美光科技 (MU) 2011 Q1 法說會逐字稿

Good afternoon.

下午好。

My name is Huey, and I'll be your conference facilitator today.

我叫 Huey，今天我將成為您的會議主持人。

At this time I'd like to welcome everyone to Micron Technology's first quarter 2011 financial release conference call.

在此，我想歡迎大家參加美光科技 2011 年第一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 call, all lines -- excuse me, after the remarks, there will be a question and answer period.

通話結束後，所有線路--不好意思，發言結束後，將有一個問答時間。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

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

現在我很高興將發言權交給我們的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much.

非常感謝。

Welcome everybody to Micron Technology's first quarter 2011 financial release conference call.

歡迎大家參加美光科技 2011 年第一季度財務發布電話會議。

On the call today is Steve Appleton, Chairman and CEO, Mark Durcan, President and Chief Operating Officer and Mr.

今天的電話會議是董事長兼首席執行官史蒂夫·阿普爾頓、總裁兼首席運營官馬克·杜肯和先生。

Ron Foster, Chief Financial Officer and Vice President of Finance and also with us today is Mark Adams, Vice President of Worldwide Sales.

Ron Foster，首席財務官兼財務副總裁，今天與我們同在的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.

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

If you have not had an opportunity to review the first quarter 2011 financial press release, it is also available on our website at micron.com.

如果您沒有機會查看 2011 年第一季度財務新聞稿，也可以訪問我們的網站 micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of this call accessed by dialing 706-645-9291 with a confirmation code of 32359725.

通過撥打 706-645-9291 和 32359725 確認碼訪問此通話的音頻重播。

This replay will run through Wednesday, December 29, 2010 at 5.30 PM Mountain Time.

此重播將持續到 2010 年 12 月 29 日星期三山區時間下午 5:30。

A webcast replay will be available on the Company's website until December 2011.

2011 年 12 月之前，公司網站上將提供網絡廣播重播。

We encourage you to monitor our website at micron.com -- excuse me, 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 micron.com 上關注我們的網站——對不起，請在整個季度中了解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 or predictions and that actual events or results may differ materially.

我們希望提醒您，此類陳述或預測以及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 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，以使這些陳述與實際結果保持一致。

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

現在我想把電話轉給先生。

Steve Appleton.

史蒂夫阿普爾頓。

Steve?

史蒂夫?

Thanks, Kipp.

謝謝，基普。

I'm going to make some opening comments and then I'll turn it over to Ron for some commentary on the financials and then we'll open it up for Q&A for any of us here participating in the call today.

我將發表一些開放性評論，然後將其交給 Ron 對財務狀況進行一些評論，然後我們將開放它以供我們今天參加電話會議的任何人進行問答。

I'll start out with some of the activity we had in our fiscal Q1 and the operations and technologies.

我將從我們在第一財季的一些活動以及運營和技術開始。

We've had a number of achievements worth noting.

我們取得了許多值得注意的成就。

First of all, our NAND 25-nanometer transition is actually going quite well and I think we would characterize it as being ahead of schedule so that now, a majority of our NAND bits are now shipping with Micron's 25-nanometer advanced process.

首先，我們的 NAND 25 納米過渡實際上進展順利，我認為我們會將其描述為提前完成，因此現在，我們的大多數 NAND 位現在都採用美光的 25 納米先進工藝。

In addition to that, Inotera is now on 100% Micron's stack technology and they are now just getting back up to starting at full capacity, so we think that we're well on our way to improving both volume and yield there.

除此之外，Inotera 現在 100% 採用美光的堆棧技術，他們現在剛剛恢復滿負荷生產，因此我們認為我們正在努力提高產量和產量。

Clearly as we noted before, there were some difficulties previously but they are on a pretty good trajectory right now so if you listen to what our commentary about it and you listen to their commentary about it, I think they feel like they are on a pretty good path moving forward.

很明顯，正如我們之前提到的，之前有一些困難，但他們現在正處於一個相當不錯的軌道上，所以如果你聽我們對它的評論並且你聽他們對它的評論，我認為他們覺得他們正在前進的好路。

In addition to that, IMFS started its first wafers utilizing our advanced 25-nanometer process as well, so we're pretty excited about that.

除此之外，IMFS 還利用我們先進的 25 納米工藝開始了其第一批晶圓，因此我們對此感到非常興奮。

I would note though that we don't think there's going to be any significant output out of the facility until the middle of next year.

我要指出的是，我們認為該設施在明年年中之前不會有任何重大產出。

Obviously, there will be a start and a qualification to the ramp phase before then, but we are pretty excited that we are on underway there.

顯然，在那之前將會有一個開始和進入斜坡階段的資格，但我們很高興我們正在那裡進行。

Switching over and trying to talk about the markets a little bit, in the DRAM market, our last earnings call, I noted that we had started to see some softening in the PC space for DRAM and that weakness has continued, even though it's primarily done with the DDR3 product.

切換並嘗試談論市場，在 DRAM 市場，我們上次的財報電話會議上，我注意到我們已經開始看到 DRAM 的 PC 領域出現一些疲軟，並且這種疲軟仍在繼續，儘管它主要完成了與 DDR3 產品。

In fact I noticed the Hynix CEO comments a few days ago acknowledging that this environment I think is going to have an impact on their current quarter.

事實上，我注意到幾天前海力士 CEO 的評論承認，我認為這種環境將對他們當前的季度產生影響。

Clearly, it's having an impact on our current quarter, but I guess what I want to emphasize is I don't think this is the winner of 2007 or 2008 and you might ask why that's the case.

顯然，它對我們當前的季度產生了影響，但我想我想強調的是，我認為這不是 2007 年或 2008 年的贏家，你可能會問為什麼會這樣。

First of all, I really do think that what we're experiencing right now is a demand driven weakness as opposed to a supply-side strip of weakness.

首先，我確實認為我們現在正在經歷的是需求驅動的疲軟，而不是供應方面的疲軟。

What I mean by that is it's such a sharp turn, I guess starting about a year ago, year and a half ago, and that was driven by the damage that had been done in the DRAM industry and as a result, those of us that were still around and able to produce were a beneficiary of that.

我的意思是，這是一個如此急劇的轉變，我猜是從大約一年前，一年半前開始的，這是由 DRAM 行業造成的破壞所驅動的，因此，我們這些人仍然存在並且能夠生產是其中的受益者。

As opposed to the environment where there's a lot of capacity come on line, I don't think that's happened and most of you know that by noting the amount of wafer output that's come on line, and that really we're still in a period or phase I think where maybe a little bit unexpectedly but we're seeing weakness in more commoditized spaces, in particular the PC space.

與有大量產能上線的環境相反，我認為這種情況沒有發生，而且你們中的大多數人都知道，通過注意到上線的晶圓產量，我們實際上仍處於一個時期或階段我認為可能有點出乎意料，但我們看到更多商品化領域的弱點，特別是 PC 領域。

I also think that we had some technology transitions pile up as people were trying to get converted over to the next generation of technology and that added up maybe to a little more, a few more bits into the market than we thought but it happened at all similar time frame.

我還認為，當人們試圖轉換為下一代技術時，我們進行了一些技術轉型，這可能會比我們想像的更多，更多地進入市場，但它確實發生了類似的時間框架。

And that also I would note that, keep in mind, this is seasonally a slower time of the year for us as well, so I'm not suggesting we're not going to have some weakness.

而且我還要指出，請記住，這對我們來說也是一年中季節性較慢的時間，所以我並不是說我們不會有一些弱點。

But we might be in a period of time here where we have a quarter or two or three to six-month period where pricing is in this lower range.

但我們可能會在一段時間內，我們有一個季度或兩個或三到六個月的時間，價格處於這個較低的範圍內。

The counter to that of course is CapEx and output for DRAM is going to adjust pretty quickly.

與之相反的當然是資本支出，DRAM 的輸出將很快調整。

We've already seen a couple coming out of others in the industry around that and what I find interesting is there's no forecast for the CapEx to be down in 2011 from 2010 and keep in mind that the CapEx in 2010 peaked at about half of what the CapEx was in 2007.

我們已經看到業內其他一些公司在這方面出現了一些問題，我發現有趣的是，沒有預測到 2011 年資本支出會比 2010 年下降，請記住，2010 年資本支出的峰值約為資本支出是在 2007 年。

So as I said, I think it will adjust pretty quickly, and then another reference point for everybody is that.

所以正如我所說，我認為它會很快調整，然後每個人的另一個參考點就是那個。

As I said although the mainstream commodity DRAM has had some pricing hit and it's $1 per gigabit, it seems to have stabilized and it's obviously still well above the $0.50 per gigabit that we had a couple years ago when the costs were a lot higher.

正如我所說，雖然主流商品 DRAM 的價格受到了一些打擊，每千兆位 1 美元，但它似乎已經穩定下來，顯然仍遠高於我們幾年前成本高得多的每千兆位 0.50 美元。

So obviously it's still down quarter-to-date and we have a period of time here where we have to deal with it, but I think it's also positive that the specialty business is relatively flat and pricing is pretty stable there.

所以很明顯，到目前為止，它仍然在下降，我們有一段時間必須處理它，但我認為專業業務相對平穩並且那裡的定價相當穩定也是積極的。

So that's the DRAM front.

這就是DRAM的前端。

Switching over to the NAND, I think some of you probably already know from a lot of the reports in the industry that it appears that we've already hit bottom and prices recovered mildly.

切換到 NAND，我想你們中的一些人可能已經從行業的許多報告中知道，我們似乎已經觸底並且價格溫和回升。

There's some pretty bright spots, SSDs in particular for us have gone well in the smartphones are holding up pretty well and I think that's a benefit to the DRAM as well, although we've got to see what happens when we move through the rest of the season.

有一些非常亮的地方，特別是對我們而言，SSD 在智能手機中的表現非常好，我認為這對 DRAM 也有好處，儘管我們必須看看當我們完成其餘部分時會發生什麼本賽季。

We began shipping volume shipments to Tier 1 OEMs for our SSDs and we're going to launch our P400 enterprise product coming up here next month so we feel pretty good about that.

我們開始為我們的 SSD 向 1 級 OEM 發貨，我們將在下個月推出我們的 P400 企業產品，所以我們對此感覺很好。

On the NOR front as you might expect, there's some mild pricing pressure but really for the most part it's been pretty stable.

正如您所料，在 NOR 方面，存在一些溫和的定價壓力，但實際上大部分情況下它非常穩定。

A couple of things to remind everybody on the call about.

