美光科技 (MU) 2009 Q2 法說會逐字稿

Good afternoon.

下午好。

My name is Melissa and I will be your conference operator today.

我叫梅麗莎，今天我將成為您的會議接線員。

At this time, I would like to welcome everyone to the Micron Technology's second quarter 2009 financial release conference call.

在此，歡迎大家參加美光科技2009年第二季度財務發布電話會議。

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

所有線路都已靜音，以防止任何背景噪音。

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

演講者發言後，將進入問答環節。

(Operator Instructions).

（操作員說明）。

Thank you.

謝謝你。

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

現在，我很高興將發言權交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much and welcome everyone to Micron Technology's second quarter 2009 financial release conference call.

非常感謝並歡迎大家參加美光科技 2009 年第二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 of course Mark Adams, Vice President of Worldwide Sales.

今天的電話會議有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，當然還有全球銷售副總裁 Mark Adams。

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

本次電話會議，包括音頻和幻燈片，也可在美光的網站 Micron.com 上獲得。

If you have not had an opportunity to review the second quarter 2009 financial press release, it is also available on our website at Micron.com.

如果您沒有機會查看 2009 年第二季度的財務新聞稿，也可以在我們的網站 Micron.com 上獲得該新聞稿。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of this call accessed by dialing 706-645-9291 with confirmation code of 90786047.

撥打 706-645-9291 和確認碼 90786047 將訪問此通話的音頻重播。

This replay will run through Thursday, April 9th, 2009 at 5:30 p.m.

此重播將持續到 2009 年 4 月 9 日星期四下午 5:30。

mountain time.

山區時間。

A Webcast replay will be available on the Company's website until April 2nd, 2010.

2010 年 4 月 2 日之前，公司網站上將提供網絡廣播重播。

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

我們鼓勵您在整個季度再次訪問我們的網站 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。

During the course of this meeting, we may make projections or other forward-looking statements regarding future events or the future financial performance of the Company and the industry.

在本次會議期間，我們可能會就公司和行業的未來事件或未來財務業績做出預測或其他前瞻性陳述。

We wish to caution you that such statements are predictions, and that actual events or results may differ materially.

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

We refer you to the documents the Company files on a consolidated basis from time to time with the Securities and Exchange Commission, specifically the Company's most recent Form 10-K and Form 10-Q.

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

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

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

These certain factors can be found in the Investor Relations section of Micron's website.

這些特定因素可以在美光網站的投資者關係部分找到。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能保證未來的結果、活動水平、業績或成就。

We are under no duty to update any of the forward-looking statements after the date of the presentation, to conform these statements to actual results.

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

I'm going to turn the call over to Mr.

我要把電話轉給先生。

Ron Foster.

羅恩·福斯特。

Ron?

羅恩？

Thanks, Kipp.

謝謝，基普。

I will briefly review the summary financial results for the second quarter, which ended March 5th, 2009.

我將簡要回顧截至 2009 年 3 月 5 日的第二季度財務業績摘要。

Revenue for the second quarter decreased 29% compared to the prior quarter.

第二季度的收入與上一季度相比下降了 29%。

Memory revenues were down 26%, due to an unusually steep memory ASP decline of 20%, Driven by overall market weakness.

由於整體市場疲軟導致內存平均售價異常急劇下降 20%，內存收入下降了 26%。

Memory revenues included $33 million in royalty and technology fees.

內存收入包括 3300 萬美元的特許權使用費和技術費。

Imaging revenues were down 53% quarter-to-quarter, primarily due to weakness in the mobile phone market.

影像業務收入環比下降 53%，主要是由於手機市場疲軟。

We ended the second quarter with $932 million in cash and short-term investments.

我們以 9.32 億美元的現金和短期投資結束了第二季度。

Operating cash flow was $339 million in the second quarter, including a one time benefit of $208 million related to a billing to Intel for the termination of the Boise supply agreement.

第二季度的運營現金流為 3.39 億美元，其中一次性收益為 2.08 億美元，這與因終止博伊西供應協議而向英特爾開具的賬單有關。

Financing cash flows for the quarter include an offsetting $208 million distribution to Intel for their share of the supply agreement.

本季度的融資現金流包括向英特爾分配的 2.08 億美元抵消供應協議份額。

Gross margin was minus 27% for the quarter, with declines in memory ASPs during the quarter triggered a $234 million non-cash write-down of memory inventories to estimated market value.

本季度毛利率為負 27%，本季度內存 ASP 的下降引發了 2.34 億美元的內存庫存非現金減記至估計市值。

Also included in these results is a favorable NRB flow-through effect from prior period write-offs of $277 million.

這些結果還包括前一期註銷的 2.77 億美元對 NRB 的有利流動效應。

Absent the NRB effects in both quarters, memory gross margin was 11% lower quarter-to-quarter.

如果沒有兩個季度的 NRB 影響，內存毛利率環比下降 11%。

Idle facility charges of approximately [$60] million at Inotera and IM Flash Singapore are included in the quarter results.

Inotera 和 IM Flash Singapore 的閒置設施費用約為 [$60] 百萬，包括在季度業績中。

We anticipate that idle facility costs will be somewhat lower in fiscal Q3.

我們預計第三財季閒置設施成本會有所降低。

NAND Average Selling Prices declined 13% for the quarter, while NAND cost per gigabyte declined by 23%.

本季度 NAND 平均售價下降 13%，而每 GB NAND 成本下降 23%。

These cost declines exclude the NRB effects and idle facility costs associated with IM Flash Singapore.

這些成本下降不包括與 IM Flash Singapore 相關的 NRB 效應和閒置設施成本。

The successful ramp of our industry leading 34-nanometer MLC NAND product was a substantial contributor to this cost reduction.

我們行業領先的 34 納米 MLC NAND 產品的成功推廣是降低成本的重要因素。

We expect to realize additional cost reductions in the second half of 2009, as 34-nanometer becomes the majority of our NAND wafer shipments.

我們預計在 2009 年下半年將進一步降低成本，因為 34 納米成為我們 NAND 晶圓出貨量的主要部分。

Overall, NAND gross margins performance substantially improved quarter-over-quarter, albeit still negative.

總體而言，NAND 毛利率表現環比大幅改善，但仍為負數。

NAND bit production in the third quarter is forecast to be in the high teens as a result of a 200-millimeter phase out, offset by rapidly accelerating process node migrations.

由於 200 毫米的逐步淘汰，第三季度的 NAND 位產量預計將達到十幾歲，但被快速加速的工藝節點遷移所抵消。

Continuing production efficiencies and a 34-nanometer node transition will lead to quarterly cost per gigabyte decline, averaging mid-to high teens for the second half of fiscal 2009.

持續的生產效率和 34 納米節點過渡將導致每 GB 成本的季度下降，2009 財年下半年的平均成本為中高水平。

Even though DRAM costs per gigabit declined by 12% quarter-over-quarter, DRAM ASPs declined by an unusually high 30% in the same period, due in part to a decrease in the mix of higher ASP specialty DRAM products that service the weak consumer markets.

儘管每千兆位的 DRAM 成本環比下降了 12%，但 DRAM 平均售價在同一時期下降了 30% 的異常高位，部分原因是為弱勢消費者提供服務的高 ASP 特種 DRAM 產品組合減少市場。

These cost declines exclude NRB effects and idle capacity costs related to Micron's supply agreement with Inotera.

這些成本下降不包括與美光與 Inotera 的供應協議相關的 NRB 效應和閒置產能成本。

Qimonda has defaulted on its wafer purchase commitment to Inotera.

奇夢達未履行對 Inotera 的晶圓採購承諾。

As a result, Inotera has significantly reduced wafer production, triggering the idle capacity charges per our supply agreement.

結果，Inotera 顯著減少了晶圓產量，根據我們的供應協議觸發了閒置產能費用。

Due to the weak demand for consumer related products, we are phasing out 200-millimeter capacity in Boise, and are adjusting all global 200-millimeter capacity to balance with projected future demand.

由於消費者相關產品的需求疲軟，我們正在逐步淘汰博伊西的 200 毫米產能，並正在調整全球所有 200 毫米產能以平衡預計的未來需求。

Fiscal Q3 DRAM cost reductions are expected to be in the mid-to-high single digits and bit production is forecast to increase in the high single digit range, primarily due to 50-nanometer process node migrations and relative stability in wafer production.

預計第三財季 DRAM 成本下降幅度將達到中高個位數，而位產量預計將在高個位數範圍內增長，這主要是由於 50 納米工藝節點遷移和晶圓生產的相對穩定性。

These projections exclude charges associated with idle capacity at Inotera.

這些預測不包括與 Inotera 閒置產能相關的費用。

Imaging gross margins were down as we experienced a slowdown in unit sales and production.

由於我們經歷了單位銷售和生產放緩，成像毛利率下降。

driving up per unit costs.

推高單位成本。

Imaging gross margins did, however, remain positive at 2.8%.

然而，成像毛利率確實保持在 2.8% 的正數。

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

第二季度繼續降低我們的運營成本結構。

Restructuring programs and spending controls reduced SG&A expense to $90 million.

重組計劃和支出控制將 SG&A 費用減少到 9000 萬美元。

This was below the guidance range of $100 million to $105 million, and 25% below the prior year period.

這低於 1 億美元至 1.05 億美元的指導範圍，比去年同期低 25%。

R&D expense of $168 million was in line with projections and resulted from ongoing cost management efforts and progress in transitioning products from development to production.

研發費用為 1.68 億美元，符合預期，這是由於持續的成本管理工作以及產品從開發到生產的過渡所取得的進展。

We anticipate SG&A expenses to be in the $85 million to $90 million range in fiscal Q3 '09 and R&D expenses to be in the $175 million to $180 million range.

我們預計 09 財年第三季度的 SG&A 費用將在 8500 萬美元至 9000 萬美元之間，研發費用將在 1.75 億美元至 1.8 億美元之間。

The increase in R&D expenses is primarily related to product qualifications.

研發費用的增加主要與產品資質有關。

We expect the R&D spend to decrease in future quarters.

我們預計未來幾個季度的研發支出將減少。

We will continue to proactively manage our cost structure to enable Micron to remain competitive in this environment.

