美光科技 (MU) 2007 Q1 法說會逐字稿

Good afternoon, my name is Henry, and I'll be your conference facilitator today.

下午好，我叫亨利，今天我將成為你的會議主持人。

At this time I would like to welcome everyone to the Micron Technology first quarter 2007 financial release conference call. [OPERATOR INSTRUCTIONS].

在此，我想歡迎大家參加美光科技 2007 年第一季度財務發布電話會議。 [操作員說明]。

It is now my pleasure to turn the floor over to your host, Kipp Bedard.

現在，我很高興將發言權交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much.

非常感謝。

I would also like to welcome everyone to Micron Technology's first quarter 2007 financial release conference call.

我還要歡迎大家參加美光科技 2007 年第一季度財務發布電話會議。

Of course on the call with me today is Mr. Steve Appleton, Chairman, CEO, and President,;

當然，今天與我通話的是董事長、首席執行官兼總裁史蒂夫·阿普爾頓先生；

Mark Durcan, Chief Operating Officer;

Mark Durcan，首席運營官；

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

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.

此次電話會議（包括音頻和幻燈片）也可在美光的網站 micron.com 上獲得。

If you have not had an opportunity to review the first quarter 2007 financial press release, it is also available on our website at micron.com.

如果您沒有機會查看 2007 年第一季度的財務新聞稿，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, there will be a taped replay available this evening at 5:30 p.m. mountain time.

我們的通話時長約為 60 分鐘，今晚 5:30 將進行錄音重播。山區時間。

You may reach by by dialing 973-341-3080, with a confirmation code of 8248568.

您可以撥打 973-341-3080 與確認碼 8248568 聯繫。

This replay will run through Thursday, December 28th, 2006 at 5:30 p.m. mountain time.

此重播將持續到 2006 年 12 月 28 日星期四下午 5:30。山區時間。

Our webcast replay will be available on the Company's website until December 21st, 2007.

在 2007 年 12 月 21 日之前，我們的網絡廣播回放將在公司網站上提供。

We encourage your 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。

With that, please note the following Safe Harbor statement:

因此，請注意以下安全港聲明：

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

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

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

希望提醒您，此類陳述是預測，實際事件和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.

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。

Specifically, the Company's most recent form 10-K and form 10-Q.

具體來說，公司最近的表格 10-K 和表格 10-Q。

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 in the investor relations section of Micron's website.

這些特定因素可以在美光網站的投資者關係部分找到。

Although we believe 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, what I would like to do now is turn the call over to Mr. Bill Stover.

有了這個，我現在想做的就是把電話轉給比爾斯托弗先生。

Thanks, Kipp.

謝謝，基普。

I'll first summarize the financial results for the quarter which ended November 30th.

我將首先總結截至 11 月 30 日的季度的財務業績。

For the first quarter net sales totaled $1.58 billion, approximately 15% above the immediately preceding and year-ago quarters, and the company recorded net income of $192 million, or $0.25 per diluted share.

第一季度淨銷售額總計 15.8 億美元，比上一季度和去年同期高出約 15%，公司錄得淨收入 1.92 億美元，或每股攤薄收益 0.25 美元。

We're pleased with these results and the reflection of our balanced portfolio of DRAM, NAND and image sensor products.

我們對這些結果以及我們平衡的 DRAM、NAND 和圖像傳感器產品組合的反映感到滿意。

The major themes benefiting this quarter's results were returns on our DRAM portfolio due to improved pricing, the product mix shift to higher mega pixel devices which sustained CMOS image sensor gross margins, and higher NAND margins, which should improve in the future, commensurate with ramp efficiencies in Virginia and Utah.

受益於本季度業績的主要主題是我們的 DRAM 產品組合的回報，原因是定價提高，產品組合轉向更高百萬像素的設備，從而維持了 CMOS 圖像傳感器的毛利率，以及更高的 NAND 利潤率，未來應該會隨著增長而提高弗吉尼亞州和猶他州的效率。

Gross margin for the quarter noticeably improved to 31%.

本季度毛利率顯著提高至 31%。

Selling, general, and administrative expenses were roughly flat as compared to the prior quarter, recognizing that SG&A now runs at a higher level than a year ago due to the addition of IM FLASH, TECH Semiconductor and Lexar.

與上一季度相比，銷售、一般和管理費用大致持平，因為由於 IM FLASH、TECH Semiconductor 和 Lexar 的加入，SG&A 現在的運行水平高於一年前。

We expect the quarterly run rate in '07 to be between 140 and $150 million.

我們預計 07 年的季度運行率將在 140 到 1.5 億美元之間。

We have announced that our ramp of the Utah 300 mm NAND operation is on schedule and going well.

我們已經宣布，我們的猶他州 300 毫米 NAND 操作的坡道按計劃進行並且進展順利。

As you think about research and development expense levels in our second quarter, be mindful that the preproduction wafer processing in Utah will be reflected as R&D expense, not inventoried or charged directly to costs of goods sold.

當您考慮我們第二季度的研發費用水平時，請注意猶他州的預生產晶圓加工將反映為研發費用，而不是庫存或直接計入銷售成本。

Accordingly, R&D expense for Q2 could be as high as $250 million.

因此，第二季度的研發費用可能高達 2.5 億美元。

On qualification of the new fab, R&D expense would return to more normal levels.

新晶圓廠合格後，研發費用將恢復到更正常的水平。

Our forecast for capital spending in '07 is $4 billion, approximately $1.5 billion of that '07 capital spend is expected to come from partner contributions.

我們對 07 年資本支出的預測為 40 億美元，其中約 15 億美元的 07 年資本支出預計將來自合作夥伴的貢獻。

The second half of fiscal '07 will really be the first period to see noticeable benefit of increased volumes coming from Manassas and Lehigh NAND ramps.

07 財年的下半年將是第一個看到 Manassas 和 Lehigh NAND 產量增加帶來顯著收益的時期。

When we look at changes across the balance sheet over the quarter, the most notable change is the increase in property, plant, and equipment which reflects the ramp in Virginia and the buildout in Utah.

當我們查看本季度資產負債表的變化時，最顯著的變化是財產、廠房和設備的增加，這反映了弗吉尼亞州的坡道和猶他州的擴建。

Both inventory and accounts payable saw increases in part reflective of the ramp increases associated with NAND.

庫存和應付賬款的增長部分反映了與 NAND 相關的斜坡增長。

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

我將在那里關閉並將評論交給邁克。

Thanks, Bill.

謝謝，比爾。

As expected, Micron's fiscal Q1 was strong across all of our large focus market segments.

正如預期的那樣，美光第一財季在我們所有的重點市場領域都表現強勁。

Principally, the computing, mobile communications, and consumer electronics segments.

主要是計算、移動通信和消費電子領域。

Significant demand drivers are PCs with increasing memory content, wireless handsets with growing camera penetration rates, and seasonal builds of consumer electronics gear.

重要的需求驅動因素是內存容量不斷增加的個人電腦、攝像頭普及率不斷提高的無線手機以及消費電子設備的季節性生產。

We continue to shape the company as a broad-based supplier of semiconductor solutions, and this quarter's results speak well to the progression of this strategy.

我們繼續將公司塑造為基礎廣泛的半導體解決方案供應商，本季度的業績很好地說明了這一戰略的進展。

Computing demand for Micron is buoyed on several fronts.

