美光科技 (MU) 2010 Q3 法說會逐字稿

Good afternoon.

下午好。

My name is Patty, and I will be your conference facilitator today.

我的名字是帕蒂，今天我將成為您的會議主持人。

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

在此，我想歡迎大家參加美光科技 2010 年第三季度財務發布電話會議。

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

所有線路都已靜音，以防止任何背景噪音。

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

演講者發言後，將進入問答環節。

(Operator Instructions).

（操作員說明）。

Thank you.

謝謝你。

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

現在，我很高興將發言權交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much and welcome to Micron Technologies third quarter 2010 financial release conference call.

非常感謝您，歡迎參加美光科技 2010 年第三季度財務發布電話會議。

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

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

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

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

If you have not had an opportunity to review the third quarter 2010 financial press release, it is also available on our website at Micron.com.

如果您沒有機會查看 2010 年第三季度財務新聞稿，也可以在我們的網站 Micron.com 上獲得該新聞稿。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of this call accessed by dialing 706-645-9291 with the confirmation code of 81966928.

通過撥打 706-645-9291 和確認碼 81966928 可以訪問此通話的音頻重播。

This replay will run through Monday, July 5, 2010 at five-thirty PM Mountain Time.

該重播將持續到 2010 年 7 月 5 日星期一山區時間下午 5 點 30 分。

A Webcast replay will be available on the Company's website until June 28th of 2011.

2011 年 6 月 28 日之前，公司網站上將提供網絡廣播重播。

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

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

Please note the following Safe Harbor Statement.

請注意以下安全港聲明。

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

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

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

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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

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

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

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

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

這些特定因素可以在美光網站的投資者關係部分找到。

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

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

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

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

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

我現在想把電話轉給先生。

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。

It has been a busy quarter with the Numonyx acquisition and other items.

對於 Numonyx 的收購和其他項目，這是一個繁忙的季度。

Let me first set the stage with the financial summary for the quarter and then I will review with you some of the significant or unusual items in the quarter before diving into the operating details.

讓我先為該季度的財務摘要做好準備，然後在深入探討運營細節之前，我將與您一起回顧該季度的一些重要或不尋常的項目。

The Company's third quarter fiscal 2010 ended June 3, 2010.

公司截至 2010 年 6 月 3 日的 2010 財年第三季度。

The Company reported net income of $939 million or $0.92 per diluted share on net sales of $2.3 billion.

該公司報告淨收入為 9.39 億美元，或每股攤薄收益 0.92 美元，淨銷售額為 23 億美元。

Included in net income are gains related to the purchase accounting for the Numonyx acquisition aggregating to $488 million.

淨收入包括與收購 Numonyx 的收購相關的收益總計 4.88 億美元。

Of that gain, $437 million is presented on a separate line on the income statement and $51 million is reflected as a benefit on the income tax line.

在該收益中，4.37 億美元在損益表的單獨行中列示，5100 萬美元在所得稅行中反映為收益。

In computing earnings per share, the shares issued in the Numonyx acquisition are included only for the period they were outstanding, roughly four weeks out of the 13 week quarter.

在計算每股收益時，Numonyx 收購中發行的股票僅包括在流通期間，大約是 13 周季度中的 4 週。

Now let's look at some of the significant or unusual items that arose in the quarter starting with the Numonyx acquisition.

現在讓我們看看從收購恆憶開始的本季度出現的一些重要或不尋常的項目。

The purchase price for Numonyx was based on 138 million shares issued to the Numonyx shareholders and consideration for the employee holders of restricted stock units that were assumed by Micron.

Numonyx 的購買價格基於向 Numonyx 股東發行的 1.38 億股股票以及美光承擔的限制性股票單位員工持有人的對價。

The total purchase price was $1.1 billion.

總收購價為 11 億美元。

The new purchase accounting rules under FAS 141 R were effective for Micron with the beginning of our current fiscal year.

FAS 141 R 下的新採購會計規則對美光在本財年開始時生效。

Under the new rules, the net assets are recognized on the opening balance sheet at their fair values and any excess over the purchase price is recorded as a gain in the period of the acquisition.

根據新規則，淨資產以其公允價值在期初資產負債表中確認，超過購買價格的任何部分均計入收購期間的收益。

That gain in the Numonyx acquisition was $488 million, which is included in the results for the third quarter.

收購恆憶的收益為 4.88 億美元，包含在第三季度的業績中。

This purchase price allocation is preliminary.

此採購價格分配是初步的。

While we are not aware of any adjustments to the allocation, there could be adjustments in the fourth quarter.

雖然我們不知道分配有任何調整，但第四季度可能會有調整。

There were no acquisition intangibles recognized in the purchase accounting and the value of depreciating assets was just slightly lower than their historical cost reflected in the Numonyx financial statements before the acquisition.

採購會計中沒有確認收購無形資產，折舊資產的價值僅略低於收購前恆憶財務報表中反映的歷史成本。

Now let's move on to a couple noteworthy items occurring in the quarter.

現在讓我們繼續討論本季度發生的幾個值得注意的項目。

During the second quarter, the Company occurred $64 million for estimated settlement costs for pending litigation, including the indirect purchase's anti-trust case.

在第二季度，公司發生了 6400 萬美元的未決訴訟估計和解費用，包括間接購買的反壟斷案。

Settlements of these matters are not final, however we believe they will be finalized in the fourth quarter.

這些問題的解決方案不是最終的，但我們相信它們將在第四季度完成。

Under existing supply agreements, our Lexar business periodically receives price adjustments from its suppliers of NAND products.

根據現有供應協議，我們的 Lexar 業務會定期收到其 NAND 產品供應商的價格調整。

During the third quarter, we completed a settlement resulting in a $41 million benefit to cost of goods sold.

在第三季度，我們完成了一項和解，為銷售成本帶來了 4100 萬美元的收益。

We were successful in being awarded a total of $26 million in grants and other incentives during the third quarter.

在第三季度，我們成功獲得了總計 2600 萬美元的贈款和其他獎勵。

$10 million is related to our manufacturing operations and is included as a credit to cost of goods sold.

1000 萬美元與我們的製造業務相關，併計入銷售成本。

$16 million is related to investments in our entities and China and included in the other operating income.

1600 萬美元與我們的實體和中國的投資有關，並包含在其他營業收入中。

Numonyx is a party to a joint venture with Hynix that operates a memory wafer fab in China.

恆憶是與海力士合資的一方，該合資企業在中國經營一家內存晶圓廠。

The arrangement with Hynix also includes a supply agreement.

與海力士的協議還包括一項供應協議。

Hynix has certain rights that were triggered upon the change of control of Numonyx.

海力士擁有在恆憶控制權變更時觸發的某些權利。

In May, we received notification that Hynix intends to exercise their call option to purchase all of the Numonyx interest in the joint venture, as well as notification of their intent to terminate the supply agreement.

5 月，我們收到通知，海力士打算行使其看漲期權以購買合資企業中所有恆憶的權益，以及他們打算終止供應協議的通知。

The notification from Hynix contemplates closing the purchase and termination of the supply agreement in August, although the close date may occur later depending upon receipt of necessary government approvals.

海力士的通知計劃在 8 月完成採購和終止供應協議，但關閉日期可能會在收到必要的政府批准後推遲。

Micron and Hynix are currently in discussions regarding extension of the supply agreement.

美光和海力士目前正在討論延長供應協議。

The estimated price to purchase the Numonyx interest in the joint venture is approximately $425 million.

購買恆憶在合資企業中的權益的估計價格約為 4.25 億美元。

ST Micro currently provides a cash guarantee in support of a $250 million bank loan to the Hynix/Numonyx joint venture.

ST Micro 目前提供現金擔保，以支持向 Hynix/Numonyx 合資企業提供的 2.5 億美元銀行貸款。

As a result of Hynix' exercise of the call option on the joint venture, we are obligated to substitute for ST Micro's guarantee and to deposit $250 million of the proceeds from the sale into a pledged account.

由於海力士對合資企業行使了看漲期權，我們有義務替代 ST Micro 的擔保，並將出售所得的 2.5 億美元存入質押賬戶。

We will receive funds out of the pledged account as the joint venture repays the original bank loan through 2016.

隨著合資企業在 2016 年之前償還原始銀行貸款，我們將從質押賬戶中收到資金。

Let's move on to discuss a few details of our operations over the past quarter.

讓我們繼續討論我們在過去一個季度的運營的一些細節。

First recall several new accounts pronouncements were effective for Micron for the beginning of our 2010 fiscal year.

首先回顧一下在我們 2010 財年開始時對美光有效的幾項新賬目聲明。

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

先前期間的結果已重新調整，以反映與當前期間可比的列報方式。

Total sales in the third quarter increased 17% over the second quarter.

第三季度的總銷售額比第二季度增長了 17%。

Compared to the third quarter of last year, total sales increased 107%, reflective of continued improvements in market conditions in our business and industry over the past year, particularly for DRAM.

與去年第三季度相比，總銷售額增長了 107%，反映出過去一年我們業務和行業的市場狀況持續改善，尤其是 DRAM。

It is important to note that in the Numonyx purchase accounting, the work in process and finished goods inventories are written up to the estimated selling price, less estimated costs to complete.

需要注意的是，在恆憶採購會計中，在製品和製成品存貨按估計售價計算，減去完成的估計成本。

Virtually no margin will be recognized until the products on hand as of the acquisition are sold through.

在收購時手頭的產品售罄之前，幾乎不會確認任何利潤。

In addition, purchase accounting rules don't allow the acquirer to recognize deferred revenue for products that are in the distribution channel, when accounted for on a sell-through basis, which is the model for both Numonyx and Micron.

