美光科技 (MU) 2009 Q3 法說會逐字稿

Good afternoon.

下午好。

I will be your conference operator today.

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 third quarter 2009 financial release conference call.

在此，歡迎大家參加美光科技 2009 年第三季度財務發布電話會議。

(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 to Micron Technology's third quarter 2009 financial release conference call.

非常感謝並歡迎參加美光科技 2009 年第三季度財務發布電話會議。

On the call today is Steve Appleton, Chairman and CEO; Mark Durcan, President and Chief Operating Officer; Ron Foster, Chief Financial Officer and Vice President of Finance, and 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；首席財務官兼財務副總裁 Ron Foster 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.

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 third quarter 2009 financial press release, it is available on our website at Micron.com.

如果您沒有機會查看 2009 年第三季度財務新聞稿，請訪問我們的網站 Micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of this call.

將有此通話的音頻重播。

You can reach that by dialing 706-645-9291, confirmation code of 14636400.

您可以撥打706-645-9291，確認碼14636400。

This replay will run through Thursday, July 2, 2009, at 5:30 p.m.

此重播將持續到 2009 年 7 月 2 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 June 25, 2010.

2010 年 6 月 25 日之前，將在公司網站上提供網絡廣播重播。

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

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

Please note the following Safe Harbor Statement.

請注意以下安全港聲明。

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

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

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

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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

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

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

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

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

這些特定因素可以在美光網站的投資者關係部分找到。

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

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

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

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

I'll now turn the call over to Mr.

我現在把電話轉給先生。

Ron Foster.

羅恩·福斯特。

Ron?

羅恩？

Thanks, Kipp.

謝謝，基普。

Let me provide a brief summary of the financial results of the third quarter which ended June 4, 2009.

讓我簡要介紹截至 2009 年 6 月 4 日的第三季度財務業績。

The results for the third quarter reflect an operating loss of $246 million and a net loss of $290 million, or $0.36 per diluted share on net sales of $1.1 billion.

第三季度的業績反映了 2.46 億美元的運營虧損和 2.9 億美元的淨虧損，即淨銷售額 11 億美元的攤薄後每股虧損 0.36 美元。

Costs of goods sold was just under $1 billion resulting in a gross margin of $107 million, or 10%.

商品銷售成本略低於 10 億美元，毛利率為 1.07 億美元，即 10%。

No lower cost of market write-down was recorded in the third quarter and the gross margin reflects an estimated benefit of $240 million from sales of products in the third quarter that were subject to previous write-downs.

第三季度沒有記錄到較低的市場減記成本，毛利率反映了第三季度受先前減記影響的產品銷售的估計收益為 2.4 億美元。

The cost of goods sold in the third quarter also includes approximately $30 million of charges from Inotera and IM Flash Singapore for the cost of idle capacity.

第三季度的商品銷售成本還包括來自 Inotera 和 IM Flash Singapore 的約 3000 萬美元的閒置產能成本費用。

Total sales in the third quarter increased 11% compared to the second quarter as a result of higher sales of both memory and imaging products.

由於內存和影像產品的銷售量增加，第三季度的總銷售額與第二季度相比增長了 11%。

Memory sales also include royalties and technology fees of $32 million.

內存銷售額還包括 3200 萬美元的特許權使用費和技術費。

DRAM sales increased 14% compared to the second quarter to $553 million, primarily due to an 18% increase in bit shipments.

與第二季度相比，DRAM 銷售額增長了 14%，達到 5.53 億美元，這主要是由於位出貨量增長了 18%。

NAND sales were flat compared to the second quarter at $426 million as a 20% increase in bit sales was offset by a decline in the NAND average selling price compared to the second quarter.

NAND 銷售額與第二季度持平，為 4.26 億美元，因為位銷售額增長 20% 被 NAND 平均售價與第二季度相比下降所抵消。

Imaging revenue was $127 million in the third quarter, a 53% increase compared to the previous quarter.

第三季度影像業務收入為 1.27 億美元，比上一季度增長 53%。

This signals that we may have seen a bottoming out of demand in the mobile markets combined with some seasonal effects.

這表明我們可能已經看到移動市場的需求觸底反彈以及一些季節性影響。

Looking at NAND in more detail now, the average selling price in the third quarter decreased approximately 17% compared to the second quarter.

現在更詳細地看一下 NAND，第三季度的平均售價與第二季度相比下降了約 17%。

However, trade ASPs on sales to customers other than Intel were up about 13% while the ASP for products sold to Intel from IM flash, which are on a cost basis, declined markedly with the successful ramp of our 34-nanometer technology products.

然而，向英特爾以外的客戶銷售的貿易平均售價上升了約 13%，而以成本為基礎的 IM 閃存向英特爾銷售的產品的平均售價隨著我們 34 納米技術產品的成功推出而顯著下降。

Notably, trade ASPs on component sales increased significantly more than the 13% for all non-Intel trade customers.

值得注意的是，對於所有非英特爾貿易客戶而言，零部件銷售的貿易平均售價增幅明顯超過 13%。

Mark will elaborate on this in a few minutes.

馬克將在幾分鐘內詳細說明這一點。

This new 34-nanometer technology node correspondingly drove down our overall NAND bit cost by 35%, well ahead of our prior projections.

這一新的 34 納米技術節點相應地將我們的整體 NAND 位成本降低了 35%，遠超我們之前的預測。

These cost declines exclude the effects of lower cost or market write-downs and their flow-through benefits, as well as the costs of the idle facilities of IM flash Singapore.

這些成本下降不包括較低成本或市場減記及其流動收益的影響，以及 IM flash Singapore 閒置設施的成本。

The conversion to the 34 nanometer NAND process is now complete for all wafer starts which is providing us the lowest bit cost in the industry and has placed the entire NAND business in positive gross margin territory in the third quarter.

現在，所有晶圓開始都已完成向 34 納米 NAND 工藝的轉換，這為我們提供了業內最低的比特成本，並使整個 NAND 業務在第三季度的毛利率處於正值區域。

Q4 NAND cost reductions are expected to be in the high single digits and bit production is forecast to increase in the mid teens range.

預計第四季度 NAND 成本降低幅度將高達個位數，而位產量預計將在十幾歲左右的範圍內增加。

On the DRAM side, DRAM average selling price in the third quarter was relatively flat compared to the second quarter.

在 DRAM 方面，第三季度的 DRAM 平均售價與第二季度相比相對持平。

Pricing for core products as well as specialty DRAM products each increased in the third quarter.

第三季度核心產品和特種 DRAM 產品的價格均有所上漲。

However, the increase in bit shipments of DRAM products came primarily in core products which continue to shift in mix away from specialty DRAM products that generally command a higher per bit selling price.

然而，DRAM 產品位出貨量的增加主要來自核心產品，這些產品繼續從通常要求更高每位銷售價格的專用 DRAM 產品轉移組合。

This shift in mix offset ASP increases in the quarter.

這種組合的轉變抵消了本季度平均售價的增長。

DRAM production costs, excluding the effects of the lower cost or market write-downs and idle facility charges, decreased 11% compared to the second quarter.

DRAM 生產成本，不包括較低成本或市場減記和閒置設施費用的影響，與第二季度相比下降了 11%。

The lower production costs were primarily due to ongoing improvements in manufacturing efficiencies, including cost reductions and technology migrations.

較低的生產成本主要是由於製造效率的不斷提高，包括成本降低和技術遷移。

You'll recall that Inotera has significantly reduced its production following Qimonda's default under its wafer purchase commitment.

你會記得，在奇夢達違約後，Inotera 已大幅減產。

This triggered charges for idle capacity to Micron under the wafer supply agreement.

根據晶圓供應協議，這觸發了美光對閒置產能的收費。

To date, Inotera has not produced any products for Micron.

迄今為止，Inotera 尚未為美光生產任何產品。

However, we expect to begin taking some volumes in Q4.

但是，我們預計將在第四季度開始採取一些措施。

Micron will evaluate the volume of purchases from Inotera on a monthly basis.

美光將每月評估從 Inotera 購買的數量。

We anticipate only ordering products when the purchase and subsequent resale are expected to be cash flow positive compared to the idle facility charge.

我們預計僅當購買和隨後的轉售與閒置設施費用相比預期現金流為正時才訂購產品。

Fiscal Q4 DRAM cost reductions are expected to be in the low teens and bit production is forecast to increase in the mid to high teens range.

預計第四財季 DRAM 成本降低幅度將在十幾歲以下，而比特產量預計將在中十幾歲的範圍內增加。

These projections exclude charges associated with idle capacity at Inotera but include any product that Micron receives from Inotera.

這些預測不包括與 Inotera 閒置產能相關的費用，但包括美光從 Inotera 收到的任何產品。

Turning now to operating expenses.

現在轉向運營費用。

We continue efforts to scale down operating costs as reflected in the aggressive reduction in SG&A costs which were $80 million in the third quarter.

我們繼續努力降低運營成本，這反映在第三季度大幅減少 8000 萬美元的 SG&A 成本上。

Staffing levels in SG&A areas have decreased 11% from their high early in the fiscal year and they are continuing to decrease.

SG&A 領域的人員配備水平較本財年初的高位下降了 11%，而且還在繼續下降。

R&D costs in the third quarter of $162 million were lower than previous guidance as some new products, particularly NAND products, were transferred out of development and into production in advance of the original plan.

第三季度的研發成本為 1.62 億美元，低於此前的預期，因為一些新產品，尤其是 NAND 產品，已提前退出開發並投入生產。

We anticipate SG&A expense in the fourth quarter to be in the $75 million to $80 million range and R&D expenses to be in the $140 million to $150 million range.

我們預計第四季度的 SG&A 費用將在 7500 萬美元至 8000 萬美元之間，研發費用將在 1.4 億美元至 1.5 億美元之間。

Reductions are primarily driven by the carve-out of Aptina which is expected to occur a third of the way through our fourth quarter.

減少主要是由 Aptina 的剝離推動的，預計將在我們第四季度的三分之一進行。

Other operating expense in the third quarter includes an estimated $53 million loss on disposal of Aptina and $28 million of losses from changes in currency exchange rates as the US dollar weakened substantially during the third quarter.

第三季度的其他運營費用包括估計出售 Aptina 的 5300 萬美元損失以及由於美元在第三季度大幅貶值而導致的匯率變化損失 2800 萬美元。

Relating to third quarter results from our joint ventures, the loss from equity method investments reflects our share of Inotera's net loss, the non-controlling interest in net loss line primarily reflects the allocation of TECH's loss to the minority shareholders.

