美光科技 (MU) 2010 Q2 法說會逐字稿

Good afternoon.

下午好。

I'll 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 Micron Technology's second quarter 2010 financial release conference call.

在此，歡迎大家參加美光科技 2010 年第二季度財務發布電話會議。

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

所有線路都已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question-and-answer session period.

演講者發言後，將進入問答環節。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

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

現在，我很高興將發言權交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much and welcome to Micron Technology's second quarter 2010 financial release conference call.

非常感謝並歡迎參加美光科技 2010 年第二季度財務發布電話會議。

On the call today is Steve Appleton, Chairman and CEO, Mark Durcan, President and Chief Operating Officer, Ron Foster, Chief Financial Officer and Vice President of Finance and of course Mark Adams Vice President of Worldwide Sales.

今天的電話會議是主席兼首席執行官史蒂夫阿普爾頓、總裁兼首席運營官馬克杜肯、首席財務官兼財務副總裁羅恩福斯特，當然還有全球銷售副總裁馬克亞當斯。

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

包括音頻和幻燈片在內的電話會議也可以在美光的網站 Micron.com 上獲得。

30 p.m.

晚上 30 點

Mountain Time.

山時。

A webcast replay will be available on the company's website until March 31, 2010.

2010 年 3 月 31 日之前，公司網站上將提供網絡廣播重播。

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

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

Please note the following Safe Harbor Statement.

請注意以下安全港聲明。

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

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

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

我們希望提醒您，此類陳述是預測，實際事件和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.

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。

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

現在我想把電話轉給先生。

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 for the second quarter of fiscal 2010 which ended March 4, 2010.

讓我先簡要總結一下截至 2010 年 3 月 4 日的 2010 財年第二季度的財務業績。

The Company reported net income of $365 million or $0.39 per diluted share on net sales of just under $2 billion.

該公司報告淨收入為 3.65 億美元，或每股攤薄收益 0.39 美元，淨銷售額略低於 20 億美元。

Again, each of our convertible notes are included in the diluted share count using the if-converted method as they are each diluted at the current level of income.

同樣，我們的每張可轉換票據都使用 if-converted 方法計入稀釋後的股份數量，因為它們每張都以當前收入水平稀釋。

Combined with our first quarter, year-to-date net income is $569 million or $0.61 per diluted share on net sales of $3.7 billion.

加上我們的第一季度，年初至今的淨收入為 5.69 億美元，或每股攤薄收益 0.61 美元，淨銷售額為 37 億美元。

You may note from the financial summary on the slide that both our aggregate equity method investees, primarily Inotera, and our consolidated ventures, principally TECH Semiconductor were profitable in the second quarter as a result of generally improved market conditions.

您可能會從幻燈片上的財務摘要中註意到，由於市場狀況普遍改善，我們的總體權益法投資對象（主要是 Inotera）和我們的合併企業（主要是 TECH Semiconductor）在第二季度均實現了盈利。

In the second quarter, we entered into a new solar joint venture, where we own a 50% interest in the development stage company.

在第二季度，我們成立了一家新的太陽能合資企業，我們擁有開發階段公司 50% 的股權。

Our initial noncash contribution consisted of manufacturing facilities and equipment, intellectual property and a fully paid lease for Fab 1A at our Boise site.

我們最初的非現金貢獻包括製造設施和設備、知識產權以及我們博伊西工廠 Fab 1A 的全額支付租約。

No gain or loss was recognized on the contribution as our initial contribution was valued at $65 million which was equal to the carrying value of the assets.

由於我們的初始捐款價值為 6500 萬美元，與資產的賬面價值相等，因此沒有確認捐款的收益或損失。

We will account for our interest in the venture using the equity method of accounting.

我們將使用權益會計法計算我們在合資企業中的權益。

Recall that several new accounting pronouncements were effective for Micron with the beginning of our 2010 fiscal year.

回想一下，在我們 2010 財年開始時，美光公司發布了幾項新的會計公告。

Prior periods results and presentation have been recast to reflect the presentation comparable with the current period.

先前期間的結果和列報已重新調整，以反映與當前期間可比的列報。

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

現在讓我們繼續討論本季度的其他細節。

Total sales in the second quarter increased 13% over the first quarter.

第二季度的總銷售額比第一季度增長了 13%。

Compared to the same quarter of last year, total sales increased 97%, reflective of recent improvements in market conditions in our business and industry, most significantly for DRAM products.

與去年同期相比，總銷售額增長了 97%，反映了我們業務和行業市場狀況的近期改善，尤其是 DRAM 產品。

Our joint venture relationships, particularly within Inotera and IM Flash are improving our leverage to take advantage of this upturn.

我們的合資關係，特別是在 Inotera 和 IM Flash 中的關係，正在提高我們利用這種好轉的槓桿作用。

DRAM revenue increased 24% compared to the first quarter.

與第一季度相比，DRAM 收入增長了 24%。

This increase resulted primarily from a higher volume of sales of higher gigabit density DDR3 products on advanced process technologies and from a higher volume of sales of DDR2 products from our Inotera venture.

這一增長主要是由於採用先進工藝技術的更高千兆密度 DDR3 產品的銷量增加，以及我們的 Inotera 合資企業的 DDR2 產品銷量增加。

Revenue from sales of NAND Flash products in the second quarter were roughly stable compared to the previous quarter, yet were 32% higher compared to the same quarter in the previous year.

第二季度的NAND Flash產品銷售收入與上一季度相比基本穩定，但與去年同期相比增長了32%。

This increase was primarily due to increased bit production of products on our 34 nanometer process technology.

這一增長主要是由於我們的 34 納米工藝技術產品的鑽頭產量增加。

Memory sales in the second quarter include royalties and technology fees of $34 million which is roughly flat compared to the previous quarter.

第二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，與上一季度相比大致持平。

The total DRAM average selling price increased 7% in the second quarter compared to the first quarter, while total bit shipments increased 17%.

第二季度DRAM總平均售價較第一季度增長7%，而總位出貨量增長17%。

The selling price increase is a product of a 10% increase in selling prices for core DRAM products and a 13% increase in prices for specialty DRAM products.

售價上漲是核心 DRAM 產品售價上漲 10% 和特種 DRAM 產品售價上漲 13% 的產物。

These increases were partially offset by the continued mix shift toward core products from the relatively higher priced specialty DRAM products.

這些增長部分被從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 production of higher density DDR3 products and from increased volumes from Inotera.

核心 DRAM 產品的更大組合主要來自更高密度的 DDR3 產品的生產以及來自 Inotera 的產量增加。

DRAM production cost per bit, excluding the effects of the lower cost to market writedowns decreased 7% compared to the first quarter.

DRAM 的每比特生產成本，不包括市場成本下降的影響，與第一季度相比下降了 7%。

Micron's cost for products supplied by Inotera is determined using a margin sharing model, where increasing market selling prices achieved by Micron increases Micron's cost of product from the joint venture.

美光對 Inotera 供應產品的成本是使用利潤分享模型確定的，其中美光實現的市場銷售價格提高會增加美光從合資企業獲得的產品成本。

Consequently, cost per bit increased on Inotera volumes purchased in the quarter while cost per bit on Micron-produced volume declined greater than the 7% average.

因此，本季度購買的 Inotera 量的每比特成本增加，而美光生產量的每比特成本下降超過 7% 的平均水平。

Micron's participation in Inotera's net earnings is included on our income statement on the line income from equity method investees.

美光對 Inotera 淨收益的參與包含在我們的權益法被投資方收益表中。

DRAM cost reductions and bit production in fiscal Q3 are both expected to be relatively flat compared to Q2.

與第二季度相比，第三季度的 DRAM 成本降低和比特產量預計都將相對持平。

Micron-produced product will again show cost per bit declines while Inotera cost is expected to be flat to up as it varies partially based on market price trends.

美光生產的產品將再次顯示每比特成本下降，而 Inotera 成本預計將持平至上升，因為它部分取決於市場價格趨勢。

In addition, Micron is incurring additional cost per bit from Inotera as it prepares for qualification and initial production ramp of Micron's 50 nanometer stack product which will begin in the third quarter.

此外，由於美光準備在第三季度開始的美光 50 納米堆棧產品的資格認證和初始生產量產，美光從 Inotera 產生了額外的每比特成本。

Both total NAND and trade NAND selling prices decreased slightly in the second quarter compared to the first.

與第一季度相比，第二季度的總 NAND 和貿易 NAND 銷售價格均略有下降。

Total NAND's bits shipped in the second quarter was flat compared to Q1 in part from fewer NAND purchases from third party suppliers in support of our retail channel.

第二季度 NAND 的總出貨量與第一季度相比持平，部分原因是從第三方供應商購買的 NAND 數量減少，以支持我們的零售渠道。

NAND production cost per bit in the second quarter decreased 6% compared to the previous quarter.

第二季度每比特的NAND生產成本與上一季度相比下降了6%。

NAND's bit cost reductions in the fiscal third quarter are expected to be in the high single-digits range and bit production is forecast to be up mid- to high teens.

NAND 在第三財季的位成本降低預計將在高個位數範圍內，位產量預計將達到中高水平。

SG&A and R&D expenses for the second quarter came in at 5% and 7.5% of revenue respectively.

第二季度的 SG&A 和研發費用分別佔收入的 5% 和 7.5%。

SG&A expense in the second quarter includes costs associated with our pending acquisition of Numonyx.

第二季度的 SG&A 費用包括與我們即將收購 Numonyx 相關的成本。

As a result of recently effective accounting rules that require such costs to be expensed in the period incurred as opposed to the old rule where they were capitalized as a part of the purchase price.

由於最近生效的會計規則要求此類成本在發生期間費用化，而不是舊規則將其資本化為購買價格的一部分。

R&D expense in the second quarter includes a higher level of development costs for our 25 nanometer NAND process as we have accelerated the introduction of this industry-leading technology which is nearing its initial production ramp.

第二季度的研發費用包括我們 25 納米 NAND 工藝的更高水平的開發成本，因為我們加快了這種行業領先技術的引入，該技術接近其初始生產量。

We anticipate SG&A expense in the third quarter of fiscal 2010 to be between $95 million to $105 million and R&D expenses to be in the $140 million to $150 million range.

