美光科技 (MU) 2008 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我叫傑森，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to the Micron Technology's first quarter 2008 financial release conference call.

在此，歡迎大家參加美光科技2008年第一季度財務發布電話會議。

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

所有線路都已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer period.

演講者發言後，將進入問答環節。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Thank you.

謝謝你。

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'd like to also add my welcome to everyone joining Micron Technology's first quarter 2008 financial release conference call.

我還要對所有參加美光科技 2008 年第一季度財務發布電話會議的人表示歡迎。

On the call with me today is Mr.

今天和我通電話的是先生。

Steve Appleton, Chairman and CEO.

史蒂夫·阿普爾頓，董事長兼首席執行官。

And of course, Mike Sadler, Vice President Worldwide Sales.

當然，還有全球銷售副總裁 Mike Sadler。

The 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 first quarter 2008 financial press release, it is also available on our website at Micron.com.

如果您沒有機會查看 2008 年第一季度財務新聞稿，也可以在我們的網站 Micron.com 上獲得。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

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

今晚晚些時候將在下午 5:30 播放此次通話的錄音重播。

mountain time.

山區時間。

You can reach that by dialing 706-645-9291, with the confirmation code of 27073959.

您可以撥打 706-645-9291，確認碼為 27073959。

This replay will run through Thursday, December 27th, 2007, at 5:30 p.m.

此重播將持續到 2007 年 12 月 27 日星期四下午 5:30。

Mountain Time.

山時。

Webcast replay will be available on the company's website until December 20th, 2008.

2008 年 12 月 20 日之前，公司網站上將提供網絡廣播重播。

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

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

With that we'd please like you to note the following Safe Harbor statement.

因此，我們希望您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, specifically the company's most recent Form 10-K and Form 10-Q.

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

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

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

These certain factors can be found 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。

I'd like to now turn the call over to Mr.

我現在想把電話轉給先生。

Steve Appleton.

史蒂夫阿普爾頓。

Steve?

史蒂夫?

Thanks, Kipp.

謝謝，基普。

Let me give a quick update on the CFO scenario.

讓我快速更新一下 CFO 情景。

I think most people know that a month ago we announced that Bill Stover would be leaving the company.

我想大多數人都知道一個月前我們宣布比爾斯托弗將離開公司。

And in fact, he did leave at the end of last month which coincided with the end of our quarter, and I am interim CFO at this time.

事實上，他確實在上個月底離開，恰逢我們季度末，而我此時是臨時首席財務官。

However, I fully expect that this will be the only conference call that I'm the interim CFO, and that we have been in the process of reviewing both internal and external candidates and believe that we'll get that wrapped up this quarter.

但是，我完全希望這將是我擔任臨時首席財務官的唯一一次電話會議，並且我們一直在審查內部和外部候選人，並相信我們將在本季度完成這項工作。

So in the interim, I will cover some of the financial material for those that did not see the release we ended up with revenues of about $1.53 billion, and I'll note that was about 7% growth over last quarter.

因此，在此期間，我將為那些沒有看到發布的人介紹一些財務材料，我們最終的收入約為 15.3 億美元，我會注意到這比上一季度增長了約 7%。

Mike will cover it later, but, of course, both DRAM and NAND were under significant price pressure for the quarter.

Mike 稍後會對此進行介紹，但當然，DRAM 和 NAND 在本季度都面臨著巨大的價格壓力。

We did report a loss of $262 million.

我們確實報告了 2.62 億美元的損失。

I'll also note that there was a $62 million NRV charge to COGS for finished goods in that number.

我還要注意，該數字中的成品向 COGS 收取了 6200 萬美元的 NRV 費用。

On the manufacturing cost side, we did have good news.

在製造成本方面，我們確實有好消息。

The 300-millimeter ramps at Lehigh and Singapore continue to make strong progress.

Lehigh 和新加坡的 300 毫米坡道繼續取得強勁進展。

sir?

先生？

Yes?

是的？

Sir?

先生？

Are you still looking for [Litty Motors]?

您還在尋找 [Litty Motors] 嗎？

Correct?

正確的？

I think we have somebody on the call that's talking in some of the lines.

我認為我們在電話中有人在某些線路上講話。

Not here -- not here with us in the room but on a different line.

不是在這裡——不是和我們在房間裡，而是在另一條線上。

Let me continue.

讓我繼續。

The manufacturing cost side, as I said, the 300-millimeter ramps that we had in Singapore made pretty good progress.

正如我所說，製造成本方面，我們在新加坡擁有的 300 毫米坡道取得了不錯的進展。

Just to note that the DRAM costs were down about 10% and the NAND costs were down really kind of mid double digits, quarter over quarter, and we think we'll be able to continue that trend as we've stated before.

需要注意的是，DRAM 成本下降了約 10%，NAND 成本下降了兩位數，季度環比下降，我們認為我們將能夠像之前所說的那樣繼續這種趨勢。

Also good news, the on the operating expense side, we have noted that we've been working on that pretty diligently and, in fact, if you look at the data, in 2007, we averaged about 25% for operating expenses as a percent of revenue.

還有一個好消息，在運營費用方面，我們已經註意到我們一直在非常努力地工作，事實上，如果你看一下數據，在 2007 年，我們平均大約 25% 的運營費用佔百分比的收入。

In fact, in Q1, we got that down just below 18%, 17.9%.

事實上，在第一季度，我們將其降至略低於 18%、17.9% 的水平。

If you break that out between SG&A and R&D, our Q1 dropped to $120 million from $143 million, and our R&D dropped in Q1 to $162 million from $184 million.

如果你在 SG&A 和研發之間進行細分，我們的第一季度從 1.43 億美元下降到 1.2 億美元，我們的研發在第一季度從 1.84 億美元下降到 1.62 億美元。

Now, a couple of notes on this.

現在，對此有幾點說明。

The SG&A, just because of some litigation costs and so forth, we think will probably be in the mid 120's for this quarter coming up.

SG&A，只是因為一些訴訟費用等等，我們認為本季度可能會在 120 年代中期。

And on the R&D, you should expect for it to be about the same as it was this quarter.

在研發方面，您應該期望它與本季度大致相同。

As we move through the holidays and obviously we've got a few other activities that are going on in the quarter.

當我們度過假期時，顯然我們在本季度還有一些其他活動正在進行。

So we think net-net pretty good, obviously the market has been under a lot of pressure from pricing, but in terms of the objectives that we set out to accomplish on the operating expense line and the cost line, we feel pretty good about it.

所以我們認為net-net還不錯，顯然市場一直承受著很大的定價壓力，但就我們在營業費用線和成本線設定的目標而言，我們感覺還不錯.

Switching over to the -- really the CapEx and the balance sheet, our capital expenditures are still consistent with what we've said before.

切換到 - 實際上是資本支出和資產負債表，我們的資本支出仍然與我們之前所說的一致。

We expect it to be about $2.5 billion for fiscal '08.

我們預計 08 財年約為 25 億美元。

It's also probably worth noting that that capital is pretty front end loaded.

還可能值得注意的是，該資本是相當前端負載的。

We had about $900 million that we spent in this first quarter.

我們在第一季度花費了大約 9 億美元。

Obviously the vast majority of our CapEx continues to go to 300-millimeter.

顯然，我們絕大多數的資本支出繼續達到 300 毫米。

I'll also note we still have over $2 billion in cash, and just -- I think to help people understand the cash position of the company, as I said, we have over 2 billion in cash.

我還要指出，我們仍然有超過 20 億美元的現金，而且我認為為了幫助人們了解公司的現金狀況，正如我所說，我們有超過 20 億美元的現金。

We've spent about $900 million of the $2.5 billion that we expect to spend already in this quarter, and it looks like cash flow from operations for fiscal '08 will be between $1.5 billion and $2 billion as well.

在我們預計本季度已經花費的 25 億美元中，我們已經花費了大約 9 億美元，看起來 08 財年的運營現金流也將在 15 億美元到 20 億美元之間。

I think that can give you a pretty good idea what we said on cash.

我認為這可以讓你很好地了解我們所說的現金。

We think we're in good shape.

我們認為我們的狀態很好。

So with that I'm going to turn it over to Mike Sadler to make some commentary on sales in the market.

因此，我將把它交給邁克薩德勒對市場銷售發表一些評論。

Thanks, Steve.

謝謝，史蒂夫。

We had another solid sequential growth quarter with megabit shipments of DRAM and NAND up approximately 25% and 60% respectively.

我們又經歷了一個穩健的連續增長季度，DRAM 和 NAND 的兆比特出貨量分別增長了約 25% 和 60%。

And imaging units up about 15% quarter over quarter.

成像部門環比增長約 15%。

In fact, despite the unprecedented market price pressure, we managed to achieve fiscal Q1 revenue growth of about 7% on a sequential basis.

事實上，儘管面臨前所未有的市場價格壓力，我們還是成功實現了第一財季收入環比增長約 7%。

We can look primarily to the diversified DRAM product portfolio for insulating us somewhat from the ASP declines observed in the pure commodity markets.

我們可以主要關注多樣化的 DRAM 產品組合，以使我們在一定程度上免受純商品市場中觀察到的 ASP 下降的影響。

As an illustration, the DDR2 spot market price declined 45% from the midpoint of our fiscal Q4 to the midpoint of fiscal Q1, while the aggregate average selling price per megabit for our basket of DRAM products declined by only 20% in that same period.

例如，DDR2 現貨市場價格從第四財季中點到第一財季中點下降了 45%，而同期我們的一籃子 DRAM 產品的每兆比特總平均售價僅下降了 20%。

This tough market environment is supply driven and primarily a result of capacity expansions occurring industry wide from 2005 through 2007.

這種嚴峻的市場環境是供應驅動的，主要是由於 2005 年至 2007 年全行業發生的產能擴張。

Demand for our products continues to be quite strong.

對我們產品的需求仍然相當強勁。

In fact, the primary markets driving demand for our memory and imaging devices, the PC and mobile phone markets, are experiencing extraordinary growth.

事實上，推動我們的內存和成像設備需求的主要市場，即個人電腦和手機市場，正在經歷非凡的增長。

Each of these markets will grow units between 12% to 15% in 2007 and most market researchers are pegging compound annual growth rates in the range of 12% to 15% for each of these markets over next five years.

2007 年，這些市場中的每一個都將增長 12% 到 15%，大多數市場研究人員預計未來五年這些市場的複合年增長率將在 12% 到 15% 之間。

Independent of the market environment, our technology development and deployment moved ahead and we recently rolled out some exciting new technologies and products.

