美光科技 (MU) 2006 Q4 法說會逐字稿

Good afternoon.

下午好。

My name is Lindsey, and I'll be your conference operator today.

我的名字是 Lindsey，今天我將擔任您的會議接線員。

At this time, I would like to welcome everyone to the fourth quarter fiscal year end financial release conference call.

在這個時候，我想歡迎大家參加第四季度財年末財務發布電話會議。

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

所有線路都已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question and answer period. [OPERATOR INSTRUCTIONS] Thank you.

演講者發言後，將進入問答環節。 [操作員說明] 謝謝。

It is now my pleasure to turn the floor over to your host, Mr. Kipp Bedard, Vice President of Investor Relations.

現在我很高興將發言權交給您的主持人，投資者關係副總裁 Kipp Bedard 先生。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you, Lindsey.

謝謝你，林賽。

I'd like to welcome everyone to Micron Technology's fiscal fourth quarter and fiscal year end 2006 financial release conference call.

歡迎大家參加美光科技第四財季和 2006 財年末財務發布電話會議。

On the call today remotely is Mr. Steve Appleton, Chairman, CEO, and President.

今天遠程通話的是董事長、首席執行官兼總裁史蒂夫·阿普爾頓先生。

With me here in Boise is Mr. Mark Durcan, Chief Operating Officer, Bill Stover, Vice President of Finance and Chief Financial Officer, and Mike Sadler, Vice President of Worldwide Sales.

與我一起在博伊西的還有首席運營官 Mark Durcan 先生、財務副總裁兼首席財務官 Bill Stover 和全球銷售副總裁 Mike Sadler。

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以在美光的網站 Micron.com 上獲得。

If you have not had an opportunity to review the fourth 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 年第四季度財務新聞稿，也可以在我們的網站 Micron.com 上獲得。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

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

今晚晚些時候將在下午 5:30 播放此次通話的錄音重播。

Mountain Time.

山時。

You may reach that by dialing 973-341-3080, with a confirmation code of 7930225.

您可以撥打 973-341-3080，確認碼為 7930225。

This replay will run through Thursday, October 12th, 2006 at 5:30 p.m.

此重播將持續到 2006 年 10 月 12 日星期四下午 5:30。

Mountain Time.

山時。

A webcast replay will be available on the Company's website until October 5th, 2007.

2007 年 10 月 5 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，我們可能會就未來事件或公司和行業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 to you 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.

我們向您提及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。

The results we'll be going over, just for confirmation, are the consolidated results, including our IM Flash Technologies joint venture with Intel, our TECH Semiconductor joint venture wafer fab in Singapore, and Lexar Media for the 9-week period subsequent to our acquisition of Lexar.

我們將要確認的結果是綜合結果，包括我們與英特爾的 IM Flash Technologies 合資企業、我們在新加坡的 TECH Semiconductor 合資晶圓廠，以及 Lexar Media 在我們之後的 9 週內的綜合結果。收購雷克沙。

For those listeners who may not yet have access to our press release, let me go over our summary financial results for the fiscal year and the fourth quarter which ended August 31st.

對於那些可能還沒有訪問我們新聞稿的聽眾，讓我回顧一下我們截至 8 月 31 日的財年和第四季度的財務業績摘要。

For the fiscal year, net sales totalled $5.3 billion.

本財年，淨銷售額總計 53 億美元。

That's the second highest total in our Company history, and the Company recorded net income of 408 million, or $0.57 per diluted share.

這是我們公司歷史上第二高的總額，公司錄得淨收入為 4.08 億美元，即每股攤薄收益 0.57 美元。

We're certainly pleased with the third consecutive year of increasing net income.

我們當然對連續第三年增加淨收入感到滿意。

The major themes benefiting this year's results are one, a strategic shift in product mix to take advantage of our CMOS image sensor business, which became the #1 supplier in 2006.

受益於今年業績的主要主題是產品組合的戰略轉變，以利用我們的 CMOS 圖像傳感器業務，該業務在 2006 年成為第一大供應商。

Two, acceleration of our NAND flash efforts through partnering with Intel, and our acquisition of Lexar Media, which positioned us with scale and expertise to be a significant competitor in the NAND market.

第二，通過與英特爾合作加速我們的 NAND 閃存工作，以及我們對 Lexar Media 的收購，這使我們憑藉規模和專業知識成為 NAND 市場的重要競爭對手。

And, three, the strengthening of our overall financial condition and balance sheet, which in part is reflected in the net interest income reported for the year of $76 million.

第三，加強我們的整體財務狀況和資產負債表，這部分反映在報告的 7600 萬美元的年度淨利息收入中。

As was mentioned on our second quarter conference call, operating income in 2006 benefited from the technology sale to Intel, which realized $230 million for the Company.

正如我們在第二季度電話會議中提到的，2006 年的營業收入受益於向英特爾出售的技術，為公司帶來了 2.3 億美元的收入。

For the fourth quarter, net sales totalled 1.37 billion, and net income was 64 million, or $0.08 per diluted share.

第四季度，淨銷售額總計 13.7 億美元，淨收入為 6400 萬美元，或攤薄後每股收益 0.08 美元。

You will notice that the fourth quarter results reflect a 24 million amount, or $0.03 per diluted share, for the noncontrolling interest in TECH Semiconductor.

您會注意到，第四季度業績反映了 TECH Semiconductor 的非控制性權益的 2400 萬美元，或稀釋後每股 0.03 美元。

The product mix which TECH runs has been primarily PCB run devices, which have enjoyed favorable market conditions recently.

TECH經營的產品組合主要是PCB運行設備，最近享有良好的市場條件。

The noncontrolling interest line reflects 57% of TECH's profitability for the quarter.

非控股權益線反映了 TECH 本季度盈利能力的 57%。

Gross margins for the year came in at 23%.

全年毛利率為 23%。

As we noted in our press release, the fourth quarter gross margin was impacted by legal settlement costs.

正如我們在新聞稿中指出的那樣，第四季度毛利率受到法律和解費用的影響。

Absent the effects of the settlements, gross margin would have been approximately 3 percentage points higher for the fourth quarter, a slightly higher level in the third quarter, primarily on improved PC DRAM margins.

如果沒有和解的影響，第四季度的毛利率將提高約 3 個百分點，第三季度的水平略高，主要是由於 PC DRAM 利潤率的提高。

With regard to the legal settlements, I want to acknowledge that the $45 million amount includes our previously announced Tessera agreement, and the remainder all relate to contingency matters previously disclosed within the Company's filings.

關於法律和解，我想承認，4500 萬美元的金額包括我們之前宣布的 Tessera 協議，其餘的都與之前在公司文件中披露的或有事項有關。

As these are active matters, there's no further detail that we can provide.

由於這些都是活躍的問題，我們無法提供更多細節。

Selling general and administrative expenses in most regards have increased proportional to the activities associated with IM Flash, TECH Semiconductor, and Lexar.

在大多數方面，銷售一般和管理費用與 IM Flash、TECH Semiconductor 和 Lexar 相關的活動成正比增長。

Lexar itself is a step-function increase of about $20 million per quarter.

Lexar 本身就是每季度約 2000 萬美元的階梯函數式增長。

Additionally, the fourth quarter of 2006 incurred a heavier than normal legal cost.

此外，2006 年第四季度的法律費用高於正常水平。

We expect the quarterly run rate in '07 to approximate $140 million.

我們預計 07 年的季度運行率約為 1.4 億美元。

Stock-related noncash expenses total 26 million in 2006, of which approximately $11 million are reflected in SG&A.

2006 年與股票相關的非現金支出總計 2600 萬美元，其中大約 1100 萬美元反映在 SG&A 中。

Total stock-related noncash expenses in 2007 are expected to approximately double the 2006 amount.

預計 2007 年與股票相關的非現金支出總額約為 2006 年的兩倍。

Unlike SG&A, which grew consistent with an increasing scale of operations, R&D expense stayed quite flat, even while the scope of R&D activities increased quite significantly.

與隨著運營規模的擴大而增長的 SG&A 不同，研發費用保持相當平穩，即使研發活動的範圍顯著增加。

The strategic move to partner with Intel for NAND development has been noticeably beneficial in containing R&D expense.

與英特爾合作開發 NAND 的戰略舉措明顯有利於控制研發費用。

We expect R&D to run at approximately $175 million per quarter in 2007.

我們預計 2007 年每季度的研發費用約為 1.75 億美元。

It was a very strong year for the Company in generating cash flow from operations, in excess of $2 billion.

對於公司來說，這是一個非常強勁的一年，它從運營中產生了超過 20 億美元的現金流。

The improvement over 2005 reflects our successful diversification into specialty DRAM and CMOS image sensors, and the alliances we struck in the year.

與 2005 年相比的改進反映了我們在專業 DRAM 和 CMOS 圖像傳感器領域的成功多元化，以及我們在這一年建立的聯盟。

Capital spending for 2006 came in at about 1.6 billion.

2006 年的資本支出約為 16 億美元。

Our forecast for capital spending in 2007 is $4 billion.

我們對 2007 年資本支出的預測為 40 億美元。

That appears to be an increase from our last forecast for 2007, but merely reflects that 2006 came in under our last estimate.

這似乎比我們對 2007 年的上次預測有所增加，但僅反映 2006 年低於我們上次的估計。

Approximately 1.5 billion of that 2007 capital spending total is expected to come from partner contributions.

預計 2007 年資本支出總額中約有 15 億來自合作夥伴的捐款。

The second half of fiscal 2007 will really be the first period to see the noticeable benefit of increased volume coming from Manassas and Lehi ramps associated with our capital spend.

2007 財年下半年將是第一個看到與我們的資本支出相關的馬納薩斯和李海坡道帶來的銷量增加帶來的顯著好處的時期。

The size and scope of our operations expanded greatly in 2006, as we positioned the Company for market opportunities in NAND, and capitalized on our industry-leading position in CMOS image sensors.

我們的業務規模和範圍在 2006 年大幅擴大，因為我們將公司定位於 NAND 市場機會，並利用我們在 CMOS 圖像傳感器行業的領先地位。

Cash and investment balances increased 1.8 billion to 3.1 billion at year-end.

年末現金和投資餘額增加 18 億至 31 億。

Total debt declined to less than $600 million.

總債務降至不到 6 億美元。

The growth across the balance sheet is reflective of the consolidation of IM Flash, TECH Semiconductor, and Lexar.

資產負債表的增長反映了 IM Flash、TECH Semiconductor 和 Lexar 的合併。

The approximate $890 million purchase price for Lexar was allocated over the net assets acquired and liabilities assumed, and resulted in the recognition of approximately 490 million of goodwill.

Lexar 大約 8.9 億美元的購買價格被分配到所收購的淨資產和承擔的負債中，並導致確認了大約 4.9 億美元的商譽。

I'll close there and turn our commentary over to Mike.

我將在那里關閉並將我們的評論交給邁克。

Thanks, Bill.

謝謝，比爾。

We couldn't ask for much more with respect to the strength of demand in the mobile communications, consumer electronics, and computing markets.

對於移動通信、消費電子和計算市場的需求強度，我們不能要求更多。

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

這些市場占美光半導體、內存和成像產品的絕大部分需求。

As our customers roll into their peak selling seasons for cellular phones, digital TVs, and personal computers, we are braced for even stronger demand as we move through our fiscal Q1.

隨著我們的客戶進入手機、數字電視和個人電腦的銷售旺季，我們將在第一財季迎來更強勁的需求。

We have spoken extensively about our strategy to continue broadening the product portfolio and create exposure in a variety of markets.

我們已經廣泛談論了我們繼續擴大產品組合併在各種市場中創造曝光率的戰略。

This strategy is playing out nicely, as we make further inroads into these newer markets.