有幾件事要提醒通話中的每個人。

Our CapEx, as we've stated, our range hasn't really changed for the year but remember that this quarter is our big CapEx quarter.

正如我們所說，我們的資本支出在今年並沒有真正改變，但請記住，本季度是我們的大資本支出季度。

And with respect to why that is, the first thing is that it's directly tied to the timing of getting IMFS underway and so this is the largest period of time we start paying for the equipment.

至於為什麼會這樣，第一件事是它與啟動 IMFS 的時間直接相關，因此這是我們開始為設備付款的最長時間。

That's why the CapEx this quarter will be bigger than the other quarter we had in the fiscal year and after this quarter that we're in right now it will start to taper off.

這就是為什麼本季度的資本支出將大於我們在本財年的另一個季度，而在我們現在所處的這個季度之後，它將開始逐漸減少。

And then In addition to that, Intel is currently not participating with the CapEx and IMFS, but we actually are pretty comfortable with that.

除此之外，英特爾目前還沒有參與資本支出和 IMFS，但我們實際上對此非常滿意。

Number one, we already have that in our financial models making the assumption they weren't going to participate and secondly, we could really use the output for servicing our customers, so from that perspective, we're in pretty good shape.

首先，我們已經在我們的財務模型中假設他們不會參與，其次，我們可以真正使用輸出來為我們的客戶提供服務，所以從這個角度來看，我們的狀態非常好。

I will tell you though that they have the ability to come in and participate downstream (inaudible) expansion and we're happy if they do and we're also happy if they don't so to speak because we like both sides of that equation.

不過我會告訴你，他們有能力進入並參與下游（聽不清）擴張，如果他們這樣做我們很高興，如果他們不這麼說我們也很高興，因為我們喜歡這個等式的雙方.

With respect to how it impacts our financial model, obviously the CapEx -- that being under our umbrella does require more of our own cash but the other thing that I want to point out is in terms of there's two components to the relationship.

關於它如何影響我們的財務模型，顯然是資本支出——在我們的保護傘下確實需要更多的我們自己的現金，但我想指出的另一件事是關係有兩個組成部分。

One is the output sharing side which is the joint venture and then the other is the development side, and on the development side, there's really no change in that and there won't be any change on that independent of what we do with respect to the sharing of the output.

一個是輸出共享端，即合資企業，另一個是開發端，在開發端，真的沒有變化，也不會有任何變化，獨立於我們對輸出的共享。

So I think that their analysis is how much output do they want, which impacts their desire to or the level of sharing with us as we make future investments and additional capacity.

所以我認為他們的分析是他們想要多少產出，這會影響他們在未來投資和增加產能時的願望或與我們分享的水平。

But with respect to the development side of it, in other words the R&D cost sharing, we're completely in line with what we were doing and what we will be doing which is sharing that equally moving forward.

但就其開發方面而言，也就是研發成本分攤，我們完全符合我們正在做的事情和我們將要做的事情，這就是平等地向前推進。

All of this leads me to my final comment which is these strong cycles are exactly why we pursued expanding our product portfolio and it's in times like these where it really starts working to our advantage.

所有這一切都讓我得出最後的評論，這些強勁的周期正是我們追求擴大產品組合的原因，而正是在這樣的時代，它才真正開始發揮我們的優勢。

In other words, as we've done a lot of the M&A or a lot of the product expansion over time, this is the environment that we've prepared ourselves for where we get some cycles in one segment or another and yet be able to have the financials of the Company hold up pretty well, in particular in comparison to a lot of those companies that just have a single product.

換句話說，隨著時間的推移，我們已經進行了大量的併購或大量的產品擴展，這是我們為自己準備的環境，我們在一個或另一個細分市場中獲得了一些週期，但能夠公司的財務狀況良好，特別是與許多只有單一產品的公司相比。

So with that, I'll turn it over to Ron for some commentary on the financials.

因此，我將把它交給羅恩，讓他對財務狀況進行一些評論。

Thanks, Steve.

謝謝，史蒂夫。

The Company's first quarter of fiscal 2011 ended December 2.

公司 2011 財年第一季度截至 12 月 2 日。

Similar to last quarter, we're also providing a schedule of certain key results for the first quarter as well estimated metrics for the second quarter and we summarize that material on the following couple of slides.

與上一季度類似，我們還提供了第一季度某些關鍵結果的時間表以及第二季度的估計指標，我們在以下幾張幻燈片中總結了這些材料。

In last quarter's call that we mentioned we would be reporting on the reorganization of our reportable segments, partially in light of our recent acquisition of Numonyx.

在上個季度的電話會議中，我們提到我們將報告我們可報告部門的重組，部分原因是我們最近收購了 Numonyx。

That reorganization is still ongoing and we expect to have it completed and in place for reporting of our second quarter results.

該重組仍在進行中，我們預計將完成並準備好報告我們的第二季度業績。

We still anticipate those segments will focus on markets which generally aligned around DRAM, embedded, NAND and wireless solutions.

我們仍然預計這些細分市場將專注於通常圍繞 DRAM、嵌入式、NAND 和無線解決方案的市場。

The results of the first quarter are reported in a manner similar to the past and include the reportable segments of Memory and Numonyx.

第一季度業績的報告方式與過去類似，包括內存和恆憶的可報告部分。

There are several items for the quarter that are worthy of further comment.

本季度有幾項值得進一步評論。

In recent years, and as demonstrated in our first quarter, the Company has been working to monetize some of our investments in technology through licensing our intellectual property.

近年來，正如我們第一季度所展示的那樣，公司一直在努力通過許可我們的知識產權將我們在技術上的一些投資貨幣化。

Our first quarter results include a gain in other operating income from the $200 million receipt from Samsung for patent cross-license entered into in the quarter.

我們第一季度的業績包括其他營業收入的增長，該收入來自三星在該季度簽訂的專利交叉許可的 2 億美元收入。

There is withholding tax on this payment of $33 million which was recognized as additional income tax expense in Q1.

這筆 3300 萬美元的付款需繳納預扣稅，這在第一季度被確認為額外的所得稅費用。

In accordance with the agreement, we anticipate receiving additional payments of $40 million in the second quarter and $35 million in the third quarter, each recorded in other operating income in the respective quarter.

根據協議，我們預計第二季度將收到 4000 萬美元的額外付款，第三季度將收到 3500 萬美元的額外付款，每筆款項都記錄在相應季度的其他營業收入中。

Income tax provision in the second and third quarters will also reflect the applicable withholding taxes on these payments.

第二和第三季度的所得稅準備金也將反映這些付款的適用預扣稅。

To balance the timing of maturities of some of the Company's debt obligations and to reduce the potential dilution from the convertible notes, during the first quarter we repurchased a portion of our outstanding convertible notes and exchanged another portion for new convertible notes.

為了平衡公司某些債務義務的到期時間並減少可轉換票據的潛在稀釋，在第一季度，我們回購了部分未償還的可轉換票據並將另一部分交換為新的可轉換票據。

The exchange retired $175 million of the 1.875% convertible note and replaced them with similar 1.875% convertible notes to mature in 2027.

該交易所淘汰了 1.875% 可轉換票據中的 1.75 億美元，並用類似的 1.875% 可轉換票據取而代之，以在 2027 年到期。

In the repurchase transactions, a total carrying amount of $232 million was redeemed for $328 million in cash including fees primarily.

在回購交易中，總賬面價值 2.32 億美元被贖回為 3.28 億美元現金，主要包括費用。

As a result of the 4.25% notes being substantially in the money, we recognized a non-operating loss on the exchange and repurchases of $111 million in the first quarter.

由於 4.25% 的票據實質上是現金，我們在第一季度確認了 1.11 億美元的交易所和回購的非經營性虧損。

This series of transactions also removed the effect of at least 43 million shares from potential dilution in the future.

這一系列交易還消除了至少 4300 萬股未來可能被稀釋的影響。

First quarter revenue from our Memory segment primarily comprised of DRAM and NAND decreased 12% compared to the fourth quarter.

與第四季度相比，我們主要由 DRAM 和 NAND 組成的內存部門的第一季度收入下降了 12%。

DRAM selling prices as Steve mentioned came under pressure in the first quarter and decreased 23% compared to the previous quarter.

史蒂夫提到的 DRAM 售價在第一季度受到壓力，與上一季度相比下降了 23%。

Total idle capacity costs which are charged directly to cost of goods sold were $59 million in the first quarter compared to $40 million in the fourth quarter.

第一季度直接計入銷售成本的總閒置產能成本為 5900 萬美元，而第四季度為 4000 萬美元。

Singapore fab start-up costs in the second quarter are expected to be approximately the same as in Q1.

新加坡第二季度的晶圓廠啟動成本預計與第一季度大致相同。

Sales from the Numonyx segment increased slightly in the first quarter compared to the preceding quarter as a result of increases in selling prices offset by a slight decrease in unit sales volume.

Numonyx 部門的銷售額在第一季度與上一季度相比略有增長，原因是銷售價格的上漲被單位銷量的小幅下降所抵消。

Margins on this business over the past quarter have demonstrated good stability and decreased only slightly compared to the fourth quarter.

過去一個季度該業務的利潤率表現出良好的穩定性，與第四季度相比僅略有下降。

As we look forward to the second quarter, we expect to see revenue from the Numonyx business in the low $500 million range which reflects a seasonal decline compared to the first quarter.

在我們期待第二季度的同時，我們預計恆憶業務的收入將在 5 億美元左右，這反映了與第一季度相比的季節性下降。

We expect the Numonyx gross margin in Q2 to be roughly the same as Q1.

我們預計恆憶第二季度的毛利率與第一季度大致相同。

In addition, recall that the Numonyx inventories were written up to their fair values in our acquisition accounting.

此外，請回想一下，Numonyx 存貨在我們的收購會計中被寫入了它們的公允價值。

This write-up artificially reduced the gross margin on Numonyx product sales by approximately 10 percentage points in Q1.

該報告人為地將恆憶第一季度產品銷售的毛利率降低了約 10 個百分點。

We expect this effect to be somewhat lower the second quarter and have a long tail after that.

我們預計這種影響在第二季度會有所降低，並且在那之後會有一個長尾。

Operating expenses in the first quarter were $325 million.

第一季度的運營費用為 3.25 億美元。

The level of SG&A spending was relatively consistent with the prior quarter.

