美光科技 (MU) 2015 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我叫阿比蓋爾，今天我將擔任您的會議主持人。

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

在此，歡迎大家參加美光科技 2015 年第四季度財務發布電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝你。

It is now my pleasure to turn the floor over to your host, Ivan Donaldson.

現在，我很高興將發言權交給您的主持人 Ivan Donaldson。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much, Abigail.

非常感謝，阿比蓋爾。

I'd like to welcome you to Micron's Technology's fourth quarter 2015 financial release.

歡迎您閱讀美光科技 2015 年第四季度財務報告。

On the call today is Mark Durcan, CEO and Director; Mark Adams, President; and Ernie Maddock, Chief Financial Officer.

今天的電話會議是首席執行官兼董事 Mark Durcan；馬克·亞當斯，總裁；和首席財務官厄尼·馬多克。

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

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

In addition, our website has a file containing the quarterly operational and financial information and guidance, non-GAAP information with reconciliation, slides used during the conference call, and a convertible debt and cap call dilution table.

此外，我們的網站有一個文件，其中包含季度運營和財務信息和指導、非 GAAP 對賬信息、電話會議期間使用的幻燈片以及可轉換債務和上限電話稀釋表。

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

如果您沒有機會查看 2015 年第四季度財務新聞稿，也可以訪問我們的網站 micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of the call by dialing 404-537-3406 with the confirmation code of 43149721.

撥打 404-537-3406，確認碼為 43149721，將會有通話的音頻重播。

This replay will run through Friday, October 19, at 11.30 PM Mountain Time.

該重播將持續到 10 月 19 日星期五山區時間晚上 11 點 30 分。

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

2016 年 10 月之前，公司網站上將提供網絡直播重播。

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

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

You can also follow us on Twitter @Microntech.

您也可以在 Twitter @Microntech 上關注我們。

Please note the following Safe Harbor statement.

請注意以下安全港聲明。

During the course of this meeting, we may make projections or other forward-looking statements regarding future events or the future financial performance of the Company and the industry.

在本次會議期間，我們可能會就公司和行業的未來事件或未來財務業績做出預測或其他前瞻性陳述。

We wish to caution you that such statements are predictions and that actual events or results may differ materially.

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

We refer you to the documents the Company files on a consolidated basis from time to time with the Securities and Exchange Commission, specifically the Company's most recent Form 10-K and Form 10-Q.

我們建議您參考公司不時向證券交易委員會提交的綜合文件，特別是公司最近的 10-K 表格和 10-Q 表格。

These documents contain and identify important factors that could cause the actual results for the Company on a consolidated basis to differ materially from those contained in our projections or forward-looking statements.

這些文件包含並確定了可能導致公司在綜合基礎上的實際結果與我們的預測或前瞻性陳述中包含的結果存在重大差異的重要因素。

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

這些特定因素可以在美光網站的投資者關係部分找到。

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

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

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

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

Thank you very much.

非常感謝。

And before I turn the call over to Mark Durcan, we want to make a quick update.

在我將電話轉給 Mark Durcan 之前，我們想快速更新一下。

There was some information posted on our website under the earnings call earnings slides which were posted to micron.com on page 21 -- excuse me, page 20, the summary key data slide does include some errors on the Q1 [2016] guidance.

我們網站上的收益電話會議收益幻燈片下發布了一些信息，這些信息已發佈到 micron.com 第 21 頁 - 對不起，第 20 頁，摘要關鍵數據幻燈片確實包含 Q1 [2016] 指南中的一些錯誤。

That is being updated and will be replaced shortly.

正在更新，很快就會被替換。

Please note page 17 is accurate, which shows our Q1 FY16 non-GAAP guidance on that page.

請注意，第 17 頁是準確的，它在該頁面上顯示了我們的 2016 財年第一季度非公認會計準則指導。

With that, I'll turn it over to Mark Durcan.

有了這個，我會把它交給 Mark Durcan。

Thank you, Ivan.

謝謝你，伊万。

For Q4 FY15, Micron posted total revenue of $3.6 billion, within our revenue guidance of $3.45 billion to $3.7 billion.

2015 財年第四季度，美光公佈的總收入為 36 億美元，在我們 34.5 億美元至 37 億美元的收入指導範圍內。

Revenue was sequentially lower as expected in fiscal Q4 due to near-term market headwinds driven primarily by weakness in the PC sector.

由於主要由個人電腦行業疲軟驅動的近期市場逆風，第四財季的收入如預期的那樣連續下降。

Micron posted overall growth margins of 27% while generating operating cash flow of over $1 billion.

美光公佈了 27% 的整體利潤率增長，同時產生了超過 10 億美元的運營現金流。

Non-GAAP net income was $399 million and non-GAAP earnings per share were $0.37.

非美國通用會計準則淨收入為 3.99 億美元，非美國通用會計準則每股收益為 0.37 美元。

We are pleased with the execution that delivered these results.

我們對實現這些結果的執行感到滿意。

We continue to invest in our business with capital expenditures of $1.85 billion in Q4 as well as ongoing investments in technology and product development.

我們繼續投資於我們的業務，第四季度的資本支出為 18.5 億美元，並持續投資於技術和產品開發。

For FY15 we achieved revenue of $16.2 billion, $2.72 per share in non-GAAP earnings, $5.2 billion in cash from operations and $2.3 billion in dilution management activities including convert retirements and over $800 million in share repurchases.

2015 財年，我們實現了 162 億美元的收入、每股 2.72 美元的非公認會計原則收益、52 億美元的運營現金和 23 億美元的稀釋管理活動，包括轉換退休和超過 8 億美元的股票回購。

While fourth-quarter results were impacted by continued weakness in the PC sector, we believe that memory industry fundamentals remain favorable over the long-term and we're focused on improving our competitive position through deployment of advanced technologies and system-level solutions.

雖然第四季度業績受到個人電腦行業持續疲軟的影響，但我們認為內存行業的基本面長期來看仍然有利，我們專注於通過部署先進技術和系統級解決方案來提高我們的競爭地位。

Reflecting on market conditions, despite the recent softness in the PC market, we continue to see healthy end-market demand in other segments.

回顧市場狀況，儘管 PC 市場近期疲軟，但我們繼續看到其他細分市場的終端市場需求健康。

Within the context of that variability, we will continue to manage product mix and allocate our capacity to maximize our opportunities over time.

在這種可變性的背景下，我們將繼續管理產品組合併分配我們的能力，以便隨著時間的推移最大限度地利用我們的機會。

Demand for NAND is relatively stable.

NAND的需求相對穩定。

We were encouraged by customer response to early samples of our 16 nanometer TLC products as well as a significant customer interest in our early 3D NAND product.

客戶對我們 16 納米 TLC 產品早期樣品的反應以及客戶對我們早期 3D NAND 產品的濃厚興趣令我們感到鼓舞。

We expect the majority of our NAND production on 3D by late calendar 2016 which should put us in a stronger competitive position.

我們預計到 2016 年末，我們大部分的 3D NAND 生產應該使我們處於更強大的競爭地位。

We expect the demand environment to stabilize and improve as we move through calendar 2016.

我們預計，隨著 2016 年的到來，需求環境將趨於穩定並有所改善。

In general we expect industry supply and demand for both DRAM and NAND to be relatively balanced in 2016.

總體而言，我們預計 2016 年 DRAM 和 NAND 的行業供需將相對平衡。

Stepping back for a minute, Micron produces technologically advanced subsystems and systems for global marketplace and today's customers are looking for value-added memory solutions to drive innovation and efficiency in system design.

退一步說，美光為全球市場生產技術先進的子系統和系統，如今的客戶正在尋找增值內存解決方案，以推動系統設計的創新和效率。

This creates a tremendous opportunity for Micron moving forward and we will continue to invest to enhance our competitive position.

這為美光的前進創造了巨大的機會，我們將繼續投資以提高我們的競爭地位。

Relative to those investments, Micron's capital investments are primarily focused towards the deployment of advanced technology to drive manufacturing efficiency and to enable innovative new products to support technology advancement in our NAND business.

相對於這些投資，美光的資本投資主要集中在部署先進技術以提高製造效率，並使創新的新產品能夠支持我們 NAND 業務的技術進步。

We're also investing in an expansion of our cleanroom facility to enable cost-effective 3D NAND and are continuing to support R&D facilities in Boise.

我們還投資擴建我們的潔淨室設施，以實現具有成本效益的 3D NAND，並繼續支持博伊西的研發設施。

These investments, in aggregate, will accelerate Micron's bit growth over the next 12 to 18 months.

總的來說，這些投資將在未來 12 到 18 個月內加速美光的比特增長。

For DRAM we expect to be above market for calendar year 2016 based on market growth assumption of low- to mid-20%s.

對於 DRAM，我們預計 2016 日曆年將高於市場，基於低至中 20% 的市場增長假設。

A majority of this growth will occur in the latter half of Micron's FY16 and then continuing to FY17.

大部分增長將發生在美光 2016 財年的下半年，然後持續到 2017 財年。

For trade NAND, we expect our bit growth to be below the market in calendar 2015 and 2016, based on a market growth assumption of mid to high 30%s and as 3D conversion reduces wafer output in the near term.

對於貿易 NAND，我們預計 2015 年和 2016 年我們的比特增長將低於市場，基於中高 30% 的市場增長假設，並且短期內 3D 轉換會降低晶圓產量。

For our Fab 10X expansion and 3D conversions, we expect will position us to significantly outgrow the market for NAND in FY17.

對於我們的 Fab 10X 擴展和 3D 轉換，我們預計我們將在 2017 財年顯著超過 NAND 市場。

On the call today, Mark Adams will summarize our operational and [BU] results.

在今天的電話會議上，Mark Adams 將總結我們的運營和 [BU] 結果。

Ernie Maddock will cover Q4 financial results and I will conclude with a couple of thoughts prior to Q&A.

Ernie Maddock 將介紹第四季度的財務業績，我將在問答之前提出一些想法。

Mark?

標記？

Thank you, Mark.

謝謝你，馬克。

I will begin by reviewing our performance in DRAM and Non-Volatile memory, which on a going-forward basis will include our NAND and 3D Crosspoint product.

