美光科技 (MU) 2011 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是 Javon，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 second-quarter 2011 financial release conference call.

在此，歡迎大家參加美光科技2011年第二季度財務發布電話會議。

(Operator Instructions).

（操作員說明）。

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 and welcome to Micron Technology's second-quarter 2011 financial release conference call.

感謝並歡迎參加美光科技 2011 年第二季度財務發布電話會議。

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

今天的電話會議是主席兼首席執行官史蒂夫阿普爾頓； Ron Foster，首席財務官兼財務副總裁；和全球銷售副總裁 Mark Adams。

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

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 second-quarter 2011 financial press release, again it is available on our website at Micron.com.

如果您沒有機會查看 2011 年第二季度財務新聞稿，請再次訪問我們的網站 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 52960648.

撥打 706-645-9291 和確認碼 52960648 可以訪問此通話的音頻重播。

This replay will run through Wednesday, March 30, 2011, at 530 PM Mountain time.

此重播將持續到 2011 年 3 月 30 日星期三山區時間下午 530 點。

A webcast replay will be available on the Company's website until March 2012.

2012 年 3 月之前，公司網站上將提供網絡廣播重播。

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

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

Please note the following Safe Harbor statement.

請注意以下安全港聲明。

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

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

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

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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

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

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

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

These certain factors can be found in the investor relations section of Micron's website.

這些特定因素可以在美光網站的投資者關係部分找到。

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

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

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

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

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。

For those of you that were not able to make the call during the last quarter, I just want to remind everybody that we have a slight format change.

對於那些在上個季度無法撥打電話的人，我只想提醒大家，我們對格式進行了輕微的更改。

And that is that I'm going to make some introductory comments, and then Ron Foster will cover some of the financial aspects of the release, and then we'll open it up for questions.

那就是我將做一些介紹性評論，然後 Ron Foster 將介紹該版本的一些財務方面，然後我們將開放它以供提問。

So, to start with, I'd like to open on the topic of Japan.

所以，首先，我想談談日本這個話題。

You know, I want to first comment we are thankful that none of our employees were injured during these tragic events, and we hope the best for the people of Japan as they start the recovery process.

你知道，我想首先發表評論，我們很感謝我們的員工在這些悲慘事件中沒有受傷，我們希望日本人民在開始恢復過程時一切順利。

But more specifically to the impact on Micron, I know people are trying to determine whether it's a positive or a negative for Micron, and unfortunately, I can't answer that for you, but I will comment on the things that we are evaluating.

但更具體地說，對於對美光的影響，我知道人們正試圖確定這對美光是積極的還是消極的，不幸的是，我不能為你回答這個問題，但我會評論我們正在評估的事情。

First, our wafer fab operates more towards the center of Japan and away from the coast, and we did not sustain any damage, nor did we experience any disruption in our production there.

首先，我們的晶圓廠更靠近日本中部，遠離海岸，我們沒有遭受任何損害，我們在那裡的生產也沒有受到任何干擾。

We do have a design center that's near Tsukuba, just outside of Tokyo, and as you might expect, we have some sales support offices in Tokyo, and they were both shut down for a limited amount of time.

我們確實在東京郊外的筑波附近有一個設計中心，正如你所料，我們在東京有一些銷售支持辦公室，它們都在有限的時間內關閉。

I think the greatest challenge there is they're experiencing what I believe most people are in the area, which is difficult transportation and rolling blackouts, which I'm sure is frustrating to a lot of people.

我認為最大的挑戰是他們正在經歷我認為大多數人在該地區的情況，即交通不便和輪流停電，我敢肯定這讓很多人感到沮喪。

Now, a number of our suppliers are in Japan, and they do range from chemicals to materials to wafers.

現在，我們的許多供應商都在日本，它們的範圍從化學品到材料再到晶圓。

Many of them supply us from operations they have outside of Japan, but also as well from operations they have inside of Japan.

他們中的許多人通過他們在日本以外的業務向我們供應，但也從他們在日本境內的業務向我們供應。

Some of them were not impacted and obviously some of them were.

其中一些沒有受到影響，顯然其中一些受到了影響。

Now, we have a pretty complex matrix analysis on everything, as you might imagine.

現在，正如您可能想像的那樣，我們對所有事物進行了非常複雜的矩陣分析。

And for the most part, the companies have been very open, and they've been briefing us, really, daily or hourly, depending on what the circumstances are.

在大多數情況下，這些公司一直非常開放，他們一直在向我們介紹情況，實際上是每天或每小時，這取決於具體情況。

So, our information is obviously only as good as theirs, and I think many of them are still trying to determine themselves what the best path back -- what is the best path back to full production.

所以，我們的信息顯然和他們的一樣好，而且我認為他們中的許多人仍在努力確定自己的最佳回歸途徑——回歸全面生產的最佳途徑是什麼。

Now, also as you might expect, we're filling gaps on an hourly basis where we might have holes, and as been noted, I think, in the media, most of us have inventory for the near term, but really we still need a couple of weeks to understand what, if any, regain -- remaining gaps might exist.

現在，正如您所料，我們每小時填補可能存在漏洞的空白，並且正如媒體所指出的，我認為，我們大多數人都有短期庫存，但實際上我們仍然需要幾個星期來了解什麼（如果有的話）恢復 - 可能存在剩餘的差距。

So, we're working on it pretty diligently.

所以，我們正在非常努力地工作。

We don't have any other information than that.

除此之外，我們沒有任何其他信息。

And we think it's something that we have to stay pretty diligent on and stay on top of, but that's what we are doing.

我們認為這是我們必須非常努力並保持領先的事情，但這就是我們正在做的事情。

Now, with respect to fiscal Q2, on operations and technology we had a number of achievements I think are worth noting.

現在，關於第二財季，在運營和技術方面，我們取得了一些我認為值得注意的成就。

Probably the one to highlight the most is that IMFS is coming along ahead of schedule by about two months.

最值得強調的一點可能是 IMFS 比計劃提前了大約兩個月。

It may be hard to believe, but we're actually shipping now product from that facility.

可能很難相信，但我們現在實際上是從該工廠運送產品。

And I'll probably take this opportunity to mention capital.

我可能會藉此機會提到資本。

So in our Q1 capital, the private quota was about $570 million.

因此，在我們的第一季度資本中，私人配額約為 5.7 億美元。

We made note that this was going to be our big capital for the quarter -- our big quarter for capital.

我們注意到這將是我們本季度的大資本——我們的大資本季度。

And it was about $840 million, which is a little bit less than we thought, and it also happens occasionally sometimes things get pushed into the next quarter, just in terms of paying it.

它大約是 8.4 億美元，比我們想像的要少一點，而且有時也會發生這種情況，有時事情會被推遲到下個季度，只是在支付方面。

So, Q3 I think will be similar.

所以，我認為第三季度會是相似的。

But IMFS is going actually so well that we're going to continue to drive pretty hard on [bringing] the capital in there and getting that facility ramped, so I think we're going to be on the upper end of the range that we had given you.

但 IMFS 實際上進展得非常順利，我們將繼續大力推動 [將] 資金投入其中並增加該設施，所以我認為我們將處於我們範圍的上限給了你。

We had previously told you $2.4 billion to $2.9 billion.

我們之前告訴過你 24 億到 29 億美元。

I think we'll be on the upper end of that range for the year.

我認為我們今年將處於該範圍的上限。

But we felt pretty good about it because, as I said, the operations goal went pretty well, in particular IMFS.

但我們對此感覺很好，因為正如我所說，運營目標進展順利，尤其是 IMFS。

In fact, I think it's also worth noting that 20 nm NAND still looks very good for a ramp in the second half of the year.

其實我覺得也值得一提的是，20nm NAND在下半年看起來還是很不錯的。

Also, what had -- we completed our acquisition of TECH Semiconductor.

此外，我們完成了對 TECH Semiconductor 的收購。

We owned most of it.

我們擁有其中的大部分。

We completed the acquisition of the rest of it.

我們完成了其餘部分的收購。

So, we now own 100% of it, and it continues to operate pretty well.

因此，我們現在擁有它 100% 的股份，並且它繼續運行良好。

Switching over to a few comments on markets and product segments, let me start out with the DRAM market.

切換到對市場和產品領域的一些評論，讓我從 DRAM 市場開始。

I think on our last earnings call, I noted that we did not believe that a winter quarter was going to be similar to the winter of 2007 or 2008.

我認為在我們上次的財報電話會議上，我注意到我們不相信冬季季度會與 2007 年或 2008 年的冬季相似。

I think that's proven to be the case, and we're not suggesting that it was a picnic, as some of our competitors proved with reporting that they did with some pretty negative earnings.

我認為事實證明確實如此，我們並不是說這是野餐，因為我們的一些競爭對手通過報告證明他們確實獲得了一些相當負的收益。

But I think the downturn bottomed this last quarter.

但我認為經濟低迷在上個季度觸底。

Also, we mentioned that we thought it would be at a lower environment for pricing for a quarter or two, but it will begin to get worse.

此外，我們提到我們認為一兩個季度的定價會處於較低的環境中，但它會開始變得更糟。

In fact, it didn't get worse.

事實上，情況並沒有變得更糟。

And at least from my point, it's proving at least to be somewhat mild.

至少從我的角度來看，它至少被證明是溫和的。

You know, clearly I think that the new DRAM supply continues to be muted, compared to last cycle.

你知道，很明顯，與上一個週期相比，我認為新的 DRAM 供應繼續保持低迷。

We also made mention of that, and that's proving to be the case.

我們也提到了這一點，事實證明確實如此。

It is true that desktop continues to be somewhat weak.

確實，桌面仍然有些疲軟。

There are a lot of forecasts now that are pointing to something around 10% growth as opposed to some of the higher forecasts earlier, but I would remind everyone that content is still forecast to grow 40%, and if you do the combination, that's still up 50% or in some forecasts I've seen, even greater bit demand, so not too bad, really, for the weaker of the markets that we participate in, and all of the other markets actually look better.

現在有很多預測都指向 10% 左右的增長，而不是之前的一些更高的預測，但我要提醒大家，內容仍然預計增長 40%，如果你這樣做，那仍然是增長 50%，或者在我所看到的某些預測中，甚至更多的比特需求，所以對於我們參與的市場中較弱的市場來說，真的不算太糟糕，而所有其他市場實際上看起來都更好。

So, on the pricing front, we don't think it's going to go crazy.

因此，在定價方面，我們認為它不會變得瘋狂。

In other words, it's not going to go crazy up, but I will tell you that we do see a continued improving pricing environment through the rest of our fiscal year, and I think most of you have seen in the media that some of that's actually materializing now.

換句話說，它不會變得瘋狂，但我會告訴你，我們確實在本財年的剩餘時間裡看到了持續改善的定價環境，我認為你們中的大多數人已經在媒體上看到其中一些實際上是現在實現。

On the NAND front, also mentioned in December that we felt we had hit a level where the NAND pricing would be pretty stable.

在 NAND 方面，我們在 12 月也提到我們覺得我們已經達到了 NAND 定價相當穩定的水平。

Of course, it's fluctuated a little bit.

當然，它有一點波動。

It's gone up a little, it's gone down a little bit.

