美光科技 (MU) 2008 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是瑪麗，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 second quarter 2008 financial release conference call.

在此，歡迎大家參加美光科技 2008 年第二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) Thank you.

（操作員說明）謝謝。

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

現在，我很高興將發言權交給您的主人，先生。

Kipp Bedard.

基普·貝達德。

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 also like to add my welcome to Micron Technology's second quarter 2008 financial release conference call.

我還想對美光科技 2008 年第二季度財務發布電話會議表示歡迎。

On the call today is Steve Appleton, Chairman and CEO, Mark Durcan.

今天的電話會議是史蒂夫阿普爾頓，董事長兼首席執行官馬克杜肯。

President and Chief Operating Officer; and Mike Sadler, Vice President of worldwide sales.

總裁兼首席運營官；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.

這次電話會議，包括音頻和幻燈片，也可以在美光的網站 micron.com 上找到。

If you have not had an opportunity to review the second 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 年第二季度的財務新聞稿，也可以在我們的網站 micron.com 上獲得該新聞稿。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of this call.

將有此通話的音頻重播。

You may reach that by accessing -- reach access by dialing 706-645-9291, with a confirmation code of 39996231.

您可以通過訪問 - 撥打 706-645-9291 獲得訪問權限，確認碼為 39996231。

This replay will run through Thursday, April 9, 2008 at 5:30 p.m.

該重播將持續到 2008 年 4 月 9 日星期四下午 5:30。

mountain time.

山區時間。

A webcast replay will be available on the Company's website until April 9, 2009.

2009 年 4 月 9 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。

Please note the following 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.

請注意以下安全港聲明：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聲明。

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'll now turn the call over to Mr.

我現在把電話轉給先生。

Mike Sadler.

邁克·薩德勒。

Thanks, Kipp.

謝謝，基普。

We continue to feel the effects of an over-supplied market in fiscal Q2 and saw average selling price declines for both our DRAM and NAND Flash memory product lines.

我們在第二財季繼續感受到市場供過於求的影響，並且我們的 DRAM 和 NAND 閃存產品線的平均售價下降。

While we had another quarter of strong operational execution and associated costs of goods sold reductions, the unfavorable pricing environment overwhelmed operational efficiencies, resulting in the operating loss we are reporting today.

雖然我們有另一個季度強勁的運營執行和相關的商品銷售成本降低，但不利的定價環境壓倒了運營效率，導致我們今天報告的運營虧損。

As I mentioned in last quarter's call and in the mid-quarter analyst conference, we have seen strong demand throughout this supply-driven cyclical downturn, which has now spanned about one year.

正如我在上一季度的電話會議和季度中期分析師會議中提到的那樣，在這場由供應驅動的周期性衰退中，我們看到了強勁的需求，目前已經持續了大約一年。

This continues to be the case, as the computing and mobile phone markets, in particular, are exhibiting both solid unit and content growth.

情況仍然如此，尤其是計算和移動電話市場呈現出穩健的單位和內容增長。

We have an industry-leading technology position with our 6F 78nm DRAM process and circuit designs, which are fully ramped on 300mm wafers in our Virginia facility.

我們的 6F 78nm DRAM 工藝和電路設計在我們弗吉尼亞工廠的 300mm 晶圓上全面升級，擁有行業領先的技術地位。

We are in the early stages of ramping the 68nm process at the 300mm facility in Singapore.

我們正處於新加坡 300 毫米工廠加速 68 納米工藝的早期階段。

This puts more distance between Micron and the competition in terms of manufacturing efficiency, with an effective 20% chip size reduction versus the 78nm process.

這使得美光在製造效率方面與競爭對手之間的距離更遠，與 78nm 工藝相比，芯片尺寸有效減小了 20%。

We now have our one gb DDR3 product in volume production and are firming up second half '08 supply programs with some key early adopting OEMs who value the performance and power savings with the DDR3 technology.

我們現在有我們的 1 GB DDR3 產品量產，並正在與一些重視 DDR3 技術的性能和節能的關鍵早期採用 OEM 的關鍵早期採用的 OEM 加強 08 年下半年的供應計劃。

Motivated by a combination of operating system and application enhancements, as well as price elasticity, our computing customers are packing more and more memory into their systems.

受操作系統和應用程序增強以及價格彈性相結合的推動，我們的計算客戶正在將越來越多的內存裝入他們的系統。

This marries up well to our strategy and capability of running high density one gb and two gb chips as our primary volume drivers in the advanced process technology nodes.

這與我們在先進工藝技術節點中運行高密度 1 GB 和 2 GB 芯片的戰略和能力完美結合，作為我們的主要體積驅動因素。

On the other end of the spectrum, from a cash flow, operating income and market opportunity and customer satisfaction perspective, we are making good use of our remaining 200mm DRAM capacity.

另一方面，從現金流、營業收入和市場機會以及客戶滿意度的角度來看，我們正在充分利用我們剩餘的 200mm DRAM 產能。

Moving forward, we do not see this changing for the foreseeable future, with our diverse family of specialty DRAM products showing sustainable strong demand from a variety of market segments, including networking, telecom and a variety of consumer electronics product markets.

展望未來，我們認為在可預見的未來不會發生這種變化，我們多樣化的特種 DRAM 產品系列顯示出來自各種細分市場的持續強勁需求，包括網絡、電信和各種消費電子產品市場。

On the NAND Flash front we are in the middle of a seasonal lull for consumer electronics products, one the primary demand drivers for flash memory.

在 NAND 閃存方面，我們正處於消費電子產品的季節性低迷期，這是閃存的主要需求驅動因素之一。

This, in conjunction with unprecedented industry supply growth, has resulted in the challenging pricing environment I referenced earlier.

這與前所未有的行業供應增長相結合，導致了我之前提到的具有挑戰性的定價環境。

We should see seasonally stronger demand in the second half of the year and over the long haul, we believe with conviction that this is a high-growth market leveraging Micron's core technological capabilities.

我們應該會在下半年看到季節性強勁的需求，從長遠來看，我們堅信這是一個利用美光核心技術能力的高增長市場。

We are continuing with the rapid cadence of NAND process technology development and implementation.

我們將繼續加快 NAND 工藝技術開發和實施的步伐。

Just two quarters after the introduction of our 50nm technology node we have started our sub-40nm production ramp and this will proceed throughout the balance of this year.

在我們的 50nm 技術節點推出僅僅兩個季度後，我們就開始了 40nm 以下的生產斜坡，這將在今年餘下時間繼續進行。

At this technology node we have accomplished our objective of being on par or better than the composition with respect to both dye size and operational efficiency.

在這個技術節點上，我們已經實現了在染料尺寸和操作效率方面與組合物相當或更好的目標。

Economies of scale and rounding out the product portfolio are the remaining hurdles and we are well on our way to closing the gap on both of those.

規模經濟和完善產品組合是剩下的障礙，我們正在努力縮小這兩個方面的差距。

We will make initial production shipments of our first micro SD card compatible product, an eight gb chip on a 50nm technology in the current quarter.

我們將在本季度首次生產與微型 SD 卡兼容的產品，這是一款採用 50 納米技術的 8 GB 芯片。

This product is being made available to our traditional OEM customers for bundling in products such as mobile phones and digital cameras, as well as to retail channel customers through our Lexar brand.

該產品將提供給我們的傳統 OEM 客戶，用於捆綁手機和數碼相機等產品，以及通過我們的 Lexar 品牌提供給零售渠道客戶。

We are rolling out a broad family of NAND plus DRAM multichip package products for the mobile handset market and have stacked up a number of design wins that will result in revenue contribution this fiscal year.

我們正在為手機市場推出廣泛的 NAND 和 DRAM 多芯片封裝產品系列，並積累了許多設計勝利，這將為本財年的收入做出貢獻。

Finally, we have introduced our initial line of solid state drives, 32 and gigabit -- 32 and 64 gb drives with SLC NAND as a market entry and will roll out a low cost MLT drive and very high performance SLC follow-on products later this year.

最後，我們推出了我們最初的固態驅動器系列，32 和千兆 - 帶有 SLC NAND 的 32 和 64 GB 驅動器作為市場准入，並將在今年晚些時候推出低成本 MLT 驅動器和非常高性能的 SLC 後續產品年。

We are demonstrating success with our CMOS image sensors in the high pixel density segment of the market at two megapixels plus as a result of the superior image quality associated with our pixel and image processing technology.

由於與我們的像素和圖像處理技術相關的卓越圖像質量，我們的 CMOS 圖像傳感器在 2 百萬像素以上的高像素密度市場中取得了成功。

Customers have embraced and continue to embrace our sensors for use in high-end products, such as 3G mobile phones and digital cameras.

客戶已經接受並將繼續接受我們用於高端產品的傳感器，例如 3G 手機和數碼相機。

In fiscal Q2 we bolstered the product portfolio with the introduction of a nine megapixel sensor for the digital camera market and demonstration of our initial wafer level module, essentially a stand-alone camera for the value end of the mobile phone camera market.

在第二財季，我們為數碼相機市場推出了一個 9 兆像素傳感器，並展示了我們的初始晶圓級模塊，本質上是一款面向手機相機市場價值端的獨立相機，從而增強了產品組合。

To sum it up, we are both proud and pleased with our existing technology and product portfolio today, and with the trajectory for advancing both as we move forward.

總而言之，我們對我們今天現有的技術和產品組合以及在我們前進的過程中推進這兩者的軌跡感到自豪和高興。

With just a little cooperation from the markets on supply/demand balancing we are well positioned to deliver positive results.

只需與市場在供需平衡方面進行一點合作，我們就可以很好地取得積極成果。

We appreciate your continued interest, and I'll turn it over to Steve.

感謝您一直以來的關注，我會把它交給史蒂夫。

Thanks, Mike.

謝謝，邁克。

I said at the last earnings call that I intended not to be the interim CFO at this earnings call and I'm happy to announce that that's true.

我在上次財報電話會議上說過，我不打算在這次財報電話會議上擔任臨時首席財務官，我很高興地宣布這是真的。

I didn't beat it by much, but I just want to introduce Ron Foster, who's with us here today, and we had already put out a press release announcing his joining Micron.

我並沒有擊敗它，但我只想介紹今天和我們在一起的 Ron Foster，我們已經發布了一份新聞稿，宣布他加入美光。

We're excited to have him.

