美光科技 (MU) 2005 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen and welcome to the Micron Technology second quarter 2005 financial release conference call.

女士們，先生們，下午好，歡迎參加美光科技 2005 年第二季度財務發布電話會議。

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

此時所有參與者都被置於只聽模式，演講結束後將開放發言以供您提問。

It is now my pleasure to introduce your host, Mr. Kipp Bedard.

現在我很高興向您介紹主持人 Kipp Bedard 先生。

Sir, the floor is yours.

先生，地板是你的。

Thank you very much.

非常感謝。

I'd like to also welcome you to Micron Technology's second quarter 2005 financial results conference call.

我還想歡迎您參加美光科技 2005 年第二季度財務業績電話會議。

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

當然，今天在電話會議上的還有董事長、首席執行官兼總裁 Steve Appleton 先生、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。

The slides are also available on Micron's homepage. [inaudible] The press release is available on our Website at micron.com.

這些幻燈片也可以在美光的主頁上找到。 [聽不清] 新聞稿可在我們的網站 micron.com 上獲得。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

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

今晚晚些時候將在下午 5:30 播放此次通話的錄音重播。

Mountain Standard Time.

山區標準時間。

You can reach that by dialing 973-341-3080 with the confirmation code of 5793466.

您可以撥打 973-341-3080 並使用確認碼 5793466 來實現。

This replay will run through Wednesday April 6, 2005, at 5:30 p.m.

此重播將持續到 2005 年 4 月 6 日星期三下午 5:30。

Mountain Standard Time.

山區標準時間。

A Webcast replay will be available on the Company's Website until March 29, 2006.

2006 年 3 月 29 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 financial information and information in general 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財務信息和一般信息，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 that you 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 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're under no duty to update any of the forward-looking statements after the date of the presentation to conform these statements to the actual results.

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

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

有了這個，我想把電話轉給比爾斯托弗。

Thanks, Kipp.

謝謝，基普。

Let's repeat our summary financial results for the second quarter, which ended March 3.

讓我們重複一下截至 3 月 3 日的第二季度財務業績摘要。

For those listeners who may not get - - have access to our press release.

對於那些可能無法訪問我們的新聞稿的聽眾。

For the second quarter net sales totaled 1.31 billion and the Company recorded operating income of 126 million and net income of 118 million or $0.17 per diluted share.

第二季度淨銷售額總計 13.1 億美元，公司錄得營業收入 1.26 億美元，淨收入 1.18 億美元或每股攤薄收益 0.17 美元。

That compares to net sales of 1.26 billion in the immediately preceding quarter and a net income of $0.23 per share.

相比之下，上一季度的淨銷售額為 12.6 億美元，每股淨收入為 0.23 美元。

We were quite pleased with sales in our second quarter which extends into the seasonally slow first calendar quarter of the year.

我們對第二季度的銷售額感到非常滿意，該季度延續到今年季節性緩慢的第一季度。

While average selling prices declined approximately 15% quarter over quarter net sales, for the quarter, increased approximately 4%.

雖然平均售價環比下降約 15%，但本季度的淨銷售額增長了約 4%。

Indications are; that we likely recaptured market share as our megabit sales increase was 23% quarter over quarter.

適應症是；我們很可能重新奪回了市場份額，因為我們的兆位銷售額環比增長了 23%。

Even with ASP erosion of about 15% Micron realized a 27% gross margin for the quarter as a 28% increase, in megabit production quarter over quarter, allowed for significant reductions in cost per megabit.

即使平均售價下降約 15%，美光在本季度實現了 27% 的毛利率，因為兆比特產量環比增長 28%，從而顯著降低了每兆比特成本。

Operations at our 300 millimeter wafer fab in Manassas, Virginia, are broadly on track with expectations set at the beginning of the year.

我們位於弗吉尼亞州馬納薩斯的 300 毫米晶圓廠的運營大致按年初設定的預期進行。

The strong production output resulted in an increase in finished goods inventory of $53 million.

強勁的產量導致成品庫存增加 5300 萬美元。

Selling, general, administrative expenses, for the second quarter, came in at 85 million, slightly better than was anticipated.

第二季度的銷售、一般、管理費用為 8500 萬美元，略好於預期。

Our current outlook suggests SG&A will run between 90 and 95 million per quarter.

我們目前的展望表明，SG&A 每季度將運行 90 到 9500 萬。

Research and development expense for the last two quarters has approximated $150 million.

過去兩個季度的研發費用約為 1.5 億美元。

This level reflects significant investments on our part into next generation systems memory and mobile memories that's inclusive of NAND Flash, and specialty DRAM, as well as in CMOS image sensors.

這一水平反映了我們對下一代系統內存和移動內存（包括 NAND 閃存和專用 DRAM）以及 CMOS 圖像傳感器的重大投資。

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。

Cash and short-term investment balances remained at approximately 1.1 billion.

現金及短期投資餘額保持在約 11 億元。

Capital expenditures totaled 353 million for the quarter.

本季度資本支出總計 3.53 億美元。

And our forecast for capital spending for fiscal '05 remains at approximately 1.5 billion.

我們對 05 財年資本支出的預測仍保持在 15 億左右。

I'll turn the commentary over to Mike.

我會把評論交給邁克。

Thanks, Bill.

謝謝，比爾。

This was a particularly strong quarter for us in terms of productivity and accelerated production output.

就生產力和加速生產而言，這對我們來說是一個特別強勁的季度。

As noted in our last earnings call, we had expected flat to modest growth in sequential DRAM market demand in this period.

正如我們在上次財報電話會議中所指出的，我們預計這一時期 DRAM 市場需求的連續增長將持平至適度增長。

This was primarily due to extended holidays around Christmas and Chinese New Year and typical hangover from the calendar year end.

這主要是由於聖誕節和農曆新年前後的假期延長以及日曆年末的典型宿醉。

Demand unfolded about as expected for the industry.

需求按行業預期發展。

However as Bill noted we shipped over 20% more megabits into the market, The end result being that we grew sequentially at a multiple of the market and we're in the mode of taking DRAM market share.

然而，正如比爾指出的那樣，我們向市場發送的兆比特數量增加了 20% 以上，最終結果是我們以市場倍數的速度連續增長，並且我們處於搶占 DRAM 市場份額的模式。

As expected we encountered DRAM price pressure resulting in about 15% sequential ASP decline.