獨立於市場環境，我們的技術開發和部署取得了進展，我們最近推出了一些令人興奮的新技術和產品。

We showed initial silicon of the 1-gigabit DDR2 DRAM device on our advanced 68-nanometer process.

我們展示了採用先進的 68 納米工藝製作的 1 Gb DDR2 DRAM 器件的初始芯片。

This is an approximate 25% die size reduction from our already industry-leading 1-gigabit chip on a 78 nanometer process.

與我們業界領先的 78 納米工藝 1 Gb 芯片相比，裸片尺寸減少了大約 25%。

We anticipate this process moving to volume production at our Singapore fabrication facility sometime in mid-2008 and it will serve as a platform for continued aggressive cost reduction on a variety of other DRAM products.

我們預計這一工藝將在 2008 年年中的某個時候在我們的新加坡製造工廠進行量產，並將作為繼續積極降低各種其他 DRAM 產品成本的平台。

In the NAND space, rollout of our 50-nanometer process in the Virginia and Utah fabs is tracking ahead of schedule.

在 NAND 領域，我們在弗吉尼亞州和猶他州的晶圓廠推出的 50 納米工藝正在提前進行。

The vast majority of our NAND shipments in the current quarter are MLC chips on this 50-nanometer node.

本季度我們的 NAND 出貨量中的絕大部分是這個 50 納米節點上的 MLC 芯片。

On the product front, we are now in volume production of DDR3 devices for next-generation computing applications and recently announced our entry into the solid state drive market with a variety of SLC and MLC-based serial interface drives.

在產品方面，我們現在正在批量生產用於下一代計算應用的 DDR3 設備，並且最近宣布我們以各種基於 SLC 和 MLC 的串行接口驅動器進入固態驅動器市場。

These are our big demand drivers today, although we believe that these memory product families will help ensure our themes of growth and product differentiation heading into 2009 and beyond.

這些是我們今天的主要需求驅動因素，儘管我們相信這些內存產品系列將有助於確保我們的增長主題和產品差異化進入 2009 年及以後。

In fiscal Q1, our imaging business experienced healthy unit and revenue growth.

在第一財季，我們的影像業務經歷了健康的單位和收入增長。

We are certainly getting a boost from a seasonal mobile phone and PC demand and realizing the benefits of a broadened and more balanced customer base.

我們肯定會從季節性的手機和個人電腦需求中得到提振，並意識到擴大和更平衡的客戶群所帶來的好處。

By no means is the image sensor business immune from market price pressures, particularly at one megapixel density and below.

圖像傳感器業務絕不能免受市場價格壓力的影響，尤其是在 1 百萬像素及以下的密度下。

We have managed, however, to keep our own average selling prices relatively flat as we migrate the business towards higher pixel densities.

然而，隨著我們將業務轉向更高的像素密度，我們已經設法保持我們自己的平均售價相對持平。

Our plan is to continue leveraging technological advantages to deliver superior image quality and better cost performance to our customers in the mobile phone, PC, automotive and security spaces.

我們的計劃是繼續利用技術優勢，為手機、PC、汽車和安全領域的客戶提供卓越的圖像質量和更好的性價比。

The combination of image sensors and more specialized memory products such as SLC NAND, low power, and legacy DRAM are making good use of our 200 millimeter capacity.

圖像傳感器和更專業的內存產品（如 SLC NAND、低功耗和傳統 DRAM）的組合充分利用了我們 200 毫米的容量。

We believe the economic viability of this model for somewhat specialized products should continue in the foreseeable future.

我們認為，這種模式對於有些專業化產品的經濟可行性應該會在可預見的未來繼續存在。

No question that the market environment is challenging, to say the least.

毫無疑問，至少可以說，市場環境充滿挑戰。

The market challenges, however, present various opportunities for advancement and intermediate to long-term value creation.

然而，市場挑戰為進步和中長期價值創造提供了各種機會。

Micron is not fully insulated from market price pressures although we believe that on a relative basis, our strong balance sheet, as Steve referenced, our diversified product portfolio, advanced technology platform and growing economies of scale have us in position to come out of this cycle a much stronger company.

美光並未完全免受市場價格壓力的影響，儘管我們認為，相對而言，我們強大的資產負債表（正如史蒂夫所引用的那樣）、我們多樣化的產品組合、先進的技術平台和不斷增長的規模經濟使我們能夠擺脫這個週期一家更強大的公司。

I'll turn it back to Kipp and we'll take questions.

我會把它轉回給 Kipp，我們會回答問題。

Thanks, Mike.

謝謝，邁克。

As Mike alluded to, we'd like to now take questions from callers.

正如邁克所提到的，我們現在想回答來電者的問題。

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

提醒一下，如果您使用免提電話，請在提問時拿起聽筒，以便我們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。

Our first question comes from the line of Jim Covello.

我們的第一個問題來自 Jim Covello。

Appreciate you taking the time today.

感謝您今天抽出時間。

The question is really, on the supply side, how concerned are you that Samsung just seems so intent on keeping this market in excess supply to try and hurt some of the marginal players in Taiwan, let's say, that it could be a long time before this thing gets a lot better when you have maybe somebody acting a little irrationally like that?

問題是，在供應方面，你有多擔心三星似乎如此有意保持這個市場供應過剩以試圖傷害台灣的一些邊緣玩家，比方說，這可能需要很長時間當你可能有人表現得有點不合理時，這件事會變得更好？

This is Steve.

這是史蒂夫。

Probably hard for us to comment on Samsung's motivation and what they're trying to do, but if you look at the data in aggregate in terms of the investment going into the sector, in particular in DRAM, I think you look at it, and we think that the output as well is probably peaking in this time frame.

我們可能很難評論三星的動機和他們正在嘗試做的事情，但如果你從投資進入該行業的總體數據來看，特別是在 DRAM 方面，我想你會看看它，並且我們認為輸出也可能在這個時間範圍內達到頂峰。

Whether it's plus or minus a quarter is always hard for us to know but the equipment guys will tell you the same thing that the CapEx is coming down in aggregate for the industry and that, in fact, we're feeling the effects of I think what everybody would acknowledge was a pretty big expansion year in capacity in '07.

我們總是很難知道是正負一個季度，但設備專家會告訴你同樣的事情，即整個行業的資本支出正在下降，事實上，我們感受到了我認為的影響每個人都會承認，07 年是產能擴張相當大的一年。

So I think there will be weaker players that are probably vulnerable to something happening in the industry, but we'll just have to see how it plays out as we move through '08.

所以我認為會有一些較弱的參與者可能容易受到行業中發生的事情的影響，但我們只需要看看隨著我們 08 年的發展會如何發揮作用。

Then in terms of what you guys can do, there's things you can control and things you can't, and some of the things that you had sort of roughly alluded to, maybe a couple calls ago, and you didn't say this.

然後就你們可以做的事情而言，有些事情是你們可以控制的，有些事情是你們不能控制的，有些事情是你們粗略提到的，也許是幾個電話前，但你們沒有這麼說。

I don't want to put words in your mouth, but partnerships or joint venture kind of arrangements that might help to combine some people's best deigns with some other people's capacities.

我不想把這些話放在你的嘴裡，但合作或合資的安排可能有助於將某些人的最佳設計與其他人的能力結合起來。

Any update on thoughts around that?

關於這方面的想法有什麼更新嗎？

Any luck making progress on that with your discussions with others in the industry?

在與業內其他人的討論中取得進展有什麼進展嗎？

Yeah, first of all, we did that in the NAND business, so I assume you're talking about the DRAM business.

是的，首先，我們在 NAND 業務中做到了這一點，所以我假設您在談論 DRAM 業務。

Correct.

正確的。

In the DRAM front, clearly Micron has been a company that's taken advantage of opportunities when the market has been extremely weak.

在 DRAM 方面，美光顯然是一家在市場極度疲軟時抓住機會的公司。

This is really the first collapse that you've seen in the industry, really, probably since we took Toshiba out of the mainstream DRAM business.

這確實是您在行業中看到的第一次崩潰，真的，可能是因為我們將東芝從主流 DRAM 業務中剔除。

So we are continuing to look at what opportunities might be out there and if they surface, then, of course, we're interested.

因此，我們將繼續研究可能存在哪些機會，如果它們浮出水面，那麼我們當然會感興趣。

In addition to that, I think you made reference to it, we're trying to look at our model.

除此之外，我認為您提到了它，我們正在嘗試查看我們的模型。

If you back up five years ago, only one of the five primary developers of the technology actually partnered with anybody to have their product produced, and now there are really three out of the five doing it, primarily Samsung and Micron not doing it.

如果你回顧五年前，該技術的五個主要開發人員中只有一個實際上與任何人合作生產他們的產品，而現在真的有五分之三的人在這樣做，主要是三星和美光沒有這樣做。

So we've got to look at that model and see if there's some benefit for us to extract out of that.

所以我們必須看看那個模型，看看是否有一些好處可以讓我們從中提取出來。

But really we don't have anything to announce today.

但實際上，我們今天沒有任何要宣布的事情。

We're just continuing to look at it to see if the makes sense for us.

我們只是繼續研究它，看看這對我們是否有意義。

Thank you and good luck.

謝謝你，祝你好運。

Thank you.

謝謝你。

Our next question comes from the line of John Pitzer.

我們的下一個問題來自 John Pitzer 的話。

Thanks.

謝謝。

This is Amit Saraf calling in for John.

這是 Amit Saraf 打電話給 John。

First, I was just wondering if you could clarify your CapEx.

首先，我只是想知道您是否可以澄清您的資本支出。

I think I read in the press release it said $2.5 billion to $3 billion.

我想我在新聞稿中讀到它說 25 億到 30 億美元。

I recall earlier you talking more about $2.5 billion.

我記得你早些時候談到了 25 億美元。

Has there been any change to your CapEx guidance for the next fiscal year?

您對下一財年的資本支出指導是否有任何變化？

How would it break down between NAND and DRAM?

在 NAND 和 DRAM 之間如何分解？

We haven't really changed any guidance.

我們並沒有真正改變任何指導。

If you go back up, quarter or two ago, we really said we thought it would be between $2 billion and $3 billion.

如果你回溯到一兩個季度前，我們真的說過我們認為它會在 20 億到 30 億美元之間。

I think in the press release we're just trying to narrow the range for you.

我認為在新聞稿中我們只是想為您縮小範圍。

Let me say the caveat.

讓我說一下警告。

We'll look at this market as we go throughout the year.

我們全年都會關注這個市場。

Our best guess right now is in this $2.5 billion range and realistically it could move around a few hundred million on either side depending on what we decide to do as we move toward the end of '08.

