美光科技 (MU) 2016 Q3 法說會逐字稿

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

在此，歡迎大家參加美光科技2016年第三季度財務發布電話會議。

(Operator Instructions)

（操作員說明）

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, Karen, and welcome to Micron Technology's third quarter 2016 financial release conference call.

謝謝你，Karen，歡迎來到美光科技 2016 年第三季度財務發布電話會議。

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

今天與我通話的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 being webcast from our Investor Relations website at investors.

本次電話會議（包括音頻和幻燈片）也將通過我們的投資者關係網站在投資者處進行網絡直播。

Micron.com.

美光網。

In addition, our website contains the earnings press release filed a short while ago and supplemental information including quarterly operational and financial metrics and guidance, GAAP to non-GAAP reconciliations, slides used during today's conference call and a convertible debt and cap call dilution table.

此外，我們的網站包含不久前提交的收益新聞稿和補充信息，包括季度運營和財務指標和指導、GAAP 與非 GAAP 對賬、今天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。

Today's call will be approximately 60 minutes in length.

今天的通話時間約為 60 分鐘。

A webcast replay will be available on our website for one year.

我們的網站將提供為期一年的網絡廣播重播。

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視我們的網站 Micron.com，以獲取有關公司的最新信息，包括我們將參加的各種財務會議的信息。

You can also follow us on Twitter @MicronTech.

您也可以在 Twitter @MicronTech 上關注我們。

As a reminder, the matters we will be discussing today include forward-looking statements based on the environment as we currently see it.

提醒一下，我們今天將討論的事項包括基於我們目前所看到的環境的前瞻性陳述。

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today.

這些前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與今天的陳述存在重大差異。

We refer you to the documents the Company filed with the SEC, specifically our most recent Form 10-K and Form 10-Q for a complete discussion of these important risk factors and other risks that may affect our future results.

我們建議您參閱公司向 SEC 提交的文件，特別是我們最近的 10-K 表格和 10-Q 表格，以完整討論這些重要風險因素和可能影響我們未來業績的其他風險。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level 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 today's date to conform these statements to actual results.

我們沒有義務在今天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.

我現在將把電話轉給馬克。

Thanks, Ivan.

謝謝，伊万。

For fiscal Q3 2016, Micron posted total revenue of $2.9 billion, with gross margin of 17%, a non-GAAP net loss of $79 million and a non-GAAP loss of $0.08 per share, all within our guided range.

2016 財年第三季度，美光公佈的總收入為 29 億美元，毛利率為 17%，非美國通用會計準則淨虧損 7900 萬美元，非美國通用會計準則每股虧損 0.08 美元，均在我們的指導範圍內。

Operating cash flow was $389 million.

經營現金流為 3.89 億美元。

Top line results were primarily impacted by continued weakness in the PC segment and the mobile qualifications we discussed last quarter.

頂線業績主要受到 PC 市場持續疲軟和我們上季度討論的移動資格的影響。

With recent data points indicating some improvement in channel pricing, an expectation of finalizing our mobile qualifications and continued progress on our technology and operational milestones, we remain confident about our opportunities.

隨著最近的數據點表明渠道定價有所改善，預計最終確定我們的移動資格以及我們的技術和運營里程碑的持續進步，我們對我們的機會仍然充滿信心。

Today, I'd like to provide a brief overview of our progress in each of the businesses and Ernie will cover other business unit performance details.

今天，我想簡要介紹一下我們在每項業務中的進展，Ernie 將介紹其他業務部門的績效細節。

In our compute and networking business unit, we returned to revenue growth despite pricing pressure in the client segment.

在我們的計算和網絡業務部門，儘管客戶部門面臨定價壓力，我們仍恢復了收入增長。

This was driven by the ongoing ramp of our 20-nanometer products, which exceeded 25-nanometer shipments on a bit basis for the first time.

這是由我們 20 納米產品的持續增長推動的，該產品的出貨量首次超過 25 納米。

We enjoy continued 20-nanometer qualifications across all CNB market segments lead by our 8-gigabit DDR4 product in enterprise, cloud and client.

我們在企業、雲和客戶端中的 8 千兆位 DDR4 產品引領的所有 CNB 細分市場都享有持續的 20 納米資格。

In May, NVIDIA launched the world's fastest consumer graphics card designed with Micron's GDDR5X.

5 月，NVIDIA 推出了採用美光 GDDR5X 設計的世界上最快的消費級顯卡。

We are excited about the prospects for this high performance memory product.

我們對這種高性能內存產品的前景感到興奮。

In enterprise and cloud, we saw initial customer announcements based on our NVDIMM product offering with high performance persistent memory.

在企業和雲中，我們看到了基於我們提供高性能持久內存的 NVDIMM 產品的初步客戶公告。

Turning to our mobile business unit, our results continue to be impacted by the timing of product qualifications as we transition customers to 20-nanometer versions of LPDDR4.

談到我們的移動業務部門，我們的業績繼續受到產品認證時間的影響，因為我們將客戶過渡到 20 納米版本的 LPDDR4。

We have successfully concluded some of the delayed qualifications that we discussed last quarter and we anticipate finalizing the remainder during fiscal Q4.

我們已經成功地完成了我們上個季度討論的一些延遲資格，我們預計在第四財季完成剩餘的資格。

We are ramping the output of these products throughout the quarter and into fiscal Q1 2017.

我們將在整個季度和 2017 財年第一季度增加這些產品的產量。

We anticipate continued demand growth in mobile market in the fourth quarter in terms of both NAND and LPDRAM.

我們預計第四季度移動市場對 NAND 和 LPDRAM 的需求將持續增長。

In our embedded business unit, the automotive segment delivered record revenue driven by volume increases in DDR3 and increasing density mix in the e.MMC.

在我們的嵌入式業務部門中，汽車部門在 DDR3 的銷量增長和 e.MMC 中不斷增加的密度組合的推動下實現了創紀錄的收入。

Design activity remains strong with recent qualifications of automotive consumer and connected home applications.

隨著最近汽車消費和聯網家庭應用的認證，設計活動依然強勁。

In the consumer MCP business, we saw some recovery that we expect to continue into fiscal Q4, aligning with seasonal demand.

在消費者 MCP 業務中，我們看到一些復甦，預計將持續到第四財季，與季節性需求保持一致。

Finally, our storage business unit is in the midst of refreshing its SSD portfolio with a higher capacity 3D NAND memory technology.

最後，我們的存儲業務部門正在使用更高容量的 3D NAND 內存技術更新其 SSD 產品組合。

We also introduced Micron Accelerated Solutions, which are enabled by our enterprise SSDs and advanced DRAM, integrating compute and storage to improve efficiency and performance in a variety of storage applications.

我們還推出了由我們的企業 SSD 和高級 DRAM 支持的美光加速解決方案，它集成了計算和存儲，以提高各種存儲應用的效率和性能。

And we announced our new 110 SATA client SSDs leveraging triple level cell 3D NAND for class-leading performance and power efficiency.

我們還發布了全新的 110 SATA 客戶端 SSD，它利用三層單元 3D NAND 實現一流的性能和能效。

To summarize, our leading edge technology deployment continues to progress throughout manufacturing for both DRAM and NAND and we are on track with our bit growth and cost reduction targets.

總而言之，我們的領先技術部署在 DRAM 和 NAND 的整個製造過程中繼續取得進展，我們正在實現我們的比特增長和成本降低目標。

We believe the combination of new products with more efficient manufacturing on advanced nodes will drive improvement in our competitive position in the rest of 2016 and beyond.

我們相信，新產品與先進節點上更高效製造的結合將推動我們在 2016 年剩餘時間及以後的競爭地位得到改善。

Turning to the memory industry more generally, we believe that the DRAM industry supply growth will be in the low to mid-20% range in 2016, which is consistent with our prior commentary.

更廣泛地轉向內存行業，我們認為 2016 年 DRAM 行業的供應增長將在 20% 的中低水平，這與我們之前的評論一致。

If wafer output declines in the latter half of the year as some parties have forecast, we would expect to exit the year on a slower run rate and 2017 bit supply growth could be in the mid to high teens.

如果下半年晶圓產量如一些方預測的那樣下降，我們預計今年將以較慢的運行速度退出，2017 年位供應增長可能處於中高水平。

This compares to our long-term bit demand forecast in the low to mid 20% range.

相比之下，我們的長期鑽頭需求預測在 20% 到中低位。

The significant improvements we're seeing in channel pricing are not currently impacting other segments and as a result, we continue to take a conservative view of the market environment.

我們在渠道定價方面看到的重大改進目前並未影響其他細分市場，因此，我們繼續對市場環境持保守看法。

For NAND, we estimate 2016 industry bit supply growth in the mid-30% to low 40% range, with a similar range in 2017 as early 3D conversions create some temporary supply constraints.

對於 NAND，我們估計 2016 年行業位元供應增長在 30% 到 40% 的中間範圍內，2017 年的範圍類似，因為早期的 3D 轉換造成了一些暫時的供應限制。

Over the last several quarters, we've experienced strong demand coupled with aggressive pricing as suppliers have been driving to increase penetration rates and densities.

在過去幾個季度中，我們經歷了強勁的需求以及激進的定價，因為供應商一直在推動提高滲透率和密度。

Similar to DRAM, the current channel pricing environment appears to be improving but is not yet significantly impacted across other segments.

與 DRAM 類似，當前的渠道定價環境似乎正在改善，但尚未對其他細分市場產生顯著影響。

Our long-term bit demand forecast is in the low 40% range as lower costs and higher performance 3D NAND solutions enter the market.

隨著成本更低、性能更高的 3D NAND 解決方案進入市場，我們的長期比特需求預測處於 40% 的低位。

From an operations perspective, Micron remains focused on a few key priorities.

從運營的角度來看，美光仍然專注於幾個關鍵優先事項。

For DRAM, we successfully achieved our targeted 20-nanometer crossover during fiscal Q3, and also enabled our 1x node in manufacturing.