我將首先回顧我們在 DRAM 和非易失性內存方面的表現，未來將包括我們的 NAND 和 3D Crosspoint 產品。

I will follow an update on each of our four business units before closing with commentary on our operational performance and focus.

在結束對我們的運營業績和重點的評論之前，我將關注我們四個業務部門的最新情況。

Let's begin with DRAM, which represented 60% of our total revenue in FYQ4.

讓我們從 DRAM 開始，它占我們 FYQ4 總收入的 60%。

PC DRAM ASPs remained under pressure in Q4.

第四季度 PC DRAM 平均售價仍面臨壓力。

As a result, gross margins were down sequentially in line with our expectations.

因此，毛利率連續下降，符合我們的預期。

While we did see some mild spillover effect to pricing in other DRAM segments, overall gross margin in these other segments and demand remained relatively healthy.

雖然我們確實看到了對其他 DRAM 細分市場定價的輕微溢出效應，但這些其他細分市場的整體毛利率和需求仍然相對健康。

As a percentage of DRAM revenue in fiscal Q4, mobile was in the low 30%, up from the high 20% in Q3.

在第四財季，移動設備佔 DRAM 收入的百分比處於 30% 的低位，高於第三季度的 20%。

The PC segment was in the low 20 percentile, down from about 30% in the prior quarter.

個人電腦部分處於 20% 的低位，低於上一季度的約 30%。

The server business was in the low to mid 20%, up from the low 20% in Q3 and our specialty DRAM business, which includes networking and graphics, automotive and other embedded markets, was in the low 20 percentile in aggregate.

服務器業務從第三季度的 20% 低點上升到 20% 的中低點，我們的專業 DRAM 業務（包括網絡和圖形、汽車和其他嵌入式市場）總體處於 20% 的低點。

Moving on to our Non-Volatile memory business, trade revenue represented 32% of total revenue in FYQ4.

繼續我們的非易失性存儲器業務，貿易收入佔 FYQ4 總收入的 32%。

Performance was consistent with our guidance, highlighted by stable gross margins.

業績與我們的指引一致，毛利率穩定突出。

As a percent of trade, Non-Volatile memory revenues in fiscal Q4, consumer represented about 40%.

作為第四財季非易失性存儲器收入的貿易百分比，消費者約佔 40%。

That includes our cards, USB and components.

這包括我們的卡、USB 和組件。

Mobile, included in multi-chip packages, was in the low 20 percentile.

包含在多芯片封裝中的移動設備處於 20% 的低位。

SSDs were in the mid-teens and automotive and industrial mid-markets and other embedded segments were mid-teens as well, while 3D Crosspoint technology was immaterial.

SSD 處於 10 歲左右，汽車和工業中端市場以及其他嵌入式市場也處於 10 歲左右，而 3D Crosspoint 技術並不重要。

These percentages were generally consistent with the prior quarter.

這些百分比與上一季度基本一致。

Positive mix effects, including growth in enterprise SSDs and a reduction of our spot market more transactional-type businesses led to stable ASPs in gross margins for our Non-Volatile memory business.

積極的混合效應，包括企業 SSD 的增長和我們現貨市場更多交易型業務的減少，導致我們的非易失性內存業務的毛利率穩定。

Moving on to our business units.

繼續我們的業務部門。

Our compute and networking business unit posted revenue of $1.3 billion in fiscal Q4, down 14% versus the prior quarter with operating income of $99 million or 7.6%.

我們的計算和網絡業務部門在第四財季公佈的收入為 13 億美元，與上一季度相比下降 14%，營業收入為 9900 萬美元或 7.6%。

When looking at the fourth fiscal quarter, CNBU was impacted by lower ASPs driven by continued softness in demand from the PC segment.

在查看第四財季時，CNBU 受到 PC 市場需求持續疲軟導致平均售價下降的影響。

In response to the softness, we reduced our bit shipments into the PC segment by approximately 20% and shifted bits toward other more stable segments.

為了應對這種疲軟，我們將我們在 PC 領域的位出貨量減少了大約 20%，並將位轉移到了其他更穩定的領域。

We anticipate additional reduction in PC DRAM production in the Q1 of FY16.

我們預計 FY16 第一季度 PC DRAM 產量將進一步減少。

CNBU had a very strong quarter in the enterprise segment.

CNBU 在企業領域的季度表現非常強勁。

We were able to drive additional qualifications of our 8 gigabit DDR4 solutions resulting in shipments of DDR4 increasing by more than double of Q3's volume.

我們能夠推動我們的 8 Gb DDR4 解決方案獲得額外的認證，導致 DDR4 的出貨量增加了第三季度的兩倍以上。

The performance-driven workloads and compute-intensive applications in the enterprise space should drive additional demand growth in the future.

企業空間中性能驅動的工作負載和計算密集型應用程序應該會在未來推動額外的需求增長。

We are confident that the migration of our product portfolio to our 20 nanometer technology will put us in a great position to support this growth in the future.

我們相信，將我們的產品組合遷移到我們的 20 納米技術將使我們處於支持未來增長的有利位置。

The networking segment continued to be stable and over time we expect to see demand in this space increase as buildout of LTE deployment in emerging markets continues.

網絡部分繼續保持穩定，隨著時間的推移，隨著新興市場 LTE 部署的不斷擴大，我們預計該領域的需求將會增加。

Revenues in Micron's storage business unit were $848 million in fiscal Q4, down 6% sequentially.

美光存儲業務部門在第四財季的收入為 8.48 億美元，環比下降 6%。

SBU's gross margins were flat quarter over quarter.

SBU 的毛利率環比持平。

Operating margins were negative, reflecting our continued investment in development of next-generation flash storage technologies.

營業利潤率為負數，反映了我們對開發下一代閃存技術的持續投資。

SBU continues to focus on optimizing the mix of our products to mitigate transactional market exposure while serving higher value segments.

SBU 繼續專注於優化我們的產品組合，以減輕交易市場風險，同時服務於更高價值的細分市場。

One good example is in the enterprise segment.

一個很好的例子是在企業領域。

We continue to gain traction in the deployment of Micron branded SSDs in the hyper scale segment with our M500 SSD family-based products focused on high-reliable, high-performance 20 nanometer MLC product.

我們基於 M500 SSD 系列的產品專注於高可靠性、高性能 20 納米 MLC 產品，繼續在超大規模領域部署美光品牌 SSD 獲得牽引力。

While in entry-level client segments, TLC NAND flash has been deployed due to cost benefits, we have had many customers come in with upside requests for our MLC-based technology to truly meet the demands of the end-market needs.

雖然在入門級客戶群中，由於成本優勢已部署 TLC NAND 閃存，但我們有許多客戶對我們基於 MLC 的技術提出了上行要求，以真正滿足終端市場的需求。

We continue to make progress in TLC as well during Q4, which will help us better serve the lower end value segments in NAND.

我們在第四季度也繼續在 TLC 方面取得進展，這將有助於我們更好地服務於 NAND 的低端價值細分市場。

Our 16 nanometer planar TLC NAND was qualified with several customers.

我們的 16 納米平面 TLC NAND 獲得了多家客戶的認可。

We began shipping components in the quarter and will begin shipping consumer SSDs based on TLC in the current quarter.

我們在本季度開始出貨組件，並將在本季度開始出貨基於 TLC 的消費級 SSD。

Revenue in mobile was $958 million in fiscal Q4, up slightly sequentially.

第四財季移動業務收入為 9.58 億美元，環比略有增長。

Operating income was $262 million.

營業收入為2.62億美元。

Micron's mobile business unit continues to benefit from evolving mobile system architectures that steadily increase memory density requirements at all product levels.

美光的移動業務部門繼續受益於不斷發展的移動系統架構，這些架構穩步提高了所有產品級別的內存密度要求。

Our broad and diverse product portfolio, including eMCPs, PoP DRAM and [KGD], which is commonly known for known good die, allows us to maximize our operating results by rapidly adjusting to changing customer requirements and marketing conditions.

我們廣泛而多樣化的產品組合，包括 eMCP、PoP DRAM 和 [KGD]，通常以已知的好芯片而聞名，使我們能夠通過快速適應不斷變化的客戶需求和營銷條件來最大化我們的運營成果。

Despite slower growth in China, revenue in the overall [AMCD] product category was flat when compared to Q3.

儘管中國增長放緩，但與第三季度相比，整個 [AMCD] 產品類別的收入持平。

As eMCP densities continue to increase, our combined DRAM and NAND portfolio only strengthens our competitive position.

隨著 eMCP 密度的不斷增加，我們結合的 DRAM 和 NAND 產品組合只會加強我們的競爭地位。

Micron has ramped production in low-power DDR4 with shipment increasing from 4% to 24% of total mobile DRAM volume and expects LP4 volumes to surpass LP3 by the end of our first half of the FY16.

美光已提高低功耗 DDR4 的產量，出貨量佔移動 DRAM 總出貨量的 4% 至 24%，預計 LP4 出貨量將在 2016 財年上半年末超過 LP3。

The embedded business unit posted revenue of $474 million, down approximately 2% from prior quarter.

嵌入式業務部門公佈的收入為 4.74 億美元，比上一季度下降約 2%。

Gross margins for EBU were 35%, up 2 percentage points when compared to Q3.

EBU 的毛利率為 35%，與第三季度相比上升了 2 個百分點。

Operating margins were 22%, also up 2 percentage points when compared to the prior quarter.

營業利潤率為 22%，與上一季度相比也上升了 2 個百分點。

It was worthy to note EBU's revenue reached $2 billion in FY15, which is a big milestone for our business unit that has historically been our most stable profitable business.

值得注意的是，EBU 的收入在 2015 財年達到 20 億美元，這是我們業務部門的一個重要里程碑，該業務部門歷來是我們最穩定的盈利業務。

Fiscal Q4 results were driven by record revenue in our automotive segment and continued strength in our industrial multimarket business.

第四季度財報受到我們汽車部門創紀錄收入和工業多市場業務持續強勁的推動。

Growth in automotive supporting applications including Infotainment, instrument cluster and ADAS, which stands for advanced driver assistance systems, drove record sales of DDR3 in eMMC.

