美光科技 (MU) 2006 Q2 法說會逐字稿

Good afternoon, and welcome to today's Micron Technology conference call.

下午好，歡迎參加今天的美光科技電話會議。

At this time, all lines have been placed on mute to prevent any background noise.

此時，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。

Sir, you may begin.

先生，您可以開始了。

Thank you very much.

非常感謝。

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

我還要歡迎大家參加美光科技 2006 財年第二季度財務發布電話會議。

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

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

Mr. Mark Durcan, Chief Operating Officer;

首席運營官 Mark Durcan 先生；

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

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

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

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

If you have not had an opportunity to review the second-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 年第二季度的財務新聞稿，可以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 Daylight Savings Time.

今晚晚些時候，山區夏令時下午 5:30 將提供這次通話的錄音重播。

You can reach that by dialing 973-341-3080 with a confirmation code of 725-2236.

您可以撥打 973-341-3080 並使用確認碼 725-2236 來實現。

This replay will run through Monday, April 17, 2006 at 5:30 PM, again Mountain Daylight Savings Time.

此重播將持續到 2006 年 4 月 17 日星期一下午 5:30，同樣是山區夏令時。

A webcast replay will be available on the Company's website until April 10, 2007.

2007 年 4 月 10 日之前，公司網站上將提供網絡廣播重播。

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

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

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

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

We wish to caution you that such statements are predictions, and that actual events or results may differ materially.

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

We refer you to the documents the Company files on a consolidated basis from time to time with the Securities and Exchange Commission, specifically the Company's most recent Form 10-K and Form 10-Q.

我們建議您參考公司不時向證券交易委員會提交的綜合文件，特別是公司最近的 10-K 表格和 10-Q 表格。

These documents contain and identify important factors that could cause the actual results for the Company on a consolidated basis to differ materially from those contained in our projections or forward-looking statements.

這些文件包含並確定了可能導致公司在綜合基礎上的實際結果與我們的預測或前瞻性陳述中包含的結果存在重大差異的重要因素。

These certain factors can be found on the Company's website.

這些特定因素可以在公司網站上找到。

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

Let's start with a discussion of what these financials reflect.

讓我們從討論這些財務反映的內容開始。

That is, the results of operations for Micron's historical memory and imaging operations and, beginning January 6th, results of operations for IM Flash's NAND business.

即美光歷史內存和成像業務的運營結果，以及從 1 月 6 日開始的 IM Flash NAND 業務的運營結果。

These quarterly results for the period ended March 2nd do not yet consolidate TECH Semiconductor's operations.

這些截至 3 月 2 日的季度業績尚未合併 TECH Semiconductor 的業務。

Rather, this is the final quarter in which production from TECH Semi is accounted as a supply arrangement.

相反，這是將 TECH Semi 的生產視為供應安排的最後一個季度。

Neither do they reflect any results of Lexar Media, the pending acquisition which Micron announced March 8th.

它們也沒有反映 Lexar Media 的任何結果，這是美光 3 月 8 日宣布的未決收購。

For our second quarter, net sales totaled $1.23 billion, and the Company recorded net income of 193 million or $0.27 per diluted share.

我們第二季度的淨銷售額總計 12.3 億美元，公司錄得淨收入 1.93 億美元或每股攤薄收益 0.27 美元。

The diluted earnings per share calculation is based on 715 million shares.

每股攤薄收益計算基於7.15億股。

As you are well aware, the Company has a long history of investing in research and development.

如您所知，本公司在研發方面的投資由來已久。

The accomplishments being made in R&D were recognized in part in the second quarter, as operating income reflects the sale of designs and technology to Intel in conjunction with the establishment of IM Flash Technologies.

在研發方面取得的成就在第二季度得到了部分認可，因為營業收入反映了向英特爾出售設計和技術以及建立 IM Flash Technologies 的情況。

That was for $230 million.

那是2.3億美元。

As of second quarter end, Micron had cash and investment balances of 2.6 billion.

截至第二季度末，美光擁有 26 億現金和投資餘額。

Approximately 500 million of the [end carries] came from Intel as part of formation of IM Flash.

作為 IM Flash 形成的一部分，大約 5 億個 [端載] 來自英特爾。

Cash provided by operating activities for the six months of 1.3 billion includes 250 million received from Apple as a prepayment for NAND product supply.

前 6 個月的經營活動提供的現金 13 億美元，其中包括從蘋果公司收到的 2.5 億美元作為 NAND 產品供應的預付款。

At quarter end, total debt declined to 461 million.

在季度末，總債務下降至 4.61 億美元。

You'll note on review of the balance sheet that receivables increased approximately $120 million over the quarter.

您會在查看資產負債表時注意到，本季度應收賬款增加了約 1.2 億美元。

The quarter-end total included 171 million from unwind of our call spread option, which was collected the day after quarter end.

季度末總額包括從我們的看漲期權平倉中獲得的 1.71 億美元，該期權是在季度末的第二天收集的。

The benefit of closing out our position was booked as a credit to equity.

平倉的好處被記為權益的貸項。

Our second fiscal quarter is normally a seasonally slower quarter, and that generalization held true for 2006.

我們的第二財季通常是季節性較慢的季度，這種概括在 2006 年也是如此。

Average selling prices for PC memory declined noticeably in the first half of the quarter and then increased somewhat, resulting in a 12% quarter-over-quarter decline in memory ASPs.

PC 內存的平均售價在上半季度顯著下降，然後略有上升，導致內存 ASP 環比下降 12%。

The expected seasonal slowing in image sensors did not materialize, as demand for the Company's CMOS image sensors remained very strong.

圖像傳感器的預期季節性放緩並未實現，因為對公司 CMOS 圖像傳感器的需求仍然非常強勁。

Gross margin for the quarter came in at 19%, holding up relatively well despite price pressure in commodity PC DRAMs.

本季度毛利率為 19%，儘管商品 PC DRAM 存在價格壓力，但仍保持相對較好的水平。

Gross margins on CMOS image sensors remained the highest product category for this period.

CMOS 圖像傳感器的毛利率仍然是這一時期最高的產品類別。

Gross margin on TECH Semiconductor products was slightly higher than the gross margin for similar PC DRAM products and slightly less than the overall gross margin percentage for the period.

TECH Semiconductor產品的毛利率略高於同類PC DRAM產品的毛利率，略低於期內的整體毛利率百分比。

R&D expense for the second quarter was 160 million.

第二季度研發費用為1.6億。

Our partnering efforts are paying off, as we continue to have more extensive development across our diversified portfolio, yet are able to hold absolute the dollar of expenditures in check.

我們的合作努力正在取得回報，因為我們繼續在我們的多元化投資組合中進行更廣泛的發展，但能夠控制絕對的美元支出。

The quarterly run rate for R&D will likely move up to about 165 million per quarter, due to the inclusion of TECH Semi.

由於 TECH Semi 的加入，研發的季度運行率可能會上升到每季度約 1.65 億。

Selling, general and administrative expenses with the consolidation of IM Flash and TECH Semi will approximate $115 million per quarter for the balance of '06.

在 06 年的餘額中，合併 IM Flash 和 TECH Semi 的銷售、一般和管理費用將約為每季度 1.15 億美元。

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 efforts.

整體改善反映了我們成功的多元化努力。

The second quarter's operating cash flow reached 880 million, of which 250 million resulted from Apple prepayment and 230 million from the sale of designs to Intel.

第二季度的經營現金流達到8.8億，其中2.5億來自蘋果的預付款，2.3億來自向英特爾出售設計。

I will turn the commentary over to Mike.

我會把評論交給邁克。

We had a solid quarter of executing to our strategy of pursuing markets that value differentiated semiconductor solutions.

我們在追求重視差異化半導體解決方案的市場的戰略上執行了一個穩健的季度。

Specifically, those markets in addition to desktop and notebook PCs include mobile phones, communications infrastructure equipment, servers and various consumer devices.

具體來說，除了台式機和筆記本電腦之外，這些市場還包括移動電話、通信基礎設施設備、服務器和各種消費類設備。

In those PC markets, we experienced a quarterly decline in ASPs as a result of depressed prices at the beginning of the second quarter.

在這些個人電腦市場，由於第二季度初價格低迷，我們的平均售價每季度下降。

However, we are somewhat pleasantly surprised by an environment in which DRAM demand exceeded supply in the second half of the quarter, and this dynamic continues today, defying seasonal expectations.

然而，我們對本季度下半年 DRAM 需求超過供應的環境感到有些驚喜，而且這種動態一直持續到今天，違背了季節性預期。

End result being that commodity DRAM prices are up significantly and in good shape as we move through the May quarter.

最終結果是，隨著我們進入 5 月季度，商品 DRAM 價格顯著上漲且狀況良好。

Bottom line, good progress on strategy execution with the bonus of a strong PC DRAM market.

歸根結底，在強勁的 PC DRAM 市場的推動下，戰略執行取得了良好進展。

There are no surprises on the demand side of the PC market when it comes to DRAM.

就 DRAM 而言，PC 市場的需求方面並不令人意外。

We are seeing reasonable PC unit growth, continued encroachment of notebook versus desktop systems, steadily expanding memory content for systems and increased penetration of DDR2 in PC platforms.

我們看到了合理的 PC 單位增長、筆記本電腦與台式機系統的持續蠶食、系統內存內容的穩步擴大以及 DDR2 在 PC 平台中的滲透率增加。

All of this is resulting in a profile of DRAM Mb demand and technology mix about as expected.

所有這一切都導致 DRAM Mb 需求和技術組合的概況與預期相符。

We did observe slowing industrywide DRAM Mb output growth in calendar Q1, and from our perspective this drove a favorable supply/demand balance.

