Mark Adams to summarize our operational and BU results. I'd also like to welcome Ernie Maddock, our recently-appointed CFO. Ernie possesses outstanding industry experience, has hit the ground running, and we are excited to have him on the Team. He will cover Q3 financials and Q4 guidance. I'll return at the end of the prepared remarks with a quick summary and lead into Q&A. Mark?

在今天的電話會議上，我請 Mark Adams 總結一下我們的營運和業務單位業績。我還要歡迎我們新任命的財務長厄尼·馬多克。Ernie擁有豐富的業界經驗，迅速進入工作狀態，我們很高興他能加入團隊。他將介紹第三季財務數據和第四季業績展望。在準備好的發言結束後，我會做一個簡短的總結，然後進入問答環節。標記？

Thank you, Mark. I will begin by providing an update on our key technology development initiatives, then review our DRAM and NAND businesses, and conclude my portion of the call with commentary on each of our four business units.

謝謝你，馬克。我將首先介紹我們關鍵技術發展計劃的最新進展，然後回顧我們的DRAM和NAND業務，最後對我們的四個業務部門分別進行評論，結束本次電話會議。

On the technology deployment front, we remain focused on three major technology initiatives. Completing the ramp of our 25-nanometer DRAM technology, driving scale output of our 20-nanometer DRAM technology, and the launching of our 3D NAND technology. We are currently shipping early-production 20-nanometer DRAM, and we'll continue to ramp throughout the remainder of this year.

在技​​術部署方面，我們仍然專注於三項主要技術舉措。完成了 25 奈米 DRAM 技術的量產，推動了 20 奈米 DRAM 技術的規模化生產，並推出了 3D NAND 技術。我們目前正在出貨早期生產的 20 奈米 DRAM，並將於今年剩餘時間內繼續提高產量。

We are expecting bit crossover in the first half of calendar 2016. We are still on track for low-volume production of 3D NAND in the second half of 2015, ramping to a significant percentage of our trade NAND supply in calendar 2016.

我們預計 2016 年上半年將出現比特交叉。我們仍按計劃在 2015 年下半年開始小批量生產 3D NAND，並在 2016 年將其產量提高到我們貿易 NAND 供應的相當大比例。

Now, let me discuss our DRAM and NAND businesses. Let's begin with our DRAM business, which represents roughly 61% of our total revenue in fiscal Q3. We delivered DRAM solutions to a variety of market segments. While PC builds declined well below seasonally slow demand in the first half of the year, we saw relative stability in other end markets and responded to these conditions by adjusting our production mix throughout the quarter.

現在，讓我來談談我們的DRAM和NAND業務。讓我們先從我們的DRAM業務說起，該業務約占我們第三財季總收入的61%。我們為多個市場領域提供了DRAM解決方案。雖然今年上半年個人電腦的產量遠低於季節性疲軟的需求，但我們看到其他終端市場相對穩定，並根據這些情況調整了整個季度的生產組合。

As a percent of DRAM revenue in fiscal Q3, mobile was in the high 20% range; the PC segment was in the low 30% range; the server business was in the low 20% range; and networking, graphics, and AIM comprise the remainder. We continue to move production from DDR3 to DDR4 to meet growing customer demand across our customer base for long-term, more stable business.

在第三財季，DRAM 收入中，行動業務佔比在 20% 以上；PC 業務佔比在 30% 左右；伺服器業務佔比在 20% 左右；網路、圖形和 AIM 業務佔比則為剩餘部分。為了滿足客戶群不斷增長的需求，實現長期、更穩定的業務發展，我們持續將生產從 DDR3 轉移到 DDR4。

Moving on to our NAND business, trade NAND revenue represented 32% of total revenue in fiscal Q3, and performance was consistent with our expectations. Our trade NAND bit growth was approximately flat, due to mix shifts in favor of longer-term design win opportunities for both Micron-managed NAND and MCPs for mobile, and SSDs for our storage business. These products represent strong growth opportunities for us going forward.

接下來談談我們的 NAND 業務，第三財季 NAND 貿易收入佔總收入的 32%，業績符合我們的預期。由於產品組合調整，有利於長期設計中標機會，包括 Micron 管理的 NAND 和 MCP（用於行動裝置）以及 SSD（用於儲存業務），我們的 NAND 貿易位成長基本上持平。這些產品代表著我們未來強勁的成長機會。

As a percent of trade NAND revenue in fiscal Q3, consumer, which includes cards, USB, and components, was in the mid-40% range. Mobile, including MCPs, was in the low 20% range. SSDs were in the high teens. AIM and other embedded markets combined to roughly mid teens.

在第三財季，消費品（包括記憶卡、USB 和組件）佔 NAND 貿易收入的百分比在 40% 左右。行動裝置（包括行動通訊平台）佔比在 20% 左右。SSD 數量接近 100%。AIM 和其他嵌入式市場加起來大約達到 15% 左右。

We saw a 3% uptick in NAND component pricing in the quarter, as we moved more bits to our own SSD and mobile business and reduced the supply available to the transactional channel market. We continue to better position our MLC portfolio to focus on strategic customers and higher-performance segments. In fiscal Q3, these efforts reduced our MLC shipments into the existing TLC-enabled components channel by approximately 30%.

本季 NAND 元件價格上漲了 3%，因為我們將更多位元轉移到我們自己的 SSD 和行動業務，減少了交易通路市場的供應。我們將繼續優化 MLC 產品組合，以專注於策略客戶和高效能細分市場。在第三財季，這些努力使我們向現有TLC組件通路的MLC出貨量減少了約30%。

Moving on to our business units. CNBU, for our compute networking business unit, revenue was $1.5 billion in fiscal Q3, with operating income of $266 million. CNBU was impacted by lower ASPs, driven by softness in demand from the PC segment.

接下來介紹我們的業務部門。CNBU（我們的計算網路業務部門）第三財季的營收為 15 億美元，營業收入為 2.66 億美元。受個人電腦市場需求疲軟的影響，CNBU 的平均售價有所下降。

Consistent with our statements on the last earnings call, we have reduced output targeted at the PC segments in favor of faster-growing, more stable segments. We expect better relative performance for PC builds in the second half of calendar year 2015, along with continued DRAM content growth, resulting in PC DRAM bit demands up slightly for the year.

與我們在上次財報電話會議上的聲明一致，我們減少了針對個人電腦領域的產量，轉而支持成長更快、更穩定的領域。我們預計 2015 年下半年 PC 建置的相對效能將有所改善，同時 DRAM 含量也將持續成長，導致全年 PC DRAM 位元需求略有上升。

CNBU enterprise customers continue their transition to DDR4 technology, including eight gigabit DDR4, to support workloads that require both higher-performance and higher-density modules. We continue to believe that applications such as in-memory database computing will drive substantial growth.

CNBU 企業客戶繼續向 DDR4 技術過渡，包括 8 千兆 DDR4，以支援需要更高效能和更高密度模組的工作負載。我們仍然相信，諸如內存資料庫計算之類的應用將推動大幅增長。

In the networking segment, we see continued LTE deployments in emerging markets, which should represent additional opportunities as we move forward. Cloud server represents a high-growth segment, with analysts projecting 50% bit growth year-over-year.

在網路領域，我們看到新興市場持續部署 LTE，這應該會為我們未來的發展帶來更多機會。雲端伺服器是高成長領域，分析師預測其年增長率將達到 50%。

Growth in our graphics business was driven by sales into game consoles and high-performance graphics cards. This segment is transitioning to GDDR5. We also commenced shipments of our first 20-nanometer graphics products.

我們的圖形業務成長主要得益於遊戲機和高效能顯示卡的銷售。該部分正在過渡到 GDDR5。我們也開始出貨首批 20 奈米圖形產品。

I mentioned our commencing 20-nanometer shipments earlier in my script. These initial products are primarily in support of CNBU, for example, our compute customers in the PC segment.

我在前面的稿子中提到我們即將開始交付 20 奈米的產品。這些初始產品主要針對 CNBU，例如，我們的 PC 運算客戶。

Revenues in Micron's storage business unit was $901 million in fiscal Q3, down 6% sequentially, as we opportunistically shifted more NAND bits to higher-margin businesses, such as our mobile and embedded business units. Gross margins were up slightly in the quarter, as we continue to focus on improving our storage business. Operating margins were slightly negative, as we remain focused on investing for sustainable growth in this area.

