美光科技 (MU) 2004 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen.

下午好，女士們，先生們。

Welcome to your Micron Technology second-quarter 2004 earnings conference call.

歡迎參加美光科技 2004 年第二季度財報電話會議。

At this time all parties have been placed on a listen-only mode and the floor will be open for questions following the presentation.

此時，所有各方都處於只聽模式，演講結束後將開放提問。

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

現在我很高興將發言權交給您的主持人 Kipp Bedard 先生。

Sir, the floor is yours.

先生，地板是你的。

Thank you very much.

非常感謝。

I would like to welcome everyone to Micron Technology second-quarter fiscal year 2004 financial release conference call.

我想歡迎大家參加美光科技 2004 財年第二季度財務發布電話會議。

On the call today are Steve Appleton, Chairman, CEO and President;

今天的電話會議是主席、首席執行官兼總裁史蒂夫·阿普爾頓；

Wilbur Stover, Vice President Finance and Chief Financial Officer; and Mike Sadler, Vice President of Worldwide Sales.

Wilbur Stover，財務副總裁兼首席財務官；以及全球銷售副總裁 Mike Sadler。

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

此次電話會議（包括音頻和幻燈片）也可在美光的 Internet 主頁 www.micron.com 上找到。

If you have not had an opportunity to review the second-quarter fiscal year 2004 financial press release, it is available on our web site at www.micron.com.

如果您沒有機會查看 2004 財年第二季度財務新聞稿，請訪問我們的網站 www.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.

今晚晚些時候將在下午 5:30 播放此次通話的錄音重播。

Mountain Standard time.

山區標準時間。

You may reach that by dialing 973-341-3080, confirmation code of 4573152.

您可以撥打 973-341-3080，確認碼 4573152。

This replay will run through Wednesday, March 31, 2004 at 5:30 p.m.

該重播將持續到 2004 年 3 月 31 日星期三下午 5:30。

Mountain Standard time.

山區標準時間。

A webcast replay will be available on the Company's web until April 5, 2005.

直到 2005 年 4 月 5 日，公司網站上都將提供網絡廣播重播。

We encourage you to monitor our web site at www.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 www.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 the call, we may make projections or other forward-looking statements regarding future events or the future financial performance of the Company and the industry.

在電話會議期間，我們可能會就公司和行業的未來事件或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 to you 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.

我們向您提及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 表和 10-Q 表。

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.

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

With that, I would like to turn the call over to Mr. Bill Stover.

有了這個，我想把電話轉給比爾斯托弗先生。

Thanks, Kipp.

謝謝，基普。

Our second quarter, which ended March 4, was a typical 13-week quarter as compared to the 14 weeks in the immediately preceding quarter.

與上一季度的 14 週相比，我們在 3 月 4 日結束的第二季度是一個典型的 13 周季度。

Second quarter, net sales totaled $991 million compared to $1.1 billion in the first quarter and the Company recorded a $28 million or 4 cent per share loss.

第二季度，淨銷售額總計 9.91 億美元，而第一季度為 11 億美元，公司錄得 2800 萬美元或每股虧損 4 美分。

Net sales for Q2 increased 26% over the same quarter of fiscal 2003.

與 2003 財年同期相比，第二季度的淨銷售額增長了 26%。

The first calendar quarter of most years reflects softer seasonal market conditions and generally declining average selling prices.

大多數年份的第一個日曆季度反映了季節性市場狀況疲軟和平均售價普遍下降。

Pricing early in 2004 has held up noticeably better.

2004 年初的定價明顯好轉。

The comparison of average selling prices, dependent upon our product mix in our second fiscal quarter, as comparing the second fiscal quarter to the immediately preceding quarter, reflected virtually no change in average selling price.

平均售價的比較取決於我們第二財季的產品組合，將第二財季與上一季度進行比較，平均售價幾乎沒有變化。

Gross margin for the quarter came in at 25%, essentially flat with the preceding quarter.

本季度毛利率為 25%，與上一季度基本持平。

Gross margin from sales of products manufactured in our wholly-owned plants improved during the period, while margins on products purchased under our supply arrangement with Tech Semiconductor had an offsetting decline due to the quarter lag pricing and product mix.

在此期間，我們全資工廠生產的產品的銷售毛利率有所改善，而根據我們與 Tech Semiconductor 的供應安排購買的產品的毛利率由於季度滯後定價和產品組合而出現抵消性下降。

Selling, general and administrative expenses were up slightly from the immediately preceding quarter at $82 million.

銷售、一般和管理費用較上一季度略有增加，為 8200 萬美元。

Cost containment measures put in place a year ago continues to benefit the Company and SG&A for the third quarter is expected to approximate recent quarterly levels.

一年前實施的成本控制措施繼續使公司受益，第三季度的 SG&A 預計將接近最近的季度水平。

Research and development expenses vary significantly with the number of wafers dedicated to new device development and qualification.

研發費用與專用於新設備開發和認證的晶圓數量有很大差異。

Second-quarter R&D totaled $188 million, which was higher than previously anticipated, primarily due to ongoing development at our 300mm line in Manassas, Virginia.

第二季度的研發總額為 1.88 億美元，高於之前的預期，這主要是由於我們在弗吉尼亞州馬納薩斯的 300 毫米生產線的持續開發。

In addition to historical efforts in R&D towards next-generation densities and emerging technologies like DDR2, the current quarter also reflects a higher level of R&D expenses required for diversification into CMOS imaging and Flash product areas.

除了在下一代密度和 DDR2 等新興技術的研發方面的歷史性努力外，本季度還反映了向 CMOS 成像和閃存產品領域多元化所需的更高水平的研發費用。

Our next slide, cash flow slide, you can see cash flow provided by operations remained at a healthy level in the second quarter.

我們的下一張幻燈片，現金流量幻燈片，您可以看到第二季度運營提供的現金流量保持在健康水平。

If recent pricing trends are sustained, we currently anticipate noticeable cash flow improvement in the next several quarters.

如果最近的定價趨勢持續下去，我們目前預計未來幾個季度的現金流會顯著改善。

As of quarter end, Micron had cash and investment balance at just over $1.3 billion and our debt-to-equity ratio remained 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仍低於 20%。

Capital spending for fiscal year 2004 is currently estimated at the upper end of the range we previously described, the $1.3 to $1.6 billion, current point estimate would be approximately $1.5 billion.

目前估計 2004 財年的資本支出處於我們之前描述的範圍的上限，即 1.3 至 16 億美元，目前的估計值約為 15 億美元。

I will turn commentary over to Mike Sadler.

我將把評論交給邁克·薩德勒。

Thanks, Bill.

謝謝，比爾。

We are continuing to see solid demand from all sectors of the market for our portfolio of memory products and CMOS image centers.

我們繼續看到市場各個領域對我們的內存產品和 CMOS 圖像中心產品組合的強勁需求。

In the consumer electronics and communication infrastructure areas, this is consistent with the trends we have seen for several quarters now.

在消費電子和通信基礎設施領域，這與我們現在幾個季度看到的趨勢一致。

In the computing market, we experienced a seasonal strength toward the end of calendar 2003 and then somewhat for a slow down in December.

在計算市場，我們經歷了接近 2003 年年底的季節性強度，然後在 12 月有所放緩。

Our expectation called for moderately slow seasonal demand in early 2004 with the entire year shaping up relatively well.

我們的預期是 2004 年初的季節性需求適度放緩，全年形勢相對較好。

What we are actually seeing, in fact, in the first three months of the year, I would characterize as much stronger than moderate demand.

事實上，我們實際看到的情況是，在今年的前三個月，我認為需求比溫和的需求強得多。

We entered fiscal Q2 assuming that computing demand would be modest in the period and have a tolerance to accumulate some mainstream DDR DRAM inventory.

我們進入第二財季時假設計算需求在此期間會適中，並且有能力積累一些主流 DDR DRAM 庫存。

To the contrary, however, demand strengthened as we moved through the quarter and just as was the case in fiscal Q1, we cleared the shelves of finished goods inventory.

然而，相反，隨著我們整個季度的發展，需求增強，就像第一財季的情況一樣，我們清理了貨架上的成品庫存。

As expected, memory concept per system continued to accelerate with a particularly strong post-Christmas snap-back into consumer desktop segment.

正如預期的那樣，每個系統的內存概念隨著聖誕節後特別強勁的回彈到消費台式機市場而繼續加速。

Commercial system content growth is steady and also as expected, the gap between content and consumer and commercial systems is continuing to gradually close.

商業系統內容增長平穩，也正如預期的那樣，內容與消費者和商業系統之間的差距正在繼續逐步縮小。

Even with this content growth, the relatively low DRAM prices have left the memory budget per system at a low level of less than 5% of total material cost.

即使在這種內容增長的情況下，相對較低的 DRAM 價格也使每個系統的內存預算處於低於總材料成本 5% 的低水平。

Currently, our customers' demand is exceeding our supply capability and this is creating a near-term upward biased on DRAM pricing.

目前，我們客戶的需求超過了我們的供應能力，這造成了 DRAM 價格的近期上行偏見。

I have addressed our DDR2 readiness in past earnings calls and analyst conferences and I would like to provide a brief update on this topic today.

我在過去的財報電話會議和分析師會議上討論了我們的 DDR2 準備情況，我想在今天就這個主題提供一個簡短的更新。

Since the last refresh, we have added more component and module alternatives to the portfolio.

自上次更新以來，我們為產品組合添加了更多組件和模塊替代品。

We now have over 50 unbuffered, registered and small outline modular configurations, ranging in density from 128 megabytes to 4 gigabytes available for our customers.

我們現在有超過 50 種無緩衝、已註冊和小外形模塊化配置，可供客戶使用，密度從 128 兆字節到 4 吉字節不等。

These modules are assembled with our 256 megabit, 512 megabit and 1 gigabit DDR2 components.

這些模塊由我們的 256 兆位、512 兆位和 1 千兆位 DDR2 組件組裝而成。

Our expectations for the demand ramp of DDR2 in the market place are a bit more modest today than was the case one quarter ago.

今天，我們對市場上 DDR2 需求增長的預期比一個季度前要溫和一些。

Regardless of how this market ramp actually materializes, we are well-positioned to provide both volume and product breadth support of DDR2 material for our customers as we move through calendar 2004 and into calendar 2005.

不管這個市場增長實際上是如何實現的，當我們從 2004 年進入 2005 年時，我們都處於有利地位，可以為我們的客戶提供 DDR2 材料的數量和產品廣度支持。

Indications markets are continuing to become a more significant part of our business.

適應症市場繼續成為我們業務的重要組成部分。

This is attributed to growth of the end markets, and perhaps more importantly, to execution of Micron's product portfolio maintenance and expansion plans.

這歸因於終端市場的增長，或許更重要的是，美光產品組合維護和擴展計劃的執行。

The market for synchronous DRAM products of all densities is quite robust and all indications are that the markets for these devices, primarily in communications and consumer applications, will have life for quite some time in the future.

各種密度的同步 DRAM 產品市場相當強勁，所有跡像都表明，這些設備的市場，主要是通信和消費應用，在未來相當長的一段時間內都會有生命。

We are producing all synchronous DRAM products on advanced manufacturing processes and maintain the ability to support these markets indefinitely in virtually unlimited volumes.

我們正在使用先進的製造工藝生產所有同步 DRAM 產品，並保持以幾乎無限量無限期支持這些市場的能力。

On the new product front, our family of CellularRAM, commonly referred to as Pseudo Static RAM products, is being ramped in production and is well received by the mobile phone customer base.

在新產品方面，我們的 CellularRAM 系列（通常稱為 Pseudo Static RAM 產品）正在量產並受到手機客戶群的好評。

We are providing this CellularRAM to customers in both discreet form and in multichip packages with our NOR-Flash line of products.

