美光科技 (MU) 2009 Q4 法說會逐字稿

Good afternoon.

下午好。

I will be your conference facilitator today.

今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to the Micron Technology's fourth quarter and fiscal year end 2009 financial release conference call.

在此，我想歡迎大家參加美光科技 2009 年第四季度和財年末財務發布電話會議。

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。

Thank you, and welcome to Micron Technology's fourth quarter and fiscal year end 2009 financial release conference call.

謝謝大家，歡迎參加美光科技公司 2009 年第四季度和財年末財務發布電話會議。

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.

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

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

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

If you have not had an opportunity to review the fourth 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 年第四季度財務新聞稿，也可以訪問我們的網站 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 accessed by dialing 706-645-9291 with a confirmation code of 30898947.

通過撥打 706-645-9291 和確認碼 30898947 可以訪問此通話的音頻重播。

This replay will run through Tuesday, October 6, 2009, at 5:30 p.m.

此重播將持續到 2009 年 10 月 6 日星期二下午 5:30。

mountain time.

山區時間。

A webcast replay will be available on the Company's website until September 29, 2010.

2010 年 9 月 29 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 we will be attending.

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

Please note the following Safe Harbor Statement.

請注意以下安全港聲明。

During the course though 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 will now turn the call over to Mr.

我現在將把電話轉給先生。

Ron Foster.

羅恩·福斯特。

Ron?

羅恩？

Thanks, Jim.

謝謝，吉姆。

Our press release is available on our website and it includes a reconciliation of the non-GAAP numbers discussed on this call.

我們的新聞稿可在我們的網站上找到，其中包括本次電話會議中討論的非公認會計原則數字的對賬。

Let me provide a brief summary of the financial results for the fourth quarter which ended September 3, 2009.

讓我簡要介紹截至 2009 年 9 月 3 日的第四季度財務業績。

For the fourth quarter the Company reported a net loss of $88 million or $0.10 per diluted share.

第四季度，公司報告淨虧損 8800 萬美元或每股攤薄收益 0.10 美元。

Our net sales of $1.3 billion and cash generated from operating activities of $357 million.

我們的淨銷售額為 13 億美元，經營活動產生的現金為 3.57 億美元。

These compare to third quarter results of a net loss of $290 million or $0.36 per diluted share on net sales of $1.1 billion, and cash generated from operating activities of $151 million.

相比之下，第三季度淨虧損 2.9 億美元或攤薄後每股 0.36 美元，淨銷售額為 11 億美元，經營活動產生的現金為 1.51 億美元。

The results for the fourth quarter reflect improving conditions in the memory markets, particularly for DRAM.

第四季度的業績反映了內存市場狀況的改善，尤其是 DRAM。

No lower cost or market write down is recorded in the fourth quarter, and gross margins reflect estimated benefits of $91 million and $242 million in the fourth quarter and third quarter, respectively, from sales of products previously written down.

第四季度沒有記錄到較低的成本或市場減記，毛利率分別反映了先前減記的產品銷售在第四季度和第三季度的估計收益分別為 9100 萬美元和 2.42 億美元。

Cost of goods sold also include charges of $37 million and $25 million in the fourth quarter and third quarter, respectively, for idle capacity from Inotera and IM Flash Singapore.

銷售成本還包括分別在第四季度和第三季度因 Inotera 和 IM Flash Singapore 的閒置產能而產生的 3700 萬美元和 2500 萬美元的費用。

The charges from Inotera are expected to increase over the future quarters as Micron steps further into the capacity previously dedicated to Qimonda.

隨著美光進一步擴大之前專門用於奇夢達的產能，Inotera 的收費預計將在未來幾個季度增加。

For the 2009 fiscal year, the Company reported a net loss of $1.8 billion or $2.29 per diluted share on net sales of $4.8 billion, and cash generated from operating activities of $1.2 billion.

2009 財年，公司報告淨虧損 18 億美元或攤薄後每股 2.29 美元，淨銷售額為 48 億美元，經營活動產生的現金為 12 億美元。

Sales in fiscal 2009 decreased 18% compared to fiscal 2008, resulting primarily from declines in average selling prices for both DRAM and NAND Flash memory products in excess of 50%.

與 2008 財年相比，2009 財年的銷售額下降了 18%，這主要是由於 DRAM 和 NAND 閃存產品的平均售價下降超過 50%。

Across the same period, sales volume increased over 50% for DRAM and more than doubled for NAND.

同期，DRAM 的銷量增長超過 50%，NAND 的銷量增長了一倍以上。

Recall that one-third of the way through the fourth quarter we closed on the sale of a majority interest in our imaging business to private equity owners.

回想一下，在第四季度的三分之一時間裡，我們將影像業務的多數股權出售給了私募股權所有者。

Micron will account for the retained 35% interest under the equity method with a two month lag from Micron's fiscal calendar.

美光將佔股權法下保留的 35% 的權益，比美光的財務日曆滯後兩個月。

Micron has continued to provide manufacturing services including wafer fabrication to Aptina, the results of which continue to be reported in our imaging business segment.

美光繼續為 Aptina 提供包括晶圓製造在內的製造服務，其結果將繼續在我們的成像業務部門報告。

The fourth quarter financial results include one month of Aptina's results with sales to OEM customers, and two months of the Company's results as a wafer foundry for Aptina.

第四季度財務業績包括 Aptina 一個月的銷售給 OEM 客戶的業績，以及公司作為 Aptina 晶圓代工廠的兩個月業績。

Wafers are sold to Aptina under a volume adjusted pricing model based on process technology.

晶圓以基於工藝技術的批量調整定價模式出售給 Aptina。

Since we now have a few less than wholly owned operations, let me summarize how these appear in our financial statements.

由於我們現在有一些非全資企業，讓我總結一下這些在我們的財務報表中是如何出現的。

Consolidated entities are fully represented in Micron's balance sheet and income statement with the interest attributed to other partners backed out of the balance sheet and income statement in the non-controlling interest line.

合併後的實體在美光的資產負債表和損益表中得到充分體現，而歸屬於其他合作夥伴的利息則從資產負債表和損益表中的非控制性權益行中剔除。

Entities in this category are IM Flash, both U.S.

此類別中的實體是 IM Flash，均為美國。

and Singapore operations, Tech Semiconductor Singapore, and Singapore operations, semiconductor Singapore, and our MP Mask operation.

和新加坡業務、Tech Semiconductor Singapore 和新加坡業務、半導體新加坡和我們的 MP Mask 業務。

Entities which are not consolidated are accounted for under the equity method, and presented in a single line on the balance sheet and income statement.

未合併的實體採用權益法核算，並在資產負債表和損益表中單獨列示。

Inotera and Aptina are our two equity method investments.

Inotera 和 Aptina 是我們的兩項權益法投資。

Total sales in the fourth quarter increased 18% compared to the third quarter, primarily as a result of higher sales of memory products.

與第三季度相比，第四季度的總銷售額增長了 18%，這主要是由於內存產品的銷售額增加。

Comparing the fourth quarter to the third quarter, sales of memory products increased 20%, while sales of image sensors decreased slightly.

與第四季度相比，第三季度內存產品的銷售額增長了 20%，而圖像傳感器的銷售額則略有下降。

Memory sales in the fourth quarter include royalties and technology fees of $34 million compared to $32 million in the third quarter.

第四季度的內存銷售額包括 3400 萬美元的特許權使用費和技術費用，而第三季度為 3200 萬美元。

DRAM sales increased 28% compared to the third quarter, to $708 million, primarily due to a 19% increase in bit shipments and 8% higher average selling prices.

與第三季度相比，DRAM 銷售額增長 28%，達到 7.08 億美元，這主要是由於位出貨量增長 19% 和平均售價增長 8%。

Sales of NAND flash products increased 10% compared to the third quarter, to $469 million primarily due to a 23% increase in sales volume, partially offset by an 11% decrease in average selling prices.

與第三季度相比，NAND 閃存產品的銷售額增長了 10%，達到 4.69 億美元，這主要是由於銷量增長了 23%，但部分被平均售價下降 11% 所抵消。

Imaging revenue was $123 million in the third quarter and represented 10% of the Micron consolidated net sales.

第三季度成像收入為 1.23 億美元，占美光合併淨銷售額的 10%。

The quarterly DRAM average selling price increased in the fourth quarter for the first time in 11 quarters.

第四季度DRAM季度平均售價11個季度以來首次上漲。

Pricing for core DRAM products as well as specialty DRAM products both increased in the fourth quarter.

核心 DRAM 產品和特種 DRAM 產品的價格在第四季度均有所上漲。

The overall 8% DRAM ASP increase in the fourth quarter occurred despite the effect of the continued shift in mix away from specialty DRAM products, which generally command a higher ASP than core DRAM products.

儘管專業 DRAM 產品的組合持續轉移，但第四季度的整體 DRAM 平均售價增長了 8%，後者的平均售價通常高於核心 DRAM 產品。

Substantially all the increase in DRAM bit shipments in the fourth quarter came in core DRAM products, primarily due to increased production from our 300-millimeter facilities.

第四季度 DRAM 位出貨量的大部分增長都來自核心 DRAM 產品，這主要是由於我們 300 毫米設施的產量增加。

While specialty DRAM primarily produced in our 200-millimeter facilities remained relatively flat compared to the third quarter.

雖然主要在我們的 200 毫米工廠生產的特種 DRAM 與第三季度相比保持相對平穩。

DRAM production costs in the fourth quarter, excluding the effects of the lower cost or market write downs and idle facility charges from Inotera, decreased 21% compared to the third quarter, resulting in positive margin in the fourth quarter.

第四季度的 DRAM 生產成本，不包括成本下降或市場減記以及 Inotera 的閒置設施費用的影響，與第三季度相比下降了 21%，導致第四季度的利潤率為正。

This substantial decrease in per bit cost was achieved primarily through increased bit production from continued transitions to advanced process technology and the effect of the mix shift towards lower cost core DRAM products.

每比特成本的大幅下降主要是通過從持續過渡到先進工藝技術以及混合向低成本核心 DRAM 產品轉變的影響增加比特產量來實現的。

The supply from Inotera constituted about 10% of DRAM bits produced in the fourth quarter.

來自 Inotera 的供應約佔第四季度生產的 DRAM 位的 10%。

The production costs in the fourth quarter decreased approximately 45% compared to the fourth quarter of fiscal year 2008.

與 2008 財年第四季度相比，第四季度的生產成本下降了約 45%。

Fiscal Q1 of 2010 DRAM cost reductions are expected to be in the low to mid teens, and bit production is forecast to increase in the mid-20s percent range, including the volume we purchased from Inotera.

