美光科技 (MU) 2016 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是阿比蓋爾，今天我將成為您的會議主持人。

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

在此，歡迎大家參加美光科技2016年第四季度財務發布電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝你。

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

現在，我很高興將發言權交給您的主持人 Ivan Donaldson。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you, and welcome to Micron Technology's fourth quarter and FY16 financial release conference call.

謝謝大家，歡迎參加美光科技第四季度和 FY16 財務發布電話會議。

On the call today with me 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 capped call dilution table.

此外，我們的網站包含不久前提交的收益新聞稿，以及補充信息，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桌子。

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

You can also follow us on Twitter @MicronTech.

您也可以在 Twitter @MicronTech 上關注我們。

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 uncertainty that may cause actual results to differ materially from statements made today.

這些前瞻性陳述存在風險和不確定性，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 files 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.

我們建議您參考公司向 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, 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 today's call to conform these statements to actual results.

在今天呼籲使這些陳述符合實際結果之後，我們沒有義務更新任何前瞻性陳述。

I'll now turn the call over to Mark.

我現在將把電話轉給馬克。

Thank you, Ivan.

謝謝你，伊万。

For FY16 Q4, Micron posted total revenue of $3.2 billion, with gross margin of 18%, and a non-GAAP net loss of $56 million or $0.05 per share.

2016 財年第四季度，美光公佈的總收入為 32 億美元，毛利率為 18%，非公認會計準則淨虧損為 5600 萬美元或每股 0.05 美元。

Both revenue and gross margin were at the high end of the guidance range, and together generated earnings per share that exceeded guidance.

收入和毛利率都處於指導範圍的高端，並且共同產生的每股收益超過了指導。

Operating cash flow was $896 million.

經營現金流為 8.96 億美元。

On the last call, we reported that -- while we were seeing signs of improvement in selected markets, we were uncertain of the extent and duration of the improvements.

在最後一次電話會議上，我們報告說——雖然我們看到選定市場有改善的跡象，但我們不確定改善的程度和持續時間。

During the quarter, we continued to see market conditions improve, driven by both supply and demand fundamentals.

在本季度，在供需基本面的推動下，我們繼續看到市場狀況有所改善。

Industry inventory appears lean, and the current market outlook for both NAND and DRAM continues to be positive.

行業庫存看似稀少，目前 NAND 和 DRAM 的市場前景繼續看好。

Currently prices are increasing in a number of segments, stabilizing in others, and we are seeing fewer segments showing residual declines.

目前，一些細分市場的價格正在上漲，而其他細分市場的價格則趨於穩定，而且我們看到更少的細分市場顯示出剩餘的下跌。

This environment framed our thinking in the guidance that Ernie will provide a little later on.

這種環境在 Ernie 稍後將提供的指導中形成了我們的想法。

We made significant progress on a number of key initiatives in the quarter, including the completion of the mobile product qualifications that we have been discussing, and our early 1X nanometer DRAM deployment.

我們在本季度的一些關鍵舉措上取得了重大進展，包括完成我們一直在討論的移動產品認證，以及我們早期的 1X 納米 DRAM 部署。

We are also seeing benefits of the 3D NAND yield ramp, which generated stronger than expected NAND bit growth in the quarter.

我們還看到了 3D NAND 良率上升的好處，這在本季度產生了強於預期的 NAND 位增長。

I'm going to provide a high level overview of each of the business units, and Ernie will follow with more details on each business' financial performance.

我將提供每個業務部門的高級概述，Ernie 將隨後詳細介紹每個業務的財務業績。

In our compute and networking business unit, we experienced accelerating revenue growth in the face of moderating pricing environment.

在我們的計算和網絡業務部門，面對溫和的定價環境，我們經歷了加速的收入增長。

Revenue growth was driven by continued increases of 20-nanometer shipments, as well as a significant transition to DDR4 in the cloud and client segments, where shipments exceeded DDR3 for the first time.

收入增長是由 20 納米出貨量的持續增長以及雲和客戶端領域向 DDR4 的重大過渡推動的，其中出貨量首次超過 DDR3。

We saw ongoing strength in graphics, driven by our GDDR5 and 5X products which supported NVIDIA's introduction of the 5X based Titan X, the highest performance consumer graphics card in the market.

在 GDDR5 和 5X 產品的推動下，我們看到了顯卡的持續優勢，這些產品支持 NVIDIA 推出基於 5X 的 Titan X，這是市場上性能最高的消費類顯卡。

In the enterprise segment, Micron was recognized at the Flash Memory Summit as the innovation leader in non-volatile DIMMs, an important solution for high performance servers.

在企業領域，美光在閃存峰會上被公認為非易失性 DIMM 的創新領導者，這是高性能服務器的重要解決方案。

Turning to our mobile business unit.

轉向我們的移動業務部門。

China is becoming a more significant growth driver in mobile devices.

中國正在成為移動設備領域更重要的增長動力。

Most of these devices are differentiated by large amounts of memory, including up to 6 gigabytes of low power DRAM.

這些設備中的大多數都具有大量內存，包括高達 6 GB 的低功耗 DRAM。

Additionally, the top of the line Apple and Samsung models now ship with 256 gigabytes of NAND, and we see mid range Chinese handsets heading in the same direction in order to compete.

此外，蘋果和三星的頂級機型現在都配備了 256 GB 的 NAND，我們看到中國中端手機正朝著相同的方向發展以競爭。

Although there is a moderating pace of smartphone unit growth, significant content increases of both NAND and DRAM will generate strong overall bit growth.

儘管智能手機單元增長速度放緩，但 NAND 和 DRAM 的顯著內容增長將產生強勁的整體位增長。

During the quarter, we introduced four new mid to high density mobile 3D NAND products with positive reviews from the press and from our customer base.

在本季度，我們推出了四款新的中高密度移動 3D NAND 產品，獲得了媒體和客戶群的積極評價。

Mobile DRAM and eMCP price declines moderated in the quarter with more recent signs of stabilization and increases.

移動 DRAM 和 eMCP 價格在本季度的跌幅有所放緩，近期出現了企穩和上漲的跡象。

Revenue growth in our embedded business unit has been driven by a record automotive business, and increased performance in the consumer and connected home segments, as well as a strengthening industrial multi-market business during the quarter.

我們嵌入式業務部門的收入增長受到創紀錄的汽車業務的推動，消費和互聯家居領域的業績增長，以及本季度工業多市場業務的加強。

We have maintained our leadership position in automotive to strong customer support and the introduction of new products that meet the fast-growing memory content requirements for infotainment, ADAS and instrument cluster applications.

我們通過強大的客戶支持和推出滿足信息娛樂、ADAS 和儀錶盤應用快速增長的內存內容要求的新產品，保持了我們在汽車領域的領先地位。

High temperature DRAM and automotive grade NAND products are enabling a strong design win pipeline.

高溫 DRAM 和汽車級 NAND 產品正在實現強大的設計獲勝管道。

The introduction of several new industrial solutions has positioned us to grow our share within IMM, and retain our high market share in machine-to-machine communication modules as the industry migrates from 2G to 4G and LTE.

隨著行業從 2G 向 4G 和 LTE 遷移，幾種新的工業解決方案的推出使我們能夠增加我們在 IMM 中的份額，並保持我們在機器對機器通信模塊方面的高市場份額。

We have also been successful in achieving strong market share positions in consumer applications from action cameras and home automation to high volume markets including digital TV and set-top boxes.

我們還成功地在從運動相機和家庭自動化到包括數字電視和機頂盒在內的大容量市場的消費應用中取得了強大的市場份額。

Finally our storage business unit is continuing to transition it's product line to our leading edge 3D NAND technology.

最後，我們的存儲業務部門正在繼續將其產品線過渡到我們領先的 3D NAND 技術。

We've seen positive response from customers this quarter related to our refreshed SSD portfolio, which offers a breadth of solutions to meet diverse application requirements.

我們在本季度看到客戶對我們更新後的 SSD 產品組合的積極響應，它提供了廣泛的解決方案來滿足不同的應用需求。

We're finalizing qualification with eight major OEMs on our 1100 client drive, and are engaging with cloud customers on future designs.

我們正在與 1100 個客戶端驅動器上的 8 個主要 OEM 完成資格認證，並正在與雲客戶就未來的設計進行接觸。

In the enterprise, we're seeing companies begin to retrofit HDD infrastructure with SAS SSDs as they modernize existing investments.

在企業中，我們看到公司開始使用 SAS SSD 改造 HDD 基礎設施，因為他們對現有投資進行了現代化改造。

Our customers in demanding sectors like financial services and energy are moving storage closer to the server.

我們在金融服務和能源等要求嚴苛的行業的客戶正在將存儲移到更靠近服務器的位置。

We've seen significant interest in our PCIe, NVMe drives in these applications due to their ability to deliver very consistent high performance.

我們在這些應用中看到了人們對我們的 PCIe、NVMe 驅動器的極大興趣，因為它們能夠提供非常一致的高性能。

We are actively expanding TLC 3D NAND across our cloud and enterprise portfolio, and expect to introduce our first TLC 3D SATA drive for these markets later this year, followed by a server-focused version early next year.

我們正在我們的雲和企業產品組合中積極擴展 TLC 3D NAND，並預計在今年晚些時候為這些市場推出我們的第一款 TLC 3D SATA 驅動器，然後在明年初推出以服務器為中心的版本。

We expect to see positive supply and demand dynamics in the SSD market for 2017.

我們預計 2017 年 SSD 市場將出現積極的供需動態。

Turning to the memory industry more generally, we've seen further evidence that DRAM wafer output is declining as a result of lost throughput related to the 20-nanometer and 1X nanometer conversions.

更普遍地轉向內存行業，我們已經看到進一步的證據表明，由於與 20 納米和 1X 納米轉換相關的吞吐量損失，DRAM 晶圓產量正在下降。

Absent some replacement of these wafers, we could see industry supply growth as low as mid-teens in 2017.

如果不更換這些晶圓，我們可以看到 2017 年行業供應增長低至十幾歲左右。

If some of the lost wafer output is replaced, industry supply growth could be in the high teens percent range.

