美光科技 (MU) 2007 Q2 法說會逐字稿

At this time, I would like to welcome everyone to the Micron Technologies second quarter 2007 financial release conference call.

在此，我想歡迎大家參加美光科技 2007 年第二季度財務發布電話會議。

[OPERATOR INSTRUCTIONS] It is now my pleasure to turn the floor over to your host, Kipp Bedard, sir you may begin your conference.

[操作員說明] 現在我很高興將發言權交給您的主持人，Kipp Bedard，先生，您可以開始您的會議了。

Thank you very much.

非常感謝。

And I'd like to welcome everyone to Micron Technology's second quarter 2007 financial release conference call.

我想歡迎大家參加美光科技 2007 年第二季度財務發布電話會議。

On the call today is Steve Appleton, Chairman, CEO, and President; Mark Durcan, Chief Operating Officer; Bill Stover, Vice President of Finance and Chief Financial Officer; and Mike Sadler, Vice President of Worldwide Sales.

今天的電話會議是史蒂夫·阿普爾頓，董事長、首席執行官兼總裁； Mark Durcan，首席運營官； Bill Stover，財務副總裁兼首席財務官；以及全球銷售副總裁 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 second quarter 2007 financial press release, it is available again on our website at Micron.com.

如果您還沒有機會查看 2007 年第二季度的財務新聞稿，請再次訪問我們的網站 Micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be a taped audio replay of this call available later this evening at 5:30 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 8533070.

您可以撥打 973-341-3080，確認碼為 8533070。

This replay will run through Tuesday, April 10, 2007 at 5:30 p.m.

此重播將持續到 2007 年 4 月 10 日星期二下午 5:30。

Mountain time.

山時。

A webcast replay will be available on the Company's website until April 10, 2008.

2008 年 4 月 10 日之前，公司網站上將提供網絡廣播重播。

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

我們鼓勵您在整個季度監視我們的網站 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。

Please note the following Safe Harbor statement.

請注意以下安全港聲明。

[Recorded Safe Harbor statement] 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.

[記錄的安全港聲明] 在本次會議期間，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 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.

特別是公司最近的 10-K 表和 10-Q 表。

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 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。

[End of recording] I'd now like to turn the call over to Bill Stover.

[錄音結束] 我現在想把電話轉給 Bill Stover。

Thanks, Kipp.

謝謝，基普。

I'll first summarize the financial results for the quarter and the six months ended March 1.

我將首先總結截至 3 月 1 日的季度和六個月的財務業績。

For the second quarter, net sales totaled $1.43 billion, approximately 16% above the same quarter a year ago, but down from the immediately preceding quarter.

第二季度，淨銷售額總計 14.3 億美元，比去年同期增長約 16%，但低於上一季度。

For the quarter, the Company recorded a net loss of $52 million or $0.07 per diluted share.

本季度，公司錄得淨虧損 5200 萬美元或每股攤薄收益 0.07 美元。

For the six months the Company recorded net income of $0.08 per share on net sales of $2.96 billion.

六個月來，公司錄得每股淨收入 0.08 美元，淨銷售額為 29.6 億美元。

The major factors affecting this quarter's results were significant average selling price erosion across DRAM and NAND memory, sales volumes in specialty DRAM and image sensors down largely as a result of the widely acknowledged slowdown in sales of handsets.

影響本季度業績的主要因素是 DRAM 和 NAND 內存的平均銷售價格顯著下降，專業 DRAM 和圖像傳感器的銷量下降主要是由於手機銷售普遍放緩所致。

And the Company achieved noticeable cost reductions for its DRAM and NAND devices.

公司的 DRAM 和 NAND 設備的成本顯著降低。

Gross margin for the quarter dropped to 25% as the magnitude of average selling price declines could not be offset by reductions and cost per part.

本季度的毛利率下降至 25%，因為平均售價下降的幅度無法被削減和每個零件的成本所抵消。

Research and development expense levels in the second quarter reflect the wafer processing charges through qualification of new NAND devices in our 300 millimeter operation in Virginia.

第二季度的研發費用水平反映了我們在弗吉尼亞州的 300 毫米業務中通過對新 NAND 設備進行認證而產生的晶圓加工費用。

Particularly our 72 nanometer, 8 gig MLC device.

特別是我們的 72 納米、8 gig MLC 設備。

We have acknowledged that our ramp of the Utah 300 millimeter NAND operations on devices previously qualified in Virginia is on schedule and going well.

我們已經承認，我們在以前在弗吉尼亞州合格的設備上進行的猶他州 300 毫米 NAND 操作正在按計劃進行並且進展順利。

R&D expense for Q3 will likely run between 200 and $220 million.

第三季度的研發費用可能在 200 至 2.2 億美元之間。

Future quarters will vary depending upon quantities of preproduction wafers processed across our global fab network.

未來幾個季度將根據我們全球晶圓廠網絡處理的預生產晶圓數量而有所不同。

Selling, general, and administrative expenses were down approximately 15% compared to the prior quarter.

與上一季度相比，銷售、一般和管理費用下降了約 15%。

We previously communicated targeted reductions in overhead and are on track to accomplish those reductions in fiscal year '08.

我們之前曾溝通過有針對性地削減管理費用，並有望在 08 財年實現這些削減。

For the next couple of quarters, we expect SG&A to run between 140 and $150 million.

在接下來的幾個季度中，我們預計 SG&A 將在 140 至 1.5 億美元之間運行。

There are a couple of changes on the balance sheet worth commenting on.

資產負債表上有一些變化值得評論。

Total inventory dollars increased 179 million over the quarter with approximately half of that increase being in finished goods.

總庫存美元在本季度增加了 1.79 億美元，其中大約一半是製成品。

The growth in work in process inventories was commensurate with the production ramp at Manassas, Virginia.

在製品庫存的增長與弗吉尼亞州馬納薩斯的產量增長相稱。

Two-thirds of our forecast capital spending for '07 occurred in the first half of the year.

我們預測的 07 年資本支出的三分之二發生在上半年。

And with incremental equipment financing placed in the second quarter, our debt to equity ratio remains quite low at 10%.

隨著第二季度增加設備融資，我們的債務權益比率仍然很低，為 10%。

I'll turn the commentary over to Mike.

我會把評論交給邁克。

Thanks, Bill.

謝謝，比爾。

The market presented us with challenges in fiscal Q2 as we managed through a variety of factors including slow demand attributed to seasonality, inventory overhang in mobile phones, and an oversupplied DRAM market spurred on by industry-wide output growth.

市場在第二季度給我們帶來了挑戰，因為我們通過各種因素進行管理，包括季節性導致的需求放緩、手機庫存過剩以及全行業產量增長刺激的 DRAM 市場供過於求。

We've always felt the impact of demand seasonality in the computing market as the industry tends to experience seasonal demand spikes around the back to school and Christmas times both falling in the second half of the calendar year.

我們一直感受到計算市場需求季節性的影響，因為該行業往往會在開學和聖誕節期間經歷季節性需求高峰，這兩個時間都在日曆年的下半年下降。

As Micron products have penetrated higher growth consumer markets such as mobile phones and personal audio players, exposure to seasonal demand has actually increased.

隨著美光產品已經滲透到手機和個人音頻播放器等高增長消費市場，季節性需求的敞口實際上有所增加。

We felt the effect of this in our fiscal Q2.

我們在第二財季感受到了這種影響。

In addition to seasonal impacts, a number of customers in the consumer electronic space, most specifically in mobile phones exited the holiday period with measurable amounts of finished goods in semiconductor component inventory.

除了季節性影響外，消費電子領域的一些客戶，尤其是手機客戶，在結束假期期間半導體元件庫存中有可衡量的成品。

The net effect was a reduced appetite from these conductors even beyond normal seasonal patterns for Micron products such as NAND flash, low power DRAM including pseudostatic RAM and image sensors.

最終結果是這些導體的需求下降，甚至超出了美光產品的正常季節性模式，例如 NAND 閃存、包括偽靜態 RAM 和圖像傳感器的低功率 DRAM。

As a result we accumulated some inventory in the mobile phone component space in fiscal Q2 and are making output levels in an effort to generally rebalance.

因此，我們在第二財季的手機零部件領域積累了一些庫存，並正在調整產量水平以實現總體再平衡。

We are fortunate in having designed some flexibility into our manufacturing processes such that multiple products with different functionality can be manufactured utilizing a common toolset.

我們很幸運地在我們的製造過程中設計了一些靈活性，以便可以使用通用工具集製造具有不同功能的多種產品。

On the bright side with the inventory in place, we are in good shape to be able to support upside business from our customers as they work through their inventories and resume growth.

在庫存到位的情況下，我們處於良好的狀態，能夠在客戶處理庫存和恢復增長時支持他們的上行業務。

While the mobile phone component revenue level paused in fiscal Q2, our product development efforts haven't skipped a beat.

雖然手機組件收入水平在第二財季暫停，但我們的產品開發工作並沒有跳過一個節拍。

In the imaging area, we are continuing to hold position as a technology leader garnering key design wins in high end phones with our advanced 2, 3, and 5 megapixel sensors and in the digital store camera area with our new 8 megapixel chips.

在成像領域，我們繼續保持技術領導者的地位，憑藉我們先進的 2、3 和 5 兆像素傳感器在高端手機中獲得關鍵設計勝利，並在數字商店相機領域憑藉我們新的 8 兆像素芯片獲得關鍵設計勝利。

We are introducing a series of cost reduced imagers and low density pseudostatic RAM chips to take advantage of one of the key growth segments for low bill of material cost mobile phones for growing markets in China and India.