汽車支持應用的增長，包括信息娛樂、儀錶盤和 ADAS（代表高級駕駛輔助系統），推動了 eMMC 中 DDR3 的創紀錄銷量。

Japanese regulatory changes have been a catalyst for strong demand in our amusement business, driving shipments of NOR- and NAND-based multichip products that support machine-to-machine communication modules.

日本的監管變化一直是我們娛樂業務強勁需求的催化劑，推動了支持機器對機器通信模塊的基於 NOR 和 NAND 的多芯片產品的出貨量。

I wanted to close with some updates on technology development and deployment activities.

我想以一些關於技術開發和部署活動的更新作為結束。

At our summer analyst conference, we described our FY15 and FY16 strategic investment priority focus.

在我們的夏季分析師會議上，我們描述了我們的 FY15 和 FY16 戰略投資重點。

We continue to be pleased with our progress across our focus areas of DRAM, Non-Volatile and emerging memory.

我們繼續對我們在 DRAM、非易失性和新興內存等重點領域取得的進展感到滿意。

We're ahead of our previously communicated schedule on both the 20 nanometer DRAM and 3D NAND conversions.

在 20 納米 DRAM 和 3D NAND 轉換方面，我們領先於我們之前溝通的時間表。

We expect 20 nanometer to represent more than half of our DRAM output in FY16 and our 3D NAND is on track to be a majority of our NAND to output by the end of the calendar year 2016.

我們預計 20 納米將佔 2016 財年我們 DRAM 產量的一半以上，我們的 3D NAND 有望在 2016 年年底之前成為我們 NAND 的大部分產量。

An important milestone for our 3D NAND progress is beginning tool installation in the Singapore Fab by the spring of 2016 and we're on track to meet that time line.

我們 3D NAND 進展的一個重要里程碑是在 2016 年春季之前在新加坡工廠開始安裝工具，我們正按計劃完成該時間表。

In the quarter, we announced 3D Crosspoint technology and are on track for commercial shipments in calendar year 2016.

在本季度，我們宣布了 3D Crosspoint 技術，並有望在 2016 日曆年實現商業出貨。

This is an exciting new memory technology which has the potential to drive innovative new memory-intensive applications.

這是一項令人興奮的新內存技術，有可能推動創新的新內存密集型應用。

We also continue to expand our strategic customer and partner relationships, exemplified by our recently announced 3D Crosspoint technology and 3D NAND supply agreements with Intel.

我們還繼續擴大我們的戰略客戶和合作夥伴關係，例如我們最近宣布與英特爾簽訂的 3D Crosspoint 技術和 3D NAND 供應協議。

As we continue to execute our technology conversion and Fab expansion plans, these types of strategic relationships can offer another path to enable our technology in the market as well as they can provide additional capital to support technology transitions.

隨著我們繼續執行我們的技術轉換和 Fab 擴展計劃，這些類型的戰略關係可以提供另一種途徑，使我們的技術能夠進入市場，並且它們可以提供額外的資金來支持技術轉型。

With this successful execution and technology development, we are confident that our relative competitiveness will improve during FY16.

憑藉這次成功的執行和技術開發，我們相信我們的相對競爭力將在 2016 財年提高。

We believe that the ongoing growth in customer demand for memory products will provide healthier market conditions going forward.

我們相信，客戶對內存產品需求的持續增長將為未來提供更健康的市場環境。

Now to continue our commentary on fiscal Q4 results and Q1 guidance, I will turn the call over to Ernie.

現在繼續我們對第四季度財報和第一季度指導的評論，我將把電話轉給厄尼。

Thanks, Mark.

謝謝，馬克。

Our GAAP net income for the fourth quarter was $471 million or $0.42 per diluted share on net sales of $3.6 billion.

我們第四季度的 GAAP 淨收入為 4.71 億美元，或每股攤薄收益 0.42 美元，淨銷售額為 36 億美元。

Compared to the third quarter, margins declined primarily as a result of pricing in the DRAM space.

與第三季度相比，利潤率下降的主要原因是 DRAM 領域的定價。

Non-GAAP income for the fourth quarter reflects adjustment for the following: Recurring adjustments for the amortization of debt discounts primarily relating to the imputed interest on the convertible notes on the MMJ creditor debt and nominal amounts from the loss of our debt restructuring activities and the effects of changes in currency exchange rates for the quarter.

第四季度的非公認會計原則收入反映了以下調整：債務折扣攤銷的經常性調整，主要與 MMJ 債權人債務的可轉換票據的推算利息和我們的債務重組活動損失的名義金額和本季度貨幣匯率變化的影響。

Technology acquisitions -- or technology-related acquisitions in the quarter resulted in a $21 million gain from the remeasurement from a previous equity method investment held in the acquired entity as well as $21 million in tax benefits recognized in the purchase accounting.

本季度的技術收購——或與技術相關的收購，從先前持有的被收購實體的權益法投資的重新計量中獲得了 2100 萬美元的收益，以及在採購會計中確認的 2100 萬美元的稅收優惠。

Non-cash taxes relating to the MMJ and MMT operations reflected a benefit in the quarter primarily as the result of increased estimated utilization of operating loss carryforwards in Japan.

與 MMJ 和 MMT 業務相關的非現金稅反映了本季度的收益，主要是由於日本增加了對經營虧損結轉的估計利用率。

As a result, our non-GAAP income was $399 million or $0.37 per share.

因此，我們的非 GAAP 收入為 3.99 億美元或每股 0.37 美元。

As a reminder, Micron includes both amortization of acquisition intangibles and stock-based compensation expense in our non-GAAP reporting.

提醒一下，美光在我們的非公認會計原則報告中包括收購無形資產的攤銷和基於股票的補償費用。

Taken together these two items represent approximately $0.04 per share for the recently completed quarter.

將這兩項合計起來，在最近完成的季度中，每股約 0.04 美元。

Now let's look at our results by product line.

現在讓我們按產品線查看我們的結果。

Historically we've referred to our product classifications as DRAM and NAND.

從歷史上看，我們將產品分類稱為 DRAM 和 NAND。

As Mark Adams just noted, rather than NAND, we will refer to Non-Volatile, which includes NAND and 3D Crosspoint, but will continue to exclude NOR.

正如 Mark Adams 剛剛指出的，我們將指的是 Non-Volatile，而不是 NAND，它包括 NAND 和 3D Crosspoint，但將繼續排除 NOR。

DRAM revenue decreased approximately 8% compared to the third quarter, primarily as the result of lower selling prices.

DRAM 收入與第三季度相比下降了約 8%，主要是由於銷售價格下降。

DRAM gross margin was in the 30% range, lower than the previous quarter.

DRAM 毛利率在 30% 範圍內，低於上一季度。

On the trade NAND Non-Volatile side, revenue decreased approximately 7% in the fourth quarter, primarily as a result of lower bit sales volume.

在貿易 NAND Non-Volatile 方面，第四季度收入下降了約 7%，主要是由於位銷量下降。

Gross margin was relatively flat compared to the prior quarter in the low to mid 20% range; both bit costs and selling prices decreased slightly for the quarter.

與上一季度相比，毛利率相對持平，處於 20% 的中低水平；本季度的鑽頭成本和售價均略有下降。

In the quarter, the Company generated operating cash flow of $1 billion and ended the quarter with $5.6 billion in cash and marketable investments.

本季度，公司產生了 10 億美元的經營現金流，並在本季度結束時擁有 56 億美元的現金和有價投資。

Expenditures for property, plant and equipment during the quarter were approximately $1.85 billion.

本季度的物業、廠房和設備支出約為 18.5 億美元。

During the fourth quarter we repurchased $63 million in face value of convertible notes for $112 million and approximately 36 million shares of common stock for $638 million for a total of $750 million.

在第四季度，我們以 1.12 億美元回購了面值 6300 萬美元的可轉換票據，以 6.38 億美元回購了約 3600 萬股普通股，總計 7.5 億美元。

Operating expense was less than anticipated in the fourth quarter, primarily as a result of lower variable compensation expense and lower volumes of wafers used for development of new products and technologies.

第四季度的運營費用低於預期，主要是由於可變補償費用減少以及用於開發新產品和技術的晶圓數量減少。

For the full year FY15 ended September 3, net sales were $16.2 billion with GAAP net income of $2.9 billion, or $2.47 per diluted share, while non-GAAP net income was $3.1 billion or $2.72 per diluted share.

截至 9 月 3 日的 2015 財年全年淨銷售額為 162 億美元，GAAP 淨收入為 29 億美元，或攤薄後每股收益 2.47 美元，而非 GAAP 淨收入為 31 億美元或攤薄後每股收益 2.72 美元。

The impact of acquisition intangibles and stock-based compensation on our full-year non-GAAP results was approximately $0.13 per share.

收購無形資產和基於股票的薪酬對我們全年非公認會計原則業績的影響約為每股 0.13 美元。

As Mark Durcan noted, during FY15 we used approximately $2.3 billion for dilution management activities.

正如 Mark Durcan 所指出的，在 2015 財年，我們將大約 23 億美元用於稀釋管理活動。

Of this total, $832 million was spent on share repurchase and the remainder on convert retirements.

其中，8.32 億美元用於股票回購，其餘用於轉換退休。

Cash expenditures for property, plant and equipment during FY15 were $4.1 billion and we continue to expect FY16 capital expenditures to be in the $5.3 billion to $5.8 billion range.

2015 財年的物業、廠房和設備現金支出為 41 億美元，我們繼續預計 2016 財年的資本支出將在 53 億美元至 58 億美元之間。

We also continue to expect third-party investments of between $700 million and $900 million, as well as a [$600 million] to $800 million expense for our 3D NAND Fab 10X expansion in Singapore.

我們還繼續預計第三方投資將在 7 億美元至 9 億美元之間，以及我們在新加坡的 3D NAND Fab 10X 擴建的 [6 億美元] 至 8 億美元的費用。

As mentioned in our summer analyst conference, we're simplifying the guidance that we provide.

正如我們在夏季分析師會議中提到的，我們正在簡化我們提供的指導。

For Micron's first quarter FY16, our non-GAAP guidance is as follows.

對於美光 2016 財年第一季度，我們的非公認會計準則指引如下。

Consolidated revenue in the range of $3.35 billion to $3.6 billion.

