美光科技 (MU) 2004 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to your Micron Technology third-quarter 2004 earnings conference call.

女士們，先生們，下午好，歡迎參加美光科技 2004 年第三季度財報電話會議。

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

此時，所有線路都已置於只聽模式，演講結束後將開放發言以供您提問。

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

現在我很高興將發言權交給 Kipp Bedard 先生。

Sir, you may begin.

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 third quarter of fiscal year 2004 financial release conference call.

我還要歡迎大家參加美光科技 2004 財年第三季度財務發布電話會議。

Of course, on the call today are Mr. Steve Appleton, Chairman, CEO and President;

當然，今天的電話會議是主席、首席執行官兼總裁 Steve Appleton 先生；

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

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

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

此次電話會議（包括音頻和幻燈片）也可以在 Micron 的 Internet 主頁 micron.com 上找到。

If you have not had an opportunity to review the third quarter of fiscal year 2004 financial press release, it is also available on our Website at micron.com.

如果您沒有機會查看 2004 財年第三季度的財務新聞稿，也可以在我們的網站 micron.com 上獲得該新聞稿。

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 PM Mountain Daylight Time.

今晚晚些時候，山區夏令時間下午 5:30 將提供此通話的錄音重播。

You can reach that by dialing 973-341-3080 with a confirmation code of 4844814.

您可以撥打 973-341-3080，確認碼為 4844814。

This replay will run through Thursday, July 1, 2004 at 5:30 PM Mountain Daylight Time.

該重播將持續到 2004 年 7 月 1 日星期四下午 5:30 山區夏令時。

A Webcast replay will be available on the Company's Website until June 23rd of '05.

在 05 年 6 月 23 日之前，公司網站上將提供網絡廣播重播。

We encourage you to monitor our Website at micron.com throughout the quarter for the most current information on the Company, including information on the various financial conferences that we will be attending.

我們鼓勵您在整個季度監控我們的網站 micron.com，以獲取有關公司的最新信息，包括我們將參加的各種財務會議的信息。

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 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 Website.

這些特定因素可以在公司網站上找到。

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

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'd 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。

We are quite pleased with the profitability achieved in our third quarter, which ended June 3rd.

我們對截至 6 月 3 日的第三季度實現的盈利感到非常滿意。

I'll summarize the results for those who may not have seen a copy of the press release.

我將為那些可能沒有看過新聞稿副本的人總結一下結果。

For the third quarter, net sales totaled $1.1 billion, and the Company recorded operating income of 110 million and net income of 91 million, or 13 cents per diluted share.

第三季度，淨銷售額總計 11 億美元，公司錄得營業收入 1.1 億美元，淨收入 9100 萬美元，或攤薄後每股收益 13 美分。

Net sales for Q3 increased 52 percent over the same quarter of fiscal 2003.

與 2003 財年同期相比，第三季度的淨銷售額增長了 52%。

The next slide we have provided depicts the earnings-per-share calculation, as this is the first period in quite some time where basic and diluted earnings per share are not the same.

我們提供的下一張幻燈片描述了每股收益的計算，因為這是相當長一段時間以來每股基本收益和攤薄收益不同的第一個時期。

The basic EPS calculation, as seen on the top portion of this slide, includes the shares outstanding plus the stock rights issued to Intel.

如本幻燈片頂部所示，基本每股收益計算包括已發行股票加上已發行給英特爾的股票權利。

The fully-diluted EPS calculation adds the net effect of diluted stock options under the treasury method, and the effect of the convertible debentures under the if-converted method.

完全攤薄每股收益計算增加了財政部法下稀釋股票期權的淨效應，以及 if-converted 法下可轉換債券的淨效應。

Gross margin for the quarter came in at 35 percent.

本季度的毛利率為 35%。

That's up from 25 percent in the preceding quarter.

這高於上一季度的 25%。

The improvement was driven by increases in average selling prices virtually across the board.

這種改善是由幾乎全面的平均售價上漲推動的。

Selling, general and administrative expenses were up to $94 million, as a result of profit-sharing and performance-related compensation associated with the Company's profitability, and as a result of higher legal costs.

由於與公司盈利能力相關的利潤分享和與績效相關的薪酬，以及較高的法律成本，銷售、一般和管理費用高達 9400 萬美元。

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。

Third-quarter R&D totaled 181 million, down 7 million from the preceding quarter.

第三季度研發總額為1.81億，比上季度減少700萬。

The 300-mm line in Manassas, Virginia received qualification of its first device in the third quarter.

弗吉尼亞州馬納薩斯的 300 毫米生產線在第三季度獲得了其第一台設備的資格。

Near-term R&D expenses are expected to be in support of CMOS imaging, NAND Flash development and next-generation DRAM devices.

預計近期研發費用將用於支持 CMOS 成像、NAND 閃存開發和下一代 DRAM 設備。

The dollar value of inventory increased $87 million, as compared to the end of the second quarter.

與第二季度末相比，庫存的美元價值增加了 8700 萬美元。

Approximately 60 percent of that increase was in work in process.

大約 60% 的增長是在製品。

Finished goods inventories increased just slightly quarter over quarter.

製成品庫存環比僅略有增加。

Slides that you see depicting cash provided by operating activities -- you can see from this slide the cash flow provided by operations remained at a healthy level in the third quarter, just over 250 million.

您看到的幻燈片描繪了運營活動提供的現金——您可以從這張幻燈片中看到，運營提供的現金流在第三季度保持在健康水平，略高於 2.5 億。

The estimate of $1.5 billion for fiscal year '04 still looks solid for capital spending.

04 財年 15 億美元的估計對於資本支出來說仍然是可靠的。

The relatively heavy fourth-quarter load is reflective of the timing of tool deliveries during the year.

第四季度相對較重的負載反映了該年度工具交付的時間安排。

Capital spending for fiscal year '05 will likely run somewhat in excess of fiscal '04's $1.5 billion level.

05 財年的資本支出可能會略高於 04 財年的 15 億美元水平。

As of quarter end, Micron had cash and investment balances exceeding $1.2 billion, and our debt-to-equity ratio remained below 20 percent.

截至季度末，美光的現金和投資餘額超過 12 億美元，我們的債務權益比率仍低於 20%。

I'll turn the commentary over to Mike.

我會把評論交給邁克。

Thanks, Bill.

謝謝，比爾。

Customer demand for Micron's memory and image sensor products was solid in the previous quarter.

上一季度客戶對美光內存和圖像傳感器產品的需求穩定。

The primary memory demand drivers, PC and related computing products, continue to show impressive unit growth and memory content richness.

主要的內存需求驅動因素，個人電腦和相關計算產品，繼續顯示出令人印象深刻的單位增長和內存內容豐富性。

The end result of both unit and content growth is that memory demand from the computing industry has been stronger than we would normally expect in the first half of a calendar year.

單位和內容增長的最終結果是計算行業的內存需求比我們在日曆年上半年的通常預期要強。

Because of the strong demand, the mainstream memory technology for computing, DDR DRAM, has been in a tight supply situation throughout the fiscal quarter.

由於需求強勁，用於計算的主流內存技術 DDR DRAM 在整個財季一直處於供應緊張的狀態。

This is evidenced by the significant ASP increase exiting the quarter versus the average base price going into our fiscal Q3.

與進入我們第三財季的平均基價相比，本季度的 ASP 顯著增長證明了這一點。

The demand strength from PCs, as mentioned above, contributes to this, and nominal industry and megabit supply growth is also playing a role in what has been a favorable supply/demand balance.

如上所述，來自個人電腦的需求強勁促成了這一點，名義工業和兆比特供應增長也在有利的供需平衡中發揮了作用。

With the strong demand for DDR, the PC memory technology transition to DDR2 will likely occur more gradually than previously expected.

隨著對 DDR 的強勁需求，PC 內存技術向 DDR2 的過渡可能會比之前預期的更加緩慢。

However, we are ready for the transition as it begins to gain momentum over the next several quarters.

然而，我們已經為過渡做好了準備，因為它在接下來的幾個季度開始獲得動力。

We are in a great position on DDR2, with the broadest product portfolio of low- and high-density module solutions in the industry.

我們在 DDR2 方面處於有利地位，擁有業內最廣泛的低密度和高密度模塊解決方案產品組合。

The desktop PC market is currently being enabled with new chipset technology that supports DDR2 memory.

台式 PC 市場目前正在啟用支持 DDR2 內存的新芯片組技術。

The server and notebook markets are slated for chipset enablement later this calendar year.

服務器和筆記本電腦市場計劃在今年晚些時候啟用芯片組。

As has been the case for several quarters now, non-computing end markets -- such as Mobile handsets, digital consumer electronics and networking and communications infrastructure products -- have also remained strong.

與現在幾個季度的情況一樣，非計算終端市場——例如手機、數字消費電子產品以及網絡和通信基礎設施產品——也保持強勁。

With each segment showing sustained growth, the overall electronics industry demand environment is healthy, and the most robust we have seen since calendar year 2000.

隨著每個細分市場的持續增長，整個電子行業的需求環境是健康的，是自 2000 年以來我們所看到的最強勁的環境。

Micron's focus on diversifying our product portfolio to address the needs of emerging markets is reflected in our increasingly broad wafer start profile.

美光專注於使我們的產品組合多樣化以滿足新興市場的需求，這反映在我們日益廣泛的晶圓開始配置文件中。

This diversification is driving more moderate megabit growth rates overall relative to past periods.

與過去相比，這種多樣化正在推動總體上更為溫和的兆比特增長率。

Put simply, it is our objective to optimize value for shareholders.

簡而言之，我們的目標是為股東優化價值。

Our diversification strategy to go beyond computing is progressing well.

我們超越計算的多元化戰略進展順利。

In the DRAM business, this consists primarily of synchronous DRAM, which is growing in terms of both customer demand and our output.

在 DRAM 業務中，這主要包括同步 DRAM，其在客戶需求和我們的產量方面都在增長。

Demand from the consumer and communications space for 64-megabit to 512-megabit synchronous DRAM devices is steady, and market pricing for all SDRAM products is stable.

消費和通信領域對 64 兆位至 512 兆位同步 DRAM 設備的需求穩定，所有 SDRAM 產品的市場價格穩定。

The customer-based and end-market applications are attractive, and we have established a pattern of allocating more silicon each quarter to support this business.

基於客戶和終端市場的應用很有吸引力，我們已經建立了一個每個季度分配更多芯片的模式來支持這項業務。

A byproduct of the standard DRAM family, CellularRAM or Pseudo Static RAM, is gaining more traction in the mobile phone market as a replacement for traditional asynchronous static RAM.

作為傳統異步靜態 RAM 的替代品，標準 DRAM 系列的副產品 CellularRAM 或 Pseudo Static RAM 在手機市場上獲得了更多關注。

We're providing CellularRAM in densities from 16 Mb to 64 Mb, both directly to mobile phone makers and to semiconductor manufacturers, that incorporate our memory into multi-chip package solutions.

我們直接向手機製造商和半導體製造商提供密度從 16 Mb 到 64 Mb 的 CellularRAM，它們將我們的內存整合到多芯片封裝解決方案中。

The growth rate of our CellularRAM business is exceeding internal expectations, a good indicator that the technology has been embraced by customers in the mobile space.

我們 CellularRAM 業務的增長率超出了內部預期，這很好地表明該技術已被移動領域的客戶所接受。

Our family of NOR Flash devices, which consists of even-sectored Q-Flash or Strato-Flash-compatible products, is generating stable to moderately increasing revenues on a sequential quarterly basis.

我們的 NOR Flash 設備系列由偶數扇區 Q-Flash 或 Strato-Flash 兼容產品組成，按季度產生穩定至適度增長的收入。

This is a general-purpose memory product going into a wide variety of applications, from digital satellite or cable set-top boxes to high-end routers.

這是一種通用存儲產品，可用於各種應用，從數字衛星或有線機頂盒到高端路由器。

We expect this product line to continue to exhibit slow density migrations relative to DRAM; thus, the technology investment required is minimal.

我們預計該產品線相對於 DRAM 將繼續呈現緩慢的密度遷移；因此，所需的技術投資很少。

The mobile phone industry is embracing Micron's CMOS sensor technology for camera applications.

手機行業正在將美光的 CMOS 傳感器技術用於相機應用。

We are rolling out a shrink or format reduction of the current VGA sensor, and new 1-megapixel and 2-megapixel mobile centers.

我們正在推出縮小或縮小當前 VGA 傳感器的尺寸，以及新的 1 兆像素和 2 兆像素移動中心。

Our teams are working with leading OEMs and enablers to get these new chips designed into next-generation phones.

我們的團隊正在與領先的 OEM 和推動者合作，將這些新芯片設計到下一代手機中。

On the digital still camera front, we are shipping 3-megapixel sensors in volume commercially to complement the existing lineup of 1-megapixel and 2-megapixel imagers.

