美光科技 (MU) 2005 Q1 法說會逐字稿

Good afternoon and welcome to today's Micron Technology's first quarter 2005 financial release conference call.

下午好，歡迎參加今天的美光科技 2005 年第一季度財務發布電話會議。

At this time, all lines have been placed on a listen-only mode and the floor will be open for 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 you may begin.

先生，您可以開始了。

Thank you very much.

非常感謝。

I would like to welcome all of you to Micron Technology's first quarter 2005 financial release conference call.

歡迎大家參加美光科技 2005 年第一季度財務發布電話會議。

On the call today are Steve Appleton, Chairman, CEO and President, Mr. Bill Stover, Vice President of Finance and Chief Financial Officer, and of course, Mike Sadler Vice President of Worldwide Sales.

今天的電話會議有董事長、首席執行官兼總裁 Steve Appleton、財務副總裁兼首席財務官 Bill Stover 先生，當然還有全球銷售副總裁 Mike Sadler。

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

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

If you have not had an opportunity to review the first-quarter 2005 financial press release, it's also available on our website at Micron.com.

如果您沒有機會查看 2005 年第一季度的財務新聞稿，也可以在我們的網站 Micron.com 上找到它。

Our call will be approximately 60 minutes in length, there will be a taped audio replay of this call available later this evening at 5:30 p.m.

我們的通話時長約為 60 分鐘，今晚晚些時候下午 5:30 將播放此次通話的錄音重播。

Mountain Standard Time.

山區標準時間。

You may dial into that by pressing 973-341-3080 with a confirmation code of 5510813.

您可以通過按 973-341-3080 使用確認碼 5510813 撥入。

This replay will run through Thursday, December 30th, 2004 at 5:30 p.m.

此重播將持續到 2004 年 12 月 30 日星期四下午 5:30。

Mountain Standard Time.

山區標準時間。

A Webcast replay is also available on the Company's website, and will be there and remain there until December 22nd, 2005.

公司網站上還提供網絡廣播重播，並將一直播放到 2005 年 12 月 22 日。

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.

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。

Specifically, the Company's most recent form 10-K and form 10-Q.

具體來說，公司最近的表格 10-K 和表格 10-Q。

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 guaranty 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'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。

Let's repeat summary financial results for the first quarter which ended December 2nd for those listeners who may not yet have access to our press release.

讓我們為可能尚未訪問我們新聞稿的聽眾重複截至 12 月 2 日的第一季度財務業績摘要。

For the first quarter, net sales totalled $1.26 billion, and the Company recorded operating income of 175 million and net income of 155 million or 23 cents per diluted share.

第一季度，淨銷售額總計 12.6 億美元，公司錄得營業收入 1.75 億美元，淨收入 1.55 億美元或每股攤薄收益 23 美分。

That compares to net sales of 1.19 billion in the immediately preceding quarter and a net income of 14 cents per share.

相比之下，上一季度的淨銷售額為 11.9 億美元，每股淨收入為 14 美分。

Net sales for the quarter increased approximately 6% over the immediately precede ing quarter, primarily as a result of higher megabits of memory production.

本季度的淨銷售額比上一季度增長了約 6%，這主要是由於更高的兆位內存產量。

Gross margin for the quarter came in at 34%, holding pretty constant over the past three quarters.

本季度的毛利率為 34%，在過去三個季度保持穩定。

Gross margin for the quarter was slightly negatively impacted by the production out of our 300mm fab which hasn't yet reached sufficient volumes to be more efficient than our mature 200mm operations.

本季度的毛利率受到我們 300 毫米晶圓廠的產量的輕微負面影響，該晶圓廠尚未達到足夠的產量，無法比我們成熟的 200 毫米晶圓廠更有效率。

Selling general and administrative expenses for the first quarter came in slightly higher than the average for the past year.

第一季度的銷售一般和管理費用略高於去年的平均水平。

The slight increase is attributable to development costs associated with several system initiatives and legal costs.

略有增加的原因是與若干系統舉措和法律成本相關的開發成本。

Our current outlook suggests SG&A will run between 90 and $95 million per quarter in fiscal year '05.

我們目前的展望表明，SG&A 將在 05 財年每季度運行 90 至 9500 萬美元。

R&D expense for first quarter was 148 million, the lowest level in over two years.

一季度研發費用為1.48億，為兩年多來的最低水平。

This level still reflects significant investments on our part into next-generation systems memory and Mobile Memories, inclusive of NAND, flash and specialty DRAMs, as well as in CMOS image sensors.

這一水平仍然反映了我們對下一代系統內存和移動內存的重大投資，包括 NAND、閃存和專用 DRAM，以及 CMOS 圖像傳感器。

However in this past quarter, the expenses of wafer processing at the 300 millimeter line in Manassas, Virginia, postqualification of our latest generation 256 meg DRAM, that's the [hyper shrank 6F squared](ph) DDR device utilizing copper interconnect technology, were charged into inventory and cost of goods sold.

然而，在過去的這個季度，弗吉尼亞州馬納薩斯的 300 毫米生產線的晶圓加工費用，我們最新一代 256 兆 DRAM 的資格後處理，即使用銅互連技術的 [超收縮 6F 平方](ph) DDR 設備，被收取計入存貨和銷售商品成本。

Future R&D expenses will vary significantly with the number of wafers dedicated to new device development and qualification.

未來的研發費用將隨著專用於新設備開發和認證的晶圓數量而有很大差異。

Our current estimate of R&D expense is that it should run between 160 and $170 million per quarter.

我們目前對研發費用的估計是每季度應該在 160 到 1.7 億美元之間。

The dollar value of inventories increased $127 million quarter over quarter.

庫存的美元價值比上一季度增加了 1.27 億美元。

Over three quarters of that growth is in work in process and is reflective of both the ramp of our 300 millimeter fab in Virginia and efficiencies being achieved in a number of other fabs which have allowed higher volumes of wafer processing.

超過四分之三的增長都在進行中，這既反映了我們在弗吉尼亞州的 300 毫米晶圓廠的產能提升，也反映了其他許多晶圓廠的效率提高，這些晶圓廠允許更大的晶圓加工量。

The increase in finished goods inventories was limited to DDR2 devices in preparation for the market shift to this architecture, and to synchronous DRAM, which we built ahead to support a consistent level of demand by network, communications and PC customers.

成品庫存的增加僅限於為市場轉向這種架構做準備的 DDR2 設備，以及我們提前構建的同步 DRAM，以支持網絡、通信和 PC 客戶的一致需求水平。

Cash flow provided by operations for fiscal year '05 is starting out reasonably strong at just under 300 million -- $300 million for the first quarter.

05 財年運營提供的現金流開始時相當強勁，略低於 3 億美元——第一季度為 3 億美元。

Cash and short-term investment balances remain at approximately $1.1 billion, and capital spending for fiscal '05 is forecast to approximately 1.5 billion, of which almost a third occurred in the first quarter.

現金和短期投資餘額保持在約 11 億美元，05 財年的資本支出預計約為 15 億美元，其中近三分之一發生在第一季度。

I'll turn the commentary over to Mike.

我會把評論交給邁克。

Thanks a lot, Bill.

非常感謝，比爾。

In the November quarter, as expected, demand for our semiconductor memory and imaging components was strong.

正如預期的那樣，在 11 月季度，對我們的半導體存儲器和成像組件的需求強勁。

As a result of productivity improvements in fiscal Q1 we sold about 5% more memory megabits into the marketplace versus fiscal Q4.

由於第一財季生產力的提高，與第四財季相比，我們向市場銷售的內存兆比特增加了約 5%。

Our customers welcome the supply increase as evidenced by the stable quarter to quarter average selling price realization across the broader product portfolio.

我們的客戶歡迎供應增加，這從更廣泛的產品組合中穩定的季度到季度平均售價實現證明。

As we wrapped up the quarter our finished goods inventory levels were quite lean and today we continue to see demand strength sufficient to absorb our production output.

當我們結束本季度時，我們的成品庫存水平非常低，今天我們繼續看到需求強度足以吸收我們的產量。

The competing markets are quite healthy with respect to driving solid demand for semiconductor memory.

在推動對半導體存儲器的強勁需求方面，競爭市場相當健康。

The compounding effect of expanded memory content per system, coupled with double digit PC unit growth, is creating what we believe to be a sustainable 45 to 55 percentage point annualized increase in DRAM demand from the competing platforms.

每個系統擴展內存內容的複合效應，再加上兩位數的 PC 單位增長，正在創造我們認為競爭平台對 DRAM 需求的可持續 45 到 55 個百分點的年增長率。

In this forum, and at investor conferences, we have been providing regular updates on computing memory interface transition from DDR to DDR2, and Micron's role in this transition.

在本次論壇和投資者會議上，我們一直在定期更新計算內存接口從 DDR 到 DDR2 的過渡，以及美光在這一過渡中的作用。

This move is in full swing now as Micron crossed the $100 million quarterly DDR2 revenue threshold in fiscal Q1.

隨著美光在第一財季超過 1 億美元的季度 DDR2 收入門檻，這一舉措正在全面展開。

Our DDR2 shipments will increase in the current period as the notebook computer segment becomes enabled early in the coming calendar year.

我們的 DDR2 出貨量將在本期增加，因為筆記本電腦細分市場在下一個日曆年年初啟用。

I'll take advantage of this opportunity to remind you that Micron has established a sound base of platform qualifications with enablers such as Intel as well as our OEM customer base.

我將利用這個機會提醒您，美光已經與英特爾等推動者以及我們的 OEM 客戶群建立了良好的平台資格基礎。

From technology and product breadth standpoints we could not be more comfortable with our position to support this transition.

從技術和產品廣度的角度來看，我們對支持這一轉變的立場感到非常滿意。

Our customers do have some anxiety about the DRAM industry's ability both to ramp DDR2 output and to manage the proper mix of DDR and DDR 2 production.

我們的客戶確實對 DRAM 行業提高 DDR2 輸出和管理 DDR 和 DDR 2 生產的適當組合的能力有些焦慮。

These will be interesting variables to watch and key determinants of the effective supply and demand balance as we move through the early part of calendar 2005.

隨著我們進入 2005 年日曆的早期階段，這些將是值得關注的有趣變量和有效供需平衡的關鍵決定因素。

Beyond the world of traditional PCs, the market for hand-held electronic devices such as mobile phones, digital still cameras, and personal audio players hold substantial interest for Micron.

除了傳統的個人電腦之外，手機、數碼相機和個人音頻播放器等手持電子設備市場對美光有著極大的興趣。

Unit sales figures for products in these categories are impressive, and what is really intriguing for us is the growth in content of semiconductor memory and CMOS imaging components.

這些類別產品的單位銷售數據令人印象深刻，而真正讓我們感興趣的是半導體存儲器和 CMOS 成像組件含量的增長。

The camera penetration rate in the mobile phone market continues to expand with several industry analysts predicting greater than 50% camera penetration in calendar year 2005, this will amount to over 300 million camera phones being manufactured and consumed next year with the majority being supported by VGA and 1 megapixel CMOS imagers.

手機市場的攝像頭滲透率繼續擴大，幾位行業分析師預測，2005 日曆年攝像頭滲透率將超過 50%，明年將生產和消費超過 3 億部攝像頭手機，其中大部分由 VGA 支持和 1 兆像素 CMOS 成像器。

Micron is currently shipping multiple millions of units per quarter of both VGA and 1 megapixel sensors into the mobile phone market.

美光目前每季度向移動電話市場運送數百萬個 VGA 和 1 兆像素傳感器。

We are growing our business with these sensors as well as securing design wins with our 2 megapixel and 3 megapixel sensors such that we expect to continue camera phone image sensor shipment growth profile for the Company in the foreseeable future.

