美光科技 (MU) 2016 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是喬納森，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to Micron Technology's first-quarter 2016 financial release conference call.

在此，歡迎大家參加美光科技2016年第一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, Jonathan.

謝謝你，喬納森。

Welcome to Micron Technology's first-quarter 2016 financial release conference call.

歡迎來到美光科技 2016 年第一季度財務發布電話會議。

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've not had an opportunity to review the first-quarter 2016 financial press release, it is also available on our website at Micron.com.

如果您沒有機會查看 2016 年第一季度財務新聞稿，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 accessed by dialing 404-537-3406, with a confirmation code of 86772006.

撥打 404-537-3406 將有通話的音頻重播，確認碼為 86772006。

This replay will run through Wednesday, December 30 at 11:30 PM Mountain time.

此重播將持續到山區時間 12 月 30 日星期三晚上 11:30。

A webcast replay will be available on the Company's website until December 2017.

2017 年 12 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 that we might be attending.

我們鼓勵您在整個季度監視我們的網站 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財務會議的信息。

You can also follow us on Twitter at MicronTech.

您也可以在 MicronTech 的 Twitter 上關注我們。

Please note the following Safe Harbor statement.

請注意以下安全港聲明。

(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.

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

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

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

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

Thank you.

謝謝你。

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

我現在將把電話轉給 Mark Durcan。

Thank you, Ivan.

謝謝你，伊万。

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.

2016 財年第一季度，美光公佈的總收入為 33.5 億美元，毛利率為 25%，非美國通用會計準則淨收入為 2.49 億美元，非美國通用會計準則每股收益為 0.24 美元；都在我們的指導範圍內。

In addition, our non-GAAP operating income was $246 million, and our operating cash flow was $1.1 billion.

此外，我們的非公認會計準則營業收入為 2.46 億美元，我們的經營現金流為 11 億美元。

Our results were primarily impacted by continued weakness in the PC DRAM segment.

我們的業績主要受到 PC DRAM 市場持續疲軟的影響。

In addition, pricing pressure was also present in the client SSD and certain eMCP segments.

此外，客戶端 SSD 和某些 eMCP 細分市場也存在定價壓力。

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.

至於美光的執行，我們正在通過多項新技術的認證，包括 20 納米 DDR4 和低功耗 DDR4，以及我們的 3D NAND 產品。

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.

這些產品和技術轉型可能會在短期內對製造環境造成破壞，但我們相信它們將在未來帶來紅利，因為我們的產品組合將更好地滿足市場需求。

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.

儘管當前的市場狀況和我們的財務業績一直充滿挑戰，但我們仍然充滿信心，我們專注於部署我們的先進技術，以提高公司的運營槓桿率。

Taken together, expected market conditions and new product qualifications will continue to create challenges in the near term.

綜合來看，預期市場狀況和新產品資格將在短期內繼續帶來挑戰。

However, we still expect to see stronger bit growth and cost reductions commencing in the second half of FY16.

然而，我們仍然預計 2016 財年下半年開始將出現更強勁的比特增長和成本下降。

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.

我們技術部署的這些進步，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，並推動財務業績的提高。

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.

綜合市場情況，我們認為 2016 年 DRAM 行業位元供應增長將處於 20% 的低位，符合需求，行業基本面長期保持健康。

Demand continues to diversify, driven by the mobile, cloud server, and embedded segments, which together balance maturing PC demand.

在移動、雲服務器和嵌入式細分市場的推動下，需求繼續多樣化，它們共同平衡了成熟的 PC 需求。

The DRAM industry consists of only three technology developers.

DRAM 行業僅由三個技術開發人員組成。

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.

根據目前的長期前景，我們預計技術驅動的供應增長將放緩，並可以預見未來不需要額外的 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.

談到 NAND 市場，正如我之前提到的，我們在第一財季看到了客戶端 SSD 和 eMCP 的價格競爭。

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.

雖然我們預計其中一些趨勢將持續到第二財季，但我們在其他領域也看到了一些積極跡象，並將繼續仔細監控市場狀況。

Industrywide, we see relatively muted NAND supply growth in 2016, as planar fabs are converted to 3D, creating short-term headwinds to supply.

在整個行業範圍內，我們認為 2016 年 NAND 供應增長相對溫和，因為平面晶圓廠轉換為 3D，給供應帶來短期阻力。

We estimate industry bit supply growth in the mid-30% range, which is likely below the long-term demand trend.

我們估計行業鑽頭供應增長在 30% 左右，可能低於長期需求趨勢。

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.

隨著大規模 3D NAND 部署成本優勢的實現，我們預計固態硬盤將在客戶端、數據中心和企業領域加速採用。

This adoption, combined with higher densities, should form the basis of a healthy, long-term demand environment.

這種採用與更高的密度相結合，應構成健康、長期需求環境的基礎。

These trends will likely be complemented by density growth in mobile devices.

移動設備的密度增長可能會補充這些趨勢。

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.

2016 年之後，我們認為長期的 NAND 需求趨勢應該會帶來更多的行業產能，包括我們自己在新加坡的 10 倍晶圓廠擴建。

Construction for this facility is on track, and we currently expect to ramp into it, starting in the second half of calendar 2016.

該設施的建設正在按計劃進行，我們目前預計將於 2016 年下半年開始投入使用。

Our capacity ramp will be driven by market conditions and expected ROIC.

我們的產能提升將受到市場狀況和預期的投資回報率的推動。

Micron is focused on the deployment of advanced technology to drive manufacturing efficiency, and enable innovative new products.

美光專注於部署先進技術以提高製造效率，並實現創新的新產品。

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.

具體來說，在 2016 年，重點放在三個關鍵領域：20 納米 DRAM 的加速發展和 1X DRAM 的製造；加速 3D NAND 並在製造中啟用第二代 3D NAND；最後，加速先進控制器的開發，以促進 SSD 和其他系統級解決方案的發展。

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.

在位增長方面，對於 DRAM，我們仍然預計美光在 2016 日曆年將高於市場，基於低 20% 範圍內的市場增長假設。

The majority of Micron's growth will occur in the latter half of FY16, with continued progress in FY17.

美光的大部分增長將發生在 2016 財年下半年，並在 2017 財年繼續取得進展。

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.

對於貿易 NAND，我們預計 2016 年我們的位增長將低於市場，因為我們繼續進行 3D 轉換，這將限制今年上半年的產量。

Our fab 10X expansion and 3D conversions position us to significantly outgrow the NAND market in FY17.

我們的晶圓廠 10 倍擴張和 3D 轉換使我們在 2017 財年顯著超過 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.

談到 Inotera，正如您上週聽到我們宣布的那樣，我們與美光簽訂了收購 Inotera 剩餘未償股權的協議。

We believe this is a compelling combination for the Companies, our shareholders, our customers, and our employees.

我們相信，對於公司、我們的股東、我們的客戶和我們的員工來說，這是一個令人信服的組合。

Micron has a solid history of integrating memory assets, and we believe this acquisition will prove to be successful.

美光在整合內存資產方面有著悠久的歷史，我們相信這次收購將證明是成功的。

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.

另外，我們還簽署了一項協議，授予南亞選擇許可兩個未來 DRAM 技術節點的選擇權，以換取特許權使用費和股權安排。

These agreements form the basis for a continued strategic partnership with Nanya and the Formosa Group.

這些協議構成了與南亞和台塑集團持續戰略合作夥伴關係的基礎。

I'll turn the call over to Mark Adams now, who will summarize our operational and business unit results.

我現在將把電話轉給 Mark Adams，他將總結我們的運營和業務部門的成果。

Ernie Maddock will then cover Q1 financials, and I will conclude with a couple of thoughts prior to Q&A.

然後厄尼·馬多克將介紹第一季度的財務狀況，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 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.

