美光科技 (MU) 2016 Q1 法說會逐字稿

Good afternoon. My name is Jonathan, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Micron Technology's first-quarter 2016 financial release conference call.

午安.我叫喬納森，今天我將擔任你們的會議主持人。在此，我謹代表美光科技公司歡迎各位參加2016年第一季財務業績發布電話會議。

(Operator Instructions)

（操作說明）

Thank you. It is now my pleasure to turn the floor over to your host, Ivan Donaldson. 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伊凡唐納森。先生，您可以開始會議了。

Thank you, Jonathan. Welcome to Micron Technology's first-quarter 2016 financial release conference call. On the call today is Mark Durcan, CEO and Director; Mark Adams, President; and Ernie Maddock, Chief Financial Officer.

謝謝你，喬納森。歡迎參加美光科技2016年第一季財務報告電話會議。今天參加電話會議的有：執行長兼董事 Mark Durcan；總裁 Mark Adams；以及財務長 Ernie Maddock。

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 cap call dilution table. If you've not had an opportunity to review the first-quarter 2016 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資本要求稀釋表。如果您還沒有機會查看 2016 年第一季財務新聞稿，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 a confirmation code of 86772006. This replay will run through Wednesday, December 30 at 11:30 PM Mountain time. A webcast replay will be available on the Company's website until December 2017.

我們的通話時間約60分鐘。撥打 404-537-3406，輸入確認碼 86772006，即可收聽通話錄音。本次重播將持續到12月30日星期三晚上11:30（山區時間）。網路直播回放將在公司網站上提供至 2017 年 12 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 the various financial conferences that we might be attending. You can also follow us on Twitter at MicronTech.

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，包括我們可能參加的各種金融會議的信息。您也可以在 Twitter 上關注我們：MicronTech。

Please note the following Safe Harbor statement. (Audio 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. 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.

請注意以下安全港聲明。（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。我們想提醒您，此類聲明均為預測，實際事件或結果可能與預測有重大差異。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。

These documents contain and identify important factors that could cause the actual results for the Company, on a consolidated basis, to differ materially from those contained in our projections or forward-looking statements. These certain factors can be found in the Investor Relations section of Micron's website. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements after the date of the presentation to conform these statements to actual results.

這些文件包含並指明了一些重要因素，這些因素可能導致公司合併後的實際績效與我們的預測或前瞻性聲明中所包含的績效有重大差異。這些具體因素可以在美光公司網站的投資者關係部分找到。儘管我們認為前瞻性聲明中反映的預期是合理的，但我們無法保證未來的結果、活動水準、績效或成就。我們沒有義務在發布日期之後更新任何前瞻性陳述，以使這些陳述與實際結果相符。

Thank you. I'll now turn the call over to Mark Durcan.

謝謝。現在我將把電話交給馬克·杜爾坎。

Thank you, Ivan.

謝謝你，伊凡。

For Q1 FY16, Micron posted total revenue of $3.35 billion, with gross margins of 25%, non-GAAP net income of $249 million, and non-GAAP earnings per share of $0.24; all within our guided range. In addition, our non-GAAP operating income was $246 million, and our operating cash flow was $1.1 billion.

2016 財年第一季度，美光科技總營收為 33.5 億美元，毛利率為 25%，非 GAAP 淨利潤為 2.49 億美元，非 GAAP 每股收益為 0.24 美元；所有業績均在我們預期的範圍內。此外，我們的非GAAP營業收入為2.46億美元，經營現金流為11億美元。

Our results were primarily impacted by continued weakness in the PC DRAM segment. In addition, pricing pressure was also present in the client SSD and certain eMCP segments.

我們的業績主要受到PC DRAM市場持續疲軟的影響。此外，客戶端 SSD 和某些 eMCP 細分市場也存在價格壓力。

As for Micron's execution, we are on track with the qualification of several new technologies, including 20 nanometer DDR4 and low-power DDR4, as well as our 3D NAND products. These product and technology transitions can be disruptive to the manufacturing environment in the short term, but we believe they will pay dividends going forward, as our product portfolio will be better positioned to address market demand.

至於美光的執行情況，我們正在按計劃推進幾項新技術的認證工作，包括 20 奈米 DDR4 和低功耗 DDR4，以及我們的 3D NAND 產品。這些產品和技術轉型短期內可能會對製造業環境造成乾擾，但我們相信，從長遠來看，它們將會帶來回報，因為我們的產品組合將更能滿足市場需求。

While current market conditions and our financial results have been challenging, we remain confident, and we are focused on deploying our advanced technology in order to drive enhanced operational leverage for the Company. Taken together, expected market conditions and new product qualifications will continue to create challenges in the near term. However, we still expect to see stronger bit growth and cost reductions commencing in the second half of FY16. These advancements in our technology deployment, as well as the new system-level solution products we are developing and deploying, will improve our long-term competitive position, and drive enhanced financial results.

儘管當前市場狀況和我們的財務表現充滿挑戰，但我們仍然充滿信心，並將專注於部署我們的先進技術，以增強公司的營運槓桿作用。綜合來看，預期的市場狀況和新產品認證將在短期內繼續帶來挑戰。不過，我們仍預期從 2016 財年下半年開始，比特成長將更加強勁，成本將有所下降。我們在技術部署方面的這些進步，以及我們正在開發和部署的新系統級解決方案產品，將提高我們的長期競爭地位，並推動財務表現的提升。

Reflecting on market conditions, we believe that DRAM industry bit supply growth will be in the low 20% range in 2016, in line with demand, and that industry fundamentals will remain healthy over the long term. Demand continues to diversify, driven by the mobile, cloud server, and embedded segments, which together balance maturing PC demand. The DRAM industry consists of only three technology developers. Based on current long-term outlook, we foresee technology-driven supply growth slowing, and can envision a future in which no additional DRAM wafer capacity is required.

考慮到市場狀況，我們認為 2016 年 DRAM 行業位供應成長將維持在 20% 左右，與需求保持一致，並且行業基本面將在長期內保持健康。需求持續多元化，主要受行動裝置、雲端伺服器和嵌入式裝置領域的推動，這些領域共同平衡了日益成熟的個人電腦需求。DRAM 產業僅由三家技術開發商組成。根據目前的長期展望，我們預計技術驅動的供應成長將會放緩，並且可以設想未來不再需要額外的DRAM晶圓產能。

Turning to the NAND market, as I noted earlier, we have seen price competition in client SSDs and eMCPs during our first fiscal quarter. While we expect some of these trends to continue into fiscal Q2, we have also seen some positive signs in other segments, and will continue to monitor market conditions carefully.

回到 NAND 市場，正如我之前提到的，我們在第一季看到了客戶端 SSD 和 eMCP 的價格競爭。雖然我們預計其中一些趨勢會延續到第二財季，但我們也在其他領域看到了一些積極的跡象，並將繼續密切關注市場狀況。

Industrywide, we see relatively muted NAND supply growth in 2016, as planar fabs are converted to 3D, creating short-term headwinds to supply. We estimate industry bit supply growth in the mid-30% range, which is likely below the long-term demand trend. As the cost advantage of large-scale 3D NAND deployment is realized, we expect solid state drives will see accelerated adoption in the client, data center, and enterprise segments.

2016 年，隨著平面晶圓廠向 3D 晶圓廠轉型，整個產業的 NAND 供應成長相對溫和，這給短期供應帶來了不利影響。我們估計產業鑽頭供應成長率在 30% 左右，可能低於長期需求趨勢。隨著大規模 3D NAND 部署的成本優勢得以實現，我們預期固態硬碟將在客戶端、資料中心和企業領域加速普及。

This adoption, combined with higher densities, should form the basis of a healthy, long-term demand environment. These trends will likely be complemented by density growth in mobile devices.

這種普及，再加上更高的密度，應該可以為健康的長期需求環境奠定基礎。這些趨勢可能與行動裝置密度的成長相輔相成。

Beyond 2016, we believe that the longer-term NAND demand trends should lead to additional industry capacity, including our own fab 10X expansion in Singapore. Construction for this facility is on track, and we currently expect to ramp into it, starting in the second half of calendar 2016. Our capacity ramp will be driven by market conditions and expected ROIC.

我們相信，2016 年以後，NAND 的長期需求趨勢將推動產業產能的進一步成長，包括我們在新加坡的工廠擴建 10 倍。該設施的建設正在按計劃進行，我們目前預計將於 2016 年下半年開始逐步投入使用。我們的產能提升將取決於市場狀況和預期投資報酬率。

Micron is focused on the deployment of advanced technology to drive manufacturing efficiency, and enable innovative new products. Specifically, in 2016, this focus is on three key areas: ramping 20-nanometer DRAM and enabling 1X DRAM in manufacturing; ramping 3D NAND and enabling second-generation 3D NAND in manufacturing; and finally, accelerating the development of advanced controllers to enable growth in SSDs and other system-level solutions.

美光致力於部署先進技術，以提高生產效率，並實現創新產品的開發。具體而言，2016 年的重點是三個關鍵領域：提高 20 奈米 DRAM 的產能，並在製造中實現 1X DRAM；提高 3D NAND 的產能，並在製造中實現第二代 3D NAND；最後，加速開發先進控制器，以促進 SSD 和其他系統級解決方案的增長。

In terms of bit growth, for DRAM we still expect Micron to be above the market for calendar-year 2016 based on a market growth assumption in the low 20% range. The majority of Micron's growth will occur in the latter half of FY16, with continued progress in FY17. For trade NAND, we expect our bit growth to be below the market in calendar 2016, as we proceed with 3D conversions, which will limit output in the first half of the year. Our fab 10X expansion and 3D conversions position us to significantly outgrow the NAND market in FY17.

就位成長而言，基於 20% 左右的市場成長假設，我們仍然預期美光在 2016 年日曆年 DRAM 的成長將高於市場平均。美光科技的大部分成長將發生在 2016 財年下半年，並在 2017 財年繼續取得進展。對於交易 NAND，我們預計 2016 年日曆年我們的比特成長將低於市場，因為我們正在推進 3D 轉換，這將限制今年上半年的產量。我們的晶圓廠擴建 10 倍以及 3D 轉換使我們在 2017 財年能夠顯著超越 NAND 市場。

Turning to Inotera, as you heard us announce last week, we entered into agreements for Micron to acquire the remaining outstanding equity of Inotera. We believe this is a compelling combination for the Companies, our shareholders, our customers, and our employees. Micron has a solid history of integrating memory assets, and we believe this acquisition will prove to be successful.

關於 Inotera，正如你們上週聽到我們宣布的那樣，我們已經與 Micron 達成協議，由 Micron 收購 Inotera 剩餘的流通股。我們相信，這對公司、我們的股東、我們的客戶和我們的員工來說都是一個極具吸引力的組合。美光在整合儲存資產方面有著良好的歷史，我們相信此次收購將會成功。

Separately, we've also entered into an agreement granting Nanya an option to license two future DRAM technology nodes, in exchange for a royalty and equity arrangement. These agreements form the basis for a continued strategic partnership with Nanya and the Formosa Group.

