美光科技 (MU) 2016 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我叫 Latif，今天我將擔任您的會議主持人。

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

在此，歡迎大家參加美光科技2016年第二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, and welcome to Micron Technology's second quarter 2016 financial release conference call.

謝謝大家，歡迎參加美光科技 2016 年第二季度財務發布電話會議。

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

今天的電話會議是首席執行官兼董事 Mark Durcan 和首席財務官 Ernie Maddock。

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

本次電話會議包括音頻和幻燈片，也可在我們的網站 Micron.com 上獲得。

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

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呼叫稀釋表。

If you have not had an opportunity to review the second 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 年第二季度財務新聞稿，也可以在我們的網站 Micron.com 上查看。

Our call will be approximately 60 minutes in length.

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 67709190.

撥打 404-537-3406 將有通話的音頻重播，確認碼為 67709190。

This replay will run through Thursday, April 7 at 11:30 pm Mountain Time.

該重播將持續到山區時間 4 月 7 日星期四晚上 11:30。

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

2017 年 3 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 will be attending.

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

You can also follow us on Twitter 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。

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

在本次會議期間，我們可能會就未來事件或公司和行業的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。

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 our second quarter FY16, Micron posted total revenue of $2.93 billion with gross margin of 20%, non-GAAP net loss of $48 million, and a non-GAAP loss per share of $0.05, all within our guided range.

2016 財年第二季度，美光公佈的總收入為 29.3 億美元，毛利率為 20%，非美國通用會計準則淨虧損 4800 萬美元，非美國通用會計準則每股虧損 0.05 美元，均在我們的指導範圍內。

Operating cash flow was $763 million.

經營現金流為 7.63 億美元。

Our results were impacted by continued weakness in the PC market, seasonality, and timing of product launches in certain market segments.

我們的業績受到個人電腦市場持續疲軟、季節性以及某些細分市場產品發佈時間的影響。

We are simultaneously ramping, qualifying, and delivering several leading edge products including 20 nanometer DDR4, low-power DDR4, and 3D NAND-based solutions.

我們正在同時提升、驗證和交付多種領先產品，包括 20 納米 DDR4、低功耗 DDR4 和基於 3D NAND 的解決方案。

Our progress has been strong, but is always challenging to precisely align technology conversions and fab output, with customer qualification cycles and market seasonality.

我們的進步一直很強勁，但始終難以準確地將技術轉換和晶圓廠產量與客戶資格週期和市場季節性保持一致。

Today, I'd like to provide a high level overview of our progress in each of the business units, and have asked Ernie to cover business unit metrics and financial performance.

今天，我想對我們在每個業務部門的進展提供一個高層次的概述，並要求 Ernie 介紹業務部門的指標和財務業績。

In our compute and networking business unit, we recently achieved initial customer qualifications of our 20-nanometer 8 gigabit DDR4 products.

在我們的計算和網絡業務部門，我們最近獲得了 20 納米 8 千兆位 DDR4 產品的初始客戶資格。

These are now ramping in volume.

這些現在的數量正在增加。

In the enterprise, we have qualified an innovative NVDIMM solution at two major OEMs.

在企業中，我們已經在兩家主要的 OEM 認證了創新的 NVDIMM 解決方案。

In the graphics segment, we are enthusiastic about the early success of our GDDR5X, a discreet solution for increasing data rates above 10 gigabits per second.

在圖形領域，我們對 GDDR5X 的早期成功充滿熱情，這是一種謹慎的解決方案，可將數據速率提高到每秒 10 吉比特以上。

We have several major design wins, and expect to have the product available by the end of the current fiscal quarter.

我們獲得了幾項重大設計勝利，並希望在本財季末推出該產品。

In the networking segment, we are seeing early signs of demand recovery in China, where we believe our broad portfolio and strong customer engagements position us well for the future.

在網絡領域，我們看到中國需求復甦的早期跡象，我們相信我們廣泛的產品組合和強大的客戶參與度為我們的未來奠定了良好的基礎。

Turning to our mobile business units, results have been negatively impacted by the timing of product qualifications, as we transition customers to 20-nanometer versions of LPDDR4 products.

談到我們的移動業務部門，隨著我們將客戶過渡到 20 納米版本的 LPDDR4 產品，結果受到產品認證時間的負面影響。

We do expect to finalize 20-nanometer low-power DDR4 qualifications with most customers by the end of this quarter.

我們確實希望在本季度末與大多數客戶最終確定 20 納米低功耗 DDR4 資格。

And this, coupled with our expectation that memory demand across the smartphone categories will continue to expand, leaves us confident that our mobile business is well-positioned for substantial growth by the fourth fiscal quarter of this year.

再加上我們預計智能手機類別的內存需求將繼續擴大，這讓我們相信我們的移動業務在今年第四財季實現大幅增長的有利條件。

In our embedded business unit, automotive design-in activity remains strong, particularly with 20-nanometer DDR3 and low-power DDR4 products.

在我們的嵌入式業務部門，汽車設計投入活動依然強勁，尤其是 20 納米 DDR3 和低功耗 DDR4 產品。

We are seeing growth with automotive customers in greater Asia, and continuing to build upon success with European and US manufacturers.

我們看到了大亞洲汽車客戶的增長，並繼續在歐洲和美國製造商的成功基礎上再接再厲。

We are also generating strong design-in activity for our industrial SSDs, and we are delivering a broad portfolio of differentiated non-volatile memory DRAM and MCP solutions for the consumer and connected home segments.

我們還為我們的工業 SSD 帶來了強大的設計活動，我們正在為消費和互聯家庭領域提供廣泛的差異化非易失性內存 DRAM 和 MCP 解決方案組合。

Finally, our storage business unit has been positioning its product portfolio to take advantage of our high performance 3D NAND technology.

最後，我們的存儲業務部門一直在定位其產品組合，以利用我們的高性能 3D NAND 技術。

We are currently sampling Tier 1 OEMs with early versions of our 3D NAND-enabled PCIe NVMe client SSDs.

我們目前正在為 1 級 OEM 提供早期版本的支持 3D NAND 的 PCIe NVMe 客戶端 SSD 的樣品。

Over the next two quarters, we will be shipping Crucial-branded low cost 3D NAND client SSDs, high performance drives targeting gaming enthusiasts, and a 2 terabyte client OEM drive.

在接下來的兩個季度，我們將交付 Crucial 英睿達品牌的低成本 3D NAND 客戶端 SSD、面向遊戲愛好者的高性能驅動器和 2 TB 客戶端 OEM 驅動器。

In summary, the leading edge technology deployment is progressing well across manufacturing for both DRAM and NAND, and our bit growth and cost reduction targets are on track.

總而言之，DRAM 和 NAND 製造領域的前沿技術部署進展順利，我們的比特增長和成本降低目標正步入正軌。

We believe the combination of new products, with more efficient manufacturing on advanced nodes will drive significant improvement in Micron's relative competitive position in the second half of 2016 and beyond.

我們相信，新產品與更高效的先進節點製造相結合，將推動美光在 2016 年下半年及以後的相對競爭地位顯著提高。

Turning to the memory industry more generally, we believe that DRAM industry bit supply will decrease to the low to mid 20% range in 2016, and could drop below 20% in 2017.

更普遍地轉向內存行業，我們認為 DRAM 行業的比特供應量將在 2016 年下降到 20% 的中低水平，並在 2017 年下降到 20% 以下。

Our estimate is based on slowing technology-driven supply growth, and no incremental wafer supply.

我們的估計是基於技術驅動的供應增長放緩，並且沒有增加晶圓供應。

Although the current environment remains challenging, we believe -- we continue to believe that longer term DRAM bit demand growth in the low to mid 20% range will result in healthy market fundamentals.

儘管當前的環境仍然充滿挑戰，但我們相信——我們仍然相信 DRAM 位元需求在 20% 的中低範圍內的長期增長將帶來健康的市場基本面。

For NAND, we estimate 2016 industry bit supply growth in the mid to high 30% range, as early 3D conversions create some temporary supply constraints.

對於 NAND，我們估計 2016 年行業比特供應增長在 30% 的中高範圍內，因為早期的 3D 轉換造成了一些暫時的供應限制。

We continue to expect the cost and performance advantages of 3D NAND will drive enhanced adoption rates and densities across key storage markets, and we are confident in Micron's road map in 3D NAND in terms of timing, performance, and relative cost position.

我們繼續預計 3D NAND 的成本和性能優勢將推動關鍵存儲市場的採用率和密度提高，我們對美光在時間、性能和相對成本位置方面的 3D NAND 路線圖充滿信心。

Internally, and from an operations perspective, Micron remains focused on a few key operating priorities.

在內部，從運營的角度來看，美光仍然專注於幾個關鍵的運營優先事項。

For DRAM, we continue ramping 20-nanometer.

對於 DRAM，我們繼續提升 20 納米。

This technology node will represent more than 50% of our fab bit output in the current fiscal quarter.

該技術節點將佔本財季我們晶圓廠比特產量的 50% 以上。

We are enabling 1X DRAM in manufacturing, and recently began transferring this technology to our Taiwan fab in Taichung.

我們正在製造 1X DRAM，最近開始將這項技術轉移到我們在台中的台灣工廠。

We expect to ramp 1X nanometer in volume starting in FY17.

我們預計從 2017 財年開始，體積將增加 1 倍納米。

We are still forecasting our own FY16 and 2017 DRAM bit growth CAGR in the 20% to 30% range.

我們仍然預測我們自己的 FY16 和 2017 年 DRAM 位增長 CAGR 在 20% 到 30% 的範圍內。

This is likely above the market.

這可能高於市場。

Our current year bit growth will be weighted to the second half of FY16, with substantial bit production output gains in fiscal Q3 and Q4.

我們今年的鑽頭增長將加權到 2016 財年下半年，第三季度和第四季度的鑽頭產量大幅增長。

We currently have no plans to add DRAM wafer capacity, so any market share growth in DRAM will be the result of technology deployment.