在數碼相機方面，我們正在批量銷售 3 兆像素傳感器，以補充現有的 1 兆像素和 2 兆像素成像器陣容。

We have begun sampling a 4-megapixel sensor that will move to volume production later this calendar year, and we intend to have this in cameras that will be available for sale this Christmas season.

我們已經開始對 4 兆像素傳感器進行採樣，該傳感器將在今年晚些時候開始量產，我們打算將其用於相機，並將在今年聖誕節期間發售。

The family of CMOS sensors is a nice complement to our memory products, and provides significant synergy with a common customer base in the primary targeted mobile phone, digital still camera and automotive applications.

CMOS 傳感器系列是我們存儲器產品的一個很好的補充，並與主要目標手機、數碼相機和汽車應用中的共同客戶群提供了顯著的協同作用。

At this point in the year, we are pleased with the market environment, and look forward to what should be a strengthening memory demand from PC makers in the second half of this calendar year.

今年此時，我們對市場環境感到滿意，並期待 PC 製造商在本日曆年下半年對內存需求的增強。

Our team is executing well on the technology transition and associated cost reduction fronts.

我們的團隊在技術轉型和相關成本降低方面表現良好。

We will continue to place considerable emphasis on our evolutionary process of diversifying the product portfolio, such that Micron is positioned as a premier silicon provider in a variety of key markets.

我們將繼續非常重視產品組合多樣化的演進過程，從而使美光在各種主要市場中被定位為領先的矽供應商。

Thanks very much for your continued support, and I'll turn it back to Kipp.

非常感謝您一直以來的支持，我會將其轉回給 Kipp。

Thanks, Mike.

謝謝，邁克。

Appreciate it.

欣賞它。

We'd now like to take questions from callers.

我們現在想回答來電者的問題。

Just a reminder -- if you are using a speakerphone, please pick up the handset when asking questions, so that 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, we'd like to take questions.

有了這個，我們想提出問題。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Michael Masdea, Credit Suisse First Boston.

Michael Masdea，瑞士信貸第一波士頓。

Congratulations, especially on the profitability on the cash flow side.

恭喜，尤其是在現金流方面的盈利能力。

I guess my first question -- I'll just keep on that theme there, keep it at a higher level, too.

我想我的第一個問題——我會一直保持那個主題，也保持在更高的水平。

There's been a number of changes you guys have been talking about for some time now, and you're talking about fewer competitors out there, you're talking about more -- Mike just talked about more product diversity probably leading to -- you can make the conclusion -- to better supply/demand for the industry.

一段時間以來，你們一直在談論一些變化，你們談論的是更少的競爭對手，你們談論的更多——邁克剛剛談到更多的產品多樣性可能會導致——你可以得出結論——更好地為行業供需。

You have got 64-bit in Longhorn out there.

您在 Longhorn 中有 64 位。

You had good profitability this quarter, which is partially resulting from that.

您本季度的盈利能力不錯，部分原因是由於這一點。

Can you just walk us through what a cycle kind of looks like, or what profitability is going to look like for you guys going forward, relative to the past, and what ROIs are going to look like?

你能告訴我們一個週期是什麼樣的嗎，或者你們未來的盈利能力會是什麼樣子，相對於過去，投資回報率會是什麼樣子？

Is this a secular change, or just something you're taking advantage of at this point in the cycle?

這是一個長期的變化，還是只是你在這個週期中利用的東西？

Michael, this is Steve.

邁克爾，這是史蒂夫。

I think that we have a couple of things going on.

我認為我們有幾件事正在發生。

Obviously, if you look at year-over-year and the general trend, for just the core DRAM, that has been improving.

顯然，如果您查看同比和總體趨勢，僅就核心 DRAM 而言，情況一直在改善。

And even though we've talked about -- the pressure on the pricing kind of comes and goes a little bit in this time period, but in general it's still pretty good.

儘管我們已經討論過——定價壓力在這段時間裡來來去去，但總的來說還是相當不錯的。

And so we're going to benefit from that.

所以我們將從中受益。

But the other thing that we have been working on, of course, is what Mike Sadler referenced as our non-core DRAM.

當然，我們一直在研究的另一件事是 Mike Sadler 所說的我們的非核心 DRAM。

And of course, at the last conference call, the reason that we were focusing on that is because we expected the margin to be equal or better than what we were able to achieve in our core DRAM.

當然，在上次電話會議上，我們之所以關注這一點，是因為我們預計利潤率與我們在核心 DRAM 中能夠實現的利潤率相同或更好。

And it has turned out that that in fact is the case, even in an environment where the core DRAM is pretty good.

事實證明，事實確實如此，即使在核心 DRAM 相當不錯的環境中也是如此。

So if you look at the margin on something like some of our specialty DRAM, like a Pseudo Static RAM, or if you look at the margin on the imaging products, it's actually been equal or better than what we were able to achieve on the core DRAM in the environment we're in right now.

因此，如果您查看我們的一些專業 DRAM（例如偽靜態 RAM）的邊距，或者如果您查看成像產品的邊距，它實際上與我們在核心上能夠實現的相同或更好我們現在所處的環境中的 DRAM。

So I think, for us, it's changing the nature of the Company going forward.

所以我認為，對我們來說，它正在改變公司未來的性質。

Now, one added note I probably should include is that we said that -- if you go back a quarter, we said that it was accounting for about 5 to 10 percent of our wafers at that time.

現在，我可能應該包括的一個補充說明是，我們說過 - 如果你回到四分之一，我們說它當時占我們晶圓的 5% 到 10%。

We said in this quarter we expected it to be somewhere between 10 to 15 percent, maybe up as high as 20, if it hit just right; it's actually right around 15 percent, and we are still in line with the end of the year, expecting that the wafers will be 20 to 25 percent into the non-core DRAM business.

我們在本季度說過，我們預計它會在 10% 到 15% 之間，如果恰到好處，可能會高達 20%；它實際上是在 15% 左右，我們仍然與年底一致，預計晶圓將有 20% 到 25% 用於非核心 DRAM 業務。

So it's a transition that is occurring for us.

所以這是我們正在發生的轉變。

It's not what I would consider a high rate of transition, but nonetheless it's occurring, and we are pretty focused on it and we feel pretty good about that going forward.

這不是我認為的高轉換率，但它仍在發生，我們非常專注於它，我們對未來的發展感覺很好。

And, for Mike, you talked about the PC environment being pretty healthy.

而且，對於 Mike，您談到 PC 環境非常健康。

What are your customers saying going forward about seasonality and about visibility, especially on the PC side?

您的客戶對未來的季節性和可見性有何看法，尤其是在 PC 方面？

I just happened to be looking at some of our current larger customers in our portfolio, their demand projections in terms of normalized in megabits, Michael, for the second half of the year.

我恰好在看我們投資組合中的一些當前較大的客戶，他們對下半年的需求預測（以兆比特為單位），邁克爾。

And it looks like about 20 to 21 percent growth quarter over quarter, Q3 versus Q2 or what the projections are, and about the same rate of growth for calendar Q4.

而且看起來季度環比增長約 20% 至 21%，Q3 與 Q2 或預測是什麼，以及日曆 Q4 的增長率大致相同。

So again, we always take all of our customer inputs with a grain of salt.

再說一次，我們總是對所有客戶的輸入持保留態度。

But 20 percent range on a quarterly basis -- sequential quarterly basis for each of calendar Q3 and calendar Q4 are -- is about what it's averaging out to be, in terms of the projections.

但就預測而言，每季度 20% 的範圍——日曆 Q3 和日曆 Q4 的每個季度的連續季度——大約是平均水平。

All right, that sounds good.

好吧，聽起來不錯。

Just a final question on the Flash side.

只是 Flash 方面的最後一個問題。

You didn't talk as much about NOR.

你沒有說太多關於 NOR 的事情。

Is that -- you're not focusing on that as much?

那是 - 你沒有那麼關注那個嗎？

And also, kind of are there any opportunities there, just because it sounds like things have been constrained throughout most of your last quarter?

而且，那裡有什麼機會，只是因為聽起來在你上個季度的大部分時間裡事情都受到了限制？

Our NOR business -- when most people talk about the NOR Flash business, I think the primary application that's being discussed is the mobile phones, cold storage for mobile phones.

我們的 NOR 業務——當大多數人談論 NOR Flash 業務時，我認為正在討論的主要應用是手機，手機的冷存儲。

Our exposure in the mobile phone area has been relatively insignificant, and it continues to be the case, but the strategy -- our strategy in the NOR area is to provide a general-purpose NOR Flash device to the marketplace, and the primary applications are outside of mobile phones.

我們在手機領域的曝光率一直相對微不足道，而且一直如此，但我們的戰略——我們在 NOR 領域的戰略是向市場提供通用 NOR Flash 設備，主要應用是手機之外。

So consumer electronics products and high-end networking and communications infrastructure products.

所以消費電子產品和高端網絡和通信基礎設施產品。

The business is growing for us;

我們的業務正在增長；

I think it's a steady growth rate.

我認為這是一個穩定的增長速度。

It's a little bit different than what you would think the high-end DRAM business is.

這與您認為的高端 DRAM 業務略有不同。

It's not as much a focus on density and increasing density.

它並沒有過多地關注密度和增加密度。

So it's a relatively stable, moderate to slow growth business for us, and we plan to keep it that way.

所以這對我們來說是一個相對穩定、適度到緩慢增長的業務，我們計劃保持這種狀態。

I would also add that from an investment standpoint, a technology investment standpoint, it's minimal.

我還要補充一點，從投資的角度，從技術投資的角度來看，它是最小的。

It's really running on technology that has already been created for other products.

它實際上運行在已經為其他產品創建的技術上。

Glen Yeung, Smith Barney.

Glen Yeung，美邦。

Thanks, good quarter.

謝謝，好季度。

I think I read in your press release that some production changes were made that resulted in lower wafer output.

我想我在你們的新聞稿中讀到了一些生產變更，導致晶圓產量下降。

I wonder if you can give us some detail there?

我想知道你是否可以在那裡給我們一些細節？

And what does that tell us about the outlook for the next quarter, as hopefully you sort of reconcile some of those issues?

這告訴我們下個季度的前景如何，希望你能調和其中的一些問題？

Does that mean we can see a better pop versus the -- call it the bit-growth (ph) forecast that you may have for the third or fourth quarter?

這是否意味著我們可以看到更好的流行——稱之為你可能對第三或第四季度的比特增長（ph）預測？

A couple of characterizations I want to comment on.

我想評論幾個特徵。

One is that we have to be careful between bit growth calculations related to our core DRAM and the non-core DRAM because, remember, the non-core DRAM -- which is either the legacy or the specialty DRAM or the Flash, as Mike just mentioned, or the imagers -- don't translate at all into bit growth, and we have been making that comment for a couple of quarters now.

一個是我們必須在與我們的核心 DRAM 和非核心 DRAM 相關的位增長計算之間小心，因為請記住，非核心 DRAM 是傳統的或專用的 DRAM 或閃存，正如邁克剛才所說提到的，或者成像器——根本不轉化為位增長，我們已經發表了幾個季度的評論。

So first of all, backing all the way up to the original part of the question about the wafer outs -- and it's also related to what you see in our inventory, because Bill commented in his opening remarks that the WIP had gone up, and that's a result of a couple of things.

因此，首先，一直支持問題的原始部分，即關於晶圓輸出的問題——這也與您在我們的庫存中看到的有關，因為比爾在開場白中評論說 WIP 已經上升，並且這是幾件事的結果。

What I referenced in the press release about the wafer output being sub-optimal, if you will, while we go through a transition, that's true.

我在新聞稿中提到的關於晶圓輸出不是最佳的，如果你願意的話，當我們經歷過渡時，這是真的。

As we allocated more wafers to the other products, we have a transition period that we have to go through, because cycle times are not exactly the same, processes are not exactly the same, et cetera.

隨著我們將更多的晶圓分配給其他產品，我們必須經歷一個過渡期，因為周期時間不完全相同，工藝也不完全相同，等等。

And that accounted for a lot of what we experienced, but I think that by and large, we are through most of that.

這佔了我們經歷的很多，但我認為總的來說，我們已經經歷了大部分。

And what you are referencing is what do you expect in the quarter going forward, and in fact we do expect wafer outs to go up.

你所指的是你對未來季度的預期，事實上我們確實預計晶圓產量會上升。

And how that translates into the WIP is pretty direct, and that is we expect our wafer output to be higher this quarter than what it was last quarter.

這如何轉化為 WIP 非常直接，那就是我們預計本季度的晶圓產量將高於上一季度。

In order to do that, of course, we have to have the WIP to do that.

為了做到這一點，當然，我們必須有 WIP 才能做到這一點。

So we started putting those wafers into the line in our third quarter, knowing that this quarter they will start coming out.

