美光科技 (MU) 2004 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen and welcome to the Micron Technology first quarter of fiscal year '04 conference call.

下午好，女士們，先生們，歡迎來到美光科技 04 財年第一季度電話會議。

At this time, all lines have been placed on a listen-only mode.

此時，所有線路都處於只聽模式。

And the floor will be open for your questions following the presentation.

演講結束後，您可以提問。

It is now my pleasure to turn the floor over to your host, Mr. Kipp Bedard, sir you may begin.

現在我很高興將發言權交給您的主人，Kipp Bedard 先生，先生，您可以開始了。

Thank you very much.

非常感謝。

I would also like to welcome everyone to Micron Technology's first quarter 2004 financial release conference call.

我還要歡迎大家參加美光科技 2004 年第一季度財務發布電話會議。

On the call today are Steve Appleton, chairman, CEO, and president.

今天的電話會議是史蒂夫·阿普爾頓，董事長、首席執行官和總裁。

Bill Stover, vice president of fines and chief financial officer and Michael Sadler, vice president of worldwide sales.

罰款副總裁兼首席財務官比爾斯托弗和全球銷售副總裁邁克爾薩德勒。

This conference call, including audio and slides; also available on Micron's home page on the Internet at Micron.com.

本次電話會議，包括音頻和幻燈片；也可以在 Micron.com 的 Internet 上的 Micron 主頁上找到。

If you have not had an opportunity to review the first quarter of fiscal year 2004 financial press release, it is available on our web site again at Micron.com.

如果您沒有機會查看 2004 財年第一季度的財務新聞稿，請再次訪問我們的網站 Micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be a taped audio replay of this call available later this evening at 5:30 p.m. mountain standard time.

今晚晚些時候將在下午 5:30 播放此次通話的錄音重播。山區標準時間。

You can reach that by dialing 973-341-3080 with a confirmation code of 4362562.

您可以撥打 973-341-3080，確認碼為 4362562。

This replay will run through Monday, January 5, 2004, at 5:30 p.m. mountain standard time.

該重播將持續到 2004 年 1 月 5 日星期一下午 5:30。山區標準時間。

A web cast replay will be available on the company's web site until January, 2005.

直到 2005 年 1 月，公司網站上都將提供網絡廣播重播。

We encourage you to monitor our web site 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。

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

在本次電話會議期間，我們可能會就未來事件或公司和行業的未來財務業績做出預測或其他前瞻性陳述。

We wish to caution you that such statements are predictions and that actual events or results may differ materially.

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

We refer you to the documents the company files on a consolidated basis from time to time with the Securities and Exchange Commission, specifically the company's most recent form 10-K, and form 10-Q.

我們建議您參考公司不時向證券交易委員會提交的綜合文件，特別是公司最近的 10-K 表格和 10-Q 表格。

These documents contain and identify important factors that could cause the actual results for the company on a consolidated basis to differ materially from those contained in our projections or forward-looking statements.

這些文件包含並確定了可能導致公司在綜合基礎上的實際結果與我們的預測或前瞻性陳述中包含的結果存在重大差異的重要因素。

These certain factors can be found on the company's web site.

這些特定因素可以在公司的網站上找到。

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

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

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

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述與實際結果相符。

That I would like to turn the call over to Mr. Bill Stover.

我想把電話轉給比爾斯托弗先生。

Thanks, Kipp.

謝謝，基普。

Let me run through a few of the numbers and significant items affecting our first quarter results.

讓我來看看影響我們第一季度業績的一些數字和重要項目。

I will reminds that you the first quarter was a 14-week quarter which is necessary every four or five years to synchronize the calendar and our fiscal cutoff as compared to typical quarters which have 13 weeks.

我會提醒您，第一季度是一個為期 14 週的季度，與具有 13 週的典型季度相比，每四年或五年有必要同步日曆和我們的財政截止日期。

Net sales for the quarter totaled $1.1 billion.

本季度的淨銷售額總計 11 億美元。

Compared to $889 million in the immediately preceding quarter.

與上一季度的 8.89 億美元相比。

Resulting in operating income of $22 million.

產生2200萬美元的營業收入。

The 25% increase in net sales was a result of increased megabit sales volume in part a function of the productivity in the additional week of this fiscal quarter, and as a result of higher average pricing.

淨銷售額增長 25% 的原因是兆位銷售額的增加，部分原因是本財季額外一周的生產力，以及更高的平均定價。

Average selling price per megabit fluctuated noticeably through the quarter rising early in the quarter and decreasing late in the quarter.

每兆比特的平均售價在本季度明顯波動，在本季度初上漲並在本季度末下降。

On average, ASPs were up approximately 7% quarter over quarter.

平均而言，平均售價環比增長約 7%。

As we indicated in our press release, gross margin for the quarter was at 26%.

正如我們在新聞稿中指出的那樣，本季度的毛利率為 26%。

An improvement from 19% the prior quarter and from 10% the quarter before that.

較上一季度的 19% 和上一季度的 10% 有所改善。

Gross margin increase results are both from slightly better pricing and from cost improvements achieved in manufacturing.

毛利率增加的結果既來自略微更好的定價，也來自製造中實現的成本改善。

Absent the effects of prior period write downs the gross margin percentage improved 12 percentage points quarter-over-quarter.

如果沒有前期減記的影響，毛利率百分比環比提高了 12 個百分點。

Note there was no new charge in the first quarter over the lower of cost or mark inventory test and the first quarter benefit from prior period write-downs was approximately $28 million.

請注意，第一季度沒有對成本或標記庫存測試中的較低者產生新的費用，第一季度從前期減記中獲得的收益約為 2800 萬美元。

For the first quarter, there are two lines on the income statement that warrant further explanation.

對於第一季度，損益表中有兩行需要進一步解釋。

The restructure line reflects a $21 million benefit from equipment sales.

重組線反映了設備銷售帶來的 2100 萬美元收益。

This is primarily 200 millimeter equipment pulled out of the Manassas Virginia site as that Fab was converted to 300 millimeter procession which was sold at better-than-anticipated pricing.

這主要是從馬納薩斯弗吉尼亞工廠撤出的 200 毫米設備，因為該 Fab 被轉換為 300 毫米工藝，以高於預期的價格出售。

When originally booked the restructure charge last February, the equipment market was quite depressed.

去年2月最初預定重組費用時，設備市場相當低迷。

The second line on the income statement, other operating expense picks up foreign currency exchange lost which aggregates $25 million as the dollar generally weakened against the Japanese yen and Euro.

損益表的第二行，其他運營費用增加了匯兌損失，由於美元兌日元和歐元普遍走弱，匯兌損失總計 2500 萬美元。

Selling general and administrative expenses remained relatively flat with the immediately preceding quarter at $81 million.

銷售一般和管理費用與上一季度保持相對持平，為 8100 萬美元。

SG&A for the second quarter is expected to be between $80 and $85 million.

第二季度的 SG&A 預計在 80 至 8500 萬美元之間。

Research and development expenses vary significantly with the number of wafers dedicated to new device development and qualification, and also vary with the timing of qualification of our 300 millimeter line in Manassas, Virginia.

研發費用因專用於新設備開發和認證的晶圓數量而有很大差異，並且還因我們在弗吉尼亞州馬納薩斯的 300 毫米生產線的認證時間而異。

The first quarter totaled $186 million.

第一季度總計 1.86 億美元。

With a significant elements being qualification costs, of .11 Micron device, and the development of our 300 millimeter line.

0.11 微米器件的認證成本和我們 300 毫米線的開發是一個重要因素。

The second quarter is expected to approximate 170 million.

第二季度預計約為1.7億。

From this slide, on operating cash flow, you can see the improvement that occurred throughout the year.

從這張幻燈片中，關於經營現金流，您可以看到全年發生的改善。

There has been a steady improvement, mostly reflective of a strong execution across operations, resulting in reductions in costs per part.

一直在穩步改善，主要反映了跨業務的強大執行力，從而降低了每個零件的成本。

And as at quarter end, Micron had cash and investment balances just over $1.3 billion, and our debt to equity ratio had returned to below 20%.

截至季度末，美光的現金和投資餘額略高於 13 億美元，我們的債務權益比率已恢復到 20% 以下。

At December 4, -- it is 18%.

在 12 月 4 日，是 18%。

Capital spending for fiscal '04 is currently estimated to be approximately $1.3 billion.

04 財年的資本支出目前估計約為 13 億美元。

And I will turn the commentary over to Mike.

我會把評論交給邁克。

Thanks, Bill.

謝謝，比爾。

From a market perspective, our fiscal Q1 proceeded about as expected.

從市場的角度來看，我們的第一財季按預期進行。

As a follow on to the prior quarter we continued to see robust demand across all the computing platform, consumer electronics devices and communications products such as routers an mobile phones.

作為上一季度的後續，我們繼續看到所有計算平台、消費電子設備和通信產品（如路由器和手機）的強勁需求。

The network and communications infrastructure area in particular has seen a nice rebound in demand and our legacy DRAM product lines consisting primarily of synchronous DRAM have been major beneficiaries of the strength.

特別是網絡和通信基礎設施領域的需求出現了良好的反彈，而我們主要由同步 DRAM 組成的傳統 DRAM 產品線一直是這一優勢的主要受益者。

As the numbers increase a nice sequential growth of shipments as measured in megabit.

隨著數字的增加，以兆比特為單位的出貨量連續增長。

Major name brand computing OEMs had the DDR ram products as quickly as produced them.

主要的知名品牌計算 OEM 擁有 DDR ram 產品的速度與生產它們的速度一樣快。

The demand continues to be strong today as we have seen some price pressure, as we are well into the holiday season, and beyond what would be considered the season of strong consumer PC demand.

今天的需求繼續強勁，因為我們已經看到一些價格壓力，因為我們已經進入假期旺季，並且超出了消費PC需求旺盛的季節。

We ended the quarter with unprecedented low level finished goods inventory.

我們以前所未有的低水平成品庫存結束了本季度。

The inventory level coupled with demand strength as we head into the new calendar year, give us cause for of optimism about the market environment for 2004.