對於 DRAM，我們在第三財季成功實現了目標 20 納米交叉，並在製造中啟用了我們的 1x 節點。

We expect to ramp 1x-nanometer DRAM in volume starting in 2017.

我們預計從 2017 年開始量產 1 納米 DRAM。

We are still forecasting Micron's FY16 and FY17 DRAM bit growth in the 20% to 30% range, which is likely above the market.

我們仍預測美光 2016 財年和 2017 財年的 DRAM 位增長在 20% 至 30% 的範圍內，這可能高於市場。

We achieved 22% bit growth in fiscal Q3, and expect even stronger bit growth in Q4.

我們在第三財季實現了 22% 的比特增長，並預計第四季度的比特增長會更加強勁。

In light of current market conditions, we have no plans to add DRAM wafer capacity.

鑑於目前的市場情況，我們沒有增加 DRAM 晶圓產能的計劃。

As noted above, we are migrating to advanced technology nodes in order to achieve cost reductions and adjust higher density designs for mobile, cloud and enterprise segments.

如上所述，我們正在遷移到先進的技術節點，以降低成本並為移動、雲和企業領域調整更高密度的設計。

For NAND, we continue to make great progress on our Gen-1 3D NAND and are reaching maturity yields ahead of expectations.

對於 NAND，我們繼續在 Gen-1 3D NAND 上取得巨大進展，並且正在達到超出預期的成熟良率。

We still expect to achieve 3D bit crossover by this fall, which will allow us to take advantage of the cost benefits that this technology provides.

我們仍然希望在今年秋天之前實現 3D 位交叉，這將使我們能夠利用這項技術提供的成本優勢。

Our second generation 3D product is also on track with initial production this quarter.

我們的第二代 3D 產品也在本季度開始生產。

Equally exciting is that we expect TLC to be the majority of our 3D bit output within the next few quarters.

同樣令人興奮的是，我們預計 TLC 將在未來幾個季度內成為我們 3D 位輸出的主要部分。

In aggregate, we are forecasting Micron's FY16 and FY17 NAND bit growth in the 30% to 40% range.

總體而言，我們預測美光 2016 財年和 2017 財年的 NAND 位增長在 30% 至 40% 的範圍內。

We expect to be somewhat below the market in 2016, and somewhat above the market in 2017.

我們預計 2016 年會略低於市場，2017 年會略高於市場。

TLC enabled 3D NAND technology is a big step forward and a significant driver relative to the progress we expect to make in our NAND business.

啟用 TLC 的 3D NAND 技術是向前邁出的一大步，相對於我們預期在 NAND 業務中取得的進展而言，這是一個重要的推動力。

This technology progress must be complemented by enabling product solutions for key storage and mobile segments.

這一技術進步必須通過支持關鍵存儲和移動領域的產品解決方案來補充。

We've outlined our storage product road map, which includes our recently announced client SSDs, followed by cloud drives later this year and enterprise solutions early next year.

我們已經概述了我們的存儲產品路線圖，其中包括我們最近發布的客戶端 SSD，隨後是今年晚些時候的雲驅動器和明年初的企業解決方案。

We're also evaluating a number of mobile product opportunities for 3D NAND in 2017.

我們還在評估 2017 年 3D NAND 的一些移動產品機會。

Relative to 3D XPoint, we're working with market enablers across a number of market segments and continue to believe this innovative technology will be a strong contributor to Micron's future success with revenue in 2017 and beyond.

相對於 3D XPoint，我們正在與多個細分市場的市場推動者合作，並繼續相信這項創新技術將成為美光未來在 2017 年及以後的收入取得成功的重要貢獻者。

Micron has a committed focus on the deployment of advanced technology to drive manufacturing efficiency and enable innovative new products for our customers.

美光致力於部署先進技術，以提高製造效率並為我們的客戶提供創新的新產品。

While we haven't finalized our FY17 business plan, we are approaching that plan with prudence and conservatism and carefully reviewing our capital investments and projected operating cash flows to ensure the appropriate balance.

雖然我們尚未最終確定我們的 FY17 業務計劃，但我們正在以審慎和保守的態度接近該計劃，並仔細審查我們的資本投資和預計的運營現金流以確保適當的平衡。

Now, I'd like to turn it over to Ernie.

現在，我想把它交給厄尼。

Thanks, Mark.

謝謝，馬克。

I'll start off by sharing technology and business unit details and circle back to the overall Company results for the quarter, followed by the guidance for the fiscal fourth quarter.

我將首先分享技術和業務部門的詳細信息，然後回到公司本季度的整體業績，然後是第四財季的指導。

DRAM represented 60% of our total revenue with the following segmentation.

DRAM 占我們總收入的 60%，細分如下。

Mobile was in the mid-20% range, the PC segment represented about 25%, 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.

移動在 20% 的中間範圍內，PC 部分約佔 25%，服務器業務在 20% 的低位範圍內，包括網絡、圖形、汽車和其他嵌入式技術在內的專用 DRAM 處於高位 20 ％ 範圍。

In our non-volatile memory business, trade revenue represented 31% 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 31%，細分如下。

Consumer, which includes memory cards, USB and components, represented about 55%.

包括存儲卡、USB 和組件在內的消費者約佔 55%。

Mobile and SSDs each represented approximately 13% and as a reminder, eMCPs are accounted for in the mobile segment.

移動和 SSD 各佔約 13%，提醒一下，eMCP 佔移動部分。

The automotive, industrial multi-market and other embedded applications were in the high teens percent range.

汽車、工業多市場和其他嵌入式應用在百分之十幾的範圍內。

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。

Micron's compute and networking business unit posted fiscal Q3 revenue of $1.09 billion, up 4% from the previous quarter, primarily driven by our 20-nanometer shipment growth across all segments and partially offset by lower average selling prices.

美光的計算和網絡業務部門公佈的第三財季收入為 10.9 億美元，比上一季度增長 4%，這主要得益於我們在所有領域的 20 納米出貨量增長，並部分被較低的平均售價所抵消。

Our non-GAAP operating loss was $63 million or 6% of revenue.

我們的非 GAAP 經營虧損為 6300 萬美元，佔收入的 6%。

In the enterprise segment, demand for our 20-nanometer 32-gigabit DDR4 RDIMM was driven by the launch of Intel's latest server platform.

在企業領域，英特爾最新服務器平台的推出推動了對我們 20 納米 32 千兆位 DDR4 RDIMM 的需求。

We also saw solid growth in the cloud segment with continued transition to DDR4.

隨著繼續向 DDR4 過渡，我們還看到雲領域的穩健增長。

In graphics, we saw strong growth driven by our GDDR5 and GDDR5X products and are approaching a seasonally strong period for graphics applications including virtual reality and expect good performance from this segment for the next quarter.

在圖形方面，我們看到 GDDR5 和 GDDR5X 產品推動了強勁的增長，並且正在接近包括虛擬現實在內的圖形應用的季節性強勁時期，並預計下一季度該細分市場將有良好的表現。

In networking, our business was somewhat flat, however we made significant progress enabling our 20-nanometer products and also announced our eUSB 3.0 solution.

在網絡方面，我們的業務有些平淡，但我們在實現 20 納米產品方面取得了重大進展，並且還宣布了我們的 eUSB 3.0 解決方案。

Finally, within the client segment, we continued enablement and volume ramp of our 20-nanometer 4-gigabit DDR3 and 8-gigabit DDR4 solution to all major OEMs.

最後，在客戶端領域，我們繼續向所有主要 OEM 提供 20 納米 4 千兆位 DDR3 和 8 千兆位 DDR4 解決方案並實現量產。

In Micron's mobile business unit, we posted fiscal Q3 revenue of $561 million, up 12% from the prior quarter as we continued to ramp 20-nanometer LPDDR3 and LPDDR4.

在美光的移動業務部門，我們公佈的第三財季收入為 5.61 億美元，比上一季度增長 12%，因為我們繼續增加 20 納米 LPDDR3 和 LPDDR4。

While the low density eMCP market is still under pressure, a move to higher density designs in FQ4 and early FY17, should help stabilize and improve this segment.

雖然低密度 eMCP 市場仍面臨壓力，但在 FQ4 和 FY17 年初轉向更高密度的設計應該有助於穩定和改善這一細分市場。

Our non-GAAP operating loss was $17 million or 3% of revenue.

我們的非 GAAP 經營虧損為 1700 萬美元，佔收入的 3%。

We have successfully concluded some of the delayed qualifications that we discussed last quarter and we anticipate finalizing the remainder during fiscal Q4.

我們已經成功地完成了我們上個季度討論的一些延遲資格，我們預計在第四財季完成剩餘的資格。

This work will allow us to more fully ramp our 20-nanometer mobile products in fiscal Q4 and into next year.

這項工作將使我們能夠在第四季度和明年更全面地提升我們的 20 納米移動產品。

Both LPDRAM and NAND content continue to increase in mobile devices, which when combined with even modest unit growth will result in very solid bit consumption.

移動設備中的 LPDRAM 和 NAND 含量都在繼續增加，再加上即使是適度的單位增長，也將導致非常穩定的位消耗。

In our embedded business, we posted fiscal Q3 revenue of $487 million, up 6% from the previous quarter, with a non-GAAP operating income of $107 million, or 22% of revenue.

在我們的嵌入式業務中，我們公佈的第三財季收入為 4.87 億美元，比上一季度增長 6%，非公認會計準則營業收入為 1.07 億美元，佔收入的 22%。

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

業績的主要驅動因素是汽車和消費領域的持續強勁被工業多市場領域的疲軟所抵消。

In our automotive segment, we achieved record revenue increasing 6% quarter-over-quarter and 10% year on year.

在我們的汽車領域，我們實現了創紀錄的收入，環比增長 6%，同比增長 10%。

We continue to see increasing demand in both DRAM and eMMC applications that include infotainment, instrument cluster and advanced driver assist systems and continue to see strong demand from our EMEA customers, which is more recently complemented by growth in Korea and demand recovery in North America.