因此，我們在第三季度開始將這些晶圓投入生產線，因為我們知道本季度它們將開始問世。

So that is how that relates and translates.

這就是它的關聯和翻譯方式。

So I'm not quite sure I get the ultimate result here.

所以我不太確定我在這裡得到了最終的結果。

Is that to suggest that if you have a -- if we sort of set a benchmark, and I won't commit you to a number, but if we had sort of normal revenue growth in the August quarter, given the fact that your wafer outs are going to be slightly higher, the rate of growth could be a little bit higher than what we might normally see?

這是否意味著如果你有一個 - 如果我們設定了一個基準，我不會承諾你的數字，但如果我們在 8 月季度有正常的收入增長，因為你的晶圓出局會略高，增長率可能會比我們通常看到的高一點？

Yes, that's right.

是的，這是正確的。

That's right.

這是正確的。

The wafer outs, I think -- the wafer output growth will be higher than what you might normally expect.

我認為，晶圓產量增長將高於您通常預期的水平。

Adam Parker, Sanford Bernstein.

亞當·帕克，桑福德·伯恩斯坦。

I've got a couple of questions here.

我在這裡有幾個問題。

I know you commented on some sequential demand for Q3 and Q4.

我知道您評論了第三季度和第四季度的一些連續需求。

Can you comment on how, Mike, that compares to normal seasonality?

邁克，你能評論一下這與正常的季節性相比如何嗎？

And do you have a different view of what PC unit growth will be now for the year than you had, say, a quarter ago in terms of what the OEMs are saying?

就 OEM 的說法而言，您對今年 PC 單位增長的看法是否與季度前不同？

So more about the PC space than the DRAM content side, if you could, please.

所以更多關於 PC 空間而不是 DRAM 內容方面，如果可以的話，請。

The numbers I quoted earlier on the 20 to 21 percent growth quarter over quarter in both Q3 and Q4 were from the large PC customers.

我之前引用的第三季度和第四季度環比增長 20% 到 21% 的數據來自大型 PC 客戶。

To be honest with you, Adam, I've not connected that to a particular PC unit growth rate, although I can just quote you the numbers that all the large research firms are putting out, which is somewhere in the range of 10 to 15 percent annual growth.

說實話，亞當，我沒有將其與特定的個人電腦單位增長率聯繫起來，儘管我可以引用所有大型研究公司提供的數字，範圍在 10 到 15 之間年增長率。

Yes, and I was sort of hoping for a change in your perspective from the box makers on units, but I guess I can work it back from your comments.

是的，我有點希望盒子製造商能改變你對單元的看法，但我想我可以從你的評論中恢復過來。

Kind of switching gears, what are your expectations for your own inventory this quarter?

換個檔次，你對本季度自己的庫存有什麼期望？

I mean, do you expect it to grow another 20 percent sequentially, and are you shipping directly to OEMs now, or to some of your storage warehouses, or how has that changed in the recent few weeks?

我的意思是，您是否預計它會繼續增長 20%，您現在是直接向 OEM 發貨，還是向您的一些存儲倉庫發貨，或者最近幾週發生了怎樣的變化？

In the last few weeks, things have been -- demand has not, certainly, been on fire like I would say it was 60 to 90 days ago.

在過去的幾周里，需求確實沒有像我所說的 60 到 90 天前那樣火爆。

It has slowed down somewhat, which is typical for this point in the year.

它已經有所放緩，這是今年這個時候的典型情況。

June is probably -- I have not looked at this by month, but June typically is one of the slower demand months for PCs, and things start to rev up for back-to-school season in July.

6 月可能是 - 我沒有按月查看，但 6 月通常是個人電腦需求較慢的月份之一，7 月的返校季節開始加速。

That's what we are expecting; our customers are pulsing us quite regularly on our readiness to support a pretty strong demand surge here in the second half of the year.

這就是我們所期待的；我們的客戶經常向我們通報我們準備在下半年支持相當強勁的需求激增。

So we have taken advantage of the last couple of weeks to make sure we've got inventory well positioned to support demand growth as it occurs here for back-to-school season, and we would expect that to kick in in the month of July.

因此，我們利用過去幾週來確保我們的庫存處於有利位置，以支持需求增長，因為它發生在返校季節，我們預計這將在 7 月份開始.

Does that mean you don't expect your inventory to build this quarter, or how would you guess that your inventory would kind of shake out during this quarter?

這是否意味著您不希望您的庫存在本季度增加，或者您如何猜測您的庫存會在本季度出現波動？

We've built in nominal inventory growth, which would still be reflective of a typical days of sale or weeks of sale, but it's going up, as our output is going up for the quarter as well, but not significantly.

我們已經建立了名義庫存增長，這仍然反映了典型的銷售天數或銷售週數，但它正在上升，因為我們本季度的產量也在上升，但並不顯著。

Okay, sorry, a couple of other quick things.

好的，抱歉，還有其他一些快速的事情。

What percent of your total wafers out or your total revenue was on legacy DRAM here, and how do the margins on these things compare to your overall business right now?

您的晶圓總產量或總收入的百分之幾來自傳統 DRAM，這些方面的利潤率與您目前的整體業務相比如何？

Adam, this is Kipp.

亞當，這是基普。

In the quarter, we were pretty close to about 25 percent of the wafer outs were on the legacy products.

在本季度，我們非常接近約 25% 的晶圓輸出是在傳統產品上。

I think we've mentioned in the past that they generally have a little better contribution margin for us, or gross margin contribution.

我認為我們過去曾提到，他們通常對我們有更好的邊際貢獻或毛利率貢獻。

So in terms of your total revenue, can you talk about it, or just the wafers out?

所以就你的總收入而言，你能談談嗎，或者只是晶片出來？

I would prefer to just keep it at the wafers out level.

我寧願把它保持在晶圓外層。

Lastly here -- this is something I've kind of asked about over the last couple of quarters, and I think maybe Steve commented on it a couple of quarters ago when I asked it.

最後在這裡——這是我在過去幾個季度中問過的問題，我想史蒂夫可能在幾個季度前問過這個問題。

I thought maybe we could get an update.

我想也許我們可以得到更新。

But if we look at your cost curve, and where it is versus the competitors, where do you feel you are right now?

但如果我們看看你的成本曲線，以及它與競爭對手的對比，你覺得你現在在哪裡？

And I know you won't talk about the total cost of it per part, but where do you feel you are versus the competition?

而且我知道您不會談論每個零件的總成本，但是您覺得與競爭對手相比，您處於什麼位置？

I think, Steve, you commented a couple of conference calls ago that if the other guys kind of correctly adjusted for R&D, you believe you were the lowest-cost producer.

我認為，史蒂夫，你在幾個電話會議前評論說，如果其他人正確地調整了研發，你相信你是成本最低的生產商。

Do you still think that is the case?

你仍然認為是這樣嗎？

And if so, what percent is your lead, and how do you see that changing over the next couple of quarters, please?

如果是這樣，您的領先優勢是多少，您如何看待接下來幾個季度的變化？

Well, you know, Adam, it's pretty tough for us to get the cost numbers from our competitors, but I'll make a couple of comments as to how we directly view that.

好吧，亞當，你知道，我們很難從競爭對手那裡獲得成本數據，但我會就我們如何直接看待這一點發表一些評論。

And remember, with respect -- the way that we measure that is with respect to the core DRAM that we're producing that is using leading-edge technology.

請記住，我們衡量的方式是關於我們使用領先技術生產的核心 DRAM。

So that's the only number that's of that significance, because that's, first of all, the number that the others typically report if you get a report from anybody.

所以這是唯一具有這種意義的數字，因為首先，如果你從任何人那裡得到報告，其他人通常會報告的數字。

You know, Infineon reports their number, but they say there's fully-loaded costs for their advanced DRAM.

你知道，英飛凌報告了他們的數字，但他們說他們的先進 DRAM 的成本很高。

And a couple of the others do, but they are pretty focused on advanced DRAM.

其他幾個也這樣做，但他們非常專注於先進的 DRAM。

And there's no sense in reporting their cost on the legacy DRAM because it's a low-density (multiple speakers).

報告傳統 DRAM 的成本是沒有意義的，因為它是低密度的（多揚聲器）。

I totally agree, yes.

我完全同意，是的。

We still believe that we're in the lead, and there's a couple reasons for that.

我們仍然相信我們處於領先地位，這有幾個原因。

First of all, we believe that maybe a competitor or two has been able to start to approach the percentage of our conversion of our advanced DRAM to the 110-nanometer.

首先，我們相信也許一兩個競爭對手已經能夠開始接近我們將先進 DRAM 轉換為 110 納米的百分比。

But for all practical purposes, we're 100 percent on our advanced DRAM now running on 0.11, and we're preparing ourselves for the 90-nanometer transition, and that is not true for anybody else except for maybe Samsung, which is hard to know for sure.

但出於所有實際目的，我們 100% 使用現在運行 0.11 的高級 DRAM，我們正在為 90 納米的過渡做準備，除了三星之外，其他任何人都不是這樣，這很難肯定知道。

Even Infineon, on their last call, said that they were not going to be able to make -- they obviously didn't make the transition, and it was going to be delayed, even until later this year to try to get up into the kind of percentages that we achieved towards the end of last year.

甚至英飛凌在最後一次電話會議上也表示他們無法做到——他們顯然沒有進行過渡，而且會被推遲，甚至要推遲到今年晚些時候才能進入我們在去年年底實現的百分比。

So we not only were using the most advanced DRAM process out there to make our leading-edge DRAM, and as a result, that directly translates into bits per wafer; that's one data point.

因此，我們不僅使用最先進的 DRAM 工藝來製造我們領先的 DRAM，而且因此直接轉化為每個晶圓的位數；這是一個數據點。

The second is that, as you know, we have also been the only one, to date, able to implement 6F-squared cell, which we have communicated is about a 20 percent advantage over the 8F-squared cell device.

第二個是，如您所知，我們也是迄今為止唯一能夠實現 6F 平方單元的公司，我們已經傳達了這比 8F 平方單元設備具有大約 20% 的優勢。

So we have that advantage, in combination with the 110-nanometer percentage of our product running, and those combined lead us to believe that we're still ahead.

所以我們有這個優勢，結合我們產品運行的 110 納米百分比，這些結合讓我們相信我們仍然領先。

Now, is that directly translatable, on an absolute basis, to where we are ahead of the others, because we all have slightly different advantage of that time (ph) in relation to other factors, but those are the two biggest factors that we know.

現在，在絕對基礎上，這是否可以直接轉化為我們領先於其他人的地方，因為與其他因素相比，我們在那個時間（ph）的優勢略有不同，但這是我們所知道的兩個最大因素.

Now, the thing to mention is that we are in a period of time where there's kind of -- by the way, to translate that on a cost basis is that when you look at the efficiency of our bits on a per-cm-squared basis, we're about 10 percent improved this quarter over last quarter, to give you a relative data point.

現在，要提到的是，我們正處於這樣一個時期——順便說一下，從成本的角度來看，當你以每平方厘米計算我們的比特效率時在此基礎上，我們本季度比上一季度提高了約 10%，為您提供了一個相對數據點。

So we improved our efficiency about 10 percent on a per-bit basis for cm-squared running advanced DRAM, to give you a data point.

因此，我們在平方厘米運行高級 DRAM 的每比特基礎上提高了大約 10% 的效率，為您提供數據點。

Now, that will be countered, to some degree, because we're also ramping a 300-mm fab right now, and those early 300-mm wafers, of course, are not as efficient as our 200-mm is, and that will counter it to some degree.

現在，在某種程度上，這將被抵消，因為我們現在也在擴建 300 毫米晶圓廠，而那些早期的 300 毫米晶圓當然不如我們的 200 毫米晶圓效率高，這將一定程度上反擊。

So you've got to take all those factors into comparison, but we feel pretty get about where it's at.

因此，您必須將所有這些因素進行比較，但我們感覺很了解它的位置。

Okay, one last thing is what do you expect -- I don't know if this is for Bill, or -- but what do you expect your depreciation to look like this coming-up quarter and then maybe next year?

好的，最後一件事是您的期望——我不知道這是否適用於比爾，或者——但您預計您的折舊看起來像這個即將到來的季度，然後可能是明年？

I know you said your CapEx would be slightly higher than the 1.5 billion for 2005 fiscal, but what do you expect for depreciation kind of Q4 and next year?

我知道您說您的資本支出將略高於 2005 財年的 15 億美元，但您對第四季度和明年的折舊類型有何預期？

And then also, how do you think you're going to fund the CapEx for next year, please?

然後，你認為你將如何為明年的資本支出提供資金，好嗎？

The cap total for the current fiscal year -- your initial question was depreciation and amortization for fiscal year '04, which is just over 1.2 billion --

當前財政年度的上限總額——你最初的問題是 04 財政年度的折舊和攤銷，剛剛超過 12 億——

Right, so for -- okay, fine.

