美光科技 (MU) 2006 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen.

下午好，女士們，先生們。

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

我的名字是珍妮，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 third quarter financial release conference call. [OPERATOR INSTRUCTIONS]

在此，歡迎大家參加美光科技第三季度財報電話會議。 [操作員說明]

It is now with great pleasure to turn the floor over to your host, Mr. Kipp Bedard.

現在非常高興地把發言權交給您的主人 Kipp Bedard 先生。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much and welcome to Micron Technology's third fiscal quarter 2006 financial release conference call.

非常感謝並歡迎參加美光科技 2006 財年第三季度財務發布電話會議。

On the call today is Steve Appleton, Chairman, CEO, and President, Mark Durcan, Chief Operating Officer, Phil Stover, Vice President-Finance and Chief Financial Officer, and Mike Sadler.

今天的電話會議是主席、首席執行官兼總裁 Steve Appleton、首席運營官 Mark Durcan、財務副總裁兼首席財務官 Phil Stover 和 Mike Sadler。

Vice President of Worldwide Sales.

全球銷售副總裁。

This conference call including audio and slides is also available on Micron's website at micron.com.

包括音頻和幻燈片在內的電話會議也可在美光的網站 micron.com 上獲得。

If you have not had the opportunity to review the third quarter 2006 financial press release, it is also available on our website at micron.com.

如果您沒有機會查看 2006 年第三季度財務新聞稿，也可以在我們的網站 micron.com 上獲得該新聞稿。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

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

今晚晚些時候將在下午 5:30 播放此次通話的錄音重播。山區時間。

You may reach that by dialing 973-341-3080, with a confirmation code of 7520674.

您可以撥打 973-341-3080，確認碼為 7520674。

This replay will run through Friday, July 7, 2006, at 5:30 p.m. mountain time.

該重播將持續到 2006 年 7 月 7 日星期五下午 5:30。山區時間。

A webcast replay will be available on micron's website until June 26, 2007.

在 2007 年 6 月 26 日之前，將在美光網站上提供網絡廣播重播。

We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the Company, including information on 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 in the industry.

在本次電話會議期間，我們可能會就未來事件或公司在行業中的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'd now like to turn the call over to Mr. Bill Stover.

有了這個，我現在想把電話轉給比爾斯托弗先生。

Thanks Kipp.

謝謝基普。

For Micron it was a strong operational quarter in period which seasonally isn't usually that strong.

對於美光來說，這是一個強勁的運營季度，季節性通常不那麼強勁。

Net sales totalled $1.31 billion, and the Company recorded net income of $89 million or $0.12 per fully diluted share.

淨銷售額總計 13.1 億美元，公司錄得淨收入 8900 萬美元或每股完全攤薄後每股 0.12 美元。

These quarterly results for the period ended June 1st are the first period to consolidate TECH Semiconductor's operations and do not yet pick up any results of Lexar Media, for which our acquisition closed on June 21st.

這些截至 6 月 1 日的季度業績是整合 TECH Semiconductor 業務的第一個時期，尚未獲得 Lexar Media 的任何業績，我們的收購已於 6 月 21 日結束。

Net sales grew 24% over a year ago and 7% over the immediately preceding quarter.

淨銷售額比一年前增長 24%，比上一季度增長 7%。

Our diversification effort continues to strengthen, as sales of our digital clarity image sensors now represent 16% of total sales.

我們的多元化努力繼續加強，因為我們的數字清晰度圖像傳感器的銷售額現在佔總銷售額的 16%。

Sales of NAND memory compromised approximately 5% of total sales in the third quarter, including the sale of NAND devices manufactured in IM flash technologies to Intel.

第三季度，NAND 內存的銷售額約佔總銷售額的 5%，其中包括向英特爾出售的採用 IM 閃存技術製造的 NAND 設備。

Gross margin for the third quarter came in at 25%, up from 19% in the immediately preceding quarter and 8% a year ago.

第三季度的毛利率為 25%，高於上一季度的 19% 和一年前的 8%。

The gross margin improvement was principally the result of strategic shifts in product mix to higher margin devices and some strengthening of DRAM average selling prices.

毛利率的改善主要是由於產品組合向更高利潤設備的戰略轉變以及 DRAM 平均銷售價格有所走強的結果。

Our specialty DRAM and CMOS image sensors continue to rank as our highest gross margin percentage product offering.

我們的專業 DRAM 和 CMOS 圖像傳感器繼續成為我們毛利率最高的產品。

As this quarter is the transition quarter to consolidation of TECH Semiconductor, it seems appropriate to acknowledge the effect on consolidation.

由於本季度是 TECH Semiconductor 整合的過渡季度，因此承認對整合的影響似乎是恰當的。

Simply said, there was no significant effect.

簡單地說，沒有顯著影響。

The margin on products sold in our third quarter that were manufactured at TECH Semiconductor were essentially the same as that enjoyed by the Company under the previous pricing arrangement under the supply agreement.

我們在第三季度銷售的由 TECH Semiconductor 製造的產品的利潤率與公司在之前供應協議下的定價安排下享有的利潤率基本相同。

On a go-forward basis, since TECH utilizes Micron's designs and processes, TECH 's manufacturing cost will inherently inherently be similar to Micron's other wholly-owned operation.

在向前發展的基礎上，由於 TECH 採用了美光的設計和工藝，因此 TECH 的製造成本本質上與美光的其他全資業務相似。

As of third quarter end, Micron had cash and investment balances of $2.8 billion, and subsequent to quarter end balances have ranged from $3 to $3.2 billion.

截至第三季度末，美光的現金和投資餘額為 28 億美元，隨後的季度末餘額在 3 至 32 億美元之間。

Total debt, now inclusive of TECH Semiconductor, is approximately $520 million, or debt-to-equity ratio of 7%.

現在包括 TECH Semiconductor 在內的總債務約為 5.2 億美元，或債務權益比率為 7%。

Capital expenditures, that is in additions to property, plant and equipment, have totaled in excess of $1 billion to slightly in excess of $1 billion through the first nine months of the fiscal year.

在本財年的前九個月，資本支出，即財產、廠房和設備之外的資本支出總額已超過 10 億美元，甚至略高於 10 億美元。

Our estimate for the fiscal year ending August 31st is a total of approximately $2.2 billion.

我們對截至 8 月 31 日的財政年度的估計總額約為 22 億美元。

The significant increase in the balance of the year is reflective of the activity we have mentioned for some time in our Virginia 300 millimeter fab and the Lehigh, Utah, flash technologies fab and our Boise R&D facility.

今年餘額的顯著增長反映了我們在弗吉尼亞州 300 毫米晶圓廠和猶他州利哈伊閃存技術晶圓廠和博伊西研發設施中提到的一段時間以來的活動。

R&D expense for the third quarter was $168 million and SG&A expenditures reached $113 million.

第三季度的研發費用為 1.68 億美元，SG&A 支出達到 1.13 億美元。

The increase in SG&A is reflective of the stage of development of historical legal matters and the inclusion of TECH Semiconductor.

SG&A 的增加反映了歷史法律事務的發展階段以及 TECH Semiconductor 的納入。

The current level of R&D is likely representative of near term expenses, but SG&A will increase to approximately $130 million for our fourth quarter, as a result of the inclusion of Lexar Media for ten weeks of the quarter.

目前的研發水平可能代表近期支出，但由於本季度十週的 Lexar Media 的加入，我們第四季度的 SG&A 將增加到約 1.3 億美元。

For the last three years, we've 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, and the third quarter's operating cash flow reached $384 million.

整體改善反映了我們成功的多元化努力，第三季度的經營現金流達到了 3.84 億美元。

Additionally in the third quarter, we collected $171 million from settlement of our call-spread option.

此外，在第三季度，我們從看漲期權的結算中收取了 1.71 億美元。

Quarter over quarter you'll note some increases across the balance sheet, notably: Inventories; property, plant and equipment; accounts payable; and the non-controlling interest in subsidiaries.

您會注意到資產負債表上的季度環比有所增加，特別是： 庫存；物業，廠房及設備;應付賬款;以及在子公司的非控制性權益。

All of those are the result of the consolidation of TECH Semiconductor.

所有這些都是 TECH Semiconductor 合併的結果。

As a final discussion item, I'll make a couple comments on the expected accounting for our Lexar Media acquisition.

作為最後的討論項目，我將就我們收購 Lexar Media 的預期會計發表一些評論。

The purchase price, based on the approximately 50 million Micron shares exchanged and the values assumed, is about $900 million.

根據所交換的大約 5,000 萬股美光股票和假定的價值，購買價格約為 9 億美元。

A large portion of the purchase price may be ascribed to goodwill and, therefore, be a non-depreciating asset.

購買價格的很大一部分可能歸因於商譽，因此是非折舊資產。

Additionally, the Company does not expect our fourth quarter revenues to be measurably higher as a result of the Lexar acquisition, as the Company will not recognize revenue from Lexar products in the distribution channel at the June 21st, closing date.

此外，公司預計第四季度收入不會因收購 Lexar 而顯著增加，因為公司將不會在 6 月 21 日（截止日期）在分銷渠道中確認 Lexar 產品的收入。

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 are pleased with demand strength in the various markets that we serve.

我們對我們服務的各個市場的需求強度感到滿意。

Our product diversification efforts in memory and imaging are resulting in a desirable mix of revenues in market segments such as desktop and notebook commuting, mobile phones, servers, consumer electronics, communications infrastructure, as well as a few other segments.

我們在內存和成像方面的產品多樣化努力正在為台式機和筆記本電腦通勤、移動電話、服務器、消費電子產品、通信基礎設施以及其他一些細分市場等細分市場帶來理想的收入組合。

From a demand perspective, moving into what is traditionally a seasonally strong second half of the calendar year, we are optimistic about the Company's prospects.

從需求的角度來看，進入歷來季節性強勁的下半年，我們對公司的前景持樂觀態度。

We're not seeing many surprises in the PC market.

我們在 PC 市場上沒有看到太多驚喜。

The industry is experiencing unit growth rates in the low double-digits.

該行業正在經歷低兩位數的單位增長率。

When compounded by DRAM content expansion, this calendar year the PC markets are driving deman -- DRAM megabit demand growth of around 45-50%.

再加上 DRAM 內容的擴張，本日曆年 PC 市場正在推動需求 - DRAM 兆比特需求增長約 45-50%。

This growth rate has been sufficient to move our DRAM average selling prices up by approximately 20% in the PZ -- in the PC space over the past quarter.

這一增長率足以使我們在 PZ 的 DRAM 平均售價上漲約 20%——在過去一個季度的 PC 領域。

We are happy with memory content per PC growth and look forward to what will essentially be a step function content increase occuring with the Vista operating system launch in 2007.

我們對每台 PC 的內存內容增長感到滿意，並期待隨著 2007 年 Vista 操作系統的推出，實質上將出現階梯函數內容的增長。

The DDR2 interface continues to gain penetration momentum in the PC space.

DDR2 接口在 PC 領域繼續獲得滲透勢頭。

I now estimate the demand profile to be about 3-1 in favor of DDR2 versus DDR1.

我現在估計 DDR2 與 DDR1 的需求比例約為 3-1。

Micron's output is more balanced between the two interface technologies.

美光的輸出在兩種接口技術之間更加平衡。

We maintain the entire DDR1 product portfolio on advance processes and are growing market shares in the non-PC markets that still favor DDR1.

我們將整個 DDR1 產品組合保持在先進工藝上，並且在仍然青睞 DDR1 的非 PC 市場中不斷擴大市場份額。

We continue to place priority on development and delivery of high density DRAM components and modules for the server space.

我們繼續優先考慮為服務器領域開發和交付高密度 DRAM 組件和模塊。

Recently we were first-to-market with the two gigabit DDR2 component on our 78 nanometer technology.

最近，我們率先推出了採用 78 納米技術的兩個千兆位 DDR2 組件。

We are in process of moving this device to volume production.