我們現在最好的猜測是在這 25 億美元的範圍內，實際上它可能會在兩邊移動大約幾億美元，這取決於我們在 08 年底前決定做什麼。

can you break that down between NAND and DRAM?

你能在NAND和DRAM之間分解嗎？

How do you see that split, and how does that compare to fiscal year '08?

您如何看待這種分裂，與 08 財年相比如何？

Well, fiscal year --

嗯，財政年度——

For '07, sorry.

07 年，對不起。

Fiscal year '07, I think you will -- I don't have the numbers in front of me.

07 財年，我想你會的——我面前沒有數字。

Maybe Kipp can get them.

也許基普可以得到它們。

Clearly '07 was dominated by NAND because we had the 300-millimeter equipment install in Utah.

顯然 07 年是 NAND 主導，因為我們在猶他州安裝了 300 毫米設備。

I think you'll see that mitigated somewhat in '08, although just keep in mind we are finishing out the ramp, if you will, of Utah, and so there's some carry over from there.

我想你會在 08 年看到這種情況有所緩解，儘管請記住，如果你願意的話，我們正在完成猶他州的坡道，因此從那裡有一些結轉。

And then the new fab is IMFS, which is really under construction for shell now, so as we -- and we have been optimizing the output at a couple of the facilities.

然後新的工廠是 IMFS，它現在真的正在為 shell 建設，所以我們 - 我們一直在優化幾個工廠的輸出。

In particular, look at Virginia.

特別是看看弗吉尼亞。

We've been look at CapEx there for additional DRAM to come out of that facility.

我們一直在查看那裡的資本支出，以便從該設施中獲得額外的 DRAM。

So you might see it trend back a little bit towards DRAM but frankly I think still the most of it that is showing up right now will be the finish out of Utah and some of the shell construction in Singapore.

因此，您可能會看到它向 DRAM 發展了一點趨勢，但坦率地說，我認為現在出現的大部分仍將是猶他州的完工和新加坡的一些外殼建設。

Just on the demand side for DRAM you mentioned strength in the PC and mobile market.

就 DRAM 的需求而言，您提到了 PC 和移動市場的實力。

Can you talk about the PC market specifically going into 1Q, then also comment a little on the Vista uptake?

您能否談談具體進入第一季度的 PC 市場，然後再評論一下 Vista 的普及？

Where are we that in cycle, and do you see that accelerating in the near term?

我們在哪里處於週期中，您是否認為這種情況在短期內會加速？

Before Mike answers that I did want to make one other note here.

在邁克回答之前，我確實想在這裡再做一個說明。

Our tech facility -- Tech Semi in Singapore is in the middle of a 300-millimeter conversion.

我們的技術設施——新加坡的 Tech Semi 正在進行 300 毫米的轉換。

So that's one of the reasons that you'll see it shift back, is because they're in their 300-millimeter ramp as we speak right now, and obviously installing CapEx and ramping.

所以這就是你會看到它向後移動的原因之一，因為正如我們現在所說的那樣，它們處於 300 毫米的坡道中，並且顯然安裝了資本支出和坡道。

Go ahead, Mike.

來吧，邁克。

On the our views on the PC market, through dialoguing with our customers, as you're fully aware, notebook market continues to be on fire in terms of growth, and our customers are kind of -- are projecting this similar type of scenario unfolding as we roll through the holiday period and into the New Year.

關於我們對 PC 市場的看法，通過與客戶的對話，正如您所充分了解的那樣，筆記本電腦市場在增長方面繼續火熱，我們的客戶正在預測這種類似的情況正在展開當我們度過假期並進入新年時。

That's going to be the primary growth driver from a unit standpoint.

從單位的角度來看，這將成為主要的增長動力。

In terms of the downstream demand that's creating for DRAM, sampling of some of our larger customers which are representative of the largest DRAM consumers in the world, indicating calendar Q1 DRAM demand up about 4% relative to calendar Q4.

在為 DRAM 創造的下游需求方面，我們對一些代表全球最大 DRAM 消費者的大客戶進行抽樣，表明日曆 Q1 DRAM 需求相對於日曆 Q4 增長了約 4%。

That would be a range from 0% to about 8% or 9% depending on the particular customer.

這將是從 0% 到大約 8% 或 9% 的範圍，具體取決於特定客戶。

So a pretty healthy calendar Q1 is what's being projected from a DRAM consumption standpoint.

因此，從 DRAM 消費的角度來看，第一季度的日曆非常健康。

You asked a question about Vista.

你問了一個關於 Vista 的問題。

To date our view of Vista, and again, getting this from our customers is that it's primarily been a consumer product.

迄今為止，我們對 Vista 的看法，再一次，從我們的客戶那裡得到的是，它主要是一種消費產品。

There's going to be a rollout of a service pack for Vista in the first quarter, which should make the product more attractive to corporations, and this is really beyond our area of expertise.

將在第一季度推出針對 Vista 的服務包，這將使該產品對企業更具吸引力，而這確實超出了我們的專業領域。

So I'd be hesitant to comment to editorialize too much on it, but we should expect to see some kind of demand kicker in the corporate area for Vista as we roll through calendar Q 1.

因此，我不願評論過多的社論，但隨著日曆 Q 1 的推出，我們應該期望看到企業領域對 Vista 的某種需求增長。

Generally speaking, on the content side, somewhat surprisingly, if you just follow the statistics, the memory content per box on the PC side has expanded, but not extraordinarily.

總的來說，在內容方面，有點令人驚訝的是，如果只按照統計，PC端每盒的內存內容有所擴大，但並不特別。

And there has been not a tremendous amount of demand elasticity based on the pricing environment.

並且基於定價環境的需求彈性並沒有很大。

Some of our customers have experienced some concern about the direction of DRAM pricing going forward, and the predictability of it.

我們的一些客戶對未來 DRAM 定價的方向及其可預測性感到擔憂。

I would share those same kind of concerns and questions.

我會分享同樣的擔憂和問題。

And that's why I think they've been a little bit gun shy in terms of cranking up DRAM content significantly.

這就是為什麼我認為他們在顯著提高 DRAM 內容方面有點害羞。

So I think as soon as they get a feeling that pricing is going to be relatively predictable, if they get that feeling, I think they'll feel a little bit more bullish about cranking up the content.

所以我認為一旦他們感覺到定價將是相對可預測的，如果他們有這種感覺，我認為他們會對增加內容感到更加樂觀。

As it is today we're hanging around 1.5 gigabytes per system, and haven't seen anything extraordinary in terms of big content moves up that you would naturally expect, given the price degradation that we've seen.

就像今天一樣，我們每個系統的容量大約為 1.5 GB，鑑於我們已經看到的價格下降，在大內容移動方面沒有看到任何你自然期望的異常情況。

Sounds good.

聽起來不錯。

Thank you.

謝謝你。

Our next question comes from the line of David Wong.

我們的下一個問題來自 David Wong。

Thank you very much.

非常感謝。

Can you give us some idea with your current CapEx plans what sort of bit production growth you expect fiscal '08 over fiscal '07 for NAND and for DRAM?

您能否就您目前的資本支出計劃給我們一些想法，您預計 08 財年 NAND 和 DRAM 的比特生產增長情況如何？

Yes, David.

是的，大衛。

This is Steve.

這是史蒂夫。

First of all, our bit production growth, we have been essentially on the DRAM side, I think we've been saying that it's going to be in the mid to low double digits, somewhere in that neighborhood, and then on the NAND side, we think it's quarter over quarter running this 40% range, but I need to make the caveat that both Tech and the 300-millimeter conversion and Utah and their ramp, they're always slightly unpredictable in the exact timing.

首先，我們的比特產量增長，我們基本上一直在 DRAM 方面，我認為我們一直在說它將處於中低兩位數，在那個附近的某個地方，然後在 NAND 方面，我們認為這是 40% 範圍內的季度比季度，但我需要提醒的是，技術和 300 毫米轉換以及猶他州及其斜坡，它們在確切的時間點上總是有點不可預測。

Sometimes they move higher through the yields and the ramps than others.

有時，他們在產量和坡道上的移動比其他人更高。

But in general I think you could expect that quarter over quarter through fiscal '08.

但總的來說，我認為你可以預期到 08 財年的季度環比。

Right.

正確的。

Thank you.

謝謝你。

Our next question comes from the line of Kevin Vassily.

我們的下一個問題來自 Kevin Vassily。

Yes, hi.

是的，你好。

Thanks for taking my call.

感謝您接聽我的電話。

Two quick questions.

兩個快速的問題。

One, did you have to write down any of your NAND inventory?

一，您是否必須記下您的任何 NAND 庫存？

And then a second question on NAND, you grew bits about 60% in the quarter, and I think that was about 20 percentage points higher than what you alluded to on your last call.

然後是關於 NAND 的第二個問題，您在本季度增長了約 60%，我認為這比您在上次電話會議中提到的高出約 20 個百分點。

Can you comment on what drove that delta?

你能評論一下是什麼推動了這個三角洲嗎？

Yeah, sure.

好，當然。

On the first question about NRV, we had an NRV on both NAND and DRAM.

關於 NRV 的第一個問題，我們在 NAND 和 DRAM 上都有 NRV。

We did not have one on imaging.

我們沒有一個關於成像的。

In terms of the bit growth, it's just gone, I think in general, we've been pleasantly surprised, and we've said that, for several quarters now, that both the ramp schedule on the 300-millimeter and the yield improvements have been ahead of plan, and that's primarily driving the greater bit growth.

就位增長而言，它剛剛消失，我認為總的來說，我們感到驚喜，我們已經說過，幾個季度以來，300 毫米的斜坡計劃和產量提高都有超出了計劃，這主要推動了更大的比特增長。

Did yield or the ramp drive the greater proportion of the bit growth?

產量或斜坡是否推動了更大比例的位增長？

Yeah, I would say it's been yield that's driven the greater proportion to this point.

是的，我想說的是，到目前為止，收益率的推動作用更大。

Great.

偉大的。

Thank you.

謝謝你。

Yep.

是的。

Our next question comes from the line of [Bob Kohaverty].

我們的下一個問題來自 [Bob Kohaverty]。

Thanks, guys, for taking my call.

謝謝各位，接聽我的電話。

Can you hear me okay?

你能聽到我的聲音嗎？

Yes, Bob, go ahead.

是的，鮑勃，繼續。

Your Lexar business, I know you don't give specific guidance, but I know you can take advantage of non-captive capacity, did it grow more than 60% or less than 60% of the overall NAND business?

