美光科技 (MU) 2008 Q4 法說會逐字稿

Good afternoon.

下午好。

I will be your conference facilitator today.

今天我將成為您的會議主持人。

At this time I would like to welcome everyone to the Micron Technology's fourth quarter and fiscal year end 2008 financial release conference call.

在此，我想歡迎大家參加美光科技第四季度和財政年度結束的 2008 年財務發布電話會議。

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, 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, and I'd like to also welcome everyone to Micron Technology's fourth quarter and fiscal year 2008 financial release conference call.

謝謝大家，我也歡迎大家參加美光科技 2008 年第四季度和財年財務發布電話會議。

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 Mark Adams, Vice President of Worldwide Sales.

今天的電話會議是主席兼首席執行官史蒂夫阿普爾頓； Mark Durcan，總裁兼首席運營官； Ron Foster，首席財務官兼財務副總裁；和全球銷售副總裁 Mark Adams。

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在美光的網站 micron.com 上獲得。

If you have not had an opportunity to review the fourth quarter and fiscal year end 2008 financial press release, it is also available on our website at micron.com.

如果您沒有機會查看 2008 年第四季度和財政年度末的財務新聞稿，也可以在我們的網站 micron.com 上獲得。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of this call accessed by dialing 706-645-9291, with a confirmation code of 63955265.

撥打 706-645-9291 將有此通話的音頻重播，確認碼為 63955265。

This replay will run through Wednesday, October 8, 2008, at 5:30 p.m.

此重播將持續到 2008 年 10 月 8 日星期三下午 5:30。

Mountain time.

山時。

The webcast replay will be available on the Company's website until October 1, 2009.

2009 年 10 月 1 日之前，該網絡廣播重播將在公司網站上提供。

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 we will be attending.

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

Please note the following Safe Harbor Statement.

請注意以下安全港聲明。

(Audio played) 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.

（音頻播放）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 may differ materially.

我們希望提醒您，此類陳述是預測，實際事件可能存在重大差異。

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 reflect 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。

(Audio ended).

（音頻結束）。

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

我現在想把電話轉給先生。

Ron Foster.

羅恩·福斯特。

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 financial results for the fourth quarter which ended August 28.

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，我將回顧截至 8 月 28 日的第四季度財務業績摘要。

Revenue decreased 3% and gross margin declined from 3% to -4 % in the fourth quarter compared to the prior quarter as megabit DRAM sales decreased and NAND ASP declines out paced cost reductions.

與上一季度相比，第四季度的收入下降了 3%，毛利率從 3% 下降至 -4%，因為兆位 DRAM 銷售額下降並且 NAND ASP 下降速度超過了成本下降的步伐。

Both DRAM and NAND revenue declined sequentially while image sensor revenue increased.

DRAM 和 NAND 收入環比下降，而圖像傳感器收入增長。

The sharp decline in ASPs during the last half of the fourth quarter triggered a $205 million lower cost of market writedown in memory inventory to estimated market value.

第四季度後半期 ASP 的急劇下降導致內存庫存的市場減記成本降低了 2.05 億美元，以估計市場價值。

Excluding the inventory writedown, DRAM margin improved again in the quarter as ASPs stayed relatively flat and cost reductions exceeded 5% in the quarter.

剔除庫存減記，本季度 DRAM 利潤率再次提高，因為 ASP 保持相對平穩且本季度成本降低超過 5%。

NAND margins continue to be negative despite megabit cost reductions of approximately 15% in the quarter and ASPs declined about 20% in the same period.

儘管本季度兆比特成本降低了約 15%，而同期平均售價下降了約 20%，但 NAND 利潤率仍為負數。

NAND gross margin benefited in the quarter from $70 million of contractual pricing adjustments from suppliers for products purchased in prior periods.

NAND 毛利率在本季度受益於供應商對前期購買的產品進行的 7000 萬美元的合同定價調整。

Excluding the inventory writedowns and favorable NAND supplier adjustments, the Company's total gross margin for the quarter improved to 5%.

剔除庫存減記和有利的 NAND 供應商調整，公司本季度的總毛利率提高至 5%。

The Company recorded a net loss of $344 million or $0.45 per diluted share for the quarter compared to a loss of $236 million or $0.30 in the prior quarter.

公司本季度錄得淨虧損 3.44 億美元或每股攤薄收益 0.45 美元，而上一季度虧損 2.36 億美元或 0.30 美元。

For fiscal year 2008 revenue totaled $5.8 billion and the Company reported a net loss of $1.6 billion or $2.10 per diluted share.

2008 財年總收入為 58 億美元，公司報告淨虧損 16 億美元或每股攤薄收益 2.10 美元。

Gross margin was a negative $55 million in 2008 compared to $1.1 billion positive in 2007 as the memory product mix shifted significantly to NAND at a negative gross margin and memory cost reductions of about 65% did not keep pace with ASP declines of greater than 70% year-over-year.

2008 年毛利率為負 5500 萬美元，而 2007 年為正 11 億美元，因為內存產品組合以負毛利率顯著轉向 NAND，並且內存成本下降約 65% 沒有跟上平均售價下降超過 70% 的步伐一年又一年。

Results for 2008 reflect the non-cash charge of $463 million in the second quarter to write-off goodwill associated with the memory segment.

2008 年的業績反映了第二季度沖銷與內存部門相關的商譽的非現金費用 4.63 億美元。

Progress in reducing our operating cost structure continued in the fourth quarter.

第四季度繼續降低我們的運營成本結構。

SG&A declined 8% mainly due to adjustments for performance based compensation costs and legal fees.

SG&A 下降 8%，主要是由於基於績效的薪酬成本和法律費用的調整。

R&D expenses reflected ongoing cost management efforts and progress moving key development products into production.

研發費用反映了持續的成本管理工作和將關鍵開發產品投入生產的進展。

While controlling operating expenses will continue to be a high priority in fiscal 2009 the run rate will increase in the first quarter due primarily to the anomaly of a 14 week first quarter.

雖然控制運營費用將繼續成為 2009 財年的重中之重，但主要由於第一季度 14 週的異常情況，第一季度的運行率將有所提高。

R&D expense of approximately 190 million to $200 million is expected for Q1 '09 with a run rate per quarter of 165 million to $175 million expected for the remainder of the year.

預計 09 年第一季度的研發費用約為 1.9 億至 2 億美元，預計今年剩餘時間每季度的運行率為 1.65 億至 1.75 億美元。

SG&A of between 125 million and $130 million is expected for Q1 '09, followed by a run rate of approximately 110 million to $120 million per quarter for the remainder of 2009.

預計 09 年第一季度的 SG&A 將在 1.25 億至 1.3 億美元之間，隨後在 2009 年剩餘時間內每季度的運行率約為 1.1 億至 1.2 億美元。

Total headcount was 23,509 for the quarter.

本季度總員工人數為 23,509 人。

Year to year, headcount declined 3% with SG&A headcount dropping 15%.

與去年同期相比，員工人數下降了 3%，而 SG&A 員工人數下降了 15%。

Operating cash flow was $243 million for the fourth quarter, an increase from $144 million in the prior years quarter.

第四季度的經營現金流為 2.43 億美元，高於去年同期的 1.44 億美元。

Notably, it was $1.0 billion for fiscal year 2008 compared to $937 million operating cash flow in fiscal year 2007.

值得注意的是，2008 財年的運營現金流為 10 億美元，而 2007 財年的運營現金流為 9.37 億美元。

We ended the quarter with $1.4 billion in cash and short-term investments.

我們以 14 億美元的現金和短期投資結束了本季度。

Inventories declined $162 million in Q4 compared to the prior quarter primarily as a result of the writedown of carrying value to estimated fair market value.

與上一季度相比，第四季度的庫存下降了 1.62 億美元，主要是由於賬面價值減記至估計的公平市場價值。

During the fourth quarter, TECH Semiconductor accessed $330 million of their credit line increasing the Company's long term debt to $2.5 billion from $2.2 billion in the previous quarter.

在第四季度，TECH Semiconductor 獲得了 3.3 億美元的信貸額度，將公司的長期債務從上一季度的 22 億美元增加到 25 億美元。

Capital expenditures totaled $759 million in the fourth quarter of 2008 with approximately half of that amount attributable to 300 millimeter expansion at TECH.

2008 年第四季度的資本支出總額為 7.59 億美元，其中大約一半歸因於 TECH 的 300 毫米擴展。

In addition the Company invested $84 million in its MeiYa partnership in the fourth quarter.

此外，公司在第四季度向美亞合作夥伴投資了 8400 萬美元。

Capital expenditures for fiscal 2008 were $2.9 billion compared to $4.1 billion in 2007.

2008 財年的資本支出為 29 億美元，而 2007 年為 41 億美元。

Partners contributions toward capital expenditures were approximately 20% of the 2008 total.

合作夥伴對資本支出的貢獻約佔 2008 年總額的 20%。

TECH accounted for about 34% of capital expenditures in 2008 as it completed its 300 millimeter conversion.

TECH 在 2008 年完成了 300 毫米轉換，約佔資本支出的 34%。

IMFT was 25%, IMFS 17% for their fab construction and 24% for all of the other Micron operations.

IMFT 為 25%，IMFS 為 17% 用於其晶圓廠建設，24% 用於所有其他美光業務。

Anticipated capital expenditures for fiscal 2009 have been revised downward to approximately 1 billion to $1.3 billion for the year.

2009 財年的預期資本支出已下調至約 10 億至 13 億美元。

Partners are expected to contribute about 15% of this amount.

合作夥伴預計將貢獻該金額的 15%。

We have officially delayed the IMFS fab buildout and removed tool installs from our fiscal 2009 capital plan.

我們已經正式推遲了 IMFS 晶圓廠的擴建，並從 2009 財年的資本計劃中刪除了工具安裝。

We will continue to evaluate market conditions to determine the exact timing and amount of capital commitments for IMFS.

我們將繼續評估市場狀況，以確定 IMFS 資本承諾的確切時間和金額。

Micron's projected CapEx in 2009 includes research and development costs and node transitions for the Menasis ramp to 54 nanometer DRAM technology.