如果部分損失的晶圓產量得到補充，行業供應增長可能在百分之十左右的範圍內。

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

相比之下，我們的長期鑽頭需求增長預測在 20% 到中低位。

For NAND, we estimate 2017 industry bit growth in the high 30% to low 40% range, which is in line with 2016.

對於 NAND，我們估計 2017 年行業位增長率在 30% 到 40% 的高位區間，與 2016 年持平。

This compares to our long-term bit demand growth forecast in the low to mid 40% range.

相比之下，我們的長期鑽頭需求增長預測在 40% 到中低位。

Despite significant investments in 3D conversions across the industry, we believe that 2017 supply growth will be relatively balanced with demand, given the disruption in the fab output related to these conversions.

儘管整個行業對 3D 轉換進行了大量投資，但鑑於與這些轉換相關的晶圓廠產量中斷，我們認為 2017 年的供應增長將與需求相對平衡。

For our operational priorities for FY17, or our operational priorities for FY17, continue to be targeted at ramping advanced technologies with an added focus on building out a more robust product portfolio, in particular for non-volatile memory products.

對於我們 2017 財年的運營重點，或我們 2017 財年的運營重點，繼續以提升先進技術為目標，同時更加註重構建更強大的產品組合，特別是非易失性存儲器產品。

For DRAM, we begin the 1X nanometer ramp, and expect to have meaningful output by the middle of 2017.

對於 DRAM，我們開始 1X 納米斜坡，預計到 2017 年年中會有有意義的輸出。

At our Winter Analyst day, we shared two year bit growth targets for DRAM, and we are on track to meet these targets.

在我們的冬季分析師日，我們分享了 DRAM 的兩年位增長目標，我們有望實現這些目標。

We were slightly below the range in FY17, and expect to be above the range in FY17.

我們略低於 FY17 的範圍，預計將高於 FY17 的範圍。

All of the DRAM bit growth will come from technology transitions, and we currently have no plans to add wafer capacity.

所有 DRAM 位的增長都將來自技術轉型，我們目前沒有增加晶圓產能的計劃。

We expect our FY17 DRAM costs per bit to decline 20% to 25%, as a result of completing the 20-nanometer migration, and initiating the 1X nanometer conversion.

由於完成 20 納米遷移並啟動 1X 納米轉換，我們預計 2017 財年 DRAM 的每比特成本將下降 20% 至 25%。

Our cash costs per bit declines will be meaningfully higher than this range.

我們的每比特現金成本下降幅度將顯著高於此範圍。

For NAND, we will continue to focus on ramping our Gen 1 3D as well as TLC.

對於 NAND，我們將繼續專注於提升我們的 Gen 1 3D 和 TLC。

As we updated at our last Analyst meeting, 3D bit output will exceed 2D output in the current quarter, ahead of our initial target.

正如我們在上次分析師會議上更新的那樣，本季度 3D 位輸出將超過 2D 輸出，超過我們最初的目標。

We will also be working on deploying second-generation 64-layer 3D technology.

我們還將致力於部署第二代 64 層 3D 技術。

Similar to DRAM, our 2016 NAND bit growth came in below the two year CAGR shared at our Analyst event, and we therefore expect 2017 to be above that range.

與 DRAM 類似，我們 2016 年的 NAND 位增長低於我們在分析師活動中分享的兩年復合年增長率，因此我們預計 2017 年將高於該範圍。

We are forecasting our FY17 NAND cost per bit to decline 20% to 25%, as a result of the 3D and TLC conversions.

由於 3D 和 TLC 轉換，我們預計 2017 財年 NAND 的每比特成本將下降 20% 至 25%。

This cost per bit includes the impact of our planned build-out of SSDs, eMCPs, and Managed NAND solutions, all of which carry additional bill of materials costs but will also enable a richer ASP mix.

每比特成本包括我們計劃構建的 SSD、eMCP 和託管 NAND 解決方案的影響，所有這些都會帶來額外的材料成本，但也將實現更豐富的 ASP 組合。

On a like-for-like basis, cost per bit will decline more substantially.

在類似的基礎上，每比特成本將大幅下降。

Relative to 3D Xpoint technology, we are working with market enablers on adoption of our QuantX solutions, and continue to believe this innovative technology will be an important contributor to Micron's future success, with initial revenue later in 2017.

相對於 3D Xpoint 技術，我們正在與市場推動者合作採用我們的 QuantX 解決方案，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，並在 2017 年晚些時候獲得初始收入。

Now I'd like to turn the mic over to Ernie.

現在我想把麥克風交給厄尼。

Thank you, Mark.

謝謝你，馬克。

We had a solid end to our fiscal year, as our continued focus on execution, coupled with a more favorable business environment resulted in improved financial performance.

由於我們繼續專注於執行，再加上更有利的商業環境，我們的財政年度實現了穩健的收官，從而改善了財務業績。

I'll begin my comments today with some technology and business unit details, followed by an overview of the Company's results for the quarter, and guidance for our first quarter of FY17.

我今天將以一些技術和業務部門的細節開始我的評論，然後是公司本季度業績的概述，以及我們對 2017 財年第一季度的指導。

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 represented about 25%, similar to the prior quarter.

移動端約佔 25%，與上一季度相似。

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

個人電腦部分處於 20% 以上的範圍內，比上一季度略有上升。

The server business was in the high teens percent range, down from the prior quarter.

服務器業務處於 10% 以上，低於上一季度。

And specialty DRAM which includes networking, graphics, auto, and other embedded technologies was in the low 30% range, up from the prior quarter and primarily driven by an increase in graphics which represented more than 10% for the quarter.

包括網絡、圖形、汽車和其他嵌入式技術在內的專用 DRAM 的佔比低於上一季度的 30%，主要受圖形增長的推動，該季度佔比超過 10%。

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 50%, down slightly from the prior quarter.

包括存儲卡、USB 和組件在內的消費者約佔 50%，比上一季度略有下降。

Mobile was in the high teens percent range, up from 13% in the prior quarter, as we began to see the impact of our completed customer quals.

隨著我們開始看到我們完成的客戶資格的影響，移動處於高 10% 的範圍內，高於上一季度的 13%。

As a reminder, eMCPs are primarily in the mobile segment.

提醒一下，eMCP 主要在移動領域。

SSDs represented 13% similar to last quarter, and the automotive, industrial multi-market and other embedded applications were in the high teens percent range, similar to prior quarter.

SSD 佔 13%，與上一季度相似，汽車、工業多市場和其他嵌入式應用在 10% 左右，與上一季度相似。

Turning to performance by business unit.

轉向業務部門的績效。

The compute and networking business unit delivered fiscal Q4 revenue of $1.25 billion, up 14% sequentially primarily driven by 20-nanometer shipment growth, accompanied by strengthening demand, and a moderating pricing environment across all segments.

計算和網絡業務部門在第四財季實現了 12.5 億美元的收入，環比增長 14%，主要受 20 納米出貨量增長、需求增強以及所有細分市場的定價環境放緩的推動。

The non-GAAP operating loss was $7 million or less than 1% of revenue.

非公認會計原則的營業虧損為 700 萬美元或不到收入的 1%。

In the enterprise segment, conversions to DDR4 are now largely complete, and we are focused on enabling our solutions for the next-generation server platform.

在企業領域，向 DDR4 的轉換現已基本完成，我們專注於為下一代服務器平台啟用我們的解決方案。

We are seeing continued interest in both higher density RDIMMs and LRDIMMs, as well as NVDIMM solutions.

我們看到對更高密度的 RDIMM 和 LRDIMM 以及 NVDIMM 解決方案的持續關注。

The cloud component of the enterprise segment is growing quickly, driven by continued growth in density across both DDR3 and DDR4 solutions.

在 DDR3 和 DDR4 解決方案的密度持續增長的推動下，企業領域的雲組件正在快速增長。

In graphics, we saw growth well above typical seasonality, driven by our GDDR5 and GDDR5X products.

在圖形方面，在我們的 GDDR5 和 GDDR5X 產品的推動下，我們看到的增長遠高於典型的季節性。

There are additional G5X based product announcements from NVIDIA in both the graphics and workstation segments during the quarter.

本季度，NVIDIA 在圖形和工作站領域發布了更多基於 G5X 的產品。

In networking, we enjoyed double-digit revenue growth, with strength across all regions, and growing interest in applying the high bandwidth capabilities of GDDR5 and GDDR5X to the networking segment.

在網絡方面，我們實現了兩位數的收入增長，在所有地區都有實力，並且對將 GDDR5 和 GDDR5X 的高帶寬功能應用於網絡領域的興趣日益濃厚。

Finally, within the client segment, we saw market demand which exceeded our expectations, as well as a continued transition to DDR4 which for the first time represented a majority of client shipments.

最後，在客戶領域，我們看到了超出我們預期的市場需求，以及向 DDR4 的持續過渡，這是第一次佔客戶出貨量的大部分。

The mobile business unit delivered fiscal Q4 revenue of $671 million, up 20% sequentially driven by a strong quarter in our eMCP products.

移動業務部門在第四財季實現了 6.71 億美元的收入，在我們 eMCP 產品強勁的季度推動下環比增長 20%。

The non-GAAP operating loss was $45 million or 7% of revenue, and was partially impacted by the consumption of higher cost early production inventory accumulated over the last two quarters.

非美國通用會計準則營業虧損為 4500 萬美元，佔收入的 7%，部分受到過去兩個季度積累的成本較高的早期生產庫存消耗的影響。

We saw significant growth in the recently qualified higher density MCPs, and as smartphone OEMs are positioning their products based on higher memory density specifications, which is helping to accelerate adoption of smartphones with richer memory content.

我們看到最近獲得認證的高密度 MCP 顯著增長，而且智能手機 OEM 正在根據更高的內存密度規格來定位他們的產品，這有助於加速採用內存內容更豐富的智能手機。

The embedded business unit delivered fiscal Q4 revenue of $513 million, up 5% sequentially.