我們繼續看到 DRAM 和 eMMC 應用（包括信息娛樂、儀錶盤和高級駕駛輔助系統）的需求不斷增長，並繼續看到我們 EMEA 客戶的強勁需求，最近韓國的增長和北美的需求復蘇補充了這一點。

Our portfolio of leading edge solutions is enabling major 2018 platform automotive design wins.

我們的領先解決方案組合使 2018 年的主要平台汽車設計獲勝。

Our industrial multi-market business declined 9% quarter-over-quarter, primarily due to global market softness in the manufacturing infrastructure segment.

我們的工業多市場業務環比下降 9%，主要是由於製造基礎設施領域的全球市場疲軟。

However, we continue to see healthy demand for our NOR and NAND-based MCPs used in machine to machine wireless communication modules.

然而，我們繼續看到機器對機器無線通信模塊中使用的基於 NOR 和 NAND 的 MCP 的健康需求。

Our consumer and connected home revenue was up 3% quarter-over-quarter with some softness in the set top box business offset by strong demand for NAND and LPDRAM MCPs to support action camera and home automation applications.

我們的消費者和聯網家庭收入環比增長 3%，機頂盒業務的疲軟被用於支持運動相機和家庭自動化應用的 NAND 和 LPDRAM MCP 的強勁需求所抵消。

As we enter into a seasonally strong period, we expect demand to continue to grow.

隨著我們進入季節性旺盛時期，我們預計需求將繼續增長。

Customers are also beginning to design in and ramp our 20-nanometer DDR4 products into set top box applications.

客戶也開始設計並將我們的 20 納米 DDR4 產品用於機頂盒應用。

Micron storage business unit posted fiscal Q3 revenue of $719 million, down 20% from the previous quarter with a non-GAAP operating loss of $62 million or 9% of revenue.

美光存儲業務部門公佈的第三財季收入為 7.19 億美元，比上一季度下降 20%，非公認會計準則營業虧損為 6200 萬美元，佔收入的 9%。

As we transition to lower cost 3D NAND products, we continue to optimize our product mix.

隨著我們過渡到成本更低的 3D NAND 產品，我們將繼續優化我們的產品組合。

In client and consumer SSD, consecutive quarter bits sold were down 20% as we reduced production of planar NAND-based SSDs while ramping volume production of 3D NAND-based SATA and PCIe client and consumer SSDs.

在客戶端和消費類 SSD 中，由於我們減少了基於 NAND 的平面 SSD 的產量，同時增加了基於 3D NAND 的 SATA 和 PCIe 客戶端和消費類 SSD 的量產，因此銷售的連續季度位數下降了 20%。

These new products will enable the Company to enhance its competitive position.

這些新產品將使公司增強其競爭地位。

In the Enterprise and data center SSD segments, consecutive quarter bits sold were down 10%.

在企業和數據中心 SSD 領域，銷售的連續季度位下降了 10%。

As we have previously noted, our 3D NAND solutions will improve our product portfolio in this segment enabling us to participate more significantly in this important growth business for the Company.

正如我們之前所指出的，我們的 3D NAND 解決方案將改善我們在該領域的產品組合，使我們能夠更積極地參與公司這一重要的增長業務。

Now looking at the Company overall, as Mark noted earlier, revenue for the third quarter was $2.9 billion, which was near the midpoint of our guided range and roughly flat compared to the prior quarter.

現在看看公司整體，正如馬克早些時候指出的那樣，第三季度的收入為 29 億美元，接近我們指導範圍的中點，與上一季度相比大致持平。

Fairly significant increases in volume shipments for DRAM were offset by decreases in selling prices, while trade NAND shipments declined as we are in the middle of a significant conversion from planar to 3D NAND.

DRAM 出貨量的顯著增長被銷售價格的下降所抵消，而貿易 NAND 出貨量下降，因為我們正處於從平面 NAND 到 3D NAND 的重大轉換中。

Gross margin for the quarter was 17%, within our guided range.

本季度的毛利率為 17%，在我們的指導範圍內。

The non-GAAP net loss for the third quarter was $79 million, or $0.08 per share, slightly better than the midpoint of our guided range.

第三季度的非公認會計原則淨虧損為 7900 萬美元，即每股 0.08 美元，略好於我們指導範圍的中點。

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

提醒一下，美光在我們的非 GAAP 業績中包括了收購無形資產的攤銷和股票補償費用。

Taken together, these two items represent $0.05 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 0.05 美元。

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

現在，讓我們按產品線查看結果。

DRAM revenue increased 9% compared to the second quarter, as a result of a 22% increase in bit shipments partially offset by lower selling prices.

與第二季度相比，DRAM 收入增長了 9%，原因是位出貨量增長了 22%，部分被較低的銷售價格所抵消。

As the result of our 20-nanometer ramp and ongoing mobile qualification timeline, DRAM finished goods inventory increased during the quarter.

由於我們的 20 納米斜坡和持續的移動認證時間表，DRAM 成品庫存在本季度有所增加。

DRAM gross margins for the third quarter decreased approximately 2 percentage points to 18% as decreases in ASPs outpaced significant cost reductions.

第三季度的 DRAM 毛利率下降了約 2 個百分點至 18%，因為 ASP 的下降速度超過了成本的大幅下降。

Our nonvolatile trade revenue decreased 15% compared to the second quarter, reflecting a 10% decrease in bit shipments combined with a 6% decrease in ASPs.

與第二季度相比，我們的非波動性貿易收入下降了 15%，這反映了位出貨量下降 10% 以及平均售價下降 6%。

Gross margin decreased a couple of percentage points to 17% as ASP reductions outpaced cost per bit reductions.

毛利率下降了幾個百分點至 17%，因為 ASP 的下降超過了每比特成本的下降。

Non-GAAP operating expenses for the quarter came in at $523 million, below our guided range due to the reversal of accrued costs for variable compensation plans, which were suspended in the third quarter.

本季度非美國通用會計準則運營費用為 5.23 億美元，低於我們的指導範圍，原因是可變薪酬計劃的應計成本被逆轉，該計劃在第三季度暫停。

The Company generated operating cash flow of $389 million, and we ended the quarter with cash and marketable investments of approximately $5.7 billion.

公司產生了 3.89 億美元的經營現金流，截至本季度末，我們的現金和有價投資約為 57 億美元。

Expenditures for PP&E during the quarter were $1.7 billion, and we continue to expect our FY16 capital expenditures to be in the range of $5 billion to $5.5 billion net of partner contributions.

本季度的 PP&E 支出為 17 億美元，我們繼續預計 FY16 的資本支出將在 50 億美元至 55 億美元之間（扣除合作夥伴的貢獻）。

During the quarter, we received approximately $2 billion from the issuance of secured notes and an additional $114 million in equipment financing.

在本季度，我們通過發行有擔保票據獲得了大約 20 億美元，另外還獲得了 1.14 億美元的設備融資。

Also, we resolved a long outstanding tax matter, which resulted in a $52 million benefit to the tax line.

此外，我們還解決了一個長期懸而未決的稅務問題，從而為稅線帶來了 5200 萬美元的收益。

This benefit was offset by the write-off of a related $30 million receivable that was reflected as non-operating expense.

這一收益被一筆相關的 3,000 萬美元的應收賬款沖銷所抵消，該應收賬款反映為營業外費用。

In the third quarter, we also acquired Photronics' interest in our captive mask operations for $93 million, resulting in 100% ownership of the mask operations.

在第三季度，我們還以 9,300 萬美元收購了 Photronics 在我們的專屬掩膜業務中的權益，從而獲得掩膜業務 100% 的所有權。

Moving on to our guidance for the fourth quarter, 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 15.5% to 18%, operating expenses between $580 million and $630 million, and operating loss ranging between $135 million and $55 million, and an EPS loss ranging between $0.24 and $0.16 per share based on 1.036 billion diluted shares.

繼續我們對第四季度的指導，在非公認會計原則的基礎上，我們預計以下內容；合併收入在 29 億美元到 32 億美元之間，毛利率在 15.5% 到 18% 之間，運營費用在 5.8 億美元到 6.3 億美元之間，運營虧損在 1.35 億美元到 5500 萬美元之間，每股收益損失在基於 10.36 億股稀釋後的股份，每股 0.24 美元和 0.16 美元。

Operationally, we are on track to achieve the bit growth and cost per bit reduction that we have previously shared as we continue to ramp our 20-nanometer DRAM and 3D NAND production.

在運營方面，隨著我們繼續提高 20 納米 DRAM 和 3D NAND 的產量，我們有望實現我們之前共享的比特增長和每比特成本的降低。

In recognition of the current business environment and the need to accelerate focus on the Company's key priorities, we plan to implement a cost saving program, which we expect will save the Company approximately $80 million per quarter in FY17.

鑑於當前的商業環境以及需要加快關注公司的關鍵優先事項，我們計劃實施一項成本節約計劃，我們預計這將為公司在 2017 財年每季度節省約 8,000 萬美元。

The savings will result from a combination of our more focused set of projects and programs, the permanent closure of a material number of open headcount requisition and a workforce reduction in certain areas of the business, as well as other non-headcount related spending reductions.

節省的資金將來自我們更集中的項目和計劃、永久關閉大量開放的員工申請、在某些業務領域裁員，以及其他與員工人數無關的支出減少。

About half of these savings will appear in the gross margin line of the Company, while the remainder will be reflected in operating expenses.

這些節省的大約一半將出現在公司的毛利率中，其餘的將反映在運營費用中。

These savings are baseline against our previously planned 2017 fiscal spend levels.

這些節省是我們之前計劃的 2017 年財政支出水平的基準。

We expect to take reserves approximating $70 million for the cost of this program, the majority of which will occur in fiscal Q4, with the remainder in the early part of FY17.