我們通過我們的 NOR-Flash 產品線以謹慎的形式和多芯片封裝向客戶提供這種 CellularRAM。

In fiscal Q2, we had another quarter of solid unit and revenue growth from our family of CMOS image sensors.

在第二財季，我們的 CMOS 圖像傳感器系列又實現了四分之一的穩健單位和收入增長。

Micron sensor products are receiving rave reviews from the customer base on image quality and other performance metrics.

美光傳感器產品在圖像質量和其他性能指標方面受到客戶群的好評。

The mobile phone and digital camera markets are the primary drivers of demand for our sensors today.

手機和數碼相機市場是當今傳感器需求的主要驅動力。

We currently have various VGA 1 megapixel, 2 megapixel and 3 megapixels sensors in commercial production for these markets and are realizing revenues from these products in the current quarter.

我們目前有各種 VGA 1 兆像素、2 兆像素和 3 兆像素傳感器正在為這些市場投入商業生產，並在本季度實現了這些產品的收入。

We are quite proud of our accomplishments as we have broadened the product offering and extend our position as a key semiconductor supplier in the networking, communications and consumer electronics markets.

我們為我們的成就感到非常自豪，因為我們擴大了產品範圍，並擴大了我們在網絡、通信和消費電子市場中作為主要半導體供應商的地位。

Our progress in these markets compliments the solid standing that Micron has established over the years and continues to hold in the computer arena with our mainstream DRAM products.

我們在這些市場取得的進展與美光多年來建立的穩固地位相得益彰，並繼續憑藉我們的主流 DRAM 產品在計算機領域佔據一席之地。

We are obviously quite pleased with the strength we are seeing in these end markets and the implications that this has for our success in the near to intermediate term.

我們顯然對我們在這些終端市場看到的實力以及這對我們在近期和中期取得成功的影響感到非常滿意。

We appreciate your continued interest and support.

感謝您一直以來的關注和支持。

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

有了這個，我會把它交還給 Kipp。

Thank you, Mike.

謝謝你，邁克。

What we would like to do now is take questions from callers.

我們現在想做的是接受來電者的提問。

And just a reminder, if you are using a speakerphone, please pick up the handset when asking questions so we can hear you clearly.

提醒一下，如果您使用免提電話，請在提問時拿起聽筒，以便我們清楚地聽到您的聲音。

With that, JT, we would like to open up the line.

有了這個，JT，我們想打開這條線。

Thank you.

謝謝你。

Ladies and gentlemen, the floor is open for questions.

女士們，先生們，現在可以提問了。

If you do have a question at this time, please press the numbers one followed by four on your telephone key pad.

如果此時您確實有問題，請按電話鍵盤上的數字 1 和 4。

Questions will be taken in the order they are received, and we do ask that while posing your question, you pick up your handset to provide optimal sound quality.

問題將按照收到的順序進行處理，我們確實要求您在提出問題時拿起您的手機以提供最佳音質。

Once again, ladies and gentlemen, if you do have a question, please press the numbers one followed by four on your telephone key pad.

再次，女士們，先生們，如果您有任何問題，請按電話鍵盤上的數字 1 和 4。

Please hold while I poll for questions.

請稍等，我輪詢問題。

Thank you.

謝謝你。

Our first question is coming from Hans Mosesmann from Schwab Soundview.

我們的第一個問題來自 Schwab Soundview 的 Hans Mosesmann。

Your line is live.

你的線路是活的。

Thanks.

謝謝。

I missed the early part of the call, so if you went through this, I apologize.

我錯過了電話的早期部分，所以如果你經歷了這個，我很抱歉。

Can you give us the updated split expectation for wafer starts by the end of the year for Flash and sensors?

您能否給我們最新的晶圓分割預期，該預期將在今年年底開始用於閃存和傳感器？

Thanks.

謝謝。

Let me just give you -- this is Steve.

讓我告訴你——這是史蒂夫。

Let me give you a quick outline and we had covered this to some degree at the conference that we had earlier in the year and I think it is playing out as we had said it.

讓我給你一個簡短的概述，我們在今年早些時候舉行的會議上已經在某種程度上涵蓋了這一點，我認為它正在像我們所說的那樣發揮作用。

Essentially in the quarter we just ended, we were just over 10%.

基本上在我們剛剛結束的那個季度，我們剛剛超過 10%。

We think in the quarter that we are just starting, that it is going to be somewhere around 15%.

我們認為在我們剛剛開始的這個季度，它將在 15% 左右。

And we had indicated earlier that we thought it was going to migrate to 20, 25% by the time we got to the end of the calendar year and that is on track to happen.

我們之前曾表示，我們認為到日曆年年底時它將遷移到 20% 和 25%，這有望實現。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Matt Gabel from Calypso Capital.

我們的下一個問題來自 Calypso Capital 的 Matt Gabel。

Your line is live.

你的線路是活的。

Hi.

你好。

Thanks.

謝謝。

I was just wondering if you could comment on what costs did sequentially.

我只是想知道您是否可以評論按順序執行的成本。

And what shipments were sequentially?

哪些貨物是按順序發貨的？

You bet, Matt.

你打賭，馬特。

We were roughly flat with costs, and mostly due to a preferred product mix that gave us greater margins.

我們的成本基本持平，主要是由於首選的產品組合給了我們更大的利潤。

So roughly flat for the quarter.

本季度大致持平。

Okay, and bit shipped were up 5?

好的，發貨的位上升了 5？

On a weekly comparative basis, yes.

在每週比較的基礎上，是的。

And just slightly up on a quarter to quarter.

而且每季度略有上升。

You may remember we had a 14-week production quarter in Q1 going to three.

您可能還記得我們在第一季度有一個為期 14 週的生產季度，現在是第三季度。

And I think Bill also mentioned, getting back to your cost comment, he mentioned that cost for Micron-owned production went down, and the contribution margin from the tech -- excuse me, the cost went down for Micron.

我認為比爾還提到，回到你的成本評論，他提到美光擁有的生產成本下降了，技術的貢獻率 - 對不起，美光的成本下降了。

Cost for product purchased from Tech actually went up a little bit.

從 Tech 購買的產品的成本實際上上升了一點。

So we had two different margin moves there.

所以我們在那裡有兩個不同的保證金變動。

One more follow-up.

再來一個後續。

What percent bit production and wafer starts were .13?

0.13 的位產量和晶圓開工率是多少？

You mean .11?

你是說0.11？

.11, sorry.

.11，對不起。

Yeah, .11.

是的，0.11。

We're about 70% for the Micron production, I think we are probably close to peaking, because we obviously have a nanometer transition as we go through later this year and then we have been allocating wafer starts to things like CMOS imagers that really have nothing to do with the .11 drive on DRAM.

我們大約 70% 用於美光生產，我認為我們可能接近峰值，因為我們顯然在今年晚些時候經歷了納米轉變，然後我們一直在將晶圓開始分配給像 CMOS 成像器這樣真正具有與 DRAM 上的 .11 驅動器無關。

So we feel great by the way, about what we have achieved on that and we're pretty much doing exactly what we said we were going to do.

所以順便說一句，我們感覺很好，關於我們在這方面取得的成就，我們幾乎完全按照我們所說的去做。

Okay.

好的。

Great, thank you.

太好了謝謝。

Thank you.

謝謝你。

Our next question is coming from Joe Osha from Merrill Lynch.

我們的下一個問題來自美林證券的 Joe Osha。

Your line is live.

你的線路是活的。

Hi, guys.

嗨，大家好。

Hey, Joe.

嘿，喬。

Just in looking at the math here.

只是看看這裡的數學。

Kipp, you just indicated that even leaving the kind of 13 versus 14-week issue aside, that bit shipments were roughly flat sequentially as was price; is that correct?

Kipp，您剛剛表示，即使將 13 週與 14 週的問題放在一邊，鑽頭出貨量與價格大致持平；那是對的嗎？

Actually, bits produced were up just slightly, uh huh.

實際上，產生的比特只是略微增加，嗯。

I believe you said the bit shipments were as well?

我相信你說位出貨量也是如此？

I am trying to nail that down because the revenue was obviously down.

我試圖確定這一點，因為收入顯然下降了。

On purely leaving the week-to-week comparison issue aside, what did bit shipments do sequentially?

拋開每週比較問題不談，位出貨量順序做了什麼？

Yes, they have to be down, Joe.

是的，他們必須下來，喬。

Right, that's --

沒錯，就是——

In Q1, shipments were ahead of production in Q1, so you are off the higher base.

在第一季度，出貨量領先於第一季度的生產，因此您已經脫離了較高的基數。

Sure, fair enough.

當然，足夠公平。

The second question I have is just on -- if we can drill down a bit more of the current quarter percentage of product that was not DRAM.

我的第二個問題是——我們是否可以深入了解當前季度非 DRAM 產品的百分比。

I know what the target is late in the year.

我知道年底的目標是什麼。

Can you tell us what it was for the quarter that just ended?

你能告訴我們剛剛結束的那個季度是什麼嗎？

Yeah, we actually more than doubled our wafer starts towards nonDRAM-related products.

是的，我們實際上將我們的晶圓開始用於非 DRAM 相關產品的兩倍多。

If you go back to Q1, we're talking about 5 to 6% started in nonDRAM products and this quarter, as Steve mentioned, was around 12%, a little bit more than 12%.

如果你回到第一季度，我們談論的是 5% 到 6% 的非 DRAM 產品開始使用，而正如史蒂夫所說，本季度約為 12%，略高於 12%。

That starts obviously -- one presumes that a lot of those products are kind of R&D levels and not necessarily generating revenue yet.

這很明顯——人們假設其中很多產品都處於研發水平，還不一定能產生收入。

I don't think that is true at all, Joe.

我認為這根本不是真的，喬。

The starts that Kipp is speaking of absolutely are going to generate revenue.

基普所說的開端絕對會產生收入。

They are not R&D starts.

它們不是研發開始。

Okay.

好的。

The last question before I go away.

我走之前的最後一個問題。

The higher R&D, as you pointed out, that's often times a function of the timing of transition of transition of wafers from sort of qualification to actual production.

正如您所指出的，更高的研發通常是晶圓從某種資格過渡到實際生產的過渡時間的函數。

Was there a delay in the timing of that for the 300mm fab?

300mm 晶圓廠的時間安排有延遲嗎？

Is that maybe running a little behind where you expect, which is what's dragging that R&D number up some?

是不是可能比你預期的有點落後，這就是拖累研發數量的原因？

Well, as you know, we earlier said that the 300mm was pushed a little bit because we are pioneering copper, so to speak.

好吧，如你所知，我們之前說過，300mm 被推了一點，因為我們是開創性的銅，可以這麼說。

But when you think about the total R&D budget, if I get at the question you are really asking, we have been saying now for a quarter or two it's going to come down and it really hasn't.

但是，當您考慮總研發預算時，如果我得到您真正提出的問題，我們現在已經說一兩個季度會下降，但實際上並沒有。

If you think about what's going on, we have an R&D budget of about $185 million, and we've kind of been running there now for a quarter or two.

如果您考慮一下正在發生的事情，我們的研發預算約為 1.85 億美元，而且我們現在已經在那裡運行了一兩個季度。

About $75 million of that is attributable to 300mm and nonDRAM.

其中約 7500 萬美元歸功於 300 毫米和非 DRAM。

So if you think of the scale of what we have got going on in the diversification and product development or technology development on 300mm, it is pretty significant.

因此，如果您考慮到我們在 300 毫米上的多樣化和產品開發或技術開發方面的規模，這是非常重要的。

Now, obviously we are in somewhat of a transition moving the wafer starts over to the new products, but essentially, that's where you are seeing the difference between what I think we were speaking about earlier and what's really happening to us.

現在，顯然我們正處於從晶圓開始向新產品轉移的過渡階段，但從本質上講，這就是我認為我們之前所說的與我們實際發生的事情之間的區別。

The 300mm is certainly a part of it but that doesn't give you the total picture.