嵌入式業務部門在第四財季實現了 5.13 億美元的收入，環比增長 5%。

Non-GAAP operating income was $133 million or 26% of revenue.

非美國通用會計準則營業收入為 1.33 億美元，佔收入的 26%。

The results were primarily driven by record automotive and increasing consumer business, combined with some recovery in our industrial multi-market business.

業績主要受創紀錄的汽車和不斷增長的消費者業務的推動，以及我們工業多市場業務的一些復甦。

The automotive business delivered solid results with revenue up 6% sequentially, driven by strong and increasing demand for both DRAM and eMMC solutions for infotainment, instrument cluster, and advanced driver systems applications.

由於信息娛樂、儀錶盤和高級驅動系統應用對 DRAM 和 eMMC 解決方案的強勁且不斷增長的需求，汽車業務實現了穩健的業績，收入環比增長 6%。

European, Korean and Japanese customers continue to fuel this growth, and our portfolio of leading edge automotive grade solutions is continuing to enable platform design wins.

歐洲、韓國和日本的客戶繼續推動這一增長，我們的領先汽車級解決方案組合繼續推動平台設計獲勝。

The industrial and multi-market business increased [16]% sequentially, primarily driven by the ramp of our NAND solutions into the Japanese amusement market.

工業和多市場業務環比增長 [16]%，主要是由於我們的 NAND 解決方案進入日本娛樂市場。

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

此外，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 的強勁需求。

Consumer and connected home revenue was up 7% sequentially, with solid demand for MCPs used in action cameras and home automation applications.

消費者和聯網家庭收入環比增長 7%，對用於運動相機和家庭自動化應用的 MCP 的需求強勁。

We continue to see this demand pattern continue in the current fiscal quarter which typically sees strong seasonal demand.

我們繼續看到這種需求模式在當前財政季度繼續存在，通常會出現強勁的季節性需求。

Our 20-nanometer DDR4 products continue to ramp into set-top boxes and IMM applications.

我們的 20 納米 DDR4 產品繼續進入機頂盒和 IMM 應用。

The storage business delivered fiscal Q4 revenue of $758 million, up 5% sequentially.

存儲業務在第四財季實現了 7.58 億美元的收入，環比增長 5%。

The non-GAAP operating loss was $69 million or 9% of revenue.

非公認會計原則的營業虧損為 6900 萬美元，佔收入的 9%。

During the quarter, we entered production and OEM qualification of TLC 3D NAND based SSDs in the client and consumer segments, providing customers with a refreshed 3D-based portfolio of storage products that span the demand spectrum in these markets.

在本季度，我們在客戶端和消費者領域進入了基於 TLC 3D NAND 的 SSD 的生產和 OEM 認證，為客戶提供了更新的基於 3D 的存儲產品組合，涵蓋了這些市場的需求範圍。

In the enterprise SSD segments, consecutive quarter bits sold were up 45% based on higher sales of our planar MLC-based cloud drive.

在企業 SSD 領域，由於我們基於平面 MLC 的雲驅動器的銷量增加，銷售額連續季度增長了 45%。

We are deploying 3D TLC across the enterprise and cloud portfolio, with several product launches over the next two quarters.

我們正在整個企業和雲產品組合中部署 3D TLC，並在接下來的兩個季度推出幾款產品。

Moving on to overall Company results.

繼續討論公司的整體業績。

Revenue for the fourth fiscal quarter was $3.2 billion at the top end of our guided range, and up 11% sequentially.

第四財季收入為 32 億美元，處於我們指導範圍的高端，環比增長 11%。

Fairly significant increases in volume shipments for DRAM were offset by moderating ASP declines, while trade NAND shipments increased as a result of early success of our 3D ramp, and we experienced generally stable ASPs.

DRAM 出貨量的顯著增長被 ASP 下降的緩和所抵消，而貿易 NAND 出貨量由於我們的 3D 斜坡的早期成功而增加，我們經歷了總體穩定的 ASP。

Gross margin for the quarter was 18%, also at the top end of our guided range.

本季度的毛利率為 18%，也處於我們指導範圍的高端。

The non-GAAP net loss for the quarter was $56 million or $0.05 per share, significantly better than our guidance.

本季度非美國通用會計準則淨虧損為 5600 萬美元或每股 0.05 美元，明顯好於我們的預期。

For the full fiscal year, we achieved non-GAAP profitability, despite our technology transition and memory market pricing pressure, achieving non-GAAP net income of $66 million or $0.06 per share.

儘管存在技術轉型和內存市場定價壓力，我們在整個財年實現了非 GAAP 盈利，實現了 6600 萬美元或每股 0.06 美元的非 GAAP 淨收入。

As a reminder, Micron included both amortization of acquisition-related intangibles and stock compensation expense in our fiscal Q4 non-GAAP results.

提醒一下，美光在我們的第四財季非公認會計準則業績中包括了與收購相關的無形資產的攤銷和股票補償費用。

Taken together, these two items represent $0.04 a share in the fourth fiscal quarter, and $0.20 per share for the full FY16.

合計起來，這兩項在第四財季為每股 0.04 美元，在整個 2016 財年為每股 0.20 美元。

Turning to results by product line.

轉向產品線的結果。

DRAM revenue increased 13% compared to the prior quarter, as a result of a 20% increase in bit shipments, partially offset by a 6% decrease in ASPs.

由於位出貨量增長 20%，DRAM 收入較上一季度增長 13%，但被 ASP 下降 6% 部分抵消。

DRAM gross margins for the fourth quarter increased 2 percentage points to 20%, primarily driven by strong cost reductions as a result of the continued 20-nanometer ramp.

第四季度的 DRAM 毛利率增長 2 個百分點至 20%，主要是由於 20 納米的持續增長導致成本大幅下降。

Our non-volatile trade revenue increased 12% compared to the prior quarter, reflecting a 13% increase in bit shipments, partially offset by a 1% decrease in ASPs.

與上一季度相比，我們的非波動性貿易收入增長了 12%，這反映了比特出貨量增長了 13%，但被 ASP 下降 1% 部分抵消。

Gross margin decreased a couple of percentage points to 16%, as costs per bit was up related to the 3D ramp, and build-out of higher cost storage and mobile solutions to support future growth.

毛利率下降了幾個百分點至 16%，因為每比特成本的上升與 3D 斜坡以及更高成本的存儲和移動解決方案的建設有關，以支持未來的增長。

Non-GAAP operating expenses for the quarter were $559 million.

本季度非美國通用會計準則運營費用為 5.59 億美元。

This was below our guidance primarily due to continued expense control and the timing of pre-qualification expenses for the fourth quarter, some of which will now occur in fiscal Q1.

這低於我們的指導主要是由於持續的費用控制和第四季度資格預審費用的時間安排，其中一些現在將在第一財季發生。

The Company generated operating cash flow of $896 million, which included a strong quarter for collection activity, and we ended the quarter with cash and marketable investments of approximately $4.8 billion.

公司產生了 8.96 億美元的運營現金流，其中包括一個強勁的季度收款活動，我們在本季度結束時擁有約 48 億美元的現金和有價投資。

In the fourth fiscal quarter, capital expenditures net of partner contributions were approximately $1.7 billion.

在第四財季，扣除合作夥伴出資的資本支出約為 17 億美元。

Before we move on to our guidance for the upcoming quarter, I wanted to share some changes to our reporting.

在我們繼續對下一季度的指導之前，我想分享我們對報告的一些更改。

The first of these changes relates to the depreciation schedule for our DRAM capital equipment.

這些變化中的第一個與我們的 DRAM 資本設備的折舊時間表有關。

Previously, this equipment had been depreciated over five years, however, given the longer intervals between technology transitions, we've changed the depreciable life of our DRAM capital equipment from five years to seven years.

此前，該設備已在五年內折舊，但由於技術轉換之間的間隔較長，我們已將 DRAM 資本設備的折舊壽命從五年更改為七年。

This change will reduce depreciation by approximately $100 million per quarter on a going forward basis.

這一變化將在未來的基礎上每季度減少約 1 億美元的折舊。

The depreciation schedule for NAND-related equipment remains unchanged.

NAND相關設備的折舊時間表保持不變。

Additionally, and to be consistent with the majority of semiconductor companies who report non-GAAP results, Micron will exclude stock-based compensation and the amortization of acquisition-related intangibles from our non-GAAP reporting.

此外，為了與大多數報告非 GAAP 業績的半導體公司保持一致，美光將從我們的非 GAAP 報告中排除基於股票的薪酬和與收購相關的無形資產的攤銷。

These expenses on average are approximately $50 million per quarter.

這些費用平均約為每季度 5000 萬美元。

Moving on now to our guidance for the first fiscal quarter, which we developed in the context of the market environment that Mark described earlier, on a non-GAAP basis we expect the following.

現在繼續我們對第一財季的指導，這是我們在馬克之前描述的市場環境的背景下制定的，在非公認會計原則的基礎上，我們預計如下。

Consolidated revenue in the range of $3.55 billion to $3.85 billion, gross margin in the range of 23% to 25.5%, operating expenses between $600 million and $650 million, due to the resumption of variable compensation expense, and the higher pre-qual expenses that we spoke of earlier.

合併收入在 35.5 億美元至 38.5 億美元之間，毛利率在 23% 至 25.5% 之間，運營費用在 6 億美元至 6.5 億美元之間，這是由於可變薪酬費用的恢復，以及更高的資格預審費用我們之前談到過。

Taken together, these items represent a sequential increase of approximately $80 million, of which $25 million resulted from the timing of pre-qual between fiscal Q4 and fiscal Q1.

總而言之，這些項目連續增加了大約 8000 萬美元，其中 2500 萬美元是由於第四季度和第一季度之間的資格預審時間造成的。

Operating income in the range of $245 million to $330 million, and EPS ranging between $0.13 and $0.21 per share based on [1.046 billion] diluted shares.

營業收入在 2.45 億美元至 3.3 億美元之間，每股收益在 0.13 美元至 0.21 美元之間，基於 [10.46 億] 攤薄股份。

Relative to our capital spending plans for FY17 as we shared last month, we expect to spend between $4.8 billion and $5.2 billion net of partner contributions.

