美光科技 (MU) 2011 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我叫 Huey，今天我將成為您的會議主持人。

At this time I would like to welcome everyone to Micron Technology's fourth-quarter and fiscal year-end 2011 financial release conference call.

在此，我想歡迎大家參加美光科技 2011 年第四季度和財年末的財務發布電話會議。

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 speaker's remarks there will be a question-and-answer period.

演講者發言後將進入問答環節。

(Operator Instructions).

（操作員說明）。

Now it is my pleasure to turn the conference over to your host, Kipp Bedard.

現在我很高興將會議移交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much and welcome to Micron Technology's fourth-quarter and fiscal year-end 2011 financial release conference call.

非常感謝並歡迎您參加美光科技 2011 年第四季度和財年末財務發布電話會議。

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

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

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

這次電話會議，包括音頻和幻燈片，也可以在美光的網站 micron.com 上找到。

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

如果您沒有機會查看 2011 年第三季度財務新聞稿，請訪問我們的網站 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 access to by dialing 404-537-3406 with a confirmation code of 11557620.

通過撥打 404-537-3406 和確認碼 11557620 將有此呼叫訪問的音頻重播。

This replay will run through Thursday, October 6, 2011, at 5.30 PM Mountain time.

該重播將持續到 2011 年 10 月 6 日星期四，山區時間下午 5:30。

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

2012 年 9 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 the 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-K.

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

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

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

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

I would now like to turn the call over to Mr.

我現在想把電話轉給先生。

Steve Appleton.

史蒂夫阿普爾頓。

Steve.

史蒂夫。

Thanks Kipp.

謝謝基普。

I'm going to make a few comments and then Ron Foster will make a few comments, and as Kipp said, we will open it up for questions.

我將發表一些評論，然後 Ron Foster 將發表一些評論，正如 Kipp 所說，我們將公開提問。

It may seem a little odd, but I thought I would just do a quick refresh where we started the last quarter, which was we are all concerned about Japan.

這可能看起來有點奇怪，但我想我會在上個季度開始的地方快速刷新一下，我們都關心日本。

You know, at the time we forecasted that we didn't think there would be any disruptions of significance in our supply chain and, in fact, that turns out to be the case, that all went pretty smoothly.

你知道，在我們預測的時候，我們認為我們的供應鏈不會有任何重大的中斷，事實上，事實證明是這樣的，一切都很順利。

Just as a point worth noting.

就像值得注意的一點。

On the operations and technology front, we feel like we had a pretty good quarter.

在運營和技術方面，我們覺得我們有一個相當不錯的季度。

As you can see from some of the data we posted from our big growth and our cost reductions on the execution side we had a good operational quarter.

正如您從我們發布的一些數據中看到的那樣，我們的大增長和執行方面的成本降低，我們有一個良好的運營季度。

In conjunction with that our 20 nanometer NAND is ramping.

與此同時，我們的 20 納米 NAND 也在不斷增加。

It continues to go well.

它繼續進展順利。

But, obviously, we are continuously adjusting the mix to take advantage of higher-margin opportunities.

但是，顯然，我們正在不斷調整組合以利用更高利潤的機會。

IMFS is also on track and also continues to perform pretty well.

IMFS 也步入正軌，並且繼續表現良好。

We are on track to reach the wafer start capacity sometime in the late fall.

我們有望在秋末的某個時候達到晶圓啟動產能。

And we continue to make investments in R&D, as evidenced by our new research facility that will be ready -- it will be ready for tool installs in the beginning of calendar 2012.

我們將繼續在研發方面進行投資，我們的新研究設施已經準備就緒——它將在 2012 年初為工具安裝做好準備。

So I might add that the facility itself will be 450 millimeter capable but, obviously, we are very focused on 300 millimeter at this time.

所以我可能會補充說，該設施本身將具備 450 毫米的能力，但顯然，我們目前非常專注於 300 毫米。

One other comment on IMFS I think it is worth noting is that in our Q4 it accounted for about 25% of our trade NAND revenues.

關於 IMFS 的另一條評論我認為值得注意的是，在我們的第四季度，它約占我們貿易 NAND 收入的 25%。

So that is obviously becoming pretty significant for us.

所以這顯然對我們來說變得非常重要。

On the CapEx front, we came in about where we thought we would.

在資本支出方面，我們進入了我們認為我們會做的地方。

We were just over $900 million for the quarter, and just under $2.9 billion for fiscal 2011.

我們本季度的收入剛剛超過 9 億美元，而 2011 財年的收入略低於 29 億美元。

And if you recall, we noted that as we are finishing up the payments of all the tooling installed at IMFS that we would have a couple of big quarters.

如果你還記得，我們注意到，當我們完成在 IMFS 安裝的所有工具的付款時，我們將有幾個大季度。

In terms of our thoughts around fiscal 2012, we remain the same with an expectation of just over $2 billion.

就我們對 2012 財年的想法而言，我們保持不變，預計將超過 20 億美元。

I will switch over and talk about the markets.

我將切換並談論市場。

At our last earnings call I noted that the DRAM market was pretty weak.

在我們上次的財報電話會議上，我注意到 DRAM 市場相當疲軟。

It has remained weak, at least for most of the quarter that we just ended.

至少在我們剛剛結束的這個季度的大部分時間裡，它仍然很弱。

There has been some modest improvement in pricing the last few weeks, but I think everybody knows it appears we are still primarily being driven by lack of demand versus a rising oversupply scenario.

在過去的幾周里，定價有了一些適度的改善，但我想每個人都知道，我們似乎仍然主要受到需求不足和供過於求情況上升的驅動。

And this is mostly reflected in the consumer markets, whereas we need think the corporate market is in better shape.

這主要反映在消費市場，而我們需要認為企業市場狀況更好。

I can say that specialty DRAM remains a bright spot, particularly our growth in server marketshare, and our continued high levels of marketshare in networking.

我可以說，特種 DRAM 仍然是一個亮點，尤其是我們在服務器市場份額方面的增長，以及我們在網絡領域的持續高水平市場份額。

On the Flash front, we obviously have a little better environment.

在 Flash 方面，我們顯然有更好的環境。

I think on the NAND front we have experienced some modest price decreases, as many of you know, but overall we are still pretty bullish going into the holiday season, as demand remains relatively strong for smartphones, SSDs, tablets.

正如你們許多人所知，我認為在 NAND 方面我們經歷了一些適度的價格下跌，但總體而言，我們仍然非常看好進入假日季節，因為對智能手機、SSD、平板電腦的需求仍然相對強勁。

It is worth noting that we were recently recognized -- our Crucial was recently recognized.

值得注意的是，我們最近獲得了認可——我們的 Crucial 英睿達最近獲得了認可。

That is our online retail channel, the market leader now in channel SSD drives in their August report, so we feel pretty good about that.

那是我們的在線零售渠道，在他們 8 月份的報告中，現在是渠道 SSD 驅動器的市場領導者，所以我們對此感覺很好。

Finally, the last data point worth noting on NAND is that the total NAND revenues across all of the business units exceeded our total DRAM revenues for the first time in the Company's history.

最後，關於 NAND 的最後一個值得注意的數據是，所有業務部門的 NAND 總收入在公司歷史上首次超過了我們的 DRAM 總收入。

And I think that is being impacted, of course, by the decline in the DRAM ASPs, but it is still a significant milestone in our efforts to diversify.

我認為這當然受到了 DRAM ASP 下降的影響，但這仍然是我們努力實現多元化的一個重要里程碑。

NOR has been a pretty stable story.

NOR一直是一個相當穩定的故事。

It seems like we say the same thing every quarter.

似乎我們每個季度都說同樣的話。

We are going to say it again.

我們要再說一遍。

Our NOR front earning was again pretty good, pretty stable.

我們的 NOR 前端收入再次相當不錯，相當穩定。

We don't expect any extreme pricing pressure on this segment in the foreseeable future.

在可預見的未來，我們預計該細分市場不會有任何極端的定價壓力。

We also released the highest incidence in NOR SPI product this quarter, so we feel like we are in a pretty good position.

我們還發布了本季度 NOR SPI 產品中發生率最高的產品，所以我們覺得我們處於一個相當不錯的位置。

And with that, I am going to turn it over to Ron.

有了這個，我將把它交給羅恩。

Thanks, Steve.

謝謝，史蒂夫。

The Company's 2011 fiscal year ended on September 1.

公司 2011 財年於 9 月 1 日結束。

As usual, we provide a schedule containing certain key results for the quarter, as well as certain guidance 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，以及下一季度的某些指導。

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。

The fourth quarter was financially challenging for us in our industry, which is reflected by the Company's net loss for the quarter.

第四季度對我們所在行業的我們來說在財務上充滿挑戰，這反映在公司本季度的淨虧損中。

Although we were able to meet or exceed all of our output and cost reduction goals in this quarter, DRAM price declines put the overall business in a loss position.

儘管我們能夠在本季度達到或超過我們所有的產量和成本降低目標，但 DRAM 價格下跌使整體業務處於虧損狀態。

However, as Steve mentioned, in the fourth quarter revenue from sales of NAND products surpassed sales of DRAM.

然而，正如史蒂夫所說，第四季度 NAND 產品的銷售收入超過了 DRAM 的銷售。

This had a favorable effect on the Company's financial results, as margins on sales of NAND Flash products have remained more stable when compared to the margins on DRAM products.

這對公司的財務業績產生了有利的影響，因為與 DRAM 產品的利潤率相比，NAND 閃存產品的銷售利潤率保持更穩定。

Comparing fiscal 2011 to 2010, we saw a nearly 40% decrease in per bit selling prices for DRAM products compared to about 15% decrease in for NAND Flash products.

與 2011 財年和 2010 財年相比，我們看到 DRAM 產品的每比特銷售價格下降了近 40%，而 NAND 閃存產品下降了約 15%。

In addition to the DRAM to NAND shift, we continue to have an increasingly diversified product portfolio within DRAM and NAND.

除了從 DRAM 到 NAND 的轉變，我們在 DRAM 和 NAND 中繼續擁有越來越多樣化的產品組合。

Consequently, Micron has achieved significantly higher average selling prices for the year and most recent quarters compared to industry averages.