300 毫米當然是其中的一部分，但這並不能為您提供全貌。

It's really in combination, those three things are about $75 million for the quarter.

真的結合起來，這三件事在本季度約為 7500 萬美元。

Those were the items that were higher than you expected them to be relative to the margin?

這些項目是否比您預期的相對於邊際要高？

Well, because of the ramp being, I think, actually a little steeper than we thought it was going to be and because of the qualification of more products, if you will, both in image and in Flash, we are just running a little bit higher R&D expenses right now.

嗯，因為坡道，我認為，實際上比我們想像的要陡峭一些，而且由於更多產品的資格，如果你願意的話，無論是在圖像中還是在 Flash 中，我們只是運行了一點點目前研發費用較高。

We still ultimately expect that to come back down though.

不過，我們最終仍然希望這種情況會回落。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

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

我們的下一個問題來自美國銀行的 John Lau。

Your line is live.

你的線路是活的。

Yes, hi, thanks.

是的，你好，謝謝。

Mike, you had mentioned that the demand started to accelerate at the end of the quarter and that you finished the quarter pretty bare in the cupboards for the finished goods side.

邁克，您提到需求在本季度末開始加速，並且您在本季度結束時在成品方面的櫥櫃中非常空虛。

From a memory perspective, I was wondering, can you comment on the affect of the seasonality currently on the way and notebooks seemed to have been worst than expected.

從記憶的角度來看，我想知道，你能評論一下目前正在流行的季節性的影響嗎？筆記本似乎比預期的要糟糕。

How was desktops and based upon your comments from the end of the quarter, are we recovering from that notebook inventory issue?

台式機的情況如何？根據您在本季度末的評論，我們是否正在從筆記本庫存問題中恢復過來？

Thank you.

謝謝你。

Mike, would you like to take that?

邁克，你願意接受嗎？

I can take it, sure.

我可以接受，當然。

Our best view of notebook demand would be, of course on the demand for small outline dims, the small fore factor memory modules and it's picked back up in the last couple of weeks, John.

我們對筆記本電腦需求的最佳看法當然是對小外形尺寸、小尺寸內存模塊的需求，並且在過去幾週內有所回升，約翰。

Honestly speaking, probably the most drink that we are seeing is in the unbuffered modules for desktops, both consumer and commercial desktops at 256 megabytes and 512 megabyte density.

老實說，我們看到的最多的可能是台式機的無緩沖模塊，包括 256 兆字節和 512 兆字節密度的消費和商業台式機。

That has been pretty solid really since the first part of February and it continues to be quite strong.

自 2 月上旬以來，這確實非常穩固，並且繼續保持強勁勢頭。

I mean, that's where we are being stressed the most with respect to our customers pushing us for increased supply, but the direct answer to your question is that demand for small outline dims which should be a pretty good indicator on notebook demand has also picked up quite a bit particularly in the last two or three weeks.

我的意思是，對於我們的客戶推動我們增加供應，這是我們壓力最大的地方，但您的問題的直接答案是，對於筆記本電腦需求應該是一個很好的指標的小尺寸暗淡的需求也有所回升尤其是在過去的兩三週內。

Okay.

好的。

Great.

偉大的。

I may have missed it on your call, but did you comment on the bit production goals for the next quarter?

我可能錯過了你的電話，但你對下一季度的鑽頭生產目標發表了評論嗎？

It looks like we are going to start the guidance in the high single-digit range.

看起來我們將在高個位數範圍內開始指導。

And, again, keep in mind, we will still be transitioning more wafers into nonDRAM-related products.

而且，請再次記住，我們仍會將更多晶圓轉換為非 DRAM 相關產品。

Thank you very much

非常感謝

Thank you, our next question is coming from Tom Thornhill from UBS.

謝謝，我們的下一個問題來自瑞銀的 Tom Thornhill。

Your line is live.

你的線路是活的。

Thank you.

謝謝你。

Actually asked and answered.

實際詢問和回答。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question is coming from Michael Masdea from First Boston.

我們的下一個問題來自第一波士頓的 Michael Masdea。

Your line is live.

你的線路是活的。

Thanks.

謝謝。

First question is on price.

第一個問題是關於價格。

Last fall when DRAM got above the kind of $5 level, OEMs obviously produced their bits for box a bit and price fell.

去年秋天，當 DRAM 超過 5 美元的水平時，OEM 顯然生產了他們的一盒比特，價格下降了。

Is that still the ceiling and maybe you can kind of wrap it into your comments earlier about percentage of [inaudible]?

這仍然是上限嗎？也許您可以將其包含在您之前關於 [聽不清] 百分比的評論中？

Or do you think we can go higher than that in the current period we are in?

還是您認為我們可以比當前時期更高？

Michael, this is Mike speaking.

邁克爾，這是邁克在說話。

I think one of the concerns last fall when prices started to go up was not necessarily -- at least my view, not the absolute price but the uncertainty over where the price ceiling might be.

我認為去年秋天價格開始上漲時的擔憂之一不一定是 - 至少在我看來，不是絕對價格，而是價格上限可能在哪裡的不確定性。

And I think when price started moving pretty dramatically, customers started to get nervous about that with respect to where things might be headed in the near to immediate term.

而且我認為，當價格開始大幅波動時，客戶開始對近期或近期的發展方向感到緊張。

This time actually we haven't seen any huge spikes in price, set aside the spot market activity in the last couple of days, but the last two or three price negotiation periods with our OEMs we have been able to lift prices somewhere in the range of 5 to 10% each time.

這一次實際上我們沒有看到價格大幅飆升，撇開過去幾天的現貨市場活動，但在與我們的原始設備製造商進行的最後兩三個價格談判期間，我們已經能夠將價格提高到某個範圍內每次 5% 到 10%。

This is a little bit more comfortable and I think customers take a little more comfort in a pretty modest price moves and I think they are able to digest them better at this point in time than they were last year.

這有點舒服，我認為客戶在相當溫和的價格變動中會更舒服，我認為他們現在能夠比去年更好地消化它們。

So I don't really believe that the absolute price is the problem.

所以我真的不相信絕對價格是問題所在。

I think it is the relative uncertainty about where prices might go in the future.

我認為這是關於未來價格走向的相對不確定性。

To be perfectly honest with you, our customers don't seem to be too uncomfortable or too concerned about the prices ticking up here in the last couple of months.

老實說，我們的客戶似乎並不太擔心或太擔心過去幾個月這裡的價格上漲。

Okay, that's helpful.

好的，這很有幫助。

On the manufacturing side .11, you guys seem pretty comfortable.

在製造方面 .11，你們看起來很舒服。

Clearly there's been some news about your competitors over the last quarter having problems.

很明顯，上個季度有一些關於您的競爭對手出現問題的消息。

Has that impacted the supply demand balance materials do you think?

您認為這是否影響了供需平衡材料？

And is there any risk that supply can come on quicker than their growth can come on -- excuse me, or the wafer routes and kind of increase because of that?

是否存在供應比增長更快的風險——對不起，或者晶圓路線和因此而增加的種類？

I can try to address the .11 and Mike, maybe you can comment a little on it.

我可以嘗試解決 .11 和 Mike，也許您可以對此發表評論。

I think that there is no question that in contrast to what some of our competitors said they were going to do on the 110 nanometer, it just failed to materialize and, of course, that has had an impact on their bit output production.

我認為毫無疑問，與我們的一些競爭對手所說的他們將在 110 納米上做的相反，它只是未能實現，當然，這對他們的比特輸出生產產生了影響。

But I think that as they recover from that, it doesn't happen overnight.

但我認為，隨著他們從中恢復過來，這不會在一夜之間發生。

It takes time to get the facilities converted.

改造設施需要時間。

And if you look at what Micron is able to achieve even on a relatively accelerated pace, essentially, it took us six to eight months over time to even reach the levels that we did as we started that transition.

如果你看看美光即使以相對加快的速度也能實現什麼，基本上，我們花了六到八個月的時間才達到我們開始過渡時的水平。

So there will be bit growth from it, but I don't think it is something that is so dramatic that happens overnight.

所以會有一點增長，但我認為這不會在一夜之間發生如此戲劇性的事情。

It takes time for that stuff to happen in order to get those additional bits out.

為了得到這些額外的部分，這些事情發生需要時間。

So it's hard for me to comment on what supply others may bring into the market, but when you look at the strength of the demand today, exceeding what appears to be the supply from all the competitors, and some kind of overnight change just doesn't seem that likely.

所以我很難評論其他人可能會給市場帶來什麼供應，但是當你看到今天的需求強度時，超過了所有競爭對手的供應量，而某種一夜之間的變化並沒有似乎不太可能。

All right, I guess just the last question to that point is, just what fundamentally and maybe Mike can get at this too.

好吧，我想最後一個問題是，從根本上說，邁克可能也能做到這一點。

What fundamentally is driving the better demand picture for the second quarter on a calendar basis just because you guys are increasing your bits most of the time, [inaudible] increasing their bits a little bit and yet we have a PC quarter that is seasonally weak and can you just help us kind of, what gives you guys comfort that we will still be in a state of kind of undersupply in the second quarter?

從根本上推動第二季度的需求圖在日曆基礎上更好，只是因為你們大部分時間都在增加自己的數量，[聽不清] 稍微增加一點，但是我們的個人電腦季度是季節性疲軟的，而且你能幫我們嗎，是什麼讓你們感到安慰的是，我們在第二季度仍將處於供應不足的狀態？

A couple of comments, Michael.

一些評論，邁克爾。

First of all, if I aggregate the customers demand statements to us or demand forecast us to, in calendar Q2 versus calendar Q1, so sequential growth, they are talking about, again this is ballpark, about 10% bit consumption growth calendar Q2 versus calendar Q1.

首先，如果我匯總客戶對我們的需求陳述或對我們的需求預測，在日曆 Q2 與日曆 Q1 中，那麼他們在談論的連續增長，這又是一個大概，大約 10% 的位消費增長日曆 Q2 與日曆Q1。

And then going forward, calendar Q3 versus calendar Q2, it's more like 15 to 20%.

然後再往前看，第三季度日曆與第二季度日曆相比，它更像是 15% 到 20%。

So those are pretty healthy growth figures.

所以這些都是相當健康的增長數據。

I think the primary catalyst is content per system, this is in the PC area.

我認為主要的催化劑是每個系統的內容，這是在 PC 領域。

Content per system, as I mentioned we saw pretty healthy snapback in content per system in the consumer desktops.

每個系統的內容，正如我所提到的，我們看到消費者台式機中每個系統的內容非常健康的回彈。

As a matter of fact, the data that we got, I think the [inaudible] was the source, indicated about 15% content per system growth in the consumer desktops in calendar Q1 versus calendar Q4.

事實上，我們獲得的數據（我認為 [音頻不清晰] 是來源）表明，與日曆 Q4 相比，第一季度消費者桌面的每個系統增長了約 15% 的內容。

So that's pretty healthy growth and that is driving a large portion of this demand growth.

所以這是相當健康的增長，這推動了這種需求增長的很大一部分。

Also, we have got really continued strength, surprisingly strong demand in the nonPC applications.

此外，我們在非 PC 應用程序中獲得了持續的實力，令人驚訝的強勁需求。

SDRAM for us, about 25% our bit consumption or bit production is occurring in SDRAM and obviously that is selling at a nice premium per bit as well.

對我們來說，SDRAM 大約 25% 的位消耗或位生產發生在 SDRAM 中，顯然這也以每位的溢價出售。

So the nonPC applications are continuing to be very strong and there's really not much seasonality to the nonPC applications in terms of demand growth.

因此，非PC 應用程序繼續非常強勁，就需求增長而言，非PC 應用程序確實沒有太大的季節性。

And I guess, just adding to what Steve said, we are seeing strong demand, really, on all applications.

我想，除了史蒂夫所說的，我們確實看到了對所有應用程序的強勁需求。

We are seeing strong demand, but I would not necessarily characterize it as explosive.