隨著我們進一步進軍這些新市場，這一戰略正在發揮良好的作用。

We have made a conscious effort to reduce exposure in the desktop and notebook markets with our commodity DRAM offering.

我們有意識地努力通過我們的商品 DRAM 產品減少在台式機和筆記本電腦市場的曝光率。

This journey continues but by no means are we withdrawing from these markets, as they continue to be the single largest consumers of DRAM.

這一旅程仍在繼續，但我們絕不會退出這些市場，因為它們仍然是 DRAM 的最大單一消費者。

At this point in time, it is gratifying to see the market performing so well in terms of DRAM consumption, particularly when many industry experts were predicting a sluggish environment due to Vista Operating System rollout delays from this year to next.

在這個時間點，很高興看到市場在 DRAM 消費方面表現如此出色，特別是當許多行業專家預測由於 Vista 操作系統從今年到明年推出延遲而導致環境低迷時。

DDR2 is now entrenched as a mainstream memory solution for the PC market.

DDR2 現在已成為 PC 市場的主流內存解決方案。

With strong demand, we have seen average selling prices increase over 20% from the lulls in mid-summer.

由於需求強勁，我們看到平均售價從仲夏的平靜期上漲了 20% 以上。

Prices are continuing to rise in the near term, and we are optimistic that this environment will sustain right into what is expected to be one of next year's major demand catalysts, the Vista Operating System.

價格在短期內繼續上漲，我們樂觀地認為這種環境將持續到預計成為明年主要需求催化劑之一的 Vista 操作系統中。

The minimum effective DRAM configuration for Vista will be 1 gigabyte, with optimal performance in most applications achieved at 2 to 4 gigabytes.

Vista 的最低有效 DRAM 配置為 1 GB，大多數應用程序的最佳性能為 2 到 4 GB。

This represents a significant step-up in memory content with typical PCs today configured with about 800 megabytes.

這代表了當今典型 PC 配置為約 800 兆字節的內存內容的顯著提升。

The server market is at the heart of our DRAM strategy, and we are holding a leadership position with a full line of high density chips and modules.

服務器市場是我們 DRAM 戰略的核心，我們憑藉全系列的高密度芯片和模塊處於領先地位。

We are not sitting still here as evidenced by our continued early enablement of fully buffered DIMMs, and the recent introduction of the world's first 1-gigabyte DDR3 component.

我們並沒有坐以待斃，我們繼續早期啟用全緩衝 DIMM 以及最近推出的世界上第一個 1 GB DDR3 組件就證明了這一點。

In the current quarter, we are commencing volume production of our mainstream 1 gigabyte DDR2 components on 78-nanometer technology in the Virginia plant.

在本季度，我們將在弗吉尼亞工廠開始批量生產採用 78 納米技術的主流 1 GB DDR2 組件。

This is the DRAM industry's smallest 1-gigabyte die, and the best cost/performance solution in the market for high density applications.

這是 DRAM 行業最小的 1GB 芯片，也是市場上高密度應用的最佳性價比解決方案。

We've seen an acceleration in NAND flash demand over the past 60 days.

在過去 60 天裡，我們看到 NAND 閃存需求加速增長。

Portable audio players are a primary driver, and as we all know there is a seasonal aspect to the timing of consumer electronics demand in any given calendar year.

便攜式音頻播放器是主要驅動力，眾所周知，任何給定日曆年消費電子產品的需求時間都存在季節性因素。

NAND pricing has been on a roller coaster this year, and the recent trend has resulted in about a 30% average selling price bounce off the bottom, seen earlier this summer.

今年 NAND 的定價一直像過山車一樣，最近的趨勢導致平均售價從今年夏天早些時候的底部反彈約 30%。

Beyond Christmas season, I would not be surprised to see things slow down, and we may see price pressure again in the early part of next year.

聖誕節過後，如果事情放緩，我不會感到驚訝，我們可能會在明年年初再次看到價格壓力。

Over the intermediate to long-term we are bullish on the demand for NAND, particularly from the mobile phone and personal computer segments.

從中長期來看，我們看好對 NAND 的需求，尤其是來自手機和個人電腦領域的需求。

These markets are negligible drivers of today's demand in markets in which Micron is deeply entrenched with our complimentary products in our portfolio.

這些市場對當今市場需求的驅動力可以忽略不計，在這些市場中，美光憑藉我們產品組合中的互補產品根深蒂固。

To that end, we are aggressively deploying new capital and advanced technology to extend our NAND flash market presence over the course of the next couple of years.

為此，我們正在積極部署新資本和先進技術，以在未來幾年內擴大我們的 NAND 閃存市場佔有率。

The mobile phone space has been the primary demand driver for our explosive image sensor business over the past couple of years.

在過去的幾年裡，手機領域一直是我們爆炸性圖像傳感器業務的主要需求驅動力。

Our mobile phone imaging business had another quarter of growth, with high pixel density imagers of 1 megapixel and greater, now accounting for well over one-half of our imagery revenues.

我們的手機影像業務又實現了四分之一的增長，1 兆像素及以上的高像素密度成像儀現在占我們影像收入的一半以上。

We believe this is a good indicator validating Micron's position as the recognized leader in image quality and in CMOS imaging technology.

我們相信這是一個很好的指標，證明了美光作為公認的圖像質量和 CMOS 成像技術領導者的地位。

In addition to imagers, the current offering of low-powered DRAM and cellular RAM are vital pieces of our mobile phone success.

除了成像器，目前提供的低功耗 DRAM 和蜂窩 RAM 是我們手機成功的重要組成部分。

With these products, we believe that today's mobile memory architecture has legs well into the future, with the market eventually migrating to a NAND plus low-powered DRAM architecture.

有了這些產品，我們相信今天的移動內存架構在未來會有很好的發展，市場最終會遷移到 NAND 加低功耗 DRAM 架構。

As one of only a few manufacturers with the capability to develop and manufacture these fully integrated solutions, our value proposition to the handset makers increases as this evolution continues.

作為少數有能力開發和製造這些完全集成的解決方案的製造商之一，我們對手機製造商的價值主張隨著這種演變的繼續而增加。

We are helping our customers succeed, as opposed to competing with them, and believe that this is a significant differentiator for the company.

我們正在幫助我們的客戶取得成功，而不是與他們競爭，並相信這對公司來說是一個重要的差異化因素。

We couldn't be more pleased with our position in the mobile phone value chain given Micron's technology and product portfolio.

鑑於美光的技術和產品組合，我們對我們在手機價值鏈中的地位感到非常滿意。

I'll also point out that our fiscal Q1 will be the first opportunity to fully incorporate Lexar's products and markets into the mix.

我還要指出，我們的第一財季將是第一個將 Lexar 的產品和市場完全納入組合的機會。

With over 70,000 retail outlets, top-performing products and leading controller technology and the intellectual property, we are excited for the prospects of this new segment, in both the retail space, as well as placement with our OEM customer base.

憑藉 70,000 多家零售店、性能一流的產品以及領先的控制器技術和知識產權，我們對這一新細分市場的前景感到興奮，無論是在零售領域，還是在我們的 OEM 客戶群中的位置。

To wrap things up from my perspective everywhere I look in the market I see robust demand for Micron products in all end markets.

總結一下我在市場上的所有觀點，我發現所有終端市場對美光產品的需求都很旺盛。

Our near-term efforts are focused on balancing product mix, supply, and allocations, to optimize customer satisfaction and profitability.

我們近期的工作重點是平衡產品組合、供應和分配，以優化客戶滿意度和盈利能力。

Our intermediate to longer term efforts are focused on technology development and capacity expansion, to bring even more value to the customer base.

我們的中長期努力專注於技術開發和產能擴張，為客戶群帶來更多價值。

As always, we appreciate your continued support and interest in the Company.

一如既往，我們感謝您對公司的持續支持和關注。

I'll turn it back over to Kipp.

我會把它交還給 Kipp。

Thank you, Mike.

謝謝你，邁克。

With that, we'd like to take questions from callers. [OPERATOR INSTRUCTIONS] With that, please open up the phone lines.

有了這個，我們想回答來電者的問題。 [操作員說明] 有了這個，請打開電話線。

At this time, I would like to remind everyone [OPERATOR INSTRUCTIONS] Your first question is coming from Glen Yeung from Citigroup.

此時，我想提醒大家[操作員說明]您的第一個問題來自花旗集團的Glen Yeung。

You may go ahead.

你可以繼續。

Thanks.

謝謝。

Just a couple of questions, first one is if you look at gross margins in the quarter up slightly from the previous quarter, particularly if we take out the charges, can you talk about as we look into the November quarter, how that gross margin may trend?

只是幾個問題，第一個是如果你看本季度的毛利率比上一季度略有上升，特別是如果我們扣除費用，你能談談我們在 11 月季度看到的毛利率如何趨勢？

What I'm specifically looking for is, are there changes in how you're going to break down your wafer starts, to optimize gross margins for the next quarter?

我特別要尋找的是，你將如何分解你的晶圓開始，以優化下一季度的毛利率？

Let me break that up into a couple of questions, Glen.

讓我把它分成幾個問題，格倫。

We'll start with Mark and he can address some of the cost programs we have in play for next quarter and throughout the year.

我們將從馬克開始，他可以解決我們在下個季度和全年進行的一些成本計劃。

And then we'll hand the second part of that over to Mike, to address perhaps what his expectations are for pricing.

然後我們將把第二部分交給邁克，以解決他對定價的期望。

So, Mark?

那麼，馬克？

Thanks, Glen.

謝謝，格倫。

On the cost front, for DRAM we see relatively flat bit growth over the next couple of quarters, we should see that accelerate towards the second half of the year, driving some significant cost reductions in the core DRAM arena, maybe in the 30 to 40% regime.

在成本方面，對於 DRAM，我們看到未來幾個季度的位增長相對平穩，我們應該會看到今年下半年加速，推動核心 DRAM 領域的一些顯著成本降低，可能在 30 到 40 % 制度。

As we look at NAND, obviously, we're pretty early into our NAND ramp.

當我們看 NAND 時，顯然，我們很早就進入了我們的 NAND 斜坡。

And while we're pretty pleased with the way the technology is rolling out, we expect that it's going to take another few quarters, before we really start to see the benefit of the capacity we're putting in place.

雖然我們對這項技術的推出方式感到非常滿意，但我們預計還需要幾個季度，才能真正開始看到我們正在實施的容量帶來的好處。

So strong bit growth through the the year, leading to significant cost reductions throughout the year, that we will realize a much better position then as we roll out late into the fiscal year.

全年如此強勁的比特增長，導致全年成本顯著降低，我們將在本財年後期推出時實現更好的地位。

On the product mix front, Glen, if you look at our DRAM portfolio, we've got a pretty stable platform of business in the synchronous DRAM area,, and in the mobile DRAM and the other RAM products for mobile phones, industrial equipment, networking products, and so forth.

在產品組合方面，Glen，如果你看看我們的 DRAM 產品組合，我們在同步 DRAM 領域以及移動 DRAM 和其他用於手機、工業設備、網絡產品等等。

And that business is highly predictable.

而且這項業務是高度可預測的。

So generally speaking that business is going to be stable to slightly up, as we roll into Q1 and into Q2.

所以一般來說，隨著我們進入第一季度和第二季度，業務將穩定到小幅上升。

The real challenge for from us a mix standpoint in the short term is on what we call the commodity DRAM front, and that's targeting the proper mix of DDR versus DDR2.

從我們的混合角度來看，短期內真正的挑戰在於我們所說的商品 DRAM 前沿，即 DDR 與 DDR2 的適當混合。

There are a variety of transitions going on in the marketplace, with respect to, in the computing area, that are driving DDR to DDR2 transitions from a demand standpoint, and of course the pricing is bouncing around, it's been quite active actually in the last month or so, and it looks like it's probably going to continue to be, certainly for the rest of the calendar year.

