美光科技 (MU) 2010 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是 Javan，今天我將成為您的會議主持人。

At this time I would like to welcome everyone to the Micron Technology's fourth quarter and fiscal year end 2010 financial release conference call.

在此，我想歡迎大家參加美光科技 2010 年第四季度和財年末財務發布電話會議。

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。

(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 fourth quarter and fiscal year end 2010 financial release conference call.

非常感謝並歡迎參加美光科技第四季度和財年末 2010 年財務發布電話會議。

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； Mark Durcan，總裁兼首席運營官； Ron Foster，首席財務官兼財務副總裁；當然，還有全球銷售副總裁 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 fourth quarter and fiscal year end 2010 financial press release, it is also available on our website at Micron.com.

如果您沒有機會查看 2010 年第四季度和財年末的財務新聞稿，也可以在我們的網站 Micron.com 上獲得。

Our call will be approximately sixty minutes in length.

我們的通話時間大約為六十分鐘。

There will be an audio replay of this call accessed by dialing 706-645-9291, with a confirmation code of 14483222.

撥打 706-645-9291 將有此通話的音頻重播，確認碼為 14483222。

This replay will run through Thursday, October 14, 2010, at 5.30 p.m.

此重播將持續到 2010 年 10 月 14 日星期四下午 5 點 30 分。

Mountain time.

山時。

A webcast replay will be available on the Company's website until October 7, 2011.

2011 年 10 月 7 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 various financial conferences that we will be attending.

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

Please note the following Safe Harbor statement.

請注意以下安全港聲明。

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

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

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

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

We refer you to the documents the Company files on a consolidated basis from time to time, with the Securities and Exchange Commission.

我們建議您參考公司不時向證券交易委員會提交的綜合文件。

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

具體來說，公司最近的 10-K 表格和 10-Q 表格。

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

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

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

這些特定因素可以在美光網站的投資者關係部分找到。

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

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 would now like to turn the call over to Steve Appleton.

我現在想把電話轉給史蒂夫阿普爾頓。

Steve?

史蒂夫?

Thanks, Kipp.

謝謝，基普。

I also want to thank everyone for joining us today.

我還要感謝大家今天加入我們。

We are going to proceed a little differently than in the past with the conference call.

我們將在電話會議上進行與過去略有不同的工作。

We thought the end of our fiscal year would be a good time to announce a change in the format for our earnings call.

我們認為本財年末將是宣布改變財報電話會議格式的好時機。

As you know, historically, we typically covered some of the details of interest regarding bips, ASP, costs, et cetera, in a verbal format.

如您所知，從歷史上看，我們通常以口頭形式介紹有關 bips、ASP、成本等的一些感興趣的細節。

We've decided to present that information in a posted slide concurrent with this call so that you can simply reference it rather than having to ask about it and providing more time for other discussion.

我們決定在本次電話會議同時發布的幻燈片中展示該信息，以便您可以簡單地參考它，而不必詢問它並為其他討論提供更多時間。

And we'll have a couple of charts we'll show here as I speak that reference that.

我們將在此處展示一些圖表，因為我提到該參考。

So in consideration of this, Ron will still provide color to some of the financial information, but he's no longer going to simply repeat what was in the press release, or the posted financial statements.

所以考慮到這一點，Ron 仍然會為一些財務信息提供顏色，但他不會再簡單地重複新聞稿或發布的財務報表中的內容。

As some of you know, we reorganized the Company in an effort to better serve our markets and, of course, the integration of Numonyx provided the perfect opportunity to implement this.

正如你們中的一些人所知，我們重組了公司以更好地服務於我們的市場，當然，Numonyx 的整合為實現這一目標提供了絕佳的機會。

We now have four main business units.

我們現在有四個主要業務部門。

We have, what we call, DRAM solutions group, or GSG.

我們有，我們稱之為 DRAM 解決方案組，或 GSG。

We have a NAND solutions group, which is NSG.

我們有一個 NAND 解決方案組，即 NSG。

We have a wireless solutions group, WSG, and then we have the embedded solutions group, which we call ESG.

我們有一個無線解決方案組 WSG，然後是嵌入式解決方案組，我們稱之為 ESG。

And we are going to be reporting on these market segments beginning with our fiscal Q1 earnings release.

我們將從第一季度財報發布開始報告這些細分市場。

So in other words, the next time we have a conference call, we'll report by market segment, and we've got the target, the finance team is work diligently on being able to do that.

因此，換句話說，下次我們召開電話會議時，我們將按細分市場進行報告，並且我們已經有了目標，財務團隊正在努力做到這一點。

We're still evaluating the type of hysterical -- hysterical?

我們仍在評估歇斯底里的類型——歇斯底里？

Sometimes it's hysterical, I guess.

有時它是歇斯底里的，我猜。

We're still evaluating the type of historical information that we, we -- that we have historically provided.

我們仍在評估我們歷史上提供的歷史信息類型。

In combination, the way that we're going to do the market reporting, moving forward, and you need to give us a quarter to work through that.

結合起來，我們將做市場報告的方式，向前發展，你需要給我們一個季度來解決這個問題。

Because obviously there's some market segment data that's required by the accounting regs, and we want to combine that with enough information around some of the more detailed bid, cost, et cetera, data to allow you to build your models.

因為顯然會計法規需要一些細分市場數據，我們希望將這些數據與一些更詳細的投標、成本等數據結合起來，以便您構建模型。

And we realize that you need some combination of both, but give us a quarter to sort that out.

我們意識到您需要兩者的結合，但請給我們四分之一的時間來解決這個問題。

And so as an example, this quarter Ron is going to break out the Numonyx results separately from Micron's, but that will not be possible moving forward because of integration.

舉個例子，本季度 Ron 將把 Numonyx 的結果與美光的結果分開，但由於整合，這不可能向前推進。

In other words, we will not be running the business in that form, nor will we be recording data on that basis.

換句話說，我們不會以這種形式經營業務，也不會在此基礎上記錄數據。

And then consistent with this change we're going to adjust the discussion during the earnings call to more general trends and the way we would characterize it is technology, operations, and markets.

然後根據這一變化，我們將在財報電話會議期間將討論調整為更普遍的趨勢，以及我們將其描述為技術、運營和市場的方式。

Other executives, in the future may cover these topics, but with that in mind, let me turn to those areas.

其他高管將來可能會涉及這些主題，但考慮到這一點，讓我轉向這些領域。

On technology and operations, during our fourth quarter, we managed through a number of technology transitions and more notably, it's I think, pretty apparent that we've been migrating from Inotera's trenched DDR2 product to Micron's stack DDR3.

在技術和運營方面，在我們的第四季度，我們進行了多次技術轉型，更值得注意的是，我認為，很明顯，我們已經從 Inotera 的溝槽式 DDR2 產品遷移到美光的堆棧 DDR3。

The cost of manufacturing for Inotera product in the fourth quarter continued to be higher than other Micron facilities.

第四季度，Inotera 產品的製造成本繼續高於其他美光工廠。

This is a result of the lower yields and lower total output, but as of today, Inotera has substantially completed the conversion and they're now focusing on increasing wafer starts to full capacity utilization.

這是由於較低的產量和較低的總產量，但截至今天，Inotera 已基本完成轉換，他們現在專注於提高晶圓開工率以達到滿負荷利用率。

The majority of this increase, as you might imagine, takes some time to flow through the facilities as expected to show up in our second fiscal quarter and there forward.

正如您可能想像的那樣，這種增長的大部分需要一些時間才能通過設施，正如預期在我們的第二財季及以後出現的那樣。

On the NAND front, we began volume shipment of our industry-leading 25 nanometer technology.

在 NAND 方面，我們開始批量出貨我們行業領先的 25 納米技術。

That was across our OEM customers as well as our retail businesses.

這涉及我們的 OEM 客戶以及我們的零售業務。

On the markets, from the demand perspective, as some of you have no doubt been reading in the media, we did see softening towards the end of our fourth quarter in our notebook, desktop, commodity DRAM businesses and forecast through the back half of this calendar year from our PC customers has come down from what we earlier indicated when we last shared our information for the third quarter.

在市場上，從需求的角度來看，正如你們中的一些人無疑已經在媒體上看到的那樣，我們確實看到我們的筆記本電腦、台式機、商品 DRAM 業務在第四季度末出現疲軟，並預測到下半年我們 PC 客戶的日曆年比我們上次分享第三季度信息時的預期有所下降。

It appears that some of the demand is being driven by unstable consumer sentiment which there's also been a lot of media about, but also some of the softening in the desktop notebook space, I think can also be attributed to the success of the tablet PC category.

似乎部分需求是由不穩定的消費者情緒推動的.

And the SmartPhone segment is also growing, and I think having some impact there as well.

智能手機細分市場也在增長，我認為這也會產生一些影響。

However, I think to our benefit this was our first full quarter with an integrated Numonyx product portfolio, and that includes the DRAM, NAND and NOR-based solutions.

然而，我認為對我們有利的是，這是我們第一個完整的季度集成恆憶產品組合，其中包括基於 DRAM、NAND 和 NOR 的解決方案。

Clearly the breadth of our product line has changed the way our customers depend on Micron.

顯然，我們產品線的廣度改變了我們的客戶對美光的依賴方式。

I think the benefit to Micron is continued diversification away from a commodity-based business, to a broad set of solutions that serve markets like computing, networking, mobile, server space, automotive, et cetera, and, of course, consumer electronics being a large part of that.

我認為美光的好處是繼續多元化，從基於商品的業務轉向廣泛的解決方案，服務於計算、網絡、移動、服務器空間、汽車等市場，當然，消費電子是其中很大一部分。

It's also worth noting that Micron's percentage of business from our commodity DRAM business is now less than 25% of our overall revenue, and for those of you that have followed Micron for awhile, that's down from around 45% in the first half of this fiscal year, but more importantly it's a pretty stark contrast to previous cycles in the '90s and the early 2000s where Micron was virtually 100% leveraged to the PC.

還值得注意的是，美光在我們商品 DRAM 業務中的業務比例現在不到我們總收入的 25%，對於那些關注美光一段時間的人來說，這比本財年上半年的 45% 左右有所下降年，但更重要的是，這與 90 年代和 2000 年代初的前幾個週期形成了鮮明的對比，當時美光幾乎 100% 地利用了 PC。

A final comment before I turn it over to Ron.

在我把它交給羅恩之前的最後評論。

We also filed, today, an 8-K that announced a cross-license agreement with Samsung.