此外，採購會計規則不允許收購方確認分銷渠道中產品的遞延收入，當以銷售為基礎進行會計處理時，這是恆憶和美光的模型。

Until the products in the distribution channel are sold through, the only revenue reported by the Numonyx operations will be those from direct sales.

在分銷渠道中的產品通過銷售之前，恆憶業務報告的唯一收入將是直接銷售收入。

Because of these items and the fact that only three weeks of Numonyx activities are included in the fiscal third quarter results, Numonyx added $80 million to consolidated net sales at a nominal gross margin.

由於這些項目以及僅三週的 Numonyx 活動包含在第三財季業績中的事實，Numonyx 以名義毛利率為合併淨銷售額增加了 8000 萬美元。

Focusing on the memory segment, that excludes any Numonyx activities, DRAM revenue increased 10% compared to the second quarter.

專注於內存領域，不包括任何 Numonyx 活動，DRAM 收入與第二季度相比增長了 10%。

This increase resulted primarily from a 9% increase in average selling prices.

這一增長主要是由於平均售價增長了 9%。

Revenue from the sales of NAND Flash products in the third quarter increased 16% compared to the previous quarter due to a 21% increase in bit sales, partially offset by a small decrease in the average selling price.

由於位銷售額增長 21%，第三季度 NAND Flash 產品的銷售收入比上一季度增長 16%，部分被平均售價的小幅下降所抵消。

Memory sales in the third quarter include royalty and technology fees of $21 million, which compares to $34 million in the previous quarter.

第三季度的內存銷售額包括 2100 萬美元的版稅和技術費用，而上一季度為 3400 萬美元。

The decrease is a result of the transition in the Nanya technology arrangements that has shifted from a transfer fee recognized as revenue to an R & D cost sharing arrangement that is reflected as a reduction in R & D expense.

減少的原因是南亞技術安排已從確認為收入的轉讓費轉變為體現為研發費用減少的研發成本分攤安排的結果。

Revenue from our foundry-like model with Aptina was $92 million, reflecting a 15% increase compared to the second quarter.

我們與 Aptina 的類似代工模型的收入為 9200 萬美元，與第二季度相比增長了 15%。

Average selling prices for DRAM products continued to strengthen in the third quarter, resulting in a 9% increase in DRAM per gigabit average selling price as compared to the second quarter and increased 54% compared to the third quarter of last year.

第三季度DRAM產品的平均售價繼續走強，導致DRAM每千兆平均售價較第二季度上漲9%，較去年第三季度上漲54%。

Sales of specialty DRAM products grew at a quicker pace in the third quarter compared to core DRAM resulting in a slight shift of mix towards specialty DRAM products from core.

與核心 DRAM 相比，第三季度特種 DRAM 產品的銷售增長更快，導致產品組合從核心向特種 DRAM 產品的輕微轉變。

This is a reversal of the trend we have seen in the past several quarters as a result of core DRAM growth from Inotera production volumes.

這是我們在過去幾個季度看到的趨勢的逆轉，這是由於 Inotera 產量增加核心 DRAM 的結果。

Output from our Inotera operation decreased slightly compared to the second quarter, as Inotera continues its conversion to Micron stack process.

與第二季度相比，我們的 Inotera 業務的產出略有下降，因為 Inotera 繼續轉換為美光堆棧工藝。

Sales of DDR3 DRAM products crossed over DDR2 in the third quarter to become a larger portion of the Company's sales both in bits and dollars.

DDR3 DRAM 產品的銷售額在第三季度超過了 DDR2，成為公司銷售額（以位元和美元計）的較大部分。

DRAM production costs increased slightly in the third quarter compared to the second quarter, primarily due to an increase in the cost per equivalent unit from Inotera as a result of manufacturing inefficiencies during their transition to Micron Stack Process.

與第二季度相比，第三季度的 DRAM 生產成本略有增加，這主要是由於在向美光堆棧工藝過渡期間製造效率低下，Inotera 的每等效單位成本增加。

Inotera continues on track, though, with their long term conversion targets.

不過，Inotera 的長期轉化目標仍在繼續。

DRAM cost reductions in fiscal Q4 are expected to be down low single digits and bit production is expected to be flat to up slightly compared to Q3.

預計第四財季的 DRAM 成本下降幅度將低於個位數，與第三季度相比，預計比特產量將持平或略有上升。

Micron produced product will again show cost per bit declines while Inotera cost is expected to be relatively flat compared to Q3 as Inotera continues to incur costs related to the stack process conversion.

美光生產的產品將再次顯示每比特成本下降，而 Inotera 成本預計與第三季度相比相對持平，因為 Inotera 繼續產生與堆棧工藝轉換相關的成本。

NAND selling prices in the third quarter decreased slightly compared to the prior quarter.

與上一季度相比，第三季度的 NAND 銷售價格略有下降。

Total NAND bits shipped in the third quarter increased 21% compared to the second quarter as we have initiated the ramp of our 25-nanometer technology and transition to higher density products.

與第二季度相比，第三季度出貨的 NAND 位總數增加了 21%，因為我們已經啟動了 25 納米技術的爬坡並過渡到更高密度的產品。

NAND production costs per bit in the third quarter decreased 9% compared to the previous quarter, including the effect of the $41 million price adjustment from suppliers.

第三季度每比特的 NAND 生產成本與上一季度相比下降了 9%，其中包括供應商 4100 萬美元的價格調整的影響。

NAND cost reductions in the fiscal fourth quarter are expected to be down a couple percent and bit production is forecast to be flat.

第四財季的 NAND 成本下降預計將下降幾個百分點，而位產量預計將持平。

The Company is balancing the mix of products to optimize margin and to achieve cost reduction and bit growth with our ramping 25-nanometer technology.

公司正在平衡產品組合，以優化利潤率，並通過我們不斷擴大的 25 納米技術實現成本降低和比特增長。

SG&A expenses in the third quarter were $190 million.

第三季度的 SG&A 費用為 1.9 億美元。

SG&A expense in the third quarter includes expense for litigation accruals of $64 million.

第三季度的 SG&A 費用包括 6400 萬美元的訴訟費用。

Numonyx SG&A costs for the period following the acquisition of $10 million.

收購 1000 萬美元後期間的恆憶 SG&A 成本。

And other acquisition related costs of $14 million.

以及其他與收購相關的成本 1400 萬美元。

R & D expense in the third quarter decreased compared to the second quarter as the 25-nanometer NAND process development was completed and transferred into production on our accelerated schedule.

由於 25 納米 NAND 工藝開發已完成並按我們加快的進度投入生產，第三季度的研發費用與第二季度相比有所下降。

Numonyx accounted for an additional $15 million of R & D expense in the third quarter, and for the first time this quarter, R & D expense includes a credit of $24 million for the cost sharing arrangement with Nanya.

Numonyx 在第三季度額外計入了 1500 萬美元的研發費用，而本季度的研發費用首次包括 2400 萬美元用於與南亞的成本分攤安排。

We anticipate SG&A expense for the fourth quarter of fiscal 2010 to be between $140 million and $150 million while R & D expense in the fourth quarter is expected to be between $165 million and $175 million.

我們預計 2010 財年第四季度的 SG&A 費用在 1.4 億美元到 1.5 億美元之間，而第四季度的研發費用預計在 1.65 億美元到 1.75 億美元之間。

Both of these forecasts include Numonyx spending in Q4.

這兩項預測都包括恆憶第四季度的支出。

Now to the balance sheet.

現在到資產負債表。

The third quarter generated over $700 million in free cash flow to end the period with $2.3 billion of cash on the balance sheet.

第三季度產生了超過 7 億美元的自由現金流，截至本期末，資產負債表上的現金為 23 億美元。

During the third quarter, the Company generated $889 million in cash from operating activities, and repaid $378 million of outstanding debt, including $218 million to the Singapore EDB which was repaid before its maturity and $70 million for the Lexar convertible notes which matured on April 1.

第三季度，公司從經營活動中產生現金 8.89 億美元，償還了 3.78 億美元的未償債務，其中 2.18 億美元在到期前償還給新加坡經濟發展銀行，7000 萬美元用於 4 月 1 日到期的 Lexar 可轉換票據.

Expenditures for property, plant and equipment in the third quarter were $177 million.

第三季度的不動產、廠房和設備支出為 1.77 億美元。

Initial Capital Expenditures for our IM Flash Singapore fab are expected to begin in fiscal Q4 and increase to a significant level beginning in fiscal 2011 as we move forward with tool installations and start up activities.

我們的 IM Flash 新加坡工廠的初始資本支出預計將在第四財季開始，並隨著我們推進工具安裝和啟動活動而從 2011 財年開始增加到顯著水平。

With the inclusion of Numonyx capital in Q4, we anticipate total fiscal year 2010 CapEx to be at the high end of our $850 million to $950 million guidance range.

隨著第四季度恆憶資本的加入，我們預計 2010 財年總資本支出將處於我們 8.5 億美元至 9.5 億美元指導範圍的高端。

In Q4 we project the incremental revenue for Numonyx to be between $475 million and $500 million, with gross margin in the single digits as we continue to sell inventories that were written up in purchase accounting and rebuild inventories in the distribution channel.

在第四季度，我們預計恆憶的增量收入將在 4.75 億美元至 5 億美元之間，毛利率為個位數，因為我們繼續銷售記錄在採購會計中的庫存並在分銷渠道中重建庫存。

With respect to our consolidated joint ventures, distributions were made to JV partners of $72 million in the third quarter which consisted of distributions from IM Flash to Intel.