我們預計 2010 財年第三季度的 SG&A 費用在 9500 萬美元到 1.05 億美元之間，研發費用在 1.4 億美元到 1.5 億美元之間。

Other operating income in the second quarter includes a credit of $11 million in receipts from the US government in connection with antitheft dumping tariffs collected from certain of our competitors.

第二季度的其他營業收入包括從美國政府收到的 1100 萬美元的抵免，與從我們的某些競爭對手處徵收的反盜竊傾銷關稅有關。

Now the balance sheet.

現在是資產負債表。

The second quarter generated over $600 million in free cash flow to end the period with $1.9 billion of cash on the balance sheet.

第二季度產生了超過 6 億美元的自由現金流，到本期結束時資產負債表上的現金為 19 億美元。

Our strong operational performance in the second quarter generated $804 million in cash from operating activities.

我們在第二季度的強勁運營表現從運營活動中產生了 8.04 億美元的現金。

Expenditure for property plant and equipment in the second quarter was $180 million.

第二季度的物業廠房和設備支出為 1.8 億美元。

Our IM Flash Singapore fab is moving forward with startup activities including placing purchase orders and preparing the facility for tool installations, most of which will commence in fiscal 2011.

我們的 IM Flash 新加坡工廠正在推進啟動活動，包括下訂單和準備設備安裝工具，其中大部分將在 2011 財年開始。

You may recall from prior disclosures that $70 million of convertible notes mature on April 1, 2010.

您可能還記得之前披露的 7,000 萬美元可轉換票據將於 2010 年 4 月 1 日到期。

These notes have a conversion price of $11.28 per share.

這些票據的轉換價格為每股 11.28 美元。

These are convertible notes we acquired with the Lexar purchase.

這些是我們通過購買 Lexar 獲得的可轉換票據。

During our second quarter, Inotera sold equity securities to its partners and the public in which Micron invested $138 million.

在我們的第二季度，Inotera 向其合作夥伴和公眾出售了美光投資 1.38 億美元的股票證券。

Micron's total ownership interest remained approximately the same at 30%.

美光的總所有權權益保持在 30% 左右。

With this additional capital and their planned debt offerings, we believe Inotera has the capital necessary to fully execute the conversion to Micron stack process technology.

憑藉這筆額外資金及其計劃的債務發行，我們相信 Inotera 擁有充分執行向美光堆棧工藝技術轉換所需的資金。

With respect to our consolidated joint ventures, distributions were made to JV Partners of $84 million in the second quarter which consisted of distributions from IM Flash to Intel, our partner.

關於我們合併的合資企業，第二季度向合資夥伴分配了 8400 萬美元，其中包括從 IM Flash 向我們的合作夥伴英特爾分配。

With that I'll 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。

Thanks, Ron.

謝謝，羅恩。

Demand for Micron's memory products remained strong across nearly all of our customer segments in our second quarter.

在我們第二季度，幾乎所有客戶群對美光內存產品的需求仍然強勁。

Year-end bit shipments were up 17% quarter-over-quarter and our NAND trade bit shipments were up 5% over our first quarter.

年終位出貨量環比增長 17%，我們的 NAND 貿易位出貨量比第一季度增長 5%。

The latter illustrates the strength of the NAND market where we have historically experienced a seasonally slow demand cycle during this time of year.

後者說明了 NAND 市場的實力，我們歷來在每年的這個時候經歷了季節性緩慢的需求週期。

Revenue from our personal computing business which includes desktop computers, notebooks and netbooks was up 34% quarter-on-quarter due to a strong ASP environment and an increase in bit shipments.

由於強勁的 ASP 環境和位出貨量增加，我們個人計算業務（包括台式電腦、筆記本電腦和上網本）的收入環比增長 34%。

Corporate PC demand has gained strength in calendar Q1 which, when combined with continued solid growth numbers around our retail, suggest the PC business looks pretty healthy in 2010.

企業個人電腦需求在第一季度有所增強，再加上我們零售業的持續穩健增長數據，表明個人電腦業務在 2010 年看起來相當健康。

Rounding out our core DRAM market, revenue from our server business was up 22% quarter-on-quarter.

完善我們的核心 DRAM 市場，我們的服務器業務收入環比增長 22%。

Bit forecast from our server customers have ranged between 80% to 100% growth year-over-year.

我們服務器客戶的比特預測同比增長在 80% 到 100% 之間。

Our networking and storage business achieved a 24% revenue increase in our second quarter.

我們的網絡和存儲業務在第二季度實現了 24% 的收入增長。

This was primarily due to a quarterly increase in ASP for equipment of 20% reflecting continued strength in our specialty products as well.

這主要是由於設備的 ASP 季度增長 20%，這也反映了我們的特種產品的持續實力。

Demand from our networking customer-base has strengthened as infrastructure investments continue to drive a need for equipment purchases.

隨著基礎設施投資繼續推動對設備採購的需求，我們網絡客戶群的需求有所增加。

All in all demand for Micron DRAM product remains robust as we remain challenged to support our strategic customers growing demand.

總而言之，對美光 DRAM 產品的需求仍然強勁，因為我們仍然面臨著支持我們的戰略客戶不斷增長的需求的挑戰。

We continued to see a shift in demand in bit shipments towards DDR3 memory in Q2.

我們繼續看到第二季度位出貨量向 DDR3 內存的需求轉變。

Bit shipments of DDR3 product increased approximately 28% quarter-over-quarter.

DDR3 產品的位出貨量環比增長約 28%。

It's worth noting that this growth is after the previous two quarters posted 40% and 50% quarterly increases respectively.

值得注意的是，這一增長是在前兩個季度分別實現 40% 和 50% 的季度增長之後。

Even when considering the increased DDR2 output from our Inotera relationship, our DDR3 product mix increased from 40% to 45% of our total core DRAM revenue in Q2.

即使考慮到我們與 Inotera 合作增加的 DDR2 輸出，我們的 DDR3 產品組合在第二季度的核心 DRAM 總收入中也從 40% 增加到了 45%。

Despite this market transition to DDR3, DDR2 bit shipments also increased, up 11%.

儘管市場向 DDR3 過渡，DDR2 位出貨量也增加了 11%。

When you couple the Inotera output with Micron's 200 milliliter capacity that primarily supports our specialty products, we feel Micron is in a unique position to take advantage of our strong opportunities in both the core and specialty DDR2 markets going forward.

當您將 Inotera 輸出與主要支持我們的特種產品的美光 200 毫升容量相結合時，我們認為美光處於獨特的位置，可以利用我們在未來核心和特種 DDR2 市場的強大機會。

From a pricing perspective, the weighted average ASP for all of our DRAM products were up 7% quarter-over-quarter.

從定價的角度來看，我們所有 DRAM 產品的加權平均 ASP 環比增長 7%。

We are seeing sustained strong demand for our products and price increasing so far quarter to date versus a weighted average ASP in Q2.

迄今為止，我們看到對我們產品的持續強勁需求和迄今為止的價格上漲，而第二季度的加權平均 ASP。

DDR3 pricing remains solid throughout Q2 and we are encouraged with the continuing strength in our DDR2 ASPs as well.

DDR3 定價在整個第二季度保持穩定，我們對 DDR2 ASP 的持續強勁感到鼓舞。

DDR2 spot market pricing is up dramatically from late January on a one gigabit equivalent component.

DDR2 現貨市場價格從 1 月下旬開始大幅上漲，相當於 1 Gb 的當量組件。

In fact, the recent spot market pricing has shown that DDR2 is basically reached ASP parity per light density with DDR3 at this point in our Q3.

事實上，最近的現貨市場定價表明，在我們第三季度的這一點上，DDR2 與 DDR3 的光密度 ASP 基本達到了平價。

In total, our aggregated DRAM ASPs are up mid single-digits quarter to date from our Q2 average.

總的來說，迄今為止，我們的 DRAM 平均售價比第二季度的平均水平高出個位數。

Indications from our OEM contract price negotiations for April, our net prices will remain trending higher.

從我們 4 月份 OEM 合同價格談判的跡象來看，我們的淨價格將繼續走高。

Demand for Micron's flash memory products remained uncharacteristically strong throughout our second quarter as well.

在整個第二季度，對美光閃存產品的需求也異常強勁。

We continued to ship primarily all of our NAND products based on our industry leading 34 nanometer technology.

我們繼續主要運送基於我們行業領先的 34 納米技術的所有 NAND 產品。

In addition, we have begun the qualification process with major OEMs in our Lexar business on our recently announced 25 nanometer flash memory technology.

此外，我們已開始與 Lexar 業務中的主要 OEM 就我們最近宣布的 25 納米閃存技術進行資格認證。

We anticipate first customer shipped to be later in this current quarter.

我們預計第一個客戶將在本季度晚些時候發貨。

We feel the 25 nanometer process technology will further strengthen our cost leadership position in flash memory.

我們認為 25 納米製程技術將進一步鞏固我們在閃存中的成本領先地位。

On the M15 front, we began shipping our award winning C300 RealSSD beyond our OEM customer base into our distribution channel during the second quarter.

在 M15 方面，我們在第二季度開始將我們屢獲殊榮的 C300 RealSSD 從我們的 OEM 客戶群運送到我們的分銷渠道。

Initial demand for SSD products is very strong as we are currently on allocation for our channel customers and we sold out on our Crucial.com inventory in its first week of being offered online.

對 SSD 產品的初始需求非常強勁，因為我們目前正在為我們的渠道客戶進行分配，並且我們在 Crucial.com 的庫存在在線提供的第一周就售罄。

Our retail business had an outstanding second quarter.

我們的零售業務第二季度表現出色。

The Lexar branded flash memory card and USB products coupled with our Crucial branded SSD and DRAM module solutions have continued to capture impressive share gains globally.

Lexar 品牌的閃存卡和 USB 產品與我們 Crucial 品牌的 SSD 和 DRAM 模塊解決方案相結合，繼續在全球範圍內獲得可觀的份額增長。

At a time of tight supply in both DRAM and NAND, our retail customers increasingly realized the value that Lexar and Crucial offer as a vertically integrated supplier to meet their critical demand requirements.