正如預期的那樣，我們遇到了 DRAM 價格壓力，導致 ASP 連續下降約 15%。

The falling prices can be attributed to seasonally slow demand.

價格下跌可歸因於季節性需求放緩。

We are seeing what I would call typical seasonal patterns from the computing markets.

我們正在從計算市場看到我稱之為典型的季節性模式。

The demand increases we did see came from boosted memory content per system as opposed to system unit growth.

我們確實看到需求增長來自每個系統的內存容量增加，而不是系統單位的增長。

With memory price declines taking hold we see accelerating memory content per box and look for our OEM customers to promote memory performance and content as selling features in coming months.

隨著內存價格的下降，我們看到每盒內存內容正在加速增長，並期待我們的 OEM 客戶在未來幾個月將內存性能和內容作為銷售功能進行推廣。

The increased memory content and transition to stronger seasonal system demand in calendar Q2 and beyond provide with us confidence that the computing markets will drive megabit demand growth of around 40% to 50% for this calendar year.

在第二季度及以後，內存內容的增加和向更強勁的季節性系統需求的轉變讓我們相信，計算市場將推動本日曆年兆比特需求增長約 40% 至 50%。

The computing memory interface transition from DDR to DDR2 is continuing to progress.

從 DDR 到 DDR2 的計算內存接口過渡正在繼續進行。

We now have multiple customers deploying DDR2 memory solutions across server, notebook and desktop platforms.

我們現在有多個客戶在服務器、筆記本電腦和台式機平台上部署 DDR2 內存解決方案。

The price premiums for DDR2 relative to DDR are continuing to dissipate and this is facilitating the transition.

DDR2 相對於 DDR 的價格溢價繼續消散，這促進了過渡。

Based on customer input, we are expecting a DDR2 versus DDR megabit crossover to occur throughout second half of the calendar year.

根據客戶的意見，我們預計 DDR2 與 DDR 兆比特的交叉將在整個日曆年的下半年發生。

This will coincide with the full production ramp at multiple facilities of our [6x2] DDR2 devices.

這將與我們 [6x2] DDR2 設備的多個設施的全面生產同步。

As this occurs and DD2 becomes the computing market standard, the price per megabit relative to DDR will become irrelevant as DDR2 becomes a market on its own.

隨著這種情況的發生並且 DD2 成為計算市場標準，相對於 DDR 的每兆比特價格將變得無關緊要，因為 DDR2 本身就成為了一個市場。

We have commercialized a 1gigbit DDR2 device and could not be more pleased with our product lineup.

我們已經將 1 吉比特 DDR2 設備商業化，並且對我們的產品陣容非常滿意。

It now includes 256 megabit, 512 megabit, and 1 gigabit components in module configurations ranging from 128 megabytes all the way up to 4 gigabytes.

它現在包括 256 兆位、512 兆位和 1 吉位的組件，模塊配置範圍從 128 兆字節一直到 4 吉字節。

We continue to believe that we are well positioned with this lineup relative to any and all competitors.

我們仍然相信，相對於任何和所有競爭對手，我們在這個陣容中處於有利地位。

The mobile phone market is increasingly becoming more significant as a demand driver for our DRAM, flash memory and image sensor product families.

作為我們 DRAM、閃存和圖像傳感器產品系列的需求驅動力，手機市場正變得越來越重要。

As is the case with computing in the phone market we have the compounding effect of a growing opportunity both in terms of unit volumes and richness of semiconductor content.

與手機市場計算的情況一樣，我們在單位數量和半導體內容的豐富性方面都有機會增長的複合效應。

Our lineup of low power DRAM, pseudo-static RAM, NOR and NAND Flash and CMOS Image Centers puts Micron in a unique position.

我們的低功耗 DRAM、偽靜態 RAM、NOR 和 NAND 閃存以及 CMOS 圖像中心的陣容使美光處於獨特的地位。

We have the ability to provide a broad functional set of semiconductor solutions to customers in this space.

我們有能力為該領域的客戶提供功能廣泛的半導體解決方案。

This is also an area where we have demonstrated the ability to differentiate ourselves, significantly, with the performance of our products.

這也是我們展示了通過產品性能顯著區分自己的能力的領域。

This is particularly true in the case of our low power memory offerings that contribute to extended battery life in handsets.

對於我們有助於延長手機電池壽命的低功耗內存產品而言，尤其如此。

And our sensors that enable brilliant images in camera-enabled mobile phones.

我們的傳感器可以在支持攝像頭的手機中實現出色的圖像。

About 10% to 15% of our revenues in the just completed quarter, were derived from the mobile phone space.

在剛剛完成的季度，我們大約 10% 到 15% 的收入來自手機領域。

And this is continuing to expand nicely.

這正在繼續很好地擴展。

As we ramp the NAND Flash products to meaningful volumes over the course of the next several quarters, we are increasing the amount of business being done in the consumer electronics markets.

隨著我們在接下來的幾個季度中將 NAND 閃存產品的數量提升到有意義的水平，我們正在增加消費電子市場的業務量。

The NAND devices are a compliment to our lineup of DRAM and provide further inroads for the consumer electronics markets.

NAND 設備是對我們的 DRAM 產品線的補充，並為消費電子市場提供了進一步的發展空間。

As we have discussed in previous forums NAND Flash is a solid vehicle for to us effectively leverage our R&D and capital spend.

正如我們在之前的論壇中所討論的那樣，NAND 閃存是我們有效利用研發和資本支出的可靠工具。

We believe that the strategy of broadening the product portfolio, to seize opportunities in emerging markets, while maintaining a strong position in the computing market is sound.

我們認為，擴大產品組合、抓住新興市場機遇、同時在計算市場保持強勢地位的戰略是合理的。

Execution of this strategy is paying off with both stronger customer relationships and higher ASP's and relatively stronger margins.

執行這一戰略得到了更牢固的客戶關係、更高的平均售價和相對更高的利潤率。

As these emerging markets, inevitably develop to a point where we have multiple large segments driving demand for our products, we believe that the Company will benefit nicely.

隨著這些新興市場不可避免地發展到我們有多個大細分市場推動對我們產品的需求的程度，我們相信公司將受益匪淺。

Thanks for your continued interest and support in the Company.

感謝您一直以來對公司的關注和支持。

With that I'll turn it back to Kipp.

有了這個，我會把它轉回給 Kipp。

Thanks Mike.

謝謝邁克。

We would now like to take questions from callers. [OPERATOR INSTRUCTIONS] With that we'd like to open up the line.

