美光科技 (MU) 2012 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是馬修，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to the Micron Technology first quarter 2012 financial release conference call.

在此，歡迎大家參加美光科技 2012 年第一季度財務發布電話會議。

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

所有線路都已靜音以防止背景噪音。

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, Kipp Bedard.

現在，我很高興將發言權交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you very much, and welcome to Micron Technology's first quarter 2012 financial release conference call.

非常感謝，歡迎來到美光科技 2012 年第一季度財務發布電話會議。

Of course, 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 Mark Adams, Vice President of Worldwide Sales.

當然，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；和全球銷售副總裁 Mark Adams。

As usual, this conference call, including audio and slides, is available on Micron's website at micron.com.

與往常一樣，本次電話會議（包括音頻和幻燈片）可在美光的網站 micron.com 上獲得。

If you have not had an opportunity to review the first quarter 2012 financial press release, it is also available on our website, at micron.com.

如果您沒有機會查看 2012 年第一季度財務新聞稿，也可以訪問我們的網站 micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of this call, accessed by dialing 404-537-3406, confirmation code of 37217947.

將有此通話的音頻重播，可通過撥打 404-537-3406 訪問，確認碼 37217947。

This replay will run through Wednesday, December 28, 2011 at 5.30 PM Mountain time.

此重播將持續到 2011 年 12 月 28 日星期三山區時間下午 5:30。

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

在 2012 年 12 月之前，公司網站上將提供網絡廣播重播。

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

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

We would also like to invite you to attend Micron's winter conference, hosted this February 9 and 10 in Scottsdale, Arizona.

我們還想邀請您參加今年 2 月 9 日至 10 日在亞利桑那州斯科茨代爾舉辦的美光冬季會議。

Additional information can be found on the Micron IR website.

更多信息可在 Micron IR 網站上找到。

Please note the following Safe Harbor statement.

請注意以下安全港聲明。

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

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

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

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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

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

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

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

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

這些特定因素可以在美光網站的投資者關係部分找到。

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

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

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

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

And with that, I'd like to turn the call over to Steve Appleton.

有了這個，我想把電話轉給史蒂夫阿普爾頓。

Steve?

史蒂夫?

Thanks, Kipp.

謝謝，基普。

I'm going to make a few comments around the operations technology and on a couple of activities in the business units, and then I'm going to turn it over to Ron to comment on the financials, and then we'll open it up for questions.

我將圍繞運營技術和業務部門的一些活動發表一些評論，然後我將把它交給 Ron 來評論財務，然後我們將開放它提問。

So starting out around the technology, I wanted to make a few highlights around some of the things we achieved in the quarter.

因此，從技術開始，我想圍繞我們在本季度取得的一些成就做一些亮點。

We were able to introduce the world's first 128-gigabit monolithic NAND device which uses Micron's 20-nanometer NAND process.

我們能夠推出世界上第一款採用美光 20 納米 NAND 工藝的 128 Gb 單片 NAND 設備。

And if you'll remember, I commented on that last quarter.

如果你還記得的話，我在上個季度發表了評論。

And on a related note, we are now in mass production of 64-gigabit product using this process as well.

在相關的說明中，我們現在也在使用這種工藝大規模生產 64 Gb 產品。

So I think the team's done a great job on getting that into production and getting product out.

所以我認為團隊在將其投入生產和推出產品方面做得很好。

We also started production of our first 45-nanometer NOR products for the embedded applications.

我們還開始生產用於嵌入式應用的第一個 45 納米 NOR 產品。

And as I'll comment later on ESG, that's also going well.

正如我稍後將在 ESG 上評論的那樣，這也進展順利。

I wanted to point out that we have had a lot of success in working with customers.

我想指出，我們在與客戶合作方面取得了很大的成功。

And if you've seen from some of the more recent media, we had introduced a hybrid memory cube, and obviously we're working in concert with Intel on bringing that to a lot of applications out in the space.

如果您從最近的一些媒體中看到，我們已經引入了混合內存立方體，顯然我們正在與英特爾合作，將其應用於該領域的許多應用程序。

Just also probably note, this device improves bandwidth really by more than 15 X, and needs about 70% less power than you'd get from today's DDR3 modules.

還可能需要注意的是，該設備將帶寬提高了 15 倍以上，並且比現在的 DDR3 模塊所需的功率減少了約 70%。

So it really does bring a lot of performance to the marketplace.

所以它確實為市場帶來了很多性能。

On the operations side, IMFS continues to ramp and perform well.

在運營方面，IMFS 繼續增長並表現良好。

As we had mentioned the last quarter, I think within a month we should be at full wafer starts.

正如我們在上個季度提到的那樣，我認為在一個月內我們應該可以全面啟動晶圓。

It's all going really according to plan, better than planned.

一切都在按計劃進行，比計劃的要好。

And as Ron will comment on more later, this facility has been ramping on our MLC technology.

正如 Ron 稍後將評論的那樣，該設施一直在使用我們的 MLC 技術。

So I just point out that obviously that helps us a lot on the cost, but a lot of that product, by virtue of the channel it goes into, also lowers the average ASP for the overall NAND bits.

所以我只是指出，顯然這對我們的成本有很大幫助，但是很多這種產品，由於它進入的渠道，也降低了整體 NAND 位的平均 ASP。

But there's really two good things there, and that it's ramping very successfully and it has resulted in a lot of bits being produced in that space.

但是那裡確實有兩件好事，那就是它的發展非常成功，並導致在該領域產生了很多比特。

One other item worth noting is on the 30-nanometer DRAM, we have spoken about that before, it's in the early ramp.

另一個值得注意的項目是 30 納米 DRAM，我們之前已經談到過，它處於早期階段。

It's going well at both Virginia and Inotera.

弗吉尼亞和伊諾特拉都進展順利。

And related to that, on the CapEx front, I just wanted to highlight that we came in at about $750 million for the quarter.

與此相關的是，在資本支出方面，我只想強調我們本季度的收入約為 7.5 億美元。

If you'll recall, it's a little bit lighter than we probably thought.

如果你還記得的話，它比我們想像的要輕一些。

But I do want to confirm that we intend on holding the target at around $2 billion for the fiscal year.

但我確實想確認我們打算將本財年的目標保持在 20 億美元左右。

And our plans line up pretty well with that.

我們的計劃與此非常吻合。

To comment on a few of the business segments, the DRAM Solutions group, you'll also recall at the last earnings discussion, we noted the continued weakness in DRAM market, and really not much has changed.

要評論一些業務部門，DRAM 解決方案組，您還記得在上次財報討論中，我們注意到 DRAM 市場持續疲軟，實際上並沒有太大變化。

This is again mostly being reflected in the consumer markets, in particular PCs.

這再次主要反映在消費市場，特別是個人電腦上。

I will highlight that the hard drive supply issues that everyone's aware of, we think it's dropped the DRAM demand somewhere 10% to 15%.

我將強調每個人都知道的硬盤供應問題，我們認為它使 DRAM 需求下降了 10% 到 15%。

Now obviously, that's temporary, but it definitely had an impact.

現在顯然，這是暫時的，但肯定會產生影響。

On the bright side, our specialty DRAM, particular our growth in the server market looks good.

從好的方面來說，我們的專業 DRAM，特別是我們在服務器市場的增長看起來不錯。

Our bits shipped to this space were up over 30% quarter-over-quarter.

我們運往該領域的鑽頭環比增長超過 30%。

And on another positive note, the new DRAM supply continues to be muted compared to last cycles.

另一個積極的方面是，與上一個週期相比，新的 DRAM 供應繼續保持低迷。

If you looked at any of the media announcements lately, you will know that some of the capacity has been taken off-line.

如果您最近查看任何媒體公告，您就會知道部分容量已下線。

I think we're hopeful, and I think we believe that the supply/demand equation, as we move into the next year, should be pretty good, particularly if we have any demand creation at all.

我認為我們充滿希望，而且我認為我們相信，隨著我們進入明年，供需平衡應該非常好，特別是如果我們有任何需求創造的話。

In the wireless segment, you can see from our business unit financial summary that this group continues to be under a lot of pressure.

在無線領域，您可以從我們的業務部門財務摘要中看到，該集團繼續承受著很大的壓力。

Really there's no improvement in the quarter we're in.

我們所在的季度確實沒有任何改善。

I think it's obvious, from what's going on in the marketplace, that a couple of our customers continue to have challenges there.

我認為很明顯，從市場上發生的情況來看，我們的一些客戶繼續面臨挑戰。

On the embedded front however, it's been pretty good.

然而，在嵌入式方面，它已經相當不錯了。

Again, it's pretty stable.

再次，它非常穩定。

As we would expect, revenues were up about 8%, and that was primarily led by automotive applications, where we happen to believe that Micron is really a supplier of choice now.

正如我們預期的那樣，收入增長了約 8%，這主要是由汽車應用帶動的，我們碰巧相信美光現在確實是首選供應商。

So we think we're in good shape there.

所以我們認為我們在那裡的狀態很好。

As I mentioned earlier, we started shipping our 45-nanometer NOR into a number of Japanese gaming applications.

正如我之前提到的，我們開始將我們的 45 納米 NOR 運送到許多日本遊戲應用程序中。

So that's also going well.

所以這也進展順利。

On the NAND front, the NAND solutions group on the NSG front, they had a pretty strong quarter.

在 NAND 方面，NSG 方面的 NAND 解決方案組，他們有一個相當強勁的季度。

The market highlight continues to be our progress in the solid state drive space.

市場亮點仍然是我們在固態硬盤領域的進展。

Interesting enough, about a quarter of our NAND bits are now going into this application.

有趣的是，我們大約四分之一的 NAND 位現在進入了這個應用程序。

Obviously, it will be impacted a little bit with the MLC stuff coming out of IMFS.

顯然，它會受到來自 IMFS 的 MLC 內容的一點影響。

But that's really a good story for us.

但這對我們來說確實是一個好故事。

In fact, our quarter-over-quarter growth for SSDs was almost 60%.

事實上，我們的 SSD 季度環比增長率接近 60%。

So that's, as we had referenced last time, continuing to grow at a very good space.

因此，正如我們上次提到的那樣，繼續在一個非常好的空間增長。

In fact, in the client category we have design wins really at all of the large PC OEMs.

事實上，在客戶端類別中，我們確實贏得了所有大型 PC OEM 的設計勝利。

And in the enterprise space, we're well aligned with several of the top storage OEM guys, and we're expecting a pretty robust ramp during the 2012 market, as we move into next year.

在企業領域，我們與幾家頂級存儲 OEM 廠商保持一致，我們預計 2012 年市場將出現相當強勁的增長，因為我們進入明年。

So with that, I want to turn it over to Ron.

因此，我想把它交給羅恩。

Thanks, Steve.

謝謝，史蒂夫。

The Company's first quarter of fiscal 2012 ended on December 1.

公司 2012 財年第一季度於 12 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。

Total sales for the first quarter were relatively flat compared to the prior quarter, with NAND growth being offset by a decline in wireless NOR sales.

與上一季度相比，第一季度的總銷售額相對持平，NAND 的增長被無線 NOR 銷售額的下降所抵消。

Similar to the prior quarter, the first quarter resulted in a net loss, primarily as a result of weakness in the DRAM markets, particularly for PC DRAM products, as Steve mentioned.

