超微半導體 (AMD) 2002 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the AMD second quarter earnings conference call. During the presentation, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in the question and answer session.

女士們，先生們，感謝你們 待命。歡迎來到 AMD 第二季度 收益電話會議。在 演示時，所有參與者將 只聽模式。之後，您將被邀請 參與問答環節。

At that time, if you have a question, please press the 1, followed by the 4, on your telephone.

屆時，如果您有任何疑問，請按 在您的電話上，先按 1，然後按 4。

As a reminder, this conference is being recorded Wednesday, July 17th. I would now like to turn the conference over to Mr. Michael [Heiss]. Please go ahead, sir

提醒一下，本次會議正在錄製中 7 月 17 日，星期三。我現在想 會議交給邁克爾·海斯先生。先生，請繼續

Thank you. Good afternoon, everyone. The format of today's call will include prepared comments followed by Q and A. The participants of today's call are Hector De Ruiz, our president and CEO, Rob Herb, EVP of sales and marketing, Bob Rivet, SVP and CFO. This conference call is a live broadcast and will be replaced on the internet at two sites, street events.com, and of course our own site, AMD.com.

謝謝。午安, 每個人。今天的電話會議將包括 準備好的評論，然後進行問答。 今天電話會議的參與者是 Hector De Ruiz， 我們的總裁兼執行長 Rob Herb，銷售執行副總裁 行銷部，資深副總裁兼財務長 Bob Rivet。這 電話會議將進行現場直播， 在網路上兩個地方更換，街道 events.com，當然還有我們自己的網站 AMD.com。

A taped phone replay number for North America is 800-633-8284. Outside of the United States, 858-812-6440.

北美的錄音電話重播號碼是 800-633-8284。在美國以外， 858-812-6440。

The access code for both is 20688141.

兩者的存取代碼均為 20688141。

Before we begin the conference call, I would like to caution everyone that we will be making forward-looking statements about management's goals, plans, and expectations.

在我們開始電話會議之前，我想 提醒大家，我們將 關於管理階層的前瞻性陳述 目標、計劃和期望。

As you know, the semiconductor industry is generally volatile. Our product and process technology development projects and our manufacturing processes are complex. Current economic and industry conditions continue to make it especially difficult to forecast product demand. Because our actual results may differ materially from our plans and expectations today, I encourage you to review our filings with the SEC, where we discuss in detail the risk factors in our business.

眾所周知，半導體產業 一般不穩定。我們的產品和流程 技術開發項目和我們的 製造過程很複雜。目前的 經濟和行業狀況持續 預測產品尤其困難 要求。因為我們的實際結果可能會有所不同 從我們今天的計劃和期望來看， 我鼓勵你審查我們向 SEC，我們詳細討論了風險因素 在我們的業務中。

You will find detailed discussions on our most recent 10-Q filing with the SEC. For your planning purposes, let me provide you with a couple of key dates for future AMD events. Our third-quarter earnings are scheduled for October 16th, and our AMD analysts' day at our Silicon Valley headquarters is scheduled for November 7th.

您將在我們最 最近向美國證券交易委員會 (SEC) 提交了 10-Q 文件。為了你的 規劃目的，讓我為您提供 未來 AMD 活動的幾個關鍵日期。我們的 第三季財報預計 10 月 16 日，我們的 AMD 分析師日 矽谷總部計畫於 11月7日。

At this point, we're going to begin the call and I'm going to turn it over to Bob Rivet, our CFO.

現在，我們將開始通話， 我將把這個任務交給我們的財務長鮑伯‧裡維特 (Bob Rivet)。

Thanks, Mike. As detailed in our press release, issued earlier this afternoon, second-quarter sales were $600 million. This was down 39% compared to the same period last year, and down 33% compared to the first quarter.

謝謝，麥克。正如我們的 今天下午早些時候發布的新聞稿 第二季銷售額為6億美元。這是 與去年同期相比下降了39%， 較第一季下降33%。

The net loss for the second quarter was $185 million, or a net loss of 54 cents per share.

第二季淨虧損為 1.85億美元，即每股淨虧損54美分。

While the second quarter is typically the seasonally weakest quarter of the year, the magnitude of the market weakness was greater than expected.

雖然第二季通常是 一年中季節性最弱的一個季度， 市場疲軟程度大於 預期的。

Desktop PC demand, especially in Europe and North America, was slow. Flash memory product sales improved in the second quarter based on the strength of the high-end mobile phone market as consumers are buying feature-rich phones built with high-density, high-performance flash memory.

桌上型電腦需求，尤其是在歐洲和北美 美國，很慢。快閃記憶體產品銷售 第二季有所改善， 高階手機市場的強勁表現 消費者正在購買功能豐富的手機 具有高密度、高效能快閃記憶體。

In our microprocessor product line, we sold in excess of 6 million units in the quarter. Microprocessor revenue was $380 million, a decline of 35% compared to $588 million in the first quarter.

在我們的微處理器產品線中，我們銷售 本季超過 600 萬台。微處理器營收為 3.8 億美元，年減 相較於第一季的 5.88 億美元，成長了 35%。 四分之一。

As mentioned in our April conference call, the number of PC processors shipped in the first quarter had exceeded the number of PCs sold. Unfortunately, PC demand in the second quarter did not materialize as expected. Due to this, we took action to lower PC processor inventories in the PC supply chain to help better position our customers in the current market environment.

正如我們在 4 月電話會議中提到的那樣， 首批出貨的 PC 處理器數量 本季的銷量已經超過了個人電腦銷量。不幸的是，第二季的 PC 需求 沒有按照預期實現。因此，我們採取了 降低 PC 處理器庫存的行動 供應鏈幫助我們的客戶更好地定位 在當前的市場環境下。

This resulted in lower second-quarter unit volumes and lower ASPs. At this level, we believe we may have given back a small amount of market share with respect to processor shipments in the quarter.

這導致第二季銷量下降 以及更低的平均售價。在這個層面上，我們相信我們可能 已經失去了少量的市場份額 關於處理器出貨量 四分之一。

However, we believe we maintained share in terms of consumption of processors in PC systems.

然而，我們相信，我們在 PC 系統中處理器的消耗。

Revenue in the memory product line was $175 million in the second quarter, up 9% compared to the first quarter.

記憶體產品線的收入為 第二季為 1.75 億美元，年增 9% 到第一季。

Flash memory product sales improved in the second quarter based on the strength of the high-end mobile phone market, as consumers are buying feature-rich phones built with high-density, high-performance flash memory.

快閃記憶體產品銷售量在第二季有所改善 季度基於高端的實力 手機市場，隨著消費者購買 功能豐富的手機採用高密度、 高效能快閃記憶體。

For the third quarter in a row, unit and bit shipments increased sequentially, with bit shipments reaching a record level in the second quarter.

連續第三個季度，單位和位 出貨量較上月增加，其中 出貨量在第二季達到創紀錄水平 四分之一。

Gross margin on a pro forma basis was 7% for the quarter. The decline was driven by the steep drop in sales, both in units and ASPs, of our PC processors.

預估毛利率為 7% 四分之一。下降是由於急劇下降 我們的 PC 銷售量（包括單位數和平均售價） 處理器。

Expense management is on track to our plan. Total second-quarter expenses were less than in the first quarter. Our profitability issue is solely related to the top line.

費用管理正在按照我們的計劃進行。全部的 第二季的支出低於 第一季。我們的獲利問題僅僅 與頂線相關。

As planned and previously announced, we shut down fabs 14 and 15 in Austin, Texas, and restructured [inaudible] Malaysia on schedule. The full effect of these cost benefits associated with these actions is now positively affecting the current quarter. Our current head count is at about 13,700 employees. This compares to over 15,000 employees a year ago.

按照計劃並先前宣布，我們關閉 位於德克薩斯州奧斯汀的 14 號和 15 號晶圓廠，並進行了重組 [聽不清楚] 馬來西亞如期進行。完整效果 與這些相關的成本效益 行動正在對當前產生正面影響 四分之一。我們目前的員工人數約為 13,700名員工。相比之下， 一年前的員工。

Research and development spending was on plan at 178 million for the quarter, up 4% from the prior quarter. Marketing, general, and administrative expenses was also on plan at $160 million for the quarter, up 2% sequentially.

研發支出按計劃 本季營收為 1.78 億美元，較上一季成長 4% 四分之一。行銷、一般和行政 支出也按計劃達到 1.6 億美元 季度，季增 2%。

We continue to manage our expenses and have reduced our break-even point. It is now below 900 million.

我們繼續管理我們的開支，並且 降低了我們的損益平衡點。現在在下面 9億。

Our balance sheet remains strong, with cash balances in excess of $1 billion. Capital expenditures were 172 million in the quarter, compared to 199 million in the first quarter.

我們的資產負債表依然強勁，現金 餘額超過10億美元。首都 本季支出為1.72億美元， 而第一季為 1.99 億。

AMD's inventory was flat compared to the first quarter, and is well positioned for future quarters.

AMD 的庫存與第一季相比持平 為未來做好了準備 宿舍。

Based on the size of the loss in the current quarter, the tax rate benefit was 40%, and is expected to continue at that rate for the balance of the year.

根據當前損失的大小 季度稅率優惠為 40%，且 預計餘額將繼續維持這一水平 年度最佳。

For your modeling purposes, we anticipate R and D expenses will remain flat to up modestly, compared to the second quarter. In light of current market conditions, we are reducing our capital expenditure plan by about 5% to around $800 million. This cut will come from non-fab-related capital reductions.

為了您的建模目的，我們預計研發 支出將保持平穩或小幅上漲，相較之下 到第二季。鑑於當前市場 條件下，我們正在減少資本 支出計劃減少約 5% 至約 8億美元。此次削減將來自 與晶圓廠無關的資本減少。

This, however, does not alter our major initiatives. Our product and technology road maps are on schedule. Hammer develop road maps remain on trap. Our manufacturing facilities are performing at world-class levels. Our cost control initiatives are continuing, and our balance sheet remains strong.

然而，這並不改變我們的主要 舉措。我們的產品和技術路線圖 一切如計劃進行。Hammer 制定路線圖 陷入陷阱。我們的生產設施 表現達到世界一流水準。我們的成本 控制舉措仍在繼續，我們的 資產負債表依然強勁。

Now, let me turn it over to Hector.

現在，讓我把它交給赫克托。

Thank you, Bob. You know, this is not exactly what I envisioned as my first earnings call. However, despite the financial facts which are undeniable, I want to make sure that we take the time to discuss those things that are going to position us well for success going forward.

謝謝你，鮑伯。你知道， 這並不是我想像中的第一個 收益電話會議。然而，儘管財務 不可否認的事實，我想確保 我們花時間討論這些事情 將會為我們的成功奠定良好的基礎 向前。

Clearly, from the discussion that was presented by Bob, the second quarter for the PC industry was what some of you have described as the perfect storm. A weaker PC market environment than anticipated in the already seasonally slow second quarter, ASP pressures as mixed skew toward the value space and processor inventory in the PC supply chain higher than desired, given the community demand levels.

顯然，從 鮑勃，個人電腦產業第二季度 你們中的一些人形容這是完美的 風暴。PC 市場環境較弱 預計在已經是季節性緩慢的第二個 季度，平均售價壓力因混合偏向 PC 中的價值空間和處理器庫存 供應鏈高於預期，考慮到 社區需求水準。

While we anticipate seasonality in the PC market to drive modest growth in PC processor unit demand for the balance of the year, we will continue the aggressive stance we took in the second quarter to reduce processor inventories in the PC supply chain.

雖然我們預計 PC 市場將呈現季節性 推動PC處理器需求溫和成長 今年剩下的時間裡，我們將繼續 我們在第二季度採取了積極立場 減少 PC 供應中的處理器庫存 鏈。

And while this was improve our operational efficiency, just as important it will help our customers better position themselves in the current market environment.

雖然這可以改善我們的運營 效率，同樣重要的是它將幫助我們 客戶更好地定位自己 當前的市場環境。

Our operational units continue to perform extremely well. In our factories, our line yields, sort yields, and cycle times are truly outstanding and at world-class levels. In addition to reducing processor inventories in the PC supply chain, we are managing our inventories prudently as evidenced by the fact that in a very difficult quarter, we held our own inventory levels flat.