預計 2010 財年第一季度 DRAM 成本降低幅度將在 10 至 10 歲左右，比特產量預計將在 20% 左右的範圍內增長，包括我們從 Inotera 購買的數量。

Looking to NAND in more detail, overall NAND Flash bit costs in the fourth quarter ,excluding inventory write downs and idle costs, decreased approximately 13% compared to the prior quarter, and 62% compared to the fourth quarter of fiscal 2008.

更詳細地看 NAND，第四季度的總體 NAND 閃存位成本（不包括庫存減記和閒置成本）與上一季度相比下降了約 13%，與 2008 財年第四季度相比下降了 62%。

NAND cost reductions in the first quarter of 2010 are expected to be in the low to mid teens again, and bit production is forecast to increase in the mid to high teens as our 34-nanometer NAND process technology achieves mature yields.

預計 2010 年第一季度 NAND 成本將再次下降到 10 倍左右，隨著我們的 34 納米 NAND 工藝技術達到成熟的良率，預計比特產量將在 10 倍到 10 倍左右。

The decrease in NAND Flash average selling prices in the fourth quarter compared to the third quarter was largely attributable to the dilutive effect of NAND Flash sales to Intel, our NAND flash manufacturing partner.

與第三季度相比，第四季度 NAND 閃存平均售價下降主要是由於 NAND 閃存銷售對我們的 NAND 閃存製造合作夥伴英特爾的攤薄效應。

At long-term negotiated prices approximating costs.

以接近成本的長期協商價格。

Selling prices for products sold to Intel from IM Flash declined significantly in line with our decline in costs, as the transition to 34-nanometer NAND process technology was substantially completed, allowing us to achieve industry leading costs per bit for these products.

從 IM Flash 出售給英特爾的產品的售價隨著我們的成本下降而顯著下降，因為向 34 納米 NAND 工藝技術的過渡已基本完成，使我們能夠實現這些產品的行業領先的每比特成本。

Trade ASPs on sales to customers other than Intel were relatively stable in the fourth quarter compared to the third quarter.

與第三季度相比，第四季度對英特爾以外客戶的銷售平均銷售價格相對穩定。

Our cost reduction efforts in the operating expense areas are enabling us to near our long-term targets for SG&A and R&D as a percent of sales.

我們在運營費用領域的成本削減努力使我們能夠接近我們的長期目標，即 SG&A 和研發佔銷售額的百分比。

SG&A and R&D costs decreased 23% and 17%, respectively, when looking at a year-over-year comparison to the fourth quarter.

與第四季度相比，SG&A 和研發成本分別下降了 23% 和 17%。

Cost reduction activities have included lower personnel costs as well as cancellation and deferral of other spending activities.

降低成本的活動包括降低人員成本以及取消和推遲其他支出活動。

Staffing levels in SG&A and R&D areas decreased 9% and 16%, respectively, comparing their level to the end of Q4 to the end of Q3, principally resulting from the spin-off of Aptina.

與第四季度末至第三季度末的水平相比，SG&A 和研發領域的人員配備水平分別下降了 9% 和 16%，這主要是由於 Aptina 的分拆所致。

We anticipate SG&A expense in the first quarter of fiscal 2010 to be around $80 million to $85 million, and R&D expense to be in the $130 million to $135 million range.

我們預計 2010 財年第一季度的 SG&A 費用在 8000 萬美元到 8500 萬美元之間，研發費用在 1.3 億美元到 1.35 億美元之間。

Other operating income in the fourth quarter includes a credit of $12 million which is a true up of our estimated loss on the spin-out of Aptina to the final amount of $41 million.

第四季度的其他營業收入包括 1200 萬美元的信貸，這是我們對 Aptina 分拆的估計損失與最終金額 4100 萬美元的真實數字。

Now to the balance sheet.

現在到資產負債表。

Fourth quarter ended with $1.5 billion of cash which includes the cash flow from operating activities of $357 million in the fourth quarter or $1.2 billion for the whole fiscal year.

第四季度結束時有 15 億美元的現金，其中包括第四季度 3.57 億美元或整個財年 12 億美元的經營活動現金流。

The growth of our cash balance during the fourth quarter reflects the operating results, including our cost reduction efforts, and our focus on working capital management.

我們第四季度現金餘額的增長反映了經營成果，包括我們降低成本的努力，以及我們對營運資金管理的關注。

Days sales outstanding and accounts receivable declined from 49 days at the end of the third quarter to 41 days at year-end.

未償銷售額和應收賬款天數從第三季度末的 49 天下降至年底的 41 天。

Inventory decreased slightly in the fourth quarter reflecting lower costs per bit, partially offset by a higher level of bits in inventory as production outpaced sales in the fourth quarter.

第四季度庫存略有下降，反映出每鑽頭成本下降，但由於第四季度產量超過銷售，庫存中的鑽頭水平較高，部分抵消了這一影響。

The cost per bit reductions overcame the effects of selling products in the fourth quarter that were subject to previous lower cost or market write downs.

每比特成本的降低克服了第四季度銷售產品的影響，這些產品受到先前較低成本或市場減記的影響。

In addition, finished goods inventories were reduced by $56 million with the spin-off of Aptina, excluding the effects of inventory write downs in both periods.

此外，由於 Aptina 的分拆，製成品庫存減少了 5600 萬美元，不包括兩個期間庫存減記的影響。

Total inventory turns improved from 4.2 at the end of the third quarter to 4.6 at the end of the fourth.

總庫存周轉率從第三季度末的 4.2 提高到第四季度末的 4.6。

We estimate the effects of previous inventory write downs is less than $40 million in the year-end inventory balances.

我們估計，以前的庫存減記對年終庫存餘額的影響不到 4000 萬美元。

We paid down $429 million in debt in fiscal 2009.

我們在 2009 財年償還了 4.29 億美元的債務。

The year-end balance of short-term debt is $424 million, which is scheduled to be paid down in the coming fiscal year.

短期債務年末餘額為4.24億美元，計劃在下一財年償還。

Capital expenditures during the fourth quarter were $66 million, and were $632 million for the fiscal year.

第四季度的資本支出為 6600 萬美元，本財年為 6.32 億美元。

Capital expenditures for fiscal 2010 are expected to be between $750 million and $850 million, loaded more toward the back end of the year.

預計 2010 財年的資本支出將在 7.5 億美元至 8.5 億美元之間，到年底時會增加。

With respect to our joint ventures, in the fourth quarter we made a capital contribution of $60 million to continue the 15-nanometer conversion at Tech Semiconductor.

對於我們的合資企業，我們在第四季度出資 6000 萬美元，以繼續在 Tech Semiconductor 進行 15 納米轉換。

In addition, net distributions were made to JV Partners of approximately $113 million in the fourth quarter, and $681 million for the fiscal year, which consists primarily of payments from IM Flash to Intel.

此外，第四季度向合資夥伴的淨分配約為 1.13 億美元，本財年為 6.81 億美元，主要包括 IM Flash 向英特爾支付的款項。

With tha, I will close here and turn the commentary over to Mark Adams.

有了你，我將在這里關閉並將評論交給馬克亞當斯。

Thanks, Ron.

謝謝，羅恩。

For the second straight quarter we experienced a strong increase in bit shipments in both our DRAM and NAND businesses.

連續第二個季度，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 better than anticipated demand across most of our key markets including computing, specialty DRAM and the consumer market.

比特增長是由於我們大多數主要市場的需求好於預期，包括計算、特種 DRAM 和消費市場。

In addition to the bit shipment growth in DRAM and NAND, we also saw ASP improve in our DRAM business and continued price stability in our trade NAND business, which when combined leads us to be optimistic about Micron's core memory business through calendar Q4.

除了 DRAM 和 NAND 的位出貨量增長，我們還看到我們的 DRAM 業務的 ASP 有所改善，我們的貿易 NAND 業務的價格持續穩定，這兩者結合使我們對美光在第四季度的核心內存業務持樂觀態度。

Our overall DRAM bit shipments grew 19% quarter-over-quarter.

我們的整體 DRAM 位出貨量環比增長 19%。

Revenue from our computing business which includes desktop computing and notebooks and netbooks was up 41% and bits were up 22%.

我們的計算業務（包括桌面計算、筆記本電腦和上網本）的收入增長了 41%，比特增長了 22%。

It's worth noting that we shipped our first product from Inotera Fab in our fiscal Q4.

值得注意的是，我們在第四財季從 Inotera Fab 發貨了我們的第一款產品。

Coming off a strong Q3 in our server business, we continue to see growth quarter-over-quarter with an 11% increase in bits shipped, translating into a revenue increase of 28%.

在我們的服務器業務第三季度強勁增長之後，我們繼續看到季度環比增長，出貨量增長 11%，轉化為 28% 的收入增長。

Our networking business achieved a 34% increase in bits, and remained a strong market for Micron specialty DRAM products.

我們的網絡業務實現了 34% 的比特增長，並且仍然是美光特種 DRAM 產品的強勁市場。

All in all, demand for Micron's DRAM products has dramatically increased and has put us in a position where we'll be challenged to meet all of our customer demand throughout the remainder of calendar year 2009.

總而言之，對美光 DRAM 產品的需求急劇增加，這使我們面臨著在 2009 年剩餘時間內滿足所有客戶需求的挑戰。

As I mentioned in our last call, we saw a market shift in demand toward DDR3 memory, for both server and PC applications.

正如我在上次電話會議中提到的那樣，我們看到市場對服務器和 PC 應用程序的需求轉向 DDR3 內存。

Bit shipments of DDR3 product increased 40% quarter-over-quarter in Q4, and this was after Q3 where we experienced a 70% increase.

DDR3 產品的位出貨量在第四季度環比增長 40%，這是在第三季度之後我們經歷了 70% 的增長。

Micron technology and cost leadership in DDR3 puts us in a unique position to capitalize on the growth in demand coming from both PC and server base related customers.

美光在 DDR3 的技術和成本領先地位使我們處於獨特的位置，可以利用來自 PC 和服務器基礎相關客戶的需求增長。

In addition to continued strength in DDR3, we also saw an increased demand for our DDR2 components, with an increase in bit shipments of 14% fiscal quarter-over-quarter.

除了 DDR3 的持續強勢外，我們還看到對我們的 DDR2 組件的需求增加，位出貨量環比增長 14%。

The mobile business saw a strong rebound in bit shipments up 50% quarter-over-quarter.

移動業務的比特出貨量強勁反彈，環比增長 50%。

Our MTP multichip package business experienced an 81% increase from previous quarter bit shipments.

我們的 MTP 多芯片封裝業務比上一季度的位出貨量增長了 81%。

We feel Micron's broad portfolio products aimed at the mobile segment, including MTPs, DS RAM products, NAND-based technology, and mobile memory cards puts us in a strong position to grow significant share in fiscal year 2010.