在 DRAM 和 NAND 供應緊張的情況下，我們的零售客戶越來越意識到 Lexar 和 Crucial 作為垂直整合供應商提供的價值，可以滿足他們的關鍵需求。

Given the price stability in the end-user markets our retail channel continues to positively contribute to Micron's operating performance.

鑑於最終用戶市場的價格穩定，我們的零售渠道繼續為美光的經營業績做出積極貢獻。

Trade component pricing for NAND memory was relatively flat quarter-on-quarter.

NAND 內存的貿易組件價格環比相對持平。

This was compared to the quarter-to-date reference of down 10% we gave on our last call.

這與我們在上次電話會議上給出的季度至今參考值下降 10% 相比。

Due to seasonality, one might have expected potential for post holiday softening in the NAND market.

由於季節性因素，人們可能已經預料到 NAND 市場在假期後可能會走軟。

This clearly didn't materialize, and NAND quarter-to-date pricing has remained stable.

這顯然沒有實現，NAND 季度至今的定價一直保持穩定。

While there are signs of 3-bit-per-cell NAND from our competitors in the market, we're pleased that pricing for Micron 34 nanometer 2-bits-per-cell high performing flash memory is able to maintain a premium in the markets we serve.

雖然市場上的競爭對手有跡象表明每單元 3 位 NAND，但我們很高興美光 34 納米每單元 2 位高性能閃存的定價能夠在市場上保持溢價我們服務。

We feel the market will trend to higher density chips and upbeat consumption will continue to grow throughout 2010.

我們認為市場將趨向於更高密度的芯片，而樂觀的消費將在整個 2010 年繼續增長。

We remain optimistic that market segments such as mobile, consumer electronic devices, such as electronic readers and SSDs will continue to drive demand and that the NAND market will remain in a favorable condition over the course of 2010.

我們仍然樂觀地認為，移動、消費電子設備（如電子閱讀器和 SSD）等細分市場將繼續推動需求，並且 NAND 市場將在 2010 年期間保持有利狀態。

As we head into the second half of our fiscal year, we're encouraged by the strong demand signals across most of our channel segments.

隨著我們進入本財年下半年，我們對大部分渠道細分市場的強勁需求信號感到鼓舞。

Inventory in our high distribution channels remains lean and we have no reason to believe that this will change in the foreseeable future.

我們高分銷渠道的庫存仍然很稀少，我們沒有理由相信在可預見的未來這種情況會發生變化。

Should remain challenged to meet the upside forecast from our major OEMs in both DRAM and NAND.

仍應面臨挑戰，以滿足我們主要 OEM 對 DRAM 和 NAND 的上行預測。

And that's what we'll continue to focus on driving our available capacity to customers that deliver the most strategic value for Micron.

這就是我們將繼續專注於為客戶提供可用產能，從而為美光帶來最具戰略意義的價值。

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

有了這個，我會把它交還給 Kipp。

Thanks, Mark and now we'd like to take questions from callers.

謝謝，馬克，現在我們想回答來電者的問題。

Excuse me.

打擾一下。

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

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

With that, please open the question line.

有了這個，請打開問題行。

Thank you, sir.

謝謝你，先生。

(Operator Instructions) Our first question in queue comes from Jim Covello with Goldman Sachs.

（操作員說明）我們排隊的第一個問題來自高盛的 Jim Covello。

Your question, please?

請問你的問題？

Great.

偉大的。

Thanks, so much, guys.

非常感謝，伙計們。

Appreciate it.

欣賞它。

Congratulations.

恭喜。

A couple of things, I guess, you know maybe the first thing, relative to the discipline that we've seen so far this cycle in the -- in the memory space which has led to this very, very healthy supply and demand dynamic, one of the things I think that you guys have been rightly focused on has been that the second and third tier DRAM players didn't have the capital to invest.

有幾件事，我想，你知道的第一件事，可能是第一件事，相對於我們迄今為止在這個週期中看到的學科——在導致這種非常非常健康的供需動態的內存空間中，我認為你們正確關注的一件事是，二三線 DRAM 廠商沒有資金進行投資。

How do you think about that dynamic changing as the cash flow for the industry improves and there's a little bit more capital availability?

隨著行業現金流的改善和資本可用性的增加，您如何看待這種動態變化？

Now, not everybody's going to have the cash flow that you guys generated, but, you know, relatively speaking, better cash flow across the industry?

現在，不是每個人都會擁有你們產生的現金流，但是，你知道，相對而言，整個行業的現金流更好嗎？

Hey Jim, this is Steve.

嘿吉姆，這是史蒂夫。

Obviously a little hard to predict what -- what they'll do, but when we do our own competitive analysis, we, in answer to that question, we primarily, I think focus on their debt structures.

顯然有點難以預測他們會做什麼，但是當我們進行自己的競爭分析時，為了回答這個問題，我們主要關注他們的債務結構。

And you know, if you look at cash to short-term debt, at least what's on the balance sheet right now, I think you'll find that Samsung of course is in a little different category because they don't break it out in terms for us to measure but I think you'll find that Micron's the only one that has all of it covered 100% with cash on the books right now for any kind of debt that's due in the next 12 months.

而且你知道，如果你看一下短期債務的現金，至少現在資產負債表上的情況，我想你會發現三星當然屬於不同的類別，因為他們不會在條款供我們衡量，但我認為您會發現，美光是唯一一家在未來 12 個月內到期的任何類型債務的賬面上現在都 100% 覆蓋所有債務的公司。

The other guys all have challenges around that.

其他人都有這方面的挑戰。

So, I think it's true that, two things that I think Jim, you ought to consider when you think about how this plays out.

所以，我認為這是真的，我認為吉姆有兩件事，當你考慮事情的結果時，你應該考慮一下。

One is that they have pretty big debt structures to deal with, as a result of what's happened over the last two, three years.

一是由於過去兩三年發生的事情，他們有相當大的債務結構需要處理。

And then secondly, when you think about where most of them are in their technology migration, in particular, the ones that have, you know, some of the more significant debt structures relative to their capital size, have some pretty big challenges in terms of migration to the next technology node.

其次，當您考慮他們中的大多數人在技術遷移中的位置時，特別是那些擁有相對於其資本規模而言更重要的債務結構的公司，在以下方面面臨著一些相當大的挑戰遷移到下一個技術節點。

So, you know, I still find it interesting that I made this comment on the last conference call that we had, earnings call that we had, that it still remains the fact that there is no new memory fab under construction right now anywhere in the world.

所以，你知道，我仍然覺得有趣的是，我在上次電話會議、財報電話會議上發表了這個評論，但事實仍然是，目前在美國的任何地方都沒有正在建設的新內存工廠。世界。

And that is the first time that's ever occurred in my lifetime in this industry and it's still that way obviously several months later.

這是我有生之年在這個行業中第一次發生這種情況，顯然幾個月後仍然如此。

So when you're thinking about, you know, what can happen moving forward, clearly, you know, as you get into probably later 2011, 2012, it's a little early to tell and it's hard to predict what will happen with capital deployment, but from everything that we see right now, there are a lot bigger issues facing most companies than simply building new fabs.

所以當你在思考，你知道，未來會發生什麼，很明顯，你知道，當你可能進入 2011 年晚些時候，2012 年時，現在說還為時過早，而且很難預測資本部署會發生什麼，但從我們現在所看到的一切來看，大多數公司面臨的問題比簡單地建造新晶圓廠要大得多。

And it's both a requirement that they first and foremost you will see companies try to advance their technology if they can do it beyond what they have to do in terms of debt repayment.

這既是一項要求，首先也是最重要的是，如果公司能夠做到超出他們在償還債務方面必須做的事情，你會看到公司試圖推進他們的技術。

So, I don't think there's any -- anything in the near term, Jim, that's going to change that equation.

所以，我不認為有任何 - 在短期內，吉姆，這會改變這個等式。

Very helpful, thank you.

很有幫助，謝謝。

And if I could just ask one follow-up.

如果我可以問一個後續問題。

I know there's been some concern from folks with maybe some of the second and third tier OEMs about despecking DRAM given, you know, given the acceleration in pricing.

我知道，考慮到定價的加速，可能有一些二三線 OEM 的人對去除 DRAM 的規格表示擔憂。

Now, I wouldn't imagine that's much of a problem with the larger OEMs, but anything you've seen there, any just broader comments on, kind of outlook on content per box.

現在，我不認為這對於大型 OEM 來說是個大問題，但是你在那裡看到的任何東西，任何更廣泛的評論，每盒內容的展望。

Thanks again so much.

再次非常感謝。

Congratulations.

恭喜。

Hey, Jim, it's Mark.

嘿，吉姆，我是馬克。

We haven't seen nor are we getting forecasts that would align with that.

我們還沒有看到也沒有得到與此一致的預測。

We kind of hear from the press and analysts that there might be that potential but we haven't seen it.

我們從媒體和分析師那裡聽說可能存在這種潛力，但我們還沒有看到。

And I tell you what, it feels like it would take an awful lot of that to swing back into a supply problem.

我告訴你什麼，感覺要花很多時間才能回到供應問題。

Great, thank you.

太好了謝謝。

Thank you, sir.

謝謝你，先生。

Our next question in queue comes from Glen Yeung with Citi.

我們的下一個問題來自花旗的 Glen Yeung。

Your question, please?

請問你的問題？

Actually just to ask a clarification on that last question, which is, as opposed to despecking per se, what's your sense on the rate of bit per box growth in 2010?

實際上只是想澄清最後一個問題，即相對於 despecking 本身，您對 2010 年每盒比特增長率的看法是什麼？

Any sense that that may be different than your original expectations a quarter ago?

有沒有感覺這可能與您四分之一前的原始預期不同？

So you know, it's funny, because we looked back about a year ago, we were asking the same question, was it going to go any higher?

所以你知道，這很有趣，因為我們回顧大約一年前，我們問了同樣的問題，它會變得更高嗎？

It's going to peak out at about 2.5 gigabytes per system.

它將達到每個系統大約 2.5 GB 的峰值。

It looks like it's going to be about 30%, more or less.

看起來它將是大約 30%，或多或少。

Right now it's in the mid-3s.

現在它處於3s中期。

So, and you can, you know, if you look at kind of just pick up a Sunday paper and you look at the inserts, there's a lot more 4s and 8s than there used to be.

