美光科技 (MU) 2012 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我叫 Javon，今天我將擔任您的會議主持人。

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

在此，歡迎大家參加美光科技 2012 年第二季度財務發布電話會議。

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

所有線路都已靜音，以防止任何背景噪音。

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

演講者發言後，將進入問答環節。

(Operator Instructions).

（操作員說明）。

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

現在，我很高興將發言權交給您的主持人 Kipp Bedard。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you and welcome all to Micron Technology's second quarter 2012 financial release conference call.

謝謝大家，歡迎大家參加美光科技 2012 年第二季度財務發布電話會議。

On the call today is Mark Durcan, CEO and Director; Mark Adams, President; and Ron Foster, Chief Financial Officer and Vice President of Finance.

今天的電話會議是首席執行官兼董事 Mark Durcan；馬克·亞當斯，總裁；以及首席財務官兼財務副總裁 Ron Foster。

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

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

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

如果您還沒有機會查看 2012 年第二季度的財務新聞稿，請再次訪問我們的網站 Micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be an audio replay of this call accessed by dialing 404-537-3406 with a confirmation code of 62533629.

通過撥打 404-537-3406 和確認碼 62533629 可以訪問此通話的音頻重播。

This replay will run through Wednesday, March 29, 2012 at 5.30 PM Mountain Time.

此重播將持續到 2012 年 3 月 29 日星期三山區時間下午 5:30。

A webcast replay will be available on the Company's website until March 2013.

2013 年 3 月之前，公司網站上將提供網絡廣播重播。

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

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

Please note the following Safe Harbor statement.

請注意以下安全港聲明。

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。

With that, I'd now like to turn the call over to Mr.

有了這個，我現在想把電話轉給先生。

Mark Durcan.

馬克杜肯。

Thanks, Kipp.

謝謝，基普。

I'd like to begin my comments today with a few thoughts on the restructuring of our joint development relationship and joint manufacturing relationship with Intel before commenting briefly on market conditions and then looping back to highlight some of the technology and business unit accomplishments during this quarter.

我想在今天開始我的評論，先談談我們與英特爾的聯合開發關係和聯合製造關係的重組，然後簡要評論市場狀況，然後回顧本季度的一些技術和業務部門的成就.

Micron's partnership with Intel on NAND Flash is, of course, a very important relationship for us, as well as a significant piece of our business.

當然，美光與英特爾在 NAND 閃存上的合作對我們來說是非常重要的關係，也是我們業務的重要組成部分。

As many of you are aware, we reached definitive agreements this quarter to restructure and rejuvenate that partnership and as part of that process we agreed to purchase Intel share of the output from the jointly owned NAND operations in both Manassas, Virginia and IMFS Singapore.

正如你們中的許多人所知，我們在本季度達成了最終協議，以重組和振興這種合作夥伴關係，作為該過程的一部分，我們同意購買英特爾在弗吉尼亞州馬納薩斯和 IMFS 新加坡的共同擁有的 NAND 業務的產出份額。

The purchase capacity was roughly 30,000 wafers per month.

採購能力約為每月 30,000 片晶圓。

Micron will sell a portion of those wafers back to Intel under a for profit take-or-pay supply agreement.

美光將根據獲利了結或支付的供應協議將部分晶圓賣回給英特爾。

The incremental profit capacity, along with the completion of the initial ramp of the new fab in Singapore, will lead to structural margin improvement going forward.

盈利能力的增加，以及新加坡新晶圓廠初始階段的完成，將導致未來的結構性利潤率改善。

The life of the remaining joint venture facility, which is in Lehi, Utah, was extended to 2024.

位於猶他州李海的剩餘合資工廠的使用壽命已延長至 2024 年。

The scope of our technology relationship was expanded to include certain memory technologies beyond the floating gate and NAND products we had been historically been working on together.

我們的技術關係範圍擴大到包括浮柵之外的某些內存技術和我們一直在合作開發的 NAND 產品。

I think in summary, both partners consider the relationship to date highly successful and we're both very excited to be carrying this relationship on into the future.

我認為總而言之，雙方都認為迄今為止的關係非常成功，我們都非常高興能將這種關係延續到未來。

On the technology development front, we had a strong quarter.

在技術開發方面，我們有一個強勁的季度。

We were excited to complete the construction of the new addition to our R&D clean room in Boise, Idaho and began installing tools there to support our leading edge NAND, DRAM, NOR and phase-change memory nodes, as well as a number of interesting new emerging memory technologies.

我們很高興在愛達荷州博伊西完成新的研發潔淨室的建設，並開始在那里安裝工具以支持我們領先的 NAND、DRAM、NOR 和相變存儲器節點，以及一些有趣的新新興的內存技術。

We made good progress on our next two NAND technology nodes in the development fab, as well as our 20-nanometer DRAM node.

我們在開發工廠的下兩個 NAND 技術節點以及 20 納米 DRAM 節點上取得了良好進展。

We also made progress scaling up to 300-millimeter substrates on a 45-nanometer NOR process.

我們還在 45 納米 NOR 工藝上將基板擴展到 300 毫米。

And in developing a new 300-millimeter phase-change memory process.

並在開發新的 300 毫米相變存儲器工藝。

Moving forward, we look to deploy both of these new 300-millimeter NOR and phase-change processes in manufacturing fabs over the next year.

展望未來，我們希望明年在製造工廠中部署這些新的 300 毫米 NOR 和相變工藝。

In manufacturing, we had a nice quarter relative to production ramp and yield execution.

在製造業中，相對於產量和產量執行而言，我們有一個不錯的季度。

I'm sure Ron will comment in more detail shortly, but a couple highlights of note are the completion of the ramp to roughly 70,000 wafers per month of IMFS in Singapore and the 30-nanometer DRAM node introduction and successful early ramp at Inotera.

我相信 Ron 很快會更詳細地發表評論，但有幾個值得注意的亮點是新加坡 IMFS 完成了每月約 70,000 片晶圓的升級，以及 Inotera 的 30 納米 DRAM 節點引入和成功的早期升級。

We also have good early 30-nanometer yield out of the DRAM fab in Singapore.

我們在新加坡的 DRAM 工廠也有良好的早期 30 納米良率。

In aggregate, we now have successful transfer of that 30-nanometer node into all Micron DRAM fabs.

總的來說，我們現在已經成功地將 30 納米節點轉移到所有美光 DRAM 工廠。

Additionally, it's worth noting that we can now ship 20-nanometer NAND out of all three Micron NAND fabs, the two wholly owned ones as well as the joint fab in Lehi.

此外，值得注意的是，我們現在可以從所有三個美光 NAND 晶圓廠、兩個全資擁有的晶圓廠以及位於 Lehi 的聯合晶圓廠出貨 20 納米 NAND。

Overall, we had strong bit growth and cost reduction in both NAND and DRAM during the quarter.

總體而言，本季度我們的 NAND 和 DRAM 的比特數增長強勁，成本降低。

Switching now briefly to markets and our products.

現在簡要切換到市場和我們的產品。

The second quarter was obviously a weaker environment for pricing than we would have liked.

第二季度的定價環境顯然比我們希望的要弱。

Mark Adams, I think, will likely comment more in Q&A, but seasonal factors combined with supply chain disruptions due to the Thailand flooding, as well as I think general slower economic activity all had an impact.

我認為馬克亞當斯可能會在問答中發表更多評論，但季節性因素加上泰國洪水造成的供應鏈中斷，以及我認為總體經濟活動放緩都會產生影響。

Recently we're seeing improvements in the DRAM market.

最近，我們看到 DRAM 市場有所改善。

While we don't predict what's going to happen going forward, depending on application, I think concerns over supply seem to be having a positive or at least stabilizing effect on OEM pricing.

雖然我們不預測未來會發生什麼，但取決於應用，我認為對供應的擔憂似乎對 OEM 定價產生積極或至少穩定的影響。

For NAND, the mix of high density 2- and 3-bit-per-cell, as well as seasonal demand weakness, drove ASPs lower during the quarter.

對於 NAND，高密度 2 位和 3 位/單元的混合，以及季節性需求疲軟，導致本季度平均售價下降。

While we were able to offset most or all of this with cost reductions, we did suffer some degradation of NAND margins due to sell-through of Numonyx legacy NAND products which had been purchased in the market at market prices.

雖然我們能夠通過降低成本來抵消大部分或全部損失，但由於以市場價格在市場上購買的恆憶傳統 NAND 產品的銷售量，我們確實遭受了 NAND 利潤率的一些下降。

Overall, we see generally healthy supply/demand outlook for NAND moving forward as measured industry fab ramps are offset by anticipated demand growth in a number of key markets like smartphones, tablets and SSDs.

總體而言，我們認為 NAND 的供需前景總體健康，因為衡量的行業晶圓廠產量增長被智能手機、平板電腦和 SSD 等許多主要市場的預期需求增長所抵消。

Wireless NOR, on the other hand, volumes continue to decline in the wireless space with the transition from feature to smartphones.

另一方面，無線 NOR 隨著從功能到智能手機的轉變，無線領域的銷量繼續下降。

Embedded NOR, however, remained strong and we see long-term effective margins and share gain opportunities in that space.

然而，嵌入式 NOR 仍然強勁，我們看到了該領域的長期有效利潤率和份額增長機會。

In the product area, highlights for the quarter include continued success with Hybrid Memory Cube enablement and design in activities across high performance computing, including high end server applications, as well as across networking.

在產品領域，本季度的亮點包括在跨高性能計算（包括高端服務器應用程序以及跨網絡）的活動中啟用混合內存立方體和設計的持續成功。

Good success with all three design wins across a number of different networking companies.