我將首先回顧我們的 DRAM 和非易失性業務，然後是我們四個業務部門的更新，最後是對我們的運營和技術部署活動的評論。

Let's begin with DRAM, which represented 58% of our total revenue in fiscal Q1.

讓我們從 DRAM 開始，它占我們第一財季總收入的 58%。

While PC DRAM average selling prices remained under pressure, we saw more stable pricing in other market segments, where demand remained relatively healthy.

雖然 PC DRAM 的平均售價仍然承壓，但我們看到其他細分市場的價格更加穩定，需求保持相對健康。

We continue to ramp 20-nanometer DRAM technology, and move production to DDR4 and LPDDR4 to meet customer demand.

我們繼續提升 20 納米 DRAM 技術，並將生產轉移到 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.

在第一財季，移動設備佔 DRAM 收入的百分比處於 30% 的低位，與第四季度相似。

The PC segment was in the mid-20% range, up slightly from the prior quarter.

個人電腦部分處於 20% 的中間範圍，比上一季度略有上升。

The server business was in the high-teens percent range from the low 20%s last quarter.

服務器業務從上一季度的低 20% 開始處於高 10% 的範圍內。

And specialty DRAM, which includes networking, graphics, automotive and other embedded technologies was in the low 20%, similar to last quarter.

包括網絡、圖形、汽車和其他嵌入式技術在內的特種 DRAM 與上一季度相似，處於 20% 的低位。

In our non-volatile memory business, trade revenue represents 34% of total revenue in fiscal Q1.

在我們的非易失性存儲器業務中，貿易收入佔第一財季總收入的 34%。

Performance was consistent with our expectations, making early progress on our 3D ramp and customer qualifications.

性能與我們的預期一致，在我們的 3D 坡道和客戶資格方面取得了早期進展。

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.

作為第一財季非易失性存儲器貿易收入的百分比，消費者（包括我們的存儲卡、USB 和組件）約為 50%，高於第四季度的 40%。

Mobile, including MCPs, was in the high-teens percent range from the low 20%s last quarter.

包括 MCP 在內的移動設備從上一季度的 20% 開始處於高 10% 的範圍內。

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.

SSD 處於 10% 左右，與上一季度相似，汽車和工業多市場細分市場（AIMM）和其他嵌入式應用處於 10% 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.

轉到我們的業務部門，美光的計算網絡業務部門公佈的第一財季收入為 11.4 億美元，比上一季度下降 12%，非美國通用會計準則營業收入為 2100 萬美元，佔收入的 2%。

CNBU was impacted by lower average selling prices, driven by continued softness in demand from the PC segment.

CNBU 受到平均售價下降的影響，主要是由於 PC 部門的需求持續疲軟。

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.

雖然我們預計這一需求在第二季度將保持相對疲軟，但我們對市場其他領域（包括企業和雲領域）的增長機會感到鼓舞，並繼續專注於在快速增長的高價值領域優化我們的產品組合。

On the technology front, we successfully executed go-to-market activity on our 20-nanometer DDR3, our GDDR5 and 8-gigabit DDR4 products.

在技術方面，我們成功地對我們的 20 納米 DDR3、GDDR5 和 8 千兆位 DDR4 產品進行了上市活動。

Our enterprise and cloud segments saw strong growth for our DDR4 products, driven by increased cloud demand from several of our hyperscale customers.

在我們的幾個超大規模客戶的雲需求增加的推動下，我們的企業和雲部門看到了我們的 DDR4 產品的強勁增長。

We are making good progress deploying our 20-nanometer 8-gigabit components, which will drive future cost improvements.

我們在部署 20 納米 8 千兆位組件方面取得了良好進展，這將推動未來成本的改善。

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.

展望未來，由於支持虛擬化和實時分析工作負載的內存需求增加，我們預計比特數同比增長 40% 以上。

Our DDR4 portfolio and innovative non-volatile DIMM products have us well positioned to benefit from these strong growth trends in the future.

我們的 DDR4 產品組合和創新的非易失性 DIMM 產品使我們能夠在未來從這些強勁的增長趨勢中受益。

The graphic [card] segment experienced softness in demand as customers rebalanced inventory levels of GDDR5 early in the quarter.

由於客戶在本季度初重新平衡了 GDDR5 的庫存水平，圖形 [卡] 部分的需求疲軟。

We anticipate demand to increase, returning to normal levels within the current quarter.

我們預計需求會增加，在本季度恢復到正常水平。

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.

我們繼續成功地提升我們的 20 納米 8 千兆位 GDDR5，在第一財季出貨量大幅增加，我們有能力在未來利用系統 DRAM 內容的增長。

The networking segment was impacted by seasonal weakness in demand, and the delay of China LTE buildout.

網絡部分受到季節性需求疲軟和中國 LTE 建設延遲的影響。

However, market feedback suggests that demand should regain momentum in the coming months.

然而，市場反饋表明，需求將在未來幾個月重新獲得動力。

In Q1 we doubled DDR4 shipments quarter over quarter in the networking segment.

在第一季度，我們在網絡領域的 DDR4 出貨量比上一季度翻了一番。

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.

在客戶端 PC 領域，我們向主要 OEM 客戶交付了第一批 8 Gb DDR4 樣品，並為本季度晚些時候的量產做好了準備。

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.

展望未來，隨著 PC 外形尺寸的不斷發展，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，並創造更大的價值。

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%.

美光存儲業務部門公佈的第一財季收入為 8.84 億美元，比上一季度增長 4%，非公認會計準則營業虧損為 2700 萬美元或負 3%。

We maintained relatively stable average selling prices in our storage business for the fourth consecutive quarter.

我們的存儲業務連續第四個季度保持相對穩定的平均售價。

SBU continues to focus on optimizing our product portfolio 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。

Our 3D vertical NAND technology has 3 times the density of existing planar solutions.

我們的 3D 垂直 NAND 技術的密度是現有平面解決方案的 3 倍。

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.

我們基於 384-gigabit 3D TLC 和 256-gigabit 3D MLC NAND 積極採樣和開發我們自己的 SSD 產品組合，並預計在 2016 財年下半年提供產品供廣泛市場採用。

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.

在組件部分，我們在第一季度向市場交付了我們的第一個 3D NAND 裸片，向近 20 家第三方 USB 和消費類 SSD 製造商提供了 256 Gb MLC 3D NAND 組件。

Shipments to additional customers are continuing this quarter.

本季度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.

在客戶端和消費級 SSD 中，位增長連續兩位數增長，因為 SSD 價格下降繼續加速 OEM 超極本和超薄 PC 的採用，以及消費升級。

Lower density consumer SSD will continue to narrow the cost gigabyte parity gap with hard drives, increasing their attractiveness.

較低密度的消費級 SSD 將繼續縮小與硬盤驅動器的成本千兆位平價差距，增加它們的吸引力。

Our enterprise business saw quarter-over-quarter demand growth with strong OEM component sales growing 47% sequentially.

我們的企業業務需求環比增長，強勁的 OEM 組件銷售環比增長 47%。

Enterprise SSD revenue was up 13% sequentially, driven by market pull for enterprise server, cloud storage, and flash array solutions.

受企業服務器、雲存儲和閃存陣列解決方案市場拉動的推動，企業 SSD 收入環比增長 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.

我們在第一財季開始對基於 SAS 的新型 S600 系列 SSD 進行採樣，這些驅動器已通過 OEM 客戶的認證，並與眾多最終用戶和渠道集成商進行了認證。

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.

該 SSD 系列是作為美光與希捷戰略協議的一部分而開發的第一個產品系列，結合了兩家公司的閃存創新和 SAS 專業知識。

These drives are scheduled to begin shipping commercially in the first half of the fiscal year.

這些驅動器計劃在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.

