美光科技 (MU) 2011 Q3 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是 Sayid，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to Micron Technology's third quarter 2011 financial release conference call.

在此，歡迎大家參加美光科技 2011 年第三季度財務發布電話會議。

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

所有線路都已靜音，以防止任何背景噪音。

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

演講者發言後，將進入問答環節。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

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

現在，我很高興將發言權交給您的主人，先生。

Kipp Bedard.

基普·貝達德。

Sir, you may begin.

先生，您可以開始了。

Thank you, good afternoon, and welcome to Micron Technology's third quarter 2011 financial release conference call.

謝謝大家，下午好，歡迎參加美光科技 2011 年第三季度財務發布電話會議。

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

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

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

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

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

如果您沒有機會查看 2011 年第三季度財務新聞稿，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 76907886.

將有此通話的音頻重播，可通過撥打 706-645-9291 和確認碼 76907886 訪問。

This replay will run through Thursday, June 30, 2011, at 5.30 PM Mountain time.

此重播將持續到 2011 年 6 月 30 日星期四，山區時間下午 5:30。

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

2012 年 6 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 throughout the quarter for the most current information on the Company including information on the various financial conferences that we will be attending.

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

Please note the following Safe Harbor statement.

請注意以下安全港聲明。

I think what I will do is go ahead and read it for you.

我想我要做的就是繼續為您閱讀。

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

在本次電話會議期間，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 on the Company's website.

這些特定因素可以在公司網站上找到。

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。

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

此外，我們沒有義務在演示日期之後更新任何這些前瞻性陳述，以使這些陳述符合實際結果。

What I would like to do now is turn the call over to Mr.

我現在想做的是把電話轉給先生。

Steve Appleton.

史蒂夫阿普爾頓。

Thanks, Kipp.

謝謝，基普。

And I also want to thank everybody for joining us today.

我還要感謝大家今天加入我們。

I thought I would start with a very brief update on Japan.

我想我會先簡要介紹一下日本。

On the supply side, in other words, silicon and other materials like specialty gases and targets, I just want to confirm that there were no interruptions and I think we are past the difficult period.

在供應方面，換句話說，矽和特殊氣體和靶材等其他材料，我只想確認沒有中斷，我認為我們已經度過了困難時期。

I think it's worthwhile to comment on how good the Japanese companies were in executing the recovery strategy and we really don't see any issues with it moving forward.

我認為值得評論一下日本公司在執行複蘇戰略方面的表現如何，我們真的認為它在向前發展方面沒有任何問題。

On the customer side, I think, similar for the most part, but we do see some fallout from the challenges the country is facing in recovering.

在客戶方面，我認為大部分情況類似，但我們確實看到了該國在復蘇過程中面臨的挑戰帶來的一些影響。

In particular, this impacted our ESG revenues and it was about 5% for the quarter.

特別是，這影響了我們的 ESG 收入，本季度約為 5%。

On operations and technology, I think we had a number of achievements that were worth noting.

在運營和技術方面，我認為我們取得了一些值得注意的成就。

Clearly, from the media you would have seen that we sold the Micron Japan wafer fab to TowerJazz and Ron's going to have some more comments on that in a little bit of the detail during his segment.

顯然，從媒體上你會看到我們將美光日本晶圓廠賣給了 TowerJazz，Ron 將在他的部分中對這一點進行一些詳細的評論。

IMFS continues to perform very well.

IMFS 繼續表現良好。

Again, Ron will also add some color on that but, let me just say that we are shipping to customers, qualified product from the facility.

同樣，羅恩也會在上面添加一些顏色，但是，我只想說我們正在向客戶運送來自工廠的合格產品。

I will note that as is typical with us in the past when we bring on a new facility it's focused on pretty much a singular process, known a singular product and all that coming out of that facility is MLC.

我會注意到，就像我們過去的典型做法一樣，當我們引進一個新設施時，它幾乎專注於一個單一的過程，一個已知的單一產品，而從該設施出來的所有東西都是 MLC。

Our 20-nanometer NAND still looks good for a ramp in the second half of the calendar year, so we're pretty pleased with that.

我們的 20 納米 NAND 在日曆年下半年看起來仍然不錯，因此我們對此感到非常滿意。

And then let me add that we are sampling 30-nanometer DRAM from our Virginia facility and that technology will spread to another DRAM facility in the fall.

然後讓我補充一下，我們正在從弗吉尼亞工廠採樣 30 納米 DRAM，該技術將在秋季推廣到另一個 DRAM 工廠。

And then finally, on the SSD side, I mention it under technology because, obviously, that is required to have success in that space.

最後，在 SSD 方面，我在技術下提到它，因為顯然，這是在該領域取得成功所必需的。

Our revenues continue to rise, we are up about just under 40% quarter over quarter, so we feel pretty good about that.

我們的收入繼續增長，我們的季度環比增長不到 40%，所以我們對此感覺很好。

Now, in terms of a couple of market and product segment comments, the DRAM, I think on our last earnings call I noted that we thought that the markets were bottoming at that point.

現在，就市場和產品領域的一些評論而言，DRAM，我認為在我們上次的財報電話會議上，我注意到我們認為市場當時正在觸底。

I think overall this might turn out to be true, but we all know from the reports that at least for us in the memory world that it's stayed at these lower levels.

我認為總的來說這可能是真的，但我們都從報告中知道，至少對於我們在內存世界中的人來說，它一直保持在這些較低的水平。

Fortunately, it is also true that in terms of the DRAM supply that it has been relatively muted compared to last cycle, so that's obviously helpful, although I will note that we've had some inventory accumulation in the channel, in other words, channel and customer base, probably about five weeks.

幸運的是，就 DRAM 供應而言，與上個週期相比，它的供應相對平靜，這顯然是有幫助的，儘管我會注意到我們在渠道中有一些庫存積累，換句話說，渠道和客戶群，大概五週左右。

So, not dramatic, but more than -- a little bit more than we would normally see and more specifically, desktop and notebooks continue to be weak, and I will just say that I don't think we really have a good feel for how that's going to play out over the next quarter or two.

所以，不是戲劇性的，但比我們通常看到的要多一點，更具體地說，台式機和筆記本電腦仍然很弱，我只想說，我認為我們對如何這將在接下來的一兩個季度發揮作用。

I think we could also add wireless to the list of weak markets with respect to the lower value segments.

我認為我們還可以將無線添加到低價值細分市場的弱勢市場列表中。

But, fortunately, most of the other markets actually look pretty good.

但是，幸運的是，大多數其他市場實際上看起來都不錯。

They look better.

他們看起來更好。

Corporate and enterprise actually looks strong through the second half of the year, in particular the server network in a name all look pretty positive.

企業和企業實際上在下半年看起來很強勁，特別是服務器網絡在名稱上看起來都非常積極。

On the NAND front I think the story is a little bit different.

在 NAND 方面，我認為情況有點不同。

Pricing has moved around a little but were for the most part it has been in line with what we expected.

定價略有變動，但在很大程度上符合我們的預期。

Wireless, particularly smartphones, in terms of memory consumption continues to look okay.

無線，尤其是智能手機，在內存消耗方面看起來還不錯。

I mentioned, on the SSD shipments, I will note that we were up quarter two over quarter one and we are up again quarter two over quarter two, as I just said in the 40%.

我提到，在 SSD 出貨量上，我會注意到我們在第二季度比第一季度增長，我們在第二季度比第二季度再次增長，正如我剛才所說的 40%。

So that's obviously very positive.

所以這顯然是非常積極的。

But I think, as opposed to the DRAM inventory levels, for both Micron and our customers, we remain relatively tight in NAND inventory with the big consumption by the SSDs and tablets.

但我認為，與 DRAM 庫存水平相反，對於美光和我們的客戶來說，我們的 NAND 庫存仍然相對緊張，因為 SSD 和平板電腦的消耗量很大。

On the NOR front, as you might expect, other than the hiccup in Japan, it's all pretty steady and normal.

正如你所料，在 NOR 方面，除了日本的打嗝之外，一切都非常穩定和正常。

All this leads me to make a few final comments.

所有這一切讓我做一些最後的評論。

Our business units and the associated structure with those business units in the Company is working well.

我們的業務部門以及與公司這些業務部門的相關結構運作良好。

The structure allows us to strategically focus on customer markets and applications.

該結構使我們能夠戰略性地專注於客戶市場和應用。

I think it's really starting to help drive the diversification of our product line, while at the same time we are able to leverage our advanced technology and manufacturing scale.

我認為這真的開始幫助推動我們產品線的多樣化，同時我們能夠利用我們的先進技術和製造規模。

Ron is going to add a little color later on about the financials, but when you take a closer look at our financials, keep in mind that essentially what occurred during the quarter was that we shipped less product into the commodity markets, we shipped more product in the higher margin markets, and that shifted up our cost structure somewhat, but it also, more so, lifted our margins.

Ron 稍後會為財務狀況添加一點色彩，但是當您仔細查看我們的財務狀況時，請記住，本季度發生的基本上是我們向商品市場運送的產品減少了，我們運送了更多的產品在利潤率較高的市場中，這在一定程度上提高了我們的成本結構，但它也提高了我們的利潤率。

So in summary, I think we are in relatively good shape as compared to some others, but we still have to deal with the continued pricing pressure in the DRAM, in particular in the commodity markets and make sure that we are in the best position we can for whatever happens in these variety of markets moving forward.

總而言之，我認為與其他一些公司相比，我們處於相對良好的狀態，但我們仍然必須應對 DRAM 持續的定價壓力，特別是在商品市場，並確保我們處於最佳位置可以為這些向前發展的各種市場中發生的任何事情。

But, I think, at the end of the day, we feel pretty good about our position.

但是，我認為，歸根結底，我們對自己的位置感覺很好。

And with that, I will hand 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 third quarter of fiscal 2011 ended on June 2.

公司 2011 財年第三季度於 6 月 2 日結束。

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

像往常一樣，我們提供了一個時間表，其中包含本季度的某些關鍵結果以及下一季度某些指標的指導。

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。

As was previously announced, we sold our Japan fab operation to TowerJazz, as Steve mentioned, in the third quarter.

