美光科技 (MU) 2008 Q3 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是唐納德，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 third quarter 2008 financial release conference call.

在此，歡迎大家參加美光科技 2008 年第三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.

謝謝你。

I would like to welcome everyone to the Micron Technology's third quarter 2008 financial release conference call.

歡迎大家參加美光科技 2008 年第三季度財務發布電話會議。

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

今天的電話會議是董事長兼首席執行官 Steve Appleton、總裁兼首席運營官 Mark Durcan、首席財務官兼財務副總裁 Ron Foster 和全球銷售副總裁 Mike Sadler。

This conference call including audio and slides is also available on Micron's website at Micron.com.

包括音頻和幻燈片在內的電話會議也可以在美光的網站 Micron.com 上獲得。

If you have not had an opportunity to review the third quarter 2008 financial press release, it is also available on our website again at Micron.com.

如果您沒有機會查看 2008 年第三季度財務新聞稿，也可以再次訪問我們的網站 Micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of this call.

將有此通話的音頻重播。

You may reach that by dialing 706-645-9291, with a confirmation code of 50696269.

您可以撥打 706-645-9291，確認碼為 50696269。

This replay will run through Thursday, July 3, 2008, at 5:30 p.m.

該重播將持續到 2008 年 7 月 3 日星期四下午 5:30。

Mountain Time.

山時。

A webcast replay will be available on the Company's website until June 26, 2009.

2009 年 6 月 26 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.

請注意以下安全港聲明。

(audio recording) 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.

（錄音）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。

(end audio recording)

（結束錄音）

I will now turn the call over to Mr.

我現在將把電話轉給先生。

Ron Foster.

羅恩·福斯特。

Ron?

羅恩？

Thanks, Kipp.

謝謝，基普。

For those listeners who haven't seen our Press Release which is available on our website, and includes a reconciliation of the non-GAAP numbers discussed on this call, I will review the summary of financial results for the third quarter which ended May 29.

對於那些沒有看到我們網站上提供的新聞稿的聽眾，其中包括本次電話會議中討論的非公認會計原則數字的對賬，我將查看截至 5 月 29 日的第三季度財務業績摘要。

For the third quarter revenue increased 10%, and gross margins moved into positive territory, as megabit sales and cost reductions outpaced ASP declines.

第三季度收入增長 10%，毛利率進入正區間，因為兆位銷售和成本降低超過了 ASP 的下降。

DRAM and NAND ASPs declined approximately 5% and 20% on a sequential quarter basis.

DRAM 和 NAND 平均售價環比下降約 5% 和 20%。

Megabit sales volume increased approximately 10% and 40% for DRAM and NAND Flash memory products respectively from second to third quarter.

從第二季度到第三季度，DRAM 和 NAND 閃存產品的兆比特銷量分別增長了約 10% 和 40%。

The Company continued to make progress in driving down production costs, as cost of goods sold per megabit declined about 15% and 25% for DRAM and NAND respectively over the same period.

公司在降低生產成本方面繼續取得進展，同期DRAM和NAND的每兆銷售成本分別下降約15%和25%。

Wafer output, yield increases, and node transitions all contributed to the margin improvement.

晶圓產量、良率增加和節點轉換都有助於提高利潤率。

The Company recorded a net loss of $236 million, or $0.30 per diluted share for the quarter, compared to a non-GAAP loss of $314 million, or $0.41 in the prior quarter.

公司本季度錄得淨虧損 2.36 億美元，或攤薄後每股 0.30 美元，而上一季度的非公認會計準則虧損為 3.14 億美元，或 0.41 美元。

The GAAP reported loss for the second quarter included a goodwill impairment charge of $463 million.

GAAP 報告的第二季度虧損包括 4.63 億美元的商譽減值費用。

We are pleased with our progress in reducing the operating cost structure, as we continue to focus on driving down SG&A and R&D expenses.

我們對降低運營成本結構的進展感到高興，因為我們繼續專注於降低 SG&A 和研發費用。

R&D expenses improved in the third quarter, due to cost management efforts and progress moving key development products into production.

由於成本管理工作和關鍵開發產品投入生產的進展，第三季度的研發費用有所改善。

We expect to maintain the lower run rate of operating expenses, with SG&A and R&D expenses estimated to be flat to slightly down from the third quarter to the fourth quarter.

我們預計運營費用將保持較低的運行率，預計 SG&A 和研發費用將從第三季度到第四季度持平或略有下降。

Operating cash flow was $217 million for the third quarter, and 775 million for fiscal year-to-date.

第三季度的經營現金流為 2.17 億美元，本財年迄今為 7.75 億美元。

We ended the quarter with $1.6 billion in cash and short-term investments.

我們以 16 億美元的現金和短期投資結束了本季度。

During the third quarter, TECH Semiconductor entered a $600 million credit facility, to refinance $240 million of outstanding debt, and to finance future capital expenditures.

在第三季度，TECH Semiconductor 獲得了 6 億美元的信貸額度，為 2.4 億美元的未償債務再融資，並為未來的資本支出提供資金。

Capital expenditures totaled $577 million in the third quarter.

第三季度的資本支出總額為 5.77 億美元。

Capital expenditures for fiscal 2008 will be at the upper end of our previously projected range of 2.5 to $3 billion, as we continue our investment in NAND and IMFS, and in DRAM at MTB and TECH.

2008 財年的資本支出將處於我們之前預計的 2.5 到 30 億美元範圍的上限，因為我們將繼續投資 NAND 和 IMFS，以及 MTB 和 TECH 的 DRAM。

Partners will provide net capital contributions of about $230 million to fund our 2008 expenditures.

合作夥伴將提供約 2.3 億美元的淨出資，以資助我們 2008 年的支出。

In fiscal 2009, capital expenditures of approximately 1.5 to $2 billion are anticipated.

在 2009 財年，預計資本支出約為 1.5 至 20 億美元。

We expect about $300 million of this amount in net capital contributions from partners.

我們預計其中約 3 億美元來自合作夥伴的淨出資。

These capital expenditures do not reflect the previously communicated $550 million capital contribution for MeiYa, which is committed over the 2009 calendar year.

這些資本支出並未反映之前公佈的美亞 5.5 億美元的出資額，該出資額是在 2009 日曆年承諾的。

Depreciation and amortization expense was $513 million in fiscal Q3, and will total approximately $2 billion for the year.

第三財季的折舊和攤銷費用為 5.13 億美元，全年總計約為 20 億美元。

In fiscal 2009, depreciation and amortization expense of about 2.25 billion is expected.

2009財年，預計折舊及攤銷費用約為22.5億元。

I will close there, and turn the commentary over to Mike.

我將在那里關閉，並將評論交給邁克。

Thanks a lot, Ron.

非常感謝，羅恩。

In 2007 and early 2008, we experienced a supply driven semiconductor memory pricing downturn, in the face of a relatively strong demand environment.

在 2007 年和 2008 年初，面對相對強勁的需求環境，我們經歷了供應驅動的半導體存儲器價格下滑。

From our perspective, exiting fiscal Q3 of this year, we are seeing an improved supply/demand balance.

從我們的角度來看，退出今年第三財季，我們看到供需平衡有所改善。

This has generally resulted in relative memory price stabilization, with an encouraging upward pricing trend across the commodity DRAM product portfolio in particular.

這通常導致內存價格相對穩定，尤其是商品 DRAM 產品組合的價格上漲趨勢令人鼓舞。

The computing industry continues to be the largest revenue driver for Micron's memory products, and we are seeing demand in-line with normal seasonal expectations.

計算行業仍然是美光內存產品的最大收入驅動力，我們看到需求符合正常的季節性預期。

Although we don't have perfect visibility on the specific demand drivers within the computing space, I would characterize memory content per system growth as being particularly strong, relative to absolute PC unit growth.

儘管我們對計算空間內的特定需求驅動因素沒有完全了解，但我認為每個系統的內存容量增長相對於絕對 PC 單位增長而言特別強勁。

We are starting to see some traction for DDR3 memory in select platforms, and would expect increased penetration as we move through 2008, and into next year.

我們開始在特定平台上看到 DDR3 內存的一些吸引力，並且預計隨著我們進入 2008 年和明年，滲透率會有所提高。

We are well positioned in this space with our industry leading DDR2 and DDR3 chip sizes on 78-nanometer and 300-millimeter wafers.

我們在 78 納米和 300 毫米晶圓上採用行業領先的 DDR2 和 DDR3 芯片尺寸，在這一領域處於有利地位。

We have begun a transition to 68-nanometer in our Singapore facility, with initial production shipments and revenue generation occurring in the current quarter, ultimately contributing to aggressive cost of goods sold reductions.

我們已經開始在新加坡工廠向 68 納米過渡，最初的生產出貨量和創收發生在本季度，最終有助於大幅降低銷售成本。

All-in-all, we are pleased with our position in the computing space, and given the recent trends, encouraged about prospects for the second half of the calendar year.

總而言之，我們對我們在計算領域的地位感到滿意，並鑑於最近的趨勢，對日曆年下半年的前景感到鼓舞。

Our specialty DRAM product portfolio continues to enable solid performance for the Company in a variety of non-computing segments, such as networking, mobile handsets, and automotive.

我們的專業 DRAM 產品組合繼續為公司在各種非計算領域（如網絡、手機和汽車）提供穩健的表現。

We are utilizing installed 200-millimeter capacity, to manufacture both image censors and the vast majority of our specialty DRAM products.

我們正在利用已安裝的 200 毫米產能來製造圖像檢查器和我們絕大多數的專業 DRAM 產品。

We are selectively moving high volume and high growth specialty DRAM products to 300-millimeter facilities, to achieve further cost reductions, and create headroom for supply growth.

我們正在選擇性地將大容量和高增長的特種 DRAM 產品轉移到 300 毫米設施，以進一步降低成本，並為供應增長創造空間。

From a market segment viewpoint, we did see particularly strong unit shipments and revenue growth, in both our image censors and low power DRAM products for the mobile handset market in the third quarter.

從細分市場的角度來看，我們確實看到第三季度手機市場的圖像檢查器和低功耗 DRAM 產品的單位出貨量和收入增長特別強勁。

This speaks both to the health of the market, as well as to the strength of Micron's product portfolio for this particular market segment.

這既說明了市場的健康狀況，也說明了美光針對這一特定細分市場的產品組合的實力。

The NAND market is still dominated by consumer applications with a strong seasonal component of demand, continues to be challenged by excess supply.