你的 Lexar 業務，我知道你沒有給出具體的指導，但我知道你可以利用非專屬容量，它在整個 NAND 業務中的增長是超過 60% 還是低於 60%？

I'm not sure I understand the question, Bob, but let me say that -- let me first give a response, and you can tell me if we didn't get to it or not.

我不確定我是否理解這個問題，Bob，但讓我這麼說——讓我先回答一下，你可以告訴我我們是否沒有回答。

The percentage of supply that is coming internally as opposed to externally into Lexar, first of all has been growing pretty steadily.

首先，來自內部而不是外部進入 Lexar 的供應百分比一直在穩步增長。

So I think that, first of all, you've got to ask it in that context.

所以我認為，首先，你必須在這種情況下問它。

We've been supplying more and more internally than we have externally into that business, for obvious reasons.

出於顯而易見的原因，我們在內部向該業務提供的供應比我們在外部提供的更多。

We're a bigger producer of it today, and their business is actually, from our perspective, doing pretty well.

我們今天是它的更大生產商，從我們的角度來看，他們的業務實際上做得很好。

It's probably worth saying that again, as I said in the last call, we've been pretty pleased with Lexar and it's meeting the objectives that we had.

正如我在上次電話會議中所說的那樣，可能值得再說一遍，我們對 Lexar 非常滿意，它正在實現我們的目標。

Go ahead to break down your question if there's something further.

如果還有其他問題，請繼續分解您的問題。

Just curious, you're obviously supplying more and more internally.

只是好奇，您顯然在內部供應越來越多。

You get internal production.

你得到內部生產。

But I'm pretty sure you have some supply arrangements for Lexar as well --

但我很確定你也有一些 Lexar 的供應安排——

Absolutely.

絕對地。

-- so you can [juice] the growth a little bit by taking some noncaptive supply into Lexar as well.

——所以你也可以通過向 Lexar 提供一些非專屬供應來[榨取]增長一點點。

Just kind of curious if Lexar is taking advantage of both your internal organic bit growth plus some noncaptive contracts as well.

有點好奇 Lexar 是否同時利用了您的內部有機位增長以及一些非專屬合同。

I think the answer is yes, they are.

我認為答案是肯定的，他們是。

And I don't know the breakout between which one was greater.

而且我不知道哪一個更大的突破。

That they are trying to taking advantage of.

他們正試圖利用這一點。

They clearly still have supply from the outside which is substantial.

他們顯然仍然有大量的外部供應。

And I think they'll continue to do that.

我認為他們會繼續這樣做。

That's the model that we want to run with them, is that they have dual supply sources, because obviously we have a customer base out of Lexar as well that we have to service, and we don't want that being too high of a percentage of what we do.

這就是我們想要與他們一起運行的模式，他們有雙重供應來源，因為顯然我們也有一個來自 Lexar 的客戶群，我們必須提供服務，我們不希望這個百分比太高我們所做的。

Fair enough.

很公平。

I look at your DRAM ASPs, pretty good job in terms of avoiding some of the declines in the commodity space.

我看看你們的 DRAM ASP，在避免商品領域的一些下滑方面做得很好。

Do you think there's an opportunity to do that in NAND as well?

你認為在 NAND 中也有機會這樣做嗎？

If you look at SLC, spot pricing might not be 100% accurate but it's held up reasonably well compared to MLC.

如果您查看 SLC，現貨定價可能不是 100% 準確，但與 MLC 相比，它的表現相當不錯。

Is there an opportunity to mix more specialized NAND in there to keep your ASPs a little bit more stable?

是否有機會在其中混合更專業的 NAND 以保持您的 ASP 更穩定一點？

Well, Mike can jump in here too.

好吧，邁克也可以跳進來。

I think you have to look at our NAND business in two different ways.

我認為你必須以兩種不同的方式看待我們的 NAND 業務。

One is, the component supply business, which I don't think that NAND today has differentiated enough to allow us to get a premium over the other producers.

一個是組件供應業務，我認為今天的 NAND 沒有足夠的差異化來讓我們比其他生產商獲得溢價。

Remember, when you think about the NAND producers and their capabilities and their product portfolio, we're pretty similar, these are the big guys that we think about in the memory business like us.

請記住，當您考慮 NAND 生產商及其能力和產品組合時，我們非常相似，這些都是我們在像我們這樣的內存業務中考慮的大人物。

They're not smaller companies that maybe don't have the resources to do the portfolio that we have, and I think that's, in general, pretty tough for us to differentiate today.

他們不是可能沒有資源來做我們擁有的投資組合的小公司，而且我認為，總的來說，今天我們很難區分。

Having said that, by the way, the product mix itself, SLC versus MLC and there are differences in price and premiums along those lines, the fact that we're able to benefit from some of that I don't think is substantially different from the other players that we're competing against being able to benefit from that as well because they both have those portfolios.

話雖如此，順便說一下，產品組合本身，SLC 與 MLC 以及沿著這些線的價格和溢價存在差異，我們能夠從其中一些我認為沒有本質區別的事實中受益我們與之競爭的其他參與者也能夠從中受益，因為他們都有這些投資組合。

The other part of our business, though, where I think we are seeing a benefit today maybe over a couple others, as you've already noted, Lexar for us, we're in the retail channel.

不過，我們業務的另一部分，我認為我們今天看到的好處可能超過其他幾個，正如您已經指出的，Lexar 對我們來說，我們處於零售渠道。

If you look at the reset pricing in the retail channel it doesn't really coincide with what happens in the component business, for a variety of reasons.

如果您查看零售渠道中的重置定價，由於各種原因，它與組件業務中發生的情況並不一致。

The fact that we're able to move a lot of product through that channel has actually been a positive for us as opposed to others that didn't have that channel directly.

我們能夠通過該渠道移動大量產品這一事實實際上對我們來說是積極的，而不是其他沒有直接擁有該渠道的產品。

So, you know, in fact, I think it's -- we said this last quarter, we can say it again.

所以，你知道，事實上，我認為是 - 我們在上個季度說過，我們可以再說一遍。

The margin for Lexar has been positive for us.

Lexar 的利潤對我們來說是積極的。

We like the story that it's playing for us right now.

我們喜歡它現在正在為我們播放的故事。

Thanks, guys.

多謝你們。

Our next question comes from the line of Krishna Shankar.

我們的下一個問題來自 Krishna Shankar。

What is your outlook for NAND demand going into the first quarter of 2008?

您對 2008 年第一季度的 NAND 需求有何展望？

Can you talk about NAND bit demand trends going into Q1?

您能談談進入第一季度的 NAND 位需求趨勢嗎？

I don't have nearly as good a read on the NAND demand, primarily because it's just not nearly as mature a market, as I do on the DRAM demand, but my expectations are that NAND demand in aggregate in calendar Q1 will be down from calendar Q4 because it has a strong consumer tie to the MP3 market and the flash card market and the digital still camera market and so forth.

我對 NAND 需求的了解幾乎沒有那麼好，主要是因為它不像我對 DRAM 需求那樣成熟，但我的預期是日曆 Q1 的總體 NAND 需求將從日曆 Q4，因為它與 MP3 市場、閃存卡市場和數碼相機市場等有著密切的消費者聯繫。

I would expect on an absolute basis demand is going to be down in calendar Q1 relative to calendar Q4.

我預計相對於日曆 Q4，日曆 Q1 的絕對需求將下降。

And the numbers that Steve referred to low to mid single digit DRAM -- that's bit production on a quarterly basis for DRAM, and 40% or so for NAND.

史蒂夫提到的低到中個位數 DRAM 的數字——DRAM 是每季度的比特產量，NAND 是 40% 左右。

Is that right?

那正確嗎？

Very similar to what we've been posting.

與我們發布的內容非常相似。

Around 10% ongoing in quarterly formats for DRAM and yes, we're going to average around 40% over the next several quarters in NAND.

DRAM 的季度格式大約持續 10%，是的，我們將在接下來的幾個季度中平均 40% 左右在 NAND。

Finally, can you give us an update on your restructuring and strategic effort?

最後，您能否向我們介紹一下您的重組和戰略努力的最新情況？

You mentioned that in previous conference calls in terms of looking at options for CMOS imaging business?

您在之前的電話會議中提到過考慮 CMOS 成像業務的選擇嗎？

I've already commented on the operating expense line and some of the restructuring there.

我已經評論了運營費用線和那裡的一些重組。

With respect to imaging, as I said last time we don't have any plans to change manufacturing the product.

關於成像，正如我上次所說，我們沒有任何改變產品製造的計劃。

We've been looking at ways really is there some other partnership that's a better way to take that product to market after it's been produced, so to speak, and we're just still in the middle of trying to work through that and figure out what the best path is.

我們一直在尋找真正的方法，是否有其他合作夥伴關係可以更好地在產品生產後將其推向市場，可以這麼說，我們仍在努力解決這個問題並弄清楚最好的路徑是什麼。

Thank you.

謝謝你。

Our next question comes from the line of Atif Malik.

我們的下一個問題來自 Atif Malik。

Nice job on the operating expense side.

在運營費用方面做得很好。

Your comments on CapEx, you mentioned your CapEx is going to be front end loaded.

您對資本支出的評論，您提到您的資本支出將被前端加載。

If I hear the Korean guys, I think they're also postulating that their CapEx is going to be front end loaded.

如果我聽到韓國人的話，我認為他們也在假設他們的資本支出將被前端加載。

It seems like all guys are behaving the same way.

似乎所有男人的行為方式都一樣。

They're trying to add capacity in first half for a better second half.

他們正試圖在上半年增加產能，以獲得更好的下半年。

Wouldn't that imply that the supply will get worse from here?

這是否意味著供應將從這裡變得更糟？

Well, it's hard for us to know the supply number.

嗯，我們很難知道供應數量。

By the way, when they say front end loaded, that means it's a quarter that we already ended.

順便說一句，當他們說前端加載時，這意味著我們已經結束了四分之一。

The $900 million that I referenced was in our Q1.

我提到的 9 億美元是在我們的第一季度。

The others, as they move throughout '08, I don't know for sure although I've also heard a lot of commentary about push-outs and cut-backs.

其他人，當他們在 08 年移動時，我不確定，儘管我也聽到了很多關於推出和削減的評論。

So it's hard for us to know what they're doing.

所以我們很難知道他們在做什麼。

For us, our front end loaded is already happened, or happening as we speak.

對我們來說，我們的前端加載已經發生了，或者在我們說話的時候發生了。

I understand.