合併收入在 33.5 億美元至 36 億美元之間。

Gross margin in the range of 24.5% to 27%.

毛利率在 24.5% 至 27% 之間。

Operating expenses between $580 million and $620 million and operating income between $260 million and $320 million, with EPS between $0.20 and $0.26 per diluted share based on an estimate of 1.1 billion diluted shares and a tax rate in the mid-teens.

運營費用在 5.8 億美元至 6.2 億美元之間，運營收入在 2.6 億美元至 3.2 億美元之間，每股攤薄收益在 0.20 美元至 0.26 美元之間，基於 11 億股稀釋股的估計和十幾歲左右的稅率。

This EPS range includes expenses related to acquisition intangibles and stock-based compensation which together represent approximately $0.05 per share.

該每股收益範圍包括與收購無形資產和基於股票的薪酬相關的費用，合計約為每股 0.05 美元。

Although we continue to expect some challenges in the pricing environment during the current fiscal quarter, our guidance, particularly at the gross margin line, also reflects the early capture of operational improvements that we have been sharing with you for some time.

儘管我們繼續預計當前財政季度的定價環境將面臨一些挑戰，但我們的指導，特別是在毛利率線方面，也反映了我們與您分享一段時間以來的運營改進的早期捕捉。

In the materials posted on our website we have included a dilution table that reflects the anti-dilutive effects of our Cap calls at various stock prices.

在我們網站上發布的材料中，我們包含了一個稀釋表，該表反映了我們在不同股票價格下的上限調用的反稀釋效應。

Now I'll turn it back over to Mark Durcan.

現在我將把它轉回給 Mark Durcan。

Thank you, Ernie.

謝謝你，厄尼。

Let me just conclude our prepared remarks by summarizing our major focus areas for the coming year.

讓我通過總結我們來年的主要重點領域來結束我們準備好的發言。

There are three such focus areas.

有三個這樣的重點領域。

First is technology deployment and manufacturing efficiency.

首先是技術部署和製造效率。

Second is delivering value-added solutions for a growing set of customers and market segments.

其次是為越來越多的客戶和細分市場提供增值解決方案。

And third is investing in our long-term customer and partner relationships.

第三是投資於我們的長期客戶和合作夥伴關係。

As we embark on our new fiscal year, I'd like to take a moment to thank our customers, partners, shareholders and team members for their continued support.

在我們開始新的財政年度之際，我想花一點時間感謝我們的客戶、合作夥伴、股東和團隊成員的持續支持。

Let me stop here and, operator, I think we're ready for Q& A.

讓我在這裡停下來，接線員，我想我們已經準備好進行問答了。

We'll now take questions from callers.

我們現在將接受來電者的提問。

Just as a reminder, if you are using a speaker phone, please pick up the handset when asking a question so that we can hear you clearly.

提醒一下，如果您使用免提電話，請在提問時拿起聽筒，以便我們清楚地聽到您的聲音。

Operator?

操作員？

Thank you.

謝謝你。

Kevin Cassidy, Stifel.

凱文·卡西迪，斯蒂菲爾。

Thank you for taking my question.

謝謝你接受我的問題。

On the guidance for gross margins, can you give us some of the moving parts on that, where it's coming down?

關於毛利率的指導，你能否給我們一些關於它的動態部分，它在哪裡下降？

You know, as always, it's a combination of mix and pricing and both of those move around within ranges that are quite similar to one another.

你知道，和往常一樣，它是混合和定價的結合，兩者都在彼此非常相似的範圍內移動。

So part of the reason why we wanted to talk to you about an aggregate gross margin was, in fact, that both of those factors are things in some cases that we don't control and in other cases that we do in response to the changing pricing environment.

因此，我們想與您討論總毛利率的部分原因實際上是，這兩個因素在某些情況下是我們無法控制的，而在其他情況下是我們為應對變化而做的事情定價環境。

So we can't really provide too much color on that or else it would negate why we chose to go to this more broad-based guidance across the Company's revenue stream.

因此，我們不能真正提供太多的色彩，否則它會否定我們為什麼選擇在公司的收入流中採用這種更廣泛的指導。

Okay.

好的。

Maybe if I could ask one detail around that then.

也許如果我能問一個關於那個的細節。

With the TLC NAND products ramping or becoming a larger percentage of revenue, should we expect gross margins can move up with that ramp?

隨著 TLC NAND 產品的增長或在收入中所佔的比例越來越大，我們是否應該預期毛利率會隨著增長而上升？

I think the ramp through FY16 will generally lead to that trend, certainly from a cost basis, not trying to forecast where the ASPs go from here from a competitive cost position yet.

我認為 2016 財年的增長通常會導致這種趨勢，當然是從成本基礎來看，而不是試圖從具有競爭力的成本位置預測 ASP 從這裡走向何方。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Vijay Rakesh with Mizuho.

Vijay Rakesh 與瑞穗。

Thanks, just a question here.

謝謝，這裡只是一個問題。

If you look at the first half 2016, what do you think your mix will be on 16 nanometer TLC NAND?

如果您看一下 2016 年上半年，您認為您的 16 納米 TLC NAND 將如何組合？

And I have a follow-up.

我有一個後續行動。

Thanks.

謝謝。

We are early in the ramp of the TLC NAND.

我們處於 TLC NAND 的早期階段。

We're shipping products this quarter to customers.

我們將在本季度向客戶發貨。

But as we move through the first half of the year, it will be into the 20% range and we will see where it goes from there.

但隨著我們進入今年上半年，它將進入 20% 的範圍，我們將看到它從那裡去哪裡。

If I could add one more comment, what we are hearing and seeing from the market is that by segment TLC is [interested] in some segments but not all segments.

如果我可以再添加一條評論，我們從市場中聽到和看到的是，按細分市場，TLC 對某些細分市場[感興趣]，但不是所有細分市場。

As a matter of fact, in the last part of Q4 and early into Q1, we've seen significant interest for our higher performing, more reliable MLC, both 20- and 25-nanometer products where they are designed in and even new customers in the hyperscale environment.

事實上，在第 4 季度末期和第 1 季度初期，我們看到了對我們更高性能、更可靠的 MLC、20 和 25 納米產品的極大興趣，甚至是新客戶超大規模環境。

And so while [20%] might not sound as high as one with a forecasted six months ago, we're getting significant interest again in enterprise-type applications for better margins and so we're going to dial that in around market opportunity and customer needs.

因此，雖然 [20%] 聽起來可能不像六個月前的預測那麼高，但我們再次對企業型應用程序產生了濃厚的興趣，以獲得更高的利潤率，因此我們將圍繞市場機會和客戶的需求。

Got it.

知道了。

If I may, on the DRAM side, as you look at -- you mentioned introduced improved regarding [2016], but any thoughts on how you see inventory and yields playing out here through the end of the year?

如果我可以的話，在 DRAM 方面，正如你所看到的 - 你提到了 [2016] 方面的改進，但是你對今年年底的庫存和產量有什麼想法嗎？

Thanks.

謝謝。

Were you saying yields?

你說的是收益嗎？

Yes, yields and just channel inventory on the DRAM side.

是的，DRAM 方面的產量和只是渠道庫存。

Thanks

謝謝

Let me handle the channel inventory in the market.

讓我來處理市場上的渠道庫存。

Then Mark can -- interestingly enough, in terms of DRAM market, except for one large channel player, the channel itself is pretty low inventory in the two to three weeks.

然後 Mark 可以 - 有趣的是，就 DRAM 市場而言，除了一個大型渠道玩家外，渠道本身在兩到三週內的庫存非常低。

One larger channel player who, in fact, services a lot of the OEMs has more than that from a fulfillment standpoint.

事實上，從履行的角度來看，一個為許多 OEM 提供服務的更大的渠道參與者擁有的不僅僅是這些。

That's the roll that they play with these customers, so it's not a significant inventory problem in the channel today.

這就是他們與這些客戶打交道的方式，因此這在今天的渠道中並不是一個重大的庫存問題。

I think to extend the question a little bit, the PC demand, the PC ecosystem is also not as much of an inventory program.

我想稍微擴展一下這個問題，PC 需求，PC 生態系統也不是一個庫存計劃。

It's more of a demand problem, and I think with new chipsets, and new operating systems and what have you, I think the buying side of the market has been a little conservative in terms of how they procured PC parts over the last three to six months.

這更像是一個需求問題，我認為對於新的芯片組、新的操作系統以及你有什麼，我認為市場的購買方在過去三到六年採購 PC 部件的方式方面有點保守個月。

And I think at this point it's going to be interesting to watch how the next three or four months plays out in terms of the consumer and corporate behavior because at some point they're going to start to replenish.

而且我認為在這一點上，觀察未來三四個月在消費者和企業行為方面的表現將會很有趣，因為在某個時候他們將開始補充。

Let me handle the yield question.

讓我處理產量問題。

I think the thing we can say about yields is we're clearly ahead of our plan and running at least as good as or probably slightly better than we have on previous similar conversions, so we're very happy with the way that's going and we look for significant bit generation and bit crossover in our third fiscal quarter.

我認為我們可以說的關於收益率的事情是，我們顯然領先於我們的計劃，並且運行至少與之前的類似轉換一樣好或可能略好，所以我們對目前的方式非常滿意，我們在我們的第三財季尋找重要的比特生成和比特交叉。

Thank you very much.

非常感謝。

Timothy Arcuri, Cowen and Company.

Timothy Arcuri，考恩公司。

Thanks a lot.

非常感謝。

I had two.

我有兩個。

Ernie, I know you don't want to talk too much about costs going forward, but that's obviously been an issue.

厄尼，我知道你不想過多談論未來的成本，但這顯然是個問題。

You know, DRAM costs were up this quarter and the guide seems to imply DRAM cost per bit is going to go down just a touch in fiscal Q1.

你知道，本季度 DRAM 成本上升，該指南似乎暗示 DRAM 每位成本將在第一財季略微下降。

Is that right?

那正確嗎？

You know, if you go back to the chart that we showed at our Analyst Day, it shows you what we are expecting in general relative to output and costs move in an inverse way with output, so as output moves up, costs decline a little bit.