我們預計為該計劃的成本準備約 7,000 萬美元，其中大部分將在第四財季進行，其餘將在 2017 財年初期進行。

As we complete our FY17 planning process, we are mindful of the need to effectively balance period spending, CapEx and free cash flow and we continue to explore other opportunities to improve the Company's financial performance.

隨著我們完成 FY17 規劃流程，我們意識到需要有效平衡期間支出、資本支出和自由現金流，我們將繼續探索其他機會來改善公司的財務業績。

Finally at this time, we don't have any new information to share relative to Inotera.

最後，在這個時候，我們沒有任何關於 Inotera 的新信息可以分享。

As we stated in our press release, the transaction will not be closing in mid-July, and we expect to provide an update during the latter part of the calendar year.

正如我們在新聞稿中所述，該交易不會在 7 月中旬完成，我們預計將在日曆年的下半年提供更新。

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

有了這個，我會把它轉回給馬克。

Thank you, Ernie.

謝謝你，厄尼。

To summarize, we continue to navigate challenging market conditions, but remain confident in the long-term health of the industry and the Company's strategy to improve our relative competitive position.

總而言之，我們繼續應對充滿挑戰的市場條件，但對行業的長期健康和公司提高我們相對競爭地位的戰略充滿信心。

The decision to implement cost reduction initiatives is always difficult and is never made without thoughtful consideration about the short-term and the long-term impacts.

實施降低成本計劃的決定總是很困難，而且在沒有對短期和長期影響進行深思熟慮的情況下做出決定。

However, to ensure that we can continue to place emphasis on our most important Company priorities, we believe the steps Ernie outlined are prudent and will help deliver the best long-term results for the Company.

然而，為了確保我們能夠繼續強調我們最重要的公司優先事項，我們認為 Ernie 概述的步驟是謹慎的，將有助於為公司帶來最佳的長期成果。

I'd like to take a moment to thank our customers, partners, shareholders and team members for their continued support.

我想花一點時間感謝我們的客戶、合作夥伴、股東和團隊成員一直以來的支持。

Operator, we're now ready for Q&A.

接線員，我們現在準備好進行問答了。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自瑞穗的 Vijay Rakesh。

Yes, hello, guys.

是的，你好，伙計們。

Just a couple of questions here on the DRAM side.

這裡只是關於 DRAM 方面的幾個問題。

Obviously, a good bit growth there.

顯然，那裡有很好的增長。

But what's the mix of 20-nanometer that is shipping now and how do you see that as you progress through the August quarter?

但是現在出貨的 20 納米的組合是什麼？隨著八月季度的進展，您如何看待它？

Do you see further cost reductions there?

您是否看到那裡的成本進一步降低？

Thanks.

謝謝。

I have one follow-up.

我有一個跟進。

20-nanometer is a majority of the bits that we are shipping now and when we talked in our prepared remarks about strong bit growth above Q3 levels, you saw what the relative growth was in Q3 and you can assume that it will be a little bit north of that as we look at fiscal Q4.

20 納米是我們現在出貨的大部分比特，當我們在準備好的評論中談到高於第三季度水平的強勁比特增長時，你看到了第三季度的相對增長，你可以假設它會有點當我們查看第四財季時，在此之上。

Got it.

知道了。

And on the 3D NAND, on the NAND side obviously, looks like bit growth was a little light obviously because of the transition.

而在 3D NAND 上，顯然在 NAND 方面，由於過渡，位增長顯然有點輕微。

What's your mix of 3D NAND that you're shipping now and when do you see the transition and the bit growth start to open up for you on the NAND side?

您現在交付的 3D NAND 組合是什麼？您何時看到過渡和位增長開始在 NAND 方面為您開放？

It's a low double digits today.

今天是兩位數的低位。

As we commented, as we get into the back half of the calendar year, we expect a crossover.

正如我們評論的那樣，隨著我們進入日曆年的後半段，我們預計會出現交叉。

So that's coming pretty soon.

所以這很快就會到來。

So it's a pretty significant ramp from here over the next couple of quarters.

因此，在接下來的幾個季度中，這是一個非常重要的斜坡。

Got it, and obviously, you guys are giving the point estimate to me on the gross margin now which is great.

明白了，很明顯，你們現在正在給我一個毛利率的點估計，這很好。

As you look at your mix, the 20-nanometer cost coming down and 3D NAND TLC starting to ship, any thoughts on where you see those margins start to bottom out?

當您查看您的組合時，20 納米成本下降和 3D NAND TLC 開始出貨，您認為這些利潤在哪裡開始觸底？

Thanks.

謝謝。

You know, we typically don't comment on margins because of the function of our pricing environment that's moving around on us every day.

你知道，我們通常不會評論利潤率，因為我們每天都在變化的定價環境的功能。

And so really, what we have said is that the cost curves that we articulated in our Analyst Day are still legitimate.

真的，我們所說的是，我們在分析師日闡明的成本曲線仍然是合法的。

As you can imagine, when we do 3D crossover and NAND in the fall, that's when you can expect to see the accelerated cost reductions begin to occur there.

您可以想像，當我們在秋季進行 3D 交叉和 NAND 時，您可以期望看到那裡開始加速降低成本。

And on the DRAM side with the bit growth that we delivered in fiscal Q3, as well as what we're forecasting for fiscal Q4, you can get some idea of what the cost reductions would be there.

在 DRAM 方面，隨著我們在第三財季實現的比特增長，以及我們對第四財季的預測，您可以對成本降低的情況有所了解。

Great, thanks a lot.

太好了，非常感謝。

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。

Good afternoon, guys.

下午好，伙計們。

Thanks for letting me ask a question.

謝謝你讓我問一個問題。

Ernie, maybe a follow on to that margin question, and I appreciate that margins are a function of pricing which is hard to predict.

Ernie，也許是該保證金問題的後續，我很欣賞保證金是難以預測的定價函數。

But you've got a lot of elements moving in the right direction.

但是你有很多元素朝著正確的方向發展。

Revenue is growing sequentially into the fiscal fourth quarter.

收入在第四財季連續增長。

You've got 20-nanometer mix.

你有20納米的混合物。

You've got more mobile.

你有更多的移動。

NAND is starting to turn your way.

NAND 開始改變你的方向。

And yet, you've got gross margins that are likely going to be down sequentially.

然而，您的毛利率可能會連續下降。

Can you help me understand just some of the factors around mix that are in play?

你能幫我理解一些關於混音的因素嗎？

And the narrative that we were hoping for is that this quarter, the May quarter, and the August quarter, would start to show some tangible evidence of you closing the relative cost gap to some of your peers.

我們希望的敘述是，本季度、5 月季度和 8 月季度將開始顯示一些切實證據，表明您縮小了與某些同行的相對成本差距。

And just given the gross margin guidance, it looks like that's not happening and I'm trying to figure out why.

剛剛給出了毛利率指導，看起來這並沒有發生，我正試圖找出原因。

Maybe John, I can take that one instead of Ernie.

也許約翰，我可以拿那個代替厄尼。

Again, on the pricing environment as you noted, we're seeing -- there's obviously encouraging things going on in the channel.

同樣，在您提到的定價環境中，我們看到 - 渠道中顯然正在發生令人鼓舞的事情。

Before we start baking that into any sort of guidance we would give, we want to actually see that as it moves through other end market segments and out in the contract pricing et cetera.

在我們開始將其轉化為我們將提供的任何類型的指導之前，我們希望真正看到它在其他終端市場領域以及合同定價等方面的發展。

So really this is a question about the tailwinds we have and I think you did a nice job articulating for us.

所以這真的是一個關於我們順風的問題，我認為你為我們做了很好的闡述。

I think we've done a good job on the 20-nanometer ramp and we'll continue to see some improvement for that as we move through the next quarter.

我認為我們在 20 納米坡道上做得很好，隨著我們進入下個季度，我們將繼續看到一些改進。

And we articulated pretty strong bit growth moving forward in both DRAM and in particular, maybe a couple of quarters out in NAND as we really see that transition kick in and the 3D TLC part of that transition kick in.

我們明確指出 DRAM 的比特增長非常強勁，特別是 NAND 可能會出現幾個季度，因為我們確實看到了這種轉變的開始，並且這種轉變的 3D TLC 部分也開始了。

So we've got a lot of good tailwinds.

所以我們有很多好的順風。

We also articulated we're making a lot of good progress on qualifying and resegmenting those more advanced technology nodes in the right market segments.

我們還明確表示，我們在正確細分市場中那些更先進的技術節點的資格和重新細分方面取得了很大進展。

And we do believe that you'll see progress relative to our competition in terms of how our margins move.

而且我們確實相信，就我們的利潤率如何變化而言，您會看到相對於我們的競爭的進步。

We never know exactly what they are going to do and it's tough for us to predict what their results are going to look like given the pricing environment.

我們永遠不知道他們將要做什麼，而且考慮到定價環境，我們很難預測他們的結果會是什麼樣子。

That's helpful, Mark.

這很有幫助，馬克。

I appreciate it.

我很感激。

And then, Ernie, maybe as my follow-on just on the OpEx guidance for the fiscal fourth quarter.

然後，厄尼，也許是我對第四財季運營支出指導的後續跟進。

A little bit higher than we thought.

比我們想像的要高一點。

Can you help us understand, are there some period expenses that are coming in?

您能幫我們了解一下，是否有一些期間費用要進來？

And then as you talk about the restructuring and the cost savings, given that you have that cost gap and you have a lot of initiatives on your plate for investing, how do we get comfortable that you're taking costs out of the right areas and yet still investing in areas you need to invest?

然後，當您談到重組和成本節約時，考慮到您有成本差距，並且您有很多投資計劃，我們如何對您將成本從正確的領域和還在投資你需要投資的領域嗎？

Sure.

當然。

So to the first part of your question, there are some very significant prequal expenses that we expect to incur in Q4 that are influencing the guidance that we provided for the quarter's OpEx.