今天，我們還提交了一份 8-K，宣布與三星達成交叉許可協議。

That resulted in $275 million that will be paid to Micron during the next couple of quarters, and if you -- if you want more information about that, you can go to the filing and read the detail on that.

這導致在接下來的幾個季度中將向美光支付 2.75 億美元，如果您想了解更多相關信息，您可以查看文件並閱讀詳細信息。

So, as I mentioned earlier, we won't provide more color by market segment as we move forward.

因此，正如我之前提到的，隨著我們的前進，我們不會按細分市場提供更多顏色。

I will now turn it over to Ron to add some commentary on the financials, and then as Kipp mentioned, we also have Mark Adams, Mark Durcan on the call, and all of us will be available to answer questions after Ron's comments.

我現在將把它交給 Ron 來添加一些關於財務的評論，然後正如 Kipp 所提到的，我們還有 Mark Adams、Mark Durcan 參加電話會議，我們所有人都可以在 Ron 發表評論後回答問題。

Thanks, Steve.

謝謝，史蒂夫。

The Company's fourth quarter and fiscal year ended September 2, 2010.

公司截至 2010 年 9 月 2 日的第四季度和財政年度。

Our press release is available on our website along with a schedule that posts certain key results and estimated metrics for next quarter.

我們的新聞稿以及發布下一季度某些關鍵結果和估計指標的時間表可在我們的網站上找到。

We've summarized that material on the following couple of slides, which we'll continue to show here.

我們在以下幾張幻燈片中總結了這些材料，我們將在此處繼續展示。

Total idle facility costs, which are charged directly to cost of goods sold, were $40 million in the fourth quarter, compared to $18 million in the third quarter.

第四季度直接計入銷售成本的閒置設施總成本為 4000 萬美元，而第三季度為 1800 萬美元。

A significant portion of the idle facility charges are included in NAND costs and relate to the start-up activities at the IM/flash operation in Singapore.

大部分閒置設施費用包含在 NAND 成本中，並與新加坡 IM/閃存業務的啟動活動有關。

A richer mix of products and higher costs associated with our 25-nanometer production ramp impacted the otherwise improving cost trend.

與我們的 25 納米生產斜坡相關的更豐富的產品組合和更高的成本影響了原本改善的成本趨勢。

The decline in NAND bit shipments was a product of timing of shipments to our customers and an increase in finished goods inventory.

NAND 位出貨量的下降是由於向我們的客戶出貨的時機和成品庫存的增加。

We expect to see much of this inventory sell through in fiscal Q1.

我們預計第一財季將看到大部分庫存售罄。

First quarter NAND cost reductions are expected to be down mid to high teens and bit production up mid to high teens.

預計第一季度 NAND 成本降低幅度將達到中高水平，而位元產量將達到中高水平。

Production increases are largely coming from continued transition to our 25-nanometer process technology which is expected to cross over and become the highest NAND production in the first quarter.

產量增長主要來自我們向 25 納米工藝技術的持續過渡，預計該工藝將跨越並成為第一季度最高的 NAND 產量。

Operating expenses in the fourth quarter were $338 million.

第四季度的運營費用為 3.38 億美元。

The SG&A and R&D spending of Numonyx is included in Micron's consolidated results for all of Q4 compared to roughly one month in Q3.

Numonyx 的 SG&A 和研發支出包含在美光第四季度的綜合業績中，而第三季度約為一個月。

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

回想一下，第三季度的 SG&A 費用包括 6400 萬美元的訴訟應計費用。

R&D expense in the fourth quarter includes costs related to higher volumes of 42-nanometer DRAM prequalification wafer production.

第四季度的研發費用包括與大批量 42 納米 DRAM 預認證晶圓生產相關的成本。

R&D expense for the quarter benefited from credits of approximately $50 million from joint development programs.

本季度的研發費用受益於來自聯合開發計劃的約 5000 萬美元的信貸。

The fourth quarter R&D expense exceeded the estimate given at the beginning of the quarter primarily as a result of the timing and classification of these prequalification wafer production costs into R&D rather than into cost of goods sold.

第四季度的研發費用超過了本季度初給出的估計，主要是因為這些預認證晶圓生產成本的時間安排和分類為研發而不是銷售成本。

The Company generated $1.1 billion in cash flow from operating activities in the fourth quarter.

公司第四季度的經營活動產生了 11 億美元的現金流。

This is the highest quarterly cash generation in the Company's history.

這是公司歷史上最高的季度現金產生。

This comes at a time when the Company has generated record levels of revenue, income, and cash flow for a fiscal year.

這是在公司在一個財政年度創造了創紀錄水平的收入、收入和現金流量的時候。

Clearly 2010 was a year of outstanding financial performance for Micron as margins on our primary products were leveraged to generate substantial levels of profitability and cash flow.

顯然，2010 年對美光來說是出色的財務表現，因為我們主要產品的利潤率被用來產生可觀的盈利水平和現金流。

Micron's free cash flow significantly outperformed the market at $2.15 billion in fiscal 2010.

美光的自由現金流在 2010 財年達到 21.5 億美元，遠超市場。

We exited the fiscal year with a much stronger balance sheet, $3.2 billion in cash and investments including $335 million in restricted cash, while debt was reduced by $640 million.

本財年結束時，我們的資產負債表更加強勁，擁有 32 億美元的現金和投資，其中包括 3.35 億美元的受限現金，而債務減少了 6.4 億美元。

As a result of purchase accounting for the Numonyx acquisition, the margin on Numonyx sales in the fourth quarter of 21% was lower than the actual margin, but still higher than our single-digit expectation at the beginning of the quarter, primarily due to a change in the mix of products sold and lower production costs.

由於收購 Numonyx 的購買佔，第四季度 Numonyx 21% 的銷售利潤率低於實際利潤率，但仍高於我們在季度初的個位數預期，主要是由於改變銷售的產品組合併降低生產成本。

As I mentioned, the Numonyx results are included in Micron's consolidated results for all of the fourth quarter.

正如我所提到的，Numonyx 的結果包含在美光整個第四季度的綜合結果中。

As with last quarter, there are a number of adjustments made in purchase accounting that distort the actual results from what they would have been had the purchase accounting not occurred.

與上一季度一樣，在採購會計方面進行了一些調整，這些調整使實際結果與未發生採購會計時的結果有所不同。

The GAAP Numonyx results for the fourth quarter included revenue of $555 million with gross margin of approximately 21%.

GAAP Numonyx 第四季度的業績包括收入 5.55 億美元，毛利率約為 21%。

Normalizing for the purchase accounting adjustments, revenue would have been $602 million with gross margin of approximately 31%.

正常化採購會計調整後，收入為 6.02 億美元，毛利率約為 31%。

We are continuing to work on the integration of Numonyx into the Company's operations which will likely include the redefinition of our reportable segments, as Steve mentioned.

正如史蒂夫所說，我們正在繼續努力將恆憶整合到公司的運營中，這可能包括重新定義我們的報告分部。

Accordingly, we don't anticipate providing these stand-alone Numonyx results in the future as we won't be able to separately measure those legacy operations.

因此，我們預計未來不會提供這些獨立的恆憶結果，因為我們將無法單獨衡量這些遺留操作。

As you recall, Hynix had certain rights that were triggered with the change in control of Numonyx.

如您所知，Hynix 擁有某些權利，這些權利是隨著 Numonyx 控制權的變化而觸發的。

In August, Numonyx' interest in a joint venture was sold to Hynix, and the supply agreement with Hynix was renegotiated.

8 月，恆憶在合資企業中的權益被出售給海力士，並與海力士重新談判供應協議。

The Company received a total of $423 million from the sale, of which $250 million was deposited into a pledge account, collateralizing the joint venture's $250 million bank debt.

公司從此次出售中共收到 4.23 億美元，其中 2.5 億美元存入質押賬戶，作為合資企業 2.5 億美元銀行債務的抵押品。

The $250 million is classified on our balance sheet as restricted cash, while the remaining $173 million is reported in cash and cash equivalents.

2.5 億美元在我們的資產負債表中歸類為受限現金，其餘 1.73 億美元以現金和現金等價物形式報告。

When we line up the fourth quarter results to the prior quarter, and adjust out the non-recurring items noted in the non-GAAP reconciliation that should be on your screen, we show non-GAAP diluted EPS for the fourth quarter of $0.37.

當我們將第四季度的業績與上一季度對齊，並調整應在您的屏幕上顯示的非 GAAP 對賬中記錄的非經常性項目時，我們顯示第四季度的非 GAAP 攤薄每股收益為 0.37 美元。

This compares to non-GAAP third quarter diluted EPS of $0.47.

相比之下，非公認會計原則第三季度攤薄後每股收益為 0.47 美元。

Now with that I will turn it back to Kipp.

現在，我將把它轉回給 Kipp。

Thanks, Ron.

謝謝，羅恩。

We will now take questions from callers.

我們現在將回答來電者的問題。

Just a reminder, if you are using a speaker phone please pick up the handset when asking the questions so that 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, please open it up to questions.

有了這個，請打開它來提問。

Thank you.

謝謝你。

(Operator Instructions) Our first question comes from Daniel Berenbaum with Auriga USA.

（操作員說明）我們的第一個問題來自 Auriga USA 的 Daniel Berenbaum。

Yes, hi guys.

是的，大家好。

Thanks for taking the call.

感謝您接聽電話。

Can you talk a little bit about the technology cross-license with Samsung?

你能談談與三星的技術交叉許可嗎？

What drove Samsung to want to pay you money for your licenses?

是什麼驅使三星願意為你的許可證付錢？

Was there a specific technology that it was driver for the licensing, or was there a specific catalyst that was the driver for that?

是否有一種特定的技術是許可的驅動因素，或者是否有一種特定的催化劑是它的驅動因素？

Yes, it's a general patent cross license.

是的，這是一個通用的專利交叉許可。

I think it's just recognition of the portfolio that Micron has, and it says -- it's in the 8-K, it's a 10-year cross-license.

我認為這只是對美光擁有的產品組合的認可，它說——它在 8-K 中，它是一個 10 年的交叉許可。

So, I mean, can you be a little bit more specific about, was there a specific driver?

所以，我的意思是，您能否更具體一點，是否有特定的驅動程序？

Why now as opposed to some other time?

為什麼是現在而不是其他時候？

Is there, is there a specific technology that drove that?