我們正在將該設備轉為批量生產。

This product differentiation strategy brings time-to-market value to our customers, enabling us to create a defendable market share position in high-value server applications.

這種產品差異化戰略為我們的客戶帶來了上市時間價值，使我們能夠在高價值服務器應用程序中創造可防禦的市場份額地位。

As I've stated in the past, mobile phones are perhaps the most intriguing market segment for Micron.

正如我過去所說，手機可能是美光最吸引人的細分市場。

This is a very large market, approaching one billion units per year.

這是一個非常大的市場，每年接近 10 億台。

The primary application shift from voice to data is creating a slew of new opportunities for Micron imagers,DRAM and NAND products.

從語音到數據的主要應用轉變正在為美光成像器、DRAM 和 NAND 產品創造大量新機會。

As our Italy operation has reached critical mass in CMOS imager production, we were able to achieve in excess of 30% quarter-over-quarter revenue growth in the just completed quarter.

由於我們的意大利業務在 CMOS 成像器生產方面已達到臨界規模，我們能夠在剛剛完成的季度實現超過 30% 的季度環比收入增長。

With Idaho and Italy fabrication areas running full steam ahead, we have both production redundancy and head room for growth.

隨著愛達荷州和意大利製造區全速前進，我們既有生產冗餘，也有增長空間。

We are currently taking additional share in a growing market and believe that we now are enjoying close to 40% share in the CMOS imager market.

我們目前在不斷增長的市場中佔有額外的份額，並相信我們現在在 CMOS 成像器市場中享有近 40% 的份額。

In order to continue fulfilling growing customer demands, we have announced plans to initiate CMOS imager production in our fab in Nishiwaki, Japan.

為了繼續滿足不斷增長的客戶需求，我們宣布計劃在我們位於日本西脅的工廠開始生產 CMOS 成像器。

Following this addition, we will have three fabs on three continents to support the expanding customer base.

在此之後，我們將在三大洲擁有三個晶圓廠，以支持不斷擴大的客戶群。

Memory subsystems in the mobile phone market are shifting from a base NOR to NAND flash.

手機市場的內存子系統正在從基礎 NOR 轉向 NAND 閃存。

We have just introduced Micron's first version of a NAND multi-chip package, or MCP, combining our own low-power DRAM with an IMFT-produced 1.8 volt NAND flash device.

我們剛剛介紹了美光的第一個 NAND 多芯片封裝或 MCP 版本，將我們自己的低功耗 DRAM 與 IMFT 生產的 1.8 伏 NAND 閃存設備相結合。

Micron is among a selec -- select few suppliers with this capability.

美光是其中的一個選擇——選擇少數具有這種能力的供應商。

Many of our current mobile phone customers are designing our NAND plus DRAM MCPs into their future handset lineup.

我們目前的許多手機客戶正在將我們的 NAND 和 DRAM MCP 設計到他們未來的手機產品線中。

We look forward to adding these products to our existing portfolio of discrete low-power DRAM and [pseudo-static] RAM devices for the mobile communications market.

我們期待將這些產品添加到我們現有的用於移動通信市場的分立低功耗 DRAM 和 [偽靜態] RAM 設備組合中。

Complementing the MCP effort, we recently announced the development of our managed NAND product family.

作為 MCP 工作的補充，我們最近宣布開發我們的託管 NAND 產品系列。

This offering combines Micron's NAND memory with a high-speed MMC controller, offering extremely high-speed data transfer rates.

該產品將美光的 NAND 存儲器與高速 MMC 控制器相結合，可提供極高的數據傳輸速率。

We see attractive growth potential in the consumer electronics market and are, in fact, already experiencing significant memory and imaging business in this area.

我們看到了消費電子市場具有吸引力的增長潛力，事實上，該領域的內存和成像業務已經非常重要。

One key difference in consumer markets is that we see even more fragmentation of memory solutions due to the wide variety of end products.

消費市場的一個關鍵區別是，由於終端產品種類繁多，我們看到內存解決方案更加分散。

This is welcome, as it allows us to leverage the many product development and customer engagement resources that we have around the world.

這是受歡迎的，因為它使我們能夠利用我們在世界各地擁有的許多產品開發和客戶參與資源。

The newest additions to Micron, of course, are the talented team, brand equity and channel expertise that comes with our acquisition of Lexar.

當然，美光的最新成員是我們收購 Lexar 帶來的才華橫溢的團隊、品牌資產和渠道專業知識。

The Lexar capabilities are a great fit and perfect complement to what already exists within the Micron infrastructure.

Lexar 功能非常適合和完美補充美光基礎設施中已有的功能。

We will leverage the Lexar brand and retail channel presence.

我們將利用 Lexar 品牌和零售渠道的影響力。

Combining this with IMFT-manufactured NAND will click -- quickly become a vertically-integrated provider of NAND solutions to retail and OEM customers, thus unlocking incremental value for Micron in the process.

將此與 IMFT 製造的 NAND 相結合，將迅速成為面向零售和 OEM 客戶的 NAND 解決方案的垂直集成供應商，從而在此過程中為美光釋放增量價值。

We're quite pleased with today's demand and the longer-term trends in the various market segments that we serve.

我們對今天的需求和我們服務的各個細分市場的長期趨勢感到非常滿意。

We believe that our differentiated product strategy and execution to that strategy speaks for itself, with the continued delivery of positive results.

我們相信，我們的差異化產品戰略和對該戰略的執行不言而喻，並持續帶來積極成果。

As the IMFT operation reaches critical mass and we take advantage of economies of scale and NAND flash production, the Company will realize even more efficiencies.

隨著 IMFT 業務達到臨界規模，我們利用規模經濟和 NAND 閃存生產，公司將實現更高的效率。

Thanks for your continued support and interest in the Company.

感謝您一直以來對公司的支持和關注。

I'll turn it back over to Kipp.

我會把它交還給 Kipp。

Thanks, Mike.

謝謝，邁克。

And with that, we'd like to take questions from callers.

有了這個，我們想回答來電者的問題。

Just a reminder, if you are using a speaker phone, please pick up the handset when asking a 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'd like to open up the line.

有了這個，我們想打開這條線。

Thank you. [OPERATOR INSTRUCTIONS] Your first question is coming from Mr. Michael Masdea with Credit Suisse.

謝謝你。 [操作員說明] 您的第一個問題來自瑞士信貸的 Michael Masdea 先生。

Please go ahead.

請繼續。

Yes, thanks a lot.

是的，非常感謝。

Maybe for Bill.

也許對於比爾。

On Lexar, is there any more detail on how much you're expecting, and also given what you say about disti channel, is there any -- when do you think that sort of overhang in terms of getting that product sold will kind of be cleared up and we can kind of sort of assume more normal revenue growth for what hits your P&L?

在 Lexar 上，是否有更多關於您的期望值的詳細信息，並且考慮到您對 disti 渠道的看法，是否有任何 - 您認為在銷售該產品方面的那種懸念會是什麼時候？清理完畢，我們可以假設您的損益表出現更正常的收入增長？

Yes, Mike, it's somewhat coincidental, but the volume of product, which they had in the channel at the June 21st date essentially carries them through the August 31st coincident with the end of our fiscal -- our quarter and year.

是的，邁克，這有點巧合，但是他們在 6 月 21 日日期在渠道中擁有的產品量基本上使他們在 8 月 31 日與我們的財政年度（我們的季度和年度）結束一致。

So beginning with the new fiscal year looks like when we're going to pick that up.

因此，從新的財政年度開始，我們將開始著手處理。

That answering your question there, Mike?

在那裡回答你的問題，邁克？

Yes, and is there any more details you can give us on any of the financials, in terms of the impact of Lexar or is that kind of it at this point?

是的，關於 Lexar 的影響，您是否可以向我們提供更多關於 Lexar 的影響的詳細信息，或者目前是否屬於這種情況？

At this point we'll just be looking through the allocation of the purchase price.

在這一點上，我們將只查看購買價格的分配。

And as I indicated in the opening comments, there's quite a significant amount that would end up in the goodwill, after the allocation to the assets, brand and channel intellectual property.

正如我在開場評論中指出的那樣，在分配到資產、品牌和渠道知識產權之後，最終會有相當多的金額以商譽形式出現。

Okay, fair enough.

好吧，夠公平的。

And I guess on the DRAM side, the big growth was actually a little bit of a decline this quarter.

我猜在 DRAM 方面，本季度的大幅增長實際上是略有下降。

Talk about that a little bit, especially in light of what you said about still seeing low double-digit growth for the PC market, so why did we see such little growth in the DRAM bits?

稍微談談這個問題，特別是考慮到你所說的 PC 市場仍然保持兩位數的低增長，那麼為什麼我們看到 DRAM 位的增長如此之少？

And kind of following on, it looks like your big growth this year is going to be pretty dang low for overall DRAM bits.

接下來，看起來你今年的大幅增長對於整體 DRAM 位來說將非常低。

Kind of give us an update on that number, if you could maybe?

如果可以的話，請告訴我們有關該號碼的最新信息？

Sure, I can start on the production side.

當然，我可以從生產方面開始。

We basically guided low single-digits last quarter because we're taking more wafers and moving them into the image sensor space.

上個季度我們基本上引導了低個位數，因為我們正在採用更多的晶圓並將它們移動到圖像傳感器領域。

And, so, how that relates to sales, relative to Mike's comments of a pretty decent quarter-over- quarter, we just didn't have additional bits to ship.

因此，相對於邁克關於季度環比相當不錯的評論，這與銷售有何關係，我們只是沒有額外的產品要發貨。

We had very little inventory at the end of last quarter, so basically what we -- what we produced during the quarter is what we shipped.

上個季度末我們的庫存很少，所以基本上我們 - 我們在本季度生產的就是我們發貨的。

Mike, would you like to add anything on the marketing side?

邁克，您想在營銷方面添加任何內容嗎？

Yes, Mike, I -- the reduced DRAM bit sales really are -- I think, probably to repeat what Kipp said, it's just a function of what we produced.

是的，邁克，我 - DRAM 位銷售的減少確實是 - 我認為，可能重複 Kipp 所說的，這只是我們生產的功能。

Obviously our -- our capacity is being shifted towards more image -- has been shifted towards more image sensor production and ramping up our NAND flash operation.

顯然，我們的產能正在轉向更多的圖像，已經轉向更多的圖像傳感器生產並增加了我們的 NAND 閃存操作。

And at the end of the day, at least in the quarter we just completed, the DRAM megabit output did suffer somewhat from the increases in the imaging and the NAND business.

歸根結底，至少在我們剛剛完成的那個季度，DRAM 兆位輸出確實受到了成像和 NAND 業務增長的影響。

From a market standpoint, the market's clicking along about like we expected.

從市場的角度來看，市場的走勢與我們預期的差不多。

We probably saw a DRAM demand increase in our last quarter of somewhere between 10% and 15%, so we did lose DRAM market share.

我們可能在上個季度看到 DRAM 需求增長了 10% 到 15% 之間，因此我們確實失去了 DRAM 市場份額。

And the quarter that we're entering, on a polling of our large PC customers, we're looking at, you know, DRAM bit growth, demand, anyway, of probably around 15-17%.

在我們進入的那個季度，在對我們的大型 PC 客戶進行的一項民意調查中，我們正在研究 DRAM 位的增長，無論如何，需求可能在 15-17% 左右。

So, you know from a demand standpoint, markets looks pretty darn healthy.

所以，從需求的角度來看，市場看起來非常健康。

And from a guidance perspective, Michael, just for your models, you'll be looking at about mid single-digit bit growth on the PC DRAM, higher than that on both NAND flash and image sensors for Q4.

從指導的角度來看，Michael，僅就您的模型而言，您將看到 PC DRAM 的中個位數增長，高於第四季度的 NAND 閃存和圖像傳感器的增長。

Great.

偉大的。

And this last question on the image sensor, there's some concerns out there about handset strength.

最後一個關於圖像傳感器的問題，還有一些關於手機強度的擔憂。

Maybe Mike or someone can talk about what they're seeing from the order perspective.

