美光科技 (MU) 2006 Q1 法說會逐字稿

Good afternoon.

下午好。

My name is Jason, and I will be your conference facilitator today.

我叫傑森，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to the Micron Technology conference call.

在這個時候，我想歡迎大家參加美光科技電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路都已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer period. (OPERATOR INSTRUCTIONS).

演講者發言後，將進入問答環節。 （操作員說明）。

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。

Kipp, you may begin.

基普，你可以開始了。

Thank you very much.

非常感謝。

I would like to welcome everyone to Micron Technology's first-quarter fiscal year 2006 financial release conference call.

歡迎大家參加美光科技 2006 財年第一季度財務發布電話會議。

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

今天的電話會議是主席、首席執行官兼總裁史蒂夫·阿普爾頓先生；

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

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

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

本次電話會議，包括音頻和幻燈片，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 2006 financial press release, it is available, again, on our website at micron.com.

如果您沒有機會查看 2006 年第一季度財務新聞稿，請再次訪問我們的網站 micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be a taped audio replay of this call available later this evening at 5:30 PM Mountain Standard Time.

今晚晚些時候，山區標準時間下午 5:30 將提供這次通話的錄音重播。

You can dial into that by punching 973-341-3080, using a confirmation code of 6813208.

您可以撥打 973-341-3080，使用確認碼 6813208 撥入。

This replay will run through Wednesday, December 28, 2005, at 5:30 PM Mountain Standard Time.

此重播將持續到 2005 年 12 月 28 日，星期三，山區標準時間下午 5:30。

A webcast replay will be available on the Company's website until December 21, 2006.

2006 年 12 月 21 日之前，公司網站上將提供網絡廣播重播。

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

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

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

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

We wish to caution you that such statements are predictions and that the 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 are under no duty to update any of the forward-looking statements after the date of the presentation to conform these statements to actual results.

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

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

有了這個，我想把電話轉給比爾斯托弗先生。

Thanks, Kipp.

謝謝，基普。

For our first quarter, net sales totaled $1.36 billion, and the Company recorded net income of 63 million or $0.09 per diluted share.

我們第一季度的淨銷售額為 13.6 億美元，公司錄得淨收入 6300 萬美元或每股攤薄收益 0.09 美元。

The diluted earnings per share calculation is based on 707 million shares.

每股攤薄收益計算基於7.07億股。

That's inclusive of the 54 million shares underlying our convertible debt.

這包括我們可轉換債券的 5400 萬股股票。

It should be evident from this level of net income that our diversification efforts are progressing meaningfully.

從這一淨收入水平應該可以看出，我們的多元化努力正在取得有意義的進展。

These financials do not include any results of IM Flash Technologies, our joint venture with Intel, which will begin operations in January.

這些財務數據不包括我們與英特爾的合資企業 IM Flash Technologies 的任何業績，該合資企業將於 1 月開始運營。

Let me take a few moments to talk about how IM Flash Technologies will impact our financials.

讓我花點時間談談 IM Flash 技術將如何影響我們的財務狀況。

First, our joint analysis with Intel confirmed that the venture will appropriately be consolidated in Micron's financials.

首先，我們與英特爾的聯合分析證實，該合資企業將適當地整合到美光的財務中。

Beginning in a few weeks, our results will reflect consolidation of the joint venture's manufacture of NAND Flash memory.

幾週後，我們的業績將反映合資企業 NAND 閃存製造的整合。

Remembering that both Micron and Intel will take approximately half of the output, the net sales line will pick up the NAND production sold to Intel at manufacturing cost, and the net sales line will pick up the other half of the production as it is sold by Micron at market prices.

請記住，美光和英特爾都將佔據大約一半的產量，淨銷售線將以製造成本接手以製造成本出售給英特爾的 NAND 產量，而淨銷售線將接手另一半的產量，因為它是由市場價格的微米。

Cost of goods sold will reflect the cost of manufacturing NAND devices.

銷售成本將反映製造 NAND 設備的成本。

The partnering with Intel recognizes the significant value in the investments Micron has been making in research and development.

與英特爾的合作認識到美光在研發方面的投資具有重要價值。

Fundamental to the partnership is the sale of process technology designs and know-how for in excess of $200 million.

該合作夥伴關係的基礎是以超過 2 億美元的價格出售工藝技術設計和專有技術。

The technology sale is expected to be recognized as a gain reflected in other operating income.

預計技術銷售將被確認為反映在其他營業收入中的收益。

On an ongoing basis, our consolidated research and development expenditures will be reduced by approximately $25 million per quarter as a result of the cost-sharing with Intel.

由於與英特爾分攤成本，我們每季度的綜合研發支出將持續減少約 2500 萬美元。

The sale of technology to Intel and the anticipated $250 million prepaid from Apple will bolster our consolidated cash and investment position by approximately $500 million in January.

向英特爾出售技術以及預計從 Apple 預付的 2.5 億美元將使我們在 1 月份的合併現金和投資頭寸增加約 5 億美元。

With formation of the venture, Micron's consolidated capital expenditures will rise to approximately 2 billion, approximately a $500 million increase for fiscal year '06 over the number which we previously communicated.

隨著合資企業的成立，美光的綜合資本支出將增至約 20 億美元，比我們之前公佈的數字在 06 財年增加約 5 億美元。

Overall net sales were up 8% over the immediately preceding quarter.

整體淨銷售額比上一季度增長 8%。

Gross margin for the quarter came in at 23%.

本季度的毛利率為 23%。

The slight increase in gross margin percentage is quite impressive, actually, given the price pressure in commodity PC DRAMs and is a testament to the benefits being derived from our diversification efforts.

實際上，考慮到商品 PC DRAM 的價格壓力，毛利率的小幅增長令人印象深刻，這證明了我們的多元化努力所帶來的好處。

Gross margin on tech semiconductor products was slightly higher than the overall reported gross margin for the first quarter.

科技半導體產品的毛利率略高於第一季度報告的整體毛利率。

Research and development expense for the first quarter was 166 million, slightly higher than the fiscal 2005 run rate.

一季度研發費用為1.66億美元，略高於2005財年的運行速度。

A benefit of our partnering in NAND Flash will be the sharing of certain R&D costs.

我們在 NAND 閃存方面合作的一個好處是分攤某些研發成本。

We expect the run rate for consolidated R&D expense to reduce by approximately $100 million per year through our partnering arrangement.

我們預計，通過我們的合作安排，合併研發費用的運行率將每年減少約 1 億美元。

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

與往常一樣，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顯著變化。

Selling, general and administrative expenses stayed in the 85 to $90 million band throughout fiscal 2005.

整個 2005 財年，銷售、一般和管理費用保持在 85 到 9000 萬美元之間。

We expect the quarterly run rate in 2006 with the consolidation of IM Flash Technologies to be between 95 and 100 million.

我們預計 2006 年的季度運行率與 IM Flash Technologies 的合併將在 95 到 1 億之間。

For the last three years, we have had continued improvement in cash flow provided by operations.

在過去三年中，我們的運營提供的現金流持續改善。

The overall improvement reflects our successful diversification into specialty DRAM and CMOS image sensors.

整體改進反映了我們成功實現了專業 DRAM 和 CMOS 圖像傳感器的多樣化。

The first quarter's operating cash flow reached in excess of 425 million, in part benefiting from successful reductions in inventory levels.

第一季度的經營現金流達到了超過 4.25 億，部分受益於庫存水平的成功降低。

Our finished goods inventories decreased by 22% quarter over quarter.

我們的製成品庫存環比下降 22%。

As of the first quarter end, Micron had cash and investment balances approximating $1.4 billion.

截至第一季度末，美光擁有約 14 億美元的現金和投資餘額。

Total debt declined to 1.1 billion, and call protection on our $632 million convertible notes expires in February 2006.

總債務降至 11 億美元，我們 6.32 億美元可轉換票據的贖回保護將於 2006 年 2 月到期。

The notes due in 2010 are convertible into common stock at a conversion price of $11.79 per share.

2010 年到期的票據可轉換為普通股，轉換價格為每股 11.79 美元。

One other item -- this quarter is the first period reflecting stock option expense under Statement of Financial Accounting Standards 123R.

另一個項目——本季度是根據財務會計準則 123R 報表反映股票期權費用的第一期。

The total period expense was $3.8 million.

期間總費用為 380 萬美元。

With that, I'll turn the commentary over to Mike.

有了這個，我會把評論交給邁克。

Thanks, Bill.

謝謝，比爾。

We continue to be pleased with the robust demand environment in the mobile communications, consumer electronics and computing markets.

我們繼續對移動通信、消費電子和計算市場強勁的需求環境感到滿意。

These markets account for the vast majority of demand for Micron's semiconductor memory and imaging products.

這些市場佔對美光半導體存儲器和成像產品的絕大部分需求。

As evidenced by the quarter-over-quarter 11% Mb sales increase and corresponding finished goods inventory reduction, as referenced by Bill, the markets are healthy and easily absorbing the output from our production facilities.

正如 Bill 所提到的，Mb 銷售額環比增長 11% 和相應的成品庫存減少就是證明，市場很健康，很容易吸收我們生產設施的產出。

Micron remains focused on achieving an optimal balance of business in the key end markets.

美光仍然專注於在關鍵終端市場實現業務的最佳平衡。

We have had another quarter of solid execution towards achievement of that objective.

為了實現這一目標，我們又進行了四分之一的紮實執行。

While we have significant revenue exposure in the world's largest market for semiconductors, computers, we believe that more rapid growth in communications, consumer and industrial markets will drive more value.

雖然我們在全球最大的半導體、計算機市場擁有巨大的收入敞口，但我們相信通信、消費和工業市場的更快增長將推動更多價值。

With this in mind, we continue to add to a product portfolio that strengthens Micron's value proposition to customers in all of these market segments.

考慮到這一點，我們將繼續增加產品組合，以加強美光在所有這些細分市場中對客戶的價值主張。

While the computer market demand is solid from both unit growth and memory content standpoints, the industry has grown DRAM supply such that price pressure on commodity chips used by notebook and desktop PCs has intensified during the quarter.

雖然從單位增長和內存內容的角度來看，計算機市場需求穩健，但該行業已經增加了 DRAM 供應，使得筆記本電腦和台式電腦使用的商品芯片的價格壓力在本季度加劇。

Micron is not immune to this price pressure.

美光也不能倖免於這種價格壓力。

We believe, however, that supply and demand will ultimately find a balance.

然而，我們相信供需最終會找到平衡。

We expect that our ability to reduce costs through yield improvement and technology advancement will track market price declines.

我們預計，我們通過提高產量和技術進步來降低成本的能力將跟踪市場價格的下跌。

While we are not expanding share in the notebook/desktop area, these segments are and will continue to be significant demand drivers both for the industry and for Micron.

雖然我們沒有擴大在筆記本電腦/台式機領域的份額，但這些細分市場現在並將繼續成為行業和美光的重要需求驅動力。

In the computing arena, we are focused on being early to market with high-density chips and modules.

在計算領域，我們專注於高密度芯片和模塊的早期上市。

Good execution is driving more segment share in workstation and server applications.

良好的執行力推動了工作站和服務器應用程序的更多細分市場份額。

Our 1 Gb and 2 Gb DDR and DDR 2 components and the 2, 4 and 8 Gb modules that they enable are current examples of solutions that create value for Micron and our customers.