你知道，如果你回到我們在分析師日展示的圖表，它向你展示了我們對產出的總體預期，成本與產出成反比，所以隨著產出的增加，成本會下降一點少量。

In addition to that, as we move down the technology curve, we also get the benefit of that.

除此之外，隨著我們向下移動技術曲線，我們也從中受益。

Without being overly specific, I think the best thing I can do is refer you back to that curve and the gross margin guidance we provided and you can draw the picture from there.

在沒有過於具體的情況下，我認為我能做的最好的事情就是讓你回到那個曲線和我們提供的毛利率指導，你可以從那裡畫出來。

Okay, thanks.

好的謝謝。

And then I guess, Ernie, also there's a lot of debate about when gross margins will bottom and where they will bottom.

然後我想，厄尼，關於毛利率何時觸底以及何時觸底，存在很多爭論。

You are beginning to see some benefit of the investments in the operational things you are doing.

您開始看到對您正在做的運營事務進行投資的一些好處。

So can you give us some sense that (technical difficulty) you think that November might be the bottoming in gross margin?

那麼您能否給我們一些感覺（技術難度）您認為 11 月可能是毛利率的底部？

I can't really comment on that.

我真的無法對此發表評論。

And again I'd refer you back to some of the major levers that we have, which is output that we can control, whatnot, but the biggest lever of all is pricing which is something that we can't fully anticipate.

我再次向您推薦我們擁有的一些主要槓桿，即我們可以控制的輸出，等等，但最大的槓桿是定價，這是我們無法完全預料到的。

So I can't really give you any indication that November would be the bottom because I just don't know at this point, although we continue to make progress on our operational improvements.

所以我真的不能給你任何跡象表明 11 月會是谷底，因為我現在還不知道，儘管我們在運營改進方面繼續取得進展。

Okay, Ernie, thanks so much.

好的，厄尼，非常感謝。

Rajvindra Gill, Needham & Company.

Rajvindra Gill，Needham & Company。

Thanks for taking my question.

感謝您提出我的問題。

I guess a follow-up on the gross margin.

我猜是毛利率的後續行動。

I am trying to get a sense of why gross margins are coming down if some of these things that you talked about are stabilizing; for instance, more rational environment, ramping more on 20 nanometer, some stabilization in the pricing.

如果您談到的其中一些事情正在穩定，我試圖了解為什麼毛利率會下降；例如，更合理的環境，更多地在 20 納米上增加，價格有所穩定。

I think it's really important to parse cost and pricing.

我認為解析成本和定價非常重要。

If you look at what's happening in the market, it still is a significant amount of data that suggest DRAM pricing continues to come down a bit.

如果你看看市場上正在發生的事情，仍然有大量數據表明 DRAM 價格繼續略有下降。

And so that has an offsetting impact to the improvements in the operational execution.

因此，這對運營執行的改進產生了抵消性影響。

So we're really focused on driving the operational execution and getting cost where -- as well as we can effectively manage cost to get those to that level and then the pricing environment we have to deal with.

因此，我們真正專注於推動運營執行並在哪裡獲得成本 - 以及我們可以有效地管理成本以達到那個水平，然後是我們必須處理的定價環境。

I'm just trying to square with what you are saying in your outlook in your slide deck.

我只是想與您在幻燈片中的觀點中所說的一致。

You basically are saying despite recent softness in the PC DRAM market you continue to see healthy end-market demand and the demand environment to stabilize as we move into calendar 2016.

您基本上是在說，儘管 PC DRAM 市場最近疲軟，但隨著我們進入 2016 年日曆，您繼續看到健康的終端市場需求和穩定的需求環境。

So it just seems like while there is some hint that demand is stabilizing or some stabilization across the board, the margins continue to drift fairly lower.

因此，似乎雖然有一些跡象表明需求正在企穩或全面企穩，但利潤率繼續相當低。

So I'm not very clear on why that's happening.

所以我不太清楚為什麼會這樣。

Okay.

好的。

Let's just step back a little bit and think about the marketplace has been weakened in PCs.

讓我們稍微退後一步，想想個人電腦市場已經被削弱了。

We've seen pricing erosion there.

我們已經看到那裡的價格侵蝕。

It doesn't take much of a shift in the supply and demand balance where you are moving big numbers up and down and subtracting them to get a difference for the supply-demand balance to swing from slightly over to slightly undersupplied.

供需平衡不需要太大的變化，您可以上下移動大量數字並減去它們以獲得差異，供需平衡從略微過剩到略微供應不足。

And at the end of the day, that's the tough question that we've all got to try to figure out what the answer is.

歸根結底，這是一個棘手的問題，我們都必須嘗試找出答案是什麼。

As we think about what our end markets look like in 2016, the product we have and the customer interest we have, we think that the market's generally going to be relatively balanced and we think we have significant operational improvements coming down the pipeline.

當我們考慮 2016 年我們的終端市場情況、我們擁有的產品和我們擁有的客戶興趣時，我們認為市場總體上會相對平衡，我們認為我們將有重大的運營改進。

That underlines the commentary we are giving you and we're trying to give you a view as to how we think that's going to balance out in the quarter ahead and it's close to flattish gross margins quarter over quarter based on our guidance.

這強調了我們給你的評論，我們試圖讓你了解我們認為這將如何在未來一個季度取得平衡，並且根據我們的指導，它的毛利率接近於季度環比持平。

We'll just have to go from there and see.

我們只需要從那裡去看看。

We're all trying to figure this out together.

我們都在努力解決這個問題。

Great.

偉大的。

Last question on the cost side, some of the cost headwinds that you experienced this year in theory should become tailwinds in 2016.

關於成本方面的最後一個問題，你今年經歷的一些成本逆風理論上應該會在 2016 年成為順風。

And I was wondering if you could talk about some of those potential tailwinds and any thoughts on the shift to DDR4 in server, the shift to mobile overall and within mobile the shift to LPDDR4.

我想知道您是否可以談談其中一些潛在的順風以及關於服務器轉向 DDR4、整體轉向移動設備以及移動設備內部轉向 LPDDR4 的任何想法。

These are all things that could potentially be tailwinds once costs are normalized.

一旦成本正常化，這些都可能成為順風。

So if you can maybe talk about some of those specific things, that would be helpful.

因此，如果您可以談論其中一些具體的事情，那將很有幫助。

Thank you.

謝謝你。

Sure, this is Mark Adams, just responding to the last part of your question.

當然，這是馬克亞當斯，只是回答你問題的最後一部分。

I think if you break all of that down, certainly DDR4 and LP4 in their early ramp don't lend themselves to the cost benefits right away like any of the semiconductor ramps that you deal with in terms of the market.

我認為，如果您將所有這些都分解，那麼早期的 DDR4 和 LP4 肯定不會像您在市場方面處理的任何半導體坡道那樣立即獲得成本優勢。

We will see that shift from early ramp headwind to advanced process tailwind in the midpart of our fiscal year.

我們將在本財年中期看到從早期坡道逆風到先進工藝順風的轉變。

That's also true with our 20-nanometer product coming out in the -- by the time -- I said second half in my script, second half at the end of the first half going into the second half will be a bit crossover, more than 50% of our production will be on the 20 nanometer and we'll be in an improved position there as well.

我們的 20 納米產品也是如此 - 到那時 - 我在我的腳本中說下半場，在上半場結束的下半場進入下半場會有點交叉，超過我們 50% 的生產將在 20 納米上進行，我們也將在那里處於改進的位置。

So, all in all, I think what you were asking about, we can confirm is the direction we see our cost position in the marketplace.

所以，總而言之，我認為您所問的是，我們可以確認的是我們在市場上看到的成本定位方向。

Thank you.

謝謝你。

Doug Freedman, Sterne, Agee

道格·弗里德曼、斯特恩、阿吉

Great, thanks for taking my question, guys.

太好了，謝謝你提出我的問題，伙計們。

Mark, in the past you've offered commentary in terms of the impact of the new contract with Inotera.

馬克，過去你曾就與 Inotera 的新合同的影響發表評論。

Given the present pricing dynamics in the market and the DRAM market, can you offer us some insights into how much impact that will have on gross margins when it kicks in, in the February quarter?

鑑於目前市場和 DRAM 市場的定價動態，您能否提供一些見解，了解它在 2 月季度開始時將對毛利率產生多大影響？

Yes, Doug, we commented on this last quarter.

是的，道格，我們在上個季度對此發表了評論。

It's still mid to high single digits impact in fiscal Q3 as we realize the transition to the updated 20-nanometer technology coming out with Inotera.

隨著我們意識到向 Inotera 推出的更新的 20 納米技術過渡，它在第三財季的影響仍然是中高個位數。

Okay.

好的。

And that's just on -- just to make sure I understand that correctly, that is just on the DRAM side of the business, so if we aggregate that into corporate --

這只是為了確保我正確理解這一點，這只是在業務的 DRAM 方面，所以如果我們將其匯總到企業中-

That's right.

這是正確的。

It is just DRAM and that's just on the Inotera output.

它只是 DRAM，僅在 Inotera 輸出上。

The fiscal Q3 is the relevant time, because the contract kicks in at the beginning of the year, but there's a lag effect in terms of when it flows through our financials and that's the best time to look at it because that also happens to be when the 20-nanometer output is coming.

第三財季是相關時間，因為合同在年初生效，但在它何時流經我們的財務方面存在滯後效應，這是查看它的最佳時間，因為這也恰好是20納米的輸出即將到來。

So we'll see that impact in the May quarter then, not in the February quarter.

因此，我們將在 5 月季度看到這種影響，而不是在 2 月季度。

Great, that's very helpful.

太好了，這很有幫助。

If I could move on, my next one is really in looking at the NAND market and your NAND output.

如果我可以繼續，我的下一個真的是看 NAND 市場和你的 NAND 輸出。

I know you mentioned not moving as quickly to TLC because in market demands there really are two different products that you are ramping right now, if I'm correct.

我知道你提到不要盡快轉向 TLC，因為在市場需求方面，你現在確實有兩種不同的產品，如果我是對的的話。

You've got the TLC at 15 nanometer, but you also have your 3D product.

您擁有 15 納米的 TLC，但您也擁有 3D 產品。

I know you gave us an endpoint that you'll be at a majority of 3D by the end of 2016.