所以，你可以，你知道，如果你只是拿起一份星期天的報紙，看看插頁，就會發現比過去多了很多 4 和 8。

And so I think contrary to our opinion a year ago what might be in front of us, it's actually the reverse of what was being projected and we don't see anything that's changing that today.

因此，我認為與一年前我們的看法相反，我們面前可能發生的事情實際上與預測的相反，我們今天看不到任何改變。

Okay, just a couple of other questions.

好的，只是其他幾個問題。

One is, what your sense is on, on inventories.

一個是，你的感覺是關於庫存。

A few of the OEMs have talked about strategic inventory builds.

一些原始設備製造商談到了戰略庫存構建。

And I wonder if that's something that you sense out there.

我想知道這是否是你感覺到的。

My other question is just any update you have on the Numonyx deal.

我的另一個問題是您對 Numonyx 交易的任何更新。

I'll take the first piece, the inventory piece.

我會拿第一塊，庫存塊。

We're not seeing any of that, and a lot of it has to do with just meeting the current demand in the market today and, I scratch my head when I get asked that question, given that, you know, people would have to believe one thing, that pricing's going up to accumulate inventory today if they think it's going to be higher in the future.

我們沒有看到任何這些，其中很大一部分與滿足當今市場的當前需求有關，當我被問到這個問題時，我撓了撓頭，因為你知道，人們不得不相信一件事，如果他們認為未來價格會更高，那麼今天的價格就會上漲以積累庫存。

And we're, it's so tight right now that, it's hard to believe anyone's got a lot of extra inventory to ship into that dynamic.

而且我們現在非常緊張，很難相信有人有很多額外的庫存可以運送到這種動態中。

On the Numonyx front, it's going pretty well.

在 Numonyx 方面，進展非常順利。

We're clearly working through, you know, integration plans and preparing for a close.

您知道，我們顯然正在製定整合計劃並為結束做準備。

We received regulatory approval in a number of countries and we're still we think on target.

我們在許多國家獲得了監管部門的批准，我們仍然在考慮目標。

Last time we said I think somewhere in the next 90 to 180 days from when we signed which was in February and we're still on that track so we feel pretty good about it.

上次我們說我認為在接下來的 90 到 180 天內，從我們在 2 月份簽約開始，我們仍然在那個軌道上，所以我們對此感覺很好。

And I would just add that the more that we interact with the company, I think the more excited we are about, you know, their technology and their products.

我只想補充一點，我們與公司的互動越多，我認為我們對他們的技術和產品就越興奮。

Great, thanks guys.

太好了，謝謝各位。

Thank you, our next question in queue comes from Gary Hsueh with Oppenheimer.

謝謝，我們的下一個問題來自 Gary Hsueh 和 Oppenheimer。

Your question, please.

請問你的問題。

Hi, this is Wenge Yang for Gary.

嗨，我是 Gary 的文革楊。

Couple of questions, regarding, you know, the DRAM prices moving up pretty fast, and do you see this instrument by the current demand in the PC space?

有幾個問題，你知道，DRAM 價格上漲得很快，你是否從當前 PC 領域的需求中看到了這個工具？

Or is it driven by the PC OEMs worry about future supply constraints so they are building up inventories?

還是 PC OEM 擔心未來的供應限制，所以他們正在增加庫存？

As a related question, what's your current view on the magnitude of inventories that PC OEMs have right now?

作為一個相關問題，您目前對 PC OEM 的庫存量有什麼看法？

Yes, kind of to restate my earlier comment I don't think there's an inventory build going on.

是的，有點重申我之前的評論，我認為沒有庫存構建正在進行。

You know, it's funny, if you look at some of the recent data about retail PC growth year-over-year, it's pretty significant, even if you look at the last three months reported.

你知道，這很有趣，如果你看看最近關於零售 PC 同比增長的一些數據，即使你查看過去三個月報告的數據，它也非常重要。

Somewhere in the, you know, 33%, all the SI's, 50% -- 57% in December and 27% in January, those are pretty big numbers on the demand side.

在某個地方，你知道，33%，所有 SI，50%——12 月的 57% 和 1 月的 27%，這些在需求方面都是相當大的數字。

And then you add in the corporate growth and starting to get invested back in the PC upgrade model, we don't think there's a lot of inventory build to be honest with you.

然後你加入企業增長並開始重新投資於 PC 升級模式，老實說，我們認為沒有很多庫存構建。

We think it's pretty healthy demand.

我們認為這是相當健康的需求。

And again, I guess one could argue that February and March are typically not great demand seasons.

再說一次，我想有人可能會爭辯說，2 月和 3 月通常不是需求旺盛的季節。

I think we're in an exception period around this industry.

我認為我們正處於這個行業的例外時期。

That's pretty helpful.

這很有幫助。

Just a follow-up on your Singapore fab, giving you are start ramping towards the end of the year, could you provide some color on how do you finance your CapEx for the next year's ramp?

只是對您的新加坡工廠的跟進，讓您在年底開始加速，您能否提供一些關於您如何為明年的斜坡融資您的資本支出的顏色？

And also for that new fab, are you reconsidering the Intel share for that new fab?

對於那家新工廠，您是否正在重新考慮英特爾在該新工廠中的份額？

Are you thinking about buying back some of the Intel ownership of that new fab?

您是否正在考慮回購該新工廠的部分英特爾所有權？

Well, this is Steve, with respect to the Intel partnership, we like the partnership, it's gone well, we've continued to coinvest.

嗯，這是史蒂夫，關於英特爾的合作夥伴關係，我們喜歡這種合作關係，進展順利，我們繼續共同投資。

Whether or not they decide to, you know, coinvest in future projects, I guess you'll have to ask Intel.

不管他們是否決定，你知道，共同投資未來的項目，我想你必須問問英特爾。

We're making the assumption that we're partners going forward.

我們假設我們是未來的合作夥伴。

We're going to keep moving that business forward.

我們將繼續推動該業務向前發展。

You asked a question, related to that though, what about the financing of the -- what we would do in terms of the next Singapore fab for NAND.

你問了一個與此相關的問題，關於融資的問題——我們將在新加坡的下一個 NAND 晶圓廠做些什麼。

I will tell you, you know, if you do the math and you look at the results of the company right now, we don't see any issue with respect to being able to finance that CapEx.

我會告訴你，你知道，如果你計算一下，看看公司現在的業績，我們認為能夠為資本支出提供資金沒有任何問題。

I think if your question is trying to get at do we see a need to go to the markets here any time soon, the answer is no, we don't.

我認為，如果您的問題是試圖解決我們是否認為有必要很快進入這裡的市場，答案是否定的，我們沒有。

We have great cash flow and, you know, right now it looks pretty good for our ability just to deal with it internally.

我們有很好的現金流，而且，你知道，現在我們在內部處理它的能力看起來相當不錯。

Okay, thanks.

好的謝謝。

Thank you.

謝謝你。

Our next question in queue comes from John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Your question, please?

請問你的問題？

Yes, guys, thanks for taking my question.

是的，伙計們，謝謝你提出我的問題。

Mark, you talked about the server business being up about 25% sequentially, and I think that's the second quarter in a row it's been up that strong, but still not as strong as the overall PC business.

馬克，你談到服務器業務連續增長約 25%，我認為這是連續第二個季度增長如此強勁，但仍不如整體 PC 業務強勁。

I guess we in the investment community have been focused on what's turning out to be a pretty strong server cycle.

我想我們在投資界一直專注於結果證明是一個非常強大的服務器週期。

Given that DRAM bits aren't really growing all that much in the fiscal third quarter, how should we think about your guys' ability to manage mix to maybe higher ASP, higher margin DRAM for the current fiscal quarter?

鑑於 DRAM 位在第三財季並沒有真正增長那麼多，我們應該如何看待你們在當前財季管理組合以實現更高 ASP、更高利潤率的 DRAM 的能力？

Well I think one of the limiters to that has been the Inotera conversion to our stack technology, which will open up some more capacity in the server business.

好吧，我認為其中一個限制因素是 Inotera 轉換為我們的堆棧技術，這將在服務器業務中開闢更多容量。

Our growth there is limited on available performing parts for that space and it's still way above what I would say is our annual plan in the segment, halfway through the year.

我們在該領域的可用性能部件的增長是有限的，它仍然遠遠高於我所說的我們在該領域的年度計劃，到今年中途。

It's just there's a big growth in servers, it's staggering, really.

只是服務器有了很大的增長，真的很驚人。

And so, as we get the Inotera converted over to stack technology, we'll have more server part yields come out of that and we'll be able to increase our top line revenue and growth and bit shipments into the segment.

因此，隨著我們將 Inotera 轉換為堆棧技術，我們將獲得更多的服務器部件產量，我們將能夠增加我們的收入和增長以及進入該細分市場的位出貨量。

So calendar year third quarter is the quarter we could actually see a positive mix shift on the DRAM business?

那麼日曆年第三季度是我們真正可以看到 DRAM 業務出現積極組合轉變的季度嗎？

Yeah, I believe so.

是的，我相信是的。

And then, guys, just an update on CapEx for this fiscal year and maybe some guidance for next?

然後，伙計們，只是本財年資本支出的更新，也許對下一個財年有一些指導？

This is Ron, I've previously communicated $850 million to $950 million for the year on CapEx for fiscal year '10.

我是羅恩，我之前曾在 10 財年的資本支出上傳達了 8.5 億至 9.5 億美元的年度資金。

And, we're still on that path.

而且，我們仍在這條路上。

The IMFS plan is going to have some amount of facilitization capital invested at the end of the fiscal year.

IMFS 計劃將在本財年末投入一定數量的便利化資本。

That was contemplated in that guidance number.

該指南編號中考慮了這一點。

In terms of next year's CapEx guidance, we're still working on the plan of the ramp of IMFS and the exact timing and rate of that ramp.

就明年的資本支出指導而言，我們仍在製定 IMFS 的斜坡計劃以及斜坡的確切時間和速度。

So don't have an update for FY11.

所以沒有 FY11 的更新。

In general it's -- I expect it to be a little bit higher than fiscal year '10 because of the IMFS ramp, but we'll give you that update once we have a plan pinned down.