對美光的計算需求在幾個方面受到提振。

Strong seasonal demand, our alignment with customers that are market share gainers, and increasing memory content associated with Vista deployments have resulted in a favorable DRAM environment in the computing segment.

強勁的季節性需求、我們與獲得市場份額的客戶保持一致，以及與 Vista 部署相關的內存內容增加，為計算領域帶來了有利的 DRAM 環境。

I believe it worth noting that we are on the front edge of feeling the Vista impact and this will layer in throughout 2007 as the new operating system gets traction in the market.

我認為值得一提的是，我們正處於感受 Vista 影響的前沿，隨著新操作系統在市場上的吸引力，這種影響將貫穿整個 2007 年。

All computer providers began increasing content this fall in anticipation of the release.

今年秋天，所有的計算機供應商都開始增加內容以期待該版本的發布。

Based on input from customers, I will not be surprised if two gigabytes per system quickly becomes the most popular configuration for optimal balance of price and performance.

根據客戶的意見，如果每個系統 2 GB 迅速成為價格和性能最佳平衡的最流行配置，我不會感到驚訝。

In the server space, we remain positioned as one of a small subset of suppliers delivering the full range of memory technologies and densities required in the quality and reliability conscious server market.

在服務器領域，我們仍然定位為一小部分供應商之一，提供質量和可靠性意識強的服務器市場所需的全系列內存技術和密度。

To restate what I have said repeatedly in the past, we are not abandoning the desktop and notebook markets by any means, rather we are optimizing our technological advantages in scale to broadly serve those computing customers that can offer a wide range of come suitor solutions.

重申我過去多次說過的話，我們並沒有以任何方式放棄台式機和筆記本市場，而是在規模上優化我們的技術優勢，以廣泛服務於那些可以提供廣泛的追求者解決方案的計算客戶。

The favorable computer marketing environment was a major contributor toward the 15% DRAM average selling price boost quarter over quarter.

有利的計算機營銷環境是 DRAM 平均售價環比上漲 15% 的主要因素。

There was some notable shifts in memory technology demand during the last quarter.

上一季度內存技術需求發生了一些顯著變化。

Server customers made a fairly dramatic transition from DDR to DDR-2 mid-quarter.

服務器客戶在本季度中期從 DDR 到 DDR-2 進行了相當大的轉變。

This transition increased overall DDR-2 demand and we redialed wafer inputs accordingly to achieve appropriate balance of DDR versus DDR-2 output.

這種轉變增加了對 DDR-2 的整體需求，我們相應地重撥晶圓輸入以實現 DDR 與 DDR-2 輸出的適當平衡。

Another significant technology event in fiscal Q1 was the initial production ramp of our 78 nanometer, 1 gigabit DDR-2 device.

第一財季的另一項重大技術事件是我們的 78 納米、1 Gb DDR-2 設備的初始量產。

In addition to enabling us to meet our server customers high-density memory module and performance requirements, this device has an industry-leading die size and cost profile that makes it an attractive solution for the notebook and desktop markets as well.

除了使我們能夠滿足服務器客戶的高密度內存模塊和性能要求外，該器件還具有行業領先的裸片尺寸和成本配置，使其成為筆記本電腦和台式機市場的極具吸引力的解決方案。

In the mobile communication space, which continues to be the most significant demand driver for our imaging business, we saw another quarter of strong growth and high gross margins.

在移動通信領域，這仍然是我們成像業務最重要的需求驅動力，我們看到了另一個季度的強勁增長和高毛利率。

Higher pixel density remains the trend as we saw our business transition to over 70% at one megapixel and higher, and notably, over 50% at 2 mega pixel and higher pixel density.

更高的像素密度仍然是趨勢，因為我們看到我們的業務在 1 兆像素或更高時過渡到超過 70%，尤其是在 2 兆像素和更高像素密度時超過 50%。

Competition in the mobile space will continue to increase, but we are in great shape to leverage our leading position to mine untapped market share at mobile handset makers.

移動領域的競爭將繼續加劇，但我們處於良好狀態，可以利用我們的領先地位來挖掘手機製造商尚未開發的市場份額。

Looking forward in the very near term, growth could be dampened due to seasonal demand drop off and potential build up of handset component inventories in the channel.

展望近期，由於季節性需求下降和渠道中手機組件庫存的潛在增加，增長可能會受到抑制。

From a handset memory perspective, we continue to round out our product offering in the areas of low-power DRAM and cellular RAM.

從手機內存的角度來看，我們繼續完善我們在低功耗 DRAM 和蜂窩 RAM 領域的產品供應。

We are starting to get commercial traction with MCPs integrating our low-power DRAM and NAND flash chips.

我們開始通過集成我們的低功耗 DRAM 和 NAND 閃存芯片的 MCP 獲得商業牽引力。

While this will not be saying contact revenue contributor in fiscal '07, it is another key piece of the portfolio enhancing relationships with our wireless customers.

雖然這並不是說 07 財年的聯繫收入貢獻者，但它是增強與我們的無線客戶關係的產品組合的另一個關鍵部分。

Speaking of NAND flash, our 72 nanometer deployment continues to go smoothly and we are on track with 300 millimeter capacity additions in Virginia.

說到 NAND 閃存，我們的 72 納米部署繼續順利進行，我們在弗吉尼亞州的容量增加了 300 毫米。

The market has been reception to Micron product and we are well-positioned to place our growing production capacity.

市場已經接受了美光產品，我們已做好充分準備來放置我們不斷增長的生產能力。

NAND is clearly a competitive battleground right now and will continue to be as we wrap up the consumer buying season and enter what is typically a slow demand period for consumer electronics and peripherals.

NAND 目前顯然是一個競爭戰場，隨著我們結束消費者購買季節並進入消費電子產品和外圍設備的典型需求緩慢期，NAND 將繼續如此。

We are pleased with early OEM customer interest in card-level products from Lexar, and will be working aggressively to enhance Lexar brand presence in the retail channel.

我們很高興看到早期 OEM 客戶對 Lexar 的卡級產品感興趣，並將積極努力提高 Lexar 品牌在零售渠道的影響力。

One by product of our diversification strategy has been the necessity to carry an increased level of inventory to support proprietary products, or in many cases we have a sole source position.

我們多元化戰略的一個副產品是需要增加庫存水平以支持專有產品，或者在許多情況下我們擁有唯一的來源位置。

To this end we saw modest inventory growth in imagers, synchronous DRAM, DDR and RLD RAM.

為此，我們看到成像器、同步 DRAM、DDR 和 RLD RAM 的庫存適度增長。

For more commoditized and multi-source products, such as DDR-2, we ended the quarter right about where we began with about 1.5 weeks of finished goods on hand.

對於更多商品化和多來源的產品，例如 DDR-2，我們以大約 1.5 週的成品庫存結束了本季度。

Looking forward, I continue to be encouraged by think ongoing strength in the DRAM market.

展望未來，我繼續為 DRAM 市場的持續實力感到鼓舞。

Many Decembers are slow, but this year, most customers are mandating continuous shipments through the holidays.

許多 12 月都很緩慢，但今年，大多數客戶要求在假期期間持續發貨。

Setting the table for what we expect is going to be a great start in calendar '07.

在 07 年日曆中，按照我們的預期設置表格將是一個很好的開始。

Thanks for your continued support and interest in the company, and happy holidays.

感謝您一直以來對公司的支持和關注，祝您節日快樂。

[OPERATOR INSTRUCTIONS].

[操作員說明]。

Your first question is from Michael Masdea of Credit Suisse.