NAND 市場仍以具有強烈季節性需求的消費應用為主，繼續受到供應過剩的挑戰。

Our technology and scale advancements now moving to an industry leading 34-nanometer process, are having a positive effect on cost of goods sold reductions, but the oversupplied market environment has continued to drive prices down further.

我們的技術和規模進步現在轉向行業領先的 34 納米工藝，對降低銷售成本產生了積極影響，但供過於求的市場環境繼續推動價格進一步下跌。

We are working diligently on strengthening the NAND product portfolio, much as we have already demonstrated in the DRAM space, to improve our average selling prices and relative profitability, independent of the market environment.

正如我們在 DRAM 領域已經證明的那樣，我們正在努力加強 NAND 產品組合，以提高我們的平均銷售價格和相對盈利能力，而不受市場環境的影響。

To this end, we are ramping up our NAND based multi-chip package efforts for the mobile phone arena.

為此，我們正在加大針對手機領域的基於 NAND 的多芯片封裝工作。

We have a microSD compatible 1-gigabyte chip in the market today, and have recently begun shipments of microSD cards with Micron manufactured silicon.

我們目前在市場上有一款兼容 microSD 的 1 GB 芯片，並且最近開始出貨採用 Micron 製造的矽片的 microSD 卡。

We have initial single-level cell solid state drives in the evaluation stage with various customers in the enterprise space, and will introduce lower costs MLC-based solid state drives for the client markets later this year.

我們在評估階段與企業領域的各種客戶進行了初步的單級單元固態驅動器，並將在今年晚些時候為客戶市場推出成本更低的基於 MLC 的固態驅動器。

We are achieving higher average selling prices and margins via leveraging of the Lexar Brand in retail channel presence, and are continuing down the path of moving more of our NAND output through the Lexar operation.

通過在零售渠道中利用 Lexar 品牌，我們實現了更高的平均售價和利潤率，並繼續通過 Lexar 業務轉移更多的 NAND 輸出。

We are proud of our operational performance and recent trends on key metrics, such as cost of goods sold reduction, and bit and market share growth, particularly relative to other players in our competitive space.

我們為我們的運營業績和關鍵指標的近期趨勢感到自豪，例如銷售成本降低以及位和市場份額增長，特別是相對於我們競爭領域的其他參與者而言。

Looking to the second half of the calendar year, we are enthusiastic about improving market environment.

展望下半年，我們對改善市場環境充滿熱情。

I will turn it over to Mark.

我會把它交給馬克。

Thanks, Mike.

謝謝，邁克。

Micron had a strong quarter operationally.

美光有一個強勁的季度運營。

Our bit cost reductions ran substantially ahead of projections, lead by solid yields and cost cutting in the operations.

由於穩定的產量和運營成本的削減，我們的鑽頭成本降低大大超出了預期。

The ongoing transition in Micron's NAND and core DRAM products leading it's capacity continue to pace, with 90% of the silicon now being built on 300-millimeter wafers.

引領其產能的美光 NAND 和核心 DRAM 產品的持續轉型繼續加快步伐，現在 90% 的矽片構建在 300 毫米晶圓上。

Technology transitions also progressed well.

技術轉型也進展順利。

TECH Semiconductor continued it's ramp of the industry leading die size 1-gigabit product on our 68-nanometer technology, while making substantial progress on it's conversion to 300-millimeter.

TECH Semiconductor 繼續在我們的 68 納米技術上推出業界領先的 1 Gb 芯片尺寸產品，同時在其向 300 毫米的轉換方面取得重大進展。

During the quarter they completed the fabrication of their last 200-millimeter wafers, and expect to complete the transition during the second half of the year.

在本季度，他們完成了最後 200 毫米晶圓的製造，預計將在下半年完成過渡。

We are well-positioned with optimized products for the DDR3 transition coming.

我們已經為即將到來的 DDR3 過渡做好了優化產品的準備。

Recently Micron and Intel announced sample availability of our industry-leading 34-nanometer 32-gigabit product.

最近，美光和英特爾宣布了我們行業領先的 34 納米 32 吉比特產品的樣品可用性。

That product and process node is now being deployed in our IMST joint venture, and will ramp throughout the second half of the calendar year.

該產品和流程節點現在正在我們的 IMST 合資企業中部署，並將在整個日曆年的下半年逐步增加。

We believe this positions us well for continued NAND cost reductions moving into calendar 2009.

我們相信這使我們能夠在 2009 年繼續降低 NAND 成本。

Recently we closed on the creation of our DRAM joint venture, MeiYa.

最近，我們關閉了我們的 DRAM 合資企業 MeiYa。

The relationship with Nanya brings many advantages, including joint technology development and licensing of technology, as well as the capital efficient capacity associated with the joint venture.

與南亞的關係帶來了許多優勢，包括聯合技術開發和技術許可，以及與合資企業相關的資本效率能力。

MeiYa will start up it's initial manufacturing facility beginning early in calendar 2009, and ramp throughout the year, to an initial target of 10,000 wafers per week.

MeiYa 將在 2009 年初啟動其最初的製造設施，並在全年進行產能提升，最初的目標是每週生產 10,000 片晶圓。

We anticipate this to be a cost effective way for Micron to add wafers in support of growing customer demand.

我們預計這將成為美光添加晶圓以支持不斷增長的客戶需求的一種具有成本效益的方式。

Licensing revenue and cost benefits grow throughout time as MeiYa grows capacity, and Nanya or transitions wholly-owned capacity, and as the scope of our R&D cooperation grows.

隨著美亞產能的增長、南亞或全資產能的轉型，以及我們研發合作範圍的擴大，許可收入和成本效益也在不斷增長。

Looking to the current quarter we expect bit production growth of mid to high single digits for DRAM, and mid-teens for NAND.

展望當前季度，我們預計 DRAM 的位產量將增長中高個位數，而 NAND 的位產量增長將在十幾歲左右。

Cost per bit reductions should mimic that, and be in the mid-single digits for DRAM, and mid-teens for NAND.

每比特成本的降低應該模仿這一點，對於 DRAM 來說是中個位數，對於 NAND 來說是十幾歲。

I will turn it back over to Kipp.

我會把它還給基普。

Thanks Mark.

謝謝馬克。

We will now take questions from callers.

我們現在將回答來電者的問題。

Just a reminder if you are using a speakerphone please pick up the handset when asking a questions, 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 would like to begin the questions.

有了這個，我們想開始提問。

Thank you.

謝謝你。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

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

我們的第一個問題來自雷曼兄弟的蒂姆·盧克。

Please go ahead.

請繼續。

Thank you so much.

太感謝了。

Kipp, could you just clarify how you would perceive bit growth in both DRAM and NAND, and if you were to see stable pricing from here, how you would expect the ASP direction to trend through the coming quarter?

Kipp，您能否澄清一下您如何看待 DRAM 和 NAND 的位增長，如果您從這裡看到穩定的定價，您預計 ASP 方向在下一季度將如何發展？

Tim, this is Mike.

蒂姆，這是邁克。

I will speak to the ASP topic, and I will let Kipp address the bit growth question.

我將討論 ASP 主題，我將讓 Kipp 解決比特增長問題。

Rather than answer the question directly, I will just tell you that quarter to date, we are 3.5 weeks into the current quarter.

我不會直接回答這個問題，我只會告訴你迄今為止的那個季度，我們距離當前季度還有 3.5 週。

Our DRAM ASPs on shipments are tracking right about flat, with respect to what we achieved in fiscal Q3, and our NAND Flash average selling price to date in the quarter, is about 20% below what we saw in fiscal Q3.

相對於我們在第三財季取得的成績，我們的 DRAM 平均售價與我們在第三財季取得的成績基本持平，而我們的 NAND 閃存本季度迄今為止的平均售價比我們在第三財季看到的低約 20%。

And on the production side, Tim, we are looking at NAND being in the mid-teens sequentially, Q4 fiscal over Q3 fiscal, and DRAM to be up mid to high single digits.

在生產方面，蒂姆，我們看到 NAND 連續處於十幾歲左右，第四財季超過第三財季，DRAM 將達到中高個位數。

Could you also comment, Kipp, just on your expectations with respect to cost reduction, with respect to the new core businesses?

Kipp，您能否就您對新核心業務降低成本的期望發表評論？

Yes, sure, as Mark mentioned they will be similar respectively in each one of those as the bit growth is, so mid-teens on NAND, and mid to high-single digits on DRAM.

是的，當然，正如 Mark 提到的，它們在每一個中將分別與位增長相似，因此在 NAND 上是十幾歲，在 DRAM 上是中高個位數。

Could you perhaps also a more strategic question, just update us on your perception of the Intel JV, and how you might view the degree of committment around that, and what other options there might be for you, should Intel decide to pursue other options with respect to the venture?

您能否提出一個更具戰略性的問題，請向我們介紹您對英特爾合資企業的看法，以及您如何看待圍繞該合資企業的承諾程度，以及如果英特爾決定尋求其他選擇，您可能還有哪些其他選擇尊重企業？

Well, this is Steve, Tim.

嗯，這是史蒂夫，蒂姆。

There is a lot you had in that question.

這個問題你有很多。

Yes.

是的。

First of all, our perspective is the joint venture is running well.

首先，我們的觀點是合資企業運行良好。

I haven't had any dialogue with Intel executives that they feel any differently, so a lot of I think what is out there in the market, whether it is speculation or somebody else is making comments other than what we are involved with, I can't really comment on, because we continue to move forward with the joint venture as we always have.

我沒有與英特爾高管進行過任何對話，他們的感受有什麼不同，所以我認為市場上有很多東西，無論是投機還是其他人在發表評論，而不是我們所涉及的，我可以真的不評論，因為我們一如既往地繼續與合資企業一起前進。

I will just point out that the agreement that as we announced originally when we did the joint venture with Intel, it is a 10 year agreement, so we are still in the first couple of years of that.

我只想指出，正如我們最初與英特爾建立合資企業時宣布的協議，這是一份為期 10 年的協議，所以我們仍處於最初的幾年。

If I may, Steve, just as a follow-up, could you give a comment on industry consolidation, and opportunities for Micron therein?

如果可以的話，史蒂夫，作為後續行動，您能否就行業整合以及美光在其中的機會發表評論？

With respect to which --

關於哪個——

Just with respect to Qimonda, Inotera, and other possible opportunities?

只是關於奇夢達、Inotera 和其他可能的機會？

Yes, I see.

是的，我明白了。

Well I have been commenting on this for 20 years now or so, and always what I thought would happen doesn't happen, and what I don't think would happen sometimes happens, so we have said many times, that as opportunities present themselves, we will consider them, and today is no different than it was a year ago, or five years ago or 10 years ago.