我們很高興擁有他。

I didn't really put him in a position to answer questions today since he really only joined in the last couple days, but we're -- we're very excited to have him join the team.

我今天並沒有讓他回答問題，因為他真的只是在最近幾天才加入的，但我們 - 我們很高興他加入團隊。

I just want to make a couple of comments around the financials and then we'll move on to the Q&A.

我只想圍繞財務發表一些評論，然後我們將繼續進行問答。

I don't intend to go through the finances in any detail.

我不打算詳細介紹財務。

You can obviously look at the release and ask questions about it as we move through the conference call.

在我們進行電話會議時，您顯然可以查看該版本並提出相關問題。

First, I do want to highlight that we had some significant cost reductions.

首先，我確實想強調我們有一些顯著的成本降低。

$We had indicated that we thought we would be able to achieve those at the last call and in fact, we did.

$我們曾表示，我們認為我們能夠在最後一次通話中實現這些目標，事實上，我們做到了。

We had about a 15% reduction quarter over quarter on the DRAM and we also had about a 25% reduction quarter over quarter on the NAND, so we feel like the execution and the operation was pretty good, and in fact, our operating cash flow actually increased slightly over the last quarter to about $282 million.

我們的 DRAM 環比減少了 15%，NAND 也環比減少了 25%，所以我們覺得執行和運營都很好，事實上，我們的運營現金流實際上比上一季度略有增加，達到約 2.82 億美元。

Now, on the R&D, I think it's also worth pointing out, it was up from the guidance that we had given a little bit, and that was -- that was entirely due to really just the timing of some product qualifications.

現在，在研發方面，我認為也值得指出，它來自我們給出的一些指導，那完全是由於某些產品資格的時間安排。

It wasn't due to anything else, and that affects when a device moves from R&D into cost of goods sold and the difference was entirely due to that.

這不是由於其他任何原因，這會影響設備從研發轉變為銷售成本的時間，而差異完全是由於這一點。

I also want to note that our overall DRAM gross margin actually remained positive as well for the quarter.

我還想指出，我們的整體 DRAM 毛利率實際上在本季度也保持正數。

So I think those are some good data points to have.

所以我認為這些是一些很好的數據點。

With that, we'll open it up for questions.

有了這個，我們將打開它的問題。

Thanks, Steve.

謝謝，史蒂夫。

With that we'd like to now take questions from callers.

有了這個，我們現在想回答來電者的問題。

(OPERATOR INSTRUCTIONS)

（操作員說明）

Certainly, sir.

當然，先生。

(OPERATOR INSTRUCTIONS) And our first question comes from Daniel Amir from Lazard Capital.

（操作員說明）我們的第一個問題來自 Lazard Capital 的 Daniel Amir。

Please go ahead, sir.

請繼續，先生。

Thanks a lot and thank you for taking my call.

非常感謝，感謝您接聽我的電話。

Couple questions here on the NAND and DRAM markets.

這裡有幾個關於 NAND 和 DRAM 市場的問題。

Obviously it's been a struggle here in terms of memory pricing this past quarter.

顯然，就過去一個季度的內存定價而言，這一直是一場鬥爭。

What's kind of the -- what do you see now in the market in terms of both DRAM and NAND in terms of demand/supply balance, and how do you manage your business here going forward in terms of cost reductions to accommodate that potential change here?

什麼樣的 - 您現在在 DRAM 和 NAND 市場的供需平衡方面看到了什麼，以及您如何在降低成本方面管理您的業務以適應這裡的潛在變化?

Yes, this is Mike.

是的，這是邁克。

I'll address the market piece and then Steve will address the cost reduction piece.

我將解決市場問題，然後史蒂夫將解決成本降低問題。

On the DRAM side my assessment is that the market is relatively balanced right now and that is evidenced by the flat pricing environment, essentially for the last couple of months.

在 DRAM 方面，我的評估是目前市場相對平衡，這可以從過去幾個月的平價環境中得到證明。

I think we were successful in passing on a price increase to our OEM customers either late January or early February, and prices have essentially been flat since then and that continues to be steady state.

我認為我們在 1 月底或 2 月初成功地將價格上漲轉嫁給了我們的 OEM 客戶，此後價格基本持平，並且繼續保持穩定狀態。

So generally speaking, a balanced supply/demand environment on the commodity DRAM.

所以一般來說，商品DRAM的供需平衡環境。

Certain pockets of the specialty DRAM product portfolio are in tight supply and we're struggling to meet demand in certain pockets.

特種 DRAM 產品組合的某些部分供應緊張，我們正在努力滿足某些部分的需求。

But generally speaking on the commodity side, balanced supply and demand.

但總的來說，在商品方面，供需平衡。

My view of things on the NAND Flash side is not quite as positive from our perspective.

從我們的角度來看，我對 NAND 閃存方面的看法並不那麼積極。

We're still seeing a continual oversupply in the NAND Flash market.

我們仍然看到 NAND 閃存市場持續供過於求。

I think much of that can be attributed to the seasonal lull that I mentioned earlier, but certainly my view of things is that supply exceeds demand today and there continues to be price pressure.

我認為這在很大程度上可以歸因於我之前提到的季節性平靜，但我的看法是，今天的供過於求，價格壓力繼續存在。

Thanks, Mike.

謝謝，邁克。

On the -- really the reaction that we have, of course, to the pricing pressure in the marketplace -- and let me just point out that we had a -- as we noted in the press release we had a 15% decrease in the average selling price of DRAM and we were able to reduce our costs in DRAM about that amount.

關於 - 當然，我們對市場定價壓力的真正反應 - 讓我指出我們有 - 正如我們在新聞稿中指出的那樣，我們的價格下降了 15% DRAM 的平均售價，我們能夠將 DRAM 的成本降低到這個數量。

So clearly we would like the pricing environment to be better, but I think we have been executing pretty well and those matched up.

很明顯，我們希望定價環境更好，但我認為我們的執行情況非常好，並且匹配。

Now, on the NAND, of course we had a 30% decrease and that's a pretty tough number to outrun in a given quarter.

現在，在 NAND 上，我們當然減少了 30%，這是一個在給定季度內很難超過的數字。

But let me just say that we do think that the advances we're making in the technology will help.

但我只想說，我們確實認為我們在技術方面取得的進步會有所幫助。

Obviously our -- we continue to gain skill -- scale as we ramp our facilities, both in advanced process node and in more wafers, and we're doing a lot of work around the OpEx -- operating expenses, and materials, so we think we have runway in front of us.

顯然，隨著我們在先進工藝節點和更多晶圓方面的設施升級，我們的——我們繼續獲得技能——規模擴大，而且我們圍繞運營支出——運營費用和材料做了大量工作，所以我們認為我們面前有跑道。

But let me just also say that these are -- we've had some pretty big decreases sustained now for this downturn that Mike talked about really over the last year, and it just doesn't appear that, at least on average for these products, it would be sustainable and I think that you're starting to see a number of companies struggle with the environment we're in, which really -- and you can see the announcements just like we do, I think a lot of these companies have gone into balance sheet preservation and they're trying to figure out how to continue on, where we think actually we're pretty good.

但是，我還要說，這些是——對於邁克去年真正談到的這種低迷，我們現在已經持續了一些相當大的下降，而且看起來並沒有，至少這些產品的平均水平，這將是可持續的，我認為你開始看到許多公司在我們所處的環境中掙扎，這真的 - 你可以像我們一樣看到公告，我認為這些公司中有很多已經進入資產負債表保存，他們正試圖弄清楚如何繼續，我們認為實際上我們還不錯。

You look at our cash balances.

你看看我們的現金餘額。

We're still about $1.9 billion and you look at the execution we've been able to make on our cost reductions, we feel pretty good about where we're at.

我們仍然有大約 19 億美元，你看看我們在降低成本方面的執行情況，我們對我們所處的位置感覺很好。

Okay, and just one follow-up question.

好的，只有一個後續問題。

Can you expand a bit about one of your announcements this quarter with Nanya and what the strategy is there in terms of going forward.

您能否詳細介紹一下本季度與 Nanya 的一項公告以及未來的戰略。

Is this going to be more than just a technology sharing agreement or what's your thought process there?

這不僅僅是技術共享協議，還是您的想法是什麼？

Yes, Daniel, this is Mark.

是的，丹尼爾，這是馬克。

A couple of things on that, and then I can't say too much because we're still working through definitive agreements, but we have said there's really two major components to it.

有幾件事，然後我不能說太多，因為我們仍在製定最終協議，但我們已經說過它實際上有兩個主要組成部分。

There's a technology development component which really involves joint development of products as well as process technology on a go-forward basis, and we think that's a significant value to Micron as it drives down our operating expenses and drives a more efficient model for us.

有一個技術開發組件真正涉及產品的聯合開發以及在前進的基礎上的工藝技術，我們認為這對美光來說是一個重要的價值，因為它降低了我們的運營費用並為我們推動了一個更有效的模式。

The other major component is a joint venture, and the timing of that and the exact business plan we're still working through, but you can think of this in terms of a -- what we believe will be a capital-efficient model and a capital-efficient way for us to put leading edge and efficient production in place for the benefit of our business and there'll be more of that as we complete -- more on that as we complete tentative agreements.

另一個主要組成部分是一家合資企業，它的時間安排和我們仍在製定的確切商業計劃，但你可以從以下角度來看待這件事——我們認為這將是一個資本效率模型和一個為我們的業務帶來領先優勢和高效生產的資本高效方式，隨著我們的完成，我們將有更多這樣的機會 - 隨著我們完成初步協議，我們還會有更多這樣的機會。

Okay.

好的。

Thanks a lot.

非常感謝。

And our next question comes from Tim Luke from Lehman Brothers.

我們的下一個問題來自雷曼兄弟的蒂姆·盧克。

Please go ahead, sir.

請繼續，先生。

Thanks so much.

非常感謝。

I was just wondering if you could give any color on your sense of how you think bit growth may proceed in the coming quarter and in DRAM, and in NAND?

我只是想知道您是否可以就您認為下個季度以及 DRAM 和 NAND 中的位增長如何進行的感覺給出任何顏色？

And then separately, Mike, if you have a sense of how -- if pricing was to stabilize from here, what we would be thinking about in terms of quarter-over-quarter price declines for the, for the May period?