關於我們合資企業的第三季度業績，權益法投資的虧損反映了我們在 Inotera 淨虧損中的份額，淨虧損線中的非控股權益主要反映了 TECH 對少數股東的虧損分配。

Turning now to the balance sheet.

現在轉向資產負債表。

The third quarter ended with $1.3 billion of cash which includes approximately $475 million in net proceeds from our convertible debt and equity offering completed in the quarter.

第三季度以 13 億美元現金結束，其中包括我們在本季度完成的可轉換債務和股票發行的約 4.75 億美元淨收益。

The increase in the reported balance of inventories at the end of the third quarter is principally due to the effect of the inventory write-down at the end of the second quarter.

三季度末報告存貨餘額增加的主要原因是二季度末存貨減值影響。

Inventory balances excluding the estimated effect of write-downs decreased 8% in the third quarter compared to Q2.

與第二季度相比，第三季度不計減記估計影響的庫存餘額減少了 8%。

Cash flow from operating activities in third quarter continued to remain positive at $151 million, well ahead of competition.

第三季度經營活動產生的現金流繼續保持正數，為 1.51 億美元，遠遠領先於競爭對手。

The debt to capital ratio, both before and after the issuance during the quarter of the convertible notes and common shares, remained around the 30% range, consistent with our long-term capital structure target and also significantly better than most of our competitors.

可轉換票據和普通股本季度發行前後的債務資本比率均保持在 30% 左右，與我們的長期資本結構目標一致，也明顯優於大多數競爭對手。

Capital expenditures during the third quarter were $93 million, bringing the year to date total to $566 million.

第三季度的資本支出為 9300 萬美元，使今年迄今為止的總支出達到 5.66 億美元。

We estimate capital expenditures in Q4 of roughly $100 million.

我們估計第四季度的資本支出約為 1 億美元。

For fiscal 2010, capital expenditures are expected to be in a range similar to 2009.

對於 2010 財年，資本支出預計將在與 2009 年相似的範圍內。

This range can vary based upon market conditions as we go forward.

隨著我們前進，這個範圍可能會根據市場條件而有所不同。

With respect to our joint ventures, in the third quarter we made a capital contribution of approximately $100 million to continue the 50-nanometer conversion at TECH Semiconductor which was financed through loan proceeds.

對於我們的合資企業，我們在第三季度出資約 1 億美元，以繼續 TECH Semiconductor 的 50 納米轉換，該轉換由貸款收益提供資金。

In addition, the third quarter had distributions to JV Partners of approximately $125 million consisting primarily of payments from IM Flash to Intel.

此外，第三季度向合資夥伴分配了大約 1.25 億美元，主要包括 IM Flash 向英特爾支付的款項。

As previously announced, we signed an agreement to sell a majority interest in our imaging solutions business, Aptina Imaging Corporation to Riverwood Capital and TPG Capital.

正如之前宣布的那樣，我們簽署了一項協議，將我們的成像解決方案業務 Aptina Imaging Corporation 的多數股權出售給 Riverwood Capital 和 TPG Capital。

As part of the agreement, Micron will retain a 35% minority stake after the partners contribute significant debt-free capital to the independent privately held company.

作為協議的一部分，在合作夥伴向這家獨立的私營公司提供大量無債務資本後，美光將保留 35% 的少數股權。

The transaction is expected to close around the first part of July.

該交易預計將在 7 月上旬左右完成。

Partially due to operating losses in recent periods and changes in the balance sheet occurring in the normal course of business, we now estimate the loss associated with the sale of the majority interest in the imaging business to be approximately $53 million.

部分由於近期經營虧損和正常業務過程中發生的資產負債表變化，我們現在估計與出售成像業務多數股權相關的損失約為 5300 萬美元。

Since we now treat Aptina as held for sale, we are required to recognize this estimated loss in fiscal Q3 in advance of the transaction's closing in Q4.

由於我們現在將 Aptina 視為待售，因此我們需要在第四季度交易結束之前在第三財季確認這一估計損失。

After the close of the sale, the financial position and results of operations of Aptina will no longer be consolidated in Micron's financial statements and we will have equity method accounting for the ongoing investment.

出售結束後，Aptina 的財務狀況和經營業績將不再合併到美光的財務報表中，我們將對持續投資採用權益法核算。

Micron will continue to manufacture products and provide services for Aptina through supply and service agreements at its worldwide facilities.

美光將繼續通過其全球工廠的供應和服務協議為 Aptina 製造產品和提供服務。

And, with that, I'll close here and turn the commentary over to Mark Adams.

而且，有了這個，我將在這里關閉並將評論交給馬克亞當斯。

Thanks, Ron.

謝謝，羅恩。

We experienced a strong increase in bit shipments in both our DRAM and NAND businesses during our third quarter.

在第三季度，我們的 DRAM 和 NAND 業務的位出貨量都出現了強勁增長。

The bit increase was driven by stronger than anticipated demand across many of our key market segments.

比特增長是由於我們許多關鍵細分市場的需求強於預期。

Given this performance, we continue to grow share of the DRAM and NAND markets.

鑑於這種表現，我們將繼續擴大 DRAM 和 NAND 市場的份額。

The pricing environment was more stable in Q3 when compared to our prior two quarters, and thus we are more optimistic about the overall memory sector heading into the back half of calendar 2009.

與前兩個季度相比，第三季度的定價環境更加穩定，因此我們對進入 2009 年下半年的整個內存行業更加樂觀。

Our overall DRAM shipments grew 18% in bits shipped quarter over quarter.

我們的整體 DRAM 出貨量環比增長 18%。

As market forecast suggests bit demand and present computing to be up in the low to mid teens, we continue to grow share from competition in this segment.

由於市場預測表明比特需求和當前計算將在中低端上升，我們繼續從該領域的競爭中增加份額。

(inaudible) shipped in our third quarter increased 31%.

（聽不清）我們第三季度的出貨量增長了 31%。

Additionally, we have seen some strong upside forecasts in the server space which we anticipate will bode well for us in fiscal Q4.

此外，我們在服務器領域看到了一些強勁的上行預測，我們預計這將在第四財季對我們有利。

In Q3, we saw a shift in demand towards DVR 3 memory for both server and PC applications.

在第三季度，我們看到服務器和 PC 應用程序對 DVR 3 內存的需求發生了轉變。

Bit shipment of DDR 3 product increased approximately 70% quarter over quarter and represented about 25% of our overall core DRAM sales.

DDR 3 產品的位出貨量環比增長約 70%，約占我們整體核心 DRAM 銷售額的 25%。

Micron's technology and cost leadership in DDR 3 puts us in a unique position to capitalize on the growth in demand coming from both PC and server-related customers.

美光在 DDR 3 方面的技術和成本領先地位使我們處於獨特的地位，可以利用來自 PC 和服務器相關客戶的需求增長。

Due primarily to some new customer wins, our networking shipments were up quarter over quarter as well.

主要由於贏得了一些新客戶，我們的網絡出貨量也環比增長。

As large corporations and governments continue to invest in infrastructure, we see the enterprise networking segment as a growth opportunity for our specialty business through 2009 and through 2010.

隨著大公司和政府繼續投資於基礎設施，我們將企業網絡部分視為我們專業業務在 2009 年和 2010 年的增長機會。

The mobile segment saw a decline in bit shipments quarter over quarter, down 12%.

移動領域的比特出貨量環比下降 12%。

While the overall handset market continues to be challenged, Micron saw strong growth in shipments of our MCPs, multi-chip packages, where we experienced a 35% increase from previous quarter bit shipments.

雖然整個手機市場繼續受到挑戰，但美光的 MCP、多芯片封裝的出貨量強勁增長，我們的出貨量比上一季度增長了 35%。

We continue to feel Micron has a unique position to grow our bit shipments into smart phone segment which is projected to grow 15% year-over-year.

我們繼續認為美光在將我們的位出貨量增長到智能手機領域具有獨特的地位，預計將同比增長 15%。

Micron has a broad portfolio of products aimed specifically at the segment, including MCPs, PSRAM products, EMMC, NAND based technology and mobile memory cards.

美光擁有專門針對該領域的廣泛產品組合，包括 MCP、PSRAM 產品、EMMC、基於 NAND 的技術和移動存儲卡。

As Ron mentioned, due to a mix shift in our business, our overall DRAM pricing was relatively flat quarter over quarter.

正如 Ron 所說，由於我們業務的混合轉變，我們的整體 DRAM 定價環比相對持平。

That notwithstanding, PC-related DDR 2 pricing saw an increase in our fiscal Q3.

儘管如此，與 PC 相關的 DDR 2 定價在我們的第三財季有所增加。

In addition, we saw a strong increase in DDR 3 pricing toward the end of our quarter driven by a surge in DDR 3 demand.

此外，由於 DDR 3 需求激增，我們看到 DDR 3 定價在本季度末強勁增長。

It is important to note that as of today, Micron is only one of a few suppliers of DDR 3 memory.

值得注意的是，截至今天，美光只是少數 DDR 3 內存供應商之一。

We are leading in DDR 3 technology development with 1 gigabit and 2 gigabit products based on our 50-nanometer process.

我們在 DDR 3 技術開發方面處於領先地位，基於我們 50 納米工藝的 1 Gb 和 2 Gb 產品。

In the third quarter, our NAND shipments were up 21% from the previous quarter due to stronger than expected demand from the mobile, USB, MP3, photo and SD markets.

在第三季度，由於移動、USB、MP3、照片和 SD 市場的需求強於預期，我們的 NAND 出貨量比上一季度增長了 21%。

This quarter, we shipped in excess of 90% of our (inaudible) MLC products based on our industry-leading 34-nanometer technology.

本季度，我們交付了超過 90% 的（聽不清）基於我們行業領先的 34 納米技術的 MLC 產品。

The 34-nanometer conversion is now completed and we believe this technology gives Micron a sizable cost advantage versus our competition.

34 納米轉換現已完成，我們相信這項技術使美光在與我們的競爭對手相比具有相當大的成本優勢。

Our retail business, which includes our industry-leading eCommerce site, crucial.com, made strong contributions to Micron's overall operating performance.

我們的零售業務，包括我們行業領先的電子商務網站，critical.com，為美光的整體運營業績做出了巨大貢獻。

We had a number of significant wins in the retail channel with Lexar and Crucial branded products.