我們現在想回答來電者的問題。 [操作員說明] 有了這個，我們想打開生產線。

Thank you.

謝謝你。

The floor is now open for questions. [OPERATOR INSTRUCTIONS.] Our first question is coming from Michael Masdea of Credit Suisse First Boston.

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

Good quarter.

好季度。

I guess the first question is a bit of a surprise on the production side and also on the spending coming in a little bit lower.

我想第一個問題在生產方面有點出人意料，而且支出也有所降低。

Could you walk us through the details of what happened on the production side and the spending side and the sustainability?

您能否詳細介紹一下生產方面、支出方面以及可持續性方面發生的事情？

Sure.

當然。

Couple things that we teed up I think at the last conference call, Michael.

邁克爾，我認為在上次電話會議上我們準備了幾件事。

One was we're continuing to see the maturing of the [PL11] The 6-F squared is now more than 50% of the output.

一是我們繼續看到 [PL11] 的成熟 6-F 平方現在超過 50% 的輸出。

And then the yields are maturing nicely there as well.

然後那裡的產量也很好地成熟了。

And of course, we're ahead as Bill had mentioned on the 300 millimeter ramp also.

當然，正如比爾在 300 毫米坡道上提到的那樣，我們也處於領先地位。

We had all those three things coming together for us kind of at the same here.

在這裡，我們將所有這三件事都放在了一起。

And then if you look into the May quarter those are all sustainable?

然後，如果您查看 5 月季度，這些都是可持續的嗎？

And what kind of production growth are you looking for?

您在尋找什麼樣的產量增長？

We're guiding right now to mid single digits as we continue to move capacity into some of imagine sensor type products and some of the specialty DRAM's.

隨著我們繼續將產能轉移到一些想像傳感器類型的產品和一些特殊的 DRAM 中，我們現在正在引導到中個位數。

Great.

偉大的。

And Mike you had mentioned bit per box.

邁克，您提到了每盒位。

It sounds like it was a fairly normal change in bit per box.

這聽起來像是每盒比特的相當正常的變化。

Is that fair?

這公平嗎？

And we should we see that increase given the price weakness here recently?

鑑於最近這裡的價格疲軟，我們是否應該看到這種增長？

Yes.

是的。

I think the increases that we saw in the - - what would be the first calendar quarter were typical, Michael.

我認為我們在第一季度看到的增長是典型的，邁克爾。

And we're receiving some input from our customers based on, as everyone is aware, the lower memory pricing profile that's in the market today.

正如每個人都知道的那樣，我們正在從客戶那裡收到一些意見，這些意見是基於當今市場上較低的內存定價配置文件。

An acceleration - - a pretty nice acceleration in memory content, going forward over the course of at least the next couple of quarters.

加速 - 內存內容的相當不錯的加速，至少在接下來的幾個季度中會繼續前進。

Last question real quick.

最後一個問題真的很快。

On DRAM ASP are we getting near the level where it's a critical paint point for the Tier 2 players?

在 DRAM ASP 上，我們是否已經接近 2 級玩家的關鍵油漆點的水平？

And do the Tier 1's, given their flexibility capacity, do they have a little bit lower pain point when you kind of blend the whole picture?

考慮到他們的靈活性能力，當你把整個畫面融合在一起時，他們是否有更低的痛點？

I really couldn't comment on what the cost structure is of our competitors relative to current market environment.

我真的無法評論我們的競爭對手相對於當前市場環境的成本結構。

For us, obviously lower ASP's are less desirable.

對我們來說，顯然較低的 ASP 不太理想。

However, we are increasing our exposure to non-commodity markets, if you will, and feel pretty comfortable with that strategy.

但是，如果您願意，我們正在增加對非商品市場的敞口，並且對這種策略感到非常滿意。

And it's really paying off for us with respect to us being able to obtain a much higher average selling price than the rest of the market.

就我們能夠獲得比其他市場更高的平均售價而言，這確實為我們帶來了回報。

Thanks.

謝謝。

Nice quarter.

漂亮的季度。

Our next question is coming from Chris Danely of J.P. Morgan.

我們的下一個問題來自摩根大通的 Chris Danely。

Hi.

你好。

Can you comment on what you're overall wafer starts did quarter over quarter?

您能否評論一下您的整體晶圓開工率季度環比？

And what you expect them to do going into fiscal Q3?

您希望他們在第三財季做什麼？

We can speak more to the outside.

我們可以對外界說更多。

We're running around 50,000 outs last quarter.

上個季度我們運行了大約 50,000 次。

And we ran about 55,000 outs this quarter.

本季度我們進行了大約 55,000 次出局。

And over the next couple of quarters expect those to ease their way up to about 60,000 outs per week.

在接下來的幾個季度中，預計這些人每週的出局數將減少至約 60,000 次。

Up to 60?

最多60個？

Correct.

正確的。

Over the next couple of quarters.

在接下來的幾個季度。

Yes.

是的。

And then a followup on - - can you add some color to what was going on with the tax expense line?

然後跟進 - - 你可以為稅收支出線的情況添加一些顏色嗎？

The taxes typically fairly complicated given our multi-jurisdictional presence around the globe.

鑑於我們在全球的多個司法管轄區，稅收通常相當複雜。

Earlier in the year we had anticipated that we were going to run $10 to $15 million a quarter.

今年早些時候，我們曾預計每季度將運行 10 到 1500 萬美元。

Still anticipate that you're going to be in the 10ish plus or minus.

仍然預計你會在 10 歲左右。

Nothing particularly significant in the current quarter.

本季度沒有什麼特別重要的。

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

我們的下一個問題來自高盛的 Andrew Root。

Just on the OpEx controls, and I what you're saying for the run rate for SG&A and R&D.

就運營支出控製而言，我就是您所說的 SG&A 和 R&D 的運行率。

Are most of the pressure points to that budgeted to the down side in the next couple of quarter?

在接下來的幾個季度中，大部分壓力是否指向預算下降？

Or was this kind of a unique quarter where you were able to keep things under control?

還是這種獨特的季度讓您能夠控制一切？

As we indicated, SG&A came in slightly better than we had anticipated.

正如我們所指出的，SG&A 的表現略好於我們的預期。

And that was a result of slightly lower legal costs.

這是法律費用略低的結果。

On the R&D side, as we've indicated, in prior period, it really does fluctuate fairly significantly depending upon the number of new devices that are going through a qualification state.