我們看到了強勁的需求，但我不一定將其描述為爆炸性的。

So we are always dealing with a supply demand balance or the relative demand supply balance and the conclusion that we would have to draw is that the supply growth is just not really there at least in the intermediate term.

因此，我們一直在處理供需平衡或相對需求供應平衡，我們必須得出的結論是，至少在中期，供應增長並沒有真正存在。

So you guys are not looking for anything special on the demand side, seasonal slightly better but there's a bit per box kind of impact for you guys and mix impact in kind of a niche market growing impact for you guys that's making you look a lot better than what you see normally.

所以你們並沒有在需求方面尋找任何特別的東西，季節性稍微好一點，但每盒對你們有一點影響，並且混合影響在利基市場對你們的影響越來越大，這讓你們看起來好多了比你通常看到的。

Is that fair?

這公平嗎？

Yeah, I think that's -- I mean, I think there is obviously a few things at work here.

是的，我認為那是 - 我的意思是，我認為這裡顯然有一些事情在起作用。

One of them is that there is an allocation of wafers at least for us and I think there are for other companies like Samsung where they are trying to meet demand and applications across a customer base that is much broader than just the PC market.

其中之一是至少為我們分配了晶圓，我認為對於像三星這樣的其他公司來說，他們正在努力滿足客戶群的需求和應用，而不僅僅是個人電腦市場。

So that's impacting it.

所以這會影響它。

And add into that some of the growth that Mike has spoken about which was beyond maybe what we have seen historically the last couple of years.

再加上邁克所說的一些增長，這可能超出了過去幾年我們在歷史上所看到的。

And it makes for the kind of environment that we have right now.

它造就了我們現在擁有的那種環境。

All right, thanks.

好的，謝謝。

Thank you.

謝謝你。

Our next question is coming from Nimal Vallipuram from DRKW.

我們的下一個問題來自 DRKW 的 Nimal Vallipuram。

Your line is live.

你的線路是活的。

A couple of questions.

幾個問題。

First of all, just going back to those two questions that Joe asked earlier.

首先，回到 Joe 之前提出的兩個問題。

If you can just give us some more idea.

如果你能給我們更多的想法。

Number one, there seems to be a trend among the DRAM vendors including Micron to switch from [inaudible] to other markets which are more profitable or for strategic reasons like Flash market.

第一，包括美光在內的 DRAM 供應商似乎有一種趨勢，即從 [音頻不清晰] 轉向利潤更高或出於戰略原因（如閃存市場）的其他市場。

Is there any internal target as to what percentage -- to what percentage can you go for DRAM or are you willing to be more opportunistic as to where to put the wafers going forward.

是否有任何關於百分比的內部目標 - 你可以為 DRAM 選擇多少百分比，或者你是否願意在未來將晶圓放在哪裡方面更加投機取巧。

You bet, Nimal, that is a great question.

你敢打賭，Nimal，這是一個很好的問題。

In fact, as outlined in the quarter, we just finished, Mike was able to choose a product mix that kept ASPs virtually flat when I am sure you realized December, January, and early part of February was a downward trend in pricing.

事實上，正如我們剛剛完成的季度所述，當我確信您意識到 12 月、1 月和 2 月初價格呈下降趨勢時，邁克能夠選擇使 ASP 幾乎持平的產品組合。

So he has been able to modify the production moves into products that provide better margin for us, and so that is something that we can continue to do going forward.

因此，他能夠將生產轉移到為我們提供更好利潤的產品中，這是我們可以繼續做的事情。

I think that answered part of your question.

我認為這回答了你的部分問題。

Why don't you repeat the second part.

為什麼不重複第二部分。

I mean, is there any kind of goal as to whether you will go up to 70% DRAM, 30% Flash and CMOS or anything like that or more opportunistic as you see what the market is going to do?

我的意思是，你是否會達到 70% 的 DRAM、30% 的閃存和 CMOS 或類似的目標，或者更多的機會主義，因為你看到市場會做什麼？

This is Steve.

這是史蒂夫。

I think we have to differentiate between -- when you say "opportunistic," one of the challenges we have and I think any of the other large DRAM producers is, we have a customer base that we have committed to support, and so if you think of the computer environment historically being the dominant customer base for this product, we will not simply be opportunistic and not support them in order to go out and get some kind of higher margin in a shorter-term period knowing that, of course, we have long-term ties with them and we have to continue to support their business.

我認為我們必須區分——當你說“機會主義”時，我們面臨的挑戰之一是，我認為任何其他大型 DRAM 生產商都是，我們有一個承諾支持的客戶群，所以如果你考慮到計算機環境在歷史上是該產品的主要客戶群，我們不會只是投機取巧而不支持他們，以便在短期內獲得某種更高的利潤，當然，我們知道，我們與他們建立了長期聯繫，我們必須繼續支持他們的業務。

So when we talk about moving wafer allocation around and having other products come on line, it really is a gradual transition for us.

因此，當我們談論轉移晶圓分配並讓其他產品上線時，這對我們來說確實是一個漸進的過渡。

It's not an overnight transition, and we have commitments to meet with our customer base.

這不是一夜之間的過渡，我們承諾與我們的客戶群會面。

Our approach is not so much opportunistic as it is a longer-term repositioning of the company in terms of its product mix.

我們的方法與其說是投機取巧，不如說是對公司在產品組合方面的長期重新定位。

So we don't have a particular target.

所以我們沒有特定的目標。

We need to see where the relative demands for the application settle out in the next year or two, and that will determine where we think we should be.

我們需要看看在未來一兩年內對應用程序的相對需求在哪裡解決，這將決定我們認為我們應該在哪裡。

Just on the second question.

就第二個問題。

If you look at your 110 nanometer wafers, you said like 70% of that and you might be peaking right now.

如果您查看您的 110 納米晶圓，您會說大約 70%，您現在可能正在達到頂峰。

Can you give us some sort of benchmark as to what it is going to be by the end of the year in terms of 90 nanometer wafers, as well as what is the plan for the 300mm output.

您能否給我們提供一些基準，以了解到今年年底 90 納米晶圓的情況，以及 300 毫米輸出的計劃是什麼。

Well, the 300mm output we have been pretty consistent.

嗯，300mm 輸出我們一直很穩定。

Our first goal is to ramp it 10,000 to 15,000 wafers per month that will get to that point sometime in, I would say the first or second quarter of '05.

我們的第一個目標是每月增加 10,000 到 15,000 片晶圓，這將在某個時候達到，我想說的是 05 年第一季度或第二季度。

And that's on track.

這一切都在軌道上。

We have equipment that's being installed between now and then, between now and the end of the year in order to make that happen.

從現在到年底，我們正在安裝設備，以實現這一目標。

I am sorry, what was the other question?

對不起，另一個問題是什麼？

As far as the 90 nanometer wafers are concerned, are there any benchmark as to what it is going to be by the end of the calendar year?

就 90 納米晶圓而言，是否有任何基準來說明它在日曆年年底前的表現？

Oh, yeah, sorry.

哦，是的，對不起。

We are not really giving much data on that in terms of where we are going to be at the end of the year because obviously we haven't started that transition yet and the technology's still being tuned up, if you will.

我們並沒有真正提供太多關於我們在今年年底將處於什麼位置的數據，因為顯然我們還沒有開始過渡，如果你願意的話，技術仍在調整中。

So I think as we get towards mid-part of this year, we will be ready to give you a better indication of what that is going to be.

因此，我認為隨著我們接近今年年中，我們將準備好為您提供更好的指示。

Obviously we will start the transition as we go towards the end of the year, but I don't have good data for you right now.

顯然，我們將在年底前開始過渡，但我現在沒有好數據給你。

Just finally, according to your intelligence of what you are doing on the R&D and what you are hearing from the other people.

最後，根據您對研發工作的情報以及您從其他人那裡聽到的信息。

Given the so-called problems some of the other companies have had in the 110 nanometer yields, going to 90 nanometer, would that create any more problem?

考慮到其他一些公司在 110 納米產量上遇到的所謂問題，到 90 納米，這會產生更多問題嗎？

I guess my question is this.

我想我的問題是這個。

When you move from 130 to 110 to 90, is getting the right yields getting a bit more complicated for the DOM companies.

當你從 130 到 110 到 90 時，獲得正確的產量對於 DOM 公司來說變得有點複雜。

We don't think it will be for us, but we do think it will be for others, in particular maybe for one of the other technologies.

我們不認為它會適用於我們，但我們確實認為它會適用於其他人，特別是可能適用於其他技術之一。

All right, thanks a lot.

好的，非常感謝。

Thank you.

謝謝你。

Our next question is going to come from John Barton from Wachovia.

我們的下一個問題將來自美聯銀行的約翰·巴頓。

Your line is live.

你的線路是活的。

You made the statement that DDR2 ramp is not happening as fast as you had anticipated last quarter or something along those lines.

您曾聲明 DDR2 的提升並沒有像您在上個季度或類似的情況下預期的那樣快。

Can you elaborate on that, what you think is causing the change and what kind of time frame you are looking at for DDR2, please?

請您詳細說明一下，您認為是什麼導致了這種變化以及您正在尋找 DDR2 的什麼樣的時間框架？

This is Mike speaking.

這是邁克在說話。

By the way, the time frame is not really changed significantly.

順便說一句，時間框架並沒有真正發生重大變化。

I think it is the relative slope of the ramp throughout the balance of the year.

我認為這是整個年度平衡中坡道的相對斜率。

We had been expecting perhaps as much as 30% of total demand but going out a year, being in the computing area being for DDR2 and my take now is probably more like 15 to 20% is probably a realistic expectation.

我們原本預計可能佔總需求的 30%，但一年後，在計算領域中的 DDR2 和我現在的預期可能更像是 15% 到 20%，這可能是一個現實的預期。

There are a number of issues.

有很多問題。

Probably most significantly commercial issues.

可能是最重要的商業問題。

I don't think the customer base is prepared to pay significant premium in very high volume for DDR2, and quite frankly, we are of the belief that a significant premium is appropriate for DDR2 relative to DDR1.

我不認為客戶群準備為 DDR2 大批量支付高額溢價，坦率地說，我們認為 DDR2 相對於 DDR1 的高溢價是合適的。

There are some pretty significant cost increases on DDR2, not just die side, but also some infrastructure costs in terms of additional test equipment and so forth.

DDR2 有一些相當顯著的成本增加，不僅僅是芯片方面，還有一些基礎設施成本，比如額外的測試設備等等。

So I think primarily commercial reasons are going to result in a slower ramp but I don't think there is any question whatsoever that this is going to be the mainstream technology in the PC arena as we move through 2005.

所以我認為主要是商業原因會導致增長放緩，但我認為隨著我們進入 2005 年，這將成為 PC 領域的主流技術毫無疑問。

Actually not just the PC, the server arena as well.

實際上不只是PC，服務器領域也是如此。

Bill, if I could, from an inventory perspective, any benefit for previously written-off inventory this quarter?

比爾，如果我可以的話，從庫存的角度來看，本季度以前註銷的庫存有什麼好處嗎？

Inventory grew right around $40 million.

庫存增長了大約 4000 萬美元。

What that was composed of and what you think you will be doing with inventory next quarter please?

請問這是由什麼組成的，您認為下個季度您將如何處理庫存？

It is in the teens of million in the current quarter, so not very significant.

本季度為數百萬，因此不是很重要。

There's $16 million yet to flow through in two quarters.

兩個季度內還有 1600 萬美元的資金流過。

And three quarters of that will probably come through Q3.

其中四分之三可能會出現在第三季度。

And then inventory-wise, still attempting to build more inventory going forward?

然後在庫存方面，仍然試圖建立更多的庫存？

Or what are you thinking there?

或者你在想什麼？

You are really speaking to Mike and what the market conditions are.

你真的在和邁克說話，以及市場狀況如何。

Our inventory --

我們的庫存——

Well, I think -- this is Steve.