我們將繼續積極管理我們的成本結構，以使美光在這種環境中保持競爭力。

Micron reported a net loss of $751 million or $0.97 per diluted share for the quarter, compared to a loss of $706 million or $0.91 per share in the prior quarter.

美光報告本季度淨虧損 7.51 億美元或每股攤薄收益 0.97 美元，而上一季度虧損 7.06 億美元或每股 0.91 美元。

The net loss includes restructuring charges of $105 million, which incorporates two major items.

淨虧損包括 1.05 億美元的重組費用，其中包括兩個主要項目。

First, restructuring costs of $17 million, related to employee severance.

首先，與員工遣散有關的 1700 萬美元的重組成本。

Second, an $87 million non-cash charge for asset write-downs related to the Boise fab phase-out.

其次，與博伊西工廠淘汰相關的資產減記費用為 8700 萬美元。

Also, as a result of prevailing market conditions, the Company wrote off all of the $58 million of goodwill previously included in the imaging segment.

此外，由於當前的市場狀況，公司註銷了之前包含在成像部門的所有 5800 萬美元的商譽。

This eliminates all remaining goodwill on Micron's balance sheet.

這消除了美光資產負債表上所有剩餘的商譽。

Headcount declined by 5% in the quarter to 20,794 employees worldwide.

本季度全球員工人數減少 5%，至 20,794 人。

In financing activities, Micron utilized new loan proceeds to contribute $99 million to the Tech Singapore joint venture.

在融資活動中，美光利用新的貸款收益向 Tech Singapore 合資企業貢獻了 9900 萬美元。

Total debt increased by $29 million, to $2.895 billion, as the normal amortization of existing loans partially offset the new loan.

由於現有貸款的正常攤銷部分抵消了新貸款，總債務增加了 2900 萬美元，達到 28.95 億美元。

Q2 cash expenditures for property, plant and equipment totaled $139 million, down significantly from $334 million in the first quarter of 2009.

第二季度不動產、廠房和設備的現金支出總額為 1.39 億美元，與 2009 年第一季度的 3.34 億美元相比大幅下降。

Anticipated capital expenditures for fiscal 2009 have been refined to approximately $650 million to $700 million from last quarter's guidance of $650 million to $750 million.

2009 財年的預期資本支出已從上一季度的 6.5 億美元至 7.5 億美元的指導值細化至約 6.5 億美元至 7 億美元。

It is important to note that nearly three quarters of the 2009 capital expenditures were already spent in the first half.

值得注意的是，2009 年近四分之三的資本支出已在上半年支出。

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

有了這個，我將在那里關閉並將評論交給馬克亞當斯。

Thanks, Ron.

謝謝，羅恩。

Shipments for Micron's memory products were down slightly when compared to our fiscal Q1.

與我們的第一財季相比，美光內存產品的出貨量略有下降。

The bit decline was driven by our strategic desire to optimize our production on more stable market segments and manage our overall inventory through relatively unpredictable demand cycle and depressed pricing in our holiday quarter.

位下降的原因是我們的戰略願望是優化我們在更穩定的細分市場上的生產，並通過相對不可預測的需求週期和假日季度低迷的價格來管理我們的整體庫存。

Even so, due to our overall supply contraction in the market, our performance enabled us to grow share in both the DRAM and NAND segments.

即便如此，由於我們在市場上的整體供應收縮，我們的表現使我們能夠在 DRAM 和 NAND 領域增加份額。

At a time where both NAND and DRAM pricing is trending in a positive direction, we see Micron is well positioned to take advantage of more favorable market conditions.

在 NAND 和 DRAM 價格都朝著積極方向發展的時候，我們看到美光已經做好了充分利用更有利的市場條件的準備。

Our core DRAM segment, which includes our PC and server business grew 5% in bits shipped quarter-over-quarter.

我們的核心 DRAM 部門（包括我們的 PC 和服務器業務）的出貨量環比增長了 5%。

While market forecast adjusted the PC space to be down the 10 to 15% range in Q1 calendar year '09, we were able to drive market share growth from competition in this segment as well.

雖然市場預測將 PC 空間調整為 09 年第一季度下降 10% 到 15% 的範圍，但我們也能夠從該領域的競爭中推動市場份額的增長。

Server revenue as a percentage of our overall DRAM segment held steady at the 20% level.

服務器收入占我們整體 DRAM 部門的百分比穩定在 20% 的水平。

We continue to see an increase in memory content per system.

我們繼續看到每個系統的內存內容有所增加。

Q2's per box was approximately 2.4 gigabytes and trending to 2.6 gigabytes in calendar Q2.

第 2 季度的每箱容量約為 2.4 GB，並且在日曆 Q2 中趨向於 2.6 GB。

Although the industry migration from DDR2 to DDR3 has been slower than anticipated, Micron continues to lead in this transition with our 50-nanometer DDR3 product.

儘管從 DDR2 到 DDR3 的行業遷移速度比預期要慢，但美光憑藉我們的 50 納米 DDR3 產品繼續引領這一轉變。

Shipment of Micron's technology leading DDR3 product increased 125% in bit growth quarter-over-quarter, and represented 20% of our overall DRAM sales.

美光技術領先的 DDR3 產品出貨量環比增長 125%，占我們整體 DRAM 銷售額的 20%。

Networking shipments were down 10% quarter-over-quarter as we saw corporate spending negatively impact overall bit growth in Q2.

由於我們看到企業支出對第二季度的整體比特增長產生負面影響，網絡出貨量環比下降 10%。

The mobile segment saw a sharp decline in overall demand which resulted in a build-up in mobile inventory.

移動部門的整體需求急劇下降，導致移動庫存增加。

Bit shipments in mobile were down 57%.

移動設備的比特出貨量下降了 57%。

Despite the challenge around the mobile business, Micron saw continued growth in shipments of MCPs, multi chip packages, where we experienced a 73% increase from previous quarter shipments.

儘管移動業務面臨挑戰，但美光看到 MCP、多芯片封裝的出貨量持續增長，我們的出貨量比上一季度增長了 73%。

Despite the reduced industry forecast for mobile in calendar year '09, we continue to feel Micron is in a unique position for growth to drive bits into mobile handsets with our portfolio of products including MCPs, DSRAM, and EMMC-NAND based technology and mobile memory cards.

儘管 09 日曆年對移動行業的預測有所下調，但我們仍然認為美光憑藉我們的產品組合（包括基於 MCP、DSRAM 和 EMMC-NAND 的技術和移動存儲器）在推動移動手機中的增長方面處於獨特的地位牌。

During the quarter we saw a number of new OEM opportunities in mobile, largely driven by competitive suppliers unable to meet customer requirements.

在本季度，我們在移動設備領域看到了許多新的 OEM 機會，主要是由無法滿足客戶要求的競爭性供應商推動的。

We expect that this new business will materialize over the remainder of 2009.

我們預計這項新業務將在 2009 年剩餘時間內實現。

DRAM pricing continues to be depressed in our fiscal Q2.

在我們的第二財季，DRAM 價格繼續低迷。

It is important to note that our fiscal Q2 included a December month where DRAM pricing was substantially lower than today's pricing.

值得注意的是，我們的第二財季包括一個 12 月的月份，其中 DRAM 定價大大低於今天的定價。

Given the recent uptick in DRAM pricing during the last week, there appears to be market reaction to an ongoing reduction in DRAM supply.

鑑於上週 DRAM 價格最近上漲，市場似乎對 DRAM 供應的持續減少做出了反應。

We believe that Micron is well positioned to take advantage of a potentially healthier memory market, that has seen almost two years of capital expenditure reductions and significant capacity from older technology coming offline.

我們認為，美光已經做好充分準備，可以利用一個可能更加健康的內存市場，該市場已經看到近兩年的資本支出減少和舊技術下線的大量容量。

In Q2, '09 our NAND shipments were down 8% from the previous quarter, primarily due to our holiday production slowdown.

在 09 年第二季度，我們的 NAND 出貨量比上一季度下降了 8%，主要是由於我們的假期生產放緩。

Micron began shipping our industry-leading 34-nanometer 32 gigabit flash memory drive in high volume production this past quarter.

美光在上個季度開始大批量生產我們行業領先的 34 納米 32 Gb 閃存驅動器。

In our current third quarter, we are forecasting that the vast majority of our NAND shipments will be based on our 34-nanometer based products.

在我們當前的第三季度，我們預測我們的絕大多數 NAND 出貨量將基於我們基於 34 納米的產品。

We feel this puts us in a very strong position vis-a-vis our competition.

我們認為這使我們在競爭中處於非常有利的地位。

Due to a decline in production of lower density NAND components, we are projecting a substantial increase in gigabytes per unit in fiscal Q3.

由於低密度 NAND 組件的產量下降，我們預計第三財季每單位的千兆字節數將大幅增加。

As a point in fact, we anticipate that Lexar's average density per card will be approximately 3.5 gigabytes per card in fiscal '03, , an increase from under 3 gigabytes per unit during the holidays.

事實上，我們預計 Lexar 的每張卡的平均密度在 03 財年將約為每張卡 3.5 GB，比假期期間的每張卡不到 3 GB 有所增加。

Overall, our NAND business experienced substantial improvement for the quarter.

總體而言，我們的 NAND 業務在本季度經歷了顯著改善。

At the year end we saw an uptick in NAND pricing which led to component price increases in the channel, such that quarter to date NAND ASPs are up around 10%.

在年底，我們看到 NAND 價格上漲，導致渠道中的組件價格上漲，因此該季度迄今 NAND ASP 上漲了約 10%。

In addition, high growth product segments such as SSDs, netbooks and NAND for mobile phones represent large bit consuming applications, which in combination with reduced supply growth we anticipate will lead us to improved opportunities in the NAND market.

此外，用於手機的 SSD、上網本和 NAND 等高增長產品領域代表了大量消耗比特的應用，再加上供應增長的減少，我們預計這將導致我們在 NAND 市場獲得更好的機會。

Given the last few months of pricing and NAND increases and the recent increase in DRAM pricing, we are hopeful that the worst is behind us.

鑑於過去幾個月的定價和 NAND 價格上漲以及最近 DRAM 價格的上漲，我們希望最壞的情況已經過去。

While our Q2 results reflect a very tough memory market driven by oversupply and the softening of demand, we are optimistic that improving demand picture, when coupled with the industry's supply contractions, can lead us to a more stable business environment.