總的來說，由於 IMFS 的增加，我預計它會比 10 財年略高，但是一旦我們確定了計劃，我們就會給你更新。

And then guys, my last question, just with the migration to 25 nanometer on the NAND flash front, does that close the gap on gross margins between NAND and DRAM or can you help me quantity how big that gap is and how that might trend through the balance of the year?

然後伙計們，我的最後一個問題是，隨著 NAND 閃存前端向 25 納米的遷移，這是否縮小了 NAND 和 DRAM 之間的毛利率差距，或者你能幫我計算一下這個差距有多大，以及這可能會如何發展今年的餘額？

First of all, in terms of gross margins on DRAMs --

首先，在 DRAM 的毛利率方面——

I guess, take a look at it ex the Intel which you sell at cost.

我想，看看你以成本出售的英特爾。

Yes, so if you look at base trade NAND and core DRAM, the margins are pretty similar today.

是的，所以如果你看看基礎貿易 NAND 和核心 DRAM，今天的利潤率非常相似。

So that's, I guess that's the point of comparison.

所以，我想這就是比較的重點。

We're doing really well on the NAND side of the business with the 35 nanometer in full production and 25 nanometer out in front of us, which will give us the bit growth I commented on in the third quarter in NAND and the technology has really giving us leverage on the financial side already at 35.

我們在 NAND 業務方面做得非常好，35 納米的全面生產和 25 納米在我們面前，這將給我們帶來我在第三季度評論 NAND 的位增長，並且該技術確實讓我們在財務方面的槓桿作用已經達到 35。

So in general, we're pretty close to parity between the two.

所以總的來說，我們非常接近兩者之間的平價。

Ron, just as a follow-up on my last question, could you actually see NAND, trade NAND gross margins higher than DRAM in the fiscal third quarter?

羅恩，作為我最後一個問題的後續，你真的能看到第三財季 NAND 交易的 NAND 毛利率高於 DRAM 嗎？

Well, that's going to -- we'll have to know what the pricing is in order to run that calculation.

好吧，那將是-我們必須知道定價是多少才能運行該計算。

And we're not trying to -- we got out of the business of forecasting pricing a long time ago.

而且我們並沒有嘗試 - 我們很久以前就退出了預測定價的業務。

But Steve, it sounds like you have more cost-downs in the fiscal third quarter for NAND than you do for DRAM, is that fair?

但是史蒂夫，聽起來你在第三財季的 NAND 成本下降比 DRAM 的成本下降更多，這公平嗎？

Yes, I think that's a fair statement.

是的，我認為這是一個公平的說法。

25 nanometer will be significant, although it'll be ramping in the third quarter, and so it'll be -- it will be mainly post third quarter in terms of the big effect on cost down.

25 納米將是重要的，儘管它會在第三季度逐漸增加，而且它會——就對成本下降的巨大影響而言，它將主要是在第三季度之後。

Great, thanks guys.

太好了，謝謝各位。

Thank you, sir.

謝謝你，先生。

Our next question in queue comes from Daniel Berenbaum with Auriga USA.

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

Please go ahead.

請繼續。

Hi, good afternoon, thanks for taking my question.

嗨，下午好，感謝您提出我的問題。

Can we just revisit the guidance on DRAM?

我們可以重新審視一下關於 DRAM 的指南嗎？

I thought I heard no cost reduction and basically flat bit growth.

我以為我聽說沒有降低成本，而且基本保持平穩增長。

So, just first of all, is that correct?

那麼，首先，這是正確的嗎？

And I want to talk about some of the mechanics there and then expectations for full year.

我想談談那裡的一些機制，然後是對全年的期望。

Yes, Daniel, you got it right.

是的，丹尼爾，你沒看錯。

So, okay, so flat bit growth, flat cost reduction and I, I guess I'm struggling to understand a little bit the mechanics of flat bit growth.

所以，好吧，所以平位增長，平成本降低，我想我正在努力理解一點平位增長的機制。

Are you taking capacity offline at Inotera due to the conversion?

您是否因轉換而在 Inotera 下線產能？

Yes, well we have a couple things going on.

是的，我們有幾件事正在發生。

One is, probably more than a couple, two or three.

一個是，可能不止一對，兩三個。

First of all, on our specialty products, remember that we're not driving on cost reductions per bit on those products, because they're at higher margin, more customized and they tend not to migrate on the process technology as fast.

首先，在我們的特種產品上，請記住，我們並不是在推動這些產品的每比特成本降低，因為它們的利潤率更高，定制化程度更高，而且它們往往不會快速遷移到工藝技術上。

So, that's part of our business.

所以，這是我們業務的一部分。

You wouldn't expect to see something there.

你不會期望在那裡看到什麼。

And we're giving you obviously an average figure for the quarter.

我們顯然給了你本季度的平均數字。

Secondly, Inotera is in fact in transition and we are currently utilizing bits out of that facility in two different ways.

其次，Inotera 實際上正在轉型，我們目前正在以兩種不同的方式利用該設施中的位。

One, as we've already stated before, it's primarily entrenched product and it's on an older technology and then secondly, they are underutilizing the facility in order to be able to prepare for the transition to the Micron Technology.

一，正如我們之前已經說過的，它主要是根深蒂固的產品，它採用的是較舊的技術，其次，他們沒有充分利用該設施，以便能夠為向美光技術的過渡做好準備。

So, even though we'll have cost per bit reduction internally in Micron's core DRAM business, it's being counter-affected by what's going on elsewhere.

因此，即使我們將在美光核心 DRAM 業務內部降低每比特成本，但它正在受到其他地方正在發生的事情的反作用。

And that's obviously a temporary effect, but that's what we're going to experience for this quarter.

這顯然是暫時的影響，但這就是我們本季度將要經歷的。

We're on a margin pricing model as I mentioned earlier in my comments.

正如我之前在評論中提到的，我們採用的是保證金定價模型。

And it's a function of how the pricing is moving in the marketplace.

它是定價在市場中如何變化的函數。

As I commented, that affected us in Q2 in the margin sharing formula that comes through our cost of sales and the trajectory would indicate similar effects in Q3 and then we get our share of the net income from Inotera on the equity method investment line of our P&L.

正如我所評論的那樣，這在第二季度通過我們的銷售成本影響了我們在利潤分享公式中的影響，並且軌跡將在第三季度顯示類似的影響，然後我們在我們的權益法投資線中獲得來自 Inotera 的淨收入份額損益。

So you would expect that number to become more positive next quarter?

所以你預計這個數字在下個季度會變得更加積極嗎？

Yes, and following as they ramp up their technology.

是的，並且隨著他們提高技術水平而跟進。

Okay, and then just last question, back just on the bit growth and cost reduction, so flat for next quarter, but then how do you see the rest of the calendar year playing out?

好的，然後是最後一個問題，回到位增長和成本降低，下個季度持平，但是您如何看待日曆年的剩餘時間？

I mean, should we expect sort of flat bit growth and flat cost reduction for a couple of quarters or do you resume, you know, some normal trajectory and can you give us an idea what that is?

我的意思是，我們是否應該期望在幾個季度內實現平穩的比特增長和平穩的成本降低，或者您是否會恢復一些正常的軌跡，您能給我們一個想法嗎？

We won't extend it out for the year, other than if you go back to the analyst meeting, we did put a chart up that said if you go from calendar Q4 of '09 to calendar Q4 of 2011, we're going to be down about 180%.

我們不會將它延長到今年，除瞭如果你回到分析師會議，我們確實放了一張圖表，上面寫著如果你從 09 年第四季度日曆到 2011 年第四季度日曆，我們將下跌約 180%。

But I can tell you the cost reductions accelerate throughout this calendar year as the shrink comes on play.

但我可以告訴你，隨著成本縮減的出現，整個日曆年的成本下降速度都在加快。

So they wouldn't -- maybe just help me out with the math.

所以他們不會——也許只是幫我做數學。

If I was to peanut butter that 180% across, you know, all the rest of the calendars through the end of the year what kind of quarterly run rate would that get me?

如果我要吃 180% 的花生醬，你知道，到年底的所有其他日曆中，這會給我帶來什麼樣的季度運行率？

You can certainly try that, but I guarantee it won't be linear.

你當然可以嘗試，但我保證它不會是線性的。

Okay.

好的。

Understanding that it won't be linear, but in my imaginary world, if it was, what would that number be?

理解它不會是線性的，但在我想像的世界中，如果是，這個數字是多少？

I think you can do the math quicker than I can on this call.

我認為你可以比我在這次電話會議上更快地完成數學計算。

Okay.

好的。

All right, thanks.

好的，謝謝。

Thank you, our next question in queue comes from Tim Luke with Barclays Capital.

謝謝，我們的下一個問題來自巴克萊資本的 Tim Luke。

Your line is open.

你的線路是開放的。

Thanks so much.

非常感謝。

Just to clarify then, could you just give us the bit growth assumption again on the NAND side in the coming quarter and if we were to, to go from here on in in the quarter, what would your assumptions be for ASPs with respect to both DRAM and then NAND as of now?

只是為了澄清一下，您能否在下個季度再次給我們關於 NAND 方面的位增長假設，如果我們要在本季度從這裡開始，您對 ASP 的假設是什麼？ DRAM，然後是NAND？

Sure, I'll take the first part of that and turn then it back over to Mark Adams.

當然，我會先把它的第一部分交給馬克亞當斯。

We guided that NAND production bit growth should be up mid- to high teens.

我們指導 NAND 生產位增長應該達到中高水平。

And cost reductions down high single-digits.

並且成本降低了個位數。

And on the ASP forecast we typically don't go look out to the future, we will give you a quarter-to-date update.

對於我們通常不會展望未來的 ASP 預測，我們將為您提供季度至今的更新。

On the DRAM side, I commented earlier, it's mid-single-digits over our weighted average cost from last quarter.

在 DRAM 方面，我之前評論過，它比我們上一季度的加權平均成本高出個位數。

On the NAND side, it's basically flat quarter-over-quarter to where we are in the quarter to date.

在 NAND 方面，與我們本季度迄今為止的水平相比，它與季度環比基本持平。

Okay.