我們在 Lexar 和 Crucial 品牌產品的零售渠道中取得了許多重大勝利。

We continue to gain global market share growth leveraging Micron's NAND technology and a strong brand portfolio in the consumer markets we serve.

我們利用美光的 NAND 技術和我們服務的消費市場中強大的品牌組合，繼續獲得全球市場份額增長。

Shrink component pricing for NAND was up significantly in the quarter.

NAND 的收縮組件價格在本季度大幅上漲。

As the industry continues to migrate to higher density chips, we feel bit consumption will continue to grow and that the NAND market will be in fairly balanced supply and demand position throughout our fourth quarter.

隨著行業繼續向更高密度芯片遷移，我們認為位消費將繼續增長，並且 NAND 市場將在整個第四季度處於相當平衡的供需狀態。

We remain optimistic that the market segments such as SSDs, notebooks and NAND for mobile phone will continue to drive strong bit consumption.

我們仍然樂觀地認為，SSD、筆記本電腦和手機 NAND 等細分市場將繼續推動強勁的比特消費。

Overall, we are very pleased with our NAND performance in Q3.

總體而言，我們對第三季度的 NAND 表現非常滿意。

As we suggested in our last call, the pricing environment in both DRAM and NAND did in fact improve in Q3.

正如我們在上次電話會議中所建議的那樣，DRAM 和 NAND 的定價環境實際上在第三季度確實有所改善。

We remain hopeful that almost two years of capital expenditures cutbacks and reduction of supply in the industry will improve the profit potential for Micron.

我們仍然希望近兩年的資本支出削減和行業供應減少將提高美光的盈利潛力。

We feel Q3 was a good step in that direction.

我們認為第三季度是朝著這個方向邁出的一大步。

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

有了這個，我會把它交還給 Kipp。

Thanks, Mark.

謝謝，馬克。

With that, we would like to now take questions from callers.

有了這個，我們現在想回答來電者的問題。

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

提醒一下，如果您使用的是免提電話，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 Gary Hsueh with Oppenheimer.

您的第一個問題來自 Gary Hsueh 和 Oppenheimer。

Hi.

你好。

Thanks a lot for taking my question.

非常感謝您提出我的問題。

Just a first question -- it seems like the biggest variable in my model for you guys in fiscal Q3 was NAND pricing due to the impact from Intel.

只是第一個問題——由於英特爾的影響，在我的模型中，對於你們來說，第三季度的最大變量似乎是 NAND 定價。

What's the expectation in the August quarter for Q4 in terms of NAND ASP per bit?

就 NAND ASP 每比特而言，第四季度第四季度的預期是什麼？

Well, right now in the market today, we expect to be kind of flat to modestly up in the quarter until we see what some of our customers (inaudible) look like going into the holiday season, which normally we get a good sense of in August.

好吧，目前在今天的市場上，我們預計本季度將持平或小幅上漲，直到我們看到我們的一些客戶（聽不清）進入假日季節的樣子，通常我們對此有很好的感覺八月。

I guess my question is, this is just guess work here, but if you're rolling off Intel heavy Q3 and maybe lightening a little bit up in terms of the mix in, in terms of Intel in Q4, what -- I mean does that effect have any impact on our assumptions for ASP per bit in Q4?

我想我的問題是，這只是在這裡的猜測工作，但是如果你正在擺脫英特爾重度 Q3 並且可能在混合方面稍微減輕一點，就第四季度的英特爾而言，什麼 - 我的意思是這種影響對我們對第四季度每比特 ASP 的假設有什麼影響？

Well, I'm not sure of the assumption that we're rolling off Intel in Q4 is correct.

好吧，我不確定我們在第四季度淘汰英特爾的假設是否正確。

It's basically a flat split.

基本上是平分。

Okay.

好的。

If that--

如果說 -

Okay.

好的。

That doesn't change quarter over quarter.

這不會因季度而異。

Okay.

好的。

So the Intel content in your NAND flash business is basically roughly flat quarter over quarter as a percentage of the mix?

因此，您的 NAND 閃存業務中的英特爾含量基本上與季度相比基本持平？

On a volume mix, that's right.

在音量組合上，這是正確的。

Okay, great.

好，太棒了。

Then if I, just kind of look at the royalty business, I think with Nan Ya projected to start kicking in some time next year in terms of their production.

然後，如果我只看一下版稅業務，我認為南亞預計將在明年某個時候開始在他們的生產方面發揮作用。

Just wondering how should we be modeling basically our thinking about that royalty and licensing revenue stream in 2010?

只是想知道我們應該如何基本上模擬我們對 2010 年版稅和許可收入流的思考？

Do we expect R&D kind of sharing part of that revenue stream to start declining or does that start picking up because of the units coming out of -- sorry, from Nan Ya in 2010?

我們是否預計研發部分收入流的份額會開始下降，還是會因為 2010 年來自南亞的單位出現而開始回升？

What's the directionality and what's the magnitude of that industry in 2010?

2010年該行業的方向性和規模如何？

This is Ron.

這是羅恩。

We've got some technology agreements that are already in place and that's showing in the revenue numbers that I mentioned that were $32 million this quarter, roughly the same last quarter and that continues forward.

我們已經達成了一些技術協議，這在我提到的本季度收入數字中顯示為 3200 萬美元，與上一季度大致相同，並且繼續向前發展。

Then also, as you point out, when volume picks up with, with product volumes out of Inotera there will be licensing royalties associated with that capacity as well at typical market rates you might say.

然後，正如您所指出的，當產量增加時，Inotera 的產品量將與該容量相關的許可使用費以及您可能會說的典型市場費率。

We haven't specifically called it out.

我們還沒有特別提到它。

Okay.

好的。

Okay, great.

好，太棒了。

Just my final question, just in terms of your CapEx spend in 2010 being flat with 2009, what are some of the [big growth] assumptions that you have for production for DRAM and NAND?

我的最後一個問題，就你在 2010 年的資本支出支出與 2009 年持平而言，你對 DRAM 和 NAND 的生產有哪些 [大增長] 假設？

So this is Mark.

這就是馬克。

For DRAM bit production, I think we would expect to see bits up in the mid to high teens in the fourth quarter and NAND bit growth in the mid teens.

對於 DRAM 位生產，我認為我們預計第四季度的位將在中高位增長，而 NAND 位在中位增長。

How about 20 -- fiscal 2010?

20 - 2010財年怎麼樣？

Oh, sorry.

哦對不起。

Longer term I think the NAND bit growth will depend a little bit on our 2X node migration which we intend to start late in the third quarter, early in the fourth quarter of -- calendar quarter of 2009.

從長遠來看，我認為 NAND 位的增長將在一定程度上取決於我們打算在第三季度末開始的 2X 節點遷移，也就是在 2009 年第四季度初開始。

But overall, I think you could look for something in the 10% range quarter over quarter in line with a normal shrink path for NAND technology on a go-forward basis.

但總的來說，我認為你可以在 10% 的範圍內尋找與 NAND 技術在前進的基礎上的正常收縮路徑一致的季度環比範圍內的東西。

For DRAM, a lot of it's going to depend on the timing of the Inotera ramp and as you know we're bringing that capacity online now.

對於 DRAM，很大一部分將取決於 Inotera 升級的時間，如您所知，我們現在正在使該容量上線。

If the market goes 40% next year, we'll be well in excess of that.

如果明年市場上漲 40%，我們將遠遠超過這個數字。

Great, thank you.

太好了謝謝。

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。

Thank you very much.

非常感謝。

Can you hear me?

你能聽到我嗎？

Yes, we can hear you, Tim.

是的，我們可以聽到你的聲音，蒂姆。

Excellent.

出色的。

Just to clarify, if your (technical difficulty) order remains stable from here, what should we be assuming with respect to DRAM for the fourth fiscal quarter?

澄清一下，如果您的（技術難度）訂單從這裡開始保持穩定，我們應該對第四財季的 DRAM 做出什麼假設？

Quarter to date, we've got DRAM ASP pretty flat, Tim, and quarter to date we have the trade portion of our NAND business down about 5%.

迄今為止，我們的 DRAM ASP 相當持平，蒂姆，而迄今為止，我們的 NAND 業務的貿易部分下降了約 5%。

And can you talk a little bit about how you perceive the licensing opportunity associated with the coming fiscal year, particularly as Nan Ya makes increased production?

您能否談談您如何看待與下一個財政年度相關的許可機會，特別是在南亞增加產量的情況下？

And could you also just remind us of the framework for what we should be thinking about in terms of minority interest loss level associated with Aptina or what that might have been in the fiscal third quarter, and those are the two questions.

您是否也可以提醒我們在與 Aptina 相關的少數股權損失水平或第三財季可能發生的情況方面我們應該考慮的框架，這是兩個問題。

Tim, this is Ron.

蒂姆，這是羅恩。

In terms of licensing, sort of as I mentioned earlier, we've got ongoing technology agreements that will be roughly at the level we've seen and there will be, as I said, typical royalty levels paid on incremental volumes where our technology, our stack technology is being applied in Inotera.

在許可方面，就像我之前提到的那樣，我們已經達成了持續的技術協議，這些協議將大致處於我們所看到的水平，並且正如我所說，將按照我們的技術的增量數量支付典型的特許權使用費水平，我們的堆棧技術正在Inotera 中應用。

Haven't called out those specifics, but there will be some expansion of that in the future as the stack technology gets adopted in Inotera which is, as Mark mentioned, is scheduled out in the coming quarters.

還沒有提到這些細節，但隨著堆棧技術在 Inotera 中被採用，未來將會有一些擴展，正如 Mark 提到的，計劃在未來幾個季度推出。

In terms of Aptina, loss levels of course depends on their financial performance on their P&L going forward and so we can't exactly call out what that would look like or our share of it, but we would be taking a 35% share of whatever that financial result would be on a quarter by quarter basis with a slight lag effect on the timing.

就 Aptina 而言，損失水平當然取決於他們未來損益的財務業績，因此我們無法準確說出具體情況或我們的份額，但我們將佔任何份額的 35%該財務結果將按季度計算，對時間有輕微的滯後影響。

Let me jump in with what we're talking about on Inotera.

讓我來談談我們在 Inotera 上談論的內容。

I think it's fair to say that we view Inotera as historically one of the most efficient and forward-looking probably the most efficient DRAM manufacturers that roll out a 50-nanometer technology.