嗯，我想——這是史蒂夫。

Let me say we absolutely have to over the next couple of quarters, whenever we decide it is the best time to do it, we can't run at the low levels of inventory we have right now and adequately service the customer in terms of timing on the demand.

讓我說，我們絕對必須在接下來的幾個季度中，每當我們決定是這樣做的最佳時機時，我們就不能以我們現在擁有的低庫存水平運行並在時間方面為客戶提供充分的服務根據需求。

Mike can comment on it further, but we will have to put some buffer in there instead of the way that we have been running because it just makes it very tough for us to adequately service the customer.

邁克可以進一步評論它，但我們將不得不在那裡放置一些緩衝，而不是我們一直運行的方式，因為它只會讓我們很難充分地為客戶服務。

I think to be a little more specific on that, the last two quarters we have run finished goods inventory levels down to less than one week worth of supply and taking into account today's business models that really require us to keep inventory at our customers manufacturing sites, it is very, very difficult to provide a reasonable level of service with less than a week's worth of inventory.

我認為更具體一點，過去兩個季度，我們將成品庫存水平降至不到一周的供應量，並考慮到當今真正需要我們在客戶製造現場保持庫存的商業模式，用不到一周的庫存量提供合理水平的服務是非常非常困難的。

We think the number should be more like about two weeks worth of inventory.

我們認為這個數字應該更像是大約兩週的庫存。

As Steve mentioned, in order to improve our customers satisfaction levels and provide better service to our customers, we are going to have to kind of rebuild this inventory over the next couple of quarters.

正如史蒂夫所提到的，為了提高我們的客戶滿意度並為我們的客戶提供更好的服務，我們將不得不在接下來的幾個季度中重建這種庫存。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Andrew Root from Goldman Sachs.

我們的下一個問題來自高盛的 Andrew Root。

Your line is live.

你的線路是活的。

I want to explore the ASP issues for a second.

我想先探討一下 ASP 問題。

You mentioned some incident in terms of talking about mix and being opportunistic.

你提到了一些關於混合和機會主義的事件。

I am wondering if there is any contribution as well to lineary in the quarter, if you shift a higher percentage of bits in the last months of the quarter attempting to build inventory early on and basically clearing the shelves at the end of the quarter and relatedly if that had anything to do with DSOs popping up or if you could explore that issue a little bit as well?

我想知道本季度是否對線性也有任何貢獻，如果您在本季度的最後幾個月轉移更高比例的比特，試圖在早期建立庫存並在本季度末基本清理貨架，相關如果這與 DSO 的出現有什麼關係，或者您是否也可以稍微探討一下這個問題？

I can take part of that and maybe Mike would like to jump in.

我可以參與其中，也許邁克想加入。

Again, if you look at Mike's comments that as we exited the last quarter and again this quarter, we had finished goods inventories at extremely low levels, that creates a nonlinear aspect in the first couple of weeks in the next quarter anyway.

同樣，如果您查看邁克的評論，即當我們退出上一季度和本季度時，我們的成品庫存處於極低的水平，這無論如何都會在下一季度的前幾週產生非線性方面。

So part of your question is dealt with that way.

所以你的部分問題是這樣處理的。

I think if you go back to Mike's original comments, he also saw an improving demand scenario as he got through the quarter.

我認為，如果您回到 Mike 的原始評論，他也會在本季度看到需求情況有所改善。

Maybe, Mike, you would like to expand on that.

也許，邁克，您想對此進行擴展。

I would be happy too.

我也會很高興。

It's interesting.

這真有趣。

The first couple weeks of the quarter -- keep in mind the quarter we are talking about is December, January and February, the first few weeks of the quarter were relatively strong as we continued to feed inventory to our customers, primarily I believe to support the end-of-year or Christmas selling season in the PC area anyway.

本季度的前幾週——請記住，我們談論的季度是 12 月、1 月和 2 月，本季度的前幾週相對強勁，因為我們繼續向客戶提供庫存，主要是我相信支持無論如何，PC 領域的年終或聖誕節銷售旺季。

And the latter part of December, the first part of January were relatively weak with holiday hit and Chinese New Year approaching and so forth.

12 月下旬、1 月上旬受假期衝擊、農曆新年臨近等影響，表現相對疲軟。

And then February was a very strong shipment month.

然後 2 月是出貨量非常強勁的月份。

So I am not sure what you would do with that information, but as prices were increasing in the latter part of February, our shipping momentum was pretty strong.

所以我不確定你會如何處理這些信息，但隨著 2 月下旬價格上漲，我們的運輸勢頭非常強勁。

Okay.

好的。

Then the DSO angle, just curious?

那麼DSO的角度，只是好奇？

DSOs were up a little bit.

DSO 上升了一點。

I am sorry, DSO?

對不起，DSO？

DSOs, days sales outstanding were up a little bit in the quarter.

DSO，天數銷售額在本季度略有上升。

Nothing unusual was at play.

沒有什麼不尋常的事情在起作用。

Okay.

好的。

Finally just on the mix, the percent of product that went into the spot market and the percent that went to DDR versus SDRAM.

最後只是混合，進入現貨市場的產品百分比以及進入 DDR 與 SDRAM 的百分比。

On the Micron-branded material in the quarter about -- somewhere between 5 and 10% of the material went into the spot market, and a large portion of that was toward the end of the quarter.

在本季度的美光品牌材料上，大約有 5% 到 10% 的材料進入現貨市場，其中很大一部分是在本季度末。

Of course, we do put product out into what is commonly referred to as the spot market through our crucial channel and our spec-tech channel as well, that would all be added into that 5 to 10%.

當然，我們確實通過我們的關鍵渠道和我們的spec-tech渠道將產品投放到通常所說的現貨市場，這將全部添加到這5％到10％中。

On the technology mix, about 25% of our bit output, give or take a percentage point or two, 25% of our bit output was synchronous DRAM with the balance for all intent of purposes being DDR.

在技術組合上，我們大約 25% 的位輸出，給或取一兩個百分點，我們的位輸出的 25% 是同步 DRAM，其餘的都是 DDR。

There was a small amount of EDL and a small amount of DDR2 as well but.

但是也有少量的 EDL 和少量的 DDR2。

Then finally, [inaudible] the top of the market or were, any comments on channel inventories and away from Micron, what you are seeing in terms of available supply out there?

最後，[聽不清] 市場的頂部，或者是，關於渠道庫存和美光之外的任何評論，您在可用供應方面看到了什麼？

I am pretty confident based on some of the conversations I have had with customers in the last 72 hours or so that there is nothing in the channels.

根據我在過去 72 小時左右與客戶進行的一些對話，我非常有信心，因此渠道中沒有任何內容。

Nothing, okay, great, thank you.

沒什麼，好的，太好了，謝謝。

Thank you.

謝謝你。

Our next question is from Ted Parmagiani from Lehman Brothers.

我們的下一個問題來自雷曼兄弟的 Ted Parmagiani。

Your line is live.

你的線路是活的。

Yeah, it is Parmagiani.

是的，它是帕瑪強尼。

Thank you.

謝謝你。

Good afternoon.

下午好。

Guys, I just wanted to ask a question that had to go to your costs and improvements that you might be able to obtain here, given the stable-to-better pricing environment that you expect here in the quarter.

伙計們，我只是想問一個問題，考慮到您在本季度所期望的穩定到更好的定價環境，您可能可以在這裡獲得的成本和改進。

And then also, just a follow-up on DDR2.

然後，只是對 DDR2 的跟進。

What impact would that have on your overall pricing and strategy if, in fact, even, say, a mild scenario or a kind of a midpoint of what you are thinking about in terms of mix takes place here in the second half of the year?

事實上，如果在今年下半年發生溫和的情景或您所考慮的組合的中點，這會對您的整體定價和策略產生什麼影響？

I will take the second one first, if that's all right, Kipp?

我會先拿第二個，如果可以的話，Kipp？

You bet, Mike.

你打賭，邁克。

Go ahead.

前進。

Mike speaking.

邁克說話。

On the DDR2 ramp, to be honest with you a more conservative ramp of DDR2 in the marketplace through '04 is probably in our favor from, let's say a net income standpoint.

在 DDR2 斜坡上，老實說，從 04 年到 04 年市場上更保守的 DDR2 斜坡可能對我們有利，比方說從淨收入的角度來看。

We will put our most cost-effective DDR2 devices, the 6F square [ph] devices into volume production towards the end of the calendar year, ramping really through the first part of 2005.

我們將把我們最具成本效益的 DDR2 設備，即 6F 方形 [ph] 設備投入量產，直至 2005 年上半年。

To the extent that the market really waits and starts to ramp up aggressively when we can support with volume with the 6F square devices, we're going to be in a much better position from a costs per bits strandpoint to achieve some relative benefit there.

在某種程度上，當我們可以支持 6F 方形設備的容量時，市場真的在等待並開始積極增加，從每比特成本的角度來看，我們將處於一個更好的位置，從而在那裡獲得一些相對收益。

We actually prefer a more modest ramp.

我們實際上更喜歡更溫和的坡道。

Now having said that, no matter how steep the ramp is that the market wants to take on, we are in great position to support it.

話雖如此，無論市場想要採取多麼陡峭的斜坡，我們都可以很好地支持它。

We've got -- I think I can confidently say we are positioned better than anybody else in the business right now to support a wide variety of DDR2 module configurations.

我們已經——我想我可以自信地說，我們現在比業內任何其他人都處於更好的位置，可以支持各種 DDR2 模塊配置。

Thanks, Mike.

謝謝，邁克。

Can you repeat the cost question again?

你能再重複一遍成本問題嗎？

Yeah, since pricing isn't really going to be -- at least not a negative variable or at least that is a good assumption might be for this quarter, in terms of looking at the quarter from a gross margin standpoint, that pretty much leaves everything to cost in terms of maybe some of the potential upside you may be able to drive in the quarter, and I am just wondering where -- should we expect some improvement in your cost this quarter.

是的，因為定價並不是真的 - 至少不是一個負面變量，或者至少這是一個很好的假設，從毛利率的角度來看這個季度，這幾乎是就本季度您可能能夠推動的一些潛在上行空間而言，一切都需要成本，我只是想知道在哪裡 - 我們是否應該期望本季度您的成本有所改善。

For example, is there a lot of potential in yield improvement that could maybe move margins here incrementally a little bit given the stable environment on the top line there?

例如，考慮到那裡收入穩定的環境，是否有很多提高產量的潛力，可能會使這裡的利潤稍微增加一點？

I understand.

我明白。

Let me point out a couple of things we have mentioned so far to at least give you direction and then Bill will hop in for a little more detail on it.

讓我指出到目前為止我們已經提到的一些事情，至少可以為您提供指導，然後比爾將跳進去了解更多細節。

Now we have talked about an improving percentage of .11.

現在我們談到了 0.11 的改進百分比。

We have yet to mention the 6F squared percentage of starts.

我們還沒有提到 6F 平方百分比的開始。

Keep in mind when we are talking starts, somewhere between 50 and 60 days later they are hitting our back end so they are starting to flow through.

請記住，當我們開始談論時，大約在 50 到 60 天后，它們會到達我們的後端，因此它們開始流過。

So we have just gone from a Q1 period where we had roughly 30% of our starts at .11 to now we are up to almost as mentioned before around 70%.

因此，我們剛剛從第一季度開始，我們大約 30% 的起點是 0.11，現在我們幾乎達到了之前提到的 70% 左右。

In December we went up from up to 40% starts on F squared and that's now running 50 to 60%.

在 12 月，我們從 F 平方開始的 40% 上升到現在的 50% 到 60%。

So that will give you some idea of the metrics at work that can impact cost of the next couple of quarters.

因此，這將使您對可能影響未來幾個季度成本的工作指標有所了解。

And then Bill, maybe you would like to put a little more detail around it.