我們正在通過這些傳感器發展我們的業務，並通過我們的 2 兆像素和 3 兆像素傳感器獲得設計勝利，因此我們預計在可預見的未來，公司的照相手機圖像傳感器出貨量將繼續增長。

Semiconductor memory proliferation and content growth in hand-held products is a major theme driving our product portfolio expansion in the specialty DRAM and flash arenas.

手持產品中的半導體內存擴散和內容增長是推動我們在專業 DRAM 和閃存領域擴展產品組合的主要主題。

In the course of just a few quarters, we have built up a solid base of DRAM business in mobile phone platforms with our family of pseudostatic or cellular ram devices and low-power synchronous DRAM products.

在短短幾個季度的過程中，我們憑藉我們的偽靜態或蜂窩 ram 設備系列和低功耗同步 DRAM 產品在手機平台上建立了堅實的 DRAM 業務基礎。

We are now shipping mobile phone friendly DRAM products in densities ranging from 16 megabits to 256 megabits and we are cost reducing these devices through 6F squared architecture enhancements and process technology migrations.

我們現在出貨的手機友好型 DRAM 產品的密度從 16 兆位到 256 兆位不等，我們正在通過 6F 平方架構增強和工藝技術遷移來降低這些設備的成本。

As we have discussed in past earnings calls and public forums, Micron is entering the NAND flash data storage market.

正如我們在過去的財報電話會議和公共論壇中所討論的那樣，美光正在進入 NAND 閃存數據存儲市場。

We have commenced volume shipments of the initial NAND component, a 2 gigabyte device produced from 90 nanometer technology.

我們已經開始批量出貨最初的 NAND 組件，這是一款採用 90 納米技術生產的 2 GB 設備。

Our NAND road map lists multiple new products in both lower and higher densities being commercialized in subsequent periods.

我們的 NAND 路線圖列出了在後續時期商業化的多種低密度和高密度新產品。

To assure optimum cost efficiency we produced NAND devices using the most advanced process technologies, with 70 nanometer right on the heels of the initial 90 nanometer product introduction.

為確保最佳成本效率，我們使用最先進的工藝技術生產 NAND 設備，在最初的 90 納米產品推出之後推出了 70 納米。

The NAND family provides Micron with immediate access to a high growth market, is a logical means to leverage our R&D and capital spend and is a complement to the existing DRAM, NOR, NOR Flash and image sensor product offerings.

NAND 系列為美光提供了直接進入高增長市場的途徑，是利用我們的研發和資本支出的合理手段，是對現有 DRAM、NOR、NOR 閃存和圖像傳感器產品的補充。

We have (indiscernible) on the past couple years and take pride in the establishment of a broad product portfolio in a semi-conductor memory and image sensor arenas.

在過去的幾年裡，我們（聽不清）為在半導體存儲器和圖像傳感器領域建立了廣泛的產品組合而感到自豪。

We firmly believe that this strategy best positions the Company to excel in both an absolute and relative basis based on expected growth prospects in the various end markets for electronic products.

我們堅信，基於電子產品各個終端市場的預期增長前景，該戰略使公司在絕對和相對基礎上都表現出色。

Thanks very much for your continued support and interest in the Company I'll turn it back over to Kip.

非常感謝您對公司的持續支持和興趣，我會將其轉回給 Kip。

Thank you Mike.

謝謝邁克。

What we'd 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。

Just as a reminder, if you are using a speakerphone, please pick up the hand set 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。

And with that we'd like to open it up for questions.

有了這個，我們想打開它來提問。

Thank you.

謝謝你。

The floor is now open for questions. [Operator Instructions] Our first question comes from Michael Masdea.

現在可以提問了。 [操作員說明] 我們的第一個問題來自 Michael Masdea。

Thanks a lot, congratulations on the quarter guys.

非常感謝，祝賀四分之一的傢伙。

The first question is making sure I understand all the moving parts.

第一個問題是確保我了解所有活動部分。

It sounds like ASPs overall fairly flattish so you grew your bits about 5, 6%.

聽起來 ASP 總體上相當平淡，所以你的比特增長了大約 5%、6%。

That's lower than what you were originally planning, was there a difference there or a mix or something else that we are -- I'm not getting?

這比你最初的計劃要低，那裡有什麼不同或混合或其他什麼我們是 - 我沒有得到？

Not much different than we had originally thought, Michael.

邁克爾，與我們最初想像的沒什麼不同。

Production came in right around 10%, so low double-digit range as you did see we built a little bit of finished goods inventory as both Bill and Mike mentioned, both relative to SDRAM, a little bit of DDR2 getting ready for that launch.

產量正好在 10% 左右，如此低的兩位數範圍，正如您所看到的，我們建立了一點成品庫存，正如 Bill 和 Mike 提到的，都相對於 SDRAM，一點點 DDR2 為這次發布做準備。

If you look at the inventory, I would say it was somewhat inflated by the moving of the R & D over there.

如果你看庫存，我會說它被那裡的研發部門轉移到了一定程度。

Is that -- how much did megabits actually grown inventory, do you have a feel for that compared to how much dollars grew?

那是 - 兆比特實際增加了多少庫存，與美元增加多少相比，你有感覺嗎？

Well, we're still looking at -- in terms of finished goods inventory we're still looking at right around one of the lowest levels we've been in several years so around two weeks or so.

好吧，我們仍在關注——就成品庫存而言，我們仍在關注我們幾年來的最低水平之一，大約兩週左右。

Okay.

好的。

And then, inventory as we go in the first quarter, do you expect to try to continue to build there a little bit?

然後，隨著我們在第一季度的庫存，您是否希望嘗試繼續在那裡建立一點點？

Well, that's the one thing we're never quite predict.

嗯，這是我們永遠無法預測的一件事。

I guess Mike can probably answer a few questions on how customers are seeing demand shape up and then with the bit production guidance that you can come to your own conclusion so Mike.

我想邁克可能會回答一些關於客戶如何看待需求形成的問題，然後通過鑽頭生產指導，您可以得出自己的結論，所以邁克。

Yeah, Mike, this is Mike speaking.

是的，邁克，這是邁克在說話。

Just to address the finished goods inventory build in the quarter we just were reporting on now, the primary components were DDR2, and that was just ourselves getting a little bit ahead of the market and getting ready for this transition that I referenced in the earlier comments that should be pretty understandable.

只是為了解決我們剛剛報告的季度的成品庫存增加，主要組件是 DDR2，這只是我們自己在市場上領先一點，並為我在之前評論中提到的這種過渡做好準備這應該是可以理解的。

And the second is in the synchronous DM arena which has been a real strong product line for us both from a volume shipment standpoint as well as a margin standpoint.

第二個是同步 DM 領域，無論從出貨量的角度還是利潤的角度來看，這對我們來說都是一條真正強大的產品線。

It continues to be -- we did see some competitive pressure, some supply increases from the competition in the quarter we just reported, rather than really keep our foot on the gas pedal and continue to try to move everything we backed off a little bit, held prices up and were in a great position going forward.

它仍然是——我們確實看到了一些競爭壓力，我們剛剛報告的季度的競爭中供應增加了一些，而不是真正把腳踩在油門上，繼續嘗試讓我們稍微退縮的一切，保持價格上漲，並在未來處於有利地位。

So the two inventory components -- (indiscernible) components were SDRAM and DDR2 and I think pretty understandable why that occurred.

因此，兩個庫存組件——（聽不清）組件是 SDRAM 和 DDR2，我認為這是可以理解的。

With respect to going forward, or into the current quarter, obviously, we're heading into what -- what is typically a seasonally slow period in terms of personal computer consumption.

顯然，就未來或當前季度而言，我們正在進入什麼——就個人電腦消費而言，這通常是一個季節性的緩慢時期。

We aggregate our customers' demand in the PC area, and from a megabit standpoint we expect demand to grow in the first calendar quarter by somewhere in the range of 0 to 5%, so flattish to slightly up, some reduced PC unit consumption being offset by increased memory content persistent consumption.

我們匯總了客戶在 PC 領域的需求，從兆位的角度來看，我們預計第一季度的需求將增長 0% 到 5%，因此持平到小幅增長，部分 PC 單耗減少被抵消通過增加內存內容持續消耗。

We will be -- our production output will be up greater than that.

我們將——我們的產量將比這更高。

So, for us to -- to move all that production up in the marketplace we are going to be in a market-share taking mode, and you can draw what conclusions you want from that.

因此，對於我們來說——為了將所有產品推向市場，我們將處於市場份額佔據模式，你可以從中得出你想要的結論。

Just the last piece for the model to understand it.

只是模型理解它的最後一部分。

ASPs are generally flat from here, what does that -- overall, then what does that do to your blended ASP for the next quarter?

平均售價從這裡開始基本持平，這對你的下個季度的混合平均售價有什麼影響？

Follow?

跟隨？

I think you're asking us to predict ASPs, and as you know that's the one thing we can't help you with.

我認為您要求我們預測 ASP，而您知道這是我們無法幫助您的一件事。

Not to predict but if they're flat from here, what does that look like when you compare to this quarter?

不能預測，但如果它們與本季度持平，與本季度相比會是什麼樣子？

You follow?

你跟著？

So --

所以 -

Sure.

當然。

Our average 256 megabit equivalent was in the high 5 range, Michael.

邁克爾，我們的平均 256 兆比特等值在高 5 範圍內。

So we'll let you -- and of course we're helped quite a bit by the specialty DRAM diversification efforts that we've had in there, too.

所以我們會讓你——當然，我們在那裡所做的專業 DRAM 多樣化工作也給了我們很大幫助。

So, I wouldn't look just at DDR and when you're try to go do a comparison, but factor in, also, as Mike mentioned, some of the pseudo-SRAM and some of the other specialty products.

因此，當您嘗試進行比較時，我不會只看 DDR，而是考慮，正如 Mike 提到的，一些偽 SRAM 和一些其他專業產品。

Thanks a lot.

非常感謝。

Thanks, Mike.

謝謝，邁克。

Thank you.

謝謝你。

Our next question is coming from Glen Yeung.

我們的下一個問題來自 Glen Yeung。

Thanks, hi.

謝謝，你好。

It's Glen Yeung from Smith Barney.

我是 Smith Barney 的 Glen Yeung。

I wanted to just ask one question on this 300 millimeter 6F squared DDR qualification.

我只想問一個關於這個 300 毫米 6F 平方 DDR 資格的問題。

If we were talking about -- you know, all things being equal prices looking the same -- or I'm sorry, parts looking the same can you talk about the gross margin difference would be between, you know, standards, 200 millimeter based DDR and 300 millimeter based 6F squared DDR device?

如果我們在談論 - 你知道，所有東西都是相同的價格看起來都一樣 - 或者我很抱歉，看起來一樣的零件你能談談毛利率差異會在你知道的標準之間，基於 200 毫米DDR 和基於 300 毫米的 6F 平方 DDR 設備？

Can't give you the specifics there.

不能給你那裡的細節。

We indicated in our earlier comments that we are not yet at the kind of volumes coming through Manassas in which you'd get an equivalency of the 300 millimeter relative to the mature 200 millimeter.

我們在之前的評論中指出，我們還沒有達到馬納薩斯的那種產量，相對於成熟的 200 毫米，你會得到相當於 300 毫米的產量。

That transition does occur relatively quickly, as we previously indicated to you, we expect that to be in our second quarter.

正如我們之前向您指出的那樣，這種轉變確實發生得相對較快，我們預計這將發生在我們的第二季度。

I'm sorry, you expect to achieve -- quite -- expect efficiency in 300 millimeter, ie: you're at a certain volume at 300 millimeter where you're achieving efficiency?