SG&A 支出水平與上一季度相對一致。

Q2 SG&A expenses are expected to be in the $140 million to $150 million range.

第二季度的 SG&A 費用預計在 1.4 億美元至 1.5 億美元之間。

R&D expense decreased in the first quarter compared to the previous quarter primarily due to lower levels of development spending on 50-nanometer and 42-nanometer DRAM products as additional products move out of development and into commercial volume production.

與上一季度相比，第一季度的研發費用有所下降，這主要是由於隨著更多產品退出開發並進入商業量產，50 納米和 42 納米 DRAM 產品的開發支出水平較低。

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

本季度的研發費用受益於與第四季度一致的聯合開發計劃的約 5000 萬美元的信貸。

R&D expense is expected to increase in the second quarter to $195 million to $205 million range primarily due to increased labor costs and higher volume of pre-qualification wafers processed.

預計第二季度的研發費用將增加至 1.95 億美元至 2.05 億美元之間，主要是由於勞動力成本增加和預認證晶圓加工量增加。

The Company generated $732 million in cash flow from operating activities in the first quarter, while a decrease compared to the prior quarter is significantly outpaced spending on capital expenditures of $570 million during the quarter.

公司在第一季度從經營活動中產生了 7.32 億美元的現金流，而與上一季度相比的下降幅度大大超過了本季度 5.7 億美元的資本支出支出。

We also used $635 million to repay debt including the $328 million in convertible notes I mentioned earlier and $200 million in repayment of debt that originated with Micron's acquisition of its Inotera shares.

我們還使用了 6.35 億美元來償還債務，其中包括我之前提到的 3.28 億美元的可轉換票據和 2 億美元用於償還美光收購其 Inotera 股票所產生的債務。

The balance was due to normal debt amortization in the quarter.

餘額是由於本季度的正常債務攤銷所致。

The cash and equivalent balance at the end of the first quarter was $2.7 billion including $337 million classified as restricted cash.

第一季度末的現金和等價物餘額為 27 億美元，其中 3.37 億美元被歸類為受限現金。

Now I'll close and turn it back to Kipp.

現在我將關閉並將其轉回給 Kipp。

Thanks, Ron and with that we would like to take questions from callers .

謝謝，羅恩，我們想回答來電者的問題。

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

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

With that, we would like to open it up to

有了這個，我們想打開它

Thank you, sir.

謝謝你，先生。

(Operator Instructions) Our first questioner in queue comes from Shawn Webster with Macquarie.

（操作員說明）我們隊列中的第一個提問者來自麥格理的肖恩韋伯斯特。

Please go ahead.

請繼續。

Yes, thank you very much.

是的謝謝你。

In terms of the [Numonyx] business can I reconcile some of the data you provided?

就 [Numonyx] 業務而言，我可以核對您提供的一些數據嗎？

You said it was high teens for you in fiscal Q1 but it would fall into the low $500 million range?

你說在第一財季對你來說是十幾歲，但它會落入 5 億美元的低位？

Is the percent that you're quoting there in that foil, is that a percent of the memory and revenue only?

你在那個箔紙中引用的百分比是內存和收入的百分比嗎？

Or how should we calibrate that because I get more like a $500 million number for Q1.

或者我們應該如何校準它，因為我在第一季度得到的數字更像是 5 億美元。

So revenue for Numonyx in Q1 was about $573 million.

因此，恆憶第一季度的收入約為 5.73 億美元。

Okay.

好的。

Great.

偉大的。

Thank you very much.

非常感謝。

And then in terms of your full year production, the DRAM production sequentially in Q1 looked like it came a little light relative to my estimates.

然後就你的全年產量而言，第一季度的 DRAM 產量與我的估計相比看起來有點輕。

Can you talk about what's happening there and what might have driven the production there and can you give us your outlook for your full year either your fiscal year or calendar year production expectations for NAND and DRAM?

您能否談談那裡正在發生的事情以及可能推動那裡生產的因素，您能否向我們提供您對 NAND 和 DRAM 的財年或日曆年生產預期的全年展望？

Sure, Shawn.

當然，肖恩。

This is Kipp.

這是基普。

When we give you the production numbers we generally measure it when it hits finished goods and just timing wise, we had a bubble sit in WIP which is where we saw the inventory increase so what you'd expect to hear from us is that the bit growth guidance into Q2 is going to be unusually large which it is.

當我們為您提供生產數據時，我們通常會在產品達到成品時對其進行測量，並且只是在時間方面，我們在 WIP 中有一個泡沫，這就是我們看到庫存增加的地方，所以您希望從我們這裡聽到的是第二季度的增長指導將異常大。

We'll be in the high teens to low 20s sequential bit growth as that WIP moves on through inventory.

隨著 WIP 通過庫存移動，我們將處於 10 至 20 年代的高位連續位增長。

And Shawn, we've stayed away from a year-over-year number for now because as you know we have a lot of moving parts so for now we're going to stay with quarter to quarter.

肖恩，我們現在遠離同比數字，因為你知道我們有很多活動部件，所以現在我們將保持季度到季度。

Okay, and then in terms of the OpEx trends coming up a little bit in Q2, is there anything lumpy that happens over the course of Q3 or Q4 or a period where the OpEx might come down because it gets reclassified?

好的，然後就第二季度的 OpEx 趨勢而言，在第三季度或第四季度的過程中是否發生了任何不穩定的情況，或者在一段時間內 OpEx 可能會因為重新分類而下降？

In terms of general OpEx trends, Shawn, our view is that we target to be in a range on average in up cycles and down cycles around 15% of revenue for total OpEx and if you look at that, we're about in that range today.

就總體 OpEx 趨勢而言，Shawn，我們的觀點是，我們的目標是在上升週期和下降週期中平均佔總 OpEx 收入的 15% 左右，如果你看一下，我們就在這個範圍內今天。

We just, a few months ago as you know brought Numonyx in which actually had an OpEx structure higher than the Micron and higher than 15% and we're in the process of integrating that into the Company right now.

正如你所知，幾個月前，我們剛剛引進了恆憶，其運營支出結構實際上高於美光，超過 15%，我們現在正在將其整合到公司中。

So what I think you'd see going on right now is some investments to get that integration done and as we go through the next couple of quarters, we'll begin seeing benefits of the full integration of those activities and certainly plan to stay on our 15% OpEx model over time.

所以我認為你現在會看到一些投資來完成整合，隨著我們接下來的幾個季度，我們將開始看到這些活動的全面整合帶來的好處，並且當然計劃繼續下去隨著時間的推移，我們的 15% 運營支出模型。

Okay, and then maybe if I could squeeze one final one in?

好的，然後也許我可以擠最後一個？

In terms of your customers shipment expectations going into Q1, what's your gauge in terms of will your shipments be better than seasonal, relative to normal seasonality, there's been a lot of discussion out elsewhere in the PC food chain that there's an expectation for notebook demand for example, to be better than expected on the component side.

就您的客戶對第一季度的出貨量預期而言，您的出貨量是否優於季節性，相對於正常的季節性，PC 食品鏈的其他地方有很多討論，即對筆記本電腦的需求有預期例如，在組件方面比預期的要好。

And would just like to hear your perspective on it, thank you.

並想听聽您對此的看法，謝謝。

I think the overall feeling going into our fiscal second quarter is about seasonal pace.

我認為進入我們第二財季的整體感覺與季節性步伐有關。

We think that the PC business channel inventory is actually better than I would expect given the pricing environment.

我們認為，考慮到定價環境，PC 業務渠道庫存實際上比我預期的要好。

We think people are managing their inventories tighter coming out of a couple tough years in 2008 and 2009 so we think the inventory in the channel is better and thus the potential for recovery in the PC space is there.

我們認為人們在 2008 年和 2009 年的艱難歲月中更嚴格地管理他們的庫存，因此我們認為渠道中的庫存更好，因此 PC 領域的複蘇潛力是存在的。

We haven't quite seen signs of it just yet but we think it's a much tighter food chain than it was a couple years back.

我們還沒有完全看到它的跡象，但我們認為它的食物鏈比幾年前要緊得多。

The wireless environment, mobile phones, smartphones particularly remains pretty healthy going into the holidays and all expectations are that will continue to be pretty good.

進入假期的無線環境、手機、智能手機尤其保持健康，所有預期都將繼續保持良好狀態。

Steve mentioned in his opening comments that SSDs in general were pretty positive for Micron.

Steve 在他的開場評論中提到，SSD 總體上對美光非常有利。

I think that's a reflection of the maturity of that market beyond just client and the potential growth in 2011 overall for enterprise drive so we think overall, the demand drivers are there in place.

我認為這反映了該市場的成熟度，而不僅僅是客戶以及 2011 年整體企業驅動的潛在增長，因此我們認為總體而言，需求驅動已經到位。

How it manifests itself in our second quarter due to the seasonality is somewhat hard to predict today but we are cautiously optimistic.

由於季節性原因，它在我們第二季度的表現如何在今天有點難以預測，但我們持謹慎樂觀的態度。

Thank you.

謝謝你。

Thank you, sir.

謝謝你，先生。

Our next question in queue is Daniel Berenbaum with Auriga USA.

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

Yes, hi guys.

是的，大家好。

Thanks for taking my question.

感謝您提出我的問題。

On the projected cost reductions, just looking at what appears you're guiding, on the NAND side, it seems you're guiding down mid to high single digits.

在預計的成本降低方面，只要看看你正在指導的內容，在 NAND 方面，你似乎正在指導中高個位數。

That seems a little bit light compared to what I would have expected for ramping -- I've seen Singapore in ramping 25-nanometer, can you talk a little bit about what are the gives and takes there and what we should expect for NAND cost reduction over the course of the next couple quarters?

與我對加速增長的預期相比，這似乎有點輕——我已經看到新加坡正在加速 25 納米，你能談談那裡的付出和收穫以及我們對 NAND 成本的預期在接下來的幾個季度中減少？

Yes, hi, Dan.

是的，嗨，丹。

This is Mark.

這是馬克。

I think we -- as Steve alluded to we're very happy with the way the 25-nanometer ramp is going and we're into that full swing.

我認為我們 - 正如史蒂夫所暗示的那樣，我們對 25 納米坡道的發展方式非常滿意，並且我們正全力以赴。

What we playing off against that now is the ramping of a new fab which as you know generally brings costs in advance of bid output so there's somewhat of a mitigating effect there as we move through the next couple quarters, ramping IMFS.