這三種設計在許多不同的網絡公司中都取得了良好的成功。

Strong design in activity of embedded NOR in both automotive and amusement markets.

嵌入式 NOR 在汽車和娛樂市場的強大設計。

Additionally, relative to NOR, we're now shipping the industry's broadest portfolio of SPI NOR products.

此外，相對於 NOR，我們現在提供業界最廣泛的 SPI NOR 產品組合。

We saw good growth in mobile DRAM bit shipments in a roughly 20% range, and we're seeing early signs of design in acceleration given some of the challenges some of our competitors are facing.

我們看到移動 DRAM 位出貨量在大約 20% 的範圍內實現了良好的增長，鑑於我們的一些競爭對手面臨的一些挑戰，我們看到了加速設計的早期跡象。

Finally, in NAND during the quarter, we shipped engineering samples of our 3-bit-per-cell 20-nanometer 128 gigabit NAND Flash to enabling controller vendors.

最後，在本季度的 NAND 方面，我們向控制器供應商提供了每單元 3 位 20 納米 128 Gb NAND 閃存的工程樣品。

We shipped over 0.5 million solid state drives and finally we were permanently endorsed by both EMC as a preferred partner for PCIe SSDs and their VF Cache product, as well as by Dell for their PowerEdge servers with express/PCIe SSDs.

我們運送了超過 50 萬個固態驅動器，最終我們被 EMC 永久認可為 PCIe SSD 及其 VF Cache 產品的首選合作夥伴，以及戴爾為其配備 express/PCIe SSD 的 PowerEdge 服務器永久認可。

In reference to consolidation, I think I'll just close by trying to preempt some of the questions.

關於合併，我想我會先嘗試搶占一些問題來結束。

Noting that as usual, we don't comment on rumors and speculation in the press.

請注意，像往常一樣，我們不對媒體的謠言和猜測發表評論。

As we've said consistently in the past, we'll be evaluating market situations as they develop and look for opportunities to strengthen Micron's competitive position.

正如我們過去一直所說的那樣，我們將在市場發展時評估市場情況，並尋找機會加強美光的競爭地位。

With that, let me turn it over to Ron.

有了這個，讓我把它交給羅恩。

The Company's second quarter of fiscal 2012 ended on March 1.

公司 2012 財年第二季度於 3 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。

The materials presented on the few slides that follow, as well as on our website.

以下幾張幻燈片以及我們的網站上提供的材料。

The second quarter results posted a net loss of $224 million, or $0.23 per share, on net sales of $2.067 billion.

第二季度業績淨虧損 2.24 億美元，即每股 0.23 美元，淨銷售額為 20.67 億美元。

Total sales in the second quarter were relatively flat compared to the prior quarter, reflecting slightly higher NAND and DRAM sales that were more than offset by the lower sales of NOR products, as Mark mentioned.

正如 Mark 所說，與上一季度相比，第二季度的總銷售額相對持平，反映出 NAND 和 DRAM 銷售額略高，但被 NOR 產品的銷售額下降所抵消。

Demand for wireless NOR products continue to be impacted by seasonal weakness, lower performance of certain customers where we have greater concentration and continued transition of certain applications to NAND devices.

對無線 NOR 產品的需求繼續受到季節性疲軟、我們更集中的某些客戶的性能下降以及某些應用程序繼續向 NAND 設備過渡的影響。

Consolidated gross margin for the second quarter declined from 14.6% to 13% compared to the first quarter.

與第一季度相比，第二季度的綜合毛利率從 14.6% 下降至 13%。

Before getting into specific results for the quarter, I want to expand a bit on Mark's comments regarding the IM Flash arrangement we announced recently with Intel.

在討論本季度的具體結果之前，我想稍微擴展一下 Mark 關於我們最近與英特爾宣布的 IM Flash 安排的評論。

As a result of the contemplated transactions, Micron will purchase Intel's 18% ownership interest in the IM Flash operation in Singapore.

作為預期交易的結果，美光將購買英特爾在新加坡 IM Flash 業務中 18% 的所有權權益。

In addition, Micron will purchase from the IM Flash entity its production assets in the Micron fab in Virginia and the associated lease of a portion of that facility will be terminated.

此外，美光將從 IM Flash 實體購買其在弗吉尼亞美光工廠的生產資產，並且該設施的一部分的相關租賃將被終止。

Total consideration for Micron's purchases is expected to be approximately $600 million.

美光收購的總對價預計約為 6 億美元。

The exact amount may vary up to the time of closing, but approximates the book value of our net assets.

確切金額可能會在交易結束時有所不同，但接近我們淨資產的賬面價值。

In accordance with the terms of a new supply agreement, Intel has agreed to make a deposit with Micron of $300 million, which may be refunded or applied to Intel's future purchases under the agreement.

根據新供應協議的條款，英特爾已同意向美光支付 3 億美元的押金，這筆押金可退還或用於英特爾未來根據協議進行的採購。

In the third quarter, results are expected to include a loss of approximately $20 million associated with the termination of the Virginia lease.

在第三季度，預計結果將包括與終止弗吉尼亞租約相關的約 2000 萬美元的損失。

The existing relationship and supply arrangement through IMFT will remain intact, although consisting solely of the output from the Lehi operation.

通過 IMFT 的現有關係和供應安排將保持不變，儘管僅包括 Lehi 業務的產出。

Sales under this arrangement will continue to be based on relative ownership using long-term negotiated prices approximating cost.

這種安排下的銷售將繼續基於相對所有權，使用接近成本的長期協商價格。

In addition to this supply agreement, Micron and Intel will enter into new agreements where Micron will supply Intel NAND Flash products, as well as certain emerging memory technology products in the future.

除此供應協議外，美光和英特爾還將簽訂新協議，美光將在未來供應英特爾 NAND 閃存產品以及某些新興內存技術產品。

Sales under these new arrangements will be included in Micron's consolidated results as trade NAND sales.

這些新安排下的銷售將作為貿易 NAND 銷售包含在美光的綜合業績中。

Micron and Intel will continue to participate in the development of NAND Flash memory technologies and will fund these shared costs equally.

美光和英特爾將繼續參與 NAND 閃存技術的開發，並將平均資助這些分攤成本。

Depending on the timing of the closing of the transactions, we anticipate IM Flash sales to Intel will be approximately the same level in the third quarter as compared to the second quarter.

根據交易完成的時間，我們預計第三季度對英特爾的 IM Flash 銷售額將與第二季度大致相同。

After that, we expect to see an increase in the percentage of Micron NAND revenue sold at trade pricing.

在那之後，我們預計美光 NAND 收入在貿易定價中所佔的百分比將會增加。

Now let's walk through a few of the details for the second quarter.

現在讓我們來看看第二季度的一些細節。

Our Singapore IM Flash fab continued to deliver on its manufacturing ramp as Mark indicated, achieving the targeted output level for its original ramp.

正如 Mark 所指出的，我們的新加坡 IM Flash 工廠繼續在其製造斜坡上交付，達到其原始斜坡的目標產量水平。

This represented a 30% increase in wafer production in the second quarter compared to the prior quarter.

與上一季度相比，第二季度的晶圓產量增加了 30%。

While Micron's ownership of the Singapore operation is currently 82%, during the second quarter we took 78% of that facility's production output in accordance with the existing agreements.

雖然美光目前對新加坡業務的所有權為 82%，但在第二季度，我們根據現有協議獲得了該工廠 78% 的產量。

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

IM Flash 美國業務的產出與 51/49 所有權分割保持一致。

The equity and income or loss from equity method [investees] line consists primarily of our share of Inotera's net loss for the period that you can see on the P&L.

權益法[被投資人]線的權益和收入或損失主要包括我們在損益表上看到的期間 Inotera 淨虧損的份額。

Although the net loss for these investments was roughly the same quarter-to-quarter, improved Inotera performance resulting from higher yields and improved manufacturing efficiencies was partially offset by our share of losses from write-offs of certain deferred tax assets in two of our equity investments reported in that line.

儘管這些投資的淨虧損與季度相比大致相同，但由於更高的產量和提高製造效率而改善的 Inotra 業績被我們在我們的兩個股權中沖銷某些遞延稅項資產的損失份額所部分抵消該行報告的投資。

Early in March, after the end of our second fiscal quarter, Micron completed the equity investment in Inotera of $170 million, and the $133 million short-term loan made to Inotera earlier in the quarter was repaid.

3月初，在我們第二財季結束後，美光完成了對Inotera 1.7億美元的股權投資，並償還了本季度早些時候向Inotera提供的1.33億美元短期貸款。

This investment enables Inotera to initiate its conversion to Micron's 30-nanometer process technology.

這項投資使 Inotera 能夠開始轉換為 Micron 的 30 納米工藝技術。

The initial phase of the conversion is targeted for roughly one-third of Inotera's production capacity with Micron taking a greater share of this 30-nanometer output as a result of our equity injection.

轉換的初始階段目標是 Inotera 大約三分之一的產能，由於我們的股權注入，美光在這 30 納米產量中佔據了更大的份額。

Trade NAND bit sales to Micron customers grew 36% in the second quarter, primarily as a result of a higher level of production from IM Flash Singapore quarter-over-quarter as that operation performed at its targeted level for substantially all of the second quarter.

第二季度向美光客戶的貿易 NAND 位銷售額增長了 36%，這主要是由於 IM Flash Singapore 的產量環比增加，因為該業務在第二季度的大部分時間都在目標水平上運行。

Our volume mix of MLC versus SLC NAND in the second quarter was consistent with the first quarter.