隨著我們進入新的日曆年，庫存水平加上需求強勁，使我們有理由對 2004 年的市場環境感到樂觀。

DDR 333/400 is now entrenched at I primary memory mainstream solution in the computer Democrat.

DDR 333/400 是現在根深蒂固的計算機民主黨主存主流解決方案。

And Micron continues to be well positioned with the technology with the vast majority of the .13 Micron output beating the 400 megahertz speed grade.

並且美光繼續在技術上處於有利地位，絕大多數 0.13 微米的輸出都超過了 400 兆赫茲的速度等級。

We are transitions to the .11 Micron 6 F squared DDR400 device, which has a greater 400 megahertz yield distribution and bring us another round of substantial cost per bit redetention.

我們正在過渡到 0.11 微米 6 F 平方 DDR400 設備，該設備具有更大的 400 兆赫的良率分佈，並為我們帶來了另一輪可觀的每比特成本再保留。

The computing industry will undergo another main memory performance boost and memory transaction in 2004.

計算行業將在 2004 年經歷另一次主要的內存性能提升和內存交易。

This time from DDR 1 to 500 megahertz plus DDR 2.

這次從 DDR 1 到 500 兆赫加上 DDR 2。

We are the leader in this year with three ships ranging from 256 megabit to 1 gigabit.

我們是今年的領導者，擁有從 256 兆比特到 1 吉比特的三艘船。

Supporting memory modules from 128 megabytes to 4 gigabytes.

支持從 128 MB 到 4 GB 的內存模塊。

We have a variety of system validations completed and in the early stage Micron is the OEM supplier of choice to enable the industry.

我們完成了各種系統驗證，並且在早期階段，美光是支持該行業的首選 OEM 供應商。

The benefits of a broad DRAM product portfolio have never been more than they have been before.

廣泛的 DRAM 產品組合帶來的好處從未像現在這樣多。

In addition to leading wait with new technologies like one gigabit and DDR2, Micron has invested to remain a synchronous DRAM supply capability.

除了以 1 Gb 和 DDR2 等新技術引領市場外，美光還投資以保持同步 DRAM 供應能力。

Nontraditional applications in the consumer and communications space is now represents a more significant piece of the overall DRAM market, and having these devices in our portfolio on advanced process technology is further strengthening our strategic position with the diverse set of customers.

消費和通信領域的非傳統應用現在代表了整個 DRAM 市場的一個更重要的部分，將這些設備納入我們先進工藝技術的產品組合中，進一步加強了我們在不同客戶群中的戰略地位。

The mobile phone market is showing both positive unit growth and application complexity that is quite attractive to Micron.

手機市場正呈現出正向的單位增長和應用程序複雜性，這對美光頗具吸引力。

For the first time we are seeing meaningful DRAM contract retraction in cell phones an our lineup of low power pseudo-static and ram and dramm products are good fit for these applications.

我們第一次看到手機中有意義的 DRAM 合同撤回，我們的低功耗偽靜態和 ram 和 DRAM 產品系列非常適合這些應用。

Most of these DRAM products are actually shipped in the form of a multiform package or MCP as we refer to it and include a NOR-Flash device as well which is also provided by Micron.

大多數這些 DRAM 產品實際上以我們所指的多形式封裝或 MCP 的形式發貨，並且還包括美光 (Micron) 提供的 NOR-Flash 設備。

We are one of only two semiconductor manufacturers in the world with the capability of housing our own NOR-Flash and DRAM products in the same package.

我們是世界上僅有的兩家能夠將我們自己的 NOR-Flash 和 DRAM 產品封裝在同一個封裝中的半導體製造商之一。

As mobile communications infrastructure enables more user functionality, and CMOS image sensors bring low cost and low power features, a cash rates of cameras, to cell phones are increasing steadily.

隨著移動通信基礎設施支持更多的用戶功能，以及 CMOS 圖像傳感器帶來低成本和低功耗的特性，相機的現金率正在穩步上升。

Micron's VGA CMOS sensors are referring rave reviews from the mobile handset customer base, and we are process of ramping production of the Boise manufacturing facility to meet the results demand.

美光的 VGA CMOS 傳感器得到了手機客戶群的好評，我們正在擴大博伊西製造工廠的生產以滿足結果需求。

In the digital steel camera market we have both the one and two megapixel shifts in volume and move to three megapixel chip in volume production at the end of the current quarter.

在數碼鋼製相機市場，我們有 1 兆像素和 2 兆像素的量產變化，並在本季度末轉向 3 兆像素芯片的量產。

In combination our broad family of CMOS sensors bring synergy to the marketplace and value to our customers in the communications and consumer electronics markets.

結合我們廣泛的 CMOS 傳感器系列，可以為市場帶來協同效應，並為我們在通信和消費電子市場的客戶帶來價值。

The end markets continue to look stronger as each month passes and we are quite encouraged in the strengthening demand environment.

隨著每個月的過去，終端市場繼續看起來更強勁，我們對不斷增強的需求環境感到非常鼓舞。

We are executing well in bringing a wide array of products to the market in advancing the technology to reduce costs, and enhance device performance.

我們在將各種產品推向市場以推進技術以降低成本和提高設備性能方面表現良好。

We appreciate your continued support and interest in Micron.

感謝您對美光的持續支持和關注。

And with that, I will turn it back to Kipp.

有了這個，我會把它轉回給 Kipp。

Thanks, Mike.

謝謝，邁克。

We would now like to take questions from callers and just a reminder, if you are using a speaker phone, please pick up the hand set, when asking a question so that we can hear you more clearly with.

我們現在想接受來電者的提問，並提醒一下，如果您使用免提電話，請在提問時拿起聽筒，以便我們能更清楚地聽到您的聲音。

That we would like to take questions.

我們想提出問題。

Thank you.

謝謝你。

If you would like to register to ask a question, please press the numbers one followed by four on your touch-tone phone.

如果您想註冊提問，請在您的按鍵式電話上按數字 1 和 4。

If at any point your question has been answered, and you would like to remove yourself from the queue, please press the pound sign.

如果在任何時候您的問題已得到解答，並且您想將自己從隊列中刪除，請按井號。

Once again, that is one followed by four on your touch-tone phone touch-tone phone to ask a question.

再一次，在您的按鍵式電話按鍵式電話上，一個後接四個來提問。

Our first question is coming from Michael Masdea of Credit Suisse First Boston.

我們的第一個問題來自 Credit Suisse First Boston 的 Michael Masdea。

Thanks a lot.

非常感謝。

Congratulations guys on a great quarter completed.

祝賀你們完成了一個偉大的季度。

You sound pretty optimistic going forward.

你聽起來很樂觀。

Is that all enterprise driven, some of the networking kicking in or can you talk about the bit per box trend you're seeing out there.

是所有企業驅動的，一些網絡正在啟動，還是你能談談你在那裡看到的每盒比特數的趨勢。

This is Mike Sadler speaking.

這是邁克薩德勒講話。

A couple of questions there.

有幾個問題。

In particular we're seeing a lot of strength as I mentioned in the networking and infrastructure area, routers and switchers, both enterprise and I would call it consumer as well.

特別是，正如我在網絡和基礎設施領域、路由器和交換機（企業和我也將其稱為消費者）中提到的那樣，我們看到了很多優勢。

In the PC space, obviously we are just coming out of the strong consumer selling season, or just heading in or finishing the strong consumer selling season and we've seen appreciable demand results from consumer PCs.

在個人電腦領域，顯然我們剛剛走出強勁的消費者銷售旺季，或者剛剛進入或結束強勁的消費者銷售旺季，我們已經看到消費者個人電腦的可觀需求結果。

We are hearing from our customers about a strengthening corporate environment in the PC area, and you know, we will see how strong that -- how that really materializes as we go through calendar Q1.

我們從客戶那裡聽說 PC 領域的企業環境正在加強，你知道，我們將看到這有多強大——當我們經歷第一季度日曆時，這將如何真正實現。

In the mobile phone area, clearly we're seeing a lot of strength and as I mentioned we're seeing a lot of complexity which is driving increased memory content as well as a very strong attach rate of cameras so I guess the answer to your question is we're seeing strength across the board, and on the memory content side, we saw a relative flattening in the early part of our fiscal Q1, I think that was primarily a result of the increasing DRAM pricing environment that we saw going into the quarter.

在手機領域，顯然我們看到了很大的優勢，正如我提到的，我們看到了很多複雜性，這推動了內存內容的增加以及相機的非常強大的附加率，所以我猜你的答案問題是我們看到了全面的實力，在內存內容方面，我們在第一財季的早期看到了相對平坦，我認為這主要是我們看到的 DRAM 定價環境不斷增加的結果季度。

As prices have come down already we are starting to see content increases take hold as well.

隨著價格已經下降，我們也開始看到內容增加。

And quite frankly, still the most -- the most effective way for the use tory increase the performance of the PC is by increasing memory content.

坦率地說，仍然是最—— 提高 PC 性能的最有效方法是增加內存內容。

So we're pretty confident and pretty bullish about memory content accelerating going forward.

因此，我們對內存內容加速向前發展充滿信心和樂觀。

As more certainty is kind of forming around the price per bit here of the PC environment.

由於更多的確定性是圍繞 PC 環境的每比特價格形成的。

Great and then a quick follow-up if I can.

太好了，如果可以的話，可以快速跟進。

I have been hearing a lot of the competitors to a certain degree yourself, moving from production to DRAM to other areas, can you talk about the customer's reaction to that and if there is any concern about that and also if that is going to have an material impact of supplies as look out over the next six months.

我自己在一定程度上聽到了很多競爭對手，從生產到 DRAM 再到其他領域，你能談談客戶對此的反應嗎？是否對此有任何擔憂，以及這是否會產生影響？在接下來的六個月中，供應的重大影響。

Yeah in our case it is going to have an impact on supply, what we would call main memory DRAM for the PC market.

是的，在我們的案例中，它會對供應產生影響，我們稱之為 PC 市場的主內存 DRAM。

In our case, we're shifting some capacity from today, that would be by the way would be the DER synchronous DRAM product, we're shifting some capacity utilization from DDR to CMOS image sensors, to flash devices, primarily for the cell phone environment.