由於競爭價格壓力，數據中心 SSD 位出貨量環比下降。

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.

儘管 [SSD] 數據中心 SSD 領域具有市場競爭力，但我們收到了來自多個超大規模客戶和雲客戶的基於 M500DC 和 M510DC SATA 的 SSD 訂單，並繼續向需要企業級的最終用戶推廣這些加密增強型 SSD醫療、銀行和政府等終端市場的數據加密。

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.

由於 eMCP 市場的銷量下降和定價壓力，美光第一財季的移動部門收入為 8.34 億美元，較上一季度下降 13%。

Non-GAAP operating income was $136 million or 16%, down from Q4, reflecting the higher cost of 20-nanometer product during the early ramp.

非美國通用會計準則營業收入為 1.36 億美元或 16%，低於第四季度，這反映了 20 納米產品在早期爬坡期間的較高成本。

Micron's mobile business unit continues to benefit from evolving mobile systems 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。

Demand in the quarter moved toward the high-end and value segments, both of which continue to show rapid growth in memory content.

本季度的需求向高端和價值領域轉移，這兩個領域的內存內容繼續呈現快速增長。

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.

到本季度末，我們開始看到季節性需求疲軟，符合我們的預期，我們預計這種需求將持續到第二財季。

Bit shipments of eMCP were down 14%, driven by relative softness in the mid-range handset market in China.

由於中國中端手機市場相對疲軟，eMCP 的比特出貨量下降了 14%。

We are encouraged by strengthening signs in the higher-value markets.

我們對高價值市場的跡象加強感到鼓舞。

Demand remains strong for discrete package-on-package low power DDR4, and higher-density eMCPs.

對離散封裝低功耗 DDR4 和更高密度 eMCP 的需求依然強勁。

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.

我們將在本季度完成多項 LP4 20 納米 1 級 OEM 資格，預計 LP4 銷量將在第三財季超過 LP3。

The embedded business unit posted fiscal Q1 revenues of $479 million, slightly up from the previous quarter.

嵌入式業務部門公佈的第一財季收入為 4.79 億美元，略高於上一季度。

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.

非美國通用會計準則營業利潤率增至 24%，比上一季度提高 2%，這主要得益於整體成本的改善和汽車領域的增長。

Automotive revenue increased 5% quarter over quarter and 12% year over year.

汽車收入環比增長 5%，同比增長 12%。

These results were driven by solid growth in DRAM and eMMC in applications that include infotainment, instrument cluster, and advanced driver assistance systems.

這些結果是由 DRAM 和 eMMC 在包括信息娛樂、儀錶盤和高級駕駛輔助系統在內的應用中的穩健增長推動的。

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.

我們最近發布了我們的 XTRMFlash，這是一種新的 NOR 閃存解決方案，具有八進制順序接口，擁有行業領先的讀取吞吐量和超快的隨機訪問時間。

We also continued to make good progress in next generation design wins with key automotive customers in Europe and in Asia.

我們還繼續在與歐洲和亞洲主要汽車客戶的下一代設計勝利中取得良好進展。

Following a strong Q4 FY15, our industrial and multi-market business declined, primarily due to reductions in NOR volumes.

在 2015 財年第四季度強勁增長之後，我們的工業和多市場業務下滑，主要是由於 NOR 銷量減少。

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.

我們在本季度推出了面向工業客戶的第一款 SSD M500IT，我們在 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.

我們的消費者和聯網家庭收入環比增長 10%，DRAM 的單位數量需求顯著增加，部分被價格下降所抵消。

We anticipate continued share increases in DRAM.

我們預計 DRAM 的份額將持續增長。

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.

我們的 MCP、NOR、eMLC、SPI NAND 和高耐用性 eMMC 提供了強大的基準產品組合，以及消費和互聯家庭市場中的 DRAM 和低功耗 DRAM 產品。

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.

主要趨勢包括可穿戴設備、基於雲的 DVR 和即時應用的增長，包括多功能打印機和家庭自動化產品中的圖形 [人對人] 界面。

I'd like to close with a few updates on our operations and technology deployment activities.

我想以一些關於我們的運營和技術部署活動的更新作為結束。

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.

正如我對先前設計勝利和資格的評論所證明的那樣，美光仍然在實現我們的 20 納米 DRAM 和 3D NAND 技術的轉換計劃和產量目標。

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.

我們繼續預計 20 納米將在 5 月季度占我們 DRAM 產量的一半以上，到 2016 年底，3D NAND 有望成為我們 NAND 產量的主要部分。

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.

我們的 1X DRAM 和 Gen 2 3D NAND 技術在研發方面也進展順利，我們專注於在 FY16 年底之前將技術轉移到生產工廠，以便在 FY17 開始量產。

We are also very excited about the opportunity to simplify our operations and business model, as a result of the announced acquisition of Inotera.

由於宣布收購 Inotera，我們也很高興有機會簡化我們的運營和業務模式。

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.

到我們預計在 2016 年年中完成交易時，該晶圓廠將 100% 轉換為我們的 20 納米技術，這有助於此後美光顯著降低成本。

In addition, we will increase our flexibility to drive capital investment decisions, as well as product and technology mix going forward.

此外，我們將提高我們在推動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度業績和第二季度指導的評論，我將把電話轉給厄尼。

Thanks, Mark.

謝謝，馬克。

Consistent with the direction that we shared last quarter, commentary around the P&L will focus on our non-GAAP results.

與我們上個季度分享的方向一致，圍繞損益表的評論將集中在我們的非公認會計原則結果上。

Please refer to the non-GAAP reconciliation slides posted on our website.

請參閱我們網站上發布的非 GAAP 對賬幻燈片。

As Mark Durcan noted earlier, revenue for the first quarter was $3.35 billion, coming in at the low end of our guided range.

正如 Mark Durcan 早些時候指出的那樣，第一季度的收入為 33.5 億美元，處於我們指導範圍的低端。

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.

總體而言，我們的收入受到定價下降的影響，特別是在 PC DRAM 領域，但部分被 DRAM 和非易失性貿易領域的銷量增長所抵消。

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.

本季度末毛利率為 25.3%，與我們的指導一致，第一季度非 GAAP 淨收入為 2.49 億美元或每股 0.24 美元，略高於我們指導範圍的中點。

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.

在本季度，我們受益於好於預期的稅收撥備，以及我們權益法投資的有利結果，但被低於預期的營業收入所抵消。

As a reminder, Micron includes both amortization of acquisition intangibles and stock 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股票補償費用。

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

綜合來看，這兩項為最近完成的季度每股額外增加了 0.04 美元。

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

現在讓我們按產品線查看結果。

DRAM revenue decreased approximately 10% compared to the fourth quarter of FY15, primarily as a result of lower average selling prices.

DRAM 收入較 FY15 第四季度下降約 10%，主要是由於平均售價下降。

During the quarter, we saw further market adoption of DDR4 DRAM products in both mobile and non-mobile segments.

在本季度，我們看到 DDR4 DRAM 產品在移動和非移動領域的市場進一步採用。

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.

DRAM 毛利率在 20% 以上，低於上一季度，這是由於平均售價的下降超過了每比特成本的下降。

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.

與 2015 年第四季度相比，我們的非波動貿易收入略有下降，原因是平均售價下降超過了銷量的增長。

Gross margin remained relatively flat in the low 20% range, as decreases in per-bit costs offset selling price changes.

毛利率在 20% 的低位範圍內保持相對平穩，因為每比特成本的下降抵消了售價的變化。

Non-GAAP operating expenses for the quarter came in at approximately $600 million, in line with the midpoint of our guided range.

本季度非 GAAP 運營費用約為 6 億美元，符合我們指導範圍的中點。

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.

公司在第一季度產生了約 11 億美元的經營現金流，我們在本季度結束時擁有約 54 億美元的現金和有價投資。

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.