您的第一個問題來自瑞士信貸的 Michael Masdea。

Please go ahead.

請繼續。

Thanks a lot and great quarter.

非常感謝，很棒的季度。

Maybe a question on the inventory front.

也許是庫存方面的問題。

We have seen a lot of strength later in the year than I think a lot of people were thinking earlier this year.

我們在今年晚些時候看到了比我認為很多人今年早些時候所想的要多得多的實力。

Any concern given that inventory has been so lean that your customers are building out some inventory?

考慮到庫存太少以至於您的客戶正在增加一些庫存，您有什麼顧慮嗎？

Mike, you made a comment about wireless, if you can give a little more color on that.

邁克，你對無線發表了評論，如果你能對此多說一些的話。

I think it varies by segment, Michael, first of all, let me address them by size for us anyway.

我認為它因細分市場而異，邁克爾，首先，無論如何，讓我按大小為我們解決它們。

In the PC area, absolutely not.

在PC領域，絕對不是。

Matter of fact just over the weekend I got a call from an executive at one of our PC customers in a panic that they couldn't get enough memory to put in systems that they were selling that day for delivery by Christmas.

事實上，就在周末，我接到了我們一位 PC 客戶的主管打來的電話，他們驚慌失措地說，他們無法獲得足夠的內存來安裝他們當天銷售的系統，以便在聖誕節前交付。

I believe that customer is a fair proxy for the rest of the industry.

我相信客戶是行業其他人的公平代表。

Absolutely there's no inventory buildup at all in the hands of the PC makers.

PC 製造商手中完全沒有庫存積壓。

I don't necessarily believe that to be the case in the mobile phone area.

我不一定相信手機領域會是這樣。

We are aware that some of our mobile phone customers as well as some of our module integrators in the camera space have accumulated inventory and it's reasonable to expect it's going to take some time to work through in the early part of 2007.

我們知道，我們的一些手機客戶以及我們在相機領域的一些模塊集成商已經積累了庫存，並且可以合理地預計，在 2007 年初需要一些時間才能完成。

Those will be the two most significant areas where I think I have pretty good visibility at the component level.

這些將是我認為我在組件級別具有相當好的知名度的兩個最重要的領域。

That's overall taken the supply chain as you think inventories went up a little bit in the quarter?

這就是整個供應鏈，因為您認為本季度庫存略有上升？

I don't believe they did in the PC space.

我不相信他們在 PC 領域做到了。

I believe they did in the mobile handset space, yes.

我相信他們在手機領域做到了，是的。

Great.

偉大的。

Try to build up some inventory weakness, or do you think they are going to try to keep it lean?

嘗試建立一些庫存弱點，還是您認為他們會嘗試保持精簡？

I think they would leave to build up inventory, because they are all expecting a pretty significant boost in demand, at least at the memory-per-system level associated with the operating system roll out.

我認為他們會離開以增加庫存，因為他們都預計需求會出現相當大的增長，至少在與操作系統推出相關的每系統內存級別。

It's just a question as to whether or not they are going to be able to accumulate inventory.

這只是一個關於他們是否能夠積累庫存的問題。

We don't have any customers today that would turn away any shipment of DRAM, period.

我們今天沒有任何客戶會拒絕任何 DRAM 的出貨。

There's no way they would, and I think they would love to accumulate some inventory a little ahead of the consumer release of Vista.

他們不可能，而且我認為他們很樂意在 Vista 的消費者版本發布之前積累一些庫存。

Last question, production versus shipment, can you run us through what happened this quarter on those two metrics and what your plan is for the coming quarter.

最後一個問題，生產與出貨量，您能否讓我們了解一下本季度在這兩個指標上發生的事情以及您對下一季度的計劃。

You can probably tell, Michael.

你大概能看出來，邁克爾。

We basically shipped everything we made.

我們基本上運送了我們製造的所有東西。

That's the simple answer in terms of the PC segment.

這就是 PC 領域的簡單答案。

And as Mike indicated we built a little bit of inventory strategically and basically some of the specialty areas, and the image sensors we might be sole source in those products.

正如邁克所說，我們戰略性地建立了一些庫存，基本上是一些專業領域，以及我們可能是這些產品的唯一來源的圖像傳感器。

Any initial targets on demand or the supply side in terms of how you are going to grow next quarter.

就下個季度的增長方式而言，任何關於需求或供應方面的初始目標。

We can give you input on bits growth next quarter.

我們可以在下個季度為您提供有關比特增長的信息。

We see DRAM up to mid-single-digits, these are all production numbers.

我們看到 DRAM 達到中個位數，這些都是生產數字。

We see flash up similar to what we saw this quarter, and image sensor wafer-wise is fairly flat in that upper teens to lower levels, so that will be more impacted by-- as Mike described what is going on on the inventory curve.

我們看到與本季度類似的快速增長，並且圖像傳感器晶圓在上十幾歲到下半部分相當平坦，因此這將受到更大的影響——正如邁克描述的庫存曲線上發生的事情。

Great.

偉大的。

Thanks a lot, guys.

非常感謝，伙計們。

You bet.

你打賭。

Thank you.

謝謝你。

Your next question is coming from Shawn Webster of JPMorgan.

您的下一個問題來自摩根大通的 Shawn Webster。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Can you give some color on the demand environment for what you saw for PCB RAM in Q4 in terms of sequential bit growth in Q4 and how you think the demand environment is looking as we go into Q1 and then I have a follow-up, please.

您能否就您在第四季度看到的 PCB RAM 的需求環境給出一些顏色，就第四季度的連續位增長而言，以及您認為我們進入第一季度時需求環境如何，然後我有一個跟進，請.

Sure, my best term in terms of demand growth in calendar Q4 versus the prior quarter, calendar Q3 was certainly upwards of 10%.

當然，就第四季度與上一季度的需求增長而言，我的最佳期限是第四季度，日曆第三季度肯定會超過 10%。

We were not able to satisfy the demand in calendar Q4, so we're still coming up short with respect to what customers would want from us.

我們無法滿足第四季度的需求，因此我們仍然無法滿足客戶對我們的需求。

Looking ahead in the very near term, if I aggregate say five or six of our top PC customers we're looking at megabit demand growth in calendar Q1 of zero to 5%.

在短期內展望未來，如果我匯總說我們的五六個頂級 PC 客戶，我們預計第一季度的兆比特需求增長將為零到 5%。

In line seasonally perhaps slightly higher than what would typically be seasonal calendar Q1.

季節性可能略高於通常的季節性日曆 Q1。

On the pricing environment for DRAM you said ASPs were up 15 in DRAM; is that right.

關於 DRAM 的定價環境，您說 DRAM 的 ASP 上漲了 15；那正確嗎。

Overall ASPs were up quarter over quarter 15%.

總體平均售價比上一季度增長 15%。

If we were to get a little more granular on that, if I were to say, lump the DDR-2, combine the DDR-2 products that are going into PCs, they were in the neighborhood of 25%, and the rest of the portfolio was down-- I'm sorry not down-- not up as high as 15%, but obviously reaching that balance of 15%.

如果我們要更詳細一點，如果我要說，把 DDR-2 混為一談，結合進入 PC 的 DDR-2 產品，它們在 25% 左右，其餘的投資組合下降了——很抱歉沒有下降——沒有上升到 15%，但顯然達到了 15% 的平衡。

I see.