在我們的案例中，我們正在從今天開始轉移一些產能，順便說一下，這將是 DER 同步 DRAM 產品，我們正在將一些產能利用率從 DDR 轉移到 CMOS 圖像傳感器，轉移到閃存設備，主要用於手機環境。

We are also maintaining a pretty consistent output of synchronous DRAM for a wide variety of applications, all none PC applications as well.

我們還為各種應用程序（包括所有非 PC 應用程序）保持相當一致的同步 DRAM 輸出。

In terms of what we are doing out -- having a material impact on supply for the PC environment, difficult to say.

就我們正在做的事情而言——對 PC 環境的供應產生重大影響，很難說。

Probably not.

可能不是。

I couldn't really speak for what impact the same kind of actions would be having from our competitors though.

不過，我真的不能說我們的競爭對手採取同樣的行動會產生什麼影響。

Congrads on break even, guys, thanks.

恭喜收支平衡，伙計們，謝謝。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question is coming from John Barton of Wachovia securities.

我們的下一個問題來自美聯證券的約翰·巴頓。

Yes, good afternoon.

是的，下午好。

I wonder if you could comment on the product split in the quarter just closed as it refers to DDR sink, and 128 please.

我想知道您是否可以評論剛剛結束的季度的產品拆分，因為它指的是 DDR 接收器，請 128。

Didn't change much from last quarter in terms of DDR in sink we have been running for the last couple of quarters 70-75% wafer routes in DDR and 20-25% in S DRAM and with the price premium on S DRAM it is a little higher percentage on revenues.

與上個季度相比，在接收器中的 DDR 方面沒有太大變化，我們在過去幾個季度中一直在運行 DDR 中 70-75% 的晶圓路線和 S DRAM 中的 20-25%，並且由於 S DRAM 的價格溢價，它是收入的百分比略高。

And looking to the quarter going forward, how much do you think you will switch toward sync?

展望未來的季度，您認為您將在多大程度上轉向同步？

Not a significant change going forward.

未來沒有重大變化。

And if you could, just 256 versus 1228 versus greater than 256.

如果可以的話，只有 256 對 1228 對大於 256。

And the vast majority of our output in the DDR product line was in 256.

我們在 DDR 產品線中的絕大部分產量都在 256 中。

And that is shifting somewhat to 512 megabit.

這在某種程度上轉移到了 512 兆位。

I don't have the data at my fingerprints with respect to the specific percentage percentage so toe repeat that the vast majority is the 256 and the synchronous DRAM product line it is all over the board.

我沒有關於特定百分比的指紋數據，所以我重複說絕大多數是 256 和同步 DRAM 產品線，它無處不在。

A lot of 64 meg, a lot of 128 meg, some 256 meg and some 5123 meg as well.

很多 64 兆，很多 128 兆，一些 256 兆和一些 5123 兆。

Final question if I could, flash, you talked about the first quarter quarter coming up being in the market.

最後一個問題，如果我可以的話，你談到第一季度即將上市。

Could you update us where are you there?

你能告訴我們你在哪裡嗎？

Yeah, the -- we're in silicon now.

是的，我們現在在矽片中。

We've talked about taking it out.

我們已經討論過將其取出。

And we are relatively conservative with our schedule.

而且我們的日程安排相對保守。

We want to make sure that we, you know, hit the targets.

我們要確保我們，你知道，達到目標。

I think essentially we're talking about getting the silicon, you know, and being able to sample sometime in probably -- I'm going to guess mid spring.

我認為基本上我們正在談論獲得矽，你知道，並且可能在某個時候能夠進行採樣 - 我猜是春季中期。

In terms of some of the early silicon.

對一些早期的矽而言。

And then you know it depends how well it goes after that.

然後你知道這取決於它之後的進展情況。

But we think we that we will -- right now our target is to have production by the end of '04.

但我們認為我們會——現在我們的目標是在 04 年底前進行生產。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Our next question is coming from John Law of Banc of America.

我們的下一個問題來自美國銀行的約翰·勞。

Yes, thank you.

是的，謝謝。

Records the CMOS sensor, can you give us the progress and the competitive landscape specifically the one, two, and three megapixel sensors and what do you think the volume of the Micron sensor production will be in 2004?

記錄 CMOS 傳感器，您能告訴我們具體的一、二、三百萬像素傳感器的進展和競爭格局嗎？您認為 2004 年美光傳感器的產量將是多少？

Which density would it -- in that category?

在那個類別中它會是哪個密度？

Thank you.

謝謝你。

I will address the last question first, John.

我將首先解決最後一個問題，約翰。

On the density for -- I presume you're talking about the digital still camera market.

關於密度——我想你說的是數碼相機市場。

Yes.

是的。

The sweet spot today is two megapixels, moving to three megapixels through 2004.

今天的最佳點是 2 兆像素，到 2004 年達到 3 兆像素。

With respect to the volumes, we're not going to talk specifically about volumes.

關於卷，我們不打算專門討論卷。

The competitive landscape, we're not the market leader in terms of market share today.

在競爭格局中，就當今的市場份額而言，我們並不是市場領導者。

We're making progress.

我們正在取得進展。

Literally, as each week goes by I think we're gaining market share and our product, as I think you're aware, are being extremely well received from an image quality standpoint.

從字面上看，隨著時間的推移，我認為我們正在獲得市場份額，而且正如我認為您所知道的，從圖像質量的角度來看，我們的產品非常受歡迎。

We're continuing to execute in terms of producing these products here in our factory in Boise and bringing the costs down as well.

我們將繼續在博伊西的工廠生產這些產品並降低成本。

We're very, very bullish about our prospects in this market.

我們非常非常看好我們在這個市場的前景。

Okay.

好的。

And as a follow-up, I don't know if you mentioned it before but what is the bit production expectations for Q2?

作為後續，我不知道您之前是否提到過，但對第二季度的比特生產預期是什麼？

Looks like we are going to be roughly flat and I would just remind you that our Q1, our fiscal Q1 was a 14-week quarter.

看起來我們將大致持平，我只想提醒您，我們的第一季度，我們的財政第一季度是一個為期 14 週的季度。

Our fiscal Q2 will be 13 and as Mike has mentioned in his comments, we will be adding more wafer starts and resulting wafer outs for image sensors.

我們的第二財季將是 13 財年，正如 Mike 在他的評論中提到的那樣，我們將增加更多的晶圓啟動和用於圖像傳感器的晶圓輸出。

So that takes -- we do not include the image sensor production in the bit growth numbers.

所以這需要 - 我們不將圖像傳感器的產量包括在位增長數字中。

So roughly flat with what you saw in Q1.

與您在第一季度看到的大致持平。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Andrew Ruth of Goldman Sachs.

我們的下一個問題來自高盛的 Andrew Ruth。

Hi, quick question on the multiship package.

嗨，關於多船包裹的快速問題。

Can you talk about what the typical density would be for the various grades of memory in that and then also what proportion of cell phone will have multichip package with DRAM in them next year if you want to take a stab at that.

您能否談談其中各種級別的內存的典型密度是多少，以及如果您想嘗試一下，明年將有多少比例的手機將採用帶有 DRAM 的多芯片封裝。

Sure I will take a shot at it.

我當然會試一試。

The sweet spot density for calendar '04 is probably going to be 128 megabits of NOR-Flash, and 64 -- 32 or 64 megabits of pseudo-static ram which of course is a DRAM chip with an S ram interface.

'04 年日曆的最佳點密度可能是 128 兆位的 NOR-Flash，以及 64 - 32 或 64 兆位的偽靜態 ram，這當然是帶有 S ram 接口的 DRAM 芯片。

That will the sweet spot for us.

那將是我們的最佳選擇。

There is a significant market for lower densities, well but we're probably knocking on the high end of the market or the mid to high end of the market with those particular configurations.

低密度有一個重要的市場，但是我們可能會用這些特定的配置來衝擊高端市場或中高端市場。

Our estimation, is that the attach rate of DRAM, and multichip packages, in cell phones in 2004, is going to be upwards of 50%.

我們估計，2004 年手機中 DRAM 和多芯片封裝的附加率將超過 50%。

Versus 2003, which was, you know, single digits probably.

與 2003 年相比，你知道，這可能是個位數。

So tremendous growth and obviously tremendous presence now of DRAM in cell phones.

如此巨大的增長以及現在 DRAM 在手機中的巨大存在。

Would most of those designs emerge more for the second half designs or hand set makers talking about those in the first half as well?

這些設計中的大多數是否會更多地出現在下半年的設計中，或者手機製造商也會談論上半年的設計？

The designs are all been completed, have been completed now in 2003 and will be completed flew the early part of 2004.

設計已全部完成，現已於 2003 年完成，並將於 2004 年初完成。

We are looking at a pretty steep ramp to get to that overall 50%-plus penetration level in 2004 so by and large it is going to be the second half of the year.

我們正在尋找一個相當陡峭的斜坡，以在 2004 年達到 50% 以上的總體滲透率水平，因此總的來說，這將是今年下半年。

Okay.

好的。

Thanks.

謝謝。

And then just one quick follow-up if I may.

如果可以的話，然後只是一個快速的跟進。

If you can talk just on generalities on DDR2, what sort of structural cost increases the industry faces in terms of mass or round numbers, what you are expecting the industry will face.

如果您只能談論 DDR2 的一般性，那麼從質量或整數角度來看，行業面臨什麼樣的結構性成本增加，您預計行業將面臨什麼。

Well, I don't really -- it is just a -- it is not a mass clear issue, it is a die side issue and in is some difference.

嗯，我真的不——這只是一個——這不是一個大眾明確的問題，它是一個死邊問題，而且有一些不同。

Obviously in the wafer side.

顯然是在晶圓方面。

The die side is a little bit bigger but more importantly it will be a back end issue.

模具面稍微大一點，但更重要的是，這將是一個後端問題。

Requires a obviously higher speed test ers and so forth so there will be some premium associated with that as opposed to to the Fab side.

需要明顯更高速度的測試儀等，因此與 Fab 方面相比，會有一些與此相關的溢價。

Great.

偉大的。

Thanks a lot.

非常感謝。

Thank you.

謝謝你。

Our next question is coming from Adam Parker of Sanford Bernstein.