雖然我們的第二季度業績反映了供過於求和需求疲軟推動的內存市場非常艱難，但我們樂觀地認為，隨著行業供應收縮，需求情況的改善可以使我們的商業環境更加穩定。

With that, I'll hand it back

有了這個，我會把它還給你

Thanks, Mark.

謝謝，馬克。

We would now like to take questions from callers.

我們現在想回答來電者的問題。

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

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

(Operator Instructions).

（操作員說明）。

Your first question comes from Jim Covello with Goldman Sachs.

您的第一個問題來自高盛的 Jim Covello。

Good afternoon, guys.

下午好，伙計們。

Thanks so much for taking the question.

非常感謝您提出這個問題。

Maybe a couple things.

也許有幾件事。

The content for Bob's comment was interesting, because there's a lot of concern of the fact that content per box could be flattening out here.

Bob 評論的內容很有趣，因為人們擔心每個盒子的內容可能會在這裡變平。

What is driving the increase for content per box?

是什麼推動了每盒內容的增長？

Jim, this is Mark.

吉姆，這是馬克。

The content per box for us I think a lot of the projections we're seeing that flatten that out, a percentage of bits going into netbooks and what have you, and the notebook set, and desktop arena, we're seeing that it continue to drives towards a 4 gigabyte standard for configurations coming out of the manufacturing base.

對我們來說，每盒的內容我認為我們看到的很多預測都將其壓平，有一定比例的比特進入上網本，你有什麼，筆記本電腦和桌面領域，我們看到它繼續推動製造基地的配置達到 4 GB 標準。

So while there is some growth, obviously in the 2009 for netbooks, kind of having an impact on that, we still see the overall configurations being driven to 4 gigabytes for both notebooks and desktop.

因此，雖然有一些增長，顯然在 2009 年對於上網本產生了影響，但我們仍然看到筆記本電腦和台式機的整體配置被驅動到 4 GB。

Terrific.

了不起。

And then maybe just a follow-up question.

然後也許只是一個後續問題。

One of the other concerns that people have about the supply side argument is that there's a fair amount of latent or idled capacity that could come back online.

人們對供應方爭論的另一個擔憂是，有相當數量的潛在或閒置產能可能會重新上線。

As we get into a little bit of a healthier period for DRAM and NAND, and that latent capacity coming back online would kind of stymie any price recovery.

隨著我們進入 DRAM 和 NAND 更健康的時期，重新上線的潛在容量將阻礙任何價格回升。

Do you have any thoughts on that?

你對此有什麼想法嗎？

Jim, this is Steve.

吉姆，這是史蒂夫。

I think a couple things to point out on that.

我認為有幾點需要指出。

Some of it that you're mentioning, I guess not you're mentioning, but what's going on in the industry, the capacity that existed at let's use Qimonda as an example, the Richmond facility was running 30,000, 12-inch per month.

你提到的其中一些，我猜你沒有提到，但是行業正在發生的事情，讓我們以奇夢達為例，里士滿工廠每月運行 30,000 個 12 英寸的產能。

That is just down and gone.

那隻是一去不復返了。

We can't imagine a scenario where that recovers.

我們無法想像這種情況會恢復。

They also were running [40,000] and 8-inch per month on DRAM in the 8-inch facility, and 12-inch, that's down and gone.

他們還在 8 英寸設施中每月運行 [40,000] 和 8 英寸的 DRAM，而 12 英寸的設施已經停止運行。

They've obviously stopped producing stuff in Dresden.

他們顯然已經停止在德累斯頓生產東西。

We've said that.

我們已經說過了。

I don't think that capacity is coming back at all.

我認為這種能力根本不會恢復。

I would also note our own selves, we should down our 200-millimeter, I should say we're in the process of shutting down our 200-millimeter here in Boise.

我還要注意我們自己，我們應該關閉我們的 200 毫米，我應該說我們正在關閉我們在博伊西的 200 毫米。

We wouldn't expect that to return.

我們不希望這會回來。

There's a fair amount of capacity that will not come back on.

有相當數量的容量不會恢復。

Now, the other part of the capacity that exists that I think you're most notably mentioning is some of that capacity in Taiwan and whether it's what we just mentioned around Inotera, we know [Proloft] has had substantial reductions, [Taichick] announced reductions, et cetera.

現在，我認為你最值得注意的另一部分產能是台灣的一些產能，無論是我們剛剛提到的圍繞 Inotera 的產能，我們都知道 [Proloft] 已經大幅減少，[Taichick] 宣布削減等。

That capacity could come back on.

這種能力可能會恢復。

I think there is some truth that if it were to be in the short term, in other words, in the next few months, that maybe some of it would be brought back on line.

我認為有一些事實是，如果它是在短期內，換句話說，在接下來的幾個月內，也許其中一些會重新上線。

If you had such a substantial increase in the ASP that it would make sense from a cash cost basis.

如果您的 ASP 有如此大幅度的增長，那麼從現金成本的基礎上看是有意義的。

But keep in mind that that capacity is going obsolete over time and it's getting old.

但請記住，隨著時間的推移，這種能力會過時，而且會變老。

In fact, from our perspective, and the challenge is that the Taiwan industry has is that a lot of that capacity is old today by comparison to what Micron's doing.

事實上，從我們的角度來看，台灣產業面臨的挑戰是，與美光的做法相比，今天的很多產能都已經過時了。

So we're already in production of the next generation node and they haven't made any transition yet for a lot of that capacity.

所以我們已經在生產下一代節點，而且他們還沒有為很多容量進行任何過渡。

So two things have to happen.

所以必鬚髮生兩件事。

One, it has to be available pretty soon and it has to be upgraded, which would require I think a fair amount of money to do.

一，它必須很快可用並且必須升級，我認為這需要相當多的錢才能完成。

So the other thing that probably connection with that, I've seen some estimates where in order for that capacity to make any sense at all, even on a cash basis, that the DRAM ASPs would need to get up somewhere closer to $2.

因此，可能與此相關的另一件事是，我已經看到一些估計，為了使這種容量完全有意義，即使是在現金基礎上，DRAM ASP 需要上升到接近 2 美元的某個地方。

And as Mark already mentioned, it's in the $1.05, $1.10 range today, which by the way, I'll note that The NAND pricing per gigabyte got down to about $0.70 and the DRAM pricing per gigabit got down to about $0.50.

正如 Mark 已經提到的，它今天在 1.05 美元到 1.10 美元的範圍內，順便說一下，我會注意到每 GB 的 NAND 價格降到了大約 0.70 美元，每千兆位的 DRAM 價格降到了大約 0.50 美元。

That's one of the reasons I think people might be a little surprised that our quarter-over-quarter pricing was down so much.

這就是我認為人們可能會對我們的季度價格下降如此之多感到有點驚訝的原因之一。

Just as Mark noted, remember, that the December, the entire collapse in the ASP and that was essentially the first third of our quarter that we had to deal with.

正如馬克指出的那樣，請記住，12 月，ASP 的整個崩潰，這基本上是我們必須處理的季度的前三分之一。

As opposed to how other companies report, not being offset like we are.

與其他公司的報告方式相反，不會像我們一樣被抵消。

That's just something to keep in mind, Jim.

吉姆，這只是要記住的事情。

That's terrifically helpful.

這非常有幫助。

Thank you so much.

太感謝了。

If I could sneak one more in and then I'll go away.

如果我能再偷偷溜進去一個，然後我就走了。

How much of a lag should we expect between the much better spot pricing we've been seeing, and hopefully an increase in contract pricing?

在我們已經看到的更好的現貨定價和希望合同定價的增加之間，我們應該期待多少滯後？

Thank you so much.

太感謝了。

So the question being, Jim, the OEM contract pricing catching up to where the spot is?

那麼問題來了，Jim，OEM 合同定價是否趕上了現貨？

Correct.

正確的。

Well, I don't think it's a tremendous lag.

嗯，我不認為這是一個巨大的滯後。

We're starting to see a lot of customer inquiry in terms of supply agreement and negotiations for not just the next quarter, but for back half so we're starting to see some upward movement there and I would suspect we don't really get too formal on the projection side of that, but I would say it's probably next quarter we'll start to see a tightening there in terms of the overall gap being closed.

我們開始看到很多客戶在供應協議和談判方面的詢問，不僅是下個季度，還有後半段，所以我們開始看到那裡有一些上升趨勢，我懷疑我們並沒有真正得到在預測方面過於正式，但我會說可能在下個季度我們將開始看到收緊整體差距方面的收緊。

What's interesting, Jim, is of course when the price is going up, the customer only wants to negotiate once every three months.

有趣的是，吉姆，當然，當價格上漲時，客戶只想每三個月協商一次。

When it's going down, they negotiate every day.

當它下降時，他們每天都在談判。

That's the natural tension that exists.

這就是存在的自然張力。

Thank you so much again.

再次感謝你。

Good luck.

祝你好運。

Your next question comes from Tim Luke with Barclays Capital.

您的下一個問題來自巴克萊資本的 Tim Luke。

Thanks so much.

非常感謝。

I was wondering if you could maybe clarify as of today's pricing, how you would have expected the revenue off the bit growth to look as you move out for the May quarter?

我想知道你是否可以澄清一下今天的定價，當你在 5 月季度搬出時，你會如何預期比特增長帶來的收入？

Tim, I think maybe what you're asking for is a quarter to date ASP update.

蒂姆，我想您可能要求的是迄今為止的一個季度 ASP 更新。

Yeah.

是的。

If that's the case, we look at NAND being up about 10% over last quarter's average and in commodity DRAM we're looking at up mid-teens.

如果是這種情況，我們認為 NAND 將比上一季度的平均水平增長約 10%，而在商品 DRAM 中，我們正在尋找十幾歲左右的增長。

Up 15 in commodity?

商品上漲15？

Correct.

正確的。

And specialty?

和特長？

Specialty generally doesn't move its pricing all that much.

專業通常不會改變它的定價。

So to that end it's really more of a mix, how many specialty bits we ship compared to commodities in the quarter and of course that's always a tough one to predict.