此外，我們也與南亞科技達成協議，授予其未來兩個DRAM技術節點的授權選擇權，以換取特許權使用費和股權安排。這些協議為與南亞集團和台塑集團繼續建立戰略合作夥伴關係奠定了基礎。

I'll turn the call over to Mark Adams now, who will summarize our operational and business unit results. Ernie Maddock will then cover Q1 financials, and I will conclude with a couple of thoughts prior to Q&A. Mark?

現在我將把電話交給馬克亞當斯，他將總結我們營運和業務部門的表現。接下來，Ernie Maddock 將介紹第一季財務狀況，在問答環節之前，我將提出幾個想法。標記？

Thank you, Mark. I will begin by reviewing our DRAM and non-volatile businesses, followed by an update on each of our four business units, and close with commentary on our operations and technology deployment activities.

謝謝你，馬克。我將首先回顧我們的 DRAM 和非揮發性業務，然後分別介紹我們四個業務部門的最新情況，最後對我們的營運和技術部署活動進行評論。

Let's begin with DRAM, which represented 58% of our total revenue in fiscal Q1. While PC DRAM average selling prices remained under pressure, we saw more stable pricing in other market segments, where demand remained relatively healthy. We continue to ramp 20-nanometer DRAM technology, and move production to DDR4 and LPDDR4 to meet customer demand.

我們先從DRAM說起，它占我們第一財季總收入的58%。雖然 PC DRAM 的平均售價仍面臨壓力，但我們看到其他市場領域的定價更加穩定，需求也相對健康。我們將繼續加大 20 奈米 DRAM 技術的投入，並將生產轉向 DDR4 和 LPDDR4，以滿足客戶需求。

As a percentage of DRAM revenue in fiscal Q1, mobile was in the low 30% range, similar to Q4. The PC segment was in the mid-20% range, up slightly from the prior quarter. The server business was in the high-teens percent range from the low 20%s last quarter. And specialty DRAM, which includes networking, graphics, automotive and other embedded technologies was in the low 20%, similar to last quarter.

在第一財季，行動業務佔 DRAM 收入的百分比在 30% 左右，與第四季度類似。個人電腦業務佔比在 20% 左右，比上一季略有成長。伺服器業務佔比從上個季度的 20% 左右降至本季的 10% 多一點。而包括網路、圖形、汽車和其他嵌入式技術在內的專用DRAM佔比在20%左右，與上一季類似。

In our non-volatile memory business, trade revenue represents 34% of total revenue in fiscal Q1. Performance was consistent with our expectations, making early progress on our 3D ramp and customer qualifications. As a percentage of trade non-volatile memory revenue in fiscal Q1, consumer, which includes our memory cards, USB and components, was approximately 50%, up from mid-40%s in Q4. Mobile, including MCPs, was in the high-teens percent range from the low 20%s last quarter. SSDs were in the mid-teens percent range, similar to last quarter, and automotive and industrial multi-market segment, or AIMM, and other embedded applications were in the mid-teens percent range, similar to Q4.

在我們的非揮發性記憶體業務中，貿易收入佔第一財季總收入的 34%。表現符合我們的預期，在 3D 斜坡和客戶資格方面取得了早期進展。在第一財季，消費品（包括我們的記憶卡、USB 和組件）佔非揮發性記憶體貿易收入的百分比約為 50%，高於第四季的 40% 左右。行動端（包括行動支付平台）佔比從上季的 20% 左右降至 10% 左右。SSD 的比例在 15% 左右，與上個季度相似；汽車和工業多市場細分（AIMM）以及其他嵌入式應用的佔比也在 15% 左右，與第四季度相似。

Moving on to our business units, Micron's compute networking business unit posted fiscal Q1 revenue of $1.14 billion, down 12% from the prior quarter, with non-GAAP operating income of $21 million or 2% of revenue. CNBU was impacted by lower average selling prices, driven by continued softness in demand from the PC segment. While we anticipate this demand to remain relatively soft in Q2, we are encouraged by growth opportunities in other areas of the market, including enterprise and cloud segments, and remain focused on optimizing our product mix in fast-growing, high-value segments.

接下來是我們的各業務部門，美光運算網路業務部門公佈了第一財季的收入為 11.4 億美元，比上一季下降了 12%，非 GAAP 營業收入為 2,100 萬美元，佔營收的 2%。受個人電腦市場需求持續疲軟的影響，CNBU 的平均售價有所下降。雖然我們預計第二季這項需求仍將相對疲軟，但我們對市場其他領域（包括企業和雲端領域）的成長機會感到鼓舞，並將繼續專注於優化我們在快速成長、高價值領域的產品組合。

On the technology front, we successfully executed go-to-market activity on our 20-nanometer DDR3, our GDDR5 and 8-gigabit DDR4 products. Our enterprise and cloud segments saw strong growth for our DDR4 products, driven by increased cloud demand from several of our hyperscale customers. We are making good progress deploying our 20-nanometer 8-gigabit components, which will drive future cost improvements.

在技​​術方面，我們成功地開展了 20 奈米 DDR3、GDDR5 和 8 千兆 DDR4 產品的上市活動。受幾家超大規模客戶雲端需求增加的推動，我們的企業和雲端業務部門的 DDR4 產品實現了強勁成長。我們在部署 20 奈米 8 千兆位元組件方面取得了良好進展，這將推動未來的成本降低。

Looking forward, we anticipate year-over-year bit growth of 40%-plus, driven by increased memory requirements to support virtualization and real-time analytic workloads. Our DDR4 portfolio and innovative non-volatile DIMM products have us well positioned to benefit from these strong growth trends in the future.

展望未來，我們預計位元數將年增 40% 以上，這主要得益於支援虛擬化和即時分析工作負載所需的記憶體增加。我們的 DDR4 產品組合和創新的非揮發性 DIMM 產品使我們能夠很好地受益於未來這些強勁的成長趨勢。

The graphic [card] segment experienced softness in demand as customers rebalanced inventory levels of GDDR5 early in the quarter. We anticipate demand to increase, returning to normal levels within the current quarter. We continue to successfully ramp our 20-nanometer 8-gigabit GDDR5, with a substantial increase in shipments during fiscal Q1, and we are well positioned to capitalize on growth in system DRAM content in the future.

由於客戶在本季初重新調整了 GDDR5 的庫存水平，顯示卡市場需求疲軟。我們預計需求將會增加，並在本季恢復到正常水準。我們持續成功地提高 20 奈米 8 千兆位元 GDDR5 的產能，第一財季出貨量大幅成長，我們已做好充分準備，在未來充分利用系統 DRAM 含量的成長。

The networking segment was impacted by seasonal weakness in demand, and the delay of China LTE buildout. However, market feedback suggests that demand should regain momentum in the coming months. In Q1 we doubled DDR4 shipments quarter over quarter in the networking segment.

網路業務板塊受到季節性需求疲軟和中國 LTE 網路建設延遲的影響。然而，市場反饋表明，未來幾個月需求應該會重新獲得成長動力。第一季度，我們在網路領域的DDR4出貨量較上季翻了一番。

In the client PC segment, we shipped our first 8-gigabit DDR4 samples to major OEM customers, and are well positioned for mass production later this quarter. Looking forward, as PC form factors continue to evolve, Micron's broad offering in DDR3, DDR4, and low-power DRAM will enable us to meet the changing needs of this market, and deliver greater value.

在客戶端 PC 領域，我們已向主要 OEM 客戶交付了首批 8 千兆 DDR4 樣品，並已做好在本季度稍後進行大規模生產的準備。展望未來，隨著 PC 外形尺寸的不斷演變，美光在 DDR3、DDR4 和低功耗 DRAM 方面的廣泛產品將使我們能夠滿足這個市場不斷變化的需求，並提供更大的價值。

Micron's storage business unit posted fiscal Q1 revenue of $884 million, up 4% versus the prior quarter, with a non-GAAP operating loss of $27 million or negative 3%. We maintained relatively stable average selling prices in our storage business for the fourth consecutive quarter. SBU continues to focus on optimizing our product portfolio to mitigate transactional market exposure, while serving higher-value segments.

美光儲存業務部門公佈第一財季營收為 8.84 億美元，較上一季成長 4%，非 GAAP 營業虧損為 2,700 萬美元，即 -3%。我們的倉儲業務平均售價連續第四個季度保持相對穩定。SBU 持續專注於優化我們的產品組合，以降低交易市場風險，同時服務更高價值的細分市場。

Our 3D vertical NAND technology has 3 times the density of existing planar solutions. We are actively sampling and developing our own SSD product portfolio, based upon 384-gigabit 3D TLC and 256-gigabit 3D MLC NAND, and expect to make products available for broad marketplace adoption in the second half of FY16.

我們的 3D 垂直 NAND 技術密度是現有平面解決方案的 3 倍。我們正在積極進行樣品測試和開發我們自己的 SSD 產品組合，基於 384 千兆位元 3D TLC 和 256 千兆位元 3D MLC NAND，並預計將在 2016 財年下半年推出產品，供市場廣泛採用。

In the components segment, we delivered our first 3D NAND die to the market in Q1, shipping 256-gigabit MLC 3D NAND components to nearly 20 third-party USB and consumer SSD manufacturers. Shipments to additional customers are continuing this quarter.

在組件領域，我們於第一季向市場交付了首款 3D NAND 晶片，向近 20 家第三方 USB 和消費級 SSD 製造商交付了 256 千兆位元 MLC 3D NAND 組件。本季我們將繼續向其他客戶發貨。

In client and consumer SSDs, bit growth increased by double digits sequentially, as decreasing SSD prices continues to accelerate adoption in OEM ultrabook and ultra thin PCs, as well as consumer upgrades. Lower density consumer SSD will continue to narrow the cost gigabyte parity gap with hard drives, increasing their attractiveness.

在客戶端和消費級 SSD 領域，位元成長逐週實現了兩位數成長，因為 SSD 價格的持續下降加速了 OEM 超極本和超薄 PC 以及消費者升級換代產品的普及。低密度消費級固態硬碟將繼續縮小與機械硬碟在每千兆容量下的成本差距，從而提高其吸引力。

Our enterprise business saw quarter-over-quarter demand growth with strong OEM component sales growing 47% sequentially. Enterprise SSD revenue was up 13% sequentially, driven by market pull for enterprise server, cloud storage, and flash array solutions.

我們的企業業務需求較上季成長，其中OEM零件銷售額強勁成長，較上季成長47%。受企業伺服器、雲端儲存和快閃記憶體陣列解決方案的市場需求推動，企業級 SSD 營收季增 13%。

We began sampling our new S600 series of SAS-based SSDs in fiscal Q1, having qualified these drives with OEM customers, and engaging in qualifications with numerous end users and channel integrators. This SSD series is the first product family developed as part of Micron's strategic agreement with Seagate, combining flash innovation and SAS expertise from both Companies. These drives are scheduled to begin shipping commercially in the first half of the fiscal year.