我們的下一個問題來自 Sanford Bernstein 的 Adam Parker。

Yeah, hi, I have a few questions so I will try and be fast.

是的，你好，我有幾個問題，所以我會盡快嘗試。

On your share count, you can help at all with what you anticipate to happen on your share count during the next couple of quarters and Kipp, I believe you mentioned the share count would go up somewhat like 90 million shares and return to profitability based on the intel money to convert earlier in the cardio year and the options and why did the share count 3, 4% as opposed to earlier expectations.

在您的股票數量方面，您完全可以幫助您預測未來幾個季度您的股票數量和 Kipp，我相信您提到股票數量將增加大約 9000 萬股，並根據以下情況恢復盈利英特爾在有氧運動年早些時候轉換的資金和期權，以及為什麼與早先的預期相反，該股佔 3%、4%。

On the share count side, the intel shares are 33.9 million shares under lying their investment.

在股數方面，英特爾的股票投資為3390萬股。

And only two third was those are recognized in the first quarter.

只有三分之二是在第一季度得到認可的。

Due to the timing of that investment.

由於該投資的時機。

Okay.

好的。

So you've got another 9 million shares or so that instantly pick up at the beginning of the second quarter.

因此，您還有 900 萬股左右的股票在第二季度初立即回升。

And you've got about 53 million shares underlying the convertible, and that will be dependent on the treasury stock method, stock price sow will have to get into some models as to the income and stock prices, to get a specific number.

你有大約5300萬股可轉換股票，這將取決於庫存股方法，股票價格必須進入一些關於收入和股價的模型，才能得到一個具體的數字。

The prior characterization of 600 -- or the 90 million increase is accurate but it is going to depend on income level and stock price.

600 或 9000 萬增長的先前特徵是準確的，但這將取決於收入水平和股票價格。

Okay.

好的。

So this 9 million extra from intel, is that independent of you make money in the second quarter or not?

那麼這900萬來自intel的額外收入，是不是獨立於你在第二季度賺錢呢？

Correct.

正確的。

Okay.

好的。

That's just recognizing the full 33.9 million shares outstanding for the whole of the second quarter.

這只是對整個第二季度全部 3390 萬股流通股的認可。

Okay.

好的。

So you can comment more generally, so where do you think it is going to go in the next couple of quarters or is that too tied to your profitability?

因此，您可以更一般地發表評論，那麼您認為未來幾個季度會走向何方，或者這與您的盈利能力太相關了？

As you know, Adam, we don't predict that.

如你所知，亞當，我們不預測。

Okay.

好的。

All right.

好的。

Couple of things, on the competitive cost position, I think Steve you outlined last January how you would sort of catch your competitors on the cost side by the end of this year and obviously guy made a lot of progress in the last couple of quarters, I'm trying to sort of get more color on where that is headed in the next couple of quarters given you guys are break even while a couple others are making money and if anything has changed versus your earlier expectations.

有幾件事，在競爭成本方面，我認為史蒂夫你在去年 1 月概述瞭如何在今年年底之前在成本方面趕上你的競爭對手，顯然這傢伙在過去幾個季度取得了很大進展，鑑於你們正在收支平衡，而其他幾個人正在賺錢，以及與您之前的預期相比是否發生了任何變化，我正試圖在接下來的幾個季度中獲得更多的色彩。

I think you have to -- well, first of all, we said that -- try to bring closure to the comments we made in the first part of the year, we had a -- we had a cost reduction target, we had a .11 conversion rate, we had a restructuring.

我認為你必須——嗯，首先，我們說過——試圖結束我們在今年上半年發表的評論，我們有一個——我們有一個降低成本的目標，我們有一個.11 轉換率，我們進行了重組。

And so forth, and you know, we feel pretty good about what we've done.

等等，你知道，我們對我們所做的事情感覺很好。

In fact we've done everything that we said we were going to do in that time frame and when you talked about our cost structure, and in relationship to our competitors, the thing that we've been highlighting, the last quarter or two is that we've been spending a tremendous amount of money on developing some of these new products.

事實上，我們已經完成了我們說過要在那個時間範圍內做的所有事情，當你談到我們的成本結構以及與我們的競爭對手的關係時，我們一直強調的事情是，上一兩個季度是我們在開發這些新產品上花費了大量資金。

That all goes into the R&D expense or it goes into what you see as ur cost structure so it is a little bit deceiving.

這一切都進入了研發費用，或者進入了你認為的成本結構，所以它有點欺騙性。

As opposed to to I think some of the competition that is a little purer maybe in some ways.

與我相反，我認為某些競爭可能在某些方面更純粹。

We believe that we've now caught and surpassed our competition in our cost per bid.

我們相信，我們現在已經在每次出價的成本上趕上並超越了我們的競爭對手。

We know what our number are.

我們知道我們的號碼是多少。

We know what they announced for their numbers.

我們知道他們宣布的數字。

And we have a lot of runway for us.

而且我們有很多跑道。

Now we feel pretty good about where we are but let me just highlight we're not satisfied at all.

現在我們對我們所處的位置感覺很好，但讓我強調一下我們根本不滿意。

We think we made a lot of progress but we're just getting started on continuing to accelerate our position as compared to our competition and when you look at some of the things that we've endured, you know, obviously we have a currency exchange issue with the weakening of the dollar and we are probably affected by that as some others are and some others are not and we are spending a tremendous amount of time broadening our approval and making sure we got to the market earlier on products as you know don't always pay dividends on the same quarter you spent the money on.

我們認為我們取得了很大的進步，但與我們的競爭對手相比，我們才剛剛開始繼續加快我們的地位，當你看看我們所經歷的一些事情時，你知道，顯然我們有一個貨幣兌換美元疲軟的問題，我們可能會受到影響，因為其他一些是，而另一些則不是不要總是在你花錢的那個季度支付股息。

Sure.

當然。

So we're definitely not done.

所以我們絕對沒有完成。

But you think you are the lowest cost producer on DRAM right now, is that what you said.

但是你認為你現在是 DRAM 成本最低的生產商，這就是你所說的。

We believe probably last month or the month before we are now ahead of our competition and obviously some of that is anecdotal because we don't have their data.

我們相信可能在上個月或前一個月我們現在領先於我們的競爭對手，顯然其中一些是軼事，因為我們沒有他們的數據。

But when you look at it, I mean essentially, you know, what I would throw out to you, is we have -- we know approximately 60% converted to 110 nanometer.

但是當你看到它時，我的意思是，你知道，我要告訴你的是，我們有——我們知道大約 60% 轉換為 110 納米。

And when we talk about the conversion rates, a as opposed to some of our competition, remember our product, it is being foundered, and we're not categorizing it as our advanced DRAM.

當我們談論轉換率時，與我們的一些競爭對手相比，請記住我們的產品，它正在被淘汰，我們沒有將其歸類為我們的高級 DRAM。

When we say 60% of our DRAM, is on the 110 nanometer, we are talking about all of our DRAM, that includes the legacy product, and so forth.

當我們說 60% 的 DRAM 採用 110 納米時，我們指的是我們所有的 DRAM，包括舊產品等等。

So we have made just a huge -- I think conversion to that, and it has gone really well.

所以我們做了一個巨大的 - 我認為轉換到那個，它進展得非常好。

And in addition to that, we have the success squared, and we know we get about a 20% die side advantage of 6 S scared over our competition, so when you put those forth, I just think the data will speak for itself.

除此之外，我們取得了成功，並且我們知道我們在 6 S 的競爭中獲得了大約 20% 的模具優勢，所以當你提出這些時，我認為數據會說明一切。

You can -- you know, there is a lot of things that gets said but at the end of the day, I think we have three things that are very strong for us, in the DRAM arena.

你可以 - 你知道，有很多事情要說，但歸根結底，我認為在 DRAM 領域，我們有三件事對我們來說非常強大。

First of all, our 110 nanometer transition has gone very well.

首先，我們的 110 納米躍遷進展順利。

And that 60% of all of our production as opposed to asking somebody the question, how much of their foundered product is really 110 nanometer.

我們所有生產的 60%，而不是問別人這個問題，他們的倒塌產品中有多少是真正的 110 納米。

Secondly, we are the only ones that have 6 S scared and thirdly when it comes to some of the new products that are being designed today, like the DDR2, there we're the only one out there with all three generations at the customer base today.

其次，我們是唯一對 6 S 感到恐懼的公司，第三，當談到今天正在設計的一些新產品時，比如 DDR2，我們是唯一一家擁有所有三代產品的客戶群今天。

So when I say we have a lot of runway before us, that's what I'm talking about.

所以當我說我們面前有很多跑道時，這就是我所說的。

So that's great.

那太好了。

One last question.

最後一個問題。

Sorry.

對不起。

You can talk at all, you said you talked about the volume or contribution of the JDV during the quarter which I imagine was positive to your bottom line?

您完全可以談論，您說您談到了本季度 JDV 的銷量或貢獻，我認為這對您的底線是積極的？

Yeah, it is positive.

是的，這是積極的。

Obviously that fluctuate, depending on the movement of the market price and the way the agreement works but when we talk about, Jay the JV, remember we are the largest shareholder and our partners are in the DRAM business trying to make DRAM for themselves.

顯然，波動取決於市場價格的變動和協議的運作方式，但當我們談論合資企業 Jay 時，請記住我們是最大的股東，我們的合作夥伴在 DRAM 業務中試圖為自己製造 DRAM。

And so, the other partners are, as you know, the economic development -- it is the same report government, of course this was a structurally acquired from TI, and then cannon is an equipment supplier, and then HP has a small share.

所以，其他的合作夥伴，如你所知，經濟發展——是同一個報告政府，當然這是結構性地從 TI 收購，然後 cannon 是設備供應商，然後 HP 佔有很小的份額。

So that JV's entire structure is around Micron.

因此，合資企業的整個結構都圍繞著美光。

And it it is all of our technology and all the output comes through us.

它是我們所有的技術，所有的輸出都來自我們。

None of it goes to the market outside of that so we are the 100% beneficiary.

除此之外，它們都沒有進入市場，因此我們是 100% 的受益者。

A little bit different than some of what you might think of some of the foundry models that were out there or are out there today and their contribution -- we don't give out specifics.