漲了一點，跌了一點。

For the most part, I think it's worthwhile saying that it has pretty much behaved as we would've expected it to, obviously not withstanding the recent spikes due to the Japan effect.

在大多數情況下，我認為值得一提的是，它的表現幾乎與我們預期的一樣，顯然無法承受由於日本效應而導致的近期飆升。

So, wireless, particularly in smartphones in terms of memory consumption, continues to look very good.

因此，無線，特別是在內存消耗方面的智能手機，仍然看起來非常好。

I want to also mention that our SSD shipments were up significantly Quarter Two over Quarter One, and we see that trend continuing with Quarter Three is going to be over Quarter Two.

我還想提一下，我們的 SSD 出貨量在第二季度比第一季度顯著增長，我們看到第三季度繼續這種趨勢將超過第二季度。

And obviously, a lot of the news around tablets and those kinds of devices are actually pretty positive for us in the NAND arena.

顯然，很多關於平板電腦和這類設備的新聞實際上對我們在 NAND 領域非常有利。

So, all those things added up look like -- all the demand signals going forward look pretty good for both the NAND and the DRAM environment.

因此，所有這些加起來看起來像——所有未來的需求信號對於 NAND 和 DRAM 環境都非常好。

On the NOR front, the embedded markets, we have the business groups now, which Ron will just mention in a second.

在 NOR 方面，嵌入式市場，我們現在有業務組，Ron 稍後會提到。

But the embedded markets for NOR, DRAM, and NAND all look good.

但 NOR、DRAM 和 NAND 的嵌入式市場看起來都不錯。

And I think, as you would expect, as we tried to communicate earlier, for the most part we're pretty stable in pricing and demand.

而且我認為，正如您所期望的那樣，正如我們之前試圖溝通的那樣，在大多數情況下，我們的定價和需求都相當穩定。

I will say specifically to NOR, we believe we maintained our market share.

我會特別對 NOR 說，我們相信我們保持了我們的市場份額。

In other words, our market-share leadership in NOR.

換句話說，我們在 NOR 的市場份額領先。

Obviously, we saw some modest seasonal decline in fiscal Q2, but that's pretty typical.

顯然，我們在第二財季看到了一些適度的季節性下降，但這很典型。

And I think another highlight is that we sampled our 45 nm NOR products for wireless and embedded, and actually began our 45 nm NAND production ramp.

我認為另一個亮點是我們對用於無線和嵌入式的 45 nm NOR 產品進行了採樣，實際上開始了我們的 45 nm NAND 生產斜坡。

So, all of that is on a good note.

所以，所有這一切都很好。

So, all of this leads me to my final comments, which execution on our product portfolio strategy is working.

因此，所有這些都讓我得出最後的評論，即我們的產品組合策略的執行正在發揮作用。

We think we're in pretty good shape.

我們認為我們的狀態非常好。

In fact, we think we're in as good a shape as we've ever been coming out of a negative period.

事實上，我們認為我們的狀態與我們從消極時期走出來的一樣好。

The demand signals from the majority of our customers are strengthening from Q2 to Q3, and I think we're pretty well positioned so that even with stable to moderately improved pricing, we should now start to build margin back into the financials.

從第二季度到第三季度，我們大多數客戶的需求信號正在加強，我認為我們的定位非常好，因此即使定價穩定到適度改善，我們現在應該開始將利潤重新納入財務狀況。

So, all in all, we feel pretty good about where we sit.

所以，總而言之，我們對自己的坐姿感覺很好。

And with that, I'll turn it over to Ron.

有了這個，我會把它交給羅恩。

Thanks, Steve.

謝謝，史蒂夫。

The Company's second quarter of fiscal 2011 ended on March 3.

公司 2011 財年第二季度於 3 月 3 日結束。

As usual, we provide a schedule containing certain key results for the second quarter, as well as estimated metrics for the next quarter.

像往常一樣，我們提供了一個時間表，其中包含第二季度的某些關鍵結果，以及下一季度的估計指標。

That material is presented on a few slides that follow, as well as on our website.

該材料在隨後的幾張幻燈片以及我們的網站上進行了介紹。

The results for the second quarter include a $40 million gain in other operating income associated with the Samsung patent cross-license we discussed last quarter.

第二季度的結果包括與我們上季度討論的三星專利交叉許可相關的其他營業收入增加了 4000 萬美元。

A portion of this gain is reflected in the operating results for each of our reportable segments, as you will see later in the presentation.

這一收益的一部分反映在我們每個可報告分部的經營業績中，正如您將在演示文稿後面看到的那樣。

Recall that the final installment of $35 million under this settlement agreement is expected in the third quarter.

回想一下，該和解協議下的最後一筆 3500 萬美元預計將在第三季度支付。

The provision for income taxes in the second quarter is higher than what would normally be expected, primarily as a result of a tax rate change outside of the United States.

第二季度的所得稅準備金高於通常的預期，主要是由於美國以外的稅率變化。

This change caused a $16 million one-time write-down of deferred tax assets, and, accordingly, is not expected to have a significant impact on the tax provision going forward.

這一變化導致遞延稅項資產一次性減記 1600 萬美元，因此預計不會對未來的稅收撥備產生重大影響。

In addition, the tax provision includes the withholding tax of $7 million related to the Samsung payment under the patent cross-license.

此外，稅收條款還包括與三星在專利交叉許可下的付款相關的 700 萬美元預扣稅。

Total idle capacity costs, which are charged directly to cost of goods sold, were $36 million in the second quarter, compared to $59 million in the first quarter.

第二季度直接計入銷售成本的總閒置產能成本為 3600 萬美元，而第一季度為 5900 萬美元。

These costs are primarily attributable to the Singapore fab start-up.

這些成本主要歸因於新加坡晶圓廠的啟動。

In addition, preproduction costs at IMFS of $15 million were charged to cost of goods sold.

此外，IMFS 的 1500 萬美元的預生產成本計入了銷售成本。

We anticipate that IMFS will begin to inventory production costs in the third quarter as the initial products are qualified for sales to customers.

我們預計 IMFS 將在第三季度開始盤點生產成本，因為初始產品符合銷售給客戶的條件。

NAND trade production costs per bit declined faster than NAND trade selling prices, while selling price reductions for DRAM products outpaced the cost reductions.

NAND 貿易每比特生產成本的下降速度快於 NAND 貿易銷售價格，而 DRAM 產品的銷售價格下降速度超過了成本下降速度。

The result was a compression of the overall Company gross margin from 23% in the first quarter to 19% in the second quarter.

結果是公司整體毛利率從第一季度的 23% 壓縮到第二季度的 19%。

As you recall from our winter analyst day, we estimated DRAM production bit growth to average low teens over the next three to four quarters.

正如您在我們的冬季分析師日中所記得的那樣，我們估計未來三到四個季度 DRAM 生產位增長將平均低至十幾歲。

The second quarter actually came in above this range, at 23%.

第二季度實際上超過了這個範圍，為 23%。

The higher bit growth in the second quarter, along with a plan to shift product mix to higher-margin specialty DRAM products, drives our estimate of low to mid single digit bit production growth in the third quarter.

第二季度較高的比特增長，以及將產品組合轉向利潤率更高的特種 DRAM 產品的計劃，推動了我們對第三季度中低個位數比特產量增長的估計。

We also projected NAND production bit growth to average mid-teens over the next three to four quarters.

我們還預計未來三到四個季度 NAND 產量將平均增長 10 倍左右。

The second quarter actually came in above this range as well, at 20%.

第二季度實際上也高於這個範圍，為 20%。

We are shifting NAND mix to lower density and higher margin products, including SLC- and NAND-based multichip packages in the third quarter, leading to bit growth in the mid to high single digit range.

我們正在將 NAND 組合轉移到密度更低、利潤率更高的產品，包括第三季度基於 SLC 和 NAND 的多芯片封裝，從而導致中高個位數範圍內的位增長。

Correspondingly, the NAND trade cost per bit decline in the third quarter has moderated in the low to mid single digit range as we shift to these higher-margin products in our mix.

相應地，隨著我們在組合中轉向這些利潤率更高的產品，第三季度每比特 NAND 貿易成本的下降幅度已經在中低個位數範圍內放緩。

Bit production includes bits purchased from third-party suppliers, which may impact reported volumes and margins.

鑽頭生產包括從第三方供應商處購買的鑽頭，這可能會影響報告的數量和利潤。

To give you an idea of the general composition of our product portfolio, we have developed this high-level summary.

為了讓您了解我們產品組合的一般組成，我們編制了這份高級摘要。

As a percentage of consolidated net sales, DRAM comprised in the low 40% range, NAND in the mid-30s, and NOR in the mid to high teens as a percent of revenue.

作為綜合淨銷售額的百分比，DRAM 佔收入的百分比在 40% 左右，NAND 在 30 年代中期，NOR 佔收入的百分比在 10 多歲到 10 歲左右。

This quarter, we begin reporting financial results for each of our four business unit segments.

本季度，我們開始報告我們四個業務部門的財務業績。

The second quarter results for DRAM solutions group tracked closely with the DRAM product average selling price cost per bit and bit volumes I mentioned earlier.

DRAM 解決方案組的第二季度業績與我之前提到的 DRAM 產品平均每位銷售價格成本和位數量密切相關。

This resulted in revenue and operating income somewhat lower than prior periods.

這導致收入和營業收入略低於前期。

The DSG segment includes virtually all of the production volume from Inotera, which was relatively higher cost in the second quarter compared to other DRAM fabs as their production volume ramps.

DSG 部分幾乎包括來自 Inotera 的所有產量，與其他 DRAM 工廠相比，第二季度的成本相對較高，因為它們的產量增加。

NAND solutions group trade sales tracked closely to the NAND trends presented earlier, with revenue up quarter to quarter.

NAND 解決方案集團的貿易銷售額與早前介紹的 NAND 趨勢密切相關，收入季度環比增長。

NSG sales to Intel from our IM Flash joint venture were just over $200 million in the second quarter, roughly flat compared to the first quarter.

第二季度，我們的 IM Flash 合資企業對英特爾的 NSG 銷售額剛剛超過 2 億美元，與第一季度基本持平。

Recall these sales are at long-term negotiated prices approximating cost.

回想一下，這些銷售是以接近成本的長期協商價格進行的。

Wireless solutions group sales of products by architecture in the second quarter were NOR, NAND, and DRAM in increasing -- decreasing order of revenue.

無線解決方案集團第二季度按架構劃分的產品銷售額依次為 NOR、NAND 和 DRAM，收入按降序排列。

That's NOR, then NAND, then DRAM in decreasing order of revenue.

那是 NOR，然後是 NAND，然後是 DRAM，按收入降序排列。

A portion of NAND sold in WSG is supplied from Hynix at market prices.

在 WSG 出售的部分 NAND 由海力士以市場價格供應。

This supply is transitioning to Micron factories in the coming quarters, which we expect to improve WSG margin going forward.

這種供應將在未來幾個季度轉移到美光工廠，我們預計這將提高 WSG 的利潤率。

The embedded solutions group sales of products by architecture in the second quarter were, in rank order, NOR, DRAM, and NAND in decreasing order of revenue.

