美光科技 (MU) 2010 Q1 法說會逐字稿

At this time, I would like to welcome everyone to the Micron Technology first quarter 2010 financial release conference call.

在此，歡迎大家參加美光科技 2010 年第一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 first quarter 2010 financial release conference call.

非常感謝並歡迎參加美光科技 2010 年第一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； Ron Foster，首席財務官兼財務副總裁；和全球銷售副總裁 Mark Adams。

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

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 first quarter 2010 financial press release it is also available on our website at Micron.com.

如果您沒有機會查看 2010 年第一季度財務新聞稿，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.

將有此通話的音頻重播。

You may access that by dialing 706-645-9291 and use a confirmation code of 45034396.

您可以撥打 706-645-9291 並使用確認碼 45034396 來訪問它。

This replay will run through Tuesday, December 29, 2009 at 5:30 p.m.

該重播將持續到 2009 年 12 月 29 日星期二下午 5:30。

Mountain Time.

山時。

A webcast replay will be available on the Company's website until December 22, 2010.

2010 年 12 月 22 日之前，公司網站上將提供網絡直播回放。

We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the Company, including information on 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.

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。

Specifically, the Company's most recent Form 10-K and Form 10-Q.

具體來說，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。

Our press release is available on our website.

我們的新聞稿可在我們的網站上找到。

Let me start off with a brief summary of the financial results of the first quarter fiscal 2010, which ended December 3, 2009.

讓我先簡要總結一下截至 2009 年 12 月 3 日的 2010 財年第一季度的財務業績。

The Company reported net income of $204 million, or $0.23 per diluted share, on net sales of $1.7 billion.

該公司報告的淨收入為 2.04 億美元，即每股攤薄收益 0.23 美元，淨銷售額為 17 億美元。

This is our first quarter of profitability in the past 12 quarters and is our highest quarterly revenue since Q1 2001.

這是我們過去 12 個季度的第一季度盈利，也是自 2001 年第一季度以來我們最高的季度收入。

With the profitability from the first quarter a couple items are triggered.

隨著第一季度的盈利能力，觸發了幾個項目。

First, some potentially dilutive securities become dilutive and are included in the number of shares used to compute EPS.

首先，一些具有潛在稀釋性的證券變得具有稀釋性，並包含在用於計算每股收益的股份數量中。

This includes in-the-money employee stock options as well as our convertible debt securities.

這包括價內員工股票期權以及我們的可轉換債務證券。

Second, certain accruals for variable pay programs were recognized in Q1, where payouts are tied to financial performance.

其次，可變薪酬計劃的某些應計項目在第一季度得到確認，其中支出與財務業績掛鉤。

This expense showed up primarily in SG&A.

這筆費用主要出現在 SG&A 中。

In addition with the beginning of this fiscal year, a couple of new accounting rules are effective for Micron that caused us to recast prior financial statements to conform to the new presentation format.

除了本財年開始之初，一些新的會計規則對美光有效，這導致我們重新編制了以前的財務報表以符合新的演示格式。

First, the FASB staff position on convertible debt instruments caused us to bifurcate the accounting for our 2007 $1.3 billion convertible security into their separate debt and equity components.

首先，FASB 工作人員對可轉換債務工具的立場導致我們將 2007 年 13 億美元的可轉換證券的會計處理分為各自的債務和股權部分。

Accordingly, about $300 million was reclassified from debt into additional capital in the equity section as of the beginning of fiscal 2010.

因此，截至 2010 財年初，約有 3 億美元從債務重新分類為股權部分的額外資本。

The remaining $1 billion balance, classified as debt, is accreted to the $1.3 billion face amount of the security through step-up noncash interest expense over the remaining term of the security.

剩餘的 10 億美元餘額，歸類為債務，通過在證券的剩餘期限內增加非現金利息費用，計入證券的 13 億美元面值。

This resulted in an additional $13 million in noncash interest expense in the first quarter and will be about the same amount in each of the remaining quarters of this fiscal year.

這導致第一季度額外增加了 1300 萬美元的非現金利息支出，並且在本財年剩餘的每個季度都將大致相同。

If you recall, our fourth quarter posted a net loss of $88 million, or $0.10 per diluted share, on net sales of $1.3 billion.

如果您還記得，我們第四季度的淨虧損為 8800 萬美元，即每股攤薄收益 0.10 美元，淨銷售額為 13 億美元。

With this increase in noncash interest expense, the Q4 net loss has been increased to $100 million, and $0.12 per diluted share.

隨著非現金利息費用的增加，第四季度的淨虧損已增至 1 億美元，每股攤薄收益為 0.12 美元。

The second item is the reclassification of minority interest, or non-controlling interest, on both the balance sheet and income statement.

第二項是資產負債表和損益表中少數股東權益或非控股權益的重新分類。

On the balance sheet, Non-controlling Interest is classified as a component of Equity where previously it was classified in the mezzanine between Liabilities and Equity.

在資產負債表上，非控制性權益被分類為權益的組成部分，而之前它被分類在負債和權益之間的夾層中。

On the income statement, Non-controlling interest is classified below Net Income, and before Net Income Attributable to Micron shareholders.

在損益表中，非控股權益被歸類在淨收入之下，在歸屬於美光股東的淨收入之前。

Note that the bottom line of our income statement that used to be net income is now called Net Income Attributable to Micron Shareholders.

請注意，我們損益表的底線曾經是淨收入，現在稱為歸屬於美光股東的淨收入。

In addition to these changes, we have modified the reportable segments you will see in our 10-Q filing to include Memory and Other.

除了這些更改之外，我們還修改了您將在我們的 10-Q 文件中看到的可報告部分，以包括內存和其他。

This Other segment includes our imaging business and some recently initiated activities, primarily surrounding our Silicon Systems Group, which includes LED display and others.

該其他部門包括我們的成像業務和一些最近發起的活動，主要圍繞我們的矽系統集團，其中包括 LED 顯示器和其他。

None of these activities are individually significant at this point.

在這一點上，這些活動都不是單獨重要的。

Now let's move on to discuss the results for the quarter.

現在讓我們繼續討論本季度的結果。

Total sales in the first quarter increased 34%, compared to the fourth quarter, as a result of higher sales in memory products.

由於內存產品的銷售額增加，第一季度的總銷售額與第四季度相比增長了 34%。

Sales in memory products increased 38%, while sales of image sensors decreased 13%.

內存產品的銷售額增長了 38%，而圖像傳感器的銷售額下降了 13%。

Imaging revenue was $108 million in the first quarter and represented 6% of the Micron consolidated net sales.

第一季度成像收入為 1.08 億美元，占美光綜合淨銷售額的 6%。

Recall that the first quarter results reflect our manufacturing services, including wafer fabrication to Aptina, following the spin-off of that business in the fourth quarter.

回想一下，第一季度的業績反映了我們的製造服務，包括在第四季度剝離 Aptina 之後的晶圓製造。

As I mentioned previously we continued to account for our ownership interest in Aptina under the equity method of accounting.

正如我之前提到的，我們繼續根據權益會計法計算我們在 Aptina 的所有權權益。

Memory sales include royalties and technology fees of $35 million, which is roughly flat compared to the previous quarter.

內存銷售額包括 3500 萬美元的特許權使用費和技術費，與上一季度相比大致持平。

DRAM sales increased 50% compared to the fourth quarter to just over $1 billion, primarily due to a 25% increase in bit shipments and 21% higher average selling prices.

與第四季度相比，DRAM 銷售額增長了 50%，略高於 10 億美元，這主要是由於位出貨量增長了 25%，平均售價增長了 21%。

Sales of NAND Flash products increased 21% compared to the fourth quarter to $568 million primarily due to a 16% increase in sales volume and a 5% increase in average selling price.

與第四季度相比，NAND Flash 產品的銷售額增長了 21%，達到 5.68 億美元，這主要是由於銷量增長了 16%，平均售價增長了 5%。

The DRAM quarterly average selling price increased in the first quarter for the second consecutive quarter, after declines in the prior 11 quarters.

DRAM 季度平均售價在前 11 個季度下跌後，連續第二個季度上漲。

The 21% increase in DRAM selling prices reflects the effect of a 32% increase in selling prices for core DRAM products, which was partially offset by the continued mix shift toward core products from the relatively higher price specialty DRAM products.

DRAM 銷售價格上漲 21% 反映了核心 DRAM 產品銷售價格上漲 32% 的影響，這部分被價格相對較高的特種 DRAM 產品向核心產品的持續混合轉變所抵消。

The greater mix of core DRAM products comes mainly from increased volumes from Inotera.

核心 DRAM 產品的更大組合主要來自 Inotera 的產量增加。

DRAM production costs, excluding the effects of the lower cost or market write-downs and idle facility costs, decreased 9% compared to the fourth quarter.

DRAM 生產成本，不包括較低成本或市場減記和閒置設施成本的影響，與第四季度相比下降了 9%。

The increase in production of core DRAM products from Inotera contributed to the cost decreases, as core DRAM products generally had a lower cost per bit compared to the portfolio average.

Inotera 核心 DRAM 產品產量的增加導致成本下降，因為與投資組合平均水平相比，核心 DRAM 產品的每比特成本通常較低。

DRAM cost reductions in fiscal Q2 are expected to be in the high single digits, and bit production is forecast to increase in the low teens, including the supply from Inotera.

預計第二財季的 DRAM 成本降低幅度將高達個位數，比特產量預計將在低位增長，包括來自 Inotera 的供應。

NAND trade selling prices in the first quarter also improved significantly, up 14% sequentially.

第一季度 NAND 貿易銷售價格也顯著改善，環比上漲 14%。

This improvement in trade prices was partially offset by sales to our NAND partner, Intel, which are sold at negotiated prices approximating cost.

貿易價格的這種改善部分被我們的 NAND 合作夥伴英特爾的銷售所抵消，英特爾以接近成本的協商價格出售。

NAND production cost per bit increased 8% in the first quarter compared to the previous quarter, as our 34-nanometer process technology achieved mature yields.

由於我們的 34 納米工藝技術實現了成熟的良率，第一季度每比特 NAND 的生產成本比上一季度增加了 8%。

NAND cost reductions in the fiscal second quarter are expected to be in the high single digits again, and bit production is forecast to be relatively flat compared to the first quarter, as we have reached full production on our 34-nanometer process and prepare to transition to the next process node.