美光 2009 年預計的資本支出包括 Menasis 升級到 54 納米 DRAM 技術的研發成本和節點轉換。

TECH's expenditures include continued 300 millimeter conversion costs and the transition to 68 nanometer DRAM technology.

TECH 的支出包括持續的 300 毫米轉換成本和向 68 納米 DRAM 技術的過渡。

IM flash expenditures reflect the transition to 34 nanometer NAND technology at Lehi.

IM 閃存支出反映了 Lehi 向 34 納米 NAND 技術的過渡。

$466 million remains in capital contributions committed to our MeiYa JV through calendar year 2009.

截至 2009 日曆年，我們的美亞合資公司仍有 4.66 億美元的資本投入。

The specific timing of this investment as well as the amounts and timing of projected capital expenditures for fiscal 2009 will be driven in part by market conditions and consultation with our partner.

這項投資的具體時間以及 2009 財年預計資本支出的金額和時間將部分取決於市場狀況和與我們合作夥伴的協商。

Depreciation and amortization expense was $2.1 billion in fiscal 2008 and is expected to be about $2.25 billion for 2009.

2008 財年的折舊和攤銷費用為 21 億美元，預計 2009 年約為 22.5 億美元。

With that I'll hold there and turn the commentary over to Mark Adams.

有了這個，我會留在那裡，把評論交給馬克亞當斯。

Thanks, Ron.

謝謝，羅恩。

During Q4 we continued to see signs of industry oversupply in both the DRAM and NAND Flash memory markets.

在第四季度，我們繼續看到 DRAM 和 NAND 閃存市場的行業供過於求的跡象。

As a result, we have been experiencing increasing ASP pressure in both our DRAM and NAND businesses.

因此，我們的 DRAM 和 NAND 業務都面臨著越來越大的 ASP 壓力。

Computing continues to be Micron's largest overall market segment.

計算仍然是美光最大的整體市場領域。

While PC desktop systems have shown some signs of weakening demand going into the holidays, the notebook segment continues to be strong.

儘管 PC 台式機系統在假期前表現出一些需求減弱的跡象，但筆記本電腦市場仍然強勁。

Although we do not have direct insight into the specific demand drivers, we continue to see an increase in memory content per system.

儘管我們無法直接了解具體的需求驅動因素，但我們繼續看到每個系統的內存內容有所增加。

In addition, we are seeing a growing demand for our DDR 3 memory products and expect wide adoption throughout the end of the year and throughout 2009.

此外，我們看到對我們的 DDR 3 內存產品的需求不斷增長，預計在今年年底和整個 2009 年都會得到廣泛採用。

Despite tough market conditions we see additional opportunity at keeping customers giving our technology leadership and strong relative financial position.

儘管市場條件艱難，但我們看到了額外的機會來保持客戶給予我們的技術領先地位和強大的相對財務狀況。

Our special DRAM product offering remained strong in Q4.

我們的特殊 DRAM 產品供應在第四季度保持強勁。

We are leveraging our existing 200 millimeter fabs to write a majority of specialty DRM products.

我們正在利用我們現有的 200 毫米晶圓廠來編寫大部分專業 DRM 產品。

Going forward we are selectively moving higher volume specialty DRAM products to 300 millimeter facilities to achieve further cost reduction and allow for supply growth.

展望未來，我們將選擇性地將更大容量的特種 DRAM 產品轉移到 300 毫米設施，以進一步降低成本並實現供應增長。

Beyond the demand from our computing customers the mobile market experienced tremendous growth for us in Q4.

除了我們的計算客戶的需求之外，移動市場在第四季度為我們帶來了巨大的增長。

We saw increasing unit shipments in our lower powered DRAM products, we grew our sales of multi-chip to key handset partners, and additionally with the launch of our 50 nanometer, 8 gigabit MLC part we began shipment of Micron's first MicroSD memory card.

我們看到我們的低功率 DRAM 產品的單位出貨量增加，我們增加了向主要手機合作夥伴的多芯片銷售，此外，隨著我們的 50 納米、8 千兆位 MLC 部件的推出，我們開始出貨美光的第一張 MicroSD 存儲卡。

Clearly, Micron is very well positioned with a broad array of products that address the needs of our mobile customer base.

顯然，Micron 擁有廣泛的產品系列，可以滿足我們移動客戶群的需求。

Overall, the NAND market continues to be an over supply condition.

總體而言，NAND 市場仍然處於供過於求的狀態。

Given the Flash memory market is driven largely by consumer application such as MP3, digital cameras, GPS systems, and mobile phones, the business is highly seasonal.

鑑於閃存市場主要由 MP3、數碼相機、GPS 系統和手機等消費應用驅動，因此該業務具有很強的季節性。

The forecast signals from our major OEMs and retailers suggest a softening demand heading into the holiday shopping season.

來自我們主要 OEM 和零售商的預測信號表明，進入假日購物季的需求將趨於疲軟。

We are hopeful that price elasticity will help ease the current industry inventory situation as we exit the holidays and approach 2009 where we expect industry supply growth to slow substantially.

我們希望價格彈性將有助於緩解當前行業庫存狀況，因為我們將結束假期並接近 2009 年，我們預計行業供應增長將大幅放緩。

Our technology and scale advances in Flash memory highlighted by industry leading 34 nanometer technology will have a positive effect on cost reductions, however the over supply of market conditions have driven today's prices below fully loaded costs.

我們在閃存方面的技術和規模進步（以行業領先的 34 納米技術為代表）將對降低成本產生積極影響，但市場條件的供過於求已使今天的價格低於滿載成本。

As we have successfully accomplished the development of our premium DRAM segments we are focused on strengthening our NAND product portfolio to improve ASPs and overall competitive position.

由於我們成功完成了高端 DRAM 細分市場的開發，我們專注於加強我們的 NAND 產品組合，以提高平均售價和整體競爭地位。

We are growing the shipment of Micron NAND output through the Lexar channel in an effort to achieve higher ASPs and margins by leveraging the Lexar brand and growing retail channel presence.

我們正在通過 Lexar 渠道增加美光 NAND 輸出的出貨量，以通過利用 Lexar 品牌和不斷增長的零售渠道影響力來實現更高的 ASP 和利潤率。

In fact, while many of our retail competitors are experiencing sharp declines in top line revenue, our Lexar channel grew their sales in the face of these dramatic NAND price drops.

事實上，雖然我們的許多零售競爭對手的收入都在急劇下降，但我們的 Lexar 渠道在 NAND 價格急劇下跌的情況下增加了銷售額。

On the product front, we continue our development of enterprise class solid state drives and have begun testing at key OEM customers.

在產品方面，我們繼續開發企業級固態硬盤，並已開始在主要 OEM 客戶中進行測試。

Initial customer feedback has been positive.

最初的客戶反饋是積極的。

Despite the over supply conditions in DRAM and NAND, we remain optimistic about our continued success in specialty DRAM product segments, about our ability to improve our cost and commodity DRAM as well as continued development into a diversified Flash memory product portfolio.

儘管 DRAM 和 NAND 供應過剩，我們仍然對我們在特種 DRAM 產品領域的持續成功、我們提高成本和商品 DRAM 的能力以及繼續發展為多元化的閃存產品組合感到樂觀。

In the meantime, however, we are hopeful recently announced CapEx cuts in the industry will begin to improve the supply situation as we move forward.

然而，與此同時，我們希望最近宣布的行業資本支出削減將隨著我們的前進而開始改善供應狀況。

We continue to lead the industry from the technology perspective and that's been our position to growing share and profitability as the industry reaches stability in terms of supply equilibrium and pricing.

我們繼續從技術角度引領行業，隨著行業在供應均衡和定價方面達到穩定，這一直是我們提高份額和盈利能力的立場。

With that I'll hand it back over to Kipp.

有了這個，我會把它交還給 Kipp。

Thank you very much.

非常感謝。

We would now like to take questions from callers.

我們現在想回答來電者的問題。

(OPERATOR INSTRUCTIONS) With that we would like to open it up to questions.

（操作員說明）我們想就此提出問題。

Thank you.

謝謝你。

(OPERATOR INSTRUCTIONS) Your first question is from the line of Tim Luke with Barclays Capital.

（操作員說明）您的第一個問題來自巴克萊資本的 Tim Luke。

Excellent script.

優秀的劇本。

Would be grateful if you could just give us some sense as you look forward of what sort of bit growth you might be envisioning going into the November period and DRAM and the NAND and just off the quarter to date level, how should we think about your assumptions on pricing?

如果您在展望 11 月期間以及 DRAM 和 NAND 以及剛剛結束本季度迄今的水平時可能會出現什麼樣的位增長，我們將不勝感激，我們應該如何考慮您的定價假設？

Sure, I'll take the first part and that and then turn the pricing question over to Mark.

當然，我會先處理第一部分，然後將定價問題交給馬克。

For DRAM we're looking at the next couple quarters being in the mid to high teens for production bit growth and NAND, although it will be somewhat lumpy from time to time we're going to be averaging around 15% growth quarter to quarter over the next couple quarters.

對於 DRAM，我們預計未來幾個季度的生產位增長和 NAND 將處於中高水平，儘管有時會有些不穩定，我們將平均每季度增長約 15%接下來的幾個季度。

Mark?

標記？

Kipp, on the pricing front our DRAM ASPs are down about 15, 20% quarter-over-quarter, and on the NAND front, quarter-over-quarter down about 30, 35%.

Kipp，在定價方面，我們的 DRAM ASP 環比下降約 15、20%，在 NAND 方面，環比下降約 30、35%。

I would like to clarify that coming out of Q4, where we saw dramatic price pressure on the NAND front, it has been relatively stable in most of September and ironically the DRAM piece, while down 15, 20% quarter-over-quarter we've seen pressure in that in the September time frame.

我想澄清一下，從第四季度開始，我們看到 NAND 方面的價格壓力很大，在 9 月的大部分時間裡它一直相對穩定，具有諷刺意味的是 DRAM 部分，而我們的季度環比下降了 15% 和 20%。在 9 月的時間範圍內，我們已經看到了壓力。

And could you give us some kind of framework for different inputs as to how we should think about your gross margin development going forward?