因此，與行業平均水平相比，美光在本年度和最近幾個季度的平均售價顯著提高。

On the operational front, you may recall that in the third quarter of fiscal 2011 IM Flash Singapore qualified its first product for sales to customers, which triggered the start of depreciation of production equipment at that site.

在運營方面，您可能還記得，在 2011 財年第三季度，IM Flash Singapore 將其第一款產品合格銷售給客戶，這引發了該工廠生產設備的折舊。

We continue to invest in the IM Flash Singapore venture as it continues its production ramp.

我們繼續投資 IM Flash Singapore 合資企業，因為它繼續增加產量。

As of the capital call that was funded earlier this week, Micron's ownership interest in IM Flash is 82%.

截至本週早些時候進行的資本調用中，美光在 IM Flash 中的所有權權益為 82%。

Due to the timing of changes in wafer allocation relative to changes in ownership, Micron received 57% of the IM Flash Singapore output in the fourth quarter.

由於晶圓分配的變化相對於所有權的變化，美光在第四季度獲得了 IM Flash Singapore 產量的 57%。

The output from the IM Flash US operations remains at the initial 51%, 49% ownership split.

IM Flash 美國業務的產出保持在最初的 51% 和 49% 的所有權分割。

Bit sales volume increased in the fourth quarter compared to the third quarter by 22% for DRAM and 47% for trade NAND.

與第三季度相比，第四季度的比特銷售額增長了 22% 的 DRAM 和 47% 的貿易 NAND。

These sales volumes were made possible through increases in production for both DRAM and NAND.

這些銷量是通過增加 DRAM 和 NAND 的產量來實現的。

Inotera production improved in the fourth quarter with better wafer output and yields.

Inotra 的產量在第四季度有所改善，晶圓產量和良率有所提高。

And as Steve mentioned, we had a significant boost from IMFS revenue in the quarter.

正如史蒂夫所提到的，我們在本季度的 IMFS 收入中獲得了顯著增長。

These production improvements lead to better than projected cost reductions in the fourth quarter.

這些生產改進導致第四季度的成本降低優於預期。

In fact, IMFS production costs per bit is already below the average for all our other fabs producing NAND, contributing to a 28% cost reduction for trade NAND in the fourth quarter, with projected double-digit declines in the first quarter as well.

事實上，IMFS 的每比特生產成本已經低於我們所有其他生產 NAND 的晶圓廠的平均水平，這導致第四季度貿易 NAND 的成本降低了 28%，預計第一季度也將出現兩位數的下降。

The Company's overall gross margin percent declined in the fourth quarter, primarily due to lower gross margin on the sale of DRAM products as sales price declines outpaced cost improvements.

公司的整體毛利率在第四季度有所下降，主要是由於銷售價格下降超過成本改善導致 DRAM 產品銷售的毛利率下降。

In particular, selling prices for DDR3 products decreased significantly -- over 30% during the fourth quarter.

特別是 DDR3 產品的售價顯著下降——在第四季度下降了 30% 以上。

DRAM bit output is expected to continue double-digit growth in the first quarter as Inotera volume continues to grow, and technology node migrations occur at all our fabs.

隨著 Inotera 產量的持續增長以及我們所有晶圓廠的技術節點遷移，預計第一季度 DRAM 位產量將繼續保持兩位數的增長。

Cost reductions will keep pace in high-single to low-double-digit range.

成本降低將在高個位數到低兩位數範圍內保持同步。

Turning now to the business unit results.

現在轉向業務部門的結果。

In addition to the drop in DRAM selling prices, DSG operating income decreased quarter to quarter due to an accrued loss in the fourth quarter on the purchase commitment for Inotera production.

除了 DRAM 售價下降外，DSG 營業收入也因第四季度因 Inotera 生產的採購承諾而產生的應計虧損而環比下降。

NSG trade sales tracked closely to the NAND trends presented earlier, with revenue increases driven by higher bit sales volumes that outpaced price reductions.

NSG 貿易銷售額與前面介紹的 NAND 趨勢密切相關，收入增長是由比特銷量增加超過降價幅度推動的。

NSG sales continue to show healthy growth with a positive mix shift into SSDs, which grew over 30% in the fourth quarter compared to the third quarter.

NSG 銷售額繼續呈現健康增長，向 SSD 的積極組合轉變，與第三季度相比，第四季度增長了 30% 以上。

NSG sales to Intel from our IM Flash joint ventures were approximately $255 million in the fourth quarter, reflecting a 17% increase compared to the third quarter, primarily as a result of the increase in production from IMFS.

第四季度，我們的 IM Flash 合資企業對英特爾的 NSG 銷售額約為 2.55 億美元，與第三季度相比增長了 17%，這主要是由於 IMFS 產量的增加。

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

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 product by architecture in the fourth quarter were NOR, NAND and DRAM in decreasing order of revenue.

WSG 第四季度架構產品銷售額按收入降序排列為 NOR、NAND 和 DRAM。

While NOR and DRAM sales were flat from the third quarter, NAND sales were lower on softening wireless OEM and distribution demand.

雖然 NOR 和 DRAM 銷售額與第三季度持平，但由於無線 OEM 和分銷需求疲軟，NAND 銷售額下降。

This softening demand also resulted in the write-off of certain customer-specific inventories in the fourth quarter.

這種疲軟的需求也導致了第四季度某些客戶特定庫存的註銷。

Fourth-quarter ESG revenue increased slightly compared to the previous quarter, with growth in NOR revenues partially offset by a slight decrease in DRAM revenue.

第四季度 ESG 收入與上一季度相比略有增長，其中 NOR 收入的增長部分被 DRAM 收入的小幅下降所抵消。

SG&A expenses of $155 million in the fourth quarter increased slightly compared to the previous quarter, partially as a result of higher legal costs associated with pending matters.

與上一季度相比，第四季度 1.55 億美元的 SG&A 費用略有增加，部分原因是與未決事項相關的法律費用增加。

SG&A expense in the first quarter is expected to be between $155 and $165 million.

第一季度的 SG&A 費用預計在 1.55 至 1.65 億美元之間。

R&D expense for the fourth quarter of $209 million was fairly stable compared to the prior quarter.

與上一季度相比，第四季度 2.09 億美元的研發費用相當穩定。

R&D expense in the first quarter is expected to between $200 million and $230 million, reflecting higher labor costs in advance of ramping our expanding R&D facility in Boise that Steve mentioned.

第一季度的研發費用預計在 2 億至 2.3 億美元之間，這反映了史蒂夫提到的在博伊西擴大研發設施之前勞動力成本的上升。

The Company generated $354 million in cash flow from operating activities in the fourth quarter and $2.5 billion for the fiscal year.

公司第四季度的經營活動產生了 3.54 億美元的現金流，本財年產生了 25 億美元。

The fiscal year ended with a cash balance of $2.2 billion.

本財年結束時的現金餘額為 22 億美元。

Expenditures for property, plant and equipment were $928 million for the fourth quarter and $2.9 billion for the fiscal year, a substantial portion of which related to the equipment acquisition at IMFS.

第四季度的財產、廠房和設備支出為 9.28 億美元，本財年為 29 億美元，其中很大一部分與 IMFS 的設備採購有關。

We still anticipate capital spending in total for the 2012 fiscal year to be approximately $2 billion, weighted toward the early part of the fiscal year, as payments are made on equipment acquisitions for the IMFS buildout.

我們仍然預計 2012 財年的資本支出總額約為 20 億美元，在本財年初期加權，因為支付了用於 IMFS 擴建的設備購置費用。

Depreciation and amortization is expected to be between $570 million and $580 million in the first quarter and approximately $2.3 billion for the 2012 fiscal year.

第一季度的折舊和攤銷預計在 5.7 億美元至 5.8 億美元之間，2012 財年約為 23 億美元。

As previously announced in the fourth quarter, the Company issued $690 million of convertible notes.

正如之前在第四季度宣布的那樣，公司發行了 6.9 億美元的可轉換票據。

$57 million of the proceeds were used to purchase cap calls, and an additional $150 million was used to repurchase 19.7 million shares previously outstanding.

其中 5700 萬美元用於購買上限，另外 1.5 億美元用於回購之前流通的 1970 萬股。

The fiscal year ended with a debt to capital ratio of 17%.

本財年結束時的債務資本比率為 17%。

And with that I will turn it back to Kipp.

有了這個，我會把它轉回給 Kipp。

Thanks, Ron.

謝謝，羅恩。

We would now like to take questions from callers.

我們現在想回答來電者的問題。

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

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

With that please open up the phone line.

有了這個，請打開電話線。

(Operator Instructions).

（操作員說明）。

Alex Gauna, JMP Securities.

亞歷克斯·高納，JMP 證券。

I was wondering if you could go into the gross margin, a pretty steep fall off here.

我想知道你是否可以進入毛利率，這裡的下降幅度很大。

Maybe some of the puts and takes -- you had some pretty good bit growth, but I am wondering about what is happening on the gross margin line and maybe what your expectations are going forward here.

也許有些看跌期權 - 你有一些相當不錯的增長，但我想知道毛利率線上發生了什麼，也許你對這裡的期望是什麼。

Primarily as was captured in both Steve's and Ron's comments, the biggest quarter-to-quarter change was in commodity DRAM.

正如 Steve 和 Ron 的評論所反映的那樣，最大的季度變化是商品 DRAM。

And that was not only from an ASP change, which was pretty dramatic Q-to-Q, but also from an enriched mix from Inotera, where they start with more of the standard 2 gigabit DDR3 products, which as Ron mentioned in his notes, had the biggest quarter-to-quarter downward pricing pressure.

這不僅來自於 ASP 的變化，這是相當戲劇性的 Q-to-Q，還來自於 Inotera 的豐富組合，他們從更多的標準 2 gigabit DDR3 產品開始，正如 Ron 在他的筆記中提到的那樣，季度降價壓力最大。

So primarily look for it in that DRAM area.

所以主要是在那個 DRAM 區域中尋找它。

Well, then, going forward here can we expect with some of the enriching mix of NAND that we have some levers going in the other direction?

好吧，那麼，在這裡我們可以期待一些豐富的 NAND 組合，我們有一些朝另一個方向發展的槓桿嗎？

Well, we are not going to make any predictions, as you know, to gross margins, but I think throughout the call you'll get our feel for what our cost reduction outlook is.