抱歉，您希望實現——相當——期望 300 毫米的效率，即：你在 300 毫米的某個體積上實現了效率？

Yeah, keep in mind that the -- there's no difference between the 200 millimeter and 300 millimeter 6F squared DDR.

是的，請記住，200 毫米和 300 毫米 6F 平方 DDR 之間沒有區別。

So what you're really -- In terms of the 6F squared device, so you're talking about a difference between 200 and 300 millimeter and we expect crossover where the 300 millimeter will be more cost effective per bit to occur sometime in the summer of '05.

所以你真的是——就 6F 平方設備而言，你說的是 200 和 300 毫米之間的差異，我們預計在夏季的某個時候，300 毫米每比特的成本效益會更高05 年。

And just thinking about a fab efficiency, you're talking about like your starting over 40,000 wafer starts, fab, I believe, in Manassas, does that mean you need to be something like 20,000 wafers by next quarter?

只是考慮晶圓廠的效率，你說的是像你在馬納薩斯開始超過 40,000 片晶圓廠，我相信，這是否意味著到下個季度你需要達到 20,000 片晶圓？

No, not at all.

一點都不。

We -- we're currently, well, in fact we're on track where we said we would be.

我們 - 我們目前，嗯，事實上，我們正朝著我們所說的方向前進。

In terms of 200 millimeter equivalents, we are currently right around 2500, we said that we'd be about 3,000 in the early part of '05, we're on schedule for that.

就 200 毫米當量而言，我們目前在 2500 左右，我們說在 05 年初我們會達到 3,000 左右，我們正在按計劃進行。

We're driving towards 5,000 equivalency sometime as we move towards the middle of the year.

隨著我們邁向年中，我們正朝著 5,000 個當量目標邁進。

And then we we've not said yet whether we're committed to go beyond that we're going to see what the market does.

然後我們還沒有說我們是否致力於超越這一點，我們將看看市場會做什麼。

But we expect on that current schedule to get a bit crossover in terms of cost efficiency (inaudible) millimeter sometime in the middle of the year.

但我們預計當前的時間表會在年中某個時候在成本效率（聽不清）毫米方面有所交叉。

Okay and then just two really quick questions.

好的，然後只有兩個非常快速的問題。

One is, , when -- can you talk about exactly what memory per system was in the quarter and -- I think you said it was going up next quarter, what the expectation is going to be?

一個是，什麼時候--你能準確談談本季度每個系統的內存是多少，而且--我想你說它會在下個季度上升，預期會是什麼？

And then the second quick question is, what were trends in CMOS image sensor price ing?

然後第二個快速的問題是，CMOS 圖像傳感器價格的趨勢是什麼？

Mike, I'll address both those questions.

邁克，我會解決這兩個問題。

On the content per system.

每個系統的內容。

Today on basically all the -- the mid-range PC platforms whether it be notebook or desk tops, so I think that we're at about somewhere in the range of 450 megabytes per system, and what we're expecting, as we move through the next couple of quarters, is growth rates in the range of 2.5 to 3% per month.

今天基本上在所有的中端 PC 平台上，無論是筆記本電腦還是台式機，所以我認為我們的每個系統大約在 450 兆字節的範圍內，隨著我們的移動，我們所期待的在接下來的幾個季度中，增長率在每月 2.5% 到 3% 之間。

The primary drivers being the -- the continued proliferation of dual channel memory subsystems as well as the increasing effect on memory content per system that DDR2 will have.

主要驅動因素是——雙通道內存子系統的持續擴散以及 DDR2 對每個系統的內存內容的影響越來越大。

So, again to repeat that summarizing about 450 megabytes per platform today increasing about 3% per month for the next couple of quarters.

因此，再次重複這一點，今天每個平台大約 450 兆字節，在接下來的幾個季度中每月增加約 3%。

In terms of CMOS image sensor pricing, , the -- the two markets -- or the two products that are carrying the most volume would be the VGA sensors in mobile phones and one megapixel sensors in mobile phones.

就 CMOS 圖像傳感器定價而言，這兩個市場或兩個出貨量最大的產品將是手機中的 VGA 傳感器和手機中的 1 兆像素傳感器。

Pricing, generally -- there is some price pressure particularly on the VGA in the effort to drive the -- the total camera module cost solution down to a point where we can achieve very high penetration rates but generally speaking at the central level it's been relatively flat.

定價，一般來說——特別是在 VGA 上存在一些價格壓力，以努力推動——總相機模塊成本解決方案降低到我們可以實現非常高的滲透率的地步，但一般來說，在中央層面它是相對的平坦的。

Okay.

好的。

Next question.

下一個問題。

Thank you.

謝謝你。

Our next question is coming from Ted Parmigiani.

我們的下一個問題來自 Ted Parmigiani。

Thank you.

謝謝你。

Good afternoon.

下午好。

Just to follow up quickly to the image sensor question.

只是為了快速跟進圖像傳感器問題。

Could you talk about what the growth profile may look like over the next several quarters, you've talked a lot about design wins?

你能談談未來幾個季度的增長情況嗎？你已經談了很多關於設計勝利的話題？

And then I have a follow up.

然後我有一個跟進。

Sure.

當然。

The -- in terms of the growth profile over the next couple quarters again, we're getting into the predicting side of the business here and I want to be a little bit careful.

- 就接下來幾個季度的增長情況而言，我們正在進入業務的預測方面，我想小心一點。

But, in terms of quantifying things we're probably looking at 10 to 15% growth quarter over quarter in terms of units, each of the next two quarters, I can't really tell you what what's going to happen to prices because it is kind of a dynamic issue.

但是，在量化事物方面，我們可能會看到在接下來的兩個季度中，每個季度的單位數量都將出現 10% 到 15% 的季度增長，我無法真正告訴你價格會發生什麼，因為它是一種動態的問題。

But that's -- that's probably what our profile's going to look like over the next couple quarters in terms of unit growth rate.

但這可能是我們在接下來幾個季度的單位增長率方面的概況。

And a continued move from VGA sensors to 1 megapixel and to 2 megapixel as well so richer with respect to megapixel content also.

並且從 VGA 傳感器繼續向 1 百萬像素和 2 百萬像素以及百萬像素內容方面的豐富。

And then you talked about 300 millimeter ramp and some of the the early products there, but could you give us an idea on a kind of corporate basis what's happening with costs and any efficiencies you're getting there, how that might aid your -- your overall gross margin over the next -- maybe for the year or even just qualitatively or percentage-wise, something like that?

然後你談到了 300 毫米坡道和那裡的一些早期產品，但你能否在某種公司的基礎上給我們一個想法，成本發生了什麼以及你達到的任何效率，這將如何幫助你——你未來的整體毛利率——可能是一年，甚至只是質量或百分比，類似的？

Sure.

當然。

Depending on how we allocate wafers, Ted, you can probably model in at around 10% cost per bit per quarter reduction force over the next few quarters.

根據我們分配晶圓的方式，Ted，您可能會在接下來的幾個季度中以每季度每比特成本降低 10% 左右的方式進行建模。

Great.

偉大的。

Thanks a lot.

非常感謝。

You bet.

你打賭。

Thank you.

謝謝你。

The next question's coming from Adam Parker.

下一個問題來自亞當帕克。

Yeah, hi.

是的，你好。

A couple of quarters -- a couple questions.

幾個季度——幾個問題。

Seems like you got -- you know, less wafers out during calendar 2004 than you previously expected at the beginning of the year.

似乎您得到了——您知道，2004 年日曆期間的晶圓產量比您在年初預期的要少。

Can you -- can you explain at all what you've done to improve your productivity there?

你能 - 你能解釋一下你為提高生產力所做的一切嗎？

Yes, you bet.

是的，你打賭。

In fact, thanks for pointing that out, actually a pretty good quarter for us.

事實上，感謝您指出這一點，這對我們來說實際上是一個相當不錯的季度。

We ended up producing slightly over 50,000 wafer outs a week which was up pretty significantly from last quarter.

我們最終每週生產略超過 50,000 片晶圓，與上一季度相比大幅增長。

So the fabs are executing pretty well.

所以晶圓廠的表現非常好。

In past calls we've talked about somewhat the diversification effort, learning how to run different types of products and a multitude of products slowing us down a little bit on the wafer output but in the last couple quarters, since about that Q2, Q3 time frame, we've had a nice steady increase in the wafer outs.

在過去的電話會議中，我們談到了一些多樣化的努力，學習如何運行不同類型的產品和多種產品，但在過去幾個季度，大約在第二季度，第三季度以來，我們的晶圓產量有所放緩框架，我們的晶圓產量穩步增長。

That's all just from learning or was there some operational things that you did -- you put into effect to improve things?

這一切都只是來自學習，還是你做了一些操作性的事情——你付諸實施以改進事情？

I'll let Steve talk to the actual things we've put in place but then the other thing to keep in mind as well is the 300 millimeter starting to help us out.

我會讓史蒂夫談談我們已經實施的實際情況，但另一件要記住的事情是 300 毫米開始幫助我們。

Instead of being wafers that we expense through the R & D line you're now starting to see those show up as 200 meter wafer equivalents as well.

與我們通過研發線花費的晶圓不同，您現在開始看到它們也顯示為 200 米晶圓等價物。

And then, Steve, maybe would like to address some of the operational issues.

然後，史蒂夫，也許想解決一些運營問題。

Yeah, operationally, first of all, it helped us a great deal in the 300 millimeter as well, keep in mind that you're essentially getting no output and now that's really come up pretty nicely.

是的，在操作上，首先，它在 300 毫米方面也為我們提供了很大幫助，請記住，您基本上沒有得到任何輸出，而現在這確實非常好。

And will continue to grow.

並將繼續增長。

That's going to be our net contributor.

那將是我們的淨貢獻者。

The other is that there's really two other components to it, Adam, and one is that, we had a couple of fabs, had a difficult time with the 110 nanometer that affected us in '04 and that's behind us, they're doing well now, Kip already mentioned, that that output has now come back up from where it was based on the from the earlier difficulties were.

另一個是它實際上還有另外兩個組成部分，Adam，一個是，我們有幾個晶圓廠，在 04 年影響我們的 110 納米技術遇到了困難，這已經落後於我們，他們做得很好現在，Kip 已經提到，該輸出現在已經從之前的困難中恢復到原來的水平。

And the second thing as you can imagine, we -- we were on a fairly good learning curve about operations in terms of running these different devices so, we -- we also think we've been over the hump on that.

你可以想像的第二件事，我們 - 我們在運行這些不同設備方面處於相當好的學習曲線上，所以我們 - 我們也認為我們已經克服了困難。

And as a result net effect is that the wafer output is coming up and we expect it to continue to come up based on a combination of factors as we move through '05.

因此，淨效應是晶圓產量正在上升，我們預計它將在 05 年期間基於多種因素繼續上升。

Maybe just a separate question , Steve.

也許只是一個單獨的問題，史蒂夫。

You know, when you look out over a kind of calendar '05 or in '60, maybe the next couple years, which year do you feel better about, you know, from the DRAM cycle standpoint, is it '05, or is it '06, or, you know, just in terms of visibility, has there been any changes in capacity plans from your competitors in the last few months that in your mind -- I mean we've seen what some of them have said but in your mind has there been any capacity changes that you think are kind of incremental in terms of, you know, the supply demand imbalance?

您知道，當您查看 05 年或 60 年的某種日曆時，可能是接下來的幾年，從 DRAM 週期的角度來看，您對哪一年感覺更好，是 05 年還是 05 年？ '06，或者，你知道，就可見性而言，在過去幾個月裡，你的競爭對手的產能計劃是否有任何變化，你認為——我的意思是我們已經看到了他們中的一些人所說的，但在您認為供應需求不平衡方面是否有任何您認為是漸進式的產能變化？

We're eagerly awaiting your report so we can come to a conclusion on that.