相對於我們上個月分享的 2017 財年資本支出計劃，我們預計扣除合作夥伴捐款後的支出將在 48 億美元至 52 億美元之間。

Between 40% and 50% of the total will be allocated to DRAM, between 30% and 40% to non-volatile memory, and between 15% and 25% to technology and product enablement.

總數的 40% 至 50% 將分配給 DRAM，30% 至 40% 分配給非易失性存儲器，15% 至 25% 分配給技術和產品支持。

Consistent with our public comments, this level of CapEx allows us to appropriately fund our technology investments, while achieving neutral to positive free cash flow generation in FY17.

與我們的公眾意見一致，這種資本支出水平使我們能夠為我們的技術投資提供適當的資金，同時在 2017 財年實現中性至正的自由現金流產生。

Operationally, we are on track to deliver the bit growth and cost per bit reduction targets that we previously shared, as we complete the 20-nanometer DRAM conversion, reach crossover of first-generation 3D NAND this quarter, and commence the ramp of 1X nanometer DRAM and second-generation 3D NAND in 2017.

在運營方面，隨著我們完成 20 納米 DRAM 轉換，本季度實現第一代 3D NAND 的交叉，並開始 1X 納米的增長，我們有望實現我們之前共享的比特增長和每比特成本降低目標2017 年 DRAM 和第二代 3D NAND。

For FY17 specifically, we expect DRAM and NAND cost per bit reductions between 20% and 25%.

特別是在 2017 財年，我們預計 DRAM 和 NAND 的每比特成本將降低 20% 至 25%。

Finally, relative to the Inotera transaction, Micron and Inotera have concluded that sufficient progress has been made in Inotera addressing the issues that caused the delay in closing.

最後，相對於 Inotera 的交易，美光和 Inotera 得出的結論是，Inotera 在解決導致交易延遲的問題方面已經取得了足夠的進展。

An Inotera Board meeting has been scheduled for October 11, and the Directors of Inotera are expected to set a Share Swap record date at that meeting.

Inotera 董事會會議定於 10 月 11 日舉行，預計 Inotera 董事將在該會議上設定股份交換記錄日期。

We anticipate that the Share Swap record date will be set for the first half of December of 2016.

我們預計股份互換的記錄日期將設定在 2016 年 12 月上半月。

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 faced challenging market conditions in FY16, in addition to going through a transition period for our technology migrations.

總而言之，我們在 2016 財年面臨充滿挑戰的市場條件，此外還經歷了技術遷移的過渡期。

Despite these headwinds, we ended the year with positive non-GAAP EPS.

儘管存在這些不利因素，但我們以非公認會計原則每股收益為正結束了這一年。

Compared to prior cycles, this represents a material improvement in our performance, and further reinforces our belief in structural industry improvements.

與之前的周期相比，這代表了我們業績的實質性改善，並進一步加強了我們對結構性行業改善的信念。

We are now experiencing a more positive and improving environment, and Micron is committed to making even further improvements in our relative performance, with enhanced growth and cost reductions, and expanded capability to deliver value-added products to enable our customers.

我們現在正在經歷一個更加積極和不斷改善的環境，美光致力於進一步改善我們的相對業績，增強增長和降低成本，並擴大提供增值產品的能力，以支持我們的客戶。

Okay, operator, we are now ready to begin Q&A.

好的，接線員，我們現在準備開始問答。

(Operator Instructions)

（操作員說明）

Our first question comes from C.J. Muse with Evercore.

我們的第一個問題來自於 Evercore 的 C.J. Muse。

Yes, good afternoon.

是的，下午好。

Thank you for taking my question.

謝謝你接受我的問題。

First question, Ernie, for you on the pricing front.

第一個問題，厄尼，關於定價方面的問題。

I know you don't want to go into specific details, but curious as you think about November, what you're embedding in terms of changes to mix, and perhaps any flow through of lower margin inventory, and any other kind of factors that we should be thinking about as it relates to DRAM ASPs?

我知道您不想透露具體細節，但是當您想到 11 月時會感到好奇，您在組合變化方面所嵌入的內容，可能還有低利潤庫存的任何流動，以及任何其他類型的因素我們應該考慮它與 DRAM ASP 相關嗎？

This is Mark.

這是馬克。

Maybe I'll take that one, C.J. Certainly relative to the sell-through of inventory, there is an impact there, given some of the inventory we've built up over the last couple of quarters relative to the qualifications we mentioned.

也許我會拿那個，C.J.當然，相對於庫存的銷售，那裡有影響，因為我們在過去幾個季度中建立的一些庫存相對於我們提到的資格。

Relative to market assumptions, we're not going to get into the detail as always of the embedded margin, because we don't want to forecast the ASPs for you.

相對於市場假設，我們不會像往常一樣深入探討嵌入利潤率的細節，因為我們不想為您預測 ASP。

But I think that it's fair to say that we are seeing early signs of significant price movements.

但我認為公平地說，我們看到了價格大幅波動的早期跡象。

And as we've done in the past, we want to wait before we get ahead of ourselves in predicting what may come as we move further out into the quarter.

正如我們過去所做的那樣，我們希望在我們提前預測隨著我們進一步進入本季度時可能發生的事情之前等待。

But I do think that that the trend is positive, and the bias is positive.

但我確實認為趨勢是積極的，偏見是積極的。

Mark, that's very helpful.

馬克，很有幫助。

As my follow-up, how do you think about channel inventory today?

作為我的後續，您如何看待今天的渠道庫存？

And this is another DRAM question.

這是另一個 DRAM 問題。

And then, as part of that, how do you expect customers to act as you look into 2017, in an environment where bit supply is sub 20%, and demand presumably higher than that?

然後，作為其中的一部分，您如何期望客戶在您展望 2017 年時，在比特供應低於 20% 且需求可能高於此的環境中採取行動？

How do you expect changes in behavior there?

您如何期望那裡的行為發生變化？

Thank you.

謝謝你。

Yes.

是的。

Well, certainly, if we think about inventory in the marketplace, certainly channel inventory I think is very, very tight, maybe one to two weeks, or less than a week.

好吧，當然，如果我們考慮市場上的庫存，我認為渠道庫存肯定非常非常緊張，可能是一到兩週，或者不到一周。

At the major customers, we have less precision relative to that.

在主要客戶中，我們的精度相對較低。

But I'd say it's certainly down, and there's a sense of urgency at the large OEM customers as well.

但我會說它肯定下降了，大型 OEM 客戶也有一種緊迫感。

In some cases, we may be looking at allocation of certain products in certain markets.

在某些情況下，我們可能會關注某些產品在某些市場中的分配情況。

And certainly, the customers are beginning to ask for longer term price commitments, which is in my mind always a good thing.

當然，客戶開始要求更長期的價格承諾，這在我看來總是一件好事。

And we'll look at those on a case by case basis, and potentially take customers up on that where appropriate, but obviously always keeping the long-term interest of the shareholders in mind.

我們將逐案查看這些內容，並可能在適當的情況下吸引客戶，但顯然始終牢記股東的長期利益。

Very helpful.

非常有幫助。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Romit Shah with Nomura.

我們的下一個問題來自野村的 Romit Shah。

Yes, I just want to come back to the guidance, because it's something that people are trying to gauge, given that last quarter, at least relative to how you originally guided, you guys came in a lot better.

是的，我只想回到指導，因為這是人們試圖衡量的東西，鑑於上個季度，至少相對於你最初的指導，你們的表現要好得多。

And I know at the time that there was a lot of moving pieces, and you guys wanted to give yourself cushion.

我知道當時有很多動人的作品，你們想給自己一個緩衝。

So could you talk a little bit about visibility?

那麼你能談談能見度嗎？

And at least on the pricing front, if we could get a sense just directionally, how you're thinking about ASPs in the November period?

至少在定價方面，如果我們能從方向上有所了解，您如何看待 11 月期間的 ASP？

And then I have a follow-up.

然後我有一個跟進。

Sure.

當然。

This is Ernie.

這是厄尼。

So I think it's important to acknowledge, that although we beat our EPS guidance, we actually were well in the ranges of both our revenue and our gross margin guidance.

因此，我認為重要的是要承認，儘管我們超出了每股收益預期，但實際上我們的收入和毛利率都在預期範圍內。

And so we did think about the opportunity that was ahead of ourselves as we were giving the guidance for last quarter, and we've done the same thing in essence this quarter as well.

因此，在我們為上一季度提供指導時，我們確實考慮了擺在我們面前的機會，而且我們在本季度本質上也做了同樣的事情。

So I think you can look at the range of our guidance, and it generally contemplates the outcomes that we see.

因此，我認為您可以查看我們的指導範圍，它通常會考慮我們看到的結果。

And obviously, if things continue on a strong and favorable momentum, it's reasonable to think that you'd end up at the upper end of both pieces of the range, which would generate a result similar to this quarter.

顯然，如果事情繼續保持強勁和有利的勢頭，那麼有理由認為你最終會處於該範圍的上端，這將產生類似於本季度的結果。

And I think consistent with Mark's prior comments, we are continuing to see positive momentum.

我認為與馬克之前的評論一致，我們繼續看到積極的勢頭。

I do think it's important to understand that that momentum has existed and has started to strengthen.

我確實認為重要的是要了解這種勢頭已經存在並且已經開始加強。

And so, as a result of its actual impact in our fiscal quarter, with part of it already completed and we're in negotiations for others, I think that the trap we want to avoid is presuming that whatever the latest pricing news is gets retroactively applied across the entire quarter, because that's certainly not the environment that we're living in.

因此，由於它對我們財政季度的實際影響，其中一部分已經完成，我們正在為其他人進行談判，我認為我們想要避免的陷阱是假設無論最新的定價新聞是追溯性的適用於整個季度，因為這肯定不是我們生活的環境。

But I do think that we were pretty thoughtful about the revenue range.

但我確實認為我們對收入範圍非常周到。

And obviously we're going to work hard and try to do as well as we can.