第一季度的 PP&E 支出為 10 億美元，我們繼續預計 2016 財年的資本支出在 53 億美元至 58 億美元之間，預計第三方貢獻在 3 億美元至 8 億美元之間。

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.

本季度，我們以 9400 萬美元回購了面值 5700 萬美元的可轉換票據，以 1.26 億美元回購了約 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.

現在轉到我們的第二財季指引，在非公認會計原則的基礎上，我們預計如下：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；運營費用在 5.65 億美元至 6.2 億美元之間；營業收入介於虧損 6000 萬美元和收入 2000 萬美元之間；基於 10.30 億股稀釋後的股票，每股收益介於每股虧損 0.12 美元和每股虧損 0.05 美元之間。

As we've discussed on the call, we intend to acquire the remaining interest in Inotera not owned by Micron.

正如我們在電話會議上所討論的，我們打算收購不屬於美光的 Inotera 的剩餘權益。

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.

此次交易將導致 Inotera 在收購完成後完全併入美光的財務報表，預計將於 2016 年年中進行。

I'd like to spend a few moments reviewing key aspects of this important transaction.

我想花點時間回顧一下這項重要交易的關鍵方面。

First, we expect the acquisition to be immediately accretive at closing.

首先，我們預計收購將在結束時立即增值。

Second, and equally important, we expect to generate significant incremental operating cash flow.

其次，同樣重要的是，我們預計會產生顯著的增量經營現金流。

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.

作為參考，在 2016 年初開始的保證金分享結構下，我們預計將實現與 Inotera 產出相關的總運營現金流的約 25%。

After closing, we will receive the full benefit of this cash flow.

交易完成後，我們將獲得這筆現金流的全部收益。

Over the last 12 months, this would have generated an approximate $1.4 billion of incremental operating cash flow for the Company.

在過去 12 個月中，這將為公司帶來約 14 億美元的增量運營現金流。

Finally, we expect future cash flows from the Inotera output to be well above the capital expenditures required to fund their technology advancements.

最後，我們預計 Inotera 產出的未來現金流將遠高於為其技術進步提供資金所需的資本支出。

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.

根據當前的市場狀況，Inotera 的業務平均每年應為美光帶來超過 6 億美元的增量自由現金流。

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%.

美光計劃以約 25 億美元來自台灣的債務為收購剩餘的 Inotera 權益提供資金，預期利率約為 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.

此外，我們可以選擇將價值高達 10 億美元的美光股票出售給南亞，我們將以資產負債表中的現金為剩餘的 5 億美元提供資金。

Separately, we have entered into agreements granting Nanya an option to license two future DRAM technology nodes, continuing our strategic relationship.

另外，我們已簽訂協議，授予南亞選擇權，以許可兩個未來的 DRAM 技術節點，繼續我們的戰略關係。

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.

除了在南亞的少量股權外，這些許可協議可能會為美光帶來未來的特許權使用費，具體時間取決於技術部署。

At the earliest, we would expect these benefits to commence in calendar 2017.

最早，我們預計這些好處將在 2017 日曆年開始。

The license is non-transferable, limited to a specific capacity footprint, and terminates upon change of control of Nanya.

該許可證不可轉讓，僅限於特定的容量足跡，並在南亞控制權發生變化時終止。

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

現在我將把電話轉回給 Mark Durcan。

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.

正如你們許多人所知，Kipp Bedard 將在接下來的幾週內從投資者關係領導職位上調走，所以我今天想花一點時間感謝他在過去 32 年中對團隊的所有貢獻。

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.

Kipp 不僅是 Micron 投資者關係方面的傑出領導者，而且還是一位無私的團隊成員，多年來他在內部的貢獻與他在外部廣受認可的卓越表現相媲美。

I've always been able to count on Kipp -- Kipp's honesty and thoughtful input on all manner of issues facing the Company.

我一直能夠信賴 Kipp——Kipp 對公司面臨的各種問題的誠實和深思熟慮的意見。

And in good times and bad, he is and always has been all about Micron and the team.

無論好壞，他都始終關注美光和團隊。

I think it's fair to say that Micron would not be the Company it is today without Kipp.

我認為可以公平地說，如果沒有 Kipp，美光就不會成為今天的公司。

So, we will truly miss our good friend.

所以，我們真的會想念我們的好朋友。

Mark, thank you very much for the kind words.

馬克，非常感謝你的客氣話。

It's been my honor and privilege to represent you and the entire Micron team into the public markets over the past three decades.

在過去的三十年裡，我很榮幸能代表您和整個美光團隊進入公開市場。

For that opportunity and experience, I am truly grateful.

對於那個機會和經驗，我真的很感激。

Thank you all for a very exciting and fulfilling career.

感謝大家為我們提供了一個非常令人興奮和充實的職業生涯。

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.

讓我在結束這個話題時說，我們很幸運有一個非常有能力的 Ivan Donaldson 並準備好擔任主要的 IR 角色。

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.

我認為電話會議上的大多數人都已經認識 Ivan，而且他對公司、行業以及在這個角色中脫穎而出的技能也有透徹的了解。

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.

我當然希望，當他介入時，他會一飛沖天。儘管 Kipp 留下了一些非常大的鞋子來填補，但 Ivan 的準備和奉獻精神使他成為這個角色的輕鬆選擇。

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.

總結我們今天的電話會議，我們正處於一些具有挑戰性的市場條件之中，但我們仍然對行業的長期健康狀況以及我們的成功戰略充滿信心。

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.

這種信心推動了我們的長期投資前景，我們預計從下半年開始會看到更強勁的比特增長和成本降低。

Operationally, we're laser focused on execution related to the deployment of leading-edge DRAM and 3D NAND, as well as advanced controller development.

在運營方面，我們專注於與部署前沿 DRAM 和 3D NAND 以及高級控制器開發相關的執行。

Operator, we're ready for Q&A.

接線員，我們準備好進行問答了。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自 Stifel 的 Kevin Cassidy。

Your question, please.

請問你的問題。

Thanks for taking my question.

感謝您提出我的問題。

Gross margins coming down again quarter-over-quarter, even with -- you point to transition to 20-nanometer and DDR4.

即使您指出過渡到 20 納米和 DDR4，毛利率也環比下降。

If you could help us with some of the moving parts, gross margins for those products, 20-nanometer?

如果你能幫助我們處理一些移動部件，這些產品的毛利率，20 納米？

How much lower costs are you expecting as that becomes 100% of the Inotera output.

您期望降低多少成本，因為這將成為 Inotera 輸出的 100%。

And also, what is DDR4 versus DDR3 costs and gross margins?

此外，DDR4 與 DDR3 的成本和毛利率是多少？

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.

因此，首先，我認為重要的是要認識到，儘管 Inotera 的產量將在年底前達到 80% 左右，但將它們通過整個系統並將其交付市場需要一段時間。

And so you wouldn't get the full benefit of that 20-nanometer cost reduction as we move into our fiscal Q2.

因此，當我們進入第二財季時，您不會從 20 納米成本降低中獲得全部好處。

In terms of overall -- other overall factors, there is clearly continued pressure in PC DRAM.

就整體 - 其他整體因素而言，PC DRAM 顯然存在持續的壓力。

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.

正如我們已經討論了一段時間的那樣，20 納米不會讓您立即降低成本，無論是來自 Inotera 還是由於啟動成本而從任何其他晶圓廠退出，並讓這些工廠擴大規模。

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.

最後，DDR4 的成本越來越重要，它顯然比 DDR3 高一點，這也造成了一些壓力。

So those are the general characteristics of the margin trends there.

所以這些是那裡利潤率趨勢的一般特徵。

Okay.

好的。

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?