因此，對於您問題的第一部分，我們預計在第四季度會產生一些非常重要的預審費用，這些費用會影響我們為本季度運營支出提供的指導。

And then relative to the cost reduction, the only comfort perhaps I would offer you, which I hope is very strong comfort, is that we actually think very carefully about what we're doing here.

然後相對於成本降低，也許我能給你的唯一安慰，我希望是非常強烈的安慰，就是我們實際上非常仔細地考慮了我們在這裡所做的事情。

And the decisions that we made with respect to the cost savings program were deliberated very thoughtfully debated and at the end, we believe we're at the right balance to both help improve the financial performance of the Company, while at the same time, not jeopardizing any of the Company's potential in terms of revenue opportunities.

我們對成本節約計劃做出的決定經過深思熟慮的辯論，最後，我們相信我們處於適當的平衡，既有助於改善公司的財務業績，同時又不危及公司在收入機會方面的任何潛力。

John, maybe I can add one point there just so everyone on the call is clear.

約翰，也許我可以在此補充一點，以便通話中的每個人都清楚。

I know you are.

我知道你是。

The pre-production R&D costs Ernie is referencing are really associated with a lot of new products in qual with the technology nodes that are now ramped.

Ernie 提到的生產前研發成本確實與許多新產品相關，這些新產品與現在正在加速發展的技術節點相當。

And some of those are costs that flow through the R&D now as opposed to directly on the cost flow and inventory.

其中一些是現在流經研發的成本，而不是直接流經成本流和庫存的成本。

Perfect.

完美的。

Thanks, guys.

多謝你們。

I appreciate it.

我很感激。

Thank you.

謝謝你。

And our next question comes from the line of Romit Shah from Nomura Securities.

我們的下一個問題來自野村證券的 Romit Shah。

Yes, thanks.

對了謝謝。

Mark, you mentioned that channel pricing has improved.

馬克，您提到渠道定價有所改善。

At what point would you start to see that show up in contract and in some of your other businesses?

你會在什麼時候開始看到它出現在合同和其他一些業務中？

Because it looks like just based on the guidance for August that you're not expecting the overall pricing environment to (technical difficulties).

因為它看起來只是基於 8 月的指導，您並不期望整體定價環境（技術困難）。

Well you know, it's a very dynamic environment.

你知道，這是一個非常動態的環境。

So again, we want to make sure we're giving you what we believe is realistic guidance and guidance that is achievable and we're going to have to see what plays out in the markets overtime.

再說一次，我們要確保我們為您提供我們認為是現實的指導和可以實現的指導，我們將不得不看看加班後市場會發生什麼。

When spot pricing starts moving, that's a great indicator of where the markets might go.

當現貨價格開始變動時，這是市場走向的一個很好的指標。

But what has to happen obviously, is there has to be enough liquidity in the market that it can carry through into larger volume orders associated with contract market and inventory has to burn off.

但顯然必鬚髮生的事情是，市場上必須有足夠的流動性，才能將其轉化為與合同市場相關的大批量訂單，並且必須燒掉庫存。

And we're seeing good indications of those types of things, but we need to make sure the pudding is fully baked before we serve it.

我們看到這些類型的東西的良好跡象，但我們需要確保布丁在我們上桌之前完全烤熟。

Okay, that's helpful.

好的，這很有幫助。

And then just on the prequal expenses that are boosting OpEx this quarter, is that more one-time in nature or do you expect expenses to remain elevated through the course of the year as you ramp these new products?

然後僅就本季度推動 OpEx 的預審費用而言，這是更多的一次性性質，還是您預計隨著這些新產品的推出，費用將在一年中保持高位？

Well certainly, they will occur as there is a concentration of new products.

當然，它們會隨著新產品的集中出現。

So you shouldn't expect that they are going to occur each quarter.

所以你不應該期望它們每個季度都會發生。

I would tell you that in Q4, they are particularly high relative to what we've seen over the recent history as a reflection of what Mark said.

我會告訴你，在第四季度，相對於我們在近期歷史中看到的情況，它們特別高，這反映了馬克所說的話。

But it is likely that sometime during the course of 2017, you're also going to see these occur as we release new products.

但很可能在 2017 年的某個時候，當我們發布新產品時，您也會看到這些情況發生。

But again, we see a particularly high concentration in FY16 Q4.

但同樣，我們看到 FY16 第四季度的集中度特別高。

Okay, thank you.

好的謝謝你。

Thank you.

謝謝你。

And our next question comes from the line of Tim Arcuri from Cowen and Co.

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

Thanks a lot.

非常感謝。

I guess I had two questions.

我想我有兩個問題。

First of all, the NAND bits are really moving around a lot, obviously given the planar to the 3D move.

首先，NAND 位確實移動了很多，顯然考慮到 3D 移動的平面。

So maybe you can hold our hand a little bit, A, on the 3D transition, because it does look like there's been some issues in the 3D transition looking at the bits.

所以也許你可以在 3D 過渡中握住我們的手，A，因為在 3D 過渡中看起來確實存在一些問題。

And maybe also talk about what the bit outlook is for August in NAND to just give us some comfort that you're getting through this transition.

也許還可以談談 8 月份 NAND 的比特前景，讓我們感到安慰的是，你正在經歷這個過渡。

So Tim, relative to -- I'll take the second part of your question first and then we'll circle back around to the first.

所以蒂姆，關於-- 我會先回答你問題的第二部分，然後我們會回到第一部分。

The stake in the ground is that we've said a few things, which were actually we reiterated today that would be in the opposite direction of thinking there were problems with our 3D NAND transition.

關鍵在於我們已經說過幾件事，實際上我們今天重申了這些事情，這與我們認為我們的 3D NAND 過渡存在問題的方向相反。

We're seeing mature yields occurring at rates that are slightly faster than we anticipated.

我們看到成熟收益率的發生速度略快於我們的預期。

We had originally probably six months ago, talked about bit crossover for 3D at the end of the year.

我們最初可能是在六個月前，在年底談論 3D 的位交叉。

Today, we've reiterated again that that was going to occur in the fall.

今天，我們再次重申，這將在秋季發生。

So a pull forward of a couple of months.

所以提前了幾個月。

And so, we're not going to give you bit guidance for the August quarter, but we do think that these data points will hopefully give you comfort that in fact the transition really is occurring slightly more rapidly than we have expected it to occur.

因此，我們不會為 8 月季度提供一些指導，但我們確實認為這些數據點有望讓您感到欣慰，事實上，這種轉變的發生速度確實比我們預期的要快一些。

The thing I would add to that Tim is keep in mind we've also talked about the fact that we want to deliver more of our NAND bits in actual solutions to the customer.

我要補充一點，蒂姆請記住，我們還談到了我們希望在實際解決方案中向客戶提供更多 NAND 位的事實。

And as we do that, there's a natural tendency to stretch out the supply chain in aggregate and some lengthening of the total manufacturing cycle time as we move through that transition.

當我們這樣做時，有一種自然趨勢是總體上延伸供應鏈，並且隨著我們進行過渡，總製造週期時間會有所延長。

Part of this I think is also reflective of the fact that we're making some fairly significant progress relative to getting these bits into the types of end products that we want to deliver the customer.

我認為這在一定程度上也反映了這樣一個事實，即我們在將這些部分融入我們想要交付給客戶的最終產品類型方面取得了相當大的進展。

I think one final point that may be also contributing to the overall impression is we do see planar bits coming down fairly significantly as we move away from the planar SSD markets that we have sold into in the past.

我認為最後一點也可能對整體印像有所貢獻，我們確實看到隨著我們遠離過去銷售的平面 SSD 市場，平面位的下降相當顯著。

So there are many dynamics at play here relative to what comes out as an aggregate bit number.

因此，相對於作為總位數得出的結果，這裡有許多動態在起作用。

Got it.

知道了。

And then just as the follow-up to that.

然後就像後續行動一樣。

Ernie, you talked at the Analyst Day, I think you said that $800 million of the CapEx this year would be for fab shell spending.

厄尼，你在分析師日談過，我想你說過今年 8 億美元的資本支出將用於晶圓廠殼支出。

So that net of the partner contribution you'd be in the $4 billion to $4.5 billion range.

因此，扣除合作夥伴的貢獻後，您的淨額將在 40 億美元到 45 億美元之間。

So sorry -- net of the partner contribution and also net of the fab shell spend, you'd be in the $4 billion to $4.5 billion range.

很抱歉——扣除合作夥伴的貢獻和晶圓廠的殼牌支出，你將在 40 億美元到 45 億美元的範圍內。

So I'm just wondering as you look to next year and I'm not asking for guidance, but I'm just wondering how you think about the maintenance CapEx level of the Company given some of these initiatives you have in DRAM and also in 3D NAND?

因此，我只是想知道，當您展望明年時，我並不是在尋求指導，而是想知道您如何看待公司的維護資本支出水平，因為您在 DRAM 和3D NAND？

How do you think about how to balance that?

您如何考慮如何平衡？

Thanks.

謝謝。

Well, you really asked two different questions right?

好吧，你真的問了兩個不同的問題，對吧？

How do we balance and obviously the balance has to come in as we think about the aggregate business of the Company and the cash flow that we plan to generate and a number of other factors.

當我們考慮公司的總體業務和我們計劃產生的現金流量以及許多其他因素時，我們如何平衡，顯然平衡必須進入。

As we look at maintenance CapEx, we said that we were normalized in that low $4 billion range ex-Inotera, and we wouldn't move away from that in a very substantial way as we're thinking about things today.

當我們查看維護資本支出時，我們說我們在前 Inotera 的低 40 億美元範圍內已經正常化，並且我們不會以非常實質性的方式擺脫這一點，因為我們今天正在考慮事情。

Bearing in mind that we're still in the midst of a ramp of 3D in the Singapore fab, so it isn't exactly a normalized environment for us.