我們的行動單位繼續執行 非常好。在我們的工廠裡，我們的生產線 產量、分類產量和循環時間確實 傑出且達到世界一流水準。在 除了減少處理器庫存外， PC 供應鏈，我們正在管理庫存 謹慎行事，因為在一個非常 困難季度，我們持有自己的庫存 水平持平。

Our technology transitions are on target. As mentioned earlier, our fab 30 wafer starts are now totally converted to 130 nanometers, and all of our PC processor output in the fourth quarter will be 130 nanometer technology.

我們的技術轉型正在按計劃進行。作為 之前提到過，我們的晶圓廠 30 晶圓現已開始 完全轉換為 130 奈米，並且所有 我們第四季的 PC 處理器產量將 為130奈米技術。

All microprocessor wafer starts in 25 have now ceased and fab 25 is totally converted to flash technology.

所有微處理器晶圓在 25 年開始現在 停止生產，fab 25 已完全轉換為快閃記憶體 技術。

In addition, the transition to 130 nanometer flash technology is ahead of schedule and on target for production shipments beginning by the end of the year out of both fab 25 and JV 3 in Japan. With fab 30 now totally converted to 130 nanometers, we now turn our attention to the planning and execution of the next-generation of [inaudible] technology at 90 nanometers. We expect to produce samples of it technology by the end of the year and begin conversion next summer.

此外，向 130 奈米快閃記憶體的過渡 技術領先於計劃，並有望實現 生產出貨量開始於年底 今年在日本的晶圓廠 25 號和合資廠 3 號均有生產。和 fab 30 現已完全轉換為 130 奈米，我們 現在把注意力轉向規劃和 執行下一代[聽不清楚] 90奈米技術。我們預計 年底前提供 IT 技術樣品 並於明年夏天開始轉換。

Our plans with UNC are progressing well, with product qualification of AMD [inaudible] expected by the end of the year, and production beginning in the first quarter of next year.

我們與北卡羅來納大學的計劃進展順利， AMD 的產品資質[聽不清楚]預計 年底前開始生產 明年第一季。

The manufacturing options provided by fab 30 and UNC in 2003 will allow us to very effectively manage mix and rapidly respond to market demand of our [inaudible] and hammer based products.

fab 30 提供的製造選項和 2003 年北卡羅來納大學將使我們能夠非常有效地 管理組合併快速回應市場需求 我們的[聽不清楚]和基於錘子的產品。

On the product technology side, we are excited to be shipping for revenue our first [inaudible] products named AU 1000 and AU 1500. In the second quarter, we announced the introduction of the AU 1100 which provides the industry with the highest performance, lower power, and highest integration capability available for PDA type of applications at the lowest possible cost.

在產品技術方面，我們很高興 運送貨物以獲取收入，這是我們的第一個[聽不清楚] 產品名為 AU 1000 和 AU 1500。在第二個 本季度，我們宣布推出 AU 1100 為業界提供最高的 效能、更低功耗和最高整合度 適用於 PDA 類型應用程式的功能 以盡可能低的成本。

Our design win activity is strong, and we will see customer product announcements based on these products during the second half of this year.

我們的設計獲勝活動很活躍，我們將看到 基於這些的客戶產品公告 今年下半年的產品。

We introduced [inaudible] technology for flash in the second quarter as previously announced. We began shipping product to customers, and as we speak, we're shipping 64 megabit [inaudible] product into high-end cellular applications. This is an awesome technology that will become pervasive in numerous applications across market segments that will require high-density and high-performance.

我們引入了 [聽不清楚] 技術，用於快閃記憶體 第二季如先前宣布的。我們 開始向客戶運送產品，並且我們 我們正在運送 64 兆位元 [聽不清楚] 產品進入高端蜂窩應用。這 是一項令人驚嘆的技術，將會成為 廣泛應用於市場上的眾多應用 需要高密度和 高性能。

The design is elegant in its simplicity, resulting in fewer process steps and higher fab productivity, which leads to an unmatched cost advantage. Our flash business unit is aggressively introducing new products and accelerating technology advances during this downturn in the industry.

設計簡潔優雅， 更少的製程步驟和更高的製造成本 生產力，從而帶來無與倫比的成本 優勢。我們的快閃記憶體業務部門 積極推出新產品和 加速科技進步 業低迷。

As a matter of fact, in the second quarter just ended, one-third of our flash business was based on products introduced in the last six months.

事實上，第二季度 截至目前，我們三分之一的快閃記憶體業務是基於 針對過去六個月內推出的產品。

Our [inaudible] processor road map continues on target, and we will introduce AMD [inaudible] XP models 2400 and 2600 during the second half of this year.

我們的[聽不清楚]處理器路線圖繼續 目標，我們將推出 AMD [聽不清楚] XP 2400 和 2600 型 今年。

I would like this opportunity to remind everyone that PC customers are looking for performance, not megahertz. Our [inaudible] XP road map continues to offer our customers competitive performance in unparalleled value as evidenced by our success in the August issue of PC world magazine, where six of the top seven power systems honored were based on AMD [inaudible] XP processors.

我想藉此機會提醒大家 PC 客戶追求的是效能，而不是 兆赫。我們的 [聽不清楚] XP 路線圖仍在繼續 為我們的客戶提供具有競爭力的性能 無與倫比的價值，正如我們在 《PC world》雜誌八月號上有六位 榮獲前七名的電力系統均基於 在 AMD [聽不清楚] XP 處理器上。

Our hammer program is on target. We have been sampling customers now for several months, and the feedback on the product performance and system performance have been overwhelmingly positive. Our infrastructure partners are executing extremely well, and we expect to ship hammer-based [inaudible] product by year end and formally introduce the product in the first quarter.

我們的錘子計劃已達到目標。我們一直 現在已經對客戶進行了幾個月的抽樣調查， 對產品性能和系統的回饋 表現非常積極。我們的基礎設施合作夥伴正在執行 非常好，我們預計發貨是基於錘子的 [聽不清楚] 年底前推出產品並正式 在第一季推出該產品。

A strong ecosystem around Hammer is being created that consists of [inaudible] such as Microsoft, the Linux community, chip partners such as in [Vidia], [Via], and SIS, as well as motherboard partners such as asus, MSI, and gigabyte.

正在圍繞 Hammer 創建強大的生態系統 其中包括[聽不清楚]，如微軟， Linux 社群、晶片合作夥伴，如 [Vidia]、[Via]、SIS 以及主機板 合作夥伴包括華碩、微星、技嘉等。

This growing Hammer ecosystem will enable our partners to deliver superior solutions that span the desktop, mobile, workstation, and server markets.

不斷發展的 Hammer 生態系統將使我們的 合作夥伴提供涵蓋範圍的卓越解決方案 桌面、行動裝置、工作站和伺服器 市場。

I opened at the beginning with a reference to being in a market that some of you in the field have described as the perfect storm. In difficult times, great companies do what it takes to position themselves for success when market conditions improve. At AMD, we're doing just that. It is often overlooked in disclosures such as this that companies are really made up of people. In our case, great people, who continue to execute on the strategic thrust that has been and will continue to be the key to our success.

我一開始就提到 在一些業內人士看來 被描述為完美風暴。在困難 很多時候，偉大的公司都會盡一切努力 當市場 情況有所改善。在 AMD，我們所做的只是 那。在披露中經常被忽略的是 因為公司實際上是由 人們。就我們而言，偉大的人們繼續 執行已經 並將繼續成為我們成功的關鍵。

Our continued investment in technology and products has AMD well positioned to benefit from the market recovery that inevitably will come.

我們持續投資於技術和 產品讓 AMD 處於有利地位，可以從中受益 必然會到來的市場復甦。

This is why I am confident that we have put in place an intrinsic earnings power that will be unleashed as the market recovers and our top-line revenue crosses the break-even point. At this point, let me turn it back over to Mike to initiate the question and answer session.

這就是為什麼我相信我們已經 建立內在獲利能力 隨著市場復甦和我們的營收 收入超過損益平衡點。此時 讓我把話題轉回給麥克 啟動問答環節。

Operator, let's start the Q and A, please.

接線生，我們開始 請進行問答。

Thank you. Ladies and gentlemen, if you wish to register a question for today's question and answer session, you will need to press the 1 followed by the 4 on your telephone. You will hear a three-tone prompt to acknowledge your request. If your question has been answered and you wish to withdraw your polling request, you may do so by pressing the 1 followed by the 3.

謝謝。女士們，先生們，如果 你想註冊今天的問題 問答環節，你需要 在電話上按下 1，然後按 4。您將聽到三聲提示音以確認 您的請求。如果您的問題已得到解答 並且您希望撤回您的投票請求，您 可以按 1 然後按 3 來實現。

If you are on a speakerphone, please pick up your handset before entering your request. One moment, please, for the first quarter.

如果您正在使用免持電話，請拿起您的 在輸入您的請求之前，請先使用手機。一會兒， 請介紹一下第一季的情況。

The first question comes from Adam Parker with Sanford Bernstein. Please go ahead.

第一個問題來自 Adam Parker 桑福德·伯恩斯坦。請繼續。

Yeah. Hi. I'm just trying to understand your comments about share here, in terms of giving back a small amount of share, I believe you said. Intel's architecture group was down 10% sequentially and they said it was mostly due to units, not mix and I think your revenues were down 44% in the PC processor group, so if your units were flat in mobile, can you help us at all gauge the shortfall in revenues and desktop, how much of the sequential decrease was from units having lower pricing?

是的。你好。我只是想 理解您對此處分享的評論， 在返還少量股份方面，我 相信你這麼說。英特爾的架構組 環比下降 10%，他們說這主要是 由於單位，不混合，我認為你的收入 PC 處理器組下降了 44%，所以如果 您的單位在行動端是平的，您能幫助我們嗎 都衡量了收入和桌面的缺口， 連續下降有多少來自單位 有更低的價格嗎？

This is Hector. Let me answer part of it, and I'd like Bob to - Rob, I'm sorry, Rob, to comment too on it.

這是赫克托。讓我來回答 一部分，我希望鮑伯－羅布，對不起， 羅布，也對此發表評論。

You know, as Bob pointed out in the financial narrative that he did, we made a conscious decision in the second quarter to reduce the inventory that existed in the supply chain, and in doing so, we ended up, of course, what we call shipping product that it was less than perhaps it would have been if we had not done that.

你知道，正如鮑伯在金融 敘述他所做的，我們有意識地 決定在第二季減少 供應鏈中存在的庫存，以及 這樣做，我們最終當然得到了我們所說的 運送產品可能少於 如果我們沒有這麼做的話就會是這樣。

From that perspective, that of product shipping into the marketplace, we believe we probably lost a couple of points of share.

從這個角度來看，產品運輸 進入市場，我們認為我們可能失去了 幾點分享。

However, the story is somewhat more complex than that, and interesting, because when we look at the consumption of our products into actual products our customers build and sell, it's a difficult story, and I'd like Rob to make some comments there.

然而，這個故事比 這很有趣，因為當我們看 將我們的產品消費轉化為實際產品 我們的客戶生產和銷售，這是一個困難的 故事，我希望 Rob 能發表一些評論 那裡。

Yeah, two things Adam. The first, to clarify the question, we don't get into a lot of details on mix and so forth, but we did comment that PC processor sales were slightly over 6 million units this quarter and I think if you remember right, they were right around 8 million -

是的，亞當，有兩件事。第一， 為了澄清這個問題，我們不會討論太多 關於混合等細節，但我們確實發表了評論 PC處理器銷量略高於 本季有 600 萬台，我認為如果你 記得沒錯，他們就在附近 800萬——

Right. So that's about 29, 30% decline, or whatever.

正確的。大約是 29% 到 30% 下降，或其他什麼的。

The total decline in raw units is somewhat complicated [inaudible] that we did make a deliberate effort to drain some inventories in the PC supply chain that limited some shipments this quarter, but I don't think it's going to hurt us from a positioning standpoint in PCs are consumed and what processors are in them. When data quests reports their numbers, it's probably being going to be three or four weeks yet we see Q2, we were running about 21 to 22% of total PC consumption based on AMD processor. I would expect it to be pretty close to flat on that number. From a shipment standpoint, if you assume Intel shipped and I don't know exactly what they shipped and you may have a better ship than me but they think they burned some inventories, they told me they shipped into the PC world something around 29 or 30 million processors to the PC space, but they also did Xbox. It would seem we potentially loss, you know, a point to maybe two points in what are actually CPU shipments into the market.