市場上發生了各種各樣的轉變，在計算領域，從需求的角度來看，它們正在推動 DDR 到 DDR2 的轉變，當然價格也在反彈，實際上它在過去非常活躍一個月左右，看起來它可能會繼續，當然在日曆年的剩餘時間裡。

So what we're trying to do there is to optimize both customer satisfaction and probability, and the bias at this point, is probably towards a richer mix of DDR2 versus DDR, which is a little bit different than has been the case looking backward over the past couple of quarters.

因此，我們試圖做的是優化客戶滿意度和概率，此時的偏見可能是 DDR2 與 DDR 的更豐富的組合，這與回顧過去的情況有點不同過去幾個季度。

A follow-up to your comments, could you comment a little bit on what you see in the next quarter for image sensors, and also what you think PC demand is going to look like in the fourth quarter, largely because we're in front of this -- fourth quarter?

作為您評論的後續，您能否對您在下一季度看到的圖像傳感器以及您認為第四季度 PC 需求的情況發表一點評論，主要是因為我們處於領先地位這個——第四季度？

Glen, we're having a little bit of a problem hearing you, are you asking for Mike's interpretation of the image sensor business in Q1?

格倫，我們聽到你的聲音有點問題，你是在問邁克對第一季度圖像傳感器業務的解釋嗎？

Yes.

是的。

And also any thoughts on PC demand trends for the November quarter, given we're one quarter ahead of Vista?

鑑於我們比 Vista 領先四分之一，對 11 月季度的 PC 需求趨勢有何看法？

First of all in the image sensor front, we're continuing to have a richer mix of I'll call them high pixel density imagers in the mobile phone space.

首先在圖像傳感器方面，我們將繼續擁有更豐富的組合，我將它們稱為手機領域的高像素密度成像器。

I mentioned that over half our business in Q4, in our Q4, was for one megapixel and greater sensors.

我提到，在我們的第四季度，我們在第四季度超過一半的業務是用於 1 百萬像素和更大的傳感器。

Actually, we're heading towards being the 2-megapixel sensor really being the sweet spot sensor, for I'll call it the midrange mobile phones.

實際上，我們正朝著真正成為最佳傳感器的 2 兆像素傳感器邁進，因為我將其稱為中端手機。

And we're continuing to grow our, you know, our high pixel density chips as a percentage of our overall revenues.

我們正在繼續增加我們的高像素密度芯片占我們總收入的百分比。

VGA for us is still pretty substantial, but it's, now it's in the neighborhood of a quarter of our business, and most of the growth for us really is occurring in 2 and 3, and even 5 megapixel area.

VGA 對我們來說仍然相當可觀，但它現在已經占到我們業務的四分之一左右，而且我們的大部分增長確實發生在 2 和 3 甚至 5 兆像素區域。

On the PC DRAM demand front, things are on fire right now.

在 PC DRAM 需求方面，事情正在火上澆油。

And we can't even come close to meeting the needs of our customers.

我們甚至無法滿足客戶的需求。

And the real hot product today is DDR2, and I presume that's primarily tied towards consumer demand for both desktop and notebook PCs.

而今天真正的熱門產品是 DDR2，我認為這主要與消費者對台式機和筆記本電腦的需求有關。

So if there was any concern or worry about a lull or a lag in PC demand leading into the Vista introductions next year, it's not happening, at least it's not happening from our view.

因此，如果有人擔心或擔心 PC 需求會在明年推出 Vista 時出現停滯或滯後，那麼它不會發生，至少在我們看來不會發生。

So things are really looking positive on the PC front for us.

因此，對我們來說，PC 方面的情況確實看起來很積極。

And when we get beyond the hot seasonal season in the January/February timeframe, our expectations and our customers' expectations that are Vista intro is going to be a real good demand kicker for them, for system shipments, for us both for system demand, as well as a big boost in terms of memory content.

當我們在 1 月/2 月的時間框架內度過炎熱的季節時，我們的期望和客戶對 Vista 介紹的期望對於他們來說將是一個真正好的需求推動者，對於系統出貨量，對於我們雙方來說，對於系統需求，以及在內存內容方面的巨大提升。

So we are quite bullish on the prospects for our DRAM business in the computing environment.

因此，我們非常看好我們的 DRAM 業務在計算環境中的前景。

Thanks a lot.

非常感謝。

Your next question is coming from Mike Masdea from Credit Suisse.

您的下一個問題來自瑞士信貸的 Mike Masdea。

You may go ahead.

你可以繼續。

You have some commentary on the profitability on the DRAM side, could you help us out a little bit, at least directionally what's going on with the CMOS and NAND side?

您對 DRAM 方面的盈利能力有一些評論，您能否幫助我們一點，至少在方向上 CMOS 和 NAND 方面發生了什麼？

And Mike is that again from a cost perspective, market perspective?

從成本的角度和市場的角度來看，邁克又是這樣嗎？

Gross margin perspective, kind of overall.

毛利率的觀點，總體而言。

So were you able to given the mix comments you had, and also given that you are covering more of your fixed costs on the NAND side, are you able to improve your profitability in both of those, or were you able to improve your profitability in both those segments?

那麼，您是否能夠給出您的混合評論，並且考慮到您在 NAND 方面承擔了更多的固定成本，您是否能夠提高您在這兩個方面的盈利能力，或者您是否能夠提高您在 NAND 方面的盈利能力？這兩個部分？

Well, this is Mark, let me take the NAND piece of that.

好吧，這是馬克，讓我拿走 NAND 部分。

Clearly, we're still building out our NAND product portfolio.

顯然，我們仍在構建我們的 NAND 產品組合。

So if the you look at where we are today, profitability-wise we're underwater.

因此，如果您看看我們今天所處的位置，就盈利能力而言，我們處於水下。

Now, as we move throughout the year and richen up the product mix, move more and more of our products into SLC, from SLC into MLC, we'll see some significant improvement there.

現在，隨著我們全年移動並豐富產品組合，將越來越多的產品轉移到 SLC，從 SLC 轉移到 MLC，我們將在那裡看到一些顯著的改進。

We're also putting a lot of new capital in place, and generally there's a lag as you bring the new capital online, and then try and get it fully utilized.

我們還投入了大量的新資金，一般來說，當你把新資金帶到網上，然後嘗試充分利用它時，會有一個滯後。

So we're anticipating as I said earlier, we're anticipating 50% bit growth quarter over quarter, as we move through the year, and we should see significant cost reductions associated with that going bit production.

因此，正如我之前所說，我們預計隨著這一年的發展，我們預計比特幣季度環比增長 50%，我們應該看到與比特幣生產相關的成本顯著降低。

And, Mike, with regard to the imaging business, we've been very pleased with that performance in the fourth quarter.

而且，邁克，關於成像業務，我們對第四季度的表現非常滿意。

ASPs on average were actually up slightly, and margins up slightly, so we're very pleased with that position.

平均售價實際上略有上升，利潤率也略有上升，所以我們對這個位置非常滿意。

Just to follow up on the comments for the NAND side, so is it my understanding is that it has gotten a little bit worse first, and then it's going to start to get better, now that you have got the mix starting to get a little bit better, and the volume starting to get better?

只是為了跟進 NAND 方面的評論，我的理解是它首先變得更糟，然後它會開始變得更好，現在你已經開始得到一點混合好一點，音量開始變好？

Yes, it's definitely true, we're not where we want to be cost-wise on NAND today.

是的，這絕對是真的，我們現在不是我們想要在 NAND 上實現成本明智的地方。

And that's going to get better as we move through the year.

隨著我們度過這一年，這種情況會變得更好。

Got it.

知道了。

And then just kind of your commentary on inventory both from what you guys are doing with your own inventories, which I think were up a little bit this quarter, and then what you are seeing out there in the industry?

然後你對庫存的評論來自你們對自己的庫存所做的事情，我認為本季度有所上升，然後你在行業中看到了什麼？

Yes, our inventory balance quarter over quarter, we were up in terms of total megabits in finished inventory, that was really isolated to our cellular REM products, which are our mobile phone memory products, and I would attribute that to some inventory accumulation on the part of our customers.

是的，我們的庫存餘額季度環比增長，我們的成品庫存總兆位有所增加，這與我們的蜂窩 REM 產品（我們的手機內存產品）完全隔離，我將其歸因於一些庫存積累我們的一部分客戶。

And we were up on Flash megabits as well, in terms of the, what you would think of as our traditional DRAM product portfolio, pretty flat quarter over quarter, and you know it's basically hand to mouth today.

而且我們在閃存兆比特方面也有所上升，就您所認為的我們傳統的 DRAM 產品組合而言，季度環比持平，而且您知道今天它基本上是手到嘴的。

We still do have some inventory on the cellular RAM, and we're working through the inventory on the Flash.

我們仍然在蜂窩 RAM 上有一些庫存，我們正在處理閃存上的庫存。

I don't think too much to be concerned about.

我覺得不用擔心太多。

Based on the, I'll call it the emotion in some of the phone calls that we are having with with customers today, particularly on the PC DRAM front, I think it's pretty safe to say that there's no inventory out there at all.

基於此，我將其稱為我們今天與客戶打來的一些電話中的情緒，特別是在 PC DRAM 方面，我認為可以肯定地說根本沒有庫存。

Just to follow that one up real quick and given the money out there on the table, potentially given that market is pretty healthy right now, any kind of change in view?

只是為了快速跟進並考慮到桌面上的資金，可能考慮到目前市場非常健康，有什麼變化嗎？

I know you said you were going to hold bits kind of flattish.

我知道你說過你會有點平淡。

But any opportunistic potential out there to make the customers happy and take a little bit of money in the short term?

但是有什麼機會主義的潛力可以讓客戶滿意並在短期內賺到一點錢嗎？

Well, with respect to our strategy, which is to strengthen our position in the high-end computing space, specifically servers, we're not deviating from that at all.

好吧，關於我們的戰略，即加強我們在高端計算領域的地位，特別是服務器，我們完全沒有偏離這一點。

And we're not deviating at all in terms of continuing our Flash ramp, and so forth.

在繼續我們的 Flash 斜坡等方面，我們一點也沒有偏離。

Now, with respect to what we do with some of those commodity DRAM chips, you know, they're suitable for desktop and notebook applications, to try and take advantage of the opportunities we have, absolutely no question.

現在，關於我們如何處理這些商品 DRAM 芯片，您知道，它們適用於台式機和筆記本電腦應用程序，以嘗試利用我們擁有的機會，這是毫無疑問的。

We are trying to push things as hard as we possibly can to increase prices.

我們正在盡最大努力推動價格上漲。

And still support the same customers that we are working with.

並且仍然支持與我們合作的客戶。

So we can be as opportunistic as anybody else, and we're trying to do the best we can with that commodity DRAM portfolio.

因此，我們可以像其他任何人一樣投機取巧，並且我們正在努力利用商品 DRAM 產品組合做到最好。

Got it very helpful.

得到它非常有幫助。

Thanks, guys.

多謝你們。

Thanks Michael.

謝謝邁克爾。

Next question, please?

請問下一個問題？

Your next question is comes from Shawn Webster from JPMorgan.

您的下一個問題來自摩根大通的 Shawn Webster。

You may go ahead.

你可以繼續。

Yes, good afternoon.

是的，下午好。

Can you talk a little bit on the gross margins and the $45 million impact?

你能談談毛利率和 4500 萬美元的影響嗎？

I couldn't quite tell from your commentary, if is that a one-time event, or are you expecting other things in the future, and then I have a follow-up, please.