對，所以——好吧，好吧。

-- for fiscal year '04, so you can back into Q4 with that number.

- 對於 '04 財政年度，您可以使用該數字回到第四季度。

It will be a little over 315 million, then, for Q4.

那麼，第四季度的數字將略高於 3.15 億。

You're going to be running for next year probably in a 325-per-quarter range.

明年你可能會在每季度 325 人的範圍內參選。

And your last question was really the funding of CapEx profile for fiscal year '05, which with our view of the market demand and ASPs, we are very comfortable with funding that from cash flow from operations.

您的最後一個問題實際上是 05 財年資本支出概況的資金，根據我們對市場需求和 ASP 的看法，我們對來自運營現金流的資金非常滿意。

David Wong, A.G. Edwards.

David Wong，A.G. 愛德華茲。

On your 300-mm plant, can you give us some idea how this is likely to ramp through 2005, and what your expectations are, in terms of when it will actually help, in terms of profitability and gross margins?

在您的 300 毫米工廠，您能否告訴我們這在 2005 年可能會如何發展，以及您的預期是什麼，就盈利能力和毛利率而言，它何時會真正發揮作用？

Sure.

當然。

As we've said before, we have been in the process of getting it qualified, and Bill mentioned that we have qualified the first devices off of it now, and it's in fact in a ramp stage.

正如我們之前所說，我們一直在對其進行認證，比爾提到我們現在已經對第一批設備進行了認證，實際上它處於斜坡階段。

We expect, by the end of this year, by the end of calendar '04, to get up somewhere between 2,500 and 3,000 wafer starts by the end of the calendar year.

我們預計，到今年年底，到 04 年年底，到該日曆年年底開始生產 2,500 到 3,000 片晶圓。

Now, that's the level the we have committed to.

現在，這就是我們承諾的水平。

Going beyond that, we will just continue to monitor the market and decide how much we want to take it above that.

除此之外，我們將繼續監視市場並決定我們希望將其超過多少。

But we are committed, at this point, to go into that 3K level.

但在這一點上，我們致力於進入 3K 級別。

And again, whether it happens in December or January, it's hard for us to know exact granularity, because it is a 300-mm that's in the ramp stage.

再說一次，無論是在 12 月還是 1 月，我們都很難知道確切的粒度，因為它是一個 300 毫米處於斜坡階段的。

And the wafer starts, by the way, are increasing as we speak, every month that goes by, so it's in that process.

順便說一句，隨著我們說話，晶圓開始數量正在增加，每個月都在增加，所以它就在這個過程中。

Primarily, we're installing what you would consider to be second and third sets of equipment to do the same process, in order to continue that ramp, and we feel pretty good about where it's at.

首先，我們正在安裝您認為是第二套和第三套設備來執行相同的過程，以繼續這個斜坡，我們對它的位置感覺很好。

I'll take this opportunity to mention that it is the first -- to our knowledge, anyway, it's the first qualified 300-mm device that uses copper anywhere in the world for DRAM.

我將藉此機會提及它是第一個——據我們所知，無論如何，它是世界上第一個使用銅製造 DRAM 的合格 300 毫米設備。

So if we looked at actually the depreciation associated with this, is this a positive impact on gross margin or a negative impact, as of the end of this year, given this plan?

因此，如果我們實際查看與此相關的折舊，那麼到今年年底，考慮到這個計劃，這對毛利率是正面影響還是負面影響？

If we understand your question, you're asking basically when does the 300-mm become advantageous for us?

如果我們理解您的問題，您基本上是在問 300 毫米何時對我們有利？

That's right, on the gross margin line.

沒錯，在毛利率線上。

The 300-mm in Virginia today, we are going to have to get to this level where the wafers are coming out that I've already mentioned.

今天在弗吉尼亞州的 300 毫米，我們將不得不達到我已經提到的晶圓出現的這個水平。

So we would expect it to occur sometime in mid '05.

所以我們預計它會在 05 年中期的某個時候發生。

Manish Goyal, Neuberger Berman.

馬尼什·戈亞爾，紐伯格·伯曼。

Could you please talk about what was the production growth in the first of this quarter and shipment growth on a sequential basis?

您能否談談本季度第一季度的產量增長和出貨量環比增長？

Sure.

當然。

We'll address the production bit growth and, as you know, we never try and forecast the shipment piece.

我們將解決生產位增長問題，如您所知，我們從不嘗試預測出貨量。

On production, we expect probably to begin the quarter looking at about low teens for sequential bit growth, Q4 over Q3.

在生產方面，我們預計本季度開始時可能會看到大約十幾歲的連續比特增長，第四季度超過第三季度。

But I was asking for the reported quarter.

但我要的是報告的季度。

What was the shipment bit growth and production bit growth for the reported quarter?

報告季度的出貨位增長和生產位增長是多少？

I was just -- it was a little bit negative.

我只是——有點消極。

It was about down, I think, 2 to 3 percent or so.

我認為大約下降了 2% 到 3% 左右。

For both?

對彼此而言？

For production and shipment both?

用於生產和運輸？

For production, yes, and for shipments as well, because in Q2 we actually had higher shipment numbers than production numbers.

對於生產，是的，對於出貨量也是如此，因為在第二季度，我們的出貨量實際上高於生產量。

We still brought down a little bit of inventory in Q2.

我們在第二季度仍然減少了一點庫存。

I see.

我懂了。

And then, how do you reconcile that with your comments on the strong demand?

然後，您如何將其與您對強勁需求的評論相協調？

I mean, if PC units will be higher sequentially, how do you reconcile that with what DRAM declining sequentially when the DRAM content is increasing, according to you?

我的意思是，如果 PC 單元會按順序增加，那麼當 DRAM 內容增加時，您如何與 DRAM 按順序下降相協調，根據您的說法？

I'll address the inventory on the DRAM.

我將解決 DRAM 上的庫存問題。

We intentionally accumulated a small amount of finished goods inventory on the DRAM side, so we could provide a better level of service to our customers.

我們有意在 DRAM 方面積累少量的成品庫存，以便為客戶提供更好的服務水平。

What we had done in fiscal Q2 and, frankly speaking, in fiscal Q1, is we had drawn finished goods inventory levels down to uncomfortably low levels.

我們在第二財季所做的，坦率地說，在第一財季，我們將製成品庫存水平降至令人不安的低水平。

And as a result, we were not providing the level of customer service that we wanted to.

結果，我們沒有提供我們想要的客戶服務水平。

So in Q3, we intentionally grew inventories so that we were better positioned going into Q4.

因此，在第三季度，我們有意增加庫存，以便我們更好地進入第四季度。

It was insignificant, in terms of number of units, but easily could have shipped more.

就單位數量而言，這微不足道，但很容易運送更多。

We chose not to, so that we had inventory better positioned to support customers.

我們選擇不這樣做，以便我們有更好的庫存來支持客戶。

My question was more on the market, that if PC units will be higher sequentially and DRAM content is increasing, how come your sales in units are lower sequentially?

我的問題更多是在市場上，如果 PC 單位將比上一季度更高，而 DRAM 含量在增加，那麼你的單位銷售額為什麼會比上一季度低？

Well, Manish, also keep in mind that you're talking about -- and Kipp's reference is DRAM bit growth.

好吧，Manish，還請記住您在談論 - Kipp 的參考是 DRAM 位增長。

We just mentioned how much of our product is going into non-DRAM, which has no relevance at all to the bit growth number.

我們剛剛提到了我們的產品有多少進入了非 DRAM，這與比特增長數完全沒有關係。

So if you look at what happened in Q3, we -- a couple of things.

因此，如果您查看第三季度發生的事情，我們 - 有幾件事。

We allocated more product to what we call lower-density legacy type products.

我們將更多產品分配給我們所謂的低密度傳統類型產品。

We allocated more wafers to imaging products, if you will.

如果您願意，我們會為成像產品分配更多晶圓。

And of course, the Flash continued to consume about -- actually, it consumed a little bit more, but it consumed pretty close to what it was.

當然，Flash 繼續消耗大約 - 實際上，它消耗了一點點，但它消耗的非常接近它的實際情況。

So, measuring on a pure bit basis doesn't give you the total picture, and that's how we reconcile it ourselves.

因此，在純比特的基礎上進行測量並不能為您提供全面的情況，這就是我們自己協調它的方式。

Just one more question.

還有一個問題。

On the cost side, it's actually -- with your JVs and some of the inventory benefits from the past, it's kind of hard to gauge what was the cost improvement on a sequential basis.

在成本方面，實際上 - 憑藉您的合資企業和過去的一些庫存收益，很難衡量連續成本改善的情況。

Could you talk about some of the cost improvements on a sequential basis on the production side?

你能談談生產方面的一些成本改進嗎？

Well, we're not going to give you -- we don't give cost data, obviously, in terms of --

好吧，我們不會給你 - 我們不會提供成本數據，顯然，就 -

No; if you can talk just on a sequential basis, as opposed to giving actual numbers?

不;如果您可以按順序交談，而不是給出實際數字？

Well, the way that I've described it before was we improved our bit efficiency per cm-squared by about 10 percent.

嗯，我之前描述過的方式是我們將每平方厘米的比特效率提高了大約 10%。

John Lau, Banc of America.

美國銀行的約翰·劉。

Looking out into the second half of this year -- there's two questions that I had -- what is your projected percentage of the bit out (ph) as DDR by the end of -- DDR2 by the end of the year, sorry?

展望今年下半年 - 我有兩個問題 - 到年底，您預計的 DDR 比特輸出 (ph) 百分比是多少 - 到年底 DDR2，抱歉？

And also, in terms of the sweet spot in density for digital still cameras by Christmas of this year?

此外，就今年聖誕節數碼相機的密度最佳點而言？

On the DDR2 output for us, toward the end of the calendar year, so calender Q4, we are thinking it's going to be somewhere in the 15 percent range, in terms of total DRAM demand for PCs.

關於我們的 DDR2 輸出，到日曆年末，所以日曆 Q4，我們認為它將在 15% 的範圍內，就個人電腦的 DRAM 總需求而言。

And that's about where we have our production output dialed at this point in time; it's probably worthy to mention that we can adjust that up or down.

這就是我們在這個時間點調整生產輸出的地方；可能值得一提的是，我們可以向上或向下調整它。

It's just a matter of a wafer start decision for us.

對我們來說，這只是一個晶圓開始決定的問題。

But at this point, it's probably about 15 percent.

但在這一點上，它可能約為 15%。

On the digital still camera, the sweet spot at the end of this calendar year is probably going to be, for CMOS cameras, probably going to be 3 moving to 4 megapixels.

在數碼相機方面，今年年底的最佳時機可能是 CMOS 相機，可能是 3 到 4 兆像素。

And then, finally, just to recap, you had mentioned that for bit production next quarter, you would be in the low teens?

然後，最後，回顧一下，你提到下個季度的鑽頭生產，你會處於低谷嗎？

Correct.

正確的。

That, again, is referencing separate and apart from the imaging devices.

這又是與成像設備分開引用。

Right, from the wafer start of the CMOS sensors.

對，從 CMOS 傳感器的晶圓開始。

Bill Dabellum (ph), Davidson Investments.

Bill Dabellum (ph)，戴維森投資公司。

Yes, my apologies.

是的，我很抱歉。

I had a couple questions.

我有幾個問題。

First of all, relative to the inventory WIP, net that is billed (ph), that is, if we understand correctly, in non-core DRAM.

首先，相對於庫存 WIP，淨即計費（ph），也就是說，如果我們理解正確的話，在非核心 DRAM 中。

Is that accurate?

那準確嗎？

It's not completely accurate, Bill.

這並不完全準確，比爾。

It's a combination of everything that we have.

這是我們擁有的一切的組合。

We expect the core DRAM output to be up, and we expect the non-core DRAM output to be up, so it will be spread across the whole product line.

我們預計核心 DRAM 產量會上升，我們預計非核心 DRAM 產量會上升，因此它將遍布整個產品線。

So when you had referenced the differences (ph) in Pseudo Static DRAM, did it does go across the board with some different changes that you're making?

因此，當您參考 Pseudo Static DRAM 中的差異 (ph) 時，您是否確實進行了一些不同的更改？

Well, it's a combination.

嗯，這是一個組合。

Keep in mind that we have basically five major fab sites, and they are all running different products, and they are all changing their mixes and starts to accommodate both the increase that we have had in the non-core DRAM within the DRAM business, and to accommodate the non-DRAM products.

請記住，我們基本上有五個主要的晶圓廠，它們都在運行不同的產品，它們都在改變他們的組合，並開始適應我們在 DRAM 業務中非核心 DRAM 的增長，以及以適應非 DRAM 產品。

So it's really not fair to say that it's attributable to any one thing.

