美光科技 (MU) 2017 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是 Lateef，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 first quarter 2017 financial release conference call.

在此，歡迎大家參加美光科技2017年第一季度財務發布電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路都已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer period.

演講者發言後，將進入問答環節。

(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, Lateef, and welcome to Micron Technology's first quarter 2017 financial conference call.

謝謝你，Lateef，歡迎來到美光科技 2017 年第一季度財務電話會議。

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；和首席財務官厄尼·馬多克。

This conference call, including audio and slides, is also being webcast from our Investor Relations website at investors.micron.com.

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investors.micron.com 進行網絡直播。

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呼叫稀釋表.

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 and our 2017 analyst conference which will be held on Thursday, February 2. You can also follow us on Twitter @MicronTech.

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以及將於 2 月 2 日星期四舉行的 2017 年分析師會議的信息。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 files with the SEC, specifically our most recent Form 10-Q and 10-K, for a complete discussion of these important 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-Q 和 10-K 表格，以全面討論這些重要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 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。

Thank you, Ivan.

謝謝你，伊万。

For fiscal Q1 2017, Micron posted total revenue of $3.97 billion with non-GAAP gross margin of 26% and net income of $335 million, or $0.32 per share.

對於 2017 財年第一季度，美光公佈的總收入為 39.7 億美元，非美國通用會計準則毛利率為 26%，淨收入為 3.35 億美元，即每股 0.32 美元。

Revenue, gross margin, operating income, all exceeded our guidance.

收入、毛利率、營業收入均超出我們的預期。

Operating cash flow was $1.1 billion.

營運現金流為 11 億美元。

In the first quarter, we saw an acceleration of the positive market conditions that began this fall.

在第一季度，我們看到從今年秋天開始的積極市場狀況加速發展。

For the industry, supply is slowing, demand is strong in a number of key segments, and inventory is at low levels.

就行業而言，供應正在放緩，一些關鍵領域的需求強勁，庫存處於低位。

Prices have been strengthening on a like-for-like basis across all leading edge DRAM and NAND products and we see this trend continuing into the current quarter.

所有領先的 DRAM 和 NAND 產品的價格都在同類產品的基礎上走強，我們認為這一趨勢將持續到本季度。

To give you some perspective on pricing dynamics, after declining for roughly 18 months, PC DRAM ASPs are up 50% to 60% compared to the trough pricing, driven by an improvement in demand, historically low inventory levels and the impact of supply shifts to other segments.

為了讓您對定價動態有所了解，在經歷了大約 18 個月的下降之後，由於需求改善、庫存水平處於歷史低位以及供應轉移的影響，PC DRAM 平均售價較谷底價格上漲了 50% 至 60%其他細分市場。

In contrast, all other DRAM segments declined substantially less over the same period and are recovering at a slower rate.

相比之下，同期所有其他 DRAM 細分市場的下降幅度要小得多，並且正在以較慢的速度恢復。

Given the duration of the broad supply/demand tightness in the market, we are currently seeing improvements in quarter-over-quarter pricing trends in these non-PC segments.

鑑於市場廣泛供需緊張的持續時間，我們目前看到這些非 PC 細分市場的季度定價趨勢有所改善。

Taking all these variables together, blended DRAM ASPs are essentially flat compared to the same period last year.

綜合所有這些變量，混合 DRAM 平均售價與去年同期相比基本持平。

With this in mind, and as we look at our current quarter, operational execution is driving DRAM sales up more than $1 billion year-over-year, while our cost of goods sold is up only about half this amount, driving substantial improvements in gross margins.

考慮到這一點，當我們回顧當前季度時，運營執行推動 DRAM 銷售額同比增長超過 10 億美元，而我們的銷售成本僅增長了這一數字的一半左右，從而推動了總銷售額的大幅改善邊距。

Product mix has a more significant impact on the NAND landscape where we are also experiencing like-for-like pricing increases.

產品組合對 NAND 領域的影響更為顯著，我們也在經歷類似價格上漲的情況。

However, we are also shifting our product portfolio to 3D and TLC NAND which enables higher density and lower cost products that also have lower ASPs.

然而，我們也正在將我們的產品組合轉移到 3D 和 TLC NAND，從而實現更高密度和更低成本的產品，同時具有更低的 ASP。

Taken together, blended NAND ASPs are down approximately 10% year-over-year while gross margins are up meaningfully.

綜合來看，混合 NAND 平均售價同比下降約 10%，而毛利率則顯著上升。

Turning to the industry outlook, we currently expect 2017 DRAM bit supply growth in the 15% to 20% range.

轉向行業前景，我們目前預計 2017 年 DRAM 位供應增長在 15% 至 20% 的範圍內。

This is based on an assumption that suppliers won't add significant wafer capacity to the industry, but will continue to focus on process node migrations to enable cost reductions and natural supply growth.

這是基於這樣一個假設，即供應商不會為行業增加大量晶圓產能，但將繼續關注工藝節點遷移，以實現成本降低和供應自然增長。

This compares to our long-term bit demand growth forecast of approximately 20% to 25%.

相比之下，我們的長期比特需求增長預測約為 20% 至 25%。

We expect favorable supply and demand dynamics to persist in 2017.

我們預計 2017 年有利的供需動態將持續。

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 年行業位增長在 30% 到 40% 的高位區間，與 2016 年持平。

This compares to our long-term bit demand growth forecast of approximately 40% to 45%.

相比之下，我們的長期鑽頭需求增長預測約為 40% 至 45%。

3D conversions continue to be a headwind to industry supply growth.

3D 轉換仍然是行業供應增長的不利因素。

This factor, along with strong demand for storage and mobile solutions, sets up for a well-balanced supply and demand dynamic in 2017.

這一因素，加上對存儲和移動解決方案的強勁需求，為 2017 年的供需平衡奠定了基礎。

I'll now provide a high level overview of each of our business units and Ernie will follow with more details on their specific financial performances.

我現在將對我們每個業務部門進行高級概述，Ernie 將隨後提供有關其具體財務業績的更多詳細信息。

In the Compute and Networking business unit, we experienced revenue growth as a result of strengthening or strengthened demand.

在計算和網絡業務部門，由於需求增強或增強，我們實現了收入增長。

We executed well to our 20-nanometer shipment plan and achieved key qualifications of 64 gigabyte LRDIMMs at multiple server customers.

我們很好地執行了我們的 20 納米出貨計劃，並在多個服務器客戶中獲得了 64 GB LRDIMM 的關鍵資格。

We also continued our strong performance in the graphic segment where our GDDR5X technology leads competitors.

我們還在 GDDR5X 技術領先競爭對手的圖形領域繼續保持強勁表現。

In our Mobile business unit, the completion of our customer qualifications drove substantial revenue and profit growth this quarter.

在我們的移動業務部門，我們的客戶資格認證的完成推動了本季度收入和利潤的大幅增長。

As noted last quarter, we continue to see the Chinese market driving mobile growth and higher memory content per smartphone.

正如上個季度所指出的，我們繼續看到中國市場推動移動增長和每部智能手機更高的內存容量。

We had strong growth in our LPDRAM and mobile NAND product lines and are focused on new qualification opportunities as we see the mobile market as one of the strongest growth drivers of our business.

我們的 LPDRAM 和移動 NAND 產品線增長強勁，並專注於新的資格認證機會，因為我們將移動市場視為我們業務最強勁的增長動力之一。

Our Embedded business was driven by strong demand across a variety of segments.

我們的嵌入式業務受到各個細分市場強勁需求的推動。

Our NAND-based MCPs continue in business and machine-to-machine communications modules and our strong portfolio also brought us significant share in several new home automation and action camera platforms this quarter.

我們基於 NAND 的 MCP 繼續用於商業和機器對機器通信模塊，我們強大的產品組合也在本季度為我們帶來了幾個新的家庭自動化和運動相機平台的重要份額。

We expect our new application Optimize SD cards to drive market share gains within both the industrial and connected home segments.

我們希望我們的新應用程序優化 SD 卡能夠推動工業和互聯家庭領域的市場份額增長。

Our Automotive business had another excellent quarter.

我們的汽車業務又一個出色的季度。

We're securing an increasing number of automotive design wins on our leading edge, managed NAND and 20-nanometer DRAM products.

我們在領先的託管 NAND 和 20 納米 DRAM 產品上獲得越來越多的汽車設計勝利。

We also see automotive demand for advanced memory technologies accelerating as more sophisticated ADAS systems come to market in the years ahead.

我們還看到，隨著未來幾年更複雜的 ADAS 系統進入市場，汽車對先進內存技術的需求正在加速。

Our Storage business unit continues to make progress shifting our portfolio to advanced 3D NAND technologies.

我們的存儲業務部門繼續取得進展，將我們的產品組合轉向先進的 3D NAND 技術。

First, the 1,100 client SSDs we announced last quarter completed qualifications and we commenced volume shipments with several major customers.

首先，我們上個季度宣布的 1,100 個客戶端 SSD 完成了資格認證，我們開始與幾個主要客戶進行批量出貨。

This complements our crucial MX300 consumer drive which is currently shipping in high volumes.

這補充了我們目前大量出貨的關鍵 MX300 消費級驅動器。

Additionally, we announced our cloud-based 5100 SATA SSD earlier this month offering industry leading performance and 8 terabyte capacities.

此外，本月早些時候，我們發布了基於雲的 5100 SATA SSD，提供行業領先的性能和 8 TB 容量。

All three of these SSDs are built with our TLC 3D NAND and illustrate our focused portfolio transition to this high capacity, high performance and cost effective technology.

所有這三款 SSD 均採用我們的 TLC 3D NAND 構建，並說明了我們的重點產品組合向這種高容量、高性能和成本效益技術的過渡。

We continue to provide updates with respect to critical targets related to operational execution originally shared at our Analyst Day in August of 2015.

我們將繼續提供有關最初在 2015 年 8 月分析師日分享的與運營執行相關的關鍵目標的更新。

Thus far, these milestones include bit crossover on 20-nanometer DRAM and 3D NAND, and the SSD product release road map have all been achieved on or ahead of schedule.