我認為公平地說，我們認為 Inotera 是歷史上最高效、最具前瞻性的可能是推出 50 納米技術的最高效的 DRAM 製造商之一。

When I talked about bit growth just a minute ago, there's bit growth obviously associated with the volume coming back online, but as they roll out our 50-nanometer technology moving into calendar 2010, we think that they are going to be a very, very focused and very efficient producer leading the industry from a cost perspective.

當我在一分鐘前談到比特增長時，比特增長顯然與重新上線的數量有關，但是隨著他們推出我們的 50 納米技術進入日曆 2010 年，我們認為它們將是一個非常、非常從成本角度來看，專注且非常高效的生產商引領行業。

If I may, you talked about your CapEx being flat for the coming fiscal year.

如果可以的話，您談到您的資本支出在下一財年持平。

Could you just remind us what that -- what level that is off and could you just outline as you move forward what you guys perceive to be the key variables now in terms of improving the gross margin dynamics from here.

您能否提醒我們那是什麼 - 這是什麼水平，您能否在向前推進時概述一下你們現在認為從這裡改善毛利率動態的關鍵變量。

Thank you.

謝謝你。

This is Ron.

這是羅恩。

In terms of the CapEx that's the level similar to 2010, which was the $650 million to $700 million kind of range is what I would peg that at and that's based upon our current assumptions relative to our expansion plans, but I'll turn it over to Mark who can elaborate a little bit on our sort of thinking of our competitive position vis-a-vis our CapEx investments.

就資本支出而言，這與 2010 年的水平相似，即 6.5 億美元到 7 億美元的範圍是我認為的範圍，這是基於我們目前與擴張計劃相關的假設，但我會把它翻過來馬克，他可以詳細說明我們對我們的競爭地位相對於我們的資本支出投資的看法。

Thank you.

謝謝你。

First of all, let me say on the CapEx that we plan going forward, it's a relatively small number, we believe, primarily because we've been pretty thoughtful about how we deployed our capital as we rolled out what is pretty efficient new 300 mm capacity.

首先，讓我說一下我們計劃未來的資本支出，我們相信，這是一個相對較小的數字，主要是因為我們在推出非常高效的新 300 毫米產品時，對如何部署資本進行了深思熟慮容量。

I'll give you a couple of examples.

我給你舉幾個例子。

As we roll out 300 mm capacity, Dell came out with Damascene copper processing.

當我們推出 300 毫米容量時，戴爾推出了大馬士革銅加工。

So we don't have that hurdle in front of us as we move to advance shrink geometry.

因此，當我們推進收縮幾何時，我們面前沒有那個障礙。

We also deployed NAND technology at 300 ml to a large extent with the double patterning tools we need to drive level of 34-nanometer now.

我們還在很大程度上部署了 300 毫升的 NAND 技術，使用我們現在需要驅動 34 納米級別的雙圖案工具。

We're well down the path in terms of having all the tooling in place and that's why you see a relatively low maintenance capital spend for Micron on a go-forward basis.

在所有工具到位方面，我們已經走上了正軌，這就是為什麼您看到美光在前進的基礎上維護資本支出相對較低的原因。

Now, obviously if there's significant changes in the marketplace, we'll take a look at whether or not there's additional things we want to do from a CapEx perspective, but we think we're in great shape to continue advancing technology and driving down costs with a relatively small CapEx spend.

現在，顯然，如果市場發生重大變化，我們將從資本支出的角度來看看是否還有其他事情要做，但我們認為我們處於繼續推進技術和降低成本的良好狀態資本支出相對較小。

On gross margin, relative to the gross margin question you asked, we feel very good about our road map on a go-forward basis.

在毛利率方面，相對於您提出的毛利率問題，我們對前進的路線圖感到非常滿意。

You really haven't seen much of the impact yet from our 50-nanometer DRAM transition.

您真的還沒有看到我們的 50 納米 DRAM 過渡帶來的太大影響。

In fact, that's all really in front of us on a go-forward basis on the DRAM side.

事實上，在 DRAM 方面，這一切都擺在我們面前。

There's still some follow-through as we look to fiscal Q4 impact from the 34-nanometer NAND ramp is now complete.

當我們期待 34 納米 NAND 斜坡對第四財季的影響現已完成時，仍有一些後續行動。

As I mentioned earlier, we're well positioned to roll on into our 2X nanometer mode.

正如我之前提到的，我們已經準備好進入我們的 2X 納米模式。

We think we're in good position to keep driving costs down.

我們認為我們有能力降低成本。

We've had -- we've demonstrated some good success here over the last three or four quarters and we don't plan to change anything relative to our trajectory.

我們已經——在過去的三四個季度裡，我們在這裡取得了一些不錯的成功，我們不打算改變與我們的軌跡相關的任何事情。

I was just going to add, Tim, that the NAND gross margins I mentioned is in positive territory, even excluding the effects of inventory write-down carry-through, we're still in positive territory in NAND margin on an operating basis for the first time.

我只是想補充一下，蒂姆，我提到的 NAND 毛利率處於正值區域，即使不包括庫存減記結轉的影響，我們的 NAND 毛利率仍處於正值區域第一次。

So a significant accomplishment, and as Mark mentioned, I think there will be more to come as we continue out our 34-nanometer ramp and right on the heels of that will be the 2X nanometer technology.

這是一項重大成就，正如 Mark 所說，我認為隨著我們繼續推進 34 納米坡道，將會有更多成就，緊隨其後的是 2X 納米技術。

Okay.

好的。

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。

Yes, good afternoon.

是的，下午好。

I -- maybe I missed it.

我——也許我錯過了。

You were giving us lots of good information.

你給了我們很多很好的信息。

What was your bit production sequentially in NAND and DRAM?

您在 NAND 和 DRAM 中順序生產的位是多少？

We saw DRAM up mid teens, Shawn, and we saw NAND production bit growth up over 30% Q to Q for Q4.

我們看到 DRAM 增長了十幾歲，肖恩，我們看到 NAND 生產位增長超過 30% 的 Q 到 Q 第四季度。

Okay, and then you said your cost reduction was down 35% sequentially in NAND, is that correct?

好的，然後你說你在 NAND 中的成本降低了 35%，對嗎？

Correct.

正確的。

And does that track precisely with what you send to Intel in terms of pricing per bit?

這是否與您發送給英特爾的每比特定價精確一致？

So your Intel pricing, for example, was down 35 as well?

例如，您的英特爾定價也下降了 35 倍？

It's approximately the same formula.

大致是一樣的公式。

It's on a cost basis, so, yes, that's essentially correct although there is some minor variation based upon timing.

這是基於成本的，所以，是的，這基本上是正確的，儘管根據時間有一些細微的變化。

Right, so I think that one of the things I'm struggling with is when we observe the spot pricing and even the contract pricing market, they would suggest that you would have had better DRAM pricing and better external NAND pricing.

是的，所以我認為我正在努力解決的一件事是，當我們觀察現貨定價甚至合同定價市場時，他們會建議你會有更好的 DRAM 定價和更好的外部 NAND 定價。

Can you help, maybe help us understand why there's a difference there?

你能幫忙嗎，也許可以幫助我們理解為什麼會有不同？

Yes, sure.

是的，當然。

This is Mark.

這是馬克。

The issue that's really driving that is that some of our specialty markets have lagged in terms of demand and that's had a little bit more price pressure in the current quarter.

真正推動這一點的問題是，我們的一些專業市場在需求方面已經落後，並且本季度的價格壓力更大。

And when the core commodity markets, both in DRAM and NAND rebound, those prices lag and the demand is starting to pick up.

當 DRAM 和 NAND 的核心商品市場反彈時，這些價格滯後，需求開始回升。

We have seen some favorable uptick, as I said earlier, on the server market for example while it wasn't strong throughout the early part of the quarter, the last month of the quarter was very strong.

正如我之前所說，我們已經看到服務器市場出現了一些有利的上漲，例如，雖然在本季度初期並不強勁，但本季度的最後一個月非常強勁。

We're seeing good demand going into the back half.

我們看到後半部分需求良好。

So a lot of it has to do with mix as we look at that.

因此，在我們看來，這在很大程度上與混合有關。

Our 32 gigabyte bit part on the NAND side was out in the market earlier, for customer trials and what have you and we just started to get that established in the marketplace and we're starting to see a better take on demand in pricing there.

我們在 NAND 方面的 32 GB 位部件早些時候在市場上推出，用於客戶試驗和你有什麼，我們剛剛開始在市場上建立它，我們開始看到那裡的定價需求更好。

Okay, and then as far as what your PC OEM customers and maybe even your consumer electronics customers are saying for calendar Q3, what kind of bit shipments are they guiding you for in terms of DRAM consumption on the PC side?

好的，那麼就您的 PC OEM 客戶甚至您的消費電子客戶對日曆 Q3 的看法而言，他們在 PC 端的 DRAM 消耗方面為您提供了什麼樣的位出貨量指導？

What we're seeing on the DRAM side is somewhere in the mid teens and the NAND side slightly lower than that today.

我們在 DRAM 方面看到的情況在十幾歲左右，而 NAND 方面則略低於今天。

In terms of demand for calendar Q3?

在對日曆 Q3 的需求方面？

Yes.

是的。

Okay.

好的。

How about channel inventories?

渠道庫存如何？

Can you give us an update there on both the DRAM and NAND side?

你能告訴我們有關 DRAM 和 NAND 方面的更新嗎？

Sure.

當然。

I've read a lot about people suggesting that the first half of the year was a lot inventory replenished in the channel.

我讀過很多關於有人說上半年在渠道中補充了很多庫存。

We're not seeing that.

我們沒有看到這一點。

We're actually seeing fairly robust demand, albeit at pricing and DRAM, which we would like to be higher, but the -- we're not seeing an inventory buildup in the channel.

我們實際上看到了相當強勁的需求，儘管在定價和 DRAM 方面，我們希望更高，但是我們沒有看到渠道中的庫存增加。

I think people -- primarily I said this on the last call and I still believe it, I think people in this current economy are so focused on the cash flow operations of their business that they are not allowing themselves to take these inventory positions that are above and beyond what they can manage.

我認為人們——主要是我在上次電話會議上說的，我仍然相信這一點，我認為當前經濟中的人們非常關注他們業務的現金流運營，以至於他們不允許自己持有這些庫存頭寸超出他們所能管理的範圍。

I see.

我懂了。

And then just maybe one more quick one.