美光儲存業務部門第三財季的收入為 9.01 億美元，環比下降 6%，因為我們抓住機會將更多 NAND 快閃記憶體位轉移到利潤率更高的業務，例如我們的行動和嵌入式業務部門。本季毛利率略有上升，因為我們繼續專注於改善倉儲業務。由於我們仍專注於在該領域進行可持續成長的投資，因此營業利潤率略為負值。

Consistent with our stated strategy to improve Micron's storage business, we made good progress on key milestones in our third quarter. We announced availability of our new 16-nanometer TLC planar NAND components in fiscal Q3, and already have several channel customers buying our TLC who will input them into SSDs, consumer drives, memory cards, and other products, offering high-density storage products to market based on this technology.

為了推動美光儲存業務的發展，我們制定了策略，並在第三季取得了關鍵里程碑式的進展。我們在第三財季宣布推出新型 16 奈米 TLC 平面 NAND 組件，目前已有幾家通路客戶購買了我們的 TLC，並將這些組件應用於 SSD、消費級硬碟、記憶卡和其他產品中，從而基於這項技術向市場提供高密度儲存產品。

Our SBU enterprise and data center businesses both grew 45% sequentially, albeit from a lower base. We are pleased with the progress of our collaboration with Seagate, and we'll have our first SAS SSD launch resulting form this partnership later in the summer. We have begun early sampling with customers and already have secured two qualification slots with major OEMs.

雖然基數較低，但我們的 SBU 企業和資料中心業務均較上季成長了 45%。我們對與希捷的合作進展感到滿意，我們將在今年夏季晚些時候推出基於此次合作的首款 SAS SSD。我們已開始與客戶進行早期樣品測試，並已與兩家主要原始設備製造商 (OEM) 達成資格認證協議。

Finally, we'll release our own consumer SSD based on TLC NAND technology in the second half of 2015. We expect to have roughly 50% of our SSDs on TLC by the end of FY16.

最後，我們將在 2015 年下半年發布我們基於 TLC NAND 技術的消費級 SSD。我們預計到 2016 財年末，我們的 SSD 將有大約 50% 採用 TLC 快閃記憶體。

Revenue at MBU, mobile business unit, was $938 million in fiscal Q3, up 10% sequentially. Operating income was $296 million, or 32%, up from 31% in fiscal Q2. The mobile market supply demand balance remains healthy.

行動業務部門 MBU 第三財季營收為 9.38 億美元，較上季成長 10%。營業收入為 2.96 億美元，佔總營收的 32%，高於第二財季的 31%。行動市場供需平衡依然健康。

Our mobile business continues to benefit from increasing content growth across the entire range of mobile products. Three- to four-gigabyte phones announced at Mobile World Congress in March are now hitting the market. Low- to mid-priced phones targeted at emerging markets are being built with significant memory content, including DRAM specs at one gigabyte and above.

我們的行動業務持續受益於全系列行動產品內容的成長。今年 3 月在世界行動通訊大會上發布的 3GB 至 4GB 記憶體的手機現在已經上市。面向新興市場的中低價位手機正在配備大量內存，包括 1GB 及以上的 DRAM 規格。

We're also seeing a pull in of next-generation 4G LTE chipsets and reference designs that double the content of both DRAM and NAND from two gigabytes to four gigabytes of DRAM and from 8- and 16-gigabyte NANDs to 16- and 32-gigabyte configurations.

我們也看到下一代 4G LTE 晶片組和參考設計正在湧現，DRAM 和 NAND 的容量都翻了一番，DRAM 從 2 GB 增加到 4 GB，NAND 從 8 GB 和 16 GB 增加到 16 GB 和 32 GB。

Micron continues joint validations for low-power DDR4 across chipset platforms. LP4 adoption is currently limited to the very high end of the market today, but will be adopted more broadly in calendar 2016. Additionally, the rapid adoption of eMCPs in the high-growth, mid-range market creates a significant opportunity for Micron as the MCPs regard both lower-power DRAM and NAND, demonstrating the strength of our portfolio.

美光繼續在各種晶片組平台上進行低功耗 DDR4 的聯合驗證。目前 LP4 的應用僅限於高端市場，但將在 2016 年得到更廣泛的應用。此外，eMCP 在高成長的中端市場迅速普及，為美光創造了巨大的機遇，因為 MCP 同時適用於低功耗 DRAM 和 NAND，這充分展現了我們產品組合的實力。

Micron's embedded unit business unit posted revenues of $483 million, with operating margin of 20%. Sales of our automotive-grade e.MMC hit an all-time high. We introduced our auto-grade low-power DDR4 and our high-performance G18 parallel NOR Flash devices in fiscal Q3. These products enable improved performance and power reduction for critical applications in high-temperature, rugged environments.

美光半導體嵌入式業務部門營收達 4.83 億美元，營業利益率為 20%。我們的汽車級電子金屬基複合材料（e.MMC）銷量創歷史新高。我們在第三財季推出了汽車級低功耗 DDR4 和高性能 G18 並行 NOR Flash 設備。這些產品能夠提高高溫、惡劣環境下關鍵應用的效能並降低功耗。

EBU also experienced strong demand in the gaming business. Demand for high-density, 45-nanometer NOR Flash solutions are being driven by regulatory change in the Japanese gaming sector, and we expect this elevated level of demand to continue. It is also worthy to note that EBU's shipments of NAND increased 27% from the prior quarter. Now, to continue our commentary on fiscal Q3 results and Q4 guidance, I'll turn the call over to Ernie.

EBU在遊戲業務方面也經歷了強勁的需求。日本遊戲產業的監管變化推動了對高密度 45 奈米 NOR Flash 解決方案的需求，我們預計這種高需求水準將會持續下去。值得注意的是，EBU 的 NAND 出貨量比上一季成長了 27%。現在，為了繼續我們對第三財季業績和第四財季展望的評論，我將把電話交給厄尼。

Thanks, Mark. It's a pleasure to be joining the Micron Team, and I look forward to meeting many of you at our upcoming Analyst Day in August.

謝謝你，馬克。很高興加入美光團隊，期待在八月即將舉行的分析師日上與大家見面。

The third quarter of FY15 ended on June 4, and the results include net income of $491 million, or $0.42 per share, and net sales of $3.9 billion, and gross margin of 31%. Aside from our recurring items, non-GAAP adjustments include an additional provision for income taxes relating to a tax rate change in Japan that resulted in a reduction in the value of the deferred tax asset from MMJ operations. So non-GAAP net income for the third quarter was $620 million, or $0.54 a share.

2015 財年第三季於 6 月 4 日結束，業績包括淨收入 4.91 億美元，即每股 0.42 美元，淨銷售額 39 億美元，毛利率 31%。除了經常性項目外，非GAAP調整還包括與日本稅率變化相關的所得稅額外準備金，該變化導致MMJ業務遞延所得稅資產價值減少。因此，第三季非GAAP淨收入為6.2億美元，即每股0.54美元。

Let's turn to results by product line, starting with DRAM. DRAM revenue decreased approximately 13% compared to the second quarter, reflecting approximately a 10% decrease in per-bit average selling prices and relatively flat sales volumes. DRAM gross margin was in the upper 30s range, as cost per bit decreased approximately 6%. As was previously noted, we adjusted our output mix during the quarter and exited with relatively flat DRAM inventory levels.

讓我們按產品線來看結果，首先從DRAM開始。DRAM 營收較第二季下降約 13%，反映出每比特平均售價下降約 10%，以及銷售量相對持平。由於每比特成本下降了約 6%，DRAM 的毛利率在 30% 以上。如前所述，我們在本季度調整了產品組合，並以相對平穩的DRAM庫存水準結束了本季。

On the trade NAND side, which includes our growing MCP business, revenue increased approximately 3% in the third quarter, with average selling prices increasing approximately 6%, partially offset by a slight decrease in sales volume. The increase in the trade NAND average selling price was mix related, as higher ASP units grew relatively faster than the overall average. Trade NAND gross margin improved slightly compared to the prior quarter, and was in the low 20% range as the increase in mix-related ASP exceeded the higher related costs.