我們認為美光針對移動領域的廣泛產品組合，包括 MTP、DS RAM 產品、基於 NAND 的技術和移動存儲卡，使我們在 2010 財年處於有利地位，可大幅增加份額。

From a pricing perspective, ASP for DRAM was up 8%, which is especially strong performance given the mix shift driven by the commodity DDR 2 product, which has a lower ASP versus our portfolio average to go along with the lower cost per bit.

從定價的角度來看，DRAM 的 ASP 增長了 8%，考慮到商品 DDR 2 產品推動的組合轉變，這是特別強勁的表現，與我們的產品組合平均值相比，該產品的 ASP 較低，並且每比特成本較低。

In the fourth quarter, our trade NAND bit shipments increased 23% from the previous quarter due to strong demand from the mobile, USB, MP3, photo and SSD markets.

在第四季度，由於移動、USB、MP3、照片和 SSD 市場的強勁需求，我們的貿易 NAND 位出貨量比上一季度增長了 23%。

During Q4 we shipped close to 80% of all NAND-based products on our industry leading 34-nanometer technology.

在第四季度，我們出貨了近 80% 的基於 NAND 的產品，採用我們行業領先的 34 納米技術。

We feel this technology leadership puts us in an industry-leading price performance position vis-a-vis our competition.

我們認為這種技術領先地位使我們在競爭中處於行業領先的性價比位置。

Our retail business which includes the Lexar branded flash memory products, the crucial after market DRAM module business, and the crucial dot-com sites, continues to make positive contributions to Micron's overall operating performance.

我們的零售業務，包括 Lexar 品牌的閃存產品、至關重要的 DRAM 模塊後市場業務以及關鍵的 .com 網站，繼續為美光的整體經營業績做出積極貢獻。

We've had a very tough year in retail, but Lexar crucial business been able to achieve market share gains, both in the Americas and internationally.

我們在零售業度過了非常艱難的一年，但 Lexar 的關鍵業務能夠在美洲和國際上實現市場份額增長。

Trade components for NAND memory remained stable in Q4, following significant increases in prices ending Q3.

在第三季度末價格大幅上漲之後，第四季度 NAND 內存的貿易組件保持穩定。

As I mentioned on our Q3 call, the flash industry continues to migrate to higher density chips, and we feel bit consumption will continue to grow.

正如我在第三季度電話會議中提到的，閃存行業繼續向更高密度芯片遷移，我們認為比特消費將繼續增長。

We remain optimistic that market segments like mobile, netbooks and SSDs will continue to drive strong bit consumption and that demand market will be in a fairly balanced supply and demand position throughout the remainder of the calendar year 2009.

我們仍然樂觀地認為，移動、上網本和 SSD 等細分市場將繼續推動強勁的比特消費，並且需求市場將在 2009 年剩餘時間內處於相當平衡的供需狀態。

We remain please with our performance in flash memory and work with constrained market conditions to best serve is our valued customers.

我們仍然對我們在閃存方面的表現感到滿意，並在有限的市場條件下為我們尊貴的客戶提供最佳服務。

In Q4 we were encouraged by the relatively strong demand signals across most, if not all, of our channel segments.

在第四季度，我們對大部分（如果不是全部）渠道細分市場相對強勁的需求信號感到鼓舞。

One month into our first quarter of fiscal year 2010, we have seen stronger demand on DRAM and in price upticks than Q4, with an additional demand from our customer base.

進入 2010 財年第一季度的一個月後，我們看到對 DRAM 的需求比第四季度更強勁，而且價格上漲，我們的客戶群也有額外的需求。

In the meantime, it appears industry supply growth and capital spending remain at historically low levels, leaving many products on allocation.

與此同時，行業供應增長和資本支出似乎仍處於歷史低位，導致許多產品處於配置狀態。

We remain optimistic these trends will continue, and Micron will enjoy continued momentum in our overall performance.

我們仍然樂觀地認為這些趨勢將繼續下去，而美光將在我們的整體業績中繼續保持勢頭。

With that, I will hand it back over to Kipp.

有了這個，我會把它交還給基普。

Thanks, Mark.

謝謝，馬克。

We will now take questions from callers.

我們現在將回答來電者的問題。

(Operator Instructions).

（操作員說明）。

We will pause for just a moment to compile the Q&A roster.

我們將暫停片刻以編制問答名單。

Our first caller is Tim Luke from Barclays.

我們的第一個來電者是來自 Barclays 的 Tim Luke。

Thank you so much.

太感謝了。

Perhaps you could just remind us, based off where we are now in the quarter, where you perceive ASPs would be if they remain flat from here, first, for the NAND side and on the DRAM side.

也許你可以提醒我們，根據我們現在在本季度的情況，如果從這裡開始，你認為 ASP 將保持不變，首先是 NAND 方面和 DRAM 方面。

And then separately, as we move forward, could you give us some color in terms of key variables here, say, with the gross margin dynamics given that you're describing a somewhat firmer pricing backdrop and some growth in the bit growth as well.

然後，隨著我們繼續前進，您能否在這裡給我們一些關鍵變量的顏色，例如，考慮到毛利率動態，因為您正在描述一個更加堅定的定價背景以及比特增長的一些增長。

Thank you.

謝謝你。

So the first part of that question, if it remained flat the rest of the quarter, both NAND and DRAM would be up 5% for us.

所以這個問題的第一部分，如果它在本季度剩下的時間裡保持不變，那麼 NAND 和 DRAM 對我們來說都將上漲 5%。

Can you repeat the second part of your question for me?

你能為我重複你問題的第二部分嗎？

Just want to get some color on the key variables for the progression of the gross margin for the overall company.

只是想了解整個公司毛利率進展的關鍵變量。

Sure, Tim.

當然，蒂姆。

The way we address that, of course, is with the cost downs, we are looking at both DRAM and NAND, down sequentially in Q1, in the low to mid teens.

當然，我們解決這個問題的方法是降低成本，我們正在關注 DRAM 和 NAND，在第一季度依次下降，處於低到中十幾歲。

Separately, as you move forward you talked about the Tech JD, can you give us a sense of what your plans may be there in terms of capacity in NAND, and perhaps also some color on the progress on 34 and timelines associated with 22.

另外，當您繼續討論 Tech JD 時，您能否讓我們了解一下您在 NAND 容量方面的計劃，也許還有一些關於 34 的進展和與 22 相關的時間表的顏色。

This is Mark.

這是馬克。

Relative to the Tech JV, there are no plans for NAND at the DRAM only facilities, and that's our intent to keep it that way on a go forward basis.

相對於 Tech JV，僅 DRAM 工廠沒有 NAND 計劃，我們打算在未來保持這種狀態。

Relative to NAND technology migrations, we are essentially complete with 34-nanometer at this point.

相對於 NAND 技術遷移，我們在這一點上基本上完成了 34 納米。

We do have our 2X mode.

我們確實有我們的 2X 模式。

I don't want to characterize exactly what that is today, but our 2X mode is in silicon running and manufacturing fabs today.

我不想準確描述今天的情況，但我們的 2X 模式在今天的芯片運行和製造工廠中。

We would plan to sample that and ramp it in Q1 of 2010, calendar 2010.

我們計劃在 2010 年第一季度，即 2010 年日曆上對其進行採樣並進行量產。

Lastly, with the CapEx numbers, could you remind us what you had outlined previously for this coming fiscal year and just give us some sense -- it looks like it is edging up somewhat from the $750 million, $850 million level where that is likely to be principally directed.

最後，關於資本支出數字，您能否提醒我們您之前為即將到來的財政年度概述的內容，並給我們一些感覺 - 看起來它正在從可能的 7.5 億美元、8.5 億美元水平略微上升主要是被指揮的。

.

.

I think you suggested it was going to be mostly second half

我想你建議這將主要是下半年

Yes, that's correct.

對，那是正確的。

This is Ron.

這是羅恩。

We are guiding about $750 million, $850 million, partly related to carry-over from 2009 where we came in at $66 million in the fourth quarter, down from what we had originally estimated.

我們指導大約 7.5 億美元，8.5 億美元，部分與 2009 年的結轉有關，我們在第四季度的收入為 6600 萬美元，低於我們最初的估計。

Some of that flowed into 2010 and it is heavily back-end loaded and it is always a little hard to call exactly how much of that will fall into the fiscal year versus fall out.

其中一些流入到了 2010 年，而且後端負載很重，而且很難準確地說出其中有多少將落入本財年而不是退出。

This is Mark.

這是馬克。

Relative to uses, to the extent there is additional incremental CapEx, it is primarily around optimizing existing facilities, in particular, eking a few more wafers out of the existing operation in both Virginia and Singapore as well as optimizing the mix at IMFT.

相對於用途，如果有額外的增量資本支出，它主要是圍繞優化現有設施，特別是在弗吉尼亞和新加坡的現有運營中增加一些晶圓，以及優化 IMFT 的組合。

Thanks so much.

非常感謝。

Our next caller is Jim Covello from Goldman Sachs.

我們的下一位來電者是高盛的 Jim Covello。

Just a couple of questions around CapEx and industry supply, what are your current expectations for sort of bit growth heading into next calendar year, and where do you guys think you might come out as you intend to pick up share in the industry?

只是關於資本支出和行業供應的幾個問題，你目前對進入下一個日曆年的比特增長的期望是什麼，你們認為你可能會在哪裡出現，因為你打算在行業中獲得份額？

Jim, we won't give you a year-over-year yet for Micron other than what Mark as referenced before for our sequential growth.

吉姆，除了馬克之前提到的我們的連續增長之外，我們不會給你提供美光的同比增長。

But in terms of industry, it seems like most of the third party looks at this or DRAM somewhere up between 35% and 50%, and NAND up somewhere between 60% and 80%.

但就行業而言，似乎大多數第三方都認為這個或 DRAM 的比例在 35% 到 50% 之間，而 NAND 的比例在 60% 到 80% 之間。

For people who are -- as you guys commented, the CapEx is at historically low levels and it has been for the last couple of quarters.

對於那些 - 正如你們所評論的那樣，資本支出處於歷史低位，並且在過去幾個季度中一直如此。

So the tight supply is very likely to continue for the next couple of quarters.

因此，供應緊張很可能會在接下來的幾個季度中持續下去。

How quickly or when is the soonest that meaningful incremental supply can get brought online, if not for Micron, from the rest of the industry?

如果不是美光，來自行業其他部門的有意義的增量供應能夠以多快或最快的時間上線？

There's a couple of different parts to that, Jim.

吉姆，這有幾個不同的部分。

One is how much supply can come back online from the existing capacity that was or still is in place.

一是有多少供應可以從曾經或仍然存在的現有產能中恢復在線。

Obviously, there is not going to be anything coming out of (inaudible) been liquidated.

顯然，（聽不清）不會有任何東西被清算。

With respect to Micron itself, you know what our plans are.