第二季度嵌入式解決方案集團產品銷售額按架構排列，按收入降序排列，NOR、DRAM和NAND。

Most of the inventory that was marked to market in the Numonyx acquisition has now flowed through.

在 Numonyx 收購中標記為市場的大部分庫存現在已經流轉。

In addition, similar to my comments relating to WSG, ESG also acquired a portion of their NAND products from Hynix and are also in the process of transitioning to Micron manufactured products.

此外，與我對 WSG 的評論類似，ESG 也從海力士收購了部分 NAND 產品，並且也在過渡到美光製造的產品。

Now turning to operating expenses, R&D expense for the quarter benefited from development cost sharing of approximately $56 million from joint development programs.

現在轉向運營費用，本季度的研發費用受益於聯合開發計劃中約 5600 萬美元的開發成本分攤。

R&D expense, as well as the cost sharing, was reduced by the reimbursement of certain costs incurred under government programs in the second quarter.

由於第二季度政府項目產生的某些費用的報銷，研發費用以及成本分攤有所減少。

R&D expense is expected to increase in the third quarter to the $210 million to $220 million range, primarily due to a higher volume of prequalification wafers processed, notably 42 and 3X nm DRAM and 20 nm NAND.

預計第三季度研發費用將增加至 2.1 億美元至 2.2 億美元之間，這主要是由於處理的預認證晶圓數量增加，特別是 42 和 3X 納米 DRAM 和 20 納米 NAND。

The Company generated $809 million in cash flow from operating activities in the second quarter.

公司在第二季度的經營活動中產生了 8.09 億美元的現金流。

As previously reported, in the second quarter we spent $159 million to buy out the other shareholders of TECH Semiconductor, as Steve mentioned.

正如之前報導的那樣，正如史蒂夫所說，第二季度我們斥資 1.59 億美元收購了 TECH Semiconductor 的其他股東。

The accounting for this acquisition resulted in a $67 million increase to additional capital in our equity section.

此次收購的會計處理導致我們股權部分的額外資本增加了 6700 萬美元。

The cash and short-term investments balance at the end of the second quarter was $2.2 billion.

第二季度末的現金和短期投資餘額為 22 億美元。

In addition, we have restricted cash of $338 million separately presented on the balance sheet.

此外，我們在資產負債表上單獨列報了 3.38 億美元的限制性現金。

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'd now like to take questions from callers.

謝謝，羅恩，有了這個，我們現在想回答來電者的問題。

Just a reminder.

只是提醒。

If you are using a speakerphone, please pick up the handset when asking a question so we can hear you clearly.

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 up the line.

有了這個，請打開線路。

(Operator Instructions).

（操作員說明）。

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

Steve, in your prepared comments you said you were seeing demand signals improving, and I wonder if you could just give us a little bit more detail about that, one, and then, two, let us know if you've contemplated the impact of Japan in those statements.

史蒂夫，在你準備好的評論中，你說你看到需求信號有所改善，我想知道你是否可以給我們更多的細節，一，然後，二，如果你考慮過影響，請告訴我們日本在這些聲明中。

Well, let me first talk about Japan for a second, and Mark Adams is here so I might as well let him answer the question on the demand signals.

好吧，讓我先談談日本，馬克亞當斯在這裡，所以我不妨讓他回答關於需求信號的問題。

We haven't contemplated, in thinking about Japan, whether that helps us or hurts us because, obviously, there -- a competitor or two of ours, no doubt, has some supply issues related to that because they're in the area where it was impacted.

在考慮日本時，我們沒有考慮過這對我們有幫助還是對我們不利，因為很明顯，我們的一兩個競爭對手，毫無疑問，有一些與此相關的供應問題，因為他們所在的地區它受到了影響。

Then, of course, you already know the counter to that, which is if customers can't get some components, then they are obviously be challenged in needing other components.

然後，當然，您已經知道與之相反的情況，即如果客戶無法獲得某些組件，那麼他們顯然會面臨需要其他組件的挑戰。

So, that's hard for us to know.

所以，我們很難知道。

I remember -- I don't know if you remember, but probably not, the Sumitomo chemical plant explosion, the mold compound which was 90% supplied out of that part of the world.

我記得——我不知道你是否記得，但可能不記得住友化工廠爆炸，90% 的模塑化合物來自世界那個地區。

It's probably worth noting, I think, that what we saw in that case and probably what we'll see in this case is that most of the supply chain, most manufacturing operations, have the ability to have an accordion effect, so in other words, we can run at near full capacity, but run a lot lower cycle time.

我認為，可能值得注意的是，我們在那個案例中看到的，也可能在這個案例中看到的是，大部分供應鏈，大多數製造業務，都有能力產生手風琴效應，換句話說，我們可以以接近滿負荷運行，但運行週期要短得多。

And so, you can expand and contract your production to try to deal with shortages that come through at various times.

因此，您可以擴展和收縮您的生產，以嘗試應對不同時期出現的短缺。

So I think you'll probably see that through most of the manufacturing world where they will expand and contract, and they'll run faster cycle times or shorter cycle times rather than replenishing and trying to squeeze more product down the line.

因此，我認為您可能會在大多數製造業世界中看到這一點，他們將在其中擴張和收縮，並且他們將運行更快的周期時間或更短的周期時間，而不是補充並試圖將更多產品擠出生產線。

For the most part, I think if the effects are relatively short-term, in other words a couple of months, a few months, then you probably won't see a whole lot of anything in terms of what happens in the manufacturing operations around the world.

在大多數情況下，我認為如果影響是相對短期的，換句話說，幾個月，幾個月，那麼你可能不會看到很多關於製造業務發生的事情世界。

And if the effects are longer term, we clearly are going to have some impact.

如果影響是長期的，我們顯然會產生一些影響。

On those kinds of things, we just don't know.

關於這些事情，我們只是不知道。

And our information is only as good as probably yours, how that might impact our customers.

我們的信息可能與您的信息一樣好，這可能會如何影響我們的客戶。

And let me ask Adams to comment on the general demand signals from the [rest of the world].

讓我請亞當斯評論來自[世界其他地區]的一般需求信號。

And my comments will be obviously pre-Japan, just as Steve addressed Japan.

就像史蒂夫在日本發表講話一樣，我的評論顯然是日本之前的。

What we saw coming out of Christmas, which again normally is our weakest demand quarter, we saw pretty stable demand throughout the quarter, and in fact, post-Chinese New Year, we saw kind of an uptick across a number of our key volume segments.

我們看到聖誕節後的情況，這通常是我們需求最疲軟的季度，我們看到整個季度的需求相當穩定，事實上，在農曆新年之後，我們看到我們的一些關鍵銷量部分都有所上升.

The PC business, in general, was better than expected, and we're also seeing density inside the box increase back to even about where we were back in the [de-speccing] phase of 2010 in the spring and summer of that.

總體而言，PC 業務好於預期，我們還看到機箱內的密度增加，甚至回到了 2010 年春季和夏季的 [de-speccing] 階段。

Our density per unit is back up, and so demand in the PC commodity space is pretty strong for us.

我們的單位密度已經回升，因此 PC 商品領域的需求對我們來說非常強勁。

The server market, as well, from Micron was very healthy.

美光的服務器市場也非常健康。

As a matter of fact, the percentage of overall specialty bits against commodity, it was up significantly this quarter for Micron.

事實上，美光在本季度整體特種鑽頭與商品的百分比顯著上升。

So, pretty strong demand there, and I would also point out that though server growth overall is not -- in the 6% to 7% range year over year in terms of unit growth, the density per server is dramatically up.

因此，那裡的需求非常強勁，我還要指出，儘管服務器整體增長不是 - 在單位增長方面同比增長 6% 到 7% 的範圍內，但每台服務器的密度卻急劇上升。

It's around 50% to 60% per box.

每盒大約是 50% 到 60%。

So, good growth there and good demand from our customers in that area.

因此，那裡的良好增長和我們在該地區的客戶的良好需求。

Obviously, the Numonyx acquisition has opened additional customer opportunities around the wireless segment for us, and they're certainly manifesting themselves both across NOR applications and then DRAM, MCP solutions with NOR and NAND solutions.

顯然，Numonyx 的收購為我們在無線領域開闢了更多的客戶機會，他們肯定會在 NOR 應用程序以及 DRAM、具有 NOR 和 NAND 解決方案的 MCP 解決方案中表現出來。

So, I see pretty good demand through the quarter, which enabled us to form pretty well at the topline.

因此，我看到整個季度的需求相當不錯，這使我們能夠很好地形成收入。

That's great.

那太棒了。

And maybe just a quick follow-up because, Steve, I wanted to clarify something you said earlier.

也許只是一個快速的跟進，因為史蒂夫，我想澄清你之前所說的一些事情。

With respect to your ability to manage your production in light of an issue, I think you said maybe a couple of months you could handle it.

關於您根據問題管理生產的能力，我想您說過可能幾個月就可以處理。

I just want to be clear on -- just some precision there.

我只是想澄清一下——只是有些精確。

Is it something like about eight weeks where you say like, all right, I can manage the fabs at this point for about eight weeks and I've got to start thinking a little more carefully after that about shortages, or do you have a number like that in mind?

是不是大約八週，你說，好吧，我現在可以管理晶圓廠大約八週，之後我必須開始更仔細地考慮短缺問題，或者你有一個數字像這樣的想法？

Let me first comment that precision in this environment is just unachievable, number one.

首先讓我評論一下，在這種環境下的精確度是無法實現的，第一。

Number two, what I was referencing was that -- actually, you made a comment that probably it would be good to add some additional input on.

第二，我所引用的是——實際上，您發表了一條評論，可能最好添加一些額外的輸入。

Number one, most of the companies, us and others, carry a couple of months of inventory for most of our processes and products and so forth.

第一，大多數公司，我們和其他公司，對我們的大部分流程和產品等都有幾個月的庫存。

So we all still have that.

所以我們仍然擁有它。

So, I think the reference point that for a couple of months it's unlikely most companies see much impact is probably true, at least in the semi industry.

因此，我認為在幾個月內大多數公司不太可能看到太大影響的參考點可能是正確的，至少在半導體行業是這樣。

I can't speak for other industries, but at least in ours.

我不能代表其他行業，但至少在我們的行業。

But secondly, even when you hit shortages at some point in time of supplies, you're able to dial your manufacturing operations to actually just run faster cycle times.

但其次，即使您在某個時間點遇到供應短缺，您也可以調整您的製造業務，以實際運行更快的周期時間。

Because the way most semiconductor fabs operate, at least in the [mini] world, is they're at full capacity because they want maximum utilization of the capital.

因為大多數半導體工廠的運營方式，至少在 [迷你] 世界中，是因為他們希望最大限度地利用資本，所以它們處於滿負荷狀態。

And the way that we achieve that is we make sure that every piece of equipment has material waiting for it to run.

我們實現這一目標的方法是確保每件設備都有材料等待其運行。

And what happens when you're starting a wafer fab, by the way, and we're experiencing IMFS, when you start up a wafer fab that doesn't have that much material in mind or when you run into a situation where maybe you have some kind of shortage on something that you were expecting to get, but you actually just speed the cycle times up in those fabs.