正如之前宣布的那樣，我們在第三季度將我們的日本工廠業務出售給了 TowerJazz，正如史蒂夫所提到的。

We will continue to source waivers from that operation through a wafer supply agreement which extends over approximately the next three years.

我們將繼續通過晶圓供應協議從該業務中獲得豁免，該協議將在未來三年左右延長。

The sales transaction resulted in a gain in other operating income of $54 million in the third quarter.

該銷售交易導致第三季度其他營業收入增加 5400 萬美元。

In addition, there was a tax provision of $74 million stemming from the gain and the write-off of deferred tax assets netting to a $20 million loss for the total transaction in the quarter.

此外，本季度總交易的收益和遞延稅項資產沖銷淨虧損為 2000 萬美元，因此產生了 7400 萬美元的稅收準備金。

Other operating income also includes a gain of $35 million from the final installment from Samsung under the cross-license agreement we entered into earlier this year.

其他營業收入還包括根據我們今年早些時候簽訂的交叉許可協議，三星從最後一期獲得的 3500 萬美元收益。

For the whole fiscal year, we've recognized all of the $275 million gain from the cross-license.

在整個財政年度，我們已經確認了交叉許可帶來的所有 2.75 億美元收益。

Recall that there is withholding tax on these payments that is reflected in income tax provision of $6 million in the third quarter, and $45 million year-to-date.

回想一下，這些付款有預扣稅，這反映在第三季度的 600 萬美元的所得稅準備金和年初至今的 4500 萬美元的所得稅準備金中。

The total tax provision of $104 million in the third quarter includes the effects of the sale to TowerJazz and the Samsung cross-license fee in addition to our regional taxes in other jurisdictions.

除了我們在其他司法管轄區的地區稅外，第三季度的總稅收撥備為 1.04 億美元，包括出售給 TowerJazz 和三星交叉許可費的影響。

As you see from the chart, we expect the tax provision in the fourth quarter to be back to more normal levels.

正如您從圖表中看到的，我們預計第四季度的稅收撥備將恢復到更正常的水平。

IMFS continues to ramp ahead of schedule.

IMFS 繼續提前推進。

As Steve mentioned, we began to charge most of the manufacturing costs in the inventory as we have qualified the site's first products for sale to customers in the third quarter.

正如史蒂夫所提到的，我們開始在庫存中收取大部分製造成本，因為我們已經使該網站的第一批產品在第三季度銷售給客戶。

The Company's overall gross margin percentage improved in the third quarter compared to the previous quarter, primarily due to a favorable mix shift in DRAM, and decreases in DRAM production costs.

與上一季度相比，公司第三季度的整體毛利率百分比有所改善，主要是由於 DRAM 的有利組合轉變以及 DRAM 生產成本的下降。

Total bit sales of NAND products were relatively the same level in the third quarter as in the previous quarter.

第三季度NAND產品的總比特銷售額與上一季度基本持平。

Micron's trade sales shifted toward lower bit density but higher margin SLC devices and client SSD applications, as Steve mentioned, which explains the increase in NAND average selling prices and costs you see in the chart.

正如史蒂夫所提到的，美光的貿易銷售轉向位密度較低但利潤率較高的 SLC 設備和客戶端 SSD 應用，這解釋了圖表中 NAND 平均銷售價格和成本的增加。

Inventories of NAND product increased during the third quarter, primarily as a result of the timing of customer qualifications and the IMFS ramp.

NAND 產品庫存在第三季度有所增加，主要是由於客戶資格的時間安排和 IMFS 的增加。

The mix of product sales by architecture, DRAM, NAND and NOR, was relatively stable in the third quarter compared to the previous quarter.

與上一季度相比，第三季度的架構、DRAM、NAND 和 NOR 的產品銷售組合相對穩定。

With the ramp of IMFS in the fourth quarter, and where Micron has been providing all of the recent capital contributions, Micron's share of IMFS output in the fourth quarter, which is based on ownership share with a one-year lag, will be 57%, and is expected to increase to 83% in about a year based upon current ownership.

隨著第四季度 IMFS 的增加，以及美光一直提供最近的所有出資，美光在第四季度的 IMFS 產出份額（基於滯後一年的所有權份額）將達到 57% ，並且根據目前的所有權，預計將在大約一年內增加到 83%。

Last quarter, we reported operating results for the first time, along with newly established business units of DRAM solutions, NAND solutions and embedded in wireless solutions.

上個季度，我們首次公佈了運營業績，以及新成立的 DRAM 解決方案、NAND 解決方案和嵌入式無線解決方案業務部門。

The third quarter results for DSG tracked closely with the DRAM product ASP, cost per bit and bit volumes presented earlier.

DSG 的第三季度業績與前面介紹的 DRAM 產品 ASP、每比特成本和比特量密切相關。

Although revenue declined, operating income grew through manufacturing cost reductions and increased mix sold to premium DRAM segments, while total average selling prices remained roughly flat.

儘管收入下降，但營業收入通過降低製造成本和增加向高端 DRAM 細分市場銷售的組合而增長，而總平均售價基本持平。

NSG trade sales, that's the NAND solutions group, tracked closely to the NAND trends presented earlier with revenue down but operating income percentage up slightly from the second quarter.

NSG 貿易銷售，即 NAND 解決方案集團，與早先呈現的 NAND 趨勢密切相關，收入下降，但營業收入百分比較第二季度略有上升。

NSG sales to Intel from our IM Flash joint venture were approximately $220 million in the third quarter, an 8% increase compared to the second quarter.

第三季度，我們的 IM Flash 合資企業對英特爾的 NSG 銷售額約為 2.2 億美元，與第二季度相比增長了 8%。

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

回想一下，這些銷售是按接近成本的長期協商價格進行的。

WSG sales of products by architecture in the third quarter were NOR, NAND and DRAM in decreasing order of revenue.

WSG第三季度按架構銷售的產品銷售額依次為NOR、NAND和DRAM。

While NAND and DRAM sales were flat from the second quarter, NOR sales were slightly decreased on lower wireless OEM demand.

雖然 NAND 和 DRAM 銷售額與第二季度持平，但由於無線 OEM 需求下降，NOR 銷售額略有下降。

ESG sales of products by architecture in the third quarter were NOR, DRAM and NAND in decreasing order of revenue with rank order unchanged from the second quarter.

第三季度ESG產品銷售額按架構分類依次為NOR、DRAM和NAND，按收入降序排列，排名與第二季度持平。

ESG revenue decreased 4% in the third quarter, notably in the amusement market which was impacted by the Japan earthquake and tsunami.

第三季度 ESG 收入下降 4%，尤其是在受日本地震和海嘯影響的娛樂市場。

R&D expense for the third quarter of $211 million increased from the second quarter as expected due to higher pre-qualification costs, as we readied key new products for production.

第三季度的研發費用為 2.11 億美元，較第二季度有所增加，原因是資格預審成本增加，因為我們準備生產關鍵的新產品。

R&D expense in the fourth quarter is expected to be at approximately the same level as in the third quarter, between $205 million and $215 million.

第四季度的研發費用預計將與第三季度大致相同，在 2.05 億美元至 2.15 億美元之間。

SG&A expense of $151 million increased compared to the previous quarter, partially as a result of a higher level of costs associated with the Numonyx integration and pending legal matters.

與上一季度相比，SG&A 費用增加了 1.51 億美元，部分原因是與 Numonyx 整合和未決法律事務相關的成本水平較高。

SG&A expense in the fourth quarter is expected to be between $140 million and $150 million.

第四季度的 SG&A 費用預計在 1.4 億美元至 1.5 億美元之間。

The Company generated $589 million in cash flow from operating activities in the third quarter, and we remained free cash flow positive for the period.

公司在第三季度的經營活動中產生了 5.89 億美元的現金流，我們在此期間保持了正的自由現金流。

At the end of the third quarter, we had cash and short-term investments of $2.4 billion.

在第三季度末，我們擁有 24 億美元的現金和短期投資。

Expenditures for property, plant and equipment were $534 million.

不動產、廠房和設備的支出為 5.34 億美元。

We anticipate capital spending in total for this fiscal year to be approximately $2.9 billion.

我們預計本財年的資本支出總額約為 29 億美元。

This amount can vary, however, based on the timing of year end tool receipts.

但是，此金額可能會根據年終工具收據的時間而有所不同。

We estimate capital spending in the next fiscal year to be down with an initial estimate around $2 billion, plus or minus, as the payments for initial IMFS capacity are completed in the first half of the FY 2012 fiscal year.

我們估計下一財年的資本支出將下降，初步估計約為 20 億美元，上下浮動，因為初始 IMFS 產能的支付已在 2012 財年上半年完成。

Decisions on future IMFS capacity expansion, beyond the current target of 60,000 wafers per month by the end of the calendar year, will be made based on overall market demand and customer requirements as we go forward.

在我們前進的過程中，將根據整體市場需求和客戶要求做出未來 IMFS 產能擴張的決定，超越目前在日曆年年底每月生產 60,000 片晶圓的目標。

Primarily due to the additional production assets placed into service at IMFS, we are expecting depreciation and amortization to be between $580 million and $590 million in the fourth quarter, and approximately $2.2 billion for the 2012 fiscal year.

主要由於在 IMFS 投入使用的額外生產資產，我們預計第四季度的折舊和攤銷將在 5.8 億美元至 5.9 億美元之間，2012 財年約為 22 億美元。

During the third quarter, we repaid the remaining balance of $250 million on a credit agreement with our former Tech Semiconductor joint venture.

在第三季度，我們根據與前 Tech Semiconductor 合資企業的信貸協議償還了 2.5 億美元的餘額。

At the same time, we were funded the associated restricted cash deposit of $60 million.

同時，我們獲得了 6000 萬美元的相關限制性現金存款。

In total, during the third quarter, we repaid $327 million of debt, and borrowed $173 million through equipment financing.

第三季度，我們總共償還了 3.27 億美元的債務，並通過設備融資借入了 1.73 億美元。

The current debt-to-capital ratio is 14% after these repayments.

在這些還款後，目前的債務資本比率為 14%。

In the Numonyx acquisition, we assumed a guarantee related to debt in the Numonyx joint venture that included a restricted cash deposit as collateral for the guarantee.