到目前為止，這些里程碑包括20納米DRAM和3D NAND的位交叉，SSD產品發布路線圖都已按計劃或提前完成。

Our two-year bit growth and cost per bit targets remain on track and we continue to be focused on delivering to our commitments.

我們的兩年比特增長和每比特成本目標保持在軌道上，我們將繼續專注於兌現我們的承諾。

Our focus in DRAM this year is primarily related to the deployment of our 1X nanometer technology.

今年我們對 DRAM 的關注主要與我們 1X 納米技術的部署有關。

We're targeting meaningful output on 1X by the latter part of FY17.

我們的目標是在 2017 財年下半年實現 1 倍的有意義的產出。

We expect to generate approximately 20% to 25% cost per bit reductions in FY17.

我們預計 2017 財年每比特成本將降低約 20% 至 25%。

Our cash costs for bit declines will be well above this range.

我們的比特下降現金成本將遠高於此範圍。

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 以及 TLC。

We have also commenced production on our second generation 64-layer 3D technology and we're targeting meaningful output by the latter part of FY17.

我們還開始生產我們的第二代 64 層 3D 技術，我們的目標是在 2017 財年下半年實現有意義的產出。

The 3D and TLC ramps will deliver 20% to 25% cost per bit improvement in FY17.

3D 和 TLC 斜坡將在 2017 財年實現 20% 至 25% 的每比特成本改進。

This cost per bit includes the impact of expanding our SSD, eMCP and managed NAND solutions which carry additional bill of materials and costs, but will also enable a richer ASP mix.

每比特成本包括擴展我們的 SSD、eMCP 和託管 NAND 解決方案的影響，這些解決方案帶來額外的材料清單和成本，但也將實現更豐富的 ASP 組合。

Relative to 3D XPoint technology, we will be shipping our QuantX solutions for revenue in 2017 and continue to believe this innovative technology will be an important contributor to Micron's future success.

相對於 3D XPoint 技術，我們將在 2017 年交付我們的 QuantX 解決方案以獲得收入，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。

This month, just after our quarter closed, we finalized the acquisition of Inotera in Taiwan which we expect to continue to provide strategic and financial opportunities for the Company.

本月，就在我們的季度結束後，我們完成了對台灣 Inotera 的收購，我們預計這將繼續為公司提供戰略和財務機會。

We are excited to welcome the Inotera team to Micron and look forward to realizing the benefits of the new operating model.

我們很高興歡迎 Inotera 團隊加入美光，並期待實現新運營模式的好處。

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

現在我想把它交給厄尼。

Thank you, Mark.

謝謝你，馬克。

As we indicated earlier this month, we continue to see positive trends in the overall business environment resulting in fiscal Q1 performance that came in above the high end of the guidance ranges we provided in October.

正如我們本月早些時候指出的那樣，我們繼續看到整體商業環境的積極趨勢，導致第一財季業績高於我們在 10 月份提供的指導範圍的高端。

Today I'll first discuss some technology and business unit details followed by an overview of the Company's results for the quarter and guidance for our fiscal second quarter.

今天，我將首先討論一些技術和業務部門的詳細信息，然後概述公司本季度的業績以及我們第二財季的指導。

DRAM represented 61% of our total revenue with the following segmentation.

DRAM 占我們總收入的 61%，細分如下。

Mobile represented about 30%, up from 25% the prior quarter.

移動端佔比約 30%，高於上一季度的 25%。

The PC segment was in the mid-20% range and the server business was in the high-teens percent range.

個人電腦部分在 20% 左右，而服務器業務則在 10% 以上。

Specialty DRAM, which includes networking, graphics, auto and other embedded technologies, was in the mid-20% range, down from the prior quarter.

包括網絡、圖形、汽車和其他嵌入式技術的專用 DRAM 處於 20% 的中間範圍，低於上一季度。

In our Non-Volatile Memory business, trade revenue represented 32% 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 32%，細分如下。

Consumer, which includes memory cards, USB and components, represented 40%, down from the prior quarter.

包括存儲卡、USB 和組件在內的消費者佔 40%，比上一季度有所下降。

Mobile was in the low-20% range, up from the prior quarter, as we saw the continued impact of our completed customer qualifications.

移動端處於 20% 的低位區間，高於上一季度，因為我們看到了我們完成的客戶資格的持續影響。

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

提醒一下，eMCP 主要在移動領域。

SSDs were in the mid-teens range, up from the prior quarter and the automotive, industrial multi-market, and other embedded applications were in the 20% range.

SSD 處於十幾歲左右，高於上一季度，汽車、工業多市場和其他嵌入式應用在 20% 範圍內。

Turning to performance by business unit, the Compute and Networking business unit reported fiscal Q1 revenue of $1.47 billion, up 18% sequentially, primarily due to stronger demand and higher 20-nanometer shipments and a stronger pricing environment.

轉向業務部門的業績，計算和網絡業務部門報告第一財季收入為 14.7 億美元，環比增長 18%，這主要是由於需求增加和 20 納米出貨量增加以及定價環境更強勁。

The non-GAAP operating profit was $204 million or 14% of revenue.

非美國通用會計準則營業利潤為 2.04 億美元，佔收入的 14%。

In the Enterprise segment, we executed well in shipping 20-nanometer solutions to the market and qualified several lower cost products at multiple customers.

在企業領域，我們在向市場推出 20 納米解決方案方面表現出色，並為多個客戶提供了幾種低成本產品。

Cloud was CMBU's fastest growing segment and Micron is now qualified on most high volume sockets for the top customers in this segment.

雲是 CMBU 增長最快的細分市場，而美光現在有資格為該細分市場的頂級客戶提供大多數大容量插座。

Demand is being driven by both our leading edge DDR4 solutions, as well as continuing need for DDR3.

我們領先的 DDR4 解決方案以及對 DDR3 的持續需求都在推動需求。

In graphics, we had continued share growth in GDDR with our major graphics customers.

在圖形方面，我們與主要圖形客戶的 GDDR 份額持續增長。

New graphics card launches and strong console sales sustained favorable demand for both GDDR5 and GDDR5X.

新顯卡的推出和強勁的遊戲機銷售維持了對 GDDR5 和 GDDR5X 的良好需求。

In Networking, we saw shipment and revenue growth, bolstered by the continued transition to 20-nanometer, 4 gigabyte DDR3 and 8 gigabyte DDR4.

在網絡方面，我們看到出貨量和收入增長，這得益於向 20 納米、4 GB DDR3 和 8 GB DDR4 的持續過渡。

We continue to see strong interest in our high performance memory portfolio, as well.

我們也繼續看到對我們的高性能內存產品組合的濃厚興趣。

Finally, within the client segment, ASP strength exceeded our expectations and solid execution on 20-nanometer drove improved shipments and cost reductions.

最後，在客戶領域，ASP 的實力超出了我們的預期，20 納米的穩健執行推動了出貨量的提高和成本的降低。

The mobile business delivered fiscal Q1 revenue of $1.03 billion, up 54% sequentially, driven by completed customer qualifications and strong sales of LPDRAM and mobile NAND products in an improved pricing environment.

移動業務在第一財季實現了 10.3 億美元的收入，環比增長 54%，這得益於完成的客戶資格認證以及 LPDRAM 和移動 NAND 產品在改善的定價環境下的強勁銷售。

The non-GAAP operating income was $89 million or 9% of revenue, as we continue to ramp our 20-nanometer products and made substantial progress reducing higher cost early production inventory.

非 GAAP 營業收入為 8900 萬美元，佔收入的 9%，因為我們繼續增加 20 納米產品並在降低成本較高的早期生產庫存方面取得了重大進展。

The Embedded business unit delivered fiscal Q1 revenue of $578 million, up 13% sequentially.

嵌入式業務部門第一財季收入為 5.78 億美元，環比增長 13%。

Non-GAAP operating income was $178 million or 31% of revenue.

非美國通用會計準則營業收入為 1.78 億美元，佔收入的 31%。

The results were primarily driven by seasonally strong consumer business and record automotive revenue.

業績主要受到季節性強勁的消費業務和創紀錄的汽車收入的推動。

Embedded ASP trends tend to be more stable compared to the broader compute and mobile markets, but we are beginning to see the benefit of tightening supply/demand in this business unit, as well.

與更廣泛的計算和移動市場相比，嵌入式 ASP 趨勢往往更加穩定，但我們也開始看到該業務部門的供需收緊帶來的好處。

Consumer revenue was up 25% sequentially, driven by home automation and camera application.

在家庭自動化和攝像頭應用的推動下，消費者收入環比增長 25%。

In addition, our 20-nanometer DDR4 products continue to ramp into some 4K set-top box applications.

此外，我們的 20 納米 DDR4 產品繼續進入一些 4K 機頂盒應用。

The Automotive business performed well with revenue up 7% sequentially and 11% year-over-year.

汽車業務表現良好，收入環比增長 7%，同比增長 11%。

These solid results continue to be driven by strong and increasing demand for both DDR3 and e.MMC solutions for infotainment, instrument cluster and LPDRAM for advanced driver assist systems applications.

這些穩健的業績繼續受到對信息娛樂、儀錶盤和 LPDRAM 用於高級駕駛輔助系統應用的 DDR3 和 e.MMC 解決方案的強勁且不斷增長的需求的推動。

The industrial and multi-market business increased 6% sequentially with a strong quarter for our NOR business combined with ramping our NAND solutions into the Japanese amusement market.

工業和多市場業務環比增長 6%，我們的 NOR 業務季度表現強勁，加上我們的 NAND 解決方案進入日本娛樂市場。

In addition, we continue to see growing demand for our industrial grade managed NAND solutions.

此外，我們繼續看到對我們的工業級託管 NAND 解決方案的需求不斷增長。

The Storage business delivered fiscal Q1 revenue of $860 million, up 13% sequentially.