然後比爾，也許你想在它周圍添加更多細節。

Just layer one other item on top of it, from Mike's commentary, you get an indication of the improving ASP environment, and as we have consistently disclosed, our supply arrangement with the Tech Semiconductor has a lag quarter pricing.

只需在其上添加另一項，從邁克的評論中，您就會看到 ASP 環境正在改善，而且正如我們一直披露的那樣，我們與 Tech Semiconductor 的供應安排具有滯後季度定價。

So you can see that in an improving ASP environment you will see some improving margin off of that supply arrangement.

因此，您可以看到，在不斷改善的 ASP 環境中，您會看到該供應安排的利潤率有所提高。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from David Wong from AG Edwards.

我們的下一個問題來自 AG Edwards 的 David Wong。

Your line is live.

你的線路是活的。

Thank you very much.

非常感謝。

Can you help us understand with your current Capex guidance for expectations what you expect production, bit growth is going to be the fiscal year 2004?

您能否通過您當前的資本支出指導幫助我們了解您對 2004 財年的預期產量、比特增長的預期？

We are still looking in the 35 to 40% range for DRAM product and, of course, within that, we started our fiscal Q1 with about 4, 5, 6% of wafers aimed at nonDRAM product and, as Steve mentioned earlier, that can be as high as in the 20 to 25% range as we move through the year.

我們仍在尋找 35% 到 40% 的 DRAM 產品範圍，當然，在此範圍內，我們在第一財季開始時有大約 4%、5%、6% 的晶圓針對非 DRAM 產品，正如史蒂夫之前提到的，這可以隨著我們全年的發展，最高可達 20% 到 25% 的範圍內。

Right, thanks.

好的，謝謝。

Thank you.

謝謝你。

Our next question is coming from Menish Goyle from Neuberger Berman.

我們的下一個問題來自 Neuberger Berman 的 Menish Goyle。

Your line is live.

你的線路是活的。

Two questions.

兩個問題。

First, if you are running roughly 10 to 12% [inaudible] in nonDRAM products is it reasonable to expect during the current quarter just about 10% revenue was from nonDRAM products?

首先，如果您在非 DRAM 產品中運行大約 10% 到 12% [聽不清]，是否可以合理地預期本季度只有大約 10% 的收入來自非 DRAM 產品？

Well, there is a little bit of a lag, of course, between start and revenue, so I think the way to look at it is whether it's -- some of that stuff we sell in wafers form and some of it actually makes its way all the way on to an NCP which is beyond kind of the back-end packaging.

嗯，當然，在開始和收入之間有一點滯後，所以我認為看待它的方式是 - 我們以晶圓形式銷售的一些東西，其中一些實際上是它的方式一直到 NCP，它超出了後端包裝的範圍。

So you have to figure somewhere between 60 and 90 days later, it will convert into revenue.

因此，您必須在 60 到 90 天后的某個地方計算，它將轉化為收入。

So I think it is a pretty good assumption, I can't give you an exact timing on the lag, but it varies 60 to 90 days.

所以我認為這是一個很好的假設，我不能給你一個準確的延遲時間，但它會在 60 到 90 天之間變化。

So if you look at the revenues of your nonDRAM products, how would you classify the profitability of that revenue if you exclude one-time items.

因此，如果您查看非 DRAM 產品的收入，如果排除一次性項目，您將如何對該收入的盈利能力進行分類。

Do you think it is close to your DRAM profitability?

您認為它接近您的 DRAM 盈利能力嗎？

Or is it very different?

還是有很大不同？

Yeah, for the mainstream DRAM, it's better margin.

是的，對於主流的 DRAM，它的利潤率更高。

The operating income line and gross margin line?

營業收入線和毛利率線？

Yeah, sure.

好，當然。

We are ready to break it down for you.

我們準備為您分解它。

Flash in current pricing comparatives, okay.

在當前的價格比較中閃現，好的。

We have to make sure you understand that.

我們必須確保您理解這一點。

The NOR-Flash is just slightly less gross margin and we have both the image sensors and the Pseudo SRAM which are better gross margin.

NOR-Flash 的毛利率略低，我們同時擁有圖像傳感器和 Pseudo SRAM，它們的毛利率更高。

I see.

我懂了。

Thank you.

謝謝你。

And one more question, if I look at your cost of goods, and after adjusting it for the inventory charges for the last quarter and for the current quarter, it seems like your cost of goods declined roughly by $80 million.

還有一個問題，如果我查看你們的商品成本，在根據上一季度和本季度的庫存費用進行調整後，你們的商品成本似乎下降了大約 8000 萬美元。

Is that correct?

那是對的嗎？

And then secondly, what caused that decline?

其次，是什麼導致了這種下降？

If your depreciation is roughly flat?

如果您的折舊大致持平？

I think we will have to work with you offline, Menish as I don't have those inventory adjustments in front of me.

我認為我們將不得不離線與您合作，Menish，因為我面前沒有那些庫存調整。

Seems like -- okay, that's fine.

好像——好吧，沒關係。

Thank you.

謝謝你。

Depreciation for the period is about -- down about $15 million, just on the 14-to-13-week.

僅在 14 至 13 週，該期間的折舊約為 - 減少約 1500 萬美元。

But otherwise we'll have to get those --.

但否則我們將不得不得到那些——。

So about $70 million sequential decline in cost of goods.

因此，商品成本連續下降約 7000 萬美元。

Maybe we can take it offline.

也許我們可以讓它離線。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Clark Westmont from Smith Barney.

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

Your line is live.

你的線路是活的。

I think, Steve, you covered pretty much everything.

我認為，史蒂夫，你幾乎涵蓋了所有內容。

Maybe one just last return to the notebook side.

也許是最後一次回到筆記本端。

Can you distinguish much between the notebook and desktop demand and what you have seen in notebook in particular in the last, say, three to four or five weeks?

您能否區分筆記本電腦和台式機的需求以及您在筆記本電腦中看到的情況，特別是在過去的三、四或五週內？

Yeah, I think that question came up earlier.

是的，我認為這個問題提早出現了。

We have seen some -- unfortunately, I don't have data at my fingertips to specifically reference, but we have seen a pretty reasonable bounce back in demand for small outline dims that would be used to populate notebook computers with memory.

我們已經看到了一些——不幸的是，我沒有手頭的數據可以專門參考，但我們已經看到對用於填充筆記本電腦內存的小輪廓暗淡的需求出現了相當合理的反彈。

We have seen a pretty strong bounce back in the last two or three weeks.

在過去的兩三周里，我們看到了相當強勁的反彈。

I wish I could tell you what percentage of our overall output was going on small outline versus unbuffered dims for desktops, I don't have that data, but I am sure we can get it to you offline.

我希望我能告訴你我們整體輸出的百分比是小輪廓與桌面的無緩衝暗淡，我沒有這些數據，但我相信我們可以離線將它提供給你。

I appreciate it

我很感激

Thank you.

謝謝你。

Our next question is coming from Krishna Shankar from JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Krishna Shankar。

Your line is live.

你的線路是活的。

Yes.

是的。

Can you give us your best estimate for industry bit production growth demand for this year given your assessment of 300mm [inaudible] among your competitors.

鑑於您對競爭對手中 300 毫米 [聽不清] 的評估，您能否給我們您對今年行業鑽頭產量增長需求的最佳估計。

I didn't quite get it all.

我沒有完全明白。

I am going to repeat it and you can tell me if this is correct.

我要重複一遍，你可以告訴我這是否正確。

Were you looking for an industry supply bit growth?

您是否正在尋找行業供應位增長？

Yeah, supply bit growth versus demand from your viewpoint.

是的，從您的角度來看，供應位增長與需求之間的關係。

We've seen some recent estimates by those who follow that and model those things and we are now looking at a range that used to be in terms of bits produced for the industry for '04 over '03.

我們已經看到了那些遵循這一點並對這些事物進行建模的人最近的一些估計，我們現在正在研究一個範圍，該範圍過去是 04 年到 03 年為行業生產的比特數。

We started the year looking at expert estimates in the 50% to 60% range and now we've seen them as low as 35 and as high as about 50.

今年年初，我們查看了 50% 到 60% 範圍內的專家估計，現在我們看到它們低至 35，高至約 50。

And we've got demand -- you can kind of -- you will have to calculate your own, but I think Mike's comments earlier about Q1 and Q2 give you a pretty good lead-in to what potentially the calendar year could be on the demand side.

而且我們有需求——你可以——你必須自己計算，但我認為邁克早些時候關於第一季度和第二季度的評論給你一個很好的引導，讓你了解日曆年可能在需求端。

Okay.

好的。

Can you give us what your 6F square production was for the most recent quarter as a percent of total DRAM.

你能告訴我們你最近一個季度的 6F 平方產量佔 DRAM 總量的百分比嗎？

We have given it to you in terms of starts.

我們已經在開始方面給了你。

And, again, as Steve mentioned, lag that by about 60 to 90 days.

而且，正如史蒂夫所提到的，再次滯後了大約 60 到 90 天。

So if you recall, when we were on our December conference call, September was about 10% starts, and when we got into December, we had raised that to about 40%.

因此，如果您還記得，當我們在 12 月的電話會議上，9 月的開工率約為 10%，而當我們進入 12 月時，我們已將其提高到約 40%。

So a pretty steep ramp right at the end of the calendar year end.

所以在日曆年結束時有一個非常陡峭的斜坡。

Okay.

好的。

And final question, with all your 90mm be on 300mm wafers or will you be transitioning some of your 200mm capacity to 90 nanometer technology.

最後一個問題，您的所有 90 毫米晶圓都在 300 毫米晶圓上，還是您會將部分 200 毫米產能轉換為 90 納米技術。

No, it will transition on 200mm as well.

不，它也會在 200mm 上過渡。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Dan Niles with Neuberger Berman.

我們的下一個問題來自 Dan Niles 和 Neuberger Berman。

Your line is live.

你的線路是活的。

Thanks.

謝謝。

Steve, this transition to .11 that you are seeing for the industry, is it any more challenging than some of the other transitions that you have seen over your 20 years in the business?

史蒂夫，您所看到的行業向 .11 的過渡，是否比您在 20 年的業務中看到的其他一些過渡更具挑戰性？

Because it always seems to be every other node, there seems to be some issue sometimes in terms of --

因為它似乎總是每個其他節點，所以有時在以下方面似乎存在一些問題 -

Well, Dan, I think it depends on your starting point, and for us, the .11, went extremely well and we have already talked about the .13 did not go as well, but we had a lot of focus on .11 earlier on and we made that choice, and as a result, the 90 nanometer for us is going to be relatively straightforward as well because we are not going through a big Litho-change in order to do it.

嗯，丹，我認為這取決於你的出發點，對我們來說，0.11 進展得非常好，我們已經討論過 .13 進展不佳，但我們之前非常關注 0.11我們做出了這樣的選擇，因此，90 納米對我們來說也將相對簡單，因為我們不會為了做到這一點而進行大的 Litho 更改。

I think many of our competitors do have to go through a change in order to make that transition.

我認為我們的許多競爭對手確實必須經歷變革才能實現這種轉變。

It also turned out that the .11 was much more difficult for some others than maybe they thought it would be, and if you remember, there were a couple of them out there bragging allowed about .13 and how that was going and what percentage of production they were going to hit on that and if you back up a year ago we were kind of the first company to come out and say what we were going to do on .11 and we gave targets on percentage of starts that we were going to hit throughout the year and, of course, history now shows we hit those.

事實證明，0.11 對於其他一些人來說比他們想像的要困難得多，如果你還記得的話，他們中的一些人在吹噓 0.13 是允許的，這是怎麼回事，佔多少百分比生產他們會達到這一點，如果你在一年前支持，我們是第一家出來說我們將在 0.11 上做什麼的公司，我們給出了我們將要開始的百分比目標全年都很受歡迎，當然，歷史現在表明我們達到了這些目標。

At least a couple of our competitors also gave targets of what they were going to hit on .11, and they haven't hit them.