然後單獨，邁克，如果你知道如何 - 如果定價從這裡穩定下來，我們會考慮 5 月期間的季度環比價格下降？

All right.

好的。

This is Mark.

這是馬克。

Let me take the bit growth and then I'll hand it over to Mike for the other.

讓我拿一點成長，然後我會把它交給邁克。

Thanks so much, Mark.

非常感謝，馬克。

On the DRAM side we're looking at mid to high single-digits and we think that's a good number for this quarter and moving forward over the next few quarters.

在 DRAM 方面，我們正在關注中高個位數，我們認為這對於本季度來說是一個不錯的數字，並在接下來的幾個季度中向前發展。

Similarly, for NAND we think a good placeholder would be the 30% to 40% range quarter over quarter.

同樣，對於 NAND，我們認為一個好的佔位符將是季度環比 30% 到 40% 的範圍。

And both these -- both these numbers will be potentially a little bit lumpy, as production moves back and forth during these technology ramps.

而這兩個 - 這兩個數字都可能有點不穩定，因為生產在這些技術斜坡期間來回移動。

Of the pricing, yes.

在定價方面，是的。

And on the pricing situation, Tim, again, under the assumption that prices are flat going forward for the rest of the quarter, which would be another eight weeks or so, on the DRAM side we would be down mid single-digits percentage wise, and on the NAND Flash side, we would be down about -- in the mid-20s from a percentage standpoint.

在定價情況上，蒂姆再次假設本季度剩餘時間內價格持平，這將是另外八週左右，在 DRAM 方面，我們將下降中個位數百分比明智，在 NAND 閃存方面，從百分比的角度來看，我們會下降大約 20 年代中期。

Again, the assumption on both is that pricing remains flat from where we are today.

同樣，兩者的假設是定價與我們今天的水平持平。

If I may just to Steve as a follow up.

如果我可以將史蒂夫作為後續行動。

If you could give any color on how you perceive the OpEx going forward.

如果您可以就您對未來運營支出的看法給出任何顏色。

Should we assume fairly flattish levels from the $120 million in SG&A and $180 million in R&D?

我們是否應該假設 SG&A 的 1.2 億美元和研發的 1.8 億美元的水平相當平緩？

And then also, if you have any color on how you perceive your cash balance going forward?

然後，如果您對未來的現金餘額有何看法？

And then lastly, just coming out of the Intel analyst meeting it looked like some not total transparency or the visibility of their longer-term commitment to the NAND business.

最後，剛剛從英特爾分析師會議上出來，看起來有些不完全透明，或者他們對 NAND 業務的長期承諾的可見性。

If you could give any color on the, how you perceive the structure of the JV going forward or on the outlook for the -- for that, that would be very helpful?

如果你能給出任何顏色，你如何看待合資企業未來的結構或前景 - 那會非常有幫助嗎？

Sure.

當然。

On the operating expenses, as I noted, the R&D I think was -- I don't want to say artificial, but somewhat impacted by the timing of some product qualifications, so we think that will come back down as we move forward and really come back into this $165 million, $175 million range.

關於運營費用，正如我所指出的，我認為研發是——我不想說是人為的，但在某種程度上受到了一些產品資格的時間影響，所以我們認為隨著我們的前進，這將會回落，真的回到這個 1.65 億美元，1.75 億美元的範圍。

On the SG&A, I don't think it's going to change a lot from where it is for this next quarter, but as I might note, both of those are down.

在 SG&A 方面，我認為與下個季度的情況相比不會有太大變化，但正如我可能注意到的那樣，兩者都下降了。

Remember, in fiscal year '08 we had just over $800 million in R&D and if you look the at numbers that we're forecasting right now, it's obviously going to be down something closer into the mid sixes.

請記住，在 08 財年，我們的研發資金剛剛超過 8 億美元，如果你看看我們現在預測的數字，它顯然會下降到接近六分之二的水平。

So we've made progress on that and the SG&A is coming down as well.

所以我們在這方面取得了進展，SG&A 也在下降。

So I think it will come down.

所以我認為它會下降。

I don't think there's a lot of dramatic change from where it's at today, but that's primarily because we made a lot of progress on it so far.

我認為與今天相比沒有太大的變化，但這主要是因為到目前為止我們在這方面取得了很大進展。

On the cash balance we, as I noted, are in pretty good shape.

正如我所指出的，在現金餘額方面，我們的狀況非常好。

We really preserved our cash balance pretty good quarter over quarter and we had operating cash flow of about $282 million.

我們確實每個季度都保持了相當不錯的現金餘額，我們的運營現金流約為 2.82 億美元。

So I think the question a lot of people get at is -- or that you might be trying to get at is how do we see our need to go raise cash in the future and really we think we're in pretty good shape.

所以我認為很多人遇到的問題是——或者你可能試圖解決的問題是，我們如何看待未來籌集現金的需要，而且我們真的認為我們的狀態非常好。

We don't see any near-term need to raise any money.

我們認為短期內不需要籌集任何資金。

We've balanced it with where we think the CapEx is and we feel pretty good about where we're at, so I don't think that's an issue for us.

我們已經平衡了它與我們認為資本支出的位置，我們對我們所處的位置感覺很好，所以我認為這對我們來說不是問題。

On the Intel joint venture, I noted a couple of times before, it's actually gone pretty well.

關於英特爾合資企業，我之前曾多次指出，它實際上進展順利。

Despite the fact that we've had a pretty tough NAND market, the JV in terms of its operation has actually been ahead of schedule in terms of what it's accomplishing on the technology and the ramp so we feel pretty good about that.

儘管事實上我們的 NAND 市場非常艱難，但合資公司的運營實際上已經提前了，因為它在技術和坡道上所取得的成就，所以我們對此感覺很好。

I don't have any commentary that I know of coming from Intel leadership that they haven't -- that they are interested in getting out of this joint venture, so I guess I'd have to defer you back to Intel.

我沒有任何我知道的來自英特爾領導層的評論他們沒有 - 他們有興趣退出這家合資企業，所以我想我不得不推遲你回到英特爾。

From our perspective it's gone pretty well.

從我們的角度來看，一切進展順利。

Obviously the market's pretty tough, but I think we still both view it as a pretty strategic product area, not only for where it's at today, but for where it's going to move to in the future, with SSGs and so forth, so I think it's still pretty strategic.

顯然市場相當艱難，但我認為我們仍然認為它是一個非常具有戰略意義的產品領域，不僅是因為它現在的位置，而且對於它未來的發展方向，包括 SSG 等等，所以我認為它仍然非常具有戰略意義。

With no change to the big growth plan this year?

今年的大增長計劃沒有變化？

No, nothing that would be significant.

不，沒有什麼意義重大的。

Mark, do you want to make any comments?

馬克，你想發表任何意見嗎？

Yes, let me jump in.

是的，讓我跳進去。

Relative to this year there's nothing, we're still full speed ahead.

相對於今年什麼都沒有，我們仍然全速前進。

We have made the decision with Intel relative to our IMFS fab that we will start in the first half of '09, so that is a slight slip from what we had originally projected coming late in '08, but we think that's just the right thing to do given the current market conditions in the NAND market.

我們已經與英特爾就我們的 IMFS 晶圓廠做出了決定，我們將在 09 年上半年開始生產，因此這與我們最初預計在 08 年下半年推出的計劃略有偏差，但我們認為這是正確的事情鑑於 NAND 市場的當前市場狀況，我們要做。

Thank you so much.

太感謝了。

Yes, just to add to to what Mark said, we were pretty aggressive on trying to drive that new facility schedule and given the market conditions, I think we just view it as we don't need to be so aggressive.

是的，只是為了補充馬克所說的，我們非常積極地試圖推動新設施的時間表，並且考慮到市場條件，我認為我們只是認為我們不需要如此積極。

We could be less aggressive and a little more normalized about how we bring that on and as Mark said, that'll really be the first -- probably the first part of '09 now.

對於我們如何實現這一點，我們可以不那麼激進，更規範化一點，正如馬克所說，這真的是第一個——現在可能是 09 年的第一部分。

Thank you so much, guys.

十分感謝大家。

Thanks, Tim.

謝謝，蒂姆。

Next question, please?

請問下一個問題？

Our next question comes from Krishna Shankar from JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Krishna Shankar。

Please go ahead.

請繼續。

Yes, as you look at the DRAM market, what is your outlook for industry bit growth this year, and do you see -- you mentioned that the market was in relatively good balance.

是的，當您查看 DRAM 市場時，您對今年行業位增長的前景如何，您是否看到 - 您提到市場處於相對良好的平衡狀態。

Do you see that tightening as we go forward into the May and the August quarter with PC [burn] cycle Intel's [Montabena] ramping and just increased box loadings?

隨著 PC [燃燒] 週期英特爾 [Montabena] 的加速和只是增加盒子負載，您是否看到隨著我們進入 5 月和 8 月季度的收緊？

Krishna, are you talking about bit supply or are you talking about bit demand at the customer level?

Krishna，您是在談論比特供應還是在談論客戶層面的比特需求？

Actually, if you give color on both, that would be helpful.

實際上，如果你在兩者上都塗上顏色，那會很有幫助。

Okay, I'll -- this is Mike.

好的，我會 - 這是邁克。

I'll comment on the demand side and then I think Kipp's going to provide some input on the supply side.

我將對需求方發表評論，然後我認為 Kipp 將在供應方提供一些意見。

With respect to demand specifically from the computing community, from our PC customers, I've taken a cross section here that's pretty representative of the entire worldwide market.

關於特別來自計算社區和我們 PC 客戶的需求，我在這裡截取了一個非常能代表整個全球市場的橫截面。

And from a demand standpoint, in calendar Q2, we're looking at demand growth sequentially, so relative to calendar Q1, of about 12% on a bit basis.

從需求的角度來看，在第二季度，我們正在關注需求的連續增長，因此相對於第一季度，在一點基礎上增長了約 12%。

And that ranges, by the way, from a low of -2% to a high of about 40% on sequential bit growth -- bit demand growth in calendar Q2.

順便說一句，這個範圍從-2% 的低點到大約 40% 的連續比特增長——日曆第二季度的比特需求增長。

For the year, the same data rounds out to about 65% in terms of bit demand growth and the range there would be a low of about 49 and a high of about 105, and again, that's a good cross section of our customers, which I think is a pretty fair representation of the overall market.