我們的 1 Gb 和 2 Gb DDR 和 DDR 2 組件以及它們支持的 2、4 和 8 Gb 模塊是當前為美光和我們的客戶創造價值的解決方案示例。

The competitive playing field in the high-reliability, high-density memory area is not solely dependent on selling price per bit.

高可靠性、高密度存儲領域的競爭環境不僅僅取決於每比特的售價。

With a focus on time to market and technical collaboration, we are able to create more high-end computing business for Micron DRAMs.

專注於上市時間和技術合作，我們能夠為美光 DRAM 創建更多高端計算業務。

This shields us somewhat from the severe price competition that results from an oversupplied commodity DRAM market.

這在一定程度上使我們免於因商品 DRAM 市場供過於求而導致的激烈價格競爭。

Mobile phone terminals are among the most exciting applications for Micron, and we now have four product categories targeting this space, including image sensors, cellular RAM, mobile DRAM and both embedded and external NAND Flash.

移動電話終端是美光最激動人心的應用之一，我們現在有四個針對這一領域的產品類別，包括圖像傳感器、蜂窩 RAM、移動 DRAM 以及嵌入式和外部 NAND 閃存。

To put it simply, the market here is growing, we are growing share with existing products and we're introducing new products that are capturing new design wins for us.

簡而言之，這裡的市場正在增長，我們正在增加現有產品的份額，並且我們正在推出為我們贏得新設計勝利的新產品。

Memory content in mobile phones is expanding more rapidly than in any other high-volume electronic product.

手機中的內存內容比任何其他大容量電子產品的增長速度都更快。

NAND Flash, cellular RAM and low-power DRAM products play a critical role in the memory subsystem.

NAND 閃存、蜂窩 RAM 和低功耗 DRAM 產品在內存子系統中發揮著關鍵作用。

A sweet spot memory solution in a high-end phone today is a multichip packaged product built with a 256 Mb NOR chip plus a 64 Mb cellular RAM.

當今高端手機中的最佳存儲解決方案是採用 256 Mb NOR 芯片和 64 Mb 蜂窩 RAM 構建的多芯片封裝產品。

This is slowly transitioning to 512 Mb NOR plus 128 cellular RAM or low-power DRAM.

這正在慢慢過渡到 512 Mb NOR 加上 128 個蜂窩 RAM 或低功耗 DRAM。

As we move through 2006, we believe the market will begin to shift to MCPs built with 1 Gb NAND chips and 256 Mb or 512 Mb low-power DRAMs.

隨著我們進入 2006 年，我們相信市場將開始轉向使用 1 Gb NAND 芯片和 256 Mb 或 512 Mb 低功耗 DRAM 構建的 MCP。

We currently play a key role in the mobile phone memory market with our family of cellular RAM and low-power DRAM products.

我們目前憑藉我們的蜂窩 RAM 和低功耗 DRAM 產品系列在手機內存市場發揮著關鍵作用。

Our hope is that this becomes a commanding role with both the NAND and DRAM pieces in play.

我們希望這成為 NAND 和 DRAM 的主導角色。

Our recently announced NAND Flash manufacturing venture with Intel will help us achieve scale and improved time to market with NAND devices for the cellphone market.

我們最近宣布與英特爾合作的 NAND 閃存製造合資企業將幫助我們實現規模化並加快手機市場 NAND 設備的上市時間。

With our product lineup, technology and infrastructure, we couldn't be more pleased with our position in the cellphone memory ecosystem.

憑藉我們的產品陣容、技術和基礎設施，我們對我們在手機內存生態系統中的地位感到非常滿意。

I think by now, you are aware of Micron's position atop the CMOS image sensor market.

我想現在你已經知道美光在 CMOS 圖像傳感器市場上的地位了。

While camera penetration rates are approaching 60% worldwide, we're continuing to outgrow the market and have now even captured multiple design wins in the Japanese market, the last frontier for CCD sensors.

雖然全球相機普及率接近 60%，但我們的增長速度仍在繼續超越市場，現在甚至在日本市場取得了多項設計勝利，這是 CCD 傳感器的最後一個前沿領域。

We're introducing cost-reduced versions of VGA and 1 megapixel sensors, as well as new 2 and 3 megapixel sensors for high-resolution mobile phone cameras.

我們正在推出成本降低版本的 VGA 和 1 兆像素傳感器，以及用於高分辨率手機攝像頭的新型 2 和 3 兆像素傳感器。

Our current mix of revenues in the camera phone space is approximately one-half VGA and one-half 1 megapixel and above.

我們目前在照相手機領域的收入組合約為 VGA 的二分之一和 1 兆像素及以上的二分之一。

The VGA sensors are having a longer-than-anticipated live as camera penetration reached the low end and many phones now even feature dual cameras.

隨著攝像頭普及率達到低端，VGA 傳感器的使用壽命比預期的要長，現在許多手機甚至配備了雙攝像頭。

We were expecting that market demand for our sensors might temper somewhat seasonally, but this is proving not to be the case.

我們預計市場對我們傳感器的需求可能會隨著季節變化而有所回落，但事實證明並非如此。

We are moving some memory production within the micron fab network to create even more near-term imaging capacity to seize the market opportunity.

我們正在美光晶圓廠網絡內轉移一些內存生產，以創造更多的近期成像能力，以抓住市場機會。

Camera-enabled mobile phones have been the primary driver of revenues for our CMOS imagers, and this will continue to be the case as we move forward.

支持攝像頭的手機一直是我們 CMOS 成像儀收入的主要驅動力，隨著我們的發展，這種情況將繼續存在。

While not the most significant revenue generators today, we are devoting a number of product development and field resources to other promising markets in the imaging area.

雖然不是當今最重要的收入來源，但我們正在將大量產品開發和現場資源投入到成像領域的其他有前景的市場。

Some examples would be consumer items like digital still cameras, PC cameras, and medical and automotive applications.

一些例子是消費品，如數碼相機、PC 相機以及醫療和汽車應用。

Each of these product areas is of interest not only from the imaging perspective, as we also have the capability of providing application-specific memory devices into these markets for our common customer and application base.

不僅從成像的角度來看，這些產品領域中的每一個都令人感興趣，因為我們也有能力為我們的共同客戶和應用基礎向這些市場提供特定於應用的存儲設備。

Our strategy of developing a diverse set of semiconductor memory and imaging products is clearly paying financial dividends.

我們開發多種半導體存儲器和成像產品的戰略顯然正在帶來財務紅利。

From our perspective, the real value is coming from strengthening and broadening customer relationships.

從我們的角度來看，真正的價值來自加強和擴大客戶關係。

These relationships have created a solid foundation from which to build upon.

這些關係奠定了堅實的基礎。

Thanks for your continued interest and support in the Company, and I'll turn it back to Kipp.

感謝您一直以來對公司的關注和支持，我會將其轉回給 Kipp。

Thank you, Mike.

謝謝你，邁克。

Right now, we'd like to go ahead and take questions from callers.

現在，我們想繼續回答來電者的問題。

Just a reminder -- if you are using a speakerphone, please pick up the handset when asking a question so we can hear you clearly.

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

With that, we'd like to open up the lines to questions.

有了這個，我們想打開問題的線。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Randy Abrams, CSFB.

蘭迪艾布拉姆斯，CSFB。

I first had a couple questions on the CapEx guidance.

我首先對資本支出指南有幾個問題。

Could you talk about the 1.5 billion Micron spending and 500 million for IM Flash in terms of capacity additions on 300 mm versus back end and shrinks?

您能否談談 15 億美光和 5 億美元用於 IM Flash 的 300 毫米容量增加與後端和縮小？

Well, just initial clarification is we had been guiding fiscal year 2006 at 1.5 billion.

好吧，最初的澄清是我們一直在指導 2006 財年為 15 億。

And with the consolidation of IM Flash, there's approximately $500 million of joint venture spending which will be consolidated within the fiscal year 2006.

隨著 IM Flash 的整合，大約有 5 億美元的合資企業支出將在 2006 財年進行整合。

The 1 to 5 billion reference for Micron is still representative of our cash flow as the additional spending at the venture is funded by the initial capital coming from Intel and partners.

美光的 1 到 50 億參考仍然代表我們的現金流，因為該合資企業的額外支出由來自英特爾和合作夥伴的初始資本提供資金。

And then maybe the mix between 300 mm and shrinks and back end, how that splits out?

然後可能是 300 毫米和收縮和後端之間的混合，它是如何分裂出來的？

Well, almost the vast majority of new fab spending is 300 mm.

嗯，幾乎絕大多數新晶圓廠的支出都是 300 毫米。

And then, of course, we don't really break out between what goes to shrink versus just new capacity in this environment because remember that we, even at this point in time, we have been finishing out the RAM and MTV in a quarter of this, and of course that will start increasing as we move to the rest of this capacity through the year.

然後，當然，在這種環境下，我們並沒有真正在縮減容量和新容量之間取得突破，因為請記住，即使在這個時間點，我們已經在四分之一的時間內完成了 RAM 和 MTV這個，當然，隨著我們全年轉移到這個容量的其餘部分，這將開始增加。

So I think it's fair to say that the vast majority of it is on the front end.

所以我認為可以公平地說絕大多數是在前端。

And in our particular case, I don't have the detail and breakout between new capacity and what is advancing the process, because the joint venture obviously impacts that, and I just don't have that detail at the tip of my fingers.

在我們的特殊情況下，我沒有新產能與推進流程之間的細節和突破，因為合資企業顯然會影響到這一點，而我只是沒有指尖上的細節。

And maybe looking at the near term just on bit production growth, could you talk about what you are targeting and maybe how that splits out between DRAM and non-DRAM?

也許只看比特生產增長的近期，你能談談你的目標是什麼，也許是如何在 DRAM 和非 DRAM 之間分裂？

We're looking at mid- to high-single-digit production bit growth.

我們正在關注中高個位數的生產位增長。

And of course, that's always exclusive of the image sensor ramps.

當然，這始終不包括圖像傳感器坡道。

And then your finished goods inventory looks like it came down in the quarter.

然後您的成品庫存看起來在本季度有所下降。

I guess, into spending (ph) or looking at your growth, do you expect an inventory build when you look at the next few months?

我想，在支出（ph）或查看您的增長方面，您是否期望在接下來的幾個月中增加庫存？

If we were going to anticipate an inventory build, this is the quarter that we would do it because of the seasonality as well as the various holidays that we have with, of course, our holidays here in the States as well as Chinese New Year.

如果我們要預計庫存增加，這是我們將這樣做的季度，因為季節性以及我們有各種假期，當然，我們在美國的假期以及中國新年。

In our internal projections, we have built in a slight inventory build.

在我們的內部預測中，我們已經建立了少量的庫存。

Based on the strength of the market today, it's plenty strong to be absorbing everything that we're producing.

基於當今市場的實力，吸收我們生產的所有東西是非常強大的。

Tim Luke, Lehman Brothers.

蒂姆·盧克，雷曼兄弟。

I was wondering if you guys could clarify what you had said with respect to seasonality and how it may have differed in terms of your expectations.