存儲業務在第一財季實現了 8.6 億美元的收入，環比增長 13%。

The non-GAAP operating loss was $45 million, or 5% of revenue.

非公認會計原則的營業虧損為 4500 萬美元，佔收入的 5%。

During the quarter, SBU strengthened both the NAND and SSD product portfolios, having now entered fully ramped production and customer qualification of 3D TLC NAND client and cloud drives.

在本季度，SBU 加強了 NAND 和 SSD 產品組合，現已全面進入 3D TLC NAND 客戶端和雲驅動器的生產和客戶資格認證階段。

Our ramp of 3D TLC cost competitive products will position us to effectively participate more fully in this growth segment.

我們推出具有成本競爭力的 3D TLC 產品將使我們能夠更充分地有效參與這一增長領域。

SBU is also benefiting from a favorable supply/demand balance in the industry with like-for-like pricing improving for many products.

SBU 還受益於行業內良好的供需平衡，許多產品的同類定價有所改善。

Demand drivers look strong for the foreseeable future.

在可預見的未來，需求驅動因素看起來很強勁。

Moving on to overall Company results, revenue for the first fiscal quarter was $3.97 billion, up 23% sequentially, and driven by strong volume shipments for DRAM combined with increasing ASPs.

繼續看公司的整體業績，第一財季收入為 39.7 億美元，環比增長 23%，這得益於 DRAM 的強勁出貨量以及 ASP 的增長。

Trade NAND shipments also increased as a result of the successful crossover of 3D production which occurred in the quarter, and we experienced stable blended ASPs with like-for-like ASPs trending up in many cases.

由於本季度 3D 生產的成功交叉，貿易 NAND 的出貨量也有所增加，我們經歷了穩定的混合 ASP 與同類 ASP 在許多情況下呈上升趨勢。

Non-GAAP gross margin for the quarter was 26%, up from 19% in the prior quarter, driven by a strong pricing environment, particularly for DRAM, and solid execution on cost per bit reductions.

本季度非 GAAP 毛利率為 26%，高於上一季度的 19%，這得益於強勁的定價環境，尤其是 DRAM，以及每比特成本降低的穩健執行。

NAND cost reductions were driven by an ongoing ramp of 3D and the portfolio shifting to higher density TLC enabled solutions.

NAND 成本的降低是由 3D 的持續增長和產品組合轉向更高密度的 TLC 解決方案推動的。

Non-GAAP net income was $335 million, or $0.32 per share.

非美國通用會計準則淨收入為 3.35 億美元，或每股 0.32 美元。

Turning to results by product line, DRAM revenue increased 24% compared to the prior quarter as a result of an 18% increase in bit shipments and a 5% increase in ASPs.

從產品線來看，由於位出貨量增長 18% 和 ASP 增長 5%，DRAM 收入與上一季度相比增長了 24%。

DRAM gross margins for the first quarter increased 8 percentage points sequentially to 28%, primarily driven by the strong pricing environment and continued 20-nanometer ramp.

第一季度 DRAM 毛利率環比增長 8 個百分點至 28%，主要受強勁的定價環境和持續 20 納米增長的推動。

Our Non-Volatile Trade revenue increased 26% compared to the prior quarter, reflecting a 26% increase in bit shipments.

與上一季度相比，我們的非易失性貿易收入增長了 26%，反映出比特出貨量增長了 26%。

ASPs were relatively unchanged from the prior quarter on a blended basis.

在混合基礎上，平均售價與上一季度相比沒有變化。

Gross margin increased 6 percentage points sequentially to 23% as cost per bit was down 8%, benefiting from the 3D and TLC ramps.

得益於 3D 和 TLC 的增長，毛利率環比增長 6 個百分點至 23%，每比特成本下降 8%。

Non-GAAP operating expenses for the quarter were $594 million, slightly below the lower end of our guided range, driven by lower prequalification expenses, lower legal costs, and higher expense sharing credits.

本季度非 GAAP 運營費用為 5.94 億美元，略低於我們指導範圍的下限，這是由於資格預審費用降低、法律成本降低和費用分攤抵免額增加所致。

The Company generated cash flow of $1.1 billion, an increase of $200 million over last quarter, and we ended the quarter with cash and marketable investments of approximately $4.3 billion.

公司產生了 11 億美元的現金流，比上一季度增加了 2 億美元，我們在本季度結束時擁有約 43 億美元的現金和有價投資。

In the first fiscal quarter, capital expenditures net of partner contributions were approximately $1.18 billion.

在第一財季，扣除合作夥伴出資的資本支出約為 11.8 億美元。

Moving now to the guidance for the second quarter.

現在轉到第二季度的指導。

On a non-GAAP basis, we expect the following: Consolidated revenue in the range of $4.35 billion to $4.7 billion, gross margin in the range of 31% to 34%, operating expenses between $590 million and $640 million, operating income ranging between $800 million and $900 million, and EPS ranging between $0.58 and $0.68 per share based on 1.123 billion diluted shares.

在非公認會計原則的基礎上，我們預計如下：合併收入在 43.5 億美元到 47 億美元之間，毛利率在 31% 到 34% 之間，運營費用在 5.9 億美元到 6.4 億美元之間，營業收入在 800 美元之間11.23 億股稀釋後每股收益為 0.58 至 0.68 美元。

Please note that as indicated earlier this month, we expect the impact from the Inotera acquisition to be accretive beginning this quarter.

請注意，如本月早些時候所述，我們預計從本季度開始，收購 Inotera 的影響將會增加。

Specifically, for fiscal quarter 2, we expect the accretion to positively impact gross margins by low-single-digit percentage and contribute approximately $0.02 to EPS.

具體來說，對於第二財季，我們預計增長將對毛利率產生低個位數百分比的積極影響，並為每股收益貢獻約 0.02 美元。

These impacts have already been included in the guidance I just provided and will not be further distinguished as we provide guidance in future quarters.

這些影響已經包含在我剛剛提供的指導中，並且在我們在未來幾個季度提供指導時不會進一步區分。

From an operational perspective, we remain on track to achieve the bit growth and cost per bit reduction targets that we've previously shared and we look forward to sharing more details on our progress and plans at our analyst conference on February 2. With that, I will turn it back to Mark.

從運營的角度來看，我們仍有望實現我們之前分享的比特增長和每比特成本降低目標，我們期待在 2 月 2 日的分析師會議上分享更多關於我們的進展和計劃的細節。有了這個，我會把它還給馬克。

Thank you, Ernie.

謝謝你，厄尼。

To summarize, we're entering our second quarter with a number of positive drivers across the business.

總而言之，我們正在進入第二季度，整個業務都有許多積極的推動力。

The markets for both DRAM and NAND are healthy and improving, and I'm pleased with our operational execution over the past several quarters.

DRAM 和 NAND 的市場都很健康並且正在改善，我對我們過去幾個季度的運營執行感到滿意。

We will continue deploying leading edge technology and shifting our product portfolio toward higher value segments and products.

我們將繼續部署領先技術，並將我們的產品組合轉向更高價值的細分市場和產品。

Operator, we're now ready to begin the Q&A.

接線員，我們現在可以開始問答了。

Thank you, sir.

謝謝你，先生。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Blayne Curtis of Barclays.

我們的第一個問題來自巴克萊銀行的 Blayne Curtis。

Your line is open.

你的線路是開放的。

Hi, this is Chris Hemmelgarn on for Blayne.

嗨，我是 Blayne 的 Chris Hemmelgarn。

Thanks very much for taking the question, and congrats on the great quarter.

非常感謝您提出這個問題，並祝賀這個偉大的季度。

First of all, just regarding Inotera, could you help us understand roughly how much you expect consolidating it, fully consolidating operations to add to bit output on the DRAM side in the February quarter?

首先，就 Inotera 而言，您能否幫助我們大致了解您期望在 2 月季度整合它、完全整合運營以增加 DRAM 方面的位輸出？

We already had included the benefits of that since we took 100% of the output.

自從我們獲得了 100% 的產出以來，我們已經包含了它的好處。

So it really represents no material change to anything we've provided previously.

所以它真的代表我們之前提供的任何東西都沒有實質性的變化。

No, I just mean in terms of -- obviously, you'd expect the recognized bit output to be up quarter-on-quarter.

不，我的意思是——顯然，您預計公認的比特輸出將環比增長。

Any guide in terms of like what percentage of the existing -- .

任何指南方面都喜歡現有的百分比——。

Obviously, we said all along that as we have full managerial control of the entity we will have increased operational flexibility and the opportunity to potentially fine-tune some of our management practices, et cetera.

顯然，我們一直說，由於我們對實體擁有完全的管理控制權，我們將提高運營靈活性，並有機會微調我們的一些管理實踐等。

We expect that over time that will provide some modest benefits to manufacturing efficiency.

我們預計，隨著時間的推移，這將為製造效率帶來一些適度的好處。

All of those are baked into our overall projections on a go-forward basis and we don't anticipate breaking out individual fabs for you on a go-forward basis.

所有這些都被納入我們的總體預測中，我們預計不會在前進的基礎上為您打破單個晶圓廠。

Okay, that's helpful.

好的，這很有幫助。

And then as a quick follow-up, there's been, obviously, a lot in the news about potential changes to policies with the new presidential administration coming in.

然後作為快速跟進，很明顯，有很多關於新總統政府上任後政策可能發生變化的新聞。

As I recall, you guys had a chance to sit down and chat some of that over with them.

我記得，你們有機會坐下來和他們聊一些。

I was just curious if you had any thoughts about how some of the [river] changes are going to impact your business in the coming years?

我只是好奇您是否對未來幾年 [河流] 的某些變化將如何影響您的業務有任何想法？

Micron did not actually participate in the gathering of tech executives that happened recently.

美光實際上並沒有參加最近發生的科技高管聚會。

Through our activities, our ongoing activities and engagement with government, we continue to stay involved in all sorts of policies that we believe impact our business.

通過我們的活動、正在進行的活動以及與政府的合作，我們將繼續參與我們認為會影響我們業務的各種政策。

But there's really nothing specific that we would have to say about how that transition is going or anything of that nature at this point.