在交易 NAND 方面（包括我們不斷成長的 MCP 業務），第三季營收成長了約 3%，平均售價成長了約 6%，但部分被銷售量的略微下降所抵消。NAND 平均售價的上漲與產品組合有關，因為較高 ASP 的產品成長速度相對高於整體平均值。與上一季相比，NAND 貿易毛利率略有改善，在 20% 左右，這是因為產品組合相關的平均售價成長超過了相關成本的增加。

The Company generated operating cash flow of $1.3 billion during the third quarter, and ended the quarter with $7.3 billion in cash and marketable investments. During the third quarter, we received $1 billion in proceeds from the issuance of high yield notes, and we deployed $782 million to repurchase a portion of the outstanding series C and D convertible notes.

公司第三季經營現金流為 13 億美元，季末持有現金及有價投資 73 億美元。第三季度，我們透過發行高收益票據獲得了 10 億美元的收益，並投入 7.82 億美元回購了部分未償還的 C 系列和 D 系列可轉換票據。

Cash expenditures for property, plant, and equipment during the first three quarters were $2.3 billion, and we continue to expect capital expenditures to be within our previously forecasted FY15 range of $3.6 billion to $4 billion. SG&A expense for the quarter was below our guided range as a result of lower legal costs, while research and development expense was above our guided range, primarily due to higher volumes of wafers used for development of new products and technologies.

前三個季度用於購置物業、廠房和設備的現金支出為 23 億美元，我們繼續預計 2015 財年的資本支出將保持在先前預測的 36 億美元至 40 億美元範圍內。由於法律成本降低，本季銷售、管理及行政費用低於我們預期範圍；而研發費用高於我們預期範圍，主要是由於用於開發新產品和新技術的晶圓數量增加。

Now, looking to guidance for the fourth quarter. DRAM gross margins for the fourth quarter, using quarter-to-date ASP and projected mix for the quarter, should be down mid-single digits compared to the third quarter, based on bit production, flat to slightly up, while average selling prices will be down mid- to high-single digits, and cost per bit up low-single digits. Key items affecting our DRAM guidance for the fourth quarter include the continued effects of higher mix of mobile and DDR4 products, which have larger die sizes, and therefore, produce fewer bits per wafer.

現在，讓我們來看看第四季的業績指引。根據本季迄今的平均售價和本季的預測組合，第四季DRAM毛利率應比第三季下降個位數中段，基於比特產量，持平或略有上升，而平均售價將下降個位數中段至高段，每比特成本將上升個位數低段。影響我們第四季 DRAM 業績指引的關鍵因素包括行動和 DDR4 產品佔比持續上升的影響，這些產品的晶片尺寸更大，因此每片晶圓產生的比特數更少。

Fiscal Q4 quarter-to-date mix-adjusted ASP is below the third-quarter average, due primarily to reductions in PC DRAM and cloud server ASPs. Pricing in mobile and specialty DRAM remains relatively stable. We have and will continue to carefully balance output volumes between our end markets.

第四財季迄今的經產品組合調整後的平均售價低於第三季平均水平，主要原因是個人電腦DRAM和雲端伺服器的平均售價下降。行動和特種DRAM的價格保持相對穩定。我們過去一直並將繼續謹慎地平衡各個終端市場的產量。

The trade NAND gross margins for the fourth quarter, using quarter-to-date average ASP and projected mix for the quarter, are expected to be flat compared to the third quarter, based on bit production down low- to mid-single digits, while ASPs are relatively stable and cost per bit is approximately flat. Key trends for the fourth quarter affecting this guidance are like-for-like pricing down slightly, offset by average selling price improvements on changes in mix, and continued focus on mobile and managed NAND products. These products generally have both higher ASPs and cost. On a consolidated basis, we are guiding total revenue for the fourth quarter in the range of $3.45 billion to $3.7 billion.

根據本季迄今的平均 ASP 和本季的預測組合，預計第四季度 NAND 貿易毛利率將與第三季持平，原因是比特產量下降了個位數低到中，而 ASP 相對穩定，每比特成本也大致持平。影響第四季度業績指引的關鍵趨勢是同店價格略有下降，但產品組合變化帶來的平均售價改善抵消了這一趨勢，並且繼續專注於行動和管理型 NAND 產品。這些產品通常具有更高的平均售價和成本。從合併層面來看，我們預計第四季總營收將在 34.5 億至 37 億美元之間。

Looking at other P&L and cash flow results and guidance, SG&A spending in the fourth quarter is expected to be in the range of $180 million, with research and development expense in the range of $400 million. For non-GAAP guidance for fourth quarter, please refer to the dilution table posted along with other materials for this call on our website. The dilution table reflects the antidilutive effects of our capped calls at various stock prices. Now, I'll turn it back over to Mark Durcan.

從其他損益表及現金流量結果及指引來看，預計第四季銷售、一般及行政費用將在 1.8 億美元左右，研發費用將在 4 億美元左右。有關第四季度的非GAAP業績指引，請參閱我們網站上與本次電話會議其他資料一起發布的稀釋表。稀釋表反映了我們針對不同股票價格發行的上限選擇權的反稀釋效應。現在，我將把麥克風交還給馬克·杜爾坎。

Thanks, Ernie. In summary, I believe Micron executed well in fiscal Q3 as we supported our customers across a broad range of market segments. We expect to continue to similarly navigate changing market conditions in fiscal Q4.

謝謝你，厄尼。總而言之，我認為美光在第三財季表現出色，我們為各市場領域的客戶提供了支援。我們預計在第四財季將繼續以類似的方式應對不斷變化的市場環境。

Micron is executing on key milestones in technology employment and product introductions. We believe strongly in the future of the industry and our Company. Operator, I think we're ready to begin Q&A.

美光科技在技術應用和產品推出方面正穩步推進關鍵里程碑。我們對產業和公司的未來充滿信心。接線生，我想我們可以開始問答環節了。

(Operator Instructions)

（操作說明）

Harlan Sur from JPMorgan.

來自摩根大通的哈蘭·蘇爾。

DRAM revenue bit shipments were down slightly quarter on quarter. Can you just tell us what your bit production growth was? I think you said you didn't build any inventory.

DRAM 收入和出貨量較上季略有下降。能否告知我們您的比特產量成長？我想你說過你沒有建立任何庫存。

Also, I think you've previously talked about high-single-digits production shipment growth over the next couple of quarters. But the main quarter results in the August quarter guidance certainly doesn't seem to be suggesting this. Is the Micron Team still targeting bit shipment growth in the mid-teens range this year?

另外，我想您之前也提到過，未來幾季的生產出貨量將實現接近兩位數的成長。但8月份季度業績指引中的主要季度結果似乎並沒有顯​​示這一點。美光團隊今年的目標仍是實現15%左右的比特出貨量成長嗎？

This is Mark Durcan. Maybe I'll start with the last part of that question, and then Mark Adams can comment a little bit on the mix effects and what happened with DRAM sales bits.

這是馬克·杜爾坎。也許我會先回答這個問題的最後一部分，然後讓 Mark Adams 對混合效應以及 DRAM 銷售部分發生的事情做一些評論。

For 2015, I think it's still fair to say that had we not had mix adjustments as we moved through the year, we would still be driving to a high-teens number for DRAM bit growth. But obviously, the number for the year is now going to be less than that given the changes we've made as we move through the year. As we think forward, over the longer-term, clearly, we've said in the past and we continue to reiterate that we will be higher than market as we move to calendar 2016.

就 2015 年而言，我認為仍然可以公平地說，如果我們在這一年中沒有進行產品組合調整，DRAM 位元成長仍將達到 10% 以上。但很顯然，考慮到我們在這一年中所做的變化，今年的數字現在肯定會比這個數字少。展望未來，從長遠來看，我們過去曾明確表示，並且我們將繼續重申，到 2016 年，我們的業績將高於市場平均水平。

On the NAND front, we've been less than market in 2015, and we are still exactly what our capital plans look like for 2016, and we'll dial those based on market conditions, as well as ongoing evaluation of the technology introductions in Singapore relative to 3D NAND and deployment of other advanced technologies there. Mark, if you want to take the DRAM sales bits and the mix effects that drove that, maybe that's the best approach.