我們目前沒有增加 DRAM 晶圓產能的計劃，因此 DRAM 的任何市場份額增長都將是技術部署的結果。

For NAND, we are ramping gen 1 3D NAND in Singapore, and expect to have more than 50% of our NAND bit fab bit output on 3D by the fall of 2016.

對於 NAND，我們正在新加坡增加第 1 代 3D NAND，預計到 2016 年秋季，我們 3D 的 NAND 位 fab 位輸出將超過 50%。

We are also enabling gen 2 3D in manufacturing, and expect to be in early production starting this summer.

我們還在製造中啟用第 2 代 3D，並預計從今年夏天開始進行早期生產。

We are forecasting Micron's FY16 and 2017 NAND bit growth CAGR in the 30% to 40% range.

我們預測美光 2016 財年和 2017 年 NAND 位的複合年增長率在 30% 到 40% 之間。

We expect to be below the market in 2016, but well above the market in 2017.

我們預計 2016 年將低於市場，但 2017 年將遠高於市場。

Most of this growth will be related to 3D and TLC conversions, which will begin to deliver more substantial bit growth and cost reductions, starting late in FY17-- FY16, excuse me.

大部分增長將與 3D 和 TLC 轉換有關，這將在 2017 財年末 - 2016 財年開始帶來更大幅度的比特增長和成本降低，對不起。

We are planning for incremental capacity with our Singapore fab expansion, and are beginning tool installations this quarter.

我們正計劃通過擴建新加坡工廠來增加產能，並在本季度開始安裝工具。

As always, we continue to be mindful of market conditions as we contemplate our investment decisions.

與往常一樣，我們在考慮我們的投資決策時會繼續留意市場狀況。

Relative to 3D [cross point], we are working with market enablers, and continue to believe this innovative technology will be a strong contributor to Micron's future success.

相對於 3D [交叉點]，我們正在與市場推動者合作，並繼續相信這項創新技術將成為美光未來成功的重要貢獻者。

We continue to augment our controller and subsystem capabilities, and have made good progress in aligning this road map with our 3D NAND RAM.

我們繼續增強我們的控制器和子系統功能，並在將此路線圖與我們的 3D NAND RAM 保持一致方面取得了良好進展。

We expect to substantially expand our vertically integrated solutions over the next 12 months.

我們預計將在未來 12 個月內大幅擴展我們的垂直整合解決方案。

Now I would like to turn it over to Ernie.

現在我想把它交給厄尼。

Thank you, Mark.

謝謝你，馬克。

Before sharing our normal financial summary, I'll cover more technology and business unit details.

在分享我們的正常財務摘要之前，我將介紹更多技術和業務部門的詳細信息。

DRAM represented 54% of our total revenue with the following segmentation.

DRAM 占我們總收入的 54%，細分如下。

Mobile was in the low 20% range.

移動設備處於 20% 的低位。

The PC segment was in the mid 20% range.

個人電腦部分在 20% 的中間範圍內。

The server business was in the low 20% range, and specialty DRAM, which includes networking, graphics, auto and other embedded technologies was in the high 20% range.

服務器業務處於 20% 的低位範圍內，而包括網絡、圖形、汽車和其他嵌入式技術在內的專用 DRAM 處於 20% 的高位範圍內。

In our non-volatile memory business, trade revenue represented [37]% of total revenue, with the following segmentation.

在我們的非易失性存儲器業務中，貿易收入佔總收入的 [37]%，細分如下。

Consumer, which includes our memory cards, USB and components, represented more than 50%.

包括我們的存儲卡、USB 和組件在內的消費者佔 50% 以上。

Mobile, including MCP, was in the low teens percent range, while SSDs were in the mid teens percent range.

包括 MCP 在內的移動設備處於低 10% 的範圍內，而 SSD 處於中 10% 的範圍內。

Automotive and industrial multi-market segment and other embedded applications were in the mid teens percent range.

汽車和工業多市場領域以及其他嵌入式應用在 10% 左右。

Moving on, I'll share a brief operational summary of each of our business units.

接下來，我將分享我們每個業務部門的簡短運營摘要。

First, CNBU.

首先，CNBU。

The compute and network business unit posted fiscal Q2 revenue of $1.05 billion, down 8% from the previous quarter, impacted by lower average selling prices, and continued softness in demand from the PC segment.

計算和網絡業務部門公佈的第二財季收入為 10.5 億美元，比上一季度下降 8%，受平均售價下降和 PC 部門需求持續疲軟的影響。

Our non-GAAP operating loss was $55 million, or 5%.

我們的非 GAAP 經營虧損為 5500 萬美元，即 5%。

Our [high] value solutions to enterprise, networking and graphics markets helped to offset some of this weakness.

我們針對企業、網絡和圖形市場的 [高] 價值解決方案幫助抵消了其中的一些弱點。

In the enterprise and cloud segment, we continued to see significant demand for our DDR4 solutions.

在企業和雲領域，我們繼續看到對我們的 DDR4 解決方案的巨大需求。

Specifically within the cloud segment, we had record DDR4 shipments increasing our market share with key hyperscale customers in Asia-Pacific.

特別是在雲領域，我們的 DDR4 出貨量創紀錄，增加了我們在亞太地區主要超大規模客戶的市場份額。

Within the enterprise segment, demand for our 32 gigabyte DDR4 RDIMM also gained significant traction with key customers.

在企業領域，對我們 32 GB DDR4 RDIMM 的需求也獲得了主要客戶的極大關注。

In graphics, we continued to see demand softness, however, second half demand looks stronger for products such as our 20-nanometer 8-gig GDDR5 solution.

在圖形方面，我們繼續看到需求疲軟，但下半年對我們的 20 納米 8 千兆位 GDDR5 解決方案等產品的需求似乎更為強勁。

In networking, we also saw a slowdown in demand, as a result of lower LTE shipments during the quarter, but we are expecting a recovery in the second half of the year.

在網絡方面，由於本季度 LTE 出貨量下降，我們也看到需求放緩，但我們預計下半年會復蘇。

Finally, within the client segment, we achieved successful enablement and volume ramp of our 20-nanometer 4 gigabit DDR3 solutions.

最後，在客戶端領域，我們成功實現了 20 納米 4 千兆位 DDR3 解決方案的啟用和量產。

Also, we shipped samples of our 20-nanometer 8-gigabit DDR4 solution to all major OEMs, and began high volume production.

此外，我們向所有主要 OEM 提供了 20 納米 8 千兆位 DDR4 解決方案的樣品，並開始大批量生產。

Micron's mobile business unit posted fiscal Q2 revenue of $503 million, down 40% from the prior quarter, due to delayed customer qualifications, and pricing pressure in the eMCP market.

由於客戶資格延遲和 eMCP 市場的定價壓力，美光的移動業務部門公佈第二財季收入為 5.03 億美元，比上一季度下降 40%。

Our non-GAAP operating loss was $21 million, or 4% of revenue.

我們的非公認會計準則營業虧損為 2100 萬美元，佔收入的 4%。

We expect some continued challenges during fiscal Q3, as we conclude our customer qualifications, but expect to see improved shipments during our fourth fiscal quarter.

隨著我們結束客戶資格，我們預計第三財季將繼續面臨挑戰，但預計第四財季出貨量將有所改善。

Bit shipments of eMCPs were down approximately 25%, as we redirected bits to higher value homes.

eMCP 的位出貨量下降了大約 25%，因為我們將位重新定向到更高價值的房屋。

We saw strong LPDDR3 demand from China in mid tier phones, and expect this demand will continue into next year.

我們看到中國對中端手機的 LPDDR3 需求強勁，預計這種需求將持續到明年。

Looking forward, our mobile portfolio continues to position us for growth and success.

展望未來，我們的移動產品組合將繼續幫助我們實現增長和成功。

While we had some missteps in our mobile qualifications in [F] Q2, we expect this situation to progressively improve during the calendar year.

雖然我們在 [F] Q2 的移動資格方面存在一些失誤，但我們預計這種情況將在日曆年內逐步改善。

We continue to ramp our LPDDR4 solutions into both the flagship and high end segments, and will be introducing our innovative 3D NAND into flagships, and some higher end phones in the second half of calendar 2016.

我們繼續將我們的 LPDDR4 解決方案推向旗艦和高端市場，並將在 2016 年下半年將我們的創新 3D NAND 引入旗艦和一些高端手機。

The embedded business unit posted fiscal Q2 revenue of $460 million, down 4% from the previous quarter with a non-GAAP operating income of $87 million, or 19% of revenue.

嵌入式業務部門公佈的第二財季收入為 4.6 億美元，比上一季度下降 4%，非公認會計準則營業收入為 8700 萬美元，佔收入的 19%。

The results were primarily impacted by softness in demand from the consumer and industrial multi-market segments, offset by continued strength in the automotive segment.

結果主要受到消費者和工業多市場領域需求疲軟的影響，但被汽車領域的持續強勁所抵消。

Looking ahead, we continue to see increasing demand in both DRAM and e.MMC for automotive application that includes infotainment, instrument cluster, and advanced driver assistance systems.

展望未來，我們繼續看到汽車應用對 DRAM 和 e.MMC 的需求不斷增長，包括信息娛樂、儀錶盤和高級駕駛輔助系統。

In addition, our NOR [XTRMFlash] product introduced last quarter continues to gain adoption with key chipset and system-on-chip venders within the automotive ecosystem.

此外，我們上個季度推出的 NOR [XTRMFlash] 產品繼續獲得汽車生態系統中主要芯片組和片上系統供應商的採用。

Our industrial multi-market segment, we are seeing good design-in activity of our M500IT industrial SSDs and specialty DRAM.

我們的工業多細分市場，我們看到我們的 M500IT 工業 SSD 和專用 DRAM 的良好設計活動。

And in the connected home segment, we are seeing increased DRAM demand from key set-top-box customers in both Asia and North America.

在互聯家庭領域，我們看到亞洲和北美主要機頂盒客戶對 DRAM 的需求不斷增加。

Micron's storage business unit posted fiscal Q2 revenue of $901 million, up 2% from the previous quarter, with a non-GAAP operating loss of $18 million, which represents 2% of revenue.