我想知道你們是否可以澄清你所說的關於季節性的內容，以及它在你的期望方面可能有何不同。

And I was also just wondering if you could clarify your comment with respect to R&D, which has been running at the 166 level.

我還想知道您是否可以澄清您對研發的評論，研發一直在 166 級運行。

And it sounds like you are anticipating that that would now move lower with the collaboration with Intel.

聽起來你預計隨著與英特爾的合作，現在這個數字會降低。

This is Mike.

這是邁克。

I'll speak about the seasonality.

我會談談季節性。

First of all, on the quarter we just completed, from a demand standpoint it really played out just about like what we expected.

首先，在我們剛剛完成的那個季度，從需求的角度來看，它的表現確實和我們預期的一樣。

All the end products were quite strong with respect to demand.

就需求而言，所有最終產品都相當強勁。

We did, however, in the commodity DRAM area, see pretty strong supply growth, which put a lot of price pressure on the commodity DRAM products that are being used in both the notebook and desktop PCs.

然而，在商品 DRAM 領域，我們確實看到了相當強勁的供應增長，這給筆記本電腦和台式電腦中使用的商品 DRAM 產品帶來了很大的價格壓力。

But demand tracked about like we expected.

但需求跟我們預期的差不多。

Now, typically, in a calendar Q1 type of scenario, which roughly corresponds with our fiscal Q2, we would expect DRAM demand from PCs to be flat to, say, down 5%.

現在，通常情況下，在與我們的第二財季大致對應的日曆第一季度情景中，我們預計個人電腦的 DRAM 需求將持平，例如下降 5%。

And on a recent polling of our customers for this time period for the coming quarter, if we add everything up, it's about flat.

在最近對下一季度這段時間的客戶進行的民意調查中，如果我們將所有內容加起來，結果基本持平。

So flat quarter over quarter from a seasonality perspective into fiscal Q2 for us.

從季節性的角度來看，我們在第二財季的季度環比持平。

Does that address your question on the seasonality piece?

這是否解決了您關於季節性問題的問題？

That's very helpful, yes.

這很有幫助，是的。

On the R&D front --

在研發方面——

(multiple speakers)

（多位發言者）

I'm sorry; go ahead.

對不起;前進。

I think maybe there was a second part of that you were about to say -- the seasonality in the image sensor business, for example.

我想也許你要說的還有第二部分——例如圖像傳感器業務的季節性。

Yes, thanks for reminding me.

是的，謝謝你提醒我。

We would have expected -- again, the primary driver for our image sensors today is mobile phone cameras.

我們會預料到——同樣，今天我們的圖像傳感器的主要驅動力是手機攝像頭。

And we would certainly have expected some seasonality there as well.

我們當然會期望那裡也有一些季節性。

And actually, we would not have been surprised had demand kind of slacked off a little bit once we got past the Christmas selling season.

實際上，一旦我們度過了聖誕節銷售旺季，如果需求有所放緩，我們也不會感到驚訝。

But that was not the case at all.

但事實並非如此。

Our demand for our image sensors is absolutely growing into the current quarter.

我們對圖像傳感器的需求在本季度絕對增長。

We've got customers coming in here just about every day to pound us for more supply.

我們幾乎每天都有客戶來這裡向我們尋求更多供應。

So where would have expected maybe a slight breather from a seasonality standpoint on the image sensor side, things are zooming from a demand standpoint.

因此，從圖像傳感器方面的季節性角度來看，可能會稍作喘息，從需求的角度來看，事情正在放大。

Really, there appears to be no end in sight in the near-to-intermediate term for growth there.

確實，那裡的近中期增長似乎沒有盡頭。

And on the Flash side as well, again, this is a consumer item; the NAND Flash is a consumer item.

在 Flash 方面，同樣，這是一個消費品； NAND Flash 是消費品。

We would have expected -- there may even be some seasonal slowdown in NAND Flash demand.

我們已經預料到——NAND Flash 需求甚至可能會出現一些季節性放緩。

But my view of things is that demand today so greatly exceeds the industry's capability to supply that even a seasonal slowdown is not going to have a material impact on the current imbalance of supply and demand.

但我的看法是，今天的需求大大超過了行業的供應能力，即使是季節性放緩也不會對當前的供需失衡產生實質性影響。

On the R&D front, with the question about what we expect to happen there, clearly we're going to get some efficiencies from cost-sharing.

在研發方面，關於我們期望在那裡發生什麼的問題，顯然我們將從成本分攤中獲得一些效率。

But I also think that we need to separate in terms of short term and long term.

但我也認為我們需要區分短期和長期。

Long term, we think the R&D will be much more efficient with us jointly sharing the cost of that.

從長遠來看，我們認為研發效率會更高，我們共同分擔研發成本。

But also keep in mind that in the shorter term, we have a much broader portfolio that we're going to be pursuing, and we're going to have some activity to try to bring the innovation from both companies to the forefront.

但也要記住，在短期內，我們將追求更廣泛的產品組合，我們將開展一些活動，試圖將兩家公司的創新帶到最前沿。

So when you think about it, we've got new fabs and we've got an expanded product portfolio now that we have this significant capacity that we'll be taking advantage of.

因此，當您考慮這一點時，我們擁有新的晶圓廠，並且我們擁有擴展的產品組合，因為我們擁有我們將利用的巨大產能。

In that scenario, at least in the short term, we really don't expect it's going to go down.

在這種情況下，至少在短期內，我們真的不認為它會下降。

We're going to get some benefits from the cost-sharing, but -- anyhow, Bill, do you want to add a comment?

我們將從成本分攤中獲得一些好處，但是——無論如何，比爾，你想添加評論嗎？

Steve's comments lead us right to a range of about 150 to 170 million, where in the near quarter, we're going to be toward the upper end of that range, and a couple quarters out we would expect to be towards the bottom of that range.

史蒂夫的評論將我們引導到大約 150 到 1.7 億的範圍內，在近一個季度，我們將接近該範圍的上限，而在接下來的幾個季度中，我們預計將接近該範圍的底部範圍。

That makes sense.

那講得通。

Any color just with respect to pricing and how that may play out in terms of gross margin outlook?

僅與定價有關的任何顏色以及在毛利率前景方面可能會如何發揮作用？

Very difficult to project what's going to happen with respect to pricing.

很難預測在定價方面會發生什麼。

If you paid attention to some of the news that's been out in the public on spot market pricing in the DRAM area just in the past week or so, it appears to have stabilized at a level that's much lower than we would have hoped for.

如果您關注過去一周左右公開發布的有關 DRAM 領域現貨市場定價的一些消息，它似乎已經穩定在遠低於我們預期的水平。

But it appears to have stabilized.

但它似乎已經穩定下來。

Our contract renegotiations that occurred midmonth with our big OEMs resulted in flat pricing.

我們與大型原始設備製造商在月中進行的合同重新談判導致定價持平。

So it appears that we're through the storm, anyway, on the strong price reductions that we have seen in the DRAM area.

因此，無論如何，我們在 DRAM 領域看到的大幅降價似乎正在經歷風暴。

And on the NAND Flash area, there's really not much price pressure at all.

而在NAND Flash領域，價格壓力真的不大。

Prices are relatively stable.

價格相對穩定。

In the CMOS image sensor area, we are kind of in a sole-source situation with virtually all of our customers.

在 CMOS 圖像傳感器領域，我們幾乎與所有客戶都處於單一來源的情況。

So there's not a lot of commodity-type price pressure there, either.

因此，那裡也沒有太大的商品類價格壓力。

Adam Parker, Sanford Bernstein.

亞當·帕克，桑福德·伯恩斯坦。

What percent of your revenue within that 45% you reported -- can you break that down into CMOS, NAND and specialty DRAM for us?

在您報告的 45% 中，您的收入佔多大比例？您能否為我們將其分解為 CMOS、NAND 和特種 DRAM？

Well, I can give you -- we prefer to stay away from the revenue piece of that.

好吧，我可以告訴你——我們更願意遠離收入部分。

But again, from a wafer allocation standpoint, we are running right around 50% of our product in kind of the more PC-oriented DRAM capacity, 30% in the specialty range, 25 to 30% in specialty.

但同樣，從晶圓分配的角度來看，我們大約 50% 的產品在以更面向 PC 的 DRAM 容量的形式運行，30% 在專用範圍內，25% 到 30% 在專用範圍內。

And then that leaves you 15 to low 20% in everything else.

然後這讓你在其他所有方面都只剩下 15% 到 20%。

So a combination of Flash in general and image sensors in other.

因此，通常是 Flash 和其他圖像傳感器的組合。

So last quarter, I think you guys said that NAND was kind of in that 6 to 8 range, and maybe CMOS rounded up to 10.

所以上個季度，我想你們說 NAND 在 6 到 8 的範圍內，而 CMOS 可能四捨五入到 10。

Did the CMOS outgrow the NAND sequentially here in the November quarter?

CMOS 在 11 月季度是否按順序超過了 NAND？

Yes.

是的。

Materially, I assume?

物質上，我假設？

Yes.

是的。

Okay.

好的。

And then what percentage of your DRAM revenue came from tech during the quarter?

那麼本季度你的 DRAM 收入中有多少來自科技？

Or again -- or do you not -- want to avoid revenue commentary?

或者再次 - 或者你不想 - 想要避免收入評論？

Well, like we have stated in previous public disclosures, it runs about half of our DRAM, commodity DRAM output.

好吧，就像我們在之前的公開披露中所說的那樣，它運行著我們大約一半的 DRAM，商品 DRAM 產量。

And do you think there's any reason that would change, Kipp, in the coming few quarters?

Kipp，在接下來的幾個季度裡，你認為有什麼理由會改變嗎？

No, I don't see any change at all until, as Steve has mentioned on prior calls, tech begins to go through some type of a 300 mm transition, which we've spoke to publicly being towards the end of '06 or '07.

不，我看不到任何變化，直到正如史蒂夫在之前的電話中提到的那樣，技術開始經歷某種類型的 300 毫米過渡，我們在 06 年末公開談論過這種過渡或07.

Last question is on the options accounting.

最後一個問題是關於期權會計的。

It seems -- two things.

看來——兩件事。

One, can you allocate that across R&D, SG&A and COGS for us?

第一，您可以為我們分配研發、SG&A 和 COGS 的費用嗎？

And then also, it seems like it came in a little bit below what you had previously expected.

而且，它似乎有點低於你之前的預期。

Can you explain that modest reduction?

你能解釋一下這種適度的減少嗎？

Yes.

是的。

That $3.8 million, probably half of it in the cost of goods sold arena; another 30%-ish in R&D and 20% in SG&A is a rough breakout for you.

那 380 萬美元，大概有一半是在銷售領域的商品成本上；另外 30% 的研發和 20% 的 SG&A 對你來說是一個粗略的突破。

Will you give exact breakouts in your Q, or--?

你會在 Q 中給出確切的突破，還是——？

Hadn't gotten to that analysis; did not expect to.

沒有得到那個分析；沒想到。

As you appreciate, $3.8 million is not significant to the overall results of operations.

如您所知，380 萬美元對整體運營結果並不重要。

The estimate for the year is still running in the $25 million range, and the fact that the first quarter was somewhat lower is just a timing of grants issue.