有沒有一種特定的技術可以推動這一點？

No, there's not a specific technology, and I think if you're trying to determine if there's some kind of technology transfer that occurred in association with it, that, that did not occur, either.

不，沒有特定的技術，我認為如果你試圖確定是否存在與它相關的某種技術轉讓，那也沒有發生。

With respect to timing, I guess it takes, it takes two parties to go through a negotiation, and timing happens whenever it happens.

關於時間，我想是需要的，需要兩方進行談判，時間一到就發生。

Okay.

好的。

Well, I guess, really, what I'm trying to get at is, sort of obviously Samsung licenses from other folks as well, and Samsung has a tremendous amount of its own technology, and obviously you're getting some technology from them as well.

好吧，我想，真的，我想要得到的是，顯然三星也從其他人那裡獲得了許可，三星擁有大量自己的技術，顯然你從他們那裡獲得了一些技術出色地。

Really, I guess what I'm getting at is, is there specific road map item that you felt you needed from Samsung, or that Samsung felt that they needed from you?

真的，我想我的意思是，是否有你認為三星需要的具體路線圖項目，或者三星認為他們需要你？

And as we think about the transition, as we shrink DRAM NAND down to the 2X nanometer nodes, are there technology transitions that you are thinking about that are critical to the manufacture of any of your devices moving forward that require some sort of change in technology, change in process?

當我們考慮過渡時，當我們將 DRAM NAND 縮小到 2X 納米節點時，您是否正在考慮對製造任何需要技術變革的設備的製造至關重要的技術過渡，過程中的變化？

No, other than, of course what we do ourselves to advance our own technology.

不，當然，除了我們自己為推進自己的技術所做的事情。

This was a general broad portfolio cross-license, and Micron, as you know has a very, very strong portfolio.

這是一個通用廣泛的產品組合交叉許可，而眾所周知，美光擁有非常非常強大的產品組合。

Okay.

好的。

Thanks.

謝謝。

I've asked a lot of stuff there.

我在那裡問了很多東西。

I'll let other people jump in.

我會讓其他人跳進去。

Okay, sure.

好的，當然。

Our next question comes from the line of John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

Yes, good afternoon guys, and thanks for giving us the cheats, (inaudible) it's going to help.

是的，大家下午好，感謝您為我們提供秘籍，（聽不清）它會有所幫助。

But just one clarification.

但只是一個澄清。

Historically when you have kind of talked about current quarter ASP trends, you have talked about what pricing would do if it were flat from sort of today's level.

從歷史上看，當您談到當前季度的 ASP 趨勢時，您會談到如果定價與今天的水平持平會怎樣。

And I'm just kind of curious, when you look at the fiscal first quarter guidance you're giving for DRAM and NAND ASP, is that under the same sort of category?

我只是有點好奇，當您查看您為 DRAM 和 NAND ASP 提供的第一財季指導時，是否屬於同一類別？

Or is that what you expect for the whole quarter?

或者這是您對整個季度的預期？

Same category, same as we've done in the past.

相同的類別，與我們過去所做的相同。

Okay.

好的。

And then on the CapEx number, is that a total CapEx number including what may or may not be contributed by joint venture partners, or is that the Micron out CapEx number?

然後是資本支出數字，是總資本支出數字，包括合資夥伴可能或可能不貢獻的資本支出數字，還是美光的資本支出數字？

That's a gross CapEx number.

這是一個總的資本支出數字。

So dollars that we receive from the joint venture partners is -- or the CapEx that we would expend, I guess, on behalf of all of us in total, joint venture partners, that's in that number.

所以我們從合資夥伴那裡收到的美元是 - 或者我們會花費的資本支出，我想，代表我們所有人，合資夥伴，就是這個數字。

And then I guess, my last question, when you look at sort of the DRAM supply growth for the industry, clearly calendar third quarter, calendar fourth quarter, pretty significant sequential bit growth, and there's a lot of concern as to where DRAM prices might bottom.

然後我想，我的最後一個問題是，當您查看該行業的 DRAM 供應增長時，顯然是第三季度、第四季度，相當顯著的連續位增長，並且人們非常擔心 DRAM 價格可能在哪裡底部。

I'm kind of curious, how do you think your cash costs compares to the leaders in the industry and then some of second tier guys?

我有點好奇，您認為您的現金成本與行業領導者以及一些二線人員相比如何？

And I guess the other issue is that the calendar fourth quarter seems to be a pretty heavy debt repayment load for some of your competitors, and I'm kind of curious as to how you think that might influence the decision about running fabs down to cash costs or not?

而且我猜另一個問題是日曆第四季度似乎對你的一些競爭對手來說是一個相當沉重的債務償還負擔，我有點好奇你認為這可能會影響將晶圓廠運營成現金的決定費用與否？

Well, first of all, it's hard for us to know others' exact cash costs.

嗯，首先，我們很難知道別人的確切現金成本。

You guys are probably better than us at going through the analysis on that, the although clearly we continue to look at our competitors.

你們可能比我們更擅長對此進行分析，儘管我們顯然會繼續關注我們的競爭對手。

When you say leaders in the industry, we really think that Micron is probably one of the top leaders in the industry.

當您說行業領導者時，我們真的認為美光可能是行業中的頂級領導者之一。

The thing that you have to keep in mind when you try to run through those calculations are that we -- our portfolio is really quite broad.

當您嘗試進行這些計算時，您必須記住的是我們 - 我們的產品組合非常廣泛。

In fact, only Samsung and Micron have the kind of portfolio we do.

事實上，只有三星和美光擁有我們所做的那種產品組合。

So, when you talk about cash costs regarding what we, what we call legacy products or specialty products, those product are not driven by cost reductions.

因此，當您談論我們所謂的遺留產品或特殊產品的現金成本時，這些產品並不是由成本降低驅動的。

They're typically now driven by performance and features and reliability and delivery, et cetera.

它們現在通常由性能和功能以及可靠性和交付等驅動。

So you have to exclude those from the conversation because there's really only two of us that have those.

所以你必須從談話中排除那些，因為實際上只有我們兩個人有這些。

With respect to -- I think what you're getting at -- which is the kind of the core high volume DRAM that's going either into the PC space or, in some applications, in a mobile space, what is our cost on those products compared to others in the industry?

關於 - 我想你得到了什麼 - 這是進入 PC 領域或在某些應用程序中進入移動領域的核心大容量 DRAM，我們在這些產品上的成本是多少與業內其他人相比？

And if you look at the facilities that run those product for us, of course, they're all 12-inch, and if you look at that technology deployed, not what, not what people are saying they're going to deploy, but what they actually are deploying, then we think we're as good as anybody in the industry.

如果你看看為我們運行這些產品的設施，當然，它們都是 12 英寸的，如果你看看部署的技術，不是什麼，不是人們說他們將要部署什麼，而是他們實際上正在部署什麼，那麼我們認為我們與行業中的任何人一樣好。

And then guys, I guess my last question maybe for Ron, just help me understand, I know you're not going to, on an ongoing basis, talk about Numonyx as a separate entity, but relative to the inventory that you had to write up at the time of the acquisition, what's the first quarter where you think that fair value inventory will no longer be running through your P&L?

然後伙計們，我想我的最後一個問題可能是針對 Ron 的，請幫助我理解，我知道您不會一直將 Numonyx 作為一個單獨的實體談論，而是相對於您必須編寫的庫存在收購時，您認為公允價值庫存將不再貫穿您的損益表的第一季度是什麼時候？

John, it's a little, it's a little hard to exactly predict the timing.

約翰，有點，很難準確預測時間。

Some flow-through obviously in the fourth quarter, there will be more of a flowing through in the first quarter and ongoing.

第四季度明顯有一些流通，第一季度會有更多的流通並持續進行。

I recognize there's a little challenge when we're switching gears to, to track where things are going, but it will, it will certainly be affecting about the same level in Q1, and I expect the economics to be roughly the same in Q1 as you, as you see.

我認識到，當我們轉向跟踪事情的發展方向時會遇到一些挑戰，但它肯定會在第一季度影響到大致相同的水平，我預計第一季度的經濟狀況將與第一季度大致相同你，如你所見。

We just will have trouble breaking it down into the legacy components that, that we've been reporting to this point.

我們只是很難將其分解為我們一直在報告的遺留組件。

Great.

偉大的。

Thanks, guys.

多謝你們。

Our next question comes from Kate Kotlarsky with Goldman Sachs.

我們的下一個問題來自高盛的 Kate Kotlarsky。

Hi.

你好。

Thanks so much for taking the question.

非常感謝您提出這個問題。

I was hoping you could talk a little bit about the cost reduction road map in DRAM past the November quarter.

我希望你能談談 DRAM 在 11 月季度之後的成本降低路線圖。

What are you guys anticipating for the February quarter on the cost reduction side?

你們對降低成本方面的二月份季度有何期待？

We have -- we got a pretty good road map ahead of us, Kate.

我們有——我們面前有一個很好的路線圖，凱特。

As Steve alluded to in his comments, Inotera has now really turned to, to ramping wafers back up.

正如史蒂夫在他的評論中提到的那樣，Inotera 現在已經真正轉向，重新增加晶圓。

And you'll start to see the full impact of that capacity becoming much more cost effective for Micron in the fiscal second quarter, so two quarters out.

您將開始看到該產能的全面影響在第二財季對美光來說變得更具成本效益，所以兩個季度之後。

Cost reductions generally probably mid to high single digits for, for DRAM moving into fiscal Q2.

對於進入第二財季的 DRAM，成本降低通常可能是中高個位數。

Lots of runway ahead of that again.

前面還有很多跑道。

If you think in terms of, of technology on the DRAM side we are now in the early stages of the 40-nanometer ramp occurring in the, in the Micron site in Singapore.

如果您從 DRAM 方面的技術角度考慮，我們現在正處於新加坡美光工廠的 40 納米斜坡的早期階段。

That will start to kick in also in fiscal Q2 in a significant way, moving to fiscal Q3.

這也將在第二季度以顯著的方式開始發揮作用，進入第三季度。

And, and we have obviously the ongoing transition to 50 nanometers Inotera ramps.

而且，我們顯然正在進行向 50 納米 Inotera 坡道的過渡。

Mark, if I can add to that, too, and Kate, keep in mind Mark's comments about the DRAM cost per bit includes all, all DRAM.

馬克，如果我也可以補充的話，凱特，請記住馬克關於 DRAM 每位成本的評論包括所有、所有 DRAM。

Yes.