我們現在與之對抗的是新晶圓廠的擴建，如你所知，這通常會在投標產出之前帶來成本，因此在接下來的幾個季度中，IMFS 會有所緩解。

But generally speaking, pretty comfortable with the NAND trajectory and the 20-nanometer that will come into play in the summer as well.

但總的來說，NAND 的發展軌跡和 20 納米也將在夏季發揮作用。

So then how long does it take to ramp the fab until we start to see higher cost reduction, higher than the mid to high single digits, the cost reduction you're talking about for next quarter?

那麼，在我們開始看到更高的成本降低，高於中高個位數，您所說的下個季度的成本降低之前，需要多長時間才能增加晶圓廠？

Yes, I think we've got a couple quarters, Dan as we load the fab, and then when you get to about three quarters off and you start seeing benefits of that operation, so I'd look at a couple of quarters of relatively muted cost reduction on the NAND side and then seeing benefits as we get into the second half of the calendar year.

是的，我認為我們有幾個季度，丹，當我們加載晶圓廠時，然後當你得到大約四分之三的時候，你開始看到這種操作的好處，所以我會看幾個季度的相對NAND 方面的成本降低緩慢，然後隨著我們進入日曆年的下半年看到收益。

Okay, and then just shifting over to royalty revenue.

好的，然後轉移到版稅收入。

What was royalty revenue in the quarter and how should we, obviously with the exception of the large Samsung payment, what was ongoing royalty revenue and how should we expect that to play out over the next couple quarters?

本季度的特許權使用費收入是多少？顯然，除了三星的巨額付款外，我們應該如何處理持續的特許權使用費收入，以及我們應該如何預期在接下來的幾個季度中會出現這種情況？

Dan, this is Ron.

丹，這是羅恩。

Royalty revenue was about $9 million in the quarter.

本季度版稅收入約為 900 萬美元。

Recall the conversation on the last earnings call, we've converted predominantly to a R&D cost sharing model so we have a significant amount of our payments going in as credits to R&D which is about $50 million in the quarter.

回想上次財報電話會議上的談話，我們主要轉換為研發成本分攤模式，因此我們有大量付款作為研發信貸，本季度約為 5000 萬美元。

There's now about $9 million on the revenue line.

現在收入線上大約有 900 萬美元。

Going forward in Q2, I would expect that to move up some, even on the revenue line as a result of Inotera ramping and the stack technology being put into place and we'll continue the R&D credits as we go through the quarters.

展望第二季度，我預計由於 Inotera 的增長和堆棧技術的實施，即使在收入線上也會有所上升，並且我們將在每個季度繼續提供研發信貸。

Okay, thanks and Ron, just one other question on taxes.

好的，謝謝羅恩，關於稅收的另一個問題。

It looks like you guided $20 million to $30 million taxes.

看起來你引導了 2000 萬到 3000 萬美元的稅收。

Do you think about that in terms of the tax rate or is this just a flat dollar value you're going to have to pay to a certain jurisdiction and how should we think about that moving forward over the next couple years?

您是否從稅率的角度考慮這一點，或者這只是您必須向某個司法管轄區支付的固定美元價值，我們應該如何考慮未來幾年的發展？

Well, it's the latter for now.

嗯，現在是後者。

The $30 million range is the mid to higher end here for the next couple quarters because the Samsung effect, getting those payments from Samsung where we get a withholding tax on those payments from Samsung in the next couple of quarters.

3000 萬美元的範圍是接下來幾個季度的中高端，因為三星效應，從三星那裡獲得這些付款，我們在接下來的幾個季度對三星的這些付款徵收預扣稅。

The tax structure of the Company right now since we are in a net operating loss use position in the United States is that we are paying foreign jurisdiction taxes which are going to normalize to probably a $20 million range post the Samsung payments would be the way to think about it.

由於我們在美國處於淨經營虧損使用狀態，公司目前的稅收結構是，我們正在支付外國司法管轄區稅，在三星支付之後，這些稅將正常化到大約 2000 萬美元的範圍內。想想看。

And that will be in place until we get our NOLs used up.

這將一直存在，直到我們用完我們的 NOL。

And then how much more is Samsung paying you next quarter and is it done next quarter?

那麼三星下個季度還要付給你多少錢，下個季度會完成嗎？

$40 million in Q2 is our assumption and $35 million in Q3.

我們假設第二季度為 4000 萬美元，第三季度為 3500 萬美元。

Okay, great.

好，太棒了。

Thanks very much.

非常感謝。

Sure.

當然。

Thank you.

謝謝你。

Our next questioner in queue is Glen Yeung with Citi.

我們排隊的下一位提問者是花旗的 Glen Yeung。

Please go ahead.

請繼續。

Thanks a lot.

非常感謝。

My apologies for this but I didn't catch the numbers.

對此我深表歉意，但我沒有抓住這些數字。

Did you give the amount the Samsung payment was in the November quarter?

您是否提供了三星在 11 月季度的付款金額？

Yes, it was $200 million gross payment in this Q1 fiscal quarter we're reporting and there was a $33 million withholding tax that's in our income tax line which is the reason our income taxes are higher.

是的，我們報告的這個第一財季的總付款為 2 億美元，我們的所得稅項目中有 3300 萬美元的預扣稅，這就是我們所得稅較高的原因。

Okay, thanks, just wanted to clarify that and then Steve, maybe for you.

好的，謝謝，只是想澄清一下，然後史蒂夫，也許是為了你。

You mentioned that in the commodity DRAM space you feel that it's more of a demand driven scenario today.

您提到，在商品 DRAM 領域，您覺得今天更多的是需求驅動的情況。

If we think about the course of calendar 2010 when prices were high at the beginning of the year, I believe (inaudible) suggest bid per box has fallen to a lower number.

如果我們考慮一下 2010 年年初價格高的過程，我相信（聽不清）表明每箱的出價已經下降到較低的數字。

Is your sense that, that number can rise, bids per box can rise as we move into the Sandy Bridge environment or is there no need for the customers to do that?

您是否感覺到，隨著我們進入 Sandy Bridge 環境，這個數字會上升，每箱的出價會上升，還是客戶不需要這樣做？

Yes.

是的。

First of all, I think it was obviously climbing in the first part of the year and the effect that it had was there was a shortage of supply as I mentioned already from lack of expansion going on in the industry combined with higher demand scenario.

首先，我認為今年上半年它顯然在攀升，其影響是供應短缺，正如我已經提到的，由於行業缺乏擴張以及更高的需求情景。

And that led to much higher pricing and as you already noted, there's some despecking that goes on as they try to adjust their models and I actually think that, that will probably start reverse itself very soon if it's not already, it's hard to tell of course, on a granular basis from week to week, but if you look at the most of the information that's out there and if we look at the feedback we've had from our customer base that, that content per box is going to start going back up.

這導致了更高的定價，正如您已經指出的那樣，當他們試圖調整他們的模型時，會進行一些檢查，我實際上認為，如果還沒有，這可能很快就會開始逆轉，很難說當然，每週都在細粒度的基礎上，但是如果您查看那裡的大部分信息，並且如果我們查看我們從客戶群那裡獲得的反饋，那麼每個盒子的內容將會開始備份。

And does Sandy Bridge contributing that or is it just a function of [proprietors] irrespective of where we are on the process?

Sandy Bridge 是否做出了貢獻，或者它只是 [所有者] 的一個功能，無論我們在流程中處於什麼位置？

I didn't hear it.

我沒聽到。

Can you say that last part again?

你能再說一遍最後一部分嗎？

I didn't hear the question.

我沒有聽到這個問題。

Sorry, did Sandy Bridge contribute to that at all or it doesn't matter, its just gotten so low it's time to start ticking it back up?

抱歉，Sandy Bridge 是否對此做出了貢獻，或者沒關係，它只是變得如此之低，是時候開始重新啟動它了？

No, I think that helps as well.

不，我認為這也有幫助。

Okay, and the other question I had, if I look at your CapEx run rate right now as we add back equipment you're just under $600 million for the year and you say this -- sorry for the quarter and you say this is your big core relative to other quarters in the year.

好的，我還有另一個問題，如果我現在查看您的資本支出運行率，因為我們添加了設備，您今年的收入略低於 6 億美元，您會這麼說 - 對本季度感到抱歉，您說這是您的相對於今年其他季度的大核心。

It would seem that you're running towards the low end of your projected annual CapEx budget.

您似乎正在接近預計的年度資本支出預算的低端。

Is that a fair assessment?

這是一個公平的評價嗎？

No.

不。

What I meant was the quarter that we're currently in, so the quarter that we're currently in, not the one you were referencing which is the one we just reported so the quarter we're currently in is going to be our biggest CapEx quarter for the year.

我的意思是我們目前所處的季度，所以我們目前所處的季度，而不是您所引用的那個季度，這是我們剛剛報告的那個季度，所以我們目前所處的季度將是我們最大的季度年度資本支出季度。

So I think we're still in the range.

所以我認為我們仍在範圍內。

Okay.

好的。

Fair enough.

很公平。

And then I guess the last question I have is when you look out into the February quarter and I understand it's hard to get a feel for where you think pricing is going, but what's your sense about your ability to stay cash flow positive given so many of these things not happening?

然後我想我的最後一個問題是，當您展望 2 月季度時，我知道很難了解您認為定價的發展方向，但是鑑於如此多的情況，您對保持現金流為正的能力有何看法這些事情沒有發生？

You won't have the benefit of a big Samsung payment, you will have higher CapEx spend and pricing at least in DRAM is likely to be down further on an average basis.

您不會從三星的大筆付款中受益，您將擁有更高的資本支出，並且至少在 DRAM 中的定價可能會在平均基礎上進一步下降。

Do you feel like you're on the cusp of that or can you get a sense one way or the other whether you'll be negative or positive free cash flow?

您是否覺得自己正處於風口浪尖，或者您能否以一種或另一種方式感覺到您是負自由現金流還是正自由現金流？

Well, first of all, operating cash flow, we're obviously going to be positive.

嗯，首先，經營現金流，我們顯然是積極的。

In fact, we remain positive even at the worst of times in the last downturn.

事實上，即使在上一次經濟衰退的最糟糕時期，我們仍然保持樂觀。

In terms of free cash flow, clearly that's a combination of operating cash flow with CapEx and debt retirement and as Ron noted earlier in the call, we had significant debt retirement this quarter as well which is why the cash balance is what it is.