正如史蒂夫所說，與上一季度類似，第一季度出現淨虧損，主要是由於 DRAM 市場疲軟，尤其是 PC DRAM 產品。

Although average selling prices declined for both DRAM and NAND, we continue to leverage our broad product portfolio to achieve selling prices at a premium to the industry average.

儘管 DRAM 和 NAND 的平均售價均有所下降，但我們繼續利用我們廣泛的產品組合來實現高於行業平均水平的售價。

This is primarily a result of our mix of products sold into premium servers, specialty DRAM SLC and SSD applications, as Steve referred to.

正如史蒂夫所說，這主要是由於我們將產品銷售到高級服務器、專業 DRAM SLC 和 SSD 應用程序中的結果。

In the first quarter, NAND revenue increased 6%, and continued to outgrow DRAM sales, which were flat compared to the prior quarter.

第一季度，NAND 收入增長 6%，繼續超過 DRAM 銷售額，與上一季度持平。

On the P&L, the equity and income loss from equity method investees primarily reflects our share of Inotera's net loss for the period.

在損益表中，權益法被投資方的權益和收入損失主要反映了我們在 Inotera 期內淨虧損中的份額。

To help facilitate Inotera's investments required to transition to our 30-nanometer process technology, subsequent to the first quarter, we lent Inotera $133 million in a short-term 90-day note.

為了幫助促進 Inotera 向我們的 30 納米工藝技術過渡所需的投資，在第一季度之後，我們以 90 天短期票據的形式借給了 Inotera 1.33 億美元。

Inotera plans to replace this note with a longer-term financing with one or more partners in the March timeframe.

Inotera 計劃在 3 月的時間範圍內用與一個或多個合作夥伴的長期融資來取代該票據。

Our Singapore IM Flash fab continues to make outstanding progress on its production ramp, which is several months ahead of the original schedule.

我們的新加坡 IM Flash 工廠繼續在其生產斜坡上取得顯著進展，這比原計劃提前了幾個月。

In fact, at the end of the quarter, wafer output from the Singapore fab reached the target level for its original RAM.

事實上，在本季度末，新加坡晶圓廠的晶圓產量達到了其原始 RAM 的目標水平。

Product yields during this ramping phase approached maturity levels, which enabled the Singapore operation to achieve very low bit costs at the end of the quarter.

在這個爬坡階段的產品收益率接近成熟水平，這使新加坡業務在本季度末實現了非常低的比特成本。

While Micron's ownership of the Singapore operation is at 82%, during the first quarter we took about 65% of the capacity, in accordance with the agreements.

根據協議，雖然美光對新加坡業務的所有權為 82%，但在第一季度，我們佔據了約 65% 的產能。

We expect to take approximately 78% of the capacity from IM Flash Singapore in the second quarter.

我們預計第二季度將從 IM Flash Singapore 獲得約 78% 的容量。

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

IM Flash 美國業務的產出在最初的 51/49 所有權分割中保持一致。

Trade NAND bit sales to Micron customers grew 21% in the first quarter, as IM Flash Singapore ramped production at the same time our output share increased.

第一季度美光客戶的貿易 NAND 位銷售額增長了 21%，因為 IM Flash Singapore 在增加產量的同時我們的產量份額增加了。

The initial production at the Singapore operation is MLC NAND, as Steve commented.

正如史蒂夫評論的那樣，新加坡業務的初始生產是 MLC NAND。

Accordingly, the Q1 sales volume had a higher concentration of MLC products compared to SLC.

因此，與 SLC 相比，第一季度 MLC 產品的銷量集中度更高。

Since MLC per bit selling prices are significantly lower than SLC, our average NAND bit selling prices declined in the first quarter more than the industry average.

由於 MLC 每比特售價明顯低於 SLC，我們的 NAND 比特平均售價在第一季度下降幅度超過行業平均水平。

However, the higher Singapore production volume and lower cost of MLC products in the first quarter combined to yield 16% lower bit production costs in trade NAND, which outpaced market price declines and the effect of the SLC to MLC mix shift.

然而，新加坡第一季度更高的產量和更低的 MLC 產品成本相結合，使貿易 NAND 的位生產成本降低了 16%，這超過了市場價格的下降以及 SLC 向 MLC 組合轉變的影響。

We expect similar output and cost improvements as the ramp continues over the next couple of quarters.

隨著未來幾個季度的持續增長，我們預計會有類似的產出和成本改善。

Quarter to date, average selling prices for trade NAND, adjusted for the higher MLC mix, are running down high teens compared to the average for the first quarter.

迄今為止，貿易 NAND 的平均售價（根據更高的 MLC 組合進行調整）與第一季度的平均水平相比正在下降。

Flat DRAM revenue in the first quarter reflects bit sales volume growth offset by declines in average selling prices.

第一季度 DRAM 收入持平反映了比特銷量增長被平均售價下降所抵消。

DRAM bit output is expected to continue double-digit growth in the second quarter, as Inotera volume continues to grow with their improving yields, along with continued migration to advanced process technologies at our other fabs.

預計第二季度 DRAM 位產量將繼續保持兩位數的增長，因為 Inotra 的產量隨著產量的提高而繼續增長，以及我們其他晶圓廠繼續向先進工藝技術遷移。

Cost reductions will keep pace in the 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。

Quarter to date, average selling prices, adjusted for mix, are down in the low 20% range compared to the first quarter average.

迄今為止，經組合調整後的平均售價與第一季度的平均水平相比下降了 20% 的低位。

As Steve mentioned, SSDs sales in the NSG business unit grew over 40% quarter to quarter and they constituted 13% of our trade NAND sales in the first quarter.

正如史蒂夫所說，NSG 業務部門的 SSD 銷售額環比增長超過 40%，佔第一季度我們貿易 NAND 銷售額的 13%。

Including component sales to fab-less SSD customers, we estimate our total sales into the SSD market during the first quarter at about 30% of our trade NAND sales.

包括向無晶圓廠 SSD 客戶的組件銷售，我們估計第一季度我們在 SSD 市場的總銷售額約為我們貿易 NAND 銷售額的 30%。

IM Flash sales to Intel were $261 million in the first quarter and are expected to be relatively flat in the second quarter.

第一季度對英特爾的 IM Flash 銷售額為 2.61 億美元，預計第二季度將相對持平。

Our Wireless Solutions Group was impacted by weakness in the wireless NOR market.

我們的無線解決方案集團受到無線 NOR 市場疲軟的影響。

In response to this weakness and to better manage the level of inventories, we reduced production in our 200-millimeter NOR fabs.

為了應對這一弱點並更好地管理庫存水平，我們減少了 200 毫米 NOR 晶圓廠的產量。

Total idle capacity charges in the first quarter were $44 million, which was largely comprised of charges from the NOR fabs that impacted both WSG and ESG operating results.

第一季度的總閒置產能費用為 4400 萬美元，主要包括 NOR 晶圓廠的費用，這些費用同時影響了 WSG 和 ESG 的運營結果。

Recall that idle capacity charges are a direct COGS charge, rather than valued in inventory and recognized when the product is sold.

回想一下，閒置產能費用是直接的銷貨成本費用，而不是在庫存中計價並在產品銷售時確認。

We expect these idle capacity charges to continue in the second quarter, with seasonal weakness in the NOR products.

我們預計這些閒置產能費用將在第二季度繼續存在，NOR 產品季節性疲軟。

SG&A expense in the first quarter was down slightly compared to the previous quarter and is expected to be roughly flat for the fiscal year 2012, year-over-year.

與上一季度相比，第一季度的 SG&A 費用略有下降，預計與 2012 財年同比基本持平。

R&D expense for the first quarter of $230 million was higher than the previous quarter due to higher volumes of development wafers processed and the timing of production qualifications.

第一季度的研發費用為 2.3 億美元，高於上一季度，原因是處理的開髮晶圓數量增加和生產資格的時間安排。

R&D expense is expected to be in the same range in the second quarter, and then trend down for the remainder of the fiscal year.

預計第二季度的研發費用將在同一範圍內，然後在本財年剩餘時間內呈下降趨勢。

The Company generated $404 million in cash flow from operating activities in the first quarter and ended the quarter with a cash balance of $1.9 billion.

公司第一季度的經營活動產生了 4.04 億美元的現金流，到本季度末現金餘額為 19 億美元。

Expenditures for PP&E were $746 million for the first quarter, and we reiterate the estimated expenditures for the fiscal year at $2 billion, as Steve commented.

第一季度的 PP&E 支出為 7.46 億美元，正如史蒂夫評論的那樣，我們重申本財年的估計支出為 20 億美元。

The largest category pertaining to equipment acquisitions for IMFS.

與 IMFS 設備採購有關的最大類別。

During the first quarter, we executed lease financing arrangements that sourced $110 million in cash, more than offsetting the $48 million in payments for normal debt amortization in the quarter.

在第一季度，我們執行了租賃融資安排，獲得了 1.1 億美元的現金，超過了本季度為正常債務攤銷支付的 4800 萬美元。

With that, I'll close and turn it back to Kipp.

有了這個，我將關閉並將其轉回給 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 speaker phone, please pick up the handset when asking a question so that we can hear you clearly.

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

With that, please open the lines.

有了這個，請打開線路。

Thank you.

謝謝你。

(Operator Instructions) Our first question comes from James Schneider of Goldman Sachs.

（操作員說明）我們的第一個問題來自 Goldman Sachs 的 James Schneider。

And your line is now open.

你的線路現在是開放的。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

First of all, on the DRAM side, I was wondering if you could give us any kind of sense at all, ballpark, what would DRAM prices have to do from here for the DRAM Solutions group to turn profitable on an operating basis?

首先，在 DRAM 方面，我想知道您是否可以給我們任何一種感覺，大概，DRAM 價格必須從這裡做什麼才能使 DRAM 解決方案集團在運營基礎上實現盈利？

James, I think we're going to defer from answering that kind of a question.

詹姆斯，我認為我們將推遲回答這類問題。

It gets too close to gross margins.

它太接近毛利率了。

And I don't know any DRAM company that gives those out.

而且我不知道有哪家 DRAM 公司提供這些產品。

Okay.

好的。

Fair enough.

很公平。

Could you maybe give us an update then on what you expect your bit growth in both DRAM and NAND to be in 2012?

您能否告訴我們您對 2012 年 DRAM 和 NAND 的位增長預期的最新情況？

Well, as we look sort of quarter to quarter, I think you can expect DRAM bit growth will be averaging mid- to high teens in the short-term, and then down from there later in the year.

好吧，從一個季度到一個季度的情況來看，我認為你可以預期 DRAM 位增長將在短期內平均達到中高水平，然後在今年晚些時候從那裡下降。

Do you still expect to be able to basically be above 40% for 2012, on a year-over-year basis?

您是否仍然預計 2012 年的年增長率基本上能夠超過 40%？

Yes, I think that's a good number.

是的，我認為這是一個很好的數字。

Great.

偉大的。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from John Pitzer of Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Your line is open.

你的線路是開放的。

Yes, guys, a couple of questions.