我們確實觀察到第一季度全行業 DRAM Mb 產量增長放緩，從我們的角度來看，這推動了有利的供需平衡。

It resulted in commodity DRAM price increases of 60% from the lows seen early in the quarter.

這導致商品 DRAM 價格從本季度初的低點上漲了 60%。

The environment is generally unchanged since the close of our fiscal Q2, with prices stable and inventories virtually nonexistent.

自我們第二財季結束以來，環境總體上沒有變化，價格穩定，庫存幾乎不存在。

The mobile phone market looks to be on track for another year of healthy unit growth in 2006.

2006 年，手機市場有望迎來又一年的健康增長。

Our revenue growth in the mobile phone market is tracking to be a multiple of the overall unit growth rate in this space.

我們在手機市場的收入增長正在成為該領域整體單位增長率的倍數。

This comes from market share gains by Micron, as well as accelerated semiconductor imaging and memory content in mobile platforms.

這來自於美光的市場份額增長，以及移動平台中半導體成像和內存內容的加速。

Our mobile phone imaging business achieved modest unit and revenue growth in fiscal Q2 that was gated by our supply.

我們的手機影像業務在第二財季實現了適度的單位和收入增長，這取決於我們的供應。

We continue to see opportunities for new business in this space and have taken measures to increase imaging capacity that will come to fruition with stronger unit and revenue growth in the current quarter.

我們繼續在這一領域看到新業務的機會，並已採取措施提高成像能力，這將在本季度實現更強勁的單位和收入增長。

We have got a portfolio of mobile imaging products ranging from VGA through 3 megapixel in mass production, and are in the early stages of winning designs and ramping production with a 5 megapixel device. 1 megapixel and above sensors now represent about one-half of the total imaging business, and are on a growth path as new phone designs are moving to mass production and becoming available in the market.

我們擁有從 VGA 到 3 兆像素的大量移動成像產品組合，並且正處於贏得設計的早期階段，並以 5 兆像素的設備進行量產。 1 兆像素及以上的傳感器現在約佔整個成像業務的一半，並且隨著新手機設計轉向大規模生產並在市場上上市，它正處於增長的道路上。

Our mobile phone memory business is anchored by the family of low-power DRAM products, including cellular RAM -- also referred to as pseudo static RAM -- and an offering of mobile DDR and SDRAM products.

我們的手機內存業務以低功耗 DRAM 產品系列為基礎，包括蜂窩 RAM（也稱為偽靜態 RAM）以及移動 DDR 和 SDRAM 產品。

Our DRAM business in this space continues to migrate up from a density perspective, as the sweet spot in value phones is gradually shifting from 64 Mb to 128 Mb of RAM.

從密度的角度來看，我們在這個領域的 DRAM 業務繼續向上遷移，因為價值手機的最佳位置正逐漸從 64 Mb 轉移到 128 Mb 的 RAM。

As the trend of memory density expansion continues, we are intersecting the high end of the market with our own NAND Flash low-power DRAM-based multichip package devices or MCPs.

隨著內存密度擴展趨勢的繼續，我們正在將高端市場與我們自己的基於 NAND 閃存低功耗 DRAM 的多芯片封裝設備或 MCP 相交叉。

The first such offering consists of 1 Gb of Flash plus an option of either 256 Mb or 512 Mb of low-power DRAM.

第一個此類產品包括 1 Gb 閃存以及 256 Mb 或 512 Mb 低功耗 DRAM 選項。

Micron is just one of a few companies capable of integrating our own Flash and DRAM silicon in a memory subsystem, and we believe this offers a compelling advantage as we engage our customers.

美光只是少數幾家能夠將我們自己的閃存和 DRAM 芯片集成到內存子系統中的公司之一，我們相信這會在我們吸引客戶時提供引人注目的優勢。

The consumer electronics markets are driving solid DRAM business for Micron and require a wide variety of memory technologies, chip densities and form factors.

消費電子市場正在推動美光穩固的 DRAM 業務，並且需要各種內存技術、芯片密度和外形尺寸。

This plays into our strength as a manufacturer with a broad DRAM product portfolio.

這發揮了我們作為擁有廣泛 DRAM 產品組合的製造商的優勢。

On that note, we're currently manufacturing DRAM chips in densities ranging from 64 Mb to 2 Gb in three different interface technologies -- synchronous DRAM, DDR and DDR2.

關於這一點，我們目前正在使用三種不同的接口技術——同步 DRAM、DDR 和 DDR2——製造密度從 64 Mb 到 2 Gb 的 DRAM 芯片。

DRAM is leading the way for Micron in consumer markets, and has created a solid on-ramp for our CMOS imaging and NAND Flash products.

DRAM 在消費市場中引領著美光，並為我們的 CMOS 成像和 NAND 閃存產品創造了堅實的入口。

We have observed some seasonal demand weakness in certain segments of the consumer markets, specifically MP3 players, that has resulted in an oversupplied Flash market.

我們觀察到消費市場的某些部分，特別是 MP3 播放器，出現季節性需求疲軟，導致 Flash 市場供過於求。

Our expectations are that the market demand will recover as we move through the year, the lower Flash prices will result in per-device memory density boosts, and the NAND market will have another year of very strong growth, in the neighborhood of 200% on a per-bit basis.

我們的預期是，隨著我們這一年的到來，市場需求將會恢復，較低的閃存價格將導致每台設備的內存密度提高，並且 NAND 市場將再有一年非常強勁的增長，在 200% 左右以比特為基礎。

NAND Flash is a product that requires sales and marketing efforts be directed to consumers as well as OEM customers.

NAND Flash 是一種需要針對消費者和 OEM 客戶進行銷售和營銷工作的產品。

Micron plans to expand our presence in the consumer NAND Flash market, and we have multiple options for doing so.

美光計劃擴大我們在消費類 NAND 閃存市場的影響力，我們有多種選擇。

We believe that the Crucial brand and online capability and infrastructure combined with Micron's technology, leadership and robust customer relationships offer exciting prospects to achieve this goal.

我們相信 Crucial 英睿達品牌和在線能力和基礎設施與美光的技術、領導地位和強大的客戶關係相結合，為實現這一目標提供了令人興奮的前景。

In addition, our proposed acquisition of Lexar will create a strong vertical presence and brand equity position in this market.

此外，我們對 Lexar 的擬議收購將在該市場建立強大的垂直影響力和品牌資產地位。

We believe the combined entity will allow synergies to the benefit of both companies.

我們相信合併後的實體將產生協同效應，使兩家公司受益。

Our efforts to broaden the product portfolio and balance our exposure to a variety of markets is continuing to progress.

我們擴大產品組合和平衡我們在各種市場的敞口的努力正在繼續取得進展。

While these efforts are evolving, we are quite pleased with the strength of demand in all of the markets that we serve, including the PC markets, and are quite optimistic about the future.

雖然這些努力在不斷發展，但我們對我們服務的所有市場（包括 PC 市場）的需求強度感到非常滿意，並對未來非常樂觀。

Thanks for your continued interest and support, and I will turn it back over to Kipp.

感謝您一直以來的關注和支持，我會將其轉交給 Kipp。

Thanks, Mike.

謝謝，邁克。

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

我們現在想做的是接受來電者的提問。

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

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

With that, we would 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, Credit Suisse.

蘭迪艾布拉姆斯，瑞士信貸。

I wanted to see if you could give us a snapshot of the ASP change you had for the May quarter, if pricing held firm across your product lines.

我想看看你能否給我們一個關於你在 5 月季度的 ASP 變化的快照，如果你的產品線的定價保持穩定。

On the DRAM side, presumably you are referring to DRAM.

在 DRAM 方面，大概您指的是 DRAM。

Well, actually, I can give you both, DRAM and Flash.

好吧，實際上，我可以給你兩個，DRAM 和 Flash。

On the DRAM side, if prices were flat -- this would be commodity DRAM for PCs.

在 DRAM 方面，如果價格持平——這將是 PC 的商品 DRAM。

If prices were flat for the balance of the quarter, they would be up in the neighborhood of 20% quarter over quarter.

如果本季度剩餘時間價格持平，則環比上漲約 20%。

In the NAND Flash area, if they were to be flat for the balance of the quarter, they would be down in the neighborhood of 20 to 25% quarter over quarter.

在 NAND 閃存領域，如果它們在本季度的剩餘時間內持平，那麼它們將環比下降 20% 到 25% 左右。

And if you could talk about the NAND market, it looks like there has been some stabilization in the past week.

如果您可以談論 NAND 市場，那麼過去一周似乎出現了一些穩定。

Are you starting to see signs of a demand recovery that would suggest a seasonal bottom short-term blip?

您是否開始看到需求復甦的跡象，這表明短期內出現季節性底部？

Or what do you think is taking place in the market?

或者你認為市場上正在發生什麼？

I would share your observation that we have seen prices stabilize relatively here in the last week or so.

我會分享你的觀察，我們已經看到價格在過去一周左右相對穩定。

I think it's probably too early to draw a conclusion.

我認為現在下結論可能為時過早。

It might be a little bit early from a seasonal standpoint for seasonal demand really to be kicking in, but I take it as a positive that prices have stabilized somewhere in that 5 to $6 per 2 Gb device range in the last week.

從季節性的角度來看，真正開始出現季節性需求可能還為時過早，但我認為上週價格已經穩定在每 2 Gb 設備 5 到 6 美元範圍內的某個地方是積極的。

Final question.

最後一個問題。

Maybe you can talk about the capital spending.

也許你可以談談資本支出。

In the press release, you mentioned 2.6 billion, and the prior guidance was 1.9.

在新聞稿中，你提到了 26 億，之前的指導是 1.9。

Is the difference the TECH JV?

TECH JV 的區別是什麼？

And maybe within that, talk about where capital spending has been the past couple of years in TECH JV, if that's what the delta is.