因此，為此，實際上更多的是混合，與本季度的商品相比，我們運送了多少特種鑽頭，當然這總是一個難以預測的問題。

So Steve, could you just update us and talk us through how you perceived opportunities with Inotera and in terms of migrating that from trench to stack and how that might be funded, and to what extent it appears that you're still in some discussions with the the Taiwanese Memory Corporation and how you view that landscape.

所以史蒂夫，你能不能更新我們，告訴我們你如何看待與 Inotera 的機會，以及將其從溝槽遷移到堆棧以及如何資助，以及在多大程度上你似乎仍在與 Inotera 進行一些討論台灣記憶公司以及您如何看待這種情況。

With respect to -- let me take Inotera first.

關於--讓我先來看看Inotera。

Mark is here with us.

馬克和我們在一起。

He could probably chime in and answer something if you have a little bit more granular question around it.

如果你有一個更具體的問題，他可能會插話並回答一些問題。

Clearly they're still running trench.

很明顯，他們仍然在奔跑。

There's a pilot line being put in place to be able to install our technology and prototype the stack conversion.

有一條試驗線正在到位，以便能夠安裝我們的技術並對堆棧轉換進行原型製作。

The timing of that conversion is obviously dependent upon the capital expenditures to finish out a conversion and I would just say that we're primarily focused right now on getting the pilot line running and getting the trench technology proven out in the facility before we lock down a schedule of conversion but obviously you could expect us to do that moving forward.

轉換的時間顯然取決於完成轉換的資本支出，我只想說，我們現在主要專注於讓試驗線運行並在我們鎖定之前在設施中驗證溝槽技術轉換時間表，但顯然您可以期望我們繼續這樣做。

The financing of that is we're still looking at various considerations.

融資是我們仍在考慮各種因素。

Inotera's a public company, and they have historically financed their own conversion and I know they're looking to that.

Inotera 是一家上市公司，他們歷來為自己的轉型提供資金，我知道他們正在尋求這一點。

Of course NAND is a partner there, as well as Promote.

當然，NAND 是那裡的合作夥伴，Promote 也是如此。

All of that is in the mix.

所有這些都在混合中。

In terms of what is going on in Taiwan, obviously there were announcement the last couple of days that the Taiwan government had decided to choose Elpida for the technology partner.

就台灣發生的事情而言，顯然最近幾天台灣政府已經宣布決定選擇爾必達作為技術合作夥伴。

I would just say that we're still in discussions with the Taiwan government but I do want to note that the deal that I think with Elpida that's okay Elpida with is not okay with us.

我只想說我們仍在與台灣政府進行討論，但我確實想指出，我認為與爾必達達成的協議對我們來說是可以的。

And we just haven't seen any compelling reason yet in terms of benefits for Micron to participate there and I would only note that I think there's been a lot of speculation around the consolidation of the Taiwan assets and I think others outside of Micron, we do at this point.

而且我們還沒有看到任何令人信服的理由讓美光參與其中的好處，我只想指出，我認為圍繞台灣資產整合有很多猜測，我認為美光以外的其他人，我們在這一點上做。

But there was some hope that there would probably be consolidation of those assets and how that would occur and obviously we had recommendations on how we think that that would be most effective as well as others.

但是有一些希望可能會合併這些資產以及如何合併，顯然我們有關於我們認為如何最有效的建議以及其他建議。

And clearly, that's not going to happen right now and so we don't know what happens now.

很明顯，這不會現在發生，所以我們不知道現在會發生什麼。

As you know, the Taiwan companies are I would say very unstable in terms of debt and their cash structures and the good news is that when you look at really what exists in Taiwan, the two largest producers of -- the two largest companies that hold DRAM capacity are really Power Chip and Inotera.

如你所知，台灣公司在債務和現金結構方面非常不穩定，好消息是，當你看到台灣真正存在的情況時，兩家最大的生產商——兩家最大的公司持有DRAM容量真的是Power Chip和Inotera。

And then Proloft is pretty close in capacity.

然後 Proloft 的容量非常接近。

Windbottom was not that much, and Rex shipped that of course into Power Chip and Elpida .

Windbottom 並沒有那麼多，Rex 當然也把它運到了 Power Chip 和 Elpida 中。

Nanya is one of the smaller producers.

Nanya是較小的生產商之一。

Nanya and Inotera are already part of a Micron camp, if you will.

如果您願意，Nanya 和 Inotera 已經是 Micron 陣營的一部分。

And then what you really have is okay, what could happen with Termo, and Rex Chip and Power Chip are already part of Elpida , and I think Windbottom over time would probably decide to build other products.

然後你真正擁有的是好的，Termo 可能會發生什麼，Rex Chip 和 Power Chip 已經是 Elpida 的一部分，我認為隨著時間的推移 Windbottom 可能會決定構建其他產品。

So short of -- there's nothing really that's that negative for Micron in the event that we aren't able to come up with a formula that works for both us and I think what Taiwan government actually do.

如此短 - 如果我們無法提出對我們雙方都有效的公式，我認為台灣政府實際上做了什麼，對美光來說沒有什麼真正的負面影響。

Having said that, we're interested to the extent there's something that makes sense, we will pursue it.

話雖如此，我們對有意義的事情感興趣，我們會追求它。

We're still in discussions with them.

我們仍在與他們討論。

But what Elpida did, just didn't much interest to us, frankly and that's why

但坦率地說，Elpida 所做的只是對我們沒有太大興趣，這就是為什麼

Just two things.

只是兩件事。

I think you guys had said that you were unlikely to put your own capital into the Inotera migration and then just more broadly, as you look at your cash balances through the end of the year, to what extent do you feel you might look to bolster it through the capital markets or equipment financing?

我想你們說過，你們不太可能將自己的資金投入到 Inotera 遷移中，然後更廣泛地說，當您查看到年底的現金餘額時，您認為您可能會在多大程度上支持它是通過資本市場還是設備融資？

Yeah.

是的。

So on the Inotera piece, obviously we're participating there now and Ron had mentioned of course idle capacity charge we're taking, we're looking at that.

所以在 Inotera 的文章中，顯然我們現在正在參與其中，羅恩當然提到了我們正在收取的閒置容量費用，我們正在研究這一點。

As I said, I think we're hopeful that Inotera will be able to finance its own needs going forward.

正如我所說，我認為我們希望 Inotera 能夠為自己的未來需求提供資金。

It has in the past and that's what we're working towards.

它已經過去了，這就是我們正在努力的方向。

Ron do you want to --?

羅恩，你想——？

This is Ron.

這是羅恩。

In terms of Inotera, Steve already mentioned they're a public Company and typically work on their own financing constructs.

就 Inotera 而言，史蒂夫已經提到他們是一家上市公司，通常致力於自己的融資結構。

Your question about do we, Micron, have any plans to deal with capital requirements, and how to address them in the Company, first of all, they're a function of our overall business needs, as you know, and market performance has a big effect on our capital requirements.

您的問題是，美光，我們是否有任何計劃來處理資本需求，以及如何在公司解決這些需求，首先，正如您所知，它們是我們整體業務需求的一個功能，並且市場表現具有對我們的資本要求有很大影響。

We have a real good fix in the Company on our spending, on our CapEx, and on our working capital needs, and as I think you observed from our results, we're managing our cost structure very aggressively.

我們在公司的支出、資本支出和營運資金需求方面有一個非常好的解決方案，正如我認為你從我們的結果中觀察到的那樣，我們正在非常積極地管理我們的成本結構。

We'll continue to monitor market performance going forward.

我們將繼續關注未來的市場表現。

Watch it closely, and our business needs relative to our capital requirements going forward.

密切關注它，以及我們的業務需求相對於我們未來的資本需求。

One thing I can tell you is we are comfortable with our ability to raise funds opportunistically as required going forward.

我可以告訴你的一件事是，我們對未來根據需要機會性地籌集資金的能力感到滿意。

Thank you so much, guys, good luck.

非常感謝各位，祝你們好運。

Thanks.

謝謝。

Your next question comes from [Gary Schiel] with Oppenheimer and Company.

您的下一個問題來自 [Gary Schiel] 和 Oppenheimer and Company。

One quick question first if you could disclose what royalty revenues were in the quarter.

如果您可以披露本季度的特許權使用費收入，首先要問一個簡單的問題。

And second question, just about the whole Taiwan infrastructure and potentially more of that capacity coming online, you guys mentioned that it's pretty lagging the extra capacity but I'm just wondering what kind of bit growth have you guys experienced for the same wafer capacity, going from the 60-X nanometer node to the 50-X nanometer node because I think most of those guys are many either at 60-x or some of the guys are predominantly at 70-x.

第二個問題，關於整個台灣基礎設施以及可能更多的產能上線，你們提到它非常落後於額外產能，但我只是想知道你們在相同的晶圓產能下經歷了什麼樣的位增長，從 60-X 納米節點到 50-X 納米節點，因為我認為這些人中的大多數要么是 60-x，要么有些人主要是 70-x。

This is Ron.

這是羅恩。

The royalty revenue for the quarter was $33 million.

本季度的特許權使用費收入為 3300 萬美元。

Toss it over to Mark.

把它扔給馬克。

On the Taiwanese capacity, I would say a significant percentage of it today is still what's already been referenced at 70-nanometer capacity.

關於台灣的產能，我想說今天很大一部分仍然是已經被引用的 70 納米產能。

The difference between that and our 50-nanometer node is roughly a factor of 85 to 90% as you go from that existing 70-nanometer capacity in Taiwan, to what we would experience on our 50-nanometer node.

從台灣現有的 70 納米產能到我們在 50 納米節點上的體驗，這與我們的 50 納米節點之間的差異大約是 85% 到 90%。

Okay.

好的。

And great.

很棒。

And just let me clarify that sort of discussion about the Taiwanese Memory Company.

讓我澄清一下關於台灣記憶公司的那種討論。

It really sounds like there's no upside here to be gained in settling up side-by-side with Elpida , certainly not in terms of kicking in your IP for free or an exchange for capacity because you pretty much already have that agreement with Nanya and Inotera.

聽起來與 Elpida 並肩合作並沒有任何好處，當然不是免費提供您的 IP 或交換容量，因為您幾乎已經與 Nanya 和 Inotera 達成了協議.