好吧，如您所知，我們不會對毛利率做出任何預測，但我認為在整個電話會議中，您會了解我們的成本削減前景。

And of course we have you overlay that with what you think the market dynamics from an ASP standpoint will bring.

當然，我們會讓您將其與您認為從 ASP 的角度來看的市場動態會帶來什麼疊加。

But, yes, we do have some opportunities in terms of product mix that I think Mark Durcan would like to chat to here in a minute.

但是，是的，我們在產品組合方面確實有一些機會，我認為 Mark Durcan 想在這裡聊一聊。

Let me just jump in on the NAND mix specifically.

讓我具體談談 NAND 組合。

While we did comment last quarter about a richer mix of SLC, and we continue to ship larger volumes of SLC in the marketplace, with the ramp that is going on at IMFS continuing to be weighted heavily towards MLC currently, I wouldn't look for some big uplift in terms of the richness of mix in NAND over the next quarter or two, as we will see continued cost reduction in bit growth, but that will be primarily in the MLC area, and then as we look for additional opportunities to richen that mix as we move forward.

雖然我們在上個季度確實評論了更豐富的 SLC 組合，並且我們繼續在市場上運送更多的 SLC，而 IMFS 正在進行的坡道目前繼續主要側重於 MLC，但我不會尋找在接下來的一兩個季度，NAND 的混合豐富度會出現一些大幅提升，因為我們將看到比特增長的成本持續下降，但這主要是在 MLC 領域，然後我們會尋找更多豐富的機會當我們前進時，這種混合。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

A couple of questions.

幾個問題。

First, can you talk a little bit about just inventory levels and commodity DRAM?

首先，您能談談庫存水平和商品 DRAM 嗎？

I think at the analyst day you talked a little bit about inventory levels having come down and bits per box starting to see an acceleration.

我認為在分析師日你談到了庫存水平已經下降和每盒比特數開始加速增長。

I am kind of curious how we ended the quarter.

我有點好奇我們是如何結束這個季度的。

This is Mark Adams.

這是馬克亞當斯。

The inventory in the channel seemed to play out favorably toward the end of our Q4.

渠道中的庫存似乎在我們第四季度末表現良好。

The speculation was that through most of our Q4 inventories were up, as we commented on in our last earnings call.

正如我們在上次財報電話會議中評論的那樣，猜測是我們第四季度的大部分庫存都在增加。

But we saw some activity, as Steve noted in his opening comments, toward the last week of our quarter, and so far quarter to date, that suggests that inventories are in better condition, better balance, and it is reflected in a very modest but still upward trend in commodity DRAM pricing.

但正如史蒂夫在開場評論中指出的那樣，我們看到了一些活動，在本季度的最後一周，以及迄今為止的季度，這表明庫存狀況更好，平衡更好，這反映在一個非常溫和但商品DRAM價格仍有上漲趨勢。

Then, guys, as a follow-up can you talk a little bit about the revenue falloff in the wireless solutions group and the operating loss there, and kind of how do we think about that segment of the business moving back into an operating profit position?

然後，伙計們，作為後續行動，您能否談談無線解決方案部門的收入下降和那裡的運營虧損，以及我們如何看待該業務部門重新回到運營利潤位置?

I think -- again, this is Mark, the wireless business, as many of you know, over the course of the year has been interesting to say the least in terms of the competitive landscape on the unit side, those selling the phones and those manufacturers making the phones.

我想——再說一次，這就是馬克，無線業務，正如你們中的許多人所知，在這一年的過程中，至少可以說，就單位方面的競爭格局而言，那些銷售手機的人和那些製造手機的製造商。

And we have experienced our own transitions around products serving those businesses and trying to optimize the capacity that we are allocating to each of the BUs.

我們已經圍繞為這些業務服務的產品經歷了自己的轉型，並試圖優化我們分配給每個業務部門的容量。

We are being pretty careful with the growth around wireless.

我們對圍繞無線的增長非常謹慎。

It is a good business for us long term, but as we service our embedded business with like products in our DRAM and NAND business, we are trying to be careful with the volatility around the wireless business against the demand profile.

從長遠來看，這對我們來說是一項很好的業務，但是當我們使用 DRAM 和 NAND 業務中的類似產品為我們的嵌入式業務提供服務時，我們正努力謹慎應對無線業務與需求狀況的波動。

So the topline growth is somewhat limited by our ability to serve other business units and other segments more profitably for Micron.

因此，收入增長在某種程度上受到我們為美光提供更高利潤的其他業務部門和其他部門服務的能力的限制。

The gross margin and operating results that you were referring to are somewhat weighted down by us transitioning third-party supply of products from the old Numonyx channel to Micron-enabled silicon.

您所指的毛利率和經營業績在某種程度上因我們將第三方產品供應從舊的恆憶渠道過渡到支持美光的芯片而受到影響。

And that transition is almost done which will help us, but in the past this has somewhat limited our topline gross margin there.

這種過渡幾乎已經完成，這將對我們有所幫助，但在過去，這在一定程度上限制了我們在那裡的頂線毛利率。

So we are a little bit more optimistic going forward, and we are a little bit more careful about how we grow in that space.

因此，我們對未來更加樂觀，我們對如何在該領域發展更加謹慎。

Again, to reflect on the businesses, the number one player a year and a half ago had close to 40% marketshare is now down to 20% marketshare -- somewhere in that range.

同樣，為了反映業務，一年半前排名第一的市場份額接近 40% 現在下降到 20% 的市場份額——在這個範圍內的某個地方。

And the nature of the type of products being sold into that business is changing.

銷售給該業務的產品類型的性質正在發生變化。

So we are watching that to make sure we make the right decisions around production capacity, products and actual customers themselves.

因此，我們正在關注這一點，以確保我們圍繞生產能力、產品和實際客戶本身做出正確的決定。

Shawn Webster, Macquarie.

肖恩韋伯斯特，麥格理。

A couple of questions.

幾個問題。

Going back to gross margins for a moment, what was the size of the inventory write-down that occurred, and what were the devices that got written down?

暫時回到毛利率，發生的庫存減記規模是多少，減記的設備是什麼？

This is Ron.

這是羅恩。

We don't normally itemize inventory adjustments, but what I can tell you is sort of in-line with Mark Adams' comments.

我們通常不會逐項列出庫存調整，但我可以告訴你的是與馬克亞當斯的評論一致。

Given some adjustments going on in the wireless segment and with some of our customized products that go into some of those businesses, we had some inventory adjustment, notably in the wireless and to a lesser extent in the embedded market.

鑑於無線領域正在進行一些調整，並且我們的一些定制產品進入其中一些業務，我們進行了一些庫存調整，特別是在無線市場和嵌入式市場的較小程度上。

I would characterize it as being probably $20 million to $30 million above our normal quarterly rates that you would see, that kind of range.

我將其描述為可能比我們正常的季度費率高出 2000 萬至 3000 萬美元，這種範圍。

Okay, thank you for that.

好的，謝謝你。

Then in terms of the bit production, not shipments, but what was your actual bit production sequentially for both DRAM and NAND in your fiscal Q4?

那麼就位生產而言，不是出貨量，而是您在第四財季的 DRAM 和 NAND 的實際位生產順序是多少？

We had DRAM in fiscal Q4 up mid-single-digits.

我們在第四財季的 DRAM 增長了中個位數。

We had NAND up low 40%.

我們的 NAND 上漲了 40%。

Then maybe one more if I could squeeze it in.

如果我能擠進去的話，也許還會再來一個。

What are your customers telling you in terms of the demand outlook going into calendar Q4 by your various end markets on the PC side and handsets and servers?

關於 PC 端、手機和服務器的各種終端市場進入第四季度的需求前景，您的客戶告訴您什麼？

Are there any areas that are more stable or have notable strength than others?

有沒有比其他領域更穩定或實力顯著的領域？

Yes, again, this is Mark Adams.

是的，這又是馬克亞當斯。

The application or segment breakout you're looking for I would start by separating out consumer and corporate.

您正在尋找的應用程序或細分市場突破我將首先將消費者和企業分開。

Our consumer business still seems relatively off on the demand side again, so the PC business is not super strong going into the holiday.

我們的消費業務在需求方面似乎仍然相對疲軟，因此 PC 業務在進入假期之前並不是特別強勁。

I think that impacts not just PCs.

我認為這不僅僅影響個人電腦。

You can also make an argument that the wireless business will -- could potentially see some negative demand pressure.

您還可以提出無線業務可能會出現一些負面需求壓力的論點。

Tablets are kind of a separate beast in and of themselves in terms of demand and still seem to have some pretty good growth through the holiday.

就需求而言，平板電腦本身就是一種獨立的野獸，而且在整個假期期間似乎仍有相當不錯的增長。

Around things like server and networking we still see pretty good strong demand, and as best we can see going forward, it looks to remain strong.

在服務器和網絡等方面，我們仍然看到相當強勁的需求，而且正如我們所看到的那樣，它看起來仍然很強勁。

As well as in our embedded markets, the automotive and amusement segments are pretty strong around those types of NOR- and DRAM-based solutions that we sell into those sectors.

與我們的嵌入式市場一樣，汽車和娛樂領域在我們銷售給這些領域的那些基於 NOR 和 DRAM 的解決方案方面非常強大。

So, again, I would go back to repeat that consumer still seems a little weaker, and that the corporate landscape has maintained relatively stable around the application base that we serve.

因此，我再次重申，消費者似乎仍然有點弱，並且公司環境在我們服務的應用程序基礎周圍保持相對穩定。

Krishna Shankar, ThinkEquity.

Krishna Shankar，ThinkEquity。

Can you give us the revenue percentages of PC DRAM, specialty DRAM, NAND and NOR?

您能給我們提供 PC DRAM、特種 DRAM、NAND 和 NOR 的收入百分比嗎？

And can you rank gross margins for those four segments, please, relative to the corporate average?

請問您能否對這四個細分市場的毛利率相對於公司平均水平進行排名？

I can break it down revenue-wise for -- by the business units for you.

我可以按業務部門為您細分收入。

We had about 32% in DST, around 30% in NSG, around 20% in WSG, about 11% in ESG, and around 6% other.