然後也許再快一點。

What would your wafer production be sequentially?

您的晶圓生產順序是什麼？

It was up a couple percent.

它上漲了幾個百分點。

Okay, thank you very much.

好的，非常感謝。

You bet.

你打賭。

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。

Thanks for taking my questions.

感謝您提出我的問題。

Just a couple quick ones here.

這裡只有幾個快速的。

If DRAM pricing were to stay flat from these levels, what would be the expected utilization charge you guys might have in fiscal fourth quarter relative to Inotera?

如果 DRAM 定價與這些水平持平，那麼你們在第四財季相對於 Inotera 的預期使用費是多少？

I didn't quite hear all that question.

我沒有完全聽到所有這些問題。

Could you repeat that for me, please?

請為我重複一遍好嗎？

Yes, if DRAM pricing were to remain flat from current levels, what would be the expected underutilization charge in the quarter for the Inotera JV?

是的，如果 DRAM 價格與當前水平持平，那麼預計 Inotera 合資公司在本季度的未充分利用費用是多少？

The Inotera charge is an idle capacity charge.

Inotera 費用是閒置容量費用。

Doesn't have anything to do with pricing, so if we are not utilizing the capacity then there's a charge that comes through related to that, but it's not related to pricing in the market per se.

與定價沒有任何關係，所以如果我們不使用容量，那麼就會產生與此相關的費用，但這與市場本身的定價無關。

Now, if you're asking what happens if we do or don't take wafer volume, as I mentioned, that will be predicated on whether we have incremental profit contribution that we get out of taking the wafer supply in the near term out of Inotera vis-a-vis the idle capacity charges.

現在，如果你問如果我們採取或不採取晶圓量會發生什麼，正如我所提到的，那將取決於我們是否有增加利潤貢獻，我們是否會在短期內從晶圓供應中獲得收益。 Inotera 相對於閒置產能收費。

Well, I guess that's my question.

好吧，我想這是我的問題。

We had a price level in DRAM, one would expect those idle charges to decrease, stay flat, or go up quarter on quarter?

我們有一個 DRAM 的價格水平，人們會期望這些閒置費用會減少、持平或季度環比上漲？

So the way I see it is right now we view we're in a place where we can take supply of their trenched capacity and make incremental contribution out of it at current pricing.

因此，我現在的看法是，我們認為我們處於一個可以提供他們的挖溝產能並以當前價格從中做出增量貢獻的地方。

That's why we're taking volume, but we will make decisions on a monthly basis whether to start wafers based on our view of the economics going forward.

這就是我們要量產的原因，但我們將根據我們對未來經濟的看法，每月決定是否啟動晶圓。

And then getting back to the CapEx being flat, going into fiscal 2010, can you give me a sense of how much of that's going to DRAM versus NAND and is any of that going to Inotera to help transition from trench to stack, or are they beholding to support themselves on their own CapEx needs through that transition?

然後回到 2010 財年的資本支出持平，您能否告訴我其中有多少將用於 DRAM 與 NAND，以及其中任何一個將用於幫助從溝槽到堆棧的過渡，或者它們是看著通過這種轉變來支持自己的資本支出需求？

Yes, it's slightly more DRAM than NAND and I don't have the numbers in front of me, but probably roughly 65 DRAM, 35 NAND, something on that order.

是的，它的 DRAM 比 NAND 略多一些，而且我沒有擺在我面前的數字，但大概是 65 個 DRAM，35 個 NAND，按這個順序排列。

And relative to Inotera, there's nothing in that CapEx number to support Inotera.

相對於 Inotera，該資本支出數字中沒有任何內容可以支持 Inotera。

There are feelings that we'll be able to have a successful financing to take care of the capital needs independently.

感覺我們將能夠成功融資以獨立滿足資金需求。

And to be clear, we have a minority equity interest in Inotera, so it would not show as consolidated CapEx for us anyway.

需要明確的是，我們在 Inotera 擁有少數股權，因此無論如何它不會顯示為我們的合併資本支出。

It would be, it will be some kind of capital contribution that would be required for that were to happen, which is not at all contemplated at this time.

它將是，這將是發生這種情況所需的某種資本貢獻，目前根本沒有考慮到這一點。

Inotera's going to take care of their own technology transition through their own financing.

Inotera 將通過自己的融資來處理自己的技術轉型。

And then, guys, you commented in the prepared comments that enterprise demand was looking better going into the calendar third quarter.

然後，伙計們，你們在準備好的評論中評論說，進入第三季度的企業需求看起來更好。

And I'm wondering if you could elaborate on that a little bit.

我想知道你是否可以詳細說明一下。

Is that just all based upon the demand you're seeing around DVR 3 for servers?

這僅僅是基於您對 DVR 3 對服務器的需求嗎？

Are you seeing that pickup in corporate PCs as well, or what's giving you confidence that enterprise is upticking here?

您是否也看到了企業 PC 的回升，或者是什麼讓您相信企業正在崛起？

The networking sector for us is more around networking server and enterprise networking equipment that we're seeing some uptick on.

對我們來說，網絡領域更多的是圍繞網絡服務器和企業網絡設備，我們看到了一些增長。

We've had new customer wins.

我們贏得了新的客戶。

Primarily a lot of this is over in the Asian market.

主要是亞洲市場上的很多事情都結束了。

For us, my comments were really around our business and our growth in that segment versus the overall industry's trajection.

對我們來說，我的評論實際上是圍繞我們的業務以及我們在該領域的增長與整個行業的軌跡。

And then, guys, last question for me just relative to your views of the soap opera that is the DRAM industry around consolidation.

然後，伙計們，我的最後一個問題是關於你們對 DRAM 行業圍繞整合的肥皂劇的看法。

We've gone through another quarter now with rumor, speculations and some hard facts around Elpida and TMC and I'm just kind of curious, as things sit now how you view the consolidation in the industry relative to more players being shaken out or if you would give me a sense from peak production, you know, in Q3 of last year to where you think things finally shake out, how much capacity do you think will permanently exit the industry?

我們現在已經經歷了另一個季度，關於 Elpida 和 TMC 的謠言、猜測和一些確鑿的事實，我只是有點好奇，因為現在你如何看待行業的整合相對於更多的參與者被淘汰，或者如果你會給我一個感覺，從去年第三季度的峰值生產到你認為事情最終擺脫困境的地方，你認為有多少產能將永久退出該行業？

It's difficult to know at any given moment where it stands.

在任何特定時刻都很難知道它的位置。

I think that my perspective is that it stalled here for a little bit, that effectively Qimonda is factually being liquidated and there's no return of that.

我認為我的觀點是它在這裡停滯了一點，實際上奇夢達實際上正在被清算並且沒有回報。

And that the DRAM pricing is such that on the margin, I think some of the Taiwanese are making a bet that it's going to get better but at the current levels it's not helpful for them.

而且 DRAM 的定價使得在利潤上，我認為一些台灣人正在打賭它會變得更好，但在目前的水平上，這對他們沒有幫助。

Maybe equally important is to look at the debt structure that they are trying to deal with and it probably gives you a little more insight into what are the real alternatives that they have moving forward.

也許同樣重要的是查看他們試圖處理的債務結構，它可能會讓您更深入地了解他們正在推進的真正替代方案是什麼。

I think that the probabilities of them going out and doing anything in terms of new capacity is essentially zero.

我認為他們走出去並在新產能方面做任何事情的概率基本上為零。

The probabilities of them actually even really being able to upgrade much at the current capacity is pretty low, and they are all struggling with (inaudible) on how to deal with the debt.

以目前的產能，他們實際上甚至真正能夠升級的概率非常低，他們都在（聽不清）如何處理債務問題上苦苦掙扎。

And, by the way, that's also something that we have to encounter in the event that we have any kind of consolidation discussions with any of those players.

而且，順便說一句，如果我們與任何這些玩家進行任何形式的整合討論，這也是我們必須遇到的事情。

So when you look at the debt repayment structures, they are pretty heavy in the next 12 months.

因此，當您查看債務償還結構時，它們在未來 12 個月內相當沉重。

That's where Micron now has an advantage because, as Mark Durcan already described, we've spent a lot of money, we're pretty good positioned, don't have to save much more money to advance our cost structure, but these guys do and they don't really have it.

這就是美光現在有優勢的地方，因為正如 Mark Durcan 已經描述的那樣，我們已經花了很多錢，我們的定位非常好，不需要節省更多的錢來提升我們的成本結構，但是這些人確實做到了他們真的沒有。

So their cost structure's getting less and less competitive every quarter that goes by and lots of speculation as to what will happen.

因此，他們的成本結構在每個季度都變得越來越沒有競爭力，並且有很多關於會發生什麼的猜測。

There's really -- at the end of the day there's three major facilities that exist in Taiwan.

真的 - 歸根結底，台灣存在三個主要設施。

It's the Inotera facility, which obviously you've heard about Micron and (inaudible) it's an awesome facility and it's state of the art and it will be low cost but (inaudible) it is a benchmark facility.

這是 Inotera 設施，顯然您已經聽說過 Micron 並且（聽不清）它是一個很棒的設施，它是最先進的，而且成本很低，但（聽不清）它是一個基准設施。

Then you have [pro moss] which probably, again, just anecdotally from what I've heard in the industry, had their output number down in the 80% range, so you have a facility that could produce, call it 100K a month and it's -- it was producing something closer to 20 and maybe it's inched its way back up to 30 or thereabouts, so it's still way, way underutilized, but that capacity is actually a pretty rapid rate now because it's getting less and less cost effective.

然後你有 [pro moss] 可能，再一次，從我在業內聽到的傳聞中，他們的產量下降了 80% 的範圍，所以你有一個可以生產的設施，稱之為每月 100K 並且它是 - 它正在生產接近 20 的產品，並且可能會逐漸恢復到 30 左右，所以它仍然未被充分利用，但現在這個容量實際上是一個相當快的速度，因為它的成本效益越來越低。

And then the other big producer, of course, is power chip.

然後另一個大生產商，當然是功率芯片。

And you probably continue to hear about the saga between power chip and Elpida and [rex chip] and so forth.

您可能會繼續聽到有關電源芯片與爾必達和 [rex 芯片] 等之間的傳奇故事。

But power chip had also I think cut their production down by the 80% range, but they are probably closer back up to 40%, 50% capacity now, trying to figure out where this market's going.