我懂了。

In the DDR2 area we have had 7 straight contract pricing negotiations where prices have increased, and I would have to go back to 2001 when Windows XP was released to have that kind of price lifting performance.

在 DDR2 領域，我們已經進行了 7 次價格上漲的連續合同定價談判，而我必須回到 2001 年發布 Windows XP 時才能獲得這種價格提升性能。

If pricing stays flat to where it is today, what do you think your pricing could do sequentially in the February quarter.

如果定價與今天持平，您認為您的定價在 2 月季度可以按順序執行什麼操作。

If pricing were to stay exactly flat where it is today, on a DRAM price-per-bit basis, it would be flat with fiscal Q1.

如果價格在今天的水平上保持不變，在 DRAM 每位價格的基礎上，它將與第一財季持平。

In the DDR-2 space it would be about up 3% or so.

在 DDR-2 空間中，它將大約增長 3% 左右。

Okay.

好的。

Thank you very much.

非常感謝。

Sure.

當然。

Thank you.

謝謝你。

Your next question is coming from Hans Mosesmann of Mellenberger Capital.

您的下一個問題來自梅倫伯格資本的 Hans Mosesmann。

Please go ahead.

請繼續。

Thanks.

謝謝。

Thanks.

謝謝。

Quick question on the NAND environment in general entering the first half of calendar '07.

關於進入 07 年上半年的 NAND 環境的快速問題。

Can you give us a sense of what is happening out there?

你能告訴我們外面發生了什麼嗎？

There's a lot of indications that a tremendous amount of bit growth in supply is coming online, can you give us a flavor?

有很多跡象表明，供應量的巨大增長即將上線，您能給我們介紹一下嗎？

Sure.

當然。

I can give you a flavor on my perspective on demand and we can also talk quite a bit about what Micron's doing on the supply side.

我可以讓您了解一下我對需求的看法，我們還可以談談美光在供應方面的所作所為。

I can't speak for anybody else.

我不能代表任何人。

As you know we're growing our NAND output pretty significantly and either Kipp or Mark can address that here after I'm finished answering your question.

如您所知，我們的 NAND 輸出顯著增長，在我回答完您的問題後，Kipp 或 Mark 可以在這裡解決這個問題。

On the demand side, we have seen demand weaken for the Christmas season, if you will and our expectations are that we're going to be in a relatively weak demand environment in calendar Q1.

在需求方面，我們已經看到聖誕節季節的需求減弱，如果你願意的話，我們的預期是我們將在日曆第一季度處於相對疲軟的需求環境中。

And continue to be in an environment where supply exceeds demand, And the logical conclusion you could draw from there is we're going to continue to see price pressure and that's absolutely what we're expecting.

並且繼續處於供大於求的環境中，您可以從中得出的合乎邏輯的結論是，我們將繼續看到價格壓力，這絕對是我們所期待的。

I can address the NAND production side.

我可以解決 NAND 生產方面的問題。

Mark can follow up with some of the technical milestones we've hit as well.

馬克也可以跟進我們已經達到的一些技術里程碑。

We-- we're starting to see some pretty strong sequential growth in NAND that's going to continue.

我們 - 我們開始看到 NAND 的一些相當強勁的連續增長，這種增長將繼續下去。

We're not going to give out some exact numbers for next quarter, but it should be every bit as good as we saw this quarter.

我們不會給出下個季度的一些確切數字，但它應該和我們本季度看到的一樣好。

Year-over-year, we have mentioned on prior calls we'll be well over 200% year-over-year.

與去年同期相比，我們在之前的電話會議中提到，我們的年增長率將超過 200%。

On the technology front, what we're doing from a cost perspective on NAND, I think it's safe to say we're hitting all of the milestones we set for ourselves and we're pleased with the way the technologies are rolling out and the fabs are ramping.

在技術方面，從 NAND 的成本角度來看，我們正在做的事情，我認為可以肯定地說，我們正在達到我們為自己設定的所有里程碑，我們對技術的推出方式和晶圓廠正在加速發展。

Relative to how we think we'll do from a cost perspective, we're looking for 40 to 60% for the industry over the year, we think Micron will exceed that number with an opportunity to continue to upside the production as we move forward.

相對於我們認為從成本的角度來看我們將如何做，我們預計該行業在一年中的佔比將達到 40% 到 60%，我們認為美光將超過這個數字，並有機會在我們前進的過程中繼續提高產量.

Relative to exactly where we are on some of the technology fronts, 72 nanometer continuing to ramp well ahead of schedule, 50-nanometer looking very good and very healthy in the manufacturing environment, and MLC qualification and production early in the calendar quarter.

相對於我們在某些技術前沿的確切位置，72 納米繼續提前大幅提升，50 納米在製造環境中看起來非常好和非常健康，以及本季度早期的 MLC 認證和生產。

Okay.

好的。

As a quick follow-up on the NAND front, what was Lexar's in terms of revenues?

作為 NAND 方面的快速跟進，Lexar 的收入是多少？

I think the expectation was $160 million for the quarter?

我認為本季度的預期是 1.6 億美元？

Yeah.

是的。

We gave a reference, just so you guys could model when with first took over Lexar.

我們提供了一個參考，以便你們可以在第一次接管 Lexar 時進行建模。

Now our reference point is going to be for our entire NAND business.

現在我們的參考點將是我們整個 NAND 業務。

Which was approximate about approximately 15% for the quarter.

本季度約為 15%。

Fair enough.

很公平。

Thank you.

謝謝你。

You bet.

你打賭。

Thank you.

謝謝你。

Your next question is coming from Nicolas Gaudois of Deutsche Bank.

您的下一個問題來自德意志銀行的 Nicolas Gaudois。

Please go ahead.

請繼續。

Hi.

你好。

Good evening.

晚上好。

Could we start by having some color on bit growth, please, for the prior quarter, for DRAM, either production or shipments, and maybe if you would care to give us some color on the NAND side as you stated that basically you expect pretty much the same level for fiscal Q2?

我們能否從位增長的一些顏色開始，對於上一季度，DRAM，無論是生產還是出貨量，也許你願意給我們一些關於 NAND 方面的顏色，正如你所說的，基本上你期望很高第二季度財政水平相同？

Thank you.

謝謝你。

Yeah, we don't be providing specific bit growth on shipments, which I think was the first part of your question.

是的，我們沒有提供具體的出貨量增長，我認為這是你問題的第一部分。

And was the second part production related to DRAM or NAND?

第二部分生產是否與 DRAM 或 NAND 有關？

Yes, DRAM, yes, first of all.

是的，DRAM，是的，首先。

You should see quarter over quarter in the mid-to high single-digit production coming from Micron.

您應該會看到來自美光的中高個位數產量的季度環比增長。

And again, if you followed Micron for a period of time, you'll know that we allow you guys the flexibility to figure out what shipments will do during the quarter.

同樣，如果您關注美光一段時間，您就會知道我們允許你們靈活地確定本季度的出貨量。

Right.

正確的。

But for the prior quarter in fiscal Q1, DRAM production grew by how much.

但在第一財季的上一季度，DRAM 產量增長了多少。

Actually it was a little higher than that for the core DRAM segment, for production in fiscal Q1.

實際上，在第一財季的生產中，它略高於核心 DRAM 部分。

Great.

偉大的。

And NAND you said you would grow by pretty much the same amount sequentially in fiscal Q2.

你說的 NAND 在第二財季會按順序增長幾乎相同的數量。

Would you care to give us any color on the prior quarter on that?