也許邁克或其他人可以從訂單的角度談論他們所看到的。

And given the growth you saw, any concerns about inventory on that channel at all?

鑑於您看到的增長，對該渠道的庫存有任何擔憂嗎？

First of all on the inventory question, none whatsoever.

首先關於庫存問題，沒有任何問題。

We are -- we're flush -- we're flush on inventory.

我們是——我們很充足——我們的庫存很充足。

I mean, we get stuff out of our production line and it's gone the next day, so we've got no inventory concerns.

我的意思是，我們從生產線上取出東西，第二天就不見了，所以我們沒有庫存問題。

And based on a polling out of our customers, you know, the handset customers as well as the camera integrators, not concerned at all about inventory in the channel.

根據我們客戶的民意調查，您知道，手機客戶以及相機集成商根本不關心渠道中的庫存。

In the handset market, we're benefiting both from growing number of handset units, as well as continued penetration of cameras and handsets.

在手機市場，我們受益於手機數量的增長以及相機和手機的持續滲透。

So we're -- we're still looking at pretty significant growth.

所以我們 - 我們仍在尋找相當顯著的增長。

Obviously, the last quarter was huge growth for us.

顯然，上個季度對我們來說是巨大的增長。

And you know, as I look out over the -- of course, the next couple of quarters, we're looking at pretty significant growth in both units and revenues on the image sensor side for mobile home cameras here, at least over the next couple of quarters.

而且你知道，正如我展望的那樣——當然，在接下來的幾個季度中，我們看到移動家用攝像頭的圖像傳感器方面的單位和收入都有相當顯著的增長，至少在接下來的幾個季度幾個季度。

Great, thanks a lot.

太好了，非常感謝。

Thank you.

謝謝你。

Your next question is coming from Shawn Webster from JPMorgan.

您的下一個問題來自摩根大通的 Shawn Webster。

Please go ahead.

請繼續。

Hi, yes.

你好，是的。

You talked a little bit about the bit growth in PC DRAM.

您談到了 PC DRAM 的比特增長。

Can you talk about how you see your global -- how you see global DRAM shipments in calendar '06 and how you see Micron's bit supply growing in calendar '06?

您能否談談您如何看待您的全球——您如何看待 06 年全球 DRAM 出貨量以及您如何看待 06 年美光的位供應增長？

Could you give us an update on that?

你能告訴我們最新情況嗎？

And then I have a follow-up question.

然後我有一個後續問題。

Yes, I think -- your first question, I presume, was a reference to the overall market in terms of DRAM bit growth and I'm going to give you a -- probably around 50%.

是的，我認為——我認為你的第一個問題是對 DRAM 位增長方面的整體市場的參考，我會給你一個——可能在 50% 左右。

And I say that 50% is going to be accurate within plus or minus 5% in terms of demand growth and supply is going to be in line with that.

我說，就需求增長而言，50% 將在正負 5% 範圍內準確，而供應將與此一致。

So, roughly balanced, supply and,demand, environment in calendar 2006 of 50% plus or minus 5%.

因此，2006 日曆年的供需環境大致平衡為 50% 正負 5%。

Our DRAM bit growth in calendar '06.

06 年我們的 DRAM 位增長。

I don't have this specific figure at my hand, but it's going to be less than the market.

我手頭沒有這個具體數字，但它會低於市場。

Kipp, can you comment more specifically on that?

Kipp，你能更具體地評論一下嗎？

Yes, we're looking, Shawn, at about 20-30% PC DRAM bit growth in fiscal '06 over '05?

是的，Shawn，我們正在尋找 06 財年的 PC DRAM 位比 05 年增長約 20-30%？

Okay. nd then just to clarify, did you say that you expected end bit demand in calendar Q3 for PCs to be up 15-17?

好的。然後澄清一下，您是否說您預計第三季度 PC 的最終比特需求將上升 15-17？

That's correct.

這是正確的。

Okay.

好的。

And then on capital expenditures, it looks like you lowered it from prior of 2.6 to 2.2.

然後在資本支出方面，看起來您將其從之前的 2.6 降低到了 2.2。

Can you talk to us what some of the moving parts there were?

你能和我們談談有哪些活動部分嗎？

Yes, every year it always seems to be difficult to predict just how the final months are going to play out.

是的，每年似乎總是很難預測最後幾個月將如何發展。

It's just timing of acceptance of tools and we have a large volume that are hitting, but honestly doesn't come down to accepting and getting those capped to the rate that we had thought six months ago.

這只是接受工具的時機，我們有大量的產品正在衝擊，但老實說，並不能歸結為接受並將這些工具限制在我們六個月前設想的速度。

So the 2.6 has been brought down to 2.2.

所以2.6已經降到了2.2。

Okay, and was there any change to your fiscal '07 guidance at this point?

好的，此時您的 07 財年指導是否有任何變化？

Fiscal '07 we're looking at $3.5 billion.

07 財年，我們正在尋找 35 億美元。

As we previously indicated, there's about $1 billion of that, which you can think of as historical Micron.

正如我們之前指出的，其中大約有 10 億美元，您可以將其視為歷史悠久的美光。

There's $500 millionish that's in the TEXT Semiconductor and $2 billionish is in the IM Flash.

TEXT Semiconductor 有 5 億美元，IM Flash 有 20 億美元。

Okay, and then turning to NAND, can you tell us what your NAND bit production and NAND bit shipments were sequentially in May?

好的，然後轉向 NAND，您能告訴我們您的 NAND 位生產和 NAND 位出貨量在 5 月份的順序是多少？

We're not going to get into bit guidance on NAND flash.

我們不打算對 NAND 閃存進行位指導。

We will give you some wafer references.

我們將為您提供一些晶圓參考。

We ran about -- out of our total productive capacity, about 11% was aimed at NAND flash, and that'll go up a percent or two this quarter, meaning the fiscal Q4.

我們跑了大約-在我們的總生產能力中，大約 11% 用於 NAND 閃存，本季度將增長一到兩個百分點，這意味著第四財季。

And then you'll see a pretty substantial ramp in wafer outs moving into the calendar Q4 area.

然後你會看到晶圓出貨量大幅上升，進入日曆 Q4 區域。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Your next question is coming from Mr. Glen Yeung with CitiGroup.

您的下一個問題來自花旗集團的 Glen Yeung 先生。

Please go ahead.

請繼續。

Mr. Yeung, your line is live.

楊先生，你的電話是直播的。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Your next question is coming from Jim Covello with Goldman Sachs.

您的下一個問題來自高盛的 Jim Covello。

Please go ahead.

請繼續。

Hey, guys, thanks so much.

嘿，伙計們，非常感謝。

We got the bit shipment or, you know, bit guidance for the next quarter.

我們得到了下一個季度的鑽頭出貨量，或者，你知道的，鑽頭指導。

Any thoughts on ASPs in the different segments for us?

對我們來說不同細分市場的 ASP 有什麼想法嗎？

Well, you know, it's very -- we can't predict what ASPs are going to do going forward.

嗯，你知道，這非常 - 我們無法預測 ASP 未來會做什麼。

I can tell you, Jim, that, in the DRAM environment, if we were to see a stable DRAM price from now through the end of our quarter, the overall for the Company -- the DRAM average selling prices will be roughly flat quarter-over-quarter.

我可以告訴你，吉姆，在 DRAM 環境中，如果我們看到從現在到本季度末的穩定 DRAM 價格，公司的整體 - DRAM 平均銷售價格將大致持平 -超過四分之一。

So, in other words, they've been relatively stable for the first three weeks of our fiscal Q4.

因此，換句話說，它們在我們第四財季的前三週相對穩定。

In the NAND flash area, prices in early Q3 for us, they went down, they stabilized somewhat toward the middle of the quarter, and they actually trended up a little bit in the latter part of our Q3.

在 NAND 閃存領域，我們在 Q3 早期的價格，他們下降了，他們在接近季度中期的時候有所穩定，並且在我們 Q3 的後期他們實際上有一點上漲的趨勢。

If prices were to be flat going forward for the balance of this quarter in the flash world, they'd be flat to down 5% quarter-over-quarter.

如果閃存世界本季度剩餘時間的價格持平，那麼它們將持平至環比下降 5%。

We're expecting the price -- flash prices are going to continue to tick up a little bit through our fiscal Q3 and, in fact, through our fiscal Q4 -- I'm sorry through our fiscal Q4 and through our fiscal Q1.

我們預計價格 - 在我們的第三財季，實際上，通過我們的財年第四季度，閃存價格將繼續小幅上漲 - 我很抱歉通過我們的第四財季和第一財季。

Okay, that's helpful.

好的，這很有幫助。

If I can ask you a quick follow-up.

如果我可以問你一個快速跟進。

On the image sensor business, I know on the 10-Q you guys break out the margins by product.

在圖像傳感器業務上，我知道你們在 10-Q 上按產品劃分了利潤。

Can you tell us now what the image sensor margins were this quarter and, then, what you think the long-term margin target in that business is?

您現在能告訴我們本季度圖像傳感器的利潤率是多少，那麼您認為該業務的長期利潤率目標是多少？

We ran about 40% gross margin, Jim, on image sensors this quarter.

本季度我們在圖像傳感器上的毛利率約為 40%，吉姆。

I'm not going to make a stab at trying to predict what they'll be long-term.

我不會試圖預測它們的長期性。

Okay.

好的。

And -- and that, if I'm not mistaken, I have to go back and check numbers, but that was up quarter-over-quarter?

而且 - 如果我沒記錯的話，我必須回去檢查數字，但那是季度環比增長？

Down slightly. 44% last quarter.

略微下降。上一季度為 44%。

Oh, because you were talking - I'm sorry, you were talking about gross margins there.

哦，因為你在談論 - 對不起，你在談論那裡的毛利率。

Okay.

好的。

And I guess without predicting a long-term model, do we think that amount -- that level is sustainable, given the competition or --

我猜在沒有預測長期模型的情況下，考慮到競爭，我們是否認為這個數量——這個水平是可持續的，或者——

Yes, I'm really not -- you're asking me to predict a couple of different things.

是的，我真的不是——你要我預測幾個不同的事情。

I can, obviously, argue a pretty good case for cost reductions we have coming, but trying to predict pricing in this business, like anything else, is pretty difficult, so I'll leave that to you experts.

顯然，我可以為我們即將到來的降低成本提出一個很好的理由，但試圖預測這項業務的定價，就像其他任何事情一樣，非常困難，所以我將把它留給你們專家。

[LAUGHTER] Yes, not.

[笑聲] 是的，不是。

Thanks so much, I appreciate it.

非常感謝，我很感激。

You bet.

你打賭。

Thank you.

謝謝你。

Your next question is coming from Mr. John Lau with Jefferies & Company.

您的下一個問題來自 Jefferies & Company 的 John Lau 先生。

Please go ahead.

請繼續。

Great, thanks.

太謝謝了。

You gave us an indication with regards to how strong the image sensor market is and the inventory levels for the wireless handsets.

您向我們說明了圖像傳感器市場的強勁程度以及無線手機的庫存水平。

I was wondering if you can also give us your market indications for what's happening in the PC market, especially given that there's a lot of concerns out there of a stall coming?

我想知道您是否也可以向我們提供有關 PC 市場正在發生的情況的市場跡象，特別是考慮到有很多關於即將到來的攤位的擔憂？

We noticed that the pricing has been stable, but we wanted to get your input on that.

我們注意到定價一直很穩定，但我們希望得到您的意見。

Thank you.

謝謝你。

Yes, John, this is Mike speaking.

是的，約翰，這是邁克在說話。

My visibility on PC inventories, either in the channel or at our customers, would not be of much value, because I just don't have visibility into that.

我對 PC 庫存的可見性，無論是在渠道中還是在我們的客戶中，都沒有多大價值，因為我對此一無所知。

I do have pretty good visibility into, of course, our DRAM component and module inventory, whether it be in the hands of the customer or our own hands, and I tell you that the shelves are bare.