好吧，我已經對此發表評論大約 20 年了，總是我認為會發生的事情不會發生，而我認為不會發生的事情有時會發生，所以我們多次說過，隨著機會的出現，我們會考慮它們，今天與一年前、五年前或十年前沒有什麼不同。

But it obviously requires more than just Micron, and to the extent that there are opportunities where there are other willing partners, whether it be joint ventures like we just did with Nanya, or something else in a different form, we are certainly willing to consider it.

但這顯然需要的不僅僅是美光，只要有機會，還有其他願意的合作夥伴，無論是像我們剛剛和南亞那樣的合資企業，還是其他不同形式的企業，我們當然願意考慮它。

Thank you very much.

非常感謝。

Good luck.

祝你好運。

Thank you.

謝謝你。

Our next question is coming from Shawn Webster of JPMorgan.

我們的下一個問題來自摩根大通的肖恩韋伯斯特。

Please go ahead.

請繼續。

Yes, thank you for taking my question.

是的，謝謝你提出我的問題。

Can you talk about how you expect your operating expenses to evolve for the rest of this year?

您能否談談您預計今年剩餘時間的運營費用將如何變化？

This is Ron.

這是羅恩。

As I commented, the SG&A and R&D costs have come down in Q3.

正如我所評論的，SG&A 和研發成本在第三季度有所下降。

We are on a good trend line on an absolute basis, and we expect as we go into the fourth quarter, that they will be flat to slightly down both in SG&A and R&D in the fourth quarter as well.

我們絕對處於良好的趨勢線上，我們預計隨著我們進入第四季度，第四季度的 SG&A 和研發也將持平或略有下降。

Okay, thank you.

好的謝謝你。

And then on your wafer production, what did it grow sequentially in Q3, and what do you expect it to grow in Q4?

然後在您的晶圓生產方面，它在第三季度的連續增長是多少，您預計它在第四季度會增長多少？

Shawn, we were up a couple percent in Q3, and we are expecting another couple percent in Q4.

肖恩，我們在第三季度上漲了幾個百分點，我們預計第四季度還會再上漲幾個百分點。

Okay, and then finally, in terms of channel inventories, can you talk to us a little bit about what you are seeing out there in any quantitative way you can, for both, well all of your DRAM and NAND and sensor markets?

好的，最後，就渠道庫存而言，您能否以任何可以量化的方式與我們談談您在所有 DRAM 和 NAND 和傳感器市場上看到的情況？

Sure, I would be happy to.

當然，我很樂意。

On the DRAM side, my view of things is very little inventory on our shelves, as a matter of fact we are bumping up against the minimum that we think we can carry, and still do an adequate job of servicing our customer, so the demand environment is quite strong on the DRAM side.

在 DRAM 方面，我的看法是我們貨架上的庫存很少，事實上，我們正在達到我們認為可以攜帶的最低限度，並且仍然可以為我們的客戶提供足夠的服務，所以需求DRAM方面的環境相當強大。

With respect to the inventory levels that our customers have, as I have said many times there is very little incentive for our customers to carry inventory, unless they want to do some price hedging, and those questions would probably be better addressed to our customers, but just based on my view of things, I wouldn't imagine there is much inventory in the hands of our customers, in terms of the channel so the minimal value adders and the traders, and so forth, my view is that the market is being fairly semi traded right now, and there is probably little inventory in place, at least in the DRAM arena, with respect to the speculators.

關於我們客戶的庫存水平，正如我多次說過的那樣，我們的客戶幾乎沒有動機持有庫存，除非他們想做一些價格對沖，而這些問題可能會更好地向我們的客戶提出，但就我的看法而言，我不認為我們的客戶手中有多少庫存，就渠道、最小增值者和貿易商等等而言，我的看法是，市場是目前處於相當半交易狀態，並且對於投機者而言，至少在 DRAM 領域可能幾乎沒有庫存。

The NAND side is a little bit different.

NAND端有點不同。

I do believe that the spot market traders, if you will, have probably accumulated a fair amount of inventory.

我確實相信現貨市場交易者，如果你願意的話，可能已經積累了相當數量的庫存。

My view of things is there is probably a fair amount of inventory in the spot market with respect to NAND Flash.

我的看法是，現貨市場上可能有相當數量的 NAND Flash 庫存。

We are pretty flush with respect to our own inventories.

我們對自己的庫存非常滿意。

We have got 1 to 2 weeks worth of finished goods in the NAND area, and I don't believe our customers are carrying much inventory either.

我們在 NAND 領域有 1 到 2 週的成品，我認為我們的客戶也沒有太多庫存。

In terms of image censors, we are a little heavier on finished goods inventory.

在圖像審查方面，我們對成品庫存的重視程度更高。

We have got about, if I remember correctly, somewhere between 6 and 7 weeks of finished goods inventory on image censors, that is relatively flat with where we exited the prior quarter.

如果我沒記錯的話，我們大約有 6 到 7 週的成品庫存在圖像審查器上，這與我們上一季度的退出情況相對持平。

We are expecting a pretty strong seasonal demand uptick as we move through the second half of the calendar year.

隨著我們進入日曆年的下半年，我們預計季節性需求將出現相當強勁的增長。

I don't believe our customers are sitting on any inventory, with respect to image censors, so that is kind of my color on the inventory situation.

關於圖像審查員，我不相信我們的客戶坐在任何庫存上，所以這是我對庫存情況的看法。

Finally and I am sorry if you said this already, I had to leave for a fire alarm, what do you expect pricing to do if it stays flat for NAND and DRAM in your fiscal Q4?

最後，如果您已經說過，我很抱歉，我不得不離開去報警，如果您的第四財季 NAND 和 DRAM 的價格保持不變，您預計價格會怎樣？

I answered the question already, just real briefly --

我已經回答了這個問題，只是簡單地說——

Okay, sorry.

好的，對不起。

Yes, you can probably pick it up on the transcript.

是的，您可能可以在成績單上找到它。

Will do.

會做。

Thank you.

謝謝你。

Our next question is coming from Daniel Berenbaum of Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Daniel Berenbaum。

Please go ahead.

請繼續。

Hi, thanks for taking my call.

您好，感謝您接聽我的電話。

Can you talk about what percentage of your mix was DRAM and NAND in the quarter, and also, it seems from the numbers that DRAM was profitable.

您能否談談本季度 DRAM 和 NAND 在您的產品組合中所佔的百分比，而且從數字上看，DRAM 似乎是有利可圖的。

Can you comment on that, and then also, can you talk a little bit about your NAND bit growth guidance?

您能否對此發表評論，然後，您能否談談您的 NAND 位增長指導？

It sounds like you guided for kind of mid-teen percent bit growth.

聽起來您指導的是 10% 左右的位增長。

I thought the big comment on your Q1 call was to think about 30 to 40% sequential bit growth over the next few quarters, so I am wondering if something has changed there, other than the Singapore push out?

我認為您對第一季度電話會議的主要評論是考慮在接下來的幾個季度中連續增長 30% 到 40%，所以我想知道除了新加坡推出之外，那裡是否發生了一些變化？

Sure, let me start with a revenue break down for you, Daniel.

當然，讓我從你的收入細分開始，丹尼爾。

We had core DRAM in the high 20% range, specialty DRAM in the low 20% range, imaging as we noted on the press release was around 11%, and we had NAND in the mid to high 30% range.

我們的核心 DRAM 在 20% 的高位範圍內，專用 DRAM 在 20% 的低位範圍內，我們在新聞稿中提到的成像約為 11%，我們的 NAND 在中高到 30% 的範圍內。

And on the profitability, we did note the last quarter that we felt we were probably 1 of 2, if not the only DRAM manufacturer to keep positive gross margin, and of course with the data we provided about our cost reductions, relative to our ASPs, we certainly improved on that, and I might let Mark talk more to maybe the NAND bit?

在盈利能力方面，我們確實注意到上個季度我們認為我們可能是 2 家中的 1 家，如果不是唯一保持正毛利率的 DRAM 製造商，當然還有我們提供的關於我們的成本降低的數據，相對於我們的 ASP ，我們當然在這方面有所改進，我可能會讓 Mark 多談談 NAND 位？

Yes.

是的。

Dan, on the NAND bit growth, it is going to be in the mid to high teens on a quarter-over-quarter basis going forward, but it will be a little lumpy.

Dan，在 NAND 位增長方面，未來季度環比將處於中高水平，但會有點不穩定。

We may exceed that in certain quarters.

我們可能會在某些方面超過這一點。

As you will recall, a couple, a quarter ago I think we outran our estimates substantially, pulling some bits forward, and that actually happened a little bit this quarter as well, so just I think sort of the running mid to high-teens number is a good one to think about, but think about it exceeding that on a quarter-over-quarter basis, depending on exactly where we are at relative to technology transition.

你會記得，幾個季度前，我認為我們大大超出了我們的預期，向前推進了一些，而且本季度實際上也發生了一點，所以我認為是中高齡的數字是一個很好的考慮，但考慮一下它是否超過了季度環比，這取決於我們相對於技術轉型的確切位置。

So mid to high teens, not 30%, did I just misunderstand that from previous quarters?

所以中高青少年，而不是 30%，我只是從前幾個季度誤解了這一點嗎？

As a good run rate going forward?

作為一個良好的運行率前進？

No, well, yes, you have got both references correct.

不，好吧，是的，你的兩個參考都是正確的。

In the past we have used the term "averaging" around 30% over the next several quarters, and as Mark is pointing out sometimes we will get that pulled in as the manufacturing folks execute better, and that makes the next quarter's comp a little bit more difficult, but we will still have a pretty tall year-over-year bit growth as we go into '09.

過去，我們在接下來的幾個季度中使用了大約 30% 的“平均”一詞，正如 Mark 指出的那樣，有時我們會隨著製造人員執行得更好而將其納入，這使得下個季度的競爭有所改善更困難，但隨著我們進入 09 年，我們仍然會有相當高的同比增長。

Okay, and then can you just help me understand how much of your NAND production goes to Lexar products now?

好的，那麼您能否幫我了解一下您現在有多少 NAND 產品用於 Lexar 產品？

Yes, it is about 20% for the quarter.

是的，本季度約為 20%。

20%, in that assumes that 50% goes to Intel, and another 20% to Lexar, and 30% elsewhere?

20%，假設 50% 給英特爾，另外 20% 給 Lexar，30% 給其他地方？

That is correct.

那是對的。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

You bet.

你打賭。

Thank you.