美光存儲業務部門公佈的第二財季收入為 9.01 億美元，比上一季度增長 2%，非公認會計準則營業虧損為 1800 萬美元，佔收入的 2%。

We continue to optimize our product mix to address market challenges, particularly in the client and data center SSD segments.

我們繼續優化我們的產品組合以應對市場挑戰，特別是在客戶端和數據中心 SSD 領域。

Our trade NAND component bit growth was up 16% quarter-over-quarter, and we see demand increasing, driven by OEM enterprise solution providers and web scale customers who want to leverage the energy savings and performance gain enabled by Micron Flash.

我們的貿易 NAND 組件位增長環比增長 16%，我們看到需求增加，這是由 OEM 企業解決方案提供商和希望利用美光閃存實現的節能和性能提升的網絡規模客戶推動的。

In our client and consumer SSD segment, consecutive quarter bit growth was up 13%, reflecting accelerated SSD adoption in OEM Ultrabook and Ultrathin PCs.

在我們的客戶端和消費類 SSD 領域，連續季度位增長 13%，反映了 OEM 超極本和超薄 PC 加速採用 SSD。

In our enterprise SSD segment, we are starting to ship our S600 series SAS drive, Micron's first product produced through our strategic partnership with Seagate.

在我們的企業級 SSD 領域，我們開始出貨 S600 系列 SAS 驅動器，這是美光通過與希捷的戰略合作夥伴關係生產的第一款產品。

We expect to realize revenue from this new product line in Q3, as we move into volume production.

隨著我們進入量產階段，我們預計將在第三季度實現這一新產品線的收入。

Finally, the data center SSD market segment saw significant downward pricing pressure, driven by TLC-enabled competitors and aggressive competition for hyperscale business.

最後，在支持 TLC 的競爭對手和對超大規模業務的激烈競爭的推動下，數據中心 SSD 細分市場出現了顯著的降價壓力。

Micron's participation in this market has been measured, and in the second quarter, we strategically shifted bit supply from this segment to more favorable market -- margin opportunities.

美光在這個市場的參與度是有衡量的，在第二季度，我們戰略性地將比特供應從這個領域轉移到了更有利的市場——利潤機會。

Looking at the Company overall, as Mark noted earlier, revenue for the second quarter was $2.93 billion, which is at the low end of our guided range.

正如馬克早些時候指出的那樣，從公司整體來看，第二季度的收入為 29.3 億美元，處於我們指導範圍的低端。

Our revenues were impacted by seasonality, timing of product launches, and DRAM and NAND pricing pressure driven primarily by the PC end market.

我們的收入受到季節性、產品發佈時間以及主要由 PC 終端市場推動的 DRAM 和 NAND 定價壓力的影響。

Gross margin for the quarter was 20%, 5 percentage points below the previous quarter, and at the high end of our guidance.

本季度毛利率為 20%，比上一季度低 5 個百分點，處於我們指引的高端。

The non-GAAP net loss for the second quarter was $48 million, or $0.05 per share, at the favorable end of our guided range.

第二季度的非公認會計原則淨虧損為 4800 萬美元，即每股 0.05 美元，處於我們指導範圍的有利端。

Gross margin reflects the pricing environment noted earlier, as well as the timing of our leading edge technology migrations.

毛利率反映了前面提到的定價環境，以及我們領先的技術遷移的時機。

As we've noted before, these migrations will generate more substantial cost per bit reductions, starting in fiscal Q3 for DRAM and fiscal Q4 for NAND.

正如我們之前所指出的，這些遷移將產生更大幅度的每比特成本降低，從第三季度的 DRAM 和第四季度的 NAND 開始。

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 $0.06 per share for the recently completed quarter.

兩者合計，這兩個項目代表最近完成的季度每股 0.06 美元。

Looking at results by product line, DRAM revenue decreased 18% compared to the first fiscal quarter, primarily as a result of lower average selling prices, and lower volume shipments.

從產品線的結果來看，DRAM 收入與第一財季相比下降了 18%，主要是由於平均售價下降和出貨量下降。

During the second quarter, DRAM bit inventories increased as a result of the 20-nanometer ramp, and the timing of product qualifications with certain mobile customers.

在第二季度，由於 20 納米的增長以及某些移動客戶的產品認證時間安排，DRAM 位庫存增加。

While we currently expect substantial growth in the volume of DRAM sales in Q3, we also expect an additional inventory increase that will become available for incremental revenue during the following quarters.

雖然我們目前預計第三季度 DRAM 銷售量將大幅增長，但我們也預計額外的庫存增加將可用於在接下來的幾個季度增加收入。

The further market adoption of DDR4 products continued in the second quarter, and represented approximately 26% of total DRAM volume sales.

DDR4 產品在第二季度繼續被市場進一步採用，約佔 DRAM 總銷量的 26%。

As a result of decreases in average selling prices, DRAM gross margin was lower than in our previous quarter at approximately 20%, while bit costs remain relatively flat.

由於平均售價下降，DRAM 毛利率低於上一季度約 20%，而比特成本保持相對平穩。

Our non-volatile trade revenue decreased 6% compared to the first quarter, as a result of the decrease in selling prices, partially offset by higher sales volume.

我們的非波動貿易收入與第一季度相比下降了 6%，原因是售價下降，部分被銷量增加所抵消。

Gross margin decreased a couple of percentage points, as improvement in per bit costs nearly offset the decrease in selling prices.

毛利率下降了幾個百分點，因為每比特成本的改善幾乎抵消了售價的下降。

Non-GAAP operating expenses for the quarter came in at $583 million, slightly below the midpoint of our guided range.

本季度非 GAAP 運營費用為 5.83 億美元，略低於我們指導範圍的中點。

The Company generated operating cash flow of $763 million during the second quarter, and we ended the quarter with cash and marketable investments of approximately $5.1 billion.

公司在第二季度產生了 7.63 億美元的經營現金流，我們在本季度結束時擁有約 51 億美元的現金和有價投資。

Expenditures for PP&E during the quarter were $1.2 billion, and we continue to expect our FY16 capital expenditures to be in the $5 billion range, net of partner contributions.

本季度的 PP&E 支出為 12 億美元，我們繼續預計 2016 財年的資本支出將在 50 億美元範圍內，扣除合作夥伴的貢獻。

During the second quarter, we borrowed approximately $425 million with equipment financing, and also repaid the third installment on the former Elpida creditor debt, bringing the total repayment to approximately half of the total debt.

第二季度，我們通過設備融資借入約 4.25 億美元，同時還清了前 Elpida 債權人的第三期債務，使總還款額約為總債務的一半。

Moving now to our third fiscal quarter guidance.

現在轉到我們的第三財季指導。

On the non-GAAP basis, we expect the following: consolidated revenue in the range of $2.8 billion to $3.1 billion, gross margin in the range of 16.5% to 19%, operating expenses between $560 million and $610 million, operating income ranging between a loss of $70 million and income of $10 million and an EPS range between a loss of $0.12 per share and a loss of $0.05 per share based on 1.036 billion shares.

在非公認會計原則的基礎上，我們預計以下情況：合併收入在 28 億美元到 31 億美元之間，毛利率在 16.5% 到 19% 之間，運營費用在 5.6 億美元到 6.1 億美元之間，營業收入在虧損 7000 萬美元，收入 1000 萬美元，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，基於 10.36 億股。

Operationally, we are on track to achieve the bit growth and cost per bit reduction targets outlined in our recent Analyst Day.

在運營方面，我們有望實現我們最近的分析師日中概述的比特增長和每比特成本降低目標。

Along these lines, we expect strong double-digit bit growth and related cost reductions for DRAM in fiscal Q3, as a result of the deployment of our 20-nanometer technology.

沿著這些思路，由於部署了我們的 20 納米技術，我們預計第三財季 DRAM 將實現兩位數的強勁增長和相關成本降低。

These trends will continue in future quarters, along with the benefits of expected improvements in seasonality, and further progress on our product qualifications.

這些趨勢將在未來幾個季度繼續存在，同時預期季節性改善的好處以及我們產品資格的進一步進展。

Our 3D NAND ramp in manufacturing is proceeding well, and we expect to see significant bit growth and cost reductions starting in fiscal Q4.

我們的 3D NAND 製造量進展順利，我們預計從第四財季開始會出現顯著的比特增長和成本降低。

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

有了這個，我會把它交給馬克。

Thank you, Ernie.

謝謝你，厄尼。

There is one additional thing I would like to mention, before opening up the call for questions.

在開始提問之前，我還想提一件事。

As you know, Mark Adams resigned for health reasons at the beginning of the year.

如您所知，馬克亞當斯在年初因健康原因辭職。

Rather than directly replacing his role, we have decided to make, and are in the process of implementing some changes to our organizational structure, that we believe will effectively ensure our ongoing competitiveness.

我們決定並正在對我們的組織結構進行一些改變，而不是直接取代他的角色，我們相信這將有效地確保我們持續的競爭力。

To summarize, we continue to navigate challenging market conditions, and we are working to match the timing of our leading edge output, with the right mix of customers and end markets.

總而言之，我們將繼續應對充滿挑戰的市場條件，我們正在努力將我們領先的產出的時機與客戶和終端市場的正確組合相匹配。

We remain confident in the long-term health of the industry, and our strategy to improve our relative competitive position.

我們對行業的長期健康以及我們提高相對競爭地位的戰略充滿信心。

Operator, we are now ready to begin Q&A.

接線員，我們現在準備開始問答。

Thank you, sir.

謝謝你，先生。

Our first question comes from the line of Mark Delaney of Goldman Sachs.

我們的第一個問題來自高盛的 Mark Delaney。

Your question, please?

請問你的問題？

Yes.

是的。

Good afternoon, and thanks for taking the question.

下午好，感謝您提出問題。

First question is on the inventory, which I know Ernie, you talked about increasing this quarter, then potentially again next quarter.

第一個問題是關於庫存，我知道厄尼，你談到本季度增加，然後可能在下個季度再次增加。

Can you just talk about how you expect to work down inventory going forward, and if you need to do anything on the utilization front, in order to manage the inventory levels?