So if you're not involved in a discussion and don't expect to draw any kind of meaningful upside out of that negotiation, I mean, are we supposed to take away that any kind of participation in this memory holding Company from Micron's part is pretty much nil and that for you guys kind of strategy here in Taiwan and building out your infrastructure is really in conjunction with Nanya and Inotera and

因此，如果您沒有參與討論，並且不希望從談判中獲得任何有意義的好處，我的意思是，我們是否應該從美光方面取消任何形式的參與這家內存控股公司是幾乎為零，對你們來說，在台灣這裡的戰略和建設你們的基礎設施真的是與 Nanya 和 Inotera 結合在一起，

Yeah, Gary, I think that's a good question.

是的，加里，我認為這是一個很好的問題。

The first response I have is clearly we're focused on the relationship that we have with Nanya and Inotera and will continue to be because we're in that relationship now.

我的第一反應顯然是我們專注於我們與 Nanya 和 Inotera 的關係，並將繼續如此，因為我們現在處於這種關係中。

Now, we're still talking to what they call TMC, what they call in Taiwan Memory Corp.

現在，我們仍在與他們所謂的 TMC 交談，他們在 Taiwan Memory Corp. 中所稱的。

and we're interested in seeing how that evolves.

我們有興趣看看它是如何演變的。

I think that everyone would admit, probably even those involved from the Taiwan government and those that are consulting the Taiwan government that this situation has changed a lot as it's moved through time the last few months, and it's still pretty fluid.

我想每個人都會承認，可能包括台灣政府的相關人員和那些正在諮詢台灣政府的人，在過去的幾個月裡，隨著時間的推移，這種情況已經發生了很大的變化，而且仍然很不穩定。

As you already noted, we didn't see much of an interest or advantage for us to do what Elpida did, because we're in I think different positions and the other thing I would note of course and you would expect us to say this is our technology is far better than Elpida .

正如您已經指出的那樣，我們沒有看到做 Elpida 所做的事情對我們有太大的興趣或優勢，因為我認為我們處於不同的位置，另一件事我當然會注意到，您會希望我們這麼說是我們的技術遠勝於爾必達。

So we're not -- we think we're in a pretty good position and it's not that we're not interested at all, it's that we're interested in finding something that really does make sense for us and as of yet, we haven't been able to do that.

所以我們不是——我們認為我們處於一個非常好的位置，並不是我們根本不感興趣，而是我們有興趣找到對我們真正有意義的東西，到目前為止，我們無法做到這一點。

But I wouldn't rule that out in the future.

但我不會在未來排除這種可能性。

We're still interested to the extent that something could

我們仍然感興趣的程度

Okay.

好的。

Just let me just sneak in one last question.

讓我偷偷問一下最後一個問題。

You talked about DRAM.

你談到了DRAM。

I think it was bit shipment or bit production in the third quarter, up mid-to high single digits.

我認為是第三季度的鑽頭出貨量或鑽頭產量，達到中高個位數。

Basically talked to a lot of DRAM manufacturers and a lot of the PC OEMs at least two to three weeks ago were kind of quoting bit shipments kind of forecasts in the calendar Q2 period of up 15 to 20%.

至少在兩到三週前，基本上與許多 DRAM 製造商和許多 PC OEM 進行了交談，他們都在引用第二季度的比特出貨量預測，即增長 15% 到 20%。

Has anything changed at the margin specifically to commodity PC shipment expectations over the near term?

短期內商品 PC 出貨量預期的邊際有什麼變化嗎？

The answer to that is no but just keep in mind is our record is to production bits, not to shipment bits.

答案是否定的，但請記住，我們的記錄是生產鑽頭，而不是出貨鑽頭。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

You bet.

你打賭。

Our next question comes from Uche Orji with UBS.

我們的下一個問題來自瑞銀的 Uche Orji。

Hello, can you hear me?

你好，你能聽到我說話嗎？

Yeah.

是的。

Go ahead.

前進。

Thank you very much.

非常感謝。

Let me just start by asking you about your views on inventory.

讓我首先詢問您對庫存的看法。

I mean, in your case your inventory has gone up to 61 days from 43 and you talked about having enough inventory to take advantage of the market.

我的意思是，在您的情況下，您的庫存已從 43 天增加到 61 天，並且您談到有足夠的庫存來利用市場。

What is your sense of the inventory across the channel, including the module makers and the OEMs, are we in a situation where everybody has taken advantage of the lower prices to build inventory and therefore your expectation to take advantage doesn't come true?

您對整個渠道的庫存有什麼看法，包括模塊製造商和原始設備製造商，我們是否處於每個人都利用較低的價格來建立庫存的情況，因此您利用這一優勢的期望沒有實現？

So on the inventory side, we think the OEMs are probably in a healthier position at current state.

因此，在庫存方面，我們認為 OEM 在當前狀態下可能處於更健康的位置。

On the channel side, we see a lot of activity and we see -- as I mentioned in our last call, we think that they're pretty good control on the channel piece of the DRAM space.

在通道方面，我們看到了很多活動，而且我們看到了——正如我在上次電話會議中提到的，我們認為它們對 DRAM 空間的通道部分進行了很好的控制。

So the OEMs are in a pretty healthy position.

因此，原始設備製造商處於非常健康的位置。

I wouldn't say out of bounds.

我不會說越界。

I just think they're in a pretty good position as far as the current demand but the channel piece is pretty fluid.

我只是認為就目前的需求而言，他們處於一個相當不錯的位置，但渠道部分非常流暢。

We feel pretty good about that.

我們對此感覺很好。

We don't see too much backup in the channel piece.

我們在頻道中沒有看到太多的備份。

Just in terms of overall rate rights now, if can you give us a sense as to what it is within DRAM and NAND, couple of your competitors are, running below full capacity, 200-millimeters notwithstanding.

就現在的整體速率權利而言，如果您能告訴我們 DRAM 和 NAND 中的情況，您的幾個競爭對手雖然在 200 毫米以下運行，但仍低於滿容量。

What is your sense of where you are and where the rest of your Company stays?

您對自己所處的位置以及公司其他成員的位置有何看法？

So on the 300-millimeter capacity we're running all the Micron fabs at 100% today.

因此，在 300 毫米的產能上，我們今天正在以 100% 的速度運行所有美光晶圓廠。

As Ron mentioned, here is some idle capacity at the Inotera fab, given what happened with Qimonda there.

正如 Ron 提到的，考慮到奇夢達那裡發生的事情，Inotera 工廠有一些閒置產能。

And on the 200-millimeter, there's -- we've been moving through a rough phase here as we engage in the holiday shutdown, and are rebalancing relative to demand.

在 200 毫米上，我們一直在經歷一個艱難的階段，因為我們正在進行假期停工，並且正在根據需求進行再平衡。

So on the 200-millimeter side, we're taking actions in terms of taking capacity offline here in Boise and we think that the 200-millimeter situation is stabilized out in the late calendar Q3 and into calendar Q4 will be stable, essentially a good balance of remaining supply online and being able to run that essentially fully utilized.

因此，在 200 毫米方面，我們正在採取行動，在博伊西關閉產能，我們認為 200 毫米的情況在第三季度後期穩定下來，到第四季度將穩定，基本上是一個好的在線剩餘供應的平衡並能夠運行基本上充分利用的供應。

And then just lastly, on the CapEx, the new guidance of 650 to 700, how much is going to come from your partners and while you explain that, can you just give me an idea of how much of the term loan you intend to draw, how you plan to use the term loan for the rest of the life of that?

最後，關於資本支出，650 到 700 的新指導，您的合作夥伴將提供多少資金，當您解釋這一點時，您能否告訴我您打算提取多少定期貸款，您打算如何在餘生中使用定期貸款？

Thank you.

謝謝你。

This is Ron.

這是羅恩。

In terms of our CapEx, as I mentioned, nearly three quarters of it has already been spent for the fiscal year.

正如我所提到的，就我們的資本支出而言，本財年已經花費了近四分之三。

So we've got a really declining portion.

所以我們有一個非常下降的部分。

And a chunk of that is just related to payments as was mentioned earlier on some of our equipment that's already in place for our new technologies.

正如前面提到的，我們的一些設備已經為我們的新技術準備就緒，其中很大一部分只是與付款有關。

So a piece of it is coming from our partners.

因此，其中一部分來自我們的合作夥伴。

I don't have the guidance in terms of exact breakdown but there's not a whole lot of -- not a whole lot in the pipe in the second half.

我沒有關於確切細分的指導，但下半場沒有很多 - 不是很多。

Can you give me again the question about term loan?

你能再給我一個關於定期貸款的問題嗎？

Term loan, you have a [SGD300] million term loan, you took out with the Singapore Development Board.

定期貸款，您有 [SGD300] 百萬定期貸款，您從新加坡發展局獲得。

You drew down 150.

你畫了150。

What is the plan for the remainder of the term loan?

剩餘的定期貸款計劃是什麼？

Yes, we took a term loan out which needs to be drawn down within one year of the first draw and we took half of the 300 sing dollar, 150 million sing dollar in the first drawdown.

是的，我們取出了需要在第一次提款後一年內提取的定期貸款，我們在第一次提取時拿走了 300 新元的一半，1.5 億新元。

We have to get the second drawdown within 12 months of the first.

我們必須在第一次提款後的 12 個月內進行第二次提款。

Okay.

好的。

And CapEx plan, my question is, you need to draw that down for what?

資本支出計劃，我的問題是，你需要把它記下來做什麼？

The application of the loan in Singapore specifically related to our tech joint venture, majority owned facility and our commitment to put capital in there for the new DRAM, 60-nanometer technology, 50-nanometer technology, excuse me.

貸款在新加坡的申請特別與我們的技術合資企業、多數股權以及我們為新的 DRAM、60 納米技術、50 納米技術投入資金的承諾有關，對不起。

That's helpful.

這很有幫助。

Thanks.

謝謝。

Your next question comes from John Pitzer with Credit Suisse.

您的下一個問題來自瑞士信貸的 John Pitzer。

I know there's a lot of moving parts but when you look at the full calendar year, can you just review your assumptions now for both Micron DRAM bit growth and industry bit growth for the calendar year and I'd kind of be curious how you think that might trend half on half sequentially.