正如我們所指出的，在研發方面，在前期，它確實會根據正在通過資格認證狀態的新設備的數量而出現相當大的波動。

And the current quarter just had a slightly - - a lower than average population coming through.

而本季度的人口數量略低於平均水平。

So our reference of 160 million to 170 million going forward is our best estimate with the visibility we have.

因此，我們對未來 1.6 億至 1.7 億的參考是我們對可見度的最佳估計。

Okay.

好的。

The - - Mike, it wasn't clear from the discussion on NAND Flash if there was a chance for significant revenues in the May quarter for NAND.

- - Mike，從關於 NAND 閃存的討論中並不清楚 NAND 在 5 月季度是否有機會獲得可觀的收入。

The market is very tight right now.

現在市場非常緊張。

And probably the operating income profile is little better.

可能營業收入狀況也好不了多少。

Well, I guess it all depends on what you mean by significant.

好吧，我想這一切都取決於您所說的顯著性。

It's meaningful to us.

對我們來說很有意義。

I think we're at a point now where we're devoting approximately 5% to 10% of our wafer starts to Flash.

我認為我們現在正將大約 5% 到 10% 的晶圓開始用於閃存。

And so knowing what you do know you about average selling prices and so forth you can convert that to revenue dollars on your own.

因此，了解您對平均售價等的了解後，您就可以自行將其轉換為收入美元。

Okay.

好的。

And can you rank your products right now, in terms of order of gross margin?

您現在可以按照毛利率的順序對您的產品進行排名嗎？

Which - - from highest to lowest?

哪個——從高到低？

You bet.

你打賭。

Specialty DRAM is the highest followed by the image sensor products and then Core and Flash are about the same.

專業 DRAM 最高，其次是圖像傳感器產品，然後是 Core 和 Flash 大致相同。

Core, DRAM and Flash.

核心、DRAM 和閃存。

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

我們的下一個問題來自 JMP Securities 的 Krishna Shankar。

What percent of revenues this quarter would you describe as CC DRAM?

您將本季度收入的百分之幾描述為 CC DRAM？

And are you still able to maintain that $1 sort of ASP premium relative to contract ASP?

相對於合約 ASP，你還能維持 1 美元的 ASP 溢價嗎？

I can probably expand on your question a little bit.

我可能可以稍微擴展您的問題。

With respect to the end markets, our revenue by end markets for the just completed quarter, some were in the range of 60% to 70% would be attributed to the computing market.

在終端市場方面，我們剛剛完成的季度的終端市場收入，在 60% 到 70% 的範圍內，將歸功於計算市場。

And that would be of course both for our Flash products as well as our DRAM products.

當然，這既適用於我們的閃存產品，也適用於我們的 DRAM 產品。

About 10% to 15 % from the mobile phone market, roughly 5% to 10% from the networking infrastructure, 5% to 10% from the consumer markets and then another 5% to 10% from other markets such as industrial and automotive.

大約 10% 到 15% 來自手機市場，大約 5% 到 10% 來自網絡基礎設施，5% 到 10% 來自消費市場，然後還有 5% 到 10% 來自工業和汽車等其他市場。

And was there there a second question?

還有第二個問題嗎？

Yes.

是的。

Are you still able to maintain sort of $1 premium in terms of your blended ASP versus sort of the street contract ASP?

就混合 ASP 與街頭合約 ASP 而言，您是否仍然能夠維持 1 美元的溢價？

You talked about that in --

你在——

We are maintaining a very nice average selling price premium relative to the market in the DRAM area.

相對於 DRAM 領域的市場，我們保持著非常好的平均售價溢價。

I couldn't say off the top of my head whether it's $1 per unit or not.

我不能說它是否是每單位 1 美元。

But it's significant and again it's primarily the result of our - - what - - [inaudible]

但這很重要，而且它主要是我們的 - - 什麼 - - [聽不清]

And what gives the connection that the weakness we are seeing in DRAM pricing is seasonal and what kind of data points do you see that would suggest a strengthening in DRAM demand and price firming going forward?

是什麼讓我們在 DRAM 定價中看到的疲軟是季節性的，你認為什麼樣的數據點表明 DRAM 需求增強和價格走強？

Well if you'll recall - - this forum last quarter, so three months ago we had projected that DRAM demand from the computing industry was probably going to be flat and that was based on input from our customers.

好吧，如果你還記得 - 上個季度的這個論壇，所以三個月前我們預測計算行業的 DRAM 需求可能會持平，這是基於我們客戶的投入。

If I aggregate the input we're getting, from our major customers for the following three period; demand is going to be up about 10%.

如果我匯總我們從主要客戶那裡獲得的以下三個時期的輸入；需求將增長約 10%。

Now that ranges from a low of 1%, from one of our customers, to a high of about 21% from another one of our customers.

現在，從我們的一位客戶的低 1% 到我們另一位客戶的高約 21% 不等。

But if I add it all up it amounts to a 10% increase in megabit consumption from the computing market.

但如果我把它加起來，計算市場的兆比特消耗量增加了 10%。

Some of that attributed to content per box, some of that attributed to system unit growth.

其中一些歸因於每個盒子的內容，一些歸因於系統單位的增長。

So again we're out of what typically would be a seasonally slow period from a [inaudible] standpoint moving into what would be more robust and if you look over the past several years you'd see that demand typically along that range in second calendar quarter.

因此，從 [聽不清] 的角度來看，我們再次擺脫了通常會出現季節性緩慢的時期，進入了更加強勁的時期，如果您回顧過去幾年，您會發現需求通常在第二個日曆的該範圍內四分之一。

And final question.

最後一個問題。

By the end of this year would NAND Flash be you think 10% to 15% of revenues?

到今年年底，您認為 NAND Flash 會佔收入的 10% 到 15% 嗎？

Well, looking on a revenue basis, we will be running in 3,000 to 5,000 outs a week in terms of wafer capacity.

好吧，從收入來看，就晶圓產能而言，我們每週將運行 3,000 到 5,000 片。

And I don't want to predict revenues because it's hard to predict ASP's relative to two different products are pretty tough to do.

而且我不想預測收入，因為很難預測相對於兩種不同產品的 ASP 很難做到。

Our next question is coming from David Wong of A. G. Edwards.

我們的下一個問題來自 A. G. Edwards 的 David Wong。

Thank you very much.

非常感謝。

Did you mention just now what the cost differential for you is on DDR2 versus DDR?