我們急切地等待您的報告，以便我們就此得出結論。

But my --

但是我的——

My report?

我的報告？

I just mean people, you know, look at this data a lot putting out there.

我只是說人們，你知道，看這些數據很多。

I have no idea I'm asking you.

我不知道我在問你。

Ha ha.

哈哈。

What about the next couple --

下一對呢——

I understand the question.

我明白這個問題。

I'll answer it.

我會回答的。

The -- clearly I think, as we know, there -- there always lots of activity surrounding expansion when the market looks pretty healthy and, as the market has been relatively flat of course some extension going on, you saw -- I assume that you saw the Infineon announcement that came out either today or yesterday from Mr. Ziebart that they're not to have any potential activity in '05 for capacity, and particularly pointed to Richmond -- I mean Richmond, and what they earlier -- earlier announced there.

- 顯然我認為，正如我們所知，當市場看起來相當健康時，總會有很多圍繞擴張的活動，並且由於市場相對平穩，當然還有一些擴展正在進行，你看到了 - 我假設你看到了今天或昨天從 Ziebart 先生那裡發布的英飛凌公告，他們不會在 05 年進行任何潛在的產能活動，並特別指出了里士滿——我的意思是里士滿，以及他們早些時候——早些時候在那裡宣布。

And then you're seeing I think that there's been a fair amount of difficulty on the transition either from 130 to 110 or expectation from 110 nanometers.

然後您會看到，我認為從 130 到 110 或從 110 納米的預期過渡都存在相當大的困難。

So things aren't happening as fast I think as what people earlier announced or they were planning on, and as a result I think the industry will be a beneficiary of that.

所以事情並沒有像人們之前宣布或計劃的那樣迅速發生，因此我認為該行業將受益於此。

When you talk about do I feel better about '06 compared to '05, I don't really have enough visibility in -- as we move out beyond about six months on what the end demand markets are going to be because that's obviously a very significant factor from what drives bit consumption.

當您談到與 05 年相比，我對 06 年的感覺是否更好時，我真的沒有足夠的知名度——因為我們將超過大約六個月的最終需求市場，因為這顯然是一個非常驅動比特消耗的重要因素。

And if the bits consumption ends up being 55% that's a lot different from 45% and as a result it'll affect us greatly.

如果比特消耗最終達到 55%，這與 45% 有很大不同，因此它會對我們產生很大影響。

So, I think in general, things aren't happening as fast as people thought they were.

所以，我認為總的來說，事情並沒有人們想像的那麼快。

They're having more difficulty transitioning processes, and by the way I will also point out that the DDR2 is not as efficient as DDR and so that slows -- that will slow down bit growth and then on top of that, the stronger the synchronous DRAM market stays over the next year also means that it's a lower density bit device that will all producing -- that also doesn't have the bit growth profile that -- that you would get in an advanced DRAM.

他們在過渡過程中遇到了更多困難，順便說一句，我還要指出 DDR2 的效率不如 DDR，因此會減慢 - 這會減慢位增長，然後最重要的是，同步功能越強DRAM 市場在明年保持不變也意味著它是一種較低密度的位設備，它將全部生產——也沒有位增長曲線——你會在先進的 DRAM 中獲得。

So, all those factors are going to have an impact.

因此，所有這些因素都會產生影響。

So from the -- in the last three months, I mean it -- in your mind, some of the supply's been rationalized or pushed out a little bit, maybe that makes -- from whatever level you had before, maybe a little bit less supply burden in '05 than what you would have thought a couple months ago?

所以從 - 在過去的三個月裡，我的意思是 - 在你看來，一些供應已經合理化或被推出了一點點，也許這使得 - 從你之前的任何水平，可能會少一點05 年的供應負擔比你幾個月前想像的要多？

Yeah.

是的。

Or is that --

或者是——

Yeah, I think that's accurate.

是的，我認為這是準確的。

I think that's clearly going to happen.

我認為這顯然會發生。

Sorry, one last quick just housekeeping item.

對不起，最後一個快速只是家政項目。

What happened in this quarter with the reserves?

本季度的儲備金發生了什麼？

Was there any, -- how much sales did you get from already reserved parts and did you take any inventory reserves during the quarter?

有沒有， - 您從已經保留的零件中獲得了多少銷售額，您在本季度是否採取了任何庫存儲備？

No.

不。

The -- Adam, the beginning of the fiscal year, there was about $4.5 million remaining in inventory of previously written down inventory.

——亞當，在本財年伊始，先前減記的存貨中還剩下大約 450 萬美元的存貨。

I believe is where your question is coming from.

我相信你的問題來自哪裡。

So, it's almost deminimus at the beginning of the quarter.

因此，在本季度初，它幾乎是微不足道的。

Right.

正確的。

Virtually no effect.

幾乎沒有效果。

And there's no current (inaudible) in the market -- current market conditions.

市場上沒有當前（聽不清）——當前的市場狀況。

Okay.

好的。

Thanks a lot for your time.

非常感謝您的時間。

Thank you.

謝謝你。

The next question is coming from Chris Stanley.

下一個問題來自 Chris Stanley。

Thanks, guys, , pretty good quarter.

謝謝，伙計們，很好的季度。

From an end demand perspective, would you characterize sort of the Christmas PC build as normal seasonal or a little bit better than normal?

從最終需求的角度來看，您會將聖誕節 PC 構建描述為正常的季節性還是比正常情況好一點？

I -- best I can tell, normal seasonally.

我——我能說的最好，季節性正常。

I think within the -- within the PC market there are a couple of pretty significant sectors, notebooks, servers, desk tops, notebooks and servers in particular are quite strong, and those -- those two platforms are both pushing memory content more so than desktops, so I'd say typically a typical seasonal demand period we're quite pleased with the components of that with respect to notebooks and servers really being strong going out of the end of the year, particularly with respect to them driving both in increased memory content and the newer memory technology, DDR2.

我認為在個人電腦市場中有幾個相當重要的部門，筆記本電腦、服務器、台式機、筆記本電腦和服務器尤其是相當強大的，而這兩個平台都在推動內存內容的發展。台式機，所以我會說通常是一個典型的季節性需求期，我們對筆記本電腦和服務器的組件非常滿意，這些組件在年底之後真的很強勁，特別是在它們推動兩者增長方面內存內容和較新的內存技術 DDR2。

Okay great and then a quick question on the inventory.

好的，然後是關於庫存的快速問題。

It crept up a little bit mostly on (indiscernible), you guys have any set goals or ranges that -- that you're -- you feel comfortable with going forward?

主要是在（聽不清），你們有任何既定的目標或範圍——你是——你對前進感到舒服嗎？

We're quite comfortable with the movement that has occurred because it's in direct correlation to the ramp at Manassas and the efficiencies that we're getting out of a couple other fabs.

我們對已經發生的運動感到非常滿意，因為它與馬納薩斯的坡道以及我們從其他幾家晶圓廠獲得的效率直接相關。

So, it will continue to increase in dollar amount as we do have the progress in Manassas.

因此，隨著我們在馬納薩斯取得進展，它將繼續增加美元金額。

How about in days?

幾天后呢？

Days.

天。

No.

不。

Our management of that, Whip(ph), is really in -- in cycle time and we're -- we're pleased with cycle time.

我們對此的管理，Whip(ph)，實際上是在 - 在周期時間中，我們 - 我們對周期時間感到滿意。

Okay, great.

好，太棒了。

Last question.

最後一個問題。

If you take a look at the entire non-DRAM business.

如果你看看整個非 DRAM 業務。

What was the rough per cent of revenues during the quarter and then how do you expect that to ramp going forward?

本季度收入的粗略百分比是多少，那麼您預計這一數字將如何增長？

Yeah.

是的。

It -- the -- when you say non-D remember we got some specialty stuff that fits in the category of -- I think the way to characterize it is kind of a non-core DRAM arena for us and that really has been -- and -- was between 50 and -- 15 and 20% for the quarter.

它——當你說非 D 時記得我們有一些特殊的東西屬於——我認為描述它的方式對我們來說是一種非核心 DRAM 領域，這真的是—— - 和 - 本季度介於 50% 和 - 15% 到 20% 之間。

We -- we have a couple of effects going on that are -- that may counterbalance each other.

我們 - 我們有一些影響正在發生 - 可能會相互抵消。

Obviously, the product that's coming out of Virginia is in the core DRAM arena, but we have more wafers that are being converted at the other facilities to non-core DRAM, if you will.

顯然，來自弗吉尼亞的產品屬於核心 DRAM 領域，但如果您願意的話，我們有更多的晶圓正在其他設施中轉換為非核心 DRAM。

So, I actually don't recall the specifics on which one outweighs the other, but we expect the -- the -- in absolute terms, we expect the non-core to continue to grow, but keep in mind we also are having the core growing as Virginia comes up, too.

所以，我實際上不記得哪一個比另一個更重要的細節，但我們預計 - 從絕對意義上講，我們預計非核心業務將繼續增長，但請記住，我們也有隨著弗吉尼亞的出現，核心也在增長。

Exactly.

確切地。

And out of the sensors, flash, and pseudo-Sram, which do you expect to grow the fastest over the next 12 months?

在傳感器、閃存和偽 Sram 中，您預計未來 12 個月內哪個增長最快？

Well, on a percentage out of which products again, say that?

好吧，再說說哪些產品的百分比？

The Sensors, the Flash, and the SRAM.

傳感器、閃存和 SRAM。

Boy, that's tough.

男孩，這很難。

Because -- you know, we just entered the NAND market the two-gig device is in the market and shipping it to customers and that has a pretty high ramp profile.

因為 - 你知道，我們剛剛進入 NAND 市場，兩千兆設備已投放市場並將其運送給客戶，並且具有相當高的坡度。

The pseudostatic ram has been enormously successful for us and as you know the penetration rate and the wireless market continue to grow in that.

偽靜態 ram 對我們來說取得了巨大的成功，正如您所知，滲透率和無線市場在其中繼續增長。

And by the way, we can't discount the growth rate in the imaging business either because the CMOS imagers in terms of camera phone penetration you're talking about going from 150 million phones to 250, 300 million phones, that's the forecast anyway, so pretty high growth rate as well.

順便說一句，我們也不能低估成像業務的增長率，因為 CMOS 成像器在拍照手機的滲透率方面，你所說的從 1.5 億部手機到 250、3 億部手機，無論如何，這就是預測，所以增長率也很高。

Okay.

好的。

So, last question, I guess a year from now you expect the sensors to remain the largest product line out of the non-core DRAM?

所以，最後一個問題，我想一年後你希望傳感器仍然是非核心 DRAM 中最大的產品線嗎？

Boy.

男生。

You know what, it's going to be a close call because when I look at the -- what we're looking at -- where the -- where all three of those are going, they've got pretty steep ramp rapes.

你知道嗎，這將是一個近距離的電話，因為當我看 - 我們正在看的 - 哪裡 - 所有這三個地方，他們有相當陡峭的斜坡強姦。

I think what will be a determining factor at end of the day is what happened to the selling prices of those products.

我認為最終的決定性因素是這些產品的售價發生了什麼變化。

Got it.

知道了。

And we just can't predict that, you know, especially -- you know, the second half of the year.

我們只是無法預測，你知道，尤其是 - 你知道，今年下半年。

Okay.

好的。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question is coming from John Lau.

我們的下一個問題來自 John Lau。

Great.

偉大的。

Thank you.

謝謝你。

If we can circle back to your assumptions for the bit growth.