也許在其中，談談過去幾年 TECH JV 的資本支出在哪裡，如果這就是三角洲的話。

The 2.6 billion is the good number, is an estimate for fiscal year '06.

26 億是一個不錯的數字，是對 06 財年的估計。

That has picked up Q3 and Q4 TECH spending, about 200 million for those two quarters.

這增加了第三季度和第四季度的技術支出，這兩個季度約為 2 億。

There has also been a little bit of a pull forward of spending at the IM Flash effort.

在 IM Flash 方面的支出也有所增加。

So I think it's between 100 and 200 million that we have pulled forward into fiscal year '06, and that really was not a dramatic movement but rather just a slide of a couple months there.

所以我認為我們已經將 100 到 2 億美元推進到 06 財年，這真的不是一個戲劇性的運動，而只是幾個月的下滑。

With regard to the capital spending profile for TECH, we have previously indicated that they do have a migration program to 300-mm; it's probably most significant as opposed to their historical pattern.

關於 TECH 的資本支出概況，我們之前曾表示他們確實有遷移到 300 毫米的計劃；與他們的歷史模式相比，這可能是最重要的。

I would go ahead and give you an indication that fiscal year '07 right now -- this is a little bit of a wide range, but the expectation is that's going to be between 3 and 3.5 billion consolidated, including TECH, IM Flash and historical Micron operations.

我會繼續告訴你，現在 07 財年 - 這是一個有點寬泛的範圍，但預計這將在 3 到 35 億之間合併，包括 TECH、IM Flash 和歷史微米操作。

And that is slightly more than 2 billion for IM Flash, where you appreciate we have a partner that will be making capital contributions to share in the funding for that.

這對於 IM Flash 來說略多於 20 億美元，您感謝我們有一個合作夥伴將出資分享資金。

And the estimate for TECH in '07 is a little more than 500 million.

07 年對 TECH 的估計是 5 億多一點。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

I forgot who was speaking and was referring to supply/demand imbalance that emerged over the course of the latter part of the quarter, and part of that being driven by a reduced supply curve that you saw over the course of the quarter.

我忘了是誰在說話，指的是在本季度後期出現的供需失衡，其中一部分是由你在本季度看到的供應曲線減少驅動的。

I wonder, if we were to look forward into the next call it two or three quarters, the remainder of the calendar year, what your sense is as to the supply/demand balance for DRAM, looking forward.

我想知道，如果我們期待下一個兩三個季度，即日曆年的剩餘時間，您對 DRAM 的供需平衡有何看法，期待。

It's very difficult for us to predict what the supply/demand balance is going to be; it's so sensitive to a variety of factors.

我們很難預測供需平衡將是什麼。它對各種因素非常敏感。

On the demand side, we feel -- on the DRAM side, we feel pretty good about a 50 to 60% annual demand growth in the DRAM area, and that could be accelerated somewhat if prices were to decline.

在需求方面，我們認為 - 在 DRAM 方面，我們對 DRAM 領域每年 50% 到 60% 的需求增長感到非常滿意，如果價格下降，這種增長可能會有所加快。

But we feel that's a pretty solid figure.

但我們認為這是一個相當可靠的數字。

And on the NAND Flash side, we feel pretty good about 200% on a per-bid basis growth rate for the year.

而在 NAND 閃存方面，我們對 200% 的年度競價增長率感到相當滿意。

And your guess is probably better than mine on what's going to happen to the supply side.

在供應方面會發生什麼，你的猜測可能比我的要好。

I would add that we still believe that NAND Flash prices are offering better margins in general for DRAM today, and so the draw, if you will, for flex capacity shifting from Flash to DRAM probably isn't there yet.

我要補充一點，我們仍然相信 NAND 閃存價格總體上為今天的 DRAM 提供了更好的利潤，因此，如果你願意的話，從閃存到 DRAM 的彈性容量轉移的吸引力可能還不存在。

Would that be true looking forward at your price expectations potentially down 20 or 25 for NAND and up 20 for DRAM?

展望您的價格預期，NAND 可能會下降 20 或 25，DRAM 可能會上升 20，這是否是真的？

My statement refers to the current pricing today, so yes, it does take that into account.

我的聲明指的是今天的當前定價，所以是的，它確實考慮到了這一點。

So I guess the obvious question would be, given the pricing that you see, and any mix shift that we will see in the quarter, what should we expect to see for gross margins?

所以我想一個明顯的問題是，考慮到你看到的定價，以及我們將在本季度看到的任何混合變化，我們應該期望看到毛利率是多少？

And just directionally is fine for the May quarter, particularly as we fold in the TECH JV.

對於 5 月季度來說，方向性很好，特別是當我們加入 TECH 合資企業時。

As you know, we historically have not guided to gross margins.

如您所知，我們歷來沒有指導毛利率。

We can tell you to expect again a mid to high single-digit cost reduction profile, and then on the ASP side, we'll let you continue to estimate what you think the rest of the quarter will be.

我們可以告訴您再次期待中高個位數的成本降低情況，然後在 ASP 方面，我們將讓您繼續估計您認為本季度剩餘時間的情況。

Tim Luke, Lehman Brothers.

蒂姆·盧克，雷曼兄弟。

I was just wondering if you could clarify what your sense was of what bid growth would be into the May period in the DRAM arena.

我只是想知道您是否可以澄清您對 DRAM 領域 5 月期間出價增長的看法。

Was that mid to high single digit [here]?

是中高個位數[這裡]？

Yes, it is.

是的。

And could you give us a reminder on the split, DDR/DDR2, and how pricing might look in those two different arenas?

您能否提醒我們有關拆分、DDR/DDR2 以及這兩個不同領域的定價可能如何？

I can handle the split.

我可以處理分裂。

We ran in Q2 about a 50/50 split.

我們在第二季度進行了大約 50/50 的拆分。

We're going to move a little bit more capacity into the DDR2, so maybe it ends up a 55 to 60% split.

我們將把更多的容量轉移到 DDR2 中，所以最終可能會分成 55% 到 60%。

And maybe, Mike, you would like to address the ASP difference in DDR2 to DDR1.

也許，邁克，您想解決 DDR2 與 DDR1 的 ASP 差異。

Sure.

當然。

Today, the price that we are realizing for DDR and DDR2 on a per-bid basis is about the same.

今天，我們實現的 DDR 和 DDR2 的每次投標價格大致相同。

I would expect that as the PC becomes less of a demand driver for DDR, and it lends itself more towards server applications, that would tend to result in probably a higher selling price per bid.

我預計，隨著 PC 不再是 DDR 的需求驅動力，它更傾向於服務器應用程序，這往往會導致每次投標的售價可能更高。

But that's certainly not a guarantee, but that's more than likely what's going to happen.

但這當然不是保證，但這很可能會發生。

I was also wondering with respect to the Flash business, I think you had suggested that the revenue in this February period might have been -- I think your guidance was that it might be flat, with units somewhat higher.

我還想知道關於 Flash 業務，我認為您曾暗示今年 2 月期間的收入可能是 - 我認為您的指導是它可能持平，單位數略高。

Did it end up as around 7, 8% of the mix?

它最終是否達到了 7%、8% 的組合？

And going forward, should we think about with the lower pricing and limited capacity the revenue being slightly lower?

展望未來，我們是否應該考慮較低的定價和有限的容量，收入會略低？

Or maybe you could offer some framework for thinking about how we should think about modeling the back half of the year for NAND?

或者，也許您可以提供一些框架來思考我們應該如何考慮為 NAND 下半年建模？

We're going to stay away from providing any guidance on the revenue side, but maybe I can help you a little bit.

我們將遠離在收入方面提供任何指導，但也許我可以為您提供一點幫助。

The manufacturing arm of IMFT has gone really well.

IMFT 的製造部門進展順利。

We have seen wafers up 30% Q2 over Q1.

我們看到晶圓第二季度比第一季度增長了 30%。

We will have another pretty hefty quarter of at least 20% wafer output growth in Q3 over Q2 as well.

與第二季度相比，第三季度我們將迎來另一個相當可觀的季度，至少 20% 的晶圓產量增長。

Again, we're going to stay away from kind of the revenue and bit growth expectations for now.

同樣，我們現在將遠離那種收入和位增長預期。

But then another 20% in the following quarter in terms of the units?

但就單位而言，下一季度還會再增加 20% 嗎？

In terms of wafer output.

在晶圓產量方面。

Wafer output, sorry.

晶圓輸出，對不起。

And as you may know, we're also going through a shrink from 90 into the 70-nm node as well.

正如您可能知道的那樣，我們也在經歷從 90 到 70 納米節點的縮小。

Joe Osha, Merrill Lynch

喬奧沙，美林證券

Are you able to discuss, on sort of a backward-looking basis, what the Flash revenues are?

您是否能夠在某種程度上回顧一下 Flash 的收入是多少？

Is it just sort of a wafer number that you are willing to give at this point?

這只是您願意在這一點上提供的晶圓編號嗎？

Well, I think we have done that in the past.

好吧，我認為我們過去已經這樣做了。

You saw a revenue percentage of around 6% last quarter, around 8% in fiscal Q2.

上個季度的收入百分比約為 6%，第二財季約為 8%。

So I'm referring fiscal Q1 to fiscal Q2.

所以我指的是第一財季到第二財季。

Wafer outs were about 6% last quarter.

上個季度的晶圓出貨量約為 6%。

Again, they will be kind of in that 10 to 12% going into fiscal Q3.

同樣，進入第三財季，他們將佔 10% 到 12%。

So it's a pretty good jump in wafer output.

所以這是晶圓產量的一個很好的跳躍。

The other thing, Joe, worth noting is that we are now splitting that with our partner.

另一件事，喬，值得注意的是，我們現在正在與我們的合作夥伴分開。

So keep in mind that even though there's a cost basis, it comes back to the JV, that half of all of the -- if you think of it as revenue flow now goes through our partner.