但我認為電源芯片也將其產量減少了 80% 的範圍，但他們現在可能更接近 40%、50% 的產能，試圖弄清楚這個市場的走向。

All -- and rex chip, by the way, never did cut its capacity that much and neither did Elpida and neither did Micron, so the output numbers are relatively stable.

所有——順便說一句，雷克斯芯片從未如此削減其產能，爾必達和美光也沒有，因此產量相對穩定。

In aggregate, kind of wrap it up here and quit rambling, in aggregate, the total capacity that came off line we think was in the neighborhood of 30% to 35% of the loan capacity for DRAM came off line.

總的來說，在這裡總結一下，別再胡說八道了，總的來說，我們認為離線的總容量在 DRAM 貸款容量的 30% 到 35% 左右。

You can do the math yourself, but essentially there's probably maybe 5% points of that is thinking about making its way back on the line.

你可以自己做數學，但基本上可能有 5% 的人在考慮重新上線。

You can even argue as high as 10 percentage points with Inotera, power chip and pro moss have all done in combination.

你甚至可以和Inotera爭論高達10個百分點，電源芯片和pro moss都是結合在一起的。

So it's not a lot.

所以不是很多。

And even from our perspective on what's going on with the Inotera capacity, the pricing has to get a lot better than it is now to provide much incentive for a whole lot of this capacity to come back on line until it gets converted or until the pricing gets a lot higher we've obviously got our own plans on Inotera but there are just no dollars available for anybody else to do much and we think that there's not a lot of capacity to come back on line here in the short-term and actually we don't think the current pricing there's only a couple of us where the structure looks pretty good.

即使從我們對 Inotera 產能情況的角度來看，定價也必須比現在好很多，以便為大量此類產能重新上線提供更多動力，直到它被轉換或定價變得更高 我們顯然在 Inotera 上有了自己的計劃，但是沒有任何資金可供其他人做很多事情，我們認為短期內沒有太多的能力可以在這裡重新上線，實際上我們不認為目前的定價只有我們幾個人的結構看起來不錯。

So I don't think it's very advantageous for them at this level.

所以我認為在這個級別上對他們來說不是很有利。

Perfect.

完美的。

Steve, thank you.

史蒂夫，謝謝。

Very helpful.

非常有幫助。

Yes.

是的。

Your next question comes from Jim Covello with Goldman Sachs.

您的下一個問題來自高盛的 Jim Covello。

Great, guys.

太好了，伙計們。

Good afternoon.

下午好。

Thanks for taking the questions.

感謝您提出問題。

Just to clarify, one follow-up from the answer there, you said 5% or 10% of that capacity could come back online.

只是為了澄清一下，從那裡的答案的後續行動中，您說該容量的 5% 或 10% 可能會重新上線。

Is that 5% or 10% of total industry capacity or 5% or 10% of what was taken offline in the first place?

那是行業總產能的 5% 或 10%，還是最初下線的 5% 或 10%？

No, it's 5% to 10% of the total industry capacity.

不，它佔整個行業產能的 5% 到 10%。

Okay, great.

好，太棒了。

That's very helpful.

這很有幫助。

Thank you.

謝謝你。

And then only other question for me, because you've covered a lot, is what are you seeing in terms of trends of content per box?

然後對我來說只有另一個問題，因為您已經介紹了很多內容，您對每個盒子的內容趨勢有何看法？

On the PC side, it's relatively flat through Q3.

在 PC 端，第三季度相對平穩。

The net book impact on the overall PC segment has a modest negative hit on it, but it's modest and so it's relatively flat going -- up until today when we see better things down the road as windows 7 takes and gets out in the marketplace.

網絡對整個 PC 市場的影響對它有適度的負面影響，但它是適度的，因此它相對平穩——直到今天我們看到隨著 Windows 7 進入市場並在市場上出現更好的情況。

And could you just comment on that for a second relative to windows 7, I know there's some concern from people that there's going to be despecking around windows 7 because you don't need as much content to run it, but do you obviously have different thoughts on that?

相對於 Windows 7，您能否就這一點發表評論，我知道人們會擔心 Windows 7 周圍會出現一些問題，因為您不需要太多的內容來運行它，但是您顯然有不同嗎？對此有何想法？

Yes, we do think there's a -- there's an upside from an application perspective when these applications come online and get over to the windows 7 platform and so when you look at some of the third party analysts who are looking at it as well, they are thinking the same thing, that content per box will continue to go up probably through the holidays, assuming all things go well in October, things go well through the holidays and through 2010.

是的，我們確實認為，當這些應用程序上線並轉移到 Windows 7 平台時，從應用程序的角度來看，這是有好處的，所以當您查看一些也在研究它的第三方分析師時，他們正在考慮同樣的事情，每箱的內容可能會在假期繼續上升，假設 10 月份一切順利，假期和 2010 年一切順利。

We're pretty positive on that.

我們對此非常積極。

Thank you very much.

非常感謝。

Good luck.

祝你好運。

Your next question comes from Uche Orji with UBS.

您的下一個問題來自瑞銀的 Uche Orji。

Thank you very much.

非常感謝。

Let me just go back to an earlier answer you gave about channel inventory and you said it is a good build-up of inventory.

讓我回到你之前給出的關於渠道庫存的答案，你說這是一個很好的庫存積累。

What is your estimate of how many weeks of inventory held in the channel and held by most of your customers?

您估計您的大多數客戶在渠道中持有多少週的庫存？

If we understood the question, it was about memory in the channel, is that correct?

如果我們理解了這個問題，那是關於通道中的記憶，對嗎？

That is correct.

那是對的。

How, how can we quantify, if you will -- tell me how much of the inventory in terms of weeks and if you can just compare that with what it has been historically, just for me to be able to quantify the answer that there wasn't much channel inventory.

如果您願意，我們如何，如何量化 - 告訴我有多少庫存以周為單位，如果您可以將其與歷史上的庫存進行比較，只是為了讓我能夠量化答案'渠道庫存不多。

We don't normally release that information because it's a lot of customer, proprietary information that we have that we're using on our own internal data.

我們通常不會發布這些信息，因為這是我們在自己的內部數據中使用的大量客戶專有信息。

But as I said earlier, we don't see any abnormal from kind of current state and what we expect in the channel.

但正如我之前所說，從當前狀態和我們對通道的預期來看，我們沒有看到任何異常。

We haven't seen inventory build up, we're kind of reluctant to give data that's customer related to answer that type of question.

我們還沒有看到庫存增加，我們有點不願意提供與客戶相關的數據來回答這類問題。

Very well.

很好。

In terms of NAND, what are you seeing in terms of -- would you just give us any update as to what your development plans are on that (inaudible) for NAND?

就 NAND 而言，您看到了什麼 - 您能否向我們提供有關您對 NAND 的開發計劃（聽不清）的任何更新？

Yes, this is Mark.

是的，這是馬克。

So, obviously as with all participants in the NAND space, we have active programs in 3 bit per cell and other end bit per cell and have had for a long time.

因此，顯然與 NAND 領域的所有參與者一樣，我們有每單元 3 位和每單元其他末端位的活動程序，並且已經有很長時間了。

We will have 34-nanometer call it end bit per cell for competitive reasons right now in the marketplace late this calendar year.

出於競爭原因，我們將在本日曆年末在市場上推出 34 納米的每個單元的最終比特。

Later this calendar year?

今年晚些時候？

Yes.

是的。

Would that be volume or would that just be [samplings].

那是體積還是只是[採樣]。

Well, it's not going to be a huge piece of the volume because we don't see that it really addresses a large piece of the market.

好吧，它不會佔很大一部分，因為我們看不到它真正解決了很大一部分市場。

So, I don't think you should think of it as having, in this timeframe at least, a significant impact on Micron.

所以，我認為你不應該認為它至少在這個時間範圍內會對美光產生重大影響。

Okay.

好的。

To follow up on that, when you look at where we're selling our NAND applications, there's not a lot that will take the 3 bit per cell in the near term, so our application base to our customers both internal with Lexar and Crucial as well as our OEM customers, we don't think there's a utilization they pay a value premium to the current technology we have in the markets.

跟進這一點，當您查看我們在哪裡銷售 NAND 應用程序時，在短期內每個單元不會佔用 3 位，因此我們對 Lexar 和 Crucial 內部客戶的應用程序基礎為與我們的 OEM 客戶一樣，我們認為他們不會為我們在市場上擁有的當前技術支付價值溢價。

All right.

好的。

And just in terms of Inotera, I appreciate you've answered most of the question already, but when -- what is the migration pattern then for Inotera?

就 Inotera 而言，我很感激您已經回答了大部分問題，但是什麼時候 - Inotera 的遷移模式是什麼？

When should we expect 50-nanometer stack reduction at Inotera as it starts to ramp based on the plans you have and just financially, do you think -- what kind of funding requirements do you think Inotera will need just to be sure that they can meet their own part of the other funding as it migrates with stock?

我們什麼時候應該期望 Inotera 減少 50 納米堆棧，因為它開始根據您的計劃和財務上的增長，您認為 - 您認為 Inotera 需要什麼樣的資金要求才能確保他們能夠滿足隨著股票的遷移，他們自己的部分其他資金？

This is Mark.

這是馬克。

Let me take the first bit.

讓我先說一點。

Then maybe Ron can talk to the financing.

然後也許羅恩可以談談融資。

On the technology deployment, we have equipment on order now to support the introduction of 50-nanometer technology.

在技術部署方面，我們現在有設備訂購，以支持引入 50 納米技術。

We'll see first silicon out late in the calendar year, but you should expect volume of a significant amount in late calendar Q1, early calendar Q2.

我們將在日曆年末看到第一塊矽片，但您應該預計第一季度末、第二季度初的數量會很大。

Okay.

好的。

In terms of the financial funding, as mentioned earlier, they are a separate public company focused on doing their own financing, so we worked with them to develop the view on what the capital requirements are as they integrate that with their total business view and have communicated numbers, but be aware that they are really numbers owned by Inotera and they have viewed it and we concur that they can scale the buildup of their capacity over time and scale the CapEx investments relative to the market need, their customer requirements, including Micron, etc.