所以說它歸因於任何一件事真的是不公平的。

By the way, even just being a cycle time difference, you also have simply a change in the product output related to changing (ph) on the input that occurs while you're trying to get that product to flow through the line.

順便說一句，即使只是一個週期時間差異，當您試圖讓該產品流過生產線時，您也可以簡單地改變與輸入變化 (ph) 相關的產品輸出。

I think we also mentioned, Bill, or have acknowledged the ramp on Virginia to anticipate the WIP builds, as well, there, for even just core DRAM.

我想我們也提到過，比爾，或者已經承認弗吉尼亞州的斜坡可以預測 WIP 的構建，即使只是核心 DRAM。

That makes sense.

那講得通。

And then, moving to the TECH joint venture, would you please characterize the margins from TECH in the Q3, versus the margins on the product produced at internal fabs, and versus TECH in the second quarter?

然後，轉到 TECH 合資企業，您能否描述第三季度 TECH 的利潤率，與內部晶圓廠生產的產品的利潤率，以及第二季度與 TECH 的利潤率？

We're not going to give the specifics there, but you can make some correlation or some assumptions with the improving price environment that you saw for a good portion of the quarter, but there were some nice margins that we're seeing realized there on the TECH.

我們不會在那裡給出具體細節，但您可以與您在本季度大部分時間看到的價格環境改善做出一些相關性或一些假設，但我們看到在那裡實現了一些不錯的利潤率技術。

And just because of the way the agreement works, it would be straight-up logical to assume that margins were better at the TECH JV, both sequentially and versus internally produced product.

僅僅因為協議的運作方式，假設 TECH JV 的利潤率更高，無論是順序還是內部生產的產品，都是合乎邏輯的。

And frankly, given that the increase did take place throughout the quarter, wouldn't it be fair to presume that those margins would improve in Q4 versus Q3?

坦率地說，鑑於整個季度確實出現了增長，假設這些利潤率在第四季度會比第三季度有所改善，難道不公平嗎？

Or are we jumping a little too far?

還是我們跳得太遠了？

If you look at our disclosures on the relationship with TECH, you can draw back to changing ASP assumptions in any given period, and what that relationship should be.

如果您查看我們對與 TECH 關係的披露，您可以回溯到在任何特定時期內不斷變化的 ASP 假設，以及這種關係應該是什麼。

So the start of your presumption there -- we are not going to give you specifics, but it's reasonably well-founded.

所以你的假設開始了——我們不會給你細節，但它是有充分根據的。

But the connection that you drew forward-looking -- I ask you to go back and take another look there.

但是你繪製的連接是前瞻性的——我要求你回去再看看那裡。

And then the final question -- Mike, you had given what the PC manufacturers were giving for indications for sequential growth in Q3 and Q4.

然後是最後一個問題——邁克，你已經給出了個人電腦製造商給出的第三季度和第四季度連續增長的跡象。

How does that compare to normal?

這和正常相比如何？

It's typical normal seasonal patterns.

這是典型的正常季節性模式。

Not any stronger than a typical seasonal pattern?

不比典型的季節性模式更強嗎？

Not in terms of growth rate on a relative basis.

不是在相對基礎上的增長率。

Of course, the overall PC unit growth rate this year, again ranging in 10 to 15 percent, is a significant improvement versus the last three years.

當然，與過去三年相比，今年的整體 PC 單位增長率仍然在 10% 到 15% 之間。

But in terms of the quarterly growth in Q3 and Q4 that our customers are talking about, it's nothing out of the ordinary.

但就我們客戶所說的第三季度和第四季度的季度增長而言，這並沒有什麼特別之處。

Joseph Osha, Merrill Lynch.

約瑟夫·奧沙，美林證券。

For starters, I just want to try and get my hands around the revenue mix.

首先，我只是想嘗試了解收入組合。

It looks to me like you have probably got 4 or 5 percent of revenue from CMOS image sensors.

在我看來，您可能已經從 CMOS 圖像傳感器中獲得了 4% 或 5% 的收入。

Would it be fair to say that there's another -- call it 2-3-4 percent coming from the Flash memory and complete non-DRAM products?

公平地說，還有另一個——稱之為 2-3-4% 來自閃存和完整的非 DRAM 產品嗎？

Would that be fair?

這公平嗎？

As you know, we have not typically given away revenue percentages, but what I will tell you is for the quarter, we had slightly over 15 percent of our wafer outs were on imagers, pseudo SRAM and Flash-related products.

如您所知，我們通常不會透露收入百分比，但我要告訴您的是，在本季度，我們有略高於 15% 的晶圓輸出用於成像器、偽 SRAM 和閃存相關產品。

Okay, it would be fair to assume that revenue is probably trailing that a bit, given the fact that it's growing, yes?

好吧，假設收入可能會落後一點是公平的，因為它正在增長，是嗎？

And, as we mentioned on previous calls, more of those products get sold in die form, as well.

而且，正如我們在之前的電話會議中提到的那樣，更多的這些產品也以模具形式出售。

Now, the second question, then, with that in mind, can you -- I believe you gave us a wafer out number for DRAM that's non-core DRAM.

現在，第二個問題，那麼，考慮到這一點，你能不能 - 我相信你給了我們一個非核心 DRAM 的 DRAM 晶圓輸出編號。

How should we think about the piece of DRAM that is not sort of PC core memory?

我們應該如何看待不是 PC 核心內存的那塊 DRAM？

Repeat that question a little bit.

稍微重複一下這個問題。

I wasn't quite sure what you were asking.

我不太確定你在問什麼。

Basically, what I'm trying to do is separate the -- because you talked about court DRAM and other, I'm trying to sort of separate the non-DRAM businesses from the business that's DRAM but not advanced DRAM, like legacy products.

基本上，我想要做的是將——因為你談到了法庭 DRAM 和其他，我試圖將非 DRAM 業務與 DRAM 但不是高級 DRAM 的業務分開，比如傳統產品。

We tend to break that down and say DDR, SDRAM and then this other category of image sensors, RL (ph) DRAM, pseudo, et cetera.

我們傾向於將其分解並說 DDR、SDRAM，然後是其他類別的圖像傳感器、RL (ph) DRAM、偽等。

So in those categories, SDRAM wafer outs in Q3 were about 25 percent.

因此，在這些類別中，第三季度的 SDRAM 晶圓出貨量約為 25%。

DDR was about --

DDR大約是——

And I should think of that as legacy product, right, Kipp, for the most part?

我應該把它看作是遺留產品，對吧，Kipp，在很大程度上？

Some of those are.

其中一些是。

Some are 64 and 128, but there's also a growing balance of 256 and 512, as well.

有些是 64 和 128，但也有越來越多的 256 和 512。

But they do get, sometimes, called legacy.

但有時它們確實被稱為遺產。

And then roughly half of your wafer outs are DDR?

然後大約一半的晶圓輸出是 DDR？

Yes, about 60 percent, and then around 15 percent, just over 15 percent in kind of that other category (multiple speakers).

是的，大約 60%，然後大約 15%，在其他類別（多位發言者）中略高於 15%。

A second question, then -- looking at -- and this has been touched on some already.

然後是第二個問題 - 看 - 這已經涉及到一些問題。

I sort of do a little organic cost calculation, and given these assorted legacy issues that you cited, I can see why the core number that I end up with is flat.

我做了一些有機成本計算，考慮到你引用的這些各種各樣的遺留問題，我可以看到為什麼我最終得到的核心數字是平的。

Would it be fair to say that, if I just look at your PC DRAM business, that the decline in cost per bit should be somewhere 7 to 8 percent, something like that?

公平地說，如果我只看你們的 PC DRAM 業務，每比特成本的下降應該在 7% 到 8% 左右，類似這樣嗎？

High single digits to 10 percent, yes, encore products, yes.

高個位數到 10%，是的，再來一次產品，是的。

Fair enough.

很公平。

And then third and final question, you did say that bit production, all in, was going to be up in the midteens this quarter; correct?

然後是第三個也是最後一個問題，您確實說過本季度的比特生產將在 10 歲左右上升；正確的？

We started with low teens.

我們從低齡青少年開始。

Low teens.

低齡少年。

Now, then, unless you're going to build inventory, that means that this bit shipment number has got to kick up pretty substantially, then; right?

現在，那麼，除非您要建立庫存，否則這意味著該位出貨量必須大幅增加；正確的？

We'll let you guys monitor the market through the quarter, and we are happy to update you on what we see and what we hear from customers.

我們將讓你們監控整個季度的市場，我們很高興向您介紹我們所看到的和從客戶那裡聽到的最新信息。

And I'm sorry, one last final one.

對不起，最後一個。

Back to TECH -- as I recall, what tends to happen is you get this kind of up whipsaw effect with Technology, and obviously, this quarter it was quite favorable.

回到科技——我記得，往往會發生這種情況，科技會產生這種向上的洗盤效應，顯然，本季度非常有利。

Could you, in sequential terms, actually see Technology -- now that the price is reset again -- go back to being a slightly negative influence on gross margin for the August quarter?

您能否按順序看到技術——現在價格再次重置——重新對 8 月季度的毛利率產生輕微的負面影響？

Again, you'll have to make your predictions on ASP.

同樣，您必須對 ASP 做出預測。

In our disclosure, you can identify that it is a lag quarter pricing relationship that we're purchasing product from TECH, but again you'll have to make your ASP predictions.

在我們的披露中，您可以確定我們從 TECH 購買產品是滯後季度的定價關係，但您必須再次做出 ASP 預測。

Can you tell me what percentage of your wafers are TECH right now?

你能告訴我現在你們的晶圓中有多少是技術的？

In our 10-Q and, I think, 10-K, we note those as being around 25 percent or so.

在我們的 10-Q 和我認為的 10-K 中，我們注意到這些約為 25% 左右。

Okay, but this kind of whipsaw lag effect is still in place, yes?

好吧，但是這種洗盤滯後效應還在，是嗎？

The pricing legacy, yes, if that's what you're saying.

定價遺產，是的，如果這就是你所說的。

And then also -- which I think is what you're talking about, leads to the delay.

然後——我認為這就是你所說的，導致延遲。

And you're trying to get to the gross margin contribution?

你試圖獲得毛利率貢獻？

Right, because you've price at the beginning of each quarter, and then it's either -- so it still works that way.

是的，因為你在每個季度開始時都有定價，然後它要么 - 所以它仍然以這種方式工作。

Nothing has changed?

什麼也沒有變？

Yes.

是的。

Krishna Shankar, JMP Securities.

Krishna Shankar，JMP 證券公司。

The number for Q3 and Q4 -- you said 20 percent sort of growth from your key PC customers.

第三季度和第四季度的數字——你說你的主要 PC 客戶增長了 20%。

Is that for DRAM bit demand growth from your customers?

那是因為您的客戶對 DRAM 位需求的增長嗎？

Yes.

是的。

What I was quoting there was DRAM bit demand growth from a pretty good cross-section of our large PC customers; that's correct.

我所引用的內容是我們的大型 PC 客戶的相當多的橫截面的 DRAM 位需求增長；這是正確的。

And, given the fact that NAND Flash pricing has receded quite a bit in the last few months, do you see some changes in the balance out there from the key guys shifting capacity from DRAM to NAND Flash and vice versa?

而且，鑑於過去幾個月 NAND 閃存的價格已經大幅下降，您是否看到關鍵人物將產能從 DRAM 轉移到 NAND 閃存以及反之亦然的平衡發生了一些變化？

Well, a couple of comments about that.

好吧，有幾條評論。

One of them is I've read quite a bit in the media lately about the fungibility of NAND versus DRAM.

其中之一是我最近在媒體上讀到了很多關於 NAND 與 DRAM 的可替代性。

One thing I would give you a little bit of a note of caution on is that it's true -- both of them are starting to use leading-edge capacity, but there are some tool differences.

我要提醒您注意的一件事是，這是真的——他們都開始使用領先的能力，但存在一些工具差異。

So if you really want to make a switch in your capacity (ph) from one device to the other -- either way, by the way -- you've really got the leadtime of some of the critical equipment required to do that, so it's not exact; even though it's close, it's not exact.

因此，如果您真的想將您的容量 (ph) 從一個設備切換到另一個設備 - 無論哪種方式，順便說一下 - 您確實擁有執行此操作所需的一些關鍵設備的交貨時間，所以這不准確；即使它很接近，它也不准確。

And you can choose, by the way, to maybe make some of that transition, but what you end up with is not a very efficient fab, because you end up having idle equipment.

順便說一句，你可以選擇進行一些過渡，但你最終得到的不是一個非常高效的晶圓廠，因為你最終擁有閒置的設備。

So the way that you would do it to optimize efficiency is to really take about four to eight months to get the tool set reoptimized.