但是，在這一點上，關於這種轉變是如何進行的或任何類似性質的事情，我們真的沒有什麼要說的。

Okay.

好的。

Thanks much, and congrats again on the strong quarter.

非常感謝，並再次祝賀強勁的季度。

Thank you.

謝謝你。

Our next question comes from Vijay Rakesh of Mizuho.

我們的下一個問題來自瑞穗的 Vijay Rakesh。

Your line is open.

你的線路是開放的。

Hi, guys, congrats on a great set of results here.

嗨，伙計們，恭喜這裡取得了很好的成績。

Just on the DRAM side, I know you mentioned that, obviously, great results there, as well.

就在 DRAM 方面，我知道你提到過，很明顯，那裡也有很好的結果。

How is 60-nanometer going?

60納米進展如何？

How do you see the transition to 60-nanometer as you progress through the year?

隨著這一年的進展，您如何看待向 60 納米的過渡？

I'm sorry to 1X nanometer?

對不起1X納米？

Yes.

是的。

On the DRAM front?

在 DRAM 方面？

That's correct.

這是正確的。

We're very pleased with the product progress we're making.

我們對我們正在取得的產品進展感到非常滿意。

We have a number -- a broad set of products that are supported by that 1X technology.

我們有很多——由該 1X 技術支持的一系列產品。

It's running in Japan, as well as our DRAM fab in Taichung, and we have a number of mobile products, as well as compute and server products, all of which are progressing on schedule and we're quite happy with.

它在日本運行，我們在台中的 DRAM 工廠也在運行，我們有許多移動產品，以及計算和服務器產品，所有這些都在按計劃進行，我們對此感到非常滿意。

Great.

偉大的。

And on the 3D NAND side, happy to see you guys start up the second generation 64 layer.

在 3D NAND 方面，很高興看到你們啟動了第二代 64 層。

Any thoughts on how we should see that progress?

關於我們應該如何看待這一進展的任何想法？

Obviously on crossover already, but how do you see the 64 layer ramping through 2017?

顯然已經在交叉，但你如何看待 64 層在 2017 年的發展？

Thanks.

謝謝。

Yes, just to reiterate, we believe it will be significant late in the fiscal year in terms of the bit output.

是的，重申一下，我們認為在本財年末就比特產出而言，這將是重要的。

It's a very significant shrink for us.

這對我們來說是一個非常顯著的收縮。

So we're very excited about the efficiencies that will bring to our operation, but its impact will occur later in the fiscal year.

因此，我們對將為我們的運營帶來的效率感到非常興奮，但其影響將在本財年晚些時候發生。

Great, thank you.

太好了謝謝。

Thank you.

謝謝你。

Our next question comes from Mark Delaney of Goldman Sachs.

我們的下一個問題來自高盛的馬克德萊尼。

Your question, please.

請問你的問題。

Hi, yes, good afternoon.

嗨，是的，下午好。

Thanks very much for taking the questions.

非常感謝您提出問題。

First question, was hoping you could help us understand the sustainability of some of the strong bit growth trends that you reported in the November quarter.

第一個問題，希望您能幫助我們了解您在 11 月季度報告的一些強勁比特增長趨勢的可持續性。

I think you've talked about growing above the market in 2017 in both DRAM and in NAND.

我認為您已經談到了 2017 年 DRAM 和 NAND 的市場增長。

Can you sustain some of these types of strong sequential bit growth trends as you look into February?

展望二月份，您能否維持其中一些強勁的連續比特增長趨勢？

Yes, we don't have any bit growth update for you relative to the two-year CAGRs that we had previously forecast.

是的，相對於我們之前預測的兩年復合年增長率，我們沒有任何增長更新。

We're still on track to sustain those numbers, and trying to get down quarter-to-quarter, we think, is less productive than continuing to focus on that long-term productivity increase in trend.

我們仍在保持這些數字的軌道上，並且我們認為，試圖逐季下降的效率低於繼續關注長期生產力增長趨勢。

Got it.

知道了。

Okay.

好的。

And then for a follow-up question, I was hoping you could help us understand a little bit more on some of the end market trends in PCs and handsets, and if you could elaborate specifically on what you're seeing in terms of demand trends in the China handset market?

然後是一個後續問題，我希望你能幫助我們更多地了解個人電腦和手機的一些終端市場趨勢，如果你能具體說明你在需求趨勢方面看到的情況在中國手機市場？

Yes, so first of all, on PCs, I think you've got the same market data we have there.

是的，所以首先，在個人電腦上，我認為你已經獲得了與我們相同的市場數據。

The PC industry ended up maybe a little stronger than any of us anticipated.

PC 行業最終可能比我們任何人預期的都要強大一些。

Still from a unit perspective, flattish to maybe down a percent, but overall generating about 10% DRAM bit growth going into that segment.

仍然從單位的角度來看，持平到可能下降 1%，但總體上會產生大約 10% 的 DRAM 位增長進入該領域。

Mobile is interesting.

手機很有趣。

We continue to see pretty good bit growth by system.

我們繼續看到系統的相當不錯的位增長。

On average for the mobile market, probably moving to 2.4 gigabytes of DRAM and high 30%s, somewhere in the 35% to 40%, maybe in the middle of that range in terms of gigabytes of NAND.

平均而言，移動市場可能會移動到 2.4 GB 的 DRAM 和 30% 的高位，大約在 35% 到 40% 之間，就 NAND 的 GB 而言可能處於該範圍的中間。

So if you net that out, that's almost 20% DRAM bit growth per system and maybe a little north of 40% on NAND.

因此，如果您將其計算出來，那麼每個系統的 DRAM 位增長近 20%，而 NAND 可能略高於 40%。

So for that market in aggregate, pretty strong, and in particular the value smartphone probably seeing the highest bit growth per system of any of those segments.

因此，總體而言，該市場相當強勁，特別是價值智能手機可能會在這些細分市場中的每個系統中看到最高的位增長。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

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

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

Your line is open.

你的線路是開放的。

Yes, thank you.

是的，謝謝。

Congratulations, as well, on excellent results.

也祝賀你取得了優異的成績。

Housekeeping question first, on the taxes, I think this quarter was about $30 million.

首先是管家問題，關於稅收，我認為本季度約為 3000 萬美元。

Can you give some sense of what the guidance for taxes going forward would be?

您能否對未來的稅收指導有所了解？

I think I'd guide you to low-teens millions, which would be low-single-digit tax rate and that will change as the Company's profitability changes.

我想我會引導你到低幾百萬，這將是低個位數的稅率，並且會隨著公司盈利能力的變化而改變。

Obviously, when the profitability goes up, the tax rate will sequentially decline a little bit because of where that income is generated and should the Company's profitability decline, the actual rate will creep up just a little bit.

顯然，當盈利能力上升時，稅率會因為收入產生的地方而依次下降一點，如果公司盈利能力下降，實際稅率會上升一點點。

Okay.

好的。

Great.

偉大的。

And in the commentary you had mentioned around 15% to 20% bit supply growth in DRAM baring any additional supply from competitors.

在評論中，您提到 DRAM 的位供應增長約為 15% 到 20%，而競爭者沒有提供任何額外供應。

Can you talk a little about the -- what you're seeing in terms of the transition to 18-nanometer for some of your competitors, and is there risk in your mind in terms of additional supply coming online, any thoughts on that would be helpful?

您能否談談您所看到的一些競爭對手向 18 納米過渡的情況，以及您認為在線額外供應方面是否存在風險，對此有何想法？有幫助嗎？

We don't have a great crystal ball as to what our competitors are doing.

對於我們的競爭對手在做什麼，我們沒有一個很好的水晶球。

We read the same reports that you guys read.

我們閱讀了與你們閱讀相同的報告。

All of that, plus all the other internal intelligence we can generate, is baked into our ranges and in the data sheet that we provided.

所有這些，加上我們可以生成的所有其他內部情報，都被納入我們的範圍和我們提供的數據表中。

So I think there has been some chatter recently potentially about a few incremental wafers from one of the suppliers.

所以我認為最近有一些關於供應商之一的一些增量晶圓的討論。

Our view of that is if that were to happen it's a relatively minor adjustment in terms of the overall scope of the bit growth that we're projecting and that would probably not cause us to change that range that we've given you.

我們的觀點是，如果發生這種情況，就我們預測的比特增長的整體範圍而言，這是一個相對較小的調整，這可能不會導致我們改變我們給你的範圍。

All right, great.

好的，太好了。

And last question, in terms of on the balance sheet, how do you think about reducing the level of debt going forward now that you're entering into a period of higher free cash flow generation?

最後一個問題，就資產負債表而言，既然您正在進入產生更高自由現金流的時期，您如何看待降低未來的債務水平？

We're at about $8.5 billion, or close to $10 billion of debt.

我們的債務約為 85 億美元，或接近 100 億美元。

Any thoughts on the strategy about reducing debt levels over time?

關於隨著時間的推移降低債務水平的策略有什麼想法嗎？

Yes, so to be consistent with my prior comments, first thing I want to do is make sure we generate the cash, which we're working on feverishly and expect to make some headway on here with the results we've just shared.

是的，所以為了與我之前的評論保持一致，我想做的第一件事是確保我們產生現金，我們正在狂熱地工作，並期望在我們剛剛分享的結果中取得一些進展。

And then as we get to that point and look at the credit markets, as well as a number of other factors, we will make a determination about the best way to delever.

然後，當我們達到這一點並查看信貸市場以及許多其他因素時，我們將確定去槓桿的最佳方式。

But delevering for the Company remains an important priority as we have an expectation of increased free cash flow this year.

但對公司而言，去槓桿仍然是一個重要的優先事項，因為我們預計今年的自由現金流會增加。

Okay.

好的。

Great.

偉大的。

Thanks again.

再次感謝。

Thank you.

謝謝你。

Our next question comes from Timothy Arcuri of Cowen.