與您對已經存在或今天存在的一些代工廠模型及其貢獻的一些想法有些不同 - 我們沒有給出具體細節。

I think their contribution as a part of our total Fab structure is, you know, going to be somewhere between 20-30% which you would expect given the size of the operation compared to the others.

我認為他們作為我們整個 Fab 結構的一部分的貢獻將在 20-30% 之間，考慮到與其他公司相比的運營規模，您可以預期這一比例。

Right.

正確的。

So without that -- without the JV, given what happened with pricing this quarter, you would have lost money; that fair?

所以如果沒有這個——如果沒有合資企業，考慮到本季度的定價情況，你就會賠錢；公平嗎？

Without their output, sure, I mean we would have had -- our structure would have been changed by 20-30%.

如果沒有他們的產出，當然，我的意思是我們本來會——我們的結構會改變 20-30%。

Going into this quarter, clearly with the price erosion over the last couple of months, it doesn't appear it is going to have positive margin contribution during fiscal Q2?

進入本季度，顯然隨著過去幾個月的價格下跌，它似乎不會在第二季度產生積極的利潤率貢獻？

Or can you just not comment?

或者你可以不發表評論嗎？

Yeah, we can't give you details there.

是的，我們不能在那裡給你詳細信息。

But we would expect positive contribution from it in the second quarter.

但我們預計它會在第二季度做出積極貢獻。

You would expect a positive contribution again during the second quarter?

您是否期望在第二季度再次做出積極貢獻？

Correct.

正確的。

Okay.

好的。

Thanks, guys.

多謝你們。

Thank you.

謝謝你。

Our next question is coming from Joseph Osha of Merrill Lynch.

我們的下一個問題來自美林證券的 Joseph Osha。

Hi, guys.

嗨，大家好。

A couple of things.

有幾件事。

For starters, this $25 million currency item, I mean, you know, the dollar moves around a lot, both up and down, this is the first time at least I can recall seeing you break this out.

首先，這個 2500 萬美元的貨幣項目，我的意思是，你知道，美元上下波動很大，至少我記得這是第一次看到你打破這個。

Is this an aggregation of, you know, some previous items?

這是以前的一些項目的集合嗎？

Or is it just large their quarter?

或者只是他們的季度很大？

So you're mentioning it?

所以你提到它？

Can you help me out there?

你能幫我嗎？

We, in any prior period, we account for it exactly as you would expect, adjusting to the exchange rate at the close of the period.

在任何前期，我們都會按照您的預期準確計算，並在期末根據匯率進行調整。

In no prior period has it been significant.

在以前的任何時期都沒有顯著。

The recent movement in both the yen and the euro, is triggering it.

日元和歐元最近的走勢正在觸發它。

And we have debt associated with our acquisition of our Nishywhacky plant in Japan.

我們還因收購日本 Nishywhacky 工廠而欠債。

And we have equipment liability, denominated other than in dollar, and we have operations in Italy, which are carrying euro liabilities.

我們有設備負債，不是以美元計價，我們在意大利有業務，承擔歐元負債。

So --

所以 -

Okay.

好的。

As to the euro and yen, it has moved --

至於歐元和日元，它已經動了——

All right, good.

好吧，很好。

It hasn't been this big ever before?

從來沒有這麼大？

It has been totally immaterial in any prior period.

在之前的任何時期，它都是完全無關緊要的。

Okay.

好的。

Great.

偉大的。

Second question, this came up briefly once already, but just to nail it down, was the 60%, .11 that you referred to percentage of wafer outs, during the quarter?

第二個問題，這個問題已經簡短地提出過一次，但只是為了確定，你提到的 60%，0.11 是指本季度的晶圓輸出百分比嗎？

Or starts?

還是開始？

No, I thought -- we've always given that reference at wafer starts although it has been pretty high for us for some time now.

不，我想——我們總是在晶圓開始時給出這個參考，儘管一段時間以來它對我們來說已經相當高了。

Can you give me a sense as of right now today what percentage of your output is .11 out?

你能給我一個感覺，截至今天，你的輸出中有多少百分比是 0.11 輸出？

I don't know that right offhand.

我不知道那是直接的。

But it is fair to assume it is toggling toward that number.

但可以公平地假設它正在轉向這個數字。

All you have to do is look at the cycle time of the Fab.

您所要做的就是查看 Fab 的周期時間。

Fair enough.

很公平。

And you know in that period it is going to hit that anyway, so.

而且你知道在那個時期無論如何它都會達到那個目標，所以。

Okay.

好的。

What -- can you give us some rough idea as to what we can kind -- we've been kind of dancing around this either in revenue or wafer start terms what percentage of your business now is CMOS sensors and NOR-Flash.

什麼——你能給我們一些關於我們可以做什麼的粗略想法嗎——我們一直在圍繞這個問題，無論是在收入還是晶圓開始方面，現在你的業務中有多少是 CMOS 傳感器和 NOR-Flash。

We've given some references in the past.

我們在過去給出了一些參考。

It has been running 1-2% of wafer starts in prior quarters.

在前幾個季度，它一直在運行 1-2% 的晶圓啟動。

That will go up to 2, 3, 4% and 5, 6% in the next couple of quarters.

在接下來的幾個季度中，這將上升到 2%、3%、4% 和 5%、6%。

Is that both items in a gated or --

是門控中的兩個項目還是 -

That is for the image sensors alone.

這僅適用於圖像傳感器。

In total of all other products outside of DRAM you will see that percentage go from currently around 2, 3, 4% up to around 10%.

在 DRAM 之外的所有其他產品中，您會看到該百分比從目前的 2%、3%、4% 上升到 10% 左右。

And last question, I was a little -- I guess it is a little surprising given the low inventory that you're talking about and the very robust PC market, that, you know, pricing -- pricing hasn't gone up more.

最後一個問題，我有點——我想這有點令人驚訝，因為你所說的庫存很低，而且個人電腦市場非常強勁，你知道，定價——定價並沒有上漲更多。

Mike, do you see still the same behavior with, you know, PC makers, deacon figuring machines at, you know, at the slightest sign of an uptick in prices and do you see any end to that?

邁克，你知道，PC 製造商、執事機器在價格上漲的最輕微跡象時，你是否仍然看到同樣的行為，你認為這有什麼結束嗎？

Any sign that this business could actually hold the line on pricing for more than say half a quarter at at time?

有任何跡象表明該業務實際上可以在定價上保持超過半個季度的時間嗎？

Well, this think it is an interesting observation.

好吧，這認為這是一個有趣的觀察。

By the way, I would not necessarily characterize it as DT as opposed to stalling content increases.

順便說一句，我不一定將其描述為 DT，而不是阻止內容增加。

Yeah.

是的。

As we see things as dual channel systems taking much more hold in the marketplace, that tends to drag quite a bit more memory content with it and clearly we're seeing increasing penetration of dual channel memory systems in PCs.

當我們看到雙通道系統在市場上佔據更多份額時，這往往會拖累更多的內存內容，顯然我們看到雙通道內存系統在 PC 中的滲透率越來越高。

And as we move -- as we transition to DDR2, and, you know, a variety of new applications come to the PCs as well that will tend to drive up more memory content so no question we are going to continue to see content.

隨著我們的發展——當我們過渡到 DDR2 時，你知道，各種新的應用程序也會出現在 PC 上，這些應用程序往往會增加更多的內存內容，所以毫無疑問，我們將繼續看到內容。

I don't think any reasonable person would argue that we will see content stall or not physician to increase.

我認為任何理性的人都不會爭辯說我們會看到內容停滯不前或醫生不會增加。

Clearly the memory pricing or the relative certainty of memory pricing is a factor in determining how dramatically it increases and I think we will continue to see, as memory price goes up, we will see temporary stalls in terms of memory content increases.

顯然，內存定價或內存定價的相對確定性是決定其大幅上漲的一個因素，我認為我們將繼續看到，隨著內存價格上漲，我們將看到內存內容增加方面的暫時停滯。

But in general there is no reason to not expect we won't he seeing swings in the neighborhood of 50% content increases going forward.

但總的來說，沒有理由不期待我們不會看到未來內容增加 50% 左右的波動。

And your comment a moment ago was that this recent round of price weak changes appears to have stimulated another another round of pickup in densities as of say the last part of December here.

您剛才的評論是，最近一輪價格疲軟的變化似乎刺激了另一輪密度的回升，截至 12 月下旬。

Very clearly.

很清楚。

There are a couple of our customers in particular, as a result of the memory prices coming down, or I presume it to be a result of the memory prices coming down, putting on some of the high volume platform, have really stepped up memory content.

特別是我們的幾個客戶，由於內存價格下降，或者我認為是內存價格下降的結果，放在一些大容量平台上，確實增加了內存內容.

Just in the last 30 days or so.

就在最近 30 天左右。

Okay.

好的。

And I'm sorry, this is truly the last one.

我很抱歉，這真的是最後一個。

Just a quickie.

只是匆匆忙忙。

You guys had suggested once or twice that this R&D number was going to be probably close to $20 million higher than it was.

你們曾經建議過一兩次，這個研發數字可能會比現在高出近 2000 萬美元。

Is that -- is those smaller numbers just a result of starting fewer R&D wafers than you thought?

那是 - 那些較小的數字僅僅是因為開始的研髮晶圓比您想像的要少嗎？

Well, there's some combination of things in.

嗯，裡面有一些東西的組合。

There but we were able to get a couple of products qualified that previously weren't anticipated to qualify in the quarter.

在那裡，但我們能夠獲得一些以前預計不會在本季度獲得資格的產品。

And as a result, that then moved to cost of goods sold.

結果，這轉移到了銷售商品的成本。

Okay.

好的。

Very well.

很好。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Clark Fuse of Folcrumb Global Partners.

我們的下一個問題來自 Folcrumb Global Partners 的 Clark Fuse。

Yeah, thanks.

是的，謝謝。

Just on three points.

就三點吧。

Just on the write-down of the inventory, or the inventory issues, you had no write-down and there was a $28 million benefit from prior write-downs.