我們第二季度 MLC 與 SLC NAND 的銷量組合與第一季度一致。

Production costs per bit for trade NAND products decreased 18% in the second quarter compared to the prior quarter, primarily due to the higher production volumes on advanced technology nodes in the period.

與上一季度相比，第二季度貿易 NAND 產品的每比特生產成本下降了 18%，這主要是由於該期間先進技術節點的產量增加。

Margins on trade NAND products decreased slightly in the second quarter.

第二季度貿易 NAND 產品的利潤率略有下降。

However, selling prices declined more than the cost reductions.

然而，售價下降幅度大於成本下降幅度。

Quarter to date for the third quarter, selling prices for trade NAND products are down mid-20s compared to the average for the second quarter.

第三季度迄今為止，與第二季度的平均水平相比，貿易 NAND 產品的銷售價格下降了 20 年代中期。

DRAM revenue has been fairly flat for the last two quarters as higher bit sales have been offset by decreases in selling prices across both periods.

過去兩個季度的 DRAM 收入相當平穩，因為較高的比特銷售額被兩個時期的銷售價格下降所抵消。

Specifically in the second quarter, per bit DRAM selling prices decreased 16% compared to the first quarter.

特別是在第二季度，每比特DRAM的銷售價格與第一季度相比下降了16%。

This decrease was impacted by both market price declines and a somewhat lower mix of specialty products sold in the premium markets in the quarter.

這一下降受到市場價格下跌和本季度高端市場銷售的特種產品組合有所減少的影響。

DRAM bit production and bit costs in the third quarter are expected to be down a couple percent as we shift mix to maximize margins.

隨著我們調整組合以最大限度地提高利潤率，第三季度的 DRAM 位生產和位成本預計將下降幾個百分點。

Quarter to date for the third quarter, selling prices are relatively flat compared to the second quarter average.

迄今為止，第三季度的銷售價格與第二季度的平均水平相比相對持平。

Sales of SSDs, including NAND components sold to fabless SSD manufacturers, grew about 15% quarter-to-quarter, as these devices continue to gain acceptance in the marketplace.

SSD 的銷售額（包括出售給無晶圓 SSD 製造商的 NAND 組件）的銷售額環比增長約 15%，因為這些設備繼續在市場上獲得認可。

Our wireless solutions group continues to be impacted by weakness in the wireless NOR market in conjunction with weakness we are experiencing with our customer concentration.

我們的無線解決方案組繼續受到無線 NOR 市場疲軟以及我們在客戶集中度方面遇到的疲軟的影響。

We are working to adjust the customer and product mix in this space to drive future growth.

我們正在努力調整這一領域的客戶和產品組合，以推動未來的增長。

As I mentioned last quarter, we reduced production in our 200-millimeter NOR fabs.

正如我上個季度提到的，我們減少了 200 毫米 NOR 晶圓廠的產量。

Although charges for idle capacity were lower compared to the previous quarter, they were still about $40 million in the second quarter, and primarily impacted our embedded solutions group and wireless solutions group operating results.

儘管閒置容量的費用與上一季度相比有所下降，但第二季度仍約為 4000 萬美元，主要影響了我們的嵌入式解決方案集團和無線解決方案集團的經營業績。

SG&A expense in the second quarter increased and was approximately $20 million above our guidance range for the quarter, primarily as a result of a couple of one-time charges, including the accelerated stock vesting and benefits in the quarter and the expense associated with a committed contribution to a university.

第二季度的 SG&A 費用增加了，比我們本季度的指導範圍高出約 2000 萬美元，主要是由於一些一次性費用，包括本季度加速的股票歸屬和收益以及與承諾相關的費用對大學的貢獻。

SG&A expense for the third quarter is anticipated to be between $155 million and $165 million.

第三季度的 SG&A 費用預計在 1.55 億美元至 1.65 億美元之間。

At the end of the second quarter we capitalized and began depreciating the new R&D fab at our Boise campus.

在第二季度末，我們資本化並開始貶值博伊西園區的新研發工廠。

R&D expense is expected to trend slightly lower for the remainder of the fiscal year.

預計本財年剩餘時間的研發費用將略有下降。

You may have noted from the financial results summary slide presented earlier that we had a larger than usual gain in other non-operating income.

您可能已經從前面展示的財務結果摘要幻燈片中註意到，我們在其他非營業收入方面的收益比平時要大。

This primarily related to minority equity investments in several technology companies that were sold to other parties and resulted in a gain.

這主要與出售給其他方並產生收益的幾家科技公司的少數股權投資有關。

The Company generated $574 million in cash flow from operating activities in the second quarter and generated free cash flow of $145 million.

公司第二季度從經營活動中產生了 5.74 億美元的現金流，並產生了 1.45 億美元的自由現金流。

The cash balance at the end of the quarter was $2.1 billion.

本季度末的現金餘額為 21 億美元。

During the second quarter, we entered into equipment financing arrangements that brought in $230 million in financing cash flows.

在第二季度，我們簽訂了設備融資安排，帶來了 2.3 億美元的融資現金流。

Expenditures for property, plant and equipment were $429 million for the second quarter.

第二季度的不動產、廠房和設備支出為 4.29 億美元。

We continue to see total expenditures for PP&E for the fiscal year approximating $2 billion, with the largest portion having been incurred already in the first quarter.

我們繼續看到本財年的 PP&E 總支出約為 20 億美元，其中最大部分已經發生在第一季度。

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。

We will now take questions from callers.

我們現在將回答來電者的問題。

(Operator Instructions).

（操作員說明）。

David Wong, Wells Fargo.

大衛王，富國銀行。

Your supply agreement with Intel, can you tell us how long this supply agreement lasts for and is it for fixed wafer prices or do the prices move with market NAND prices?

您與英特爾的供應協議，您能否告訴我們該供應協議持續多長時間？是固定晶圓價格還是價格隨市場 NAND 價格變動？

The supply agreement with Intel is set up so that it's a fixed amount of volume and we have a profit margin built into the agreement and it's set up to extend for a number of years into the total agreement period.

與英特爾簽訂的供應協議是固定數量的，我們在協議中設置了利潤率，並且設置為在總協議期內延長數年。

Bob Gujavarty, Deutsche Bank.

德意志銀行的 Bob Gujavarty。

I was actually pretty impressed your inventories didn't go up.

實際上，您的庫存沒有增加給我留下了深刻的印象。

You were able to move a lot of bits in a somewhat muted demand environment.

您可以在需求量不大的環境中移動很多位。

Can you talk about what helped you do that?

你能談談是什麼幫助你做到了這一點嗎？

Was it your branded products?

是你的品牌產品嗎？

Was it share gains?

是分享收益嗎？

Was it perhaps the Elpida bankruptcy?

是不是 Elpida 破產了？

Just curious around that.

只是好奇。

You've listed a couple of key contributors to that end result on inventory.

您已經列出了對庫存最終結果的幾個關鍵貢獻者。

Certainly we saw mild recovery in the PC business against expectations going into the post-holiday quarter as the hard drive industry started to recover and that helped us on some stronger DRAM pricing coming out of the quarter, like desktop, notebook commodity.

當然，隨著硬盤行業開始復蘇，我們看到 PC 業務在節後季度出現溫和復蘇，超出預期，這有助於我們在本季度出現一些更強勁的 DRAM 定價，例如台式機、筆記本電腦商品。

SSDs continue to be a positive bright spot for us in terms of bit shipments for the quarter.

就本季度的位出貨量而言，SSD 仍然是我們的一個積極亮點。

We had growth there, and continue to find growth opportunities around server bits.

我們在那裡取得了增長，並繼續圍繞服務器位尋找增長機會。

Our server bit shipments were another record, second consecutive quarter we had a record in bit shipments to servers.

我們的服務器位出貨量再創紀錄，連續第二個季度我們的服務器位出貨量創下紀錄。

Combined, been some good application segment performance for us.

結合起來，對我們來說是一些很好的應用領域表現。

A quick follow-up, if I could, on the server comment.

如果可以的話，對服務器評論進行快速跟進。

Do you think there's an opportunity to upsell your server DRAM product mix based on the Romley platform?

您認為有機會加售基於 Romley 平台的服務器 DRAM 產品組合嗎？

My understanding there's probably a little bit of perhaps more low power, just curious if that will help your server mix.

我的理解可能會有點低功耗，只是好奇這是否有助於您的服務器混合。

I think it will.

我認為會的。

I think that's in front of us too.

我想這也擺在我們面前。

I don't think that's happening today.

我認為今天不會發生這種情況。

I think the Romley adaptation is probably, if you went back into the back half of last year, you would have thought there would be more market penetration around it but I think it will -- and it's in front us, it will benefit us in the future quarters.

我認為羅姆利的改編可能是，如果你回到去年下半年，你會認為圍繞它會有更多的市場滲透，但我認為它會——而且它就在我們面前，它將使我們受益未來的幾個季度。

Monica Garg, Pacific Crest.

莫妮卡·加格，太平洋冠。

My question is on the [cause] to DRAM pricing.

我的問題是關於 DRAM 定價的 [原因]。

You're guiding to flat quarter to date and we have seen recent upward movement in the contract pricing on the DN side.

迄今為止，您指導的是持平的季度，我們已經看到近期 DN 方面的合同價格上漲。

Could you help us understand that?

你能幫助我們理解嗎？

The phenomenon really occurs when the market does turn pricing.

當市場確實轉向定價時，這種現象才會真正發生。

Some of the premium specialty markets we're in lag that effect, so they may in fact have lower pricing while the commodity desktop notebook actually trend back up, and that's where we are seeing improvement in the desktop notebook commodity segment and our specialty markets are lagging improvement on a turnaround.