今年的估計仍在 2500 萬美元範圍內，而第一季度略低的事實只是撥款發放的時機。

So, still -- so we should assume 25 million at what price in your stock, sorry?

所以，仍然——所以我們應該假設你的股票價格為 2500 萬，對不起？

It really has, right now, Adam, has more to do with the timing of the grants, more so than a point-in-time stock price.

現在，亞當確實與贈款的時間有關，而不是時間點的股票價格。

So it still going to be around 25 million?

所以還是會在2500萬左右？

Correct.

正確的。

Doug Freedman, American Technology Research.

Doug Freedman，美國技術研究所。

Could you guys rank the products by gross margin?

你們能按毛利率對產品進行排名嗎？

You have offered that in the past.

你過去曾提供過這個。

Sure, we could do that for you, Doug.

當然，我們可以為你做到這一點，道格。

Like prior quarters, image sensors continues to lead the parade.

與前幾個季度一樣，圖像傳感器繼續引領潮流。

Interestingly enough, specialty DRAM and NAND was pretty close in margins this particular quarter, and then, of course, followed up by DRAM gross margin.

有趣的是，特種 DRAM 和 NAND 在本季度的利潤率非常接近，當然，緊隨其後的是 DRAM 毛利率。

Just looking at my numbers here, did specialty DRAM grow or did it contract in the quarter?

看看我的數據，特種 DRAM 在本季度是增長還是收縮？

It did grow.

它確實長大了。

It did grow single digits.

它確實增長了個位數。

It grew single digits.

它增長了個位數。

Okay.

好的。

And then what should we look at as far as the NAND ramp?

那麼，就 NAND 斜坡而言，我們應該看什麼？

I was a little surprised; it appears that NAND did not grow nearly as fast as I was thinking it was going to.

我有點驚訝；看來 NAND 的增長速度並沒有我想像的那麼快。

And any sort of color you can offer on sort of the aggressiveness at which we can expect NAND output to start ramping?

以及我們可以預期 NAND 輸出開始上升的任何顏色？

You bet.

你打賭。

As we've previously stated, we will be fairly flat in wafer allocation for NAND, until we can start making some adjustments in Boise and we start seeing output from Virginia, which is later this year.

正如我們之前所說，我們在 NAND 的晶圓分配方面將相當平穩，直到我們可以開始在 Boise 進行一些調整併且我們開始看到今年晚些時候弗吉尼亞州的產出。

So expect the NAND Flash, again, ramp to be fairly flat for the next couple of quarters, and then we start to see some ramp as we get into the latter part of summer into the end of the year.

因此，再次預計 NAND 閃存在接下來的幾個季度將相當平穩，然後隨著我們進入夏季後期到年底，我們開始看到一些增長。

And then can you offer a bit shipment growth for the quarter, because it appears as though you worked down quite a bit of inventory?

然後你能否提供本季度的出貨量增長，因為看起來你已經減少了相當多的庫存？

Looking at my model, I'm coming up with the fact that you guys might have shipped as much as 27% bit growth.

看看我的模型，我發現你們的出貨量可能增長了 27%。

Can you enlighten us as to sort of whether you guys feel like you took some share during this period, or was this really driven by the handset market consuming quite a bit more?

你能告訴我們你們是覺得自己在這段時間裡佔有了一些份額，還是真的是手機市場消耗了更多？

Let me start with the first part of your question.

讓我從你問題的第一部分開始。

Then I'll toss it to Mike, see if he wants to comment on some of the segments.

然後我把它扔給邁克，看看他是否想評論一些片段。

But in terms of guidance for production bit grow, we'll be mid- to high single digits this quarter.

但就生產位增長的指導而言，本季度我們將達到中高個位數。

And again, that's exclusive of image sensors.

同樣，這不包括圖像傳感器。

And again, that's production.

再說一次，這就是生產。

And Mike, would you like to make any commentary on different segments?

邁克，你想對不同的部分發表評論嗎？

Sure.

當然。

First of all, I'm not sure how you got your 27% calculation or whether it was back of the envelope or not.

首先，我不確定你是如何得到 27% 的計算的，或者它是否超出了信封的背面。

But we did -- last quarter, we increased bid shipments by 11%, I think.

但我們做到了——上個季度，我們將投標出貨量提高了 11%，我認為。

I think that's the correct figure.

我認為這是正確的數字。

Yes.

是的。

And that was against a production increase of 8%.

這與 8% 的產量增長相反。

So we did draw down inventory somewhat in the quarter.

因此，我們確實在本季度有所減少庫存。

Where we are seeing strength or where from an application standpoint where we are seeing more dramatic growth of course in handsets, both from a memory content, just a sheer demand growth standpoint as well as our market share growth in there.

我們在哪裡看到了實力，或者從應用程序的角度來看，我們當然在手機中看到了更顯著的增長，無論是從內存內容、純粹需求增長的角度來看，還是我們在那裡的市場份額增長。

So handsets would probably be at the top of the charts with respect to growth.

因此，手機可能會在增長方面名列前茅。

Servers, also a significant growth area for us.

服務器，對我們來說也是一個重要的增長領域。

And we have given up some share, although I don't think it's significant.

我們已經放棄了一些份額，儘管我認為這並不重要。

But we have given up some share in the notebook and desktop space.

但是我們已經放棄了在筆記本和台式機領域的一些份額。

John Lau, Jefferies & Co.

約翰劉，傑富瑞公司

Looking toward the future memory architecture in the cellphones, you had mentioned that you had four products that play into the cellphone area.

展望未來手機內存架構，您曾提到您有四款產品進入手機領域。

Can you tell us what do you think the architecture is going to be?

你能告訴我們你認為架構會是什麼嗎？

Is the NAND still going to be separate?

NAND還會分開嗎？

Is it going to be integrated into the cellphones, and how Micron would play in those different markets.

它是否會被集成到手機中，以及美光將如何在這些不同的市場中發揮作用。

Thank you.

謝謝你。

Yes, sure.

是的，當然。

Both.

兩個都。

Today, our view is that NAND does not play a significant role in cellphone architecture.

今天，我們認為 NAND 在手機架構中並沒有發揮重要作用。

Certainly, from an embedded standpoint, it does, from an external or a card standpoint.

當然，從嵌入式的角度來看，它確實如此，從外部或卡的角度來看。

Our plan is to participate on both sides of that.

我們的計劃是雙方都參與。

One, our first MCP product with a NAND Flash device is going to be a 1 Gb, 1.8 volt NAND chip packaged with 512 Mb or a 256 Mb low-power DRAM product.

第一，我們的第一個帶有 NAND 閃存設備的 MCP 產品將是一個 1 Gb、1.8 伏的 NAND 芯片，封裝有 512 Mb 或 256 Mb 低功耗 DRAM 產品。

That is probably going to be a market reality in the second half of 2006.

這很可能會在 2006 年下半年成為市場現實。

So that's basically the embedded play for us.

所以這基本上就是我們的嵌入式遊戲。

And that's going to grow, of course, to 2 Gb NANDs plus 1 Gb DRAMs and so on and so forth.

當然，這將增長到 2 Gb NAND 加上 1 Gb DRAM 等等。

And then the other side of that would be the embedded piece, and that would be through a variety of different card -- form factors.

然後另一面是嵌入式部件，這將通過各種不同的卡 - 外形尺寸。

And we supply chips to card manufacturers that get us in that way, and we are contemplating a rollout of other means of entering that piece of the market as well.

我們向以這種方式獲得我們的卡製造商提供芯片，我們也在考慮推出其他進入該市場的方法。

But suffice it to say that both the embedded and the internal pieces are of significant interest for us.

但只要說嵌入式和內部部件對我們都很感興趣就足夠了。

Thanks, Mike.

謝謝，邁克。

You mentioned an interesting comment that the NAND Flash in terms of your bit grow production is going to be kind of flattish for the next several quarters.

您提到了一個有趣的評論，即 NAND 閃存在您的位增長生產方面將在接下來的幾個季度中持平。

I was wondering if you can elaborate on that and if you are going to be participating or missing out on the market as you would try to adjust your capacity?

我想知道您是否可以詳細說明這一點，以及您是否會參與或錯過市場，因為您會嘗試調整您的產能？

Well, we are -- as we have mentioned before, we are ramping NAND.

好吧，我們是——正如我們之前提到的，我們正在加速 NAND。

But it's predominately today in the Boise facility.

但今天主要是在博伊西工廠。

And keep in mind, in the Boise facility, we are also producing imagers, which are in strong demand.

請記住，在博伊西工廠，我們也在生產需求旺盛的成像儀。

We're producing the cellular RAM, which is in very strong demand.

我們正在生產需求非常旺盛的蜂窩 RAM。

In fact, really what I would think of it is kind of the first custom-designed, low-power DRAM device, is running in Boise for the cellular market as well, as an extension of the cellular RAM business.

事實上，我真正想到的是第一個定制設計的低功耗 DRAM 設備，它也在博伊西為蜂窩市場運行，作為蜂窩 RAM 業務的延伸。

So we have some challenges on balancing the capacity among some pretty strong products.

因此，我們在平衡一些非常強大的產品之間的容量方面遇到了一些挑戰。

And as a result, the Boise will continue to ramp on NAND, but it's not as aggressive as you might expect it to be, given the strength in the NAND market.

因此，博伊西將繼續在 NAND 上大放異彩，但鑑於 NAND 市場的實力，它並不像您預期的那麼激進。

But that's also because it's against other products that are doing quite well.

但這也是因為它反對其他做得很好的產品。

And so it's more of a calculated change in the balancing of the wafer resources as opposed to something dramatic.

因此，這更多是晶圓資源平衡的計算變化，而不是戲劇性的變化。

That obviously will start to shift pretty heavily as Virginia comes online.

隨著弗吉尼亞上線，這顯然會開始發生很大變化。

Really we are thinking in terms of Virginia, we'll start laying some wafers there in mid-'06, and then later '06 for Lehigh.

實際上，我們正在考慮弗吉尼亞，我們將在 06 年中期開始在那裡鋪設一些晶圓，然後在 06 年晚些時候為 Lehigh 鋪設。

So both of those will be coming on, but really the next couple of quarters, as Kipp mentioned -- on a relative basis it's still growing for us, but on a relative basis compared to what will happen in second half of '06, it will appear to you to be somewhat flat.

所以這兩個都會出現，但實際上接下來的幾個季度，正如 Kipp 提到的那樣——相對而言，它對我們來說仍在增長，但相對於 06 年下半年將發生的情況，它在你看來會有些平坦。

Shawn Webster, JP Morgan.

肖恩韋伯斯特，摩根大通。

I was wondering if you could provide a little bit more color around your pricing in the DRAM segment and I guess maybe in the sensors as well on an average basis, like what your DRAM pricing did quarter over quarter.

我想知道您是否可以在 DRAM 細分市場中為您的定價提供更多色彩，我想平均而言可能在傳感器中也是如此，就像您的 DRAM 定價季度環比一樣。

And then I have a follow-up, please.

然後我有一個跟進，請。

Sure.

當然。

If we look at the commodity piece of the market, which, again, as Kipp mentioned, that's roughly half of our business, I think quarter over quarter prices were down around 15%-ish, I think, if I'm not mistaken, maybe slightly higher than that.