請記住，我們仍處於新加坡工廠的 3D 坡道中，因此對我們而言，這並不是一個標準化的環境。

Even taking out the shell, we're still outfitting that shell with productive capacity.

即使取出外殼，我們仍在為外殼配備生產能力。

Got it.

知道了。

Okay.

好的。

Thank you so much.

太感謝了。

Thank you.

謝謝你。

And our next question comes from the line of David Wong from Wells Fargo.

我們的下一個問題來自富國銀行的 David Wong。

Thank you very much.

非常感謝。

For the second generation 3D NAND, when you hit crossover in the fall for 3D NAND, will this all be on second generation technology or will it be first generation?

對於第二代 3D NAND，當你在秋天遇到 3D NAND 的交叉時，這一切都是基於第二代技術還是第一代？

And what's the difference in layer count between first and second generation, please?

請問第一代和第二代的層數有什麼區別？

So David, it will be primarily -- a significant majority of that, in fact almost all of it, will still be gen one.

所以大衛，它將主要是——其中大部分，事實上幾乎所有的，仍然是第一代。

Gen two, we start to see significant output in the second calendar quarter into the summer of 2017.

第二代，我們開始看到進入 2017 年夏季的第二個日曆季度的顯著產出。

And we haven't said what the layer count does, but we've indicated that it's roughly a 30% cost reduction moving from gen one to gen two and that it's roughly double the bits.

我們還沒有說明層數的作用，但我們已經表明從第一代到第二代的成本降低了大約 30%，而且大約是比特數的兩倍。

Great, thanks.

太謝謝了。

Thank you.

謝謝你。

And our next question comes from the line of Chris Hemmelgarn from Barclays.

我們的下一個問題來自巴克萊銀行的 Chris Hemmelgarn。

Thanks very much for taking the question.

非常感謝您提出問題。

I guess first of all, building on David's question.

我想首先，建立在大衛的問題上。

As you're seeing 3D ramp across the industry, how do you view your competitive positioning?

當您看到整個行業的 3D 增長趨勢時，您如何看待您的競爭定位？

At your Analyst Day, you laid out some beliefs that you were going to have cost leadership.

在您的分析師日，您提出了一些您將擁有成本領先地位的信念。

Is that holding as you're seeing the competition ramp?

當你看到競爭坡道時，這是持有嗎？

This is Mark.

這是馬克。

Yes, absolutely.

是的，一點沒錯。

We are very happy with the way the ramp is going.

我們對坡道的發展方式非常滿意。

We're very happy with the technology was delivering and its ability to scale going forward.

我們對所交付的技術及其擴展能力感到非常滿意。

We think it's the best solution in the industry for almost every end market application.

我們認為它是業內幾乎所有終端市場應用的最佳解決方案。

Okay, and I guess to the harder question.

好的，我猜是更難的問題。

What needs to happen for you guys to get back to sustained profitability?

你們需要做什麼才能恢復持續盈利？

I applaud the restructuring efforts, but I look at the savings you've announced and that falls short of the losses you put up the last two quarters and what you guided to the next quarter.

我對重組努力表示讚賞，但我看看你宣布的節省，這與你在過去兩個季度的損失以及你對下一個季度的指導的損失相提並論。

Are you confident these changes are going to be enough to get you back to profitability next year?

您是否有信心這些變化足以讓您在明年恢復盈利？

Well, we think we're doing all the right things and we think we're making a lot of good progress on our relative competitive position on technology, the products are all coming along nicely now and the qualifications are progressing well.

好吧，我們認為我們在做所有正確的事情，並且我們認為我們在技術方面的相對競爭地位方面取得了很大進展，產品現在進展順利，資質進展順利。

So there's always the wild card around ASPs, but we think we are making very significant progress and we think we'll see that every quarter as we move forward, you'll be able to measure us versus our competition.

因此，ASP 始終存在不確定性，但我們認為我們正在取得非常顯著的進步，並且我們認為隨著我們前進的每個季度，您將能夠衡量我們與競爭對手的對比。

And hopefully confirm that we're doing all the right things.

並希望確認我們正在做所有正確的事情。

Exactly when that results in profitability, we can't tell you, but we think it's coming.

究竟什麼時候會帶來盈利，我們無法告訴你，但我們認為它即將到來。

Thanks, much.

非常感謝。

Thank you.

謝謝你。

And our next question comes from the line of Kevin Cassidy from Stifel.

我們的下一個問題來自 Stifel 的 Kevin Cassidy。

Thanks for taking my question.

感謝您提出我的問題。

On the mobile side, as you start getting more qualification on the LP DDR3 and DDR4, are you expecting that -- I guess what percentage of your revenue will be those products versus EMCP and what is it today?

在移動方面，隨著您開始獲得更多關於 LP DDR3 和 DDR4 的資格，您是否期待——我猜您的收入中這些產品與 EMCP 的比例是多少？今天是多少？

Let me see if I can find those numbers.

讓我看看能不能找到這些數字。

I don't have them right in front of me.

我面前沒有他們。

For the mobile DRAM portfolio generally, EMCP probably represents --

對於移動 DRAM 產品組合，EMCP 可能代表——

Well, I'll jump in real quick Mark.

好吧，我會很快加入，馬克。

So the way we break it out Kevin, is mobile DRAM discrete is reported in our DRAM business and that's about mid-20% of our total DRAM.

所以我們打破它的方式凱文，在我們的 DRAM 業務中報告了移動 DRAM 離散，這大約是我們總 DRAM 的 20% 左右。

Our EMCPs are reported in our NAND reporting segment and we said mobile was in the mid-teens percent of the NAND business, low to mid-teens.

我們的 NAND 報告部分報告了我們的 EMCP，我們說移動設備佔 NAND 業務的 10% 左右，低到 10% 左右。

Okay, maybe as you ship more of the LP DDR3 and 4s, are you expecting that your average selling price would increase?

好的，也許隨著您出貨更多的 LP DDR3 和 4s，您是否期望您的平均售價會增加？

Again, it's really challenging to give you a forecast of what's going to happen with the pricing environment.

同樣，要讓您預測定價環境將發生什麼是非常具有挑戰性的。

But in terms of aggregate revenues, we would expect it as we move through these qualifications that you're going to see the mobile business maintain or slightly improve in terms of a percentage of its overall revenue to the business.

但就總收入而言，我們預計隨著我們通過這些資格，您將看到移動業務在其業務總收入的百分比方面保持或略有改善。

And as we noted in our comments, as we see EMCP market moving to higher density, we think that will be a starting point for an improvement in that aggregate market, which has been weak actually in the last couple of quarters.

正如我們在評論中指出的那樣，隨著我們看到 EMCP 市場向更高密度發展，我們認為這將成為改善過去幾個季度實際上疲軟的總體市場的起點。

And that's a quarter or so off as we roll into calendar 2017.

當我們進入 2017 年日曆時，還有四分之一左右的時間。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Thank you.

謝謝你。

And our next question comes from the line of CJ Muse from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 CJ Muse。

Good afternoon.

下午好。

Thank you for taking my question.

謝謝你接受我的問題。

First question on the mobility qualification side.

關於流動資格方面的第一個問題。

How much is the uncertainty around timing there, whether it's the month of August or September/October, impacting your gross margin guide?

那裡的時間不確定性有多大，無論是 8 月還是 9 月/10 月，都會影響您的毛利率指南？

And then as part of that, how should we think about the incremental gross margins as you start selling down your inventory going forward once we do get the qualified?

然後作為其中的一部分，一旦我們獲得合格的產品，當您開始出售您的庫存時，我們應該如何考慮增量毛利率？

So CJ, this is Ernie.

所以CJ，這是厄尼。

We're pretty clear on the qualification timeline.

我們對資格時間表非常清楚。

There is more uncertainty around the timing of shipments because at the end of the day, that is going to be a function of each of those customers current inventory dynamics with respect to the inventories they have on hand, their success in the marketplace and how they want to position their inventory.

發貨時間存在更多不確定性，因為歸根結底，這將取決於每個客戶當前的庫存動態，包括他們手頭的庫存、他們在市場上的成功以及他們如何想要定位他們的庫存。

And in addition to that, we are going to have as we already talked about, significant quarter on quarter growth in production.

除此之外，正如我們已經談到的那樣，我們將有顯著的季度環比增長。

Some of which is directed toward that mobile market because we believe that it's fairly strong.

其中一些是針對移動市場的，因為我們認為它相當強大。

So mobile in general, has a better gross margin profile than the aggregate business.

因此，總體而言，移動業務的毛利率要好於綜合業務。

So as that product flows through, although there will be some early pressure as a result of that inventory having been built at a time when costs weren't fully baked as the result of the volume ramp, eventually it will flow through into the margin profile of the Company.

因此，當該產品流過時，儘管由於庫存是在由於銷量增加而沒有完全降低成本的時候建立的，因此會產生一些早期壓力，但最終它將流入利潤曲線該公司的。

Okay, that's helpful.

好的，這很有幫助。

And I guess as a follow-up, when you think about your 3D NAND cost structure, curious how you would compare that today versus the price leader in planar NAND and when you think you'll crossover?

我想作為後續，當您考慮您的 3D NAND 成本結構時，很好奇您將如何將其與平面 NAND 的價格領先者進行比較，以及您何時認為您會跨界？

Is that gen one when you're fully ramped at high volume or is that more gen two in the summertime next year?

當你完全大批量生產時是第一代，還是明年夏天更多的第二代？

Yes, I think that it's probably most closely timed to an increase in our TLC mix, which is probably a couple of quarters out.

是的，我認為這可能與我們的 TLC 組合的增加最接近，這可能需要幾個季度。

And then we'll get a second surge in calendar Q2 and Q3 of next year as the gen two kicks in a significant way.

然後我們將在明年的第二季度和第三季度第二次激增，因為第二代以顯著的方式開始。

But again, we think we'll be -- we think we'll be the leader as we fully implement gen two and TLC.