關於我們合併的合資企業，第三季度向合資夥伴分配了 7200 萬美元，其中包括從 IM Flash 到英特爾的分配。

Intel contributed $24 million to the IM Flash venture in Singapore, which matched the Company's contributions.

英特爾為新加坡的 IM Flash 合資企業提供了 2400 萬美元，與公司的出資相匹配。

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。

Mark?

標記？

Thanks, Ron.

謝謝，羅恩。

We continued to see strong demand for our memory products during our third quarter.

我們在第三季度繼續看到對我們的內存產品的強勁需求。

Although our Q3 has historically been slower from a customer demand perspective, our NAND bit shipments were up 21% and our DRAM bit shipments were up 2%.

儘管從客戶需求的角度來看，我們的第三季度歷來放緩，但我們的 NAND 位出貨量增長了 21%，我們的 DRAM 位出貨量增長了 2%。

Given that our overall DRAM bit shipments increased only slightly this quarter, we consciously directed more of our bits toward higher margin products including products to our server, networking and storage and automotive customers.

鑑於本季度我們的整體 DRAM 位出貨量僅略有增長，我們有意識地將更多位用於利潤率更高的產品，包括面向我們的服務器、網絡和存儲以及汽車客戶的產品。

Revenue from our personal computing business, which includes desktop computers, notebooks and netbooks was up 3% quarter on quarter, as ASPs remain strong in our core DRAM business.

我們的個人計算業務（包括台式電腦、筆記本電腦和上網本）的收入環比增長 3%，因為我們的核心 DRAM 業務的平均售價保持強勁。

Revenue from our server business was up 22% quarter on quarter.

我們的服務器業務收入環比增長 22%。

Demand from our major customers continues to look robust through the second half of calendar 2010.

我們主要客戶的需求在 2010 年下半年繼續保持強勁。

Our networking and storage business achieved a 25% revenue increased in our third quarter.

我們的網絡和存儲業務在第三季度實現了 25% 的收入增長。

The growth at our networking and storage segment was driven by a double digit shipment increase as well as a 10% ASP increase quarter-over-quarter.

我們的網絡和存儲部門的增長是由兩位數的出貨量增長以及 10% 的 ASP 季度環比增長推動的。

As the case with our server business, the forecast from our networking and storage customers continues to be strong heading into the back half of calendar year 2010.

與我們的服務器業務一樣，我們的網絡和存儲客戶的預測在 2010 年下半年繼續保持強勁。

All in all, demand for Micron's DRAM products continues to remain very favorable as we look to optimize our production plans around these strategic growth markets where we are uniquely positioned with a diversified product portfolio.

總而言之，對美光 DRAM 產品的需求繼續保持非常有利，因為我們希望圍繞這些戰略增長市場優化我們的生產計劃，我們在這些市場中擁有獨特的多元化產品組合。

We continue to see a shift in demand in bit shipments towards DDR3 memory in Q3.

我們繼續看到第三季度位出貨量向 DDR3 內存的需求轉變。

Bit shipments of DDR3 product increased as a percentage approximately midteens quarter-over-quarter, representing more than half of our overall core DRAM segment.

DDR3 產品的位出貨量環比增長約 10%，占我們整體核心 DRAM 細分市場的一半以上。

When one considers our DDR2 capacity, we feel Micron is in a favorable position to take advantage of potential increase in legacy opportunities around DDR2.

當考慮到我們的 DDR2 容量時，我們認為美光處於有利位置，可以利用 DDR2 遺留機會的潛在增長。

From a pricing perspective, the weighted average ASPs for all of our DRAM products continued to increase, up 9% quarter on quarter.

從定價的角度來看，我們所有 DRAM 產品的加權平均 ASP 繼續增長，環比增長 9%。

The ASP increases realized in Q3 were consistent across the imputing server networking and storage segments.

第三季度實現的 ASP 增長在估算服務器網絡和存儲領域是一致的。

Contract pricing for DDR3 remained flat quarter to date, even in a seasonally slow period.

迄今為止，DDR3 的合同定價在本季度保持平穩，即使在季節性低迷時期也是如此。

DDR2 spot pricing saw a decrease earlier in our current quarter, but has rebounded a bit since.

DDR2 現貨價格在本季度早些時候有所下降，但此後有所反彈。

Quarter to date blended DRAM ASPs are down slightly off of flat pricing.

迄今為止，混合 DRAM 平均售價較平價略有下降。

Even though that the DDR3 migration is accelerating, we feel DDR2 will be tight in supplying our existing customers within our specialty segment.

儘管 DDR3 遷移正在加速，但我們認為 DDR2 在為我們專業領域的現有客戶提供供應方面將會吃緊。

I was asked about the potential of despecking memory content on our last call and wanted to comment what we have seen in the marketplace.

在上次通話中，有人問我是否有可能去除內存內容，並想評論一下我們在市場上看到的情況。

In fact, we have seen limited examples of low price consumer PCs offering one and two gigabyte models, but by and large, the OEMs continue to market four and eight gigabyte models.

事實上，我們看到的低價消費 PC 提供 1 GB 和 2 GB 型號的例子有限，但總的來說，OEM 繼續銷售 4 GB 和 8 GB 型號。

We have seen little evidence of despecking outside of the entry-level consumer market.

在入門級消費市場之外，我們幾乎沒有看到去檢測的證據。

Demand for Micron's flash memory products continues to grow as we experienced 21% quarter on quarter in bit shipment growth.

對美光閃存產品的需求繼續增長，因為我們的比特出貨量環比增長了 21%。

Micron NAND products are used in a broader range of customer applications including the consumer, mobile and enterprise markets.

美光 NAND 產品用於更廣泛的客戶應用，包括消費、移動和企業市場。

We were able to advance our technology leadership in flash memory as we began shipment of our 25 nanometer product through Lexar and other channel customers.

隨著我們開始通過 Lexar 和其他渠道客戶發貨我們的 25 納米產品，我們能夠提升我們在閃存方面的技術領先地位。

We feel that 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 SSD front, we continue to grow shipments of our award winning C-300 real SSDs to our OEM customers and through our crucial channel.

在 SSD 方面，我們繼續通過我們的關鍵渠道向我們的 OEM 客戶增加我們屢獲殊榮的 C-300 真實 SSD 的出貨量。

There is a substantial overlap on the SSD front with customers who rely on Micron's DRAM solutions, thus demonstrating their overall breadth and strength of our product portfolio.

SSD 方面與依賴美光 DRAM 解決方案的客戶存在大量重疊，從而展示了他們在我們產品組合中的整體廣度和實力。

Our retail business had the best operating performance since the acquisition of Lexar in June of 2006.

自 2006 年 6 月收購 Lexar 以來，我們的零售業務取得了最好的經營業績。

The Lexar branded flash memory card and USB products, coupled with our crucial branded SSD and DRAM module solutions, have continued to gain market share worldwide.

Lexar 品牌的閃存卡和 USB 產品，加上我們至關重要的品牌 SSD 和 DRAM 模塊解決方案，繼續在全球範圍內獲得市場份額。

In a time of supply constraints, our retail customers value the vertical integration model Micron offers through these channels to meet their demand requirements.

在供應緊張的時期，我們的零售客戶重視美光通過這些渠道提供的垂直整合模型，以滿足他們的需求。

We continue to see that retail and eCommerce Markets for DRAM and NAND branded products as differentiated channels that few if any of our competitors are able to access directly.

我們繼續將 DRAM 和 NAND 品牌產品的零售和電子商務市場視為差異化渠道，幾乎沒有競爭對手能夠直接進入。

Trade component pricing for NAND memory was down slightly quarter on quarter.

NAND 內存的貿易組件價格環比略有下降。

This was compared to the quarter to date reference of flat ASPs we gave on our last call.

這與我們在上一次電話會議上給出的本季度迄今為止的 ASP 持平參考進行了比較。

While there are signs of three bit per cell NAND from our competitors in the marketplace, we are pleased with the pricing for Micron's 25-nanometer two bit per cell higher performance flash memories available to maintain a price performance benefit over other lower performance options.

雖然市場上的競爭對手有每單元 3 位 NAND 的跡象，但我們對美光 25 納米每單元 2 位更高性能閃存的定價感到滿意，以保持與其他較低性能選項相比的性價比優勢。

We feel the marketable trend to higher density chips in that continues to grow throughout 2010.

我們感覺到高密度芯片的市場化趨勢在整個 2010 年繼續增長。

We remain optimistic that market segments such as mobile, consumer electronic devices such as tablets, and the SSDs will drive demand for higher cycling performance requirements.

我們仍然樂觀地認為，移動、平板電腦等消費電子設備和 SSD 等細分市場將推動對更高循環性能要求的需求。

We are pleased that the pricing has remained fairly strong during a seasonally slow season for consumer products with trade ASPs down just a couple percent quarter to date and we are optimistic that the NAND market will remain strong for the remainder of calendar year 2010.

我們很高興消費產品在季節性淡季期間價格保持相當強勁，迄今為止，貿易平均售價僅下降了幾個百分點，我們樂觀地認為 NAND 市場將在 2010 日曆年的剩餘時間內保持強勁。

As Ron mentioned, due to purchasing accounting rules, Numonyx numbers do not fully show up in our sales figures this quarter.

正如 Ron 所說，由於採購會計規則，恆憶數字並未完全顯示在我們本季度的銷售數據中。

I wanted to provide some commentary around the customer and market feedback.

我想圍繞客戶和市場反饋提供一些評論。

Our customers in the mobile and embedded markets are looking for Micron to grow strategically in supporting their overall memory requirements today and for their future requirements in newer NTPs and NAND applications.