您能否談談您希望如何降低庫存，以及您是否需要在利用率方面做任何事情以管理庫存水平？

No, we don't expect to do anything on the utilization front.

不，我們不希望在利用率方面做任何事情。

And we think the substantial majority of the inventory will be worked through in the fourth fiscal quarter, with maybe a little bit carrying over into Q1, but we don't foresee anything beyond that.

我們認為大部分庫存將在第四財季完成，可能會有一點點延續到第一季度，但我們預計除此之外不會有任何事情發生。

Okay.

好的。

Then for a follow-up on the gross margin outlook for next quarter, can you just help us better understand some of the mechanics that are driving the decline, and if any color between the different segments of how gross margins might trend?

那麼對於下一季度毛利率前景的跟進，您能否幫助我們更好地了解導致下降的一些機制，以及毛利率的不同部分之間是否存在任何顏色趨勢？

I think, if you accept that the cost reductions are on track with what we articulated in our Analyst Day, really it sort of boils down to what your assumption is relative to the pricing environment.

我認為，如果您接受我們在分析師日所闡述的成本降低是步入正軌的，那麼實際上它可以歸結為您的假設與定價環境相關。

And certainly, we've embedded certain assumptions in our guided range, and really want to make sure that we're communicating that the issue relates to an assumption around the pricing environment, and not the realization of the cost reduction of the Company.

當然，我們已經在我們的指導範圍內嵌入了某些假設，並且真的希望確保我們傳達的問題與圍繞定價環境的假設有關，而不是實現公司的成本降低。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Steven Fox of Cross Research.

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

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

Good afternoon.

下午好。

I was wondering if you could just provide a little more color on the qualifications on the mobile side?

我想知道您是否可以在移動端的資格上提供更多顏色？

Any issues as to why you missed a window, and why it won't penalize you maybe for more than a couple of quarters?

關於你為什麼錯過一個窗口，以及為什麼它不會對你造成超過幾個季度的懲罰有什麼問題嗎？

And then secondly, just on the client SSD business, if I look at numbers in terms of pricing in the last three months or so, you're seeing pretty sharp ASP declines on average for client SSDs.

其次，就客戶端 SSD 業務而言，如果我查看過去三個月左右的定價數字，您會看到客戶端 SSD 的平均 ASP 下降幅度相當大。

And I'm just curious, given I know -- I understand the cost basis is going down, but relative to those cost declines, how close are you to coming to acceptable margins, once you get through the technology transition?

我只是好奇，因為我知道——我知道成本基礎正在下降，但相對於這些成本下降，一旦你完成技術轉型，你離可接受的利潤率有多近？

Thanks.

謝謝。

Yes.

是的。

So first, relative to the qualifications, obviously, when you're ramping multiple new fabs on new technology nodes, and simultaneously transitioning to new densities and new IOs, it's a complicated thing to keep everything completely aligned with all the various customer requirements and customer product rollouts, particularly in a design-in, more sticky environment like we experienced in the mobile segment.

因此，首先，相對於資質而言，顯然，當您在新技術節點上增加多個新晶圓廠並同時過渡到新的密度和新的 IO 時，要讓一切都與所有不同的客戶要求和客戶完全一致是一件複雜的事情產品的推出，特別是在我們在移動領域所經歷的設計、更具粘性的環境中。

So really what we experienced is more of a timing issue, relative to some of those products at some of those customers, and we're very confident that the product meets their needs.

所以實際上我們所經歷的更多的是時間問題，相對於其中一些客戶的一些產品，我們非常有信心產品滿足他們的需求。

It's just a matter of now getting them queued up, and through the qualification cycle.

現在只需讓他們排隊，並通過資格認證週期。

So I'm very, very confident that, that we have a good handle on the timing.

所以我非常非常有信心，我們可以很好地把握時機。

And that's why we continue to build those products, and are confident in holding an amount of inventory to cover that.

這就是我們繼續製造這些產品的原因，並且有信心持有大量庫存來滿足這些需求。

Relative to the client SSDs, you're right, there's been significant pressure there.

相對於客戶端 SSD，您是對的，那裡有很大的壓力。

We have talked about strong double-digit growth, in terms of our bit growth on NAND on a go-forward basis, and given that, the significant cost reductions that come with that, as well as the strong ability to ramp TLC as we move late into the year with our 3D NAND.

我們已經談到了強勁的兩位數增長，就我們在 NAND 上的位增長而言，考慮到這一點，隨之而來的成本顯著降低，以及隨著我們的移動而增加 TLC 的強大能力我們的 3D NAND 在今年年底。

So generally speaking, we feel pretty good about where our NAND business goes, as we move late into this year and into the next year.

所以總的來說，隨著我們進入今年晚些時候和明年，我們對我們的 NAND 業務的發展方向感到非常滿意。

Okay.

好的。

So just to be clear, the costs, you still feel like the cost reductions can -- obviously, those margins aren't going to be above average, but you feel like you can get into an acceptable range and ramp volumes in there, by the fourth fiscal quarter, is that fair to say?

所以要明確一點，成本，你仍然覺得成本降低可以——顯然，這些利潤不會高於平均水平，但你覺得你可以進入一個可接受的範圍並在那裡增加產量，通過第四財季，這樣說公平嗎？

I'm not going to predict anything relative to ASPs or margins, but I do feel very confident that our 3D NAND ramp and TLC ramp are as predicted, with the associated cost gains that you would expect, and that we've previously discussed.

我不會預測與 ASP 或利潤率相關的任何事情，但我確實非常有信心，我們的 3D NAND 斜坡和 TLC 斜坡正如預期的那樣，以及您所期望的相關成本收益，以及我們之前討論過的。

Great.

偉大的。

That's very helpful.

這很有幫助。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Mehdi Hosseini of SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Yes, thanks for taking my question.

是的，謝謝你提出我的問題。

Mark, as you look into the second half, especially with the mix shift that's shifting more towards mobile and server DRAM, how should we think about the die penalty, and increased DRAM bits that are coming from your migration to 20-nanometer?

馬克，當你展望下半年，特別是隨著混合轉變更多地轉向移動和服務器 DRAM，我們應該如何考慮芯片損失，以及由於遷移到 20 納米而增加的 DRAM 位？

You do get a better cost decline, but there's also a mix shift that carries a die penalty.

您確實會獲得更好的成本下降，但也有一個混合轉變會帶來死亡懲罰。

And I'm just trying to better understand those dynamics.

我只是想更好地理解這些動態。

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

So you're correct, that some of these new IOs have a die size penalty associated with them.

所以你是對的，其中一些新的 IO 具有與它們相關的裸片尺寸損失。

It's a mix of anywhere between 0% and 8%, 9%, 10%, depending on the density and the form factor.

它是 0% 和 8%、9%、10% 之間的任何地方的混合，具體取決於密度和外形尺寸。

I would say that the mix shift that we see is, yes, we will continue to see, as we move through the year, some increase in the growth in the mix, relative to these mobile IDs.

我想說的是，我們看到的組合轉變是，是的，隨著我們這一年的發展，我們將繼續看到組合的增長相對於這些移動 ID 有所增加。

Generally speaking, we're also going to see growth in the server segment as well.

一般來說，我們也將看到服務器領域的增長。

So generally speaking, we've given you this all-in bit growth guidance of 15% to 25% CAGR over the next couple of years.

所以一般來說，我們已經為您提供了未來幾年復合年增長率為 15% 至 25% 的全面比特增長指導。

And that includes the mix effects that we currently anticipate in our business, and I think we're fairly confident in terms of our ability to understand.

這包括我們目前在業務中預期的混合效應，我認為我們對我們的理解能力相當有信心。

Sure.

當然。

And then, one question for Ernie, as you go through these inventory adjustments, is there any color you can provide on how we should think about the free cash flow?

然後，厄尼的一個問題是，當您進行這些庫存調整時，您是否可以提供任何顏色來說明我們應該如何考慮自由現金流？

I know you don't want to comment on margin, but your working capital requirement is going up.

我知道您不想對保證金發表評論，但您的營運資金要求正在上升。

Should we assume the cash burn is going to decrease or increase from the just reported quarter, or any other color that you can provide?

我們是否應該假設現金消耗將比剛剛報告的季度減少或增加，或者您可以提供任何其他顏色？

If you look at the guidance we provided for F Q2, and what we provided for F Q3, they are not too dissimilar to one another.

如果您查看我們為 F Q2 提供的指南以及我們為 F Q3 提供的指南，它們之間並沒有太大的不同。

And if you look at the CapEx discussion we just had, where we're saying we're still on track to spend about $5 billion.

如果你看看我們剛剛進行的資本支出討論，我們說我們仍然有望花費約 50 億美元。

And clearly, we've reported on the first half of the year in terms of CapEx spend, I think you have all the information you need to understand within a reasonable estimable range, what the cash flow environment will likely look like for the third fiscal quarter.

很明顯，我們已經報告了上半年的資本支出支出，我認為您在合理的可估計範圍內擁有您需要了解的所有信息，第三財年的現金流環境可能會是什麼樣子四分之一。

But you just said that your inventories are going to go higher.

但你剛才說你的庫存會增加。

I'm just -- would that imply that your operating cash is going to be less, compared to the February quarter?

我只是 - 這是否意味著與 2 月季度相比，您的運營現金將會減少？

No, because if you think about the reverse, let's say they weren't going higher.

不，因為如果您考慮相反的情況，假設它們沒有走高。

You would have expected those to sell through into the revenue line, which would have effectively increased the cash flow vis-a-vis the prior quarter.

您會期望這些產品會進入收入線，這將有效地增加與上一季度相比的現金流量。

So the fact that we -- the guidance does really contemplate, if you follow the guide posts I've just provided to you, they'll get you to a pretty good estimate of what is likely to happen on cash flow for the quarter.

因此，我們 - 指導確實考慮了這一事實，如果您遵循我剛剛提供給您的指南帖子，他們將使您對本季度現金流量可能發生的情況有一個很好的估計。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

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

我們的下一個問題來自 Stifel 的 Kevin Cassidy。

Your line is open.