我們從第一財季開始對新的 S600 系列基於 SAS 的 SSD 進行樣品測試，此前我們已經與 OEM 客戶一起驗證了這些驅動器，並與眾多最終用戶和渠道集成商進行了驗證。這款 SSD 系列是美光與希捷達成策略協議後開發的首個產品系列，結合了兩家公司的快閃記憶體創新和 SAS 專業知識。這些硬碟計劃於本財年上半年開始商業出貨。

Data center SSD bit shipments were down quarter over quarter amid competitive price pressure. Despite the market competitiveness in the [SSD] data center SSD segment, we received orders for M500DC and M510DC SATA-based SSDs from multiple hyperscale customers and cloud customers, and continue to ramp these encryption-enhanced SSDs with end users who require enterprise-level data encryption in end markets such as medical, banking and government.

受價格競爭壓力影響，資料中心固態硬碟出貨量較上季下降。儘管資料中心 SSD 市場競爭激烈，但我們仍然收到了來自多家超大規模客戶和雲端客戶的 M500DC 和 M510DC SATA SSD 訂單，並且我們繼續向醫療、銀行和政府等終端市場中需要企業級資料加密的終端用戶提供這些增強加密功能的 SSD。

Micron's mobile unit posted fiscal Q1 revenue of $834 million, down 13% versus the prior quarter, due to lower volumes and pricing pressure from the eMCP market. Non-GAAP operating income was $136 million or 16%, down from Q4, reflecting the higher cost of 20-nanometer product during the early ramp.

美光行動部門公佈的第一財季營收為 8.34 億美元，較上一季下降 13%，原因是銷量下降以及 eMCP 市場的價格壓力。非GAAP營業收入為1.36億美元，下降16%，低於第四季度，反映20奈米產品在早期產能爬坡階段成本較高。

Micron's mobile business unit continues to benefit from evolving mobile systems architectures that steadily increase memory density requirements at all product levels. Demand in the quarter moved toward the high-end and value segments, both of which continue to show rapid growth in memory content. We started to see seasonally soft demand, in line with our expectations, towards the end of the quarter, which we expect to continue through fiscal Q2.

美光行動業務部門持續受益於不斷發展的行動系統架構，這些架構在所有產品層級上對記憶體密度的要求穩步提高。本季需求轉向高端和高性價比市場，這兩個市場在儲存容量方面均持續快速成長。正如我們預期的那樣，本季末我們開始看到季節性疲軟的需求，我們預計這種情況將持續到第二財季。

Bit shipments of eMCP were down 14%, driven by relative softness in the mid-range handset market in China. We are encouraged by strengthening signs in the higher-value markets. Demand remains strong for discrete package-on-package low power DDR4, and higher-density eMCPs. We will be completing a number of LP4 20-nanometer tier 1 OEM qualifications this quarter, and expect LP4 volume to surpass LP3 by fiscal Q3.

受中國中階手機市場相對疲軟的影響，eMCP 的出貨量下降了 14%。高價值市場出現強勢跡象，令我們倍感鼓舞。市場對獨立封裝的低功耗 DDR4 和高密度 eMCP 的需求依然強勁。本季我們將完成多項 LP4 20 奈米一級 OEM 認證，預計到第三財季 LP4 產量將超過 LP3。

The embedded business unit posted fiscal Q1 revenues of $479 million, slightly up from the previous quarter. Non-GAAP operating margin increased to 24%, which is a 2% improvement from the previous quarter, driven by better overall cost, and growth in the automotive segment. Automotive revenue increased 5% quarter over quarter and 12% year over year. These results were driven by solid growth in DRAM and eMMC in applications that include infotainment, instrument cluster, and advanced driver assistance systems.

嵌入式業務部門公佈的第一財季營收為 4.79 億美元，比上一季略有成長。非GAAP營業利潤率增至24%，較上一季成長2%，主要得益於整體成本的改善及汽車業務的成長。汽車產業營收季增 5%，年增 12%。這些成果得益於DRAM和eMMC在資訊娛樂系統、儀表板和高階駕駛輔助系統等應用領域的穩健成長。

We recently announced our XTRMFlash, a new NOR flash solution with an octal sequential interface that boasts industry-leading read throughputs, with ultra fast random access times. We also continued to make good progress in next generation design wins with key automotive customers in Europe and in Asia. Following a strong Q4 FY15, our industrial and multi-market business declined, primarily due to reductions in NOR volumes. We launched our first SSD, the M500IT, targeted for industrial customers in the quarter, and we are making positive strides with DDR4 validations and low-power DRAM design wins.

我們最近發布了 XTRMFlash，這是一款全新的 NOR 快閃記憶體解決方案，採用八進制順序接口，擁有業界領先的讀取吞吐量和超快的隨機存取速度。我們在與歐洲和亞洲主要汽車客戶的下一代設計合作中也繼續取得了良好進展。繼 2015 財年第四季強勁成長之後，我們的工業和多市場業務出現下滑，主要原因是 NOR 銷量下降。本季我們推出了首款針對工業客戶的 SSD M500IT，並且在 DDR4 驗證和低功耗 DRAM 設計方面取得了積極進展。

Our consumer and connected home revenue increased 10% quarter over quarter, with significant increases in unit volume demand for DRAM, partially offset by pricing declines. We anticipate continued share increases in DRAM. Our MCPs, NOR, eMLC, SPI NAND, and high-endurance eMMCs provide a strong baseline portfolio, in addition to DRAM and low-power DRAM products in the consumer and connected home market. Key trends include the growth of wearables, cloud-based DVR, and instant-on applications, including graphical [man-to-man] interfaces in multi-function printers and home automation products.

我們的消費者和智慧家庭收入較上季成長 10%，DRAM 的單位銷售需求大幅成長，但部分被價格下降所抵銷。我們預計DRAM的市佔率將持續成長。除了面向消費性電子和智慧家庭市場的 DRAM 和低功耗 DRAM 產品外，我們的 MCP、NOR、eMLC、SPI NAND 和高耐久性 eMMC 還構成了一個強大的基礎產品組合。關鍵趨勢包括穿戴式裝置、雲端的數位錄影機和即時啟動應用程式的成長，包括多功能印表機和家庭自動化產品中的圖形化[人對人]介面。

I'd like to close with a few updates on our operations and technology deployment activities. As is evidenced from my comment about prior design wins and qualifications, Micron remains on track to our conversion plan and yield targets for both the 20-nanometer DRAM and 3D NAND technologies. We continue to expect 20-nanometer to represent more than half of our DRAM output in the May quarter, and 3D NAND is on track to be a majority of our NAND output by the end of calendar 2016.

最後，我想就我們的營運和技術部署活動做一些最新報告。從我之前關於設計中標和資質認證的評論可以看出，美光仍然按照我們的轉換計劃和20奈米DRAM和3D NAND技術的良率目標穩步前進。我們仍然預計，20 奈米製程將在 5 月的季度中占我們 DRAM 產量的一半以上，而 3D NAND 預計將在 2016 年底之前成為我們 NAND 產量的絕大部分。

Our 1X DRAM and Gen 2 3D NAND technologies are also progressing well in R&D, and we are focused on transferring the technology to production fabs before the end of FY16 for the production ramp beginning in FY17. We are also very excited about the opportunity to simplify our operations and business model, as a result of the announced acquisition of Inotera. The fab will be 100% converted to our 20-nanometer technology by the time we expect to close the deal in mid-2016, helping drive significant cost reductions for Micron thereafter. In addition, we will increase our flexibility to drive capital investment decisions, as well as product and technology mix going forward.

我們的 1X DRAM 和 Gen 2 3D NAND 技術在研發方面也進展順利，我們正致力於在 2016 財年結束前將該技術轉移到生產晶圓廠，以便在 2017 財年開始量產。我們也對收購 Inotera 後有機會簡化我們的營運和商業模式感到非常興奮。預計到 2016 年年中完成交易時，該工廠將 100% 採用我們的 20 奈米技術，這將有助於美光公司此後大幅降低成本。此外，我們將提高在資本投資決策以及產品和技術組合方面的靈活性。

Now, to continue our commentary on Q1 results and Q2 guidance, I will turn the call over to Ernie.

現在，為了繼續我們對第一季業績和第二季業績展望的評論，我將把電話交給厄尼。

Thanks, Mark.

謝謝你，馬克。

Consistent with the direction that we shared last quarter, commentary around the P&L will focus on our non-GAAP results. Please refer to the non-GAAP reconciliation slides posted on our website.

與上個季度我們公佈的方向一致，關於損益表的評論將重點放在我們的非GAAP業績。請參閱我們網站上發布的非GAAP財務報表調整表。

As Mark Durcan noted earlier, revenue for the first quarter was $3.35 billion, coming in at the low end of our guided range. Overall, our revenues were impacted by declining pricing, particularly in the PC DRAM segment, partially offset by volume increases in both the DRAM and non-volatile trade segments. Gross margin ended the quarter at 25.3%, consistent with our guidance, and non-GAAP net income for the first quarter was $249 million or $0.24 per share, slightly above the midpoint of our guided range.

正如馬克·杜爾坎之前指出的那樣，第一季的收入為 33.5 億美元，處於我們預期範圍的下限。總體而言，我們的收入受到價格下跌的影響，尤其是在 PC DRAM 領域，但 DRAM 和非揮發性貿易領域的銷售成長部分抵消了這一影響。本季毛利率為 25.3%，與我們的預期一致；第一季非 GAAP 淨收入為 2.49 億美元，即每股 0.24 美元，略高於我們預期範圍的中點。

During the quarter, we benefited from a better-than-anticipated tax provision, as well as favorable results from our equity method investments, offset by lower-than-expected operating income. As a reminder, Micron includes both amortization of acquisition intangibles and stock compensation expense in our non-GAAP reporting. Taken together, these two items represent an additional $0.04 per share for the recently completed quarter.

本季度，我們受益於好於預期的稅收撥備以及權益法投資的良好結果，但被低於預期的營業收入所抵消。需要提醒的是，美光公司在非GAAP報告中同時包含了收購無形資產攤銷和股票補償費用。合計，這兩項加起來，在最近結束的季度中，每股收益增加了 0.04 美元。

Now let's look at the results by product line. DRAM revenue decreased approximately 10% compared to the fourth quarter of FY15, primarily as a result of lower average selling prices. During the quarter, we saw further market adoption of DDR4 DRAM products in both mobile and non-mobile segments. DRAM gross margin was in the upper 20% range, lower than our previous quarter, as a result of decreases in average selling prices that outpaced decreases in per-bit costs.