因此，優化效率的方法是真正需要大約四到八個月的時間來重新優化工具集。

It's doable, but it will take that time period to do it.

這是可行的，但需要一段時間才能做到。

But the second and, I think, really related more to your question is, what will drive that switch?

但第二個，我認為，與你的問題更相關的是，什麼會推動這種轉變？

And that's really margin differences between DRAM and NAND.

這就是 DRAM 和 NAND 之間的差距。

You can run all the numbers.

您可以運行所有數字。

Basically, the way that we see it is that some of the specialty DRAM probably has a margin that's equal or better than some of the NAND product, but that the NAND today is probably equal or better than we consider to be some of this core DRAM, which is the bulk of the market.

基本上，我們看到的方式是，一些專用 DRAM 的利潤率可能與一些 NAND 產品相同或更好，但今天的 NAND 可能與我們認為的一些核心 DRAM 相同或更好，這是市場的大部分。

So it's your call as to when that motivation is to try to make that change.

因此，您可以決定何時嘗試做出改變。

I don't see a lot of incentive to make a change right now based just on margin discussion.

我現在看不到僅僅基於利潤討論做出改變的動機。

And then, on top of that, you've got to add this delay effect as to the time it takes to reoptimize the equipment in the fab.

然後，除此之外，您還必須添加這種延遲效應，即重新優化工廠中的設備所需的時間。

And secondly, what is your viewpoint on what 64-bit commuting with the new Microsoft 64-bit, what comes up, how does that change your viewpoint on DRAM bit demand versus capacity additions over the next 12 to 24 months?

其次，您對 64 位與新的 Microsoft 64 位通勤有何看法？會發生什麼，這將如何改變您對未來 12 到 24 個月內 DRAM 位需求與容量增加的看法？

I'll let Mike answer that, but it can only be better.

我會讓邁克回答這個問題，但它只會更好。

Mike?

麥克風？

Well, you've not only got 64-bit computing, you've got a new operating system which, admittedly, is at least a year, maybe a year and a half, down the road, talking about what is commonly referred to as the Longhorn operating system.

好吧，您不僅擁有 64 位計算，而且您擁有一個新的操作系統，誠然，它至少要一年，也許一年半，在談論通常所說的Longhorn 操作系統。

Even today, you've got a new chipset technology which some of our customers are commenting there is some pent-up demand, customers waiting to get their hands on the new chipset, which just has been enabled in PCs today.

即使在今天，您也擁有一種新的芯片組技術，我們的一些客戶評論說存在一些被壓抑的需求，客戶等待獲得新的芯片組，該芯片組今天剛剛在 PC 中啟用。

So all of these new technology developments, whether they be hardware- or software-oriented, are resulting in incremental memory demand.

因此，所有這些新技術的發展，無論是面向硬件還是面向軟件，都導致內存需求增加。

Tai Nguyen, Susquehanna Group.

泰阮，Susquehanna 集團。

Could you give me a breakdown, in terms of like 256 versus 128 bit that you shipped in fiscal Q3?

您能否根據您在第三財季發貨的 256 位與 128 位的情況給我一個細分？

Well, we can.

好吧，我們可以。

It's becoming less unless relevant, but if you want to dive into that detail, we can.

除非相關，否則它會變得越來越少，但是如果您想深入了解該細節，我們可以。

It's really easier for us to stay in that SDRAM, DDR discussion.

對我們來說，留在 SDRAM、DDR 討論中真的更容易。

Well, how about your 512?

那麼，你的 512 呢？

What's the percentage of your wafer outs on 512?

您在 512 上的晶圓輸出百分比是多少？

It's running about 5 percent today.

它今天運行大約 5%。

And in terms of your CMOS sensor imaging, could you give us more of an update like how you guys are doing out there in the marketplace, like how is your design win (ph) and how is that being adopted outside?

就你們的 CMOS 傳感器成像而言，你能否給我們提供更多更新，比如你們在市場上的表現，比如你們的設計如何獲勝 (ph) 以及如何在外部採用？

Actually, let me correct the answer to that last question.

實際上，讓我更正最後一個問題的答案。

I was looking at the wrong number here.

我在這裡看錯了號碼。

We are running just over 15 percent now in the 512 arena.

我們現在在 512 競技場上的運行率剛剛超過 15%。

And, if you would please restate your question?

而且，如果您願意重述您的問題？

We're having a tough time hearing you.

我們很難聽到你的聲音。

In terms of like the CMOS sensor, could you give us an update in terms of like how you guys are doing out there?

就 CMOS 傳感器而言，您能否向我們介紹一下你們在那裡的表現？

And then also at the 4-megapixel, what is the advantage between your CMOS sensor versus CCD?

然後在 4 兆像素時，您的 CMOS 傳感器與 CCD 相比有什麼優勢？

First of all, on the CMOS sensor market in general, we are gaining a lot of traction here, literally as each week goes by, particularly in the mobile phone area.

首先，總體而言，在 CMOS 傳感器市場上，我們在這裡獲得了很大的吸引力，從字面上看，隨著時間的推移，尤其是在手機領域。

We have engaged virtually all the Tier I phone makers and some of the technology enablers, as well.

我們幾乎與所有一級手機製造商和一些技術推動者合作。

This is a rapidly growing market, so it's rather difficult to measure market share in a traditional sense, but we think we are very well engaged, we have got a lot of traction, and if we are not the number-one market shareholder in the CMOS area, we are certainly in the top two or three.

這是一個快速增長的市場，因此很難衡量傳統意義上的市場份額，但我們認為我們的參與度很高，我們有很大的吸引力，如果我們不是第一大市場股東CMOS領域，我們肯定在前兩三名。

And the business is growing dramatically.

並且業務正在急劇增長。

We could not be more pleased with the progress we're making in the primary growth market, which is mobile phone cameras.

我們對我們在主要增長市場——手機攝像頭——取得的進展感到非常滿意。

On the digital still camera side, you asked a question about our 4-megapixel -- what are the advantages relative to CCD?

在數碼相機方面，您問了一個關於我們的 4 兆像素的問題——相對於 CCD 有哪些優勢？

Is that correct, or to other CMOS?

這是正確的，還是其他CMOS？

CCD.

CCD。

Cost, number one -- significant cost advantage, we believe, relative to CCD, and we can enable the delivery of much lower-cost cameras to the market with our CMOS technology relative to CCD.

成本，第一——我們相信，相對於 CCD，具有顯著的成本優勢，並且我們可以通過我們的 CMOS 技術向市場提供比 CCD 成本低得多的相機。

And we believe that, from an image quality standpoint at this point, at the 4-megapixel level, it's debatable whether CCD offers any significant advantage, to be perfectly honest.

而且我們相信，從目前的圖像質量角度來看，在 4 兆像素級別，CCD 是否提供任何顯著優勢是值得商榷的，老實說。

We think we're the only provider of CMOS that delivers an image quality that is comparable to that of CCD at the 4-megapixel level.

我們認為我們是唯一一家提供可與 4 兆像素級別的 CCD 相媲美的圖像質量的 CMOS 供應商。

Chris Danely, JP Morgan.

摩根大通的克里斯·丹利。

This is Sean Webster, calling on behalf of Chris.

我是 Sean Webster，代表 Chris 打電話。

I had a couple questions, to start with, on the revenues by end market for this quarter.

首先，關於本季度終端市場的收入，我有幾個問題。

Can you kind of characterize what the relative mix was between like your traditional computing, which I think was like 75 percent last quarter or so, and comm and some of the other end markets you serve?

您能否描述一下傳統計算（我認為上個季度約為 75%）與通信和您服務的其他一些終端市場之間的相對組合？

Well, this would be kind of a stab at it, but Kipp talked about DDR memory being about 60 percent of our wafer starts.

好吧，這可能是一種嘗試，但 Kipp 談到 DDR 內存約占我們晶圓啟動的 60%。

That's basically almost exclusively going into the PC market.

這基本上幾乎完全進入了個人電腦市場。

By definition, everything other than that is going into non-PC markets, and that would be split among a variety of end applications, whether it be consumer electronics -- items like digital cameras or set-top boxes or digital TV sets or DVD recorders and so forth -- and then the traditional communications and networking businesses like mobile phone routers, switches and base stations and so forth.

根據定義，除此之外的所有產品都將進入非 PC 市場，並且將分為各種終端應用，無論是消費電子產品，如數碼相機或機頂盒或數字電視機或 DVD 刻錄機等等——然後是傳統的通信和網絡業務，如手機路由器、交換機和基站等。

So beyond the PC applications, it's a wide variety of both consumer and communications applications that are consuming our devices.

因此，除了 PC 應用程序之外，還有各種各樣的消費和通信應用程序正在使用我們的設備。

And then turning to the inventory growth quarter over quarter for this current quarter, did I understand you correctly that the growth was driven by all product segments?

然後轉向本季度的庫存環比增長，我是否正確地理解了增長是由所有產品部門驅動的？

Well, it was driven by -- yes, when you say all product segments, it was driven by -- well, I can't say all, but a large percentage of the products that we are now running in the fabs are essentially all increasing in output, which is directly related to the amount of wafers that were put in the fabs to do that.

嗯，它是由 - 是的，當你說所有產品細分時，它是由 - 驅動的，我不能說全部，但我們現在在晶圓廠運行的大部分產品基本上都是產量的增加，這與投入晶圓廠的晶圓數量直接相關。

And how about on leadtimes for DRAM and your image sensors and your Flash?

DRAM、圖像傳感器和閃存的交貨時間如何？

Has that changed in this current quarter versus last, and what do you expect to happen in the future?

本季度與上一季度相比是否發生了變化，您預計未來會發生什麼？

It varies, depending on the product, obviously.

顯然，它會因產品而異。

And I could generalize -- on the DDR side, leadtimes have come in, and they have been reduced in the last 30 days or so.

我可以概括——在 DDR 方面，交貨時間已經到來，並且在過去 30 天左右的時間裡縮短了。

I wouldn't say that we can deliver product off-the-shelf in all cases, but leadtimes have come down and they are still pretty substantial on the non-core DRAM products and on the image sensors, in the neighborhood of -- I'm going to generalize here, but 6 to 12 weeks, in general, for the non-core DRAM products.

我不會說我們可以在所有情況下都提供現成的產品，但是交貨時間已經下降，而且在非核心 DRAM 產品和圖像傳感器上它們仍然相當可觀，在 - 我附近'我將在這裡進行概括，但對於非核心 DRAM 產品，通常需要 6 到 12 週。

And do you expect those to come in, in the next quarter and the coming quarters, or remain flat or grow, or --?

您是否預計這些會在下個季度和未來幾個季度出現，或者保持平穩或增長，或者——？

We are expecting that for the non-core products, that we're going to continue to have a pretty healthy backlog built up, and be quoting significant leadtimes.

我們預計，對於非核心產品，我們將繼續建立相當健康的積壓工作，並引用重要的交貨時間。

On the DDR material, my expectation is, as I indicated, we expect the demand to be increasing pretty significantly, based on what our customers are telling us.

關於 DDR 材料，正如我所指出的，我的預期是，根據我們的客戶告訴我們的情況，我們預計需求會顯著增加。

So I would expect us to build or to add to leadtimes here and add backlog as we move through the year, through the hot seasonal periods on the PC demand side.

因此，我希望我們在這裡建立或增加交貨時間，並在一年中通過 PC 需求端的炎熱季節期間增加積壓。

Clark Fuhs, Fulcrum Global Partners.

克拉克福斯，支點全球合作夥伴。

Thank you.

謝謝你。

Wafer starts have been running for you guys about at the 50K per week level, until this most recent quarter, where I guess you have had some transition issues.

晶圓啟動一直以每週 50K 的速度為你們運行，直到最近一個季度，我猜你們遇到了一些過渡問題。

I think, Kipp, you stated in the last number of weeks or months that the rate went down to about the 46 to 47 level.

我認為，Kipp，您在過去幾週或幾個月中表示該比率下降到大約 46 到 47 的水平。

Can we assume that that was the rate kind of in the middle to back part of the quarter, and it's ramping back up toward that 50K per week level now?

我們是否可以假設這是本季度中後期的比率，並且現在正在回升至每週 50K 的水平？

Yes, that's right.

是的，這是正確的。

And you can also expect as we go through the year that, of course, the Virginia ramp will continue to increase, as well.

當然，隨著我們這一年的過去，您還可以期待弗吉尼亞坡道也將繼續增加。

So it will actually, as we move through the year, get up above that number.

因此，隨著我們這一年的推進，它實際上會超過這個數字。

That's what I figured; that's great.

我就是這麼想的；那太棒了。

Will you be back at the 50 level mid-quarter Q4, or are you at that level now?

你會在第四季度中期回到 50 級，還是現在處於那個水平？

Well, we think we'll average it right around there for the whole quarter.