是的。

So there obviously will be more aggressive cost reductions on the core DRAM as Steve mentioned earlier.

因此，正如史蒂夫之前提到的，核心 DRAM 的成本顯然會更大幅度地降低。

All right, so, but in total for February, you still think it would be something in the high single digits, not more than that?

好吧，所以，但總的來說，2 月份，你仍然認為它會是高個位數，不超過這個？

I think that would be a good place hold.

我認為那將是一個很好的地方。

Okay, and can I ask a question on the R&D spending?

好的，我可以問一個關於研發支出的問題嗎？

It was quite a bit higher than what you guys had expected.

這比你們預期的要高很多。

And sounds like you're keeping it at similar levels for next quarter.

聽起來你在下個季度將其保持在相似的水平。

How should we think about R&D maybe going beyond November?

我們應該如何看待研發可能會超過 11 月？

Kate, first of all, I will comment on what happened in the latest quarter.

凱特，首先，我將評論最近一個季度發生的事情。

We have sometimes difficulty calling exactly where our pre-call wafer time willing play through and which quarters it will hit, especial if it's transition over quarters and we can accelerate or decelerate those plans as we flow through our pre-qual activities in our fabs.

我們有時很難準確地確定我們的呼叫前晶圓時間願意在哪裡進行以及它將達到哪個季度，特別是如果它在季度之間過渡，並且我們可以在我們通過我們晶圓廠的預認證活動時加速或減速這些計劃。

So it was mainly just a timing effect that happened in our R&D, and that is the one element of our R&D costs that's a little hard to predict.

所以這主要只是我們研發中發生的時間效應，這是我們研發成本的一個因素，有點難以預測。

But if you look forward from there, we now have the, the R&D costs from the former Numonyx activities as well as Micron, and we're projecting roughly in the same range of $195 million to $205 million kind of range for R&D spending in the next quarter, and that's sort of the range that we're seeing right now.

但是，如果您從那裡往前看，我們現在擁有前恆憶（Numonyx）活動以及美光（Micron）的研發成本，我們預計研發支出大致在 1.95 億美元到 2.05 億美元之間。下個季度，這就是我們現在看到的範圍。

It can be lumpy because of pre-call costs and how they flow through in a particular quarter.

由於預通話成本以及它們在特定季度的流動方式，它可能會很不穩定。

Okay and then maybe one last question for me, and recognizing this is a little bit far out, but if you think about your margins in the February quarter, what would the ASP environment, and your bid growth have to have look like for margins to be moving up from the November quarter into February?

好的，然後也許是我的最後一個問題，認識到這有點遙遠，但是如果您考慮一下 2 月季度的利潤率，ASP 環境和您的出價增長必須看起來像利潤率會從 11 月季度上升到 2 月嗎？

Kate, I think we're going to stay away from make any forecasts on, as you know, revenues and/or margin.

凱特，我認為我們不會對收入和/或利潤率做出任何預測。

Okay, thanks so much.

好的，非常感謝。

That's it for me.

對我來說就是這樣。

Okay.

好的。

Our next question comes from the line of Alex Gauna with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Alex Gauna。

Thanks very much for taking my question.

非常感謝您提出我的問題。

I was wondering if you could give some color, Steve, I believe you mentioned some of the strength that tablets may have seen within the past quarter, and maybe Rob from consumer PCs.

我想知道您是否可以提供一些顏色，史蒂夫，我相信您提到了平板電腦在過去一個季度中可能已經看到的一些優勢，也許還有來自消費類 PC 的 Rob。

How do you feel with regard to your mix exposure to tablets and/or SmartPhones at present?

您目前對平板電腦和/或智能手機的混合使用感覺如何？

I'm going to let Mark jump in, in a second, Mark Adams, but I'll just make one observation because I think that this is a concern that's been actually voiced by a few, which is the stronger that the tablet -- or the iPad, the tablet PCs are, the more pressure it puts on DRAM because less bits consumed in those compared to some of the more traditional notebooks or desktops, and there's, there's -- I think there is some -- there is some truth to that, as I noted in my opening comments, although we're -- we also believe there's some incremental demand that comes from that.

馬克·亞當斯 (Mark Adams) 等一下，我要讓馬克加入，但我只做一個觀察，因為我認為這是一個實際上已經被少數人表達過的擔憂，這比平板電腦更強大——或者 iPad、平板電腦，它對 DRAM 施加的壓力越大，因為與一些更傳統的筆記本電腦或台式機相比，它們消耗的比特更少，而且有——我認為有一些——有一些事實對此，正如我在開場白中指出的那樣，儘管我們 - 我們也相信這會帶來一些增量需求。

But, having said that, what's interesting is, the, the more of those that are sold -- in fact, I saw a, I heard a statistic yesterday, when I was in Washington, D.C., from one of the other large players in the desktop, notebook, PC space, and it commented that, that their finding from the data on the network of the access of these systems, that if they actually own an iPhone and an iPad, that the -- there's a much greater preference to interact with the network on an iPad than there is the iPhone, and that's if they have both, for obvious reasons, because of the quality of the display, et cetera.

但是，話雖如此，有趣的是，售出的產品越多——事實上，我昨天在華盛頓特區的時候看到了一個統計數據，來自美國其他大公司之一台式機、筆記本電腦、個人電腦空間，它評論說，他們從這些系統訪問的網絡數據中發現，如果他們真的擁有一部 iPhone 和一部 iPad，那麼他們更傾向於在 iPad 上與網絡進行交互比在 iPhone 上進行交互，如果他們兩者都有，出於顯而易見的原因，因為顯示器的質量等等。

And, and the reason I bring that up is, every time that that happens, it means that more data has to be moved and stored somewhere, and the more that that happens, the more servers, the more networking, the more infrastructure you need in order for that to happen.

而且，我提出這個問題的原因是，每次發生這種情況時，都意味著必須將更多的數據移動並存儲在某個地方，而且發生的越多，服務器越多，網絡越多，您需要的基礎設施就越多為了做到這一點。

So, you know, oddly enough, the, the infrastructure business, and, again, I will let Mark comment more on that, I think is, is better, and actually pretty good compared to what we're seeing happening in the PC business.

所以，你知道，奇怪的是，基礎設施業務，而且，我會讓馬克更多地評論一下，我認為，與我們在 PC 業務中看到的情況相比，它更好，而且實際上相當不錯.

And so there's a balancing act that happens there.

因此，那裡發生了一種平衡行為。

And then on top of that, of course, it definitely drives the consumption of NAND.

當然，除此之外，它肯定會推動 NAND 的消費。

I don't think there's anybody debating that.

我認為沒有人對此進行辯論。

That the more success that those have drives more and more NAND consumption, because obviously desktops and notebooks don't drive a whole lot yet until they start to consume a lot more [SSG's].

那些成功推動了越來越多的 NAND 消耗，因為很明顯台式機和筆記本電腦在開始消耗更多 [SSG] 之前還不會驅動很多。

Mark?

標記？

Just one last comment is the, the exposure that we have in terms of customer opportunities, both in mobile and PCs, if you look at SmartPhones bypassing PCs in 2012, but still a pretty healthy PC market, we think that the NAND upside is very strong.

最後一條評論是，我們在客戶機會方面的曝光率，包括移動和 PC，如果你看一下 2012 年智能手機繞過 PC，但仍然是一個相當健康的 PC 市場，我們認為 NAND 上行空間非常強的。

And as, as Steve said, the impact on our infrastructure business, server, blade server markets, enterprise market, networking market is very positive, both for DRAM and even substantially NAND around solid state.

正如史蒂夫所說，對我們的基礎設施業務、服務器、刀片服務器市場、企業市場、網絡市場的影響是非常積極的，無論是對於 DRAM，甚至是固態周圍的大量 NAND。

So when we net it out, it's, it's pretty exciting growth opportunity in downstream.

因此，當我們將其剔除時，這是下游非常令人興奮的增長機會。

Is there any way you could quantify what sort of server momentum you saw in the past quarter?

有什麼方法可以量化您在上個季度看到的服務器勢頭？

Yes.

是的。

What we talked about where, Steve's comment earlier on the desktop notebook was -- we saw some softening demand, we didn't quite see that in the server space.

我們談到的地方，史蒂夫早些時候對台式筆記本電腦的評論是——我們看到了一些疲軟的需求，我們在服務器領域並沒有完全看到這一點。

Server for us held pretty steady both in terms of units and overall ASP.

我們的服務器在單位和整體 ASP 方面都保持相當穩定。

Okay, thanks very much.

好的，非常感謝。

Our next question comes from Glen Yeung with Citi.

我們的下一個問題來自花旗的 Glen Yeung。

Thank you.

謝謝你。

Can you talk a little bit about your fiscal year CapEx and how you will sort of apportion that between your various lines of business?

您能否談談您的財政年度資本支出以及您將如何在各個業務線之間進行分配？

Yes, this is Mark, Glen.

是的，這是馬克，格倫。

It's, it's two-thirds NAND.

是的，它是三分之二的NAND。

A lot of it associated with ramp of the new fab in Singapore, and the rest distributed between the other fabs for technology upgrades.

其中很多與新加坡新晶圓廠的坡道有關，其餘的則分佈在其他晶圓廠之間以進行技術升級。

And maybe -- is there, is there a part of that that's NOR for this year that wasn't there last year that makes the number looks like it's going up a lot?

也許 - 是否存在，今年的 NOR 是否有一部分去年沒有，這使得這個數字看起來上升了很多？

There -- that, that's not driving any significant change in the number, but, yes, there is a small amount of technology upgrade associated with NOR.

那裡 - 這並沒有推動數字的任何重大變化，但是，是的，有少量與 NOR 相關的技術升級。

Okay, relatively small, though.

好吧，雖然相對較小。

And then another question is, just getting a sense of, now that we're in an environment where DRAM is -- ASPs are coming down and somewhat healthy rates, are we seeing any change in the bit per box loadings because of that?

然後另一個問題是，現在我們處於 DRAM 所在的環境中——ASP 正在下降並且處於健康的水平，我們是否看到每盒加載的比特數有任何變化？

That's sort of point one.

這是第一點。

And then the second thought here is, if we look out into the February quarter, and you make the point that will you start to see more output from Inotera at that point, and if we talk to some of your competitors, it sounds like that's around the time that some of the shrink activity ought to be hitting.