當然，我確實對我們的 DRAM 組件和模塊庫存有很好的了解，無論是在客戶手中還是我們自己手中，我告訴你貨架上是空的。

We've got virtually nothing in stock here at Micron and when I look out into the Micron-owned inventories at the customer sites, they're basically empty, as well.

我們在美光幾乎沒有庫存，當我查看客戶站點的美光擁有的庫存時，它們也基本上是空的。

So, from our viewpoint, there is no inventory.

因此，從我們的角度來看，沒有庫存。

Now, obviously, I couldn't speak for our competitors nor could I really speak for the channel players, but we're not putting much, if any, Micron product in the channel, either.

現在，顯然，我不能代表我們的競爭對手，也不能真正代表渠道參與者，但我們也沒有在渠道中投入太多（如果有的話）美光產品。

So, from an inventory standpoint, we're in great shape.

所以，從庫存的角度來看，我們的狀態很好。

But, Mike, if you take that thought one step further, the current inventory levels are pretty lean as you say.

但是，邁克，如果你把這個想法更進一步，你說的當前庫存水平非常低。

Looking into the second half of this year, with the inventories lean at this level, do you think the industry will -- what do you think the supply-demand balance will be for the rest of the year, given that you're actually slowing down your wafer starts?

展望今年下半年，由於庫存處於這個水平，您認為該行業會 - 您認為今年剩餘時間的供需平衡將是什麼，因為您實際上正在放緩你的晶圓開始了嗎？

Well, you know, our -- certainly the amount of product that we're going to be putting into the market is going to be less than what the market appetite is, basically, so we're not going to be putting pressure from a supply standpoint in the market.

嗯，你知道，我們的——當然，我們要投放市場的產品數量基本上會少於市場需求，所以我們不會從從市場供應角度看。

My view is that we're going to be -- supply and demand are probably going to be roughly in balance, if anything.

我的觀點是，如果有的話，供需可能會大致平衡。

I think we're in a situation where there are going to be pockets of market segments where demand is going to exceed supply.

我認為我們正處於一個需求將超過供應的細分市場。

In general, we feel quite bullish about the prospects in the DRAM market for the second half of the year, if nothing else based on the seasonal demand pull for consumer items, mobile phones, PCs, as well as the continued content growth that we're seeing.

總的來說，我們對下半年 DRAM 市場的前景感到相當看好，如果沒有別的，基於消費品、手機、個人電腦的季節性需求拉動，以及我們持續的內容增長。重看。

So we feel pretty good about it.

所以我們對此感覺很好。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Your next question is coming from Mr. Glen Yeung with Citigroup.

您的下一個問題來自花旗集團的 Glen Yeung 先生。

Please go ahead.

請繼續。

Thanks.

謝謝。

Sorry about that last time, guys.

對不起，上次，伙計們。

We hear you saying we want to make image sensors, more NAND flash, and having to reduce wafers in DRAM to do that.

我們聽到您說我們想要製造圖像傳感器、更多的 NAND 閃存，並且必須減少 DRAM 中的晶圓才能做到這一點。

Is there a [ster] target that you're willing to live with in the DRAM side, just so we get a sense as to when you may have to stop moving wafers around?

您是否願意在 DRAM 方面使用 [ster] 目標，以便我們了解您何時可能不得不停止移動晶圓？

Well, I think that the objectives on our market share aren't really specific in terms of a particular percentage.

嗯，我認為我們的市場份額目標並沒有具體的百分比。

We, clearly, are willing to accept less and less market share until we've reached an exposure into the PC space that we're comfortable with, and I can tell you that it's still significantly less than where that is today.

顯然，我們願意接受越來越少的市場份額，直到我們接觸到我們滿意的個人電腦領域，我可以告訴你，它仍然比今天要少得多。

But the transition of our wafer portfolio is rapidly occuring away from the product that goes into the PC space.

但我們的晶圓產品組合正在迅速從進入 PC 領域的產品轉移。

You just saw from our release that, for the first time in our history, sales of product from Micron into the PC space just dropped below the majority. would expect that, over the next 12 months, maybe 18 months, to probably at least go in half as these other products grow for us.

您剛剛從我們的發布中看到，在我們的歷史上，美光公司的產品在 PC 領域的銷售額首次低於大多數。預計在接下來的 12 個月，也許 18 個月內，隨著這些其他產品為我們增長，可能至少會減少一半。

Now, it doesn't mean that we're necessarily producing that much less DRAM, because the DRAM we're producing, the low power DRAM, the pseudo-static RAM and the stuff that goes into wireless and packets up MCP's, that is actually pretty good.

現在，這並不意味著我們生產的 DRAM 一定要少得多，因為我們生產的 DRAM、低功耗 DRAM、偽靜態 RAM 以及進入無線和打包 MCP 的東西，即其實還不錯。

And, in fact, that'll continue to grow, in particular when you look at the consumption in the server space.

而且，事實上，這將繼續增長，特別是當您查看服務器空間的消耗時。

A lot of the product and a lot of the effort that we have right now is in that area, so I'm not projecting that our overall DRAM market share will cut down in half.

我們現在的很多產品和很多努力都在那個領域，所以我不認為我們的整體 DRAM 市場份額會減少一半。

I'm just saying that the stuff that goes into the PC space will drop dramatically.

我只是說進入 PC 領域的東西會急劇下降。

But, yes, we'll lose some market share in the DRAM space, but we're willing to accept that, down to the level where we have to have some presence there, not down to the level where we actually would be considering adding more wafers back into the DRAM space for the good markets as they grow.

但是，是的，我們會在 DRAM 領域失去一些市場份額，但我們願意接受這一點，直到我們必須在那裡有一些存在的水平，而不是我們實際考慮增加的水平隨著市場的增長，更多的晶圓將重新回到 DRAM 領域，以應對良好的市場。

Okay.

好的。

Makes sense.

說得通。

When you look out into the competitive environment, if we're just speaking on the DRAM side, is there anyone over which you will lose sleep at night?

當你觀察競爭環境時，如果我們只是在 DRAM 方面說話，有沒有人會讓你晚上睡不著覺？

Are there any players out there where you think, boy, these guys are looking to be very aggressive here in terms of adding capacity or trying to gain share or both?

有沒有你認為的球員，男孩，這些球員在增加能力或試圖獲得份額或兩者兼而有之方面看起來非常激進？

For which space are you talking about?

你說的是哪個空間？

For the DRAM space.

對於 DRAM 空間。

Oh, I see.

我懂了。

Well, I don't know anything more than what you know from the public reports on capacity being added.

嗯，除了你從關於增加容量的公開報告中知道的以外，我什麼都不知道。

One of the reasons that we're pursuing the strategy that we have been is because of irrational capacity that comes along.

我們追求我們一直以來的戰略的原因之一是因為隨之而來的非理性能力。

In particular, the easiest space to get into is the PC space because, you know, they have the least demand in terms of all of those things that companies like ourselves are capable of doing on the service side, whether it be quality or supply chain hubs, et cetera.

特別是，最容易進入的領域是 PC 領域，因為您知道，對於像我們這樣的公司在服務方面能夠做的所有事情，無論是質量還是供應鏈，他們的需求最少集線器等。

And so, I don't see anything particular out there that we're concerned with, other than just the historical behavior that, when the market's pretty good, they tend to plow too much capacity into it.

因此，我看不出有什麼特別值得我們關注的，除了歷史行為，當市場相當不錯時，他們往往會投入過多的產能。

Okay, all right.

好吧，好吧。

Well, thanks.

非常感謝。

Your next question is coming from Eric Gomberg with Thomas Weisel Partners.

您的下一個問題來自 Eric Gomberg 和 Thomas Weisel Partners。

Please go ahead.

請繼續。

Yes, I was hoping you could talk a little bit about what's going on in IM Flash in terms of the road map lf -- maybe talk about the densities of the production at this point and where you'd expect it to be over the next couple of quarters?

是的，我希望你能談談 IM Flash 中正在發生的事情，就路線圖 lf 而言——也許可以談談此時的生產密度以及你期望它在下一個的位置幾個季度？

Sure, this is Mark.

當然，這是馬克。

We -- as we've said before, we're running primarily 90 nanometer NAND today and well into shipping 72 nanometer SLC products.

我們——正如我們之前所說，我們今天主要運行 90 納米 NAND，並且正在運送 72 納米 SLC 產品。

We did qualify and are sampling our 90 nanometer MLC, but primarily, we're focused on the 72 nanometer node and and qualifying and shipping 72 nanometer MLC in 2007.

我們確實獲得了 90 納米 MLC 的資格並正在對其進行採樣，但主要是，我們專注於 72 納米節點，並在 2007 年對 72 納米 MLC 進行了資格和交付。

With respect to further out, I think we'll wait and talk about nodes beyond that with our partner, Intel, probably sometime later this year.

至於更進一步，我想我們可能會在今年晚些時候與我們的合作夥伴英特爾一起等待並討論節點之外的問題。

And in terms of chip capacity, this is primarily two gigabit at this point?

而就芯片容量而言，這主要是兩個千兆位？

Two gigs and four gigs now moving into the marketplace, also.

現在也有兩場演出和四場演出進入市場。

Okay, and would you expect later this year to begin integrating that into your Lexar acquisition or is that something that's more kind of '07 and beyond?

好的，您希望今年晚些時候開始將其整合到您的 Lexar 收購中，還是更像是 07 年及以後的東西？

Well, we have -- that's a good question, actually.

嗯，我們有 - 這是一個很好的問題，實際上。

We have use for all of our current NAND forecasted output, at least in the near term.

至少在短期內，我們已經使用了我們當前所有的 NAND 預測輸出。

And as a result, we would expect Lexar to continue on their business model with their supply agreement,s as far as we can see in the future.

因此，我們預計 Lexar 將繼續通過他們的供應協議繼續他們的商業模式，正如我們在未來所看到的那樣。

So, we think that actually would be incremental to what we're doing here.

所以，我們認為這實際上會增加我們在這裡所做的事情。

Okay, that's helpful.

好的，這很有幫助。

And just one last question.

最後一個問題。

Can you just -- maybe I missed it before, but talk a little bit about the composition of the inventory?

你能不能——也許我之前錯過了，但談談庫存的構成？

You talked earlier that it's up a little bit, so where is that sitting in terms of product?

您之前說過它有點上升，那麼就產品而言，它在哪裡？

Yes, this is Mike speaking.

是的，這是邁克在說話。

Actually, the finished goods inventory is down quarter-over-quarter, and what we have is -- it is not much, but what we have, we have -- it's probably an equal distribution of NAND flash, DRAM and virtually no image sensors.

實際上，成品庫存環比下降，而我們所擁有的是 - 不多，但我們擁有的，我們擁有的 - 它可能是 NAND 閃存、DRAM 和幾乎沒有圖像傳感器的平均分配.

We have some inventory in place at the customer, our vendor-owned inventory, very little in Micron warehouses.

我們在客戶那裡有一些庫存，我們的供應商擁有的庫存，在美光倉庫中很少。

Basically there's not much inventory at all.

基本上沒有多少庫存。

Certainly less than two weeks, probably closer to one week worth of finished goods inventory.

當然不到兩週，可能接近一周的成品庫存。

If the question in part was looking at the balance sheet and the growth in inventory dollars, the finished goods down, as Mike indicated, raw materials flat.

如果問題的部分原因在於資產負債表和庫存美元的增長，那麼正如邁克所說，製成品下降，原材料持平。

The only growth is in the work-in-process, and that's just as a result of the TECH Semiconductor consolidation.

唯一的增長是在製品中，這正是 TECH Semiconductor 整合的結果。

Overall WIP throughout the historic Micron operations are actually down.

整個歷史悠久的美光業務的整體在製品實際上都在下降。

Okay, very helpful.

好的，很有幫助。

Thank you.

謝謝你。

Thank you.

謝謝你。

Your next question is coming from Mr. Tim Luke with Lehman Brothers.