從您的評論中我無法完全判斷，如果這是一次性事件，還是您期待將來發生其他事情，那麼我有一個後續行動，請。

Yes.

是的。

The items that we're speaking to there in the fourth quarter included the $28 million Tessera agreement that we reached, and we previously announced.

我們在第四季度與之交談的項目包括我們達成的價值 2800 萬美元的 Tessera 協議，我們之前宣布了這一協議。

The other items as we have indicated settlement of legal matters as a general rule, we do not anticipate those to be recurring.

我們已將法律事務的解決作為一般規則表示的其他項目，我們預計這些項目不會再次發生。

We deal with them as case by case.

我們逐案處理。

Okay.

好的。

Thank you.

謝謝你。

And then turning to the demand environment, can you give us your, your bit consumption expectations for the end market for PCs in Q4, calendar Q4?

然後轉向需求環境，您能否給我們您對第四季度 PC 終端市場的比特消費預期，日曆第四季度？

Sure, I'd be happy to, this is Mike speaking.

當然，我很樂意，這是邁克在說話。

A cross-section of our big consumers, what you can imagine as are pretty good profits for the overall industry, bit consumption up about 12 to 15% quarter over quarter, calendar Q4 over calendar Q3.

我們大消費者的橫截面，你可以想像整個行業的利潤相當可觀，比特消費季度環比增長約 12% 至 15%，日曆 Q4 超過日曆 Q3。

On a year-over-year basis, Q4 versus Q4 of '05, up about 60%.

與去年同期相比，第四季度與 05 年第四季度相比增長了約 60%。

Is that the normal seasonal for you guys, in terms of bit demand in Q4?

就第四季度的比特需求而言，這對你們來說是正常的季節性嗎？

Normal seasonal in Q4 would probably be on the lower end of that, maybe 10 to 12%.

第四季度的正常季節性可能會處於低端，可能是 10% 到 12%。

So it's slightly higher than normal seasonal.

所以它比正常的季節性略高。

Okay.

好的。

And then can you tell us what your DRAM bit shipments and ASPs did quarter-over-quarter in August?

然後您能告訴我們您的 DRAM 位出貨量和 ASP 在 8 月份的季度環比情況如何？

We can tell that you the bit shipments were up low single digits.

我們可以告訴您，鑽頭出貨量上升了個位數。

And for ASPs, I believe we were, go ahead, Mike.

對於 ASP，我相信我們是，繼續前進，邁克。

ASPs I believe quarter over quarter were relatively flat.

我認為季度平均銷售價格相對持平。

On the DRAM.

在 DRAM 上。

Flat quarter over quarter?

季度持平？

Yes.

是的。

Yes.

是的。

If pricing stays flat where it is now, where do you think your average pricing could land in November for DRAM?

如果價格與現在持平，您認為 DRAM 的平均價格在 11 月會落在哪裡？

They'll be up for sure, and I would just have to say single digits at this point, based on our visibility.

他們肯定會上升，根據我們的知名度，我現在只需要說個位數。

Okay.

好的。

Thank you very much.

非常感謝。

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

您的下一個問題來自美林證券的 Joseph Osha。

You may go ahead.

你可以繼續。

Hi, folks.

嗨伙計。

I guess as I understand it, if we back out the NAND Flash, and we back out Lexar, the DRAM gross margins on an apples-to-apples basis would have been up slightly.

我想據我所知，如果我們退出 NAND 閃存並退出 Lexar，那麼 DRAM 的毛利率會略有上升。

Is that what you said?

是你說的嗎？

That is correct, Joe.

沒錯，喬。

Okay.

好的。

Is that, you know, again if I go back, this is I think for most of us, the best DRAM operating environment we've seen in several years.

是不是，你知道，如果我再回去，我認為對於我們大多數人來說，這是幾年來我們見過的最好的 DRAM 操作環境。

Is that, by my estimation, a very small improvement in gross margins driven by the fact that you're sort of mix limited, and you're limited in terms of what you can do out of your 200 mill facilities, because you're supporting IMFT, or what's the story here?

根據我的估計，這是不是因為你的混合有限，而且你在 200 家工廠可以做的事情受到限制，因為你是支持IMFT，或者這裡有什麼故事？

Keep in mind two things, Joe.

記住兩件事，喬。

On is that the price increases we actually saw that benefited us in the quarter came substantially in the last month.

我們實際看到的使我們在本季度受益的價格上漲在上個月大幅上漲。

And so, at most a third of the sales.

因此，最多佔銷售額的三分之一。

And secondly, don't forget the 45 million that Bill referenced, as a cost to goods sold cost that came in during the quarter.

其次，不要忘記比爾提到的 4500 萬美元，這是本季度出現的商品銷售成本。

I can see that.

我理解了。

But if you go back, I mean the last time, this, you had a DRAM business that was generating at one point 40% gross margins, and even in the November '04 quarter, 34% gross margins.

但是，如果您回頭看，我的意思是上一次，您的 DRAM 業務曾一度產生 40% 的毛利率，甚至在 04 年 11 月季度，毛利率也達到 34%。

So I guess I'm a little flummoxed as to how the DRAM margins can be stalled here in the sort of mid to high 20s, despite this extraordinarily good operating environment.

所以我想我對 DRAM 利潤率如何在 20 多歲的中高水平停滯不前感到有些困惑，儘管這個運營環境非常好。

I think again one other piece that Mark mentioned earlier, just to reiterate, is that we have put a lot of cost in place to date in building our businesses, and we're on the early phase of wafer output.

我再次認為 Mark 之前提到的另一件事，只是重申一下，到目前為止，我們在建立業務方面已經投入了大量成本，而且我們正處於晶圓輸出的早期階段。

As you can appreciate pretty substantial wafer increases helped drive the fixed portion of that overhead cost to goods allocated on a wafer basis lower quite quickly.

正如您所看到的那樣，相當大的晶圓增加有助於推動以晶圓為基礎分配的商品的固定部分間接費用很快降低。

And as Mark mentioned earlier, we've got a pretty good cost reduction profile getting heading in front of us here.

正如馬克之前提到的，我們已經有了一個非常好的降低成本的概況。

Okay.

好的。

So let me ask you, then, and I'm not going to, obviously I know you are not going to call pricing so I'll do it for you.

那麼讓我問你，我不會，顯然我知道你不會打電話給定價，所以我會為你做。

If pricing were to stay where it is now for the remainder of the quarter, which I believe comply to mid-single digits sequential increase per your frequent comments.

如果定價在本季度剩餘時間內保持在現在的水平，我相信根據您的頻繁評論，這符合中個位數的連續增長。

Can you get your DRAM gross margins to improve?

你能讓你的 DRAM 毛利率提高嗎？

Definitely.

確實。

As Mike mentioned, we have got ASPs would be up high single digits, if they were flat from here, and as Mark mentioned, we're going to get increasingly positive cost reductions.

正如邁克所提到的，如果從這裡開始持平，我們的平均售價將上升個位數，而且正如馬克所提到的，我們將獲得越來越積極的成本降低。

So that equates to margin expansion, you bet.

你敢打賭，這等同於利潤率擴張。

Okay.

好的。

Thank you.

謝謝你。

You bet, Joe.

你打賭，喬。

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

您的下一個問題來自雷曼兄弟的 Tim Luke。

You may go ahead.

你可以繼續。

I was wondering if could you give us a feel for how big a piece of the revenue the NAND portion may have been in the August period?

我想知道您能否讓我們了解一下 NAND 部分在 8 月期間的收入有多大？

And then, going forward, it sounded from your commentary that we would wait until the middle of calendar '07, before we move into profitability in the NAND arena, or how should we view that kind of time around the transition?

然後，展望未來，從您的評論看來，我們將等到 07 年年中，在我們進入 NAND 領域盈利之前，或者我們應該如何看待過渡時期的那種時間？

With regard to the first part of the question, the NAND represented 9% of revenues in the fourth quarter.

關於問題的第一部分，NAND 佔第四季度收入的 9%。

And we also indicated that there's a quite limited amount of Lexar NAND revenue that was able to be recognized as the product that was in the channel.

我們還指出，能夠被視為渠道中產品的 Lexar NAND 收入非常有限。

By way of the purchase accounting, did not allow us to pick up the revenue associated with those final sales.

通過採購會計，我們無法獲得與這些最終銷售相關的收入。

If you look at Q1 and estimate approximately $160 million of NAND Lexar-related sales, that's a fairly significant increase for the quarter.

如果您查看第一季度並估計與 NAND Lexar 相關的銷售額約為 1.6 億美元，那麼該季度的增長相當可觀。

With the incremental ramp also, both nonLexar related NAND?

隨著增量斜坡的增加，兩者都與非 Lexar 相關的 NAND？

I'm sorry, could you repeat that for me?

對不起，你能替我重複一遍嗎？

So you'll get a boost of 160 million associated with Lexar, and then you'll have a further mix increase in NAND, will be on top of that?

因此，您將獲得與 Lexar 相關的 1.6 億美元的增長，然後您將進一步增加 NAND，除此之外？

Without trying to call the ASPs, the bits grew over 50% last quarter, they are going to grow 50% quarter-over-quarter this quarter.

在不嘗試調用 ASP 的情況下，比特上個季度增長了 50% 以上，他們將在本季度環比增長 50%。

And with respect to your expense structure, how should we think about that developing going forward?

關於您的費用結構，我們應該如何看待未來的發展？

It looked like SG&A was somewhat higher than what one might have modeled this quarter in August.

看起來 SG&A 比 8 月份本季度可能建模的要高一些。

Yes, you should, I think as Bill mentioned in his comments, you should model SG&A 170 to 175 range, or excuse me, R&D, 170 to 175 range.

是的，你應該，我認為正如比爾在他的評論中提到的那樣，你應該為 SG&A 170 到 175 範圍建模，或者對不起，研發，170 到 175 範圍。

And the SG&A, I believe he mentioned the 140 to 150 range.

而 SG&A，我相信他提到了 140 到 150 的範圍。

140 looks like where it's going to run for quarters in '07.

140 看起來像是 07 年要運行幾個季度的地方。

And do you think this other income level of around 15 level, down from sort of 50 in the prior quarter, is where it's likely to be through fiscal '07, or how should we think about that?

您是否認為從上一季度的 50 級下降到 15 級左右的其他收入水平可能是到 07 財年的水平，或者我們應該如何考慮？

I'm sorry, if your reference is to net interest income --

對不起，如果你提到的是淨利息收入——

Yes, right, sorry.

是的，對，對不起。

It will range between 15 and 30 million per quarter over '07, with it being at the higher end during the early quarters by way of the cash balances, which we're maintaining right now, and with our capital spending profile that will come down over the year.

與 07 年相比，每季度將在 15 到 3000 萬之間，通過我們目前維持的現金餘額，以及我們的資本支出狀況將下降，它在早期季度處於較高端一年下來。

I would also acknowledge that that 140 million estimate on the SG&A, until we have the opportunity, which is really a 6 to 9-month period of integrating Lexar, we really don't have an opportunity to strip much cost out of where there may be some duplications, but about 6 months from now we'll get on Micron systems, and we'll have an opportunity to do some reduction of costs.

我還要承認，對 SG&A 的 1.4 億估計，直到我們有機會，這實際上是一個 6 到 9 個月的整合 Lexar 的時間，我們真的沒有機會從可能的地方剝離太多成本會有一些重複，但大約 6 個月後，我們將使用美光系統，我們將有機會降低成本。

Could I just get back to the question with respect to the timeline for the transition towards profitability in NAND, just any flavor or color there, about what sort of timeline we should be thinking about?