在 NAND 方面，我們在 2015 年的表現低於市場水平，我們 2016 年的資本計劃仍然完全按照計劃執行，我們將根據市場情況以及對新加坡 3D NAND 技術引進和其他先進技術部署情況的持續評估來調整這些計劃。馬克，如果你想研究 DRAM 的銷售情況以及推動銷售的混合效應，這可能是最好的方法。

We've said all along that we will obviously take in the market dynamics into play as we think about how we allocate our capacity, and given some of the headwinds in the PC market, we have redacted some of that capacity to either more strategic long-term markets, such as the DDR4, and then some of the PC [compute] bits just to more attractive long-term stable markets. A good example of that would be cloud servers. Another example would be our mobile business. We think those are the right things to do, but they do have a lowering effect on the bit growth.

我們一直都說，在考慮如何分配產能時，我們顯然會考慮市場動態。鑑於個人電腦市場的一些不利因素，我們已將部分產能轉移到更具策略性的長期市場，例如 DDR4，然後將部分個人電腦（計算）產能轉移到更具吸引力的長期穩定市場。雲端伺服器就是一個很好的例子。我們的行動業務就是另一個例子。我們認為這些做法是正確的，但它們確實會對位元成長產生降低作用。

Okay. Great. And just my follow-up question on the NAND front. I think the Team is starting to make the move to 16-nanometer TLC or driving some production of 3D, obviously, that will be a bigger part of the mix in the second half of this year and next year. But the Team is still looking for a decline in production growth in the August quarter? What's your sense on when we should expect bit production to start to inflect higher for your NAND business?

好的。偉大的。關於NAND閃存，我還有一個後續問題。我認為團隊正在開始向 16 奈米 TLC 或 3D 生產轉型，顯然，這將在今年下半年和明年佔據更大的份額。但該團隊仍在尋找8月季度產量成長下降的情況嗎？您認為貴公司NAND快閃記憶體業務的比特產量何時才能開始顯著成長？

Again, that's going to depend on the details of the mix decisions we make. What's been going on here over the last quarter or two is that as we transition to higher percent of SSD sales, we build [WIP], and so the time the product takes through the line increases, and that creates a dip over a confined period of time as we build that WIP. Mobile is a similar type of effect. Some of that output goes out in MTPs as well.

這同樣取決於我們所做的配比決策的具體細節。過去一兩個季度以來，隨著 SSD 銷售比例的提高，我們增加了在製品 (WIP) 的產量，因此產品在生產線上的時間也隨之增加，這導致在短時間內產量出現下滑。行動裝置也會產生類似的效果。部分輸出也會透過 MTP 送出。

Okay. Thank you.

好的。謝謝。

The larger question is exactly when will be see NAND bit growth. I think you'll see that emerge as we move through the next number of quarters.

更大的問題是，NAND 快閃記憶體的位數成長究竟何時才會出現。我認為隨著接下來幾季的推進，你會看到這種情況逐漸顯現。

Thank you.

謝謝。

Romit Shah from Nomura.

來自野村證券的羅米特·沙阿。

Mark, you mentioned that for this year, your expectation is that DRAM demand will exceed supply. But ASPs year to date and DRAM are clearly wore than expectations. How do we reconcile that?

馬克，你提到過，你預計今年DRAM的需求將超過供應。但今年迄今的平均售價和DRAM明顯低於預期。我們該如何調和這兩者之間的關係？

What I tried to indicate as that I think in aggregate for the year, the demand is going to exceed the supply, which I think your takeaway from that would be that we believe that demand is going to be higher in the back half of the year, as we said on the last call, and as we continue to believe. So that as you cume that up over the entire year, you will come to the conclusion that the growth that we continue to see in some of the other markets -- mobile, data center, enterprise server, et cetera, and networking -- will offset what's been a slow PC period. Even PCs, I think, our view is that by the time we get to the end of the year, notwithstanding the decrease in unit sales, there'll be a small net growth in bits into the PC segment.

我試圖表達的是，我認為從全年來看，需求將超過供應，我認為你們的理解是，正如我們在上次電話會議上所說，並且我們仍然相信，下半年的需求將會更高。因此，當你把這些因素累積到全年之後，你會得出這樣的結論：我們在其他一些市場（行動、資料中心、企業伺服器等以及網路）持續看到的成長將抵消個人電腦市場成長緩慢的時期。即使是個人電腦，我認為，我們的觀點是，到年底，儘管銷量有所下降，但個人電腦領域的零件需求仍將出現小幅淨增長。

What I'm alluding to is that if you look at the ASP trend over the last few periods and your DRAM bit growth relative to peers, I'm just curious, to what extent do you believe that the industry is still being rational?

我的意思是，如果你觀察一下過去幾個時期的平均售價趨勢以及你相對於同行的DRAM位元成長情況，我很好奇，你認為這個產業在多大程度上仍然是理性的？

I think it's fair to say that probably nobody expected the PC segment to be as low as it's been. I think it's also reasonable to expect that in an industry with a number of high-growth segments, balancing supply and demand is never going to be precise. So ripples in the relative balance of supply and demand I believe are inevitable in a market like this. And what I would say is that probably supply got a little bit further ahead of demand than many of us anticipated but that it's not necessarily and indicator of a deliberate strategy by any particular player in the marketplace.

我覺得可以公平地說，可能沒有人預料到PC市場會跌到如此低迷的地步。我認為，在一個擁有眾多高成長細分市場的產業中，供需平衡永遠不可能做到精確，這也是合理的。因此，我認為在這樣的市場中，供需相對平衡出現波動是不可避免的。我想說的是，供應可能比我們許多人預期的要稍微領先於需求，但這並不一定表明市場上的任何特定參與者採取了蓄意策略。

Okay. Thank you very much.

好的。非常感謝。

Mehdi Hosseini from SIG.

來自 SIG 的 Mehdi Hosseini。

I go back to a prior question, and in that context, when we go back to when industry consolidated, we all expected that mobile and servers are going to be the more of a secular growth driver, and these two segments, obviously, carry a [guard] penalty. Given the consolidated industry, why is the industry more proactively seeking higher margin? If there's a mix issue in the near term, it seems to me that these headwinds are more structural since the demand drivers are actually in the mobile and server.

我回到之前的問題，在那個背景下，當我們回顧行業整合時期時，我們都預期行動和伺服器將成為更長期的成長驅動力，而這兩個領域顯然都存在[監管]風險。鑑於產業整合程度較高，為何該產業反而更積極地尋求更高的利潤率？如果短期內出現產品組合問題，在我看來，這些不利因素更多是結構性的，因為需求驅動因素實際上來自行動端和伺服器端。

So I wonder if you can help me better understand how the industry is going to overcome this, especially as migration to (inaudible) 20 nanometer is going to be relatively more challenging and lengthier? And in that context, how would you be able to manage margins? And I have a follow-up.

所以我想知道您能否幫助我更好地了解業界將如何克服這個問題，尤其是在向（聽不清楚）20 奈米技術的遷移相對來說更具挑戰性和耗時更長的情況下？在這種情況下，您將如何管理利潤率？我還有一個後續問題。

I think the answer to that question is that in an under-supply market, as we had a number of quarters ago, you tend to get margins that are higher in maybe the least attractive long-term part of the market. So if you think about where PC margins were, they were higher than we were experiencing in both mobile and in server, primarily because suppliers viewed those as long term least attractive and a market that was maybe less sustainable. Therefore, you see larger price swings as the relative supply and demand balance moves over time.

我認為這個問題的答案是，在供應不足的市場中（就像幾個季度前那樣），你往往會在市場中長期吸引力最弱的部分獲得更高的利潤率。所以，如果你想想 PC 的利潤率，你會發現它比我們在行動裝置和伺服器領域所經歷的利潤率都要高，這主要是因為供應商認為這些領域從長遠來看吸引力最小，而且市場可能不太可持續。因此，隨著相對供需平衡隨時間變化，你會看到更大的價格波動。

Now, as you think about what does that imply, that implies that as companies like Micron, and presumably our competitors, over time, readjust their supply to rebalance demand in different segments and pull supply out of that sector, it creates an ASP headwind for us because we're moving to products that already have lower margin, and it creates, over the short term, a more intense competition for those sockets in the high-growth sectors. That doesn't say anything, really, about what will happen over the longer time horizon.