您剛才是否提到了 DDR2 與 DDR 的成本差異？

And if you didn't can you give us some idea?

如果你沒有，你能給我們一些想法嗎？

We won't break it out specific for Micron.

我們不會針對美光進行具體分析。

But we've been pretty consistent in referencing the inefficiencies relative to [di-size] and then additional [inaudible] moving from an SDRAM or DDR to DDR2.

但我們一直非常一致地提到相對於 [di-size] 的低效率，然後是從 SDRAM 或 DDR 轉移到 DDR2 的額外 [聽不清]。

And we've estimated that for the industry at somewhere between 10% and 20%.

我們估計這個行業的比例在 10% 到 20% 之間。

But DDR2 does cost more for Micron even if you're not giving us the exact number, is that correct?

但是即使你沒有給我們確切的數字，DDR2 對美光來說確實成本更高，對嗎？

We'd be no different than the industry.

我們與行業沒有什麼不同。

Correct.

正確的。

Our next question is coming from Gus Richard of First Albany Capital.

我們的下一個問題來自 First Albany Capital 的 Gus Richard。

Could you just give us an idea of roughly what the non-DRAM portion of your revenue was last quarter?

您能否大致了解一下您上個季度收入中非 DRAM 部分的大致情況？

Non-core DRAM?

非核心DRAM？

Sure.

當然。

We're running about 20% range last quarter.

上個季度我們運行了大約 20% 的範圍。

And then if you added specialty DRAM on top on that you'd be on the 35% to 40% range of revenues.

然後，如果您在其上添加專用 DRAM，您將獲得 35% 到 40% 的收入範圍。

Okay.

好的。

And any more granularity on the CMOS image sensors as far as the split of revenues?

就收入分配而言，CMOS 圖像傳感器的粒度更細嗎？

It's a sizable piece of the non DRAM piece.

它是非 DRAM 一塊相當大的一塊。

We'll probably leave it at that.

我們可能會留在那裡。

It's going growing nicely.

它發展得很好。

The quarter we just completed it grew double digit percentagewise.

我們剛剛完成的那個季度它以兩位數的百分比增長。

Albeit in what would be a slow seasonal quarter for our consumer electronics devices.

儘管對於我們的消費電子設備來說，這將是一個緩慢的季節性季度。

And based on the run way we have in front of us, we think we've got a - - we're extremely well positioned.

根據我們面前的跑步方式，我們認為我們已經 - - 我們處於非常有利的位置。

And we've probably got a couple of quarters ahead of us of stronger growth even than what we've just seen.

而且我們可能還有幾個季度的增長，甚至比我們剛剛看到的還要強勁。

So we're quite pleased with the position that we're in and what the prospects are for the next several quarters.

因此，我們對我們所處的位置以及未來幾個季度的前景感到非常滿意。

Last final one for me.

最後一個給我。

On DDR2 RAM's, it would appear that pricing was very weak on DDR2 early in the quarter.

在 DDR2 RAM 上，本季度初 DDR2 的定價似乎非常疲軟。

Was that attributable to like a slow ramp in notebook conversion to DDR2 or was there some other explanation for that?

這是否歸因於筆記本電腦向 DDR2 的緩慢轉換，還是有其他解釋？

Well, I think that the DDR2 pricing really paralleled what was happening to the DDR pricing.

好吧，我認為 DDR2 的定價確實與 DDR 定價的情況相似。

We had expected that price premiums for DDR2 to dissipate somewhat to where there really won't be much of a price premium by the end of the calendar year .

我們曾預計 DDR2 的價格溢價會在一定程度上消散到到日曆年年底不會有太多溢價的地方。

In fact, that appears to be what's unfolding.

事實上，這似乎是正在發生的事情。

For the quarter that we just completed we achieved a price premium of about 10% on DDR2 versus DDR.

在我們剛剛完成的那個季度，我們實現了 DDR2 與 DDR 相比大約 10% 的價格溢價。

And again, we would expect that to gradually get down to where they're priced at parody.

再一次，我們希望這會逐漸降低到它們被模仿的價格。

At which point DDR2 market will really be a market on its own.

屆時，DDR2 市場將真正成為一個獨立的市場。

And then the price will fall where the price will fall.

然後價格會在價格下跌的地方下跌。

So everything that's occurred is really about as expected to be honest with you.

所以發生的一切真的和預期的一樣，對你誠實。

Okay.

好的。

So that ramp was as expected.

所以這個斜坡正如預期的那樣。

Okay thanks a lot.

好的，非常感謝。

Our next question is coming from Bill [Gazellum] from Davidson Investments.

我們的下一個問題來自 Davidson Investments 的 Bill [Gazellum]。

We had two questions.

我們有兩個問題。

First of all - - [inaudible]

首先 - - [聽不清]

We lost you, Bill, if you can hear us.

我們失去了你，比爾，如果你能聽到我們的話。

I can hear you.

我可以聽見你。

I don't know where the static is [inaudible].

我不知道靜電在哪裡[聽不清]。

We'll move on to our next question, for the meantime.

與此同時，我們將繼續討論下一個問題。

Which is coming from Hans Mosesmann from Moors & Cabot.

這來自 Moors & Cabot 的 Hans Mosesmann。

I still hear the static.

我仍然聽到靜電。

Can you give us a sense on average selling price?

你能告訴我們平均售價嗎？

I guess last time you said that you expected ASP's to down for DRAM is about 10% to 15%.

我猜你上次說你預計 DRAM 的 ASP 下降大約 10% 到 15%。

What's your expectation for this current quarter?

您對本季度的期望是什麼？

Well, it's a little early in the current quarter to project what we think is going to happen for the next 70 days or so.

好吧，在本季度預測我們認為未來 70 天左右會發生什麼還為時過早。

But they have fallen over the first three weeks of our quarter.

但在我們季度的前三週，它們已經下跌。

And I think you see what's happened to average selling prices.

我想你會看到平均售價發生了什麼變化。

It's a little bit early for us to say what we expect is going to happen for the balance of the quarter.

我們現在說我們預計本季度剩餘時間會發生什麼還為時過早。

Okay and then a followup.

好的，然後跟進。

What percentage of your business was in the spot market?

您的業務佔現貨市場的百分比是多少？

Oh, that's a good question, and it was relatively small percentage.

哦，這是一個很好的問題，而且比例相對較小。

But probably in the range of 5% to 10% of our DRAM in the spot market over the course of the quarter.