今年，同樣的數據在比特需求增長方面達到了 65% 左右，其範圍將低至約 49，高至約 105，再次，這是我們客戶的一個很好的橫截面，這我認為這是對整個市場的相當公平的代表。

Now, what I believe is embedded in here -- although, again, you would have to get this directly from our customers -- but I believe a unit growth rate of somewhere in the neighborhood of 10% to 12% is what's embedded in here and the balance, of course, is driven by content growth.

現在，我相信這裡嵌入的東西——雖然，同樣，你必須直接從我們的客戶那裡得到這個——但我相信 10% 到 12% 左右的單位增長率是嵌入在這裡的當然，平衡是由內容增長驅動的。

Thanks, Mike.

謝謝，邁克。

It looks like on the industry side supply bit growth will come in -- again based on current public comments -- somewhere between 50% and 60% year over year.

看起來在行業方面，供應位增長將會出現——再次基於當前的公眾評論——同比增長 50% 到 60% 之間。

Okay, and on the NAND Flash side, is there anything out there that could (inaudible) the excess supply situation here, whether it is the Apple 3G phone or other competitors coming out with 3G phones.

好的，在 NAND 閃存方面，有什麼東西可以（聽不清）供應過剩的情況，無論是 Apple 3G 手機還是其他推出 3G 手機的競爭對手。

What'll be the couple of big factors tightening NAND supply out there?

緊縮NAND供應的兩大因素是什麼？

Well, there is the announcement that Hynix made that they're going to take the 200mm offline, which I saw a number that said it accounted for about 5% of the world's supply.

嗯，海力士宣布他們將下線 200mm，我看到一個數字說它佔世界供應量的 5% 左右。

That's actually pretty significant on the supply side.

這在供應方面實際上非常重要。

Mike, I don't know if you have any on the demand side.

邁克，我不知道你有沒有需求方面的。

Well, on the demand side, we're certainly -- I shouldn't say certainly -- we believe that we'll get a strong demand growth in the near term when we head into the selling season for consumer electronics products, so essentially from back to school through the end of the year, Christmas and holidays, should be a much stronger demand profile for consumer electronics products, which do drive a significant piece of the overall NAND Flash demand.

好吧，在需求方面，我們當然——我不應該肯定地說——我們相信當我們進入消費電子產品的銷售旺季時，我們將在短期內獲得強勁的需求增長，所以基本上從返校到年底、聖誕節和假期，對消費電子產品的需求應該會更加強勁，這確實推動了整體 NAND 閃存需求的很大一部分。

We also believe that we're going to see -- continue to see pretty strong elasticity growth as a result of lower NAND prices, higher density flash cards in the marketplace and so forth, which is naturally going to drive demand.

我們還相信，由於 NAND 價格下降、市場上更高密度的閃存卡等，我們將繼續看到相當強勁的彈性增長，這自然會推動需求。

We are going to see some -- some demand created from the introduction of solid state drives, it's actually today through the rest of the year, although I don't believe that one is going to be significant enough in 2008 to really swing things in favor of demand.

我們將看到一些——固態驅動器的引入帶來的一些需求，實際上是從今天到今年剩下的時間，儘管我不相信在 2008 年會有足夠大的需求來真正扭轉局面有利於需求。

And over the long haul, just a more rational investment profile, which matches what the demand profile looks like, I believe, is going to ultimately balance things out and whoever is the most cost efficient and has the best operation is going to be the winner and we think we're in pretty good position with respect to that.

從長遠來看，我相信，只要符合需求狀況的更理性的投資狀況，最終將平衡一切，成本效益最高且運營最佳的人將成為贏家我們認為我們在這方面處於非常好的位置。

Thank you.

謝謝你。

You bet.

你打賭。

Next question, please.

下一個問題，請。

And our next question comes from Shawn Weber from JPMorgan.

我們的下一個問題來自摩根大通的 Shawn Weber。

Please go ahead, sir.

請繼續，先生。

Yes, can you guys hear me okay?

是的，你們能聽到我的聲音嗎？

Yes, we can hear great.

是的，我們可以聽到很好的聲音。

Okay.

好的。

Thanks for taking my questions.

感謝您提出我的問題。

Can you ground us a bit on some of the February quarter bit production and bit shipment information for DRAM and NAND?

您能給我們介紹一下 DRAM 和 NAND 的 2 月季度比特生產和比特出貨信息嗎？

Sure.

當然。

Bit growth on the DRAM side was roughly flat quarter to quarter, and NAND production bit growth was up nearly 30%.

DRAM 方面的位增長大致持平，NAND 生產位增長近 30%。

So DRAM production was flat sequentially?

那麼 DRAM 產量是否連續持平？

That's correct.

這是正確的。

Okay.

好的。

Was there something that you guys changed in terms of your plan?

你們的計劃有什麼改變嗎？

I thought you were intending to grow your production in your February quarter.

我以為您打算在二月份的季度增加產量。

Yes, we actually changed the product mix and we moved wafers in favor of imagers.

是的，我們實際上改變了產品組合，我們將晶圓轉移到了成像儀上。

Okay.

好的。

And in terms of the sensor business can you talk about what that did sequentially in terms of revenues or units or give us some color on what was happening there?

就傳感器業務而言，您能否談談在收入或單位方面按順序做了什麼，或者給我們一些關於那裡發生的事情的顏色？

Revenues were down roughly 20% and we're looking -- our third quarter guidance would be up 5% to 10% in units.

收入下降了大約 20%，我們正在尋找——我們的第三季度指導單位將增長 5% 到 10%。

In units?

單位？

Correct.

正確的。

And then for your, your inventories, did I read that right, that it was $15 million in the quarter, in terms of the write-down this quarter?

然後對於您的庫存，我是否沒看錯，就本季度的減記而言，本季度為 1500 萬美元？

Yes, we -- our NRV was about $15 million for the quarter?

是的，我們 - 本季度的 NRV 約為 1500 萬美元？

Okay.

好的。

And then maybe stepping back a little bit, when you look at the landscape of your competitors and their relative cash positions, do you see any of the marginal players falling off sometime at this point -- sometime later this year or over the next year, given the cash burn situation, or do you see actual consolidation likely, or are any of those scenarios that could come to pass this year do you think?

然後可能會退後一點，當您查看競爭對手的格局及其相對現金狀況時，您是否看到任何邊緣玩家在此時某個時候下降 - 今年晚些時候或明年的某個時候，考慮到現金消耗的情況，或者您是否認為可能會出現實際整合，或者您認為今年可能會出現哪些情況？

I think that the -- well, I've said this before, Shawn.

我認為 - 好吧，我之前已經說過了，肖恩。

I think that the industry needs -- still has some consolidation it needs to go through.

我認為該行業需要 - 仍然需要進行一些整合。

Clearly, some of our competitors on their cash burn, it's pretty high, and I don't know their ability to access the markets and continue on, so that's tough for me to judge.

顯然，我們的一些競爭對手的現金消耗相當高，而且我不知道他們進入市場並繼續前進的能力，所以這對我來說很難判斷。

But we've been looking at the landscape pretty closely and I think what you're saying is true, that there's a lot of pressure out there on these balance sheets and that they're trying to figure out in some of their cases how to survive or whether they ought to join up with somebody else to essentially consolidate the industry.

但我們一直在密切關注形勢，我認為你所說的是真的，這些資產負債表上存在很大壓力，他們正試圖在某些情況下弄清楚如何生存下去，或者他們是否應該與其他人聯合以從根本上鞏固該行業。

And I guess the only other caveat is the longer the industry is in a downturn the more probability and the more candidates there become to be part of a consolidation.

而且我想唯一需要注意的是，行業處於低迷狀態的時間越長，參與整合的可能性和候選人就越多。

Okay, and then maybe finally, did your -- can you tell us what your wafer growth was sequentially in your February quarter and how you expect that to evolve maybe next quarter or over the course of the year?

好的，然後也許最後，你能告訴我們你的晶圓在二月份季度的連續增長是多少，以及你預計下個季度或全年將如何發展？

Yes, same as last quarter.

是的，和上一季度一樣。

Up a couple percent in Q2 and that's what we're getting to as well.

第二季度增長了幾個百分點，這也是我們要做的。

Let me make sure I stated something as well.

讓我確定我也說了些什麼。

During the quarter the imaging units were down 19%, 20%, but remained approximately 10% of the total revenues.

在本季度，成像部門分別下降了 19%、20%，但仍佔總收入的 10% 左右。

Still 10% of total revenues?

仍然佔總收入的 10%？

Yes, I think I mentioned revenues were down 20%, but it's actually units were approximately 20%.

是的，我想我提到收入下降了 20%，但實際上它的單位大約是 20%。

Okay, thank you for that.

好的，謝謝你。

Okay, thank you very much.

好的，非常感謝。

You bet.

你打賭。

Next question, please?

請問下一個問題？

And our next question comes from John Pitzer from Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Please go ahead.

請繼續。

Yes, good afternoon, guys.

是的，下午好，伙計們。

Thanks for taking my questions.

感謝您提出我的問題。

Just a couple here.

這裡只有一對。

On the CapEx front, we're halfway through this fiscal year.

在資本支出方面，我們本財年已經過半。

You have spent about $1.5 billion.

你已經花費了大約 15 億美元。

You're still throwing out a range of $2.5 billion to $3 billion.

你仍然會拋出 25 億到 30 億美元的範圍。

Can you just help me understand what gets you to the low end of that range and what gets you to the high end?

你能不能幫我理解是什麼讓你達到了這個範圍的低端，又是什麼讓你達到了高端？

And then I have a follow up.

然後我有一個跟進。

Yes, there's a couple things.

是的，有幾件事。

As you know, if you have followed our fiscal year end over the last several years, just simply timing of the equipment installs and qualification can have a $200 million to $300 million, even $400 million range, so that by itself is enough to be --drive us anywhere through that.

如您所知，如果您在過去幾年關注我們的財政年度結束，只需簡單的設備安裝時間和資格認證就可能有 2 億至 3 億美元，甚至 4 億美元的範圍，因此僅此一項就足以 - - 開車帶我們去任何地方。

I think as Mark and Steve have alluded to, we keep a lot of flexibility in our CapEx budgets in a lot of different areas as well, so those two things would keep us in this range for now.