您的下一個問題來自雷曼兄弟的蒂姆·盧克先生。

Please go ahead.

請繼續。

Thanks.

謝謝。

I just wondering with respect to Lexar if could give us any framework for how we should think about that in terms of revenue in '07 -- in the fiscal '07 period?

我只是想知道 Lexar 是否可以為我們提供任何框架，讓我們在 07 財年——在 07 財年期間如何考慮收入？

Well, I don't -- there's not a lot of guidance we can give.

好吧，我不知道——我們可以提供的指導不多。

You have to keep in mind, we only closed a week ago.

您必須記住，我們僅在一周前關閉。

And you obviously have all of their numbers up until that point in time.

很明顯，直到那個時間點，你才知道他們的所有數字。

Our intent is, of course, to take where they're at and try to grow that business.

當然，我們的意圖是抓住他們所處的位置並嘗試發展該業務。

So, to the degree that we're able to do that, that's something we'll have to look at in the future.

因此，就我們能夠做到這一點而言，這是我們將來必須考慮的事情。

But just keep in mind that the -- as Bill said, there won't be any revenues for this quarter by virtue of the way the accounting works, and it'll just be incremental after that.

但請記住，正如比爾所說，由於會計的運作方式，本季度不會有任何收入，之後只會增加。

But in terms of SG&A, we're going to model 130 going forward, and the R&D you think is going to be fairly flattish going forward?

但就 SG&A 而言，我們將在未來推出 130 型，您認為未來的研發會相當平淡嗎？

Yes, both of those are correct.

是的，這兩個都是正確的。

The 130 reference was specifically for a Q4 and ten weeks of the quarter incremental Lexar activity.

130 參考專門針對第四季度和十週的季度增量 Lexar 活動。

And just -- can you just clarify, or Bill, on the 17% [inaudible] or wha -- and how that breaks down [inaudible] with respect to 15-17% growth?

只是——你能否澄清一下，或者比爾，關於 17% [聽不清] 或 wha—— 以及關於 15-17% 的增長如何分解[聽不清]？

Oh, sure, that was Mike's reference to the demand profile we see in, basically, our fiscal Q3 over fiscal Q2, driven by PC units and content.

哦，當然，那是邁克提到的需求概況，基本上，我們在第三財季而不是第二財季看到的，由 PC 單位和內容驅動。

Okay.

好的。

And with respect -- and going forward in the coming quarter in terms bit growth, then, and how you see that breaking down between the segments?

尊重 - 並在下一季度以比特增長的方式向前發展，那麼，您如何看待細分市場之間的細分？

Oh, bit growth on a production side, from our standpoint?

哦，從我們的角度來看，生產方面的增長？

Yes.

是的。

Mid single-digits on PC DRAM and then higher on flash and image sensors.

PC DRAM 上為中個位數，然後在閃存和圖像傳感器上更高。

Higher than that.

高於那個。

Lastly, just in terms of accounting.

最後，就會計而言。

In the May quarter, it looks like there was this non-controlling interest and net loss of 17 and then there was -- seemed to be like a pretty high interest income number of 27.

在 5 月季度，似乎有 17 的非控股權益和淨虧損，然後 - 似乎是一個相當高的利息收入數字 27。

How should we think about the interest income number going forward, and is this non-controlling interest in net loss a one-time thing?

我們應該如何看待未來的利息收入數字，這種對淨虧損的非控股權益是一次性的嗎？

How should we think about that?

我們應該怎麼想？

Thank you.

謝謝你。

Yes, on the interest income it was indicated we had some very significant growth in cash and short-term investment balances.

是的，就利息收入而言，這表明我們的現金和短期投資餘額有一些非常顯著的增長。

It was also indicated that we've got a pretty good capital spend profile ahead of us, including next year's being a bit front loaded in the year.

還有人指出，我們前面的資本支出狀況非常好，包括明年的支出有點提前。

If you look at the next couple of quarters and thought about $20 millionish in interest income, you're probably in the right ballpark, with that tailing off a bit later next year.

如果您查看接下來的幾個季度並考慮到 2000 萬美元的利息收入，那麼您可能是在正確的範圍內，明年晚些時候會有所下降。

On the non-controlling interest, the $17 million was virtually all a result of the TECH Semiconductor consolidation and the purchase accounting as -- if you think about TECH Semiconductor on a go-forward basis over a time horizon, it's more likely to be close to break even.

在非控股權益方面，這 1700 萬美元幾乎全部是 TECH Semiconductor 合併和收購會計的結果——如果你在一段時間內考慮 TECH Semiconductor，它更有可能接近收支平衡。

So, not anticipating a significant non-controlling interest charge in any quarter is the right way to look at it.

因此，不預期任何季度都會產生重大的非控制性利息費用是看待它的正確方法。

It'll be somewhere lower than 17 going forward, between that and zero?

未來它會低於 17，介於 17 和 0 之間嗎？

Likely.

可能。

Thank you very much.

非常感謝。

And Tim, just let me correct one thing I said before.

還有蒂姆，讓我糾正我之前說過的一件事。

I guided you to PC DRAM bit growth of mid single-digits.

我引導您實現中個位數的 PC DRAM 位增長。

That'll actually be flat this next quarter, but costs will actually come down in the mid single-digit range for --

下個季度這實際上將持平，但成本實際上將下降到中個位數範圍內 -

Say that again?

再說一次？

Your bit growth in terms of production for PC DRAM will be flat?

就 PC DRAM 的產量而言，您的位增長會持平嗎？

Will be flat Q4 over Q3, yes.

是的，第四季度將與第三季度持平。

And the other areas would be higher than that?

其他領域會比這更高嗎？

You're going to see growth in the other areas, correct.

你會看到其他領域的增長，沒錯。

Why would you not see bit growth in PC?

為什麼你看不到 PC 的增長？

Similar to what we've talked about before.

與我們之前談到的類似。

Wafers are still moving into other products, specialty DRAM, image sensors, NAND.

晶圓仍在進入其他產品，專業 DRAM、圖像傳感器、NAND。

But you would think it's a growth quarter in terms of revenue for you?

但你會認為這是一個收入增長的季度嗎？

Well, that would be your own -- your own discussion about ASPs.

好吧，那將是你自己的——你自己關於 ASP 的討論。

I think Mike's probably described an environment where we're going to ship what we make, and so then you'll have to determine what the ASP effect will have on revenues.

我認為邁克可能描述了一種環境，在這種環境中，我們將交付我們所生產的產品，因此您必須確定 ASP 對收入的影響。

NAND's clearly down and the other one is -- DRAM's flat.

NAND 明顯下降，另一個是——DRAM 持平。

Okay, thank you.

好的謝謝你。

Alright, thank you so much.

好的，非常感謝。

Well, that's assuming your ASPs.

好吧，這是假設您的 ASP。

That's not what Mike has said, but if that's your take away, then we respect that.

這不是邁克所說的，但如果這是你的收穫，那麼我們尊重這一點。

I thought you said that if it remained as it is for the rest of the quarter, it would be NAND flat to down five and DRAM, if it remained as it is, flat?

我以為你說如果它在本季度剩下的時間裡保持不變，它將是 NAND 持平到下降 5 和 DRAM，如果保持不變，持平？

Yes, that's giving you a reference point that, if those two things happen, then that would be the effect.

是的，這給了你一個參考點，如果這兩件事發生了，那就是結果。

Mike's not making a prediction on what the market will do for the next two months.

邁克沒有預測未來兩個月市場的走勢。

Sure.

當然。

Sure.

當然。

Thank you so much for that clarification, Kipp.

非常感謝你的澄清，基普。

You bet.

你打賭。

Thank you.

謝謝你。

Your next question is coming from Joseph Osha with Merrill Lynch .

您的下一個問題來自美林公司的 Joseph Osha。

Please go ahead.

請繼續。

Hi, Kipp, I'm sorry, color me confused following on the previous question.

嗨，Kipp，對不起，在上一個問題之後讓我感到困惑。

It sounds like you are saying that the, you know, approximately, you know, half or somewhat less than half of your DRAM business that doesn't go into the PC end market is going to see production growth and presumably shipment growth.

聽起來你是在說，你知道，大約，你知道，一半或略低於一半的 DRAM 業務沒有進入 PC 終端市場，將看到產量增長和出貨量增長。

Is that correct?

那是對的嗎？

Correct.

正確的。

Okay, so -- and you talked about the PC business overall being less than the majority of revenue.

好的，所以 - 你談到個人電腦業務總體上低於大部分收入。

That presumably includes the other non-DRAM business.

這大概包括其他非 DRAM 業務。

Are you able to give us some color in terms of what the end market composition of your DRAM business is?

您能否就您的 DRAM 業務的最終市場構成向我們提供一些顏色？

Yes, we can do that, Mike.

是的，我們可以做到，邁克。

We can share that was you promptly.

我們可以及時分享那是你。

I can -- from a market standpoint, Joe, I can give you some ballpark figures here.

我可以——從市場的角度來看，喬，我可以在這裡給你一些大概的數據。

I apologize, by the way.

順便說一句，我很抱歉。

This is not necessarily broken out by -- it doesn't single out DRAM, but in terms of our overall revenue mix, jow about if I rank the market segments for you.

這不一定是由 - 它沒有單獨列出 DRAM，但就我們的整體收入組合而言，如果我為你對細分市場進行排名的話。

Desktop and notebook computing would be the largest.

台式機和筆記本電腦將是最大的。

Okay.

好的。

Mobile terminals would be number two -- handsets, basically, would be number two, servers would be number three, consumer electronics would be number four, and then there are a mishmash of segments beyond that, but that's the ranking.

移動終端將排在第二位——基本上，手機將排在第二位，服務器將排在第三位，消費電子將排在第四位，除此之外還有一些雜亂無章的細分市場，但這就是排名。

And those four that I named are -- are very significant, in terms of revenue dollars.

就收入而言，我提到的那四個是非常重要的。

Okay.

好的。

Well, then it sounds to me like, if your PC business is -- you know, and obviously, you know, hypothetically assuming that pricing's flat, nobody knows -- but if it is then, you know, your PC DRAM business doesn't generate any revenue growth, but, you know, if you're able to see shipment growth in your non-PC DRAM businesses, that would generate revenue growth.

那麼在我看來，如果你的個人電腦業務是——你知道，顯然，你知道，假設價格持平，沒有人知道——但如果是這樣，你知道，你的個人電腦 DRAM 業務沒有不會產生任何收入增長，但是，您知道，如果您能夠看到非 PC DRAM 業務的出貨量增長，那將產生收入增長。

Is that correct?

那是對的嗎？

That is a -- that is a fair assumption.

這是一個 - 這是一個公平的假設。

Okay.

好的。

And then the last question would be then, is the margin on your non-PC DRAM stuff better than your DRAM stuff or PC stuff or the same or worse?

然後最後一個問題是，您的非 PC DRAM 材料的利潤是否比您的 DRAM 材料或 PC 材料更好，還是相同或更差？

I can rank them for you like we have in past quarters, Joe.

喬，我可以像過去幾個季度一樣為你排名。

Image sensors are still the highest gross margin, followed by specialty DRAM.

圖像傳感器仍然是最高的毛利率，其次是專用 DRAM。

In this quarter, NAND and DRAM flip-flopped -- PC DRAM flip-flopped, so PC DRAM's third and NAND fourth.

在本季度，NAND 和 DRAM 翻轉——PC DRAM 翻轉，因此 PC DRAM 位居第三，NAND 位居第四。

Okay, understood.

好的，明白了。

And then last question, I guess for Bill.

最後一個問題，我猜是比爾。

Seems like there would have to be some operational and gross margin synergies for Lexar, so would it be fair to say, as I think that year to 18 months out, that the objective is to meet all of Lexar's NAND requirements with internally sourced wafers, that's the first thing?