我們的一些高端專業市場滯後於這種影響，因此它們實際上可能具有較低的定價，而商用台式筆記本電腦實際上趨勢回升，這就是我們看到台式筆記本電腦商品市場和我們的專業市場有所改善的地方周轉時改善滯後。

That's where it comes out about flat around the mix equation.

這就是混合方程周圍平坦的地方。

Another question on your embedded group.

關於您的嵌入式組的另一個問題。

In the slide you did show income for that group was lower compared to last quarter.

在幻燈片中，您確實顯示該組的收入低於上一季度。

Could you just help us understand that as well?

你能不能也幫助我們理解這一點？

Could you repeat the question?

你能重複一下這個問題嗎？

Embedded profit.

嵌入式利潤。

Yes, embedded profit.

是的，嵌入式利潤。

Mark Durcan commented earlier that the wireless NOR market is probably more accelerating in its decline in demand.

Mark Durcan 早些時候評論說，無線 NOR 市場的需求下降可能更加加速。

I think that put more NOR inventory in the market and hit some of the pricing that gave us a mild erosion on the embedded profitability and we had to react to that.

我認為這在市場上增加了 NOR 庫存並打擊了一些定價，這使我們對嵌入式盈利能力產生了輕微的侵蝕，我們不得不對此做出反應。

Daniel Amir, Lazard Capital Markets.

丹尼爾·阿米爾，拉扎德資本市場。

Can you comment on what type of consideration does the Company take in terms of potentially looking at consolidation in the industry?

您能否評論一下公司在考慮行業整合方面採取了哪些類型的考慮？

What actions would you take?

你會採取什麼行動？

What things would you do financially?

你會在經濟上做什麼？

Just give a little more clarity what the decision making behind it, if you decide to pursue that opportunity.

如果您決定追求這個機會，請更清楚地說明其背後的決策是什麼。

Well, I'm not sure I'm going to be able to give you a whole lot of clarity on this.

好吧，我不確定我能否讓你清楚地了解這一點。

Obviously, there are a lot of things that go into the mix when you look at consolidation opportunities, and you have to look at all of them in aggregate in order to make a decision as to whether something is going to be beneficial to Micron or its shareholders or not.

顯然，當您查看整合機會時，有很多事情會涉及到組合，您必須綜合考慮所有這些事情，才能決定某些事情是否會對美光或其股東與否。

Some of the things that we look at obviously are what's the potential price of the assets you're looking at, what do you get beyond just physical assets in terms of intellectual property or technology, what is the form of consideration you might be contemplating, how has it changed the competitive landscape relative to product portfolio.

我們所關注的一些事情顯然是您正在關注的資產的潛在價格是多少，除了知識產權或技術方面的實物資產之外，您還能獲得什麼，您可能正在考慮的考慮形式是什麼，它如何改變相對於產品組合的競爭格局。

Clearly, we always can get -- not always, but we typically consider that we'll have scale efficiencies, not only at the manufacturing level but also at the operating expense, R&D, SG&A, so scale has virtue in our business.

顯然，我們總是可以獲得 - 並非總是如此，但我們通常認為我們將擁有規模效率，不僅在製造層面，而且在運營費用、研發、SG&A 方面，因此規模在我們的業務中具有優勢。

All of those things go in the hopper, as well as probably a number that I didn't think of off the top of my head, but we look at all of those.

所有這些東西都在漏斗中，可能還有一個我沒有想到的數字，但我們會看看所有這些。

The follow-up on the SSD side, up 15% this quarter.

SSD方面的跟進，本季度上漲15%。

Should we expect a similar growth rate in the next few quarters?

我們是否應該預期未來幾個季度會有類似的增長率？

How should we be looking at the SSD mix?

我們應該如何看待 SSD 組合？

I think probably ought to speak to a dynamic here that if you go back into our last quarter, we saw a fair amount of OEM pull and channel pull ahead of -- in the last quarter due to the lack of hard drive availability, and what we saw after that was that the sell-through of that pull-through wasn't as much as the OEMs and the channel anticipated.

我認為可能應該在這裡談論一個動態，如果你回到我們的上個季度，我們看到相當多的 OEM 拉動和渠道拉動 - 在上個季度由於缺乏硬盤驅動器可用性，以及什麼在那之後我們看到的是，這種拉動式的銷售並沒有原始設備製造商和渠道預期的那麼多。

I would characterize it as a slightly decelerating growth as we work through the inventory.

當我們通過庫存工作時，我會將其描述為略微減速的增長。

I think this is a short-term phenomenon, and I think you'll see our SSDs continue to grow, and I think maybe another quarter of right around this level is reasonable, but I think it's just a work-through out of the over-excitement around pre-holiday SSDs given the hard drive issues.

我認為這是一個短期現象，我認為您會看到我們的 SSD 繼續增長，我認為在這個水平上再增加四分之一是合理的，但我認為這只是一個解決方案- 考慮到硬盤問題，圍繞節前 SSD 的興奮。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

I was wondering if you could talk about the DRAM supply situation in the market right now.

我想知道您是否可以談談現在市場上的DRAM供應情況。

How many of your competitors do you think have blatant DRAM capacity which still has yet to come online given the tough environment we're seeing out there and maybe you can estimate that as a fraction of industry revenues and whether you see any of that supply come back in the market?

鑑於我們所看到的嚴峻環境，您認為有多少競爭對手擁有尚未上線的公然 DRAM 產能，也許您可以估計這僅佔行業收入的一小部分，以及您是否看到任何供應重返市場？

Well, I think there is some supply offline.

嗯，我認為有一些離線供應。

I put it in the 5% to 10% range currently.

我現在把它放在5%到10%的範圍內。

With the recent uptick in pricing, I think you would normally see some of that coming back online, but you've got to balance that against the situation that some of the competitors find themselves in relative to cash availability.

隨著最近價格的上漲，我認為您通常會看到其中一些重新上線，但您必須平衡一些競爭對手發現自己相對於現金可用性的情況。

I think we're at a reasonably stable point currently with a small amount of capacity coming back online in some of the Taiwanese manufacturers.

我認為我們目前處於一個相當穩定的點，一些台灣製造商的少量產能重新上線。

Looking out into next year, there seems to be a little controversy in terms of the NAND market and what's the expectation for NAND bit growth in the industry will be.

展望明年，NAND 市場似乎存在一些爭議，業界對 NAND 位增長的預期如何。

Some people calling for as high as 70%.

有人要求高達70%。

Others calling for more like 50%.

其他人則要求更多，例如 50%。

I was wondering if you could weigh in on where you see that bit growth coming in for next year and what factors are going to drive that either higher or lower.

我想知道你是否可以權衡一下你認為明年會出現什麼增長，以及哪些因素會推動這一增長或下降。

Our internal modeling is in the 65% to 70% range, but there's -- obviously there's some guardrails around that.

我們的內部建模在 65% 到 70% 的範圍內，但有 - 顯然周圍有一些護欄。

We don't have complete accuracy or precision relative to our information.

相對於我們的信息，我們沒有完全的準確性或精確度。

What can drive that up and down is mix of three level cell versus two level cells, versus single level cell, so product mix going into the market can have a significant impact on bit growth without necessarily having a significant impact on profitability or cost per wafer.

推動這一趨勢上升和下降的是三層電池與兩層電池的混合，與單層電池的混合，因此進入市場的產品組合可能會對比特增長產生重大影響，而不必對盈利能力或每片晶圓的成本產生重大影響.

We have seen some level of new capacity, certainly plan to come into the market, and we've seen that what I would characterize as relatively measured and in some cases muted relative to initial plans.

我們已經看到了一定程度的新產能，當然也有計劃進入市場，而且我們已經看到，我認為相對於最初的計劃而言，我認為這是相對衡量的，並且在某些情況下是溫和的。

I think what we anticipate is something in the 65% to 70% range and if the market's stronger maybe it will be a little higher and if the market's weaker maybe it will be a little lower.

我認為我們的預期是在 65% 到 70% 的範圍內，如果市場走強，它可能會更高一點，如果市場走弱，它可能會更低一點。

That is a 2013 estimate, right?

這是2013年的估計，對吧？

This is 2012.

這是2012年。

I was asking 2013.

我問的是2013年。

2013, less visibility, and from a technology migration perspective, we would expect it to be slower as compared to 2012.

2013 年，可見度較低，從技術遷移的角度來看，我們預計與 2012 年相比會更慢。

Less from technology migrations.

更少來自技術遷移。

However, there is capacity coming online and I don't have that figure exactly in front of me.

但是，有容量在線，我並沒有這個數字完全擺在我面前。

I would say it's probably in a similar range, actually, when you bake it all together.

我會說它可能在一個相似的範圍內，實際上，當你把它們一起烤的時候。

Shawn Webster, Macquarie.

肖恩韋伯斯特，麥格理。

I was wondering if you could share with us what your sequential production did in fiscal Q2?

我想知道您能否與我們分享您在第二財季的連續生產情況？

We had a -- as Mark commented in his opening remarks, Shawn, the operations all executed quite well.

我們有一個——正如馬克在他的開場白中評論的那樣，肖恩，所有的操作都執行得很好。

In all the categories that we gave guidance for last quarter, we beat them all.

在我們為上一季度提供指導的所有類別中，我們都擊敗了它們。

What did they do sequentially?

他們依次做了什麼？

Your shipments were up 21% for example in DRAM.

您的出貨量增加了 21%，例如 DRAM。

Is that how much production was also up?

那是多少產量也增加了？

Pretty close.

很接近了。

We beat that.

我們打敗了那個。

We guided mid to high teens last quarter.

我們在上個季度指導了中高青少年。

We beat that by a little bit.