你願意給我們上一季度的任何顏色嗎？

No, not yet.

還沒有。

We are very sensitive of what our competitors are listening to us say on these calls and that's one area where we think we're executing pretty well and we're going to continue to execute in this manner, if you will.

我們對我們的競爭對手在這些電話中聽我們說什麼非常敏感，這是我們認為我們執行得很好的一個領域，如果你願意的話，我們將繼續以這種方式執行。

Figure 200% year-over-year, and we're-- already having some fairly strong bit growth quarters.

同比增長 200%，而且我們已經有了一些相當強勁的季度增長。

Okay.

好的。

Fair enough, and just as a follow-up, on the imaging side as you are saying-- Mike just stated some inventory correction on growing customers, will we be looking for seasonally down quarter for February quarter on imaging or maybe a bit worse than that, revenue wise?

很公平，正如你所說的，在成像方面，作為後續行動——邁克剛剛對不斷增長的客戶進行了一些庫存修正，我們是否會在成像方面尋找 2 月季度的季節性下降季度，或者可能比那，收入明智嗎？

We have 11 weeks left in the quarter, so it would be difficult for me to say with-- quantitatively what is going to hatch but we are dealing with two issues here.

我們本季度還有 11 週的時間，所以我很難說 - 從數量上講會發生什麼，但我們在這里處理兩個問題。

Number 1, our customers do have inventory in select product configurations, and we are also going into what is seasonally a slow selling period for mobile phones and mobile phones continue to be the significant driver of demand for our imaging business unit.

第一，我們的客戶在選擇的產品配置中確實有庫存，而且我們也將進入季節性的手機銷售緩慢期，手機仍然是我們成像業務部門需求的重要推動力。

So we have those two issues to deal with, and it is going to be a challenge to keep things growing on the rate that they have been.

所以我們有這兩個問題要處理，要保持事情的發展速度將是一個挑戰。

Great.

偉大的。

And with that should we expect operating margins to contract for imaging--

有了這個，我們是否應該期望成像的營業利潤率收縮 -

Again, that's one of the areas we're going to stay away from.

同樣，這是我們要遠離的領域之一。

We'll give you cost direction, and really up to you in the market to decide what the ASPs are relative to that.

我們將為您提供成本方向，並真正由您在市場上決定與此相關的 ASP。

Okay.

好的。

Thank you very much.

非常感謝。

You bet.

你打賭。

Thank you.

謝謝你。

Your next question is coming from Alex Gauna of UBS, please go ahead.

您的下一個問題來自瑞銀的 Alex Gauna，請繼續。

Thank you.

謝謝你。

I was wondering if you could give a little more color on handsets.

我想知道您是否可以在手機上提供更多顏色。

I know you are seeing weaker than normal seasonality.

我知道您看到的季節性比正常情況要弱。

What would you define as normal seasonality, and how much weaker are we looking at with the inventory correction?

您將什麼定義為正常的季節性，以及我們認為庫存修正會減弱多少？

I'm going lump memory and imaging in here and put things in terms of units.

我將在這裡匯總內存和成像，並以單位表示。

Flat to down 10% is about what I'm looking at for calendar Q1, and I'm not an expert on the mobile phone business, but my expectation is that would probably be in line with what the case seasonal, maybe slightly-- slightly greater decrease due to inventory situation.

持平到下降 10% 是關於我對日曆 Q1 的預期，而且我不是手機業務方面的專家，但我的預期是這可能與季節性情況一致，也許會稍微——由於庫存情況，跌幅略大。

Okay.

好的。

And are you seeing anything opportunities in the first half of the year in mobile handsets in terms of getting your specialty DRAM content up?

您是否在今年上半年看到手機在提升您的專業 DRAM 內容方面的任何機會？

Yes, we are.

是的，我們是的。

Primarily in those cases-- I mentioned earlier that we are getting more traction in the MCP space, which is, for us, anyway, it's high density NAND chips of a gigabit or two gigabits attaching to a 256 megabit or 512 megabit DRAM.

主要是在這些情況下——我之前提到我們在 MCP 領域獲得了更多的關注，對我們來說，無論如何，它是連接到 256 兆位或 512 兆位 DRAM 的 1 吉比特或 2 吉比特的高密度 NAND 芯片。

Obviously or should be obviously aimed at mid-to high end mobile phone business, and I don't want to overstate this, because it still is going to be relatively insignificant in terms of the a revenue driver for us in '07, but we are growing that business pretty nicely as we move through the calendar year.

顯然或者應該明顯針對中高端手機業務，我不想誇大這一點，因為它在 07 年對我們的收入驅動力而言仍然相對微不足道，但我們隨著我們度過日曆年，該業務正在很好地發展。

And can you update us on your MLC progress on the NAND front?

您能否向我們介紹您在 NAND 方面的 MLC 進展？

MLC-- we're anticipating starting to ship product in the-- probably early in the first calendar quarter.

MLC——我們預計可能在第一季度初開始發貨。

From a technology readiness perspective we're really crossing the Ts and dotting the Is and crossing the Ts, as we go out and benchmark our MLC offerings relative to the competition, we believe we're from a quality cycling liability perspective, we're ahead of or exceeding that available in the marketplace today.

從技術準備的角度來看，我們真的跨越了 Ts 並點綴了 Is 和跨越了 Ts，當我們走出去並相對於競爭對我們的 MLC 產品進行基準測試時，我們相信我們從質量自行車責任的角度來看，我們是領先於或超過當今市場上可用的產品。

So we'll very happy with how our MLC is going.

因此，我們會對 MLC 的進展感到非常滿意。

We'll be rolling that out throughout 2007.

我們將在 2007 年全年推出。

Thank you very much.

非常感謝。

Congratulations nice quarter.

祝賀漂亮的季度。

Thank you.

謝謝你。

Your next question is coming from James Covello of Goldman Sachs.

您的下一個問題來自高盛的 James Covello。

Please go ahead.

請繼續。

Good afternoon guys.

各位下午好。

Thanks so much.

非常感謝。

Question first on an argument that a lot of people are making about the obsolescence of 200 mm capacity as it relates to the ability to produce DRAM, in other words, sometime in '07, it's not going to be economical to produce DRAM on 200 millimeter capacity any more.

首先是關於很多人提出的關於 200 毫米容量過時的論點，因為它與生產 DRAM 的能力有關，換句話說，在 07 年的某個時候，在 200 毫米上生產 DRAM 並不經濟容量多了。

Do you have any thoughts on that as it relates to your business or the industry supply?

您對此有什麼想法，因為它與您的業務或行業供應有關？

I think you need be more granular when you say DRAM.

我認為當你說 DRAM 時你需要更細化。

There's lots of DRAM in the market place that's not the high density going into the computer space or the PC space.

市場上有很多 DRAM 不是進入計算機領域或 PC 領域的高密度。

So to the extent it is going into the computing space, and it does need to be the high density, lowest geometry achievable, I think the answer is, yes, that is the case, and in fact if you look at Micron's own production, we essentially don't produce anything any more on 200 millimeter of any significance that goes into that space.

所以就它進入計算領域的程度而言，它確實需要達到高密度、最低幾何形狀，我認為答案是，是的，就是這樣，事實上，如果你看看美光自己的產品，在進入那個空間的 200 毫米上，我們基本上不再生產任何具有任何意義的東西。

However, we think the 200 millimeter for the specialty DRAM will be applicable for quite sometime in the future for a number of years, where it doesn't drive the density so much.