我認為正如馬克和史蒂夫所暗示的那樣，我們在許多不同領域的資本支出預算中也保持了很大的靈活性，所以這兩件事會讓我們暫時保持在這個範圍內。

And of course we'll keep you updated on future calls.

當然，我們會及時通知您未來的電話。

Kipp, does the pushout of Singapore, albeit just a minor pushout, drive you to the lower end?

基普，新加坡的出局，儘管只是小幅出局，是否會將您推向低端？

Is that what we should be thinking?

這是我們應該思考的嗎？

It's pretty minor, not really.

這是很小的，不是真的。

It's really this timing of a lot of the stuff that we're doing and whether it hits exactly at the end of the quarter or not.

這確實是我們正在做的很多事情的時機，以及它是否正好在季度末發生。

If you look at us historically, lot of times we don't end up spending $200 million or $300 million of the money that was in the budget that we thought would happen in that time because qualifications or acceptance of tool deliveries get pushed a little bit.

如果您從歷史角度看我們，很多時候我們最終不會花費我們認為在那個時候會發生的預算中的 2 億美元或 3 億美元，因為工具交付的資格或驗收受到了一點推動.

And it --

它——

And just on the follow-up front for Steve.

就在史蒂夫的後續行動中。

Steve, just given that you're still viewing consolidation as something that needs happen in the industry, can you help me understand your proposed joint venture with Nanya in light of that?

史蒂夫，鑑於您仍然將整合視為行業中需要發生的事情，您能否幫助我了解您提議的與南亞的合資企業？

Are we supposed to assume that this joint venture helps the industry capacity and if it doesn't, would you be better off doing -- being a consolidator instead of going through this sort of joint venture route?

我們是否應該假設這家合資企業有助於提高行業產能，如果沒有，你是否會更好——成為一個整合者而不是通過這種合資路線？

Well, I -- first of all, I don't think they're mutually exclusive.

嗯，我——首先，我不認為它們是相互排斥的。

The fact that we did a joint venture -- and by the way, I think it's worth pointing for a lot of that have heard me speak over the years, we don't think that these foundry arrangements work, but I think that true joint ventures work.

事實上，我們成立了一家合資企業——順便說一下，我認為值得指出的是，這些年來很多人都聽過我的講話，我們認為這些代工安排行不通，但我認為真正的聯合企業工作。

The one we have with Intel's working well and the joint venture that we will have with Nanya we think will work pretty well, but that's because we are truly codeveloping and cosharing, if you will, on trying to generate the most capital-efficient model.

我們與英特爾合作的那個運作良好，我們認為我們將與南亞建立的合資企業運作良好，但那是因為我們真正在共同開發和共同分享，如果你願意的話，試圖產生最具資本效率的模型。

In other words, I think the way to look at these are, we have consistently tried to make sure that we did not enable a competitor in a lower cost structure than our own in terms of how we structured these deals, and in fact, we haven't done that.

換句話說，我認為看待這些交易的方式是，就我們如何構建這些交易而言，我們一直試圖確保我們不會以比我們自己更低的成本結構來支持競爭對手，事實上，我們沒有這樣做。

So while -- clearly the other thing that we're interested in is continuing to drive scale and OpEx efficiency and that's what we're driving towards in this joint venture, as well.

因此，雖然 - 顯然我們感興趣的另一件事是繼續推動規模和運營支出效率，這也是我們在這家合資企業中的目標。

I don't think it's a good assumption that because we are doing the joint venture that we wouldn't also be interested in consolidation if the opportunity were to exist, so we continue to look at that as well.

我不認為這是一個很好的假設，因為我們正在開展合資企業，如果機會存在，我們也不會對整合感興趣，所以我們也會繼續關注這一點。

All right.

好的。

Thanks, guys.

多謝你們。

Thank you.

謝謝你。

Next question, please?

請問下一個問題？

And our next question comes from Glen Yeung from Citi.

我們的下一個問題來自花旗的 Glen Yeung。

Please go ahead, sir.

請繼續，先生。

Hi, this is Jen for Glenn.

嗨，我是 Glenn 的 Jen。

Can you talk about the channel inventories that you're seeing on the DRAM side?

您能談談您在 DRAM 方面看到的渠道庫存嗎？

Sure, happy to.

當然，很高興。

On the DRAM side, I -- two components of our customers.

在 DRAM 方面，我是我們客戶的兩個組成部分。

One would be the OEM customer or the PT manufacturers and other hardware manufacturers, and the others would be the -- I'll call them the low value-add customers or the speculators that are -- they're buying and holding and speculating on price increases or are adding a relatively small amount of value in the form of a module, say, a PCB.

一種是 OEM 客戶或 PT 製造商和其他硬件製造商，另一種是——我稱他們為低附加值客戶或投機者——他們正在購買、持有和投機價格上漲或以模塊的形式增加相對少量的價值，例如 PCB。

On the OEM side I don't believe that any of our customers have accumulated significant inventory, if they have at all.

在 OEM 方面，我認為我們的任何客戶都沒有積累大量庫存，如果有的話。

Again, as I've stated in the past, the only reason they would do so is to speculate or to hedge on price increases.

同樣，正如我過去所說，他們這樣做的唯一原因是投機或對沖價格上漲。

We are -- make business too easy for them to force them to accumulate inventory.

我們是——讓他們的生意太容易，以至於迫使他們積累庫存。

We store the product right at their facilities.

我們將產品存儲在他們的設施中。

So it's my observation that they are not accumulating any inventory.

所以我觀察到他們沒有積累任何庫存。

On the channel side, the speculators, I believe there is a fair amount of buying in anticipation of price increases and trying to take advantage of that.

在渠道方面，投機者，我相信有相當數量的購買預期價格上漲並試圖利用這一點。

Having said that, I don't believe there is a significant amount of product in the channel.

話雖如此，我不相信渠道中有大量產品。

So it'd really be difficult for me to quantify, but my sense is that it's not very significant.

所以我真的很難量化，但我的感覺是它不是很重要。

On the NAND Flash side, however, I believe there is quite a bit of inventory in the channel among those kind of third-party speculators and that's kind of fueling my perspective that we are in a pretty significantly oversupply situation in the NAND Flash side.

然而，在 NAND 閃存方面，我相信這些第三方投機者的渠道中有相當多的庫存，這讓我更加相信我們在 NAND 閃存方面處於嚴重供過於求的情況。

Thanks.

謝謝。

And in your prepared comments you talked about some design wins with your DRAM and NAND products, your N2 wireless handset OEMs.

在您準備好的評論中，您談到了您的 DRAM 和 NAND 產品以及您的 N2 無線手機 OEM 的一些設計勝利。

Can you talk a little bit about those design wins?

你能談談那些設計的勝利嗎？

Thanks.

謝謝。

Sure.

當然。

I can't disclose who our customers are, but I think you're aware of who the large mobile handset makers are; there are only five of real significance.

我不能透露我們的客戶是誰，但我想你知道大型手機製造商是誰；只有五個具有真正意義。

And the market is -- as the market shifts from, from 2G to 2.5G to 3G, the memory subsystems are shifting from NOR-based multichip packages to NAND-based multichip packages and we have -- actually we are currently shipping in production and we are continuing to stack up a variety of design wins with our own silicons -- our own NAND Flash silicon and our own low-powered DRAM products in these MCPs.

市場是——隨著市場從 2G 到 2.5G 再到 3G，內存子系統正在從基於 NOR 的多芯片封裝轉向基於 NAND 的多芯片封裝——實際上，我們目前正在生產中出貨我們將繼續用我們自己的矽片——我們自己的 NAND 閃存矽片和我們自己在這些 MCP 中的低功耗 DRAM 產品——積累各種設計勝利。

And it's with multiple customers, it's certainly not just with one.

它有多個客戶，當然不僅僅是一個。

Not sure if that answered your question.

不確定這是否回答了您的問題。

Yes, thank you.

是的，謝謝。

Next question, please.

下一個問題，請。

And our next question comes from Daniel Berenbaum from Caris & Company.

我們的下一個問題來自 Caris & Company 的 Daniel Berenbaum。

Please go ahead.

請繼續。

Hi, guys.

嗨，大家好。

You guys did obviously a great job on cost reduction in the quarter.

你們在本季度在降低成本方面顯然做得很好。

Can you talk about the path for cost reduction for both NAND and DRAM over the next several quarters?

您能否談談未來幾個季度 NAND 和 DRAM 的成本降低路徑？

And then also if you could just break out by a percentage of revenue, what percent was DRAM and what percent was NAND?

然後，如果你可以按收入的百分比來劃分，DRAM 是什麼百分比，NAND 是什麼百分比？

And if you can maybe look out in the future, more importantly, and maybe give us a way to think about when will NAND become a larger percentage of your revenue than DRAM, given the pushout of the Singapore fab?

如果您可以展望未來，更重要的是，或許可以讓我們思考一下，考慮到新加坡工廠的推出，NAND 何時會成為您收入中比 DRAM 更大的一部分？

Okay, Dan, this is Mark.

好的，丹，這是馬克。

Let me talk a little bit to where the cost reductions are coming from on a go-forward basis, and I'll let Mike handle the supply revenue breakdown piece.

讓我稍微談談成本削減的來源，我會讓邁克處理供應收入細分。

First of all, as we've stated already, the cost reduction on a cost per bit basis was about 15% on the DRAM, about 25% on the NAND.

首先，正如我們已經說過的，DRAM 的每比特成本降低了約 15%，NAND 降低了約 25%。

As we look to the future, the DRAM cost reductions are coming from incremental output in both NTV and TEC at 300mm, so incremental output at the leading edge.

展望未來，DRAM 成本的降低來自 NTV 和 TEC 在 300mm 的增量輸出，因此增量輸出處於領先地位。

Those would be 78nm and 68nm wafers respectively.

這些將分別是 78nm 和 68nm 晶圓。

As we get into calendar Q3, we'll start introduction on our 58nm node in the Virginia fab and there'll be significant dye size reductions as that technology rolls in.

隨著我們進入第三季度，我們將開始在弗吉尼亞工廠推出我們的 58nm 節點，隨著該技術的推出，染料尺寸將顯著減小。

As we look to the NAND front, it's really a technology story.