順便說一句，當你開始一個晶圓廠時會發生什麼，而我們正在經歷 IMFS，當你啟動一個沒有考慮那麼多材料的晶圓廠時，或者當你遇到一種情況，也許你你期望得到的東西有些短缺，但實際上你只是加快了這些晶圓廠的周期時間。

So the output isn't quite optimized, but it's not like you take the same percentage hit as the shortage of material, and that can last for some period of time.

所以輸出並沒有完全優化，但它不像你受到與材料短缺相同的百分比打擊，並且可以持續一段時間。

And then, it's only after that that you then have to start dealing with true shortages.

然後，只有在那之後，您才必須開始處理真正的短缺問題。

And of course, we have no idea whether that's going to exist or not.

當然，我們不知道這是否會存在。

Doug Freedman, Gleacher & Company.

道格·弗里德曼，Gleacher & Company。

Ron, would it be possible for us to get the rank of gross margins -- DRAM, NAND, what was the highest?

羅恩，我們是否有可能獲得毛利率的排名——DRAM、NAND，最高的是什麼？

And then, if I could focus in a little bit on it, it sounds like you're changing strategy there on NAND, looking to go to some higher-value product.

然後，如果我能稍微關註一下，聽起來你正在改變 NAND 的戰略，尋求一些更高價值的產品。

Can you give us the gross margin effects that that should have?

你能告訴我們應該產生的毛利率影響嗎？

Yes.

是的。

Rough -- I'll give you a rough ordering.

粗略——我會給你一個粗略的排序。

Specialty DRAM always tends to be at the head of our list.

專用 DRAM 總是排在我們列表的首位。

Trade NAND is doing quite well for us and probably next in rank.

Trade NAND 對我們來說做得很好，可能排在第二位。

NOR clearly, and the vast majority of our NOR products, and then core DRAM in sort of that rank order.

NOR 很明顯，我們的絕大多數 NOR 產品，然後是核心 DRAM 的排序順序。

Just elaborating a little bit, though, on your line of questioning.

不過，只是在你的提問線上稍微詳細說明一下。

We are seeing market opportunities, as Mark mentioned in his comments, to shift to higher-margin products in the specialty end of things, both on the DRAM side and on our NAND product side in the third quarter, and we are opportunistically shifting some of our mix which is affecting our bit growth and cost per bit computations that we typically give you.

正如馬克在評論中提到的那樣，我們看到了市場機會，即第三季度在 DRAM 方面和我們的 NAND 產品方面轉向特殊領域的利潤率更高的產品，我們正在機會性地轉移一些我們的組合正在影響我們通常為您提供的比特增長和每比特計算成本。

But I just wanted to make sure you understood that we're doing this strategically to help improve margin.

但我只是想確保您了解我們正在戰略性地這樣做以幫助提高利潤率。

And it's the right thing, given the balance of mix we need for our customers.

考慮到我們需要為客戶提供平衡的組合，這是正確的。

Could you help walk us through a little bit of -- you mentioned pretty quickly there in your prepared remarks about the accounting treatment for this startup of Singapore and your startup costs.

你能不能幫我們介紹一下——你在準備好的評論中很快提到了這家新加坡初創公司的會計處理和你的啟動成本。

Can you walk us through in a little bit more detail and offer some color on how we should think about those startup costs accounting playing out over the next couple of quarters?

您能否更詳細地介紹一下我們應該如何考慮未來幾個季度的啟動成本會計？

Sure.

當然。

There's a couple of pieces this quarter.

本季度有幾件。

There is true idle costs, which were about $36 million in the quarter for the Company.

公司本季度存在真正的閒置成本，約為 3600 萬美元。

The vast majority of that was IMFS.

其中絕大多數是IMFS。

And then, there's another $15 million which we characterize as pre-production startup costs, and that's resulting from the fact that we're now actually starting wafers, as Steve mentioned, and beginning to move up the production curve.

然後，還有另外 1500 萬美元，我們將其描述為生產前的啟動成本，這是由於我們現在實際上正在啟動晶圓，正如史蒂夫所提到的，並開始向上移動生產曲線。

So, both those pieces are expensed directly to cost of sales, and so you can compare them to the prior quarter's idle costs that were about $59 million.

因此，這兩部分都直接計入銷售成本，因此您可以將它們與上一季度約 5900 萬美元的閒置成本進行比較。

But bear in mind that those -- that $15 million of costs relates to variable materials, et cetera, that are used to start our production ramp in IMFS.

但請記住，這 1500 萬美元的成本與可變材料等有關，這些材料用於啟動我們在 IMFS 的生產斜坡。

So, what's going to happen here beginning in the third quarter is, as we qualify production, which we expect to do, as I mentioned, in the third quarter or beginning of third quarter, we will start inventorying some of those costs, and they will go into our inventory on our balance sheet and they will move out when we ship the qualified products.

所以，從第三季度開始這裡將發生的事情是，當我們確定生產時，正如我所提到的，我們希望在第三季度或第三季度初做到這一點，我們將開始盤點其中的一些成本，他們將進入我們資產負債表上的庫存，當我們運送合格的產品時，它們將移出。

So we will not be directly expensing all of the costs as we begin to qualify product, which I would view as beginning to happen in the third quarter and then significantly in our fiscal fourth quarter.

因此，當我們開始使產品合格時，我們不會直接花費所有成本，我認為這將在第三季度開始發生，然後在我們的第四財季顯著發生。

But just so that I understand correctly, so then when that inventory cost flows out of the operating model, it will be at a lower than corporate average gross margin or normal gross margin?

但只是為了讓我理解正確，那麼當庫存成本流出運營模式時，它會低於企業平均毛利率或正常毛利率？

Gross margin presumes an average selling price, so I need to just address it on the cost side.

毛利率假定平均售價，所以我只需要在成本方面解決它。

We will be -- we use a moving average cost system, if you will, so we'll be -- and we're already beginning to ramp costs.

我們將 - 如果您願意，我們將使用移動平均成本系統，所以我們將 - 我們已經開始降低成本。

So we'll be moving it into our inventory at an average cost trended over time, if you will, and that will be in our inventory cost structure.

因此，如果您願意，我們將以隨時間推移的平均成本將其轉移到我們的庫存中，這將在我們的庫存成本結構中。

We do not tend to inventory the full cost when you have a significantly higher ramp cost.

當您的坡道成本明顯較高時，我們不傾向於盤點全部成本。

We inventory it at a somewhat lower level.

我們將其庫存在較低的水平。

So, (multiple speakers) -- as that goes out, it will depend upon the average selling price, but it's -- we would expect to have a typical relationship to our normal flow of business.

所以，（多位發言者）——隨著時間的推移，這將取決於平均售價，但它是——我們希望與我們的正常業務流程有典型的關係。

Shawn Webster, Macquarie.

肖恩韋伯斯特，麥格理。

I guess, first of all, on end demand going into Q3, can you give us a little color on what you're hearing from your OEMs in terms of what you're expecting for calendar Q2 bit demand for DRAM and maybe even which end markets you're seeing the most strength in going into fiscal Q3?

我想，首先，在進入第三季度的最終需求方面，您能否就您從 OEM 那裡聽到的關於您對日曆 Q2 對 DRAM 的位需求的預期，甚至可能是哪一端的預期，給我們一點顏色您認為進入第三財季最強勁的市場？

From a demand standpoint, I think what we're seeing quarter over quarter is in the mid teens, more or less, and you know, we see no reason, per Steve's earlier comments, that there will be a lot of variability around that number in general, and then, the NAND market continues to look pretty strong around, obviously, the smartphone market, the tablet segment, as well as SSDs.

從需求的角度來看，我認為我們所看到的季度環比都在十幾歲左右，你知道，根據史蒂夫之前的評論，我們沒有理由認為這個數字會有很大的變化總的來說，NAND 市場在智能手機市場、平板電腦市場以及 SSD 周圍看起來仍然非常強勁。

So, mid-teens DRAM bit demand growth.

因此，十幾歲的 DRAM 位需求增長。

Is there any particular end markets, whether it's networking, server, core PC, that's the strongest for you?

是否有任何特定的終端市場，無論是網絡、服務器、核心 PC，對你來說都是最強的？

I think for us, again this is all kind of on a proportion basis.

我認為對我們來說，這也是按比例計算的。

The server/networking market showed significant strength over at the end of our Q2 and have continued to show strength going into Q3.

服務器/網絡市場在我們的第二季度末表現出顯著的實力，並且在進入第三季度時繼續表現出實力。

So we're -- continue to be very bullish on those markets, and as I mentioned earlier, despite the fact that the PC numbers are down off of maybe last year's 2011 projection, the density per box is making up for that loss, and we see -- so PC business is still fairly robust for us as well.

所以我們 - 繼續非常看好這些市場，正如我之前提到的，儘管 PC 數量可能低於去年 2011 年的預測，但每盒的密度正在彌補這一損失，並且我們看到了——所以個人電腦業務對我們來說仍然相當強勁。

Okay, great.

好，太棒了。

And then, do you have -- can you share with us your expectations for cost per bit reduction in Q3 for NAND and DRAM?

然後，您是否有 - 您能否與我們分享您對第三季度 NAND 和 DRAM 的每比特成本降低的期望？

Yes, Shawn, we're looking at down high single digits on DRAM and down low to mid single digits on NAND.

是的，肖恩，我們正在研究 DRAM 上的高個位數和 NAND 上的低到中個位數。

One final one, in terms of the production.

最後一個，就製作而言。

So you had a really strong quarter in Q2 on your production.

因此，您在第二季度的產量非常強勁。

You're expecting that to slow down in Q3.

您預計第三季度會放緩。

Can you flesh out what you think the next couple of quarters are directionally, excluding the Japan impact, on what you are expecting for sequential bit production?

您能否詳細說明您認為接下來幾個季度的方向性（不包括日本的影響）對您對連續鑽頭生產的預期？

Not much impact from our Japanese production facilities, and we'd be back to that guidance that Mark set at the analyst meeting, which is kind of low double digits in -- for over the next three to four quarters.

我們的日本生產設施沒有太大影響，我們將回到馬克在分析師會議上設定的指導，在接下來的三到四個季度中，這是一個低兩位數的指導。

On the DRAM side?

在 DRAM 方面？

That's correct, and about mid-teens on the NAND.

這是正確的，在 NAND 上大約是十幾歲。

Kate Kotlarsky, Goldman Sachs.

凱特·科特拉斯基，高盛。

I wanted to ask a question on content per box.

我想問一個關於每個盒子內容的問題。

I think Mark talked about content per box starting to increase nicely.

我認為馬克談到每盒內容開始很好地增加。

And I wanted to get your thoughts on how you were thinking about content growth for the remainder of the year, given that pricing is now stabilizing and potentially moving up.

鑑於定價現在趨於穩定並可能上漲，我想了解您對今年剩餘時間內容增長的看法。

Do you think that might actually have an adverse impact on content growth?

您認為這實際上可能對內容增長產生不利影響嗎？

Thank you.

謝謝你。

Kate, this is Mark Adams.

凱特，這是馬克亞當斯。

I think that's unlikely.

我認為這不太可能。

We're not talking about the dramatic uptick in price that we saw back in 2009, going into 2010.