我們在 DST 中大約有 32%，在 NSG 中大約 30%，在 WSG 中大約 20%，在 ESG 中大約 11%，在其他方面大約 6%。

And going forward can you talk -- I know that PC DRAM pricing has continued to sort of -- you know, it picked up a little bit in September, but can you talk about the incremental impact of PC DRAM on the November quarter -- was this the August quarter?

展望未來，你能談談 - 我知道 PC DRAM 的定價一直在繼續 - 你知道，它在 9 月有所回升，但你能談談 PC DRAM 對 11 月季度的增量影響 -這是八月季度嗎？

Well, I think what we will stay to, Krishna, is our normal talking points, which quarter-to-date on DRAM we are down about 10% to 15%.

好吧，我認為我們將堅持下去，克里希納，是我們正常的談話要點，到目前為止，我們在 DRAM 上下降了大約 10% 到 15%。

NAND is about flat quarter-to-date.

迄今為止，NAND 幾乎持平。

And of course we will -- it is up to you to look out over the next couple of months and determine what direction you think ASP will be.

當然，我們會——由您在接下來的幾個月中觀察並確定您認為 ASP 的方向。

Uche Orji, UBS.

Uche Orji，瑞銀。

Real quick, so if I look at the NAND ASP movements, obviously a lot of that was a mix from SLC to MLC.

真的很快，所以如果我看一下 NAND ASP 運動，很明顯其中很多是從 SLC 到 MLC 的混合。

Can you talk about the breakdown of how that moved around between last quarter and this quarter in the mix of SLC to MLC?

您能否談談上個季度和本季度在 SLC 到 MLC 的組合中的變化情況？

And related to that, what are your plans around ramping 3 bit to cell?

與此相關的是，您有什麼計劃將 3 位轉換為單元？

Are you able to -- have you any design wins that we should be looking for to enable that category to ramp?

您是否能夠 - 您是否有任何我們應該尋找的設計勝利，以使該類別能夠增加？

So this is Mark.

這就是馬克。

Let me cover the NAND mix piece anyway.

無論如何，讓我介紹一下 NAND 混合部分。

SLC as a percent of the mix dropped a couple of percent on a wafer basis, but the MLC grew roughly 6% as a percent of the wafer mix, with the remaining difference being a reduction in 3 level cell.

SLC 佔矽片的百分比下降了幾個百分點，但 MLC 增長了大約 6%，佔矽片的百分比，其餘差異是 3 級電池的減少。

So I don't think we want to pin the exact percentages for you, but on a wafer basis to give you a sense of how that moved around.

因此，我認為我們不想為您確定確切的百分比，而是在晶圓的基礎上讓您了解它是如何變化的。

And again the absolute value of the SLC was not decreasing, it was -- really that was driven primarily by growth in total wafers out and total [builds].

同樣，SLC 的絕對值並沒有下降，它實際上主要是由總晶圓輸出和總 [構建] 的增長推動的。

Okay, that is clear.

好的，這很清楚。

I am sorry, the second part of the question was?

對不起，問題的第二部分是？

Yes, the second part of the question was how should we think about your growth in 3 bit to cell going forward?

是的，問題的第二部分是我們應該如何看待你們未來在 3 位到單元格方面的增長？

And what are you able to use that in the embedded market as say someone like SanDisk is doing right now?

像閃迪這樣的公司現在正在做什麼，你能在嵌入式市場上使用它嗎？

I would look over the next few quarters for the 3 bit per cell to be relatively flat as a percent of our mix, although we are working on a number of solutions that over time could drive that number up in some of the embedded applications.

在接下來的幾個季度中，我會查看每個單元 3 位在我們組合中的百分比相對持平，儘管我們正在研究一些解決方案，隨著時間的推移，這些解決方案可能會在某些嵌入式應用程序中提高這一數字。

I think one more comment to tack on that.

我想再發表一條評論。

When you refer to SanDisk using this in the embedded market, I think that their overall capacity is still -- they been saying they are more OEM focus and their revenue is that way.

當你提到 SanDisk 在嵌入式市場使用它時，我認為他們的整體能力仍然是——他們一直在說他們更專注於 OEM，他們的收入就是這樣。

They still have a fairly healthy retail business that can consume 3 bit and not pay a penalty for performance.

他們仍然擁有相當健康的零售業務，可以消耗 3 位並且不會為性能付出代價。

And so the production capacity that we are seeing in 3 bit we are utilizing through our Lexar channel today.

因此，我們今天通過 Lexar 渠道看到的 3 位生產能力。

But as far as industrial-strength applications, 3 bit is not showing up.

但就工業級應用而言，3 位並未出現。

And I think for us a large part of our capacity is not necessarily just solely dedicated to retail, it is another unique value-add application market.

而且我認為對我們來說，我們很大一部分產能不一定只專注於零售，它是另一個獨特的增值應用市場。

Can I just ask one more question (inaudible).

我可以再問一個問題嗎（聽不清）。

So we have seen some production cuts, and [a pod shift] has been talked about in the press, and perhaps also [Nanya] is being talked about as possibly cutting back.

所以我們已經看到了一些減產，媒體上一直在談論 [a pod shift]，也許 [Nanya] 也被談論可能減產。

With the way demand is, and given the level of inventory that you have, what will it take for you to cut back on production as a way to help credit inventory?

以需求的方式，並考慮到您擁有的庫存水平，您將採取什麼措施來削減生產以幫助貸記庫存？

Are there any triggers that you monitor at this point?

您此時是否監控任何觸發因素？

And then two, the module makers, what is their strategy right now?

然後兩個，模塊製造商，他們現在的策略是什麼？

Are they buying or are they just sitting on their hands?

他們是在購買還是只是坐在他們的手上？

On the production cuts we have seen the same data that you have and the same announcements.

關於減產，我們看到了與你們相同的數據和相同的公告。

In terms of Micron we are, I think, still pretty good in terms of the variable cost versus ASP.

就美光而言，我認為，就可變成本與 ASP 而言，我們仍然相當不錯。

And as a result, we don't have any plans for any production cuts.

因此，我們沒有任何減產計劃。

And I will let Mark answered the next one.

我會讓馬克回答下一個問題。

With regards to the module manufacturers or assemblers, they were partially responsible for the uptick towards the end of August.

至於模塊製造商或組裝商，他們對 8 月底的上漲負有部分責任。

And I think part of it was they carried a fair amount of inventory into summer.

我認為部分原因是他們在夏季攜帶了大量庫存。

And that sold through slower than they had hoped.

而且銷售速度比他們希望的要慢。

And they managed their inventories fairly well towards the end of the summer, which reflected in relatively tight supply that drove some of the modest uptick in pricing that we referred to.

他們在夏末時很好地管理了他們的庫存，這反映在供應相對緊張上，這推動了我們提到的一些價格的適度上漲。

And as -- we are now kind of in a wait-and-see mode to see how they fare going into the holiday season and the aftermarket.

而且 - 我們現在處於觀望模式，看看他們在假期和售後市場的表現如何。

Of course, we have our own Crucial business, which is in that -- competes in that space and is doing fairly well.

當然，我們有我們自己的 Crucial 英睿達業務，在那個領域競爭並且做得相當好。

But we probably need more data points before we are able to tell you long term how that will play out.

但我們可能需要更多的數據點才能長期告訴你這將如何發揮作用。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

On the DRAM pricing side, you're talking about quarter-to-date pricing down about 10%, 15%, which seems to be a little bit worse than what we have seen in terms of the PC DRAM on the spot market.

在 DRAM 定價方面，您所說的季度至今價格下降了約 10%、15%，這似乎比我們在現貨市場上看到的 PC DRAM 價格要差一些。

Can you talk about some of the mix that might be going on on the server specialty area that might be contributing to those differences in trends?

您能否談談服務器專業領域可能發生的一些可能導致這些趨勢差異的混合？

Let me just add one thing.

讓我只補充一件事。

That is relative to an average for last quarter, so keep that in mind.

這是相對於上個季度的平均值，所以請記住這一點。

And then I think Mark Adams would like to add some commentary around your question about the server.

然後我認為 Mark Adams 想圍繞您關於服務器的問題添加一些評論。

Yes, I think also when you look at pricing trends over a longer period, say a year or four quarters, what typically obviously leads you in either direction, down or up, is the commodity pricing.

是的，我還認為，當您查看較長時期內的定價趨勢時，例如一年或四個季度，通常明顯引導您朝任一方向（向下或向上）的是商品定價。

And then there is some correlation between the commodity price and the direction of our other application ASPs.

然後商品價格與我們其他應用程序 ASP 的方向之間存在一些相關性。

That being said, as Kipp noted, we saw some of those modestly decline, which gave us an average when compared to prior quarter isn't as -- kind of in the trendline of commodity pricing.

話雖如此，正如 Kipp 指出的那樣，我們看到其中一些小幅下降，這給了我們一個與上一季度相比的平均值，這並不像商品定價的趨勢線那樣。

I think commodity pricing wouldn't be down to your point nearly as much as we are suggesting the overall ASP is.

我認為商品定價不會像我們建議的整體 ASP 那樣下降到您的觀點。

So 10% to 15% is our blend based on the average of last quarter.

所以 10% 到 15% 是我們基於上一季度平均值的混合比例。

And some of our higher specialty markets -- higher-priced specialty applications coming down a little bit.

我們的一些更高的專業市場——價格更高的專業應用略有下降。

And we think that that is reflective in the calculation.

我們認為這反映在計算中。

Fair enough, that makes sense.

很公平，這是有道理的。

And then as a follow-up, on the NAND aside, as you look at the environment right now could you maybe comment and give kind of a first bogey on what you expect in 2012 your NAND bit production to do through calendar 2012, either a year from today or for the full calendar year?

然後作為後續行動，除了 NAND，當你觀察現在的環境時，你是否可以評論一下，並給出你對 2012 年 NAND 位生產到 2012 日曆年的預期的第一個忌諱，要么從今天開始的一年還是整個日曆年？

We would really like to stay away from year-over-year comparison, because I think as Mark Durcan has noted, we can make a lot of changes to the mix.

我們真的很想遠離同比比較，因為我認為正如 Mark Durcan 所指出的，我們可以對組合做出很多改變。

So we would like to stay with something more in the short term.