但同樣，我們認為我們將成為 - 我們認為我們將成為領導者，因為我們完全實施了第二代和 TLC。

Great.

偉大的。

Thanks, Mark.

謝謝，馬克。

Thank you.

謝謝你。

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

我們的下一個問題來自摩根士丹利的喬摩爾。

Hello, thank you.

你好，謝謝。

I just wanted to clarify when you talk about Q4 DRAM bit growth being better than Q3, that's sequential bit growth north of 20%.

當您談到第四季度 DRAM 位增長優於第三季度時，我只是想澄清一下，即連續位增長超過 20%。

And I guess that then implies when you look at revenue not growing very much that ASPs are down similarly.

我想這意味著當你看到收入增長不快時，平均售價也同樣下降。

I know you don't want to give a pricing forecast, but I just want to make sure I understand.

我知道你不想給出定價預測，但我只是想確保我理解。

I'm finding it hard to get to your revenue number with my pricing assumptions.

我發現根據我的定價假設很難得到你的收入數字。

So the first part of your assumption process Joe, is correct.

所以你假設過程的第一部分喬是正確的。

And again, we're not going to comment on ASPs.

再說一次，我們不打算評論 ASP。

Okay, and then separately, can you talk about how the Inotera, the new pricing agreement factors into this?

好的，然後單獨談談，你能談談新的定價協議 Inotera 是如何影響這一點的嗎？

Is that a positive or a negative at this point relative to the old pricing agreement?

相對於舊的定價協議，此時這是積極的還是消極的？

And maybe if you could compare that versus a wholly-owned situation if that deal in fact moves through?

如果該交易實際上通過，您是否可以將其與全資擁有的情況進行比較？

Just any context you can give us around that dynamic?

您可以為我們提供有關該動態的任何背景信息嗎？

Sure, so in the current pricing environment, what we've contemplated as we look forward to Q4, it's pretty much a wash to be honest with you.

當然，所以在當前的定價環境中，我們在期待第四季度時已經考慮過，老實說，這幾乎是一種洗禮。

Either way, the results to Micron would be roughly the same.

無論哪種方式，美光的結果都大致相同。

Got it.

知道了。

Okay, thank you.

好的謝謝你。

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。

Hello, guys.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

I'm still a little bit unclear as to the gross margin decline or the slight gross margin decline in the August quarter, given that we've seen some stabilization in DRAM and NAND prices starting in the month of June.

鑑於我們已經看到 DRAM 和 NAND 價格從 6 月份開始趨於穩定，我對 8 月份季度的毛利率下降或毛利率略有下降還有些不清楚。

Your 20-nanometer mix and your 3D NAND mix is moving higher, so would assume that your blended costs are coming down nicely.

您的 20 納米組合和 3D NAND 組合正在走高，因此假設您的混合成本正在下降。

You mentioned other parts of the market that may not be participating on the pricing stabilization that we're seeing in the PC market, but if I look at the end market demand parameters, data center, networking fundamentals seem to be improving into the second half.

您提到了市場的其他部分可能沒有參與我們在 PC 市場看到的價格穩定，但如果我看一下終端市場需求參數，數據中心，網絡基本面似乎在下半年有所改善.

Embedded fundamentals seem to be seasonally up.

嵌入式基本面似乎是季節性上升的。

Can you guys just articulate what segments are still showing aggressive pricing declines?

你們能否明確說明哪些細分市場仍顯示出大幅降價？

Yes, so let me try to characterize that a little bit for you.

是的，所以讓我試著為你描述一下。

So it is important to recognize that these data points are really happening in realtime and as we look at how we actually entered this quarter, we were actually starting the quarter below the average of the prior quarter and we're now seeing some upward trends that are causing everyone to have the enthusiasm that we're talking about.

因此，重要的是要認識到這些數據點確實是實時發生的，當我們查看我們實際進入本季度的情況時，我們實際上在本季度開始時低於上一季度的平均水平，我們現在看到了一些上升趨勢正在使每個人都有我們正在談論的熱情。

But it is important to understand that what we've been reading about in the last two weeks has A, not impacted the entirety of the quarter and B, hasn't reflected itself yet as we look at forward pricing.

但重要的是要了解，我們在過去兩周中一直在閱讀的 A 並未影響整個季度，而 B 在我們查看遠期定價時尚未反映出來。

And as Mark mentioned a couple times, we really are wanting to provide prudent guidance in the context of an environment moving around very significantly.

正如馬克多次提到的那樣，我們真的希望在環境變化非常大的情況下提供審慎的指導。

The other point I would make is it is absolutely true that we are seeing strong bit growth and cost reductions on the DRAM side.

我要說的另一點是，我們看到 DRAM 方面的位增長強勁和成本降低是絕對正確的。

Remember that we said the majority of the NAND cost reductions occur as we achieve that bit crossover, which is later in the fall of this year.

請記住，我們說過大部分 NAND 成本降低發生在我們實現位交叉時，這是在今年秋天晚些時候。

So we are getting quarter on quarter cost reductions in NAND, but I think you might be perhaps pulling towards that bit crossover comment into the full quarter that we're coming up on and that's just not going to be the case.

因此，我們在 NAND 中獲得了季度成本降低，但我認為您可能會在我們即將到來的整個季度中提出一些交叉評論，但事實並非如此。

Okay, appreciate the insights there.

好的，欣賞那裡的見解。

Maybe more of a product question for me next.

接下來對我來說可能是更多的產品問題。

If we include two in ones, SSD and embedded NAND attach rates and notebook PCs are at or slightly above 50% now and continuing to climb.

如果我們將二合一計算在內，SSD 和嵌入式 NAND 的附加率和筆記本電腦現在處於或略高於 50% 並繼續攀升。

I think you guys had a target of having your 3D NAND base client SSD in the market in calendar Q3.

我認為你們的目標是在第三季度將您的 3D NAND 基礎客戶端 SSD 推向市場。

Maybe if you can give us an update there?

也許你可以在那裡給我們更新？

And I think you guys also had a target to have your 3D NAND-based SATA solution, your high capacity drives for hyper scale guys, starting in calendar Q4.

而且我認為你們也有一個目標，即從日曆 Q4 開始，擁有基於 3D NAND 的 SATA 解決方案，為超大規模人員提供大容量驅動器。

If you could give us an update there as well?

如果你也可以在那裡給我們更新？

Thanks.

謝謝。

Well, they are both in the market and we're just going to have to see what the demand looks like.

好吧，它們都在市場上，我們只需要看看需求是什麼樣的。

But so far, we like the reaction we're seeing.

但到目前為止，我們喜歡我們所看到的反應。

Great, thank you.

太好了謝謝。

Thank you.

謝謝你。

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

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

Yes, thanks for taking my question.

是的，謝謝你提出我的問題。

On the whole 3D NAND conversion, I just wanted to get a better understanding of in your estimation, what would be more cost effective, the 3D on 32 layer versus the 20-nanometer that's currently on 2D NAND?

關於整個 3D NAND 轉換，我只是想更好地了解您的估計，32 層上的 3D 與目前 2D NAND 上的 20 納米相比，哪個更具成本效益？

Definitely the 3D 32 layers is cost advantaged relative to 20-nanometer.

絕對 3D 32 層相對於 20 納米具有成本優勢。

Even 16-nanometer planar NAND.

甚至是 16 納米平面 NAND。

And we believe that as we move through time, the market is going to appreciate incremental value in 3D NAND business as well.

我們相信，隨著時間的推移，市場也將欣賞 3D NAND 業務的增量價值。

But can you give us an idea in terms of if your 3D NAND is actually fitted for some of the applications will be available for applications such as mobile or embedded or car?

但是，您能否告訴我們您的 3D NAND 是否真的適用於某些應用程序，這些應用程序將可用於移動、嵌入式或汽車等應用程序？

We have a full product portfolio coming for 3D NAND that will address.

我們有完整的 3D NAND 產品組合來解決。

And I think I mentioned this in my commentary, we have 3D NAND products for consumer, client, data center and enterprise as well as evaluating mobile applications on a go-forward basis.

我想我在評論中提到了這一點，我們為消費者、客戶、數據中心和企業提供 3D NAND 產品，並在前進的基礎上評估移動應用程序。

Okay and just last question on the mobile DRAM qualification issues.

好的，關於移動 DRAM 資格問題的最後一個問題。

What specifically can you talk about?

你能具體談談什麼？

Has there been quality issues with respect to your mobile DRAM, which is preventing you from getting qualified at certain customers and as a result losing market share to Samsung and --?

您的移動 DRAM 是否存在質量問題，導致您無法獲得某些客戶的資格，並因此失去了三星的市場份額和--？

You know, I think we've gone through a very significant transition here.

你知道，我認為我們在這裡經歷了一個非常重要的轉變。

In some cases from 30-nanometer to 20-nanometer.

在某些情況下，從 30 納米到 20 納米。

In some cases from 25-nanometer to 20-nanometer.

在某些情況下從 25 納米到 20 納米。

And from a timing perspective, in some cases we were later with a particular either density or IO or interface that the customers wanting.

從時間的角度來看，在某些情況下，我們稍後會使用客戶想要的特定密度或 IO 或接口。

So it's just a matter of working through that process and qualifying those products in the various fabs that we're ramping.

因此，只需完成該過程並在我們正在增加的各種晶圓廠中對這些產品進行認證即可。

So I don't think there's anything untoward or unusual in that process.

所以我認為在這個過程中沒有任何不愉快或不尋常的地方。

It's just a matter of a fairly significant ramp across two high volume fabs and taking the time to qualify a full suite of products across all those technologies.

這只是兩個大批量晶圓廠的相當大的坡道，並花時間對所有這些技術的全套產品進行認證。

And if I can squeeze one more.

如果我能再擠一個。

In terms of competitively as it relates to your other major competitor moving to a smaller process node, and you guys perhaps perpetually playing catch up in terms of the profit node transition.