所以請記住，即使有成本基礎，它也會回到合資企業，如果你認為它是收入流的一半，現在通過我們的合作夥伴。

And I remember, Bill, you and I talked about this.

我記得，比爾，你和我談過這個。

As we model the consolidation of the JV, obviously, the margin that you pick up on your external sales from IMFT is subject to whatever pricing assumptions we have.

當我們對合資企業的合併進行建模時，很明顯，您從 IMFT 的外部銷售中獲得的利潤取決於我們擁有的任何定價假設。

But IMFT itself should run at a 0% operating margin, and call it a mid to high single digits gross margin, as we think about how that consolidates?

但 IMFT 本身應該以 0% 的營業利潤率運行，並稱其為中高個位數毛利率，因為我們考慮如何整合？

Would that be fair?

這公平嗎？

You've got the overall picture pretty close there.

你已經很接近那裡的整體情況了。

There's not much margin to the bottom line, to the operating income, from the sales to our partners or the IM Flash.

從銷售給我們的合作夥伴或 IM Flash 的利潤到營業收入，沒有多少利潤。

Right, but the entity has to generate enough gross margin to cover its own operating costs, whatever those are.

是的，但實體必須產生足夠的毛利率來支付其自身的運營成本，無論這些成本是多少。

But they are not that high.

但它們並沒有那麼高。

That's correct.

這是正確的。

And then, have you guys said when we're going to see NAND output from Dominion?

然後，你們有沒有說過我們什麼時候會看到 Dominion 的 NAND 輸出？

Yes, we have.

是的我們有。

We will have product qualified and be shipping for revenues this quarter.

我們將獲得合格的產品，並在本季度為收入發貨。

And then it's basically a second half calendar '06 pretty steep ramp.

然後它基本上是 06 年下半年的一個非常陡峭的斜坡。

Usually -- and I apologize; you may have said this.

通常——我道歉；你可能說過這個。

Did you say that we should expect bit production to be mid to high single digits here in this quarter?

您是否說我們應該預計本季度的鑽頭產量將達到中高個位數？

That's correct.

這是正確的。

And that obviously pertains just to DRAM, not to the NAND businesses.

這顯然只與 DRAM 有關，與 NAND 業務無關。

Does that wrap in that NAND number there as well?

那也包含在那個NAND編號中嗎？

That's correct.

這是正確的。

That was just for DRAM only.

這僅適用於 DRAM。

We're going to stay away from guiding specifics on the NAND bit growth.

我們將遠離有關 NAND 位增長的指導細節。

But you did give us the wafer, a wafer out number?

但你確實給了我們晶圓，一個晶圓輸出號碼？

That's correct.

這是正確的。

Which was what, again?

又是什麼？

I'm sorry.

對不起。

It was up 30% fiscal Q2 over Q1, and we'll see another at least 20% growth phase here in fiscal Q3 over Q2.

第二季度比第一季度增長了 30%，我們將在第三季度看到另一個至少 20% 的增長階段。

Care to give us a base?

願意給我們一個基地嗎？

No.

不。

Actually, I can't.

事實上，我不能。

I can't, because if you remember what Steve mentioned at the analyst meeting in February, he said basically we were beginning to process about 7200 wafer outs a week, at that time.

我不能，因為如果你記得史蒂夫在二月份的分析師會議上提到的話，他說基本上我們那時開始每周處理大約 7200 個晶圓。

Out of Boise?

離開博伊西？

It has been mostly out of Boise; that's correct.

它大部分來自博伊西。這是正確的。

And as I just mentioned, we will get first qualified product out of Virginia this quarter.

正如我剛才提到的，我們將在本季度從弗吉尼亞州獲得第一個合格的產品。

Jim Covello, Goldman Sachs.

吉姆·科維羅，高盛。

Big picture question.

大圖問題。

If I'm understanding the release correctly, if you strip out the one-time gain, on an operating basis you're still losing a bit of money.

如果我對發布的理解正確，如果你剔除一次性收益，在運營基礎上你仍然會損失一些錢。

And this is despite very good restructuring efforts and the pretty healthy end-market environment.

儘管進行了非常好的重組努力和相當健康的終端市場環境，但這仍然存在。

And so the question is, what is the pathway to some meaningful profitability?

所以問題是，獲得有意義的盈利能力的途徑是什麼？

And I guess seasonality has to be considered in all this, but what is the pathway to meaningful profitability from here?

我想這一切都必須考慮季節性因素，但是從這裡獲得有意義的盈利能力的途徑是什麼？

Well, two things.

嗯，有兩件事。

First, of course we disclosed, I think, the more significant items, which you referenced a gain.

首先，我認為我們當然披露了更重要的項目，你提到了這些項目是一項收益。

There are quite a few things that go on in the quarter that are pluses and minuses.

本季度發生了很多有利和不利的事情。

And even though cumulatively they may add up to something of significance, we don't break them out because individually they are not that significant.

即使累積起來它們可能會增加一些重要的東西，但我們不會將它們分解出來，因為它們單獨起來並不那麼重要。

I think you should think of -- basically, we thought we would be right about where we were forecasting internal this quarter.

我認為您應該考慮-基本上，我們認為我們對本季度內部預測的位置是正確的。

We ended up about where we thought.

我們最終確定了我們的想法。

We did have some pluses and minuses besides what you noted.

除了你提到的之外，我們確實有一些優點和缺點。

And, having said that, though, there's really two things that really lead us to better profitability.

而且，話雖如此，但確實有兩件事真正使我們獲得了更好的盈利能力。

One is to continue the transition and get less dependent on the more commoditized parts, and the other is getting better pricing in the commoditized parts.

一是繼續轉型，減少對更加商品化的零部件的依賴，二是在商品化零部件中獲得更好的定價。

Both of those will have an impact on us, and again it's mostly forecasted from the research groups.

這兩者都會對我們產生影響，而且主要還是來自研究小組的預測。

But most of them think that the remainder of this year will be more positive than what we have experienced historically, in particular on the DRAM front.

但他們中的大多數人認為，今年餘下的時間將比我們以往的經歷更加積極，特別是在 DRAM 方面。

Just a quick follow-up question, then, on the NAND Flash side.

那麼，關於 NAND 閃存方面的快速後續問題。

I don't think anybody doubts the 200% bit growth on the demand side.

我認為沒有人懷疑需求端 200% 的比特增長。

But with everybody increasing CapEx as robustly as they have, if you wind up with 220% supply growth and the pricing in NAND or the margins in NAND wind up being a little bit less attractive than in DRAM, what is your ability to respond to that to create some fungible profitability, if you will?

但是隨著每個人都像他們一樣強勁地增加資本支出，如果你最終獲得 220% 的供應增長，並且 NAND 的定價或 NAND 的利潤率最終比 DRAM 的吸引力要小一些，那麼你有什麼能力對此做出回應創造一些可替代的盈利能力，如果你願意？

Pretty good.

非常好。

We've said all along that we would have the ability, the flexibility within the fabs to move back and fourth.

我們一直說，我們將有能力，在晶圓廠內靈活地向後移動和第四次移動。

Obviously, we have a partner on the NAND front with Intel, so it has to be joint discussions with them.

顯然，我們在 NAND 方面與英特爾有合作夥伴，因此必須與他們共同討論。

But regardless, the flexibility of the fabs that we currently have producing NAND, which primarily are Boise and then, obviously, Virginia we have noted is going to ramp this summer.

但無論如何，我們目前生產 NAND 的晶圓廠的靈活性，主要是博伊西，然後很明顯，我們注意到的弗吉尼亞州將在今年夏天增加。

Both of those -- well, in fact, they both produce DRAM today.

這兩者——事實上，它們現在都生產 DRAM。

So the flexibility is very good for us.

所以靈活性對我們來說非常好。

On the Lexar deal, the deal on the surface seems to make a lot of sense.

就 Lexar 的交易而言，表面上的交易似乎很有道理。

A lot of the Lexar shareholders are obviously making some noise.

許多 Lexar 股東顯然都在製造一些噪音。

Can you give us any perspective about why you think the deal makes sense, and your optimism that the deal can be closed without any further upheavals from the Lexar shareholders?

您能否就您為什麼認為這筆交易有意義，以及您對交易可以在沒有 Lexar 股東進一步動蕩的情況下完成的樂觀看法給出任何看法？

Sure.

當然。

I don't know if I'll be able to address that last part, because you'll have to talk to the Lexar shareholders on that one.

我不知道我是否能夠解決最後一部分，因為你必須與 Lexar 的股東討論那部分。

But with respect to the reason that we entered discussions to acquire Lexar, there are many of them.

但關於我們討論收購Lexar的原因，有很多。

Of course, let me just first point out that the Lexar alternative is just one of many alternatives we have of taking our product to the marketplace.

當然，我首先要指出的是，Lexar 替代品只是我們將產品推向市場的眾多替代品之一。

There's lots of different channels to do that, and lots of different customers to have that flow through.

有很多不同的渠道可以做到這一點，並且有很多不同的客戶可以通過。

But having said that, we believe that the combination is good for a number of reasons.

但話雖如此，我們相信這種組合是好的，原因有很多。

First of all, they do have a good team.

首先，他們確實擁有一支優秀的團隊。

They have demonstrated some good engineering and good capability in the past.

他們在過去展示了一些良好的工程和良好的能力。

And we think we can take a lot of advantage of that.

我們認為我們可以充分利用這一點。

We also think that the potential of combining the two companies will bring a lot of value to the marketplace.

我們還認為，兩家公司合併的潛力將為市場帶來很多價值。

When you take really what you think of as the silicon side of it and then you take the form factor side of it, and you put those two together and you optimize them for each other, that there are a lot of things that can happen in the new product space that are pretty exciting.