您能否為我們提供一些不同輸入的框架，以了解我們應該如何看待您未來的毛利率發展？

Thanks.

謝謝。

Well, though we won't try and predict pricing for you, on the cost guidance, we're looking at DRAM probably in the high single digits to low double digit cost reductions Q to Q, and we'll probably have a little stronger NAND bit cost reduction, so look more for the mid to high teens for this quarter.

好吧，雖然我們不會嘗試為您預測價格，但在成本指導方面，我們正在考慮 DRAM 可能會以高個位數到低兩位數的成本降低 Q 到 Q，而且我們可能會更強大一些NAND 位成本降低，因此本季度更多關注中高端產品。

And as you begin the full year, could you give some sense of how you're looking now at assumptions for the bit growth for the industry in DRAM and in NAND given different puts and takes in terms of basic consolidation as well as production sort of cutbacks by some of your peers?

當你開始全年的時候，你能否說明你現在如何看待 DRAM 和 NAND 行業的比特增長假設，考慮到基本整合和生產方面的不同看跌和需求你的一些同行削減開支？

Yes.

是的。

This is Steve.

這是史蒂夫。

Obviously, have to make commentary with the caveat that I don't know if we've yet seen the end of capital operations coming off line, but essentially, with what's been known so far, I think that most people think that the DRAM supplies that grow is only going to be somewhere in the 35 to 40% neighborhood.

顯然，必須對我不知道我們是否還沒有看到資本運營的結束下線的警告發表評論，但基本上，就目前所知，我認為大多數人認為 DRAM 供應這種增長只會在 35% 到 40% 附近。

So but that's the things that haven't been announced yet, and I still think that there will be more to be announced in the next probably two or three months, so I would say that I haven't seen CapEx or I haven't seen capacity come off line in this short a period of time at the rate that we're seeing these announcements right now and I think what we're likely to see in the next month or two maybe in my history of being in this business.

所以但那是尚未宣布的事情，我仍然認為在接下來的兩三個月內會有更多的事情要宣布，所以我會說我沒有看到資本支出或者我沒有看到產能在這麼短的時間內以我們現在看到這些公告的速度下線，我認為在接下來的一兩個月內我們可能會看到我從事這項業務的歷史。

So there's some pretty dramatic changes going on.

因此，發生了一些非常戲劇性的變化。

So I think if what we know is in the market today is what it ends up being, I think that the bit growth will drop all the way at least what most people are forecasting will drop all the way to kind of a 35, 40% range and it could be less than that as I said, making the caveat that I still think there's more capacity coming off line.

所以我認為，如果我們今天所知道的市場是它最終的樣子，我認為比特增長將一路下降，至少大多數人預測的將一路下降到 35%、40%範圍，它可能比我說的要小，因此需要注意的是，我仍然認為還有更多的容量即將下線。

Do you have percents to DRAM as well, Steve?

你也有 DRAM 的百分比嗎，史蒂夫？

Well, that was for DRAM.

好吧，那是針對 DRAM 的。

If you think about NAND, obviously there's been less impact there and of course there are less producers.

如果您考慮 NAND，顯然那裡的影響較小，當然生產商也較少。

The NAND market CapEx as you already know is at least in '08 is going to be down sequentially which is essentially I think the first time that's happened since the inception of the market and the NAND supply at least that we see from a lot of the forecast is only going to grow around 100% and that's the lowest on record I think for the NAND market since its inception.

您已經知道，至少在 08 年，NAND 市場資本支出將連續下降，這基本上是我認為自市場成立以來第一次發生這種情況，至少我們從很多預測只會增長 100% 左右，這是我認為自 NAND 市場成立以來的最低記錄。

As you have that 1.1 billion to $1.3 billion of CapEx where is that going to be focused and what are the implications for your JV with Intel with the lower CapEx number?

由於您擁有 11 億至 13 億美元的資本支出，這將重點放在哪裡，以及資本支出較低的英特爾合資企業有何影響？

Well, I think it's worth noting that first of all primarily that CapEx will be in the DRAM arena, but remember Ron just noted the IMFS we're finishing out the construction of the building but essentially we now plan on having that equipped during our fiscal '09, but the operations that we're currently running on NAND if you think about it both the Virginia operation and the Utah operation are pretty new and so I don't think that they're going to require a lot of CapEx in the next year going forward, and that's why most of it's skewed to the DRAM business.

嗯，我認為值得注意的是，首先資本支出將主要用於 DRAM 領域，但請記住，Ron 剛剛指出我們正在完成大樓建設的 IMFS，但基本上我們現在計劃在我們的財政期間配備該設備'09，但是如果你考慮一下我們目前在 NAND 上運行的操作，弗吉尼亞操作和猶他操作都是相當新的，所以我認為它們不會需要大量的資本支出明年繼續前進，這就是為什麼大部分都偏向 DRAM 業務。

Thank you, guys.

感謝你們。

Your next question is from the line of Uche Orji with UBS New York.

您的下一個問題來自紐約瑞銀的 Uche Orji。

Thank you very much.

非常感謝。

Let me just ask you a couple questions about the litigation situation.

讓我問你幾個關於訴訟情況的問題。

Can you just give us an update on a couple of issues, one is with (RAMBUS) and where do you stand and what is the upcoming (inaudible - highly accented language))?

您能否就幾個問題向我們提供最新情況，一個是與 (RAMBUS) 相關的問題，您的立場是什麼以及即將到來的問題是什麼（聽不清 - 重音語言））？

And then another question I will ask you is regarding the equipment lead time, currently what are you seeing on the equipment market in terms of how much CapEx you plan to spend and how flexible will you be with that CapEx plan?

然後我要問你的另一個問題是關於設備交貨時間，目前你在設備市場上看到了什麼，你計劃花費多少資本支出以及你對資本支出計劃的靈活性如何？

Sure.

當然。

On RAMBUS we don't have any comment around ongoing litigation and most of it is scheduled and what the trial schedule is that are public you can get that information so we don't really have anything to add-on that, other than it's ongoing.

在 RAMBUS 上，我們對正在進行的訴訟沒有任何評論，其中大部分是已安排好的，以及公開的審判時間表是什麼，您可以獲得這些信息，所以我們真的沒有任何補充，除了它正在進行中.

With respect to the equipment lead times, obviously, they started contracting as CapEx is being cut around the industry.

顯然，在設備交貨時間方面，隨著整個行業的資本支出被削減，他們開始收縮。

I think that's expected and in most cases, most of us thought that they were somewhere in the six to nine month, or 12 months depending on what you were going to order and most of that is contracted in probably the three or four month time frame depending on what it is but having said that, I think it's also worth noting that the equipment industry has for the most part changed to a model of outsourcing and when we get into periods of time like we are right now, maybe cut back on the outsourcing and a lot of that capacity goes away and there's not replacement so to speak in a short period of time.

我認為這是意料之中的，在大多數情況下，我們大多數人都認為他們在 6 到 9 個月或 12 個月的某個時間，具體取決於您要訂購的東西，其中大部分可能是在三到四個月的時間範圍內簽訂的取決於它是什麼，但話雖如此，我認為還值得注意的是，設備行業在很大程度上已經轉變為外包模式，當我們進入像現在這樣的時期時，也許會削減外包和很多能力消失了，可以說在短時間內沒有替代品。

So that would obviously be one of the concerns for the industry if they were to try to bring it back up quickly, I think a lot of these equipment guys now that the downturn has been relatively sustained are making permanent adjustments in the supply base and most of them as I said converted over to moderate outsourcing.

因此，如果他們試圖快速恢復，這顯然是該行業的擔憂之一，我認為現在低迷相對持續的許多設備製造商正在對供應基礎進行永久性調整，而且大多數正如我所說的，他們中的一部分已轉為適度外包。

So, it could very well be that even a slight uptick in CapEx will extend those lead times.

因此，很可能即使資本支出略有上升也會延長這些交貨時間。

Perfect.

完美的。

Another question, please, is with regards to what you'd see in terms of content, you see more and more of the PC market move toward lower end and things like notebooks taking off, what does that mean for you in terms of DRAM and content growth in the medium term and possibly the long term too?

另一個問題是關於你在內容方面的看法，你看到越來越多的個人電腦市場向低端發展，筆記本電腦等產品正在起飛，這對你來說意味著什麼 DRAM 和中期和長期的內容增長？

Well, if you look at the data today, actually, it's continuing to go the opposite trend.

好吧，如果您查看今天的數據，實際上，它繼續朝著相反的趨勢發展。

As a matter of fact this is the first quarter that both our desktop and notebook content in the industry is over 2 gigabyte per unit, and beyond that, we're kind of in a wait and see for the notebook count in terms of the actual overall impact on the industry.

事實上，這是第一個季度，我們的台式機和筆記本電腦在行業中的容量均超過 2 GB，除此之外，我們對筆記本電腦的實際數量持觀望態度。對行業的整體影響。

Unit volumes are kind of barely starting out today.

單位量今天才剛剛開始。

Secondly, though, it's worth noting in addition to when you talk about a concept of notebook, we might look like a probable downside in DRAM, in terms of opportunity for solid state technology on the NAND side, so we're pretty excited about that category in general and if you don't think it's material right now in the next 12 or 24 months from a unit perspective on the overall unit.

其次，值得注意的是，除了當您談論筆記本電腦的概念時，就 NAND 方面的固態技術機會而言，我們可能看起來像是 DRAM 的一個可能的缺點，所以我們對此感到非常興奮一般類別，如果您認為從整體單位的單位角度來看，它在未來 12 或 24 個月內現在不重要。

So you do think it's material just yet in the next, pardon me, to the last part, did you say it would not be material for the next 12 to 18 months or?

所以你確實認為它在接下來很重要，請原諒我，到最後一部分，你是說在接下來的 12 到 18 個月內它不會很重要嗎？

Yes, I think that's probably about right.

是的，我認為這可能是正確的。

Clearly right now it's not material.

很明顯，現在它並不重要。

We don't see that going through the, as far out as 12 to 24 months in terms of the overall capacity in the industry and as I said, there's an upside opportunity on the storage side of that because they are going out without, in many cases without hard drives which storage will be an internal SSD drive.