我們正在推出一系列成本降低的成像器和低密度偽靜態 RAM 芯片，以利用低材料成本手機的關鍵增長領域之一，為中國和印度的增長市場提供服務。

We have moved our 72 nanometer, 8 gigabit MLC NAND chip to mass production and are confident that we've intercepted the competition technologically.

我們已經將我們的 72 納米、8 千兆位 MLC NAND 芯片投入量產，並有信心在技術上阻止了競爭。

We've completed development of the 50 nanometer process, seen initial silicon on our first 16 gigabit, 50 nanometer MLC chip and we'll ramp this on the heels of the 72 nanometer process in the Boise, Virginia, and Utah factories.

我們已經完成了 50 納米工藝的開發，在我們的第一個 16 吉比特、50 納米 MLC 芯片上看到了初始矽片，我們將在弗吉尼亞州博伊西和猶他州工廠的 72 納米工藝之後加速這一進程。

About one month into the quarter and well past the holiday period, DRAM demand exceeded supply, market prices were increasing, and customers were generally in the mind set of supply acquisition and inventory accumulation.

進入本季度大約一個月後，假期過後，DRAM 供不應求，市場價格不斷上漲，客戶普遍處於供應獲取和庫存積累的心態。

In January, market dynamics shifted quite abruptly.

一月份，市場動態發生了相當突然的變化。

I believe this shift was primarily attributed to industry-wide supply expansion and secondarily to seasonal demand softness.

我認為這種轉變主要歸因於全行業的供應擴張，其次是季節性需求疲軟。

The end result was an immediate shift in customer behavior from DRAM inventory accumulation to DRAM inventory depletion, which in turn resulted in a DRAM market price reduction.

最終結果是客戶行為立即從 DRAM 庫存積累轉變為 DRAM 庫存枯竭，進而導致 DRAM 市場價格下降。

Prices steadily declined since January into and through the first month of fiscal Q3.

自 1 月至第三財季第一個月以來，價格穩步下降。

In the past several days, we have seen both DRAM and NAND prices stabilize.

在過去的幾天裡，我們看到 DRAM 和 NAND 的價格都趨於穩定。

We are quite bullish on demand prospects for the balance of this year as electronic equipment unit sales continue to be robust and a variety of factors are leading to strong content growth for both DRAM and NAND flash.

我們非常看好今年剩餘時間的需求前景，因為電子設備單位銷售繼續強勁，並且各種因素導致 DRAM 和 NAND 閃存的強勁內容增長。

In particular, we believe 2007 PC DRAM content for system growth will exceed 50% and the move to solid state disks and flash based video players is being accelerated as elasticity kicks in from the NAND price declines of the past year or so.

特別是，我們認為 2007 年 PC DRAM 系統增長的內容將超過 50%，並且隨著過去一年左右 NAND 價格下跌的彈性開始，轉向固態磁盤和基於閃存的視頻播放器正在加速。

On the DRAM technology front, Micron couldn't be in better shape.

在 DRAM 技術方面，美光再好不過了。

Our 78 nanometer process has reached yield maturity in record time and coupled with 6F squared circuit design we believe we have a significant die size advantage relative to the competition.

我們的 78 納米工藝已在創紀錄的時間內達到良率成熟度，再加上 6F 平方電路設計，我們相信相對於競爭對手而言，我們擁有顯著的裸片尺寸優勢。

This, in addition to our continued growth of 300 millimeter production translates to substantial cost per bit reductions and productivity increases.

除了我們 300 毫米產量的持續增長之外，這還意味著每比特成本的大幅降低和生產力的提高。

The flagship product on the 78 nanometer process node, the 1 gigabit DDR 2 chip is being placed on a variety of high density module configurations for the server, desktop, and notebook markets.

作為 78 納米工藝節點上的旗艦產品，1 Gb DDR 2 芯片被放置在服務器、台式機和筆記本電腦市場的各種高密度模塊配置上。

We are rolling out an entire portfolio of new DRAM products for all market segments on this technology as we move forward.

隨著我們的發展，我們正在為該技術的所有細分市場推出一整套新的 DRAM 產品組合。

The Company is executing well across a variety of fronts in all three of our product areas.

公司在我們所有三個產品領域的各個方面都表現良好。

DRAM, NAND, and CMOS imagers.

DRAM、NAND 和 CMOS 成像器。

We see significant intermediate and long-term demand drivers for all three of these product segments.

我們看到所有這三個產品領域的重要中期和長期需求驅動因素。

With just a bit of cooperation from the markets, we look forward to demonstrating this execution to our customers and shareholders.

通過市場的一點合作，我們期待著向我們的客戶和股東展示這種執行力。

I'll turn it back over to Kipp.

我會把它交還給 Kipp。

Thanks, Mike.

謝謝，邁克。

We'd now like to take questions from callers.

我們現在想回答來電者的問題。

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

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

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

有了這個，我們想打開這條線。

Thank you.

謝謝你。

[OPERATOR INSTRUCTIONS] Our first question is coming from Michael Masdea of Credit Suisse.

[操作員說明] 我們的第一個問題來自瑞士信貸的 Michael Masdea。

What do you think is driving this recent price move in both the NAND and DRAM side?

您認為是什麼推動了 NAND 和 DRAM 方面最近的價格上漲？

And is it sustainable, you think?

你認為它是可持續的嗎？

Well, that's the multibillion dollar question, Michael.

嗯，這就是數十億美元的問題，邁克爾。

On the NAND side I think we're seeing basically that the demand strength which really hasn't dissipated at all, but we're seeing that, I believe catch up with supply and that's resulted in the price stability which has actually been in place a couple of weeks on the NAND side.

在 NAND 方面，我認為我們基本上看到需求強度實際上並沒有消散，但我們看到，我相信趕上供應，這導致價格穩定實際上已經到位NAND方面的幾個星期。

On the DRAM side, I think in combination, clearly we're seeing the content growth in the PC area.

在 DRAM 方面，我認為綜合起來，我們顯然看到了 PC 領域的內容增長。

There is no question about that.

毫無疑問。

And some of that's being driven on the consumer side by the new operating system and other content growth is just being driven by new applications.

其中一些是由新的操作系統在消費者方面推動的，而其他內容的增長只是由新的應用程序推動的。

But I think we're also seeing the effect of the inventory depletion by some of our customers and it's resulted in them getting back into the buying mode again.

但我認為我們也看到了一些客戶庫存耗盡的影響，這導致他們再次回到購買模式。

And this is really only a week or so old.

這真的只有一周左右的時間。

So it's too early for us to tell whether it's sustainable, but we're quite encouraged that things appear, anyway for the time being, to have bottomed out and we've got everybody back in the taking mode again which is quite encouraging.

因此，我們現在判斷它是否可持續還為時過早，但我們感到非常鼓舞的是，事情似乎暫時已經觸底，我們讓每個人都重新回到了接受模式，這非常令人鼓舞。

And then on both the DRAM and the NAND side, give us an idea of what you're expecting in the May quarter in terms of both production and shipment growth?

然後在 DRAM 和 NAND 方面，請告訴我們您對 5 月季度的產量和出貨量增長的預期？

You bet.

你打賭。

And Michael, as you probably recall we don't try and guide you the shipment piece.

邁克爾，您可能還記得，我們不會嘗試指導您運送貨物。

But manufacturing operations are running super right now and so our guidance on bit growth for DRAM will be high single digits to low double digits.

但製造業務現在運行得非常好，因此我們對 DRAM 位增長的指導將從高個位數到低兩位數。

And we're staying consistent with our guidance on bit growth on, for manufacturing on NAND which will be north of 50%.

我們將與我們對位增長的指導保持一致，NAND 製造將超過 50%。

I guess the question, another way to ask it is are you going to need inventory to get there, that's pure production, right?

我猜這個問題，另一種問的方式是你是否需要庫存才能到達那裡，那是純粹的生產，對嗎？

That's pure production, that's correct.

那是純粹的生產，這是正確的。

The last one for me real quick is just the CapEx side.

最後一個對我來說真的很快就是資本支出方面。

It doesn't look like you've changed it unless I missed it.

除非我錯過了，否則您似乎沒有更改它。

Any thoughts on the CapEx, any need to change that?

關於資本支出的任何想法，是否需要改變？

And then looking into next year, we've been up pretty high level of CapEx to sales, do you see that tend to trend down or any earlier thoughts on that?

然後展望明年，我們的資本支出與銷售額相比已經上升了相當高的水平，您是否看到這種趨勢趨於下降或有任何早期的想法？

Yes, Michael, our reference for fiscal year '07 had been 4 billion and that's still looking good for '07.

是的，邁克爾，我們對 07 財年的參考是 40 億，這對於 07 年來說仍然看起來不錯。

With the progression completion really at Manassas and the significant capacity additions that have already been underway at Lehigh, fiscal year '08 should see a noticeably reduced capital spending for '05.

隨著馬納薩斯的進展完成以及利哈伊已經在進行的大量產能增加，08 財年應該會看到 05 年的資本支出顯著減少。

We'll update you at the next conference call on an '08 number.

我們將在下次電話會議上通過 '08 號碼通知您。

But you can anticipate that it's noticeably down from the 4 billion.

但你可以預料到它明顯低於 40 億。

Thanks, everybody.

謝謝大家。

Thank you.

謝謝你。

Our next question is coming from Glen Yeung of Citigroup.

我們的下一個問題來自花旗集團的 Glen Yeung。

Thanks.

謝謝。

We've got [Inaudible] a new notebook platform, I guess next month now.

我們有 [音頻不清晰] 一個新的筆記本平台，我猜現在是下個月。

Just wanted to get a sense from you all what you think the implications are for DRAM consumption?

只是想從大家那裡了解一下，您認為這對 DRAM 消耗有何影響？

I couldn't speak, this is Mike speaking, I couldn't speak specifically to the introduction of the new platform.