當你真的把你認為的矽片面，然後你把它的外形面，你把這兩者放在一起，你互相優化它們，就會有很多事情發生在非常令人興奮的新產品空間。

Obviously, it's also another channel in addition to the channels that we have in order to take the products to the market.

顯然，這也是我們為將產品推向市場所擁有的渠道之外的另一個渠道。

So we think that just in combination, there are a lot of good things that can happen.

所以我們認為，只要結合起來，就會有很多好事發生。

And obviously, that's why we did what we did.

很明顯，這就是我們做我們所做的事情的原因。

And in terms of the latter part of your question, we think we have offered a fair price.

關於你問題的後半部分，我們認為我們提供了一個公平的價格。

And we have done a lot of evaluation, looked at the model, and we think that's a good price.

我們做了很多評估，看了模型，我們認為這是一個不錯的價格。

It's going to be up to the Lexar shareholders now to do the evaluation as to whether they think it's a fair price.

現在將由 Lexar 的股東來評估他們是否認為這是一個公平的價格。

And obviously, I can't speak for them.

顯然，我不能代表他們說話。

Shawn Webster, JP Morgan.

肖恩韋伯斯特，摩根大通。

This is [Samir Barup] for Shawn Webster.

這是 Shawn Webster 的 [Samir Barup]。

I had a few clarifications.

我有一些澄清。

You had mentioned about Mb production.

你提到了 Mb 的生產。

Could you clarify what were the Mb shipments this quarter?

您能否澄清一下本季度的 Mb 出貨量是多少？

Well, we don't give an exact number to that.

好吧，我們沒有給出確切的數字。

But I think we did say the shipments were roughly flat with last quarter, maybe down a percent or so.

但我認為我們確實說過出貨量與上一季度大致持平，可能下降了一個百分點左右。

And then, in terms of just the inventories, you mentioned about having lean inventories.

然後，就庫存而言，您提到了精益庫存。

Could you give some more color on what is the inventory composition you have, and what do you expect as inventory trends going into this quarter?

您能否就您擁有的庫存構成提供更多信息，以及您對本季度庫存趨勢的預期？

Sure.

當然。

Well, we are five weeks into fiscal Q3, so we are almost a little over a third of the way through the current quarter.

好吧，我們進入第三財季已經五週了，所以我們已經過了本季度的三分之一多一點。

Our inventory levels on virtually all our products are minimal.

我們幾乎所有產品的庫存水平都很低。

So our business model requires us to carry somewhere between or close to two weeks' worth of inventory in order to keep our customers running.

因此，我們的商業模式要求我們攜帶大約兩週或接近兩週的庫存，以保持我們的客戶運轉。

And that's about where we are, maybe slightly less than that, so not much inventory at all.

這就是我們所處的位置，可能略低於那個，所以根本沒有多少庫存。

Last question was if you could clarify your ranking of products by gross margin -- is it the same as last quarter, or have you seen some movements there?

最後一個問題是您是否可以按毛利率澄清您的產品排名——它是否與上一季度相同，或者您是否看到了一些變化？

Pretty similar.

很相似。

We saw CMOS continue to lead, the highest gross margin in specialty DRAM, NAND and in PC DRAM.

我們看到 CMOS 繼續領先，在特種 DRAM、NAND 和 PC DRAM 中毛利率最高。

David Wong, AG Edwards.

大衛·王，AG Edwards。

Could you give us some idea of how much your shipments -- you said it was roughly flat, bit shipment growth last quarter.

您能否告訴我們您的出貨量有多少？您說上個季度的出貨量增長大致持平。

But did you sell any stuff out of inventory?

但是你有沒有賣掉庫存的東西？

Was there any inventory wind-down?

有沒有庫存減少？

Approximately how much was that?

那大概是多少錢？

Our inventory levels at the end of the quarter were down from where we started the quarter.

我們在本季度末的庫存水平比本季度開始時有所下降。

We started the quarter pretty lean as well.

我們在本季度開始時也非常精簡。

So I don't remember exactly or I don't have at my fingertips exactly how much we brought them down, but probably a couple days' worth.

所以我不記得確切，或者我不知道我們把它們弄下來的確切數量，但可能是幾天的價值。

And on the TECH joint venture, when you consolidate it, does it have anything other than a minimal impact on either your top line or bottom line?

在 TECH 合資企業中，當你整合它時，除了對你的收入或利潤的影響微乎其微之外，它還有什麼影響？

Are there any revenues associated with the joint venture that don't actually get sold to Micron?

是否有與合資企業相關的任何收入實際上並未出售給美光？

Micron has always had the complete offtake of production from TECH, such that the revenue line does not change at all.

美光一直完全從 TECH 生產，因此收入線根本沒有改變。

The TECH financials have been public, and throughout their history they have made a modest profitability.

TECH 的財務一直是公開的，並且在其整個歷史中，它們的盈利能力並不高。

And when you look at the circumstances, you can anticipate over a reasonable time period, if there's no significant change, that there will not be a significant minority interest pickup.

而且，當您查看情況時，您可以預期在合理的時間段內，如果沒有重大變化，那麼不會有顯著的少數股東權益回升。

We get rid of the lag pricing relationship in consolidation, but you picked it up accurately -- revenue already fully recognized and no significant other impact.

我們擺脫了整合中的滯後定價關係，但您準確地選擇了它——收入已經完全確認，沒有其他重大影響。

Krishna Shankar, JMP Securities.

Krishna Shankar，JMP 證券公司。

Given the recent pricing on 2 Gb, you mentioned around 5 to $6 per 2 Gb NAND Flash and 512 Mb DRAM being somewhere in the 4.50 to $5 range.

鑑於最近 2 Gb 的定價，您提到每 2 Gb NAND 閃存和 512 Mb DRAM 大約 5 到 6 美元，在 4.50 到 5 美元的範圍內。

Would you still say that NAND Flash on a revenue per wafer basis is more profitable than DRAM?

你還會說 NAND Flash 在每片晶圓上的收入比 DRAM 更有利可圖嗎？

Can you sort of walk us through the cost dynamics of both NAND and DRAM at current levels?

您能否介紹一下當前水平的 NAND 和 DRAM 的成本動態？

Yes.

是的。

Number one, I'm not going to be able to walk you through our cost structure, certainly.

第一，當然，我無法向您介紹我們的成本結構。

Our assumption is that the industry's cost on a per-bit basis for NAND Flash versus DRAM is probably about 1 to 3.

我們的假設是，NAND Flash 與 DRAM 的行業每比特成本可能約為 1 到 3。

And you can do the math, and that's where we think kind of the profitability crossover would be.

你可以算一下，這就是我們認為盈利交叉的地方。

And with MP3 player demand being somewhat soft seasonally, what is your expectation for NAND Flash pricing going into Q2?

隨著 MP3 播放器需求季節性疲軟，您對進入第二季度的 NAND 閃存定價有何預期？

Are we seeing -- do you expect the stability we have seen in the last couple of weeks to hold, or is this something where we could continue to see downward pressure on NAND Flash pricing?

我們是否看到了——您是否預計我們在過去幾週看到的穩定性會保持下去，還是我們可以繼續看到 NAND 閃存定價的下行壓力？

Don't know.

不知道。

We could continue to see downward pressure.

我們可能會繼續看到下行壓力。

As I mentioned earlier, we have seen some stability in spot market prices for NAND Flash over the last week, somewhere close to $6.

正如我之前提到的，上週我們看到 NAND Flash 的現貨市場價格有些穩定，接近 6 美元。

And again, your guess would probably be as good as mine as to what is going to happen over the next several weeks.

再說一次，對於接下來幾週會發生什麼，你的猜測可能和我的一樣好。

What are your observations on the push-out of the consumer version of Vista, what that does for DRAM content in PCs in the second half of this year and potential PC demand, given the delay in Vista?

您對推出消費版 Vista 有何看法，這對今年下半年 PC 中的 DRAM 內容有何影響，以及鑑於 Vista 的延遲，潛在的 PC 需求？

I think on the margin, it results in a more conservative DRAM demand for PCs than otherwise would have been the case.

我認為在邊際上，它導致個人電腦的 DRAM 需求比其他情況下更為保守。

It wasn't fantastic news for us, but our expectations were not that Vista was going to result in a huge demand boost in calendar 2006.

這對我們來說並不是什麼好消息，但我們的預期並不是 Vista 會在 2006 日曆年帶來巨大的需求增長。

We still think, by and large, it's a -- we always thought of it as kind of a 2007 product.

總的來說，我們仍然認為它是一個 - 我們一直認為它是一種 2007 年的產品。

And the sooner it gets in the marketplace, the better for us.

它越早進入市場，對我們就越好。

But it's not going to save the day.

但這不會挽救這一天。

Gus Richard, First Albany Corp.

Gus Richard, First Albany Corp.

Could you just walk me through how you're accounting for the startup costs of IMFT as you ramp up the new fabs?

您能否簡單介紹一下您在擴建新晶圓廠時如何計算 IMFT 的啟動成本？

There were some initial, if you will, legal negotiation costs were expensed.

如果您願意的話，有一些最初的法律談判費用被計入了費用。

But the bulk of the costs are set up as part of the formation of the entity.

但是大部分成本是作為實體形成的一部分而設置的。

Honestly, I do not have any significant number in my head, so the answer is that there were not measurable costs to worry about.

老實說，我腦子裡沒有任何重要的數字，所以答案是沒有可衡量的成本需要擔心。

I was thinking as you ramp up the fab before they have production.

我在想，當你在生產之前擴大工廠。

Excuse me.

打擾一下。

There's nothing different in the IM Flash accounting relative to ramping any other fab.

IM Flash 的計算與其他任何晶圓廠的增長沒有什麼不同。

So the production costs of initial wafers being processed up to the point of qualification, going through an R&D process and once we hit qual, move into inventory.