很明顯，我們會努力工作，盡我們所能做到最好。

But we put a lot of thought behind the numbers we've just shared with you.

但我們在剛剛與您分享的數字背後投入了很多心思。

Yes, that's helpful.

是的，這很有幫助。

And then Mark, I have a strategic question for you which is, you talk about one of the priorities being to just ramp advanced products in non-volatile memory.

然後馬克，我有一個戰略問題要問你，你談到的優先事項之一是在非易失性存儲器中推出高級產品。

But at the same time, implicit in the FY17 free cash flow guidance is that you, at least the way I'm interpreting it, is that you'll continue to burn cash in NAND.

但與此同時，FY17 自由現金流指引中隱含的是，至少按照我的解釋，你將繼續在 NAND 中燒錢。

And so my question is, at what point do you consider a partnership to lessen the period expense and the CapEx burden associated with running this business?

所以我的問題是，您在什麼時候考慮建立合作夥伴關係以減少與運營該業務相關的期間費用和資本支出負擔？

Yes, we're always looking for ways to improve our relative competitive position, and we've used partnerships and strategic relationships extensively in the past.

是的，我們一直在尋找提高我們相對競爭地位的方法，過去我們廣泛使用了合作夥伴關係和戰略關係。

We'll continue to evaluate that, and again, always with the long term in mind.

我們將繼續評估這一點，並且始終考慮到長期。

We're -- there's an embedded assumption in there that there are lots of opportunities out there today, and I think I would not try to dissuade you of that view of life.

我們 - 有一個內在的假設，即今天有很多機會，我想我不會試圖勸阻你對這種生活觀的看法。

I would just caution you that we're going to be pretty careful and deliberate about making sure we take a long-term view relative to the relationships and the partnerships we engage in.

我只是提醒您，我們將非常謹慎和深思熟慮，以確保我們對我們參與的關係和夥伴關係採取長遠的眼光。

And that we're doing something that really drives a long-term strategic benefit for the Company, as opposed to a short-term fix of more supply in the marketplace.

我們正在做一些真正為公司帶來長期戰略利益的事情，而不是在市場上增加供應的短期解決方案。

Helpful, thank you.

有幫助，謝謝。

Thank you.

謝謝你。

Our next question comes from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的 Mark Delaney。

Yes.

是的。

Good afternoon, and thanks very much for taking the questions.

下午好，非常感謝您提出問題。

First question is, I was hoping you could update us on the Inotera transaction, and if that were to close, if you could help us understand the potential accretion or dilution from that transaction?

第一個問題是，我希望您能向我們提供有關 Inotera 交易的最新信息，如果該交易結束，您能否幫助我們了解該交易的潛在增長或稀釋？

And then related to it, to what extent is Inotera closing already embedded in any of the financial guidance that you gave for FY17?

與此相關的是，Inotera 的收盤在多大程度上已經嵌入到您為 2017 財年提供的任何財務指導中？

So as we had in our prepared remarks, we do expect the transaction to close at this point in -- some time in the middle of December.

因此，正如我們在準備好的評論中所說，我們確實預計交易將在此時完成——在 12 月中旬的某個時間。

We did contemplate that timing in our guidance, so it doesn't really have a dramatic impact on our FQ1 guide at all.

我們確實在我們的指導中考慮了這個時間安排，所以它對我們的 FQ1 指導並沒有真正的巨大影響。

And certainly the transaction will continue to be accretive to gross margins.

當然，這筆交易將繼續增加毛利率。

It will continue, and continues to be accretive to free cash flow.

它將繼續，並繼續增加自由現金流。

And essentially, the EPS accretion is really dependent on how we choose to finance that last $1 billion component, which we don't have to make a decision on until about 30 days or so prior to closing.

從本質上講，每股收益的增長實際上取決於我們如何選擇為最後 10 億美元的部分融資，我們不必在關閉前大約 30 天左右做出決定。

So as we said before, we have the option of using equity, or a convert, or cash, or a combination of those.

因此，正如我們之前所說，我們可以選擇使用股權，或轉換，或現金，或這些的組合。

And so, the specific EPS accretion will really be dependent upon what we finally decide for those things.

因此，具體的每股收益增長將真正取決於我們最終為這些事情做出的決定。

That's helpful.

這很有幫助。

And then a clarification on your comment that Micron will be above the CAGR that it provided for DRAM and [N] bit growth in FY17.

然後澄清您的評論，即美光將在 2017 財年超過其為 DRAM 和 [N] 位增長提供的複合年增長率。

I just want to clarify, you would expect to be above the high end of your guidance for both DRAM and NAND?

我只是想澄清一下，您是否期望超過 DRAM 和 NAND 指導的高端？

So I think it was over 30% in DRAM for FY17, and over 40% in NAND for FY17?

所以我認為2017財年DRAM超過30%，2017財年NAND超過40%？

Well, what we said Mark was that we had given these two year CAGRs and we were slightly below for both NAND and DRAM in FY16, so it's reasonable to think it would be slightly above the range that we provided in FY17.

嗯，我們所說的馬克是我們給出了這兩年的 CAGR，我們在 2016 財年的 NAND 和 DRAM 都略低於我們，因此有理由認為它會略高於我們在 2017 財年提供的範圍。

So that we, over the two year CAGR fulfill the commitment that we made around those bit growth CAGRs.

因此，我們在兩年內的複合年增長率履行了我們圍繞這些位增長複合年增長率做出的承諾。

So yes, that's a reasonable thing to assume.

所以是的，這是一個合理的假設。

That's very helpful.

這很有幫助。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Timothy Arcuri with Cowen.

我們的下一個問題來自 Timothy Arcuri 和 Cowen。

Thank you, I had two.

謝謝，我有兩個。

Ernie, I'm still a little confused on the guidance.

厄尼，我對指導還是有點困惑。

If I try to adjust for the changes in the reporting, it sounds like you're excluding about $150 million per quarter now.

如果我嘗試根據報告中的變化進行調整，聽起來您現在每季度不包括約 1.5 億美元。

So on an apples-to-apples basis, the guidance is actually like $0.13 or something like that lower than what the headline number is, or more like $0.04 at the mid point.

因此，在蘋果對蘋果的基礎上，指導實際上比標題數字低 0.13 美元或類似的東西，或者更像是中間點的 0.04 美元。

Am I not thinking about that right?

我想的不對嗎？

Yes, that's a reasonable way to think about it, sure, Tim.

是的，這是一種合理的思考方式，當然，蒂姆。

Okay.

好的。

And then that leads me to the question about OpEx, because it seems like some of that is related to OpEx.

然後這讓我想到了關於 OpEx 的問題，因為其中一些似乎與 OpEx 有關。

If you add the stock comp back and you assume that it's mostly OpEx, you're guiding to like $650 million to $700 million.

如果你加回股票補償並假設它主要是運營支出，那麼你的指導目標是 6.5 億美元到 7 億美元。

But it sounds like maybe $80 million of that is really one-time in nature.

但聽起來其中可能有 8000 萬美元實際上是一次性的。

So maybe the baseline is more like $600 million going into next quarter?

那麼，下個季度的基線可能更像是 6 億美元？

Is that -- or sorry, going into the fiscal Q2?

進入第二財季是——還是抱歉？

Is that the right run rate headed into the January quarter?

這是進入一月季度的正確運行率嗎？

So let me try to frame that for you a little bit.

因此，讓我嘗試為您構建一些框架。

We had a couple things that are impacting this quarter's OpEx.

我們有幾件事會影響本季度的運營支出。

The first was, that about $25 million give or take of pre-qual expenses that had planned to spend in FQ4 are appearing in FQ1.

首先是，計劃在 FQ4 中花費的大約 2500 萬美元的資格預審費用出現在 FQ1 中。

And then secondly, we have -- we had, even prior to this rollover, the highest point of pre-qual expenses for the entire fiscal year was actually occurring in Q1, plus we have the resumption of variable compensation, given the new pricing environment.

其次，我們有——甚至在本次展期之前，整個財政年度的預審費用的最高點實際上發生在第一季度，此外，鑑於新的定價環境，我們恢復了可變薪酬.

And so, what we've try to frame for folks is sequentially, between the variable comp being reinstated, as well as the pre-qual expenses, that's a sequential increase of about $80 million from FQ4 to FQ1.

因此，我們試圖為人們制定的框架是按順序排列，在恢復可變補償以及預審費用之間，從 FQ4 到 FQ1 連續增加約 8000 萬美元。

So that predominantly explains the change to the OpEx.

因此，這主要解釋了 OpEx 的變化。

And it certainly, we're hopeful that the variable compensation piece continues, because we're hopeful that the business environment is favorable.

當然，我們希望可變薪酬繼續下去，因為我們希望商業環境是有利的。

And we would expect pre-qual expenses to moderate, such that we should be in that range of $600 million plus or minus, so we'd probably mid point around $600 million a few quarters -- maybe a couple quarters higher, a couple quarters a little bit lower, under the new framework for recording OpEx.

我們預計資格預審費用會放緩，這樣我們應該在 6 億美元上下的範圍內，所以我們可能會在幾個季度左右達到 6 億美元左右——可能會高幾個季度，幾個季度在記錄 OpEx 的新框架下，稍微低一點。

So those numbers would still exclude stock-based comp.

因此，這些數字仍將排除基於股票的補償。

But you would expect to see a pretty meaningful moderation of OpEx, as we go forward throughout the year as a result of this pre-qual situation being resolved from the rollover.

但是您會期望看到 OpEx 會出現相當有意義的節制，因為這種資格預審情況已從翻轉中得到解決，因為我們全年都在前進。

Our next question comes from Ian Ing with MKM Partners.

我們的下一個問題來自 MKM Partners 的 Ian Ing。

Yes, thank you.

是的，謝謝。

Congrats on the guidance.

恭喜指導。

DRAM question here.

DRAM 問題在這裡。

You've got favorable contract pricing.

您獲得了優惠的合同價格。

You didn't quite get the bit output acceleration in Q4.

在第四季度，您並沒有完全得到比特輸出加速。

Just wanted to understand that a bit.