然後這裡的第二個想法是，如果我們展望 2 月季度，並且您指出您會在那時開始看到 Inotera 的更多輸出，並且如果我們與您的一些競爭對手交談，這聽起來像是大約在一些收縮活動應該發生的時候。

Is it a safe assumption that, given seasonality, DRAM prices ought to continue to be falling in the February quarter?

考慮到季節性因素，DRAM 價格應該在 2 月季度繼續下跌，這是一個安全的假設嗎？

I think with regard to your question on density, I think we start to see some holiday configurations that are very favorable to DRAM increases, and mind you, if you look at the data over the last couple quarters, it still has been positive in terms of growth on the PC unit and DRAM megabit -- megabyte per box.

我認為關於您關於密度的問題，我認為我們開始看到一些非常有利於 DRAM 增長的假期配置，請注意，如果您查看過去幾個季度的數據，它仍然是積極的PC 單元和 DRAM 兆位的增長——每盒兆字節。

So it might have slowed down mildly, but it wasn't so significant on the D-specing over the last couple quarters.

所以它可能已經溫和放緩，但在過去幾個季度的 D-specing 中並沒有那麼重要。

And, and of late we've seen, again, some, some larger configurations for, for holiday placement.

而且，最近我們又看到了一些更大的配置，用於假期安置。

With respect to what happens with pricing in February, I don't think anybody really knows for sure.

至於 2 月份的定價會發生什麼，我認為沒有人真正知道。

I would point out that nothing has been normal the last couple of years.

我要指出的是，過去幾年沒有什麼是正常的。

Or in the pricing environment.

或者在定價環境中。

In fact, it was -- I think everybody was a little bit surprised by the strength of the pricing if you go back last February.

事實上，如果你回到去年 2 月，我認為每個人都對定價的力度感到有點驚訝。

Right.

正確的。

And I think you're right, typically would you expect some seasonality weakness around the December/January time frame in particular, and then some strength moving into the back to school Christmas season.

而且我認為你是對的，通常你會期望在 12 月/ 1 月的時間範圍內出現一些季節性疲軟，然後在返校聖誕節期間出現一些強勢。

Obviously we're not seeing that.

顯然我們沒有看到這一點。

In fact, when I spoke if you remember, in the summer, we met with -- we had an analyst day, and I was in New York, and we weren't seeing any weakness at that time.

事實上，如果你還記得，當我發言時，在夏天，我們遇到了——我們有一個分析師日，我在紐約，當時我們沒有看到任何弱點。

I, I admit I'm a little bit surprised by the weakness right now, but I'll also say that I think we experienced a supply-driven recovery, given all the damage that occurred in the industry, and right now, we are experiencing a demand weakening environment, and how sustainable that is, whether that plays out, it's too hard for us to know, because clearly the economy is playing a roll in that.

我，我承認我對現在的疲軟有點驚訝，但我還要說，鑑於行業發生的所有損害，我認為我們經歷了供應驅動的複蘇，而現在，我們正在經歷需求減弱的環境，以及這種環境的可持續性如何，是否會發生，我們很難知道，因為顯然經濟正在其中發揮作用。

I will say that if you look at most of the regions around the world, we tend to get caught up in the US.

我會說，如果你看看世界上大多數地區，我們往往會被美國趕上。

But if you look at most of the other regions around the world, even in Europe, Germany's GDP looks pretty good.

但如果你看看世界上大多數其他地區，甚至在歐洲，德國的 GDP 看起來相當不錯。

The unemployment rate is back down to pre-crisis levels.

失業率回落到危機前的水平。

UK seems to be doing okay.

英國好像還不錯。

So there's some, some, something going on in Europe that's positive.

因此，歐洲正在發生一些積極的事情。

But with respect to Asia, it's still still pretty strong, and so I think that's adding some strength to the overall market as well.

但就亞洲而言，它仍然相當強勁，所以我認為這也為整體市場增添了一些力量。

But in aggregate, it's just too difficult to know what's going to happen in February, whether we do get some economic growth in the US to help bolster that or whether we don't.

但總的來說，很難知道 2 月份會發生什麼，我們是否確實在美國獲得了一些經濟增長來幫助支持這一點，或者我們是否沒有。

And, and I don't think that, I don't think that the environment is such that we -- it has to be, it has to happen, something has to happen on the demand side for, for what I would consider to be a strengthening of pricing.

而且，我不認為，我不認為環境是這樣的，我們 - 它必須，它必鬚髮生，必須在需求方面發生一些事情，因為我會考慮加強定價。

I can't really comment on -- a lot of parts of our business are pretty good.

我無法真正評論——我們業務的很多部分都非常好。

So it's hard to comment on whether or not, in aggregate, our business will weaken from where it's at or whether it just stays where it's at.

因此，總體而言，很難評論我們的業務是否會從目前的水平減弱，或者是否會保持在原來的水平。

It's just too hard to predict.

這太難預測了。

But, but, you know, I guess only time will tell.

但是，但是，你知道，我想只有時間會證明一切。

That's fair enough.

這很公平。

Just last question is, when you think about your full-year production numbers, can you give us a guesstimate on what your bid forecast -- or your bit production growth you expect to see in DRAM and then NAND?

最後一個問題是，當您考慮您的全年生產數據時，您能否給我們一個猜測您的出價預測 - 或者您期望在 DRAM 和 NAND 中看到的位生產增長？

Yes.

是的。

For the full year, I think a good place holder would be we expect to grow roughly with the market.

對於全年，我認為一個很好的佔位符是我們預計會隨著市場的增長而大致增長。

So in the 50%, 55% range on the DRAM side; maybe 70%, 80% on the NAND side.

所以在 DRAM 方面的 50%、55% 範圍內； NAND 端可能是 70%、80%。

Perfect.

完美的。

Thanks so much.

非常感謝。

Our next question comes from the line of Shawn Webster with Macquarie.

我們的下一個問題來自麥格理的肖恩韋伯斯特。

Thank you.

謝謝你。

On the, on the wafer, now that you have added the Numonyx factories to your overall wafers, can you tell us what your wafer growth did sequentially?

在晶圓上，既然您已經將恆憶工廠添加到您的整體晶圓中，您能告訴我們您的晶圓增長順序是什麼嗎？

Be up a couple percent, Shawn.

漲幾個百分點，肖恩。

It was up in August a couple percent?

八月份漲了幾個百分點？

Yes.

是的。

Okay.

好的。

What do you expect it to do in the November quarter?

您預計它在 11 月季度會做什麼？

Pretty similar, up just a couple percent.

非常相似，僅增長了幾個百分點。

Okay.

好的。

And then what are your -- you mentioned your OEMs, their targets were coming down in the back half of the year Are they, are they giving you any guidance as to what to expect for bit demand sequentially for calendar Q4?

然後你是什麼 - 你提到你的原始設備製造商，他們的目標在今年下半年下降是他們，他們是否給你任何關於日曆第四季度按順序預期比特需求的指導？

Well, I'm assuming is it's -- you're asking around DRAM, and it's mid teens.

好吧，我假設它是 - 你在詢問 DRAM，它是十幾歲的中期。

Mid teens?

中年？

Yes.

是的。

Would you characterize that as fairly normal?

你認為這是相當正常的嗎？

Probably not.

可能不是。

But to Steve's point, there's kind of -- what's the new normal?

但就史蒂夫而言，有一種——新常態是什麼？

We had a strong first half in demand, and coming out of that, the mid teens is probably less than we would have projected midyear, but that's what we see going into the holiday season.

我們上半年的需求強勁，因此，十幾歲的青少年可能比我們預計的年中要少，但這就是我們在假期期間看到的情況。

Okay.

好的。

And then on the Samsung royalties, do you have plans for how to account for that?

然後關於三星的版稅，你有計劃如何計算嗎？

Is that going to hit your balance sheet, or roll through your income statement somehow?

這會影響您的資產負債表，還是會以某種方式影響您的損益表？

Yes, well it's going to come in in three payments, essential in the first quarter, and the vast majority will be booked directly on income in the first quarter.

是的，它將分三筆支付，第一季度必不可少，絕大多數將直接記入第一季度的收入。

Okay.

好的。

Will you recognize that as revenue, or is this an "other income" line item?

您會將其視為收入，還是將其視為“其他收入”行項目？

"Other income," probably.

“其他收入，”可能。

Okay.

好的。

And then, can you give us your view on channel inventories right now for both DRAM and NAND?

然後，您能否向我們介紹一下您現在對 DRAM 和 NAND 的渠道庫存的看法？

Yes.

是的。

General inventory on DRAM is up about, up a little bit around the four week to five week time frame, although I would note that that's more generally categorized around DDR3.

DRAM 的總體庫存大約在 4 周到 5 週的時間範圍內有所增加，儘管我會注意到這更普遍地歸類為 DDR3。

DDR2 is in pretty, pretty good balance for us, and both pricing and inventory have stayed relatively lean.

DDR2 對我們來說處於相當不錯的平衡狀態，定價和庫存都保持相對精簡。

On the NAND side, it's up slightly, a little bit less than the DDR3 growth, I'd say around three to four weeks.

在 NAND 方面，它略有上升，略低於 DDR3 的增長，我會說大約三到四個星期。

Thank you very much.

非常感謝。

Our next question comes from the line of Uche Orji from UBS.

我們的下一個問題來自瑞銀的 Uche Orji。

Thank you very much.

非常感謝。

Can I just ask you about what you have seen for demand trend for some of your non-commodity, DRAM businesses?

我能問一下您對一些非商品 DRAM 業務的需求趨勢有何看法嗎？

So, things that go into mobile DRAM and server networking?

那麼，進入移動 DRAM 和服務器網絡的東西呢？

So any comment as to what you saw in the quarter ending September 2, 2010, and your outlook for the [number by] quarter for those markets, please?

因此，請對您在截至 2010 年 9 月 2 日的季度中看到的情況以及您對這些市場[按] 季度的展望有何評論？

Sure.

當然。

So, specifically to the wireless mobile space, it continues to be pretty strong for us.

因此，特別是對於無線移動領域，它對我們來說仍然非常強大。

Obviously the Numonyx acquisition in addition to our portfolio strengthened our ability to serve that market, and we continue to see strong demand around the SmartPhone market, and I think we -- we're pretty well positioned there with higher density products and our MCP lineup.

顯然，除了我們的產品組合之外，Numonyx 的收購增強了我們服務該市場的能力，我們繼續看到智能手機市場的強勁需求，我認為我們——我們在更高密度的產品和我們的 MCP 陣容方面處於有利地位.