我知道有很多變動的部分，但是當您查看整個日曆年時，您現在能否回顧一下您對日曆年美光 DRAM 位增長和行業位增長的假設，我有點好奇您的想法這可能會按順序排列一半。

We haven't given a year on year bit growth number for Micron.

我們還沒有給出美光的同比增長數據。

We tend to keep you more quarterly focused for that.

我們傾向於讓您更加專注於每個季度。

What we're seeing out in the market is a range now of anywhere from 16, 17% for DRAM expectations.

我們現在在市場上看到的範圍是 DRAM 預期的 16% 到 17%。

For NAND, looks like the ranges are more in the 40 to 50% range for bit growth.

對於 NAND，看起來比特增長的範圍更多在 40% 到 50% 的範圍內。

Any thoughts on DRAM and how industry might grow half on half sequentially.

關於 DRAM 的任何想法以及行業如何按順序對半增長。

We were talking a little bit about that today and it looks like if you start with, say, a wafer look, we think it's down about 20, 25% in calendar Q1, probably down 30, 35% per DRAM in Q2.

我們今天談到了一點，看起來如果你從晶圓外觀開始，我們認為它在日曆第一季度下降了大約 20% 到 25%，在第二季度每個 DRAM 可能下降 30% 到 35%。

So obviously bits down both in the first half, with a little bit difficult refers now back to what kind of pricing scenario in the second half of the year and does any of the idle capacity come back on.

所以很明顯上半年兩者都有所下降，現在有點困難是指今年下半年是什麼樣的定價情景以及閒置產能是否會恢復。

So it's really a pretty tough call right now, John, to get that far forward.

所以，約翰，現在真的是一個非常艱難的決定，要向前邁進。

And then guys, you mentioned sort of SSDs, netbooks and mobile as being a demand driver on the handset front.

然後伙計們，你提到了固態硬盤、上網本和移動設備作為手機前端的需求驅動因素。

Can you talk a little bit about how you see the SSD market developing for this year and next.

您能否談談您如何看待今年和明年 SSD 市場的發展。

We've seen unusually good pricing for NAND in what's typically a seasonally soft calendar first quarter.

在通常季節性疲軟的第一季度，我們看到 NAND 的定價異常好。

What do you think is driving that?

你認為是什麼推動了這一點？

This is Mark.

這是馬克。

I think you hit on the demand side of this, certainly a supply side of this picture.

我認為你觸及到了需求方面，當然是這幅圖的供應方面。

The main thing I think that's encouraging is that the current price levels, and the evolution of applications like SSDs, which between -- even combined with netbooks embedded in netbooks but also your notebook applications and a lot of work being done on the enterprise side, that after about two years of development and investment in Controller technology and firmware, I think we're seeing a lot of progress at the major OEM level from a roll-out of SSDs and pilots and really that category is maturing.

我認為令人鼓舞的主要事情是，當前的價格水平，以及 SSD 等應用程序的發展，甚至結合上網本中嵌入的上網本，還有你的筆記本應用程序和企業方面正在進行的大量工作，在控制器技術和固件方面進行了大約兩年的開發和投資後，我認為我們看到主要 OEM 級別的 SSD 和試點項目取得了很大進展，而且該類別確實正在成熟。

So really from a price equation and the application side of SSDs and the growth of netbooks and then when you parlay that onto the smart phone market ,which is still a pretty healthy market.

所以真的從價格等式和 SSD 的應用方面和上網本的增長，然後當你把它放到智能手機市場上時，這仍然是一個相當健康的市場。

I realize that the overall mobile market has got a revised decline in terms of overall production but you're still talking bouts 1 billion units and on smart phones you're talking somewhere in the neighborhood of 16 to 20%, somewhere in there, so you have 150 to 200 million units.

我意識到整個移動市場的整體產量已經出現了修正下降，但你仍然在談論大約 10 億部手機，而在智能手機上，你正在談論大約 16% 到 20% 的某個地方，就在那裡，所以你有 150 到 2 億個單位。

They're going to have high demand of density NAND in there.

他們將在那裡對密度NAND有很高的需求。

So when you combine all that, and you look at the last year and-a-half to two years in NAND CapEx and certainly over the last six to 12 months in terms of some of our competitors and their reduction in supply, it's combined obviously to a favorable situation today and as I said earlier, it was a good quarter for us in NAND and our growth in terms of our customer relationships and overall supply and they're really certainly endorsed and excited about the 34-nanometer.

所以當你把所有這些結合起來，你看看過去一年半到兩年的 NAND 資本支出，當然還有過去 6 到 12 個月，就我們的一些競爭對手和他們的供應減少而言，它顯然是結合在一起的今天形勢有利，正如我之前所說，這對我們來說是一個很好的季度，我們在 NAND 以及我們在客戶關係和整體供應方面的增長，他們確實對 34 納米表示認可和興奮。

Any guidelines as to when SSDs might be 10% of your NAND supply?

關於 SSD 何時可能佔 NAND 供應量的 10% 的任何指導方針？

At this point, it's hard because a lot of our work in the SSD space has been in the enterprise space as we communicated in the past.

在這一點上，這很困難，因為我們在 SSD 領域的很多工作都是在企業領域進行的，正如我們過去所交流的那樣。

I would say that the development of the relationship side of our business for our key customers around enterprise SSDs has been pretty favorable and seems to be accelerating.

我想說的是，我們圍繞企業 SSD 的主要客戶的業務關係方面的發展非常有利，而且似乎正在加速。

Hard for me to comment today on when that would take on the revenue level of 10%.

我今天很難評論什麼時候會達到 10% 的收入水平。

Okay.

好的。

Then one last question, just for Steve.

最後一個問題，只針對史蒂夫。

Steve, just given your penchant to want to buy assets on the cheap, just wondering if you could talk a little bit about whether or not you see any strategic synergies in the market.

史蒂夫，剛剛考慮到你想以便宜的價格購買資產，只是想知道你是否可以談談你是否看到市場上的任何戰略協同效應。

Well, we look at the memory business holistically.

好吧，我們從整體上看待內存業務。

As you know, we were in the business at one time and obviously we're in the NAND and DRAM and those are all components of the memory business.

如您所知，我們曾一度從事這項業務，顯然我們從事 NAND 和 DRAM 業務，這些都是內存業務的組成部分。

I would say that, you know, we continue to look at the entire landscape as to what makes sense.

我想說的是，你知道，我們繼續審視整個景觀，以了解什麼是有意義的。

And I guess I'll just leave it at that.

我想我就這樣吧。

If there's something where we think we can generate synergies and overall be accretive for the Company, we'll take a look.

如果我們認為我們可以產生協同效應並總體上為公司帶來增值，我們會看看。

If that's not going to be the case, we'll probably pass on the opportunity.

如果情況並非如此，我們可能會放棄這個機會。

We're pretty open, look at everything that's in the space.

我們很開放，看看空間裡的一切。

Thanks, guys.

多謝你們。

Your next question comes from Shawn Webster with JPMorgan.

您的下一個問題來自摩根大通的 Shawn Webster。

Couple of quick February quarter questions and then I had some on demand.

幾個快速的二月季度問題，然後我有一些點播。

For February I don't think I caught it but what did your DRAM production do sequentially in bits and your NAND production.

2 月份，我認為我沒有抓住它，但你們的 DRAM 生產按位順序和 NAND 生產做了什麼。

Down mid-to high single digits, Shawn.

肖恩，中高個位數。

DRAM was down?

DRAM壞了？

That's correct.

這是正確的。

Mid-to high single and NAND did what?

中高單和NAND做了什麼？

NAND was down about mid single digits.

NAND下降了大約中個位數。

Down mid.

中下。

So both down mid.

所以兩者都在中間。

What did your wafer production do sequentially?

您的晶圓生產按順序進行了哪些操作？

We were down about [40%] and we should be up a percent or two this quarter.

我們下跌了大約[40%]，本季度我們應該上漲一到兩個百分點。

Okay.

好的。

And then for the demand landscape, what are your PC OEMs telling you to expect for DRAM bit bit demand in calendar Q2 and maybe even further out if they're giving you any visibility that far?

然後對於需求格局，您的 PC OEM 告訴您在日曆 Q2 中對 DRAM 位位需求的預期是什麼，如果他們給您提供這麼遠的知名度，甚至可能會更遠？

The visibility question I'll answer first.

我將首先回答的可見性問題。

They're hedging right now based on coming out of their holiday quarter and then reconciling kind of the new environment, if you will.

他們現在正在根據假期結束後的情況進行套期保值，然後再調整一種新環境，如果你願意的話。

So I would say that's a little bit tougher longer term.

所以我會說這是一個更艱難的長期。

In the short term, the bit to NAND is up but again, it's up at reduced from our original plan, on some key OEMs.

在短期內，NAND 的數量有所上升，但在一些關鍵的 OEM 上，它再次比我們最初的計劃有所減少。

As I mentioned during my opening comments, that has not been a bad thing for Micron, as we've been able to capture some share at these key OEMs.

正如我在開場評論中提到的那樣，這對美光來說並不是一件壞事，因為我們已經能夠在這些關鍵的 OEM 中獲得一些份額。

So I think their bit demand is certainly down from where they might have called it going into the calendar year.

因此，我認為他們的比特需求肯定會低於他們在進入日曆年時可能所說的水平。

For Micron, we feel pretty bullish that we'll be able to continue to capture some key share, given the competitive landscape.

對於美光，鑑於競爭格局，我們非常看好我們將能夠繼續獲得一些關鍵份額。

Your PC OEMs expect calendar Q2 to be up in terms of bit demand sequentially globally.

您的 PC OEM 預計日曆 Q2 將在全球範圍內按順序增長。

Yes.

是的。

And then can you rank for us I guess the strength you think that you will have in the May quarter for shipments by your various end markets that you ship to?

然後，您能否為我們排名？我猜您認為您在 5 季度將擁有的各個終端市場出貨量的實力？

Sure, I guess I'll take a shot at that.

當然，我想我會試一試。

I would guess, listen to Mark, probably commodity memory has pretty good strength.

我猜，聽馬克的話，大概商品記憶力還是不錯的。

We are starting to see some early signs in the handset markets for a turn there, so specialty memory should -- could possibly take a tick up and I think it's pretty clear that NAND is on a pretty good trajectory based on his earlier comments about density growth in almost every quarter, cards, phones, cameras, going through pretty good density jump.