就自由現金流而言，顯然這是運營現金流與資本支出和債務退休的結合，正如羅恩在電話會議早些時候指出的那樣，本季度我們也有大量債務退休，這就是為什麼現金餘額是這樣的原因。

And we just haven't made any decisions yet as to what we do on that front as to what we did last quarter around debt retirement.

而且我們還沒有就我們在這方面的工作以及上個季度圍繞債務退休所做的工作做出任何決定。

And one of the [steps] we go through a period of time, but so operating cash flow I don't think has any question for us remaining positive.

我們經歷了一段時間的[步驟]之一，但我認為運營現金流對我們保持積極沒有任何問題。

Free cash flow will just depend on what we do for a combination of those things in the quarter.

自由現金流將僅取決於我們在本季度對這些事情的組合所做的事情。

Okay, thanks.

好的謝謝。

Thank you.

謝謝你。

Our next questioner in queue is Doug Freedman with Gleacher & Company.

我們排隊的下一位提問者是 Gleacher & Company 的 Doug Freedman。

Please go ahead.

請繼續。

Thanks for taking my question.

感謝您提出我的問題。

Can you give us some clarity on what you're doing as far as how much of your product is going into -- is being sold under contract versus spot [practically] and what you think that outlook will be next quarter?

你能否讓我們清楚地了解你正在做什麼，就你的產品有多少進入 - 是根據合同銷售還是現貨 [實際上] 以及你認為下個季度的前景是什麼？

So in the quarter we just reported, that ratio of contract to spot was lower than normal given the product transitions and some of the qualification process we're going through both on the DRAM and NAND side of our business.

因此，在我們剛剛報告的季度中，鑑於產品過渡以及我們在業務的 DRAM 和 NAND 方面正在經歷的一些認證過程，合同與現貨的比率低於正常水平。

And on a going forward basis, we obviously feel that will improve even in Q2 and so we feel that our OEM contract business as a percentage of our overall will go back up to normal levels.

在未來的基礎上，我們顯然認為即使在第二季度也會有所改善，因此我們認為我們的 OEM 合同業務占我們整體的百分比將恢復到正常水平。

Historically, those levels are somewhere in the 70%, 75% contract and 20% to 25% spot and then you've got our retail business that consumes that type of product as well.

從歷史上看，這些水平在 70%、75% 的合同和 20% 到 25% 的現貨之間，然後我們的零售業務也消費這種類型的產品。

Okay, can you also comment on the NOR side of the business?

好的，您也可以評論一下業務的 NOR 方面嗎？

Some of your competitors commented that ASPs were down pretty materially heading into the fourth calendar quarter.

您的一些競爭對手評論說，進入第四季度，平均售價大幅下降。

Did you see the same thing and does that have any impact on you or are you able to keep up cost reductions on that side of the business as well?

您是否也看到了同樣的事情，這是否對您有任何影響，或者您是否也能夠在業務的那一邊繼續降低成本？

Well I think there's two things that work in our favor.

嗯，我認為有兩件事對我們有利。

I think in terms of the overall product breadth in NOR, we saw some of that towards the low density segment of the business but in the higher density NOR as well as some of the specialty applications embedded NOR, pricing remain pretty favorable.

我認為就 NOR 的整體產品廣度而言，我們看到了其中一些面向業務的低密度部分，但在更高密度的 NOR 以及一些嵌入式 NOR 的特殊應用中，定價仍然相當有利。

And you also have to remember our technology, we've got a pretty solid road map on the 65-nanometer node both in some of the legacy applications and some new technology will be shipping in Q1 2011 that keeps us in a pretty good position, healthy position cost wise.

您還必須記住我們的技術，我們在 65 納米節點上的一些傳統應用程序和一些新技術將在 2011 年第一季度發布，這使我們處於非常好的位置，健康的位置成本明智。

So I think what you're suggesting is true, on the low end, low density NOR, there's been some healthy competition and eroding some price but I think we're in a pretty good position vis-a-vis the competition there.

所以我認為你的建議是正確的，在低端、低密度 NOR 上，存在一些健康的競爭並侵蝕了一些價格，但我認為相對於那裡的競爭，我們處於相當好的位置。

If I could Steve one question for you.

如果我可以史蒂夫問你一個問題。

If you look at the marketplace and the conditions that you're seeing, you commented that you don't think you're heading into the nuclear winter, I think is some of the terms you used that you saw a couple years back.

如果您查看市場和您所看到的條件，您評論說您認為您不會進入核冬天，我認為您使用的一些術語是您幾年前看到的。

What conditions would have to occur for you to trigger some change in your CapEx budget?

您必須滿足哪些條件才能觸發資本支出預算的某些變化？

Well, I'm not sure what you're trying to reference.

好吧，我不確定您要參考什麼。

I think the most significant condition of course is lack of cash flow.

我認為最重要的條件當然是缺乏現金流。

Although as I said I think operating cash flow wise we're in pretty good shape.

儘管正如我所說，我認為運營現金流明智，但我們的狀況非常好。

There's very little, well there's nothing we'll do to change it in the quarter we're in right now.

很少，在我們現在所在的這個季度，我們不會做任何事情來改變它。

We essentially already committed to the ramp that's happening,et cetera What you're really referencing is what would we do towards the second half of the year or the latter part of calendar 2011 to change our thought process around CapEx.

我們基本上已經致力於正在發生的斜坡，等等 你真正提到的是我們將在今年下半年或 2011 年日曆的後半部分做些什麼來改變我們圍繞資本支出的思維過程。

We haven't -- we really kept our committment to IMFS to this $16,000 to $17,000 if you will run rate per week and so I think the real question is what has to happen for us to go beyond that because we're committed to running.

我們沒有——如果你每週運行率，我們確實將我們對 IMFS 的承諾保持在 16,000 到 17,000 美元，所以我認為真正的問題是我們必鬚髮生什麼才能超越這一點，因為我們致力於運行.

We know that's the efficient level it needs to beet cetera and that's the vast majority of our CapEx.

我們知道這是甜菜所需的有效水平，這是我們資本支出的絕大部分。

We have some in the DRAM but not that much so it's really what has to happen first to go beyond that and obviously we have to have a fairly healthy (inaudible).

我們在 DRAM 中有一些，但數量不多，所以這確實是首先必鬚髮生的事情才能超越它，顯然我們必須有一個相當健康的（聽不清）。

We already have in our financial model the assumption we're going to contribute that capital ourselves and frankly, we don't really see a whole lot of need to go out and do something different than our current path in order to be able to do that.

我們已經在我們的財務模型中假設我們將自己貢獻這筆資金，坦率地說，我們並沒有真正看到有很多需要走出去做一些與我們目前的道路不同的事情才能做到那。

Obviously we'll do normal equipment financing we would do over time that we've done in the past, but we don't have any current plans to do anything else and we think we're in pretty good shape.

顯然，我們會像過去那樣進行正常的設備融資，但我們目前沒有任何其他計劃，我們認為我們的狀態非常好。

Now, maybe to expand a little bit on your question, around what has to happen for the industry to I think change course from what's happened the last few months, again, it's worth pointing out that the majority of our competition is not in very good shape financially with their balance sheet.

現在，也許要稍微擴展一下您的問題，圍繞行業必鬚髮生的事情，我認為從過去幾個月發生的事情改變方向，再次，值得指出的是，我們的大多數競爭都不是很好用他們的資產負債表來塑造財務。

And so you've already seen some announcements where some are trying to push out their debt repayment structure, some are going to try to cut their CapEx, some announced they are going to try to cut production, et cetera.

因此，您已經看到了一些公告，其中一些人正試圖推出他們的債務償還結構，一些人將試圖削減他們的資本支出，一些人宣布他們將試圖削減產量，等等。

I think that's all reflective of the fact that others and ourselves and maybe one other you could argue, maybe a second other that we're the only ones that are really in pretty good financial shape and have a pretty good balance sheet because as good as the DRAM market was in the last 12 months, it was just okay for a lot of them.

我認為這一切都反映了這樣一個事實，即其他人和我們自己，也許還有一個你可以爭論的事實，也許還有另一個事實，我們是唯一真正處於非常好的財務狀況並且擁有非常好的資產負債表的人，因為和DRAM 市場在過去的 12 個月裡，對他們中的很多人來說還可以。

And it certainly didn't give them any ability to withstand any great downturn in the market again so that's why I think what we're experiencing right now is relatively temporary that there's pretty quick reactions going on.

而且這當然沒有讓他們有能力再次承受市場的任何嚴重低迷，所以這就是為什麼我認為我們現在所經歷的只是相對暫時的，而且反應非常迅速。

And again, I pointed this out when I did the NASDAQ Conference in London a few weeks ago, if you look at where all of the CapEx dollars have gone, they've all gone into upgrading the technology.

再一次，我在幾週前在倫敦舉行的納斯達克會議時指出了這一點，如果你看看所有資本支出的去向，它們都用於升級技術。

There's just so few dollars that have gone into silicon and the drama reason a that it's all gone into upgrading technology and frankly, a lot of those plans probably got to get delayed given where the market is right now because they just aren't generating the cash.

投入矽片的資金太少了，而戲劇性的原因是它全部用於升級技術，坦率地說，考慮到目前的市場情況，其中很多計劃可能會被推遲，因為他們只是沒有產生現金。

From our perspective, we have a core set, we're in great shape financially to pursue that course and so that's why I mentioned earlier on that the real question for us is what has to happen for us to change that course and clearly, we're going to have to have a better market environment but from where we're at today, I think we're pretty set.

從我們的角度來看，我們有一個核心系列，我們的財務狀況很好，可以繼續這條路線，所以這就是為什麼我之前提到的，對我們來說真正的問題是我們必鬚髮生什麼來改變這條路線，很明顯，我們'將不得不有一個更好的市場環境，但從我們今天的情況來看，我認為我們已經準備好了。

Great.

偉大的。

I'm going to slip one more in.

我要再塞一個進去。

How much of your capacity of DRAM is [fundable] and can move over and start producing NAND and is it possible to do that?

你們的 DRAM 容量中有多少是 [可融資的] 並且可以轉移並開始生產 NAND，是否有可能做到這一點？

I believe some of your factories were set up in such a manner.

我相信你們的一些工廠就是這樣建立起來的。

I don't know where you stand today.

我不知道你今天站在哪裡。

We do have a fab that's currently running both NAND and DRAM and that's the primary prerequisite I guess to be able to do that.