好的。

Steve, I was wondering if you might have any commentary on how you're seeing the industry bit growth in the DRAM side begin to shape up as you move through the year.

史蒂夫，我想知道您是否對您如何看待 DRAM 方面的行業位增長有任何評論，因為您在這一年中開始形成。

It would seem that having had an industry number in the 40% to 50% range, given the strength in pricing, that you're seeing some of the players begin to edge that upwards, how do you think that plays out?

考慮到定價方面的優勢，看起來行業數字在 40% 到 50% 之間，您看到一些參與者開始向上攀升，您認為結果如何？

And you have seen some of the major players begin to elevate their CapEx, obviously that's more of a 2011 in terms of impact, how do you see that playing out?

您已經看到一些主要參與者開始提高他們的資本支出，顯然這在影響方面更像是 2011 年，您如何看待這種情況？

Well, I think the way to look at it in general is, technology transitions which is really what everybody's focused on to date, primarily technology transitions.

嗯，我認為總體上看待它的方式是，技術轉型，這是迄今為止每個人都關注的，主要是技術轉型。

That's been able to generate somewhere in the 40% range of bit growth per year.

這能夠產生每年 40% 的比特增長。

Sometimes it's a little bit lower, sometimes it's a little bit higher.

有時它有點低，有時它有點高。

And that's what we're all focused on.

這就是我們所關注的。

Now some may, some occurrences are happening, whereby as an example, we're going from, you know, a 70 nanometer trench product to a 50 nanometer DRAM stack technology and the acceleration might be higher in some instances, around certain, certain facilities, so if you look at some of the industry supply data, Gartner, et cetera, you'll notice that they're along the lines of what you just said, that they're all kind of running in the 40%, 50% range.

現在有些可能，有些事情正在發生，例如，我們正在從 70 納米溝槽產品轉向 50 納米 DRAM 堆棧技術，在某些情況下，在某些特定設施周圍，加速可能會更高，因此，如果您查看一些行業供應數據，例如 Gartner 等，您會注意到它們與您剛才所說的一致，它們都在 40%、50% 中運行範圍。

And that's probably about where it's going to be.

這可能就是它的去向。

In order to get beyond that, you have to have New Silicon.

為了超越這一點，你必須擁有 New Silicon。

And we just don't see New Silicon at the moment really being much in play anywhere.

而且我們目前還沒有看到 New Silicon 在任何地方真正發揮作用。

How about the CapEx increases touted by some of the larger players, in terms of how you see that playing out next year?

就您如何看待明年的表現而言，一些較大的參與者吹捧的資本支出增長如何？

Yeah, you know, I've been around this industry long enough I've seen a lot of cost CapEx forecasts that have either been cut in half or don't materialize at all, so I wouldn't -- I don't know how to interpret, you know, and aggregate all these CapEx forecasts that some of these companies have.

是的，你知道，我在這個行業已經工作了足夠長的時間，我看到很多成本資本支出預測要么被削減了一半，要么根本沒有實現，所以我不會——我不會知道如何解釋和匯總其中一些公司擁有的所有這些資本支出預測。

I will tell you that, it's already been noted by others that the, you know, the equipment industry also has its own challenges in terms of, you know, these big fluctuations in CapEx requirements.

我會告訴你，其他人已經註意到，你知道，設備行業在資本支出需求的這些大波動方面也有自己的挑戰。

And so there's somewhat of a mitigating effect.

所以有一定的緩解作用。

No matter what anybody wants to do, going through time as a result of, you know, all these things.

無論任何人想做什麼，都會因為所有這些事情而經歷時間。

Right.

正確的。

Perhaps just the run or thoughts of anyone just for the coming quarter, how should we think about the revenue contributions from Numonyx?

也許只是下一季度任何人的運行或想法，我們應該如何看待恆憶的收入貢獻？

When should we start putting in what range of additional revenue from your addition?

我們什麼時候應該開始從您的添加中獲得什麼範圍的額外收入？

Well, I don't think, you know, in the quarter that we're currently in, which is obviously our third fiscal quarter, unlikely there'll be much if any impact there.

嗯，我不認為，你知道，在我們目前所處的季度，這顯然是我們的第三個財政季度，不太可能有太大的影響。

There might be some, I mean we're hopeful we'll get it close, but the way to think about it then is it would have an impact in our fourth quarter if we're able to close it before then and we've already released what their product quarterly revenue was.

可能會有一些，我的意思是我們希望我們能把它關閉，但是考慮它的方式是，如果我們能夠在此之前關閉它，它將對我們的第四季度產生影響並且我們已經已經發布了他們的產品季度收入。

That's still as a good number as we have.

這仍然是一個很好的數字。

I think you should think about that being added to Micron's revenue number for the fourth quarter, assuming that we're able to close in that timeframe.

我認為您應該考慮將其添加到美光第四季度的收入數字中，假設我們能夠在那個時間範圍內關閉。

Okay, and maybe just going forward for the year, you kept both R&D and SG&A operating expenses pretty in line with where the street models have been.

好吧，也許就在今年，你的研發和 SG&A 運營費用都與街頭模特的水平相當。

How should we think about that as we go through into the August period and beyond?

當我們進入八月及以後的時期時，我們應該如何考慮這一點？

Are there any other factors we should be aware of given the higher, you know higher demand and also higher pricing?

考慮到更高的需求和更高的定價，我們還應該注意其他任何因素嗎？

Well, we think our model's pretty leveraged as we said before.

好吧，正如我們之前所說，我們認為我們的模型非常有效。

We liked where we were given that we had facilities that were capable of being optimized.

我們喜歡我們擁有可以優化的設施的地方。

And essentially we're making investments that we need to make in order to move the technology forward.

本質上，我們正在進行投資，以推動技術向前發展。

Remember that once we have Numonyx, obviously we'll have additional R&D dollars that will flow through there because they have an R&D budget they work on as well and the same for SG&A.

請記住，一旦我們擁有恆憶，顯然我們將有額外的研發資金流經那裡，因為他們也有研發預算，SG&A 也是如此。

Clearly over time, you know, we will sort -- you know, be able to sort through that and optimize the model, but you know, so I think the way to think of it is, you know, we may on the margin, have some incremental SG&A and R&D and, you know, as an example, you know, as the company continues to perform better, we'll continue to have some additional SG&A just from our incentive comp programs and, you know, things that we have to do there.

很明顯，隨著時間的推移，你知道，我們會進行排序——你知道，能夠對其進行排序並優化模型，但是你知道，所以我認為思考它的方式是，你知道，我們可能處於邊緣，有一些增量的 SG&A 和 R&D，你知道，作為一個例子，你知道，隨著公司繼續表現更好，我們將繼續從我們的激勵補償計劃中獲得一些額外的 SG&A，你知道，我們擁有的東西在那裡做。

So, but there's nothing large on the horizon, I think, if that's what you're trying to get at.

所以，但我認為，如果這就是你想要達到的目標，我認為沒有什麼大不了的。

We don't know of any dramatic changes from what we have in the models today.

我們不知道與今天的模型相比有任何戲劇性的變化。

Congratulations.

恭喜。

Thanks very much.

非常感謝。

Thank you, sir.

謝謝你，先生。

Our next question in queue comes from Vijay Rakesh with ThinkEquity.

我們的下一個問題來自 ThinkEquity 的 Vijay Rakesh。

Please go ahead with your question.

請繼續你的問題。

Yes.

是的。

Hi guys.

嗨，大家好。

Just a couple of questions here.

這裡只是幾個問題。

So you mentioned flat bit growth and flat costs the end of next quarter but, you know, if the market's picking up with server and, you know, obviously your capacity at Inotera seems to be coming off, wouldn't you see some you know, DRAM pricing stack the servers quite a bit more?

所以你提到了下個季度末的持平增長和持平成本，但是，你知道，如果市場隨著服務器而回升，而且你知道，顯然你在 Inotera 的產能似乎正在下降，你會不會看到一些你知道的，DRAM定價堆棧服務器相當多？

Is that -- go ahead.

是不是——繼續。

Yes, I guess, you know, I think your thought process is similar to others.

是的，我想，你知道，我認為你的思維過程與其他人相似。

We would have expected, as we said in the last quarter, to have, you know, we're basically through the seasonality period.

正如我們在上個季度所說的那樣，我們本來預計會有，你知道的，我們基本上已經度過了季節性時期。

And, you know, the US economy as you know it is kind of doing okay, but not fantastic.

而且，你知道，你所知道的美國經濟還不錯，但並不出色。

I think we've seen strength in some segments we didn't expect to see.

我認為我們已經在一些我們沒想到的領域看到了實力。

But, you know, the reality is, the worldwide economic recovery and strong engine, you know, we just don't think it's happened yet.

但是，你知道，現實是，全球經濟復甦和強勁的引擎，你知道，我們只是認為它還沒有發生。

And we've come through a reasonably strong seasonal period that didn't really turn out to be all that slow and you know, we're in a period now where at least historically there's been a momentum build up through the Christmas season.

我們已經度過了一個相當強勁的季節性時期，但並沒有真正變得那麼緩慢，而且你知道，我們現在正處於一個時期，至少從歷史上看，整個聖誕節期間的勢頭都在增強。

So I'll leave all the speculation and price forecasting to others, but if you look at the economic fundamentals at the moment, I can understand why, you know, people are thinking like that.

所以我會把所有的投機和價格預測留給其他人，但如果你看看目前的經濟基本面，我就能理解為什麼人們會這樣想。

And how was DRAM pricing trended so far on a blended basis to the quarter?

到目前為止，DRAM 價格在本季度的混合基礎上的趨勢如何？

In the current quarter?

在當前季度？

Yes, quarter to date, it's up, in the mid-single-digits and as I mentioned in my comments earlier, DDR3 remains pretty healthy.

是的，到目前為止，它在中個位數上升，正如我之前在評論中提到的，DDR3 仍然非常健康。

And, we've been pleasantly surprised by a very strong DDR2 market, which I mentioned with at bit parity to the spot market versus DDR3 today.

而且，我們對非常強勁的 DDR2 市場感到驚喜，我提到它與今天的現貨市場與 DDR3 的價格相當。

On the NAND side, obviously you guys were pretty (inaudible) NAND last year, late last year.