你的線路是開放的。

Thanks for taking my question.

感謝您提出我的問題。

It seems the automotive market has some good growth in it.

汽車市場似乎有一些良好的增長。

Can you give us an idea of what content, what DRAM content can be in the automobile over the years?

您能否告訴我們這些年來汽車中可以包含哪些內容、哪些 DRAM 內容？

Well, I'm probably not -- it varies greatly depending on model obviously.

好吧，我可能不是——顯然，它因型號而異。

You would think in terms of all-in memory growth, and we think it can be up to $90, $100 a car.

你會考慮全內存增長，我們認為它可能高達 90 美元，每輛車 100 美元。

Okay.

好的。

And would this be above corporate average gross margin, or where does it fit in on the gross margin curve?

這是否會高於公司平均毛利率，或者它在毛利率曲線上的哪個位置？

The automotive business has been pretty strong for us.

汽車業務對我們來說非常強勁。

And it's also, we view it as an attractive business, because the sockets are pretty sticky, the lifetimes of the products are longer.

而且，我們認為它是一項有吸引力的業務，因為插座非常粘，產品的使用壽命更長。

And so, from a total return, it's a very positive market for us.

因此，從總回報來看，這對我們來說是一個非常積極的市場。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Rajvindra Gill of Needham & Company.

我們的下一個問題來自 Needham & Company 的 Rajvindra Gill。

Your line is open.

你的線路是開放的。

Yes.

是的。

Thanks for taking my questions.

感謝您提出我的問題。

I'm just trying to get a better understanding of the gross margin guide.

我只是想更好地了解毛利率指南。

I'm trying to reconcile the fact that, as we progress throughout the year, you should be getting higher yields on 20-nanometer, and 20 nanometer should represent a higher percentage of the capacity, yet the margins are coming down 300-odd basis points.

我試圖調和這樣一個事實，隨著我們全年的進展，你應該在 20 納米上獲得更高的產量，而 20 納米應該代表更高百分比的產能，但利潤率正在下降 300 多倍點。

And so, if you could maybe help me reconcile that, the gross margin guide, relative to the cost reductions improving as you go throughout the year, that would be helpful?

因此，如果您可以幫助我調和毛利率指南，相對於您全年成本降低的改善，那會有所幫助嗎？

I think it's very similar to the answer, of one of the earlier questions, which is we are very confident, and provided some pretty clear visibility into what we think is happening with the cost structure.

我認為這與早期問題之一的答案非常相似，我們非常有信心，並且對我們認為成本結構正在發生的事情提供了一些非常清晰的可見性。

And as I said earlier, we all have an assumption set around what's going to happen in the pricing environment.

正如我之前所說，我們都對定價環境中將發生的事情進行了假設。

And so, depending on your assumption about that -- and we certainly have taken a view that suggests that you're going to continue to see some of the pressure that we've seen over the recent quarters.

因此，取決於您對此的假設——我們當然已經採取了一種觀點，表明您將繼續看到我們在最近幾個季度看到的一些壓力。

So the, the gross margin guide is very, very centered around an ASP assumption, versus any doubt about our ability to achieve our cost reductions.

因此，毛利率指南非常非常以 ASP 假設為中心，而不是對我們實現成本降低的能力有任何疑問。

So why would you -- in the second half, calendar second half, what makes you optimistic that the pricing is going to -- or the overall DRAM environment is going to get better, and somehow lead to better DRAM pricing?

那麼為什麼你會——在下半年，日曆下半年，是什麼讓你樂觀地認為定價將會——或者整體 DRAM 環境會變得更好，並以某種方式導致更好的 DRAM 定價？

And along those lines, can you talk a little bit about, why has the pricing been so weak the last several quarters, and why would it somehow abate going forward, if that's the case?

沿著這些思路，你能談談，為什麼過去幾個季度的定價如此疲軟，如果是這樣的話，為什麼它會以某種方式減弱？

I'm not sure I said that I thought it would improve at all.

我不確定我是否說過我認為它會有所改善。

So I don't think I went there.

所以我不認為我去過那裡。

And as a result of that, I think I said we expect to see continued pricing pressure.

因此，我想我說過我們預計會看到持續的定價壓力。

And certainly, if you think about our discussion around our inventory build, and that being in the mobile business, and the mobile typically being at the upper end of the gross margin continuum, rather than the PC segment, it does help explain some of the thinking that went into our gross margin guide for the quarter.

當然，如果您考慮一下我們圍繞庫存構建的討論，以及在移動業務中的討論，而移動通常處於毛利率連續體的高端，而不是 PC 部門，它確實有助於解釋一些認為這進入了我們本季度的毛利率指南。

Just last question, what is the basis of the comment, that you're going to improve your competitive position as you move throughout the second half of 2016?

只是最後一個問題，評論的基礎是什麼，您將在 2016 年下半年移動時提高您的競爭地位？

If, as you just acknowledged that the pricing environment, we don't know what is going to happen -- it could get worse, could get better -- why would your competitive positioning improve in the second half?

如果，正如你剛剛承認的定價環境，我們不知道會發生什麼——它可能會變得更糟，可能會變得更好——為什麼你的競爭地位會在下半年有所改善？

So there is always a mix piece of the equation that may vary from competitor to competitor.

因此，總是存在可能因競爭對手而異的等式混合部分。

But if you set that aside, I think we've outlined that we think our bit growth and our cost downs, particularly in DRAM starting in Q3, and in NAND later in the quarter, are going to be significant relative to what you would expect for an industry average.

但如果你把它放在一邊，我認為我們已經概述了我們認為我們的比特增長和我們的成本下降，特別是在第三季度開始的 DRAM 和本季度晚些時候的 NAND，相對於你的預期將是顯著的為行業平均水平。

And that's really what drives the fundamental equation, relative to relative competitive position, irrespective of what market conditions might look like.

這就是驅動基本方程的真正原因，相對於相對競爭地位，無論市場條件如何。

All right.

好的。

Thank you, sir.

謝謝你，先生。

Thank you.

謝謝你。

Our next question comes from John Pitzer of Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Your question, please?

請問你的問題？

Hi.

你好。

This is Farhan.

這是法爾漢。

I am asking the question on behalf of John.

我代表約翰問這個問題。

Thanks for taking the question.

感謝您提出問題。

My first question is regarding the cost reductions that you just reported for DRAM and NAND.

我的第一個問題是關於您剛剛報告的 DRAM 和 NAND 的成本降低。

It seems like the NAND cost reductions were pretty significant.

NAND成本降低似乎相當顯著。

They came in at 12% quarter-on-quarter, whereas DRAM was somewhat less than what I would have thought, like the cost per bit actually went up.

它們的季度環比增長率為 12%，而 DRAM 比我想像的要低一些，就像每比特成本實際上上升了一樣。

Can you talk about what drove the bit cost reduction in NAND?

您能談談是什麼推動了 NAND 的位成本降低嗎？

And also on DRAM, like why are we not seeing any benefit from the 20-nanometer transition yet?

還有在 DRAM 上，為什麼我們還沒有看到 20 納米過渡帶來的任何好處？

Well, we had significant bit growth in NAND in the quarter, and typically you would expect that cost reduction associated with that.

嗯，我們在本季度的 NAND 有顯著的增長，通常你會期望與此相關的成本降低。

On the DRAM side, while we did, I think, experience a measure of success relative to the progress we made on our 20-nanometer, and the placement of those products with customers, there is a mix impact that is somewhat of a headwind related to the type of memory, and in particular, LPDDR4 and DDR4 versus LPDDR3 and DDR3, that is a headwind relative to bit growth.

在 DRAM 方面，我認為，雖然我們確實取得了一定程度的成功，但與我們在 20 納米技術上取得的進展以及這些產品與客戶的關係相比，存在某種與逆風相關的混合影響內存類型，特別是 LPDDR4 和 DDR4 與 LPDDR3 和 DDR3，這是相對於位增長的逆風。

We will overwhelm that as we move through the next couple of quarters, as we've talked about, but that has been a little bit of a headwind.

正如我們已經談到的那樣，在接下來的幾個季度中，我們將克服這一點，但這有點逆風。

And then, when you layer on top of that some of the inventory growth in high margin products -- or what are higher margin products, typically the mobile piece of the business, that was somewhat of a headwind relative to the cost reduction for DRAM in the current quarter.

然後，當您在高利潤產品的一些庫存增長的基礎上進行分層時 - 或者是利潤率較高的產品，通常是業務的移動部分，相對於 DRAM 的成本降低，這在某種程度上是不利的。當前季度。

Got it.

知道了。

And then one question related to your inventories, like you are holding a little bit longer inventory.

然後是與您的庫存相關的一個問題，例如您持有更長的庫存。

And given that the mix is such a big factor in, like on the mobile side, it seems like it's very specific to the products that you are designed in.

考慮到混合是一個很大的因素，就像在移動端一樣，它似乎非常特定於你設計的產品。

Should we assume like most of the inventory you are holding mostly is going to be in the PC, or can you hold inventory in other segments of the market as well?

我們應該假設您主要持有的大部分庫存將在 PC 中，還是您也可以在市場的其他部分持有庫存？

No.

不。

In particular, the inventory that we're holding has primarily been around timing of product qualifications.

特別是，我們持有的庫存主要圍繞產品認證的時間。

And while there is a mix of different types of products in that inventory, I wouldn't direct you to the compute market in particular.

儘管該庫存中混合了不同類型的產品，但我不會特別將您引向計算市場。

In fact, I would say that the mobile is more significant piece of that.

事實上，我會說手機是其中更重要的部分。

Thank you.

謝謝你。

That's all I had.

這就是我所擁有的。

Let me just add -- additionally, it's -- we're not taking what we think is any significant risk here.

讓我補充一下——另外，它是——我們在這裡沒有承擔我們認為的任何重大風險。

These are products that we have high confidence are going to sell through, and are pretty fungible among customers.