謝謝你。

Our next question is coming from John Pitzer of Credit Suisse, please go ahead.

我們的下一個問題來自瑞士信貸的約翰·皮策，請繼續。

A couple of questions here.

這裡有幾個問題。

First when you look at your FY09 CapEx budget of 1.5 to 2 billion, what kind of market assumptions are you you making around that number, and what kind of growth can you see in both the DRAM and NAND output relative to that CapEx number?

首先，當您查看 1.5 到 20 億的 FY09 資本支出預算時，您對這個數字做出了什麼樣的市場假設，以及相對於該資本支出數字，您可以看到 DRAM 和 NAND 輸出的增長方式是什麼？

Well, first of all the CapEx number, I mean, the reason we have these ranges is because we constantly look at this quarterly, and it could go up or it could go down.

嗯，首先是資本支出數字，我的意思是，我們有這些範圍的原因是因為我們經常查看這個季度，它可能會上升也可能會下降。

I think what we looked at on a long term basis on our CapEx number frankly isn't so much based on what we think the market is going to do next year, because obviously we will adjust to that if we need to.

我認為，坦率地說，我們從長期來看我們的資本支出數字並不是基於我們認為明年市場將要做什麼，因為顯然我們會在需要時進行調整。

It is really around either planned expansion or planned technology conversions that we have, that obviously needed to be executed upon in terms of planning much before we ever get there, so that is why we have the ranges that we do.

它實際上是圍繞我們擁有的計劃擴展或計劃技術轉換，顯然需要在我們到達那里之前就計劃執行，所以這就是我們擁有我們所做的範圍的原因。

So is there a larger portion going to DRAM or to NAND, or how does that break out?

那麼，DRAM 或 NAND 是否有更大的部分，或者它是如何爆發的？

Well, again, it is a little hard, right off the top of my head to break that out, because remember we essentially have two projects in '09, in addition to what we would be doing on a normal basis among the wafer fabs.

好吧，再一次，我想打破它有點困難，因為記住我們在 09 年基本上有兩個項目，除了我們在晶圓廠中正常做的事情。

There are the IMFS and there is MeiYa, and those will both be in '09, at least calendar '09, so the timing of those are obviously independent of each other, and it is just a little hard for us to know exactly when one hits versus the other.

有 IMFS 和 MeiYa，它們都在 09 年，至少是 09 年日曆，所以它們的時間顯然是相互獨立的，我們很難確切知道它們是什麼時候命中與其他。

And then guys on the NAND side, can you talk a little bit about the solid state drive market especially going into enterprise, and I guess help me understand at what point will solid state drives be a big enough percentage of your NAND business to start breaking it out, and at least telling us 10 to 15, or 15 to 20% range?

然後是 NAND 方面的人，你能談談固態驅動器市場，尤其是進入企業市場嗎？我想幫助我了解固態驅動器在什麼時候將在你的 NAND 業務中佔據足夠大的比例以開始突破它出來了，至少告訴我們 10 到 15 或 15 到 20% 的範圍？

Well, it is critical to us from a strategic standpoint certainly, and we have got products both in the enterprise space, as you noted as well as in the client space, primarily for the notebook computer market.

嗯，從戰略的角度來看，這對我們來說當然是至關重要的，我們在企業領域和客戶領域都有產品，如您所指出的，主要用於筆記本電腦市場。

There is no revenue generation whatsoever today for us from either of those markets.

今天，這兩個市場中的任何一個都沒有為我們帶來任何收入。

In terms of it being meaningful, it is a little bit subjective, but we are probably looking at into well into next year, before we feel like it's meaningful, in terms of a revenue standpoint.

就它的意義而言，它有點主觀，但我們可能會考慮到明年，在我們覺得它有意義之前，就收入的角度而言。

I don't know that we are going to break it out publicly, but we are looking at it being meaningful for us sometime in the 2009 timeframe.

我不知道我們是否會公開發布它，但我們認為它在 2009 年的某個時間對我們來說是有意義的。

And then guys my last question, DDR3, what percent of the calendar second half capacity on DRAM do you think will be dedicated towards DDR3, and if you could help me understand the die size penalty that might exist, as you migrate to DDR3, that would be helpful.

然後伙計們，我的最後一個問題是 DDR3，您認為 DRAM 的日曆下半年容量的百分比將用於 DDR3，如果您能幫助我了解遷移到 DDR3 時可能存在的裸片尺寸損失，那會有幫助的。

Sure.

當然。

Our in terms of our output in the second half of the calendar year, we have got by the way plenty of flexibility to dial it up or down, because it utilizes essentially the same tool set in the fab, but we are currently targeting high-single digits of our DRAM output as being DDR3 in the second half of the year, and the penalty that we pay on the same density, DDR3 chip versus DDR2 at 78-nanometers, is about 3 or 4%, something like that.

就我們下半年的產量而言，順便說一句，我們有足夠的靈活性來調整它，因為它使用工廠中基本相同的工具集，但我們目前的目標是高-我們的 DRAM 產量在下半年是 DDR3 的個位數，我們在相同的密度上支付的罰金，DDR3 芯片與 78 納米的 DDR2 相比，大約是 3% 或 4%，差不多這樣。

Great.

偉大的。

Thanks, guys.

多謝你們。

Thank you.

謝謝你。

Our next question is coming from Glen Yeung of Citi.

我們的下一個問題來自花旗的 Glen Yeung。

Please go ahead.

請繼續。

[Peter Karazeris] for Glen Yeung.

[Peter Karazeris] 為 Glen Yeung。

Earlier you were asked about potential consolidation, specifically around Qimonda and Inotera.

早些時候你被問及潛在的整合，特別是圍繞奇夢達和 Inotera。

I realize that it you get this question quite often, and you have looked at it before.

我知道你經常會收到這個問題，而且你以前看過它。

I guess if you could layout for us some of the pros and cons, as far as taking on Qimonda, and then maybe separately just taking on, or Qimondas taking Inotera.

我想您是否可以為我們安排一些利弊，就接手奇夢達而言，然後可能單獨接手，或者奇夢達接手 Inotera。

It is almost impossible for us to do that, because we frankly don't have any kind of inside knowledge on what exists at Qimonda, Inotera, et cetera.

我們幾乎不可能做到這一點，因為坦率地說，我們對奇夢達、Inotera 等存在的東西一無所知。

So we have to, we will just have to look at that opportunity if it were to surface, but I couldn't lay anything out for you, because I don't know what it would look like at the moment.

所以我們必須，如果它出現，我們只需要看看那個機會，但我無法為你提供任何東西，因為我不知道它現在會是什麼樣子。

Okay, and then you talked about specialty memory, it sounded like image sensor, demand for image censors, and demand for low power DRAM was pretty healthy.

好的，然後你談到了專業內存，聽起來像圖像傳感器，對圖像檢查器的需求，對低功耗 DRAM 的需求非常健康。

Could you give us any sense of what kind of participation you have in embedded NAND, I guess there have been some, obviously there have been new smart phones launching, fairly high density, fairly large amount of NAND in them.

您能否告訴我們您在嵌入式 NAND 方面的參與情況，我猜有一些，顯然已經推出了新的智能手機，其中相當高密度、相當大量的 NAND。

If you could just talk about how those are impacting overall market demand?

如果你能談談這些是如何影響整體市場需求的？

Yes.

是的。

They are very important to us strategically particularly because, we are one of just a couple of semiconductor makers that have the ability to package it's own silicon in a NAND and low power DRAM multi-chip package.

它們在戰略上對我們非常重要，特別是因為我們是少數有能力將自己的矽封裝在 NAND 和低功耗 DRAM 多芯片封裝中的半導體製造商之一。

We have got quite a bit of activity with virtually every handset maker under way today, in terms of designing it and qualifying our products.

在設計和驗證我們的產品方面，我們今天與幾乎所有的手機製造商都進行了相當多的活動。

In terms of revenue contribution today, the NAND-based [MCP], which I believe you referred to as embedded NAND, are insignificant in terms of revenue generation.

就今天的收入貢獻而言，基於 NAND 的 [MCP]，我相信你稱之為嵌入式 NAND，在創收方面微不足道。

And then lastly, can you give me a sense of, as you look at second half capacity for DRAM, what kind of assumptions are you taking in for the market, as far as what Samsung's capacity build would be, going in Q3 and Q4, calendar Q3 and Q4?

最後，您能否給我一個感覺，當您查看 DRAM 下半年的產能時，您對市場有什麼樣的假設，就三星在第三季度和第四季度的產能建設而言，日曆 Q3 和 Q4？

Probably the best we can do is quote those industry experts that are out there, and largely what we have read is that Q2 marks the high water mark for sequential bit growth in the DRAM industry for calendar '08, so you would be looking at calendar Q3 and Q4 to be lower than what we just saw in calendar Q2.

可能我們能做的最好的事情就是引用那些業內專家的話，我們讀到的大部分內容是，Q2 標誌著 08 日曆 DRAM 行業連續位增長的高水位線，所以你會看日曆Q3 和 Q4 比我們剛剛在日曆 Q2 中看到的要低。

And in general, most of the "experts" are ranging some where between 55 to 65% total bit growth production year-over-year for the industry.

總的來說，大多數“專家”的範圍在 55% 到 65% 之間，該行業的總鑽頭產量同比增長。

You don't have any thoughts one way or another on what Samsung or any kind of your equipment, discussions with equipment manufacturers, what you think Samsung might be doing in the back half?

您對三星或您的任何設備，與設備製造商的討論，您認為三星在後半區可能會做什麼沒有任何想法？

No, and the obvious answer it is probably best to just ask them.

不，顯而易見的答案可能是最好問他們。

Sounds good.

聽起來不錯。

Thank you, I appreciate it.

謝謝你，我很感激。

You bet.

你打賭。

Thank you.

謝謝你。

Our next question is coming from Daniel Amir.

我們的下一個問題來自 Daniel Amir。

Please go ahead.

請繼續。

Yes, thanks for taking my call.

是的，謝謝你接我電話。

First of all on the 34-nanometer production of NAND, what percentage of your production in the second half of the year will be at 34-nanometer, and kind of what is the outlook there for the first half of next year?

首先是NAND的34納米產量，下半年34納米的產量佔多少，明年上半年的前景如何？

Well, Dan, it is Mark.

嗯，丹，是馬克。

We will have to dial that as the ramp progress and see how we are doing, but on a wafer basis, we would expect to be 50% transitioned at the end of the year, something on that order.