第二財季NAND成本下降預計將再次達到個位數高位，而位元產量預計與第一季度相比相對持平，因為我們的34納米工藝已達到滿產並準備過渡到下一個流程節點。

R&D and SG&A expense for the first quarter came in at 8%, and less than 6% of revenue, respectively.

第一季度的研發和 SG&A 費用分別佔收入的 8% 和不到 6%。

Both within our target range for operating expenses.

兩者都在我們的運營費用目標範圍內。

SG&A costs in the first quarter increased compared to the previous quarter due to accruals in the quarter relating to the incentive pay compensation plans that I mentioned earlier.

由於本季度與我之前提到的激勵薪酬計劃相關的應計費用，第一季度的 SG&A 成本與上一季度相比有所增加。

Future quarters should be impacted less by these accruals.

未來季度受這些應計項目的影響應該較小。

We anticipate SG&A expense in the second quarter of fiscal 2010 to be around $85 million to $95 million, and R&D expenses to be in the $135 million to $145 million range.

我們預計 2010 財年第二季度的 SG&A 費用將在 8500 萬美元到 9500 萬美元之間，研發費用在 1.35 億美元到 1.45 億美元之間。

Other non-operating income in the first quarter includes a credit of $56 million, which is a gain recognized through equity method accounting for our interest in Inotera relating to their recent issue of equity securities at a price exceeding our carrying value.

第一季度的其他非營業收入包括 5600 萬美元的貸記，這是通過權益法確認的收益，說明我們在 Inotera 中的權益與他們最近以超過我們賬面價值的價格發行的權益證券有關。

Currency exchange rate losses in the quarter exceeded $20 million, as the dollar weakened against the euro, sing dollar, and yen.

由於美元兌歐元、新加坡元和日元走弱，本季度的貨幣匯率損失超過 2,000 萬美元。

The first quarter ended with nearly $1.6 billion of cash on the balance sheet which includes the cash flow from operating activities of $326 million in the first quarter.

第一季度結束時資產負債表上有近 16 億美元的現金，其中包括第一季度 3.26 億美元的經營活動現金流。

We continue to generate positive free cash flow yielding $215 million in the quarter.

我們繼續產生正的自由現金流，在本季度產生了 2.15 億美元。

Operating cash flow was adversely affected by an increase in the quarter end balance of accounts receivable, which was partly due to the higher level of sales in the first quarter, and partly due to a greater mix of sales to contract OEM customers as increasing demand from OEM customers is taking a greater percentage of our available production.

營業現金流受到應收賬款季度末餘額增加的不利影響，部分原因是第一季度的銷售水平較高，部分原因是合同 OEM 客戶的銷售組合增加，因為來自OEM 客戶在我們的可用產品中所佔的比例更大。

Sales terms to our OEM customers are generally slightly longer than terms for our other channel customers.

對我們的 OEM 客戶的銷售條款通常略長於我們對其他渠道客戶的條款。

This led to an increase in our days sales outstanding compared to the previous quarter, although it is still within our regular operating range.

與上一季度相比，這導致我們的天銷售額有所增加，儘管它仍在我們的正常運營範圍內。

Despite significant production increases, inventory increased only 5% in the first quarter compared to the prior year-end, mostly in finished goods.

儘管產量大幅增加，但與去年年底相比，第一季度庫存僅增加了 5%，主要是製成品。

The net effects of inventory write-downs did not have a significant impact on the margins in the first quarter, and the remaining effect of previous write-downs on ending inventory balances as of the end of the first quarter is not significant.

存貨減記的淨效應對第一季度的利潤率沒有顯著影響，而此前減記對截至第一季度末的期末存貨餘額的剩餘影響也不顯著。

With respect to our consolidated joint ventures, distributions were made to JV partners of approximately $88 million in the first quarter, which consisted of distributions from IM Flash to Intel.

關於我們合併的合資企業，第一季度向合資夥伴分配了約 8800 萬美元，其中包括從 IM Flash 到英特爾的分配。

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

有了這個，我將在這里關閉並將評論交給馬克亞當斯。

Mark?

標記？

Thanks, Ron.

謝謝，羅恩。

I had mentioned in our last call that demand signals from our key customers appeared strong going into the holiday season, and that is indeed what we experienced in our fiscal Q1.

我在上次電話會議中提到，我們主要客戶的需求信號在假期期間似乎很強勁，這確實是我們在第一財季所經歷的。

For our third consecutive quarter, we experienced a strong increase in bit shipments in both our DRAM and NAND businesses.

在我們連續第三個季度，我們的 DRAM 和 NAND 業務的位出貨量都出現了強勁增長。

The bit shipment increase was driven by continued demand improvement across most of our key markets, including computing, specialty DRAM, and the consumer markets.

比特出貨量的增長是由我們大多數主要市場的需求持續改善推動的，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 improvement in both segments.

除了 DRAM 和 NAND 的位出貨量增長外，我們還看到這兩個領域的 ASP 均有所改善。

While the end of the holiday season is historically a time where demand can ease due to seasonality, demand for Micron product remains strong as we enter calendar year 2010.

雖然從歷史上看，假期結束是季節性需求可以緩解的時期，但隨著我們進入 2010 日曆年，對美光產品的需求仍然強勁。

Revenue from our personal computing business, which includes desktop computing, notebooks, and netbooks, was up over 80% due to a strong price environment and a substantial increase in bit production coming from Inotera.

由於強勁的價格環境和來自 Inotera 的比特生產大幅增加，我們的個人計算業務（包括桌面計算、筆記本電腦和上網本）的收入增長了 80% 以上。

Rounding out the core DRAM markets, we saw continued growth in our server business with revenue up over 25% quarter over quarter.

圍繞核心 DRAM 市場，我們看到我們的服務器業務持續增長，收入環比增長超過 25%。

Our networking and storage business achieved roughly 30% growth increase in bits shipped and remained a strong market for Micron's specialty DRAM products.

我們的網絡和存儲業務實現了大約 30% 的出貨量增長，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 remains robust as we continue to face allocation challenges on numerous design IDs to support our strategic customers.

總而言之，隨著我們繼續面臨眾多設計 ID 的分配挑戰，以支持我們的戰略客戶，對美光 DRAM 產品的需求依然強勁。

We continue to see a shift towards DDR3 memory in Q1.

我們繼續看到第一季度轉向 DDR3 內存。

Bit shipments of DDR3 product increased approximately 60% quarter over quarter, and this was after Q4 where we experienced strong growth.

DDR3 產品的位出貨量環比增長約 60%，這是在第四季度之後我們經歷了強勁增長。

DDR3 represented 40% of core DRAM bit shipments in Q1.

DDR3 佔第一季度核心 DRAM 位出貨量的 40%。

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

美光在 DDR3 方面的技術和成本領先地位使我們處於獨特的競爭地位，可以利用來自 PC 和服務器相關客戶的 DDR3 需求增長。

In addition to the growth at DDR3, DDR2 also grew in bit shipment and revenue during our first quarter.

除了 DDR3 的增長，DDR2 在我們第一季度的位出貨量和收入也有所增長。

Our mobile business continues to achieve impressive growth with revenue up over 60% in the quarter.

我們的移動業務繼續實現令人矚目的增長，本季度收入增長超過 60%。

We feel Micron's broad product portfolio, products aimed at the mobile segment, including mobile low-powered DRAM, MCPs, PSRAM products, EMC NAND-based technology and mobile memory cards remains a competitive differentiator as we look to expand customer (inaudible) in the segment.

我們認為美光廣泛的產品組合和針對移動領域的產品，包括移動低功耗 DRAM、MCP、PSRAM 產品、基於 EMC NAND 的技術和移動存儲卡，仍然是一個競爭優勢，因為我們希望在該領域擴大客戶（聽不清）部分。

From a pricing perspective, ASPs for our DRAM business were up significantly despite the mix shift driven by the commodity DDR2 product from Inotera, which has a lower ASP versus our portfolio average.

從定價的角度來看，儘管 Inotera 的商品 DDR2 產品推動了組合轉變，但我們 DRAM 業務的 ASP 顯著上升，其 ASP 低於我們的投資組合平均水平。

We saw our OEM contract price follow the spot market trends from our Q4, which helped continue the upward trend in Q1 ASPs.

我們看到我們的 OEM 合同價格跟隨我們第四季度的現貨市場趨勢，這有助於繼續第一季度平均售價的上升趨勢。

We are seeing a strong demand in price support from where we left Q1, with prices up 5% quarter to date versus the average of Q1.

從我們離開第一季度的地方，我們看到對價格支撐的強勁需求，與第一季度的平均水平相比，本季度迄今為止價格上漲了 5%。

While there is some precedent from the past for seasonal drop in DRAM prices in our Q2, we are encouraged by the strong demand and stable pricing we have seen so far this quarter.

雖然過去有一些 DRAM 價格在第二季度季節性下降的先例，但我們對本季度迄今為止看到的強勁需求和穩定的定價感到鼓舞。

Demand from Micron's flash memory products remains strong as well.

美光閃存產品的需求也依然強勁。

In Q1, nearly all of our NAND product shipments were based on our industry-leading 34-nanometer technology.

在第一季度，我們幾乎所有的 NAND 產品出貨量都基於我們行業領先的 34 納米技術。

We feel this technology provides a strong cost advantage, and thus allowed our NAND business to continue making strong contributions to our operating results.

我們認為這項技術提供了強大的成本優勢，從而使我們的 NAND 業務能夠繼續為我們的經營業績做出巨大貢獻。

It is also worthy to note that Micron launched our RealSSD C300 product, which represents the highest performance drive in its class on the market.

還值得注意的是，美光推出了我們的 RealSSD C300 產品，它代表了市場上同類產品中性能最高的驅動器。

This allowed to us cultivate additional design wins, setting us up for a strong year in 2010 for our SSD business.

這讓我們贏得了更多的設計勝利，為我們的 SSD 業務在 2010 年創造了強勁的一年。

We continue to be pleased with our retail business, which includes the Lexar branded flash memory products, the Crucial aftermarket DRAM module upgrades, and our award-winning Crucial.com e-commerce business.

我們繼續對我們的零售業務感到滿意，其中包括 Lexar 品牌的閃存產品、Crucial 售後市場 DRAM 模塊升級以及我們屢獲殊榮的 Crucial.com 電子商務業務。

The price environment in the DRAM and NAND component markets has led to more stable pricing in the consumer end user segment.