僅在存貨減記或存貨問題上，您沒有減記，並且從先前的減記中獲得了 2800 萬美元的收益。

Have I got that right?

我說對了嗎？

Those correct.

那些正確的。

And that leaves an NRV of 37 million left?

剩下的NRV還剩3700萬？

Have you that right as well.

你也有這個權利。

Hi had it rounded to 38 million.

嗨，它四捨五入到 3800 萬。

And it is a little difficult for us to now predict just when that final benefit will flow through as some of that is associated or virtually all of it is associated with noncore DRAM product.

而且我們現在有點難以預測最終收益何時會通過，因為其中一些與非核心 DRAM 產品相關或幾乎全部與非核心 DRAM 產品相關。

Okay.

好的。

Fair enough.

很公平。

On the demand side, what are your customers telling you right now in terms of calendar Q1 demand in terms of bits sequentially?

在需求方面，您的客戶現在就日曆 Q1 需求（按順序位）告訴您什麼？

And is that above, below or about the same as is typical?

是高於、低於還是與典型情況大致相同？

Typical would be zero to 10%.

典型值為 0 到 10%。

Our customers range -- I would just aggregate them somewhere in the 5-10% in Q1 relative to Q4.

我們的客戶範圍很廣——相對於第四季度，我只會在第一季度將它們匯總在 5-10% 的某個地方。

And that is a decline rather then right.

這是一種下降，而不是正確的。

No, no, no that is an increase.

不，不，不，那是增加。

That is an increase in bit demand.

這就是鑽頭需求的增加。

An increase of bit demand of 5-10 Q1 relative to Q4.

1 季度 5-10 季度鑽頭需求相對於 Q4 增加。

Okay great.

好，太棒了。

And on the production side, what percentage of your wafer starts are expected to be 6 S squared by the end of quarter '04?

在生產方面，到 04 年季度末，您的晶圓開工率預計為 6 S 平方的百分比是多少？

Well, we've given some given pretty loose guidance on that clark.

好吧，我們已經給出了一些關於克拉克的非常鬆散的指導。

Not real specific.

不是很具體。

But let me address the question a little differently.

但是，讓我以稍微不同的方式解決這個問題。

The next couple of quarters are mainly high highlighted by the .11 transition wrapping up and by the mid to latter part of next year, then the 6 S squared will become the majority of the next part of the shrink so to speak.

接下來的幾個季度主要是 0.11 過渡結束和明年中後期突出顯示的高點，那麼可以說 6 S 平方將成為下一部分收縮的主要部分。

Right.

正確的。

Right.

正確的。

So a -- the majority of the .11 Micron run; that the way to think about it?

所以 - .11 微米的大部分運行；那怎麼想呢？

6 S squared can be on all process.

6 S 平方可以在所有進程上。

Right.

正確的。

.13, 110 nanometer, 95 nanometer as well.

.13、110 納米、95 納米也是如此。

Oh, I see.

我懂了。

Okay.

好的。

Great.

偉大的。

And when does 95 nanometer start coming into play?

95 納米何時開始發揮作用？

Well, right now, it looks like -- obviously, we already have done a lot of work on it.

好吧，現在，看起來 - 顯然，我們已經在這方面做了很多工作。

I would anticipate sometime in mid to later '04 we will start seeing more of that.

我預計在 04 年中後期的某個時候，我們將開始看到更多這樣的情況。

Okay.

好的。

Great.

偉大的。

Thank you much.

非常感謝。

Thank you.

謝謝你。

Our next question is coming from Zac Chavren of Waddell and Reed.

我們的下一個問題來自 Waddell 和 Reed 的 Zac Chavren。

Excuse me Mr. Chavren, your line is live.

打擾一下 Chavren 先生，您的電話正在直播。

Do you have a question?

你有問題嗎？

I will check his line.

我會檢查他的線路。

Our next question is coming from Bill Dezelam of Davidson investments.

我們的下一個問題來自戴維森投資公司的比爾·德澤拉姆。

Thank you.

謝謝你。

I would like to circle back to the Manassas facility and have you folks walk us through what is take can place there, and where you're at in the process relative to the 512 DDR, and the 300 millimeter production in terms of qualification, just generally what is going on with that facility, please.

我想回到馬納薩斯工廠，讓你們帶我們了解那裡可能發生的事情，以及相對於 512 DDR 和 300 毫米生產在資格方面的過程中你們所處的位置，只是一般情況下，該設施是怎麼回事，請。

Sure, this is Steve.

當然，這是史蒂夫。

The -- the discussion at this point in time has been pretty straightforward.

- 此時的討論非常簡單。

Obviously, we are in the process of qualifying it, as you -- as you might remember, we mentioned that we switched it oaf to copper, in fact, the first copper DRAMs out probably in the world.

顯然，我們正在對其進行鑑定，正如您所記得的那樣，我們提到我們將它轉換為銅，事實上，這可能是世界上第一個銅 DRAM。

And we think we will also get a performance benefit from that so that's why we're just bringing the entire facility up on copper.

我們認為我們也將從中獲得性能優勢，這就是為什麼我們只是讓整個設施都使用銅。

That product is in qualification right now.

該產品目前處於合格狀態。

It will occur very shortly here.

它很快就會在這裡發生。

I'm guessing sometime between tomorrow and the next couple of weeks.

我猜在明天和接下來的幾週之間的某個時間。

And then that will of course come off the R&D exspensing and then go into cost of goods sold so that facility as we get that product qualified will continue to ramp, but remember that one of the challenges and it relates a little bit to the question that came up in the -- by Clark, was that, you know, our power to convert of course also has to be in sequence and timing with our customer base because some of them have product qualification ties that are lengthy and as a result, we always have to go through that -- that maneuver and make sure we are matching up the parts that we do have qualified from the facilities that we have that are specifically qualify from some of the facilities that we have that they specifically qualify together, so it takes a little bit of a transition.

然後這當然會從研發費用中扣除，然後進入銷售成本，這樣當我們獲得合格的產品時，設施將繼續增加，但請記住，其中一個挑戰與以下問題有關由克拉克提出，您知道，我們的轉換能力當然還必須與我們的客戶群按順序和時間安排，因為他們中的一些人的產品資格關係很長，因此，我們總是必須經歷那個——那個動作，並確保我們匹配我們確實從我們擁有的設施中獲得資格的部件，這些部件從我們擁有的一些設施中特別符合條件，它們特別符合條件，所以它需要一點過渡。

Having said that, we are ramping the 300 millimeter facility as we qualify between now and we've already mentioned the first part of '05.

話雖如此，我們正在增加 300 毫米設施，因為我們從現在開始符合資格，並且我們已經提到了 05 年的第一部分。

Or if you want to talk about wafer starts either the last part of '04 or the first part of '05 up to this 10 to 12,000, 300 millimeter wafers per month.

或者，如果您想談論晶圓，可以從 04 年的最後一部分或 05 年的第一部分開始，直到每月 10 到 12,000 片 300 毫米晶圓。

Now, depending on the market strength of course, we can dial it and that is quite a ways out there.

現在，當然，取決於市場實力，我們可以撥打它，這是一個相當不錯的方法。

So we can dial that number higher if we feel it is appropriate and will continue to try to evaluate that.

因此，如果我們認為合適，我們可以將這個號碼撥得更高，並將繼續嘗試評估。

But in summary, the 300 millimeter looks pretty good.

但總的來說，300毫米看起來還不錯。

We expect it to qualify here very shortly.

我們希望它很快就能在這裡獲得資格。

As you mentioned, it is on the 512 initially.

正如您所提到的，它最初在 512 上。

And then we will just be basically being in a wafer rent between now and the first part of '05.

然後，從現在到 05 年上半年，我們將基本上處於晶圓租賃狀態。

Steve, I heard you say 200 millimeter qualification.

史蒂夫，我聽說你說 200 毫米資格。

Did I hear that correctly or is it 300 millimeter qualification?

我沒聽錯還是 300 毫米資格？

No, I'm sorry if I said 200.

不，如果我說 200，我很抱歉。

I meant 300 millimeter.

我的意思是300毫米。

Okay.

好的。

And then talk to us about what you know of in terms of other facilities around the world from your competition.

然後與我們談談您從競爭對手中了解的世界各地其他設施的情況。

That are in the process of ramping up similar to Manassas which during the last downturn had been turned off.

這與馬納薩斯類似，馬納薩斯在上一次經濟低迷時期被關閉。

That had been turned off?

那個被關了？

I'm not sure you what mean by that question, Bill.

我不確定你這個問題是什麼意思，比爾。

I'm trying to get -- get my arms around what you may be seeing out there in terms of new facilities that are providing or will be providing wafers coming online and a really defining new as either Greenfield, like someone else's Leehigh, or in the case where a facility that was moth-balanced temporarily and is now turning back on.

我正試圖了解——就正在或將要提供在線晶圓的新設施以及真正定義的新設施，如其他人的 Leehigh 或在暫時平衡並重新啟動的設施的情況。

Okay.

好的。

Well just to clarify, first of all for Micron, we have the Virginia facilitate which is in the ramp as I just mentioned.

好吧，首先要澄清一下，首先對於美光，我們有弗吉尼亞州的便利設施，正如我剛才提到的那樣，它在坡道上。

We also have the Leehigh facility.

我們也有 Leehigh 設施。

Which would be I think a facility that you referenced that, you know, we had built the facility and now we're just waiting to equip it.

我認為您提到的設施是我們已經建造的設施，現在我們只是在等待裝備它。

On the facilities that are like that, I'm not aware of them.

在類似的設施上，我不知道。

I do -- there are obviously a bunch of them that that are in various stages, as they've run it, maybe they're only do 5,000 per month or 10,000 per month or some limited capacity as opposed to the full capacity.

我有——顯然，其中有很多處於不同的階段，因為他們已經運行了它，也許他們每月只做 5,000 個或 10,000 個或一些有限的容量，而不是全部容量。

So I don't think there is a lot of them sitting out there that is there is nothing going on out there for 300 millimeter.

所以我不認為有很多人坐在那裡，300 毫米沒有任何事情發生。

There are probably a few companies that already has a facility in addition to the one that is already ramping that is ready when we decide that we want to start installing equipment into it.