在 Numonyx 收購中，我們承擔了與 Numonyx 合資企業債務相關的擔保，其中包括作為擔保抵押品的受限現金存款。

During the third quarter, that joint venture repaid the debt and we were refunded our $250 million cash deposit.

在第三季度，該合資企業償還了債務，我們收到了 2.5 億美元的現金押金。

As a consequence, $250 million in restricted cash shifted into our cash balance.

因此，2.5 億美元的受限現金轉移到我們的現金餘額中。

In the Numonyx purchase accounting, we recognized a liability for the fair value of that guarantee.

在恆憶採購會計中，我們對該擔保的公允價值確認了一項負債。

That liability was relieved with the termination of the guarantee, which resulted in a $15 million gain in other non-operating income in the third quarter.

隨著擔保的終止，這項責任得到了解除，這導致第三季度其他非營業收入增加了 1500 萬美元。

And for now, I will close and turn it back to Kipp.

現在，我將關閉並將其轉回給 Kipp。

Thanks, Ron.

謝謝，羅恩。

And with that, we would like to take questions from callers.

有了這個，我們想回答來電者的問題。

(Operator Instructions) With that, let's please open up the line.

（操作員說明）這樣，讓我們打開線路。

Thank you.

謝謝你。

(Operator Instructions) Our first question comes from Uche Orji from UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Uche Orji。

Sure.

當然。

Thank you very much.

非常感謝。

So let me start off by asking you about the DRAM expectation bits for the coming quarter?

那麼，讓我首先詢問您對下一季度的 DRAM 預期位嗎？

So one of the observations we've made is your gross margins were (inaudible) your revenues fell short of your expectations.

因此，我們所做的觀察之一是您的毛利率（聽不清）您的收入低於您的預期。

Part of that is as we look into the mix for the coming quarter, what should drive the low- to mid-single-digits?

部分原因是當我們研究下一個季度的組合時，什麼應該推動中低個位數？

Should we expect that mix to also be positive for gross margin?

我們是否應該期望這種組合也會對毛利率產生積極影響？

Yes, around specialty memory those obviously have a positive, more positive, impact to gross margin, was that your question?

是的，圍繞專業記憶，那些顯然對毛利率有積極、更積極的影響，這是你的問題嗎？

That's correct, yes.

沒錯，是的。

Yes.

是的。

Traditionally, memory continues to be our highest gross margin products.

傳統上，內存仍然是我們毛利率最高的產品。

Right.

正確的。

So in terms of how we expect your expectation for the coming quarter, are we expecting -- within that guidance what is your view of what should happen within the PC market and how do you expect the PC market demand for DRAM to pan out?

因此，就我們對您對下個季度的預期而言，我們是否期待——在該指導下，您對 PC 市場應該發生什麼的看法以及您預計 PC 市場對 DRAM 的需求將如何發展？

Hey, this is Mark Adams responding to that.

嘿，這是馬克亞當斯的回應。

I think in general, we've all seen a softening of the desktop/notebook PC climate partially offset by some growth around tablets, more hopeful on the NAND front obviously than on the DRAM front.

我認為總的來說，我們都看到台式機/筆記本電腦環境的疲軟部分被平板電腦的一些增長所抵消，顯然在 NAND 方面比在 DRAM 方面更有希望。

But it's been pretty hard to kind of see beyond Q3 calendar here in terms of what the demand picture looks like.

但就需求情況而言，很難在第三季度日曆之外看到。

As some of bigger OEMs have kind of come out and made their forecast, the analysts certainly have made their forecasts, and overall, the PC environment is weak at this point, and hard for us to call too much further out in the future.

由於一些較大的 OEM 已經出來並做出了預測，分析師當然也做出了預測，總體而言，PC 環境在這一點上很弱，未來我們很難說得太多。

One more question.

還有一個問題。

In terms of servers and networking, that's an area where you see strength, especially your comments earlier.

在服務器和網絡方面，這是您看到優勢的領域，尤其是您之前的評論。

How do you expect that to trend within your guidance for the rest of the year because we see strength from servers for the past few quarters and how much more do you think we could get from that?

由於我們看到了過去幾個季度服務器的實力，您認為這在您的指導下將如何發展，您認為我們還能從中獲得多少？

Well, that's a good point because I should have qualified my comments.

嗯，這是一個很好的觀點，因為我應該對我的評論進行限定。

The PC comments are primarily around the consumer environment.

PC 評論主要圍繞消費者環境。

The corporate refresh is still in process and going fairly well in terms of the demand side for our more enterprise corporate type products and servers certainly is one of the products that Kipp was just referring to as being a better opportunity for us and been more stable for us.

企業更新仍在進行中，就我們更多企業企業類型產品和服務器的需求而言，進展相當順利，這當然是 Kipp 所說的產品之一，對我們來說是一個更好的機會，並且對我們來說更穩定我們。

And we think that continues, not just around the servers but even our networking product portfolio and some of our embedded products, more on the commercial applications.

我們認為這種情況會持續下去，不僅是服務器，甚至是我們的網絡產品組合和我們的一些嵌入式產品，更多的是商業應用。

So the softening we are talking about is primarily around the consumer environment and desktop notebook.

所以我們所說的軟化主要是圍繞消費環境和台式筆記本電腦。

Even Steve made reference to the value lines mobile market.

甚至史蒂夫也提到了價值線移動市場。

But the enterprise application, especially DRAM, continues to be pretty strong for us and we see no reason that's going to change in the coming quarter.

但企業應用，尤其是 DRAM，對我們來說仍然非常強勁，我們認為下個季度沒有理由改變。

And just lastly, IMFS (inaudible) 4Q target, you talked about that ramping.

最後，IMFS（聽不清）第 4 季度目標，您談到了這種增長。

Is it possible for us to know what that will be for the 4Q?

我們是否有可能知道第四季度的情況？

We have given you the bogey of 60,000 wafers per month and the more current guidance is all baked into our bit growth guidance for Q to Q.

我們給了你每月 60,000 片晶圓的忌諱，而最新的指導意見都納入了我們對 Q 到 Q 的位增長指導。

Great, thank you.

太好了謝謝。

Thank you.

謝謝你。

Our next question comes from James Schneider from Goldman Sachs.

我們的下一個問題來自高盛的詹姆斯施耐德。

Good afternoon, and thanks for taking my question.

下午好，感謝您提出我的問題。

Could you talk about the inventory levels that customers you mentioned with respect to DRAM and when you expect those to kind of be back at normal levels?

您能否談談您提到的客戶關於 DRAM 的庫存水平，以及您預計這些庫存水平何時會恢復到正常水平？

And within that, can you talk about what the linearity of your DRAM sales were to this quarter?

在此範圍內，您能否談談您的 DRAM 銷售與本季度的線性關係？

Sure.

當然。

I think, I'd break the inventory answer into two parts.

我想，我會將庫存答案分為兩部分。

The OEM component to that and the channel.

OEM 組件和渠道。

The OEM component, I think, will probably be managed fairly well throughout this calendar quarter.

我認為，OEM 組件可能會在整個日曆季度得到很好的管理。

So, I think that, I'm sorry, what I really referred to is calendar quarter Q3, our Q4, I think the OEMs will get a good handle on that because I think that's already in process.

所以，我認為，對不起，我真正指的是第三季度，我們的第四季度，我認為原始設備製造商會很好地處理這個問題，因為我認為這已經在進行中。

The channel piece, as Steve mentioned, is somewhere in the five-week range, four to five weeks.

正如史蒂夫提到的那樣，頻道部分在五週範圍內，四到五週。

And I think that really was a reaction to Japan and some early accumulation on concerns over supply to the spot market and the after-market module market.

我認為這確實是對日本的反應，以及對現貨市場和售後組件市場供應擔憂的一些早期積累。

So I think that is more of something that's going to see managed over time here, over the next coming 90 days or so.

所以我認為隨著時間的推移，在接下來的 90 天左右，這將是更多的事情。

But I feel that the OEMs are in better control of that and already actively working through that.

但我覺得原始設備製造商更好地控制了這一點，並且已經在積極努力解決這個問題。

The channel folks are getting into it now and I think that's what's causing the differentiation between the spot market pricing and the OEM contract pricing.

渠道人員現在正在參與其中，我認為這就是造成現貨市場定價和 OEM 合同定價之間差異的原因。

Great, thanks, that's helpful.

太好了，謝謝，很有幫助。

And then, with respect to the mobile and server DRAM spaces, can you tell me what you see any of your competitors moving capacity to those areas what kind of impact do you expect on pricing?

然後，關於移動和服務器 DRAM 領域，您能否告訴我您看到您的競爭對手將產能轉移到這些領域的情況，您預計會對定價產生什麼樣的影響？

Either what you saw last quarter or what you expect over the next couple?

您在上個季度看到了什麼，或者您對接下來的幾個季度的期望是什麼？

Sure.

當然。

I think, server, so just to run over to the on a quarter-to-quarter basis is a lot of qualification and supply variables that go into actually getting into the server business.

我認為，服務器，因此僅按季度計算就是進入服務器業務的許多資格和供應變量。

I think on the mobile side, a lot of people have talked about that and we've seen one of our competitors talk about going back to the commodity business.

我認為在移動端，很多人都在談論這一點，我們也看到我們的一個競爭對手談論回到商品業務。

So that is a harder one to gauge but I also think that comes with the challenges of not just redirecting capacity but getting qualified at some of these bigger OEMs.

所以這是一個更難衡量的問題，但我也認為這不僅帶來了重新調整產能的挑戰，而且還帶來了在一些更大的 OEM 中獲得資格的挑戰。

So it's not a perishable capacity choice, you have to be in the business and be committed to it over time.

因此，這不是一個易腐爛的容量選擇，您必須參與業務並隨著時間的推移致力於它。

I think the comments might be more fluff than reality in the short term.

我認為這些評論在短期內可能比現實更浮誇。

Understand, and one last one for me.

明白，最後一個給我。

Can you talk about where PC DRAM pricing is relative to your own cash costs today?

您能否談談今天 PC DRAM 的定價與您自己的現金成本的關係？

I'm not aware of anybody that gives out their cash costs, sorry.

抱歉，我不知道有人會提供現金費用。

Okay, fair enough.