我們不是在談論我們在 2009 年看到的到 2010 年的價格大幅上漲。

Remember something.

記住一些東西。

As our cost in DRAM goes down, even as we think pricing will be more favorable in DRAM over the next coming quarters, we don't think the impact on the bill of materials is anywhere as significant as it was back to $2.50 per gigabit at the OEM.

隨著我們的 DRAM 成本下降，即使我們認為未來幾個季度 DRAM 的定價會更有利，我們認為對材料清單的影響不會像每千兆位 2.50 美元那樣顯著。 OEM。

So we don't anticipate any downward trend in density per unit going throughout the rest of our fiscal year.

因此，我們預計在本財年餘下的時間裡，單位密度不會出現任何下降趨勢。

Then maybe just one other question on IMFS.

那麼也許只是關於IMFS的另一個問題。

You talked about the ramp progressing faster than you had expected.

您談到坡道的進展速度比您預期的要快。

Are you guys still targeting that 60,000, 65,000 wafer starts per month by the end of the year or has that number now gone up?

你們的目標是在年底之前每月啟動 60,000、65,000 片晶圓，還是現在這個數字上升了？

No.

不。

We're still targeting that.

我們仍在瞄準這一點。

Actually, even if we decide to go beyond that, it's unlikely we could have it happen before the end of the year because just the ordering cycle time and the equipment.

實際上，即使我們決定超越這一點，我們也不太可能在年底之前實現它，因為僅僅是訂購週期和設備。

So, that's a good target to use for now, and as we've noted before, we're just going to watch the markets as we go through time.

所以，這是現在使用的一個很好的目標，正如我們之前提到的，隨著時間的推移，我們將觀察市場。

But we're trying to get to that 60K as the first benchmark.

但我們正試圖將 60K 作為第一個基準。

And then, just a final question.

然後，只是最後一個問題。

Can you remind us when the first quarter is when your output share of IMSF is aligned with your ownership share?

您能否提醒我們第一季度您在 IMSF 的產出份額與您的所有權份額一致的時間？

Because I know there is a 12-month lag there.

因為我知道那裡有 12 個月的延遲。

Kate, this is Ron.

凱特，這是羅恩。

It depends upon the timing of capital injections, which happen every several months.

這取決於注資的時機，注資每幾個月發生一次。

So -- and there is an approximately 12-month lag effect per the agreement in terms of the share changing.

所以——就份額變化而言，每個協議都有大約 12 個月的滯後效應。

So here this summer, we'll have the effect of the first capital calls where our partner didn't fully participate, and it will sequence from there.

因此，今年夏天，我們將在我們的合作夥伴沒有完全參與的情況下獲得第一次資本調用的影響，並將從那裡開始排序。

But right now, we're at about 78% ownership and our output share is about 53%, and that will ratchet up in significant steps here starting in the summer.

但現在，我們擁有約 78% 的所有權，我們的產出份額約為 53%，從夏季開始，這將顯著提高。

Daniel Berenbaum, Auriga USA.

Daniel Berenbaum，美國禦夫座。

Can you talk a little bit about maybe guidance in the wireless and embedded segment that I'm just sort of parsing through the data sheet here, and can you then talk about -- the wireless profitability obviously seems fairly low.

你能否談談無線和嵌入式領域的指導，我只是在這里通過數據表進行解析，然後你能談談 - 無線盈利能力顯然似乎相當低。

Can you talk about how that business trends, both in terms of revenue and profitability, over the course of maybe the next year, 1.5 years or so relative to the embedded group.

你能談談在收入和盈利能力方面的業務趨勢如何，可能是在接下來的一年裡，相對於嵌入式集團而言，大約是 1.5 年。

We're going to stay away from any guidance at the BU level.

我們將遠離 BU 級別的任何指導。

If you'd like Mark Adams to talk a little bit about the wireless segment in general, we're happy to do that.

如果您希望 Mark Adams 談談一般的無線領域，我們很樂意這樣做。

But we're going to stay away from any projections and guidance on the BU level.

但我們將遠離 BU 級別的任何預測和指導。

I might just add there's a couple of things I mentioned in my comments, and that is that we are still flowing through higher cost purchase accounting inventory which is significantly hitting WSG, and I mentioned that's significantly through as of this quarter end, and now it's going to tend to be a longer trend line and not have as big an effect on our financials.

我可能只是補充一下我在評論中提到的幾件事，那就是我們仍在流經成本較高的採購會計庫存，這對 WSG 造成了重大打擊，我提到截至本季度末，這已顯著結束，現在是往往是一條較長的趨勢線，對我們的財務狀況沒有那麼大的影響。

So, there was an impact on both WSG and BSG businesses in terms of the purchase accounting effects.

因此，就採購會計影響而言，WSG 和 BSG 業務均受到影響。

I also mentioned that there is Hynix material volume that is being purchased at market price, and we're in the process of transitioning over some of that NAND volume, and as that happens in the coming quarters, it will improve the margin, everything else being equal.

我還提到海力士的材料量是以市場價格購買的，我們正在過渡部分 NAND 量，隨著未來幾個季度發生這種情況，它將提高利潤率，其他一切平等。

So those are two things to keep in mind that are currently impacting that will change here in the next coming quarters.

因此，有兩件事要記住，目前正在影響這將在接下來的幾個季度發生變化。

Okay, and then, maybe just to follow up in the other segment, is that basically all imaging or is there other -- is there another component to the other segment?

好的，然後，也許只是在另一個部分跟進，基本上是所有成像還是還有其他 - 另一個部分是否有另一個組件？

That's things that aren't of significant enough size to warrant a segment treatment by the normal tests.

這些東西的大小不足以保證通過正常測試進行分段處理。

But it does include Aptina Imaging, display, solar activities, that sort of thing.

但它確實包括 Aptina 成像、顯示器、太陽活動之類的東西。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

Steve, getting back to the issue of Japan, is there a concern that memory doesn't become sort of the bottleneck component of the system, like -- it's something else.

史蒂夫，回到日本的問題，是否擔心內存不會成為系統的瓶頸組件，就像——它是別的東西。

In that situation, do we have to worry about inventory being built in memory in the calendar second quarter, which will have an adverse impact on pricing?

在這種情況下，我們是否必須擔心在日曆第二季度在內存中建立庫存，這將對定價產生不利影響？

How should we think about that?

我們應該怎麼想？

I didn't hear the first part of your -- can you repeat the first part of the question?

我沒有聽到你的第一部分——你能重複問題的第一部分嗎？

What would have an adverse impact?

會有什麼不利影響？

Let's assume that memory isn't the gating factor for getting systems shipped out the door; it's another component.

讓我們假設內存不是讓系統出貨的關鍵因素；這是另一個組件。

Is there a risk that we see an increase in memory inventory for the industry?

我們是否有看到行業內存庫存增加的風險？

How do we think about that dynamic?

我們如何看待這種動態？

Well, it's -- that's a tough one to gauge because, clearly, there's going to be impact on supply of memory, I think.

嗯，這是一個很難衡量的問題，因為我認為顯然會對內存供應產生影響。

If you look at where some of the large fabs are, despite the fact that some of them didn't go down hard, those of us in the memory business know that all you have to do is have a couple of hours of a problem and it takes you several weeks to recover.

如果你看看一些大型晶圓廠在哪裡，儘管事實上其中一些並沒有倒下，但我們這些從事內存業務的人都知道，你所要做的就是解決幾個小時的問題，然後你需要幾個星期才能恢復。

So, there's going to be an impact on the supply side, and to the extent that there is something that happens that impacts it on the demand side, which I noted in my opening comments, that's just impossible for us to predict.

因此，將對供應方產生影響，並且在一定程度上發生的事情會影響需求方，我在開場評論中指出，這對我們來說是無法預測的。

We just don't know how that sorts out, and the pluses and minuses on it.

我們只是不知道這是如何解決的，以及它的優缺點。

And actually, I don't think it's -- as I mentioned earlier, it's probably not a phenomenon in the next 30 to 60 days.

實際上，我不認為這是 - 正如我之前提到的，在接下來的 30 到 60 天內可能不會出現這種現象。

It's something after that, if in fact there even is an effect.

這是在那之後的事情，如果實際上甚至有影響的話。

And then, I guess, Ron, on the operating margin side by business unit, where does the Samsung settlement kind of get accounted for in those buckets?

然後，我想，羅恩，在業務部門的營業利潤率方面，三星和解在這些桶中佔什麼位置？

Yes, it's actually spread because it's a broad-based license among all the businesses.

是的，它實際上是傳播的，因為它是所有企業中基礎廣泛的許可證。

And then, guys, my last question just on DRAM mix.

然後，伙計們，我的最後一個問題是關於 DRAM 組合的。

Can you help me understand PC, server, and mobile in the quarter just reported?

您能幫我了解剛剛報告的季度中的 PC、服務器和移動設備嗎？

And, I guess, when do you expect to be able to ship server-ready DRAM from Inotera and help me understand how that might impact the mix if servers starts to grow?

而且，我想，您預計何時能夠從 Inotera 交付服務器就緒 DRAM，並幫助我了解如果服務器開始增長，這可能會如何影響組合？

We are looking at qualifying the Inotera output sometime in the second half of the year.

我們正在考慮在今年下半年的某個時候對 Inotera 輸出進行排位賽。

In terms of a breakout of sales, we are running around 25% to 30% of our bits in PC, around 25%.

在銷售突破方面，我們在 PC 上運行了大約 25% 到 30% 的位，大約 25%。

Maybe a little bit lower last quarter.

上個季度可能會低一點。

It should ramp up a little bit this quarter, but in the mid-20%.

本季度應該會有所上升，但在 20% 左右。

Server, we generally run about twice our market share.

服務器，我們通常運行大約兩倍的市場份額。

So if we're running 15% to 18% worldwide market share, we're generally running in the 30s in terms of server market share worldwide.

因此，如果我們運行 15% 到 18% 的全球市場份額，那麼就全球服務器市場份額而言，我們通常運行在 30 年代。

And networking, we do about the same thing.

和網絡，我們做同樣的事情。

We also outrun our market share in those markets also.

我們也超過了我們在這些市場的市場份額。

And Kipp, anything meaningful in mobile DRAM yet?

Kipp，在移動 DRAM 中有什麼有意義的東西嗎？

Coming out of Inotera?

從伊諾特拉出來？

Not out of Inotera, out of Micron itself.

不是來自 Inotera，而是來自美光本身。

Is it a big enough percentage of the DRAM business to start breaking out?

DRAM 業務中是否有足夠大的比例開始爆發？

They just began running mobile wafer starts this month at Inotera.

他們本月剛剛開始在 Inotera 運行移動晶圓。

Perfect.

完美的。

Thanks, guys.

多謝你們。

Vijay Rakesh, Sterne, Agee.

維杰·拉克什、斯特恩、阿吉。

Just trying to figure out when you look at Japan, going back to that, how much of the wafer supply on your DRAM, NAND, or NOR comes out of Japan?

只是想弄清楚當您查看日本時，回到那個時候，您的 DRAM、NAND 或 NOR 上的晶圓供應中有多少來自日本？

We have pretty minimal exposure to wafer supply specifically out of Japan.