我明白。

Then a question on your -- at your shareholder meeting you mentioned that you're getting close to announcing the location of 300-millimeter DRAM fab, and going back to Jim Covello's question on partnerships and consolidation, wouldn't that imply that you're fought looking at partnerships too seriously if you're thinking about your next DRAM fab?

然後關於你的一個問題 - 在你的股東大會上你提到你即將宣布 300 毫米 DRAM 工廠的位置，然後回到 Jim Covello 關於合作和整合的問題，這是否意味著你'如果您正在考慮您的下一個 DRAM 工廠，是否會過於認真地看待合作夥伴關係？

No, not at all.

一點都不。

In fact, if you think about the dynamics that we have before us, we -- I think that we could take advantage of both, actually, and have it work just fine for us.

事實上，如果你考慮我們面前的動態，我們 - 我認為我們可以利用兩者，實際上，讓它對我們來說很好。

The internal decision, of course, we have infrastructure in various places, and we can look at green fields and so forth, but in addition to that, if we do it in partnership, that partnership will obviously have some capacity associated with it, but it's also driven around trying to see if there's a better cost model on the development side, which obviously has a direct benefit back to us if we are able to distribute those costs over not only more capacity but among a couple of us in terms of the true development of it.

內部決策，當然，我們在各個地方都有基礎設施，我們可以看看綠地等等，但除此之外，如果我們合作做，那麼合作顯然會有一些與之相關的能力，但是它還試圖查看在開發方面是否有更好的成本模型，如果我們能夠將這些成本分配給更多的容量，而且在我們中的幾個人之間，這顯然對我們有直接的好處。它的真正發展。

So there are both -- both of those are still in play, and we're still looking at them pretty hard.

所以兩者都有——它們都還在發揮作用，我們仍在努力研究它們。

Got it.

知道了。

One last one on the specialized memory pricing environment.

最後一篇關於專門的內存定價環境。

Most memory makers are planning to use their obsolete 200-millimeter fabs for specialized memory products.

大多數內存製造商都計劃將他們過時的 200 毫米晶圓廠用於專門的內存產品。

How would that impact the pricing environment in this market going forward?

這將如何影響該市場未來的定價環境？

An unnatural growth of supply would likely have the effect of putting some supply pressure in the marketplace, although frankly, we've been hearing a lot of this rhetoric over the last couple years about other DRAM suppliers trying to follow our model of having a more diversified product portfolio, and pricing has been relatively stable in the low power DRAM area, and in the legacy DRAM area.

供應的不自然增長可能會給市場帶來一些供應壓力，儘管坦率地說，在過去幾年中，我們聽到了很多這樣的言論，即其他 DRAM 供應商試圖效仿我們的模式，即擁有更多多樣化的產品組合，在低功耗 DRAM 領域和傳統 DRAM 領域的定價相對穩定。

I think that's primarily because the end products that these DRAMs are going into are the DRAM build and material cost is not tremendously significant in terms of an overall cost driver.

我認為這主要是因為這些 DRAM 進入的最終產品是 DRAM 構建，而材料成本在總體成本驅動因素方面並不是非常重要。

As a result, there's not nearly as much cost pressure, and there's quite a bit more sensitivity towards reliability and quality of the devices as opposed to trying to save a nickel here and there, and as a result, I feel like we're in a pretty secure position there.

結果，成本壓力幾乎沒有那麼大，並且對設備的可靠性和質量更加敏感，而不是試圖在這里和那裡節省鎳，結果，我覺得我們在那里相當安全的位置。

Thank you.

謝謝你。

Our next question comes from the line of Hans Mosesmann.

我們的下一個問題來自 Hans Mosesmann。

Thanks.

謝謝。

Clarification on the growth from the DRAM front of 0 to 8%, is that the overall PC DRAM markets, and how does that relate in terms of seasonality?

澄清從 0% 到 8% 的 DRAM 增長，是整個 PC DRAM 市場嗎？這與季節性有何關係？

That takes into account the seasonality.

這考慮到了季節性。

That is for the -- basically a sampling of our computing customers.

那是針對 - 基本上是我們的計算客戶的樣本。

So that would encompass notebooks, desktops, workstations, and servers.

所以這將包括筆記本電腦、台式機、工作站和服務器。

And it does take into account the seasonality so that's calendar Q1 over calendar Q4.

它確實考慮了季節性因素，因此日曆 Q1 超過日曆 Q4。

You're saying it's seasonal, that that is normal seasonality more or less?

你是說它是季節性的，那或多或少是正常的季節性？

Normal seasonality in terms of demand.

需求方面的正常季節性。

DRAM demand in a PC environment, I believe would be flat to down about 5%.

PC 環境中的 DRAM 需求，我相信會持平至下降約 5%。

What I'm telling you it's slightly better than that, flat to up about 8%.

我要告訴你的是，它比那要好一些，持平到大約 8%。

Okay.

好的。

And a follow-up.

以及後續行動。

If ASPs hold at current levels, whatever they may be, today here, 20th of December, what would they do quarter over quarter?

如果 ASP 保持在當前水平，無論它們可能是什麼，今天，12 月 20 日，他們將如何做季度環比？

If DRAM ASPs -- keep in mind we're three weeks into our fiscal Q2, and if our average selling price for the balance of the quarter remains flat, our DRAM ASP quarter over quarter will be down about 10% to 15%.

如果 DRAM ASP - 請記住，我們進入第二財季已經三週了，如果我們本季度剩餘時間的平均售價保持不變，我們的 DRAM ASP 季度環比將下降約 10% 至 15%。

NAND, by the way, you didn't ask, but I'll throw it out there anyway.

NAND，順便說一句，你沒有問，但無論如何我都會把它扔在那裡。

The NAND flash prices would be down -- this would be NAND on trade sales basis only, so our sales to directly to customers, they would be down about 40% quarter over quarter, if they stayed flat from here.

NAND 閃存的價格將會下降——這僅是基於貿易銷售的 NAND，所以我們直接面向客戶的銷售額，如果從現在開始持平，他們將環比下降約 40%。

Thank you.

謝謝你。

Our next question comes from the line of John Lau.

我們的下一個問題來自 John Lau。

I may have missed it.

我可能錯過了。

but I was wondering if you can give a quick break down on the revenues in the different product lines, and Steve, what do you think your long-term goal is for DRAM as a percentage of total sales?

但我想知道您是否可以快速細分不同產品線的收入，Steve，您認為您的長期目標是 DRAM 佔總銷售額的百分比是多少？

Thank you.

謝謝你。

I can do a little bit of that for you John up-front.

我可以提前為你做一點，約翰。

Core DRAM ran in the mid to high 30 range for part of revenues, specialty DRAM was up into the 20s.

核心 DRAM 的部分收入在中高 30 範圍內運行，專用 DRAM 達到了 20 年代。

Imaging was around 11%.

成像約為 11%。

NAND for the first time cracked over 40%.

NAND 首次突破 40% 以上。

Great.

偉大的。

And when you said the 35% of revenues for the core DRAM what did you -- what was the commentary that you made for the 28%?

當您說核心 DRAM 收入的 35% 時，您是什麼意思？您對 28% 的收入有何評論？

I'm sorry.

對不起。

Mid-20s was specialty DRAM.

20 年代中期是特種 DRAM。

Mid-20s was specialty.

20 多歲是專長。

Longer term goal for DRAM?

DRAM 的長期目標？

Well, that's going to be more dependent on market considerations.

嗯，這將更多地取決於市場因素。

I think Steve and team has done a pretty good job of getting us in a situation where we can move capacity around to take advantage of certain market opportunities, like, for example, right now we're putting more wafers back into imaging and specialty DRAM, so specifically in Q2, you might see more of a flattish production bit number even though we're going to average more like 10.

我認為史蒂夫和他的團隊做得非常好，我們可以轉移產能以利用某些市場機會，例如，現在我們正在將更多晶圓重新投入成像和特種 DRAM ，所以特別是在第二季度，您可能會看到更多的生產位數，即使我們的平均數接近 10。

So we're going to give you some general ranges here, and just expect us to move capacity to where it's most advantageous for us.

因此，我們將在這里為您提供一些一般範圍，並期望我們將容量轉移到對我們最有利的地方。

John, let me just add some commentary to what Kipp said.

約翰，讓我對 Kipp 所說的話添加一些評論。

The reason we don't have specific number is because we're going to move it around depending upon what the market is doing.

我們沒有具體數字的原因是因為我們將根據市場的情況來調整它。

In general, by the time we get into probably late '08 we'll have the ability to dial back and forth but I think the way to think about is we could probably go 60/40 either way.

一般來說，到我們可能進入 08 年末時，我們將有能力來回撥動，但我認為思考的方式是我們可能會以 60/40 的速度前進。

That's a very interesting comment.

這是一個非常有趣的評論。

Steve, I was wondering just as a follow-up to try to put a finer point on it, when you talk about your flexibility and your swing capacity, how long would it take for you to make those adjustments?

史蒂夫，我想知道作為後續嘗試，試圖更詳細地說明這一點，當你談到你的靈活性和揮桿能力時，你需要多長時間才能做出這些調整？

Is that something that can occur within six months, or would it take a year or shorter than that to kind of react to those market conditions?

這是可以在六個月內發生的事情，還是需要一年或更短的時間才能對這些市場狀況做出反應？

Yes, what we're, at least our historical experience has been around four months.

是的，我們現在的情況，至少我們的歷史經驗已經有四個月左右了。

Now, let me just add that on the flash side, of course, we have a partner, and typically we're motivated in the same direction, because one will be stronger versus the other, when that happens we both tend to want to move in the same direction.

現在，讓我補充一下，在閃電方面，當然，我們有一個合作夥伴，通常我們會朝著同一個方向前進，因為一個人會比另一個人更強大，當這種情況發生時，我們都傾向於移動在同一個方向。

But you've got to go through that process because they are our partners and we have to work through it.

但是你必須經歷這個過程，因為他們是我們的合作夥伴，我們必須完成它。

It maybe takes slightly longer.

可能需要稍長一些的時間。

In general, I think you'd see it all happen within probably that four-month time frame.

總的來說，我認為您可能會在四個月的時間內看到這一切。

Great.

偉大的。

Thank you very much.

非常感謝。

Our next question comes from the line of Bill Dezellem.

我們的下一個問題來自 Bill Dezellem。

Hey, Bill.

嘿，比爾。

Please go ahead, sir, your line is open.

請繼續，先生，您的線路已開通。

My apologies.

我很抱歉。

That was a mute faux pas.

那是一個無聲的失禮。

We knew you were there.