如果我們可以回到您對比特增長的假設。

You had mentioned that the demand would be 0 to 5% and that the bit growth would be above that, are you targeting something in the double-digit range or something closer to the demand range?

您曾提到需求將在 0% 到 5% 之間，並且位增長將高於此，您的目標是在兩位數範圍內還是更接近需求範圍？

Correct, low double digits initially on the production sequential bit growth.

正確，最初在生產順序位增長上的低兩位數。

Okay and then as a follow-up.

好的，然後作為後續行動。

In terms of the CMOS sensors, you had give us a character a little bit of metric before as the percentage of wafer starts you had in the past mentioned 15% what is is that now?

就 CMOS 傳感器而言，您之前曾給我們提供了一些指標，因為您過去提到的 15% 的晶圓啟動百分比現在是什麼？

And out of the non-DRAM, how significant was the CMOS sensors?

在非 DRAM 之外，CMOS 傳感器的重要性如何？

Thank you.

謝謝你。

Well, the -- as I already mentioned, that the -- the non-DRAM in total was 15 to 20%.

好吧，正如我已經提到的那樣，非 DRAM 總共佔 15% 到 20%。

The image sensors themselves I don't think we've actually broken out historically what percentage they've been and we for competitive reasons don't really want to do that.

圖像傳感器本身我認為我們實際上並沒有從歷史上突破它們的百分比，出於競爭原因，我們真的不想這樣做。

Let me just make this statement.

讓我做這個聲明。

The revenue from the image sensors hit a new high for us for the quarter.

圖像傳感器的收入在本季度創下了新高。

So it's -- it's clearly continuing to grow.

所以它 - 它顯然在繼續增長。

Okay.

好的。

And as a percentage of the wafer starts?

並且作為晶圓開始的百分比？

Never given that number and I don't want to for competitive reasons.

從來沒有給出這個數字，我也不想出於競爭原因。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Joe Osha.

我們的下一個問題來自 Joe Osha。

Hello, happy holidays.

你好，節日快樂。

Happy holidays.

節日快樂。

Hi.

你好。

Just for starters, a high-level question.

只是對於初學者來說，一個高層次的問題。

If I look at the -- you know, trajectory of pricing here for the last three quarters, you know, it's been pretty benign in the volume DRAM business.

如果我看一下過去三個季度的定價軌跡，你知道，它在批量 DRAM 業務中相當溫和。

The gross margin has really been in quite a narrow range here.

這裡的毛利率確實處於相當狹窄的範圍內。

I know that obviously the 300 millimeter end of things is beginning to -- to come up, but, you know, at what point do you think we might begin to return to sort of the -- what I -- I at least have thought of as the historic trajectory in terms of costs improvement for this company on DRAM side which has been sort of 6, 7% sequentially each quarter.

我知道很明顯，事情的 300 毫米末端正在開始 - 出現，但是，你知道，你認為我們可能會在什麼時候開始回到 - 我 - 我至少認為的那種作為該公司在 DRAM 方面成本改善的歷史軌跡，每個季度環比增長 6% 到 7%。

Joe, this is Kip.

喬，這是基普。

A couple things, as you know, the 300 millimeter continued to -- or this quarter for the first time rolled from R & D to cost of goods sold, so that's one thing if you backed out and tried to compare quarter to quarter you would have seen some of the productivity enhancements that we got.

有幾件事，如您所知，300 毫米繼續 - 或者本季度第一次從研發轉變為銷售商品成本，所以如果您退出並嘗試逐季度比較，這是一回事我們已經看到了一些生產力的提高。

Number two, we did shift significant product to what ends up being higher cost per bit products, but some of the highest gross margin products that we have as well.

第二，我們確實將重要的產品轉移到最終每比特成本更高的產品上，但我們也擁有一些毛利率最高的產品。

So if you're just -- if you are trying to separate out just a cost reduction program, it gets lost a little bit when you look at how we've been able to keep ASPs and and kept moving production to higher gross margin products.

因此，如果您只是——如果您只是想分離出一個降低成本的計劃，那麼當您查看我們如何能夠保持 ASP 並不斷將生產轉移到毛利率更高的產品時，它就會迷失一點.

So we're -- it's a kind of a little bit longer discussion maybe than we need to have on this particular call, but that gives you some of the pieces.

所以我們 - 這可能比我們在這個特定電話會議上需要的討論時間長一點，但這為您提供了一些內容。

Then going forward, as I mentioned, we're probably now in a phase where as the 300 millimeter cost per bit starts to transition to a favorable environment for us versus 200 millimeter towards the end of fiscal Q2, you should start to see, generally speaking, a 10% sequential quarterly reduction on costs per bit.

然後展望未來，正如我所提到的，我們現在可能正處於一個階段，隨著每比特 300 毫米的成本開始轉變為對我們有利的環境，而在第二財季末為 200 毫米，你應該開始看到，一般也就是說，每比特成本每季度連續下降 10%。

Okay.

好的。

Thanks.

謝謝。

Next question would be looking at your FY05 here.

下一個問題是在這裡查看您的 FY05。

Would it be -- be fair to think now that you guys are going be able to sort of get back to -- growing in line with the market in terms of -- of the volume shipments after -- you know, growing -- (inaudible).

是不是 - 公平地認為現在你們將能夠恢復 - 在 - 之後的出貨量方面 - 與市場保持一致 - 你知道，增長 - （聽不見）。

If you're asking for a bit production growth, we're currently estimating somewhere between 40 and 50%, and of course that can change depending on how we allocate wafers to, say, image sensors or some of the products we don't include in bit growth.

如果您要求產量增長一點，我們目前估計在 40% 到 50% 之間，當然這可能會根據我們如何將晶圓分配給圖像傳感器或我們不使用的某些產品而改變包括在位增長中。

For the industry, if you look out across the broad spectrum of those people who try and predict that they've got anywhere from low 40s to mid-50s for production bit growth.

對於這個行業，如果你仔細觀察那些試圖預測他們從 40 多歲到 50 多歲中期的生產位增長的人的廣泛範圍。

So, we'll be in there somewhere.

所以，我們會在某個地方。

Clearly a significant -- significant pickup on the '04 numbers, obviously your FY04 numbers.

顯然是 04 年數字的顯著回升，顯然是您的 FY04 數字。

Yeah, Joe, we -- well, we said this a while back.

是的，喬，我們——好吧，我們前一陣說過。

We expected to have some negative impact in our market shares, we went through the second half of '04.

我們預計會對我們的市場份額產生一些負面影響，我們經歷了 04 年下半年。

Yeah you guys were quite clear on that, I'm certainly --

是的，你們很清楚，我當然——

And we actually think we're gaining some of that back.

我們實際上認為我們正在獲得一些回報。

I think we'll probably gain market share in the quarter that we're in right now.

我認為我們可能會在我們現在所在的季度獲得市場份額。

And then of course it just depends on how it balances out at the end of the year, but we should stay in line with the market.

當然，這取決於它在年底如何平衡，但我們應該與市場保持一致。

Last question and then I'll go away.

最後一個問題，然後我就走了。

If I look at the inventory, obviously, you know, a lot of whip -- a lot of DDR2, but because of the -- you know, some of the stickiness surrounding the timing of that DDR2 ramp, is there -- is there a risk perhaps in some of that DDR2 that, you end up having to maybe reserve a bit of that given that the -- the price trajectory that that market is on?

如果我看一下庫存，很明顯，你知道，很多鞭子 - 很多 DDR2，但是因為 - 你知道，圍繞 DDR2 斜坡時間的一些粘性，有沒有 - 有在某些 DDR2 中可能存在風險，鑑於市場所處的價格軌跡，您最終可能不得不保留一些風險？

IE down.

IE下來。

From my perspective, there is virtually no risk in that whatsoever.

從我的角度來看，這幾乎沒有任何風險。

As a matter of fact, if I look out even in current quarter, Joe, we're going to be production limited I believe on DDR2.

事實上，如果我看一下當前季度，Joe，我相信 DDR2 的生產將受到限制。

So take the inventory that we went into the quarter what we're going to produce, I think the market has a much, much stronger appetite for -- for DDR2 than we have the ability to provide in the current quarter.

因此，以我們進入本季度的庫存為例，我認為市場對 DDR2 的需求比我們在本季度提供的能力要強得多。

So there's not a -- obviously the stuff that comes off the line as your productivity improves tends to go on the balance sheet at lower costs than earlier stuff so there's always this issue of how the cost accounting works.

所以沒有 - 很明顯，隨著生產力的提高，資產負債表上的成本往往比以前的成本低，所以總是存在成本會計如何運作的問題。

That's really what I'm trying to understand being as you indicated you may be tying the ramp maybe a little bit differently than what --

這就是我真正想要理解的，正如你所說的那樣，你可能正在綁坡道，可能與什麼有點不同——

Yeah.

是的。

I think the question you're asking is are the market prices going to go lower than our costs?

我認為您要問的問題是市場價格會低於我們的成本嗎？

And, boy, I -- I'm not going to stick my neck out on that one.

而且，男孩，我——我不會把脖子伸到那個上面的。

I think, Joe, Mike has just indicated that, if anything, our viewpoint is with the inventory that we're carrying on DDR2 and with the growth that we've indicated in DDR2 production for the coming quarter, we still don't see that meeting demand.

我認為，Joe，Mike 剛剛表示，如果有的話，我們的觀點是我們正在進行 DDR2 的庫存以及我們在下一季度 DDR2 生產中表示的增長，我們仍然看不到滿足需求。

We're not --

不是 -

Okay.

好的。

All right.

好的。

Fair enough.

很公平。

Thank you very much.

非常感謝。

Thanks, Joe.

謝謝，喬。

Thank you.

謝謝你。

Our next question is coming from Andrew Root.

我們的下一個問題來自 Andrew Root。

Thanks very much.

非常感謝。

A couple questions just following up on the profitability side.

幾個問題只是在盈利方面跟進。

The incremental improvement in wafer starts this quarter, does that really accrue to your incremental profitability next quarter as opposed to this quarter?

晶圓的增量改進從本季度開始，與本季度相比，這是否真的會增加您下一季度的盈利能力？

Yeah.

是的。

I would say most of -- will be next quarter.

我會說大部分 - 將是下個季度。

So, basically the incremental gross margin, which was slowed down a little bit, part of it was the 300 millimeter (indiscernible) but another part is just the timing of 1 wafer (inaudible) when they're started?

所以，基本上增量毛利率有所放緩，其中一部分是 300 毫米（聽不清），但另一部分只是開始時 1 個晶圓的時間（聽不清）？

Yeah.

是的。

Obviously, there's some benefit as we went through the quarter we were improved in production at some of the other sites.

顯然，當我們度過這個季度時，我們在其他一些站點的生產得到了改進，這有一些好處。

Okay.

好的。

And then a follow-up on foreign currency, the U.S. dollars moved around a lot I know you guys have taken some charges.

然後是外彙的後續，美元波動很大，我知道你們已經收取了一些費用。

If the dollar didn't move at all, what would your -- your incremental charge be next quarter for it?

如果美元完全沒有變動，你下個季度的增量費用是多少？

I think the way for us to answer that for you, Andrew, is a -- a euro -- a single euro movement is about a million dollar effect.

安德魯，我認為我們為你回答這個問題的方式是——一個歐元——一個歐元的變動大約會產生一百萬美元的影響。

And a single yen movement is about 1.6 -- $1.6 million.

一個日元的波動大約是 1.6 - 160 萬美元。

So the -- the way that the charge that you're seeing in the other expense line of 19.6 million in the quarter is a function of some long-dated yen debt associated with our acquisition of the Nishiwaki facility, and some euro denominated liabilities associated with the work force there that, again, are -- are relatively long-dated.