只是想稍微理解一下。

And are there any shortages in terms of meeting customer demand at this point?

目前在滿足客戶需求方面是否存在短缺？

I think part of the explanation of Q4 bit growth being slightly below, I think what we previously talked about was in fact that as we watched the market evolve, we made some choices around where we would like that output to be.

我認為第四季度比特增長略低於的部分解釋，我認為我們之前談到的事實上，當我們觀察市場發展時，我們圍繞我們希望輸出的位置做出了一些選擇。

And the result is that our Q1, fiscal Q1 bit output would -- is now going to be higher than what we had expected it to be.

結果是我們的第一季度，財政第一季度的比特輸出將 - 現在將高於我們的預期。

So obviously, that did play into our thinking as we saw the market evolve.

很明顯，當我們看到市場發展時，這確實影響了我們的想法。

Relative to specific shortages, I'm not aware of any.

相對於具體的短缺，我不知道。

I don't know, Mark, if you are, but certainly, all of our customers are being very attentive to making sure that their supply needs are taken care of, and we are seeing certain segments and certain customers where the possibility of allocation is present.

我不知道，馬克，如果你是，但可以肯定的是，我們所有的客戶都非常注意確保他們的供應需求得到照顧，我們看到某些細分市場和某些客戶有分配的可能性當下。

Yes, I don't think we want to call those out today on this call, but there's certainly that risk.

是的，我認為我們今天不想在這次電話會議上召集這些人，但肯定存在這種風險。

Yes.

是的。

Okay.

好的。

Thanks.

謝謝。

And for my follow-up here, server as a percent of DRAM, that is down sequentially, and August is -- what's happening here, perhaps enterprise is offsetting the cloud.

對於我在這裡的後續行動，服務器佔 DRAM 的百分比是連續下降的，而 8 月是 - 這裡發生的事情，也許企業正在抵消雲計算。

And shouldn't this be a pretty attractive market to serve?

這不應該是一個非常有吸引力的市場嗎？

I think, pricing in server typically attracts PCs, with a little bit of lag?

我認為，服務器定價通常會吸引 PC，但有一點滯後？

Yes, I think it will reaccelerate relatively quickly.

是的，我認為它會相對較快地重新加速。

It has been a little bit more of a lumpy business here over the last year or so, but we like the trends there.

在過去一年左右的時間裡，這裡的業務有點混亂，但我們喜歡那裡的趨勢。

Okay, thank you.

好的謝謝你。

Thank you.

謝謝你。

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

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

Yes.

是的。

Thanks, and congrats on good execution.

謝謝，並祝賀執行良好。

Just a question on the inventory increase on a year-over-year basis, relative to the revenue increase year-over-year based on your guidance.

根據您的指導，只是一個關於庫存同比增長的問題，相對於收入同比增長。

So it seems like the -- it seems like that the inventory is increasing at a faster clip than revenue, so just wanted to get a sense in terms of any concerns you see there?

所以看起來 - 庫存的增長速度似乎比收入快，所以只是想了解一下你在那裡看到的任何擔憂嗎？

(multiple speakers)

（多位發言者）

Sure -- I'm sorry, go ahead.

當然——對不起，請繼續。

So with inventory outgrowing revenue on a year-over-year basis?

那麼，隨著庫存同比增長超過收入？

Yes, I think you have a couple things.

是的，我認為你有幾件事。

First, as we talked about in the last quarter or so, as we are ramping on the new technologies, and predominantly because of these delayed mobile quals, we had some inventory built up that is now flowing through.

首先，正如我們在上個季度左右談到的那樣，隨著我們正在增加新技術，主要是由於這些延遲的移動質量，我們已經建立了一些現在正在流動的庫存。

However, we absolutely still continue to get more and more output from the factory, and it's going to be a couple quarters before that inventory actually starts to decline.

但是，我們絕對仍然會繼續從工廠獲得越來越多的產量，而且庫存實際開始下降還需要幾個季度。

But we have a very clear view of an ability to decrease inventory meaningfully over the course of FY17.

但我們對在 2017 財年顯著減少庫存的能力有非常清晰的認識。

I'd also remind you that we are also building supply chains for SSDs and MCPs, which take longer in terms of their aggregate end-to-end cycle time than selling components.

我還要提醒您，我們還在為 SSD 和 MCP 構建供應鏈，它們的端到端總週期時間比銷售組件要長。

So we have that effect as well.

所以我們也有這種效果。

That will cap out here in the next quarter or so, and then you'll see a normalization and a flow through of that as well.

這將在下個季度左右結束，然後你會看到正常化和流動。

So we're not -- we're cognizant of the inventory position.

所以我們不是——我們知道庫存狀況。

We like to think that we anticipated that, and shared that with you.

我們喜歡認為我們已經預料到了這一點，並與您分享了這一點。

And we're equally confident that the inventory will decline nearly every quarter in FY17.

我們同樣相信，2017 財年庫存幾乎每個季度都會下降。

Yes, to be honest, we feel pretty good about where we sit, given the trends in the marketplace as well, and we don't feel quite as much urgency as we might under different market conditions.

是的，老實說，考慮到市場的趨勢，我們對自己所處的位置感覺很好，而且我們並不像在不同的市場條件下那樣感到緊迫。

Okay.

好的。

That was helpful.

那很有幫助。

And just a last question for me on the cash flow.

最後一個關於現金流的問題。

Obviously, you can't talk a little bit about FY17.

顯然，你不能談論 FY17。

But if you take your CapEx guidance and your depreciation add back, it does seem like it would still be difficult to generate a meaningful free cash flow next year, assuming a fairly big ramp, and gross margins and revenue -- gross margins maybe, continue to increase above and beyond what you're guiding for November.

但是，如果你把你的資本支出指導和你的折舊加回去，假設一個相當大的斜坡，以及毛利率和收入——毛利率可能會，明年似乎仍然很難產生有意義的自由現金流。增加超出您 11 月的指導。

So I just wanted to get a sense of how you're looking at free cash flow, and the Inotera agreement, how much free cash flow does that add to the Company, if we were to add that back on?

因此，我只是想了解您如何看待自由現金流，以及 Inotera 協議，如果我們要重新添加它，這會給公司增加多少自由現金流？

On average, the Inotera transaction is going to add somewhere between [$300 million] and $600 million of cash flow on a free cash flow basis.

平均而言，Inotera 交易將在自由現金流的基礎上增加 [3 億美元] 至 6 億美元的現金流。

But I'd really stress that that's an average amount which would be the free cash flow net of the incremental depreciation -- I'm sorry, the incremental CapEx.

但我真的要強調的是，這是一個平均金額，即扣除增量折舊後的自由現金流——對不起，增量資本支出。

But I think that the best way I could guide your thinking there is that we have prepared pretty conservative plan, and we have a free cash flow neutral position in the context of that conservative plan.

但我認為，我可以指導您思考的最佳方式是我們準備了相當保守的計劃，並且在該保守計劃的背景下，我們擁有自由現金流中性的立場。

Obviously, Q4 is a little bit stronger.

顯然，Q4 稍微強一些。

It's fair to say that Q1 was a little bit stronger, as we look at it now versus our conservative plan.

公平地說，第一季度要強一些，因為我們現在看它與我們的保守計劃相比。

And so we would expect to be able to accumulate cash over the course of 2017, if in fact this current market environment continues.

因此，如果事實上當前的市場環境繼續下去，我們預計能夠在 2017 年積累現金。

Any time we use words like significant, it gets hard to determine what's significant to you or significant to me, but trust me every dollar is significant to us.

任何時候我們使用像重要這樣的詞，很難確定什麼對你重要或對我重要，但相信我，每一美元對我們來說都很重要。

And so we're being very careful and monitoring that very carefully.

所以我們非常小心並非常仔細地監控。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

NAND cost per bit was actually up slightly in Q4.

NAND 每比特成本實際上在第四季度略有上升。

Was most of this mix related?

這種混合大部分是相關的嗎？

Maybe you could just tell us what cost per bit declines were on a like-for-like basis?

也許您可以告訴我們，在同類產品的基礎上，每比特成本下降多少？

And should we anticipate an acceleration of cost per bit starting here in the first quarter, especially I think as you mentioned you'd get 3D bit crossover over 2D?

我們是否應該預計從第一季度開始每比特成本會加速，特別是我認為正如你提到的那樣，你會在 2D 上獲得 3D 比特交叉？

But it seems like to me, as gross margins for NAND should be inflecting up here in Q1, but I'm just trying to get a sense for that?

但在我看來，NAND 的毛利率應該會在第一季度有所回升，但我只是想了解一下？

Yes, a lot of moving pieces, Harlan.

是的，很多動人的作品，哈倫。

I think just to get to the crux of your question, yes, you should anticipate cost per bit, start coming down nicely with the 3D ramp, as we start flushing those wafers through the back end, and out in the marketplace.

我認為只是為了解決你問題的癥結，是的，你應該預測每比特成本，隨著 3D 斜坡的下降，隨著我們開始通過後端沖洗這些晶圓，並進入市場。

Costs are coming down nicely this quarter, and [see] a continued road map ahead for that, as we move through the year.

本季度的成本下降得很好，隨著我們這一年的到來，[查看]未來的持續路線圖。

Yes, and we provided a cost per bit reduction forecast for the year to you, and I think everything Mark said is absolutely true.

是的，我們為您提供了本年度的每比特成本降低預測，我認為 Mark 所說的一切都是絕對正確的。

And counter balancing that just a bit is the supply chain build up that I talked about, because as MCPs and those SSDs have a higher COGS component theoretically, they are also generating more margin.

平衡一點就是我談到的供應鏈的建立，因為理論上 MCP 和那些 SSD 具有更高的 COGS 組件，它們也產生了更多的利潤。

But if we're only looking at the cost perspective, that will have a tendency to dampen the cost per bit reduction because the mix is changing.

但是，如果我們只從成本角度來看，這將有抑制每比特成本降低的趨勢，因為組合正在發生變化。

Great.

偉大的。

Thanks for the insights there.