我們在移動和嵌入式市場的客戶正在尋求美光的戰略性增長，以支持他們今天的整體內存需求以及他們未來在更新的 NTP 和 NAND 應用中的需求。

Our broad portfolio puts us in a strong position as a non-competitive supplier at our major customers.

我們廣泛的產品組合使我們在主要客戶中處於非競爭性供應商的強大地位。

From a market perspective, NOR memory remains in very tight supply conditions and it appears unlikely to change in the second half of calendar year 2010.

從市場的角度來看，NOR 內存仍然處於非常緊張的供應狀態，並且在 2010 年下半年似乎不太可能發生變化。

Except for some cases where we are holding inventory to serve some strategic customer opportunities, our finished good inventory remains relatively low in aggregate and seasonally very low.

除了我們持有庫存以服務於一些戰略客戶機會的某些情況外，我們的成品庫存總體上仍然相對較低，並且季節性非常低。

The channel appears to be low as well.

通道似乎也很低。

We have been asked about the impact of Europe's economic issues on our overall business.

我們被問及歐洲經濟問題對我們整體業務的影響。

Openly the size of the business and some of the impacted companies is relatively small as a percentage of the overall demand and we have not noticed any material impact to date.

公開的業務規模和一些受影響的公司佔整體需求的百分比相對較小，迄今為止我們還沒有註意到任何實質性影響。

As we come to the end of our fiscal 2010, we are encouraged by the strong demand signals across our channel segments.

在我們 2010 財年即將結束之際，我們對各個渠道部門的強勁需求信號感到鼓舞。

Our customers continue to seek expanded supply partnerships with us as we continue to lead from a technology and portfolio scale perspective.

隨著我們從技術和產品組合規模的角度繼續領先，我們的客戶繼續尋求與我們擴大供應合作夥伴關係。

We see the demand supply equilibrium in the memory business continuing to work in our favor, as we look for continued strong operating performance going forward.

我們看到內存業務的供需平衡繼續對我們有利，因為我們期待未來持續強勁的經營業績。

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 would like to take questions from callers.

我們願意接受來電者的提問。

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

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

With that, let's please take questions.

有了這個，讓我們回答問題。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

Our first question comes from Tim Luke of Barclays Capital.

我們的第一個問題來自巴克萊資本的 Tim Luke。

Thank you so much.

太感謝了。

I was wondering if you could just clarify with respect to the fiscal fourth quarter for August, what we should be thinking in terms of bit growth going forward in DRAM and in NAND and if you could provide any framework for how we should think about beginning to model the revenue ranges for Numonyx for the coming period, and just to confirm, it sounded like you were saying that as of now, if the pricing was stable in DRAM from now, it would be down slightly, could perhaps you give the same guidance with respect to the NAND environment and then lastly if I may, the inventory was up some.

我想知道您能否就 8 月份的第四財季澄清一下，我們應該在 DRAM 和 NAND 的位增長方面考慮什麼，以及您是否可以提供任何框架來說明我們應該如何考慮開始為 Numonyx 未來一段時間的收入範圍建模，只是為了確認，聽起來你說的是，從現在開始，如果 DRAM 的定價穩定，它會略有下降，也許你可以給出相同的指導關於 NAND 環境，最後，如果可以的話，庫存增加了一些。

What was Numonyx in terms of the inventory change, thank you.

Numonyx 在庫存變化方面是什麼，謝謝。

Thanks, Tim.

謝謝，蒂姆。

I think we got all of those.

我想我們得到了所有這些。

I'll take the first one.

我會拿第一個。

The production bit growth guidance for DRAM was flat to up slightly and for NAND was roughly flat in our fiscal Q4 over Q3.

DRAM 的生產位增長指導在我們的第四財季與第三季度基本持平至小幅上升，而 NAND 的生產位增長指導大致持平。

I'll hand the ball off to Ron for the Numonyx guidance.

我會把球交給羅恩，讓他得到恆憶的指導。

Tim, the Numonyx revenue I modeled that for you so you had a baseline to start from and going forward we don't anticipate that we'll be able to provide visibility of Numonyx separately as we get it integrated into our business unit planning in the structure of our Company, but for Q4, we were anticipating $475 million to $500 million of revenue in the fourth quarter related to new Numonyx products, and with regard to your inventory question which I think was your fourth question, the Numonyx inventory this was our first quarter including it and we included it at full fair value assessment, so it has no embedded margin in it as I mentioned and so the increase in the revenue base will be at full fair value, and as we flush through inventory at cost, then it will come down to a cost basis as we go through the fourth quarter but I also anticipate that in the fourth quarter we'll have very small margins on the Numonyx product because it will be mainly flowing through at fair market value.

蒂姆，我為你建模的恆憶收入，所以你有一個基線開始，我們預計我們將無法單獨提供恆憶的可見性，因為我們將它整合到我們的業務部門規劃中我們公司的結構，但對於第四季度，我們預計第四季度與新恆憶產品相關的收入為 4.75 億美元至 5 億美元，關於您的庫存問題，我認為這是您的第四個問題，恆憶庫存這是我們的第一季度包括它，我們將其包括在完整的公允價值評估中，因此正如我所提到的，它沒有嵌入的利潤，因此收入基礎的增加將是完整的公允價值，當我們以成本沖銷庫存時，然後隨著我們進入第四季度，它將歸結為成本基礎，但我也預計在第四季度我們將在 Numonyx 產品上獲得非常小的利潤，因為它將主要以公平的市場價值流通。

How should we think about the Numonyx margin going forward after the fourth quarter, if you could give some color there and then my last statement is just have you concluded your arrangement with your partner for Singapore, it sounds like you have an initial matching of CapEx but how do you see that going forward?

我們應該如何考慮第四季度之後的恆憶利潤率，如果您可以在那裡給出一些顏色，然後我的最後一句話是您是否與您的合作夥伴完成了您在新加坡的安排，聽起來您已經初步匹配了資本支出但你如何看待未來的發展？

Thank you.

謝謝你。

So Tim, the Numonyx margin as I mentioned the fourth quarter is only slightly positive as we're flushing through fair value inventory but beyond that time as we get to full normal cost production, I guess one thing I refer you back to is that in recent reported history they've run in the mid 20s kind of gross margin ranges.

所以蒂姆，我提到第四季度的恆憶利潤率只是略微正值，因為我們正在沖銷公允價值庫存，但在那之後，隨著我們達到完全正常的成本生產，我想我要向你推薦的一件事是最近報導的歷史，他們在 20 年代中期的毛利率範圍內運行。

And let me jump in on IMFS, if the question was relative to--

如果這個問題是關於——

Yes.

是的。

-- capital funding there.

- 那裡的資本資金。

We still don't have complete clarity as to the level of participation of our partner Net RAM.

我們仍然不完全清楚我們的合作夥伴 Net RAM 的參與程度。

We've indicated previously that that fab is roughly 100,000 wafer per month fab.

我們之前已經指出，該工廠每月大約生產 100,000 片晶圓。

I think as a placeholder, you should anticipate that as we move through calendar 2011, we'll ramp that to roughly a 60% level but we want to maintain flexibility to move that around based on market conditions, so we don't have a firm road map for you yet on that, and of the Intel participation again, it's too early to say.

我認為作為一個佔位符，你應該預料到，隨著 2011 年日曆的推進，我們將把它提升到大約 60% 的水平，但我們希望根據市場情況保持靈活性，所以我們沒有為您提供堅定的路線圖，以及英特爾再次參與，現在說還為時過早。

Thank you so much guys.

十分感謝大家。

Our next question comes from Daniel Berenbaum of Auriga USA.

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

Yes, hi guys.

是的，大家好。

Thank you for taking my question.

謝謝你接受我的問題。

Can we just go back to the inventory?

我們可以回到庫存嗎？

I'm trying to get straight in my head there was like a $700 million increase in the quarter.

我試圖直截了當地說，本季度增加了 7 億美元。

How much of that was Numonyx inventory?

其中有多少是恆憶的庫存？

How much of that was you marking up mark-to-market for DRAM, and then maybe just go back and relate to a clarification of newer gross margin.

其中有多少是你標記 DRAM 的市價，然後可能只是回過頭來澄清新的毛利率。

Was newer gross margin as you reported on the P & L negative in this quarter and then when would you expect it to get to that mid 20% normalized number?

您在本季度報告的損益負數是否更新了毛利率，然後您預計它何時會達到 20% 的正常化數字？

Dan, this is Ron.

丹，這是羅恩。

So, in terms of the inventory affect in Q3, it was all driven by essentially Numonyx, and so that was the adjustment and the inventory that we put on the balance sheet for Numonyx was at fair market value less cost to complete, so that when it goes out it will be effectively going out at a zero gross margin.

因此，就第三季度的庫存影響而言，這基本上都是由恆憶驅動的，所以這是調整，我們為恆憶放在資產負債表上的庫存是按公允市場價值減去完成成本，所以當它出去了，它實際上將以零毛利率出去。

So that effect will flow through the Q3 effect so we were essentially a zero gross margin in Q3 and we'll be near zero gross margin in Q4 as that continues to flow through.

因此，這種影響將通過第三季度效應產生，因此我們在第三季度基本上是零毛利率，並且我們將在第四季度接近零毛利率，因為這種情況會繼續流動。

So it's sort of the right way to think about it that you have $700 million in NOR revenue that has to flow through at 0% gross margin before you move to more normal gross margin?

因此，在您轉向更正常的毛利率之前，您有 7 億美元的 NOR 收入必須以 0% 的毛利率流過，這是一種正確的思考方式嗎？

That's a reasonable way to think about it, yes.

這是一種合理的思考方式，是的。

Okay.