因此，您在本季度另一條支出項目 1960 萬中看到的費用是與我們收購 Nishiwaki 設施相關的一些長期日元債務以及一些相關的歐元計價負債的函數。再次，那裡的勞動力 - 是相對長期的。

Okay.

好的。

That makes sense.

那講得通。

And then the ramp that you described, Steve, earlier on 300 millimeter, how does that foot with what's required as part of the Intel equity deal last year?

然後你描述的坡道，史蒂夫，早些時候在 300 毫米上，這個坡道如何符合去年英特爾股權交易的一部分所要求的？

We're actually ahead of schedule.

我們實際上提前了。

Okay.

好的。

So there's not going to be any issue if you get to 5,000 wafers per week mid-year you're bang on track.

因此，如果您在年中每週生產 5,000 片晶圓，那麼您將步入正軌，這不會有任何問題。

Yeah.

是的。

And we're -- 200 mill meet equivalent but that's right.

我們是 - 200 磨機滿足，但這是正確的。

We're -- if you -- of all of the -- at least to date and our expectation of course going forward is all of the commitments that we've made to Intel we've either already met or are ahead of schedule of meeting or pretty close to it.

我們——如果你是——至少到目前為止——我們對未來的期望是我們對英特爾做出的所有承諾，我們要么已經兌現，要么提前完成會議或非常接近它。

So, we don't think that that's going to be any issue for us.

所以，我們認為這對我們來說不會是任何問題。

Okay great.

好，太棒了。

And then the final question I think you've done this the last couple quarters.

然後是最後一個問題，我認為您在過去的幾個季度中已經做到了。

If you could rank order the profitability of your products by sort of just ranking them as opposed to giving specific numbers but, you know, what's the most profitable, what's the least profitable, etc.?

如果您可以通過僅對產品進行排名而不是給出具體數字來對產品的盈利能力進行排名，但是，您知道，什麼是最賺錢的，什麼是最不賺錢的，等等？

Yeah.

是的。

We can -- obviously we can whip out the old Samsung trick.

我們可以——顯然我們可以擺脫三星的老把戲。

If I list them in broad categories, we, obviously, the specialty DRAM was the most profitable, the core DRAM was the second-most profitable, the Flash was the third, and the Imaging was -- was in the last category, but remember that business is still building, we've got lots of investment going on to build market share there.

如果我按大類列出它們，很明顯，專業 DRAM 是最賺錢的，核心 DRAM 是第二大利潤的，閃存是第三大的，而成像是——在最後一個類別，但請記住該業務仍在建設中，我們正在進行大量投資以建立那裡的市場份額。

Right.

正確的。

That makes sense.

那講得通。

Great.

偉大的。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question's coming from Mona Erabby.

我們的下一個問題來自 Mona Erabby。

Hi.

你好。

I just want to ask.

我只是想問問。

Do you think for the imaging -- I know right now you have a lot of investment in it, do you think -- how far out do you think we could see margin for -- for the imaging coming, you know, toward the core or the specialty products?

你認為成像 - 我知道現在你有很多投資，你認為 - 你認為我們可以看到多遠 - 成像即將到來，你知道，朝向核心還是特色產品？

Well, that's one of skill, of course.

嗯，這當然是技巧之一。

The margin will improve, I think, at a pretty accelerated rate as that business grows.

我認為，隨著業務的增長，利潤率會以相當快的速度提高。

So, you know, what you're asking, too, is what -- what 's the -- the price movement -- what's the ASP movement on the other products?

所以，你知道，你要問的也是——價格變動是什麼——其他產品的平均售價變動是什麼？

You know, we've already said that we expect that in fact our gross margin targets internally for the imaging group are higher than the other groups, because of the inherent nature of the business.

你知道，我們已經說過，由於業務的固有性質，我們預計實際上我們對成像組的內部毛利率目標高於其他組。

Including the specialty ones, the specialty DRAM?

包括專業的，專業的DRAM？

Yeah, actually in combination, that's true.

是的，實際上結合起來，這是真的。

In specialty you have a few things in there as well.

在專業中，您也有一些東西。

So the answer is, yes, the targets are higher for this business.

所以答案是，是的，這項業務的目標更高。

So that's what we're driving towards.

這就是我們正在努力的方向。

Thanks.

謝謝。

Thanks, Mona.

謝謝，莫娜。

Next question, please.

下一個問題，請。

Thank you.

謝謝你。

Our next question is coming from Krishna Shankar.

我們的下一個問題來自 Krishna Shankar。

Yes, you said 15 to 20% is the non-DRAM which includes Flash, CMOS, image sensors, of the 80% which is DRAM, can you break that up between computing DRAM and, you know, specialty DRAM for things like networking, consumer and other applications?

是的，你說 15% 到 20% 是非 DRAM，其中包括閃存、CMOS、圖像傳感器，而 80% 是 DRAM，你能把它分解為計算 DRAM 和你知道的用於網絡之類的專用 DRAM，消費者和其他應用程序？

Yeah.

是的。

It's roughly -- roughly two thirds computing and one third non-computing.

大約是 - 大約三分之二的計算和三分之一的非計算。

Okay.

好的。

And can you give us some indication of the trajectory of RAM for NAND Flash, you know, how rapidly that'll -- you know, grow over the next 6 to 12 months and the profitability metrics there versus your core DRAM business?

你能否給我們一些關於 NAND 閃存 RAM 的發展軌蹟的跡象，你知道，未來 6 到 12 個月的增長速度有多快，以及那裡的盈利能力指標與你的核心 DRAM 業務相比？

Well, we'll answer the first part.

好吧，我們將回答第一部分。

That's easier for us.

這對我們來說更容易。

Our wafer start capacity is aimed at between 3 and 5,000 200 millimeter equivalents in the summer time frame.

我們的晶圓起始產能目標是在夏季時間框架內達到 3 到 5,000 200 毫米當量。

The profitability profile today, if you took everything into consideration, is NAND Flash would be a highly profitable product for us above the average.

今天的盈利情況，如果你把所有的事情都考慮進去的話，NAND Flash 對我們來說將是一個高於平均水平的高盈利產品。

I'm not going to predict what it's going to be in 6 months just again because I can't predict what the ASP's going to do.

我不會再次預測 6 個月後會發生什麼，因為我無法預測 ASP 會做什麼。

Okay and finally you said that you're sort of blended average DRAM equivalent pricing was in the high 5s, that's very different from the -- the $4 or -- you know, slightly -- not the $4 spot market pricing, I do realize that there's a fair amount of specialty DRAM and other types of DRAM in it, but do you expect your sort of overall -- you know, can you give us your read on why the spot market has been weak in November and do you expect things to strengthen there as we get beyond the seasonal weakness in that December?

好的，最後你說你的混合平均 DRAM 等效價格處於高 5 秒，這與 - 4 美元或 - 你知道，稍微 - 不是 4 美元的現貨市場定價非常不同，我確實意識到裡面有相當數量的特種 DRAM 和其他類型的 DRAM，但你是否期望你的整體 - 你知道，你能告訴我們你對 11 月現貨市場疲軟的原因的解讀嗎？你期待嗎？當我們超越那年 12 月的季節性疲軟時，是否會加強那裡？

I guess one thing you need to keep in mind is we've been talking to you about the efforts we've put in place to broaden our product portfolio and what you're seeing are the fruits of that.

我想您需要記住的一件事是，我們一直在與您討論我們為擴大產品組合所做的努力，而您所看到的是其成果。

We will get a higher price in the spot market price period, and it's because we're leveraging the broad product portfolio that we have.

我們將在現貨市場價格期間獲得更高的價格，這是因為我們正在利用我們擁有的廣泛的產品組合。

Now, with respect to why the spot market price has -- has weakened in the latter part of November, it's -- you know, it typically does.

現在，關於為什麼現貨市場價格在 11 月下旬有所減弱，它是 - 你知道的，它通常是這樣的。

Seasonally, things start to slow down in terms of build rates for the Christmas selling season right around Thanksgiving, maybe slightly before Thanksgiving and I think that's -- that's -- from my perspective that's about what happened this year and they did spot market prices did come down.

季節性地，就在感恩節前後，聖誕節銷售季節的建造速度開始放緩，可能在感恩節之前稍早一些，我認為這就是 - 從我的角度來看，這就是今年發生的事情，現貨市場價格確實如此墜落。

Interestingly enough, in the last week, spot prices were dear enough to come back up again, which I certainly wouldn't have predicted.

有趣的是，上週現貨價格高到足以再次回升，這是我當然不會預料到的。

So, it's -- it's really, really difficult to predict.

所以，它 - 這真的，真的很難預測。

Now, you also need to keep in mind that our exposure to the spot market and DRAM is quite limited.

現在，您還需要記住，我們對現貨市場和 DRAM 的敞口非常有限。

It's probably in the range of 10 to 15% of our revenue generation of our megabit output.

它可能占我們兆比特輸出收入的 10% 到 15% 之間。

So, you know, when the spot market moves up and down it really doesn't have a -- a significant impact on -- on our financial performance.

因此，您知道，當現貨市場上下波動時，它確實不會對我們的財務業績產生重大影響。

Okay.

好的。

So you -- confirm that your blended DRAM is in the high 5's you said?

所以你 - 確認你的混合 DRAM 在你說的高 5 中？

Yes.

是的。

That's correct.

這是正確的。

Okay.

好的。

And last question.

最後一個問題。

Can you comment on the rate of learning curve efficiency on DDR2 versus what you expect the trajectory for price declines and DDR2?

您能否評論一下 DDR2 的學習曲線效率與您對價格下降和 DDR2 的預期軌蹟的對比？

I think, Mike did a pretty good job of -- of trying to outline the issues going forward, in the near future we don't think we'll have enough DDR2 output to meet market demand, so we we'll let you interpret what that means in terms of pricing.

我認為，邁克在試圖概述未來的問題方面做得很好，在不久的將來，我們認為我們不會有足夠的 DDR2 輸出來滿足市場需求，所以我們會讓你解釋這在定價方面意味著什麼。

In terms of cost reductions, again we're not going to specify any particular product in the way they're going to come down in cost but in general you can model us in for about 10% sequentially quarter over quarter.

在降低成本方面，我們也不打算以降低成本的方式指定任何特定產品，但一般來說，您可以為我們建模，環比季度環比下降約 10%。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question's coming from Bill Devilin(ph).

我們的下一個問題來自 Bill Devilin(ph)。

Thank you.

謝謝你。

I had a question relative to cost reductions I guess I'm going to come back and beat a dead horse.

我有一個關於降低成本的問題，我想我會回來打敗一匹死馬。

You had mentioned that you're looking at 10% sequential cost reductions going forward for the next few quarters. (Inaudible) really at the beginning of the hockey stick, or does -- does the cost reduction benefit to -- to the firm overall?

您曾提到您正在考慮在接下來的幾個季度中連續降低 10% 的成本。 （聽不清）真的是在曲棍球棒的開始階段，還是——降低成本是否有益於——對公司整體而言？

Is it actual -- does it actually accelerate beyond that 10% at some point in the future?

它是真的嗎——它在未來的某個時候真的會加速超過 10% 嗎？

Can you help us just subjectively understand where we're at in that -- in that process?

你能幫助我們主觀地理解我們在那個過程中所處的位置嗎？

We have three programs underway, a couple of them we've talked about, the 300 millimeter becoming an advantage for us on a cost per bit versus where it is today.