現在讓我們按產品線來看一下結果。與 2015 財年第四季相比，DRAM 營收下降了約 10%，主要原因是平均售價下降。本季度，我們看到 DDR4 DRAM 產品在行動和非行動領域都得到了進一步的市場應用。DRAM 毛利率在 20% 以上，低於上一季度，原因是平均售價的下降速度超過了每比特成本的下降速度。

Our non-volatile trade revenue decreased slightly compared to the fourth quarter of 2015, due to decreased average selling prices that outpaced increases in sales volume. Gross margin remained relatively flat in the low 20% range, as decreases in per-bit costs offset selling price changes. Non-GAAP operating expenses for the quarter came in at approximately $600 million, in line with the midpoint of our guided range. The Company generated operating cash flow of approximately $1.1 billion during the first quarter, and we ended the quarter with cash and marketable investments of approximately $5.4 billion.

由於平均售價下降幅度超過了銷售量的成長幅度，我們的非波動性貿易收入與 2015 年第四季相比略有下降。由於每比特成本的下降抵消了售價的變化，毛利率保持在 20% 左右的相對穩定水平。本季非GAAP營運支出約6億美元，與我們預期範圍的中點相符。公司第一季經營現金流約 11 億美元，季末現金及有價投資約 54 億美元。

Expenditures for PP&E in the first quarter were $1 billion, and we continue to expect FY16 capital expenditures in the $5.3 billion to $5.8 billion range, with expected third-party contributions of between $300 million and $800 million. During the quarter, we repurchased $57 million in face value of convertible notes for $94 million, and approximately 7 million shares of our common stock for $126 million.

第一季固定資產支出為 10 億美元，我們繼續預期 2016 財年資本支出將介於 53 億美元至 58 億美元之間，第三方出資額將在 3 億至 8 億美元之間。本季度，我們以 9,400 萬美元的價格回購了面值為 5,700 萬美元的可轉換債券，並以 1.26 億美元的價格回購了約 700 萬股普通股。

Moving now to our second fiscal quarter guidance, on a non-GAAP basis, we expect the following: consolidated revenue in the range of $2.9 billion to $3.2 billion; gross margin in the range of 17.5% to 20%; operating expenses between $565 million and $620 million; operating income ranging between a loss of $60 million and income of $20 million; and an EPS range between a loss of $0.12 per share and a loss of $0.05 per share, based on 1.030 billion diluted shares.

現在來看我們第二財季的業績指引，以非GAAP準則計算，我們預期：合併收入在29億美元至32億美元之間；毛利率在17.5%至20%之間；營業費用在5.65億美元至6.2億美元之間；營業收入在虧損6,000萬美元至獲利2,000萬美元之間；每股收益在虧損0.12美元至虧損0.05美元之間（基於10.3億股稀釋後股份）。

As we've discussed on the call, we intend to acquire the remaining interest in Inotera not owned by Micron. This transaction will result in the full consolidation of Inotera into Micron's financial statements after closing of the acquisition, which is expected to occur mid-calendar-year 2016. I'd like to spend a few moments reviewing key aspects of this important transaction.

正如我們在電話會議中討論的那樣，我們打算收購美光科技未持有的 Inotera 剩餘股份。此交易完成後，Inotera 將完全併入 Micron 的財務報表，預計收購將於 2016 年年中完成。我想花幾分鐘時間回顧這筆重要交易的關鍵方面。

First, we expect the acquisition to be immediately accretive at closing. Second, and equally important, we expect to generate significant incremental operating cash flow. As a point of reference, under the margin sharing structure which commences at the beginning of calendar 2016, we would expect to realize approximately 25% of the total operating cash flow associated with the output from Inotera. After closing, we will receive the full benefit of this cash flow. Over the last 12 months, this would have generated an approximate $1.4 billion of incremental operating cash flow for the Company.

首先，我們預期此次收購將在交易完成後立即帶來收益成長。其次，同樣重要的是，我們預期將產生可觀的增量經營現金流。作為參考，根據從 2016 年初開始的利潤分成結構，我們預計將實現與 Inotera 產品產出相關的總經營現金流量的約 25%。交易完成後，我們將獲得全部現金流收益。在過去的 12 個月裡，這將為公司產生約 14 億美元的額外營運現金流。

Finally, we expect future cash flows from the Inotera output to be well above the capital expenditures required to fund their technology advancements. Based on current market conditions, Inotera's operations should, on average, generate north of $600 million of incremental free cash flow per year for Micron. Micron plans to fund the acquisition of the remaining Inotera interest with approximately $2.5 billion of debt sourced in Taiwan, at an expected interest rate of around 3%. In addition, we have the option to finance up to $1 billion worth with Micron stock sold to Nanya, and we will fund the remaining $500 million with cash from our balance sheet.

最後，我們預期 Inotera 未來的產出現金流將遠高於為其技術進步提供資金所需的資本支出。根據目前的市場情況，Inotera 的營運平均每年應為 Micron 產生超過 6 億美元的額外自由現金流。美光計畫以約 25 億美元的債務（預計利率約 3%）收購 Inotera 的剩餘股份。這些債務將來自台灣。此外，我們還可以選擇用出售給南亞科技的 Micron 股票來融資高達 10 億美元，剩餘的 5 億美元將用我們資產負債表上的現金來支付。

Separately, we have entered into agreements granting Nanya an option to license two future DRAM technology nodes, continuing our strategic relationship. These license agreements may generate a future royalty stream for Micron, in addition to a small equity ownership in Nanya, with timing dependent on the technology deployment. At the earliest, we would expect these benefits to commence in calendar 2017. The license is non-transferable, limited to a specific capacity footprint, and terminates upon change of control of Nanya.

此外，我們已與南亞科技達成協議，授予其未來兩個DRAM技術節點的授權選擇權，從而繼續維持我們的戰略合作關係。除了獲得南亞科技的少量股權外，這些授權協議還可能為美光科技帶來未來的特許權使用費收入，具體時間取決於技術部署情況。最早，我們預計這些福利將於 2017 年開始發放。此許可證不可轉讓，僅限於特定容量範圍，並在南亞控制權變更時終止。

Now I'll turn the call back over to Mark Durcan.

現在我將把電話轉回給馬克·杜爾坎。

Thank you, Ernie.

謝謝你，厄尼。

As many of you know, Kipp Bedard will be transferring out of the investor relations leadership role over the next few weeks, so I wanted to take just a minute today to thank him for all his contributions to the team over the last 32 years. Kipp has not only been a great leader of Investor Relations for Micron, but a selfless team member, whose contributions internally through the years rival his well-recognized excellence externally.

正如你們許多人所知，Kipp Bedard 將在未來幾週內卸任投資者關係領導職務，因此我今天想花一點時間感謝他在過去 32 年裡為團隊做出的所有貢獻。Kipp 不僅是美光公司投資者關係部門的傑出領導者，也是一位無私的團隊成員，多年來他在公司內部的貢獻與他在外部廣為人知的卓越成就相媲美。

I've always been able to count on Kipp -- Kipp's honesty and thoughtful input on all manner of issues facing the Company. And in good times and bad, he is and always has been all about Micron and the team. I think it's fair to say that Micron would not be the Company it is today without Kipp. So, we will truly miss our good friend.

我一直都很信賴 Kipp——Kipp 的誠實和他對公司面臨的各種問題的深思熟慮的意見。無論順境逆境，他始終都把美光和團隊放在第一位。可以說，如果沒有基普，美光就沒有今天的成就。所以，我們會非常想念這位好朋友。

Mark, thank you very much for the kind words. It's been my honor and privilege to represent you and the entire Micron team into the public markets over the past three decades. For that opportunity and experience, I am truly grateful. Thank you all for a very exciting and fulfilling career.

馬克，非常感謝你的鼓勵和讚揚。在過去的三十年裡，能夠代表您和整個美光團隊進入公開市場，是我的榮幸和榮耀。對於這次機會和經歷，我由衷地感激。感謝大家，讓我擁有了一段精彩而充實的職業生涯。

Thank you, Kipp.

謝謝你，基普。

Let me finish on this topic by saying, we're very fortunate to have a very capable Ivan Donaldson in house and ready to step into the lead IR role. I think most on the call already know Ivan, and that he too has a thorough understanding of the Company, the industry, along with the skills to excel in this role. I certainly expect that as he steps in, he will hit the ground running; and though Kipp is leaving behind some very big shoes to fill, Ivan's preparation and dedication make him an easy choice for this role.

最後我想說的是，我們非常幸運公司內部有伊凡唐納森這樣一位能力出眾的人才，他隨時準備擔任投資人關係主管一職。我認為參加電話會議的大多數人都認識伊万，而且他也對公司、行業以及擔任此職位所需的技能都有著透徹的了解。我當然相信他一上任就能迅速進入狀態；雖然基普留下的空缺很大，但伊凡的準備和奉獻精神使他成為這個角色的最佳人選。

To summarize our call today, we're in the midst of some challenging market conditions, but we remain confident in the long-term health of the industry, and in our strategy to succeed. This confidence drives our long-term investment perspective, and we expect to see stronger bit growth and cost reductions starting in the second half of the year. Operationally, we're laser focused on execution related to the deployment of leading-edge DRAM and 3D NAND, as well as advanced controller development.

總結我們今天的電話會議，我們正處於一些充滿挑戰的市場環境中，但我們仍然對產業的長期健康發展以及我們成功的策略充滿信心。這種信心驅動著我們的長期投資前景，我們預計從今年下半年開始，比特成長將更加強勁，成本將有所下降。在營運方面，我們高度專注於尖端DRAM和3D NAND的部署以及先進控制器的開發。

Operator, we're ready for Q&A.

操作員，我們已準備好進行問答環節。

(Operator Instructions)

（操作說明）

Our first question comes from the line of Kevin Cassidy from Stifel. Your question, please.

我們的第一個問題來自 Stifel 的 Kevin Cassidy。請問您的問題。

Thanks for taking my question. Gross margins coming down again quarter-over-quarter, even with -- you point to transition to 20-nanometer and DDR4. If you could help us with some of the moving parts, gross margins for those products, 20-nanometer? How much lower costs are you expecting as that becomes 100% of the Inotera output. And also, what is DDR4 versus DDR3 costs and gross margins?

謝謝您回答我的問題。即使考慮到向 20 納米和 DDR4 的過渡，毛利率仍然環比下降。如果您能幫我們了解一些關鍵環節，例如這些產品的毛利率，以及20奈米技術的相關數據，那就太好了？如果 Inotera 的產量全部來自這部分，您預計成本會降低多少？另外，DDR4 與 DDR3 的成本和毛利率有何不同？

So first of all, I think it's important to recognize that although Inotera's output will be -- the wafer starts will be about 80% by year end, it takes a while to move those through the overall system and deliver them into the marketplace. And so you wouldn't get the full benefit of that 20-nanometer cost reduction as we move into our fiscal Q2. In terms of overall -- other overall factors, there is clearly continued pressure in PC DRAM. And as we have talked about for some time, 20-nanometer doesn't get you to lower costs immediately, whether from Inotera or out of any other fab as a result of startup costs, and getting those ramped to scale. And then finally, DDR4 costs, which is getting to be an increasingly important part of the mix, are clearly a little bit higher than DDR3, and that creates some pressure, as well. So those are the general characteristics of the margin trends there.