好的。

In addition we had just to reiterate, we had inventory in the distributer channel that was there at the time we executed the close and as I mentioned in my comments, that as part of purchase accounting the distributer inventory that was deferred on our books is wrapped up in purchase accounting and we don't ever report that as revenue either in the current period or future so until that pipeline gets refilled, the distributor inventory pipeline we have in effect from that and I Incorporated that into the guidance for the fourth quarter they gave you for Numonyx.

此外，我們必須重申，我們在執行收盤時在分銷商渠道中有庫存，正如我在評論中提到的那樣，作為採購會計的一部分，我們賬面上推遲的分銷商庫存被包裝在採購會計中，我們從未將其報告為當前或未來的收入，因此在重新填充該管道之前，我們有效的分銷商庫存管道，我將其納入第四季度的指導中給你恆憶。

That makes sense and then just on the accrual for litigation, what litigation are we talking about?

這是有道理的，然後只是關於訴訟的應計，我們在談論什麼訴訟？

Is this in addition to, is this cost or price fixing case and is it in addition to Rambus litigation?

這是除了這個成本或價格固定案件之外，還是 Rambus 訴訟的補充？

Dan, this is Ron again.

丹，這又是羅恩。

It doesn't relate to Rambus litigation as the anti-trust class action suit related to indirect purchasers, effectively representing consumers and that settlement involves Micron and four or five other participants in the settlement of that anti-trust class action related to the indirect purchasers.

它與 Rambus 訴訟無關，因為與間接購買者有關的反壟斷集體訴訟有效地代表了消費者，並且該和解涉及美光和四五個其他參與者參與與間接購買者有關的反壟斷集體訴訟的和解.

Samsung actually previously settled that same suit and this one involves Micron, NEC, Elpida and Infineon as examples.

三星實際上之前解決了同樣的訴訟，這起訴訟涉及美光、NEC、爾必達和英飛凌作為例子。

Thanks and then just one last administrative question.

謝謝，然後是最後一個行政問題。

Guidance for share count, share count for next quarter when you have the full effect of the Numonyx issued shares?

股數指導，下個季度股數什麼時候有恆憶已發行股份的全部效力？

Should be about 1159.

應該是1159左右。

Thank you.

謝謝你。

Yes.

是的。

That of course depends upon income levels.

這當然取決於收入水平。

Right, understood, but fully diluted assuming--

對，理解，但完全淡化假設——

Fully diluted would be 1160.

完全稀釋後為 1160。

Great.

偉大的。

Thanks very much.

非常感謝。

Okay.

好的。

Our next question comes from Kate Kotlarsky of Goldman Sachs.

我們的下一個問題來自高盛的 Kate Kotlarsky。

Hi, thank you for taking my question.

您好，感謝您提出我的問題。

A couple of questions.

幾個問題。

First on the NAND bit shipment guidance for next quarter, could you maybe clarify a little bit as to why we're only seeing flat production next quarter and if there's any difference between what you expect your production to be next quarter versus what you expect your shipments to be?

首先，關於下個季度的 NAND 位出貨指導，您能否澄清一下為什麼我們下個季度的產量只會持平，以及您對下個季度的產量的預期與您對您的預期產量之間是否存在任何差異？出貨量？

Yes, this is Mark Durcan.

是的，這是馬克·杜肯。

Let me jump in on that one.

讓我跳上那個。

The effects are numerous, but primarily revolve around increased penetration of our 25-nanometer node being offset by lower volume purchases but primarily a shift in mix to more margin, higher margin NAND products, which tend to be lower density.

影響是多方面的，但主要圍繞著我們 25 納米節點的滲透率增加被較低的採購量所抵消，但主要是向利潤率更高、利潤率更高的 NAND 產品轉變，這些產品往往密度較低。

Okay, that makes sense, and then any difference in what your production is going to be versus the actual shipments in the quarter?

好的，這是有道理的，那麼您的產量與本季度的實際出貨量有什麼區別？

I believe we're roughly flat, no inventory change.

我相信我們大致持平，沒有庫存變化。

Okay, and then my other question is on the cost reduction trajectory, you mentioned that next quarter cost reductions will be fairly minimal.

好的，然後我的另一個問題是關於降低成本的軌跡，你提到下個季度的成本降低將相當小。

Should we expect them to accelerate over the next couple of quarters and if you can quantify that that would be great.

我們是否應該期望它們在接下來的幾個季度中加速，如果你可以量化那將是很棒的。

Yes, absolutely.

是的，一點沒錯。

We've got a lot of runway ahead of us as we move into fiscal 2011 and in particular, on the Inotera front we have the 50-nanometer transition moving ahead and we'll start to see the impact of that fiscal Q1 and beyond, it should be a big story for the entire year.

隨著我們進入 2011 財年，我們有很多路要走，特別是在 Inotera 方面，我們正在推進 50 納米的過渡，我們將開始看到第一財季及以後的影響，這應該是一整年的大事。

On the NAND front, I mentioned we're into the 25-nanometer transition, and that will be on the order of 25% of the bits of the quarter we're in and closer to 75% of the bits the following quarter, and that will drive significant cost reductions as we move through the year on NAND front as well, so boil all that down, I think on the NAND front, you can look for high teens moving forward quarter-over-quarter and for DRAM, you can look, be a little bit lumpy but averaging out something in the midteens.

在 NAND 方面，我提到我們正在進入 25 納米過渡，這將是我們所在季度的 25% 的數量級，並且在下一個季度將接近 75% 的位，並且隨著我們在 NAND 方面的這一年進行，這將推動成本的顯著降低，所以歸根結底，我認為在 NAND 方面，你可以尋找一個季度環比增長的青少年，而對於 DRAM，你可以看，有點笨拙，但平均在 10 歲左右。

Okay, and then just finally, the follow-up to my first question on the NAND side, how should we think about the growth after Q4?

好的，最後，我在 NAND 方面的第一個問題的後續，我們應該如何考慮 Q4 之後的增長？

Sorry, can you say that again, Kate?

抱歉，你能再說一遍嗎，凱特？

Yes, so next quarter, on the NAND side, bit production is going to be relatively flat.

是的，所以下個季度，在 NAND 方面，比特生產將相對持平。

How should we think about that in the following quarters?

在接下來的幾個季度中，我們應該如何看待這一點？

Oh, yes.

哦是的。

Bit production probably flattish again the following quarter and then we'll have some pretty good growth after that, I'd say yes, midteens.

比特生產可能會在下個季度再次持平，然後我們將有一些相當不錯的增長，我會說是的，中期。

Okay, thank you.

好的謝謝你。

Our next question comes from David Wong of Wells Fargo.

我們的下一個問題來自富國銀行的 David Wong。

Thanks very much.

非常感謝。

Can you give us a rough idea of what your weeks of inventory are for DRAM and NAND and do I understand correctly if you got about $700 million on Numonyx revenue and you're saying the run rate might be $500 million that accounts to about 20 weeks of inventory for the Numonyx NOR stuff?

您能否大致了解一下您的 DRAM 和 NAND 庫存週數？如果您從 Numonyx 獲得大約 7 億美元的收入，並且您說運行速度可能是 5 億美元，大約需要 20 週，我是否理解正確Numonyx NOR 產品的庫存量？

I'll take a shot on the inventory question.

我將對庫存問題進行一次拍攝。

On our finished goods inventory we're slightly below our inventory holdings on three weeks on hand for finished goods and in certain high volume products are even less than that.

在我們的成品庫存方面，我們手頭三週的成品庫存量略低於我們的庫存量，在某些大批量產品中甚至比這還要少。

Sometimes towards the end of a quarter we have the choice to make on like holding over some inventory to position service in a higher margin opportunities in some of the special areas we serve and that's sometimes the case but on average we're lower than we are seasonally a slightly less than three weeks in total.

有時在一個季度末，我們可以選擇保留一些庫存，以便在我們服務的某些特殊領域中將服務定位在更高利潤的機會中，有時是這樣，但平均而言，我們的水平比我們低季節性的總共不到三週。

This is Ron.

這是羅恩。

In terms of your Numonyx revenue question, I didn't say $700 million Numonyx revenue.

關於你的恆憶營收問題，我沒有說恆憶營收為 7 億美元。

We had about $686 million of Numonyx inventory at the end of the quarter and that was mostly marked to fair market value as the acquisition, although we did have obviously production that went in there in the three week intervening period after the close.

在本季度末，我們有大約 6.86 億美元的恆憶庫存，這在收購時大部分都以公允市場價值計價，儘管在收盤後的三週內，我們確實有明顯的生產進入那裡。

Then that will flow through essentially at market valueless cost to complete, it will flow through and based upon the guidance the vast majority will flow through in the fiscal fourth quarter, but bear in mind some of that inventory already is probably at cost in that mix also.

然後，這將基本上以市場無價值成本完成，它將通過並基於絕大多數將在第四財季通過的指導，但請記住，在該組合中，其中一些庫存可能已經成本還。

But doesn't that mean that you've got a quarter or more less of inventory on your balance sheet for the NOR?

但這是否意味著您的資產負債表上的 NOR 庫存只有四分之一或更多？

That is correct.

那是對的。

Great, thanks.

太謝謝了。

Yes.

是的。

That's right.

這是正確的。

Our next question comes from Alex Gauna, I'm sorry if I mispronounced your name from JMP Securities.

我們的下一個問題來自 Alex Gauna，如果我從 JMP Securities 誤讀了您的名字，我很抱歉。

Yes, thanks very much.

是的，非常感謝。

I was wondering and I apologize because I think you've touched on this but with your flat bit or flattish to slightly up bit growth in DRAM, can you reconcile what I would think would be stronger seasonality on that front with that sort of guidance?