隨著斜坡的進展，我們將不得不撥通這一點，看看我們做得如何，但在晶圓的基礎上，我們預計到年底將有 50% 的過渡，按這個順序。

50%?

50%？

Okay, and then the second question, related to the Nanya opportunity, and what they have discussed so far, when should we start seeing kind of a kick-in on the royalty or payment front, that would really start impacting your model?

好的，然後是第二個問題，與 Nanya 的機會有關，以及他們到目前為止所討論的內容，我們什麼時候應該開始看到版稅或付款方面的啟動，這將真正開始影響您的模型？

I mean, is it second half of calendar year '09?

我的意思是，是 09 日曆年的下半年嗎？

Is it before that?

是在那之前嗎？

I think that in two different terms you would see some of the up front payments upon close, I believe it is, and then royalties obviously would be associated with the ramp of either the Nanya converted capacity, and/or the joint venture.

我認為，在兩種不同的術語中，您會在關閉時看到一些預付款，我相信是這樣，然後特許權使用費顯然與南亞轉換產能和/或合資企業的增長有關。

And in terms of the timeline?

就時間表而言？

I believe Nanya had quoted first half '09 for their conversion, their captive capacity and second half '09 calendar for the joint venture.

我相信南亞已經引用了 09 年上半年的轉換、他們的專屬產能和 09 年下半年的合資企業日曆。

Okay, and then third question related to the image sensor, can you give us an update where we potentially stand, and I guess the separation of the business, and also follow-up of the question to that, your margin has obviously increased quite nicely there this quarter.

好的，然後是與圖像傳感器相關的第三個問題，您能否給我們一個更新我們可能處於的位置，我猜是業務的分離，以及問題的後續，您的利潤顯然增加得很好本季度在那裡。

Can you comment I guess a bit about the mix there, and what were the factors?

你能評論一下我猜想那裡的混合嗎？是什麼因素？

Yes.

是的。

First of all, for that business as you noted, it did improve, and that is I think largely reflective of the image business migrating more towards the higher end pixel density, and obviously, it was 2 meg, and I think as we move throughout this Fall, second half will probably be dominated by 3 meg, and we were very well-positioned in that space, and clearly, that business bottomed really a couple quarters ago, and if you noticed our results compared to some others, we have continued on a pretty good path of recovering, I think where we had lost for a couple of other reasons out of the marketplace historically, so that is actually going pretty well.

首先，對於您提到的那個業務，它確實有所改善，我認為這在很大程度上反映了圖像業務向更高端像素密度的遷移，顯然，它是 2 兆，我認為隨著我們的移動今年秋天，下半年可能會以 3 兆歐為主，我們在那個領域處於非常有利的位置，很明顯，這個業務在幾個季度前真的觸底了，如果你注意到我們的結果與其他一些相比，我們會繼續在一條相當不錯的複蘇道路上，我認為我們在歷史上由於其他幾個原因而在市場之外輸掉了，所以實際上進展得很好。

We know what our targets are for that business, and as we have noted before, we are exploring with potential partners how we can achieve those targets, and I would just say that we hope to accomplish, or I suppose another way to frame it was complete, something some time in this quarter, in terms of separation.

我們知道我們對該業務的目標是什麼，並且正如我們之前所指出的，我們正在與潛在的合作夥伴探索我們如何實現這些目標，我只想說我們希望實現，或者我想另一種方式來構建它完成，在本季度的某個時間，在分離方面。

Okay, thanks a lot.

好的，非常感謝。

Thank you.

謝謝你。

Our next question is coming from Vijay Rakesh, please go ahead.

我們的下一個問題來自 Vijay Rakesh，請繼續。

Back to the licensing question with Nanya.

回到南亞的許可問題。

Apart from the JV RAM, when would you start seeing up-front licensing from Nanya?

除了 JV RAM，您什麼時候會開始看到 Nanya 的預先許可？

I think we answered that before, the first licensing piece, comes in conjunction with the closing or technology transfer, and then the royalty stream begins as they ramp production.

我想我們之前已經回答過，第一個許可部分與關閉或技術轉讓一起出現，然後隨著他們增加生產，版稅流開始。

And so, when do you expect that closing?

所以，你預計什麼時候結束？

We haven't put any estimated date.

我們還沒有給出任何估計日期。

Got it, okay.

明白了，好吧。

And on the DRAM side, this is last question, on the DRAM side you said pricing so far looks flattish.

在 DRAM 方面，這是最後一個問題，在 DRAM 方面，您說到目前為止的價格看起來平淡無奇。

Any [thought] on various things for the quarter that ramps out at everything with demand and the channel?

對本季度的各種事情有什麼[想法]，這些事情隨著需求和渠道的增加而逐漸增加？

Well, a comment on the quarter today pricing being flat.

好吧，今天這個季度的評論價格持平。

There are several components of that of course, and the commodity DDR2 pricing for the PC industry is actually up quite nicely.

當然，其中有幾個組成部分，PC 行業的商品 DDR2 價格實際上上漲得相當不錯。

It has actually been raising, rising every two week negotiation period since February.

它實際上一直在上漲，自 2 月以來每兩週的談判期都會上漲。

As a matter of fact, the commodity DDR2 contract pricing today is up about 35%, relative to where it bottomed out in February, so that is moving up quite nicely.

事實上，今天的商品 DDR2 合約價格相對於 2 月份的觸底水平上漲了約 35%，因此上漲得相當不錯。

The other part of our DRAM product portfolio is our specialty DRAM products, and actually that is quite significant for us.

我們 DRAM 產品組合的另一部分是我們的專業 DRAM 產品，實際上這對我們來說非常重要。

So the logical conclusion is that that pricing has come down somewhat to affect an overall basically flat pricing quarter to date.

因此，合乎邏輯的結論是，定價已經有所下降，以影響迄今為止總體基本持平的定價季度。

And just one last question on R&D and SG&A, you said they should be coming down slightly.

最後一個關於研發和 SG&A 的問題，你說它們應該會略微下降。

Any quantification that it would be down 5% as you look for Q4, and kind of quarter to quarter?

有沒有量化它會在你尋找第四季度時下降 5%，並且每季度都會下降 5%？

We couldn't quite hear your question.

我們聽不清你的問題。

You said R&D and SG&A should be coming down slightly as you look at Q4.

您說，當您查看第四季度時，研發和 SG&A 應該會略有下降。

Just quarter-over-quarter, any more quantification kind of, will it be down 5% quarter-over-quarter on the R&D and SG&A line?

只是季度環比，更量化的，研發和 SG&A 線上的季度環比會下降 5% 嗎？

Any more color on that, was that your question?

還有更多顏色，這是你的問題嗎？

Yes.

是的。

We are continuing to do cost management efforts across all of our SG&A and R&D areas, and also have got the benefits of some of our prior actions that are continuing to flow through, so in general, we see that it will be as I mentioned flat to slightly down in the fourth quarter, and we will keep managing that in a downward trajectory as a percent of revenue also, as we do our planning process going forward.

我們將繼續在我們所有的 SG&A 和 R&D 領域進行成本管理工作，並且還從我們之前繼續實施的一些行動中受益，所以總的來說，我們看到它會像我提到的那樣持平在第四季度略有下降，我們將繼續以下降的軌跡管理這一點，作為收入的百分比，我們將繼續進行規劃過程。

And Vijay, probably some other color around that is we think that we have probably run out not all but a lot of what has happened on the SG&A side, and obviously we continue to go through these technology transitions, and make them more efficient, and we think that that is probably where we have some left, to continue to wring out, and I think it is probably worth noting that it is in that at least quarter-over-quarter, probably somewhere in that 5% range that we would expect to see.

還有 Vijay，可能還有其他一些顏色，我們認為我們可能已經用完了 SG&A 方面發生的很多事情，而不是全部，顯然我們將繼續經歷這些技術轉型，並使它們更有效率，並且我們認為這可能是我們還有一些剩餘的地方，可以繼續榨乾，我認為可能值得注意的是，它至少是季度環比，可能在我們預期的 5% 範圍內查看。

And this mid-quarter separation on the imaging sector should also happen, right?

成像行業的這種季度中期分離也應該發生，對吧？

Well I think that is a good point that you make.

嗯，我認為這是一個很好的觀點。

Right now, as you might imagine, because it is a slightly different business that the imaging business actually has slightly higher R&D and SG&A as a part of that business, than the memory business does, and so that also happens to be lifting the index if you will, for our current operating expenses, and as we expect to get that separated this quarter, then that obviously would then come out of the calculation as well.

現在，正如您可能想像的那樣，因為這是一個略有不同的業務，作為該業務的一部分，成像業務實際上比內存業務具有略高的研發和 SG&A，因此，如果你會，對於我們目前的運營費用，並且我們希望在本季度將其分開，那麼這顯然也會從計算中得出。

Okay, great.

好，太棒了。

Thanks a lot, guys, good job.

非常感謝，伙計們，幹得好。

Thank you.

謝謝你。

Our next question is coming from Jim Covello.

我們的下一個問題來自 Jim Covello。

Please go ahead.

請繼續。

Thanks, just a couple quick questions.

謝謝，只是幾個簡單的問題。

First on content per box, I heard what you said has been sort of going on up until now with good increase in content per box.

首先是每個盒子的內容，我聽說你所說的一直持續到現在，每個盒子的內容都有很大的增加。

Question is kind of short-term is, are you concerned at all that because of some of the price increases that the OEMs are feeling from other components, or some of the commodity costs getting passed through to them, that the content per box could slow a little bit, and then longer term, any concerns around the issues with 32-bit operating systems, and only recognizing 3 gigs or so of DRAM, and what workarounds we might see for that?

問題是短期的，您是否擔心由於原始設備製造商從其他組件感受到的一些價格上漲，或者一些商品成本轉嫁給他們，每盒的內容可能會減慢一點點，然後是長期，關於 32 位操作系統問題的任何擔憂，並且只識別 3 gigs 左右的 DRAM，我們可能會看到哪些解決方法？

Sure.

當然。

On the pricing issue with respect to its impact on content, absolutely there is whatever we see increasing PC component prices, and in this case, an increasing price on the component that we provide, certainly we get concerned about that applying margin pressure to the PC makers and potentially resulting in them slowing down content.

關於其對內容的影響的定價問題，絕對有我們看到 PC 組件價格上漲的情況，在這種情況下，我們提供的組件價格上漲，當然我們擔心會給 PC 帶來利潤壓力製造商，並可能導致他們放慢內容。

I can only say to date, Jim, that we haven't seen that be the case, and right up through the last couple of weeks, as I mentioned we have seen roughly 35% price increases in the DDR2 area.