但可能在本季度現貨市場中我們 DRAM 的 5% 到 10% 範圍內。

Okay.

好的。

And just for comparison sake, what was that level or percentage in the February [inaudible] and the November quarter?

只是為了比較起見，2 月 [聽不清] 和 11 月季度的水平或百分比是多少？

Not a meaningful difference.

沒有意義的區別。

Okay.

好的。

Thank you.

謝謝你。

Our next question is coming from Bill [Gazellum] from Davidson Investments.

我們的下一個問題來自 Davidson Investments 的 Bill [Gazellum]。

Sounds like we're still having trouble getting you Bill.

聽起來我們還是很難讓你找到比爾。

If you like you can send an e-mail and we'll just announce the question on the call once we get it.

如果您願意，您可以發送電子郵件，一旦我們收到問題，我們就會在電話中宣布問題。

Our next question is coming from Alan Davis of McAdams Wright.

我們的下一個問題來自 McAdams Wright 的 Alan Davis。

A couple of questions.

幾個問題。

I was wondering if you can give us more detail on contract prices since the end of the quarter just in terms how much down is it?

我想知道您是否可以向我們提供有關本季度末以來合同價格的更多詳細信息，僅以降了多少為例？

And then secondly, you know, considering the Infineon/Rambus settlement one could speculate that perhaps Micron at some point is more likely to pay royalties to Rambus.

其次，你知道，考慮到英飛凌/Rambus 的和解，人們可能會推測，也許美光在某個時候更有可能向 Rambus 支付版稅。

Can you just give us any information there, whether that would be a correct assumption or not, would be helpful.

您能否在那裡向我們提供任何信息，無論這是否是一個正確的假設，都會有所幫助。

Since the end of the quarter DRAM contract pricing, again for the competing customers, has been down in the neighborhood of 10%.

自本季度末以來，DRAM 合同價格（同樣針對競爭客戶）已經下降了 10% 左右。

And relative to the legal questions as you know we have ongoing litigation and we just can't really comment on it that

相對於您所知道的法律問題，我們正在進行訴訟，我們無法對此發表評論

Our next question is from Mr. Bill [Gazellum] from Davidson Investments.

我們的下一個問題來自 Davidson Investments 的 Bill [Gazellum] 先生。

I think the last time the operator was on the line having me to requeue.

我想最後一次接線員在線讓我重新排隊。

When you asked for me last time.

上次你問我的時候。

Sorry about that.

對於那個很抱歉。

No problem.

沒問題。

We can hear you good now.

我們現在可以很好地聽到你的聲音了。

Is it a collect recollection that you all had said that CapEx would be front end loaded this fiscal year?

你們都說過資本支出將在本財年前端加載，這是一個集合回憶嗎？

And if that was the case does it continue to be the case?

如果是這樣的話，它會繼續這樣嗎？

And then the second question for those of us who don't follow plant by plant what's going on: Would you walk us through what recent comments or announcements there have been from competitors relative to production outlook changes that they have?

然後是我們這些不關注工廠情況的人的第二個問題：您能否向我們介紹一下競爭對手最近對生產前景變化的評論或公告？

Bill, with regard to the capital profile, 1.5 billion still looks like a good number for fiscal year '05.

比爾，就資本狀況而言，15 億對於 05 財年來說仍然是一個不錯的數字。

I think at the beginning of the year we had anticipated it might be as much as 60% in the first half of the year.

我認為在今年年初，我們預計上半年可能會達到 60%。

It's coming in slightly more than half but not 60%.

它的比例略高於一半，但不是 60%。

But 1.5 billion reference is still good for the year.

但今年 15 億參考仍然是好的。

And on the production side, Bill, we haven't really heard much new out of competitors.

在生產方面，比爾，我們還沒有真正從競爭對手那裡聽到太多新消息。

It still likes the appropriate production bid growth range is plus 45% to plus 55% for '05 over '04 for the industry.

它仍然喜歡適當的生產投標增長范圍是 05 年比 04 年行業增加 45% 到 55%。

That sounds like that's tying in with many of the advance projections which are 50 % plus or minus increase.

這聽起來與許多提前預測（正負增長 50%）有關。

They seem to be reading the same data that we are.

他們似乎正在讀取與我們相同的數據。

We've got from customers and from external sources anywhere from high 40's to high 50's in terms of demand bit growth for this year.

就今年的需求位增長而言，我們從客戶和外部來源獲得了從 40 年代到 50 年代的任何地方。

Our next question is coming from [Mona Irabi from Bruzeta Group.]

我們的下一個問題來自 [Bruzeta Group 的 Mona Irabi。]

I wanted to ask about the ASP for the quarter.

我想問一下本季度的 ASP。

I don't know if you already said it, what was the ASP for the quarter?

我不知道您是否已經說過，本季度的 ASP 是多少？

It was around $5, and it was down about 15% from Q1.

它約為 5 美元，比第一季度下降了約 15%。

Our next question is coming from David Wu from Global Crown Capital.

我們的下一個問題來自 Global Crown Capital 的 David Wu。

Can you just - - I missed point you said about the Q3 where in fact the increase in yields that you got from your top PC OEM's is a function of them having more, what do you call it, more memory content or a little bit better than seasonal demand makes out there.

你能不能 - 我錯過了你所說的關於第三季度的觀點，事實上，你從頂級 PC OEM 獲得的產量增加是他們擁有更多的功能，你怎麼稱呼它，更多的內存內容或更好一點高於季節性需求。

The second one, I was curious about is with NAND Flash pretty much sold out for a good part of this year: how does that affect the swing capacity off of the largest dealer manufacturer?

第二個問題，我很好奇的是，今年大部分時間 NAND 閃存幾乎都賣光了：這對最大的經銷商製造商的產能有什麼影響？

And could that tighten and lessen the pricing pressure on the DRAM's?

這能否收緊並減輕 DRAM 的定價壓力？

On the demand growth, for our fiscal Q3, I did not break out how much would be attributed to content per system or to system unit growth.

關於需求增長，對於我們的第三財季，我沒有詳細說明每個系統的內容或系統單元的增長有多少。

Frankly speaking our customers don't do that for us either.

坦率地說，我們的客戶也不會為我們這樣做。

So I have to kind of go by old models to establish.

所以我必須通過舊模型來建立。

But I did mention that the demand growth on the PC customers would be about 10%.