我們幾乎沒有接觸到特別是日本以外的晶圓供應。

We carry about five different suppliers.

我們有大約五家不同的供應商。

Different competitors that we have do have a much larger, as Steve mentioned in his opening comments, exposure to Japanese facilities.

正如史蒂夫在開場評論中提到的那樣，我們擁有的不同競爭對手確實擁有更大的日本設施。

Yes, even the supply that we have from one of the larger Japanese guys actually comes from a U.S.

是的，即使我們從一個較大的日本人那裡獲得的供應實際上也來自美國。

plant.

植物。

Got it.

知道了。

Okay.

好的。

And on the NAND side, you talked about the Singapore fab.

在 NAND 方面，您談到了新加坡工廠。

How far is it -- how much is it prioritized now?

它有多遠——現在優先考慮多少？

And the second part is, you mentioned 65,000 wafers additive incremental to the second half.

第二部分是，你提到下半年增加了 65,000 個晶圓。

If it is at SLC, that obviously will be much lighter on the total bit growth that you're seeing, right?

如果是在 SLC，那顯然你看到的總比特增長會輕得多，對吧？

I couldn't -- you're breaking up a little bit.

我不能——你有點分手了。

We're not going to give you the exact number of outs today, but suffice it to say we're about two months ahead of what we thought the ramp schedule would be.

今天我們不會給你確切的出局數量，但可以說我們比我們認為的斜坡時間表提前了大約兩個月。

And if you'd like to repeat the second half of that, we'll cover it.

如果你想重複下半部分，我們會覆蓋它。

I'm just wondering, if we assume 65,000 wafer starts incremental from the Singapore fab, if it's -- a lot of it is SLC, the bit growth probably is not as strong overall, right?

我只是想知道，如果我們假設從新加坡晶圓廠開始增加 65,000 片晶圓，如果是——其中很多是 SLC，那麼位增長可能整體上沒有那麼強勁，對吧？

Are you asking the relation between SLC and MLC?

你問的是SLC和MLC之間的關係嗎？

SLC and your wafer starts.

SLC 和您的晶圓開始。

If it's all MLC, 65,000 wafer starts, that will be a lot of bit growth, but if it's SLC, probably not as much bit growth, right?

如果都是MLC，65,000片開始，那將是很多位增長，但如果是SLC，可能沒有那麼多位增長，對吧？

That's correct.

這是正確的。

You have the right ratio.

你有正確的比例。

MLC would certainly increase that, as would TLC.

MLC 肯定會增加這一點，TLC 也會如此。

Great.

偉大的。

I'm just trying to figure how the supply on the NAND side would look in the second half, so.

我只是想弄清楚下半年 NAND 方面的供應情況如何，所以。

It will be increasing for us.

對我們來說會越來越多。

Uche Orji, UBS.

Uche Orji，瑞銀。

Let me just start off by asking you about SSD.

讓我先問你關於 SSD 的問題。

I think in your prepared remarks, you talked about SSD growing really fast.

我認為在您準備好的評論中，您談到了 SSD 的增長速度非常快。

The main -- from a consumer standpoint, I'm not quite sure I know -- outside of Apple, I don't see many SSD-based notebooks in the marketplace.

主要的——從消費者的角度來看，我不太確定我知道——在蘋果公司之外，我在市場上看不到很多基於 SSD 的筆記本電腦。

But can you just talk about what's been driving the demand there and how sustainable that is?

但是你能談談是什麼推動了那裡的需求以及這種需求的可持續性嗎？

I mean, we had all expected that NAND price -- NAND flash prices need to go down significantly to drive SSD demand, but that seems to be happening.

我的意思是，我們都預計 NAND 價格——NAND 閃存價格需要大幅下降以推動 SSD 需求，但這似乎正在發生。

So any comment as to what's driving that, given how resilient NAND flash bytes have been, would just be helpful.

因此，考慮到 NAND 閃存字節的彈性，任何關於是什麼驅動的評論都會有所幫助。

Thank you.

謝謝你。

I think one underlying piece of the SSD solution was the underlying controller development that had to go on over the last couple of years to get that market going.

我認為 SSD 解決方案的一個基礎部分是在過去幾年中必須繼續進行基礎控制器開發以推動該市場的發展。

So, we talk a lot about price per gigabyte and the value proposition to the consumer.

因此，我們經常談論每 GB 的價格和對消費者的價值主張。

In fact, the notebook segment is still driving that growth, by and large, although enterprise is starting to play out pretty nicely, as I said, because of the technology and development around intelligent controllers and firmware development around making these things more reliable from an enterprise requirements standpoint.

事實上，總的來說，筆記本電腦市場仍在推動這種增長，儘管正如我所說，由於圍繞智能控制器和固件開發的技術和開發使這些東西從企業需求的立場。

So, the markets are pretty strong.

因此，市場非常強勁。

The OEM segments are good.

OEM細分市場很好。

I would also suggest that the aftermarket integrator and VAR market has proven to be very successful for us so far, through the Lexar and Crucial channels.

我還建議，到目前為止，通過 Lexar 和 Crucial 渠道，售後市場集成商和 VAR 市場對我們來說非常成功。

So, it's a combination of some OEM desktop preconfigured machines, as well as some aftermarket that have combined for some pretty impressive growth, at least from what we see internally as well as the upside forecast for the back half of the year.

因此，它是一些 OEM 桌面預配置機器的組合，以及一些售後市場的組合，這些組合帶來了相當可觀的增長，至少從我們內部看到的情況以及下半年的上行預測來看是這樣。

I think enterprise is now becoming more real in terms of the opportunity for us as an industry to put these devices in the backend of major companies and have the reliability and performance benefits that we have counted all along.

我認為企業現在正變得越來越現實，因為我們作為一個行業有機會將這些設備置於大公司的後端，並擁有我們一直以來所重視的可靠性和性能優勢。

That's helpful.

這很有幫助。

And from what you're seeing, obviously that seems to be a trend that will continue through the rest of the year.

從您所看到的情況來看，顯然這似乎是一種趨勢，將持續到今年餘下的時間。

That's how one will read all these trends you just mentioned?

這就是人們將如何閱讀您剛才提到的所有這些趨勢？

Yes, I think -- we're very optimistic about the market potential that we've seen so far, both in the OEM segment and the channel, so, yes, we don't see any reason that would stop.

是的，我認為 - 我們對迄今為止在 OEM 領域和渠道中看到的市場潛力非常樂觀，所以，是的，我們看不到任何會停止的理由。

Actually, again, I think the reason we're bullish on the enterprise, I think the enterprise game is just starting because the technology around the flash itself, which Micron has invested in over the last couple of years, is mature enough to bring to the enterprise.

實際上，我再次認為我們看好企業的原因，我認為企業遊戲才剛剛開始，因為美光在過去幾年中投資的閃存本身的技術已經足夠成熟，可以帶來企業。

When you were making comments about NAND in your prepared remarks, you seemed very positive in terms of how you expect pricing to develop through the rest of the year.

當您在準備好的評論中對 NAND 發表評論時，您對今年剩餘時間的定價如何發展似乎非常樂觀。

I mean, embedded in that, obviously, is that you have thoughts on supply from the rest of the industry.

我的意思是，顯然，你對行業其他部門的供應有想法。

So any comments you can make as to what you think the supply/demand dynamics are for NAND flash through the rest of this year?

那麼，您對今年剩餘時間內 NAND 閃存的供需動態有何評論？

And also, within that, you talked about tablets a lot.

而且，在這之中，你談到了很多平板電腦。

There are concerns about the non-Apple iPad tablets not selling through.

有人擔心非 Apple iPad 平板電腦無法銷售。

If that were to be really the case, does that affect your expectation for NAND price development through the rest of this year?

如果真的是這樣，這是否會影響您對今年剩餘時間 NAND 價格發展的預期？

I think how we look at the NAND market is that you've really got three pretty significant application drivers lining up at once, and that's why, I think, in general the market has been bullish on NAND going into 2011.

我認為我們對 NAND 市場的看法是，你真的同時擁有三個非常重要的應用驅動程序，這就是為什麼，我認為，總的來說，市場一直看好 NAND 進入 2011 年。

We haven't changed our position because, in fact, when you break it down the smartphone market is still driving significant NAND demand.

我們沒有改變我們的立場，因為事實上，當你把它分解時，智能手機市場仍在推動巨大的 NAND 需求。

The SSD market is really playing out pretty nicely this year.

SSD 市場今年的表現確實不錯。

And we feel bullish as it does, to my earlier comments.

對於我之前的評論，我們對此感到樂觀。

And then, the tablet market really has been a very sudden surprise from a NAND perspective year over year when you think about where it was just 12 months ago.

然後，考慮到 12 個月前的情況，從 NAND 的角度來看，平板電腦市場真的是一個非常突然的驚喜。

So, when you line that up, given the NAND supply picture for 2011, we're still bullish on NAND in general.

所以，當你把它排成一行時，考慮到 2011 年的 NAND 供應情況，我們總體上仍然看好 NAND。

I think you asked about -- the last part, if I understood correctly, was with regards to if tablets don't manifest themselves to be as strong as they look right now.

我想你問過——如果我理解正確的話，最後一部分是關於平板電腦是否沒有像現在看起來那麼強大。

Of course, that potentially could impact demand, but we think NAND is in a pretty good place.

當然，這可能會影響需求，但我們認為 NAND 處於一個相當不錯的位置。

It would have to be pretty dramatic.

它必須非常戲劇化。

And remember, of the three categories, the tablets would be the lower of the consuming categories.

請記住，在這三個類別中，平板電腦是消費類別中較低的一個。

Sure.

當然。

And just lastly, if prices were to hold steady from where they are now, what will be the change to ASPs for NAND, DRAM, and NOR by the end of this quarter?

最後，如果價格從現在的水平保持穩定，到本季度末，NAND、DRAM 和 NOR 的 ASP 會有什麼變化？

We have flat DRAM quarter to date and we have NAND up a couple percent.

迄今為止，我們的 DRAM 季度持平，NAND 增長了幾個百分點。

Kevin Cassidy, Stifel Nicolaus.

凱文·卡西迪，斯蒂菲爾·尼古拉斯。

Thanks for taking my question.

感謝您提出我的問題。

On your strategy for moving to more specialty DRAM and also to higher-margin NAND flash, how quickly can that reverse?

關於您轉向更專業的 DRAM 以及利潤率更高的 NAND 閃存的戰略，這種情況能以多快的速度逆轉？

Is this a permanent change or -- I guess, maybe, it's along the lines of questions that you always had about converting from NAND to DRAM.

這是一個永久性的變化，還是——我想，也許，這與你從 NAND 轉換為 DRAM 時一直存在的問題有關。

Can you do the same with the specialty going back to core DRAM?

你可以對回到核心 DRAM 的專業做同樣的事情嗎？

This is Mark again.

這又是馬克。

Steve in prior calls has mentioned that the NAND business looks like the DRAM business from early generation of the DRAM and the market behavior, and in fact, I think we're seeing that.

史蒂夫在之前的電話會議中提到，NAND 業務看起來像早期 DRAM 和市場行為的 DRAM 業務，事實上，我認為我們正在看到這一點。

I think -- if you look at what I would call generation one of NAND, it was primarily photography, USB, with a little MP3.