If there's any, if there's any story around less of a growth, it would be more on the low end of the mobile market, but even that, we're still seeing some pretty good signs there.

如果有的話，如果有任何關於增長減少的故事，它將更多地出現在移動市場的低端，但即便如此，我們仍然看到了一些非常好的跡象。

So mobile in total is pretty strong for us.

因此，總體而言，移動對我們來說非常強大。

Some of the other markets we serve, I mentioned earlier, that the server market remained pretty strong for us through our fourth quarter, and then quarter to date.

我們服務的其他一些市場，我之前提到過，服務器市場對我們來說在第四季度和迄今為止的季度仍然非常強勁。

Networking very similar.

網絡非常相似。

So I see, all in all, non-commodity businesses have remained relatively strong for us.

所以我看到，總而言之，非商品業務對我們來說仍然相對強勁。

Okay.

好的。

Let me switch gears a little bit and ask you about in terms of your retail business with -- for Lexar.

讓我稍微轉換一下，詢問您與 Lexar 的零售業務。

Some of the comments have been essential about weakness in retail for NAND product.

一些評論對於 NAND 產品零售疲軟至關重要。

So any comment you can make on your Lexar business on the retail side?

那麼您可以在零售方面對您的 Lexar 業務發表任何評論嗎？

And as I look at your projection for price decline for NAND next -- in the current quarter, what, what should we think -- how should we think about your cost decline as a transition to 24-nanometers, just to get a sense of how the margins for that business will hold up?

當我看到你對下一個 NAND 價格下降的預測時——在本季度，我們應該怎麼想——我們應該如何看待你的成本下降作為向 24 納米的過渡，只是為了了解一下該業務的利潤率將如何保持？

Thank you.

謝謝你。

Sure.

當然。

A general comment on retail, there's a lot of data out there, but back to school seemed to happen just late, and it wasn't all that bad.

對零售業的一般性評論，那裡有很多數據，但回到學校似乎來得太晚了，而且還沒有那麼糟糕。

Actually, there was a report out this morning from Reuters that same-store comps were up over analyst projections, I think it was 2.8% growth on same-store US, US retail comps.

實際上，路透社今天早上有報導稱，同店銷售額高於分析師的預期，我認為美國同店零售銷售額增長了 2.8%。

So in general, retail has been okay, and I would say that's about what we felt from, from the Lexar business in the channel.

所以總的來說，零售業還不錯，我想說這就是我們對渠道中 Lexar 業務的感受。

The overall trend going into holiday is relatively stable for us, and Lexar had a pretty good fourth quarter.

進入假期的整體趨勢對我們來說相對穩定，Lexar 在第四季度的表現相當不錯。

As a matter of fact, the year that we just finished was the best year we've had since the acquisition into Micron.

事實上，我們剛剛結束的那一年是我們收購美光以來最好的一年。

So when you look at some of the products around USB storage devices and micro SD serving a growth oriented mobile market, it's -- we're more bullish on the retail space than maybe, maybe someone looking at just the raw desktop notebook market.

因此，當您查看一些圍繞 USB 存儲設備和 micro SD 服務於增長導向的移動市場的產品時，我們可能比可能更看好零售領域，也許有人只關注原始台式筆記本電腦市場。

Okay.

好的。

And then just one last question.

然後是最後一個問題。

Can you just comment on the target capacity for IMS and in terms of a buildout and [main installation], and also, are there any, do you see any lead time issues on the equipment side?

您能否就 IMS 的目標容量以及擴建和 [主要安裝] 發表評論，還有，您是否看到設備方面的交貨時間問題？

That's my last question.

這是我的最後一個問題。

Thank you.

謝謝你。

This is Mark.

這是馬克。

So we've said a couple times, the full capacity of that site is roughly 100,000 wafers a month.

因此，我們已經說過幾次，該站點的全部產能約為每月 100,000 片晶圓。

We will probably get about two-thirds of the way through that in 2011, and we'll be monitoring market conditions, obviously, as we move through the year.

我們可能會在 2011 年完成大約三分之二的工作，顯然，我們將在這一年中監測市場狀況。

But that's sort of where we're heading to in terms of the next year.

但這就是我們明年的目標。

Relative to equipment, obviously the steppers have been a -- at least in different pockets, steppers have been subject to schedule slips.

相對於設備，步進器顯然是一個 - 至少在不同的口袋裡，步進器一直受到進度表的影響。

We're pretty comfortable right now with, with our own deliveries and where those are going to fall relative to supporting ramp and the technology migrations we have (inaudible).

我們現在對我們自己的交付以及相對於支持坡道和我們擁有的技術遷移（聽不清）的交付情況感到非常滿意。

Great, thank you very much.

太好了，非常感謝。

Our next question comes from the line of Tim Luke with Barclays Capital.

我們的下一個問題來自巴克萊資本的 Tim Luke。

Tim, your line is open.

蒂姆，你的電話是開放的。

Thank you very much.

非常感謝。

Tim, your line is open.

蒂姆，你的電話是開放的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

With respect to your licensing and royalty revenue, as Inotera begins to ramp, how should we think about that revenue line developing?

關於您的許可和版稅收入，隨著 Inotera 開始增長，我們應該如何看待該收入線的發展？

And do you have any clarification as to what it was in the quarter?

您對本季度的情況有任何澄清嗎？

Tim this is Ron.

蒂姆，這是羅恩。

Yes, the licensing revenue in the quarter was about $50 million that hit the R&D line.

是的，該季度的許可收入約為 5000 萬美元，達到了研發線。

As I mentioned last quarter, commentary, we've got some shifting from revenue into R&D credits.

正如我在上個季度提到的，評論說，我們已經從收入轉向了研發信貸。

So that's about the same as last quarter in terms of the impact on the R&D line.

因此，就對研發線的影響而言，這與上一季度大致相同。

And there were a few million dollars still flowing through the revenue line.

還有幾百萬美元仍然流經收入線。

So that's the rough sizing of it, and, and going forward, we will see the vast majority of the credits coming through the R&D line as we flow through the year.

這就是它的粗略規模，而且，展望未來，我們將在這一年中看到絕大多數的學分來自研發線。

Secondly, just with respect to the expense -- operating expenses, Ron, how should we think about those as you go through the year?

其次，就費用而言——運營費用，羅恩，當你度過這一年時，我們應該如何看待這些費用？

Do you think it can be fairly flattish from what you're outlining for the first quarter?

您認為與您對第一季度的概述相比，它可能相當平淡嗎？

Would you have to grow the R&D?

您是否必鬚髮展研發？

Yes, we are not guiding out beyond the next quarter, but if you look at our long-term modeling, we've targeted roughly OpEx in the 15% kind of range.

是的，我們不會在下一季度之後進行指導，但是如果您查看我們的長期建模，我們的目標運營支出大致在 15% 的範圍內。

We're doing substantially better than that and with the leverage model we have in R&D with the credits that we were just talking about, I think we'll be [tented] on the low side of that in roughly the same kind of range.

我們做得比這要好得多，並且使用我們在研發中的槓桿模型以及我們剛剛談論的學分，我認為我們將在大致相同的範圍內處於低端。

With respect to NOR, could you give some guidance on how you perceive the environment there going forward in terms of the bit growth or ASPs?

關於 NOR，您能否就您如何看待未來在比特增長或 ASP 方面的環境提供一些指導？

Should we generally think about as flattish on both counts?

我們通常應該認為在這兩個方面都持平嗎？

How should we think about that business?

我們應該如何看待這項業務？

I think you categorized it correct.

我認為你分類正確。

I think it's pretty flat, both on the ASP side and growth.

我認為它在 ASP 方面和增長方面都相當平穩。

Lastly, if I may, just as a general question for Steve, obviously as ASPs decline, you're seeing nonetheless quite strong cash flows.

最後，如果可以的話，就像史蒂夫的一般問題一樣，顯然隨著平均售價的下降，您仍然會看到相當強勁的現金流。

Given the cost structures that you see, and expectation of a pretty mixed environment on the demand side, do you believe there's a fairly high level of confidence that will you be able to stay with an operating profit through the current cycle of softness?

鑑於您看到的成本結構，以及對需求方面相當複雜的環境的預期，您是否認為您有相當高的信心能夠在當前的疲軟週期中保持營業利潤？

And what are the key factors for us to watch over the next several quarters as the ASPs decline seasonally?

隨著 ASP 季節性下降，接下來幾個季度我們需要關注的關鍵因素是什麼？

Thank you.

謝謝你。

Yes.

是的。

The -- obviously we can't share our internal forecasts, because we don't give financial guidance, but our operating cash flow we believe will still be pretty strong through the next twelve months, and we have modeled in declining ASPs.

- 顯然我們無法分享我們的內部預測，因為我們不提供財務指導，但我們相信我們的運營現金流在未來十二個月內仍然會非常強勁，並且我們已經模擬了下降的平均售價。

But having said that, let me just point out again that less and less of our product is in the volatile commodity ASP arena.

但話雖如此，讓我再次指出，我們的產品越來越少地處於波動的商品 ASP 領域。

So we're less affected by that today than we were several years ago, and than we were ten years ago.

因此，與幾年前和十年前相比，我們今天受到的影響要小。

So -- and we've proven, I think, in the last cycle, by the way, we were -- again, we don't know Samsung's numbers, because they don't break them out, but other than that, if you look at the, in particular, the DRAM business, we were the only Company that remained that positive operating cash flow through the entire cycle, on a quarterly basis.

所以 - 我認為，我們已經證明，在上一個週期中，順便說一下，我們 - 再次，我們不知道三星的數據，因為他們不會打破它們，但除此之外，如果你看看，特別是 DRAM 業務，我們是唯一一家在整個週期中每季度保持正運營現金流的公司。

So we feel, we feel pretty good about that.

所以我們覺得，我們對此感覺很好。

I think that the number, or the category that is probably the one to highlight is what is our operating cash flow and what is our free cash flow.

我認為可能要強調的數字或類別是我們的經營現金流量和自由現金流量。

And I made the comment, in the summer, that we are not going to take all the cash that we generate and spend it all.

我在夏天發表評論說，我們不會把我們產生的所有現金都花光。

So, as opposed to maybe historical circumstances for us.

因此，與我們可能的歷史情況相反。

So, we expect, again, we don't forecast, but we expect that with the models that we have, that we will continue to look pretty strong on generating cash throughout the, throughout the next fiscal year.