至少我們的幾個競爭對手也給出了他們在 0.11 上要達到的目標，但他們沒有達到目標。

In fact one of them is just way, way behind of what they said they were going to do and I think that is because of the difficulty you are mentioning on trying to make the transition from 13 to 11.

事實上，其中一個只是遠遠落後於他們所說的他們將要做的事情，我認為這是因為你提到的從 13 到 11 過渡的困難。

.11 to 90 nanometer, frankly, I think is going to be tough, maybe even tougher for some.

0.11 到 90 納米，坦率地說，我認為這將是艱難的，對某些人來說可能更艱難。

We don't believe that it will be any more difficult for us, and I have already mentioned we had don't have to do a litho change to do it.

我們不相信這對我們來說會更困難，而且我已經提到我們不必進行光刻更改來做到這一點。

We feel pretty good at where we are at, but I don't think that is the case for everybody.

我們對自己所處的位置感覺很好，但我不認為每個人都是如此。

Are most of your competitors not having to make a litho change to get the 11 or a double litho change to 11 and then to 90?

您的大多數競爭對手是否不必進行光刻更改以獲得 11 或雙光刻更改為 11 然後到 90？

At this point, I think most of them won't have to make a litho change as well once they get the 11 ironed out.

在這一點上，我認為一旦他們完成了 11，他們中的大多數人也不必進行光刻更改。

All right, I guess a separate question on the bit production so I understand it better.

好吧，我想關於位生產的一個單獨問題，所以我更好地理解它。

Kipp, I think you had mentioned bit increases in the high single digits, is that DRAM, Flash, Pseudo SRAM, that's all memory and then should we add the CMOS image sensors on top of that?

Kipp，我想你提到了高個位數的位增加，是 DRAM、閃存、偽 SRAM，那都是內存，然後我們應該在上面添加 CMOS 圖像傳感器嗎？

What is the right math?

什麼是正確的數學？

That is correct, Dan.

沒錯，丹。

Okay.

好的。

Thanks.

謝謝。

Thank you.

謝謝你。

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

我們的下一個問題來自亞當·帕克和桑福德·伯恩斯坦。

Your line is live.

你的線路是活的。

Hey, this is Nathan Dupree for Adam Parker.

嘿，這是亞當·帕克的內森·杜普里。

A question on Capex.

關於資本支出的問題。

You had only $468 million for the first two quarters out of the $1.5 billion guidance.

在 15 億美元的指導中，前兩個季度只有 4.68 億美元。

Can you just help me with thinking about how that will hit for the rest of the year, and more interestingly, how that will hit the cash flow statement over the year?

你能幫我想想今年剩下的時間裡這將如何影響，更有趣的是，這將如何影響全年的現金流量表？

In the numbers that we are giving you, they are a pretty good correlation with the cash flows so you can see there is a significant amount hitting in the second half of the year.

在我們提供給您的數字中，它們與現金流有很好的相關性，因此您可以看到今年下半年會有大量資金流入。

As far as just the composition of that, it is very, very heavy to fabs, back end pretty light, actually, and there's about an equal split between 300mm and the other fabs generally.

就其組成而言，它對晶圓廠來說非常非常重，實際上後端相當輕，並且通常在 300 毫米和其他晶圓廠之間存在大約相等的分割。

Leave it with that kind of a broad characterization, but you are looking at it correctly there is some significant cash flow in the second half of the year.

保留這種廣泛的特徵，但你正確地看待它，下半年會有一些顯著的現金流。

Okay.

好的。

And if that does flow the way you expect and you do get the qualifications at the time you expect, what are you looking at for depreciation then?

如果這確實按照您期望的方式進行，並且您確實在您期望的時間獲得了資格，那麼您在看什麼折舊呢？

We are still giving an estimate for fiscal year '04 at $1.2 billion, running the $300 to $315 million going forward on a quarterly basis as a good estimate.

我們仍然對 04 財年的估計為 12 億美元，將每季度的 300 至 3.15 億美元作為一個很好的估計。

Okay.

好的。

Okay, different question.

好吧，不同的問題。

About average contract prices.

關於平均合同價格。

For March, do you have any comments on the first half and second half of March?

對於3月，您對3月上半月和下半月有何評論？

First half on percentage-wise, we were able to raise prices from the second half of February by about 7% or 8%.

上半年按百分比計算，我們能夠從 2 月下半月起將價格提高約 7% 或 8%。

And the absolute prices in the low to mid 4s on a 256 megabit equivalent basis and for the second half of March same thing -- I'm sorry, the pricing I just referenced was for the second half of March.

在 256 兆比特等價基礎上，中低端 4 秒的絕對價格和 3 月下半月的價格相同——對不起，我剛才提到的價格是 3 月下半月的價格。

Okay.

好的。

For the second half of March able to raise them 7% or 8% versus the first half of March, and we will have another price negotiation with our OEMs next Tuesday, and my expectation is for a price increase there as well.

3 月下半月能夠比 3 月上半月提高 7% 或 8%，我們將在下週二與我們的 OEM 進行另一次價格談判，我預計那裡的價格也會上漲。

Okay.

好的。

And is -- so the tech JV, just to get the pricing, that's the quarterly in its lag, that's based off of contract pricing, right?

並且是 - 所以技術合資企業，只是為了獲得定價，這是滯後的季度，這是基於合同定價的，對嗎？

Not the total mix?

不是整體組合？

In other words, it does include just contract or contract in spot?

換句話說，它確實包括合同或現貨合同？

It is an average based on the type of devices that are running, which is dominantly DDR devices.

它是基於正在運行的設備類型的平均值，主要是 DDR 設備。

Okay.

好的。

And so that should, therefore, be up based on the increase in prices this --.

因此，這應該基於價格上漲而上漲--。

Almost all of our stuff is going to contract these days anyway so.

無論如何，這些天幾乎我們所有的東西都會收縮。

Okay, thanks

好的謝謝

Thank you.

謝謝你。

Our next question is coming from Quinn Bolton from Oppenheimer.

我們的下一個問題來自奧本海默的 Quinn Bolton。

Your line is live.

你的線路是活的。

Hi.

你好。

First, a quick clarification on the contract pricing just discussed.

首先，快速澄清一下剛剛討論的合同定價。

You said it was up 7% to 8% in each of the first half of March and second half of March.

你說 3 月上半月和 3 月下半月分別上漲了 7% 到 8%。

I wanted to get -- where is the pricing now on the contract, is it low to mid-4s or is that as the first half.

我想知道——現在合同的定價在哪裡，是低到 4 秒左右還是上半年的定價。

I am sorry, I know I answered that in an unclear manner.

對不起，我知道我以不清楚的方式回答了這個問題。

It is currently in the low to mid-4s and that is for the second half of March.

它目前處於 4 秒至 4 秒左右，即 3 月下半月。

Okay.

好的。

Great.

偉大的。

And just a clarification on the inventory levels.

只是對庫存水平的澄清。

It looks like you shipped pretty much everything you built.

看起來您幾乎運送了您構建的所有東西。

We are wondering if you shipped -- squeezed anything more out of the inventory during the quarter.

我們想知道您是否在本季度從庫存中擠出了更多的東西。

Whether your inventories were effectively flat quarter over quarter so you just shipment matched production in the quarter.

您的庫存是否有效地按季度持平，因此您只是在該季度發貨匹配的生產。

Shipments matched production.

出貨量與生產相匹配。

Okay, thank you.

好的謝謝你。

Thank you.

謝謝你。

Our next question is coming from Mora Arabi from Rosetta Group.

我們的下一個問題來自 Rosetta Group 的 Mora Arabi。

Your line is live.

你的線路是活的。

I would like to ask how much of the revenue is coming from crucial and the aftermarket.

我想問一下有多少收入來自關鍵市場和售後市場。

We couldn't quite hear, what part of the revenues came from what?

我們不太清楚，收入的哪一部分來自什麼？

Crucial and aftermarkets in general.

關鍵市場和售後市場。

The crucial business unit represents approximately 10% of our revenues and about half of that would be administering an aftermarket upgrade program for our OEM customers and the other half would be literally selling modules one by one or in small volumes to individual consumers or small businesses.

關鍵業務部門約占我們收入的 10%，其中約一半將管理我們的 OEM 客戶的售後升級計劃，另一半將逐個或小批量地向個人消費者或小型企業銷售模塊。

Okay, the follow-up just on the cost question.

好的，關於成本問題的後續行動。

You had a target before, I think, to bring costs down 40% or something of that magnitude.

我認為，您之前有一個目標，就是將成本降低 40% 或類似程度。

Are you ahead or on track or?

你是領先還是在軌道上？

Well, when we say "cost target" you have to back up really one year, and frankly, I can't remember exactly where it is right now, what it was, but we had achieved it.

好吧，當我們說“成本目標”時，你必須支持一年，坦率地說，我不記得它現在的確切位置，它是什麼，但我們已經實現了。

I think we said we were going to try to hit somewhere to around 40% for the year, and then the question is, what happened on a go-forward basis.

我想我們說過我們將嘗試在今年達到 40% 左右，然後問題是，在前進的基礎上發生了什麼。

Right.

正確的。

We have been able to reduce our cost by 25% to 30% per year on a normalized curve and, of course, we're going to continue to try to drive down that curve just like we have in the past.

我們已經能夠在標準化曲線上每年將成本降低 25% 到 30%，當然，我們將繼續嘗試像過去一樣降低該曲線。

So this year you don't have the 40% goal?

所以今年你沒有40%的目標？

Well, it's a little deceiving because you have to talk about the product type now.

好吧，這有點騙人，因為您現在必須談論產品類型。

As Mike Sadler had mentioned on a lower density products even though we will, of course, try to have cost reductions on those as well, you don't have the benefit of going to a higher density because the particular density that we're at, say it's a 64 or 128 meg, that is the density you are at.

正如邁克·薩德勒（Mike Sadler）在低密度產品上提到的那樣，儘管我們當然也會嘗試降低這些產品的成本，但您沒有獲得更高密度的好處，因為我們所處的特定密度，假設它是 64 或 128 兆，這就是你所處的密度。

You may shrink it but you're not going to a higher density which gives you more bit.

你可以縮小它，但你不會去到更高的密度，這會給你更多的比特。

It is a little bit deceiving to talk about what the cost targets are, because it is not apples to apples anymore.

談論成本目標是多少有點欺騙性，因為它不再是蘋果對蘋果了。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Ben Lynch from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ben Lynch。

Your line is live.

你的線路是活的。

Thanks.

謝謝。

Hi there, guys.

嗨，伙計們。

I seem to recall on the Q1 conference call you said your Q2 bit production would be sort of flat, not including CMOS image sensors.

我似乎記得在 Q1 電話會議上，您曾說過 Q2 位的產量會有點平淡，不包括 CMOS 圖像傳感器。

And also accounting for the sort of 14-to-13-week change.

並且還考慮了 14 到 13 週的變化。

Now you are saying that the weekly volume was up about 5%, which, if I just take the one-week difference, it would seem to be a little bit lighter than you had guided to.

現在你說每週的交易量增加了大約 5%，如果我只計算一周的差異，它似乎比你所指導的要輕一點。

Can you help me understand that, please?

請你幫我理解一下好嗎？

Actually we did hit what it was.

實際上，我們確實做到了。

We were actually up a couple percent.

我們實際上上漲了幾個百分點。

I think it was one or two percent on an absolute basis, Ben.

我認為這是絕對的百分之一或二，本。

Okay.

好的。

5% on a weekly basis.

每週5%。

Okay.

好的。

Right.

正確的。

I had understood that it was even despite the number of weeks being down.

我已經明白，儘管週數減少了。

That's correct.

這是正確的。

If you compared 13 to 13, you can figure that, a 5% increase per week.

如果您將 13 與 13 進行比較，您可以算出，每週增加 5%。

If you did absolute to absolute, we were up just a little bit better than what we thought.