關於美光本身，您知道我們的計劃是什麼。

We don't have any silicon come out, or we're mostly optimizing, And then when you look at what's going on with [Alpeta] and probably [Ionics] are in the same boat.

我們沒有任何矽產品出來，或者我們主要是在優化，然後當你看看 [Alpeta] 的情況時，可能 [Ionics] 在同一條船上。

I don't think there's a lot of news, There's a lot of discussion around trying to bring them up to the generation of technology we are already on.

我不認為有很多新聞，有很多關於試圖將它們提升到我們已經在使用的技術的討論。

But that's pretty limited.

但這非常有限。

And then you talk about the Taiwan Inc.

然後你談到台灣公司。

in general.

一般來說。

Mark Durcan just got back from there, he knows probably more than any of us at the moment.

Mark Durcan 剛從那裡回來，他現在可能比我們任何人都了解更多。

But essentially, we think about promos in power chip, there is just no capital available to do either an upgrade of the current technology or any kind of additional entry into the marketplace.

但本質上，我們考慮的是電源芯片的促銷，沒有資金可用於升級當前技術或任何形式的額外進入市場。

So it really just leaves what Samsung is doing, which is not a whole lot.

所以它真的只是留下了三星正在做的事情，這並不是很多。

But kind of in line with what they've have always done.

但有點符合他們一直以來的做法。

So in terms of new facilities being built for capacity, they're just -- there aren't any that exist, and in terms of optimizing some of the facilities that are in place, there's not a lot of capital for that to happen outside of what we're probably doing and obviously [Alpeta] is out trying to raise some money, but if you look at the debt structure, it is pretty ominous in what they have to deal with in the next twelve months.

因此，就為容量而建造的新設施而言，它們只是 - 不存在任何設施，並且就優化一些現有設施而言，沒有太多資金可以在外部發生在我們可能正在做的事情中，顯然 [Alpeta] 正在試圖籌集一些資金，但如果你看看債務結構，他們在接下來的 12 個月內必須處理的事情是非常不祥的。

So we are not real sure how they do both.

所以我們不確定他們是如何做到的。

We talked about CapEx being at historical lows or very low.

我們談到資本支出處於歷史低位或非常低。

There has been clearly CapEx at the moment for the DRAM world, no one has ever seen it this low before.

DRAM 世界目前顯然有資本支出，以前沒有人見過這麼低的資本支出。

But what is happening is that there's not a lot of capital to try to change that metric at the moment.

但正在發生的事情是，目前沒有太多資金試圖改變這一指標。

So we look at good supply coming from industry in general.

因此，我們總體上關注來自工業的良好供應。

We don't see that much activity that could happen actually any time in the -- let's call it probably one to two years.

我們看不到在任何時候實際上可能發生的那麼多活動 - 讓我們稱之為可能一到兩年。

So if you're dealing with part of the equation, you have to look at is the similar equipment guys.

因此，如果您要處理部分方程式，則必須查看類似設備的傢伙。

And what is interesting there is this downturn has been hard on us, but it was particularly hard on them as well.

有趣的是，這種低迷對我們來說很艱難，但對他們來說也特別艱難。

They went to a model where they in large part outsourced a lot of their manufacturing and really focused on the technology development and design.

他們採用了一種模式，在這種模式下，他們在很大程度上外包了很多製造工作，並真正專注於技術開發和設計。

If you look at how that got outsourced, it got outsourced to a lot of these very small, I don't want to characterize them as mom-and-pop shops, but a lot of people in small businesses doing a lot of specialty stuff around powder coating materials and so forth.

如果你看看它是如何外包的，它被外包給了很多非常小的公司，我不想將它們描述為夫妻店，但很多小企業的人都在做很多專業的事情圍繞粉末塗料等。

And this downturn has -- I mean they're gone.

而這種低迷已經 - 我的意思是他們已經走了。

These people they're just gone.

這些人，他們就這樣走了。

They don't exist anymore.

他們已經不存在了。

That's when you read about all of these 50-year- old, 100-year-old businesses going out.

那是你讀到所有這些 50 年、100 年曆史的企業走出去的時候。

These people are just gone.

這些人剛剛走了。

So I actually don't think there's a whole lot of quick recovery in the equipment supply chain.

所以我實際上不認為設備供應鏈有很多快速恢復。

In the event that there's some additional need for capital, and so I think it -- of course we don't predict the economy, and we can't as to what is going to happen there.

如果對資本有一些額外的需求，所以我認為——當然，我們無法預測經濟，也無法預測那裡會發生什麼。

It doesn't take a lot of demand in this environment to consume whatever supply exists for us to come online probably next year.

在這種環境下，消耗我們可能在明年上線的任何供應都不需要很多需求。

Mark, did you want to add a couple of comments?

馬克，你想添加一些評論嗎？

I just want to add more Micron specific things.

我只是想添加更多美光特定的東西。

First of all, relative to Micron, I've commented on previous calls, I just want to reiterate, we can get a long way on relatively little capital here at Micron, primarily because a lot of work is relatively new and we feel like we have invested that capital pretty wisely.

首先，相對於美光，我已經評論過之前的電話，我只想重申，我們可以在美光相對較少的資金取得很長的路要走，主要是因為很多工作都是相對較新的，我們覺得我們已經非常明智地投資了這筆資金。

So that on a go-forward basis, the leverage we can get in terms of technology migration is a little bit better than others.

因此，在前進的基礎上，我們在技術遷移方面可以獲得的影響力比其他人要好一些。

And in particular, I would point you to the scanner situation which I think is probably a key bottleneck for the industry generally.

特別是，我會向您指出掃描儀的情況，我認為這可能是整個行業的關鍵瓶頸。

And where a lot of the capital dollars are going today .

以及今天大量資金的去向。

We feel like we played that about right in terms of positioning our capacity so we have a minimal spend relative to others.

我們覺得我們在定位我們的能力方面發揮了正確的作用，因此我們相對於其他人的支出最少。

But having said that, it is probably limit the amount that the industry in general can

但是話雖如此，這可能是整個行業可以限制的數量

Thank you so much.

太感謝了。

Good luck.

祝你好運。

Our next caller is Tristan Gerra from Robert Baird.

我們的下一位來電者是 Robert Baird 的 Tristan Gerra。

Hi.

你好。

Could you provide us with an update on the manufacturing (technical difficulty) in terms of when we can expect for the next two quarters?

您能否就未來兩個季度的預期時間向我們提供有關製造（技術難度）的最新信息？

We are having a difficult time understanding.

我們很難理解。

Can you repeat the question one time, please?

請把這個問題再重複一遍好嗎？

Sure.

當然。

I'm not sure if the question was already asked.

我不確定這個問題是否已經被問到。

Could you provide us with an update on the manufacturing transition at Inotera and (technical difficulty) the production ramp up in the next few quarters?

您能否向我們提供有關 Inotera 製造轉型和（技術難度）未來幾個季度產量增加的最新情況？

Sure.

當然。

This is Mark.

這是馬克。

Let me handle that and make sure I heard it properly.

讓我來處理，並確保我聽到正確。

If the question is how is the transition at Inotera going, what sort of a schedule for that generally.

如果問題是 Inotera 的過渡進展如何，那麼通常會有什麼樣的時間表。

We are in pilot production now on our 50-nanometer process.

我們現在正在對我們的 50 納米工藝進行試生產。

That is progressing smoothly.

這進展順利。

We are happy with the early results in terms of the unit process modules and how those are all coming together.

我們對單元過程模塊的早期結果以及這些模塊如何組合在一起感到滿意。

It is a mixed tool set.

它是一個混合工具集。

So it is not a direct copy from Micron, but so far we are not seeing any (inaudible) and we're very encouraged with the way that's going.

所以它不是來自美光的直接副本，但到目前為止我們還沒有看到任何（聽不清），我們對這種方式感到非常鼓舞。

Our plans are to have our first real significant output in calendar Q1 and be approximately 50% transitioned by the summer.

我們的計劃是在第一季度實現我們的第一個真正重要的產出，並在夏季完成大約 50% 的過渡。

As we move through the rest of the year it is likely we would complete that towards the end of calendar 2010.

隨著我們在今年餘下時間的推移，我們很可能會在 2010 年年底之前完成這項工作。

Okay.

好的。

And also, can you remind us what percentage of your D1 production is going to be at (technical difficulty) this calendar year?

此外，您能否提醒我們本日曆年您的 D1 產量將達到多少（技術難度）？

So by the end of this calendar year, on a -- on a bit basis --

所以到這個日曆年年底，在一點點的基礎上——

This is Ron.

這是羅恩。

I can tell you that there was a little bit under 10%, this latest quarter production, and it is going to approximately double in the next quarter.

我可以告訴你，最近一個季度的產量略低於 10%，下一季度將翻一番。

And then it will ramp up some from there, but it will be a significant jump this next quarter.

然後它將從那裡增加一些，但下個季度將是一個顯著的增長。

Let me add that, one more thought on the technology transition.

讓我補充一點，關於技術轉型的另一個想法。

I spoke to 50 nanometer a minute ago, it is highly likely that as we get into the summer timeframe we will also be introducing a 4X mode.

我在一分鐘前與 50 納米談過，很可能隨著我們進入夏季時間框架，我們也將引入 4X 模式。

Okay, so maybe about the quarter (technical difficulty) kind of year end?

好的，所以也許大約是年底的季度（技術難度）？

We think we heard you right.

我們認為我們沒有聽錯。

Ten percent in the current quarter we just reported doubling as a percent of total bits outs in Q1.

在本季度，我們剛剛報告了 10%，佔第一季度總比特數的百分比翻了一番。

Thank you.

謝謝你。

You bet.

你打賭。

Our next caller is Glen Yeung from Citi.

我們的下一位來電者是來自花旗的 Glen Yeung。

Just in response to one of your responses earlier, is it safe to say that Micron does not view this period of low capital spending by the industry as an opportunity to maybe get more aggressive here and try to take share?

只是為了回應您之前的一個回答，是否可以肯定地說，美光不認為該行業的這段低資本支出時期是一個可能在這裡變得更加積極並試圖分一杯羹的機會？

We have been taking share over the last ,I don't know how many quarters you want to try to measure it over.

過去我們一直在分擔，我不知道您要嘗試衡量多少個季度。

The low CapEx numbers, I think, are reflective of the difficulty the industry faced.

我認為，較低的資本支出數字反映了該行業面臨的困難。

And even though we're able to increase our CapEx to some degree, I suppose we could think about doing more of it, but as Mark already noted, as you know from our CapEx for the prior two years, we spent quite a bit of money to position ourselves to have a pretty good leverage model.