因此，初始晶圓的生產成本被加工到合格點，經過研發過程，一旦我們達到質量標準，就會進入庫存。

And then, if you look at IMFT on a stand-alone basis, when you combine your sales and the sale to Intel, is that gross margin of the revenue from that above or below corporate average at current pricing?

然後，如果您單獨看 IMFT，當您將您的銷售額和對英特爾的銷售額結合起來時，在當前定價下，收入的毛利率是高於還是低於公司平均水平？

Well, the gross margin on the NAND Flash product that sells to Intel is very, very thin.

嗯，賣給英特爾的 NAND 閃存產品的毛利率非常非常低。

Exactly.

確切地。

And then, if you -- but that's 49% of the output. 51% of the output you sell in the open market.

然後，如果你 - 但這是輸出的 49%。您在公開市場上出售的產出的 51%。

When you combine those two and just look at it all in, that total gross margin, how does that compare to the corporate?

當你把這兩者結合起來，看看總毛利率，與公司相比如何？

I'm just trying to get a slightly better way of modeling this.

我只是想獲得一種更好的建模方式。

I think Mike's already given you an indication of the relative pricing environment and overall cost structure, NAND versus DRAM.

我認為 Mike 已經向您說明了 NAND 與 DRAM 的相對定價環境和總體成本結構。

We won't be giving any further guidance than that.

我們不會提供任何進一步的指導。

Adam Parker, Sanford Bernstein.

亞當·帕克，桑福德·伯恩斯坦。

How would you put the 8% cost per Mb reduction that you said -- how would you put that in terms of your normal cost reduction?

您如何看待您所說的每 Mb 減少 8% 的成本——您如何看待您的正常成本減少？

I think you said it would be mid single digits going forward.

我想你說這將是中個位數。

I'm just trying to figure out if that's the kind of cost reduction you get long term and year end, these days.

我只是想弄清楚這是否是你在年底和長期獲得的那種成本降低，這些天。

I think that has been a pretty good number over the last year, Adam, and probably a solid number to look at going forward over the next four or five quarters.

亞當，我認為這是一個非常好的數字，在接下來的四五個季度中，這可能是一個可靠的數字。

So it wasn't -- you weren't pointing it out -- you were just pointing it out as a fact, not as a good or bad thing?

所以它不是——你沒有指出它——你只是指出它是一個事實，而不是一件好事或壞事？

That's right.

這是正確的。

I know you mentioned that in terms of getting rid of the lag pricing relationship with the TECH JV, but you still did get the same discount you always got.

我知道您提到擺脫與 TECH JV 的滯後定價關係，但您仍然獲得了與往常一樣的折扣。

Is that right, Steve?

對嗎，史蒂夫？

That's correct, as far as cash flow.

就現金流而言，這是正確的。

So it's just that it's no longer lag; it would just be that when the quarter starts you apply the discount?

所以只是它不再滯後；只是當季度開始時您應用折扣？

Or I'm just trying to figure out how to assume -- take the DRAM, multiply it -- 20, 25% comes from the TECH JV at the same discount you always got, and then the rest is what it is.

或者我只是想弄清楚如何假設 - 拿 DRAM，乘以 - 20%、25% 來自 TECH 合資企業，折扣與你總是得到的相同，然後剩下的就是它。

The contractual relationship with TECH Semiconductor doesn't change, such that for purposes of our purchase of product, it remains the 25% lag quarter relationship.

與 TECH Semiconductor 的合同關係沒有改變，因此就我們購買產品的目的而言，它仍然是 25% 的滯後季度關係。

So in consolidation, we're picking up revenues, and then you start getting the actual cost profile of TECH as opposed to the discount purchase price relationship.

因此，在整合中，我們正在增加收入，然後您開始了解 TECH 的實際成本概況，而不是折扣購買價格關係。

What I was trying to convey earlier was if you look at the long-term history of TECH, it's modestly above breakeven.

我之前試圖傳達的是，如果你看看 TECH 的長期歷史，它略高於盈虧平衡。

So when you aggregate the two entities' results, the margin that Micron has earned over time on the TECH product is pretty representative of what the consolidated would look like going forward.

因此，當您匯總這兩個實體的結果時，美光隨著時間的推移在 TECH 產品上獲得的利潤非常能代表合併後的前景。

But it should be true that over time, the micron DRAM margins or profits are higher than the TECH profits.

但應該是真的，隨著時間的推移，微米 DRAM 的利潤或利潤高於 TECH 的利潤。

Is that -- by definition, right?

那是 - 根據定義，對嗎？

If you think of the TECH being breakeven over time, and look at the long-term relationship of the discount pricing that Micron has enjoyed, that is not that far off of the long-term history of DRAM margin enjoyed by Micron.

如果您認為 TECH 會隨著時間的推移實現盈虧平衡，並看看美光享有的折扣定價的長期關係，那與美光享有的 DRAM 利潤率的長期歷史相差不遠。

I don't think I understood what you said.

我想我沒聽懂你說的話。

Can you say that -- I not that smart.

你能這麼說嗎——我沒那麼聰明。

Can you say that again?

你能再說一遍嗎？

So the TECH JV, long term, has had -- you said profits at about the level of [your industry].

因此，從長遠來看，TECH 合資企業已經——你說的利潤大約是 [你的行業] 的水平。

Is that above or below yours?

是高於還是低於你的？

The easiest way to think of it is that the margins enjoyed by TECH roughly approximate our historical margins.

最簡單的思考方式是 TECH 享有的利潤率大致接近我們的歷史利潤率。

How could that be, when you are getting it at a discount?

當您以折扣價購買時，這怎麼可能？

I don't know how to take you through your host of questions on the conference call.

我不知道如何回答你在電話會議上提出的一大堆問題。

We will be happy to engage with you offline and work your model.

我們很樂意與您離線互動並使用您的模型。

That's fine.

沒關係。

Kipp has explained it to me so many times I should know it by now, anyway.

Kipp 已經向我解釋過很多次了，無論如何我現在應該知道了。

But I still can't figure it out.

但我還是想不通。

John Lau, Jefferies & Company.

Jefferies & Company 的 John Lau。

A lot of questions have been answered, but in terms of recent trends and the big picture, can you walk us through what has happened in terms of the PC demand, given the slowdown?

很多問題都已得到解答，但就近期趨勢和大局而言，鑑於經濟放緩，您能否向我們介紹一下 PC 需求方面發生了什麼？

And have you seen that impact?

你看到這種影響了嗎？

And also, have you seen it pick up again?

還有，你有沒有看到它又恢復了？

And if so, when?

如果是這樣，什麼時候？

I don't know that we have the best visibility on PC demand, because we are a supplier of components for the PC industry.

我不知道我們對 PC 需求的了解程度最高，因為我們是 PC 行業的組件供應商。

I'll share with you my observations.

我將與您分享我的觀察。

We are seeing very strong notebook demand, based on the demand for small [outlined] end products from us, and that has not really slowed down at all.

基於我們對小型 [概述] 終端產品的需求，我們看到了非常強勁的筆記本電腦需求，而且這種需求並沒有真正放緩。

As a matter of fact, we have got customers screaming at us for more notebook memory today.

事實上，今天我們已經讓客戶對我們大喊大叫，要求我們提供更多的筆記本內存。

Server demand has been pretty solid.

服務器需求一直很穩定。

We are continuing to see more memory density per server, and desktops relatively slow.

我們繼續看到每台服務器的內存密度更高，而台式機的速度相對較慢。

But all in all, I would say it's about as expected.

但總而言之，我會說這與預期的差不多。

I don't know how the industry is going to grow this year on a unit basis, probably somewhere close to 10%.

我不知道該行業今年的單位增長情況如何，可能接近 10%。

And we are seeing pretty healthy 3%-ish per month content growth, so quite happy with the demand profile.

而且我們看到了每月 3% 左右的相當健康的內容增長，對需求狀況非常滿意。

In terms of what you have been seeing in your end markets, not appreciably different from, then, what you had expected.

就您在終端市場看到的情況而言，與您的預期沒有明顯不同。

But maybe you care to characterize that the supply was a little bit tighter than we thought, and you are enjoying a little bit better of a pricing environment as a result of that?

但是，也許您願意描述供應比我們想像的要緊一點，並且因此您正在享受更好的定價環境？

My belief, our collective belief, is that the more moderate supply growth in the first part of the year has resulted in an improved pricing environment.

我相信，我們的共同信念是，今年上半年供應增長較為溫和，導致定價環境有所改善。

That's correct.

這是正確的。

Hans Mosesmann, Moors & Cabot.

漢斯摩西曼，摩爾和卡博特。

A question on CMOS sensors.

關於CMOS傳感器的問題。

What do you expect to get out of the constrained environment that you have there?

您希望從那裡的受限環境中得到什麼？

Will that be in the May quarter?

那會在五月季度嗎？

You are talking about our supply constraints on image sensors?

您是在談論我們對圖像傳感器的供應限制？

That's right.

這是正確的。

It should be in the August quarter, so in our fiscal Q4, although we are going to have very significant growth in the quarter that we are in right now versus Q2.

它應該在 8 月季度，因此在我們的第四財季，儘管與第二季度相比，我們現在所在的季度將有非常顯著的增長。

So we should be able to lift constraints altogether by our fiscal Q4.

因此，我們應該能夠在第四財季完全解除限制。

What kind of market share do you estimate you have right now?

你估計你現在擁有什麼樣的市場份額？

I think you mentioned last time it was around 30% or 30% plus?

我想你上次提到它大約是 30% 或 30% 以上？

I believe we are still taking market share, so it's probably slightly higher than that.

我相信我們仍在佔據市場份額，所以它可能略高於這個。

It's very difficult to measure with precision, but somewhere between 30 and 40.