就行業的整體容量而言，我們認為這不會持續長達 12 到 24 個月，正如我所說，存儲方面存在上行機會，因為它們在許多沒有硬盤驅動器的情況下，存儲將是內部 SSD 驅動器。

And just one last question, it's about consolidation of the marketplace.

最後一個問題是關於市場的整合。

We're seeing a lot of your competitors struggle and it's getting far more difficult.

我們看到您的許多競爭對手都在苦苦掙扎，而且變得更加困難。

Can you just talk to me as to how you view your role in terms of consolidating this marketplace and from your perspective what will it take to play a much more active role in addition to the joint ventures you've gone so far?

您能否和我談談您如何看待您在鞏固這個市場方面的作用，以及從您的角度來看，除了您迄今已開展的合資企業之外，還需要什麼來發揮更積極的作用？

Well, I think you can, as you just noted, you can look at the numbers like we're looking at them.

好吧，我認為您可以，正如您剛才提到的，您可以像我們正在查看它們一樣查看這些數字。

Most of the Company in particular in the DRAM space have migrated to balance sheet preservation.

大部分公司，特別是在 DRAM 領域，已轉向資產負債表保存。

The margins, the numbers, the cash flows et cetera, for a couple of those in the industry are kind of just absolutely very very challenging I think for them, and I don't want to comment on consolidation of the industry other than to say that the market environment like it is right now is just putting huge pressure on some of the competitors in this space and I think they are trying to figure out what kind of course they really have in the future.

對於行業中的一些人來說，利潤率、數字、現金流等等，我認為對他們來說絕對是非常非常具有挑戰性的，我不想評論行業的整合，只想說像現在這樣的市場環境只是給這個領域的一些競爭對手施加了巨大的壓力，我認為他們正在試圖弄清楚他們未來真正擁有什麼樣的課程。

All right, thank you.

好噠。謝謝你們。

Your next question is from the line of John Pitzer with Credit Suisse.

您的下一個問題來自瑞士信貸的 John Pitzer。

Good afternoon, guys.

下午好，伙計們。

Couple clarifications first.

夫妻先澄清。

Relative to the $70 million recovery from NAND product purchased from other suppliers is that all Lexar related or can you help me understand a little bit?

相對於從其他供應商購買的 NAND 產品中回收的 7000 萬美元，這與 Lexar 相關，或者您能幫我理解一下嗎？

Yes, that's Lexar related.

是的，這與 Lexar 有關。

Secondly you talk about SSDs.

其次，您談論SSD。

Have you guys recognized any revenue relative to SSD?

你們是否認識到與 SSD 相關的任何收入？

Help me understand how we should think about this market kind of developing over the next several quarters.

幫助我了解我們應該如何看待這個市場在未來幾個季度的發展。

At what point do you think it might actually be 5 to 10% of your NAND sales?

您認為在什麼時候它實際上可能佔您 NAND 銷售額的 5% 到 10%？

Well, today, the revenues are fairly small in the category, for us, on the Micron side.

好吧，今天，對我們來說，美光方面的收入相當小。

Mind you that our strategy has been to kind of develop a world class enterprise offering so we're in tests as I mentioned earlier with some of our key customers.

請注意，我們的戰略是開發世界級的企業產品，因此正如我之前提到的，我們正在與我們的一些主要客戶進行測試。

As it relates to kind of a forward-looking market projection, it's pretty tough although I'll tell you that given the trends and ASPs in NAND, it's starting to make curve on when this market might adopt quicker come in a little bit, because at the cost per gigabyte today, what we saw 12 months ago has certainly been a little more aggressive in terms of price adoption.

由於它涉及到一種前瞻性的市場預測，雖然我會告訴你，鑑於 NAND 的趨勢和 ASP，它開始在這個市場可能會更快採用的時候出現曲線，因為以今天的每 GB 成本計算，我們在 12 個月前看到的在價格採用方面肯定會更加激進一些。

Then just relative to your CapEx budget for the current fiscal year, can you help me understand, you drew down lines of credit in the fiscal fourth quarter.

那麼，就您當前財年的資本支出預算而言，您能幫我理解一下，您在第四財季提取了信貸額度。

Can you walk through the existing lines of credit you have?

您可以通過現有的信用額度嗎？

Do you expect that your cash flow generation over the next several quarters is going to be sufficient to support CapEx or do you think will continue to see cash balances come down and just help us understand the strength of the balance sheet here?

您是否期望您在未來幾個季度產生的現金流足以支持資本支出，或者您是否認為現金餘額會繼續下降並幫助我們了解資產負債表的實力？

Yes, John, this is Ron.

是的，約翰，這是羅恩。

If you look at our current operating cash flow generation around $240 million a quarter we generated $1 billion dollars in 2008 of operating cash flow.

如果您看看我們目前每季度產生約 2.4 億美元的運營現金流量，我們在 2008 年產生了 10 億美元的運營現金流量。

That's probably top in the industry and if you look at our CapEx budget going forward just at our current operating cash flow generation rate, we can pretty well cover our CapEx budget.

這可能是業內最高的，如果您按照我們當前的運營現金流生成率查看我們未來的資本支出預算，我們可以很好地覆蓋我們的資本支出預算。

The only thing I'd comment on is that our CapEx requirements are somewhat flexible in terms of time and we'll be monitoring the market as we go forward, so you can see our positioning in terms of investments and specifically CapEx moves being developed over time based upon the requirements that we see in the marketplace.

我唯一要評論的是，我們的資本支出要求在時間方面有些靈活，我們將在前進的過程中監控市場，因此您可以看到我們在投資方面的定位，特別是正在開發的資本支出舉措時間基於我們在市場上看到的要求。

And then guys, my last question just relative to being opportunistic around consolidation, given the current state of the industry and your balance sheet, your capital requirement you're putting up, CapEx requirements that you're putting up for the fiscal year, how much flexibility do you have to be opportunistic and I guess the question mark in the marketplace is what happens to (inaudible) and I guess, to the extent you guys couldn't comment given that you have a joint venture with Nanya at the same time that Nanya is trying to figure out what to do with their joint venture with Kimondo, that might be helpful especially as far as figuring out when MeiYa might go ahead as far as equipment loading?

然後伙計們，我的最後一個問題是關於合併的機會主義，考慮到行業的現狀和資產負債表，你提出的資本要求，你提出的本財政年度的資本支出要求，如何很大的靈活性 你必須投機取巧嗎？我想市場上的問號是（聽不清）會發生什麼，我想，鑑於你們同時與南亞有合資企業，你們無法發表評論Nanya 正試圖弄清楚如何處理他們與 Kimondo 的合資企業，這可能會有所幫助，尤其是在弄清楚 MeiYa 什麼時候可以繼續裝載設備方面？

John, I wanted to back up real quick.

約翰，我想快速備份。

You asked a question about the lines of credit.

你問了一個關於信用額度的問題。

I just want to make sure that I clarify.

我只是想確保我澄清。

TECH Semi which is a majority owned by us and we have partners in Singapore, that is where the line of credit was drawn.

TECH Semi 由我們擁有多數股權，我們在新加坡有合作夥伴，這是信用額度的提取地。

It wasn't at Micron at the parent level so to speak, and that was a line of credit that they had put in place in order to do the (inaudible) conversion.

可以說，它不是父級的 Micron，這是他們為進行（聽不清）轉換而設置的信用額度。

We haven't done anything other than that in terms of drawing down the line of credit.

在提取信貸額度方面，我們沒有做任何其他事情。

With respect to your question around what's our flexibility, I think what you're getting at is what's our flexibility on the M&A front.

關於您關於我們的靈活性的問題，我認為您所了解的是我們在併購方面的靈活性。

Clearly we have some flexibility.

顯然我們有一些靈活性。

We're probably one of the best positions now in the industry with respect to our financials, and I said in the past that we'll continue to look at these opportunities as they surface, we don't have any comment today or anything to announced today but we're continuing to keep a pretty close eye on what's going on in the marketplace.

就我們的財務狀況而言，我們現在可能是業內最好的職位之一，我過去曾說過，我們將繼續關注這些機會，因為它們浮出水面，我們今天沒有任何評論或任何事情今天宣布，但我們將繼續密切關注市場上正在發生的事情。

Last question from me.

我的最後一個問題。

If you look at the quarter just reported, DRAM bits were down sequentially.

如果您查看剛剛報告的季度，DRAM 位按順序下降。

If you look at the guidance for sort of bit production growth, you're looking for sort of mid to high teens I guess.

如果您查看有關比特生產增長的指南，我猜您正在尋找中高青少年。

Given that all the data points relative to People PC vertical has probably gotten weaker since Labor Day, just help me understand why you're not more concerned about that DRAM portion?

鑑於自勞動節以來與 People PC 垂直相關的所有數據點都可能變得更弱，請幫助我理解為什麼您不更關心 DRAM 部分？

I'm not sure quite what your question was.

我不太確定你的問題是什麼。

Well, I guess in a quarter where the PC data points are actually relatively okay, you had DRAM bit growth that was actually negative Q on Q, and now you're talking about bit production.

好吧，我猜在 PC 數據點實際上相對還不錯的一個季度，DRAM 位增長實際上是 Q 上的負 Q，現在您正在談論位生產。

I know it's two different things going up sort of midteens in an environment where the data points around PC seem to be getting weaker, not stronger so I'm just trying to understand that dynamic a little bit?

我知道在 PC 周圍的數據點似乎越來越弱而不是更強的環境中，這是兩件不同的事情，所以我只是想稍微了解一下這種動態？

Well, I think that first of all, when you say bit growth, in terms of our production obviously the bit growth is we are advancing our technology and converting it if you tell TECH to 300 millimeter and that's resulting in the big growth and frankly that's going to be whatever it is because we are optimizing the operations to get the lowest cost per bit.