我們知道你在那裡。

Relative to the solid state drive business that you announced here recently, would you please discuss what you view to be your opportunities in that market and the hurdles specific to Micron being successful in that market?

相對於您最近在這裡宣布的固態硬盤業務，您能否談談您認為您在該市場的機會以及美光在該市場取得成功的具體障礙？

Sure.

當然。

I'm going to generalize here, Bill, but we see two primary opportunities for us.

比爾，我將在這裡進行概括，但我們看到了兩個主要機會。

One would be in the server space, and kind of the key parameters there for our success are going to be performance and frankly just time.

一個是在服務器領域，我們成功的關鍵參數將是性能，坦率地說只是時間。

It's going to take some time for our end customers in that space to -- servers and storage basically, but it's going to take time for our customers to understand the technology and ultimately integrate it into their systems to supplement hard disk drives and in some cases even replace hard disk drives.

我們在該領域的最終客戶需要一些時間來——基本上是服務器和存儲，但我們的客戶需要時間來了解這項技術並最終將其集成到他們的系統中以補充硬盤驅動器，在某些情況下甚至更換硬盤驅動器。

So it's primarily time.

所以主要是時間。

And the big motivator there for solid state drive penetration is primarily performance advantages relative to the current solution.

固態硬盤滲透的最大動力主要是相對於當前解決方案的性能優勢。

And the other end of the spectrum is going to be in the notebook computer area.

另一端將是筆記本電腦領域。

Of course, the primary advantage there, or variety of advantage there but it's performance, power consumption, weight, reliability and durability, and the primary inhibitor there, if you will, is going to be cost per gigabyte of storage, and as we move through 50 nanometer and 35 nanometer we are addressing that challenge as well.

當然，那裡的主要優勢或各種優勢，但它是性能、功耗、重量、可靠性和耐用性，如果你願意的話，那裡的主要抑制因素將是每 GB 存儲的成本，隨著我們的移動通過 50 納米和 35 納米，我們也在應對這一挑戰。

Either of those markets realistically we're looking at the end of next year or 2009 before either of them become real significant in terms of revenue drivers for us.

實際上，這些市場中的任何一個我們都在關註明年年底或 2009 年，然後它們中的任何一個對我們的收入驅動因素來說變得真正重要。

With the decline in NAND pricing that we've experienced, what is the premium that's still in place relative to a traditional hard disk drive?

隨著我們所經歷的 NAND 價格的下降，相對於傳統硬盤驅動器仍然存在的溢價是多少？

I'm sorry, the selling price premium today?

對不起，今天的售價溢價？

Yes.

是的。

Oh, it's -- that's a good question.

哦，這是一個很好的問題。

If I'm not mistaken, I'm not an expert on hard disk drives, by the way, but I believe they're selling for about $1 a gigabyte, ballpark, and I think solid state drives are probably today selling for about $5 to $6 per gigabyte.

如果我沒記錯的話，順便說一下，我不是硬盤驅動器方面的專家，但我相信它們的售價約為每 GB 1 美元，大概，我認為固態驅動器今天的售價可能約為 5 美元到每 GB 6 美元。

So it's a pretty significant premium today.

所以今天這是一個相當大的溢價。

And, if that $1 per gigabyte is the magical figure, it's going to take us quite awhile before we can get our cost down to be able to participate at that price level.

而且，如果每 GB 1 美元是一個神奇的數字，那麼我們將需要很長時間才能降低成本以能夠以該價格水平參與。

But at any rate, there's still a huge differential in terms of the retail selling price of a solid state drive versus a traditional hard drive.

但無論如何，固態硬盤與傳統硬盤的零售價格仍然存在巨大差異。

Great.

偉大的。

Thank you.

謝謝你。

Our next question comes from the line of Glen Yeung.

我們的下一個問題來自 Glen Yeung。

I understand you have the strategy of moving production to 200-millimeter for specialty and for image sensors but to what extent is decommissioning some of your 200 millimeter fabs part of your near to medium term strategy?

據我了解，你們的戰略是將專業和圖像傳感器的生產轉移到 200 毫米，但在多大程度上退役部分 200 毫米晶圓廠是你們近期到中期戰略的一部分？

Decommissioning is a relative term, remember that the -- there's also a process that we go through where we might convert.

退役是一個相對術語，請記住，我們還有一個過程，我們可能會在其中進行轉換。

When you say decommission, it could be a conversion or it could be a shutdown, depending on the scenario.

當您說退役時，可能是轉換，也可能是關閉，具體取決於場景。

A good example would be in Singapore right now we're actually converting from 200 to 300, and it's going pretty well.

一個很好的例子是在新加坡，我們現在實際上正在從 200 轉換到 300，而且進展非常順利。

The facilities that we have that are still running 200 millimeter, which are primarily Japan and Italy, which Italy is dominated by imaging, and then some in Boise, right now, we're using all that capacity, so the question is when do you think -- and we're not using that capacity for anything significant on the core memory piece.

我們擁有的仍在運行 200 毫米的設施，主要是日本和意大利，意大利以成像為主，然後是博伊西的一些設施，現在，我們正在使用所有這些能力，所以問題是你什麼時候想一想——我們並沒有將這種容量用於核心內存塊上的任何重要內容。

All of our core memory and the NAND is all running on 300-millimeter, and we think is good technology and pretty cost effective.

我們所有的核心內存和 NAND 都在 300 毫米上運行，我們認為這是一項很好的技術，而且非常具有成本效益。

So for us, it might be a slightly different scenario.

所以對我們來說，這可能是一個稍微不同的場景。

We have heard reports and we've read reports out there in the industry where there are several companies who have been running core DRAM on 200 millimeter, they're talking about shutting that down next here in the next 30 to 90 days.

我們已經聽到報告並且我們已經閱讀了業內的報告，其中有幾家公司一直在 200 毫米上運行核心 DRAM，他們正在談論在接下來的 30 到 90 天內關閉它。

And I would expect that to continue for those operations where they do run core memory on 200 millimeter.

而且我希望對於那些在 200 毫米上運行核心內存的操作會繼續這樣做。

For us it's a little different scenario.

對我們來說，情況有點不同。

I think the more important issue for us is trying to understand the demand profile for the specialty memory over a longer period of time, because obviously it has long legs on it, and I don't think, by the way, that you're talking about anything in the next year for us.

我認為對我們來說更重要的問題是試圖了解更長時期內專業內存的需求概況，因為顯然它有很長的路要走，順便說一句，我不認為你是為我們談論明年的任何事情。

I think you're talking about something further out as to we either have to convert it or we will obviously take it off-line, but right now it's all being consumed with noncore memory.

我認為您在談論更遠的事情，即我們要么必須對其進行轉換，要么顯然將其脫機，但是現在所有這些都被非核心內存所消耗。

I don't know if you can comment on this or not, but you did mention that you think some of your competitors may be taking 200-millimeter off-line.

我不知道您是否可以對此發表評論，但您確實提到您認為您的一些競爭對手可能正在離線使用 200 毫米。

What's your sense as to the impact on that on the supply-demand balance in '08?

您如何看待這對 08 年供需平衡的影響？

Can it meaningfully help us -- is there enough there that it can help us out?

它可以有意義地幫助我們嗎？那裡有足夠的東西可以幫助我們嗎？

That's hard for me to know.

這對我來說很難知道。

My instincts telling me it it's not that much.

我的直覺告訴我，這並不多。

I think it's worth noting that if you look at the wafer differential, or if you look at how the wafers break out today in silicon, not in bits, but if you look at it in silicon, about 75% of the worldwide DRAM market is made on 300 millimeter today, and about 25% is made on 200 millimeter.

我認為值得注意的是，如果你看一下晶圓差異，或者如果你看看今天的晶圓是如何在矽中突破的，而不是比特，但是如果你在矽中看，大約 75% 的全球 DRAM 市場是今天在 300 毫米上製造，大約 25% 是在 200 毫米上製造的。

So it's still a significant amount of capacity in silicon, but if you actually broke that down to bits, it probably would be something more like 85/15, and when you look at, you know, what's happening around the world on 300 millimeter and some of the expansion that's already been mentioned, I don't -- I think primarily the greatest impact will just be a pull-back on a 300-millimeter expansion as opposed to taking some of this more obsolete 200-millimeter off-line.

所以它仍然是矽的大量容量，但如果你真的把它分解成比特，它可能更像是 85/15，當你看到，你知道，世界各地在 300 毫米和已經提到的一些擴展，我沒有 - 我認為主要的最大影響將只是對 300 毫米擴展的回調，而不是讓一些更過時的 200 毫米離線。

Then, Mike, you made a point that you thought DRAM demand in the first quarter was going to be above seasonal, and you also suggested that the content per box wouldn't meaningfully improve until there's some stabilization in price.

然後，邁克，您指出您認為第一季度的 DRAM 需求將高於季節性，並且您還建議在價格穩定之前，每盒的內容不會顯著改善。

And suggesting that you either believe PC demand is going to be better or you think that content going to go higher, i.e.

並建議您相信 PC 需求會更好，或者您認為內容會更高，即

price will stabilize.

價格將趨於穩定。

Any thoughts as to what you're really pointing to?

關於你真正指向的任何想法？

Just to clarify, we've seen continued content growth through 2007 and we're expecting to see content growth grow through 2008 as more applications come to the PC and we get more Vista uptake and so forth.

澄清一下，我們已經看到 2007 年的內容持續增長，我們預計隨著更多應用程序進入 PC 以及我們獲得更多 Vista 的採用等等，內容增長將持續到 2008 年。

My comment was that we didn't get a big demand price elasticity kicker that you would have expected with an 85% price decline over the course of the year.

我的評論是，我們並沒有像您預期的那樣，在一年中價格下跌 85% 時出現大的需求價格彈性推動因素。

I think that's primarily because the customers are aware that the current market price for DRAM is probably not going to be at that lower range for some time into the future so they can't really predict it.

我認為這主要是因為客戶意識到 DRAM 的當前市場價格在未來一段時間內可能不會處於較低的範圍內，因此他們無法真正預測它。

We would expect to see strong PC unit growth next year in the range of 12% to 15% and continued content growth, but I do believe once prices become a little bit more predictable from a customer standpoint, they're going to feel comfortable about really cranking up DRAM content more significantly than they have in the past year.

我們預計明年 PC 銷量將增長 12% 至 15%，並且內容將持續增長，但我確實相信，一旦從客戶的角度來看，價格變得更加可預測，他們就會對確實比過去一年更顯著地增加了 DRAM 內容。

What's your sense as to where inventories are today either at OEMs and the module makers?