在財務資金方面，如前所述，他們是一家獨立的上市公司，專注於自己的融資，因此我們與他們一起制定了對資本要求的看法，因為他們將資本要求與他們的整體業務觀點相結合，並擁有溝通過的數字，但請注意，它們確實是 Inotera 擁有的數字，他們已經看過了，我們同意他們可以隨著時間的推移擴大產能，並根據市場需求、客戶要求（包括美光）擴大資本支出投資， ETC。

So the way to think about it is that they have communicated that there can be a phase in the $700 million, $800 million kind of range and then up into a full conversion cost, depending upon the timing they want to do that, to be around $1.6 billion, $1.7 billion.

因此，思考的方式是，他們已經溝通過，可能會有一個階段在 7 億美元、8 億美元的範圍內，然後達到完全轉換成本，這取決於他們想要這樣做的時間，大約16億美元，17億美元。

Those are numbers coming from Inotera.

這些是來自 Inotera 的數字。

Okay.

好的。

Again, just lastly, on DDR 3, what should we model as a percentage of your DDR 3 exiting calendar 2009?

同樣，最後，在 DDR 3 上，我們應該將 DDR 3 退出日曆 2009 的百分比建模為多少？

And then, also, what kind of premium do you get on DDR 3 over DDR 2 and when do you think we will achieve a cost of -- between DDR 3 and 2 in terms of bit production?

然後，您在 DDR 3 上比 DDR 2 獲得什麼樣的溢價？您認為我們何時會在比特生產方面實現 DDR 3 和 2 之間的成本？

Three questions in there.

裡面有三個問題。

We didn't quite hear the first part of what you were interested in modeling.

我們沒有完全聽到你對建模感興趣的第一部分。

In terms of how much DDR 3 as a percentage of the bit production we should model for exiting calendar 2009.

就 DDR 3 佔比特生產的百分比而言，我們應該為 2009 年退出日曆建模。

Maybe I should take this, a shot at that.

也許我應該接受這個，試一試。

I think as we exit calendar 2009, I think you would expect that at the core, core DRAM business DDR 3 would represent roughly 50% of the output.

我認為，當我們退出 2009 年日曆時，我認為您會期望核心 DRAM 業務 DDR 3 將佔產出的大約 50%。

Okay, and then in terms of the DDR 3 over 2 premium, what is it now?

好的，然後就 DDR 3 over 2 溢價而言，現在是什麼？

Is it in a good price premium at the moment, DDR 3 over DDR 2 and what is that?

目前，DDR 3 優於 DDR 2 的價格溢價嗎？那是什麼？

That premium, which I stated in the earlier comments, is up towards the end of our quarter.

我在之前的評論中提到的溢價將在我們季度末上漲。

It's up in the 15% to 20% range.

它在 15% 到 20% 的範圍內上升。

All right, great.

好的，太好了。

That's it for me.

對我來說就是這樣。

Thank you very much.

非常感謝。

Your next question comes from Hans Mosesmann with Raymond James.

您的下一個問題來自 Hans Mosesmann 和 Raymond James。

Thanks.

謝謝。

Going back to the 30% of the global capacity that was taken offline earlier this year and some of it that may be coming back, how much of that capacity is DDR 3 capable or viable?

回到今年早些時候下線的 30% 的全球容量以及其中一些可能會恢復的容量，DDR 3 有多少容量是有能力或可行的？

Of the capacity coming back online, almost zero probably.

在重新上線的容量中，可能幾乎為零。

I'm sorry, that was zero?

對不起，那是零？

Yes, essentially zero.

是的，基本上為零。

And what--

還有什麼——

I just had some comments on that.

我只是對此發表了一些意見。

One thing that -- I think one thing that has occurred that is we're thinking about is the, in particular most of the time on these producers didn't do a DDR 3 design on their current or now what I would consider to be year old process technology.

一件事——我認為我們正在考慮的一件事是，特別是在這些生產商的大部分時間裡，這些生產商沒有對他們當前或現在我認為的那樣進行 DDR 3 設計歲的工藝技術。

I think they all thought that they were going to be spending money and going to the mixed node and since that hasn't happened, they don't really have DDR 3 designs.

我認為他們都認為他們會花錢並使用混合節點，因為這還沒有發生，所以他們並沒有真正的 DDR 3 設計。

First of all, it wouldn't be very cost effective or might not even fit into the form factor for the application given the current technology.

首先，考慮到當前技術，它的成本效益不高，甚至可能不適合應用程序的外形尺寸。

So I think that's one of the reasons that's the case as I stated almost zero coming back on DDR 2.

所以我認為這是出現這種情況的原因之一，因為我說 DDR 2 回歸幾乎為零。

And then as a follow-up, how much would it cost them to come up with a design, just for kicks?

然後作為後續行動，他們想出一個設計要花多少錢，只是為了好玩？

Oh, I don't think the cost of a design is all that significant.

哦，我認為設計的成本並不是那麼重要。

I think it's the ability to get to the next process node to produce it on is where you need the money.

我認為能夠到達下一個流程節點來生產它是你需要錢的地方。

Okay, thank you.

好的謝謝你。

Thank you.

謝謝你。

Your next question comes from Daniel Berenbaum with Auriga USA.

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

Oh, hi.

啊，你好。

Thanks for taking my call.

感謝您接聽我的電話。

This is actually JD for Dan.

這實際上是 Dan 的 JD。

I just have a quick question on your cash usage.

我只是對您的現金使用有一個簡短的問題。

Other than capital expenditures, how do you plan to use your cash on hand going forward?

除了資本支出，您打算如何使用手頭的現金？

Well, you say other than CapEx obviously the big cash usage we have is CapEx over time, but if you have noted from our quarter over quarter, some of the commentary from Ron and Mark, operationally, we're in pretty good position on cash.

好吧，你說除了資本支出之外，隨著時間的推移，我們擁有的大量現金使用顯然是資本支出，但如果你從我們的季度環比中註意到，羅恩和馬克的一些評論，在運營上，我們在現金方面處於相當有利的地位.

So, I think we're, first and foremost, going to protect the balance sheet and protect the solid financial shape the company is in, but then I think what it does allow us to do, as we've noted earlier when we were raising additional money is just be prepared for other opportunities to come along in the event that we want to take advantage of them.

所以，我認為我們首先要保護資產負債表並保護公司穩健的財務狀況，但我認為它確實允許我們做，正如我們之前提到的那樣籌集額外資金只是為其他機會的出現做好準備，以防我們想利用它們。

And that doesn't necessarily mean, by the way, that we're going to go out and spend a bunch of cash on an acquisition, but in the event that we participate in M&A activity and we become larger, then obviously we would desire to have a larger cash position with which to operate a larger company.

順便說一句，這並不一定意味著我們要出去花一大筆現金進行收購，但是如果我們參與併購活動並且我們變得更大，那麼顯然我們會希望擁有更大的現金頭寸來經營更大的公司。

So I think that's how we're looking at it today.

所以我認為這就是我們今天的看法。

Okay.

好的。

That's great.

那太棒了。

Thank you.

謝謝你。

Your next question comes from Bob Gujavarity with Deutsche Bank.

您的下一個問題來自德意志銀行的 Bob Gujavarity。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Just curious if you've kind of adjusted your loading between DRAM and NAND for the back half, any big changes there?

只是好奇你是否在後半部分調整了 DRAM 和 NAND 之間的負載，那裡有什麼大的變化嗎？

Any preference for one or the other?

對其中一個有任何偏好嗎？

We haven't done anything of significance.

我們沒有做任何有意義的事情。

There's always a little fine tuning going on (inaudible).

總會有一些微調（聽不清）。

Okay, fair enough.

好吧，夠公平的。

And within the NAND market, are you seeing anything particular in terms of the different markets you may sell into, particularly maybe spot versus OEM versus kind of retail?

在 NAND 市場中，您是否看到您可能銷售的不同市場有什麼特別之處，特別是現貨與 OEM 與零售類型？

Is there any one area that's particularly strong or are they all pretty coincidental?

是否有任何一個領域特別強大，或者它們都是巧合？

I think the OEM market has started to pick up a little bit as people start to position for the holiday not knowing what the market will be like.

我認為 OEM 市場已經開始有所回升，因為人們開始為假期做好準備，不知道市場會是什麼樣子。

You've seen some price fluctuation over the last 90 to 120 days in NAND and I'm not sure that the market quite understands what pricing will be as people start to build in supply for their Christmas build.

您已經看到過去 90 到 120 天 NAND 的價格出現了一些波動，我不確定市場是否完全理解隨著人們開始為聖誕節構建供應而進行的定價。

So I think the OEM market seems a little bit stronger.

所以我認為OEM市場似乎有點強。

The spot market right now is sitting watching that and waiting to see.

現在的現貨市場正在觀望。

I think we commented earlier that the market's down about 5% quarter to date and that's primarily driven by the spot market.

我認為我們早些時候評論說，迄今為止市場下跌了約 5%，這主要是由現貨市場推動的。

The retail sector is kind of so-so right now.

零售業現在有點馬馬虎虎。

It's not great and it's also going in to a quiet period end of June, early July before back to school starts.

這不是很好，而且在回到學校開始之前，它也進入了 6 月底、7 月初的安靜時期。

So that's kind of the landscape right now in NAND heading into the back half of the year.

這就是 NAND 進入今年下半年的情況。

Okay.

好的。

Thanks, guys.

多謝你們。

Your next question comes from Atif Malik with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Atif Malik。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Nice job on the margins, especially for NAND.

在邊際上做得很好，尤其是對於 NAND。

So I'm kind of surprised that your CapEx for next year is going to be more skewed towards DRAM than what I would have expected Inotera to take most of that burden.

所以我有點驚訝你明年的資本支出將比我預期的 Inotera 承擔大部分負擔更偏向 DRAM。

And so the question is, how do you sustain your leadership in NAND costs if (inaudible) and what is the next milestone for Micron beyond 34-nanometer?

所以問題是，如果（聽不清），您如何保持在 NAND 成本方面的領先地位？美光超越 34 納米的下一個里程碑是什麼？

Hi, Keith.

嗨，基思。

This is Mark.

這是馬克。

So, on a pro wafer basis if you think about the technology transition that has to occur, we need essentially to convert all of TECH's 50-nanometer, so that's why there's a slightly larger burden there as well as MTV being split 50/50.

因此，在專業晶圓的基礎上，如果您考慮必鬚髮生的技術轉變，我們基本上需要轉換 TECH 的所有 50 納米，這就是為什麼那裡的負擔稍大，以及 MTV 被分割為 50/50。

Now, when you look at NAND, why is that build so low?