現在，當你思考這意味著什麼時，這意味著隨著像美光這樣的公司，以及我們可能的競爭對手，隨著時間的推移，調整其供應以重新平衡不同細分市場的需求，並將供應從該領域撤出，這將為我們帶來平均售價的逆風，因為我們正在轉向利潤率較低的產品，並且在短期內，這將導致高增長行業中這些插槽的競爭更加激烈。這其實並不能說明長遠來看會發生什麼事。

Okay. I'm still not sure how we would be able to recoup this near-term margin headwind. Is there more of a scaling? I'm still confused as how the near-term margin pressure is -- you are going to be able to overcome it and be able to manage margins.

好的。我仍然不確定我們如何彌補這種短期利潤率方面的不利影響。是否存在更大的規模？我仍然不明白短期利潤率壓力究竟有多大——你們應該能夠克服它並控制利潤率。

Well, I believe, over time, that in some of these other market segments, there is opportunity to differentiate and to innovate and to provide stickier solutions. There's also higher growth and longer qualification cycles.

我認為，隨著時間的推移，在其他一些細分市場中，存在著差異化、創新和提供更具黏性的解決方案的機會。此外，成長速度更快，資格認證週期更長。

What a company like Micron does is they look at -- and I think Mark already alluded to this, but I will re-say it anyway -- we are looking to place our product not necessarily in the short term to pick off the highest margin point, but to make sure we're placing our product where we're going to have growth and stability, and where over time, we can drive higher margins. And so sometimes, you want to be a little bit proactive and out in front of that.

像美光這樣的公司所做的，是著眼於——我想馬克已經暗示過這一點了，但我還是要再說一遍——我們尋找的產品定位，不一定是為了在短期內獲得最高的利潤率，而是要確保我們的產品定位在能夠帶來增長和穩定的地方，並且隨著時間的推移，能夠獲得更高的利潤率。所以有時候，你需要主動一些，走在前面。

Got it. And, then quickly on NAND, right now, your plans are to build the pilot line, that 3D NAND pilot line in Singapore, and then 48-layer spec samples are coming out. My impression is that you are going to add -- put some capacity and Singapore. But your flash partner, Intel, is also very upbeat about the 3D NAND and technology and how they are also going to use that technology.

知道了。然後，關於 NAND，目前你們的計劃是在新加坡建立 3D NAND 試點生產線，然後推出 48 層規格樣品。我的感覺是，你們打算增加一些產能，進駐新加坡。但你的快閃記憶體合作夥伴英特爾也對 3D NAND 技術以及他們將如何使用這項技術感到非常樂觀。

So when we look into next year and beyond, how is this relationship going to work? Because the JV fabs are located in US, but you are initially going to ramp up capacity in Singapore. How will the transaction play out? When would you actually start adding capacity in the JV locations?

那麼，展望明年及以後，這種關係將會如何發展呢？因為合資工廠位於美國，但你們最初打算在新加坡提高產能。這筆交易將如何進行？你們何時才會真正開始在合資企業所在地增加產能？

Let me correct a couple of things you said, just to make sure we are clear on what we're doing, and then maybe I will have a couple of comments on the Intel relationship, but I think that is something better done by the two of us as opposed to just Micron.

讓我糾正你剛才說的幾件事，以確保我們對正在做的事情理解一致。之後我可能會對英特爾的關係發表一些看法，但我認為這最好由我們兩個來做，而不是僅僅由美光一個人來做。

First of all, relative to what we are doing today, we have, as you know, a significant installed planar base in Singapore. We have available cleanroom space there to begin the process of converting some of that planar capacity to 3D NAND, and we are under construction of an expansion in that facility so that we can continue that transition of planar NAND to 3D NAND into the back half of 2016 and on beyond then. There is also capacity that Micron and Intel owned jointly in Lehi, UT, and today, you are correct, that is all planar NAND capacity.

首先，就我們目前所做的事情而言，如您所知，我們在新加坡擁有相當可觀的平面設備安裝基礎。我們在那裡有可用的無塵室空間，可以開始將部分平面產能轉換為 3D NAND，我們正在該設施進行擴建，以便我們可以在 2016 年下半年及以後繼續將平面 NAND 過渡到 3D NAND。在猶他州萊希，美光和英特爾也共同擁有產能，而如今，您說得沒錯，那都是平面 NAND 產能。

One other thing. I think you said 48 layers. We are currently sampling a 32-layer 3D NAND device, and that is the device that we will initially ramp before moving to a second generation of 3D device starting in the back half of 2016.

還有一件事。我想你說的是48層。我們目前正在對 32 層 3D NAND 裝置進行樣品測試，我們將首先量產該裝置，然後再從 2016 年下半年開始轉向第二代 3D 裝置。

Now, relative to Micron's and Intel's plans for production, there's not a whole lot I can say about that today, other than to say it continues to be a very close partnership. We continue to develop the 3D NAND technology together. And we have existing long-term supply agreements with Intel to support planar NAND, and we anticipate that we will build 3D NAND for them, as well, through an agreement out of Singapore. That's probably all I can say, absent an agreement with Intel to share more information with you.

至於美光和英特爾的生產計劃，今天我沒什麼好說的，只能說雙方的合作關係仍然非常緊密。我們將繼續共同開發 3D NAND 技術。我們與英特爾簽訂了長期供應協議，以支援平面 NAND，並且我們預計，透過與新加坡方面達成的協議，我們還將為他們生產 3D NAND。在沒有與英特爾達成協議向你們透露更多資訊之前，我可能只能說這麼多了。

Got it. Thanks much.

知道了。非常感謝。

Kevin Cassidy from Stifel.

來自 Stifel 的 Kevin Cassidy。

On the transition, or moving the capacity from PC DRAM toward the more strategic DRAM, where are you with that? Have you stopped the transition? And what percentage do you think the split will be in the August quarter and going into the November quarter?

關於將產能從 PC DRAM 轉移到更具戰略意義的 DRAM，你們目前進展如何？你已經停止轉型了嗎？你認為8月份季度和11月份季度之間的分割比例會是多少？

I'm going to stop short of giving you actual numbers on allocation of our capacity for a variety of reasons. But I will tell you that the process is in place. You can see some of the growth we've had in certain sectors as we reported that, and so it's in process.

基於種種原因，我不會向你們提供我們產能分配的具體數字。但我可以告訴你，相關流程已經到位。正如我們之前報導的那樣，我們在某些​​領域已經取得了一些成長，所以這是一個發展過程。

Mobile, overall growth rate from a segment and demand standpoint is up 50%, and PC bits are low single digits, 5% range. So as we think about that, the shift we're making has to respond to that. And we are on that path, as we said. We started it in Q3, and we'll continue to balance that out as the markets warrant.

從細分市場和需求角度來看，行動裝置的整體成長率為 50%，而 PC 部分的成長率則只有個位數，在 5% 左右。所以，當我們思考這個問題時，我們正在進行的轉變必須對此做出回應。正如我們所說，我們正在走這條路。我們從第三季開始實施，並將根據市場情況繼續進行平衡。

Maybe just as a follow up, the visibility you have into mobile, there's some concern in the market that you could overshoot and end up with too much capacity in mobile. Can you talk more about some of your visibility into the mobile market?

或許可以補充一點，鑑於你們對行動端的了解，市場上有人擔心你們可能會過度投入，最終導致行動端產能過剩。您能否詳細談談您對行動市場的洞察？

Well, I think we talked to a few things. As I mentioned in my script, we've actually seen continued growth in content per device. We see that while some people have noticed that the China market is starting to matures somewhat, we are starting to see more growth out of India and emerging markets.

嗯，我想我們談了一些事情。正如我在腳本中提到的，我們實際上已經看到每個設備上的內容持續成長。我們看到，雖然有些人注意到中國市場開始趨於成熟，但我們開始看到印度和新興市場的成長勢頭更加強勁。

So in general, our visibility is pretty good with the level of configurations both in the midrange smartphone market -- I think those unit growths are something around 90% unit growth for the year -- and the bit growth rate. So our visibility supports the moving of our capacity toward that, and the results of our MBU further reinforce that.

所以總的來說，我們對中階智慧型手機市場的配置水準以及比特成長率都有相當不錯的了解——我認為這些銷量成長在今年達到了 90% 左右。因此，我們的可見性有助於我們朝著這個方向發展，而我們的MBU成果也進一步強化了這一點。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Daniel Amir from Ladenburg.