在 NAND 方面，很明顯，去年年底你們是漂亮（聽不清）的 NAND。

How much of the output today is on [grey bush] and NAND and what's your mix on 3 bit?

今天有多少輸出是在 [灰色灌木] 和 NAND 上，你在 3 位上的組合是什麼？

So the NAND output today on 3 bit is relatively new, it's less than 5%.

所以今天的 3 位 NAND 輸出相對較新，不到 5%。

The, you know, the 34 nanometer NAND as a percent of total has peaked and is now starting down as we ramp our 25 nanometer NAND.

你知道，34 納米 NAND 佔總量的百分比已經達到頂峰，現在隨著我們 25 納米 NAND 的升級而開始下降。

And it really is, has been essentially 100% other than, other than legacy demand for mobile devices, specialty devices SLT type products.

事實上，除了對移動設備、特殊設備 SLT 類型產品的傳統需求之外，它實際上已經 100% 存在。

All right.

好的。

Last question, Rambus, any -- want to add any color on that?

最後一個問題，Rambus，任何——想在上面添加任何顏色嗎？

Anything coming up there?

有什麼上來嗎？

Well that trial has been delayed again.

好吧，審判又被推遲了。

And we just, I just don't have any sense as to when that will occur now.

我們只是，我只是不知道現在什麼時候會發生。

Okay, thanks a lot.

好的，非常感謝。

Sure.

當然。

Thank you.

謝謝你。

Our next question in queue comes from Shawn Webster with McGuire Capital.

我們的下一個問題來自 McGuire Capital 的 Shawn Webster。

Your question, please?

請問你的問題？

Yes.

是的。

Thanks for taking my question.

感謝您提出我的問題。

You guys talked about what the shipments were in your February quarter and what your outlook for production was.

你們談到了你們二季度的出貨量以及你們的生產前景。

Can your share with us what your DRAM production and NAND production did sequentially in your February quarter?

您能否與我們分享您在 2 月份季度的 DRAM 生產和 NAND 生產的連續情況？

Sure can, we did, DRAM bit production in Q2 up low double-digits.

當然，我們確實做到了，第二季度的 DRAM 位產量可以達到兩位數的低位。

And NAND was down slightly.

NAND略有下降。

Okay, thank you.

好的謝謝你。

And how about total wafer production, sequentially, for February?

2 月份的晶圓總產量又如何呢？

Fairly flat.

相當平坦。

Okay.

好的。

And then, what are your OEM customers telling you to expect in terms of seasonality as we go into calendar Q2 and calendar Q3 and versus normal for the industry?

然後，當我們進入日曆 Q2 和日曆 Q3 以及與行業正常情況相比，您的 OEM 客戶告訴您在季節性方面的期望是什麼？

Relative to overall demand -- what's the question?

相對於整體需求——問題是什麼？

Bit demand expectations going into calendar Q2 and calendar Q3 that you're hearing from your OEM customers right now.

您現在從 OEM 客戶那裡聽到的進入日曆 Q2 和日曆 Q3 的比特需求預期。

So I think depending on the segment, my answer kind of fields differently, but overall on a quarterly basis, we're seeing kind of DRAM bit growth up in the, you know, low to mid-double-digit percentage, 10% to 15%, in that range.

因此，我認為根據細分市場，我的回答會有所不同，但總體而言，按季度計算，我們看到 DRAM 位的增長在低到中兩位數的百分比，從 10% 到15%，在這個範圍內。

On the NAND side, little bit more elasticity towards the holiday season, but still low double-digits up to maybe as high as 20% depending on again the segments we serve.

在 NAND 方面，對假日季節的彈性略有增加，但仍處於兩位數的低位，可能高達 20%，這取決於我們所服務的細分市場。

And that's for calendar Q2 and calendar Q3?

那是針對日曆 Q2 和日曆 Q3 的嗎？

That's quarterly bit growth.

這是季度位增長。

That's right.

這是正確的。

Okay, and then you guys have already commented a bit on the inventories.

好的，然後你們已經對庫存發表了一些評論。

In the past you've given some color on week -- so channel inventory, is there any data you can share with us on that now?

過去，您在一周內給出了一些顏色——所以渠道庫存，您現在有任何數據可以與我們分享嗎？

Yes.

是的。

The best -- I mean, we have not seen any build in our channel inventory.

最好的——我的意思是，我們還沒有看到我們的渠道庫存中有任何構建。

As a matter of fact, you know, we left -- we left our last quarter probably lower than the prior quarter.

事實上，你知道，我們離開了——我們離開的最後一個季度可能低於上一季度。

I don't have the numbers right in front of me, but we're right around on average three weeks, and I think we're slightly below that in the channel coming out of the quarter.

我沒有擺在我面前的數字，但我們平均大約三週，我認為我們在本季度的渠道中略低於這個數字。

Okay.

好的。

Three weeks, what's a normal level for you guys?

三個星期，你們的正常水平是多少？

It's in that three week period.

就是在那三週的時間裡。

It's right about that and coming out of the holidays we remain pretty lean in the channel.

這是正確的，假期結束後，我們在頻道中仍然很瘦。

That's why -- that's what led to my earlier comment about inventory build being tough to imagine right now.

這就是為什麼 - 這就是導致我之前關於庫存構建現在很難想像的評論的原因。

Okay, just to clarify, you said it's three weeks and, but normal levels would be what again?

好吧，澄清一下，你說這是三週，但正常水平又是什麼？

Still in that three to four week, you know, so it's a little bit lower than where we are today.

你知道，仍然在那三到四個星期，所以它比我們今天的水平低一點。

Okay, thank you very much.

好的，非常感謝。

Our next question in queue comes from David Wong with Wells Fargo.

我們的下一個問題來自 Wells Fargo 的 David Wong。

Your line is open.

你的線路是開放的。

Thank you very much.

非常感謝。

Are you seeing any effect from the new server chip launches from Intel and AMD affecting server memory demand?

您是否看到英特爾和 AMD 推出的新服務器芯片對服務器內存需求有任何影響？

David, if I understood your question right, you were asking if we've seen any impact from the new microprocessors out of AMD, is that correct?

大衛，如果我理解你的問題，你是在問我們是否看到 AMD 的新微處理器產生了任何影響，對嗎？

Intel and AMD, yes, are these affecting your server memory demand?

是的，英特爾和 AMD，這些是否會影響您的服務器內存需求？

Really can't discern between the two.

實在是分不清這兩者。

Most of our guidance on bit growth incorporates all of those changes that we're seeing in the mix from our customers, so no, no particular commentary on, on a given microprocessor set.

我們對比特增長的大部分指導都包含了我們從客戶那裡看到的所有這些變化，所以沒有，也沒有對給定微處理器集的特別評論。

Okay, and internally at Micron and also your estimate for DRAM companies in the industry, what were the weeks of inventory?

好的，在美光內部，以及您對業內 DRAM 公司的估計，庫存週數是多少？

We don't have an estimate for the other DRAM companies in the industry.

我們沒有對業內其他 DRAM 公司的估計。

What was your question, David?

你的問題是什麼，大衛？

Micron, what were your weeks of inventory end of the quarter at Micron?

美光，您在美光季度末的庫存週數是多少？

Well markdowns, as I just said it was, I assume you mean the channel, weeks of inventory in the channel?

那麼降價，正如我剛才所說，我假設你的意思是渠道，渠道中的庫存週數？

No, I mean at Micron.

不，我是說在美光。

Our turns are running about five.

我們的回合大約有五次。

We run about five turns.

我們跑了大約五圈。

Okay, thanks.

好的謝謝。

Thank you.

謝謝你。

Our next question in queue comes from Daniel Amir with Lazard Capital.

我們的下一個問題來自 Lazard Capital 的 Daniel Amir。

Please go ahead.

請繼續。

Hi, this is Lauren Stoller in for Daniel.

嗨，我是 Daniel 的 Lauren Stoller。

Thanks for taking my question.

感謝您提出我的問題。

So as bits continue to increase from Inotera should we expect to see royalties increase as well?

因此，隨著來自 Inotera 的比特繼續增加，我們是否應該期望看到版稅也增加？

Hello?

你好？

This is Ron, today we collect royalties on the legacy technology 68 and 50 nanometer technologies.

我是 Ron，今天我們對 68 和 50 納米技術的傳統技術收取版稅。

We have that continuing to come through in payments from our, our partner, Inotera and Nanya.

我們的合作夥伴 Inotera 和 Nanya 繼續通過付款來實現這一點。

Going forward, the arrangement is that there are payments that will come on the stack technology nodes going forward, on a scale that we've mentioned in the past.

展望未來，安排是未來堆棧技術節點將按我們過去提到的規模進行支付。

And we are evaluating with our partner how to deal with the structure of those royalty payments due to changes in Taiwanese tax law.

由於台灣稅法的變化，我們正在與我們的合作夥伴評估如何處理這些特許權使用費的結構。

We expect the economics will be the same, but we're working on a structure that's more amenable from a tax standpoint.

我們預計經濟情況將是相同的，但我們正在研究一種從稅收角度來看更適合的結構。

But the way to think about it is there'll be a flow coming from stack technology over time.

但是考慮它的方式是隨著時間的推移會有來自堆棧技術的流量。

Okay and that flow could be seen in royalties or in the form of the net income that you were talking about earlier?

好的，這種流動可以從特許權使用費或您之前談到的淨收入的形式中看出？

It'll come in on the P&L, the landscape could be different, depending on what we do relative to the law changes.

它會出現在損益表上，情況可能會有所不同，這取決於我們相對於法律變化所做的事情。

Okay, and then what's the timeline for that?

好的，那麼它的時間表是什麼？

Timeline, when the production starts, we'll have to have that structure resolved and Nanya is actually starting up in their production of the stack technologies now so some of that's just beginning to happen.

時間表，當生產開始時，我們必須解決這個結構，Nanya 實際上現在開始生產堆棧技術，所以其中一些才剛剛開始發生。

Okay, great.

好，太棒了。

And then, if I understand correctly, I understand that your costs are going to be relatively flat on the DRAM side because of all the moving parts.

然後，如果我理解正確，我知道由於所有活動部件的原因，您的 DRAM 成本將相對持平。

But, as bits continue to increase from Nanya and Inotera will costs go up?