我們正在進行三個計劃，其中一些我們已經討論過，與今天相比，300 毫米成為我們在每比特成本方面的優勢。

The matured effect of the plight(ph) 11 transition, which will be at -- at basically full maturity here very shortly.

plight(ph) 11 過渡的成熟效果，將在非常短的時間內基本上完全成熟。

The wafer output coming through plight 11 also peaks here in the next quarter, too, as well.

來自困境 11 的晶圓產量也將在下一季度達到峰值。

And we have an increasing effective of 6F squared being now over 50% of the outs as we go forward here the next quarter too.

而且隨著我們在下個季度繼續前進，我們的 6F 平方現在超過 50% 的出局率越來越高。

So those three things will combine to help us on a cost per bit basis.

因此，這三件事將結合起來幫助我們以每比特成本為基礎。

We won't get, Bill, too specific to say exactly where we are on a hockey stick, but, I think you can infer from what we're saying, we've had pretty good results on cost declines, especially with all the movement and product changes going on, and now we're -- we're getting into a phase where you're probably going to see several of those programs come -- come to light here.

比爾，我們不會太具體地說明我們在曲棍球棒上的確切位置，但是，我想你可以從我們所說的推斷出來，我們在成本下降方面取得了不錯的結果，尤其是在所有運動和產品變化正在進行，現在我們 - 我們正進入一個階段，您可能會看到其中幾個程序出現 - 在這裡曝光。

All right.

好的。

And just as a follow-up, if we understand correctly, these are -- are -- if we look out over the next 12 months, these three programs that you just highlighted, those are the major programs for cost reductions for the next 12 months or so, and -- and therefore -- you know, there's a point that the hockey stick hits whether that's now or shortly is really a function of those programs, there's not another component lurking out there later to come into the equation, is there?

作為後續行動，如果我們理解正確，這些是 - 是 - 如果我們在接下來的 12 個月中展望，你剛剛強調的這三個計劃，這些是未來 12 年降低成本的主要計劃幾個月左右，並且 - 因此 - 你知道，無論是現在還是不久，曲棍球棒都會擊中一個點，這實際上是這些程序的一個功能，後來沒有另一個組件潛伏在那裡進入等式，是那裡？

Well, the -- the -- one of the things to keep in mind is that the -- the DDR2, which we've already mentioned, will be of course a less efficient device than the DDR.

嗯，要記住的一件事是，我們已經提到的 DDR2 當然是比 DDR 效率低的設備。

For Micron, we have DDR products and high volume on six F squared.

對於美光，我們有 DDR 產品和 6 個 F 平方的大容量。

We are just in the early stages for DDR2.

我們正處於 DDR2 的早期階段。

So our DD2 cost structure so far has been based on 8F squared device.

所以到目前為止，我們的 DD2 成本結構是基於 8F 平方器件。

The 6F squared device though is now just coming into being.

不過，6F 平方設備現在才剛剛問世。

So we -- we should get a benefit from that.

所以我們 - 我們應該從中受益。

A little bit beyond what maybe the normal company would.

有點超出正常公司的水平。

Great.

偉大的。

That is helpful.

這很有幫助。

And then, also, make sure we understand correctly, you will get that benefit, but still nonetheless DDR2 is less efficient, and therefore on a cost per bit basis just on an absolute sense, will cost more but one would hope if relative to Mike's comments about you folks and the industry being production constrained that the margin, in fact, may in fact be better.

然後，還要確保我們理解正確，你會得到這個好處，但儘管如此，DDR2 的效率仍然較低，因此在絕對意義上的每比特成本基礎上，成本會更高，但如果相對於邁克的，人們希望關於你們和正在生產的行業的評論限制了利潤率，事實上，實際上可能會更好。

Yeah.

是的。

Obviously we're hoping for a premium on that device.

顯然，我們希望該設備能夠獲得溢價。

It will shrink over time as it becomes the mainstream device.

隨著它成為主流設備，它會隨著時間的推移而縮小。

But no matter how you slice it, it is a -- on a comparable basis, it is a bigger die.

但無論你如何分割它，它都是一個——在可比的基礎上，它是一個更大的骰子。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Allan Davis.

我們的下一個問題來自艾倫戴維斯。

Yeah, hi.

是的，你好。

Just a couple questions here.

這裡只是幾個問題。

First of all, where do you see non-DRAM products as a percentage of the business a year from now?

首先，您認為一年後非 DRAM 產品佔業務的百分比在哪裡？

And with the camera sensors where does your product road map -- ramp --excuse me map take you at the end of 2005 in terms of megapixels, and where do you think the sweetspot will be in terms of megapixels at the end of '05?

使用攝像頭傳感器，您的產品路線圖——坡道——請原諒我的地圖在 2005 年底以百萬像素為單位，您認為在 05 年底以百萬像素為單位的最佳點在哪裡?

This is Mike I'll take the second question first on the -- on the -- on the sensor road map.

我是邁克，我將首先回答傳感器路線圖上的第二個問題。

The bulk of the -- the bulk of the -- the sensors that we're shipping today are going into mobile phones.

我們今天運送的大部分傳感器都將用於手機。

So the vast majority of our -- of our sensor shipments are going to mobile phones.

因此，我們絕大多數的傳感器出貨量都用於手機。

I would estimate that the mobile phone market in -- in 2005, which will probably be about 300 million cameras would be split roughly half VGA, half megapixel with the 2 megapixel really just starting to enter the market.

我估計，2005年的手機市場，大概有3億左右的攝像頭，大概會分成一半VGA，一半百萬像素，而2百萬像素才剛剛開始進入市場。

In 2005, we will have VGA, 1 megapixel, 2megapixel and 3 megapixel sensors in high-volume production for the -- for the mobile phone market.

2005 年，我們將為移動電話市場大批量生產 VGA、1 兆像素、2 兆像素和 3 兆像素傳感器。

In other words, we're a ahead of the market.

換句話說，我們領先於市場。

Now, beyond 2005, we're going to start to see significant -- I believe significant increases in the sensor applications in automobiles.

現在，在 2005 年之後，我們將開始看到顯著的——我相信汽車傳感器應用的顯著增長。

And that is a kind of a different ball game we're not really pushing the -- the megapixel, I'm sorry, the pixel density curve there, because the application is somewhat specialized but we're going to be looking at VGA sensors and 1 megapixel sensors in 2006 and beyond automotive applications.

這是一種不同的球類游戲，我們並沒有真正推動——百萬像素，對不起，像素密度曲線，因為該應用程序有些專業，但我們將關注 VGA 傳感器以及 2006 年及以後的汽車應用中的 1 兆像素傳感器。

Of course in the stand-alone digital still camera area it's completely different.

當然，在獨立數碼相機領域，情況就完全不同了。

There really is a pixel density war, if you will, there, and it's generally speaking the more megapixels the better.

如果您願意的話，確實存在像素密度之戰，一般來說，百萬像素越多越好。

That's a relatively insignificant market for us today.

這對我們今天來說是一個相對微不足道的市場。

The sweet spot there is probably at -- at 3, 4 megapixels and now even pushing above to 5 megapixels.

那裡的最佳點可能在 - 3、4 兆像素，現在甚至推高到 5 兆像素。

But again, what we're really primarily looking at mobile phones next year is VGA and megapixel moving towards 2 megapixels.

但同樣，明年我們真正主要關注的手機是 VGA 和百萬像素向 2 百萬像素邁進。

And Allan I'll take the first part of that.

艾倫，我將負責第一部分。

We've said in the past, we've targeted between 20 and 25% of either wafer outs or revenues into some non-DRAM category.

我們過去曾說過，我們將 20% 到 25% 的晶圓產量或收入用於某些非 DRAM 類別。

What you've probably witness witnessed over the next -- or the last couple of quarters is that we're now positioned to have great flexibility with how we allocate those wafers whether we see an opportunity in specialty DRAM or pseudo-SRAM or NAND Flash or image sensors we will take advantage of that.

您可能在接下來或過去幾個季度中目睹的情況是，無論我們在特種 DRAM、偽 SRAM 或 NAND 閃存中看到機會，我們現在都可以靈活地分配這些晶圓或圖像傳感器，我們將利用這一點。

So basically, in your modeling consider anything more than 60 days or so we can have a pretty dramatic impact on how we shift those wafers around.

所以基本上，在你的建模中考慮超過 60 天左右的時間，我們可以對我們如何轉移這些晶圓產生相當大的影響。

We'll continue to look at markets and under Mike's direction we'll address productive capacity in the areas we see advantages to.

我們將繼續關注市場，在邁克的指導下，我們將在我們認為有優勢的領域解決生產能力問題。

Okay.

好的。

And a quick follow-up.

并快速跟進。

Sounds like automotive applications that may be -- may see announcements in '06 rather than '05.

聽起來可能是汽車應用——可能會在 06 年而不是 05 年發佈公告。

We're making announcements now.

我們現在正在發佈公告。

Got a couple products in the marketplace today and we are securing design wins.

今天在市場上有幾個產品，我們正在確保設計獲勝。

In terms of these really amounting to meaningful revenues, you're probably correct.

就這些真正相當於有意義的收入而言，您可能是正確的。

In '06 we're going to see some regulatory moves by Japan, by the U.S. and by the EEU in terms of mandating usage of image sensors in a variety of automotive applications.

在 06 年，我們將看到日本、美國和 EEU 在強制在各種汽車應用中使用圖像傳感器方面採取一些監管舉措。

So we will start to see some -- I believe some significant revenues being generated in '06 and beyond.

所以我們將開始看到一些——我相信在 06 年及以後會產生一些可觀的收入。

But I'll -- tremendous amount of groundwork is being done today in terms of securing designs and working with camera makers and the automotive parts manufacturers as well.

但我會 - 在保護設計以及與相機製造商和汽車零部件製造商合作方面，今天正在做大量的基礎工作。

And necessarily, how do you size that market against your other non-DRAM markets today?

並且必然地，您如何衡量該市場與當今其他非 DRAM 市場的規模？

The automotive piece?

汽車零件？

Yes.

是的。

Today, it is certainly single digits in terms of driving revenues for us.

今天，就我們的收入而言，它肯定是個位數。

We are selling quite a bit of memory in the automotive applications today for onboard computing applications, audio applications -- you know, basically user-friendly applications.

我們今天在汽車應用中銷售相當多的內存，用於車載計算應用、音頻應用——你知道，基本上是用戶友好的應用。

But it's single digits.

不過是個位數。

It's -- the big growth is going to come from the cameras, from the image sensors and again that's probably not really going to occur basically until the '06 time frame.

這是 - 巨大的增長將來自相機，來自圖像傳感器，而且這可能要到 06 年的時間框架才會真正發生。

Okay thank you.

好的謝謝你。

Thank you.

謝謝你。

Our next question is coming from Tai Nguyen.

我們的下一個問題來自大阮。

Yes, hi.

是的，你好。

You mentioned that -- about 15 to 20% of your bit growth you're going to the non-DRAM?

你提到過——大約 15% 到 20% 的比特增長會用於非 DRAM？

So, and you guided for the next quarter to have a low double-digit bit growth, and on top of the inventory that you carry right now on DDR2, so is that -- would be safe to assume the bulk of the bit growth for next quarter is going to go towards the non-DRAM side?

因此，您指導下個季度實現兩位數的低位增長，並且除了您現在在 DDR2 上持有的庫存之外，這也是 - 可以安全地假設大部分位增長下個季度會走向非DRAM方面嗎？

No, not necessarily.

不，不一定。

Not at all.

一點也不。

You're kind of mixing different numbers there.

你在那裡混合了不同的數字。

Okay.

好的。

We will have -- when we talked about productive bit growth we include in DRAM of all sorts and Flash, and we do not include image sensors.