似乎 Lexar 必須有一些運營和毛利率協同效應，所以公平地說，我認為那一年到 18 個月後，目標是通過內部採購的晶圓滿足 Lexar 的所有 NAND 要求，這是第一件事？

And then the second thing is at the operational level, do you have some thoughts about the synergies you might ring out of that, as we think about how the integrated model look?

然後第二件事是在運營層面，當我們考慮集成模型的外觀時，您是否對可能產生的協同效應有一些想法？

Yes, Joe, this is Steve.

是的，喬，這是史蒂夫。

I -- first of all, given the growth profile of, I think, the NAND demand and given some of the other obligations that we already have in place or that we're working on, I'm not confident in 18 months from now all supply comes internal.

我——首先，考慮到我認為 NAND 需求的增長情況，以及我們已經承擔或正在努力的其他一些義務，我對從現在起的 18 個月內沒有信心所有供應都來自內部。

However, having said that, as Lexar's noted themselves publicly, they have some pretty good supply relationships now, that I think would be advantageous for them, that remained in place after the acquisition.

然而，話雖如此，正如 Lexar 公開指出的那樣，他們現在有一些非常好的供應關係，我認為這對他們來說是有利的，在收購後仍然存在。

So, if the Lexar team does their job, that business will grow, in addition to the business that we have growing.

因此，如果 Lexar 團隊完成他們的工作，除了我們正在增長的業務之外，該業務將會增長。

So we will get operational synergies.

因此，我們將獲得運營協同效應。

There's no question about that.

毫無疑問。

And we'll -- I think we'll be able to bring some efficiencies to that model.

我們將 - 我認為我們將能夠為該模型帶來一些效率。

But also remember that part of the business is in controllers and a few other things. o, you know, which we're actually looking to invest more R&D in what they've been doing, as opposed to less R&D, but get more efficiencies on the operational and the SG&A side.

但也要記住，業務的一部分是控制器和其他一些東西。 o，你知道，我們實際上希望在他們一直在做的事情上投入更多的研發，而不是更少的研發，但在運營和 SG&A 方面獲得更高的效率。

Okay, understood.

好的，明白了。

Thanks, guys.

多謝你們。

Thanks, Joe.

謝謝，喬。

Thank you.

謝謝你。

Your next question is coming from Mr. Dave Wong from A.G. Edwards.

您的下一個問題來自 A.G. Edwards 的 Dave Wong 先生。

Please go ahead.

請繼續。

Thank you very much.

非常感謝。

Can you give us any idea of what gross margins the Lexar product is currently selling for?

您能否告訴我們 Lexar 產品目前的銷售毛利率是多少？

It's too early for us to do that, Dave.

戴夫，我們現在這樣做還為時過早。

We just got our hands on it.

我們剛剛拿到手。

And the thing that I think is important to highlight -- and I think this question's come up a number of times -- and that is, boy, have you really done enough planning, you know, given we had enough time to know that we were going to close on Lexar or not close on Lexar, but the fact of the matter is there was some uncertainty, you know, until we were able to complete the transaction.

我認為重要的是要強調——我認為這個問題已經出現了很多次——那就是，男孩，你真的做了足夠的計劃嗎，你知道，因為我們有足夠的時間知道我們將在 Lexar 上關閉或不關閉 Lexar，但事實上在我們能夠完成交易之前存在一些不確定性。

And as a result, I think this is the first time in my history where both boards approved a transaction and yet there was still uncertainty in the market as to the transaction closing.

因此，我認為這是我歷史上第一次兩個董事會都批准了交易，但市場對於交易的完成仍然存在不確定性。

And as a result, we really didn't know whether we were going to be competitors or partners, so to speak with Lexar right up until -- right up until the closing.

結果，我們真的不知道我們將成為競爭對手還是合作夥伴，所以直到結束時才與 Lexar 交談。

So we couldn't do as much planning -- and, frankly, we didn't get as much visibility into some of the things that they were working on and developing as we would have normally liked to.

所以我們不能做那麼多的計劃——坦率地說，我們沒有像我們通常希望的那樣對他們正在進行和開發的一些事情有足夠的了解。

Obviously, we had enough insight to know we wanted to do the deal, but it's just going to take us a little bit of time to get our hands around that.

顯然，我們有足夠的洞察力知道我們想做這筆交易，但這只是需要我們一點時間來解決這個問題。

And, so, it's just too new to us right now.

而且，所以，它現在對我們來說太新了。

Okay, fine.

好的。

If I could just follow-up quickly on that, though.

不過，如果我能迅速跟進的話。

For all your non-Lexar stuff, you had really good margins this quarter, about 25% gross margin, I guess.

對於你所有的非 Lexar 產品，你本季度的利潤率非常好，我猜約為 25% 的毛利率。

Are there any things that improve -- pricing aside, are there any other things that affect gross margin in coming quarter?

有什麼可以改善的嗎——除了定價，還有其他什麼因素會影響下一季度的毛利率嗎？

Are there any special costs?

有什麼特殊費用嗎？

The [B Tech] -- there's no effect from B Tech now, right?

[B Tech]——現在 B Tech 沒有影響，對吧？

Are there any other factors there?

還有其他因素嗎？

Sure, we have costs coming down on a multiple of our products.

當然，我們的多種產品的成本都在下降。

We've got, potentially, some -- as Mike described earlier, some upward trending, NAND flash ASPs, potentially, on the quarter, as well.

正如邁克之前所描述的，我們可能會在本季度獲得一些呈上升趨勢的 NAND 閃存 ASP。

And, of course, the more allocation comes from the higher margin products, which is image sensors and specialty DRAM, then that's a positive impact on gross margins, as well.

而且，當然，更多的分配來自利潤率更高的產品，即圖像傳感器和專用 DRAM，這對毛利率也有積極影響。

Great, thanks.

太謝謝了。

Your next question is coming from Mr. David Wu with Global Crown Capital.

您的下一個問題來自環球皇冠資本的 David Wu 先生。

Please go ahead.

請繼續。

Yes, Mike, can you talk a little bit about CMOS sensor.

是的，邁克，你能談談 CMOS 傳感器嗎？

I was just wondering two things.

我只是想知道兩件事。

Number one, your gross margin dropped sequentially.

第一，您的毛利率依次下降。

Is that a function of VGA graphics being a bigger percentage of the total?

這是VGA圖形佔總數更大百分比的功能嗎？

Secondly, roughly how much are these 1.3 and two meg megapixel sensors versus these VGA graphics for you guys?

其次，對於你們來說，這些 1.3 和 2 兆像素傳感器與這些 VGA 圖形相比大約要多少錢？

Yes, David, from a mix standpoint in terms of pixels, that's the -- roughly half of the units we shipped were VGA sensor and half one, two, three, and five megapixel sensors, and so -- that's ballpark, ballpark half.

是的，大衛，從像素混合的角度來看，這就是——我們發貨的大約一半是 VGA 傳感器，一半是 1、2、3 和 5 兆像素傳感器，所以——這是球場，球場的一半。

And I think it's safe to say that our margins on VGA sensors are lower than they are on one megapixel -- actually, the greater pixel density per chip, the greater our margins are.

而且我認為可以肯定地說，我們在 VGA 傳感器上的利潤率低於它們在 1 百萬像素上的利潤率——實際上，每個芯片的像素密度越大，我們的利潤率就越大。

That's a pretty safe general statement.

這是一個相當安全的一般性陳述。

And, actually, I may have answered all your questions there in on once sentence.

而且，實際上，我可能已經用一句話回答了你所有的問題。

Is it --

是嗎 -

Yes, pretty good.

是的，相當不錯。

Are these going to be shortages, though, because I think in the last time you talked publicly, you said you were 15% under shipping the market?

但是，這些是否會成為短缺，因為我認為在您上次公開講話時，您說您的市場出貨量低於 15%？

Yes, I think we left some business on the table from a supply standpoint in our fiscal Q3.

是的，我認為從供應的角度來看，我們在第三財季留下了一些業務。

In fiscal Q4, which is -- you know, we're three weeks into fiscal Q4, I think we're about right even with demand, basically.

在第四財季，也就是——你知道，我們進入第四財季已經三週了，我認為即使有需求，我們基本上也是正確的。

I think we're able to meet the demands of the market in fiscal Q4.

我認為我們能夠在第四季度滿足市場需求。

With Italy really running full steam now and some capacity additions that we've got planned in Idaho, as well as, you know, looking at starting sensors in Japan, certainly by fiscal Q1, I think we're going to be in great shape from our -- you know, a standpoint of being able to meet the needs of the market from a supply standpoint.

意大利現在真的全速運轉，我們計劃在愛達荷州增加一些產能，以及，你知道，看看日本的啟動傳感器，肯定是到第一財季，我認為我們將處於良好狀態從我們的 - 你知道，從供應的角度能夠滿足市場需求的角度來看。

At some point would CMOS sensors possibly as much as half of your profits at a gross profit level?

在某個時候，CMOS 傳感器可能會達到毛利潤水平的一半嗎？

Because that number keeps going up and your market share keeps going up, so you look at that number and you say, well that's approximately a quarter of the earnings.

因為這個數字一直在上升，你的市場份額也在不斷上升，所以你看著這個數字，你會說，這大約是收入的四分之一。

And if you keep that up, it won't be too long before it approaches half.

如果你堅持下去，用不了多久它就會接近一半。

Was there a question in that?

有問題嗎？

Well, I just wonder what your plans are, because you've got another fab coming up, right, Japan?

好吧，我只是想知道你的計劃是什麼，因為你有另一個晶圓廠即將建成，對吧，日本？

Yes.

是的。

I think our approach is we have, obviously, significant capacity in a variety of products worldwide, and we want to optimize that capacity, and we'll continue to do that to the improvement of the margin.

我認為我們的方法是，顯然我們在全球各種產品中擁有大量產能，我們希望優化該產能，我們將繼續這樣做以提高利潤率。

The only caveat related to that is we do have a partnership with Intel on NAND and we have obligations to continue to invest and ramp that, as we would want to anyhow to substantiate our position in that market.

與此相關的唯一警告是，我們確實與英特爾在 NAND 上建立了合作夥伴關係，我們有義務繼續投資並擴大其規模，因為我們無論如何都希望證實我們在該市場的地位。

So, you know, again I think as its somewhat already been capsulated, we expect the imaging business to grow.

所以，你知道，我再次認為它已經被封裝了，我們預計成像業務會增長。

We'll keep alloqua -- allocating resources to that business as the demand grows with it.

我們將繼續使用 alloqua——隨著需求的增長，將資源分配給該業務。

We expect the NAND profile to grow rapidly by virtue of the investments we're making in IMFT.

由於我們在 IMFT 上的投資，我們預計 NAND 業務將迅速增長。

And when it comes to the DRAM, we're going to allocate those resources among the best product for return to the Company.

而在 DRAM 方面，我們將把這些資源分配給最好的產品，以回報公司。

And it's just going to go wherever it goes, and we'll just have to, you know, keep our eye on it.

它只會去任何地方，我們只需要，你知道的，密切關注它。

Okay, well, thank you.

好的，好的，謝謝。

Have a good quarter.

有一個良好的季度。

Thank you.

謝謝你。

Your next question is coming from Mr. Doug Freedman from Am Tech Research.

您的下一個問題來自 Am Tech Research 的 Doug Freedman 先生。

Please go ahead.

請繼續。

Hi, guys.

嗨，大家好。

Getting to the bottom of the barrel here, but could you talk about your overall production increase in wafer starts from Q3 to Q4?

說到這裡，你能談談你從第三季度到第四季度晶圓的總體產量增長嗎？

You bet.

你打賭。

It'll be up just a couple percent in terms of wafer outs,Doug.

道格，就晶圓輸出而言，它只會增加幾個百分點。

And any plans or any update on the scheduling and node at which you're going to convert the Singapore Tech JV to 300 mil?

以及您要將新加坡科技合資企業轉換為 3 億的調度和節點的任何計劃或任何更新？

Can you repeat that again?

你能再重複一遍嗎？

Can you offer us some details on the timing and node point which you'll convert the 300 mil at Tech JV?