如果我們看一下市場中的商品部分，正如 Kipp 所說，這大約是我們業務的一半，我認為，如果我沒記錯的話，價格季度環比下降了 15% 左右，可能略高於此。

If you look at our overall DRAM portfolio, our price per bit was down about 5%.

如果您查看我們的整體 DRAM 產品組合，我們的每比特價格下降了約 5%。

So I think that speaks to the strength of the portfolio.

所以我認為這說明了投資組合的實力。

Essentially, there is heavy price pressure on the commodity area and pricing was kind of flattish for all the other DRAMs in the portfolio.

從本質上講，商品領域的價格壓力很大，而且產品組合中所有其他 DRAM 的價格都比較平淡。

On image sensors, it's really a function of what we are doing with the product line as opposed to what the external market pressures are, because frankly speaking, for us, there are not a lot of external market pressures.

在圖像傳感器上，這實際上是我們對產品線所做的事情，而不是外部市場壓力，因為坦率地說，對我們來說，外部市場壓力並不大。

We're the big player in the market, and so in other words, we could take -- we did take average selling prices down quarter over quarter because we significantly grew our VGA sensor output in response to market demand.

我們是市場上的大玩家，所以換句話說，我們可以採取 - 我們確實將平均售價降低了季度環比，因為我們顯著增加了我們的 VGA 傳感器輸出以響應市場需求。

And of course, VGA sensors sell at a lower price than 1 megapixel or 2 megapixel or 3 megapixel sensors.

當然，VGA 傳感器的售價低於 1 兆像素或 2 兆像素或 3 兆像素傳感器。

So essentially, not a whole lot of price pressure there, just a function of what we are doing with the product portfolio.

所以從本質上講，那裡並沒有很大的價格壓力，只是我們對產品組合所做的事情的一個函數。

And I guess two kind of unrelated questions.

我猜有兩種不相關的問題。

The IM Flash joint venture -- is that signed, or do you expect it to be signed in January?

IM Flash 合資企業——是否已簽署，或者您預計將在 1 月份簽署？

Yes, we expect to close it in early January.

是的，我們預計會在 1 月初關閉它。

And actually, that's all I have.

事實上，這就是我所擁有的。

Thank you.

謝謝你。

Jim Covello, Goldman Sachs.

吉姆·科維羅，高盛。

A couple of quick questions.

幾個快速的問題。

Firstly, I just wanted to make sure I'm thinking about modeling the profitability of the NAND business properly.

首先，我只是想確保我正在考慮正確地建模 NAND 業務的盈利能力。

The wafer output growth is going to be flattish for the next few quarters, and you're going to give up -- you are sharing half of the profitability with Intel.

未來幾個季度晶圓產量增長將持平，你將放棄——你將與英特爾分享一半的盈利能力。

So the NAND profits are going to go down for the next few quarters, until the Intel -- until the incremental capacity comes online, in which case you're obviously planning on growing it much faster than what you're going to share with Intel.

因此，在接下來的幾個季度，NAND 利潤將下降，直到英特爾——直到增量容量上線，在這種情況下，您顯然計劃以比與英特爾分享的速度更快的速度增長.

Am I thinking about that wrong, or do I have that right?

我是在想那個錯誤，還是我有這個權利？

I think in general, that's right.

我認為總的來說，這是正確的。

What we said was that for the next two quarters that the output would seem relatively flat, although it is still growing.

我們所說的是，在接下來的兩個季度，產出似乎相對持平，儘管仍在增長。

Really, it's the third and fourth quarter of '06 where I think we will start to see something of substance in terms of change.

真的，這是 06 年的第三和第四季度，我認為我們將開始看到一些實質性的變化。

And yes, we will be splitting the output.

是的，我們將拆分輸出。

And hence, we will be not getting whatever margin is on that half that runs through our partner, Intel.

因此，我們將無法從我們的合作夥伴英特爾獲得的那一半利潤中獲得任何利潤。

But of course, the JV itself and its sale of the product to Intel will flow through Micron, and you've got to remember that the R&D benefit that we are receiving will be countering that.

但當然，合資企業本身及其向英特爾的產品銷售將通過美光進行，您必須記住，我們獲得的研發收益將抵消這一點。

So when you net that out, if you can help us from a modeling perspective, for the next couple of quarters, where there isn't any incremental output and you are sharing some of the profits, can you help us think about what kind of EPS impact that would be or something along those lines for modeling purposes?

所以當你把它弄清楚時，如果你能從建模的角度幫助我們，在接下來的幾個季度中，沒有任何增量產出並且你分享了一些利潤，你能幫助我們考慮什麼樣的出於建模目的，EPS 影響會是什麼？

No, not at this time, sorry.

不，暫時沒有，抱歉。

Next question.

下一個問題。

You talk about the DRAM industry or commodity DRAM finding a supply/demand balance -- I think that was in the opening -- or that it will find a supply/demand balance.

你談到 DRAM 行業或商品 DRAM 尋找供需平衡——我認為那是在開幕式——或者它將找到供需平衡。

That was in the opening comments.

那是在開場評論中。

But hasn't the problem really been on the supply side from your competitors and not really on the demand side?

但問題不是真的出在競爭對手的供應方面，而不是真正出在需求方面嗎？

The demand for PC units has been great; it's been the supply issue.

對 PC 單元的需求很大；一直是供應問題。

What fixes it, if the Taiwanese DRAM companies haven't shown a willingness to scale back on their supply?

如果台灣 DRAM 公司沒有表現出縮減供應的意願，有什麼辦法可以解決這個問題？

In terms of -- and particularly the historical impact, Jim, clearly, supply-side economics have had a greater impact than demand because the demand has been relatively good year after year in terms of its bit consumption, ranging from 40% or old days of 75-80%.

就——尤其是歷史影響而言，Jim 顯然，供應方經濟的影響大於需求，因為就其比特消耗而言，需求年復一年地相對較好，從 40% 或過去75-80%。

So your question about what will rationalize the DRAM supply going forward, we don't necessarily have a good answer because we don't have visibility to what some of our competitors are doing, specifically with respect to DRAM, into the PC space.

因此，您關於如何使未來的 DRAM 供應合理化的問題，我們不一定有一個好的答案，因為我們無法了解我們的一些競爭對手在 PC 領域正在做什麼，特別是在 DRAM 方面。

But of course, if we had the absolute answer to that, we would have been diversifying the portfolio.

但是，當然，如果我們對此有絕對的答案，我們就會使投資組合多樣化。

Or maybe we would have been doing it slightly different.

或者也許我們會做的略有不同。

But that's the reason we are trying to be exposed less to that product that goes right into the desktop space.

但這就是我們試圖減少直接進入桌面空間的產品的原因。

And I've heard both sides of the fence in terms of what the industry thinks is going to happen on supply.

我聽到了業界對供應將發生的事情的看法。

Clearly, there's an allocation into NAND or, in our case, into NAND and DRAM -- or I'm sorry, NAND and imaging, and what I think of as specialty DRAM, because those markets are growing.

顯然，NAND 或在我們的例子中是 NAND 和 DRAM ——或者對不起，NAND 和成像，以及我認為的特種 DRAM，因為這些市場正在增長。

And others are trying to do -- some others, anyway, are trying to do similar things.

其他人正在嘗試做——無論如何，其他一些人正在嘗試做類似的事情。

So that's what's hard for us to get a handle on is how much migrates, how much current capacity migrates out.

因此，我們難以掌握的是遷移了多少，遷移了多少當前容量。

And then the new capacity you guys can go out and look at the models out there and what they are going to do with it.

然後你們可以出去看看那裡的模型以及他們將用它做什麼的新能力。

But --

但 -

If I could drill down on that just for one second -- this will be my last one -- if I think about '05, we had great PC unit growth, we had a lot of capacity allocated over from DRAM to NAND and the image sensors, in your case.

如果我能深入研究一秒鐘——這將是我的最後一次——如果我想想 05 年，我們的 PC 單位增長很大，我們有很多容量從 DRAM 分配到 NAND 和圖像傳感器，在你的情況下。

And the industry pricing was still a lot worse than expected.

而且行業定價仍然比預期的要差很多。

What kind of scenario do we need to see where we get better-than-expected pricing?

我們需要什麼樣的場景才能看到我們在哪裡獲得好於預期的定價？

I'm not really sure that we have seen the result of a major effort on the part of those manufacturers that can shift capacity towards NAND.

我不確定我們是否已經看到那些可以將產能轉移到 NAND 的製造商的重大努力的結果。

There's not a lot that we can do with our capacity, but we are doing what we can in order to realize more NAND output sooner as opposed to later and sacrifice some DRAM.

我們可以用我們的容量做很多事情，但我們正在盡我們所能，以便更快地實現更多的 NAND 輸出，而不是稍後，並犧牲一些 DRAM。

There are two other big players in both the DRAM and the NAND area that claim they have the capability to shift capacity from DRAM to NAND.

DRAM 和 NAND 領域還有另外兩家大公司聲稱他們有能力將容量從 DRAM 轉移到 NAND。

And I think now is about the time when we should really start to see the results of that, if in fact that effort will bear fruit, because the NAND market is clearly undersupplied right now and the DRAM market is clearly oversupplied.

我認為現在是我們真正開始看到結果的時候了，如果事實上這種努力會取得成果，因為現在 NAND 市場顯然供不應求，而 DRAM 市場顯然供過於求。

Those two guys would argue that they moved whole fabs worth of capacity over in '05, and they will do that again in '06, but no more.

那兩個傢伙會爭辯說，他們在 05 年將整個晶圓廠的產能轉移了，他們將在 06 年再次這樣做，但不會再這樣做了。

Do you think differently about that?

你對此有不同的看法嗎？

I don't know -- no idea what their mindset may be.

我不知道——不知道他們的心態可能是什麼。

If I were in their shoes and I had the ability to be as flexible as they've indicated that they do, I'd certainly be moving much more capacity towards NAND and away from DRAM in this kind of environment.

如果我站在他們的立場上，並且我有能力像他們所說的那樣靈活，那麼在這種環境下，我肯定會將更多的容量轉移到 NAND 上並遠離 DRAM。

If you look at the margin differential, it's staggering.

如果您查看保證金差異，那將是驚人的。

David Wong, A.G. Edwards.

David Wong，A.G. 愛德華茲。

Just a clarification on the R&D.

只是對研發的澄清。

All spending by the joint venture actually is consolidated on your income statement, am I correct?

合資企業的所有支出實際上都合併在您的損益表中，對嗎？

So your guidance, when you said 170 million going down to 150 million, that's what shows on your income statement line?

所以你的指導，當你說1.7億下降到1.5億時，這就是你的損益表行顯示的？

Or it's more than that, because you were including payments by other third parties?

或者不僅如此，因為您還包括其他第三方的付款？

You've got it correct in that the consolidation of IM Flash technologies will include the R&D spending at the joint venture with our R&D spending.

您說得對，IM Flash 技術的整合將包括合資企業的研發支出和我們的研發支出。

And as a result of the sharing, it will be in the 150 to 170 range, even with the diversification and the additional product efforts that Steve outlined.

由於共享，它將在 150 到 170 範圍內，即使史蒂夫概述了多樣化和額外的產品努力。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

I wanted to ask a little bit about the price reductions, cost reductions that you're seeing now.