就競爭力而言，因為它與您的其他主要競爭對手轉移到較小的流程節點有關，而且你們可能會在利潤節點轉換方面永遠追趕。

What are some of the lessons you think you guys have understood from the 20-nanometer transition and trying to rectify that when you go to the other process node transition?

您認為你們從 20 納米過渡中獲得了哪些教訓，並在您進行其他工藝節點過渡時試圖糾正這一點？

Just in general, any comments there would be helpful.

總的來說，那裡的任何評論都會有所幫助。

Thank you very much.

非常感謝。

So certainly, we think 3D NAND has gone very well for that.

所以當然，我們認為 3D NAND 在這方面做得很好。

For us, that has been really a model where we take technology we've developed in fab four and move it into a consistent equipment set and a historically Micron environment where the equipment all matches and things go very well.

對我們來說，這確實是一個模型，我們將在四號晶圓廠開發的技術應用到一致的設備集和歷史悠久的美光環境中，在該環境中，所有設備都匹配並且一切都非常順利。

What we experienced in 20-nanometer, is we're matching a disparate set of equipment given the Elpida acquisition.

我們在 20 納米方面所經歷的是，我們正在匹配一組不同的設備，因為我們收購了 Elpida。

So we have got one tool set in Hiroshima, on tool set in the MMT fab in Taichung, and a separate tool set in the Inotera fab.

所以我們在廣島有一套工具，在台中的 MMT 工廠有一套工具，在 Inotera 工廠有一套單獨的工具。

And that's just more complicated.

這更複雜。

And every time we make this transition, we get more and more of those tools aligned and we feel like actually we're in pretty good shape now.

每次我們進行這種過渡時，我們都會越來越多地調整這些工具，我們覺得實際上我們現在的狀態非常好。

And as we move to the 1x node beyond that, it's going to be a lot more seamless and a lot easier to execute on a go-forward basis.

隨著我們移至 1x 節點，它將更加無縫，並且更容易在前進的基礎上執行。

So we think we're the leader in 3D and we think we're getting closer in DRAM and 1x is coming along now running at a preproduction levels in both Hiroshima and Taichung.

因此，我們認為我們是 3D 領域的領導者，我們認為我們在 DRAM 方面越來越接近，並且 1x 現在正在廣島和台中以預生產水平運行。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from the line of Mehdi Hosseini from 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, just looking at your NAND gross margin.

馬克，看看你的 NAND 毛利率。

It's been below corporate average since mid-2013, and you have all of these new product qualifications coming up.

自 2013 年年中以來，它一直低於企業平均水平，而且所有這些新產品的資質都將陸續出台。

I'm just wondering is there strategic alternative here to make a more dramatic or to take a more dramatic action?

我只是想知道這裡是否有戰略替代方案可以進行更具戲劇性或採取更具戲劇性的行動？

Because there's been more than two years that NAND has been underperforming compared to the corporate average.

因為與企業平均水平相比，NAND 已有兩年多的時間表現不佳。

And in case these product qualifications don't go well, is there an alternative strategy here?

如果這些產品資格不順利，這裡有替代策略嗎？

And I have a follow-up.

我有一個後續行動。

We're always open to looking at lots of different ways to optimize the business for the shareholders.

我們總是樂於尋找許多不同的方法來為股東優化業務。

Having said that, we like our NAND position.

話雖如此，我們喜歡我們的 NAND 位置。

We like the technology, the early feedback from the customers is they like what we're doing.

我們喜歡這項技術，客戶的早期反饋是他們喜歡我們正在做的事情。

They like not only the 3D technology, but the product portfolio.

他們不僅喜歡 3D 技術，還喜歡產品組合。

And we think we're making progress.

我們認為我們正在取得進展。

So we are encouraged with the progress we've been making.

因此，我們對所取得的進展感到鼓舞。

Yes, we have admitted for 18 months now that we completely missed the boat on planar TLC.

是的，我們已經承認 18 個月了，我們完全錯過了平面 TLC 的船。

We think we've taken significant steps to remedy that on a go-forward basis and we intend to do so.

我們認為我們已經採取了重大措施來解決這個問題，並且我們打算這樣做。

So we're going to play it out and as we do that, we'll look at lots of different strategic options for the DRAM business just like we do for the NAND business.

因此，我們將把它發揮出來，在我們這樣做的同時，我們將研究 DRAM 業務的許多不同戰略選擇，就像我們對 NAND 業務所做的那樣。

Just like we do for the DRAM business and 3D cost point and all of the other interesting new technologies we're developing.

就像我們為 DRAM 業務和 3D 成本點以及我們正在開發的所有其他有趣的新技術所做的那樣。

Any way you could share with us qualitatively or big picture what those options are?

您可以以任何方式與我們分享這些選擇的定性或全局嗎？

Well I think we'll just keep those to ourselves, Mehdi.

好吧，我想我們會把這些留給自己，Mehdi。

But I think the main point I would want to make is we think it's important to have a diversified set of products or technologies to support memory system solutions for our customers.

但我想我想說的主要一點是，我們認為擁有一套多樣化的產品或技術來支持我們客戶的內存系統解決方案非常重要。

We think we're in a strong position there.

我們認為我們在那里處於有利地位。

We like the growth profile associated with non-volatile memory business generally and that includes not only NAND, not only the 3D XPoint business that we're currently developing, but also other advanced storage class memories we're working in.

我們普遍喜歡與非易失性存儲器業務相關的增長情況，這不僅包括 NAND，不僅包括我們目前正在開發的 3D XPoint 業務，還包括我們正在從事的其他高級存儲類存儲器。

And we'll look at lots of different ways of optimizing the value in all those different technologies.

我們將研究在所有這些不同技術中優化價值的許多不同方法。

And we may find different solutions and different segments, but we're always looking for those opportunities to create value-added partnerships or new relationships.

我們可能會找到不同的解決方案和不同的細分市場，但我們一直在尋找創造增值合作夥伴關係或新關係的機會。

Got it and then quickly for Ernie, how should we think about working capital inventory and accounts receivable?

明白了，然後很快對 Ernie 來說，我們應該如何考慮營運資金庫存和應收賬款？

It seems like, at least on an inventory side, it may not come down significantly until February quarter.

看來，至少在庫存方面，它可能要到 2 月季度才會顯著下降。

Is that a fair assumption or not?

這是一個公平的假設嗎？

I think that it's reasonable to think about inventories being within a pretty narrow band for a couple of quarters.

我認為考慮庫存在幾個季度內處於相當窄的範圍內是合理的。

I think that's a reasonable thing to think about.

我認為這是一個合理的考慮。

And obviously, we pay a lot of attention to working capital and intend to do so on a going forward basis.

顯然，我們非常關注營運資金，並打算在未來的基礎上這樣做。

And my statement about inventories was on a dollar basis, so obviously bits are going to move around as costs move around.

而且我關於庫存的陳述是以美元為基礎的，所以很明顯，隨著成本的變化，位會發生變化。

Okay, thank you.

好的謝謝你。

Operator, I think we have time for one more question.

接線員，我想我們還有時間再問一個問題。

Certainly, our final question for today comes from the line of Tristan Gerra from Baird.

當然，我們今天的最後一個問題來自 Baird 的 Tristan Gerra。

Hello, good afternoon.

你好，下午好。

You've mentioned on the call today that the 3D NAND cost structure is laying to the TLC mix and you've mentioned a two quarter out timeframe for that mix ramp.

您在今天的電話會議上提到 3D NAND 成本結構正在考慮 TLC 組合，並且您提到了該組合斜坡的兩個季度結束時間框架。

Is that even on with the fiscal Q4 target in terms of cost improvement in your NAND difference that you provided last quarter?

就您上個季度提供的 NAND 差異的成本改進而言，這是否與第四財季的目標一致？

Or is there a little bit of a change in terms of where you expect an inflection point in your cost structure and NAND flash?

或者在您預期成本結構和 NAND 閃存的拐點位置方面是否有一點變化？

No, there's no change.

不，沒有變化。

I think that we're pretty consistent.

我認為我們非常一致。

The fiscal Q1 is our crossover, is aligned with our crossover in the fall that we talked about today, which is a little earlier than we had originally talked about.

第一財季是我們的交叉點，與我們今天討論的秋季交叉點保持一致，這比我們最初討論的要早一點。

The 3D crossover comes a little bit later and that drives a surge in the cost improvement but not necessary to drive the improvements that we've outlined relative to our guidance.

3D 交叉出現稍晚一點，這推動了成本改進的激增，但對於推動我們相對於我們的指導概述的改進來說並不是必需的。

Okay, and then just as a quick follow-up, any steps that you can talk about that you're taking to accelerate the node migration at Elpida?

好的，然後作為快速跟進，您可以談論您正在採取哪些步驟來加速 Elpida 的節點遷移？

The migration of DRAM from 20-nanometer to 1x?

DRAM 從 20 納米到 1x 的遷移？

That's right, yes.

沒錯，是的。

We're not completely done with 20-nanometer there yet, but as I mentioned a minute ago, we have 1x running there.

我們還沒有完全完成那裡的 20 納米，但正如我一分鐘前提到的，我們在那裡運行了 1x。

It's where we've been doing our pilot line activity and we've transitioned or we've transferred then that technology into the Taichung fab and they are progressing with that.

這是我們一直在進行試驗線活動的地方，我們已經過渡，或者我們已經將技術轉移到台中工廠，他們正在取得進展。

We wouldn't expect to see volume starts in either LPO or Taichung until later this year.

我們預計要到今年晚些時候才能看到 LPO 或台中的量產。

Great, thank you.

太好了謝謝。

Thank you and our next question comes from the line of -- I'm sorry, that does conclude our conference for today.

謝謝你，我們的下一個問題來自--對不起，今天的會議結束了。

And we thank you for your participation.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連接。

Thank you, everyone.

謝謝大家。