原始單位總量下降 我們確實做了一些複雜的[聽不清楚] 刻意消耗一些庫存 PC 供應鏈限制了部分出貨量 本季度，但我認為這不會造成影響 從定位角度來看，PC 領域 消耗的電量以及其中所含的處理器。什麼時候 數據探索報告的數據，可能是 預計需要三到四周的時間，但我們看到 第二季度，我們的 PC 市佔率約為 21% 到 22%。 基於 AMD 處理器的功耗。我會 預計它會非常接近持平 數字。從裝運角度來看，如果你假設 英特爾出貨了，但我不知道他們到底 發貨了，你可能有比我的更好的船，但是 他們認為他們燒毀了一些庫存，他們告訴 他們把一些東西帶進了 PC 世界 2900 萬或 3000 萬個處理器進入 PC 領域，但 他們也做 Xbox。看來我們可能 輸一分到兩分 實際進入市場的 CPU 出貨量是多少。

Okay. all right. That's great. That's helpful. Shifting gears real quick, just separately, how much revenue do you guys need - would you have needed this quarter in memory products in order to be profitable? Or how much operating loss did you have on that 175 million in revenue there?

好的。好的。那太棒了。這很有幫助。快速換檔，只是 另外，你們需要多少收入？ 你需要這個季度的記憶嗎 產品才能獲利？或者多少 1.75 億美元的營運虧損是多少？ 那裡的收入？

We're not going to give the granularity on that so at this point in time let's just let it go that at the corporate level, as Bob pointed out, we need to be just shy of 900 to break even.

我們不會給予 粒度，所以現在讓我們 就讓這件事在公司層面上繼續下去吧，就像鮑勃 指出，我們需要略低於 900 才能 收支平衡。

Do you need revenues - can you talk about what revenue you'd need to break even there.

你需要收入嗎？你能談談嗎？ 你需要多少收入才能達到收支平衡。

Well, as I said before, just shy of $900 million a quarter would be a break-even point.

嗯，正如我之前所說， 每季不到 9 億美元將是 損益平衡點。

Okay. No, I meant in flash.

好的。不，我的意思是在閃光燈中。

No, we're not going to -

不，我們不會——

All right. All right, thanks Hector.

好的。好的，謝謝赫克托。

Yeah.

是的。

Your next question comes from Scott Randall with Soundview technologies. Please go ahead, sir.

你的下一個問題來自斯科特 蘭德爾 (Randall) 和 Soundview 技術公司合作。請走 前面，先生。

Great, thank you. Hector, a clarification. It sounds like you did a good job of burning inventory out in the field or letting your customers do that. As you go into the September quarter, where do you think the inventory is at - how well is AMD positioned in inventory in the field, I guess is the question?

太好了，謝謝。赫克托爾 澄清。聽起來你做得很好 在現場燒掉庫存或出租 您的客戶也會這麼做。當你進入 您認為九月季度 庫存狀況如何？ AMD 在 我猜這是個問題吧？

Well, you know, the one - the one parameter that we all would like to be able to forecast better and understand better, of course, is what the market size actually is going to be in the third and fourth quarter. As we mentioned in our discussion, we anticipate modest growth, but it's really a function of that, as Rob pointed out, we believe we'll sustain share into - into consumption - the consumption of our products into, you know, people that make the stuff and sell it.

嗯，你知道，那個 我們都希望能夠 當然，預測得更好，理解得更好， 市場規模實際上是多少 第三和第四季。正如我們所提到的 在我們的討論中，我們預計會有適度的成長，但 正如 Rob 指出的那樣，這確實是一個功能 我們相信，我們將維持市場份額 消費——我們產品的消費 你知道，製造這些東西的人 賣掉它。

But, you know, having said that, if we assume that our assumptions are right, the market will experience a modest growth, we intend to continue doing in the third and fourth quarter what we did in the second quarter in reducing the inventory in the supply chain.

但是，話雖如此，如果我們假設 如果我們的假設正確，市場就會 經歷適度成長，我們打算繼續 在第三季和第四季做了我們所做的 在第二季減少庫存 供應鏈。

Is it safe to say that in Q2, you'd reduce inventory more than be required in Q3.

可以肯定地說，在第二季度，你會 第三季減少的庫存超過所需。

I think it will be very similar.

我認為這將是非常 相似的。

Similar. Okay. And then again, following up on flash, can you at least talk in terms of the direction of profitability as revenues went up for the division, please?

相似的。好的。然後， 跟進 flash，你至少可以談談 獲利方向 請問該部門的收入增加了嗎？

I don't - can you try to - rephrase your question a little differently?

我不知道——你能試試看—— 稍微改變一下你的問題？

Sure. Well, for example, Intel actually saw a nice increase in revenue but actually their operating loss increased as pricing hurt them. Were you folks seeing similar dynamics or did you have a lower loss based on higher - higher revenue?

當然。比如英特爾 實際上收入有了很大的成長，但是 實際上，隨著定價的增加，其經營虧損增加了 傷害他們。你們是否也看到了類似的動態 或者你的損失是否基於更高的損失而降低？ 更高的收入？

We started - you know, we think that - or believe that the first quarter was a low watermark for flash, begun, you know, modestly improving. The second quarter was up almost 10% based on the first quarter. We - we believe going forward a similar modest increases are expected throughout the balance of the year, and the loss narrows with each quarter that goes by.

我們開始——你知道，我們 認為——或相信第一季 是Flash的低浮水印，開始，你知道， 略有改善。第二季上漲 與第一季相比成長了近10%。我們-我們 相信未來也會有類似的溫和成長 預計今年餘下時間， 損失每季都會縮小 經過。

Okay. Great. Thank you.

好的。偉大的。謝謝。

The next question comes from Tim Mahon with CS First Boston. Please go ahead.

下一個問題來自蒂姆 Mahon 與 CS First Boston 合作。請繼續。

Yeah. I hate to beat a dead soldier here, but I'm just trying to understand, Hector, once again, this whole - you lowered processor inventories in the PC supply chain in the second quarter to help better position your customers.

是的。我討厭毆打死去的士兵 但我只是想了解一下，赫克托， 再一次，整個-你降低了處理器 PC 供應鏈中的庫存 季度來幫助更好地定位您的客戶。

Does that mean that you actually took some products back, or you just did not ship into the channel whatsoever? I'm trying to get a feel for what that actually means, and the logistics involved in that.

這是否意味著你實際上服用了一些 產品退回，或者你只是沒有運送到 任何管道？我正在嘗試感受 這實際上意味著什麼，以及物流 參與其中。

Without, you know, giving any granularity into the specifics, we did both. We took some product back and we also did not ship into the channel as perhaps we had done in other quarters.

你知道，沒有任何 從細節到細節，我們都做到了。我們 退回了一些產品，我們也沒有出貨 進入頻道，就像我們在其他管道所做的那樣 宿舍。

So if you - if you took product back, why wouldn't - why wouldn't we see a dramatic increase in inventories?

所以如果你 - 如果你拿了產品 回來，為什麼我們不會看到 庫存急劇增加？

Well, I think we've done a damn good job of managing the operation to make sure that does not occur.

嗯，我想我們已經做了 管理操作做得非常好， 確保不會發生這種情況。

Okay. And then the second question is, on your mirror, specifically your 64 megabit device, can you tell us if that's manufactured at fab 25 and on what technology node?

好的。然後是第二個問題 在你的鏡子上，具體是你的 64 兆位 設備，你能告訴我們它是在 fab 25 位於哪個技術節點？

It is a 170 nanometer product that is being manufactured right now in fab 25. JV 3 in [inaudible] is also manufacturing product, mirror bit, so right now as we speak, both factories are actually ramping up, and in terms of, you know, to give an idea of the excitement and confidence that we have on this stuff is that both factories are actually right now, as we speak, in the thousands of wafer starts per week on mirror bit.

這是一款170奈米產品 該產品目前正在 25 號工廠生產。位於[音訊不清楚]的合資公司3號也在生產產品， 鏡像位，所以現在我們說話的時候， 工廠實際上正在加緊生產， 你知道，為了表達興奮的感覺 我們對此有信心 這兩家工廠實際上現在 每週啟動數千個晶圓 在鏡像位上。

Well, that sounds exciting. Can you give us an idea when you think mirror bit bit shipments will actually cross over from your standard flash?

嗯，聽起來很令人興奮。你可以嗎 當您想到鏡像位時請告訴我們 貨物實際上會從你的 標準閃光燈？

I don't know the answer to that, frankly.

我不知道答案 坦白說。

Okay. Thank you very much.

好的。非常感謝。

The next question comes from David Wu with Wedbush Morgan. Please go ahead.

下一個問題來自 David 吳與韋德布希摩根公司 (Wedbush Morgan) 合作。請繼續。

Yes. I was calling to ask this question about so far the actions you took to lower your break-even point is really limited to deferring some capital expenditure, right?

是的。我打電話是想問這個 關於迄今為止你採取的行動的問題 降低損益平衡點其實僅限於 延後一些資本支出，對嗎？

I was wondering, as we go through this inventory clearing process in Q3, I assume that should be done by the end of Q3. What are the conditions for the PC market that we need to get AMD into the - into the black? In other words, at the level of revenues at this point, it's still quite a bit away from the roughly 900 million of break-even, and I was thinking about what conditions do we have to have into '03 before we see black ink out of AMD?

我想知道，當我們檢查這份清單時， 第三季的清算流程，我認為應該 在第三季末完成。條件是什麼 我們需要讓 AMD 進入 PC 市場 變成黑色了嗎？換句話說， 目前的收入水準仍然相當 距離約 9 億還差一點 收支平衡，我在想什麼 我們必須具備什麼條件才能進入2003年 看到 AMD 的黑色墨水了嗎？

You know, it's a complex question. I'm going to try to answer it and ask either Bob or Rob to chime in, if they want to add anything to that, but first of all, the actions we've taken to reduce our break-even go far beyond just delaying some capital. I mean, it's - we started last September recognizing that we had two factories in Austin that we needed to shut down. We put that in place, and the last few weeks we ended up finishing our production in those facilities. So they are shut down.

你知道，這是一個複雜的 問題。我會嘗試回答這個問題並詢問 鮑勃或羅布可以插嘴，如果他們想添加 除此之外，還有什麼，但首先，行動 我們採取的措施遠遠超出了 只是拖延了一些資金。我的意思是，我們 從去年九月開始，我們意識到我們有兩個 我們需要關閉奧斯汀的工廠。我們實施了這項措施，過去幾週我們 最終完成了我們的生產 設施。所以他們被關閉了。

We also recognized that we had built an infrastructure in Asia that was larger than we wanted. We've restructured that and reduced the capability, the capacity, basically more in line with what we wanted and needed going forward.

我們也認識到，我們已經建立了一個 亞洲的基礎建設比我們 通緝。我們已經進行了調整，並減少了 能力，容量，基本上更符合 了解我們未來想要什麼以及需要什麼。

As Bob pointed out in his discussion, that resulted just from the people side alone on a - on a significant reduction in employment for AMD worldwide. Now, the real net flow, though, has been - here's a point that I want to make very clearly is that although we had around 2600 people that were actually involved in just the few actions that I just mentioned, we also have backfill with a lot of talent and engineering that we felt we needed to continue to do the things we want to do.

正如鮑勃在討論中指出的那樣， 僅從人民方面來看—— 關於 AMD 大幅裁員 全世界。然而，現在實際淨流量 我一直想強調這一點 顯然，儘管我們有大約 2600 人 實際上只涉及少數 我剛才提到的行動，我們也有 填補大量人才和工程空白 我們覺得我們需要繼續做我們 想做的事。

We acquired the [inaudible] center in Boston that's heavily focused on infrastructure for Hammer. We acquired [Alchemy] that has given us the opportunity to expand the breadth and offering of our opportunities and we continue to make investments in technology to be more competitive.