DRAM 和 NAND 組件市場的價格環境導致消費者終端用戶領域的定價更加穩定。

These combined market conditions have helped the retail business at Micron continue to make positive contributions in our first quarter.

這些綜合市場條件幫助美光的零售業務在第一季度繼續做出積極貢獻。

Overall we continue to see a relatively strong retail sector through the holiday season.

總體而言，我們繼續看到整個假期期間零售業相對強勁。

Retailers were prudent in their inventory management coming out of last year's challenging conditions.

零售商在去年充滿挑戰的情況下進行了謹慎的庫存管理。

In addition, we are seeing improved sell-through year over year, and that's remained bullish heading into the new calendar year.

此外，我們看到銷售量同比有所改善，進入新日曆年仍然看漲。

Trade component pricing for NAND memory increased in Q1.

第一季度 NAND 內存的貿易組件價格上漲。

Coming off an increasing ASP market through most of 2009 in NAND, we managed to drive quarter over quarter NAND ASPs up 14% in Q1 by sales of most of our product to key OEM customers.

在 2009 年的大部分時間裡，NAND 的 ASP 市場不斷增長，我們通過向主要 OEM 客戶銷售我們的大部分產品，成功推動第一季度 NAND ASP 的季度環比增長 14%。

Although quarter to date we've seen NAND ASPs down roughly 10%, this is well within our expectations given the consumer driven seasonality of flash memory.

儘管到目前為止，我們看到 NAND ASP 下降了大約 10%，但鑑於消費者驅動的閃存的季節性，這完全符合我們的預期。

We continue to see the market migrate to higher density chips and we feel bit consumption will continue to grow throughout 2010.

我們繼續看到市場轉向更高密度的芯片，我們認為比特消費將在整個 2010 年繼續增長。

It's amazing to think in that in 2010, some smartphones are projected to ship with 64 gigabytes of NAND flash, which is roughly the same size of a hard drive in a notebook computer within the last 24 months.

令人驚奇的是，在 2010 年，一些智能手機預計將配備 64 GB 的 NAND 閃存，這與過去 24 個月內筆記本電腦中的硬盤大小大致相同。

We remain optimistic that market segments such as mobile, netbooks, and SSDs will continue to drive strong bit consumption, and that the NAND market will be in balance during the course of 2010.

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 NAND 市場將在 2010 年期間保持平衡。

As we close the calendar year 2009, we remain encouraged by the strong demand from all of our customers.

隨著 2009 日曆年的結束，我們仍然對所有客戶的強勁需求感到鼓舞。

Inventory in our hubs and distribution channels remain very tight.

我們的樞紐和分銷渠道的庫存仍然非常緊張。

We have mentioned on our recent calls that we felt the reduction in capital expenditures that we saw in 2009 will lead to more stability in our business.

我們在最近的電話會議中提到，我們認為 2009 年資本支出的減少將使我們的業務更加穩定。

As we enter calendar year 2010, we are optimistic that these favorable market conditions will continue.

隨著我們進入 2010 日曆年，我們樂觀地認為這些有利的市場條件將持續下去。

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。

We will now take questions from callers.

我們現在將回答來電者的問題。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

Your first question is from the line of Gary Hsueh with Oppenheimer.

您的第一個問題來自 Gary Hsueh 和 Oppenheimer。

Thank you so much for taking my question.

非常感謝你接受我的問題。

It seems like you still got some pretty good headroom and execution on the DRAM side, specifically with Inotera.

看起來你在 DRAM 方面仍然有一些相當不錯的空間和執行，特別是在 Inotera 方面。

But it sounds like you're near-term constrained in terms of your capacity, particularly at 34-nanometer for NAND.

但聽起來你的容量近期會受到限制，特別是 NAND 的 34 納米。

So could you just help me out, explain what the capacity is, or the strategy for capacity growth in NAND is at 34 nanometer this fiscal year, and whether or not you plan to revisit, or where you are in terms of revisiting your capex budget plans for 2010; where you are in terms of revisiting your decision about IMFS in Singapore?

所以你能不能幫我解釋一下容量是什麼，或者本財年 NAND 容量增長的戰略是 34 納米，以及你是否計劃重新審視，或者你在重新審視資本支出預算方面處於什麼位置2010年計劃；您在新加坡重新審視有關 IMFS 的決定方面處於什麼階段？

Sure, this is Mark.

當然，這是馬克。

First of all, on the 34-nanometer front, we continue to finetune our operations as always to optimize and eek out a slightly better capital asset utilization.

首先，在 34 納米方面，我們將一如既往地繼續微調我們的運營，以優化和尋求稍微更好的資本資產利用率。

But really the story for us in 2010 at this point is the transition to the 2x node, which as you're aware we've been saying for some time will occur throughout the year.

但對於我們來說，2010 年的真正故事是向 2x 節點的過渡，正如您所知，我們已經說過一段時間將在全年發生。

So that should drive it, it's a pretty significant shrink.

所以這應該會推動它，這是一個非常顯著的收縮。

We're not in position to say exactly how big that is yet.

我們還不能確切地說它有多大。

But we soon will be sampling, and you will have access to that information, but it's a pretty significant shrink for us and should drive some pretty significant bit growth.

但是我們很快就會進行採樣，您將可以訪問該信息，但這對我們來說是一個非常顯著的縮減，應該會推動一些非常顯著的增長。

Beyond that obviously we're looking at lots of different alternatives as to how we might add additional square inches of silicon on a go-forward basis, but we're not really in a position to talk about exactly where or when that might occur at this point.

除此之外，顯然我們正在尋找許多不同的替代方案，以了解我們如何在前進的基礎上增加額外的平方英寸矽片，但我們並不能確切地談論可能發生的地點或時間這點。

Okay -- just a quick follow-up here, and Ron a question for you -- if you could help me understand some of the break points or how you calculate the $0.23 number.

好的——這裡只是一個快速的跟進，羅恩問你一個問題——如果你能幫助我理解一些斷點或你如何計算 0.23 美元的數字。

Obviously if I take $204 million in terms of net income and divide by 1 billion shares outstanding, I don't quite get -- I don't get $0.23.

顯然，如果我以 2.04 億美元的淨收入除以 10 億股流通股，我就不太得到——我沒有得到 0.23 美元。

I get $0.20.

我得到 0.20 美元。

So is there anything you can help me in terms of modeling, on -- as converted basis on getting to that number, and how I should model that going forward?

那麼，在建模方面，您有什麼可以幫助我的嗎？在獲得該數字的轉換基礎上，以及我應該如何建模？

Sure, Gary.

當然，加里。

First of all, we have to take the most diluted calculation in computing our EPS, so the effect you see here is you can get to it by adding back the interest expense on the converts into net income.

首先，我們必須在計算每股收益時採用最稀釋的計算，所以您在這裡看到的效果是您可以通過將轉換後的利息費用加回淨收入來得到它。

And then dividing by the weighted average shares, including the convert shares, which shows in your share divisor at the 1 billion share count.

然後除以加權平均股份，包括轉換股份，這顯示在您的股份除數中的 10 億股數。

So that is how you get to the EPS number.

這就是您獲得EPS編號的方式。

We compute both with conversion, as if diluted, and without conversion, to see which one has the most dilutive effect, and that's the EPS number that we're required to report by GAAP accounting.

我們計算兩者的轉換，就好像稀釋了，沒有轉換，看看哪一個具有最大的稀釋效應，這就是我們需要按照 GAAP 會計報告的每股收益數字。

So to give you a little bit more specific perspective on how it works -- if you take our $1.3 billion convert, it will convert -- and an as-if converted accounting basis of about $190 million of net income.

因此，為了讓你更具體地了解它是如何運作的——如果你接受我們 13 億美元的轉換，它就會轉換——以及大約 1.9 億美元淨收入的假設轉換會計基礎。

So since we're over $190 million, the share count, which was 91 million shares, goes into our diluted shares, and there's $19 million of interest income that gets added back to the net income line, and that's how you get to the EPS number on that particular convert.

因此，由於我們的資產超過 1.9 億美元，因此 9100 萬股的股份數量進入了我們的攤薄股份，還有 1900 萬美元的利息收入被添加回淨收入線，這就是您獲得每股收益的方式該特定轉換的數字。

You have to go through each one to come up with the math.

你必須通過每一個來得出數學。

But that's the approach.

但這就是方法。

That's really helpful, thank you.

這真的很有幫助，謝謝。

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

您的下一個問題來自 Daniel Amir 與 Lazard 的對話。

Thank you, and congratulations on the good quarter.

謝謝你，並祝賀你的好季度。

A couple of questions.

幾個問題。

In terms of your DRAM, can you provide kind of the mix between core and non-core mix in the past quarter, and where do you see that tracking into next year?

就您的 DRAM 而言，您能否提供上一季度核心和非核心混合之間的混合情況，您認為明年的情況如何？

Sure, this is Kipp.

當然，這是基普。

In terms of core DRAM, in fiscal Q1 it was about 45% of revenue; specialty DRAM was around 13%; and total NAND was around 33%.

核心DRAM方面，第一財季約佔收入的45%；專用 DRAM 約為 13%； NAND總量約為33%。

Of course that adds up to about 98%, and the other 2% is captured in the royalty line.

當然，加起來大約 98%，另外 2% 是在版稅線中。

I'm going to stay away, I think, from giving you any guidance on predicting where those go, because as you know, there's so much of it related to the ASP changes.

我認為，我不會為您提供任何有關預測它們去向的指導，因為如您所知，其中有很多與 ASP 變化有關。

Right.

正確的。

So maybe a follow-up question to that.

所以也許是一個後續問題。

Where do you see the state of the DRAM industry right now, after a year that started very challenging, talked about consolidation, never consolidated really in Taiwan?

在開始非常具有挑戰性的一年，談到整合，台灣從未真正整合過之後，您現在如何看待 DRAM 行業的狀況？

But where do we go into next year and how do you see the PC market playing a role in the DRAM industry?

但是明年我們將走向何方，您如何看待 PC 市場在 DRAM 行業中發揮的作用？

This is Steve.

這是史蒂夫。

With respect to the state of the suppliers, we ended the year obviously in a pretty difficult situation.

關於供應商的狀況，我們在今年結束時顯然處於相當困難的境地。

And subsequently, I would say probably within the 60 to 90 days of entering 2009, about a third of the world capacity came offline.