精確測量非常困難，但在 30 到 40 之間。

Lilian Li, [Kraft Investment].

Lilian Li，[卡夫投資]。

Alex Gauna, UBS.

瑞銀集團的亞歷克斯·高納。

You mentioned that if NAND conditions hold that you would be down perhaps some 20, 25% quarter on quarter for the May timeframe.

您提到，如果 NAND 條件保持不變，您可能會在 5 月份的時間範圍內環比下降 20% 至 25%。

Did you see a similar decline this current quarter, so that we are really talking about for the first half of the year is some 40 to 50% decline?

您是否看到本季度出現了類似的下降，所以我們真正談論的上半年下降了 40% 到 50%？

And is that within your expectations?

這在您的預期之內嗎？

Can you repeat that?

你可以重複一遍嗎？

I just want to make sure I got the question right.

我只是想確保我的問題是正確的。

Could you repeat the question?

你能重複一下這個問題嗎？

I'm wondering, combining -- when you gave some -- I listened earlier, and you mentioned NAND pricing falling some 20 to 25%.

我想知道，結合 - 當你給了一些 - 我之前聽過，你提到 NAND 價格下降了 20% 到 25%。

If they hold now, for the May timeframe, would be your expectation.

如果他們現在持有，在 5 月的時間範圍內，將是你的期望。

And did you see a similar sort of decline for the February timeframe?

您是否看到 2 月份的時間範圍內出現了類似的下降？

What was the ASP dynamic there?

那裡的 ASP 動態是什麼？

And is that consistent with the first-half pricing environment of being off some 40 to 50%?

這是否與上半年下降約 40% 至 50% 的定價環境一致？

And is that within your expectations?

這在您的預期之內嗎？

Yes.

是的。

I'd say that's an accurate statement.

我會說這是一個準確的說法。

Ballpark, NAND prices are down roughly 50% since the beginning of the calendar year, and if they stabilize from this -- anyway, they are down roughly 50% from the beginning of the calendar year.

Ballpark，NAND 價格自年初以來下跌了大約 50%，如果它們從此穩定下來——無論如何，它們比年初下跌了大約 50%。

And you mentioned MP3s being one area of softness.

你提到 MP3 是一個柔軟的領域。

Are there any areas that are under particular pressure right now?

現在有沒有特別壓力的領域？

Are there any ways for you to find relief within certain card formats?

有什麼方法可以讓你在某些卡片格式中找到解脫嗎？

What is your mix dynamic like on that front?

你在這方面的混音動態是怎樣的？

It is heavily weighted towards embedded consumer products like MP3 players, our mix today is.

它非常重視嵌入式消費產品，如 MP3 播放器，我們今天的組合是。

And as we are growing output through the IMFT joint venture, we're starting to enable some other markets like a variety of -- participating with players who get us into a variety of card form factors and various other end products.

隨著我們通過 IMFT 合資企業增加產量，我們開始啟用其他一些市場，比如各種 - 參與讓我們進入各種卡片形式因素和各種其他最終產品的玩家。

But to date, we have been largely dependent upon embedded applications, specifically MP3 players.

但迄今為止，我們在很大程度上依賴於嵌入式應用程序，特別是 MP3 播放器。

And are you able to progress, in terms of while you are involved with the Lexar negotiations, to develop some of these new relationships?

在您參與 Lexar 談判期間，您是否能夠取得進展，以發展其中一些新的關係？

Is that being impeded at all by the talks right now?

現在的談判是否完全阻礙了這一點？

No, no.

不，不。

The Lexar negotiations or the intended acquisition of Lexar is really independent of our ability to develop new customers and new markets for our products.

Lexar 談判或有意收購 Lexar 確實獨立於我們為我們的產品開發新客戶和新市場的能力。

The development of your MLC technology -- how is that progressing?

您的 MLC 技術的發展——進展如何？

What are your expectations there?

你在那裡有什麼期望？

We're moving ahead well.

我們進展順利。

The 90-nm is now -- MLC is now an internal qual.

90-nm 現在是——MLC 現在是內部質量。

We anticipate qualifying that sometime this summer.

我們預計在今年夏天的某個時候排位賽。

We have silicon on our 72-nm MLC, and that is looking pretty solid, too.

我們的 72 納米 MLC 上有矽，這看起來也很堅固。

So we'd anticipate having samples out on that later this year, and in full flow development on 50-nm MLC.

因此，我們預計在今年晚些時候推出樣品，並在 50 納米 MLC 上進行全流程開發。

Bill Dezellem, [Titan Capital Management].

Bill Dezellem，[泰坦資本管理公司]。

Relative to the Vista operating system delay, there were rumblings in the industry that there were going to be Vista-compatible systems out sometime in the spring, or required by Microsoft to be out in that timeframe.

相對於 Vista 操作系統的延遲，業界有傳言稱將在春季的某個時候推出與 Vista 兼容的系統，或者微軟要求在那個時間範圍內推出。

Does this impact the timing of that at all, given that it was only a couple of months' movement in the actual shipment date?

考慮到實際發貨日期只有幾個月的變動，這是否會影響到時間？

What's your view on that?

你對此有何看法？

I believe that it does, and I think the PC guys are probably breathing a big sigh of relief on that, because they were not too keen about loading a lot more memory into their systems in the face of rising DRAM prices.

我相信確實如此，而且我認為 PC 人員可能對此鬆了一口氣，因為面對不斷上漲的 DRAM 價格，他們並不太熱衷於在他們的系統中加載更多內存。

So yes, I believe it does probably result in a push-out of that by a quarter or two or something like that.

所以是的，我相信它可能會導致將其推出四分之一或兩個或類似的東西。

It's probably worth mentioning that --

可能值得一提的是——

At this point, when would you anticipate PC makers to start shipping the Vista-compatible systems?

在這一點上，您預計 PC 製造商何時開始推出與 Vista 兼容的系統？

I don't know.

我不知道。

I don't know.

我不知道。

I really don't know.

我真的不知道。

I didn't comb through the Microsoft announcement in any detail, as far as when they were going to release the operating system.

至於微軟何時發布操作系統，我沒有詳細梳理微軟的公告。

But our customers, the PC makers, were telling us that they were going to be maybe a quarter or so ahead of the release with the Vista-compliant systems from a hardware standpoint.

但是我們的客戶，PC 製造商告訴我們，從硬件的角度來看，他們可能會比 Vista 兼容系統的發布提前四分之一左右。

So I would imagine that's probably still going to hold.

所以我想這可能仍然會成立。

It's worth mentioning that we, all along, have thought the effective impact of Vista was going to be a lifting of the minimum configuration from a memory content standpoint to 1 GB.

值得一提的是，我們一直認為 Vista 的有效影響是將最低配置從內存內容的角度提升到 1 GB。

We're on our way there, anyway.

無論如何，我們正在去那裡的路上。

We're at somewhere between 700 and 800 MB per system today, growing 3% per month or something along those lines.

今天，我們每個系統的大小在 700 到 800 MB 之間，每月增長 3% 或類似的東西。

So we are headed there anyway; it's just, it is a delay of a quarter or two.

所以無論如何我們都會去那裡；只是，這是一兩個季度的延遲。

That's helpful.

這很有幫助。

And then, relative to this shift from DRAM to Flash NAND in the industry, what update do you have in terms of the magnitude that continues to take place?

然後，相對於業界從 DRAM 到 Flash NAND 的轉變，就持續發生的規模而言，您有什麼更新？

Or is it a perception of you all that that has stabilized now?

還是現在已經穩定下來的你的感覺？

If you look at the public reports from other companies, they basically would say they have flattened out any kind of a conversion from DRAM to NAND.

如果您查看其他公司的公開報告，他們基本上會說他們已經平息了從 DRAM 到 NAND 的任何類型的轉換。

So now you can look at NAND growth and DRAM growth based more on the CapEx that they have guided to.

因此，現在您可以更多地根據他們所引導的資本支出來查看 NAND 增長和 DRAM 增長。

And from everything you have seen, the public reports are reasonably reliable?

從你所看到的一切來看，公開的報導是相當可靠的？

That's a whole different answer, whole different question, I guess, to that one.

這是一個完全不同的答案，完全不同的問題，我猜，對於那個。

Well I will shift off of that, then.

好吧，那我就別這樣了。

Image sensors -- very quickly, a couple questions.

圖像傳感器——很快，幾個問題。

What percent of the outs did they represent?

他們代表了百分之幾的出局？

And I apologize if I missed it.

如果我錯過了，我深表歉意。

And secondarily, would you please update relative to the opportunity that you see for the non-mobile-phone markets for image sensors?

其次，您能否更新一下您看到的非手機圖像傳感器市場的機會？

Mike, do you want to start with that one?

邁克，你想從那個開始嗎？

And then I'll follow up with the production piece.

然後我會跟進製作部分。

Sure.

當然。

From today's revenue standpoint, the most significant non-mobile-phone piece for image sensors would be computer products.

從今天的收入角度來看，圖像傳感器最重要的非手機產品將是計算機產品。

So either accessory cameras to computers or embedded cameras to computers.

因此，無論是計算機的附件攝像頭還是計算機的嵌入式攝像頭。

We have talked publicly about some big design wins that we've had in the past, particularly in the notebook area, where we continue to make progress there.

我們曾公開談論過我們過去取得的一些重大設計勝利，尤其是在筆記本電腦領域，我們繼續在該領域取得進展。

It's a meaningful portion of our imaging business today.

這是我們今天影像業務的重要組成部分。

Beyond that, we've got some of business in the medical field as well, which is, I would say, it's also a meaningful percentage of our imaging business today, and we expect that's going to be growing pretty significantly as we move forward.