我們的下一個問題來自 Cowen 的 Timothy Arcuri。

Your question, please.

請問你的問題。

Thank you very much.

非常感謝。

First question, Mark, you made some recent comments about China and about them potentially flooding the market if they do get access to IP, so my question is, can you again remind us of what your mission statement is around the potential of sharing IP or licensing IP into China?

第一個問題，馬克，你最近對中國發表了一些評論，如果他們確實獲得了知識產權，它們可能會湧入市場，所以我的問題是，你能否再次提醒我們你的使命宣言是圍繞共享知識產權的潛力或將知識產權許可到中國？

Thanks.

謝謝。

So first of all, let me say that comments that I make in the press are sometimes not in the full context of the discussion I had.

所以首先，我要說的是，我在媒體上發表的評論有時並不完全符合我所討論的內容。

And I think one of the things to think about in terms of what might or might not happen in China is that these things do take time.

我認為，就中國可能發生或不可能發生的事情而言，要考慮的一件事是，這些事情確實需要時間。

Our investment cycles take place over periods of useful life of equipment of five years.

我們的投資週期發生在設備的五年使用壽命內。

We think in the long term, when we think about investing in our business to make sure that we're being good stewards of the shareholders' money, but anything that would happen there is going to play out over many years.

我們從長遠來看，當我們考慮投資我們的業務以確保我們成為股東資金的好管家時，但那裡發生的任何事情都將在多年內發揮作用。

And having a crystal ball as to exactly how that will play out is difficult to say.

很難說確切的結果將如何發揮作用。

Relative to what Micron has said about our interests in China, we have a great interest in doing business in China.

相對於美光所說的我們在中國的利益，我們對在中國開展業務有著極大的興趣。

We have large existing operations there including back end operations, circuit design, product engineering activities, as well as software and firmware activity.

我們在那裡擁有大量現有業務，包括後端運營、電路設計、產品工程活動以及軟件和固件活動。

We have a lot of activity in China already from an operations perspective and we have a large number of important customers over there.

從運營的角度來看，我們已經在中國開展了很多活動，並且我們在那裡擁有大量重要客戶。

So we stay fully engaged with China and continue to expect to have strong relationships there and grow our business.

因此，我們與中國保持全面合作，並繼續期待在那裡建立牢固的關係並發展我們的業務。

Relative to whether we would undertake any expansion or licensing activity in China, what we said is really as it has been, which is our job is to look for opportunities to make Micron a stronger Company.

關於我們是否會在中國進行任何擴張或許可活動，我們所說的確實是這樣，我們的工作是尋找機會讓美光成為更強大的公司。

And we will continue to investigate lots of options about ways to generate shareholder value, whether it's in China or any other part of the world.

我們將繼續研究許多關於如何創造股東價值的選擇，無論是在中國還是在世界任何其他地方。

And that's just part of us being effective managers of the Company, and we'll continue to do that and if we can figure out things that make the Company stronger, we'll always consider that in terms of the long-term benefits and act accordingly.

這只是我們成為公司有效管理者的一部分，我們將繼續這樣做，如果我們能找出使公司更強大的事情，我們將始終從長期利益的角度考慮並採取行動因此。

Okay.

好的。

Great.

偉大的。

Thank you for that.

謝謝你。

And then I had a follow-up to a question that was asked about some of the tax law changes coming.

然後我跟進了一個關於即將發生的一些稅法變化的問題。

It seems pretty obvious that there's going to be some sort of VAT that gets added to product that's made outside the US and you guys are, obviously, fairly exposed to that.

很明顯，在美國以外製造的產品中會增加某種增值稅，而你們顯然是相當容易受到影響的。

So I'm wondering, is there any like contingency planning happening?

所以我想知道，是否有任何類似的應急計劃正在發生？

And I'm trying to assess the likelihood that maybe CapEx might have to be a little higher as you may have to plan for some of those contingencies.

而且我正在嘗試評估資本支出可能必須更高的可能性，因為您可能必須為其中一些意外事件做好計劃。

Thanks.

謝謝。

So, Tim, really, it's an issue of what you think any such tariffs of whatnot, how they would impact our end market, not necessarily as they directly impact Micron, because typically we manufacture overseas.

所以，蒂姆，真的，這是一個你認為任何此類關稅的問題，它們將如何影響我們的終端市場，不一定因為它們直接影響美光，因為通常我們在海外製造。

We sell in many cases overseas, and then it's our customers who would then be subject to any of those importation issues.

我們在許多情況下都在海外銷售，然後是我們的客戶將受到任何這些進口問題的影響。

I think it's really too soon to tell what the impact of that would be because simultaneously we're reading about a dramatic reduction of the corporate tax rate and also the ability to repatriate billions of dollars of cash.

我認為現在說這會產生什麼影響還為時過早，因為與此同時，我們正在閱讀有關公司稅率大幅降低以及匯回數十億美元現金的能力。

So there's a lot of moving pieces to this, and I think anybody who would portend to be able to specifically predict things is probably guessing a little bit right now.

所以這有很多動人的部分，我認為任何預示著能夠具體預測事情的人現在可能會有點猜測。

Okay, Ernie.

好的，厄尼。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Joe Moore of Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Your line is open.

你的線路是開放的。

Great.

偉大的。

Thank you.

謝謝你。

I wonder if you can just give us some context on why the markets are so good?

我想知道你是否可以給我們一些關於為什麼市場如此好的背景？

And in particular, when I look at your shipments have been stronger than I expected, your competitors' shipments have been a bit stronger than I expected, and yet our checks, and everyone's checks show this -- good now and staying good for a while.

特別是，當我看到你們的出貨量比我預期的要強時，你的競爭對手的出貨量比我預期的要強一些，但是我們的檢查，以及每個人的檢查都表明了這一點——現在很好，而且會保持一段時間.

Can you give us any context on why the supply/demand balance has shifted so much in a favorable direction when everyone's shipping more bits than the sort of long-term trend line?

當每個人的出貨量都超過長期趨勢線時，您能否給我們提供任何背景信息，說明為什麼供需平衡向有利的方向發生瞭如此大的變化？

At the end of the day, Joe, it's got to be adding up all the pieces, right, and having less supply than demand.

在一天結束的時候，喬，它必須把所有的部分都加起來，對，而且供不應求。

I will say that as the end markets that we ship into continue to segregate and the product has to find its way into the right -- or the wafers have to find their way into the right product at the right time for the right segment, getting that balance exactly right segment to segment becomes difficult.

我要說的是，隨著我們出貨的終端市場繼續隔離，產品必須找到正確的方式——或者晶圓必須在正確的時間為正確的細分市場找到正確的產品，獲得完全正確的段與段之間的平衡變得困難。

And, therefore, I think it provides the opportunity for supply -- for pricing to react to changes in supply and demand in a way that I think is positive from a manufacturer's perspective.

因此，我認為它為供應提供了機會——讓定價以一種我認為從製造商的角度來看是積極的方式對供需變化做出反應。

Great.

偉大的。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

And then, secondly, in terms of your NAND planning, is there going to continue to be a long tail on the planer NAND business, or do you see the whole business transitioning to 3D over time?

其次，就您的 NAND 規劃而言，planer NAND 業務是否會繼續存在長尾，或者您是否認為整個業務會隨著時間的推移向 3D 過渡？

There's definitely a tail and it definitely exists for a long time.

肯定有尾巴，而且肯定存在很長時間。

The question is how significant is that in terms of bits and what eventually will be the pricing in that long tail.

問題是，就比特而言，這一點有多重要，以及該長尾的最終定價是多少。

I think that the planer bits are going to get squeezed out of a lot of the end market applications as we start to generate more 3D supply as an industry.

我認為隨著我們作為一個行業開始產生更多的 3D 供應，刨床將被擠出許多終端市場應用。

However, there will be a long tail that's probably less than 10% of the overall market that sticks around for a long, long time and serves very valuable niches.

然而，將會有一個長尾可能不到整個市場的 10%，它會長期存在並服務於非常有價值的利基市場。

It's a matter of getting that balance right, making sure you have the product, have the right products in that -- in those lagging nodes so you can address the right market opportunities.

這是一個正確平衡的問題，確保你有產品，有正確的產品——在那些滯後的節點中，這樣你就可以抓住正確的市場機會。

That's very helpful.

這很有幫助。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Steven Fox of Cross Research.

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

Your question, please.

請問你的問題。

Hi.

你好。

Good afternoon.

下午好。

I was just wondering if you could talk a little bit about some of the higher margin, higher mix products where maybe -- where you mentioned like-for-like pricing also getting better.

我只是想知道你是否可以談談一些利潤率更高、組合更豐富的產品——你提到的同類定價也越來越好。

For example, in the storage business unit with SSDs, how are you managing your customer expectations for longer design cycles and qualification cycles given that product is tight now and you're saying it could be tight for a while, especially as you ramp 3D NAND and maybe it has some puts and takes along the way?

例如，在使用 SSD 的存儲業務部門中，鑑於產品現在很緊張，並且您說它可能會緊張一段時間，尤其是在您推出 3D NAND 時，您如何管理客戶對更長設計週期和認證週期的期望也許它有一些看跌期權？

It's always tricky when you have customers with supply expectations, making sure that you are making the right commitments that you can deliver on while not significantly over or under committing.

當您的客戶有供應期望時，這總是很棘手，確保您做出正確的承諾，您可以兌現，同時不會顯著過度或過度承諾。

There are lots of those segments that are value-add where you have to have long-term customer relationships where there's a certain amount of trust, and I think from Micron's perspective, that's actually an advantage for us.

有很多這些細分市場是增值的，你必須在有一定信任的情況下建立長期的客戶關係，我認為從美光的角度來看，這對我們來說實際上是一個優勢。

Our customers like us.

我們的客戶喜歡我們。

They want us to succeed.

他們希望我們成功。

We have a long-term history of meeting our commitments, and so I think in this kind of environment that actually plays out pretty well for us.