當我們看 NAND 方面時，這確實是一個技術故事。

We have pretty -- pretty solid approaching mature yields on the 50nm node, but in the third quarter you'll already start to see some output impact from the 30nm --, or the sub40nm node that Mike alluded to earlier in the call and that's really going to drive the significant cost reductions in the second half of the year and into calendar '09.

我們在 50nm 節點上擁有相當可靠的接近成熟產量，但在第三季度你已經開始看到 30nm 或 Mike 在電話中早些時候提到的 sub40nm 節點的一些輸出影響，那就是真的會在今年下半年和 '09 日曆中推動成本的顯著降低。

And I'll take the revenue breakout.

我會接受收入突破。

We during the quarter executed to about 30% core DRAM percent of revenues, about mid-20s in terms of specialty DRAM.

我們在本季度執行了大約 30% 的核心 DRAM 收入百分比，就專業 DRAM 而言大約在 20 年代中期。

As I mentioned earlier, imaging was approximately 10%, and that leaves NAND at about the mid-30% range.

正如我之前提到的，成像大約是 10%，這使得 NAND 處於大約 30% 的中間範圍。

So any idea -- and I'm sorry, just to come back to the cost reduction, then, would you care to speculate on just sequential percentages of cost reduction that we could think about due to these very aggressive programs that you have?

所以任何想法——我很抱歉，只是回到成本削減問題上，那麼，您是否願意推測由於您擁有這些非常激進的計劃，我們可以考慮的成本削減的連續百分比？

And then also on -- back to the breakout side, when should we think about NAND becoming a larger percentage than total DRAM?

然後再回到突破方面，我們什麼時候應該考慮 NAND 成為比總 DRAM 更大的百分比？

Sure.

當然。

On the cost reductions we've been guiding 15%-plus over the next few quarters and that'll continue to be the case.

在接下來的幾個季度中，我們一直在指導成本降低 15% 以上，而且情況將繼續如此。

And as Mark indicated earlier, there will be periods of time where production is up higher than a 30% to 40% range that he mentioned and of course that'll correlate to even a faster cost decline, similar to what we did this particular quarter.

正如馬克之前指出的那樣，在某些時期，產量將高於他提到的 30% 到 40% 的範圍，當然這將與更快的成本下降相關，類似於我們在這個特定季度所做的那樣.

On DRAM, same guidance as before.

在 DRAM 上，指導與以前相同。

Over the next few quarters we'll average in that high single to low double-digit range on cost reductions.

在接下來的幾個季度中，我們將平均在高個位數到低兩位數的成本降低範圍內。

And in terms of when NAND can be higher than DRAM revenues, I'm going to defer that, because it's always difficult to predict the ASP impact relative to that.

至於 NAND 何時可以高於 DRAM 收入，我將推遲這一點，因為總是很難預測與此相關的 ASP 影響。

Okay, fair enough.

好吧，夠公平的。

Thanks very much.

非常感謝。

You bet.

你打賭。

Next question, please.

下一個問題，請。

And our next question comes from Jim Covello from Goldman Sachs.

我們的下一個問題來自高盛的 Jim Covello。

Please go ahead, sir.

請繼續，先生。

Hi, this is Kate Kotlarsky on behalf of Jim Covello.

嗨，我是代表 Jim Covello 的 Kate Kotlarsky。

A quick question on NAND CapEx.

關於 NAND 資本支出的快速問題。

Clearly the NAND environment has been pretty difficult.

顯然，NAND 環境非常困難。

I was just curious what your thoughts are about how bad it has to get before either you guys or some of your competitors might start thinking about potentially reducing some of their investments, sort of similar to what we're seeing in DRAM today?

我只是好奇你的想法是什麼，在你們或你的一些競爭對手可能開始考慮可能減少他們的一些投資之前，它必須變得多麼糟糕，有點類似於我們今天在 DRAM 中看到的情況？

Thank you.

謝謝你。

The NAND CapE -- well, first of all I think there is some adjustment going on in the NAND production world today, in that anybody that was out there producing on 200mm is really thinking hard about getting out of producing NAND on 200mm.

NAND CapE——嗯，首先，我認為當今 NAND 生產領域正在進行一些調整，因為任何在 200mm 上生產的人都在認真考慮退出在 200mm 上生產 NAND。

I referenced earlier that Hynix had announced they were going to do that.

我之前提到海力士已經宣布他們將這樣做。

I think others will do that as well.

我認為其他人也會這樣做。

It's worth pointing out that for Micron, the percentage of NAND that we have on 300mm I think is the highest ,or one of the highest of any company out there in this, in the industry.

值得指出的是，對於美光來說，我認為我們在 300mm 上的 NAND 百分比是最高的，或者是業內所有公司中最高的之一。

So for us, we are on -- primarily on the leading edge of 300mm technology node and so that alone wouldn't drive to us change our behavior.

所以對我們來說，我們處於 - 主要是在 300mm 技術節點的前沿，因此僅憑這一點不會促使我們改變我們的行為。

But I will say that we've already mentioned what we see going on in IMFS and that was really -- that's essentially the Micron/Intel joint venture's next large expansion, and so that is going to occur later than we originally thought it would occur and I would imagine others are looking at the same thing.

但我要說的是，我們已經提到了我們在 IMFS 中看到的情況，那確實是——這本質上是美光/英特爾合資企業的下一次大規模擴張，因此這將比我們最初認為的發生晚我想其他人也在看同樣的事情。

But I will say that with respect to Micron's perspective moving forward, we're still a much smaller player in the NAND industry than a couple of the other much larger players, so it's probably a question that would be better to ask them and what they are thinking about doing to gauge what would happen with the industry on capacity expansion.

但我要說的是，就美光的未來前景而言，我們在 NAND 行業仍然比其他幾個大得多的參與者小得多，所以這可能是一個更好的問題，問他們以及他們是什麼正在考慮做些什麼來衡量該行業在產能擴張方面會發生什麼。

I've already described to you what we're doing.

我已經向你描述了我們正在做什麼。

Just a quick follow up.

只是快速跟進。

In terms of the 200mm capacity retirements that you had referenced, is your expectation that that capacity will just be retired, or do you anticipate that capacity to be replaced with 300mm capacity in the industry?

就您提到的 200 毫米容量退役而言，您是否期望該容量將被退役，或者您是否預計該容量將被行業中的 300 毫米容量取代？

Well I think you'll see a -- it's kind of an evolving scenario where it can't be replaced immediately because it's virtually impossible to do.

好吧，我想你會看到一個 - 這是一種不斷發展的場景，它不能立即被替換，因為它幾乎不可能做到。

In Hynix's case they said that they could have it off line in the next 60 days.

在海力士的案例中，他們說他們可以在接下來的 60 天內讓它下線。

All I can tell you is what these others are reporting in the -- in the media.

我只能告訴你這些其他人在媒體上的報導。

I will say this, though.

不過，我會這麼說。

It would not be helpful to try to take that capacity and build DRAM with it.

嘗試利用這種容量並用它來構建 DRAM 是沒有幫助的。

I mean that is no solution for it either.

我的意思是這也不是解決方案。

And so I don't think you're going to see a shifting of 200mm from NAND into DRAM.

所以我認為你不會看到 200mm 從 NAND 轉移到 DRAM。

Whether or not that capacity can build something else it's hard for me to know, depending on what the product portfolio is.

我很難知道這種能力是否可以構建其他東西，這取決於產品組合是什麼。

But I frankly don't think that the 200mm coming off at this point in time is really affecting too much decision around what companies are doing on 300mm, just because these things come on over long periods of time and it's a much more strategic thought process about adding 300mm fabs.

但坦率地說，我不認為此時 200mm 的推出真的會影響公司在 300mm 上所做的太多決定，只是因為這些事情是在很長一段時間內出現的，而且這是一個更具戰略性的思考過程關於增加 300mm 晶圓廠。

Okay, and just quick question on your depreciation.

好的，只是關於你的折舊的快速問題。

Do you have an estimate for 2008 for D&A, any change?

你對 2008 年的 D&A 有一個估計，有什麼變化嗎？

Yes, about $2.2 billion, so same as last guidance.

是的，大約 22 億美元，與上次指導相同。

Okay.

好的。

Thanks so much.

非常感謝。

You bet.

你打賭。

Next question, please?

請問下一個問題？

Our next question comes from Hans Mosesmann from Raymond James.

我們的下一個問題來自 Raymond James 的 Hans Mosesmann。

Please go ahead, sir.

請繼續，先生。

Thanks.

謝謝。

Most of my questions have been answered, but I do want to get a sense of how you see the environment.

我的大部分問題都已得到解答，但我確實想了解您如何看待環境。

There's a sense that things should be slowing down in the world of PCs.

有一種感覺，在個人電腦的世界裡，事情應該會放緩。

Are you seeing normal seasonal trends and behavior by your PC OEM customers and what's their outlook relative to the slowdown that could lead to slower-than-seasonal trends here entering the summer?

您是否看到 PC OEM 客戶的正常季節性趨勢和行為，以及他們對可能導致進入夏季的低於季節性趨勢的放緩的看法？

I don't -- Hans, this is Mike speaking.

我不——漢斯，這是邁克在說話。

I don't think the numbers -- the data that we're receiving from customers with respect to demand really exhibits any significant slowdown in absolute demand for their boxes.

我不認為這些數字——我們從客戶那裡收到的關於需求的數據真的顯示出對他們的盒子的絕對需求有任何顯著放緩。

I referenced that 12% quarter-over-quarter bit demand growth earlier and I don't have historical data at my fingertips, but my sense is that's representative of a typical seasonal calendar Q2.

我早些時候提到了 12% 的季度環比比特需求增長，我沒有觸手可及的歷史數據，但我的感覺是這代表了典型的第二季度季節性日曆。

So we're not -- I guess the short answer is our customers are not portraying to us any type of a slowdown in demand yet, certainly.

所以我們不是 - 我想簡短的回答是我們的客戶還沒有向我們描繪任何類型的需求放緩，當然。

Thank you.

謝謝你。

And next question, please?

請問下一個問題？

Our next question comes from [Kamal Das] from Lehman Brothers.

我們的下一個問題來自雷曼兄弟的 [Kamal Das]。

Please go ahead.