首先，我認為重要的是要認識到，儘管 Inotera 的產量——晶圓開工量到年底將達到 80% 左右，但要讓這些晶圓通過整個系統並交付到市場，還需要一段時間。因此，隨著我們進入第二財季，您將無法充分受益於這 20 奈米的成本降低。就整體而言——其他整體因素來看，PC DRAM 顯然面臨持續的壓力。正如我們之前討論過的，20 奈米製程並不能立即降低成本，無論是 Inotera 還是其他任何晶圓廠，因為啟動成本以及將產能提升到一定規模都需要時間。最後，DDR4 的成本（它變得越來越重要）顯然比 DDR3 略高，這也造成了一些壓力。以上就是該地區利潤率趨勢的一般特徵。

Okay. And just as a follow-up, also on NAND flash, there was a conversion to TLC, or can you say what percentage of your output was TLC versus MLC, and is that expected to help gross margins going forward?

好的。另外，關於 NAND 閃存，你們是否正在向 TLC 轉換？能否說明一下你們的產量中 TLC 與 MLC 的比例是多少？預計這將有助於提高未來的毛利率嗎？

Our TLC output is about 10%, plus or minus. We have more capability for upside volume, if we so chose. That portion of the market has been super competitive, both in components and in TLC-based client SSDs. So we've moved some of our capacity that we initially targeted to TLC toward some higher-value sockets, which really has allowed us to insulate against pricing pressure a little bit better than the market.

我們的薄層色譜輸出率約為 10%，上下浮動。如果我們願意，我們有能力實現更大的成交量成長。這部分市場競爭非常激烈，無論是組件方面還是基於 TLC 的客戶端 SSD 方面都是如此。因此，我們將最初針對 TLC 的一些產能轉移到了一些更高價值的插座上，這確實使我們能夠比市場更好地抵禦價格壓力。

I think longer term, though, fair to say that as we ramp 3D, we would expect that penetration to begin to increase again.

但我認為從長遠來看，隨著 3D 技術的發展，我們可以預期其滲透率會再次開始上升。

Okay. Great. And all the best to Kipp, and congratulations to Ivan.

好的。偉大的。祝Kipp一切順利，也恭喜Ivan。

Thanks, Kevin.

謝謝你，凱文。

Thank you. Our next question comes from the line of Harlan Sur from JPMorgan. Your question, please.

謝謝。我們的下一個問題來自摩根大通的哈蘭‧蘇爾。請問您的問題。

Thanks for taking my question. Assuming another year of relatively muted demand trends in DRAM in 2016, does it make sense to accelerate your move to 1X DRAM technology to drive acceleration in your cost curve? And the same question on potentially accelerating the move to TLC and 3D NAND transitions within your NAND business, because it just seems like the team is continuously fighting this uphill battle on the cost front.

謝謝您回答我的問題。假設 DRAM 在 2016 年的需求趨勢依然相對平淡，那麼加快向 1X DRAM 技術轉型以加速成本曲線的下降是否有意義？同樣的問題在於，貴公司是否應該加快 NAND 業務向 TLC 和 3D NAND 過渡的步伐，因為貴公司似乎一直在成本方面苦苦掙扎。

We have said for some time that really, it's absolutely imperative that we not necessarily have an identical technology profile to others in the market, but certainly narrow the gap relative to the deployed advanced technology. That enables a couple things. One, it makes sure we have timely introduction of the right products for our customers.

我們一直以來都強調，我們不一定要擁有與市場上其他公司完全相同的技術水平，但一定要縮小與已部署的先進技術之間的差距。這樣就能實現兩件事。第一，它確保我們能夠及時向客戶推出合適的產品。

But additionally, it makes sure that we don't have a situation in the marketplace that competitors can take advantage of, and drive increased market share, due to a different profile relative to manufacturing efficiency. So yes, we think it's strategically important that we narrow this gap. We're focused on it, and we believe that with the demand growth that we see in the marketplace, it can absorb that incremental capacity as we make those transitions, as long as others in the marketplace don't add too many incremental new wafers.

此外，它還能確保我們不會因為製造效率方面的差異而在市場上出現競爭對手可以利用並擴大市場份額的情況。所以，是的，我們認為縮小這一差距具有重要的戰略意義。我們正專注於此，我們相信，隨著市場需求的成長，只要市場上的其他企業不增加太多新的晶圓產量，我們就能在我們進行這些轉型時吸收新增產能。

Thanks for that. And then a better mix of enterprise and data center SSD I think would drive a nice offset to the price aggressiveness you're currently seeing on the client side. So if you could just give us an update on your enterprise SSD progress. I know you talked about rolling out your data center M500 series. You also talked about rolling out your 600 series with Seagate. How big is enterprise flash as a percent of your total NAND business, and can you just give us any view on the growth outlook for enterprise looking into calendar year 2016?

謝謝。我認為，企業級和資料中心級 SSD 的更好組合將能很好地抵消目前客戶端產品價格的激烈競爭。所以，能否請您向我們介紹貴公司在企業級固態硬碟的進展？我知道你們之前提到要推出資料中心 M500 系列產品。您也提到了與希捷合作推出 600 系列產品。企業級閃存在貴公司 NAND 業務總量中所佔的百分比是多少？能否請您談談對 2016 年企業級快閃記憶體業務成長前景的看法？

Let me set the baseline from where we sit today. Enterprise is relatively small, but the growth trajectory is pretty big. The three areas of investment we're driving today are continued focus on enterprise level controller and firmware. Obviously driving the Seagate product line to market in the SaaS category, and we're also investing very heavily in 3D NAND drives for enterprise, which we will be sampling soon.

讓我先從我們目前的處境出發，設定一個基準線。企業規模相對較小，但成長動能強勁。我們目前重點投資的三個領域是：繼續專注於企業級控制器和韌體。顯然，我們正在推動希捷產品線在 SaaS 類別中進入市場，同時我們也在對面向企業的 3D NAND 驅動器進行大量投資，我們很快就會提供樣品。

The final piece for us is, I mentioned briefly my comments, our components that we market to other enterprise players are probably the highest margin products we have in NAND, because of the quality of NAND we manufacture. So when you combine all that out, we're pretty bullish about enterprise going forward, and we will continue to invest in such.

最後一點，正如我剛才簡要提到的，我們向其他企業用戶銷售的組件可能是我們 NAND 產品中利潤最高的，因為我們生產的 NAND 質量很高。綜上所述，我們對企業未來的發展前景非常樂觀，並將繼續投資於此。

Okay. Thank you.

好的。謝謝。

Thank you. Our next question comes from the line of Monika Garg from Pacific Crest. Your question, please.

謝謝。我們的下一個問題來自太平洋之巔的莫妮卡·加格。請問您的問題。

Thanks for taking my question. I just want to delve deeper into the margin guidance for next quarter. The gross margins are guided like 600 to 700 bips lower Q over Q. Maybe could you walk on the details, is it mainly in the DRAM side the margins are going lower or in the NAND side?

謝謝您回答我的問題。我想更深入地了解下個季度的利潤率預期。毛利率預計將較上季下降 600 至 700 個基點。能否詳細說明一下，毛利率下降主要是 DRAM 端還是 NAND 端？

I would say it's more oriented on the DRAM side for all the reasons we've talked about on the course of the call. We expect NAND to be relatively similar to what we're seeing this quarter, maybe a little bit sequentially lower, but DRAM is where the most significant movement is.

我認為，出於我們在通話過程中討論的所有原因，它更側重於 DRAM 方面。我們預計 NAND 快閃存在本季將與目前的情況大致相同，可能會略有下降，但 DRAM 快閃記憶體才是變化最大的領域。

And in the DRAM is it mainly PC side, or are you seeing that going now moving into mobile and server as well?

DRAM 主要應用於 PC 端，還是也開始應用於行動裝置和伺服器端？

There's a continuum of performance, and as you might imagine, if you look at things that are closest to PCs, the enterprise space, maybe some of the cloud spaces that look a little bit more like PCs, those may be subject to some increasing price pressure as well. If you go to the mobile side, which is a little bit more specialized, that tends to be buffered somewhat. But generally speaking, as we talked about on the call, you see pressure throughout that whole sector.

效能是一個連續的過程，正如你可能想像的那樣，如果你看看那些最接近 PC 的產品，例如企業領域，或者一些看起來更像 PC 的雲端領域，這些產品也可能面臨越來越大的價格壓力。如果你轉向行動端，那方面就比較專業化了，而且往往會有一些緩衝。但總的來說，正如我們在電話會議上討論的那樣，整個行業都面臨著壓力。

Thanks. That's all from me.

謝謝。我的內容就這些了。

Thank you. Our next question comes from the line of John Pitzer from Credit Suisse. Your question, please.

謝謝。我們的下一個問題來自瑞士信貸的約翰‧皮策。請問您的問題。

Yes, good afternoon, guys. My congratulations to Kipp, and much thanks. Ernie, I guess from my perspective, I'd like to go back to the gross margin guidance for the February quarter. I think you did a good job talking about the puts and takes. Do you think that the February quarter represents the maximum quarter of pain on the cost side, and it improved there? Can you help me understand, as you look at 30-nanometer/25-nanometer DDR3 to 20-nanometer DDR4, at equivalent yield, what's the cost-down you would expect in that transition?

是的，下午好，各位。恭喜Kipp，並非常感謝。Ernie，我想從我的角度來看，我想回到二月季​​度的毛利率預期。我認為你對買賣雙方的分析很到位。你認為二月是成本方面最艱難的季度，之後情況有改善嗎？您能否幫我理解一下，當您考慮從 30 奈米/25 奈米 DDR3 過渡到 20 奈米 DDR4 時，在良率相同的情況下，您預期這種過渡的成本會降低多少？

I do think from a cost perspective, that we've been talking for some time about the fact that the first couple quarters of this fiscal year were going to be the most challenging for us, as we got everything lined up relative to 20-nanometer, and also on the NAND side. I think that without certainly providing guidance beyond Q2, I would say our expectation is that with increased bits out, we're going to see cost-down that will be very helpful to us in the back half of the year. DDR4 has a bigger die size than DDR3 but the shrink gets you closer to parity, and also the production of 8-gig is also a big cost driver. So it's really hard to say specifically, but you're certainly in the same zip code, based on that comparison.

從成本角度來看，我認為我們已經討論過一段時間了，本財年的前幾個季度對我們來說將是最具挑戰性的，因為我們需要為 20 奈米製程以及 NAND 快閃記憶體方面做好一切準備。我認為，雖然不能給出第二季度以後的明確指導，但我們可以說，隨著零件產量的增加，我們預計成本將會下降，這將對我們下半年的發展非常有幫助。DDR4 的晶片尺寸比 DDR3 大，但尺寸縮小使其更接近同等性能，而且 8GB 記憶體的生產也是一個很大的成本驅動因素。所以很難具體說，但根據這個比較，你們肯定在同一個郵遞區號區域內。

That's helpful. Mark, maybe as my follow-on, relative to the implied guidance for February, it doesn't look like Inotera would be accretive on February numbers. And maybe Ernie answered the question already. Is the expectation by the time the Inotera acquisition closes that some of these cost headwinds will become tailwinds, and hence, this is an accretive acquisition? Or can you help me walk through that dynamic?