是的，伙計們，有幾個問題。

First on the CapEx, can you talk a little bit about why you came in a little bit light this quarter and then you are still sticking to the $2 billion for the fiscal year.

首先在資本支出方面，你能談談為什麼你在本季度表現得有點輕，然後你仍然堅持本財年的 20 億美元。

Was kind of curious as to how we should think about linearity throughout the rest of the fiscal year quarters.

有點好奇我們應該如何考慮整個財年剩餘季度的線性度。

John, it's really just timing.

約翰，這真的只是時機。

And then linearity, Kipp, do you basically just amortize the rest over the three quarters, or is there going to be some lumpiness within those quarters?

然後線性，Kipp，你基本上只是在三個季度內攤銷其餘部分，還是在這些季度內會有一些塊狀？

I think that the simplest way to characterize it is, we had a lot of equipment that we had to finish paying for in IMFS, and that kind of carries through our Q1 and our Q2.

我認為表徵它的最簡單方法是，我們有很多設備必須在 IMFS 中完成支付，並且這種設備貫穿了我們的第一季度和第二季度。

Some of it got pushed out from Q1 to Q2, so Q2 is going to be a little bit higher than maybe we thought it would be, because Q1 is a little bit lower.

其中一些是從第一季度推到第二季度的，所以第二季度可能會比我們想像的要高一點，因為第一季度要低一點。

But in Q3 and Q4, about the same.

但在第三季度和第四季度，大致相同。

I mean, basically, if you think about it, we just said we did $750 million.

我的意思是，基本上，如果你仔細想想，我們只是說我們做了 7.5 億美元。

I don't know what the number is exactly for Q2, but it's probably going to be somewhere in the $500 million range, and then you can split the $800 million between the last two quarters.

我不知道第二季度的確切數字是多少，但它可能會在 5 億美元的範圍內，然後你可以在最後兩個季度之間分配 8 億美元。

And in the DRAM business, can you talk a little bit about whether or not you've been successful moving mix towards server DRAM, specifically in Inotera?

在 DRAM 業務中，您能否談一談您是否成功地將組合轉移到服務器 DRAM，特別是在 Inotera 中？

Maybe help us understand what percent of the DRAM business now that's going to servers and where that might go?

或許能幫助我們了解現在 DRAM 業務的百分之幾將用於服務器以及可能流向何處？

Today, if you look at our specialty business, defined as server, networking, and storage, that number is roughly 30% of those DRAM bits are going to those segments.

今天，如果你看看我們的專業業務，定義為服務器、網絡和存儲，這個數字大約有 30% 的 DRAM 比特流向了這些領域。

And to your point, I think the growth there -- we have continued upside for us going forward.

就你的觀點而言，我認為那裡的增長——我們繼續向前發展。

I think my last question, Steve, a lot of investors I've talked to are wondering whether or not there's some consolidation events coming down the pipeline.

我想我的最後一個問題，史蒂夫，與我交談過的很多投資者都想知道是否有一些整合事件正在醞釀之中。

I wondered if you could just speak a little bit to sort of your view on consolidation, kind of what looks sort of attractive as you think longer-term.

我想知道你是否可以稍微談談你對整合的看法，從長遠來看，這種觀點看起來很有吸引力。

And I guess importantly, the biggest issue with consolidation is the price at which the buyer and seller agree, and kind of curious some of your view around valuations?

而且我想重要的是，合併的最大問題是買賣雙方同意的價格，以及您對估值的一些看法？

Obviously, we wouldn't comment on anything we're thinking about or engaging in, but I will say that the DRAM market, the industry in general, has been under a lot of pressure.

顯然，我們不會對我們正在考慮或參與的任何事情發表評論，但我會說 DRAM 市場，整個行業，一直承受著很大的壓力。

You can look at the financial results of a number of these companies.

您可以查看其中許多公司的財務業績。

In fact, if you look at our last quarter compared to the quarters of a couple of our competitors, I think LP lost about 500 -- $600 million, Hynix lost about $500 million.

事實上，如果你看看我們上個季度與我們幾個競爭對手的季度相比，我認為 LP 損失了大約 500 - 6 億美元，海力士損失了大約 5 億美元。

And obviously, we're not happy to be losing any money, but it's certainly a lot better than what their financials look like.

很明顯，我們不樂意虧錢，但這肯定比他們的財務狀況要好得多。

And I think a number of those companies continue to weaken.

我認為其中一些公司繼續走弱。

As they do continue to weaken, they're going to have to figure out what they're going to do.

隨著他們確實繼續削弱，他們將不得不弄清楚他們將要做什麼。

So I think that will drive some further consolidation.

所以我認為這將推動進一步的整合。

I think that's inevitable.

我認為這是不可避免的。

And so, we're just going to continue to look at whatever opportunities might exist out there.

因此，我們將繼續研究可能存在的任何機會。

Great.

偉大的。

Thanks, guys.

多謝你們。

Thank you.

謝謝你。

Our next question comes from [Monica Gar] with Pacific Crest.

我們的下一個問題來自 Pacific Crest 的 [Monica Gar]。

Your line is now open.

您的線路現已開通。

Hello.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I have a question regarding the equity line item.

我有一個關於股權項目的問題。

So that loss was about $74 million for this quarter, higher than the previous quarter of $40 million.

因此，本季度的虧損約為 7400 萬美元，高於上一季度的 4000 萬美元。

Realize your DRAM business was essentially unchanged, so trying to understand why that entire loss was much bigger number for this quarter?

意識到您的 DRAM 業務基本沒有變化，因此試圖理解為什麼本季度的整體損失要大得多？

Monica, this is Ron.

莫妮卡，這是羅恩。

That line is for situations where we make equity investments, that's non-controlling investments, in other companies.

這條線適用於我們在其他公司進行股權投資的情況，即非控制性投資。

The largest part of the equity loss there is related to Inotera, about $74 million in the quarter, I mentioned.

我提到，股權損失的最大部分與 Inotera 有關，本季度約為 7400 萬美元。

There are other equity investments in there that also had some net loss effect.

那裡還有其他股權投資也產生了一些淨虧損影響。

But the majority of that total was Inotera.

但其中大部分是Inotera。

We do actually report that on a two-month lag basis, based upon their financial reports.

實際上，我們確實根據他們的財務報告延遲了兩個月報告了這一點。

So as you track their financial reports, we own about 30% of Inotera, and that 30% of their net loss flows through our statements for the two-month lag.

因此，當您跟踪他們的財務報告時，我們擁有 Inotera 約 30% 的股份，而他們 30% 的淨虧損來自我們兩個月滯後的報表。

Okay.

好的。

Thank you.

謝謝你。

Just one more question here.

這裡還有一個問題。

Could you give us -- provide some idea on the contract pricing in the DRAM market right now, like how is it trending compared to spot market.

您能否給我們提供一些有關目前 DRAM 市場合同定價的想法，例如與現貨市場相比的趨勢如何。

Is it below, or higher, or in line?

它是低於，還是更高，還是在一條線上？

Sure.

當然。

The contract pricing is above the spot market today and has been for the past few months.

今天的合約價格高於現貨市場，過去幾個月一直如此。

You know, I think consistent with Steve just referenced, in terms of the health of the industry, I think OEMs have to be a little careful on how hard they push, given the supply from some of the more challenged competitors ability to consistently supply in the future.

你知道，我認為與史蒂夫剛剛提到的一致，就行業的健康狀況而言，我認為 OEM 必須小心他們的推動力，因為一些更具挑戰性的競爭對手的供應能夠持續供應未來。

So I think contract will stay that way, as best we can see, in the short term.

所以我認為合同將在短期內保持這種狀態，正如我們所看到的那樣。

Now having said that, the spot market pricing within the last couple of weeks had a mild uptick.

話雖如此，過去幾週的現貨市場價格略有上漲。

And when I say mild, I mean in a given week it was up from a low -- it bounced up about 15%, and then settled down a little bit, but it's still above where we were at the end of the quarter.

當我說溫和時，我的意思是在給定的一周內它從低點回升 - 它反彈了大約 15%，然後稍微穩定下來，但仍然高於我們在本季度末的水平。

And so, we think the OEM contract pricing will stay above that.

因此，我們認為 OEM 合同定價將保持在該水平之上。

And again, the spot market has bounced a little bit incrementally higher, but not to a place where we needed to get to.

再一次，現貨市場已經反彈了一點點，但還沒有達到我們需要到達的地方。

Okay.

好的。

Just last one.

就最後一個。

Is it possible to provide an idea how much is 30-nanometer mix for DRAM?

是否有可能提供一個想法 DRAM 的 30 納米混合是多少？

Yes.

是的。

It's still less than 10% of our volume.

它仍然不到我們交易量的 10%。

Okay.

好的。

Thank you so much.

太感謝了。

Thank you.

謝謝你。

Our next question comes from Shawn Webster of Macquarie.

我們的下一個問題來自麥格理的肖恩韋伯斯特。

And your line is open.

你的線路是開放的。

Great.

偉大的。

Thank you.

謝謝你。

So you shared with us some of the bit shipment that you had in fiscal Q1, your just reported quarter.

因此，您與我們分享了您在剛剛報告的第一財季（即您剛剛報告的季度）中的一些鑽頭出貨量。

I was wondering if you could share with us what your bit production was for both DRAM and NAND?

我想知道您是否可以與我們分享一下您的 DRAM 和 NAND 位生產量是多少？

Sure, Shawn.

當然，肖恩。

In Q1, DRAM was up in the 20%-plus range on production.

在第一季度，DRAM 的產量增長了 20% 以上。

And trade NAND was up high single digits.

NAND貿易上漲了個位數。

Okay.

好的。

Thank you.

謝謝你。

And then on the consolidation question, I was wondering was there anything that prevents Nanya from partnering with another DRAM supplier, in terms of the relationship that Micron has with them?

然後在整合問題上，我想知道是否有什麼阻止南亞與另一家 DRAM 供應商合作，就美光與他們的關係而言？

Yes.

是的。

We have a pretty close and intricate relationship with Nanya that involves joint development.

我們與南亞的關係非常密切且錯綜複雜，涉及共同開發。

And obviously, there are things that both partners are allowed to do and not allowed to do, relative to where they take that technology.

顯然，相對於他們採用該技術的地方，有些事情是允許合作夥伴做和不允許做的。

So that would be clearly an impediment to them partnering with somebody else in the DRAM area.

因此，這顯然會阻礙他們與 DRAM 領域的其他人合作。

Okay.

好的。

Thank you.

謝謝你。

And then maybe one last one.

然後也許是最後一個。

Can you give us some color on inventories, where they look lean, where they look light, maybe how many weeks you see in the channel on the DRAM and the NAND side?

你能否給我們一些關於庫存的顏色，它們看起來很瘦，它們看起來很輕，也許你在 DRAM 和 NAND 方面的渠道中看到了多少週？

Sure.

當然。

On the DRAM side, I think there is some correction and healthy correction going on in the channel.

在 DRAM 方面，我認為渠道中正在進行一些修正和健康修正。

I think what Steve alluded to earlier, around the hard drive situation out of Thailand, I think most of the channel and the OEMs were pretty aggressive in correcting inventories for their year end.