我能否回到關於 NAND 向盈利能力過渡的時間表的問題，只是那裡的任何風味或顏色，關於我們應該考慮什麼樣的時間表？

Not really, Tim.

不是真的，蒂姆。

One of the reasons we're doing that is we're going to stay away from trying to predict ASPs for you.

我們這樣做的原因之一是我們不會試圖為您預測 ASP。

We know, as Mark stated, we have a very substantial second half fiscal '07 continuing through second half calendar '07 cost reduction profile.

我們知道，正如馬克所說，我們有一個非常可觀的 07 財年下半年，一直持續到 07 年下半年的成本削減概況。

We've talked in prior analysts' meetings, we expect nothing short of 60 to 80% cost reductions through the the fiscal year, and we're going to leave it to you to determine what you think the ASPs will be, and when you think those two lines intersect, that's when we'll get there.

我們在之前的分析師會議上談過，我們預計本財年成本將降低 60% 到 80%，我們將由您決定您認為 ASP 將是什麼，以及何時認為這兩條線相交，那是我們到達那裡的時候。

But you are [inaudible] the second half of the fiscal year, in terms of seeing the cost reductions?

但就成本降低而言，您是[聽不清] 財政年度的下半年嗎？

Well, the more significant ones, but obviously if we're increasing bits quarter to quarter 50%, you're seeing pretty substantial cost reductions right now, especially when layered on the fact that the fixed overhead cost of adding additional wafers and equipment is there, and the wafers are just now starting to come out of the fabs in an increasing way.

嗯，更重要的是，但很明顯，如果我們將比特每季度增加 50%，您現在會看到相當可觀的成本降低，尤其是考慮到添加額外晶圓和設備的固定間接成本是在那裡，晶圓剛剛開始以越來越多的方式從晶圓廠中出來。

Thank you, Kipp.

謝謝你，基普。

You bet.

你打賭。

In your next question is coming from Gus Richard from First Albany Capital.

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

You may go ahead.

你可以繼續。

Thanks for taking the question.

感謝您提出問題。

When you mentioned that the sequential bit consumptions would be up 12 to 15%, a little bit above normal seasonal trends, is the increase coming from box loading, or strong unit demand?

當您提到連續比特消耗量將上升 12% 到 15%，略高於正常的季節性趨勢時，增長是來自裝箱量還是強勁的單位需求？

It's, I don't know, to be honest with you.

老實說，我不知道。

I would speculate it's probably coming more from unit demand than box loading, given where we are in the season.

考慮到我們所處的季節，我推測它可能更多來自單位需求而不是裝箱量。

But we haven't dissected the granularity of the demand to be honest with you.

但老實說，我們還沒有剖析需求的粒度。

Okay.

好的。

And then essentially you're looking at these percents year-over-year growth, Q4 to Q4, isn't that an acceleration of bit consumption?

然後基本上你在看這些百分比同比增長，第四季度到第四季度，這不是比特消費的加速嗎？

60% year-over-year Q4 versus Q4 would be an acceleration of bit consumption, that's correct.

與第四季度相比，第四季度同比增長 60% 將加速比特消耗，這是正確的。

What we model in, and I believe what in general the industry has modeled in for DRAM demand growth from the computing environment, is somewhere in the range of 40 to 50%.

我們所建模的，我相信整個行業對計算環境中 DRAM 需求增長的建模，在 40% 到 50% 的範圍內。

So, yes, things, the numbers would suggest that things are hotter than what had been expected, and I can tell you that the environment feels that way, as well.

所以，是的，事情，數字表明事情比預期的要熱，我可以告訴你，環境也有這種感覺。

Great.

偉大的。

Thanks a lot.

非常感謝。

Your next question is coming from Titus Menzies from Jefferies and Company. you may go ahead.

您的下一個問題來自 Jefferies and Company 的 Titus Menzies。你可以繼續。

You may go ahead.

你可以繼續。

Hello, can you hear me?

你好，你能聽到我說話嗎？

Yes, we can.

我們可以。

This is Titus Menzies and Jeff Reed, on behalf of John Lau.

我是代表 John Lau 的 Titus Menzies 和 Jeff Reed。

I can ask maybe just two questions.

我只能問兩個問題。

Firstly, you guys seem very upbeat about your CMOS business.

首先，你們似乎對你們的 CMOS 業務非常樂觀。

Can you give some visibility as to where you see the overall handset market sort of panning out over the next 3 to 6 months?

您能否就您認為未來 3 到 6 個月內整體手機市場的發展方向提供一些可見性？

I'll give you my view on that, with the caveat that we're a semiconductor maker, not a handset maker, I can only tell you through kind of what we're seeing from our customers.

我會告訴你我對此的看法，但需要注意的是，我們是一家半導體製造商，而不是手機製造商，我只能通過我們從客戶那裡看到的情況來告訴你。

And I'll turn the clock back a couple months ago.

我會在幾個月前把時鐘撥回去。

I mentioned that we had accumulated some cellular RAM inventory, which is a component that almost goes exclusively into cell phones.

我提到我們已經積累了一些蜂窩 RAM 庫存，這是一個幾乎專門用於手機的組件。

We had also accumulated some VGA sensor inventory at about the same time.

大約在同一時間，我們還積累了一些 VGA 傳感器庫存。

Subsequently in the past, I'd say 30 days or so, we've seen kind of a resurgence in demand for those components, which has resulted in some liquidation of the inventory that we had accumulated, both on the cellular RAM, but in particular on the VGA sensors.

隨後在過去，我會說 30 天左右，我們看到對這些組件的需求有所回升，這導致我們在蜂窩 RAM 上積累的一些庫存被清算，但在特別是在 VGA 傳感器上。

I interpret that as though our customers have worked off some of the inventory that they were sitting on.

我解釋說，好像我們的客戶已經處理了他們所坐的一些庫存。

So my take is essentially, with respect to our component feeds into the cell phone market were relatively flush in terms of inventories.

所以我的看法基本上是，就我們進入手機市場的組件而言，庫存相對充足。

I don't know know what that means for the future.

我不知道這對未來意味著什麼。

If we take our customers' forecasts for the next couple of months, which we always take with a grain of salt, it would suggest a pretty robust environment running all the way through the first part of next year.

如果我們接受客戶對未來幾個月的預測（我們總是持保留態度），這將表明明年上半年將有一個非常穩健的環境。

But kind of just to summarize and boil things down, I think things have strengthened substantially in the past couple of months, from where they were say in the August timeframe.

但只是總結一下，我認為在過去的幾個月裡，情況已經大大加強，從 8 月份的時間框架來看。

And at least from an inventory standpoint, I would think that a lot of the inventory that's been in the channel has been digested.

至少從庫存的角度來看，我認為渠道中的很多庫存已經被消化了。

Okay.

好的。

Thank you.

謝謝你。

So the second one is about the CapEx, of the $2.5 billion, is this coming from Microsoft, where is it going to be split out between in '07?

所以第二個是關於資本支出的，在 25 億美元中，這是否來自微軟，它在 07 年之間將被分配到哪裡？

If your question is, we gave an indication of $4 billion CapEx for 2007, you can look at that as a bit more than half of that going into the IMFT operations.

如果您的問題是，我們給出的 2007 年資本支出為 40 億美元，您可以將其視為 IMFT 運營的一半以上。

And if you take the balance, split it about 50/50 between the TECH Semiconductor Singapore joint venture, and the balance of this to Micron historical operations.

如果你拿餘額，則將其分配給 TECH Semiconductor 新加坡合資企業，比例約為 50/50，其餘為美光歷史業務。

In terms of the contract price, I know you mentioned about how robust pricing has been to date.

就合同價格而言，我知道您提到了迄今為止定價的穩健性。

But into the quarter pricing forward, can you get some consensus and feel us as to what you're seeing from your customers right now?

但是在本季度定價之前，您能否達成一些共識並感受我們現在從您的客戶那裡看到的情況？

I presume you're talking about DRAM pricing in the computer environment?

我想您是在談論計算機環境中的 DRAM 定價？

Exactly.

確切地。

We just went through the first half of October pricing and we, we were successful in a 3 to 5% average selling price increase on DDR2.

我們剛剛經歷了 10 月上半月的定價，我們成功地將 DDR2 的平均售價提高了 3% 到 5%。

I can't imagine we're looking at anything other than price increases.

我無法想像我們正在尋找價格上漲以外的任何東西。

Certainly next time around, just based on how strong the demand is.

當然下一次，只是基於需求的強勁程度。

I mean, it is a multiple of our ability to supply right now.

我的意思是，這是我們現在供應能力的倍數。

So, the environment is such that price increases are pretty much locked in certainly for the next time around anyway.

因此，環境是這樣的，無論如何，價格上漲幾乎肯定會被鎖定在下一次。

Thank you very much, gentlemen.

非常感謝，先生們。

Your next question is coming from Bill Dezellem, Tieton Capital Management, you may go ahead.

您的下一個問題來自 Tieton Capital Management 的 Bill Dezellem，您可以繼續提問。

Thank you.

謝謝你。

We had a couple of questions.

我們有幾個問題。

First of all, coming back to the Flash business, and if we simply assume that prices are flat, given that it does affect profitability.

首先，回到閃存業務，如果我們簡單地假設價格持平，因為它確實會影響盈利能力。

Would it be reasonable to assume that the losses in that business on a dollar basis, not margins, but absolute dollars, would decline in Q1, and then versus Q4 it would decline further in Q2 versus Q1, et cetera, as you roll through the fiscal year?

是否可以合理地假設該業務的損失以美元為基礎，不是利潤，而是絕對美元，將在第一季度下降，然後與第四季度相比，它會在第二季度與第一季度進一步下降，等等財政年度？

I think, Bill, you need to be looking at it as a bit more flat early in the year, and a greater change throughout the second half.

我認為，比爾，你需要在年初將其視為更加平坦，並且在整個下半年發生更大的變化。

Thank you.

謝謝你。

That's helpful.

這很有幫助。

And then relative to Lexar, you had mentioned that there will be an incremental 160 million of revenues in the Q1 versus the Q4, and would it be fair to say that that 160 million of it was the sales level in the fourth quarter that was not recognized, or are you adding on some number to what was not recognized in the Q1 for the normal seasonal pickup?

然後相對於 Lexar，您提到第一季度的收入將比第四季度增加 1.6 億，公平地說，其中 1.6 億是第四季度的銷售水平認可，或者您是否在第一季度未認可的正常季節性皮卡中添加了一些數字？

Lexar has been able to reengage with a number of customers by way of them being quite receptive to the broad portfolio that Micron offers.

Lexar 能夠重新吸引大量客戶，因為他們非常願意接受美光提供的廣泛產品組合。

But we're not taking a particularly optimistic view yet of first quarter growth.

但我們尚未對第一季度的增長持特別樂觀的看法。

That level is really reflective of what they have been able to do in recent periods.

這個水平確實反映了他們最近一段時間的能力。

So, said another way, in the fourth quarter, there were roughly 160 million of sales that Lexar, or the old Lexar experienced, but due to the way the accounting works, simply were not recognized on the sales line?

所以，換一種說法，第四季度，Lexar 或者老 Lexar 經歷了大約 1.6 億的銷售額，但是由於會計工作的方式，根本沒有在銷售線上得到認可？

Bill, I didn't go back and specifically check what they had done prior to our acquisition.

比爾，我沒有回去專門檢查他們在我們收購之前做了什麼。

This period is a little bit of a seasonal uptick, so I would expect they had slightly less than that in that prior period.

這段時間有點季節性上升，所以我預計他們的數量會比前一個時期略少。

All right.

好的。

Thank you.

謝謝你。

That's helpful.

這很有幫助。

And one final question.

最後一個問題。

It's relative to the Toshiba $288 million settlement.