隨後，我會說可能在進入 2009 年的 60 到 90 天內，全球約有三分之一的產能下線。

Some of it, as you know, never came back online, ie [Kimona] had filed bankruptcy and that was essentially liquidated, and most of those assets are gone, or they're either not in production or never will be now, or, as you know, if you read the media, TI basically bought all the usable 300 millimeter from the US facility and is now using that in some of the capacity.

如您所知，其中一些從未重新上線，即 [Kimona] 已申請破產，基本上已被清算，其中大部分資產已經消失，或者它們要么不生產，要么現在永遠不會生產，或者，如您所知，如果您閱讀媒體，TI 基本上從美國工廠購買了所有可用的 300 毫米，現在正在使用其中的一些容量。

So, that never came back on, and if you've been following Taiwan, I think all of the capacity, at this point in time, the best we can tell, all the capacity that could have come back online is back online.

所以，這種情況再也沒有出現，如果你一直在關注台灣，我認為所有的容量，在這個時間點，我們能說的最好的，所有可能恢復在線的容量都恢復了。

And those that have access to financing or funds, are essentially just marching down a path of upgrading their technology.

而那些能夠獲得融資或資金的人，基本上只是在走一條升級技術的道路。

And there's really, I would say Samsung and Micron are probably in the best position both DRAM and NAND, and then the others are all trying to figure out how to do that, but as you know, most of them have a lot of debt they're also facing and trying to grapple with.

真的，我想說三星和美光可能在 DRAM 和 NAND 上都處於最佳位置，然後其他人都在想辦法做到這一點，但正如你所知，他們中的大多數人都有很多債務，他們'也面臨並試圖與之搏鬥。

It was interesting, I was last week talking with one of the CEOs in the equipment business.

有趣的是，我上週與設備業務的一位 CEO 交談。

And I didn't know the statistic, but if what he said was true, it's the first time it's ever happened, at least since I started in this business, and that is that as of this moment, there are no new fabs under construction for the memory business.

而且我不知道統計數據，但如果他說的是真的，這是有史以來第一次發生這種情況，至少自從我開始從事這項業務以來，那就是截至目前，沒有新的晶圓廠在建對於內存業務。

None.

沒有任何。

None that we know of.

我們所知道的都沒有。

And there are fabs that have been constructed.

並且已經建造了一些晶圓廠。

Obviously Micron has the Singapore one, and we're optimizing the Inotera operation, and so forth.

顯然，美光擁有新加坡的，我們正在優化 Inotera 的運營，等等。

So clearly there are companies that are going to optimize the facilities that they already have, but I found it interesting that there are just no new fabs under construction in the memory business, and that's the first time I can ever remember that being the case since I entered the business 27 years ago.

很明顯，有些公司將優化他們已經擁有的設施，但我發現有趣的是，內存業務中沒有新的晶圓廠在建，這是我第一次記得自從我在 27 年前進入這個行業。

So what happens in 2010 is always depending on what happens in the broader economy.

因此，2010 年發生的事情總是取決於更廣泛的經濟中發生的事情。

I would tell you I think some of the success that we're experiencing now, which is either due to our own competitiveness or due to a lack of supply in the marketplace, it's one of those two things.

我會告訴你，我認為我們現在正在經歷的一些成功，要么是由於我們自身的競爭力，要么是由於市場供應不足，這是這兩件事之一。

It's not really because the demand is so great, everything's on fire and the economy is recovered, because I think most people know that's just simply not the case.

這並不是因為需求如此之大，一切都在燃燒，經濟正在復蘇，因為我認為大多數人都知道事實並非如此。

To the extent that we actually do get an economic environment that starts to recover, those will be very favorable circumstances for the memory industry.

如果我們確實得到了一個開始復甦的經濟環境，那麼這對內存行業來說將是非常有利的環境。

And then with respect to how much the PC is going to play a role going forward, I am going to turn that back over to Mark Adams and let him comment.

然後關於 PC 將在未來發揮多大作用，我將把它交給馬克亞當斯，讓他發表評論。

Thanks, Steve.

謝謝，史蒂夫。

I think we -- from the PC, and even from the server sector, what we're seeing is continued upside on the commercial enterprise markets, continued investment on the infrastructure side, which has been very strong and one we want to continue to take advantage of from a portfolio mix.

我認為我們——從個人電腦，甚至從服務器領域來看，我們看到的是商業企業市場的持續上漲，基礎設施方面的持續投資，這是非常強勁的，我們希望繼續採取投資組合的優勢。

On the desktop notebook side of the house, things look a little bit better coming out of December than we might have projected.

在房子的台式筆記本電腦方面，12 月份的情況看起來比我們預期的要好一些。

I think a lot of that has to do with companies putting off purchases they're no longer putting off and they're investing in that application as well.

我認為這在很大程度上與公司推遲購買他們不再推遲並且他們也在對該應用程序進行投資有關。

So in computing overall, pretty favorable, and we are seeing even a slightly increased density per box which is helping on the demand curve as well.

因此，在整體計算方面，非常有利，我們甚至看到每箱的密度略有增加，這也有助於需求曲線。

Great, thanks a lot.

太好了，非常感謝。

Your next question is from the line of Daniel Berenbaum with Auriga USA.

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

Hi, good afternoon.

你好，下午好。

This is Jie Liu for Daniel.

這是丹尼爾的劉傑。

I've got two questions.

我有兩個問題。

First, what is the maximum supply growth that you think is possible for 2010 for DRAM?

首先，您認為 2010 年 DRAM 的最大供應增長是多少？

The ranges we've seen for DRAM are out there anywhere -- it's a wide range, about 30% on the low end to about 50% on the high end.

我們看到的 DRAM 範圍無處不在——範圍很廣，低端約為 30%，高端約為 50%。

So you think that 40% is more the likely case?

所以你認為40%的可能性更大嗎？

Probably.

大概。

As you know and we've been chatting about, a lot of that just depends on how successful each company is at executing the shrink strategy.

如您所知，我們一直在談論，這在很大程度上取決於每家公司在執行收縮戰略方面的成功程度。

Okay.

好的。

My follow-on question is your use of cash.

我的後續問題是您對現金的使用。

As you generate tons of cash, are you thinking about acquisitions again?

當您產生大量現金時，您是否再次考慮收購？

Well, I think that clearly we want to be pretty flexible in terms of how we think about what additional consolidation can happen in the memory business.

好吧，我認為顯然我們希望在如何考慮內存業務中可能發生的額外整合方面非常靈活。

We -- I think could you expect us to be fairly conservative.

我們——我想你能指望我們相當保守嗎？

As you might imagine, a lot of companies will be going into 2010.

正如您可能想像的那樣，許多公司將進入 2010 年。

We leveraged our balance sheet a little bit in the last year or two, and we're still looking at how much do we want to de-leverage that.

在過去的一兩年裡，我們稍微利用了我們的資產負債表，我們仍在研究我們想在多大程度上去槓桿化。

In addition, as you already noted, we have some facilities that are capable of taking additional equipment for more capacity, and we're also, of course, looking at that.

此外，正如您已經指出的那樣，我們有一些設施能夠使用額外的設備來增加容量，當然，我們也在考慮這一點。

And then on the M&A front, we still think there's some opportunity out there.

然後在併購方面，我們仍然認為那裡有一些機會。

So I would say that we're going to keep some of our powder dry at this point as we look at these various alternatives.

所以我想說，當我們研究這些不同的替代品時，我們將在這一點上保持一些粉末乾燥。

But clearly we think we'll be moving forward from a position of strength and being able to take advantage of any of the directions we want to go.

但很明顯，我們認為我們將從一個有實力的位置向前邁進，並能夠利用我們想要去的任何方向。

But we think, as you know, we think we're in a pretty good position in terms of our cash generation moving forward.

但我們認為，如您所知，我們認為我們在現金產生方面處於非常有利的位置。

Great, thank you.

太好了謝謝。

Your next question is from the line of Tim Luke with Barclays Capital.

您的下一個問題來自巴克萊資本的 Tim Luke。

Thanks so much.

非常感謝。

I was wondering if you might have been able to give a comment on how you've seen inventory, either in the OEM or in the channel broadly, coming out of the quarter.

我想知道您是否能夠就本季度的庫存情況發表評論，無論是在 OEM 中還是在廣泛的渠道中。

Maybe wondering also if you might have been able to provide some color on how you see NAND growth for the period 2010.

也許還想知道您是否能夠提供一些關於您如何看待 2010 年期間 NAND 增長的顏色。

Thank you.

謝謝你。

This is Mark Adams.

這是馬克亞當斯。

I will take the inventory question.

我會回答庫存問題。

Openly, things are still very tight, both on the OEM side as best we can see and our channel, and as I mentioned in earlier comments, in our hubs, really across the board and all applications.

公開地，事情仍然非常緊張，無論是在 OEM 方面，我們都可以看到，我們的渠道，正如我在之前的評論中提到的，在我們的中心，真正全面和所有應用程序。

We're trying to do our best to meet key customer needs, but it's -- I think a lot of that is driven -- as Steve said the demand is pretty good but not staggering upside in demand.

我們正在盡最大努力滿足關鍵客戶的需求，但這是——我認為這在很大程度上是受驅動的——正如史蒂夫所說，需求相當不錯，但需求並沒有驚人的上升空間。

What we see is just a lot more prudent management coming out of last year's downturn, and the inventory levels being appropriate for the time, and coming out of the holidays we're pretty tight going into calendar year 2010.

我們所看到的只是去年的低迷時期出現了更加謹慎的管理，並且庫存水平適合當時的情況，而假期結束後，我們進入 2010 日曆年的情況非常緊張。

Tim, this is Kipp.

蒂姆，這是基普。

On the supply side we're seeing estimates in the neighborhood of 80% to 90% supply bit growth in 2010 over 2009.

在供應方面，我們預計 2010 年的供應量將比 2009 年增長 80% 到 90%。

How should we think about, Kipp, how you approach your bit growth going forward?

我們應該如何思考，Kipp，你如何處理未來的比特增長？

What are a couple of different elements that come in for your consideration?

您需要考慮哪些不同的元素？

Lastly, if I could, Kipp, just squeeze in a last question -- you had a very significant improvement in your gross margin.

最後，如果可以的話，Kipp，請回答最後一個問題——你的毛利率有了非常顯著的提高。

What are some of the key variables in that going forward?.