除了我們決定開始在其中安裝設備時已經準備就緒的公司之外，可能還有幾家公司已經擁有設施。

So, you know, from that perspective, that is the best data point I can give you.

所以，你知道，從這個角度來看，這是我能給你的最好的數據點。

I'm not -- you know, most of the others are in some other various stage of ramp and you can get that from the media.

我不是——你知道，其他大多數人都處於其他不同的階段，你可以從媒體那裡得到。

Right.

正確的。

Thank you.

謝謝你。

Appreciate it, and merry Christmas to all of you.

欣賞它，祝大家聖誕快樂。

You, too.

你也是。

Thank you.

謝謝你。

Our next question is coming from Manish Goyle of Newberger Bermen.

我們的下一個問題來自 Newberger Bermen 的 Manish Goyle。

Hi, most of my questions are answered.

你好，我的大部分問題都得到了解答。

Could you just talk about your operating expenses for next quarter?

你能談談下個季度的運營費用嗎？

Sure.

當然。

If are you asking for R&D, and SG&A guidance, Bill mentioned that he expects R&D to be right around 170 million number and SG&A in the 80, 85 range.

如果您要求研發和 SG&A 指導，比爾提到他預計研發將在 1.7 億左右，SG&A 在 80、85 範圍內。

Great.

偉大的。

Just one more thing.

還有一件事。

If you are expecting about 5-10% sequential growth in demand and your production will be flat, could you just walk me through the process there, why would you change the mix of the business there?

如果您預計需求連續增長約 5-10%，而您的產量將持平，您能否帶我完成那裡的流程，您為什麼要改變那裡的業務組合？

Or not have as much DDR wafers?

還是沒有那麼多的 DDR 晶圓？

You're asking a couple of different things.

你在問幾個不同的事情。

First of all keep in mind when we're talking about our bit growth being flat, we're comparing a 14-week quarter to a 13-week quarter.

首先請記住，當我們談論我們的位增長持平時，我們將 14 週的季度與 13 週的季度進行比較。

The 13-week quarter now will line up to more like a calendar quarter.

為期 13 週的季度現在將更像一個日曆季度。

So don't get those two confused.

所以不要把這兩個搞混了。

In terms of mix allocation, the team here always goes through wafer allocations very routinely, and tries to match up the product that we have coming to where the market is headed.

在混合分配方面，這裡的團隊總是非常常規地進行晶圓分配，並試圖匹配我們即將到來的市場走向的產品。

And so what you see changes in terms of our mix is relative to their input from customers as to how we should respond to that.

因此，您在我們的組合方面看到的變化與客戶對我們應該如何應對的意見有關。

If you are just -- for the extra week you have, you will have roughly speaking 7% sequential growth, is that -- the right way to think about it. 7-10% maybe?

如果你只是——在你擁有的額外一周內，你將有大約 7% 的連續增長，這是正確的思考方式。 7-10% 可能嗎？

Right, we had an extra 7% in the quarter we just announced.

是的，我們剛剛宣布的季度增加了 7%。

That was our 14-week quarter.

那是我們為期 14 週的季度。

Right.

正確的。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

You bet.

你打賭。

Thank you.

謝謝你。

Our next question is coming from Quin Bolten of Oppenheimer and company.

我們的下一個問題來自 Oppenheimer 的 Quin Bolten 及其公司。

Hi, two questions.

你好，兩個問題。

One, you guys have talked now for a couple of quarters about the low inventory potentially affecting customer service levels.

一，你們已經談論了幾個季度的低庫存可能影響客戶服務水平。

Just wonder, you know, at one point do you think you have to start to grow bit production faster than bit shipment to put a little more finished good inventory in place?

只是想知道，你知道，在某一時刻，你是否認為你必須開始比鑽頭出貨更快地增加鑽頭產量才能放置更多的成品庫存？

And then the second question, I don't know if you can answer it, is with pricing declining for the last say four to six week, you know, how low does price having to go before we need to start looking at factoring lower cost or market inventory charges starting to hit cost of goods?

然後第二個問題，我不知道你能不能回答，是最近四到六週的價格下降，你知道，在我們需要開始考慮降低成本之前，價格必須走多低還是市場庫存費用開始影響商品成本？

What is that level that we need to start to get concerned at?

我們需要開始關注的那個級別是什麼？

Let me try to take that last one first.

讓我試著先拿最後一個。

And I will have Mike answer the inventory question.

我會讓 Mike 回答庫存問題。

Normally, the -- whether -- how low it has to go with respect to some type of ARV charge which is I think what are you referencing is constantly moving target because we're dropping our costs every quarter.

通常，關於某種類型的 ARV 收費，它必須達到多低，我認為你所指的是不斷變化的目標，因為我們每個季度都在降低成本。

So it is really just based on the timing and exactly what that ASP is based on our cost because our cost is a moving target every quarter so I don't think we can even speculate as to what that might be because it is so dependent on the timing.

所以它實際上只是基於時間以及 ASP 是基於我們的成本，因為我們的成本是每個季度的移動目標，所以我認為我們甚至無法推測這可能是什麼，因為它是如此依賴於時機。

Mike?

麥克風？

Yeah, on the inventory, on the inventory level question, I -- you know, I've said before, I think we need to maintain about two weeks worth of finished good inventory, give or take a couple of days in order to provide adequate service levels to our customers.

是的，關於庫存，關於庫存水平問題，我 - 你知道，我之前說過，我認為我們需要維持大約兩週的成品庫存，或者需要幾天時間才能提供為我們的客戶提供足夠的服務水平。

We took it down well below that this past quarter and you know, it is not a unilateral decision on our part, the customers need to be -- need to be pulling the material and need to be buying the material.

我們在上個季度把它降到了遠低於這個水平，你知道，這不是我們單方面的決定，客戶需要 - 需要拉動材料並且需要購買材料。

At obviously a very strong rate.

顯然是非常強勁的速度。

Again, I will say we're probably going to need -- need to at some point, and maybe this quarter, bring our inventory levels back up to that two-week level in order to maintain an adequate service level for the customers.

同樣，我會說我們可能需要 - 需要在某個時候，也許在本季度，將我們的庫存水平恢復到兩週的水平，以便為客戶保持足夠的服務水平。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is a follow-up question from Joseph Osha of Merrill Lynch.

我們的下一個問題是美林證券的 Joseph Osha 的後續問題。

Hi, guys.

嗨，大家好。

Trying to be pedantic here but I'm still trying to untangle the previous comments.

試圖在這裡迂腐，但我仍在試圖解開之前的評論。

You're 5-10% sequential growth in demand refers to your upcoming quarter against your previous quarter, right.

您的需求連續增長 5-10% 是指您即將到來的季度與上一季度的對比，對吧。

Joe, our quarter is offset somewhat from the calendar and our customers typically report demand to us on a calendar quarter basis and the 5-10% that I'm quoting is -- it is the PC customers that we have, and it is referring to their calendar Q1 versus calendar Q4 demand.

喬，我們的季度與日曆有所抵消，我們的客戶通常會按日曆季度向我們報告需求，我引用的 5-10% 是——我們擁有的 PC 客戶，它指的是他們的日曆 Q1 與日曆 Q4 需求。

And we don't have any 14-week against 13-week affect on this comp.

而且我們對這個組合沒有任何 14 週對 13 週的影響。

There is an apples-to-apples comparison.

有一個蘋果對蘋果的比較。

That's why it disconnects.

這就是它斷開連接的原因。

Okay.

好的。

The other question I had, especially if you look at the desk top end of the business, that did appear, if you watch some of the, you know, perhaps not that useful, you know, time when these mother board number, to decelerate in November, can you comment on whether you saw the same thing and if so, what you think it means?

我的另一個問題，特別是如果你看一下業務的桌面端，確實出現了，如果你看一些，你知道，也許沒那麼有用，你知道，當這些主板號減速時11 月，你能評論一下你是否看到了同樣的東西，如果是，你認為這意味著什麼？

What we're starting to -- we didn't see it in November.

我們開始做的事情——我們在 11 月沒有看到。

We started to see it in the early part of -- early part of December and quite frankly up until now, I would say the fevered pitch of demand today isn't nearly what it was in November and I would have attributed that primarily it is typical seasonal patterns in -- when particularly the indirect player notice marketplace, they've already filled up the channel to the extent that they are going to for holiday -- holiday sales and there's no long area real push to bring in materials such to repopulate.

我們在 12 月初開始看到它，坦率地說，直到現在，我會說今天的狂熱需求與 11 月的情況不同，我認為這主要是典型的季節性模式 - 特別是間接玩家注意到市場，他們已經填滿了他們要去度假的渠道 - 假期銷售並且沒有長期的地區真正推動引入諸如重新填充的材料.

Based on your --

根據你的——

I wouldn't --

我不會——

I'm sorry, go ahead.

對不起，繼續。

I wouldn't suggest that we're seeing anything materially different this year than we have in past years.

我不會建議我們今年看到與過去幾年有任何實質性不同。

Based on your experience, what do you think levels of inventory of your product and distribution are right now?

根據您的經驗，您認為您的產品和分銷目前的庫存水平是多少？

Very little.

很少。

Because we haven't -- you know, the vast majority of our sales in the quarter that we just completed, and in the first couple of weeks of this quarter have been directly to the OEMs and unless the OEMs were speculating in other words buying our inventory and selling into the channel, there would be very little out there.

因為我們還沒有——你知道，我們剛剛完成的那個季度以及本季度前幾週的絕大多數銷售額都直接流向了原始設備製造商，除非原始設備製造商在投機，換句話說就是購買我們的庫存和銷售進入渠道，那裡會很少。

So it is all in the hands of OEMs at this point.

因此，此時這一切都掌握在 OEM 手中。

I would presume most of it in the hands of an end customer right know in terms of a purge commuter or router or something of that nature.

我認為其中大部分都掌握在最終客戶手中，就清除通勤者或路由器或類似性質的東西而言。

We fondly hope.

我們滿懷希望。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Our next question is coming from Hans Mosaven of SoundView Technology.

我們的下一個問題來自 SoundView Technology 的 Hans Mosaven。

Thank you.