但是，隨著Nanya和Inotera的比特不斷增加，成本會上升嗎？

Might we see a situation like that?

我們會看到這樣的情況嗎？

So there's a couple of effects in the guidance on DRAM.

因此，關於 DRAM 的指南有幾個影響。

One is that our cost per bit on the Micron bits is continuing to decline as it did in the second quarter and we expect that to decline in the third quarter.

一是我們在美光鑽頭上的每比特成本像第二季度一樣繼續下降，我們預計第三季度會下降。

In terms of the Inotera production, there's two factors.

就 Inotera 的生產而言，有兩個因素。

One is that they're in the process of converting to our 50 nanometer stack technology.

一是他們正在轉換為我們的 50 納米堆棧技術。

So as Steve mentioned earlier, there's some impact in terms of start-up costs and that sort of thing that will affect us in the relatively short-term third quarter mainly, and then they'll ramp into production and be driving that cost down exiting third quarter, fourth and onward.

所以正如史蒂夫之前提到的，在啟動成本方面會有一些影響，這類事情主要會在相對短期的第三季度影響我們，然後他們將投入生產並推動成本下降第三季度、第四季度及以後。

The other piece is that, as I commented in my prepared remarks, we have a margin-sharing arrangement with Inotera.

另一部分是，正如我在準備好的評論中評論的那樣，我們與 Inotera 達成了利潤分享安排。

And so, when Micron is making significant profits due to high margin, that is shared through a pricing formula with Inotera.

因此，當美光由於高利潤率而獲得可觀利潤時，這將通過與 Inotera 的定價公式共享。

That raises our cost per bit of Inotera production.

這提高了我們每比特 Inotera 生產的成本。

It actually affected us some in Q2 and I expect it will affect us some in Q3.

它實際上在第二季度對我們產生了一些影響，我預計它會在第三季度對我們產生一些影響。

But bear in mind that we have a minority interest share which shows on our P&L in the net income in a different location.

但請記住，我們擁有少數股權，這在我們的損益表中顯示在不同位置的淨收入中。

So we get the benefit of Inotera's profitability on our share also in our P&L, it just shows up in the equity method investment line and not coming through our margin line.

因此，我們在損益表中也從我們的份額中獲得了 Inotera 的盈利能力，它只顯示在權益法投資線中，而不是通過我們的保證金線。

Okay.

好的。

And then can we take your inventory comments to cover both DRAM and NAND?

然後我們可以將您的庫存評論涵蓋 DRAM 和 NAND 嗎？

The inventory -- Micron inventory?

庫存——美光庫存？

No, sorry, inventory in the channel.

不，抱歉，渠道中的庫存。

Yes, very much so today.

是的，今天非常如此。

They're -- both the NAND and DRAM are currently at the same levels.

它們是——NAND 和 DRAM 目前處於同一水平。

Okay, great, thank you.

好的，太好了，謝謝。

Thank you, our next question in queue comes from Kevin Cassidy with Thomas Weisel.

謝謝，我們的下一個問題來自 Kevin Cassidy 和 Thomas Weisel。

Please go ahead.

請繼續。

Thanks for taking my question.

感謝您提出我的問題。

I guess maybe along the same lines of NAND you mentioned your SSDs are on allocation, I wonder if you could tell us a little more details of what's happening there.

我想可能與您提到的 SSD 正在分配的 NAND 相同，我想知道您是否可以告訴我們更多關於那裡發生的事情的細節。

Is it because of supply being short or is there some other bottleneck?

是因為供應短缺還是有其他瓶頸？

I think it's that coupled with the launch of a product line that's gotten a lot of notoriety in the press.

我認為這與產品線的推出相結合，在媒體上聲名狼藉。

We launched a product at CES this year and as I mentioned we, in our last quarter, Q2, began shipping some OEM customers and we opened some of our allocation out to the channel and our online website Crucial.com and the results were phenomenal and we are a little bit capacity constrained on available NAND for that product line.

我們今年在 CES 上推出了一款產品，正如我所提到的，我們在上個季度，也就是第二季度，開始向一些 OEM 客戶發貨，我們向渠道和我們的在線網站 Crucial.com 開放了一些分配，結果非常好，而且對於該產品線，我們的可用 NAND 容量有限。

So (inaudible) has been very pleased with the results.

所以（聽不清）對結果非常滿意。

At this point, we'd like some more supply.

在這一點上，我們想要更多的供應。

Can you give us a relative feel of how many units are shipping?

你能給我們一個關於出貨數量的相對感覺嗎？

We typically don't do that just from competitive reasons.

我們通常不會僅僅出於競爭原因這樣做。

Okay, and I guess, are there any other puts and takes?

好的，我猜，還有其他的看跌期權嗎？

How much did you undership by?

你欠費了多少？

Again, those are hard ones to quantify when you don't know where you would have hit the ceiling on demand.

同樣，當你不知道你會在哪里達到需求上限時，這些很難量化。

We were pretty tight.

我們很緊張。

Crucial.com has one data point sold out within two business days of the allocation we gave it.

Crucial.com 有一個數據點在我們分配後的兩個工作日內售罄。

Okay.

好的。

Maybe it's one other question, do you have an idea of when you might be able to catch up to the demand?

也許這是另一個問題，你知道什麼時候可以趕上需求嗎？

Not, not, not a good picture today.

不，不，今天的照片不好。

I think, you know, we're certainly increasing production, but don't have a good sense at least through the quarter yet.

我認為，你知道，我們肯定會增加產量，但至少在本季度還沒有很好的感覺。

Okay, thanks for taking my questions.

好的，謝謝你提出我的問題。

Thank you.

謝謝你。

Our next question in queue comes from Hans Mosesmann with Raymond James.

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

Your line is open.

你的線路是開放的。

Thanks, I just have one real quick one.

謝謝，我只有一個真正快速的。

DDR2, what's driving the ASD move up to DDR3 prices?

DDR2，是什麼推動 ASD 漲價到 DDR3？

Is it that OEMs that can't get the DDR3 are going back to DDR2 and using older microprocessors?

是不是無法獲得 DDR3 的 OEM 會回到 DDR2 並使用較舊的微處理器？

Yes, and they really -- our guess is kind of the supply and demand equation is kind of playing out right in front of us.

是的，他們真的 - 我們的猜測是供需方程就在我們面前發揮作用。

You know, if you go back and look at DRAM exchange in late January, a one gigabit DDR2 component was under $2 and as recently as yesterday, it was, is up over $3 in the spot market.

你知道，如果你回過頭來看看 1 月下旬的 DRAM 交易所，一個千兆位 DDR2 組件的價格低於 2 美元，而就在昨天，它在現貨市場上上漲了 3 美元以上。

So, it really is available parts in the industry and, people, you know, trying to get as much as they can, at least a product out the door.

因此，它確實是行業中可用的部件，人們，你知道，試圖盡可能多地獲得，至少是一種產品。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question in queue comes from Bob Gujavarty with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bob Gujavarty。

Please go ahead.

請繼續。

Thanks for squeezing me in.

謝謝你擠我。

Last quarter you kind of ranked profitability by specialty DRAM, commodity DRAM and NAND.

上個季度，您按專業 DRAM、商品 DRAM 和 NAND 對盈利能力進行了排序。

Could you do that again for this quarter?

你能在本季度再做一次嗎？

Sure, it's getting easier.

當然，它變得越來越容易。

The highest gross margin product continues to be specialty DRAM.

毛利率最高的產品仍然是特種 DRAM。

As Ron mentioned earlier, basically our core DRAM and trade NAND is right on top of each other in number two spots.

正如 Ron 之前提到的，基本上我們的核心 DRAM 和貿易 NAND 在第二位上是相互重疊的。

Okay.

好的。

Great.

偉大的。

And a little clarification on the NAND ASPs, when you commented it was flat, does that include trade as well as what you sell to Intel at cost or was there a big divergence between the two?

關於 NAND ASP 的一點澄清，當您評論它持平時，這是否包括貿易以及您以成本出售給英特爾的產品，或者兩者之間是否存在很大差異？

The comment was that both NAND trade and total NAND ASPs were actually flat.

評論是 NAND 貿易和總 NAND ASP 實際上是持平的。

In terms of change quarter-to-quarter.

就季度變化而言。

Bear in mind that the Intel NAND is at cost, so it's roughly going to be consistent.

請記住，英特爾 NAND 是有成本的，所以它大致是一致的。

So the trade numbers and the total numbers moved in parity with each other.

因此，交易數量和總數相互持平。

Okay.

好的。

Great.

偉大的。

And also when you threw out the CapEx numbers for this year, $850 million and $950 million and also intimated for next year, that's a gross number; it doesn't include any potential partner contributions, correct?

此外，當您排除今年的資本支出數字時，分別為 8.5 億美元和 9.5 億美元，並且還暗示了明年，這是一個總數字；它不包括任何潛在的合作夥伴貢獻，對嗎？

It doesn't, that's correct, it's the total CapEx for all of our consolidated operations.

不是，這是正確的，它是我們所有合併業務的總資本支出。

So it doesn't include partner contributions for our Intel/Micron joint venture activities.

因此，它不包括合作夥伴對我們的英特爾/美光合資活動的貢獻。

That's a high number.

這是一個很高的數字。

I mean any contribution would reduce the net number?

我的意思是任何貢獻都會減少淨數字？

Yes, it would reduce -- that's exactly right.

是的，它會減少——這是完全正確的。

It would reduce our net cash requirements, but it shows up, it doesn't show up in the CapEx number, it would show up as a contribution from partners in our cash flow.

它會減少我們的淨現金需求，但它會顯示出來，它不會出現在資本支出數字中，它會顯示為合作夥伴對我們現金流的貢獻。

Great, thanks a lot, appreciate it.

太好了，非常感謝，不勝感激。

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

謝謝鮑勃，我們要感謝大家今天參加電話會議。

If you will 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 aren't historical facts are subject to a number of risks and uncertainties and actual results may differ materially.

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

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

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

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's Micron Technology second quarter 2010 financial release conference call.

今天的美光科技 2010 年第二季度財務發布電話會議到此結束。

You may now all disconnect.

您現在可以全部斷開連接。