感謝那裡的見解。

And then, on the 1X DRAM ramp that you highlighted in your slides, when does that ramp actually commence?

然後，在您在幻燈片中強調的 1X DRAM 斜坡上，這個斜坡實際上是什麼時候開始的？

Is it end of this year, beginning of next calendar year?

是今年年底，下一個日曆年的開始嗎？

And you've mentioned also that you'd expect significant output by middle of next year, maybe you can just be more specific on when you expect bit crossover 1X versus 20-nanometer?

而且您還提到，您預計到明年年中會有大量產出，也許您可以更具體地說明您預計比特交叉 1X 與 20 納米的時間？

Thank you.

謝謝你。

Yes, so we have actually wafers in manufacturing fabs in both Hiroshima and Taiwan that are yielding.

是的，所以我們實際上在廣島和台灣的晶圓廠都有晶圓在生產。

The output today is insignificant.

今天的產出微不足道。

We'll continue to run at engineering pilot line lots.

我們將繼續在工程試驗線地段運行。

And by the time we get to the middle of next year, you should see it be significant in terms of our overall output.

到明年年中時，您應該會看到它對我們的整體產出而言意義重大。

I think probably going to wait another quarter before we give you a little bit more precision on what the -- when the bit crossover might be.

我想可能要再等一個季度，然後我們才能更準確地告訴你——什麼時候可能是位交叉。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Steven Fox with Cross Research.

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

Thanks.

謝謝。

Good afternoon.

下午好。

Just two questions for me.

對我來說只有兩個問題。

Just following on that prior question regarding NAND cost per bit and all of the mix issues, can you just take that one step forward and talk about maybe how the storage business unit starts to recover in terms of profitability?

繼之前關於 NAND 每位成本和所有混合問題的問題之後，您能否向前邁出一步，談談存儲業務部門如何開始恢復盈利能力？

Is there a path to turning profitable this fiscal year?

本財年是否有實現盈利的途徑？

And then secondly, could you just talk about seasonality this year maybe versus last year in terms of what kind of unit shipments you're seeing versus content shipments from some of your core markets, and whether it's stronger or weaker than a year ago?

其次，您能否談談今年的季節性與去年相比，您所看到的單位出貨量與您的一些核心市場的內容出貨量相比，是比一年前強還是弱？

Thanks.

謝謝。

Sure.

當然。

So let me address the question about the storage business.

那麼讓我來談談關於存儲業務的問題。

We are certainly hopeful that we can exit the year at least with a profitable note for the storage business.

我們當然希望我們能夠在今年結束時至少為存儲業務帶來盈利。

I think it's dependent on a few things.

我認為這取決於幾件事。

Obviously, we're in the middle of a very significant portfolio change-out, and we have to execute on those.

顯然，我們正處於一個非常重大的投資組合變更之中，我們必須執行這些變更。

So far, our record has been good with respect to the client and consumer segments.

到目前為止，我們在客戶和消費者領域的記錄一直很好。

But we have some big product launches, with respect to both data center and enterprise coming up here toward the end of this calendar year and in early calendar 2017.

但是我們有一些大型產品發布，數據中心和企業將在今年年底和 2017 年初推出。

And those would be really pivotal to us in completing that transition.

這些對於我們完成過渡非常關鍵。

I think that again, track record has been good.

我再次認為，往績記錄一直很好。

The SSDs have been well reviewed, and we're very optimistic that our subsequent product launches will be equally successful.

SSD 得到了很好的評價，我們非常樂觀地認為我們後續的產品發布將同樣成功。

I also think it's important to keep in mind that we also are seeing benefit of 3D in the memory -- or I'm sorry, in the mobile business unit as well.

我還認為重要的是要記住，我們也看到了 3D 在內存中的好處——或者對不起，在移動業務部門也是如此。

We saw that -- we had the mobile percentage of our NAND business this quarter move from the low teens essentially to the high teens, as a result of more and more quals there, and the increasing importance of the MCP portfolio.

我們看到——本季度我們 NAND 業務的移動百分比從低端轉向高端，這是由於那裡越來越多的質量，以及 MCP 產品組合的重要性日益增加。

So we are seeing benefit of that, really across multiple business units.

因此，我們看到了這樣做的好處，真正跨越了多個業務部門。

Let me just add to that on the seasonality question.

讓我補充一下季節性問題。

Q4 obviously, typically is a very strong quarter for NAND.

顯然，第四季度對於 NAND 來說通常是一個非常強勁的季度。

Hard to know for sure, but our sense is that the demand picture probably has more staying power than just the typical seasonality that you would see, given the strong growth in the end applications.

很難確定，但我們的感覺是，鑑於最終應用的強勁增長，需求圖可能比您看到的典型季節性更具持久力。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Kevin Cassidy with Stifel.

我們的下一個問題來自 Stifel 的 Kevin Cassidy。

Thank you for taking my question.

謝謝你接受我的問題。

Your guidance for first quarter is a significant increase over fourth quarter.

您對第一季度的指導比第四季度顯著增加。

Can you give us a ranking of the end markets or the end products that are driving the increase?

你能給我們一個推動增長的終端市場或終端產品的排名嗎？

Yes, I'll take that.

是的，我會接受的。

So obviously, as has been the case, the specialty markets, the embedded markets, whether it's automotive, industrial, medical probably top of the list.

很明顯，與以往一樣，專業市場、嵌入式市場，無論是汽車、工業、醫療，都可能位居榜首。

Within the computing and networking segment, graphics has been quite strong.

在計算和網絡領域，圖形一直很強大。

Server probably next, and then followed up with mobile and client.

服務器可能是下一個，然後是移動和客戶端。

Okay.

好的。

And are you seeing a significant increase with 3D NAND versus the planar NAND?

您是否看到 3D NAND 與平面 NAND 相比有顯著增長？

In terms of demand?

在需求方面？

Gross (multiple speakers).

格羅斯（多位發言者）。

Sorry, no, gross margin (multiple speakers).

抱歉，不，毛利率（多位發言人）。

But that -- it's a very quickly moving dynamic right now.

但這 - 現在是一個非常迅速發展的動態。

So yes, we're seeing that happen real-time as we sell through the early production and move more and more of the products into the TLC format.

所以是的，當我們通過早期生產銷售並將越來越多的產品轉移到 TLC 格式時，我們看到這種情況實時發生。

And certainly more of that opportunity is ahead of us than it is behind us, given that we're just going to hit bit crossover for 3D in this quarter.

當然，更多的機會擺在我們面前，而不是在我們身後，因為我們將在本季度實現 3D 的位交叉。

And as Mark said, we're continuing to transition which adds costs because it suppresses output.

正如馬克所說，我們正在繼續轉型，這會增加成本，因為它會抑制產出。

But with more significant bit growth ahead, we would expect the cost reduction opportunity to accelerate a little bit here throughout FY17.

但隨著未來更顯著的位增長，我們預計整個 FY17 的成本降低機會將略微加速。

Okay, great.

好，太棒了。

Congratulations on the good results.

祝賀取得好成績。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Yes, good afternoon, guys.

是的，下午好，伙計們。

Thanks for letting me ask a question.

謝謝你讓我問一個問題。

I want to go back to the cost side of the equation, guys.

伙計們，我想回到等式的成本方面。

Just given the change in the depreciation schedule for the November quarter, I would have thought your ability to get gross margin to the high 20% range, especially in this pricing environment, would have been fairly easy.

考慮到 11 月季度折舊計劃的變化，我原以為你能夠將毛利率提高到 20% 的高位，尤其是在這種定價環境下，會相當容易。

So I'm just curious as to what the offsets are in the November quarter.

所以我只是好奇 11 月季度的抵消額是多少。

Is this all about the quals on mobile?

這都是關於移動端的素質嗎？

And if it is, what do you estimate that to be a hit to gross margins, and when might that be done?

如果是這樣，您認為這會對毛利率造成什麼影響，什麼時候可以做到？

And then, Ernie, I know you gave full year cost targets on a per bit basis.

然後，厄尼，我知道你給出了按比特計算的全年成本目標。

Did you give them for the fiscal first quarter?

你在第一財季給他們了嗎？

If you did, I missed them.

如果你這樣做了，我想念他們。

I think, John, actually it's really a little bit more about the lag that you typically see as pricing starts to turn around in some of these things.

我認為，約翰，實際上，當定價開始在其中一些方面開始好轉時，您通常會看到更多的滯後。

Yes, there is an inventory effect relative to some of these products that we built up in inventory that were early production on either 20-nanometer or 3D NAND, et cetera.

是的，相對於我們在庫存中建立的一些產品存在庫存效應，這些產品是早期生產的 20 納米或 3D NAND 等。

As we sell-through, that's a little bit of a headwind until that's flushed out.

當我們賣出時，這有點逆風，直到它被沖掉。

But it's really more around, as ASPs turn around, they don't turn around instantaneously.

但實際上更多的是，當 ASP 轉身時，他們不會立即轉身。

And they didn't turn around until we were into the quarter last quarter.

直到我們進入上個季度，他們才扭轉局面。

So remember, we had a pretty significant beat relative to the mid point of our guidance last quarter, which gives you an indication that the pricing was starting to accelerate then.

所以請記住，相對於我們上個季度指導的中點，我們有相當大的節拍，這表明當時定價開始加速。

It takes a little while to play out, and to flush through as we see these things happen.

當我們看到這些事情發生時，需要一點時間才能發揮出來並衝過去。

So the trends are all in place.

所以趨勢都已經到位。

And I think we're heading where you think you are, where we ought to be, but it can take a little while to play out through the financials.

而且我認為我們正在朝著您認為的方向，我們應該在的方向前進，但是可能需要一段時間才能通過財務狀況發揮作用。

Yes.

是的。

And I didn't provide a cost specific cost per bit target for FQ1.

而且我沒有為 FQ1 提供每比特成本的具體成本目標。

Okay.

好的。

And then as my follow-up, Mark, just on the Inotera acquisition.