我們開始在手機市場看到一些轉向那裡的早期跡象，因此專業內存應該 - 可能會有所上升，我認為根據他之前關於密度的評論，NAND 處於非常好的軌道上是很明顯的幾乎每個季度，卡片、手機、相機的增長都經歷了相當不錯的密度跳躍。

It looks like we're entering a period where several of the different segments have either settled out and starting to make a turn or there's at least early signs that they're starting to look better.

看起來我們正在進入一個時期，幾個不同的細分市場要么已經安定下來並開始轉向，要么至少有早期跡象表明它們開始變得更好。

I would also add that we're seeing the same thing in the imaging arena too, that it's probably troughed and it looks like it's coming back.

我還要補充一點，我們在成像領域也看到了同樣的情況，它可能已經跌入谷底，看起來又要回來了。

Okay.

好的。

All right.

好的。

Thank you very much.

非常感謝。

Your next question comes from David Wong with Wachovia.

您的下一個問題來自美聯銀行的 David Wong。

Thank you very much.

非常感謝。

Can you tell us whether you are expecting any payment from Nanya or Inotera for technology transfers any time in the near future?

您能否告訴我們您是否期望在不久的將來任何時候從 Nanya 或 Inotra 獲得任何技術轉讓款項？

David, this is Ron.

大衛，這是羅恩。

We have a technology agreement and get regular payments on a quarterly basis, and that's a significant percentage of the royalty payments I reported on this quarter at $33 million.

我們有一項技術協議，並按季度獲得定期付款，這在我本季度報告的 3300 萬美元特許權使用費中佔很大比例。

And we'll get those payments on a go forward basis.

我們將在前進的基礎上獲得這些付款。

So it would be a fairly constant rate.

所以這將是一個相當恆定的速率。

That doesn't step up as the year progresses at all?

隨著時間的推移，這根本沒有增加？

Yes, for the technology portion of the agreement.

是的，對於協議的技術部分。

There's also a portion that can be related with production or shipments, which we also collect a royalty on that has not initiated yet.

還有一部分可能與生產或出貨有關，我們還收取尚未開始的版稅。

Any feeling for when that might begin to ramp?

有什麼感覺什麼時候可能開始傾斜嗎？

Don't have a projection at this point.

此時沒有投影。

Okay.

好的。

Great.

偉大的。

A second question.

第二個問題。

Your cash balances were down something like $100 million in this last quarter.

你的現金餘額在上個季度減少了大約 1 億美元。

Would we expect a number something like this or less going forward, or was there any special factors that reduced your cash burn in the current quarter that don't recur?

我們是否會期望未來會有這樣或更少的數字，或者是否有任何特殊因素減少了您在本季度的現金消耗並且不會再發生？

David, there's lots of puts and takes in our cash balance.

大衛，我們的現金餘額有很多看跌期權。

As I mentioned, capital requirements are a function of not only our operating requirements which we have a pretty good fix on and have been very carefully managing, but also the overall market movements, price, trends, et cetera.

正如我所提到的，資本需求不僅取決於我們的運營需求，我們已經很好地解決了這些需求並一直在非常謹慎地管理，而且還取決於整體市場走勢、價格、趨勢等。

So I don't have a forecast for you going forward on cash balance, but we're obviously watching it, and managing it carefully.

所以我沒有對你未來現金餘額的預測，但我們顯然正在關注它，並仔細管理它。

Great.

偉大的。

Thanks.

謝謝。

Your next question comes from Kevin Cassidy with Thomas Weisel Partners.

您的下一個問題來自 Thomas Weisel Partners 的 Kevin Cassidy。

Thanks for taking my question.

感謝您提出我的問題。

In your licensing discussions with TMC, is Flash IP mentioned at all?

在您與 TMC 的許可討論中，是否提到過 Flash IP？

We -- well when you say mentioned, I think some parties in Taiwan would probably be desirous of some kind of flash technology.

我們——好吧，當你提到的時候，我認為台灣的一些政黨可能會渴望某種閃存技術。

But it hasn't been any part of what we've been talking about with them and to our knowledge, it's primarily all been focused on DRAM at this point.

但這並不是我們與他們談論的任何部分，據我們所知，目前主要集中在 DRAM 上。

Okay.

好的。

And on the DRAM, if were you to come to an agreement with them, when do you think the conversion to your technology would take?

在 DRAM 方面，如果您與他們達成協議，您認為轉換到您的技術需要什麼時間？

Is it six months after the agreement or sooner than that, would you say?

你會說是協議後六個月還是更早？

Yeah, we don't have any idea, because I think the thing that's probably worth noting, if you looked at any of the recent media around what's happening in Taiwan, even with this most recent announcement in Elpida , is that they're talking about doing technology development in the next year as opposed to any technology deployment.

是的，我們不知道，因為我認為可能值得注意的事情是，如果您查看有關台灣正在發生的事情的任何近期媒體，即使是在 Elpida 的最新公告中，他們正在談論關於在明年進行技術開發，而不是任何技術部署。

And so I think in that context, no matter who it is, whether it's or somebody else, I don't think you're talking about something of significance in the

所以我認為在這種情況下，不管是誰，不管是別人還是其他人，我認為你在談論的不是什麼有意義的事情

Okay.

好的。

Thank you.

謝謝你。

Your next question comes from Daniel Berenbaum with Everyday USA.

您的下一個問題來自 Everyday USA 的 Daniel Berenbaum。

Thanks for taking my call.

感謝您接聽我的電話。

You since you're on the topic of NAND IP, as you move beyond 34-nanometer and you look at charge trapping versus floating gate, is there any IP that you feel you'll need to go out and license or do you feel like you have everything in house to do what's required?

既然您談到了 NAND IP 的主題，當您超越 34 納米並查看電荷捕獲與浮動柵極時，您是否覺得有任何 IP 需要出去獲得許可，或者您覺得像你家裡有一切可以做需要的事情嗎？

Dan, this is Mark.

丹，這是馬克。

We think we're in pretty good shape on the technology road map and the intellectual property associated with it.

我們認為我們在技術路線圖和與之相關的知識產權方面處於相當良好的狀態。

Okay.

好的。

Thanks.

謝謝。

All my other questions were answered.

我所有的其他問題都得到了回答。

Your next question comes from Glen Yeung with Citi.

您的下一個問題來自花旗的 Glen Yeung。

Hi.

你好。

Can you -- this is Jie for Glen Yeung.

你能 - 這是Glen Yeung 的Jie。

Can you discuss your guidance for depreciation this quarter?

你能談談你對本季度的折舊指導嗎？

I'm sorry, for the May quarter.

對不起，五月季度。

Jie, this is Ron.

傑，這是羅恩。

We had depreciation around $540 million in the current quarter and roughly speaking it will be in that sort of range, maybe up a little bit, going forward.

我們在本季度折舊了大約 5.4 億美元，粗略地說，它會在這樣的範圍內，可能會上升一點，繼續前進。

Okay.

好的。

Thank you.

謝謝你。

And TMC has discussed their interest in mobile DRAM.

TMC 也討論過他們對移動 DRAM 的興趣。

Does that also include commodity DRAM as well or -- ?

這是否也包括商品 DRAM 或者——？

Well, it probably depends on what part of it you're talking about.

嗯，這可能取決於你在談論它的哪一部分。

Just for clarification, by the the way N the mobile sector there's both NAND and DRAM that plays there.

只是為了澄清一下，順便說一句，移動部門有 NAND 和 DRAM 在那裡播放。

In DRAM it's typically what we call low power.

在 DRAM 中，這通常是我們所說的低功耗。

And it's usually the combination -- there's a combination of low power DRAM with a NAND that is going to what we call MCP and multi chip package and that is clearly -- that part of the business is growing.

它通常是組合——低功耗 DRAM 與 NAND 的組合，我們稱之為 MCP 和多芯片封裝，這很明顯——這部分業務正在增長。

There's another part of the business that has to do with pseudo static DRAM and as you might know we're a producer of pseudo static RAM.

業務的另一部分與偽靜態 DRAM 有關，您可能知道我們是偽靜態 RAM 的生產商。

I would say the expectation is that will decline over time as part of the mobile segment.

我想說的是，隨著時間的推移，作為移動領域的一部分，這種預期會下降。

We don't really characterize it, I think what you're calling it the commodity DRAM, although I'll just tell you that it's not that much different in terms of how it behaves on pricing.

我們並沒有真正描述它，我認為你稱之為商品 DRAM，儘管我只是告訴你它在定價方面的表現並沒有太大不同。

It's just that it goes in a combined package before it gets to the wireless customer.

只是它在到達無線客戶之前是一個組合包。

Thank you.

謝謝你。

Your next question comes from Bob Gujavarty with Deutsche Bank.

您的下一個問題來自德意志銀行的 Bob Gujavarty。

Thank you for taking my question.

謝謝你接受我的問題。

You mentioned a few kind of one time things that hit gross margin, the Inotera underutilization, also IM Flash Singapore.

你提到了一些影響毛利率的一次性事情，Inotera 未充分利用，還有 IM Flash Singapore。

You mentioned they would request down in Q3.

你提到他們會在第三季度要求降價。

Could you kind of size how big the impact was and how much improvement you could see in the third quarter?

您能否確定影響有多大以及您在第三季度可以看到多少改進？

Yeah, Bob, this is Ron.

是的，鮑勃，這是羅恩。

If you look at the underutilized capacity activities, the impact of Inotera is a function of resolving their capacity plan going forward, so at current level, our capacity on -- with Qimonda is not being utilized.

如果您查看未充分利用的產能活動，Inotera 的影響是解決其未來產能計劃的功能，因此在目前的水平上，我們的產能 - 奇夢達尚未得到利用。

The trench capacity is not being produced.

沒有產生溝槽容量。

It will be roughly the same dollar range for Inotera in the next quarter, and on IMFS it actually will come down in the third quarter compared to the second quarter, as a result of winding down activities there, and reducing our overall cost structure going forward.

下一季度 Inotera 的美元區間將大致相同，而在 IMFS 上，與第二季度相比，第三季度實際上會下降，這是由於那裡的活動減少，並降低了我們未來的整體成本結構.