好吧，我們認為我們會在整個季度左右平均。

And in terms of finished-goods inventory levels, I know you guys have stated the industry is about the two- to three-week level in the past, and you were kind of at the lower end of that range.

就製成品庫存水平而言，我知道你們曾說過該行業過去大約是兩到三週的水平，而你們處於該範圍的低端。

Does that still hold?

這還成立嗎？

Yes, it does.

是的，它確實。

I couldn't tell you exactly where we are today, but less than two weeks, in general.

我不能告訴你我們今天的確切位置，但一般來說不到兩週。

And then, a couple on the financial side.

然後，一對夫婦在財務方面。

Any expense guidance for SG&A and R&D?

SG&A 和 R&D 的任何費用指導？

What does that look like for the fourth quarter?

第四季度的情況如何？

Fourth-quarter SG&A in the 85 to 90 million.

第四季度 SG&A 在 85 到 9000 萬。

Not too much changed there.

那裡沒有太大變化。

Again, the current quarter was influenced by profitability and compensation-related costs and profit-sharing and some legal expenses.

同樣，本季度受到盈利能力和薪酬相關成本和利潤分享以及一些法律費用的影響。

On the R&D side, we have been running -- we trended down a little bit this quarter.

在研發方面，我們一直在運行——本季度我們略有下降。

We've used about 175 as a reference point for Q4.

我們使用了大約 175 作為第四季度的參考點。

That's probably a good reference.

這可能是一個很好的參考。

And there was only, I think, if I read in the 10-Q -- I may have read this, or maybe you stated in the last conference call that the NRV (ph) entering the quarter, or the remaining stuff that was written down that still had to be kind of shipped out was around about $16 million, and you're going to take some of that in this current quarter.

我認為，如果我在 10-Q 中閱讀過——我可能已經閱讀過這個，或者你在上次電話會議中說 NRV（ph）進入了這個季度，或者剩下的東西是寫的仍然必須運出的下降約為 1600 萬美元，您將在本季度獲得其中的一部分。

Do you have that number off-hand?

你手頭有那個號碼嗎？

I think you are referencing the prior conference call, which had indicated the bulk of that 16 would go through the Q3, which it did, related to some SRAM product that we finished moving out.

我認為您指的是之前的電話會議，該電話會議表明這 16 個電話中的大部分將通過第三季度，它確實與我們完成搬出的一些 SRAM 產品有關。

I believe there's 6 million that's left as of quarter end.

我相信截至季度末還剩下 600 萬個。

And my guess is that 6 million goes through Q4, and then we never see it again?

我的猜測是 600 萬通過第四季度，然後我們再也看不到它了？

It will be de minimus by year end.

到年底將降至最低。

And I know you haven't really talked about this before, and it might be a little early.

而且我知道你以前沒有真正談論過這個，現在可能有點早了。

But a tax rate that we can kind of filter for fiscal '05?

但是我們可以為 05 財年過濾的稅率？

I'd like to think that '05 is going to have the pre-tax number sufficient to burn through that NOL -- that's a couple billion dollars.

我想 '05 將有足夠的稅前數字來燒掉 NOL——那是幾十億美元。

For the near-term, until we utilize virtually all of that NOL, you should still think of roughly $15 million per quarter, consistent with international operations.

就近期而言，在我們利用幾乎所有 NOL 之前，您仍然應該考慮每季度大約 1500 萬美元，這與國際業務一致。

So it depends upon the profitability forecast about how that goes.

因此，這取決於盈利能力預測。

And the NOL cumulative to this point in time is how much?

而到這個時間點累計的NOL是多少？

(multiple speakers) will get that number for us before we close out the call.

（多位發言者）會在我們結束通話之前為我們獲取該號碼。

I don't have it at my fingertips.

我沒有它在我的指尖。

Hans Mosesmann, Schwab Soundview.

Hans Mosesmann，施瓦布 Soundview。

I'm not sure if you guys answered this one.

我不確定你們是否回答了這個問題。

I got dropped off here briefly.

我在這里短暫下車。

Inventories at hubs -- where are they today, relative to the last quarter?

樞紐的庫存——與上一季度相比，今天的庫存在哪裡？

Relative to last quarter?

相對於上一季度？

Yes.

是的。

Not a measurable difference.

不是可測量的差異。

I mentioned that we have got slightly less than two weeks' total finished goods inventory in hubs.

我提到我們在樞紐的成品庫存總量略低於兩週。

It would probably be about a third of the total, roughly.

大概佔總數的三分之一左右。

I presume our definition of hubs is synonymous -- hubs meaning basically vendor-managed inventory at the customer sites.

我認為我們對集線器的定義是同義詞——集線器的意思基本上是在客戶站點由供應商管理的庫存。

Ben Lynch, Deutsche Bank.

本·林奇，德意志銀行。

I apologize for the background noise.

我為背景噪音道歉。

I know we're probably going to get lost in the moving parts, but you said ASPs were up about 15 percent Q on Q; gross margins were up 10 percentage points.

我知道我們可能會迷失在移動部件中，但你說 ASP 比 Q 增長了大約 15%；毛利率上升 10 個百分點。

Why do we see so little leverage, particularly given that DRAM costs fell 10 percent Q on Q, and also inventory up would have helped the fix-cost coverage?

為什麼我們看到的槓桿率如此之低，特別是考慮到 DRAM 成本環比下降 10%，而且庫存增加也有助於固定成本覆蓋？

I know we're going to get lost a bit in the moving parts, but if you could sort of just give me a better understanding of that, that would help.

我知道我們會在移動部分中迷失一點，但如果你能讓我更好地理解這一點，那會有所幫助。

Let me clarify a couple of pieces.

讓我澄清幾件。

That 15 percent increase in the ASP indicated in the press release -- that's a good reference point.

新聞稿中指出的 ASP 增加了 15%——這是一個很好的參考點。

If you think about overall costs holding flat, you'll see that the 15 percent ASP improvement translates to that gross margin change from 25 percent to 35 percent.

如果您考慮總體成本持平，您會發現 15% 的平均售價提高轉化為毛利率從 25% 到 35% 的變化。

I think what you are picking up, though, that may have confused was that we had a 10 percent bit efficiency gain on our core DRAM.

不過，我認為您所了解的可能令人困惑的是，我們在核心 DRAM 上獲得了 10% 的位效率增益。

That's absolutely correct.

這是完全正確的。

But for the overall mix of costs, costs were flat.

但就整體成本組合而言，成本持平。

And just a sort of a market question as well, please.

也只是一個市場問題，拜託。

You've made some comments -- June is normally weak, et cetera -- but we did have a surprisingly strong first half this year, particularly Q2.

您發表了一些評論——6 月通常疲軟，等等——但我們今年上半年的表現確實出人意料，尤其是第二季度。

Why has that gone away?

為什麼它消失了？

Why don't we -- haven't we sustained this unusually strong first half into June?

為什麼我們不 - 我們沒有將這種異常強勁的上半年持續到 6 月？

This is not our area of expertise, of course.

當然，這不是我們的專業領域。

I think you'd be better off asking our end customers.

我認為你最好問問我們的最終客戶。

My observations are, number one, that we had a very favorable supply/demand balance working through calendar Q2.

我的觀察是，第一，我們在日曆第二季度工作的供需平衡非常有利。

I would not characterize PC demand as being on fire; it was relatively strong, certainly relative to the last couple of years, but it wasn't spectacular.

我不會將 PC 需求描述為火爆。它相對強勁，當然相對於過去幾年而言，但並不壯觀。

We're presuming there is some pent-up demand for the new hardware technology and the new chipset technologies that's just been delivered to the market this week.

我們假設對本周剛剛投放市場的新硬件技術和新芯片組技術存在一些被壓抑的需求。

And as I think has become the pattern, we're expecting a lull before the back-to-school demand and the Christmas season.

正如我認為已經成為模式的那樣，我們預計在返校需求和聖誕節季節之前會有一段平靜期。

So nothing that has really occurred has been alarming, other than the fact that demand was relatively strong in the first half of the year, particularly considering what the PC industry has been through in '01, '02 and '03.

因此，除了上半年需求相對強勁之外，沒有什麼真正發生過令人擔憂的事情，尤其是考慮到 PC 行業在 01、02 和 03 年所經歷的情況。

And adjust the last question.

並調整最後一個問題。

Steve, I think you spoke on the last call about some of the industry struggling with 110-nanometer yields.

史蒂夫，我想你在上次電話會議上談到了一些在 110 納米產量方面苦苦掙扎的行業。

How do you think, for the other guys -- and I know you might choose not to comment on other guys, but you did when things were not going well for them.

對於其他人，你怎麼看——我知道你可能會選擇不對其他人發表評論，但是當事情對他們不利時，你會這樣做。

Do you think things are going better for them now, and does that maybe contribute, do you think, to this more recent weakness from the supply perspective?

您認為他們現在的情況是否好轉？從供應角度來看，您認為這是否會導致最近的疲軟？

Yes.

是的。

Let me perhaps characterize it slightly different, without saying anything about any particular company.

讓我也許將其描述為略有不同，而無需提及任何特定公司。

You have trench technology and you have stack technology, and the trench technology, from our understanding, has had a heck of a time going to the 110-nanometer.

你有溝槽技術，你也有堆疊技術，據我們了解，溝槽技術已經發展到 110 納米。

And they still have difficulties with it although, as you would expect, it is improving.

他們仍然有困難，儘管正如你所料，它正在改善。

Interesting enough, the percentage of product that is now running on 110-nanometer trench technology still has not reached the levels that for those of us that have been running the stacks.

有趣的是，現在運行在 110 納米溝槽技術上的產品百分比仍然沒有達到我們這些一直在運行堆棧的水平。

So I think that they still have problems with it, although there's no question that it's getting better, as you would expect.

所以我認為他們仍然存在問題，儘管毫無疑問它正在變得更好，正如你所期望的那樣。

Andrew Root, Goldman Sachs.

安德魯·魯特，高盛。

Just a couple of quick follow-ups on the copper.

只需對銅進行一些快速跟進。

Does the qualification of the copper parts on 300-mm have any effect on accounting from an inventory, gross margin or R&D standpoint?

從庫存、毛利率或研發的角度來看，300 毫米銅部件的質量是否對會計有影響？

It does have the effect of moving those costs out of an R&D classification into an inventory and pass-through to cost of goods sold, as those devices are sold.

它確實具有將這些成本從研發分類中轉移到庫存並轉嫁到銷售商品成本的效果，因為這些設備被出售。

So is that partly a one-time jump in inventory, just what we're seeing this quarter?

那麼，這在一定程度上是庫存的一次性跳躍，正是我們本季度所看到的嗎？

No, it would not have a significant effect there.

不，它不會在那裡產生顯著影響。

Marginal?

邊緣？

Okay.

好的。

And then I think you indicated, Steve, that the cost crossover for 300-mm copper is kind of mid '05.

然後我想你指出，史蒂夫，300 毫米銅的成本交叉是 05 年中期的那種。

Was that fiscal or calendar, and is that normal or is that a slightly slower ramp, because copper is just harder to bring up?

那是財政還是日曆，這是正常的還是稍微慢一點的斜坡，因為銅更難提？

First of all, it's a calendar reference, and it's nothing unusual related to copper for us.

首先，它是一個日曆參考，對我們來說與銅有關並沒有什麼不尋常的。

Remember, that's a reference for us.

請記住，這是我們的參考。

It's related to getting the volumes up in the facility, such that we start to achieve some scale.

這與提高設施的容量有關，這樣我們就開始達到一定的規模。

Orrin Hirschman (ph), Ohio Investment Group.

Orrin Hirschman (ph)，俄亥俄投資集團。

It's OH Investment Group (ph).

它是 OH 投資集團 (ph)。

Congratulations on the progress.

祝賀取得進展。

You mentioned the goal for bit growth the next Q (ph).

您提到了下一個 Q (ph) 的比特增長目標。

Any venture for bit growth the following Q in terms of beyond, higher, lower or any number?

在超越、更高、更低或任何數字方面，以下 Q 的比特增長有什麼風險嗎？

We couldn't quite hear you.

我們完全聽不見你的聲音。

You are awful soft.

你好軟啊。

Could you repeat the question?

你能重複一下這個問題嗎？

Sure.

當然。

You had mentioned your goal for bit growth the next Q. Any thoughts for the following Q after that, as we go into more seasonality?

您在下一個 Q 中提到了您的比特增長目標。隨著我們進入更多的季節性，您對接下來的 Q 有什麼想法嗎？

Well, this is unrelated to seasonality.

嗯，這與季節性無關。

We run production facilities 24 hours a day, seven days a week.

我們每週 7 天、每天 24 小時運行生產設施。

What we provide is our production, what our projected production bit growth is, excluding image sensors.