除此之外，我們在醫療領域也有一些業務，我想說，這也是我們今天成像業務的重要百分比，我們預計隨著我們的發展，這將顯著增長。

We have got a whole slew of designs in the automotive area which are probably not going to come to fruition from a revenue generation standpoint until -- meaningfully, anyway, until late '07/'08 timeframe.

我們在汽車領域有一大堆設計，從創收的角度來看，這些設計可能要到 - 有意義地，無論如何，要到 07/08 年末時間框架才能實現。

And security is another area that we're starting to secure some design wins and should start to generate some revenue there within a year.

安全性是我們開始獲得一些設計勝利的另一個領域，應該會在一年內開始產生一些收入。

And on the image sensor side, we saw wafers up in the midteens level, which put it at about that level for total wafer outs compared to total micron wafer outs.

在圖像傳感器方面，我們看到晶圓達到了 10 倍水平，與總的微米晶圓輸出相比，晶圓總輸出大約處於這個水平。

In fiscal Q3 over Q2, we're looking at probably a little more than 20% wafer growth dedicated to image sensors.

在第二季度的第三財季，我們預計專用於圖像傳感器的晶圓增長可能略高於 20%。

Ben Lynch, Deutsche Bank.

本·林奇，德意志銀行。

A couple of questions (inaudible).

幾個問題（聽不清）。

It looks like gross margins were down around [250] basis points, Q on Q. Pretty simplistically, that is sort of in line with what you spoke about as the delta between DRAM ASPs being down about 12% and costs down about 8%.

看起來毛利率下降了大約 [250] 個基點，Q on Q。簡單地說，這與你所說的一致，因為 DRAM ASP 之間的差異下降了約 12%，成本下降了約 8%。

But it looks like you had a couple of positive things, deals that would have helped you -- TECH Semi costs would have been down, I guess, in line with the ASP drop in the prior quarter, so 15% or so.

但看起來你有一些積極的事情，對你有幫助的交易——我猜，TECH Semi 的成本會下降，與上一季度的 ASP 下降一致，下降 15% 左右。

And CMOS image sensors -- you haven't given specific numbers there, but you were talking about it quite positively.

還有 CMOS 圖像傳感器——你沒有給出具體的數字，但你在談論它時非常積極。

So I am assuming it grew within the overall mix.

所以我假設它在整體組合中增長。

I'm just wondering why we didn't see sort of just a better performance of gross margins.

我只是想知道為什麼我們沒有看到毛利率表現更好。

Is it maybe the increased sale of NAND products to Intel, or is there something I'm missing in the mix space?

是因為 NAND 產品對英特爾的銷售增加，還是我在混合領域缺少什麼？

Yes, that is part of it.

是的，這是其中的一部分。

We did start sharing [half the] output basically with our partners there for half the quarter, so that did impact gross margins.

我們確實開始在半個季度與我們的合作夥伴分享[一半]產出，所以這確實影響了毛利率。

And TECH Semi, just to be clarified, actually contributed lower gross margin percentage than it did last quarter.

需要澄清的是，TECH Semi 實際上貢獻的毛利率百分比低於上一季度。

Keep in mind, in fiscal Q2, we still were under the quarter lag, and prices were down Q2 over Q1.

請記住，在第二季度，我們仍然處於季度滯後期，第二季度的價格低於第一季度。

Basically, those two impacted us on a more negative standpoint.

基本上，這兩個對我們產生了更負面的影響。

Image sensors (multiple speakers).

圖像傳感器（多個揚聲器）。

Your TECH Semi costs will have been down faster than your internal DRAM costs.

您的 TECH Semi 成本將比您的內部 DRAM 成本下降得更快。

So the relative gross margin would have improved for TECH Semi.

因此，TECH Semi 的相對毛利率會有所提高。

No, you're --

不，你是——

So internal costs were down 8%, and your TECH Semi costs would have been down 15%, which is the ASP drop in the prior quarter.

因此，內部成本下降了 8%，而您的 TECH Semi 成本將下降 15%，這是上一季度的 ASP 下降。

No, you still saw a more significant price decline in fiscal Q2 than what we averaged buying product from TECH at in fiscal Q1.

不，與我們在第一財季從 TECH 購買產品的平均價格相比，第二財季的價格下降幅度仍然更大。

That's the relative comparison you need to make.

這是您需要進行的相對比較。

I still don't get that, but I'll maybe get you offline.

我還是不明白，但我可能會讓你下線。

This is for Mike.

這是給邁克的。

When you spoke about if you hold NAND ASPs where they are now, they would still be down 20 to 25%, is that for Micron's February to May, or from March to June?

當你談到如果你現在持有 NAND ASP 時，它們仍然會下降 20% 到 25%，是美光 2 月到 5 月，還是 3 月到 6 月？

That is for our fiscal quarter, so the --

這是我們的財政季度，所以 -

So, yes, February to May?

所以，是的，二月到五月？

The May quarter.

五月季度。

My understanding is the steepest contract price declines are actually in March, so the June to March comparison would be even worse.

我的理解是，合約價格跌幅最大的實際上是在 3 月份，因此 6 月到 3 月的比較會更糟。

Is that right?

那正確嗎？

I believe the prices declined more severely in March than any other period.

我相信 3 月份的價格下跌比任何其他時期都嚴重。

That's correct.

這是正確的。

And, Ben, I would like to just clarify that.

Ben，我想澄清一下。

That was just relative to NAND Flash.

那隻是相對於NAND Flash。

I didn't catch that in your question, but just as long as everybody on the call realizes that.

我沒有在您的問題中發現這一點，但只要通話中的每個人都意識到這一點。

Bill, at the analyst day -- and maybe I just took bad notes, but I had understood that you said for SG&A to model 100 million going forward as some costs sort of go away.

比爾，在分析師日——也許我只是記錯了筆記，但我明白你說過讓 SG&A 模擬 1 億美元的未來，因為一些成本會消失。

Now, this quarter, you said 115 million for the rest of the year.

現在，本季度，您說今年剩餘時間為 1.15 億。

Did I just take bad notes, or has been maybe some change?

我只是記錯了，還是可能發生了一些變化？

I don't have my notes from that time, Ben.

我沒有那個時候的筆記，本。

There has been an increase in our internal estimate.

我們的內部估計有所增加。

So I do believe it's a byproduct of increased or most recent estimates reflective of both TECH and IM Flash.

因此，我確實相信這是反映 TECH 和 IM Flash 的增加或最新估計的副產品。

So 115 looks like pretty solid guidance.

所以 115 看起來是相當可靠的指導。

Shailesh Jaitly, Nomura Securities.

Shailesh Jaitly，野村證券。

If you could just help me understand the cost reduction dynamics in the NAND segment, what proportion of your output in NAND is 70-nm now, and where do you expect it by end of the year?

如果您能幫助我了解 NAND 領域的成本降低動態，那麼您現在 NAND 的輸出中有多少比例是 70 納米，您預計到今年年底會在哪裡？

And if you could also help me walk through the MLC ramp in the same timeframe?

如果您也可以幫助我在同一時間範圍內通過 MLC 坡道？

We have not given specific guidance for 70, but 90 and below is roughly 30% of all of our advanced products.

我們並沒有給出 70 的具體指導，但 90 及以下大約占我們所有高級產品的 30%。

So it's a pretty good conversion happening there.

所以這是一個很好的轉換發生在那裡。

As Mark mentioned, we're qualified on 72 coming out of Boise today on SLC, and we're looking at qualifying on the 72 range in MLC in the second half of the year.

正如馬克所提到的，我們今天在 SLC 上獲得了博伊西 72 的資格，我們正在考慮在今年下半年在 MLC 的 72 範圍內獲得資格。

So 70-nm SLC has started shipping (multiple speakers).

所以 70-nm SLC 已經開始出貨（多揚聲器）。

That is correct.

那是對的。

Richard Prati, American Technology.

Richard Prati，美國科技公司。

Could you please tell us where you are right now as a percentage of output by product today, and where you would expect that to be, say, 6 to 12 months from now?

您能否告訴我們您現在在產品產量中所佔的百分比，以及您預計從現在起 6 到 12 個月後的情況？

Sure.

當然。

I think Steve did a pretty good job of outlining that at our analyst meeting in February.

我認為史蒂夫在 2 月份的分析師會議上很好地概述了這一點。

We have been running around 50% of our revenues coming from PC DRAM.

我們大約 50% 的收入來自 PC DRAM。

Obviously, that's starting to move down.

顯然，這開始下降。

We have not as many wafers aimed at PC DRAM as we go forward here.

我們沒有那麼多針對 PC DRAM 的晶圓，因為我們在這裡前進。

So I'm trying to give you a little bit of a feel for two things -- one, the wafer allocation; and, two, you're going to have to estimate the revenue impact based on what you think ASPs are going to do.

所以我試圖讓你對兩件事有一點感覺——一是晶圓分配；二是晶圓分配。並且，第二，您將不得不根據您認為 ASP 將要做什麼來估計收入影響。

But we're going to see, as a percentage, fewer PC DRAM heading down into that 40 range.

但我們將看到，以百分比形式下降到 40 範圍內的 PC DRAM 將減少。

We're going to see image sensors around a 20% range.

我們將看到圖像傳感器的範圍約為 20%。

We had guided NAND Flash to be in the 17 to 20% range and the balance to be in specialty DRAM, in the fourth calendar quarter of '06.

我們在 06 年第四季度將 NAND 閃存引導在 17% 到 20% 的範圍內，而平衡在專用 DRAM 中。

And with that, we would like to thank everyone for participating on the call.

有了這個，我們要感謝大家參加電話會議。

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

如果你能容忍我，我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

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

這些特定的前瞻性陳述以及可能在本次電話會議上做出的所有其他非歷史事實的陳述都受到許多風險和不確定性的影響，實際結果可能存在重大差異。

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

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

Thank you for joining us.

感謝您加入我們。

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。