到目前為止，我只能說，Jim，我們還沒有看到這種情況，直到最近幾週，正如我提到的，我們看到 DDR2 區域的價格上漲了大約 35%。

We haven't seen a slowdown in content yet, but it is something we need to watch very carefully, because there is no question that rising prices may have some impact, in terms of content per system.

我們還沒有看到內容放緩，但我們需要非常仔細地觀察，因為毫無疑問，價格上漲可能會對每個系統的內容產生一些影響。

The second question on the memory limitation of a 32-bit operating system, is it a longer term concern, certainly it would be a longer term concern, if we weren't going to see the industry move to 64-bit operating systems.

關於 32 位操作系統的內存限制的第二個問題是，如果我們不打算看到行業轉向 64 位操作系統，這是否是一個長期問題，當然這將是一個長期問題。

That obviously lifts the head room or the cap tremendously, above the 4-gigabyte limitation of 32-bit operating systems, but it is probably worth noting that today the average content per box is 2-gigabytes roughly, and we have still got plenty of room to go to get to that 4-gigabyte per system limitation on 32-bit systems.

這顯然大大提升了頭部空間或上限，超過了 32 位操作系統的 4 GB 限制，但可能值得注意的是，今天每個盒子的平均內容大約是 2 GB，我們仍然有很多在 32 位系統上達到每個系統 4 GB 限制的空間。

It seems like there is a little bit of confusion among the industry folks, whether it is 3, or a little over 3-gigs, or 4-gigs is the limitation.

業內人士似乎有點困惑，無論是 3 個，還是 3 個多一點，或者 4 個是限制。

Your clear view is that 4 gigs is sort of you, you can go up to 4 gigs?

你的明確觀點是 4 場演出就是你，你可以去 4 場演出嗎？

Well I think it is a mathematical calculation as opposed to speculation, so 4 gigabytes would be the limitation, and we have got pretty clear sailing to 4 gigabytes I believe.

嗯，我認為這是一個數學計算，而不是推測，所以 4 GB 將是限制，我相信我們已經很清楚地航行到 4 GB。

Maybe if I could ask a final question of Ron.

也許我可以問羅恩的最後一個問題。

How are you feeling about the balance sheet, and what potentially might be put there that or what would be the pressure points to cause you to want to go out and raise some additional capital to get you through the current period?

你對資產負債表感覺如何，可能會出現什麼問題，或者是什麼壓力點導致你想出去籌集一些額外的資金來度過當前的時期？

Yes, Jim.

是的，吉姆。

As I mentioned I gave the perspective on '09 CapEx, and our plans and commitments going forward.

正如我所提到的，我對 09 年的資本支出以及我們未來的計劃和承諾進行了展望。

We are continuing to monitor a couple of things.

我們正在繼續監視一些事情。

One is the memory market trends and pricing, and secondly, obviously taking a look at business growth opportunities that we might foresee in the future, and evaluating our cash position and cash requirements.

一是內存市場趨勢和定價，二是看一看我們未來可能預見的業務增長機會，並評估我們的現金狀況和現金需求。

We are going through our planning process now, and we are obviously mapping out our cash requirements and plans, as I mentioned them, in terms of the CapEx structure.

我們現在正在完成我們的計劃過程，正如我所提到的，我們顯然正在根據資本支出結構制定我們的現金需求和計劃。

Great.

偉大的。

Thanks so much.

非常感謝。

Yes.

是的。

Thank you.

謝謝你。

Our next question is coming from Hans Mosesmann.

我們的下一個問題來自 Hans Mosesmann。

Please go ahead.

請繼續。

Question on CMOS censors.

關於 CMOS 審查器的問題。

What is the market environment?

市場環境如何？

Is it something that you would characterize as seasonal going into this quarter?

您認為這是進入本季度的季節性因素嗎？

Sure.

當然。

I think we are starting to head into what should be a strong seasonal period.

我認為我們開始進入應該是一個強勁的季節性時期。

Actually, the results that we delivered in fiscal Q3, were in what would typically be regarded as a slack seasonal period in terms of demand, and I think the growth in Q3 can be attributed to our strong position in the high pixel density area, and that would be in the 3 and 5 megapixel density area.

實際上，我們在第三財季交付的結果，在需求方面通常被認為是淡季，我認為第三季度的增長可以歸因於我們在高像素密度領域的強勢地位，以及那將是在 3 和 5 兆像素密度區域。

We are probably about a month away from seeing what should be a good seasonal uptick, in terms of mobile phone and PC demand, and so forth, so the real strong tailwind that we expect to get from the market seasonally, is still just a little bit in front of us.

就手機和個人電腦需求等而言，我們可能還有大約一個月的時間才能看到良好的季節性上漲，因此我們期望從市場季節性獲得的真正強勁順風仍然只是一點點位在我們面前。

Okay, and then one follow-up on that subject, but on DRAM.

好的，然後是關於該主題的後續行動，但在 DRAM 上。

Have you seen any indication of Back-to-School, or are we just a little too early for that?

你有沒有看到任何返校的跡象，或者我們只是有點太早了？

I believe that we are a little bit too early for it.

我相信我們現在有點太早了。

My hopes are that pricing trends that we have carried forward since February in the commodity area will get us through, what I would call the slack seasonal period, which extends now about another month, and if that is the case, I feel really good about the strong seasonal demand, kind of carrying it through the rest of the year.

我希望我們自 2 月以來在大宗商品領域延續的定價趨勢將使我們度過難關，我稱之為淡季季節，現在又延長了一個月，如果是這樣的話，我感覺很好強勁的季節性需求，在今年剩下的時間裡都有。

Okay, thank you.

好的謝謝你。

Okay.

好的。

Thank you.

謝謝你。

Our next question is coming from Krishna Shankar.

我們的下一個問題來自 Krishna Shankar。

Please go ahead.

請繼續。

Yes, the 55 to 65% bit number that you mentioned for DRAM, is that industry DRAM production this year, and is that despite the CapEx cuts of 40 to 50% in memory?

是的，你提到的 DRAM 的 55% 到 65% 的位數，是今年的行業 DRAM 產量嗎？儘管內存的資本支出削減了 40% 到 50%？

Yes, that is correct.

對，那是正確的。

And what is your best assessment of NAND Flash production this year, bit production this year, and demand, given factors, such as SSD drives, and things like the new iPhone and 3G phones?

您對今年的 NAND 閃存產量、今年的比特產量和需求的最佳評估是什麼？給定因素，例如 SSD 驅動器，以及新 iPhone 和 3G 手機等因素？

Yes, I will stay my comments more to the supply side, and again those same industry groups that track that are looking at 130 to about 145% on bit growth, and I don't know if Mike would like to put any additional color around the demand side?

是的，我將把我的評論更多地放在供應方面，同樣，那些追踪比特增長 130% 到 145% 的同行業團體，我不知道邁克是否願意在周圍加上任何額外的顏色需求方？

Demand in the NAND Flash area, the card demand is really a function of market price as well particularly the density of cards, so the demand is going to be sufficient to absorb that 130 to 150% supply growth that Kipp talked about, but the only question is at what price is it going to sell, so I hope that provides some clarity.

NAND Flash 領域的需求，卡需求實際上是市場價格以及卡密度的函數，因此需求將足以吸收 Kipp 所說的 130% 到 150% 的供應增長，但唯一的問題是它將以什麼價格出售，所以我希望這能提供一些明確性。

Just a note by the way I will answer a question before that was asked with respect to DRAM demand, our best view is in the computing space because we have got some pretty tight connections with the various computer manufacturers, and what we are looking at in terms of demand, DRAM bit demand growth in calendar 2008 is about 65 to 70% at least from a sampling of our customers, and in calendar Q3 relative to calendar Q2 so on a sequential basis about a 25% growth.

順便提一下，在此之前我將回答一個關於 DRAM 需求的問題，我們最好的觀點是在計算領域，因為我們與各種計算機製造商建立了非常緊密的聯繫，以及我們正在研究的內容就需求而言，2008 年的 DRAM 位需求增長至少從我們的客戶樣本中得到了大約 65% 到 70%，並且在日曆 Q3 相對於日曆 Q2 環比增長了大約 25%。

Okay, and in NAND Flash, I know that you have pushed out your Singapore fab.

好的，在 NAND 閃存中，我知道你已經推出了你的新加坡工廠。

Are you seeing other evidence of NAND Flash capacity cuts?

您是否看到其他 NAND 閃存容量減少的證據？

What do you see out there, in terms of capacity additions or cutbacks to NAND Flash?

在 NAND 閃存的容量增加或縮減方面，您看到了什麼？

Well, we have seen a couple of competitor announcements but those are all public, and I think you can pull those off the public websites, probably better than we can report them to you here.

好吧，我們已經看到了一些競爭對手的公告，但這些都是公開的，我認為您可以從公共網站上刪除這些公告，這可能比我們在這裡向您報告要好。

Okay, thank you.

好的謝謝你。

You bet.

你打賭。

Thank you.

謝謝你。

Our next question is [Kan Wilkel] calling for John Lau.

我們的下一個問題是 [Kan Wilkel] 呼籲 John Lau。

Please go ahead.

請繼續。

calling in for John Lau.

打電話給劉強東。

My first clarification on your 2009 CapEx budget that 1.5 to $2 billion range you gave, does that include your joint venture in IMFT and Nanya, your contribution to those ventures?

我第一次澄清你 2009 年的資本支出預算，即你給出的 1.5 到 20 億美元的範圍，這是否包括你在 IMFT 和南亞的合資企業，你對這些企業的貢獻？

This is Ron.

這是羅恩。

The 1.5 to $2 billion is our gross CapEx expenditures we anticipate for our facilities in 2009.

1.5 到 20 億美元是我們預計 2009 年設施的資本支出總額。

It does not include capital contribution that we have committed to 550 million for the MeiYa joint venture that is for the 2009 calendar year.

不包括我們為美亞合資公司承諾的2009日曆年出資5.5億。

Okay.

好的。

And how about IMFT in Flash?

Flash 中的 IMFT 怎麼樣？

Yes, that is included.

是的，包括在內。

Yes.

是的。

Okay, that is included.

好的，包括在內。

And my second question was regarding your image censors business.

我的第二個問題是關於你們的圖像審查業務。

Could you give us a percentage of your sales coming from higher end, or higher megapixel image censors, like 3 megapixel and above?

您能否給我們提供來自高端或更高百萬像素圖像審查器（如 3 百萬像素及以上）的銷售額百分比？

Could you please repeat that question?