這些是我們非常有信心將通過這些產品進行銷售的產品，並且在客戶中具有相當的可替代性。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Tim Arcuri of Cowen and Company.

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

Your line is open.

你的線路是開放的。

Hi.

你好。

Thanks a lot.

非常感謝。

I had a question on gross margin as well.

我對毛利率也有疑問。

But I guess, I'm just -- I want to make sure I have the right message from what you're saying.

但我想，我只是——我想確保我從你所說的內容中得到正確的信息。

It sounds like that you're saying that, look, from the gross margin guidance, that it would appear that maybe you're not getting the cost downs, but in fact you are.

聽起來你是在說，從毛利率指導來看，看起來你可能沒有降低成本，但實際上你是。

It's just that pricing is basically overwhelming the cost downs in the May quarter.

只是定價基本上壓倒了 5 季度的成本下降。

Is that the message?

那是消息嗎？

We're not going to forecast the May quarter pricing for you (laughter).

我們不會為你預測 5 月季度的定價（笑聲）。

We -- no matter how many different ways we go at it, Tim, unfortunately, we can't tell you that.

我們——無論我們採取多少不同的方式，蒂姆，不幸的是，我們不能告訴你。

But what we can tell you, we're pretty comfortable with our cost downs and our bit growth, being along the lines of what we previously forecast to you, and we're very comfortable with the way everything's progressing in manufacturing.

但是我們可以告訴你的是，我們對我們的成本下降和我們的比特增長非常滿意，這與我們之前對你的預測一致，我們對製造中一切進展的方式非常滿意。

So yes, you've got to take that last little piece, and plug it in yourself.

所以，是的，你必須拿起最後一小塊，然後自己插上。

Yes, and I'd add to that, Tim, that it's important to remember that we've always looked at NAND cost reduction, as more of a Q4 event with DRAM in Q3.

是的，蒂姆，我要補充一點，重要的是要記住，我們一直將 NAND 成本降低視為第三季度與 DRAM 相關的第四季度事件。

And if you, again, couple that with the color we've provided around inventory, and that being predominantly attributable to one of the higher margin segments, I think you'll find that if you triangulate around all of this, it's pretty easy to understand that what we're saying around cost reduction, is in fact reality.

如果您再次將其與我們在庫存周圍提供的顏色相結合，並且主要歸因於利潤率較高的細分市場之一，我想您會發現，如果您圍繞所有這些進行三角測量，很容易了解我們所說的降低成本實際上是現實。

Got it.

知道了。

Thanks, Ernie.

謝謝，厄尼。

And then, just one more.

然後，只有一個。

So can you talk about Inotera?

那麼你能談談Inotera嗎？

May is the first full quarter of the new agreement.

五月是新協議的第一個完整季度。

Of course, you're in the process of buying them, but the market dynamics have changed a lot since you last talked about the impact.

當然，您正在購買它們，但自從您上次談到影響以來，市場動態發生了很大變化。

So can you maybe help us a little bit about handicapping what the impact of the change in the agreement is on the May quarter guidance?

那麼，您能否幫助我們了解一下協議變更對 5 月季度指引的影響？

Sure.

當然。

So obviously, with the change in the market, since the time we've talked about the acquisition, the benefits, whether you assume it's the new arrangement or the full consolidation, are actually more muted.

很明顯，隨著市場的變化，自從我們談到收購以來，無論您認為是新的安排還是全面整合，收益實際上都更加微弱。

We still believe that they are positive, but significantly more muted than the time when we originally announced things.

我們仍然認為它們是積極的，但比我們最初宣布的時候要低得多。

And we would expect from a handicapping point of view, F Q1 would be the first time you'd see the big uplift, and the impacts that we have previously talked about, relative to margin accretion starting in the third quarter, have obviously changed as a result of the change in the market environment.

從阻礙的角度來看，我們預計，F Q1 將是你第一次看到大幅提升，而我們之前談到的影響，相對於從第三季度開始的利潤率增長，顯然已經改變為市場環境變化的結果。

Okay.

好的。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question comes from C.J. Muse of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 C.J. Muse。

Your question, please?

請問你的問題？

Hi.

你好。

This is [Ada] calling in for C.J. I was wondering if you could talk a little bit about the timing of the 1X nano ramp, and also the required CapEx there?

這是 [Ada] 邀請 C.J. 我想知道您能否談談 1X nano 斜坡的時間安排，以及那裡所需的資本支出？

Yes, not a whole lot to communicate on that yet, other than we have started early silicon in the fab in Taichung.

是的，除了我們已經在台中的晶圓廠開始早期的矽片之外，還沒有太多可以交流的東西。

And it's a process that we don't believe will result in any significant volume on 110 -- on what we call 110 series, our 1X nanometer node until we get into 2017.

我們不相信這個過程會在 110 上產生任何顯著的銷量——我們稱之為 110 系列，我們的 1X 納米節點，直到我們進入 2017 年。

Thank you.

謝謝你。

And in terms of the financing for the Inotera acquisition, any updates there?

在收購 Inotera 的融資方面，有什麼更新嗎？

That's moving along as we expected.

這正如我們預期的那樣發展。

So there's no new news from the last time that we shared things publicly.

因此，我們上次公開分享內容時沒有新消息。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from the line of Joe Moore of Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Your line is open.

你的線路是開放的。

Great.

偉大的。

Thank you.

謝謝你。

I wanted to clarify one thing.

我想澄清一件事。

On the slides, it says the capital expenditures is $5.3 billion to $5.8 billion net of the partner contribution.

在幻燈片上，它表示資本支出為 53 億美元至 58 億美元，不包括合作夥伴的貢獻。

Is it still $5 billion net of partner contribution, is that right?

扣除合作夥伴的貢獻後，它仍然是 50 億美元，對嗎？

Yes, it is still $5 billion net of partner contribution.

是的，它仍然是 50 億美元的淨合作夥伴貢獻。

Okay, great.

好，太棒了。

And then with the mobile issue, is that something that you were able to anticipate?

然後是移動問題，這是您能夠預料到的嗎？

Did you know that three months ago, when you talked about the quarter, when you planned the fab, or did that surprise you over the course of the quarter?

您是否知道三個月前，當您談論本季度時，您在計劃晶圓廠時，或者在本季度的整個過程中這是否讓您感到驚訝？

And what happened for like-for-like pricing in the mobile space, outside of that issue?

除了這個問題之外，移動領域的同類定價發生了什麼？

The -- we ended up in a slightly different place, relative to what we sold through relative to mobile.

- 我們最終進入了一個稍微不同的地方，相對於我們通過移動設備銷售的產品。

That is fair to say.

可以這麼說。

Relative to mobile pricing, down mid single-digits in the quarter we finished.

相對於移動定價，在我們完成的季度中下降了中個位數。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Vijay Rakesh of Mizuho.

我們的下一個問題來自瑞穗的 Vijay Rakesh。

Your line is open.

你的線路是開放的。

Yes, hi, guys.

是的，嗨，伙計們。

Just looking at the May quarter, the softness in the gross margin side, when you -- as you ramp your 20-nanometer LPDDR4, once it gets qualified, let's say, and 3D NAND, do you expect the margins to improve once they start shipping?

看看 5 月季度，毛利率方面的疲軟，當你升級 20 納米 LPDDR4 時，一旦它獲得合格，比方說，3D NAND，你是否預計一旦開始利潤率會提高航運？

Obviously, most of it is (inaudible) in inventory now.

顯然，現在大部分都（聽不清）在庫存中。

Can you give us some color there?

你能給我們一些顏色嗎？

We continue to focus around our costs and our cost competitiveness.

我們繼續關注我們的成本和成本競爭力。

We really don't get in the business of forecasting margins, because there's a pricing environment piece of that, which we have very little control over.

我們真的不參與預測利潤率的業務，因為其中有一個定價環境，我們幾乎無法控制。

So we can talk clearly about what we think is going to happen on the cost front.

所以我們可以清楚地談論我們認為在成本方面會發生什麼。

We've done that.

我們已經做到了。

I'm happy to reiterate that, but margins is not something we're in the business of doing.

我很高興重申這一點，但利潤不是我們的業務。

All right.

好的。

And on the 3D NAND side, I guess, just looking at 3D NAND and LPDDR4, what do you expect the mix -- what is the mix here, and where do you see the mix, let's say, by exiting calendar 2016?

在 3D NAND 方面，我想，看看 3D NAND 和 LPDDR4，你對混合的期望是什麼——這裡的混合是什麼，你在哪裡看到混合，比方說，退出日曆 2016 年？

Well, we've talked about being over 50% 3D NAND in the fall.

好吧，我們已經談到在秋季超過 50% 的 3D NAND。

And so, if you want more precision than that, probably not ready to go there yet, other than to say, we continue to be very happy with the way that technology is rolling out in manufacturing.

因此，如果您想要比這更高的精度，可能還沒有準備好去那裡，除了說，我們繼續對技術在製造業中推廣的方式感到非常滿意。

We're very satisfied with the quality, and our ability to apply TLC versions of our 3D NAND, and that will provide an added boost really later in the fall, and into the beginning of 2017.

我們對質量以及我們應用 3D NAND 的 TLC 版本的能力非常滿意，這將在秋季晚些時候和 2017 年初提供額外的提升。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question comes from Justin Li of Robert Baird.

我們的下一個問題來自 Robert Baird 的 Justin Li。

Your line is open.

你的線路是開放的。

Thanks for taking the question.

感謝您提出問題。

This is Justin calling on behalf Tristan Gerra.

這是賈斯汀代表特里斯坦杰拉打電話。

My first question would be, could you share your view on the recent memory investment from China?

我的第一個問題是，您能否分享您對中國近期在內存投資方面的看法？

Well, it's -- I don't think I've got anything really new to say about that.

嗯，這是 - 我認為我對此沒有什麼新的說法。

I think we've said before, that we anticipated that clearly China was interested in being in the memory market, and that they would look for ways to find partners or to grow organically.

我想我們之前說過，我們預計中國顯然對進入內存市場很感興趣，並且他們會尋找尋找合作夥伴或有機增長的方法。

We've now heard about significant investments in organic growth.