現在，當您查看 NAND 時，為什麼構建如此之低？

Well, the build was so low by design when we rolled out -- in fact, I think it's okay to say now when we rolled out 50-nanometer NAND we contemplated our strategy through 34 and 2X as being a double pattern strategy and put those tools in place, so rather than having a lot of retooling at this stage, we really have relatively small amount of retooling to do as we transition to the 2X nanometer node late this year.

好吧，當我們推出時，設計的構建是如此之低 - 事實上，我認為現在可以說，當我們推出 50 納米 NAND 時，我們將通過 34 和 2X 的戰略視為雙模式戰略，並將這些工具到位，所以在這個階段我們沒有進行大量的重組，當我們在今年年底過渡到 2X 納米節點時，我們確實有相對少量的重組要做。

And, and that's the short story.

而且，這就是短篇小說。

Relative to 3 bit per sell or whatever, there's really not much CapEx associated with that at all -- design effort as opposed to technology transition.

相對於每次銷售 3 位或其他任何東西，與此相關的資本支出實際上並不多——設計工作與技術轉型相對。

Okay.

好的。

Then a follow-up on the image sensor, after you sell the majority, Steve, how should we think about the normalized revenue rate from this business and normalized OpEx rate?

然後是圖像傳感器的後續，在你賣掉大部分之後，史蒂夫，我們應該如何考慮這項業務的標準化收入率和標準化運營支出率？

Well, first of all we're going to continue, as Ron noted, we're going to continue to make the wafer.

嗯，首先我們要繼續，正如羅恩所說，我們要繼續製造晶圓。

I think the way to think about it is the additional margin that occurred from the wafer making its way into the marketplace will now be picked up by Aptina and will account for that on an equity method basis, but in terms of the revenue sale of the wafers, that will continue on as it has.

我認為考慮的方式是晶圓進入市場所產生的額外利潤現在將由 Aptina 獲得，並將按權益法計算，但就銷售收入而言晶圓，這將繼續下去。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Your next question comes from Tristan Gerra with Robert W.

您的下一個問題來自 Tristan Gerra 和 Robert W.

Baird.

貝爾德。

Hi, guys.

嗨，大家好。

This is Scott [Herland] calling in for Tristan.

這是斯科特 [Herland] 打電話給特里斯坦。

Thanks for taking my questions.

感謝您提出我的問題。

Real quick housekeeping question.

真正快速的家政問題。

What was the breakdown between core and specialty DRAM?

核心 DRAM 和專用 DRAM 之間的細分是什麼？

As a percent of revenue?

佔收入的百分比？

Yes.

是的。

The core DRAM was in the area of 30% more or less and especially DRAM was around 17%, 18%.

核心DRAM大約在30%左右，尤其是DRAM在17%、18%左右。

Okay, thanks.

好的謝謝。

And you were talking a little bit about how your NAND patterning, you don't need new equipment, a lot of new equipment for that.

你剛才談到了你的 NAND 圖案化方式，你不需要新設備，為此需要很多新設備。

Is that why the DRAM CapEx is high is that you do need new equipment for the 50 nanometer node and how long do you think that that equipment can last?

這就是 DRAM CapEx 高的原因是您確實需要 50 納米節點的新設備嗎？您認為該設備可以使用多長時間？

Can that last a couple of transitions or is that going to be needed to replace in one to two transitions?

這可以持續幾個過渡還是需要在一到兩個過渡中替換？

So I didn't, I didn't mean to leave you with the impression there's no CapEx for NAND.

所以我沒有，我不是想讓你覺得 NAND 沒有資本支出。

There is a split that goes to NAND.

NAND有一個分裂。

Yes, for DRAM, there is lithography CapEx required.

是的，對於 DRAM，需要光刻資本支出。

There is also some lithography CapEx required on the NAND side.

NAND 方面還需要一些光刻資本支出。

And at this point, the way we have staged our CapEx, we're buying essentially end of the road map tools.

在這一點上，按照我們安排資本支出的方式，我們基本上是在購買路線圖工具的末端。

So as we buy lithography tools, they really are 1.35 NA emergent scanners and there's nothing beyond that purchase at this point.

因此，當我們購買光刻工具時，它們確實是 1.35 NA 的緊急掃描儀，目前除了購買之外沒有其他任何東西。

Okay.

好的。

And you talked a little bit about kind of guidance relative to what you're going to be without Aptina.

你談到了一些與沒有 Aptina 的情況有關的指導。

Do you have what the OpEx number for Aptina was this quarter?

您知道本季度 Aptina 的運營支出數字是多少嗎？

Well, if you look at the data that Ron had referenced earlier, in fact I'll turn it over to Ron and let him call them out.

好吧，如果你看羅恩之前引用的數據，其實我會把它交給羅恩，讓他把它們叫出來。

Yes, if you look at our typical imaging segment which, as Steve already mentioned, will be parsed into what's remaining as we go forward, most of the OpEx will go away in the new construct.

是的，如果您查看我們的典型成像部分，正如史蒂夫已經提到的那樣，隨著我們的前進，它將被解析為剩餘的部分，大部分 OpEx 將在新結構中消失。

We'll still have some amount of R&D and SG&A, but relatively small percentage of the total that's there, and rough numbers, we run around $30-plus million in R&D and $9 million or so in SG&A in the total imaging segment.

我們仍然會有一定數量的研發和 SG&A，但佔總數的比例相對較小，粗略的數字，我們在整個成像領域的研發和 SG&A 大約有 30 多萬美元和 900 萬美元左右。

So we'll drop to a relatively small number on both of those scores and, as Steve mentioned, the product will be shipped on a foundry basis so, in general, we would expect to have gross margins that are a little bit lighter in the OpEx is significantly lighter in the new model.

所以我們將在這兩個分數上下降到一個相對較小的數字，正如史蒂夫所說，該產品將在代工的基礎上發貨，所以，總的來說，我們預計毛利率會稍微低一些。新模型中的 OpEx 明顯更輕。

Okay, and so we should expect an additional $10 million drop-off in the November quarter because you're modeling for one month of OpEx in the August quarter?

好的，因此我們應該預計 11 月季度會額外減少 1000 萬美元，因為您正在為 8 月季度的一個月運營支出建模？

Is that how we should think about it?

我們應該這樣想嗎？

No.

不。

We are contemplating closing around early July and so we have two months of the effect in our fiscal fourth quarter and only have an additional month of the effect in the subsequent fiscal first quarter.

我們正在考慮在 7 月初左右關閉，因此我們在第四財季有兩個月的影響，而在隨後的第一財季只有一個月的影響。

So we got two-thirds of the effect already in the guidance I gave you for Q4.

因此，在我為第四季度提供的指導中，我們已經獲得了三分之二的效果。

Oh, okay.

哦好的。

Sorry.

對不起。

I misunderstood that.

我誤解了。

And then are you currently producing both DDR 2 and DDR 3 above cash costs right now?

那麼，您目前是否在生產高於現金成本的 DDR 2 和 DDR 3？

And given the strong shift to DDR 3 in the market, what are your expectations for DDR 2 pricing for the rest of this year?

鑑於市場向 DDR 3 的強烈轉變，您對今年剩餘時間 DDR 2 的定價有何期望？

The answer to the first part of the question cash flow wise is yes.

現金流明智問題的第一部分的答案是肯定的。

And as you probably know, historically we don't try and predict the ASPs on the outward quarters.

正如您可能知道的那樣，從歷史上看，我們不會嘗試預測外部季度的 ASP。

We'll leave that to you guys.

我們將把它留給你們。

Okay.

好的。

Do -- what do you expect I guess for the industry then?

做——那麼你對這個行業的期望是什麼？

You're talking about 50% of your core DRAM's going to be -- DDR 3 exiting this year.

你說的是 50% 的核心 DRAM 將在今年退出 DDR 3。

What do you think the industry will do on that front and what percent of current capacity out there do you think is capable of producing DDR 3?

您認為該行業將在這方面做什麼？您認為目前有多少百分比的產能能夠生產 DDR 3？

Well, just to clarify one thing, we will be 50% of our core by our fiscal year end.

好吧，為了澄清一件事，到我們的財政年度結束時，我們將成為我們核心的 50%。

We think the market looks like, if you're looking at third party data, will probably be in the 25% to 30% range at the end of the calendar year.

我們認為市場看起來，如果你正在查看第三方數據，到日曆年年底可能會在 25% 到 30% 的範圍內。

We have a significant advantage technologically against all of our competitors in the DDR 3 market.

我們在技術上與 DDR 3 市場上的所有競爭對手相比具有顯著優勢。

So we have led that.

所以我們領導了這一點。

As a rough guess, you've probably got a couple of competitors and their capacity that can actually make a solid 50-nanometer DDR 3 product out there.

作為一個粗略的猜測，你可能有幾個競爭對手，他們的能力實際上可以製造出堅固的 50 納米 DDR 3 產品。

To Steve's comments earlier, there's a substantial amount of current DRAM capacity that has not been brought forward and will cost substantial amount of money for them to get into that DDR 3 market.

根據史蒂夫早些時候的評論，目前有大量的 DRAM 容量尚未提前推出，他們將花費大量資金才能進入 DDR 3 市場。

Okay.

好的。

And then on the 50-nanometer and the 2X nanometer for the DRAM and NAND, if I'm looking at two equivalent wafers, assuming 100% yields or whatever, what's the bit growth that is just from going from a 34 to the 2X or the 68 to the 50 nanometer?

然後在 DRAM 和 NAND 的 50 納米和 2X 納米上，如果我正在查看兩個等效的晶圓，假設 100% 良率或其他什麼，從 34 到 2X 的位增長是多少或68到50納米？

I think I'm going to keep that one in our pocket for now.

我想我現在要把那個放在口袋裡。

The 50-nanometer data is actually publicly available.

50 納米的數據實際上是公開的。

You can get a die size on a 50-nanometer.

您可以獲得 50 納米的裸片尺寸。

I think I'll just save publishing that in case anyone else is listening in on the call.

我想我會保存發布，以防其他人在聽電話。

And we're not talking about the die size on our (inaudible).

而且我們不是在談論我們（聽不清）上的芯片尺寸。

Okay.

好的。

Thank you guys very much.

非常感謝你們。

And with that, we would like to thank everyone for participating on the call today.

因此，我們要感謝大家今天參加電話會議。

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

如果你能容忍我，我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

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

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

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

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

Thank you.

謝謝你。

Thank you.

謝謝你。

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

今天的美光科技 2009 年第三季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。