未來的一些關鍵變量是什麼？

This is Mark, let me cover the NAND capacity first.

我是 Mark，讓我先介紹一下 NAND 容量。

As I already alluded to, we'll see it through slightly more silicon in our existing fabs, a significant technology migration to 2x node, which I think for Micron, those two combined would drive less than the overall 80% to 90%.

正如我已經提到的那樣，我們將在現有晶圓廠中通過更多的矽片看到它，這是向 2x 節點的重大技術遷移，我認為對於美光來說，這兩者加起來將推動不到 80% 到 90% 的整體。

And it will be a little lumpy throughout the year depending on how it goes.

根據情況，全年都會有點不穩定。

Relative to any new silicon, that would be 2011 it would be released.

相對於任何新的矽，它會在 2011 年發布。

Thank you.

謝謝你。

And this is Ron on your gross margin question.

這是關於毛利率問題的羅恩。

Obviously, as I commented, the ASPs had significant effect in the quarter, and pretty broadly across the board in all segments of our business.

顯然，正如我所評論的，ASP 在本季度產生了重大影響，並且在我們業務的所有領域都非常廣泛。

I commented last quarter that we were in the black on gross margin in both DRAM and NAND, and obviously we're substantially better on both scores as we report this quarter.

我在上個季度評論說，我們在 DRAM 和 NAND 的毛利率上都是黑色的，顯然我們在本季度報告的這兩個分數上都要好得多。

We also had idle charges, for example, last quarter in our cost of sales, and those are effectively zero this quarter as we're taking our full production assignment from Inotera, and also working on the technology transition as we go through this fiscal year to get them up on our stack technology.

例如，我們在上個季度的銷售成本中也有閒置費用，而本季度這些費用實際上為零，因為我們正在從 Inotera 承擔我們的全部生產任務，並且在我們度過本財年的過程中還致力於技術轉型讓他們了解我們的堆棧技術。

But in the meantime we're taking all the trench supply and doing well with that in the market as well.

但與此同時，我們正在接受所有的溝槽供應，並且在市場上也做得很好。

So all of those contributed to the margin story.

因此，所有這些都促成了利潤故事。

Thank you.

謝謝你。

Good luck.

祝你好運。

Thank you.

謝謝你。

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

您的下一個問題來自高盛集團的 Jim Covello。

Good afternoon, guys.

下午好，伙計們。

Thanks so much for taking the question.

非常感謝您提出這個問題。

I guess first question is a little bit around the content per box issue.

我想第一個問題是關於每個盒子的內容問題。

You touched on it, that you were seeing some good trends.

你談到了它，你看到了一些好的趨勢。

But maybe particularly around some better than expected adoption of 64-bit Windows 7 systems, if you could talk about what you see there, currently and then in 2010.

但也許特別是在 64 位 Windows 7 系統的採用情況好於預期的情況下，如果你能談談你在當前和 2010 年看到的情況。

Sure, Jim, this is Mark Adams.

當然，吉姆，這是馬克亞當斯。

On the desktop, notebook, and netbook arena, the overall PC landscape, we've seen continued increased megabyte per system there.

在台式機、筆記本電腦和上網本領域，即整個 PC 領域，我們已經看到每個系統的兆字節數持續增加。

Obviously netbook drags that down, or it would even be a lot more impressive.

顯然上網本拖累了這一點，或者它甚至會更令人印象深刻。

But if you go back in terms of overall 2009, we didn't quite break through the 2.7 range, 2.8 range.

但如果你回顧 2009 年的整體情況，我們並沒有完全突破 2.7 範圍、2.8 範圍。

And as we go into our first quarter, we're anticipating that to be well over 3 megabytes per system for both desktop and notebook.

當我們進入第一季度時，我們預計台式機和筆記本電腦的每個系統將超過 3 兆字節。

You can see that both at the corporate level and even if you do your retail checks, you can see the advertisements of 4 megabyte systems at pretty good ASPs on the desktop level.

您可以在公司級別看到，即使您進行零售檢查，您也可以在桌面級別以相當不錯的 ASP 看到 4 兆字節系統的廣告。

The notebooks -- the netbook piece will still kind of drive itself to be a low density offering.

筆記本電腦——上網本仍然會推動自身成為低密度產品。

So all in all, pretty favorable, certainly better, I think, than the projections were about six to 12 months back.

所以總而言之，非常有利，我認為肯定比大約 6 到 12 個月前的預測要好。

And so, even though really kind of the theoretical limit of what you could use in a traditional notebook or desktop is kind of in that 3.2 to 3.4 range, you're still seeing people go to 4.

因此，即使您可以在傳統筆記本電腦或台式機中使用的真正理論上的限制在 3.2 到 3.4 的範圍內，您仍然會看到人們使用 4。

And I guess again if you could talk a little bit about the 64-bit operating system adoption, and when you think that could -- how you see that right now, where you could see that going and what that could mean for DRAM content looking forward.

我再次猜想，如果你能談談 64 位操作系統的採用，當你認為可以 - 你現在如何看待它，你可以在哪裡看到它以及這對 DRAM 內容的外觀意味著什麼向前。

Well certainly I think this is the first Christmas that we're seeing those results.

當然，我認為這是我們看到這些結果的第一個聖誕節。

I'm not sure I have all the data, but the adoption right now is pretty strong, so we feel really good about that.

我不確定我是否擁有所有數據，但現在的採用率非常高，所以我們對此感覺非常好。

I was taking your original question in terms of the context of where we got to date.

我是根據我們迄今為止的情況來回答你最初的問題。

We still feel pretty good about that.

我們對此仍然感覺很好。

The adoption, both at the corporate level and even in the consumer level, the incentive here on the supply side, the OEM side, namely Microsoft and desktop vendors is to drive that increasingly.

無論是在企業層面，還是在消費者層面，供應方、OEM 方（即微軟和台式機供應商）的激勵措施都將越來越多地推動這一點。

So we feel pretty good about it, but we've already got some headway going into that.

所以我們對此感覺很好，但我們已經在這方面取得了一些進展。

We think overall it's going to be very positive for us in 2010.

我們認為總體而言，這對我們 2010 年將是非常積極的。

Then maybe final question for me, is the incentive for the OEMs to adopt 64-bit systems or for customers to be buying 64-bit systems right now sort of future-proofing the systems?

那麼對我來說可能是最後一個問題，OEM 採用 64 位系統或客戶現在購買 64 位系統的動機是某種面向未來的系統嗎？

Because there really isn't any software written right now to take advantage of that of 64-bit.

因為現在真的沒有任何軟件可以利用 64 位的優勢。

Is that just a situation where people are thinking ahead, ultimately expecting the software to be available, or is it something else that's currently driving what is for a lot of people in the supply chain better than expected adoption of the 64-bit at this point?

這只是人們提前思考，最終期望軟件可用的情況，還是目前正在推動供應鏈中許多人比預期採用 64 位更好的其他東西?

I think the future proof argument holds a lot of water.

我認為未來證明論點站得住腳。

I would also suggest that from a channel perspective, when people are upgrading their desktop and notebook purchase in their next generation for a full system, when I look at the behavior there, they're certainly looking to add value in the channel side of that business to upsell customers, and the people -- the consumer making the decision is cognizant to make that buy at a pretty significant discount at time of purchase versus to have to go back and do that downstream.

我還建議從渠道的角度來看，當人們在下一代升級他們的台式機和筆記本電腦以獲得完整系統時，當我查看那裡的行為時，他們肯定希望在渠道方面增加價值向客戶追加銷售的企業，以及人們——做出決定的消費者意識到在購買時以相當大的折扣進行購買，而不是不得不返回並在下游進行。

Makes sense.

說得通。

Thank you so much.

太感謝了。

It's very helpful.

這很有幫助。

I appreciate it.

我很感激。

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

您的下一個問題來自 Uche Orji 與 UBS 的聯繫。

Can you hear me?

你能聽到我嗎？

We can hear you.

我們可以聽到你的聲音。

Can I just start by asking you about the comments you made on your server business, I think it was revenue growth of 25%?

我可以先問一下您對服務器業務的評價嗎？我認為是收入增長了 25%？

Can you just put it in context of what's driving this demand and whether it's a kind of [coverage] loss for Q4, or whether this is setting up for a fairly interesting refresh cycle for servers?

你能否把它放在推動這種需求的背景下，以及它是否是第四季度的一種[覆蓋]損失，或者這是否正在為服務器設置一個相當有趣的更新周期？

Any comments on the server demand, that would be helpful.

對服務器需求的任何評論都會有所幫助。

The best comment could I say is that we were in constraint on a number of our product segments, but I think server was the leading product in terms of our allocation positioning we're in at the Company.

我能說的最好的評論是我們在一些產品領域受到限制，但我認為服務器是我們在公司的分配定位方面的領先產品。

We've gotten multiple upside forecasts from just about everybody, so we don't think it's a tug-of-war in between share gains between customer A and customer B.

我們已經從幾乎每個人那裡得到了多個上行預測，所以我們認為這不是客戶 A 和客戶 B 之間份額收益之間的拉鋸戰。

The upside seems to be across the board in that business, and openly we could have used a lot more product to ship in the quarter, and our forecast for the foreseeable future out in Q1 and Q2 calendar year remains very strong, both in terms of density, but also in terms of just the number of raw units.

該業務的優勢似乎是全面的，公開地說，我們本可以在本季度使用更多產品來出貨，而且我們對日曆年第一季度和第二季度可預見未來的預測仍然非常強勁，無論是在密度，但也僅就原始單位的數量而言。

And it seems to me that a lot of the infrastructure dollars that the government put in place on a global basis is taking hold and where a lot of the dollars being spent both in the enterprise and networking space is driving tremendous upside versus where we might have forecasted it back in the first half 2009.

在我看來，政府在全球範圍內投入的大量基礎設施資金正在佔據一席之地，與我們可能擁有的地方相比，用於企業和網絡領域的大量資金正在推動巨大的上行空間早在 2009 年上半年預測。

Great.

偉大的。

Another question, please.

另一個問題，請。

So on your bit demand, your projection for bit supply for Micron, can you tell me how much you think your base will grow next quarter and also where you think you will come out by the end of fiscal 2011, and taking into concentration Inotera as well?