好吧，夠公平的。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Vijay Rakesh from Sterne, Agee.

我們的下一個問題來自阿吉斯特恩的 Vijay Rakesh。

Hi, just on DRAM side it obviously looks like you had some issues (inaudible) do you think that should help you on the year end margin and (inaudible) side as you go out?

嗨，就在 DRAM 方面，顯然您遇到了一些問題（聽不清），您認為這對您的年終利潤和（聽不清）方面有幫助嗎？

Vijay you're breaking up a little bit could you repeat the first part of your question?

維杰，你有點分手了，你能重複你問題的第一部分嗎？

Yes, in the [meet] quarter you guys probably had some impact on Inotera, is that -- issues, especially that should help you going forward into March and then the --?

是的，在 [meet] 季度，你們可能對 Inotera 產生了一些影響，是不是 - 問題，尤其是那些應該幫助你們進入 3 月份然後 - 的問題？

Yes, this is Mark Durcan.

是的，這是馬克·杜肯。

On Inotera, we continue to make progress there, not only on the 50-nanometer yields but also on the 42-nanometer ramp and we are looking for an improving situation as we move forward quarter-over-quarter.

在 Inotera 上，我們繼續在這方面取得進展，不僅在 50 納米的產量上，而且在 42 納米的坡道上，我們正在尋找一個改善的情況，因為我們每季度都在前進。

And then, when you look at mix in DRAM now what is the mix for the PC, server and mobile and where do you see that end of the year?

然後，當您現在查看 DRAM 中的混合時，PC、服務器和移動設備的混合是什麼？您認為年底在哪裡？

Today, personal systems are about 18% and that looks like that will come in about where we will average for the year.

今天，個人系統約佔 18%，看起來這將是我們今年的平均水平。

As Ron mentioned, we're getting awful close to having NAND surpass total DRAM revenues for the first time in our history as well.

正如 Ron 所說，我們也非常接近 NAND 歷史上第一次超過 DRAM 總收入。

Got it.

知道了。

Okay, and it looks like you're CapEx goes down pretty nicely next year, what are the puts and takes like $2 billion that you are aware for next year?

好的，看起來你明年的資本支出下降得相當不錯，你知道明年的看跌期權和交易額是多少？

Is there a chance that comes back more of the last two years kind of in the $600 million range CapEx?

是否有機會在過去兩年中以 6 億美元的資本支出回歸更多？

Well, I think that our CapEx next year and the variability of it will really be based upon how we view the market.

好吧，我認為我們明年的資本支出及其可變性將真正取決於我們如何看待市場。

So we -- our CapEx for our fiscal year, keep in mind that we still have IMFS we are paying for as the equipment has been delivered or under qualification, there's somewhat of a lag delay.

所以我們——我們本財年的資本支出，請記住，由於設備已經交付或合格，我們仍然有我們要支付的 IMFS，有一些滯後延遲。

So a lot of that CapEx is associated with IMFS, of which we are already committed to and are ramping, and the rest of it is just sprinkled throughout the rest of the network.

因此，很多資本支出與 IMFS 相關，我們已經致力於並正在增加，其餘的只是散佈在網絡的其餘部分。

That is not likely to change much unless for some reason we feel like we ought to try to get more production out of IMFS in which case, we would spend more to do that, but that's all market dependent at this point.

除非出於某種原因，我們認為應該嘗試從 IMFS 中獲得更多產量，否則這種情況不太可能發生太大變化，在這種情況下，我們會花更多的錢來做到這一點，但這完全取決於市場。

So all the CapEx is for NAND, and mostly all for NAND not for DRAM, right?

所以所有的資本支出都用於 NAND，而且大部分都用於 NAND 而不是 DRAM，對吧？

No, that's not true.

不，那不是真的。

I didn't say that, I said a lot of it was for IMFS and NAND.

我沒有這麼說，我說很多是針對 IMFS 和 NAND。

And the rest of it is sprinkled throughout the rest of the network.

其餘的散佈在整個網絡的其餘部分。

But remember, we've got fabs and it doesn't take a whole lot per fab to add up to the total of $2 billion.

但請記住，我們有晶圓廠，每家晶圓廠不需要花費太多就可以達到 20 億美元的總額。

Got it, thanks.

知道了謝謝。

Yes.

是的。

Thank you.

謝謝你。

Our next question comes from Daniel Amir from Lazard.

我們的下一個問題來自 Lazard 的 Daniel Amir。

Thanks a lot.

非常感謝。

How could you view the NAND side here as you ramp up IMFS in terms of the impact on gross margins?

當您提高 IMFS 對毛利率的影響時，您如何看待 NAND 方面？

So how should we look at kind of the margin profile of that business here in the next six to nine months?

那麼我們應該如何看待未來六到九個月內該業務的利潤率狀況呢？

Daniel, in terms of the gross margin ranking, trade NAND is one of the better ones we have.

丹尼爾，就毛利率排名而言，貿易 NAND 是我們擁有的更好的產品之一。

It's about our second highest gross margin.

這大約是我們第二高的毛利率。

So to the extent that we are shipping more of those bits then it will certainly help on the gross margin side.

因此，如果我們運送更多這些比特，那麼它肯定會在毛利率方面有所幫助。

And -- as IFMS, I'm assuming will just have a positive impact as the volume increases there?

而且——作為 IFMS，我假設隨著那里數量的增加，只會產生積極的影響？

There's a couple of moving pieces so you have to be a little bit careful.

有幾個移動的部分，所以你必須小心一點。

Obviously, we're adding more bits, we get more of that output so that's good.

顯然，我們添加了更多的位，我們得到了更多的輸出，這很好。

There's obviously an ASP component to it which we don't want to get into trying to predict today, but in a steady-state today, it is our second highest gross margin product.

顯然，它有一個 ASP 組件，我們今天不想嘗試預測，但在今天的穩定狀態下，它是我們第二高的毛利率產品。

Okay.

好的。

And then, the other question is kind of on the wireless side.

然後，另一個問題是關於無線方面的。

You made some commentary that it is a little weak right now.

你發表了一些評論說它現在有點弱。

What do you predict here in terms of kind of the next quarter?

您對下一季度的情況有何預測？

I mean do you see seasonality starting to come back helping the wireless segment?

我的意思是你是否看到季節性開始回歸幫助無線領域？

Or is this -- do you have the same visibility on the wireless side as you do on the PC side?

或者是這樣的——您在無線端的可見性是否與在 PC 端的可見性相同？

I think our visibility on the wireless side is pretty good.

我認為我們在無線方面的知名度非常好。

I think, part of what's going on in the wireless space is a little bit of a shift in industry structure with market share shifting from company A to company B, and I think that's contributing a little bit to the fogginess in terms of that business.

我認為，無線領域正在發生的部分事情是行業結構發生了一點變化，市場份額從 A 公司轉移到了 B 公司，我認為這在一定程度上加劇了該業務的迷茫。

Having said that, I would think with some newer models coming out and it is a bit of a seasonal uptick, is the reasonable to assume that there could be an improvement in terms of the market conditions around wireless coming into back-to-school and the holiday.

話雖如此，我認為隨著一些新型號的問世，這是一個季節性的上升，可以合理地假設無線進入返校的市場狀況可能會有所改善，並且假期。

And, remember, our comments from on the segment of the wireless market.

而且，請記住，我們對無線市場部分的評論。

The smartphone market continues to be very strong and I also think that might be something that contributes to some hiring growth for the back half of the year.

智能手機市場繼續非常強勁，我也認為這可能有助於今年下半年的招聘增長。

Good.

好的。

Thanks a lot.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Kevin Cassidy from Stifel Nicolaus.

我們的下一個問題來自 Stifel Nicolaus 的 Kevin Cassidy。

Thanks for taking my question.

感謝您提出我的問題。

Can you give some of the puts and takes on the trade NAND for next quarter being down low-double-digits, is it less demand in the SSDs or is that a steady-state or maybe just give a description of what's happening there?

您能否給出一些看跌期權和下個季度的交易 NAND 下降兩位數的低位，是對 SSD 的需求減少，還是處於穩定狀態，或者只是描述那裡發生的事情？

I think, let may make sure you are reading the right lines there.

我想，讓我們確保你在那裡閱讀正確的行。

We look at bit production up double-digits and currently, the ASP is down low-doubles.

我們看到了兩位數的比特產量，目前，平均售價下降了低雙倍。

Is that what you're asking?

你問的是這個嗎？

Yes, I was asking about the -- it was up 15% in the third quarter, and now you expect it to be down low-double-digits?

是的，我問的是第三季度增長了 15%，現在你預計它會下降兩位數嗎？

Yes, we do.

是的，我們有。

That's correct, Kevin.

沒錯，凱文。

As Ron mentioned in his comments, we are going to see, we are obviously executing pretty well at IMFS and those will be more discrete units here in the short term.

正如羅恩在他的評論中提到的那樣，我們將看到，我們顯然在 IMFS 執行得非常好，而且這些在短期內將是更加離散的單位。

So we expect more OEM-type business during the short-term quarter.

因此，我們預計短期季度會有更多 OEM 類型的業務。

So it's mix related.

所以它與混合有關。

Okay.

好的。

It is mix related.

它與混合有關。

And are you allowed to say, or do you know what Intel's mix is going to be?

你可以說，或者你知道英特爾的組合會是什麼嗎？

No.

不。

Okay.

好的。

And maybe on the DRAM side, could you say what your percentages of 2 gigabyte DRAM now?

也許在 DRAM 方面，你能說一下你現在 2 GB DRAM 的百分比嗎？

Kevin, I don't have that break-out in front of me, but I'm happy to follow up with you.

凱文，我面前沒有那個突破，但我很高興能跟進你。

It's something that we present from time to time, and so I will get it to you.

這是我們不時展示的東西，所以我會把它送給你。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question comes from Daniel Berenbaum from MKM Partners.

我們的下一個問題來自 MKM Partners 的 Daniel Berenbaum。

Hi, guys.

嗨，大家好。

Thanks for taking the question.

感謝您提出問題。

Can we come back to DRAM shipments in the quarter?

我們可以回到本季度的 DRAM 出貨量嗎？

Just kind of running through the math, it looks like you DRAM bit shipments were actually down somewhere in the 10% range.