那很有幫助。Mark，或許我可以補充一點，相對於 2 月的隱含指引，Inotera 似乎不會對 2 月的業績產生增益。或許厄尼已經回答了這個問題。預計到 Inotera 收購完成時，其中一些成本不利因素將轉變為有利因素，因此，這是一項增值收購嗎？或者你能幫我理清一下這種關係嗎？

I think -- and maybe Ernie wants to comment on this too, John, but I think the key point is that as we get a little further into the year, that 20-nanometer transition is driving some pretty significant improvements at Inotera, and we expect it to be quite accretive to us right out of the chute, once we close.

我認為——約翰，也許厄尼也想對此發表一些評論——但我認為關鍵在於，隨著今年時間的推移，20 奈米的過渡正在推動 Inotera 取得一些相當顯著的進步，我們預計一旦我們完成組裝，它將立即為我們帶來相當大的收益。

The only thing I'd add to that is the bulk of the CapEx spend for their 2016 will already be completed. So certainly from a cash flow perspective, there's a lot of leverage there as well.

我唯一要補充的是，他們 2016 年的大部分資本支出已經完成。所以從現金流的角度來看，這方面也有很多槓桿作用。

Thanks.

謝謝。

Thank you. Our next question comes from the line of Daniel Amir from Ladenburg. Your question, please.

謝謝。我們的下一個問題來自拉登堡的丹尼爾·阿米爾。請問您的問題。

Thanks a lot, and good luck Kipp, in your next life. Couple questions here with regards to the eMCP and the client SSD. Looks like those were areas, a bit of weakness here this quarter. Can you give a bit more clarity, where we stand at this point in the quarter and specifically the eMCP, given that bit shipments were down 14%. Is this an area that you're going to still be focusing on, as well? Thanks.

非常感謝，祝基普來世好運。關於 eMCP 和客戶端 SSD，我有幾個問題。看來這些領域在本季表現有些疲軟。鑑於比特出貨量下降了 14%，您能否更清楚地說明一下，本季目前的情況，特別是 eMCP 的情況？這是否也是您未來會持續關注的領域？謝謝。

Sure. On the eMCP category, there's really two dynamics going on, one of which is some market softness in mobile, which we identified earlier in my comments. The second piece is that as is consistent with some other DRAM segments, the 20-nanometer transition puts us in a position where this was a heavy focus on qualifying at major OEM customers. Having said that, there's also one area of mix issues that relates to the high end and low end doing better than the mid-range segment of the market. So you combine all those three together, and there's pressure on eMCP demand. We're continuing to feel that as a place for our product focus, but, again, weighing that against mix and other opportunities.

當然。在 eMCP 類別中，實際上存在兩種動態，其中之一是行動市場的疲軟，這一點我在前面的評論中已經提到過。第二點是，與其他一些 DRAM 領域一樣，20 奈米過渡使我們處於一個需要專注於主要 OEM 客戶認證的位置。話雖如此，市場中高階和低階市場的表現優於中階市場，這也是產品組合方面存在的問題之一。所以，將這三者結合起來，就會對 eMCP 的需求造成壓力。我們仍然認為這是我們產品重點發展的方向，但是，我們也要權衡產品組合和其他機會。

And the client SSD side?

客戶端SSD那邊呢？

That for us, as I mentioned earlier, we saw very heavy competition in client SSDs, driven by low-cost TLC products, both in the consumer and OEM market. And we chose to move some of our capacity out of that market to higher value sockets, and that allowed us to get kind of the most out of our capacity.

正如我之前提到的，我們看到客戶端 SSD 市場競爭非常激烈，這主要是由於低成本 TLC 產品在消費市場和 OEM 市場都造成了競爭。我們選擇將部分產能從該市場轉移到更高價值的插座，這使我們能夠最大限度地利用我們的產能。

And is that a trend that you're continuing this quarter, as well?

這個趨勢在本季也會延續嗎？

I would say that without forecasting, it's something that, yes, we see pretty consistent quarter to date and we would -- as Mark commented, we're going to watch that while we position our 3D NAND TLC out longer term because of the performance and cost advantages there. But today, we see other opportunities, as I said, for our NAND capacity, more high performing MLC capacity, that allows us to make that shift.

我想說，如果不做預測，是的，到目前為止，我們看到季度表現相當穩定，而且正如馬克評論的那樣，我們將密切關注這一點，同時我們將長期佈局我們的 3D NAND TLC，因為它具有性能和成本優勢。但正如我所說，今天我們看到了其他機遇，例如我們的 NAND 快閃記憶體容量，以及更高效能的 MLC 快閃記憶體容量，這使我們能夠實現這種轉變。

Great. Thanks a lot.

偉大的。多謝。

Thank you. Our next question comes from the line of Steven Fox from Cross Research. Your question, please.

謝謝。我們的下一個問題來自 Cross Research 的 Steven Fox。請問您的問題。

Thanks. Just a follow-up on those details. I was wondering if you could just step back and if we look big picture around some of your comments about the PC market as a whole stabilizing, what gives you sort of confidence on that happening over the next several months? And then similarly, given some of the weakness you're seeing in the mid-range, especially in China mobile market, again, why do you think that improves as you get further into next calendar year? Thanks a lot.

謝謝。關於那些細節，我再補充一點。我想問一下，您能否退一步，從更宏觀的角度來看待您關於整個 PC 市場趨於穩定的一些評論，是什麼讓您對未來幾個月內這種情況的發生充滿信心？同樣地，考慮到中端市場，尤其是中國行動市場的一些疲軟態勢，您認為隨著明年日曆年的深入，這種情況會有所改善的原因是什麼？多謝。

I'm not sure we sent forecasts out on either one of those, as stated. We think that the PC market, the signs are that channel inventories are leveling off a little bit better. Obviously, the inventory was low. If you look at it more specifically to our business, DRAM inventory in the channel, with the exception of one player, one larger player, DRAM inventory across our channel is pretty low. The demand seems to be flowing through, and replenishment of inventory seems to be a dynamic in the PC space. So that's where -- that's behind our view of the world in terms of PC shipments.

我不確定我們是否像之前所說的那樣，就這兩項都發出了預測。我們認為，PC市場的跡象表明，通路庫存正在逐漸趨於穩定。顯然，庫存很低。如果更具體地從我們業務的角度來看，除了一個規模較大的廠商之外，我們通路中的 DRAM 庫存相當低。需求似乎正在持續，個人電腦領域的庫存補充似乎是一個動態過程。所以這就是我們對個人電腦出貨量的看法背後的原因。

If you look at the data, while not stellar growth, certainly better than the first half of calendar year 2015. On the mobile side, we still believe that this same dynamic goes on with smartphones. Inventory is relatively low, and the other side, if you look at the configurations that are coming out for holiday and beyond, the memory content per unit is going up nicely in our favor.

從數據來看，雖然成長並不顯著，但肯定比 2015 年上半年好。在行動領域，我們仍然認為智慧型手機也存在著同樣的動態。庫存相對較低，另一方面，如果你看看假期及以後推出的配置，你會發現每台設備的記憶體容量正在穩步提升，這對我們非常有利。

So it's all about -- for the mobile phone place market segment, it's really all about what's the weighted average content, and we still see, not withstanding some of the weakness in the middle, pretty reasonable growth in aggregate for the smartphone business.

所以，對於手機市場細分來說，關鍵在於加權平均內容，儘管中間部分有些疲軟，但我們仍然看到智慧型手機業務整體上保持著相當合理的成長。

Great. That's very helpful. Then just a quick follow-up. Similarly on just the enterprise side, I think you talk about a little bit of competitiveness. You're not the only ones to talk about that on SSDs in the last couple months. Is there a reason to believe that that is temporary in nature from a demand side, putting aside some of the supply issues?

偉大的。那很有幫助。然後還有一個簡短的後續問題。同樣，就企業方面而言，我認為你談到了一些競爭力。在過去的幾個月裡，討論固態硬碟（SSD）這個問題的並不只有你們。撇開一些供給問題不談，從需求面來看，是否有理由相信這種情況是暫時的？

I think overall, the penetration in enterprise is so low that we think it's likely that tends to be a better market going forward, and we're going to invest as such. Some of our competitiveness comments are really more around value segment, consumer and channel SSD type products, that are really driven by a cost approach and not a performance approach.

我認為總體而言，企業市場的滲透率非常低，因此我們認為企業市場未來可能會發展得更好，我們將在這方面進行投資。我們的一些競爭力評論實際上更多地圍繞著價值細分市場、消費者和通路 SSD 類型的產品，這些產品實際上是由成本方法而不是性能方法驅動的。

Got it. Thanks so much.

知道了。非常感謝。

Thank you. Our next question comes from the line of Doug Freedman from Sterne Agee CRT.

謝謝。我們的下一個問題來自 Sterne Agee CRT 的 Doug Freedman。

A lot of questions have been asked on the gross margin side, but if I could get a little bit of color around the revenue. We're looking at a revenue decline quarter-on-quarter of 9% at the midpoint. What are the piece that's are driving that? I'm looking at the bit growth side here and just struggling to come up to see -- to align your longer-term bit growth outlook with what's going on in the near term. So if you could help me understand, what are the pieces to top line, that would be helpful.

關於毛利率方面已經有很多問題了，但如果能了解收入狀況就更好了。我們預期季度營收將季減 9%（取中間值）。是什麼因素導致了這種情況？我正在研究比特成長方面的問題，但很難看出——如何將長期比特成長前景與近期情況相協調。所以，如果您能幫我理解構成頂層的要素是什麼，那就太好了。

So I don't think it's too dissimilar a story from the discussion we had about margins, which is, we've talked about the fact that for the first couple quarters of this fiscal year, our bit growth is going to be limited. Now, we are growing bits. However, in the face of some of the pricing pressures that we've seen in PCs or PC DRAM space, et cetera, that is not enough to overcome -- the bit growth doesn't quite overcome the pricing and that leads to the revenue circumstances. As you heard both Mark and Mark speak about today, in terms of those things that are going to drive our bit growth in the second half of this fiscal year and into FY17. Those are still well on track, which would be the full deployment of 20-nanometer throughout the DRAM space, as well as the 3D NAND conversion.