所以我們想在短期內繼續做更多的事情。

We are looking at mid-single-digits for our next fiscal quarter, and then something more in the double-digits for the quarter after that.

我們正在為我們的下一個財政季度尋找中個位數，然後在之後的季度中看到更多的兩位數。

And please keep in mind -- there is -- we can move these bits around quite a bit.

請記住——有——我們可以將這些位移動很多。

Any take on the industry growth for next year in NAND?

對明年 NAND 行業的增長有何看法？

Yes, NAND is looking up probably around 65% to 75%, depending on some of these things we are talking about -- SLC, MLC, TLC mix as we go through 2012.

是的，NAND 的增長可能在 65% 到 75% 左右，這取決於我們正在談論的一些事情——我們在 2012 年的 SLC、MLC、TLC 混合。

David Wong, Wells Fargo.

大衛王，富國銀行。

Have you taken any reserves that might be applied against the fine related to a negative verdict in the Rambus antitrust case?

您是否已採取任何準備金來應對與 Rambus 反托拉斯案中的負面判決相關的罰款？

And how much of SG&A is currently going towards legal costs associated with litigation?

目前有多少 SG&A 用於支付與訴訟相關的法律費用？

The reserves that we take are on the basis of anticipated litigation costs.

我們採取的準備金是基於預期的訴訟費用。

We have not taken any reserves with respect to any kind of judgment or verdict.

我們沒有對任何類型的判斷或判決採取任何保留。

And of course until we have that we have no idea knowing what that might be.

當然，在我們擁有它之前，我們不知道那可能是什麼。

Can you give us any magnitude of what your legal costs are running on a per quarter basis?

您能否告訴我們您每季度的法律費用是多少？

Ron can jump in here in a second, but obvious they vary kind of when you are in trial.

羅恩可以在一秒鐘內跳到這裡，但很明顯，當你受審時，它們會有所不同。

We have just got through a trial.

我們剛剛通過了審判。

And so our cost for this last quarter up through really about a week ago are going to be, I think, a little bit higher than normal because we are actually in litigation.

因此，我認為大約一周前的最後一個季度的成本將比正常情況高一點，因為我們實際上正在訴訟中。

We don't actually break down those pieces in our SG&A structure.

我們實際上並沒有分解我們的 SG&A 結構中的這些部分。

Bear in mind that we tried to estimate each quarter, give a little more color on how this works, the cost to adjudicate or settle items, as Steve mentioned, in a particular quarter.

請記住，我們試圖估計每個季度，對它的工作原理、裁決或結算項目的成本進行更多說明，正如史蒂夫提到的，在特定季度。

And we look forward to the estimated cost of adjudication through all the events we have, and we have a number of events that are detailed in our filings, our Q and K filings, that you can look at.

我們期待通過我們擁有的所有活動來估算裁決成本，我們的文件、Q 和 K 文件中詳細列出了許多活動，您可以查看這些活動。

And we estimate all those and try to accrue the cost estimates, and each quarter we true up those estimates.

我們估算所有這些並嘗試累積成本估算，並且每個季度我們都會驗證這些估算。

So, obviously, when we are very involved in a significant suit we will true up those things on a more timely basis.

因此，顯然，當我們非常參與重大訴訟時，我們會更及時地糾正這些事情。

We did have some increase in this quarter on a number of categories as we were looking at the go forward adjudication cost to work through these numerous events, not just the one Rambus item.

本季度我們確實在許多類別上有所增加，因為我們正在研究通過這些眾多事件的前進裁決成本，而不僅僅是一個 Rambus 項目。

And my final question, for the commodity DRAM and for your NAND are your current contract prices above or below spot prices?

最後一個問題，對於商品 DRAM 和您的 NAND，您當前的合同價格是高於還是低於現貨價格？

I am sorry, could you repeat the question?

對不起，你能重複一下這個問題嗎？

For commodity DRAM and for NAND are the contract prices that you're getting from your big customers, are they above below or below what we see on the day-to-day spot prices?

商品 DRAM 和 NAND 是您從大客戶那裡獲得的合同價格，它們是高於還是低於我們在日常現貨價格上看到的價格？

Well, today they are slightly below, and that is just normal for the cycles that go on in pricing in the market.

好吧，今天它們略低於，這對於市場定價的周期來說是正常的。

The spot market normally leads you in one direction or the other.

現貨市場通常會引導你走向一個方向或另一個方向。

And in this case spot has come up a little bit.

在這種情況下，斑點已經出現了一點。

As we have noted a few times in the call, the OEM counter pricing is lagging slightly.

正如我們在電話會議中多次指出的那樣，OEM 櫃檯定價略有滯後。

Kevin Cassidy, Stifel Nicolaus.

凱文·卡西迪，斯蒂菲爾·尼古拉斯。

This is [Dean Grumwaltz] calling in for Kevin Cassidy.

這是 [Dean Grumwaltz] 打電話給 Kevin Cassidy。

Good afternoon.

下午好。

My question is can you elaborate on plans to accelerate mobile DRAM and other non-commodity DRAM products?

我的問題是您能否詳細說明加速移動 DRAM 和其他非商品 DRAM 產品的計劃？

Sure, as you may imagine, [like a] historical little fact we have sold a lot of -- a fair amount of DRAM capacity into the computing sector, and most notably the desktop client/notebook market.

當然，正如你可能想像的那樣，[就像一個]歷史上的小事實，我們已經賣出了很多——相當數量的 DRAM 容量進入了計算領域，尤其是桌面客戶端/筆記本市場。

Over the years we spent a lot of time focusing on new application segments, and I think now more than ever, especially with the new business unit structure that we have set out as a company, and the acquisition of Numonyx and the market segments they were serving in joining with Micron, we've got a number of new application markets that are serving that same capacity.

多年來，我們花了很多時間專注於新的應用領域，我認為現在比以往任何時候都更重要，尤其是我們作為一家公司製定的新業務部門結構，以及對恆憶的收購和他們所在的市場領域與美光合作後，我們有許多新的應用市場正在提供同樣的能力。

And when you split that out, markets like amusement and the server and networking segment and PC graphics -- if you look at automotive, there is just a number of different sectors that we serve that may be a while back you would have said were primarily dedicated to the PC space.

當你把它分開時，像娛樂、服務器和網絡領域以及 PC 圖形這樣的市場——如果你看一下汽車，我們服務的只是一些不同的行業，可能不久前你會說主要是專用於PC空間。

So the evolution of the applications we are serving are much more dynamic and are leading us to try to optimize our capacity for the most profitable long-term -- and most profitable customer relationships and long-term business.

因此，我們所服務的應用程序的發展更加動態，並引導我們嘗試優化我們的能力，以實現最有利可圖的長期 - 以及最有利可圖的客戶關係和長期業務。

And I think that effectively shows up when you look at our share in some of the segments -- automotive, networking and server.

我認為，當您查看我們在某些細分市場（汽車、網絡和服務器）中的份額時，這一點就會有效地顯現出來。

C.J.

C.J.

Muse, Barclays Capital.

繆斯，巴克萊資本。

I guess the first question on the NAND side, I was hoping you could help me understand your thoughts on profitability there.

我猜是 NAND 方面的第一個問題，我希望您能幫助我了解您對那裡的盈利能力的看法。

Your costs down efforts came in better than what I was thinking.

你降低成本的努力比我想像的要好。

Intel mix is heading lower, and that is offset a little bit by the SLC/MLC mix shift.

英特爾組合正在走低，這被 SLC/MLC 組合轉變所抵消。

But curious, as that trend goes forward over the next few quarters, how should we think about the uplift to earnings for just NAND by itself and then the contribution to the overall Company?

但好奇的是，隨著未來幾個季度這一趨勢的發展，我們應該如何看待 NAND 本身的收益提升以及對整個公司的貢獻？

Well again, we don't like to give you guidance on margin per se.

再說一次，我們不喜歡就保證金本身為您提供指導。

Let me maybe go back and ask a previous question might at least help you put this in at least order of margin ranking.

讓我回過頭來問一個之前的問題，至少可以幫助您將其至少按保證金排名順序排列。

For the quarter we are just reporting specialty DRAM is still the highest, NAND second, NOR and then PC RAM.

對於本季度，我們僅報告專業 DRAM 仍然是最高的，其次是 NAND，其次是 NOR，然後是 PC RAM。

So as Mark noted, we do have some pretty nice operational cost downs coming.

正如馬克所指出的，我們確實有一些相當不錯的運營成本下降即將到來。

We do have some levers in different parts of our business to continue to look at a pretty favorable NAND business.

我們在業務的不同部分確實有一些槓桿，可以繼續關注非常有利的 NAND 業務。

But we are certainly not going to give you any guidance as to operating margin or gross margin to it.

但我們當然不會就營業利潤率或毛利率向您提供任何指導。

This is Ron.

這是羅恩。

One thing I can add to that is that if you just look at our MSG results, which is our commodity NAND business, we are still running a profit, and that is despite the mix shift that was already commented on in terms of the ramp up of IMFS and the higher MLC content.

我可以補充的一件事是，如果你只看一下我們的 MSG 結果，這是我們的商品 NAND 業務，我們仍然在盈利，儘管已經在增長方面評論了混合轉變IMFS 和更高的 MLC 含量。

So our core commodity NSG product line, as well as all the other NAND business we go through NSG, is still showing a positive operating profit.

因此，我們的核心商品 NSG 產品線，以及我們通過 NSG 開展的所有其他 NAND 業務，仍然顯示出正的營業利潤。

And then, of course, we have NAND that goes through our other two businesses, wireless and embedded, which can have reasonable margins as well.

然後，當然，我們有 NAND，它通過我們的其他兩項業務，無線和嵌入式，也可以有合理的利潤。

So in addition to the IMFS performance, which we have improving and have already recounted how that is going to help us going forward, and the cost structure of IMFS is already below the average of our other fabs, we are showing profitable performance across all of our NAND businesses right now, if you look at the aggregate total, and the improving performance in IMFS will only help that.

因此，除了 IMFS 的表現，我們已經改進並且已經講述了這將如何幫助我們前進，並且 IMFS 的成本結構已經低於我們其他晶圓廠的平均水平，我們在所有晶圓廠都顯示出盈利的表現我們現在的 NAND 業務，如果你看一下總數，IMFS 的性能提高只會對此有所幫助。

Of course, it is all predicated on pricing assumptions, which right now look flat.