我想知道，我很抱歉，因為我認為你已經談到了這一點，但是你的 DRAM 的位增長持平或持平到略微上升，你能否通過這種指導來協調我認為在這方面會更強的季節性？

Keep in mind that's not a shipments guidance.

請記住，這不是發貨指南。

That's only a production guidance.

這只是一個生產指導。

Okay, and so but again, in such tight environment wouldn't we be looking to grow it?

好的，但同樣，在如此緊張的環境中，我們不會尋求發展它嗎？

Is it entirely accounted for by the transitions going on with Inotera and DDR2 to DDR3 conversion?

是否完全由 Inotera 和 DDR2 到 DDR3 的轉換進行了解釋？

Yes, our bit growth is right now no wafer is coming on Board for us in the immediate future so it's all transitions, so it is a combination of Inotera's transition and Micron's wholly owned transition.

是的，我們的比特增長目前沒有晶圓在不久的將來為我們提供，所以這都是過渡，所以它是 Inotera 的過渡和美光全資擁有的過渡的結合。

Okay, and then if I could ask the same question you just answered on NAND, if we looked beyond this current quarter, what might we see on the DRAM bit growth side a little bit later in the year?

好的，然後如果我可以問您剛剛在 NAND 上回答的相同問題，如果我們超越當前季度，我們會在今年晚些時候在 DRAM 位增長方面看到什麼？

After Q4 you should start looking for some double digit bit increases on the production side.

在第四季度之後，您應該開始在生產方面尋找一些兩位數的增長。

All right, thanks very much.

好的，非常感謝。

Yes.

是的。

Our next question comes from Glen Yeung of Citigroup.

我們的下一個問題來自花旗集團的 Glen Yeung。

Hi, you mentioned that there was some difficulties with the conversion to stack at Inotera, and the long term targets remain the same.

您好，您提到在 Inotera 轉換為堆棧時存在一些困難，並且長期目標保持不變。

Have there been any changes, can you talk about some of the changes to the more near term targets?

有沒有什麼變化，你能談談更近期目標的一些變化嗎？

Yes.

是的。

This is Mark Durcan.

這是馬克·杜肯。

I wouldn't say there's anything unexpected going on.

我不會說有什麼出乎意料的事情發生。

We just continue to move through equipment installations and deploying the technology on what's been the tool set at Micron as well as some repurpose tools there.

我們只是繼續進行設備安裝，並將技術部署在美光的工具集以及那裡的一些重新利用工具上。

In the short-term, we'll see a slight reduction in the wafer start rate as we just work through those equipment repurposing activities but we still anticipate on the original schedule as we move late into the calendar year and that's driving some pretty significant bit growth for us throughout 2011.

在短期內，我們將看到晶圓開工率略有下降，因為我們剛剛完成了這些設備再利用活動，但隨著我們進入日曆年的後期，我們仍預計原定時間表，這推動了一些相當大的進展整個 2011 年的增長。

Okay, and are you planning specialty DRAM mix to remain at the higher levels for the rest of the second half of calendar 2010?

好的，您是否計劃在 2010 年下半年的剩餘時間內將專業 DRAM 組合保持在較高水平？

Yes, this is Mark Adams.

是的，這是馬克亞當斯。

It was something I alluded to in my opening comments that given the profile we're looking at we were able to do this quarter shift towards some specialty and higher margin segments for ourselves and we do see some upside there as we're in some cases sole sourced in some of these applications and certainly tied to some of the growth opportunities in these markets.

我在開場評論中提到了這一點，鑑於我們正在研究的概況，我們能夠在本季度為自己做一些專業和更高利潤率的轉變，我們確實看到了一些上行空間，因為我們在某些情況下獨家採購其中一些應用程序，並且肯定與這些市場的一些增長機會有關。

Next question, please?

請問下一個問題？

Thank you.

謝謝你。

Our next question comes from Daniel Amir of Lazard Capital Markets.

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

Thanks a lot.

非常感謝。

All my questions have been answered but can you give maybe some commentary on kind of what you're seeing a bit in terms of customers in the PC space and how or where we're standing in terms of back-to-school orders right now?

我的所有問題都已得到解答，但您能否就您在 PC 領域的客戶方面所看到的內容以及我們目前在返校訂單方面的立場或立場發表一些評論?

Yes.

是的。

Thanks, this is Mark again.

謝謝，這又是馬克。

So, we saw kind of I guess analysts and press talking about a softer April but openly since kind of the May time frame we started to see some pretty healthy indications on the back-to-school and the second half of the year.

因此，我們看到分析師和媒體在談論 4 月的疲軟，但從 5 月的時間框架開始，我們開始在返校和下半年看到一些非常健康的跡象。

Notably the server business has been very strong, the desktop business is very strong, and the June OEM members around notebooks is very strong so despite some concerns or questions early on in our quarterback in April, it's still been fairly strong.

值得注意的是，服務器業務非常強勁，台式機業務非常強勁，6 月份圍繞筆記本電腦的 OEM 成員也非常強勁，因此儘管我們在 4 月份的四分衛早些時候有一些擔憂或問題，但它仍然相當強勁。

We feel pretty good about it.

我們對此感覺很好。

And in terms of the specialty DRAM market?

而在特種DRAM市場方面呢？

Likewise.

同樣地。

As I said we had the opportunity to take a look at our allocation models given some of the limited production upside we had this quarter and we shifted as much as we could to those markets because there's a lot of appetite for our products.

正如我所說，鑑於我們本季度的一些有限的生產上升空間，我們有機會查看我們的分配模型，我們盡可能多地轉向這些市場，因為我們的產品有很大的胃口。

I would also mention there's a number of questions on the Numonyx side on today's call and it's not just pertaining to DRAM and Flash memory.

我還要提一下，在今天的電話會議中，恆憶方面存在許多問題，而且不僅與 DRAM 和閃存有關。

The NOR specialty market is a high growth opportunity for us as there's tremendous appetite for Numonyx parts in that channel as well.

NOR 專業市場對我們來說是一個高速增長的機會，因為該渠道對恆憶（Numonyx）零件的需求也很大。

Okay, thanks a lot.

好的，非常感謝。

Our next question comes from Gary Hsueh of Oppenheimer & Company.

我們的下一個問題來自 Oppenheimer & Company 的 Gary Hsueh。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Just a few more follow-up questions to some of the questions that have already been asked, but just curious here in terms of your ability to basically change production bits from commodity to specialty.

對於已經提出的一些問題，只需再提出一些後續問題，但在這裡只是對您將生產位從商品基本更改為專業的能力感到好奇。

Was that more of a reaction to what you're seeing in the marketplace particularly vis-a-vis a little bit of incremental weakness on the commodity side with the PC market and second question just similar vein.

這是否更多是對您在市場上看到的情況的反應，特別是相對於 PC 市場商品方面的一點點增量疲軟，第二個問題只是類似的脈絡。

You talked about decontenting, you came out and said basically you didn't see any evidence of that.

你談到了不滿足，你站出來說你基本上沒有看到任何證據。

I was wondering how much visibility do you have on a particular specs for PCs for the back-to-school selling season, in other words, are you seeing kind of visibility or do you have any visibility on DRAM content per box in Q3 and Q4 and I have a few more follow-ups.

我想知道您對返校銷售季節的特定 PC 規格有多少可見度，換句話說，您是否看到某種可見度，或者您是否對第三季度和第四季度每盒 DRAM 內容有任何可見度我還有一些後續行動。

Yes.

是的。

So I think the first question is I think let me restate this.

所以我認為第一個問題是我想讓我重申一下。

Did we move some capacity, did we move it to more profitable products because we perceived weakness in the less profitable segments?

我們是否轉移了一些產能，我們是否將其轉移到利潤更高的產品上，因為我們認為利潤較低的細分市場存在弱點？

Not as much.

沒有那麼多。

We were just trying to optimize profit.

我們只是想優化利潤。

On the second question around going forward configurations, we're not as tied to the choices that our OEMs Macon individual configurations.

關於未來配置的第二個問題，我們並不依賴於我們的 OEM 的 Macon 個人配置的選擇。

I'll tell you that part of my responsibilities around the retail business and I've got pretty good interactions with the retailers and e-tailers, so far, the consumers haven't voted ongoing down to lower configurations and you have to remember there's an emotional part of buying here and the emotional part of buying is when you're used to going out and evaluating and purchasing 40 gigabyte platforms.

我會告訴你我在零售業務方面的部分職責，我與零售商和電子零售商的互動非常好，到目前為止，消費者還沒有投票支持較低的配置，你必須記住有在這裡購買的情感部分和購買的情感部分是當您習慣外出並評估和購買 40 GB 平台時。

Behaviorally it just doesn't seem right to go down to one to two gigabyte products and that's the consumer sentiment and secondly that these never hit the corporate PC side so it's such a small piece today and it hasn't proven to be successful that I'd be surprised if it made an impact in the back half of the year.

從行為上講，降低到一到兩個千兆字節的產品似乎是不正確的，這是消費者的情緒，其次，這些產品從未影響到企業 PC 方面，所以今天它是如此之小，而且還沒有被證明是成功的，我如果它在今年下半年產生影響，我會感到驚訝。

Okay, great and just a follow-up in terms of manufacturing.

好的，很好，只是製造方面的後續行動。

You guided to single bit production on DRAM particularly.

您特別指導了 DRAM 上的單比特生產。

I thought that, direct me if I'm wrong, that crossover in terms of wafer production that Inotera pushed back had occurred or is expected to occur at the end of Q2, just wondering is there any kind of set back in terms of the ramp here going on at Inotera for stack particularly in regards to your single digit kind of production guidance for Fiscal Q4 and how much more acceleration could we see now in the November and February quarters?