所以我認為這和我們之前討論的利潤率問題並沒有太大的區別，我們之前討論過，在本財年的前幾個季度，我們的利潤增長將會受到限制。現在，我們正在培育比特。然而，面對我們在 PC 或 PC DRAM 領域所看到的一些價格壓力，這還不足以克服——比特增長並不能完全克服價格上漲，這就導致了收入狀況。正如你們今天聽到的 Mark 和 Mark 所談到的，這些因素將推動我們在本財年下半年以及 2017 財年實現比特成長。這些進展仍然進展順利，其中包括在 DRAM 領域全面部署 20 奈米技術，以及 3D NAND 轉換。

Doug, let me just add. As we do this substantial ramp of 20-nanometer, we have a lot of new products to qualify as well. Getting complete certainty as to exactly when all the products are going to qualify, and when we will ship that product is difficult, although we have complete confidence that we will qualify them, and that they will be delivered. So there's that dynamic, and that aspect as well, which is associated with ramping a lot of new products simultaneously.

道格，我再補充一點。在我們大幅提升 20 奈米製程的同時，我們也有很多新產品需要認證。雖然我們完全有信心能夠使所有產品通過認證並交付，但要完全確定所有產品何時能夠通過認證以及何時發貨是很難的。所以，這裡存在著這種動態，以及與同時推出大量新產品相關的那個面向。

I guess for my follow-up, if I could, a little bit of a two-parter. I just want to make sure I understood. You said your DRAM bit growth would be above industry average of low 20s. Was that for the calendar year or your fiscal year?

我想，如果可以的話，我的後續報道會分成兩個部分。我只是想確認一下我理解得是否正確。你曾說過，你們的DRAM位成長將高於產業平均（20出頭）。那是按日曆年還是按財政年度計算的？

And then when I look at these transitions that you're going through, like 20-nanometer, one of the things I think investors struggle with is that your results tend to -- we're seeing a much greater oscillation at Micron, in the financial performance, than we do in your peers over at Samsung, yet they did through these same transitions. Why is it that we're seeing such a greater impact to the financials here than we see at your peers?

然後，當我觀察你們正在經歷的這些轉型，例如 20 奈米製程時，我認為投資者面臨的一個難題是，你們的業績往往——我們看到美光在財務業績方面的波動比三星等同行要大得多，儘管他們也經歷了同樣的轉型。為什麼我們這裡財務狀況受到的影響比你們同行大得多？

A two-part question. Relative to the first part, yes, it's a calendar reference, and it's weighted in the back half of the calendar year. Although we've told you that fiscal Q3 should be a significant step up. Relative to the impact on financial performance, I'm going to let Mark comment on that in just a second. But I would make the point that this just reinforces why we need to accelerate the introduction of these tech nodes, because we have fixed operating expenses, and in an environment where we're generating less gross margin because we're deploying less advanced technology, that takes a bigger bite out of the net picture. Mark, do you want to --?

這是一個包含兩個部分的問題。相對於第一部分而言，是的，這是一個日曆參考，並且它側重於日曆年的後半段。儘管我們已經告訴你們，第三財季應該會有很大進步。至於對財務表現的影響，我稍後會請馬克對此發表評論。但我想指出的是，這恰恰印證了我們為什麼需要加快引入這些技術節點，因為我們的營運成本是固定的，而且在我們部署的技術不夠先進，導致毛利率下降的情況下，這會對淨利潤造成更大的影響。馬克，你想──？

One other comment. We've communicated all along for many years that as a percentage of our capacity, we sell and market our products into much higher value segments. If you look at ASP per gigabit in DRAM for example, we've been a market leader in that for as long as I can remember. And when you're not in that model, meaning you're in ramp stage, and you're driving these products into lower value segments, the volatility in pricing will have a much bigger impact on margins during that time phase.

還有一點要補充。多年來，我們一直強調，我們產能的很大一部分用於向價值較高的細分市場銷售和推廣產品。例如，如果你看一下DRAM每千兆的平均售價，就我所知，我們一直都是該領域的市場領導者。而當你的產品不處於那種模式（即處於起步階段），而你正在將這些產品推向價值較低的細分市場時，價格波動將在該階段對利潤率產生更大的影響。

So Doug, in summary, we look at all of this as opportunity, and certainly we think we can do better and we intend to do better.

道格，總而言之，我們把這一切都看作是機會，我們當然認為我們可以做得更好，我們也打算做得更好。

Great. Thanks, guys, and congratulations, Kipp, on a very long-lasting career.

偉大的。謝謝各位，也恭喜基普擁有如此長久的職業生涯。

Thanks, Doug.

謝謝你，道格。

Thank you. Our next question comes from the line of Timothy Arcuri from Cowen and Company. Your question, please.

謝謝。我們的下一個問題來自 Cowen and Company 的 Timothy Arcuri。請問您的問題。

Thanks a lot. I had two. The first question is on the Dalian announcement from Intel. I think that happened on October 20, so you really haven't talked publicly too much since that and there's still a bit of confusion out there. We understand that you're basically ramping the fab there, and for all intents and purposes, you're operating it. My first question is, do you have any rights to the output of the fab, and do you have the option to invest in the fab? And then I had a follow-up. Thanks.

多謝。我有兩個。第一個問題是關於英特爾在大連發布的公告。我認為那件事發生在 10 月 20 日，所以從那時起你並沒有公開談論太多事情，外界仍然存在一些困惑。我們了解到，你們基本上正在擴大那裡的工廠產能，而且實際上，你們已經在運作它了。我的第一個問題是，您對該工廠的產出有任何權利嗎？您是否可以選擇投資該工廠？然後我還有後續跟進。謝謝。

So Tim, we are not operating the fab. We are not ramping the fab. Intel is our partner, and we are helping facilitate the deployment of the technology to that fab. So that relationship remains healthy.

所以提姆，我們並沒有營運這家工廠。我們並沒有擴大晶圓廠的產能。英特爾是我們的合作夥伴，我們正在幫助促成該技術在該晶圓廠的部署。所以這段關係依然健康。

And we would expect that as Intel progresses with their ramp of the manufacturing technology there, at some point, we will have more discussions about whether it makes sense for increased collaboration at that site. We're not involved today.

我們預計，隨著英特爾在該地推進製造技術的發展，在某個時候，我們會就加強在該地的合作是否有意義展開更多討論。我們今天不參與。

Okay. Thanks for that, Mark. And then the second question, I think John asked a question previously about cost and when do the headwinds start to wane after this current quarter. And it sounds like they do, and you should get a little bit better PC pricing environment per -- I think, Mark, your comments as well. My question is, is it fair to say that the February quarter is the bottom in gross margin, if you assume those two factors? Thanks.

好的。謝謝你，馬克。第二個問題，我想約翰之前問過一個關於成本的問題，以及在本季之後，不利因素何時開始減弱。聽起來他們確實如此，而且我認為，馬克，你的評論也支持這一點，你應該可以獲得更好的個人電腦定價環境。我的問題是，如果假設有這兩個因素，那麼說二月的季度毛利率最低是否合理？謝謝。

Well, yes, again, we've got to stay away or we are going to stay away from projecting ASPs for you. But in terms of our internal operational leverage, we think things get a lot better in Q3.

是的，我們還是得遠離，否則就無法為您預測ASP了。但就我們的內部營運槓桿而言，我們認為第三季情況會好轉很多。

Thanks a lot.

多謝。

Thank you. Our next question comes from the line of Vijay Rakesh from Mizuho. Your question, please.

謝謝。我們的下一個問題來自瑞穗銀行的Vijay Rakesh。請問您的問題。

Kipp, thanks for all the help, and Ivan, congratulations. I had a question on Inotera here. What percent of the 20-nanometer output at Inotera's DDR3 versus DDR4 today? At 20-nanometer also, is the DDR4 cost still higher than DDR3?

Kipp，謝謝你的幫忙；Ivan，恭喜你。我這裡有一個關於 Inotera 的問題。Inotera 的 20 奈米製程 DDR3 相對於目前的 DDR4 的產量佔比是多少？同樣採用 20 奈米工藝，DDR4 的成本是否仍高於 DDR3？

I don't have the DDR3/DDR4 mix by fab, and I think we want to stay away from giving you that fab specific information anyway. The second part of the question was DDR4 crossover?

我沒有按廠商劃分的 DDR3/DDR4 混合比例信息，而且我認為我們無論如何都不應該向您提供該廠商的具體信息。問題的第二部分是DDR4交叉？

Yes, is the 20-nanometer DDR4 cost higher than DDR3?

是的，20奈米DDR4的成本比DDR3高嗎？

20-nanometer DDR4 cost --

20奈米DDR4成本——

We commented on that a little bit earlier. Not at 8-gigabit, but we would expect that as we ramp up and cross over, that we will be at parity and actually see some reductions. But at present, it's fair to think about it as a headwind for us.

我們之前已經稍微提到過這一點。雖然目前還達不到 8 千兆比特，但我們預計隨著產能提升和過渡，我們將達到持平水平，並且實際上會看到一些下降。但就目前而言，將其視為我們的一股逆風是合理的。

Got it. And on the 3D NAND side, I know you mentioned second Gen 3D NAND in second-half 2016. That is a 64 layer 3D NAND, and just as a background, what percent of output today is on 3D? I know you said you shipped some here.

知道了。至於 3D NAND，我知道您提到過 2016 年下半年推出第二代 3D NAND。這是一個 64 層 3D NAND，作為背景訊息，目前 3D 快閃記憶體的產量佔比是多少？我知道你說過你往這裡運了一些。

We haven't said what our Gen 2 technology looks like exactly, but you can count on it being a significant improvement in both bit density and cost. And sorry, the second part of the question?

我們還沒有具體說明第二代技術是什麼樣子，但可以肯定的是，它在位元密度和成本方面都會有顯著的改進。抱歉，問題的第二部分是什麼？

Percent of 3D?

3D效果佔多少？

Percent of 3D. It's relatively small today, but ramping fairly aggressively. And again, as we get into the second half of next year, we'll actually be into the new fab expansion as well. So it will really take off then.

3D百分比。雖然目前規模相對較小，但成長速度相當迅猛。此外，到了明年下半年，我們實際上也將開始新的工廠擴建工程。所以到時候它就會真正起飛了。

Got it. Thanks a lot. Appreciate it.

知道了。多謝。謝謝。

Thank you. Our next question comes from the line of Hans Mosesmann from Raymond James. Your question, please.

謝謝。我們的下一個問題來自 Raymond James 的 Hans Mosesmann 的產品線。請問您的問題。

Question on 3D XPoint. Can you give us a little more flavor? I forget if you actually even commented so far on the call regarding this. But can you give us a sense on the ramp, and is there a change in the nuance of the opportunity, being used as main memory or as storage? Thanks.

關於 3D XPoint 的問題。能再給我們添一點味道嗎？我忘了你之前有沒有就此事在電話會議上發表過評論。但您能否為我們介紹一下坡道上的情況，以及作為主記憶體或記憶體使用時，機會的細微差別是否有所變化？謝謝。

Well, I think it targets both main memory and storage applications over time. Probably a higher value in the near memory than in the storage applications, but could be targeted at both. We're really more in an enablement mode as opposed to a significant production ramp today, but we think the revenue does become significant out in 2017 and more so in 2018.