只是通過數學計算，看起來你的 DRAM 位出貨量實際上下降了 10% 範圍內的某個地方。

Is that somewhere in the right ballpark?

那是在正確的球場的某個地方嗎？

And can you help walk me through why they were down so much?

你能幫我弄清楚他們為什麼這麼沮喪嗎？

Yes, sure.

是的，當然。

This is Mark Adams again.

這又是馬克亞當斯。

The DRAM shipment was more of a carryover for us, especially around some of our OEM customers for Inotera output.

DRAM 出貨量對我們來說更像是一種結轉，尤其是在我們的一些 OEM 客戶的 Inotera 輸出中。

They've got us timely in the quarter but we could not convert it into modules in time to get to our OEM agreements.

他們在本季度及時得到了我們，但我們無法及時將其轉換為模塊以達成我們的 OEM 協議。

Secondly, towards the end of our quarter, we saw a pretty wide gap between the spot market and the OEM contract market and certainly did not want to play into the game of end-of-quarter negotiations in the spot market driving price down further.

其次，在本季度末，我們看到現貨市場與 OEM 合同市場之間存在相當大的差距，我們當然不想在現貨市場參與推動價格進一步下跌的季末談判遊戲。

So we chose to keep some of that inventory for our larger OEMs going into the Q4 fiscal.

因此，我們選擇為進入第四財季的大型 OEM 保留部分庫存。

So then some of the increase in the inventory on your balance sheet was due to holding on to some of that NAND?

那麼，資產負債表上的部分庫存增加是由於持有部分 NAND 造成的嗎？

Or, I'm sorry, holding onto some of that DRAM, sorry.

或者，對不起，我保留了一些 DRAM，對不起。

Absolutely the case.

絕對如此。

And, again, if you track the spot market pricing over the last two to three weeks of our quarter, it started to get pretty volatile and for us, given our OEM demand curve for Micron memory, it was a pretty logical choice not to play in the spot market game at the end of the quarter.

而且，再一次，如果您跟踪本季度最後兩到三週的現貨市場定價，它開始變得非常不穩定，對我們來說，鑑於我們對美光內存的 OEM 需求曲線，不參與是一個非常合乎邏輯的選擇在季度末的現貨市場博弈中。

Okay.

好的。

And then, can you comment on gross margin in the wireless and embedded solutions business?

然後，您能否評論一下無線和嵌入式解決方案業務的毛利率？

How did those trend?

這些趨勢如何？

Either if you're willing to give absolute numbers that would be great or if not how did those trend from last quarter?

如果您願意提供絕對數字，或者如果不願意，那麼上個季度的趨勢如何？

We're not going to give you the actual numbers, but they did come down a little bit in those segments.

我們不會給你實際的數字，但它們在這些部分確實有所下降。

Sorry, gross margin came down in those segments?

抱歉，這些細分市場的毛利率下降了？

Yes.

是的。

And are we past sort of all of the purchase accounting from the Numonyx acquisition in terms of gross margin?

就毛利率而言，我們是否已經超越了收購恆憶的所有採購會計？

No, there was an impact, a little larger than we expected actually, it was about a $20 million impact in this quarter that we just reported.

不，有影響，比我們實際預期的要大一些，我們剛剛報告的本季度的影響約為 2000 萬美元。

And that's about equal to what's left.

這大約等於剩下的。

We do anticipate the rest of that will come in over the next couple of years.

我們確實預計其餘部分將在未來幾年內實現。

You had a $20 million negative impact in the quarter, okay?

你在本季度產生了 2000 萬美元的負面影響，好嗎？

And then, the rest will come through and you would then expect all of the Numonyx accounting treatment to be done sort of by your fiscal Q1 in the next year?

然後，其餘的將通過，然後您會期望所有 Numonyx 的會計處理將在明年的第一財季完成嗎？

It's all related to the certain parts that did get written up into inventory and so some of those are legacy parts that will sell out over the next year, even.

這都與確實寫入庫存的某些零件有關，因此其中一些是舊零件，甚至會在明年售罄。

But it won't all clear up in one quarter.

但這不會在一個季度內全部清除。

Okay, and then while we are sort of on those kind of charges, were there any other inventory adjustments in the quarter?

好的，雖然我們有點像這種收費，但本季度還有其他庫存調整嗎？

No.

不。

Okay.

好的。

Great.

偉大的。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from David Wong from Wells Fargo.

我們的下一個問題來自富國銀行的 David Wong。

Thank you very much.

非常感謝。

On your summary sheet, you talk about your trade NAND cost per bit being up approximately 12% in the quarter.

在您的摘要表上，您談到您的交易 NAND 每位成本在本季度上漲了約 12%。

To what extent do stock-up charges play into that?

庫存費用在多大程度上影響了這一點？

This is Ron.

這是羅恩。

We had start-up charges, as I mentioned, last quarter and we had some reduced level of start-up charges overall this quarter.

正如我所提到的，上個季度我們有啟動費用，而本季度總體上我們的啟動費用有所降低。

In total for the Company, it was about $36 million.

該公司的總額約為 3600 萬美元。

In the second quarter, it dropped to about $20 million.

在第二季度，它降至約 2000 萬美元。

In this most recent quarter, some of those costs are now being put into inventory and we'll go out with the shipments of IMFS product in the coming quarters.

在最近的這個季度，其中一些成本現在被存入庫存，我們將在未來幾個季度出貨 IMFS 產品。

So, -- but that wasn't the primary driver of the cost per bit for trade NAND being up?

那麼，——但這不是交易 NAND 的每比特成本上漲的主要驅動因素嗎？

Was there some other factor?

還有其他因素嗎？

If you look at it, the ASPs were up about 15% and our costs were up about 12% in the quarter.

如果你看一下，本季度平均售價上漲了約 15%，我們的成本上漲了約 12%。

And the impact was related to mix, as Steve commented, specifically in the area of higher SLC mix.

正如史蒂夫評論的那樣，影響與混合有關，特別是在更高的 SLC 混合領域。

SLC is a higher margin product, it is also higher cost, and so that affects the cost line but we end up with more margin, as Steve mentioned in his comments, going forward.

SLC 是一種利潤率更高的產品，它的成本也更高，因此會影響成本線，但正如史蒂夫在他的評論中提到的那樣，我們最終會獲得更多的利潤。

Also there was an SSD growth that he mentioned that helps drive up both the pricing and the cost a little bit.

他還提到了 SSD 的增長，這有助於推動定價和成本。

Right.

正確的。

I see.

我懂了。

And then, on the DRAM side, what was the pattern of your contract pricing through the quarter?

然後，在 DRAM 方面，你們整個季度的合同定價模式是什麼？

Was contract pricing rising or falling as you progressed through the May quarter?

隨著您在 5 月季度的進展，合同價格是上漲還是下跌？

I would say that early in the first half to two-thirds of the quarter, contract pricing was rising and I would say it kind of plateaued and flattened out towards the end of the quarter.

我想說的是，在上半季度初到三分之二的季度，合同定價正在上漲，我會說它在本季度末趨於平穩並趨於平緩。

So, if it was rising through the quarter, why does your ASP estimate for the current quarter, the quarter today, why is it down so much?

那麼，如果它在整個季度都在上升，為什麼你對當前季度的 ASP 估計，今天這個季度，為什麼下降這麼多？

Was there a huge plunge at the beginning of the current quarter?

本季度初是否有大幅下跌？

Or was there some other factor that is playing into your expectation for DRAM ASPs looking like it's going to be down high-single-digits?

還是有其他因素影響了您對 DRAM ASP 的預期，看起來它將下降到高個位數？

Well, there's two things, the guidance we're giving is quarter to date.

嗯，有兩件事，我們提供的指導是迄今為止的季度。

So I will come back to that in the second.

因此，我將在第二個中回到這一點。

But, your question earlier was about Q3, and the trend during Q3.

但是，您之前的問題是關於第三季度以及第三季度的趨勢。

And I stopped short by saying that it was flat during the last month, which was May.

我停下來說上個月是平的，也就是五月。

Our June contract pricing is down slightly and then we also have some mix effects there as well causing the net impact of the quarter to date guidance we're giving you.

我們 6 月份的合同定價略有下降，然後我們也有一些混合效應，也導致了我們提供給您的本季度迄今指導的淨影響。

Great.

偉大的。

Thanks

謝謝

Thank you.

謝謝你。

Our next question comes from Doug Freedman from Gleacher.

我們的下一個問題來自 Gleacher 的 Doug Freedman。

Thank you for taking my question.

謝謝你接受我的問題。

Can I question you on what you think the bit demand for the full year is now, looking like it's going to be, given where we are halfway through the year now on both DRAM and NAND?

鑑於我們現在在 DRAM 和 NAND 上今年的一半，我能否就你認為現在全年的比特需求是什麼提出問題，看起來會是這樣嗎？

Let me start, Doug, with the bit supply, and then Mark can talk you through maybe some of the different segments.

道格，讓我從比特供應開始，然後馬克可能會告訴你一些不同的部分。

We look at DRAM somewhere in that 40% to 45% range.

我們在 40% 到 45% 的範圍內查看 DRAM。

We see NAND in that 70% to 80% supply range.

我們看到 NAND 在 70% 到 80% 的供應範圍內。

Duly noted that on the recent equipment conference calls they have referenced equipment push-outs.

適當地指出，在最近的設備電話會議上，他們提到了設備推出。

So, it does, in our analysis, it does look like we've probably come through, or are in the highest sequential bit growth quarters now and that going through the rest of the year, especially in DRAM, they tend to tail off pretty good.

因此，確實如此，在我們的分析中，看起來我們可能已經度過了，或者現在處於最高的連續位增長季度，並且在今年剩下的時間裡，特別是在 DRAM 中，它們往往會逐漸減少好的。

We're fairly, looking at the NAND numbers in terms of supply, it looks like you're going to run kind of low-double-digits here for the next couple of quarters.

我們是公平的，從供應的角度來看 NAND 的數量，看起來你將在接下來的幾個季度中運行一種低兩位數的數字。

And with that, I will let Mark maybe talk you through some of the segment demand things that he sees.

有了這個，我會讓馬克告訴你他看到的一些細分需求的東西。

It's pretty consistent with earlier comments.