我知道您給了我們一個終點，即到 2016 年底您將擁有大部分 3D。

Can we get any interim points for the November and February quarter?

我們能否獲得 11 月和 2 月季度的任何臨時積分？

What percentage of your output will be 3D NAND and how much of that will be MLC versus TLC?

3D NAND 佔您輸出的百分比，MLC 與 TLC 佔多少？

Let me take that one, Doug.

讓我拿那個，道格。

So you're right, we're going to play this by ear in terms of the planar TLC.

所以你是對的，我們將根據平面 TLC 來聽聽這個。

As Mark mentioned, there is a resurgence in interest in our high-quality MLC offerings for enterprise and high-end client applications and so we're just going to have to see how we dial that piece.

正如 Mark 所提到的，人們對我們為企業和高端客戶端應用程序提供的高質量 MLC 產品重新產生了興趣，因此我們只需要看看我們如何撥出這部分內容。

You're also right that we've said our plan is to have the majority of our 3D NAND on TLC in short order.

您說得對，我們已經說過我們的計劃是在短期內將我們的大部分 3D NAND 放在 TLC 上。

It is still a new technology; it is still ramping.

它仍然是一項新技術；它仍在上升。

And I think it is probably a little premature to try and predict what that looks like in the 3D TLC, what that mix looks like in the first half of the year.

而且我認為現在嘗試預測 3D TLC 中的情況可能有點為時過早，這種組合在今年上半年會是什麼樣子。

How about total output for the November or February quarters?

11 月或 2 月季度的總產量如何？

Of TLC?

薄層色譜法？

I can't --

我不能——

Of 3D NAND in any quarter.

任何季度的 3D NAND。

Oh, of 3D NAND.

哦，3D NAND。

It's going to be relatively small until we get to that crossover point.

在我們到達那個交叉點之前，它會相對較小。

All right.

好的。

Thanks for taking my questions.

感謝您提出我的問題。

Monika Garg, Pacific Crest Securities

Monika Garg，Pacific Crest 證券

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

The first question I have is on the SBU business unit.

我的第一個問題是關於 SBU 業務部門的。

We have seen negative op margins for two or three quarters now.

我們現在已經看到兩個或三個季度的負營業利潤率。

You have talked about 3D NAND is more end-of-calendar-2016 weighted.

您談到了 3D NAND 更多的是在 2016 年日曆結束時加權。

So is it fair to think that your NAND -- so when do you expect your NAND margins to improve?

那麼認為您的 NAND 是否公平 - 那麼您預計您的 NAND 利潤率何時會提高？

When 3D picks up or sometime even before that?

當 3D 出現時，甚至在此之前的某個時候？

I think it's important, Monika -- again this is Mark Adams -- I think it's important to make a distinction here.

我認為這很重要，莫妮卡——我還是馬克·亞當斯——我認為在這裡做出區分很重要。

Directionally your categorization of our SBU margins are correct, but I would also suggest on a relative basis to our competitors, our SBU business has held up quite nicely relative to where we were 12 months ago.

從方向上看，您對我們 SBU 利潤率的分類是正確的，但我也建議相對於我們的競爭對手，我們的 SBU 業務相對於 12 個月前的情況保持得相當好。

And I mean that because there's a number of different market segments that the team has developed and cultivated that we feel will continue to benefit us as we get some of the tailwinds in place that we described in the back half of 2016.

我的意思是，因為團隊已經開發和培育了許多不同的細分市場，我們認為隨著我們在 2016 年下半年獲得一些順風，我們將繼續受益。

So that's a long-winded way of saying I expect that on a relative basis we get more competitive in 2016 and that our overall performance in SBU will improve based on a number of the elements we've talked about, whether it be TLC or vertical and some of the higher-end enterprise-type products we've described.

所以這是一種冗長的說法，我預計相對而言，我們在 2016 年會變得更有競爭力，並且我們在 SBU 的整體表現將基於我們討論過的許多要素而有所改善，無論是 TLC 還是垂直以及我們描述的一些高端企業型產品。

Keep in mind, when you look at SBU numbers, you're also looking at a blended trade and zero gross margin business [reporting].

請記住，當您查看 SBU 數字時，您也在查看混合貿易和零毛利率業務 [報告]。

Right.

正確的。

This last one, the DRAM side, Mark, you talked about you expect relatively balanced supply demand in DRAM in 2016.

最後一位，DRAM 方面，Mark，您談到您預計 2016 年 DRAM 的供應需求相對平衡。

The Micron's DM margins have come down quite a bit this year.

今年美光的 DM 利潤率下降了很多。

[Since] the balanced [environment] next year, should we expect the margins to improve next year then?

[既然]明年是平衡的[環境]，那麼我們是否應該期望明年的利潤率會有所提高？

Again, Monika, we can't predict the ASPs or the margins for you.

同樣，Monika，我們無法為您預測 ASP 或利潤率。

We're just telling you what we generally see and then you have got to layer in the -- obviously we're pretty bullish on what we're doing internally in our operational improvements that will play out through the year.

我們只是告訴您我們通常看到的情況，然後您必須加入 - 顯然我們非常看好我們在內部所做的操作改進，這些改進將在一年內發揮作用。

Okay.

好的。

Thank you.

謝謝你。

Chris Hemmelgarn, Barclays.

巴克萊銀行的克里斯·海默爾加恩。

Thanks very much for taking the question.

非常感謝您提出問題。

I guess take a little different tact.

我想採取一些不同的技巧。

Could you talk a bit about the factors that would get you to the high-end, low-end of your gross margin guidance?

您能否談談使您達到毛利率指導的高端和低端的因素？

Well, you know, ASPs are a big one.

嗯，你知道，ASP 是一個很大的。

We always reserve the right to dial mix and we'll take advantage of any opportunities we see there.

我們始終保留撥號混音的權利，我們將利用我們在那裡看到的任何機會。

I think we have a pretty good bead on what our output is going to be absent some dramatic mix changes, so I don't think that's as big a lever this particular quarter.

我認為我們對我們的產出將沒有一些戲劇性的混合變化有一個很好的了解，所以我認為這在這個特定季度不會有那麼大的槓桿作用。

Okay, thanks very much.

好的，非常感謝。

I guess different direction.

我猜不同的方向。

Talk a bit about 3D Crosspoint.

談談 3D Crosspoint。

Intel's clearly going to be pushing the technology, but in terms of monetizing it from the Micron end, where specifically are you seeing strong customer interest?

英特爾顯然將推動這項技術，但就從美光端將其貨幣化而言，您在哪裡看到了強烈的客戶興趣？

I'll see your different tact with my different tact, how's that?

我會看到你不一樣的機智和我不一樣的機智，怎麼樣？

(laughter) More broadly the technology, we see in a number of different end-market segments, both in current application environments and some innovative new areas that might drive some neat development on solutions and technologies to address markets.

（笑聲） 更廣泛地說，我們在許多不同的終端市場領域看到了技術，包括當前的應用環境和一些創新的新領域，這些領域可能會推動解決方案和技術的一些巧妙發展，以應對市場。

The type of markets that we see 3D Crosspoint benefit from are either super high-end gaming applications, which could be for more real environment 8K type applications and provide the exact gaming performance that doesn't have to flush out to a different type of storage media.

我們看到 3D Crosspoint 受益的市場類型是超高端遊戲應用程序，這可能適用於更真實的環境 8K 類型的應用程序，並提供無需沖刷到不同類型的存儲的確切遊戲性能媒體。

It all can be done in 3D Crosspoint.

這一切都可以在 3D Crosspoint 中完成。

Another good one would be super high-end reliable system storage enterprise storage applications.

另一個不錯的是超高端可靠的系統存儲企業存儲應用。

We think, as far as merging application development, we think the technology lends really well to medical diagnostics, for example, where the instantaneous response time of symptoms going in and research data analysis coming out with what that might be is a real-world application that could benefit from Crosspoint.

我們認為，就合併應用程序開發而言，我們認為該技術非常適合醫療診斷，例如，症狀的瞬時響應時間和研究數據分析可能是現實世界的應用程序這可以從 Crosspoint 中受益。

So these are the type of markets that the technology fits, and I think it's a quick summary of a few that are of interest to where the market can try this technology.

因此，這些是該技術適合的市場類型，我認為這是市場可以嘗試該技術的一些感興趣的市場的快速總結。

Think in terms of anywhere where you want a large in-memory database or anywhere where you want ultrahigh performance storage systems.

考慮任何需要大型內存數據庫或需要超高性能存儲系統的地方。

That's very helpful.

這很有幫助。

Thanks much.

非常感謝。

Steven Fox, Cross Research.

史蒂文福克斯，交叉研究。

Thanks.

謝謝。

Good afternoon.

下午好。

Just one question from me.

我只有一個問題。

You mentioned there was some spillover effect in the DRAM market into some of your better mix markets in the last quarter.

您提到上一季度 DRAM 市場對您的一些更好的混合市場產生了一些溢出效應。

I guess I was curious, do you expect to see that in this quarter?

我想我很好奇，您希望在本季度看到嗎？

How much could compute seasonality lead to some more spillover effect later on in the fiscal year and what are you guys doing to firewall against that?

計算季節性在本財年後期會在多大程度上導致更多的溢出效應，你們正在做些什麼來防止這種情況發生？

Thanks.

謝謝。

You said something there, how much can compute seasonality affect it, and it depends on how you see the compute market.

你在那裡說過，計算季節性對它的影響有多大，這取決於你如何看待計算市場。

What I mentioned earlier was some of the environments that consume similar capacity, like the very low-end part of the server business, had some pricing pressure.

我前面提到的是一些消耗類似容量的環境，比如服務器業務的非常低端的部分，有一些定價壓力。

Notwithstanding all that, margins held up pretty well.

儘管如此，利潤率仍然保持得很好。

So my interpretation to your question is if PCs rebound somewhat, and we're not talking about a wild rebound, but they rebound somewhat going into the holiday season, that could be a positive -- that could have a positive impact on the overall pricing in the market.

所以我對你的問題的解釋是，如果個人電腦有所反彈，我們並不是在談論瘋狂的反彈，而是在進入假日季節時有所反彈，這可能是積極的——這可能對整體定價產生積極影響在市場上。

But we think the diversification of the end markets lends well to relatively stable pricing and margins, as Ernie highlighted.