即使我們能夠在一定程度上增加我們的資本支出，我想我們可以考慮做更多的事情，但是正如馬克已經指出的那樣，正如你從前兩年的資本支出中知道的那樣，我們花費了很多資金來定位自己擁有一個相當不錯的槓桿模型。

With respect to the rest of the industry, most of them, they don't have any money.

至於其他行業，他們中的大多數人，他們沒有任何錢。

They just don't have any access to capital.

他們只是無法獲得任何資金。

And by the way, let me point one more thing out and then you can jump back in.

順便說一句，讓我再指出一件事，然後你可以跳回去。

The equipment financing market, the equipment leasing market was a huge part of what a lot of these companies did when they went out and spent CapEx.

設備融資市場、設備租賃市場是許多這些公司在走出去並花費資本支出時所做的很大一部分。

They basically got the equipment companies in cooperation with the GE Capital guys, and those guys to finance it.

他們基本上讓設備公司與通用電氣資本的人合作，並讓那些人為其提供資金。

That market just closed.

那個市場剛剛關閉。

There is no equipment financing available to anybody and if you did -- or if you were able to find some, it's incredibly expensive.

任何人都沒有設備融資，如果你這樣做了——或者如果你能找到一些，那將是非常昂貴的。

So it's gone, it's just not available.

所以它消失了，它只是不可用。

If you can't generate the cash internally, then you have a very difficult time trying to raise the money, obviously, because of the shape the Company is in and it is just not available.

如果您無法在內部產生現金，那麼您將很難籌集到資金，顯然，因為公司目前的狀況而無法獲得資金。

I think that's why you are seeing in general the low CapEx.

我認為這就是為什麼您普遍看到低資本支出的原因。

If you are a company like Micron, we actually view it as pretty advantageous to be in the position that we're in, not having to spend a lot of CapEx and already being on the advanced process mode, which is the exact opposite of what a lot of our competitors are facing right now.

如果您是像美光這樣的公司，我們實際上認為處於我們所處的位置是非常有利的，不必花費大量資本支出並且已經處於高級工藝模式，這與我們的很多競爭對手現在都面臨著。

Maybe a question on the demand side of the house, thinking near-term about any effect you may or may not be seeing from the pre-Windows 7 build.

也許是房子需求方面的一個問題，考慮近期您可能會或可能不會從 Windows 7 之前的版本中看到的任何影響。

And then as you think about next year, and the potential for Windows 7 to be more of a 64-bit operating system.

然後當你考慮明年，以及 Windows 7 更多地成為 64 位操作系統的潛力。

What are your thoughts on bit per box gross next year, and is it accelerating because of Win 7 or not?

你對明年的每盒總比特數有什麼看法，它是否因為 Win 7 而加速？

This is Mark, I think we've seen a later back to school drive a lot of that anticipation, and we feel pretty good about it going forward, the type of growth we see in total PC bit per box is in the mid-20s, a lot of that, obviously, is desktop, notebook business.

我是馬克，我認為我們已經看到稍後回到學校推動了很多這種期待，我們對它的未來感覺非常好，我們看到的每盒 PC 總比特數的增長類型是在 20 年代中期，其中很多顯然是台式機、筆記本電腦業務。

The netbook business will be confined, obviously, given the architecture of that product.

顯然，鑑於該產品的架構，上網本業務將受到限制。

But we feel good about it, given the current results we are seeing today and what we are hearing from our customers.

但考慮到我們今天看到的當前結果以及我們從客戶那裡聽到的信息，我們對此感覺很好。

Great.

偉大的。

Thanks.

謝謝。

The last question here is thinking about the -- in between the supply and demand, how inventories look to you.

這裡的最後一個問題是考慮 - 在供需之間，庫存對你的看法。

You made the point that you grew a little bit of inventory on a unit basis in the quarter.

您指出您在本季度的單位基礎上增加了一點庫存。

What is your sense of overall industry levels of inventory, what you see in the channel and your level of comfort with your visibility on it?

您對整個行業的庫存水平、您在渠道中看到的內容以及您對渠道可見度的舒適程度有何看法？

Well, my earlier comments in my message earlier was that it is pretty tight.

好吧，我之前在消息中的評論是它非常緊湊。

We are -- when you see inventory build that you're referring to earlier, it's around us making strategic decisions on serving key markets and mix.

我們是——當你看到你之前提到的庫存增加時，它是在我們周圍做出關於服務關鍵市場和組合的戰略決策。

But the overall inventory in the channel is pretty tight, and it's causing us some problems around allocation and how we serve our customer base.

但是渠道中的整體庫存非常緊張，這給我們帶來了一些分配問題以及我們如何為客戶群服務的問題。

Thank you.

謝謝你。

I just might add one other point and that is our inventory on a volume basis was only mildly up and actually finished goods was down.

我只是可以補充一點，那就是我們的庫存量只是輕微上升，而實際成品卻下降了。

As I mentioned, our inventory turns are up significantly, so I would characterize the inventory movement as being more of the production volume related to the business versus any buildup.

正如我所提到的，我們的庫存周轉率顯著上升，因此我將庫存變動描述為更多與業務相關的生產量，而不是任何積累。

Got it.

知道了。

Thanks.

謝謝。

Our next caller is Shawn Webster from JPMorgan.

我們的下一位來電者是摩根大通的 Shawn Webster。

Thank you.

謝謝你。

Can you share with us what your bit production for DRAM and NAND was for your August quarter?

您能否與我們分享您在 8 月份季度的 DRAM 和 NAND 位產量？

Sure.

當然。

We had DRAM bit growth about 20% in Q4, and NAND was up around 10%.

第四季度我們的 DRAM 位增長了約 20%，NAND 增長了約 10%。

You were talking about just now the tightness in the channel inventory, do you guys have an expectation on when that tightness will be alleviated.

剛才你說的是渠道庫存的吃緊，你們有沒有期待這種吃緊什麼時候會緩解。

Right now we can't see that far out We think our current supply output and demand profile looks pretty tight at least through the rest of the calendar year 2009 as best we can see .

目前我們看不到那麼遠 我們認為至少在 2009 日曆年的剩餘時間裡，我們目前的供應產出和需求狀況看起來相當緊張，正如我們所看到的那樣。

And so I hesitate to try to guess when that

所以我猶豫著去猜測什麼時候

Okay.

好的。

What are your OEM customers telling you to expect in terms of PC DRAM bit demand in calendar Q4 and maybe even calendar Q1 to the extent they have given you some visibility here.

您的 OEM 客戶告訴您在第四季度甚至第一季度的 PC DRAM 位需求方面的預期是什麼，他們在這裡給了您一些可見性。

On the demand side?

在需求方面？

Yes.

是的。

The PC OEMs are right in line with my other commentary.

PC OEM 與我的其他評論一致。

We've had customers come back and almost ask us for 2X of what their forecasts were just 60 days ago.

我們有客戶回來，幾乎要求我們提供他們 60 天前預測的 2 倍。

That's probably some of of the tightness, but it doesn't stop the PCs, the server business -- our server business, the demand side, has been dramatically up from forecasting in the July-August time frame, and the networking business is very similar.

這可能是一些緊張，但它並沒有阻止個人電腦、服務器業務——我們的服務器業務、需求方在 7 月至 8 月的時間框架內已大幅上升，而網絡業務非常相似的。

So it has been tight all over, but the PC OEMs are kind of impressing on us that they need more in terms of output.

所以一直都很緊張，但是 PC OEM 給我們留下了深刻的印象，他們在輸出方面需要更多。

And then on the pricing side, you said that if things stay flat with where they are today on pricings for -- I think DRAM demand, you said it would be up 5% or so.

然後在定價方面，你說如果事情與今天的定價持平 - 我認為 DRAM 需求，你說它會上漲 5% 左右。

That, when you look at the spot in the contract pricing we observe on DRAM Exchange and sources, it would suggest something significantly higher than that.

那，當您查看我們在 DRAM Exchange 和消息來源上觀察到的合同定價時，它會暗示比這要高得多的東西。

Can you walk us through why you think it will be 5% versus 25% plus?

你能告訴我們為什麼你認為它會是 5% 和 25% 以上嗎？

Sure.

當然。

Same as last quarter, what we have done is quarter to date we are not predicting we'll only be up 5% for quarter to date.

與上個季度一樣，我們所做的是迄今為止的季度，我們並沒有預測我們只會上漲 5%。

It's up 5% and it really reflects the increased units coming out of Inotera core memory.

它上升了 5%，它確實反映了來自 Inotera 核心內存的增加的單位。

Which obviously have a lower ASP than, say, specialty memory do.

顯然，它的 ASP 比專業內存要低。

Okay.

好的。

Maybe one last one for me.

也許對我來說是最後一個。

On the wafer side, what is your wafer production sequentially in Q4?

在晶圓方面，第四季度您的晶圓產量是多少？

It was up low teens including Inotera.

包括 Inotera 在內的青少年都處於低谷。

Thank you very much.

非常感謝。

You bet.

你打賭。

Our next caller is Daniel Berenbaum from Auriga USA.

我們的下一位來電者是來自 Auriga USA 的 Daniel Berenbaum。

Hi.

你好。

Thank, guys.

謝謝，伙計們。

It is from Auriga.

它來自禦夫座。

Quick question on cost reduction for the year.

關於今年降低成本的快速問題。

A couple of questions may be danced around this.

圍繞這一點可能會提出幾個問題。

Can you talk about how much you can reduce costs on a per bit basis for year-end over the course of the next 12 months.

您能否談談在接下來的 12 個月內，您可以在年底按位降低多少成本。

Not at this time.

不是這個時候。

We will keep you on a quarter to quarter basis for now.

我們現在將按季度為您提供服務。

Okay.

好的。

Would you expect to be better or worse than industry average cost reduction, and is there any reason we should think about things a little differently for Micron versus your competitors?

您預計會比行業平均成本降低更好還是更差，我們有什麼理由應該對美光與您的競爭對手有所不同嗎？

It's tough to know exactly what our competitors are going to do, but if I was going to venture a guess on that, I would say we are probably going to be better on both counts, NAND and DRAM.

很難確切地知道我們的競爭對手會做什麼，但如果我要冒險猜測一下，我會說我們可能會在 NAND 和 DRAM 兩個方面都做得更好。

Is there a reason why you will be better, can you be a little bit more specific?

有沒有理由讓你變得更好，你能更具體一點嗎？

I'd love to give you credit, but I have to pull that string a little bit.

我很想給你榮譽，但我必須稍微拉一下繩子。

I think as we move, as already alluded to earlier on, as we move into calendar Q1 we'll be ramping our 2X mode on NAND.

我認為，正如前面已經提到的那樣，隨著我們進入日曆 Q1，我們將在 NAND 上增加我們的 2X 模式。

We think that's a significant sale size reduction that could drive out performance on NAND cost per bit reductions relative to our competitors, who we heard anecdotally are struggling a little bit on the 3X mode.