這是相對於東芝2.88億美元的和解而言的。

Would you walk us through, #1, how the cash is anticipated to come in?

你能告訴我們，#1，預計現金是如何進來的嗎？

And then, #2, how the accounting will work for that, if it's any different than the recognition in line with the cash being received?

然後，#2，會計將如何運作，如果它與根據收到的現金確認有什麼不同？

Bill, I can take the first part of that on how we expect the cash received, we were very specific in the press release to say over multiple years, we just can't go into any more details, and I'll let Bill handle the accounting approach to it.

比爾，我可以先談談我們預計收到的現金的方式，我們在新聞稿中非常具體地說明了多年，我們不能透露更多細節，我會讓比爾處理它的會計方法。

The 288 million, the vast majority of that is actually recognized in the purchase accounting for Lexar.

2.88 億，其中絕大部分實際上是在 Lexar 的採購中確認的。

So when we get the 10-Q on file, you will see an increase in receivables that is reflective of the vast majority of that amount.

因此，當我們將 10-Q 存檔時，您會看到應收賬款的增加反映了該金額的絕大部分。

As that transaction settled a number of matters that Lexar had preexisting to our acquisition, the accounting dictates that treatment.

由於該交易解決了 Lexar 在我們收購之前存在的一些問題，因此會計規定了這種處理方式。

Certainly, we're very, very pleased with the negotiations there, and it's reflective of the combination of Micron and Lexar,, and the strength that we brought to those negotiations, and Steve may want to comment to that.

當然，我們對那裡的談判非常非常滿意，這反映了美光和 Lexar 的結合，以及我們為這些談判帶來的力量，史蒂夫可能想對此發表評論。

Well, let me just say that the, there was a lot of anticipation I think in the Lexar litigation as they were going through it.

好吧，我只想說，我認為在 Lexar 訴訟中，他們正在經歷很多期待。

But we really have a lot different relationship with Toshiba, and I think that the agreement that we struck we though was pretty good.

但我們與東芝的關係確實有很多不同，我認為我們達成的協議非常好。

As Bill mentioned, whether it's fortunate or unfortunate, I don't know.

正如比爾所說，是幸運還是不幸，我不知道。

But it ends up because of the proximity to the acquisition of Lexar, and because of some of it being attributable to something that was historical, it all got wrapped up and simply flows to purchase accounting, it won't flow through the P&L.

但它最終是因為接近收購 Lexar，並且由於其中一些歸因於歷史性的東西，所以這一切都結束了，只是流向了採購會計，它不會通過損益表流動。

We still of course, get the cash, but it won't flow through the P&L, Bill.

當然，我們仍然可以獲得現金，但它不會通過損益表流動，比爾。

That is helpful.

這很有幫助。

And I apologize for taking so much time.

我很抱歉花了這麼多時間。

As you look back on the negotiations, were there additional benefits above and beyond simply the settlement of the litigation, that in terms of future collaboration in any way shape or form, the two companies, that is noteworthy?

當你回顧談判時，除了簡單的訴訟和解之外，是否還有其他好處，就兩家公司未來以任何形式或形式的合作而言，這是值得注意的？

Well, Bill, as you might imagine, there's a lot of strict confidentiality around the agreement.

好吧，比爾，正如你想像的那樣，協議有很多嚴格的機密性。

So I can't really comment on that, other than to say, we had a pretty good relationship with Toshiba historically, and expect to have a good one going forward.

所以我不能對此發表評論，只能說，我們與東芝在歷史上的關係非常好，並期待未來會有一個好的關係。

Thank you all.

謝謝你們。

Thanks, Bill.

謝謝，比爾。

Next question, please.

下一個問題，請。

Your next question is coming from David Wong from AG Edwards, you may go ahead.

您的下一個問題來自 AG Edwards 的 David Wong，您可以繼續提問。

Thank you very much.

非常感謝。

Could you give us some idea of the relative gross margins of your different products like DRAM, sensors, and then the NAND Flash that's sold by Micron, not the half that's sold to Lexar at cost.

您能否告訴我們您的不同產品的相對毛利率，例如 DRAM、傳感器以及美光出售的 NAND 閃存，而不是以成本價出售給 Lexar 的一半。

Sure, the rating hasn't changed much.

當然，評分變化不大。

We still, gross margins are still the highest on image sensors, which you'll see when we report our financials on the 10-K that we're about 42%.

我們仍然，圖像傳感器的毛利率仍然是最高的，當我們在 10-K 上報告我們的財務狀況時，您會看到我們約為 42%。

Specialty DRAM was closely behind that.

特種 DRAM 緊隨其後。

Core DRAM as we call it, was fairly close to the printed averages, and of course if did you the calculations, as Mark said earlier, NAND Flash we're underwater on today.

我們稱之為核心 DRAM，非常接近打印的平均值，當然，如果你計算過，正如 Mark 之前所說，NAND Flash 我們今天處於水下。

That includes NAND Flash that Micron sells, not the blended NAND flash together with what goes to Intel, is that correct?

這包括美光銷售的 NAND 閃存，而不是混合的 NAND 閃存以及英特爾的產品，對嗎？

That is blended together.

那是混合在一起的。

That is the way we are going to talk about these going forward.

這就是我們將要談論這些未來的方式。

We will report our Flash business as combined.

我們將合併報告我們的 Flash 業務。

Okay.

好的。

Thank you.

謝謝你。

You bet.

你打賭。

Your next question is coming from Jim Covello from Goldman Sachs, you may go ahead.

您的下一個問題來自高盛的 Jim Covello，您可以繼續提問。

Good evening, guys.

晚安，伙計們。

Thanks so much.

非常感謝。

I have a strategy question.

我有一個策略問題。

How do you guys think about the fact that some of the other players in the industry, who are kind of further along in their diversification strategy, and I'm really thinking about Samsung now, are now starting to move a little bit of capacity back from NAND to DRAM, because the DRAM margins are higher than the NAND margins?

你們如何看待行業中的其他一些參與者，他們在多元化戰略方面走得更遠，我現在真的在考慮三星，現在開始將產能轉移回來從 NAND 到 DRAM，因為 DRAM 的利潤率高於 NAND 的利潤率？

So the real question is, by the time you guys get to where I'm sure you're ultimately going to get to on the cost side of what you're trying to do with NAND, are there going to be any profits to be had, because there's so many competitors adding so much capacity in this segment?

所以真正的問題是，當你們到達我確信你們最終會在成本方面達到你試圖用 NAND 做的事情時，是否會有任何利潤有，因為有這麼多的競爭對手在這個領域增加了這麼多的容量？

Well, first of all, I assume when you say, and you said other competitors, you mean other competitor, which has the kind of portfolio that we do.

好吧，首先，我假設當您說其他競爭對手時，您是指其他競爭對手，它擁有我們所做的那種產品組合。

I suppose you could say that Hynix has done a pretty good job, too.

我想你可以說海力士也做得很好。

There tends to be an assumption out there, that we have no ability to adjust our NAND capacity by virtue of the joint venture.

外界傾向於假設，我們沒有能力通過合資企業調整我們的 NAND 產能。

And it is true that we do have a partner for NAND Flash, and we have an obligation to ramp that product in concert with Intel.

的確，我們確實有 NAND 閃存的合作夥伴，我們有義務與英特爾合作推出該產品。

And we're doing that.

我們正在這樣做。

In terms of the ability to change the mix of the product, clearly we have the capability to do that.

就改變產品組合的能力而言，顯然我們有能力做到這一點。

And in fact, it's probably not as widely known that we have adjusted memory wafers including NAND already, to some degree, to try to meet additional demands on the imaging, or things like pseudostatic RAM, et cetera.

事實上，我們已經在某種程度上調整了包括 NAND 在內的內存晶片，以試圖滿足對成像或偽靜態 RAM 等的額外需求，這可能並不廣為人知。

We have some flexibility but we may have to make sure that we have the cooperation of our partner.

我們有一定的靈活性，但我們可能必須確保我們得到合作夥伴的合作。

Now, I think there's a natural, I think there's a natural mechanism that will occur when our NAND capacity gets larger.

現在，我認為有一種自然的機制，當我們的 NAND 容量變大時，會出現一種自然的機制。

Because remember, we aren't producing that much NAND yet.

因為請記住，我們還沒有生產那麼多 NAND。

As Mark mentioned, the Virginia facility is starting to ramp as we speak.

正如馬克所提到的，在我們講話時，弗吉尼亞工廠開始增加。

And the Utah facility will start its ramp in the first part of the year.

猶他州工廠將在今年上半年開始投入使用。

Those are really the first two big thrusts in terms of capacity and product portfolio that we have, outside of the production that we had in the, you know, in the Boise facility that was previously running.

這些確實是我們在產能和產品組合方面的前兩大推動力，除了我們在之前運行的博伊西工廠的生產之外。

So we need to get to a critical mass first, before we truly start thinking about making these tradeoffs.

因此，在我們真正開始考慮做出這些權衡之前，我們需要先達到臨界質量。

But I wanted to point out that we will be able to make those tradeoffs, we believe, because first of all, we will have the ability to do that.

但我想指出，我們將能夠做出這些權衡，我們相信，因為首先，我們將有能力做到這一點。

There's no question the facilities can crossover and you have a 90, 95% equipment crossover.

毫無疑問，設施可以交叉，你有 90%、95% 的設備交叉。

The second thing that is worth nothing is when the NAND market is poor, obviously our partner will have less interest in getting a lot of it.

第二個一文不值的事情是，當 NAND 市場不景氣時，顯然我們的合作夥伴將沒有興趣獲得大量它。

And when the NAND market is very strong, they'll have an interest in getting more of it.

當 NAND 市場非常強勁時，他們就會有興趣獲得更多。

So there's a natural mechanism that leads us both in the right direction, to utilize the significant capacity that we're putting into place.

因此，有一種自然機制引導我們朝著正確的方向前進，利用我們正在實施的重要能力。

It's just that right now, we don't have that much capacity to allocate around, because we're in the early stages of the ramp.

只是現在，我們沒有那麼多的能力來分配，因為我們處於斜坡的早期階段。

And I understand the quarter to quarter nuances, and I understand the fact that we're in a ramp.

而且我了解每個季度的細微差別，並且我了解我們處於坡道的事實。

And ultimately you're doing the ramp because you think NAND is going to be more profitable one day.

最終你正在做斜坡，因為你認為 NAND 有一天會更有利可圖。

But what happens to the extent it's not?

但如果不是，會發生什麼？

What happens to the extent that the real winners in this, are the folks who are modernizing their DRAM facilities now, because there's just too much competition in NAND, regardless of the great demand drivers of NAND, there's just a [expletive] of a lot of supply out there?

在某種程度上，真正的贏家是那些現在正在對其 DRAM 設施進行現代化改造的人，因為 NAND 的競爭太激烈了，不管 NAND 的巨大需求驅動因素如何，只是 [咒罵] 很多那裡的供應量？

Well, keep in mind that we are also modernizing our DRAM facility.

好吧，請記住，我們也在對我們的 DRAM 設施進行現代化改造。

In fact, we think we're the first one to really ramp 78-nanometer DRAM technology right now as we speak in Virginia.

事實上，當我們在弗吉尼亞州發表講話時，我們認為我們現在是第一個真正提升 78 納米 DRAM 技術的公司。

And that's on 300-millimeter.

那是在300毫米上。

And then TECH is starting its conversion to 300-millimeter.

然後 TECH 開始轉換為 300 毫米。

And then essentially we don't really produce any think of it as, computing DRAM, or you would think of as the high density DRAM on 200-millimeter anymore.

然後基本上我們並沒有真正將其視為計算 DRAM，或者您將不再將其視為 200 毫米上的高密度 DRAM。

That capacity is essentially all consumed by either Specialty or Imaging today.