我認為史蒂夫早些時候提到的，圍繞泰國的硬盤情況，我認為大多數渠道和原始設備製造商都非常積極地在年底糾正庫存。

So we still think there is some DRAM in the channel, but not too much.

所以我們仍然認為渠道中有一些 DRAM，但不會太多。

I think it's in a healthy place.

我認為這是一個健康的地方。

On the NAND side, I think NAND, if anything, is below a healthy level, and I think that's driven by a lot of the reaction around the need for SSDs.

在 NAND 方面，我認為 NAND，如果有的話，低於健康水平，我認為這是由圍繞 SSD 需求的很多反應驅動的。

Our inventories and our channel partners' inventories are pretty light there.

我們的庫存和我們的渠道合作夥伴的庫存非常少。

So I would say that DRAM still has some room to be managed downward into a three to four week, I think it's probably more in the four to five week area today.

所以我會說 DRAM 在三到四周內仍有一些向下管理的空間，我認為今天可能更多的是在四到五週的範圍內。

But I think overall, I don't think it's out of hand, I think it's well under control.

但我認為總體而言，我不認為它已經失控，我認為它得到了很好的控制。

Because I think that people have managed around the Thailand issue and I think they are to a pretty good place.

因為我認為人們已經解決了泰國問題，我認為他們已經到了一個相當不錯的地方。

Thank you.

謝謝你。

Thank you.

謝謝你。

Next question comes from Daniel Berenbaum from MKM Partners.

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

Your line is open.

你的線路是開放的。

Yes, hello, guys.

是的，你好，伙計們。

Thanks for taking the question.

感謝您提出問題。

I wanted to follow-up on the prior question on consolidation, realizing that you don't want to comment specifically.

我想跟進之前關於合併的問題，意識到您不想具體評論。

But maybe, can you help us understand the circumstances under which it might become appealing to you to be an acquirer as you have been in the past.

但也許，您能否幫助我們了解在何種情況下，您可能會像過去一樣吸引您成為收購方。

When would it be beneficial for you to try to take out either a major competitor or one of the production partners of a major competitor?

什麼時候嘗試淘汰主要競爭對手或主要競爭對手的生產合作夥伴之一對您有利？

Or are you simply more interested in focusing on lowering your own cost base, as your competitors continue to burn cash?

還是您只是對降低自己的成本基礎更感興趣，因為您的競爭對手繼續燒錢？

That's a pretty all-inclusive question you had there, Daniel.

丹尼爾，這是一個非常全面的問題。

I tried to capture it all in one.

我試圖將它全部捕獲。

Yes.

是的。

I think that, first and foremost, if you look at what we've done in the past, we like to think that we've been fairly intelligent around the economics of our prior activities.

我認為，首先，如果你看看我們過去所做的事情，我們會認為我們在之前活動的經濟性方面相當聰明。

When we did Numonyx, we think that it was very good for us, that the cash generated in the short-term was high and we basically got a payback in a short period of time.

我們做恆憶的時候，我們覺得這對我們非常好，短期產生的現金很高，我們基本上在很短的時間內就得到了回報。

When we did things like, all the way back to the Texas Instruments days, we look at the ability of the assets to produce, we look at the replacement cost of those assets, and then we look at what our ability is to do, in terms of productivity of those assets, and we obviously run an economic model on that, and to determine what the appropriate value is.

當我們一直回到德州儀器時代，我們會查看資產的生產能力，查看這些資產的重置成本，然後查看我們的能力，在以這些資產的生產力而言，我們顯然會在此基礎上運行一個經濟模型，並確定合適的價值是多少。

So I don't think you should expect us to do anything different than that.

所以我認為你不應該期望我們做任何與此不同的事情。

I think that we really have been the only catalyst and consolidators in the main memory arena that's been successful at M&A in terms of, in other words not only acquiring, but also being able to integrate and then make those assets productive.

我認為，我們確實是主存儲器領域唯一在併購方面取得成功的催化劑和整合者，換句話說，不僅是收購，而且能夠整合這些資產，然後使這些資產具有生產力。

And so we'll continue to look at our ability to do that.

因此，我們將繼續研究我們這樣做的能力。

There are some cases where that just wasn't possible.

在某些情況下，這是不可能的。

And we've seen a company or two either exit the business, or in Kimona's case, they went bankrupt.

我們已經看到一兩家公司要么退出業務，要么在 Kimona 的案例中，他們破產了。

And there was really no economic model that made sense for us.

確實沒有對我們有意義的經濟模型。

And so I think that that's how we're going to evaluate it.

所以我認為這就是我們要評估它的方式。

If there's something there that makes sense, than we're going to have a look and if we can't get a look in a form that we think is I think appreciative in terms of how we view assets and the cost of assets or how we view our ability to produce cash flow, then we're not going to do something.

如果那裡有什麼是有意義的，那麼我們就會看看，如果我們不能以我們認為在我們如何看待資產和資產成本或如何我們看到我們產生現金流的能力，那麼我們不會做任何事情。

But if we think we can, we're going to take a really hard look.

但是，如果我們認為可以，我們將認真研究。

Okay.

好的。

Thanks.

謝謝。

And just to follow-up on the funding of Inotera.

只是為了跟進 Inotera 的資金。

In the past you've been very reluctant to do this and I recognize it's only a 90-day note.

在過去，您一直非常不願意這樣做，我知道這只是一個 90 天的通知。

But is there something that has changed there or is there something that we need to be more concerned about there?

但是那裡是否發生了一些變化，或者那裡有什麼我們需要更加關注的事情？

No.

不。

The money going in is really just to make sure that Inotera has the wherewithal to execute on the 30-nanometer DRAM ramp we talked about.

投入的資金實際上只是為了確保 Inotera 有足夠的資金在我們談到的 30 納米 DRAM 斜坡上執行。

And we think that this money allows them to move forward with ordering the tools they need to begin that ramp.

我們認為這筆錢使他們能夠繼續訂購他們需要的工具來開始這個斜坡。

And the financing that was referenced that will go on in the spring is what will be necessary in order to put that entity on a firm financial footing to move through the rest of the fiscal year.

並且提到的將在春季進行的融資是必要的，以便使該實體在本財政年度的剩餘時間內處於穩固的財務基礎上。

Okay.

好的。

Great.

偉大的。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

Next question we will hear is from Glen Yeung of Citi.

我們將聽到的下一個問題來自花旗銀行的 Glen Yeung。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

Just the first question is a clarification.

只是第一個問題是一個澄清。

Did you say that you actually saw an uptick in SSD demands because of their hard drive shortage?

您是否說您實際上看到 SSD 需求因為硬盤短缺而上升？

Yes.

是的。

We absolutely did.

我們絕對做到了。

I think if I were to separate out the consumer side of that versus of the corporate side of that, consumer is very strong.

我認為，如果我將消費者方面與企業方面分開，消費者是非常強大的。

And I think the corporate side was a little bit more conservative in their growth, but still grew some as well.

而且我認為企業方面的增長更加保守，但仍然增長了一些。

But absolutely I think the PC guys did as much as they could.

但我絕對認為 PC 人員已盡其所能。

Remember, this happened during a very -- what's normally a strong seasonal demand period for them, right in the middle of shipping into the channel for the holidays.

請記住，這發生在一個非常 - 通常對他們來說是一個旺盛的季節性需求時期，就在假期運送到渠道的中間。

And obviously, end of year budgets in the commercial environment.

顯然，商業環境中的年終預算。

So we saw a pretty strong uptick, more attractive to the consumer side of the business.

因此，我們看到了相當強勁的增長，對業務的消費者方面更具吸引力。

I think the corporate environment had the ability to put off additional spend per unit if they had to.

我認為企業環境有能力在必要時推遲每單位的額外支出。

But overall it was a very positive impact on the SSD demand.

但總體而言，這對 SSD 需求產生了非常積極的影響。

Okay.

好的。

So I have two questions associated with that then.

所以我有兩個與此相關的問題。

So one is, as we move into the first half of 2012, and the hard drive issue starts to lessen, do you think that you will see an uptick in PC DRAM demand even though we are in a seasonally soft period?

一個是，隨著我們進入 2012 年上半年，硬盤問題開始減少，您認為即使我們處於季節性疲軟時期，您會看到 PC DRAM 需求上升嗎？

In other words, is there enough pent up demand to overcome seasonal softness?

換句話說，是否有足夠的被壓抑的需求來克服季節性疲軟？

And then secondly related to that is, is the SSD increase that you saw, does it go backwards?

然後第二個與此相關的是，您看到的 SSD 增加是不是倒退了？

Is this one of those things where people will go back to using [HGDs] as they become more available?

這是人們將在 [HGD] 變得更可用時重新使用它們的事情之一嗎？

So I think the way we're looking at it is that on the DRAM side, it should be variable.

所以我認為我們看待它的方式是，在 DRAM 方面，它應該是可變的。

And we are hearing the same things you're hearing, that it's not the fall, which is the first data points that we're getting from the channel, it's more likely early spring for a recovery on the hard drives, worse case.

我們聽到的和你聽到的一樣，這不是秋天，這是我們從頻道獲得的第一個數據點，更有可能是早春恢復硬盤驅動器，更糟糕的情況。

So if that's the case, we see DRAM demand from that sector stabilizing and being more attractive.

因此，如果是這種情況，我們認為該行業的 DRAM 需求將趨於穩定並更具吸引力。

I think the second question around SSDs, I think it's interesting, as I said, the consumer side, once people go over, it's not so easy to go back.

我覺得關於SSD的第二個問題，我覺得很有意思，就像我說的，消費端，一旦人過去了，回去就沒那麼容易了。

And I think as long as they can hit the right price points to match the consumer's appetite, I think you will see that has proven to be kind of an unforecasted catalyst for SSD adoption.

而且我認為，只要它們能夠達到符合消費者胃口的正確價格點，我認為您會發現這已被證明是一種不可預見的 SSD 採用催化劑。

But I don't think that means that hard drives aren't going back into some of the configurations.

但我不認為這意味著硬盤驅動器不會回到某些配置中。

I think hard drives will recover and go back in.

我認為硬盤驅動器將恢復並重新進入。

It's just actually, on SSDs alone, a very opportunistic way to get more of that product in the hands of customers.

實際上，僅就 SSD 而言，這是一種將更多產品交到客戶手中的非常機會主義的方式。

Yes, absolutely.

是的，一點沒錯。

Okay.

好的。

Last question is just on the enterprise side, just your sense as, I know you guys have a limited viewpoint here, but just your sense on the relative strength of enterprise-related demand?

最後一個問題只是企業方面的，只是你的感覺，我知道你們在這裡的觀點是有限的，但是你對企業相關需求的相對強度的感覺？

Is that specific to SSDs or just in general?

這是特定於 SSD 的還是一般的？

No, just in general.

不，只是一般。

You know, actually, if you look at -- it's pretty favorable.

你知道，實際上，如果你看 - 它是非常有利的。

If you look at our technology that we sell into those markets, the enterprise segments are performing fairly well and the demand is relatively strong.

如果你看看我們在這些市場銷售的技術，企業部門的表現相當不錯，需求也相對強勁。

You know, we talked about the server performance and I think that continues to be pretty good for us.