我們打敗了它一點點。

Same thing on the NAND side?

NAND端也是一樣的嗎？

Correct.

正確的。

In terms of the production outlook going into fiscal Q3, can you walk us through why exactly it's going to be flat again and can you share with us what you expect the trajectory to be in some of the later quarters?

就進入第三財季的生產前景而言，您能否告訴我們為什麼它會再次持平，您能否與我們分享您對後期某些季度的預期軌跡？

One of the things you're seeing a lot of now is how the mix -- you hear us talk about mix in terms of ASP and cost.

你現在經常看到的一件事是混合的方式——你聽到我們在 ASP 和成本方面談論混合。

It also impacts our guidance on a quarterly basis for production bit growth.

它還會影響我們對生產位增長的季度指導。

Here's an example where, as Mark Adams previously noted, we see a growing opportunity in servers.

這是一個示例，正如 Mark Adams 之前指出的，我們看到了服務器中不斷增長的機會。

The bits per those wafers tend to be lower, and so as a result, when you're moving production more that direction, then you can slow some of the just quarter-to-quarter comparisons on production bit growth.

這些晶圓的比特數往往較低，因此，當您將生產更多地轉向該方向時，您可以放慢一些關於生產比特增長的季度比較。

We do see opportunities in the specialty area.

我們確實看到了專業領域的機會。

We're moving wafers there to respond to the market.

我們正在將晶圓轉移到那里以響應市場。

Those aren't always your most efficient bit wafers.

這些並不總是您最有效的位晶片。

Mark, would you like to add anything to that?

馬克，你想補充什麼嗎？

No, I think that's a good characterization of what's going on, Kipp, is mix more and more drives what the bit growth is going to be in any given quarter.

不，我認為這是對正在發生的事情的一個很好的描述，Kipp，混合越來越多地推動任何給定季度的比特增長。

In terms of just an overall what are we looking at for the next couple quarters for DRAM, as we noted next quarter flattish and in that same range, probably more later in the year.

就整體而言，我們對 DRAM 未來幾個季度的展望，正如我們指出的那樣，下個季度持平並在同一範圍內，可能在今年晚些時候更晚。

On NAND, I think I'd say 15% plus or minus and lumpy going forward.

在 NAND 上，我想我會說 15% 的正負值和塊狀的前進。

If I could really quickly on one more on the NAND, the NAND pricing, at least when I compare it to some of the contract and spot calculations we make here, your pricing seems to be a little bit worse, both in the reported quarter and for your guidance going to fiscal Q3.

如果我真的能很快在 NAND 上再增加一個 NAND 定價，至少當我將它與我們在這裡進行的一些合同和現貨計算進行比較時，你的定價似乎有點差，無論是在報告的季度還是為您的第三財季提供指導。

Is that also a mix effect or is there something else happening there?

這也是混合效果還是那裡發生了其他事情？

That's right, I think it's a mix effect, going to less value-add segments during the quarter.

沒錯，我認為這是一種混合效應，在本季度會減少增值部分。

I'm sorry, less value-added segments?

不好意思，增值段少？

Our pricing -- your comment was our pricing decline looked larger than other data points you're looking at?

我們的定價——您的評論是我們的定價下降看起來比您正在查看的其他數據點更大？

Yes.

是的。

As we comment on the SSD situation we're working our way out of that, you'll see put our bits into more of the retail-oriented commodity, card, USB business, those types.

當我們評論 SSD 的情況時，我們正在努力解決這個問題，您會看到我們將更多的精力投入到面向零售的商品、卡、USB 業務等這些類型中。

How much was Intel for you in the quarter for NAND?

英特爾在本季度為您提供了多少 NAND？

$255 million.

2.55億美元。

Same level as last quarter.

與上一季度持平。

Let me add on this mix issue.

讓我補充一下這個混合問題。

To the extent you see significant ASP declines that are toggled by mix, you're also seeing some pretty significant cost declines in those same products.

就您看到由混合引起的顯著 ASP 下降而言，您還看到這些相同產品的一些相當顯著的成本下降。

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

Could you give us an update on where we stand in terms of memory inventories that are out there and should we expect anything unusual as we approach the launch of Windows 8?

您能否向我們介紹一下我們在內存庫存方面的最新情況，在我們即將推出 Windows 8 時，我們是否應該期待任何不尋常的事情？

Except for what we identified in SSDs, I think overall things are in pretty good balance.

除了我們在 SSD 中確定的內容外，我認為總體上都處於很好的平衡狀態。

On the DRAM front, based on some of the dynamics going on with competition, it seems that DRAM is in a pretty healthy place, pretty moderate inventory.

在 DRAM 方面，基於競爭的一些動態，DRAM 似乎處於相當健康的位置，庫存相當適中。

Our OEMs have come back with pretty strong upside demand signals for us in Q3.

我們的原始設備製造商在第三季度為我們帶來了相當強勁的上行需求信號。

The dynamic in the spot market is a little bit different because we expect some of the smaller players to be liquidating for cash flow purposes, but in general, the market inventory situation's pretty good on DRAM.

現貨市場的動態略有不同，因為我們預計一些較小的參與者會出於現金流的目的進行清算，但總的來說，DRAM 的市場庫存情況相當不錯。

In NAND, as I described in an earlier comment, I think the inventory situation needs to work through this quarter on selling through SSD inventory that we have carried forward and I think that is a short-term phenomenon.

在 NAND 方面，正如我在之前的評論中所描述的，我認為庫存情況需要在本季度通過我們結轉的 SSD 庫存進行銷售，我認為這是一個短期現象。

I think overall when you look at tablet growth and smartphones and SSDs combined, I think we're bullish in the midterm to longer term.

我認為總體而言，當您查看平板電腦的增長以及智能手機和 SSD 的結合時，我認為我們在中長期看好。

A follow-up on your comment that you're seeing upside demand from the PC side of house.

跟進您的評論，您看到 PC 方面的上行需求。

Normally Q2 is a seasonally down quarter for PC, but obviously we've got hard drive issues that are still at play here.

通常第二季度是 PC 的季節性下降季度，但顯然我們遇到了仍然存在的硬盤問題。

Is it predominantly the hard drive situation continuing to ease that is driving that upside demand or is there something else going on in PCs we need to be aware of?

主要是硬盤驅動器形勢繼續緩解推動了上行需求，還是我們需要注意的 PC 中發生了其他事情？

I think that's part of it.

我認為這是其中的一部分。

I think the other part of it is just as we were talking about some negative impact on the SSD side, we think that because primarily the corporate sector held off on PC procurement, given the higher price SSD system in the fall, we think there's some strength in the PC market out towards the next quarter or so.

我認為另一部分就像我們談論對 SSD 方面的一些負面影響一樣，我們認為因為主要是企業部門推遲了 PC 採購，鑑於秋季 SSD 系統價格較高，我們認為有一些個人電腦市場的實力將在下個季度左右消失。

Vijay Rakesh, Sterne Agee.

維杰·拉克什，斯特恩·阿吉。

On the DRAM side I know you guided ASPs flat.

在 DRAM 方面，我知道您引導 ASP 持平。

What kind of cost reductions do you see into the May quarter from shrinks, et cetera?

您認為從收縮等到 5 月季度會有什麼樣的成本降低？

Down a couple percent.

下降了幾個百分點。

In terms of shrinks, from what node are you going to 30-nanometer or 21-nanometer on the DRAM side?

在縮小方面，你打算從哪個節點到 DRAM 方面的 30 納米或 21 納米？

We're seeing a nice shrink road map there and again, take into consideration the comments that we just made about a lot of times the specialty cost per bit is slightly higher than the commodity cost per bit.

我們一次又一次地看到了一個很好的縮小路線圖，考慮到我們剛剛多次發表的評論，每比特專業成本略高於每比特商品成本。

As you're transitioning to more of those bits on a Q-to-Q comparison, you may not get what you would expect to see in the old days when 90% of the output was all PC commodity and you could go through a shrink and measure with a pretty linear methodology.

當您在 Q-to-Q 比較中過渡到更多這些位時，您可能無法得到您在過去 90% 的輸出都是 PC 商品時所期望看到的，並且您可能會經歷縮減並使用非常線性的方法進行測量。

Keep this mix shift in mind.

記住這種混合轉變。

On the NAND side you mentioned ASPs, looks like they were down a little bit more, but it was impaired by some legacy pneumonics product.

在 NAND 方面，您提到了 ASP，看起來它們下降了一點，但它受到一些傳統肺炎產品的影響。

How much of that was impacting the ASP?

其中有多少影響了 ASP？

Do you see some of that dragging into third quarter, fiscal third quarter also?

您是否看到其中一些拖到第三季度，第三財季也一樣？

We won't break out the exact contribution, if you will, to that sell-through but generally speaking, we have a couple more quarters to work through that inventory.

如果您願意的話，我們不會詳細說明對該銷售量的確切貢獻，但一般來說，我們還有幾個季度可以處理該庫存。

Some of the ASP activity decline is basically the pneumonic stuff that's going through?

一些 ASP 活動下降基本上是正在經歷的肺炎？

That's correct.

這是正確的。

Uche Orji, UBS.

Uche Orji，瑞銀。

This is Steven calling on behalf of Uche.

我是 Steven 代表 Uche 打來的電話。

First question I had on the DRAM side, could you talk about what your capacity mix you are targeting to have on 30-nanometers for DRAM by the end of the fiscal year?

我在 DRAM 方面遇到的第一個問題是，您能否談談您的目標是在本財年末實現 30 納米 DRAM 的產能組合？

End of the calendar year will be roughly 50%.