但正如 Ernie 所強調的，我們認為終端市場的多樣化有助於相對穩定的定價和利潤率。

Just a quick follow-up on what you just said, is there any kind of tactics you are willing to share in terms of what you are most focused on in shaping demand to your benefit when you see some of these excesses the next couple quarters?

只是對您剛才所說的內容進行快速跟進，當您在接下來的幾個季度中看到其中一些過度行為時，您是否願意就您最關注的塑造需求以使您受益的策略分享任何類型的策略？

Not more than what we've talked about in the past, which is we have these end markets that we have developed product strategies and by shifting some of the capacity away, it relieves some of the pressure in one area.

不比我們過去談到的更多，即我們擁有這些終端市場，我們已經制定了產品戰略，並且通過轉移一些產能，它減輕了一個領域的一些壓力。

And the interesting thing overall about DRAM which we haven't really talked a lot about is some of these newer categories, LP4, DDR4, some of these categories actually take -- or have a limiting effect or reducing effect on overall wafer production in the industry.

關於 DRAM 的整體有趣的事情我們還沒有真正談論過，其中一些較新的類別，LP4、DDR4，其中一些類別實際上佔據了 - 或者對整個晶圓生產有限製或減少的影響。行業。

And so as these categories take off and grow, we are of the opinion that, that can have a stabilizing effect too.

因此，隨著這些類別的起飛和增長，我們認為，這也可以起到穩定作用。

Great.

偉大的。

Thank you very much.

非常感謝。

Steven Chin, UBS

史蒂文·欽，瑞銀

Hi.

你好。

Thanks for taking my questions.

感謝您提出我的問題。

First one, Mark, if I could, on the demand side, both on PC and smartphones, could you provide a little color on what you are hearing from your customers in those two end markets in terms of their sentiment and how the seasonality, quote, unquote, for the back half, how that's shaping up so far relative to expectations?

第一個，馬克，如果我可以的話，在需求方面，無論是在 PC 還是智能手機上，你能否就你從這兩個終端市場的客戶那裡聽到的情緒以及季節性、報價，取消報價，對於後半部分，到目前為止相對於預期的情況如何？

Well, I think the PC is about where it's been.

嗯，我認為 PC 是關於它的位置。

I can't advertise there's been a major uptick in PC demand.

我無法宣傳 PC 需求大幅上升。

The only data point that I would say that is new for us is that as we sit today the relative channel inventory on PCs is not a huge burden to a recovery.

我想說的唯一對我們來說是新的數據點是，就我們今天而言，PC 上的相對渠道庫存對複蘇來說並不是一個巨大的負擔。

I think that it's too early to tell what consumers and even the corporate environment are going to be doing through the holiday and through the rest of the year.

我認為現在說消費者甚至企業環境在假期和今年剩餘時間裡會做什麼還為時過早。

I can't give you a great sense of what's going to play out other than the inventory validation of what we see in the channel.

除了對我們在頻道中看到的內容進行庫存驗證之外，我無法讓您對將要發生的事情有很好的了解。

That's true not only for end units and PCs, but also overall true for PC memory relative to where the pricing pressure has been.

這不僅適用於終端設備和個人電腦，而且相對於定價壓力所在的個人電腦內存，整體上也是如此。

I don't think it's going to take a wild shift in behavior for PC environment to stabilize.

我認為 PC 環境不會發生劇烈的行為變化來穩定。

It's just probably too early for the holidays to see that.

假期看到這一點可能還為時過早。

On the mobile side, despite what we've read in the media about a slowdown in China which, in fact, is somewhat true, there seems to be an offset in two areas, one of which is that memory content in phones continues to move upwards, which is more broadly positive, as well as, despite the high-end and mid-range smartphones in China, the entry-level smartphone, which are really configured to be pretty good density configurations, are still in pretty good shape, coupled with other emerging markets.

在移動端，儘管我們在媒體上看到中國經濟放緩，事實上這在一定程度上是正確的，但似乎在兩個方面有所抵消，其中之一是手機中的內存內容繼續移動向上，這是更廣泛的積極，以及，儘管中國的高端和中端智能手機，但真正配置為相當不錯密度配置的入門級智能手機仍然處於相當不錯的狀態，加上與其他新興市場。

So we continue to be bullish on the mobile market and the team's performance has been pretty good.

所以我們繼續看好移動市場，團隊的表現一直不錯。

When you think about some of the areas that we have shifted to, mobile networking and automotive, the net of it all has been that we've been able to keep our margin in a relatively healthy place and continue to monitor that.

當您考慮我們已經轉移到的一些領域時，移動網絡和汽車，這一切都是因為我們已經能夠將我們的利潤保持在一個相對健康的地方並繼續監控它。

Great.

偉大的。

Thanks for that color, Mark.

謝謝你的顏色，馬克。

And follow-up for Ernie, in terms of the [share] repurchases, if I have my math correct, it seems you have about $170 million left in share repurchase capacity for this quarter.

Ernie 的後續行動，就 [股票] 回購而言，如果我的數學正確的話，您似乎在本季度還有大約 1.7 億美元的股票回購能力。

Just given how much you bought back in this last quarter with the stock under $20, any thoughts on potential expansion in the repurchase program?

考慮到您在上個季度以低於 20 美元的價格回購了多少股票，您對回購計劃的潛在擴張有何想法？

The amount is actually a little closer to $130 million versus $170 million.

與 1.7 億美元相比，該金額實際上更接近 1.3 億美元。

And we're certainly going to continue to be opportunistic and as we think about the market during the fourth quarter, we'll be making decisions as we think is appropriate.

我們肯定會繼續投機取巧，當我們考慮第四季度的市場時，我們將做出我們認為合適的決定。

Great.

偉大的。

Thank you.

謝謝你。

Daniel Amir, Ladenburg.

丹尼爾·阿米爾，拉登堡。

Thanks a lot.

非常感謝。

Another way -- following up with your previous question, how should we look at, in FY16, in the mix that you are aiming to in terms of the DRAM business, mobile, PC server?

另一種方式——繼續你之前的問題，在 2016 財年，我們應該如何看待你在 DRAM 業務、移動設備、PC 服務器方面的目標組合？

Should we expect, in general terms, PC to decline a little bit more, mobile to a little bit increase, and server and networking to stay about the same?

總體而言，我們是否應該期望 PC 會進一步下降一點，移動設備會增加一點，而服務器和網絡保持大致相同？

You know, it's difficult to necessarily forecast because we'll keep adopting our overall approach as market conditions warrant.

你知道，這很難預測，因為我們會在市場條件允許的情況下繼續採用我們的整體方法。

But if I were to categorize how we see it today, we think mobile -- and generally we are concerned more than where we sit today.

但是，如果我要對我們今天如何看待它進行分類，我們認為是移動的——通常我們關心的不僅僅是我們今天坐在哪裡。

We see PC on the consumption side of memory flat to down somewhat just based on the overall market demand trends that we see.

僅根據我們看到的整體市場需求趨勢，我們認為 PC 在內存消費方面持平或下降。

In general, we think other embedded markets will only increase, given automotive gaining and the launch in growth of the IoT end segments.

總的來說，我們認為其他嵌入式市場只會增加，因為汽車行業的增長和物聯網終端市場的增長。

Networking and server are very interesting because what we've seen in the trend in those two markets are as much memory as they can get in they will put in.

網絡和服務器非常有趣，因為我們在這兩個市場的趨勢中看到的是，他們將投入盡可能多的內存。

And as technology and configurations allow us, DDR4 will drive pretty high growth in terms of memory consumption.

隨著技術和配置的允許，DDR4 將在內存消耗方面推動相當高的增長。

So when you hear us bullish on the overall demand of the end markets, it's with good reason.

因此，當您聽到我們看好終端市場的整體需求時，這是有充分理由的。

Memory consumption is rally driving either reliability, performance, or really new market applications.

內存消耗正在推動可靠性、性能或真正的新市場應用。

And on the DRAM segment, we continue, notwithstanding on the PC business, continue to see growth across the board.

在 DRAM 領域，儘管在 PC 業務方面，我們繼續看到全面增長。

Okay.

好的。

Just one follow-up question on the Non-Volatile memory side.

只有一個關於非易失性內存方面的後續問題。

Your SSD business is around mid-teens.

您的 SSD 業務大約在十幾歲左右。

I guess if we stood here a year ago, I think some of us would have thought that would be a higher number of your overall sales.

我想如果我們在一年前站在這裡，我想我們中的一些人會認為這將是您整體銷售額的更高數字。

What do you need to do in order to make that a bigger focus given the opportunity in SSDs?

考慮到 SSD 的機會，您需要做些什麼才能使其成為更大的焦點？

Is it really related to the progress of TLC and 3D NAND or is there something else that you can drive that business forward?

它是否真的與 TLC 和 3D NAND 的進展有關，或者還有其他什麼可以推動該業務向前發展？

I think that's true.

我認為這是真的。

I think a year ago we might have said that.

我想一年前我們可能會這麼說。

As things have played out, the low end of the SSD market where a lot of volume units go, that's starting to be a bit of a bloodbath in the NAND environment.

隨著事情的發展，大量單元進入的 SSD 市場的低端市場，在 NAND 環境中開始有點血腥。

And the TLC pricing, it was just not something we were going to go fight with our MLC product when we can go shift that to other market segments.

TLC 定價，當我們可以將其轉移到其他細分市場時，我們不會與我們的 MLC 產品進行鬥爭。

Secondly as we think about the mobile business, the mobile business at Micron had a great year in NAND, tremendous growth, 2015 over 2014.

其次，當我們考慮移動業務時，美光的移動業務在 NAND 方面表現出色，2015 年比 2014 年實現了巨大的增長。

So we're going to continue to optimize around returns and market attractiveness and between some of the competitive pricing as well as the growth in mobile.

因此，我們將繼續圍繞回報和市場吸引力以及一些有競爭力的定價以及移動設備的增長進行優化。

We altered our strategy mildly.

我們溫和地改變了策略。

And I think with TLC and with our entrance in the vertical, I think you will see SSDs be more and more prominent because we think we are going to be in a better position to compete with the rest of the market.