你知道，我們談到了服務器性能，我認為這對我們來說仍然非常好。

The networking segment has been pretty good for us.

網絡部分對我們來說非常好。

And storage of course now is becoming more and more of a place we can sell our products and broad portfolio to.

當然，現在存儲越來越成為我們可以向其銷售產品和廣泛產品組合的地方。

So we're fairly positive on enterprise in general, and our exposure continues to grow in a good way.

因此，我們總體上對企業相當積極，我們的曝光率繼續以良好的方式增長。

Okay.

好的。

Thanks, guys.

多謝你們。

Thank you.

謝謝你。

The next question comes from Steven Cassidy of Stifel Nicolaus.

下一個問題來自 Stifel Nicolaus 的 Steven Cassidy。

Your line is open.

你的線路是開放的。

Thank you.

謝謝你。

It's Kevin Cassidy.

是凱文·卡西迪。

I was just wondering how you see the changes in the market with Apple buying Anobit?

我只是想知道你如何看待蘋果收購 Anobit 的市場變化？

Well, I mean, it's certainly something that we've talked about on prior calls that beyond the NAND, there's a lot of investment going on in terms of controller development, and even on top of that, software and firmware enhancements of the application and performance requirements needed.

嗯，我的意思是，這肯定是我們在之前的電話會議上討論過的事情，除了 NAND，在控制器開發方面還有大量投資，甚至在此之上，應用程序的軟件和固件增強以及需要的性能要求。

So certainly, I think Apple obviously is the largest probably consumer of NAND capacity for their products.

所以當然，我認為蘋果顯然是其產品 NAND 容量的最大消費者。

It makes a lot of sense for them to go out and invest in these types of areas to enhance their products and enhance the performance of their products.

對他們來說，走出去投資這些類型的領域以增強他們的產品並提高他們的產品性能是很有意義的。

Obviously, they still need NAND supply at the core technology level to be able to enable their products.

顯然，他們仍然需要核心技術層面的 NAND 供應才能啟用他們的產品。

And I think they're trying to balance out their portfolio to be able to optimize that NAND to drive the requirements of their products and the features going forward.

我認為他們正在努力平衡他們的產品組合，以便能夠優化該 NAND，以推動他們的產品需求和未來的功能。

All right.

好的。

So your sales to Apple, you don't see a lot of changes happening?

所以你對蘋果的銷售，你沒有看到很多變化發生嗎？

We don't anticipate the demand from Apple changing at all.

我們預計 Apple 的需求不會發生變化。

Okay.

好的。

And how about for your own controller strategy?

那麼你自己的控制器策略呢？

I know you use a wide range of controllers.

我知道您使用各種控制器。

Are you making any changes there?

你在那裡做任何改變嗎？

I think that we continue to evaluate the technology around controllers and any of the capabilities around the NAND.

我認為我們會繼續評估圍繞控制器的技術以及圍繞 NAND 的任何功能。

Because what's interesting is in the market today, there's a lot of start-up technology companies that are working on projects surrounding the NAND.

因為當今市場上有趣的是，有很多初創技術公司正在圍繞 NAND 開展項目。

And as this happens and the venture community continues to invest in these types of companies, picking the winners and losers is not so easy.

隨著這種情況的發生，風險投資界繼續投資於這些類型的公司，挑選贏家和輸家並不是那麼容易。

We've looked at a bunch of companies, and over time, we've seen companies who started fast and it didn't materialize as well in terms of getting technology to market.

我們研究了很多公司，隨著時間的推移，我們看到了起步很快但在將技術推向市場方面並沒有實現的公司。

And so we continue to evaluate who are the right partners.

因此，我們繼續評估誰是合適的合作夥伴。

Having said that, we're not announcing anything material in terms of partnerships that we haven't already commented on in the press.

話雖如此，我們並沒有宣布任何我們尚未在媒體上發表評論的合作夥伴關係方面的重要內容。

Okay.

好的。

And maybe just one other question about how do you view increasing capacity again, wafer out for NAND flash?

也許只是另一個問題，關於你如何看待容量的增加，NAND 閃存的晶圓輸出？

Well, really, our CapEx plans, as we've commented on, is pretty much set for fiscal 2012.

嗯，真的，正如我們所評論的，我們的資本支出計劃幾乎是為 2012 財年設定的。

That has us plateauing for NAND at this roughly 65,000 wafer per month level at IMFS.

這使我們在 IMFS 每月大約 65,000 片晶圓上的 NAND 處於平穩狀態。

And anything we did incrementally in the short-term would be internal to our own existing operations as opposed to incremental wafers, in the short-term.

我們在短期內增量做的任何事情都將在我們自己現有的業務內部，而不是在短期內增量晶圓。

When we get near the end of 2012, I think that would be a good time to look at what's the right next step up is for the IMFS operation.

當我們接近 2012 年底時，我認為這將是一個很好的時機來看看下一步對 IMFS 的操作來說什麼是正確的。

Kevin, were you also asking about the industry or just Micron?

凱文，你問的是行業還是美光？

No, just on how Micron was viewing it, but maybe you can comment on the industry, that would be interesting also.

不，只是關於美光如何看待它，但也許你可以評論這個行業，這也會很有趣。

Well, it's probably -- I don't think the industry has much of a different approach from us.

嗯，這可能是——我認為這個行業與我們沒有太大的不同。

We had these incremental capacity amounts that we've put on the road map, and most seem to be just kind of stopping where there are at and seeing how the market looks before they go beyond it.

我們已經將這些增量容量數量放在了路線圖上，而且大多數似乎只是在現有的地方停下來，看看市場在超越它之前的樣子。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

The next question comes from Sidney Ho of Nomura Securities.

下一個問題來自野村證券的 Sidney Ho。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

For Inotera, there is some chatter that they will cut back on production.

對於 Inotera，有傳言稱他們將削減產量。

And at the analyst day, I think you guys were talking about they're running at 120,000, 130,000 wafers per month through 2012.

在分析師日，我認為你們在談論他們在 2012 年之前每月運行 120,000 到 130,000 片晶圓。

Can you talk about the production plan now?

你能談談現在的生產計劃嗎？

It doesn't sound like it's going down much, based on what you give in terms of guidance earlier.

根據您之前提供的指導，這聽起來並沒有太大的下降。

I think we ought to let Inotera speak for Inotera.

我認為我們應該讓 Inotera 為 Inotera 說話。

And less for the total volume for the two partners.

兩個合作夥伴的總交易量更少。

Micron doesn't have any plans to cut any output relative to share, currently.

美光目前沒有任何削減與份額相關的產量的計劃。

Okay.

好的。

Great.

偉大的。

And secondly, you guys talked about the 20-nanometer NAND part using high-k/metal gate.

其次，你們談到了使用高 k/金屬門的 20 納米 NAND 部分。

I have to assume the cost is higher, given the material and maybe more R&D.

考慮到材料和更多的研發，我不得不假設成本更高。

So two questions here.

所以這裡有兩個問題。

First, relative to the cost of, call it, pure die shrink without the new material, do you have any data to compare the cost and performance?

首先，相對於成本，稱之為，純模縮無新材料，你有什麼數據可以比較成本和性能嗎？

And second, longer-term does it give you better performance on maybe extend the life of plain and floating gate NAND, say, beyond 15-nanometers?

其次，從長期來看，它是否會在延長普通和浮柵 NAND 的壽命（例如 15 納米以上）方面提供更好的性能？

Sorry, I missed the very beginning of your question, which was an announcement by whom?

抱歉，我錯過了您問題的開頭，這是由誰宣布的？

You guys talked about 20-nanometers NAND components using high-k/metal gates?

你們談到了使用高 k/金屬門的 20 納米 NAND 組件嗎？

So anytime we introduce a new technology, there's new capital investment and there's lower utilization as you ramp production.

因此，每當我們引入新技術時，都會有新的資本投資，並且隨著產量的增加，利用率會降低。

So initially, costs tend to be a little higher on the new technology node at the wafer level, and then those come down in the line over time, as the equipment gets fully utilized.

因此，最初，晶圓級新技術節點的成本往往會略高一些，然後隨著設備得到充分利用，這些成本會隨著時間的推移而下降。

There's nothing significant -- about the high-k/metal gate as a new technology node that puts it completely out of proportion for what you would typically see moving from one technology node to the other, in either NAND or DRAM.

沒有什麼重要的——關於高 k/金屬門作為一種新技術節點，它與你通常看到的在 NAND 或 DRAM 中從一個技術節點轉移到另一個技術節點完全不成比例。

It's not an abnormal increment relative to wafer cost, let me put it that way.

相對於晶圓成本而言，這並不是異常的增長，讓我這麼說吧。

So then, the second piece of the question is, what about performance?

那麼，第二個問題是，性能呢？

Performance in NAND is a tricky thing, as these floating gates keep scaling down more and more.

NAND 的性能是一件棘手的事情，因為這些浮動門越來越小。

We're obviously challenged to make sure that we have both good retention as well as good cycling characteristics.

我們顯然面臨著確保我們既具有良好的保持力又具有良好的循環特性的挑戰。

And what you've seen is that those windows have narrowed as technology nodes have continued to shrink.

你所看到的是，隨著技術節點的不斷縮小，這些窗口已經縮小。

And what the trick is is to use advanced technology and new materials to try and continue to slow the rate of decrease in performance as you continue to scale devices and be able to build higher density and deliver better value for the dollar.

訣竅在於使用先進的技術和新材料來嘗試並繼續減緩性能下降的速度，因為您繼續擴展設備並能夠構建更高的密度並為美元提供更好的價值。

So yes, we think this is the right answer, that's why we're doing it.

所以是的，我們認為這是正確的答案，這就是我們這樣做的原因。

Do we see any long-term issues associated with the reliability of the device?

我們是否看到與設備可靠性相關的任何長期問題？

Absolutely not, we think that this is the right way to scale from 25 nanometer to 20 nanometers and we've probably got a few tricks up our sleeves to move on beyond that.

絕對不是，我們認為這是從 25 納米擴展到 20 納米的正確方法，而且我們可能已經掌握了一些技巧來繼續前進。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Thank you.

謝謝你。

The next question comes from David Wong of Wells Fargo.

下一個問題來自富國銀行的 David Wong。

Your line is open.

你的線路是開放的。

Thank you very much.

非常感謝。

Clarification of your earlier point, you were talking about hard disk drive supply issues.

澄清你之前的觀點，你在談論硬盤驅動器供應問題。

Have you seen any pick up in DRAM bit demand as we've seen disk drive production come online in Thailand over the last few weeks?

過去幾週我們看到泰國的磁盤驅動器生產上線，您是否看到 DRAM 位需求有所回升？

The timing isn't fantastic, given that the holiday purchasing and manufacturing is pretty much done.

考慮到假期採購和製造已經基本完成，時機並不理想。

Having said that, the only data point we do have that could speak to that would be the modest uptick in the channel or spot market.

話雖如此，我們擁有的唯一可以說明這一點的數據點是渠道或現貨市場的適度上漲。

Last week, we had about a 15% increase in spot pricing.

上週，現貨價格上漲了約 15%。

It has settled down a little bit.

它已經安定了一些。

In fact, it came back down 5% off that uptick.