日曆年末將是大約 50%。

Also in terms of your DRAM sales, what's the mix between computing versus non-computing applications?

同樣就您的 DRAM 銷售而言，計算與非計算應用程序之間的組合是什麼？

The overall computing personal systems piece of our business was about slightly below 20%.

我們業務的整體計算個人系統部分大約略低於 20%。

Little higher than that.

比那個高一點。

Personal systems.

個人系統。

About a third of it, that's right, about a third of it was in personal systems relative to the other markets.

沒錯，其中大約三分之一是相對於其他市場而言的個人系統。

That does not include server, correct?

那不包括服務器，對嗎？

Right.

正確的。

The other major question I had on the DRAM business were the specialty products, just generally speaking I know there's probably a range of process technologies that the different product lines are on.

我對 DRAM 業務的另一個主要問題是特殊產品，一般來說，我知道不同產品線可能採用一系列工藝技術。

For the higher volume server products for example, will that be also 30-nanometers for example, growing bit demand that you see in that market?

例如，對於更大容量的服務器產品，是否也會是 30 納米，您在該市場中看到的比特需求不斷增長？

We're actually very encouraged with the progress on our 30-nanometer, not only in terms of yields in the way the ramps are going generally, but also the quality level and the power performance it's delivering for the server market.

實際上，我們對 30 納米的進展感到非常鼓舞，不僅在產量方面，坡道的總體進展方式，而且在質量水平和它為服務器市場提供的功率性能方面。

We anticipate that we will be able to accelerate that 30-nanometer ramp above and beyond what we would normally do and we're still in the early process of qualifying all those products, but we're very encouraged by the way that's going.

我們預計，我們將能夠加快 30 納米的速度，超越我們通常所做的，我們仍處於對所有這些產品進行資格認證的早期過程中，但我們對這種方式感到非常鼓舞。

Generally speaking, we believe that we'll be able to ramp that node more aggressively than maybe we would typically do while maintaining a good mix of servers.

一般來說，我們相信我們將能夠比我們通常做的更積極地增加該節點，同時保持良好的服務器組合。

One last quick one if I could on trade NAND bit sales.

如果我可以交易 NAND 位銷售，最後一個快速的。

I know you guys mentioned it's up 36% in fiscal Q2, but just wondering how much of that is also captured by any SSD products that you guys built during the quarter?

我知道你們提到它在第二財季增長了 36%，但只是想知道你們在本季度製造的任何 SSD 產品也捕獲了其中的多少？

Is that 36% number purely components that you guys sold through in the market that got built into cards or other embedded applications?

你們在市場上銷售的那 36% 的純組件是內置在卡或其他嵌入式應用程序中的嗎？

If I understood your question right, it was a little bit confusing, but I think the answer you're looking for is about 30%.

如果我正確理解了您的問題，那會有點令人困惑，但我認為您正在尋找的答案約為 30%。

Excluding your SSD product sales, correct?

不包括您的 SSD 產品銷售，對嗎？

Well, I think what we're trying to say is about 30% of the trade NAND is SSDs in one way, shape or form, either internal SSDs or NAND that we sell into somebody else's SSD product.

好吧，我想我們想說的是，大約 30% 的貿易 NAND 是固態硬盤，以一種方式、形狀或形式，無論是內部固態硬盤還是我們出售給其他人固態硬盤產品的 NAND。

Harlan Sur, JPMorgan.

摩根大通的哈蘭蘇爾。

Wondering if you could talk about the timing of the 20-nanometer NAND ramp and where you expect to be capacity-wise in the second half of this year with that technology node?

想知道您是否可以談談 20 納米 NAND 斜坡的時間安排，以及您預計今年下半年該技術節點在產能方面的表現？

Again, it's going to be driven by product mix and the applications we're serving.

同樣，它將由產品組合和我們所服務的應用程序驅動。

I commented at the beginning of the call that we're actually ramping 20-nanometer in all three fabs and are now making plans to position additional capacity, given the way that technology node's going as well.

我在電話會議開始時評論說，我們實際上在所有三個晶圓廠中都在增加 20 納米，並且現在正在計劃增加產能，考慮到技術節點的發展方式。

We're quite happy with the 20-nanometer performance and its acceptance in the marketplace and that will probably drive us to accelerate conversion as opposed to what we originally had planned.

我們對 20 納米的性能及其在市場上的接受度非常滿意，這可能會促使我們加快轉換速度，而不是我們最初的計劃。

As a follow-up, can you provide us with an update on the timing of your 20-nanometer DRAM ramp and then for Ron, do you expect idle capacity charges for your NOR fabs in Q3 and if so could you give us a rough sense on how much those charges will be?

作為後續行動，您能否向我們提供有關您的 20 納米 DRAM 斜坡時間以及 Ron 的更新時間，您是否預計第三季度您的 NOR 晶圓廠的閒置產能費用？如果是，您能否給我們一個粗略的感覺這些費用是多少？

Let me take the 20-nanometer DRAM nodes.

讓我以 20 納米 DRAM 節點為例。

That will be early production in the summer next year.

那將是明年夏天的早期生產。

Harlan, in terms of the idle capacity, we've had some improvement, as I mentioned, with a little bit less idle capacity in our 200-millimeter activities, but we will continue to have some effect of that in the following quarter or two, that's for sure, and then we expect it to pick up some later in the year.

Harlan，就閒置產能而言，正如我所提到的，我們的 200 毫米活動中的閒置產能有所減少，但我們將在接下來的一兩個季度繼續產生一些影響，這是肯定的，然後我們預計它會在今年晚些時候回升一些。

Kevin Cassidy, Stifel Nicolaus.

凱文·卡西迪，斯蒂菲爾·尼古拉斯。

To extend on Harlan's question, on the 20-nanometer NAND Flash, will most of those products be 128 gigabit?

擴展 Harlan 的問題，在 20 納米 NAND 閃存上，這些產品中的大多數是 128 Gb 嗎？

Is that part of the mix?

那是混合的一部分嗎？

Sorry, can you repeat the question?

對不起，你能重複一下這個問題嗎？

You had mentioned that you're moving all three fabs NAND Flash to 20-nanometer.

您提到您正在將所有三個晶圓廠的 NAND 閃存轉移到 20 納米。

What is the product mix?

產品組合是什麼？

Is that 128 gigabit compared to -- ?

那是 128 Gb 與 - 相比嗎？

There will be a mix of 64 and 128.

將有 64 和 128 的混合。

That's what helps drive down the overall ASPs so much?

那是什麼有助於壓低整體平均售價？

Well, it will -- typically, the higher densities sell at a slight discount.

嗯，它會 - 通常，較高密度的售價會略有折扣。

Early in the life you can actually get a premium.

在生命的早期，您實際上可以獲得溢價。

Kind of depends when the other guys get caught up.

有點取決於其他人甚麼時候被趕上。

There will also be, by the way, a mix of 2 bit and 3 bit per cell, as I commented coming into the call.

順便說一句，正如我在電話會議中評論的那樣，每個單元還將混合使用 2 位和 3 位。

We're sampling our 3 bit 20-nanometer, 128 gig as well.

我們也在對我們的 3 位 20 納米、128 gig 進行採樣。

Ultrabook, now it seems like the second generation of Ultrabooks are being announced.

超極本，現在看來第二代超極本要發布了。

How do you see the DRAM content and also SSD content for you?

您如何看待 DRAM 內容以及 SSD 內容？

I think both favorable for us.

我認為兩者都對我們有利。

I think the challenge for us in the marketplace is really around pricing and the acceptance of the platform volume.

我認為我們在市場上面臨的挑戰實際上在於定價和平台數量的接受度。

We think it's more of a, at best case, a holiday product of 2012, more a 2013 volume product.

我們認為它更像是 2012 年的假日產品，充其量是 2013 年的量產產品。

But we still think it's pretty variable on the DRAM side and obviously very positive on the NAND and SSD form factor.

但我們仍然認為它在 DRAM 方面變化很大，而且在 NAND 和 SSD 外形方面顯然非常積極。

Ryan Goodman, CLSA.

瑞安古德曼，里昂證券。

I had a question on the server side or in the specialty side of DRAM.

我有一個關於服務器端或 DRAM 專業方面的問題。

You had mentioned record bit shipments during the quarter, but also a mix out of specialty was having an impact on pricing trends.

您曾提到本季度創紀錄的鑽頭出貨量，但非專業產品也對定價趨勢產生影響。

Could you help me understand exactly what happened in the quarter and how we should be modeling that going forward for the year?

您能否幫助我準確了解本季度發生的事情以及我們應該如何為這一年的未來建模？

I think if you look it over, the impact from the execution of the additional capacity we got out of Inotera, the overall output grew and then when I referred to the bit shipments, our bit shipments in servers grew as well.

我認為，如果你仔細看一下，執行我們從 Inotera 獲得的額外容量的影響，整體產量增長了，然後當我提到比特出貨量時，我們在服務器中的比特出貨量也增長了。

Not at the pace of the overall capacity.

跟不上整體產能的步伐。

Then just one other area within DRAM.

然後只是 DRAM 中的另一個區域。

You mentioned mobile DRAM.

你提到了移動DRAM。

It sounds like you guys are getting a bit more traction there.

聽起來你們在那裡得到了更多的牽引力。

Maybe an update on how that's looking today and how -- that's been written as a 2013 story in the past.

也許是關於今天的情況以及如何更新的更新 - 這在過去被寫成 2013 年的故事。

How's it looking for 2012?

2012年怎麼樣？

Could that pull in at all given what's going on with your competitor?

考慮到你的競爭對手的情況，這是否會影響到你？

I think from an opportunity standpoint, there's an immense opportunity as we get more and more converted over to 30 series product.