因此，我們再次預計，我們不會預測，但我們預計，憑藉我們擁有的模型，我們將在整個下一財年繼續保持強勁的現金流。

Thank you, guys.

感謝你們。

Our next question comes from the line of Vijay Rakesh with Sterne Agee.

我們的下一個問題來自 Vijay Rakesh 和 Sterne Agee。

Yes, hi guys.

是的，大家好。

Just a -- I'm going back to the memory side.

只是 - 我要回到記憶方面。

Just wondering on the non-flash side what is the (inaudible) mid-growth on the ASP?

只是想知道在非閃存方面，ASP 的（聽不清）中期增長是什麼？

We're going to -- I think we answered that a couple times, didn't we?

我們將——我想我們已經回答了幾次，不是嗎？

I might have missed that, sorry about that, but --

我可能錯過了，對此感到抱歉，但是——

Would you like to try again?

你想再試一次嗎？

Yes, I was just wondering what the non-flash guide was for the next quarter, what the [bid growth] in ASPs were?

是的，我只是想知道下一季度的非閃存指南是什麼，ASP 的 [投標增長] 是多少？

Well we, again, we just said that we think that they will be relatively flat from where we are today.

好吧，我們再次說過，我們認為它們將與我們今天的位置相對持平。

Okay, got it.

好，知道了。

On the DRAM side, you mentioned the ASPs coming down mid to high teens and your cost reductions mid to high single digits.

在 DRAM 方面，您提到 ASP 下降到中高位數，並且您的成本降低了中高個位數。

On the cost reduction side, can you, can you go over what the cost reductions were in-house and in your data?

在降低成本方面，您能否回顧一下內部和數據中的成本降低情況？

Well, first of all, just to clarify, when we talk about the ASPs coming down, or the cost reductions coming down, we're referencing our entire DRAM portfolio, which incorporates legacy products, and differentiated products that don't really have that much cost change over time, because that's not the role that they played for us.

好吧，首先，澄清一下，當我們談論 ASP 下降或成本降低時，我們指的是我們的整個 DRAM 產品組合，其中包含傳統產品和真正沒有的差異化產品隨著時間的推移，成本會發生很大變化，因為這不是他們為我們扮演的角色。

And then when you reference the mid teens on the DRAM, you're then referencing -- or, or we were referencing this mainstream core volume DRAM that goes into a certain market segment.

然後，當您在 DRAM 上引用 10 年中期時，您就是在引用 - 或者，或者我們是在引用進入某個細分市場的主流核心容量 DRAM。

So you can't correlate those two, just to, just to clarify.

所以你不能把這兩者聯繫起來，只是為了澄清。

Then in terms of cost reductions moving forward, we -- because of the, some of the challenges that Inotera had historically, obviously as Mark Durcan noted earlier, they should get on a pretty good cost decline curve going forward from where they're at now.

然後在降低成本方面，我們 - 由於 Inotera 在歷史上所面臨的一些挑戰，顯然正如 Mark Durcan 之前指出的那樣，他們應該從他們所處的位置開始走上一個相當不錯的成本下降曲線現在。

Having said that, we're also working on cost reductions and converting to advanced technology internally with respect to our DRAM.

話雖如此，我們還在努力降低成本並在內部將我們的 DRAM 轉換為先進技術。

And I don't have a number to break them, out between the two, as to what contributes the greater, to the cost reductions, but keep in mind there's a large percentage of our portfolio that isn't even in the category.

而且我沒有一個數字可以將它們分開，在兩者之間，關於什麼對成本降低的貢獻更大，但請記住，我們的投資組合中有很大一部分甚至不在該類別中。

It's getting watered down and averaged out for the numbers that were shared earlier.

對於之前共享的數字，它正在被淡化並取平均值。

Got it.

知道了。

Thanks.

謝謝。

Our next question comes from the line of David Wong with Wells Fargo.

我們的下一個問題來自富國銀行的 David Wong。

(Inaudible) some idea of the [passion] of bit shipments through the August quarter, what you're expecting, going forward?

（聽不清）關於整個 8 月季度的比特出貨量[熱情] 的一些想法，您對未來有何期待？

Because if July was actually looking quite firm, that suggests there was 12% sequential drop in unit shipments -- August must seem particularly weak.

因為如果 7 月實際上看起來相當堅挺，這表明單位出貨量環比下降 12%——8 月一定看起來特別疲軟。

And have you seen a rebound since then?

從那以後你看到反彈了嗎？

I think Mark would, would mention that we saw the back-to-school season happen later.

我想馬克會，會提到我們看到返校季稍後發生。

Mark, maybe you'd like to go on with that.

馬克，也許你想繼續。

But we did, in essence, David, we missed part of that what would be typical or normal demand for back to school in the August period.

但實際上，我們確實做到了，大衛，我們錯過了 8 月份返校的典型或正常需求的一部分。

But, Mark, maybe you'd like to add more.

但是，馬克，也許你想添加更多。

Yes, that's true.

是的，這是真的。

And I think some of the timing of our output coming out of the fabs allowed us to serve that from a production shipment.

而且我認為我們從晶圓廠輸出的一些時間允許我們從生產發貨中提供服務。

So, when you couple those to a later back-to-school and some of the timing of our, our fab output, that put us in a position to catch up and see what we achieved for the quarter and at the end of August.

因此，當您將這些與稍後的返校以及我們的晶圓廠產出的一些時間相結合時，這使我們能夠趕上並查看我們在本季度和 8 月底取得的成就。

Right.

正確的。

And then -- going to your comment about the weaker DRAM inventory in the channel being up four to five weeks, now, your shipments were actually very low, again, given that bit decline.

然後 - 談到您關於渠道中較弱的 DRAM 庫存增加了四到五週的評論，現在，考慮到這一點下降，您的出貨量實際上非常低。

So do you reckon that your competitors shipped a fair amount more than you into the channel?

那麼您是否認為您的競爭對手在渠道中的出貨量比您多得多？

Yes, we do -- we did see that.

是的，我們有——我們確實看到了。

The other, the other thing is that we're, we monitor the end of the quarter activity.

另一件事是，我們正在監控季度末的活動。

Our customers, especially some of our channel customers, are pretty good at predicting when our fiscal periods end and what we have in terms of quarter end deals.

我們的客戶，尤其是我們的一些渠道客戶，非常擅長預測我們的財政期何時結束以及我們在季度末交易方面的情況。

So given, given that we're heading into the holiday season we weren't in a rush to liquidate inventory at depressed pricing relative to market pricing.

因此，鑑於我們即將進入假日季節，我們並不急於以相對於市場價格低迷的價格清算庫存。

So a combination of those two facts, from additional inventory in the channel from our competitors and us holding back some inventory for major customers, OEM customers for Christmas, holiday purchases, we thought we were doing the prudent thing.

因此，結合這兩個事實，從我們競爭對手的渠道中的額外庫存以及我們為主要客戶、聖誕節的 OEM 客戶、假日採購保留一些庫存，我們認為我們在做謹慎的事情。

Right.

正確的。

And my final question, I think -- just a clarification on what I think you said in the past, your CapEx plan, that does not include any CapEx for Inotera, is that right?

我想我的最後一個問題 - 只是澄清我認為你過去所說的，你的資本支出計劃，不包括 Inotera 的任何資本支出，對嗎？

That's completely separate from the CapEx (inaudible)?

這與資本支出完全分開（聽不清）？

That's correct, David.

沒錯，大衛。

It's consolidated operations.

是綜合運營。

Where we fully consolidate we show all our CapEx.

在我們完全整合的地方，我們展示了我們所有的資本支出。

If we're an equity investor, as with Inotera, we do not show the CapEx in our CapEx numbers.

如果我們是股權投資者，就像 Inotera 一樣，我們不會在我們的資本支出數字中顯示資本支出。

Thanks very much.

非常感謝。

Our next question comes from the line of Bob Gujavarty from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bob Gujavarty。

One clarification.

一澄清。

You mentioned NAND bit growth for next year for Micron as being maybe in line with the industry at 70% to 75%.

您提到美光明年的 NAND 位增長可能與行業一致，為 70% 至 75%。

I would intuitively think that would you outgrow the industry given, given the ramp of Singapore.

鑑於新加坡的崛起，我直覺地認為你會超越給定的行業。

Are there some puts and takes I'm missing?

是否有一些我錯過的看跌期權？

It's just that we reference a fiscal year number.

只是我們引用了一個財政年度數字。

And, as you know, we'll be ramping up the, the Singapore plant from the summer on.

而且，如您所知，我們將從夏天開始增加新加坡工廠的產能。

So a lot of our bit growth for next year comes, comes into the second half of the year which does not, is not included in our fiscal year guidance numbers for you.

因此，我們明年的很多位增長都會進入下半年，但不會包含在我們為您提供的財政年度指導數字中。

Okay.

好的。

That, that makes sense.

那，那是有道理的。

And, as a clarification on the DRAM side.

並且，作為 DRAM 方面的說明。

Sounds like, just from your comments, that enterprise, in terms of servers and clients, is reasonably steady.

聽起來，就您的評論而言，該企業在服務器和客戶端方面相當穩定。

Typically, in the calendar fourth quarter does enterprise benefit from a budget flush?

通常，在日曆第四季度，企業是否會從預算沖減中受益？

And do you anticipate your own bit growth intake on an enterprise climb in servers growing in kind of the calendar 4Q?

您是否預計您自己的一點增長攝入量會隨著日曆 4Q 的服務器增長而增長？

I think the demand appears to be consistent with your reference on whether it's attributed to budget or just overall healthy demand.

我認為需求似乎與您關於是否歸因於預算或只是整體健康需求的參考一致。

We're seeing a very healthy demand, and we're going to continue to supply at the levels that our production output allows us to do.

我們看到了非常健康的需求，我們將繼續以我們的產量允許的水平供應。

We have very strong demand from our customers as we see through the end of the calendar year.

正如我們在日曆年年底看到的那樣，我們的客戶需求非常強勁。

Thanks, and just one final, real quick one.

謝謝，只有最後一個，真正快速的。

I think earlier in the year you were a bit constrained on the server side.

我認為今年早些時候您在服務器端受到了一些限制。

Are you constrained at all on products for that market now, or?

您現在是否完全受限於該市場的產品，或者？

It, it's still something we work every day on to make sure we get as much of the product into the, into the high end applications as possible.

它仍然是我們每天都在努力的事情，以確保我們將盡可能多的產品投入到高端應用中。

Great, thanks.