你能重複一下這個問題嗎？

Yes, how much of your image sensor business is 3 megapixel and above?

是的，您的圖像傳感器業務中有多少是 3 兆像素及以上？

Oh, we just reviewed that data before the call.

哦，我們剛剛在通話前查看了這些數據。

It is more than 50%.

超過 50%。

And to which end markets are you you selling it, handsets versus digital cameras?

你把它賣到哪個終端市場，手機還是數碼相機？

The majority of the revenue is going to handsets, that is correct.

大部分收入流向手機，這是正確的。

Okay, so are you seeing trend wherein digital cameras, your image censors are replacing CCDs, or is that domain pretty much left to CCD?

好的，那麼您是否看到了數碼相機、您的圖像檢查器正在取代 CCD 的趨勢，或者該領域幾乎是留給 CCD 的？

No.

不。

We have selectively won a couple of camera designs away from the CTD makers at the 8 and 9 megapixel area, so I certainly would not suggest that today, CMOS censors are taking over CCDs in the DSC space, digital still camera space, but we have between 5 and 10 active projects under way in the digital still camera area with our CMOS censors.

我們有選擇地在 8 和 9 兆像素區域從 CTD 製造商那裡贏得了一些相機設計，所以我當然不會建議今天，CMOS 審查員正在接管 DSC 領域、數碼相機領域的 CCD，但我們有我們的 CMOS 審查器在數碼相機領域正在進行 5 到 10 個活躍的項目。

Okay, that helps a lot.

好的，這很有幫助。

Thanks a lot.

非常感謝。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from Bob Gujavarty, please go ahead.

我們的下一個問題來自 Bob Gujavarty，請繼續。

Thanks for taking my question.

感謝您提出我的問題。

One question, do you see any impact, I know it is hard to figure out but judge decisions, but Rambus' IPC action, or asking for an injunction when Hynix, would that impact your business at all, or just kind of curious, if they happen to get that injunction?

一個問題，您是否看到任何影響，我知道很難弄清楚但要判斷決定，但是 Rambus 的 IPC 行動，或者在 Hynix 時要求禁令，這是否會影響您的業務，或者只是有點好奇，如果他們碰巧得到了禁令？

Yes, we haven't even considered that.

是的，我們甚至沒有考慮到這一點。

We don't really have any comment on it, because that is a legal proceeding between somebody else, but that hasn't gone into our thinking.

我們對此沒有任何評論，因為這是其他人之間的法律程序，但這並沒有進入我們的考慮範圍。

Okay, great.

好，太棒了。

And also if you look at some of the data from DRAM exchange on the NAND contract prices, it seems like the 8 gigabit MLC is taking a particular pounding.

此外，如果您查看 DRAM 交易所關於 NAND 合同價格的一些數據，似乎 8 Gb MLC 正在遭受特別重的打擊。

Can you talk about maybe why that may be?

你能談談為什麼會這樣嗎？

Is that the mainstream density now?

那是現在的主流密度嗎？

Is that where everybody's production volumes are, just kind of curious if you have some insight there?

那是每個人的產量都在那裡嗎，如果您對此有所了解，有點好奇嗎？

Our mainstream volume is the 2 gigabyte or 16 gigabit chip.

我們的主流體積是 2GB 或 16GB 的芯片。

I have not seen a significant difference in the market prices for 1 gigabyte versus 2 gigabyte chips.

我沒有看到 1 GB 和 2 GB 芯片的市場價格有顯著差異。

Certainly the sweet spot in the market today in terms of volume, is MLP, either 1 gigabyte or 2 gigabyte chips, and yes as I mentioned in my comments at the beginning of the call, the market today is clearly oversupplied, and there is price pressure certainly across the sweet spot products, and that would include the 8 gigabit chip you referenced.

就數量而言，今天市場上的最佳點當然是 MLP，1 GB 或 2 GB 芯片，是的，正如我在電話會議開始時的評論中提到的那樣，今天的市場顯然供過於求，而且有價格甜蜜點產品的壓力肯定會存在，這將包括您提到的 8 千兆位芯片。

Okay, great and the final question, can you give us an update on Lehi, and where you are in that ramp, whether the wafer starts are as a percentage of the peak capacity, whatever way you would like to put it?

好的，很好，最後一個問題，你能告訴我們關於 Lehi 的最新情況嗎？你在那個坡道上的哪個位置，晶圓開始是否占峰值產能的百分比，無論你想怎麼表達？

Sure.

當然。

We hit our initial peak capacity about six months ago, and we are in the process of adding roughly 15% additional, and that will play out through the second calendar half of the year.

我們大約在六個月前達到了最初的峰值容量，我們正在增加大約 15% 的額外容量，這將持續到今年下半年。

From a technology perspective, the vast majority is on 50-nanometer today, but we are into the 34-nanometer transition now.

從技術角度來看，今天絕大多數是 50 納米，但我們現在正在進入 34 納米過渡。

Okay, and would the 15% additional capacity, what is the capacity at Lehi, on a wafer starts basis?

好的，那麼 15% 的額外產能，Lehi 的產能是多少，在晶圓開始的基礎上？

It will be roughly 60,000 a month.

每個月大約有60,000個。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question is coming from Kevin Cassidy.

我們的下一個問題來自 Kevin Cassidy。

Please go ahead.

請繼續。

It looks like on the specialty DRAM, you had pricing coming down tremendously.

看起來在專用 DRAM 上，您的價格大幅下降。

Can you talk more about that?

你能多談談嗎？

I wouldn't say pricing came down tremendously by any means.

我不會說價格以任何方式大幅下降。

We had virtually all of our bit growth in the quarter came from the commodity DRAM area, so think of our specialty DRAM product portfolio as being, I don't have the specifics at any finger tips, but relatively flat quarter-over-quarter, virtually all of the bit growth came from the commodity DRAM area, and just as a reference point, the average selling price per bit in the commodity DRAM area, think of it as being in the 3 to $4 range, and the average selling price per bit in the specialty DRAM product area think of it being in the 10 to $12 range, so the net effect of the growth in the commodity DRAM area even though we are in a very strengthening pricing environment, was that 5% quarter-over-quarter DRAM ASP decline.

本季度我們幾乎所有的位增長都來自商品 DRAM 領域，所以想想我們的專業 DRAM 產品組合，我沒有任何指尖的細節，但季度環比相對持平，幾乎所有的位增長都來自商品 DRAM 領域，作為參考點，商品 DRAM 領域的每位平均售價，認為它在 3 到 4 美元的範圍內，每位的平均售價專業 DRAM 產品領域的位認為它在 10 到 12 美元的範圍內，因此即使我們處於非常強勁的定價環境中，商品 DRAM 領域的增長的淨效應是環比增長 5% DRAM ASP 下降。

Okay.

好的。

I hope I explained that clearly.

我希望我解釋清楚了。

No, that it is very good.

不，它非常好。

Very good.

很好。

How about going forward?

前進怎麼辦？

Do you see the pricing still flat going into next quarter?

您認為下個季度的價格仍然持平嗎？

Well, as I mentioned if you weren't on at the beginning of the call, I mentioned that our average DRAM pricing through the first 3.5 weeks of Fiscal Q4 is relatively flat.

好吧，正如我提到的，如果你在電話會議開始時沒有參加，我提到我們在第四財季前 3.5 週的平均 DRAM 價格相對持平。

It is flat relative to what we actually achieved in fiscal Q3 , so as the mix may change going through the balance of the quarter, who knows what impact that will have, but with no speculation whatsoever, just actual results, the first 3.5 weeks of the quarter DRAM pricing is flat.

它與我們在第三財季實際取得的成績相比持平，因此在本季度的剩餘時間裡，組合可能會發生變化，誰知道這會產生什麼影響，但沒有任何猜測，只是實際結果，前 3.5 週本季度 DRAM 價格持平。

I think you did ask where we may be seeing pricing pressure in the specialty DRAM area, and in particular, the low density synchronous DRAM area for a variety of consumer applications, hard disk drives, and so forth, we are seeing I will say more severe price pressure in that area, than we are in any other portion of the specialty DRAM product

我想你確實問過我們在專業 DRAM 領域可能會在哪裡看到價格壓力，特別是用於各種消費應用、硬盤驅動器等的低密度同步 DRAM 領域，我們看到了我會說更多與我們在專業 DRAM 產品的任何其他部分相比，該領域的價格壓力嚴重

Okay, yes.

好的，是的。

That was my question, thank you.

那是我的問題，謝謝。

Thank you.

謝謝你。

Our next question is coming from Atif Malik.

我們的下一個問題來自 Atif Malik。

Please go ahead.

請繼續。

Thanks for taking my question.

感謝您提出我的問題。

On NAND, if you look at the last two years, June is a typical month that you start seeing some seasonal strength, and here June has been quite weak.

在 NAND 上，如果你看看過去兩年，6 月是一個典型的月份，你開始看到一些季節性的強勢，而這裡 6 月份一直很弱。

Is there a scenario where NAND could be in oversupply for the rest of the year?

是否存在 NAND 在今年餘下時間供過於求的情況？

Is that a scenario that you guys are modeling and factoring in business conditions?

這是你們正在建模和考慮業務條件的場景嗎？

Of course, we are modeling all different kinds of scenarios in our business conditions, but we can't speculate on what the relative balance is going to be through the rest of the year.

當然，我們正在對業務條件下的所有不同類型的場景進行建模，但我們無法推測今年剩餘時間的相對平衡情況。

I think we are confident that demand is going to be stronger in the second half of the calendar year, than it was in the first half of the year, due to the consumer nature of the products that consume NAND Flash, whether it is going to be strong enough to absorb the supply, that is your job as well as our job, to try to sense that, but we aren't going to make a prediction.

我認為我們有信心下半年的需求會比上半年更強勁，因為消耗 NAND Flash 的產品的消費性質，無論是足夠強大以吸收供應，這是你的工作，也是我們的工作，試圖感知這一點，但我們不會做出預測。

Okay and Fiscal Year '09 CapEx any comments on the loading of that CapEx, or is it just too early?

好的，09 財年資本支出對加載該資本支出的任何評論，還是為時過早？

This is Ron.

這是羅恩。

We haven't specifically broken it out by quarter, just given a view, and we will work through it during the year.

我們沒有具體按季度細分，只是給出了一個看法，我們將在年內完成它。

Okay, and one last question.

好的，還有最後一個問題。

I mean, some of your peers are struggling with their yields, we keep on hearing about defective dies on both the NAND and DRAM side.