來自拉登堡的丹尼爾·阿米爾。

If we look at the Inotera deal from seven, eight months ago when you talked about it, you commented that at that time, if pricing would be the same, would be significantly accretive. How would we look at the deal right now in terms of the pricing at the moment? Do you think something is going to change there in the next six months? Thanks.

如果我們回顧一下七、八個月前你談到的 Inotera 交易，你當時評論說，如果定價相同，將會帶來顯著的收益成長。就目前的定價而言，我們該如何看待這筆交易？你認為未來六個月那裡的情況會改變嗎？謝謝。

Well, obviously, at lower pricing, the accretion from the new deal, which will begin in the beginning of calendar 2016, will be less than it would have been had pricing been flat. We never assumed pricing would be flat throughout 2016. So I think that the net takeaway is that there is less accretion from the new deal than there was on the day we signed it. It's still reasonable to talk in terms of the types of numbers that we talked about when we first introduced the new agreement to you.

顯然，由於價格降低，這項將於 2016 年初開始實施的新協議帶來的收益，將比價格保持不變時更少。我們從未假設2016年全年價格會維持不變。所以我認為，最終的結論是，新協議帶來的利益比我們簽署協議那天還要少。現在仍然可以按照我們當初向你們介紹新協議時所討論的那種數字類型來討論。

So it's still accretive at pricing that we're looking at today? Or is that not the case?

所以以我們目前看到的價格來看，它仍然具有增值潛力嗎？或者事實並非如此？

It's absolutely true, yes.

沒錯，完全正確。

Okay. And just a follow up here. In terms of the factors here for your NAND costs going forward, should we be really -- is it really the TLC mix? Is it more the product mix? What should we be looking at, and when? You said that you should start seeing in the next few quarters. What are really the milestones that we are looking at, that this will really start impacting?

好的。這裡還有一個後續問題。就影響未來 NAND 成本的因素而言，我們真的應該關注——真的是 TLC 混合型快閃記憶體嗎？是產品組合的問題嗎？我們應該關注哪些方面，以及何時關注？你說過接下來幾季應該就能看到效果了。我們真正關注的里程碑是什麼？這些里程碑將真正對哪些方面產生影響？

Well, I think at the risk of repeating our story on NAND, I think you've already -- we've already demonstrated substantial growth in the mobile NAND segment, and our TLC components shipping in Q3 will be the catalyst for our future growth there. As a follow on, we have a consumer TLC drive coming out in the Q1 of our fiscal year. And so when you look at those dynamics coupled with the vertical NAND enterprise progress we're making, we feel that those are still the pillars to our success in improving our operating performance in the overall NAND business.

嗯，我想，雖然可能會重複我們之前關於 NAND 的故事，但我認為我們已經——我們已經在行動 NAND 領域實現了顯著增長，而我們在第三季度出貨的 TLC 組件將成為我們未來在該領域增長的催化劑。作為後續舉措，我們將在本財年第一季推出一項關懷消費者的活動。因此，當我們審視這些動態，以及我們在垂直 NAND 企業領域的進展時，我們認為這些仍然是我們提高整體 NAND 業務營運績效的成功支柱。

Okay. Great. Thanks a lot.

好的。偉大的。多謝。

Monika Garg from Pacific Crest.

來自 Pacific Crest 的 Monika Garg。

Mark, you were talking about, like, move from mobile DRAM to -- I'm sorry -- move from PC DRAM to mobile DRAM has been a headwind to the margins. So are the margins now similar in PC DRAM and mobile DRAM, or is the move still a headwind?

馬克，你剛才說的是從行動DRAM轉向——抱歉——是從PC DRAM轉向行動DRAM，這對邊緣運算來說一直是個不利因素。那麼，PC DRAM 和行動 DRAM 的利潤率現在是否相似，還是說這種轉變仍然會帶來不利影響？

Monica, this is Mark Adams. The margins are getting closer, and we always run the risk of trying to explain that through the past 90 days and what's happened. At the beginning of the quarter, they were certainly farther away from each other, and today, they are approaching each other.

莫妮卡，這位是馬克亞當斯。雙方差距越來越小，我們總是面臨著試圖用過去 90 天發生的事情來解釋這現象的風險。本季度初，他們之間的距離肯定更遠，而今天，他們正在逐漸靠近。

Okay. Thanks. Then one question on the NAND side. The SBU operating margins been negative for the last -- this quarter, last quarter. You've talked about move to TLC, and you also talked about that pricing is benign in the market. So when can we see SBU margins to move higher into positive territory?

好的。謝謝。那麼，關於NAND快閃記憶體方面還有一個問題。SBU 的營業利潤率在過去一個季度（本季、上個季度）均為負值。您曾談到轉投TLC，也提到市場上的定價是合理的。那麼，我們什麼時候才能看到SBU利潤率轉正呢？

Well, I think you will see that over time, Monica. But don't forget that our NAND business is actually segregated across the BUs. So we sell NAND not only through the SBU, but there is a significant piece, as Mark Adams just mentioned, going out in mobile space. We also said there is significant growth in the embedded space for NAND.

嗯，我想隨著時間的推移，你會明白的，莫妮卡。但別忘了，我們的 NAND 業務實際上是在各個業務部門之間相互獨立的。因此，我們不僅透過 SBU 銷售 NAND，而且正如 Mark Adams 剛才提到的，還有相當一部分產品銷往行動領域。我們也提到，NAND閃存在嵌入式領域有著顯著的成長。

Ant then there's a counter factor that you should always be cognizant of, that we sell to Intel through the NAND BU. Sometimes, there are lots of facets to our relationship with Intel that have benefits to us that aren't always about selling to them at the highest ASP.

但還有一個你應該隨時注意的反因素，那就是我們透過 NAND 業務部門向英特爾銷售的產品。有時，我們與英特爾的關係有很多方面可以為我們帶來好處，而這些好處並不總是與以最高平均售價向他們銷售產品有關。

Okay. Thank you.

好的。謝謝。

Timothy Arcuri from Cowen and Company.

來自 Cowen and Company 的 Timothy Arcuri。

I actually had two questions. First of all, do think costs are guiding up low singles? I get the mix issue that you cited with mobile and DDR4, but it still seems a little odd, given that Inotera is roughly one-third of the bits, and that still based on market minus. So is there something behind the scenes happening with cost? And I had a follow up. Thanks.

我其實有兩個問題。首先，你認為成本上漲會推高低價位單曲的價格嗎？我理解你提到的行動和 DDR4 的混合問題，但考慮到 Inotera 大約佔市場份額的三分之一，而且這還是基於市場減去市場份額得出的結論，這種情況仍然有點奇怪。那麼，成本方面是否有什麼幕後操作？我還有後續問題。謝謝。

The real answer to that is there's nothing behind the scenes other than what normally happens in our industry on startup. You've got some parallel startup paths that are influencing cost, along with the mix effect that you mentioned in mobile. But you've got DDR4 ramp cost, and in parallel, you've got 20-nanometer startup costs, that when blended, are providing a little bit of a cost headwind in the short term.

真正的答案是，除了我們產業在創業初期通常會發生的事情之外，幕後並沒有什麼特別的事情發生。除了你提到的行動端混合效應之外，還有一些平行的創業路徑會影響成本。但是，DDR4 的產能爬坡成本，以及 20 奈米製程的啟動成本，加在一起，會在短期內造成一定的成本阻力。

Okay. Thanks. And then just a quick question on CapEx. To hit your full $3.8 billion midpoint, the CapEx has to be like $1.5 billion, $1.6 billion just in August, which would be like a $6-billion annual run rate headed into FY16. How should we think about that? Is that like an anomaly in August, or should we think about that as being close to what the right run rate is as you look into FY16?

好的。謝謝。最後還有一個關於資本支出的問題。要達到 38 億美元的中點目標，光是 8 月的資本支出就必須達到 15 億美元、16 億美元，這意味著到 2016 財年，每年的支出將達到 60 億美元。我們該如何看待這個問題？8 月的這種情況是異常的嗎？還是說，考慮到 2016 財年的情況，這接近了正常的運作率？

Tim, this is Ernie. As we've said earlier, we've been looking at CapEx very carefully as we respond to market conditions, and obviously, we still feel that that range in the $4-billion or so range for this year makes sense. I wouldn't necessarily imply or project that forward as a run rate into FY16. We are still in the process of working through our plans.