So it will be a relatively small number in future quarters.

因此，在未來幾個季度中，這將是一個相對較小的數字。

Just on a sizing side, is this tens of millions?

只是在規模方面，這是幾千萬嗎？

Could you try to get an idea of the magnitude of potential improvement.

您能否嘗試了解潛在改進的幅度。

It's $60 million range as I mentioned in Q2.

正如我在第二季度提到的，這是 6000 萬美元的範圍。

It's going to come down marginally in the third quarter, assuming that Inotera is still not running its idle capacity.

假設 Inotera 仍然沒有運行其閒置產能，它將在第三季度小幅下降。

That's the majority of the total idle cost.

這是總閒置成本的大部分。

Great.

偉大的。

And just overall, just another question I had is just on Lexar, is that -- can you give some color on how Lexar is doing in the retail NAND Flash demand, what you're seeing there?

總的來說，我還有一個關於 Lexar 的問題，您能否介紹一下 Lexar 在零售 NAND 閃存需求方面的表現，您在那裡看到了什麼？

Well, overall that business through the holidays was down from a market perspective.

嗯，總體而言，從市場角度來看，假期期間的業務有所下降。

The other interesting part of that is that behaviorally, retail pricing doesn't ever tend to tick up.

另一個有趣的部分是，從行為上講，零售價格永遠不會上漲。

What normally happens is there's more of a price protection move coming out of the holiday.

通常情況下，假期過後會有更多的價格保護措施。

That was true this year.

今年確實如此。

In January and February there's normally a correction in pricing downward.

在 1 月和 2 月，價格通常會向下修正。

That didn't necessarily take place and so what you saw was rising component prices in the retail and a flat ASP.

這並不一定會發生，因此您看到的是零售組件價格上漲和平均售價持平。

So we were less aggressive on the rebate side and the price protection side of the industry was -- you could see SanDisk's quarterly results from the holiday period, Q4, you saw some substantial gross margin pressure, so we're being very select in terms of the growth opportunities and how we expand our channels right now.

所以我們在回扣方面沒有那麼激進，行業的價格保護方面是——你可以看到 SanDisk 在假期期間的季度業績，第四季度，你看到了一些巨大的毛利率壓力，所以我們在條款方面非常有選擇增長機會以及我們現在如何擴展渠道。

It's a very tricky time in retail.

這是零售業非常棘手的時期。

You've got manufacturing supply coming inbound, probably a little more than the market leader can deploy.

你有製造供應進來，可能比市場領導者可以部署的多一點。

As a matter of fact I think they're using other outlets now than they used in the past, other channels.

事實上，我認為他們現在正在使用其他渠道，而不是過去使用的其他渠道。

As we see that, we're looking at the Lexar business continue to grow but grow in places we can control our operations to be profitable and not necessarily grow in markets that are really challenged in terms of emerging market today.

正如我們所看到的，我們正在關注 Lexar 業務繼續增長，但在我們可以控制我們的運營以實現盈利的地方增長，而不一定在當今新興市場面臨真正挑戰的市場中增長。

Thanks.

謝謝。

Your next question comes from Kevin Vassily with Pacific Crest Securities.

您的下一個問題來自 Pacific Crest Securities 的 Kevin Vassily。

Thanks for taking my questions.

感謝您提出我的問題。

Just a couple.

只是一對。

First on 50-nanometer DRAM, can you talk about what percent of your DRAM output right now is running at 50-nanometer?

首先是 50 納米 DRAM，您能談談目前 DRAM 輸出的百分之幾是在 50 納米上運行的嗎？

Sure.

當然。

This is Mark.

這是馬克。

It's a relatively small piece of the output today.

這是今天產出的一小部分。

Probably on a wafer start basis, I'd say we're in the less than 10% range today.

可能在晶圓開始的基礎上，我會說我們今天在不到 10% 的範圍內。

That will move to essentially 100% of the wafer starts in Virginia, which is on the order of 25 to 30% overall on Micron starts by the end of the calendar year.

這將轉移到基本上 100% 的晶圓在弗吉尼亞州開始，到日曆年年底，美光的整體開始率約為 25% 到 30%。

Okay.

好的。

Let me take that back.

讓我把它拿回來。

I apologize.

我道歉。

By the end of the calendar year we'll be running on the order of 50% on 50-nanometer mode, today less than 10%.

到日曆年年底，我們將在 50 納米模式下運行大約 50%，今天不到 10%。

From 10 to 50.

從 10 到 50。

Can you help reconcile that with your CapEx budget right now, the general consensus is that 50-nanometer requires emerging lithographies, those aren't exactly inexpensive tools, although I guess maybe in this environment there's probably some price leeway.

您能否幫助調整一下您現在的資本支出預算，普遍的共識是 50 納米需要新興的光刻技術，這些並不是完全便宜的工具，儘管我想在這種環境下可能會有一些價格迴旋餘地。

Given the number of emergent you might need to do this, it seems like your CapEx budget looks a little low.

考慮到您可能需要執行此操作的緊急數量，您的資本支出預算似乎有點低。

Is there something else going on there or have you already done kind of the purchases there.

那裡是否還有其他事情發生，或者您已經在那裡進行了某種購買。

Are you using an alternative process?

您是否正在使用替代工藝？

Can you help there?

你能幫忙嗎？

There's a number of different factors going on.

有許多不同的因素在發生。

First of all there's a fiscal and calendar year transition that happens in there but most importantly, we are pretty conscious when we design our process transition, do them in a capital effective way and so a lot of the capital that other folks have associated with their transition to 50-nanometer, things like software metalization for instance, we've already taken care of that as we put the capacity in place in the first place.

首先，那裡發生了財政和日曆年的過渡，但最重要的是，當我們設計流程過渡時，我們非常有意識，以一種資本有效的方式進行，以及其他人與之相關的大量資本過渡到 50 納米，例如軟件金屬化之類的東西，當我們首先將容量放置到位時，我們已經解決了這個問題。

For us, you're right, there's some amount of capacity required.

對我們來說，你是對的，需要一定數量的容量。

It's not that much and part of that is on the floor already.

這不是那麼多，其中一部分已經在地板上。

And other than that we're in reasonable shape.

除此之外，我們處於合理的狀態。

So I think the way to summarize it would be to say that the 50-nanometer node transition relative to Virginia is -- the cash flow associated with completing that transition by the end of the calendar year from a cash flow perspective, those tools will be in place near the end of the fiscal year and that's all contemplated in the forecast we've given you.

所以我認為總結它的方法是說相對於弗吉尼亞的 50 納米節點過渡是 - 從現金流的角度來看，與在日曆年年底完成過渡相關的現金流，這些工具將是在接近財政年度末的時候就位，這一切都在我們給你的預測中考慮到了。

Okay.

好的。

Question about the 200-millimeter fab in Boise that's ramping down.

關於博伊西 200 毫米晶圓廠正在縮減的問題。

Were you running any specialty DRAM in that fab or is it all NAND?

您是否在該晶圓廠中運行任何特殊的 DRAM，還是全部使用 NAND？

It was -- well, it depends what time frame you're talking about, but initially it was about 50% -- if you go back nine months it was about 50% NAND and 50% DRAM.

它是 - 嗯，這取決於你在談論什麼時間框架，但最初它是大約 50% - 如果你回到九個月，它大約是 50% NAND 和 50% DRAM。

More recently we took out a significant piece of the MLC NAND you'll remember and we were running some amount of SLC NAND and the remainder was specialty DRAM and some filler DRAM and that piece is now going away in its entirety here as we transition out of the fiscal year.

最近，我們取出了一塊重要的 MLC NAND，你會記得，我們正在運行一些 SLC NAND，其餘的是專用 DRAM 和一些填充 DRAM，隨著我們過渡，這塊現在在這裡全部消失的財政年度。

Okay.

好的。

And then maybe one last question for Steve because I think you were addressing these relative to Taiwan Memory Corp.

然後也許是史蒂夫的最後一個問題，因為我認為您正在解決這些與台灣記憶公司有關的問題。

You mentioned that you're not interested in the deal that Elpida seemed to be willing to take.

您提到您對 Elpida 似乎願意接受的交易不感興趣。

Can you shed any light on what exactly that deal is and why it seems objectionable relative to kind of what you guys would hope to get out of some type of relationship.

你能否解釋一下這筆交易到底是什麼，以及為什麼相對於你們希望從某種關係中擺脫出來的東西而言，它似乎令人反感。

I probably ought to let Elpida answer.

我可能應該讓爾必達回答。

I guess let me try to characterize it such that, you know, let me just characterize it from Micron's perspective, not try to speak on behalf.

我想讓我試著描述一下，你知道，讓我從美光的角度來描述它，而不是試圖代表它說話。

But simply getting an investment in Micron, in exchange for let's just call it equity or some other type of instrument, and then having to deploy all of our technology in exchange for that, doesn't really interest us because we -- we're not in a position today and I don't know about, but we're not in a position today where we need to get an equity investment from from a forward entity and then have to deliver our technology without any other considerations.

但是，簡單地投資美光，以換取我們稱之為股權或其他類型的工具，然後不得不部署我們所有的技術來換取這一點，我們並不真正感興趣，因為我們——我們是今天沒有，我不知道，但我們今天沒有需要從遠期實體那裡獲得股權投資，然後必須在沒有任何其他考慮的情況下交付我們的技術。

We just don't see what the advantage is for us to do that.

我們只是看不到這樣做對我們有什麼好處。

And there may be other arrangements that we could achieve that could make sense for us but that's not one of them.

可能還有其他我們可以實現的安排對我們有意義，但這不是其中之一。

Okay.

好的。

All right.

好的。

So it's more of the equity vested side and what you get in return for that.

因此，更多的是股權既得方面以及您從中獲得的回報。

Okay.

好的。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

Thank you very much.

非常感謝。

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

我們要感謝大家參加今天的電話會議。

I need to repeat the Safe Harbor protection language.

我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能就公司和行業做出了前瞻性陳述。

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

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

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

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

Good day.

再會。

Thank you.

謝謝你。

This concludes today's Micron Technology's second quarter 2009 financial release conference call.

今天的美光科技 2009 年第二季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。