我們確實有一家目前同時運行 NAND 和 DRAM 的晶圓廠，這是我想能夠做到這一點的主要先決條件。

Having said that though, the flexibility we have to move that back and forth is relatively limited and wouldn't anticipate seeing any significant moves in terms of moving large amounts of capacity one way or the other.

儘管如此，我們必須來回移動它的靈活性相對有限，並且在以一種或另一種方式移動大量容量方面預計不會看到任何重大舉措。

Yes, I think the other thing to add on top of that is that's most relevant in an environment where you are static in terms of your bit growth because then you're trading off one for the other.

是的，我認為除此之外要補充的另一件事是，在你的比特增長是靜態的環境中，這是最相關的，因為那時你正在用一個來換取另一個。

But in our case we have a scenario where we have Inotera ramping on Micron's technology and we have a scenario where we have a new facility coming up on NAND so the need or the -- if you really wanted to make adjustments there you would just dial one or two of those efforts.

但在我們的案例中，我們有一個場景，我們讓 Inotera 加速使用美光的技術，我們有一個場景，我們在 NAND 上建立了一個新設施，所以需要或 - 如果你真的想在那裡進行調整，你只需撥打這些努力中的一兩個。

You wouldn't really switch a whole lot in one of the current fabs in terms of making adjustments there.

就在那裡進行調整而言，您不會真正在當前的晶圓廠之一中進行大量轉換。

The reality is it also doesn't take a lot of adjustment to affect where you want your bits to go because any of us would have that flexibility typically only do it within one facility because on the margin you need most of your product for whatever your customer base is that exists.

現實情況是，它也不需要太多的調整來影響你想要你的比特去哪裡，因為我們中的任何一個人都會有這種靈活性，通常只能在一個設施內進行，因為在利潤上，你需要你的大部分產品來滿足你的需求客戶群是存在的。

Great.

偉大的。

Thanks for all of the color.

感謝所有的顏色。

Thank you, sir.

謝謝你，先生。

Our next question is Uche Orji with UBS.

我們的下一個問題是瑞銀的 Uche Orji。

Please go ahead.

請繼續。

Can you hear me?

你能聽到我嗎？

Pardon me, Mr.

對不起，先生。

Orji, your line is open.

Orji，你的線路是開放的。

Yes, can you hear me?

是的，你能聽到我的聲音嗎？

Thank you.

謝謝你。

Yes, sir.

是的先生。

Let me just ask you a couple of questions.

讓我問你幾個問題。

On the inventory, you made some comments about inventory on the PC DRAM side being actually okay.

在庫存方面，您對 PC DRAM 方面的庫存實際上還可以發表了一些評論。

Any way we can quantify that in terms of weeks in terms of DRAM and then on your inventory, we had an increase in the quarter.

無論如何，我們可以用 DRAM 和您的庫存來量化幾週，我們在本季度有所增加。

How much of this was from Inotera DRAM and should we model inventory to grow especially as IMFS test wafers volumes start to grow through the next couple of quarters?

其中有多少來自 Inotera DRAM，我們是否應該對庫存進行建模以實現增長，尤其是在未來幾個季度 IMFS 測試晶圓量開始增長的情況下？

I'll take the first part and as it relates to the PC DRAM question, we have seen some increase in inventory but it's been relatively mild.

我將討論第一部分，因為它與 PC DRAM 問題有關，我們看到庫存有所增加，但相對溫和。

As I said earlier given the pricing activity we've seen over the last quarter.

正如我之前所說，鑑於我們在上個季度看到的定價活動。

What I mean by that is we're seeing inventory in the three to five week range in the PC space up from what's normally in the two to three week range, so given the pricing activity, you might suggest there be deeper inventory concerns and we're just not seeing that.

我的意思是，我們看到 PC 領域的庫存在三到五週範圍內，高於通常在兩到三週範圍內的庫存，因此考慮到定價活動，您可能會建議存在更深層次的庫存問題，我們'只是沒有看到。

What we're seeing is a channel that's probably got a good memory from the last few years during the downturn and they are managing their inventories tighter and we thus see that inventories are okay.

我們看到的是一個渠道，它可能在過去幾年的低迷時期留下了美好的記憶，他們正在更嚴格地管理庫存，因此我們看到庫存還可以。

They aren't bad right now given the market conditions.

鑑於市場狀況，它們現在還不錯。

I'll hand it over to Ron to answer the second question.

我會把它交給羅恩來回答第二個問題。

Yes, Uche.

是的，烏切。

In terms of the inventory as it was mentioned the first quarter we had a build up in WIP inventory largely related to technology transitions and customer quals and we expect that will flow out as we go through forward the next quarter.

就第一季度提到的庫存而言，我們的 WIP 庫存增加主要與技術轉型和客戶質量有關，我們預計隨著我們下一季度的前進，這將流出。

So I wouldn't read anything significant into the inventory levels in Q1 and the transition into Q2 in terms of the overall volumes, we just see this as normal movement of our technology transitions.

因此，就整體數量而言，我不會對第一季度的庫存水平和向第二季度的過渡進行任何重要的解讀，我們只是將其視為我們技術轉型的正常運動。

And let me just ask you another question on COGS.

讓我再問你一個關於 COGS 的問題。

I'm not sure, maybe I missed it when you said it but can you just help me understand the IMFS start-up costs impact on COGS in the first quarter and also what the impact would be beyond the second quarter?

我不確定，也許你說的時候我錯過了，但你能幫我了解第一季度 IMFS 的啟動成本對 COGS 的影響，以及第二季度之後的影響嗎？

Hi, this is Ron again.

嗨，我又是羅恩。

In terms of IMFS start-up costs, we have about I think about $44 million of start-up costs in the first quarter related to IMFS, and in general, it's going to be about the same level in the second quarter.

就 IMFS 的啟動成本而言，我認為第一季度與 IMFS 相關的啟動成本約為 4400 萬美元，總體而言，第二季度將與此水平大致相同。

We are not -- we're just starting up, as Steve mentioned, wafer starts.

我們不是——我們剛剛開始，正如史蒂夫所說，晶圓開始了。

We don't have any product quals at this point so don't see a big ramp in the cost but they will continue in the start-up or idle category if you will and we're segmenting those out for the purpose of your understanding and that will go on probably until about the third fiscal quarter when we began to get some volume into fall status and can move some of that over to production so that's the time frame I'd consider.

我們目前沒有任何產品合格，因此不會看到成本大幅上升，但如果您願意，它們將繼續在啟動或閒置類別中，我們將這些細分為您理解的目的這可能會一直持續到第三財季左右，那時我們開始將一些銷量轉入秋季狀態，並且可以將其中的一部分轉移到生產中，所以這是我考慮的時間框架。

Sure, that's helpful and just my last question.

當然，這很有幫助，只是我的最後一個問題。

In terms of SSD, you talked about demand being okay.

在 SSD 方面，您談到需求還可以。

Any sense as to how you expect the demand drivers for NAND to play out through the rest of this year?

您對今年剩餘時間內 NAND 的需求驅動因素有何預期？

Of course, we all know what's happening on tablets but on the SSD front any color would be helpful and also, Intel not participating at this stage, if and when they decide to participate, now -- I know these questions are for Intel, not you, but I'm just trying to understand how that arrangement is left at (inaudible).

當然，我們都知道平板電腦上發生了什麼，但在 SSD 前面，任何顏色都會有幫助，而且，英特爾現階段不參與，如果他們決定參與，現在——我知道這些問題是針對英特爾的，而不是針對英特爾的。你，但我只是想了解這種安排是如何留在（聽不清）的。

What are the things -- how should we -- is there any way for us to model at this point or should we just model everything from IMFS on to Micron and when Intel participates we would just have branch the model out?

有什麼事情——我們應該怎麼做——在這一點上我們有什麼方法可以建模，還是我們應該對從 IMFS 到美光的所有東西進行建模，而當英特爾參與時，我們只是將模型分支出來？

How we should think about that?

我們應該怎麼想？

So on the SSD question, as you mentioned, tablets have taken on a pretty healthy projected output on the NAND side and that number is somewhere in the 10% of overall NAND capacity and this year we'll go to tablets in 2011 in that range.

所以關於 SSD 問題，正如你所提到的，平板電腦在 NAND 方面的預計輸出相當健康，這個數字在 NAND 總容量的 10% 左右，今年我們將在 2011 年進入平板電腦的這個範圍內.

On the SSD side, you've got basically two dynamics playing out here.

在 SSD 方面，您基本上有兩種動力在這裡發揮作用。

One in terms of overall client SSDs which have lower density and then you have the launch of the enterprise segment even though its had its start in 2010, it's really the volume shipment in the enterprise segment will occur in 2011, and we see that being still around that same range as tablets.

一個是整體客戶端SSD密度較低，然後你有企業段的推出，即使它在2010年開始，企業段的批量出貨將在2011年出現，我們看到還在大約與平板電腦相同的範圍。

We think the tablet phenomenon has been pretty amazing in terms of the acceleration.

我們認為平板電腦現像在加速方面非常驚人。

I think SSDs would be fair to be similar in that same 10% range of the overall industry capacity and we still think, I think that the client side will dominate that in terms of the overall consumption and that the enterprise will continue to be in more of an early stage adopter model and then 2012 will be where the enterprise will accelerate and in terms of our overall growth.

我認為 SSD 在整個行業容量的相同 10% 範圍內是公平的，我們仍然認為，我認為客戶端將在整體消費方面占主導地位，企業將繼續在更多早期採用者模型，然後 2012 年將是企業加速和我們整體增長的地方。

On the IMFS, IMFS question around the joint venture with Intel, first of all I don't want to presume to speak for Intel but let me make a couple of comments from my perspective around it.

關於IMFS，IMFS關於與英特爾合資的問題，首先我不想冒昧地代表英特爾，但讓我從我的角度發表一些評論。

Number one, is that both of us are very happy with the operating entity.

第一，我們倆都對經營實體感到非常滿意。

Now it's evidenced by the remaining industry and production on advanced technology and so forth, so it's not an issue around the execution of the entity.

現在，剩餘的工業和先進技術的生產等證明了這一點，因此這不是實體執行的問題。

I think it's -- that if I could probably characterize it in its simplistic terms, Intel is very interested some markets that involve NAND.

我認為——如果我可以用簡單的術語來描述它，英特爾對一些涉及 NAND 的市場非常感興趣。

Micron is interested all markets that involve NAND, and therein lies the different perspective on how much NAND we want from the operating entity.