我認為，如果我錯了，請直接告訴我，Inotera 推遲的晶圓生產方面的交叉已經發生或預計將在第二季度末發生，只是想知道在斜坡方面是否有任何挫折在這裡，Inotera 正在進行堆棧，特別是關於您對第四財季的個位數生產指導，以及我們現在在 11 月和 2 月季度可以看到多少加速？

Yes, I think, this is Mark.

是的，我想，這是馬克。

The relative to Inotera, I think your assumption relative to the original plan were off a little bit.

相對於 Inotera，我認為您相對於原始計劃的假設有點偏離。

We are as I said continuing on a pace, we're probably lagging a couple of months at the current point but we anticipate as we move through Q4 that will be right back on track so we don't see any long term disruption there.

正如我所說的那樣，我們繼續加快步伐，目前我們可能落後了幾個月，但我們預計隨著我們進入第四季度，這將回到正軌，因此我們看不到那裡有任何長期的中斷。

Okay, and we could expect basically double digit big growth beyond Q4 for DRAM?

好的，我們可以預期 DRAM 在第四季度之後基本上會出現兩位數的大幅增長嗎？

Midteens I think, yes.

中年我想，是的。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Our next question comes from Uche Orji of UBS.

我們的下一個問題來自瑞銀的 Uche Orji。

Thank you very much.

非常感謝。

Just a couple of questions.

只是幾個問題。

One is any idea how much DDR3 will constitute of your 50-nanometer products in the second half of 2010?

想知道在 2010 年下半年 DDR3 將在您的 50 納米產品中佔多少？

Just trying to get a sense of I know you've cost on DDR3 but I just want to know how much that kind of constitutes of your 50-nanometer products.

只是想了解一下我知道你在 DDR3 上花了多少錢，但我只是想知道你的 50 納米產品中有多少這種構成。

So let me take a shot at that.

所以讓我試一試。

This is Mark again.

這又是馬克。

Hi, Mark.

嗨，馬克。

I think for 50-nanometer in the quarter we're currently in, it's probably roughly 2 to 1 DDR3 to DDR2.

我認為對於我們目前所在季度的 50 納米，DDR3 到 DDR2 大概是 2 比 1。

Okay.

好的。

That's helpful.

這很有幫助。

So let me just ask you, you're saying your inventory is about three weeks.

所以讓我問你，你說你的庫存大約是三週。

Any insight as to what the inventory at the OEMs or the channel at the major companies is at the moment?

對 OEM 的庫存或主要公司的渠道目前有什麼了解嗎？

Because usually, back-to-school some people tend to with past inventories, any commentary as to what the channel is like would be helpful.

因為通常，返校時有些人傾向於使用過去的庫存，所以任何關於頻道是什麼樣的評論都會有所幫助。

Thanks, this is Mark Adams again.

謝謝，我又是馬克亞當斯。

So the inventory it's actually interesting.

所以庫存實際上很有趣。

It's much tighter than you expect going back-to-school.

返校比你想像的要緊得多。

My suspicion is that I think we all have to remember we're not sitting in the most robust economy.

我的懷疑是，我認為我們都必須記住，我們並不是處於最強勁的經濟中。

Sure it's better than 2009, but people still have kind of the memory of running through the working capital strains at that time period and pretty efficient on supply chain and probably a little bit more risk averse than they were two years back, so we see pretty tight inventories across the channels and even back into the ODMs that you referred to earlier and don't see a lot of build up at this point.

當然比 2009 年要好，但人們仍然記得當時的營運資金緊張，供應鏈效率很高，可能比兩年前更規避風險，所以我們看到整個渠道的庫存緊張，甚至回到您之前提到的 ODM 中，目前還沒有看到大量庫存。

Okay, let me ask you, because you talk about networking and storage business and that's of course your specialty business.

好的，讓我問你，因為你談論網絡和存儲業務，這當然是你的專業業務。

How much of in terms of what you've seen how much more do you expect for strength in the demand there and any commentary you can take us to the configuration of the market and to what extent that reflects the strength in our enterprise vending, that would be helpful, thank you.

就您所看到的情況而言，您對那裡的需求強度有多少期望以及您可以將我們帶到市場配置的任何評論以及在多大程度上反映了我們企業自動售貨機的實力，會很有幫助的，謝謝。

Yes, a more qualitative response to that question is it's hard to see far out beyond six to 12 months from a demand cycle but it looks good.

是的，對這個問題的一個更定性的回答是，很難看到需求週期超過 6 到 12 個月，但看起來不錯。

It looks really strong.

它看起來真的很強大。

The networking guys obviously are looking to get into computing and vice versa so you see a lot more technology plays around storage and not just in the DRAM side.

網絡人員顯然正在尋求進入計算領域，反之亦然，因此您會看到更多技術在存儲方面發揮作用，而不僅僅是在 DRAM 方面。

They are talking to us about flash applications and certainly NOR applications so as best we can see that's a very healthy segment for us and one where we're pretty well positioned from a product portfolio standpoint.

他們正在與我們討論閃存應用程序，當然還有 NOR 應用程序，因此我們可以看到，這對我們來說是一個非常健康的細分市場，並且從產品組合的角度來看，我們處於非常有利的位置。

And my last question is regarding Europe.

我的最後一個問題是關於歐洲的。

This has been a topic for everybody in terms of you've had OEMs talking about raising prices for PC products in Europe.

這一直是每個人的話題，因為您有 OEM 談論提高歐洲 PC 產品的價格。

In the last weeks you've kind of responded to the currency weakness.

在過去的幾周里，你對貨幣疲軟做出了某種反應。

In the demand you're seeing out of Europe has there been any change at all with the specifications of people pushing back in terms of pricing on the component level so any comments in Europe would be helpful.

在您在歐洲看到的需求中，人們的規格在組件級別的定價方面有所退縮，因此歐洲的任何評論都會有所幫助。

Thank you very much.

非常感謝。

That's my last question.

這是我的最後一個問題。

Sure.

當然。

We haven't seen it, ironically what lead to my comments earlier was we've actually seen some pockets of strength in retail in Europe.

我們還沒有看到它，具有諷刺意味的是，導致我早些時候發表評論的是我們實際上已經看到了歐洲零售業的一些實力。

Certainly there's been some questions about Greece and others smaller markets but on the margin, it's been okay and so we haven't seen the dramatic shift, a lot of conversations about it but we haven't seen a dramatic shift and certainly some of the currency implications abound.

當然有一些關於希臘和其他較小市場的問題，但在邊際上，一切都還好，所以我們沒有看到戲劇性的轉變，很多關於它的對話，但我們沒有看到戲劇性的轉變，當然還有一些貨幣影響比比皆是。

But the other side of that equation is China retail has been up dramatically so on a global footprint, whatever noise there might be in some smaller regions in Europe is more than offset by some other global success paths around China, India, and others.

但另一方面，中國零售業在全球範圍內大幅增長，無論歐洲一些較小地區可能存在的噪音都被中國、印度和其他地區的其他一些全球成功路徑所抵消。

Thank you very much.

非常感謝。

Our next question comes from Kevin Cassidy of Thomas Weisel Partners.

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

Thanks for taking my questions.

感謝您提出我的問題。

Were there any changes in your gross margin rankings of your different product groups?

你們不同產品組的毛利率排名有什麼變化嗎？

I'll rank them for you if you'd like.

如果你願意，我會給你排名。

Specialty DRAM continued to lead, number two was our trade NAND, number three was core DRAM, and number four was the segment we now have as imaging and other and Numonyx was number five.

特種 DRAM 繼續領先，第二是我們的貿易 NAND，第三是核心 DRAM，第四是我們現在擁有的成像和其他細分市場，而恆憶排名第五。

Okay, thanks for that, and for your internal DRAM conversion, is there any change to that schedule or could you remind us what the schedule is?

好的，謝謝您，感謝您的內部 DRAM 轉換，該時間表是否有任何更改，或者您能否提醒我們時間表是什麼？

No, I think over the long haul, we get through Q4 and we're looking for a pretty big fiscal 2011 that will be in the midteens and accelerate.

不，我認為從長遠來看，我們度過了第四季度，我們正在尋找一個相當大的 2011 財年，該財年將在 10 歲左右並加速。

In the short-term, we're maybe lagging a couple of months at Inotera, but that will play through relatively quickly.

在短期內，我們可能會在 Inotera 落後幾個月，但這會相對較快地發揮作用。

Okay, and one last question on Numonyx.

好的，關於 Numonyx 的最後一個問題。

Of the $80 million that you sold to OEMs, what exposure was that split between handsets and embedded customers?

在你賣給 OEM 的 8000 萬美元中，手機和嵌入式客戶之間的曝光率是多少？

I think and Ron will correct me if I'm wrong here, the $80 million wasn't the actual revenue.

我想如果我在這裡錯了，羅恩會糾正我的，8000 萬美元並不是實際收入。

It was the revenue we recognized by virtue of the accounting treatment of the quarter and how that we closed on the date, so that notwithstanding I think the answer you're looking for is about 65% to 70% wireless and 30% plus around the embedded market.

這是我們通過本季度的會計處理以及我們如何在該日期結束時確認的收入，因此儘管我認為您正在尋找的答案是大約 65% 到 70% 無線和 30% 以上嵌入式市場。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Our next question comes from Bob Gujavarty of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bob Gujavarty。

Great, thanks for taking my question.

太好了，感謝您提出我的問題。

I thought you guys were a little bit constrained on your server shipments because of the Inotera transition so I was a bit surprised how strong server was.