我不能說話，這是邁克在說話，我不能具體說新平台的介紹。

But in general, our view of PC demand is pretty strong and we see it getting stronger as kind of the seasonal demand periods kick in here as we move throughout the year.

但總的來說，我們對個人電腦需求的看法非常強烈，我們認為隨著我們全年的移動，隨著季節性需求期的到來，它會變得越來越強。

Are there any inflection points in content per system?

每個系統的內容是否存在拐點？

You think it's a pretty linear trend throughout the course of the year?

你認為這是一個非常線性的趨勢貫穿全年？

I think it's probably going to be linear throughout the year until we start to see the effect of the corporate upgrades to the Vista operating system.

我認為在我們開始看到企業升級到 Vista 操作系統的效果之前，它可能會在一年中保持線性。

In our view that's really kind of a maybe an end of this year phenomenon if not a 2008 phenomenon.

在我們看來，即使不是 2008 年的現象，這也可能是今年年底的現象。

And that's going to result in a pretty significant increase -- it probably get layered in over the course of the year.

這將導致相當顯著的增長——它可能會在一年中分層。

That will result in a pretty significant increase.

這將導致相當顯著的增長。

I guess another way of saying that is that we have not seen any benefit in the corporate area from Vista upgrades yet on content per system.

我想另一種說法是，我們還沒有看到企業領域的 Vista 升級對每個系統的內容有任何好處。

And that's still to come.

這還沒有到來。

Can I just follow-up on that statement you made.

我可以跟進你發表的聲明嗎？

Is there something that suggests to you it will be end of year or early next.

有什麼東西可以向你暗示這將是年底或明年年初。

Is it just your speculation on how you think of the--?

只是您對您如何看待--的猜測嗎？

To be perfectly honest with you, I'm just basing that on our own experience.

老實說，我只是根據我們自己的經驗。

Assuming that we're a typical Fortune 500 company with pretty specific IT needs, we're looking at if I'm not mistaken end of this calendar year, if not early next year, and probably some of the contributing factors would be, of course budget, but also security.

假設我們是一家典型的財富 500 強公司，具有非常特定的 IT 需求，我們正在研究是否我沒有弄錯今年年底，如果不是明年初，並且可能一些促成因素是，課程預算，還要安全。

Security of the platform itself.

平臺本身的安全性。

That's probably the most significant factor.

這可能是最重要的因素。

Glen, one other comment there.

格倫，還有另一條評論。

A lot of interrelated software elements that most corporations need to bundle together with that upgrade.

大多數公司需要將許多相互關聯的軟件元素與升級捆綁在一起。

And I think it's just later this year before a number of those are available.

而且我認為要到今年晚些時候才能提供其中的一些。

Right.

正確的。

Makes sense.

說得通。

The other question I had was on the ability to move wafers around between NAND and DRAM.

我遇到的另一個問題是在 NAND 和 DRAM 之間移動晶圓的能力。

Whether or not you had any thoughts as to making any changes in your plans and secondarily if you expect to see any changes in the competition's plan.

您是否有任何想法對您的計劃進行任何更改，其次是您是否希望看到比賽計劃的任何更改。

As we've indicated before, we do have flexibility between NAND and DRAM.

正如我們之前所指出的，我們在 NAND 和 DRAM 之間確實具有靈活性。

Of course, we work through those changes with our partner Intel as we do share NAND capacity with them.

當然，我們與合作夥伴英特爾一起解決這些變化，因為我們確實與他們共享 NAND 容量。

We've made adjustments between NAND AND DRAM already and I think we'll continue to do that as we see the various market strengthen or weaken relative to each other.

我們已經在 NAND 和 DRAM 之間進行了調整，我認為我們將繼續這樣做，因為我們看到各種市場相對於彼此增強或減弱。

Maybe just one last quick one, which is your customers are on the tape now talking about price stability in the second half of the year for DRAM.

也許只是最後一個快速的，即您的客戶現在正在談論 DRAM 下半年的價格穩定。

I know it's hard for you guys to try to forecast that, but I just wonder if you can comment on the reasonableness of an outlook based on what we've seen in terms of supply and demand?

我知道你們很難預測這一點，但我只是想知道你們是否可以根據我們在供需方面看到的情況來評論前景的合理性？

Price stability as opposed to--?

價格穩定而不是——？

Price stability is kind of an odd thing in DRAM, right.

價格穩定在 DRAM 中有點奇怪，對吧。

But they're on the tape using that language.

但他們在錄音帶上使用那種語言。

Let's sort of put some quotes around that and just get your thoughts there.

讓我們在這方面加上一些引號，然後把你的想法放在那裡。

Well, there's only two things that contribute to whether price going up, down, or stable, and that's relative balance of supply and demand.

嗯，影響價格上漲、下跌還是穩定的因素只有兩件事，那就是供需的相對平衡。

I can really only speak with a lot of knowledge on the demand side.

我真的只能在需求方面講很多知識。

And we continue to believe that 2007 is going to be a stronger than typical year for demand, primarily driven by content per system in the PC area.

我們仍然相信，2007 年的需求將比一般年份更強勁，這主要受 PC 領域每個系統的內容驅動。

But quite comfortable that we're looking at something north of 60, 65% in terms of bit growth and demand in 2007.

但我們很高興看到 2007 年比特增長和需求超過 60% 和 65%。

You guys are the best judge of supply and as far as if it's going to be less than 60 or 65, prices are going up, are going to be stable.

你們是最好的供應判斷者，只要它低於 60 或 65，價格就會上漲，並且會保持穩定。

If it's going to be significantly more than 60 or 65 prices are going to probably keep coming down.

如果它會顯著超過 60 或 65，價格可能會繼續下降。

Okay.

好的。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question is coming from Shawn Webster of JPMorgan.

我們的下一個問題來自摩根大通的肖恩韋伯斯特。

Yes, thank you, good afternoon.

是的，謝謝，下午好。

Can you talk a little bit -- you mentioned earlier that you thought that you saw depletion in the channel inventory.

你能談談 - 你之前提到你認為你看到渠道庫存耗盡。

Can you give us an update on what you're seeing maybe a little bit more detail there?

您能否向我們介紹一下您所看到的可能更詳細的信息？

And then I have a couple other follow-ups.

然後我還有其他一些後續行動。

Sure.

當然。

I can't speak to whether it's the price stability that we've seen in the last week let's say or actual inventory levels being depleted by our customers.

我無法談論這是我們在上週看到的價格穩定，還是我們的客戶消耗的實際庫存水平。

I don't see our customers inventory levels.

我沒有看到我們客戶的庫存水平。

But the activity in terms of customers wanting to come in and place pretty significant buys has picked up tremendously just within the last several days.

但是，就在過去幾天內，想要進來並進行大量購買的客戶的活動已經大大增加。

We're actually looking at customers who have become accustomed to buying day by day now looking at layering in forward buys and locking in pricing and so forth.

我們實際上正在尋找已經習慣於每天購買的客戶，現在正在考慮分層遠期購買和鎖定定價等等。

And all that kind of anecdotal activity is a pretty good indication to me that our customers believe that things have kind of bottomed out here and they probably feel quite a bit better about the prospects of maybe establishing some inventory buffers today, as opposed to when I last spoke to you guys a couple months ago, which was an entirely different scenario.

所有這些軼事活動對我來說都是一個很好的跡象，表明我們的客戶認為這裡的情況已經觸底，他們可能對今天可能建立一些庫存緩衝的前景感覺好多了，而不是當我上一次與你們交談是幾個月前，那是一個完全不同的場景。

Sounds like it improved.

聽起來好像有所改善。

Can you also tell us what your DRAM shipments did in your fiscal Q2?

您能否告訴我們您的 DRAM 在您的第二財季出貨量如何？

Sure.

當然。

Yes.

是的。

Our shipments on a bit basis.

我們的出貨量有點基礎。

Let me make sure I'm correct.

讓我確保我是正確的。

I think they were up 10, 12% quarter-over-quarter if I'm not mistaken in Q2 verses Q1.

如果我在第二季度和第一季度沒有記錯的話，我認為它們環比增長了 10% 到 12%。

The bit demand -- global bit demand in calendar Q1 and Q2?

比特需求——日曆第一季度和第二季度的全球比特需求？

My assessment would be and this is directly from polling our customers that when all is said and done bit demand in terms of purchases is going to be down in Q1 versus Q4.

我的評估是，這直接來自對我們的客戶的民意調查，即當一切都說了又做了之後，第一季度與第四季度相比，購買方面的需求將會下降。

And in Q2 we're probably looking at growth of I'm going to give you a pretty wide range 5 to 15%.

在第二季度，我們可能正在考慮增長，我會給你一個相當廣泛的 5% 到 15% 的範圍。

That's fresh data right from our customers within the last couple of days.

這是過去幾天我們的客戶提供的最新數據。

Okay.

好的。

Thanks.

謝謝。

And then finally can you tell us what your -- give us an update on your sensor business and tell us what it did sequentially or what percentage of sales it is now?

最後，您能否告訴我們您的傳感器業務的最新情況，並告訴我們它按順序做了什麼或現在佔銷售額的百分比？

In terms of percentage of sales it's in double digits, between 10 and 15% of total sales.

就銷售額百分比而言，它是兩位數，佔總銷售額的 10% 到 15%。

We had negative growth quarter-over-quarter in both unit shipments and revenues.

我們的單位出貨量和收入環比負增長。

And I would attribute that to probably three factors and I'll list them in order of significance.

我將其歸因於三個因素，我將按重要性順序列出它們。

Number one would be the impact of the seasonal slowness in demand, if you will, as well as some inventory accumulation that some of our customers occurred both with mobile phone units themselves as well as semiconductor components.