就像後續行動一樣，在 NAND 閃存上，也有轉換為 TLC，或者您能說一下您的產出中 TLC 與 MLC 的百分比是多少，這是否有望幫助毛利率向前發展？

Our TLC output is about 10%, plus or minus.

我們的 TLC 輸出約為 10%，正負。

We have more capability for upside volume, if we so chose.

如果我們願意，我們有更多的上行交易量能力。

That portion of the market has been super competitive, both in components and in TLC-based client SSDs.

這部分市場在組件和基於 TLC 的客戶端 SSD 方面都具有超級競爭力。

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.

因此，我們將最初針對 TLC 的部分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定價壓力。

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

不過，我認為從長遠來看，公平地說，隨著我們推出 3D 技術，我們預計滲透率將再次開始增加。

Okay.

好的。

Great.

偉大的。

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

祝 Kipp 一切順利，祝賀 Ivan。

Thanks, Kevin.

謝謝，凱文。

Thank you.

謝謝你。

Our next question comes from the line of Harlan Sur from JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Your question, please.

請問你的問題。

Thanks for taking my question.

感謝您提出我的問題。

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?

假設 2016 年 DRAM 的需求趨勢又是相對低迷的一年，加速轉向 1X DRAM 技術以推動成本曲線加速是否有意義？

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.

同樣的問題是在您的 NAND 業務中可能加速向 TLC 和 3D NAND 過渡，因為看起來團隊正在不斷地在成本方面進行這場艱苦的戰鬥。

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.

我們已經說過一段時間了，確實，我們絕對必須擁有與市場上其他人相同的技術配置文件，但肯定會縮小與部署的先進技術的差距。

That enables a couple things.

這可以實現幾件事。

One, it makes sure we have timely introduction of the right products for our customers.

一是確保我們及時為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.

但此外，它確保我們在市場上沒有競爭對手可以利用的情況，並由於相對於製造效率的不同情況而推動增加市場份額。

So yes, we think it's strategically important that we narrow this gap.

所以是的，我們認為縮小這一差距在戰略上很重要。

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.

我們專注於它，我們相信隨著我們在市場上看到的需求增長，它可以在我們進行這些過渡時吸收增量容量，只要市場上的其他人不添加太多增量新晶圓.

Thanks for that.

感謝那。

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.

然後，我認為企業和數據中心 SSD 的更好組合將很好地抵消您目前在客戶端看到的價格激進性。

So if you could just give us an update on your enterprise SSD progress.

因此，如果您可以向我們提供有關您的企業 SSD 進展的最新信息。

I know you talked about rolling out your data center M500 series.

我知道您談到推出您的數據中心 M500 系列。

You also talked about rolling out your 600 series with Seagate.

您還談到了與 Seagate 一起推出您的 600 系列。

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?

企業級閃存在您的 NAND 總業務中所佔的比例有多大，您能否就 2016 日曆年企業的增長前景給我們一些看法？

Let me set the baseline from where we sit today.

讓我從我們今天坐的地方設定基線。

Enterprise is relatively small, but the growth trajectory is pretty big.

企業規模較小，但成長軌跡卻相當大。

The three areas of investment we're driving today are continued focus on enterprise level controller and firmware.

我們今天推動的三個投資領域是繼續關注企業級控制器和固件。

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.

顯然，希捷產品線在 SaaS 類別中推向市場，我們還在為企業投入大量資金用於 3D NAND 驅動器，我們將很快提供樣品。

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.

最後一點是，我簡要地提到了我的評論，我們向其他企業參與者銷售的組件可能是我們在 NAND 中利潤率最高的產品，因為我們製造的 NAND 的質量。

So when you combine all that out, we're pretty bullish about enterprise going forward, and we will continue to invest in such.

因此，當您將所有這些結合起來時，我們非常看好未來的企業，我們將繼續投資。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from the line of Monika Garg from Pacific Crest.

我們的下一個問題來自 Pacific Crest 的 Monika Garg。

Your question, please.

請問你的問題。

Thanks for taking my question.

感謝您提出我的問題。

I just want to delve deeper into the margin guidance for next quarter.

我只想更深入地研究下個季度的利潤率指導。

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?

毛利率被引導為 Q 比 Q 低 600 到 700 bips。也許你能詳細談談，主要是在 DRAM 方面，利潤率在下降還是在 NAND 方面？

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.

由於我們在通話過程中談到的所有原因，我會說它更面向 DRAM 方面。

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.

我們預計 NAND 將與我們本季度看到的情況相對相似，可能會依次降低一點，但 DRAM 是最重要的變化。

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

在 DRAM 中主要是 PC 端，還是你看到它現在也進入移動和服務器？

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.

有一個連續的性能，正如你想像的那樣，如果你看看最接近個人電腦的東西，企業空間，也許一些看起來更像個人電腦的雲空間，這些可能會受到一些價格上漲的影響壓力也是。

If you go to the mobile side, which is a little bit more specialized, that tends to be buffered somewhat.

如果您轉到更專業的移動端，則往往會有所緩衝。

But generally speaking, as we talked about on the call, you see pressure throughout that whole sector.

但總的來說，正如我們在電話會議上談到的，你會看到整個行業的壓力。

Thanks.

謝謝。

That's all from me.

這都是我的。

Thank you.

謝謝你。

Our next question comes from the line of John Pitzer from Credit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

Your question, please.

請問你的問題。

Yes, good afternoon, guys.

是的，下午好，伙計們。

My congratulations to Kipp, and much thanks.

我祝賀 Kipp，非常感謝。

Ernie, I guess from my perspective, I'd like to go back to the gross margin guidance for the February quarter.

厄尼，我想從我的角度來看，我想回到 2 月季度的毛利率指導。

I think you did a good job talking about the puts and takes.

我認為你在談論看跌期權方面做得很好。

Do you think that the February quarter represents the maximum quarter of pain on the cost side, and it improved there?

您是否認為 2 月季度代表了成本方面最大的痛苦季度，並且在那裡有所改善？

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?

您能幫我理解一下，當您查看 30 納米/25 納米 DDR3 到 20 納米 DDR4 時，在相同的良率下，您希望在這種過渡中降低多少成本？

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.

我確實認為從成本的角度來看，我們已經討論了一段時間的事實，即本財年的前幾個季度對我們來說將是最具挑戰性的，因為我們已經將所有東西都排在了 20 納米的範圍內，以及在 NAND 端。

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.

我認為，在不肯定提供第二季度之後的指導的情況下，我會說我們的期望是隨著比特數的增加，我們將看到成本下降，這將在今年下半年對我們非常有幫助。

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.

DDR4 的裸片尺寸比 DDR3 更大，但縮小尺寸讓您更接近平價，而且 8-gig 的生產也是一個很大的成本驅動因素。

So it's really hard to say specifically, but you're certainly in the same zip code, based on that comparison.

所以很難說具體，但根據這個比較，你肯定在同一個郵政編碼。

That's helpful.

這很有幫助。

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.

馬克，也許作為我的後續，相對於 2 月份的隱含指導，Inotera 看起來不會增加 2 月份的數據。

And maybe Ernie answered the question already.

也許厄尼已經回答了這個問題。

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?

到 Inotera 收購結束時，是否期望這些成本逆風中的一些將成為順風，因此，這是一次增值收購？

Or can you help me walk through that dynamic?

或者你能幫我了解一下這個動態嗎？

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 - 也許 Ernie 也想對此發表評論，John，但我認為關鍵是隨著今年的進一步推進，20 納米的過渡正在推動 Inotera 的一些相當顯著的改進，我們預計一旦我們關閉，它就會對我們產生很大的影響。

The only thing I'd add to that is the bulk of the CapEx spend for their 2016 will already be completed.

我唯一要補充的是，他們 2016 年的大部分資本支出已經完成。

So certainly from a cash flow perspective, there's a lot of leverage there as well.