我想問一些關於你現在看到的降價和成本降低的問題。

I assume you're staying on your sort of typical path.

我假設您將繼續走自己的典型道路。

And looking at where spot prices are today, my second question is, is the difference between spot price and your cash costs at or better or worse than what it was at the beginning of last quarter?

看看今天的現貨價格，我的第二個問題是，現貨價格與您的現金成本之間的差異是否與上季度初相比更好或更差？

We are not going to get into that kind of specifics.

我們不打算討論那種細節。

If you'd like to try the question in a different manner, we might be able to help.

如果您想以不同的方式嘗試這個問題，我們或許可以提供幫助。

I don't know if I can, because I guess we all know what the answer to that -- kind of guesstimating (ph).

我不知道我是否可以，因為我想我們都知道答案是什麼——一種猜測（ph）。

All right, well, let's maybe look somewhere else.

好吧，好吧，讓我們看看別的地方吧。

We are looking out at the image sensor market, and we're seeing a lot of strength, obviously, from handsets in general.

我們正在關注圖像傳感器市場，顯然，我們從手機中看到了很大的優勢。

But we're starting to hear more and more talk about image sensor demand coming out of China, in particular.

但我們開始聽到越來越多的討論，尤其是來自中國的圖像傳感器需求。

And wanted to get a sense from you what you see from that market and what you think that does or doesn't do to the sustainability of image sensor growth -- strength.

並希望從您那裡了解您從該市場看到的情況，以及您認為這對圖像傳感器增長的可持續性有什麼影響或沒有什麼影響——強度。

Actually, we are not hearing much at all about silicon coming out of China for image sensors.

實際上，我們並沒有聽到太多關於來自中國的矽用於圖像傳感器的消息。

They are putting in capacity, more capacity to do things on the back end, if you will -- modules or CFA or something of that nature.

他們正在增加能力，更多的能力在後端做事，如果你願意的話——模塊或 CFA 或類似性質的東西。

And maybe one or two of the foundries might try to do something there.

也許一兩家代工廠可能會嘗試在那裡做點什麼。

But we are not aware of, really, any silicon coming out of China right now.

但我們現在真的不知道有任何矽來自中國。

I'm actually thinking of it the other way, in terms of demand starting to pick up more aggressively there.

我實際上是在考慮另一種方式，就需求開始更積極地回升而言。

On the demand side, actually, the camera phone market in China is -- the penetration rate is relatively low, and the end demand from the Chinese market is -- I would characterize it as insignificant today.

在需求方面，實際上，中國的照相手機市場——滲透率相對較低，而中國市場的最終需求——我今天認為它微不足道。

So that's a huge, huge potential growth area for us.

所以這對我們來說是一個巨大的、巨大的潛在增長領域。

What demand growth we're seeing from China is strictly -- today, anyway, is strictly from an assembly standpoint.

我們從中國看到的需求增長是嚴格的——無論如何，今天嚴格來說是從裝配的角度來看。

So most of -- actually, if I'm not mistaken, virtually all of our end customers have, either directly themselves or through a subcontractor arrangement, a camera module assembly operation in China.

所以大多數——實際上，如果我沒記錯的話，幾乎我們所有的最終客戶都直接或通過分包商安排在中國擁有相機模塊組裝業務。

And that's why we're seeing demand coming out of China; it's primarily just that's where the assembly is taking place.

這就是為什麼我們看到需求來自中國；它主要只是在那裡組裝。

One other question, which is thinking about looking at the end of this fiscal year from now.

另一個問題是考慮從現在開始查看本財年末。

How do you think we can expect to see the rates of -- well, not the rates, but how can we think about the mix of your business -- and I guess on a wafer-out basis is a good way to think about this -- for NAND, CMOS, specialty DRAM and commodity DRAM?

您認為我們可以期望看到的費率 - 好吧，不是費率，而是我們如何考慮您的業務組合 - 我想以晶圓為基礎是考慮這個問題的好方法——NAND、CMOS、特種DRAM和商品DRAM？

We expect the commodity PC DRAM to continue to trend down.

我們預計商品 PC DRAM 將繼續呈下降趨勢。

We expect specialty DRAM to continue to moderate up.

我們預計特種 DRAM 將繼續溫和上漲。

And of course, NAND Flash will be beginning its pretty good ramp at that period of time, so it will see some pretty significant increases as well.

當然，NAND Flash 將在那段時間開始相當不錯的增長，因此它也會看到一些相當顯著的增長。

And image sensors continue to look very strong.

圖像傳感器繼續看起來非常強大。

You still don't want to quantify that, though, I assume?

不過，我假設您仍然不想量化這一點？

I'm sorry?

對不起？

You can't quantify that in terms of what percentage that might make up at the end of the year versus now?

您無法根據今年年底與現在相比可能構成的百分比來量化這一點？

It's too far away.

它太遠了。

We're going to continue to be opportunistic and move wafers around to where we see strategic benefit to do that.

我們將繼續投機取巧，將晶圓轉移到我們認為這樣做的戰略利益的地方。

And anything more than a cycle time gives us a pretty good opportunity to move wafers.

除了一個週期時間之外，任何東西都為我們提供了一個很好的移動晶圓的機會。

So it's a little hard for us to look out six, nine, 12 months and give you that ratio.

因此，我們很難找出 6 個月、9 個月、12 個月並給出這個比率。

Kipp, is there a range or a level at which you just can't lower your DRAM, commodity DRAM, anymore because you've got certain responsibilities to OEMs, for example?

Kipp，是否有一個範圍或水平，您不能再降低您的 DRAM，商品 DRAM，因為您對 OEM 負有某些責任，例如？

Is there a level you have to just keep producing at?

有沒有一個你必須保持生產的水平？

Well, I think that the responsibilities to the OEMs in the PC market -- it's obviously a slightly different responsibility to products where we are sole source.

好吧，我認為 PC 市場對 OEM 的責任——顯然與我們作為唯一來源的產品的責任略有不同。

So it's not quite that issue, so long as if we're changing our capacity around, as long as we give sufficient notice to the customer base, I don't think it's as big a deal on the PC side.

所以這不是那個問題，只要我們正在改變我們的容量，只要我們對客戶群給予足夠的通知，我認為這在 PC 方面沒什麼大不了的。

The challenge that -- well, one of the challenges that we have is we've already made big moves in capacity allocation.

挑戰——嗯，我們面臨的挑戰之一是我們已經在容量分配方面取得了重大進展。

Obviously, as Kipp mentioned, about half of it -- we are down from what used to be 100% a couple years ago or a few years ago down to about half of it now going into the desktop space, if you will, on the DRAM side.

顯然，正如 Kipp 所說，其中大約一半——我們從幾年前或幾年前的 100% 下降到現在大約一半進入桌面空間，如果你願意的話，在DRAM側。

And so we have capacity in place that's geared towards doing certain things.

所以我們有能力去做某些事情。

We can migrate it over time, but when you start talking about those kinds of changes in a relatively short period of time, we run into some limitations that exist at least for maybe two or three quarters before we can substantially change that.

我們可以隨著時間的推移對其進行遷移，但是當您在相對較短的時間內開始談論這些類型的變化時，我們會遇到一些限制，這些限制至少存在兩到三個季度才能進行實質性改變。

And an example would be we've put in significant capacity in 12 inch to really think of it (ph) as the high-volume DRAM products.

一個例子是我們已經在 12 英寸中投入了大量容量，以便真正將其 (ph) 視為大容量 DRAM 產品。

And if we're going to change that to the degree that we want to change that, it just takes us a little bit of time to do.

如果我們要將其改變到我們想要改變的程度，我們只需要一點時間來做。

And so there's what you consider to be flexible capacity that you can change within the cycle time that Kipp spoke about, and then there are some others that take two or three quarters to try to change.

因此，您認為靈活的容量可以在 Kipp 所說的周期時間內進行更改，然後還有一些其他的需要兩到四分之三的時間來嘗試更改。

We still have some flexible capacity left, but we're going to run up against our ability to do something in one cycle time being limited.

我們仍然有一些靈活的產能，但我們將在一個週期內做某事的能力受到限制。

And we have to make more wholesale changes on a facility basis.

而且我們必須在設施的基礎上進行更多的大規模更改。

Krishna Shankar, JMP Securities.

Krishna Shankar，JMP 證券公司。

Of the 55% which is PC DRAM, can you give us some estimate of within that is the server workstation part of that joint portion, and can you talk about the profitability of that piece of the computer DRAM puzzle versus PC DRAM?

在 PC DRAM 的 55% 中，您能否對其中的服務器工作站部分進行估計，您能否談談計算機 DRAM 拼圖與 PC DRAM 相比的盈利能力？

I'm not going to provide specifics on what portion of that would be the server piece, but it's less than half of that PC DRAM piece would be servers.

我不會詳細說明其中哪一部分是服務器，但不到一半的 PC DRAM 是服務器。

And for us, the server space is more profitable than the desktop and notebook space, primarily because it is a higher density, requires a higher reliability devices and modules and so forth.

而對我們來說，服務器空間比台式機和筆記本空間更有利可圖，主要是因為它密度更高，需要更高可靠性的設備和模塊等等。

So it's more profitable for us, and it is a growing piece for us as well.

所以它對我們來說更有利可圖，對我們來說也是一個不斷增長的部分。

And is there any consideration being given to just moving more PC DRAM, some of your older 8 inch PC DRAM fabs over into the NAND Flash joint venture?

是否考慮將更多的 PC DRAM、一些較舊的 8 英寸 PC DRAM 晶圓廠轉移到 NAND 閃存合資企業？

Because the revenue per wafer is higher there, so why not even lower the exposure to PC DRAM even more?

因為那裡每片晶圓的收入更高，所以為什麼不進一步降低對 PC DRAM 的曝光率呢？

Actually, we've been on that migration path.

實際上，我們一直在遷移路徑上。

That's what we're experiencing today.

這就是我們今天所經歷的。

We've continued to move PC DRAM into other products.

我們繼續將 PC DRAM 轉移到其他產品中。

But the other thing to make note of is we don't have a lot of 8 inch capacity left running what you would think of as PC DRAM.

但要注意的另一件事是，我們沒有太多的 8 英寸容量可以運行您認為的 PC DRAM。

We have what we call a legacy DRAM portfolio.

我們擁有所謂的傳統 DRAM 產品組合。

We have obviously got the NAND we spoke about, and we have got imaging and some of the cellular-type stuff, which is consuming the vast majority of the 8 inch.

顯然，我們已經得到了我們所說的 NAND，我們已經得到了成像和一些蜂窩類型的東西，這些東西消耗了 8 英寸的絕大部分。

And the only exception to that, by the way, would be our partner in Singapore, TECH.

順便說一下，唯一的例外是我們在新加坡的合作夥伴 TECH。

And they are on a migration path to 12 inch.

他們正在向 12 英寸遷移。

As Kipp mentioned, they are going to start doing that, actually some work on it here in the next quarter or two and then start that progression of change.

正如 Kipp 所提到的，他們將開始這樣做，實際上在接下來的一兩個季度會進行一些工作，然後開始進行變革。

So I think what you have left after that is we'll have Virginia running 12 inch.

所以我認為在那之後你剩下的就是我們將讓弗吉尼亞運行 12 英寸。

So there's just not a lot of 8 inch running what we’re characterizing as PC DRAM.