我們收購了波士頓的[聽不清楚]中心 重點關注基礎設施 錘。我們獲得了[煉金術]，它給了我們 擴大廣度和提供的機會 我們的機會，我們將繼續 加大技術投資以提高競爭力。

Having said all that, we've done all that while still continuing to lower our break-even point. And we will continue to prudently manage that going forward. We are cautious on hires that we make. We're still hiring key people, but very, very cautiously. But, you know, we don't have any sloppy business we can sell or discard or factories we can shut down anymore. We - we've got to work harder at the top line to be able to get it to 900 million plus, and although from where we stand today, it may sound like - like, you know, it's far away, we were there just not very long ago.

話雖如此，我們已經做了所有這些 仍在持續降低我們的損益平衡點。我們將繼續謹慎管理 繼續前進。我們對招聘持謹慎態度 製作。我們仍在招募關鍵人才，但 非常謹慎。但你知道，我們沒有 我們可以出售或丟棄或 我們不能再關閉工廠了。我們 - 我們 必須更加努力才能 達到 9 億以上，儘管 就我們今天的立場而言，這聽起來可能像是， 你知道，它很遠，我們只是沒有去過那裡 很久以前。

So we're confident that the market will return. We - we believe we're in the sweet spot of many of these important segments, and we expect that will occur.

因此，我們相信市場將會復甦。我們——我們相信我們處於許多 這些重要部分，我們預計 會發生。

What - let me ask another question. With the balk of your revenues past the first quarter of '03 be Hammer based [inaudible]?

什麼——讓我再問一個問題。隨著你的收入超過第一個 '03 年季度是基於 Hammer 的 [聽不清楚]？

No, that would not be an if I remember assumption. [inaudible] first production shipments there in Q4. You'll see a ramp throughout '03. It won't be in the first quarter where you'll see that crossover certainly.

不，那不是一個如果 我記得假設。 [聽不清楚] 首先 第四季的生產出貨量。你會看到 整個 03 年都在坡道上。它不會是第一個 在這個季度你肯定會看到這種交叉。

I see. Thank you.

我懂了。謝謝。

The next question comes from Mark Grossman with SG Cowan. Please go ahead.

下一個問題來自馬克 格羅斯曼和 SG 考恩。請繼續。

Great. Thank you. In the press release for the outlook, it says that you expect sequential sales growth in flash memory, and that you expect sequential unit growth in [inaudible]. I'm wondering what you're thinking on pricing for [inaudible], if you think revenue for processors will go up in the third quarter.

偉大的。謝謝。在媒體上 展望報告稱，預計 快閃記憶體銷量持續成長， 您預期[聽不清楚]的銷售將持續成長。我想知道你對定價有什麼看法 [聽不清楚]，如果你認為處理器的收入 將會在第三季上漲。

I'm going to ask Rob to comment on the pricing environment, but we do expect the combination of all of the things we're going to do that we talked about already, you know, in line with reducing - continuing to reduce the inventory, the modest expectation on unit growth [inaudible] it's our belief that as a corporation, we will experience modest sequential growth in revenue, and let me ask Rob to comment on the pricing.

我要請 Rob 對定價環境發表評論，但我們確實 期待我們所有事情的結合 去做我們已經討論過的事情，你 知道，為了減少 - 繼續 減少庫存，對 單位增長[聽不清楚]我們相信，作為 公司，我們將經歷適度的連續 收入成長，請容許我請 Rob 評論一下 關於定價。

Yeah. A couple of things, and I'll try to tie a few of them together since a couple of questions come came up on the concept of what's the inventory out there. We noted that in April that in Q1 we saw a fairly significant increase in shipments of CPUs over what the actual consumption of PCs was. We have very diligently gotten involved with our customers to understand their own inventory levels to try to make sure they were well positioned with the freshest materials they could go to market in the most competitive position possible. We already said that entailed, you know, taking some returns in some places, changing what was shipped in some places, various other activities. We're going to continue to monitor that. You know, as we go through the third quarter and the fourth quarter, that clearly has an impact on what the actual shipping ASP is, but we also want to make sure that, you know, our customers have the right amount of inventory so we can be competitive in the marketplace. The interesting thing on Q2 is I heard Intel say that they felt they drained inventory somehow. We track our numbers pretty closely, you know, based on the shipments we make. We're pretty confident in what we drained, but if you look at what we just said, you know, we think - we said we shipped over 6 million processors in the PC marketplace. If you assume Intel shipped 29 or 30 million, that says there's somewhere between 35 and 36 PC processors shipped. I don't know what anyone's, you know, early estimates are for PCs sold in Q2. My concern it may actually be less than the processors shipped once again. Part of the uncertainty we have right now is making sure as we aggressively and diligently manage that inventory, making sure we're accounting for, you know, what is happening in the end market that uses these PC processors, and that will have an impact on the overall ASPs as we go forward, but, you know, with the combination of what we're expecting in unit shipments and AFPs, as Hector said, we are expecting some modest growth largely as a result of the seasonality in the PC market.

是的。有幾件事，我會 嘗試將其中幾個聯繫在一起，因為一對 問題出現在什麼是 那裡的庫存。我們注意到，今年 4 月 在第一季度，我們看到 CPU 出貨量超過實際消耗量 的個人電腦數量為。我們非常努力地 與我們的客戶一起了解他們的 自己的庫存水平，以確保 擁有最新鮮的材料 可以進入最具競爭力的市場 可能的位置。我們已經說過，這意味著， 你知道，在某些地方獲得一些回報， 在某些地方改變運送的物品，各種 其他活動。我們將繼續 監控這一點。你知道，當我們經歷 第三季和第四季，顯然 對實際運輸平均售價有影響， 但我們也想確保我們的 客戶有適量的庫存，所以我們 可以在市場上具有競爭力。這 第二季有趣的事情是，我聽到英特爾說 他們覺得自己以某種方式消耗了庫存。我們 密切追蹤我們的數據，你知道， 在我們運送的貨物上。我們非常有信心 在我們消耗掉的東西中，但如果你看看我們 只是說，你知道，我們認為 - 我們說我們 個人電腦中共裝運了超過 600 萬個處理器 市場。如果你假設英特爾出貨量為 29 或 3000萬，也就是說有35 並出貨了 36 台 PC 處理器。我不知道 你知道，任何人的早期估計都是針對個人電腦的 在第二季售出。我擔心的其實可能更少 比處理器再次出貨量高出一倍。部分 我們目前面臨的不確定性是確保 我們積極且勤奮地管理 庫存，確保我們考慮到你 知道最終市場正在發生什麼 使用這些 PC 處理器，這將有一個 對整體平均售價的影響，但是， 你知道，結合我們 預計單位出貨量和 AFP，如 Hector 我們預計會出現一些溫和的成長，主要是 這是由於 PC 市場的季節性。

Growth in revenues?

收入成長？

I'm sorry?

對不起？

Growth in revenues in processors?

處理器的收入成長了嗎？

Yeah, we're expecting some modest growth, as a result largely of seasonality in the PC market.

是的，我們期待一些適度的 增長，主要是由於季節性 個人電腦市場。

Okay. Thank you.

好的。謝謝。

The next question comes from Noah Freeman with Brookside Capital. Please go ahead.

下一個問題來自諾亞 布魯克賽德資本 (Brookside Capital) 的弗里曼 (Freeman)。請繼續。

Hey, guys. Two quick questions. As we're beginning to see perhaps less demand for high-end processors as the software demand is not pulling the hardware demand behind it like it has in the years past, do you think your market share will increase as the market swings toward maybe what might be your power sector? And I have a follow-up.

嘿，大家好。兩個簡單的問題。作為 我們開始看到對 高階處理器，因為軟體需求不是 拉動硬體需求 在過去的幾年裡，你認為你的市場份額 隨著市場轉向可能 您的電力產業可能是什麼？我有一個 跟進。

Well, first of all, you know, we - we continue to execute on the road map that provides a very competitive landscape for our products, and it's phenomenon value relative to performance. We believe that we are in the sweet spot that's being consumed into end products in the marketplace. So as a result of that, we're bullish that we can hold on, as Rob pointed out, to our share of PC - of processors that are being consumed into real products.

嗯，首先，你知道， 我們—我們繼續執行路線圖 為我們提供了非常有競爭力的環境 產品，以及它的現象值相對於 表現。我們相信我們正處於甜蜜之中 被消耗成最終產品的斑點 市場。因此，我們 正如 Rob 指出的那樣，我們看好能夠堅持下去， 在我們的 PC 處理器份額中 消耗成真正的產品。

Our long-term view is to gain share, and we believe that with the introduction of Hammer in the first quarter, we - we regain a competitive position in the top end where we believe we will be able to again, one more time, offer a broad array and spectrum to every segment of the PC space. So in the short term, we are - we hold onto our position. Longer term, we believe we'll continue to gain share.

我們的長遠目標是獲得市場份額，我們 相信隨著 Hammer 的推出 第一季度，我們重新獲得了競爭力 我們相信我們將處於領先地位 能夠再次提供廣泛的 陣列和頻譜到PC的每個部分 空間。因此，短期內，我們持有 到我們的位置。從長遠來看，我們相信我們將 繼續獲得份額。

Rob, would you like to add to that?

羅布，你想補充一下嗎？

Yeah, just a couple of comments, maybe in clarification. You know, Hector mentioned it in his opening comments, and the latest issue of PC world, you know, AMD actually held six out of the top seven spots in what they call power systems or higher-end systems. And, you know, in the value space, we actually held four out of eight of the spots. So I think we're equally well represented across the entire range of the market.

是的，只有幾個 評論，也許是為了澄清。你知道， 赫克託在開場白中提到了這一點， 最新一期的《PC世界》，你知道，AMD 實際上佔據了前七名中的六席 他們所謂的電力系統或更高端 系統。你知道，在價值空間中，我們 實際上佔據了八個席位中的四個。所以 我認為我們在 整個市場範圍。

The issue of what the share is going to look like, as Hector said, you know, our plan is to at least maintain and over the long term grow our share. That means we have to maintain a substantial base in value-based PCs because that's largely what's driving the market today.

關於股票將會是什麼樣子的問題， 正如赫克託所說，我們的計劃至少是 保持並長期增加我們的份額。這意味著我們必須保持堅實的基礎 在基於價值的 PC 中，因為這在很大程度上 推動今天的市場。

I do believe, though, AMD has some opportunities in the result of we continue to make gains relative to the commercial space in the small and medium business world. I believe we have an opportunity as it continues this year and with the promise of Hammer to capture a design of one of the tier 1 manufacturers in the enterprise space. We continue to grow our share in the mobile space. And Hammer is, by far, going to be a superior solution in the server space, and I think it's our first real opportunity to engage in what is the - certainly the most profitable piece of the business, and right now, probably the fastest growing piece of the business, albeit a relatively small piece of overall CPU shipments.

我確實相信 AMD 有一些機會 因為我們繼續取得進展 相對於小而美的商業空間 中型企業世界。我相信我們有一個 今年這一機會仍在繼續，而且 Hammer 承諾要捕捉其中的一個設計 企業領域的一級製造商。我們在行動領域的份額持續成長。到目前為止，Hammer 的表現要好得多 伺服器領域的解決方案，我認為這是我們的 第一次真正有機會參與什麼是- 無疑是最賺錢的部分 業務，目前可能是最快的 業務成長的部分，儘管相對較 佔整體 CPU 出貨量的一小部分。

Great. A follow-up question. Is that a sector that I've always thought of as very strong for your guys has been Asian white box because your competitors don't have the ability to sort of manipulate high-end server - high-end processor availability to those guys because they don't buy the super high-end processors but then the interesting things that I wanted your thoughts on is that Intel yesterday claimed they were gaining share in that sector which struck me as counterintuitive concerning [inaudible] and I'll take the answer off-line. Thank you very much. thank you.

偉大的。一個後續問題。是 我一直認為這個行業 對你們來說強大的是亞洲白盒子 因為你的競爭對手沒有能力 操縱高端伺服器 - 高端 處理器可用性，因為他們 不要購買超高階處理器，但 我想要你的想法的有趣的事情 英特爾昨天聲稱他們 在該領域獲得份額，這讓我感到震驚 關於[聽不清楚]違反直覺，我會 將答案離線。非常感謝。 謝謝。

[inaudible]

[聽不清楚]

The question was in Asia in particular where we've traditionally have been strong because we offer great products to those people that they cannot get from anybody else, his question has to do with our competitor, apparently, claimed that they had gained share in that segment which seemed counterintuitive to him.