因此，從現金流的角度來看，當然也有很多槓桿作用。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question comes from the line of Daniel Amir from Ladenburg.

我們的下一個問題來自拉登堡的 Daniel Amir。

Your question, please.

請問你的問題。

Thanks a lot, and good luck Kipp, in your next life.

非常感謝，祝 Kipp 在你的下一生中好運。

Couple questions here with regards to the eMCP and the client SSD.

這裡有幾個關於 eMCP 和客戶端 SSD 的問題。

Looks like those were areas, a bit of weakness here this quarter.

看起來那些是領域，本季度這裡有點弱。

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%.

鑑於位出貨量下降了 14%，您能否更清楚地說明我們在本季度的這一點，特別是 eMCP 的立場。

Is this an area that you're going to still be focusing on, as well?

這也是您仍將關注的領域嗎？

Thanks.

謝謝。

Sure.

當然。

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.

在 eMCP 類別中，確實存在兩種動態，其中之一是移動市場的疲軟，我們在前面的評論中指出了這一點。

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.

第二點是，與其他一些 DRAM 細分市場一樣，20 納米的過渡使我們處於一個重點關注主要 OEM 客戶資格的位置。

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.

話雖如此，還有一個混合問題與高端和低端有關，其表現優於市場的中端部分。

So you combine all those three together, and there's pressure on eMCP demand.

因此，您將所有這三者結合在一起，eMCP 需求就會面臨壓力。

We're continuing to feel that as a place for our product focus, but, again, weighing that against mix and other opportunities.

我們繼續認為這是我們關注產品的地方，但再次權衡混合和其他機會。

And the client SSD side?

客戶端 SSD 端呢？

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.

正如我之前提到的，對我們來說，在消費者和 OEM 市場中，由低成本 TLC 產品驅動，我們看到客戶端 SSD 的競爭非常激烈。

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.

我們選擇將我們的部分產能從那個市場轉移到更高價值的插座上，這讓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?

這也是你本季度繼續的趨勢嗎？

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.

我想說的是，在沒有預測的情況下，是的，我們看到迄今為止的季度非常一致，我們會 - 正如 Mark 評論的那樣，我們將觀察這一點，同時我們將 3D NAND TLC 長期定位，因為性能和成本優勢。

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.

但今天，正如我所說，我們看到了其他機會，即我們的 NAND 容量、更高性能的 MLC 容量，這使我們能夠做出這種轉變。

Great.

偉大的。

Thanks a lot.

非常感謝。

Thank you.

謝謝你。

Our next question comes from the line of Steven Fox from Cross Research.

我們的下一個問題來自 Cross Research 的 Steven Fox。

Your question, please.

請問你的問題。

Thanks.

謝謝。

Just a follow-up on those details.

只是對這些細節的跟進。

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?

我想知道你是否可以退後一步，如果我們從你對個人電腦市場整體穩定的一些評論中看大局，是什麼讓你對未來幾個月發生的這種情況有信心？

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?

同樣，鑑於您在中端市場看到的一些弱點，尤其是在中國移動市場，您為什麼認為隨著您進入下一個日曆年，這種情況會有所改善？

Thanks a lot.

非常感謝。

I'm not sure we sent forecasts out on either one of those, as stated.

如前所述，我不確定我們是否對其中任何一個進行了預測。

We think that the PC market, the signs are that channel inventories are leveling off a little bit better.

我們認為 PC 市場有跡象表明渠道庫存正在趨於平穩。

Obviously, the inventory was low.

顯然，庫存很低。

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.

如果你更具體地看我們的業務，渠道中的 DRAM 庫存，除了一個玩家，一個更大的玩家之外，我們渠道中的 DRAM 庫存非常低。

The demand seems to be flowing through, and replenishment of inventory seems to be a dynamic in the PC space.

需求似乎在流動，庫存的補充似乎是 PC 領域的動態。

So that's where -- that's behind our view of the world in terms of PC shipments.

所以這就是我們在 PC 出貨量方面的世界觀背後的原因。

If you look at the data, while not stellar growth, certainly better than the first half of calendar year 2015.

如果你看數據，雖然增長不明顯，但肯定好於 2015 年上半年。

On the mobile side, we still believe that this same dynamic goes on with smartphones.

在移動端，我們仍然相信智能手機也會出現同樣的動態。

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.

庫存相對較低，另一方面，如果您查看假期及以後推出的配置，則每單位的內存內容對我們有利。

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.

因此，這一切都與-對於手機市場細分而言，這實際上與加權平均內容有關，而且我們仍然看到，儘管中間存在一些弱點，但智能手機業務的總體增長相當合理。

Great.

偉大的。

That's very helpful.

這很有幫助。

Then just a quick follow-up.

然後只是快速跟進。

Similarly on just the enterprise side, I think you talk about a little bit of competitiveness.

同樣，在企業方面，我認為您談到了一點競爭力。

You're not the only ones to talk about that on SSDs in the last couple months.

在過去的幾個月裡，你並不是唯一一個在 SSD 上談論這個的人。

Is there a reason to believe that that is temporary in nature from a demand side, putting aside some of the supply issues?

拋開一些供應問題，是否有理由相信這在需求方面是暫時的？

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.

我認為總體而言，企業的滲透率是如此之低，以至於我們認為這可能會成為一個更好的市場，我們將照此進行投資。

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.

我們的一些競爭力評論實際上更多地圍繞價值細分、消費者和渠道 SSD 類型的產品，這些產品實際上是由成本方法而非性能方法驅動的。

Got it.

知道了。

Thanks so much.

非常感謝。

Thank you.

謝謝你。

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

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.

在毛利率方面已經提出了很多問題，但如果我能對收入有所了解的話。

We're looking at a revenue decline quarter-on-quarter of 9% at the midpoint.

我們預計中點收入環比下降 9%。

What are the piece that's are driving that?

是什麼推動了這一點？

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.

我在這裡著眼於比特增長方面，只是努力想看到 - 使您的長期比特增長前景與近期發生的事情保持一致。

So if you could help me understand, what are the pieces to top line, that would be helpful.

因此，如果您能幫助我理解，最重要的部分是什麼，那將很有幫助。

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.

因此，我認為這與我們關於利潤率的討論並沒有太大的不同，也就是說，我們已經談到了這樣一個事實，即在本財年的前幾個季度，我們的比特增長將受到限制。

Now, we are growing bits.

現在，我們正在增長比特。

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.

然而，面對我們在個人電腦或個人電腦 DRAM 領域等領域看到的一些定價壓力，這還不足以克服——位增長並沒有完全克服定價，這導致了收入情況。

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.

正如您今天聽到 Mark 和 Mark 所說的那樣，就那些將推動我們在本財年下半年和 2017 財年增長的事情而言。

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.

這些仍處於正軌，這將是 20 納米在整個 DRAM 空間的全面部署，以及 3D NAND 轉換。

Doug, let me just add.

道格，讓我補充一下。

As we do this substantial ramp of 20-nanometer, we have a lot of new products to qualify as well.

當我們進行這一 20 納米的大幅提升時，我們也有很多新產品要獲得資格。

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.

完全確定所有產品何時合格，以及我們何時發貨是困難的，儘管我們完全相信我們將使它們合格，並且它們將被交付。

So there's that dynamic, and that aspect as well, which is associated with ramping a lot of new products simultaneously.

所以有這種動態，還有那個方面，這與同時推出許多新產品有關。

I guess for my follow-up, if I could, a little bit of a two-parter.

我想我的後續行動，如果可以的話，有點兩部分。

I just want to make sure I understood.

我只是想確保我理解了。

You said your DRAM bit growth would be above industry average of low 20s.

您說您的 DRAM 位增長將高於 20 年代的行業平均水平。

Was that for the calendar year or your fiscal year?