我認為從機會的角度來看，隨著我們越來越多地轉換為 30 系列產品，這是一個巨大的機會。

I think you'll see our volumes in that category increase significantly.

我認為您會看到我們在該類別中的數量顯著增加。

So, second half of this year possibly?

那麼，今年下半年可能嗎？

Yes.

是的。

Daniel Berenbaum, MKM Partners.

丹尼爾·貝倫鮑姆，MKM 合夥人。

I've got a couple questions for you.

我有幾個問題要問你。

The first one is you talked about the potential asset purchase from Elpida.

第一個是您談到了從 Elpida 購買的潛在資產。

What are some of the other likely scenarios and what will be negative scenarios, positive scenarios and under what circumstances would you benefit the most?

其他一些可能的情況是什麼，什麼是消極的情況，積極的情況，在什麼情況下你會受益最多？

I think that's going to be way too much speculation for us to comment on.

我認為這將是太多的猜測，我們無法評論。

No problem.

沒問題。

In terms of NAND and the restructuring of the Intel JV, can you talk about where you see NAND margins going as a result versus trade NAND?

在 NAND 和英特爾合資企業的重組方面，您能談談您認為 NAND 利潤率與貿易 NAND 相比的結果嗎？

Again, we don't like to forecast either gross margins or net margins moving forward in time.

同樣，我們不喜歡及時預測毛利率或淨利潤率。

Just too much uncertainty relative to ASPs.

與 ASP 相關的不確定性太大。

What we can say is that the increased scale that we now have in our NAND business, not only by virtue of the asset acquisition from Intel, but also by virtue of the successful ramp of IMFS, puts us in a much better position relative to our operating expenses relative to the overall scale of our business.

我們可以說的是，我們現在在 NAND 業務中的規模不斷擴大，不僅得益於英特爾的資產收購，還得益於 IMFS 的成功升級，這使我們相對於我們的業務處於更好的位置。營業費用相對於我們業務的整體規模。

In terms of OpEx as a result of the restructuring, any risks to that or -- ?

就重組帶來的運營支出而言，是否存在任何風險或——？

Relative to the restructuring with Intel?

相對於與英特爾的重組？

Yes.

是的。

No, I don't think so.

不，我不這麼認為。

We're anticipating that will close very early in April and, again, we think it's a pretty beneficial agreement for both partners, actually.

我們預計該協議將在 4 月初結束，而且我們認為這實際上對雙方都是非常有益的協議。

And Ron, by the way, is just reminding me the other significant thing to keep in mind relative to the asset acquisition from Intel is that when you think about Micron's margins in NAND overall, there's a significantly higher percentage now of that product that is trade NAND versus sold at Intel to cost.

順便說一句，Ron 只是提醒我，與從英特爾收購資產相關的另一件重要事情是，當您考慮美光在 NAND 的整體利潤率時，現在該產品的貿易比例要高得多NAND 與在英特爾出售的成本。

That will also have an impact in the way you model margins.

這也會對您對利潤建模的方式產生影響。

Doug Freedman, RBC Capital Markets.

道格弗里德曼，加拿大皇家銀行資本市場。

To stick on that topic of how we model this transaction, when I think about your cost of revenues, Ron, it's been a pretty stable number.

為了堅持我們如何為這筆交易建模的話題，當我考慮到您的收入成本時，羅恩，這是一個相當穩定的數字。

As you add capacity, cost of revs rises a little bit, as we saw this quarter, about $15 million.

正如我們在本季度看到的那樣，隨著產能的增加，轉速成本會略有上升，約為 1500 萬美元。

Is there a change in that cost of revenues line that's associated with you now owning the equipment or have you already been capturing that cost in that cost of revenue line?

與您現在擁有設備相關的收入成本線是否發生變化，或者您是否已經在收入成本線中捕獲了該成本？

Yes, Doug, we consolidate all these joint ventures.

是的，道格，我們整合了所有這些合資企業。

All the structure on the balance sheet, P&L, et cetera, is in our financial statements, the CapEx is in our CapEx numbers.

資產負債表上的所有結構、損益表等都在我們的財務報表中，資本支出在我們的資本支出數字中。

The depreciation is in our depreciation numbers.

折舊在我們的折舊數字中。

What you'll see is a higher ownership percentage, so there will be less equity share going out to minority shareholders on the P&L and as Mark already mentioned, we'll have more trade revenue business.

你會看到更高的所有權百分比，因此在損益表上分配給少數股東的股權將會減少，正如馬克已經提到的，我們將擁有更多的貿易收入業務。

But the cost structure will be essentially the same cost structure.

但成本結構將基本上是相同的成本結構。

We'll have the chance to leverage up the revenue portion of that with a higher trade mix.

我們將有機會通過更高的貿易組合來利用其中的收入部分。

The rest of the cost structure is essentially as it was.

成本結構的其餘部分基本保持原樣。

If I could, on another line, moving on to sort of the CapEx, you're holding your guidance at $2 billion for the year.

如果我可以，在另一條線上，繼續進行某種資本支出，你將今年的指導保持在 20 億美元。

Traditionally we've seen that to be more front half loaded.

傳統上，我們已經看到了更多的前半部分負載。

Again, it looks this like that's going to be the case, although given your spending in the first two quarters of the fiscal it does look like we're going to hold that line rather flat for the balance of the year.

再一次，看起來情況會如此，儘管考慮到你在財政前兩個季度的支出，看起來我們將在今年餘下時間保持這條線相當平穩。

Is that the way to think about it or are we not going to get a roll-off in the back half of the year?

這是考慮它的方式，還是我們不會在下半年獲得滾降？

Yes, as I mentioned, the 60% of our total CapEx budget was probably spent in the first quarter of this fiscal year and it was related -- and into the second quarter is heavily related to the final payments, build out and payments on IMFS capital, as you heard on the report on the ramp of that facility.

是的，正如我所提到的，我們總資本支出預算的 60% 可能在本財年第一季度花費，並且與第二季度密切相關 - 與 IMFS 的最終付款、擴建和付款密切相關資本，正如你在關於該設施坡道的報告中聽到的那樣。

The remainder in the second half of the year is pretty low in the remaining balance and it's going to be probably the $400 million range for the next couple of quarters.

今年下半年的剩餘餘額相當低，未來幾個季度可能在 4 億美元左右。

At that level you'll have trouble getting to that $2 billion number, it will be underneath the $2 billion at that rate.

在那個水平上，你很難達到 20 億美元的數字，按照這個速度，它會低於 20 億美元。

That's what I was surprised by.

這就是我感到驚訝的地方。

It will be about $2 billion.

這將是大約 20 億美元。

When I look at the operational expenses, a new high hit here in this quarter.

當我查看運營費用時，本季度創下新高。

How do I think about OpEx being controlled going forward and what are the puts and takes you look at when looking to invest on R&D or SG&A cost lines?

我如何看待 OpEx 在未來受到控制？在尋求投資研發或 SG&A 成本線時，您會考慮哪些投入和投入？

I think, going forward, you should think in terms of R&D being relatively flat moving forward.

我認為，展望未來，您應該考慮研發相對平坦的發展。

We are adding, as I mentioned, some clean room space in equipment, the R&D operation.

正如我所提到的，我們正在增加設備和研發操作中的一些潔淨室空間。

Overall, we're also getting some efficiencies there and I think you should -- and some roll-off relative to previous existing equipment, so I think you should think of R&D as flattish moving forward.

總的來說，我們在那裡也獲得了一些效率，我認為你應該 - 並且相對於以前的現有設備有所下降，所以我認為你應該認為研發是平淡無奇的。

Relative to the SG&A, there were a number, as Ron noted, there are a number of one-time events that hit our SG&A line this quarter and I think those are really much more of one-time type events and you would anticipate us going back to something more along the lines of what you've historically seen on that line.

相對於 SG&A，正如 Ron 所指出的，有一些一次性事件在本季度觸及我們的 SG&A 線，我認為這些實際上更多的是一次性類型的事件，你會預料到我們會去回到你在這條線上歷史上看到的更多的東西。

That's right on.

就對了。

I gave you the 155 to 165, which is the typical range of SG&A.

我給了你 155 到 165，這是 SG&A 的典型範圍。

They were just blips in the quarter that affected total cost by about $20 million.

它們只是本季度的小插曲，影響了總成本約 2000 萬美元。

The one market that you guys haven't given us an update on or if I could get some more color on I guess I'd ask is on the wireless space.

你們沒有給我們更新的一個市場，或者我想我想問我是否可以得到更多的顏色，那就是無線領域。

Clearly the NOR side of the business struggling in that market.

顯然，在該市場中掙扎的業務的 NOR 方面。

What's your outlook for the build rates at your customers?

您對客戶的構建率有何展望？

Are we going to start to see production levels on that side of the business pick up?

我們是否會開始看到業務這一方面的生產水平有所回升？

What's your demand outlook there?

您那裡的需求前景如何？

I think the demand outlook if I understand your question, still fairly positive.

如果我理解你的問題，我認為需求前景仍然相當樂觀。

I think what you're seeing a little bit is a continued shift in mix towards a higher percentage of smartphones in the overall product category.

我認為您所看到的一點是，整體產品類別中智能手機的比例繼續向更高的方向轉變。

That's rewarding those with the portfolio that's a broad breadth of MCPs and EM and C-tech type offerings.

這獎勵了那些擁有廣泛 MCP 和 EM 和 C-tech 類型產品的產品組合的人。

Also the customer concentration is different because people who are successful in smartphones weren't necessarily the leaders in the feature phones, so there's a lot of dynamics shifting but I think overall, we still are very optimistic about the continued growth in that category.