問題是在亞洲 特別是我們傳統上 強大是因為我們為那些人提供優質的產品 他們無法從別人那裡得到的人，他的 問題與我們的競爭對手有關， 顯然，他們聲稱自己已經獲得了 對他來說那段內容似乎違反直覺。

Yeah. Like I said, it's difficult to speculate too much relative to what PC consumption by region looks like right now. I can tell you, you know, we do quite well in, as you called it, the white box or the do it yourself market in Asia. In particular, the largest market opportunity in Asia, which is China.

是的。就像我說的， 很難推測太多相對於什麼 目前各地區的 PC 消費情況如下。我 可以告訴你，我們做得很好，因為 你稱之為白盒子或自己動手 亞洲市場。尤其是最大的市場 亞洲的機會就是中國。

It's also clear to me that my competitor has a whole bunch of low-priced Celerons that he's flooded into the market and so it's quite possible that at any given time he may have grown some share. But I think our product offering is more than competitive and I think as this market stabilizes, we will continue to maintain and ultimately grow our share in both the value and performance base, quite frankly.

我也很清楚，我的競爭對手有一個 一大堆低價賽揚 大量湧入市場，所以很有可能 在任何特定時間他可能已經成長了一些 分享。但我認為我們提供的產品更多 比競爭更激烈，我認為這個市場 穩定下來，我們將繼續保持和 最終增加我們在價值和 坦白說，這是績效基礎。

Great. Thank you very much.

偉大的。非常感謝。

The next question comes from Dan Niles with Lehman Brothers. Please go ahead.

下一個問題來自 Dan 雷曼兄弟公司的奈爾斯。請繼續。

Great. You know, maybe I heard you wrong, but I wanted to get a clarification on one point.

偉大的。你知道嗎，也許我聽到了 錯了，但我想澄清一下 觀點。

You had said in your April release, or Jerry - I forget who - that you thought that processor shipments exceeded consumption of PCs by 4 to 5 million units. That was your statement back then. And then I think in answer to one of the earlier questions, you made the comment that you thought that microprocessor shipments exceeded, you know, PC shipments again in the current quarter. So are you sort of implying that this quarter that we're going into is actually worse in terms of oversupply relative to the past, or did I mishear what you were, in fact, saying, because it was a little confusing.

你在四月的新聞稿中說過，或者傑瑞 - 我 忘記是誰 - 你認為處理器 出貨量超過個人電腦消費量 4 至 500萬台。那是你的回复 然後。然後我想回答一下 之前的問題，你評論說你 認為微處理器出貨量超過， 你知道，目前 PC 出貨量再次 四分之一。那你是在暗示 我們即將進入的這個季度實際上情況更糟 相對於過去而言，供應過剩，或者我 聽錯了你實際上說的話，因為它 有點令人困惑。

No, Dan, it probably is confusing. It's a little confusing to me. But you sort of heard it right. It's clear to me - first of all, let me correct the number. In April, we did say 4 to 5 million at that time. When the actual numbers came in for what PC shipments looked like, it looks like in April, for Q1, the processor shipments exceeded PC consumption by something closer to 2 to 3 million units.

不，丹，可能是這樣 令人困惑。這讓我有點困惑。但 你沒聽錯。我很清楚—— 首先，讓我修正一下這個數字。在 四月份，我們當時確實說過有400萬到500萬。當 PC 的實際數據出來時 4 月的出貨量看起來 Q1，處理器出貨量超過PC 大約有200萬到300萬人消費 單位。

Okay.

好的。

You know, based on what we know we've done, and what at least I heard Intel say, you know, it points to the fact that that situation would have gotten better. I guess my statement is, you know, with the preliminary information I have, and what I know about the PC market, I'm concerned that it hasn't gotten a lot better, because if you take a look at CPU shipments, we've told you we shipped just over 6 million. Again, Intel, I'm assuming, 29 to 30 million processors into the PC space. That excludes the Xbox stuff. You know, that says there's something in the neighborhood of, you know, 35 million processors shipped. I don't know what PC sales for Q2 are going to look like but it wouldn't surprise me if it were less than 35 million, which says, again, there were more processors shipped than PCs consumed. Now, there's some complicating factors, of course. Some of the processors shipped go into upgrades, so it's not associated with the new PC sale. There are several types of systems, mostly workstations and servers, that have multiple processors for systems. I mean, all that has got to be factored in before you can actually conclude that, but I think it's worth paying very close attention to.

你知道，基於我們 知道我們已經做了，至少我聽到英特爾 你知道，這表明 情況會變得更好。我想我的 聲明是，你知道，初步 我所掌握的資訊以及我對 PC 的了解 市場，我擔心它沒有得到太多 更好，因為如果你看看 CPU 我們已經告訴過你，我們剛剛發貨 600萬。再次，我假設英特爾 29 到 3000萬個處理器進入PC領域。那 不包括 Xbox 內容。你知道，那說 你附近有東西 目前，處理器出貨量已達 3,500 萬台。我不知道 第二季的 PC 銷售量將會如何？ 如果少於 3500萬，這意味著， 處理器的出貨量超過了個人電腦的消耗量。現在， 當然，也存在一些複雜因素。一些發貨的處理器將進行升級， 所以它與新電腦的銷售無關。有幾種類型的系統，主要是 工作站和伺服器，具有多個 系統處理器。我的意思是，這一切都已經 在你真正得出結論之前需要考慮 但我認為值得密切關注 注意。

Okay. Maybe tied into that, I guess back to the earlier point, I mean Intel's units, you know, at least from my estimation, was down about 8% sequentially from, you know, the first to the second quarter, roughly. You know, yours are down somewhere around, I guess, 20% or so, give or take, given, you know, you didn't provide exact numbers.

好的。我想也許與此有關 回到之前的觀點，我指的是英特爾的部門， 你知道，至少從我的估計來看， 從第一到第二季度， 大致是第二季。你知道，你的 我估計下降了 20% 左右， 考慮到，你知道，你沒有提供確切的 數字。

If sort of the thought is you go into Q3 and, you know, you see modest growth, Intel is obviously forecasting about 4% growth, you know, it seems as though you've, you know, sort of permanently give up some market share as you're going forward, you know, from that, because Intel is talking about having actually reduced channel inventory of their stuff. So am I missing something or what's - what's going on here? Because you shipped about 8 million units, right, in Q1?

如果你進入 Q3，你 你知道，你看到溫和的成長，英特爾顯然 預測成長約 4%，你知道，這似乎 儘管你已經永久地給予 隨著你前進，你會提高一些市場份額， 知道，因為英特爾正在談論 實際上減少了​​其渠道庫存 東西。那麼我是否遺漏了什麼或什麼 - 這是怎麼回事？因為您運送了 第一季是 800 萬台，對嗎？

That's correct. A couple comments I would make is, you know, Intel is very specific on just channel inventory. That may be a statement only with respect to their shipment into distribution versus [inaudible]. We're talking more about the overall PC supply chain. You know, working closely with our customers to make sure we understand what they're sitting on relative to finished good inventory at the PC level, at the motherboard level, at any other point of their operation, and making sure we think with they're well positioned. When they don't have product that we don't think is well positioned, we're working with them to deal with that. Again, we are very focused on trying to maintain our shares relative to PCs consumed and the processors in those PCs. As we get more data here, that will determine what our shipment rates look like, not just in distribution, but even to our OEM customer base. And we're going to try to work very closely with our customers to make sure they have the freshest inventory possible to be the most competitive in the market. We think that's ultimately how our customers win and as always, you know, our customer' success is our success. That's how we're going to continue.

沒錯。一對夫婦 我想說的是，英特爾非常 具體來說，只是渠道庫存。這可能是 僅就其運往 分佈與[聽不清楚]。我們正在談論 有關整體 PC 供應鏈的詳細資訊。你知道， 與我們的客戶密切合作，以確保我們 了解他們所處的位置 PC 等級的成品庫存， 主板級別，在其任何其他點 操作，並確保我們與他們的想法一致 位置很好。當他們沒有產品時 我們認為定位不太好，我們 與他們合作來解決這個問題。再次，我們 非常注重維持我們的份額 相對於消耗的 PC 和處理器 那些個人電腦。隨著我們獲得更多數據， 確定我們的運輸費率是什麼樣的，而不是 不僅在分銷方面，甚至對我們的 OEM 客戶 根據。我們將努力密切合作 與我們的客戶確保他們擁有 盡可能新鮮的庫存 具有市場競爭力。我們認為 最終如何讓我們的客戶成功，一如既往， 你知道，我們客戶的成功就是我們的成功。我們將繼續這樣做。

Okay. And then maybe moving on to a more pleasant topic here, in terms of Hammer versus Itainum II, you know, can you kind of go through the advantages or disadvantages as you see it, in terms of the two architectures from your standpoint. Obviously Intel went through it in terms of how they're looking at it, but, you know, there's obviously some issues around 64-bit code and how each of the different processors kind of runs it, so, you know, why don't you give us your take on that.

好的。然後也許繼續 就 Hammer 而言，這裡有更令人愉快的話題 與 Itaum II 相比，你知道，你能 透過你所看到的優點或缺點 就你的兩種架構而言 立場。顯然英特爾經歷了 他們如何看待這件事，但是，你知道， 64 位元代碼顯然存在一些問題 以及每個不同的處理器如何 運行它，所以，你知道，為什麼不把你的 承擔這個。

Yeah. I think a couple of statements. First and foremost, it's always about the total cost of ownership and there's no way Intel is going to convince the world that the right thing is going to do is change the entire architecture and the entire installed software base. So anything else they say to me is probably a secondary effect. However, I will say this: This quarter is a quarter where you're going to see a lot of information relative to Hammer, what its capability is, and the proof points relative to why we think it's the right direction for the 64-bit world. And I don't want to preempt a lot of what's going to be some very strong PR for us here as we go forward, but we're going to start to get to tell our story relative to ISV partners, IHV partners and other industry partners as we roll through this quarter in Q4.

是的。我認為 註釋。首先，它總是關於 總擁有成本，而且沒有辦法 英特爾將讓世界相信 正確的做法是改變整個 架構和整個安裝的軟體 根據。所以他們對我說的任何其他話可能 次要影響。不過，我要說的是： 本季你將 看到很多關於 Hammer 的信息， 它的能力是，並且證明點相對 為什麼我們認為這是正確的方向 64 位元世界。我不想搶太多 對我們來說這將是非常強大的公關 在我們前進的過程中，我們將開始 講述我們與 ISV 合作夥伴的故事， IHV合作夥伴和其他行業合作夥伴，因為我們 第四季將延續這一勢頭。

And do we really need Hammer to get your AFPs going up again, given that sort of for the rest of this year, you know, you're sort of running up the rest of Athalon and, you know, Hammer really kind of moves you back up again, or is there some other stuff that, you know, may end up helping AFPs, given normally Q3 and Q4 are heavy consumer quarters and that tends to imply lower AFPs?

我們真的需要 Hammer 來獲得 你的 AFP 又上升了，考慮到 今年剩下的時間，你知道，你有點 運行 Athalon 的其餘部分，你知道， 錘子確實能讓你再次站起來，或者 還有其他一些事情，你知道，可能會結束 幫助 AFP，因為通常 Q3 和 Q4 是 消費旺盛的地區，這往往意味著 降低 AFP？

Yeah. [inaudible] quarters is you also tend to get a little better mix on some of the higher-end products. I mean consumer is where you get the wide variety of high end and low end product. That season is typically a good time for what I call the power buyers, the people looking for the best machines out there. So I think it can help in that regard. I also believe that, again, as we manage through understanding exactly our shipments versus inventory positions, there's some opportunity for us to see some increase there, and of course as we continue to grow our - the share of our business that goes into mobile and workstation and servers, that gives us some opportunity for some up side as well. So there are - there are some things that do give us opportunity for up sides besides Hammer but clearly with Hammer, we think it gives us, again, a significant differentiated product that allows us up side as we move into 2003.