那是日曆年還是您的財政年度？

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.

然後，當我看到你正在經歷的這些轉變時，比如 20 納米，我認為投資者難以解決的一件事是你的結果往往——我們看到美光出現了更大的波動，在財務表現，比我們在三星的同行中所做的要好，但他們也經歷了同樣的轉變。

Why is it that we're seeing such a greater impact to the financials here than we see at your peers?

為什麼我們在這裡看到的對財務狀況的影響比在您的同行中看到的要大？

A two-part question.

一個兩部分的問題。

Relative to the first part, yes, it's a calendar reference, and it's weighted in the back half of the calendar year.

相對於第一部分，是的，它是一個日曆參考，它在日曆年的後半部分加權。

Although we've told you that fiscal Q3 should be a significant step up.

儘管我們已經告訴過您，第三財季應該是一個重要的進步。

Relative to the impact on financial performance, I'm going to let Mark comment on that in just a second.

相對於對財務業績的影響，我將讓馬克在稍後發表評論。

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.

但我要指出的是，這只是強化了我們需要加速引入這些技術節點的原因，因為我們有固定的運營費用，並且在一個由於我們部署不太先進的技術而產生的毛利率較低的環境中，這需要更大的網絡圖片。

Mark, do you want to --?

馬克，你想——？

One other comment.

另一條評論。

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.

多年來，我們一直在溝通，作為我們產能的百分比，我們將我們的產品銷售和營銷到更高價值的細分市場。

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.

例如，如果你看一下 DRAM 中每千兆位的 ASP，只要我記得，我們就一直是這方面的市場領導者。

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.

當您不在該模型中時，這意味著您處於斜坡階段，並且您正在將這些產品推向較低價值的細分市場，定價的波動將對那個時期的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.

所以道格，總而言之，我們將所有這一切視為機會，當然我們認為我們可以做得更好，我們打算做得更好。

Great.

偉大的。

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

謝謝，伙計們，祝賀基普，在一個非常持久的職業生涯中。

Thanks, Doug.

謝謝，道格。

Thank you.

謝謝你。

Our next question comes from the line of Timothy Arcuri from Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Timothy Arcuri。

Your question, please.

請問你的問題。

Thanks a lot.

非常感謝。

I had two.

我有兩個。

The first question is on the Dalian announcement from Intel.

第一個問題是關於英特爾在大連的公告。

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.

我認為那發生在 10 月 20 日，所以從那以後你真的沒有在公開場合談論太多，而且那裡仍然有些混亂。

We understand that you're basically ramping the fab there, and for all intents and purposes, you're operating it.

我們知道，您基本上是在擴建那裡的晶圓廠，並且出於所有意圖和目的，您正在運營它。

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?

我的第一個問題是，您對晶圓廠的產出有任何權利，您是否可以選擇投資晶圓廠？

And then I had a follow-up.

然後我進行了跟進。

Thanks.

謝謝。

So Tim, we are not operating the fab.

所以蒂姆，我們不經營晶圓廠。

We are not ramping the fab.

我們並沒有增加晶圓廠。

Intel is our partner, and we are helping facilitate the deployment of the technology to that fab.

英特爾是我們的合作夥伴，我們正在幫助促進將該技術部署到該晶圓廠。

So that relationship remains healthy.

因此，這種關係保持健康。

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.

我們預計，隨著英特爾在當地製造技術的進步，在某個時候，我們將就在該地點加強合作是否有意義進行更多討論。

We're not involved today.

我們今天不參與。

Okay.

好的。

Thanks for that, Mark.

謝謝你，馬克。

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.

然後是第二個問題，我想約翰之前問過一個關於成本的問題，以及在本季度之後逆風何時開始減弱。

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.

聽起來他們確實如此，而且你應該得到更好的個人電腦定價環境——我認為，馬克，你的評論也是如此。

My question is, is it fair to say that the February quarter is the bottom in gross margin, if you assume those two factors?

我的問題是，如果您假設這兩個因素，可以說 2 月季度的毛利率是最低的嗎？

Thanks.

謝謝。

Well, yes, again, we've got to stay away or we are going to stay away from projecting ASPs for you.

好吧，是的，再次，我們必須遠離，否則我們將遠離為您預測 ASP。

But in terms of our internal operational leverage, we think things get a lot better in Q3.

但就我們的內部運營槓桿而言，我們認為第三季度情況會好很多。

Thanks a lot.

非常感謝。

Thank you.

謝謝你。

Our next question comes from the line of Vijay Rakesh from Mizuho.

我們的下一個問題來自瑞穗的 Vijay Rakesh。

Your question, please.

請問你的問題。

Kipp, thanks for all the help, and Ivan, congratulations.

Kipp，感謝所有的幫助，Ivan，祝賀你。

I had a question on Inotera here.

我在這裡有一個關於 Inotera 的問題。

What percent of the 20-nanometer output at Inotera's DDR3 versus DDR4 today?

今天，Inotera 的 DDR3 與 DDR4 相比，20 納米輸出的百分比是多少？

At 20-nanometer also, is the DDR4 cost still higher than DDR3?

同樣是 20 納米，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.

我沒有晶圓廠的 DDR3/DDR4 組合，我認為我們無論如何都不想向您提供晶圓廠的特定信息。

The second part of the question was DDR4 crossover?

問題的第二部分是 DDR4 交叉？

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

是的，20 納米 DDR4 的成本比 DDR3 高嗎？

20-nanometer DDR4 cost --

20納米DDR4成本——

We commented on that a little bit earlier.

我們早些時候對此進行了評論。

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.

不是 8 吉比特，但我們希望隨著我們的加速和跨越，我們將處於平價狀態，實際上會看到一些減少。

But at present, it's fair to think about it as a headwind for us.

但目前，將其視為對我們的不利因素是公平的。

Got it.

知道了。

And on the 3D NAND side, I know you mentioned second Gen 3D NAND in second-half 2016.

在 3D NAND 方面，我知道您在 2016 年下半年提到了第二代 3D NAND。

That is a 64 layer 3D NAND, and just as a background, what percent of output today is on 3D?

那是一個 64 層的 3D NAND，作為背景，今天的輸出中有多少百分比是 3D 的？

I know you said you shipped some here.

我知道你說你在這裡運送了一些。

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.

我們還沒有說我們的第 2 代技術究竟是什麼樣子，但您可以指望它在位密度和成本方面都有顯著改進。

And sorry, the second part of the question?

抱歉，問題的第二部分？

Percent of 3D?

3D 的百分比？

Percent of 3D.

3D 百分比。

It's relatively small today, but ramping fairly aggressively.

今天它相對較小，但相當激進。

And again, as we get into the second half of next year, we'll actually be into the new fab expansion as well.

再一次，隨著我們進入明年下半年，我們實際上也將進入新的晶圓廠擴建。

So it will really take off then.

所以它會真正起飛。

Got it.

知道了。

Thanks a lot.

非常感謝。

Appreciate it.

欣賞它。

Thank you.

謝謝你。

Our next question comes from the line of Hans Mosesmann from Raymond James.

我們的下一個問題來自 Raymond James 的 Hans Mosesmann。

Your question, please.

請問你的問題。

Question on 3D XPoint.

關於 3D XPoint 的問題。

Can you give us a little more flavor?

你能給我們多一點味道嗎？

I forget if you actually even commented so far on the call regarding this.

我忘記了到目前為止，您是否真的對有關此的電話發表了評論。

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?

但是你能給我們一個斜坡上的感覺嗎？機會的細微差別是否有變化，被用作主存儲器還是存儲？

Thanks.

謝謝。

Well, I think it targets both main memory and storage applications over time.

好吧，我認為隨著時間的推移，它同時針對主內存和存儲應用程序。

Probably a higher value in the near memory than in the storage applications, but could be targeted at both.