我認為——如果你看一下我所說的第一代 NAND，它主要是攝影、USB 和一點 MP3。

Now when you think about it, NAND is the effective storage platform for smartphones, for tablets, and moving into notebooks and even enterprise storage.

現在想想，NAND 是智能手機、平板電腦、筆記本電腦甚至企業存儲的有效存儲平台。

So the maturity of NAND and the role it's playing in storage will allow us to treat that in terms of more specialty value add that Micron can bring in addition to the silicon itself, and so I think that's been a good thing.

因此，NAND 的成熟度及其在存儲中所扮演的角色將使我們能夠從美光除了矽本身之外可以帶來的更多特殊附加值的角度來看待它，所以我認為這是一件好事。

You can see -- we feel pretty confident that our mix will continue to improve over time.

你可以看到——我們非常有信心我們的組合會隨著時間的推移繼續改進。

We've talked a little bit about why we've stayed so focused on two-bit technology in addition to our leadership position around the 25 nm offering and why we stayed with two bit.

除了我們在 25 nm 產品方面的領先地位以及為什麼我們堅持使用 2 位技術之外，我們已經談了一些關於為什麼我們一直如此專注於 2 位技術的原因。

Because of performance and all the specifications we are trying to drive with our customer applications, we continue to believe that regardless of how we transition, and we are transitioning to three bit, the value add is around the NAND, not just the NAND itself.

由於我們試圖通過客戶應用驅動的性能和所有規格，我們仍然相信，無論我們如何過渡，並且我們正在過渡到三位，增值都圍繞著 NAND，而不僅僅是 NAND 本身。

So, that will continue for Micron.

因此，美光將繼續這樣做。

On the DRAM side of the business, it's really one around the opportunities we've cultivated in the past.

在 DRAM 業務方面，這實際上是圍繞我們過去培養的機會。

Very strong server share, very strong networking share, and those are two good ones that continue to grow nicely for us from a density per unit and, really, just overall units out the door.

非常強大的服務器份額，非常強大的網絡份額，這兩個很好的份額繼續為我們從每單位的密度增長，實際上，只是整體單位。

So, we're positioned well in those segments, and I would continue to think those are opportunities for us to grow.

因此，我們在這些領域處於有利地位，我會繼續認為這些是我們成長的機會。

Maybe if I could turn to Inotera, is their supply chain very similar to your internal supply chain, or do they have exposure to Japan also?

也許如果我可以求助於 Inotera，他們的供應鍊是否與您的內部供應鏈非常相似，或者他們也接觸過日本？

Well, in some ways I think they are similar in areas, but they actually, I think, have less exposure to Japan than we do, just because traditionally we have had good relationships with Japanese companies over several decades.

嗯，在某些方面我認為他們在領域上是相似的，但實際上，我認為他們對日本的接觸比我們少，只是因為傳統上我們與日本公司有幾十年的良好關係。

And they, as I said, they actually have less reliance upon Japanese suppliers than Micron does.

正如我所說，他們實際上對日本供應商的依賴程度低於美光。

Great.

偉大的。

Thanks.

謝謝。

Congratulations.

恭喜。

Manish Goyal, CREF Investments.

Manish Goyal，CREF 投資。

I have a question on mobile DRAMs.

我有一個關於移動 DRAM 的問題。

Can you maybe give some color where you see your internal capacity or your wafer allocation going forward in mobile DRAM, and specifically what densities you are targeting?

您能否提供一些顏色來說明您在移動 DRAM 中的內部容量或晶圓分配情況，特別是您的目標密度是多少？

Manish, we're not going to give out any specifics.

Manish，我們不會給出任何細節。

We certainly don't want to give our strategy out to competitors who are certainly most listening to the call.

我們當然不想將我們的策略透露給那些肯定最聽電話的競爭對手。

So, if you'd like to answer -- ask a different question, feel free.

所以，如果你想回答——問一個不同的問題，請隨意。

Perhaps, can you give some color as to how much mobile DRAM do you procure from the open market today?

或許，您能否說明一下您今天從公開市場採購了多少移動 DRAM？

How much what from the open market?

多少來自公開市場？

Manish, you are referencing the Hynix relationship?

Manish，你指的是海力士的關係嗎？

Is that the question?

是這個問題嗎？

Yes.

是的。

Yes, because that's -- they're trying to match that up traditionally with what the Numonyx business was.

是的，因為那是——他們正試圖將其與傳統上的恆憶業務相匹配。

I actually don't know right off hand myself.

其實我自己也不是很清楚。

We buy a little bit of outside DRAM that goes into mobile applications, but that's -- we're transitioning out of that, as I mentioned, along with the NAND, over the next several quarters.

我們購買了一些用於移動應用的外部 DRAM，但正如我所提到的，我們將在接下來的幾個季度中與 NAND 一起過渡。

It's not a lot.

這不是很多。

So, I'm just trying to understand that over the last several quarters or years, you've talked a lot about mobile DRAM, but we've not really seen a whole lot of progress.

所以，我只是想了解，在過去的幾個季度或幾年中，您已經談論了很多關於移動 DRAM 的內容，但我們並沒有真正看到很多進展。

So, where and when is the inflection point and what will traverse that?

那麼，拐點在何時何地是什麼時候，什麼會穿過它？

I think -- a couple of things to point out.

我想——有幾點需要指出。

One is that mobile DRAM, in terms of the consumption of it, has obviously predominantly been, and is occurring, in terms of densities in the smartphone arena.

其中之一是，就其消耗而言，移動 DRAM 在智能手機領域的密度方面顯然主要是並且正在發生。

And if you look at what's happened historically, it hasn't been that long ago since they started converting to a NAND DRAM combination going into the MCP, which has been addressing the higher density needs in the wireless space itself.

如果你看看歷史上發生的事情，不久前他們開始轉換為進入 MCP 的 NAND DRAM 組合，這一直在解決無線空間本身的更高密度需求。

Previous to that, it was either relatively low density, and by the way, we are one of the largest pseudo-static RAM suppliers in the world, which is really just a DRAM with a static [front] interface.

在此之前，它要么是相對低密度的，順便說一下，我們是世界上最大的偽靜態 RAM 供應商之一，它實際上只是一個帶有靜態 [正面] 接口的 DRAM。

We are one of largest suppliers in the world and have been for a long time, and almost all that product was going into the wireless space.

我們是世界上最大的供應商之一，並且已經存在很長時間了，幾乎所有的產品都進入了無線領域。

So, I guess I would characterize it a little bit differently than you did.

所以，我想我會和你的描述有點不同。

I think what you're specifically referencing is what they characterize as kind of the low-power, high-density DRAM stuff.

我認為你具體提到的是他們將其描述為低功耗、高密度 DRAM 的東西。

And it hasn't been in the wireless space in large amounts for all that long a time.

很長一段時間以來，它都沒有大量出現在無線領域。

Betsy Van Hees, Wedbush.

Betsy Van Hees，韋德布什。

First and foremost, congratulations on the quarter.

首先，祝賀本季度。

I think this is kind of an historic moment for you guys.

我認為這對你們來說是一個歷史性的時刻。

Isn't this the first time that you've ever been profitable during a DRAM downturn?

這不是您第一次在 DRAM 低迷時期盈利嗎？

Well, it's -- yes.

嗯，它是——是的。

First of all, thanks.

首先，謝謝。

Actually, we were able to basically break even in 1990, 1991 in a mild downturn that occurred then.

實際上，我們能夠在 1990 年、1991 年在那時發生的溫和衰退中基本實現收支平衡。

That's the last time that it's happened, and even then, we weren't really profitable at the time.

這是最後一次發生這種情況，即便如此，我們當時也沒有真正盈利。

We were just breaking even, but we stayed positive, and that's the first time it's happened.

我們剛剛收支平衡，但我們保持積極，這是第一次發生。

And I think the other thing that's, I guess, worth noting is that clearly we just came out -- we think we're bottoming the downturn and we're able to maintain -- I guess this is our sixth quarter of [our own] profitability, and we think it improves from here throughout the year.

我認為另一件值得注意的事情是，很明顯我們剛剛出來——我們認為我們正在觸底衰退並且我們能夠維持——我想這是我們自己的第六季度] 盈利能力，我們認為它從這裡全年都會有所改善。

When we look at DRAM, I would imagine, with the gross margins around 19%, that that was probably pretty much the significant drag on margins.

當我們查看 DRAM 時，我會想像，毛利率約為 19%，這可能是對利潤率的重大拖累。

And as we look at the mix going forward, how can we look at -- I know you guys don't like to give any type of guidance in terms of gross margins, but how can we look at that in terms of getting back to maybe where you were in fiscal Q2 of last year?

當我們展望未來的組合時，我們如何看待 - 我知道你們不喜歡在毛利率方面提供任何類型的指導，但我們如何看待回歸到也許你在去年的第二財季？

How is that going to help us?

這對我們有什麼幫助？

How can you help us in our modeling?

您如何幫助我們進行建模？

A couple of things.

有幾件事。

One, remember that along the lines of what Mark said and we said earlier is that we won't need rising pricing in order to build margin in.

一，請記住，按照馬克所說的和我們之前所說的，我們不需要提高定價來增加利潤。

We're going to continue to drive down our costs per quarter, so even flat pricing, our margin will expand from where it's at.

我們將繼續降低每季度的成本，因此即使定價不變，我們的利潤率也會從原來的水平擴大。

Secondly, I don't think there's any question that, as Mark Adams already noted, that the PC space in terms of the margin, as you already noted and highlighted, was a drag on us in our margin.

其次，我不認為有任何問題，正如馬克亞當斯已經指出的那樣，PC 空間在邊距方面，正如你已經指出和強調的那樣，在我們的邊距中拖累了我們。

And we actually -- I think we're in an improving environment in that space, too.

我們實際上 - 我認為我們在那個領域也處於一個改善的環境中。

So, that combined with I think we would also acknowledge that we haven't fully optimized the DRAM operations around the world yet, and there is still is some progress to be made there.

因此，再加上我認為我們也承認我們還沒有完全優化全球的 DRAM 操作，並且仍然需要取得一些進展。

I guess the way I'd characterize it is there's some runway left there in addition to our normal cost reduction.

我想我描述它的方式是除了我們正常的成本降低之外，還有一些跑道。

So, when you add all those up, I guess I think that's how you ought to think about it in terms of modeling what's going forward.

所以，當你把所有這些加起來時，我想我認為這就是你應該如何考慮建模未來的方式。

Thanks, that was helpful.

謝謝，這很有幫助。

Then I want to take another run at the mix of MLC versus SLC.

然後我想再試一次 MLC 與 SLC 的組合。

If we look at your production today, can you give us the percentage that is SLC, and as you exit the calendar year, what do you expect the percent of SLC mix to be?

如果我們今天查看您的生產，您能告訴我們 SLC 的百分比嗎？當您退出日曆年時，您預計 SLC 混合的百分比是多少？

I'll tell you what we are today, but we probably won't give you the exit because we will continue to optimize for the market.

我會告訴你我們今天的情況，但我們可能不會讓你退出，因為我們將繼續針對市場進行優化。

We run about 95% MLC today, about 5% SLC.