然後作為我的後續行動，馬克，就收購 Inotera 而言。

If you go back and look at what you guys have tried to accomplish over the last seven or eight years, it's actually been to try to mitigate the cyclicality of the industry within your financials by setting up some of these JVs, buying Inotera reverses that.

如果你回過頭來看看你們在過去七八年裡試圖完成的事情，實際上是通過建立一些合資企業來試圖減輕行業的周期性，而收購 Inotera 則相反。

I'm curious, is this purely a financial decision on your part?

我很好奇，這純粹是您的財務決定嗎？

You mentioned in your prepared comments that this downturn troughed at much higher levels than past downturns.

你在準備好的評論中提到，這次衰退的谷底水平遠高於過去的衰退。

So is that giving you the confidence, or is there actually a fundamental reason to own the asset?

那是給你信心，還是實際上有一個擁有資產的根本原因？

Will this allow you to ramp 1X or 1Y or 1Z more quickly owning Inotera?

這會讓你擁有 Inotera 更快地提升 1X 或 1Y 或 1Z 嗎？

If you could just give a justification that would be great.

如果你能給出一個理由那就太好了。

Yes.

是的。

Well, there's a lot of components to it.

嗯，它有很多組件。

I think you put your finger on a piece of it, which is that the volatility in this business, I think we can conclude is going to be less going forward.

我認為你把手指放在了其中的一部分上，那就是這項業務的波動性，我認為我們可以得出結論，未來會減少。

This certainly seems to have been borne out as we move through this last cycle.

當我們經歷最後一個週期時，這似乎已經得到證實。

It doesn't mean the cycles are gone, it just means that the volatility is less, and so that is less of a defensive driver so to speak.

這並不意味著周期消失了，它只是意味著波動性減少了，因此可以說這不是一個防禦性驅動因素。

An important thing for us in this whole picture is operational flexibility and control.

在整個過程中，對我們來說重要的是操作靈活性和控制力。

As we think about our ability to drive new technologies, either into manufacturing or to transition technologies with the Inotera assets, having ownership of that asset and the ability to mix and match different technologies, as well as potentially more value-add products and capture that value as significant.

當我們考慮我們推動新技術進入製造或使用 Inotera 資產轉換技術的能力時，擁有該資產的所有權以及混合和匹配不同技術的能力，以及潛在的更多增值產品並捕捉到這一點價值一樣重要。

Notwithstanding the fact that we have a good operating relationship with Inotera, we believe that there is more value we can bring as sole owners than as Board members and operational partners.

儘管我們與 Inotera 有著良好的運營關係，但我們相信作為唯一所有者，我們可以帶來比作為董事會成員和運營合作夥伴更多的價值。

And at the end of the day, it gives us the ability as well to take the cash flow that's going to be generated with Inotera, and deploy it across our network where we find that most useful.

歸根結底，它還使我們能夠利用 Inotera 產生的現金流，並將其部署到我們認為最有用的網絡中。

So a number of different factors playing into it, all of which, I think, point in the direction that we're moving.

因此，有許多不同的因素在其中發揮作用，我認為，所有這些因素都指向了我們前進的方向。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Mehdi Hosseini with 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。

Ernie, just going back to your CapEx for the next fiscal year, it sounds like you're incrementally more confident with the Inotera deal.

厄尼，剛剛回到你下一財年的資本支出，聽起來你對 Inotera 的交易越來越有信心了。

And in that context, how should we think about the incremental CapEx requirements for Inotera, in the context of your comment that Inotera would help with free cash flow accretion?

在這種情況下，我們應該如何考慮 Inotera 的增量資本支出要求，在您評論 Inotera 將有助於增加自由現金流的情況下？

I'm just trying to reconcile everything, and I have a follow-up.

我只是想調和一切，我有後續行動。

Sure.

當然。

So when we provided that CapEx guidance of essentially midpoint of $5 billion net of partner contributions, we did say it included contemplated investments from Inotera.

因此，當我們提供基本為 50 億美元中點（扣除合作夥伴貢獻）的資本支出指導時，我們確實說它包括來自 Inotera 的預期投資。

So that's an all-in number, as you know, we don't break out specific CapEx by fab, so we don't plan to start doing that now.

所以這是一個全部數字，如你所知，我們不按晶圓廠劃分特定的資本支出，所以我們不打算現在開始這樣做。

But that $5 billion midpoint, with [a little] range around it is inclusive of anticipated investments at Inotera.

但是這個 50 億美元的中點，以及它周圍的 [一點] 範圍，包括對 Inotera 的預期投資。

Got it.

知道了。

Thanks for the clarification.

感謝您的澄清。

And then with the 3D NAND and a crossover with [300] NAND is, should I assume that all of the 3D NAND, the capacity coming online is TLC, or is there still any MLC left in the mix?

然後是 3D NAND 和與 [300] NAND 的交叉，我應該假設所有 3D NAND，上線的容量都是 TLC，還是還有任何 MLC 留在組合中？

No, the first out 3D was MLC, but we very quickly introduced TLC.

不，第一個 3D 是 MLC，但我們很快就引入了 TLC。

And as we said in our prepared remarks, most of our client consumer SSDs are now out on TLC, and we're qualifying TLC into mobile applications as well.

正如我們在準備好的評論中所說，我們的大多數客戶消費 SSD 現在都在 TLC 上，我們也在將 TLC 納入移動應用程序。

And we will be a majority TLC by the middle of FY17 here as we go forward.

在我們前進的過程中，我們將在 2017 財年中期成為 TLC 的多數派。

So that's part of the engine of the significant bit growth that we've contemplated and forecast.

因此，這是我們考慮和預測的顯著增長引擎的一部分。

Okay, thank you.

好的謝謝你。

Thank you.

謝謝你。

Our next question comes from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Great.

偉大的。

Thank you.

謝謝你。

Wonder if you could talk about the decision to move to seven year depreciable life on DRAM?

想知道您是否可以談談將 DRAM 轉為七年折舊壽命的決定？

That strikes me as a long time, and I look at your CapEx ratio to PP&E as a third.

這讓我很長時間感到震驚，我將您的資本支出與 PP&E 的比率視為三分之一。

What was the thinking behind seven years, and can you remind us the depreciation life of the NAND equipment?

七年背後的想法是什麼，你能提醒我們NAND設備的折舊年限嗎？

So depreciation life of the NAND equipment is about five years.

所以NAND設備的折舊年限約為五年。

And really, we conducted quite an extensive study around how long the technology transitions existed, or took in the DRAM world, how long they were contemplated to take on a going forward basis.

事實上，我們對技術轉型存在多長時間或在 DRAM 世界中持續了多長時間，以及它們在未來的基礎上預計持續多長時間進行了相當廣泛的研究。

We looked at the practices of others, both competitors and partners.

我們研究了其他人的做法，包括競爭對手和合作夥伴。

But really, the substance of the decision was related to what we anticipate and what we've been saying for some time is a slowing of the technology transitions, and therefore, the longer use ability of that equipment as the technology transition times change.

但實際上，該決定的實質與我們的預期和我們一直在說的技術轉型的放緩有關，因此，隨著技術轉型時間的變化，該設備的使用能力將更長。

And the reality is, there's a range of answers you come up with when you do a study like that.

現實情況是，當你進行這樣的研究時，你會想出一系列答案。

And much like the midpoint of a guided range, and seven years felt to us like it was not overly aggressive, but not overly conservative either.

就像指導範圍的中點一樣，七年對我們來說感覺不是過於激進，但也不是過於保守。

So you could assume that we could have gone a year or two on either side of that, and we chose a position that we thought was reasonable, given what we know and understand about the pace of technology transition.

因此，您可以假設我們本可以在任何一方都走了一兩年，鑑於我們對技術轉型步伐的了解和理解，我們選擇了一個我們認為合理的職位。

Okay, great.

好，太棒了。

Thank you for that.

謝謝你。

And then, as a follow-up, have you given or can you give an absolute number for depreciation for either the quarter or the fiscal year?

然後，作為後續行動，您是否給出或能否給出季度或財政年度的絕對折舊數？

We -- yes, we expect depreciation to be somewhere in the range of $4 billion for the year, give or take.

我們——是的，我們預計今年的折舊幅度在 40 億美元左右，無論是給予還是接受。

Great.

偉大的。

Thank you very much.

非常感謝。

And 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。

Thank you.

謝謝你。

Our last question comes from David Wong with Wells Fargo.

我們的最後一個問題來自富國銀行的 David Wong。

Thanks very much.

非常感謝。

Ernie, earlier you noted that you might be able to generate cash over, some point over the next few quarters.

厄尼，您之前曾指出，您可能能夠在未來幾個季度的某個時間點產生現金。

Can you give us any idea of what you would do with any net cash generated?

你能告訴我們你會用產生的任何淨現金做什麼嗎？

Would you be able to pay down debt, or are there other uses for cash?

您是否能夠償還債務，或者現金還有其他用途嗎？

Certainly, first thing we're going to be focused on is actually accumulating the cash.

當然，我們首先要關注的是實際積累現金。

So that's my first priority, because I have to have some of it to be able to decide what to do with it.

所以這是我的首要任務，因為我必須擁有其中的一些才能決定如何處理它。

And certainly at that point in time, we would certainly look at the opportunities that were available to delever.

當然，在那個時候，我們肯定會考慮去槓桿化的機會。

And we would look at those in the context of, everything else that's going around.

我們會在其他所有事情的背景下看待這些。

And it's really impossible to say specifically what we would decide to do in the context of a future that's not yet here.

在尚未到來的未來的背景下，我們真的不可能具體說明我們將決定做什麼。

But I can tell you that delevering is an important priority.

但我可以告訴你，去槓桿是一個重要的優先事項。

And depending on how much cash we generate, we may choose to deploy a $100 million of that or so back into CapEx, if that's the right decision.

根據我們產生多少現金，如果這是正確的決定，我們可能會選擇將其中的 1 億美元左右重新部署到資本支出中。

But delevering is certainly nearest and dearest to our hearts at the moment.

但目前，去槓桿無疑是我們心中最親近的事情。

Great.

偉大的。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

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

今天的美光科技 2016 年第四季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。