您能否提供一些有關您將在 Tech JV 轉換 3 億的時間和節點點的詳細信息？

Oh, I got you.

哦，我得到你了。

Mark, you want to answer that?

馬克，你想回答嗎？

Yes, we are -- we're in a -- building out some space right now.

是的，我們正在——我們現在正在建造一些空間。

We'll be in sort of pilot line mode late this year on 78 nanometer, and that would be a 78 nanometer, 300 millimeter ramp of that.

我們將在今年晚些時候在 78 納米上進入試運行模式，這將是 78 納米，300 毫米的斜坡。

And -- alright, terrific.

而且——好吧，太棒了。

Thank you.

謝謝你。

Thank you.

謝謝你。

Your next question is coming from Mr. Hans Mosesmann with Moors & Cabot.

您的下一個問題來自 Moors & Cabot 的 Hans Mosesmann 先生。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Most of my questions have been answered.

我的大部分問題都已得到解答。

I do have a question, though, regarding the multi-chip module solution in the wireless space.

不過，我確實有一個關於無線空間中的多芯片模塊解決方案的問題。

Are you saying that there's certain OEMs in the wireless space that are abandoning NOR and going with the NAND/DRAM solution?

您是說無線領域的某些 OEM 正在放棄 NOR 並採用 NAND/DRAM 解決方案嗎？

No, I would not say it's accurate to say that certain OEMs are abandoning NOR.

不，我不會說某些 OEM 正在放棄 NOR 是準確的。

I think what's happening, as new applications are demanding more memory content, all of the OEMs are making decisions to implement NAND-based MCPs in certain phone models, as opposed to NOR-based MCPs.

我認為正在發生的事情是，隨著新應用程序需要更多內存內容，所有 OEM 都在決定在某些手機型號中實施基於 NAND 的 MCP，而不是基於 NOR 的 MCP。

So, what you have today is, basically, every handset manufacturer that I'm aware of with a lineup of NOR-based MCPs as well as a new lineup of NAND-based MCPs.

所以，你今天所擁有的基本上是我所知道的每個手機製造商都擁有基於 NOR 的 MCP 陣容以及基於 NAND 的 MCP 的新陣容。

And what's typically occuring is that the high-density MCPs are deploying NAND plus low power DRAM and the lower density MCPs are deploying plus pseudo-static RAM.

通常發生的情況是，高密度 MCP 正在部署 NAND 和低功耗 DRAM，而低密度 MCP 正在部署加上偽靜態 RAM。

Okay, and then one follow-up.

好的，然後是後續行動。

These higher-end phones with NAND and DRAM, do they have any kind of NOR in the handset?

這些帶有 NAND 和 DRAM 的高端手機，它們的手機中是否有任何類型的 NOR？

In some cases they do.

在某些情況下，他們會這樣做。

In some cases they have a discreet NOR.

在某些情況下，他們有一個謹慎的 NOR。

In other cases they may be implementing the NOR via an MCP with a DRAM or a pseudo-static RAM and a stand-alone embedded NAND flash chip.

在其他情況下，他們可能通過帶有 DRAM 或偽靜態 RAM 和獨立嵌入式 NAND 閃存芯片的 MCP 來實現 NOR。

So there are a whole variety of different configurations.

所以有各種各樣的不同配置。

Okay.

好的。

I --

我 -

n general, the trend towards more NAND content and less relative NOR content in cell phones, that's a guarantee that's going to occur.

n 一般而言，手機中 NAND 內容更多而相對 NOR 內容更少的趨勢，這是一定會發生的。

It'll -- you know, it'll unfold over the next several years.

它會——你知道，它會在未來幾年內展開。

Perfect.

完美的。

Thank you very much.

非常感謝。

Thank you, your next question is coming from Mr. Michael Lucas with Appaloosa.

謝謝，您的下一個問題是來自 Appaloosa 的 Michael Lucas 先生。

Please go ahead.

請繼續。

Yes, I just wanted to confirm what you said.

是的，我只是想確認你說的話。

Where did you think PC shipments are going? 15-17% up, did you say?

您認為 PC 出貨量將走向何方？ 15-17%，你說的嗎？

No, did not say that.

不，沒有這麼說。

DRAM demand from our PC customers in the calendar Q3 trime -- time frame, which roughly corresponds with our fiscal Q4, will be up quarter-over-quarter 15-17%.

我們的 PC 客戶在日曆第三季度的 DRAM 需求——與我們的第四財季大致對應的時間框架，將環比增長 15-17%。

Now there are two components to that.

現在有兩個組成部分。

One is the content per box and the other, of course, is the number of boxes.

一個是每個盒子的內容，另一個當然是盒子的數量。

I can't give you the granularity on that, but overall demand from the PC customer is up 15-17% quarter-over-quarter.

我無法詳細說明這一點，但 PC 客戶的總體需求環比增長了 15-17%。

Sure.

當然。

And also, I guess, what is your guys' assumption on -- do you make any assumptions on what PC shipments will be or what handsets will be in a given year?

而且，我想，你們的假設是什麼——你們對給定年份的 PC 出貨量或手機的出貨量做出任何假設嗎？

All we do is take the published third-party data, and I think in the PC area that's 9, 10, 11, 12% for the year, and in the handset, maybe slightly higher than that.

我們所做的只是獲取已發布的第三方數據，我認為在 PC 領域這一年分別為 9%、10%、11%、12%，而在手機領域，可能略高於此。

Sure.

當然。

Do you see a demand from some of these lower-end markets that they want phone -- they want cameras in those phones?

您是否看到其中一些低端市場對他們想要手機的需求——他們想要這些手機中的攝像頭？

Yes.

是的。

Okay.

好的。

And lastly, I know that the market kind of throws you off a little bit here on revenues, God only knows why.

最後，我知道市場在收入方面會讓你有點失望，只有上帝知道為什麼。

But if everything stayed flat, we would see a margin expansion relative to all the information you've given out in the call because your costs are going down.

但是，如果一切都保持不變，我們會看到相對於您在電話會議中提供的所有信息的利潤率擴張，因為您的成本正在下降。

Correct?

正確的？

That's the right assumption.

這是正確的假設。

That's correct.

這是正確的。

How much will the cost go down in each one of those areas in terms of image, DRAM and NAND?

在圖像、DRAM 和 NAND 方面，每個領域的成本會下降多少？

Yes, we're not going to give you specifics on each one of those.

是的，我們不會為您提供每一項的細節。

You know, in general we've guided that PC DRAM, which is the largest portion, will be down mid single-digits.

你知道，總的來說，我們已經指導最大部分的 PC DRAM 將下降中個位數。

Okay.

好的。

All right, great.

好的，太好了。

Thanks.

謝謝。

You bet.

你打賭。

Your next question is coming from Krishna Shankar with JMP Securities.

您的下一個問題來自 JMP 證券公司的 Krishna Shankar。

Please go ahead.

請繼續。

Yes, can you give us the gross margins for each of the four segments for the last quarter and this quarter?

是的，你能給我們上一季度和本季度四個部分的毛利率嗎？

You mentioned that CMOS image sensors was 40% versus 44% last quarter.

您提到 CMOS 圖像傳感器為 40%，而上一季度為 44%。

What are gross margins in the other segments?

其他細分市場的毛利率是多少？

We don't break those out.

我們不會打破這些。

We give you the image sensor and then the corporate.

我們為您提供圖像傳感器，然後是公司。

Okay.

好的。

And you said that this year DRAM bit production would be fairly well-balanced with demand at about 50 plus or minus five.

你說今年 DRAM 位的產量將與大約 50 正負 5 的需求相當平衡。

Can you have hazard a guess as to what it might be next year, given your knowledge of capital spending in DRAMs?

鑑於您對 DRAM 資本支出的了解，您能否大膽猜測明年的情況？

It looks like, from what's shaping up for spending today, probably a calendar '07 over '06 is on production bit growth probably in the 50% range, maybe a little bit lower.

看起來，從今天的支出情況來看，07 年的日曆可能比 06 年的產量增長可能在 50% 的範圍內，可能會低一點。

And if Vista has a reasonable ramp, what could demand growth be, you think?

如果 Vista 有一個合理的增長，你認為需求增長是多少？

Well, there are some pretty positive trends, which I'll let Mike speak to here.

嗯，有一些非常積極的趨勢，我會讓邁克在這裡談談。

I think -- you know, again keeping in mind that PCs now are -- they're not driving the whole DRAM market, but it's certainly the majority of the market.

我認為——你知道，再次記住現在的個人電腦——它們並沒有推動整個 DRAM 市場，但它肯定是市場的大部分。

In a non-new operating system year, what we're seeing from the PC market is growth rates -- demand growth rates of 45-50%.

在非新操作系統年，我們從 PC 市場看到的是增長率——需求增長率為 45-50%。

It stands to reason with a new operating system being layered in 2000, the incremental affect of that is going to be positive, obviously from a demand standpoint.

2000 年分層的新操作系統是有道理的，其增量影響將是積極的，顯然從需求的角度來看。

And I don't know enough to make a specific prediction, but I think it's safe to say that, if a normal year is 45-50%, next year, with the Vista introduction, it certainly stands to reason it'll be significantly greater than that.

而且我沒有足夠的知識來做出具體的預測，但我認為可以肯定地說，如果正常年份是 45-50%，那麼明年隨著 Vista 的推出，它肯定會顯著比這更大。

But I couldn't give you a specific figure.

但我不能給你一個具體的數字。

Okay, and my final question is on NAND demand and supply in the second half of '06.

好的，我的最後一個問題是關於 06 年下半年的 NAND 需求和供應。

Last year we saw the nano iPod phenomenon, which really shot -- demand shot up and pricing really escalated.

去年，我們看到了 nano iPod 現象，它真的很火——需求猛增，價格也真的上漲了。

What's your viewpoint on capacity additions NAND flash going into the second half of this year verses incremental new market drivers?

您如何看待今年下半年的 NAND 閃存容量增加與增量新市場驅動因素？

You know, on -- I don't know on the capacity side.

你知道，關於 - 我不知道在容量方面。

Of course, I know what we're doing from a capacity standpoint.

當然，從容量的角度來看，我知道我們在做什麼。

There's no way I could predict with any precision what's happening from a competitive standpoint.

從競爭的角度來看，我無法準確預測正在發生的事情。

I can say that we have pretty good visibility into demand and, you know, the big drivers of NAND demand -- the MP3 audio players, a variety of cards for digital cameras and so forth -- hugely dependent upon the seasonal point in the year, and we're already seeing significant strength in demand, relative to what we were seeing for the past six months.

我可以說我們對需求有很好的了解，你知道，NAND 需求的主要驅動因素——MP3 音頻播放器、各種數碼相機卡等等——很大程度上取決於一年中的季節性點，相對於過去六個月的情況，我們已經看到需求顯著增長。

So, again, we're quite bullish on demand for the second half of the year on NAND.

因此，我們再次看好今年下半年對 NAND 的需求。

And you guys are probably in a lot better position to estimate what the supply growth is going to be and how well that's going to be lined up to support the growing demand.

你們可能處於更好的位置來估計供應增長將會是什麼，以及這將如何支持不斷增長的需求。

Then final question, you talked about the growth of MCPs with NAND flash and NOR DRAM, would that take away from the growth of adding cards in cell phones where you have these SD cards, would that take away from the growth of adding cards to Lexar cell phones or will it be [inaudible] incremental to add in cards in cell phones?

最後一個問題，您談到了帶有 NAND 閃存和 NOR DRAM 的 MCP 的增長，這是否會影響在您擁有這些 SD 卡的手機中添加卡的增長，這是否會影響向 Lexar 添加卡的增長手機還是 [聽不清] 在手機中添加卡片是增量的？

I don't believe that's going to be the case.

我不相信會是這樣。

We're seeing so much growth going forward, by the way, both volatile and non-volatile memory content in mobiles phones that it would be -- I'd be hard-pressed to say that cards were going to de -- take away from embedded growth or vice versa.