但我確實提到了 PC 客戶的需求增長約為 10%。

And I would just guesstimate that approximately half of that would due to content per system and the other half due to increased number of units sold.

我只是猜測其中大約一半是由於每個系統的內容，另一半是由於售出的單位數量增加。

And David, on the question about swing capacity I'm sure they're looking at the same data that we are.

大衛，關於揮桿能力的問題，我相信他們正在查看與我們相同的數據。

The industry today is running higher gross margins on NAND Flash product and if that continues then the expectation is there, then you'd expect competitors to probably look at moving more capacity that direction.

今天的行業在 NAND 閃存產品上的毛利率更高，如果這種情況持續下去，那麼預期就在那裡，那麼你會期望競爭對手可能會考慮將更多的容量轉移到這個方向。

So when would it show up in DRAM pricing, or lessening of the supply?

那麼它什麼時候會出現在 DRAM 定價或供應減少中呢？

That's probably a better question for you.

這對你來說可能是一個更好的問題。

Okay.

好的。

Thanks.

謝謝。

Thanks, David.

謝謝，大衛。

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

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

My question has been answered.

我的問題已經得到解答。

Thank you.

謝謝你。

Our next question is coming from [Manisch Goyle] from TIAA.

我們的下一個問題來自 TIAA 的 [Manisch Goyle]。

Just a clarification.

只是一個澄清。

Did you say the gross margins for Flash were the lowest among your product mix and then DRAM was marginally better than that?

您是說閃存的毛利率是您的產品組合中最低的，然後 DRAM 略好於那？

Yes.

是的。

That's correct, right now with the volume that we're running today, our fully loaded cost and then the resulting margin would be Flash and DRAM roughly the same.

這是正確的，現在以我們今天運行的容量、我們的滿載成本以及由此產生的利潤將是閃存和 DRAM 大致相同。

And Core DRAM excuse me.

和Core DRAM對不起。

And next quarter you be increasing your capacity for Flash is that right?

下個季度您將增加 Flash 容量，對嗎？

That's correct.

這是正確的。

We're on a rampup to about somewhere to between 3000 to 5000 outs a week by summertime.

到夏季時，我們每週將有大約 3000 到 5000 次出局。

And similarly you will also be increasing capacity for DDR2 for next quarter?

同樣，您還會在下個季度增加 DDR2 的容量嗎？

That is also correct.

這也是正確的。

So overall product mix will shift towards lower margin product.

因此，整體產品組合將轉向利潤率較低的產品。

Could you give some idea as to, is it like a 5% swing or a 10% swing from this quarter versus next quarter?

您能否給出一些想法，本季度與下個季度相比是 5% 的波動還是 10% 的波動？

I wouldn't necessarily come to that conclusion because you'll see significant cost reductions as the unit volumes go up in NAND Flash, for example.

我不一定會得出這個結論，因為例如，隨著 NAND 閃存的單位體積增加，您會看到成本顯著降低。

Okay.

好的。

So you expect the Flash margins to improve.

因此，您預計 Flash 利潤率會提高。

And could you just, from a capacity perspective what will be the - - from a production perspective what will be the swing between these two from this quarter versus next quarter?

您能否從產能的角度來看——從生產的角度來看，從本季度到下一季度，這兩者之間的波動會是什麼？

In terms of say wafer allocations?

在說晶圓分配方面？

Yes, for flash and DDR2.

是的，對於閃存和 DDR2。

Or maybe if you can provide that separately.

或者，如果您可以單獨提供。

DDR2 will move up about five percentage points and flash will more than double.

DDR2 將上升約 5 個百分點，閃存將增加一倍以上。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

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

我們的下一個問題來自德意志銀行的 Ben Lynch。

Sorry if isn't perfect conditions.

對不起，如果不是完美的條件。

Hopefully you can hear me.

希望你能聽到我的聲音。

Could you maybe comment on the - - if you haven't done this already the sort of supply and pricing environment for 1.3 megapixel in the census currently?

您能否評論一下 - 如果您還沒有這樣做，那麼目前人口普查中的 1.3 兆像素的供應和定價環境？

And what you're projected resolution mix is for Q3?

您預計第三季度的分辨率組合是什麼？

And then I have a followup please.

然後我有後續請。

The 1 megapixel demand situation is quite strong actually.

1兆像素的需求形勢其實是相當強勁的。

As a matter of fact, in the quarter that we are in currently we will come close - - the 1 megapixel sensor may be our largest volume product.

事實上，在我們目前所處的季度中，我們將接近 - 1 兆像素傳感器可能是我們最大量的產品。

Overtaking the VGA sensors in the mobile phone market.

超越手機市場的VGA傳感器。

It will be neck and neck between those two in the current quarter.

在本季度，這兩者將並駕齊驅。

Pricing is generally stable.

價格總體穩定。

Actually, it's generally stable for both the VGA, the 1 megapixel and the 2 megapixel sensors.

實際上，VGA、1 兆像素和 2 兆像素傳感器通常都很穩定。

Our production mix for - - in the sensors in for mobile phone market in the current quarter by pixel density will be roughly 40% VGA, 40%, 1 megapixel and the balance split between 2 and 3 megapixels.

我們在本季度用於手機市場的傳感器的生產組合（按像素密度計算）將大致為 40% VGA、40%、1 兆像素，其餘部分在 2 和 3 兆像素之間。

Great thank you.

太好了謝謝。

And the second question I had was, sorry again this was asked.

我的第二個問題是，抱歉再次被問到。

If ASP's were kept flat for this quarter from where they are now, sort of three weeks into the quarter, what sort of Q on Q decline would that imply?

如果本季度的 ASP 與現在的水平持平，在本季度的三週後，這意味著 Q 的 Q 下降是什麼？

I haven't done the math.

我還沒算過。

I mentioned that contract prices are down about 10% thus far into the quarter but that's from ending point of fiscal Q2.

我提到到本季度為止，合同價格下跌了約 10%，但那是從第二財季結束時開始的。

I'm not that good at math.

我數學沒那麼好。

Been out of school too long I think to do that math.

離開學校太久了，我想做那個數學。

But that's - - we're down about 10% from where we ended the quarter at right now.

但那是 - 我們比我們現在結束本季度的地方下降了大約 10%。

Okay.

好的。

Can I try another one, since you wouldn't answer that one.

我可以嘗試另一個，因為你不會回答那個。

I heard you say I think that in the market DDR2 cost premiums are anywhere from 10% to 20% and that at the moment the ASP premium is about 10%.