您對 OEM 和模塊製造商目前的庫存狀況有何看法？

What's your sense as to where we stand?

你對我們的立場有什麼看法？

On the OEM side I don't believe, at least with the customers we're working with, there's virtually no inventory, and there would be no motivation for them to take on any inventory because we do such a good job of servicing their needs by storing product at their factory.

在 OEM 方面，我不相信，至少對於我們正在合作的客戶來說，幾乎沒有庫存，他們也沒有動力去購買任何庫存，因為我們在滿足他們的需求方面做得很好通過在他們的工廠儲存產品。

From an OEM standpoint, of course I can only speak to our own inventories.

從 OEM 的角度來看，我當然只能談論我們自己的庫存。

On the DRAM side we've got about three to four weeks worth of sales in our own warehouses and our own customer hubs.

在 DRAM 方面，我們自己的倉庫和我們自己的客戶中心有大約三到四個星期的銷售額。

And in terms of the channel inventory, I really don't have tremendous visibility there, although we continue to move bits and pieces of our output into the channel every day.

就渠道庫存而言，我真的沒有很大的知名度，儘管我們每天都在繼續將我們的輸出的點點滴滴轉移到渠道中。

So my perception would be there's probably not too much inventory in the channel, either.

所以我的看法是渠道中可能沒有太多庫存。

Last question.

最後一個問題。

We've now just this past negotiation seen the contract price get down to about the level where spot prices are, and we've seen spot pricing the last couple weeks not look as volatile as it has been.

我們現在剛剛過去的談判中看到合同價格下降到現貨價格的水平，而且我們已經看到過去幾週的現貨價格看起來不像以前那樣波動。

What's your sense here as to whether or not we may be, you know, at least seeing a stemming of the decline that we've seen over the course of the last 12 months?

你知道，我們是否至少看到了過去 12 個月中我們所看到的下降趨勢的遏制？

Boy, that's really tough to predict.

男孩，這真的很難預測。

I think as you mentioned, we've seen -- we did see prices decline.

我認為正如你提到的，我們已經看到 - 我們確實看到價格下跌。

Our contract prices declined mid-December slightly so that the rate of decline has slowed but we're getting so low here that you would naturally expect that anyway.

我們的合同價格在 12 月中旬略有下降，因此下降速度已經放緩，但我們這裡的價格如此之低，無論如何你自然會預料到這一點。

It's really difficult for me to predict what's going to happen over the course of the next couple of months with respect to pricing, but does it -- it does feel like things might be slowing down, at least in terms of the rate of decline.

我真的很難預測未來幾個月在定價方面會發生什麼，但確實如此 - 確實感覺事情可能正在放緩，至少就下降速度而言。

Okay.

好的。

Our next question comes from the line of Doug Freedman.

我們的下一個問題來自 Doug Freedman。

Thanks, guys, for taking my question.

謝謝各位，接受我的提問。

Steve, if you could temporarily put on your CFO hat for me, you made a comment in your preamble about operating cash flow for next year.

史蒂夫，如果你能暫時為我戴上你的首席財務官的帽子，你在序言中就明年的經營現金流發表了評論。

Can you offer some guidance on what you're looking for, for depreciation, an update there?

你能提供一些關於你正在尋找什麼、折舊、更新的指導嗎？

Just trying to do some calculations on how you get to your operating cash flow expectations.

只是想對如何達到運營現金流預期進行一些計算。

Yes.

是的。

Depreciation we expect to be around $2.2 billion.

我們預計折舊約為 22 億美元。

$2.2 billion.

22億美元。

Okay.

好的。

And is there any -- there's been some talk about turning off some of your 200 tools or transitioning.

有沒有 - 有一些關於關閉你的 200 個工具或轉換的討論。

Is there some cash that you're expecting to receive from 200-mil tools?

您是否期望從 2 億台工具中獲得一些現金？

Actually, because of some technology we came up in the testing arena, and because we have ongoing equipment sales from 200-millimeter that isn't being used or being pulled out, in every corner we have typically a gain from the sale of some of that equipment.

實際上，由於我們在測試領域出現了一些技術，並且由於我們一直在銷售 200 毫米的設備，這些設備沒有被使用或被撤出，在每個角落，我們通常都能從銷售一些那個設備。

And last quarter, I think it was probably in the neighborhood of something like $15 million.

上個季度，我認為它可能在 1500 萬美元左右。

And I think that's just kind of a continuum.

我認為這只是一個連續統一體。

Now, the one caveat that I'll say to that, in the event that we decide to take a facility and sell the 200-millimeter tools in it, it turns out that the demand for 200-millimeter tools right now in the world is really pretty strong, especially for the lines which we have, which are considered pretty advanced for 200 millimeter.

現在，我要說的一個警告是，如果我們決定購買一個設施並出售其中的 200 毫米工具，那麼現在世界上對 200 毫米工具的需求是真的很強大，特別是對於我們擁有的線條，它們被認為是 200 毫米的相當先進的線條。

So we could easily generate quite a bit of cash from selling 200-millimeter tools if we chose to do that.

因此，如果我們選擇這樣做，我們可以很容易地從銷售 200 毫米工具中獲得相當多的現金。

Great.

偉大的。

Could you spend a little time talking about the early adoption of SSDs and what that's going to do?

您能否花點時間談談 SSD 的早期採用以及它會做什麼？

I was at the event where you launched the products and most of them, I believe, were SLC-based products.

我參加了你們發布產品的活動，我相信其中大部分都是基於 SLC 的產品。

My understanding is your output of SLC right now is very low.

我的理解是您現在 SLC 的輸出非常低。

Is that something with the adoption of these drives we're going to see that mix start shifting again?

採用這些驅動器後，我們會看到這種組合再次開始轉變嗎？

If you could offer a little commentary on profitability between the difference of MLC and SLC.

如果您可以對 MLC 和 SLC 之間的差異之間的盈利能力進行一些評論。

This is Mike speaking.

這是邁克在說話。

I'll try and address that.

我會嘗試解決這個問題。

First of all, with respect to the high-volume notebook market we believe that ultimately it's going to be MLC technology which really drives significant penetration in the notebook market, primarily because of the pricing demands, or the cost sensitivity of that market.

首先，關於大容量筆記本市場，我們認為最終將是 MLC 技術真正推動筆記本市場的顯著滲透，主要是因為該市場的定價需求或成本敏感性。

And we are planning to introduce -- I don't have the road map at my fingertips, but we are planning to introduce MLC-based drives fairly early in our ramp here as we move through next year and into 2009.

我們計劃推出——我手邊沒有路線圖，但我們計劃在明年和 2009 年之前在我們的斜坡上相當早地引入基於 MLC 的驅動器。

With respect to the SLC mix and our product portfolio, our early penetration in solid state drivers is going to be 100% SLC, so to the extent that we're able to drive some meaningful volumes heading out of next year into 2009, yes, it would be reasonable to expect that for that application alone, our mix of SLC products would increase somewhat.

關於 SLC 組合和我們的產品組合，我們在固態驅動器中的早期滲透率將達到 100% SLC，因此，在某種程度上，我們能夠從明年到 2009 年推動一些有意義的銷量，是的，可以合理地預期，僅針對該應用程序，我們的 SLC 產品組合會有所增加。

It's probably also worth noting there are a variety of other applications, none of them as significant as solid state drives, but there are a variety of other applications that require SLC performance which we're currently supporting right now from our existing output.

可能還值得注意的是，還有許多其他應用程序，它們都沒有固態驅動器那麼重要，但是還有許多其他應用程序需要 SLC 性能，我們目前正在從現有輸出中支持這些應用程序。

In terms of margins, I don't have the specifics at my fingertips, but certainly our margins on SLC today are quite a bit higher than they are on MLC.

就利潤率而言，我沒有指尖的細節，但我們今天在 SLC 上的利潤率肯定比在 MLC 上要高很多。

Again, that's primarily because the applications are somewhat niche in nature and require that increased performance from SLC.

同樣，這主要是因為這些應用程序在本質上有點小眾，需要 SLC 提高性能。

All right, terrific.

不錯，棒棒噠

Just two more real quick ones.

只有兩個真正快速的。

Wafer starts, what are we running as far as equivalents right now and what's the forecast going forward?

晶圓開始生產，我們目前的同類產品運行情況如何，未來的預測是什麼？

How much of the bit growth is coming from new starts?

有多少位增長來自新的開始？

Doug, we're running -- we [only] speak in terms of outs for us of course, in 200-millimeter equivalents, we were up this quarter pretty nicely.

道格，我們正在跑步——我們[只] 為我們說話，當然，在 200 毫米等值的情況下，我們本季度的表現相當不錯。

In Q4 we ran around mid 90,000 outs a week.

在第四季度，我們每週進行大約 90,000 次出局。

And we're running 108,000, 109,000 outs a week for fiscal Q1.

我們在第一財季每週運行 108,000、109,000 次。

That will grow a percent or so in fiscal Q2.

這將在第二財季增長一個百分點左右。

My last one for you guys, any idea what you're looking at?

我給你們的最後一個，知道你們在看什麼嗎？

We've seen some pretty rough road here as far as pricing is concerned.

就定價而言，我們在這裡看到了一些相當艱難的道路。

But some of it has been driven by pretty good bit cost reductions by the leaders in the industry.

但其中一些是由行業領導者相當不錯的位成本降低推動的。

What are you looking at as far as next year as far as what potential do we have with the road maps that you have to reduce the costs going forward on both DDR and the MLC product lines?

就明年而言，您對降低 DDR 和 MLC 產品線未來成本的路線圖有什麼潛力？

Well, we actually think we probably have more runway ahead of us than some others.

好吧，我們實際上認為我們前面的跑道可能比其他一些跑道要多。

But we're coming from a position in particular on NAND where we've been ramping and gaining scale and getting yield where we think it's advantageous for us.

但我們來自一個特別是在 NAND 上的位置，我們一直在擴大規模並獲得我們認為對我們有利的良率。

So on that front, we've been doing pretty well.

所以在這方面，我們一直做得很好。

On the DRAM front, we've said, I think for some time now, we think our technology has resulted in the smallest die in the industry by virtue of, we really are in really high volume production on 70-nanometer today, and we've had a success squared for a long, long time.

在 DRAM 方面，我們已經說過，我認為一段時間以來，我們認為我們的技術已經產生了業界最小的芯片，因為我們今天真的在 70 納米上進行了非常大的量產，而且我們很長很長一段時間以來都取得了成功。

If you look at the data, it's pretty good for us so we don't see any reason we won't continue to drive pretty strong cost reductions throughout '08.