當然，這一切都建立在定價假設之上，而現在看起來很平淡。

Sure, that is helpful.

當然，這很有幫助。

And as a follow-up question.

並作為後續問題。

You talked about the industry bit growth for NAND tracking 65%, 75% for 2012.

您談到了 NAND 跟踪 65% 的行業位增長，2012 年為 75%。

I am curious, can you grow in-line with the industry with the capacity you have at IM Flash Singapore and any $2 billion CapEx budget that you have outlined or would you need to add capacity there?

我很好奇，您能否以 IM Flash Singapore 的容量以及您概述的任何 20 億美元資本支出預算與行業同步發展，或者您是否需要在那裡增加容量？

This is Mark Durcan.

這是馬克·杜肯。

Kipp commented on bit growth over the next couple of quarters.

Kipp 評論了接下來幾個季度的比特增長。

I would say if you want to take a longer-term view, keeping in mind that quarter-to-quarter the numbers will be pretty bumpy, we should be averaging in the high teens in terms of our trade bits into the market -- the bits that Micron sells for profit -- so we should exceed industry growth.

我想說，如果您想從長遠來看，請記住，季度間的數字將非常坎坷，就我們進入市場的交易量而言，我們應該平均在十幾歲 -美光以盈利為目的出售的鑽頭——因此我們應該超過行業增長。

Hans Mosesmann, Raymond James.

漢斯·摩西曼，雷蒙德·詹姆斯。

Can you comment on some of these apply dynamics in DRAM?

你能評論一下 DRAM 中的一些應用動態嗎？

There is some supply that may have come off, maybe some is coming back in next year.

有一些供應可能已經減少，也許一些明年會回來。

What is that dynamic as we look over the next 18 months in DRAM specifically?

當我們特別關注未來 18 個月的 DRAM 時，這種動態是什麼？

Thanks.

謝謝。

If you think about the comments that we had last quarter, I think they are still consistent for this quarter, which is why I made the statement that we didn't think that we are an oversupply driven challenge right now, it is mostly a demand driven challenge.

如果您考慮一下我們上個季度的評論，我認為它們在本季度仍然是一致的，這就是為什麼我發表聲明說我們現在不認為我們是一個供過於求驅動的挑戰，這主要是一種需求驅動的挑戰。

And if you look at the CapEx -- and the CapEx and the capacity going to DRAM has already started to decline.

如果你看一下資本支出——資本支出和 DRAM 的容量已經開始下降。

And, in fact, if you look at the peak of the CapEx into DRAM, which would have been 2010 moving into the first part of 2011, that it did peak and it is starting to come down quarter by quarter.

而且，事實上，如果你看一下 DRAM 的資本支出峰值，這將是 2010 年進入 2011 年上半年，它確實達到了峰值，並且開始逐季下降。

And we only got to a level that was probably just over half of what we had peaked before in the 2006, 2007 timeframe.

而且我們只達到了可能只是我們在 2006 年、2007 年時間範圍內達到峰值的一半多一點的水平。

So we are just not going to get the kind of bit growth that we saw in that timeframe, which is why I have made the statements that I think that we are in a demand driven challenged environment right now.

因此，我們只是不會獲得我們在那個時間範圍內看到的那種小幅增長，這就是為什麼我發表聲明說我認為我們現在處於需求驅動的挑戰環境中。

Now with that in mind, if you look at the CapEx that is being spent, and you look at all that data, almost 100% of that CapEx is going into advancing facilities.

現在考慮到這一點，如果您查看正在花費的資本支出，並查看所有數據，那麼幾乎 100% 的資本支出都將用於推進設施。

Now there is some new silicon, but if you think of what we have been doing with Inotera, with our own facilities, if you think about what Elpida has been doing or Hynix has been doing, it has all been going into upgrading, if you will, to the next generation of technology, which does drive some bit growth, but it is not near the bit growth that you would get from bringing on new facilities.

現在有一些新的矽片，但如果你想想我們一直在用 Inotera 做些什麼，用我們自己的設施，如果你想想 Elpida 一直在做什麼，或者 Hynix 一直在做什麼，那麼一切都在升級，如果你將，到下一代技術，它確實推動了一些比特增長，但它與你通過引入新設施所獲得的比特增長相差甚遠。

I think Samsung has had some media commentary where they have had some new silicon.

我認為三星有一些媒體評論說他們有一些新的芯片。

But for the most part I don't think anybody expects any large amount of new silicon coming online.

但在大多數情況下，我認為沒有人期望任何大量的新芯片上線。

And we are not seeing it in the marketplace.

我們沒有在市場上看到它。

And in fact, if you look at the equipment suppliers, they are confirming that there is -- that their book to bills are below 1.

事實上，如果您查看設備供應商，他們會確認存在 - 他們的帳單比低於 1。

There is a lack of demand for equipment going into that segment.

進入該領域的設備需求不足。

So I think that by and large it will probably not take much of an improving demand environment that would pretty quickly soak up any excess supply in the marketplace.

所以我認為，總的來說，需求環境的改善可能不會很快吸收市場上的任何過剩供應。

Okay, as a quick follow-up, what is the bit growth supply number you guys were working off of as you look into 2012 calendar?

好的，作為一個快速跟進，你們在查看 2012 年日曆時正在處理的比特增長供應數字是多少？

For DRAM?

對於DRAM？

For DRAM, yes.

對於 DRAM，是的。

Looking like 40% to 50%.

看起來像 40% 到 50%。

Ryan Goodman, CLSA.

瑞安古德曼，里昂證券。

So just on the 65% to 75% growth number you put out, that is a little bit lower than you have talked about in the past.

因此，僅就您提出的 65% 到 75% 的增長數字而言，這比您過去所說的要低一些。

I was curious how has this impacted the capacity expansion plans for IMFS next year?

我很好奇這對明年 IMFS 的產能擴張計劃有何影響？

Really no change.

真的沒有變化。

We have always talked about IMFS as being in that $60,000 start range by the end of year.

我們一直在談論 IMFS 在年底前處於 60,000 美元的起始範圍內。

And I think, Mark, if he hasn't updated, he is more than happy to.

我想，馬克，如果他還沒有更新，他會很樂意更新的。

It has gone really well.

進展非常順利。

It is ahead of schedule, so we will hit that pretty shortly.

它提前了，所以我們很快就會達到這個目標。

None of the budget in that $2 billion CapEx that we have bogeyed for fiscal 2012 includes a ramp beyond that.

在我們為 2012 財年設定的 20 億美元資本支出中，沒有一項預算超出此範圍。

So the numbers that we used in what I quoted were industry supply numbers, not Micron specific.

因此，我們在引用的內容中使用的數字是行業供應數字，而不是美光特定的數字。

So right now the expansion plan is pretty much holding at that $60,000?

所以現在擴張計劃幾乎保持在這 60,000 美元？

There is nothing additional in the $2 billion to take that higher than that as of today?

到目前為止，這 20 億美元中沒有什麼比今天更高的了？

That is correct.

那是對的。

Sorry, Mark [Durcan, go ahead].

抱歉，Mark [Durcan，繼續]。

No, that is what I was going to say.

不，這就是我要說的。

And then just one follow-on also.

然後也只有一個後續。

You had mentioned a little bit of the Numonyx production was being pulled in-house as a cost driver -- or a cost saver, I should say.

你曾提到恆憶的一些產品被內部拉動，作為成本驅動因素——或者我應該說是成本節約者。

I am just curious where are we in that, specifically on the NAND side of things?

我只是好奇我們在哪裡，特別是在 NAND 方面？

Is that mostly pulled in at this point or is that one quarter, two quarters away from being fully captive at this point?

這主要是在這一點上被拉進來的，還是離完全俘虜四分之一、兩個季度的距離？

It is primarily in-house at this point, other than a couple of very small volume items.

目前它主要是內部的，除了幾個非常小的體積項目。

We are through purchasing large amounts of NAND.

我們是通過大量採購NAND。

I guess, if I could just slip in one more really quick.

我想，如果我能再快一點滑進去就好了。

Just on the cash, the cash balance is looking pretty good.

就現金而言，現金餘額看起來還不錯。

Could you give an update just on the mindset on buybacks versus M&A?

您能否就回購與併購的心態提供最新信息？

I know you did a little bit this last quarter on the buyback side, but going forward how should we be thinking about that?

我知道你在上個季度在回購方面做了一些事情，但接下來我們應該如何考慮呢？

Thank you.

謝謝你。

Well, clearly, the weaker the market is, the more conservative we get probably in terms of use of our cash.

好吧，很明顯，市場越弱，我們在使用現金方面可能就越保守。

But the other corollary with that is the lower our share price, the more we view it as (inaudible) below book where it is today.

但另一個推論是，我們的股價越低，我們就越認為它（聽不清）低於今天的水平。

And maybe it might -- it creates an opportunity for us to consider the way we should do something like that.

也許它可能——它為我們創造了一個機會來考慮我們應該如何做這樣的事情。

Obviously, that is a Board decision that will have to be made as we move forward.

顯然，這是我們前進時必須做出的董事會決定。

We have done some already, as you noted, but I would say that our balance sheet is pretty strong, and as of right now we have -- I think we have pretty good flexibility, whether it is for M&A or any kind of equity restructuring alternative we want to pursue.

正如你所說，我們已經做了一些，但我想說我們的資產負債表非常強勁，而且截至目前我們有——我認為我們有很好的靈活性，無論是併購還是任何形式的股權重組我們要追求的另類。

Bob Gujavarty, Deutsche Bank.

德意志銀行的 Bob Gujavarty。

I was wondering if you could talk a little bit about -- you mentioned the retail SSD business, what is your sense of what OEMs are thinking about SSD adoption for maybe this holiday season, and maybe more importantly next year.

我想知道你是否可以談談 - 你提到了零售 SSD 業務，你對 OEM 對 SSD 採用的看法可能是這個假期，也許更重要的是明年。

Is it still a bill of materials challenge for them or have you seen some warming up from them?

這對他們來說仍然是一個物料清單挑戰，還是你看到他們的一些熱身？

This is Mark Adams.

這是馬克亞當斯。

I have definitely seen some warming up from our major OEMs.