我們認為這是一個顯著的銷售規模減少，相對於我們的競爭對手，我們聽說他們在 3X 模式上有點掙扎，這可能會推動 NAND 成本每比特降低的性能。

On the DRAM side, we have are a significant increase in low cost product coming out of Inotera, and we think that will drive out performance on the DRAM side.

在 DRAM 方面，Inotera 的低成本產品顯著增加，我們認為這將推動 DRAM 方面的性能。

Just circling back on Aptina, so how should I think about revenue, and maybe you can give guidance even just one quarter out for the Aptina segment, either in pricing or units or both.

只是回到 Aptina，那麼我應該如何考慮收入，也許你可以為 Aptina 細分市場提供指導，甚至只是四分之一，無論是定價還是單位，或兩者兼而有之。

And then how is the revenue that's going to be consolidated now, the revenue that's still Micron revenue, the sell-in of the units to the spin off, is that a break even business, what's kind of the structure there?

那麼現在將如何合併收入，仍然是美光收入的收入，出售到分拆的單位，這是一個收支平衡的業務，那裡的結構是什麼樣的？

And do I model that revenue trailing off at some point or how should I think about that moving forward?

我是否對收入在某個時候逐漸減少進行建模，或者我應該如何考慮向前發展？

Well, let's see, I'm going to let Ron answer.

好吧，讓我們看看，我會讓羅恩回答。

Essentially think of that converting from a component sales business to a wafer selling business.

從本質上考慮從組件銷售業務轉變為晶圓銷售業務。

So we are still manufacturing the wafers.

所以我們仍在製造晶圓。

And we sell to the partnership on a wafer basis, and that pricing, like you would expect in other foundry arrangements, that pricing will vary in volume.

我們以晶圓為基礎向合作夥伴銷售，並且定價，就像您在其他代工廠安排中所期望的那樣，定價會因數量而異。

But that's how we're going to account for it.

但這就是我們要解釋它的方式。

In terms of forecasting revenue, that's hard for us to do because no one has been able to really forecast much revenue with much accuracy because of volatility.

在預測收入方面，我們很難做到這一點，因為由於波動性，沒有人能夠真正準確地預測很多收入。

Remember, it is seasonal for them right now.

請記住，現在對他們來說是季節性的。

So we would expect this quarter we are in right now to be seasonally strong.

因此，我們預計本季度我們現在所處的季度表現強勁。

And then what happens after that will be -- depend upon what happens in, primarily, the consumer markets.

之後發生的事情將取決於主要消費市場發生的事情。

So we don't know -- we're uncertain what happens there, but we are manufacturing the wafers and selling them on a wafer basis.

所以我們不知道——我們不確定那裡會發生什麼，但我們正在製造晶圓並以晶圓為基礎進行銷售。

So I think our revenue won't fluctuate as much as you think or expected them to had we been selling the end product to the customer, because we are selling on a wafer basis.

因此，我認為如果我們一直向客戶銷售最終產品，我們的收入不會像您想像或預期的那樣波動，因為我們是以晶圓為基礎銷售的。

They may fluctuate based on volume changes, but not based on pricing or margin changes.

它們可能會根據數量變化而波動，但不會基於定價或利潤變化。

Ron, do you have anything to add to that?

羅恩，你有什麼要補充的嗎？

Yes.

是的。

I think Daniel, this is Ron.

我想丹尼爾，這是羅恩。

In terms of projection, obviously, we are a supplier to Aptina now.

在投影方面，顯然，我們現在是 Aptina 的供應商。

So they're looking to volumes and we are delivering supply into them.

所以他們正在尋找數量，我們正在向他們提供供應。

Steve mentioned if you look at the structure, two of the last three months of this last quarter we were on a foundry basis.

史蒂夫提到，如果你看一下結構，上個季度的最後三個月中有兩個是在代工的基礎上進行的。

So what happened this last quarter in terms of the structure is two-thirds of the way to what you would expect to see, which is somewhat lower gross margin, if you will, and also correspondingly lower OpEx both in R&D and SG&A, which has been sold to the Aptina operation.

因此，就結構而言，上個季度發生的情況是您預期的三分之二，如果您願意的話，這會降低毛利率，並且相應地降低研發和 SG&A 的運營支出，這有被賣給了 Aptina 公司。

So we are two-thirds of the way there in the fourth quarter, and going into first quarter it would be a whole three months worth, but a similar kind of construct would play out.

所以我們在第四季度已經完成了三分之二，進入第一季度，這將是整整三個月的時間，但類似的結構將會發揮作用。

Okay.

好的。

Great.

偉大的。

One just longer term question, and when you talk about guiding for CapEx, the $750 million to $850 million, and obviously fiscal 2009 came in a little bit lower than expected, it is a lot lower particularly in terms of CapEx to sales than it was, say, in fiscal 2006, fiscal 2007.

一個只是長期的問題，當你談到資本支出的指導時，7.5 億美元到 8.5 億美元，顯然 2009 財年的數字略低於預期，特別是在資本支出與銷售額的關係方面，它比以前低了很多，比如說，在 2006 財年、2007 財年。

How do you think about what a sustainable capital intensity level is for Micron, and then maybe more broadly for the memory industry.

您如何看待美光的可持續資本密集度水平，然後可能更廣泛地適用於內存行業。

Well,I think fundamentally the answer to that question is primarily associated with how long do you think the equipment will be -- what's the useful life of the equipment.

好吧，我認為從根本上說，該問題的答案主要與您認為設備的使用壽命有關-設備的使用壽命是多少。

We have done studies historically in the industry, and that number was in the neighborhood of 3.6 to 3.8 units.

我們在該行業歷史上做過研究，這個數字在 3.6 到 3.8 個單位附近。

So that means you in general will have a capital replacement every 3.6, 3.8 years, and so you can do the math and that says you need to spend 20% of your revenue or somewhere in that neighborhood to continue to stay up with the innovation of the equipment.

因此，這意味著您通常每 3.6、3.8 年就會進行一次資本置換，因此您可以進行數學計算，這意味著您需要花費 20% 的收入或在附近的某個地方，以繼續跟上創新的步伐設備。

But that curve, I think most people think that curve is probably slowing.

但那條曲線，我想大多數人認為這條曲線可能正在放緩。

And that a lower CapEx number will sustain a more useful life, if you will, of the equipment.

如果您願意的話，較低的資本支出數字將使設備的使用壽命更長。

So it is hard for us to know what the number exactly is.

所以我們很難知道這個數字到底是多少。

If you look at the data, on average, that number -- we're in an historical low this year, probably in the neighborhood of maybe 11%, 12%, at least for the memory industry, and I am merely speaking about the memory industry, not the DRAM industry, and you've seen it as high as 22%, 23% and everything.

如果你看一下數據，平均而言，這個數字——我們今年處於歷史低點，可能在 11%、12% 左右，至少對於內存行業來說，我只是在談論內存行業，而不是 DRAM 行業，你已經看到它高達 22%、23% 等等。

I think you would expect to kind of settle out somewhere between -- in our particular case, you can run the math and obviously we were down, too, like everybody else.

我想你會期望在兩者之間的某個地方安頓下來——在我們的特殊情況下，你可以計算一下，顯然我們也像其他人一樣失敗了。

But I think in general, the precise answer is going to be dependent upon how long the useful life of the equipment is and how long it takes us to make these generation switches.

但我認為，總的來說，準確的答案將取決於設備的使用壽命有多長，以及我們需要多長時間才能完成這些世代切換。

Our next caller is Vijay Rakesh from Thinkequity.

我們的下一位來電者是 Thinkequity 的 Vijay Rakesh。

This quarter for a couple of questions, I'm wondering what the bit build should be for NAND and DRAM as you're looking at the next quarter here.

本季度有幾個問題，我想知道 NAND 和 DRAM 的位構建應該是什麼，因為您正在查看下一季度。

And also, what were the licensing revenues for the August quarter and where do you see that as you look at fiscal 2010?

此外，8 月季度的許可收入是多少？在您查看 2010 財年時，您如何看待這一點？

So, the first part of that bit growth, I think we are looking at up mid 20% for DRAM, and mid to high teens on NAND bit growth.

所以，在比特增長的第一部分，我認為我們正在尋找 DRAM 增長 20% 的中期，以及 NAND 比特增長的中高水平。

I don't think we caught the second part of your question.

我認為我們沒有抓住你問題的第二部分。

Just the licensing revs, what it was for the August quarter and how do you see licensing kind of going as (inaudible) also picks up, how do you see that for fiscal 2010?

只是許可轉速，8 月季度的情況以及您如何看待許可方式（聽不清）也有所回升，您如何看待 2010 財年的情況？

This is Ron.

這是羅恩。

We had $34 million in licensing revenue in the fourth quarter, $32 million in the third quarter.

我們第四季度的許可收入為 3400 萬美元，第三季度為 3200 萬美元。

That was related to technology fees.

這與技術費用有關。

Going forward we expect to see ongoing technology fee licensing as we have seen here in recent quarters in 2009.

展望未來，我們預計會看到持續的技術費用許可，正如我們在 2009 年最近幾個季度所看到的那樣。

In addition, as we migrate Inotera to stack technology, there will be licensing fees coming along on a volume basis or per unit basis related to the ramp of that production used by others.

此外，當我們將 Inotera 遷移到堆棧技術時，將產生與其他人使用的生產量增加相關的數量或單位許可費用。

So that would come on as the stack technology transition occurs as Mark articulated earlier.

因此，正如 Mark 之前所說的那樣，隨著堆棧技術過渡的發生，這種情況就會發生。

Got it.

知道了。

And as you ramp up Inotera as a shared output, what do you see as a stable OpEx level for Micron as you look forward a couple of quarters here?

當您將 Inotera 提升為共享輸出時，您認為美光的穩定運營支出水平是多少，因為您期待這裡的幾個季度？

Well, we said that historically we said that we think in a normalized market, not one that could rapidly increase or not one that's rapidly declining, we think an OpEx model that would be benchmark is somewhere in the 50% range total.

好吧，我們說過，從歷史上看，我們說過我們認為在一個正常化的市場中，不是一個可以迅速增加或不會迅速下降的市場，我們認為作為基準的運營支出模型在 50% 的範圍內。

And obviously that will be split between SG&A and R&D depending upon what's going on at the time.

顯然，這將根據當時的情況在 SG&A 和 R&D 之間進行劃分。

But essentially think of it as I think targets in the neighborhood of, oh, call it 10% or 11% on R&D and maybe between 5% and 6% on SG&A, and the combination of trying to get to 50% as being a benchmark.

但基本上把它想像成我認為的目標是，哦，將其稱為研發的 10% 或 11%，可能在 SG&A 的 5% 到 6% 之間，以及試圖達到 50% 作為基準的組合.