這與之前的評論非常一致。

I think it's -- the consumer business overall tied to kind of the macroeconomic environment, it just seems a little bit hard to predict and a little bit softer than we might have thought going into July, but certainly, you've got some seasonality effect in there as well.

我認為這是——消費業務總體上與宏觀經濟環境相關，它似乎有點難以預測，而且比我們在 7 月份可能想像的要軟一些，但可以肯定的是，你有一些季節性影響也在那裡。

So around DRAM, for example, the PC business, to our earlier comments, is weaker than we had hoped and right now we don't have line of sight on anything in terms of a recovery back to an upward price environment in DRAM on the consumer side.

因此，例如，在我們之前的評論中，以 DRAM 為例，PC 業務比我們希望的要弱，而且目前我們還沒有看到任何事情可以恢復到 DRAM 價格上漲的環境。消費者方面。

On the specialty DRAM, and our better margin product areas, we continue to remain pretty bullish because the demand there has remained strong.

在特種 DRAM 和我們利潤率更高的產品領域，我們繼續保持樂觀，因為那裡的需求依然強勁。

And, I reference this earlier, but the server products, and the server business overall is pretty good.

而且，我之前提到過這個，但是服務器產品和服務器業務總體上還是不錯的。

The growth there on units is still in line with, I think, what the analysts kind of suggested we would be for 2011.

我認為，單位的增長仍然符合分析師對 2011 年的建議。

Networking, again, networking products remain strong for us as well.

網絡，再次，網絡產品對我們來說仍然很強大。

And our [aim] business, which is part of the embedded business unit, is very stable also.

而作為嵌入式業務部門的一部分，我們的 [aim] 業務也非常穩定。

So it's not that we could make one conclusive comment about the overall memory landscape.

因此，我們不能對整個內存格局做出結論性評論。

I think the commodity, consumer-oriented businesses are seeing some softness of demand side for DRAM and the specialty businesses around enterprise and corporate pretty good.

我認為以商品、消費者為導向的業務對 DRAM 的需求方面出現了一些疲軟，而圍繞企業和企業的專業業務則相當不錯。

When you look at NAND, we're not seeing anything that would change our perspective on a pretty strong demand environment for NAND.

當您查看 NAND 時，我們沒有看到任何會改變我們對 NAND 相當強勁的需求環境的看法。

SSDs have been continuing a good story for us at Micron.

在美光，SSD 一直是我們的好故事。

Steve referenced earlier, slightly below 40% quarter-over-quarter growth.

史蒂夫早些時候提到，季度環比增長率略低於 40%。

New technology launches, and good reviews from the press and customer qualifications on enterprise performance drives.

新技術的發布，以及來自媒體和客戶資格對企業績效驅動的良好評價。

So SSD continues to be a strong place for us.

所以 SSD 對我們來說仍然是一個強大的地方。

If you look at the smartphone piece of the business where a lot of that NAND is consumed in the mobile market, still very strong.

如果您查看智能手機業務，其中大量 NAND 在移動市場上被消耗，仍然非常強勁。

And the tablet business is, again, another good air environment for us for NAND.

平板電腦業務再次為我們提供了 NAND 的另一個良好環境。

So we think the drivers on NAND are pretty consistently strong through the back half of the year, especially in (inaudible.) And I don't think anything is going to change that going through the holidays, minus some significantly different environment as far as the economy.

因此，我們認為 NAND 的驅動因素在今年下半年一直很強勁，尤其是在（聽不清）。而且我認為在假期期間不會有任何改變，除了一些明顯不同的環境經濟。

If I could, for my follow-up, focusing on the mobile DRAM side of the business and your aspirations to ship Phase Change by the end of the year.

如果可以的話，在我的後續行動中，專注於業務的移動 DRAM 方面以及您在今年年底前發布 Phase Change 的願望。

Can you give us an update on where you stand and what the mobile DRAM market is bringing to you guys in terms of an opportunity?

您能否向我們介紹一下您的立場以及移動 DRAM 市場給你們帶來的機會？

Yes, this is Mark Durcan.

是的，這是馬克·杜肯。

We continue to make good technical progress on Phase Change, both from a reliability perspective as well as yield improvement.

我們繼續在相變方面取得良好的技術進步，無論是從可靠性角度還是提高產量。

The actual uptake in the market is going to be tough to call right now.

現在很難預測市場的實際吸收情況。

But we are definitely moving more resources towards those products to make sure we are in a position to deliver for that market space.

但我們肯定會向這些產品轉移更多資源，以確保我們能夠為該市場空間提供服務。

Great, thank you.

太好了謝謝。

Thank you.

謝謝你。

Our next question comes from Ryan Goodman from PLSA.

我們的下一個問題來自 PLSA 的 Ryan Goodman。

Hi, thank you.

嗨，謝謝你。

Question on servers, we've started to hear some chatter that server ASPs were actually coming under more pressure than normal over the past quarter.

關於服務器的問題，我們已經開始聽到一些喋喋不休的說法，服務器 ASP 在過去一個季度實際上承受的壓力比正常情況要大。

I know you sounded actually pretty bullish on looking out through the remainder of the year.

我知道你在今年餘下的時間裡看起來非常樂觀。

Just curious if you saw anything like that?

只是好奇你有沒有看到類似的東西？

I mean, the premiums are still there but are you feeling any more pressure and any thoughts on the impact of [Bromley] coming on in the second half?

我的意思是，保費仍然存在，但你是否感到壓力更大，對 [布羅姆利] 下半場的影響有什麼想法嗎？

I don't think that pressure has manifested itself back down to us.

我不認為壓力已經體現在我們身上。

I do think, though, that when you look at what is driving applications around the server products itself in terms of the markets, in terms of cloud and some of the other applications, you are seeing a broader value line of servers take share in the market.

不過，我確實認為，當您從市場、雲和其他一些應用程序的角度來看圍繞服務器產品本身的應用程序的驅動因素時，您會看到更廣泛的服務器價值線在市場。

And thus, the unit volume shifting that way could potentially drive that.

因此，單位體積以這種方式轉移可能會推動這一點。

We're not seen that implicate our server pricing so much on the memory side of the house, but I think that there seems to be a higher volume of distributive server technology in the market and I think to that extent, that you could see that being potentially commoditized downstream but we haven't seen impact internally.

我們沒有看到我們的服務器定價對房子的內存方面有太多影響，但我認為市場上似乎有更多的分佈式服務器技術，我認為在這個程度上，你可以看到可能在下游商品化，但我們尚未在內部看到影響。

Okay and then just one follow-up on the NAND side of the equation.

好的，然後只是等式的 NAND 方面的一個後續行動。

In the smartphone market, just curious about your thoughts on content trends at the high end of the market?

在智能手機市場，只是好奇您對高端市場內容趨勢的看法？

If you think -- how do you think the demand picture comes together if there isn't a lot of content growth at the high end of the market?

如果您認為 - 如果高端市場沒有大量內容增長，您認為需求情況如何？

And also, just curious about for Micron specifically, how you guys are doing in terms of gaining some traction in the area (inaudible)?

而且，只是對美光特別好奇，你們在該領域獲得一些牽引力方面做得如何（聽不清）？

I think, overall, we are pleased with that.

我認為，總的來說，我們對此感到滿意。

If your question was around if the content per smartphone on the high end doesn't materialize, is that the question?

如果您的問題是高端智能手機的內容沒有實現，那是問題嗎？

Yes.

是的。

If there's not a lot of growth in content at the high end, are you still comfortable with the overall demand picture for 2011 and then going into 2012?

如果高端內容的增長不多，您是否仍對 2011 年和 2012 年的整體需求狀況感到滿意？

Yes.

是的。

I think, absolutely.

我認為，絕對。

Just in terms of unit growth alone, we think there's an opportunity there for us as well as if you look at the evolution of what people are using the smartphones with, we feel pretty confident that the content piece will evolve favorably.

僅就單位增長而言，我們認為這對我們來說是一個機會，而且如果你看看人們使用智能手機的演變情況，我們相信內容會得到有利的發展。

And then, any update you can just give on how Micron specifically is doing in terms of gaining traction in the high end?

然後，您可以就美光在高端領域獲得牽引力方面的具體表現提供任何更新嗎？

It seems like a lot of the embedded progress historically has been more in the consumer area, just curious how you guys are doing in smartphone?

從歷史上看，很多嵌入式進展似乎更多地發生在消費領域，只是好奇你們在智能手機方面的表現如何？

To the extent that, when we look at our NAND portfolio, to the extent that we are choosing to be engaged that market, which is pretty strategic to us, we feel pretty good about it.

在某種程度上，當我們查看我們的 NAND 產品組合時，就我們選擇進入這個對我們來說非常具有戰略意義的市場而言，我們對此感覺非常好。

We feel, needless to say, from a cost perspective and a technology perspective it is a good place for us to invest and our customer demand continues to remain strong.

毋庸置疑，從成本和技術角度來看，我們認為這是我們投資的好地方，我們的客戶需求繼續保持強勁。

Okay, thanks.

好的謝謝。

Thank you.

謝謝你。

Our next question comes from Bill Dezellem from Titan Capital Management.

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

Thank you.

謝謝你。

Relative to the SSD strength that you experiencing, would you please provide some more details and color behind what's taking place there?

相對於您所體驗的 SSD 強度，您能否提供更多細節和背後發生的事情的顏色？

Including who are you finding the primary adopters of SSD to be at this point in the adoption cycle?

包括在採用周期的這個階段，您認為 SSD 的主要採用者是誰？

Sure.

當然。

Our experience has been that the OEMs are really trying to adopt us to establish a separate class of notebook users, if you will, and trying to add some higher-margin opportunity for themselves in selling up to executives and consumer power users.

我們的經驗是，OEM 確實在嘗試採用我們來建立一個單獨的筆記本用戶類別，如果您願意的話，並試圖為自己增加一些更高利潤的機會，以便向高管和消費者高級用戶推銷產品。

The volumes are pretty significant around that.

圍繞這一點的數量非常可觀。

And you think about the sudden growth in terms of enterprise applications and actually manifested themselves up in terms of revenue and the category.