嗯，我認為首先，當你說比特增長時，就我們的產量而言，比特增長顯然是我們正在推進我們的技術並將其轉換為如果你告訴 TECH 到 300 毫米，這將導致巨大的增長，坦率地說，那就是不管它是什麼，因為我們正在優化操作以獲得最低的每比特成本。

Now with respect to what we're seeing in the marketplace as Mark already noted, clearly, the PC business was plugging along pretty well and then also as noted really in the last, call it month, the demand profile has just really dropped off and I think that we don't know if that's going to be sustained but clearly, I think the PC OEMs felt like they had enough inventory risk that they want to carry more inventory as they move into the holiday season figuring it would probably likely be weak, but I think that what we're talking about in terms of bit growth that's based on an internal operation that we control and we try and optimize the cost per bit and we're talking about the bit demand growth that the current marketplace, I think most of us feel like the demand that will occur primarily will occur beyond the quarter one calendar of '09.

現在關於我們在市場上看到的，正如 Mark 已經指出的那樣，很明顯，PC 業務發展得很好，然後也正如上個月所說的那樣，需求狀況真的下降了，而且我認為我們不知道這是否會持續下去，但很明顯，我認為 PC OEM 覺得他們有足夠的庫存風險，他們希望在進入假日季節時攜帶更多庫存，因為他們認為庫存可能會很弱，但我認為我們所說的比特增長是基於我們控制的內部運營，我們嘗試優化每比特成本，我們談論的是當前市場的比特需求增長，我認為我們大多數人都覺得將主要發生的需求將發生在 09 年第一季度之後。

Great.

偉大的。

Thanks guys.

多謝你們。

Your next question is from the line of Jim Covello with Goldman Sachs.

您的下一個問題來自高盛集團的 Jim Covello。

Good evening, guys.

晚安，伙計們。

Thanks so much for taking the question.

非常感謝您提出這個問題。

A couple things that have already been asked and spent a lot of time asking about DRAM consolidation.

一些關於 DRAM 整合的問題已經被問及並花費了大量時間。

Obviously there's a pretty important piece of NAND consolidation that's happened in terms of Samsung having announced n offer for Sanders.

顯然，在三星宣布收購 Sanders 之後，NAND 整合發生了相當重要的一部分。

Can you help us understand to the extent there was any consolidation in NAND that that's a specific piece of the consolidation?

您能否幫助我們了解 NAND 中的任何整合，這是整合的特定部分？

How do you think that would affect the industry dynamics everything from market share to supply to royalty payments for various suppliers in the industry?

您認為這將如何影響行業動態，從市場份額到供應，再到行業中各個供應商的特許權使用費支付？

Well, I don't want to speak for other companies but first of all, I think the consolidation that's occurring in NAND, you have to look at it in two different levels.

好吧，我不想代表其他公司，但首先，我認為 NAND 中發生的整合，你必須從兩個不同的層面來看待它。

SanDisk is not a producer of NAND components.

SanDisk 不是 NAND 組件的生產商。

They are a partner in a Company and they're a minority partner in a Company that actually is a producer of NAND components and we all know that's Toshiba.

他們是一家公司的合作夥伴，他們是一家實際上是 NAND 組件生產商的公司的少數合作夥伴，我們都知道那是東芝。

So in terms of Samsung potentially acquiring SanDisk obviously I don't have any insight as to whether that will or will not happen.

因此，就三星可能收購閃迪而言，我顯然不知道這是否會發生。

I can only say that that is a consolidation, if you will, of a channel.

我只能說這是一個渠道的整合，如果你願意的話。

It's not a consolidation of NAND component production.

這不是 NAND 組件生產的整合。

And so I think you should think of it differently.

所以我認為你應該以不同的方式看待它。

Having said that there's clearly been deferrals.

話雖如此，顯然有延期。

We've been part of those announcements, as well as some contraction around 8 inch NAND and I think you'll see additional contraction as we move forward, but in particular on the 8 inch front, so I think more likely, in the NAND space, there's really only four of us that produce it at component level, more likely in the NAND space at the component level it's really us and others either deferring expansion or taking off line the production capacity but in terms of the channel, I think that's where you will probably see consolidation as these companies try to position themselves or create better links to solve whatever their own particular issues are.

我們一直是這些公告的一部分，以及 8 英寸 NAND 附近的一些收縮，我認為隨著我們的前進，你會看到額外的收縮，但特別是在 8 英寸正面，所以我認為更有可能在 NAND空間，實際上只有我們四個人在組件級別生產它，更有可能在組件級別的 NAND 空間中，實際上是我們和其他人要么推遲擴張要么取消生產能力，但就渠道而言，我認為這是當這些公司試圖定位自己或創建更好的鏈接來解決他們自己的特定問題時，您可能會看到整合。

That's helpful, thank you.

這很有幫助，謝謝。

One other follow-up question for me, just around the solid state drive adoption.

我的另一個後續問題是關於固態驅動器的採用。

Where is the industry at this point in multi-level self-controllers and has that really been the gating factor in your mind from preventing further penetration of solid state drives, obviously prices need to come down and prices are coming down but that's been a little bit of a gating factor.

在這一點上，多級自控制器的行業在哪裡，這真的是您心中阻止固態驅動器進一步滲透的關鍵因素嗎？顯然價格需要下降，價格正在下降，但這只是一點點有點門控因素。

Where do you think Micron and the industry is on that?

您認為美光和業界對此有何看法？

Well, I think that if you divide the market segments up into enterprise and PC notebook, you get a different set of requirements to compete for the existing applications.

嗯，我認為如果你將市場細分為企業和個人電腦筆記本，你會得到一組不同的需求來競爭現有的應用程序。

On the notebook side which will probably driving most of the MLC based solid state drives there actually has been some fairly good progress around controllers in that environment so as I said earlier, given the price trending and declines over the recent quarter, we're starting to get to a point where the solid state drive application in notebooks is increasingly becoming more attractive from an end-user perspective.

在可能會驅動大多數基於 MLC 的固態驅動器的筆記本電腦方面，實際上在那種環境下，控制器方面已經取得了一些相當不錯的進展，正如我之前所說，鑑於最近一個季度的價格趨勢和下降，我們開始從最終用戶的角度來看，筆記本電腦中的固態硬盤應用越來越具有吸引力。

On the enterprise side, I don't think we're in a place where the MLC controller development is even in the position to compete for that space.

在企業方面，我不認為我們處於 MLC 控制器開發甚至可以競爭該空間的位置。

You've got a whole set of different requirements around reliability, performance, and so on and so forth where it's still to me an SoC market and that's where all of the controller development will kind of evolve in the short-term.

在可靠性、性能等方面，你有一整套不同的要求，對我來說，這仍然是一個 SoC 市場，所有控制器開發都將在短期內發展。

Great.

偉大的。

And then one final quick follow-up and I'll go ahead.

然後是最後的快速跟進，我會繼續。

Just to reiterate what you said I think Steve talked about potentially 35 to 40% DRAM bit supply growth in 2009 but it could be lower if we see additional stuff come off line and maybe 100% NAND supply bit growth in 2009.

重申一下你所說的，我認為史蒂夫談到了 2009 年 DRAM 位供應量可能增長 35% 到 40%，但如果我們看到更多的東西下線並且 2009 年可能 100% 的 NAND 供應位增長，它可能會更低。

Did I get those figures right Steve?

我把這些數字弄對了嗎，史蒂夫？

That's right.

這是正確的。

Great.

偉大的。

Okay, thank you very much.

好的，非常感謝。

Your next question is from the line of Shawn Webster with JPMorgan.

您的下一個問題來自摩根大通的 Shawn Webster。

Yes, good afternoon.

是的，下午好。

Thanks for taking my question.

感謝您提出我的問題。

What was your DRAM production in Q4 sequentially as well as your NAND?

您在第四季度的 DRAM 產量以及您的 NAND 順序是多少？

It was up midteens on DRAM and NAND was up low double digits.

它在 DRAM 上上漲了十幾歲，而 NAND 則上漲了兩位數。

So somewhere between 10 to 20?

所以在10到20之間？

Correct.

正確的。

And then as far as production for next year, you couched it in terms of what you believe the industry will do.

然後就明年的生產而言，您根據您認為該行業將做什麼來表達它。

Do you think -- or does Micron plan to outgrow the industry in either or both of DRAM and the NAND segments next year in terms of production?

你認為 - 或者美光是否計劃明年在生產方面超過 DRAM 和 NAND 領域的一個或兩個領域？

Well, we stayed away from a year-over-year guidance for you because there is flexible and flexibility within our production plans, so we've given you a taste of what we think we'll do the next couple of quarters but there's too much flexibility for us to give you a year-over-year number for Micron.

好吧，我們沒有為您提供同比指導，因為我們的生產計劃具有靈活性和靈活性，所以我們已經讓您了解了我們認為接下來幾個季度我們會做的事情，但也有我們可以靈活地為您提供美光的同比數字。

Okay.

好的。

And what are the available lines of credit that your Company has both directly for the Micron as well as all of your subsidiaries in terms of how much credit you have available to tap?

就您可以利用的信用額度而言，貴公司直接為美光以及您的所有子公司提供的信用額度是多少？

Shawn, we historically as I already mentioned first of all the TECH is the entity that has used lines of credit historically and it used those prior to us being a majority owner back when we were a minority partner and also after we acquired the majority of the shares so they continue to do that.

肖恩，從歷史上看，正如我首先提到的那樣，TECH 是歷史上使用過信用額度的實體，當我們是少數合夥人時以及在我們獲得大部分股權之後，它使用了我們之前成為大股東之前的信用額度分享，所以他們繼續這樣做。

They use lines of credit.

他們使用信用額度。

They draw, they pay back, they roll that over.

他們畫，他們償還，他們把它翻過來。

They've been doing that for the decade that we've been involved with them.

在我們參與其中的十年裡，他們一直在這樣做。

Other than that Micron doesn't actually draw on lines of credit and we have philosophically I think came to the conclusion a lot of people were experiencing right now that if you need the money you can't get it and when you don't need it you get all you want.

除此之外，美光實際上並沒有利用信用額度，而且我認為我們從哲學上得出了很多人現在正在經歷的結論，即如果你需要錢，你就拿不到錢，而當你不需要的時候你得到你想要的一切。

So we have relied upon our own cash balances and that's why you see us continue to have a strong cash balance because we don't have lines of credit that we've drawn on so we haven't drawn on any because we don't use that form of financing.