此外，客戶集中度也不同，因為在智能手機領域取得成功的人不一定是功能手機領域的領導者，所以有很多動態變化，但我認為總體而言，我們仍然對該類別的持續增長非常樂觀。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

Given the increasing importance of mix, I'm assuming there's some quarters with where you guys will have the opportunity to move mix to higher profit areas and then other quarters, either because of end demand or customer needs you won't be able to do that.

鑑於混合的重要性日益增加，我假設在某些季度你們將有機會將混合轉移到更高利潤的領域，然後是其他季度，無論是因為最終需求還是客戶需求，你將無法做到那。

If you look at the fiscal third quarter, is the assumption I should be making is that these mix shifts are all moving toward higher margin products or could you help me understand the puts and takes there from a product perspective?

如果您查看第三財季，我應該做出的假設是這些組合轉變都在向利潤率更高的產品發展，還是您能幫助我從產品的角度理解看跌期權和收益？

I think there's a lot of puts and takes that get you to the aggregated view.

我認為有很多puts和takes可以讓你看到聚合視圖。

I think generally speaking we're looking at a richer mix as we move into fiscal Q3, especially in DRAM.

我認為一般來說，隨著我們進入第三財季，我們正在尋找更豐富的組合，尤其是在 DRAM 方面。

I know you talked about mobile ram.

我知道你談到了移動內存。

What percent of revenue is it today, what would you expect it to be 12 months from now?

今天的收入百分比是多少，您預計 12 個月後的收入是多少？

The reason why I ask the question, it's clear as we're moving from single core to multi-core processors, things like smartphones and tablets that memory density, DRAM density is going up.

我問這個問題的原因很明顯，因為我們正在從單核處理器轉向多核處理器，比如智能手機和平板電腦，內存密度、DRAM 密度正在上升。

I'm trying to get a better sense of how big of a business is it today for you.

我試圖更好地了解今天對您來說有多大的業務。

Where do you think you can go?

你覺得你能去哪裡？

Is it above corporate average margins?

是否高於企業平均利潤率？

I think we're probably behind in our participation in that category today.

我認為我們今天可能落後於該類別的參與。

As I commented on, we think we're positioned pretty well technology-wise with 30 series coming out in the back half of the year, and I think industry dynamics are favoring that -- our customers are coming and leaning on us hard to get there quick because there's some scaled opportunities there from a volume standpoint.

正如我評論的那樣，我們認為我們在技術方面的定位非常好，今年下半年推出了 30 個系列，我認為行業動態有利於這一點——我們的客戶來了，很難得到我們的支持很快，因為從數量的角度來看，那裡有一些規模化的機會。

I want to be careful not to start to throw volumes, numbers out per se, but we think it's going to be pretty significant by the end of this year, early next year.

我想小心不要開始拋出數量，數字本身，但我們認為到今年年底，明年初，這將非常重要。

My last question, any updates you can give us on industry DRAM growth assumptions for the calendar 2012 and I guess, given all the potential scenarios around Elpida, how do we bracket the highs and lows around that estimate?

我的最後一個問題，您可以向我們提供有關 2012 年日曆行業 DRAM 增長假設的任何更新，我想，考慮到 Elpida 周圍的所有潛在情況，我們如何將高點和低點括在該估計周圍？

Looks like if you look at third party data, probably anywhere between, on a production basis, 30% to 35% bit growth in 2012.

看起來如果你看一下第三方數據，在生產的基礎上，2012 年的比特增長可能介於 30% 到 35% 之間。

Mark Newman, Sanford Bernstein.

馬克紐曼，桑福德伯恩斯坦。

Quick question perhaps on the NAND pricing and demand side.

可能是關於 NAND 定價和需求方面的快速問題。

How do you see that strengthening?

您如何看待這種強化？

Obviously we're still seeing some weakness right now.

顯然，我們現在仍然看到一些弱點。

Just wondering when you see NAND pricing strengthen and maybe looking forward if you could make some comments on the supply, supply side and how that's balancing with the demand, second half this year and into next year?

只是想知道您何時看到 NAND 定價走強，也許期待您能否就供應、供應方面以及今年下半年和明年如何與需求保持平衡發表一些評論？

I think the best way to characterize our position on that is we think that this is an adjustment in terms of what's happened out of the SSD build from the Thailand situation, which we've commented on in the call today.

我認為描述我們立場的最佳方式是，我們認為這是對泰國情況下 SSD 構建所發生的情況的調整，我們在今天的電話會議中對此進行了評論。

We think it's a short-term phenomenon.

我們認為這是一個短期現象。

We're pretty optimistic in the back half of the year that the demand and supply balance in NAND will continue.

我們對下半年的 NAND 供需平衡將繼續保持樂觀。

Follow-up question on NAND.

關於 NAND 的後續問題。

Obviously you've got the deal with Intel shaping up.

顯然，您已經與英特爾達成交易。

To better model that, can I get some estimate for the NAND, on a volume basis, percent percentage of your NAND business that is trades, and how that will change going forward based on the Intel agreement.

為了更好地建模，我可以根據英特爾協議對 NAND 進行一些估計，以數量為基礎，你的 NAND 業務的百分比百分比，以及這將如何變化。

I'm not going to break it down to specific percentage, but we gave you a view of the Intel volume.

我不會將其分解為特定百分比，但我們為您提供了英特爾數量的視圖。

It's going to be about the same in this quarter we're in right now.

在我們現在所處的這個季度，情況將大致相同。

I wouldn't expect a big change with the transaction occurring, as Mark mentioned, in early April.

正如馬克所說，我預計四月初的交易不會發生重大變化。

Then it will trend down a little bit.

然後它會趨於下降一點。

We'll be reporting the supply agreement portion which has a profit margin in our trade numbers.

我們將報告在我們的貿易數據中具有利潤率的供應協議部分。

It will go up in the mix.

它會在混合中上升。

We'll update you on that as we go forward.

我們會在前進的過程中向您更新。

You've got a rough view from me of the wafer mix that is coming out from Micron as well.

我對美光公司生產的晶圓混合物有一個粗略的了解。

In terms of the trade gross margin that was coming from this Intel business, is it fair to assume that it is obviously going to be more than the old Intel business but less than the rest of your trade business?

就來自英特爾業務的貿易毛利率而言，是否可以公平地假設它明顯高於舊的英特爾業務，但低於您的其他貿易業務？

Is that a fair assumption?

這是一個公平的假設嗎？

We're not going to call out specific margin on an agreement like that.

我們不會就這樣的協議提出具體的保證金。

CJ Muse, Barclays.

CJ繆斯，巴克萊。

First question, in terms of your trend NAND guide, I'm curious whether that's pro forma for the closure of a JV or is that something that could drive upside?

第一個問題，就您的趨勢 NAND 指南而言，我很好奇這是否是關閉合資企業的形式，還是可以推動上漲？

Trade NAND trend?

交易NAND趨勢？

Yes.

是的。

That is our prediction for trade production from Micron's trade business as I described it.

正如我所描述的，這就是我們對美光貿易業務的貿易生產的預測。

As I just mentioned, we don't expect to see a big swing in the current quarter we're in right now, the third quarter.

正如我剛才提到的，我們不希望在我們現在所處的當前季度，即第三季度看到大幅波動。

As a follow-up, can you remind me in terms of what you're comfortable with in terms of leverage, your healthy $2.1 billion cash, $2.3 billion debt.

作為後續行動，你能否提醒我在槓桿方面你對什麼感到滿意，你健康的 21 億美元現金，23 億美元的債務。

How should we think about debt to EBITDA and leverage go-forward, what you would be comfortable with at the extreme?

我們應該如何考慮對 EBITDA 的債務和槓桿作用，在極端情況下你會感到舒服嗎？

The communication that we've given fairly consistently is that we target over the long run to be in the 20% to 25% debt to capital range.

我們給出的相當一致的溝通是，從長遠來看，我們的目標是在 20% 到 25% 的債務資本範圍內。

Right now we're running right at 20%, and that can, of course, vary with market cycles and with strategic decisions that we make in the business.

目前我們的運行率為 20%，當然，這會隨著市場週期和我們在業務中做出的戰略決策而變化。

But in general, the range we're comfortable with over the long run is in the upper end would be the 25% kind of range over a long-term trend, but of course that can vary in interim periods based upon market conditions and strategic decisions.

但總的來說，從長遠來看，我們感到滿意的範圍是高端，即長期趨勢的 25% 範圍，但當然，這可能會根據市場條件和戰略在中期有所不同決定。

If I could sneak one last one in for Ron.

如果我能偷偷為羅恩偷偷最後一個。

When you guys turn profitable, what kind of share count should we be thinking about?

當你們扭虧為盈時，我們應該考慮什麼樣的股票數量？

You can see from our converts that some of them kick in at profit levels.

您可以從我們的皈依者那裡看到，他們中的一些人在利潤水平上發揮了作用。

For example, at $60 million net income, one of our converts kicks into the measurement, et cetera, and then a couple more at $200 million profit range.

例如，在 6000 萬美元的淨收入下，我們的一位轉換者開始進行衡量，等等，然後還有幾個在 2 億美元的利潤範圍內。

The dilution effects from the converts would come in at those kind of income levels.

皈依者的稀釋效應會出現在這種收入水平上。

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

有了這個，我們要感謝大家今天參加電話會議。

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

如果你願意和我坦白，我需要重複安全港保護語言。

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

在本次電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

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

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

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

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

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's Micron Technology's second quarter 2012 financial release conference call.

今天的美光科技 2012 年第二季度財務發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。