我認為由於 Inotera 的過渡，你們的服務器出貨量受到了一些限制，所以我對服務器的強大程度感到有點驚訝。

Do you think server can be strong again in the coming quarter despite some slower bit growth than you'd hoped for perhaps from Inotera?

你認為服務器在下個季度會再次強勁，儘管位增長比你希望的 Inotera 慢嗎？

Yes, this is Mark Adams again.

是的，這又是馬克亞當斯。

Yes, absolutely and I think your comments are well done and it's coming out of last quarter.

是的，絕對是，我認為您的評論做得很好，並且是在上個季度發布的。

As I mentioned on this call and a couple other calls in the past, sometimes we make the choice to hold on to certain inventory parts that can go into those markets and if it happens to be over a quarter and we hold it for two weeks after the closing of the quarter we do so for the profit and Customer Service rationale, so we're in pretty good shape right now and we expect as we go through with the conversions at Inotera to our stack technology that will again allow us to penetrate and grow our server share.

正如我在本次電話會議和過去的其他幾次電話會議中提到的那樣，有時我們會選擇保留某些可以進入這些市場的庫存部件，如果它恰好超過四分之一，我們會在之後保留兩週在本季度結束時，我們這樣做是出於利潤和客戶服務的原因，所以我們現在的狀態非常好，我們預計隨著我們在 Inotera 對我們的堆棧技術的轉換，這將再次讓我們能夠滲透和增加我們的服務器份額。

Great, thanks and just a quick follow-up on NAND.

太好了，謝謝，只是對 NAND 的快速跟進。

You alluded to this a little bit, but can you kind of estimate what kind of price premium you're getting for your 34-nanometer NAND?

你稍微提到了這一點，但你能估計一下你的 34 納米 NAND 的價格溢價嗎？

It seems like it is and your 25-nanometer NAND, were you able to maintain your price premium going to the new technology because of your performance advantage?

看起來確實如此，而您的 25 納米 NAND，由於您的性能優勢，您是否能夠保持對新技術的溢價？

I think that it's a little bit early to tell but we feel pretty confident on the 25-nanometer ASPs as we're just getting that into some of the OEM design in qualification efforts.

我認為現在判斷還為時過早，但我們對 25 納米 ASP 非常有信心，因為我們剛剛將其納入到一些 OEM 設計的認證工作中。

On the 34-nanometer, what we really are seeing is kind of a bifurcation between higher performing, higher cycling products, two bit per cell MLC, and some of the low performing 3 bit per cell application for emerging market consumer products that are acceptable for certain regions and we're seeing two different price points.

在 34 納米上，我們真正看到的是更高性能、更高循環產品、每單元 2 位 MLC 和一些用於新興市場消費產品的低性能每單元 3 位應用之間的分歧某些地區，我們看到兩個不同的價格點。

We have been able to hold pricing pretty favorable against that in our current contract OEM customers.

相對於我們當前的合同 OEM 客戶，我們已經能夠保持相當有利的定價。

Great, thank you.

太好了謝謝。

Our next question comes from [Vipon Nag] of Macquarie Capital.

我們的下一個問題來自麥格理資本的 [Vipon Nag]。

Thanks for taking my question.

感謝您提出我的問題。

I just had a quick question about the DRAM and NAND production bits for the current quarter.

我剛剛對本季度的 DRAM 和 NAND 生產位提出了一個簡短的問題。

Could you give us an idea what those were?

你能告訴我們那些是什麼嗎？

They were up a couple percent.

他們上漲了幾個百分點。

For both DRAM and NAND?

對於DRAM和NAND？

I'm sorry that was for NAND.

對不起，那是針對 NAND 的。

I think for, excuse me that was DRAM and for NAND was actually up very nicely, a little more than we even guided which as you recall was high teens.

我認為，對不起，那是 DRAM，而 NAND 實際上發展得非常好，甚至比我們所指導的要多一點，正如你記得的那樣，那是十幾歲的孩子。

Okay, great, thanks, and also if pricing would have stayed flat at current levels, how do you see ASPs coming out at the end of the quarter, Q4?

好的，太好了，謝謝，如果定價保持在當前水平，您如何看待第四季度末的 ASP？

So if pricing were to stay level, the remaining of the quarter how do we see them?

因此，如果定價保持不變，本季度剩餘時間我們如何看待它們？

DRAM relatively stable, relatively flat through the quarter and NAND is interesting because we're going into a stronger period of NAND historically and so it's coming out of the June and July seasonally slow period and heading into the back-to-school but if it stayed relatively flat, down slightly a point or two.

DRAM 相對穩定，整個季度相對平穩，而 NAND 很有趣，因為我們正在進入歷史上 NAND 的強勁時期，因此它正在走出 6 月和 7 月的季節性低迷期並進入返校，但如果它保持相對平穩，略微下降一兩點。

Okay, great.

好，太棒了。

Thanks a lot guys.

非常感謝你們。

Our next question comes from Bill Dezellem of Tieton Capital Management.

我們的下一個問題來自 Tieton Capital Management 的 Bill Dezellem。

Thank you.

謝謝你。

A couple questions for you.

給你幾個問題。

First of all relative to the termination of the JV with Hynix, does that imply the $250 million or so you said was in escrow through what was it 2016 or so, that would then come out of that account and be back on your balance sheet or I guess either way, but available to you?

首先，關於終止與海力士的合資企業，這是否意味著您所說的 2.5 億美元左右在 2016 年左右託管，然後將從該賬戶中流出並重新出現在您的資產負債表上或我想無論哪種方式，但對你有用嗎？

Bill, this is Ron.

比爾，這是羅恩。

The JV agreement and the call option would specify that we put $250 million essentially in a pledge escrow account if you will and it would be paid down by the joint venture between now and 2016 as over that time schedule, so the flow of the cash back to us would be over that period between now and 2016.

合資協議和看漲期權將指定我們將 2.5 億美元基本上存入質押託管賬戶，如果您願意，它將由合資企業在從現在到 2016 年之間按照該時間表支付，因此現金返還的流動對我們來說將是從現在到 2016 年的這段時間。

Okay, thank you, and then the supply agreement that you're looking to renegotiate with Hynix or that Numonyx is looking to renegotiate with Hynix, would you please discuss the implications positive and negative that could develop around that negotiation?

好的，謝謝您，然後是您希望與海力士重新談判或恆憶希望與海力士重新談判的供應協議，您能否討論一下圍繞該談判可能產生的積極和消極影響？

We're in the midst of discussions, Bill, and it's not appropriate to talk at this time but suffice it to say that Micron is intent on continuing the supply to our customers and will certainly supply it and we'll be working with our JV partner to effect that transition and supporting our customers over time.

比爾，我們正在討論中，此時不宜討論，但可以說美光打算繼續向我們的客戶供應，並且肯定會供應，我們將與我們的合資企業合作合作夥伴來實現這種過渡並隨著時間的推移為我們的客戶提供支持。

Thank you, and my final question is that during the course of this call there was a reference to Numonyx and growth opportunities that you're seeing within various Numonyx markets.

謝謝，我的最後一個問題是，在這次電話會議期間，有人提到了恆憶以及您在恆憶各個市場中看到的增長機會。

Given that there's been a fair amount of discussion about Numonyx markets being mature or even declining, would you please discuss in more detail the growth opportunities that you are seeing and what those of us on the outside that have been thinking about declining or missing?

鑑於有大量關於恆憶市場成熟甚至衰退的討論，您能否更詳細地討論您所看到的增長機會以及我們這些外部人士一直在考慮衰退或缺失的問題？

Yes, I think you can characterize the overall NOR growth fairly.

是的，我認為你可以公平地描述整體 NOR 的增長。

I would suggest that maybe the industry structure and the dynamics that have played out over the last 12 to 18 months come into play when you think about other competitive issues around lost share and reliability of the Micron now enable us Numonyx as a strong balance sheet well financed product diverse Company and if you look at the embedded market as an example, the forecast growth in that market alone allows us to go in and get more share and it's historically been very strong so certainly at a macro level, I guess the understanding is what you're suggesting about NOR from a growth perspective that's modest but the competitive landscape as well as the embedded market by itself represents tremendous growth opportunity and then historically has been a higher margin segment for Numonyx.

我建議，當您考慮圍繞美光失去份額和可靠性的其他競爭問題時，過去 12 到 18 個月的行業結構和動態可能會發揮作用，現在使我們 Numonyx 成為強大的資產負債表融資產品多樣化的公司，如果您以嵌入式市場為例，僅該市場的預測增長就可以讓我們進入並獲得更多份額，而且它在歷史上一直非常強勁，所以在宏觀層面上肯定是這樣，我想理解是從增長的角度來看，您對 NOR 的建議是適度的，但競爭格局以及嵌入式市場本身就代表了巨大的增長機會，並且從歷史上看，它一直是恆憶的利潤率較高的細分市場。

So when you net those two together, how would you view the overall Numonyx market space?

因此，當您將這兩者結合在一起時，您如何看待恆憶的整體市場空間？

Well, I view it for Micron very positively.

嗯，我非常積極地看待美光。

Thank you both.

謝謝你們倆。

Thanks, Bill and I apologize for those left in the queue but we've run out of time so I'd like to thank everyone for participating on the call.

謝謝，比爾和我為那些留在隊列中的人道歉，但我們已經沒有時間了，所以我要感謝大家參與電話會議。

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 risks and uncertainties and actual results may differ materially.

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

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

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 10K。

Thank you for joining us today.

感謝您今天加入我們。

Thank you.

謝謝你。

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

今天的美光科技 2010 年第三季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。