我們在履行承諾方面有著悠久的歷史，因此我認為在這種環境中，我們實際上表現得非常好。

Some of the specific segments that are value-add that are pretty important, things like graphics, we grew our graphics business pretty substantially this year.

一些非常重要的增值特定部分，比如圖形，今年我們的圖形業務增長了很多。

In many cases, those are sole source relationships, or two sources at most, and a significant piece of the customer's end product and so those types of relationships, I think, are flagships for that kind of thought process.

在許多情況下，這些是唯一來源關係，或最多兩個來源，並且是客戶最終產品的重要組成部分，因此我認為這些類型的關係是這種思維過程的旗艦。

Automobile also, I think, is another one where Micron has very significant market share, deep relationships with the customers and a trust that we're going to be there for them with the right products as markets tighten up.

我認為，汽車也是美光擁有非常重要的市場份額、與客戶建立深厚關係以及相信隨著市場收緊我們將為他們提供合適的產品的另一個領域。

That's really helpful.

這真的很有幫助。

And then just a quick clarification, so on Inotera I understand you don't want to go too much deeper into the numbers, but in terms of some of the synergies that are potentially ahead of you with Inotera, should we just think of it more as the flexibility to manage bits a little bit more efficiently or should we consider that there could be some meaningful cost savings that could come through to the margins down the road?

然後只是一個快速的澄清，所以在 Inotera 上，我知道你不想深入了解這些數字，但就與 Inotera 可能在你面前的一些協同效應而言，我們是否應該多想一下作為更有效地管理比特的靈活性，或者我們是否應該考慮可能會帶來一些有意義的成本節省，這些成本可能會在未來的利潤空間中體現出來？

Thanks.

謝謝。

This is Ernie.

這是厄尼。

I think the best way to think about it is what Mark articulated earlier, which is the cost synergies are relatively small.

我認為最好的思考方式是馬克之前所說的，即成本協同效應相對較小。

The real opportunity will be as we align the manufacturing capability fully to the best of Micron's fabs, and that will provide more incremental opportunity to us than the cost savings piece.

真正的機會在於我們將製造能力與美光最好的晶圓廠完全匹配，這將為我們提供比成本節約更多的增量機會。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Chris Danely of Citigroup.

我們的下一個問題來自花旗集團的 Chris Danely。

Your line is open.

你的線路是開放的。

Thanks, guys.

多謝你們。

Quick question on the mobile end market.

關於移動端市場的快速問題。

You talked about China as being a big driver there.

你談到中國是那裡的一個重要推動者。

Can you give us any sense of how big China is as far as your mobile demand or how big of the increase it was sequentially?

就您的移動需求而言，您能否告訴我們中國有多大，或者它的連續增長幅度有多大？

We had pretty good growth, obviously, in all geographies and with a lot of different customers with the mobile business doubling.

顯然，我們在所有地區都有相當不錯的增長，並且擁有許多不同的客戶，移動業務翻了一番。

Some of that was with the market leaders, but a lot of it also was in China.

其中一些與市場領導者有關，但也有很多在中國。

So EMCPs have been a great business for us.

因此，EMCP 對我們來說是一項偉大的業務。

A lot of that is in the Chinese value handsets, and I don't think we want to get specific in terms of percentages, but I think it's fair to say that we had strong growth in China, as well as at some of the high end smartphone manufacturers.

其中很多是在中國價值手機中，我認為我們不想具體說明百分比，但我認為公平地說，我們在中國實現了強勁增長，以及在一些高終端智能手機製造商。

Great.

偉大的。

And then a second question on another end market PCs.

然後是關於另一個終端市場 PC 的第二個問題。

Again, we all read the same stuff you do about shortages in DRAM in the PC end market.

再一次，我們都讀到了關於 PC 終端市場 DRAM 短缺的相同內容。

I would you say that is the end market where supply is tightest, and any estimate of when these lead times could be -- these extending lead times could be relieved?

我會說這是供應最緊張的終端市場，以及對這些交貨時間的任何估計 - 這些延長的交貨時間可以得到緩解嗎？

Yes, I'd say it's tight there, but product is moving around, right?

是的，我會說那裡很緊，但是產品正在四處移動，對嗎？

The industry is not static, and what tends to happen as the market tightens up like this is people will sacrifice a little bit of short-term margin to move product into segments they believe are longer term, more advantaged.

這個行業不是一成不變的，隨著市場收緊，人們往往會犧牲一點短期利潤，將產品轉移到他們認為更長期、更有優勢的細分市場。

There's a little bit of that going on right now where perhaps margins might actually be a little higher in PCs, but people may shift production into servers because it's viewed as potentially longer term, more favorable, or mobile because it's maybe a slightly more defendable market share as things change over time.

現在有一些情況正在發生，也許 PC 的利潤率實際上可能會更高一些，但人們可能會將生產轉移到服務器上，因為它被視為可能更長期、更有利或移動，因為它可能是一個更易防禦的市場分享隨著時間的推移而變化。

Okay, thanks, guys.

好的，謝謝各位。

Thank you.

謝謝你。

Our next question comes from John Pitzer of Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Your line is open.

你的線路是開放的。

Yes, good afternoon, guys.

是的，下午好，伙計們。

Thanks for letting me ask the question.

謝謝你讓我問這個問題。

Mark, my first question is just around sort of your DRAM profitability versus peers.

馬克，我的第一個問題是關於你的 DRAM 盈利能力與同行的對比。

Absolutely, clearly, DRAM is getting better, but there's still this gap between the peers.

毫無疑問，DRAM 正在變得越來越好，但同行之間仍有差距。

I'm wondering if you can talk about the 1X transition for you?

我想知道您是否可以為您談談 1X 過渡？

It seems like there's two vectors where you might be able to close that gap.

似乎有兩個向量可以縮小這個差距。

One, it just seems like a better shrink for you than maybe your peers, and, two, correct me if I'm wrong, but of most of Rexchip, I believe, is still at 25 nanometers.

第一，它對你來說似乎比你的同齡人更好，第二，如果我錯了，請糾正我，但我相信大多數 Rexchip 仍然是 25 納米。

So it might seem to me that as you guys move to 1X you'll have a bigger wafer start base at 1X than you had at 20 nanometers.

所以在我看來，當你們轉向 1X 時，在 1X 時的晶圓起始基數將比在 20 納米時更大。

Am I thinking about that the right way, or how are you thinking about it?

我是否以正確的方式考慮這一點，或者您是如何考慮的？

First of all, at a high level, we're going to continue to outgrow the market in terms of bits like we talked about, and we're reducing cost at a faster rate than we have over the last three years.

首先，在較高的水平上，我們將繼續在比特方面超越市場，就像我們談到的那樣，我們正在以比過去三年更快的速度降低成本。

So that gap will continue to narrow with the forecast we've given you.

因此，隨著我們給您的預測，這種差距將繼續縮小。

Specifically, relative to 110 Series, yes, it's a good shrink.

具體來說，相對於 110 系列，是的，這是一個很好的縮水。

We have -- as I mentioned, we've got a number of different products coming.

我們有 - 正如我所提到的，我們有許多不同的產品即將推出。

Some of them are bigger shrinks than others.

他們中的一些人比其他人更大。

We're pretty -- particularly excited about some of the ones that come later in the fiscal year that really drive out a lot of cost and die size, as opposed to some of the ones that come earlier and fill value-added potential segments or specific power or performance attributes that the customers are looking for.

我們很高興——特別是對本財年晚些時候推出的一些真正降低成本和芯片尺寸的產品感到特別興奮，而不是一些更早出現並填補增值潛力細分市場的產品或客戶正在尋找的特定功率或性能屬性。

Beyond that, I think it's fair to say that we should get a good bang for the buck on this technology transition, not only because it's a substantial shrink, but also because a chunk of it, a large chunk of it's happening in Taichung, so we're actually transitioning capacity from 25-nanometer all the way down to 1X.

除此之外，我認為公平地說，我們應該在這次技術轉型中獲得良好的收益，不僅因為它是一個實質性的縮小，而且因為它的一部分，很大一部分發生在台中，所以我們實際上正在將容量從 25 納米一直降低到 1X。

So it's as we did with 20-nanometer in Hiroshima and Inotera, and a big chunk of that capacity at Inotera was a double hop from 30 nanometer to 20 nanometer.

因此，就像我們在廣島和 Inotera 對 20 納米所做的那樣，Inotera 的很大一部分產能是從 30 納米到 20 納米的雙倍躍遷。

This will be a double hop from 25 to 1X at the Taichung fab, and so there is a pretty good bang for the buck there.

這將是台中晶圓廠從 25 倍到 1 倍的雙倍躍升，因此那裡的成本非常划算。

That's helpful.

這很有幫助。

And then, guys, as my follow-up, you're still endorsing the two-year CAGRs for bit growth in NAND and DRAM for you.

然後，伙計們，作為我的後續行動，你們仍然支持 NAND 和 DRAM 的兩年復合年增長率。

Ernie, I know you don't want to get into quarter-by-quarter, but I'm curious as how we should think about linearity of that bit growth from here on out for this fiscal year for both DRAM and NAND?

Ernie，我知道您不想逐季度討論，但我很好奇我們應該如何考慮本財年 DRAM 和 NAND 的比特增長的線性？

And I ask the question because specifically for DRAM, if it's a linear growth rate, it just seems like the February numbers are still embedding some very conservative assumptions around pricing given how good the environment is.

我問這個問題是因為特別是對於 DRAM，如果它是線性增長率，那麼鑑於環境有多好，2 月份的數據似乎仍然在定價方面嵌入了一些非常保守的假設。

So how do I think about that dynamic?

那麼我如何看待這種動態呢？

I think you're going to see us make some steady quarter-on-quarter growth, but I don't think in DRAM particularly you're going to see it continue at the levels that you've seen it for the last couple quarters.

我認為你會看到我們實現了一些穩定的季度環比增長，但我不認為在 DRAM 中你會看到它繼續保持過去幾個季度的水平.