但是，我們認為專用 DRAM 的 200 毫米將在未來相當長的一段時間內適用，因為它不會對密度產生太大影響。

As an example, we still ship 64 meg today into some applications and where it doesn't need the density, then I don't think that argument holds true.

舉個例子，我們今天仍然將 64 meg 運送到一些應用程序中，並且它不需要密度，那麼我認為這個論點不成立。

How much 200 millimeter capacity today is producing high density DRAM?

今天有多少 200 毫米產能在生產高密度 DRAM？

In other words, how much might become obsolete relative to that high density DRAM as we go through '07?

換句話說，相對於 07 年的高密度 DRAM，有多少可能會過時？

What I'm trying to get handle on, as we're looking at the supply and demand models for '07, what should we assume comes offline in terms of being able to produce high density?

當我們正在研究 07 年的供需模型時，我正在嘗試處理什麼，就能夠生產高密度而言，我們應該假設哪些離線？

I don't have an good estimate.

我沒有一個很好的估計。

I would suspect that the vast I can't imagine there's much left of 200 millimeter running high density DRAM.

我懷疑我無法想像的巨大的 200 毫米運行高密度 DRAM 還剩下多少。

There's certainly not for us.

我們肯定沒有。

As I think about the other competitors in the arena, most of them have been in that transition this year, if not before.

當我想到競技場上的其他競爭對手時，他們中的大多數人今年都經歷了這種轉變，如果不是以前的話。

Okay.

好的。

Final question for me do you have a depreciation estimate for us for fiscal '07?

最後一個問題，你對我們 07 財年有一個折舊估計嗎？

$380 million is what came in in the first quarter and we were looking at about $1.8 billion for the fiscal year, given the significant growth at Manassas and at Lehigh.

第一季度收入為 3.8 億美元，鑑於馬納薩斯和利哈伊的顯著增長，我們預計本財年的收入約為 18 億美元。

Terrific.

了不起。

Thank you so much.

太感謝了。

You bet.

你打賭。

Thank you.

謝謝你。

Your next question is coming from Glen Yeung of Citigroup.

您的下一個問題來自花旗集團的 Glen Yeung。

Thanks.

謝謝。

Can you hear me okay?

你能聽到我的聲音嗎？

You bet, Glen, go ahead.

你打賭，格倫，繼續。

I was just listening to the forecast you guys gave for bit production in the first quarter of mid-to high single digits, and then bit band growth of flat to up 5%, and when I take that as one point, I sort of layer on the fact that clearly there's not enough PCBM going to the market today, how should we think about pricing-- I know you don't like to give pricing forecasts, but-- it would argue that pricing will be down a little bit in the first quarter.

我只是在聽你們預測第一季度的比特產量中高個位數，然後比特帶增長持平到 5%，當我把它作為一個點時，我有點分層事實上，今天市場上顯然沒有足夠的 PCBM，我們應該如何考慮定價——我知道你不喜歡給出定價預測，但是——它會爭辯說定價會在第一季度。

Well, keep in mind-- by the way I'm not going to make a price for increasing prices or decreases prices.

好吧，請記住——順便說一句，我不會為漲價或降價定價。

The prices will be what the prices will be.

價格將是價格。

Our market share in this space is in the neighborhood of 12 to 14%, so significant production increase for us not going to have a huge bearing on the overall market.

我們在這個領域的市場份額在 12% 到 14% 左右，因此顯著的產量增長對我們來說不會對整個市場產生巨大影響。

So if you take the number that we shared with you, which is our production output increasing high single digits and demand increasing maybe low to mid-single digits, yes, we're going to be in a position to take a little bit of market share in calendar Q1, and thankfully I can get some of our customers off of my back with respect to us not really living up to what they expect from us in terms of production output.

因此，如果您採用我們與您分享的數字，即我們的產量增加高個位數，而需求可能增加低到中個位數，是的，我們將能夠佔據一點市場分享日曆 Q1，謝天謝地，我可以讓我們的一些客戶擺脫對我們在產量方面的期望並沒有真正達到他們的期望。

To the extent that that marginal increase in output has an impact on pricing, so be it.

就產量的邊際增長對定價產生影響而言，就這樣吧。

If it does we'll just deal with it.

如果是這樣，我們將處理它。

Right.

正確的。

And then I think I heard over the course of the call you suggest that you might see 2 gigabytes as sort of the standard configuration relatively quickly.

然後我想我在通話過程中聽到您建議您可能會相對較快地將 2 GB 視為標準配置。

Is that assumption that in 2007 the average configuration per PC is 2 gigabytes or just for the Vista-related systems.

這是假設 2007 年每台 PC 的平均配置為 2 GB 還是僅適用於與 Vista 相關的系統。

I'm speaking specifically about Vista systems and this is way out of my area of expertise with respect to what the penetration of Vista is going to be in the overall PC market.

我專門談論的是 Vista 系統，這超出了我的專業領域，就 Vista 將在整個 PC 市場中的滲透情況而言。

But the dialogue we have had with two customers in particular on memory con figs is it's centering on two gigabytes.

但我們與兩個客戶特別是在內存配置方面的對話是它以 2 GB 為中心。

Do you have a sense as to what bit per box growth was over the course of the quarter and any feel for what it might be in the next quarter?

您對本季度每盒的增長有多少了解，對下一季度的增長有任何感覺嗎？

I believe-- the data-- by the way this is third-party data, but the data we have on bit growth for box for 2006 was about 39%, if I'm not mistaken.

我相信 - 數據 - 順便說一下，這是第三方數據，但如果我沒記錯的話，我們擁有的 2006 年 box 的比特增長數據約為 39%。

I would say it's higher in calendar Q4 than the first three quarters of the year, and what we're looking at in '07 is between 40 and 45%.

我會說它在日曆第四季度高於今年前三個季度，而我們在 07 年看到的是 40% 到 45% 之間。

I personally believe that's light because I think it discounts the memory content for Vista.

我個人認為這很輕，因為我認為它會降低 Vista 的內存內容。

On the slide we show on the webcast, basically if you average '06 memory content per system, you are about 750 megabytes and we're exiting the year at about 950.

在我們在網絡廣播中展示的幻燈片上，基本上如果你平均每個系統的 '06 內存內容，你大約是 750 兆字節，而我們今年退出時大約是 950 兆字節。

Okay.

好的。

I appreciate it.

我很感激。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Your next question is coming from Douglas Freedman of AmTech Research.

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

Please go ahead.

請繼續。

Hi guys.

嗨，大家好。

Just a quick one on the MLC introduction, at what node are you going to bring that in?

簡單介紹一下 MLC 介紹，您打算在哪個節點引入它？

And then a few follow ups.

然後進行一些跟進。

MLC will be first introduced at 72 and followed up at 50, we did have some limited MLC at 90, but the bulk is coming in at 72 and 50.

MLC 將首先在 72 推出，然後在 50 推出，我們在 90 時確實有一些有限的 MLC，但大部分在 72 和 50 時進入。

And also sticking with the NAND, if we could, what percentage of the NAND this quarter was supported with internal production?

還要堅持 NAND，如果可以的話，本季度有多少 NAND 得到內部生產的支持？

Basically what you are asking is did we supply any to Lexar, isn't it, Doug?

基本上你要問的是我們是否向 Lexar 提供了任何東西，不是嗎，Doug？

Yes.

是的。

And the answer is No.