因此，運行我們稱之為 PC DRAM 的 8 英寸內存並不多。

And then turning to NAND Flash, what steps are you taking to really start to expedite the ramp both in Virginia and Lehigh, just given the tremendous profit potential there?

然後轉向 NAND 閃存，考慮到弗吉尼亞和利哈伊的巨大利潤潛力，您正在採取哪些步驟來真正開始加快速度？

How can you expedite the ramp of the NAND Flash joint venture manufacturing?

如何加快 NAND Flash 合資製造的加速？

Well, we are aggressively as moving as we can.

好吧，我們正在盡可能地積極行動。

It's kind of like having a child; there is a certain period of time that you've got to gestate, and it's just going to take that long.

這有點像生孩子；有一段時間，你必須醞釀，它只是需要那麼長的時間。

So, to the extent that we can accelerate it, we will.

所以，在我們可以加速的範圍內，我們會的。

But there's only so many things you can do.

但你能做的只有這麼多。

You've got equivalent supply times, etc., etc.

你有相同的供應時間，等等，等等。

And can you talk about your product roadmap in NAND Flash?

您能談談您在 NAND 閃存方面的產品路線圖嗎？

I guess, right now, everything is on 8 inch 90 nanometer.

我想，現在，一切都在 8 英寸 90 納米上。

Can you talk about both the product roadmap in terms of density and line width and modular cell flash (ph) technology?

您能否談談密度和線寬以及模塊化單元閃存 (ph) 技術方面的產品路線圖？

Sure.

當然。

We have been producing and shipping, obviously, since day one last December, so almost a year now anniversary, 2 Gb.

顯然，從去年 12 月的第一天開始，我們就一直在生產和發貨，現在已經快一年了，2 Gb。

We have been sampling now a 2 and 4 Gb.

我們現在一直在採樣 2 和 4 Gb。

And, by the way, that was all at 90 nanometer.

而且，順便說一句，那都是90納米。

We are now sampling 2 and 4 Gb at 72 nanometer as well.

我們現在也在 72 納米採樣 2 和 4 Gb。

And of course, we now have a product roadmap beyond that we have not shared publicly yet.

當然，我們現在還有一個尚未公開分享的產品路線圖。

And how do you see pricing trends between the 2, 4 and 8 Gb NAND Flash out there, even though I realize you don't participate in 8 Gb?

即使我知道您不參與 8 Gb，您如何看待 2、4 和 8 Gb NAND 閃存之間的定價趨勢？

What do you see in terms of pricing?

您對定價有何看法？

Actually, we do participate in 8 Gb by stacking four of our 2 Gb chips.

實際上，我們通過堆疊四個 2 Gb 芯片來參與 8 Gb。

And from a market pricing standpoint, basically the market is at roughly parity on a per-bit basis for either a 2, 4 or an 8 Gb solution.

從市場定價的角度來看，基本上市場對於 2、4 或 8 Gb 解決方案的每比特基本持平。

Paul Leming, Soleil Securities.

保羅·勒明，太陽證券。

What did wafer outs average for the quarter, and could you give us a guesstimate as to what they will average for the current quarter?

本季度的晶圓平均出貨量是多少，您能否給我們猜測一下它們在本季度的平均出貨量是多少？

Mid-60,000 wafer outs a week, and they will just be up very slightly in fiscal Q2.

每週生產 60,000 片晶圓，並且在第二財季只會小幅增長。

Nimal Vallipuram, Benchmark Company (sic).

Nimal Vallipuram，基準公司（原文如此）。

I have two questions.

我有兩個問題。

The first one is that, Bill, you indicated that you would give some color on how the accounting is going to work with the new venture with Intel.

第一個是，比爾，您表示您將就會計如何與英特爾的新企業合作提供一些顏色。

You said that half of it will go to Intel at a certain price, and the other half we will be able to sell it in the market price.

你說一半按一定的價格賣給英特爾，另一半我們可以按市價賣。

But the total cost of goods sold will go to the cost of goods sold -- all 100% cost of goods sold will go to your cost of goods sold.

但是銷售商品的總成本將計入商品銷售成本——所有 100% 的商品銷售成本都將計入您的商品銷售成本。

Now, can you add any more color as to whether the Intel pricing is always going to be approximately below the market pricing at a certain discount?

現在，您能否就英特爾定價是否總是以一定折扣大致低於市場定價添加更多顏色？

Or, if the market price goes down significantly, would you have some sort of upside on Intel pricing?

或者，如果市場價格大幅下跌，您會對英特爾定價有一定的上漲空間嗎？

This is Steve.

這是史蒂夫。

The basic way the JV works is that we are buying -- both of us are buying, equally, the product from the joint venture cost.

合資公司運作的基本方式是我們正在購買——我們都在同等地購買合資企業成本中的產品。

So there's nothing going on at the JV level besides that.

因此，除此之外，合資企業層面沒有發生任何事情。

And whoever gets consolidated will just incorporate that concept.

無論誰得到鞏固，都會融入這個概念。

I understand.

我明白。

I guess my second question -- this has been asked by a number of people, so please don't -- I just want to get some idea.

我想我的第二個問題——很多人都問過這個問題，所以請不要——我只是想了解一下。

When you exit in calendar 2006, can you give us any idea on a basis -- I think probably a bit basis would be the best way to look at it -- at least approximately what percentage of your bit output would you like or would like to be in NAND Flash as opposed to everything else?

當你在 2006 年退出日曆時，你能給我們一個基礎的想法嗎——我認為可能是比特基礎是最好的看待它的方式——至少大約你想要或想要多少百分比的比特輸出在 NAND 閃存中而不是其他一切？

Well, you guys can -- first of all, forget the bit piece on CMOS imaging; it's not even relevant.

好吧，你們可以——首先，忘記關於 CMOS 成像的部分；它甚至不相關。

It's got nothing to do with any of it.

這與它無關。

So if you look at the allocation that relates to imaging, you've got to totally exclude that.

因此，如果您查看與成像相關的分配，您必須完全排除它。

It's not even a relevant measurement.

這甚至不是一個相關的測量。

With respect to NAND versus DRAM, hey, look, you guys can do the math.

關於 NAND 與 DRAM，嘿，看，你們可以算一下。

Virginia is capable -- we've already said is capable of about 7000 per week.

弗吉尼亞有能力——我們已經說過每周大約有 7000 人。

Lehigh is capable of about 11,000 per week.

Lehigh 每周可以生產約 11,000 人。

And then we've got the Boise ramp from -- Kipp already mentioned we're doing about 5000 now; we'll take that up to probably 10, 11, 12,000 per week on 8 inch.

然後我們得到了博伊西坡道—— Kipp 已經提到我們現在正在做大約 5000 個；我們將在 8 英寸上每週最多生產 10、11、12,000 個。

And it really all has to do with timing.

這真的與時間有關。

We've already said that we want to try to start ramping Virginia sometime in mid-'06, and Lehigh at end of '06.

我們已經說過，我們想嘗試在 06 年中期的某個時候開始在弗吉尼亞州進行爬坡，並在 06 年末開始在 Lehigh 進行爬坡。

So take your historical perspective on how fabs ramp, plug that in, and you ought to have a pretty good number.

因此，從您的歷史角度來看晶圓廠是如何增長的，將其插入，您應該有一個相當不錯的數字。

So that comes out to be about, all the numbers together, about 22,000 in addition to U.S.

因此，除美國外，所有數字加起來約為 22,000 人。

You're probably running somewhere out of the 22, one-fourth of by end of next year.

到明年年底，你可能會跑到 22 人中的某個地方，也就是四分之一。

So 70,000 -- out of the 70,000, say about one-sixth or so would be -- is that the right calculation?

所以 70,000 - 在 70,000 中，大約六分之一左右 - 這是正確的計算嗎？

Am I in the ballpark?

我在球場上嗎？

If you're going to ask me to comment on the math you're doing in your head, I'm going to have to pass.

如果你要我評論你在腦海中做的數學，我將不得不通過。

All right, thanks.

好的，謝謝。

Excellent quarter.

優秀的季度。

Thanks a lot.

非常感謝。

I appreciate it.

我很感激。

Happy holidays.

節日快樂。

Gus Richard, First Albany.

Gus Richard，第一奧爾巴尼。

Could you talk a little bit about the drivers of CMOS image sensors in the coming quarter -- is it market penetration, market share gains, or just really strong cellphone demand?

您能否談談下一季度 CMOS 圖像傳感器的驅動因素——是市場滲透率、市場份額增長還是手機需求非常強勁？

All of the above.

上述所有的。

For us, really, as I mentioned in the near term to date and in the near future, the primary driver, again, is going to be camera-enabled cellphones.

對我們來說，真的，正如我在近期和不久的將來提到的那樣，主要驅動力再次將是支持攝像頭的手機。

And my perspective is that we are the beneficiary, certainly, of a growing penetration rate in terms of cameras, cameras being the numerator, total cellphones being the denominator.

我的觀點是，我們當然受益於相機普及率的增長，相機是分子，手機總數是分母。

We also have put ourselves in the position where we're the supplier of choice, just based on the imaging quality that we are able to deliver with our sensors.

僅僅基於我們能夠通過我們的傳感器提供的成像質量，我們也將自己置於我們作為首選供應商的位置。

So we are benefiting from market growth.

因此，我們正在從市場增長中受益。

We're benefiting from market share growth.

我們受益於市場份額的增長。

And if I look out, say, a couple quarters to the, say, four to five to six quarters down the road, we will start to see some significant growth as well from automotive applications, as well as some further penetration in digital still cameras and in PC camera area.

如果我展望未來的幾個季度，比如說，四到五到六個季度，我們將開始看到汽車應用的一些顯著增長，以及數碼相機的進一步滲透並在PC相機區域。

And then any color on the split between DDR and DDR 2 in the quarter?

那麼本季度 DDR 和 DDR 2 之間的區別有什麼顏色嗎？

In the quarter we just completed, it was a little less than 50-50, DDR being less than -- DDR being greater than 50, DDR being less than 50% of the commodity piece.

在我們剛剛完成的那個季度，它略低於 50-50，DDR 低於 - DDR 大於 50，DDR 不到商品的 50%。

In the current quarter, it's probably going to be about split 50-50.

在本季度，可能會以 50-50 的比例拆分。

Final question.

最後一個問題。

In the strange world of commodity memory, giving you are allocating capacity to IMFT, in the future, if there was a shortage of DRAM, could you revert that capacity to DRAM?

在商品內存的奇異世界中，給你分配容量給IMFT，將來如果DRAM短缺，你能把那個容量恢復到DRAM嗎？

Or is that just a ridiculous thought?

或者這只是一個荒謬的想法？

We cannot -- well, put it this way.

我們不能——好吧，這樣說吧。

It's not that it couldn't happen; it's that we have a partner manufacturing NAND.

並不是說它不可能發生。是我們有一個合作夥伴製造 NAND。

And the NAND has to be manufactured within a partner.

NAND 必須在合作夥伴內部製造。

So, to the extent that we are going to do something with the capacity, either increase it or decrease it, we have to have a discussion with our partner.