是的。 [聽不清楚] 宿舍 你也會傾向於得到更好的混合 一些較高端的產品。我的意思是消費者 在那裡你可以得到各種各樣的高端和 低端產品。那個季節通常很好 是時候讓那些我稱之為強力買家的人 尋找最好的機器。所以我 我認為它可以在這方面提供幫助。我也相信 再次，正如我們透過理解所做到的 我們的出貨量與庫存狀況， 我們有機會看到一些 在那裡增加，當然，隨著我們繼續 擴大我們的業務份額 進入移動、工作站和伺服器， 為我們帶來了一些好處 出色地。所以有一些事情 除了 Hammer 之外，還給我們提供了機會 但顯然，我們認為 Hammer 能為我們帶來 再次，一個顯著的差異化產品 讓我們在進入 2003 年時保持向上的勢頭。

All right. Great. Thank you.

好的。偉大的。謝謝。

The next question comes from Hans Mosesmann with Prudential Securities. Please go ahead.

下一個問題來自 Hans 保誠證券的 Mosesmann。請走 前方。

It's actually Brett Pollack for Hans. Continuing on the Hammer, you mentioned how it's on track which is great but I was hoping you could delve into third party infrastructure products, i.e., chip sets and the schedule for that, if it's, you know, on track and going to coincide with the Hammer introduction.

漢斯 (Hans) 實際上是布雷特波拉克 (Brett Pollack)。繼續討論 Hammer，你提到了它 一切順利，這很好，但我希望你能 深入研究第三方基礎設施產品， 即晶片組及其時間表，如果 你知道，一切都按計劃進行，而且會同步進行 隨著 Hammer 的介紹。

First of all, just a brief comparison, because I think it's important, is we believe that the learning that we went through in Athalon, which was the very first introduction AMD brought to market that was, I would say, a totally complete different [inaudible] solution in the processor space, that the learning, the relationships established with infrastructure people were really great and tremendous.

首先，簡單介紹一下 比較，因為我認為這很重要，我們 相信我們所經歷的學習 Athalon，這是 AMD 首次推出 推向市場，我想說， 完全不同的[聽不清楚]解決方案 處理器空間，學習， 與基礎設施建立的關係 人們真的很棒，很了不起。

And - but in the beginning, those of you who might remember, when we first introduced Athalon, there were times that we had to hold our breath, hoping that the chip set and the motherboard people were going to be there just when we thought.

並且──但在一開始，你們當中那些 你可能還記得，當我們第一次介紹 Athalon 時， 有時候我們不得不屏住呼吸， 希望晶片組和主機板 當我們 想法。

That has changed so dramatically. We now have, as I mentioned in my comments, a number of chip set suppliers who actually already have product that addresses Hammer architecture and are eager to continue to develop, design, and produce product going forward.

情況已經發生了巨大變化。我們現在有了 我在我的評論中提到，一些晶片組 供應商實際上已經擁有 解決 Hammer 架構，並渴望 持續開發、設計和生產產品 繼續前進。

The same thing on the rest of the infrastructure. We have aligned - as I referred to in my comments, a strong ecosystem around the Hammer architecture, where our confidence of being - everything being there at the same time, the convergence of all the right things, is very high, and very bullish, that we will meet the launch schedules that we have for early next year for Hammer.

其餘基礎設施也存在同樣情況。我們已經達成一致——正如我在我的 評論，圍繞 Hammer 的強大生態系統 建築，我們的信心在於── 所有東西都同時存在， 所有正確事物的融合度都非常高， 並且非常樂觀，我們將迎接發布 我們明年年初的計劃 錘。

Great. Looking forward to it. Thank you.

偉大的。非常期待。感謝 你。

The next question comes from Eric Rost with Investec. Please go ahead.

下一個問題來自 Eric 與 Investec 合作。請繼續。

Thanks, guys. I have two questions rolled into one. I want to know what you think your share is of the server business is right now overall and how Hammer is going to affect that over 2003. And then secondly, what you think your share is of corporate PC sales are right now and how Hammer may affect that in 2003 as well. Thanks.

謝謝大家。我有兩個問題 合而為一。我想知道你的想法 你的伺服器業務份額現在是 總體而言，Hammer 將如何影響 超過 2003 年。其次，你認為你的 目前，企業 PC 銷量的市佔率為 Hammer 在 2003 年又會如何影響這個現象。謝謝。

Let me answer the server Hammer piece and then I'd like Rob to comment on the commercial piece.

讓我回答伺服器 錘子片，然後我想讓羅布評論一下 商業作品。

First of all, today our - our participation in the server space with Athalon MP, where we have, you know, a multiprocessor systems into the market, has been growing very - very - at some pretty good healthy numbers. However, it's from a very low base, so I would say that our share of the server space today is - Rob, I'm going to make the point, it's in the single digits, low single digit share

首先，今天我們參加 Athalon MP 的伺服器空間，我們有 你知道，多處理器系統 市場，在某些方面成長非常非常 相當不錯的健康數字。然而，它來自 基數很低，所以我想說我們的份額 今天的伺服器空間是 - Rob，我要 重點是，它是個位數，低 個位數份額

Yeah, right.

是的，對。

And growing rapidly. The interaction of Hammer completely enhances that picture even further, because we believe that it's going to be a superior product, superior system, superior solution, and we are bullish and we will continue [inaudible] being able to gain share in the server space. Rob, on the commercial side?

並且正在快速成長。這 Hammer 的互動完全增強了 進一步描繪，因為我們相信這是 將會是優質的產品，優質的系統， 卓越的解決方案，我們充滿信心，我們將 繼續[聽不清楚]能夠獲得份額 伺服器空間。羅布，從商業方面來說？

Yeah. Commercial is complicated so I'll try to answer the question without going into immense detail, but if you look at a worldwide basis, those numbers reported by Dataquest for the first quarter, for a small business which they define as one to 19 plus, we think we had 27% share of the desktop space, and roughly 23% share of the overall space, in combined desktop and mobile.

是的。商業是 很複雜，所以我會嘗試回答這個問題 無需贅述，但如果你看一下 在全球範圍內， Dataquest 第一季度，對於一個小 他們將其定義為 1 至 19 歲以上的業務，我們 我們認為我們佔據了 27% 的桌面空間份額， 約佔整體空間的 23%， 結合桌面和行動裝置。

If you take a look at the hundred to 499 segment, on a worldwide basis again, we think we had somewhere around 20% of the desktop space and 17% of the overall space.

如果你看一下 100 到 499 的部分， 在全球範圍內，我們認為我們已經 約佔桌面空間的 20%，佔 17% 整體空間。

Looking at larger businesses, from 500 to 999 plus, you know, we look like we're about, you know, somewhere between 9 and 10% of both the desktop and the mobile space.

看看規模較大的企業，從 500 到 999 另外，你知道，我們看起來就像你 知道，兩者的 9% 到 10% 之間 桌面和行動空間。

So that sort of gives you a flavor for the different business segments and where the opportunity for growth is, which clearly in the enterprise or large business space, you know, any progress we make towards continuing to get tier 1 support in commercial products is a benefit for us. The Compaq line and the mobile space lab very, very beneficial. Some of the commercial in Japan from [inaudible] in Europe have certainly helped us to continue to grow our share in those spaces.

這樣你就會對 不同的業務部門以及 成長機會是，顯然在 企業或大型商業空間，你知道，任何 我們在繼續獲得一級認證方面取得的進展 商業產品的支持是有益的 我們。康柏系列與行動太空實驗室 非常非常有益。一些商業 日本與歐洲的[聽不清楚]肯定 幫助我們繼續擴大在這些領域的份額 空格。

If I can ask a quick follow-up question. Is - in force, we're hearing some good things about it. Is it becoming a driver or is it cannibalizing your existing business?

如果我可以快速跟進一下 問題。是 - 事實上，我們聽到了一些好消息 關於它的事情。是成為一名司機還是 蠶食您現有的業務？

Some of both. I mean obviously it becomes a driver for people looking for performance and it is a great product, and I think right now, it's establishing itself as a truly differentiated product in the marketplace and I think that clearly will eat into some of the other players at this point in time. The other players don't sit still. I mean the good news about competition is competition drives innovation and it drives, you know, choice for consumers, and that's one of the reasons we're such firm believers in competition throughout the industry.

兩者都有。我是說 顯然，它成為了人們尋找 性能出色，是一款出色的產品，我 想想現在，它正在確立自己作為 市場上真正差異化的產品 我認為這顯然會侵蝕一些 此時其他玩家。另一個 玩家們坐不住。我的意思是好消息 關於競爭是競爭推動創新 它會推動消費者的選擇， 這就是我們如此堅定的原因之一 相信整個產業都存在競爭。

Thanks, guys.

謝謝大家。

The next question comes from Evan Dooby with LRL capital. Please go ahead.

下一個問題來自 Evan Dooby 與 LRL 資本合作。請繼續。

Hi, thanks. Can you explain how the accounting worked for these product returns that you shipped in Q2 and got back in Q3, I assume?

你好，謝謝。你能解釋一下 會計對這些產品退貨起作用 我猜你是在第二季度發貨並在第三季度回來的？

Yeah. Let me - let me ask Bob to please comment on that.

是的。讓我-讓我問一下 請鮑伯對此發表評論。

Thanks.

謝謝。

Those accounting - those returns actually took place in the quarter. In some cases, that product got reshipped and the return was fairly simple. It's a reduction of sales and it goes back into inventory. In a lot of cases, some of that product got shipped again to some other customer, or it is still in our inventory.

那些會計 - 那些回報 實際上是在本季發生的。在一些 情況下，該產品被重新發貨，並且退貨 相當簡單。這是銷售額的減少， 它又回到了庫存中。在很多情況下， 部分產品已再次運送給一些 其他客戶，或它仍在我們的庫存中。

So, I mean, that's kind of the simple answer to the question.

所以，我的意思是，這是對 這個問題。

Okay.

好的。

So it's a mixture of both.

所以這是兩者的混合。

It just confuses me, given the flatness of inventories and the reduction in revenue. Unless I'm missing something.

這讓我很困惑，因為 庫存持平和減少 收入。除非我遺漏了什麼。

No. You're not missing anything. I mean, just, you know, a conservative valuation of the inventory as we go forward and adjusting manufacturing rates and the mix all play into that equation.

不。你沒有錯過任何東西。我的意思是，你知道，這只是一個保守的估值 隨著我們繼續前進並調整庫存 生產力和混合都影響著這一點 方程式。

Okay. Maybe you can answer this one. Given the way you ship microprocessors in the quarter and also took product back, where do you think that inventory was - where was the inventory issue? Was it OEMs? Distributors? Stocking agents? Any idea there?

好的。也許你可以回答這個問題。以你運送微處理器的方式 季度，並收回產品，你在哪裡 認為庫存在哪裡 庫存問題？是 OEM 嗎？分銷商？庫存代理？有什麼想法嗎？

Yeah. We have - I think it's a mixture of all of that. I mean, we have some - some inventory at some of the OEMs that we actually proactively worked with them to to take it back. We - the same thing on the traditional distribution as well as resellers and brokers.

是的。我們有——我認為 所有這些的混合。我的意思是，我們有一些- 我們在某些​​原始設備製造商處的一些庫存 實際上主動與他們合作採取 把它放回去。我們——在傳統上也是如此 分銷商以及經銷商和經紀人。

Okay. Is - have you guys ever broken out sales by those three categories?

好的。是 - 你們有沒有 按這三個類別細分銷售額？

No.

不。

No. Okay. And don't plan to do so, I imagine.

不。好的。並且不打算這麼做， 我想像。

Not for consumption outside, no.

不可在外食用， 不。

Okay. All right. Thank you.

好的。好的。謝謝。

The next question comes from Doug Lee with Banc of America Securities. Please go ahead.

下一個問題來自Doug 美國銀行證券公司的李先生。請走 前方。

Hi. This is [inaudible] for Doug Lee. A couple of questions. First, could you comment a little bit about flash pricing, how it was this quarter and what your outlook is going into the September quarter and then I had a quick follow-up.

你好。這是道格的[聽不清楚] 李。有幾個問題。首先，你能 對閃存定價發表一點評論，它如何 本季的情況如何？您的前景如何？ 進入九月季度，然後我快速 跟進。

Well, we've made the comment that the pricing pressures have stabilized, and what that means is that the rate of decline on AFPs in flash has slowed down, but it's still very much in a decline, and we believe as we speak there are more learning curve to the decline, more traditional of the semiconductor industry.