我的意思是，你們的一些同行正在努力提高產量，我們不斷聽到有關 NAND 和 DRAM 方面有缺陷的裸片的消息。

Is your sense, what is the probability of some of your peers hitting defect challenges, and migration issues in second half '08?

您的感覺是，您的一些同行在 08 年下半年遇到缺陷挑戰和遷移問題的可能性有多大？

Is the probability higher, as we move to the 5X nanometer of DRAM, and 4X and below nanometer NAND?

隨著我們轉向 DRAM 的 5X 納米和 4X 及以下納米 NAND，概率是否更高？

Well, yes, it is hard to say exactly what our competitors are experiencing.

嗯，是的，很難準確地說出我們的競爭對手正在經歷什麼。

I would say generally, that yes, the technology is not getting any easier.

我一般會說，是的，這項技術並沒有變得更容易。

For Micron, however, I have got to tell you we are pretty comfortable with our technology from a defect and yieldability standpoint.

然而，對於美光，我必須告訴你，從缺陷和良率的角度來看，我們對我們的技術非常滿意。

We are particularly pleased with where our 34-nanometer is coming out, and we think that we have done some things in a different way there, that are going to give us potentially significant advantages as we do that ramp.

我們對 34 納米的問世特別滿意，我們認為我們在那里以不同的方式做了一些事情，這將給我們帶來潛在的顯著優勢。

Okay, thanks.

好的謝謝。

Thank you.

謝謝你。

Our next question is coming from Bill Waite.

我們的下一個問題來自比爾·韋特。

Please go ahead.

請繼續。

Hi, guys, thanks.

嗨，伙計們，謝謝。

A quick macro question for you.

給你一個快速的宏觀問題。

Any commentary in general would be appreciated.

一般而言，任何評論將不勝感激。

You talk about the geographic breakout of revenue, and whether you see the trends from the last couple of quarters, and the last year or two, continuing through the end of this year and then anything on out --?

您談到了收入的地理突破，以及您是否看到過去幾個季度以及過去一兩年的趨勢，一直持續到今年年底，然後是什麼？

We are having a tough time hearing your question, but I think I have got it.

我們很難聽到你的問題，但我想我明白了。

Basically, we have split our geographic revenues out a couple of different ways.

基本上，我們將地理收入分成了幾種不同的方式。

75% is outside of the U.S., and 50% is in the outside of the U.S.

75% 在美國以外，50% 在美國以外。

in to Europe.

到歐洲。

Is that about right, Mike?

是這樣嗎，邁克？

Yes.

是的。

Okay, can you hear me better now?

好的，你現在能聽到我的聲音了嗎？

A lot better.

好了很多。

Thanks.

謝謝。

Can you talk about going forward whether you see the trend sort of continuing, and how that, in talking to your customers, what they are seeing as well and the degree to which they have communicated that to you?

您能否談談您是否看到這種趨勢仍在繼續，以及在與您的客戶交談時，他們所看到的以及他們與您溝通的程度如何？

Where will you recognize revenue, it can be somewhat misleading.

您將在哪裡確認收入，這可能會有些誤導。

Certainly the trend is that more and more shipments are going into what we would, we call Greater China, which is Taiwan, Hong Kong, and China itself.

當然，趨勢是越來越多的貨物進入我們所說的大中華區，即台灣、香港和中國本身。

That has been the trend in not only at Micron, but it has been the trend in the industry for at least the last 10 years, and I would certainly expect that trend is going to continue.

這不僅是美光的趨勢，而且至少在過去的 10 年裡一直是該行業的趨勢，我當然希望這種趨勢會持續下去。

Can you put any quantify that and put any numbers on it, with regard to you all specifically?

你能具體對你們進行量化並在上面加上任何數字嗎？

No, I can not.

不，我不能。

Many thanks.

非常感謝。

Thank you.

謝謝你。

Our next question is coming from Kevin Vassily, please go ahead.

我們的下一個問題來自 Kevin Vassily，請繼續。

Please go ahead.

請繼續。

Thanks for taking my call.

感謝您接聽我的電話。

I want to go back to the demand dynamics in specialty versus commodity DRAM.

我想回到特種 DRAM 與商品 DRAM 的需求動態。

Would flat bit growth or no bit growth in what is essentially a calendar Q2 and your fiscal Q3, be a normal trend for you guys, and as you look out into your fiscal Q4, do you see a resumption of growth, in what is obviously a more profitable part of your business?

在本質上是日曆 Q2 和財政 Q3 的情況下，增長持平還是沒有增長，對你們來說是正常趨勢，當你展望第四財政季度時，你是否看到增長的恢復，顯然是您的業務中更有利可圖的部分？

A flat quarter for us, especially in the DRAM area would not be normal, although it wouldn't be, we are not particularly concerned.

對我們來說，一個季度持平是不正常的，尤其是在 DRAM 領域，雖然不是，但我們並不特別擔心。

It is not alarming, let's put it that way.

這並不可怕，讓我們這樣說吧。

We expect our specialty DRAM business to continue to grow.

我們預計我們的特種 DRAM 業務將繼續增長。

We do expect the components of that are going to be slightly different.

我們確實希望其中的組件會略有不同。

We believe that our business in the mobile handset area, our DRAM business in the mobile handset area is going to grow rapidly.

我們相信我們在手機領域的業務，我們在手機領域的DRAM業務將會快速增長。

We believe our market share in that area is relatively low, so there is plenty of room for us to take additional market share, and exhibit some pretty strong growth in that area, and that business in particular does have a seasonal, the demand in that business does have a seasonal component to it.

我們認為我們在該領域的市場份額相對較低，因此我們有足夠的空間來獲得額外的市場份額，並在該領域表現出相當強勁的增長，尤其是該業務確實有季節性的需求業務確實有季節性因素。

Okay.

好的。

Were you at all constrained in terms of some of your trailing edge lines, in terms of being able to kind of grow that business?

您是否在一些後緣線方面受到限制，就能夠發展該業務而言？

I heard you mention that you were transitioning some of that product over to 300 millimeters.

我聽說你提到你正在將一些產品過渡到 300 毫米。

Yes, we were.

是的我們曾經是。

I am glad you asked the question.

我很高興你問了這個問題。

We as I mentioned in the comments I made earlier, most of the specialty DRAM portfolio is manufactured on 200 millimeter wafers, and as you know, we are not growing 200-millimeter capacity.

正如我在之前的評論中提到的，大多數專業 DRAM 產品組合都是在 200 毫米晶圓上製造的，而且如您所知，我們並沒有增加 200 毫米的產能。

In Q3, I can't quantify it, but certainly that 200-millimeter capacity envelope, limited our unit and revenue shipments in the specialty DRAM area in Q3.

在第三季度，我無法量化它，但可以肯定的是，200 毫米的容量範圍限制了我們在第三季度專用 DRAM 領域的單位和收入出貨量。

We have selectively identified a few of what we believe are going to be high growth specialty DRAM products, and reporting them over to an advanced process technology, as well as from 200-millimeter to 300-millimeter diameter wafers, so we can grow the business faster.

我們有選擇地確定了一些我們認為將是高增長的特種 DRAM 產品，並將它們報告給先進的工藝技術，以及從 200 毫米到 300 毫米直徑的晶圓，這樣我們就可以發展業務快點。

And one last question on this.

最後一個問題。

You don't think that part of what might have happened here in Q3, had anything to do with a slowdown in the end markets for your specialty DRAM, particularly in kind of the handset business, which it sounds like you are targeting as a growth opportunity?

您認為第三季度可能發生的部分情況與您的專用 DRAM 終端市場的放緩沒有任何關係，特別是在手機業務方面，聽起來您的目標是增長機會？

No.

不。

In the handset piece in particular, we achieved growth.

特別是在手機方面，我們實現了增長。

Okay.

好的。

I will leave it at that.

我會把它留在那裡。

Okay, thank you very much.

好的，非常感謝。

You bet.

你打賭。

Before we take our last question, I would like to just clarify one small point.

在我們回答最後一個問題之前，我想澄清一點。

Earlier we had a question come in about when we expected to close the Nanya deal, and as I recall now Mark actually mentioned it in his opening statements.

早些時候，我們收到了一個關於我們預計何時完成南亞交易的問題，我現在記得馬克在他的開場白中確實提到了這個問題。

We actually closed it during the last fiscal quarter, and recognized a small licensing fee already.

實際上，我們在上一個財政季度關閉了它，並且已經確認了一小筆許可費。

So I just wanted to clarify that, and with that we would like to take the last question.

所以我只是想澄清一下，然後我們想回答最後一個問題。

Thank you.

謝謝你。

Our last question is coming from Dan Morris.

我們的最後一個問題來自丹·莫里斯。

Please go ahead.

請繼續。

Thanks for taking my question.

感謝您提出我的問題。

Just looking at your cost declines, you did another good quarter there.

看看你的成本下降，你在那裡又做了一個好季度。

You mentioned three factors, wafer output, node transition, and yield improvements.

您提到了三個因素，晶圓產量、節點轉換和良率提高。

Is there any way you could quantify how much cost declines are coming from those segments?

有什麼方法可以量化這些細分市場的成本下降幅度？

We don't normally break that out, so if you would like to try a second last question, I would be happy to entertain that.

我們通常不會打破這個問題，所以如果你想嘗試最後一個問題，我很樂意接受。

Okay.

好的。

If we look at 68 nanometer, you mentioned that you are ramping there on DRAM.

如果我們看一下 68 納米，您提到您正在 DRAM 上加速發展。

Could you talk about how much that might be as a percent by the end of the year?

你能談談到今年年底這可能是多少百分比嗎？

On 68 nanometer?

68納米？

Yes.

是的。

Well, it is really running in the TECH facility only today, so by the end of the year on a wafer start basis, we would certainly expect that to be north of 50%, probably closer to 75% of total output there.

嗯，它只是在今天才真正在 TECH 工廠運行，所以到今年年底，在晶圓啟動的基礎上，我們當然預計會超過 50%，可能接近那裡總產量的 75%。

Thank you.

謝謝你。

You bet.

你打賭。

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

藉此，我們要感謝大家今天參加電話會議。

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

如果你能容忍我，我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

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

這些特定的前瞻性陳述和所有其他可能在本次電話會議上做出的非歷史事實的陳述受到許多風險和不確定性的影響，實際結果可能存在重大差異。

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

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

Thank you again.

再次感謝你。

Thank you.

謝謝你。

This does conclude today's Micron Technology third quarter 2008 financial release conference call.

今天的美光科技 2008 年第三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。