你想想企業應用程序的突然增長，實際上在收入和類別方面表現出來。

Those are still pretty much, the two drivers, I would say, are the OEMs driving power SKUs for the enterprise executive as well as consumer power users.

我想說的是，這兩個驅動因素是 OEM 為企業高管和消費者高級用戶驅動電源 SKU。

And then in the enterprise sector, I'd say the shipments basically have doubled quarter-over-quarter in that sector and we continue to see long-term growth there for us out through the next two to three years.

然後在企業領域，我想說的是，該領域的出貨量基本上比上一季度翻了一番，在接下來的兩到三年裡，我們將繼續看到我們在該領域的長期增長。

And then, following up, where are we at today with the cost differential versus the traditional hard drives?

然後，跟進，我們今天與傳統硬盤相比的成本差異在哪裡？

I still think, from a cost per gigabyte, we're not quite close to yet equality.

我仍然認為，從每 GB 的成本來看，我們還不太接近平等。

I think, what you're seeing from the shipments, and both in the client space and the enterprise space would suggest that even though we're not at cost parity, we're not even really close yet on a dollar-per-gigabyte basis, the benefits of the SSD in total cost of ownership allow us to compete pretty favorably.

我認為，您從出貨量中看到的情況，無論是在客戶空間還是在企業空間，都表明即使我們沒有達到成本平價，我們甚至還沒有真正接近每 GB 美元在此基礎上，SSD 在總擁有成本方面的優勢使我們能夠在競爭中佔據優勢。

And one additional question, what is the rate of cost reduction that's taking place with SSDs versus hard drives?

還有一個問題，SSD 與硬盤相比，成本降低率如何？

Well, Bill, it's a different discussion point because we can, on the discrete device level, bring cost pretty down, but what you're really asking is the cost to our customers and that's more market driven.

好吧，比爾，這是一個不同的討論點，因為我們可以在分立器件級別上將成本降低很多，但您真正要問的是我們客戶的成本，而這更多是由市場驅動的。

So you will have to be a little more specific.

所以你必須更具體一點。

No, your point is well taken and I will ponder the question more off line.

不，你的觀點很好，我會離線思考這個問題。

Thank you.

謝謝你。

Okay, thanks, bill.

好的，謝謝，比爾。

Thank you.

謝謝你。

Our next question comes from Glen Yeung from Citi.

我們的下一個問題來自花旗的 Glen Yeung。

Hi, thank you.

嗨，謝謝你。

There's been some discussion about Micron's potential partnership with Elpida.

關於美光與爾必達的潛在合作夥伴關係的一些討論。

What are your thoughts around balancing consolidation and potential needs for additional capacity?

您對平衡整合和額外容量的潛在需求有何看法？

Well, first of all, we don't have any partnership with Elpida at this point, and I think, if you look at the entire industry picture, obviously, there are a few companies that are still struggling.

嗯，首先，我們目前與爾必達沒有任何合作夥伴關係，我認為，如果你看整個行業的情況，顯然有幾家公司仍在苦苦掙扎。

The Taiwanese are struggling a lot.

台灣人很吃力。

And then you throw Elpida into the mix, of course, in terms of total size they are also one of the smaller companies in the memory business.

然後你將 Elpida 加入其中，當然，就總規模而言，它們也是內存業務中較小的公司之一。

And, I think, over time most of that will get resolved.

而且，我認為，隨著時間的推移，大部分問題都會得到解決。

But in the short term, typically what we have to see is some kind of crisis in the industry and the more the crisis, the quicker the resolution of consolidation in the industry, and whether we are in that time period are not right now, I think it will depend on how long the market being down lasts.

但在短期內，一般我們要看到的是行業的某種危機，危機越多，行業整合的化解越快，而我們現在是不是那個時期，我認為這將取決於市場下跌持續多長時間。

But short of that, we'll just have to see how it plays out.

但除此之外，我們只需要看看它是如何發揮作用的。

Okay, thank you, Steve.

好的，謝謝你，史蒂夫。

And as you ramp IMFS, is there a preferred mix of captive versus non-captive?

當您升級 IMFS 時，是否有首選的專屬與非專屬組合？

As Micron's ownership and output ownership of (inaudible) from IMFS group?

作為美光對 IMFS 集團（聽不清）的所有權和輸出所有權？

Well, I -- is your question do we have a preferred use of the product in our own products downstream as opposed to selling them to the merchant market or was it something different?

好吧，我 - 你的問題是我們在我們自己的下游產品中優先使用該產品，而不是將它們出售給商業市場，還是有什麼不同？

I guess the proportion of captive versus non-captive.

我猜是俘虜與非俘虜的比例。

As the ownership moves toward 80%, is there --

隨著所有權向 80% 移動，是否存在——

I see, I see.

我明白了，我明白了。

Well, I think, you would -- you can correctly surmise that the ability to ship our NAND product and downstream products, in other words, id est, SSDs and other things, just has a better value proposition and more margin for us.

好吧，我想，你會——你可以正確地推測，我們能夠運送我們的 NAND 產品和下游產品，換句話說，id est、SSD 和其他東西，對我們來說只是一個更好的價值主張和更多的利潤。

So to the extent that we can do that, we will be focused there.

因此，在我們能做到這一點的範圍內，我們將專注於那裡。

But I would say that our objective, in particular, is our percentage of the total, as Ron mentioned, our percentage of the total output of the joint venture comes to Micron.

但我想說的是，我們的目標尤其是我們在總產量中的百分比，正如 Ron 所說，我們在合資企業總產量中的百分比來自美光。

Our objective really is, though, to still serve all the markets in some form and, obviously, we'll direct that capacity to the best return for the Company.

不過，我們的目標確實是仍然以某種形式服務於所有市場，顯然，我們將利用這種能力為公司帶來最佳回報。

Thank you.

謝謝你。

And just one more for Ron, with the Samsung, the tax issue going away next quarter, what was the guidance for taxes beyond next quarter after the impact from Samsung?

對羅恩來說還有一個問題，隨著三星，稅收問題在下個季度消失，在三星的影響之後，下個季度以後的稅收指導是什麼？

Well, yes, it was more normal rates of $15 million to $25 million kind of range going forward on taxes.

嗯，是的，更正常的稅率是 1500 萬美元到 2500 萬美元的未來稅收範圍。

That is our normal rate that we pay for the other regional jurisdictions.

這是我們為其他地區司法管轄區支付的正常費率。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Bob Gujavarty from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bob Gujavarty。

Hey, thanks for squeezing me in, guys.

嘿，謝謝你們擠我，伙計們。

I ask one question, maybe a little longer term, but as some of the notebook products kind of mimic more of the tablet functionality, I have talked to a few people that said they would have to use mobile DRAM instead of commodity DRAM in PC notebooks.

我問了一個問題，可能是長期的，但由於一些筆記本產品更多地模仿了平板電腦的功能，我與一些人交談過，他們說他們必須在 PC 筆記本電腦中使用移動 DRAM 而不是商品 DRAM .

What do you guys think of that as a longer-term opportunity to kind of move the ASP up and potentially move your dollars per PC system up?

你們認為這是一個提高 ASP 並可能提高每台 PC 系統成本的長期機會嗎？

You know, it's funny, we tend to think lately the opposite of how you stated it which is that the tablet not only serves in a mobile application environment but starts to mimic some of the functions of a PC.

你知道，這很有趣，我們最近傾向於認為與你所說的相反，即平板電腦不僅在移動應用程序環境中服務，而且開始模仿 PC 的一些功能。

And I think there is a fair point that might be an opportunity for us, but it is on a kind of a partner-by-partner basis in terms of how they look at their architecture and their system.

而且我認為有一個公平的觀點可能對我們來說是一個機會，但就他們如何看待他們的架構和系統而言，這是一種合作夥伴的基礎。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Shawn Webster from Macquarie.

我們的下一個問題來自麥格理的肖恩韋伯斯特。

Thanks for taking my question.

感謝您提出我的問題。

I just had a question about the impact of Japan.

我只是有一個關於日本影響的問題。

So you mentioned that, was it 5% of the ESG or 5% of your overall revenues do you think were impacted?

所以你提到了，你認為是 5% 的 ESG 還是你總收入的 5% 受到了影響？

And for the inventory in the channel that accumulated, does that all accumulate right after the earthquake?

而渠道中積累的庫存，是不是震後就積累了？

Or was that something you think that was more, maybe there was a build up before and it just spiked up after the earthquake?

或者是你認為更多的東西，也許之前有一個積累，地震後它只是飆升？

And has it come down a little bit after that?

在那之後它有沒有下降一點？

Thank you.

謝謝你。

Well, in terms of the Japanese impact on our revenue, I had mentioned that about 5% of our embedded grew -- was affected, and primarily the entertainment industry over there, as you might expect.

好吧，就日本對我們收入的影響而言，我曾提到我們大約 5% 的嵌入式增長——受到影響，主要是那裡的娛樂業，正如你所料。

In terms of an inventory channel build-up, now, Mark can add commentary if he wants.

現在，在庫存渠道建設方面，馬克可以根據需要添加評論。

But essentially that happened after we had the Japanese event and I would say to the extent that some of it did build it was clearly trying to make sure that they were covered.

但本質上，這發生在我們舉辦日本活動之後，我會說其中一些確實建立了它顯然試圖確保它們被覆蓋。

But in addition to that, I would just add that, as Mark already did, that a couple of the markets were weaker than maybe people were anticipating and so they had some inventory that they accumulated.

但除此之外，我只想補充一點，正如馬克已經做過的那樣，有幾個市場可能比人們預期的要弱，所以他們積累了一些庫存。

Great, thanks for that.

太好了，謝謝。

And also, if you could talk about your DRAM supply?

另外，您能否談談您的 DRAM 供應？

If you were to take Inotera's impact out of both Q2 and Q3, do you think that your supply, in terms of big growth was roughly in line with expectations or a little bit below or a little bit above?

如果您將 Inotera 的影響排除在 Q2 和 Q3 之外，您認為您的供應量（就大幅增長而言）大致符合預期，還是略低於或略高於預期？

It might have been a little bit below.

它可能在下面一點。

As we have discussed in the past, we've been trying to enrich the mix and generally those are lower density devices and so you don't get quite the bit efficiency per wafer, for example.