順便說一句，我們看到手機中的易失性和非易失性內存內容的增長如此之快——我很難說卡會被淘汰——帶走來自嵌入式增長，反之亦然。

In the non-volatile area, just next year alone we're looking at a tripling of con -- of flash memory content per phone, and on the DRAM side I think we're easily looking at a doubling of memory content per phone.

在非易失性領域，僅在明年我們就看到每部手機的閃存內容增加三倍，而在 DRAM 方面，我認為我們很容易看到每部手機的內存內容增加一倍。

So, tremendous growth from a memory standpoint in mobile phones as we move forward, both from embedded as well as detachable cards.

因此，隨著我們向前發展，從手機內存的角度來看，無論是嵌入式卡還是可拆卸卡，都會出現巨大的增長。

Great, thank you.

太好了謝謝。

Your next question is coming from Mr. Thomas Smith with Standard & Poor's Eq.

您的下一個問題來自標準普爾公司的 Thomas Smith 先生。

Please go ahead.

請繼續。

Yes, following up on phones, I wondered if you had some sort of dollar figure arranged for the addressable markets that you now have in phones, now that you have sensors and various kinds of memory?

是的，跟進手機，我想知道您是否已經為您現在在手機中擁有的可尋址市場安排了某種美元數字，現在您擁有傳感器和各種內存？

You know, you're -- well, I'm sure we could scratch one up here pretty quickly, and -- but I don't have it off the top of my head.

你知道，你是——好吧，我相信我們可以很快在這裡找到一個，而且——但我並沒有想到它。

In terms of the addressable market, considering our image sensor offering and our memory offering, I really don't have one off the top of my head.

就潛在市場而言，考慮到我們的圖像傳感器產品和內存產品，我真的沒有想到任何一個。

Okay.

好的。

Safe to say that it's considerably more than it was a year or two ago as far as your Company history goes?

可以肯定地說，就貴公司的歷史而言，這比一兩年前要多得多？

Certainly.

當然。

Let me share a little bit of data with you here.

讓我在這裡與您分享一些數據。

If you take the number of phones that are manufactured this year -- I don't know if it's 900 mill -- closer to 900 million or a billion -- from a DRAM content standpoint, probably about 25 megabytes of content per phone, and from a NAND flash standpoint about 45 megabytes of content per phone.

如果你計算今年生產的手機數量——我不知道是 900 部——接近 9 億部還是 10 億部——從 DRAM 內容的角度來看，每部手機可能有大約 25 兆字節的內容，並且從 NAND 閃存的角度來看，每部手機大約有 45 兆字節的內容。

From an image sensor, probably about 70% penetration and the average selling price of a image sensor in a phone this year is probably about $2, between $2 and $3.

從圖像傳感器來看，今年手機中圖像傳感器的滲透率大概在 70% 左右，平均售價大概在 2 美元左右，介於 2 美元和 3 美元之間。

So that -- you know, you can do your own back of the envelope calculations based on those figures, I think.

所以——你知道，我認為你可以根據這些數字進行自己的信封計算。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Thank you.

謝謝你。

Your next question is coming from Lilian Li with TIAA-CREF.

您的下一個問題來自 TIAA-CREF 的 Lilian Li。

Please go ahead.

請繼續。

Hey, it's Manish Goyal.

嘿，這是 Manish Goyal。

I have a couple of questions.

我有一些問題。

It seems like you sound pretty positive about the DRAM -- PC [inaudible] DRAM supply demand equation for the second half of the year, yet you are not investing putting capital.

看來您對 DRAM 的看法相當樂觀——PC [音頻不清晰] 下半年的 DRAM 供需方程，但您並沒有投資投入資金。

Can you reconcile that for me, why you're not putting capital for that?

你能為我調和一下，為什麼你不為此投入資金？

Yes, I think, Manish, the -- it's not a matter of not putting capital in.

是的，我認為，Manish，這不是不投入資金的問題。

We're putting capital in, we're just not allocating it to produce that particular product, and the answer's really pretty simple.

我們正在投入資金，我們只是沒有分配資金來生產特定的產品，答案非常簡單。

Just look at the last seven years.

看看過去的七年。

There's only been one or two, really, that've been okay.

只有一兩個，真的，沒關係。

So, we're allocating the resources to products that we think are more differentiated and have a higher gross margin over a sustainable longer period of time.

因此，我們將資源分配給我們認為更具差異化且在可持續較長時期內具有更高毛利率的產品。

You know, we cannot -- one thing that I think is worth noting is, you can't go out and develop and [inaudible] some customer or MCP customer, et cetera, where they have to design this product in months in advance or maybe a year in advance, finally get it to market, and call them up and say sorry, we decided to make some PC DRAM instead.

你知道，我們不能——我認為值得注意的一件事是，你不能出去開發和 [聽不清] 一些客戶或 MCP 客戶等等，他們必須提前幾個月設計這個產品，或者也許提前一年，終於把它推向市場，打電話給他們說對不起，我們決定生產一些 PC DRAM。

It just doesn't work that way.

它只是不那樣工作。

So we have commitments to make on these products as we build those businesses, and as a result, we're going to allocate the resources to do that, rather than just short-term change it.

因此，在我們建立這些業務時，我們對這些產品做出了承諾，因此，我們將分配資源來做到這一點，而不僅僅是短期改變它。

Having said that, it's not that we won't benefit from an improving PC mar -- pricing environment for a product that goes into PCs, because Mike already stated, that's still a big part of our business and we will.

話雖如此，但這並不是說我們不會從改進的 PC 市場中受益——進入 PC 的產品的定價環境，因為邁克已經說過，這仍然是我們業務的重要組成部分，我們會的。

But our focus, as we've said now for several years, is to develop a more differentiated product.

但正如我們多年來所說的那樣，我們的重點是開發更具差異化的產品。

It's not to exit the PC space; it's to --it's to lessen our dependence on it, and that's what we're trying to do.

不是退出PC空間；這是為了減少我們對它的依賴，這就是我們正在嘗試做的事情。

So, I guess the follow-up here is if, as you said, you know, of the last seven years, there was one good year for PC [inaudible] DRAM, then why even be in this business or have such a large portion of your total business in PC [inaudible] DRAM?

所以，我想這裡的後續行動是，如果，正如你所說，你知道，在過去的七年中，PC [聽不清] DRAM 有一個好年頭，那麼為什麼還要從事這項業務或擁有如此大的份額您在 PC [音頻不清晰] DRAM 方面的總業務？

Why not shrink it to something more substantial?

為什麼不把它縮小到更實質的東西呢？

How do you think about that?

你怎麼看？

Well, we are shrinking it.

好吧，我們正在縮小它。

As I said, it's continued to shrink for several years now., and we're continuing on that path.

正如我所說，它現在已經持續縮小了幾年。我們正在繼續沿著這條道路前進。

So, the other thing is, you say why make it at all?

所以，另一件事是，你說為什麼要這麼做？

Well, we do have a lot of capacity and pace.

好吧，我們確實有很多能力和速度。

We do need scale.

我們確實需要規模。

We need to be -- we need to continue to be cost competitive in our memory business in totality, and that requires that you produce, I think, in all of these spaces.

我們需要——我們需要繼續在我們的內存業務中保持整體成本競爭力，我認為這需要你在所有這些領域進行生產。

So, it's not just as simple of cutting that all off and thinking that it solves all the problems.

因此，切斷所有這些並認為它可以解決所有問題並不是那麼簡單。

It doesn't.

它沒有。

You have to go through a transition , and the intent and what we've been trying to achieve is go through that transition without damaging the Company in any particular quarter or 12-month period.

您必須經歷一次過渡，而我們一直在努力實現的意圖和目標是在任何特定季度或 12 個月期間在不損害公司的情況下進行過渡。

We're trying to keep a Company that is growing in the areas we want to grow, continues to make the use of efficiencies that we've learned and developed from the commodity DRAM business, and keep that, by the way, knowledge base moving forward by participating in those markets, but leverage that in the more differentiated product.

我們正在努力保持一家在我們想要發展的領域不斷發展的公司，繼續利用我們從商品 DRAM 業務中學到和發展的效率，順便說一下，保持知識庫的發展通過參與這些市場向前發展，但在更具差異化的產品中利用這一點。

I have one more question, this is on capacity.

我還有一個問題，這是關於容量的。

Could you talk about how much of your total wafer starts today are on 65 nanometers and if you -- when you look at 200 mm installed capacity, how much of that you will be converting to 65 nanometers to produce PC [inaudible] DRAM?

您能否談談您今天開始的總晶圓中有多少是 65 納米的，如果您 - 當您查看 200 毫米的裝機容量時，您將有多少轉換為 65 納米來生產 PC [聽不清] DRAM？

Well, first of all, we're not running much of all on 65 nanometer in production.

嗯，首先，我們在生產中並沒有在 65 納米上運行太多。

Sure.

當然。

I don't think [inaudible] hardly anybody else is either. obviously, we're working on the technology, but we haven't deployed it.

我認為 [聽不清] 幾乎沒有其他人也是。顯然，我們正在研究這項技術，但我們還沒有部署它。

Sure.

當然。

So, obviously, we're working on the technology, but we haven't deployed it.

所以，很明顯，我們正在研究這項技術，但我們還沒有部署它。

And, really, when you think about NAND for us, it's likely to be a 50 nanometer node as opposed to a 65 nanometer node, and we're doing that -- obviously working on that now as we speak, as well.

而且，真的，當你為我們考慮 NAND 時，它可能是 50 納米節點而不是 65 納米節點，我們正在這樣做——顯然，正如我們所說的那樣，現在也在努力。

In terms of converting from 200 to 300, interesting enough, our model now greatly leverages the 200 millimeter capacity that we've had in place, even though it's a relatively advanced process node.

就從 200 到 300 的轉換而言，有趣的是，我們的模型現在極大地利用了我們已有的 200 毫米容量，儘管它是一個相對先進的工藝節點。

So, you know, will a 200 millimeter capacity that we have today, that we're utilizing for more different data products, eventually become 65 nanometer?

那麼，你知道，我們今天擁有的 200 毫米容量，我們正在用於更多不同的數據產品，最終會變成 65 納米嗎？

I don't know.

我不知道。

You know, probably if you can still -- if you continue to make that product based on the 200 millimeter.

你知道，如果你仍然可以 - 如果你繼續製造基於 200 毫米的產品。

The higher probability is that most of your 200 millimeter will eventually convert to 300 millimeter, as it becomes less expensive and more applicable to a generation minus one or two or three product portfolio base.

較高的可能性是，您的 200 毫米中的大部分最終將轉換為 300 毫米，因為它變得更便宜並且更適用於減去一兩個或三個產品組合基礎的一代。

So, eventually I think all 200 millimeter will convert for products that we probably make.

所以，最終我認為所有 200 毫米都將轉換為我們可能製造的產品。

It just takes quite some time for that to happen, and to leverage the 200 millimeter that we're actually taking out of the facilities that have been running advance processes for NAND DRAM.

這需要相當長的時間才能實現，並利用我們實際上從運行 NAND DRAM 先進工藝的設施中取出的 200 毫米。

So I think the probabilities of 200 millimeter becoming 300 millimeter are actually much higher than 200 millimeter moving all the way to 65 nanometer for most of our product base.

因此，我認為對於我們的大多數產品群而言，200 毫米變為 300 毫米的概率實際上遠高於 200 毫米一直到 65 納米的概率。

Thank you so much.

太感謝了。

You bet, and I'd like to thank everyone for participating on the call today.

你打賭，我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 the 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和所有其他可能在電話會議上做出的非歷史事實的陳述受到許多風險和不確定性的影響，實際結果可能存在重大差異。

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

非常感謝。

Thank you.

謝謝你。

This concludes today's Micron Technology conference call.

今天的美光科技電話會議到此結束。

You may now disconnect your lines at this time and have a wonderful evening.

你現在可以在這個時候斷開你的線路，度過一個美好的夜晚。