第一個是需求季節性放緩的影響，如果你願意的話，以及我們的一些客戶在移動電話本身和半導體組件方面發生的一些庫存積累。

The second would be the increased competitive environment in the CMOS image sensor area, I believe we have lost a bit of market share as we've seen some pretty aggressive competition from a variety of different players.

第二個是 CMOS 圖像傳感器領域的競爭環境加劇，我相信我們已經失去了一些市場份額，因為我們已經看到來自各種不同參與者的一些非常激烈的競爭。

And number three would be this phenomenon of very low end mobile phones kind of encroaching on the camera embedded portion of the mobile phone business.

第三是這種非常低端的手機正在蠶食手機業務的攝像頭嵌入式部分的現象。

We're basically seeing a near term retrenchment in camera phone penetration as a result of the growth of the market specifically in India and China.

由於市場的增長，特別是印度和中國市場的增長，我們基本上看到了拍照手機滲透率的近期縮減。

Phones without cameras.

沒有攝像頭的手機。

Do you feel like you're seeing a bottom in terms of orders and excess inventory out there?

您是否覺得訂單和過剩庫存已見底？

How should we think about your sensor business looking forward?

我們應該如何看待未來的傳感器業務？

It's going to be -- it's going to be tough for us to replicate the kind of growth that we had in place for the last couple of years.

這將是——我們很難復製過去幾年的增長。

No question about that.

對此毫無疑問。

As a result of two of those factors that I mentioned earlier the competitive environment as well as the low-end phones.

由於我之前提到的兩個因素，競爭環境以及低端手機。

We are seeing our camera module integrators.

我們正在看到我們的相機模塊集成商。

We believe now they're flush on inventory, in other words they've worked off the inventory that they accumulated through Q4 and the first part of Q1.

我們相信他們現在庫存充足，換句話說，他們已經處理了他們在第四季度和第一季度第一部分積累的庫存。

In terms of whether we can get -- how quickly we can get back to the levels we were going out of 2006, difficult to say.

至於我們能否達到——我們能以多快的速度回到 2006 年時的水平，很難說。

Thank you very much.

非常感謝。

Thank you, our next question is coming from Nicolas Gaudois of Deutsche Bank.

謝謝，我們的下一個問題來自德意志銀行的 Nicolas Gaudois。

Yes.

是的。

First question to Phillip on the image sensors.

第一個關於圖像傳感器的問題。

If you could give us a bit of granularity on the live profitability revenues during the quarter and how should we look at this going into the May quarter and I will follow-up thank you.

如果您能給我們一些關於本季度實時盈利收入的詳細信息，以及我們應該如何看待進入 5 月季度的情況，我會跟進，謝謝。

I'm going to repeat your question just so we get it right.

我將重複您的問題，以便我們做對。

I think the question was based on can we give you some trend as to what revenues did from Q1 to Q2 and our expectation for that going forward, is that correct?

我認為這個問題是基於我們能否給你一些關於第一季度到第二季度收入的趨勢以及我們對未來的預期，對嗎？

No, that was a question on profitability on margins in the last quarter and to the next quarter for the imaging business.

不，這是關於成像業務上一季度和下一季度利潤率盈利能力的問題。

On imaging we ran low 40% last quarter and we were low 30s this quarter.

在成像方面，我們上個季度的低 40% 和本季度的低 30%。

Great.

偉大的。

And what else should we think about rates for the business?

我們還應該考慮企業的費率嗎？

[Inaudible - highly accented language] of flash revenues in the May quarter?

[聽不清 - 重音語言] 五月季度的閃存收入？

Is that question relative to sales or gross margin?

這個問題與銷售額或毛利率有關嗎？

Gross margins.

毛利率。

We're going to stay away from guiding gross margins.

我們將遠離指導毛利率。

It's not something we've historically done for any of our segment.

這不是我們歷史上為我們的任何細分市場所做的事情。

Fair enough.

很公平。

And on the [Inaudible - highly accented language] as expected in prior your quarter.

正如您上一季度所預期的那樣，在 [聽不清 - 重音語言] 上。

[Inaudible] and maybe revisit the targets you gave us a quarter ago on MOC versus SOC mix by the end of this year?

[聽不清] 並且可能會在今年年底之前重新審視您在四分之一之前給我們的 MOC 與 SOC 組合的目標？

Yes, I think we have said before, Nick, that we'd be maybe 50% by the end of the year.

是的，我想我們之前說過，尼克，到今年年底我們可能會達到 50%。

At this point, we've transitioned a little bit faster than we've indicated previously.

在這一點上，我們的過渡速度比我們之前指出的要快一些。

And while it's tough to predict exactly where that washes out, it's going to be primarily a market decision going forward.

雖然很難準確預測會在哪裡消失，但這主要是未來的市場決定。

We're fully technologically capable and product portfolio capable to just dial that mix between SOC and MOC.

我們擁有完全的技術能力和產品組合，能夠在 SOC 和 MOC 之間切換。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

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

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

Hi, guys.

嗨，大家好。

Thanks for taking my question.

感謝您提出我的問題。

ASPs, if we could.

ASP，如果可以的話。

Looks like DRAM ASPs were down about 15% in the given quarter.

看起來 DRAM ASP 在給定的季度下降了約 15%。

If they're flat from here, can you tell us where you'd end for the third quarter?

如果他們從這裡開始持平，你能告訴我們第三季度你會在哪裡結束嗎？

Okay.

好的。

Doug, Mike speaking.

道格，邁克發言。

If they are flat -- if DRAM prices were flat from here through the end of the quarter, they would end up being down 20 to 25% quarter-over-quarter.

如果它們持平——如果 DRAM 價格從這裡到本季度末持平，它們最終將環比下降 20% 到 25%。

We baked in something more aggressive than that in terms of reductions quarter-over-quarter into our own projections.

我們在自己的預測中加入了比季度環比減少更激進的東西。

But again, flat from this point forward, they'd be down 20 to 25% quarter-over-quarter.

但同樣，從現在開始持平，它們將環比下降 20% 到 25%。

And same question on the NAND side.

在 NAND 方面也有同樣的問題。

What are you expecting to see there?

你期待在那裡看到什麼？

Closer to in the 5 to 10% down range.

更接近於 5% 到 10% 的下降範圍。

If they remain flat.

如果它們保持平坦。

And in fact, NAND flash prices have been up over the last week or so, they're continuing to trend up.

事實上，NAND 閃存價格在過去一周左右一直在上漲，而且還在繼續上漲。

And that's a real difficult one to gauge.

這是一個真正難以衡量的問題。

Anyway the direct answer to your question if they were flat from this point forward they would be down 5 to 10% quarter-over-quarter.

無論如何，如果他們從現在開始持平，那麼直接回答你的問題，他們將環比下降 5% 到 10%。

Terrific.

了不起。

And then at the winter analyst meeting I remember seeing an R&D number closer to 250, we're 6 to 8 weeks from from there.

然後在冬季分析師會議上，我記得看到研發數字接近 250，距離那裡還有 6 到 8 週。

Now it's in the 200 to 220 range.

現在它在 200 到 220 範圍內。

What has changed there.

那裡發生了什麼變化。

It really is a function of the qualification of devices.

它確實是設備鑑定的功能。

We had a good call in Virginia on the MLC device.

我們在弗吉尼亞州的 MLC 設備上打了一個很好的電話。

And it's just a function of the wafer processing on prequal devices which now looks like will be noticeably down in the current quarter.

這只是 prequal 設備上晶圓處理的一個功能，現在看起來在本季度會明顯下降。

Okay.

好的。

And then lastly, you had a great quarter on the execution side holding the cash cost of revenues down.

最後，你在執行方面有一個很好的季度，降低了收入的現金成本。

What was your utilization in the quarter?

您在本季度的利用率是多少？

Basically, Doug, we run 100% all the time.

基本上，道格，我們一直在 100% 運行。

Okay.

好的。

I'll leave it there, thank you.

我會把它留在那裡，謝謝。

Thank you.

謝謝你。

Our next question is coming from Daniel Amir from WR Hambrecht.

我們的下一個問題來自 WR Hambrecht 的 Daniel Amir。

Thanks a lot.

非常感謝。

A couple questions here on the image sensor side.

這裡有幾個關於圖像傳感器方面的問題。

What was the percentage of your one megapixel and above revenue in unit and kind of what the VGA mix is right now?

您的 1 百萬像素及以上收入在單位中所佔的百分比是多少？現在 VGA 組合是什麼樣的？

Okay.

好的。

On the mix by pixel density.

按像素密度混合。

In the quarter we completed about two-thirds one megapixel and above and that would be split roughly 50/50 at one megapixel one-third and two and above about one-third.

在本季度，我們完成了大約三分之二的 1 兆像素及以上，這將被分成大約 50/50，即 1 兆像素的三分之一和 2 及以上的約三分之一。

And of course that leaves VGA at about one-third, as well.

當然，VGA 也只剩下三分之一左右。

In the quarter we're in, by the way I'm not sure if you asked the question, but in the quarter that we're in I would anticipate the mix is probably going to be roughly in line with that.

在我們所在的季度，順便說一句，我不確定你是否問過這個問題，但在我們所在的季度，我預計這種組合可能會大致與此一致。

You did ask a second question, I didn't catch it.

你確實問了第二個問題，我沒聽懂。

Yes.

是的。

And then the -- you answered both my questions.

然後——你回答了我的兩個問題。

Then the other question is related to the inventory situation here a bit on the image sensor, how long do you feel that this is going to take until you're back to a more of a normal ordering pattern?

然後另一個問題與圖像傳感器的庫存情況有關，您認為這需要多長時間才能恢復到更正常的訂購模式？

Well, I think you're asking two questions.

嗯，我想你要問兩個問題。

The inventory position, we're heavy as we mentioned in the opening comments.