因此，就我們要對容量做一些事情，增加或減少它，我們必須與我們的合作夥伴進行討論。

So, in a sense, it limits your flexibility from reallocating capacity going forward from DRAM to NAND and back and forth?

因此，從某種意義上說，它限制了您從 DRAM 到 NAND 來回重新分配容量的靈活性？

When you say limit, only to the extent that our partner believes that we should do something different with it.

當您說限制時，僅限於我們的合作夥伴認為我們應該對它做一些不同的事情。

In other words, there's somewhat of a self-correcting mechanism.

換句話說，有某種自我糾正機制。

Again, not too belabor this, but if the margin on NAND is much better than the margin on DRAM, of course we would want to allocate it in the direction of NAND.

再說一次，不要太在意這一點，但如果 NAND 上的邊距比 DRAM 上的邊距好得多，我們當然希望將其分配到 NAND 的方向。

And if that were to be the case, the probability is our partner would be fine with that.

如果是這樣的話，我們的合作夥伴很可能會接受。

If the margin on NAND is worse than the margin on DRAM, it depends on how worse it is before our partners are going to reallocate it.

如果 NAND 的利潤率比 DRAM 的利潤率差，那取決於在我們的合作夥伴重新分配它之前，它會差到什麼程度。

But clearly, if it wasn't doing very well at all because the market is oversupplied, they are unlikely to have too big a problem with the reallocation.

但很明顯，如果由於市場供過於求而表現不佳，他們不太可能對重新分配有太大的問題。

Bill Dezellem, Titan Capital Management.

比爾·德澤勒姆，泰坦資本管理公司。

We had a group of questions.

我們有一組問題。

First of all, Mike, you had referenced camera phones with two cameras.

首先，邁克，您提到了帶有兩個攝像頭的照相手機。

Would you please walk us through the applications where having two cameras on the same phone is advantageous?

您能否向我們介紹一下在同一部手機上安裝兩個攝像頭的優勢的應用程序？

And then, relative to the JV, the IM Flash JV, what percentage of the production needs to be dedicated to Apple versus the availability that you have to address the large opportunity that you are anticipating developing here later this year in the cellphone market?

然後，相對於合資企業 IM Flash 合資企業，需要將多少百分比的產品專門用於 Apple，而您必須解決您預計今年晚些時候在手機市場開發的巨大機會的可用性？

On the first one, the dual camera phones, the primary application would be videoconferencing.

第一個是雙攝像頭手機，主要應用是視頻會議。

So we have what would call an in camera, which is typically a low resolution VGA camera, which would be on the inside of the phone, basically looking at you or taking a picture of the user for videoconferencing purposes.

所以我們有所謂的內置攝像頭，它通常是一個低分辨率的 VGA 攝像頭，它位於手機內部，基本上是看著你或給用戶拍照以用於視頻會議。

And you have an out camera, which would be for taking photographs by the end user.

你有一個外置攝像頭，用於最終用戶拍照。

So penetration rate of dual camera phones today is not that great.

所以今天雙攝手機的滲透率並不高。

But again, as infrastructure improvements are made to enable more seamless videoconferencing, we expect to see that increase.

但同樣，隨著基礎設施的改進以實現更無縫的視頻會議，我們希望看到這種增長。

But that is one of the big drivers of the extended life of VGA cameras, is the dual camera phones.

但這是延長 VGA 攝像頭壽命的一大推動力，那就是雙攝像頭手機。

On the --

在——

Before we shift to next question, you referenced the infrastructure out there.

在我們轉向下一個問題之前，您提到了那裡的基礎設施。

With the current technology, with the service providers, is this something that can be fluid?

使用當前的技術，對於服務提供商，這是否可以流動？

Or are there upgrades to the existing infrastructure that really needs to be made?

或者是否確實需要對現有基礎設施進行升級？

It depends where geographically.

這取決於地理位置。

Probably the most advanced infrastructure today for mobile communications would be in Japan, and videoconferencing over the mobile network there is a reality today.

當今最先進的移動通信基礎設施可能在日本，通過移動網絡進行視頻會議今天已成為現實。

In Europe, I believe it is as well.

在歐洲，我相信也是如此。

In the U.S., again, this is beyond my area of expertise, but it's probably quite some ways off into the future.

同樣，在美國，這超出了我的專業領域，但未來可能還有很長的路要走。

That's helpful.

這很有幫助。

And then the IM Flash JV?

然後是 IM Flash JV？

This is Steve.

這是史蒂夫。

On the question regarding -- I think it was specifically with respect to the supply to Apple that we started and we had a long-term agreement with them on that, obviously, I'm not going to disclose a lot of specificity, because the confidentiality agreement is both with our customer and with our partner.

關於這個問題——我認為我們開始專門針對蘋果的供應，我們與他們達成了長期協議，顯然，我不會透露很多具體細節，因為保密協議既與我們的客戶簽訂，也與我們的合作夥伴簽訂。

But I think, suffice it to say that the percentage of exposure that we have to that agreement is really controllable by us -- in other words, I mean the partnership, because its quantity defined.

但我認為，只要說我們對該協議的敞口百分比實際上是由我們控制的——換句話說，我的意思是夥伴關係，因為它的數量已定義。

So if we want to produce more product, then the percentage goes down; if we produce less product, then the percentage goes up.

所以如果我們想生產更多的產品，那麼這個百分比就會下降；如果我們生產的產品更少，那麼這個百分比就會上升。

It's completely within our control as to how we want to -- how much of our output that we want to be exposed to that.

這完全在我們的控制範圍內，我們想要如何——我們想要暴露多少我們的輸出。

So I think that's the best way to think about it.

所以我認為這是最好的思考方式。

That is helpful.

這很有幫助。

Thank you.

謝謝你。

And then one additional question, and I think this was somewhat addressed earlier, but I'd like to try again to see if I can gain a little more clarification, please.

然後是一個額外的問題，我認為這在前面已經得到了一些解決，但我想再試一次，看看我是否能得到更多的澄清，拜託。

Relative to the inventory decline, given that the pricing in commodity DRAM was down, oftentimes you don't see inventory declining when pricing is also declining.

相對於庫存下降，鑑於商品 DRAM 的價格下降，當價格也在下降時，您通常不會看到庫存下降。

Would you walk us through again where, within which products you actually saw the decline in inventory, please?

請您再向我們介紹一下，您實際上在哪些產品中看到了庫存下降？

I think we pretty much -- well, we ended the quarter with virtually no inventory on image sensors, as you could probably imagine, based on the way we are speaking about it.

我認為我們幾乎 - 嗯，根據我們談論它的方式，我們在本季度結束時幾乎沒有圖像傳感器庫存，正如你可能想像的那樣。

So there was not much of a change there.

所以那裡沒有太大的變化。

I think that, if I remember back a quarter, it probably was the case on the specialty DRAM as well.

我認為，如果我記得過去四分之一，專業 DRAM 可能也是如此。

So the inventory we carried was primarily in the PC DRAM area, and demand was strong enough to absorb it, albeit there was a tremendous amount of price pressure.

所以我們的庫存主要集中在PC DRAM領域，需求強勁，可以吸收，儘管價格壓力很大。

Had we projected that pricing was going to be increasing in the current period, I probably would have chosen to hold some more inventory.

如果我們預計當前時期的定價會上漲，我可能會選擇持有更多庫存。

But we weren't projecting that, still not really projecting that.

但是我們並沒有計劃那個，仍然沒有真正計劃那個。

So as the market had strength enough to absorb it, we just sold at the market prices and it ended up being a drawdown on inventory as opposed to either building or keeping it flat.

因此，由於市場有足夠的力量來吸收它，我們只是以市場價格出售，最終導致庫存下降，而不是建立或保持平穩。

But if we did hear your earlier comments in the call, there certainly appears to be the possibility that some of the manufacturers that are shifting from DRAM to NAND, that that may start taking place and actually impacting the market here favorably in this seasonally slow period.

但是，如果我們確實在電話會議中聽到了您之前的評論，那麼似乎一些製造商正在從 DRAM 轉向 NAND，這可能會開始發生並在這個季節性低迷時期對這裡的市場產生有利的影響.

I'm not going to predict that, but I certainly would hope that would be the case.

我不打算預測，但我當然希望會是這樣。

I think we have time for one more question, and then we'll wrap it up.

我想我們還有時間再提一個問題，然後我們會結束它。

Ben Lynch, Deutsche Bank.

本·林奇，德意志銀行。

On the NAND side, this agreement that you have with Apple -- I know, the way Apple operates, you can't really say too much about that.

在 NAND 方面，你與 Apple 達成的協議——我知道，Apple 的運作方式，你真的不能說太多。

Could you just help us to think a little bit -- is this a sort of a cost-plus thing, or how you are supplying to them, or driven by market ASPs?

你能不能幫助我們思考一下——這是一種成本加成的事情，或者你是如何向他們供應的，或者是由市場 ASP 驅動的？

And basically, do you need to be cost competitive to their current suppliers to make comparable margins or not?

基本上，您是否需要與他們當前的供應商具有成本競爭力才能獲得可比的利潤？

And I do have a follow-up, please.

我確實有後續行動，拜託。

Well, as you suspected, I'm not going to comment on pricing to a particular customer; that wouldn't be, probably, acceptable for them or us.

好吧，正如您所懷疑的那樣，我不會對特定客戶的定價發表評論。這對他們或我們來說可能是不可接受的。

But having said that, on the cost side, our expectation is to be equal or better than anybody else on the cost side.

但話雖如此，在成本方面，我們的期望是在成本方面與其他任何人相同或更好。

It's got nothing to do with an Apple agreement.

這與蘋果協議無關。

And I think the way to phrase it is we plan on making money on the product we sell to Apple, and we plan on making money on the product we sell to other customers.

我認為表達方式是，我們計劃通過我們賣給蘋果的產品賺錢，我們計劃通過我們賣給其他客戶的產品賺錢。

So we expect to be as competitive as anyone in terms of cost.

因此，我們希望在成本方面與任何人一樣具有競爭力。

And I'll try one for you, Bill.

我會為你試一試，比爾。

I know you don't want to give specifics on gross margins by product area.

我知道您不想按產品領域詳細說明毛利率。

Could you maybe give us a rough estimate on the spread in gross margins between -- of those four major areas, the highest and the lowest?

您能否粗略估計一下這四個主要領域中最高和最低的毛利率之間的差距？

No, we won't give you specifics on the spread, although Kipp indicated that the CMOS image sensors, the specialty DRAM and the NAND were running pretty close together this last quarter at a very attractive rate.

不，我們不會向您提供有關價差的具體信息，儘管 Kipp 表示 CMOS 圖像傳感器、專用 DRAM 和 NAND 在上個季度以非常有吸引力的速度運行得非常接近。

And there's a significant spread between that and the commodity DRAM.

這與商品 DRAM 之間存在顯著差異。

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

現在，有了這個，我們要感謝大家今天參加電話會議。

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

如果你能容忍我，我需要重複安全港保護語言。

During the course of this call, we may have made forward-looking statements regarding the Company and the industry.

在本次電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

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

這些特定的前瞻性陳述以及可能在本次電話會議上做出的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。

This does conclude today's conference.

今天的會議到此結束。

You may disconnect all lines at this time and have a great day.

此時您可以斷開所有線路，並度過愉快的一天。