我肯定看到我們的主要原始設備製造商有所升溫。

I think on the bill of material sensitivity it is obviously around the client desktop notebook portion of that business.

我認為在物料清單敏感性方面，它顯然是圍繞該業務的客戶端台式筆記本電腦部分。

And I certainly think as people are looking to differentiate over the holiday and offer -- and with obviously the tablets are going out with all NAND, so when you think of the mix of storage on the client application device in the market, we are seeing more penetration there.

而且我當然認為，隨著人們在假期和產品中尋求差異化 - 顯然平板電腦將全部採用 NAND，所以當你想到市場上客戶端應用設備上的存儲組合時，我們會看到那裡有更多的滲透。

I think that pricing still would need to be a little bit more competitive for them to go more mainstream on the SSD configurations.

我認為定價仍然需要更具競爭力才能讓他們在 SSD 配置上更加主流化。

But beyond that you have noted two things, one of which is on the OEM side is the enterprise continues to grow in terms of focus and energy.

但除此之外，您還注意到兩件事，其中之一是在 OEM 方面，企業在重點和精力方面繼續增長。

And the developments around the silicon continued to mature, i.e., controller development, software and firmware development to make the enterprise more realistic in terms of enterprise class performance.

圍繞芯片的開發不斷成熟，即控制器開發、軟件和固件開發，使企業在企業級性能方面更加現實。

And, finally, the noted channel piece, it is interesting to note -- if you look right now in the sales of SSD units, notebook PCs are roughly 45% of all SSDs being sold.

最後，值得注意的是，值得注意的是，如果您現在查看 SSD 單元的銷售情況，筆記本電腦大約佔所有 SSD 銷售量的 45%。

And, second to that, one might think it would be enterprise, but it is not actually.

其次，人們可能認為這將是企業，但實際上並非如此。

Roughly around high 20%s to 30% of the SSDs are sold through channel today.

如今，大約 20% 到 30% 的 SSD 通過渠道銷售。

So when you combine all that, there is a pretty robust appetite for SSDs in the market -- good growth in 2012 as best we can see, continuing to be very pretty strong growth.

所以當你把所有這些結合起來時，市場上對 SSD 的需求非常強勁——正如我們所看到的，2012 年增長良好，繼續保持非常強勁的增長。

And we think the OEMs will become more involved in the market opportunity.

我們認為原始設備製造商將更多地參與市場機會。

Great, and maybe a quick one on DRAM.

太好了，也許是 DRAM 上的一個快速的。

Is there any opportunity to maybe upsell DRAM into -- beyond just a capacity argument, perhaps, specializing on low power PC RAM or specialty super small form factors or special packaging to get maybe some upsell over just plain capacity commodity DRAM?

是否有機會將 DRAM 追加銷售——除了容量爭論之外，也許，專門研究低功耗 PC RAM 或特殊的超小尺寸或特殊包裝，以比普通容量的商品 DRAM 獲得一些追加銷售？

Yes, and I think the market loses sight of that, because I think -- to your question, most people say, well, tablets are going to eat away at the DRAM market.

是的，我認為市場忽略了這一點，因為我認為——對於你的問題，大多數人說，平板電腦將蠶食 DRAM 市場。

But, in fact, we have a little bit different view on that.

但事實上，我們對此有一些不同的看法。

We think that low-power DRAM application, which of course requires a bigger chipset, and we sell at a premium to the commodity DRAM, we think that is a good opportunity for us.

我們認為低功耗 DRAM 應用當然需要更大的芯片組，而且我們的售價高於商品 DRAM，我們認為這對我們來說是一個很好的機會。

So the differentiation now allows us to penetrate tablets.

因此，現在的差異化使我們能夠滲透平板電腦。

And over time we think tablets will continue to grow in content per box, obviously not the same as notebook today, but when you factor in the low-power premium and the bigger chipset around low-power -- you know, the impact on wafer utilization and wafer capacity is somewhat negated.

隨著時間的推移，我們認為平板電腦的每盒內容將繼續增長，顯然與今天的筆記本電腦不同，但是當你考慮到低功耗溢價和圍繞低功耗的更大芯片組時——你知道，對晶圓的影響利用率和晶圓容量有些被否定。

And so we think there is a good opportunity for us there and we're pretty bullish.

所以我們認為那裡對我們來說是一個很好的機會，我們非常看好。

Betsy Van Hees, Wedbush Securities.

Betsy Van Hees，韋德布什證券公司。

Kipp, on the DRAM side you said 30%, mid-30%s was DRAM.

Kipp，在 DRAM 方面，你說 30%，中間 30%s 是 DRAM。

Of that, how much was specialty and how much of that was commodity PC?

其中，有多少是專業的，又有多少是商品PC？

Commodity PC is now down to about 15%, 16% of total revenues.

商品PC現在下降到15%左右，佔總收入的16%。

Okay, thank you very much.

好的，非常感謝。

And then, Steve, you talked about, this is a demand driven downturn in the DRAM market.

然後，史蒂夫，你談到了，這是 DRAM 市場需求驅動的低迷。

And then, Mark, you talked about the PC -- well, you talked about the tablet market and the fact that this is a double-edged sword for you guys because it is very positive with NAND, but then on the other side it is negative on the DRAM side from a big growth perspective.

然後，馬克，你談到了個人電腦——嗯，你談到了平板電腦市場，這對你們來說是一把雙刃劍，因為它對 NAND 非常有利，但另一方面是從大增長的角度來看，DRAM 方面是負面的。

So when you put those kind of into perspective on the DRAM side, is it really -- and we are heading into -- we are heading out of peak seasonality, so what is going to be the drivers to get DRAM market back -- and DRAM supply and demand back into balance?

因此，當您將這些觀點放在 DRAM 方面時，是否真的 - 我們正在進入 - 我們正在走出季節性高峰，那麼 DRAM 市場恢復的驅動因素是什麼 - 和DRAM供需恢復平衡？

So I think -- again, this is Mark Adams -- I think that in general we are still going to see some PC growth, so I think the last number that I have seen on 2012 PC growth numbers is in the 10% range over 2011.

所以我認為——再次，這是馬克亞當斯——我認為總的來說我們仍然會看到一些 PC 增長，所以我認為我看到的關於 2012 年 PC 增長數字的最後一個數字在 10% 以上2011 年。

And I think that as I just was commenting on around low-power DRAM, it is not exactly a 1 to 1 trade-off in terms of the capacity utilization.

而且我認為，正如我剛剛評論低功耗 DRAM 時，就容量利用率而言，這並不是一個 1 比 1 的權衡。

So combined with continued growth around corporate enterprise applications, if you look at, for example, Micron being a leader in the server DRAM business, that is a business where density has continued to dramatically increase.

因此，結合企業應用程序的持續增長，例如，如果您看看美光作為服務器 DRAM 業務的領導者，那麼該業務的密度持續大幅增加。

I think today we approximate that on average servers go out with 25 to 30 gigabytes per box.

我認為今天我們估計服務器平均每箱 25 到 30 GB。

In networking we are seeing increased densities as well.

在網絡中，我們也看到了密度的增加。

So across our overall landscape we think that there is plenty of application areas to invest on the DRAM development from a go to market perspective.

因此，在我們的整體格局中，我們認為從進入市場的角度來看，有很多應用領域可以投資於 DRAM 開發。

And we think that will all work itself out in terms of overall supply and demand alignment.

我們認為這一切都將在整體供需調整方面自行解決。

(multiple speakers).

（多個揚聲器）。

One other thing, on the equation also keep in mind that as tablets have clearly replaced some of the netbooks and the PCs, it is actually also driving quite a bit of server connectivity, quite a bit of conductivity to the Internet and the infrastructure that then drives demand.

另一件事，在等式上還要記住，由於平板電腦已經明顯取代了一些上網本和個人電腦，它實際上也推動了相當多的服務器連接，相當多的互聯網傳導性和當時的基礎設施帶動需求。

If you look at the servers being put in place by the Googles and the Facebooks, etc., it is actually pretty stunning how much DRAM they're consuming now in order to put the infrastructure in place with which for all these tablets to access.

如果您查看 Google 和 Facebook 等正在部署的服務器，實際上他們現在消耗了多少 DRAM 以建立所有這些平板電腦可以訪問的基礎設施，這實際上是相當驚人的。

So it is not quite the equation that you were describing, although you're right, there is a piece of it that is happening there, but there is another side of it that I think people miss.

所以這不是你所描述的等式，雖然你是對的，那裡正在發生其中的一部分，但我認為人們錯過了它的另一面。

Thanks so much.

非常感謝。

That was very helpful.

這很有幫助。

And that actually leads into my next question.

這實際上導致了我的下一個問題。

You were talking about the Googles and how they're building out service and their need for storage.

您在談論 Google 以及他們如何構建服務以及他們對存儲的需求。

So that brings me to the enterprise side.

所以這把我帶到了企業方面。

Could you talk a little bit more about your customer engagements?

你能多談談你的客戶參與嗎？

What type attraction are you getting with the Tier 1 OEMs?

您從 1 級 OEM 獲得什麼類型的吸引力？

And are you shipping in volume production, and how are you looking for next year?

您是否正在批量生產，您對明年的期待如何？

I will let Mark answer most of that question, but I did want to make the comment that it is an interesting scenario for us where not only are we engaging with what you would think of as the Tier 1 server OEMs, but we are also now engaging directly with some of those companies that I mentioned that are becoming big consumers of this product and actually building their own systems.

我會讓 Mark 回答大部分問題，但我確實想說這對我們來說是一個有趣的場景，我們不僅與您認為的一級服務器 OEM 合作，而且我們現在也是直接與我提到的一些公司合作，這些公司正在成為該產品的大消費者並實際構建自己的系統。

Mark, if you want to add to that?

馬克，如果你想補充一點？

Yes, the only thing I would add to that is those types of customers from a technical competency standpoint are learning as they go, and they look to Micron to be able to add some value here.

是的，我唯一要補充的是，從技術能力的角度來看，這些類型的客戶正在學習，他們希望美光能夠在這裡增加一些價值。

So if you think around SSDs as an example, or overall system performance in DRAM and how the memory architecture lends itself to better performance for their servers, the engagements are a little bit more complicated and technical in nature and we get a value-add for that.