提姆，這是厄尼。正如我們之前所說，我們一直在非常仔細地研究資本支出，以應對市場狀況，顯然，我們仍然認為今年約 40 億美元的支出範圍是合理的。我並不一定暗示或預測這種情況會延續到 2016 財年。我們仍在製定計劃的過程中。

C.J. Muse from Evercore ISI.

來自 Evercore ISI 的 C.J. Muse。

First question, was hoping you could dig a little bit deeper on your 20-nanometer ramp, both at Inotera and internally. And you are focused on when you expect to be cost competitive with Samsung and Himax. And then as a follow on to that, your plans for 1x and your ability to reduce Samsung's time-to-market advantage. Would love to hear your thoughts.

第一個問題是，希望您能更深入地了解您在 Inotera 和公司內部的 20 奈米製程發展歷程。而你們關注的重點是何時才能在成本上與三星和海麥克斯競爭。然後，作為後續，你們對 1x 的計劃以及你們減少三星上市時間優勢的能力。很想聽聽你的想法。

First of all, I think the best way to characterize the state of our 20-nanometer deployment today is we're running at relatively low volumes, but it's going really very, very well, where we've got low volume, but we're driving fast cycle time through the fab. The run-ahead lots and the yields are progressing fabulously. We feel pretty good about the way that ramp is going both at Inotera and in Hiroshima.

首先，我認為描述我們目前 20 奈米技術部署狀態的最佳方式是，我們的產量相對較低，但進展非常順利，雖然產量低，但我們正在加快晶圓廠的生產週期。提前交割的批次和收益率進展非常順利。我們對Inotera和廣島的坡道建設進度都感到非常滿意。

Of course, as we just said, the costs are higher. It takes a while to work through that, not only because you are driving (inaudible) up, but also because at low volume, you don't have fully-loaded tools, and you have a lot of tools that you are installing that you haven't managed to load yet. That process is going to take a while, until we are really driving to significant volume.

當然，正如我們剛才所說，成本更高。這需要一段時間才能完成，不僅因為你正在開車（聽不清楚），還因為在低音量下，你的工具沒有完全加載，而且你還有很多正在安裝的工具還沒有加載完畢。這個過程需要一段時間，直到我們真正實現顯著的銷售成長。

Now, the way to think about that is in terms of bit crossover, and we think that we'll have bit crossover 20-nanometer versus the other nodes in the first half of calendar 2016. That's probably about as precise as I would want to be about that.

現在，我們可以從比特交叉的角度來看待這個問題，我們認為在 2016 年上半年，20 奈米製程將與其他節點實現比特交叉。這大概就是我能給的最精確的答案了。

Now, for 1x, we think that as we closed the Elpida transaction, we added significant technology development resources to our Team. We've been running a higher R&D spend as we ran more resources deployed on multiple technology nodes, and the 1x node will be the first one that comes out as a result of both those teams working together.

現在，對於 1x 而言，我們認為，隨著我們完成 Elpida 的交易，我們為團隊增加了重要的技術開發資源。隨著我們在多個技術節點上部署更多資源，我們的研發投入也越來越高，而 1x 節點將是這兩個團隊共同努力的成果，也是第一個問世的節點。

So yes, we expect to close that gap relative to Samsung. It's not going to be necessarily directly on top of it. But remember, what Micron is doing right now is we're converting a lot of capacity from 30-nanometer to 20-nanometer, which is a double step, and so we're going to get a big bang for that as we move throughout 2016.

所以，是的，我們預計會縮小與三星之間的差距。它不一定會直接位於其上方。但請記住，美光目前正在做的是將大量產能從 30 奈米轉換為 20 奈米，這是一個雙重轉換，因此，隨著我們在 2016 年的推進，我們將從中獲得巨大的收益。

The steps to 16-nanometer are smaller to begin with. In particular, if you looked at some of the early Samsung samples that are floating around, you'll notice that the architecture changes that they've incorporated don't drive nearly the size of die reduction or bit density increase that you would see going from even 25-nanometer or 30. So we absolutely expect to close the gap with Samsung as we move to 16-nanometer, both in timing and in terms of overall deployed bit density in the market.

16奈米製程的步長本來就比較小。特別是，如果你看看市面上流傳的一些早期三星樣品，你會注意到他們所採用的架構變化並沒有帶來像從 25 奈米或 30 奈米製程發展到現在那樣大的晶片尺寸縮小或位密度增加。因此，我們絕對有信心在邁向 16 奈米製程的過程中，無論在時序還是在市場上的整體部署位密度方面，都能縮小與三星的差距。

That's very helpful. As my follow up, can you talk about, within your outlook for DRAM pricing down mid- to high-single digits, what you are assuming on the mobile side? And if you can comment at all in your positioning within tier 1 handsets into the back half of the year, would love to hear your thoughts.

那很有幫助。作為後續問題，您能否談談，在您預測 DRAM 價格將下降個位數中高段位的情況下，您對行動端市場有何假設？如果您能就貴公司在今年下半年的一線手機市場定位發表一些看法，我將非常樂意聽聽您的想法。

We don't get in the business of forecasting pricing too much. Generally, what I will say characteristic about the mobile business is that it's not going to exactly behave like the PC business. That tends to be more of a design-win type business, your design into a device or platform that has long-lasting lifecycles relative to interchangeability of PC modules.

我們不太涉足價格預測領域。總的來說，行動業務的特點是它的發展方式不會完全像PC業務那樣。這往往更像是一種設計制勝型業務，你的設計融入到具有較長使用壽命的設備或平台中，而PC模組的互換性則相對較好。

In light of that, it behaves a little bit more like a predictable pricing model, where there is a sales price and a cost reduction target over through a longer period, maybe 6 months, maybe 12 months. And so the pricing behavior in mobile is somewhat different, and we anticipate that to be similar going forward, and it's reflective of our current mobile performance.

有鑑於此，它的行為更像是一種可預測的定價模型，其中有一個銷售價格和一個在較長時期內（可能是 6 個月，也可能是 12 個月）的成本降低目標。因此，行動端的定價行為有所不同，我們預期未來也會如此，這反映了我們目前的行動端表現。

So it's fair to characterize mobile declining less than PC?

所以說行動裝置的衰退程度小於個人電腦是合理的嗎？

I think that's fair.

我覺得很公平。

Okay. Great. Thanks so much.

好的。偉大的。非常感謝。

John Pitzer from Credit Suisse.

瑞士信貸的約翰‧皮策。

I want to go back to the question that Tim Arcuri asked earlier about DRAM cost per bit going up. I would've thought that given one-third of your bits come from Inotera, and that's based upon market pricing in arrears, that the price declines we've seen over the last three months would be a big tailwind to cost for you guys in the August quarter, and I guess that's wrong. I'm trying to understand why that's wrong.

我想回到 Tim Arcuri 之前提出的關於 DRAM 每比特成本上升的問題。我原以為，鑑於你們三分之一的元件來自 Inotera，而且這是基於滯後的市場定價，那麼過去三個月我們看到的價格下降應該會給你們八月份的季度成本帶來很大的利好，但看來我錯了。我正在努力理解為什麼這樣做是錯的。

And more importantly, as you think about the headwinds on the cost side in DRAM in the August quarter, do they begin to reverse in the November quarter? How do we start to think about the cost curve in DRAM going back down instead of up?

更重要的是，考慮到 DRAM 成本在 8 月的不利因素，這些不利因素是否會在 11 月開始逆轉？我們如何看待DRAM成本曲線從上升到下降的趨勢？

Let me take the first part, and then maybe I'll have you restate the second part. Relative to IMI bits, we're early in the ramp. There's not a lot of upsurge in IMI bits yet, but it is coming. I think the effect will be, as you say, with more volume at any given price, we are going to get a larger dollar discount, not necessarily a larger percentage discount.

讓我先回答第一部分，然後或許我會讓你複述第二部分。相對於 IMI 位元而言，我們仍處於早期發展階段。目前 IMI 位元流還沒有大幅成長，但這種情況即將發生。我認為正如你所說，其結果將是，在任何給定的價格下，銷量越大，我們將獲得更大的美元折扣，但不一定會獲得更大的百分比折扣。

So as we move through the rest of 2015, you do have to contemplate that the discount at IMI is also a function of their cash flow. That stands apart and aside from the effect of market pricing. You also have to contemplate that at lower market pricing, a given fixed percent discount is a smaller dollar discount.