因此，關於您的位需求，您對美光的位供應的預測，您能否告訴我您認為您的基數將在下個季度增長多少，以及您認為到 2011 財年末您將在哪裡出現，並考慮到 Inotera 作為出色地？

So I'm just trying to make sure I understand how this is placed?

所以我只是想確保我理解這是如何放置的？

So if you can just help us understand how you expect to see (inaudible), and also, if you can talk about capex, the (inaudible) of your capex?

因此，如果您能幫助我們了解您希望看到的（聽不清），而且，如果您可以談論資本支出，那麼您的資本支出（聽不清）？

Is it going to be back-end loaded, or is there going to be [some bit slide] through the year?

它會被後端加載，還是會在一年中出現[一些滑動]？

Thank you.

謝謝你。

Sure.

當然。

On the production side, next quarter will be up low teens.

在生產方面，下一季度將處於低位。

And we're staying away from a full year-over-year number for now.

而且我們現在遠離全年的全年數字。

As we have stated, we have a strong growth profile.

正如我們所說，我們的增長勢頭強勁。

I think Mark has mentioned it in several conference calls, not only due to our own shrinks, but also the capacity coming on at Inotera and their shrinks as well.

我認為 Mark 在幾次電話會議中都提到了這一點，這不僅是因為我們自己的收縮，還因為 Inotera 的產能以及他們的收縮。

And in terms of capex, as Ron's mentioned before, it is back-end loaded, and I'll turn it over to him for additional details.

就資本支出而言，正如 Ron 之前提到的，它是後端加載的，我將把它交給他以獲取更多詳細信息。

As we previously said, our guidance for the year is $750 million, $850 million.

正如我們之前所說，我們今年的指導是 7.5 億美元，8.5 億美元。

We spent about $111 million in the first quarter, so it's heavily back-end loaded.

我們在第一季度花費了大約 1.11 億美元，因此後端負載很重。

Of course, we'll be monitoring our technology transitions and timing which can affect that and pull things in or out slightly in the fiscal year.

當然，我們將監控我們的技術轉換和時間安排，這可能會影響到這一點，並在本財年略微拉進或拉出。

So that's the range we're predicting.

這就是我們預測的範圍。

Just one last question.

最後一個問題。

Can you just tell me, in terms of your gross margin, for core DRAM versus NAND, if you can just tell me where the gross margins rank at the moment?

你能告訴我，就你的毛利率而言，核心 DRAM 與 NAND，如果你能告訴我目前的毛利率在哪裡？

Sure, as you know we don't break them out but we do rank them for you.

當然，如您所知，我們不會將它們分開，但我們會為您對它們進行排名。

We had a real strong quarter as has been alluded to by both Mark and Ron on specialty DRAMs.

正如 Mark 和 Ron 在特種 DRAM 上所提到的，我們有一個真正強勁的季度。

It was our number one gross margin.

這是我們第一的毛利率。

If you look at just our trade NAND, it would be number two.

如果您只看我們的貿易 NAND，它將是第二名。

Core DRAM after that, and imaging after that.

之後是核心 DRAM，之後是成像。

Of course, topping the list would be the licensing royalty category.

當然，排在首位的是許可版稅類別。

Next question is from the line of David Wong with Wells Fargo.

下一個問題來自富國銀行的 David Wong。

Thank you very much.

非常感謝。

Can you give us some idea of what your PC customers are indicating in terms of their bit requirements for their calendar March quarter?

您能否告訴我們您的 PC 客戶在 3 月日曆季度的比特需求方面表明了什麼？

Hi, this is Mark Adams.

嗨，我是馬克亞當斯。

Going back to my earlier comments.

回到我之前的評論。

We're not seeing what might be -- what's a traditional seasonal pullback in Q1.

我們沒有看到可能是什麼——第一季度傳統的季節性回調是什麼。

We're seeing continued strong demand coming out of the holiday end of year, both in the PC side and the server side, really across all of our segments.

我們看到年底假期結束後，PC 端和服務器端的需求持續強勁，實際上遍及我們所有的細分市場。

We're not seeing any pullbacks on the demand forecast going into our calendar Q1 at the end of our Q2.

我們沒有看到第二季度末進入我們日曆第一季度的需求預測有任何回調。

It seems very strong and the best we can see throughout the remainder of our quarter here.

它似乎非常強大，並且是我們在本季度剩餘時間內可以看到的最好的。

And what were your weeks of inventory for DRAM and trade NAND exiting the quarter?

退出本季度的 DRAM 和貿易 NAND 庫存週數是多少？

We're running real minimum, we're running less than a couple of weeks in both DRAM and NAND.

我們正在運行真正的最低限度，我們在 DRAM 和 NAND 中運行不到幾週。

Thanks very much.

非常感謝。

Your next question is from the line of Vijay Rakesh with Thinkequity.

您的下一個問題來自 Thinkequity 的 Vijay Rakesh。

Hi guys, good quarter.

嗨，伙計們，好季度。

Just going back on the license side.

只是回到許可證方面。

(Inaudible.) looks like they're growing bit load [70%] for 2010.

（聽不清。）看起來他們正在增加 2010 年的位負載 [70%]。

Just wonder what your license expectations were on the quarterly run rate for 2010.

只是想知道您對 2010 年季度運行率的許可期望是什麼。

This is Ron.

這是羅恩。

We had about $35 million in license revenue, as I mentioned this quarter, similar to last quarter.

正如我在本季度提到的，我們的許可收入約為 3500 萬美元，與上一季度相似。

Those are approximate trajectories as we look through the year here in terms of the payments for our node technologies to this point.

這些是我們在這一年中就我們節點技術的支付而言的大致軌跡。

But don't have any further adjustments or change to that trajectory to call out at this point.

但是此時不要對該軌跡進行任何進一步的調整或更改。

And going back to that Windows 7 comment, 64-bit.

回到那個 64 位的 Windows 7 評論。

I mean given the (inaudible) post Christmas, what (inaudible) do you think approximately of shipping with the higher density per box?

我的意思是考慮到聖誕節後的（聽不清），您認為每箱密度更高的運輸（聽不清）大約是什麼？

And if things start to work in your favor, where do think that percentage could go as you move to 2010?

如果事情開始對你有利，那麼隨著你進入 2010 年，你認為這個百分比會去哪裡？

I'll take the first part of that, then if Mark would like to jump in.

如果馬克想加入的話，我會先講第一部分。

We've seen various reports.

我們看到了各種各樣的報導。

Looks like total systems in, you're looking at about 2.7 gigabytes.

看起來像整個系統，您正在查看大約 2.7 GB。

Expectations for the year are to averages somewhere in about the 3.2 or 3.3 range.

對今年的預期平均在 3.2 或 3.3 範圍內。

Anecdotally, I can tell that you I've probably had, between the last two or three conferences, chatting with people who have bought new systems, I'm hearing ranges of 9 to 16 gigabytes per system.

有趣的是，我可以告訴您，在過去的兩到三個會議之間，我可能已經與購買新系統的人聊天，我聽到的每個系統的容量範圍為 9 到 16 GB。

Now, you guys are pretty powerful users, but there's some anecdotal information to maybe match whatever Mark is going to say here.

現在，你們是非常強大的用戶，但是有一些軼事信息可能與 Mark 在這裡要說的任何內容相匹配。

We haven't seen that demand at the per unit level, but the bit shipment demand that I suggest is pretty healthy is reflective of trend down that path.

我們還沒有看到單位水平的需求，但我認為相當健康的鑽頭出貨需求反映了這條道路上的趨勢。

We haven't seen the per unit box density being around 9 or 16 in that range yet, but we are seeing the forecast from our customers to be pretty staggering year-over-year from 2010 when we look back at 2009.

我們還沒有看到該範圍內的每箱密度大約為 9 或 16，但是當我們回顧 2009 年時，我們看到客戶的預測自 2010 年以來的同比增長相當驚人。

I think a lot of that is reflective on the desktop side at least of that growth.

我認為其中很多至少反映了桌面端的增長。

Last question, on the NAND side, what's the expectation on bit growth for 2010 for the industry and for you?

最後一個問題，在 NAND 方面，2010 年行業和您對比特增長的期望是什麼？

We're going to stay away from a Micron prediction.

我們將遠離美光的預測。

For next quarter, it's fairly flat for us.

下個季度，對我們來說相當平穩。

For the industry, we think supply is going to be up about 80% to 90%.

對於該行業，我們認為供應量將增長約 80% 至 90%。

Okay, great, thanks a lot.

好的，太好了，非常感謝。

Your next question is from the line of Kevin Cassidy with Thomas Weisel.

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

Hi, I wonder if we could change topics a little bit and talk about the RealSSD.

嗨，我想知道我們是否可以稍微改變一下話題，談談 RealSSD。

You mentioned design wins.

你提到設計獲勝。

Can you say who they are?

你能說他們是誰嗎？

Normally we don't comment on those.

通常我們不會對此發表評論。

I will tell you that with the launch, obviously we launched the products, we've been working with some key OEMs on the development ahead of our launch.

我會告訴你，隨著發布，顯然我們發布了產品，在我們發布之前，我們一直在與一些主要的 OEM 合作開發。

They're significant customers and we're very excited about the progress over the last quarter.

他們是重要的客戶，我們對上個季度的進展感到非常興奮。

Okay.

好的。

And it's mainly desktop right now, and notebook?

現在主要是台式機，還有筆記本？

Today, the current design wins that I referred to were desktop, with the announcement of our Client product, the RealSSD Client 300.

今天，我提到的當前設計勝利是台式機，以及我們的客戶端產品 RealSSD Client 300 的發布。

Okay, can you give an estimate of what percentage of revenue, or will it be significant this year?

好的，你能估計一下收入的百分比嗎，或者今年會很重要嗎？

Again, as Kipp has mentioned a few times on the call, we don't normally forecast out that far.

同樣，正如 Kipp 在電話會議中多次提到的那樣，我們通常不會預測那麼遠。

What I will tell you is that we're very pleased, and I would say the business will be ahead of our plan that we had going into the year.

我要告訴你的是，我們非常高興，而且我會說業務將領先於我們今年的計劃。

Okay, great, thank you.

好的，太好了，謝謝。

Your next question is from the line of 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 DRAM, the transition to DDR3 from DDR2, how different is it relative to other DRAM transitions in the past when you went from DDR to DDR2, and then from EDO to DDR, and so on?