美光對所有涉及 NAND 的市場都感興趣，其中存在著我們對運營實體想要多少 NAND 的不同看法。

I think that they still view it as very strategic just like we do but they're interested certain parts of the application of NAND and we're interested basically all of the applications and so it's not one of, it's not an issue of do we want to participate in output coming from the joint venture.

我認為他們仍然像我們一樣認為它非常具有戰略意義，但他們對 NAND 應用的某些部分感興趣，我們基本上對所有應用感興趣，所以它不是其中之一，這不是我們的問題希望參與來自合資企業的產出。

It's really an issue of how much volume do you want from the joint venture and how much is strategic to us in the markets that we're interested and therein lies the difference and so again, you mentioned it earlier which is you have to ask intel and for their thoughts on this.

這實際上是一個問題，您希望從合資企業獲得多少數量，以及在我們感興趣的市場中對我們有多少戰略意義，這就是差異所在，所以再次，您之前提到過，您必須詢問英特爾以及他們對此的看法。

I'm just giving you my perspective, I'm not presuming to speak on their behalf but I think that's where each Company is continually trying to determine what they want from the operating entity.

我只是給你我的觀點，我並不想代表他們發言，但我認為這就是每家公司不斷嘗試確定他們想要從運營實體那裡得到什麼的地方。

The great thing about the way the joint venture is structured is that we have the flexibility for both of us to achieve what we want.

合資企業的結構方式的偉大之處在於，我們雙方都可以靈活地實現我們想要的。

If they like their level of output, then they can keep that level of output as the technology advances of course increasing it somewhat from the technology but neither one of us is driven to have to put additional capacity in place for output that we may not have strategic use of.

如果他們喜歡自己的產出水平，那麼隨著技術的進步，他們可以保持這種產出水平，當然，技術會在一定程度上增加產出，但我們中的任何一個人都不會被迫為我們可能沒有的產出增加額外的產能戰略性使用。

So we can move forward with them in creating additional output for our strategic use that they don't want to participate in and that's okay, because the model is flexible enough to allow us to do either one.

因此，我們可以與他們一起為我們的戰略用途創造他們不想參與的額外輸出，這沒關係，因為該模型足夠靈活，可以讓我們做任何一個。

So I don't think you should read more into it and then it's really an issue of each Company just trying to determine what our strategic level of output is that we want from the joint operating entity and that's the process we're going through.

因此，我認為您不應該對此進行更多閱讀，然後這實際上是每個公司的問題，只是試圖確定我們希望從聯合運營實體獲得的戰略輸出水平，這就是我們正在經歷的過程。

Thank you very much.

非常感謝。

Thanks.

謝謝。

Thank you, sir.

謝謝你，先生。

Our next questioner in queue is Tim Luke with Barclays Capital.

我們排隊的下一位提問者是巴克萊資本的蒂姆·盧克。

Please go ahead.

請繼續。

Thanks so much.

非常感謝。

I was wondering if you could give some color on what is pressuring in your view the NOR market, why is that being weak particularly at the low end.

我想知道您是否可以就您認為 NOR 市場面臨的壓力給出一些顏色，為什麼尤其是在低端市場疲軟。

Thanks.

謝謝。

I think some of that lower end NOR is tied to the PC sector in general and I think some of it has to do with some additional capacity that's come on line in terms of competitors, more from some of the low end players in the market and it is the low density segment of the market.

我認為一些低端 NOR 總體上與 PC 行業有關，我認為其中一些與競爭對手的一些額外容量有關，更多來自市場上的一些低端玩家和這是市場的低密度部分。

So it's tied to more of the commodity type of the business but quite frankly as I said earlier I think we're pretty well positioned on the higher density components as well as the specialty applications we've developed the business upon and Numonyx has established themselves in, in the past.

因此，它與業務的更多商品類型相關，但坦率地說，正如我之前所說，我認為我們在更高密度的組件以及我們開發業務的專業應用程序方面處於有利地位，並且恆憶已經確立了自己的地位在，過去。

Separately, Steve, could you give us your sense of what's going to happen over the next several months in terms of capacity announcements?

另外，史蒂夫，您能否告訴我們您對未來幾個月在容量公告方面將發生的事情的看法？

Is it your expectation the current conditions are going to precipitate the curtailing of capacity by some of the less strong players or do you not think that we should expect particularly meaningful amounts?

您是否期望當前的條件會導致一些實力較弱的參與者削減產能，或者您認為我們不應該期待特別有意義的數量？

I actually think we're already seeing some of it.

我實際上認為我們已經看到了一些。

You've seen some companies already announce delayed capacity expansions, or by the way, a delay of some technology transitions because they just don't have access to capital to do it.

你已經看到一些公司已經宣布推遲產能擴張，或者順便說一下，推遲一些技術轉型，因為他們只是沒有資金來做這件事。

So as I said, I think this will adjust pretty quickly.

正如我所說，我認為這將很快調整。

And I can't predict nor would I try any macroeconomic challenges that the worldwide experiences in the next quarter or two but short of something negative, I think that the industry will be in balance pretty quickly in this sector.

我無法預測，也不會嘗試下一季度或兩個季度全球經歷的任何宏觀經濟挑戰，但沒有負面影響，我認為該行業將很快在該領域達到平衡。

Remember, a large part of the memory business including a large part of the DRAM business is actually still fine today.

請記住，包括很大一部分 DRAM 業務在內的大部分內存業務今天實際上仍然很好。

It's pretty good and pretty stable.

它非常好而且非常穩定。

When you say that, when you say quickly, what do you mean?

當你這麼說的時候，當你說得很快的時候，你是什麼意思？

When would you expect balance to be achieved after what you plan now?

在您現在計劃之後，您希望何時實現平衡？

Well, I think we have to get through a seasonally slow period which is probably in the next 30 to 60 days and then we'll know a lot more.

好吧，我認為我們必須度過一個季節性緩慢的時期，這可能是在接下來的 30 到 60 天內，然後我們會知道更多。

Again, we don't try to predict what's going to happen in supply over demand and I'm just giving you a perspective that says between what Mark Adams has already described and then what you already know around some of the markets and despecking that occurred and combine that with a seasonally slow period anyways.

同樣，我們不會試圖預測供大於求會發生什麼，我只是給你一個觀點，介於馬克亞當斯已經描述的內容和你已經知道的一些市場和發生的去斑之間並將其與季節性緩慢時期相結合。

Everybody knows within the next 15 to 30 days, people don't buy a whole lot for a variety of reasons.

每個人都知道，在接下來的 15 到 30 天內，人們出於各種原因不會大量購買。

We have to get through this period of time, and the other thing to note is to remember that of Micron's total revenue business, about a 25% of it goes into that segment and the rest of it is going somewhere else.

我們必須度過這段時間，另外需要注意的是，在美光的總收入業務中，大約有 25% 進入該部門，其餘的則流向其他地方。

Maybe just lastly, could you just remind us perhaps of the order of the profitability of the core units, is it fairly similar to what it was last quarter?

也許最後，您能否提醒我們核心部門的盈利能力順序，是否與上一季度非常相似？

Yes, we put it out on to see on the website.

是的，我們把它放在網站上看。

We posted it, but as you might expect, the specialty DRAM was number one and then came NAND and following number three by NOR, but remember, the NOR has some accounting going on within the margin that makes it artificial because of the way we had to book it, we did the Numonyx transaction.

我們發布了它，但正如您所料，特種 DRAM 排名第一，然後是 NAND，NOR 緊隨其後，但請記住，由於我們的方式，NOR 在邊際範圍內進行了一些會計處理，這使得它變得人為為了預訂它，我們進行了恆憶交易。

And then you would get to where you characterize as the mainstream core DRAM, predominantly DDR3, a lot of course which goes into the PC market today.

然後你會看到你將其描述為主流核心 DRAM 的地方，主要是 DDR3，當然很多都進入了今天的 PC 市場。

Thank you and good luck.

謝謝你，祝你好運。

Yes.

是的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next questioner in queue is Kate Kotlarsky with Goldman Sachs.

我們排隊的下一位提問者是高盛的 Kate Kotlarsky。

Hi.

你好。

Thank you so much for taking the question.

非常感謝您提出這個問題。

This might be a difficult one to answer but I was hoping given what the business makes us today, if you could give us some color as to what your revenue breakeven is today maybe and what it might look like as we exit next year assuming there's not a meaningful change in mix from a unit perspective?

這可能是一個難以回答的問題，但我希望考慮到今天的業務讓我們做什麼從單元的角度來看，組合的有意義的變化？

Kate this is Kipp.

凱特這是基普。

I think we're going to stay away from trying to predict the profitability levels of different products a year from now.

我認為我們將不再試圖預測一年後不同產品的盈利水平。

Could you tell us what the breakeven point is today?

你能告訴我們今天的盈虧平衡點是多少嗎？

No, we're not really interested providing that because that would give you a good look at exactly where the gross margins are on by product basis and we don't report that way.

不，我們並不真正感興趣，因為這樣可以讓您清楚地了解按產品劃分的毛利率到底在哪裡，我們不會那樣報告。

Okay, and then maybe just one other question on the NAND side.

好的，然後也許只是 NAND 方面的另一個問題。

I know obviously, NAND is faring quite a bit better today versus DRAM and I think if we do really see a meaningful growth in tablets that a lot of people are expecting next year, we could be in a situation where NAND is pretty tight.

我很清楚，NAND 今天的表現要好於 DRAM，我認為如果我們真的看到很多人期待明年的平板電腦出現有意義的增長，我們可能會處於 NAND 非常緊張的境地。

Do you think it's possible, and I know Apple has done that historically that they use their balance sheet and try to secure or prepay some of the vendors to secure incremental NAND supply maybe in the first half of next year?

你認為這是可能的嗎？我知道蘋果在歷史上已經這樣做了，他們使用資產負債表並試圖確保或預付一些供應商以確保可能在明年上半年增加 NAND 供應？

Well, if you look at the historical practice, you'll know from what the companies have reported and done that essentially if you looked at the five NAND producers and of the five NAND producers by the way that's Samsung, Micron, Intel, Toshiba and Hinex.

好吧，如果你看看歷史實踐，你就會知道這些公司的報告和所做的事情，如果你看看五家 NAND 生產商和五家 NAND 生產商中的三星、美光、英特爾、東芝和海內克斯。

And now you've clearly got SanDisk as part of Toshiba and Micron and Intel together so you can take that for what it's worth.