謝謝你。

Guys, let's go through this one again.

伙計們，讓我們再過一遍。

The flat guidance, I'm having trouble understanding that.

平面指導，我很難理解。

I understand the week, there is an extra week in the CMOS sensors but you've done a fairly aggressive migration to 110 nanometer.

我理解這一周，CMOS 傳感器有額外的一周，但您已經進行了相當積極的遷移到 110 納米。

Wouldn't that offset that to some degree?

這不會在一定程度上抵消它嗎？

I think that's represented in what our guidance is.

我認為這體現在我們的指導中。

You're going to compare -- if you're trying to drive bits to get a revenue number, you will have in Q1, 14 weeks of bits, produced, and in Q2 you will have 13 weeks.

您將進行比較——如果您試圖通過驅動鑽頭來獲得收入數字，那麼您將在第一季度獲得 14 週的鑽頭生產時間，而在第二季度您將擁有 13 週的時間。

So our flat would equal in essence, if you went back to a 14-week quarter, high single digit bit growth number.

因此，如果您回到一個為期 14 週的季度，我們的單位本質上將等於高個位數的位增長數。

Even taking into consideration the fact we're sending more wafers to image sensors.

即使考慮到我們正在向圖像傳感器發送更多晶圓的事實。

Okay.

好的。

That's about an extra 2 percentage points more or less of capacity going to CMOS sensors; that a good way to look at that?

這大約是 CMOS 傳感器的額外 2 個百分點或多或少的容量；這是一個很好的方式來看待它？

In it is in terms of the actual number of wafer bus that is a different equivalent number which is probably best taken offline to try to understand.

就晶圓總線的實際數量而言，它是一個不同的等效數量，可能最好離線嘗試理解。

The way we've tried to shape it up before is we expect our production bit growth based on all the ramps of the product mix we see today to be in the 40-50% range in memory.

我們之前嘗試塑造它的方式是，基於我們今天看到的產品組合的所有斜坡，我們預計我們的產量增長將在內存中的 40-50% 範圍內。

If we were not moving more wafers to other products, like image sensors, that could be as high as 55-60%.

如果我們不將更多晶圓轉移到圖像傳感器等其他產品上，這一比例可能高達 55-60%。

I see.

我懂了。

Okay.

好的。

Thanks a lot.

非常感謝。

Sure.

當然。

Thank you.

謝謝你。

Our next question is coming from Dan Scovel of Needham and Company.

我們的下一個問題來自 Needham and Company 的 Dan Scovel。

Thanks.

謝謝。

Nice Christmas present.

不錯的聖誕禮物。

Mike, can you repeat your comments about yielding on the DDRs?

邁克，你能重複一下你對 DDR 讓步的評論嗎？

Yielding on the DDR, are you talking about the 400 megahertz?

在 DDR 上讓步，你說的是 400 兆赫嗎？

Yeah.

是的。

Sure.

當然。

I think I stated that the vast majority of our output on .13 meets the 400 megahertz speck.

我想我說過我們在 .13 上的絕大多數輸出都滿足 400 兆赫茲的要求。

And actually, we're yielding higher than the market can digest currently to 40 megahertz and as we transition to the .116 F squared device, that is only going to improve.

實際上，我們目前的產量高於市場可以消化的 40 兆赫茲，並且隨著我們過渡到 0.116 F 平方設備，這只會有所改善。

Okay.

好的。

Also, when you're talking about the 6 S squared can you just give us a brief run down on why that is so much better?

此外，當您談論 6 S 平方時，您能否簡要介紹一下為什麼它會好得多？

Well, essentially, 6 S squared is nothing more than feature size.

好吧，本質上，6 S 平方只不過是特徵大小。

And a given piece of silicon.

和給定的矽片。

So what we're able to do is to got the same capability in a smaller piece of silicon by about 20%.

因此，我們能夠做的是在更小的矽片中獲得相同的能力約 20%。

The standard today for the industry is what we call an 8 S squared device so it is 8 feature sizes and we're able to do it in what we call six feature sizes so the relevant way to think of it is we can get more into a piece of silicon, we can get the same amount into a piece of silicon that is 20% smaller.

今天的行業標準是我們所說的 8 S 平方設備，所以它有 8 種特徵尺寸，我們能夠以我們所說的 6 種特徵尺寸來做到這一點，因此相關的思考方式是我們可以更深入地了解它一塊矽，我們可以將相同的量製成一塊小 20% 的矽。

So we get more die per wafer.

所以我們每片晶圓獲得更多的裸片。

And also, your clarification on -- in terms of bit growth, that is -- some of us have usually been sort of using bit growth as a proxy for, you know, potential cost reduction.

而且，您對比特增長的澄清，也就是說，我們中的一些人通常在某種程度上使用比特增長作為潛在成本降低的代表。

Is that generally not inaccurate way of looking at it?

這通常不是不准確的看待它的方式嗎？

And is that something we should digest on a normalized basis going into this 13-week quarter?

在這個為期 13 週的季度中，我們應該在標準化的基礎上消化這些東西嗎？

Well, set aside the 13 from the 14-week quarter for just a second and make a general comment.

好吧，將 14 周季度中的 13 點擱置一秒鐘，然後發表一般性評論。

As we migrate more silicon to the nonDRAM products, in particular, when you think about something like a CMOS image or of course bit growth isn't a relative factor at all.

當我們將更多的芯片遷移到非 DRAM 產品時，特別是當您考慮諸如 CMOS 圖像之類的東西時，或者當然位增長根本不是一個相對因素。

And as we -- as we have more product going that direction, our bit growth may change.

隨著我們——隨著我們有更多的產品朝著這個方向發展，我們的增長可能會改變。

It's not a good assumption that our cost reduction then will occur because we still are spreading the, if you will, the overhead of the company and the R&D expense of the company over a greater number of product, if you will.

假設我們的成本降低會發生並不是一個好的假設，因為如果你願意的話，我們仍在將公司的間接費用和公司的研發費用分散到更多的產品上（如果你願意的話）。

It is just not calculable on a DRAM bit basis.

它只是不能基於 DRAM 位計算。

So we need to be more careful as we move forward.

因此，我們在前進的過程中需要更加小心。

And frankly, even internally, we're having discussions about how can we better present the data so that all of you can understand it better.

坦率地說，即使在內部，我們也在討論如何更好地呈現數據，以便大家更好地理解它。

Maybe percentage of sales might help as an idea.

也許銷售額百分比可能會有所幫助。

Well, to the degree that we are concerned about giving away competitive information, I think that is the only thing that we struggle with.

好吧，就我們擔心洩露競爭信息而言，我認為這是我們唯一需要解決的問題。

Obviously, you know, as a company, we've been pretty open and we kind of say it like it is.

顯然，你知道，作為一家公司，我們一直非常開放，我們可以說它就是這樣。

And in the backdrop of all of that, S-as we know, we also have all our competitors listening to everything we say and that adds some concern.

在所有這一切的背景下，眾所周知，我們所有的競爭對手都在傾聽我們所說的一切，這增加了一些擔憂。

Thank you.

謝謝你。

Good luck.

祝你好運。

Thank you.

謝謝你。

Our next question is coming from Matt Gable of Kalipso.

我們的下一個問題來自 Kalipso 的 Matt Gable。

Could you tell me what was your bit production sequential growth in the November quarter?

您能否告訴我，您在 11 月季度的鑽頭產量環比增長是多少？

I missed that.

我錯過了。

It was about 10%.

大約是 10%。

10%?

10%？

It is supposed to be flat in the February quarter sequentially?

它應該在 2 月季度環比持平嗎？

Correct.

正確的。

And then what do you think the sequential cost reduction will be in the current quarter?

那麼您認為本季度的連續成本降低會是什麼？

Again, I think for competitive reasons we've stated several times we're not going to give specific guidance on that.

同樣，我認為出於競爭原因，我們已經多次表示我們不會就此提供具體指導。

And somewhat dependent on product mix as well.

並且在某種程度上也取決於產品組合。

So pretty difficult to guide to.

所以很難引導。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Clark Westland of Smith Barney.

我們的下一個問題來自 Smith Barney 的 Clark Westland。

Hi, can you hear me?

嗨，你能聽到我的聲音嗎？

Sure can.

當然可以。

Go ahead, Clark.

來吧，克拉克。

Sorry about that.

對於那個很抱歉。

Just a minor detail on the share count, can you give us an idea of what the fully-diluted share count would be in a possible, you know, GAAP profitable scenario?

只是關於股票數量的一個小細節，你能告訴我們在一個可能的，你知道的，GAAP 有利可圖的情況下，完全稀釋的股票數量是多少？

The -- depending upon the level of profitability, and the stock price, which affects the calculation of the options, you will run from something between 690 million-ish shares to up around 735 million shares.

- 根據盈利水平和影響期權計算的股票價格，你將從 6.9 億股左右增加到 7.35 億股左右。

Okay.

好的。

Thanks.

謝謝。

Thank you very much and with that we would like to thank everyone for participating on the call today.

非常感謝您，在此我們要感謝大家今天參加電話會議。

If you will bear with me I need to repeat the Safe Harbor protection language.

如果你能容忍我，我需要重複安全港保護語言。

During the course thereof call we may have made forward-looking statements regarding the company and the industry.

在電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

These particular forward-looking statements and all other statements that may have been made on this call that are not historical facts are subject to a number of risks and uncertainties and actual results may differ materially.

這些特定的前瞻性陳述以及可能在本次電話會議上做出的並非歷史事實的所有其他陳述都受到許多風險和不確定性的影響，實際結果可能存在重大差異。

For information on the important factors that may cause actual results to differ materially, please refer to our filings with the SEC including the company's most recent 10-K 10-K and 10-K.

有關可能導致實際結果出現重大差異的重要因素的信息，請參閱我們向 SEC 提交的文件，包括公司最近的 10-K 10-K 和 10-K。

Thank you for joining our call today and thank you all for your participation.

感謝您今天加入我們的電話會議，並感謝大家的參與。

That does conclude tonight's teleconference.

這確實結束了今晚的電話會議。

You may disconnect your lines at this time.

此時您可以斷開線路。

Have a great evening.

有一個美好的夜晚。