如果您查看數據，這對我們來說非常好，所以我們看不出有任何理由不會在 08 年繼續推動相當強勁的成本降低。

I think part of your question was also around, boy, this industry looks pretty tough right now, and what do you think people are doing.

我認為你的部分問題也是圍繞著，男孩，這個行業現在看起來很艱難，你認為人們在做什麼。

I think we can improve our results for the things that we can control moving forward, and we're starting to demonstrate that on the operating expense line as well.

我認為我們可以改進我們可以控制的事情的結果，我們也開始在運營費用線上證明這一點。

However, I do get this sense that the industry is difficult enough right now such that some of the players are starting to look at balance sheet preservation as opposed to any real expansion, and we just have to see how that plays out over the next quarter or two because it's -- it is a pretty difficult environment.

然而，我確實感覺到這個行業現在已經足夠困難，以至於一些參與者開始關注資產負債表的保存而不是任何真正的擴張，我們只需要看看下一季度會如何發揮作用或兩個，因為它 - 這是一個非常困難的環境。

All right.

好的。

Great.

偉大的。

Good luck, guys.

祝大家好運。

Thanks so much for the time.

非常感謝您的時間。

Our next question comes from the line of Betsy van Hees.

我們的下一個問題來自 Betsy van Hees。

Going back to the image sensor business, if I heard correctly you mentioned you were not immune to pricing in 1.3-megapixel and VGA being aggressive.

回到圖像傳感器業務，如果我沒聽錯的話，你提到你不能倖免於 1.3 兆像素的定價和 VGA 的激進。

I was wondering if you can give us an idea of what type of price declines that you saw?

我想知道您能否告訴我們您看到的價格下跌類型？

In aggregate, our pricing, quarter over quarter, was flat.

總體而言，我們的定價季度環比持平。

It might have been up or down maybe 0.5% or something like that.

它可能上漲或下跌 0.5% 或類似的東西。

In aggregate, it was flat.

總的來說，它是平的。

That was primarily the result of us continuing to climb up the pixel density curve somewhat.

這主要是我們繼續在一定程度上爬升像素密度曲線的結果。

I don't have the specifics by chip in terms of what our average selling price did, but in general it was flat quarter to quarter, and reasonable to expect that would probably be the case for the current quarter as well.

就我們的平均售價而言，我沒有芯片的具體細節，但總的來說，每個季度都是持平的，並且可以合理地預期本季度可能也是如此。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

And then I had had a question on your mix for SLC versus MLC NAND.

然後我對你的 SLC 與 MLC NAND 的組合有疑問。

The vast majority is MLC.

絕大多數是MLC。

Kipp, have you got that?

基普，你明白了嗎？

I think last time I looked we ran about 80/20

我想上次我看的時候我們跑了大約 80/20

So ballpark 80/20.

所以球場 80/20。

80 MLC, 20 SLC.

80 個 MLC，20 個 SLC。

Do you have any plans of increasing your SLC given the better mix margins that you're getting in that and your launch of solid state storage drives?

鑑於您獲得的更好的混合利潤以及您推出的固態存儲驅動器，您是否有任何增加 SLC 的計劃？

In the very near term, our mix of MLC versus SLC is going to shift even stronger in favor of MLC as the solid state drive initiative gets some traction, as I mentioned earlier, it would be logical to assume that we'll be ramping up SLC again, but again from a meaningful shipment standpoint, we don't expect that 2008 is going to be very significant in terms of SSD uptake.

在非常短期內，我們的 MLC 與 SLC 的組合將變得更加有利於 MLC，因為固態驅動器計劃獲得了一些牽引力，正如我之前提到的，假設我們將加速發展是合乎邏輯的再次是 SLC，但再次從有意義的出貨量角度來看，我們預計 2008 年 SSD 的使用量不會非常顯著。

Great.

偉大的。

Thank you very much.

非常感謝。

Our next question comes from the line of Daniel Berenbaum.

我們的下一個問題來自 Daniel Berenbaum。

If we can go back to the cash flow from operations guidance, the $1.5 to $2 billion for fiscal '08, you talked about where depreciation and amortization would be going.

如果我們可以回到運營指導的現金流，08 財年的 1.5 到 20 億美元，你談到了折舊和攤銷的去向。

Could you give us insight into what other variables you put into that equation?

您能否讓我們深入了解您在該方程式中放入了哪些其他變量？

I'm sure you have some -- you made some fairly tough assumptions to come out with that number.

我相信你有一些——你做了一些相當艱難的假設來得出這個數字。

Can you help us understand what some of your assumptions are to get to those numbers?

你能幫助我們理解你的一些假設是什麼來得到這些數字嗎？

Well, maybe Kipp can comment on it more if he knows what you're really trying to get at, which I suspect is probably this price forecasting.

好吧，如果 Kipp 知道你真正想要了解什麼，也許他可以對此發表更多評論，我懷疑這可能是這個價格預測。

Clearly --

清楚地 -

Not just price forecasting, but maybe give us some insight into where you see your revenue trends and what goes into that, and then what trends you're seeing on the cost side as well.

不僅是價格預測，還可能讓我們深入了解您在哪裡看到您的收入趨勢以及其中的內容，以及您在成本方面看到的趨勢。

You were fairly specific about the guidance so I'm just trying to understand how you think about those numbers.

你對指導相當具體，所以我只是想了解你對這些數字的看法。

Well, let me give you some of my thoughts, then Kipp can add what he wants to.

好吧，讓我給你一些我的想法，然後 Kipp 可以添加他想要的內容。

We are clearly in a growth phase for the company.

我們顯然處於公司的成長階段。

If you look at the data, we -- most quarters we've had some flat periods because of significant price declines, but we have been ramping our capability, and you saw the growth that we had this quarter.

如果您查看數據，我們 - 由於價格大幅下跌，我們在大多數季度都經歷了一些平穩的時期，但我們一直在提高我們的能力，您看到了我們本季度的增長。

We had growth from the last quarter prior to that.

我們比之前的上一季度有所增長。

We obviously are adding more output, and whether or not that results in greater revenues or less revenues, your guess is as good as mine on what the selling price is going to do.

我們顯然正在增加更多的產出，無論這會導致更多的收入還是更少的收入，你對銷售價格的猜測和我的猜測一樣好。

But having said that, we have, in our forecast, of course, something that we can't share, but we obviously have a continuing trend of ASP declines in the market built into our model for obvious reasons.

但是話雖如此，在我們的預測中，我們當然有一些我們無法分享的東西，但顯然我們的模型中內置了市場平均售價下降的持續趨勢，原因很明顯。

We're trying to be conservative in making sure that we understand the financials as we move throughout the year in an environment that's not favorable for us, although frankly we have no idea whether that's going to be the case or not.

我們正努力保持保守，以確保我們在全年都在對我們不利的環境中了解財務狀況，儘管坦率地說，我們不知道是否會出現這種情況。

So we have that built in, and even with that built in, those were the cash flow -- the cash flow range that I gave you is with that conservancy built in.

所以我們有內置的，即使有內置的，這些都是現金流——我給你的現金流範圍是內置的保護。

Kipp, did you have anything else?

基普，你還有什麼別的嗎？

Not much else to add to that, Steve.

史蒂夫，沒什麼可補充的。

Thanks.

謝謝。

Are there any more questions?

還有問題嗎？

Our next question comes from the line of Tristan Gerra.

我們的下一個問題來自 Tristan Gerra。

You mentioned on the call that at 68 nanometer you have about a 25% die size reduction versus 78 nanometer.

您在電話會議上提到，與 78 納米相比，68 納米的芯片尺寸減少了約 25%。

We know Samsung at 66 nanometer is a little bit behind.

我們知道 66 納米的三星有點落後。

[Hynix] is doing well.

[海力士] 做得很好。

How do you compare in terms of dye size at 68 nanometer?

您如何比較 68 納米的染料尺寸？

What is its competition currently?

目前它的競爭對手是什麼？

We compare pretty favorable.

我們比較中規中矩。

Obviously we have been at 6F squared and we've been able to optimize that for our process.

顯然，我們一直在 6F 平方，我們已經能夠為我們的流程優化它。

I don't know if, Kipp, you want to add anything.

Kipp，我不知道您是否想添加任何內容。

More specifically I think we have shown some slides, or Mark Durcan has, we're looking at 20% to 25% die size advantage, over competitors right now, partly due to where we are in process migration and partly due to the 6F squared technology we've had matured up for several years.

更具體地說，我認為我們已經展示了一些幻燈片，或者 Mark Durcan 已經展示了，我們現在正在尋找 20% 到 25% 的裸片尺寸優勢，超過競爭對手，部分原因是我們正在進行工藝遷移，部分原因是 6F 平方我們已經成熟了幾年的技術。

Quick follow-up in terms of mix in imaging, if you could give us some color on the mix of VGA versus 1.3 megapixel.

如果您能給我們一些關於 VGA 與 1.3 兆像素混合的顏色，請快速跟進成像混合。

In our quarter we are reporting on now so in our fiscal Q1 just over half of our unit shipments were 2 megapixel and above.

在我們的季度中，我們現在正在報告，因此在我們的第一財季，我們的單位出貨量中超過一半是 2 兆像素及以上。

So by definition, just under half were at 1 megapixel and below.

因此，根據定義，不到一半的像素為 1 兆像素及以下。

I would expect we're going to increase the higher pixel density units as a percentage of the overall going forward so it will be up slightly from that in the current quarter.

我預計我們將增加較高的像素密度單位佔整體的百分比，因此它將比當前季度略有上升。

So you wouldn't expect VGA to pick up as a percentage of revenues sometime next year, or this fiscal year?

因此，您不會期望 VGA 會在明年某個時候或本財年的某個時候增加佔收入的百分比嗎？

I don't want to look too far into the future but in the current quarter I think it's a pretty safe assumption that that would not be the case.

我不想對未來看得太遠，但在當前季度，我認為情況並非如此是一個非常安全的假設。

So it will be a richer mix of 2-megapixel and above in the current quarter as well.

因此，本季度它也將是 2 兆像素及以上的更豐富的組合。

Thanks, Tristan.

謝謝，特里斯坦。

With that we'd like to thank everyone for participating on the call today.

藉此，我們要感謝大家參加今天的電話會議。

If you would please bear with me I need to repeat the safe harbor protection language.

如果您願意，請多多包涵，我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

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

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

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

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

Thank you.

謝謝你。

This concludes today's Micron Technologies first quarter 2008 financial release conference call.

今天的美光科技 2008 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。