It was tough to achieve that with obviously falling revenues, but we think that again is probably a right level of benchmark for the industry.

在收入明顯下降的情況下很難實現這一目標，但我們認為這可能再次成為該行業的正確基準水平。

Okay.

好的。

And moving over to the NAND side, you said the 30-nanometer transition going on, you're ahead of the industry.

轉移到 NAND 方面，你說 30 納米的過渡正在進行，你領先於行業。

Where do you see 30-nanometer output in, let's say, March quarter, June quarter of next year.

你在哪裡看到 30 納米的輸出，比方說，明年 3 月季度，6 月季度。

What should that be as opposed to the rest?

與其他人相比，這應該是什麼？

I think we are going to hold off on any output numbers relative to that, until we will see how well -- how we're (inaudible).

我認為我們將推遲任何與此相關的輸出數字，直到我們看到有多好——我們如何（聽不清）。

Okay.

好的。

Good.

好的。

Thanks a lot.

非常感謝。

Our next caller is Uche Orji from UBS.

我們的下一位來電者是來自瑞銀的 Uche Orji。

Thank you very much.

非常感謝。

I hope you can hear me.

我希望你能聽到我的聲音。

Let me just start by asking you, I am still not sure I am convinced as to why bit per box will not at least in the near term come down.

讓我首先問你，我仍然不確定為什麼至少在短期內每盒比特數不會下降。

Now I understand there's supply shortage, but at the same time, it would seem that the ASPs for PCs coming down quite significantly in a market also where DRAM is rising, (inaudible) have been very expensive.

現在我知道供應短缺，但與此同時，在 DRAM 也在上漲（聽不清）的市場中，PC 的 ASP 似乎大幅下降，（聽不清）非常昂貴。

So how vulnerable should we think about your bit per box comments in light of the fact that your OEM margins are struggling.

因此，鑑於您的 OEM 利潤率正在苦苦掙扎，我們應該如何考慮您的每盒評論數。

And if you don't think DRAM is vulnerable, what components do you think are vulnerable and can provide some for what the OEMs are that may be (inaudible) right now because of the declining ASPs in light of (inaudible).

如果您不認為 DRAM 易受攻擊，那麼您認為哪些組件是易受攻擊的，並且可以為 OEM 提供一些目前可能（聽不清）的情況，因為 （聽不清）導致 ASP 下降。

And that's my first question.

這是我的第一個問題。

So let me try and summarize what you are asking and turn it over to Mark for the answer.

所以讓我試著總結一下你的問題，然後把它交給馬克來回答。

It sounds like you are interested in the bump to the cost of memory today versus historical, and is there something pending that might trigger that.

聽起來您對今天的內存成本與歷史成本的對比感興趣，是否有一些懸而未決的事情可能會觸發這種情況。

And B, kind of the general overall question is the convincing you of the growth of memory per box.

B，一般的整體問題是讓你相信每盒內存的增長。

Is that --

就是它 -

That is correct.

那是對的。

Yes, maybe on the [bellum], there's, I think, a couple of different ways to look at it.

是的，也許在 [bellum] 上，我認為有幾種不同的方式來看待它。

One is that there's no question that the memory content today is lower than it has been in the prior few years.

一是毫無疑問，今天的內存內容比前幾年要低。

It was right in the 8%, 9% range.

它正好在 8%、9% 的範圍內。

Today it's more around the 4% or 5% range.

今天，它更多地在 4% 或 5% 的範圍內。

If you're looking at netbook, it's actually still running about 3% or 4%.

如果您正在查看上網本，它實際上仍在運行大約 3% 或 4%。

And in desktops, characterize it as something in the 5%.

在台式機中，將其描述為 5%。

But if you go back to the 2005, 2006, 2007 time frame, it was up around 8%, maybe 9%.

但如果你回到 2005 年、2006 年、2007 年的時間框架，它上漲了大約 8%，也許是 9%。

So it could be when the economy struggling and as a result margins are struggling.

因此，可能是在經濟陷入困境並因此利潤率陷入困境的時候。

So what's the appetite to keep it where it's at today or have it slightly go up?

那麼，將其保持在今天的水平或略微上漲的胃口是什麼？

I don't know.

我不知道。

I think it is segment dependent and customer dependent.

我認為這取決於細分市場和客戶。

And it is, I think, more predicated on whether it's enterprise.

我認為，它更多地取決於它是否是企業。

Which the enterprise guys seem to be doing pretty well, as opposed to the guys on the consumer side.

與消費者方面的人相反，企業人員似乎做得很好。

And I guess I'll turn it over to Mark and let him comment on that.

我想我會把它交給馬克，讓他對此發表評論。

The only other comment I would make is, while we have seen some positive movement from a pricing standpoint, we need to go back a year ago, last August and we are still not at the prices of that level.

我唯一要說的其他評論是，雖然從定價的角度來看，我們已經看到了一些積極的變化，但我們需要回到一年前，也就是去年 8 月，而我們的價格仍然沒有達到那個水平。

And the density per box was slightly below where it is today, so before we over-react to increasing pricing on DRAM per box, I think it is fair to say we are right where we were a year ago and certainly from the -- around the silicon, but I don't think we are seeing a dramatic shift away from the densities, I think it's a little bit ahead of ourselves here, and certainly from the demand side that all the signals we are getting are consistent with that.

而且每盒的密度略低於今天的水平，所以在我們對提高每盒 DRAM 的價格反應過度之前，我認為可以公平地說，我們一年前的水平是正確的，當然從 - 大約矽，但我認為我們並沒有看到密度發生巨大變化，我認為這有點超前，當然從需求方面來看，我們得到的所有信號都與此一致。

All right.

好的。

That's helpful.

這很有幫助。

Let me just ask a different question.

讓我問一個不同的問題。

If I look at the inventory comments you've made.

如果我查看您所做的庫存評論。

It looks like the OEMs, ODMs may not have a lot of inventory.

看起來OEM，ODM可能沒有很多庫存。

But can you just tell me what is happening, what your view is as to inventory and sales (inaudible), I'm talking about module guys, distributors, all of your companies and OEMs.

但是您能否告訴我正在發生的事情，您對庫存和銷售的看法（聽不清），我說的是模塊人員、分銷商、您所有的公司和 OEM。

So can you just give a comment as to your baseline?.

那麼您能否就您的基線發表評論？

My sense is that given the pressure on the OEMs, what you're referring to is the aftermarket channel.

我的感覺是，考慮到原始設備製造商的壓力，您所指的是售後渠道。

That's even tighter because the OEMs are probably getting preferential treatment in most cases.

這更加嚴格，因為在大多數情況下，原始設備製造商可能會獲得優惠待遇。

So my suspicion is that the aftermarket module markers, card markers, are in a tighter position, and thus one of the reasons why you see a spot marking pricing higher than where the OEM contract prices are.

所以我懷疑售後市場模塊標記、卡片標記處於更緊的位置，因此您看到現貨標記定價高於 OEM 合同價格的原因之一。

Right.

正確的。

Right.

正確的。

Okay.

好的。

And then just finally, are -- in context in terms of the availability of equipment, the ability to spend CapEx, especially (inaudible).

最後，是 - 在設備可用性方面，特別是（聽不清）支出資本支出的能力。

Do you have any comment about the longer times to deliver equipment, is it a concern to Micron?

您對更長的設備交付時間有何評論，美光是否擔心？

It is not a concern for us currently as we have got a pretty good forecast out there and a good relationship with our suppliers.

目前這對我們來說不是一個問題，因為我們有一個很好的預測，並且與我們的供應商關係良好。

So we think we have got the slots we need to execute to our plan.

因此，我們認為我們已經獲得了執行計劃所需的時間。

l would say for people coming in now with new plans and trying to get new slots, it is not going to be easy because that is a constraint in the marketplace.

我會說，對於現在帶著新計劃進來並試圖獲得新位置的人來說，這並不容易，因為這是市場上的限制。

Perfect.

完美的。

Thank you very much.

非常感謝。

Our next caller is Hans Mosesmann from Raymond James

我們的下一位來電者是 Raymond James 的 Hans Mosesmann

Most of my questions have been answered, but just the one regarding -- the situation regarding shortages.

我的大部分問題都得到了回答，但只有一個關於 - 短缺的情況。

I think Mark may have mentioned there were some shortages.

我想馬克可能已經提到有一些短缺。

Can you explain, give us more granularity, in terms of what was the shortage, was it DDR 3, NAND and what flavors, and so on.

你能否解釋一下，給我們更詳細的信息，比如短缺是什麼，是 DDR 3、NAND 還是什麼口味等等。

Thanks.

謝謝。

Sure.

當然。

So I think where we have seen shortages early on was in some of the specialty and server market opportunities, and what we have seen lately has been consistent with that staying -- of course, we were a little tight there, but then a pretty heavy request for DDR 2 parts from one of our commodity businesses.

所以我認為我們早期看到短缺的地方是一些專業和服務器市場機會，而我們最近看到的情況與這種情況保持一致——當然，我們在那裡有點緊張，但後來相當沉重向我們的一家商品企業索取 DDR 2 部件。

So on the DRAM, we started out with DDR 3 and it looks like DDR 2 has caught up a bit.

所以在 DRAM 上，我們從 DDR 3 開始，看起來 DDR 2 已經趕上了一點。

On the NAND side, it is been pretty tight as well.

在 NAND 方面，它也非常緊湊。

You have seen a little more up tick both on the mobile side of the business, and I would suggest that the SmartPhone business has been the healthier of all the segments , and that's where the density on NAND has driven some appetite in a couple of those supply situations.

您已經看到移動業務的增長有所增加，我建議智能手機業務在所有細分市場中都更加健康，這就是 NAND 的密度推動了其中一些業務的胃口供應情況。

But I would say across the board it's been pretty tight.

但我要說的是，總體而言，它非常緊張。

DDR 3 first, DDR 2 caught up with it, and there's still a lot of unmet demand there, and the NAND side has been more consistent, throughout the back half of the

DDR 3 先行，DDR 2 趕上來了，還有很多未滿足的需求，NAND 方面一直比較一致，貫穿整個後半段

Okay.

好的。

Thanks.

謝謝。

And then one last one, DDR 3 in terms of Micron's overall mix and how does that compare to industry mix?

然後是最後一個，就美光的整體組合而言，DDR 3 與行業組合相比如何？

That's it.

而已。

Thanks.

謝謝。

So, of our core commodity DRAM parts, DDR 3 comes in about 35%, and that's good to note though that is still a pretty -- you have to factor in the Inotera piece of that, also would have been higher pre-Inotera.

因此，在我們的核心商品 DRAM 部件中，DDR 3 約佔 35%，雖然這仍然很漂亮，但值得注意的是——你必須考慮到 Inotera 部分，在 Inotera 之前也會更高。

Okay.