所以我們依賴於我們自己的現金餘額，這就是為什麼你看到我們繼續擁有強勁的現金餘額，因為我們沒有已經動用的信用額度，所以我們沒有動用任何信用額度，因為我們沒有使用這種形式的融資。

But do you have any that are available to you?

但是你有什麼可用的嗎？

No.

不。

We don't have any lines of credit that are in place.

我們沒有任何可用的信用額度。

In terms of what we've always looked at for available financing and just what you would think is either through strategic partnerships which we've done a fair amount of over the last 10, 15 years or by going to the market.

就我們一直關注的可用融資而言，您認為要么是通過我們在過去 10 年、15 年中建立的戰略合作夥伴關係，要么是通過進入市場。

Okay.

好的。

And then in terms of the writedown can you break it out for us between the NAND and DRAM segments?

然後就減記而言，您能否在 NAND 和 DRAM 部分之間為我們分開？

You're talking about the NRV writedown in the quarter?

您是在談論本季度的 NRV 減記嗎？

The $205 million.

2.05億美元。

$205 million?

2.05億美元？

Yes.

是的。

We don't break down between the segments of those two segments.

我們不會在這兩個部分的部分之間分解。

There's actually a product by product analysis that's done and we relate that to our pricing forecast on a line item basis.

實際上已經完成了逐個產品的分析，我們將其與我們基於訂單項的定價預測聯繫起來。

So I don't have the break down that way you can view it as just going through every one of our line items and comparing it to our forecast of near term future prices and obviously that's a judgment call based upon what we're seeing or anticipating in front of us on a line item basis.

因此，我沒有這樣的細分，您可以將其視為只是遍歷我們的每個訂單項並將其與我們對近期未來價格的預測進行比較，顯然這是基於我們所看到的判斷或以訂單項為基礎在我們面前進行預期。

Okay.

好的。

And then I think someone mentioned earlier an expectation for pricing.

然後我認為之前有人提到了對定價的期望。

Can I just check those numbers?

我可以檢查那些數字嗎？

I think for November if pricing stays flat for DRAM you said down 15, 20; is that correct?

我認為，如果 DRAM 的價格在 11 月保持平穩，您所說的下降 15、20；那是對的嗎？

It's flat from here, that's correct.

從這裡是平坦的，這是正確的。

And NAND 30 to 35?

NAND 30 到 35？

Yes.

是的。

Again, flat from here.

再次，從這裡開始。

Right, okay.

對，好吧。

And then how much were your non-UL licensing royalties in the quarter?

那麼本季度您的非 UL 許可使用費是多少？

I believe that was $34 million for the quarter.

我相信這個季度是 3400 萬美元。

$34 million?

3400萬美元？

And is that the kind of run rate you expect for the next several quarters?

這是您對接下來幾個季度的預期運行率嗎？

Well, as we've explained in the past, there are two line items for that.

好吧，正如我們過去解釋的那樣，有兩個項目。

There's the licensing which is more straight line amortized through calendar 2010 and then there's the royalty as production ramps so as the production ramps and/or MeiYa ramps you'll see an increase in the royalty line based on the output that they receive.

許可在 2010 年更直線攤銷，然後是版稅作為生產坡道，因此隨著生產坡道和/或 MeiYa 坡道，您會看到根據他們收到的產出增加版稅線。

Right and the 34 hits the revenue line though, right?

對，但 34 達到了收入線，對吧？

Correct.

正確的。

Okay.

好的。

And what was your wafer growth sequentially in the August quarter?

您在 8 月季度的晶圓連續增長是多少？

It was about 1%.

大約是1%。

Okay.

好的。

Thank you very much.

非常感謝。

You bet.

你打賭。

Your next question is from the line of Gary Hsueh with Oppenheimer & Company.

您的下一個問題來自 Oppenheimer & Company 的 Gary Hsueh。

Great.

偉大的。

Thank you for taking my question.

謝謝你接受我的問題。

Just circling back to another question, you say that you grew bit production for DRAM in the fiscal fourth quarter by the mid to high teens yet you basically print a sales kind of bit number quarter-over-quarter of down 5%.

回到另一個問題，你說你在第四財季的 DRAM 的比特產量增長到了十幾歲，但你基本上打印出一種銷售量，環比下降 5%。

So at what point does it make sense even in fiscal Q1 to continue producing bits in the mid to high teens?

那麼，即使在第一財季，繼續在中高齡生產比特幣在什麼時候才有意義呢？

At what kind of DRAM contract or spot pricing level does it make sense to actually start cutting production given the discrepancy between bit production and bit sales?

考慮到位生產和位銷售之間的差異，實際開始減產的 DRAM 合同或現貨定價水平是什麼？

Well, the way that we do our analysis is first of all, Gary, cash is king in this environment, so if we're able to generate cash from an operation, clearly that plays a primary role in how we look at it as opposed to the way you're describing it, so as long as we're generating positive cash flow and operation we're going to consider continuing to keep online.

嗯，我們進行分析的方式首先是，加里，現金在這種環境中為王，所以如果我們能夠從一項業務中產生現金，顯然這在我們如何看待它方面起著主要作用根據您描述的方式，只要我們產生正現金流和運營，我們就會考慮繼續保持在線狀態。

Now, having said that the reverse is true as well.

現在，話雖如此，反過來也是如此。

As soon as an operation looks like it's no longer generating cash, it's actually consuming cash, we're going to look at should we remove that or take that off line, but remember, that is all these numbers as Ron just described, those were forecasts and historical looking data so we want to make sure that we're not making a short-term decision that can hurt us in the long term and I'll tell you, it's an ongoing evaluation right now given the market condition.

一旦一個操作看起來不再產生現金，它實際上是在消耗現金，我們將看看我們應該刪除它還是讓它離線，但請記住，這就是羅恩剛剛描述的所有這些數字，那些是預測和歷史數據，因此我們希望確保我們不會做出可能長期傷害我們的短期決定，我會告訴你，鑑於市場狀況，這是目前正在進行的評估。

And one other point on that is that going into the end of August, we had some key customer requirements that forced us to take some of the inventory from our August quarter into early September for our holiday deliveries, and that put us in a position where the shipments were not in line with the output.

另一點是，進入 8 月底，我們有一些關鍵的客戶要求，迫使我們從 8 月季度到 9 月初提取一些庫存用於假日交付，這使我們處於出貨量與產出不符。

So there's a bit of a timing issue in terms of your bit production and actual bits shipped in the quarter?

因此，就您的鑽頭生產和本季度實際出貨的鑽頭而言，是否存在時間問題？

That's right.

這是正確的。

When you think about it and look at the volatility in the pricing the last two weeks of August, when we did our calculation from a financial model, it made a lot more sense to carry the inventory over for some opportunity we needed from a linearity perspective from Q1 of our fiscal year.

當您考慮它並查看 8 月最後兩週的定價波動時，當我們從財務模型進行計算時，將庫存結轉以從線性角度獲得我們需要的一些機會更有意義從我們財政年度的第一季度開始。

Just so I'm clear in terms of bit sales growth in the fiscal first quarter I should be expecting something above a down 5% quarter last quarter, right, given the lower pricing, down 15 to 20% presumably with elasticity you can start pushing through more bits.

就這樣，我很清楚第一財季的比特銷售增長我應該預計上個季度會下降 5% 以上，對，考慮到較低的定價，下降 15% 到 20% 大概具有彈性，你可以開始推動通過更多位。

Is that the thinking here?

這是這裡的想法嗎？

That's our -- given where we are today, that's our plan.

這就是我們的——鑑於我們今天所處的位置，這就是我們的計劃。

Again, not knowing what the future holds on pricing and so on and so fourth.

同樣，不知道定價等的未來會怎樣，等等。

Second question here is just on bit cost reduction.

這裡的第二個問題只是關於降低比特成本。

I think you've been putting up some pretty disciplined numbers in terms of stepping down the cost of goods sold per bit.

我認為您在降低每比特商品銷售成本方面已經提出了一些非常有紀律的數字。

Is there kind of an end of the line here or kind of plateau where you can't continue pushing bit cost reduction and where are we relative to that point?

這裡是否存在某種終點或某種高原，您無法繼續推動降低比特成本，我們相對於那個點在哪裡？

This is Mark.

這是馬克。

I don't think that's the case, as Kipp alluded earlier, our bit growth and our cost per bit will be a little bit lumpy on a going forward basis, but we continue to say, high single digits to low teens on DRAM and midteens on NAND on a go forward basis and we think that's good for a number of quarters going forward.

我認為情況並非如此，正如 Kipp 之前提到的那樣，我們的比特增長和我們的每比特成本在未來的基礎上會有點不穩定，但我們繼續說，DRAM 和中端的高個位數到低十位數以 NAND 為基礎，我們認為這對未來的幾個季度都有好處。

So Mark on average you still see the ability to kind of consistently push down along those kind of bit cost reduction numbers over the next four quarters?

因此，馬克平均而言，您仍然看到在接下來的四個季度中持續降低這些比特成本降低數字的能力？

Yes.

是的。

Absolutely.

絕對地。

We think we've got a great technology road map and we've got good capacity in place, and we're pretty comfortable with what we have technology and capital we made as we put that capacity in place.

我們認為我們有一個很好的技術路線圖，我們有很好的能力，我們對我們擁有的技術和資金感到非常滿意，因為我們把這些能力到位。

Just last question here to help me frame 2009.

只是這裡的最後一個問題，以幫助我構建 2009 年。

A lot of discussion about consolidation, production cuts but top level, which line of business DRAM, NAND, or specialty or image sensor, which line of business do you think you could see recovery first and which business has the highest kind of leverage to the upside in the event of any kind of recovery in the back half of 2009?

很多關於整合、減產但頂級的討論、DRAM、NAND 或專業或圖像傳感器的哪個業務線，您認為哪個業務線可以首先看到復蘇以及哪個業務對如果 2009 年下半年出現任何形式的複蘇，上漲空間？

Well, if I were to try to rate that for you and I'll give it a shot, first of all, we've already seen the imaging business as we've reported have a pretty decent gross margin and they've actually been up quarter-over-quarter.