因此，如果您以 SSD 為例，或者 DRAM 中的整體系統性能，以及內存架構如何使其服務器具有更好的性能，那麼這些互動在本質上會更加複雜和技術性更強，我們會為那。

Thanks, guys.

多謝你們。

I really appreciate it.

對此，我真的非常感激。

That was really helpful.

那真的很有幫助。

Harlan Sur, JPMorgan.

摩根大通的哈蘭蘇爾。

Based on your analyst day presentation it looks like about 45% to 50% of your DRAM wafer outs are still at the 5X nanometer node and roughly 40% at 40.

根據您的分析師日報告，您的 DRAM 晶圓輸出中大約 45% 到 50% 仍處於 5X 納米節點，大約 40% 處於 40 納米節點。

Could you just give us your view on where this mix will probably likely be at the end of the calendar year, maybe including 30 nanometer as well?

您能否就今年年底這種混合可能會出現在哪裡，也許還包括 30 納米，您的看法？

First of all, without recharacterizing what you just said, you need to keep in mind there is a lot of specialty and value-add legacy products associated with that mix.

首先，無需重新描述您剛才所說的內容，您需要記住，有許多與該組合相關的專業和增值遺留產品。

On top of that I would add that in the current quarter we did cross over 42 to 50, so the majority of our bits are 42 nanometer bits.

最重要的是，我要補充一點，在本季度，我們確實跨越了 42 到 50 個，所以我們的大部分位都是 42 納米位。

And we will see really probably in the fiscal second quarter, not the quarter we are in now, but in the fiscal second quarter of 2012 for Micron a significant ramp up on the 30 nanometer node.

我們真的很可能在第二財季看到，而不是我們現在所處的那個季度，而是在 2012 財年第二季度，美光在 30 納米節點上的顯著提升。

So a majority of the DDR3, 42 nanometer, and you will start to see that shift again when you get another roughly 90, 120 days out.

因此，大多數 DDR3、42 納米，當您再過大約 90、120 天時，您將再次開始看到這種轉變。

Okay, and then so your answer in terms of the crossover happening this quarter, that is on a wafer out perspective?

好的，那麼您對本季度發生的交叉問題的回答是從晶圓出局的角度來看？

That is one a bit perspective.

這是一個有點視角。

We crossed over in the quarter we just closed.

我們在剛剛結束的那個季度越過了。

Got it, okay, thank you.

知道了，好的，謝謝

And as a follow-up question, maybe you can just provide us with an update on the 40 nanometer yields -- are they in line with your cost reduction targets?

作為一個後續問題，也許您可以向我們提供有關 40 納米產量的最新信息——它們是否符合您的成本降低目標？

And maybe you can just articulate what is the team doing differently at the 4X node from a yield perspective versus 5X, where you did struggle a bit?

也許您可以從收益的角度闡明團隊在 4X 節點上所做的與 5X 相比有何不同，您確實有點掙扎？

And then maybe provide us with an early glimpse into your 30 nanometer yield improvement rates as well.

然後也許還可以讓我們提前了解您的 30 納米良率提高率。

Thank you.

謝謝你。

Sure, without getting too specific about yield, I will say 42 nanometer node ramps have gone better than the 50 nanometer node.

當然，不用太具體說明良率，我會說 42 納米節點的坡道比 50 納米節點要好。

A lot of that -- we have had commentary on the previous couple of calls about some of the transition issues we experienced at Inotera with mismatched toolsets and cycle times around our ramping up node as we transition from [fence to stack].

其中很多——我們在前幾次電話會議上對我們在 Inotera 遇到的一些過渡問題進行了評論，當我們從 [fence 到 stack] 過渡時，我們在加速節點周圍遇到了不匹配的工具集和周期時間。

But beyond that I think we are pretty happy with where we are at on the 42 nanometer node now.

但除此之外，我認為我們對我們現在在 42 納米節點上所處的位置非常滿意。

We still have some upside as we continue to reach what I would call ultimate mature yield, but we are clearly executing much better now than we were six, nine months ago.

隨著我們繼續達到我所說的最終成熟收益率，我們仍有一些上行空間，但我們現在的執行情況顯然比六、九個月前要好得多。

On the 30 nanometer node we are very happy with the -- just very early silicon coming out of Inotera.

在 30 納米節點上，我們對來自 Inotera 的非常早期的矽非常滿意。

That is going really very well indeed, although we are in the early days there.

這確實非常順利，儘管我們還處於早期階段。

So [MPV] ramping and Inotera are still running the early [lockout], but very impressed with the execution on that early material.

因此，[MPV] 爬坡和 Inotera 仍在運行早期 [鎖定]，但對早期材料的執行印象深刻。

Bill Dezellem, Tieton Capital Management.

Bill Dezellem，Tieton 資本管理公司。

What implications, if any, do you see with Hynix' ownership structure changing impact on the industry?

如果有的話，您認為海力士的所有權結構變化會對行業產生什麼影響？

I don't really see a lot.

我真的沒有看到很多。

As you probably noted, or noticed from the media that they're having trouble finding someone that wants to buy them.

正如您可能注意到的那樣，或者從媒體上註意到他們很難找到想要購買它們的人。

And they have limited it to Korean investors only, which means -- I don't think they're going to see a lot of change in terms of the company's activities.

他們將其僅限於韓國投資者，這意味著 - 我認為他們不會在公司活動方面看到很多變化。

Maybe a little more is being made of than really exists around a controlling interest, but frankly I just don't see a whole lot shifting.

圍繞控股權益的實際情況可能比實際存在的要多一點，但坦率地說，我只是沒有看到很多變化。

Okay, I think we have time for one more question.

好的，我想我們還有時間再問一個問題。

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

I think in -- I guess it was in August you saw a bit per box increase on the commodity DRAM.

我想——我猜是在 8 月份，您看到商品 DRAM 的每盒價格略有增加。

I am wondering if you can just talk to us about what you saw there and whether there is anything to take away from that?

我想知道你是否可以和我們談談你在那裡看到的東西以及是否有什麼可以從中得到的？

This is Mark Adams again.

這又是馬克亞當斯。

I think my comment at the time was during the holiday we continue to see kind of the entry level value product around 4 gigabytes, both on the desktop side and the notebook side.

我想我當時的評論是在假期期間，我們繼續看到大約 4 GB 的入門級超值產品，無論是在台式機端還是筆記本端。

And it is intriguing that we hear a lot about tablet getting into that and so on and so forth, and that might change strategies or -- you know, the general overall strategy going into the holiday.

有趣的是，我們聽到很多關於平板電腦進入那個等等的消息，這可能會改變策略，或者 - 你知道，進入假期的總體總體策略。

But the fact remains is it continues to get stronger around this 4 gigabyte platform memory content, both on the desktop and notebook side.

但事實仍然是，在台式機和筆記本電腦端，圍繞這個 4 GB 平台內存內容，它繼續變得更強大。

When you look at the bill of material cost of memory it is pretty low these days.

當您查看內存的物料清單成本時，這些天它非常低。

It is about 3% or so, and that is well below the average that we typically see.

它約為 3% 左右，遠低於我們通常看到的平均值。

And I think the other thing driving that is I think the success that Apple has had in the performance SKU for the holidays, they are not selling a lot of 4 gigabytes and 2 gigabyte units.

我認為另一個推動因素是我認為 Apple 在假期的性能 SKU 方面取得了成功，他們沒有大量銷售 4 GB 和 2 GB 單元。

And so I think the rest of the industry has to watch that and keep up with the kind of performance vendor, if you will.

所以我認為行業的其他人必須注意這一點，並跟上性能供應商的步伐，如果你願意的話。

And then I think that is driving the content to be in a better place.

然後我認為這正在推動內容處於更好的位置。

If you went back 18 months -- I looked at this data right before our call today, and if you went back 18 months we were having the same conversation, and then it was 3 gigabytes, and we were all saying is it ever going to go up.

如果你回到 18 個月——我在今天通話之前查看了這些數據，如果你回到 18 個月，我們進行了同樣的對話，然後它是 3 GB，我們都在說它會不會上。

And it is up dramatically since there.

從那以後它急劇上升。

So we don't see on the client side anything more of their continued growth beyond where we are at today.

因此，我們在客戶方面看不到任何超出我們今天的持續增長。

Does Ultrabook give you any reason to be optimistic for this holiday selling season?

超極本是否讓您有理由對這個假期銷售旺季感到樂觀？

Oh, absolutely, in terms of memory content, absolutely.

哦，絕對，就內存內容而言，絕對。

And we think that 4, again, is the basic minimum there.

我們認為 4 再次是那裡的基本最小值。

One of the things that is intriguing is because you're not able to upgrade the Ultrabook.

有趣的一件事是因為您無法升級超極本。

They are going to max out on a point-of-sale of the unit itself, and thus I think that you're going to see increased sell into the Ultrabook market of 4 and 8 gigabit configurations.

他們將最大限度地利用設備本身的銷售點，因此我認為你會看到 4 和 8 Gb 配置的超極本市場的銷量增加。

Is it too early to expect Ultrabook to be a meaningful contributor?

期待 Ultrabook 成為有意義的貢獻者是否為時過早？

Yes, it would be hard for me to call.

是的，我很難打電話。

I think it is definitely too early to tell at this point.

我認為在這一點上說肯定還為時過早。

And then last question is when you look at 2012 CapEx can you remind us what the split is between NAND related and DRAM related CapEx?

最後一個問題是，當您查看 2012 年資本支出時，您能否提醒我們 NAND 相關和 DRAM 相關的資本支出之間的區別是什麼？

You bet.

你打賭。

It is about two-thirds NAND ramping up the [MFS] fab and about one-third DRAM.

大約三分之二的 NAND 增加了 [MFS] 晶圓廠和大約三分之一的 DRAM。

Thanks, Kipp.

謝謝，基普。

You bet, Glen.

你打賭，格倫。

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

我們要感謝大家今天參加電話會議。

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 industry.

在本次電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

These particular forward-looking statements and all other statements that may have been made on this call that are not historical facts are subject to a number of risks and uncertainties and actual results may differ materially.

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

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

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。

This concludes today's Micron Technology's fourth-quarter and fiscal year-end 2011 financial release conference call.

今天的美光科技公司 2011 年第四季度和財年末財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。