如今，該容量基本上全部被專業或成像所消耗。

So, we don't have a lot of capacity on DRAM that runs on older technology anyhow.

因此，無論如何，我們在運行舊技術的 DRAM 上沒有太多容量。

And we too, are what you called modernizing or advancing the process on 300 millimeter for the product that we do build DRAM on.

我們也是你們所謂的在 300 毫米上為我們構建 DRAM 的產品現代化或推進工藝。

There's always this question when should Micron build the next DRAM fab?

美光何時應該建造下一個 DRAM 工廠總是存在這個問題？

And we consistently look at that.

我們一直在關注這一點。

So that I would negate that, we're not ready to announce anything today.

所以我要否定這一點，我們今天還沒有準備好宣布任何事情。

But the other thing I'd point out is that the Virginia facility runs half DRAM, and is ramping on now to be half and half.

但我要指出的另一件事是，弗吉尼亞工廠運行了一半的 DRAM，並且現在正在逐漸增加到一半。

So that would actually be a relatively easy conversion, because it's really just in the same facility.

所以這實際上是一個相對容易的轉換，因為它實際上只是在同一個設施中。

Perfect.

完美的。

Two other real quick questions, if I could.

如果可以的話，還有兩個真正的快速問題。

What should we think about depreciation being for this year, for this coming year?

我們應該如何看待今年的折舊，來年的折舊？

2000 should come in 1.6 billion.

2000年應該是16億。

Okay.

好的。

And then final question on the Vista, you referenced it earlier as a driver.

最後一個關於 Vista 的問題，您之前將其作為驅動程序引用。

What I wasn't clear on, is that going to be a driver you think of incremental box loading, or incremental box sales, if you will?

我不清楚的是，如果您願意，這是否會成為您考慮增加裝箱量或增加裝箱量的驅動因素？

And I guess the real debate that's going on in the industry, that we've seen the boxes kind of preloaded with DRAM, which is necessary, or DRAM considering that the OEMs thought they were going to have to be Vista-enabled already.

我猜這個行業正在發生真正的爭論，我們已經看到盒子預裝了 DRAM，這是必要的，或者考慮到 OEM 認為他們必須已經啟用 Vista 的 DRAM。

I think the significance in terms of demand creation from Vista is probably going to be more weighted towards box loading than system demand.

我認為從 Vista 創造需求方面的重要性可能會更側重於盒子負載而不是系統需求。

And you know, our own internal studies would indicate that the real benefits of the operating system are observed with loading of 2 to 4 gigabytes.

你知道，我們自己的內部研究表明，操作系統的真正好處是在加載 2 到 4 GB 時觀察到的。

And that's a huge jump from where we are today.

與我們今天相比，這是一個巨大的飛躍。

The industry today is at an average of about 800 Megabytes.

今天的行業平均約為 800 兆字節。

I'm not suggesting we're going to go from 800 to 2 gigabytes in the first quarter of 2007.

我並不是說我們要在 2007 年第一季度從 800 到 2 GB。

But my point is, that there are huge benefits to be derived from significant box loading from memory standpoints.

但我的觀點是，從內存的角度來看，大量的盒子加載可以帶來巨大的好處。

So I think from our view, the majority of the impact is going to be as a result of increased box loading.

所以我認為，從我們的角度來看，大部分影響將是由於盒子負載的增加。

Certainly there's some pent-up system demand in anticipation of the release of the OS as well.

當然，由於預期操作系統的發布，也存在一些被壓抑的系統需求。

That generated one last question for me and then I promise I'll go away, do you think there's a change in the rule of what DRAM can represent as the total cost, as a percent of the total cost?

這給我帶來了最後一個問題，然後我保證我會離開，你認為 DRAM 可以代表總成本的規則是否發生了變化，佔總成本的百分比？

Because that kind of box loading 2 to 4 gigs, would certainly kind of violate that rule given how much PCs are coming down.

因為那種裝載 2 到 4 個演出的盒子，考慮到有多少 PC 正在下降，肯定會違反該規則。

But maybe that rule is going to change.

但也許這條規則會改變。

I believe so and I certainly hope so.

我相信如此，我當然希望如此。

With the prices of other components and PCs, particularly CPUs and hard disc drives under a lot of pressure and coming down, one could argue that it certainly leads to more bill of material costs that should be in fact, should have been allocated towards memory for the past 20 years, in my opinion.

隨著其他組件和個人電腦的價格，特別是 CPU 和硬盤驅動器的價格承受很大壓力並下降，人們可能會認為這肯定會導致更多的物料清單成本，實際上應該分配給內存用於在我看來，過去的 20 年。

But there's room for that, it seems as though there's room for that to occur as we move forward.

但這是有空間的，似乎在我們前進的過程中還有空間發生。

Great.

偉大的。

Thanks so much.

非常感謝。

Your next question is coming from David Wu from Global Crown Capital

您的下一個問題來自 Global Crown Capital 的 David Wu

Thank you for taking my call.

謝謝你接聽我的電話。

I have two quick questions.

我有兩個快速的問題。

First on the CMOS side, as I look at your revenue, it looks like it's been flat roughly quarter-on-quarter, and you mentioned that ASP has been rising slightly.

首先在 CMOS 方面，當我查看您的收入時，看起來它與季度環比大致持平，您提到 ASP 一直在小幅上升。

Does it mean that unit volume is kind of flat on a, on a unit basis?

這是否意味著單位體積在單位基礎上有點平？

And I assume when you talk about VGA on quarter, the business, you're talking about units, or are you talking about dollars?

而且我假設當您在季度談論 VGA 時，業務，您是在談論單位，還是在談論美元？

And then I have a question on memory.

然後我有一個關於記憶的問題。

Which is NAND.

這是NAND。

At this point, I guess everybody is gung ho on expanding capacity, and you have got a rich friend at Intel.

在這一點上，我想每個人都在努力擴大產能，而你在英特爾有一個富有的朋友。

So you're not going to blink.

所以你不會眨眼。

Do you think that we might have a bloodbath sometime in '07?

你認為我們可能會在 07 年的某個時候發生大屠殺嗎？

This is Mike.

這是邁克。

I'll address the image sensor questions, and I'll let Steve address the NAND question.

我將解決圖像傳感器問題，然後讓史蒂夫解決 NAND 問題。

If that's okay.

如果沒關係。

Thank you.

謝謝你。

On the image sensor front, our revenues in Q4 grew slightly over Q3, and our unit volume grew slightly as well.

在圖像傳感器方面，我們第四季度的收入比第三季度略有增長，我們的單位銷量也略有增長。

It is true that the growth rate certainly levels Q4 versus Q3, I would attribute that to a couple of things. #1, I mentioned we accumulated vga sensor inventory that we weren't sure whether to interpret that as a slowdown in phone sales, or perhaps just some indigestion of inventory, if you will.

確實，增長率肯定與第四季度和第三季度持平，我將其歸因於幾件事。 #1，我提到我們積累了 vga 傳感器庫存，我們不確定是否將其解釋為手機銷售放緩，或者只是庫存消化不良，如果你願意的話。

In fact, things have picked up significantly since we accumulated that inventory.

事實上，自從我們積累了這些庫存後，情況已經明顯好轉。

So I think we're back on the growth track again.

所以我認為我們又回到了增長軌道上。

Secondly, kind of from a macro view, we have been riding a growing penetration rate of cameras in mobile phones for the past three years.

其次，從宏觀上看，在過去三年中，我們的手機攝像頭滲透率一直在增長。

And once we reach close to 100%, obviously that has to level off somewhere, and the growth that we are going to see is the result of two camera phones and replacement phones.

一旦我們達到接近 100%，顯然它必須在某個地方趨於平穩，我們將看到的增長是兩款拍照手機和替換手機的結果。

And I don't think we're there yet at 100% penetration, but certainly we are at a point where three-quarters of so of the world's mobile phones have cameras in them.

而且我認為我們還沒有達到 100% 的滲透率，但可以肯定的是，全球四分之三的手機都裝有攝像頭。

And naturally, that business is going to slow down somewhat.

自然，該業務將有所放緩。

We don't believe it's going to decrease, but we certainly believe the growth rate is going to slow down.

我們不相信它會下降，但我們當然相信增長率會放緩。

We also firmly believe that there are several other markets that are going to drive strong growth for us.

我們還堅信，還有其他幾個市場將為我們帶來強勁增長。

Video conferencing and notebook PCs will probably be the first one on the docket, in terms of driving big growth for us in fiscal 2007.

視頻會議和筆記本電腦可能是第一個出現在案卷上的產品，這將推動我們在 2007 財年實現大幅增長。

Do-it-yourself security systems is another.

自己動手的安全系統是另一個。

Digital sale cameras is another, and Automotive would probably be the next.

數碼相機是另一個，汽車可能是下一個。

So there are several other markets that we believe are going to be big demand drivers for us.

因此，我們認為還有其他幾個市場將成為我們的主要需求驅動力。

It just so happens that at this point in time, they haven't really become that significant in terms of driving big demand.

碰巧的是，在這個時間點，它們在推動大需求方面並沒有真正變得那麼重要。

Now on the NAND front, Steve, do you want to take that?

現在在 NAND 方面，Steve，你願意接受嗎？

Yes David, let me first throw out there that there are a number of reasons that we are doing NAND, so despite the fact that there is capacity coming on NAND, and we're a part of that, getting into that market because of the growth rate of that market is clearly one piece of it.

是的，大衛，讓我首先拋出，我們做 NAND 的原因有很多，所以儘管 NAND 有容量，我們是其中的一部分，進入這個市場是因為該市場的增長率顯然是其中的一部分。

We have a couple of others, and I'll come back to those in a second.

我們還有其他幾個，我稍後再討論。

In terms of whether we think there's too much NAND capacity, or not enough NAND capacity for '07, I guess would I add the comment, I don't know if anyone can predict it frankly, because we're in such a high price elasticity correlation on NAND right now, for growing density and lowering cost, that it would be tough for anyone to predict.

至於我們認為07年NAND容量太多，還是NAND容量不夠，我想我會添加評論，我不知道是否有人可以坦率地預測它，因為我們的價格如此之高現在 NAND 上的彈性相關性，對於增加密度和降低成本，任何人都很難預測。

Clearly there's going to be more capacity that comes into the market.

顯然會有更多的容量進入市場。

But frankly, we've never said, and if you've listened to us for a while now, we have never said that we thought NAND wouldn't be volatile, or that it wouldn't have either great expansions, or periods of time where you have pretty heavy price declines because of oversupply.

但坦率地說，我們從來沒有說過，如果你現在已經聽了我們一段時間，我們從來沒有說過我們認為 NAND 不會波動，或者它不會有很大的擴展，或者由於供過於求，價格大幅下跌的時間。

We think in fact that that will occur.

事實上，我們認為這將會發生。

Having said that, though, we don't think it's going to be any worse than DRAM.

話雖如此，但我們認為它不會比 DRAM 更糟。

And in fact we believe that the opportunity for NAND is better than DRAM, because we think that NAND really looks more like DRAM did in the up to 1995.

事實上，我們認為 NAND 的機會比 DRAM 更好，因為我們認為 NAND 看起來更像 DRAM 在 1995 年之前的情況。

So pre'95 in which net/net, it was a pretty good business overall.

因此，在 95 年之前，在哪個網絡/網絡中，總體而言，這是一項相當不錯的業務。

In other words, the up cycles were longer than the down cycles, and those of us that were good at it made money in the DRAM business, up through the period of time where the price elasticity was pretty good.

換句話說，上升週期比下降週期長，我們這些擅長它的人在 DRAM 業務中賺錢，直到價格彈性很好的時期。

Although even then, it was in to a relatively narrow market with a narrow customer base.