我認為隨著時間的推移，它的目標既包括主記憶體應用，也包括儲存應用程式。在近記憶體應用中可能比在儲存應用中更有價值，但兩者都可以作為目標。我們目前更處於賦能階段，而不是大規模量產階段，但我們認為 2017 年收入將變得可觀，2018 年收入將更加可觀。

Okay. Great. Kipp, we're going to miss you. Good luck.

好的。偉大的。Kipp，我們會想念你的。祝你好運。

Thanks.

謝謝。

Thank you. Our next question comes from the line of Mark Newman from Bernstein. Your question, please.

謝謝。我們的下一個問題來自伯恩斯坦的馬克紐曼的詩句。請問您的問題。

Thanks a lot. I wanted to ask a question again on 20-nanometer ramp. So it seems like, from the comments, that schedule is ramping pretty much in line with what you were saying, about half of production within the May quarter. But based on this gross margin guidance again, it's coming down quite a lot. It seems like the cost isn't quite performing, at least not in FQ2, yet. So I'm wondering, is this because of poorer yields than expected on 20-nanometer? Is there any difference in the yields on 20-nanometer than your expectations versus previous nodes, or is it just that the 20-nanometer that you're starting to produce, which I assume should be a fairly significant portion in FQ2 is really being held more in inventory, and so it's not really impacting the top line and the cost?

多謝。我想再次問一個關於 20 奈米斜坡的問題。從評論來看，生產計劃似乎正在按你所說的進度逐步推進，大約一半的產量將在五月季度內完成。但根據這一毛利率預期，毛利率將會大幅下降。成本控制方面似乎表現不佳，至少在第二季是如此。所以我想知道，這是因為 20 奈米製程的良率比預期低嗎？20 奈米製程的良率是否與先前的製程節點相比有預期差異？或者只是因為你們開始生產的 20 奈米製程（我假設在第二季度應該佔相當大的比例）實際上更多地處於庫存狀態，因此並沒有真正影響到營收和成本？

There is a dynamic that as you ramp new technologies you have to get those products qualified. So they don't necessarily always flow out to the customer quite as quickly. So there is an inventory dynamic that you're referencing. I think the bigger issue is that when you're ramping new technologies, it just takes a while to get the tools ramped and loaded, and get that output out.

新技術不斷湧現，你必須讓這些產品獲得認證，這是一個必然的過程。所以它們不一定總是能很快送到客戶手中。所以你指的是庫存動態變化。我認為更大的問題是，當你推廣新科技時，需要一段時間才能讓工具上手、載入完畢並輸出結果。

And the cost reductions do come. They just don't come quite as quickly as people anticipate. We are on track or slightly ahead of where we expected to be, from a yield perspective. So everything is progressing nicely there. Obviously ASPs are a lot lower than we thought they were going to be.

成本降低確實會到來。它們來得並沒有人們預期的那麼快。從收益率的角度來看，我們目前的情況符合預期，甚至略微超出預期。所以那邊一切進展順利。顯然，平均售價比我們預想的要低得多。

So as we look forward to the back end of fiscal year, so if you look over to FQ3, the May quarter, then we should see a much -- we should see some of this cost decline finally happen? I think that's probably fair to assume. And can we assume that the previous guidance for the cost decline from 20-nanometer that you guided us earlier is still intact, but just more back end of the fiscal year, and rather than the front end?

展望本財年下半年，也就是第三財季（5 月的季度），我們應該會看到成本大幅下降，這種情況最終應該會發生？我認為這個假設應該是合理的。我們能否假設您之前給出的關於從 20 奈米製程開始成本下降的預期仍然有效，只是時間點從財年初期推遲到財年末？

Yes, yes. I think we've said for quite a while, Mark, that fiscal Q3 is when you should really start to see the impact of 20-nanometer ramp and all the guidance we've given over previous quarters I think is still on track and intact.

是的，是的。馬克，我認為我們已經說過很久了，第三財季才是真正開始看到 20 奈米工藝產能爬坡影響的時候，而且我認為我們之前幾個季度給出的所有指導意見仍然在按計劃進行，並且保持不變。

Okay. Thanks very much and special thanks to Kipp, and congrats to Ivan.

好的。非常感謝，特別感謝Kipp，並祝賀Ivan。

Thanks, Mark.

謝謝你，馬克。

Thank you. Our next question comes from the line of Ian Ing from MKM Partners. Your question, please.

謝謝。我們的下一個問題來自 MKM Partners 的 Ian Ing。請問您的問題。

Yes, thanks. Could you talk about your assumptions on keeping mobile DRAM in supply/demand balance next year? There's a lot of unit variability at the big OEMs that, given how that plays out, would you ever consider not trying to overship the industry?

好的，謝謝。您能否談談您對明年行動DRAM供需平衡的預期？大型 OEM 廠商的單位產量差異很大，鑑於這種情況，你會考慮不去嘗試過度出貨嗎？

We'll certainly look at that dynamic. Our view of the world is that even with that variability that you're projecting, there's a content increase per device that we feel comfortable mutes that out, and so we think over the long run, mobile is pretty solid. And again, we're taking a look at all market segments, and there's networking we think will continue to be a good market for us. Hyperscale servers, as well. So there's some balancing we'll do in general, but all in all, we think mobile's a good place over the long run.

我們一定會關注這種動態。我們認為，即使存在你所說的這種變化，每個設備的內容增長也足以抵消這種變化，因此我們認為從長遠來看，行動端的發展相當穩健。我們再次審視了所有細分市場，我們認為網路行銷將繼續成為我們一個很好的市場。超大規模伺服器也是如此。所以總體上我們會進行一些平衡，但總的來說，我們認為從長遠來看，行動端是一個不錯的選擇。

Okay. Thanks. And then in the DRAM server market, you talked about some pricing pressure. Could you talk more about the sources of demand in the server side, the next few quarters? There are some mixed signals out there. You've got some suppliers talking about enterprise being stronger than cloud customers. Any workloads that you're excited about the next few quarters?

好的。謝謝。然後，在DRAM伺服器市場，您談到了一些價格壓力。您能否詳細談談未來幾季伺服器端的需求來源？目前有一些相互矛盾的訊號。有些供應商聲稱企業客戶比雲端客戶更有優勢。接下來幾季裡，有沒有什麼工作任務讓你感到興奮？

All in all, I'd say the enterprise market of the two appears to be more favorable for us. Data center is a little bit more commoditized. Some of the data center material sometimes can be consumed with high end PC grade material. But overall, we think that the projection for the market and servers gets us into a pretty good growth environment, and as we look at that server, again, like mobile, will be a good market for us. We're not -- we don't think it's a challenge for us, as far as adding growth in the bits to that segment.

總的來說，我認為這兩家公司中的企業市場對我們更有利。資料中心已經逐漸商品化了一些。資料中心的一些材料有時會使用高端PC級材料。但總的來說，我們認為市場和伺服器的預測將使我們進入一個相當不錯的成長環境，當我們再次審視伺服器時，就像行動市場一樣，它將是我們的一個很好的市場。我們認為，就增加該細分市場的成長而言，這對我們來說並非挑戰。

Thanks. And Kipp, congratulations, and thanks for helping us all out in your career, thanks.

謝謝。Kipp，恭喜你，謝謝你在職業生涯中對我們所有人的幫助，謝謝。

Thank you.

謝謝。

Operator, we've got time for just one more question, please.

接線員，我們還有時間再問最後一個問題，謝謝。

Certainly. Our final question comes from the line of Rajvindra Gill, from Needham & Company. Your question, please.

當然。我們最後一個問題來自 Needham & Company 的 Rajvindra Gill。請問您的問題。

Thanks for taking my questions. There have been some recent reports that a major competitor of yours could have 18-nanometer DRAM by the second quarter, calendar second quarter of next year. Given the transition to 20-nanometer this year and next year, how do you think this impacts your competitive position in the overall market from a supply/demand perspective?

謝謝您回答我的問題。最近有報導稱，貴公司的一個主要競爭對手可能會在明年第二季（即公曆第二季）推出 18 奈米 DRAM。鑑於今年和明年將過渡到 20 奈米工藝，您認為從供需角度來看，這將如何影響您在整體市場中的競爭地位？

That's a relatively muted step from 20 to 18, and relative to that particular competitor, we think there are also some architectural changes that will cost them some array efficiency. So we believe that, notwithstanding the fact that other competitors will continue to migrate their technology at a more muted pace on a go forward basis, we will continue to narrow the gap.

從 20 到 18 的幅度相對較小，而且相對於該特定競爭對手而言，我們認為架構上的某些變化也會降低其陣列效率。因此我們相信，儘管其他競爭對手在未來會以較緩慢的速度繼續推進技術升級，但我們將繼續縮小差距。

Just switching gears to the Inotera. How does the Inotera buyout affect your CapEx plans, and will the Company plan to utilize Inotera's cash flow for non-DRAM products such as 3D XPoint? Is that also one of the purposes of it as well?

換個話題，說說 Inotera。Inotera 的收購將如何影響貴公司的資本支出計畫？公司是否計劃利用 Inotera 的現金流量開發非 DRAM 產品，例如 3D XPoint？這也是它的目的之一嗎？

We talked about in the announcement that was on average you'd expect to see Inotera add somewhere around $800 million a year to our CapEx that we previously discussed, and the reality is cash is fungible. So it will add cash flow into the Company, and the Company will direct that cash flow where it sees best. So the idea of specifically saying that cash flow would be used for 3D XPoint is sort of a moot issue.

我們在公告中提到，預計 Inotera 每年將為我們之前討論過的資本支出增加約 8 億美元，而現實情況是現金是可以互換的。這樣一來，它將為公司增加現金流，而公司會將這些現金流用於它認為最合適的地方。因此，明確表示現金流量將用於 3D XPoint 的想法其實是沒有意義的。

Unfortunately we're out of time today, so we'd like to end the call now and thank everyone for their participation. If you would please bear with me, I need to repeat the Safe Harbor Protection language. During the course of this call we may have made forward-looking statements regarding the Company and the industry. These particular forward-looking statements and all other statements that may have been made on the call that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. For information on the important factors that may cause actual results to differ materially, please refer to our filings with the SEC, including the Company's most recent 10-Q and 10-K.

很遺憾，我們今天時間到了，所以我們想就此結束通話，感謝大家的參與。請容許我再重複一次安全港保護條款。在本次電話會議中，我們可能對公司和產業做出了一些前瞻性陳述。這些前瞻性陳述以及電話會議上可能作出的所有其他非歷史事實的陳述都存在許多風險和不確定性，實際結果可能與預期有重大差異。有關可能導致實際結果與預期結果有重大差異的重要因素的信息，請參閱我們向美國證券交易委員會提交的文件，包括公司最新的 10-Q 和 10-K 表格。

Thank you, everyone.

謝謝大家。

Thank you.

謝謝。

Thank you. This concludes today's Micron Technology first-quarter 2016 financial release conference call. You may now disconnect.

謝謝。美光科技2016年第一季財務報告電話會議到此結束。您現在可以斷開連線了。