And I think the best guidance we can provide is that we're going to be roughly year-on-year to get to our targets, we're going to need to be at or slightly above 50% in terms of bit growth year-on-year.

而且我認為我們可以提供的最佳指導是，我們將大致同比達到我們的目標，我們需要達到或略高於 50% 的位增長率 -同年。

We've just given you a pretty big number for Q1.

我們剛剛為您提供了一個相當大的 Q1 數字。

So that math is getting easier and easier to work out.

因此，數學變得越來越容易計算。

I would also tell you relative to some of the pricing, you'll note that we widened our revenue guidance range a little bit and that's reflective of a bigger business, and the fact that we realize pricing environment continues to be dynamic.

我還會告訴你相對於一些定價，你會注意到我們稍微擴大了收入指導範圍，這反映了更大的業務，而且我們意識到定價環境仍然是動態的。

So we did try to reflect our best thinking in the guidance that we've provided to you.

因此，我們確實嘗試在我們提供給您的指導中反映我們的最佳想法。

Perfect.

完美的。

Thanks, guys.

多謝你們。

Congratulations on the strong results.

祝賀你取得了不錯的成績。

Thank you.

謝謝你。

Our next question comes from of Jagadish Iyer of Summit Redstone.

我們的下一個問題來自 Summit Redstone 的 Jagadish Iyer。

Your question, please.

請問你的問題。

Yes, thanks so much for taking my question.

是的，非常感謝您提出我的問題。

First question, Mark or Ernie, how should we think about cost reduction for Gen 2 NAND versus your Gen 1, and when do you think it might become visible for you guys?

第一個問題，Mark 或 Ernie，我們應該如何考慮 Gen 2 NAND 與 Gen 1 相比的成本降低，你們認為什麼時候可以看到你們？

On full conversion, think of it as roughly doubling the bits per wafer, and think of a cost down in the range of greater than 30%.

在完全轉換時，將其視為每個晶圓的比特數大致翻倍，並認為成本下降幅度超過 30%。

So it's a big transition, but it's also, as we mentioned, won't start to become significant until later in FY17.

所以這是一個重大的轉變，但正如我們所提到的，直到 2017 財年晚些時候才會開始變得重要。

Okay.

好的。

Then on the DRAM front, I just wanted to find out if there is going to be any meaningful wafer capacity additions from Micron in FY17.

然後在 DRAM 方面，我只是想知道美光在 2017 財年是否會增加任何有意義的晶圓產能。

Is there a fab where you have some additional headroom for you to invest or should you invest in a new greenfield?

是否有一個晶圓廠可以讓您有一些額外的空間供您投資，或者您應該投資一個新的綠地嗎？

Thank you.

謝謝你。

We're very focused on the technology upgrades that we were talking about with John a minute ago.

我們非常關注我們在一分鐘前與約翰討論的技術升級。

That's where we get the biggest bang for the buck.

這就是我們獲得最大收益的地方。

We do have some clean room space around the network, but we have no plans to add new wafers this year.

我們在網絡周圍確實有一些潔淨室空間，但我們今年沒有增加新晶圓的計劃。

Thank you.

謝謝你。

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。

Your line is open.

你的線路是開放的。

Good afternoon, guys, and solid job on the quarterly execution.

下午好，伙計們，季度執行工作做得很好。

And also congrats on the 600-basis-point inflection in NAND gross margins.

還要祝賀 NAND 毛利率出現 600 個基點的拐點。

If we focus on this, clearly, 3D bit crossover was a big driver going forward, as I think about more cost per bit declines, you still have the benefits of continued higher 3D mix, higher TLC 3D mix on Gen 1. Question here is, when should we expect TLC 3D crossover with 3D MLC?

如果我們關注這一點，很明顯，3D 位交叉是一個很大的推動力，因為我認為每位成本下降更多，你仍然可以從 Gen 1 繼續更高的 3D 混合、更高的 TLC 3D 混合中受益。這裡的問題是，我們什麼時候應該期待 TLC 3D 與 3D MLC 的交叉？

Is that going to be this quarter?

會是這個季度嗎？

It definitely will be this quarter in aggregate.

肯定會是這個季度的總和。

We expect TLC to be greater than 50% of the 3D bits.

我們預計 TLC 將大於 3D 位的 50%。

Great.

偉大的。

Thanks for that.

感謝那。

And then at the product level, based off of third party estimates, the enterprise SSD market's about a $10 billion market growing at about 25% year-over-year for the next few years.

然後在產品層面，根據第三方的估計，未來幾年企業級 SSD 市場的市場規模約為 100 億美元，同比增長約 25%。

You guys have low-single-digits market share while you're JV partner has about 35% market share here.

你們的市場份額只有個位數，而你們是合資夥伴，這裡的市場份額約為 35%。

High capacity SATA is the biggest portion of this market.

大容量 SATA 是這個市場的最大部分。

You just announced the 5100 Series that's 3D TLC.

您剛剛宣布了 3D TLC 的 5100 系列。

Can you guys just give us a sense on when you're going to start shipping this in volume production?

你們能告訴我們什麼時候開始批量生產嗎？

Are the large hyper scale guys the lead customers here?

大型超大規模公司是這裡的主要客戶嗎？

And just given what looks to be a step-up in the road maps and maybe some of your customer feedback, do you guys anticipate growing your shares here in the enterprise space in 2017?

考慮到路線圖中的進步以及您的一些客戶反饋，你們是否預計 2017 年您在企業領域的份額會增加？

Yes, we definitely plan to grow our share.

是的，我們絕對計劃增加我們的份額。

As you point out, the fact that our share is relatively small in those segments today means there's a lot of opportunity.

正如您所指出的，我們今天在這些細分市場中的份額相對較小，這意味著有很多機會。

We do have what we think is a much better product portfolio now that's got a lot of customer excitement and eagerness, and we think that we're well-positioned with long-term customers who really want to buy from Micron.

現在，我們確實擁有我們認為更好的產品組合，這引起了很多客戶的興奮和渴望，而且我們認為我們在真正想從美光購買的長期客戶中處於有利地位。

So, yes.

所以，是的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Romit Shah of Nomura.

我們的下一個問題來自野村證券的 Romit Shah。

Your line is open.

你的線路是開放的。

Yes, thank you.

是的，謝謝。

I just wanted to ask a question about gross margin.

我只是想問一個關於毛利率的問題。

The guidance is much better than expected.

指導比預期的要好得多。

I'm just curious, how would you suggest we think about the gross margin potential of Micron considering your mix, cost road map, and whatever baseline pricing assumptions you're making?

我只是好奇，考慮到您的組合、成本路線圖以及您所做的任何基線定價假設，您建議我們如何考慮美光的毛利率潛力？

Is last cycle's, your peak gross margin a good guidepost for us, or are you thinking about it differently?

上一個週期，您的最高毛利率對我們來說是一個很好的指南，還是您有不同的想法？

That's a question that's got a thousand relative comparisons in it.

這是一個有上千個相對比較的問題。

What I would tell you is look, we are a different Company than at the last peak.

我要告訴你的是，我們與上一個高峰期不同。

We have a higher mix of NAND.

我們有更高的 NAND 組合。

We have a technology progression that we've tried to share with you.

我們有一個技術進步，我們試圖與您分享。

Certainly, I think we've outlined our cost reductions over the next three quarters or so, if you take the broad guidance we've provided.

當然，如果您接受我們提供的廣泛指導，我認為我們已經概述了未來三個季度左右的成本削減。

We've provided bit growth targets.

我們提供了比特增長目標。

You get to overlay a pricing environment and from that derive a gross margin profile.

您可以覆蓋定價環境並從中得出毛利率概況。

But I would expect if you have a similar market, you're going to continue to see opportunity for us to expand our gross margins.

但我預計，如果您有類似的市場，您將繼續看到我們擴大毛利率的機會。

Okay.

好的。

Thanks, Ernie.

謝謝，厄尼。

Can I also ask you, what's the net operating -- the NOL balance today, and can you just educate us on restrictions in terms of utilizing that asset against future tax provisions?

我還可以問你，現在的淨營業額是多少？ NOL 餘額是多少，你能告訴我們關於利用該資產對抗未來稅收規定的限制嗎？

It's somewhere in the $4 billion plus or minus range, and one of the reasons that -- and we're very focused on protecting that NOL, which is the reason we put our NOL rights plan in place and it's been the proxy now and up for shareholder review, as well.

它在 40 億美元上下的範圍內，這是我們非常專注於保護 NOL 的原因之一，這就是我們制定 NOL 權利計劃的原因，它現在一直是代理也供股東審查。

And we intend to do everything we can to continue to preserve our ability to use that because these are exactly the times that we want to have the ability to do that.

我們打算盡我們所能繼續保持我們使用它的能力，因為現在正是我們希望有能力這樣做的時候。

Does a $4 billion balance mean that whatever the tax rate is, 5%, is the right way to think about your rate over the next several years?

40 億美元的餘額是否意味著無論稅率是 5%，是考慮未來幾年稅率的正確方式嗎？

No, because that would apply to US income and earnings which are taxed, unfortunately, at a much higher rate than 5%.

不，因為這將適用於美國的收入和收入，不幸的是，稅率遠高於 5%。

Okay.

好的。

So you can only utilize it for US income?

所以你只能將它用於美國收入？

That's right.

這是正確的。

Okay.

好的。

Got it.

知道了。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from David Wong of Wells Fargo.

我們的下一個問題來自富國銀行的 David Wong。

Your line is open.

你的線路是開放的。

Thanks very much.

非常感謝。

Can you give us some idea of what you expect your debt and cash and equivalents might be at the end of the February quarter following the Inotera payments?

您能否告訴我們您對 Inotera 付款後的二季度末您的債務、現金和等價物的預期？

And apart from CapEx, are there any significant post-acquisition cash charges for restructuring or anything else to do with Inotera?

除了資本支出之外，是否有任何重大的收購後現金費用用於重組或與 Inotera 有任何關係？

There are no significant restructuring charges anticipated.

預計不會產生重大重組費用。

We borrowed $2.5 billion relative to Inotera.