如果你從絕對到絕對，我們比我們想像的要好一點。

We thought we would be flat and were actually were up 1 to 2%.

我們認為我們會持平，實際上上漲了 1% 到 2%。

Okay.

好的。

Just in terms of the cost trends.

就成本趨勢而言。

A lot of your overall wafer volumes in this quarter were nonmainstream DRAM, [inaudible] Flash, also the higher margin SDRAM parts you are talking about.

本季度你們的大部分晶圓總量是非主流 DRAM、[聽不清] 閃存，還有你們所說的利潤率更高的 SDRAM 部件。

If I add up the SDRAM you're saying is 25% of output.

如果我把你所說的 SDRAM 加起來是輸出的 25%。

The nonDRAM about 12%.

非DRAM約12%。

That gets me to 37% or so.

這讓我達到了 37% 左右。

I know I am mixing up wafer starts and wafer outs, but it's a high portion of your volumes.

我知道我混淆了晶圓開始和晶圓輸出，但這是您產量的很大一部分。

Is that right just before I get on with my question?

在我繼續我的問題之前是這樣嗎？

Actually if you go back to what we guided before, if you basically just leave a one-quarter gap in there and go back to what we talked about, we were 5, 6% starts on nonDRAM last quarter which means that is roughly the nonrevenue number in the quarter we just reported.

實際上，如果你回到我們之前的指導，如果你基本上只留下四分之一的差距並回到我們所說的，我們上個季度在非 DRAM 上的啟動率為 5%、6%，這意味著這大致是非收入我們剛剛報告的季度中的數字。

So 30% of wafer shipments were nonmainstream DRAM.

因此 30% 的晶圓出貨量是非主流 DRAM。

Well, you also now have to figure in that SDRAM had higher ASP.

好吧，您現在還必須考慮到 SDRAM 具有更高的 ASP。

So you are now combining bit ship and revenues.

所以你現在將比特船和收入結合起來。

So you're going to have to go in one direction or the other for me.

所以你將不得不為我走向一個方向或另一個方向。

Okay.

好的。

It is a complicated mix, but I guess where I am ultimately getting at is, you are having a lot of .11 Micron coming on line now and or you are shipping out in this Q3, 6F squared is really starting to ramp as well and yet you are only guiding despite obviously the continued ramp of image sensors, et cetera, production volumes to be up high single digits.

這是一個複雜的組合，但我想我最終要到達的地方是，你現在有很多 0.11 微米的產品上線，或者你正在第三季度發貨，6F 平方也確實開始上升，並且然而，儘管圖像傳感器等產品的產量明顯持續增長，但您只是在指導產量以高個位數增長。

I would have thought it would be up a lot more because you are getting two massive bangs for your buck with the .11 and 6F squared.

我原以為它會漲得更多，因為您可以在 0.11 和 6F 平方的情況下獲得兩個巨大的收益。

Are you at the yields yet to get the maximum benefit from those?

您是否還沒有從這些收益中獲得最大收益？

We are pleased with the yields.

我們對產量感到滿意。

It's really two things.

這真的是兩件事。

You have, one, additional wafers shifting towards nonDRAM related products, and number two, a couple of component shifts as well.

你有，一個，額外的晶圓轉移到非 DRAM 相關產品，第二，幾個組件轉移。

As Mike mentioned, a little more DDR2 which is slightly less efficient than other things and then in the margin category or the contribution category, some of the trailing edge products like 128 megs or 64 megabit DRAMs may not have the bit impact but certainly has the margin contribution impact.

正如 Mike 所提到的，多一點 DDR2 比其他東西效率略低，然後在利潤類別或貢獻類別中，一些後緣產品，如 128 兆或 64 兆位 DRAM 可能沒有位影響，但肯定有保證金貢獻的影響。

Okay.

好的。

And maybe just my last question.

也許只是我的最後一個問題。

When you look at all the DRAM guys who report their numbers, other than Infineon who I think you are alluding to as the major guy having problems with .11.

當您查看所有報告其數據的 DRAM 公司時，除了英飛凌之外，我認為您提到的 DRAM 公司是 0.11 存在問題的主要公司。

Everyone else is sort of achieving pretty decent operating margins at the moment.

目前，其他所有人的營業利潤率都相當可觀。

Samsung supposedly 35%.

三星應該是35%。

Some of the guys in Taiwan, 20% or so.

台灣的一些人，20%左右。

How do you think they are managing to do that, Infineon and you guys are here close to break even.

你認為他們是如何做到這一點的，英飛凌和你們在這裡接近收支平衡。

You nailed it.

你搞定了。

We are right in the middle of that.

我們就在這中間。

You say they are shooting margins to around somewhere between 20 and 35%.

你說他們的利潤率在 20% 到 35% 之間。

I think we turned in a quarter at 25.

我想我們在 25 歲時上交了四分之一。

I am talking about operating margins.

我說的是營業利潤率。

Not gross margins.

不是毛利率。

Well, again, if you were going to compare to the Taiwanese, they don't have the SG&A and R&D numbers.

好吧，再一次，如果你要與台灣人進行比較，他們沒有 SG&A 和 R&D 數字。

So again, you will have to compare like numbers.

同樣，您將不得不比較類似的數字。

Okay.

好的。

Yeah.

是的。

They will say fully loaded costs are giving [inaudible].

他們會說滿負荷的成本正在給 [聽不清]。

That is what they are reporting in their accounts, before going to pretax income.

這就是他們在計入稅前收入之前在賬戶中報告的內容。

Okay.

好的。

I just thought I would try to get your perspective on why at the moment they seem to be a lot more profitable.

我只是想我會嘗試讓您了解為什麼目前它們似乎更有利可圖。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Ty Gwenn from Susquehanna.

我們的下一個問題來自 Susquehanna 的 Ty Gwenn。

Your line is live.

你的線路是活的。

Just one question.

就一個問題。

I was wondering with your anticipation of the undersupply market for the second half, I was just wondering, Steve, do you have plans to pull in your 300mm production into the 2004?

我想知道您對下半年市場供應不足的預期，我只是想知道，史蒂夫，您是否有計劃將您的 300mm 生產拉到 2004 年？

Well, we are already on probably as good a pace as we can be on.

好吧，我們已經在盡可能快的速度上。

If you think back to when we struck an agreement with the Intel investment, we said that it had to do with 300mm investment.

如果你回想一下我們與英特爾投資達成協議時，我們說它與 300mm 投資有關。

And at that time, we had made a decision to try to bring in the 300mm ramp to the best of our ability, and that's just the schedule we are on.

那時，我們已決定盡我們所能引入 300 毫米坡道，而這正是我們的時間表。

If you go look at lead times on steppers and those kind of things, we are going to have to live with that.

如果你去看看步進器和那些東西的交貨時間，我們將不得不忍受這種情況。

And, the equipment lead times now are, they've pushed out six to 12 months, maybe longer in some particular cases.

而且，現在的設備交貨時間已經推遲了 6 到 12 個月，在某些特定情況下可能更長。

So you have to back up and realize we ordered a lot of that equipment in the fall but we don't get delivery of it until this fall and that is just the schedule we have to live with.

所以你必須支持並意識到我們在秋季訂購了很多設備，但我們要到今年秋季才能收到它，而這正是我們必須忍受的時間表。

Okay.

好的。

And then on your CMOS image sensor, could you elaborate more on where you are today in terms of like design win and penetration in terms of, like, digital camera front as well as the handset camera front.

然後在您的 CMOS 圖像傳感器上，您能否詳細說明您今天在設計勝利和滲透方面的情況，例如數碼相機正面和手機相機正面。

This is Mike.

這是邁克。

I would be happy to address that.

我很樂意解決這個問題。

We have a number of -- a dozen or more design wins on the digital still camera front, both actually with the one, two, and three megapixel chips.

我們在數碼相機正面有十幾個或更多的設計勝利，實際上都是用一個、兩個和三個百萬像素芯片。

We are rolling on the digital still camera front as well as we can reasonably expect.

正如我們可以合理預期的那樣，我們正在推進數碼相機前端。

Actually, better than we can reasonably expect.

實際上，比我們合理預期的要好。

On the mobile phone side, the sweet spot today, outside of Japan, on the camera front is still at VGA density and we have a number of design wins there.

在手機方面，今天在日本以外的最佳位置，攝像頭正面仍然是 VGA 密度，我們在那裡取得了許多設計勝利。

We've got a couple of very high-profile design wins we are not talking about publicly, but we are shipping in the multiple millions of units now each quarter.

我們已經獲得了一些非常引人注目的設計勝利，我們沒有公開談論，但我們現在每個季度都在出貨數百萬台。

So we are very pleased with the -number of design wins that we have across those two platforms.

因此，我們對在這兩個平台上獲得的設計勝利數量感到非常滿意。

We are now out in the marketplace with our one megapixel sensor for mobile phones and we've secured a number of design wins now and we are moving into production very shortly on that chip as well.

我們現在在市場上推出了一款用於手機的百萬像素傳感器，我們現在已經獲得了許多設計勝利，而且我們很快就會在該芯片上投入生產。

So quite pleased with the progress.

所以對進展很滿意。

Actually very pleased with the progress on the sensor front.

實際上對傳感器前端的進展非常滿意。

Great.

偉大的。

How about on the pricing front?

在定價方面怎麼樣？

How have they been holding on?

他們是怎麼堅持下來的？

Are you seeing pricing pressure or are they still --.

您是否看到定價壓力，或者它們仍然存在——。

As the market moves on the digital -- it is a little different depending on the end market.

隨著市場向數字化方向發展——根據終端市場的不同，情況會有所不同。

On the stand-alone digital still camera front as I will call it the pixel density race accelerates through 2 megapixel into 3 megapixel, we see quite a bit of price pressure on the departing densities.

在獨立數碼相機正面，我將稱之為像素密度競賽從 2 兆像素加速到 3 兆像素，我們看到離開的密度面臨相當大的價格壓力。

So, in other words, today there is price pressure on the one and two megapixel chips for digital cameras, 3 megapixels is still selling at a nice premium and there isn't a whole lot of pressure.

所以，換句話說，今天，1 和 2 兆像素的數碼相機芯片存在價格壓力，3 兆像素的售價仍然很高，而且壓力並不大。

On the mobile phone front it's a little bit different.

在手機正面，它有點不同。

Actually what we are seeing is primarily due to the strong uptake in terms of camera penetration rate on mobile phones, I believe there is a supply constraint in the market currently and as a result pricing is stable to up for all the sensors that are going into mobile phones.

實際上，我們所看到的主要是由於手機攝像頭滲透率的強勁增長，我相信目前市場上存在供應限制，因此所有即將進入的傳感器的價格都穩定上漲手機。

Great.

偉大的。

Just one last question on the CMOS sensor.

關於 CMOS 傳感器的最後一個問題。

Do you expect to have the 4 megapixel coming out and do you expect the market will go to 4 megapixel this year or that could that be a 2005 product.

您是否預計會有 4 兆像素出現，您是否預計今年市場會達到 4 兆像素，或者那可能是 2005 年的產品。

We are coming out with a 4-megapixel chip and we do believe the market will start to move to 4 megapixel towards the end of the calendar year.

我們正在推出 4 兆像素的芯片，我們相信市場將在日曆年年底開始轉向 4 兆像素。

Okay, thank you very much.

好的，非常感謝。

We would like to thank everyone for participating on the call today.

我們要感謝大家參加今天的電話會議。

If you please 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 of this call we may have made forward-looking statements regarding the Company and the industry.

在本次電話會議期間，我們可能就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和所有其他可能在本次電話會議上做出的非歷史事實的陳述受到許多風險和不確定性的影響，實際結果可能存在重大差異。

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

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

Thank you for joining us.

感謝您加入我們。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This does conclude today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time and have a wonderful day.

你可以在這個時候斷開你的線路，度過美好的一天。