事實上，它比那次上漲回落了 5%。

And that's about the only index I could say that suggests that the DRAM demand is normalizing around what would have been the typical holiday demand without Thailand.

這是我能說的唯一一個表明 DRAM 需求正在正常化的指數，如果沒有泰國，這將是典型的假日需求。

By the way, that speaks to my inventory comment earlier, which that as hard drives came back in, it's not like there's a bunch of DRAM in the channel that we're concerned about.

順便說一句，這與我之前的庫存評論有關，隨著硬盤的回歸，我們擔心的通道中並沒有一堆 DRAM。

It might be modestly above norm, but not something that's out of control.

它可能略高於正常水平，但不是失控的。

We think the OEMs reacted pretty strongly and that hurt demand in Q1 for us.

我們認為原始設備製造商的反應非常強烈，這損害了第一季度對我們的需求。

And I think the channel as well, reacted fairly well and quickly on it.

而且我認為該頻道也對此做出了很好且迅速的反應。

Great.

偉大的。

Thanks.

謝謝。

And my other question is, when you're seeing solid state drives used in consumer PCs today, what's the range of capacity of solid state drives that typically manufacturers are putting into these PCs, and what is the cost of these SSDs to manufacturers?

我的另一個問題是，當您看到當今消費類 PC 中使用的固態驅動器時，通常製造商在這些 PC 中投入的固態驅動器的容量範圍是多少，這些 SSD 對製造商而言的成本是多少？

I'll let someone else talk to the cost delta.

我會讓其他人談談成本增量。

But on the density, typical density is about 128 to 256.

但就密度而言，典型的密度約為 128 到 256。

There's different manufacturers who have different numbers that they're using for densities, but somewhere in that range.

不同的製造商有不同的數字用於密度，但在那個範圍內。

You may see some entry-level SSD around 64-gig.

您可能會看到一些 64-gig 左右的入門級 SSD。

But primarily on average, the industry average is about 150, but the densities range between 128 and 256.

但主要是平均而言，行業平均值約為 150，但密度介於 128 和 256 之間。

Great.

偉大的。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Vijay Rakesh with Sterne Agee.

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

Your line is open.

你的線路是開放的。

Hello.

你好。

Thanks, guys.

多謝你們。

Just sticking with the NAND side, I know you mentioned pricing was down with the mix.

只是堅持 NAND 方面，我知道你提到價格隨著混合而下降。

What was the SLC and MLC mix in the quarter and where do you see it going?

本季度的 SLC 和 MLC 組合是什麼？你認為它會走向何方？

So SLC is mid-teens, and it will probably stay in that range here as we move through the rest of the year.

所以 SLC 是十幾歲，隨著我們在今年剩下的時間裡，它可能會保持在這個範圍內。

Got it.

知道了。

And you mentioned SSD is now about 30% of the current demand, as you invest probably about 10% of your overall revenues then.

您提到 SSD 現在約佔當前需求的 30%，因為您當時投資的可能約為總收入的 10%。

Just wondering what's the mix of enterprise and consumer in that SSD, and what you're seeing there going forward?

只是想知道該 SSD 中企業和消費者的組合是什麼，以及您在未來看到了什麼？

Today, it's primarily client with a little adoption on the enterprise side.

今天，它主要是客戶端，在企業方面略有採用。

I think that most analysts are forecasting that while the dollars will be relatively close, the units will be somewhere in the 80% range for client and 20% enterprise.

我認為大多數分析師預測，雖然美元將相對接近，但對於客戶和 20% 的企業來說，單位將在 80% 範圍內。

And again, the dollar forecast is much closer to an even split.

再一次，美元預測更接近平分。

I don't know that it will get to even, but I think that they are suggesting that the enterprise dollars will be 45% or 50% of the overall SSD dollar share, and clients will be similar.

我不知道它會達到平衡，但我認為他們建議企業美元將佔整體 SSD 美元份額的 45% 或 50%，而客戶將是相似的。

Got it.

知道了。

And last question here, you look at just CapEx for the industry, where do you see CapEx going for DRAM and NAND in 2012, for the industry?

最後一個問題，你只看行業的資本支出，你認為 2012 年 DRAM 和 NAND 的資本支出在哪裡？

Well, I don't think there's any question that CapEx is going to come down, for DRAM in particular.

好吧，我不認為資本支出會下降，特別是對於 DRAM。

It's likely that it will also be off a little bit for NAND.

對於 NAND，它也可能會有所下降。

It's always hard to say.

總是很難說。

I mean, we are still in 2011, so I don't know -- I mean it tends to adapt real-time, depending on what the market conditions are.

我的意思是，我們仍處於 2011 年，所以我不知道——我的意思是它傾向於實時適應，具體取決於市場條件。

So I think given the current market conditions, I think it's inevitable it will all come down.

所以我認為鑑於目前的市場狀況，我認為它不可避免地會全部下跌。

Where it sort out is kind of hard to tell right now.

現在很難說它在哪裡排序。

All right.

好的。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question is from Hans Mosesmann of Raymond James.

我們的下一個問題來自 Raymond James 的 Hans Mosesmann。

Your line is open.

你的線路是開放的。

Hello.

你好。

This is Brian Peterson filling in for Hans.

這是布賴恩·彼得森替漢斯做的。

Just a question on your embedded solutions group.

只是關於您的嵌入式解決方案組的一個問題。

Your revenue there have been pretty stable over the last four or five quarters, but margins have continued to come down.

在過去的四五個季度裡，你們的收入相當穩定，但利潤率一直在下降。

Can you just talk to some of the drivers there?

你能和那裡的一些司機談談嗎？

Sure.

當然。

I lost the last part of the question, can you restate that?

我丟失了問題的最後一部分，你能重申一下嗎？

Yes, just looking for some of the drivers of the margin erosion in the embedded solutions group.

是的，只是在嵌入式解決方案組中尋找利潤侵蝕的一些驅動因素。

So I think that some of that has to do with the types of products that are going to embedded.

所以我認為其中一些與將要嵌入的產品類型有關。

We don't think it's going to be a material margin impact.

我們認為這不會對利潤率產生重大影響。

Some of it has to do with, as I said, with more DRAM being sold into that market share.

正如我所說，其中一些與更多的 DRAM 被出售到該市場份額有關。

And actually, we think that's a positive long-term, as we sell the whole portfolio to that segment.

實際上，我們認為這是一個積極的長期，因為我們將整個投資組合出售給該細分市場。

As a matter of fact, I think quarter over quarter the number is 42% growth in DRAM into the embedded customer base.

事實上，我認為嵌入式客戶群中 DRAM 的季度環比增長率為 42%。

And at better margins than we would normally have gotten in the commodity space.

並且比我們通常在商品領域獲得的利潤率更高。

So it's a portfolio story playing out a little bit and bringing down the ESG margin somewhat, but again, positive overall to our performance.

因此，這是一個投資組合的故事，在某種程度上降低了 ESG 利潤率，但總體而言，這對我們的表現是積極的。

Okay.

好的。

Fair enough.

很公平。

And just to follow-up on Inotera, I know that's a short-term financing to get through them 30-nanometers.

只是為了跟進 Inotera，我知道這是通過 30 納米的短期融資。

But how would you handle a situation potentially if they could not finance or put that out to another third-party?

但是，如果他們無法資助或將其提供給另一個第三方，您將如何處理潛在的情況？

Thanks.

謝謝。

It's pretty hard to respond to hypotheticals.

很難對假設做出回應。

I think we'll pass on that one.

我想我們會傳遞那個。

Thank you.

謝謝你。

Our next question will come from Ryan Goodman with CLSA.

我們的下一個問題將來自里昂證券的 Ryan Goodman。

Your line is open.

你的線路是開放的。

Hello.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I had a question on a comment made earlier on the call about several OEM wins on the client-side of SSDs.

我對早些時候在電話會議上發表的關於 SSD 客戶端的幾項 OEM 獲勝的評論有疑問。

Just looking for some color there.

只是在那裡尋找一些顏色。

Maybe you could share the split within the client business there between channel and OEM --

也許您可以在渠道和 OEM 之間分享客戶業務中的分歧——

Sure.

當然。

I think to that point on prior calls, I've talked about the channel opportunity in SSDs relative to OEMs.

我認為在之前的電話中，我已經談到了 SSD 相對於 OEM 的渠道機會。

And as we continue to grow, we're experiencing equal growth really, it's about split down the middle between our channel drives under the Crucial brand as well as our OEM design on the Micron branded products.

隨著我們的不斷發展，我們正在經歷真正的平等增長，這是關於我們在 Crucial 品牌下的渠道驅動器以及我們對美光品牌產品的 OEM 設計之間的中間分割。

Today, that's about a 50-50 split.

今天，這大約是 50-50 的比例。

And so off of the last couple of quarter numbers, we've been growing share in OEM as part of our mix.

因此，在過去幾個季度的數字中，作為我們組合的一部分，我們在 OEM 中的份額一直在增長。

And they're both categories are growing very nicely for us.

他們兩個類別對我們來說都發展得很好。

And just follow-up to that, when can we start seeing some ultrabook SKUs out there with Micron drives in them?

緊隨其後的是，我們什麼時候才能開始看到一些帶有美光驅動器的超極本 SKU？

I hesitate to give you an exact date, but we think in the back half of the year you will see that.

我不願給你一個確切的日期，但我們認為在今年下半年你會看到這一點。

And if I could slip one more quick in, and it's just on the SSD road map.

如果我能再快一點，它就在 SSD 路線圖上。

Can you give us an update?

你能給我們一個更新嗎？

I know that PCI is sampling, the MLC enterprise I think just went to production, that and then the mSATA.

我知道 PCI 正在採樣，我認為 MLC 企業剛剛投入生產，然後是 mSATA。

Can you give us the timing on those three SKUs?

你能告訴我們這三個 SKU 的時間嗎？

Thanks.

謝謝。

So I think all of which are kind of different answers of where we are in the qualification process at our customers and that's volume shipping.

所以我認為所有這些都是關於我們在客戶資格認證過程中所處的位置的不同答案，那就是批量運輸。

Probably want to leave it at that.

可能想把它留在那裡。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is from Bob Gujavarty of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bob Gujavarty。

Your line is open.

你的線路是開放的。

Great.

偉大的。

Thanks for getting me in.

謝謝你讓我進來。

I was just curious on the NAND side between -- did you see strength in both the OEM and retail?

我只是對 NAND 方面感到好奇——你看到 OEM 和零售的實力了嗎？

There have been some mixed data points on retail sales.

有一些關於零售銷售的混合數據點。

Just curious what you think the relative markets did in the November quarter?

只是好奇您認為相關市場在 11 月季度的表現如何？

I think that we saw fairly good retail numbers coming out of the holidays, meaning out of the holiday selling period.

我認為我們看到假期後的零售數據相當不錯，這意味著假期銷售期結束。

And even up till now, Black Friday, flash memory sales were pretty strong, and they've done fairly well, above our plan.

直到現在，黑色星期五，閃存的銷售都相當強勁，而且他們做得相當好，超出了我們的計劃。

But we still see more demand growth coming out of the SSD kind of channel integrator of our business in the client side.