好吧，我們已經發表了評論 價格壓力已經穩定，並且 這意味著 Flash 中的 AFP 速度已經減慢，但仍然非常 在很大程度上處於下降趨勢，而且我們相信，正如我們所說的那樣 學習曲線下降，更多 半導體產業的傳統。

They're low. You know, at this point in time, they're still competitive pressure on flash is, you know, pretty intense, but there's definitely a slowdown in the rate at which the degradation of pricing has been occurring.

它們很低。你知道，在這個時候， 他們仍然對快閃記憶體有競爭壓力， 你知道，相當激烈，但肯定有一個 減緩退化的速度 定價已經發生。

Okay. Great. And the second question I had for you was actually on the processor mix. You indicated that it was skewed a little bit towards value processors this quarter. Could you actually quantify the breakout of value versus performance processors that you shipped in the second quarter?

好的。偉大的。第二個 我想問你的問題其實是 處理器組合。你指出它有偏差 本季稍微偏向價值處理器。你能化價值突破嗎 與您運送的效能處理器相比 第二季？

Rob?

搶？

Yeah. We - we've avoided giving the specific breakdown. I can tell you [inaudible] as a percentage of total shipment [inaudible] was larger this quarter than it's been for the past several.

是的。我們——我們避免了 給出具體的細分。我可以告訴你 [聽不清楚]佔總出貨量的百分比 [聽不清楚] 本季的規模比以往更大 在過去的幾年裡。

Larger this quarter than the past several.

本季比過去更大 一些。

Yes.

是的。

Okay. Thank you.

好的。謝謝。

The next question comes from Jonathan Joseph with Salomon Smith Barney. Please go ahead.

下一個問題來自 所羅門史密斯巴尼公司的喬納森·約瑟夫 (Jonathan Joseph)。請 前進。

Yeah. Rob, sorry to belabor T just want to clarify. The guidance for units is up, and I would suppose seasonal is up 5%?

是的。Rob，抱歉，我只是 想澄清一下。單位指導已上調， 我估計季節性上漲了 5%？

Well, seasonal, if you go back historically, is anywhere from about three or four percent up to 14%. I think the average over the past number of years has been somewhere in the seven or eight percent range. I would tell you that I would certainly skew to the lower end of the range than the higher end of the range relative to what's going to happen in the overall market.

嗯，季節性的，如果你去 回顧歷史，大約有三到 百分之四，最高可達14%。我認為平均 過去幾年一直處於 百分之七或八的範圍。我會告訴你 我肯定會偏向低端 範圍比範圍的高端 相對於整體而言 市場。

Okay.

好的。

so, you know, I don't think your number is off based on all that market data.

所以，你知道，我不認為 根據所有市場數據，您的數字是錯誤的。

Okay. And then that - but that's assuming that there's not too much inventory in the channel, and if there is, then maybe that kind of seasonal pickup would not be possible. Is that correct?

好的。然後——但那是 假設庫存不太多 頻道，如果有的話，那麼也許那種 季節性採摘將不可能實現。那是嗎 正確的？

Yeah. Basically, I think the way to look at it is if the PC market doesn't see that kind of seasonal pickup, again, we're going to manage very diligently, you know, what it is our shipments look like into all channels, OEM, distribution, et cetera, and that can have an impact. But if we do see the normal seasonal pickups, that says you're going to see Q3 and 46789, and Q4 will be better than Q3, we have to make sure we're well positioned into a growing market so we'll have to watch all that very closely and manage the business, you know, reasonably well to make sure we stay on top of that.

是的。基本上，我認為 看待這個問題的方式是，如果 PC 市場沒有 再次看到這種季節性回升，我們 會非常勤奮地管理，你知道，它是什麼 我們的出貨量看起來像是進入所有管道，OEM， 分佈等等，可以有一個 影響。但如果我們確實看到正常的季節性 皮卡，這意味著你會看到 Q3 和 46789，第四季將比第三季更好，我們必須 確保我們能夠更好地適應不斷成長的 市場，所以我們必須密切關注 密切管理業務，你知道， 確保我們保持領先地位 那。

Okay. Thanks. Follow-on. With regard to desktops, you saw flat units in desktops, which outperformed - or I mean note - mobile. Your mobile outperformed desktops.

好的。謝謝。跟進。和 關於桌面，你看到平板單元 桌上型電腦的表現優於 - 或者我的意思是 - 移動的。您的行動裝置效能優於桌上型電腦。

What's the condition in the mobile market? Is it slowing at all, or holding in there? And then with regard to, you know, what they call a disk top arbitrage, you know, the desktop processor going into mobile, are you seeing much of that? What do you think of that phenomenon in the market and how it could impact your competitor?

行動市場的情況如何？是嗎 完全放慢速度，還是維持下去？進而 關於他們所說的磁碟 頂級套利，你知道，桌上型處理器 進入移動領域，你看到很多這樣的情況嗎？你如何看待市場上的這種現象 以及它將如何影響你的競爭對手？

Actually, it's a great point and I should have brought it up when somebody brought up the ASP discussion before. First of all, the mobile market overall, I think actually while the mobile market was, quote, growing faster than the desktop market, which now may mean declining slower than the desktop market, I guess, clearly I think the mobile market flattened if not declined in Q2. We'll eventually see all the numbers come out in the overall market. Our units shipments were flat but clearly one of the pricing pressures you see in the mobile side are people who in the - you know, the large mobiles, the desktop replacement mobiles, you know, use desktop parts and while their preference would always be to get the mobile part at lower power, they sort of demand that the pricing be more closely aligned with what they can get in the desktop processor. That puts pressure on AFPs, both for AMD and Intel, relative to the products that are acceptable for use in those systems. So that clearly is having an impact, in particular, on the consumer side of the world. I don't think it's as true in the commercial side of the world, but that is a phenomenon that's affecting AFPs for the mobile space.

事實上，這是一個很好的觀點 我應該在有人的時候提起這件事 之前曾提出 ASP 討論。首先 總的來說，我認為行動市場 而行動市場則成長更快 比桌面市場，這可能意味著 我認為下降速度比桌面市場慢， 顯然我認為行動市場已經趨於平緩，如果不是 第二季度有所下降。我們最終會看到 整個市場的數字都出來了。我們的單位 出貨量持平，但顯然定價因素之一 你在行動端看到的壓力是人 誰在－你知道，大型行動設備， 桌面替代手機，你知道，使用桌面 部分，而他們的偏好永遠是 為了降低移動部件的功耗，他們進行 要求定價更加緊密地結合起來 以及他們在桌上型電腦處理器上所能獲得的東西。這給 AFP 帶來了壓力，無論是 AMD 還是 英特爾，相對於 適合在這些系統中使用。以便 顯然正在產生影響，特別是對 世界的消費者方面。我不認為這是 在商業領域確實如此，但 這是一種影響 AFP 的現象 移動空間。

What percent of your traditional customer base, mobile customer base, are doing that sort of arbitrage?

您的傳統 客戶群、行動客戶群正在做 那種套利？

Boy, that's a tough question. What percent of them. I think all of them are looking at it. I don't think all of them are doing it. Some markets are more susceptible to it than others. The Japanese market, for instance, there's a whole lot less of that going on because they have a different phenomenon. The small form [inaudible] global tends tend to be real mobile products.

孩子，這太難了 問題。其中百分之多少。我認為 他們正在看它。我認為並不是所有的人 正在做這件事。一些市場更容易受到影響 比其他人更能做到這一點。日本市場 例如，這種情況發生得少了很多 因為它們有不同的現象。這 小形式[聽不清楚]全球趨勢是 真正的行動產品。

When you put a desktop into a mobile, you've got heat problems potentially, right, so you have to - you have to crank down the speed and then also you may not be able to put a battery in there. I mean it's a - it's not going to - it's not going on to take over the whole mobile market but it does seem to have - to be picking up some share.

當你把桌上型電腦放到行動裝置上時， 你可能會遇到熱問題，對吧，所以 你必須 - 你必須降低速度 然後你可能無法安裝電池 在那裡。我的意思是，這不會—— 它不會接管整個行動領域 市場，但它似乎已經 - 正在挑選 增加一些份額。

Yeah, absolutely true. I think any reasonable mobile enclosure can probably take no more than 45 watts, so your standard desktop parts typically run 60 to 70 watts. Not all desktop parts are appropriate. But as you characterize products to deliver them at 45 watts, much of which has been done for the small form factor market in Japan, those products obviously are also capable of playing in what I'll call desktop - desktop replacement mobiles, with lots of compromises. I mean, yeah, clearly you got to make some trade-offs in other power consumption of the box, including battery life and various other aspects but there's a segment of the market that looks at mobility is not something that they carry around with them all the time. They typically want it move it from place to place around the home or the dorm room, et cetera, et cetera, and for that segment. Of of the market, [inaudible] with acceptable performance that's, again, one of the benefits to competition. [inaudible] is great and some consumers have voting that that's an acceptable solution for their mobility needs.

是的，絕對正確。我 我認為任何合理的移動圍欄都可以 耗電量不超過 45 瓦，所以你的標準 桌上型電腦零件的功率通常為 60 至 70 瓦。不是 所有桌面部件均適用。但正如你 確定產品特性，使其以 45 瓦的功率輸出， 其中大部分是為小形式完成的 日本的要素市場，這些產品顯然 也能發揮我所說的 桌面 - 桌面替代手機，有很多 妥協。我的意思是，是的，顯然你必須 在其他功耗方面做出一些權衡 盒子，包括電池壽命和其他各種 但市場中有一個部分 看起來移動性不是他們攜帶的東西 一直陪在他們身邊。他們通常 希望它把它從一個地方移動到另一個地方 家裡或宿舍等等等等 對於該部分。在市場上，[聽不清楚] 性能可以接受，這也是 競爭帶來的好處。 [聽不清楚]很棒 一些消費者投票認為這是 滿足其移動需求的可接受的解決方案。

And I know you don't have a number, but 10s%, 15%, or more than that of your mobile space?

我知道你沒有電話號碼， 但比你的手機高出 10%、15% 甚至更多 空間？

I try to give you - no. Let me answer a different question. Our actually mobile CPU shipments actually increased as a percentage of [inaudible] it's gone up for the last four quarters in a row but that doesn't answer your question of what are the pressures associated with desktop processors in the mobile market, and how many of the customers are considering and what percentage of their business it is.

我試著給你——不。讓我回答一個不同的問題。我們的實際上 行動 CPU 出貨量實際上有所增加 [聽不清楚] 百分比已經上升了 連續四個季度，但這並不意味著 回答你的問題：壓力是什麼 與行動中的桌面處理器相關 市場，以及有多少客戶 考慮以及他們的業務佔比是多少 這是。

I'd be glad to give you guidance if I thought I could. I really - I really can't give you a number on that because I just don't know.

如果我認為我 可以。我真的——我真的不能給你 因為我不知道。

Okay. Thanks, Rob.

好的。謝謝，羅布。

The next question comes from Michael McConnell with Pacific crested securities. Please go ahead.

下一個問題來自邁克爾 麥康奈爾 (McConnell) 任職於太平洋證券公司。請 前進。

Yeah, Hi, guys. I was just curious, with the trends you're seeing, low end in terms of [Duron] versus the high end, do you think that this is an emerging trend in the PC industry or are we looking at just kind of an aberration in the second quarter?

是的，大家好。我只是好奇， 就你所看到的趨勢而言，低端 [Duron] 與高階產品相比，您認為 這是 PC 產業的新興趨勢，或者 我們看到的只是一種異常現象嗎 第二季？

Interesting question. I'll make a few comments and then Rob add to that. You know, there's - if you do the Warren Buffett thing and go stand at the door of CompUSA or Best Buy or something like that and watch what people do, there's definitely a come lapse of [inaudible] perhaps we had seen a couple of years ago and people are really going after incredibly high-performance valuable products that are, by the definition of we normally talk to considered to be in the value space. But these products are really pretty awesome. You can look - and then you look at the variation of price points within a particular processor performance and, you know, depending on the other features surrounding the processor, which is, you know, the hard drive or the memory or whatever, you got a broad range of [inaudible] but they all seem to be collapsing more towards the lower end. And I'm referring only to the consumer that goes into Best Buy to buy a product. Rob?