我們今天運行大約 95% 的 MLC，大約 5% 的 SLC。

Okay, thank you very much, and once again, congratulations.

好的，非常感謝，再次恭喜。

Bobby Gujavarty, Deutsche Bank.

德意志銀行的 Bobby Gujavarty。

I was wondering if one reason for your confidence in content for box growth, is it really enterprise clients?

我想知道您對盒子增長內容充滿信心的一個原因是否真的是企業客戶？

Do you guys see that refresh continuing, and I think that's a higher content per box than a consumer box.

你們看到更新還在繼續嗎，我認為每盒的內容比消費盒高。

Could you comment on that?

你能對此發表評論嗎？

Yes, I think you're spot on.

是的，我認為你是正確的。

I think we think of the two -- the enterprise refresh as definitely driving that growth and the overall market condition.

我認為我們認為兩者 - 企業更新肯定會推動增長和整體市場狀況。

Great.

偉大的。

And just one thing, if you can help me make sense of this.

只有一件事，如果你能幫助我理解這一點。

I noticed in your breakout sheet, you had trade NAND ASPs were down 12, but in the press release, you mentioned that NAND ASPs were down four.

我注意到在你的數據表中，你的交易 NAND ASP 下降了 12，但在新聞稿中，你提到 NAND ASP 下降了 4。

I assumed your trade NAND always has a better ASP performance than your overall NAND.

我假設您的貿易 NAND 始終具有比您的整體 NAND 更好的 ASP 性能。

Maybe I misunderstood that.

也許我誤解了這一點。

Could you help explain the discrepancy?

你能幫忙解釋一下差異嗎？

This is Ron.

這是羅恩。

The trade NAND ASPs are, in fact, the movement of our markets in the NAND marketplace, and the total includes our at-cost shipments to Intel, which are moving with our cost-down movement relative to the products that we ship to them.

事實上，貿易 NAND ASP 是我們在 NAND 市場中的市場運動，總數包括我們向英特爾的按成本出貨量，這些出貨量隨著我們相對於我們向他們運送的產品的成本下降而變化。

So when you look at the total, you've got the combination of those two movements going on.

因此，當您查看總數時，您會看到這兩個動作的組合。

That's why we're also focused going forward on giving you a trade NAND view of what's happening with our trade market, and also the cost per bit related to our trade NAND production, because there is a significant change -- difference in terms of our mix of products versus Intel, for example.

這就是為什麼我們還專注於為您提供貿易 NAND 對我們貿易市場正在發生的事情的看法，以及與我們貿易 NAND 生產相關的每比特成本，因為存在重大變化——我們的例如，產品組合與英特爾的對比。

We mentioned that we have significant SLC mix we're shifting to in the third quarter.

我們提到我們將在第三季度轉向重要的 SLC 組合。

We've got MCP volumes, which also report in our NAND sales volumes, and so, all that factors into the trade ASP numbers we are giving you for Micron, and the average is the mix of those two.

我們有 MCP 銷量，這也反映在我們的 NAND 銷量中，因此，所有這些因素都會影響我們為美光提供的貿易 ASP 數據，平均值是這兩者的混合。

It's the cost on Intel shipments and the trade pricing on Micron shipments.

這是英特爾出貨的成本和美光出貨的貿易定價。

Alex Gauna, JMP Securities.

亞歷克斯·高納，JMP 證券。

Thanks for taking my question.

感謝您提出我的問題。

I believe it already got asked, but it wasn't clear to me.

我相信它已經被問過了，但我不清楚。

In terms of you moving more to SLC, how large is that addressable market?

就您更多地轉向 SLC 而言，這個潛在市場有多大？

How well can it absorb your increased supply and how is it that we've seen the pricing move with you guys at only about 5% of production in SLC that you weren't there for it in terms of these past quarters and the run-up into it?

它如何能很好地吸收您增加的供應量，以及我們如何看到你們的定價變動僅佔 SLC 產量的 5% 左右，而就過去的幾個季度和運行而言，你們並不在那裡-進入它？

I think the question around SLC for us is in those certain high-performing markets that really warrant both the opportunity costs of making the product around the performance we're be asked to hit in terms of specifications from our customers, so markets like high-end enterprise SSD performance, we'll be looking at how SSD -- that architecture -- I mean, sorry, SLC plays in that architecture density in a combination with an SLC/MLC architecture.

我認為對我們來說，圍繞 SLC 的問題是在那些真正保證製造產品的機會成本圍繞我們被要求在客戶規格方面達到的性能的某些高性能市場中，所以像高性能市場這樣的市場最終企業級 SSD 性能，我們將研究 SSD - 該架構 - 我的意思是，抱歉，SLC 與 SLC/MLC 架構相結合，在該架構密度中發揮作用。

Those types of things we're evaluating from a technology standpoint, so it's really basically the opportunity costs to manufacture it versus what we can garner in the market to justify that production switch.

我們從技術的角度評估這些類型的東西，所以基本上是製造它的機會成本與我們可以在市場上獲得的成本來證明生產轉換的合理性。

Are you aware of any of your competition making similar moves or should we feel pretty good about the ability for this market to absorb your moves?

您是否知道您的任何競爭對手都採取了類似的舉措，或者我們是否應該對這個市場吸收您的舉措的能力感到非常滿意？

Yes, we see other players looking at it because, again, when you look at the enterprise storage market, this is not a glorified USB.

是的，我們看到其他玩家也在關注它，因為再一次，當您查看企業存儲市場時，這並不是一個美化的 USB。

This is something that's very sophisticated and much different than the pure NAND players understand.

這是非常複雜的東西，與純 NAND 玩家所理解的有很大不同。

And so, why we haven't been so big on the three-bit per cell campaign up until today is because performance, reliability, and endurance around the enterprise sector is going to make a winner from a solution standpoint, and we're very focused on not just the NAND, as I said earlier, but all the technology that goes around it in making a world-class product, and that's going to be more on the SLC type of architecture or high-performing controllers with a combination thereof.

因此，為什麼直到今天我們還沒有在每單元 3 位的活動上如此投入，因為從解決方案的角度來看，企業領域的性能、可靠性和耐用性將成為贏家，而且我們非常正如我之前所說，不僅關注 NAND，還關注圍繞它製造世界級產品的所有技術，這將更多地關注 SLC 類型的架構或高性能控制器及其組合。

And do you think -- just one last one on this topic.

你認為——只是關於這個主題的最後一個。

Do you think that you can get those SLC gross margins towards what you're experiencing in the specialty DRAM at the top of the stack?

您認為您可以將這些 SLC 毛利率與您在堆棧頂部的專業 DRAM 中所經歷的情況相提並論嗎？

Especially in enterprise.

尤其是在企業中。

If you look at -- Alex, and you probably know this better than I do, but if you look at the projections for SSDs in general, while the revenue is very heavily weighted towards the desktop client segment, the overall projected margin profitability by analysts suggest that the enterprise margin is going to be dramatically higher and almost get to a 50% of the overall category margin.

如果你看 - Alex，你可能比我更了解這一點，但如果你看一下 SSD 的總體預測，雖然收入在桌面客戶端領域佔很大比重，但分析師預計的整體利潤率表明企業利潤率將大幅提高，幾乎達到整體類別利潤率的 50%。

I think we have time for one more question.

我想我們還有時間再問一個問題。

Win Cramer, Avian Securities.

Win Cramer，Avian 證券。

Just one quick question on DRAM production.

只是關於 DRAM 生產的一個簡單問題。

Can you talk about as a percentage what is produced at 5X nanometer and 4X nanometer?

你能用百分比來談談 5X 納米和 4X 納米的產量嗎？

We're just looking at the data to make sure we're accurate for you.

我們只是在查看數據以確保我們對您來說是準確的。

This is Ron.

這是羅恩。

Looks like at 5X nanometer, we're running in the neighborhood of 85%.

看起來在 5X 納米，我們在 85% 附近運行。

Okay, but can you talk about the transition schedule -- the 4X and possibly 3X as well?

好的，但是您能談談過渡時間表嗎？ 4X 和可能的 3X？

Yes, we're -- obviously, we're in transition to 4X now.

是的，我們 - 顯然，我們現在正在向 4X 過渡。

It's running in production.

它正在生產中運行。

I think we would expect probably a majority of that could crossover towards the end of this year, sometimes second half of the year would be the majority, and then we also happen to be currently running 3X.

我認為我們預計其中大部分可能會在今年年底交叉，有時下半年將是多數，然後我們也恰好正在運行 3X。

But there is association with that with qualifications and getting it throughout our wafer fab network, and clearly, that wouldn't occur in terms of large volumes probably until we get into next year.

但這與資格和通過我們的晶圓廠網絡獲得它有關，很明顯，在我們進入明年之前，這可能不會在大批量方面發生。

Is that end of the fiscal year or calendar year?

那是財政年度還是日曆年的結束？

With respect to what piece?

就什麼塊？

The 4X.

4X。

You said you'll be there by the end of the year.

你說你會在年底前到達那裡。

Yes, fiscal year.

是的，財政年度。

Thank you.

謝謝你。

Then my last question for you, you hinted towards the fact that you are making progress with TLC.

然後我問你的最後一個問題，你暗示你在 TLC 方面取得了進展。

Is that going to become more of a staple of your business or still two-bit MLC all the way?

這會成為您業務的主要內容，還是一直是兩位 MLC？

Yes, I think, as I was suggesting earlier, the challenge for NAND manufacturers in general is how do you keep the endurance and performance at an acceptable level for the application of where the parts are going?

是的，我認為，正如我之前建議的那樣，NAND 製造商面臨的挑戰是，如何將耐用性和性能保持在可接受的水平，以適應零件的應用？

Historically, TLC has been pretty low-end performance, cycling well below two bit per cell.

從歷史上看，TLC 一直是相當低端的性能，循環遠低於每個單元 2 位。

And so, we'll have to [true] it in the industry, and then again, I mentioned again that Micron has invested pretty heavily around controller and firmware development to enable this, is that that has to become more of an intelligent controller for things like error correction that allows us to gain the performance levels needed for things like SSD and things like smartphones and the mobile wireless market in general.

所以，我們必須在行業中[真正]它，然後，我再次提到，美光在控制器和固件開發方面投入了大量資金來實現這一點，那就是它必須成為一個更智能的控制器諸如糾錯之類的東西使我們能夠獲得 SSD 和智能手機等東西以及整個移動無線市場所需的性能水平。

So, we believe that our roadmap will continue to evolve, utilizing TLC as we've grown in this area, but we've only believed that we're getting there today.

因此，我們相信我們的路線圖將繼續發展，利用我們在該領域發展的 TLC，但我們只相信我們今天已經到達那裡。

We didn't think we missed a big market opportunity in the past.

我們不認為我們過去錯過了一個巨大的市場機會。

You bet.

你打賭。

We would like to thank everyone for participating on the call today.

我們要感謝大家參加今天的電話會議。

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

如果你能容忍我，我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能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並非歷史事實的所有其他陳述都受到許多風險和不確定性的影響，實際結果可能存在重大差異。

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

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

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's Micron Technologies second-quarter 2011 financial release conference call.

今天的美光科技 2011 年第二季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。