好吧，如果我要嘗試為您打分，我會試一試，首先，我們已經看到成像業務，因為我們已經報告了相當可觀的毛利率，而且它們實際上已經季度環比增長。

So I don't know if we want to characterize that as recovery but so far so good on that, as they move forward.

所以我不知道我們是否想將其描述為複蘇，但到目前為止，隨著他們向前發展，這方面做得很好。

The specialty DRAM, I don't think we expect much of a recovery because it's already pretty good business but I do think that we expect that the volume will decline as we move through time over the next couple of years.

特種 DRAM，我認為我們預計不會有太大的複蘇，因為它已經是相當不錯的業務，但我確實認為，隨著未來幾年的時間推移，我們預計銷量會下降。

Now, having said that, about those two categories, my perspective giving what I'm seeing in the DRAM market versus the NAND market, I think that a lot of people feel like the DRAM business is going to recover sooner than the NAND business may recover and I think that would be reflected by the way of what you see in the CapEx, so when we look at the DRAM business today, it just doesn't feel like for many companies it's sustainable.

現在，話雖如此，關於這兩個類別，我的觀點給出了我在 DRAM 市場與 NAND 市場中看到的情況，我認為很多人認為 DRAM 業務將比 NAND 業務恢復得更快恢復，我認為這將通過您在資本支出中看到的方式反映出來，所以當我們今天看 DRAM 業務時，對於許多公司來說，它感覺它不可持續。

Many of them were below their cash costs and they move in the balance sheet preservation.

他們中的許多人低於他們的現金成本，他們在資產負債表保存中移動。

It's very very difficult environment and also, it's worth noting that there are weaker players that exist in the DRAM business compared to the NAND business because if you look at those that are really producing NAND, it's essentially Samsung, Micron, Toshiba, and Ynix, and obviously the major players in both spaces in terms of Samsung, and Micron and DRAM, so that's just how I see it playing.

這是非常非常困難的環境，而且值得注意的是，與 NAND 業務相比，DRAM 業務存在較弱的參與者，因為如果你看看那些真正生產 NAND 的公司，基本上是三星、美光、東芝和 Ynix，顯然，三星、美光和 DRAM 都是這兩個領域的主要參與者，所以這就是我認為它的表現。

Now on the NAND front it's hard for me to respond because I don't know how long it takes for a lot of the capital pushes or whether capacity has come off line to be a factor.

現在在 NAND 方面，我很難做出回應，因為我不知道大量資本推動需要多長時間，也不知道產能是否已經脫線成為一個因素。

In particular, when you look at the demand growth rates, obviously NAND far exceeds DRAM so this is one of those periods of time where NAND has a lot of price elasticity.

特別是，當您查看需求增長率時，顯然 NAND 遠遠超過 DRAM，因此這是 NAND 具有很大價格彈性的時期之一。

I think more price elasticity than DRAM, and it's behaving a lot more like the DRAM business did in pre-1995 around that elasticity so it's much harder to predict when that market might turn as opposed to what we're seeing in the DRAM business.

我認為價格彈性比 DRAM 更大，而且它的表現更像 DRAM 業務在 1995 年之前圍繞這種彈性所做的那樣，因此與我們在 DRAM 業務中看到的情況相反，很難預測該市場何時會轉向。

Great.

偉大的。

Thanks forgiving that question a shot.

謝謝原諒這個問題。

Yes.

是的。

Your next question is from the line of Daniel Amir with Lazard.

您的下一個問題來自 Daniel Amir 與 Lazard 的對話。

Just a question on the image sensor business.

只是關於圖像傳感器業務的問題。

Can you comment a bit on the visibility there, what you're seeing there in terms of growth here for the next couple of quarters if at all, and kind of what the strategy is now for that segment?

您能否評論一下那裡的知名度，您在接下來的幾個季度中看到的增長情況，以及該細分市場現在的戰略是什麼？

Yes.

是的。

Well, it looks like -- I wouldn't say there's a lot of growth.

好吧，看起來 - 我不會說有很多增長。

I think it looked like they were pretty stable.

我認為它們看起來很穩定。

I'd say not a lot of growth.

我會說沒有太多的增長。

Not a lot of decline.

跌幅不大。

There's some incremental improvement that they're making, if you would have noticed for image sensor companies they've made somewhat of a come back and gained market share in the last quarter or two but I think that business, a lot of it is in the mobile space and the technology space, well around PDAs and digital stream cameras and (inaudible), et cetera.

他們正在做一些漸進式的改進，如果你會注意到圖像傳感器公司他們在上一兩個季度已經捲土重來並獲得了市場份額，但我認為這個業務，很多都在移動空間和技術空間，以及 PDA 和數字流相機以及（聽不清）等。

So I think that they have some similar challenges to what other segments do but it still looks like they're on a pretty good path.

所以我認為他們與其他細分市場有一些類似的挑戰，但看起來他們仍然走在一條不錯的道路上。

In terms of what we'll continue to do in that space, there hasn't been any change of plans with respect to what's happening with that.

就我們將在該領域繼續做的事情而言，關於正在發生的事情的計劃沒有任何變化。

In fact on this Friday, they will start operating as a separate Company from Micron, although it will be a wholly owned subsidiary and they will have their own systems and so forth and we're still moving down the path of joining with a partner to likely take that Company private but yet have Micron continue to manufacture the product in the foreseeable future.

事實上，在本週五，他們將作為一家獨立於美光的公司開始運營，儘管這將是一家全資子公司，他們將擁有自己的系統等等，我們仍在沿著與合作夥伴加入的道路前進可能將該公司私有化，但美光在可預見的未來仍將繼續生產該產品。

Okay, great.

好，太棒了。

And then on the Nanya partnership, can you just expand a bit what the plan is in terms of CapEx rollouts there for the next year, I guess with the partnership?

然後關於南亞合作夥伴關係，您能否稍微擴展一下計劃在明年在那裡推出資本支出的計劃，我猜是合作夥伴關係？

I mean, what quarters should we see, what's the road map right now?

我的意思是，我們應該看到哪些方面，現在的路線圖是什麼？

Dan, this is Ron.

丹，這是羅恩。

If you look at our MeiYa partnership, what we've decided at this point is that in light of current business conditions, we're deferring any near term capital purchases as we reassess our near term business plans with our partner.

如果您查看我們的美亞合作夥伴關係，我們目前的決定是，鑑於當前的業務狀況，我們將推遲任何近期的資本購買，因為我們與我們的合作夥伴重新評估我們的近期業務計劃。

It's important to note that that's affecting near term timing and we remain very committed to our partnership.

重要的是要注意這會影響近期的時間安排，我們仍然非常致力於我們的合作夥伴關係。

The only issue we're dealing with is the actual timing of our planned expansion vis-a-vis market demand and our judgment of that timing.

我們正在處理的唯一問題是我們計劃擴張相對於市場需求的實際時間以及我們對該時間的判斷。

We still have a $466 million committment out there for the calendar year but we'll judge the timing of that based upon market needs.

我們在日曆年仍有 4.66 億美元的承諾，但我們將根據市場需求來判斷時間。

Okay, great.

好，太棒了。

All right, thanks a lot.

好的，非常感謝。

Yes.

是的。

Your next question is from the line of David Wong also with Wachovia Securities.

您的下一個問題來自美聯證券的 David Wong。

Thank you very much.

非常感謝。

First, a quick clarification.

首先，快速澄清。

You said that demand has dropped off in the last month.

你說上個月需求下降了。

Do you mean the last month of the quarter that's August or did you mean in September?

您是指 8 月這個季度的最後一個月還是 9 月？

And are you expecting continued weakness in demand through the rest of this year to only pick up in the third quarter?

您是否預計今年剩餘時間內需求持續疲軟只會在第三季度回升？

You made some comment about pick up potentially in the first quarter.

您對第一季度的潛在回升發表了一些評論。

Well, what we saw primarily was ASP price pressure due to the demand in the August time frame and continued again more on the DRAM front through September on a going forward basis, it's hard to tell but again it looks like it's going to be a softer holiday than initially hoped.

好吧，我們看到的主要是由於 8 月時間框架內的需求導致的 ASP 價格壓力，並且在 9 月份之前在 DRAM 方面再次繼續上漲，這很難說，但看起來它會再次走軟假期比最初希望的要好。

And your 5% drop in DRAM bit shipments is that indicative of what PC makers as a whole bought from the DRAM industry or is there something special associated with Micron that you had a different characteristic from the market as a whole?

您的 DRAM 位出貨量下降 5% 表明 PC 製造商作為一個整體從 DRAM 行業購買了什麼，或者與美光有什麼特別相關的東西，您與整個市場有不同的特徵？

Again, as I commented earlier, the volatility in pricing the last couple of weeks of August had us kind of reflect on what was the best thing to do financially for the inventory to be sold and we looked at some key customer requirements and in the early part of September that we decided to hold over and support.

同樣，正如我之前評論的那樣，8 月最後幾週的定價波動讓我們思考了在財務上對待售庫存做的最好的事情，我們研究了一些關鍵的客戶需求，並在早期我們決定保留和支持的 9 月的一部分。

Great.

偉大的。

Thank you very much.

非常感謝。

Your next question is from the line of Doug Friedman with AmTech Research.

您的下一個問題來自 AmTech Research 的 Doug Friedman。

Hi, guy, thanks for taking my question.

嗨，伙計，謝謝你提出我的問題。

Can you comment on what you're expecting PC unit growth to look like in the last quarter of the year?

您能否評論一下您對今年最後一個季度 PC 單位增長的預期？

So, well, for us it's a little bit harder on the demand side given what I just commented on with the softening of demand but certainly from a unit standpoint, the growth is going to be, our current assumptions going into the quarter were somewhat modest, up 10% and at this point, again, given the economic and macroeconomic situation in the holiday projections that we now see, some were about flat to up or down a few percent.

所以，嗯，對我們來說，考慮到我剛剛評論的需求疲軟，需求方面有點困難，但從單位的角度來看，增長將會是，我們目前對本季度的假設有點溫和，上漲 10%，此時再次考慮到我們現在看到的假日預測中的經濟和宏觀經濟形勢，有些持平或上漲或下跌幾個百分點。

All right, great.