請繼續。

Kamal Das, your line is live.

Kamal Das，您的線路已上線。

Please go ahead.

請繼續。

My questions have been answered.

我的問題已經得到解答。

Thank you.

謝謝你。

And next question, then?

那麼下一個問題呢？

Our next question comes from Doug Freedman from Am Tec Research.

我們的下一個問題來自 Am Tec Research 的 Doug Freedman。

Please go ahead.

請繼續。

Hi, guys, thanks for taking my questions.

嗨，伙計們，感謝您提出我的問題。

I guess if we could get a little bit of detail on Lexar and how Lexar is going, and if you can discuss what you're seeing as far as price trends in retail and average densities being bought there?

我想我們能否獲得一些關於 Lexar 的詳細信息以及 Lexar 的進展情況，以及您是否可以討論您所看到的零售價格趨勢和在那裡購買的平均密度？

Lexar, interesting enough, in this time period, is -- has really been an advantage for us.

Lexar，很有趣，在這段時間裡，對我們來說確實是一個優勢。

and I think probably the easiest way to describe it is that the price declines that occur in the retail channel are just simply not as steep as they have been in the component sales.

而且我認為可能最簡單的描述方式是零售渠道中發生的價格下跌根本沒有組件銷售中那麼陡峭。

So we've been able to really take advantage of that, as that's been a channel for us.

所以我們能夠真正利用這一點，因為這對我們來說是一個渠道。

Now, it's also worth pointing out that Lexar still buys from third parties as well, so we're not a 100% supplier into Lexar.

現在，還值得指出的是，Lexar 仍然從第三方購買，所以我們不是 Lexar 的 100% 供應商。

But they are buying more and more every quarter that goes by, as we qualify and develop new products to go into that channel, and so Lexar's actually done, I think quite well.

但是他們每個季度都在購買越來越多的產品，因為我們有資格並開發新產品以進入該渠道，因此 Lexar 實際上已經完成了，我認為很好。

From a business model perspective, as I mentioned at the analyst meeting,they've really, I think, got on track and got more efficient and have started reexpanding, if you will, from where they were when they tried to retrench and get the business model into much better shape, so it's gone pretty well.

從商業模式的角度來看，正如我在分析師會議上提到的那樣，我認為，他們真的走上了正軌，變得更有效率，並且已經開始重新擴張，如果你願意的話，從他們試圖緊縮並獲得商業模式變得更好，所以進展得很好。

And I guess I'd leave it at there.

我想我會把它留在那裡。

If you had a more specific question, I could try to answer it.

如果您有更具體的問題，我可以嘗試回答。

Do you happen to have the average density of -- that's being purchased and any changes there?

您是否碰巧擁有正在購買的平均密度以及那裡的任何變化？

Are we seeing increased density in the retail channel for NAND?

我們是否看到 NAND 零售渠道的密度增加？

Unfortunately, Doug, I don't have that data with me.

不幸的是，道格，我沒有這些數據。

We'll make sure to have it with us for the next time around on this, with respect to the card density in retail.

關於零售中的卡密度，我們將確保在下一次與我們一起使用它。

I would add to what Steve said, I mentioned earlier that we've recently introduced our first Micron silicon that is compatible with a micro SD card and we're really bullish about this being a solid retail product for Lexar.

我想補充一下史蒂夫所說的話，我之前提到我們最近推出了我們的第一款與微型 SD 卡兼容的美光芯片，我們非常看好它是 Lexar 的可靠零售產品。

It's a one gb micro SD card and it should be available in retail in over the next 30 to 60 days or so, and quite bullish about adding that to the product portfolio.

這是一張 1 GB 的微型 SD 卡，應該會在未來 30 到 60 天左右以零售形式上市，並且非常看好將其添加到產品組合中。

One other thing to what Steve mentioned on Lexar, that the amount of revenue that we're generating from Lexar via the NAND Flash cards through retail is increasing every quarter we go forward.

史蒂夫在 Lexar 上提到的另一件事是，我們通過 NAND 閃存卡通過零售從 Lexar 產生的收入數量在我們前進的每個季度都在增加。

So we're actually -- we're really happy to have this additional outlet if you will, or this additional means of getting products into the hands of the retailers and it's working out quite well for us.

所以我們實際上 - 如果你願意的話，我們真的很高興擁有這個額外的出口，或者這種將產品送到零售商手中的額外方式，這對我們來說效果很好。

All right.

好的。

And staying on the NAND business, if we were to look at a little bit of mix signals right now on NAND, your ASP delta or change is less than we heard from your other IMST partner, Intel, at their recent analyst day.

繼續 NAND 業務，如果我們現在要查看 NAND 上的一些混合信號，您的 ASP 增量或變化比我們從您的其他 IMST 合作夥伴英特爾最近的分析師日聽到的要少。

Can you help the investors understand why there is such a disparity?

你能幫助投資者理解為什麼會有這樣的差距嗎？

Well, we do have separate sales channels, and actually we have several products that are different as well.

嗯，我們確實有獨立的銷售渠道，實際上我們也有幾種不同的產品。

Yes, I think it's also -- it's also worth noting that Lexar is in the mix for us and there's also a transfer price mechanism that happens from the joint venture to the two of us, as well, and the differences there may explain some of it.

是的，我認為這也是——同樣值得注意的是，Lexar 也在為我們服務，而且還有一個從合資企業到我們兩個的轉讓價格機制，那裡的差異可能解釋了一些它。

All right.

好的。

And I think a bunch of people have tried to ask and trying to understand your CapEx plans going forward and I'm a little surprised and having trouble reconciling why the push of the Singapore IMST NAND fab doesn't impact your spending plans, given that that was expected to come up at the end of this year and is now an '09 event?

而且我認為很多人試圖詢問並試圖了解您未來的資本支出計劃，我有點驚訝並且難以協調為什麼新加坡 IMST NAND 工廠的推動不會影響您的支出計劃，因為預計將在今年年底推出，現在是 09 年的活動？

Well, we're not really giving guidance on '09 at this point.

好吧，此時我們並沒有真正提供關於 '09 的指導。

Remember, our fiscal '08, we're in the -- we're basically getting pretty close, so our fiscal '08 ends at the end of August and it just turns out that the timing of that really wasn't much in terms of its impact on our fiscal '08.

請記住，我們的 08 財年，我們正處於 - 我們基本上已經非常接近了，所以我們的 08 財年將在 8 月底結束，事實證明，那個時間點真的不多它對我們 08 財年的影響。

I see.

我懂了。

So--

所以 -

It's just too late.

只是太晚了。

It just was coming too late in the year anyway.

反正這一年來得太晚了。

The facility won't even be completed until this summer and as we look at trying to get it ready for equipping and installing equipment, there wasn't a whole lot that was going to happen by the end of August anyhow.

該設施甚至要到今年夏天才能完成，當我們試圖讓它為裝備和安裝設備做好準備時，無論如何，到 8 月底不會發生很多事情。

All right.

好的。

And switching gears and moving over to the DRAM business, percentage of one gb shipments and your share there in that market?

換檔並轉向 DRAM 業務，1 GB 出貨量的百分比以及您在該市場中的份額？

Yes, we're over 50% now in one gb and above.

是的，我們現在在 1 GB 及以上的情況下超過 50%。

I can't tell you what our percentage share is off the top of my head, but our shipments themselves are over 50%.

我不能告訴你我們的百分比份額是多少，但我們的出貨量本身超過了 50%。

And then given the low pricing that we've seen in the DRAM market, what's the elasticity and what are you guys seeing as far as average box loading there?

然後考慮到我們在 DRAM 市場上看到的低價，彈性是什麼？你們看到的平均裝箱量是多少？

Doug, I showed a slide earlier with average box loading and it's -- if I recall, it's in the neighborhood of 1.7, 1.8 gb per system today, and the elasticity is -- I sure sense that it's starting to kick in here pretty significantly, but we don't see an immediate impact.

道格，我之前展示了一張平均盒子加載的幻燈片，它 - 如果我記得，它在今天每個系統 1.7、1.8 gb 附近，而且彈性是 - 我確實感覺到它開始在這裡非常顯著地發揮作用，但我們沒有看到直接的影響。

But at today's price levels, which is essentially $18 per gigabyte, it certainly seems like a compelling -- a compelling value-add for our customers to put more -- more and more memory in their systems and I think that's represented by the demand data that I shared with you earlier.

但在今天的價格水平上，基本上是每 GB 18 美元，這對於我們的客戶來說無疑是一種引人注目的增值服務，可以在他們的系統中放置更多——越來越多的內存，我認為這是由需求數據所代表的我之前和你分享的。

All right.

好的。

Can you guys offer us some sort of insight into what type of memory we can expect to see going into some of these new ultra mobile devices that Intel is going to be pushing with their new low-cost processors?

你們能否為我們提供一些見解，了解我們可以期待在英特爾將推出的新型低成本處理器推出的一些新型超移動設備中看到哪種類型的內存？

Today -- the boxes that I'm aware of today are using our DDR2 memory and some of them are going to transition to DDR3, those that are trying to push high performance and/or power savings.

今天——我今天知道的機器正在使用我們的 DDR2 內存，其中一些將過渡到 DDR3，那些試圖推動高性能和/或節能的機器。

But it's DDR2 memory today and either a one gb or two one gb modules, so something in the range of one to two gb of DDR2 memory.

但它是今天的 DDR2 內存和一個 1 GB 或兩個 1 GB 模塊，所以在 1 到 2 GB DDR2 內存的範圍內。

All right.

好的。

And my last question really, Steve, for you, are we seeing any impact on your gross margins from commodity prices?

最後一個問題，史蒂夫，對你來說，我們是否看到商品價格對你的毛利率有任何影響？

Clearly we've seen some pretty healthy spikes in gold and copper and wondering if you're seeing any impacts from that?

顯然，我們已經看到黃金和銅的一些相當健康的飆升，想知道您是否看到了任何影響？

Well, we haven't really seen too much on the materials side, so I haven't -- our cost reductions are continuing to come down as we execute to the model, and obviously anything that would be happening on the materials side would be included in that, so it's not significant enough to change our execution course.