但我們仍然看到更多的需求增長來自我們在客戶端業務的 SSD 類型的渠道集成商。

So what we've been pleasantly surprised at was the retail piece, because we thought maybe that might be challenged, given overall retail and consumer appetite, but both have performed well.

因此，我們對零售部分感到驚喜，因為考慮到整體零售和消費者的胃口，我們認為這可能會受到挑戰，但兩者都表現良好。

The growth percentages would lead one to look at the SSD as a higher growth story, but overall they've both done fairly well.

增長百分比將導致人們將 SSD 視為更高增長的故事，但總體而言，它們都做得相當好。

Great.

偉大的。

Just maybe a quick follow-up on that.

只是可能對此進行快速跟進。

You know, NAND is traditionally a pretty seasonal business in terms of heading into the calendar 1Q.

你知道，就進入日曆 1Q 而言，NAND 傳統上是一個相當季節性的業務。

But you have several offsets here with -- obviously with SSDs, and then also you just that you haven't had the same kind of retail bounce in the back half of the year as you have traditionally in NAND markets.

但是你有幾個抵消 - 顯然是 SSD，然後你只是說你在今年下半年沒有像傳統的 NAND 市場那樣出現同樣的零售反彈。

What do you think about seasonality as we head into the calendar 1Q?

當我們進入日曆 1Q 時，您如何看待季節性？

Are you feeling better about NAND?

您對 NAND 感覺更好嗎？

Are you about neutral or worse, just kind of curious.

你是中性的還是更糟的，只是有點好奇。

I think I agree with where you're going.

我想我同意你要去的地方。

I think that NAND, if you look back three to five years ago, NAND was primarily driven in consumer products, MP3 players, USB drives, photography cards.

我認為 NAND，如果你回顧三到五年前，NAND 主要驅動在消費產品、MP3 播放器、USB 驅動器、攝影卡中。

They got tied to cameras that were bought in season.

他們被綁在當季購買的相機上。

So I think there is a shift going on away from the seasonality factor around NAND and SSDs, and the fact that it's a new technology and being adopted, and enterprise is starting to get going.

因此，我認為圍繞 NAND 和 SSD 的季節性因素正在發生轉變，事實上它是一項新技術並被採用，企業開始著手。

So I think that you'll see less seasonality around NAND than we have in the past.

所以我認為你會看到 NAND 的季節性比過去要少。

Great.

偉大的。

Thanks, guys.

多謝你們。

Thank you.

謝謝你。

Our next question comes from Uche Orji from UBS.

我們的下一個問題來自瑞銀的 Uche Orji。

Your line is open.

你的線路是開放的。

Hello, thanks.

你好謝謝。

This is Steven calling on behalf of Uche.

我是 Steven 代表 Uche 打來的電話。

First question I had was on the specialty memory business, the specialty DRAM business.

我遇到的第一個問題是關於專業內存業務，專業 DRAM 業務。

In terms of the parts going to the server as well as the mobile space, how is the pricing trend for that business, first of all in fiscal Q1, and what is that so far in fiscal Q2, quarter to date?

就進入服務器和移動領域的部件而言，該業務的定價趨勢如何，首先是在第一財季，以及在第二財季迄今為止的季度？

So we don't normally break out the segment pricing at that level.

因此，我們通常不會在該級別打破細分定價。

Just a general comment for your modeling is that the commodity pricing tends to go in the direction and the other market segments on a proportional basis trail that trend.

對您的建模的一般性評論是，商品定價傾向於朝著這個方向發展，而其他細分市場按比例跟隨該趨勢。

So it kind of maps out in the same direction but not at the same rate.

所以它的映射方向相同，但速度不同。

I guess with some of your peers having increased capacity into the targets for the specialty market, I was just wondering if you've seen any acceleration in price declines for the overall specialty business in the past several quarters or is that still sort of maintaining a fairly steady decline rate?

我想隨著您的一些同行增加了進入專業市場目標的能力，我只是想知道您是否看到過去幾個季度整體專業業務的價格下跌加速，或者這種情況仍在維持下降率相當穩定？

Yes, on a relative basis we see that.

是的，在相對的基礎上，我們看到了這一點。

We haven't seen any impact from additional competitive capacity that we would isolate as a cause for anything abnormal.

我們沒有看到額外的競爭能力產生的任何影響，我們會將其隔離為任何異常的原因。

Okay.

好的。

Got it.

知道了。

And then for the 30-nanometer process node in DRAM, what kind of mix do you think that can achieve overall for fiscal 2012?

那麼對於 DRAM 中的 30 納米工藝節點，您認為 2012 財年總體上可以實現什麼樣的組合？

We're probably going to target around 30% conversion, somewhere in the summer time frame.

我們可能會在夏季時間範圍內的某個地方將目標定在 30% 左右。

Got it.

知道了。

And lastly, on the NAND business, for solid-state drives, is that a business that you think can double again in terms of revenues for the full fiscal year?

最後，在 NAND 業務方面，對於固態驅動器，您認為該業務是否可以在整個財年的收入方面再次翻番？

And if so, what kind of implications does it have on your IMFS expansion plans towards the back half of the year?

如果是這樣，它對您今年下半年的 IMFS 擴張計劃有什麼影響？

Maybe I'll take the first part of that question.

也許我會回答這個問題的第一部分。

I think absolutely we feel it has the opportunity to double.

我認為我們絕對認為它有機會翻倍。

As I mentioned, the OEM success we think will continue to expand and grow, not just in the client space but we think enterprise will be material to us, as well as again, sounding like I'm repeating myself here, but the channel storage business is a pretty strong play for us, and the fact that we have half of our drives going to channel today will tell you that we are pretty focused on winning that segment as well.

正如我所提到的，我們認為 OEM 的成功將繼續擴大和增長，不僅在客戶領域，而且我們認為企業對我們來說很重要，同樣，聽起來我在這裡重複自己，但渠道存儲業務對我們來說是一個非常強大的遊戲，我們今天有一半的驅動器進入渠道這一事實將告訴您，我們也非常專注於贏得該細分市場。

And relative to the second piece of the equation, I think there's just a lot of things that go in the hopper when you add new capacity, and we're certainly very encouraged with the direction, as Mark just commented, but we'll take a little bit of a wait-and-see approach.

相對於等式的第二部分，我認為當您增加新容量時，料斗中會發生很多事情，正如馬克剛剛評論的那樣，我們當然對這個方向感到非常鼓舞，但我們會採取有點觀望的態度。

If I could just ask one quick follow-up on that, just for the different types of NAND products that you sell your chips into, between your retail branded SSDs versus the private label products versus cards and run-ins, what's sort of the pecking order in terms of the most attractive from a profitability standpoint?

如果我可以快速跟進一下，僅針對您出售芯片的不同類型的 NAND 產品，在您的零售品牌 SSD 與自有品牌產品與卡和磨合之間，有什麼區別從盈利的角度來看，訂單最有吸引力？

Thanks.

謝謝。

Let me give you kind of more of an industry take on it, as far as where the projections are in terms of ASPs.

就 ASP 方面的預測而言，讓我給你更多的行業看法。

And we don't normally comment on that, but from an attractiveness for longer-term margin opportunities in the industry, we think enterprise storage historically and will continue to be a very attractive space for us.

我們通常不會對此發表評論，但從行業中長期利潤機會的吸引力來看，我們認為企業存儲從歷史上看並將繼續對我們來說是一個非常有吸引力的空間。

We think client SSDs, given the performance requirements people are looking at and the endurance, will continue to be a good space.

我們認為，考慮到人們正在關注的性能要求和耐用性，客戶端 SSD 將繼續成為一個很好的空間。

We think there are mobile applications that will be more embedded, and we also think in our ESG business, that will be custom specialty NAND applications that will develop and be somewhat attractive relative to more commoditized things like USB products or micro SD cards.

我們認為移動應用程序將更加嵌入式，我們也認為在我們的 ESG 業務中，這將是定制的專業 NAND 應用程序，相對於 USB 產品或微型 SD 卡等更加商品化的產品而言，這些應用程序將會發展並具有一定的吸引力。

So kind of a rough sketch of how we look at it.

這是我們如何看待它的粗略草圖。

Perfect.

完美的。

Thanks.

謝謝。

Thank you.

謝謝你。

The next question is from Doug Freedman with RBC Capital.

下一個問題來自 RBC Capital 的 Doug Freedman。

Your line is open.

你的線路是開放的。

Great.

偉大的。

Thanks for taking my question, guys.

謝謝你提出我的問題，伙計們。

I was wondering if you could clarify something for me.

我想知道你是否可以為我澄清一些事情。

On the NAND side, you offered an ASP erosion that included mix shift.

在 NAND 方面，您提供了包括混合轉換在內的 ASP 侵蝕。

What was the ASP erosion on just the MLC, like-for-like, quarter-to-quarter there?

僅 MLC 的 ASP 侵蝕程度如何？

Virtually all of it all the change from Q4 to Q1, Doug, was mix-related.

道格，幾乎所有從第四季度到第一季度的變化都與混合相關。

So you would call MLC would have been flat then --

所以你會打電話給MLC，那時會是平的——

Well, uplift in certain markets like SLC-type NAND, and then of course some retail drop.

好吧，在 SLC 型 NAND 等某些市場上有所提升，當然還有一些零售量下降。

So you can't do a one to one on all parts.

所以你不能對所有部分進行一對一的處理。

But with the mix all in, ASPs were relatively flat and it was just a matter of shipping more SLC that drove the 10% down.

但綜合來看，平均售價相對持平，只是運送更多的 SLC 導致了 10% 的下降。

Okay.

好的。

And then if I look at the NAND market, can you offer a bit growth for the year on what you think the industry will do?

然後，如果我看一下 NAND 市場，您能否就您認為該行業將做的事情提供今年的增長？

We think the industry, Doug, is going to come down a little bit in 2012, certainly in light of Steve's comments, where spending is going to be down by about $1.5 billion as well.

我們認為道格這個行業在 2012 年會有所下滑，當然根據史蒂夫的評論，該行業的支出也將減少約 15 億美元。

Looks like the market is coming in and around a 65% year-over-year growth rate.

看起來市場正在進入，並且年增長率約為 65%。

And then when we talk about, you mentioned already the impact of disk drives on the PC build rates, do you think that we've seen the worst already, Or is the PC unit production going to decline materially in Q1 due to continued drive shortage?

然後當我們談論時，您已經提到磁盤驅動器對 PC 構建率的影響，您認為我們已經看到了最糟糕的情況，還是由於驅動器持續短缺，第一季度 PC 單位產量會大幅下降?

What's your outlook there in the near term?

短期內你的前景如何？

Where are we in that recovery?

我們在那個複蘇中處於什麼位置？

I can give you a little bit will of that, Doug, and then Mark can jump in if he likes.

道格，我可以給你一點意願，然後如果馬克願意，他可以加入。

It looks like they're going to improve drive production by about 20 million units in Q1 over Q4.

看起來他們將在第一季度比第四季度將驅動器產量提高約 2000 萬台。

So if all those get put in boxes and those boxes get shipped, then you should see a better quarter.

因此，如果所有這些都被放入盒子中並且這些盒子被運送，那麼你應該會看到一個更好的季度。

And Mark, would you like to add anything to that?