現在，您顯然已經將 SanDisk 作為東芝、美光和英特爾的一部分合併在一起，因此您可以物有所值。

Four of the five announced they had done essentially contracts with Apple for NAND supply and that's all been out there and known, and today, those contracts I think are in various states, so it's hard to know exactly what they will or won't try to do.

五家公司中有四家宣布他們已經與蘋果公司簽訂了 NAND 供應合同，這些都已經存在並且眾所周知，而今天，我認為這些合同處於不同的狀態，所以很難確切知道他們會嘗試或不會嘗試什麼去做。

But I think that it's just worthwhile noting that it's not just the -- I think that the NAND supply next year will be impacted by not just the tablets but I will not underestimate the demand profile coming from the enterprise space in SSDs and of course, whatever traction we get in the client space as well, so I can't speak for Apple.

但我認為值得一提的是，這不僅僅是——我認為明年的 NAND 供應不僅會受到平板電腦的影響，而且我不會低估來自 SSD 企業領域的需求概況，當然，無論我們在客戶領域獲得什麼牽引力，所以我不能代表蘋果。

They are probably the best ones to ask about what they are out trying to do but I do think as you know, the NAND environment could be fairly tight next year depending on how these other applications come on line.

他們可能是最好的詢問他們正在嘗試做什麼的人，但我認為如你所知，明年 NAND 環境可能會相當緊張，這取決於這些其他應用程序如何上線。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

Our next questioner in queue is John Pitzer with Credit Suisse.

我們排隊的下一位提問者是瑞士信貸的約翰·皮策。

Please go ahead.

請繼續。

Hi guys.

嗨，大家好。

Thanks for taking my question.

感謝您提出我的問題。

The first question I have is with the issues at Inotera mostly in the rear view mirror now, can you help me understand how the cost curve there trended into the November quarter and what we should think about for cost downs in the February quarter?

我的第一個問題是，Inotera 的問題現在主要在後視鏡中，你能幫我了解那裡的成本曲線如何進入 11 月季度，以及我們應該如何考慮在 2 月季度的成本下降？

John, this is Ron.

約翰，這是羅恩。

To make sure I understood your question, you wanted to understand how the Inotera costs flow through in the current quarter we reported --

為確保我理解您的問題，您想了解我們報告的本季度的 Inotera 成本是如何流動的——

Just how cost is coming down now that they're up and running on your process and reramping to full utilization.

既然它們已在您的流程上啟動並運行並重新調整以充分利用，那麼成本是如何下降的。

How do we think about --

我們怎麼想——

I see.

我懂了。

What would cost be from that point of the equation?

從等式的那個點來看，成本是多少？

Yes, obviously there's a significant impact with ramping production on our new stack technology and the volume is expected to come up significantly from Q1 to Q2 and that will obviously drive cost down along with the yield improvements that we're expecting to see as we go forward in the second, third quarter, et cetera.

是的，顯然，我們的新堆棧技術的產量增加會產生重大影響，預計第一季度到第二季度的產量將顯著增加，這顯然會降低成本以及我們期望看到的產量提高在第二、第三節等等。

So that will definitely help us on the cost side.

所以這肯定會在成本方面幫助我們。

As we mentioned before there's also a profit-sharing model which partly is a function of the pricing ASPs in the marketplace and the margin generated between the participants in Inotera, which can move that around some but the cost driver which is a significant portion will be significantly reduced in our cost as we go forward quarter by quarter.

正如我們之前提到的，還有一個利潤分享模式，它部分是市場上定價 ASP 和 Inotera 參與者之間產生的利潤的函數，這可以轉移一些利潤，但成本驅動因素將是很大一部分隨著我們逐季前進，我們的成本顯著降低。

I would just say, John I might add it is on your guidance sheet there and we're saying down mid 20s in total, so that might help you gauge a little bit of how Inotera is doing.

我只想說，約翰，我可能會在你的指導表上添加它，我們說總共是 20 多歲，所以這可能有助於你了解 Inotera 的表現。

Correct me if I'm wrong but my understanding was Inotera ramp on your process, there was the opportunity of mixing up some commodity PC into more of the server market.

如果我錯了，請糾正我，但我的理解是 Inotera 在你的過程中的進步，有機會將一些商品 PC 混入更多的服務器市場。

Curious if you can tell me that's what you think is going to happen, just in general how would you qualify the server DRAM market right now?

想知道您能否告訴我這就是您認為將會發生的事情，總的來說，您現在如何確定服務器 DRAM 市場的資格？

Yes, I think that's right.

是的，我認為這是正確的。

Essentially as they come up under a technology there's qualification periods that are required for the entire customer base.

本質上，當他們提出一項技術時，整個客戶群都需要資格期限。

The shorter qualification periods are what you would expect them to be which are more commoditized markets and lower qualification periods are associated with a differentiated set of markets.

較短的資格期限是您所期望的，它們是更加商品化的市場，而較低的資格期限與一組差異化的市場相關聯。

Initially the product is primarily directed at more commoditized markets but clearly as we get the qualifications completed, a higher percentage of that product will move to the more differentiated markets, some of what you already referenced, server and so forth.

最初，該產品主要針對更加商品化的市場，但很明顯，隨著我們完成資格認證，更高比例的產品將轉移到更加差異化的市場，例如您已經提到的一些市場、服務器等。

It just takes time for that to happen.

這只是需要時間。

When you look back on the November quarter was there a significant difference in server pricing declines versus PCs?

當您回顧 11 月季度時，服務器價格下降與 PC 相比是否存在顯著差異？

The server pricing stayed pretty stable for us in our Q1 that we just reported and the business remains pretty healthy going into our Q2 and versus our commodity desktop we expect that to be pretty favorable going forward.

在我們剛剛報告的第一季度，服務器定價對我們來說保持相當穩定，進入第二季度的業務仍然非常健康，與我們的商品台式機相比，我們預計未來會非常有利。

And guys just my last question real quick.

伙計們，我的最後一個問題很快。

Steve, you alluded to the fiscal February quarter being a big CapEx quarter.

史蒂夫，你提到 2 月財政季度是一個大的資本支出季度。

Do you care to give us a ballpark figure as we try to build out our cash flow models?

當我們試圖建立我們的現金流模型時，你願意給我們一個大概的數字嗎？

It's really tough to predict the exact timing of capital payments as those tools go in based on installation, factory acceptance, et cetera.

由於這些工具根據安裝、工廠驗收等因素投入使用，因此很難預測資本支付的確切時間。

So we have a big ramp like that the number can swing pretty dramatically as the quarter (inaudible) so probably better not take a stab at that exactly.

所以我們有一個像這樣的大斜坡，這個數字可以隨著季度（聽不清）而劇烈地波動，所以最好不要確切地嘗試。

Okay, guys.

好的，伙計們。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next questioner in queue is Atif Malik with Morgan Stanley.

我們排隊的下一位提問者是摩根士丹利的 Atif Malik。

Can you comment on your market share in the specialty DRAM market?

您能否評論一下您在特種 DRAM 市場的市場份額？

I assume Samsung is 50% of the market but how about your market share in that market?

我假設三星占據了 50% 的市場份額，但您在該市場的市場份額如何？

Yes, we normally guide to about 25% to 30% share in the specialty DRAM business.

是的，我們通常指導在專業 DRAM 業務中佔據 25% 到 30% 的份額。

A lot of that has to do with some of the innovation we do around solutions in that sector and we've been a long time player in the specialty market so we anticipate that will remain pretty solid for us going forward.

這在很大程度上與我們圍繞該領域解決方案所做的一些創新有關，而且我們在專業市場上一直是一個長期的參與者，因此我們預計這對我們未來的發展將保持相當穩固。

Okay, and then on the NAND side, is the target for the sink a more ramp still 60,000 wafer starts per month for calendar year-end for next year?

好的，然後在 NAND 方面，下一個日曆年年底的目標是每月啟動 60,000 片晶圓嗎？

That's correct.

這是正確的。

Okay, and assuming Intel does not move forward from here, out of that from the middle of next year, I'm assuming you have ten to 15 [gigahertz] per month, how much of that will be Micron?

好吧，假設英特爾不會從這裡向前發展，從明年年中開始，我假設你每月有 10 到 15 [千兆赫]，其中有多少是美光？

Well, first of all let me recharacterize just slightly what you said Intel will not be moving forward with us in the next year.

好吧，首先讓我稍微重新描述一下你所說的英特爾明年不會與我們一起前進的內容。

That is specific to IMFS.

這是 IMFS 特有的。

IMFS, we both continue to invest as they generate cash and advance the technology, et cetera.

IMFS，我們都在繼續投資，因為他們產生現金和推進技術等等。

So specifically with what the reference Intel participated to IMFS, they have participated already some in the past so it's not 100%.

因此，特別是參考英特爾參與 IMFS 的內容，他們過去已經參與了一些，所以不是 100%。

Again, it depends on what they do moving forward from where we are because we have a continuum of capital calls, but I think that reasonably what you should expect is that assuming they decide not to move forward from where they are today or they partially move forward from where they are today, it's probably going to be in the 80/20 range, 85/15 range.

同樣，這取決於他們從我們所處的位置向前邁進，因為我們有連續的資本調用，但我認為你應該合理地期望的是，假設他們決定不從現在的位置向前邁進，或者他們部分移動從他們今天的位置向前看，它可能會在 80/20 範圍內，85/15 範圍內。

That's what I meant, your contribution from IMFS could be 80% to 85% by next year end assuming that Intel does not participate in IMFS?

這就是我的意思，假設英特爾不參與 IMFS，到明年年底，您對 IMFS 的貢獻可能會達到 80% 到 85%？

That's correct.

這是正確的。

Okay thanks.

好的謝謝。

And with that, it looks like we're out of time.

有了這個，看起來我們已經沒時間了。

I'm sorry for everybody we didn't get to on the call but I would like to thank everyone for participating today.

對於我們沒有接聽電話的每個人，我深表歉意，但我要感謝大家今天的參與。

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

如果你能容忍我，我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

These particular forward-looking statements and all other statements that may have been made on this call that 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 and with that thank you very much for joining us.

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，非常感謝您加入我們。

Thank you, sir.

謝謝你，先生。

Again, ladies and gentlemen, this does conclude today's Micron Technology's first quarter 2011 financial release conference call.

再次，女士們，先生們，今天美光科技 2011 年第一季度財務發布電話會議結束了。

You may now disconnect.

您現在可以斷開連接。