好吧，我們在材料方面並沒有真正看到太多，所以我沒有 - 隨著我們執行模型，我們的成本降低繼續下降，顯然在材料方面發生的任何事情都會是包括在其中，所以它不足以改變我們的執行過程。

All right, great.

好的，太好了。

Thanks so much.

非常感謝。

Thanks, Doug.

謝謝，道格。

Next question, please?

請問下一個問題？

Our next question is from John Lau from Jefferies & Company.

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

Please go ahead.

請繼續。

Hello.

你好。

This is [Raul Comacher] calling in for John Lau.

這是 [Raul Comacher] 呼叫 John Lau。

My first question was, could you tell us the contribution from your branded businesses, like (inaudible), how much was that?

我的第一個問題是，您能否告訴我們您的品牌業務的貢獻，例如（聽不清），那是多少？

We don't break that out for you, I'm sorry.

對不起，我們不會為您解決這個問題。

Okay.

好的。

Okay.

好的。

My second question is about your SSD business.

我的第二個問題是關於您的 SSD 業務。

I understand that for NAND prices, the prices have fallen almost 70% year over year, so SSDs must be getting (inaudible) in quite a few segments in the notebook market, so is it making -- has it started making significant contribution to your business, and what is your outlook for that?

據我了解，對於 NAND 價格，價格同比下降了近 70%，因此 SSD 必須在筆記本電腦市場的相當多的細分市場中獲得（聽不清），所以它是否開始為您的產品做出重大貢獻？業務，您對此有何展望？

Well, the -- it has not made a significant contribution to our business yet, primarily because we just introduced our first solid state drive to the marketplace less than 60 days ago, I think within the -- in the past -- certainly within the past quarter.

嗯，它尚未對我們的業務做出重大貢獻，主要是因為我們在不到 60 天前剛剛向市場推出了我們的第一個固態驅動器，我認為在過去 - 肯定是在過去的一個季度。

And it is a -- an SLC-based solid state drive, which we don't expect much significant revenue generation from at all.

它是一個基於 SLC 的固態驅動器，我們根本不期望它產生太多可觀的收入。

In terms of penetration in the notebook market, that is going to require MLC flash, and we will have our first product in the market in the second half of this year, and actually we're quite bullish on that product becoming significant in terms of revenue generation, not perhaps in the second half of this year, because there will be in latency in terms of market uptake, but it should be a very strong revenue contributor for us in fiscal 2009.

在筆記本市場的滲透方面，需要MLC閃存，我們將在今年下半年推出我們的第一款產品，實際上我們非常看好該產品的重要性。創收，也許不是在今年下半年，因為在市場吸收方面會有延遲，但它應該是我們 2009 財年非常強勁的收入貢獻者。

We are dialoguing with virtually all of the PC OEMs today about working on placing that product in there, in their mobile computing platforms here, as we move through this year into next year.

今天，我們正在與幾乎所有的 PC 原始設備製造商進行對話，討論如何在今年進入明年的移動計算平台中放置該產品。

So we're quite bullish on MLC NAND penetration in the mobile computer or -- for performance reasons and as well as referencing the cost reductions that you mentioned earlier.

因此，我們非常看好 MLC NAND 在移動計算機中的滲透，或者出於性能原因以及您之前提到的成本降低。

It's also worth mentioning on the topic of solid state drives, the complete other end of the spectrum with respect to the market is the enterprise market and we're not really looking at dollars per gigabyte there as being a primary demand driver, but it's more dollars per transaction.

值得一提的是關於固態硬盤的話題，市場的另一端是企業市場，我們並沒有真正將每 GB 美元視為主要需求驅動因素，但更多的是每筆交易美元。

And in that area we are approaching it with SLC NAND and we have some significant end roads there with the enterprise customers about potentially introducing that product in their lineup later on this year and into 2009, as well.

在那個領域，我們正在用 SLC NAND 來解決這個問題，我們與企業客戶有一些重要的最終途徑，可能會在今年晚些時候和 2009 年在他們的產品陣容中引入該產品。

So quite bullish on the solid state drive market with respect to our product offerings.

就我們的產品而言，我們非常看好固態硬盤市場。

Okay.

好的。

And in terms of litigation, what is your annual run rate for legal expenses?

在訴訟方面，您每年的法律費用是多少？

We don't break that out for you either.

我們也不會為您解決這個問題。

Okay.

好的。

And could you just give us an update on where you think the litigation against Rambus is going to go and what your position is about it?

您能否告訴我們您認為針對 Rambus 的訴訟將走向何方以及您對此的立場是什麼？

Well, the case that just finished was an antitrust fraud case against Rambus.

嗯，剛剛結束的案子是針對 Rambus 的反壟斷欺詐案。

It was not a patent litigation -- it was not a patent infringement case.

這不是專利訴訟——它不是專利侵權案件。

We, as of this point in time, do not have a trial date set for the patent infringement case that's any time in the near future, so that, that'll happen, I don't know, sometime later this year, maybe sometime next year and we're just continuing on that course.

截至目前，我們還沒有為專利侵權案件設定近期的審判日期，所以，我不知道，今年晚些時候，也許某個時候，這會發生明年，我們只是繼續那個課程。

Of course we're going to appeal the decision that just occurred, but I think it's just worth noting that that, that that's not a patent infringement case.

當然，我們將對剛剛做出的決定提出上訴，但我認為值得注意的是，這不是專利侵權案件。

That was an antitrust fraud case that was against Rambus.

那是一起針對 Rambus 的反壟斷欺詐案。

Okay.

好的。

Thanks a lot.

非常感謝。

Thank you very much.

非常感謝。

Looks like we have time for one more question.

看來我們還有時間再問一個問題。

And the final question comes from Bill Dezellem from Titan Capital Management.

最後一個問題來自 Titan Capital Management 的 Bill Dezellem。

Please go ahead.

請繼續。

Thank you.

謝謝你。

We had a couple of questions.

我們有幾個問題。

Relative to the Nanya relationship that you announced, in terms of us trying to understand how this helps lead to a structural change in the industry, when you were referencing before the sharing of R&D, essentially would we be looking at some of the -- taking this quarter, for example, $180 million of R&D that you --that you expensed, some of that would end up flowing -- flowing through Nanya's business and coming off of your income statement?

相對於您宣布的南亞關係，就我們試圖了解這如何有助於導致行業的結構性變化而言，當您在分享研發之前參考時，基本上我們會考慮一些--採取例如，本季度，您花費了 1.8 億美元的研發費用，其中一些最終會流入南亞的業務並從您的損益表中流出？

Is that correct, first of all, and also, are there other aspects of structural change to the industry that it would represent?

首先，這是正確的，而且，它是否會代表行業結構變化的其他方面？

Yes.

是的。

Well, first of all, Bill, I weren't sure you were going to make it in.

嗯，首先，比爾，我不確定你會成功。

You got right at the last moment for the questions.

你在最後一刻答對了。

Got lucky, thank you.

走運了，謝謝。

We don't view, I think, the joint venture with Nanya as a big structural change in the industry.

我認為，我們不認為與南亞的合資企業是該行業的重大結構性變化。

Obviously it may have implications on other players, but for us we just viewed it as very strategic in terms of scale and R&D efficiency.

顯然它可能會對其他參與者產生影響，但對我們來說，我們只是認為它在規模和研發效率方面非常具有戰略意義。

And what you pointed out I think will in fact be the case, that right now we have a certain run rate on developing R&D for DRAM, and we don't expect that run rate to change significantly as a result of the joint venture with Nanya.

而你所指出的，我認為實際上會是這樣，現在我們在開發DRAM的研發方面有一定的運行速度，我們不認為與南亞的合資企業的運行速度會有很大的變化.

And as they cost share with us the development of leading-edge technology then obviously that will reduce the R&D bill that we have for it as a stand-alone entity.

由於他們與我們分擔開發領先技術的成本，顯然這將減少我們作為一個獨立實體所擁有的研發費用。

By the way, this is very, very true with with respect to what happened with our joint venture with Intel.

順便說一句，就我們與英特爾的合資企業發生的事情而言，這是非常非常真實的。

We're both sharing that equally as well and that has just made us more efficient on the development of the technology and we would expect the same thing to occur with the joint venture with Nanya.

我們都平等地分享這一點，這使我們在技術開發方面更有效率，我們希望與南亞的合資企業也會發生同樣的事情。

And then relative to the production issues taking place in the industry, you had referenced the Hynix 200mm NAND line that has -- it has or is planned to come down.

然後相對於行業中發生的生產問題，您參考了 Hynix 200mm NAND 生產線——它已經或計劃下降。

Are there other changes of note that you have seen that are significant like that?

您是否看到過其他類似的重大變化？

Well, I don't have anything that's not already out in the -- that's been published in the media.

好吧，我沒有任何尚未在媒體上發布的內容。

There are other companies talking about -- I think first of all, it's not -- we have seen other reports about 200mm DRAM coming offline and we're now seeing the reports about 200mm NAND coming offline.

還有其他公司在談論——我認為首先，它不是——我們已經看到其他關於 200mm DRAM 下線的報導，我們現在看到關於 200mm NAND 下線的報導。

The over thing that there have been a number of announcements of quite a few pushes in CapEx, either because the companies can't get access to money with which to buy the CapEx or because they're trying to preserve their balance sheet, and that's primarily, of course, been in the DRAM arena where we've seen that as well.

最重要的是，已經發布了許多推動資本支出的公告，要么是因為公司無法獲得購買資本支出的資金，要么是因為他們試圖保持資產負債表，這就是當然，主要是在我們也看到過的 DRAM 領域。

So I think there's real change going on right now in the industry around capacity, but as you know, from following the industry for a long time, there's a lag effect from when we see the benefit of that.

所以我認為現在這個行業圍繞產能正在發生真正的變化，但正如你所知，從長期關注這個行業來看，當我們看到它的好處時會有滯後效應。

Okay, thank you.

好的謝謝你。

Thank you, Bill, and with that, we'd like to thank everyone for participating on the call today.

謝謝你，比爾，在此，我們要感謝大家今天參加電話會議。

If you will please bear with me, I need to repeat the Safe Harbor protection language.

如果你能容忍我，我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能就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所有其他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.

謝謝你。

This concludes today's Micron Technology second quarter 2008 financial release conference call.

今天的美光科技 2008 年第二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。

Please have a wonderful day.

請度過美好的一天。