好的。

If you going back a quarter, you have to factor that in this quarter.

如果你回到一個季度，你必須在這個季度考慮到這一點。

Okay.

好的。

How does that compare to industry mix per quarter?

這與每季度的行業組合相比如何？

My sense is based on our mark-to-market channel, our mix is significantly higher than our competition.

我的感覺是基於我們的盯市渠道，我們的組合明顯高於我們的競爭對手。

Okay.

好的。

Fair enough.

很公平。

Thanks.

謝謝。

Sure.

當然。

Our next caller is Bob Guiavarty from Deutsche Bank.

我們的下一位來電者是德意志銀行的 Bob Guiavarty。

Thanks, guys, for taking my question.

謝謝各位，接受我的提問。

Just curious under utilization in Singapore -- you mentioned Inotera was -- under-utilization of Inotera was declining, how about the Singapore side, will that be relatively constant or how do you see that coming out?

只是好奇新加坡的利用不足——你提到了 Inotera——Inotera 的利用不足正在下降，新加坡方面呢，這會相對穩定嗎？或者你如何看待這種情況？

We are fully utilized in Singapore, and have been.

我們在新加坡得到充分利用，而且一直如此。

We are continuing to eke a few more wafers out of the fab as we optimize process times, equipment utilization, et cetera, but that fab has been running fully utilized.

隨著我們優化工藝時間、設備利用率等，我們將繼續從晶圓廠中擠出更多的晶圓，但該晶圓廠已充分利用。

Relative to IMSS, that fab is in an idle state.

相對於 IMSS，該工廠處於閒置狀態。

Okay.

好的。

So for IMSS we can think of some modest under-utilization continuing for at least the next quarter or two?

因此，對於 IMSS，我們可以認為至少在接下來的一兩個季度中會出現一些適度的利用不足？

It's -- yes, it is empty and it will stay that way for sure for a quarter.

它是——是的，它是空的，它肯定會保持這種狀態四分之一。

Okay.

好的。

It would take us a lot longer than if we already had things in place.

與我們已經準備好東西相比，這將花費我們更長的時間。

A quick question about your view is about fungible capacity between DRAM and NAND.

關於您的觀點的一個快速問題是關於 DRAM 和 NAND 之間的可替代容量。

It seems to me there's a less of that given the technology nodes each is on.

在我看來，考慮到每個技術節點都在，這樣的情況要少一些。

But can you talk about if that's an issue that affects supply and demand across DRAM and NAND now, and for Micron and the industry?

但是你能談談這是否是一個影響現在 DRAM 和 NAND 以及美光和整個行業供需的問題嗎？

It is still possible to flex capacity back and forth with enough lead time to plan.

在有足夠的準備時間進行計劃的情況下，仍然可以來回靈活調整產能。

That's a relatively small amount of capacity.

這是一個相對較小的容量。

It is not sort of wholesale that people would be able to switch back and forth.

人們能夠來回切換並不是一種批發。

Because there is a significant divergence, I think, as we move to more advanced nodes in terms of the tool sets that are required.

我認為，因為在所需工具集方面我們轉向更高級的節點時，存在顯著差異。

So while, at the margin you may be able to flex small amounts of capacity to take advantage of market opportunities, if you're running both in the same fab as we do in Virginia, it is a relatively limited opportunity.

因此，雖然您可以在邊際上調整少量產能以利用市場機會，但如果您與我們在弗吉尼亞州的同一家晶圓廠同時運營這兩家公司，那麼這是一個相對有限的機會。

Great.

偉大的。

Thanks a lot.

非常感謝。

You bet.

你打賭。

With that, we have time for one more caller.

有了這個，我們有時間再接一個來電者。

Our final question is from Bill [Develom] from Titan Capital Management.

我們的最後一個問題來自 Titan Capital Management 的 Bill [Develom]。

I'm going to try to make it two question, please.

請我試著提出兩個問題。

The first one, you may have partially addressed the floor, but I don't have great -- feel like I have great clarity still yet.

第一個，你可能已經部分發言了，但我沒有很好 - 感覺我仍然很清楚。

This quarter you had mid $60 million CapEx run rate, and if we take the midpoint of the fiscal 2010 CapEx of $800 million.

本季度您的資本支出為 6000 萬美元，如果我們取 2010 財年 8 億美元資本支出的中點。

That's roughly $200 million on quarterly basis, and you said it would ramp as the -- as the year progressed.

按季度計算，這大約是 2 億美元，你說隨著時間的推移，它會隨著時間的推移而增加。

What is it you are going to be doing with that significant increase in capital as the year progresses.

隨著時間的推移，隨著資本的顯著增加，您將做什麼？

And secondarily, I think, to Mark to talk about Taiwan since you were just there, and like your insights as to where the various companies are at in the process of thinking about consolidation or not, and how the government is thinking about it also.

其次，我想請馬克談談你剛剛到任以來的台灣，並喜歡你對各家公司在考慮整合與否的過程中處於什麼位置，以及政府如何考慮它的見解。

I will take the first part and I'll let Steve take the second part.

我會承擔第一部分，我會讓史蒂夫承擔第二部分。

Relative to CapEx, I think first of all I think that the $60 million in the current quarter is probably a slight aberration and abnormal depressant relative to the ongoing spend we have been experiencing.

相對於資本支出，我認為首先我認為本季度的 6000 萬美元相對於我們一直在經歷的持續支出可能是一個輕微的偏差和異常抑制。

But having said that, where is the money going.

但話雖如此，錢都去哪兒了。

It is probably roughly one-third to NAND and two- thirds to DRAM.

大約是 NAND 的三分之一和 DRAM 的三分之二。

And it is the vast majority is around moving technology forward to either 2X node on NAND or 5X or 4X node on DRAM.

絕大多數是圍繞將技術向前推進到 NAND 上的 2X 節點或 DRAM 上的 5X 或 4X 節點。

And in terms of where that spend is going, as I have alluded to the advanced step or capability is expensive and adds up quickly.

就支出的去向而言，正如我所暗示的那樣，高級步驟或能力是昂貴的，而且加起來很快。

So that's a significant piece of it.

所以這是一個重要的部分。

If you want me to take the second part, too, relative to what's going on in the competitive arena, clearly in Taiwan, everyone is pretty much back on their heels with the exception of our partners, who I think have renewed energy as they look at how the technology deployment is going.

如果你想讓我也參加第二部分，相對於競技舞台上正在發生的事情，很明顯在台灣，除了我們的合作夥伴之外，每個人都幾乎重新站起來，我認為他們看起來已經恢復了活力技術部署的進展情況。

So they feel pretty good about that, and you can look for a resurgence from both (inaudible).

所以他們對此感覺很好，你可以從兩者中尋找復甦（聽不清）。

[Hinex], they clearly have spent some capital.

[Hinex]，他們顯然已經花費了一些資金。

Whether they can get efficient use of that I'm not 100% convinced yet.

他們是否能有效地利用這一點，我還不是 100% 相信的。

You guys probably have a better read on that than me.

你們可能比我讀得更好。

And LP is a challenge relative to their technology position.

相對於他們的技術地位而言，LP 是一個挑戰。

Samsung, of course, is always a very strong competitor.

當然，三星始終是一個非常強大的競爭對手。

Bill, it is probably worth adding that we were talking to a lot of the investment community in our most recent financing.

比爾，值得補充的是，我們在最近的融資中與很多投資界進行了交談。

I would comment at the time, I think it is even more so now, that it doesn't appear that there's some grand large activity that's going to happen in Taiwan with the government participating in terms of supporting all these companies and trying to figure that out.

我當時會評論，我認為現在更是如此，台灣似乎不會發生一些大型活動，政府參與支持所有這些公司並試圖弄清楚這一點出去。

(Inaudible) but for any dollars.

（聽不清）但要花任何錢。

So as Mark said we feel great, actually, about the relationship we have and what we have got going there.

因此，正如馬克所說，實際上，我們對我們之間的關係以及我們所取得的進展感覺很好。

And we think that's clearly going to emerge as the leading entity in Taiwan for for manufacturing, and that the others are terrifically challenged in this environment and are likely to continue to be for quite some time.

我們認為，這顯然將成為台灣製造業的領先實體，而其他實體在這種環境中面臨著巨大的挑戰，並且可能會持續相當長的一段時間。

With that in mind, are you inclined to be thinking that the corporate activity within Taiwan has already taken place, meaning that your tie-up with Inotera and NAND and really nothing else is going to take place for now?

考慮到這一點，您是否傾向於認為台灣的企業活動已經發生，這意味著您與 Inotera 和 NAND 的合作暫時不會發生？

Well, I think that is -- I will let you make those comments, Bill.

好吧，我認為是——我會讓你發表這些評論，比爾。

I think it is hard for -- we don't want to speak on behalf of Taiwan or Taiwanese government, , but I think that the recent investment in LPN from the Japanese government and with the pretty solid relationship that we have with NAND in Taiwan, I think we are viewed as -- and that entity is viewed as a good solution for Taiwan in terms of having access in development technology for that.

我認為這很難——我們不想代表台灣或台灣政府發言，但我認為日本政府最近對 LPN 的投資以及我們與台灣 NAND 的穩固關係，我認為我們被視為 - 並且該實體被視為台灣在獲得開發技術方面的良好解決方案。

And there'scertainly less, if any other need, to do something else.

如果有其他需要，做其他事情的次數肯定更少。

There might be something on a lower scale.

可能有一些較小的規模。

So, I think that is probably a pretty good basis for how to think about

所以，我認為這可能是如何思考的一個很好的基礎

That's helpful.

這很有幫助。

I would like to follow up, Mark, in terms of the comments that you made relative to your CapEx and also tying that in with comments that have been made sporadically throughout this call.

馬克，我想跟進你對資本支出的評論，並將其與在整個電話會議中偶爾發表的評論聯繫起來。

Would it be fair to say you are believing that over the course of the next year, that you will be improving your competitive position relative to where you are at today versus the industry, both on the DRAM and the NAND side of the house?

公平地說，您相信在明年的過程中，您將在 DRAM 和 NAND 方面提高您相對於今天與行業的競爭地位？

That would be my view.

那將是我的觀點。

Thank you, both.

謝謝你們倆。

Thanks, Bill.

謝謝，比爾。

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

有了這個，我們要感謝大家今天參加電話會議。

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

如果你能容忍我，我需要重複安全港保護語言。

During the course of this call, we may have made forward-looking statements regarding the Company and 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 number of risks and uncertainties and actual results may differ materially.

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

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

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-K 和 10-Q。

Thank you for joining us.

感謝您加入我們。

Thank you.

謝謝你。

This concludes today's Micron Technology fourth quarter and fiscal year end financial release conference call.

今天的美光科技第四季度和財年末財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。