我們相對於 Inotera 借了 25 億美元。

So we would expect that to be somewhere -- our total debt to be somewhere in the range of $12 billion, high $12 billion, maybe $13 billion, plus or minus.

所以我們預計這會在某個地方——我們的總債務在 120 億美元、高 120 億美元、可能 130 億美元左右，上下浮動。

There's a few little moving pieces around.

周圍有一些小的移動部件。

We're sitting here with cash this quarter at $4.3 billion.

我們本季度的現金為 43 億美元。

There was a cash component to the transaction of about $500 million, and then we'll generate operating cash flow and free cash flow in fiscal Q2, which we don't guide.

交易中有大約 5 億美元的現金部分，然後我們將在第二財季產生經營現金流和自由現金流，我們不指導。

So the result of that will be where we'll be at cash, but I would expect based on everything I know that it's reasonable to think flat or higher.

因此，結果將是我們將獲得現金，但我希望根據我所知道的一切，認為持平或更高是合理的。

Great.

偉大的。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Kevin Cassidy of Stifel.

我們的下一個問題來自 Stifel 的 Kevin Cassidy。

Your question, please.

請問你的問題。

Thank you.

謝謝你。

On your transition to the 1X DRAM process, will this be any different than past transitions, meaning are you going to be coming out into the PC market first and then mobile, or will these be targeted for certain markets?

在您過渡到 1X DRAM 工藝時，這與過去的過渡有什麼不同，這意味著您將首先進入 PC 市場，然後是移動市場，還是這些產品將針對某些市場？

We've got a -- as I mentioned earlier, Kevin, we've got a broad spectrum of products.

我們有——正如我之前提到的，凱文，我們有廣泛的產品。

We're trying to make sure we get as many of them qualified early in the ramp as possible this time and do a slightly better job than we did at 20-nanometer.

我們正在努力確保這次盡可能多地在斜坡早期獲得資格，並且比我們在 20 納米時做得稍微好一點。

So actually we have mobile and compute products coming, and then we have additional cost reduced and broader market applications behind that.

所以實際上我們有移動和計算產品，然後我們有額外的成本降低和更廣泛的市場應用。

Okay.

好的。

Great.

偉大的。

And on your 3D XPoint, you said that you'd have your first revenue in 2017.

在您的 3D XPoint 上，您說您將在 2017 年獲得第一筆收入。

Can you say what end market that would be?

你能說那將是什麼終端市場嗎？

Sorry, can you repeat the question?

對不起，你能重複一下這個問題嗎？

3D XPoint, what's your first end markets for that?

3D XPoint，你的第一個終端市場是什麼？

We're talking to a number of different customers and we probably don't want to say yet.

我們正在與許多不同的客戶交談，我們可能還不想說。

Okay.

好的。

Congratulations on the great results and guidance.

祝賀偉大的成果和指導。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Mark Newman of Bernstein.

我們的下一個問題來自 Bernstein 的 Mark Newman。

Your line is open.

你的線路是開放的。

Hi.

你好。

Thanks, and congrats on a great quarter.

謝謝，並祝賀一個偉大的季度。

Question relating about where we are in the cycle right now.

關於我們現在處於週期中的位置的問題。

Things look really great on pricing.

價格看起來真的很棒。

I wonder -- also you mentioned inventory on the DRAM maintenance level also looks good.

我想知道 - 您還提到 DRAM 維護級別的庫存看起來也不錯。

Do you have any comments on the inventory level of the customers?

您對客戶的庫存水平有何評論？

I'm wondering particularly on the Chinese smartphone OEMs have been buying quite a lot of memory through the second half of 2016.

我特別想知道中國智能手機 OEM 在 2016 年下半年購買了大量內存。

And I'm just wondering if you're seeing any double ordering, any excess inventory on the customer side, anything at all that makes you a little bit concerned of excess inventory, either on the chip side or on the finished product side, especially on the handsets?

而且我只是想知道您是否看到任何重複訂購，客戶方面的任何多餘庫存，以及任何讓您有點擔心庫存過多的事情，無論是在芯片方面還是在成品方面，尤其是在手機上？

Not really, Mark.

不是真的，馬克。

We've heard rumors along the lines of those that you're alluding to, I believe, but we can't validate -- I can't validate those for you.

我相信，我們已經聽說過你所暗示的謠言，但我們無法證實——我無法為你證實這些謠言。

Certainly, in most market segments, it's very, very tight, and any time you have that and customers start get nervous about, are they potentially going to go line down, et cetera, you always start to be concerned that people are just trying to get a little bit ahead of it and build some inventory.

當然，在大多數細分市場中，它非常非常緊張，並且任何時候你有這種情況並且客戶開始感到緊張，他們是否可能會排隊等等，你總是開始擔心人們只是想提前一點並建立一些庫存。

I think that's only natural.

我認為這是很自然的。

I think we're doing a pretty good job of trying to allocate this product where it's absolutely most needed, and so I don't think too many people are building up too much inventory.

我認為我們在嘗試將這種產品分配到絕對最需要的地方方面做得很好，所以我認為沒有太多人在積累太多庫存。

Great.

偉大的。

Thanks.

謝謝。

And then if you think back to the previous, back in 2014, at the moment, this feels very much like 2014, pricing's strong, demand's good, supply/demand remains pretty tight.

然後，如果您回想以前的 2014 年，現在感覺很像 2014 年，定價強勁，需求良好，供需仍然非常緊張。

Anything different if you compare between now and then because, clearly, what happened in 2015 and 2016 wasn't quite what we were hoping for in terms of supply/demand balance and pricing.

如果你現在和那時比較的話會有什麼不同，因為很明顯，2015 年和 2016 年發生的事情在供需平衡和定價方面並不是我們所希望的。

I'm just wondering if you had any comments on what is different between the previous cycle?

我只是想知道您是否對上一個週期的不同之處有任何意見？

Clearly, the industry is a lot better than the past, but the question is how much, and I'm just trying to ask if you have any particular thoughts of this time versus 2014 in particular?

顯然，這個行業比過去好多了，但問題是多少，我只是想問一下，你對這次和 2014 年有什麼特別的想法嗎？

Well, I think it's -- I think that part of what happened in the last -- latter stage of the last cycle were perhaps a little bit of miscalculation by one of the suppliers.

好吧，我認為這是 - 我認為上一個週期的最後階段發生的部分事情可能是其中一個供應商的一點點誤判。

But they probably learned from.

但他們可能從中吸取了教訓。

So there's that.

所以就是這樣。

The biggest change structurally in the market, though, really is the fact that the products are going into a much broader set of end markets, much more broadly distributed now we're three or four years on from where we were in the last cycle.

然而，市場結構上最大的變化實際上是產品正在進入更廣泛的終端市場，現在我們距離上一個週期已經過去了三到四年，分佈更加廣泛。

And I think that does make a difference.

我認為這確實有所作為。

On top of that --

最重要的是 -

Thanks very much.

非常感謝。

Mark, I'll add one more piece to that, which is a long-term trend that we've talked about in the past in terms of slowing technology migrations, means that competitors in the marketplace are likely doing math with numbers that are changing less rapidly than they used to be.

馬克，我會再補充一點，這是我們過去談到的減緩技術遷移的長期趨勢，這意味著市場上的競爭對手可能正在用不斷變化的數字進行數學運算速度比以前慢了。

So both from a demand and a supply perspective, as those numbers get smaller and the slope gets smaller, and the rate of change, it gets a little bit easier to do the math and to keep things in balance.

因此，從需求和供應的角度來看，隨著這些數字越來越小，斜率越來越小，變化率越來越小，做數學和保持平衡會變得更容易一些。

And then finally, you layer on what's going on with NAND right now from a demand perspective, it's just explosive, I think, is probably the right word in terms of demand and elastic, as well.

最後，你從需求的角度來分析 NAND 現在的情況，我認為它只是爆炸性的，就需求和彈性而言，這可能是正確的詞。

I think there's maybe some insulation there that wasn't there last time around.

我認為那裡可能有一些上次沒有的絕緣材料。

Great.

偉大的。

Thanks very much.

非常感謝。

Operator, we have time for one more question.

接線員，我們有時間再問一個問題。

Yes, sir.

是的先生。

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

我們的下一個問題來自 Evercore ISI 的 C.J. Muse。

Your question, please.

請問你的問題。

Hi, this is Ada calling in for C.J. A question, another question on XPoint.

嗨，我是 Ada 打電話給 C.J。一個問題，另一個關於 XPoint 的問題。

Can you talk about whether you see that product impacting DRAM demand down the road?

您能否談談您是否認為該產品會影響未來的 DRAM 需求？

A question on export?

關於出口的問題？

Is that what --

是這樣嗎——

XPoint.

XPoint。

Oh, XPoint.

哦，XPoint。

XPoint.

XPoint。

Not early, no.

不早，不。

The question was asked, who are we going to ship to first?

有人問，我們要先運送給誰？

We're not going to tell you who we're going to ship to first, but longer term it's storage, it's data center, and it's mobile applications, all of those.

我們不會告訴你我們將首先向誰發貨，但從長遠來看，它是存儲、數據中心和移動應用程序，所有這些。

I think early on it's pure additive demand in the overall memory market.

我認為早期它是整個內存市場的純粹附加需求。

We get two or three years in and have more substantial ramp going on and cost reduction, yes, I think it will over time cannibalize part of the DRAM business.

我們有兩到三年的時間，並且有更大幅度的增長和成本降低，是的，我認為隨著時間的推移它將蠶食部分 DRAM 業務。

And second question, in terms of the NAND channel inventory, how's that looking right now?

第二個問題，就 NAND 渠道庫存而言，現在情況如何？

Very tight, very tight.

很緊，很緊。

Customers are quite concerned.

客戶非常擔心。

Thank you.

謝謝你。

Thank you, everyone.

謝謝大家。

This now concludes Micron Technology's first quarter 2017 financial release conference call.

美光科技 2017 年第一季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。