庫存狀況，正如我們在開場評論中提到的那樣，我們很重。

We're at about a quarter slightly more than a quarter's worth of finished goods inventory.

我們的成品庫存價值略高於四分之一。

We have made adjustments in terms of our wafer inputs to get those back in balance.

我們已經對我們的晶圓投入進行了調整，以使它們恢復平衡。

And our assumptions are we're going to be roughly in balance going out of our current fiscal year.

我們的假設是，我們將在本財年結束後大致保持平衡。

That's another quarter and a half until we're where we want to be in terms of inventory mix.

再過一個半季度，我們就可以在庫存組合方面達到我們想要的水平。

Now, having said that, lots can change.

現在，話雖如此，很多事情都可以改變。

We've proven that we're not experts at predicting how quickly the business is going to expand or how quickly it may contract due to inventory problems.

我們已經證明，我們不是預測業務擴張速度或由於庫存問題而收縮的速度的專家。

That could change.

這可能會改變。

But given the scenario that we're looking at right now looks like it's going to be the end of the fiscal year before we have inventories back in balance of where we would like them to be.

但考慮到我們現在正在考慮的情況，看起來這將是本財年末，我們的庫存才能恢復到我們希望的平衡。

Okay.

好的。

A final question on the NAND side.

關於 NAND 的最後一個問題。

I guess you commented a bit about some of the demand drivers that you see for the second half of the year and some stuff like solid state drive.

我猜您對下半年看到的一些需求驅動因素以及固態驅動器之類的東西發表了一些評論。

What is kind of your prediction right now kind of the industry NAND bit growth for the year?

您現在對今年行業 NAND 位增長的預測是什麼？

And how much -- what's the NAND bit growth of Micron [Inaudible]?

以及多少 - 美光的 NAND 位增長是多少 [聽不清]？

Sure the industry right now is sizing up to be somewhere on the supply side somewhere in the neighborhood of 120 to 140% and I'll let Mike address what we believe to be perhaps potential demand.

當然，現在這個行業正在評估供應方面的某個地方，大約在 120% 到 140% 之間，我會讓邁克解決我們認為可能是潛在需求的問題。

Well, the demand is going to match what supply growth is going to be.

好吧，需求將與供應增長相匹配。

So if it's 140% it's going to be 140%.

因此，如果是 140%，它將是 140%。

The industry can absorb what the output is.

該行業可以吸收產出。

So it's going to be in line with the what the supply growth is.

因此，它將與供應增長保持一致。

And for Micron, we'd assume that our bit growth going forward is going to be 50% quarter-over-quarter as it has been for the previous few quarters.

對於美光，我們假設我們未來的比特增長將像前幾個季度一樣環比增長 50%。

Okay.

好的。

Thanks a lot.

非常感謝。

Thank you.

謝謝你。

Our next question is coming from Aaron Husock from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Aaron Husock。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if you could comment on how much image sensor pricing was down sequentially in the February quarter.

我想知道您是否可以評論一下 2 月季度圖像傳感器價格連續下降了多少。

And then also, you mentioned that you felt like your customers had finished working through their excess inventory image sensors.

然後，您還提到您覺得您的客戶已經完成了他們多餘的庫存圖像傳感器的工作。

Do you think that business can actually be up sequentially in the May quarter?

您認為該業務實際上可以在 5 月季度環比增長嗎？

Or are we actually seeing the weakness in end demand for handsets that your largest customer now impacting that?

或者我們是否真的看到了您最大的客戶現在正在影響的手機終端需求疲軟？

From a pricing standpoint, we were relatively flat quarter-over-quarter.

從定價的角度來看，我們的季度環比相對持平。

I don't want to misrepresent that.

我不想歪曲這一點。

We are reducing prices as we need to in order to remain competitive, but we're continuing to migrate up in terms of pixel density and those higher fixed node chips typically sell at a higher average selling price.

我們正在根據需要降低價格以保持競爭力，但我們將繼續在像素密度方面向上遷移，那些更高的固定節點芯片通常以更高的平均售價出售。

In terms of sequential growth in Q3 versus Q2, it's difficult to say we still have roughly 60 days left in Q3.

就第三季度與第二季度的連續增長而言，很難說我們在第三季度還剩下大約 60 天。

So it's really difficult for me to say what's going to happen.

所以我真的很難說會發生什麼。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

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

我們的下一個問題來自高盛的 James Covello。

Hey, guys.

大家好。

A couple questions.

幾個問題。

I guess the -- the pricing stability you're talking about recently is that contract or spot pricing?

我猜你最近談論的定價穩定性是合同定價還是現貨定價？

It is, Jim, on the spot pricing it ticked up a little bit.

吉姆，當場定價稍微上漲了一點。

You guys can see all the stuff on the web about everybody that monitors spot pricing.

你們可以在網上看到所有監控現貨價格的人的資料。

It ticked up a little bit and the contract pricing last time around was relatively flat.

它有點小幅上漲，上次的合同價格相對持平。

So you think the next round of contract negotiations would be flat or up?

所以你認為下一輪合同談判是持平還是上升？

Well, we still got 11 days to go, so a lot can happen in the next 11 days.

好吧，我們還有 11 天的時間，所以接下來的 11 天會發生很多事情。

Based on the activity of the last few days, I would think flat to up.

根據最近幾天的活動，我認為持平。

Now, can I ask you a question about that?

現在，我可以問你一個問題嗎？

Because you guys said that the problem was driven by supply not demand.

因為你們說問題是由供應而不是需求驅動的。

You said inventory still a little bit out of balance.

你說庫存還是有點失衡。

There's a lot more supply coming online for the remainder of this year than there has been up until now.

今年剩下的時間裡，上線的供應量比迄今為止要多得多。

First of all because you got all the NAND to DRAM.

首先是因為你把所有的 NAND 都放到了 DRAM 上。

And second of all because especially your time lease competitors are just bringing on a tremendous amount of supply for the rest of the year.

其次，尤其是您的時間租賃競爭對手在今年餘下的時間裡帶來了大量的供應。

How would that lead to price stability over the next few quarters?

這將如何導致未來幾個季度的價格穩定？

Again, it's a relative balance of supply and demand.

同樣，這是供需的相對平衡。

As I said earlier, you guys are presumably in a lot better position to assess the supply situation than we are.

正如我之前所說，你們可能比我們更能評估供應情況。

All I can really speak to is the demand side and I feel great about the demand profile going forward particularly in the PC area for DRAM.

我能真正談論的是需求方面，我對未來的需求狀況感到非常滿意，特別是在 DRAM 的 PC 領域。

Again, I'll throw those numbers out.

再說一次，我會把這些數字扔掉。

If you think supply growth is going to be greater than 60, 65%, we're probably looking at price pressure.

如果您認為供應增長將超過 60%、65%，我們可能正在考慮價格壓力。

If you don't, then I think we're looking at a pretty good pricing environment.

如果你不這樣做，那麼我認為我們正在尋找一個非常好的定價環境。

I don't want to push on it too much, but if demand has been good in the grand scheme of things so far this year and that's not going to change and the supply is going to get greater, I don't understand how the pricing doesn't keep coming down.

我不想過分推動它，但如果今年到目前為止的總體規劃中需求一直很好，而且這種情況不會改變並且供應量會增加，我不明白如何價格不會繼續下降。

Sure, what happened in the last two months is that inventory shifted from the buyer basically to the seller, at least in our case it did.

當然，過去兩個月發生的情況是，庫存基本上從買方轉移到了賣方，至少在我們的案例中是這樣。

In January when prices were still -- were just stable heading up, all of my customers were glad to get their hands on as much products as they possibly could.

1 月份，當價格仍然穩定上漲時，我所有的客戶都很高興盡可能多地獲得產品。

I don't know whether they had two or three or four weeks worth of inventory.

我不知道他們是否有兩三週或四個星期的庫存。

But in effect, what's happened over the last 60 days as prices started to come down is they shifted that inventory burden back to me.

但實際上，過去 60 天隨著價格開始下跌，他們將庫存負擔轉回給了我。

And they presumably did that to the other GM suppliers as well.

他們大概也對其他通用汽車供應商這樣做了。

Now we're seeing early, granted, but the early signs of a shift back in the other direction, where they are willing to take, get their hands on more inventory now as opposed to be concerned about depleting it.

現在，我們很早就看到了，當然，但他們願意接受的方向轉向另一個方向的早期跡象，現在他們得到了更多的庫存，而不是擔心耗盡它。

All right.

好的。

On the cost structure side.

在成本結構方面。

You guys said that you believe you had the smallest die size.

你們說你們相信自己的芯片尺寸最小。

If I look at your margins relative to your competitive margins, your margins are a lot lower.

如果我查看您的利潤率相對於您的競爭利潤率，您的利潤率要低得多。

So what's the delta between your smaller die size and the lower margins?

那麼較小的芯片尺寸和較低的利潤率之間的差異是多少？

What you're going to see.

你會看到什麼。

As we've talked about we're on now a significant cost reduction path to where we've been in the low double digits now.

正如我們所談到的，我們現在正處於一條顯著降低成本的道路上，我們現在處於低兩位數的位置。

And I would challenge you to find somebody who is out executing that.

我會挑戰你找到執行該任務的人。

But in the past what you've seen is really lack of scale and additional costs from ramping new fabs.

但在過去，你所看到的實際上是缺乏規模和增加新晶圓廠的額外成本。

I mean even in, especially on the DRAM side.

我的意思是即使在，尤其是在 DRAM 方面。

Yes.

是的。

Same holds true.

同樣適用。

For example, Jim, MTV essentially ran inefficient as we were ramping it up through the last year and a half.