馬克，你想補充什麼嗎？

That's about what we're hearing from our major OEM customers is that they feel that the worst is behind them in terms of the ability to get supply.

這就是我們從主要 OEM 客戶那裡聽到的消息，他們認為就獲得供應的能力而言，最糟糕的情況已經過去。

And certainly the tier 1 OEMs were able to put a lot of pressure on the suppliers to get them first in line.

當然，一級 OEM 能夠向供應商施加很大的壓力，讓他們先行。

So we think that in Q1 calendar year we'll see some normalization around PC shipments.

因此，我們認為在第一季度，我們將看到 PC 出貨量的一些正常化。

Doug, I would probably add one more thing, too, don't forget that the SSD capacity can increase as well.

道格，我可能還會再添加一件事，不要忘記SSD容量也可以增加。

I think Mark mentioned in some of his comments that we actually maxed out our SSD shipments.

我認為 Mark 在他的一些評論中提到，我們實際上已經達到了 SSD 的出貨量。

So we are adding production capacity.

所以我們正在增加生產能力。

So SSDs will be able to ship into those clients as well.

因此，SSD 也將能夠運送到這些客戶中。

And then if I could just move on to the specialty memory, the server side of the market.

然後，如果我可以轉移到專業內存，市場的服務器端。

Is there any signs that you're feeling any impact from the pending launch of Romley, either any sort of a pause, or is there an expectation of mix shift that you're going to see that's driven by the Romley ramp?

是否有任何跡象表明您感受到即將推出的 Romley 的任何影響，無論是任何形式的暫停，還是您會看到由 Romley 坡道驅動的混合轉變的預期？

Can you talk about how you're preparing for that and what you're seeing in the market?

你能談談你是如何為此做準備的以及你在市場上看到的嗎？

Well if anything, we've said the latter might be true, that there might be a potential mix shift over time.

好吧，如果有的話，我們已經說過後者可能是真的，隨著時間的推移可能會有潛在的混合變化。

We're seeing the server business change only in terms of the demand from our customers in terms of the type of lead times.

我們看到服務器業務僅在客戶對交貨時間類型的需求方面發生變化。

That business is becoming more of a business that we have to plan strategically with inventory to react to increased opportunities.

該業務越來越成為一項業務，我們必須對庫存進行戰略規劃，以應對增加的機會。

Server growth is fairly stable for us in the industry, but the way these orders are coming in, there's an acronym in the industry called LVO for large volume orders, and they come in somewhat with very short lead times.

服務器的增長對我們行業來說是相當穩定的，但是這些訂單的進入方式，在行業中有一個稱為 LVO 的大批量訂單的首字母縮寫詞，而且它們的交貨時間很短。

These are data centers applications.

這些是數據中心應用程序。

And when you think of companies like Google and Facebook and others, and those supporting those types of businesses.

當你想到像谷歌和 Facebook 等公司，以及那些支持這些類型業務的公司時。

And we have to react more strategically with strong inventory positions to take upside.

而且我們必須對強大的庫存狀況做出更具戰略性的反應才能獲得上行空間。

And then I think we've done a fairly good job in that, as you can see from our growth numbers actually.

然後我認為我們在這方面做得相當好，正如你從我們的增長數據中看到的那樣。

I think Steve commented earlier that we actually got a record for Micron in terms of our number of bits shipped to the server market this quarter, and we're going to continue to focus on that category.

我認為史蒂夫早些時候評論說，我們實際上在本季度向服務器市場運送的比特數量方面為美光創造了記錄，我們將繼續關注該類別。

And we don't think the demand is going to change or pause just because of Romley.

而且我們認為需求不會僅僅因為 Romley 而改變或暫停。

Great.

偉大的。

Thank you.

謝謝你。

And it looks like we have time for one more caller.

看起來我們有時間再接聽一位來電者。

Our final question will come from Betsy Van Hees of Wedbush Securities.

我們的最後一個問題將來自 Wedbush Securities 的 Betsy Van Hees。

Your line is open.

你的線路是開放的。

Thanks so much for squeezing me in, and happy holidays, everybody.

非常感謝你擠我進去，祝大家節日快樂。

I was wondering just if we could talk a little bit about the NOR flash business.

我想知道我們是否可以談談 NOR 閃存業務。

It seems like it's been a couple of tough quarters, and I was wondering if there might be any changes you are making structurally in the organization.

這似乎是幾個艱難的季度，我想知道你是否會在組織結構上做出任何改變。

And then I think I have a question on SSDs, as well.

然後我想我也有關於 SSD 的問題。

Well in the NOR flash business, primarily the difficulties have been around the wireless space.

在 NOR 閃存業務中，主要困難在於無線領域。

As I mentioned earlier, a couple of our customers are having a tough go of it.

正如我之前提到的，我們的一些客戶遇到了困難。

And so I guess I would only add that -- we always knew that the NOR space in the wireless would transition over time to other types of memory, NAND, DRAM, et cetera.

所以我想我只會補充一點——我們一直都知道無線中的 NOR 空間會隨著時間的推移而過渡到其他類型的內存、NAND、DRAM 等。

And I would say that's probably the lack of demand in the marketplace or the challenges some companies are facing is having that occurring faster than you might have otherwise expected, although it's hard to tell how it comes out of it.

我想說，這可能是市場需求不足，或者一些公司面臨的挑戰是這種情況的發生速度比你預期的要快，儘管很難說它是如何產生的。

But basically, it's on course to decline over time, and we already knew that.

但基本上，它會隨著時間的推移而下降，我們已經知道這一點。

The NOR embedded space, other than the market being a little bit weaker, has actually been pretty stable and pretty steady and the margins are pretty good.

NOR 嵌入式領域，除了市場略顯疲軟外，實際上一直相當穩定，而且利潤率相當不錯。

So we don't plan on making a lot of changes there other than I do think that we are actually gaining some market share back in the NOR embedded.

所以我們不打算在那裡做很多改變，除了我認為我們實際上在 NOR 嵌入式中獲得了一些市場份額。

And we believe that will continue as we get our 45-nanometer 8-inch into the market place and then 45-nanometer 12-inch that we're working on now.

我們相信，隨著我們將 45 納米 8 英寸產品推向市場，以及我們現在正在開發的 45 納米 12 英寸產品，這種情況將繼續下去。

So we think we're in a pretty good spot there, and it hasn't really changed our perspective on that at all.

所以我們認為我們在那里處於一個非常好的位置，它並沒有真正改變我們對此的看法。

And what was your next question?

你的下一個問題是什麼？

Thank you.

謝謝你。

That was helpful.

那很有幫助。

And then on the SSD space, I was wondering if you could help us on the client and Crucial.

然後在 SSD 領域，我想知道您是否可以在客戶端和 Crucial 上幫助我們。

So when you're shipping into the client, are you shipping them SSDs in terms of just separate or they're just buying it and saying, I want to buy 128-GB or 256, or are they actually being shipped within the system itself?

因此，當您運送到客戶時，您是單獨運送 SSD 還是他們只是購買它並說，我想購買 128-GB 或 256，或者它們實際上是在系統本身內運送的?

I was wondering if you could help parse that out for us.

我想知道你能不能幫我們分析一下。

Sure.

當然。

I think I understand question to be the type of form factors we ship SSDs to the market.

我想我理解的問題是我們向市場推出 SSD 的外形尺寸類型。

Is that what you are asking, Betsy?

這就是你要問的嗎，貝茜？

I'm asking if you're just shipping them to the consumer through Crucial, they're coming in saying, I want to buy -- they've already bought a PC, and then they said, I want to go ahead and I want to get an SSD to complement that.

我問你是否只是通過 Crucial 將它們運送給消費者，他們進來說，我想購買 - 他們已經購買了 PC，然後他們說，我想繼續，我想要一個 SSD 來補充它。

Or whether the SSD is actually being -- supplementing the hard drive, so the OEM is not shipping a hard drive at all, but shipping the SSD in place of the hard drive?

或者 SSD 是否實際上是在補充硬盤驅動器，因此 OEM 根本不運送硬盤驅動器，而是運送 SSD 代替硬盤驅動器？

It really is a little bit of both to that equation.

對於這個等式，它確實有點兩者兼而有之。

I think we see the consumer maybe in an upgrade type application, and then given all that's going on, I think in the [zavar] integrator customer also goes through Crucial, and they are actually fabricating their own white box systems.

我認為我們可能會在升級類型的應用程序中看到消費者，然後考慮到正在發生的一切，我認為在 [zavar] 集成商中，客戶也會通過 Crucial 英睿達，他們實際上正在製造自己的白盒系統。

And the other side of that is the OEM model we serve as well, which is basically we sell the SSD and they get made into finished goods products that get sold to the consumer.

另一方面是我們也服務的 OEM 模式，基本上是我們銷售 SSD，然後將它們製成成品銷售給消費者。

Thanks.

謝謝。

And then, I'm sorry, one last question, what do you think the price point is?

然後，對不起，最後一個問題，你認為價格點是多少？

You talked about the consumer and the ones who are buying SSD, and trying to go back to a hard disk drive.

您談到了消費者和購買 SSD 並試圖回到硬盤驅動器的消費者。

What do think the price point is that the consumer is going to, in mass adoption, buy an SSD over -- or prefer an SSD over a hard disk drive?

確實認為價格點是消費者將在大規模採用時購買 SSD 而不是——或者更喜歡 SSD 而不是硬盤驅動器？

You mean the price point of the PC?

你的意思是PC的價格點？

No.

不。

The price point of I the SSD itself, the 120-GB, does it need to be $100 or what price point does it need for the consumer?

SSD 本身的價格點，即 120-GB，它需要 100 美元還是消費者需要什麼價格點？

Well, that gets into a whole different set of questions, that's challenging for me to answer.

好吧，這涉及到一組完全不同的問題，這對我來說很難回答。

I would -- easier for me to answer the PC targets that I think consumers would react to.

我會 - 更容易回答我認為消費者會做出反應的 PC 目標。

And I think basically, common economics is somewhere marginally even to, or slightly above, where current PC hard drives are.

而且我認為基本上，普通經濟學與當前的 PC 硬盤驅動器相比，甚至略高於或略高於某個地方。

And I don't mean by capacity, I mean more by just average dollar out of wallet for price of the PC.

我的意思不是容量，我的意思是更多的只是平均從錢包中拿出 PC 價格的美元。

And so I think $499 was kind of a going price for the high volume PCs in retail.

因此，我認為 499 美元對於零售中的大容量 PC 來說是一種可行的價格。

And I think somewhere between $499 and $599 for an SSD-enabled PC will trigger mass adoption in the market.

而且我認為，支持 SSD 的 PC 在 499 美元到 599 美元之間將引發市場的大規模採用。

Thanks a lot.

非常感謝。

And once again, happy holidays.

再一次，節日快樂。

Thanks, Betsy.

謝謝，貝茜。

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

因此，我們要感謝大家今天參加電話會議。

If 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並非歷史事實的所有其他陳述都受到許多風險和不確定性的影響，實際結果可能存在重大差異。

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

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

Thank you.

謝謝你。

Ladies and gentlemen, thank you for joining today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program and you may now disconnect.

這確實結束了程序，您現在可以斷開連接。