儘管即使在那時，它還是進入了一個相對狹窄的市場，客戶群也很狹窄。

NAND actually is a much broader customer base and a lot broader number of applications.

NAND 實際上是一個更廣泛的客戶群和更廣泛的應用程序。

So the potential for margin pressure, if you will, I think is not eliminated, but reduced by virtue of this variety of channels it goes through, where you actually have opportunity to have more value added.

因此，如果你願意的話，我認為潛在的利潤壓力並沒有消除，而是由於它所經歷的各種渠道而減少，你實際上有機會獲得更多的附加值。

If you think about how long it took the DRAM market to get to a differentiated portfolio, effectively it took 25 years for that to occur.

如果您考慮一下 DRAM 市場需要多長時間才能形成差異化的產品組合，實際上需要 25 年才能實現。

Right now, there's a lot of discussion around NAND being the high density, et cetera.

現在，關於 NAND 的高密度等問題有很多討論。

And that's where you see a lot of the commoditization, but the fact of the matter is, there is already a lot of opportunities for differentiation in the NAND space when you start combining it with controllers and interfacing software, et cetera, that we think it will have a lessening effect on the volatility.

這就是你看到很多商品化的地方，但事實是，當你開始將 NAND 空間與我們認為的控制器和接口軟件等相結合時，已經有很多差異化機會將對波動性產生一定的影響。

Having said all of that, NAND for us will clearly help drive a lower R&D cost per wafer, and help drive, if you will, a scale gain for us, where a lot of the other costs get shared as well.

說了這麼多，NAND對我們來說顯然將有助於降低每片晶圓的研發成本，如果你願意的話，還有助於推動我們的規模增長，其中許多其他成本也得到了分攤。

Because for two reasons.

因為有兩個原因。

One, not only do we have more wafers to spread the R&D over, but we also now have a partner sharing that cost.

第一，我們不僅有更多的晶圓來分散研發，而且我們現在還有一個合作夥伴來分擔這筆費用。

And then obviously as the total business grows, we get the benefit there.

然後很明顯，隨著總業務的增長，我們從中受益。

Because if you think about what was happening to us in the DRAM business, we had less and less product that needed an advanced process.

因為如果你想想我們在 DRAM 業務中發生的事情，我們需要先進工藝的產品越來越少。

And that's just by virtue of the market bifurcating and splitting between Specialty and what you would think of as PC DRAM.

這僅僅是因為市場在專業和您認為的 PC DRAM 之間出現了分歧和分裂。

But it didn't cost us any less to develop that advanced process, it cost us the same, so we had a rising R&D charge per wafer internally.

但是開發這種先進工藝的成本並沒有降低我們的成本，我們的成本是一樣的，所以我們內部每個晶圓的研發費用都在上漲。

It didn't look like it externally, because our silicon production was the same or growing.

它在外部看起來並不像它，因為我們的矽生產是相同的或正在增長。

We are actually reversing that trend now.

我們現在實際上正在扭轉這一趨勢。

In fact, we internally in all of our numbers will show a decreasing R&D cost per wafer, by virtue of the scaling of our total silicon business, and by virtue of the crossover of development, which is essentially about 70% the same between NAND and DRAM.

事實上，我們內部的所有數據都將顯示每片晶圓的研發成本下降，這得益於我們總矽業務的擴展，以及開發的交叉，NAND 和 NAND 和動態隨機存取存儲器。

And so we aren't really focused on just the supply side in '07.

所以我們在 07 年並不僅僅關注供應方面。

I can't predict whether what you said is a bloodbath will occur or not.

我無法預測你所說的血洗是否會發生。

But that doesn't change our course, not because we have a rich partner, but because of the other benefits that it brings to our business.

但這並沒有改變我們的路線，不是因為我們有一個富有的合作夥伴，而是因為它給我們的業務帶來的其他好處。

Thank you very much for the answer.

非常感謝您的回答。

Your next question is coming from Douglas Freedman from Amtech Research.

您的下一個問題來自 Amtech Research 的 Douglas Freedman。

You may go ahead.

你可以繼續。

Thank you for taking my question.

謝謝你接受我的問題。

Steve, if you could, we just missed on basically execution of spending the CapEx, and moving 500 million from '06 into '07, if you heard you correctly.

史蒂夫，如果你可以的話，如果你沒聽錯的話，我們只是錯過了基本的資本支出支出，並將 5 億從 06 年轉移到 07 年。

When are you expecting that catchup to occur?

你預計什麼時候會發生追趕？

And we should be sort of entering the peak, if I remember your slides you presented recently.

如果我記得你最近展示的幻燈片，我們應該會進入巔峰狀態。

Yes.

是的。

We, on the CapEx side, I think we need to be careful to differentiate really three things.

我們，在資本支出方面，我認為我們需要小心區分三件事。

One is, when does the equipment get installed?

一是，什麼時候安裝設備？

The second is, when do you actually pay for it?

第二個是，你什麼時候真正付錢？

And the third is, when does it show up on the books?

第三個是，它什麼時候出現在書上？

And oddly enough, all three of those are slightly different.

奇怪的是，這三個都略有不同。

So the greatest, it was interesting, because when we came out and our CapEx was lower by this number that you just mentioned, half a billion or so, I think a lot of people thought that we were, in fact there were articles that we were deferring or pushing CapEx.

所以最棒的，這很有趣，因為當我們出來的時候，我們的資本支出比你剛才提到的這個數字低 50 億左右，我想很多人認為我們是，事實上有文章我們推遲或推動資本支出。

We have done nothing of the such, nothing even remotely close.

我們沒有做任何類似的事情，甚至沒有做任何事情。

All of that is being driven by when this stuff gets on the books, or when it gets cash flowed.

所有這一切都是由這些東西在賬面上或現金流入時驅動的。

In terms of schedules of capital implementation, I suppose it's always possible they are off a few weeks here and there.

就資本實施的時間表而言，我想他們總是有可能在這里和那裡休息幾週。

But the fact of the matter is, the big capital products are on schedule, within a pretty tight band, so in terms of producing products based on the capital that we've been forecasting to spend, all of that is happening.

但事實是，大型資本產品正在按計劃進行，在一個非常緊張的範圍內，所以就根據我們預測的資本生產產品而言，所有這一切都在發生。

The rest of its frankly is just an accounting nuance, as to when the timing hits in cash flow and assets.

坦率地說，其餘的只是會計上的細微差別，至於何時影響現金流和資產。

And by the way, to answer your question, more specifically, it probably gets almost all - caught up by the end of '07 or the first part of '08.

順便說一句，為了回答你的問題，更具體地說，它可能幾乎全部被趕上了 - 到 07 年底或 08 年第一部分。

So we're still in sort of a peak spending period as we exit '07?

所以當我們退出 07 年時，我們仍然處於消費高峰期嗎？

That's right.

這是正確的。

It's fair to say, for us I think fiscal '07 will be a peak for us, in terms of what we report as capital expenditures.

公平地說，就我們報告的資本支出而言，我認為 07 財年對我們來說將是一個高峰。

Okay.

好的。

And then if I could just move on to, you have given us some targets on wafer loading as a percent of wafer loading by product.

然後，如果我可以繼續說下去，您已經給我們提供了一些關於晶圓裝載量的目標，即按產品分類的晶圓裝載量的百分比。

Any change to those numbers for the end of '07?

07 年末這些數字有什麼變化嗎？

Steve, I can take it.

史蒂夫，我可以接受。

Go ahead, Kipp.

來吧，基普。

You bet.

你打賭。

We had previously talked about being core DRAM being around 40% towards the end of '06, Flash being 10 to 15% or mid-teens.

我們之前曾談到核心 DRAM 到 06 年底的比例約為 40%，閃存為 10% 到 15% 或十幾歲左右。

CMOS image sensors, 20 to 25, and Specialty DRAM 20 to 25, those are still appropriate.

CMOS 圖像傳感器，20 到 25 和 Specialty DRAM 20 到 25，這些仍然是合適的。

For the end of '07 timeframe, expect core DRAM to be 20 to 30%, Flash 30ish, plus or minus.

在 '07 時間框架結束時，預計核心 DRAM 為 20% 到 30%，閃存 30 左右，正負。

CMOS image sensors 20 to 25, and Specialty DRAM 20 to 25.

CMOS 圖像傳感器 20 至 25，以及專用 DRAM 20 至 25。

And lastly, my last question for you, Lexar bits, how many, what percentage of Lexar sales are being supported by IMFT fabs presently, and what do you think that will do in Q1?

最後，我要問你的最後一個問題，Lexar 鑽頭，目前 IMFT 晶圓廠支持的 Lexar 銷售量有多少，你認為這會在第一季度做什麼？

Well, I don't think it's going to change much by the way,for the next couple of quarters, we have customer commitments for the current output.

好吧，順便說一句，我認為它不會有太大變化，在接下來的幾個季度中，我們有客戶對當前輸出的承諾。

So Lexar right now, as you may know, they had good supply relationships in place prior to the acquisition.

因此，如您所知，Lexar 現在在收購之前就已經建立了良好的供應關係。

Those supply relationships have remained in place.

這些供應關係仍然存在。

And we actually don't have much if anything to allocate to Lexar in the next couple of quarters.

在接下來的幾個季度裡，我們實際上沒有太多的東西可以分配給 Lexar。

And even if we did, by the way, I think our strategy is to have downstream, external and internal supply to meet their needs.

即使我們這樣做了，順便說一句，我認為我們的策略是讓下游、外部和內部供應來滿足他們的需求。

And in particular, when you look at their product portfolio and our product portfolio, they don't necessarily match up exactly right now, for part of their products, because they had historical practices of buying things from these other suppliers.

特別是，當您查看他們的產品組合和我們的產品組合時，他們現在不一定完全匹配，因為他們有從這些其他供應商那裡購買東西的歷史慣例。

And there are some differences, and I think it will take quite a bit of time for those all to sort their way out.

並且存在一些差異，我認為這些都需要相當長的時間才能解決問題。

Any clue on what we should think about for gross margins for their business next quarter, given the fact that spot NAND prices seem to be declining?

鑑於現貨 NAND 價格似乎正在下降，我們應該考慮下個季度的業務毛利率有什麼線索嗎？

Yes.

是的。

Well, we're still sorting through that ourselves.

好吧，我們仍在自行整理。

I think that suffice it to say, that if you looked at their historical results, they had pretty poor margins.

我認為這足以說明，如果您查看他們的歷史結果，他們的利潤率非常低。

And we are weekly if not daily working on fixing all of that.

我們每周如果不是每天都在努力解決所有這些問題。

So the guy that runs that business for us, Mark Adams, who was a new COO at Lexar, he's only been there a couple months when we engaged to acquire them, is really focused on that, and I think doing a pretty good job.

因此，為我們經營這項業務的人，馬克亞當斯，他是 Lexar 的新首席運營官，當我們訂婚時，他才在那裡幾個月，他真的專注於這一點，我認為做得很好。

So I think the answer is, they will improve from where they were.

所以我認為答案是，他們會從原來的位置改進。

How much progress is made in the next quarter, I don't know, I can't really respond to that yet, because they are still working on it.

下一季度取得了多少進展，我不知道，我還不能真正回應，因為他們仍在努力。

All right.

好的。

Thank you.

謝謝你。

Thanks, Doug.

謝謝，道格。

With that, actually we'd like to wrap up the call now.

有了這個，實際上我們現在想結束通話。

We would like to thank everyone for participating today.

我們要感謝大家今天的參與。

If you would 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和所有其他可能在本次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 for joining us.

感謝您加入我們。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。

Have a great evening.

有一個美好的夜晚。