正如我們過去所討論的，我們一直在嘗試豐富組合，並且通常這些設備是低密度設備，因此您無法獲得每個晶圓的比特效率。

Okay, great.

好，太棒了。

Thanks a lot, guys.

非常感謝，伙計們。

Thank you our next question comes from John Pitzer from Credit Suisse.

謝謝您，我們的下一個問題來自瑞士信貸的 John Pitzer。

Yes, guys, thanks.

是的，伙計們，謝謝。

A couple questions, sorry if I missed it, but server DRAM as a percent of overall DRAM.

有幾個問題，如果我錯過了，很抱歉，但服務器 DRAM 佔整體 DRAM 的百分比。

Where did it stand in the quarter?

它在本季度處於什麼位置？

And, I guess, what kind of target could we think about as you exit the calendar year?

而且，我想，當你退出日曆年時，我們可以考慮什麼樣的目標？

John, I've got it broken out to total revenues and we ran server about 20%, so ready good business for us.

約翰，我已經把它分解為總收入，我們運行服務器大約 20%，所以為我們準備好了業務。

And, I guess, Kipp, where do you think that could go as you guys continue to try to mix up that DRAM business?

而且，我猜，Kipp，當你們繼續嘗試混合 DRAM 業務時，你認為這會去哪裡？

I might have to get that went to Mark to do a little more in-depth discussion around how he sees demand.

我可能不得不去找馬克，就他如何看待需求進行更深入的討論。

We know that bit growth per system will be up about 60% to 65%.

我們知道每個系統的比特增長將增長大約 60% 到 65%。

We know units in general, when inclusive of all the OEMs that are building servers themselves, are up double-digits, and, Mark, if you'd like to add anything to that?

一般來說，我們知道單位，包括所有自己構建服務器的 OEM 在內，都是兩位數的，馬克，如果你想補充什麼？

That's consistent with the demand picture that we get for our products and I'd say in the server business we are mildly constrained around the capacity of those parts that could go to there.

這與我們對產品的需求情況一致，我想說，在服務器業務中，我們對那些可以到達那裡的部件的容量略有限制。

We're trying to ramp that up in the coming quarter.

我們正試圖在下一季度提高這一點。

And then, guys, in the core PC DRAM business, bits per box today, and as price elasticity in that market done or are we just dependent upon unit growth or how should we think about that?

然後，伙計們，在核心 PC DRAM 業務中，今天的每盒位數，以及隨著該市場的價格彈性完成，還是我們只是依賴於單位增長，或者我們應該如何考慮這一點？

Well, it's interesting.

嗯，這很有趣。

If you went back a couple of years when the ASPs and DRAM were significantly higher, we went through this [despecking] period due to the supply and demand imbalance.

如果你回到幾年前 ASP 和 DRAM 顯著更高的時候，由於供需失衡，我們經歷了這個 [despecking] 時期。

Since then, obviously, it has recovered pretty nicely and we were just short of 4 gigabytes per unit in the desktop and notebook environment and projected to go over that threshold, which I think is the first time that I can remember that there is ever been a 4 gigabyte per unit.

從那以後，很明顯，它已經恢復得很好，我們在台式機和筆記本電腦環境中的每個單元只差 4 GB，並且預計會超過這個閾值，我認為這是我第一次記得曾經有每個單元 4 GB。

So our sense is that continues to remain progressively increasing and then favorable.

所以我們的感覺是繼續保持逐步增加，然後是有利的。

And then, guys, my last question, and I appreciate there's probably not a lot you can say around this, but with the RAM business trial now moving forward I'm kind of curious how we think about SG&A and are there any milestones that, or timelines we should think about relative to that event?

然後，伙計們，我的最後一個問題，我很感激您可能對此無話可說，但是隨著 RAM 商業試驗的推進，我有點好奇我們如何看待 SG&A，是否有任何里程碑，還是我們應該考慮與該事件相關的時間表？

Well, clearly, the Rambus trial started.

好吧，顯然，Rambus 試驗開始了。

It's a multi-month trial and will continue to accrue litigation costs as we have in the past.

這是一個多月的審判，並將像過去一樣繼續產生訴訟費用。

And, actually, that's probably all we can say on the topic because it's in flight.

而且，實際上，這可能是我們在這個話題上能說的全部內容，因為它還在進行中。

But, Steve, now that it could move to trial we shouldn't expect to step up in increments or it's already embedded in the guidance that you gave for the quarter?

但是，史蒂夫，既然它可以進入試用階段，我們不應該期望逐步增加，或者它已經嵌入到您為本季度提供的指導中？

Well, that's already embedded in the guidance we gave for the quarter.

好吧，這已經包含在我們為本季度提供的指導中。

The length of trials are unpredictable and as a result, that doesn't mean that we will have some additional accrued litigation costs the longer goes.

審判的長度是不可預測的，因此，這並不意味著我們會隨著時間的推移而產生一些額外的應計訴訟費用。

But we'll just have to deal with that real-time as it is happening.

但我們只需要實時處理它正在發生的事情。

Great, thanks, guys.

太好了，謝謝各位。

Thank you.

謝謝你。

Our next question comes from Atif Malik from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Atif Malik。

Hi, thanks for taking my questions.

您好，感謝您提出我的問題。

If I look at your guidance for NAND trade cost reduction last quarter, low- to mid-single-digits and you ended up doing up 12%.

如果我看一下你上個季度對 NAND 貿易成本降低的指導，從低到中個位數，你最終增長了 12%。

Are these decisions being made on the fly in the quarter to change the mix, and if you can give the percentage of SLC, MLC and PLC mix right now and what it will be by the end of year?

這些決定是在本季度即時做出以改變組合嗎？如果你現在能給出 SLC、MLC 和 PLC 組合的百分比，到年底會是什麼？

Well, I'll take the first part about decisions being made on the fly during the quarter to change mix.

好吧，我將首先介紹本季度動態做出的改變組合的決定。

The answer is, of course, we are trying to optimize the margins in the parts and, as we see opportunity, we will do that.

答案當然是，我們正在努力優化零件的利潤，並且，當我們看到機會時，我們會這樣做。

Now I'll also, I think in correlation, make the comment that sometimes it's easy to change the mix and sometimes it is more difficult to change the mix.

現在，我還想在相關的情況下發表評論，有時改變混合很容易，有時改變混合更難。

It depends on the product and the category and so forth.

這取決於產品和類別等。

And we also have customer commitments that we have to make sure that we make.

我們還必須確保我們做出客戶承諾。

So all that goes into the hopper but, yes, we are [cautiously] looking at it.

所以所有這些都進入了料斗，但是，是的，我們正在[謹慎地]觀察它。

And for the next part I will turn it back over to Kipp.

對於下一部分，我將把它交還給 Kipp。

Yes, in terms of wafers probe we saw a 26% increase -- or 26% of our NAND wafers were processed in SLC in Q2.

是的，在晶圓探測方面，我們看到了 26% 的增長——或者說，我們 26% 的 NAND 晶圓在第二季度是在 SLC 中處理的。

And, of course, as those sell out that would be into fiscal Q3 and that is why you saw the pretty nice increase in cost per bit.

而且，當然，因為這些產品將在第三季度售罄，這就是為什麼您看到每比特成本相當不錯的增長。

But, again, referencing both what Ron and Steve said before, that also gave us a very nice margin lift in ASP lift us well.

但是，再次參考 Ron 和 Steve 之前所說的話，這也給了我們一個非常好的 ASP 利潤率提升，很好地提升了我們。

It's worth it for us to put as many wafers in that direction as possible.

對我們來說，盡可能多地朝那個方向放置晶圓是值得的。

Git it.

吉它。

And I agree it's good for profitability.

我同意這有利於盈利。

And what should we think about the normalized SLC mix for the year?

我們應該如何看待今年的標準化 SLC 組合？

Higher than this level or about 26% for the year?

高於這個水平還是全年約 26%？

This looks pretty flattish.

這看起來很平淡。

As we mentioned before, IMFS is primarily ramping right now on MLC.

正如我們之前提到的，IMFS 目前主要在 MLC 上進行推廣。

So don't think that's -- that the wafers aren't growing in SLC, but as a percentage of the total then they are about flat in that 20% range.

所以不要認為那是 - 晶圓在 SLC 中沒有增長，但作為總數的百分比，它們在 20% 的範圍內基本持平。

Okay.

好的。

And for the second half of the year, are there any underutilization charges at Inotera that could come up if the demand remains low or do you think you can still use Inotera for server demand and other kind of non-PC DRAM demand?

在下半年，如果需求仍然很低，Inotera 是否會出現任何未充分利用的費用，或者您認為您仍然可以將 Inotera 用於服務器需求和其他類型的非 PC DRAM 需求？

This is Ron.

這是羅恩。

Your underutilization question was about IMFS in particular?

您的未充分利用問題是關於 IMFS 的嗎？

No, Inotera.

不，伊諾特拉。

Are there any implications, I mean, can Inotera load up the factory?

我的意思是，Inotera 可以加載工廠嗎？

Are there any 100% utilization right now in Inotera?

Inotera 現在有 100% 的利用率嗎？

Yes, Inotera is ramped.

是的，Inotera 已經升級了。

Yes, they are ramped on wafers.

是的，它們是在晶圓上傾斜的。

They are still working on coming up the yield curve, et cetera, and getting more good bit yield output out of that production.

他們仍在努力提高收益率曲線等，並從該生產中獲得更多良好的比特收益率輸出。

So, no, we don't get specific underutilization charges.

所以，不，我們沒有得到具體的未充分利用費用。

We did when it was shut down in 2009, but now we are just paying on a wafer cost basis, and as I've mentioned before, there is a cost basis and then there is a profit sharing component that gets spread back.

我們在 2009 年關閉時就這樣做了，但現在我們只是按晶圓成本支付，正如我之前提到的，有一個成本基礎，然後有一個利潤分享部分可以被分攤回來。

Got it.

知道了。

Thanks.

謝謝。

Well, thank you and with that it looks like we're out of time.

好吧，謝謝你，看來我們沒時間了。

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 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-Ks.

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

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's Micron Technology's third quarter 2011 financial release conference call.

今天的美光科技 2011 年第三季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。