我們現在聽說了對有機增長的重大投資。

But we would remind everyone that we believe that there's significant technology hurdles, and intellectual property requirements in terms of being a major player in the memory space.

但我們要提醒大家，我們認為，要成為內存領域的主要參與者，存在重大的技術障礙和知識產權要求。

And we think it's going to be a challenging road for the -- for organic, and it will take some time.

我們認為這對於有機食品來說將是一條充滿挑戰的道路，而且需要一些時間。

Okay.

好的。

Thanks.

謝謝。

My next question is regarding the 3D cross point that you will start to sell next year, which customers are you going to sell to?

我的下一個問題是關於明年你將開始銷售的 3D 交叉點，你打算賣給哪些客戶？

And how much cannibalization do you think it will bring to DRAM and NAND?

您認為它將給 DRAM 和 NAND 帶來多少蠶食？

Yes.

是的。

It's -- well, first of all, you're right.

這是——嗯，首先，你是對的。

This year we're in enablement mode, and we're working with a number of different end market segments.

今年我們處於啟用模式，我們正在與許多不同的終端市場部門合作。

Some customers in -- have significant interest in mobile.

一些客戶——對移動有很大的興趣。

Some customers in enterprise for Big Data applications, some in mobile for low-power, some of the low-power benefits.

有些客戶在企業中為大數據應用，有些在移動中為低功耗，有些為低功耗的好處。

Early on, as we ramp this technology, we expect cannibalization to be low to zero.

早期，隨著我們推廣這項技術，我們預計自相殘殺率將降至零。

Over time, as the technology matures and drives to significantly higher volumes, I would expect some of that volume to come out of what otherwise would have been DRAM, and maybe even eventually what otherwise would have been other types of non-volatile memory.

隨著時間的推移，隨著技術的成熟並推動顯著更高的容量，我預計其中一些容量將來自原本屬於 DRAM 的容量，甚至最終可能來自其他類型的非易失性存儲器。

But generally speaking, this is a differentiated technology that will grow the size of the overall memory market at least over the next two, three, four years.

但總的來說，這是一項差異化技術，至少在未來兩、三、四年內將擴大整個內存市場的規模。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Jagadish Iyer of Redstone.

我們的下一個問題來自 Redstone 的 Jagadish Iyer。

Your line is open.

你的線路是開放的。

Yes, thanks for taking my question.

是的，謝謝你提出我的問題。

Two questions, Mark.

兩個問題，馬克。

First, on the -- you heard on the DRAM side, the bit growth was substantially less in the last quarter.

首先，在你聽說的 DRAM 方面，上個季度的位增長要小得多。

And you did say that in the fiscal third quarter, you are going to have a significant [chunk of it].

而且您確實說過，在第三財季，您將擁有大量[大塊]。

What gives you the confidence that you're going to be ramping successfully on that, given that the -- historically, that you've had some challenges on that?

考慮到歷史上你在這方面遇到過一些挑戰，是什麼讓你有信心在這方面取得成功？

Can you just elaborate your conviction level, on what kind of step-up on the bit growth are we going to see in the second half, between calendar third quarter and fourth quarter, and then in 2017?

您能否詳細說明您的信念水平，我們將在下半年（日曆第三季度和第四季度之間，然後在 2017 年）看到什麼樣的比特增長？

Yes.

是的。

So we don't give you bit growth projections for either production or sales anymore, since we're now guiding all the financial numbers.

因此，我們不再為您提供生產或銷售的增長預測，因為我們現在正在指導所有財務數據。

But I think that the broader interpretation of your question is, why are we confident we're going to have the bit growth that we're baking into our models?

但我認為你的問題的更廣泛的解釋是，為什麼我們有信心我們會在我們的模型中得到一點增長？

And the answer there is, we're now a month into the quarter.

答案是，我們現在已經進入本季度一個月了。

So a significant part of the output is already out, and another significant part of the output is already running in the fab.

因此，很大一部分輸出已經完成，而另一重要部分輸出已經在晶圓廠中運行。

We've seen a month of yield data already.

我們已經看到了一個月的收益率數據。

And I would just reinforce what we said on our last Analyst Day presentation that the ramp is really -- at that time was, and continues to outperform any previous new technology ramp in terms of yield maturity.

我只想強調我們在上一次分析師日演講中所說的話，即在收益率成熟度方面，斜坡確實 - 當時是並且繼續優於任何以前的新技術斜坡。

And so, we just really like the way it's going.

所以，我們真的很喜歡它的發展方式。

We're seeing strong progress in two fabs in parallel, and we're highly confident that we're going to deliver on the bit growth, and associated cost improvements that we forecast to you previously.

我們看到兩個晶圓廠同時取得了強勁的進展，我們非常有信心實現我們之前向您預測的比特增長以及相關的成本改進。

Okay.

好的。

Just on the cost reduction, how should we be thinking about in terms of, is it going to be -- how -- is there cost reduction for 20-nanometer going to be different from the cost reduction on the 25-nanometer?

就降低成本而言，我們應該如何考慮，20 納米的成本降低是否會與 25 納米的成本降低不同？

Can you just elaborate on that part?

你能詳細說明那部分嗎？

Or is it going to be similar?

還是會相似？

Well, what we've said is that over a -- the CAGR that we provided which is 2016 and 2017, that we are looking at somewhere in the realm of 25% cost downs versus 20-nanometer.

好吧，我們所說的是，在我們提供的 2016 年和 2017 年的複合年增長率上，我們正在考慮將成本降低 25% 與 20 納米相比。

That's more of a cash cost down.

這更多的是降低了現金成本。

And that if you take total costs all-in including depreciation, which we will encounter to a higher degree, a 20-nanometer versus what we encountered at 25-nanometer, we're looking at somewhere between 15% and 25%.

如果你把總成本包括折舊在內，我們會遇到更高程度的折舊，20 納米與我們在 25 納米遇到的相比，我們正在尋找 15% 到 25% 之間的某個地方。

So it will -- obviously, in the early days, it will be less.

所以它會 - 顯然，在早期，它會更少。

But as we get and ramp to mature yields, you'll expect to see somewhere right in the center of that range.

但隨著我們獲得併逐步提高成熟收益率，您會期望看到該範圍的中心位置。

Okay.

好的。

Thank you so much.

太感謝了。

Thank you.

謝謝你。

Our next question comes from Steven Chin of UBS.

我們的下一個問題來自瑞銀的 Steven Chin。

Great.

偉大的。

Thanks for taking my questions.

感謝您提出我的問題。

Had a couple on NAND flash, if I could.

如果可以的話，有幾個在 NAND 閃存上。

First is, I just wanted to review real quick the cost reduction strategy for SSD products, in particular, as (inaudible) mentioned TLC.

首先，我只是想快速回顧一下 SSD 產品的成本降低策略，特別是（聽不清）提到的 TLC。

I just wanted to make sure, is that TLC 3D NAND, or were you referring to 2D planer TLC as well as part of the lower cost NAND that's going to go into SSD [later] this year?

我只是想確定一下，是 TLC 3D NAND，還是您指的是 2D 平面 TLC 以及今年晚些時候將進入 SSD 的低成本 NAND 的一部分？

So we have planer TLC NAND in the marketplace today.

所以我們今天在市場上有刨床TLC NAND。

But I think we commented earlier that the SSD, the client SSD and consumer SSD market has been fairly challenged from a pricing perspective.

但我認為我們之前評論過，SSD、客戶端 SSD 和消費級 SSD 市場從定價的角度來看受到了相當大的挑戰。

And so, we've been measured in terms of how we approach that end market.

因此，我們一直在衡量我們如何接近最終市場。

I think the more important thing is that, yes, we believe that as we move to 3D NAND, a very significant percentage of our output will eventually become 3D, and that just drives a significant cost reduction above and beyond the conversion to 3D itself.

我認為更重要的是，是的，我們相信隨著我們轉向 3D NAND，我們的輸出中很大一部分最終將變為 3D，而這只會推動成本顯著降低，而不僅僅是轉換為 3D 本身。

Got it.

知道了。

Thanks, Mark.

謝謝，馬克。

And just as my follow-up, for the gen 2-3D NAND process that you mentioned will be going into -- going through the fabs a little bit later this summer, can you comment on whether the tool set for this gen 2 will be identical to gen 1 that's you're already outfitting in your fabs, or will it require some incremental spending on top of that?

就像我的後續行動一樣，對於你提到的 2-3D NAND 工藝，今年夏天晚些時候會通過晶圓廠，你能評論一下這個 gen 2 的工具集是否會是與第一代相同，您已經在您的晶圓廠中進行了裝備，或者它是否需要在此基礎上增加一些支出？

Thanks.

謝謝。

So we actually already have gen 2 in a manufacturing fab.

所以我們實際上已經在製造工廠中擁有了第 2 代產品。

What I commented on, was that we would start early production in the summer.

我評論的是，我們將在夏天開始早期生產。

So we have -- we actually have product running through a manufacturing fab today on gen 2, and obviously, like the way that's going as well.

所以我們有 - 我們實際上有產品在今天的第 2 代製造工廠運行，顯然，就像現在的方式一樣。

As to the equipment set, it's not identical, but it is similar equipment.

至於裝備，不是完全一樣的，而是類似的裝備。

In some cases, more of it, but very, very similar tools.

在某些情況下，更多，但非常非常相似的工具。

Got it.

知道了。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Romit Shah of Nomura.

我們的下一個問題來自野村證券的 Romit Shah。

Your question, please?

請問你的問題？

Yes, thanks.

對了謝謝。

Just back to inventories, it just seems from my perspective that unless demand gets a lot better, pricing is going to continue to be weak until Micron and the DRAM industry overall cuts production.

回到庫存，在我看來，除非需求好轉很多，否則定價將繼續疲軟，直到美光和 DRAM 行業整體減產。

So my question is, what will it take for that to happen?

所以我的問題是，發生這種情況需要什麼？

We don't have any plans to cut production today (multiple speakers) you could talk, you could see if others do.