有趣的問題。患病的 提出一些評論，然後 Rob 補充。你 知道，如果你像華倫巴菲特一樣 到 CompUSA 或 Best 門口站著 購買或類似的東西，看看人們 確實，肯定存在一些失誤[聽不清楚] 也許我們幾年前見過 人們真的在追求令人難以置信的 高性能有價值的產品，透過 我們通常談論的定義 處於價值空間中。但這些產品 真的非常棒。你可以看看 - 然後 你看看價格點的變化 特定的處理器效能，你知道， 取決於周圍的其他特徵 處理器，也就是硬碟或 記憶或其他什麼，你得到了廣泛的 [聽不清楚] 但它們似乎都在崩潰 更接近低端。我指的是 只對進入百思買的消費者 購買產品。搶？

Yeah. I think a couple comments I would make. You know, the whole [inaudible] value performance is starting to get skewed especially relative to [inaudible] processor. I mean people really do care about what is the performance they get for their money. And when you look at a PC, there are many PC systems with higher performance processors that sell at other perform price [inaudible] in a rich feature set around it. The phenomenon at the system level, though, has been that the average price for PC systems, you know, has been declining and I believe still is declining. So I do think we're seeing what is a trend and a lot of it has to do with one of the questions earlier, someone commented that what's the demand driver for needing more performance and, you know, we've had different things over the history of the industry, and right now, we're in that period of time where with what most people do with their PCs, they can do it with a very aggressively priced value PC.

是的。我認為一對 我會做出的評論。你知道，整個 [聽不清楚] 價值表現開始變得 尤其相對於[聽不清楚]而言 處理器。我的意思是人們確實關心 他們花的錢換來了什麼樣的效果？當你看一台電腦時，有很多電腦 具有更高效能處理器的系統 以其他執行價格出售[聽不清楚] 圍繞它的功能集。現象 然而，系統層面的平均 你知道，PC 系統的價格一直在下降 我相信這一數字仍在下降。所以我確實認為 我們看到了一種趨勢，其中許多已經 關於之前的一個問題，有人 評論說，需求驅動因素是什麼 需要更多的表現，你知道，我們已經 行業歷史上不同的事情， 現在，我們正處於這樣一個時期 大多數人用電腦做這些事，他們可以 使用價格極具競爭力的 PC 來實現這一目標。

Okay. Just moving over onto your expenses, in terms of the comments concerning fab 14 and fab 15, you'd said with the shutdowns, you're already starting to see some benefit this quarter. I was just wondering if you could provide some quantification or where you see in terms of what that could do really to your expenses.

好的。只需移到你的 關於 fab 的評論 你說 14 號和 15 號工廠停工了， 你已經開始看到一些好處了 四分之一。我只是想知道你是否可以 提供一些量化數據或你看到的地方 這會對你造成什麼影響 開支。

This is Bob. I'll go back to what we said publicly a little less than a year ago, which was in the third quarter of last year.

這是鮑伯。我會回到 我們一年前公開表示， 那是去年第三季。

By the time we got this closure completed, we would see a 30 million per quarter pickup or reduction in our break-even point, due to expenses.

當我們完成這個關閉時，我們 每季將增加 3000 萬，或者 損益平衡點的降低，原因是 開支。

The fair statement is we've seen some of that as we've gone through time. We've done it a little bit incrementally in each quarter, but we will see the full impact of that 30 million in the third quarter, though it's not a delta of 30 million from second to third.

公平地說，我們已經看到了一些這樣的情況 我們已穿越時空。我們已經做了一點 每個季度都會有一點增量，但我們會看到 第三次 3000 萬的全面影響 季度，儘管增幅不至於達到 3,000 萬 從第二到第三。

Okay. Okay. Thanks very much.

好的。好的。非常感謝。

And that reduction, just to remind you, is a combination of shutting the facility down, so write-off of assets, and also reduction of people, both in Austin, Texas, and [inaudible] Malaysia.

而這種減少只是為了提醒 你，是關閉設施的組合 資產註銷，以及減少 德州奧斯汀和 [聽不清楚] 的人 馬來西亞。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Operator, we're going to take one more question and then we'll have closing comments by Hector.

接線員，我們要 再問一個問題，然後我們就可以結束了 赫克托 (Hector) 的評論。

Our final question comes from Ben Lynch with Deutsche Banc. Please go ahead.

我們的最後一個問題來自 Ben 林奇與德意志銀行。請繼續。

Hello. This is Ben Lynch. Can I come back, please, to the discussion we had quite a while ago about inventories in the channel and your Q on Q performance and share, et cetera?

你好。這是本·林奇。我可以嗎 請回到我們剛剛討論過的 前段時間關於渠道庫存和 您的 Q on Q 表現和份額等等？

Q1 results, you said that the channel over-shipment in the quarter was about 5 to 10% of total. Your desktop revenues in Q2 were probably down between 45 and 50%, depending on how much mobile was in your revenues in Q1.

Q1結果，您說渠道 本季超額出貨量約為 全部的。您的第二季桌面收入可能 下降 45% 到 50%，取決於 行動業務是你們第一季營收的主要來源。

So unless you disproportionately over-shipped into the channel in Q1, versus Intel, it's hard to work out why isn't primarily market share gain, not just inventory related but actually end product. It's really hard to work out. That doesn't all stack up for me. And on top of that, just going forward, you are, you know, thinking about flattish revenues in microprocessor or around in there in Q3 but you have spoken about the same amount of inventory reduction in Q3 as you have in Q2.

因此，除非你過度運送 與英特爾相比，第一季的通路很難運作 為什麼主要不是市場佔有率的成長，而不是 僅與庫存有關但實際上是最終產品。這確實很難解決。這還不是全部 為我堆積起來。除此之外， 向前，你知道，思考 微處理器收入持平或約 在第三季度，但你也談到了同樣的問題 第三季庫存減少量 問2.

Okay. Two comments I would make. I'm not going to try to dispute any of your numbers because I'm not sitting here with a calculator figuring them out. I will say this: One way that you can get the phenomenon we currently have is it's yet to be seen, when we see what the PC consumption rates look like versus the processors shipped in, who did the better job of managing the inventory situation. Right now, we believe we did a very good job of it, and I think it will show when the time comes. That is why you would see a disparate in a given period of time relative to the revenue percentages that you quoted.

好的。我想說兩點 製作。我不會試圖反駁你的任何 數字，因為我不是坐在這裡 計算器計算它們。我會這樣說： 了解這現象的一種方法是我們 目前還有待觀察，當我們看到 PC 消耗率與 處理器運進來，誰做得更好 管理庫存狀況。現在，我們 我相信我們做得很好，而且我認為 時機一到，一切就會顯現。這就是為什麼你 在特定時間內會看到不同的 相對於你的收入百分比 引。

As far as going forward, you know, clearly, you know, we need to continue to monitor that and make sure we're doing the right thing. All that may be happening is quite frankly, Intel's got a got a larger buildup of PC OEMs. Now, forget their shipment relative to just their distribution channel. That's sitting out there in the market and quite frankly becomes, you know, a little bit like stale fish over time and we're trying to do a good job job of working with our customers to make sure that their best positioned with the freshest inventory to be competitive in the marketplace.

至於未來，你顯然 我們需要繼續監測，並確保 確信我們所做的事情是正確的。一切皆有可能 坦白說，英特爾有一個 個人電腦原始設備製造商 (OEM) 數量大幅增加。現在，忘記他們的 出貨量僅與配送量有關 渠道。市場上有 坦白說，你知道，有點 就像魚變質一樣，我們正在嘗試 很好地與我們的客戶合作， 確保他們的最佳位置與最新鮮的 庫存在市場上具有競爭力。

But if your over-shipment was in line with the markets in Q1 of 5 to 10%, and let's say you took all of that back in Q2, which was not actually the case, you said, there's still more to go in Q3, that still doesn't get you anywhere near the 44% decline you had in microprocessor revenues coming from inventories.

但如果你超額出貨符合 第一季的市場漲幅為 5% 至 10%，假設 你在第二季度收回了所有這些，但這並不是 事實上，你說，還有更多 進入第三季度，但這仍然沒有讓你接近 微處理器收入下降了44% 來自庫存。

Yeah. Well, we also didn't make the statement that all the revenue hit was the unit result of units so you have a lot of factors that you're trying to weigh into one set of numbers there.

是的。嗯，我們也沒有 聲明所有收入損失都是 單位結果，所以你有很多 你想衡量的因素 那裡的數字。

Okay. And then the second question I had was just coming back to sort of balance sheet, your cash amount was down about 200 million in the quarter, also receivables was down around 160 million, your short-term debt was up about a hundred million. So all that's looking, you know, pretty bad. There's a net change of about 460 million there in your net cash position.

好的。然後第二個問題 剛回到資產負債表， 你的現金餘額減少了約2億美元 季度應收帳款也下降了 1.6 億，你的短期債務增加了約 億。所以看起來，你知道， 非常糟糕。淨變化約為 您的淨現金狀況為 4.6 億。

How comfortable are you going forward for the next few quarters, which are probably also going to be cash draining at an operating level? How comfortable are you that everything's going to be okay there?

你對接下來的 幾個季度，這可能也會 營運層面的現金流失？如何 你覺得一切都會順利嗎 還好嗎？

First of all, going forward, you know, in this environment that some of you have described as a perfect storm, we are going to be putting a lot of emphasis to really manage our balance sheet very, very, very judiciously and carefully, and I'd like Bob to make some comments as to the quality of some of the numbers and what you've seen in your observations and put them in the proper context going forward.

首先，展望未來， 你知道，在這種環境下，你們中的一些人 被描述為一場完美風暴，我們將 非常重視真正管理我們的 非常非常明智地制定資產負債表， 仔細地，我希望鮑伯能提出一些意見 至於一些數字的品質以及 你在觀察中看到並把它們放進 適當的前進背景。

Okay.

好的。

Thanks, Hector. Yes, your observations are, indeed, correct. I mean, I think they're factual of what cash changed by, what receivables changed by, et cetera. We have a real strong balance sheet. Obviously, early on in the year, we didn't know what kind of storm we were in, and we did do the convert issue to up the cash balance, $500 million in rough terms, and so we're managing it real prudently, working our way through that. We did pay off some Dresden debt in the current quarter. What you're seeing as more of it comes on the book is there's a fourth quarter payment that will come up, but we feel very confident. We have plenty of cash to work through this, and, you know, maintain all the key programs and initiatives in both products and technology on a go-forward basis.

謝謝，赫克托。是的，你的 觀察確實是正確的。我的意思是，我 認為他們確實了解現金的變化， 應收帳款發生了哪些變化等等。我們有一個 真正強勁的資產負債表。顯然， 那一年，我們不知道會遭遇什麼樣的風暴 在，我們確實做了轉換問題，以提高 現金餘額，約 5 億美元，等等 我們正在非常謹慎地管理，按照我們的方式 通過那個。我們確實償還了一些德累斯頓債務 本季。你看到的更多 這本書裡有第四個 即將支付的季度付款，但我們覺得 非常有信心。我們有足夠的現金來工作 透過這個，你知道，保持所有關鍵 產品和 技術不斷進步。

Okay. Thank you.

好的。謝謝。

All right. Well, I just want to take the opportunity to thank you for participating in the call. We are committed to the product and technology developments that we talked about today. We're excited about where we are today, and we have never been in a strong position from a product technology point of view as we are going into the third quarter.

好的。嗯，我只是想要 藉此機會感謝你 參與通話。我們致力於 我們開發的產品和技術 今天講到的。我們對自己所處的位置感到興奮 我們現在比以往任何時候都更強大 從產品技術角度來看 我們即將進入第三季。

We are obviously concerned, as everybody is, as to the difficulty and even able to read and anticipate the changes in the market going forward, but we are - will continue to be prudent in our costs, expenses, and look forward to seeing you in the next call. Thank you.

顯然，我們和所有人一樣擔心 困難，甚至能夠閱讀和 預測市場的變化 但我們將繼續保持謹慎 在我們的成本、費用中，並期待看到 下次打電話時請您諒解。謝謝。

Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

女士們，先生們，確實如此 結束今天的電話會議。我們感謝 感謝您的參與，並請您 斷開你的線路。