例如，Jim，MTV 在過去一年半的時間裡我們一直在提高它的效率，因此基本上效率很低。

And that's now topped off, for example.

例如，現在已經達到了頂峰。

Tech [Inaudible] migration to 300 millimeter speaks as well to the opportunity out ahead on the DRAM side.

技術 [音頻不清晰] 遷移到 300 毫米也說明了 DRAM 方面的機會。

I'm sorry, I'm missing something.

對不起，我錯過了一些東西。

Is it where you want it to be now?

它現在是你想要的嗎？

No, we're going to continue to get better at a faster pace.

不，我們將繼續以更快的速度變得更好。

But I mean, is the -- I understand that there were inefficiencies or lack of scale in the past, but if that's behind us and the die size is as small as it needs to be, there's a big delta in margins.

但我的意思是——我知道過去效率低下或規模不足，但如果這已經過去了，而且芯片尺寸盡可能小，那麼利潤率就會有很大的變化。

The other thing I think you need to realize is there's an ongoing technology mix migration as we move more of the manufacturing capacity between technology nodes.

我認為您需要意識到的另一件事是，隨著我們在技術節點之間轉移更多製造能力，技術組合正在不斷遷移。

So while we believe from a technology perspective we have the most advanced technology, we don't necessarily have 100% of our capacity there.

因此，雖然我們相信從技術角度來看，我們擁有最先進的技術，但我們不一定擁有 100% 的產能。

We'll see an increased surge in productivity as we continue that transition.

隨著我們繼續這種轉變，我們將看到生產力的激增。

Wouldn't your competitors have that issue too, though?

但是，您的競爭對手不會也有這個問題嗎？

Competitors are in the same environment as us.

競爭對手與我們處於相同的環境中。

Okay.

好的。

All right.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Kevin Rottinghaus from Cleveland Research.

我們的下一個問題來自 Cleveland Research 的 Kevin Rottinghaus。

Thank you.

謝謝你。

Do you have a PC unit number for year-over-year growth?

您是否有 PC 台數用於同比增長？

Your customers communicate to you that you try to target?

您的客戶向您傳達您試圖定位的目標？

They don't.

他們沒有。

So all I do is use the same data that you guys do.

所以我所做的就是使用與你們相同的數據。

I think we're looking at 8 to 10% PC unit growth rate '07 versus '06.

我認為我們看到的是 07 年與 06 年 8% 到 10% 的 PC 單位增長率。

Something like that.

類似的東西。

Okay.

好的。

Did you anticipate kind of coming into the year that maybe the enterprise might not deploy until late in the year?

您是否預計到今年年底企業可能不會部署這種類型的產品？

I guess with enterprise being over half a PC, do you think there's any risk there to that number based upon maybe a slower migration to Vista?

我猜企業有超過一半的 PC，您認為基於向 Vista 的遷移速度可能較慢，這個數字有任何風險嗎？

Of course there's risk.

當然有風險。

Frankly speaking, though, for us what's a lot more relevant in terms of DRAM demand is the amount of memory that's going into a system as opposed to the number of systems that are actually being sold.

不過，坦率地說，對我們而言，與 DRAM 需求更相關的是進入系統的內存量，而不是實際銷售的系統數量。

But of course there's risk.

但當然有風險。

We're still looking at 9 months of the year being forecast and absolutely there's risk.

我們仍在預測一年中的 9 個月，絕對存在風險。

Okay.

好的。

Do you have a number now for where you think blended DRAM per PC is?

您現在有一個數字來說明您認為每台 PC 的混合 DRAM 的位置嗎？

Sure.

當然。

It's in the neighborhood if I'm not mistaken.

如果我沒記錯的話，它就在附近。

We had a slide pulled up earlier that showed it, but I think it's about one gigabyte if I'm not mistaken.

我們之前有一張幻燈片顯示了它，但如果我沒記錯的話，我認為它大約是 1 GB。

So one gig.

所以一場演出。

That's up how much so far this year?

今年到目前為止漲了多少？

Where do you think it ends at the end of 2007?

你認為它會在 2007 年底結束嗎？

Oh, I think we're up pushing to 2 gigabytes by the end of 2007, maybe 1.7, 1.8, something like that.

哦，我認為到 2007 年底我們將達到 2 GB，也許是 1.7、1.8 之類的。

Okay.

好的。

All right.

好的。

And are there any I guess sort of price assumptions behind the 60 to 65% bit growth for this year?

我猜在今年 60% 到 65% 的比特增長背後有什麼價格假設嗎？

Is there a certain price level or amount of price decline that you have to hit in order to get to that number?

為了達到這個數字，您是否必須達到某個價格水平或價格下跌幅度？

I think the expectations from our customer base were somewhere in the neighborhood of a 30 or 40% annual price decline.

我認為我們客戶群的預期是每年價格下降 30% 或 40% 左右。

Fortunately for them, unfortunately for us we took that already in the first three months of the year.

對他們來說幸運的是，對我們來說不幸的是，我們在今年的前三個月就已經做到了。

We'll see going forward.

我們拭目以待。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Hans Mosesmann from Nollenberger Capital.

我們的下一個問題來自 Nollenberger Capital 的 Hans Mosesmann。

Thanks.

謝謝。

Most of my questions have been answered.

我的大部分問題都已得到解答。

But a question on inventories on your balance sheet, where do you expect them to be if the bit demand does materialize as you expect?

但是關於資產負債表上的庫存的問題，如果比特需求確實如您預期的那樣實現，您希望它們在哪裡？

Well, one thing to keep in mind.

嗯，要記住一件事。

There's two components here.

這裡有兩個組件。

On the finished goods side if in fact the scenario you talk about unfolds, then inventory can move down, obviously.

在製成品方面，如果事實上你所說的情況發生了，那麼庫存顯然會下降。

But on the other hand, keep in mind, we are ramping a brand new facility.

但另一方面，請記住，我們正在建設一個全新的設施。

You should expect width to continue to move up, commensurate with the increased wafer loading in the Lehigh fab.

您應該預計寬度將繼續上升，與 Lehigh 晶圓廠增加的晶圓負載相稱。

Okay.

好的。

Fair enough.

很公平。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from John Lau from Jefferies and Company.

我們的下一個問題來自 Jefferies and Company 的 John Lau。

Yes, thanks.

對了謝謝。

Kipp, we spoke a lot about topics, but I just wanted to summarize.

Kipp，我們談了很多話題，但我只是想總結一下。

In terms of the incremental changes in order that you've seen recently, you had mentioned that the DRAM was getting stronger, demand had continued to be strong in terms of the demand side, and what did you say about CMOS again?

關於你最近看到的訂單增量變化，你提到DRAM越來越強，從需求端來看，需求一直很強勁，你又說CMOS是什麼？

Demand for CMOS image sensors for us and I believe for the entire industry was down in the calendar Q1 which would have been roughly in line with our fiscal Q2.

我們和我相信整個行業對 CMOS 圖像傳感器的需求在第一季度有所下降，這與我們的第二財季大致相符。

And then going forward you mentioned that the cost reductions had been quite significant but were not able at this current quarter to stay ahead of the ASP declines.

然後你提到成本降低非常顯著，但在本季度無法保持領先於 ASP 下降。

In terms of how we should think about continued cost reductions in the next couple quarters, would that be in the 30 to 50% range quarter-over-quarter or has that changed?

就我們應該如何考慮在接下來的幾個季度中持續降低成本而言，這會是環比下降 30% 到 50% 的範圍，還是已經改變了？

I didn't quite hear the question, could you repeat that?

我沒聽清楚這個問題，你能再說一遍嗎？

Yes.

是的。

I'm sorry if I have a problem with my headset, but in terms of cost reduction in the NAND flash as the ASPs continue to go down, what do you project your cost reductions should be even on a year-over-year basis?

如果我的耳機有問題，我很抱歉，但就 NAND 閃存的成本降低而言，隨著 ASP 持續下降，你預計你的成本降低應該是多少？

Sure.

當然。

We've been guiding to 20% sequentially quarter-over-quarter, which obviously accumulated would put you down 80% year-over-year.

我們一直在指導環比環比增長 20%，這顯然會使您同比下降 80%。

Now this particular quarter Q3 that we're in, you're going to see something closer to flattish and then a reacceleration in Q4.

現在我們所處的這個特定的第三季度，你會看到一些更接近平緩的東西，然後在第四季度重新加速。

The reason for the flattish cost per bit reduction in Q3 is relative to the Lehigh fab ramping up.

第三季度每比特成本下降持平的原因與 Lehigh 晶圓廠的產能增加有關。

We're moving as you mentioned -- I think there was an earlier question as to where the R&D cost went from going from 250 down to our guidance of 200 to 220, that starts to show up relatively rolling through the cost of goods sold model.

正如你所提到的，我們正在採取行動——我認為之前有一個問題是，研發成本從 250 下降到我們的指導值 200 到 220，這開始通過商品銷售成本模型相對滾動顯示.

Great.

偉大的。

So we can think about in terms of your bit growth in like the 50% quarter-over-quarter rate.

因此，我們可以考慮您的比特增長率，例如 50% 的季度環比增長率。

You mentioned that the cost is probably going to be down flat.

你提到成本可能會下降。

And if NAND was to stay flat, you would be down 5 to 10%.

如果 NAND 保持平穩，你將下降 5% 到 10%。

Is that just a quick take away from the NAND situation?

這只是快速擺脫 NAND 的情況嗎？

Yes.

是的。

Great.

偉大的。

And then one final follow-up is how long does it take to shift from NAND to DRAM and back to NAND again if you were -- if that was an operation that you wanted to execute on your fab side?

最後一個後續問題是從 NAND 轉移到 DRAM 並再次回到 NAND 需要多長時間 - 如果這是你想在你的晶圓廠執行的操作？

How long would that typically take to move that around?