我們將有 - 當我們談到生產性位增長時，我們包括在各種 DRAM 和閃存中，我們不包括圖像傳感器。

When you're asking us for breaking out revenues and things on non-computing and different types and we're starting to cross some of those boundaries, so the -- I would not assume it's all -- all the bit growth is coming in -- in non-DRAM applications, no.

當你要求我們打破非計算和不同類型的收入和事物時，我們開始跨越其中一些界限，所以——我不認為這就是全部——所有的增長都在到來-- 在非 DRAM 應用中，沒有。

But the -- you said that the demand in terms of like the bit -- the bit 4 demand next quarter is flat to 5%, but as your bit grows much higher than that so I guess not all of that is going to go towards DRAM though.

但是 - 你說的需求是像比特一樣 - 下個季度的比特 4 需求持平到 5%，但是隨著你的比特增長比這高得多，所以我想並不是所有這些都會朝著DRAM雖然。

Again you're talking about sales versus production.

你又在談論銷售與生產。

We're giving you production growth numbers and then Mike characterized on the zero to 5% more of the computing or bit growth demand numbers.

我們為您提供生產增長數字，然後 Mike 將計算或比特增長需求數字的 0% 到 5% 描述為特徵。

And then he also characterized that we could be in a market-share growth phase.

然後他還描述了我們可能處於市場份額增長階段。

Mike, would you like to take any more of that?

邁克，你想再吃點嗎？

Yeah, if I -- I'm sorry if I confused on that let me clarify that.

是的，如果我 - 如果我對此感到困惑，我很抱歉，讓我澄清一下。

When we poll our computing customers for calendar Q1 and we aggregate all that we're talking about bit consumption.

當我們針對日曆 Q1 對我們的計算客戶進行調查時，我們匯總了所有關於比特消耗的內容。

So, bit demand growth a range of 0 to 5%.

因此，比特需求增長在 0% 到 5% 的範圍內。

We -- our production output will be growing faster than that.

我們——我們的產量將增長得更快。

So, assuming that we place all that production output, sell all that production output, we will be in a market-share taking mode in the computing space over the course of the next -- or the current quarter.

因此，假設我們放置所有生產輸出，出售所有生產輸出，我們將在下一個或當前季度在計算領域處於市場份額佔據模式。

So just one last question.

所以最後一個問題。

In terms of like the gross margin for your Image sensor.

就您的圖像傳感器的毛利率而言。

When do you expect to reach to your corporate level on -- what are you expecting.

您期望什麼時候達到您的公司級別——您期望什麼。

Again, Thai, we can't make any predictions on what ASPs are doing, still in a high-growth mode environment there, we're getting a lot of design wins, cost reductions are coming along very nicely but we're just not going to give you any forecast on what we think gross margins will be outside of a time horizons where we know what ASPs are.

再說一次，泰國人，我們無法對 ASP 正在做什麼做出任何預測，那裡仍然處於高增長模式的環境中，我們獲得了很多設計勝利，成本降低非常好，但我們只是沒有將為您提供任何關於我們認為毛利率將超出我們知道什麼是 ASP 的時間範圍的預測。

Thank you.

謝謝你。

Our next question is coming from David Wong.

我們的下一個問題來自 David Wong。

Thank you very much.

非常感謝。

With regard to NAND Flash, can you give us any idea of, , any of your competitors that might be entering the market in a similar time frame as you, who else do you see actually out there with newly qualified NAND Flash?

關於 NAND 閃存，您能否告訴我們，您的任何競爭對手可能會在與您類似的時間框架內進入市場，您還看到誰擁有新合格的 NAND 閃存？

Well, I -- I -- I don't have a real good view of that.

好吧，我——我——我對此並沒有真正的好看法。

You know, I read the same stuff probably that you read that says that Infineon's working on NAND Flash, Hynix has entered the market.

你知道，我讀到的內容可能和你讀到的一樣，說英飛凌正在開發 NAND 閃存，海力士已經進入市場。

Of course the primary players today would be from a silicon standpoint, Samsung, Toshiba and Runasis.

當然，從芯片的角度來看，今天的主要參與者是三星、東芝和 Runasis。

So that's pretty much the landscape.

所以這幾乎是風景。

Thank you very much.

非常感謝。

Okay.

好的。

Thank you.

謝謝你。

We have our next question coming from Neil Gagnon.

我們的下一個問題來自 Neil Gagnon。

Good afternoon.

下午好。

My question on currency is: Are you being helped by the weakening U.S. dollar?

我對貨幣的問題是：美元疲軟是否對您有所幫助？

As we have previously done analysis on the competitive position, we believe that our situation is slightly favorable to the major other semiconductor players in the changing currency environment.

正如我們之前對競爭地位所做的分析，我們認為在不斷變化的貨幣環境中，我們的情況對其他主要的半導體廠商略微有利。

Difficult for us to get with precision but that's our -- that's our best calculation.

我們很難精確計算，但這是我們的 - 這是我們最好的計算。

It's helping you?

是在幫助你嗎？

Slightly.

輕微地。

Thank you.

謝謝你。

Thanks, Neil.

謝謝，尼爾。

Thank you.

謝謝你。

Our next question is coming from Ben Lynch.

我們的下一個問題來自 Ben Lynch。

Yeah, hi, there.

是的，你好，那裡。

I've got two question areas, please.

我有兩個問題領域，請。

The first one is on pricing.

第一個是關於定價的。

I'm not asking you to predict pricing, of course, but could you tell us where your -- you know, current mid-December blended ASP is versus what it was on average for fiscal Q1?

當然，我不是要你預測定價，但你能告訴我們你的 - 你知道，當前 12 月中旬的混合 ASP 與第一財季的平均水平相比在哪裡？

And, also, could you update us on second half of December contact prices and I have a follow-up for Bill after that.

而且，您能否更新我們 12 月下半月的聯繫價格，之後我會跟進比爾。

Yeah.

是的。

Let me -- let me see if I can give you some flavor for ASPs, blended today are, I'm going to generalize here.

讓我 - 讓我看看我是否可以給你一些 ASP 的味道，今天混合，我將在這裡概括。

But they're down slightly from where they were for the average of fiscal Q1, roughly in line with where they were outgoing fiscal Q1.

但它們與第一財季的平均水平相比略有下降，大致與第一財季即將離任的水平一致。

In terms of contract pricing, I presume you're referring to the typical two-week -- every two week price negotiation with primary the computer, customers, prices were down slightly in the second half of December.

在合同定價方面，我假設您指的是典型的兩週——每兩週與主要計算機、客戶進行價格談判，價格在 12 月下半月略有下降。

As we would have expected.

正如我們所預料的那樣。

Right.

正確的。

And then, -- thanks, Mike.

然後， - 謝謝，邁克。

The second question I had was for Bill. , just make sure I understand that the balance sheet situation.

我的第二個問題是關於比爾的。 ，只要確保我了解資產負債表的情況。

It looks like the cash and short-term equivalents fell nearly 200 million in the quarter Q on Q in what what's arguably, you know, a peak -- peak seasonal quarter, and in addition your short-term debt is about 260 million.

看起來現金和短期等價物在 Q 季度下降了近 2 億美元，這可以說是一個高峰 - 季節性高峰季度，此外，您的短期債務約為 2.6 億美元。

In what quarter is that short-term debt payable?

短期債務在哪個季度支付？

And how generally do you feel about your cash balance outlook for the rest of the year, please?

請問您對今年剩餘時間的現金餘額前景有何看法？

Appreciate the questions, Ben.

欣賞這些問題，本。

We did indicate that we had a very significant capital spend in the first quarter.

我們確實表明我們在第一季度有非常可觀的資本支出。

We had suggested that that was what would likely play out at the beginning of the quarter and that is actually what did occur, so one third of our capital spending roughly for the year occurring in the first quarter and that did have some affect on the cash and short-term investment balance.

我們曾建議這可能會在本季度初發生，而這實際上確實發生了，因此我們一年中大約三分之一的資本支出發生在第一季度，這確實對現金產生了一些影響和短期投資餘額。

Of that $259 million of current long-term debt, there's $190 million that's associated with -- we're going all the way back to our Texas Instruments acquisition, subordinated debt that's due September 30th, this year.

在當前 2.59 億美元的長期債務中，有 1.9 億美元與之相關——我們將一直回到我們對德州儀器 (Texas Instruments) 的收購，即今年 9 月 30 日到期的次級債務。

We're actually feeling very comfortable with our position.

實際上，我們對自己的位置感到非常自在。

We have, even in recent weeks, looked at additional equipment financing over the years we've carried up to about $350 million of equipment financing that's -- it's just a rolling five-year maturity that's in place based on some significant capital expenditures each year.

甚至在最近幾週，我們已經研究了這些年來的額外設備融資，我們已經進行了大約 3.5 億美元的設備融資——這只是基於每年一些重大資本支出的滾動五年到期.

As we're looking at the markets right now, it actually is fairly opportunistic to top up 100 million, 150 million due to the rate situation right now.

當我們現在觀察市場時，由於目前的利率情況，充值 1 億、1.5 億實際上是相當機會主義的。

So, we may well do that but we're quite comfortable with the capital position that we're in.

所以，我們可能會這樣做，但我們對我們所處的資本狀況感到非常滿意。

And I don't see any real challenges ahead.

而且我看不到任何真正的挑戰。

Great.

偉大的。

And the September 30th, '05, right at 190 million?

05 年 9 月 30 日，就在 1.9 億？

190 million associated with that subordinated debt, correct.

1.9 億與該次級債務相關，正確。

Great.

偉大的。

Thanks very much.

非常感謝。

Thanks, Ben.

謝謝，本。

I think we have time for one more question.

我想我們還有時間再問一個問題。

Thank you.

謝謝你。

Our final question is coming from Mr. Doug Friedman.

我們的最後一個問題來自 Doug Friedman 先生。

Hi, guys.

嗨，大家好。

A quick question on the impact of the TECH Data wafers and your cost basis there given the fact that you were flat, I would expect that you're going to have a negative impact on margins to do your pricing on TECH Data, can you give me an idea of how that's going to work going forward.

關於 TECH Data 晶圓的影響和您的成本基礎的快速問題，鑑於您持平，我預計您將對 TECH Data 定價的利潤率產生負面影響，您能給我知道這將如何進行。

I'm going to repeat the question because we didn't hear it quite clearly tell me if we did.

我要重複這個問題，因為我們沒有很清楚地聽到它告訴我我們是否聽到了。

The question was basically, margin contribution to our TECH joint venture and your assumption is going forward, if prices come down would that be a negative impact?

問題基本上是，對我們的 TECH 合資企業的利潤率貢獻以及您的假設是向前發展，如果價格下跌會產生負面影響嗎？

And the percentage of wafers that you're getting from that.

以及您從中獲得的晶圓百分比。

To the first part of that question, the gross margin on the product purchased and resold from TECH is slightly negative relative to the overall gross margin that we're reporting, as you've heard we won't predict what ASPs are going to do and what that future relationship might be.

對於該問題的第一部分，從 TECH 購買和轉售的產品的毛利率相對於我們報告的整體毛利率略為負數，正如您所聽說的，我們不會預測 ASP 會做什麼以及未來的關係可能是什麼。

In terms of wafers outs we're still running between 20 and 30% of our productive capacity comes from TECH.

在晶圓輸出方面，我們仍然有 20% 到 30% 的產能來自 TECH。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

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

藉此，我要感謝大家今天參加電話會議。

If you please bear with me I need to repeat the Safe Harbor Protection language, during the course of this call we may have made forward-looking statements regarding the Company and the industry.

如果你能容忍我，我需要重複安全港保護語言，在這次電話會議期間，我們可能已經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 10Q and 10K.

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 10Q 和 10K。

Thank you for joining us.

感謝您加入我們。