太謝謝了。

Our next question comes from the line of Bill Dezellem with Tieton Capital.

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

Thank you.

謝謝你。

We have a of couple questions.

我們有幾個問題。

First of all, with the recent softening of demand, how does this qualitatively, if at all, impact your thoughts about CapEx in fiscal '11, specifically for Micron?

首先，隨著最近需求的疲軟，這對您對 11 財年資本支出（特別是美光）的看法（如果有的話）有何定性影響？

And do you have any sense at what impact it may be having on the industry's thoughts about CapEx?

您是否知道它可能會對行業對資本支出的看法產生什麼影響？

Yes, the -- well, Bill, the, the range that we gave is pretty wide for a reason.

是的——好吧，比爾，我們給出的範圍相當寬是有原因的。

Because, as Mark Durcan noted, we're going keep our eye on it pretty closely as we move through time.

因為，正如 Mark Durcan 所說，隨著時間的推移，我們將密切關注它。

So, we, we obviously have the commitment to the initial piece of [IMSS] in Singapore, but, but really on the margin, we can, we can dial around that in these other facilities and deploy more, deploy less, or even deploy more (inaudible) to take the capacity up higher.

所以，我們，我們顯然對在新加坡的 [IMSS] 的初始部分做出了承諾，但是，但實際上，我們可以，我們可以在這些其他設施中撥通它，部署更多、更少部署，甚至部署更多（聽不清）以提高容量。

We're just going to keep our eye on market conditions.

我們將密切關注市場狀況。

I will note that I read yesterday morning, Elpida's announcement to defer some of their CapEx in this environment.

我會注意到我昨天早上讀到，爾必達宣佈在這種環境下推遲他們的一些資本支出。

So I think that if you look at the strength of the balance sheet, Micron and Samsung are clearly the strongest in terms of cash and net cash after debt and debt payable in the next twelve months and so forth.

所以我認為，如果你看一下資產負債表的實力，美光和三星在現金和淨現金方面顯然是最強的，僅次於未來十二個月的債務和應付債務等。

And we have the luxury to -- I think add some or delete some on the margin and not have it really affect the balance of the -- the strength of the balance sheet.

而且我們有幸 - 我認為在邊際上添加或刪除一些，並且不會真正影響資產負債表的平衡。

I don't think that's true for several of the, for several of the other producers, that they really will need to react pretty quickly to any change in type of demand environment in order to keep their balance sheet even, even viable.

我認為對於其他幾個生產商來說，情況並非如此，他們真的需要對需求環境類型的任何變化做出快速反應，以保持資產負債表的平衡，甚至可行。

That's actually a good segue to the second question which is industry consolidation.

這實際上很好地解決了第二個問題，即行業整合。

There is, there is more chatter in, in the popular press now about further consolidation.

現在，大眾媒體上有更多關於進一步整合的討論。

What, what insights do you have relative to Micron's stand on the issue and view of what may be taking place in the industry?

什麼，您對美光在這個問題上的立場以及對該行業可能發生的事情的看法有什麼見解？

Well, I -- first of all, it's hard to get consolidation in a, in a rising positive environment.

嗯，我——首先，在一個不斷上升的積極環境中很難進行整合。

I said that many times before, and you'd be pressed to show me an example of that occurring when the markets are good, depending on what segment it is.

我之前說過很多次，你會被迫向我展示一個在市場良好時發生的例子，這取決於它是哪個細分市場。

And so I think that the probability of that occurring in a really strong environment was low.

所以我認為在一個非常強大的環境中發生這種情況的可能性很低。

Clearly we've had some weakening.

顯然，我們已經有所削弱。

For us, it's really only been in one of our categories, but nonetheless, it's the primary category for some of the other producers in the industry, and I will also note in the media that Sakamoto-san from Elpida made a number of statements, whether they're accurate or not I don't know, because I don't know if he's quoted correctly by the press, but where he, he commented that he was looking to buy into a couple companies in Taiwan in order to try to get more access to capacity or get more scale or something.

對我們來說，它確實只屬於我們的一個類別，但它是業內其他一些生產商的主要類別，我還會在媒體上註意到 Elpida 的 Sakamoto-san 發表了一些聲明，他們是否準確我不知道，因為我不知道他是否被媒體引用正確，但他在哪裡，他評論說他正在尋求收購台灣的幾家公司，以便嘗試獲得更多的容量或獲得更多的規模或其他東西。

It's a little hard to determine exactly what he's trying to do sometimes.

有時很難確定他到底想做什麼。

But regardless, we're obviously in all the markets around the world, and we'll continue to look at opportunities that arise.

但無論如何，我們顯然在世界各地的所有市場中，我們將繼續尋找出現的機會。

Again, I think if you look at our historical transactions, we do them because they make us more cost effective, because they give us a much more efficient capital deployment model, and to the extent that those rise, we'll continue to look at them.

同樣，我認為如果您查看我們的歷史交易，我們會這樣做是因為它們使我們更具成本效益，因為它們為我們提供了更有效的資本部署模式，並且在這些增長的範圍內，我們將繼續關注他們。

But, you know, the environment right now isn't what the environment was eighteen months ago, not even by a stretch.

但是，你知道，現在的環境已經不是 18 個月前的環境了，甚至根本不是。

So we'll have to see how that unfolds, Bill.

所以我們必須看看它是如何展開的，比爾。

Thank you.

謝謝你。

Our next question comes from Tristan Gerra with Robert W.

我們的下一個問題來自 Tristan Gerra 和 Robert W.

Baird.

貝爾德。

Hi, good afternoon.

你好，下午好。

Could you give us little bit more details on the 42-nanometer transition and the potential mix we can expect at end of fiscal '11?

您能否向我們提供更多關於 42 納米過渡的詳細信息以及我們在 11 財年末可以預期的潛在組合？

Sorry, we had a little trouble hearing you.

抱歉，我們在聽到您的聲音時遇到了一些問題。

I missed the second part of that.

我錯過了第二部分。

But relative to 42-nanometer transition on DRAM, I can tell that you we -- as we said, we ran more 42-nanometer than we originally anticipated last quarter, and we're anticipating a ramp that will begin the quarter we're currently in, in one of our manufacturing fabs.

但相對於 DRAM 上的 42 納米過渡，我可以告訴你，我們 - 正如我們所說，我們在上個季度運行的 42 納米比我們最初預期的要多，我們預計將在本季度開始一個斜坡。目前在我們的製造工廠之一。

We already have output in Inotera that was impressive, I think.

我認為，我們已經在 Inotera 中獲得了令人印象深刻的輸出。

I think everyone was, was happy with the early results out of 42-nanometer in Inotera.

我想每個人都對 Inotera 42 納米的早期結果感到滿意。

So that's, that's really a -- probably a fiscal Q2 and beyond story for Micron that will play out throughout the fiscal year.

所以，這真的是一個 - 可能是美光第二財季及以後的故事，將在整個財年上演。

Okay, and, and any estimate in terms of the mix it could be by end of this fiscal year?

好的，並且，對本財年末可能的組合有任何估計嗎？

It kind of depends how we do at Inotera.

這有點取決於我們在 Inotera 的工作方式。

That's a big piece of our total volume.

這是我們總銷量的很大一部分。

For the, for the Micron facilities, by the time we get to the end of the year it will actually be a mix of, of 42, we'll have some 3X in there as well, and that'll, that will depend on how that goes.

對於美光的設施，到今年年底時，它實際上將是 42 個的混合體，我們也會有 3 倍，這將取決於這是怎麼回事。

But I'd say, for the Micron internal, it will be north of 50%, and for Inotera, it will be in a similar range.

但我想說，對於美光內部，它將在 50% 以上，而對於 Inotera，它將在類似的範圍內。

Okay.

好的。

And then finally, if, if we assume a normal seasonal decline in pricing in NAND flash over the next couple of quarters, is that enough to, as an incentive for SmartPhone OEMs, tablet OEMs to double content of NAND flash for next year, model introduction relative to what we're seeing the second half, or do you feel that there is a need for a steeper decline curve in pricing for that to happen?

最後，如果我們假設未來幾個季度 NAND 閃存的價格會出現正常的季節性下降，這是否足以激勵智能手機 OEM 和平板電腦 OEM 在明年將 NAND 閃存的內容翻一番，模型相對於我們在下半年看到的介紹，或者您是否認為定價需要更陡峭的下降曲線才能實現？

Let me repeat that for Mark.

讓我為馬克重複一遍。

I think he had a tough time understanding it.

我認為他很難理解這一點。

I think the question was based on do you need additional pricing pressure in order for the stronger markets to double memory content next year.

我認為這個問題是基於你是否需要額外的定價壓力才能讓更強勁的市場在明年將內存容量翻一番。

Did I summarize that right?

我總結的對嗎？

I think it was perfect.

我認為這是完美的。

I think we're starting to see that happen already, and I think part of which is given some of the seasonality, and I think part of which those, those customers that -- those customers that actually did do the despecing pass didn't quite benefit from it on the, on the sale into the channel and the customers.

我認為我們已經開始看到這種情況發生了，我認為其中一部分被賦予了一些季節性，我認為其中一部分，那些客戶 - 那些實際上做了貶低通行證的客戶沒有在銷售上，對渠道和客戶都頗有裨益。

So I think you are going to start to see it sooner than, than you might think going into the holiday season.

所以我認為你會比你想像的進入假日季節更早開始看到它。

And how about for NAND?

那麼NAND呢？

NAND to me, today, if you, if you isolate the mobile and the SSD business, you've got a bunch of consumer applications driving NAND that I don't think it will impact as much.

NAND 對我來說，今天，如果你將移動和 SSD 業務隔離開來，就會有一堆驅動 NAND 的消費應用程序，我認為它不會產生太大影響。

On the SSD front, absolutely, I think the pricing will, will help increase density per box, or per drive, and on the SmartPhone as well.

在 SSD 方面，我認為定價將有助於提高每盒或每個驅動器以及智能手機的密度。

I think what you'll see a number of SmartPhones with a number of different players coming out with increased density.

我想你會看到一些智能手機，其中有許多不同的播放器，它們的密度增加了。

Great, thank you.

太好了謝謝。

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

因此，我們要感謝大家今天參加電話會議。

If will you 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 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 for joining us.

感謝您加入我們。

Thank you.

謝謝你。

This concludes today's Micron Technology's fourth quarter and fiscal year end 2010 financial release conference call.

今天的美光科技公司 2010 年第四季度和財年末財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。