近存儲器中的值可能高於存儲應用程序中的值，但可以同時針對兩者。

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.

我們實際上更多地處於啟用模式，而不是今天的顯著產量增長，但我們認為收入在 2017 年確實變得可觀，在 2018 年更是如此。

Okay.

好的。

Great.

偉大的。

Kipp, we're going to miss you.

基普，我們會想念你的。

Good luck.

祝你好運。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question comes from the line of Mark Newman from Bernstein.

我們的下一個問題來自 Bernstein 的 Mark Newman。

Your question, please.

請問你的問題。

Thanks a lot.

非常感謝。

I wanted to ask a question again on 20-nanometer ramp.

我想再問一個關於 20 納米坡道的問題。

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.

因此，從評論來看，該時間表似乎與您所說的幾乎一致，大約是 5 月季度的一半產量。

But based on this gross margin guidance again, it's coming down quite a lot.

但再次基於這個毛利率指導，它下降了很多。

It seems like the cost isn't quite performing, at least not in FQ2, yet.

似乎成本表現不佳，至少在 FQ2 中還沒有。

So I'm wondering, is this because of poorer yields than expected on 20-nanometer?

所以我想知道，這是因為 20 納米的良率低於預期嗎？

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?

20 納米的產量與您的預期與以前的節點相比是否有任何差異，或者僅僅是您開始生產的 20 納米，我認為這應該是 FQ2 中相當重要的一部分。更多的庫存，所以它並沒有真正影響收入和成本？

There is a dynamic that as you ramp new technologies you have to get those products qualified.

有一個動態，當你推出新技術時，你必須讓這些產品合格。

So they don't necessarily always flow out to the customer quite as quickly.

因此，它們不一定總是很快流向客戶。

So there is an inventory dynamic that you're referencing.

因此，您正在參考一個庫存動態。

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.

我認為更大的問題是，當你正在推廣新技術時，只需一段時間才能讓工具加速和加載，然後輸出。

And the cost reductions do come.

成本降低確實來了。

They just don't come quite as quickly as people anticipate.

他們只是沒有人們預期的那麼快。

We are on track or slightly ahead of where we expected to be, from a yield perspective.

從收益率的角度來看，我們處於正軌或略超預期。

So everything is progressing nicely there.

所以那裡的一切進展順利。

Obviously ASPs are a lot lower than we thought they were going to be.

顯然，ASP 比我們想像的要低很多。

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?

因此，當我們期待財政年度的後期，如果你看一下 FQ3，即 5 月季度，那麼我們應該會看到很多——我們應該會看到這種成本下降的一部分最終發生嗎？

I think that's probably fair to assume.

我認為這可能是公平的假設。

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?

我們是否可以假設您之前指導我們的 20 納米成本下降的先前指導仍然完好無損，但只是財政年度的後端，而不是前端？

Yes, yes.

是的是的。

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.

馬克，我想我們已經說過很長一段時間了，第三季度是你真正應該開始看到 20 納米斜坡的影響的時候，我認為我們在前幾個季度給出的所有指導仍然在軌道上並且完好無損.

Okay.

好的。

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

非常感謝 Kipp，特別感謝 Ivan。

Thanks, Mark.

謝謝，馬克。

Thank you.

謝謝你。

Our next question comes from the line of Ian Ing from MKM Partners.

我們的下一個問題來自 MKM Partners 的 Ian Ing。

Your question, please.

請問你的問題。

Yes, thanks.

對了謝謝。

Could you talk about your assumptions on keeping mobile DRAM in supply/demand balance next year?

您能否談談您對明年保持移動 DRAM 供需平衡的假設？

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?

大型原始設備製造商有很多單位可變性，考慮到這種情況，您是否考慮過不試圖讓行業過度生產？

We'll certainly look at that dynamic.

我們當然會關注這種動態。

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.

我們對世界的看法是，即使您所預測的可變性，每個設備的內容都會增加，我們覺得可以將其靜音，因此我們認為從長遠來看，移動設備非常可靠。

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.

再一次，我們正在研究所有細分市場，我們認為網絡對我們來說將繼續是一個很好的市場。

Hyperscale servers, as well.

超大規模服務器也是如此。

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.

所以總的來說我們會做一些平衡，但總而言之，我們認為從長遠來看，移動是一個好地方。

Okay.

好的。

Thanks.

謝謝。

And then in the DRAM server market, you talked about some pricing pressure.

然後在 DRAM 服務器市場，您談到了一些定價壓力。

Could you talk more about the sources of demand in the server side, the next few quarters?

您能否詳細談談未來幾個季度服務器端的需求來源？

There are some mixed signals out there.

那裡有一些混合的信號。

You've got some suppliers talking about enterprise being stronger than cloud customers.

你有一些供應商在談論企業比雲客戶更強大。

Any workloads that you're excited about the next few quarters?

您對接下來幾個季度的任何工作負載感到興奮嗎？

All in all, I'd say the enterprise market of the two appears to be more favorable for us.

總而言之，我想說兩者的企業市場似乎對我們更有利。

Data center is a little bit more commoditized.

數據中心更加商品化。

Some of the data center material sometimes can be consumed with high end PC grade material.

某些數據中心材料有時可以與高端 PC 級材料一起使用。

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.

但總體而言，我們認為對市場和服務器的預測讓我們進入了一個非常好的增長環境，而且當我們再次審視那台服務器時，就像移動設備一樣，這對我們來說將是一個很好的市場。

We're not -- we don't think it's a challenge for us, as far as adding growth in the bits to that segment.

我們不是 - 我們不認為這對我們來說是一個挑戰，就增加該細分市場的增長而言。

Thanks.

謝謝。

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

Kipp，祝賀你，感謝你在你的職業生涯中幫助我們所有人，謝謝。

Thank you.

謝謝你。

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

接線員，我們還有時間再問一個問題。

Certainly.

當然。

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

我們的最後一個問題來自 Needham & Company 的 Rajvindra Gill。

Your question, please.

請問你的問題。

Thanks for taking my questions.

感謝您提出我的問題。

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.

最近有一些報導稱，您的主要競爭對手可能在明年第二季度（日曆第二季度）之前擁有 18 納米 DRAM。

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?

考慮到今年和明年向 20 納米的過渡，從供需角度來看，您認為這會如何影響您在整個市場中的競爭地位？

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.

這是從 20 到 18 的相對緩和的一步，相對於那個特定的競爭對手，我們認為還有一些架構變化會降低他們的陣列效率。

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.

因此，我們相信，儘管其他競爭對手將繼續以更緩慢的速度遷移他們的技術，但我們將繼續縮小差距。

Just switching gears to the Inotera.

只是將齒輪切換到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?

收購 Inotera 對您的資本支出計劃有何影響，公司是否計劃將 Inotera 的現金流用於非 DRAM 產品，例如 3D XPoint？

Is that also one of the purposes of it as well?

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.

我們在公告中談到，平均而言，您希望看到 Inotera 每年為我們之前討論的資本支出增加約 8 億美元，而現實是現金是可替代的。

So it will add cash flow into the Company, and the Company will direct that cash flow where it sees best.

因此，它將為公司增加現金流，公司將把現金流引導到它認為最好的地方。

So the idea of specifically saying that cash flow would be used for 3D XPoint is sort of a moot issue.

因此，明確表示現金流將用於 3D XPoint 的想法有點懸而未決。

Unfortunately we're out of time today, so we'd like to end the call now and thank everyone for their participation.

不幸的是，我們今天沒有時間了，所以我們想現在結束電話會議並感謝大家的參與。

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

如果你能容忍我，我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能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, everyone.

謝謝大家。

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's Micron Technology first-quarter 2016 financial release conference call.

今天的美光科技 2016 年第一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。