答案是否定的。

To Lexar continues to be sourced externally?

Lexar 是否繼續從外部採購？

Yes, in fact we have stated publicly, probably by summer, second half next year, best case.

是的，事實上我們已經公開聲明過，可能在明年下半年的夏天，最好的情況下。

That we would be starting to supply any major product to Lexar.

我們將開始向 Lexar 供應任何主要產品。

I'm trying to get at what your internal bit production was.

我試圖了解你的內部比特生產是什麼。

But let's move on a little bit, though.

但是，讓我們繼續前進。

Wafer starts for Q1, any projection on how much we should expect wafer starts to be up for Q1?

第一季度晶圓開始生產，我們預計第一季度晶圓開始上漲多少？

That will be up a couple Percent across the entire production operation.

這將在整個生產運營中增加幾個百分點。

Okay.

好的。

And then in the past you have offered a gross margin on the image sensor product line.

然後在過去，您在圖像傳感器產品線上提供了毛利率。

Yes. 41% for the quarter.

是的。本季度為 41%。

And lastly-- well, a few-- few more quick ones.

最後 - 好吧，一些 - 一些更快的。

One timers expected in Q1?

預計第一季度會有一個計時器？

I know we have got the Avago purchase that just happened, what is the accounting treatment on that going to look like for Q-- in your fiscal Q2?

我知道我們剛剛完成了 Avago 的收購，在 Q2 財年 Q 的會計處理會是什麼樣子？

You have got a little better than $50 million, and the bulk of that is going into intellectual property acquired and the assembled work force, so amortized over a couple year period.

你的收入略高於 5000 萬美元，其中大部分用於獲得的知識產權和組建的勞動力，因此在幾年內攤銷。

And one last one for you, Steve, if you could-- you have talked a lot in the past about being a consolidator in the industry.

最後一個給你，史蒂夫，如果你可以的話——你過去談過很多關於成為行業整合者的話題。

Are you still looking at more memory-related acquisitions?

您還在尋找更多與內存相關的收購嗎？

Can you let us know a little bit of what our appetite is there at this point in time, and what you see in the landscape?

您能否讓我們知道此時此刻我們的胃口是什麼，以及您在風景中看到了什麼？

I think we have been pretty consist important on that front as you have already noted.

正如你已經指出的那樣，我認為我們在這方面一直很重要。

We'll continue to be interested.

我們將繼續感興趣。

Of course, we're not interested in something hostile, so we would have to-- you know, we're passengers on that bus, and I think the reality is that while the DRAM market is okay, some may say it's good, some may say it's okay, depending on what product segment you are in, but the fact of the matter is while the market is in this environment it is right now there's probably not a lot of opportunity because people just continue to drive ahead on the road.

當然，我們對敵對的東西不感興趣，所以我們必須——你知道，我們是那輛公共汽車上的乘客，我認為現實是，雖然 DRAM 市場還可以，但有些人可能會說它很好，有些人可能會說沒關係，這取決於您所在的產品細分市場，但事實是，當市場處於這種環境中時，現在可能沒有太多機會，因為人們只是繼續在路上前進.

To the extent that it gets more difficult, I think that's where you see opportunities surface, and as I said, for quite some time, we're interested in, and we're always looking.

在變得更加困難的情況下，我認為這就是你看到機會的地方，正如我所說，在相當長的一段時間內，我們很感興趣，我們一直在尋找。

You have got-- if I could note you have a growing marketplace in the mobile market with NAND headed into that market and your image sensors headed into that market.

你有——如果我能注意到你在移動市場上有一個不斷增長的市場，NAND 進入了那個市場，你的圖像傳感器進入了那個市場。

Would you at all be interested in looking at newer assets?

您是否有興趣查看較新的資產？

Well, I'm not going to go down that path and comment on what may or may not be out there for us to look at.

好吧，我不會沿著這條路走下去評論我們可能會或可能不會看到的東西。

And I'll just leave it at that.

我就這樣吧。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Your next question is coming from Daniel Amir of WR Hambrecht, please go ahead.

您的下一個問題來自 WR Hambrecht 的 Daniel Amir，請繼續。

Yeah.

是的。

Thanks a lot.

非常感謝。

A couple of questions, first of all on the image sensor business, you made some comments on the increasing competition in the market, can you elaborate on that a bit more?

有幾個問題，首先是關於圖像傳感器業務，您對市場競爭的加劇發表了一些評論，您能詳細說明一下嗎？

And then a follow-up to the image sensor is that you were saying about 70% is north of one mega pixel, what is kind of the expectation by middle of '07 to that ratio?

然後對圖像傳感器的後續跟進是，您說大約 70% 在 1 兆像素以北，07 年中期對這個比例的期望是什麼？

I'll let Mike handle the pixel density penetration for this market.

我會讓 Mike 處理這個市場的像素密度滲透。

With respect to composition in image sensors, I think we are starting to see-- in particular since since we pretty much pioneered I think the technology ability to be higher quality and lower pixel size, et cetera, than the CCBs, and as a result we have generated a lot of success.

關於圖像傳感器中的構圖，我認為我們開始看到 - 特別是因為我們幾乎是開創性的，我認為技術能力比 CCB 更高質量和更低像素尺寸等，因此我們取得了很多成功。

It's of course a lot easier for everybody to follow us in that, because everybody gets our roadmaps now.

當然，每個人都更容易跟隨我們，因為現在每個人都得到了我們的路線圖。

As a result we're seeing a lot more people plow into that space.

結果，我們看到越來越多的人進入這個領域。

In particular, of course, it also has been growing in size, so it's becoming more attractive.

特別是，當然，它的規模也在不斷擴大，因此變得更具吸引力。

When we look out over the horizon, I can name all of the competitors out there that you know as well as I do.

當我們眺望遠方時，我可以說出你和我一樣了解的所有競爭對手。

If you look at some of the larger semi producers that we already compete with they are going to be in that space, and they're trying to establish that position, and I also think you are going to find a couple of more traditional CCD companies trying to migrate to that space and establish position as well, and I think the success of that will be dependant upon what parts of the total pie are they able to contribute technology too.

如果你看看我們已經與之競爭的一些較大的半導體生產商，他們將進入那個領域，他們正在努力建立這個地位，我也認為你會找到一些更傳統的 CCD 公司試圖遷移到那個空間並建立位置，我認為成功將取決於他們能夠貢獻技術的總餡餅的哪些部分。

Because you have both semiconductor now, basically pixel technology, but you also got to remember you have optics and packaging capabilities, IE modules, et cetera that become a factor, so the names are obvious of those that have that capability, and of course, we have certain pieces of the puzzle as well, and we're aggressively trying to either organically build or acquire the parts that we don't have.

因為你現在擁有半導體，基本上是像素技術，但你還必須記住，你有光學和封裝能力，IE 模塊等等，這些都是一個因素，所以那些擁有這種能力的人的名字是顯而易見的，當然，我們也有一些難題，我們正在積極嘗試有機地構建或獲取我們沒有的部分。

On the picks sell density question, the-- just to make sure I'm clear on this, the 70% of-- at one-- one megapixel or higher is in reference to our revenues.

在選擇銷售密度問題上，為了確保我清楚這一點，70% 的 - 1 百萬像素或更高是指我們的收入。

If I were to put in that unit terms it would be approximately 50% of our business is 1 megapixel and higher.

如果我換成這個單位的話，我們大約 50% 的業務是 1 兆像素或更高。

Couple of things happening here.