通常需要多長時間才能移動它？

Would that be months, quarters?

那會是幾個月，幾個季度？

How does that work out?

效果如何？

It depends on the details how you configure.

這取決於您如何配置的詳細信息。

For Micron, and at least a couple of other fabs today, it's probably on the order of 3 to 4 months.

對於美光，以及今天的至少其他幾家晶圓廠，可能需要 3 到 4 個月的時間。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Mark Fitzgerald from Banc of America Securities.

我們的下一個問題來自美國銀行證券公司的 Mark Fitzgerald。

Just quickly I was curious of where you are in terms of the 300 millimeter mix for your memory products and where you expect to be by the end of the year, percent?

很快我就很好奇你在內存產品的 300 毫米混合方面處於什麼位置，以及你預計到今年年底會達到什麼水平，百分比？

Yes, basically we've got in terms of core DRAM, we have two facilities that run the bulk of that and that's MTV in Virginia and it's our Singapore fab.

是的，基本上我們擁有核心 DRAM，我們有兩個設施運行其中的大部分，一個是弗吉尼亞州的 MTV，一個是我們的新加坡工廠。

And Virginia basically is it's been 100% converted.

弗吉尼亞州基本上是 100% 轉換的。

And I think Mark told me earlier today it's 100% converted to 78 nanometer technology, as well.

我想馬克今天早些時候告訴我它也 100% 轉換為 78 納米技術。

And then we're also in the process of moving our Tech joint venture from 200 millimeter to 300 millimeter with a process shrink in it as well.

然後我們也正在將我們的技術合資企業從 200 毫米移動到 300 毫米，其中的工藝也縮小了。

And that will be largely finished over about the next year.

這將在明年左右基本完成。

So in 12 months you'll basically have 100% or close to 100% of memory on 300 millimeter?

那麼在 12 個月內，您基本上會在 300 毫米上擁有 100% 或接近 100% 的內存？

For the core DRAM, I think it's fair to say that we'll be pushing that kind of number.

對於核心 DRAM，我認為可以公平地說我們將推動這樣的數字。

Obviously some of the specialty and legacy products will stay behind on some of the older technologies.

顯然，一些專業和遺留產品將落後於一些較舊的技術。

And is that what drives the CapEx declines next year, basically you're through the 300 millimeter transition?

這就是明年導致資本支出下降的原因嗎，基本上你正在經歷 300 毫米的過渡？

Partly, yes.

部分，是的。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Manish Goyal of CREF Investments.

我們的下一個問題來自 CREF Investments 的 Manish Goyal。

Yes, my questions have been asked.

是的，我的問題已經被問到了。

It will be helpful if you can give some sense for what depreciation may look like for fiscal '08?

如果您能對 08 財年的折舊情況有所了解，這將很有幫助？

First, Manish, '07 probably runs 1.9 billion and '08 with the incremental capital we've deployed should be at 2.2.

首先，Manish，07 年可能運行 19 億，而 08 年我們部署的增量資本應該是 2.2。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

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

我們的下一個問題來自雷曼兄弟的蒂姆·盧克。

Thanks.

謝謝。

I was wondering if you could give some color on how you perceive the cost reductions in the DRAM area going forward?

我想知道您是否可以就您如何看待 DRAM 領域未來的成本降低提供一些顏色？

If we look at just core DRAM, we'll be low double digits.

如果我們只看核心 DRAM，我們將是低兩位數。

If you average everything, it will be high single digits to low double digits quarter to quarter.

如果您對所有內容進行平均，那麼每個季度都會從高個位數到低兩位數。

Thank you.

謝謝你。

And also, I was just wondering if you can recap your comments with respect to the NAND road map in terms of 70 and 50 and how you perceive that to be positioning you guys versus your competitor?

而且，我只是想知道你是否可以回顧一下你對 NAND 路線圖的評論，分別是 70 和 50，以及你如何看待這對你們與競爭對手的定位？

Well, as we look at our production today, we're really essentially 100% transitioned to the 70 nanometer node with again [Inaudible].

好吧，當我們查看我們今天的生產時，我們實際上基本上 100% 再次轉換到 70 納米節點 [聽不清]。

The 50 nanometer transition will occur throughout the second half of 2007 and into 2008.

50 納米的轉變將在 2007 年下半年到 2008 年發生。

And on a relative competitive positioning on that, we feel we're -- our timing is approximately equivalent to the two leading competitors in the space, but we think we're going to have somewhat of a die size advantage relative to that.

在這方面的相對競爭定位上，我們認為我們的時間大約相當於該領域的兩個主要競爭對手，但我們認為我們將在一定程度上擁有相對於此的裸片尺寸優勢。

We believe their node is 56 nanometers versus 50 for us.

我們相信他們的節點是 56 納米，而我們是 50 納米。

Thank you, guys.

感謝你們。

Thank you.

謝謝你。

Our next question is coming from Alex Gauna of UBS.

我們的下一個問題來自瑞銀的亞歷克斯·高納。

You had a follow through on that comment on the NAND side.

您對 NAND 方面的評論進行了跟進。

We've been hearing that maybe there are some yield issues with some of your competitors at that 56 nanometer node.

我們一直聽說，您的一些競爭對手在 56 納米節點上可能存在一些良率問題。

Are you hearing the same thing?

你聽到同樣的話嗎？

And does it make you nervous with even your own 5 nanometer process in terms of hitting your yield targets on that?

就達到您的良率目標而言，即使是您自己的 5 納米工藝也會讓您感到緊張嗎？

No, really not at all.

不，真的一點也不。

I don't have much insight into how they're doing from a yield perspective.

從收益的角度來看，我對他們的表現沒有太多了解。

I can tell you we're very very comfortable with how our 50 nanometer node is going.

我可以告訴你，我們對 50 納米節點的進展非常滿意。

What we have heard is that some of the competitors are having trouble with the immersion tool set and the productivity of that and defects associated with it.

我們聽到的是，一些競爭對手在浸入式工具集及其生產力和與之相關的缺陷方面遇到了麻煩。

And I can tell you we're not suffering from those problems, we're pretty comfortable with how we're going to progress.

我可以告訴你，我們並沒有受到這些問題的困擾，我們對我們將如何取得進展感到非常滿意。

Okay.

好的。

And is there any concern that we should have with the market that your competitors, if they are having problems with this immersion tool set they solve it and suddenly we find ourselves seeing NAND ASPs reversed, is that type of worry out there?

我們是否應該擔心您的競爭對手的市場，如果他們在使用這種沉浸式工具集時遇到問題，他們會解決它，突然我們發現自己看到 NAND ASP 逆轉，是否存在這種擔憂？

It'd be speculation, I can't answer it for you.

這只是猜測，我無法為你回答。

Okay.

好的。

And then you made one comment in the prepared remarks about seeing the device market respond to some elasticity demand and accelerated acceptance of NAND into mobile video devices.

然後您在準備好的評論中發表了一條評論，即看到設備市場對一些彈性需求做出了反應，並加速了 NAND 進入移動視頻設備。

Can you give us some examples about what exactly you're seeing, what you were referring to, or maybe what timetables you're referring to?

你能給我們舉一些例子，說明你到底看到了什麼，你指的是什麼，或者你指的是什麼時間表？

Yes, I I referred to two application areas in particular.

是的，我特別提到了兩個應用領域。

One is in the personal video player space in terms of deploying flash as a storage medium.

一種是在個人視頻播放器領域，將閃存部署為存儲介質。

And I believe we're going to see meaningful market impact in the second half of the calendar year.

我相信我們將在日曆年下半年看到有意義的市場影響。

On the solid state disk drive area, I believe that is still a 2008 type of product, maybe even the second half of 2008 until we see a meaningful impact.

在固態硬盤領域，我相信還是2008年的產品，甚至可能要到2008年下半年才能看到有意義的影響。

Several months ago we were looking at in 2009, 2010 in terms of that being real significant demand driver.

幾個月前，我們將 2009 年和 2010 年視為真正重要的需求驅動因素。

Very good, thank you.

非常感謝。

Thank you.

謝謝你。

Our next question is coming from of Krishna Shankar of JMP Securities.

我們的下一個問題來自 JMP Securities 的 Krishna Shankar。

Yes, what is your revenue mix by product line, CMOS, NAND, PC, and specialty DRAM?

是的，按照產品線、CMOS、NAND、PC 和特種 DRAM，您的收入組合是什麼？

Yes, we ran approximately 50% in core DRAM, approximately high teens or high teens I should say in specialty DRAM, high teens in flash, and as Mike mentioned earlier about 11% in image sensors.

是的，我們在核心 DRAM 中運行了大約 50%，在專業 DRAM 中大約運行了大約 11% 或高 10%，在閃存中運行了大約 11%，正如 Mike 之前提到的那樣，在圖像傳感器中大約運行 11%。

And can you comment on whether you had positive gross margins in the NAND flash area this quarter?

您能否評論一下本季度您在 NAND 閃存領域的毛利率是否為正？

No we do not.

不我們沒有。

Do you expect to get there in Q3?

您希望在第三季度到達那裡嗎？

We're not going to guide to that.

我們不會對此進行指導。

Sorry, but what we're trying to do is provide you some market intelligence and then you can couple that with your own ASP assumptions along with our guidance.

抱歉，我們正在努力為您提供一些市場情報，然後您可以將其與您自己的 ASP 假設以及我們的指導相結合。

The cost reductions will continue to average 20% a quarter.

成本將繼續平均每季度降低 20%。

We'll continue to average 20% a quarter.

我們將繼續平均每季度 20%。

Okay.

好的。

And my final question is what do you see the initial for the demand profile and customer acceptance on Windows Vista in the [Inaudible - highly accented language] channel where it has been marketed?