回到 DRAM，從 DDR2 到 DDR3 的過渡，與過去從 DDR 到 DDR2，然後從 EDO 到 DDR 等等的其他 DRAM 過渡有什麼不同？

There seems to be some differences here.

這裡似乎有些不同。

What are the implications for the DRAM industry?

對 DRAM 行業有何影響？

It has been, I think, pretty normal overall, from what we've experienced before.

從我們之前的經歷來看，我認為總體上來說這很正常。

Obviously, the transition, depending on the application and the price points they're trying to target and so forth.

顯然，過渡取決於應用程序和他們試圖定位的價格點等等。

But we, in terms of moving forward from here, think it's going to finish out, so to speak, to be a pretty normal process over the next year.

但是，就從這裡向前邁進而言，我們認為這將在明年結束，可以這麼說，成為一個非常正常的過程。

And then from a supply perspective, there's no difference?

然後從供應的角度來看，沒有區別嗎？

Seems that a lot of the supply out there may not be capable of DDR3, and could there be more shortages in that area than history would suggest?

似乎很多供應可能不具備 DDR3 的能力，並且該領域的短缺是否會比歷史所暗示的還要多？

This is Mark Durcan.

這是馬克·杜肯。

I think you're exactly right.

我認為你完全正確。

There are a number of competitors that can't really deliver DDR3 without the 50 nanometer node.

如果沒有 50 納米節點，許多競爭對手無法真正提供 DDR3。

And as you know, that's constrained at some of those same competitors and unlikely to be assuaged.

如您所知，這在某些相同的競爭對手中受到限制，並且不太可能得到緩解。

So some of those competitors will have difficulty participating in that market.

因此，其中一些競爭對手將難以參與該市場。

Fair enough.

很公平。

Thank you.

謝謝你。

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

您的下一個問題來自德意志銀行的 Bob Gujavarty。

Thanks guys.

多謝你們。

Just a quick recap.

只是快速回顧一下。

Did you mention that the NAND cost reduction in the quarter was high single digits?

你有沒有提到本季度的 NAND 成本降低是高個位數？

Did I hear that right?

我沒聽錯嗎？

Yes.

是的。

Okay.

好的。

Just a quick point on NAND.

簡要介紹一下 NAND。

It's been a couple of quarters, you've had pretty good pricing.

已經有幾個季度了，您的定價相當不錯。

UF 50 has been a powerful motivator for NAND.

UF 50 一直是 NAND 的強大動力。

Is it encouraging that you've been able to see good demand despite the price increases, and can you talk a little bit about the trade-offs you're seeing is in your customers between price and capacity?

儘管價格上漲，您仍然能夠看到良好的需求，這是否令人鼓舞，您能否談談您看到的客戶在價格和容量之間的權衡？

This is Mark.

這是馬克。

The difference we've seen really, in the applications that traditionally have consumed a lot of NAND, while the densities went up, the street pricing held pretty much throughout the year.

我們真正看到的不同之處在於，在傳統上消耗大量 NAND 的應用程序中，雖然密度上升，但全年價格幾乎保持不變。

The normal vehicle, when you talk about distribution -- and I think you're really referring to retail versus distribution.

普通車輛，當您談論分銷時-我認為您實際上是指零售與分銷。

But the normal mechanism to enforce that is through some type of price rebate or price protection.

但執行這一點的正常機制是通過某種類型的價格回扣或價格保護。

I can tell you across the board in retail they were unable to do that, use that mechanism to manage the pricing curve.

我可以告訴你，零售業他們無法做到這一點，使用該機制來管理定價曲線。

So we actually had significant demand of the higher density, but they didn't drive pricing down.

所以我們實際上對更高密度有很大的需求，但它們並沒有降低價格。

So it wasn't very surprising to see that happen because the application stayed very strong.

因此，看到這種情況發生並不奇怪，因為該應用程序仍然非常強大。

In addition to that, when you look at some new applications online, i.e.

除此之外，當您在線查看一些新應用程序時，即

smartphones, a number of smartphones are shipping with 32 gigabytes of flash memory.

智能手機，許多智能手機都配備了 32 GB 的閃存。

There hasn't been an application like that in flash ever in existence.

從來沒有這樣的應用程序在閃存中存在。

So a combination of some real applications of MP3 and photography and USB that have been around for a while, legacy applications with the growth in things like smartphones and the evolution of the introduction of SSDs, it created a pretty robust pricing environment and demand curve.

因此，結合一些已經存在了一段時間的 MP3 和攝影和 USB 的實際應用，以及智能手機等設備的增長以及 SSD 引入的演變的遺留應用，它創造了一個相當穩健的定價環境和需求曲線。

That's a great answer, thanks Mark.

這是一個很好的答案，謝謝馬克。

Just a real quick one, what's your PC unit working assumption now for 2010?

只是一個真正的快速，你的 PC 單元現在對 2010 年的工作假設是什麼？

Just a range would be fine.

只是一個範圍就可以了。

I didn't quite catch that question.

我沒完全聽懂這個問題。

PC unit growth?

PC 單位增長？

Yes, what's your view on PC unit growth at this stage for 2010?

是的，您對 2010 年現階段個人電腦銷量的增長有何看法？

We're hearing from customers probably somewhere in the range of anywhere from 12% to 16%.

我們收到的客戶反饋可能在 12% 到 16% 之間。

Great.

偉大的。

Thanks, guys, great quarter.

謝謝，伙計們，很棒的季度。

Your next question is from the line of Bill Desmond with Titan Capital Management.

您的下一個問題來自 Titan Capital Management 的 Bill Desmond。

Thank you.

謝謝你。

We had a couple of questions.

我們有幾個問題。

First of all, the Inotera volumes, where are we at in terms of that ramp?

首先，Inotera 卷，就那個坡道而言，我們處於什麼位置？

Did we hear earlier in the call that that is now fully ramped because you don't have idle facility charges, or do you have more to go?

我們之前是否在電話會議中聽到，由於您沒有閒置設施費用，所以現在已經完全增加了，還是您還有更多工作要做？

That's the first question.

這是第一個問題。

Then the second question is, relative to your royalties, at what point do we see a step function increase?

然後第二個問題是，相對於您的版稅，我們在什麼時候看到階躍函數增加？

Because if we understand correctly, when Inotera makes the transition to your technology that could be a meaningful increase in those royalties.

因為如果我們理解正確，當 Inotera 過渡到您的技術時，可能會顯著增加這些版稅。

So, this is Mark Durcan.

所以，這是馬克·杜肯。

On the first piece, relative to capacity online, Inotera is essentially fully ramped at this point, given the fact that we have to have a certain amount of capacity offline to effectuate the transition to stack DRAM.

在第一部分，相對於在線容量，Inotera 在這一點上基本上已經完全提升，因為我們必須有一定數量的離線容量才能實現向堆棧 DRAM 的過渡。

So there's a small amount of tools that have come out of play so we can install new tools to affect the transition to 50 nanometer, and that's progressing well.

因此，有少量工具已經失效，因此我們可以安裝新工具來影響向 50 納米的過渡，並且進展順利。

Relative to the 50-nanometer transition, I think we'd probably let Inotera comment on exactly how that's going, other than to say we have a pilot line up and running and we're very satisfied with the way that transition's going.

相對於 50 納米的過渡，我認為我們可能會讓 Inotera 評論確切的進展情況，而不是說我們有一個試點生產線正在運行並且我們對過渡的方式非常滿意。

Oh, on royalties, I'll let Ron handle the royalties.

哦，關於版稅，我會讓 Ron 處理版稅。

As I mentioned earlier, right now we're getting royalties for previous technologies, and you are correct, as I previously communicated, there's a formula for future technology rollouts and payments on a revenue basis relative to that technology rollout.

正如我之前提到的，現在我們正在為以前的技術獲得特許權使用費，你是對的，正如我之前所傳達的那樣，未來技術的推出和相對於該技術推出的收入支付有一個公式。

So it'll be a function of the revenue and timing of the new technology nodes and the ramp-up as well as the revenue levels.

因此，這將取決於新技術節點的收入和時間、產量的增加以及收入水平。

Don't have any specific call-out on that.

對此沒有任何具體的呼籲。

So then, to make sure we're understanding, the way to think about this is that the Inotera volumes are essentially at the level they are going to be until the benefit from putting your stack technology in the fab is in place, at which point there will be volume growth that will come from that.

那麼，為了確保我們理解，考慮這一點的方法是，Inotera 的體積基本上處於它們將要達到的水平，直到將您的堆棧技術放入晶圓廠的好處到位，此時這將帶來銷量增長。

Concurrently, that would also then lead to an increase in your royalties, but the timing of either of those activities you're going to step aside from discussing.

同時，這也會導致您的版稅增加，但您將暫且不討論這些活動的時間安排。

Are we hearing all that right?

我們沒聽錯嗎？

Yes, those are correct assumptions.

是的，這些都是正確的假設。

We should get substantial growth from the next generation of technology as that rolls out and there is a formula related to that.

隨著下一代技術的推出，我們應該從下一代技術中獲得實質性增長，並且有一個與之相關的公式。

And then the final question, can you reconcile for us the finished goods being up and yet being on allocation?

然後是最後一個問題，您能否為我們核對已完成但仍在分配中的成品？

I think there's a piece of the puzzle we're missing.

我認為我們缺少一塊拼圖。

It's pretty easy, Bill.

這很容易，比爾。

If you look at the increase in wafer output from Inotera related to WIP and then also finished goods servicing a higher shipment level to customers.

如果您查看與 WIP 相關的 Inotera 晶圓產量的增加，以及為客戶提供更高出貨水平的成品。

Great.

偉大的。

Thank you.

謝謝你。

As a matter of fact, overall inventory was only up 5%, and there wasn't substantial growth in overall FGI, so there was some growth related to Inotera.

事實上，整體庫存僅增長了 5%，整體 FGI 並沒有大幅增長，因此有一些與 Inotera 相關的增長。

Just reinforcing what Kipp said.

只是加強基普所說的話。

Great, thank you.

太好了謝謝。

Your next question is from the line of Atif Malik with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Atif Malik。

Hi, and thanks for taking my questions.

您好，感謝您提出我的問題。

Nice quarter.

漂亮的季度。

If I look at the DRAM cost of the percentage of a PC box, somewhere around 7% to 8%, versus maybe more normal levels of 5% to 6%, do you think OEMs are in the position to transfer some of the costs from memory, also LCD pricing that's kind of inflecting to the consumer if the loading keeps on going up and pricing remains stable at these levels?