我們今天沒有任何減產計劃（多個揚聲器）你可以說，你可以看看其他人是否這樣做。

I don't know.

我不知道。

Is your point that it's got to come from the market share leader first?

你的觀點是它必須首先來自市場份額領導者嗎？

Well, I think -- well, first of all, we're not going to do it unless we see negative cash margins, because we haven't added any incremental capacity.

好吧，我認為 - 首先，除非我們看到負現金利潤率，否則我們不會這樣做，因為我們沒有增加任何增量產能。

And we think we would be foolish to be the first ones to take capacity off, given that fact set.

鑑於這一事實，我們認為我們成為第一個取消產能的人是愚蠢的。

Yes.

是的。

It's important to remember how much of our cost structure is fixed.

重要的是要記住我們的成本結構有多少是固定的。

And so, to Mark's point, as long as we're getting a contribution to that cost structure, that fixed cost structure, it's a really ill-advised move to be unilaterally cutting production.

因此，就馬克的觀點而言，只要我們對這種成本結構、固定成本結構做出貢獻，單方面減產就是一個非常不明智的舉動。

So the other thing I think, just to temper the assumption in your question, DRAM CapEx is going to be down about 30% this year.

所以我認為另一件事，只是為了緩和你問題中的假設，今年 DRAM 資本支出將下降約 30%。

So I don't think it's necessarily all doom and gloom.

所以我認為這不一定都是厄運和悲觀。

As we look at what we think supply growth is going to be going forward, and what we think demand growth is segment by segment, we already gave you our opinion, which is it's going to take a little bit of time, but we think that this is going to be a healthy environment again.

當我們看到我們認為供應增長將向前發展，以及我們認為需求增長是逐段增長時，我們已經給出了我們的意見，這需要一點時間，但我們認為這將再次成為一個健康的環境。

The prevailing view a year ago, was that all the players in the DRAM industry were focused on maximizing profits.

一年前的主流觀點是，DRAM 行業的所有參與者都專注於利潤最大化。

But today, the focus seems to be on market share.

但今天，重點似乎是市場份額。

Mark, maybe you could just give us your perspective on what you think is happening in terms of competitive dynamics?

馬克，也許你可以就你認為在競爭動態方面正在發生的事情給我們你的看法？

Yes, our focus isn't on market share.

是的，我們的重點不是市場份額。

Our focus is on making sure that we have deployed equivalent advanced technology, at least equivalent advanced technology to our competitors, so we that are not incentivizing others to play for market share.

我們的重點是確保我們部署了與競爭對手同等的先進技術，至少是與競爭對手同等的先進技術，因此我們不會激勵其他人爭奪市場份額。

And we think that that's really just a prudent thing to do as managers of our business.

我們認為，作為我們業務的經理，這確實是一件謹慎的事情。

That we should make sure that we're putting in place efficient manufacturing production capacity, and that's what we're very, very focused on.

我們應該確保我們建立高效的製造生產能力，這就是我們非常非常關注的事情。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Ian Ing of 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.

是的。

Thank you.

謝謝你。

So in your prepared comments, you talked about early signs of a demand recovery in China.

因此，在您準備好的評論中，您談到了中國需求復甦的早期跡象。

Could you talk more about that?

你能多談談嗎？

I'm assuming it excludes mobile, given some of the qualification issues.

考慮到一些資格問題，我假設它不包括移動設備。

Yes, that comment was really specific to the networking segment of our CNBU business.

是的，該評論確實是針對我們 CNBU 業務的網絡部分的。

And we're starting to see a little bit more activity there, maybe early parts of next generation infrastructure roll out.

我們開始看到那裡有更多的活動，也許下一代基礎設施的早期部分已經推出。

We would expect that to continue for a number of years.

我們預計這種情況會持續數年。

So largely networking then, okay.

那麼很大程度上是網絡，好吧。

My follow-up is expectations for DRAM bit growth in FY17, under 20%.

我的後續是對 FY17 DRAM 位增長的預期，低於 20%。

Has that thinking changed since the Analyst Day, because you did provide that two-year CAGR, 20% to 30% over two years.

自分析師日以來，這種想法是否發生了變化，因為您確實提供了兩年的複合年增長率，兩年內 20% 到 30%。

Do we go to the low end of the range, or could you go under that?

我們會進入範圍的低端，還是你能低於這個範圍？

No.

不。

We still think that the range that we provided is accurate over that time frame.

我們仍然認為我們提供的範圍在那個時間範圍內是準確的。

The industry, we think will be less than 20%, in terms of industry bit growth.

就行業位增長而言，我們認為該行業將低於 20%。

Thanks for the clarification.

感謝您的澄清。

So you're implying you could outgrow in FY17, outgrow the industry?

所以你的意思是你可以在 2017 財年超越行業，超越行業？

That's as a result of deploying advanced technology, not adding wafers, or targeting some specific market share.

這是因為部署了先進技術，而不是添加晶圓，或者針對某些特定的市場份額。

Okay.

好的。

Thank you.

謝謝你。

And, operator, it looks like we've got one more question, then we'll be done.

而且，接線員，看起來我們還有一個問題，然後我們就完成了。

Yes, sir.

是的先生。

And that question comes from the line of Nilay Mehta of [KLS].

這個問題來自 [KLS] 的 Nilay Mehta。

Your line is open.

你的線路是開放的。

Hey, guys.

大家好。

Thanks for taking the question, a few for me.

感謝您提出問題，我有幾個。

First, on the end market, it seems like PCs were pretty weak in the first quarter, just from all the data points.

首先，在終端市場上，從所有數據來看，第一季度的 PC 似乎相當疲軟。

It seems like that came through your numbers.

好像是通過你的數字來的。

Just want to see what you guys are thinking going forward, and what you guys are seeing from customers on the PC side.

只是想看看你們在想什麼，以及你們從 PC 端的客戶那裡看到了什麼。

And also on the mobile side, it sounds like you guys have some inventory build.

而且在移動端，聽起來你們已經建立了一些庫存。

Just want to get a little bit of color on what caused that inventory build, and how you guys see that playing out?

只是想了解導致庫存增加的原因，以及你們如何看待這種情況？

And then my last question is on the Inotera financing.

然後我的最後一個問題是關於 Inotera 的融資。

You say there's no updates.

你說沒有更新。

But given where your stock is right now, would you contemplate doing the equity portion in debt given, again, where your stock price is now, and the amount of shares you guys would have to issue to finance that $1 [million] piece?

但是考慮到你現在的股票在哪裡，你會考慮在債務中做股權部分嗎？再一次，你的股價現在在哪裡，以及你們必鬚髮行的股票數量來為那 1 [00 萬美元] 的股票融資？

Thanks.

謝謝。

All right.

好的。

So I'll take the first two, and then I'll let Ernie come back to the Inotera financing.

所以我會拿前兩個，然後我會讓 Ernie 回到 Inotera 融資。

Relative to PCs, yes, it continues to be weak.

相對於 PC，是的，它仍然很弱。

We think it maybe down mid single-digits for the year.

我們認為它可能會在今年下降中個位數。

DRAM content may be up about 10% for the year.

DRAM 含量今年可能增長約 10%。

We're not expecting any big things out of PC demand, when we give you our view as to the demand growth for the year across all the various segments.

當我們向您展示我們對今年所有各個領域的需求增長的看法時，我們並不期望 PC 需求有任何大的變化。

But once you get outside of PCs growing obviously slower than overall market supply for DRAM, and mobile growing maybe right around the market supply for DRAM, you got all of these other segments that we think will outstrip supply growth, servers, automotive, et cetera, et cetera.

但是，一旦你擺脫了個人電腦的增長明顯慢於 DRAM 的整體市場供應，而移動設備的增長可能正好圍繞 DRAM 的市場供應，你就會得到我們認為將超過供應增長的所有其他細分市場、服務器、汽車等，等等。

So generally speaking, we do believe that in aggregate, things are going to take care of themselves.

所以一般來說，我們確實相信，總的來說，事情會自己解決的。

Relative to mobile inventory, again, it's primarily -- there's a mix of things in inventory.

再次，相對於移動庫存，它主要是——庫存中有各種各樣的東西。

But we did indicate that, yes, a chunk of it is mobile.

但我們確實表明，是的，其中很大一部分是移動的。

And a lot of that just revolves around timing and product qualifications that we have high confidence in.

其中很多都與我們高度信任的時間和產品資格有關。

We're just building inventory in advance of those qualifications, and so that we're prepared to ship that product out, when the qualifications come through.

我們只是在獲得這些資格之前建立庫存，以便我們準備在資格通過時將該產品運送出去。

And Ernie, do you want to take Inotera?

還有厄尼，你想帶伊諾特拉嗎？

Sure.

當然。

Again, similar to what we said before, we're looking at a wide variety of options for that remaining $1 billion.

同樣，與我們之前所說的類似，我們正在為剩餘的 10 億美元尋找多種選擇。

And as the time to close approaches, we'll be looking at the alternatives that make the most sense to us, given where we are at the time.

隨著關閉時間的臨近，鑑於我們當時所處的位置，我們將尋找對我們最有意義的替代方案。

All right.

好的。

I want to thank everyone for their participation on the call today, and for their continued interest in Micron.

我要感謝大家參加今天的電話會議，感謝他們對美光的持續關注。

Obviously, I'm still bullish on the memory industry.

顯然，我仍然看好內存行業。

I like the way we're executing.

我喜歡我們的執行方式。

And with that, I'm going to turn it back over to Ivan to close us up.

有了這個，我將把它交給伊万來關閉我們。

Thanks, Mark.

謝謝，馬克。

If you'll just bear with me, I have to reread the Safe Harbor language real quickly.

如果你能忍受我，我必須盡快重新閱讀安全港語言。

I need to -- let's see.

我需要——讓我們看看。

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，我們可能對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，以及所有其他可能在電話會議上做出的非歷史事實的陳述，都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 again.

再次感謝你。

Thank you.

謝謝你。

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

今天的美光科技 2016 年第二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。