我的最後一個問題是，您如何看待 Windows Vista 在已銷售的 [聽不清 - 重音語言] 渠道中的需求概況和客戶接受度？

It's great.

這很棒。

If I'm not mistaken I just saw some data out from Microsoft a couple days ago that the take rate on Vista in the consumer market anyway is faster than any other OS introduction.

如果我沒記錯的話，幾天前我剛剛從微軟那裡看到了一些數據，不管怎樣，Vista 在消費市場上的普及率都比任何其他操作系統的推出都要快。

On the consumer side it's great, we just haven't seen any meaningful penetration on the corporate side which as you know is the biggest single piece of the PC market.

在消費者方面這很好，我們只是沒有看到企業方面的任何有意義的滲透，正如你所知，這是個人電腦市場最大的一塊。

I think we're going to see that start to layer in later this year, if not then in 2008.

我認為我們將在今年晚些時候看到這種情況開始分層，如果不是在 2008 年的話。

So all systems go with respect to the new OS.

因此，所有系統都適用於新操作系統。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Bill Dezellem of Tieton Capital Management.

我們的下一個問題來自 Tieton Capital Management 的 Bill Dezellem。

Sir, your line is live.

先生，您的電話已上線。

My apologies.

我很抱歉。

Relative to your comments about the recent demand that you're experiencing both in NAND and DRAM, has that been strong enough that you're actually now pulling from inventory and actually selling more than you're able to produce at this point?

相對於您對近期 NAND 和 DRAM 需求的評論，這是否足夠強大，以至於您現在實際上正在從庫存中抽出並且實際上銷售量超過了您目前的生產能力？

And then the second question is relative to cost reduction discussion, you talked a fair amount about the next quarter, the fiscal Q3.

然後第二個問題是關於降低成本的討論，你談到了下一個季度，即第三財季。

But beyond fiscal Q3, could you provide us a bit of a road map in terms of both the manufacturing front and the financial aspect the cost reductions?

但在第三季度之後，您能否為我們提供一些關於製造方面和財務方面降低成本的路線圖？

Bill, first of all on the NAND side with respect to the price stabilization even the strengthening the last couple of weeks, we have -- we went into that with virtually no NAND flash, finished goods inventory, today we're sitting with virtually no NAND flash finished goods inventory.

比爾，首先在 NAND 方面，就價格穩定而言，即使在過去幾周有所加強，我們已經 - 我們幾乎沒有 NAND 閃存，成品庫存，今天我們幾乎沒有NAND閃存成品庫存。

No meaningful impact.

沒有有意義的影響。

I've not had any problems selling NAND flash.

我在銷售 NAND 閃存時沒有遇到任何問題。

When the prices are half what they are today, it was still pretty easy to sell and today it's still a fact.

當價格是今天的一半時，它仍然很容易出售，今天它仍然是事實。

Not really a significant change in the profile of our finished goods inventory on NAND flash.

我們在 NAND 閃存上的成品庫存狀況並沒有真正發生重大變化。

In DRAM, this price stabilization is really literally just days old now.

在 DRAM 中，這種價格穩定實際上只是幾天前的事情。

And we've not seen a meaningful impact on our finished goods inventory.

而且我們還沒有看到對我們的成品庫存產生有意義的影響。

Hey, Bill, this is Steve.

嘿，比爾，這是史蒂夫。

I'm not sure I understand what you were asking in that second question.

我不確定我是否理解您在第二個問題中所問的內容。

Could you maybe phrase it slightly different?

你能說它略有不同嗎？

Sure.

當然。

You discussed that DRAM cost reductions on the core DRAM front here in fiscal Q3, we can look for low double digits and the NAND due to OE higher ramp is essentially going to be flat from a financial perspective.

您在第三財季討論了核心 DRAM 前沿的 DRAM 成本降低，我們可以尋找兩位數的低位，並且由於 OE 更高的坡度，從財務角度來看，NAND 基本上將持平。

Actually we'd like to move beyond this quarter and get perspective into the Q4 and fiscal Q1 in terms of what you will be doing in the manufacturing plants that will be bringing cost down and what the financial impact is anticipated to be in those quarters.

實際上，我們希望超越本季度，深入了解第四季度和第一財季，了解您將在製造工廠中做什麼來降低成本，以及預計這些季度的財務影響。

You gave us a little further vision rather than what's just going to be happening immediately in front of us.

你給了我們一個更遠的願景，而不是我們眼前即將發生的事情。

Yes.

是的。

To the extent that I can comment on what happens downstream after the quarter we're in has already been noted.

在某種程度上，我可以評論我們所在的季度之後下游發生的事情已經被注意到了。

We're in a good slot because we're in that period we've got to shift the products and R&D expense so to speak over to COGS number.

我們處於一個很好的位置，因為我們正處於那個時期，我們必須轉移產品和研發費用，可以說是銷貨成本。

You should expect us to get back on that curve in fact, in NAND probably reaccelerate as the 50 nanometer takes hold as Mark described.

實際上，您應該期望我們回到那條曲線上，在 NAND 中，隨著 50 納米的發展，正如 Mark 所描述的那樣，它可能會重新加速。

So on the DRAM side, we'll certainly start coming back down that curve in the quarter after the one that we're in.

所以在 DRAM 方面，我們肯定會在我們所處的那個季度之後的那個季度開始回到這條曲線。

And then on the NAND side, we think it'll probably accelerate.

然後在 NAND 方面，我們認為它可能會加速。

So your comments are noted in terms of what happens beyond that.

因此，您的評論會根據除此之外發生的情況進行記錄。

It's hard for us to know exactly what that reduction will be, but again I think it's going to be pretty significant given the profile that we're on for, not only by the way the advantage that we think we have now with the fixed square device on 78 nanometer, but also with the success that we've had, in fact let me just note early success on the 50 nanometer on the NAND.

我們很難確切地知道這種減少會是什麼，但我認為這將是非常重要的，因為我們正在進行的配置文件，不僅僅是我們認為我們現在擁有的固定正方形的優勢設備在 78 納米上，而且我們已經取得了成功，事實上，讓我注意到 NAND 上 50 納米的早期成功。

I think it looks pretty good after that.

我覺得之後看起來還不錯。

And not sure how to ask this next question, but if you compare the current cost production cost versus the costs that flow through the P&L in the fiscal Q2, what's the delta there?

並且不確定如何問下一個問題，但是如果您將當前成本生產成本與第二財季通過損益表的成本進行比較，那麼增量是多少？

And basically we're trying to understand the impact what will happen as time progresses and product gets out of inventory.

基本上，我們試圖了解隨著時間的推移和產品庫存不足會發生什麼影響。

Bill, that's a little bit too detailed for us to get into.

比爾，這對我們來說有點太詳細了。

We try to answer that for you by giving you comps quarter to quarter.

我們試圖通過按季度為您提供補償來為您回答這個問題。

And so your answer is partly in light of the fact that we're talking about double digit cost declines for DRAM and over 20% quarter to quarter on NAND.

因此，您的回答部分是因為我們談論的是 DRAM 的兩位數成本下降和 NAND 的 20% 以上的季度成本下降。

That's helpful.

這很有幫助。

Thank you all.

謝謝你們。

Okay.

好的。

You bet.

你打賭。

Thank you.

謝謝你。

Our next question is coming from Gus Richard of First Albany Capital.

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

Yes.

是的。

Quickly on the 50 nanometer NAND process, how many critical layers do you need in advance of lithography?

快速上 50 納米 NAND 工藝，在光刻之前需要多少關鍵層？

And I have a follow-up.

我有一個後續行動。

I think we're going to try and keep that one to ourselves for now, let our competition guess.

我想我們現在要試著把它留給自己，讓我們的競爭對手猜測。

Okay.

好的。

And then the follow-up is given that you're not having problems with the margin, is it safe to assume you're not using?

然後跟進，您沒有遇到保證金問題，假設您沒有使用是否安全？

I wouldn't say that's safe to assume.

我不會說這是安全的假設。

And again we're going to keep our technology pretty close to the vest and let everyone else figure that out.

再一次，我們將讓我們的技術非常接近背心，讓其他人弄清楚這一點。

Okay.

好的。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question is coming from Edwin Mok of Needham and Company.

我們的下一個問題來自 Needham and Company 的 Edwin Mok。

Just a question on the DRAM side.

只是 DRAM 方面的一個問題。

You guys mentioned that DRAM looks like demand is stabilizing, or customers taking more orders.

你們提到DRAM看起來需求穩定，或者客戶接受更多訂單。

Are you seeing them more for desktop notebooks or are you seeing them more on the server side?

您是在台式筆記本電腦上看到更多，還是在服務器端看到更多？

Server side has actually been pretty stable throughout kind of the turmoil if you will over the last couple of months.

如果您願意在過去的幾個月裡，服務器端實際上在整個動盪中都相當穩定。

The revival, if you will, or the willingness to take on more deliveries has been on both the desktop and the notebook side and it's difficult for me to distinguish between the two.

如果您願意，或者願意接受更多交付，台式機和筆記本電腦方面都出現了復興，我很難區分兩者。

That's why I asked, thanks.

這就是我問的原因，謝謝。

Is that it?

是這樣嗎？

There appear to be no further questions, sir.

先生，似乎沒有其他問題了。

Okay.

好的。

Great.

偉大的。

Thank you very much.

非常感謝。

We'd like to thank everyone for participating on the call today.

我們要感謝大家參加今天的電話會議。

If you 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，我們可能就公司和行業做出了前瞻性陳述。

These particular forward-looking 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 very much for joining us.

非常感謝您加入我們。

Thank you.

謝謝你。

This concludes Micron Technologies first quarter 2007 financial release conference call.

美光科技 2007 年第一季度財務發布電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。