而且我認為隨著 TLC 和我們在垂直市場的進入，我認為你會看到 SSD 越來越突出，因為我們認為我們將處於與其他市場競爭的更好位置。

Okay.

好的。

Thanks.

謝謝。

C.J. Muse, Evercore.

C.J.繆斯，Evercore。

Good afternoon; thank you for taking my question.

下午好;謝謝你接受我的問題。

I guess first question, you sound a little bit more upbeat on your ramp of 20 nanometer and talked about more than half of your output in the latter half of FY16.

我想第一個問題，你在 20 納米的斜坡上聽起來有點樂觀，並談到了 2016 財年下半年的一半以上的產量。

But I'm just curious if we could talk a little bit about not production but revenues and what that number would look like and what kind of contribution, if at all, we could see in the February quarter?

但我只是好奇我們是否可以談論一下不是生產而是收入以及這個數字會是什麼樣子以及什麼樣的貢獻，如果有的話，我們可以在二月份的季度看到？

Hi, C.J., this is Mark Adams.

嗨，C.J.，我是馬克·亞當斯。

Unfortunately, we're going to probably punt on the revenue qualification.

不幸的是，我們可能會取消收入資格。

I would just validate what you started with, which is we're generally very pleased with the ramp and the yield terms we're at today and we see, as we communicated, very consistently, we see a crossover by the end of our first half fiscal year, so we're very excited about that.

我只想驗證你的開始，這是我們通常對我們今天的坡道和收益率條款非常滿意，我們看到，正如我們溝通的那樣，我們非常一致地看到，我們在第一次結束時看到了交叉半財年，所以我們對此感到非常興奮。

Not just from a raw cost perspective, that's great, but also from a product enablement on 8-gigabit configurations and it's going to open some doors for us.

不僅從原始成本的角度來看，這很棒，而且從 8 千兆位配置的產品支持來看，這將為我們打開一些大門。

So without qualifying the revenue number, it's a real positive tailwind for us.

因此，如果不限定收入數字，這對我們來說是一個真正的積極順風。

That's helpful.

這很有幫助。

And, Ernie, a broader question, looking out to the February quarter.

而且，厄尼，一個更廣泛的問題，展望二月份的季度。

And I know you don't want to talk about bits and mix and all that, but curious, what should be thinking of as the most material drivers of up or down impact to gross margins?

而且我知道你不想談論比特和混合以及所有這些，但好奇的是，什麼應該被認為是對毛利率產生上升或下降影響的最重要的驅動因素？

And there, I guess, thinking about startup costs, 20 [nanometer] mix shift, given seasonal demand trends for DRAM, any other kind of investments that you are thinking about?

我猜想，考慮到啟動成本，20 [納米] 混合轉變，考慮到 DRAM 的季節性需求趨勢，您正在考慮的任何其他類型的投資？

How should we think about those moving parts and headwind/tailwind looking out into the February quarter?

我們應該如何看待展望二月份季度的那些移動部件和逆風/順風？

So obviously the biggest one -- we can't tell you whether it's a headwind or tailwind -- which is market pricing.

所以顯然最大的一個——我們不能告訴你是逆風還是順風——這是市場定價。

As we think about the cost side, we should continue to see some improvement as we go further down the curve with 20 nanometer and 16 nanometer TLC NAND.

當我們考慮成本方面時，隨著 20 納米和 16 納米 TLC NAND 的進一步下降，我們應該會繼續看到一些改進。

And then obviously it's going to be the mix between end markets.

然後顯然它將是終端市場之間的混合。

And as we've talked about before, we do have the ability, certainly in the February quarter, at this point to think about where we want to direct that mix.

正如我們之前談到的那樣，我們確實有能力，當然是在二月份的這個季度，在這一點上考慮我們想要將這種組合引導到哪裡。

So those are the three big levers and they're going to move in ways that we can't fully predict right now.

所以這是三大槓桿，它們將以我們現在無法完全預測的方式移動。

On the market pricing side, the other two things we're actually thinking about quite carefully right now.

在市場定價方面，我們現在實際上正在非常仔細地考慮另外兩件事。

Very helpful.

非常有幫助。

Thank you.

謝謝你。

And, operator, I think we have time for one more question.

而且，接線員，我想我們還有時間再問一個問題。

Mark Newman, Bernstein

馬克·紐曼，伯恩斯坦

Hi, thanks for squeezing me in.

嗨，謝謝你擠我。

Just a question on DRAM pricing.

只是關於 DRAM 定價的問題。

PC DRAM was extremely weak during -- PC DRAM pricing was extremely weak during July and August.

PC DRAM 期間極其疲軟——PC DRAM 定價在 7 月和 8 月期間極為疲軟。

But since then there's been some significant mix changes including Micron [both] and including Samsung as well, away from PC DRAM.

但從那以後，出現了一些重大的混合變化，包括美光和三星，遠離 PC DRAM。

And I think some of the statements recently from Samsung have indicated that they are not lowering their PC DRAM pricing any more.

而且我認為三星最近的一些聲明表明他們不再降低 PC DRAM 的價格。

So I'm wondering if you were starting to see a stabilization in PC DRAM prices already?

所以我想知道您是否已經開始看到 PC DRAM 價格趨於穩定？

And also following up to that, on the other parts of DRAM, server and mobile, with all this mix change, is there going to be more weakness in these other parts of the markets as we go forward to the rest of the year and into next year?

緊隨其後的是，在 DRAM、服務器和移動設備的其他部分，隨著所有這些組合的變化，隨著我們進入今年剩下的時間並進入市場，這些其他部分的市場是否會更加疲軟明年？

And I have one follow-up as well.

我也有一個後續行動。

Well, that was a pretty good question in of itself.

嗯，這本身就是一個很好的問題。

There's a lot there.

那裡有很多。

I think we followed the media, we saw the quotes in the press and all that stuff.

我想我們關注了媒體，我們看到了媒體上的引述以及所有這些東西。

We did see some very short-term improvement on pricing at the mid to end of August and even early September, but it kind of has since -- we've seen some softness again, some mild softness off of the high.

我們確實在 8 月中下旬甚至 9 月初看到了價格的一些非常短期的改善，但從那以後就出現了——我們再次看到了一些疲軟，從高點開始出現了一些溫和的疲軟。

And so we're just tracking that as we look at it and see where it goes from a demand standpoint, if there's any improvement in the holidays.

因此，我們只是在觀察它時跟踪它，並從需求的角度看看它的去向，如果假期有任何改善。

But when you talk about the other markets, and I think the question you are asking is what happens when you continue to shift?

但是當你談到其他市場時，我認為你要問的問題是，當你繼續轉變時會發生什麼？

Is there a danger of oversupplying the other market segments?

是否存在其他細分市場供過於求的危險？

And while it's hard to predict with the data set, it hasn't happened today and we don't sense it, we don't see it in the market at this point.

雖然很難用數據集進行預測，但它今天還沒有發生，我們也沒有感覺到，我們目前在市場上看不到它。

Mobile has been pretty stable, despite the mix move.

儘管有混合移動，但移動設備一直相當穩定。

And I think a lot of that is because the market probably didn't have an appreciation six to nine months ago on what mobile densities would be doing.

我認為這在很大程度上是因為市場可能在六到九個月前還沒有對移動密度的影響有所了解。

And, in fact, you've seen tremendous growth, not just in the low-end but across the smartphone segment on DRAM content.

而且，事實上，您已經看到了巨大的增長，不僅在低端，而且在智能手機領域的 DRAM 內容。

We don't think it's dramatic.

我們不認為這是戲劇性的。

We have heard positive signs on industry supply potentially slowing over the next year or so, but we have got to wait and see how that comes out and shakes out in terms of the market.

我們已經聽到有關行業供應可能在未來一年左右放緩的積極跡象，但我們必須拭目以待，看看市場會如何出現和震盪。

But as far as demand, we're very upbeat, as you've heard on the call today, about some of the end market trends we are seeing and our ability to drive our technology there.

但就需求而言，正如您在今天的電話會議上聽到的那樣，我們非常樂觀地看待我們看到的一些終端市場趨勢以及我們在那裡推動技術發展的能力。

It's really a byproduct of this PC environment and can that rebound and then create more balance in the overall end markets?

這確實是這種 PC 環境的副產品，這種反彈能否在整個終端市場中創造更多平衡？

Thanks.

謝謝。

And then on the cost side for DRAM, you obviously brought in -- you pulled in your 20-nanometer ramp guidance during your Analyst Day.

然後在 DRAM 的成本方面，您顯然引入了 - 您在分析師日期間引入了 20 納米坡道指導。

There wasn't very much further comments in today's call about it.

在今天的電話會議中沒有太多關於它的評論。

I'm just wondering if there's any latest and greatest comments about how that's going and when we're going to actually start seeing cost declines from 20 nanometer shrink?

我只是想知道是否有任何最新和最偉大的評論關於這是怎麼回事，以及我們何時真正開始看到成本從 20 納米縮小開始下降？

Mark, still tracking pretty well with what we indicated at the Analyst Day, ahead of original plan, and we like the way it's going.

馬克，仍然很好地跟踪我們在分析師日表示的內容，比原計劃提前，我們喜歡它的發展方式。

We think you may start to see small impact in fiscal Q2, but really it's a fiscal Q3 story.

我們認為您可能會在第二季度開始看到小幅影響，但實際上這是第三季度的故事。

Thanks very much.

非常感謝。

All right.

好的。

We would like to thank everyone for participating on the call today.

我們要感謝大家參加今天的電話會議。

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

如果你能容忍我，我只需要重複安全港保護語言。

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

在本次電話會議期間，我們可能就公司和行業做出了前瞻性陳述。

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

這些特定的前瞻性陳述和所有其他可能在電話會議上做出的非歷史事實的陳述受到許多風險和不確定性的影響，實際結果可能存在重大差異。

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

有關可能導致實際結果出現重大差異的重要因素的信息，請參閱我們向 SEC 提交的文件，包括公司最近的 10-Q 和 10-K。

Thank you.

謝謝你。

This concludes today's Micron Technology fourth-quarter 2015 financial release conference call.

今天的美光科技 2015 年第四季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。