如果我看一下 PC 盒百分比的 DRAM 成本，大約在 7% 到 8% 左右，而更正常的水平可能是 5% 到 6%，你認為 OEM 是否有能力從內存，如果負載繼續上升並且價格保持在這些水平上穩定，那麼 LCD 價格也會影響消費者嗎？

Yes, I think we do.

是的，我認為我們有。

As we look at -- we just talked about earlier in the call the 64-bit phenomenon, and we looked at people who have forged on a tough 2009 in terms of PC purchases across the board in consumer and in enterprise.

正如我們所看到的——我們剛剛在前面談到了 64 位現象，我們觀察了在消費者和企業中全面購買 PC 的人在 2009 年的艱難時期。

We think that there is an opportunity for that.

我們認為這是一個機會。

We certainly don't see any behavior at this point of driving densities downward.

在這一點上，我們當然沒有看到任何降低密度的行為。

In fact, we've seen the contrary.

事實上，我們看到了相反的情況。

So at some point, we understand that dynamic would be there, but we don't think we're there yet.

所以在某些時候，我們知道動態會在那裡，但我們認為我們還沒有。

Okay.

好的。

And then question on the supply side.

然後是供應方面的問題。

There is a perception out there that the supply is bottlenecked by lithography tools.

有一種觀點認為，光刻工具的供應是瓶頸。

I just want to -- as you guys are kind of contemplating your plans on the NAND side, do you see any issues with you not getting the slots for the lithography tools if you don't make up your mind on NAND expansion right now?

我只是想 - 當你們正在考慮在 NAND 方面的計劃時，如果您現在不下定決心進行 NAND 擴展，您是否認為沒有獲得光刻工具插槽的任何問題？

We, I think, are in a pretty good position and have already been dialoguing with the suppliers over the last number of months, if you will.

我認為，我們處於非常有利的位置，並且在過去幾個月中已經與供應商進行了對話，如果您願意的話。

So I don't think it's a bottleneck, per se, for us.

所以我不認為這本身對我們來說是一個瓶頸。

I think it might be in the event that those in the industry that haven't really looked at upgrading their equipment will run into some issue there.

我認為，如果業內那些還沒有真正考慮升級他們的設備的人可能會在那裡遇到一些問題。

But I think it is in general true that lithography is the longer lead-time item of all the equipment that you would buy.

但我認為，光刻機是您將購買的所有設備中交貨時間較長的項目，這通常是正確的。

I guess I could defer to the litho guys with which to -- let them tell you where they think their lead times are.

我想我可以聽從印刷商的意見，讓他們告訴你他們認為他們的交貨時間在哪裡。

But our experience at the moment is that if you go in and order a piece of litho equipment, and the caveat I will give you is that we're talking about the most advanced stuff that they have.

但我們目前的經驗是，如果你進去訂購一台光刻設備，我要給你的警告是，我們正在談論他們擁有的最先進的東西。

If you want to go in and order the most advanced stuff that they have, it's probably going to be in the neighborhood of 10 months, maybe 12 months.

如果你想進去訂購他們擁有的最先進的東西，它可能會在 10 個月左右，也許 12 個月左右。

Then if much of that happens at all, then it's just going to keep pushing out from there.

然後，如果其中大部分發生了，那麼它將繼續從那裡推出。

For your supply goal for next year, you're not bottlenecked anywhere?

對於您明年的供應目標，您在任何地方都沒有遇到瓶頸嗎？

Well, we've already -- we already have our delivery slots.

好吧，我們已經 - 我們已經有了我們的交貨位置。

Obviously, Inotera has been in plan for the conversion for some time and so forth, so that's all set up already.

顯然，Inotera 已經計劃了一段時間的轉換等等，所以這一切都已經設置好了。

And the last one, can you tell us -- DDR3 migration to netbooks, where is that?

最後一個，你能告訴我們—— DDR3 遷移到上網本，那在哪裡？

When is that?

那是什麼時候？

I'll turn that over to Mark to answer, but I just had one other thought real quick on the last subject.

我會把它交給馬克來回答，但我對最後一個主題很快有了另一個想法。

The other thing, in terms of equipment, you're talking about the bottleneck, I think ordering equipment and getting it has the lead times that I just described.

另一件事，就設備而言，您正在談論瓶頸，我認為訂購設備並獲得它具有我剛才描述的交貨時間。

But that assumes that you have the money to go do it.

但這假設你有錢去做。

The equipment leasing business, if you will, which is how a lot of companies finance their equipment acquisitions historically, that market is still completely shut down.

設備租賃業務，如果你願意的話，這是許多公司在歷史上為其設備收購融資的方式，但該市場仍然完全關閉。

When I say that I'm talking about the Macquaries, the GE Capitals, etc..

當我說我在談論麥格理、通用電氣資本等時。

There's essentially zero to very little of any of that available to even companies like Micron, and fortunately we don't have to go down that route.

即使是像美光這樣的公司，基本上也只有零到很少的東西可用，幸運的是我們不必走那條路。

But if these companies are trying to go out and get funds with which to upgrade their technology, that market is closed, and as you know, the other ones are pretty difficult for a number of them.

但是，如果這些公司試圖走出去獲取資金來升級他們的技術，那麼這個市場就會關閉，而且如你所知，其他公司對他們中的一些人來說是相當困難的。

So the only -- the whole lead-time discussion is kind of moot if they don't have money to go out and actually pay for the equipment.

所以唯一的——如果他們沒有錢出去並實際支付設備費用，那麼整個交貨時間的討論就沒有實際意義。

Mark?

標記？

On the netbook conversion to DDR3, I think by virtue of the tight supply of DDR3, that will be a lagging platform, if you will.

關於上網本向 DDR3 的轉換，我認為由於 DDR3 的供應緊張，如果你願意的話，那將是一個落後的平台。

And the other side of that is you've got price point issues around that.

另一方面是你有圍繞它的價格點問題。

You also have application usage that might not warrant it where you've seen the push on DDR3 in notebooks and desktops as well as servers.

在您看到筆記本電腦和台式機以及服務器中對 DDR3 的推動的情況下，您也有可能無法保證的應用程序使用情況。

So is it a bit of constraint issue as well as just the raw application being used for the netbook today, vis-a-vis the price point.

相對於價格點，這是否有點限制問題以及今天用於上網本的原始應用程序。

Thanks, very helpful.

謝謝，很有幫助。

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

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

Hi.

你好。

A couple of questions.

幾個問題。

If DRAM prices were to stay where they are today, in the (inaudible) quarter what will be the sequential increase in average DRAM prices for the quarter?

如果 DRAM 價格保持在今天的水平，在（聽不清的）季度，該季度平均 DRAM 價格的連續增長將是多少？

We see prices up 5% quarter to date, Manish.

我們看到價格上漲了 5%，Manish。

And earlier in the call you said in Q1, the demand looks better than seasonal (inaudible).

在您在第一季度的電話會議的早些時候，需求看起來好於季節性（聽不清）。

There was a comment that much of the capacity that was taken offline earlier in 2009 is back online, and you are seeing spot prices drift lower.

有評論稱，2009 年早些時候下線的大部分產能已重新上線，您看到現貨價格走低。

If the demand is so good, why do you see spot market price drift lower?

如果需求這麼好，為什麼現貨市場價格會走低？

What is your take on that?

你對此有何看法？

I'll answer a part of that and then Mark can answer the other part if he actually heard it.

我會回答一部分，然後如果馬克真的聽到了，他可以回答另一部分。

First of all, we didn't say that all the capacity was back online.

首先，我們並沒有說所有容量都恢復了在線。

I said that the capacity that was capable of coming back online was back online.

我說能夠重新上線的容量就是重新上線。

Sure, sure.

一定一定。

The interesting part about that, a large part of that, obviously particularly in Taiwan, is on the older technology.

有趣的是，其中很大一部分，尤其是在台灣，是關於較舊的技術。

So it came back online, but it didn't come back online in a more advanced technology, which has historically been the case.

所以它重新上線了，但它並沒有以更先進的技術重新上線，這在歷史上一直如此。

It's come back online with lower technology because of the lack of ability to buy the equipment to upgrade.

由於缺乏購買設備升級的能力，它以較低的技術重新上線。

Mark.

標記。

To your question about the activity in the spot market, what you really have is two classes of product here.

關於你關於現貨市場活動的問題，你真正擁有的是這裡的兩類產品。

You can imagine when that capacity you referred to was offline if you're a major OEM customer, you're looking at your supply base, and you're a little bit concerned about the ability for someone that tier 2 supplier node be able to service your demand.

如果您是主要的 OEM 客戶，您可以想像當您提到的產能處於離線狀態時，您正在查看您的供應基礎，並且您有點擔心二級供應商節點能夠提供的能力服務您的需求。

So what you now have is that additional capacity coming online but not with homes because OEMs can't toggle back and forth as quick.

所以你現在擁有的是額外的容量在線但不是家庭，因為原始設備製造商無法快速來回切換。

So what you have is two tiers of OEM pricing.

因此，您擁有的是兩層 OEM 定價。

You've got your OEM contract pricing and then you've got the spot market, low-grade tier 2, DDR2 product coming back on the market, which probably can't warrant the margin nor the volume support.

你有你的 OEM 合同定價，然後你有現貨市場，低級 2 級，DDR2 產品重新進入市場，這可能無法保證利潤或數量支持。

So for companies like Micron, specifically Micron who is being asked by our customers to increase our share of major OEMs, the demand is very robust.

因此，對於像美光這樣的公司，特別是我們的客戶要求美光增加我們在主要 OEM 中的份額，需求非常強勁。

The fact that there might be some available spot market material is just a byproduct of that additional demand coming back on with no real homes.

可能有一些可用的現貨市場材料只是這種額外需求在沒有真正的房屋的情況下重新出現的副產品。

Thank you so much.

太感謝了。

You bet, thank you.

你打賭，謝謝。

And I'd like to thank everyone for participating on the call today.

我要感謝大家今天參加電話會議。

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

如果你能容忍我，我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能就公司和行業做出了前瞻性陳述。

These particular forward-looking statements and all other statements that may have been made on this call that are not historical facts are subject to a number of 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非歷史事實的所有其他陳述受到許多不確定性的影響，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 technologies first quarter 2010 financial release conference call.

今天的美光科技 2010 年第一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。