我們提供的是我們的產量，我們預計的產量增長是多少，不包括圖像傳感器。

So it's not related to what we think we're going to sell.

所以它與我們認為我們要銷售的東西無關。

As Mike pointed out earlier, we have got demand profiles from customers looking more like about 20 percent sequential, quarter over quarter.

正如邁克早些時候指出的那樣，我們從客戶那裡得到的需求概況看起來更像是環比增長 20% 左右。

Our bit growth in production will be more in the neighborhood of low teens in Q4.

在第四季度，我們的產量增長將更多地出現在青少年附近。

If you'd like me to take a shot at Q1, fiscal Q1, I'm happy to do that, as well.

如果您希望我在第一季度、第一財季試一試，我也很樂意這樣做。

Yes, that's the question, please.

是的，這就是問題，拜託。

We will probably be in kind of the mid to high single digits in Q1.

我們可能會在第一季度達到中高個位數。

And that's, again, because of capacity constraints?

這又是因為容量限制？

Correct.

正確的。

As we have talked about on the call, we do continue to move wafer capacity to non-core DRAM.

正如我們在電話會議上談到的，我們確實繼續將晶圓產能轉移到非核心 DRAM。

And just my last question.

只是我的最後一個問題。

Actually, two last questions.

實際上，最後兩個問題。

Any thoughts on gross margin expansion, in a qualitative or quantitative sense, for the next two or three Q's?

對於接下來的兩個或三個 Q 的毛利率擴張，在定性或定量意義上有什麼想法？

Well, we never give you the gross margin guidance, you know.

好吧，我們從不給你毛利率指導，你知道的。

We've hinted to what costs will do in the different categories, and of course the other factor there is ASPs, which we don't control, and that's the part that you get paid for.

我們已經暗示了不同類別的成本，當然還有一個因素是平均售價，我們無法控制，這就是你得到報酬的部分。

The last question, on the CMOS revenue.

最後一個問題，關於 CMOS 收入。

You didn't want to actually break it out, but can you even state a goal, whether that can be a $100 million a quarter business over the next year or so?

你並不想真正打破它，但你能說出一個目標嗎，是否可以在明年左右實現每季度 1 億美元的業務？

Well, it's hard to define exactly.

嗯，很難準確定義。

There's no question we believe it will reach $100 million per quarter for us; it's just a matter of when.

毫無疑問，我們相信每季度將達到 1 億美元；這只是時間問題。

And I don't have enough granularity right now to predict when that quarter will be, but we wouldn't even be interested in the business unless we thought it would do that.

而且我現在沒有足夠的粒度來預測那個季度的時間，但我們甚至不會對這項業務感興趣，除非我們認為它會這樣做。

Matt Gable (ph), Calypso Capital (ph).

Matt Gable (ph), Calypso Capital (ph)。

Just some housekeeping issues.

只是一些家務問題。

What percent of bit shipments in the May quarter were 256?

5 月季度的比特出貨量佔 256 的百分比是多少？

What did costs do sequentially?

成本按順序做了什麼？

What were the bit shipments on 256 correct megabit DRAMs?

正確的 256 兆位 DRAM 的位出貨量是多少？

And you want me to include SDRAM, DDR, DDR2?

你想讓我包括 SDRAM、DDR、DDR2 嗎？

Sure.

當然。

Okay.

好的。

We ran about, let's see, about 9 percent, roughly 10 percent 256 meg SDRAM.

我們跑了，讓我們看看，大約 9%，大約 10% 的 256 兆 SDRAM。

We ran about another 40 percent in 256 meg DDR, and then I think -- yes, about 2 to 3 percent in DDR2.

我們在 256 meg DDR 中運行了大約 40%，然後我認為 - 是的，在 DDR2 中大約 2% 到 3%。

What did your costs do sequentially in the May quarter?

您的成本在 5 月季度按順序執行了哪些操作？

Well, we kind of answered that before.

好吧，我們之前回答過這個問題。

In core DRAM, they were down 10 percent.

在核心 DRAM 中，它們下降了 10%。

And bit production, 0.13 and 0.11 in the May quarter, what percent?

5 月季度的鑽頭產量分別為 0.13 和 0.11，百分比是多少？

Yes, we were pretty close to -- just right around 70 percent of the outs were -- the Micron outs were 0.11, and about 25 percent were 0.13.

是的，我們非常接近——大約 70% 的出局是——美光出局是 0.11，大約 25% 是 0.13。

Remember, the stuff that's not 0.11 is not core DRAM that most people think of when they talk about DDR and the advanced stuff.

請記住，不是 0.11 的東西不是大多數人在談論 DDR 和高級東西時想到的核心 DRAM。

The stuff that's not 0.11 is related to products that are either legacy or products that are non-DRAM.

不是 0.11 的東西與傳統產品或非 DRAM 產品有關。

Brian Eisenbarth, Davidson Investment Advisors.

Brian Eisenbarth，戴維森投資顧問公司。

I hate to beat a dead horse here with pricing, but maybe if we can just get a little bit more information -- in the press release, it says that low-density DRAM benefited prices.

我不想在這裡用定價打敗一匹死馬，但也許如果我們能得到更多信息——在新聞稿中，它說低密度 DRAM 有利於價格。

Can you give us an idea of how the pricing environment is looking for high-density DRAM, and possibly in the non-DRAM product, if you're seeing kind of a similar pricing scenario there?

如果您在那裡看到類似的定價方案，您能否告訴我們定價環境如何尋找高密度 DRAM 以及可能在非 DRAM 產品中？

And we've noticed in particular this quarter, and I guess a little bit last quarter, that the spot market is becoming less of an indicator for pricing for you guys.

我們特別注意到本季度，我猜上一季度，現貨市場對你們來說已經不再是定價的指標。

Are your customers more willing to enter into contracts now at possibly higher prices, that they are starting to see that they are running into some problems getting all the DRAM they want?

您的客戶現在是否更願意以可能更高的價格簽訂合同，他們開始看到他們在獲得所需的所有 DRAM 時遇到了一些問題？

We're still looking for customers that are willing to pay higher prices, by the way.

順便說一句，我們仍在尋找願意支付更高價格的客戶。

So if you know of any, please let us know.

因此，如果您知道，請告訴我們。

But in general, our exposure to the stock market in the last couple of course, quite honestly, has been relatively insignificant.

但總的來說，老實說，我們在過去幾年中對股市的敞口當然相對微不足道。

Last quarter, the amount of product that we put into the spot market under the Micron brand was approximately 0 percent, slightly higher than that.

上個季度，我們以美光品牌投入現貨市場的產品數量約為 0%，略高於此。

Most of our product is sold under contract, and that doesn't necessarily mean that it's at fixed pricing throughout the quarter.

我們的大部分產品都是根據合同銷售的，這並不一定意味著它在整個季度都是固定價格。

The pricing still floats, and is negotiated fairly regularly.

定價仍然浮動，並且相當定期地進行談判。

But most of our core DRAM product is sold on a contract basis to customers whose names you would recognize, the large PC customers.

但我們的大部分核心 DRAM 產品都是以合同形式出售給您認識的客戶，即大型 PC 客戶。

And the pricing for everything else, particularly the SDRAM products, was relatively stable throughout the quarter, stable to a bias toward increasing.

其他所有產品的價格，尤其是 SDRAM 產品，在整個季度都相對穩定，趨於上漲。

If you want any more specific than that, you can research this pretty easily; there are a number of services that provide pricing, and those services are generally pretty accurate.

如果你想要更具體的，你可以很容易地研究這個；有許多提供定價的服務，這些服務通常非常準確。

I guess, just as a quick follow-up, it seemed like -- in fact, during the downturn, when there's less demand, that the spot pricing and the price -- the pricing you guys would mention was pretty much seemed to be predictable in what was going on in the market.

我想，作為一個快速跟進，它似乎——事實上，在經濟低迷時期，當需求減少時，現貨定價和價格——你們提到的定價似乎幾乎是可以預測的在市場上發生的事情。

Now, it seems like your pricing is increasing at a higher rate than what is observable out there, as far as the services you mentioned.

現在，就您提到的服務而言，您的定價似乎以高於可觀察到的速度增長。

So maybe it's just more of a lag effect, but I was just curious about why contract pricing seems to be increasing at a faster rate than spot pricing.

所以也許這只是一個滯後效應，但我只是好奇為什麼合同定價似乎以比現貨定價更快的速度增長。

Is it just because of the demand/supply dynamics have tightened up so much now?

僅僅是因為需求/供應動態現在收緊了這麼多嗎？

You're going to have to draw your own conclusions on there.

你將不得不在那裡得出你自己的結論。

I couldn't help you a whole lot.

我幫不了你很多。

Mark Edelstone, Morgan Stanley.

馬克·埃德爾斯通，摩根士丹利。

Mike, in your prepared comments, you mentioned that the transition to DDR2, while it was going to ramp here over the next couple of quarters, was going to be somewhat slower than previously thought.

Mike，在您準備好的評論中，您提到了向 DDR2 的過渡，雖然它會在接下來的幾個季度中加速，但會比以前想像的要慢一些。

What do you attribute that slower-than-expected ramp to?

你認為這個慢於預期的斜坡是什麼原因造成的？

Well, on the desktop side, which is the -- those are the only platforms that are really enabled for DDR2.

好吧，在桌面端，它們是唯一真正支持 DDR2 的平台。

The feedback that we're getting from our customers, which, again, are one step removed from the end customer, is that there is not a real compelling case to pay a higher price for the memory solution.

我們從客戶那裡得到的反饋（這又與最終客戶相差了一步）是，沒有真正令人信服的案例來為內存解決方案支付更高的價格。

And, as you're probably aware, the DDR2 market prices today are significantly higher than the price for DDR on a per-bit basis.

而且，您可能知道，今天的 DDR2 市場價格明顯高於 DDR 的每比特價格。

So there's not a compelling performance advantage that can justify the price increase.

因此，沒有令人信服的性能優勢可以證明價格上漲是合理的。

I think that's not necessarily the case on the notebook and server platforms, and that's why we're expecting a more aggressive take rate, if you will, on the DDR2 memory for the server and the notebook platforms when they are enabled later this calendar year.

我認為筆記本和服務器平台不一定是這種情況，這就是為什麼我們期望在本日曆年晚些時候啟用服務器和筆記本平台的 DDR2 內存時，如果您願意的話，採用率會更高.

Two follow-on questions to that, then.

那麼，還有兩個後續問題。

One is, what do you think the delta might look like between DDR2 and DDR pricing, as we're going to be midway through the second half of the year?

一個是，您認為 DDR2 和 DDR 定價之間的差異可能是什麼樣的，因為我們將在今年下半年進行？

I'm not going to predict that.

我不打算預測。

We know what our cost delta is, and I'll just leave it at that.

我們知道我們的成本增量是多少，我就這樣說吧。

You're going to get predictions all the way from probably at bit parity to 100 percent premium.

您將得到從可能是比特平價到 100% 溢價的各種預測。

It's probably going to be something in between that.

它可能會介於兩者之間。

Just one other final opinion, then, if you have it.

那麼，如果你有的話，只是另一種最終意見。

It seems like the PC market, at least on the white box side, and also the motherboard business in Taiwan, was soft in May and it's been somewhat soft in June.

似乎 PC 市場，至少在白盒方面，以及台灣的主板業務，在 5 月份表現疲軟，6 月份則有些疲軟。

And it certainly seems like that is seasonal, but maybe a little bit worse than seasonality.

這似乎是季節性的，但可能比季節性差一點。

Do you think some of that incremental weakness has been triggered by the upcoming launch or the launch just happened with Grantsdale?

您認為即將推出的一些漸進式弱點是由即將推出的還是剛剛在格蘭茨代爾推出？

Could be.

可能。

I think that question will be answered over the course of the next couple of weeks, if in fact there has been a significant amount of pent-up demand for the Grantsdale launch.

我認為這個問題將在接下來的幾週內得到解答，如果事實上對格蘭茨代爾發射有大量被壓抑的需求。

But that's one theory, and I guess, like I said, the next two to three weeks will probably tell if that holds out.

但這是一種理論，我想，就像我說的，接下來的兩到三周可能會證明這是否成立。

We did want to circle back and clarify the net operating loss carryforwards.

我們確實想回過頭來澄清淨營業虧損結轉。

It's at about $2.7 billion.

約為27億美元。

Okay.

好的。

And with that, we'd like to thank everyone for participating on the call today.

因此，我們要感謝大家今天參加電話會議。

If you will 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所有其他非歷史事實的陳述，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-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。

Ladies and gentlemen, thank you for your participation.

女士們，先生們，感謝你們的參與。

This does conclude the teleconference.

這確實結束了電話會議。

You may disconnect your lines at this time, and have a great evening.

你可以在這個時候斷開你的線路，並度過一個美好的夜晚。