這裡發生了幾件事。

The two megapixel chip in the mobile phone area is probably our most successful chip currently with respect to it's profile over the next couple of quarters.

手機領域的 2 百萬像素芯片可能是我們目前最成功的芯片，就其未來幾個季度的形象而言。

So I believe that that's probably going to continue to increase.

所以我相信這可能會繼續增加。

The significance, by the way is the higher we get in pixel density we get, I'm generalizing here, but the higher in pixel density we get, the narrower the competitive situation is and the conclusion you could draw is the higher our margins are, and that's true.

順便說一句，意義在於我們獲得的像素密度越高，我在這裡進行概括，但我們獲得的像素密度越高，競爭形勢越窄，您可以得出的結論是我們的利潤率越高，這是真的。

Having said that, we have a few key projects going with VGA sensors as either second cameras in a two camera phone, or the primary camera in a low-end phone that are volatile in terms of volume.

話雖如此，我們有一些關鍵項目使用 VGA 傳感器作為雙攝像頭手機中的第二個攝像頭，或低端手機中的主攝像頭，它們的體積不穩定。

They could spike at any point in time and throw that ratio, if you will, out of whack.

他們可能會在任何時間點飆升並拋出這個比率，如果你願意的話，會失控。

If that were not to occur I would say this is just going to continue to increase in terms of pixel density moving up towards 2 and 3 megapixel.

如果沒有發生這種情況，我會說這只會在像素密度方面繼續增加，向 2 和 3 兆像素移動。

One other question related to the NAND business, you commented on the MLC shipping here in Q1, or starting to ship here what is kind of the road map to end to of the year?

另一個與 NAND 業務相關的問題，您評論了第一季度這裡的 MLC 發貨，或者開始在這裡發貨，到年底的路線圖是什麼？

What percentage of your production could be MLC?

您的生產中有多少百分比可能是 MLC？

Well, I don't think we want to get into too much specificity, but I would say by the end of the year, depending on how market acceptance is, we'll be over 50%.

嗯，我不認為我們想要進入太多的具體，但我會說到今年年底，取決於市場接受程度，我們將超過 50%。

I think more generally relative to NAND growth throughout the year, we have a pretty good surge coming out of Virginia in the first half, and you really should think about Lehigh as really being fourth quarter before you start seeing significant impact in volume from there.

我認為，相對於全年 NAND 的增長而言，我們在上半年從弗吉尼亞州獲得了相當不錯的增長，你真的應該將 Lehigh 視為真正的第四季度，然後才能開始看到銷量的顯著影響。

Okay.

好的。

Thanks a lot.

非常感謝。

Thank you.

謝謝你。

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

您的下一個問題來自雷曼兄弟的蒂姆·盧克。

Please go ahead.

請繼續。

Thanks.

謝謝。

I was just wondering if you could clarify your commentary with respect to how we should see OpEx trending in the coming quarter, and separately given the progress on the NAND margin side, is there any change in the way you proceed across favor towards sort of break even in terms of the time line in '07.

我只是想知道你是否可以澄清你關於我們應該如何看待下一季度的 OpEx 趨勢的評論，並且分別考慮到 NAND 利潤率方面的進展，你在傾向於突破的方式上是否有任何變化即使在 07 年的時間線方面。

Sure, Tim, this is Kipp.

當然，蒂姆，這是基普。

On the operating expense, SG&A we have guided basically 140 to $150 million per quarter going forward here.

在運營費用方面，我們在 SG&A 方面的指導基本上是每季度 140 到 1.5 億美元。

You are going to see a spike here in fiscal Q2 of somewhere up towards 250 as we move more and more process qualification, product qualification through Lehigh.

隨著我們通過 Lehigh 進行越來越多的工藝認證和產品認證，您將在第二財季看到飆升至 250 的峰值。

We will expense that as Bill mentioned.

正如比爾提到的那樣，我們將花費這筆費用。

Then as he also said, that should trend back to more normal levels of in that $170 to $200 million range, in terms of -- sorry, go ahead.

然後正如他還說的那樣，這應該會回到更正常的水平，在 170 到 2 億美元的範圍內，就 - 對不起，繼續吧。

Carry on, there.

繼續，那裡。

That's fine.

沒關係。

Okay.

好的。

In terms of our cost NAND profile.

就我們的成本 NAND 而言。

We think the industry will probably be down 40 to 60% and we think we'll be significantly above that, and we already are seeing double-digit sequential quarterly cost reduction as well.

我們認為該行業可能會下降 40% 到 60%，並且我們認為我們將大大高於該水平，而且我們已經看到兩位數的季度成本連續下降。

In terms of how that relates to margin, I'm going to let you overlay what you think your ASP assumptions are.

就這與保證金的關係而言，我將讓您覆蓋您認為的 ASP 假設。

What was your prior commentary with respect to break even?

您之前對收支平衡有何評論？

We haven't ever projected a time frame.

我們從未計劃過時間框架。

All we have done is consistently given cost-reduction targets, which we're exceeding today and let you guys decide what the ASP is going to be.

我們所做的一切都是始終如一地給出降低成本的目標，我們今天已經超過了這個目標，讓你們決定 ASP 將是什麼。

Lastly, Kipp on Lexar if you have any color on how you perceive that trending in the fiscal second quarter and what some of the issues are for that business currently.

最後，如果您對第二財季的趨勢以及該業務目前存在哪些問題有任何看法，請訪問 Lexar 的 Kipp。

Maybe I'll let Mike speak to the more retail part of that and I can speak to perhaps some of the more operational aspect.

也許我會讓邁克談談其中更多的零售部分，也許我可以談談一些更具操作性的方面。

Tim, the obvious issue with the Lexar business which is primarily retail is managing the inventory we have in the channel.

蒂姆，主要是零售的 Lexar 業務的一個明顯問題是管理我們在渠道中的庫存。

In a period of rapid market price reductions, obviously the more inventory exposure we have with respect to channel inventory, the more potential risk we have, so we're watching it very, very closely.

在市場價格快速下跌的時期，顯然我們在渠道庫存方面的庫存暴露越多，我們的潛在風險就越大，因此我們非常非常密切地關注它。

And I'm going to generalize here, but our focus on the retail side of the business, the Lexar side of the business is definitely going to be more aimed at the operating margins as opposed to growing top-line revenue, particularly in this kind of environment, where we are looking to be in an oversupplied market situation.

我將在這裡進行概括，但我們專注於業務的零售方面，業務的 Lexar 方面肯定會更多地針對營業利潤率，而不是增加收入，尤其是在這種情況下環境方面，我們希望處於供過於求的市場狀況。

And in terms Tim, of any guidance relative to gross margins going forward, we just religiously don't do that I can share you that Lexar has positive gross margin to it.

就蒂姆而言，關於未來毛利率的任何指導，我們只是虔誠地不這樣做，我可以與您分享 Lexar 的毛利率為正。

Okay.

好的。

Thank you, Kipp.

謝謝你，基普。

Okay.

好的。

You bet.

你打賭。

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

藉此，我們要感謝大家今天參加電話會議。

If you will 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, 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.

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，以獲取有關可能導致實際結果的重要因素的信息如有重大差異，請參閱我們提交給 SEC 的文件，包括公司最近的 10-Q 和 10-K。

Thank you.

謝謝你。

This does conclude today's Micron Technology first quarter 2007 financial release conference call.

今天的美光科技 2007 年第一季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。