因此，在 2015 年剩餘的時間裡，您必須考慮到 IMI 的折扣也是其現金流量的一個函數。這與市場定價的影響截然不同。你還得考慮到，在較低的市場價格下，給定的固定百分比折扣對應的美元折扣也較小。

So all those things go into the hopper, John. I'm not sure how you are doing your calculus, but those are all effects. We will, obviously, as the 20-nanometer becomes a more significant piece of their output, hopefully, see an increase in revenue and an increase in total dollar discount as that happens.

所以，約翰，所有這些都要放進料斗裡。我不太清楚你是如何進行微積分運算的，但這些都是效應。顯然，隨著 20 奈米製程在其產品中所佔比例越來越大，我們希望能夠看到收入增加，並且總折扣金額也會隨之增加。

And then Mark, maybe just to restate the second half of the question was, beyond the August quarter, if all else being equal, given the ramps that are causing headwinds in the August quarter, would you expect cost per bits in DRAM to start turning down, or do we really have to wait until you get to that bit crossover at 20 nanometer you talked about earlier?

然後，Mark，或許可以重述問題的後半部分：在 8 月份季度之後，如果其他條件不變，考慮到 8 月份季度出現的生產爬坡阻力，您是否預期 DRAM 的每比特成本會開始下降，還是我們真的要等到您之前提到的 20 奈米製程的比特交叉點？

Think it's going to depend a lot on mix, unfortunately. I hate to say that, but we've got ongoing DDR4, which drives cost up given the bit density per square centimeter of silicon. We've got LPDDR4. We've got mobile DRAM and server DRAM, all of which can drive higher costs. But like-for-like, fair to say, yes, costs are going to be coming down as we get a little bit further into this 20-nanometer transition.

很遺憾，我認為這很大程度上取決於混音。我很不想這麼說，但我們正在推進 DDR4 的發展，考慮到每平方公分矽片的位元密度，這會推高成本。我們有LPDDR4。我們有行動DRAM和伺服器DRAM，所有這些都會導致成本上升。但公平地說，就同等條件而言，隨著我們進一步推進 20 奈米技術轉型，成本肯定會下降。

Then for my second question to Mark Adams, Mark, given some of these headwinds in the August quarter, it seems like the P&L is more dependent upon just overall pricing. And you made some commentary about PC production being below seasonally weak sellthrough for the market and you expect that to reverse. I'm just curious why. What the catalyst? Importantly, can you talk a little bit about inventory outside of Micron relative to PC DRAM?

那麼，我的第二個問題要問馬克亞當斯。馬克，考慮到八月季度的一些不利因素，損益表似乎更多地取決於整體定價。你曾評論說，PC產量低於市場季節性疲軟時的銷售量，你預計這種情況會逆轉。我只是好奇為什麼。催化劑是什麼？更重要的是，您能否談談美光以外的 PC DRAM 庫存情況？

Sure. The comments on the PC business were through our Q3, relative to the performance. We do feel that, whether it be Microsoft Windows 10 or Skylight or other Intel roadmap benefits from PC and pent-up demand, we just think it should be moderately better than in the first half, and thus have a better effect on the overall market than in the first half of the year. So we think PC should perform better in the second half.

當然。對個人電腦業務的評論是針對我們第三季的業績而言的。我們認為，無論是微軟 Windows 10、Skylight 或英特爾其他產品路線圖帶來的 PC 優勢和被壓抑的需求，都應比上半年略好一些，因此對整體市場的影響也應比上半年更大。所以我們認為PC在下半年的表現應該會更好。

Relative to the DRAM side, and given the mix shifting away from PCs, we think that combination leads to more stability in the pricing in the back half of the year.

相對於 DRAM 而言，考慮到其用途正從 PC 轉向其他領域，我們認為這種組合將使下半年的價格更加穩定。

Now, you asked about the channel. It's an issue in dynamic. By and large, the OEMs and the major suppliers to OEMs -- there's one channel partner is heavily investing a lot of inventory.

現在，你問到了頻道的問題。這是動態計算中的一個問題。總的來說，OEM廠商和OEM廠商的主要供應商——只有一個通路合作夥伴——正在大量投資庫存。

Having said that, a number of the other channel suppliers are actually seasonally lower than the -- what did we say -- the three to four week normal inventory levels. So as these things improve and there is balance, we don't think it takes a lot to get more balance back into the compute segment, which would have a very positive effect on the overall business.

話雖如此，其他一些通路供應商的庫存實際上季節性地低於——我們剛才說的是——三到四周的正常庫存水平。因此，隨著這些情況的改善和平衡的實現，我們認為不需要太多努力就能使運算領域重新恢復平衡，這將對整體業務產生非常積極的影響。

Thank you.

謝謝。

With that, we have time for about one more question.

這樣，我們還有時間再回答一個問題。

Steven Fox from Cross Research.

來自 Cross Research 的 Steven Fox。

Hopefully, this isn't too repetitive. But just going back on the DRAM gross margins from a different bent, I understand what you're saying about cost per bits with the mix changing. But also, as the mix changes, beyond the August quarter, shouldn't we expect some rebound in DRAM margins, and to what degree? Or are we looking at more of a drag from the 20-nanometer ramp.

希望這不會太重複。但是，如果從另一個角度來看待 DRAM 的毛利率，我理解你所說的隨著產品組合變化而產生的每比特成本問題。但是，隨著產品組合的變化，在 8 月季度之後，我們是否應該預期 DRAM 利潤率會有所反彈，反彈幅度又會有多大呢？或者，我們是否應該考慮 20 奈米斜坡帶來的更多阻力？

And then within that answer, can you just maybe talk a little bit more about DDR4 and how it's going to ramp on the mobile side? Thanks.

那麼，在回答這個問題的同時，您能否再多談談DDR4以及它在行動領域的發展前景呢？謝謝。

We really want to stay away, again, from predicting margins for you. But I think it's fair to say that assuming market dynamics improve, all else equal, we've got cost leverage.

我們真的不想再替你預測利潤率了。但我認為可以公平地說，假設市場動態有所改善，在其他條件不變的情況下，我們擁有成本優勢。

Fair enough. And how about just a little more color around DDR4 as it relates to mobile?

很公平。那麼，我們能否再詳細介紹一下DDR4在行動裝置上的應用呢？

LPDDR4? I think, as I said in my script, it's currently a relatively small percentage of overall bits into the mobile sector. We do see that changing out toward the end of calendar year 2015 and into 2016. Today, low-power 4 is in the ultra high end, and we fell we -- obviously we're very well-positioned in those relationships. Is just a small piece of the overall mix today, and we think that will grow, and we've got the technology and are in design qualifications at these OEMs for that type of success in that product category.

LPDDR4？我認為，正如我在腳本中所說，目前行動領域的整體資料佔比相對較小。我們看到這種情況在 2015 年底和 2016 年初有所改變。如今，低功耗 4 已經躋身超高端行列，我們顯然在這些關係中佔據了非常有利的地位。目前這只是整體組合中的一小部分，我們認為它會成長，我們擁有相關的技術，並且正在向這些原始設備製造商申請設計資質，以期在該產品類別中取得成功。

Great. Thank you very much.

偉大的。非常感謝。

You bet. 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.

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

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

在本次電話會議中，我們可能對公司和產業做出了一些前瞻性陳述。這些前瞻性陳述以及電話會議上可能作出的所有其他非歷史事實的陳述都存在許多風險和不確定性，實際結果可能與預期有重大差異。

For information on the important factors that may cause actual results to differ materially, please refer to our filings with the SEC, including the Company's most recent 10-Q and 10-K. Thank you.

有關可能導致實際結果與預期結果有重大差異的重要因素的信息，請參閱我們向美國證券交易委員會提交的文件，包括公司最新的 10-Q 和 10-K 表格。謝謝。

Thank you. This concludes Micron Technology's third-quarter FY15 financial release conference call. You may now disconnect.

謝謝。美光科技2015財年第三季財務報告電話會議到此結束。您現在可以斷開連線了。