好的，太好了。

Can you also comment as far as the bits that you shipped into the Lexar retail, the percentage of bits you've given that number in the past.

您是否還可以評論一下您運送到 Lexar 零售店的位，您過去提供該數字的位的百分比。

Sure.

當然。

So in terms of Flash components, Lexar ended up consuming about 60 to 65% of their overall need.

因此，就 Flash 組件而言，Lexar 最終消耗了其總需求的 60% 到 65%。

As it relates to Micron's overall supply on NAND, it continues to approach about 20% of the overall supply of Micron partners.

由於它關係到美光在 NAND 上的整體供應，它繼續接近美光合作夥伴整體供應的 20% 左右。

Okay, great.

好，太棒了。

One of the previous callers I guess touched on a little bit going back to sort of market dynamics out there.

我猜之前的一位來電者談到了一點點回到那裡的市場動態。

Both in NAND and DRAM, we saw some pretty heavy promotions in the past two to three months regarding just box loading and trying to use DRAM to load up some boxes and make some unit moves and entice customers working towards price elasticity.

在 NAND 和 DRAM 方面，我們在過去的兩到三個月中看到了一些相當大的促銷活動，僅涉及裝箱和嘗試使用 DRAM 裝載一些盒子並進行一些單元移動並吸引客戶努力實現價格彈性。

Can you comment on just what you're presently seeing and what sort of maybe the promotion plans are around the holidays and whether you still really have price elasticity both in the NAND market and in the DRAM market for general purpose PC marketing?

您能否評論一下您目前所看到的情況以及假期前後的促銷計劃以及您是否真的在 NAND 市場和 DRAM 市場對於通用 PC 營銷仍然具有價格彈性？

That's a pretty tough question given the situation from what we see today.

鑑於我們今天所看到的情況，這是一個非常棘手的問題。

Historically, we go into the Black Friday season and retailers are trying to drive traffic and so on and so forth and they use the price to get people in the store and have them buy up sell margin opportunities while they're in store.

從歷史上看，我們進入黑色星期五季節，零售商正試圖增加流量等等，他們利用價格吸引人們進入商店，並讓他們在商店購買時購買銷售利潤機會。

I think to your point, the pricing situation is so dramatic up until today that we see that the retail actually had a choice of keeping that margin and not driving the top line and we've seen that in years past in general in the market where retailers take the, where the economic climate is not so unfavorable and they take the margin as opposed to taking top line revenue growth, so I think I kind of compare with where you were heading with that I'm not sure that the price will be a useful tool or effective tool to drive additional unit sales and they may choose to play a margin game coming through the holiday.

我認為就您的觀點而言，直到今天為止，定價情況如此劇烈，以至於我們看到零售業實際上可以選擇保持該利潤而不是推動收入增長，而且我們在過去幾年中已經看到，在一般情況下，零售商選擇經濟環境不是那麼不利的地方，他們獲得利潤而不是獲得收入增長，所以我想我有點與你要去的地方比較，我不確定價格會是一個有用的工具或有效的工具來推動額外的單位銷售，他們可能會選擇在假期期間玩利潤遊戲。

Great.

偉大的。

Thank you.

謝謝你。

Good luck with it.

祝你好運。

Your next question is from the line of Krishna Shankar with JMP Securities.

您的下一個問題來自 JMP 證券公司的 Krishna Shankar。

Yes, are you seeing -- the weakness that you described I'm seeing both in desktops and notebooks and can you contrast what you see in terms of consumer versus (inaudible) PC demand?

是的，您是否看到了——您所描述的我在台式機和筆記本電腦中都看到的弱點，您能否對比一下您在消費者和（聽不清的）PC 需求方面看到的情況？

Yes.

是的。

On the desktop side, we have seen a bit more of a decline.

在桌面端，我們看到了更多的下降。

The notebook side is relatively strong, even through the consumer channel but if I segment out as you've asked about consumer and commercial, the commercial business is still pretty good for us and we're just starting to see the consumer side of the desktop and some small decline overall in the PC space and consumer side, but again, the enterprise commercial side is fairly stable for us so far.

筆記本方面比較強，即使是通過消費者渠道，但如果我按照你問的消費者和商業細分，商業業務對我們來說還是不錯的，我們才剛剛開始看到台式機的消費者方面個人電腦空間和消費者方面整體略有下降，但到目前為止，企業商業方面對我們來說還是相當穩定的。

And then a follow-up question, can you give us an update on inventory of Flash memory cards in the channel and whether inventories (inaudible), what's the situation in terms of the inventory that we sell in Flash cards during Q2 and has that been worked off now?

然後是一個後續問題，您能否向我們提供有關渠道中閃存卡庫存的更新以及是否有庫存（聽不清），我們在第二季度以閃存卡銷售的庫存情況如何？現在下班了嗎？

Well, I think both of our public competitors have already stated their position and it's pretty significant, vis-a-vis Micron and through the Lexar channel I think we've got a pretty good handle as well as we want some additional share going into the holidays as well as offset any problems we have in the channel inventory of our business.

好吧，我認為我們的兩個公開競爭對手都已經表明了他們的立場，這對美光和通過 Lexar 渠道來說意義重大假期以及抵消我們業務渠道庫存中的任何問題。

My sense is to the earlier question on what the retailer tools will be to drive unit and overall volume in the stores for the holiday, the question will be better answered coming out of the holiday into January.

我的感覺是關於零售商工具將是什麼來推動假期商店的單位和整體銷量的早期問題，這個問題會在假期結束到 1 月份得到更好的回答。

Thank you.

謝謝你。

Your next question is from the line of Manish Goyal with CREF Investments.

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

Two quick questions.

兩個快速的問題。

One, based on your new CapEx guidance, what is your depreciation for fiscal '09?

一，根據您的新資本支出指南，您在 09 財年的折舊是多少？

And can you give us some sense as to what percent of your production today is at 200 and then for DRAM and NAND, separately, and what period of time do you see that will be decommissioned?

您能否告訴我們您今天的產量百分比為 200，然後分別用於 DRAM 和 NAND，您認為這將在多長時間內退役？

This is Ron.

這是羅恩。

I'll take the first question, the depreciation for 2009 we're estimating to be about $2.25 billion.

我將回答第一個問題，我們估計 2009 年的折舊約為 22.5 億美元。

On the 200 millimeter output, it's less than 10% on core DRAM and 5 to 10 on NAND.

在 200 毫米輸出上，核心 DRAM 上的不足 10%，NAND 上的 5 到 10%。

And over what period do you see decommissioning that capacity?

您認為在什麼時期內停用該容量？

Well, I think the specialty and image wafers are still very productive for us and we have some flexibility in terms of how we move wafers around.

嗯，我認為特種晶圓和圖像晶圓對我們來說仍然非常高效，而且我們在如何移動晶圓方面具有一定的靈活性。

Clearly, NAND and core DRAM production is challenged on 200 millimeter today.

顯然，如今 200 毫米的 NAND 和核心 DRAM 生產面臨挑戰。

It's not as efficient as the 300 millimeter but they are fully depreciated tool set and we can flex, so we'll just continue to look at market conditions and make adjustments as we go forward.

它不如 300 毫米高效，但它們是完全折舊的工具集，我們可以靈活調整，因此我們將繼續關注市場情況並在前進的過程中進行調整。

Thank you.

謝謝你。

Thanks, Manish.

謝謝，馬尼什。

I think we have time for one more question.

我想我們還有時間再問一個問題。

Your next question is from the line of Bob Gujavarty with Deutsche Bank.

您的下一個問題來自德意志銀行的 Bob Gujavarty。

Great.

偉大的。

Thanks for squeezing me in.

謝謝你擠我。

I'll keep it quick.

我會盡快處理的。

Just what was your DDR 3 mix?

你的 DDR 3 組合是什麼？

Was it appreciable in this quarter?

本季度是否可觀？

We did a couple of percent of DDR 3 this quarter.

本季度我們完成了 DDR 3 的百分之幾。

Okay, so, maybe 1 to 3% something like that?

好吧，那麼，大概是 1% 到 3% 之類的吧？

Correct.

正確的。

Okay.

好的。

And are you still on track for your 34 nanometer transition for NAND?

您是否還在為 NAND 進行 34 納米過渡？

I think the idea was 50% exiting this calendar year.

我認為這個想法是在這個日曆年退出了 50%。

Is that still on track?

這還在軌道上嗎？

Yes.

是的。

That's still progressing well.

這仍然進展順利。

We're very happy with the yields at the Utah fab, those are approaching maturity on some of the wafers and we've begun the transition now in Virginia and have really good yield in that fab as well.

我們對猶他州晶圓廠的產量感到非常滿意，其中一些晶圓已接近成熟，我們現在已經在弗吉尼亞州開始了過渡，並且該晶圓廠的產量也非常好。

Okay, and just a quick follow-up on that, do you think once your 34 nanometers ramp that you'll have kind of industry leading costs on NAND?

好的，快速跟進一下，您是否認為一旦您的 34 納米量產，您將在 NAND 上擁有行業領先的成本？

Yes, we believe so.

是的，我們相信。

Okay, great.

好，太棒了。

And sorry, final question.

對不起，最後一個問題。

A follow-up on the last question but within your memory mix, did you, how was your server business, your server memory business?

最後一個問題的跟進，但在您的內存組合中，您的服務器業務如何，您的服務器內存業務如何？

Was that as expected?

這和預期的一樣嗎？

Any kind of trends in that business that were strange?

該行業有什麼奇怪的趨勢嗎？

Yes.

是的。

Clearly, that remains a very strong part of our business today.

顯然，這仍然是我們今天業務中非常重要的一部分。

A lot of the downturn in demand and pricing pressure we've seen is more on the consumer space and it remains pretty strong.

我們看到的需求下滑和定價壓力更多地集中在消費領域，而且仍然相當強勁。

Great.

偉大的。

Thanks guys.

多謝你們。

Thank you very much for participating on the call today.

非常感謝您參加今天的電話會議。

If you'll please bear with me I'll repeat the Safe Harbor protection language.

如果你能容忍我，我會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 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's fourth quarter and fiscal year end 2008 financial release conference call.

今天的美光科技公司 2008 年第四季度和財年末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。