我聽到你說我認為市場上 DDR2 的成本溢價在 10% 到 20% 之間，而目前 ASP 溢價約為 10%。

So unless you guys are at the low end of that cost premium range it would sort of suggest that you would be hitting lower DDR2 margins than you are DDR1 margins.

因此，除非你們處於該成本溢價範圍的低端，否則它會暗示您的 DDR2 利潤率將低於 DDR1 利潤率。

Is that right?

那正確嗎？

That's correct.

這是正確的。

Our next question is coming from Terry Nguyen of Susquehanna.

我們的下一個問題來自 Susquehanna 的 Terry Nguyen。

Could you give sense in terms of your NAND Flash is it right now on 901 nanometers?

你能說明一下你的 NAND 閃存現在是 901 納米嗎？

And is it a 2 gigabit?

它是 2 Gb 嗎？

That's correct.

這是正確的。

And what is your road map?

你的路線圖是什麼？

You have - - what's your plan there you're going to have a single [Dye] 4gigabit coming out later this year?

你有 - - 你的計劃是什麼？今年晚些時候推出一個 [Dye] 4gigabit？

We have a 2 [Dye] 4 gigabit and a 4 [Dye] 8 gigabit coming out here over the course of next month or so.

我們將在下個月左右推出 2 [Dye] 4 Gb 和 4 [Dye] 8 Gb。

We will follow that up with a 70 nanometer version of a standalone 4 gigabit.

我們將跟進 70 納米版本的獨立 4 Gb。

We're going also introduce a 1 gigabit standalone as well.

我們還將推出 1 Gb 獨立設備。

So we're rounding out the product portfolio here nicely over the balance of the year.

因此，我們在今年餘下的時間裡很好地完善了產品組合。

So the 3000 to 5000 wafer per week that's comming out the current quarter that is the 2 gigabit?

那麼本季度推出的每週 3000 到 5000 片晶圓是 2 吉比特嗎？

That will be the 2 gigabit chip and we will be bringing it to the market in the form a 2 gigabit standalone, a 4 gigabit dual chip solution and an 8 gigabit 4 chip solution.

這將是 2 Gb 芯片，我們將以 2 Gb 獨立、4 Gb 雙芯片解決方案和 8 Gb 4 芯片解決方案的形式將其推向市場。

And then currently on your DDR2 are you also on 90 nanometer?

然後目前在您的 DDR2 上，您是否也在使用 90 納米？

And could you give us how's the yield coming out on that?

你能告訴我們產量如何嗎？

We've done a nice job.

我們做得很好。

The manufacturing guys really reserve a lot of kudos for how they've ramped DDR2.

製造商們真的為他們如何提升 DDR2 保留了很多榮譽。

And it's moving.

它正在移動。

It's 110.

這是110。

It will be moving I think by the end of summer almost exclusive to 6F squared as well.

我認為到夏天結束時它會動人，這幾乎是 6F 平方所獨有的。

And then towards the second - - towards the end of this year you'll start to see more of our product move towards the 95 nanometer operating mode in the DRAM.

然後到第二個 - 到今年年底，您將開始看到我們的更多產品在 DRAM 中轉向 95 納米操作模式。

[OPERATOR INSTRUCTIONS.] Our next question is coming from Adam Parker of Sanford Bernstein.

[操作員說明] 我們的下一個問題來自 Sanford Bernstein 的 Adam Parker。

Hi.

你好。

Can you talk a little bit about what you think is causing the share gain in DRAM?

您能談談您認為導致 DRAM 份額增長的原因嗎？

More output.

更多的輸出。

Just more volume, that simple?

只是更大的音量，就這麼簡單？

Right.

正確的。

We had a 28% increase in production output.

我們的產量增加了 28%。

And as we mentioned we sold 23% more megabits into the marketplace in a market that was essentially flat to maybe up 5%.

正如我們所提到的，我們向市場銷售的兆比特數量增加了 23%，而這個市場基本上持平到可能上漲 5%。

So that's - - the math equates to market share gain.

所以這就是 - - 數學等同於市場份額的增加。

Can you talk about your cost positioning a little bit versus your competitors?

你能談談你與競爭對手的成本定位嗎？

I know in the past you've pretty much consistently stated that you're the lowest cost producer.

我知道過去你幾乎一直說你是成本最低的生產商。

But how has that changed recently.

但最近情況發生了怎樣的變化。

How do you think it's going to change toward the end of the year?

你認為年底會發生什麼變化？

And is there some point here where you may be having a lower percentage on 300 millimeter for DRAM's is going to hurt you guys?

在這裡有沒有一點，你可能在 300 毫米上的 DRAM 的百分比較低會傷害你們？

We thought over the last couple of years as we were going through product diversification and some of the changes we are that we lost some of the cost advantages we had.

在過去的幾年裡，當我們經歷產品多樣化和一些變化時，我們認為我們失去了一些我們擁有的成本優勢。

We think we're on a better trajectory today that over the next six to 18 months that we'll start to close the gap pretty nicely.

我們認為我們今天處於更好的軌道上，在接下來的 6 到 18 個月內，我們將開始很好地縮小差距。

Again, some of that will depend on hopefully, what product mix that we run.

同樣，其中一些將取決於我們運行的產品組合。

In terms of being add a disadvantage at 300 versus 200 we still think our 200 is very competitive and that it has legs to it.

就在 300 與 200 之間增加劣勢而言，我們仍然認為我們的 200 非常有競爭力，並且它有優勢。

Thanks.

謝謝。

Our next question is coming from Hans Mosesmann of Moors & Cabot.

我們的下一個問題來自 Moors & Cabot 的 Hans Mosesmann。

Can up give us a since of fiscal '06 CapEx.

可以給我們一個自 06 財年以來的資本支出。

It looks like it's going to stay the same as "05.

看起來它會和“05.

Looking like 1.5 billion.

看起來像15億。

Thank you.

謝謝你。

[OPERATOR INSTRUCTIONS.]

[操作員說明。]

With that we'd like to wrap it up.

有了這個，我們想把它包起來。

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

我要感謝大家參加今天的電話會議。

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並非歷史事實的所有其他陳述都受到許多風險和不確定性的影響，實際結果可能存在重大差異。

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

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

Thank you for joining us.

感謝您加入我們。

Thank you.

謝謝你。

And thank you callers.

並感謝來電者。

That does conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

And have a wonderful day.

並度過美好的一天。